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The.
oninurrial
Railway& Industrial Compendium
State tic Municipal Compendium
VOL. 119.
Public Utility Compendium
Railway Earnings Section
SATURDAY,DECEMBER 6 1924.
The Critranult.
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The Financial Situation.
In the general satisfaction felt over the news that
has come from the Government departments at
Washington this week—the President's admirable
message and Secretary Mellon's able and convincing
report—the fact should not be overlooked that there
has also been one piece of intelligence that furnishes occasion for keen regret. We have reference
to the announcement that Comptroller of the Currency.Henry M. Dawes has informed the President
that he contemplates resigning his office, in order
that he may accept a position, presumably more remunerative, in private life. Mr. Dawes has held the
office of Comptroller less than two years, but in this
short space has made an impression upon it that we
are sure will prove enduring. The national banking
system has been in existence over sixty years, and
during that time there have been identified with it
as Comptroller of Currency many men of great ability and distinction. And in that respect, therefore,
Mr. Dawes cannot be said to stand alone. But in all
that period it has never had a more valiant champion of its interests nor one more unselfishly devoted
to those interests.
As Mr. Dawes is offered greater opportunities elsewhere, he is not to lie blamed if he wishes to avail of
them. He has already made important sacrifices
and he has also rendered invaluable services. And
this last is the point we wish to stress. His resignation is coincident with the appearance of his second
annual report to Congress, and no one can read these
two reports without gaining the conviction that in
his administration of the office he has had only a single object, namely to safeguard and strengthen the
national banking system. Before his accession to
Bank and Quotation Section
Bankers' Convention Section
NO.3102.
the office, there had been more or less talk of making
the Comptroller an appendage of the Federal Reserve Board. That talk ceased immediately Mr.
Dawes entered the office and made it apparent how
wholly illogical and indefensible such a course
would be. By his acts, too, he began to show what.
inestimable services the Comptroller could render.
His opposition to branch banking and his defense
of the country's system of independent banks would
alone entitle him to lasting credit. He returns to
the subject again in his present report, and he is
singularly happy in the points he makes and the
striking and telling language in which he presents
them. He tells us not only that branch banking is
opposed to public policy as being in its essence monopolistic, but also that branch banking is absentee
banking, and that through absentee control the
human element and moral responsibility are largely
eliminated. Also, that branch banking is inconsistent with the American idea of local self-government
and Federal co-ordination. Inasmuch as the present
is to be Mr. Dawes's last report, the reader is advised
to read the report itself, extensive abstracts from
which appear on a subsequent page. While everyone conversant with the facts must feel sincerely
sorry over the loss of such a valuable public servant,
there is at the same time reason for congratulation
that it has been possible to have had the benefit of
his services even for a short time, during which he
has given the best that is in him.
The report of business failures in the United
States for the month of November, issued this week
by R. G. Dun & Co., is somewhat more favorable,
both as to number and as to the amount of indebtedness involved, than for several years past. There
were fewer failures last month than in October, or
in November 1923, whereas the tendency during the
closing months of the year is usually in the opposite
direction. For seven of the ten years prior to 1924
November business defaults were more numerous
than those of the preceding month, and November
1920, 1921, 1922 and 1923 are included in the seven
years referred to. As to the indebtedness involved
in the defaults of last month, not since September
1923 have the liabilities of any one month been below
the amount reported for November this year, and
with the exceptions of June and September 1923, it
is necessary to go back to November 1920,four years,
for correspondingly low figures.
Commercial failures last month numbered 1,653
and the indebtedness was $31,123,910—during October there were 1,696 similar defaults for $36,098,804
and in November 1923, 1,704, with liabilities of $50,-
2564
THE CHRONICLE
291,708. For the eleven months of 1924 the number
of commercial failures in the United States has been
18,575, and the amount of indebtedness $497,946,170,
these figures contrast with 16,877 defaults during
the first eleven months of 1923, owing $487,772,076
and 21,862 in the first eleven Months of 1922 for
• $565,827,230 of indebtedness. For the year to date
the 1924 report shows both an increase in number
and liabilities over the preceding year, and this emphasizes the improvement noted in the November
report; as to the comparison with 1922 the decrease
this year is quite marked, both as to the number of
insolvencies and as to the amount of indebtedness
reported. Defaults in manufacturing lines were
very much fewer last month in number than in November 1923, while the amount of indebtedness for
manufacturing failures this year was only 35% of
the sum involved in manufacturing defaults in the
corresponding month of last year. On the other
hand, there is an increase in the number of trading
defaults in November this year over a year ago, while
the indebtedness is only slightly less than it was at
that time. The 361 failures in manufacturing lines
last month for $10,252,127 of liabilities, contrast
with 495 similar defaults a year ago and $29,155,918
of indebtedness. On the other hand there were 1,193
trading failures in November this year and the liabilities were $15,781,521, against 1,131 trading defaults a year ago, owing in all $17,193,748. In addition to the above the monthly report this year in.
chides 99 failures of agents and brokers, with liabilities of $5,090,262, against 78 a year. ago for
$3,942,042. In other words, 21.8% of the total number of business failures during November of this year
were in manufacturing lines, whereas the ratio to the
total of manufacturing defaults a year ago was
29.1%. As to trading defaults, the ratios this year
and last were, respectively, 72.2% and 66.4%.
The amount of indebtedness involved in the November failures for these two years is more noteworthy in respect to the changed situation as to
manufacturing losses, than is shown by the percentages as to number of defaults printed above. For
manufacturing defaults the liabilities in November
this year are 32.9% of the total for that month,
against 58% in November 1923. Trading liabilities
last month constituted 50.1% of the total, against
34.2% in the report for November last year. Practically all of the leading departments in manufacturMg lines, show fewer failures in November this year
than last, the notable decreases being among manufacturers of machinery and tools; manufacturers of
clothing, hats, gloves and furs, lumber and baking.
Some large failures in cotton goods manufacturing a
year ago added to the heavy liabilities in November;
likewise among large manufacturers of machinery,
clothing and leather goods, hence the heavy manufacturing indebtedness reported for November in that
year. In practically all of the important manufacturing departments there is a noteworthy decrease in
liabilities this year. The increase in trading defaults in November this year is among dealers in
clothing, and to a less extent among dealers in dry
goods and in furniture; also grocers, druggists and
jewelers. Most other trading lines show a decrease
in the number of failures this year, while the only
noteworthy increases in liabilities this year is among
hotels and restaurants and dealers in dry goods. The
larger defaults in November this year show a considerable reduction both in number and indebtedness
[VoL. 119.
as contrasted with a year ago. There were only 43
in all, with liabilities of $12,357,862, against 72 for
$29,639,506 in November 1923. This year the larger
defaults included 18 manufacturers, 17 traders and
8 agents and brokers, while the indebtedness of $12,357,862 was almost equally divided among the three.
For November 1923 nearly 60% of the larger defaults that occurred in that month were manufacturing concerns, with more than 70% of the total indebtedness, or $21,511,690.
The British apparently regained full control of the
situation in Egypt immediately resulting from the
assassination of the Sirdar. Official announcement
was made in Cairo on Nov. 29, according to an Associated Press dispatch, that "the mutineers at Khartum have given in to the British." It was stated also
that "the mutiny among the troops was confined to
two platoons of the Eleventh Sudanese Battalion,
and the mutineers who survived surrendered after a
bombardment of the compound of the Egyptian army
hospital. Two British officers, one British physician and two Syrian physicians were killed, and nine
men of the ranks wounded." Even at that time it
was claimed that"the situation at Khartum was well
in hand."
Word was received from Cairo the next day that
"the discussions between the new Egyptian Cabinet
and the British Residency upon the terms of a settlement of the present crisis are at an end, as the
Egyptian Government has accepted the British conditions relative to the Sudan and to the protection
of foreigners in Egypt." The New York "Times"
correspondent at Cairo explained that, "in virtue of
this settlement the Egyptian Government agrees to
preserve the powers and privileges of the financial
and judicial advisers, whose offices will be autonomous, and to respect the status of the European section of the Department of Public Security and to
accept the recommendations of its Director-General
on matters affecting foreigners." Continuing, he
said that "the Egyptian Government also will provide a new option under which foreign officials may
retire with full indemnities. The Government undertakes to use its influence with the municipality of
Alexandria in order to bring the foreign officials in
its service under the law regulating conditions of
service and retirement of foreign officials in the
service of the Government, and agrees to introduce
various important routine measures affecting the
service and pensions of foreign officials." Announcement was made in Cairo on Nov. 30 that "land and
telegraphic communication with Khartum has been
restored."
That perhaps there was a lack of complete harmony in the new Egyptian Cabinet was indicated in
a dispatch to the New York "Times" from Cairo on
Dec. 1. It stated that "Ahmed Khashaba Bey, Minister of Education, and Osman Moharran Pasha.
Minister of Public Works, resigned from Premier
Ziwar's Cabinet this morning." While the author of
the message said that, according to an official announcement, the resignations were "due to their
state of health and their conviction that they consequently are unable to bear the heavy burden of office," he added that "there have been rumors that
these resignations were impending during the last
two or three days, but the Cabinet was unanimous
yesterday afternoon in accepting the settlement with
DEC. 6 1924.]
THE CHRONICLE
Great Britain, and it was only after a long session
last night, at which future action in the Matter of
the arrest of the Deputies was considered, that these
two Ministers decided to resign." Continuing, he
said that "it therefore is supposed that the real reason for their resignations is that they could not agree
with the policy which their colleagues decided to
adopt."
Another development that was regarded susceptible of further trouble for the authorities was an
outbreak on the part of a body of college students
in Cairo. The Associated Press correspondent reported the incident in part as follows: "On hearing
of the Egyptian Government's acceptance of the remaining terms in the British ultimatum, 800 students of the Tewfika Training College rushed into
the quadrangle to-day shouting 'Up!' and 'Revolution'! Some of the students began political speeches
and harangued their comrades for two hours, after
which the crowd dispersed into groups which heatedly discussed the situation. The Egyptian Cabinet
sat until late last night discussing the situation
growing out of the demands of Great Britain in connection with the assassination of Sirdar Stack."
2565
to-day at a luncheon of the Nonconformist Unionist
League." In explanation of his position in this:
matter the Foreign Secretary was quoted as saying:
that "I think it is quite clear that what has oc-curred in Egypt does not come within the provisions of the Covenant of the League of Nations, but,.
out of respect and regard for the League, my colleagues have authorized me to leave England It
order to attend the Council and lay before it any
information I may be able to give." With respect to
relations between Great Britain and Egypt in the
future, he said: "When we've got over our present
difficulties we hope to resume friendly and amkable
relations with the Egyptian Government and to renew the conversations which fell through owing to
the unwillingness or inability of former Premier
Zaglul or his Government to recognize the facts in
the situation. We hope that, while protecting our
interests and rights, we can do so with the minimum
of interference with Egyptian independence."
The political situation in Egypt appeared to be
getting more complicated toward the end of the
week. In a special cable dispatch from Cairo dated
Dec. 3 it was reported that "the Egyptian Parliament will be dissolved in a day or two and within the
statutory period of two months a general election
will be held, which, according to all indications, will
sweep former Premier Zaglul back into power. This
probably will mean a more intense clash between
British imperialism and Egyptian nationalism than
that which indirectly led to the present crisis." It
was added that "with the dissolution of the Chambers, Premier Ziwar will resign and neutral Cabinet
officials will be appointed to carry on the administration during what promises to be a stormy electoral campaign. The dissolution of Parliament and
the resignation of Ziwar will come as a sequel to a
demand for the convocation of Parliament in a special session, which was presented to King Fuad by
a majority of the members of the Chamber to-day.
This requisition was signed by 113 out of a total of
214 members."
The London "Daily Mail" has published a statement that "the British Cabinet Ministers have been
placed under special police* protection. This precaution has been taken because of information received from the headquarters of Viscount Allenby,
British High Commissioner in Egypt,that a plot has
been discovered to assassinate prominent members
of the British Government"
Ramsay MacDonald, who, on Wednesday was reelected leader of the Labor Party in Great Britain,
"made his first public expression of opinion on his
successor's handling of the Egyptian crisis in a
speech at Aberavon this evening. The mildness of
his comment was in striking contrast to the vehement denunciation of 'British imperialism' by the
Independent Labor Party and the Labor organs like
the'Daily Herald'and the'New Leader.' The former
Prime Minister possibly was restrained by memory
of his own notes to Zagloul Pasha warning him of
the consequencse of encouraging anti-British propaganda." The dispatch added that "nevertheless, in
language all the more impressive because of its restraint and desire not to embarrass Austen Chamberlain, the Foreign Secretary, at this extremely critical juncture, Mr. MacDonald expressed the view
that the policy of the Government had been a mistake, and urged an appeal to the League."
Following the assassination of the Sirdar of
Egypt, it became known here on Dec. 2 that "two
Egyptian Nationalists attempted to assassinate Viscount Allenby, the British High Commissioner, at
his residence in Cairo early this morning [Dec 1],
but were foiled by a guard who fired on them, according to dispatches to-night. The sentry discovered the natives in the garden, but they escaped by
jumping into the Nile after he had shot at them."
The funding of the French war debt to the United
The London correspondent of the New York "Herald States of about $4,000,000,000 has been taken up in
Tribune" cabled on Dec. 1 also that,"although Cairo a formal way. Announcement was made in Washis outwardly calm, there is an undercurrent of unrest ington on Nov. 28 that Secretary Mellon had sumcaused by the arrest of the Deputies, who, the oppo- moned the World War Debt Commission to meet in
sition still claims, should have Parliamentary immu- that city last Monday. It was stated at the same
nity, as the Chamber merely has been prorogued for time that, "while no definite proposal for funding
a month. The Sudanese situation has undergone no the French debt was ready for consideration, there
material change, all the Khartum dispatches indicat- would be a general discussion which might lead to
ing that danger of the mutiny there last week spread- formal negotiations before long. The Administraing is now remote."
tion's opposition to cancellation of any of the debt
remains unchanged." Word came from our National
At a luncheon in London on Dec. 3 announcement Capital on Tuesday morning that "the funding of
was made that "Austen Chamberlain, British Secre- the French war debt of about $4,000,000,000 to the
tary for Foreign Affairs, personally will lay before United States was discussed in detail to-day at a
the League of Nations Council in Rome next week meeting of the World War Debt Commission. Later
any information he may be able to give regarding it was announced that no definite proposal had been
the Egyptian situation, he announced in a speech before the meeting, but that in view of France's ap-
2566
• THE CHRONICLE
parent desire to reach an agreement further negotiations would be held." According to the dispatch
also, "Administration officials were reported as
optimistic over the prospect of definite progress being made soon unless Congress refuses to make certain concessions which Government circles are said
to favor. If Congress will consent to the granting of
a moratorium on interest payments by France so
that a funding agreement will place no severe burden on the French finances for a few years, and will
agree to relatively low interest rates, the chances
are, it is said, that the problem of handling the
French debt will be solved without long delay."
Cabling from Paris the same evening, the :New
York "Times" representative said that, "in the opinion of those who on this side are studying the longdelayed question of the repayment of the French
debt to America, under discussion in Washington today, as much will depend on the length of the moratorium which is accorded as on the rate of interest
and amortization. In some reports which are being
circulated the period of ten years is being mentioned
and it is the general opinion that at least that time
will be necessary." The correspondent also declared
that"here less confidence is expressed than in America in the ultimate working out of the Dawes reparations plan, and the,French wish the plan to be well
established and operating effectively before being
called on to pay away so large a part of the receipts
as even a 2% administration of the American loan
would entail. No secretis made of the fact that any
commitment to pay which was not dependent on repayment in equal proportion being made by Germany
would be most unfavorably regarded by this country." In further discussing France's ability to pay,
attention was called to the fact that "there is also
on the French credit side an item of nearly $4,000,000,000 owing by Russia, Jugoslavia, Czechoslovakia,
Austria, Rumania and Poland, for the recovery of
which time will be needed, and without which it is
almost impossible for France to begin making any
payments at all. It is pointed out that even at 2%
the annual charge on the French budget of repayment of the American .loan would amount to 1,500,000,000 fr nes yearly, and besides that item account
is taken of the debt of £623,000 to England,
though it is now expected that this will be reduced.
That amount would absorb,almost all France counts
on ever receiving from Germany under the Dawes
plan, and if she has to begin payments to America
before the work of reparations of the devastated regions is completed and national prosperity restored,
the burden, however, reduced, may, the French say,
prove too great." Continuing, he said that "there
are still some skeptics who believe that the Dawes
plan will never operate to the extent of providing
France with even the amount necessary to pay the
interest on her war debts and who prophesy that the
day will come when France will have to say frankly
that she cannot undertake payment of war debts
contracted in the common cause." On the other
hand, he declared that "this attitude, however, is
not that of the present Government, which declares
itself anxious to make an honest attempt to find
terms of settlement which will be within the bounds
of possibility. In that it is encouraged by the attitude of Washington, which even those who regard
the possibility of payment as remote admit is most
reasonable and cordial."
[VoL. 119.
Naturally, Great Britain is keenly interested in
the terms that may be granted to France by the
United States. In a dispatch Tuesday evening, the
London correspondent of the New York "Evening
Post" said that "what the Debt Funding Commission may propose to France or what France may
propose to the Commission, is a very vital point in
Great Britain, and Winston Churchill, as new Chancellor of the Exchequer, wants to take no steps toward leading Europe out of its economic chaos until
he knows what may be expected of the United
States." Continuing he said: "Dispatches from
Washington indicate that the United States Government is willing to give France better terms of
settlement than she gave Great Britain, which serves
as an irritant to a very irritating situation here. The
question asked on all sides is whether, if the United
States gives better terms to France than she has
given to England, England could not ask for a revocation of her terms and get those offered to France.
That feature of the question, however, is only one of
the many points that are arising in the British mind.
First and foremost among them is that, if France
intends to pay anybody, she ought to start with
Great Britain. Britishers argue that Great Britain
has•arranged to pay her debt to the United States,
notwithstanding her burdensome taxation, and intends to comply with her contract, although her
debtors on the Continent pay nothing." In the Paris
edition of the "Daily Mail" the British position was
further set forth in part as follows: "It is the view
of the French Government that no arrangement can
be made with the United States without similar negotiations being carried on jointly with Great Britain. The French Government would in both cases
desire that previous negotiations should take place
between the respective treasury departments with a
view to an equitable reduction of France's debts."
Apparently progress is being made at Washington
relative to a plan for funding the French debt to the
United States. In a Washington dispatch Wednesday evening it was stated that "Washington regards
with optimism the present course of discussions over
the funding of the French war debt to the United
States. Further promise of an ultimate agreement
was said authoritatively to-day to have been given
in another long talk last night between Ambassador
Jusserand and Secretary Mellon." The situation
was further outlined in part as follows: "The Ambassador also has laid before Secretary Mellon a
frank statement of the difficulties of France in
meeting her obligations. This interchange is reported as having gone a long way toward demonstrating to both Governments what it is possible to
do. Ambassador Jusserand plans to leave Washington to-morrow on a short speaking tour and Secretary Mellon also will be absent from the city several days. Further conferences may be held, however, next week."
According to a special Paris cablegram to the New
York "Times" yesterday morning, Premier Herriot
has checked the debt funding talk with the United
States. It may prove to have been only a political
move. The correspondent said that "just before the
arrival in Paris this evennig of Austen Chamberlain,
the British Secretary of State for Foreign Affairs,
the French Foreign Office issued a statement throwing cold water on expectations that the conversations
with Washington relative to the French debt to
DIM. 6 1924.]
THE CHRONICLE
America would lead in the near future to steps toward a settlement." The correspondent suggested
that "the circumstances under which the statement
is issued and the atmosphere surrounding it are considered to justify the conclusion connected with the
visit of Mr. Chamberlain and intended to counteract
the effect of certain British comments that if France
can pay America she can pay England. The issuance of the statement leaves Premier Herriot in a
freer position to discuss debts with the London Forein Minister to-morrow."
it is by no means an easy task these days to hold
on to a European Premiership for any length of time.
Premier Herriot of France, like his predecessors, has
found this out already. In an Associated Press dispatch from Paris on Nov. 28 it was made known
that "Premier Herriot and the members of his Government received a vote of confidence in the Chamber of Deputies to-night, 299 to 246—the smallest
margin in a vote of confidence on strict party lines
which M. Herriot and his colleagues have received
since they assumed power." It was further explained
that "the Chamber gave a virtually unanimous vote
on the appointment of a special commission to inquire into funds used in the 1924 elections, but an
effort by the Right parties to extend the investigation to the 1923 elections was opposed by the Government, M.Herriot making it a question of confidence."
By reason of the refusal of the British Government
to ratify the commercial treaties with Russia, and
the fact that the Herriot Government in France recently accorded recognition to the Russian Soviet
Government, the meeting in Paris this week of Austen Chamberlain, British Foreign Minister, and Premier Herriot, and the arrival in the French capital
of Leonid Krassin as Soviet Ambassador, naturally
awakened unusual interest. The Paris correspondent of the New York "Herald Tribune" said on Dec.2
that "heavy pressure is being brought to bear upon
the British Foreign Minister, to make France join
Great Britain in combating the spread of Communist propaganda, which is playing on the nationalistic feelings of the natives of the colonies of both
nations." The correspondent also stated that "the
indications are that Herriot will be called upon to
receive Krassin the same day, probably Friday, that
he confers with the British Minister. While many
subjects will be taken at the Herriot-Chamberlain
meeting, the 'Herald Tribune' is informed that the
question of Communism will dominate all others."
He likewise declared that "Chamberlain intends to
propose to both France and Italy that they join
Great Britain in a common fight against Communism in Egypt, Morocco, Algeria, Tunis, Tripoli and
C.yrenaica, where their colonists have been subjected
to Red propaganda under the guise of nationalism.
Such a policy could hardly lead to the development
of more friendly relations with Moscow, upon which
Herriot is now engaged." It developed also, according to a special Paris cable message to the New York
"Herald Tribune," on Dec. 1 that "Parliamentary
personages visited Premier Herriot at the Quai d'Orsay and asked that the Premier change his Government's attitude toward Communist activity and
propaganda, now going on at full blast, both in
France and in her colonies. The visitors suggested
that the Premier's attitude was passive and therefore dangerous in view of the facts. The delegation
2567
included members of the Poincare party in the Senate as well as such members of the Cabinet's Left
Wing group as M. Loucheur and Leon Blum, the
Socialist leader."
With the arrival of Leonid Krassin in Paris, the
political situation. in the French capital was not
reassuring, according to an Associated Press cable
message from that centre. Under date of Dec. 4 it
was stated that "the French extremists seized upon
the arrival in Paris to-day of Leonid Krassin, the
first Soviet Ambassador to France, as the occasion
for starting an intensified campaign.for Communism
in this country." It was added that "the demonstrators began by giving the Moscow representative
such a reception as no other Ambassador ever received in Paris, and followed it up immediately with
the announcement that 'the world revolution has
reached Paris' and that 'the French Revolutionists
now will show they are able to do quite as well as
their Russian comrades.' Red flags were displayed."
Later in the day the Soviet Ambassador "issued a
statement in which he said the resumption of normal
relations was the only basis on which the questions
separating the two countries could be discussed. It
would be difficult to reach an agreement, he said, but
he was hopeful. Another object, the 'Ambassador
pointed out, was the restoration of commercial relations, which was impossible before normal relations
had been resumed between the two nations. This
did not mean, he added, that the Soviet Government
was thinking of raising a loan in France. The true
state of Russia's economic and financial situation,
he said, must first be made clear."
The situation was further reported in part as follows by the Paris representative of "The Sun":"The
opening of a big scale offensive against France by
the Bolshevists coincides with the arrival of Krassin,
the Soviet Ambassador, this morning. The French
Bolshevik, S.adoul, condemned to death in his absence for treason by a French court-martial, returned
to Paris despite the vigilance of the police, but was
arrested a few hours after his arrival. A drilled
choir of 1,000 Communists greeted Krassin at the
station, singing the Bolshevist 'Internationale.' They
attempted to escort him to the Embassy, but the police intervened with energy and split up the procession, which scattered at once. Following his arrest,
Sadoul was taken to the military prison to be tried
by court-martial. The Communists intend to make
his trial a great centre of Bolshevist agitation and
already the more timid of the Liberals are urging
Herriot to grant him immediate amnesty so as to
disarm the Communist attempt to make Sadoul a
martyr, as was done in the case of Marty, who now
is in Russia telling the comrades that France is ripening for a revolution."
Quite different incidents attended the arrival of
British Foreign Minister Chamberlain in the French
capital. The London representative of the Associated Press cabled on Thursday that, "accompanied
by a staff of more than a score of secretaries, stenographers and experts, Austen Chamberlain, Secretary for Foreign Affairs, left here for Paris and the
League of Nations Council meeting in Rome next
week at 10.45 o'clock this morning. The Foreign
Secretary will remain in the British Embassy in
Paris over night, attending a banquet there to-night
at which some of the leading French statesmen
also
2568
THE CHRONICLE
will be present. On Friday Mr. Chamberlain will be
the luncheon guest of Premier Herriot, when for the
first time a representative of, the new Conservative
Government will have the opportunity of discussing
outstanding Anglo-French problems with the head
of the French Government." He added that "Mr.
Chamberlain will continue on to Rome on Friday
night, arriving there in time for preliminary discussions with Premier Mussolini and members of the
League Council. With the latter, it is intimated in
official circles, the question of the appeal of the
Egyptian Deputies to the League against the British
action in Egypt may be talked over."
[voL. 119.
now to lay •fo heart the result of the machinations of
that gentleman in this country."
The British House of Commons reassembled on
Dec. 2. The Right Honorable J. H. Whitley was reappointed Speaker. The swearing in of members
has occupied the rest of the week. According to dispatches, "the real business of the House will not begin until Tuesday of next week, when the King opens
Parliament with State ceremony." It was suggested
in another dispatch that "as Austen Chamberlain,
Secretary for Foreign Affairs, will be in Rome next
week at the meeting of the Council of the League of
Nations, it will not be possible to debate foreign afDec. 15." Attention
It became known here last evening through a Paris fairs until the week beginning
drawn to the fact also that,"with the Conservadispatch that "Premier Herriot and Austen Chain was
413 out of the 615 members it will
berlain, British Secretary for Foreign Affairs, in tives numbering
interest to be impossible for all of them to be accommodated on
consultation here on affairs of mutual
of the House, and as in the case
their countries, came to an agreement this morning the Government side
international questions of Lloyd George's post-war coalition majority, it will
on the most urgent of the
to
t
that are interesting them, it was stated." Accord- be necessary for scores of Governmen supporters
"there also was a general dis- take seats on the opposition side of the House." In
ing to the message,
it was stated that
cussion of the varied problems of the Near East and subsequent cable advices
was an active scramble for seats. The
France's security, but the conversation was limited that there
the New York "Herald
to a somewhat rapid survey and the feeling out of London representative of
Tribune" cabled that "the chief political event in
each other's positions on certain matters. Interwas the election of Lloyd
Allied debts and reparations problems, such as the connection with the session
claims, were George as Chairman of the Parliamentary Liberal
British attitude toward the American
The Associated Press
not considered, according to A well-informed au- Party by a vote of 26 to 7."
correspondent in London stated that "the election,
thority."
which was not unanimous, does not affect former
of the Soviet Government to the British Premier Asquith's leadership of the Liberal Party."
The reply
is Sessional
note of the new Cabinet that it could not go on with The exact title of Lloyd George's office
the Liberal Members of Parliament."
the commercial treaties between the two countries Chairman of
that were signed by Prime Minister MacDonald was It was noted by the New York "Times" correspond
that at the opening session "there was a big cheer
milder than expected. In a cable dispatch on Nov.28 ent
He was immediately
the London correspondent of the New York "Times" when Stanley Baldwin entered.
followed by Ramsay MacDonald, who was heartily
said that "the Soviet Government, through Christian
Rakovsky, its Charge d'Affaires in London, replied cheered by his followers. Later the Premier and the
to-day to the British notes of Nov. 21, in which the former Premier met and shook hands cordiaBy.
s
British Government stated that it could not recom- Winston Churchill' entry provoked cheers from the
Parliament the general and, Ministerialists, and some booing from the Opposimend for ratification by
George entered almost unobserved, and
commercial treaties which had been arranged by the tion. Lloyd
and dealt with the Zino- there was no demonstration."
Labor Cabinet in August,
viev letter and the activities of Communist InternaCommenting upon the most recent developments
tional. Rakovsky's replies were expected to be full
in both the Liberal and Labor parties, the London
of diplomatic dynamite. On the contrary, they are
ent of "The Sun" said in a cable dispatch
almost meek and mild." The Soviet reply was made correspond
in, Thursday afternoon that "both MacDonald and
in two letters addressed to Austen Chamberla
the respective leaders of the Labor
British Foreign Secretary. In the second it was Lloyd George,
nt wishes to ig- and Liberal parties, are faced at the outset of the
stated that "if the present Governme
nore the statement made by the Cabinet Committee new Parliamentary session with a revolt in the left
of their parties. The revolt against Lloyd
on Nov. 4 and reiterates the accusations based on a wings
Soviet Government, on its part, George is open and has led to the formation of a Radforged document, the
, onemust insist on its offer of arbitration as a sole means ical Liberal group headed by Walter Runciman
settlement of this question. The time member of Asquith's Cabinet, and a resourceful
of an unbiased
leaderBritish Government must be aware that the rejec- politician. MacDonald was re-elected to his
ship yesterday only after he had had to listen to a
tion of this offer of arbitration cannot but be conof the
sidered by public opinion of all countries as estab- severe arraignment of his actions as head
Govern- party from its extremists. Fully 50 members of the
lishing that it is impossible for the British
firebrands
ment to subutantate and prove the accusations put party did not vote. Some of the Clydeside
campaign." With re- wanted George Lansbury as leader, but he refused
forward during the election
If MacDonald
spect to the authenticity of the Zinoviev letter the to allow his name to be voted upon.
the Labor moveSoviet reply says that "the evidence which has been had been ousted it would have split
to accede to a
placed before the present Government since we took ment wide open. But he was forced
to prosecute a further
rs
office has left not a shadow of doubt in the minds of demand from the left-winge
us that the Zinoviev letter was absolutely inquiry into the Zinoviev affair."
any one of
genuine and authentic, and it would be well if the
An attempt is to be made by Prime Minister BaldSoviet Government, which is intimately and organicto a special London cable dispatch to
ally connected with the Zinoviev organization, were win, according
DEC. 6 1924.]
THE CHRONICLE
the New York "Evening Post" on Dec. 1, to make the
British House of Lords a more active body. The
correspondent said that "Prime Minister Baldwin
will undertake io reform the House of Lords, and his
ambition before he leaves office is to shape a second
chamber of real ability and moral power in British
affairs. The subject may not be mentioned prior to
the King's speech, but it already is known to be engaging the attention of the Prime Minister." Continuing to outline the position of the House of Lords,
the correspondent said that "ever since the House of
Lords lost its veto power under the Parliament Act,
the reform of this House has been part of the Conservative program. The exact nature of the reform
move has no4 been decided, but it is sure to cause no
end- of discussion. However, there is no disagreement over the fact that the Lords have lost power
and influence year after year, until England now
has what is little better than a single chamber Government. It has even become 'nearly unconstitutional' for a Peer to be Prime Minister."
Apparently Premier Mussolini of Italy still feels
the need of adopting heroic measures in order to
keep a grasp on the political situation in his country.
Word came from Rome on Dec.1 that "Premier Mussolini, in a circular to Fascist executives in the Italian towns,states that a revision of the party's moral,
mental and political position is necessary. Although
the Premier deprecates attaching excessive importance to changes in public opinion, he says that the
impression made by recent incidents must be effaced." He added that "the people supported Fascism believing that it would re-establish order. This
confidence must not be abused. Discreditable elements, whatever their past services, must be eliminated, as much personal quarrels." The dispatch
stated also that "the Premier refers to the forthcoming gatherings of foreigners in Italy for the League
of Nations Council meeting and for Holy Year, and
appeals to all Italians to preserve order." At a big
rally in Milan on Nov. 30, which was attended by 74
members of the Chamber of Deputies and 99 representatives of various opposition committees from
different towns in Northern Italy," Fascism was
denounced. The principal address was made by
"Filippo Turati, leader of the Intrasigeant Socialists, who was unanimously chosen Chairman of the
conference."
Notwithstanding the political opposition that he
has encountered, evidently the Italian Premier has
no intention of giving up in the near future. On
Dec. 2, according to a Rome special dispatch to the
New York "Times," he "announced his intention of
not abandoning power under any conditions, 'either
in the near or in the distant future.'" The correspondent said also that "the Premier made this statement to representatives of the Fascisti from Abruzzi,
whom he authorized to broadcast this 'precise intention' of his, a determination at which he had arrived,
strengthened by the support of a majority of Italians
and by the confidence of Parliament, and feeling
sure that he could count on the disciplined devotion
of his party." Continuing, he said that "well-informed circles believe that Premier Mussolini's public denial of any intention of resigning is addressed
not so much to those enemies who wish to overthrow
Jim, as to some of his friends, who have been urging
him to retire from the Government for a short while
and to dedicate all of his activity to reorganizing his
2569
party on the lines indicated in his recent proclamation to the Fascisti."
An important event in European political and
commercial affairs this week was the signing of the
Anglo-German commercial treaty. It was done in
London at 4 o'clock in the afternoon of Dec. 2. According to an Associated Press dispatch from the
British capital on that date, "Foreign Secretary
Chamberlain and Lord D'Abernon, British Ambassador to Berlin, signed for England, and Dr. Friedrich
Sthamer, Ambassador to England,and Dr. von Schubert, representing the Finance Ministry, signed for
Germany." It was stated at that time that "the
terms of the treaty will not be published until Friday" (yesterday). The latest dispatches received
before going to press did not contain the
terms. The London representative of the New
York "Evening Post" declared that, "in coming with surprising alacrity to a trade gareement
with Germany the British have struck a shrewd blow
at their political allies and commercial competitors,
the French. The agreement gives them most-favored
nation treatment. Significance of this is obvious,
in the fact that Franco-German negotiations are
now being•carried on in which France, for many excellent reasons, hopes to obtain important special
treatment from Germany." The London correspondent of "The Sun" observed that "the alacrity with
which the new British Government has concluded a
commercial treaty with Germany is regarded in political quarters here to-day as earnest of its inten:
tion to proceed without delay to expedite British
trade recovery in every practicable way. It is suggested that the Anglo-German treaty will serve as a
precedent and model for other commercial treaties
which may be concluded in the near future."
The general election in Germany will be held tomorrow. In a forecast of the probable results, the
Berlin representative of the New York "Herald
Tribune" said that "the forthcoming Reichstag election is expected to result in favor of the present Government combination, giving the middle parties and
Socialists a comfortable majority." He explained
that "this would insure continuance in office of the
Marx Government, with the possible addition of the
Socialists. In well-informed circles it is believed the
Government will remain in power without party
modification until after the Presidential election in
the spring."
No change has been made in official discount
rates at leading European centres from 10% in Berlin;7% in Denmark;6 % in Norway;
/
1
2
in Paris;
51 2% in Belgium and Sweden; 5% in Holland and
/
Madrid, and 4% in London and Switzerland. The
open market discount rates in London were a trifle
easier, and short bills declined to 31 2 as against
/,
3%@311-16% last week, with three months' bills at
3%%,against 4% a week earlier. Money on call at
the British centre also displayed a declining tendency and ruled at around 21 2%, with the close
/
2
/ against 258% the previous week. In Paris
1
4%,
/
the open market discount rate was lowered to 51 4%,
/
from 5%7, while at Switzerland the rate has been
0
reduced to 3%,from 358% a week ago.
/
A gain in gold of £3,231 was shown by the
Bank
of England in its statement for the week
ending
2570
THE CHRONICLE
[VOL. 119.
Dec. 3, although this was accompanied by a reducThe Imperial Bank of Germany in its statement,
tion in reserve of £727,000, the result of an increase issued as of Nov. 29, indicated some very large
in note circulation amounting to £730,000, while the advances and declines in different items of the return
proportion of reserve to liabilities sustained a fur- as expressed in gold marks (the equivalent of a trillion
ther sharp drop—to 17.02%, as compared with paper marks). Note circulation expanded 313,078,000
19.21% a week ago and 20.64% for the week of Nov. marks. Reserve in foreign currencies was increased
19. At this time a year ago the ratio stood at 14 %, 218,000 marks. Holdings of bills of exchange and
/
1
2
however, and in 1922 at 16%70, thus indicating the checks were 119,015,000 marks larger, while advances
improved position of the institution. Striking and investments gained 149,000 marks and 311,000
changes were revealed in all the deposit and loan marks, respectively. Decreases were recorded in
items, which, of course, reflected strain attendant holdings of silver and other coins 3,942,000 marks,
upon meeting Dec. 1 settlements. Public deposits notes on other banks 801,000 marks, other assets
declined £8,344,000, but "other" deposits expanded 125,969,000 marks. Other maturing obligations
no less than £20,944,000. Loans upon Government decreased 200,440,000 marks, loans on Rentenbank
securities increased £22,954,000, while loans on other 103,133,000 marks and other liabilities 0
19,871,000
securities were reduced £9,539,000. The bank's stock marks. Gold and bullion showed an addition of
of gold aggregates £128,494,720, as compared with 653,009 marks, to 695,487,000 marks.
£127,873,230 a year ago and £127,446,768 in 1922.
Reserve stands at £24,449,000, against £21,511,440 in
The Federal Reserve Bank statements issued late
1923 and £22,839,913 the preceding year. Note cir- Thursday afternoon showed' further large increases
culation is £123,796,000, in contrast with £126,111,- in earning assets, both by the local bank and the 12
790 a year earlier and £123,063,855 in 1922, while banks combined. Only slight increases were shown in
loans total £72,857,000, as against £74,361,605 and rediscounting operations either locally or nationally.
£65,830,847, one and two years ago, respectively. No For the System as a whole there was a loss in gold
change has been made in the bank's official discount of $18,300,000. Rediscounting of Government serate from 4%. Clearings through the London banks cured paper increased $28,400,000, but open market
for the week totaled £861,284,000, against £783,849,- purchases were enlarged by $73,600,000. Total bills
000 a week ago and £822,078,000 last year. We ap- discounted showed a gain of $27,500,000, to $248,pend herewith comparisons of the different items of 928,000, which compares with $746,263,000 at this
the Bank of England statement extending over a time a year ago. The addition to earning assets was
series of years:
$99,300,000 and to deposits $102,600,000. Closely
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
parallel conditions were revealed by the report of
1924.
1922.
1923.
1921.
1920.
Dec. 5.
Dec. 6.
Dec. 3.
Dec. 7.
Dec. 8.
the New York bank. Gold holdings fell $4,700,000.
E
123,796,000 126,111,790 123,003,855 124,981,865 130,411,055
Circulation
Rediscounts of all classes of paper increased ap10,400,000 11,209,522 11,142,202 11,995,996 22,423,998
Public deposits
133,210,000 136,801,297 128,553,624 142,742,800 120,482,857 proximately $23,600,000, while bill buying in the
Other deposits
Governm't securities 64,152,000 89,724,058 66,892,091 70,064,254 80,707,702
72,857,000 74.361,605 65,830.847 80,836,460 72,118,019 open market expanded $41,700,000. The addition to
Other securities
Reserve notes de coin 24,449,000 21,511,440 22,839,912 21,921,711 13,916,456 earning assets was $64,000,000, at the
same time
Coin and bullion_ 128.494.720 127,873,230 127,448,768 128,433,570 125,877,511
Proportion of reserve
that deposits were increased $75,900,000. Federal
164%
1434%
17.02%
liabilities
to
1434%
%
4%
4%
Bank rate
3%
5%
7% Reserve notes in actual circulation showed comparatively slight alteration. At New York there was a
The Bank of France in its weekly statement shows
decrease of $1,900,000, but an increase of $3,700,000
an unfavorable change in note circulation. An in- for the twelve
reporting banks. Member bank recrease of 253,821,000 francs occurred in this item, serve accounts increased
heavily in both statements;
bringing the total up to 40,700,832,000 francs. at New York there was
an expansion of $71,600,000
This compares with 37,939,332,650 francs at the and for the banks as a
group $104,300,000. Shrinkcorresponding date last year and with 36,383,961,555 age in gold
holdings, together with expansion in defrancs in 1922. In 1914 just prior to the outbreak posits served to lower reserve
ratios. For the Sysof war, the amount was only 6,683,184,785 francs. tem the ratio fell 2.3%, to
75.1%, while the local inThe gold item continues to show small gains, the stitutions reported a ratio of
73.5%, or 4.7% off for
increase this week being 77,000 francs. The Bank's the week.
gold holdings, therefore, now aggregate 5,544,777,125
francs, contrasting with 5,539,875,630 francs in
Expansion in loans and a decrease in surplus re1923 and 5,534,404,822 francs in 1922; of the fore- serve were the features of last
Saturday's statement
going amo'unts 1,864,320,907 francs were held abroad of New York Clearing House
banks and trust comin 1924 and 1923, and 1,897,967,056 francs in 1922. panies. Net demand deposits
gained $48,146,000, as
The increases in various other items were: Silver, against a reduction of more than $55,000,000 last
218,000 francs; bills discounted, 785,741,000 francs; week, whereas time deposits which expanded a week
advances, 67,619,000 francs, and general deposits, ago, were reduced $3,011,000, to $637,831,000. The
41,392,000 francs. On the other hand, Treasury total of demand deposits is $4,712,285,000, exclusive
deposits fell off 2,764,000 francs. Comparisons of of Government
deposits to the amount of $21,590,the various items in this week's return with last
corresponding date in both 1923 000. In detail the figures show that the loan item
week and with the
increased $50,932,000. Cash in own vaults of memand 1922 are as follows:
bers of the Federal Reserve Bank increased $2,340,BANK OF FRANCE'S COMPARATIVE STATEMENT.
Straus as of
Changes
Der. 7 1922.
Mc.6 1923.
000, to $53,693,000, but this total is not counted as
De:. 4 1924.
for Week.
Francs.
Fra cs.
,
Francs.
Cold Holdings—
Francs.
In France
Inc.
77,000 3,660,456,218 3,675,554,722 3,638,137,766 reserve.
Reserves of State banks and trust com1,864,320,907 1,864,320.907 1,897 967 056
Abroad
No change
anies in own vaults increased $134,000 and reserves
Total
Inc.
77,000 5,544,777,125 5,539,875,630 5,534,404,822
288,641,648 kept in other depositories by State banks and
Sliver
296.194,474
304,650.000
Inc.
218,000
trust
Bills discounted.- _Inc. 785,741,000 5,595,056,000 3.173,588,403 2,264,728,155
Advances
Inc. 67,619.000 2.782,676,000 2,426,579,607 2,217,368,584 companies increased $128,000. Member banks
drew
Note circulation_ _Inc. 253,821,000 40.700,832.000 37,939,332,650 36,383,961,555
28,533,809
Treasury depostts_Dec. 2,764.000
15,417,449
14,895,000
General deposIts Inc. 41,392,000 1,904.536,700 2,097,671,527 2 118,626,885 down their reserves at the Reserve bank $11,820,000,
and this together with the enlargement of deposits
111••••••1
Dm.61924.]
2571.
THE CHRONICLE
was sufficient to bring about a contraction in surplus reserves of $17,799,600, thus reducing excess
reserves to $11,094,480, as against $28,894,080 a week
ago. The above figures for surplus are on the basis
of legal reserves of 13% for member banks of the
Federal Reserve System, but do not include $53,693,000 held by these institutions in their own vaults on
Saturday last.
Mercantile paper rates have not been changed
from 334@34% for four to six months' names of
choice character, with names not so well known at
34@3%%, the same as heretofore. New England
mill paper and the shorter choice names are still
-passing at 33j%. Trading was quiet. A fairly.
good demand was noted for the best names, but the
supply of offerings continues scanty.
Banks' and bankers' acceptances were influenced
rate that was quoted Friday by the stiffening in call rates, and there was a further
The 4% call money
afternoon of last week obtained for the one day only. advance of more than M of 1% in spot and time bills
/
This week the prevailing rates were 3 and 31 2%,with in the open market. A moderate demand was noted
the trend downward. On Thursday and yesterday the with country banks the principal buyers. High grade
former figure ruled throughout the session. Money names were still in light supply. For call loans
brokers predicted that by Dec. 10 call money would against bankers' acceptances the posted rate of the
be still lower, until near the end of the month. They American Acceptance Council is now 23/2%, against
also said that they did not look for an advance in 23% last week. The Acceptance Council makes
time money. Financial transactions were on a big the discount rate on prime bankers' acceptances eliscale in many departments. After a slight slacken- gible for purchase by the• Federal Reserve banks
ing for a single day the speculation in stocks ex- 2% bid and 24% asked for bills running 30 days,
panded again and brought the daily totals in excess 24% bid and 24% asked for bills running 60 days,
of 2,000,000 shares. Transactions in bonds on the 3% bid and 24% asked for bills running 90 days,
Stock Exchange and over the counter continued on a 34% bid and 24% asked for bills running 120 days,
particularly large scale. Offerings of new securities 34% bid and 34% asked for bills running 150
were on a larger scale than in recent weeks, without days, and 332% bid and 33t% asked for bills running
taking account of the German and French issues. 180 days. Open market quotations follow:
The foreign offerings included $30,000,000 bonds for
SPOT DELIVERY.
30 Days.
60 Days.
90 Days.
the Argentine Government and $10,000,000 for the
3 ig234
2%(s2(
MON
largest Prime eligible bills
French National Mail Steamship Lines. The
FOR DELIVERY WITHIN THIRTY DAYS.
25( bid
piece of domestic financing was the offering of $200,- Eligible member banks
2% bid
000,000 4% 30-year United States Government bonds. Eligible non-memberdoanks
Although the offering was made on Wednesday the
There have been no changes this week in Federal
very next day official announcement was made at
Reserve Bank rates. The following is the schedule
the Treasury that the cash sale would be withdrawn
of rates now in effect for the various classes of paper
with the close of business that day. It is said that
at the different Reserve banks:
the subscriptions exceeded $1,000,000,000. The First
DISCOUNT RATES OF FEDERAL RERERVE BANKS IN EFFECT
National Bank of this city was reported to have
DECEMBER 5 1924.
taken $25,000,000 for cash and $50,000,000 in exPaper Maturing—
/
change for Third Liberty Loan 414% bonds. AcAtte ito Atter
Days, hut
bt4
cording to Wall Street estimates, brokers' loans have
tVphtn 6 Mithft 9
Tiitthin 90 Days.
Months. Month,.
demand for FEDERAL RESERVE
increased from 5 to 15% recently. The
BANK.
Op
funds outside of Wall Street and in other financial
Trade Adele:a.* Apricui.
'pricy!. U. S. Bankers
and
and
AccepA eery&Lineal Govt.
centres for purposes not closely related to the marLisestaa
Paper. Obitmt- Lances. tances. Lt
Paper. Paper.
ttons.
ket for securities must be increasing somewhat also.
354
354
354
354
31-4
3%
The Government withdrew $3,112,000 from institu- Boston
3
3
3
New York
3
3
3
34
334
354
Philadelphia
334
354
334
3%
tions in this Federal Reserve district on Thurs- Cleveland
354
334
34
3%
31-4
4
4
4
Richmond
4
4
4
4
4
day, and will withdraw $10,736,000 on Dec. 9. Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
4
4
4
If the recommendations of President Coolidge and Si. Louis
4
4
4
4
Minneapolis
4
4
4
4
4
Secretary Mellon with respect to economy and tax Kansas City
4
4
4
4
4
4
4
4
4
354
35i
3%
34
354
reduction could only be made effective the rates for San Francisco
34
• Including bankers acceptances drawn for an agricultural purpose and secured
should be easy indefinitely.
money
by warehouse receipts. &c.
sod rata .5cCur.
restock
DIs Hail
As to money rates in detail, loans on call covered a
range during the week of 3@3%,as against 2@4%
a week ago. On Monday and Tuesday the high was
332%, with 3% the low and also the rate for renewals.
Wednesday increased firmness developed and call
A
funds renewed at 31 %;the high was still 33/2% and
the low 3%. For, li.eIrenlainder of the week, that is,
Thursday and Friay, a fct rate of 3% prevailed,
this being the high, the low and the renewal figure
for the two days. For fixed date maturities the
market was quiet and featureless. Funds were in
larger supply and the demand still light. Consequently, quotations for the shorter periods were lowered,to 2%for sixty days,against 3%. Ninety days,
1%,four and five months
however, remained at 33'
332% and six months 332@3%%, unchanged from
last week. Indications were that the market had recovered from the temporarystrain of Dec. 1 payments.
Strength and activity the present week replaced
the sluggishness that figures so prominently in sterling
exchange operations in the recent past, and trading
once more assumed important proportions. Under
the impetus of brisk buying price levels advanced
nearly 8 cents in the pound, from the low point of
A
last week, which carried demand up to 4 687 —the
highest point reached this year. In the early part
of the week the buying was almost wholly for foreign
account, but later on local traders came into the
market as buyers and the demand for sterling bills
was in excess of the supply. While due primarily to
the apparent relaxation in"the tension over the
Egyptian insurrection that, followed acceptance of
British terms by the Cairo:Government, this accession of firmness was ascribed to a variety of causes,
including diminution in the volumeiof cotton and
,of
grain bills offering, the inaugurationj a broad in-
2572
THE CHRONICLE
[VOL. 119.
quiry for remittances incidental to holiday require- Consignments amounting to $310,000 have been
ments and increased imports of holiday goods. All shipped to Bombay by several of the large banks,
this, naturally, served to give the market a firm tone, while the International Acceptance Bank sent
to which was added the sentimental influence of ma- $1,000,000 on the Mauretania, a portion of which
terially higher cable rates from London. It is under- is for Holland, and yesterday $7,000,000 gold bars
stood that Great Britain has completed her arrange- to London on the Olympic. The shipment is made
ments for payment of the next installment of interest by order of one of the bank's London correspondents.
on its war debt to the United States, thus removing This is believed to be the largest single shipment
another element of depression. It is of interest to since gold exportation has started again. Announcenote that the highest point touched for sterling since ment was likewise made yesterday that J. P. Morgan
withdrawal of the "peg" was 4 72 1-16, in February & Co. is shipping $5,000,000 gold coin direct to the
of last year. Subsequently, however, the quotation German Reichsbank. This is said to be the first of
dropped to 4 203 the early part of 1924. Talk is a series of weekly shipments from the proceeds of the
again being heard in London of a return to the gold recent German Government bond offerings in the
standard for the British pound, and bankers here see United States.
no reason why sterling quotations should not go much
higher. Recent placing of foreign loans in this
In the Continental exchanges the most noteworthy
market, also expectation of the flotation of others in feature of the week was a sharp rise in the quotation
the very near future, is regarded as likely to be an for French francs to 5 51%—a gain of 26 points from
important factor in maintaining sterling rates, since the low of the preceding week, which was accomevery dollar loaned abroad tends to do away with the plished on a moderate volume of trading. As a
necessity of selling sterling to acucumulate dollars, matter of fact, the advance was regarded as in part
v.nd in some instances may make the selling of Euro- sentimental and, although intimations to that effect
pean currency in payment of American merchandise were denied in banking circles, there was what was
unnecessary. The shipment of $8,000,000 gold considered evidence during the week of official supabroad abroad reported by the International Accep- port. Public opinion, it is true, is veering around
tance Bank this week aroused considerable attention, once more in favor of the franc. Recent success in
for the reason that it constitutes the first movement placing the new French loan,improvement in position
of gold to Europe since the war, made because of of the Bank of France, prospects of a balanced budget
exchange movements adverse to the dollar. That and the developments of the week regarding the
exports of the precious metal are likely to attain large settlement of France's debt to the United States,
proportions at this time is regarded as highly improb- all are combining to revive confidence in French exable, since the only countries whose exchange have change. And on every indication of reaction buying
attained par are extremely reluctant to accept gold in orders were promptly placed with the result that the
large amounts.
quotation displayed an advancing tendency pracReferring to the day-to-day rates, sterling exchange tically throughout. In the late dealings strain of
on Saturday last was easier and demand declined to meeting month-end requirements made itself felt
4 62@4 623/2, cable transfers to 4 624.@4 623 1 and in the form of an increase in the Bank of France note
3
/
sixty days to 4 5932@4 60; trading was extremely circulation, while rumors commenced to circulate
dull. On Monday the market turned firm on better that the Government would not be able to utilize any
foreign news, and quotations were advanced to of the internal loan just floated for currency reduc4 63%@4 63% for demand to 4 63%@4 643/i for tion. The result was a slight lowering of values and
3
cable transfers and to 4 60%@4 61% for sixty days; some of the earlier gains were lost. Belgian francs
fairly good buying was reported. Further improve- followed the lead of Paris exchange and also achieved
ment took place on Tuesday, and demand sold up to a high record quotation on the present upswing,
4 64%@4 64 15-16, cable transfers to 4 64%@ namely 5.04. Reichsmarks remained at 23.82,
4 65 3-16 and sixty days to 4 61%@4 62 7-16; light unchanged. Italian lire were dull, though fairly
offerings and increased inquiry incidental to holiday steady, despite the continued unsettlement in
remittances were mainly responsible for the strength. Italy's internal political affairs. Greek currency
Wednesday prices went still higher and demand, displayed an advancing tendency on light dealings.
under the stimulus of brisk buying, touched a new Rumanian lei, on the other hand, sagged and de2
high record for the year at 4 663/; the low for the clined to 0.49. Polish and Finnish exchange ruled
day was 4 65 3-16, while cable transfers ranged be- firm, with Czechoslovakian crowns a trifle higher.
4
tween 4 65 7-16@4 66Y and sixty days between A development of the week that attracted attention
Heavy .trading continued on was establishment of a new high record quotation
4 62 11-16@4 64.
Thursday and demand sold up to 4 67%@4 68%; for Indian rupees, which sold up to $.3506. This,
the day's range for cable transfers was 4 67%@4 693/i coupled with India's heavy buying of gold in both
and for .sixty days 4 64%@4 66%. On Friday the the London and New York markets, is considered
undertone was a shade easier and there was a falling indicative of a greatly improved financial position.
The London check rate on Paris closed at 85.70,
off in activity, with quotations fractionally down to
4 6731@4 673/i for demand,4 673/2@4 683/i for cable as against 86.50 a week ago. In New York sight bills
1
transfers and 4 64Y@4 65% for sixty days. Closing on the French centre finished at 5.403/2, against
quotations were 4 65% for sixty days, 4 679/i for 5.383i; cable transfers at 5.413/2, against 5.393/2;
demand and 4 67% for cable transfers. Commercial commercial sight bills at 5.393/2, against 5.32 and
sight bills finished at 4 673/2, sixty days at 4 63%, commercial sixty days at 5.344,against 5.32 last
1
ninety days at 4 62%, documents for payment (sixty week. Antwerp francs finished at 4.93 for checks
days) at 463% and seven-day grain bills at 465@4 66. and at 4.94 for cable transfers, which compares
with 4.89 and 4.90 the previous week. Final quoCotton and grain for payment closed at 4 67.
No gold imports were reported during the week, tations on Berlin marks were 23.82 for both checks
.
but four shipments for export have• been made. and cable transfers, the same as last week. Austrian
DEC. 6 1924.]
25.7.3
THE CHRONICLE
kronen closed at 0.00142 (unchanged). Lire fin/
1
ished at 4.322 for bankers' sight bills and 4.3332
/
1
for cable remittances. A week ago the close was
4.34 and 4.35. Exchange on Czechoslovakia closed
;
at 3.013 , against 3.002 on Bucharest at 0.493,
%
/
1
against 0.51 8; on Poland at 1934 (unchanged), and
on Finland at 2.53 (unchanged). Greek drachmae
finished at 1.80% for checks and 1.8134 for cable
/
transfers. This compares with 1.78 and 1.781 2 the
preceding week.
FOREIGN EXCHANGE RATES CERTitieiD BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
NOV.29 1924 TO DEC.5 1924, INCLUSIVE.
I
Country and Monetary
Unit
Noon Buying Rate for Cable Transfer. in New York.
Value in United Males Money.
Nov. 29. Dec. 1.
Dec. 2.
Dec. 3.
Dec. 4.
Dec. 5.
EUROPES
$
$
3
$
$
Austria, krone
.000014 .000014 .000014 .000014 .000014 .000014
.0502
.0501
.0503
.0494
Belgium, franc
.0494
.0489
Bulasrla, ley
.007394 .007357 .007363 .007300 .007376 .007325
Crechoslovakla, krone .030020 .030039 .030078 .030105 .030148 .030141
.1758
.1768
.1758
.1753
Denmark, krone
.1768
1756
England. pound ster4.6616
4.6492
4.6828
ling
4.6803
4.6397
4.6258
Finland, markka
.025182 .025207 .025197 .025178 .025217 .025183
.0551
.0549
.0550
.0544
France,franc
.0/411
.0539
.2381
.2381
.2381
.2381 .
.2381
Germany,reichamark .2381
Greece,drachma
017767 .017873 .017932 .018122 .018109 .018075
.4042
.4051
.4038
Holland, guilder
.4047 ,
.4038
4037
Hungary, krone
000013 .000013 .000013 .000013 .000013 .000013
.0433
.0435
.0435
Italy. Bra
.0435
.0433 ,
0434
.1487
.1495
Norway, krone
.1984
.1497
.1482
1479
.1924
Poland.zloty
.1921
.1920
.1921
.1921
1921
.0476
Portugal,escudo
.0470
.0466
.0466
.0465
.0474
Rumania,leu
005138 .005088 .004933 .004905 .004029 .004924
Spain. peseta
.1376
.1378
.1386
.1388
.1373
.1368
.2694
Sweden,krona
.2696
.2693
.2698
.2692
.2691
.1937'
.1934
.1937
.1933
.1932
Switzerland, franc
.1931
Yugoslavia. dinar
.014513 .014516 .014563 .014611 .014613 .014670
ASIAChina.7771
.7767
.7779
Chefoo,tael
.7738
.7779
.7792
.7756
.7756
.7769
Hankow,tact
.7763
.7746
7769
.7632
.7611
.7621
.7620
Shanghai. tadl
.7634
7627
.7863
.7858
.7867
Tientsin. tael
.7788
.7854
7883
Hong Kong, dollar. .5505
.5520
.
5525
.5525
'
535
'
5543
.5556
.5560
Mexican dollar.... .5588
.5563
.5560
.5563
Tientsin or Peiyang
.5592
dollar
.5579
.5580
.5596
.5600
.5596
Yuan dollar
.5633
.5642
.5650
.5642
.5846
5504
i Delia,rupee
.3495
.3506
.3494
.3508
.3485
.3473
Japan. yen
.3848
.3845
.3863
.3833
.3858
.3865
Singapore(5IK)dollar .5346
.5346
.5.350
.5379
.5379
.5350
NORTH AMER.Canada, dollar
.999669 .999355 .999479 .999490 .999467 .999250
Cuba. peso
999401 .999531 .999688 .999688 .999688 .999714
Mexico, peso
.987083 .487917 .487083 .486875 .486875 .486458
Newfoundland, dollar .997083 .997135 .996927 .996927 .996875 .9961115
SOUTH AMER..8736
.8732
.8595
4rgentina, peso (gold) .8650
.8677
.8659
.1154
Brazil. milreis
.1155
.1147
.1152
.1144
.1147
.1122
.1123
Chile. 17080(paper)_. .1130
.1119
.1124
.1125
nr.P.OW ••.•,•^
swell
0057
awn
01190
(min
0752
-.
Trading in the neutral exchanges, formerly socalled, relapsed into dulness, although quotations
were as strong as ever. Guilders made another new
high record of 40.49. Swiss francs advanced 53/2
points to 19.37, while the Scandinavian ruled firm,
with Swedish krona still soaring, having been forced
up to 26.93 this week. Spanish currency shared in
the general strength, with pesetas for a time as high
/
1
;
as 13.862 all on comparatively narrow trading.
Notwithstanding predictions to the contrary, two
shipments of gold were announced this week to Holland for settlement of exchange balances. Recent
cables to Washington state that Denmark's proposed
exchange stabilization plan will likely be passed with
only a few minor changes by the Danish Parliament.
Conditions are regarded as more favorable than when
control was attempted December last. For the first
•The new reichamark is equivalent to 1 rentemnark or 1 trillion paper marks.
time in years Denmark has a, favorable trade balance.
Bankers' sight on Amsterdam finished at 40.44,
The New York Clearing House banks, in their
against 40.36; cable transfers at 40.48, against 40:40; operations with interior banking institutions, have
commercial sight bills at 40.38, against 40.30, and gained $4,501,365 net in cash as a result of the curcommercial sixty days at 40.02, against 39.94 a week rency movements for the week ended Dec. 4.
/
1
ago. Closing rates on Swiss francs were 19.362 for Their receipts from the interior have aggregated
bankers' sight bills and 19.372 for cable transfers, $3,943,290, while the shipments have reached $1,441,/
1
/
2
which compares with 19.202 and 19.311 a week 925, as per the following table:
/
1
earlier. Copenhagen checks finished at 17.73 and CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
/
1
cable transfers at 17.77, against 17.522and 17.562
/
1
Into
I
Out of
Gain or Loss
Week lInding Dec. 5.
last week. Checks on Sweden closed at 26.93 and
Banks.
Banks.
to Banks.
cable remittances at 26.97, against 26.88 and 26.92, Banks'interior movement
25,943.290! 81,441,925 Gain 84.501,365
while checks on Norway finished at 14.94 and cable
As the Sub-Treasury was taken over by the Fedtransfers at 14.98, against 14.79 and 14.83 a week coal Reserve Bank on Dec. 6 1920, it is no longer
earlier. Spanish pesetas closed at 13.86 for checks possible to show the effect of Government operathe Clearing House institutions. The Fedand at 13.88 for cable transfers. This compares with tions
eral Reserve Bank of New York was creditor at the
13.71 last week.
13.69 and
Clearing House each day as follows:
With regard to South American exchange the DAILY CREDIT
BALANCES OF NEW YORK FEDERAL RESERVE BANE
market was quiet, but very steady. Argentine curAT CLEARING HOUSE.
rency made further progress upward, and checks were Saturday. Monday, Tuesday, Wednesd'y Thursday, Friday, Aggregate
marked up to 38.50, with cable transfers at 38.55, Nov. 29. Dec. 1. Dec. 2. Dec. 3. Dec. 4. Dec. 5. for Week.
$
against 38.03 and 38.08 a week ago. Brazilian milreis 83,000,000 90,000,000 76.000.000 88.000,000 80,000,000 82,000,000 Cr. 506,000,000
remained at close to last week's levels, closing at Note.-The foregoing heavy credits reflect the huge mass of checks which corn
York Reserve Bank from all parts of the country in
to
11.57 for checks and at 11.62 for cable transfers, thethe New Reserve System's par collection scheme. These largethe operation o
Federal
credit balances
however,reflect only a part of the Reserve Bank's operations with the Clearing House
comparing with 11.59 and 11.64 a week ago. Chilian 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
exchange was steady and finished at 11.36, against New York are not accounted for in arriving at these bolances, as such checks do
not pass through the Clearing House
11.31, while Peru went up to 4 22, against 4 19 on Bank for collection for the account ofbut are deposited with the Federal Reserve
the local Clearing House banks.
Friday of last week.
The following table indicates the amount of bulFar Eastern exchange was as follows: Hong Kong,
/
1
;
@56%, against 55/@562 Shanghai, 7834@ lion in the principal European banks:
561
/
2
;
/
1
,
782 against 7834@782 Yokohama, 39@3934)
/
1
December 4 1924.
December 6 1923.
/
1
;
39@392 Manila, 5034@502 against 5034 Banks of
,
/
1
against
Gold.
Silver.
Total.
Gold.
Silver.
• .
/
1
@54%; England -- 128,494,720
@50 ; Singapore, 55@5534, against 542
/
1
2
g
123.494,720127,873,230
27,873,230
147,217,135
@,35%, against 35@,3534, and Cal- France a-- c22.740,050 12,160,000 159,377,135 147,021,228 11,840,000868.861,238
/
1
Bombay, 352
Germany d994,600 23,734,650 28,390,850 3.475,400 31,886.250
Aus.-Hun. b2,000.
b2,000,000 b2,000,000
.
/ /
1
@35 ,
2
b2,000.000
cutta at 351 / against 347 3@352
/ 1
2
Spain
101,397.000
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
Italy
Netherrds.
Nat. BeltSwitterl'd.
Sweden._ _
Denmark _
Norway
35,683,000
40,019,000
10,819,000
20,215,000
13,280,000
11,640,100
8,180,000
26.071.000127,468,000101,103,000
3,425.000 39,008,000 35,031,000
1,020,000 41,039.000 48,482,000
2,750.000 13,589,000 10,789,000
3,757.000 23,974,000 21,495,000
13,280,000 15,120,000
1,244,000 12,884,000 11,646,000
8.180,000 8,182,000
26,007,000127.110.001,)
3.025,000 38,706,000
682,000 49.184,000
2,513,009 13.302,000
3,557,000 25,052,000
15.120.000
203,000 11,849,000
8.182.000
Total week 541,586.905 51,421.600533,008.505557,783,308
51,302,400
Pray. week,541,696.167 5l.212,800592,908,767857,650.854 51,117,40 609,085 708
0608.797,254
Gold holdings of the Bank of France this year are exclusive
of £74,573,977
held abroad. b No recent figures. c Gold holdings of the
Bank of Germany mg
Year are exclusive of £12,081.750 held abroad. d As of Oct. 7 1924.
2574
THE CHRONICLE
Common Sense at Home and Abroad—
Mr. Coolidge's Message to Congress.
"Safe and sane" is the judgment that the country
is likely, we think, to pass upon the annual message
which Mr. Coolidge sent to Congress on Wednesday.
Not all of the ideas which the message contains or
the policies which it advocates will, of course, be
favorably received in all'quarters. Advocates of a
tariff for revenue only will regret to see Mr. Coolidge still firmly wedded to protection, and friends
of the League of Nations will not be happy under
his continued opp)sition to American membership
in that body. These are minor matters, however.
Taken as a whole the message is a plain, straightforward, businesslike presentation of the questions
which the President deems it most important for the
short session of Congress to consider, unencumbered
by references to the Republican victory in November
or "historical Republican policies" to be bolstered
or observed. The complete absence of partisanship
in what Mr. Coolidge has to say is as noticeable as it
is commendable. It is a message from the President
of the whole people, addressed to a Congress which
represents the whole country, and dealing with matters which are of national and not partisan concern.
The financial recommendations of the message
are, of course, to be read in the light of the budget
message submitted to Congress on Tuesday, the annual message doing little more than to enforce what
was said in the previous document. Mr. Coolidge is
still committed without reservation to economy, and
• it is upon the practice of economy in appropriations
that he insists. "In my opinion," he declares, "the
Oovernment can do more to remedy the economic ills
of the People by a system of rigid economy in public
expenditure than can be accomplished through any
other action." With a national debt which still, notwithstanding notable reductions, amounts to over
$21,000,000,000, with the annual cost of the Federal
Government about $3,500,000,000 and that of State
and local government twice that sum, with an annual
exaction of close to $100 from each inhabitant for
the maintenance of government in its various forms,
and with the local and State Governments increasing
their debts at the rate of about a billion a year, the
"field for the application of economy" is properly
characterized as "enormous."
Mr. Coolidge need not fear public criticism as long
as he continues to press upon the attention of Congress the issue that is dearest to his heart, and he
will be well advised if he continues to proclaim the
homely truths with which his policy of economy is
enforced. The greatest need of the country is a reduction of the cost of government, together with such
readjustment of the taxing system as will make the
necessary burden of -taxation as equitable as possible, and relieve business of the discriminations
which operate as a punishment of success. Mr. Coolidge does not favor a further reduction of taxes at
the present moment, believing it better to wait until
the revenue to be derived from existing taxes is
known, but he opposes the continuance of excessive
surtaxes as wrong in principle, and urges the repeal
of the provisions of law under which the figures of
income tax payments have been made public. A further contribution to economy which he advocates is
the passage of the pending bill for the reorganization
of the executive departments, a piece of legislation
which he regards as "vital as a companion piece to
[voi,. 119.
the budget law." To'stop a leak, in other words, is
quite as much economy as to withhold an appropriation.
The two aspects of national business to which the
message pays particular attention are agriculture
and the railways. Pending the report of the agricultural conference which Mr. Coolidge has organized, the detailed proposals for the improvement of
agriculture which Congress will be asked to consider
cannot be known, and Mr. Coolidge does not anticipate them by offering specific recommendations of
his own. He makes clear his conviction, however,
that notwithstanding an increase of about a billion
dollars in the purchasing power of agricultural products in 1924, in comparison with 1913, and "a better
balanced supply" of agricultural products as a whole,
"we cannot yet conclude that agriculture is recovered from the effects of the war period, or that it is
permanently on a sound basis." "Almost the entire
difficulty," he thinks,"is on the side of distribution,"
and it is with distribution, or in other words, with
markets, involving in practice "our entire economic
system," that the recommendations of the agricultural conference will presumably deal. It is, of
course, apparent that as long as high duties on imports continue to be levied, foreign markets for
American farm products will be restricted, but Mr.
Coolidge's adherence to the protective system precludes the hope of immediate relief in that direction,
and the problem of distribution, in itself a pressing
problem of industry in all its forms, will have to be
dealt with in other ways.
Mr. Coolidge's main recommendation regarding
the railways, that of the consolidation of existing
lines in larger systems, is entirely explicit and in its
main object sound, but the procedure which he advocates raises a somewhat serious question of general
policy. Railway consolidation, as is well known,
has for some time been under consideration by the
Inter-State Commerce Commission and railway executives, and a good deal of agreement upon main
points appears to have been reached. Mr. Coolidge
is of the opinion, however, that "those portions of
the present law contemplating consolidations are not
sufficiently effective in producing expeditious action,
and need amplification of the authority of the InterState Commerce Commission, particularly in affording a period for voluntary proposals to the Commission and in supplying Government pressure to secure action after the expiration of such a period."
Aside from the general objection to enlarging the
powers of any Federal commission, it seems to us
better to allow consolidation to come about naturally
as the result of economic interest, rather than to
force the process by fixing time limits and increasing administrative authority. After all, the railways
of the country are still private property, and until
bondholders and stockholders are satisfied regarding
the best course to pursue, any consolidations
achieved through Government pressure would be
likely at best to be only temporary, if not actually
disturbing to business, and would fail to solve the
ultimate problem of better transportation upon
which Mr. Coolidge properly lays special stress.
The remaining important recommendations of the
message cannot be much more than enumerated at
this time. There will probably be general agreement
that the valuation of the railways which the InterState Commerce Commission still has in hand, enormously expensive as it has been to both the Govern-
DEC.6 1924.]
THE CHRONICLE
ment and the railways, ought not to be abandoned
and another method launched until the results are
known and can be considered; while only in the circles of organized labor is there likely to be dissent
from Mr. Coolidge's declaration that no amendment
of the labor sections of the Transportation Act will
be satisfactory; even although collective bargaining
and voluntary arbitration are retained, "unless it
recognizes the principle that the public has a right
to the uninterrupted service of transportation, and
therefore a right to be heard when there is danger
that the nation may suffer great injury through the
interruption of operations because oF labor disputes." The interest of shipping will be served, Mr.
Coolidge suggests, by transferring to the Emergency
Fleet Corporation responsibility for the operation of
the fleet and other property, "leaving to the Shipping Board solely the duty of determining certain
major policies which require deliberative action."
The policy of restricted immigration is commended
as in principle necessary and sound, notwithstanding
that certain of its provisions might well be "rendered a little more humane"; and the extension of
the civil service by statute to include first, second
and third class postmasters, and, "without covering
in the present membership," the field force of prohibition enforcement, is urged.
What Mr. Coolidge has to say about national defense and foreign relations is clear and to the point.
The maintenance of the army and navy on a moderate peace footing will continue, but "the guiding
forces of the army and navy," as well as Congress
and the country, are admonished to "constantly keep
in mind" the fact that "our country has definitely
relinquished the old standard of dealing with other
countries by terror and force, and is definitely committed to the new standard of dealing with them
through friendship and understanding." There is,
in short, no American militarism to be encouraged
or tolerated. Mr. Coolidge does not propose, however, to summon another disarmament conference
until the outcome of the proposals made in Europe
for such a conference is known; and there is apparently a hint at the Geneva protocol about disarmament and security in the remark that "I should not
wish to propose or have representatives attend a conference which would contemplate commitments opposed to the freedom of action we desire to maintain
unimpaired with respect to our purely domestic policy," as also in the recommendation that the adherence of the United States to the protocol establishing
the World Court,"upon the conditions stated in the
recommendation which is now before the Senate,"
should be given with the proviso "that our country
shall not be bound by advisory opinions which may
be rendered by the court upon questions which we
have not voluntarily submitted for its judgment."
The reminder of the abiding principles of the Constitution with which Mr. Coolidge closes his message
adds a touch of feeling and warmth to a document
whose pervading tone is that of straightforward
practicality. It is well thus to call to remembrance
the foundations of right and justice upon which the
Government rests, and to insist that unless those
principles are conserved the nation itself cannot
hope for freedom or prosperity. There remains for
Congress the duty of acting upon the recommendations of the message in the same practical temper
and non-partisan spirit which the message itself
evinces.
Z57
.Crusading for the Child Labor Amendment.
In "forty States," we read, certain uplift societies:
and the American Federation of Labor are tamalke a
strenuous campaign.in favor of the adoption .of the
Child Labor Amendment. Is there a popular demand for this movement? Did this proposed amendment originate in the minds and hearts of the fathers
and mothers of the land? Have the children of the
poor petitioned for it? Whence comes it? We know
that the American Federation of Labor has been calling for it for some time. But why? Statistics show
a comparatively small number of children at work
in factories. They are not a serious competing element in the matter of wages. The Federation does
desire to control the number of apprentices. Is there
any connection between this desire and the amends
ment? Why were not the children thought of at the
time the first amendments securing personal rights
were adopted? What brings the question to the fore
at this particular time? Who can answer these quew
tions to his own satisfaction? It is not at all apparent to us why a crusade should be instituted now,
unless the reformer must have something to do, and
nothing else offers. We find no demand where demand ought to exist—in the parental heart. Selfconstituted foster-fathering is the principal cause.
The parent is the natural guardian of the child:
And, we contend, that our reasoning ought to begin
here. Why attempt to apply Socialism to the child
while the parent is allowed to maintain at least the
semblance of personal independent rights? In the
socialistic State the child is taken care of by the
Government. It necessarily becomes the charge of
the State for the reason that the natural guardian
has no longer initiative, enterprise or ownership;
and being thus the slave of the State has no inherent
power to care properly for the child,,no responsibility therefor. We assert this is the logical end and
nature of Socialism. An amendment placing the
child in the power of Congress is thus in essence
purely socialistic. Yet Legislatures are to be importuned to ratify this amendment. If parent and
child have not petitioned for this amendment, have
the people at large, by any concerted movement, done
so? Will this be another amendment that the people
have not "passed upon"? Are we to graft Socialism
thus upon the Constitution of the United States un7
der the guise of protection to childhood?
If these things are true as to origin and nature,
what is to be the effect? Since the age limit is 18
years, Congress may be expected to pass a law commensurate with the seeming demand for control to
the full extent of that period. A counterpart would
be another law (since education is involved) provid.
ing for State education by direction of the State at
its own expense. The new guardian of the child must
not neglect to fit the child for life and citizenship;
Should the parent, pending complete socialization of
society, be taxed to support an education having in
view the preparation of the child for life, work and
service, without any right to control or direction?
This is a logical result though not embodied in the
amendment. Why verge so close to Socialism and
then veer away? Why not take over the child completely so that enforced idleness will not breed
crime? Do not doubt for a moment that the youth
from 14 to 18 prevented by law from honest work
will tend toward getting a living by dishonest means
under the spur of poverty.
2576
THE CHRONICLE
Of course, there will be another huge bureau to see
that the child performs no work detrimental to its
preordained welfare. Of course, parents in their
homes will have to submit to the inquisition of a
horde of office holders intent on finding infractions
of the law. Of course, unlawful "search and seizure" will be a mere incident compared.to this wholesale domination by inspectors from Washington over
parental control. Yet Legislatures are to be pressed
to adopt an.amendment having in it the seeds of Socialism and the tyranny of authorized agents of the
Federal Government; when we come down to "brass
tacks" there should be such a protest against this
amendment by the people that no Legislature will
dare to ratify. Stripped of its specious sentimentality, this amendment is an insult to the home, an
assassin of natural love, and a robbery of the rights
of parent and child.
It is very strange indeed that such an amendment
should pass in review without violent protest from
the mothers and fathers of the land. Are we so obsessed with the conceits of statutory law that we
must give ourselves more room in which to surrender
our natural rights? Are we so sure of Congress that
we can entrust it to enact a reasonable law? When
has it shown moderation in the investiture of power,
once the commission or bureau is determined upon?
It is effectively argued that in n•territory the extent
of the United States there are such diverse conditions as to render the State the proper agency for
the enactment of law touching child labor. If so,
why do not the.States hold to their present right, if
a right it be, to administer upon the•conduct of the
child without reference to the parents, rather than
to surrender this right by action of their own Legis'
latures? In fact, it is not proven that any substantial necessity exists "for the enactment of any law
irhich will thus supplant parental control. Neither
child nor parent ought to shuffle off the need to labor
—and surrender responsibility to the State.
• Some States, on the contrary, sensing the dignity
of labor, have passed compulsory work laws for
adults. We are not defending these. We cite the
fact as an example of sentiment tending in an opposite direction. It is here believed that good citizenship, regardless of wealth, demands that every man
should contribute something to the activities in
which and by which we live. As "the child is father
to the man,"'ought not the lesson of work for the
general good to be learned early in life—before the
youth is thrust into the responsibilities of citizenship? But we have previously considered the effect
of,such a law upon the moulding of character and
need not repeat the argument here. The more this
proposed amendment is considered the more these
State Legislatures must ask: what national demand
exists for any law regulating child labor? If a majority of the States have not (or even if they have)
themselves for themselves enacted such a law, why
should they turn the right and need (?) over to the
Federal Government?
Unable to carry the recent election for a brood of
semi-Socialistic principles, why should public welfare societies and labor unions now seek to place the
child in possession of Congress, or the State? Was
it not the radicals in Congress prior to this election
who pressed for the submission of this amendment?
/Old will not politicn1 pressure upon Legislatures be
brought to bear to secure adoption? Again
politics and not statesmanship will be responsible
[voL. 119.
for an innovation by the legislative branch upon natural rights, an innovation not contemplated by constitutional rule. States might as well abolish their
Constitutions as to pass such a law. Is the citizen
of a State demanding protection in his private affairs
by the larger power of the Federal Government willing to turn the life of his child over to the tender
ministrations of a Congress too often forgetful of the
constitutional protection of his own rights? Of
course, the pale, wistful face of the small child in
the factory ought not to be there, but who is responsible?
Statistics show there are comparatively few of
these. But will a child-labor law by Congress infuse
the spirit of work into the derelict man whose duty
it is to support his' family? And when, for unforeseen cause, or for reason of worthless parents, the
boy or girl of fourteen is forced to seek work in selfsupport, will it help conditions to prohibit such toil?
These sometimes unfortunate situations occur in human life, and always will occur until the State takes
over the ordering of all tabor—Socialism. And of
that we need not speak. We may repeat—the last
election spoke in no uncertain terms concerning
State control of initiative and industry. Legislatures should heed this expression of public opinion,
and not force a form of Socialism on the child that
has been condemned for the parent: Congress ought
to have nothing to do with the life of the child under
eighteen. It is contrary to our State jurisprudence
which recognizes the natural relation between parent
and child and under its authority can proceed to
compel a proper support, in certain instances; and
can place the child in institutions for betterment
under a judicial judgment. This proposed amend,
ment ought to be denied by our State Legislatures.
A Service Charge on Small Accounts.
Discussion of the matter of a service charge on
small accounts may well be left to the bankers themselves. Yet there are some general principles involved that may be open to consideration by those
not directly engaged in banking. When the question
was debated at the meeting of the American Bankers
Association no conclusion was reached and further
investigation was ordered. It is difficult to balance
an overhead cost against a policy for the increase of
business, but a very significant remark was made by
one of the bankers to the effect that the "kindergarten stage" of banking is over. Like many other questions in banking, locality has much to do with the
determination to charge a service fee on small accounts. However, we may start with the premise
that banking is now known to be semi-public in its
nature. The banker is recognized as a leading figure
in his community, occupying a position of trust and
responsibility, and one in which, through advice no
other citizen can so well give, he is a help to the community as well as to the individual. The old days of
belief in the skinflint money-lender have disappeared. It is no longer necessary to stress this feature of the problem. Banks do not have to begin
with building up a place in current affairs. The old
saying that all roads lead to the bank is accepted and
carries with it appreciation of an institution used by
everybody and indispensable to local and general
affairs.
Yet we have witnessed in recent years increasing
campaigns to secure deposits through education in
thrift and saving. Our common schools by precept
DEC. 6 1924.]
THE CHRONICLE
and example have been teaching the uses of banking.
And it becomes at once an earnest question whether
inviting deposits upon this ground justifies a small
charge for carrying the small account. Encouragement to the small business man by "accommodations" has always been considered bread cast upon
the waters in a financial sense. Great oaks from
little acorns grow, and many a bank can now trace
a highly profitable account to a struggling young
man who had little but his honesty, energy and acumen as an original asset. This is one phase of the
service charge. Another is "saving" by the individual not engaged in active business. And here
many considerations obtain. There may come a
time, often does, when the call of business will be
heeded and the bank come into a customer, quite
naturally, who is a borrower as well as a depositor.
Again, the young worker and professional man in
time will come to seek investments that pay more
than time deposits—and he will seek these through
the bank, thus enlarging its business field. All these
issues are well known and heretofore and now, to a
preponderating extent, they argue against a service
charge on small accounts.
We come inevitably at this point to the question of
whether or not it pays to thus encourage small accounts without charge. Many will answer: in the.
long run it does. And if we note that no-charge is
the prevailing custom, and that under it bank deposits have grown enormously and in keeping with the
growth of wealth in the country, this seems true.
And yet this does not in itself prove that the custom
should continue, for banking is now upon a firm
basis, its worth acknowledged, and its work indispensable. And right here arises the pertinent question, is the bank, because of the semi-public nature
of the business, to become the pack-horse of the community, and will not an unwarranted free service in
the long run tend to lessen its real worth and importance in the public regard? It must always be
taken into account that there are many services performed by the bank and banker for which no charge
can be exacted. Customers do not now hesitate to
ask these favors. They are, in one sense, incidental
to conduct and in another they have become a part
of it. But a good horse can be ridden to death, and
a good bank or banking system can be imposed upon.
It seems reasonable to say, therefore, that a line must
some time come to be drawn where free service shall
cease.
We measure a tangible against an intangible quantity. We can dismiss transient small accounts as
unprofitable in many cases, both as actual and potential. A school town will have the temporary accounts of students. The cost of the pass-book and
check-book balanced against the interest-earning
worth of the account will perhaps most often show
a loss. Yet even here the spirit of the community
may render it doubtful whether a service charge
would help or harm the bank in public regard. Placing the problem on a purely educational ground we
must ask the question: Has the time not come in
the practice of banking when if the bank is to hold
its high place in the public regard it must cease actually, though perhaps not potentially, to "do something for nothing"? There is a growing demand on
the bank for free services. Coupled with this there
are tangible demands for a share of the earnings.
Time was when it was sufficient recompense for
deposits that the money be safely kept and paid out
2577
when asked. Now, even small country banks are
asked to pay interest on deposits! Is it fair to a business that takes all the risk that it shall continue to
work for nothing?
If education is the key, what shall we say of a new
lesson in banking—a lesson to the effect that banks
have a right to the respect of depositors and communities for their own sake, irrespective of the semipublic services performed through custom without
charge. They are not instituted to work for patrons
or public for nothing. The merchant, the, manufacturer, the lawyer, doctor, do not work for nothing.
No one asks it of them. If, now,the bank shall place
a small service charge for carrying an insufficient
account, will not the legitimate effect be to emphasize the worth of the banking business for its own
sake? It is not a matter of great importance one
way or the other save for the principle at stake. Take
the small depositor who finds a service charge entered against his account at the end of the month.
Will he not come in his reasoning to acknowledge
that he has been getting a valuable service for nothing? Will he not come to understand that vaults,
stationery, tellers' salaries, cost money—that the
size of his account will not pay its way—that,in fact,
the other necessary free services more than compensate him for his deposits? That though custom
establishes that two-thirds of these may be loaned,
in reality as far as he is concerned, they are always
on hand?
It is one thing to have educated the people to
know that the bank is not an office of "old skinflint,"
but is a community institution for the purpose of
organizing credit. It is still another step to establish the fact in the public mind that while it is a corporation privately owned by its stockholders it must
"make money" in order to live. Labor banks are endeavoring to inaugurate a certain form of co-operation by limiting the share of profits to be granted to
stockholders. They are appealing to depositors on
this ground. But the principle sought to be put in
practice is contradictory to that of piling up a surplus as a guaranty to depositors, a guaranty in addition to the capital stock. It is the practice of sound
banking to constitute and increase a surplus. It
follows that earnings not devoted thereto do not increase the solidity of the bank. In a way,"working
for nothing" does the same thing. Ought the .depositor to ask a service that costs more than it comes
to? Ought he not to see, on investigation, that all
legitimate charges and profits, going in part into surplus are for his own good, by increasing the strength
of the bank? Why ask a "trustee" to take all the
risk, and gain nothing?
There are many ways by which to approach this
subject and it has a wide bearing on the conduct of
banking. Since checks and drafts are the common
currency of the country,a tremendous benefit to business that can come only by reason of the existence
and functioning of banks, shall banks be asked to
handle or "clear" these instruments of exchange, this
self-made money, without charge? True, deposits for
the most part are made up of this form of "money."
But these checks and drafts are not always "cash
items" in the full sense of the term. Time and distance and the trend of trade are elements. In certain localities "clearance" may be reasonably prompt
and equable, through the interconnection of many
banks, the system, but it is not universally so. And
when the small depositor offers a check or draft for
2578
THE CHRONICLE
FoL. 119.
deposit and immediately begins to draw out money deposited in banks and probably $20,000,000 more
from the bank, an entirely new aspect is put upon laid up in their homes. They are now organizing a
the business of banking. Shall there not be a service National Negro Financial Corporation with a capicharge sufficient to pay for the cost of par clear- tal of $1,000,000, for co-operative helpful service.
ance? Such a condition exists in localities where This exhibit attracted the attention of the big public
competition for accounts is severe—drafts are ac- service corporations in Chicago and secured some uncepted as deposits without charge, and checks al- expected investments.
The.Commission on Inter-Racial Co-operation held
lowed to be written thereon regardless of time and
"small depositor" now to its annual meeting in Asheville, N. C., in July. It
collection. Ought not the
be taught that for this one feature of modern bank- consisted of 75 distinguished men and women,church
ing there should be a compensating size to an account officials, college presidents, lawyers, business men,
Y. M. C. A. secretaries and club women. It reported
or a charge?
We do not wish to comment on this topic other rapid increase of tax-supported educational facilithan roughly—many complications appear that can- ties for negroes, reduction of one-half in the number
not be discussed. Bankers themselves must weigh of lynchings in one year, inclusion of negro welfare
and estimate details. But unless we are to veer con- agencies in recent community chest campaigns, great
stantly toward mutual banks, or so-called co-opera- interest among college students in the subject of
tive banks, a check must be placed upon the demands race-relations, and the appearance of champions of
of the public for special services at no cost or below the cause on every hand. Courses on race relations
cost. It is common to expect too much of the banker. are given in 60 Southern colleges. Ten field secreGeneral as are the benefits of his business, free as taries reported better educational facilities for nehe is to meet his customers in a spirit of helpfulness, groes, including library, housing and public utilities
the very growing use of the tank must show the need made in many cities, and rapidly increasing general
for service charges in the actual conduct of the daily interest. Efficient organizations of representative
business that will compensate.. Again, we may re- women have been effected in every Southern State
peat, the balancing of tangible and intangible quan- acting as integral parts of the State inter-racial comtities, such as conduct and publicity, or carrying ac- .mittees. The evil influence of radicals and demacounts below cost and building up business, cannot gogues of both races has been much reduced, and
be reduced to an expression in dollars and cents. complacency to existing conditions is giving way.
But we think it fair and perhaps adequate to say that Dr. James H. Dillard says: "When we consider that
there are so many kinds of service now performed both races in the South are but little more than 50
by banks for which it is not possible to assess a years out of a system which was an affliction to both
charge, that the cost charge for carrying small ac- sides, we may well marvel at the progress which has
counts must add to the popular conception of the been made."
The National Negro Medical Association held its
dignity and worth of banking, rather than otherwise.
19th annual convention in August in Hampton, Va.
New Phases in the Development of the Negro
Five hundred physicians, surgeons, dentists and
in the United States.
pharmacists assembled, many bringing their famiof the three great nations, England, lies and journeying by automobile. A number were
In no one
France and Germany, passing with us through the Hampton graduates now in successful practice or in
strain of a national election involving the possibility hospital and teaching positions. Clinics, demonstraof a change of administration, is the inter-racial tions and lectures made up the program, with all the
question pressed so close home as it is here. Now special interest and inspiration that attend the meetthat the United States resumes its normal life and ings of the older medical societies.
Not the least significant of these annual meetings
faces its special problems evidence of the rapid development of an extensive movement, economic and so- was that of the National Association of Colored Wocial, directly involving one-tenth of the population men held in Chicago in August with an attendance
of 845 delegates from clubs in 50 State organizations,
of the land, deserves attention.
It is to be found in the annual reports recently pre- including Canada and the Virgin Islands, our new
sented in some half-dozen representative assemblies acquisition in the West Indies, by purchase from
of colored men and women. The facts set forth are Denmark. The awakened interest in every departimportant, and we regret that we can do little more ment of public life now prevailing among the women
of the nation is not limited to the members of the
than make reference to them.
Business League held its Sil- white race, or to the native Americans. The colored
The National Negro
ver Jubilee in Chicago in August. It pointed to the women are duplicating all the usual organizations.
existence in that city of two great banks owned and They are active in the cause of education, temperance
deoperated by negroes, the Liberty Life and other suc- and the special concerns of women. They have
encourcessful insurance companies, with taxicab com- partments of the national association for the
communipanies, a large printing establishment, a newspaper agement of young girls in service to their
courses. For the
and the headquarters of the Associated Negro Press; ties; and to aid girls taking college
fund of
with scores of successful professional men and wo- latter they are establishing a permanent
health occupy an important
men, and unnumbered beautiful Christian homes. $50,000. Questions of
competent visitWhen the League was organized, 25 years ago, there place. The training and placing of
business en- ing nurses in the rural districts, which has been so
were in the United States 20,000 negro
counties of Virterprises, little and big; now there are 70,000. There successfully accomplished in some
There were 10,- ginia and is taken up elsewhere, is one of their most
were two banks; now there are 74.
000 retail merchants; now there are 25,000. The notable achievements. National and State experts
negroes paid taxes on $300,000,000 of property; now in health matters were speakers at the convention.
Instruction in scientific agriculture which the
they pay on realty holdings alone worth $1,700,000y
000, and have between 70 and 100 million dollars Government IA pushing in the South and in which
DEC. 6 1924.)
TFrE CHRONICLE
graduates of Hampton and Tuskegee institutes are
rendering important aid, extends to the work of the
women and the life in the homes. These two great
institutions have extensive and highly developed
departments for this work as a basic industry. Four
years of instruction are devoted to it. For the first
three years half the time daily is given to laboratory
work and theoretical instruction, the other half to
practical work in various divisions. In senior year
study assumes a larger place. At the completion of
the agricultural course the students have, in addition to the agriculture, the beginning of a practical
knowledge of English, mathematics, history, economics, sociology and the natural sciences. Those who
desire it may then take an advanced, or college
course, in agriculture, which requires four years for
completion. The aim of this is to provide teachers
of agriculture for the State and Federal departments, men with large vision and fitness for responsible positions, possessed of the highest ideals and
having a thorough working knowledge of their task.
Texas stands at the head of the Southern States in
its provision for the education of its negro population. The Constitution of the State requires an impartial system of schools. Discriminations and inequalities where they exist are reported as local. Of
the 238,000 negro school population 200,000 are in the
public schools. Five hundred of the 5,400 teachers are
graduates of universities or colleges 1,500 of State
Normal Schools and 1,000 of high schools. The average length of the school term is six months in the
rural districts and considerably more in the towns
and cities. There are still many ill-housed and
poorly taught schools, but many new and modern
school houses have been erected. One hundred and
fifty schools offer high school work to negro boys
and girls. One-fourth of these are rated by the State
as first class. Dallas has a $100,000 negro high
school building already overcrowded with 450 pupils. The Normal and Industrial College ranks next
in size to Tuskegee and Hampton. The National Association of Colored School Teachers held its annual
meeting in Dallas in July and the example of Texas,
especially in its high schools, is expected to be carried to other sections of the South. Some of the
schools located in exclusively negro districts and entirely the product of negro initiative and negro
means, are remarkable for the variety and extent of
their practical as well as their prescribed educational
work.
The music of the American negro is now attracting serious attention in Europe, not for its trivial
and sensational effects, but for its real and fundamental relation to the higher departments of music.
, It is even claimed to introduce a new and permanent
musical era. "Jazz" is no longer to be regarded a
rank abuse or a monstrous perversion; it is a "distinct evolution," the expression of "qualities of tremendous rhythmic force as well as the melodies born
of inspiration which oppressed races alone can produce."
Be that as it may. Ballanta Taylor, one of the
most gifted of young negro musical composers, now
completing his studies in London has given us this
recent statement of the whole problem: "I really
feel that the day is coming when the whole civilized
world will be brought to a consciousness of the aims
and aspirations of the African. There have always
been vital problems for mankind to solve, and as the
solution of one problem only opens the way for oth-
2579
ers, more vital perhaps, and this is the invariable
rule, it is now America's turn to do her bit in upbuilding the world."
It is not without significance that this view of the
problem which has embarrassed America for well
on to two centuries should now be so interpreted for
us by a talented and rarely gifted negro of whom his
people are justly proud.
Mortgage Loan Investments by Banking
Institutions.
"The predominant and strengthening position of
banking institutions in the market for first mortgages on real estate" is the subject of an article prepared by Leo Day Woodworth, Deputy Manager
American Bankers Association, Savings Bank Division. This article has been reprinted for the division named from the December 1922 issue of the
"Savings Bank Journal," New York.
The following citations, as timely as when they
were written (to controvert erroneous views then
being circulated), throw further light on the part—
the very essential part—that banking institutions in
every section of the country, especially the savings
banks, the commercial banks and, as investment distributers, the trust companies, are taking, shoulder
to shoulder with the leading life insurance companies and thousands of savings and loan associations, in providing a market for real estate first
mortgages. This is a main part of the real estate
for home and other financing which was discussed
at so much length in the editorial columns of the last
three issues of the "Chronicle" (pp.2226,2344,2458).
Having referred to the showing in the annual report of the United States Comptroller of the Currency for June 30 1921, which states that the banks
in the United States then held a total of $4,753,000,000 of loans on real estate security and that of this
total the mutual savings banks had $2,460,000,000,
Mr. Woodward says:
Bank Participation in the Mortgage Loan Market.
But the Comptroller's figures do not tell the entire story
of the extent of bank participation in the mortgage loan
market, as the capital stock of the banks and trust companies generally do not hold for permanent investment as is
the case with mutual savings bankers.
John J. Pulleyn, President of the Emigrant Industrial
Savings Bank of New York, was Chairman of the Committee on Mortgage Loans which presented a report at the
annual meeting of the Savings Bank Division of the American Bankers Association in 1922. That report summarized
the results of a questionnaire intended to reveal the amount
of new loans upon real estate made each year through the
banks, as there are no official reports on this point.
Taking a basis of replies from a representative list of all
types of banks scattered throughout the country, it was estimated that during the fiscal year ending June 30 1922, the
banks had lent not less than $2,000,000,000 on mortgage
security, although that was notoriously a year of "frozen
credits" and reduced financial activity.
This estimate was based upon the following table:
Proportion of Mortgage Loans During Year Ending Juna
30 1922 to Holdings on That Date by Groups of States.
23%
North Atlantic
48%
Middle Atlantic
45%
South Atlantic
East North Central
46%
West North Central
42%
West South Central
35%
Pacific
26%
Mountain
50%
Total all States
45%
2580
THE CHRONICLE
Data from mutual savings banks was not included in the
above table. We may accept the estimate of State Bank Commissioner Medill of Delaware that the new loans by mutual
savings banks amount annually to about 5% of their holdings.
These statistics may not have come to the attention of
many savings bankers and they also indicate the importanc.3
of what is to follow. . . .
Attitude of Banks.
In the opening of this article we discussed the general
policy of banks as to mortgage loans. Not only did we find
the banks active in the mortgage market (regardless of membership in the Federal Reserve System by less than half of
all banks and trust companies), but other data which does
not lend itself to tabular statement revealed a growing tendency by capital stock banks in settled communities to hold
perhaps 10% of all loans or 50% of savings deposits in
mortgage loans, as a feature of sound banking.
Also, banks which have never been in the mortgage market
are now entering either directly or by way of subsidiaries
as may be required by law or policy. . . .
The banks are in the mortgage market. They are large
lenders on mortgage security. There is no reason to believe that they will not increase their mortgage holdings in
proportion as land values are stabilized.
Building and Loan Associations.
We are not told whether the speaker advocated the organization of that type of building and loan association
which lends close to 100% of its demand deposits on real
estate security, or another type which forces investors to
pay promoters for the privilege of buying stock, or another
type which earns attractive dividends by sending its funds
[VOL. 119.
Into other States for loans on farm land, or, finally, whether
he recommended the strictly co-operative and mutually help.
ful plan of Pennsylvania.
However, it is not our present purpose to criticize the
claims of the building and loan associations.
Any type of institution is of importance to real estate
Interests if as is claimed for the building and loan association it can place a half-billion dollars in the mortgage market each year, especially when it adds important means for
promoting thrift and systematic saving. This importance is
not diminished by the further fact that a material percentage of this annual fund results from repayment as soon as
the association loan is paid down to the point where it can
be handled on the more economical basis of a bank loan.
Beek the Fundamentals.
Borrowers and realtors may chafe against the limitations
which are placed upon bank loans. Those limitations are
not the result of arbitrary whim, but result from long experience—the exceptions "proving the rule."
The bank and building associations have no quarrel when
each performs the economic function to which it is adaptild
and for which it exists. These functions are distinct, as are
their respective interest charges to borrowers. The real
estate interest needs both—and must foster each according
to its ability to serve.
The importance of maintaining strict legal limitations, as Mr. Woodward here urges, governing the
amount of bank loans on real estate and real estate
mortgages and bonds is a matter that cannot be too
strongly insisted upon at any time, least of all under
such conditions as exist to-day.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 5 1924.
Colder weather and the usual holiday demand have helped
retail trade. Industries also show some tendency towards
greater activity. As usual at this time of the year, there is a
slowing down of business in some directions. At one time
during the week the weather was too warm in some parts of
the United States for the best results in business, but latterly it has grown colder. In New England there has been
a sharp fall in temperatures. Rains and snow have benefited the winter wheat belt, where drought had been complained of. Beneficial rains have also fallen in Texas,
where rains were needed, after a drought of two months.
The grain markets have shown no great change, although
there has been some advance in December wheat and oats
as well as much higher prices than recently for corn, for
which there is a sharp demand. It Is stimulated by bad
crop news from Argentina, where drought and heat have
threatened the corn crop. If the yield in that country suffers any serious decrease, the natural inference is that
Europe will have to buy on a considerable scale in this
country. Western grain and live stock interests are in much
better shape than they were a year ago. The speeches of
President Coolidge at .Chicago have had an excellent effect
In more ways than pue. They plainly intimated that whatever the Government may properly do in promoting the interests of the agricultural community of this country it will do.
Of course, he recognizes that the less interference with
trade the better. But co-operative marketing in accordance
with more scientific methods will naturally inure very
greatly to the benefit of the farmer. In former times he
rushed his crops to market at the opening of the season and
got the lowest prices of the season, as he realized, to his
regret, later on. He is learning better. At the present time
he has excellent markets in Europe, though of late the European buying of American wheat has decreased somewhat.
That was to be expected after a prolonged period of extraordinary activity. But even as it Is, the exports of wheat this
week approximate 11,000,000 bushels and the total for the
season is some 233,000,000 bushels, an increase of roughly
53,000,000 bushels over the same period last year. There
was a significant firmness in December wheat at Chicago
to-day.
Cotton has declined somewhat as estimates of the crop
have risen. They have ranged from 13,000,000 to 13,428,000
bales, whereas at one time this season they were as low as
12,000,000 bales and even lower. The exports,of American
cotton are on a very gratifying scale, approximating 780,000
bales larger than at this time last year. With European
currencies steadily rising, it seems a reasonable inference
that Europe will buy cotton on a larger scale than for some
years past. Sterling exchange has been up to a new high
and Is now within a measurable distance of par, though
England shows no signs as yet of going back to the gold
basis. Francs and Continental exchange generally have
advanced noticeably. Raw wool has risen at home and
abroad. The woolen goods trade has not shown much life;
there is plenty of room for improvement. But with the winter season opening It is fair to suppose that the demand will
be stimulated in the not distant future. Cotton textile industry continues to show the stirrings of new life. For the
first time in six months some aspects of the Lawrence,
Mass., cotton industry exhibit a distinct improvement. In
some centres of Rhode Island mills are running on full time.
At Manchester, N. H., the big Amoskeag mills have 7,000 of
their 14,000 hands now working on full time. Cheerful reports also come from parts of Connecticut and the South in
the same lines,. November trade showed a noticeable improvement. Wail order sales in November increased some
$5.000,000 over the same month last year. The same is true
of chain stores. Mail order sales for eleven months show an
increase of 7.6%, reaching a total of $338,574,082. Chain
stores in eleven months had sales showing an increase of
14.2% over the same time last year. The grand total of mail
order and chain store sales in eleven months is $588,740,125,
an increase over the same period last year of 102
/
1%. Iron
and teel production is rising. The outstanding feature in
steel is the continuance of good buying by railroads and construction companies. Bank clearings are naturally very
large, partly attributable to the extraordinary activity in
the stock market, though rising trade also tends to swell the
total. It has been gaining for five weeks in succession.
Failures for the month show a decrease both in number and
liabilities. The general trend of commodity prices is upward. There has been a certain amount of inflation going
on since early last summer, but the rise in prices is not to be
DEC. 6 1924.]
1
THE CHRONICLE
ascribed wholly or even largely to that fact. Shelves were
empty, stocks were low after a prolonged abstention from
the usual buying. They had to be replenished. The growth
of trade is natural; it was inevitable. After the turn of the
year the conservative opinion is that it will expand still
further. Everybody is on his guard against undue expansion. Nobody wants a hectic boom. The year 1920 is not
forgotten, nor is it likely to be for years to come. It taught
the country a salutary lesson. Meanwhile, as ,trade and
speculation increases, money naturally grows steadier. That
Is in accordance with the natural order of things. Sugar
trade has been moderate at firm prices. Coffee has suffered
violent swings of the market pendulum and it winds up at a
sharp decline for the week. But coffee prices are higher
than yesterday, partly on a report that there will be renewed
restriction of the receipts of coffee at Santos. At Chicago
there is a larger business in steel, iron, lumber and coal.
There are noteworthy orders for steel for the first quarter of
1925 and prices have risen. Money in the West is firmer
as the trade demand for it increases. But it is also noticeable that interest on real estate mortgages in the West has
been reduced from 7 to 61
h%. In general collections are
good in that section. Here there is an active business in
carpet and rugs, with an upward tendency of prices. Silk
mills are in many cases busy. Taking the country as a
whole, the trade outlook is promising. As already intimated, the demand for stocks has been on a historic scale
and the sales at the New York Stock Exchange to-day exceeded 2,600,000 shares. There have been reactions in stocks
at times on profit taking, but in the main the drift of prices
has been upward, not excepting those for the low-priced
railroad stocks. Call money to-day was steady at 3%. London was strong, even if it makes no emphatic response to
the extraordinary stock market at New York. The Egyptian situation seems to be gradually working itself out along
pacific lines and England may be trusted to handle the matter as it should be handled, with a due mixture of prudence
and firmness.
A gratifying feature of the textile industry in New England is the gradual acceptance here and there at the mills of
a reduction in wages of 10%. This has been noticeable in
recent weeks in Massachusetts, Rhode Island, New Hampshire and Maine. The reduction in overhead, of course, gives
the New England mills all the better chance in competing
with Southern Mills. It is to be hoped that Fall River will
soon participate more freely in trade improvement. In any
case the trend is evident towards a gradual expansion of
business in the great cotton manufacturing industry of New
England. It is a serious drawback that taxation is so high
there as well as elsewhere in the country. Protest against
high taxation by the big Amoskeag mills at Manchester,
N. H., it is regrettable to notice, have been futile. But the
tide must turn sooner or later. Excessive taxation is one of
the prime evils of the times. The Federal Government is
making an effort to reduce it, but State and local taxes are
inexcusably high. They are an obstacle to the return of
business prosperity in this country. The National Industrial Board recently declared that it is assuming dangerous
proportions. The Federal Government, though it has a debt
of twenty billions larger than before the war, is steadily
reducing it. State and local Governments, on the other
hand, are steadily increasing indebtedness, almost from
month to month. There seems no stopping it; there seems
to be rather a kind of craze to add to it. It puts higher and
higher taxes on homes, mills, factories, stores and other
property. It naturally gives rise to discontent and complaints all over the country.
Fall River, Mass., wired: "About 60 to 70% of spindles
running here." It is understood in well-informed circles
that all the fine goods mills and the Iron Works mills are
running full time, while business is slowly but steadily improving with other mills. It is also reported that the demand for spot cotton in Fall River shows a suggestive increase as well as in other New England markets. New
England mills outside of Fall River are said to be busier
than most of the Fall River plants for the moment. At
Lawrence, Mass., the Pacific mills for the first time in more
than six months have placed their printing plant with the
entire battery of 50 printing machines on full time. The
company will run a number of looms at the Columbia, S. C.,
plant nights to take care of the extra demand made by this
addition to the printing schedule. The company is to introduce to the trade within a few days a new wide sheeting
and pillow tubing, of which new cloth a substantial propor-
2581
tion will be woven in the new mill at Lyman, S. C., built and
financed by the company at a cost of $5,000,000. The plant
was first started in July. Both mill and bleachery are now
ready for full production and will turn out 1,000,000 yards
weekly. The worsted department of the Pacific's business
has improved; it has been running close to 100% for over a
month. And at Lawrence a persistent rumor is current,
according to a wire from there, that a 15% reduction in
wages will be made. At Warren, Mass., business at the two
largest cotton mills in Warren is steadily increasing. At
East Warren the Parker Mills are operating 1,200 looms, and
the entire 1,400 looms will probably be running within two
weeks. The Parker mills are working 48 hours a week. The
Warren Manufacturing Co. Is running more spindles than at
any time in the past year and the business outlook is bright.
At Lonsdale, R. I., full time operations were resumed on
Dec. 1 at the No. 4 and Annex and Hope mills of the Lonedale Co. at a 10% reduction in wages. The Lonsdale mills
had been operating on special orders for several weeks on
about half time, with a reduced force of operatives. Not
only have these mills resumed on a full-time schedule of 48
hours per week, but it is the intention to operate every loom
as fast as operatives can be obtained. The number of operatives on a full card is between 1,300 and 1,400. Improving
business and brightening prospects caused the increase in
working time, but at present there will be no change in the
other mills of the corporation. At Manchester, N. H.,50% of
the normal force of 14,000 Amoskeag mill workers are now
working on full time. At Biddeford, Me., the Pepperell mills
resumed full time with 4,500 operatives.• In eastern Connecticut the Goodyear Mills, Inc., announced a cut of 10% in
wages to be effective at once. The plant is on full time.
Rutherfordton. N. C., wired Dec. 1: "The textile mill
situation with the 15 plants in this county is gradually improving. The Cleghorn and Grace mills at Rutherfordton
are running full time both day and night. The Cleghorn had
a slight wage reduction some months ago. The five mills at
Spindale are all running full time. The Stonecutter began
two weeks ago on full time. The Florence mill, Knitting mill
and Alexander Manufacturing Co., all of them near Forest
City, have been running full time for several weeks. The
Henrietta mills are now running full time. No. 1 at Henrietta has been on full time for several weeks, while No. 2 at
Caroleen started on full time last week-for the first time in
several months. There was a reduction in wages from 15 to
20% during the summer. The Haynes mill at Avondale is on
full time. The Cliffside mill is not on full time yet, but expects to be soon. It has been on half time for several
months. At Goldville, S. C., the Joanna cotton mills, which
recently completed extensive enlargements, will begin operations both day and night next Monday. At Kingsport, Tenn.,
work on the new plant of the Borden mill has been progressing rapidly.
October's production of paper in the United States, as reported by the American Paper and Pulp Association and
co-operating organizations, showed an increase of 10% over
September production. In September there was an increase
of 2% over August.
Sears, Roebuck & Co. November sales showed an increase
of $2,071,441 over the same month in 1923. The sales of
F. W. Woolworth Co. for November were $19,371,122, against
$17,284,948 last year, an increase of $2,086,174, or 12.07%.
Sales for the ten months were $180,474,315, against p60810,911 last year, an increase of $19,663,403, or 12.23%.
Total production of boots and shoes during October
amounted to 30,534,039 pairs, as compared with 27,713,872
pairs in September.
Chicago reports that cold weather caused a much larger
business. Wholesale houses have found it difficult to handle the increased business promptly with the usual force in
seetions selling cold weather apparel and holiday gifts of the
less expensive kinds.
Last Saturday and Sunday a severe snowstorm swept over
New England, cutting off telephone communication with
Maine and New Hampshire and causing automobile accidents where traffic was not entirely suspended by drifts.
At Buffalo, N. Y., on Sunday almost five inches of snow fell
during the day and all western New York was buried at
nightfall under a fresh blanket of white. The railways
centring at Buffalo reported little delay, however. The
first blizzard of the winter occurred in Nebraska, South
Dakota, western Kansas and Iowa Thursday night. Railroad and wire service was crippled. In Sioux City, IoWa,
ten inches of snow fell. Here the weather has been cool
2582
THE CHRONICLE
during the week and at times has threatened snow. But
this afternoon it began to rain and It is raining to-night. It
was 41 here at 3 p. m. It Is much colder in New England.
•Light to heavy rains occurred in the Ohio and lower Missouri and Mississippi Valley and snows In the upper Lake
region. Light to moderate rains or snows occurred over
most of the Pacific Slope. Chicago and Cincinnati yesterday had a minimum temperature of 36, Boston 20, Albany,
N. Y., 12, Buffalo 18, Milwaukee 34 and St. Paul 28.
Cotton Trading Starts on Chicago Board of Trade.
For the first time in history, trading in cotton in that
part of the country was begun on the floor of the Chicago
Board of Trade on Monday last, Dec. 1. Government officials, bankers and leaders of industry and commerce from
various parts of the country were present or represented
when the 9 o'clock gong started the new market On its way.
President Crosswell of the Houston Cotton Exchange,
through his broker, sold 100 bales of January cotten to
•President Frank L. Carey, of the Chicago Board of Trade,
who in turn sold to Wallace 0. Winter, buying for James
Simpson, President of Marshall Yield & Co., a total of 1,000
.bales. It was not a speculative transaction, as delivery on
the contract will be made to Mr. Simpson, and the cotton
will be wegAd in their company's textile mills. The first price
segistered was 23.40. The new market was brought under
way with perfect smoothness, the Quotations going out over
.a inetwork of wires for posting in other Exchanges and in
All Chicago con130MMISSi011 houses from coast to coast.
tracts provide delivery at the Houston-Galveston basin, the
greatest cotton exporting point in the world. The contract
unit is fixed at 100 bales, which approximates 50,000 pounds
of cotton. All cotton is classified by the Department of
Agriculture the same as is ,done at New York and New Orli-emus. With the opening transactions, sworn inspectors and
;weighers took their postsfat Houston and Galveston to begin
:the inspection, weighing and sampling of cotton offered for
,certification. Grades ,tenderable on Chicago contracts are
'the same as those at New York and New Orleans as proAdded under the United States Cotton Futures Act. More
than two thousand brokers, business men and representatives of various organizations were gathered about the trad,ing floor (luring the opening transactions. Among Government officials at he opening was Cheser Morrill, Adminis• trator of the Grain Futures Act. Dr. Henry C. Taylor, Chief
of the Burreau of Agricultural Economics, Department of
Agriculture, was also in attendance. Mayor Dever of Chicago, who arrived on the floor of the Exchange at the opening, said:
This is indeed a historic occasion. Chicago's continued rise as a centre
world.
of agriculture has been a source of high Interest throughout the
of
Adding cotton to the Exchange is something that has been under way
years and Is indeed an important forward step. I wish
formation for many
the market highest Success.
The Associated Press accounts from Chicago on the 1st
anat. stated:
surprisingly
Total sales for the day were estimated at 45,000 bales, with a
for 1.000 bales
large number of Southern hedging orders received. several,
and for a time the bulk of the busieach, coming in to commission houses,
ness was for outside account.
the day, the
The market closed 39®56 points under the high point of
Orleans, and on the
decline being in sympathy with New York and New
bearish crop estimates.
of grain
Inasmuch as the cotton market opens thirty minutes ahead
grain markets have ceasecd, the local
and closes forty-five minutes after the
fair extent.
element Is inclined to trade in cotton to a
[vol.. 119.
Into as a cotton future market and its progress will be watched sith interest
here. Its success, as I see it, depends upon its avluo to the cotton trade,
which remains to be demonstrated.
In addition to earlier references to the proposed establishment of cotton trading on the Chicago Board, an item
with regard thereto appeared in our issue of a week ago,
page 2463. The following special advices from Chicago,
Nov. 21, were reported by the New York "Commercial":
I was decided at a meeting to-day to have the Clearing House for cotton
50
trades on the Chicago Board of Trade start with a capital of $5,000, or
shares at $100 per share. This is to be increased later to 5,000 shares at
$100 a share.
There are to be ten creditors. Five are members who have been Instrumental in working out the details of the Clearing House plan, to which
of
four more are to be added and there Is to be one director of the Board
Trade on the list.
Federal Reserve Board's Summary of Business Conditions in the United States—Further Increase in
Production of Basic Commodities and Factory
Employment.
Production of basic commodities and factory employment
showed further increases in October, and distribution of merchandise was in large volume says the Federal Reserve Board
in its monthly statement on business conditions in the Federal
Reserve Districts. The Board's summary made public Nov.
27, continues:
The general level of wholesale prices advanced, reflecting largely a rise
the prices of agricultural products.
in
Produaion
1
The Federal Reserve Board's index of production In basic industries
was
adjusted to'allow for seasonal variations, increased 6% in October, and
16% above the low point of midsummer, though still considerably below
the level of the early months of this year. Output of iron and steel, cotton
and woolen textiles, lumber, and bituminous coal was substantially larger
than the month before. Factory employment increased 2% in October,
reflecting larger working forces in meat of the manufacturing Industries.
Building contraet awards increased and were 14% above a year ago.
Crop estimates by the Department of Agriculture in November showed
The
Increases in the expected yields of corn, cotton, tobacco and potatoes.
in October reached tho largest volume in five
movement of crops to market
the coryears and exports of grain and cotton were In greater volume than in
responding month of any recent year.
Trade
any previous
Railroad freight shipments were larger in October than in
y heavy loadings of miscellaneous merchandise
month, owing to exceptionall
than In October
and grain. Wholesale trade increased 3%. but was 2% less
1923. Sales of dry goods, shoes and hardware were considerably smaller
than a year ago, while sales of groceries and drugs were larger. Department
and
store sales showed a seasonal increase but were 4% less than last year,
sales of mail order houses and chain stores also increased and were in greater
volume than in 1923. In preparation for Christmas trade merchandise
stocks at department stores increased substantially and were 2% larger than
a year ago.
Prices
The wholesale price index of the Bureau of Labor Statistics rose 2% in
October as a result of considerable advances in the prices of farm products
and fobds. and slight increases in the prices of clothing and chemicals.
Fuel amd metal prices declined and prices of building materials and house
furnishings were practically unchanged. During the first half of November
quotations on all grains, cotton, silk, copper, and rubber advanced, while
prices of raw sugar and bituminous coal declined.
Bank Credit
Loans for commercial purposes at member banks In leading cities, which
had increased rapidly from the beginning of September to the middle of
October, advanced only slightly In the following four weeks. The growth
of loans secured by stocks and bonds was also relatively small, notwithstanding great activity in the securities market. Holdings ofinvestments by
those banks continued the Increase which began In the early months of the
year. A large part of the increase in demand deposits during the four
weeks ended November 12, when they were higher than at any previous
time, was ie bankers' balances indicating a continued movement of funds
to the large centers.
At the Reserve Banks an Increase in earning assets was the result of larger
offerings of acceptances, reflecting firmer money conditions. While discounts and holdings of United States securities remained practically unchanged during the four weeks ended November 19. the Increase In acceptances carried total earning assets to the highest point since the early part of
tho year. Money in circulation increased In October for the third successive month and the total on November I was $215,000,000 larger than In
August.
Money rates continued to show a firmer tendency and by November 23
were generally front is' to iS of 1% higher than In October. tdlsiil
Edward E. Bartlett Jr., President of the New York Cotton
of
Exchange, had no comment to make upon the opening
other
cotton futures trading by the Chicago Board of Trade
be watched with
, than to say that "the experiment would
of the
Interest by the trade." Leigh M. Pearsall, member
Federal Reserve Bank of New York on Department Store
of Managers of the New York Cotton Exchange, who
, Board
Sales Since 1900.
in
.has made a study of the relation of the market location
The Federal Reserve Bank of New York publishes the folstatement:
the cotton industry, Issued the following
lowing in its December Monthly Review.
the inauguration of cotton trading on the Chicago
. As was anticipated,
Through the courtesy of five largo department stores located in New
effect upon the volume of busiannual
Board of Trade to-day had no perceptible
It has taken the New York or nearby cities this bank has been able to secure a continuous
or prices on the New York Cotton Exchange.
ness
Tho figures supmachinery for the handling record of department store sales extending back to 1900.
• York Cotton Exchange 50 years to perfect its
of four stores from
of a new market, far plied include the sales of five stores from 1911 to 1924.
of cotton and it was not expected that the opening
These figures adjusted
upon the business In 1902 to 1910, and of three stores for 1900 and 1001.
removed from the South, would have any effect
for price changes and reduced to percentages of 1920 sales, have been
New York.
together with the sales of
market and cannot be ex- plotted in the diagram, (we omit this—Ed.)
Chicago, of course, is not a natural cotton
since 1919, and growth of
Orleans prices as a basis the 64 department stores reporting in this district
Dented to trade without using New York or New
years.
24
be no good reason why mills or population in New York City over the
ter transactions. There would seem to
In general, it is clear that the long term trend of department store growth
cotton In Chicago.
banks, other than those in Texas, perhaps should hedge
which
which has has conformed fairly closely to the rate of growth of the population,
Chicago contract Ls peculiarly a contract for Gulf cotton,
• The
to the cotton has ranged from 2 to 4% a year. While the period of generally increasing
always bold at a premium. I can see how it might be useful
relativeprosperity and rising wages extending from 1900 to 1907 witnessed a
trade in Texas, but not in other States.
the time ly rapid growth In department store business, this was followed by a long
The market is not established on an arbitrage basis and until
period during which sales fell below the population trend. Beginning again
. arrives when it is, we may expect variance in prices which appear out of I In
1919, and corresponding with a period of high real wkwo, department
line. There Is. of course, no way of telling what Chicago may develop
Die.
61924.1
THE CHRONICLE
store trade has experienced another very rapid expansion, approximating
It is noticeable, howe.er, that during the past
two years the curve of this increase has tended to flatten out somewhat.
8% a year in this district.
Continued Improvement in Commercial and Industrial
Activity in Philadelphia Federal Reserve District.
The Federal Reserve Bank of Philadelphia, in its summary, Nov. 29, of. business conditions In the district, reports that a decided improvement in business sentiment has
occurred during the past month, and that this has been accompanied by a further quickening of commercial and industrial activity in this district as well as in the United States
as a whole. The bank's review continues:
Manufacturing operations continued to expand in October and production of basic commodities in the United States was 7% higher than in the
previous month. In Pennsylvania, New Jersey and Delaware,most of the
Important manufacturing industries showed an expansion in oporations
which was evidenced by the employment of larger labor forces and by increases in workers' earnings. Preliminary reports received by this bank
Indicate that, although industrial operations in many lines continued to in.
crease in November,the rate of expansion has recently slackened somewhat,
The textile markets have been characterized by firm or rising prices for
both raw materials and finished goods and in most lines by increased demand
and more active trading. Raw cotton has been in greater demand, and consumption and prices have increased during the past month. Cotton mill
operations in this district increased noticeably from September to October
and more active trading in yarns and goods has been accompanied by generally higher prices. The woolen and worsted industry has also experienced
an improvement in most lines; quotations have risen and mill activity has
increased. Operations at woolen mills in the states of this district in
creased by from 10 to 15% in October as compared with September. Trading in raw silk and in silk goods and thrown silk has continued fairly active
and prices of raw and thrown silk have advanced somewhat. Hosiery, as
wall as carpet and rug manufacturers, also reported increasing demand acsompanied by rising prices and expanding operations.
Improvement in the iron and steel industry is evident from a marked increase in the production of pig iron ingots and in the volume of unfilled
orders of the United States Steel Corporation. Heavier production schedules
in this district are shown by a gain in employment and larger earnings at
steel works, blast furnaces and foundries. Better demand for iron and
steel products has been accompanied by recent increases in quotations, especially of pig iron.
In many other industries as well improved sentiment and greater activity
are reported. Among those in which improvement is noted are leather,
rubber tiros and goods, paper and paper boxes, furniture and cigars. The
sugar market continues dull and prices of both raw and refined have weakened recently. Demand for coal and coke is also reported as unsatisfactory.
Building activity in this district improved somewhat in October and was
also considerably greater than a year ago. Amsng the building materials.
paint and lumber are in better demand than they were last month or last
year. Bricks and plumbing supplies, on the other hand, are in only fair
demand and a few price concessions have been made.
Harvesting of crops in this district has been almost completed. Although the Department of Agriculture estimates smaller yields of some
crops than in 1923 most of the products grown in this district are higher in
price than they were a year ago,so that agricultural conditions are generally
satisfactory. Recent rains have favored winter wheat and cover crops and
the condition of these products is now nearly normal.
Active distribution of goods in this district is indicated by a further increase in car loadings in the Allegheny district in October, although the
number of cars loaded was less than in the same period of last year. Wholesale trade was also larger in most lines than in the previous month, but With
the exception of groceries and paper the volume was less than in October,
1923. Preliminary information indicates that a further improvement has
taken place in November. Retail trade has also been more active; the
recent cold weather has been a decided stimulant to fall buyilig.
New England Federal Reserve District Shares In
Country Wide Increased Business Activity—
Improvement in Cotton and Woolen Industry.
Discussing the New England business situation in the
December 1 issue of the Monthly Review of Industrial and
Financial Conditions Frederic H. Curtiss, Chairman and
Federal Reserve Agent of the Federal Reserve Bank of
Boston says:
New England has obtained its share, at least, of the country-wide increase
in business activity. During June the volume of business in New England
was at tho lowest point in nearly three years; July, August and September
were months of marked improvement;in October, due perhaps to the desire
to wait for the results of the elections, business seemed, as compared with
September, to be but marking time. Now, however, the leading industries
in this district have rapidly increased their production schedules to meet the
larger volume of orders.• rom almost all sections of New England reports
are being received of a larger number of workers on factory payrolls and of
more working hours per week. Some textile mills have announced wage
reductions, combined with increased working schedules. Certain public
employment offices report that fewer workers were called for by employers
In November than in October. but this is almost entirely a seasonal decline,
occurring practically every year.
The improvement in production in the cotton industry of New England
from the low point reached early last summer compares favorably with the
recovery of 1921. Orders for fine cotton goods have been gradually increasing for several months, and early in November there was a sharp rise
in sales of print cloth.
The woolen industry of New England, like the cotton industry, has
greatly increased its rate of operations since last June. In fact, during
October the New England mills consumed more raw wool than in the corresponding month last year. Wool prices are strong, and are higher than
at any time since 1920.
Production by New England shoe factories during October was very
nearly equal to that of a year ago. During each of the earlier months of
this year, production was far less than in the corresponding month in 1923.
Carloadings of merchandise by New England railroads during the past
three months have been in excess of those in the corresponding period last
year, reaching the highest point for 1924 in October. In fact, October is
usually the month of heaviest carloadings, and is followed by four months.
2583
of declining shipments. The volume of carloadings in New England for the
yev through November considerably exceeds that for the corresponding
period in 1923.
Approximately 50% of the contracts recently awarded for new construction in this district are for residential buildings, a higher proportion of the
total than the general average over a period of years. Contracts awarded
for residences have increased during the past three months, in accordance
with the usual seasonal trend, although in both New England and the
country as a whole they were slightly less in October than in the same month
a year ago. Contracts awarded for all kinds of construction in New England during October were in slightly larger volume than in October, 1923.
The cost of building has changed but little in recent months.
Recent reports of department store sales in this district have net been as
favorable as reports of inftnufacturing activity. Average daily sales of
New England department stores in October were less than in the same
month last year, and a special report from the Boston department stores
covering the first 15 working days in November showed a decline of about
seven per cent in sales, as compared with the corresponding period in 1923.
;
.
Department store orders for merchandise are considerably less than thin
were a year ago,and are now declining,in accordance with the usual seasonal
trend, from the peak reached in September. Stocks on hand in the department stores are also lees than they were a year ago.
In November there was a general tendency toward firmness in monis;
rates, largely due to a decline in both time and demand deposits, exceeding
the reduction in the volume of loans and inveatments. In fact,commercial
loans in the member banks in the larger New England centers were prises
teeny stabilized during the rust three weeks of November at the higher*
point reached in nearly four years. There was, however, a reduction la4
loans secured by stocks and bonds. Member banks' borrowings from the
Federal Reserve Bank of Boston are negligible, notwithstanding the fact
that during the first week of November the volume of credit extended by
the member banks of this district was the highest on record.
Federal Reserve Bank of St. Louis on Financial
Conditions.
Wm. MeC. Martin, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of St. Louis
has the following to say in the Monthly Review issued under
date of Nov. 29:
The principal development;in the banking and financial situation during
the past thirty days were a somewhat better demand for funds from general
sources, a sharp gain in deposits of commercial banks,further good liquidation in the rural sections and a slightly stronger trend in interest rates. The
improved inquiry for credits, however, has not been sufficient to absorb the
loanable resources of the commercial banks, and in a numbert of notable
instances they were seeking temporary investment for there surplus funds.
Weather and the condition of the roads have been ideal for the movement,
of crops frOm farms and marketing of all varieties of agricultural products
has been on an extensive scale. This has resulted in heavy payments by
the producers to their merchants and banks, which in turn is reflected in
extensive settlements with financial institutions in the large centers,and a
further reduction of discounts with the Federal Reserve bank. In the
cotton States there has been considerable liquidation, due to the early and
heavy movement of that staple. Requirements for financing the tobacco'
crops are reflected in increased borrowings in Louisville and elsewhere in the;
tobacco belt. Loans to the milling interest show little change from thirty
days ago, save that the recent acceleration in the movement of corn hais
resulted in some borrowing on that account. The inquiry for credits front"
live stock interests is slightly more active than a month ago, particularly In
the northern stretches of the district. Demand from manufacturing and
mercantile cutomers of the banks was moderately active only, though some'
improvement has taken place since the second week of November. Activity in the security markets is reflected In a perceptible increase in loans
secured by stocks and bonds at the member banks. Deposits of reporting
member banks continued to gain, a now high record being made on November 12. Since the first week of October a feature of the activities of the
Federal Reserve bank has been the large volume of bill of lading draft"
drawn chiefly to cover cotton shipments, discounted for member banks.
Car Loadings at 1,010,122 for Week Ending Nov. 22.
Set New Record For This Season of Year.
More cars are now being loaded with revenue freight than
at any time on record for this season of the year. The total
for the week ended on November 22, according to reports
filed on Dec. 1 by the carriers with the Car Service Division
of the American Railway Association, was 1,010,122 cars,
which was the 11th week this year that loadings have exceeded one million cars a week. Continuing this week's
announcement says:
The total for the week of November 22 was an increase of 19,823 cars
over the corresponding week last year and an increase of 63,480 cars Over
the corresponding week in 1922. It also was an increase of 336.657.ms
corresponding week in 1921 and 206,421 cars over the same week
ov192t0h.e
in er
Compared with the preceding week, this year, however, the total for the
week of November 22 was a decrease of 5,582 cars due to the usual seasonal
falling off in freight traffic.
Coal loading for the week of November 22 totaled 195.553 cars, the greatest number loaded during any one week since February 9, 1924. This was
an increase of 7,324 cars over the preceding week and an increase of 13.301
cars over the same week in 1923. but a decrease of 3,211 ears under the
same week in 1922.
Grain and grain products loading amounted to 59,697 cars, an increase of
4,384 cars over the week before and 7,615 cars above the same week last year.
It also was an increase of 4,791 cars above two years ago. In the western
districts alone grain and grain products loading totaled 39,224 cars, an increase of6,424 cars over the corresponding week last year.
Live stock loading for the week totaled 44,051 cars, a decease of 1.334
cars under the week before but 4,616 cars above the corresponding week
last year, and 3,655 cars above the corresponding week in 1922.
Loading of merchandise and less than carload freight totaled 252.716 cars,
1,052 cars below the week before but 2,020 cars above the same week last
year. Compared with the same week In 1922, it also was an increase of
25,191 cars.
Miscellaneous freight loading totaled 360,594 ears. 11,910 cars below the
week before but 5,524 cars above the corresponding week in 1923
and
29,597 cars above the corresponding week in 1922.
[Vora. 119.
THE CHRONICLE
2584
(Forest products loading totaled 72.018 cars, 2.388 cars above the week
before but 2.156 cars below last year. Compared with the corresponding
week two years ago,it was an increase of 6,327 cars.
Oie loading amounted to 15.316 cars, 5,520 cars below the week before
dub to the seasonal decline in Oro shipments. This also was 9,553 cars
under last year but 75 cars above two years ago.
Cake loading totaled 10.177 cars. 138 cars higher than the preceding week
but 1,544 cars below the corresponding period in 1923 and 2,945 cars under
the same period In 1922.
Compared by districts, increases in the total loading of all commodities
over the preceding week were reported in all districts except the Eastern,
Allegheny, Pocahontas and Northwestern Districts. All also showed increases over the corresponding week last year except the Eastern and
Allegheny which two were the only ones to show decreases under the cor7
..
Mponding
in 1922.
Loading operiodf revenue freight this year, compared with the two previous
years follows:
1922.
1923.
1924.
2,785.119
3,373,965
3,362,136
4 weeks of January
3,027,886
3,361,599
3,617,432
4 weeks of Fevruary
4,088.132
4,581.176
4,607.706
5 weeks of March
2,863,416
3.764,266
3,499,210
4 weeks of April
3,841,683
4,876,893
4.474.751
6,weeks of May
3,414,031
4,047,603
3.625.472
-1 weeks of June
3.252.107
3.940,735
3,526,500
4 weeks of July
4,335,327
5,209.219
4.843,404
&weeks of August
3,699.397
4,147.783
4,146.403
4 weeks of September
3,913.046
4,312,650
4.380,149
if weeks of October
979.851
1.035,849
1,073,430
Week of Nov. 1
944.186
1,036,221
994,504
8
Week of Nov.
957,564
992,050
1,015,704
Week of Nov. 15
946,642
990,299
1,010.122
Week of Nov. 22
44.176.023
• Taal
39,048,387
45.670.308
Volume of Employment in Federal Reserve District of
Chicago During October Unchanged from Previous
Month.
The monthly business conditions report of the Federal
reserve Bank of Chicago for Dec. 1 has the following to say
tegarding industrial employment conditions:
'The seasonal increase expected for the month of October in industrial
employment had not materialized by the middle of that month. The volume
of employment reported remained practically the same as a month earlier,
With even a slight tendency toward curtailment reflectd in a decrease of
net more than one-tenth of 1% for a total of over 360,000 men. Steadier
employment, however, resulted in a 3.6% increase in the aggregate earnings,
indicating an upward trend in industrial activity, although this had not
reached a stage where additional workers were required. State employment
offices report an improvement in employment conditions as evidenced by
the ratio of the number of applicants to positions available. During the
month of October this ratio declined from 143 to 139% in Illinois, and
from 128 to 117% in Indiana. Continued activity in construction work and
in building materials generally has contributed greatly toward preventing a
degree of unemployment which, with the inability of industries to absorb
AU extra supply of labor, might otherwise have become serious.
Two of the industrial groups listed in the accompanying table, showed
-definite declines in both men and payrolls. Inactivity in the manufacture
of clothing generally brought about a heavy reduction in the textile and
textile products group. The seasonal let-up in canning and preserving, as
well as in the manufacture of ice, caused a decline in food products as a
whole, although meat packing maintained its previous level of both employment and payrolls. In paper and printing there was a loss in employment,
but payrolls held steady. In all other groups the increases in payrolls were
/tanked, metals and metal products showing a gain of 7%, although for this
group also the volume of employment declined slightly.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES.
(Not corrected for seasonal variations. Monthly average: 1919 = 100.)
Metals t Prod'ts
Group
Index
365,659
366,138 -0.1 89,163,332 38,841,391 +3.6
137,935
43,297
0.1
138,064 41,800 +3.6
3,107,912 2,905,001 +7.0
1,334,170 1,226,537 +8.8
29,382
50,985
30,135 -2.5
.53,458 -4.6
688,338 -5.7
649.057
1,3:37,760 1,381,038 -3.1
11,978
33.175
9,569
17,718
3,019
28,601
11,920
33,012
9,022
16.889
2,894
28,944
+0.5
+0.5
+6.1
+4.9
+4.3
1.2
-
363,295
815,038
245,812
361,642
80.978
867,668
+3.7
+5.3
+7.7
+2.2
+4.3
+0.6
350,239
773,827
228,208
353,830
77,603
862,772
93
92
93
92
99
100
90
87
87
90
96
Products
Lumber and
Prodnets
99
100
100
119
120
so
80
76
75
76
78
85
78
81
85
89
76
76
77
79
85
78
81
85
90
79
81
86
87
se
117
113
114
115
114
Group
Index Fabrics
99
Motor Paper & Foods dk Leather Stone. Tobacco Chemiand
cals
and
Veal- Print- ProdClay &
ing
Prod's Glass Prod's Prod's
des
ucts
1923.
oo
97
97
104
105
106
114
90
114
109
90
90
78
79
81
76
78
80
81
September
October
1924.
June
July
August
September
October
103
101
101
103
104
99
99
98
101
102
73
74
78
81
82
115
11
110
108
109
83
82
82
86
81
70
67
68
71
71
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale Trade
1923.
Grocerlea
Meat
Dry
Goods
Shoes
Hardware
Drugs
Teat
90
99
73
76
112
112
76
81
106
117
115
129
91
97
83*
84*
84*
93*
100
64
67
68
71
77
70
70
102
116
104
52
44
56
69
67
96
93
93
106
110
105
111
109
118
130
76
78
83
92
95
September
October
1924.
June
July
August
September
October
Department
Store Stock*
(8)
(a)
(8)
(a)
(1)
113
148
September
October
Department
Store Sales
(a)
Retail Trade
1923.
124
130
139
146
130
131
92
134
97
104
120
91
93
119
141
120
122
119
131
124
127
122
126
137
148
133
130
124
128
182
89
69
74
106
1AI
104
93
99
112
in.
Mail Order
Sales
1924.
June
July
August
September
fIrtnhpr
•Revised. a Without seasonal correc ion. 0 Corrected for seasonal variation.
Automobile Prices and New Models.
dispatches from Flint, Mich., on Nov. 29 recorded
Press
that the Chevrolet Motor Co. had announced the recall or
all former employees, numbering about 5,000, and the immediate resumption of a full-time production schedule. The
factory, it. was reported, would operate day and night. In
addition to the main plant at Flint the order affects branches
in Tarrytown, N. Y., Buffalo, and seven other cities.
A reduction of from $10 to $165 on the various models
was made by Dodge Bros., who issued the following list of
prices on Dec. 1:
ModelTouring
Number of Wage Earners.
Roadster
sedan
,
Week End. Week End. Per Ct. Week End. Week End. Per Cl. "A" sedan
Oct. 15. Sept. 15. Chance. Oct. 15. Sept. 15. Change. "13"
All groups (10)
Metals & metal prod. 'nets(other than vehicles)
Vehicles
Textlles and textile
products
Food & related prod's
Stone, clay and glass
. products
Lumber & its proirts_
Chemical products
Leather products_ _
Rubber products__ _
Paper and Printing- -
Iron db
Steel
101
101
September
October
1924.
June
July
August
September
October
Total Earnings.
Group.
Textiles and Products
Total
1923.
--Standard-'
Old.
New.
$885
$895
865
855
1,245
1,395
1,250
1,095
-SpecialNew.
Old.
$995
$995
055
965
1,330
1.495
1,195
1,350
Balloon tire equipment is standard at the new prices.
On Dec. 1 the Ford Motor Co. announced price reductions
ranging from $5 to $25, effective Dec. 2, bringing the prices
down to the lowest level in the company's history. The
following list shows the new prices, compared with those
previously in effect:
NewPriee. ModelTouring car
Coupe
Runabout
Chassis
Truck
Tudor sedan
Fordor sedan
New Price. Old Price,
$295
5290
.525
520
265
260
230
225
370
365
590
580
685
660
ModelChassis
Touring
Business coupe
Coach
Four passenger coupe
Sedan
New Price, Old Price.
$720
$780
830
890
935
1,035
1,050
1,185
1,160
1,340
1.190
1.365
Business Indexes of the Federal Reserve Board.
The new reductions affect all persons who are enrolled in
the Federal
' The Division of Research and Statistics of (December) the Ford weekly purchase plan, as those who have not yet
the present month
Reserve Board has issued .
of its various taken delivery of their cars automatically benefit in the rethe following statement giving current figures
duced prices.
,
indexes:
business
The Durant Motors, Inc., reduced their prices from $60
PRODUCTION IN BASIC INDUSTRIES.
INDEX OF
Monthly average: 1919 = 100.)
to $180, effective Dec. 3, according to reports from Detroit
(Corrected for seasonal variations.
'
on that date. The new prices, compared with the old, are
Sugar Animals Slaughtered
Steel
LumWh'I. Melt
appended:
Total Pig In- Col- Wool Flour into Cattle Calres SheepFlogs ber
1923.
Iron gots
Ereptetober
October___
1924.
June
July
August ...September
October_ _ _
114
118
118
119
103
111
105
106
96
91
107
165
87
89
103
126
93
94
1)4
103
100
81
70
71
80
93
74
67
87
99
104
70
71
72
93
109
88
83
82
91
99
107
118
99
111
98
111
125
104
141
141
86
95
94
93
94
108
117
118
128
143
Sit 33
1923.
out
September
Oatoper_ _
1924.
June
July
August
September
October_ _
ton
121
118
112
112
83
86
84
100
107
78. 149
85 150
121
134
116
141
138
132
121
104
106
105
108
120
102
99
91
91
93
Sole
AnCe- Petro Cig- Cigar
thra- Cop- Zinc Leath V
Cr print Imeflt teem ars rites
per
cite
79 101 168 208 98 143
40 127 100
80 104 I 165 207 106 153
108 128 107
54 103 173 187 91 163
100 124 111
106 133 109 63 102 193 185 98 155
95 157
62 101 190 190
95 132 106
162
105 130 104 68 107 186 191 100 158
110 183 185 97
70
96 123 108
Manufactured
Tobacco
90
95
94
97
93
98
99
On the other hand, an advance of about $100 each has been
made on three models manufactured by the Cadillac Motor
Car Co. The increase applies to the four-passenger roadster,
four-passenger phaeton and seven-passenger touring, all
selling at $3,185 each, and took effect Dec. 2.
A new coach model has been announced by the Oakland
,
Motor Car Co. to sell for $1,215. It seats 5 passengers, is
equipped with balloon tires, four-wheel brakes, disc wheels;
and one-piece windshield, and is Duco-finished.
DEC. 6 1924.]
THE CHRONICLE
2586
on Dec. 1 was 89,100 tons a day, or 7,610 tons a day more
Lumber Orders Increase Substantially.
According to reports to the National Lumber Manufac- than that of the 182 furnaces in blast at the beginning of
turers Association received Dec. 4 from 358 of the larger November,a gain of 9.3%,continues the "Age," adding:
The gain in steel ou put has been greater than
and
softwood commercial sawmills of the country, as compared more marked in the past week. The Steel Corp. isthat in pig ironat is
now operating
74%
with the revised reports from 382 mills for the preceding of its ingot capacity, while the average for independent producers is close to
that figure. In the Pittsburgh and near-by districts steel works are at
week (a difference of 24 mills) production showed a continued nearly 75% of capacity, as against but little over
60% one month ago.
'decrease. Shipments show a decrease as compared with the
The protection given buyers just before the recent advances in finished
reports of the previous week, while orders (new business) steel prices was counted on to cover requirements In the early months of
1925,
a good
called for already, and it now
are holding up unusually well and are more than 20% looks butthough deal of the material is beingfavorably in
as
December would compare
production with
above last year for the same week.
some of the earlier months of the year.
Under these conditions the falling off in new buying in the past two
• For the first time since August, monthly totals for the
weeks, apart from railroad
orders, has not
eight associations show new business above production. In Meanwhile,there are signsand constructionconsumption In been surprising.
of an increasing
some secondary
the four weeks ending Nov. 29 new business (as designated lines which is counted on to sustain the new prices when the test comes.
In both track work and equipment, railroad buying is well sustained.
by cumulative unfilled orders) was nearly 20% above actual
about 57.000 tons of rails bought by the Southern Ry., 48,700
production. This is partly due to the seasonal drop in produc- Ofrolled at Ensley. 2.800 tons at Gary and 5,000 to 6.000 tons at tons will
be
Sparrows
tion, yet the five associations, which report normal produc- Point. The Pennsylvania RR. is negotiating this week on about 100.000
tion, show new business for the four weeks of November tons. Five mills share in heavy Missouri Pacific orders for tie plates,
spikes and bolts—about 30,000 tons In all.
as 1234% above normal production.
New car business includes 1,000 for the Wabash and the St. Louis SouthThe unfilled orders of 243 Southern Pine and West Coast western has revived an inquiry for 1,000. The Missouri Pacific has enmills were 625,260,626 feet, as against 591,616,157 feet for tered the market for 3,000 and the Northern Pacific has increased a pending inquiry by 1,000.
243 mills the week before. Separately, the Southern Pine
With bookings of some 44,000 tons for the week, the volume of fabrigroup, 125 mills, reported unfilled orders as 251,902,761 feet, cated steel business in the four weeks since the election appears to be two
and one-half times that for the four weeks preceding, and the latter was
compared with 243,567,665 feet for the same number of
close to the average for the year. Similarly new inquiries amounting to
mills the previous week; 118 West Coast mills had unfilled 28,000 tons, show one-half more tonnage offered in the four weeks since
orders amounting to 373,357,865 feet, as against 348,048,492 than in the four weeks before election.
Cleveland has had an active week in semi-finished steel, sales amountfeet for 118 mills a week earlier.
ing to 150.000 tons, chiefly sheet bars, pract.cally taking up the sheet bar
Altogether the 358 comparably reporting mills had ship- capacity there for the first quarter.
While there have been fair sales of sheets for the first quarter, a good
ments 110% and orders 134% of actual production. For the
many consumers have deferred buying. automobile makers being of the
Southern Pine mills these percentages were respectively number.
Some mills in need of tonnage for early rolling have made con115 and 128, and for the West Coast mills 101 and 128.
cessions on December shipments.
Lake shipbuilding is more active. Another large boat has been placed
Of the comparably reporting mills, 333 (having a normal
Is Inquiring
production for the week of 208,296,737 feet) reported produc- and the Oglebay-Norton Co.Superior ironfor one for the ore trade.season
Water shipments of Lake
ore are over. For the
tion 93% of normal, shipments 99% and orders 122% they were 42,623,572 tons, compared with 59,036,705 tons last year, a
falling off of about 28%.
thereof.
There is
iron
The following table compares the national lumber move- few weeks,not the heavy buying of pigtons,that has run through the past
but Chicago reports 40,000
while the total for the Clevement as reflected by the reporting mills of 7 regional associa- land and Pittsburgh districts was about 80.000 tons. Alabama iron has
advanced $I to $19. Although the general demand has been less active.
tions for the three weeks indicated:
recent price
Past Week.
358
199,371,916
218.665.057
267,964,994
Mills
Production
Shipments
Orders (new business)
Corresponding Preceaing Week
Week 1923.
1924 (Revised).
377
382
226,625,345
220,098.639
210,111,233
237,637,007
220.533,493
279,469.417
The following figures compare the lumber movement for
the first 48 weeks of 1924 with the same period of 1923:
1924
1923
",
Production.
11,227,186,187
11,872,011,379
Shipments.
11,141,451,292
11,758.585,105
Orders.
10,964.279,585
11,174,851,839
644,825,192
617,133,813
210.572,254
1924 decrease
The mills of the California White & Sugar Pine Association
make weekly reports, but for a considerable period they were
not comparable in respect to orders with those of other
mills. Consequently, the former are not represented in
any of the foregoing figures. Fifteen of these mills reported
a cut of 9,274,000 feet last week, shipments 13,588,000 feet,
and orders 13,134,000 feet. The reported out represents
38% of the total of the California Pine region.
advances are held. Several more blast furnaces are about to
go in.
Expanding foundry operations are indicated both by repeat orders for
pig iron and by an increase in foundry coke shipments.
The coke market has been quick to reflect the stronger pig iron situation.
A Valley furnace interest has closed for 36,000 tons for first quarter at
$3 75, as against 33 50 in the previous sale and $3 25 for the bulk of first
quarter contracts. Since Election Day more than 1,200 Connellsville
district ovens have been lighted.
The composite price figures are higher this week, pig Iron going from
$2054 to $20 71, and finished steel from 2.517c. to 2.531c. per lb. Pig
Iron is now higher than it has been for six months, after being at the lowest
four weeks ago in more than 30 months. Steel is at the highest point since
July, after being at the year's lowest a month ago.
The usual composite price table is as follows:
Dec. 2 1924, Finished Steel, 2.531c. Per Lb.
Based on prices of steel bars, beams, tank
Nov.25 1924. 2.517e.
plates, plain wire, open-hearth rails,
Nov. 3 1924, 2.460c.
black pipe & black sheets, constituting
Dec. 4 1923. 2.775c.
88% of the United States output
-year pre-war average, 1.689c
10
Dec. 2 1924, Pig Iron, $20.71 Per Gross Ton.
Based on average of basic and foundry
Nov. 25 1924. $20.54
Irons, the basic being Valley quotation,
Nov. 3 1924, 19.21
the foundry an average of Chicago,
Dec. 4 1923. 21.88
Philadelphia and Birmingham
-year pre-war average, 15.72
110
Finished steel, 1924 to date: High, 2.789c., Jan. 15;low. 2.460c.. Oct. 14;
1923, high, 2.824c., April 24; low, 2.446c.. Jan. 2. Pig iron, 1924 to date:
High, $22.88, Feb. 26; low, $19.21. Nov. 3: 1923, high, $30.86, Mar. 20:
low. $20.77. Nov. 20.
West Coast Lumbermen's Association Weekly Review
of Lumber Industry.
One hundred and eighteen mills reporting to the association for the week ending Nov. 22, manufactured 98,441,703
"Since buyers of iron and steel have covered themselves
feet of lumber, sold 121,618,767 feet, and shipped 96,237,462 against expectations of heavy requirements during the next
feet. New business was 24% above production. Shipments three months, both they and the producers are noting each
were 21% below new business.
sign of increased consumption with sharpened interest.
Forty-eight per cent of all new business taken during the week was for How the latter
develops will decide the question to what
delivery. This amounted to 58,506,013 feet, of which 38,future water
extent this order tonnage will become liquid and the mills
231.091 feet was for domestic cargo delivery; and 20,271.922 feet export.
be able to operate against it," such is the observation made
New business by rail amounted to 1,926 cars.
Forty-six per cent of the lumber shipments moved by water. This by the Cleveland
"Iron Trade Review" in its summary of
amounted to 44.374,708 feet, of which 34,971,971 feet moved coastwise and
intercoastal; and 9.402,737 feet export. Rail shipments totaled 1.551 cars. conditions in the market, issued Dec. 4. The "Review"
continues:
Local auto and team deliveries totaled 5,332,754 feet.
Unfilled domestic cargo orders totaled 151,366.050 feet. Unfilled export
orders 83,162,442 feet. Unfilled rail trade orders 3,784 cars.
In the 47 weeks of the year, production reported to West Coast Lumbermen's Association has been 4,397,327,949 feet; new business 4,405.949,358
feet; and shipments 4,495,296,955 feet.
Iron and Steel Operations Show Expansion.
Pig iron production gives the first definite measure of
last month's improvement in iron and steel. From 2,477,127
tons for the 31 days of October, it advanced to 2,509,673
tons for the 30 days of November, or from 79,907 tons a
day to 83,656 tons, a gain of 3,749 tons in the daily rate,
says the Dec. 4 "Iron Age." A more pronounced gain is
indicated by the fact that 27 furnaces blew in in the month,
while only 4 blew out, fully two-thirds of the 27 going in
after Nov. 15. Thus the capacity of the 205 furnaces-active
Consumption clearly has experienced some growth but the real expansion
is still to materialize. With prospective needs so generally anticipated,
new business at present has subsided and is relatively unimportant.
Operations have again moved up a notch. Chicago has reached 80%
and the Mahoning Valley 75% of capacity. Pittsburgh is doing 70 to
75%. The general average is around 70%.
Pig iron buying has settled to a moderate gait but the amount is surprising
considering the magnitude of the recent covering. At Chicago, melters,
who recently closed, are placing additional lots liberally. Prices are well
held. Southern iron has advanced to $19. In eastern
Pennsylvania
$22 50 base is established. Foreign iron remains a factor in the East
with
further heavy sales.
The more stationary price situation has put "Iron Trade
Review"
composite of 14 leading iron and steel products at $39.58 this week,
against
539.46 last week and $38.56 the recent low mark.
Price advances in the week include $2 per ton in cold-finished
$5 in chain. Higher prices in nuts, bolts and rivets may come steel and
soon.
November has continued the four months gain in pig iron
production.
Despite the one day shorter period, it netted a gross increase
of 51,520 tons
and on a daily basis, of 5.5%. Most of this gain was
registered by steel
works furnaces. Total output in November was
2,513.247 tons, comp
11.
THE CHRONICLE
will 2,461,727 tons in October. November production was at the rate of WOOL CONSUMPTION FOR OCTOBER, FOR SEPTEMBER AND FOR TEN
MONTHS SINCE JAN. 1.
30,500.000 tons annually compared with a rate of 29,000,000 tons in
(All quantities In pounds.)
October. The gain in active furnaces, 21. was outstanding, the total
-mark
number at the end of the month being 203. The list crossed the 200
Total for September. Total Jan. to Oct.. Incl.
Total for October.
Class and
for the first time since April. Railroad buying this week has had mainly
Grade.
1924,
1923.
to do with track material and fastenings to supplement large rail orders
1923.
1924.
1923.
1924.
recently placed. The Pennsylvania placed 2.225,000 tie plates or over
,
Total
17,927,379 .650,00 19.545,71 0.011,37 373.972,413 468,658.362
11,000 tons and 10,000 to 20.000 kegs of spikes. The Missouri Pacific
26.862.140 15,030.640 32,946.158 13.185.081 183.442,709 162.660,273
Domestic
has placed 30,000 tons of tie plates, spikes and bolts. The New York
21,065,239 619.369 16.599.561'6.826.29: 190,529,704 305.998.090
Foreign
Central is figuring on 5,000,000 tie plates or 25.000 tons and 30,000 to
Combing a_. 17,840,09022,862,856 23,273,21 20.683,78 200,877,592 257,928.238
50.000 kegs of spikes. The Nickel Plate may buy 500.000 tie plates soon.
The principal new rail business is 51.500 tons for the Southern.
Clothing a__ 7,668.986 8.170,768 7.027,35 7,057,607 72,370.622 85,097.545
-finished requIremen's for first quarter by mills that
Covering of semi
buy their steel has been extensive. A Cleveland seller has booked 150.000 Fine, total__ 12.543,591 8,380,386 9.245,02 7.838.583 87.101,695 92,345,882
Combing:
tons. Some Pittsburgh sales have run up to 50,000 tons monthly. Regular
11P111
Domestic. 8.576,814 2,560,922 5,371.82 2.596,943 43,957,443 28,982.184
customers have found no great difficulty in getting sheet bars at $37.
The automobile industry Is feeling Its way. While December may be a
Foreign__ 2,899,495 4.097.523 2,147,176 3.627,230 25.191,134 45,264.290
better things in January.
month of lower production, the outlook is for
Clothing:
An analysis shows that for the first time since July 1923 the number and
Domestic. 1,701.028 1.209,783 1,372.544 1,113,984 14,125.272 12,411,387
353.477 500.406 3,827.846 5,687,821
366,254
value of new autor o lies in the hands of Middle Western builders were
512,158
_
of the previous 54-Blood,total 5,192,267 4,369.568 5.762.873 3.881,79 46.338.609 53,666.691
Foreign_.
less than the preceding month or the corresponding month
Combing:
year.
.
Domestic 3,558.347 1,532.929 4.055.683 1.683.748 29,828.807 20,484.439
After the record-breaking total of the previous week, structural steel
488.037 1,728.181
awards are lower but still make an impressive total. This week they amount
485.07 1.349,027 6.805.614 19,840,801
Foreign__
-ton job are included.
to 50,627 tons. One 10.000. one 8,000 and one 6,000
Clothing:
developing.
667,187 8,313.753 10,839,298
Domestic. 1,035,375 914.658 1,118,19
At Chicago 100,000 tons of work Is reported to be
103,91
181,832 1,390.435 2,522,158
The Lake Superior iron ore season for 1924 now virtually ended has
Foreign
110,508
193,801
been disappointing. With water navigation closed and the December rail p4-Blood,total. 6.874,333 6,045,320 5.954.43 6,046,326 56,100,533 76,848,183
Combing:
shipments estimated, the total movement Is placed at 43.623,572 tons.
-This compares with 60,780.003 tons in 1923 and 43.990.096 tons in 1922.
.
Domestic 3,798.852 1,825.063 3.203.48 1,745,217 23,076,824 22,909,519
Ore men see good Prom ects for 1925 and are pinning their hopes on a
795.55 2.250.35, 11.677,087 28.570,412
Forelgn___
719,530 1,761,031
-ton movemen..
Clothing:
60,000,000
Domenic. 2,132.322 1,875,712 1.769.862 1.622,931 17,502.500 18.548.723
185,63 , 527.814 3.844.122 6.819.529
223.629 583.514
Foreign
--.
Wool Consumption in October 1924 Increased Still 3(-Blood.total. 7,266,079 10,121,479 7.158.0451 8,003,861 64,043,840100,599,222
Combing:
Further.
Domestic. 4,030,510 2,700,497 3.976.549 1,819,57 27,376,31 27,719,401
Foreign- __ 1,689,007 5.113,447 1.537.621 4,056,793 18,815,490 48,344.871
Clothing:
The Department of Commerce on Nov. 29 made public
. 980,591' 1.268,967 1,126.830 1.144,762 10,768,09 13,529,827
Domestic
the following statistics with regard to the consumption of
565.963 1,038.568 517.04
982.731 7,083.939 11,005.023
Foreign__
wool, by manufacturers in the United States during the Low 14-blood b. 2.059,645 752,128 1.431.25 716,00 12,488.700 6.261,371
Combing:
443,173 3,096,446 3,783,683
Domestic. 600.707 392.58? 4.489,001
month of October, based on reports received from 573 manu685.946
993,772
4,660,266
Foreign
facturers. This is eareluxive of 26 which failed to report the
Clothing:
191.74
272.83
2,265,418 2,477.688
Domestic. 304,610 859,561
sonsuniption of wool for the month. The total quantity of
164.56
1,566,570
180,556
Foreign...
122.2
1,574,598
674,834
during October 1924, as re- Common.totalc 92,395 276.76F 229.73
wool entering into manufacture
44,06
172,921
121.413
42.0.
632,516
338.402
Combing _ __
108.31
80,23
942.082
103,841
336.432
47,799
Clothing....
ported, was 47,927,379 pounds, as compared with 39.545,719
52,429
40.70
319,212
657,237
113,214
50.581
1924 and 44,650,009 pounds for October Braid, total c_ 41.398
27.158
pounds in September
318,304
69,742
222,089
15.122
Combing ___
13,54
11.033
44.47k
338,933
97,123
35,459
Clothing__ _
1923. The consumption shown for October 1924 included Lincoln. total
430.185 974.75. 478.501 1.080.122 4,943.001. 12,308.608
476.72 1,028,273 4,641.34( 11,486,167
909,031
425,301
Combing ___
pounds of wool reported as in the grease; 6.308,001
39,763,209
51.849
822,441
401.65e
65,7241 781
4,884
Clothing__
pounds of scoured wool and 1.856.169 pounds of pulled wool. Carpet.total d.12,418,30313.610,391 9.245.150 12.269.987 100,724,19t 125,634.579
Combing -__ 5,231,443 6,411,710 4.076.731 5,682,039 44,751,525 64,752.575
Reduced to a grease equivalent these quantities would
7,186.860 7,204,681 5.168.41 6.587.948 55.972,674 60,882,004
Filling
amount to 54,854,103 pounds. The grease equivalent for
September 1924 was 45.637,549 pounds and for October 1923
51,814.976 pounds. The monthly consumption of wool
(pounds) in grease equivalent for concerns reporting for
1924 was as follows: January, 53.845,024; February, 50,633,884; March, 47,630,291; April, 44,361,464; May, 36,507,484;
June 30, 972.041; July, 33,777,635; August, 40,063,717; September, 45,637,549. and for October 54,854,103 pounds. The
report also gives the following:
Consumption of Grades.
Classified according to grade, the total includes 13,548,591 pounds of fine
wool, which may be compared with 9,245,024 pounds consumed in September 1924, and 8.380,386 pounds consumed in October 1923; 6,192,267
pounds of % baood as against 5,702,873 pounds in September 1924 and
blood as against
4,369,568 pounds in October 11)23; 6,874,333 pounds of
6,954,434 pounds in the month preceding and 6,045,320 pounds in Ootober
blood, which may be compared with 7.158,045
4
1923; 7,266,079 pounds of 1
pounds in September 1924 and 1,0121.479 pounds In October 1923; 2,632,806
4
low 1 blood, common, braid SW Lincoln, as against 2,180,193
pounds of
12,pounds in September 1924 and 2,116,865 pounds in October 1923, and
418,303 pounce of carpet wool, as against 9,245,150 pounds in the precedpounds in October 1923.
ing month and 16,616,391
Total, reduced to
gresar emir.e54,854,103 51,814,976 45.637.54 46.615.997.438.282,191 545,876,781
31,831,596 19,265,821.27.323.200 17,159.9221,226,007.464 09,460,170
tie
Do
21022.507 2.549,347 18,314.341 29.456.0751212,274,728 136,416,591
orean
•Exclusive of carpet wools. b Figures for dates previous to Sept. 1923, Include
"common" and "braid." c Ail domestic. dAli foreign. sin computing the
grease equivalent. 1 pound of scoured wool is considered equivalent to 2 pounds In
the grease. and 1 pound of pulled to 1 1-3 pounds In the grease.
CONSUMPTION OF GREASE, SCOURED AND PULLED WOOL FOR
OCTOBER 1924 AND 1923.
(All quantities in pounds.)
Grease.
Class ce Grade.
1924.
1923.
Scoured,
1924.
1923.
Pulled.
1924.
1923.
Total, Sept___ 39.763,209 35,881,095 6,308,001 6.362,994 1,856,189 2,405,920
Domestic... 21,050.869 9.980,644 4,548,548 3.827,485 1,262,723 1,222,511
18,712.3401 25,900,451 1,759,453 2,535,509 593,446 1,183,409
Foreign
Combing-a._ 26,616,311 21,454,133 880,735 716,553 363.044
1,499,479 2.039,983 5,149,708 5,214,939 1,019.799
Clothing.b
692.164
915.846
Fine, total____ 11,823.091 7,235,746 1,287.743 860,272 432,757 284,368
Combing:
142.657
120,365
68.591
101.89
Domestic. 8.354,556 2.349,674
23,022
6.413
8,552
2,893,082 4,065,949
Foreign
Clothing:
118,727
340,416
362,571
512,642
730,485 883.971
Domestic _
1,962
7,976
Domestic and Foreign 1VooL
89.638 295,467 420.558
62,811
Foreign
223,094
761,152 718,396 221,066
month of Si-blood, total_ 4,210,049 3,428,078
Of the total quantity of wool used by manufacturers during the
Combing:
83,152
2,485
6,276
37.942
Domestic. 3,517.920 1,443,50'
October 1924, 26,862.140 pounds, or 56%, was domestic wool and 21,065,of foreign
7,920
6.548
481,489 1.720,261
Foreign___
239 pounds, or 44%. was foreign wool. The carpet wool was all
Clothing:
country, 88.5%
origin, while 75.9% of the fine wool was produced hi this
124,910
203,8511
538,937
644.721
188,798
250.81.
.
Domestic
44% of
15,032
14,725
165,263
71,941
13.50t,
of the % blood, 86.3% of the % blood, 69% of the % blood and
Foreign
23,842
479,371
426,981
4.507,372 3,729,788 1,939,980 1,836,161
4S-blood. total_
the low % blood.
Combing:
Geographic Distribution of Consumption.
97,572
118,678
125,848
Domestic _ 3,530,959 1,601,845 149,215
wool in October 1924 (amounting to 47,927,.
36,610
15,961
26,044
693,486 1,708,4
Foreign
Of the total consumption of
Clothing:
21.972,497 pounds, or 45.8%. were reported from the New Eng379 pounds)
306,862
355,991 1.544.171 1.212.859 305.224
282,927
Domestic.
Atlantic States, 1.2% from the Pacific
land States, 46.8% from the Middle
38.327
3,079
63,692 220,550 481.495
Foreignsections of the country.
it-blood,total. 5,686,311 7,580,987 1,370,713 2,021,830 209,055 518,662
Coast States, and 6.2% from the other
Combing:
Imports of Tops and Neils.
105.139
20,865
208,754
263,001
Domestic. 3,748,844 2,386,
154,640
31,805
nulls constitutes one element which
196,121
. 1,538,232 4,762,686
118,970
Foreign. _
The consumption of foreign tops and
Clothing:
to include in the consumption reports, since the
It bas not been possible
130,498 756,415
533,877 892.154
316,224
220,39
Domestic.
between foreign and domestic
25.887 102,468
211.2
454.865 724.801
85,211
manufacturers would be unable to distinguish
Foreign___
88,677
not necessarily month by month, Low X -blood_. 1.483,624
66,184
347,761
509.837 315,700
tops and mils. In the long run, though
The imports of wool and hair,
Combing:
this element must be equal to the imports.
45,259
42,036
40,645
21,92
306,65
536.748
Domestic.
current month were 69,037 pounds and for
660
73,51
919,602
advanced, including tops, for the
Foreign___
were 239,808; noils for the current month were
Clothing:
1924, including October,
43,418
13,650
275,055
41,092 275,531
9,248,378. The exports of tops
15,430
Domestic.
1,515,748 and for 1924, including October,
0,838
11,844
138,87
.
650
400
64,775
and noils were negligible.
57,34
211,593
34,399
Foreign_.
Common, tot_
Detailed Statement.
1,316
11,447
33.149
171,606
Combing__
650
400
63,45!
39.987
45,8
1,2 I
consumed, classified
Clothing_ _ __
wool
The following tables show the quantities of
31.022
34,95!
82.192
15,822
separate figures for foreign Braid, total.c.
2,086
68,856
15,122
according to grades, class and condition, with
Combing___.
for October 1923,
28,936
15.536
34.95 1
500
Clothing._
and domestic wool. Comparative figures are also given
26,150
83.336
13,438
48,71
877,981
January to October, Lincoln. total_
355.322
September 1924 and 1923, and totals for the months,
34,485
26,150
4,118
43.82
870,433
355,322
Combing___
48,851
4,84
Inclusive:
9,326
7,548
Clothing....
431,502 473.326 797.910
297,55
SECTIONS. OCTOBER 1924. Carpet, total_ 11.647.419 12.386,97!
CONSUMPTION OF WOOL BY GEOGRAPHIC
76,987
57,984 325,174
50.19
Combing____ 5323,280 6,009,549
354,51
415,362 472,736
8,524,139 8,377.430 247,35!
Filling
Grease
Pulled, Seuivalent.
Scoured.
Grease.
Total.
Section.
Total for Aug 32,336,934 32,011,130 5.533,35 5.906,803 1,875.433 2,093,445
6,308,001 1,858,169 54,854,108
47,927.379 39,763,209
Total
Total, Jan. to
25.617.748
858.404
21,972.497 17,754.977 3,359.116
New England
Sept., Incl._ 296.369.803 375,099.505 57.603.26 69,048,171 19,939,448 24,510.687
790.500 24.222.461
22.430.961 20,112,461 1,528,000
Middle Atlantic
834.338
13,350
a Exclusive of carpet wools. 8 1923 figures include "OoMmon" and "Braid"
295.808
224,922
534.080
Pacific Coast
4.179_556
ISM 411h
t 5.75 550 1 I 9R 079
'00 Std 1
(191,99 an..9 Gm a
All domestic. d All foreign.
THE CHRONICLE
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9,428,166 12,050.683 20,841,534 17,434,492
864.555 2,405.365 3.678,334 1,784,899
954,193 1,816,170 3,449,493 1.887.145
985,b29 2,033,720 8,125,512 2,053.264
1,246,676 2,637,844 3,149.158 2,477,127
1,415.481 2.849.703 2,894,295
1,649,086 3,086,898 2,920,982
Year •
36,414,114 16,543,686 26,880.383 40,059,308
*These totals do not include charcoal pig iron, The 1923 production of this iron
was 251.177 tons
Increasing Activity of Machinery in Wool Manufactures
During the Month of October 1924.
The Department of Commerce on Nov. 29 issued its report
on active and Idle wool machinery for October 1924, based on
reports received from 906 manufacturers, operating 1,078
mills. TMs is ecelusive of 13 which failed to report for the
month.
Of the total number of looms wider than 50-inch reed
space, 53,803, or 72.4%, were in operation for some part of
the month of October 1924, and 10,730 were idle throughout
the month. The active machine-hours reported for wide
looms for the month of October formed 73.9% of the singleshift capacity; as compared with 65.9% for the month of
September 1924 and 76.7% for October 1923. Of the total
number of looms of 50-inch reed space or less covered by the
reports for October 1924, 13,308, or 75.8%, were in operation
at some time during the month and 4,238 were idle throughout the month. The active machine-hours for these looms
represented 65.1% of the single-shift capacity, as against
59.1% in the preceding month and 73.9% in October 1923.
The number of carpet and rug looms reported for October
1924 was 9,560, of which 7,331, or 76.7%, were in operation
for some part of the month, and 2,229 were idle throughout
the month. The active machine houra reported for these
looms represented 71.6% of the single-shift capacity of the
looms, as compared with 65.2% in September 1924 and 84.2%
in October 1923. The following further details are also furnished:
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Year
TOTAL PIG IRON PRODUCTION BY MONTHS-GHOSS TONS.
1924.
1923..
1920.1922
3,015.181 2,416,292 1,644,251 3,229,604 3,018,890
January
2.978.879 1,937,257 1,629,991 2,994,187 3,074,757
February
3,375,907 1,595.522 2,035.920 3,523,868 3,466.086
March
2,739.797 1,193,041 2.072,114 3,549.736 3,233.428
AprIl
2,985,682 1,221.221 2.306,679 3,867.694 2,615,110
May
3.043,540 1,064,833 2,361,028 3,676,445 2,026,221
June
halt year
July
August
September
October
November
December
E
p,
'009V I 'MI
The production of coke pig iron for the 30 days in November amounted
to 2,509,673 gross tons, or 83,656 tons per day, as compared with 2.477,127
intons, or 79.907 tons per day, for the 31 days in October. This is an
crease of 32.546 tons, or 3,749 tons per day. The increase in November
is the smallest in the last three months.
There were 27 furnaces blown in and only 4 blown out or banked, the
net gain being 23 as compared with 9 in October and 23 in September.
The capacity of the 205 furnaces active on Dec. 1 is estimated at 89.100
tons per day, contrasting with 81,490 tons per day for the 182 furnaces in
blast on Nov. 1. Of the 27 furnaces blown in last month, 9 were Steel
Corp.furnaces, 10 were independent steel units and 8 were merchant stacks.
Two merchant furnaces were shut down and one each by the independent
steel and Steel Corp. companies.
Ferromanganese made in November was 13,448 tons, with the spiegeleisen
total at 8,835 tons, both only moderate in quantity.
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
Total.
Merchant.
Steel Works.
96,476
24.124
72,352
-November
1923
94.225
24,304
69,921
December
97.384
24.016
73,368
-January
1924
106.026
22.900
83,126
February
111.809
25.533
86,270
March
107.781
25.680
82,101
April
84.358
22,182
62,176
May
67,541
17,304
50,237
June
57.577
14.224
43.353
July
60.875
15,284
45,591
August
68,442
18.130
50,312
September
79.907
19.955
59.952
October
83,656
20,426
63,230
November
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES
--Splegeleisen and Femmtangansse-Total Production- Perrom. Sptegel. Ferrom. Spiegel
1924.
1924.
1923.
1923.
1924.
1923.
7.944
2,479,727 2,274,005 19,358 12,056 20.735
January
9,870
3.657 22.405
2.410.655 21.282
February
2,259,154
2.724,305 2,674,565 20,730 13.832 22,351 13,796
March
4.240
7.440 23,580
2.704,360 2.463.027 20,808
April
9,336
9,533 14,993
2,976.892 1,927,461 19.568
May
9.405
2.727,208 1.507,110 19,717 18,289 20.049
June
------15.871,646 13.256.826 121,584 64.807 124,113 54,595
Halt year
2,752,738 1,343.952 26,493 12.876 14.367 15.328
July
8,010
5,586 10.718
1,413,314 22,045
2,680,851
August
5,033
4.478 13,263
2.363.967 1,509,360 23,206
September
7,780 10,047
1,858,502 20,015 15,931
2,394,922
October
14.839 16,783
2,170.5(17
November
18.069 10,124
2.167,563
December
were idle throughout the month. The active woolen-spindle hours reported
for this month represented 90.8% of the single-shift capacity, as compared
with 86.4% in September 1924 and with 88% in October 1928.
The number of worsted spindles in operation during October 1924 was
1,957,904, or 75.4% of the total, and the number idle was 637,782. The
active worsted-spindle hours were equal to 78.7% of the single-shift camity. In September 1924 the active worsted-spindle hours represented 67%
of the capacity and in October 1923 87%.
Cards and Combs.
Of the total number of sets of cards reported for October 1924, 5,782, or
83.4%, were in operation at some time during the month, while 1,147 were
idle throughout the month. The active machine-hours for cards were equal
to 91.8% of the single-shift capacity in October 1924; 87.1% in September
1924 and 92.7% in October 1923.
Of the combs reported for October 1924, 2,135, or 79.8%, were in operation for some part of the month, and 540 were idle during the month. The
active machine-hours for this month were equal to 98.1% of the single-shift
capacity, as compared with 86.3% in September 1924 and 86.2% in October
1923,
Detailed Report.
The accompanying table gives the total number of machines in operation
some time during the month of October, the number of idle for the whole
month, the number reported on single shift and on double shift, the active
and idle machine or spindle-hours, the percentages active and idle, and comparative figures for September 1924 and October 1923.
0
to
0
-v
;ll .....g..g
00
.a
aorao,..am.
co•Focco° g• OcaCr)
o m oa
2 004
C9 Yo0
r
acr'°
•
i4
.
<S tcl
1PI
.2
November Pig Iron Output Increases.
According to returns collected very largely by wire, the
pig iron output in November made a small but substantial
gain over October of 3,749 tons in the daily rate. This is
an increase of about 4.5% as compared with about 17% in
October over September. The feature of the November
record was the sharp increase in active furnaces, declares the
"Iron Age" of Dec. 4, adding:
2587
.
0010V i
.
DEC. 6 1924j
0
18pgg8- 1213
00 a
WOO
No Marked Improvement Shown in Current Week's
Ccnd Trade.
That the market for both bituminous coal and anthracite
is still waiting for the improvement which will undoubtedly
come with colder weather is the opinion of the "Coal Trade
Journal" of Dec.3from which we quote the following:
November has passed on with no marked improvement in the country's
bituminous markets. In New York, the anticipated improvement had not
er
materialized, although inquiries were numerous and there was a great
amount of spot purchasing. Chicago had about the same story to ten,
with very little stirring excepting in screenings. All-rail coal at Boston was
slightly more active. Pittsburgh gained considerably with industrial
storage increasing and prices firm, and wintry weather brought a little impetus to the market in Buffalo. Domestic sizes were more active in Detroit
owing to colder weather, but steam sizes moved slowly. At Superior
Duluth bituminous demand improved at Northwest docks and industrial
Spinning Spindles.
inquiry was more active. Heavy stocks of coal are being carried at the
reported in October 1924, 1,897,- docks, but dealers expect to move them. Upper Potomac reported ImOf the total number of woolen spindles
1;84 or 88.8%, were in operation for some part of the month and 879,460 provement In all lines excepting the coal industry. The steam trade at
2588
THE CHRONICLE
Columbus remained dull and featureless. Slight increase in demand was
noted at St. Louis,for middle grades, but there was not enough cold weather
for standard. Southern Illinois market was slow with "no bills" at all
mines and prices unchanged excepting in screenings which were up. Baltimore reported no change of note, nor did Cincinnati.
So the markets generally still patiently await improvement which it is
felt is bound to come, but which has shown very little signs of waking at this
writing.
For the week ended Nov. 23, the movement of bituminous coal from the
lower Lake Erie ports declined somewhat, but for this season of the year the
rate of dumpings remained at a fairly high level. The "Ore & Coal Exchange" reports 753,731 net tons were dumped as against 807.387 tons for
the preceding week and 815,790 tons for the corresponding week of last
year. Of the total dumpings, 725.776 tons were cargo coal and 29,955 tons
were vessel fuel. Cumulative dumpingsef cargo coal for the present season
to November 23 stood at 22.001,161 tons. Compared with the total for
the corresponding period of 1923 this was a decrease of nearly 7,000.000
tons. The record of 1924 compares favorably with that for the years
1919-21.
Hampton Roads dumpings in the week that ended Nov. 22 amounted to
351,602 net tons. New England consignments dropped to 186,427 tons, a
decrease of 34.377 tons. This loss was offset by increases to "other coastwise" and foreign tonnage.
The anthracite market is reported as being active in about half of the
main consuming districts and still slow in the other half. Montreal finds
trade has brightened up considerably, but not enough to satisfy dealers.
Toronto reports that business is still dull. The absence of cold weather
has retarded the big demand in New England and this also applies to Philadelphia. The Northwest complains of the same unseasonable weather and
gives as another reason the growing demand for Pocahontas and equivalent
fuels as substitutes for anthracite. This latter cause is giving hard coal
dealers a considreable amount of worry. To offset these districts of poor
demand, the territory from Buffalo west to Detroit has had enough cold
weather to make the householder look to his fuel supply, with the result
that dealers and wholesalers are profiting. Of course, stove and chestnut
are the favorites with egg and pea rather unpopular. Steam sizes are
dragging but should pick up regularly from now on.
Taken all in all, the hard coal trade should come into its own from now on.
Lake shipments of anthracite for the same week declined to 67,819 net
tons. Cumulative shipments to that date stood at 2,974,795 tons, a decrease when compared with the record for 1923 of 411,849 tons, or nearly
12%.
Colder weather gave an impetus to the coal trade in certain sections of the country, but a return to milder temperature retarded the demand, declares the weekly review of the
"Coal Age," from which we take the extracts appended:
DAILY AVERAGE PRODUCTION (IN BARRELS).
Nov. 29 '24. Noe. 22 '24. Nov. 15 '24. Dec. 1 '23.
Oklahoma
531.950
529.250
514,300
389,200
Kansas
87,250
87,750
88.000
70.950
North Texas
89,150
89,700
82,550
67,100
Central Texas
175,450
163,100
163,650
276,450
North Louisiana
55,600
58,700
80,150
58,150
Arkansas
114,450
117,500
117,300
124,000
Gulf Coast and S. W.Texas
131.100
131,950
135,150
94,700
Eastern
108.000
106,500
106,000
109,500
Wyoming,Mont.and Colo.
87,350
91,150
84,450
148,600
California
595,500
588.000
589,500
746,350
Total
1,975,800
1.983,600
1,941,050
2,083,000
Total Values of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington on Dec. 2 issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
October and the ten months ending with October for the
years 1923 and 1924. The following is the table complete:
Month of October.
1923.
Imports From
Grand Divisions:
Europe
North America
South America
Asia
Oceania
Africa
Total
Principal Countries:
Belgium
Denmark
Prance
Germany
Greece
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
Straits Settlements
China
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Ettnn,
Spottiness continues to characterize the coal business of the country. A
taste of winter weather in the Middle West has given stimulus to domestic
demand,but the supply is more than sufficient to meet all requirements. In
Kentucky and Ohio, however, a return of mild temperature has brought
about a weakening tendency, which has been intensified by the virtual
close of lake shipping. There Is a slight improvement in West Virginia for
both steam and domestic grades. The Pittsburgh market has sagged again
after several weeks of gradual upturn. The Atlantic seaboard as well as the
Southwestern markets are holding to a fairly even keel, marked neither by
high lights nor dark shadows. New England is in the throes of a dull period
from which there is no immediate prospect of relief.
In most sections steam coal is moving largely on contract, and consumers
are taking comparatively small quantities. Those not parties to agreements
are jogging along on the old hand-to-mouth scheme, reassured by the
weather, the volume of output and continued good performance by the
railroads. Despite the heavy grain movement there has been practically no
car shortage, but some easy-going consumers may have overlooked the
developments that probably would follow in the wake of an unexpected
snowstorm or a real cold wave.
Erporte to
A somewhat complacent attitude marks the anthracite trade, consumers
being disposed to take things easy. Shipments have been irregular because Grand Divisions:
Europe
of intermittent outlaw strikes at the mines, but independent quotations
North America
South America
have not been much affected. In general the call for stove has been in excess
Asia
of the supply, though Philadelphia shows a preference for nut. Egg moves
Oceania
only moderately well, but pea is sluggish. Steam coal shows medium acAfrica
tivity, buckwheat being somewhat improved and rice and barley a little
Total
easier.
"Coal Age" index of spot prices of bituminous coal advanced one point Principal
Countries:
last week, standing on Dec. 1 at 171, the corresponding price for which is
Belgium
Denmark
$2 07.
Prance
A pronounced slump marked activity at Hampton Roads last week,
Germany
dumpings of coal.for all accounts for the seven-day period ended Nov. 27
Greece
compared with 369.793 tons handled during the
Italy
totaling 299,555 not tons,
Netherlands
previous week.
Norway
The lake navigation season practically came to an end last week, when
Russia in Europe
dumpings at Lake Erie ports up to and including Nov. 30, according to the
Spain
"Ore & Coal Exchange," were as follows: For cargo, 562,467 net tons:
Sweden
Switzerland
for fuel, 20,802 tons, compared with 704,930 and 28,698 tons respectively
United Kingdom
during the preceding week.
Canada
Central America
Mexico
Cuba
Dominican Republic
Increase Shown in Crude Qil Production.
Small
Argentine
Brazil
An increase of 12,200 barrels per day was reported Dec. 3 Chile
Colombia
by the American Petroleum Institute, which stated that the
Ecuador
Peru
daily average gross crude oil production in the United States
Uruguay
for the week ended Nov. 29 was 1,975,800 barrels, as comVenezuela
British Indies
pared with 1,963,600 barrels for the preceding week. This, Straits Settlements
China
however, was a decrease of 107,200 barrels per day when
Dutch East Indies
Japan
compared with the output during the corresponding week of
Philippine Islands
1923. The daily average production east of California was
Australia
New Zealand
1,380,300 barrels, as compared with 1,375,600 barrels the
British South Africa
previous week, an increase of 4,700 barrels. California production was 595,500 barrels, as compared with 588,000
barrels; Santa Fe Springs is reported at 52,000 barrels, no
change; Long Beach, 128,500 barrels, against 129,000
barrels; Huntington Beach, 41,000 barrels, no change;
Torrance, 45,800 barrels, no change; and Dominguez, 37,000
barrels, against 32,000 barrels. The following are estimates
of daily average gross production for the weeks indicated:
[you 119.
Egypt
5
10 Months Ended October.
1924.
$
1923.
1924.
s
$
- 105,873,333 108,358,580 970,507,851 887,883,036
88 905.522 75,108,911 860.244,368 854.730.173
36,980,475 42,102,946 395,347,795 379,986,418
73,821,588 79.985,160 856,816,518 758,281.231
2,068.697 2,914,186
55,107,728
43,030.854
2,843,194 4,127,741
74,403,593 57.028.089
- 308,290,809 310,797.524 3,212,427,851 2,980.739,781
5,909.127 5,332.422
299.221
308,536
15,917.256 14.118,843
15,727,182 13,753,395
944,138 1.857,113
9.248,140 9,028,491
7,993.563 6.093.382
2.018.217 2,788.124
13.923
635,297
3,118,353 3,008,580
2.716,085 4,147,845
4,419,473 3,877.046
32,822.917 36.524.770
37,849,596 33.774,383
1.954,901 1.993.222
12,709.833 13,159,052
31,324,779 23,621,386
.
636,353
248,214
5.288,930 4,744,965
14,031,672 21,331,515
7.711.891 6,012.365
3,955,788 5.314.458
498,907
280.598
2,699,297 1,073,921
524,295
278,664
1.495,212 2.251,233
7.224,888 8.453,748
10,858,942 12,969,561
18,795,144 10.849,176
4.434,463 5,383,505
24,430.332 29,507,549
• 4,426.478 5.853,159
• 1,371.135 1,527,555
•
597,715 1,167,820
•
411,904
520,013
557,081
717,220
57,123,774
5,114.127
123,872,312
134,189.830
13,030.623
72.785,597
66.487,745
18,896,270
1,042,730
24,993.751
29,693,440
30,780,242
347,443,182
341,618,362
32.646.956
113,085.772
348.249.363
4,427,941
107,350,323
110.460,805
81.807,205
38,479.909
5,298.937
16,107,255
21,288,227
10.880,949
109.845,275
129,441.380
157,551,747
46,037,087
285,312.887
69.100,119
38,497,624
14,352,889
12,569,504
32,248,958
55.605.905
5,390,065
119,477,145
114,087,682
24,110.378
57,935,023
60,344,035
17,575,438
5.883.863
23,416.763
32,595,985
28.588,787
291,448.329
327,565.223
32.725.113
138,900,289
332,341,002
4,919,278
64,480,370
137,203,538
82,151,584
50,681,337
5,078,781
18,539,152
5,928,590
14,009,429
84,780,844
122,115,568
94,988,858
45,321,971
272.058,165
85.815,929
28,519,084
12,597.800
6,088,990
21,929,771
214,047,101 290,597.985 1,628,587,095 1,865,544,134
• 89,910,156 133,387,118 921,442,701 919,793,166
• 21,875,363 32.820.442 226,676.285 258,449,278
• 56.013,308 50,846,321 390,928,070 417,715,375
12,849,787 13,548,723 120,897,004 131,876,122
4,703,259 6,231,914
51.012,554
58,480,403
399,199,014 527,232,5033,339,343,689 3,651.858,478
9,951,865 15,172,449
3,038,059 3,654,465
30,509,855 26.787,427
32,802,103 49,650,977
1,004,546 1,788,986
19,178,166 21,955,473
10,585,302 23,384,367
2,134,652 2,744.521
343,433 3,944,107
6.897.054 6,351.380
3,893,925 4,662,649
828,015
870.628
89,221.496 125,417.648
51,718,722 88.284.883
4,553,909 6.855,048
10.570,003 12.463.477
16,769,623 20,758,412
1,104,937 1,691.330
8,593,149 12.784,340
4,226.457 6,602,905
2,803,079 3,364,235
1,757.344 2,707,973
187,797
492,249
1,841,427 2,303,536
1,172,141 1,936,402
1,095,618 1,900,803
2,558,348 3,373,238
868,161
822,951
13,553,654 8,711,757
1,156,241 1,182,013
27,276,701 28,926,652
6,311,319 5,242,618
10,645,458 10,760,059
88,428 2,544,930
2,633,585 3,327,848
enn
OA,
A.IA
Ran
80,579,707
32,368,505
210,792,114
256,337,724
10.310,271
129,461,367
88,507,405
24.286,696
3,394.352
49,833,282
34.113,262
4,550.333
857,815.867
580,837,588
48,341,742
99,980,810
160,831,467
10,996.187
97,258,546
37,380,853
26,489,609
18,585.237
3,858,388
15,995,219
12,670,104
9,214,111
24,551,583
0,248,348
87,399.890
8,982,123
191,440.755
40,329,062
97,974,445
21,166,643
24,251,592
01,022.484
33,217,002
217,033,979
331,400,448
9,835,748
140,262,921
117,078,041
17,290,845
39,806,755
54,714,006
34,518,018
7,613,931
740,301.104
531,928,102
54,197,357
110,757,251
168,828.680
12,668,334
98,282,204
52,420,652
25,877,800
22,312,827
4.806,147
20.059,115
15,958,115
14.577.951
28,970,992
6.121,161
95,839,282
12,570,505
192,305,657
48,855,946
105,378,006
24,811,797
29,937,618
A 5911 790
4 R2R 3222
Substantial Gains Reported this Week in Production
of Bituminous Coal, Anthracite and Coke.
Production of the three most important fuels during the
week ended Nov. 22 showed a gain in each instance. The
output of bituminous coal gained 459,000 tons over the
preceding week (Which included a holiday) and was an
DEC. 6 1924.]
THE CHRONICLE
_
increase of 288,000 tons over the last full-time week recorded
—that ended Oct. 25. Anthracite production increased
153,000 tons over the preceding week, but was 100,000
tons less than the output during the week ended Oct. 25.
The production of coke rose 9,000 tons above the figure for
last week, according to reports issued by the U. S. Geological
Survey, portions of which we attach hereto:
Preliminary returns on the production of soft coal in the third week
of November indicate that there has been no notable change in the rate
of output during the last month. Because of the succession of holidays—
All Saints' Day, Election Day, and Armistice Day—the three weeks
immediately preceding afforded no real test of demand. The total output
in the week ended Nov. 22, as estimated from the railroad reports of
cars loaded, and including allowances for mine fuel, coal coked, and local
sales, was 10,588,000 net tons. Compared with the preceding holiday
week, this was an increase of -159,000 tons. In comparison with the week
ended Oct. 25, the most recent week of full-time operation. th.re was an
increase of 288,000 tons, or 3%.
Translated to terms of average daily output, which makes possible
comparison of the rate of production in full-time and holiday weeks, the
current output was 1,765,000 tons, as against 1.809,000 tons in the preceding week, which included but 5.6 working days. The present rate of
output is somewhat above the midpoint between the lines for the active
year 1920 and the dull year 1921.
Estimated Gnited States Production of Bituminous Coal, Net Tons (Including
Coal Coked.
1923
1924
Cal. Year
Cal. Year
to Date.
Week.
to Date.
Week. .
10,726.000 475,551,000
9,331,000 392.857,000
Nov. 8
1,797,000
1,788,000
1,485,000
Daily average_ _ _ _ 1.728.000
9,717,000 485.268,000
10.129,000 402,986,000
Nov. 15_ a
1,797,000
1,767,000
1,492.000
Daily average__ _ 1,809.000
10.160,000 495.428,000
10.588.000 413,574,000
Nov. 22_b1.795,000
1.693,000
1,498,000
average_ __ _ 1.765.000
Daily
a Revised since last report. b Subject to revision. c Minus one day's
to equalize number of days covered in the two years.
production in January
Production of soft coal during the first 276 working days of the calendar
year 1921 was 413.574.000 net tons. In the six preceding years it was as
follows:
Years of Depression.
Years of Activity.
424,383.000 net tons
528.964.000 net tons 1919
1928
376.596,000 net tons
1920— - ____503,641,000 net tons 1921
365,984,000 net tons
495,428,000 net tons 1922
1923
Thus it is seen that in point of soft coal production 1924 stands far
behind each of the years of activity. sad is considerably behing 1919,
when the output was curtailed through a temporary business depression
in the eary part of the year.
ANTHRACITE.
Production of anthracite recovered promptly after the holiday season,
probut owing to the occurrence of local strikes at the mines et one large
The
ducer, failed to reach the level of the most recent full-time week.
2589
anthracite carriers reported loading 34,933 cars and using that figure as
a basis, it is estimated that the total output in the week ended Nov. 22
was approximately 1,827,000 net tons, an increase over the preceding
holiday week of 153.000 tons. Compared with the week ended Oct. 25.
however, there was a decrease of 100,000 tons, or more than 5%. As
shown by the estimates of production, the present rate of output is 10%
lass than it was a year ago.
Estimated t.tilted States Production of Anthracite (Net Tons).
1923
1924
Year
Year
to Date.
Week.
to Date.
Week.
1,903,000 80,724.000
1,592,000 77,726,000
Nov. 8
1,669,000 82,393.000
1,674,000 79,400,000
Nov. 15
2,031,000 84.424,000
1.827,000 81,227,000
Nov. 22
BEEHIVE COKE.
The production of beehive coke continued to improve in the week ended
Nov. 22. Present estimates, based on the number of cars of coke shipped,
place the total output at 158.000 net tons. Compared with the revised
figure for the preceding week, this was an inereacs of 0.900 toms. Despite
the steady increase in production. Uwe,.er, the present weekly rate of
output is 39% less than it was a year ago.
Comparative figures for the corresponding week of earlier years are as
follows:
110,000 net tons
522.000 net tons 1921
1918
288,000 net tons
390,000 net tons 1922
1919
257,000 net tons
358,000 net onts 1923
1920
According to the Connelle.ille "Courier," production in the Comiellsville
region increased from 91,500 to 99,040 tons. The "Courier" stated further
that the iniprovement was shared by both merchants and furnace plants,
and that. it. was the result of a better schedule at active ovens, and the
•
firing. lip ef additional ovens.
Estimated Production of Beehive coke (Net Tons).
1923
1924
Week ended
to
to
Nov. 22 Nov. 15 Nov. 24
Date.c
Date.
1923.
1924.b
1924.a
Pennsylvania & Ohio_ _116,000 105.090 204,006 6.527.000 13.421.000
962.000
450.000
15.000
8.000
West Virginia
8,000
995.000
834.000
19,000
20.000
Ala., Ky.. Tenn.& Ga. 18,009
675,000
372,000
9.000
9.003
8,000
Virginia
341,000
236,000
6,000
4.000
Colorado & N.Mexico_ 4,000
216.000
189,000
4,000
3.000
Washington & Utah_ _ _ 4,001)
United States total__158.000 149,000 257,000 8.608.000 16.640,000
59,000
31,000
43.000
25,000
Daily average
36,000
'
a Subject to revision. b Revised from last report. e less one day's
week to equalize the 'iamb''r of days covered
production in New Year'
for the two years.
Cumulative production of beehive coke during 1924 to Nov. 22 .teed .
at 8,608,000 net ton.s. Figures for sindirr periods in earlier years are as
follsws:
_.t
6,585.000 n, tons
1920 •
18,964,000 net tons 1922
16.610.000 n-t tons
1921
5,052,000 net tons 11923
viewpoint of beehive coke production,
Thus it is seen that from the
1'23. 70% ahead of
1921 stands 52% behind the average nit- 1923 a
that for 1921. 30% ahead of that for 1922. :1311 27';; is•hind that for the
four years.
and Dis'ci;ssion;
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 3, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows increases of $73,600,000 in holdings of acceptances purchased in open market
and of $27,500,000 in discounted bills, together With a
decrease of $7,300,000 in Government securities. Total
earning assets went up $99,400,000 during the week, total
deposits $102,700,000, Federal Reserve note circulation
$3,700,000 and non-reserve cash $5,700,000, while cash
reserves declined by $16,100,000.
An increase of $23,500,000 in holdings of discounted bills
was reported by the Federal Reserve Bank of New York,
of $10,000,000 by the Chicago Bank, and of $1,700,000 and
$1,300,000, respectively, by Cleveland and San Francisco.
The Federal Reserve Bank of Richmond shows a decline of
$4,000,000 in its discount holdings for the week, Philadelphia of $1,900,000, and St. Louis of $1,200,000. The
remaining banks show relatively small changes in this item.
Holdings of paper secured by U. S. Government obligations
increased by $28,400,000 to $124,700,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
All Federal Reserve banks report larger holdings of acceptances purchased
In open market, with the exception of Minneapolis, which reports a small
decline, the principal increases being as follows: New York $41,700,000,
Boston $12,100,000. Cleveland $5,400,000, San Francisco $5,000.000 and
Dallas 82,300,000. The System's holdings of Treasury certificates of
indebtedness declined by $8,500.000 during the week, while holdings of
Treasury notes increased by 8800,000 and those of U.S. bonds by &Wpm®.
During the week the Federal Reserve banks loaned $6,000.000 to a foreign
hank for a period of three months against a deposit of gold. The amount
of the loan appears in the accompanying statement against the caption
"Foreign loans on gold."
Increased Federal Reserve note circulation is reported by all Federal
Reserve banks except Cleveland, New York and Chicago, the bank first
named showing a decline of $4.600,000. The Federal Reserve Bank of
San Francisco shows an increase of.$3,400,000 in its Federal Reserve note
circulation, Atlanta shows an increase of $1,800,000 and Boston an increase
of $1.700.000.
The statement in full, in comparison with the preceding
week and with the corresponding week last year, will be found
on subsequent pages, namely, pages 2623 and 2624. A summary of the changes in the principal assets and liabilities of
the Reserve banks dining the week a n I the year e3:(ling
Dee. 3.1924follows:
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of Indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Increase (+)or Decrease
During
Year.
Week.
—$16,100,000 —$79.800,000
—90,200.000
—18,300,000
—50.400,000
+99,400,000
+27,500.000 —197.300,000
+28,400.000 —234.400,000
—000,000 —262,900.000
+56.200,000
+73,600,000
—7,300,000 +483.600.000
+26.200.000
+500.000
+800,000 +339.100.000
—8,500.000 +118,400.000
+3:700.000 —403,600.000
+102.700.000 +369.900,000
+104,300.000 +363.500,000
—7,200.000
—3.800,000
+8.600,000
+2,200,000
The Week With the Member Banks of the Federal
Reserve System.
Increases of $45,000,000 in loans and investments, together with decreases of $71,000,000 in reserve balances
and of $26,000,000 in net demand deposits, are shown in
the Federal Reserve Board's weekly consolidated statement
of condition on Nov. 26 of 741 member banks in leading
cities. It should be noted that the figures for these member
banks are always a week behind those for the Reserve
banks themselves.
Total loans and discounts went up $46,000,000, increases
of $3,000,000 in loans on U. S. Government securities and
of $58,000,000 in loans on corporate securities being offset
in part by a decrease of $15,000,000 in "all other," largely
commercial, loans and discounts. Investments in U. S.
bonds were increased by $3,000,000 and investments in
U. S. Treasury notes by $10,000,000, while holdings of U. S.
certificates of indebtedness and corporate securities declined
by $3,000,000 and $11,000,000, respectively.
Loans and discounts of the New York City banks aggregated $17,000,000 more than for the previous week. Leans
on U. S. Government securities went up $2,000,000 and
loans on corporate securities $28,000,000, while "all other"
2590
THE CHRONICLE
[VoL. 119.
loans and discounts show a reduction of $13,000,000. In- of 1924 shall be secured equally and ratably with such other loan or bonds
vestments of these banks in U. S. Government securities or such guaranty.
As to the sinking fund we quote the following from the
were increased by $5,000,000 and their holdings of corporate
securities were reduced by $12,000,000. Further comment letter:
Beginning June 1 1925,and thereafter semi-annually on Juno 1 and Dec. 1
regarding the changes shown by those member banks is
in each year, the Government of the Argentine nation will pay to Blair &
as follows:
Co., and The Chase National Bank of the City of New York, the fiscal
Net demand deposits show a decline of $26,00.000. reductions of $22,000,000 in the Boston District, $14.000,000 in the Chicago District and of
$6,000.000 in the San Francisco District, being partly offset by small
Increases in some of the other districts. Time deposits of all reporting
members went down $5,000.000. whereas the New York City banks report
an increase of $3,000.000 under this head.
Reserve balances were reduced by $71.000,000, while cash in vault
increased by $11,000,000. The New York City members report a decrease
of $15,000,000 in reserve balances and an increase of $7,000.000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
declined from $82.000,000 to $66,000,000. Like borrowings of the New
York City banks decreased from $28,000,000 to $5,000,000.
agents of the loan, as a sinking fund, in United States gold coin of the standard of weight and fineness aforesaid, (a) an amount equal to one-half of 1%
of the maximum principal amount of the bonds of Series "B" at any time
theretofore issued, plus (6) an amount equal to the Interest accrued and
unpaid on all bonds acquired through the operation of the sinking fund to
the date of each such sinking fund payment. The fiscal agents shall apply
each installment of the sinking fund towards the purchase of bonds.below
par through tenders and to the extent that such installment shall not within
a period of ninety days after its payment have been so applied, bonds shall
be drawn by lot for retirement at par. Notice of the numbers of the bonds
drawn for retirement shall be advertised and the bonds so indicated shall
become due and payable on the next interest payment date and shall bear no
interest thereafter. Sinking fund payments may be increased by the Government in its discretion.
On a subsequent page—that is, on page 2624—we give the
figures in full contained in this latest weekly return of the
Regarding the national debt, etc., we also take the folmember banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items lowing from the letter:
The national debt of the Republic as of Oct. 311924, at gold parities of
as compared with a week ago and with last year:
exchange, amounts to pesos
equivalent
962,710,000 gold, being
to $103
Increase (+) or Decrease (—) U. S. per capita, as against
over $200 per capita for the United States. In
During
addition, the Argentine nation guarantees the bonds of the National MortWeek.
Year.
gage Bank. These bonds are somewhat similar to the United States Federal
Loans and discounts, total
+$46,000.000 +$966,000,000 farm loan bonds,and are
favored as an investment in Europe. The National
+3.000.000
Secured by U. S. Govt. obligations
—42,000.000 Mortgage Bank is self-supporting and
has a large reserve of its own.
Secured by stocks and bonds
+58.000,000
+751,000,000
The budgetary figures since 1920 are as follows:
All other
—15,000.000
+257.000.000
Receipts,
Expenditures
Investments, total
—1.000,000 +1.153.000,000
Year—
Gold Pesos(a)
Gold Pesos.
U. S. bonds
+3.000.000
+444.000.000
1920
218.416.000
214,456,000
U. S. Treasury notes
+10.000,000
—204,000.000
1921
190,784,000
246,664,000
U. S. certificates of indebtedness
—3.000,000
+214.000,000
1922
193,952.000
278.696,000
Other bonds, stocks and securities
—11,000,000
+699,000.000
1923
237,890.000
302,909,000
Reserve balances with F. R. banks
—71,000.000
+240,000,000
1924 (b)
292,586.000
292,586,000
Cash in vault
+11.000.000
+9.000,000
(a) One gold peso=-$0 96% at gold par of exchange.
Net demand deposits
—26,000.000 +1.959.000,000
(b) Budgetary estimates for 1924.
Time deposits
—5,000,000
+808,000.000
The above receipts to not include funds raised through loans, but the
Government deposits
+90,000.000 expenditures do include capital expenditures
for which loans were conTotal accommodation at F. R. banks
—16,000.000
—442.000,000 tracted. The capital expenditures
for 1922 were about pesos 28,000.000
gold, for 1923 about pesos 33,000,000 gold and for 1924 are estimated at
Offering of $30,000,000 Bonds of Government of Ar- about pesos 33,000,000 gold.
The total note circulation of Argentina amounts to pesos 1.326,864,100
gentine Nation—Issue Over-subscribed—Books
paper, equal to pesos 583,820.200 gold, which is covered by a gold reserve of
pesos 454.892,104 (=U. S. $438,880,000) or over 75%, one of the highest
Closed.
in the world.
An issue of $30,000,000 Government of the Argentine
nation external sinking fund 6% gold bonds of 1924, Series B,
was offered on Dec.4 by a syndicate composed of Bla'r &Co.,
Inc.,Chase Securities Corporation,White,Weld & Co.,Halsey,
,
Stuart & Co. Inc.,Brown Brothers& Co.,Equitable Trust Co.
of New York,Graham,Parsons & Co.,Union Trust Co.,Clevland; Blyth, Witter & Co., Illinois Merchants Trust Co.,
Chicago; First Trust & Savings Bank, Chicago; Continental
& Commercial Trust & Savings Bank, Chicago,: J. C. White
& Co., Inc., and Hemphill, Noyes & Co.
The bonds were offered at 95 and interest, to yield over
6.35% to maturity. It was announced that the bonds had
been over-subscribed the day the books were opened (the
4th inst.) but in order to facilitate the widest possible distribution the subscription books were not closed until yesterday morning (Dec. 5). Coincident with the offering the
Associated Press, reported the following cablegrams from
Buenos Aires, Dec. 4:
An official decree is published giving the terms of the agreement with a
New York banking syndicate for the $30,000,000 6% loan Just floated in
New York. The decree says the syndicate has the option of taking $10,000,000 more under the same conditions.
The bankers also engage to buy $20,000,000 of Treasury notes to refund an
equal amount maturing Feb. 25 1925. the interest on which is to be the
highest ruling at the time.
The bonds are to bear date Dee. 1 1924 and will become due
Dec. 1 1958. They will be redeemable through the operation
of a cumulative sinking fund calculated to retire the bonds
of this issue not later than Dec. 1 1958. The bonds in coupon
form, will be in denominations of $1,000 and $500, and will
be registerable as to principal only. Principal and interest
payable at the offices of the fiscal agents, Blair & Co., and
The Chase National Bank, in the City of New York in
United States gold coin without deduction for any Argentine
taxes or impositions present or future. Interest will be payable June 1 and Dec. 1. While it is announced that the proceeds of the issue will be applied toward the payment of the
floating debt, it was stated in the New York "Times" of the
4th inst. that they will be used to pay off maturing shortterm obligations of the Argentine Government in the American market, according to Felipe A. Espil, Charge d'Affaires
of the Government of the Argentine nation. The bonds
will constitute the direct obligation of the Argentine Government. In a letter to Blair & Co., Inc., under date of Dec. 3
he also says:
The Government covenants, and the bonds shall so provide, that if,
while any of the bonds of the external loan of 1924 shall be outstanding, the
Government shall create or issue or guarantee any loan or bonds secured by
lien on any of its revenues dt'Assets, or assign any of its revenue or assets as
security for any guaranty of any obligation, the bonds of the external loan
The offering of $40,000,000 Series "A" Argentine Government bonds was referred to in these columns Jan. 19 1924
(page 271) and Jan. 26 1924 (page 380). The Series "A"
bonds now outstanding are listed on the New York Stook
Exchange and application will be made to list the present
issue. Series "B" bonds are offered if, when and as issued
and received and subject to the approval of counsel. Temporary bonds or interim receipts may be delivered in the
first instance.
Purpose of French Loan.
Discussing editorially the French loan and its purpose
(referred to in these columns last week, page 2478), the New
York "Times" of Nov. 25 said:
In certain respects, the placing with American investors of the $100,000,000 French Government 7% loan is a simple operation, both as to
Character and purpose. In others, it is something like an innovation.
When the Poincare Government took the field eight months ago to stop
the "bear movement" in French exchange (which had brought down the
value of the franc from 7 cents in December to 33 at the opening of
March), the method was the borrowing of $100,000,000 in New York
through the Bank of France and the use of that foreign credit to sustain
the exchange rate. By means of that machinery the franc advanced so
rapidly as to throw the entire "bear party" of Europe into consternation
and to carry the franc from 3% on March 8 to 81 in April.
So great was the resultant confusion, even in the plans of ordinary French
trade, that the Bank of France was itself compelled to re-enter the market
and re-sell at a higher price, in order to prevent an actual corner, the
franc exchange which it had purchased to stop the decline. The result,
however, was that the franc was virtually stabilized during the remainder
of the year, at a price below the high point of April but substantially
above the low rate of March.
This $100.000,000 New York credit, which was once renewed, is to
expire next month. As it stood, it was a liability of the Bank of France.
against which that institution had pledged a portion of its own gold reserve. What the French Government now expects to do is to pay over
the proceeds of the present loan to the account of the Bank of France,
which will thereby discharge its own debt to the American bankers.
So far .the purpose is clear. But it is not so clear what further use
is to be made of the proceeds of the loan. The French Government will
have cancelled its obligation of last March to the Dank of France by assuming, through its new 25
-year bond issue, the bank's obligation to
American bankers. But since the original proceeds of the $100,000,000
"American credit" of last March are Still intact, either the Government
or the bank will continue to control that amount of money in New York.
It will not be used, as was the $100,000.000 8% French loan of 1920, to
take up other maturing obligations whose proceeds had been spent in
wartime; there are no such bonds maturing. There is no intimation that
the money will be employed to cover public expenditure at home. All
that the French Finance Minister has to say, in his published letter to tho
bankers, is that it will be "held or used" as may be deemed wise "for the
protection and stabilization of the franc."
This appears to mean only that, in case of another disastrous break in
the franc on the foreign exchange market, the $100,000,000 fund could
be drawn upon to purchase French exchange and support its price. If
that were all, then the operation would not fall in the class eightor of
the recent German loan, which was floated to provide a gold reserve for
the new German bank of issue, or of our own European "resumption
DEC. 6 1924.]
Cleveland's
loan" of 1878, whose purpose was similar, or even of Mr.
famous "bond-syndicate operation of 1895." The last-named transaction
did indeed Involve use of the proceeds of a public loan to control exchange;
but it also undertook to add $65,000,000 actual gold to the inadequate
reserve at Washington against our paper currency.
It is difficult to imagine that France will not eventually make some such
use of her present credit. To leave it indefinitely on deposit In a foreign
market, by way of notice to speculative sellers of the franc of what may
happen to them, would be a singular performance, quite out of touch with
the practical mentality of the French. To use it for artificially supporting
the value of a progressively inflated currency would be worse. That
the
would amount to disguising the symptoms while doing nothing for
disease. The problem of the French currency itself remains: It is not
used
analogous to Germany's recent paper-money problem, for Germany
and
Its fiat money issues to dodge taxation and meet the public deficit,
France has not done that. But the French currency situation is serious
in
enough, and it can be solved only through unremitting perseverance
the direction of deflation.
Transfer of Rhineland Railways to Private Company
Formed Under Dawes Plan.
ago (page 2480) reference was made in these
A week
columns to the $15,000,000 credit to the German railways
arranged by a syndicate headed in this country by Speyer
& Co. The Rhineland railways were turned over at midnight on Nov. 16 by the Franco-Belgian Railway Administration to the new private company formed under the Dawes
plan to operate the German railways—the transfer completing the new organization of Germany's transportation
facilities. With reference thereto the following information
is made public:
The capitalization of the Reichseisenbahn Gesellschaft,as the new railway
company is named, is 26,000,000,000 gold marks, distributed as follows:
-General for Reparations),
Reparations bonds (held by trustee for the Agent
11,000,000,000 gold marks; preferred stock (sold to the public), 2,000,000,000 gold marks;common stock (owned or sold by the German Government),
13,000,000,000 gold marks. Interest on the reparations bonds is fixed at
3% for the first year and at 5% after the third year, with an annual sinking
fund of 1% calculated to pay off the principal in 40 years.
Organization of the New Company.
All of the 18 directors of the company, each of whom serves for a term of
six years, are required to be either business men of experience or professional
railway men. Final appointments to positions in connection with the
new organization include:
Gaston
Trustee for Railway Bonds—Leon Delacroix; Commissioner—
Lovers°.
nominated by the
Administrative Board (18 members)—Nine members
the
German Government, including Herr. Fischer, Secretary of State in
four
Finance Ministry; five German members nominated by the Trustee;
foreign members nominated by the Trustee, namely, Sir William Acworth
(Belgium)
(England), Signor Giuseppe Blanchini (Italy), M. Jules Jadot
and M. Maurice Margot (France).
Officers—President. Herr Karl von Siemens; First Vice-President, Herr
Stieler; Second Vice-President. Sir William Acworth; Director-General,
Herr Oeser (formerly Minister of Communications).
Permanent Committee—Herr von Siemens, Herr Stieler, Herr Bergmann.
Herr Fischer, Herr Arnold and Sir William Acworth.
Control bythe German Government"shall never be exercised so as to impair
the ability of the railroad company to earn a fair and reasonable return on
Its capital value including . . . a return on its ordinary shares (common stock) and adequate reserves for all purposes including amortization
mteital," according to the ruling laid down by the committee of experts.
Austrian Consul General Returning from Europe
Reports Continued Recovery in Vienna.
Dr. Frederick Fischerauer, the Austrian Consul General,
who returned from Europe last week, said that he found
Austria very much better off than when he was there last—
over two years ago. According to Dr. Fischerauer the yearly
deficit in the budget has shrunk from ninety million dollars
to four million dollars, and will disappear entirely before
long. The customs and tobacco revenues mortgaged for the
international loan, part of which was floated in the United
States, are yielding almost five times the amount required
for the payment of interest and amortization of the loan.
A considerable part of said loan has not yet been used and is
still at the disposal of the Commissioner General, Dr. Zimmerman. He further states that under the policy of strictest
economy which has been observed in the past two years, and
will be continued in the future, not less than seventy thousand
State employees, i. e., about one-third of the total number
employed in 1922, have been dismissed.
Austria's greatest need at present,according to Dr.Fischerauer, lies in the necessity for capital. The official discount
trade of the Austrian National Bank is still being maintained
on a rather high level because this institution considers it as
its first duty to safeguard a full guarantee for the stability
of the Austrian crown, and for this reason maintains the gold
coverage of the banknote in circulation at the remarkably
high level of over 50%.
The foreign relations of Austria are considered most
favorable. The chief aim of the Government at present is to
restore freedom of trade with the neighboring countries.
Quite a number of commercial treaties have already been
concluded under this policy. Still better results in this field
are expected in the near future.
Estimate of Earning Power.
That the earning power of the new railway company will be well in excess
of the requirements to meet the interest on its bonds appears from an examination of the properties and estimated earnings. We railway experts have
placed the valuation of properties conservatively at an equivalent of
$6.200,000,000. This is by far the largest valuation of any single railway
system in the world. Gross revenues are estimated at approximately
$952,000,000 annually, with a net income, after the period of transition,
in excess of 6190.000,000 a year.
Prior to the war, the income of the German railways, before deducting
interest and sinking fund payments, was as follows:
Amount.
Amount.
Year—
Year—
$252,000,000
9219,000,000 1912
1910
238,000,000
211,000.000 1913
1911
Net earnings available for interest and sinking fund payments, after
provision for adequate reserves, were estimated by the Dawes Commission
experts for the first five years of operation by the now company, as follows:
995.000,000
1st year
131,000,000
2d year
167,000,000 to 179.000,000
4th years
3d and
190,0500,000
5th and subsequent years
The annual payments to be made for interest and sinking fund on the
First Mortgage Reparations bonds are $18.000,000 for the first year beginning Sept. 1 1924 and ending Aug. 31 1925, increasing to $157,000.000
for the fourth year and thereafter.
According to the latest information, the above estimates of earnings will
be exceeded and it is now estimated that for the 15 months beginning
Oct. 1 1924 and ending Dec. 31 1925. the net earnings available for debt
service and reserves will be about $250,000,000. This is in line with the
statement of Owen D. Young, returning from Germany where he served
-General for Reparations, to the effect that "all the German
as Agent
revenues to date have been higher than the estimates, and this includes
railroad earnings."
Equipment in Good Condition.
In regard to the condition of equipment of the railways. Sir William
Acworth and M. Leverve reported to the committee of experts as follows:
"The railways have not merely been restored to their pre-war state of
efficiency, but have been brought up to a much higher standard, a standard
which,to the best ofour knowledge,is superior to that ofany other country."
According to advices received from experts, capital has been spent on
the German railways so freely that no serious now capital expenditures
need be incurred for some years to come. For instance, two-thirds of all
the rolling stock is less than ten years old. The total number of locomotives, passenger coaches, vans and freight cars has been placed at
773,271 for 1913 and 821,380 for the present year—representing an increase
In rolling stock equipment of more than 6%•
The value of all properties controlled by the railway company is approximately $200,000 per mile—the total mileage being 33,090.
By the provisions of the act creating the railway company it shall be
free from governmental interference except to prevent tariff discriminations.
2591
TITE CHRONICLE
Offering of Bonds of Denver Joint Stock Land Bank.
A syndicate composed of L. F. Rothschild & Co. of New
York, West & Co. of Philadelphia and the Guardian Savings
& Trust Co. of Cleveland offered on Nov. 24 at 102 and accrued interest, to yield about 4.75% to the optional date and
5% thereafter,$1,000,000 5% Farm Loan bonds of the Denver
Joint Stock Land Bank; $400,000 of the bonds are dated
July 1 1924 and will mature July 1 1954, while $600,000 of
the offering'vvill be dated bec. 1 1924'and will become due
Dec. 1'1954. Neither block, we learn, had previously been
offered publicly. Principal and semi-annual interest are
payable at the Chase National Bank, New York City, or at
the Denver Joint'Stock Land Bank at Denver, Colo. The
bonds are in coupon form', fully registerable, and are in denomination of $1,000. They are redeemable at par and interest on any interest date after ten years from date of issue.
Issued under the Federal Farm Loan Act, the bonds are exempt from Federal, State, municipal and local taxation, and
are acceptable as security for postal savings and other deposits of Government funds. The Denver Joint Stock Land
Bank was chartered April 18 1922 to operate in the States of
Colorado and Wyoming. The following is the statement of
conditions of the bank at the close of business Oct. 31 1924:
ASSETS.
Mortgage loans
Accrued interest on mortgage loans
United States Government bonds owned
Accrued interest Government bonds owned
Farm Loan bonds owned Accrued interest on Farm Loan bonds owned
Furniture and fixtures
Cash on hand and in banks
Certificates, notes and warrants
Other assets
$6,447,484 46
120,589 46
456,876 24
8,98853
11,000 00
8,578 07
3,460 75
183,215 69
36,567 90
8.96622
$7,270,672 21
Total
LIABILITIES.
Capital stock
Reserve
Undivided profits
Farm Loan bonds authorized and issued
Accrued interest on Farm Loan bonds
Amortization payments on principal
Matured interest on Farm Loan bonds (not presented)
Amortization installments paid in advance
Accounts payable
Deferred loans (due borrowers)
Total
C. L. Bates is President of the bank.
$430,000 00
6,700 00
33,207 96
6,357,000 00
125,826 30
149,305 99
8,781 66
22,746 50
4,772 48
132,330 60
$7,270,672 21
2592
THE CHRONICLE
Loans to Tobacco Growers and Cotton Growers Cooperative Associations Under Federal Warehouse Act.
Hundreds of millions of dollars are being loaned to cooper
ative marketing organizations and individual farmers on
the basis of warehouse receipts issued by warehousemen
licensed under the United States Warehouse Act,. reports
H. S. Yohe of the United States Department of Agriculture
which is charged with administration of the act. Among
the prominent cooperatives using licensed receipts in negotiating loans on their stored commodities are the Burley
Tobacco Growers' Cooperative Association; the Dark
Tobacco Growers' Cooperative Association; the Tobacco
Growers' Cooperative Association of Virginia and the Carolinas; the Northern Wisconsin Cooperative Tobacco Pool;
the South Carolina, North Carolina, Georgia, Alabama,
Arkansas, Louisiana, Arizona, Tennessee, and Missouri
Cotton growers' cooperative associations; the long and short
staple cotton cooperative associations of Mississippi; the
Kansas, Southwest, and Indiana wheat growers; the Louisana and Arkansas rice growers' cooperative associations; the
Pacific, California, Montana, and Iowa wool growers' cooperative associations, and the Georgia Peanut Growers'
Cooperative Association. The Department in a statement
made public Dec. 3, also has the following to say:
The act now provides for the issuance of warehouse receipts for cotton,
wool, tobacco, grain, farmers stock peanuts, late potatoes, broomcorn,
dry beans and dried fuit. Any public warehousemen who can establish
to
the satisfaction of the Department of Agriculture that they are trustworthy, competent, financially responsible, and have proper storage facilities, may be licensed to store these products.
So favorably does the banking fraternity view the receipts issued by the
Federally licensed warehousemen that many banks accept the receipts as
collateral without question. Mr. Yohe says. The Intermediate Credit
banks. the Federal Reserve,Banks, and many leading commercial bankers
have expressed preference for the receipts. Cooperative associations which
store their products with warehousemen licensed under the act obtain a
preferred receipt which gives them a wider field of credit and frequently
better interest rates.
The receipt is a definite contract between the depositor and the warehouseman. showing among other things the exact quantity of the product
entrusted to the warehouseman, its grade, variety and condition. Any encumbrances against the goods stored must be clearly shown. The Federally
licensed warehousemen are subject to examination prior to licensing and
are
under constant Government supervision thereafter. under a plan of
supervision similar to that used by the United States Treasury Department
In the
supervision of national banks.
[vol.. 119.
This is similar to action taken last year by the Atlanta local officials and
the Exchange itself is not in any way involved. It seems that the State of
Georgia has a law which prevents trading in futures on margin and whether
or no this is a good law is not for the Exchange to say. The policy of the
Exchange has been and will always be to abide by State and Federal laws
and while the situation is entirely local in Atlanta the officials of the Exchange will do their part to see that the law is enforced—even though they
might personally think that it is unwise and discriminatory. The Atlanta
Commercial Exchange is not solely a cotton exchange but deals in wheat.
hogs and other commodities.
Mr. Brooks, in a statement by long distance telephone
from New Orleans to the New York Cotton Exchange, on
Nov. 25, had the following to say:
The indictment is the direct result of the Business Conduct Committee'
attitude toward bucket shops, which during the past several months have infested Atlanta in great numbers. Speaking as an individual, and not as
a member of the New York Cotton Exchange. I feel that the indictment, as
far as I am concerned, is just a matter of vengeance. I have nothing to
fear, for neither myself nor other members of the Exchange have violated
Georgia's laws or the laws of any other State.
Previous reference to the Atlanta proceedings appeared
in our issue of Nov. 22, page 2360.
Creditors of the Failed Firm of J. M. Byrne & Co.
Elect A. Bruce Bielaski, Trustee.
On Nov. 24 a meeting of the creditors of the faled New
York Stock Exchange firm of J. M.Byrne & Co. of this city
was held for the purpose of obtaining information covering
the proposed liquidations of the firm's affairs. At the meeting A. Bruce Bielaski, the receiver in bankruptcy, was
elected trustee. According to the New York "Times" of
Nov. 25, it was said that the book value of the assets was
$200,000 more than all outstanding liabilities. Whether the
assets and liabilities will make such a showing following complete liquidation depended, it was explained, upon whether
or not certain assets could be liquidated for their face value.
Several claims, not yet filed, may also affect the final settlement. One of these, which may possibly be filed, was for
$800,000 loaned to the firm. Another of the doubtful
accounts, it was said, is the large block of Middle States Oil
notes held by the firm and accepted as part settlement for
claims arising from the speculation in Southern States Oil
stook last December, which speculation was chiefly responsible for the failure of the firm.
J. M. Byrne & Co. failed on Aug. 6, of this year, as reported in the "Chronicle" of Aug. 9, page 650.
Indictments in Atlanta Against Cotton Brokers,
Charging Violation of Law Prohibiting Dealings
Syracuse (N. Y.) Clearing House Banks to Reduce
in Futures on Margins.
Interest Rate on Checking Accounts.
On Nov. 24 the Fulton County Grand Jury at Atlanta, Ga.,
The following is from the Syracuse (N. Y.) "Post" of
returned 20 indictments against 44 Atlanta brokers, charg- Nov. 25:
Claiming that increased costs make the change necessary,
ing them with violation of the Georgia law prohibiting buycommercial
ing and selling of cotton futures on margins. A "non-bill" banks and trust companies of Syracuse, acting through the Syracuse Clearin e H31.1313 Association, decided yesterday to reduce interest payments
on
was returned against the Atlanta Commercial Exchange. active checking accounts carrying a balance of $500.
Carleton A. Chase, President of the association, in announcing the
Stating that several of the indicted men are New York and
rewill be
New Orleans brokers having agencies at Atlanta,the Atlanta daction,said 3%presentallowed on quarterly balances and 23i% on monthly
balances. The
rates are 4% quarterly and 3% monthly. The
"Constitution" of Nov. 25 said in part:
reduction will go into effect Jan. 1.
The brokers indicted by the Fulton grand jury Monday included Loui
Brooks, Chairman of the Business Conduct Conunfttee, and member of the
board of managers of the New York Cotton Exchange. The true bill charged
that he "maintained a booth in the Atlanta Commercial Exchange, kept an
agent therein, and accepted orders for contracts and margins on same."
The New York man has not been arrested and is believed not to be In
Atlanta. Mr. Boykin said, however, every effort will be made to apprehend him and have him returned to Atlanta to face trial. The solicitor
added that Mr. Brooks may return of his own accord, thus obviating extradition moves on the part of the State.
"Action of the Clearing House Association is necessary owing to a large
number of checking accounts opened in the past few years on which compensating balances have not been carried," Mr. Chase explained. "The
increased cost has been determined by actual analysis of the expnese of
handling accounts."
Rates on inactive and interest accounts are not changed. The checking account decrease will affect hundreds of small merchants
and professional men.
George F. Baker of First National Bank of New York
Makes First Speech with Election as Member of
Without Quotations.
Mr. Brooks, while in Atlanta Friday, said that if the Atlanta Exchange
Bond Club—Judge Gary's Speech in Praise
was found guilty of violating the Georgia law, the New York Exchange
of Mr. Baker.
quotations would be withheld from the State of Georgia. lie said this
A luncheon by the Bond Club, given at the Bankers' Club,
order would apply to cotton exchanges, brokers. telegraph companies and
press associations alike. He left here Saturday night for New Orleans where this city, on Dec. 4
in honor of George F. Baker, Chairman.
he is said to have conferred with officials of the Now Orleans Cotton Exchange relative to the southern exchange taking the same action con- of the board of the First National Bank of this city, brought
forth the first speech made by Mr. Baker during his long
templated by the New York Excnange.
Dispatches from New Orleans indicated that the exchange there would banking career. Mr. Baker,
who is 84 years of age, was
follow the lead of the New York Exchange.
The indictments followed two weeks of continuous probing by the grand this week elected an honorarv member of the club, the
jury, which followed a series of spectacular raids by Solicitor-General John testimonial being featured by a speech by Judge Elbert H.
A. Boykin on downtown brokerage offices.
Gary, Chairman of the board of the United States Steel
The Atlanta Commercial Exchange was exonerated of the charge that it
Corporation, acclaiming Mr. Baker "the first citizen of
Was maintained for the purpose of illegal dealings in cotton futures.
The specific charge on which true bills were returned against the brokers, New York." Mr. Baker in acknowledging the tribute
as set out in the language of the indictments, is that "they did establish. paid him by the
Bond Club said:
maintain and operate an office or place of business for the purpose of enYesterday morning, when one of my family read to me out of the "Times"
gaging in the business of dealing in futures on margin."
that I was promised to make the first speech of my life here to-day, I nearly
All the indictments are against either IndividuaLs or group of Individ- fell
down. I never was educated at after-dinner or after-luncheon talking.
uals, the firm names being omitted from the bills.
and I cannot do it. I cannot put words together to express my
In commenting on Nov. 25 on the indictment of Louis your kindness, and I thank you all from the bottom of my heart.feeling for
There is
no organization that I know of in this country that stands higher for
Brooks, Chairman of the Business Conduct Committee of the acter
charand ability than this one, and if you continue to conduct your business
New York Cotton Exchange and several other members of and live your lives as you have been doing, to gain the
respect and love of
the Cotton Exchange, Edward E. Bartlett Jr., President of your fellows, you will accomplish the best in life; and, withal, and most
Important. if you maintain that integrity for which you are all so
the New York Cotton Exchange,said:
noted, it
will bring you greater happiness and Joy than great wealth.
1)itc. 6 1924.]
THE CHRONICLE
2593
in any form of
(a) That no national bank shall be permitted to engage
branch banking (except as below).
additional branches
(b) That no State bank shall be permitted to acquire
legislation and be eligible
after the date of the passage of the contemplated
Federal Reserve System
for or be permitted to retain membership in the
as below).
courageous and confident, has (except
George ()akar, modest, unobtrusive,
Exceptions:
y of this
permit the operation of
been conspicuous in contribution to the growth and prosperit
(c) In States where State laws or practices
and
establish
which succeeding generations will be proud and grateful;
country, for
State banks, State banks may continue to
t in the hearts branch banks by
a monumen
parent instituiton
better even than that, he has builded for himself
within the limits of the municpality In which the
response to the tender impulses branches
membership in the
of multitudes of men and women who, in
is located and continue to be eligible for or retain their
love him.
establish branches within
of Mr. Baker's own nature, respect, admire and
Federal Reserve System. National banks may
chartered under the
the limits of the city of the parent bank, where banks
laws of the State exercise that privilege.
of the Comptroller of the Currency,
Report
national nor State member
Note.—Under (a) and (6) above, neither
branches beyond the limits
Henry M. Dawes.
banks may, under any circumstances, establish
n.
the annual report of the Comptroller of the of the city of the parent institutiobranches may join the Federal Reserve
The keynote of
(d) State non-member banks with
Currency, Henry M.Dawes,submitted to Congress on Mon- System and bring with them such branches as were established prior to the
day of the present week, is protection of the national banks date of the passage of the bill. not now permit branch banking by law
State which does
in all their rights and privileges, so as to preserve the national or(e) Should anythe paasage of this bill, enact legislation which will permit
practice, after
banking system and extend its usefulness. It is in this the establishment of branches, the national banks shall not have their
State banks shall not be permitted
spirit that he again refers to the subject of branch banking, facilities extended by such legislation andand retain or become eligible for
a reputation for himself. to avail themselves of such privileges
in which he has already established
membership in the Federal Reserve System.
The veteran banker, who visibly betrayed the emotion
felt at the honor accorded him, received spontaneous applause with his first ovation. Judge Gary in voicing the
esteem in which Mr. Baker is held, said:
He argues the case against branch banking with even greater
to
The Comptroller concludes his remarks with respect
force than a year ago. He points out that the elemental
is my deliebrate opinion
banking by stating: "It
difference between unit banking and branch banking is that branch
extension of branch banking is not curbed
banking the residents of a community are afforded that if the general
in unit
Reserve System, on the one hand, and
banking facilities by residents of the same community, while within the Federal are not permitted equality within city
if the national banks
in the case of branch banking non-residents control the
hand, defections from the national
banking. In the one ease it is local control and in the other limits, on the other
of a very few
are: banking system will take place within a period
absentee control. The objections to branch banking
extent as to reduce the national banking
(1) That it is opposed to public policy as being in its essence years, to such an
of an unimportant factor in the
monopolistic;(2) that it is absentee banking; and is conducted system to the position e."
l structur
for the sold purpose of earning dividends for the stockholders nation's financia
Other features of the report are outlined as follows:
rather than of service to the community; (3) that with the
n.
responsiElimination of Date of Charter Expiratio
development of large chains of branch banks the
are issued for a period of
Under the present law, national bank charters
tion and transfer of funds would rest
bility for the mobiliza
recommends that these banks be
ninety-nine (99) years. The Comptroller
with individuals whose prime motive would be personal permitted to operate under indeterminate charters, and distinguishes beprofit; (4) that branch banking is particularly inconsistent tween an indeterminate charter and a perpetual charter.
with the American idea of local self-government and Federal
Legal Loan Limit to 'Any One Person.
Revised Statutes
co-ordination--the banking system of the United States as
Under this amendment, the language of Section 5200,
the most
at present constituted is closely analogous to the Govern- of the United States, which the Comptroller states covers perhaps
the difficulties in
vital operations of a bank, is clarified in order to remove
mental structure—under the Federal Reserve System local the way of its interpretation and application by the Comptroller, as well as
independent units are co-ordinated, while branch banking by the banks themselves, although the loan limit, 10% of capital and surproposes that they should be consolidated; (5) as a direct plus, remains the same under the proposed amendment.
result of absentee control, the human element and moral Issuance of Charters for $100.000 Capital to Banks Operating in Outlying
largely
Districts of Cities of Over 50.000 Population.
responsibility of the creditor would necessarily be
in a city of
Under the present law, a national bank cannot incorporate
eliminated. Absentee control must obviously be exerted
8200.000. The proposed
less
es governed by rigid rules, operating under over 50,000 population, with a capital ofg of than in outlying districts of
through employe
banks
amendment will authorize the charterin
the most limited discretion. Under such conditions a bank cities of 50.000 population, with a capital of $100,000.
to hold
from
Other amendments recommended will permit a national bank
would eventually degenerate into a glorified pawnship,
authorized by Section 5137:
d character as an element in real estate for a longer period of time than nowdividends:establishment of a
which collateral had exclude
Revised Statutes: refer to: declaration of stock
lianew officer with the title of "Chairman of the Board:" limitation on
credit.
of
cal, says Mr. Dawes, to make the bilities which a national bank may incur; check certification; authority
It may seem paradoxi
Reserve banks.
y of bankers of the officers to sign reports: rediscount limitations on Federal
bank examiners; criminal
statement that an overwhelming majorit
, safe deposit business criminal procedure against
dealing in
United States are opposed to the principle of branch banking procedurefor libelling national banks: real estate loans and
that branch banking is a securities.
and at the same time concede
Banks.
Organization and Liquidation of National
highly controversial subject. The explanation of the contheir operations.
In the fall of 1914 the Federal Reserve Banks began
and rests upon a similarity in physical
fusion is very simple
national banks in existence
offered by certain On Nov. 1 of that year the capital of the 7,578 of banks had increased
aspects between a type of local facility
was $1,072,000.000. By Oct. 1 1924, the number
$1.335.000.000; hence.
city banks to their customers and real branch banking, which to 8.098, and their capital was slightly in excess of capital of about $263.Comptroller points out that in the net increase of banks in this period of 520 and in number of 1.938. with
is absentee banking. The
-year period, while banks to the
300,000. In this 10
certain of the larger cities of the United States topographical capital of $190,960,000 were organized, there were 1,418 liquidations,
lost through consolidaconditions and changes in city structure, lack of parking voluntary and involuntary, including the number going banks increased
In the meantime the volume of assets of the
facilities, &c., have made it difficult for outlying customers tions. 100%, or from $11,482,000.000 to 822.565.900.000.
nearly
organization of
of a bank to reach the banking house. As a result, in some
In the year ended Oct. 31 1924, applications for the
capital
which permit the establishment national banks to the number of 225 were received, the contemplatedrejected
States laws have been passed
58 were
being roundly $23,820,000. Of the applications received
by a single institution of offices and facilities located in for various reasons and 83 were abandoned. The number of banks chartered
00, of which numdifferent section3 of a single city. Mr. Dawes says that in the year was 135, with authorized capital of 821.375.0of State or private
reorganizations
while there is a difference of opinion as to whether this is a ber 29 were conversions of State banks.7 and 97 primary or independent
banks. 2 reorganizations of national banks
desirable development, it should be constantly borne in organizations. During the year 155 banks were placed in voluntary liquidae of absentee control is not tion, 53 of which, exclusive of the 16 consolidated under the Act of Nov. 7
mind that the basic principl
same locality. 96 were
1918, were absorbed by other national banks in the
involved.
ued business. In the current year
recommends the enactment of the absorbed by State banks and 6 discontin
liquidation, were placed in
Mr. Dawes strongly
138 banks, including 1 heretofore in voluntary
s
McFadden-Pepper bill, now pending in Congress (H. R. charge of receivers. This number includes 6 which were afterward restored
the previous year.
3316), embodying amendments to the national to solvency and 1 which had been reported out during
8887 and S.
Condition of National Banks, Oct. 10 1924.
banking laws. He says that the question as to whether
Oct. 10 1924.
The combined resources of 8.074 reporting national banks.
banks may be granted the opportunity to meet the
national
than at the date of any report
in intra-city banking, involves amounting to 823,323,061.000, were greater when the resources of 8.123
competition of State banks,
during the past 4 years, or since Nov. 15 1920.
the question of the perpetuation of the National Banking banks amounted to 823.535,120.000.
System. He cites situations existing in the City of CleveGeneral Conditions.
land, which had, at. the last census, a population of 796,841,
The Comptroller calls attention to the increase in the volume of clearing
• with only three (3) national banks remaining in operation; house transactions and in the resources of national and State banks since
1920. and to the fact that while more banks. State and national, suspended
the City of Detroit, with a population of 993,678, having or failed during the past year than in any one year since the inauguration
only three (3) national banks left, and the City of New of the National Banking System, national banks generally withstood the
Orleans, with a population of 387,219, and with only one (11 strain and continued to maintain an outstanding influence in the financial
country. Their resources on June 30 1924 were equal to
system
national bank remaining. Recommendations for legislation 39.49% of the total resources of all reporting banks, their paid-in capital
of the
proposed in connection with branch banking are analyzed as represented 42.84% of reported capital, and their aggregate deposits were
38.47% of the total deposits, as compared with 38.20% in 1923.
follows:
2594
THE CHRONICLE
"[VoL. 119.
Earnings, Loans and Investments of National Banks.
FEDERAL RESERVE BANK OP' NEW YORK.
The Comptroller states that the gross earnings of national banks in the
Circular No. 639, Nov. 26 1924 (Reference to Circular 636).
fiscal year ended June 30 1924 aggregated $1,074,559,000, and show a gain
Redemption of United States Bonds Before Maturity
-4% Bonds of the Loos
In the year of $25,151,000. The net addition to profits after payment
of
of 1925 Dated Feb. 1 1895 May Be Cashed Now at Holder's Option.
all expenses and charging off miscellaneous losses, was $195.706,000,
out of To all Banks, Trust Companies and Savings Banks in the
Second Federal
Which dividends were declared to the amount of $163,683,000.
Reserve District:
National Bank Liabilities on Account of Bills Payable and Rediscounts.
.
Secretary Mellon to-day announced that he has authorized the Treasurer
The liabilities of national banks for money borrowed, show a substantial
of the United States and the Federal Reserve banks on and after this date
reduction at the date of each report during the year. On Dec.31 1923, bills
to redeem in cash before Feb. 2 1925, at the holder's option, the 4% bonds
payable amounted to $324,166.000 and rediscounts, $333,896,000. Between Dec. 31 1923 and March 31 1924, bills payable were reduced to of the loan of 1925, dated Feb. 1 1895, and called for redemption Feb. 2
1925.
$238,888,000 and rediscounts to $271,645,000, and on June 30 1924, the
We are prepared to redeem such bonds accordingly, and will handle transamount of bills payable wasfurther reduced to $143,847,000 and rediscounts
actions in the manner prescribed in Treasury Department Circular No. 840,
amounted to $196,778,000. By Oct. 10 1924, bllls payable had decllned to
dated Oct. 15 1924, governing the redemption of these bonds.
2123,611,000 and rediscounts were 5170.419,000.
Coupon bonds may be redeemed, upon presentation, at par and accrued
Loans and Discounts of National Banks, June 30 1924.
interest. Registered bonds properly assigned must be forwarded to the
On June 30 1924, the aggregate loans and discounts of national banks Division of Loans and Currency
for discharge of registration and subsequent
were 211,978,728,000, or $161,057,000 in excess of the amount June 30 payment by cheek of the Treasurer
of the United States covering par and ac1923. The amount of paper held In the portfolios of these banks at this crued interest to the date of discharge of
registration.
date,eligible for rediscount with Federal Reserve banks, was$3,542,385,000.
Very truly yours,
or 29.57% of the total loans, while the amount of paper secured by GovernBENJ. STRONG, Governor.
ment obligations was $195,006,000 compared with $234,132,000 a year ago.
Previous references to the redemption of the bonds apComparative Changes in Demand and Time Deposits, Loans and Discounts,
peared in our issues of June 28, page 8156; Nov. 8, page 2130,
United States Government and Other Bonds and Securities, &c., Since
June 30 1920.
and Nov. 22, page 2369.
Demand deposits in national banks, June 30 1924, to the amount of
$9,593,250,000, were at the highest point reached as of the date of any
midsummer report since June 30 1920. and show an increase over the Offering of $200,000,000 4% U. S. Treasury Bonds—
amount reported June 30 1923, of 3.28%. Time deposits, June 30 1924,
Books Closed—Issue Oversubscribed—Offer Inamounting to $5,259,933,000, exceeded the amount reported June 30 1920,
cludes Provision for Additional Bonds in
and at the date of each succeeding semi-annual report, and show an increase
Exchange for Third Liberty Loan Bonds
over the amount June 30 1923. of 10.62%.
Loans and discounts of $11,978,728,000, June 30 1924, show an increase
and Maturing Certificates—Exchange
of 1.36% in the year. There was a reduction between 1920 and 1922, but
Subscription Still Open.
an increase between 1923 and 1922.
United States Government and other miscellaneous bonds and securities
The first offering of a long-term Government bond since
amounted to 55,142,328.000, June 30 1924, showing an increase of 1.43%
October 1922, was made by the Treasury Department this
in the year, and reached the highest point since June 30 1920, at
which
week, announcement coming on the 2d inst. of an offering
time the amount was 54,186,465.000.
Due to the increase in demand and time depesits in the last year, lawful at par of 4% United States Treasury
bonds of 194,4-54 to the
reserve with Federal Reserve banks shows an increase of 4.89%, and the
amount held June 30 1924. $1.198,670,000, shows but little variation in amount of $200,000,000, or thereabouts, of cash subscriptions,
comparison with the amounts held at the date of each midsummer report with the right to allot additional bonds to the extent that
since 1920.
notes or certificates maturing March 15 1925, or Third LibSavings Depositors and Deposits in National Banks, June 30 1924.
erty Loan bonds are tendered in payment. The actual offerReference to statements published in the report, showing savings de
- ing of the bonds occurred Dec. 3 and on the 4th inst.
the
positors and deposits in national banks in reserve cities and States, June
3
. 1924. discloses a remarkable increase in the volume of these deposits in the Treasury Department announced that subscriptions for
last year, as well as since 1913, in comparison with similar statistics pub- which
cash and Treasury certificates of indebtedness maturished in the annual report for 1923.
The percentage of savings deposits in national banks. June 4.1913, to the ing Dec. 15 1924 were offered in payment had been closed at
total individual deposits was 14.15. In 1023 the percentage of these
de- the close of business Dec. 4. Secretary Mellon's announceposits to individual deposits had increased to 25.96, and in 1924 they
were ment further stated:
equivalent to 28.54% of individual deposits.
•
The amount of savings deposits, June 30 1924, 54.239,208,000 credited
Subscriptions for which Treasury certificates and notes maturing March 15
to 11,070.223 depositors, compares with $3,645,648,000 to the credit of next and Third Liberty Loan bonds are tendered in exchange will remain
. 9.901.777 depositors June 30 1923. The increase in the number of banks open until further notice.
reporting savings deposits in the year ended June 30 1924, was 297,
In his statement of the 4th inst. indicating that the suband the
increase in the number of banks maintaining separate savings
departments, scriptions to the new issue had already exceeded
$500,000,, was 28.
000 (yesterday it was reported that they "were well over
All Reporting Banks Other Than National.
Returns were received as of June 30 1924.from the State banking depart- $1,000,000,000"), Secretary Mellon said:
ments of the several States, and from individual private banks not under
The Secretary of the Treasury announced to-day that the subscriptions
State supervision, relative to 21,263 banks, showing a reduction in the
number of reporting bmIrs since June 30 1923. of 674. Notwithstanding for which cash and certificates maturing Dec. 15 1924 are tendered in paymentfor the new 4% Treasury bonds, 1944-54,already exceed 5500,000.000.
this reduction in the number of banks, aggregate resources of $34,578,771,Since the Treasury desires only to obtain cash to the extent of
000, June 30 1924, were greater by 52,055,626,000 than a year ago.
2200,000,000,
or thereabouts, the Treasury will close the subscriptions for which cash
Resources and Liabilities of All Reporting Banks in Each State, &c.
and certificates maturing Dec. 15 1924 are tendered in payment at the close
-day. Any subscritpions received by Federal Reserve banks
The number of reporting banks in the United States, Alaska and the of business to
Insular possessions June 30 1924, shows a reduction in the year of 830, by 10 o'clock Saturday and mailed before midnight Thursday, Dec. 4, will
but aggregate resources amounted to 257,144,690,000, a gain of $3,109.- be deemed to have been presented before the books closed. The exchange
subscriptions for which Treasury Vi% notes maturing March 15 1925,
779,000.
Treasury 4% certificates maturing March 15 1925 and Third Liberty Loan
Individual Deposits in All Reporting Banks.
4Pi% bonds are tendered in payment will remain open until further notice.
Individual deposits in all reporting banks, consisting of demand, time
and postal savings deposits, but exclusive of United States deposits, Since allotments on these exchanges will be made in full, holders of these
amounted to $42,954,121,000, June 30 1924, an increase in the year of securities will have the opportunity to effect exchange and acquire the new
22,919,926,000. Individual deposits stbject to check were increased in the Treasury 4% bonds.
year from $14,248,370,000 to $15,061,944,000; demand certificates show a
Secretary Mellon's announcement of the offering on Dec. 2
reduction of $113,522,000; dividends unpaid, a reduction of $181.000;
follows:
savings deposits, an increase of $1,251,426,000; time certificates, a reduction of 5204,591.000; postal savings, an increase of 525,058,000, and deDear Sir:—The Treasury is offering for subscription at par an issue of
posits not classified, an increase of 51.148.162,000.
20 -year bonds bearing Interest at 4%, dated Dec. 15 1924,
-30
maturing
Dec. 15 1954, and redeemable at the option of the United
Cash in All Reporting Banks.
States on and
reporting banks, June 30 1924, including 8,085 after Dec. 15 1944. The offering is for $200,000,000, or thereabouts, of
The cash holdings of all
cash subscriptions, with the right to allot additional bonds to
national banks. 21,263 State (commercial) banks and trust companies, etc.,
the extent
and the 12 Federal Reserve banks, amounted to $4,236,909.000, which that notes or certificates maturing March 15 1025 or Third Liberty Loan
bonds are tendered in payment. This is the first offering of a long-term
was $165,299,000 in excess of the amount a year ago. Of the total cash,
national banks held $345,219,000: banks other than national, $566,281,000; Government bond since the Issuance in October of 1022 of Treasury 4)i%
and Federal Reserve banks, including amounts held by agents, in the bonds of 1047-52, which are now quoted on the market at a very substantial
redemption fund with United States Treasurer, and the gold settlement fund premium. It is felt that the banks and the investing public generally
will welcome the opportunity to participate in a long-term Treasury issue.
with the Federal Reserve Board,$3,325,409.000.
The application of March maturities or Third Liberty Loan bonds in payBanking Power of the United States.
ment for the now Treasury bonds will in part relieve the somewhat heavy
The combined banking power of banks in the United States June 30 1924. financing otherwise necessary in March
1925, and on the maturity of the
Including national banks, banks other than national, with estimated figures Third Liberties in September 1928.
Such exchanges mean no withdrawal
for nonreportIng private banks, and the 12 Federal Reserve banks, was of funds from the investment
market, but merely a change in the character
53.163.700,000 greater than a year ago, and amounted to $56,446,500,000. of the investment from short to long-term.
Of the total banking power representing capital, surplus, and profits,
The extent to which Government obligations in the hands of the public
deposits and circulation, the amount shown by these items in the returns have been reduced is remarkable.
In the 534 years since June 30 1919
from national banks was $19,172.700.000. the amount contributed by banks the publlc debt has decreased
from $25,484,506,160 05 to $21.241,535,138 28
other than national was $32,498,400,000. and Federal Reserve banks con- a total reduction of $4,242,971,021
77. This reduction has been effected,
tributed $4.775,400,000.
first, out of the sinking fund, foreign repayments and other similar items,
the total of which for the current fiscal year is estimated at
5471,806,401. .
and which items
Redemption of United States Bonds of 1925 Before tures before the are chargeable against the ordinary Government expendibudget will balance; second, from reduction in the working balance, and, third, from surplus.
Maturity.
Benjamin Strong, Governor of the Federal Reserve Bank of Through the orderly and continuous reduction in our national debt out
the sinking fund
upon which the
of New York has issued the following circular relative to Treasury obligations and other items,in value. Their public may rely,
should increase
supply is rapidly
Secretary Mellon's announcement that holders of the 4% decreasing and the demand for such a type of investment has increased.
I am enclosing copy of the formal circular offering these bonds. I
bonds of 1925 may now redeem the same in cash:
trust
that I may have your assistance in making the present offering a
success.
2595
THE CHRONICLE
At the same time Secretary Mellon issued the following
letter to holders of Third Liberty Loan bonds regarding the
exchange of the latter for the new Government bonds:
TreasSir (or Madam):—I am sending you herewith a copy of the official
ury Department circular announcing a new offering of 4% Treasury bonds
open to-day and Third Liberty Loan
of 1944-1954. The subscription books
Series TD znd TD2431% bonds, Treasury certificates of indebtedness of
and Treasury
1924, maturing Dec. 15 1924, Treasury notes of Series A-1925,
March 15
certificates of indebtedness, of Series TM-1925, both maturing
on the terms stated in the circular.
1925, and will be accepted in payment
maturing
-30
The new bonds will be 20 -year bonds, dated Dec. 15 1924,
and
Dec. 15 1954. and redeemable at the option of the United States on
after Dec. 15 1944. The bonds will be issued in both coupon and regisupwards. The Treasury is pretered form in denominations of $100 and
pared to make delivery promptly upon allotment and payment.
This offering of Treasury bonds affords a particularly favorable opportunity to holders of Third Liberty Loan bonds maturing in 1928,and which
are now a short-term security, to acquire a long-term Government bond on
attractive terms. Third Liberty Loan bonds tendered in payment, if in
registered form, must be duly assigned to "Secretary of the Treasury for
redemption" before some officer authorized to witness assignments of
United States registered bonds, in accordance with the general regulations
of the Treasury Department governing assignments. Coupon Third Liberty Loan bonds must have all unmatured coupons attached. Holders
of Third Liberty Loan bonds who wish to invest in the new bonds should
make prompt application through their own banks, or, if desired, direct to
the Federal Reserve Bank of the district.
Very truly yours,
A. W. MELLON, Secretary of the Treasury.
To the Holder of Third Liberty Bonds addressed.
upened up
rate of tax was reduced to 1234%.however, the Government
in taxes.
a vein of revenue which in that one year yielded over $31,000,000
that the tax
It is quite obviously of as much advantage to the Government
business. Most of
on capital gains be reduced as to the taxpayer, and to
of the load from
all is the moderate taxpayer benefited by removing some
traffic to move, and it did move,
him. The rate was such as permitted the
to everybody's advantage.
as Com*Tax Returns of Those with Net Income in Excess of $100,000 and $300,000,
Years
pared with Total of AU Net Incomes Returned, for the Calendar
in Which the Tax Accrues (Latest Available Figures).
No. of
Per
returns Net income Per No. of Net income cent
returned by cent returns returned by
In- Total amount of net
(8)
income those sauna , (5) in ex- hose return'O is of
Year come of net income
in excess of is of cess of in excess of
in exreturned.
tax
$100,000. (3). 1300,000 $300,000. (3)
cess of
maxi
$100,000
mum
rate.
(9)
(8)
(7)
(6)
(5)
(4)
(3)
(I) (2)
81,856,187,71029.47 1,296 8992,972,986 15.77
1916 15% $6,298,577,620
1,606,516.153 11.77 1,015 731.372,1535.36
1917 67 13,652,383,207
627 401,107,868 2.52
990,239,425 6.22
1918 77 15,924,639,355
679 440.011,589 2.22
1,169,553,048 5.89
8
1919 73 19,859,491,44
395 246,354,585 1.04
3.06
627,004,763
1920 73 23,735,629.183
246 153,634,305 .78
463,003,351 2.37
1921 73 19,577,212,528
537 365.729.746 1.71
892.747,680 4.18
1922 58 21.336.212.530
CO
Co2 OtiP b.i 0 C.,
oP.Gi
.N000
and that you will, as in the past, givelyeur best efforts to the distribution
of the new bonds among investors.
Cordially yours.
A. W. MELLON, Secretary of the Treasury..,
To the President of the Bank or Trust Company addressed.
a.b.2eacn,t•chm
ce
c.ice.
O. o.;o:ca-
DEC. 6 1924.]
One of the most difficult problems the income tax presents,
Secretary Mellon observes, is the tax exempt security question. As to the solution of the problem he said:
privilege,
tax-exemption
There are two solutions: First, eliminate the
value of tax exemption as
second, adjust the income tax rates so that the
first solution requires a
a means of tax avoidance shall be lessened. The
met with serious political
constitutional amendment, and its adoption has
there was defeated
opposition. Also, in the last session of the Congress
that a taxpayer should
a recommendation of the Secretary of the Treasury
his net income, interest
not be permitted to take as a deduction, in figuring
tax-exempt interest repaid by him except to the extent it exceeded the
include in his gross income. While
Interest on the new 4% Treasury bonds will be payable ceived by him and which he did not ion made heretofore tha ta constituinterest coupons the Treasury renews the recommendat
by the Congress, it
June 15 and Dec. 15. Bearer bonds, with
tional amendment to reach tax exemption be proposed
attached, will be issued in denominations of $100, $500, feels that the recognition of the necessity for this action by Congress may be
be adopted.
should
$1,000, $5,000 and $10,000. Bonds registered as to principal delayed and that an immediate remedy in the hands of the public now
Fully tax-exempt securities outstanding
and interest will be issued in denominations of $100, $500, amount to $13.284,000,000, and are increasing at the rate of about $1,000.to a man of large in000,000 a year. The value of a tax-exempt security
$1,000, $5,000, $10,000, $50,000 and $100,000.
feature gives him more
come lies wholly in the fact that the tax-exemption
of the return from
free income than another equally safe investment, part
present law, if a man has an inSecretary Mellon on Necessity of Reducing Taxes if We which the Government takes. toUnder the
invest money in some constructive project,
come of $100,000 and is asked
would receive from
Are to Compete with European Countries—Repeal
the new project must return to him $1 75 for every $1 he
To express this anof
investing the same money in tax-exempt securities.
Urged of Provision Providing for Publicity
investment to be
other way, it takes about an 8% return on a taxable
Returns—Tax-Exempt Securities.
With higher inequivalent to a 434% return on one that is tax-exempt. recommendation
Discussing the subject of taxation in his annual report to comes the dispartiy is even greater. If the Treasury's relative values
the
be adopted,
Congress on Dec. 4, Secretary of the Treasury Mellon for a maximum aggregate tax of 31% should compared with 434% exempt.
% taxable as
would be $1 44 to $1. or
pointed out that"the importance of getting our taxing system The difference between an investment in ordinary productive business reon a sound basis is not a subject which with safety to our turning 8%,the requirement under the present law,and 634%.the requiretax ezempt, is the differment under the Treasury rates, to equal a
future can be long postponed." "The adoption of the Dawes ence between a sound investment and a speculative investment. One will
plan," he said,"presages industrial activity in those European be accepted, the other not. If the income tax rates are reduced to a realess
countries who are our greatest competitors in foreign trade. sonable figure, the lure of tax-exempt securities to the wealthy becomesand
will put their money into buiiness or new projects
All of these countries have a lower standard of wages and of appealing and manyreturn, because it will give them as much free income as
be content with less
living than in this country. Their production costs generally would a tax-exempt security. From such investments the Government
less than ours. If we are to continue to compete suc- gets revenue;from tax-exempt securities it gets none. From such investments
will be
cessfully abroad we must be sure that our taxation system capital is provided for industry at lower rates and the appalling increase of
upon our industry and State and municipal indebtedness, with its inevitable taxation of the people
does not put too heavy a handicap
trade." "Taxation," said Secretary Mellon,"should not be
used as a field for socialistic experiment or as a club to punish
success, but as a means of raising revenue to support the
Government." He added in part:
In approaching the subject of rates, the Treasury has been concerned
solely with recommending those rates which will produce, and continue to
produce, the most revenue with the least disturbance. The problem in
Its essential features does not differ from the problem of any sales manager
attempting to price the article he has to sell. If the price is too high, his
customers are few or none and he makes nothing; if the price is too low, he
has many customers but small or no profit. Somewhere between the two
extremes lies the belt within the bounds of which is the maximum profit.
What the exact rate of maximum profit may be is a matter of judgment.
In all probability the recommendation of the Treasury of 25% maximum
surtax plus a 6% normal tax, a total of 31%, is above this belt of profit.
A total maximum tax of 15% might be on the lower side of this belt of profit.
But at least the maximum rate should be brought within the limits of the
belt. It would be more profitable to collect 30% of the $1,856.000,000 of
aggregate net income of those having incomes above $100,000 in 1916
(a year of 15% maximum tax) than to collect 50% from similar incomes aggregating $892.000.000 in 1922 (a year of 58% maximum tax).
It has been the belief of the Treasury, and it is borne out by experience,
that if taxes are too high, the source of revenue diminishes and the tax becomes less and less productive. If taxes are reduced. the source of taxation
expands and the lower rate may be even more productive than the higher
rate and the source of revenue assured for the future. The table (I) appearing as a footnote gives a comparison of incomes in the $100,000 and the
$300.000 classes which is extremely interesting. During the period covered
by available statistics, the percentage of aggregate income reported by those
with incomes of $100.000 or more to the total income of all classes reporting
dropped from 29.47 to 4.18%. and in the $300,000 or more class from
15.77 to 1.71%. In 1922, however, the maximum rate was reduced from
73 to 58%,and the higher brackets recovered somewhat, the $100,000 class
increasing its percentage from 2.37 to 4.18%. and the $300.000 class from
.78 to 1.71%. This illustrates clearly the advisability of reducing the rates
on the higher incomes so that more income proportionately may be available for taxation and the burden not have to be borne by the smaller incomes.
An even more striking example is the case of capital gains. Prior to 1922
these were taxed at the regular surtax rates. In 1922 for the first time a
flat rate of 1234% was levied. Between those two years the number of
taxpayers with incomes in excess of $300.000 increased from 246 to 537,
and of this number 165 would not have been in that class except for the
realization of capital gains. Prior to the insertion of the capital gains section in the law, investments did not change hands, property was tied up,
and the Government collected little revenue from this source. When the
to pay this indebtedness. is not encouraged.
taking from it
The adoption of the solution of the tax-exempt evil by
investments
the wholly artificial attraction of high inocme taxes on other
prove advanIs within the immediate power of Congreas. This would
capital. would remove
tageous to constructive business and to all who use
wealthy of income
the incentive for the most notorious avoidance by the
taxation—that is,
taxes, and would assist in accomplishing the purpose of
this legal means
to raise revenue. A continuation of high artificial value to
to be productive
of escape must end, or the graduated income tax will cease
The income tax publicity provision of the Revenue Act
was dealt with in a paragraph or two in the report, the Secretary in urging its repeal saying:
Publicity.
that the names and
The Revenue Act of 1924 added to the requirement
rebe open to public inspection the additional
addresses of all taxpayers
open to inspection.
quirement that the amount of tax paid by each be also
Section 3167, which
At the same time Congress specifically re-enacted
return. No attempt
penalizes the printing or publication of any part of a
the law may be. the
was made to reconcile these two sections. Whgtever
of actual experiprinting has been done, and we can now view, in the light
ence, the undesirability of the publicity provision.
violation of the right of priAside from the question of the unnecessary
of the Fifth Amendvacy, which should be insured to all citizens in the spirit
know what good will
ment to the Constitution, it would be interesting to
every means of access
be accomplished by the provision. The Treasury has
of these taxpayers.
to the complete returns and all books and papers of each
ve standpoint. PubPublicity is wholly unnecessary from an administrati
business rivals and to those
licity serves one pubpose, however. It gives to
value to them solely
having some ulterior motive information which is of
gain by the taxpayer
to the extent it is detrimental to the taxpayer. They
which would be a greater
being hurt. It is difficult to imagine any one thing
taxable income than the threat
spur to the efforts of all taxpayers to avoid a
monetary value
that the amount they pay will be pilloried. To the direct
incentive,in many
of saving payment of an inherently high tax is added the
cases much stronger, o& preserving business privacy. Immediately upon
the recent publication a this information opened to the public, the newspapers reported a stimulation in the market for tax-exempt securities. We
may promptly expect renewed use of the many means of tax avoidance,
with the consequent decrease in the productivity of the income tax. The
provision should be repealed.
As to the Board of Tax Appeals, the report said:
Board of Tax Appeals.
In June 1924 the President appointed 12 members of the Board of Tax
Appeals, and the nucleus7of the Board thuseappointed promptly undertook
2596
THE CHRONICLE
[VOL. 119.
the preparation of rules
-of practice and methods of procedure. The new
history of the Government." The total ordinary receipts
law gave taxpayers an additional 60
days within which to determine whether
they desired to go to the Board of Tax Appeals,
and thereafter an additional during the year, he notes, aggregated $4,012,044r701, and
30 days was given by the Board's rules
for getting the case at issue. As the total expenditures chargeable against such
receipts were
result of the necessary delay in getting
cases at issue and the unfamiliarity 83,506,6
of all, both within the Bureau of
77,715, showing a surplus of $505,366,986. This,
Internal Revenue and among taxpayers
generally, with the new law, the number of
cases on the Board's dockets he says,"compares with an estimated surplus of $329,639,624
has not yet necessitated the appointme
nt of additional members within the in my previous annual report,
the actual surplus being
maximum of 28 authorized under the law.
The Board is functioning satis- about
factorily, and at present is keeping up
$175,000,000 in excess of the estimate." In part
to date with its calendar. The experiment is one which is yet too new to provide a
basis of rcomment,and the he added:
Board should be permitted to continue
The two accounts which varied the greatest from estimates
along the lines indicated by the Conand which
gress without further amendment to the
law until it has an opportunity to were largely responsible for the additional surplus were "railroads" and
demonstrate its value to the taxpayer and to the Governme
"receipts from foreign Governments." Both of these accounts
nt.
were
affected by changes in the money and investment markets. While
total
receipts from foreign Governments corresponded closely
with estimates.
Secretary Mellon Says We Are First Nation to Present the method of payment
changed. After Liberty bonds went above par
they were no longer used in payment of foreign obligation
Assurances That We Have Come Through
s. In June
$50,000,000 in payment of interest was received in cash instead of
in our
Readjustment Period Successfully.
own securities as expected. This amount, therefore,
appear as
did
In his annual report to Congress on Dec. 4, Secretary a corresponding expenditure on account of the cancellationnot securities.
of
of the Treasury Mellon, referring to the fact that "with With the decline in interest rates, moreover, the railroad securities heretofore
by the
the other nations""of the world we are just emerging from rates acquired railroads,Government could be refunded at lower interest
by the
and were,
that most difficult period of readjustment which is the instead of a net cash outgo in the therefore, paid off or purchased: and
railroad account there was a net cash
income, making a difference of some $120,000,
inevitable aftermath of a great war," stated that "we are These
000 over the earlier estimate.
two factors, therefore, are responsible for
about $170,000,000 of
perhaps the first nation able now to present reasonable the increase in the actual surplus
over the estimate.
On the other hand, income taxes, which
assurances that we have come through successfully. In"
aggregated 81,842,000.000,
were
his view, "there lies before us to-day, if we approach them had only 88.000,000 less than the estimate although a 25% reduction
been made on six
1924 payments of personal income
with intelligence, years of prosperous and healthy conditions taxes. This reduction months of the something
amounted to
over 3100,000,000, it is
such as succeeded the election of 1896." Reviewing the estimated. In spite of the reduction, income taxes were approximately
$163,000,000 larger than in 1923, due mainly to
the increase in business
progress of the past four years he said in part:
activity over the previous year and the
consequent growth of profits.
The magnitude of the Government's operations and activities
Customs receipts were 6546.637.604, or
in waging
about $24.000.000 less than
the greatest war in history made the return to more normal
conditions a estimated, and miscellaneous internal revenue was 8953,012.617. or about
slow process at best, and at the beginning of 1921 the adjustmen
t of the $20.000,000 in excess of the estimate.
Government's finances to a peace-time basis had only begun. There
Four Years of Economy.
existed at that time a staggering public debt of about $24,000,00
0,000 and
The extent of the reduction in Government
of this amount about seven and one-half billions was
expenditures during the past
short-dated debt. four years
is shown in the following table:
much of it maturing from month to month requiring frequent
heavy refunding issues to be floated on the market. Government expenditur
es were
still eight or ten times as heavy as pre-war expenditures, and
Expenditure
Federal taxes,
Total
which were still being collected under the war-revenue measure
Chargeable
of 1918,
Fiscal Year.
Ordinary
Again 1 &di
amounted to nearly one-tenth of the total national income of the country.
nary Receipts.
Receipt .
Surplus.
Through the establishment of the Bureau of the Budget and the splendid
$6,694,565,388 $6,482,090,191 $212,475,197
co-operation of all Government departments in the program of economy, 1920
1921
5,634,932.960
5,538,209.189
86.723.771
expenditures have been reduced from about $6,500,000,000 during the 1922
4.109.104.150
3.795,302,499 313,801,651
fiscal year 1920 to about $3,500,000,000 in 1924, a reduction of
1923
4,007.135,480
about 1924
3,697,478,020
300,657,460
46%. As a result of this reduction in expenditures two revenue
4,012,044,701
3,506,677,715 505,366,986
relief
measures were made possible, the Revenue Act of 1921 and the Revenue
Total expenditures have been reduced frcm $6,482,000,000
in 1920 to
Act of 1924. The receipts under the 1924 Act,it is estimated, will
aggregate $3,500.000.000 in 1924, or nearly 83,000,000,000, although in 1920 there
nearly $1,500.000.000 less than they would have been under
the Act of were no sinking fund charges. While a large proportion of this reduction
1918. In 1920 Federal taxes collected amounted to $54 per
capita: next is accounted for in the special accounts as "Railroads," "War Finance
year they should be but 827. a cut of exactly one-half. At the same
time Corporation," "Shipping Board" and "Grain Corporation." there
the public debt has been reduced $2,800,000,000 since
have
March 11921, and been noteworthy and consistent reductions in the regular
administrative
provision is made in each year's budget for debt retirement
s of about expenditures of the Government each year. The general expenditur
es
$500,000,000, chargeable against ordinary receipts. The entire
short- (which include all regular departmental expenditures but exclude interest
dated debt, moreover. has been either retired or refunded
into more manago- on the public debt, public debt retirements, operations
in special accounts.
able maturities, and refunding operations
are now necessary only on trust fund investments. Sze.), were 81,833,000
,000 in 1924, compared with
quarterly tax-payment dates, with consequent minimum
disturbance to 83,232,000,000 in 1920, a reduction of about $1,400,000
the financial markets. These accomplis
,000, or 43%.
hments have placed the Govern- This reduction was accomplished in spite
of the heavy expenditures for
ment's finances on a sound footing and, with the
tax reform which must veterans' relief, amounting to over $400,000,
000 in 1924. Moreover, the
ultimately come, the burden on private business and
credit should grow outlays for geed roads have practically doubled the disbursem
ents of the
progressively smaller and smaller. The urgent need
is for constant guard Department of Agriculture, and the amount paid out
in pensions increased
against additional undertakings or outlays which
might interfere with the about $15,000,000 between the two dates, thereby
increasing total disburseorderly program of debt retirements or made additional
ments of the Interior Department. Expenditures of
taxes necessary.
the War Department
Bank deposits have increased six or eight billion dollars
from the low alone were reduced about $1,260,000,000 from 1920 to
Point of 1921, or over 20%.
1924, and for the
At the same time reserves are unusually high, Navy Department the reduction was about
$400,000,000.
frozen loans have been almost completely liquidated
IN
, and the country's
It was the annual surplus of receipts over and above
the regular budget
banking and credit structure was never in
a stronger position and more expenditures which formed the basis of the
Treasury's reconunendationa
able to support continued business and industrial
expansion. The traffic last November for further tax revision and tax reduction.
The Revenue
handled by the railroads continues at almost record levels,
and many roads Act of 1921 had already given substantial relief(rem the war taxes, but
are returning to a dividend-p
by
aying basis after years of financial difficulties rigid adherence to prineples of economy
further relief was made possible:
and struggles to build up road
and equipment to a basis of efficiency. The and while the new Revenue Act did not
accemplish all that was desired
building and automotive Industries are prosperous
and in turn are big factors in the way of tax reform, it did further substantially
In maintaining the country's
reduce the total tax
general prosperity.
burden. Receipts during the fiscal year 1926, the first fiscal year in which
Perhaps agriculture suffered most from the
Crisis of 1920 and 1921 and the full effect of the reductions will be felt, will aggregate
was slower than other industries
(rem $1,200,000.in recovering. Farmers and stockmen 000 to $1,500,000,000 less than they would
have been under the rates in
generally were left in a serious plight by the price
decline. Livestock had effect at the beginning of this administration.
to be sold regardless of price, and
cotton, corn and other agricultural
commoditjes met markets which were discouragingly
As to the public debt and its reduction, the report says:
low. Forced qlluidation and hasty selling impaired the farmer's
buying power, and this in turn
brought about a reduced demand for the
The Public Debt.
products of industry. Various
relief measures were adopted to remedy
The gross public debt was reduced 61.098.894.375 during the fiscal
this situation. They were the
agricultural credits Act of 1921. broadening the
powers of the War Finance year ended June 30 1924, and stood at 821,260,812,989 on the latter
Corporation: the agricultural credits Act of 1923, creating
date. This reduction was accomplished through (1) the applicatio
n
the Intermediate
credit banks,and the Agricultural Finance Corporati
on, which was organized of the sinking fund and other public debt charges against ordinary reat the suggestion of the President but is
supported entirely by private celpts, aggregating $457,999,750: (2) a reduction in the general fund
capital. Additional relief was afforded through
balance of 8135,527,639 56: and (3) the use of the entire surplus of
the
8505.of the Federal Farm Loan System and the gradual renewed activities 366,986 31. The annual interest charges
on the debt represented by
improvement of the
Federal Reserve banks as well as the member banks
this reduction arc equivalent to over $45.000,000.
and other commercial
banks of the country. While recovery in agriculture
The total reduction in the debt since the high point of 826,594,000,000
has been slow, it has
been substantial, and to-day, duo largely to changing
conditions in world on Aug. 31 1919, amounted to 65,343,000,000 at the close of the last
crops and world markets, it faces a new era. The maladjust
fiscal year. At the peak of the debt. however, there was an unusually
ment between
large amount of temporary borrowing in anticipation of the next tax
agriculture and other industries has been removed, and the farmer
is
payment date and the debt figures on that date give a somewhat exagrapidly being restored to his proper status in the economic system.
In looking forward to the years immediately ahead of us the new situation gerated impression of the true situation. The debt on June 30 1919, a
In Europe, following the inauguration of the Dawes plan, must be taken more representative date. was 825,484.000.000. and the reductions by
into account. Those countries have already developed a new mental fiscal years since that time are shown in the following table:
attitude and outlook, and something of the old-time industrial vigor and
thrift are returning. The effect of a more prosperous Europe means the
Retirements
Retirements
Through Sedatebroadening of our markets and opportunities and a quickening of our
Fiscal Year
Chargeable
Retirements
Hoes in the
economic development. The situation in Americaillooks more favorable
Against OraThrough
Total Debt
Net Balance in
for sound and orderly economic development than at any time since the war.
nary Receipts.
General Fund.
Plus.
Reductions.
1920
3894,000,000 $1,185,000,000
879,000,000
3212,000,000
1921
al87,000,000
422.000,000
87.000,000
Secretary Mellon on Government's Receipts and
1322,000,000
1922
423,000,000
277,000,000
314,000.000
1,014,000,000
1923
403.000,000
Expenditures—Reduction in Public Debt.
310,000,000
a99,000,000
614.000,000
1924
458,000,000
505,000.000
136,000.000
1,090,000,000
According to the annual report of Secretary of the Treasury
Total
31.765.000.000 31.428.000.000 $1,021.000,000 $4,234.000.000
Mellon, presented to Congress this week, "the Treasury
a Debt issues resulting in increase In net balance in general fund
b Includes a reduction of $4,842,000 on account of a revised
closed the fiscal year 1924 with the largest surplus in the
estimate of the
amount of fractional currency outstanding.
DEC. 6 1924.]
T UN CHRONICLE
pp.
.
The fixed-debt charges are included in the regular budget of the Government under a definite plan worked out soon after the close of the war
for the gradual retirement of the public debt, and must be met before
the budget can balance. The most important of these fixed-debt charges
is the cumulative sinking fund provided in the Victory Liberty Loan Act.
Retirements through this fund during the past fiscal year were about
$296,000,000. The next items in size among the fixed charges are the
retirements of securities received from foreign Governments under debt
settlements and the purchases from foreign repayments. These two
accounts amounted to about $150,000,000 during the fiscal year 1924.
The following table shows for each fiscal year from 1920 to 1924 the debt
retirements chargeable against ordinary receipts classified according to
the source of the funds:
DEBT RETIREMENTS CHARGEABLE AGAINST ORDINARY RECEIPTS.
(In Thousands of Dollars.)
2597
collects from the debtor and pays the creditor. This situation is analogous
to the supposititious case where A, not being able to meet his tax payments,
borrows from D, giving his note with interest. A has not evaded the
burden but has simply increased his liabilities instead of reducing his
cash assets. He must meet the new obligation, principal and interest.
The problem of the public debt, then, is largely a question as to how
rapidly the redistribution may be effected without undue disturbance to
business and general economic conditions. The obligations must be
met, but the rate of payment must be adjusted to produce the greatest
good and the least disturbance. To the extent that tax collections for
-paying purposes promote saving and reduce unnecessray expenditures,
debt
-paying program promotes Government
and to the extent that a debt
economy, the net result is an actual net increase in the country's capital
supply and general welfare. On the other hand, if a business or an individual is forced to liquidate its or his obligations too rapidly, the result
is needless sacrifice and loss. The present program calls for fixed-debt
retirements chargeable against ordinary receipts aggregating about $500.000,000 annually. This constitutes at present about 14% of the GovernReceived
from Forment's expenditures, but the amount will increase progressively each year
ParPar- eion Govby the amount of the reduction in interest charges due to debt retirements
chases ernments
chases
through the sinking fund. The Treasury believes that this program,
from
under Received from
For/el
while providing for substantial retirements, is not unduly burdensome
Foreign
Debt
for
Franchise lures,
Sinking
Repay.
SettleEstate
Tax
Gifts,
and should not be interfered with by additional or extraordinary GovernI Oat.
Fund,
menu. merits. Taxes. Receipts.
&c.
Fiscal Year.
mental expenditures.
S' 8,746
$13
1920
$72,670
$3,141 $2,922
Changes in the Composition of the Debt.
4: 2,282
1921
$261,100 73,939
169
26,349 60,725
In my previous annual report I reviewed the refunding operations
393 4'. 2,695
1922
276,046 64.838
21,085 60,333
41 2,850 and pointed out that the entire short-dated debt of seven and one-half
1923
555
289,019 32,140 $68,753
6,568 10,815
93 4 8,000 billion dollars outstanding at the beginning of this administration had
1924
295,987 38,509 110,879
8,897
3,635
- ,184,573 either bees retired or refunded into more manageable maturities. The
oa
effectiveness of thar refunding program is illustrated in the operations
Retirements through tho s nking fund increase each year, but this of the past year. Maturities have fallen only on quarterly tax payment
means no increase in the total amount devoted to the debt service, because dates and, due to the heavy retirements from ordinary receipts, only
the increase in the sinking fund each year represents interest saved on, comparatively small new issues have been necessary. All new issues since
previous retirements from the fund. There can be little or no further the previous annual report have been certificates of indebtedness. The
reduction in the general fund balance for some years to come, because following table gives the principal facts regarding these issues:
it is as low now as the Treasury's activities will safely permit. The total
Amount
Interest
balance, moreover, fluctuates around 3200,000,000, a small figure when
Due.
Allotted.
Date of Issue.
Series
Rate
Term
compared with the public debt. It is not contemplated, furthermore,
that there will be further surplus of any significance. The Revenue Act TJ 1924_ _ _ _
4
6 months Dec. 15 1923 Arne 16 1924 $135.128,500
214,149,00
Dec. 15 1923 Dec. 15 1924
1 year
of 1924 will reduce tax receipts over $450.000.000 annually, it Is estimated, TD 1924_._
400,299,000
TM 1925
Mar.15 1924 Mar.15 1925
1 year
4
and in addition some of the sources of revenue during the past few years, TD2 1924_ _ _
193.065.500
214
6 months June 16 1924 Dec. 15 1924
such as realizations on war assets and back taxes, are rapidly becomnig TS 1925_ _ _ _
391,369,500
Sept.15 1924 Sept.15 1925
251
1 year
exhausted.
The article on pages 81 to 83 [of pamphlet report], entitled "Certificates
The total debt retirements from the peak have effected a saving in
regarding these various issues. Cirinterest amounting to approximately 8225,000,000 annually, a saving of Indebtedness," gives the details
as Exhibits 26 to 29, pages
which equals nearly one-third of the total annual pre-war expenditures culars announcing the issues are included
summary
of the Government. This strict adherence to a rigorous debt-paying 208 to 213 [pamphlet report]. The table following shows in
form the changes in the various items of the short-dated debt (maturing
program has not only strengthened the public credit and put the Government's finances In a more manageable shape, but has greatly added to within five years) since Aug. 311919.
SHORT-DATED DEBT, AUG. 31 1919 TO OCT. 31 1924.*
the strength of the general investment and money markets. RetrenchMillions of dollars.)
ment in current Government expenditrues which does not impair GovernPittman
mental efficiency and the application of the surplus thus created to debt
Loan & Act and Treasury
Total
retirements increase the country's capital supply by that amount, the
tax cer- special (war
shortThird
funds being released for private enterprise. Sound Government finance,
4%
tificates certift- savings
teddebt Liberty
including a rigid debt
-paying Policy, Is absolutely indispensable to the
Date. (natur- Loan
Victorti Treasur of in- cates of semi- loan of
ties.
1925.
debted- of inbest interest of business and private finance. Private Credit can not
within bonds
notes. notes.
five
ness. debtedcontinue to flourish if the public credit is in a state of chaos. Therefore,
years).
nets.
a debt-paying program has been the only consistent policy to follow.
The necessity for such a policy is obvious when it is realized that this Aug 31'19 9,246
931
4,113
263
3,938
713
4,069
2,598
272
country came out of the war with a debt at its peak in 1919 equal approxi- Apr 30'21 7,602
3,914
694
311
2,951
249
mately to the total expenditures of the Government during its entire June 30'21 7,618
June 30'22 6,746
679
74
1,991
2,247
1,755
existence prior to 1917. The debt per capita had risen from $12 at the June 30'23 5,473
337
4,104
1,031
119
413
3,735
beginning of the war to about $250 at the middle of 1919. Interest alone June 30'24 8,072
2,997
808
119
417
8,069
2,979
3,358
1,196
on this debt has been about a quarter of a billion dollars more each year Oct 31'2
expenditures during the fiscal
since 1920 than the total Government
Exclusive of debt on which interest has ceased and nterest-bearing obligations
redeemable at the p ensure of the Government but not maturhag within the period
year 1916, the last pre-war year.
The nation which does not follow a policy of paying its debts, but allows covered.
x From Preliminary Statement of the Public Debt, Oct. 31 1924.
them to accumulate, may be compared to an individual who follows a
The increase between June 30 1923 and June 30 1924 in the debt matursimilar course. It is a sign of debility and denotes the absence of essential
vigor and foresight. The public debt is a mortgage or lien upon national ing within five years and the like decline in the longer-term obligations are
wealth, and unless the country pursues a policy of paying off this mortgage due to the fact that on Sept. 15 1923 the maturity of the Third Liberty
it is bound to become more and more burdensome as time goes on. Debt bonds moved into the five-year period. The following table shows in more
reduction, in fact, Is the best method of bringing about tax reduction. detail the distribution of debt maturities from Oct. 31 1924 to Nov. 1 1929.
PUBLIC DEBT MATURITIES TO NOV. 1 1929.*
Aside from gradual refunding at lower rates of interest, it is the only method'
Amounts as of Oct 31 1924.
of reducing the heavy annual interest charges.
The question of how rapidly the public debt shall be liquidated Is not
Treasury
a question of what proportion of the cost of the war shall be paid by the
Cumulative
Certificates
Date of
(war)savings
present generations and what proportion shall be be shifted to future
total.
maturity. on indebted- Notes and
Total
certificates
sometimes advanced that the present generation
generations. The view
ness.x
bond*
(including
can avoid in part the burden of the cost of the war by passing the war
interest).
debt on to future generations is fallacious when the debt Is entirely domestic,
3
$
$
$
$
as in the case of the present debt of the United States. A domestic debt
407,197,500 407,197.500
Dee 15 1924 407.197,500
25,144,494 432,341,994
is simply a liability of the people to pay themselves, or rather to ply the Jan 11925
4,49
'
118 489,911 550,831,894
group holding Government securities: and while this liability may be Feb 1 1925
5118,489,900
997,624,900 1,548,456.794
handed down to the next generation, equivalent assets in the form of Ma- 15'25 400,299,000 597,325,900
„ ,
406,031,000
June 15 1925
000
Government securities would also be handed down, and that generation, Sept 15 '25 388,869,500 406,031,
388,869,1002.343,357,294
viewed as a whole, would be neither richer nor poorer. From the viewpoint Dee 151925
299,659,9002.643,017,194
299,659,900
13,715,5922,656.732,786
a13,715,59
of the country as a whole, the war was paid for when it was fought. The Jan 1 1926
615,707,9003,272,440.686
615,707,900
equipment, munitions, ships, food, clothing, and all other materials and Mar 15 '26
414,922.30O3,687.362,986
Sept 15 '26
414,922,300
supplies necessary for carrying on the war had to be produced before they Dec 15-31,
could be utilized. If the war had been financed entirely through taxation,
1,805,04 3,689.168,033
z1,805,047
1926
supplies needed by the Govern- Jan -Sept
as R0/110 suggested at the time, or if the
98,740.3493,787,908. 82
x98,740.349
1927
commandeered and not paid for, It can readily
ment had simply been
668,201,400 4,456,109,782
Mar 151927
668,201,490
be seen that the whole burden of the war would have been borne at that Oct -Dee '27
15,548,160 4,471,657,942
x15,548,160
time. The financing of the conflict in part by loans was simply an ar- Dec 15 1927
355,779,9004,827,437,842
355,779,900
rangement under Government supervision whereby those who were in Jan 1 28 to
Nov 1'29
a2978 776 300 ri65,17£,538 3,243,955,8388.071.393,680
position could pay more than their proper proportion of the cost ard be
reimbursed later with interest by those who were not in position at the
Mtn]
1.1QA :ARA (Inas 454 RQ4 son it4.11 123 181155071 203 550
time to meet their proper proportion under the tax system without too
• Exclusive of debt on which interest has ceased, amounting to $19,703,420 26
great sacrifices and hardships.
Second Liberty Loan bonds amounting to $3,104,574,800, which ate redeemable.
If every citizen had subscribed to the Government war securities in the but do not mature within the period; other interest-bearing obligations redeemable
Proportion of his tax payments to total tax collections, the process of at the pleasure of the Government but not maturing within the period covered and
financing the war in part by loans would have been a useless expense, not called for redemption, amounting to $86,804,660; and Thrift and Treasury Savings stamps, tinclas.sified sales, &c., amounting to $4,040,947 69.
because ill that event the Government would return to each individual in
x From Preliminary Statement of the Public Debt, Oct 31 1924
debt payments just the amount it collects front him in taxes. There are
a From Preliminary Statement of the Public Debt, Oct. 31 1924, plus seemed inapproximately this position and are unaffected terest as shown on the Statement of the Public Debt, Aug 31 1924.
doubtless some who are in
b 4% loan of 1925, called for redemption Feb. 1 1925.
by debt payments. On the other hand. there Is one group who hold
c Third Liberty Loan, maturing Sept 15 1928.
Government war obligations In excess of the amount which they will
it These totals differ somewhat front the corresponding figures in the table above
ultimately pay in taxes for debt redemptions, as contrasted with another and also in the table In the table of "Short dated debt," because they include the
group who will pay in taxes for debt redemptions an amount greater than accrued interest on Treasury (war) savings certificates.
their holdings of Government obligations. What constitutes an asset
On Nov. 1 of this year the Secretary of the Treasury announced that he
to the one group in the form of Government obligations is in effect an had called for redemption and payment on Feb. 2 1925 the 4% loan of 1925.
equal liability on the other group In the form of a tax lien on their future and that such bonds will cease to bear interest on that date This issue ha
earnings. The Government is simply an intermediary or agent who therefore been included in the short-dated debt.
2598
THE CHRONICLE
[VoL. 119.
Treasury saving certificates were withdrawn from sale at the close of
Treasury Notes of 1890.
business July 15 1924, and until further notice will not be issued except for
Approximately 8156,009,000 of these notes were originally Issued to pay
exchange of denominations or for reissue in case of the death of the regis- for
the purchase of silver by the Secretary of the Treasury, but under the
tered owner prior to the maturity of the securities.
Act authorizing the issue and the Act of March 14 1900, all but approxiilk The table following shows the distribution of the interest-bearing debt
81.400,000 have been retired, and these now compose an insignifiby maturities at various dates since Aug. 31 1919, when the gross debt mately
cant part of our circulating medium.
reached its peak.
United States Notes.
iNTEREST-BEARING DEBT, DISTRIBUTED BY MATURITIES, AND
The total amount of United States notes (more commonly known as
TOTAL GROSS DEBT AUG. 31 1919 TO OCT. 31 1924.*
"greenbacks" or "legal tenders") authorized by law was $450,000,000, and
Millions of dollars.'
the highest amount outstanding at any one time was 8449,338,902 (Jan. 30
1864). Through authorized retirements the amount was reduced to
Maturing within five years
$346.681,016 on May 31 1878, when Congress passed an Act requiring all
Total
such notes to be reissued when redeemed. While, therefore, these notes
Date
Two
Matta- interest Total
One
Toted
can not be further reduced under the present provisions of the law, neither
Within year to years to toUhin after five bearing
gross
debt,
years.
two
can they be increased. They constitute a fixed and inflexible element in
one
five
debt.
five
years,
years.
years.
our currency situation.
National Bank Notes.
Aug 31 1919__. _ 4,201
9,246 17,103 26,349
26,594
5,045
Apr 30 1921_ _ _ 2,820
7,602 16,158 23,760
23,994
4,209
572
The only other form of circulating paper currency authorized by law at
June 30 1921_ _ _ _ 2,699
7,618 16,119 23,737
425
4,404
23,976 the time the Federal Reserve law was passed
was the national bank note.
June 30 1922_ _ _ _ 4,336
366
6,746 15,965 22,711
2,044
22,964
June 30 1923_ _ _
1,393
1,432
5,473 16,535 22,008
2,647
22,350 On July 1 1914 there was outstanding $750.671,899 of this kind of currency,
June 30 1924_ _ _ 2,328
8.072 12,901 20,982
21,251 more than one-fourth of the total stock of paper currency in the country.
4.817
927
Oct, 31 1924x_ _ 2,338
1,342
4,388
8,068 12.910 20,978
21,242
These notes were first authorized by the Act of Feb. 25 1863, an Act
•Exclusive of interest-bearing obligations redeemable at the pleasure of the Gov- which was superseded by the Act of June 3 1864 entitled "An Act to provide
a national currency, secured by the pledge of United States bonds, and to
ernment, but not maturing within the period covered.
provide for the circination and redemption thereof." This is the basic
x Prom Preliminary Statement of the Public Debt, Oct. 31 1924.
Act for the national banking system, and it is generally recognized that the
power given to banks chartered thereunder to issue circulating notes against
the pledge of United States bonds was largely to accomplish two purposes
Treasury Department's Program for RetiringlNational to provide an easy market for Government bonds and to provide a uniform
circulation which might take the place of the bank notes issued by many
Bank Circulation Redemption of Bonds of 1925.
different institutions chartered under the laws of the different States.
In his annual report, referring to the Nov. 1 announce- These State bank notes were taxed out of existence under the terms of the
ment of the calling for redemption and payment on Feb. 2 Act of March 3 1865, as amended.
While there is no doubt that the national bank notes helped to accom1925 of the 4% loan of 1925 amounting to $118,489,900, plish each of these two purposes and were a vast improvement over most
of the State bank note issues previously circulating, nevertheless it has
Secretary of the Treasury Mellon says that:
It seems that it is wise and proper to retire national bank circulation by long been recognized by economists, bankers and others interested in the
calling the bonds against which such circulation Is issued, for the following establishment of a more perfect currency system, that even this form of
-the only supplement to the certificates and notes
bank note currency
reasons:
issued by the Government
-failed to serve the growing needs of the country,
1. A bond-secured bank note is inelastic and unresponsive to the needs of and that
the lack of elasticity of the whole currency system had become a
business and commerce.
source of real danger. The reason for this is obvious. There are outstand2. National bank circulation is no longer necessary in view of the ability ing the following Government bonds which bear the circulation privilege:
of the Federal Reserve banks to issue Federal Reserve notes as and when
Amount
Amount Pledged with
needed.
Outstanding Treasurer to Secure
Oct. 311924. Circula'n Nov. 1 '24.
3. It was contemplated by the framers of the Federal Reserve Act,and by
29' Consols of 1930
$599.724,050
8589,086,200
the committees of Congress which submitted reports prior thereto, that 4 loan of 1025
118,489,000
76,687.050
national bank circulation should ultimately be retired. The provisions of 2'' Panama Canal loan, 1916-1936_
48.954,180
48,484,720
25,947,400
Section 18looking forward to that end became ineffective only because ofthe 29 Panama Canal loan, 1918-193825,584,920
war and war financing.
8793,115,530
8739,842,890
It is the general policy of other nations to have all currency issued
4.
It will be seen from the above table that there are in existence only
either by the Government itself or by central banks of issue.
$53,272,640 of bonds bearing the circulation privilege which are not pledged
5. The retirement of national bank circulation would do much to simplify with the Treasurer
to secure circulation. This amount represents the
our currency system and to make more effective those provisions of the
maximum potential increase over the present figures of national bank
Federal Reserve Act relating to an elastic currency.
circulation. Consequently, it is easy to see how inelastic our currency
6. While it has been argued that national banks may object to abandoning system would be at the present time were it not for the fact that the Federal
the circulation privilege, nevertheless the value of that.privilege is, generally Reserve banks have authority to issue Federal Reserve notes as provided
speaking, more sentimental than material. Moreover, the enactment of in the Federal Reserve Act. Even if there were an indefinite supply of
the so-called McFadden-Pepper bills will confer upon national banks those eligible bonds against which bank notes could be issued, the element of
powers so vitally necessary to enable them successfully to compete with elasticity, which signifies the power to contract as well as to expand, would
State institutions.
still be lacking. In practice there would be expansion, but no automatic
inducement on the part of the issuing banks to contract when the need no
The report also says:
longer existed. We would still suffer from all the consequent ills of a rigid
By the Acts of July 14 1870 and Jan. 14 1875, under which those bonds bond-secured circulation.
were Issued, they are redeemable at the pleasure of the United States
after
While, therefore, the Federal Reserve Act has overcome one of the shortFeb. 1 1925 upon three months notice. The public was advised of the Treas- comings of our earlier system
in that it has now provided the means of
ury's intention over seven months in advance of the date on which the issuing an elastic currency against
commercial paper, nevertheless, it has
bonds were to be called, thus discouraging speculation in the bonds and failed to accomplish the gradual
retirement of the national bank circulaindicating the course which the Treasury proposed to follow.
tion, as was contemplated by its authors.
For many years prior to the enactment of the Federal Reserve Act much
Section 18 of that Act provided for the purchase of circulating bonds by
thought had been devoted to the study of our currency system with a Federal Reserve banks in amounts
not to exceed $25,000.000 a year for a
view to Providing some form of currency more responsive to the needs period of 20 years, with a view to
retiring gradually all of the national bank
of commerce and business than the rigid, inelastic, bond-secured circulation circulation through this and other
provisions of law. This provision of the
which has little or no relation to the legitimate demands for currency.. Federal Reserve Act was entirely
consistent with the plan of legislation
Periodic money panics due to the inflexible limitations placed upon our suggested by the National Monetary
Commission as a result of Its many
circulating medium by the requirements of law resulted in country-wide years of investigation of banking
throughout the world. In that proposed
distress and failure of banks and business concerns. For years we labored plan, the provision relating to the
purchase of circulating bonds (somewhat
under the handicaps of an unscientific and wholly inadequate currency similar to that contained in Section 18
of the Federal Reserve Act) was
system.
supported by the statement that it was
It was only after the bitter experiences of 1893 and 1007 and as a result
the policy of the United States to retire as rapidly as possible, consistent
of the study of expert commissions, that Congress finally passed the Federal with the public interests, bond
-secured circulation and to substitute thereReserve Act. This Act,according to its title, was"To provide for the estab- for notes of the National Reserve Association of a character and secured
lishment of Federal Reserve banks. to furnish an elastic currency, to afford and redeemed in the manner provided for in this Act.
means of rediscounting commercial paper, to establish a more effective
In other words. It was recognized by students of economics and banking
supervision of banking in the United States, and for other purposes."
that as soon as Congress should provide the means of issuing an elastic
The chief purpose of this law, so far as it relates directly to the currency, currency, such as that provided by the Federal Reserve
Act, a way should
was to provide a modern, elastic form of currency which would expand and also be provided for the gradual elimination
of the bond-secured currency
contract in accordance with varying trade needs. The creation of such a issued by the several thousand different
national banks. The provision for
currency involves the retirement of our inelastic national bank circulation.
the retirement of national bank notes, moreover, is in keeping with worldTo visualize clearly just how rigid our currency system was prior to the established and universally approved banking practices. With certain
enactment of the Federal Reserve Act, there are listed below the classes exceptions, the central banks of Issue In the other nations of the world,
and amounts of outstanding paper currency on July 1 1914, a date just whether owned by the Government or by private interests, are the sole
Prior to the World War, and four and one-half months prior to the opening media for providing paper currency.
of the Federal Reserve banks. The amounts given represent the total
As already stated, It was expected that under the terms of Section 18 of
stock of paper money in the country:
the Federal Reserve Act the Federal Reserve banks would purchase $25.81.080,974.869 000,000 of circulation bonds every year, beginning two years after the date
(a) Gold certificates
490,850,000 of the Act. If they had adhered to this program, they would pave pur(b) Silver certificates
2,439,000 chased a total of $225,000,000 by this time. As a matter of fact, owing to
(c) Treasury notes of 1890
(d) United states notes
346,681,016 the interruption of the war, they have actually presented only 564,000,000
750.671,899 of these bonds for conversion and redemption, and have on hand about
(e) National bank notes
$1,000,000. This is about $160,000,000 less than expected under the
82,671,616,784 general plan
of the Federal Reserve Act. It is impossible now, owing to
It will be noted that there is no great degree of elasticity in any one of the high market price of all these bonds bearing the circulation privilege,
these five forms of paper currency. It may be well to consider each is turn: for Federal Reserve banks to continue purchases under the provisions of
Section 18,since that section places a price limit of par and accrued interest.
Certificates. Gold and Silver.
If there is sonic other way in which the retirement of national bank notes
Both gold and silver certificates are in the nature of warehouse receipts may be brought about, it is believed that it should be adopted as speedily
issued by the Government, certifying that there has been deposited in the as may be consistent with the Treasury's other fiscal policies and with due
Treasury of the United States an equivalent amount of gold or silver dollars, regard to the best interests of the national banks.
as the case may be, payable to the bearer on demand. They are a conIt has been suggested that this many not be the proper time to take such
venient paper substitute for the metal itself and are limited dollar for dollar action because of the fact that there Is already a widespread feeling among
to the amount of coin (or coin and bullion in the case of gold certificates) national bankers that they are considerably handicapped in their compedeposited in the Treasury.
tition with State institutions by the fact that their banking powers generally
DEC. 6 1924.]
THE CHRONICLE
2599
are more restricted than those of the State institutions. But the proper Message of President Coolidge to Congress on Budget
answer to this suggestion would seem to be not to continue a bank note
—Surplus of $373,000,000 Expected in 1926.
currency which is generally agreed to be unscientific and of a more sentibanks, but rather to amend the
In a message to Congress on the budget, presented to that
mental than material value to the issuing
addiNational Bank Act so as to give to those national banks whatever
body Dec. 2, President Coolidge noted that "we are fast
tional banking powers lay be fleet:T.-salty in order to enable them effectively
reducing our expenditures to a minimum consistent with
and properly to compete with State institutions.
In this connection there are now pending before Congress two bills, efficient service;" for the current fiscal year he said, we have
to grant
known as the McFadden bill and the Pepper bill, both designed
, and for the next fiscal
some of an estimated surplus of $67,000,000
those very privileges to national banks. T.Indcr the proposed bills
The year (1926) a surplus of $373,000,000. The President rethe present powers will be liberalized and other new powers granted.
that some
Treasury approves the general features of these bills and believes
marked that "we are now in the fourth year of our campaign
to national
such legislation is necessary, not only as a matter of justice
for reduction in the cost of Government" and observed that
to preserve the estential strength and effectiveness
banks, but also in order
considered that "if we continue the campaign for economy we will pave the
of our central banking system. This is obvious when it is
of the
approximately two-thirds of the,total resources of the member banks
for a further reduction in taxes." "This reduction" he
In view of way
Federal Reserve System are represented by national banks.
effected immediately. Before it is
passage of such legislation conferring substan- continued, "cannot be
the likelihood of an early
definitely by actual
additional banking powers upon national banks, it is believed that now undertaken we should know more
tial
ultimate
is the appropriate time to formulate a permanent program for the
operation what our revenues will be under our present tax
retirement of the national bank circulation.
has been law." "But," he contended, "the knowledge of our revenue
The 4% loan of 1925, of which $118,489,900 is outstanding,
for redemption and payment as of Feb.2 1925. The calling of these under the existing law will avail us nothing if we embark
called
bonds may be regarded as the initial step in a program which, if not inter- upon any new large expenditure program." calling attennow
rupted or curtailed by reason of c:rcumstances or conditions not
tion in his budget message of a year
discernible, will result ultimately in tie retirement of all bonds bearing the tion to the recommenda
ago that taxes be reduced, the President referred to the fact
circulation i rivilage.
This program will provide for the retirement of the 2% Panama Canal that "the benefits to the people of this reduction went back
Loan of 1916-1936 (in principal amount of $48.954,180), and the 2%
at to the commencement of the calendar year, Jan. 1 1923,"
Panama Canal Loan of 1918-1938 (in principal amount of $25,947,400),
relief
some date after the passage of the contemplated legislation for the
and said that his confidence and that of Congress "that our
of national banks, but before the callable date of the 2% Consols of 1930.
fully justified."
1930. revenues could be safely reduced has been
The 2% Consols of 1930 are not redeemable until after April 1
he said, was closed with a
By that time the national banks will have had ample opportunity to adjust The fiscal year ended June 30 1924,
Furthemselves to the Treasury's plan to retire national bank circulation.
surplus, of receipts over expenditures of $505,366,000. For
thermore, they will then have fully avallaed themselves of the additional
the fiscal year ending June 30 1925, he continued, a revision
benefits afforded by changes in the National Bank Act, if amended. The
1 of the estimates of receipts and expenditures indicates that
2% Consols of 1930 should therefore be retired as speedily after April
1930 as may be consistent with other fiscal operations of the Treasury.
the receipts will be $3,601,968,297, and the expenditures
It may be suggested that, if the condition of the Treasury precludes the
pro- $3,534,083,808, forecasting a surplus of receipts over expayment in cash of any bonds that are called in accordance with this
gram and necessitates their refunding into other securities, it would result penditures of $67,884,489. In the case of the fiscal year 1926
in increasing the interest obligations of the Treasury. But notwithstand- the ordinary receipts are estimated at $3,641,295,092 and
ing the possibility of having to refund these bonds at an increased rate, the
the the expenditures at $3,267,551,378, indicating a surplus Of
importance of simplifying our currency system by the elimination of
in such
4. The President points out that the gross
national bank note is paramount, and the increased interest rate
and $373,743,71
event might properly be considered an investment in behalf of a sound
public debt was reduced $1,098,894,375 during the fiscal
much-needed monetary reform.
proportion year ended June 30 1924, and stood at $21,250,812,989 on the
Moreover,an increase in the interest rates on a relatively small
because,
of our national debt would not be a net loss to the Government.
latter date. The total reduction in the debt since the high
circulation are
to the extent that the national bank notes withdrawn from
31 1919, amounted to
of the latter would bo point of $26,594,000,000 on Aug.
replaced by Federal Reserve notes, the circulation
the profits of the Federal Reserve $5,343,000,000 at the close of the last fiscal year. He added
increased and this would tend to increase
rights of particibanks—profits in which the Government has very liberal
that "this total reduction has effected a saving in interest
replaced
pation. To the extent, moreover, that national bank notes are
a
the Federal Reserve amounting to approximately $225,000,000 annually,
by Federal Reserve notes, the more efficiently can
currency.
saving which equals nearly one-third of the total annual
banks function as a stabilizing influence on our credit and
bank note
The message in
It has also been suggested that the retirement of the national
however, pre-war expenditures of the Government."
circulation would result in currency shortage. It is believed,
harmful con- full follows:
that there is no sound basis for the fear that any undue or
loans
traction of the currency would result. Even if the Panama Canal
MESSAGE TRANSMITTING THE BUDGET.
called
callable in 1916 and 1918,respectively,and the 4s of 1025should all be
To the Congress of the United States:—
the same time, the resulting contraction in national bank circulation
at
I transmit herewith the Budget of the United States for the fiscal year
would not exceed approximately $151.000,000, or less than 4% of our total ending June 30 1926. The receipts and expenditures shown in detail
the
paper currency outstanding. It would be superseded, if needed, by
in the Budget are summaidzed in the following statement:
issue of Federal Reserve notes or gold certificates. At the presant time the
ummary.
banks, which are now the chief distributers of currency
Federal Reserve
in the United States, arbitrarily make payments of national bank notes
Actual
Estimated
Estimated
should
on hand before any other forms of currency. If, however, they
1924.
1925.
1926.
accumulate national bank notes and pay out other forms of currency first,
$3,601,968,297 $4,012,044,701
but a few weeks to substitute $151,000,000 of Federal Reserve Total receipts
83,041.295,092
it would take
notes for $151,000,000 of national bank currency, and the country would Total expenditures (Including reduction of the public debt required by
never realize that the substitution had been made.
law to be made from orldnarY
As to the suggestion that national bank notes are a necessary part of our
3,267,551,378 3.534,083,908 3,506,672,716
receipts)
currency in times of emergency or unusual credit expansion, it may be
$82.884,489 $505,366,986
Excess of receipts
3373.243.714
out that on Dec. 23 1920. when Federal Reserve note circulation
pointed
was at its maximum ($3,405.000.000), the available reserve against such
to Congress Dec. 3 1923 the Budget for the fiscal year
In transmitting
was 49.8% after setting aside 35% against deposit liabilities. It ending June 30 1925, I recommended that taxes be reduced. This recomnot
would have been possible at the peak of expansion, therefore, for the mendation was warranted by the statement of our finances as presented
Federal Reserve banks to have issued $831.000,000 additional Federal to Congress in that Budget. It was there estimated that under the tax
Reserve notes—over $100.000,000 more than the entire amount of national laws then in force the surplus of receipts over expenditures would be
bank notes then in circulation—without lowering the reserve against $329,639.624 for the fiscal year 1924 and $395,681,634 for the fiscal year
Federal Reserve notes below 40%. Even if this $831,000.000 additional 1925. Taxes have been reduced. The benefits to the people of this
currency, which might have been issued under a 40% reserve requirement, reduction went back to the commencement of the calendar year Jan. 1
had not been sufficient, Section 11 of the Federal Reserve Act specifically 1923. The confidence of the Chief Executive and of the Congress that
authorizes and empowers the Federal Reserve Board to reduce this reserve our revenues could be safely reduced has been fully justified. The fiscal
requirement when necessary. By reducing the reserve requirement only year which ended June 30 1924, was closed with a surplus of receipts over
2% on the above date, therefore, it would have been possible for the Reserve expenditures of $505,366,000. This was 8175,727,000 in excess of the
banks to have issued $1,054,000,000 of additional currency, and propor- estimate made on Dec. 3 1923. Increase of $117,367,000 in receipts
tionately more with further reductions of the reserve requirement.
and decrease of $58,360,000 in expenditures produced this unexpected
But conditions prevailing in 1920 and 1921 were unusual and it is not additional surplus of $175,727,000.
have a repetition of them. It is hard to contemplate
likely that we shall
$67,884,489 Surplus this Year.
a condition of the Federal Reserve banks, moreover, in which it would not
We have now completed five months of the current fiscal year, which
be possible to provide sufficient currency for any emergency that might
arise. It could have been done in 1920. if it had been necessary, even ends June 30 1925. This affords an index of the probable reduction in
without the national bank note circulation. All the more could it be done our revenues under the current tax law. It also affords an index of the
now when the total reserve of the Federal Reserve System is $895,000,000 limits within which our expenditures can be kept under the continuing
more than it was at that time—an increase of about 40%. It is difficult policy of economy. A revision of the estimate of receipts and expenditures
to believe, moreover, that our gold reserve for years to come, even contem- for the fiscal year ending June 30 1925 indicates to-day that the receipts
plating possible heavy exports to Europe, will not be sufficient to meet will be $3,601,968,297 and the expenditures $3,534.083,880. This forecasts
a surplus of receipts over expenditures for the current fiscal year of $67,every possible emergency.
While unforeseen conditions and circumstances affecting the fiscal 884.489. This estimate is most significant. On the one hand, we anticipate
Miklos of the Government may arise to interrupt or curtail a general receiving this year $400,000,000 less revenue than we had last year, due
to adopt a tentative program principally to the reduction in taxes. On the other hand, we must provide
program of retirement, it appears desirable
which will Include the retirement of the 2% Panama Canal loans, callable $114,000,000 for the extraordinary increase in expenditures made necessary
bonds should not be called until after the passage by the World War Adjusted Compensation Act. Yet we are confident
in 1916 and 1918. These
should be called well that the year will be closed with a surplus of more than $67.000,000.
of the national bank legislation referred to. but they
in advance of April 1 1930. the callable date of the 2% Consols. Subjedt Our aim should be not only to conserve this prospective surplus but to
the tentative program should add to it.
to the same conditions and circumstances,
For the fiscal year 1926 it is estimated that the ordinary receipts will be
further include the retirement of the 2% Consols of 1930 as soon as prac$3,641,295,092 and the expenditures $3,267,551,378. This indicates a
ticable after April 1 1930.
these
Reference to the calling of the 1925 bonds for redemption surplus of $373,743.714. In additien to be receipts and expenditures
$647,410,000 and the expendiwas made in our issues of Nov. 8, page 2130 and Nov. 22, it is estimated that the postal receipts willThis forecasts a surnlus in
nests'
tures chargeable thereto 8637,376,005.
page 2369.
2C00
THE CHRONTCLE
revenim of $10,033,995, which amount is included in the estimated general
surplus of $373,743,714.
[Vor,. 119.
The amount requested for national defense includes
$50,118.000 for the
Army and Navy Reserves, National Guard, Citizens' Military
Training
Camps, and other civilian training activities.
There Is also included in the national defense estimates
$7,444,000 for
increase of the Navy. This will provide for continuing work on
the fleet
submarines under construction and for begininng work on two of the four
remaining fleet submarines zuthorized in the 1916 program. With
regard
to the Navy estimates, legislation is now pending which provides for
additional vessels, including gunboats for use on the Yangtze River. Further
estimates for increase in the Navy are dependent upon the enactment of
this legislation. It will also be necessary to request of Congress legislation
increasing the authorized cost of the two airplane carriers now under construction. If this be granted it will require funds for the next fiscal year not
provided in the estimates contained in this budget.
Estimates for Fiscal Year 1926.
We come now to the estimates of appropriations contained in this Budget.
The Chief Executive Is pledged to economy in the requests ho makes
upon Congress for funds for the executive branch of the Government.
This pledge is kept in these estimates of appropriations. They call for a
total of 33,092,143,841 48, exclusive of the Postal Service. A fair comparison of the estimates of appropriations for 1926 with the appropriations
actually made for 1925 should include the supplemental estimates for
1925 which were presented to Congress for consideration in the second
deficiency bill, fiscal year 1924, and the bill to adjust compensation of
employees in certain of the field services. These two bills failed of enactment before the adjournment of Congress June 7 1924. In the following
table a comparison is made of the estimates of appropriations for 1926
For Rivers and Harbors.
with the appropriations actually made for 1925 and the supplemental
For rivers and harbors $56,237,600 is recommended. In this is included
estimates submitted for that year which are awaiting final legislative 340.000.000
for maintenance and improvement of existing river and harbor
consideration:
works, $10,500,000 for flood control on the Mississippi and Sacramento
Rivers. and $5.437,600 for the operation and maintenance of canals and
ESTIMATES OF APPROPRIATIONS FOR 1926 COMPARED WITH APPROthe removal of wrecks and other obstructiong. Of the $40.000.000 for
PRIATIONS FOR 1925,PLUS SUPPLEMENT ESTIMATES FOR 1925
maintenance and improvement of rivers and harbors,521,973,915 is for new
WHICH ARE AWAITING FINAL LEGISLATIVE CONwork and $17,241.575 is for maintenance. This will make possible material
SIDERATION.
progress on the most important projects approved by Congress.
Supplemental
Estimates
Muscle Shoals.
AppropriaEstimates
of ApproIt is estimated that 36,541.590 will be needed to complete Dam No. 2 at
Submitted
lions.
Total for
prtations,
for 1925.
1925.
1925.
1926.
Muscle Shoals. Of this amount,53,501,200 will be required this year. This
will be covered by a supplemental estimate for 1925. The balance$
3
$
$
Legislative establishment.
15.094,546
14,229,816
50,000
14,279,816 33,040,390—is provided for in these estimates.
Executive Office
43.520
397,847
There is included in these estimates $50,000,000 to be set aside in the
439,960
441,376
Independent offices—
adjusted service certificate fund established under the World War Adjusted
ivil Service Commission_
64,920
947,115
997,375
1,012,035 Compensation Act of May
19 1924. This is for the second payment to the
Employees' Compensation
Commission
2,650,6C0
2.301,500
2,650,000 fund to be made Jan. 1 1926. For the first payment, due Jan. 1 1925.
?ederal Board for Voca$100.000.000 is included in the deficiancy bill now under consideration by
tional education
944,000
6,380,000
8,222.270
7.324,000 Congress. The applications from veterans so
far have been below the
?ederal Trade Commission
1,010.000
950,000
1,010,000
)eneral Accounting Office
3.724,612
75,240
3,701,960
3.799.852 estimated number which the records indicate as entitled to the benefits of
lousing Corporation__ _ _
74,315
808,100
743,915
882,415 the Act. If the two appropriations recommended be made, it is estimated
nter-State Commerce
there will be sufficient amount in the fund on Jan. 11926. to meet the de369.580
4,272.284
Commission
4,913,500
4,641,864 mandm of the
Act. Should the number of applications increase beyond what
Upping Board and Emerpresent experience indicates as probable, there will be ample time to submit
gency Fleet Corporation
30,344,000
24,330.000
30.344.000
gate. War,and Navy Dea supplemental estimate for the additional amount necessary before that
2.433.115
2,342.880
partment Buildings_ _ _ _
2,433.115 (late.
681,980
1,260
'ariff Commission
721,500
683,240
The estimates for salaries of
employees in the District ofeolumbla
mlihsontan Institution &
869,102
National Museum
817,890
869,102 are in accordance with the provisions of the Classification Act approved
fatted States Veterans'
March 4 1923. For the field services the estimates for salaries are based on
405,700,000 349,065,000 135,892,898 484,957,898 rates
Bureau
comparable with those for departmental employees in the District of
1,777.187
30,000
1,578,045
riher independent offices_
1.807,187
70,956,024
7,091.162
140,092,750
)ept. of Agriculture
78,047.186 Columbia.
1,904,650
23.942,905
22,741,514
)opt. of Commerce
25,847,555
Federal Aid to States.
3,845,440 294,319,164
267.785,596 290.473.724
iept. of the Interior
For Federal aid to States the estimates provide in excess of 5109.000.000.
21,371,430
1,258.186
24.917.822
/opt. of Justice
22.629.616
7,981.517
The subsidies are prescribed bylaw. I am convinced that the broadening
8.335,260
694,830
kept. of Labor
8,676.347
289,783,978 277,208,327
498,930 277,707.257 of this field of activity Is detrimental both to Federal and State Governravy Department
15.027.646
16.130,652
737,110
tate Department
15,764,756
33,243,495 180,658,100 ments. Efficiency of Federal operations is Impaired as their scope Is unduly
Department_ _ _ _ 163,847,741 147.414,605
'reasury
enlarged. Efficiency of State governments is impaired as they relinquish
far Department, includ338,551,230 334.553,786
12,599,809 347,153,595 and turn over to the Federal Government responsibilities which are righting Panama Canal
27.682,067
32.335,827
2,672,048
ristrict of Columbia
30.354,115 fully theirs. / am opposed to any expansion of these subsidies. My con1.777,377.711 1.636,202.789 202.091,393 1.838,294,182 viction is they can be curtailed with benefit to both the Federal and State
Ordinary
Governments.
Reduction in principal of
Reclamation Purposes.
the pdblic debt—
For reclamation purposes I am recommending 39.777.257 for 1926. It is
323.175,000 310.000.000
Inking fund
310,000.000
urchase of Liberty bonds
highly desirable that the Congrem, as a basis for this and other future
208,600
from foreign repayments
208,600 reclamation expenditures, enact the legislation embodying new reclamation
ridemption of bonds and
pollens proposed in II. R. 9611, Sixty-eighth Congress, first session.
100.000
notes from estate taxes
100.000
,edemption of securities
Reduction in Gross Public Debt.
from Federal Reserve
The gross public debt was reduced 51.098,894,375 during the fiscal year
Bank and Federal Intermediate Credit Bank
ended June 30 1924, and stood at $21,250,812,989 on the latter date. This
950.000
1,152,200
franchise tax receipts—
1,152,200 reduction was accomplished through (1) the application
of the sinking fund
itedemption of bonds.&c.
and other public debt retirements required to be made from ordinary rerepayments
received as
ceipts. aggregating $457,999,750:(2) a reduction in the general fund balance
of principal and as inrest payments on obliof $135,527,639: and (3) the use of the entire surplus of 5505,366,986. The
gations of foreign Gov160,641,130 160.345.601
ernments
160,345.601 annual interest charges on the debt represented by this reduction are equIv-dent to over $45,000,000.
rincitral of the public
The total reduction in the debt since the high point of $26,594,000,000 on
484,766.130 471.806,401
471.806,401 Aug. 31 1919, amounted to 35,343,000,000 at the
debt
close of the last fiscal
865,000.000
gerest on the public debt 830,000.000 865,000.000
year. This total reduction has effected a saving in interest amounting to
from the
approximately $225,000.000 annually, a saving which equals nearly oneTotal payable
3,092,143,841 2.973.009,190 202,091,393 3.175.100.583 third of the
Treasury
total annual pro-war expenditures of the Government.
ost Office Department
The fixed-debt charges are included in the regular Budget of the Governand Postal Service Payment under a definite plan worked out soon after the close of the war for the
able from postal rev637,376,005 613,645,195
613,645,195 gradual retirement of the public debt, and must be met before the Budget
enues
can bArince. The most important of these fixed-debt charges is the cumulaTotal, including Post
tive sinking fund provided in the Victory Liberty Loan Act. Retirements
Office Department & •,,so g10 AAA /
—
.
.- .
AAR (th4 555 ana nal 701 q 7RII 7•1 1 '7711
,
through this fund during the past fiscal year were about $296,000,000. The
next items in size among the fixed-debt charges are tho retirements of seNational Defense.
curities received from foreign governments under debt settlements and the
For the national defense the estimates amount to $549.000,000, which is purchases and retirements of securities from foreign repayments. These
$29,000,000 less than the amount available this current fiscal year. These continuing reductions of the public debt have a very material effect in
figures do not include non-roilitary items of the War and Navy Depart- maintaining high prices for Liberty bonds. They permit the issuance of
ments. This reduction is made In accordance with my belief that we new Government securities for temporary and for refunding purposes at
can have adequate national defense with a more modest outlay of the low interest rates, with consequent further economy in Government extaxpayers' money. Further study may point the Way to additional re- penditures.
duction without weakening out national defense, but rather perfecting it
Reduction in Interest Charges.
This nation is at peace with the world. We no longer have international
Interest paid in the fiscal year 1924 amounted to $940,000,000. It is
major units. We are concerned estimated that this item will
competition in naval construction of
be $865,000,000 in 1925 and $830,000,000 in
primarily with maintaining adequate preparedness. We should have 1926. This saving of $110,000,000 in two years is the result of the reduction
adequate preparedness in 1926 within the limits of the amount recom- in the amount of the debt and decrease in the average rate of interest paid.
mended.
The sinking fund Is a part of the contract between the United States and the
Aside from the important factor of training personnel our national defense holder of the United States obligation, and, therefore, can not in good faith
the outstanding weakness in be changed. The
Is largely an industrial problem. To-day
continual steady effect of these debt-reducing factors is
the industrial situation as it affects national defense is the inadequacy of to cut down the largest single item of government expenditure, and permit
facilities to supply air service needs. The airplane industry in this country further reductions in the burden of taxation.
at the present time is dependent almost entirely upon Government business.
Government Building Program.
To strenxthen this industry is to strengthen our national defense. For
In my message transmitting the Budget for the fiscal year 1925 I recointhe air service of the Army and Navy, and tho Air Mall Service, the estimates, including contract authorizations, amount to $38,945,000. This mend the enactment of legislation which would authorize a reasonable
contemplates an expenditure with the industries of $18.287,000 for the, progressive building program to meet the needs of the executive departProcurement of airplanes, engines, and accessories. The remaining ments and establishments of the Government in the District of Columbia.
The situation is yearly becoming more acute even with full utilization of all
$20,658,000 is for maintenance, operation, experimentation and research.
Government
-owned buildings, including the temporary buildings erected
565,000.000 for Aviation.
during the period of the late emergency. We are now spending something
The amount of $38,945,000,.however, does not include all that will be more than $670,000 per year for rental of buildings or parts of buildings in
available for this service in 1926. Amounts contributing to the air service the District of Columbia. The present crowded condition Is detrimental to
carried in other estimates, and usable war supplies, will make a total avail- efficiency. The fire hazard in the temporary buildings is great. An exability conservatively estimated at $65,000.000.
penditure of $5,000,000 annually for a period of years would enable the
DEC. 61924.]
THE CHRONICLE
present situation to be gradually relieved. A larger yearly expenditure
would shorten the period during which full relief could be attained. During
the last session of Congress a bill was introduced authorizing a yearly appropriation of not exceeding $10,000,000 for a progressive building program
in the District of Columbia. This bill has my indorsement. I earnestly
recommend its enactment by Congress.
Commission to Investigate Agricultural Conditions.
I have recently appointed a commission to investigate agricultural conditions. The purpose of this was to determine what action, through legislation or otherwise, should be taken to place agriculture on a Wats of economic equality with other industries. The findings and recommendations
of the commission are for the use of the Congress. I mention this commission here for the reason that I will shortly submit to the Congress an
estimate of appropriation to meet the expenses of the commission.
We are now in the fourth year of our campaign for reduction in the cost
of Government. Our aim is to reduce the burden of taxes. In this we have
been successful. For those things which we are now required to do we are
fast reducing our expenditures to a minimum consistent with efficient service. We have before us an estimated surplus of $67,000,000 for the current
fiscal year and $373,000.000 for the next fiscal year. Shall we embark
upon new projects involving expenditures which will prevent the accumulation of these expected surpluses, or shall we continue the campaign for
economy? I am for economy. If we continue the campaign for economy we
will pave the way for further reduction in taxes. This reduction can not be
effected immediately. Before it is undertaken we should know more definitely by actual operation what our revenues will be under our present tax
law. But the knowledge of our revenue under the existing law will avail us
nothing if we embark upon any new large expenditure program.
CALVIN COOLIDGE.
The White House. Dec.11924.
2601
Porting, although it has not always been so in fact. The Budget Bureau
declared revenues for the fiscal year 1926 had been conservatively estimated
at $647.410,000, while the amount to be advanced to the Department for
expenses is only $637,376,005. Should these expectations be borne out, a
postal surplus of more than $10,000.000 would be turned back into the
Treasury.
Message of President Coolidge to Congress—Urges
Rigid Economy in Government Costs with View
to Further Tax Reductions—Recommendations
Regarding Railways, Agriculture, &c.
In his annual message to Congress this week President
Coolidge made the subject of Government economy and
tax reduction his leading theme, stating that "perhaps the
most important work that this session of Congress can do
is to continue a policy of economy and further reduce the
cost of government in order that we may have a reduction
of taxes for the next fiscal year." The President said that
in his opinion "the Government can do more to remedy the
economic ills of the people by a system of rigid economy in
public expenditure than can be accomplished through any
other action." He recounted that "the costs of our national
and local governments combined now stand at a sum close
to $100 for each inhabitant of the land," and that "a little
Enlarging upon the President's message, the Associated
less than one-third of this is represented by national expendiPress in Washington dispatches Dec.2 said:
ture and a little more than two-thirds by local expenditure."
The cost of running the Federal government in the fiscal year 1926 was
Congress today,at "If at the close of the present session," said the President,
fixed by President Coolidge, in the annual budget sent to
$3,729,519,846.48, or a reduction of $59,225,931.72 from the estimated ex- "the Congress has kept within the budget which I propose
penditures of the current year.
to present, it will then be possible to have a moderate
The estimates of six major departments or other agencies of the government—Interior, Navy, War. Tresury, Shipping Board and Veterans' amount of tax reduction and all the tax reform that the
Bureau—were reduced in the new budget while there was only one notable Congress may wish for during the next fiscal year." On
increase, that for the Department of Agriculture.
the subject of taxes he referred to the fact that with his
Practically all of the $26,000.000 reduction in the Interior Department
total was due to the smaller alltoment for the Pension Bureau. That approval of the present tax law he had stated publicly that
bureau's outlay was cut from $224,616.000 for the current year to $199.116,- his approval was given "in spite of certain provisions which
000 for next year, largely because of the decreasing pension roll resulting
I believed unwise and harmful." "One of the most glaring
from the death of pensioners.
The cut of $23.000,000 in the navy's total was scattered ovr many items of these," he noted, "was the making public of the amounts
of expenditure, but a large part of it was due to a eduction of the fund set assessed against different income taxpayers. Although
aside under the heading of "Increase of the Navy." It is understood supthat damage has now been done," he said, "I believe its
plemental estimates for needed construction will go to Congress later.
The budget director's report to the President declared that under the continuation to be detrimental to the public welfare and
total allowed the navy can continue at its present enlisted strength of 86,000 bound to decrease public revenues, so that it ought to be
men; the Marine Corps will have provision for 18,000 men instead of the
farmer, the President
present 19.500; the naval reserve force will continue on practically the repealed." With reference to the
present basis; it will be possible to increase the average steaming range of observed that "no more important development has taken
battleships from 19,400 miles to 23,700; two more of the submarines author- place in the last year than the beginning of a restoration of
ized in 1916 can be laid down; new aircraft can be purchased: and it will be
possible to continue work "at a normal rate of speed on all new ships under agriculture to a prosperous condition." While, he noted,
the position of all agricultural products indicates a better
construction within the limitation of authorized cost."
There were scattered reductions totaling $8,600,000 in the War Depart- balanced supply, "we cannot yet conclude that agriculture
was
ment's allowance, but no particular branch of the military service
singled out for reduced appropriations. Under the total authorized the is recovered from the effects of the war period, or that it
Budget Bureau declared, the regular army can continue on its present basis is permanently on a prosperous basis." He argued that
of 12,000 officers and an average enlisted strength of 118.000;the number of
"every effort must be made, both by Government activity
reserve officers who can be trained will remain about the same; attendance
at the citizens' training camps must be limited to 29.000 instead of 33,900 and by private agencies, to restore and maintain agriculture
In the current year, and the Militia Bureau will be able to maintain an to a complete normal relationship with other industries."
average strength of 173,500, a reduction of 3.500 from the present authoriThe President referred to the agricultural commission
zation.
The Air Service allotment was increased from $14.900.000 for the current delegated by him to inquire into the agricultural situation
year to $17,000,000 during the coming year to "enable the Air Service and indicated it as his hope "to report to the Congress such
to make reasonable progress toward cutting down its present shortage
may recommend."
in heavier-than-air craft and at the same time assist in keeping alive the air- legislative remedies as the conference
craft industry for use in time of emergency." The total fixed for rivers and The question as to the disposition of the water power project
harbors improvement($59.277,990) is practically the same as for the present at
Muscle Shoals was also alluded to by the President, who
year.
It was lathe Veterans' Bureau estimate that the budget director made his stated that he favored "a sale of this property, or long-term
biggest cut under the figures submitted a year ago. A net total of $79,000,- lease, under rigid guarantees of commercial nitrogen pro000 was lopped off, in spite of increases in some departments of the bureau's
for agricultural use." The
activities. The factors which more than offset these increases included a duction at reasonable prices
drop from $89,000,000 to $38.000,000 for vocarional rehabilitation, due to President again indicated his views regarding the necessity
the decreasing necessity for giving vocational training to men wounded in for legislation to expedite the consolidation of the railways
the war; a reduction from 8127.800,000 set aside a year ago for possible use
that "those portions of the
In bonus payments to $62.000,000. which the budget director estimates into larger systems; he stated
would be sufficient to carry the payments through next year if applica- present law contemplating consolidations are not sufficiently
tions continue to come in at their present slow rate, and a $7,000,000 re- effective in producing expeditious action and need ampliduction in the amount set aside for hospital construction.
Commerce ComThe Treasury Department's reduction of $16,810,000 under the total for fication of the authority of the Inter-State
the present year was largely accounted for by the fact that tax refunds mission, particularly in affording a period of voluntary
amounting to $16.140,000, resulting from the 25% reduction voted by proposals to
the Commission and in supplying Government
Congress at the last session, were included lathe expenditures of the current
pressure to secure action after the expiration of such a period."
year and no like item was necessary in the now budget.
The Coast Guard allotment was increased by $1.650,000, as a part of the He likewise referred to other proposals before Congress for
drive against rum runners, while the total given the customs service was amending the Transportation Act,one of these contemplating
cut $712.000—a reduction declared by the Budget Director to be due to
a revision of the method of valuation for rate-making purdecreased activities and an estimated falling off in refunds.
Included in the factors contributing to the Shipping Board's reduction of poses, and still another proposal affecting the labor section
$6.000.000 were enumerated improved methods of operation, together with of
the Act. Two measures to protect the wage earner were
the consolidation, curtailment and reduction in the number of trade routes
commented upon by the President—the protective tariff
and an improvement in freight rates.
The Budget Bureau informed the President in its report that the net in- and the restrictive immigration law; while indicating that
crease or 562,000,000 in the amount set aside for the Agriculture Departhe would like to see the Administration features of the latter
ment was "due primarily to an increase from $13,000,000 to $80.000,000 for
the construction of rural post roads." There were various comparatively "rendered a little more humane for the purpose of permitting
small increases in other activities of the Department.
those already here a greater latitude in securing admission
More than half of the $2,288.000 increase in the allowance for the Justice
decision to more than triple the amount of members of their own families," he expressed it as his
Department was accounted for by a
set aside "for the investigation and prosecution of war frauds." The war belief that "this law in principle is necessary and sound, and
frauds item in the present year amounted to but $500,000, but in the new destined to increase greatly the public welfare."
The
Budget It is $1,725,000. The amount set aside for enforcement of antiPresident in his utterances on the country's foreign relations
trust laws was increased from $203.930 to $228,000.
A net increase of 523,000.000 also was shown for the Post Office Depart- made it plain that "while we desire always to co-operate
ment, but the whole expenditure of that Department Is expected to be and to help, we are equally
determined to be independent
returned to the Treasury,along with a surplus, as a result of postal revenues.
-sup- and free." He added:
In theory the postal service always is regarded in the Budget as self
2602
THE CHRONICLE
[VOL. 119.
Right and truth and justice and humanitarian efforts will have the moral session of the
Congress can do is to continue a policy of economy and further
support of this country all over the world. But we do not wish to become
reduce the cost of government, in order that we may have a reduction of
Involved in the political controversies of others. Nor is the country distaxes for the next fiscal year.
posed to become a member of the League of Nations or to assume the obliNothing is more likely to produce that public confidence which is the
gations imposed its covenant.
forerunner and the mainstay of prospe4ity, encourage and enlarge business
As to the country's attitude toward the Permanent Court opportunity with ample opportunity for employment at good wages, provide a larger market for agricultural products, and put our country
of International Justice, he stated that he believed "it would stronger
in a
position to
be for the advantage of this country and helpful to the sta- continuing policy ofbe able to meet the world competition in trade, than a
economy.
Of course necessary costs must be met, proper functions of the Governbility of other nations for us to adhere to the protocol estabment performed, and constant investments for capital account and reprolishing that Court upon the conditions stated in the recom- ductive effort must be
carried on by our various departments. But the
mendation which is now before the Senate, and further that people must know that their Government is placing upon them no unnecessary burden.
our country shall not be bound by advisory opinions which
Taxes.
may be rendered by the Court upon questions which we have
Every one desires a reduction of taxes, and there is a great preponnot voluntarily submitted for its judgment."
derance of sentiment in favor of taxation reform. When I approved the
With reference to the calling of a new conference on the present tax law I stated publicly that I did so in spite of certain provisions
I
limitation of armaments, the President stated that "on ac- of thesewhichthebelieved unwise and harmful. One of the most glaring
was
making Public of
count of proposals which have already been made by other income-tax payers. Although thatthe amounts assessed against different
damage has now been done, I beGovernments for a European conference, it will be necessary lieve its continuation to be detrimental to the public welfare and bound
decrease
to wait to see what the outcome of their actions may be." toAnybody public revenues, so that it ought to be repealed.
can reduce taxes, but it is not so easy to stand in the gap
He added:
and resist the passage of increasing appropriation bills which would make
I should not wish to propose or have representatives attend a conference tax reduction impossible. It will be very easy to measure the strength
which would contemplate commitments opposed to the freedom of action we of the attachment to reduced taxation by the power with which increased
desire to maintain unimpaired with respect to our purely domestic policies.
appropriations are resisted. If at the close of the present session the
With reference to the foreign debts, the President noted Congress has kept within the budget which I propose to present, it will
then be possible to have a moderate amount
that about $12,000,000,000 is due to our Government from tax reform that the Congress may wish for of tax reduction and all the
during the next fiscal year.
abroad, and that settlements have been negotiated with
The country is now feeling the direct stimulus which came from the
passage of the last revenue bill, and under the assurance of a reasonable
some of the foreign debtor nations involving close to $5,000,prospect of an
000,000, this representing the funding of over 42% of the system of taxation there is every would be kilo toera of prosperity of unprecedented proportions. But it
expect any such results
debt since the creation of the Foreign Debt Commission. unless business can continue free from excess profits taxation and be
accorded a system of surtaxes- at rates which have for their object not
He urged the extension of the life of the Commission, the
the punishment
term of which is about to expire. Opposition to the cancel- production of theof success or the discouragement of business, but the
greatest amount of revenue from large incomes.
I am convinced that the larger incomes of the country would actually
lation of the foreign debts was indicated by the President,
who stated that he believed "it for the best welfare of the yield more revenue to the Government if the basis of taxation were
scientifically revised downward. Moreover, the effect
world that they should be liquidated and paid as fast as pos- method of this taxation is to increase the cost of interestof the present
on productive
sible." The President did not appear before a joint session enterprise and to increase the burden of rent. It is altogether likely
that such reduction would so encourage and stimulate investment that
of Congress to read his message, as he did a year ago, fol- it would firmly
establish our country in the economic leadership of the
lowing the custom of Presidents Wilson and Harding, but world.
instead it was read by clerks of the House and Senate, reWaterways.
Meantime oux internal development should go on. Provision should
spectively, both of which met in separate session for its readbe made for flood control of such rivers as the Mississippi and the Colorado,
ing. The message in full follows:
and for the opening up of our inland waterways to commerce. ConTo the Congress of the United States:
sideraZen is due to the project of better navigation from the Great Lakes
The present State of the Union, upon which it is customary for the to the Gulf. Every effort is being made to promote an agreement with
President to report to the Congress under the provisions of the Constitu- Canada to build the St. Lawrence waterway. There are pending before
tion, is such that it may be regarded with encouragement and satisfaction the Congress bills for further development of the Mississippi Basin, for
by every American. Our country is almost unique in its ability to dis- the taking over of the Cape Cod Canal in accordance with a moral obligacharge fully and promptly all its obligations at home and abroad, and pro- tion which seems to have been incurred during the war, and for the imvide for all its inhabitants an increase in material resources, in intellectual provement of harbors on both the Pacific and the Atlantic coasts. While
vigor and in moral power. The nation holds a position unsurpassed in
all this last should be divested of some of its projects and we must proceed
former human experience.
slowly, these bills in general have my approval. Such works are proThis does not mean that we do not have any problems. It is elementary ductive of wealth and in the long run tend to a reduction of
the tax burden.
that the increasing breadth of our experience necessarily increases the
Reclamation.
problems of our national life. But it does mean that if we will but
apply
Our country has a well-defined policy of reclamation established under
ourselves industriously and honestly, we have ample powers with which to
statutory authority. This policy should be continued and made a selfmeet our problems and provide for their speedy solution.
I do not profess that we can secure an era of perfection in human exist- sustaining activity administered in a manner that will meet local requireence, but we can provide an era of peace and prosperity, attended with ments and bring our arid lands into a profitable state of cultivation as
freedom and justice and made more and more satisfying by the ministra- fast as there is a market for their products. Legislation is pending based
on the report of the Fact Finding Commission for the proper relief of
tions of the charities and humanities of life.
Our domestic problems are for the most part economic. We have our those needing extension of time in which to meet their payments on
enormous debt to pay, and we are paying it. We have the high cost of irrigated land, and for additional amendments and reforms of our reclamaGovernment to diminish, and we are diminishing it. We have a heavy tion laws, which are all exceedingly impor ant, and should be enacted
burden of taxation to reduce, and we are reducing it. But while remark- at once.
Agriculture.
able progress has been made in these directions, the work is yet far from
accomplished. We still owe over $21,000,000,000, the cost of the national
No more important development has taken place in the lass year than
government is still about $3,500,000,000, and the national taxes still the beginning of a restoration of agriculture to a prosperous condition.
amount to about $27 for each one of our inhabitants. There yet exists this We must permit no division of classes in this country, with one occupation
enormous field for the application of economy.
striving to secure advantage over another. Each must proceed under
In my opinion the Government can do more to remedy the economic ills open opportunities and with a fair prospect of economic equality. The
of the people by a system of rigid economy in public expenditure than Government cannot successfully insure prosperity or fix
prices by legiscan be accomplished through any other action. The costs of our national lative fiat. Every business has its risk and its times of depression. It
and local governments combined now stand at a sum close to $100 for each it well known that in the long run there will be a more even
prosperity
Inhabitant of the land. A little less than one-third of this is represented by and a more satisfactory range of prices under the natural working out of
national expenditure. and a little more than two-thirds by local expenditure. economic laws than when the Government undertakes the artificial support
It is an ominous fact that only the National Government is reducing its of markets and industries.
Still we can so order our affairs, so protect our own people from
debt. Others are increasing theirs at about $1,000,000,000 each year.
forThe depression that overtook business, the disaster experienced in agri- eign competition, so arrange our national finances, so administer our
culture, the lack of employment and the terrific shrinkage in all values monetary system, so provide for the extension of credits, so improve methwhich our country experienced in a most acute form in 1920, resulted in no ods of distribution, as to provide a better working machinery for the transsmall measure from the prohibitive taxes which were then levied on all action of the business of the nation with the least possible friction and loss.
productive effort. The establishment of a system of drastic economy in The Government has been constantly increasing its efforts in these direcPublic expenditure, which has enabled us to pay off about ono-fifth of the tions for the relief and permanent establishment of agriculture on a sound
national debt since 1919, and almost cut in two the national tax burden and equal basis with other business.
It is estimated that the value of the crops for this harvest year may
since 1921, has been one of the main causes in re-establishing a prosperity
which has come to include within its benefits almost every one of our in- reach $13,000,000,000, which is an increase of over $3,000,000,000 in three
habitants. Economy reaches everywhere. It carries a blessing to every- years. It compares with $7,100,000,000 in 1913, and if we make deduction from the figures of 1924 for the comparatively decreased value of the
body.
The fallacy of the claim that the costs of government are borne by the dollar, the yield this year still exceeds 1913 in purchasing power by over
rich and those who make a direct contribution to the national Treasury $1,000.000,000, and in this interval there has been no increase in the numcannot be too often exposed. No system has been devised, I do not think ber of farmers. Mostly by his own efforts the farmer has decreased the
any system could be devised, under which any person living in this country cost of production. A marked increase in the price of his products and some
could escape being affected by the cots of our Government. It has a direct decrease in the price of his supplies has brought him about to a parity with
effect both upon the rate and the purchasing power of wages. It is felt In the rest of the nation.
the price of those prime necessities of existence, food, clothing, fuel and
The crop area of this season is estimated at 370,000,000 acres, which is
a decline of 3.000,000 acres from last year, and 6,000,000 acres from 1919.
shelter.
It would appear to be elementary that the more the Government expends This has been a normal and natural application of economic laws, which
the more it must require every producer to contribute out of his production has placed agriculture on a foundation which is undeniably sound and
to the public Treasury, and the less he will have for his own benefit. The beginning to be satisfactory.
continuing costs of public administration can be met in only one way—by
A decrease in the world supply of wheat has resulted in a very large
the work of the people. The higher they become, the more the people must increase in the price of that commodity. The position of all agricultural
work for the Government. The less they are, the more the people can work products indicates a better balanced supply, but we can not yet
conclude
for themselves.
that agriculture is recovered from the effects of the war period or that it is
The present estimated margin between public receipts and expenditures permanently on a prosperous basis. The cattle industry has not
yet refor this fiscal year is very small. Perhaps the most important work that this covered, and in some sections has been suffering from dry
weather. Every
DEc. 6 1924.]
THE CHRONICLE
2603
effort must be made, both by Government activity and by private agencies, relations and more direct local responsibility of employees and managers.
to restore and maintain agriculture to a complete normal relationship with But such legislation will not meet the requirements of the situation unless
other industries.
it recognizes the principle that the public has a right to the uninterrupted
It was on account of past depression, and in spite of present more en- service of transportation, and therefore a right to be heard when there is
couraging conditions, that I have assembled an agricultural conference danger that the nation may suffer great injury through the interruption of
made up of those who are representative of this great industry in both operations because of labor disputes. If these elements are not compreits operating and economic sides. Every one knows that the graet need hended in proposed legislation it would be better to gain further experience
of the farmer is markets. The country is not suffering on the side of pro- with the present organization for dealing with these questions before underduction. Almost the entire difficulty is on the side of distribution. This taking a change.
reaches back, of' course, to unit costs and diversification, and many allied
Shipping Board.
subjects. It is exceedingly intricate, for our domestic and foreign trade,
The form of the organization of the Shipping Board was based origitransportation and banking, and, in fact, our entire ecnnomic system, nally on its functions as a semi-judicial body in regulation of rates. During
are closely related to it.
the wary it was loaded with enormous administrative duties. It has been
In time for action at this session, I hope to report to the Congress such demonstrated time and again that this form of organization results in hidelegislative remedies as the conference may recommend. An appropria- cision, division of opinion and administrative functions, which make a
tion should be made to defray their necessary expenses.
wholly inadequate foundation for the conduct of a great business enterprise.
The first principle in securing the objective set out by Congress in buildMuscle Shoals.
ing up the American merchant marine upon the great trade routes and subThe production of nitrogen for plant food in peace and explosives in
quently disposing of it to private operation cannot proceed with effectivewar is more and more important. It is one of the chief sustaining eleness until the entire functions of the board are reorganized. The immediate
ments of life. It is estimated that soil exhaustion each year is repretransfer into the Emergency Fleet Corporation the whole
sented by about 9,000,000 tons and replenishment by 5,450,000 tons. The requirement is to
responsibility of operation of the fleet and other property, leaving to the
deficit of 3,550,000 tons is reported to represent the impairment of 118,Shipping Board solely the duty of determining certain major policies which
000,000 acres of farm lands each year.
To meet these necessities the Government has been developing a water require deliberative action.
The procedure under Section 28 of the Merchant Marine Act has created
power project at Muscle Shoals, to be equipped to produce nitrogen for
threatened friction during the last twelve months.
explosives and fertilizer. It is my opinion that the support of agriculture great difficulty and
Its attempted application developed not only great opposition from exportis the chief problem to consider in connection with this property. It could
ers, particularly as to burdens that may be imposed upon agricultural
by no means supply the present needs for nitrogen, but it would help, and
in the different seaports as to the effect
its development would encourage bringing other water powers into like use. products, but also great anxiety
upon their relative rate structures. This trouble will certainly recur if action
Several offers have been made for the purchase of this property. Probis attempted under this section. It is uncertain in some of its terms and of
ably none of thena represents final terms. Much costly experimentation
great difficulty in interpretation.
is necessary to produce commercial nitrogen. For that reason it is a field
It is my belief that action under this section should be suspended until
better suited to private enterprise than to Government operation.
the Congress can reconsider the entire question in the light of the experience
I should favor a sale of this property, or a long-term lease, under rigid
that has been developed since its enactment.
guaranties of commercial nitrogen production at reasonable prices for agriNational Elections.
cultural use.
Nothing is so fundamental to the integrity of a republican form of governThere would be a surplus of power for many years over any possibility
of its application to a developing manufactuer of nitrogen. It may be ment as honesty in all that relates to the conduct of elections. I am of the
found advantageous to dispose of the right to surplus power separately opinion that the national laws governing the choice of members of the Conwith such reservations as will allow its gradual withdrawal and application gress should be extended to include appropriate representation of the respective parties at the ballot box and equality of representation on the varito nitrogen manufacture.
A sub-committee of the Committees on Agriculture should investigate ous registration boards, wherever they exist.
this field and negotiate with prospective purchasers. If no advanatgeous
The Judiciary.
offer be made, the development should continue and the plant should be
The docket of the Supreme Court is becoming congested. At the opendedicated primarily to the production of materials for the fertilization of the ing
term last year it bad 592 cases, while this year it had 687 cases. Justice
soil.
long delayed is justice refused. Unless the Court be given power by preRailways.
liminary and summary consideration to determine the importance of cases.
The railways during the last year have made still further progress in and by disposing of those which are not of public moment reserve its time
recuperation from the war, with large gains in efficiency and ability ex- for the more extended consideration of the remainder, the congestion of the
peditiously to handle the traffic of the country. We have now passed docket is likely to increase.
It is also desirable that the Supreme Court should have power to improve
through several periods of peak traffic without the car shortages which so
frequently in the past have brought havoc to our agriculture and industries. and reform procedure in suits at law in the Federal courts through the
The condition of many of our great freight terminals is still one of difficulty adoption of appropriate rules. The Judiciary Committee of the Senate
and results in imposing large costs on the public for inwardbound freight,
- has reported favorably upon two bills providing for these reforms which •
and on the railways for outward-bound freight. Owing to the growth of should have the immediate favorable consideration of the Congress.
I further recommend that provision be made for the appointment of a
our largo cities and the great increase in the volume of traffic, particularly
in perishables, the problem is not only difficult of solution but in some cases commission, to consist of two or three members of the Federal judiciary
and as many members of the bar, to examine the present criminal code of
not wholly solvable by railway action alone.
In my message last year I emphasized the necessity for further legislation procedure and recommend to the Congress measures which may reform and
with a view to expediting the consolidation of our railways into larger sys- expedite court procedure in the administration and enforcement of our
tems. The principle of Government control of rates and profits, now tho- criminal laws.
roughly imbedded in our Governmental attitude toward natural monopolies
Prison Reform.
such as the railways, at once eliminates the need of competition by small
Pending before the Congress is a bill which has already passed one House,
units as a method of rate adjustment. Competition must be preserved as providing for a reformatory
to which could be committed first offenders
a stimulus to service, but this will exist and can be increased under enlarged and young men for the purpose
of segregating them from contact with
systems.
hardened criminals and providing them with special training, in order to
Consequently the consolidation of the railways into larger units for the re-establish in them the
power to pursue a law-abiding existence in the
purpose of securing the substantial values to the public which will come from social and economic life of the
nation. This is a matter of so much importlarger operation, has been the logical conclusion of Congress in its previous ance as to warrant the early
attention of the present session. Further proenactments, and is also supported by the best opinion in the country. vision should also be made,
for a like reason, for a separate reformatory for
Such consolidation will assure not only a greater element of competition as women.
to service, but it will afford economy in operation, greater stability in railNational Police Bureau.
way earnings, and more economical financing.
Representatives of the International Police Conference wili bring to the
It opens large possibilities of better equalization of rates between difattention of the Congress a proposal for the establishment of a national
ferent classes of traffic, so as to relieve undue burdens upon agricultural
police bureau. Such action would provide a central point for gathering,
products and raw materials generally, which are now not possible without
compiling and later distributing to local police authorities much information
ruin to small units owing to the lack of diversity of traffic. It would also
which would be helpful in the prevention and detection of crime. I believe
tend to equalize earnings in such fashion as to reduce the importance of
this bureau is needed, and I recommend favorable consideration of this
Section 15a, at which criticism, often misapplied, has been directed. A
proposal.
smaller number of units would offer less difficulties in labor adjustments
District of Columbia Welfare.
and would contribute much to the solution of terminal difficulties.
The welfare work of the District of Columbia is administered by several
The consolidations need to be carried out with due regard to public
interest and to the rights and established life of various communities in different boards dealing with charities and various correctionsl efforts. It
our country. It does not seem to me necessary that we endeavor to antici- would be an improvement if this work were consolidated and placed under
pate any final plan or adhere to any artificial and unchangeable project the direction of a single commission.
which shall stipulate a fixed number of systems, but rather we ought to
French Spoliation Claims.
approach the problem with such a latitude of action that it can be worked
During the last session of the Congress legislation was introduced looking
out step by step in accordance with a comprehensive consideration of public to the payment of the remaining claims generally referred to as the French
interest. Whether the number of ultimate systems shall be more or less spoliation claims. The Congress has provided for the payment of many
seems to me can be determined only by time and actual experience in the similar claims. Those that remain unpaid have been long pending. The
development of such consolidations.
beneficiaries thereunder have every reason to expect payment. These
Those portions of the present law contemplating consolidations aca not claims have been examined by the Court of Claims and their validity and
sufficiently effective in producing expeditious action and need amplification amount determined. The United States ought to pay its debts. I recomof the authority of the Inter-State Commerce Commission, particularly in mend action by the Congress which will permit the payment of these
affording a period 402 voluntary proposals to the Conunission and in sup,
remaining claims.
lug government pressure to secure action after the expiration of such a
The Wage Earner.
period.
Two very important policies have been adopted by this country which,
„
There are other proposals before Congress for arneetitrg the tprn por_ while extending their benefits also in other directions, have been of
the
now ar
tattoo Act. One of these contemplates a revisic
utmost importance to the wage earners. One of these is the protective
Lion for rate-making purposes, to be followed by a enewcu N. W.I./110f the tariff, which enables our people to live according to a better
standard and
railways. The valuations instituted by the Inter-State Commerce Com- receive a better rate of compensation than any people, any time,
mission ten years ago have not yet been completeh. They have cost the on earth, ever enjoyed. This saves the American market for theanywhere
products
Government an enormous sum and they have imposed great expenditure of the American workmen.
upon the railways, most of which has in effect come out of the public in
The other is a policy of more recent origin and seeks to shield our wage
increased rates. This work should not be abandoned or supplanted until earners from the disastrous competition of' a great influx of
foreign people .
s
its results are known and can be considered.
This has been done by the restrictive immigration law. This saves
the
Another matter before the Congress is legislation affecting the labor American job for the American workman. I should like to
see the adminissections of the Transportation Act. Much criticism has been directed at the trative features of this law rendered a little more
humane for the purpose of
workings of this section, and experience has shown that some useful amend- permitting these already here a greater latitude
in securing admission of
ment could be made to these provisions.
members of their own families. But I believe this law in
principle is
It would be helpful if a plan could be adopted which, while retaining necessary and sound, and destined
to increase greatly the public
welfare.
the practice of systematic collective bargaining with conciliation and vol- We
must maintain our own economic position, we must defend
our own
untary arbitration of labor differences, could also provide simplicity in national integrity.
2604
THE CHRONICLE
It is gratifying to report that the progress of industry, the enormous
increase in individual productivity through labor-saving devices and the
high rate of wages have all combined to furnish our people in general with
such an abundance not only of the necessaries but of the conveniences of
life that we are by a natural evolution solving our problems of economic
and social justice.
The Negro.
These developments have brought about a very remarkable improvement
in the condition of the negro race. Gradually, but surely, with the almost
universal sympathy of those among whom they live, the colored people are
working out their own destiny. I firmly believe that it is better for all concerned that they should be cheerfully accorded their full constitutional
rights, that they should be protected from all of those impositions to which,
from their position, they naturally fall a prey, especially from the crime
of lynching, and that they should receive every encouragement to become
full partakers in all the blessings of our common American citizenship.
Civil Service.
The merit system has long been recognized as the correct basis for employment in our civil service. I believe that first, second and third class
postmasters, and without covering in the present membership the field
force of prohibition enforcement, should be brought within the classified
service by statute law. Otherwise the Executive order of one administration is changed by the Executive order of another administration, and
little real progress is made. Whatever its defects the merit system is certainly to be preferred to the spoils system.
Departmental Reorganization.
One way to save public money would be to pass the pending bill for the
reorganization of the varicus departments. This project has been pending
for some time and has had the most careful consideration of experts and
the thorough study of a special Congressional committee. This legislation
Is vital as a companion piece to the budget law. Legal authority for a
of
thorough reorganization of the Federal structure with some lattitude
action to the Executive in the rearrangement of secondary functions would
make for continuing economy in the shift of government activities which
must follow every change in a developing country. Beyond this many of
the independent agencies of the Government must be placed under responsible Cabinet officials if we are to have safeguards of efficiency, economy and probity.
Army and Novi!.
Little has developed in relation to our national defense which needs
in air navigation
special attention. Progress is constantly being made
made
and requires encouragement and development. Army aviators have
suitable recoga successful trip around the world, for which I recommend
nition through provisions for promotion, compensation and retirement.
*Under the direction of the Navy a new Zeppelin has been successfully
brought from Europe across the Atlantic to our own country.
of the
Due to the efficient supervision of the Secretary of War the army
and a
United States has been organized with a small body of regulars
moderate National Guard and Reserve. The defense test of Sept. 12
demonstrated the efficiency of the operating plans. These methods and
operations are well worthy of Congressional support.
Under the limitation of armaments treaty a large saving in outlay and
a considerable decrease in maintenance of the navy has been accomplished.
We should maintain the policy of constantly working toward the full treaty
strength of the navy. Careful investigation is being made in this department of the relative importance of aircraft, surface and submarine vessels
in order that we may not fail to take advantage of all modern improvements
for our national defense.
A special commission also is investigating the problem of petroleum
oil for the navy, considering the best policy to insure the future supply of
fuel oll and prevent the threatened drainage of naval oil reserves. Legislative action is required to carry on experiments in oil shale reduction, 88
large deposits of this type have been set aside for the use of the navy.
We have been constantly besought to engage in competitive armaments.
Frequent reports will reach us of the magnitude of the military equipment
or
of other nations. We shall do well to be little impressed by such reports
such actions. Any nation undertaking to maintain a military establishment with aggressive and imperialistic designs will find itself severely
handicapped in the economic development of the world. I believe thorBut
oughly in the army and navy, in adequate defense and preparation.
maintaining land
I am opposed to any policy of competition in building and
or sea armaments.
dealing with
Our country has definitely relinquished the old standard of
the new
other countries by terror and force, and is definitely conunited to
understanding.
standard of dealing with them through friendship and
forces of
This new policy should be constantly kept in mind by the guiding
large. I believe
the army and navy, by the Congress and by the country at
resist any attempt
it holds a premise of great benefit to humanity. I shall
to resort to the old methods and the old standards.
comprehend the
I am especially solicitous that foreign nations should
we have adopted this position. While
candor and sincerity with which
forces by land
we propose to maintain defensive and supplementary police
and maneuvers upon apand sea, and to train them through inspections
their efficiency, I wish everyother
propriate occasions in order to maintain
not express any unfriendliness or convey
nation to understand that this does
America to be considered by
any hostile intent. I want the armed forces of
the contribution which is made
all peoples not as enemies but as friends, as
of the peace and security of the world.
by:this country for the maintenance
Veterans.
hospitalization of the veterans of all
With the authorization for general
treatment of those
wars provided during the present year. the care and
the attitude of the Governwho served their country in time of peril and
needed legislation as one of
ment toward them is not now so much one of
administration. It will ever be recognized
careful, generous and humane
always entitled to the most
that their welfare is of the first concern and
fellow citizens. They are orsolicitous consideration on the part of their
chief and most representative
ganized in various associations, of which the
will present to the
is the American Legion. Through its officers the Legion
They cover such a wide
Congress numerous suggestions for legislation.
them within the scope of
variety of subjects that it is impossible to discuss
approval and
this message. With many of the proposals I join in hearty
and consideration of the
commend them all to the sympathetic investigation
Congress.
Foreign Relations.
relations been in
At no period in the past twelve years have our foreign
are at the present time. Our actions
such a satisfactory condition as they
policy of
in the recent months have greatly strengthened the American
Government
Permanent peace with independence. The attitude which our
reparations, by
took and maintained toward an adjustment of European
has demonpointing out that it was not a political but a business problem,
restored
strated its wisdom by its actual results. We desire to see Europe
hat it may resume its productivity in the increase of industry and Its sup-
FoL. 119.
port in the advances of civilization. We look with great gratification at
the hopeful prospect of recuperation in Europe through the Dawes plan.
Such assistance as can be given through the action of the public authorities and of our private citizens, through friendly counsel and cooperation, and through economic and financial support, not for any warlike effort but for reproductive enterprise, not to provide means for unsound
governmentfinancing but to establish sound business administration,should
be unhesitatingly provided.
Ultimately nations, like individuals, cannot depend upon each other,
but must depend upon themselves. Each one must work out its own salvation. We have every desire to help. But with all our resources, we are
powerless to save unless our efforts meet with a constructive response.
The situation in our own country and all over the world is one that can be
Improved only by hard work and self-denial. It is necessary to reduce
expenditures, increase savings and liquidate debts. It is in this direction
that there lies the greatest hope of domestic tranquility and international
peace.
Our own country ought to furnish the leading example in this effort.
Our past adherence to this policy, our constant refusal to maintain a military
establishment that could be thought to menace the security of others, our
honorable dealings with other nations, whether great or small, has left us in
the almost constant enjoyment of peace.
It is not necessary to stress the general desire of all the people of this
country for the promotion of peace. It is the leading principle of all our
foreign relations. We have on every occasion tried to co-operate to thls
end In all ways that were consistent with our proper independence and our
traditional policies. It will be my constant effort to maintain these principles and to reinforce them by all appropriate agreements and treaties.
While we desire always to co-operate and to help, we are equally determined to be Independent and free. Right and truth and justice and humanitarian efforts will have the moral support of this country all over the world.
But we do not wish to become Involved in the political controversies of
others. Nor is the country disposed to become a member of the League of
Nations or to assume the obligations impbsed by its covenant.
International Court.
America has been one of the foremost nations In advocating tribunals
of international disputes of a justiciable character.
for the settlement
Our representatives took a leading part in those conferences which resulted
in the establishment of The Hague Tribunal, and later in providing for a
Permanent Court of International Justice. I believe It would be for the
advantage of this country and helpful to the stability of other nations for 118
to adhere to the protocol establishing that court upon the conditions stated
In the recommendation which is now before the Senate, and further that
our country shall not be bound by advisory opinions which may be rendered by the court upon questions which we have not voluntarily submitted for its judgment. This court would provide a practical and convenient tribunal before which we could go voluntarily, but to which we
could not be summoned, for a determination of justiciable questions when
they fail to be resolved by diplomatic negotiations.
Disarmament Conference.
Many times I have expressed my desire to see the work of the Washington conference on limitation of armaments appropriately supplemented
by further agreements for a further reduction and for the purpose of diminshing the menace and waste of the competition in preparing instruments of
international war. It has been and is my expectation that we might hopefully approach other great powers for further conference on this subject as
soon as the carrying out of the present reparations plan as the established and
settled policy of Europe has created a favorable opportunity.
But, on account of proposals which have already been made by other
governments for a European conference, it will be necessary to wait to see
what the outcome of their actions may be. I should not wish to propose or
have representatives attend a conference which would contemplate commitments opposed to the freedom of action we desire to maintain unimpaired with respect to our purely domestic policies.
International Law.
Our country should also support efforts which are being made toward
the codification of international law. We can look more hopefully, In the
first instance, for research and studies that are likely to be Productive of
results, to a co-operation among representatives of the bar and members of
International law institutes and societies, than to a conference of those who
are technically representative of their respective governments, although
when projects have been developed they must go to the governments for
their approval. These export professional studies are going on in certain
quarters and should have our constant encouragement and approval.
Outlaw of War.
Much interest has of late been manifested In this country in the discussion of various proposals to outlaw aggressive war. I look with groat
sympathy upon the examination of this subject. It is in harmony with the
traditional policy of our country. which Is against aggressive war and for the
maintenance of permanent and honorable peace. While, as I have said,
we must safeguard our liberty to deal according to our own judgment with
our domestic policies, we can not fail to view with sympathetic interest all
progress to this desired end or carefully to study the measures that may be
proposed to attain it.
Latin America.
While we are desirous of promoting peace in every quarter of the globe,
we have a special interest in the peace of this hemisphere. It is our constant
desire that all causes of dispute in this area may be tranquilly and satisfactorily adjusted. Along with our desire for peace is the earnest hope for
the increased prosperity of our sister republics of Latin America, and our
constant purpose to promote co-operation with thom which may be mutually
beneficial and always inspired by the most cordial friendships.
Foreign Debts.
About $12,000,000,000 is due to our Government from abroad, mostly
from European governments. Great Britain, Finland, Hungary, Lithuania
and Poland have negotiated settlements amounting close to $5,000,000,000.
This represents the funding of over 42% of the debt since the creation of the
special Foreign Debt Commission. As the life of this commission is about
to expire, its term should be extended. I am opposed to the cancellation of
these debts and believe it for the best welfare of the world that they should be
liquidated and paid as fast as possible.
I do not favor oppressive measures, but unless money that is borrowed is
repaid, credit can not be secured In time of necessity, and there exists
besides a moral obligation which our country can not Ignore and no other
country may evade. Terms and conditions may have to conform to differences in the financial abilities of the countries concerned, but the principle
that each country should meet its obligation admits of no differences and is
of universal application.
It is axiomatic that our country can not stand still. It would seem to
be perfectly plain from recent events that it is determined to go forward.
But it wants no pretenses, it Wants no vagaries. It Is determined to ad-
DEc. 6 1924.]
THE CHRONTOLE
vance in an orderly, sound and common-sense way. It does not propose to
abandon the theory of the Declaration that the people have inalienable
rights which no majority and no power of government can destroy. It
does not propose to abandon the practice of the Constitution that provides
for the protection of these rights. It believes that within these limitations,
which are imposed not by the fiat of man but by the law of the Creator,
self-government is Just and wise. It is convinced that it will be impossible
for the people to provide their own government unless they continue to own
thir own property.
These are the very foundations of America. On them has been erected
a government of freedom and equality, of justice and mercy, of education
and charity. Living under it and supporting it the people have come into
great possessions on tho material and spiritual sides of life. I want to ontinue in this direction. I know that the Congress shares with me that fesire. I want our institutions to be more and more, expressive of these principles. I want the people of all the earth to see in the American flag tho
symbol of a government which intends no oppression at home and no aggression abroad, which in the spirit of a common brotherhood provides
assistance in time of distress.
Department of Interior Reports Unexpended Balance
of 25 Million Out of Appropriation For 1924.
The return of an unexpended balance of approximately
$25,128,786 to the Federal Treasury out of the appropriations
made for the Interior Department for the fiscal year of 1924
was announced by Secretary of the Interior Work on Nov.29,
whose advices state:.
The total appropriations for 1924 were $327,402,778. The amount actually expended and obligated for the operation of the department was $301.778,367, leaving $25,624,410 of which approximately $25,128,786 will go
back into the Treasury and the Reclamation Fund.
Of the various bureaus of the department, the largest amount turned
back to the Treasury out of its appropriations was $23,157.139 by the Pension Bureau. The next bureau on the list was the Reclamation Bureau with
an unexpended balance of $1.080,137, which is returned to the Reclamation
Fund. The Bureau of Indian Affairs was third with a saving of $425,233
from its 1924 appropriation.
Address of President Coolidge Before Chicago Commercial Club—Famine of Seven Lean Years in
Egypt Taken as Illustration for Farmers'
Opportunity—Our Part in World Problems.
Two addresses were made at Chicago on Dec. 4 by President Coolidge—one at a luncheon given by the Chicago
Commercial Club at the Drake Hotel, in which he recalled
the story of Joseph and the famine of the seven lean years in
Egypt and stated that "out of the Egyptian experience of
Israel came the oppottunity for its great service in world
leadership." The President went on to say that "my faith
is firm in the conviction that if we will but realize it these
years of trial and distress for the American farmer will represent only a time of preparation for his opportunity to
secure that recognition of his importance, that need for
economic quality, which will enable him to render a supreme
service to himself and to his fellow men." In this speech, the
President, in alluding to our participation in world problems,
stated:
2605
"And the seven years of dearth began to come, according as Joseph
said; and the dearth was in all lands; but in all the land of Egypt there had
was
bread.
"And when all the land of Egypt was famished, the people cried to
Pharaoh for bread, and Pharaoh said unto all the Egyptians, 'Go unto
do.'
Jcseph; what he coyest to you,
"And the famine was over all the face of the earth; and Joseph opened
all the storehouses, and sold unto the Egyptians; and the famine waxed sore
in the land of Egypt,and all countries came into Egypt to Joseph for to buy
,
corn, because that the famine was so sore in all lands."
Thus wrote Moses, describing the famine which drove the nations of the
ancient Mediterranean world to Egypt in their time of need. It is not necessary in Chicago, or anywhere in agricultural America, to point out the
parallel between that appeal of the ancient world ot Egypt and the appeal
which the world in our day made to our country, and to the great market
which centers in Chicago, for similar supply of grain in another time of
pressing need.
The famine brought the nations to Egypt. and Egypt rescued them. So
the war brought the nations to your agricultural markets and you provided
them with food. S01110 of the results were not immediately pleasant for the
Hebrew race, and some of the results of the war have not been pleasant for
the farmer.
But out of the Egyptian experience of Israel came the opportunity for its
great service in world leadership. It was in those years that Moses came
into the world and the Hebrew nation was prepared for the profound teaching and the great message that it was to bestow upon all mankind. And my
faith is firm in the conviction that, if we will but realize it, these years of
trial and distress for the American farmer will represent only a time of
preparation for his opportunity to secure that recognition of his importance,
that need for economic equality, which will enable him to render a supreme
service to himself and to his fellow men.
All the trials of depression which the farmer has suffered will not have
been in vain if, as was the case with Israel, they are able to contribute to the
world a new thought, a new impulse, a new ideal. I recognize the necessity,
if we are to better the lot of men, of large productivity and material prosperity. But we cannot think in terms of that alone. We cannot suppose
that we are to be benefited by great production unless the men and women
who furnish it are themselves benefited by it. We cannot neglect the human
element in our affairs. All the cattle and grain, all the cottoa and wool.
all the cloth and steel, all the shoos and automobiles will be of small advantage to us unless they contribute a more abundant life to those who
produce them. Prosperity cannot be divorced from humanity.
Fortunately our population has not suffered from any shortage of food in
this country. But there has been a great deal of distress endured by the
people on the farm. The commercial and industrial side of our nation has
been giving too much thought to wheat and hogs and corn, to their transportation and to their prices, and not enough thought to the men and women who are engaged in agriculture, to their welfare and to their prosperity.
We must look beyond the quotations of the market place and see what
price we are proposing to pay, what rewards we are proposing to confer in
exchange for the hard-working lives of our open country. Do you wish to
maintain a system which will contribute both to their welfare and to your
own, or to permit, even unintentionally, methods of doing business under
which their want and distress wlll ultimately result in the failure of your OWD
success and prosperity? You people of commerce, you people of the city,
are an integral part of the life of agriculture, of the life of the country.
Our Part in World Problems.
The same principle applies to the relationship among the different
nations. We cannot expect, in the long course o fevents, to
maintain our
country on a permanent level of general well-being far above that of
other
peoples. Even if we could hope to accomplish it it would bring us
little
satisfaction if our prosperity must be gained and held at the cost of
suffering
of others. In the long course of affairs, and in a world which
has become
little more than a great neighborhood, our common sense must
tell us, if
our self-interest did not, that our prosperity, our advancement, our
portion
of good fortune, must largely depend upon the share that shall
be allotted
to our neighbors. At the last, those of us who are partners in the
supreme
service of building and bettering our civilization must go up or
go down.
If we could not avoid involvement in a war whcse causes were foreign must succeed or fall together, in our one common enterprise.
I would not have you mistake my meaning. I should never advocate
and whose issues were chiefly alien to us because we had settled them
the
for
ourselves long ago, how can we hope to avoid our full share of responsibility sacrifice of any part of our prosperity because of the vague hope that in following indiscriminate impulses of kindliness we might help some who
in connection with other world problems which. if they are ever to be solved.
are in
must be solved in an atmosphere of peace and good will? We must be con- worse condition than ourselves. Nor would I sacrifice our independence and
freedom of action. I do not believe that we are strong enough, or that
stantly ready to help both at home and abroad where our help is desired
any
and people was ever
strong enough, to accomplish any permanent good in the
will be effective. . .
But we can no more assure permanent and stable peace without cc-oper- world through the indiscriminations of mere unorganized, undirected genation among the nations than we could assure victory in war without allies erosity. We can only help those who will help tehrnselves. In any other
among them. . . . Among these fellows of tho road there must be rule, I am convinced, would lie disaster for us and increasing misfortune for
mutual understanding and mutual faith and confidence. It is only when those whom we seek to serve.
On the other hand. I am profoundly impressed with the fact that the
these understandings have been reached and the necessary assurances of
structure of modern society is essentially a unity, destined to stand or to
that faith and confidence have been given and received, that mankind
will
ready more effectively to consider its eternal problems of social and eco- fall as such. It is our fortune and our privilege that in the present exigency
be
we are in a position to take a part of great helpfulness and leadership,
nomic adjustment.
and
we shall bestserve
We are giving herewith this speech in full and elsewhere the in the broadest ourselves and help others if we direct our efforts to raising,
way,
President's remarks the same day before the International seek to find and the standards of human welfare everywhere. We must
to play a part whereby, without destroying ourselves, we
Live Stock Association, Chicago:
may help others.
To the thoughtfulness of a Chicago friend I am indebted for the
We cannot hope indefinitely to maintain our country as a specially favored
reminder
that on this day,250 years ago. Father Marquette and his companions
began community, an isle of contentment lifted above the general level of the
to erect the first huts to be used by the white men on the site of what
average of the standards of humanity. I know there was a time when many
is
now Chicago. I like to think of that as the founding of Chicago. I like
to among us believed this was possible. But who. now,can continue clinging
feel that this great city owes its beginnings to the master explorer who
was to such a faith, in view of the lesson which the war brought to us? If we
first a devout missionary of religion. I am glad to turn aside here
to could not avoid involvement in a war whose causes were foreign, and whose
add my little part to the tribute which the city is to-day paying to the mem- issues were chiefly alien
to us because we had settled them for ourselves
ory of Marquette.
long ago, how can we hope to avoid our full share of responsibility
in connecOf the men who laid the foundations of our country, he deserves his place tion with other world problems which,if
they are ever to be solved, must be
among the foremost. His published articles and letters MVO. I believe, the solved in an atmosphere of peace
and good-will? We must be constantly
earliest prophecies of the destiny that awaited this central valley of the vast ready to help both at home and
abroad, where our help is desired and will
lakes and rivers. You people of the Chicago empire have built into the be effective.
solid structure of accomplishment the things which he, a quarter of a milWe have been a peculiarly favored people. For that we owes
debt that is
lonium ago, saw with the clearness and faith of prophecy.
real and concrete, which we cannot repudiate. It is
our wish to live in a
Whenever I think of your wonderful Chicago, I think of it first as the world which shall be at peace. But we can no
more assure permanent and
great market place to which the world resorts to buy and sell its good. It is stable peace without co-operation among the nations
than we could assure
because the genius of your commerce and the industry of the people who live victory in war without allies among them.
We know that the way to
In these central valleys have erected here a vast exchange, to which the assured and permanent peace is
slow and difficult. We know that no
nations have come in their lean years to traffic for the foodstuffs which you nation can travel that way alone. We tried
and failed. It is a way that
have gathered together for them, that you are first known to fame.
can only be traveled in company with others equally zealous
for the same
goal. Among these fellows of the road there must be mutual understanding
Fame of Seven Lean Years in Egypt.
and mutual faith and confidence.
And, thinking of those things, my mind has gone back to that most apIt is only when these understandings have been reached and the necespealing of all the romances which we find in the Old Testament; to the
sary assurances of that faith and confidence have been given and received
story of Joseph and the famine of the seven lean years in Egypt which folthat mankind will be ready more effectively to consider its eternal problems
lowed the seven fat years. You will all remember the story of the seven
of social and economic adjustment. I can see in the tranquility of Europe
Years of plenty and, after them, the seven years of famine. Let me rea benefit that will reach American industry and agriculture.
mind you of that period of agricultural depression in the words of
Moses
It is such thoughts as these. I am convinced, that have been giving
and the Book of Genesis:
inspiration to the American people as they have lately surveyed the state
of
2606
THE CHRONICLE
the world and sought their proper place and part in it. We have attempted
to perform services for the European nations, because by that means in a
broad way we were serving ourselves. We want to see them raised up so
far as possible to our own economic standards. We want to see in their
prosperity an opportunity for larger markets for our own production. We
can
wish to help them, moreover, because it is only through service that we
develop our individual and national lives.
likely to contribute to
It is along this course of action that we are most
those conditions which will be most effective for manitaining universal
our power
Peace and most likely to make the largest contribution within
to the advancement of human welfare.
Address of President Coolidge Before International
Live Stock Exposition—Says Troubles of Farmer
Are on Farm and in Market—Reduced Production the Remedy—Government's Aid
in Behalf of Farmer.
Addressing the International Live Stock Exposition at
Chicago on Dec. 4, President Coolidge remarked that it is
not from any lack of Government activity that the farmer is
suffering; the troubles of the farmer, he argued, are on the
farm and in the market, and they come largely, he said,
from over-production. The sound remedy, said the President, "is to reduce production, and that is a remedy which
will automatically apply itself if there is not artificial interference." The President dwelt upon what had been done by
the Government in the way of financial aid in behalf of the
farmer in the past three years, and said "looking to the future,
the Government must aid generously in developing a national
agricultural policy on broadly constructive lines. It will support anysound program to release the farmer from the individualistic competitive conditions under which agriculture has
been conducted. It must encourage orderly and centralized
marketing as a substitute for the haphazard and wasteful distribution methods of the past. The principle of co-operation
in producing, financing, buying and marketing must be encouraged to the utmost practicable development. We must
help the farmer to reduce his taxes, broaden his foreign markets and keep freight rates as low as possible while keeping
the railroads efficient." In a broad view, said the President,"I think we will find general agreement that if our live
stock industry were as efficient in marketing as it is in producing its results would be far better. In the long run,"
he added,"American agricultural production and marketing
must be adjusted to the production and consumption of the
world." Concluding the President said:
My pledge is that your Government will do everything possible and
and direct your strivings
proper for a government to do to encourage
toward the goal of prosperity, stability and security. My appeal is that
find ways in which to organize and associate themfarmers everywhere shall
selves tsgether in the determination to employ effectively every means of
Improvement that has been placed at their disposal.
The speech follows herewith:
l Live-Stock Exposition,
In coming this year to visit the Internationa
of many years' standing. This expoI have been able to gratify a wish
the marvelous advance of American agrisition is striking testimony to
proof of the present soundness and future
culture. It is also a convincing
interest.
security of this great national
think, to look upon live stock as one of the most highly
We are entitled. I
Industry. To bring that industry to
developed products of the agricultural
required a continuing co-operation of unflagging
Its present high estate has
a
and intelligent
industry, determined courage. sound business, widespread
and the recognition of the practical adapplication of scientific methods
from our American system of agricultural education.
vantages to be derived
perhaps more accurately than any other
This annual exposition has marked
agriculture from an unorganized and rudiindex the steady progression of
where it has taken on the character of a
mentary occupation to the point
to its aid the most effective methods in
profession, and has summoned
analysis and scientific methods.
business organization, economic
accomplishment which it has wrought,
All of this. impressive as is the
of soundness and permanent security in
would not be a sure guarantee
business were one of enormous units and
the realm of agriculture if the
striking advances could be attributed
concentrated management. If these
any narrow group of men; if they were the
to the wisdom and vision of
number of patricularly capable leaders,
accomplishment of some limited
of directors might rule a great Cordominating the industry as a board
here would not justify all the confidence
poration, the results which we see
_American farming community.
with which we view the future of the
well fear the possibility that leadership
In such a situation we might
less capbale, less understanding, less
would one day fall into the hands of
disastrous results. Fortunately, there is
far-sighted management with
an industry which is absolutely essensmall danger of this. Here we have
depends upon the skill and wisdom
tial to the national welfare. Its success
competent executives, capable of
of millions of men who must qualify as
scientific knowledge and of sound
utilizing the best of business methods, of
the intensely practical problems
economic understanding, all applied to
The real achievement has
of every day's work and every season's planning.
and fruits and live stock to presconsisted far less in breeding up our grains
of farmers who can
ent high standards, than in training up a generation
.
confidently be intrusted with future management
country has
If anybody questions that the farming community of this
dealing with affairs
become a community of men and women capable of
the doubter
In the broadest and most inclusive sense, I should like to have
agriculture with
share with me the privilege of discussing the problems of
from the farm to the White
some of the men and women who come straight
an occasional
House for that purpose. I should like to have him give
hour to the sort of conferences which have become so familiar to me.
practical
In these conferences the men and women of the soil appear as
of big
economists, as students of international relations, as organizers
interenterprises, as keen commentators on the problems of finance, of
national trade, of supply, demand, consuming capacity, producing possi-
[VOL. 119.
bilities and marketing opportunities. I should like to have the doubter
know, as well as I know, that even in his times of misfortune the farmer
demonstrates a most reassuring capacity to keep his common sense intact
and to do his economic thinking on sound lines.
There is altogether too much disposition in some quarters to assume that
the farmer is peculiarly given to wild ideas and unsound notions about
business, finance and economics. On the other hand, every distinct test
in these respects had resulted in an overwhelming verdict from the farmers
in favor of sanity, soundness, moderation, sense and reason in dealing with
all their problems. Nobody is going to advance his own interests by
playing upon the presumption of the farmer's ignorance or selfishness.
or incapacity to think accurately. The visionary and the demagogue
invariably discover that the farmer does not want their unsound proposals
of panaceas. He does not demand special treatment and class favoritism.
He wants a fair show, and when he gets it he can be relied upon to take
good care of himself and to contribute substantially toward taking care
of the rest of us.
been
From the beginnings, the prosperity and efficiency of farming have
very accurately measured by the development of its live-stock feature.
I do not just know when the discovery was made that the profitable mode
of marketing products of the farm was to drive them away on four feet.
But I do know that this wasso long ago recognized in the old New England
country of which I am a native, that it gave rise to a quaint colloquialism
which was employed In stating the size and capacity of a farm. When I
was a boy in Vermont, a farm was described not as containing 60 acres.
or 80 acres, or 100 acres, but as a ten-cow farm,or a twenty-cow farm, or a
thirty-cow farm. And I am not sure but this old-fashioned mode of measthe
urement was more accurately descriptive than any unit derived from
activities of the surveyor. The real gauge of both the land's productiveto the
ness and the farmer's capability was much more intimately related
number of cows than to the number of acres.
to successful farming
It was the realization of this relation of live stock
that animated the men who founded the International Live-Stock Exposition. As this year's exposition marks the firert quarter-centennial anniabout
versary of the International, it will not be amiss for me to say sword
Its organization and development. It was preceded by the old Chicago
Fat Stock Show. The men who established the exposition were possessed
of special opportunities for insight into the needs of the industry. They had
the benefits of the long and wide-ranging experience of the Chicago stock
yards and packing industry, which touched every possible phase from prothe
duction on the frontier range to marketing in the most distant parts of
world.
Every aspect of the industry was represented in the historic meeting
that was held on Nov. 24 1899 to organize this annual exposition. To that
and State
meeting came representatives of the pure-bred industry. Federal
press, great
educators, transportation and market agencies, the agricultural
was realization
packing concerns, and all the rest. Among these there
in human
that live-stock production was falling behind the pace of increase
fast being denuded, and
population. It was seen that the ranges were
benefits and profits to be had from
that there was too little knowledge of
these things in mind,
breeding and feeding a better class of stock. With all
hold the inthis exposition was founded as an object lesson to attract and
situation and
terest of producers, acquaint them with the realities of the
help them adapt their methods to rapidly changing conditions.
site and buildings
The Union Stock Yards Company offered the splendid
generously in
that have been.the home of the show and agreed to contribute
strength
financing it. The management, realizing that the nation's reserve
in the pure-bred aniin live stock improvement through breeding must lie
'through this
mals, offered every incentive for increasing those supplies,
resulted a reand many other similar educational efforts. There has
to-day we
markabie and continuing interest in pure-bred live stock, until
the counhave approximately 4,500,000 registered breeding food animals in
The exposition has
try. These constitute our fountain of betterment.
brought together the best products of animal husbandry from all over the
Union,from Canada,and from other foreign countries. It has been a meeting place for the best live stock thought and experience.
The interest of the National Government and of many of the States has
been enlisted. The Department of Agriculture has given active support
and practical co-operation. Its aim has been to help improve the standards
of your show, and to maintain intimate contact with all agencies concerned
to
in producing and marketing live stock. One of its prime duties has been
enkeep out foreign animal diseases and to eradicate any that might gain
the
trance. The effectiveness of these efforts is shown In the success of
dreaded
Bureau of Animal Industry in checking every outbreak of the
rapidly
foot-and-mouth disease. Hog cholera and tuberculosis are being
producer and
eliminated. The meat-inspection service is a protection to
consumer alike, and in its field is a model for the world.
Farmers' Troubles on Farm and in Markel.
that
It is not from any lack of Government activity in these directions
in
the farmer is suffering. The troubles of the farmer are on the farm and
the market. They come largely from overproduction. We are searching
or
for remedies. We know by all experience that Government subsidies
price-fixing would increase production and aggravate the evil. We might
give away the surpluses, or buy and store them indefinitely; still the cost
must come from the taxpayer and the farmer is a taxpayer. But in the end
these efforts always fail.
The sound remedy is to reduce production, and that is a remedy which
Anwill automatically apply itself if there is not artificial interference.
other point of attack is better marketing. There are other practical, workable measures of relief for such conditions as the farmer has recently faced,
inand these have been invoked. I want to call attention to some efforts
this diretion.
Farmer and Tariff.
imports
In the first place, let us consider the tariff. The present rates on
But in
have been criticized as sacrificing the farmer to the manufacturer.
wages
fact our tariff enables us to pay American workmen the highest
the
In the world. High standards of living thus established have enabled
dairy prodPeople to consume per capita more than twice as much cotton,
is consumed
ucts, poultry, tobacco, eggs, meats, sugar and animal fats as
in Continental Europe. The American farmer, while receiving the generous
better
prices which protection assures him for many of his products, gets
because of the
and cheaper machinery than any other farmer in the world
economies which mass production makes possible.
We have built agriculture squarely into the structure of our protective
possible from tariff
system. The farmer receives the maximum benefit
duties on competing farm products. In international trade the flow of
grain and hog products is outward, and, therefore, these receive less benefits of protection. But in the case of wool, sugar, eggs, dairy products,
flow is Inward; they
flaxseed. tobacco, nuts, fruits and other produce the
receive the full measure of protection and sell in the home market above the•
general commodity price index. The American farmer must not be undersold at home by New Zealand mutton, Argentine beef, Canadian wheat._
Danish butter. Bulgarian tobacco, Chinese eggs or Cuban sugar.
DEC. 6 1924.]
UTE CHRONICLE
Government Aid in Behalf of Farmer.
Contrary to claims often advanced, the present tariff admits free of duty
almost every article the farmer uses in his business and protects almost
every article raised on the farm. Whatever may be the trouble with the
farmer, it does not come from the application of the tariff to his business.
Certainly it cannot be claimed that the Government has neglected thefarmer.
In the past three years over $500,000,000 have been placed at the service of
agriculture through the War Finance Corporation.
Three and one-half million dollars have been loaned in the Northwest to
buy seed.
The Intermediate Credit banks have been established, assuring the farmer
cheap working capital.
As President, I initiated an agricultural credit company with $10,000,000
capital for relief of farmers and banks in the Northwest.
A drought loan was provided when needed. Government control of grain
exchanges, Government control of packers and stock yards. a sound information trade service and needed increases in tariff protection have all
been granted.
When the farmers asked representation on the Federal Reserve Board
they got it. I appointed one farmer to the Shipping Board and another to
the Federal Trade Board.
Extremely liberal appropriations have been made under the Federal
Highway Act for the construction of better roads.
Looking to the future, the Government must aid generously in developing a national agricultural policy on broadly constructive lines. It will support any sound program to release the farmer from the individualistic
competitive conditions under which agriculture has been conducted. It
must encourage orderly and centralized marketing as a substitute for the
haphazard and wasteful distribution methods of the past. The principle of
co-operation in producing, financing, buying and marketing must be encouraged to the utmost practical development.
We must help the farmer to reduce his taxes, broaden his foreign market
and keep freight rates as low as possible while keeping the railroads effident. This should be supplemented by the development of navigation in
the Mississippi Valley and in the St. Lawrence River. I can think of nothing that will surely help the farmer so much as economy, economy in the
local and National Governments. This remedy Washington is generously
providing. These remedies have been effective at last. What we want now
is the assurance of stability and continuing prosperity.
It cannot be that the problems of the farmer are beyond solution. His
business and his welfare are all governed by natural and inevitable laws.
What is necessary is an intensive study in order to find out what these laws
are and provide for their application and observance. It is not so long ago
that the financial and monetary system of our Government was maintained
in an illogical and haphazard way. Sometimes there was a great abundance
of currency and credit; at other times there was a great stringency. After
many repeated attempts at a remedy the whole subject was surveyed, all
the facts assembled, the logical results admitted, whether they appeared
to be popular or not, and a Government financial system adopted which
was strong enough to meet all the requirements of the great war. Without
it disaster would have prevailed.
Acting on a similar theory, I have entrusted what I believe to be a thoroughly representative and most ably equipped conference with making an
analogous study of the farm problems. The members of this conference
will be entirely free from any kind of political pressure in the consideration
of these questions. The farm problem is not a political problem—it is an
economic problem. It must have an economic solution. The conference
can take a broad and inclusive view of the whole agricultural field, the
production of fruits, grains, herds and flocks, and all other foods and
materials that come from the farm. Out of their consideration I trust there
may emerge a plan which will enable us to do for the agriculture of the
nation something like what has been done for the finances of the nation.
With some knowledge and a broad interest in all these activities, I have
been glad of opportunity to visit the exposition this year. By doing so I
have strengthened my belief in the necessity to maintain every proper
agency aiming to improve live stock and to increase the rewards of the
industry. The faith and determination of those who have effected the great
improvement in our live stock since the beginning of this century are
deserving of all encouragement and support, and you may be sure that these
will be extended in every proper manner by the National Government.
The importance, indeed the necessity, of such a policy is attested by the
statement that for the crop year 1923-24 over 53% of the gross income
of the nation from agricultural production came from live stock. Over
11% of the entire national income from all industry in the nation was from
live stock and live-stock products. Finally, our country's pre-eminence
in this branch of agriculture is shown by the fact that although we have
only about 6% of the world's population, we possess over 11% of its cattle.
over 29% of its swine and nearly 8% of its sheep. We are the greatest meat
producing and the greatest meat
-consuming nation in the world.
It is necessary to have prosperity for an industry which is so great a
national asset. The livosock industry is on a better foundation to-day
than at any time since the price collapse of 1919 and 1920. The cattlemen
have had a harder time than any other group. For three years gradual
but steady liquidation has boon going on in the cattle industry. Now,
however, many of tho expensive wartime loans have been paid, money is
cheaper and the outlook for reduction of hog raising should strengthen the
market for beef. Conditions are not yet good, however, in the cattle business. The enormous increase in hog production and slaughtering in 1922
and 1923 produced a competition which inevitably injured the market for
beef. Moreover, the great increase in the number of dairy cattle introduced
another competitive element, for dairy cattle ultimately go to the market
and compete with the more expensive meats.
This season has seen a considerable reduction in the production of hogs,
and indications point to a continuance of those conditions the coming season.
With such reductions in supplies, and favorable prospects for foreign demends,the outlook for the pork raiser is more hopeful. But the beef grower
with practically no foreign outlet for a surplus and with so much competition confronting him,seems likely to serve himself best by producing fewer
and better animals. That will increase his profits by reducing his costs.
In the inspiration which it gives to this program,this exposition is serving the
high practical purpose for which it was intended.
Sheep and wool growers are in more favorable position than producers of
either cattle or hogs. Sheep, lambs and wool all made a quick recovery
from the price collapse of 1921, due in large part to the emergency tariff.
The world is short of sheep and of wool and their prices are decidedly
better than those of other farm animals. But these conditions seem to
justify the warning that the sheep and wool industry is strikingly subject to
alternations of high production with low prices and low production with
high prices. Producers may well guard against assuming that a present
prosperity will continue if they too greatly expand their production.
In a broad view, I think we will find general agreement that if our livestock industry were as efficient In marketing as it is in producing its results
would be far better. This exposition has been an annual exhibit of the best
methods and results In production. Costs of raising stock have been les-
2607
sened and the fattening period shortened. A quarter century ago fat yearling steers were unknown on the market. A litter of pigs making from
one to two tons of pork in six months was unheard of even a few years ago.
American farmers have won nearly all the world high production records.
But on the side of efficient marketing there has not been acorresponding
progress. If this exposition, or some other institution adapted to the purpose, would devote the next quarter century to the betterment of marketing methods, and would do it as effectively as the work of improving production has been done, most of your problems would be far on the way to
solution.
If we will consider the certainty of a continuing increase in the country's
population, we must realize that the industries which furnish the nation's
food are certain of a continually expanding market. In the long run their
position should be sound and secure. But to assure this, and especially to
bring relief as early as possible from conditions of the present, there must
be close attention and well
-directed study of marketing. Producers must
learn to help themselves. They must learn what the market wants and
when it wants it. They must learn to interpret demand.
Consumers also must be better informed. They should be taught that
an inexpensive cut from a choice animal is better than a high-priced cut
from an inferior animal. When such knowledge is generally disseminated,
and acted upon, there will be sufficient premium on the best meat to justify
the farmer in producing it. The International is this year putting on demonstrations
particular
consumers.tionswith te pticular purpose of diffusing this kind of information
I am convinced that there is to-day a wider field for useful service to the
live-stock farmer in educating the housewives of the country in buying
and utilizing their meatsthan in encouraging the farmer to further expansion
of production. But the ideal adjustment would contemplate well-directed
campaigns for wiser production, for more efficient marketing and for more
intelligent utilization of meat products.
Co-operative Marketing.
As regards co-operative marketing oflivestock, an astonishing measure of
progress has been accomplished in recent years. The Department of
Agriculture states that 1,547 live stock shipping associations are reporting
to it. Their membership numbers almost 300.000 farmers, whom the
associations serve in marketing their stock. It is estimated that they
handle $162,000,000 of business annually. There are 27 co-operative sales
agencies at various terminal live stock markets, owned and controlled
co-operatively by farmers. They handle stock on a commission basis and
Periodically distribute to the shippers the accumulation of their commissions in excess of expenses. Last year these selling agencies handled over
10,000,000 head of stock and returned over $800.000 of excess commissions.
The significance of such a large co-operative marketing movement is the
more apparent when it is observed that the first of the co-operative terminal
market selling agencies for live stock was established only so recently as
1917. Most ofthem have been created since 1920. Thefarmers'marketing
associations have largely developed within the same period. At present
between 50 and 60% of live stock handled by farmers'shipping associations
in the corn belt States is forwarded to the co-operative selling agencies at
the terminal markets. The tendency is toward larger local organizations
which provide sufficient volume of business to justify the employment of
skilled managersand to permit the economies of operation on a large scale.
An essential preliminary to efficient co-operation in marketing is the
establishment of standards and the education of live stock producers te
understand and appreciate the value of these. The consumer is always
willing to pay more for what he wants than for what he does not want.
The producer who meets the most exacting demands is certain to be the
best paid. The best-paid producer is that one who knows just what his
customer wants and then produces that particular article. In order that
producers may do this, the Government, co-operating with the State Extension Service, has been sending market experts to instruct stockmen in
selecting, grading and shipping their stock so that it will meet the most
exacting market demands.
From their actual experience and touch with farmers they bring back
the conclusion that intelligent marketing is fully 50% of production. There
can be no profitable production which does not have always in mind the
market whose requirements it is intended to meet. This means that the
producer must equip himself with a vast amount of information regarding
market conditions. That information must be accurate, comprehensive,
standardized and timely. I believe all these conditions are met by the
market news service maintained by the Department of Agriculture.
The agents of the service are highly trained men who spend their time on
the market studying its conditions and requirements. They have no dealings of their own, and, therefore, can make unbiased reports. Their service
covers many of the leading live stock markets and several of the largest
centers of meat consumption. They are all trained in the same school, which
means that they all employ the same technical marketing terms and give
those terms precisely the same meaning. Finally, every modern means of
communication is employed to disseminate rapidly the results of their
observation. The mail, the telegraph, the telephone and radio are all
utilized in this last step of carrying the facts to the farmers.
Finally, inasmuch as orderly production is a necessary preliminary to
orderly marketing, the well-informed farmer must keep himself posted,
months in advance, concerning the probable production of various kinds
of stock during the coming season, as well as concerning the probable requirements of the market. Remarkably accurate surveys are made, showing the number and quality of animals that are being fed, the numbers for
which raisers are breeding and the prospective requirements of markets,
both domestic and foreign. The accuracy and practical value of these
reports have now been thoroughly tested. The farmer who will trust them,
and who will permit his operations to be guided by them,finds himself possessing an enormous advantage over his neighbor who is either ignorant or
skeptical regarding their value. The tendency, as more and more stock
raisers learn to avail themselves of all this information, is to smooth out the
course of the live-stock business, to eliminate the peaks of inflation and
areas of depression: in short, to stabilize the business on a basis of safe and
reasonable profits.
Production and Marketing Must Be Adjusted to World Conditions.
In the long run, American agricultural production and marketing most
be adjusted to the production and consumption conditions of the world.
Conditions at home are of first importance, because the home market absorbs most of our production. But the surplus which is left over for export
is a factor of great influence and importance. In a world whose population
nowadays tends to increase at a pace far beyond that of earlier times, it is
apparent that the business of furnishing food to the people must meet a
rapid increase of demand. Unless there are maladjustments absolutely
without excuse in the economic relations of industry, agriculture and commerce, the furnishing of food to a population which is so rapidly expanding
should be the soundest and most reliable of all business.
The other day I received a letter from an old gentleman who wanted
me to know that he had voted for me. He was approaching the cent
mark in age, and as I bethought myself of the changes that have
place in his lifetime, I wondered how much the population of the taken
world
2608
THE CHRONICLE
[you 119.
might have increased in that period. On examination of the best statistics, bureau prepared and mailed 6,577,171 checks carrying an aggregate of$239,I found that in ninety years the world community has considerably more 004.814.43 in payment of pensions, annuities,refunds,and fees and expenses
than doubled in numbers. In the same period the population of our own of examining surgeons.
During the year a survey of operations of the Pension Bureau was made,
country has been multiplied by more•than eight.
It is well within the probabilities that millions of people now living will the results of which are improved service to the public, more expeditious
country with far beyond settlement of pension claims and payment of pensions when granted, elimiread the returns of a Census which will credit this
of the
200.000,000 inhabitants. These will require to be fed. We may,therefore, nation of lost motion, duplications in service, and readjustments
look forward to a time not now very far ahead of us when this country will working force under closer supervision, permitting the closing out on
and effecting a saving to the Government of
have ceased to be an exporter of agricultural products, and will have become June 30, 1924, of 150 positions
instead a heavy importer of them. When that time comes our farmers will approximately $246,000 in salaries alone.
The "World War Veterans' Act, 1924" contains provisions affecting the
look back with wonderment to the time when such a thing as agricultural
By virtue of this act,
depression, resulting from overproduction, was possible. No interest of the Pension Bureau and those with whom it has to deal.
nation is entitled to look upon the future with more confidence than our persons disabled and widows and other dependents of those who died as a
result of disability suffered in the military or naval service prior to April
agriculture.
It is true that some sections of the farming community have suffered 6, 1917. or after July 2. 1921, must present their claims to the Bureau of
receipt
severely in recent years because of the collapse in prices which followed the Pensions for settlement. This new law further provides that "the
account
period of overstimulated production during the war. Had it not been for of a gratuity, pension, or compensation by widow, or parent, on
would have been of the death of any person shall knot bar the payment of compensation on
the women on the farms in many instances the disaster
complete. Their courage and devotion saved the situation. But the liqui- account of the death of another person." For instance, the widow cf a Civil
dation of the surpluses, both in actual supplies and in current production, War or Spanish War Soldier can draw pension on account of her husband's
has been carried far toward completion. The worst of this hard experience war service and if she lost a son as the result of World War service, comis behind us. The American farmer can look forward hopefully and even pensation on account of his death.
This law authorizes the Veterans' Bureau to pay a sum not exceeding
confidently to a time when his will again be regarded as the most independent and secure section of our population. He will reach this fortunate $100 to meet expenses of burial of a deceased veteran of any war if such
condition sooner, if without delay he will avail of the agencies and instru- expenses are not otherwise provided for and "no accrued pension or compensation duo at the time of death shall be deducted from the sum allowed."
mentalities that have been set up to help him better his position.
More than anything else, the farmer needs to know the truth about him- All hospital facilities under the control and jurisdiction of the Veterans*
understand all the facilities that have Bureau are made available by this new law for honorably discharged vetself and his business. He needs to
been created, wherewith he can help himself. He needs to study them and erans' of the Spanish-American War. the Phillippine Insurrection, and the
to learn to utilize them, both as an individual producer and through co- Boxer Rebellion under ertain specified conditions, and if existing Governor milioperative organizations in buying and marketing. The time has come ment facilities permit, to veterans of any war, military occupation
when the great farmers' organizations must be somehow linked together in tary expedition since 1897. Information as to conditions under which
hospitallation is granted may be obtained from the head of the district or
greater and more effective co-operations than have yet been known.
place of
Neither the Government. nor the institutions of agricultural education. subdistrict office of the Veterans' Bureau, located nearest to the
nor the benevolent purposes of society as a whole, can in the end do for residence of the veteran in need of hospital treatment.
for themselves. Experts
Bureau of Pensions is charged with the administration of the act of
The
the farmers the things that only the farmers can do
and scientists may devise means to cheapen and increase production. May 1. 1920, providing for the retirement of persons within the classified
But there will be no cheper or greater production unless the millions of civil service.
The Commissioner's report for the fiscal year 1924 shows that there were
farmers shall employ these means. Masters of business organization
may work out plans for orderly•production and orderly marketing. But the Bureau for action 50,027 claims of all classes under the Retirement Act.
they will produce no advantages. Of these 49.040 were disposed of during the year, leaving 987 pending on
unless the farmers will adopt these plans
Every prospect seems to indicate that we are starting out on a new era. June 30, 1924.
The "civil service retirement and disability fund" on June 30, 1923,
There will be prosperity enough for all if we are willing to work for it and
willing to remain on a sound basis. If we give way to selfishness, if we amounted to $25,510,288.97. During the year the fund was increased by
if we adopt unsound financial $15,109.451.49, deducted from the salaries of civil service employees and
try to secure what we do not work for,
receipts. For anmethods and begin to quarrel over the rewards of industry, we can expect by $1,523.034.44, interest, profits, and miscellaneous
$8,556,581.71 was
nothing but disaster and distress. I do not believe we are headed in that nuities, refunds, allowances, and Treasury settlements
June 30. 1924.
direction, but we shall be unless we beware, unless we are wise enough to disbursed, leaving the surplus in the fund of $33,586,193.19
The number of annuitants on tho roll, June 30, 1924, was 10,548 as
be guided by the experience of other peoples in past history.
for annuities last
Every indication points to an advantageous position of American agri- against 9.334 on June 30, 1923. There was paid out
year.
culture in the coming future. Our country must not be given up entirely year the sum of $5,692,443.59 as against $4.964.001.92 the previous
claiming return of
During the year 46,827 refunds wore paid to persons
to industrial development. It must seek a well-rounded-out, complete
their services with the Government.
and independent existence. A country without agriculture is shorn of half deductions by reason of termination of
its strength and necessmily vulnerable. The key to successful agriculture The amount paid out as refundments was $2,864,138.12.
The work of the Retirement Division of the Bureau is practically current.
has always been its flocks and herds.
Therefore, from the forum which is provided by this spelndid exposition claims being promptly disposed of upon receipt of the information necessary
of the livestock branch of agriculture, I make my pledge and my appeal to the adjudication and settlement of claims.
Under the terms of the Retirement Act, 2 % has been deducted since
to the farmers of the nation. My pledge is that your Government will
do everything possible and proper for a Government to do to encourage August 1, 1920.from the salary of each employee to whom this act applies.
and direct your strivings toward the goal of prosperity, stability and The "civil service retirement and disability fund" has received from this
security. My appeal is that farmers everywhere shall find ways in which source $56,012,410.23 to June 30, 1924,and this sum has earned in interest
to organize and associate themselves together in the determination to and investment, profits $3,225,923.34, making the retirment fund total
employ effectively every means of improvement that has been placed $59.238,333.57 to the close of this fiscal year. Out of this fund $17,435.272.92 has been disbursed for annuities and $8,176,057.20 has been reat their disposal.
funded to persons whose services with the Government have been terminJune 30,
Pension Payments In Fiscal Year of 1924—Provisions ated. making disbursements from the fund total $25,611,330.12 to$33,586,1924. The retirement fund at the close of this year amounts to
In World's War Veterans Act Affecting Pension.
193.19.
The annual report of the Commissioner of Pensions to the
Secretary of the Interior made public today (Dec. 6) shows
$229,994,777 paid out for ensions in the fiscal year of
1924, as compared with $263,012,500 during the fiscal year
of 1923. The cost of maintenance and expense of the
pension system in 1924 was $1,497,699. Regarading the
report a statement issued by the Department of the
Interior says:
The number of pensioners on the roll June 30, 1924, was 525,539 as
against 539,756 on June 30, 1923. Of those on the roll 146,815 were Civil
War veterans; 253,136 Civil War widows;85,038 Spanish War veterans; and
16.104 Spanish War Widows. There are yet on the pension roll 31 soldiers
of the Mexican War and 33 widows of soldiers of the War of 1812.
By classes there were on the pension roll at the close of the fiscal year
248,049 soldiers, 270,194 widows. 2.263 minor children, 939 helpless children, 4,027 dependents of soldiers and 67 female Army nurses. During the
25.452 in the previous year,
year 21.854 Civil War veterans died as against
and 21,296 widows as against 23,974.
On July 1, 1923, there were pending 50,667 pension claims of all classes.
One hundred and fifteen thousand eight hundred and twenty-five new
claims were filed during the year and 115,089 claims were disposed of, leavThe work of the bureau is
ing 51.403 claims pending on June 30, 1924.
Practically current. Of the claims disposed of during the year 36,578 were
service.
based on Civil War Service and 56.280 on Spanish War
The total disbursements to pensioners under the pension system which
fiscal year, 16,836,351,398.
date;back to 1790. have been to the close of this
of which $6.427.106.586 have been paid out on account of the Civil War and
$126,673,359 on account of the War with Spain.
was
The number of pension certificates issued during the past fiscal year
Spanish
61,096, of which 26,3,54 were for Civil War service and 33.122 for
system 6,502,261 pension
War Service. Since the beginning of the pension
and
certificates have been issued, of which 5,359,472 were Issued to soldiers
1,142,789 to widows.
Of the 525,539 pensioners on the roll at the close of the fiscal year 521.806
reside within the confines of the United States,30 in Canal Zone,792 in our
insular posses.sions, and 2,911 in foreign countries.
The net loss to the pension roll for the past fiscal year was 14,217. The
roll of Civil War soldier pensioners was reduced by 21.808, and of Civil
War widow pensioners, by 11.444. These losses were largely offset by a gain
of 16,645 to the Spanish War soldier roll and of 2,937 to the Spanish War
Widow roll.
Under the system of monthly payment of pensions which became effective
Sept. 4 1922. resident pensioners of the United States receive their checks
regularly on the 4th day of each month. During the past fiscal year the
American Peace Award Committee Resumes Work—
Urges Early Congressional Report on World Court
Resolutions.
Preliminary to the opening of Congress the American Peace
Award announced on Nov. 24 that 't had resumed work
with the immediaie objce of see- r'ng tle reporting by the
Senate Foreign Relations Committee of the resolution providing for the adherence of the United States to the World
Court on the Harding-Hughes terms.
The Peace Award Committee expresses the belief that
"most of the great organizations of the country, a majority of
individual voters regardless of party and leading statesmen of
both the major parties are in favor of the World Court on
the Harding-Hughes terms," and that the sentiment of the
country is for speedy action upon the existing resolution (or
any similar resolution) providing for the adherence of the
United States to the Court on these terms. Tho Committees announcement of Nov. 24 says:
President Coolidge has repeatedly advocated our participation in the
Court on the Harding-Hughes conditions, which, it will be remembered.
provide: (1) That our adherence to the Court should not involve any
legal relation to the League of Nations;(2) that we should pay a fair share
of the expenses of the Court: (3) that we should participate in the election
of the judges of the Court; and (4) that the statute of the Court should not
be amended without our consent.
In order to focus the already existing sentiment for the Court, it is proposed that within the next 3 months, in as many communities as possible.
a Joint Committee of organizations composed of one representative from
every local civic, business, professional and social group organize a community Meeting at which the case for the Permanent Court cf International Justice will be presented by leading local men of all parties, and at
which, after discussion from the floor, action will be taken upon a resolution
calling upon the Senate Foreign Relations Committee to report the existing
resolutions providing for the adherence of the United States to the Court
on the Harding-Hughes terms(or any similar resolution) in order that it may
be voted upon by the full Senate.
The most effective time suggested for these meetings is early in January.
In a communication to its 97 cooperating organizations of last year. the
Peace Award Committee points out that the shortness of the coming sea-
DEC. 6 1924.]
THE CHRONICLE
sion and the pressure of the appropriation bills make it obviously necessary
to lose no time in conveying to the Senate Foreign Relations Committee the
desire of the country to have action on the adherence of the United States
to the Court at this coming session.
The American Peace Award Committee also plans an educational campaign on the League of Nations, on the theory
that only an increased public understanding as to what the
League of Nations is and what it is not will make it possible
for the question of the participation of the United States in
the League to be discussed and determined upon its merits.
The Peace Award Committee as now organized includes:
President James R. Angell of Yale University; General Tasker H. Bliss;
Edward W. Bok, founder of the Award; Bishop Brent; President Nicholas
Murray Butler of Columbia University; John W. Davis. ex-Ambassador to
Great Britain; Dr. Eliot, President Emeritus of Harvard University; Haley
Fiske, President of the Metropolitan Life Insurance Company; William
H. Johnston, President of the International Association of Machinists;
Esther Everett Lape, Member-in-Charge; Major General John F. O'llyani
Mrs. Franklin D. Roosevelt; Mrs. Ogden Reid; Colonel Henry L. Stimson,
ex-Secretary of War; William C.Sproul. ex-Governor of Pennsylvania;and
Mrs. Frank A. Vanderlip, former Chairman of the New York League of
Women Voters.
History of Stock Exchanges Formed in Los Angeles.
An interesting presentation of the several ventures leading to the formation of the present Los Angeles Stock Exchange in 1899. and to the absorptions effected by the latter
since its creation, is furnished by Frank Hervey Pettingell,
President of the Exchange. In his account Mr. Pettingell
says in part:
2609
115 South Broadway. On June 12 1900 the membership limit was increased to 65, and on July 12 to 100.
The Exchange which seems destined to successfully withstand the test
of time, appears to have acquired the habit of absorbing its rivals almostfrom the very start, for on Aug. 7 1900 an organization known as the California Oil & Stock Exchange with a membership of 127 was put out of
business by the Los Angeles Oil Exchange taking in 55 of its members, increasing its own membership limit to 130. On Sept. 6 1900 the Exchange
Installed a Stock Exchange Clearing House. On Sept. 13 a committee
reported on the impracticability of installing a telegraph ticker service.
On Dec. 27 1900 the name of the Exchange was changed to the Los Angeles
Stock Exchange,its present name. On July 16 1901 the Exchange moved its
headquarters from the Yosemite Building to Room 205 Tajo Building, 307
West First Street, where it stayed only about six months or until Jan. 3
1902 when ground floor space was again taken, this time in the Hellman
Building, 223 West Second Street, where it remained until Oct. 20 1903.
when it purchased from the Los Angeles Miners Stock Exchange, Limited—
another unsuccessful rival—its equipment and lease of quarters at 123 South
Broadway where it tarried until Sept. 30 1904 when it again moved to a
spacious room on the ground floor in the rear of the Chamber of Commerce
Building, 124 South Broadway.
In 1905 another stock exchange, of which little is known, seems to have
been in the field, for in June of that year several members of the Los Angeles
Stock Exchange were expelled for belonging to an organization called the
Los Angeles Western Miners' Stock Exchange, it being contrary to the bylaws of every properly organized stock exchange for a member to belong to.
another stock exchange in the same city at the same time.
Early in August 1907. when what later proved to be the tail end of the
Goldfield-Nevada mining boom, an aggregation of mining stock brokers
and mine operators from Nevada,in conjunction with a group of local stock
brokers with the object of widening the distribution and keeping up activity in Nevada and other mining stocks, organized the Los Angeles
Nevada Mining Stock Exchange, with a membership limit of 200. On Aug.
9 1907 it was incorporated, M. J. Monnette was elected President; A. C.
Harper, First Vice-President; J. L. Boyle Second Vice-President; Henry Z.
Osborne, Treasurer and F. Irwin Herron, Secretary. These with William
Cline, J. J. Doran, G. H. Hayes, Robert Marsh, William B. Nichols and
George W. Parsons constituted the governing board. Elaborate quarters
were fitted up in the main corridor of the Herman W. Hellman Building,
corner of Fourth and Spring Streets. The first call was held Sept. 16 1907.
Mayor Harper opened the call followed by Henry W. Miles, who had been
appointed the regular caller. Addresses were made by Frank G. Tyrell,
termed in the newspapers as the "silver-tongued orator" and Orra
Monnette, attorney for the Exchange.
From the outset the Los Angeles
-Nevada Mining Stock Exchange transacted a large business in mining stocks and for a time threatened to displace
the older Exchange. But the Los Angeles Stock Exchange going along in
the even tenor of its way, not only held its own but on Sept. 1 1909, following negotiations that had been in progress for some time, admitted to its
membership 25 brokers belonging to the Los Angeles
-Nevada Stock Exchange. This action resulted in the elimination of the last and most formidable rival the Los Angeles Stock Exchange has ever had in its history.
On July 22 1909. the Los Angeles Stock Exchange in anticipation of this
acquisition of new members, increased its membership limit from 50.
where it had been previously reduced with 45 outstanding to 70, its present
limit of which 65 are now outstanding.
Since that time the Los Angeles Stock Exchange has not been disturbed
in its chosen field of activity, unless passing mention should be made of a
small organization started in November 1921 called the Los Angeles Curb
Exchange, later changing its name to the Los Angeles Stock & Bond Exchange, composed of a small group of brokers specializing in unlisted issues.
This Exchange led a rather indifferent existence until January 1923 when it
ceased to function.
On Feb. 1 1907 the Los Angeles Stock Exchange again moved, this time
to a room in the rear of the Isaias W. Hellman Building, 411 South Main
Street where it remained for over fourteen years, or until Sept. 6 1921.
when it took possession of its present splendidly appointed quarters in the
Los Angeles Stock Exchange Building, 639 South Spring Street, in which
the last word in stock exchange equipment is installed.
This last move seems to have had an important bearing on definitely
establishing the financial center of the city. For when it became known
that the Stock Exchange was going to move to its present location,financial
concerns immediately made arrangements to move to the same neighborhood. And now the intersection of Seventh and Spring Streets is the
acknowledged financial center of Los Angeles.
The first attempt to organize a stock exchange in Los Angeles was made
on March 14 1896 at 330 South Broadway, when twenty men interested in
mining held a meeting and appointed a committee composed of Messrs.
A. H.Judson, J. H.Bryant, F. C. Garbutt,P. L. Griffin, James W.Hucin,
George W.Parsons and 11. M. Russell. to draw up a plan of organization for
a raining stock exchange. At a subsequent meeting held March 21 1896
the Los Angeles Mining & Stock Exchange was formed with an authorized
membership of 250. At a meeting held April 15 1896 articles of incorporation were ordered filed and E. K. Alexander, J. A. Fairchild, F. C. Farbutt,
P. L. Griffin, A. H. Judson, E. T. Lay, George W. Parsons. Major H. M.
Russell and Charles Wier were elected directors. Mr. Judson was later
elected President and F. J. Cooper, Secretary.
Quarters were fitted up at 318 West Second Street and the formal opening
took place in the evening of May 26 1896. In the absence of President
Judson, Mr. George W. Parsons acted as master of ceremonies. Addresses
were made by Mayor Frank Rader, W.C. Patterson, then President of the
Chamber of Commerce and afterwards Vice-President of the First National
Bank: John J. Gosper, former Territorial Secretary of Arizona and several
citizens prominent in the affairs of the city at that period. Early in August
Mr.Judson resigned as President and was succeeded by George W.Parsons.
The first regular call of the exchange was held on Aug. 15 1896 at 11 a. m.
But regardless of the auspicious conditions under which it was launched the
undertaking soon failed. Evidently Les Angeles was not yet ready to support a stock exchange, for on Sept. 3 1896, beginning the Presidential campaign of that year, the exchange sold its effects and turned over its quarters
to a political organization known as the Silver Republican Club,and shortly
after ceased to exist.
The second attempt to organize a stock exchange in Los Angeles seems to
have been more successful,for on June 7 1897 we find an organization konvrn
as the Los Angeles Stock & Mining Exchange holding its first call
at 202
South Broadway.
By July 11 of that year the membership was 42 and quite a business
was
being transacted in mining stocks, particularly those pertaining to the
Randsburg Mining District. But in spite of the favorable conditions
under which it started, interest in it soon began to lag, and Louis F. Parsons.
then Secretary of the Colorado Mining Stock Exchange of Denver. and
now a member of the Board of Governors of the Los Angeles Stock Exchange, was persuaded to take charge and attempt to put the exchange
on its feet. Shortly after, or on Oct. 1 1897, new quarters were taken
In the Henne Building, 122 West Third St. W. 0. Dow was elected
President, H. M. Russell. Vice-President, E. K. Alexander, Treasurer, and
Mr. Parsons. Secretary and Manager. S. H. Ellis, now a member of the
Appeal by Bankers and Brokers Committee for
Hoard of Governors of the Los Angeles Stock Exchange, was on the GovernUnited Hospital Fund.
ing Board, and W. S. Abbott, Edward L. Allen, F. C. Garbutt, G. J.
Griffiths and Nat Wilshire were active in the affairs of this exchange.
The usual appeal is being made by the "Bankers' and
The Los Angeles Stock & Mining Exchange prospered for about a
year,
but with the slowing down of activity in the Randsburg Mining District, Brokers' Committee" of the United Hospital Fund of
the volume of business transacted began to fall off and got less until
New York for contributions from bankers and brokers of
early
In 1899 it went out of business.
Greater New York to the 46th annual collection for the
The next stock exchange to be formed in Los Angeles was the Los
Angeles 58 non
-municipal hospitals which are meml
Stock & Bond Exchange, organized Jan. 4 1899 by S. D. Hovey,
of the fund.
Lee A.
McConnell, R. W. Poindexter, representing Poindexter & Wadsworth; The letter of appeal states
that "the amount collected will
A. H. Conger, II. L. Cutler, representing E. D. Silent & Co.; William R.
be distributed as usual, without regard to creed, color or
Staab; and E. H. Treeartin. Mr. Ilovey was elected President and
Mr.
Conger Secretary and Treasurer. James H. Adams, Louis Blankenhorn, nationality," by a committee composed of the Mayor and
Sam B. Dewey, John J. Doran. Charles S. Pay, R. G. Lunt, Thomas W. Frederick H. Ecker,
President of the Chamber of Commerce;
Phillips, John A. Pirtle, A. E. Pomeroy and Thomas S. Wadsworth were
later admitted to membership. Mr. Doran was subsequently elected Lucius R. Eastman, President of the Merchants' Association;
Secretary. This exchange seems to have been as much a social organization Otto T. Bannard, Arthur Curtiss James, Edwin P. Maynard,
as anything else, for until Sept. 20 1900, when it obtained permission to James Speyer and
William Fellowes Morgan, President of
hold its meetings in the rooms of the Los Angeles Oil Exchange providing
it did not interfere with the business of the latter organization, its members the Fund. The committee consists of 150 well-known
met once a week at luncheon at some leading restaurant. In fact this bankers and brokers, who are trustees or directors of one or
custom was followed more or less intermittently until 1905, when on more of the 58
hospitals, with James Speyer, Chairman,
June 30 of that year It held a luncheon at the Jonathan Club, and there
we lose it. The business activities of the Los Angeles Stock & Bond Ex- and Walter E. Frew, Treasurer. The personnel of the comchange seem to have been largely confined to giving publicity to quotations mittee shows that these men devote some of their time to
on local bond issues and local bank stocks, and of course consummating
the management and welfare of these institutions, and is
trades in both whenever practicable.
The present Los Angeles Stock Exchange began its career Dec. 7 1899, certain to assure the success of the collection in "Wall Street,"
when, at a meeting held in the office of Wallace L. Hardison, the
Los as in former years.
Angeles Oil Exchange was formed; by-laws were adopted, Mr. Hardison
was
chosen President; Rufus II. Herron, Vice-President; R. W.
Poindexter,
Secretary. and Louis Blankenhorn, Treasurer. These gentlemen.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
S. D. Hovey, Charles Victor Hail and John A. Pirtle composed the with
first
Two New York Stock Exchange memberships were reGoverning Board. The membership limit was placed at 50. On Jan. 8
1900 George W. Parsons was appointed caller. The first rgeular trading ported posted for transfer this week,
that of Henry Clews
session was held Feb. 11900 on the ground floor of the Yosemite
Building, to Joseph F. Troustine for a consideration
es
stated as $97,000,
2610
T1TE CHRONICLE
[Vol,. 119.
and that of Frank T. Rutherford to John Hefferman, con- commodious quarters at 26 Broad Street, corner of Exsideration also $97,000. Last previous sale was at $96,000. change Place.
The capital stock of the Orange Valley Bank, of Orange,
The New York Cotton Exchange membership of the estate
to $100,000. The inof Ralph W. Levey was reported sold this week to W. R. N. J., has been increased from $50,000
being stated as $30,000, crease was authorized by the board of directors at a special
Craig for another, the consideration
meeting held for that purpose on Nov. 13. The resolution
an unchanged figure from the last preceding sale.
Included the declaration of a dividend to so increase the
Plans to increase the capital of the National City Bank of capital. This action, together with the assent of the stockthis city from $40,000,000 to $50,000,000 were announced this holders, was approved by the Commissioner of Banking &
week; at the same time, it is proposed, out of the $20,000,000 Insurance on Nov. 29 1924. The bank was chartered in Derealized through the issuance of new stock at $200 per share, cember 1916, and began business in January 1917 with a
• to increase the surplus of the bank from $45,000,000 to $50,- paid-up capital of $50,000 and paid-up surplus of $25,000.
000,000, and to enlarge the capital and surplus of the NaWalter Tufts Jr., Vice-President of the American Trust
tional City Co. from $10,000,000 to $12,500,000 each, bringof the Merchants.
ing the total capital and surplus of the latter from $20,000,- Co. of Boston, has been elected President
Announcement of the plans was made National Bank of Worcester, succeeding the late Chester C.
000 to $25,000,000.
as follows on Dec. 2 by Charles E. Mitchell, President of Bullen, whose death occurred in October.
both the National City Bank and the National City Co.:
The Mortgage Security Trust Co., a new Philadelphia
The board of directors of the National City Bank of New York, at their
business on Dec. 1 1924 at Fairregular meeting to-day, voted to recommend to the shareholders that at the banking institution, began
annual meeting on Jan. 13 1925 they authorize giving to each shareholder mount Avenue and 18th Street. W. Wilson McNeary, Suthe right to acquire one additional share of the stock of the bank for every perintendent of Hospitals for the University of Pennsylfour shares of stock held by him, upon payment by him of $200 in respect
of the company; David T.
of each additional share so acquired, thereby producing $20,000,000 in total vania, Philadelphia, is President
—$10,000,000 to be devoted to increasing the capital stock of the bank Nevin, Vice-President; William D. Hall, Secretary; John A.
from $40,000,000 to $50,000,000, and $5,000,000 to be applied to increas- Bally, Treasurer. The company has a capital of $125,000
ing the surplus from $45,000,000 to $50,000,000, and the remaining $5,000,is $100,
000 to be applied through the trustees who hold the capital stock of the and surplus of $25,000. The par value of the stock
National City Co. for the benefit of the shareholders of the bank to increas- to which has been added $20 per share for the surplus fund,
to $12,500,000 and increasing the capital of that company from $10,000,000
making a total of $120 per share. The institution will coning its surplus from $10,000,000 to $12,500,000.
to the approval of the foregoing by the shareholders, it is pro- duct a general banking business, including savings, commerSubject
posed to issue transferable warrants of subscription on Jan. 14 1925 to cial, trust, title, safe deposit and bond departments.
on or
In
full
shareholders of record on Jan. 10 1925 calling for payment
before Feb. 16 1925. Subscripiton rights will, therefore, be on the basis of
share of stock of the bank for each four shares held by shareholders
one new
of record on Jan. 10 1925, such new shares to carry the endorsement evidencing proportionate beneficial interest in the capital stock of the National
City Co., which is carried by all shares now outstanding. New stock will
rank for dividends from Feb. 15 1925.
Commenting on the action of the bank, the New York
"Herald Tribune" of Dec. 3 said in part:
Broadening its financial structure in preparation for the increased credit
demands certain to accompany an extended period of domestic prosperity
and looking ahead to the greater opportunities for world service opened up
under the Dawes plan, the National City Bank yesterday promulgated an
arrangement, framed and approved by its directors, whereby an additional
$20,000,000 will be available for the development of its business.
Since the stock of the National City Bank recently has ruled in the open
market at about $485 a share, the project will involve the cutting of a substantial melon for the benefit of shareholders. The value of the "rights"
computed yesterday was in the neighborhood of $52, so that the size of the
melon to be cut figures roughly as $20,800,000, on the basis of the 400,000
shares outstanding.
The project, when carried out, will further emphasize the leadership of the
National City Bank among American banking institutions. For several
years it has outranked all competitors from the standpoint of deposits and
aggregate resources, as well as from that of capital and surplus. Its capital
will be increased presently to $50,000,000, which will be 100% greater than
that of any other national bank or trust company in the United States, so
far as the records show.
Corn
The Corn Exchange Bank of New York announced on
Dec. 1 the opening of a new branch at East 170th Street
and Jerome Avenue, New York City.
With the payment on Dec. 1 of $2,250,000, increasing the
capitalization of the New York Title & Mortgage Co. from
$6,000,000 to $7,500,000 and the surplus from $2,000,000 to
$2,750,000, the company now has capital funds of over
$14,000,000, according to an announcement made by Harry
A. Kohler, President. The increase in the capitalization is
to be used for the expanding business of the company. The
new stock was entirely taken by present stockholders.
The New York State Banking Department has just granted
permission to the Brooklyn Trust Co. to open a branch office
at the northeast corner of Church and Ocean avenues, Brooklyn, on property recently acquired by the company. The
property is 135 feet on Church Avenue and 67 feet on Ocean
Avenue, and is now partly occupied by the Zabriskie residence. As soon as plans can be drawn the company intends
to use the whole plot in the erection of a modern three-story
building. The lower floor will be completely equipped with
modern banking and trust facilities and special attention
will be given to the installation of an up-to-date safe deposit
vault with private boxes for customers' use. The two upper
floors will be laid out in offices. With the main office building of the company in mind, at 177 Montague Street—considcerered one of the architectural features of the city—it is
tain that the new branch office will be a handsome addition
to the business buildings of Flatbush. It is expected that it
will be ready for business in the fall of 1925. In April of
this year the company moved its New York office from 2
Wall Street, where it had been located for 17 years, to more
Wallace S. Harlan, President of the National Bank of
Coatesville, Coatesville, Pa., was found dead in his office in
the bank with a pistol wound through the temple on Sunday, Nov. 30. The coroner returned a verdict of suicide.
Mr. Harlan, who was 65 years of age, suffered a nervous
breakdown two months ago and had only recently returned
to Coatesville from Atlantic City, where he had gone to
recuperate. In addition to his banking activities, he was a
leading lawyer of Coatesville and for many years held the
position of City Treasurer.
"The Early Eighties; Sidelights on the Baltimore of Forty
Years Ago," is the title of a book just published by the Mercantile Trust & Deposit Co. of Baltimore. The book, which
Is in commemoration of the company's fortieth anniversary,
contains a number of references to men, women and events
In Baltimore four decades ago, and is illustrated with pictures of buildings and other places of interest, as they appeared in the early eighteen-eighties. The Mercantile Trust
& Deposit Co. of Balitimore is the oldest company of its kind
In Maryland. On April 8 1884 Robert M. McLane, then Governor of Maryland, signed a bill of the Legislature authorizing the incorporation of the company, the first in Baltimore to conduct a trust business combined with a general
banking business. The following quotation from "Tne Early
Eighties" is Of interest to trust officers in that it throws
light on the fees charged by executors and administrators in
Maryland in the years previous to 1884:
Curious, it now seems, in light of the functions of the trust department
of the Mercantile Trust & Deposit Co., the day on which Governor McLane
signed the bill, authorizing the Incorporation of the company, he also signed
an important reform measure, a bill which changed the fees of executors and
administrators from the basis on which they had been determined since the
earliest days of Maryland, to the present system.
"One of the relics of the days of the lords proprietary," says the Baltimore "Sun" of April 9 1884, "vanished from the statute books when the
Governor yesterday put his name to the bill to reduce the commission of
executors and administrators. The old usage had long survived all the conditions to which its origin was due.
"As far back as the records of our Orphans' Court go, from 5 to 10% of
the appraised value of the estate was the customary allowance . . . the
rule was doutless reasonable enough when Leonard Calvert and his associates
ruled the province In the name of the Barons of Baltimore, but as soon as
when
the roads ceased to be mere wagon tracks thruogh the woods, and
live
people were to be found who had some other possessions besides land,
be, and
stock and household furniture, the reasons for it had ceased to
thenceforth it was a mere abuse."
A special press dispatch from Mt. Vernon, Ind., to the
Indianapolis "News" on Dec. 1 stated that William Edward
Holton, President of the Mt. Vernon National Bank, had on
the previous day committed suicide in his office in the bank
by shooting himself through the head. The dispatch further
stated that Mr. Holton's associates at the bank said that he
had been in poor health for several months and that possibly
despondency because of this caused him to take his life. He
was 63 years of age.
A charter was issued by the Comptroller of the Currency
on Nov. 17 for the Firs National Bank in Carbondale, Car-
DEC. 6 1924.1
THE CHRONICLE
2611
bondale, Ill., capitalized at $100,000. The institution is a
Don B. Johnson,former Vice-President of the failed Sioux
conversion to the national system of the Carbondale Trust & Falls Trust & Savings Bank, Sioux Falls, S. )5., was
found
Savings Bank. W. A. Schwartz is President and J. E. "not guilty" by a jury in the Circuit Court at Parker, D.,
S.
Mitchell, Cashier.
on Nov. 22 of misapplication of the bank's funds, according
Commenting on the election of Potter Palmer to the board to a press dispatch from Parker on that day, which appeared
of the First National Bank and the First Trust & Savings in the Minneapolis "Journal" of Nov. 24. The dispatch went
Bank of Chicago (to which we referred last week, page on to say:
Johnson was indicted last July by a Minnehaha County Grand Jury, the
2496), the Chicago "Journal of Commerce" of Nov. 26 said:
charge upon which he was acquitted to-day (Nov. 22) specifying that he
This
is the first time that Potter Palmer has been officially connected
with any business or financial institution. His time has been almost completely occupied by his own personal interests, and he has seldom assumed
any prominent position in the financial world. He has worked quietly in
the management of his affairs and has been known only as a capitalist.
It was explained yesterday that Mr. Palmer long has had intimate relations with the First National Bank as a customer and his appointment as a
director is merely recognition of his keen business ability. The Palmer
name has not appeared in the lists of stockholders of the First National for
any large holdings for some years.
Mr. Palmer is 49 years old and a son of Potter Palmer and Honore Palmer.
The First State Bank of Walnut Grove, Minn., with capital of $50,000 and $150,000 in deposits, has been closed because of lack of reserves and poor loans, according to the
"Wall Street Journal" of Nov. 26.
had issued a certificate of deposit for $16,000 without the authority of the
board of directors and with intent to defraud. Witnesses for the defense in
the action explained the transfer of a note for the certificate of deposit.
The National Mechanics Bank of Newport News, Va. (capital $100,000), is now in course of voluntary liqui lation, effective Nov. 5. The institution has been taken over by the
Schmelz National Bank of Newport News.
The Bank of Jamesville, a small North Carolina bank, was
obliged to close its doors on Nov. 15, according to a press
dispatch from Williamston, N. C., on Nov. 19, printed in the
Raleigh "News" of Nov. 20. Slow paper on which it was
unable to realize was given as the cause of the bank's embarrassment.
The Farmers National Bank of Shenandoah, Iowa (capOn Oct. 17 the Comptroller of the Currency issued a charital $100,000), has been absorbed by the Shenandoah National Bank of that place, the former going into voluntary ter for the Delta National Bank of Yazoo City, Miss. The
new institution, which is a conversion of the Delta Bank &
liquidation as of Oct. 2 last.
Trust Co., is capitlaized at $150,000. John Lear is President
With regard to the affairs of the Northern State Bank of and H. Holmes, Cashier.
Washburn, Wis., which failed in December 1923, newspaper
According to the Houston "Post" of Nov. 23, W. H. Hogue,
advices state that M. S. Sprague, former President of the
institution, on Nov. 21 was sentenced to serve seven years in a well-known business man of Houston, was recently elected
the State Prison by Judge S. B. Higbee in the Circuit Court active Vice-President of the Seaport National Bank of that
at Washburn, following his conviction on six counts of an city, a new institution which began operations on Sept. 8 of
indictment growing out of the bank's failure. The defend- this year and in whose organization Mr. Hogue took a promiant, it was said, furnished $10,000 bonds for a stay of execu- nent part. Mr. Hogue, it was said, who had resigned as
President and Manager of the Magnus Co., hie., one of the
tion pending his appeal to the Supreme Court.
largest brass foundries in the Southwest, was to assume his
Further referring to the affairs of the Centropolis Bank new duties on Dec. 1. In addition to his other duties Mr.
of Kansas City, Mo., whose closing was reported in the Hogue will have charge of the public relations department
"Chronicle" of Nov. 22, page 2377, Joseph R. Gant, the of the institution, it was said.
President of the institution, who became ill shortly before
J. M. Nash, for the past two years active Vice-President
the bank was closed, was arrested at his home on the night
of Nov. 22 and held under guard at the General Hospital in of the Liberty National Bank of Waco, Tex., on Nov. 22
Kansas City until Nov. 24, when he was released from cus- assumed the presidency of the First State Bank & Trust Co.
tody in $50,000 bail. The specific charges against the for- of that city through the purchase of the stock of the institumer President, it is said, are alleged embezzlement and sec- tion owned by Ed Hall, his predecessor in office, according
ond degree forgery involving $23,000. According to the to a special dispatch from Waco to the Dallas "News" on
Kansas City "Star" of Nov. 23, the directors of the bank on that day. Mr. Nash, it was said, had been elected a director
the previous day estimated the institution's loss at approxi- of the First State Bank & Trust Co. five weeks previously,
mately $630,000. The Gant family, it is said, has turned but had now resigned in that capacity and was succeeded
over to the bank assets valued at between $90,000 and $100,- by H. E. Trippet, who was also a director of the Liberty Na000. A special dispacth from Kansas City to the New York tional Bank. The dispatch went on to say that Mr. Hall,
who was formely State Banking and Insurance Commis"Times" on Nov. 23 said in part:
The elaborate system said to have been employed in looting
the bank was sioner for Texas, had stated that he would remain in Waco
disolosed by the audit- of the assets completed yesterday by W.
E. Todd, but his future plans had not yet been determined.. He went
Deputy State Finance Commissioner, in charge of the institution.
The
audit has revealed that Mr. Gant employed several schemes in obtaining to Waco from Dallas last June to become President of the
money from the bank. His alleged defalcations in the last three
weeks, it First State Bank & Trust Co. The last banking institution
is understood, total $123,000.
with which he was connected in Dallas was the Mercantile
The "Star," in its issue of Dec. 2, with regard to the failed Bank & Trust Co.,
of which he was a Vice-President.
bank's affairs said in part:
Out in the little bank at the foot of the 15th Street hill in the Centropolis
That the Imperial Bank of Canada (head office Toronto)
Industrial district is a note case that contains notes to the amount of
$630,000
signed by names which no one has been able to identify as belonging to had a satisfactory year in view of the general business conactual persons.
ditions prevailing in the Dominion during the period, is eviThe presumably spurious notes are about evenly divided between two
sorts: Notes presumably signed by land owners in rural Jackson County denced in the annual report of the institution submitted to
and notes indorsed by presumably responsible indorsees. The notes were the shareholders at their 50th annual meeting on Nov. 26.
accompanied by detailed financial statements, attesting the ample means of The report, which
covers the 12 months ended Oct. 31, shows
the signers.
The notes in the note case found to represent loans to actual persons total net profits (after the deduction of charges of management,
something less than $150,000. The classes of paper under suspicion early auditors' fees and interest due depositors and after making
was found to total $630,000, and the most diligent inquiry has not identified full
provision for bad and doubtful debts, etc.) of $1,107,890,
any of it as valid. Every effort has been made to find actual persons with
making with $1,033,833, the balance to credit of profit and
names corresponding to those upon these scores of notes.
loss brought forward from the preceding year, the sum of
The following special press dispatch from Fremont, Neb., $2,141,723 available for distribution. This was appropriated
on Nov. 21 to the Omaha "Bee" reported the closing on that as follows: $840,000 to take care of dividends at the rate
day of the First National Bank of Dodge, Neb. It read:
of 12% per annum; $70,000 to pay a bonus of 1%; $42,500
Withdrawals of deposits, following unfounded rumors, according to G. J.
contributed to officers' and employees' pension and guaranBorgmeyer, Vice-President, was the reason for closing the doors of the
First National Bank of Dodge this morning (Nov. 21). Plans are under tee funds, and $150,000 to take care of Dominion Government
way to reopen the institution wtih no loss to depositors, Mr. Borgrneyer taxes, leaving $1,039,223 to be carried forward to
next year's
stated this afternoon. He explained that the bank had been in good shape,
profit and loss account. Total assets of the bank are given
but withdrawals within the last few days came faster than money
could be
secured. He stated that paper held by the bank is good and that depositors as $115,619,839, of which the liquid assets amount to $58,will be protected, although stockholders may be forced to suffer a
small 951,119, or 59% of the bank's liabilities to the public. Durloss. The bank came under new management lost spring when F. J. Srb
was ing the year new branches of the bank
were opened at
elected President, succeeding August J. Miller. The bank is capitalized
at
$50,000 and has a surplus of $25,000, with undivided profits of $10,000.
It Church Street, Bloor and Bathurst streets, Queen and Bathwas organized in 1903. Reorganization of the institution was under
way urst streets and West Toronto, in the city of Toronto,
and
to-day, Borgmeyer stated. Officials were unable to state where the
rumors Richmond Hill in the Province of
that resulted so disastrously had started.
Ontario, and the following
branches and sub-branches have been closed: Avon,
Chute
{vol.. 119.
THE CHRONICLE
2612
912,806, the sum of yen 4,227,122 (representing net profits
for the period) was available for distribution and was appropriated as follows: Yen 2,500,000 to cover dividends at
the rate of 10% per annum; yen 800,000 credited to the
bank's reserve funds and yen 120,000 for remuneration of
officers, leaving a balance of yen 707,122 to be carried forward to the next six months' profit and loss account. Total
assets of the bank are shown as yen 546,634,669, of which
Walter C. Laidlaw, Secretary-Treasurer of the R. Laid- cash on hand and at bankers total yen 4,675,808. The bank's
law Lumber Co., Ltd., was on Nov. 25 appointed a director capital is yen 50,000,000 and the head office is in Tokyo.
of the Imperial Bank of Canada, according to the Toronto
Announcement is made that the foreign department of the
"Globe" of Nov. 26.
Slavenska Banka, D. D., (Slavian Bank, Ltd.) of Zagreb,
Announcement was made last week by the New York Jugoslavia, has been reorganized and enlarged. In order
Agency of the Standard Bank of South Africa, Ltd., at 67 to meet the demand for increased facilities on behalf of our
Wall Street, of the receipt of the following cablegram from clientele throughout the United States, Canada, North and
Its head office in London regarding the operations of the South America in general, Great Britain, Australia, New
institution for the half year ended Sept. 30 1924.
Zealand and South Africa, an Anglo-American section has
Board of directors have resolved, subject to audit, to pay the shareholders been established. The work of reorganization was conducted
the rate of
an interim dividend for the half year ended 30th Sept. last at
stand in by its new manager, D. F. Andricevic, formerly connected
14% per annum, subject to income tax. The bank's investments
and all other
with the Central National Bank of Oakland, Cal., and former
our books at less than the market value as at 30th Sept.,
usual and necessary provisions have been made.
manager of the American department of the JadranskoBanka, Belgrade. He will be assisted by a
The 45th semi-annual report of the Industrial Bank of Podunavska
was submitted to the share- chosen English-speaking staff, and all clients using the
Japan (Nippon Kogyo Ginko)
tongue will hereafter enjoy the advantage of having
holders at their 45th ordinary general meeting held on English
the Anglo(which covers the six months ended their business in Jugoslavia transacted through
Aug. 5. The report
of yen 20,- American section of the bank's foreign department. ForJune 30 1924) shows gross profits for the period
exchange, letters of credit, collections, remittances and
139,928, including yen 658,350, the balance to profit and loss eign
preceding half year. After de- other banking transactions in Jugoslavia may be conducted.
brought forward from the
it is stated, through the Slavenska Banka.
ducting gross expenses of the bank amounting to yen 15,a Blondeau, Hawkesbury and Port Robinson, in the Province of Ontaria ; MacGregor and Portage and Colony streets,
Winnipeg, in the Province of Manitoba; Phippen, Traynor
and Yorkton in the Province of Saskatchewan, and Colinton, Crossfield and Waterhole in the Province of Alberta.
Peleg Howland is President of the bank, with Sir James
Woods, Vice-President, and A. E. Phipps, General Manager.
Course of Bank Clearings
Bank clearings for the country as a whole are showing very
substantial increases over a year ago. The improvement
follows not alone from the expansion at New York City,
though the exchanges at this centre show an increase for the
five days of 41.4% over 1923, but also from the notable gains
at some of the other cities, due in part to the fact that the
end of the month business fell in this week this year, while
last year it fell in the previous week. 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. 6) aggregate bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns, will register an increase of 27.0%
over the corresponding week last year. The total stands
at $10,465,301,532, against $8,241,772,931 for the same week
in 1923. Our comparative summary for the week is asfollows:
Clearings-Returns by Telegrendl.
Week Ending Dec. 6.
1924.
1923.
Federal Reserve Districts in which they are located and
from this it appears that in the Boston Reserve District there
is an improvement of 8.1%, in the New York Reserve Dis-
trict (including this city) of 12.4%, and in the Philadelphia
Reserve District of 3.2%. In the Cleveland Reserve District the totals are larger by 3.3%, in the Richmond Reserve
District by 6.5%, and .in the Atlanta Reserve District by
6.5%. The Chicago Reserve District has a gain of 10.2%,
the St. Louis Reserve District of 9.2%, and the Minneapolis
Reserve District of 1.1%. In the Kansas City Reserve
District there is an increase of 9.5% and in the Dallas Reserve
District of 12.2%. The San Francisco Reserve District is
the only district showing smaller totals and suffers a loss
of 4.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Per
Cent.
(118.0,
Week Ending Nov. 29 1924.
1924.
1923.
Dec.
1922.
1921.
New York
Chicago
Philadeiphia
Boston
Kansas city
(46. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New Orleans
35.204.000,000
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
33,680,038,905
507,029,766
430,000,000
336,000.000
115,127,789
131,015,999
151,200,000
128,417.000
138.791.407
108,801.010
92,526,175
88,210,347
82,133,901
+41.4
+15.2
+16.3
+19.3
+8.3
+2.0
+2.7
-0.8
+11.9
+14.6
+11.3
+5.6
-3.3
Twelve cities, 5 days
Litter cities. 5 days
$7,762,750.585
958.334,025
35,977,292,299
890.851,810
+29.9
+7.6
Total all cities, 5 days
Ail pities, 1 day
9......i all alalada l'ar a,aak
38,721,084,610
1,744,216,922
36.868,144,109
1.373,628,822
+27.0
+27.0
310.465.301.532
$8,241,772.931
+27.0
We also furnish to-day a summary by Federal Reserve
the
Complete and exact details for the week covered by
week. We cannot
foregoing will appear in our issue of next
ends to-day
furnish them to-day, inasmuch as the week
Saturday figures will not be available
(Saturday), and the
the last day
until noon to-day. Accordingly, in the above
has in all cases had to be estimated.
of the week
we
In the elaborate detailed statement, however, which
give final and complete
present further below, we are able to
29. For
results for the week previous-the week ended Nov.
of 9.8%, the 1924 aggregate of
that week there is an increase
the clearings being $8,065,275,454, and the 1923 aggregate
increase is
$7,344,505,964. Outside of New York City the
having recorded
only 6.2%,the bank exchanges at this centre
a gain of 12.7%. We group the cities now according to the
districts of the clearings for the month of November. For
that month there is an increase of 14.9%, the 1924 aggregate
of the clearings being $39,121,763,585 and the 1923 aggregate $34,038,939,981. Outside of New York City the increase is only .3%, the bank exchanges at this centre having
recorded a gain of 24.3%. In the Boston Reserve District
there is an expansion of 14.5%,and in the New York Reserve
District (including this city) of 23.9%, but in the Philadelphia
Reserve District the increase is only 5.7%. In the Cleveland Reserve District there is a loss of 1.2%, in the Atlanta
Reserve District of 3.9%, and in the San Francisco Reserve
District of 3.5%. In the Richmond District there is an
improvement of 4.5%, in the Kansas City Reserve District
of 3.2%, and in the Dallas Reserve District of 13.1%. In
Federal Reserve Districts.
11 cities 407,578,292
Int) Roston
11 " 4,711,367,100
Ind) New York
470,266,812
(3rd) Philadelphia..-10 "
312,523,018
8 "
(4th) Cleveland
174,652,894
6 "
(5th) Richmond
182,368,574
13 "
,6th) Atlanta
18 "
769,682,357
718) Chicago
192,906,456
8 .•
bt11) St. Louts
149,014,617
7
918) Minneapolis
223,025,895
12
'0th) Kansas City
••
74,863,250
5 •
filth) Dallas
397,026,189
(1 tth) Ban Francisco. 17
377,127,008
,191,213,829
455,817,974
302,430,101
164,014,933
165,430,801
704,864,766
190,881,146
108,339,251
203,598,685
66,709,823
416,097,647
+8.1 344,328,254 363,383,063
+12.4 4,204,083,458 4,761,854,883
+3.2 439,622,093 483,096,090
+3.3 333,928,680 320,943,347
+6.6 156,716,480 161,642,090
+10.2 152,675,393 148,727,641
+9.2 694,907,772 706,273,648
65,015,358 61,320,588
+1.1
+40.1 106,085,163 119,502,774
+9.5 209,053,694 219,926,909
51,408,647
+12.2 53,008,574
-4.7 368,828,828 385,054,808
125 cities 8,066,275,454 7,344,505,984 +9.8 7,125,253,745 7,783,133,348
()rand total
-6.2 3,006,384,517 3,104,670,660
,450,345,887 3,248,811,737 -1
Jutside New York City
Canada
29 dhoti 348,612,289 355,296,771 -1.9 330,220,285 3661,719,546
DEC. 6 1924.1
THE CHRONICLE
the Chicago Reserve District the totals are larger by 3.1%,
in the St. Louis Reserve District by 5.1%, and in the Minneapolis Reserve District by 23.3%.
Eleven Months.
-or
Inc
Dec.
1924.
Federal Reserve Diets.
let Boston_._13 cities
Ind New York.13 "
3rd Philadelphial4 "
4th Cleveland 15 "
5th Richmond 10 "
6th Atlanta ___17 "
7th Chicago__ _29 "
8th St. Louis__ 9 "
9th Minneapolls13 "
10th KaneasCIty 15 "
11th Dallas ____12 "
12th San Frau--27 "
1923.
2,174,938,331
22,839,028,610
2,291,050,613
1,512,509,368
848,789,047
892,646,424
3,746,033,695
371,258,357
729,796,601
1,136,010,058
603,711,056
1,972,991,425
1,899,457,072
18,440,535,376
2,170,991,119
1,530,157,605
812,286,538
929,262,600
3,633,003,013
353,221,673
591,844,532
1,100,438,381
433,784,968
3,043,957,099
1922.
1921.
1,768,974,988
+23.9 17,639,373,309
+5.7 2,144,201,037
1,445,013,386
+‘.5
796,360,565
805,365,277
4- 3.1 3,326,344,396
+5.1
346,774,536
+23.3
570,255,745
+3.2 1,131,792,236
+13.1
434,194,582
-3.5 1,760,974,103
1,470,975,009
17,067,402,727
1,805,772,331
1,200,631,826
618,140,898
626,353,607
2,957,254,228
268,530,272
515,648,459
980,043,073
261,088,243
1,477,564,327
Total
187 cities 39,121,763,585 34,038,939,981 +14.9 32,169,624,660 29,243,403,997
Outside N. Y. City
16,689,033,460 15,990,627,033 +4.3 14,837,346,364 12,420,906,381
Canada
1,644,258,375 1,910,288,913 -13.9 1,618,528,532 1,669,015,595
We append another table showing the clearings by Federal Reserve districts for the eleven months back to 1921:
November
1924. •
November Inc.or November
1923.
Dec.
1922.
Federal Reserve Mats.
2
2
1st Boston_ _ _13 cities 21,781,023,662 19,998,766,434
2nd New York_13 " 228,694,883,647 198,839,231,596
3rd Philadelphh114 " 25,357,770,458 24.643.080,191
4th Cleveland 15 " 17,264,233,218 17,881,030,915
5th Richmond 10 "
8,997,366,082 8,657,612,113
6th Atlanta __.l7 "
9,301,385,852 8,859,625,521
7th Chicago _29 " 41,877,350,661 41,018,346,334
8th St. Louis__ 9 "
3,460,280,005 3,426,113,411
9th Minneapolls13 "
6,105,510170 5,978,032,697
10th Kausaselty15 " 11,697,033,348 12,385,717,210
11th Dallas _ _ _12 "
5,266,241,429 4,766,015,762
12th San Fran_ _27 " 22,126,953,038 21,517,273,575
%
$
$
+8.9 17,030,966,901 14,416,976,520
+15.0 202,050,995,944 178,529,508,370
+2.9 22,105,140,622 19,765,424,765
-3.3 14,862,877,670 15,314,122,214
+3.9 7,461,032,279 6,812,003,008
+5.0 7,316,561,525 6,601,791,335
+2.1 35,412,201,229 32,251,098,702
+1.0 2,910,893,961 2,610,475,094
+2.2 5,380,455,086 5,503,929,783
-5.4 11,894,716,291 12,189,287,447
+10.9 4,037,660,541 2,826,324,012
+2.8 17,780,464,592 15,137,915,455
Total
187(Ulm 410,951,064,570 367,930,845,741 +11.7 348,243,966,641 311,958,859,763
Outside N. Y. City
188,708,826,832 173,429,965,822 +7.7 149,242,424,216 136,103,229,659
Canada
14 070 TM an IF 743 171495 -1 I 14 7(Y710/3 All IF,0.19 (14S.95,1
The following compilation covers the clearings by months
since Jan. 1 in 1924 and 1923:
MONTHLY CLEARINGS.
Month
Clearings. Total AU.
1924.
1923.
Clearings Outside New York.
36.223 31,284 29.250 27.280 366.560 333,533 319.854 289,127
2.899 2,755 2,920 2.012 44.391 34.398 28.390 23.319
Total all
39.12234,039 32.17029.292 410,951 367,931 348.24-4312,446
Outside N Y
16,689 15,990 14,837 12,470 186,709 173.430 149,242 136,590
•No longer report clearings.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for November and the eleven months of 1924 and 1923 are
giNen below:
Month of November.
Eleven Wonths.
Description.
1924.
i
1924.
1323.
1923.
Stock-Number of shares 41.657,0171 22,588,598
238,121,9801 210.592,174
Railroad & miscell. bonds 8269,490.000 2156,002.000 22,111,998.900 21333,290,000
U.S.Government bonds
51,783,725 70,522,000
802,868,5151 726.206,400
State, foreign. &c., bonds 69.297,500 30,375,000
502,039.000
400.296.000
Total bonds
2390,571,225 2256,899,000 23,416.906.415 22.559.792,400
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1921 to
1924 is indicated in the following:
1924.
1923.
%
.9an _ _ . 37,519,792,018 36,411,435,888 +3.0 16,830,963,546 16,633,076.289 +1.2
Tab_ _ . 32,883,744,565 30,514,376,577 +7.8 14,763 634,719 13.730.398,134 +7.6
March 35,808,562,180 36.269,484,835 -1.3 16,158.335.018 16,501,204,839 -2.1
1st or. 108212098,763 103195297,300 +2.9 47,752.633.283 46,864,679,262 +1.9
.
%
BANK CLEARINGS AT LEADING CITIES.
November
Jan. 1 to Nor.31)1923. 1922. 1921. 1924. 1923. 1922. 1921.
5
$
$
$
$
$
$
18,048 17,332 16,822 224,242 194,501 199,002 175,856
2,504 2,365 2,189 28.773 28,506 25.475 23,750
1,669 1.558 1,336 19,336 17,607 14,898 12,986
1,982 1,964 1,697 23,107 22.469 20,317 18,541
590
Not included in total
660
612
660 7,289 7.530 6,091
6,917
666
635
574 7,613 7.354 6,614 6,016
382
406
275 4.570 4,404 3,743 3,416
269
263
226 3.043 3,164 2.717 2,557
548
577
539 5,980 6,327 6.201 6,975
433
402
338 4,942 5,099 4,210 4,307
292
246
2,644 2,502 2,160 2,015
191
326
319
287 3,713 3,363 3.031
3,071
119
115 •
97 1,460 1.416
1,201
1,088
556
467
383 6.719 6,122 4,874
4,234
154
137
122 1,743 1.717 1,426 1,324
613
464
376 6,542 6,384 4.636 3,804
56
53
49
563
577
524
487
158
165
139 1,834 1.943 1,803 1,773
197
185
151
2.095 2,150 1,822
1,653
161
151
137 1,465 1.469 1.477
1,520
88
82
73
911
966
796
710
147
141
99 1,283
1.418 1,323
1,135
243
223
195 2,547 2.356 2,074
1,883
133
137
93
968 1,016
891
733
167
143
129 1,865 1.776
1,511
1,369
48
40
40
595
517
443
415
75
68
63
718
700
594
592
(000,0003
1924.
omitted.)
$
New York
22,433
Chicago
2,589
Boston
1,952
Philadelphia
2,098
St. LouL
583
Pittsburgh
643
San Francisco
674
Baltimore
417
Cincinnati
271
Kansas CRY
564
Cleveland
421
New Orleans
252
Minneapolis
455
Louisville
129
Detroit
.587
Milwaukee
156
Los Angeles
565
Providence
52
Omaha
160
Buffalo
196
St. Paul
142
IndianapolLs
72
Denver
142
Richmond
251
Memphis
132
Seattle
162
Hartford
53
Salt Lake City _ _ _ _
72
Total
Other cities
November
1921.
2613
Aprd.:30,415,480.97133,831,332,398 +7.6 16,089.619,856 15.821.259.447 +1.7
May _.36,693.688,644 35,681,649,194 +2.8 15,972,083,900 16,469,894,052 -3.0
June.. 35,302,334.731 34,931,655,881 +1.1 15,343,785,677 16,256,178,231 -5.6
2d qr. 108411504,346 104444637,473 +3.8 47,405,489,433 48,547,331,730
.
-2.4
45 mos. 214623603.109 207639934,773 +3.4 95.158.122,717 95,412.010.992
-0.3
July -. 37,500,467,823 32,185.630,580 +16.5 16,373,834,798 15,540341,098 +5.4
Aug _ . 35,670,039,121 29.484,547,193 +21.0 15,327,922,896
Saps.. 35,272,743,558 29.759,894,248 +18.5 15,982.092.822 14,706,409,765 +4.2
.
14489,030.877 +8.8
3rd au. 108443,250.502 91.430.072,021 +18.6
47,683,850,516 44,935,581,740 +6.1
•mos 323066853.612 299070006,794 +8.0 142841
.
973.233 140347592.733 +1.8
Oct. .39.763.447.373 34.821.898,966 +14.2 18,177,820,139 17,091.746.056
+6.4
Nov__ 39.121.763.585 34.038.939.981 +54.01681000048016000 827020 .4-42
.
1924.
s
1922.
1923.
1921.
No. Shares. No. Shares. No. Shores No. Shares.
Month of January
February
March
26.857,386 19.914.827 16.472,377 16.144.876
20,721.562 22.979.487 16.175.095 10.169.671
18.310,911 25,964.666 22,820,173 16.321.131
Total first quarter
65,889.859 68,858.980 55.467.645 42.635,678
Month of April
May
June
18.111.828 20 001.fet6 30623.388 15.529.709
13.513.967 23.155.730 28,921,124 17.236,995
17,003,140 19.754.197 24.080.787 18,264.671
Total second quarter
48.628,935 63,001,913 83,638.264 51,031.375
Total six months
114,518,794 131,860,173 139,103.909 193.667.053
Mtinth of July
August
September
24.318.182 -12.551.851 -15.118.063 -9.288.054
21,809,031 13.144,641 17.9112,5.53 11.117.035
18,184,890 14.643,289 21,712.04e 12.924.800
Totalthird quarter
64,312,073 40,339.781 54.692,662 33,329.169
18,332,992 15.802.900 25.762,647 13329.731
Al 847 077 99 Milt 408 10 407087 15.438.686
Month of October
November
The course of bank clearings at leading cities of the counWe now add our detailed statement showing the figures
try for the month of November and since Jan. 1 in each of the for each city
separately for November and since Jan. 1 for
Last four years is shown in the subjoined statement:
two years and for the week ending Nov. 29 for four years:
CLEARINGS FOR NOVEMBER, SINCE JANUARY 1,
AND FOR WEEK ENDING NOV. 29.
Month of November.
Clearings ai-
1924.
1923.
$
$
First Federal Rase I've District- Boston
Maine-Bangor
2,995,058
3.562,016
Portland
14,454,305
12,934.085
Mass.
-Boston
1,952.000.000 1,669,000.000
Fall River
9,943.114
11,849.732
Holyoke
4,037,839
4,615,900
Lowell
5,268,727
5,907,668
Lynn
a
a
Bedford
New
8,053,565
8.853,231
Springfield
21,592.677
27,940,825
Worcester
14,347,000
14,163.000
53,407,454
Conn.-HartfOrd..
48,156.33
27,982,192
New Haven
28,135,481
9,040,700
Waterbury
8.502,400
-Providence...
51,815,700
R. 1.
55,836.400
Since January 1.
az or
.
Dec.
1924.
..”
,,,
2
1923.
Week Ended Nov. 29.
Inc. or
Dcc.
,,
$""'
1924.
1923.
2
2
Inc.or
Dec.
1922.
$
1921.
$
-15.9
37,348,721
37,147,472 +0.5
549,011
592,920 -7.4
826,179
945,236
+11.8
142,847,146
150,690,676 -5.2
2,884.821
2,792,949
*3.000,000 -3.8
2,833,117
+17.0 19,336,000,000 17,607,000,000 +9.8
366.000,000 336,000,000 +8.9 303,000,000 321,000.000
-16.1
97.086,862
113,336,919 -14.3
2,031,006
2,279,829 -10.9
2,075.723
1.726,211
-12.5
43.064,336
46.203.362 -6.8a
a
a
a
-10.8
54,906.649
63,193.906 -13.1
990,451
961,661 -3.0
971,265
1.021,839
11
a
a
a•
a
a
•
•
a
-9.0
66,250.824
72.444,095 -8.6
1,109.051
1,353.925 -18.1
1,634,513
1,634,976
-22.7
248.912.257
244,746.706 +1.7
4,540.830
4,241.501
+7.1
4,288,873
4,326.855
+1.3
166,729,375
167,930.619 -0.7
3,033,000
2,951.000 +2.8
3,333.069
3,023.000
+10.9
594,747,866
516,856,089 +15.1
10,615,458
9,234,512 +14.9
10,817.180
9,480,583
-0.5
328,759,926
314,769.904 +4.4
5,354,064
5,269,060 +1.6
5,195.001
5359.048
+6.3
100,921.300
87,750,086 +15.0
-7.2
563,448,400
576,696,600 -2.3
10,470.600
11.242.600 -6.9 *11,000,000
10,624,700
Total(13 cities).... 2,174,938,331 1,899,457.072 +14.5 21,781,023.662
19,998,766,434 +8.9 407,578,292 377,127.008 +8.1 344,328,254 363.382,063
Second Federal Re serve District -New York-24,658,584
-Albany
N. Y.
21.028,836 +17.3
270,280,252
245.589,920 +10.1
4,619,150
5,466,489 -15.5
Binghamton
4,225.000
4,311.900 -2.0
4.236,693
4,597,890
48,220,275
52.954,100 -8.9
797.600
195,853,946
728,200 +9.5
Buffalo
197,379,895 -0.8 2.094.563.153
752,000
875.250
2,150.267,985 -2.6 e40,322.340
Elmira
36.654,454 +10.0
3,334,125
3,622,333 -8.0
36.084.801
36,48.5,035
38.804,620
35,166,488 +10.3
759,691
362,233 +109.7
8,116,000
Jamestown
5.305,287 -3.6
487,629
57,233,554
55.786,771 +2.6
el,199,111
1,301,963 -7.9
New York
22,432,730,125 18,048,312.948 +24.3 224,242,237,738
1,104,302
728,665
194.500.879.919 +15.3 4.614,929.567 4.095.694.227 +12.74.116.869.2384.678.562,759
Niagara Falls
4338,488 +2.5
4,243,773
46,785.869
46.741,718 +0.1
Rochester
45,839,133 +8.6
49,801,402
542,427,569
505,976,241 +7.2
8,755,378
8.772,715 -0.2
Syracuse
9,801.918
9,225,187
19,380.669 +7.1
20.757,864
239,474.168
223.477,793 +7.2
4,084.569
3,998,916 +2.1
Conn.-Stamford.... _
5,470.144
3,992,615
11,909,910 +1.4
12,080,539
147,034.389
e3.191,251
145,673,401 +0.9
2,892.678 +10.3
N. J.-Montclalr
2,747,760
1,908,273
2,215,896 +20.2
2,664,369
27,449,383
22.438,555 +22.3
684,614
529,039 +29.4
Newark
730,006
713,436
78,880,980
72,517,772 +8.8
886.684,353
805,105.769 +10.1
Northern N.J
124.384,903
174,695,003 -28.8 Not included In totals
32.013,829
34,812,915 -8.0
25.798,975
Oranges
24,765,773
4,572,529 +2.4
4,681,903
53,668,324
49,172,936 +9.1
Total(13°Mos). _ _ _ 22.839,028.610 18,440,535.376 +23.9 228.694,863,647
198,833,231,896 +15.0 4,711.357,100 4391,213.829 +12.44.204.0834564 761,854,883
----
%
[VOL. 119.
THE CHRONICLE
2614
CLEARINGS-(Continued.)
1924.
1923.
1Week Sliding Nov .29.
,Since January 1.
Month of November.
Clearings at
Inc. or
Dec.
1924.
1923.
Inc. or
Dec.
Inc. or
Dec.
1922.
1021.
1,245,178 -3.9
3,900 395 -2.1
787,503 +45.8
1.111.966
3,346,029
1,006,208
930,303
3,159,631
1,045,173
-0.1
2,425,454
2,278,351
1924.
1923.
1,169,813
3,816,633
1,148,234
2,305,199
2,308,546
3
Third Federal lies erve District -Philadelph la69,201,211 -2.8
67,267,153
5,899.936 -2.1
5,775,908
Pa.
-Altoona
202,167,418 -12.7
176,447,279
16,076,984 -4.6
15,349,175
Bethlehem
64,308.026
61,046,491
5.545,834 -4.5
5,205,138
Chester
+3.9
200,365,866
208,145,659
17,220,535 +8.9
18,601,826
Harrisburg
152,704,618 -9.3
138,595,895
11,859,520 -8.6
10,842,405
Lancaster
27,679,778 +0.7
27,869,508
2,420,278 -3.2
2.342,393
Lebanon
43,293,505
41,280,054
3,932,241 -4.8
3,743,579
Norristown
2,098,000,000 1,982,000.000 +5.9 23,106,546,000 22,468.793,000 +2.8
Philadelphia
+1.6
160,649,104
163,165,542
+2.9
13,937,389
14.340.627
Reading
+0.1
275,103,422
275.330.951
+3.6
22,891,004
23,722,856
Scranton
158,577,351 +17.3
181,043,828
15,450,508 +6.2
16,405,593
Wilkes-Barre
74,097,503 +9.8
81,342,257
6,295,195 +10.9
6,979,486
York
+9.7
524,579,533
575.460,213
+7.0
46,933.751
50,230,536
N.J.
-Camden
221,659,856 + 14.7
254,229,628
20.527,944 +9.2
22.421,091
Trenton
a
a
a
a
a
a
-Wilmington _ _ _
Del.
Total(14 cities) _ _ _ _ 2,294,050,613 2,170,991,119
_1,512,509,368 1,530,157,605
Total(15 cities) _
360,975,000
219,532,787
3,042,938.173
4,941,588,447
663,884,200
a
38,836,268
a
19,928,773
86,967,507
a
a
210,385,055
35,600,654
a
15,262,671
58,547,013
7,289,112,457
83,074,893
197,599,320
431,000,000 +3.0
+1.9
2.838,176
5,615,793 -8.3
2,530,811 +57.7
1,424,393 +8.6
4,167,179
+1.3
a
3,793,200
3.703,877
+2.9
470,266,812
455,817,974
+3.2
439,622,093
483,006,090
330.457,000 +9.2
232,019,575 --5.4
3,164.257,115 --3.8
5,098,543.036 --3.1
723,183,400 --8.2
a
a
38,903,616 --0.2
a
17,843,523 +11.7
88,787,264 --2.0
a
a
a
a
203,749,148 +3.3
38,180,951 --6.8
a
16,144,206 -5.5
74,687,115 --21.6
7,530,439,071 --3.2
94,150,581 --11.8
209,685,314 --5.8
c6,074,000
3,694,027
56,812.953
88,374,916
11,875,400
a
5,207,000 +16.7
3,583.595 +3.1
54,116,539 +5.0
+3.2
85,600,226
11,371,200 +4.4
a
a
4,862,000
2,055,572
54,462,572
81,681,678
11,851,000
a
5,070,000
3,181,905
54,909,773
78,758,650
13,260,400
a
2,016,678 -26.9
1,217,731
a
a
2,797,848
-1.2 17,264,233,218 17,861,030.915
-3.3
a
a
c1,474,657
a
a
c3,396,397
a
'
3,366,911
162,000,000
312,523,018
302,430,101
+3.3
333,928,680
320,943,347
8,997,386,082
8,657,612,113
+3.9
174,652,894
-14.0
-3.1
-2.3
+1.4
-17.1
-4.4
+3.2
a
+18.1
+33.7
-11.4
-7.6
-7.8
+6.8
-11.9
+1.7
-13.8
297,068,315
147,674,439
918,481,688
2,599,600,610
89,957,554
41,003,209
70,400,875
a
725,752,028
172,862,680
1,234,744,348
87,720,325
80,732,296
70,783,324
61,001,323
40,679,668
18,789,881
2,644,133,289
304,464,902
144,644,807
916,846,909
2,504,559,489
100,047,806
43.212 191
71,023,077
a
590,338,686
141,575.102
1,181,158,619
92,111,650
81,010,158
75,961,622
49,425,000
44,122,856
17,391,251
2,501,731,396
-2.4
+2.1
+0.2
+3.8
-10.1
-5.1
-0.9
a
+22.9
+22.1
+4.5
-4.8
-0.3
-6.8
+23.4
-7.8
+8.0
+5.7
-3.9
9,301,385,852
8,859,625,521
+5.0
182,368,574
165,430,301
10,170,281 +10.6
11,253,327
+43.9
37,678,426
+9.2
41,131,950
+13.5
+9.7
+5.7 6,718,778,542 6,121,931,887
+7.2
102,838,647
110,223,260
-10.3
316,208,295 +4.6
330,724,057
+ 12.8
82,657,153 -1.8
81,176,778
+5.8
111,235,383 +9.4
121,736,414
+3.3
+2.5
111,467,626
114,292,664
+5.9
+3.7
184,570,511
191,446.281
+8.3
066,308,000 -5.7
-18.5
911,471,000
117,147,414 -4.4
111,951,022
+8.9
282,708,411 -7.5
261,484,042
-6.8
119,013,395
+1.3
120,559,405
+0.2
1,717,096,931 +1.5
+1.2 1,743,072,621
35,266,055 -0.6
+4.8
35,068,175
119,835,838 -3.2
115,944,953
+6.0
601,581,302 +0.4
503,797,102
+14.7
-0.5
515,571,0.51
522,580.461 -1.3
29,770,424 -24.0
22,635,511
-27.8
24,254,015
26,720,009 -9.2
-10.8
297,420,419 +2.0
303,412,893
-3.7
70,627,715
70,601,547 +0.1
-2.2
58,265,234
+3.2
56,437,403
-2.6
68,804,382
71,386,386 -3.6
+5.0
+0.9
+3.4 28,772,724,607 28,506,495,336
a
a
a
a
64,752,192
+6.0
61,110,122
-2.4
+26.8 Not. Included in total
214,934,578
209,350,437 +2.7
+3.2
118.063,096
108,161,375 +9.2
-0.9
119.192,994
120,596,860 -1.2
-9.8
208.632
788,553
118,572,373
+2.1
769,692,357
Total(17 cities)- ---
892,646,424
929,262,600
Seventh Federal R °serve Distric t-Chicago
1,094,769
760.730
Michigan-Adrian _ _ _
3,901,908
3,438,149
Ann Arbor
587,461,625
555.865,688
Detroit
8,859.946
9,875,851
Flint
30,149,687
26,726,391
Grand Rapids
7,339,934
6,936,238
Jackson
10,104,616
9,779,452
Lansing
10,795,221
10,189,624
Indiana-Ft. Wayne _
18,820,000
20,372,000
Gary
87,833,000
71,618,000
Indianapolis
9,632,000
10,493,653
South Bend
24,083,890
22,455,124
Terre Haute
11,382,605
11,404,499
Wisconsin-Madison ..
154,237,075
156.130,885
Milwaukee
3,088.839
3,236,213
Oshkosh
9,862,628
10,551.959
Rapids.
Iowa-Cedar
47,657,180
54,668,609
Davenport
46,153,175
4.5,912,379
Des Moines
2,684,169
1,039,000
Iowa City
2,597,871
2,316,000
Mason City
25,874,350
24,905,908
Sioux City
6,243,772
6,104,686
Waterloo
5,253.805
5,114,794
Illinois-Aurora
5,682,056
5,964,054
Bloomington
2,589,256,043 2,503,842,728
Chicago
a
a
Danville
5,367,250
5,240,114
Decatur
782,354
992,012
Lincoln
18,694,489
19,288,171
Peoria
10,038,096
9,944,022
Rockford
10,401,912
9,379,876
Springfield
Total(29 cities)-
- 3,746,033,695 3,633,003,013
+3.1 41,877.350,661 41,018,340,334
Eighth Federal Re serve District -St. Louis
23,114.340 -2.7
22,521,893
Indiana-Evansville _
+0.3
674,665
676,350
New Albany
590,366,573 -1.2
583,208,779
Missouri-St. Louhs_ _
a
a
a
Springfield
+8.8
118.531,066
128,949,937
Kentucky-Louisville
1,784,335 -14.5
1,524.833
Owensboro
7,131,062 +25.0
8,915,645
Paducah
132,907,640 -0.4
132,321,823
Tennessee-Memphis
61,876,294 +12.1
69,337,084
-Little Rock
Arkansas
+2.0
1,375,449
1,403,557
Illinois-Jacksonville _
5,796,327 -3.3
5.604.235
Quincy
Total(9 cities)
371.258,357
353,221,678
+5.1
236,914,626
219,647,627
7,538.104
7,291,680
Not Included in total
a
a
1,415,543,985
1,460,386,311
20.252,428
22,175,558
112,316,700
114,126,465
1.015,560,923
967,666,867
507,545,655
546,170,612
16,275,927
17,181,141
68,415,420
68,383,387
3,460,280,005
3,246,113.411
+7.9
+3.4
a
a
+2.7 .175,000,000
+4.5
Sixth Federal Ruse rve District- Atlanta
30,692,825
26,407,414
-Chattanooga _
Tenn.
11,886.937
12,262,000
Knoxville
86.267,975
88,311,719
Nashville
262,934.002
266,607,161
Georgia-Atlanta_ _ _ _
11,776,207
9,757.065
Augusta
4,522,607
4,322,210
Columbus
6,965,403
7,185,223
Macon
a
a
Savannah
53.614.679
63,342,463
Fla.-JacksonvIlle _ _
12,941,642
17,304,000
Tampa
117,363,906
114,264,343
-Birmingham _ _
Ala.
8,832,453
7,827,436
Mobile
8,685,552
8,029,159
Montgomery
6,575,052
6,061,668
-Hattiesburg _ _
Miss.
5,528,491
5,907,000
Jackson
3,774,947
3,323,810
Meridian
2.238.160
2,200,386
Vicksburg
251,914,400
292,280,729
-New Orleans_
La.
a
1,243,508
a
a
2,519,111
137,167,952
97,109,064 -11.8
a
a
369,740,022 -2.3
+8.1
2,356.416,107
a
a
110,809,589 +3.5
a
a
122,646,983 -6.4
135,140,673 -32.1
+3.8
4,403,644,342
+2.6
19,621,643
37,526,094 -3.6
+5.0
1,004,924,596
812,286,538
a
a
140,820,668
85,639,964
a
361,158,147
2,547,049,787
a
114,623,266
a
114,795,840
91,755,321
4,570,387,029
20,126,436
36,180,097
1,055,670,195
848,789,047
a
+0.9
a
a
Fifth Federal Rose rve District- Richmond
8,356.433 -12.9
7,279,992
W. Va.-Huntingtona
a
News _
Va.-Newport
43.667,095 -14.5
37,318,025
Norfolk
+3.2
243,117,154
250,013,428
Richmond
a
a
a
-Asheville __ _ _
N. C.
12,385,684 -5.3
11,734.268
Raleigh
a
a
a
Wilmington
14,987,366 -20.5
11,911,797
-Charleston _
EL C.
0,671,770 -0.2
9,648,154
Columbia
+9.3
381,573,700
416,945,683
Md.-Baltimore
1,886,782 +1.6
1,916,825
Frederick
3,165,534 -1.0
3,132,490
Ilagerstown
93,475,020 +4.8
97,988,385
-Washington
D. C.
Total (10 cities)- - - -
417,000,000 , 460,000,000
2,830,770
2,857,644
4,974,974
4,046,471
2,813,477
2,884,066
1,359,534
1,151,055
4,220,650
+5.7 25,357,770,458 24,643,080,191
Fourth Federal Re serve District -Cleveland 29.302,000 +10.4
32,357.000
Ohio-Akron
18,425,874 -1.4
18.158,974
Canton
268.575,298 +0.9
270,929,757
Cincinnati
433,149,941 -2.8
420,854,961
Cleveland
57,688,900 +4.1
60,075,800
Columbus
a
a
a
Dayton
3,211,006 -7.7
2,963,388
Hamilton
a
a
a
Lima
1,399,798 +67.8
2,348.269
Lorain
8,091,225 -7.0
7,524,330
Mansfield
a
a
a
Springfield
a
a
a
Toledo
16,568,284 +5.4
17,406,151
Youngstown
3,281,401 -4.4
3,136,311
Co
-Beaver
Pa.
a
a
a
Erie
1,350.144 +40.8
1,901,464
Franklin
5,592,310 +19.4
6,679,758
Greensburg
660,073.024 -2.6
642,917,123
Pittsburgh
5,668,502 +16.0
6,576,847
Ky.-Lexington
17,779,298 +4.7
18,619,235
W. Va.-Wheeling_ _ _
444,000,000
2,892,972
5,148.992
03,991,307
1.546,012
1,589,269
1,492,990
+6.5
2,247,978
1,743,500
c8,005,777
54,770,000
8,642,341
49,960,000
-7.4
+9.6
7,248,583
44,947,629
8,162,725
50,279,305
2,693,172
-7.6
2,007,520
2,293.568
84,133,430 + 14.5
81,981,452
78,620,827
02,488,374
87.941,105
17,093,000 + 16.2
17,283,318
20,542,125
+6.5
155,716,480
161.642,050
05,676.654
2.232.570
017,861,000
53,813,914
1,895,757
6,100,301 -6.9
2,543,000 -12.2
15,860,065 +12.6
+4.0
51.316,361
2,278,232 -16.8
5,242,907
2.344,133
14.690,077
41.450 136
1,727,634
4,460,019
2,627,386
16,651,450
44,020,593
1,926,052
1,341,379
a
14,771,000
1,204,889 +11.3
a
a
11,493,178 +28.5
1,205,640
a
9.515,913
•1,500,000
24,244,525
1,612,112
23,486,788 +3.4
1,841,078 -12.4
24,580,519
1,617,411
19,163,666
1,750,000
1,148,000
901,603 +27.3
746.060
720,851
489,500
57.232,163
509.548 -3.9
47,895,758 +19.5
380,964
40,184,499
348,013
46.178,022
+10.2
152,675,393
148,727,641
142,060 +46.9
728,843
+8.2
102,557,553 +15.6
155,519
1)03,869
100,897,977
185,303
425,000
94,140,581
+13.8
5,576,460
6,326,078
13,364,000
2,259,000
4,934,380
15,318,000 -12.8
1,658,000 +36.2
3,993,214 +23.6
15,554,000
1,453,000
16,000.000
1,800,000
30,949,845
29,821,587
29,408,839
19,8,58,369
6,154,714
164,014,933
5,409,291
9,381,589
h
+3.8
28,557,260
2,124,744
1,920,101 +10.7
1,803,047
2,020.833
10,225,141
8,336,685 +22.6
7,961,532
9,410.849
5,271,010
1,070,064
4,716,430 +11.8
1,082,394 -1.1
4,586,381
1,013,062
4,419,470
898,666
1,2.57,955
563,331,093
a
1,180,377
1,126,383 + 11.6
+8.4
519,581,487
a
a
+2.3
1,153,954
1,250,355
517,470,995
a
975,096
1,172,812
532,554,745
a
1,063,059
4,182,283
1,985,041
1,833,152
3,675,071 +13.8
2,035,362 -2.5
1,608,442 +14.0
4,083,685
1,726,667
938,867
3,488,216
1,920,000
1,038,197
704,864,766
+9.2
694,907,772
706,273,548
4,355.695
4,585,238
-5.0
4,299,240
3,964,360
120,877,190
119,010,387
+1.6
24,688,430
306,093
23,485,300 +5.1
482,166 -36.5
23,638,803
702,874
24,885,385
609,157
-0.1
27,110.957
14,088,939
293,932
1,185,220
28,700,119 -5.5
+6.4
13,241,088
232.787 +26.3
+5.5
1,124,061
24,391.591
10,454,796
329,721
1,198,333
20.885,430
9,436,641
324,804
1,214,811
+1.0
192,906,456
+1.1
65,015,358
61,320,588
+3.2
-1.6
-4.7
+4.5
190.861,146
DEC. 6 1924.]
THE CHRONICLE
2615
CLEARINGS-(Concluded.)
Month of November.
Since January 1.
LClearings at
1924.
1923.
Inc. or
Dec.
$
$
%
Ninth Federal Res erve District -Minneapoli sMinn.
43,317,157 +83.4
-Duluth
79,419,689
Minneapolis
326,144.612 +39.6
455,284,846
Rochester
1,794,162
2,147,553 -16.5
St. Paul
161,135,984 -12.1
141,719,671
-Fargo
N. D.
9,572,642
9,375,788
+2.1
Grand Forks
5,858.000 +18.4
6,933,000
Minot
991,000 +35.5
1,343.580
S. 1)-Aberdeen._ _ _
6,390,402 +10.8
7.079.070
PI Sioux Falls
4,109,423
13,711,100 -70.0
-Billings
Mont.
2,859.455
2,501,151 +14.3
4,111,685
Great Fails
3,945.223
+4.2
Helena
15,197,093
15,569,378
+2.4
Lewistown
f
1,129,464
Total(13 cities).-
729,796,601
1,136,010,058 1.100,438,381
Total(12 cities)-
.
603,711.056
1923.
$
$
%
1924.
1923.
Inc. or
Dec.
1922.
$
$
%
$
1921.
3
355,973,849
3,362,608,052
20,911.607
1,648,970,412
96,718.219
53,575,301
12,849,314
61.347,177
143.683,380
24,350,069
38,186,409
149,475,239
9,383,651
+27.5
+10.4
-12.5
-11.2
-11.9
+14.
4
-14.0
+1.8
-65.1
+4.7
-19.9
-12.8
e18,436,413
93,993,930
8,123,475 +116.9
62,781,497 +49.7
8,480,420
65,365,506
6.076,659
68,314,602
29,146,512
1,901,597
29,179,939 -0.1
1,627,724 +16.8
23,479,891
2,055,937
35.958.936
2,025,421
1.479,356
1,218,786 +21.4
1,265,846
1.350,000
600,608
454,956 +32.0
633,190
743,267
3,456,201
2,952,874 +17.1
4,804,283
5,033,889
6,106,516.170
5,978,032,679
+2.2
149,014,617
106.339,251 +40.1
106,085,163
119,502,774
19.745.201
19,917,911
25,343,081
24.806,100
195,071,938
197.943,821
1,834,227,115 1,943,291,554
220,599.938
242,739,224
aa
aa
139,549.430
154,513.478
353,922,935
434,228,988
70,266,000
67,404,814
5,980,306,986 6,326,505,006
331,073,779 Not included in
aa
13,811,635
17,046,361
a
a
1,141,842,983 1,043,358,879
321,301,007
373,566,382
51,768,326
56.390.768
1,283,409,183 1,417,962,049
45,894,510
41.041,877
--O.9
+2.2
-1.4
-5.6
-9.1
a
a
-9.7
-18.5
+4.2
-5.5
total.
a
-19.0
a
+8.9
-14.0
-8.2
-9.5
+11.8
c239,544
502.591
3.201,660
33,416,727
263,780 +9.8
420.542 +19.5
3,621.440 -11.6
31,743,955 +5.3
244.504
443,090
3,389.119
35,155,389
425,000
518,334
3,714.323
34,690,811
d2,363,422
c6,006,478
2,123.390 +11.3
6,285,751 +17.2
20,018,935
8,508,531
2.237,188
10,148,539
116,169,548
06,004,888
105,080,770 +10.5
5.123,033 +17.2
120,082,074
125,129,176
a
e34,954,371
a
984,294
18,319,448
e812,924
a
a
29,878,108 +17.0
a
a
805,391 +22.2
17,607,688 +4.0
644,787 +26.1
a
20,130,724
a
923,571
17,994,669
663.088
•
a
22.855,628
a
430,961
19,041,651
735,298
+3.2 11,697,060,348 12,365,717,210
-5.4
223,025,895
203,598.685
+9.5
209,053,694
219,926,909
1,392,020
591,814,532 +23.3
Eleventh Federal Reserve Distr let-Dallas
Texas-Austin
7,426,821
7,303,298
Beaumont
5,774,457
5,995,554
Dallas
228,684,948
183,838,870
El Paso
.23,000,000
22,054,247
Fort Worth
85,227,277
58,280,371
Galveston
58,707,585
47,938,567
Houston
161,481,797
152,132,145
Port Arthur
2,214,310
2,427,692
Texarkana
3,508,714
•
3,624.718
Waco
15,157.295
19,017,039
Wichita Falls
•
7,818,127
11,593.078
La.
-Shreveport
.
23,354,340
20,934,774
1024.
453,891.268
3,713,065,351
18,307,712
1.464,646.758
85,140,193
61,285,694
11,054,012
62,469,410
50,168.885
25.496,483
30,585,699
130,404.705
f
Tenth Federal Res erre District -Kansas Cit yNeb.-Fremont
1,595,738
1,552,464
+2.8
Hastings
2,272,536
2,150,322 +5.7
Lincoln
17,220,504
16,879,815
+2.0
Omaha
160,421,705
158,341,525
+1.3
Kan.
-Kansas City._
17,141,148
22,270,727 -23.0
Lawrence
a
a
a
Pittsburg
a
a
a
Topeka
11,963,474
13,121.963 -8.8
Wichita
29.488.186
37,814,351 -22.0
Mo.-Joplin
6,576.000
5.880.000 +11.8
Kansas City
563,990.837
548.368.901
+2.8
St. Joseph
29,032,580 Not included I n total.
-Lawton
Okla.
U
a
a
McAlester
1,515,260
1,766,535 -14.2
Muskogee
a
a
a
Oklahoma City_
145,418,345
109,810,605 +32.4
Tulsa
27.517,954
27,685,215 -0.6
-Colo. Springs
Colo.
4,687.876
4.650,408
+0.8
Denver
141,934,427
146,577,696 -3.2
Pueblo
4,266.068
3,567,851 +21.6
Total(15 cities)_ _ _ _
'Week Ending 1‘. or. 29.
Inc.or
Dec.
+1.7
-3.7
+24.4
+4.3
+11.9
+22.5
+6.1
-8.8
-3.2
-20.3
+48.2
-10.4
79,783,282
66,840,771
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
84.053,101 -5.1
63.569.859 +5.1
1,565,361,944 +26.7
233,914,39
-2.5
526,451,573 +5.9
414,684,987 +0.4
1,346,946,140 +5.4
29,293.357 -17.8
28,970,064 +8.6
147,095.751
+0.7
92,260,153 +14.6
233,414,463 -4.2
c12,769,534
9,994,394
a
3.873.347
4,434.989 -12.7
3,727,481
3.950.000
533,784,068 +13.1
5,286,211,429
4,766,015,762 +10.9
74,863.250
60,709,823 +12.2
53,008,574
51,408,647
34,546,873
9,662,000
a
1,618,781
35,778,550 -0.7
9.560,000
+1.1
aa
1,273,439 +27.1
33,152,096
10,168.000
a
1,284,654
36.497,881
11.388,943
a
1,781,203
31,020,037
33,304,581
-6.9
27,254,563
28,982,055
16.615,651
a
a
16.516,058 +0.6
a
a
aa
17,969,098
a
a
20,665.024
a
a
4,217.674
5,570.859
116.306,000
4,810,753 -12.3
7,881,503 -29.3
130,862,000 -108
6,486,939
5,379.478
98,638.000
6,146,302
4,318.905
96,752,000
14,968,213
4.532,459
13,405.678 +11.7
4,576,058 -1.0
14.230.785
3,910,024
13.741,212
3,500,000
c6,547,689
3.593,325
140,100,000
2,176,936
986.609
1,607,383
6.435.254
+1.7
3,333,269
+7.8
140,900.000 -0.6
2,103.029 +3.5
979,985 +0.7
1,842,180 -12.7
5,571,620
.3.000.000
134,300,000
2,388.407
813,664
7,167.225
2,856.696
146,100,000
2,266.513
904,749
1,342,352
48,883,623
-3.6
1,096.577
1,538,134
38.646,793 +21.3
29,582,337
29.105,476
11,958,015
10,278,006
a
10.726,750
7,875.429
a
8,897,339
7,917,698
a
+6.7
-2.8
a
Twelfth Federal .eaerve DistrIc t-San Franc
Wash.
-Bellingham _
3,284,000
3,351,000
Seattle
167,113,424
161,927,306
Spokane
30,012,864
51,013,000
Tacoma
a
a
Yakima
6,923,405
8,128,715
Idaho-Boise
•
4,890,284
4.485,357
Oregon-Eugene._ _
1,808,628
1,726,546
Portland
153,448.337
167,594,182
Utah-Ogden
8,188,000
7.419,000
Salt Lake City
75,019,143
.
72,438,307
Nev.-Reno
2,725,164
3,386,232
Arizona-Phoenix__ _ .
12,306,087
11,230.000
Calif -Bakersfield. _
4,451,009
4,426,294
Berkeley
16,728,203
17,686,014
Fresno
•
22,054,731
23,136,735
Long Beach
•
26,149,004
38.004,826
Los Angeles
364,821,000
612,754,000
Modesto
3,602.782
3,667.389
Oakland
70,315,481
66,517,295
Pasadena
24,148,391
23,690,835
Riverside
.
2,994,965
2,984.502
Sacramento
37.799,601
36,968,437
San Diego
•
17.691,640
16,260,393
San Francisco.....
674,400.000
666.000,000
San Jose
12,612,938
10.318,410
Santa Barbara_ _ _ _
5,034,048
5,264,330
_
Santa M onica
7,705,163
8,674,426
2,126,754
Santa Rosa
2,480,836
Stockton
11,088,200
12,354,500
sco+2.0
36,771,000
35,269.000
-3.1 1,865.144,193 1,776,333,746
-2.0
522,787,864
527,314,349
a
a
a
+17.4
63.521,803
62,536.793
-8.3
49,744,068
48,574,270
+4.8
20,525,148
18.397,932
-8.4 1,740,389,332 1,710,044,993
-9.4
67.052,000
64,638,000
717,591,850
-3.4
700,466,475
-19.5
29,071,420
32,678,886
-8.8
98,690,149
86,804,395
+0.6
44,638,850
46,416.296
-5.4
190.193.914
192,862,592
181,984,033
-4.7
203,097,703
-31.2
338,337,397
394,022.751
-7.8 6,541,707,000 6,384,294.000
-1.8
35,469,620
34,882,093
762,138,288
+5.7
729,716,035
242.575.238
-4.1.9
267,925,186
+0.3
36.512,093
34,128,84
392,094,793
342.393,847
+2.2
195,745,712
+8.8
175,512.711
+1.3 7,612,800,000 7,353,561,000
115,955.139
+22.3
113,976,607
-4.4
56,632.058
53,422.770
-11.2 Not Included In total.
23,251,715
-14.3
25,657,09
120,277,507
-10.3
127,695.10
Total(27 cities)-- - . 1,972,991,425 2,043,957,099
-3.5 22,126,953,038 21,517,273,575
Grand total(187cities I 39.121.763.585 14,038,939,981
+14.9 410,951,064,570 367,930,845,741
+11.7 8,065,275,454 7,344,505.964
+9.8 7,125.253,745 7.783,133.348
Outside New York__ . 16,689,033,460 15,990,627,033
+4.3 188,708,826,832 173,420,965,822
+7.7 3,450,345,887 3,248,811,737
+6.2 3,008,384,517 3,104,670,589
+4.3
+5.0
-0.9
a
+1.6
+2.4
+11.6
+1.8
+3.7
+2.4
-11.0
+13.7
-3.8
-1.4
-10.4
-14.1
+2.5
+1.7
+4.4
+10.5
+7.0
+14.5
+11.5
+3.5
+1.7
+6.0
-9.4
-5.8
c2,455,700
2,535,300
-3.1
2.281,500
1.986,600
+2.8
397,026,189
416,097,647
-4.6
366,828,828
385,054.808
CANADIAN CLEARINGS FOR NOVEMBER, SINCE JANUARY 1, AND FOR WEEK
ENDING NOVEMBER 27.
Clearings al
-
Month of November.
1924.
CanadianMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New We.strninster___ _
Tledicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
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
19,655,727
22,692.673
3,785,502
2,906.208
8,546.580
6,501,400
3,737,27:
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
1923.
8
628,461,740
541.238,764
366.431.143
71,361,199
37.454.717
28.467,045
14,850,789
27,306,440
34,263,725
14,021,894
11,352,706
12,186.476
19,301.993
24,902,037
3,357,383
3,782,843
11,770.453
7,692.170
4,798.854
6.294,994
2,604,669
2,246,290
3,698,768
3,746,642
4.472,071
15.137,590
1,952,161
4,206,399
2,926,358
Since January 1.
Inc. or
Dec.
%
-22.7
-12.0
-7.9
+3.2
-12.4
-2.3
-2.7
-21.1
+15.3
-20.4
-21.9
-7.9
+1.8
-8.9
+12.8
-23.2
-27.4
-15.5
-22.1
-20.8
-2.7
-28.3
+0.2
-17.6
-7.5
-18.8
-22.1
-20.0
+13.6
1924.
$
4,804,747.431
4,769,375.935
2,358,197,367
734,238,169
300,253,105
264,360,816
135,144,430
233,295.932
303,913,008
122.929,618
100,250,769
127,343,577
198.114,151
158,885,920
26,376,108
24,864,699
75,039.411
52,141,581
41,853,194
43,601,742
28,246,576
14,997,989
36,736,207
38,025.843
44,230,233
150,225.662
14,978,376
37,471,993
32,433,602
1923.
$
5.030,866,104
5,131,101.649
2,221.027,286
685,518,216
323,310,405
277,208.208
140,142.016
276.315,993
237,230.993
130.089,277
96,826,494
139,010,226
193,713,663
169,807,149
28,008,853
28,903,412
79,006,974
58,065,549
47.933,172
43,366,838
26,704,689
15,874,283
35,767,930
39,775,937
47,415,038
163,311,513
16,207,860
46,331,113
31,332,848
Week Ended Nov. 27.
Inc. or
Dec.
%
-4.5
-7.1
+6.2
+7.1
-7.1
-1.6
-3.6
-15.6
+28.1
-5.5
+3.5
-8.4
+2.3
-6.4
-5.8
-14.0
-5.0
-10.2
-12.7
+0.5
+5.8
-5.5
+2.7
-4.4
-6.7
-8.0
-7.6
-19.1
+3.5
1924.
5
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
976.909
2,918,891
318,797
761,882
677,539
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
2,066,326
2,301.746
4,249,175
4,968,549
617.209
723.935
2,447,718
1,587.699
988.111
1.461.471
579.197
454.366
789.790
727,766
843.927
3,447.073
396,507
856.485
537,673
Inc. or
Dec.
%
-5.2
+2.8
-7.4
+14.8
-2.5
+10.5
-5.8
-14.6
+29.9
-18.9
-12.1
+6.5
+10.6
+6.2
+27.8
1N
-7.0
-15.6
-22.9
-9.1
-15.3
+3.6
+0.2
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
5,614.776
2,301,926
1,785.445
2,515,008
3,827,484
4,519,070
697.451
1,MITI 1,M:837
1, 53.149
9 9 558
52
710.327
518.260
375,988
654,147
____121 2,E.E
382.55
-19.6
-11.0
+26.0
1921.
$
109,204.008
102.527.954
78,750.503
13,120,851
7.277,312
5.596,498
3,145,573
5,438,163
6,120.733
2,816.320
2.013,347
3.104.703
4,784,766
4,137,585
701.648
1,197,788
'03, 43
538 010
7 3
518,801
386,372
707.827
709.240
900,171
3,060,111
957,17
893,585
524.358
705,720
TotalCan.(29 cities) 1,644.258,375 1,910,288,913 -13.9 15,272.273.444 15,760,173 638 -3.1
348.512.289 355.296.771
+0.0 330,220.285
382,719,546
a No longer report clearings. b Do not respond to requests for figures. c Week ended Nov. 26. d Week ended
Nov. 27.
Week ended Nov. 28. •
Nolclearings; all banks closed.
Estimated.
2616
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Under the leadership of the railroad shares, the New York
stock market has continued its buoyancy and activity.
Except on Tuesday sales have kept well past the two million
mark and many new high records have been established.
Industrial shares participated in the general improvement,
but specialties and public utilities were not particularly
prominent in the forward movement. In the short trading
period on Saturday sales spurted well past the million mark,
and numerous stocks reached their highest levels in recent
years. Trading again passed the two million mark on
Monday. In the brisk selling movement of the first hour
nearly 80 new high records were established, though many
of these lost ground in the later trading. Price movements
were somewhat confused, the general average for the day
receding something more than a point. Railroad issues
were prominently in the foreground, Baltimore & Ohio
advancing to 74 for the first time since 1917 and St. Louis &
San Francisco common selling at 623/2 and establishing a new
high record. Tuesday was the smallest full day since Election Day,the sales declining to a little over 13/2 million shares.
Nearly 40 new high records were established, a large number
of which were in the industrial group. Wedneday witnessed
another two million share market, most of the speculative
interest centering around railroad and public utility issucs.
Many new high records were established in railroad issues,
also in various other groups. Railroad securities held the
most conspicuous position, Southern Pacific going briskly
forward to 1043, the highest point reached since 1920.
Wabash preferred "A" reached a new high at 58, and Texas
Pacific was in strong demand at improving prices and United
States Cast Iron Pipe & Foundry went briskly forward
25/2 to 1403/2, but fell off fractionally. Copper stocks
were in sharp demand and public utilities improved. Speculative activity in the stock market continued its unprecedented pace on Thursday, adding another day to the long
list of two million share days since the rising market started
after election. All classes of stocks were strong, except
possibly sugars and oils, but railroad issues overshadowed
all others due to the vigorous speculation in this group.
Following the announcement, late in the afternoon of the
day before, that the St. Louis-San Francisco had put its
common stock on a 5% basis, the market literally boiled.
Low-priced railroad stocks were in urgent demand and advances of from 2 to 5 or more points were numerous, 43 new
high records being recorded in the railroad group alone.
New York Central crossed 119 and Pennsylvania topped 49.
Seaboard Air Line also joined the upswing with an advance
of more than five points. There were some extraordinary
advances in the industrial section, more than 50 new high
levels being recorded by this group. General Electric was
particularly noteworthy for its brisk advance of 83/2 points
to 27536. In the earlier trading on Friday the market again
displayed that buoyancy that has characterized its daily
transactions since Election Day. The volume of sales
reached more than 23/2 million shares and numerous new high
records were established, though many of these gains were
lost in the late downward reaction. In the last hour the
.many of the strong leaders of
market became reactionary,
the morning closing the session fractionally lower.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
united
State,
Railroad.
States
Stocks.
Ole.
Municipal &
Week /MOM Dec- 5
Bonds
Foreign Bas.
Bond*.
No. Shares.
1,177.184
2.093.959
1,578,045
2,010,815
2,338,415
2,609,500
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
_
0
*1 on., niQ
_
$5,945,000
11,171,000
11,887,500
13,107,000
15,293,500
14,770,000
571 075 1551
Week Ending Dec. 5.
Sales at
New York Stock
Exchange.
1924.
1923.
5,982,874
-No. shares__ - 11,807.918
Stocks
Bonds.
$15,808,000
Government bonds._ _ 512,901,650
8,335,000
State & foreign bonds_ 23,397,500 35.509.000
Rallfoad & misc. bonds 71,974,000
Total bonds
[vol.. 119.
THE CHRONICLE
52,111,000
3,758,500
3.989.500
4,130,500
5,988,000
3,422,000
3786,300
1,781,200
1,852,950
3,961,500
3,644,700
1,075,000
597 707500
519001 Am
Jan. 1 to Dec. 5.
1924.
1923.
249,207,419
216,561,703
3836,465,985
524,713,500
2,155,359,000
3751.367,700
419,113,000
1,444,044,000
3108,273,150 $57,652,000 $3,516,538,465 32,814,524,700
THE CURB MARKET.
Prices of Curb Market securities made further advances
broadening
this week on heavy buying, the list traded in
Nickel Plate issues were features and on a
considerably.
heavy business the common advanced from 803/2 to 863i
strong,
with a final reaction to 83. Public utilities were
common, 101 to 1123/2, the close
Commonwealth Power
%
to-day being at 1108 . Amer. Power & Light new stock
3
sold up from 503/2 to 57,., but reacted to 52, the close to-day
%
being at 523 . Radio shares were also active. Dubilier
Condenser & Radio advanced from 58 to 623 and rested
finally at 61%. Centrifugal Cast Iron Pipe sold up from
8
4
173. to 233/, with the final transaction to-day at 233 .
Childs Co. new rose from 39% to 44. Continental Banking A
%
stock moved up from 104 to 1103 , reacted to 1073/2 and
.
8
moved upward again, reaching 1103/ The close to-day
was at 110. Standard Oil issues were somewhat easier.
Standard Oil (Ohio) common dropped from 374 to 340,
recovered to 355 and finished to-day at 350. Solar Refining
was off from 214 to 203, with the final transaction to-day
at 206. South Penn Oil lost about 11 points to 1323/2, the
close to-day being at 133. Southern Pipe Line was down
five points to 88. Standard Oil (Nebraska) declined from
262 to 244. The other oil stocks were somewhat more active.
Lago Petroleum advanced from 45/2 to 63/2 and ends the week
at 6%.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS(No. Shares).
Week Ending Dec. 5.
Ind.ctAfis.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Domestic. Forts Govt.
Alining.
Oil.
76,215
153,970
119,180
129.820
166,610
195,515
75,120
139.920
100.310
124,185
133.080
235,080
76,190
111,140
141,050
103.100
139.400
180,060
$686.000
1,028,000
972.000
1,816.000
1,712.000
1,491,000
$43,000•
63,000
33,000
51,000
46,000
17,000
841.290
807.695
730,940 $7,705,000
$253,000
FOREIGN EXCHANGE.
Sterling exchange turned firm and sharply higher,
under the stimulus of active trading. The Continental
exchanges shared in the firmness and francs shot up more
than 25 points on a better demand. New high records were
also established in several of the minor European currencies.
To-day's (Friday's) actual rates for sterling exchange were 4 6411 04 6534
for sixty days, 4 6754@4 6774 for cheques and 4 6734 014 68H for cables.
Commercial on banks, sight 4 6714 @4 6734, sixty days 4 638)4 63%.
ninety days 4 623404 6334 and documents for payment (sixty days) 4 6331
04 6334. Cotton for payment 4 67%@4 67%. and grain for payment
467348)4 6731
To-day's (Friday's) actual rates for Paris bankers' francs were 5.33348)
5.3934 for long and 5.3905.4434 for short. German bankers' marks are
not yet quoted for long and short hills. Amsterdam bankers' guilders
were 40.008)40.02 for long and 40.366440.38 for short.
Exchange at Paris on London 85.70 francs: week's range 84.77 francs high
and 85.95 francs low.
The range for foreign exchange for the week follows:
Cables.
Sirty Days. Chemies.
Sterling Actual46834
46931
46b34
High for the week
4 623,4
462
4591-5
Low for the week
Paris Bankers' Francs
5.5234
5.5134
5.4534
High for the week
8.3754
5.3034
5.3634
Low for the week
Bankers' Marks
Germany
23.82
23.82
High for the week
23.82
23.82
Low for the week
Amsterdam Bankers' Guilders
40.07
40.49
40.53
week
nigh for the
39.90
40.56
40.32
Low for the week
--Chicago, par. fit. Louis, 15025c. per $1,000
Domestic Exchange.
discount. Boston. par. San Francisco, par. Montreal. 8.31.25 Per
$1,000 premium. Cincinnati, par.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
dl. Mon.
Fri.
Than.
London,
Wed.
Tues.
Nov.29. Dec. 1. Dec. 2. Dec. 3. Dec. 4, Dec. 5.
Week ending Dec.5d 339-16 3394
333-16 32 13-1632 13-15
Sliver. per oz
3394
89.2
89.11
89.11
89.2
89.8
89.6
Gold, per fine ounce
58
5834
58
58
58
Consols, 234 per cents
10134
10134
10134
10131
10134
British, 5 per cents
9754
9731
973i
British, 434 per cents
9734
9734
50.65
50.50
50.60 50.65
French Rentes (In Paris), Ir.
50.50
61.80
81.25
61.35 61.35
French War Loan(inParls)Jr
61.35
The price of silver in New York on the same day has been:
Silver in N. Y., per os. (eta.):
Foreign
6934
6934
6934
69
6834
69
atentmercial an ariliscellatteousBenis
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Nov. 29 to Dee. 5, both inclusive, compiled from official sales lists:
Sates
Friday
Range since Jan. 1.
Last Week's Range for
Stocks-
of Prices.
Sale
Week.
Par. Price Low. High. Shares.
Am Vitrified Prod, com_50 263(
50
Preferred
Am Wind Glass Mach._100 88.34
Preferred
100 35
Am Wind Glass Co, pf_100 110
Arkansas Nat Gas, corn 10
534
Carnegie Lead & Zinc _ _5
Commonwealth Tr_ _100
Duquesne Light. pref__100
Harbison-Walk Ref,corn 100
_SO
Indep Brewing. corn
Jones & Laughlin St. pf 100
Lone Star Gas
25 32
Nat Fireproofing, corn. _50 1335
50 3431
Preferred
Ohio Fuel Corp
32%
Ohio Fuel 011
1 14%
Ohio Fuel Supply
25
.25 28
Oklahoma Natural Gas.
Pittsburgh Brew,COM- _50
50
Preferred
Pittsburgh Coal, corn_ _100
100
Preferred
8
Pittsburgh 011 & Gas.. _5
Pittsburgh Plate Glass.100 259
6%
10
Salt Creek Can Oil
20
27
85
84
8434 99
95
95
110 110
531 531
4%
4
190 190
10534 108
122 123
2
2
111% 11134
32
31
1134 1334
313.1 3434
32%
32
1434 15
32% 32%
2734 28
1% 1%
531 6
56
56
97
97
8
7
250 282
6% 634
2,876
150
925
55
35
2,410
670
20
95
35
10
70
2,217
2,275
2,203
7,831
200
go
972
05
85
200
33
1.280
317
350
•
Low.
834
7251
8234
9231
107
4
134
173%
102
120
2
11034
28%
7
2034
28%
1134
31
2254
1%
4%
53
9414
6
209
634
June
Aug
Nov
May
Mar
Oct
May
Apr
Feb
July
Apr
Nov
Jan
June
June
Sept
June
Feb
May
Jan
Jan
Oct
Mar
July
Jan
Nov
High.
27
85
99
901
112
7
6
190
108
125
4
114%
33%
1331
34%
3331
15%
40
2834
8
714
63
100
934
265
1014
Dec
Dec
Dec
Mar
Feb
Apr
Apr
Dec
Sept
Apr
May
Jan
Nov
Deo
Dee
Nov
Aug
Nov
Nov
Jan
Feb
Jan
Apr
Feb
Mar
Jan
DEC. 6 1924.)
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prim. Week.
Stocks (Concluded) Par. Price. limo. High. Shares.
Stand Plate Glass. Corn. 5
.
16
16
Preferred
100
78
78
Prior preferred
97
97
Stand Sault Mfg, corn. 25 120
110% 120
Superior Fire Ins
50
106 107
Tidal-Osage 011
10
9% 10
U S Glass
25 17
17
17
Weet'house Air Brake__ _50 10734 104% 10734
Bonds
Pittsburgh Brew tis_ _1949
Pitts Coal deb 58
1931
West Penn Ry 58
1931
Range since Jan. 1.
Low.
50 14
50 78
100 95
935 90%
20 102
250
8
720 17
1,277 84
86
86
$1,000
99
99
1.000
95% 95% 1,000
Nov
Dec
Oct
Jan
July
July
Nov
Feb
82% May
98
Mar
92
Feb
High.
39
100
101
120
110
16
30%
107%
May
Aug
May
Dec
Mar
Jan
Aug
Dec
86
Dec
99
Dec
95% Nov
2617
Flour.
Exportsfor Week
and Since
Week
Since
July 1 to
Nov. 29 July 1
1924.
1924.
Wheat.
Week
Nov. 29
1924.
Corn.
Since
July 1
1924.
Week
Nov. 29
1924.
Barrels. Barrels.
Bushels.
Bushels.
United Kingdom. 89,807 2.140,210 2,544.073 60,551.371
Continent
288.305 4,395.138 5,104.397 106,947.953
So. d: Cent. Amer. 37.530
499.228
5,000
301.100
WestIndies
45,805
615.837
3,000
72,200
Brit.No.Am.Cols
6.135
Other Countries__ 11.350
304.055
74,000
657,332
Total 1924
Total 1923
472,797 7,960.603 7.730.470 168.529,956
454,380 6.401.651 7,784,361 116,337,529
Sines
July 1
1924.
Bushels. Bushels.
21.000
17,000
70,961
735,830
551,810
21.000
3.900
38,000 1.383,501
24,000 1.457,026
The wo id's shipment of wheat and corn, as furnuhed by
St. Louis Stock Exchange.
-Record of transactions at Broomhall to the New York Produce Exchange,for
St. Louis Stock Exchange Nov. 29 to Dec. 5, both in- ending Friday, Nov. 29, and since July 1 1924 the week
and 1923,
clusive, compiled from -official sales lists:
are shown in the following:
Stocks-
Friday
Bales
Last Week's Range for
Sale
of Prices.
Week.
Pox Price. Low. High Shares.
vz
9734
44
7434
108
11834
140
Dec
196 Sept
135
July
390 Sept
7340 Nov
43j Nov
134 Nov
1814 May
40 June
85 June
July
70
35
Jan
25
Feb
90 Jun
79 Ain
41
Nov
6134 July
73 May
115 May
94
Apr
80 May
103
Mar
Mar
20
Nov
76
85
Oc
Jan
35
4214 Dec
42
Dec
.288UggaVErnttpittttMtgasaps
walpoPPPp,z0^XozzzAPP,
NzAam
534
534
5
27
55
1
100
390
165
180
45
100
1
118
200
33
5
75
255
642
226
142
1.115
127
10
174
75
10
890
730
High.
Wh
______
140 140
209 209
145 145
39234 39234
20c 20c
5
634
534 534
3634 37
7434 75
98
99%
87
87
45
4534
26
26
9634 9714
82
82
44
44
74
7434
108 118
11834 11814
140 14034
90
94
10634 10714
26
27
7914 82
9334 94
100 100
4214 46
42
4534
Low.
W04.W.4 ,
..40WWh00hWnh00OWCV.Vh,
PltW 00000
V0.0.0h.-1.0MhMWVNOwst.h...*WOMwMOVV.
Boatmen's Bank
First National Bank
Nat Bank of Commerce- _ Mercantile Trust
United Rys com
Preferred
Pref & c I
Best Clymer Co
Brown Shoe common
Preferred
Certain-teed Prods let pref.
Chicago Ry Ecoiip common
Preferred
Emerson Electric pref
Ely & Walker D G 1st prof.
Hamilton-Brown Shoe__ _ _
Hydraulic Press Brick pref..
International Shoe cornPreferred
Mo Portland Cement
National Candy common
Southwestern Bell Tel pref.
Wagner Electric common..
Wagner Elec Corp pref.....
Pedigo Weber Shoe
Johnson-Stevens Shoe
Bay Welsh Shoe
Johansen Shoe
Range since Jan. I.
Wheat
.
.
1924.
Week
Nov. 29.
Since
July 1.
Corn.
1923.
Since
July 1.
1924.
Week
Nov. 29.
Since
July 1.
1923.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 11,092,000 229,945,000 186,675,000
16,000
595.000 2,079,000
Black Sea...
56,000 2,920,000 17,230,000 357,000 9.460.000 6,314,000
Argentina_ _ _ 1,080,000 39.002,000 41,681,000 3,144,000112,610.000 61.762.000
Australia _
264,000 17,012,000 16,872.000
India
864.000 20,144,000 11,960.000
0th. countra
1,584.000
639,000 13,575,000
Total
13,356,000309,023,000276.002,000 3,517.000123.304.000 83.730,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Nov.29, were as follows:
GRAIN STOCKS.
Oats.
Wheat.
Corn.
Rye.
Barley.
bush.
bush.
bush,
bush.
busk.
New York
2,566,000
158,000 1.105.000 2,151,000
609,000
Boston
40.000
350.000
73,000
Philadelphia
1,996.000
282.000
190,000
35,000
3,000
Baltimore
1,425,000
28,000
338,000 1,310.000
331,000
Newport News
43%
116,000
New Orleans
4434
2,604.000
457.000
294.000
36,000
4,000
Galveston
3,122.000
57,000
Bonds
Buffalo
5,033,000 1,045,000 1.366.000
799,000
597,000
E St Louis dr Sub Co 5s.
" afloat
8534 8534 $3,000 7734 Feb
10,092.000
256,000 4,194.000 1,767,000
United Rya 4a
72t‘ 721d 1.000 61
Toledo
Mar
2,031,000
102,000
39.000
655,000
2.000
" afloat
507.000
540,000
Detroit
235,t00
20,000
12.000
270,000
Breadstuffs figures brought from page 2668.
-The Chicago
11,971.000 3,139,000 18,497.000 7,311,000
421.000
afloat
statements below are prepared by us from figures collected by
502,000
Milwaukee
30.000 2,474.000
834,000
535.000
311,000
the New York Produce Exchange.,The receipts at Western Duluth
10.333,000
90 000 7.307.000 3,758.000
797,000
lake and river ports for the week ending last Saturday and Minneapolis
12,168,000
216,000 22,139.000 1,193,000 1.690,000
Sioux City
341,000
198,000
575,000
27,000
9.000
since Aug. 1 for each of the last three years have been:
St. Louis
3,419,000
392,000
272.000
25,000
17,000
Kansas City
18,329,000
407,000 2,107,000
34,000
168.000
Wichita
Receipts at- Flour.
2,784,000
Wheat,
Corn.
Oats.
Barley.
Rye.
St. Joseph, Mo
1.325,000
151,000
241.000
17,000
8.000
Peoria
bbls.1961198.bush.60 lbs.bush.56 lbs.bush. 32 tbs.bush.48lbs.bush.56I6s
8.000
976,000
. Indianapolis
Chicago
738,000
378,000
498.000
218,000
852,000 2,160,000
69,000
826,000 1.080.000 265.000 Omaha
3,789,000
MinneapolLs.
359,000 2,271,000
2,284,000
384.000
129,000 1.376.000 841,000 122.000 On Lakes
19.000
Duluth
3.163.000
371.000
516.000
6,184,000
242.040
253.000 354,000 858,000 On Canal and
352,000
River.... 765,000
Milwaukee_ _
.
45,000
6.000
153,000
312,000 285,000
11.000
47,000
105.000
75,000
Toledo
549.000
100,000
51,000
13,000
Total Nov.29 1924_100,272,000 7.563,000 67.264,000
Detroit
29,000
2,000
12.000
Total Nov.22 1924_ 96.926,000 7,013,000 67,848,000 20,543,000 5.472,000
Indianapolis
44,000
20,530.000 5,590.000
663,000
102,000
Total Dee. 1 1923._ 71,808,000 2.690
St. Louis_ _
91,000
859,000
000 18.680,000 16.904.000 3.123.000
510,000
608,000
21,000
Note.
Peoria
-Bonded
50,000
39.000
453,000
218,000
23,000
17,000 Boston, 263,000; grain not included above: Oats, Now York, 322.000 bushels;
Kansas City_
1,357,000
Baltimore. 40,000: Buffalo,
870.000
130.000
Buffalo,
Duluth,53,000; total, 1,136,000 bushels, against 280,000; bushels afloat, 78,000;
Omaha
405,000
191,000
164,000
in 1923. Barley.
St. Joseph_
New York, 1,385,000 bushels; Boston, 26,000; 1,125,000
220,000
285,000
22,000
Wichita
Buffalo afloat. 148,000; Duluth, 128,000; OnBaltimore, 200,000; Buffalo, 547,000;
361,000
131.000
Canal, 94,000; On Laken, 253 000
. :
Sioux City...31,000
total, 2.781,000 bushels, against 571,000 bushels
156,000
96,000
1,000
3,000 1,426.000 bushels;
In 1923. Wheat, New York.
Boston, 114,000; Philadelphia, 442,000; Baltimore, 392,000;
Total wk. '24 433,000 13.340.000 5,658,000 4,207.000 2,605,000
Buffalo, 3,892.000; Buffalo afloat, 3.487.000;
1,353,000 300,000; On
Duluth, 403.000; Toledo afloat,
Same wk. '23 487,000 6,879,000 8,058,000 3,499,000
Canal. 97,000; On Lakes. 1,907,000; total, 12,460,000 bushels. against
Same wk. '22 574,000 10,519,000 4,845,000 4,660,C00 904,000 1,001,000 21.997,000 bushels in 1923.
885,000 1,813,000
Canadian
Since Aug.1Montreal
1,326,000
440,000 2,482,000
210.009
125,000
8,502,000334,622,000 79.170,000 142,370,00036,412.00042,01
1924
2,000 Ft. William &Pt.Arthur_25.636,0®
8,043,000 1,378,000 4,476.001)
7,832,000193.072.000 81.000,000 104,556,00019
1923
Other Canadian
7,764,000
4,283,000
411,000 2,052,000
1922
10.205.000215.669.000112.815.000 93.472.00017,954.000 14,801,000
943.00020.406 000
Total Nov.29 1924... 34.776,000
440,000 14,808,000
Total receipts of flour and grain at the seaboard ports for
Total Nov.22 1924... 33.215,000
" ,0 7..0%
490,000 12,732.000 2 914 000 64737
6
'
.
1:440
Total Dec. 1 1923-- 30.383.000
ended Saturday, Nov. 29 1924, follow:
the week
20,000 7,421,000 1,383.000 2.144.000
Summary
American
100,272,000 7,563,000 67,264,000 20.543,000 5,472,000
Receipts atWheat.
Flour.
Corn.
Canadian
Oats.
Barley.
34,776,000
440,000 14,808,000 1,914,000 6.737.000
I Rye.
Barrels.
Bushels.
Total Nov.29 1924...135.048,000 8,003,000 82.072.000 22.457,000 12,209,000
Bushels.
Bushels
Bushels
Bushels
New York... 230,000 1.795.000
Total Nov.22 1924...130.141.000 7.503,000 80,580,000 22.970.000 11,637.000
3,000
393,000 785,000 492,000
Philadelphia__
41,000
638,000
Total Dec. 1 1923...IO2,191.000 2,710,000 26.107,000 18.287,000 5,267,000
7,000
33.000
50,000
Baltimore_ .....
38.000
338,000
4,000
50,000 255,000 200,000
New Orleans•
72,000
500,000
60,000
12,000
Galveston_ ___
760,000
New York City Banks and Trust Companies.
Montreal _ _ _
.
55,000 1,267,000
9,000 1,463,000
52.000 313,000
Boston
25,000
2.000
3,000
394.000
All prices dollars per share.
76,000 744,000
Total week '24 461,000 5,300.000
86,000 2,345,000 1,168,000 1,799.000 Banks-N.Y. Bid Ask
8(4 Ask Trust Co.'s /Rd Ask
Since Jan.1'2424,216,000 288,258,000 17,779,000 48,453,00027.585,000
America •_ _
IIManlmtlan
New York
an
35,238,000 Amer Exch.. 242 247 ' iakm *- 169 174
347 352 ;Mech
merican__-370 380
_•
Week 1923-546,000 7.033,000
Amer Union 165
211,000
677,000 244,000
ank of N Y
400
Since Jan.1'23 22,730,000252,705,000 37,050,000 37,682,000 16,255,000 339,000 Bowery
525
liNat American 140 155
& Trust Co 570 580
33,295,000 Broadway
Cep 155
1National City 461 466
ankers Trust 409 413
•Receipts do not include grain passing through New Orleans for foreign
ports Bronx Boro*. 250 ___ New Netb
Central Union 680 686
299
160
on through bills of lading.
Bronx Nat__ _ 150
1Park
440 447 ,Empire
Bryant Park •
--_
The exports from the several seaboard ports for the week Butch & Drov 175 145 Penn Each... 105 115 ;Equitable Tr_ 238 2:13
138
Port Morris- 178 -- Farm L & Tr_ 722 732
ending Saturday, Nov. 29 1924, are shown in the annexed Cent Mercan. 183 __ Public
440
dw ty Inter 285 250
330
elin
Chase
398 405 Seaboard _
statement:
480
410
Chat & Phen. 288 293 Seventh Ave. 95 105
uaranty Tr_ 290 292
Chelsea Each' 168
Standard
300
g BankChemical ___. 589 595
Exportsfrom- Wheat.
Corn.
Flour.
Oats,
420 430
Rye.
Tr 238 242
Barley. Pea3.
Coal & Iron_ 225
Trade•
144 150
w Tit & Tr 250
Colonial•_
440
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Trademen's• 200
etropolitan_ 348 355
Bushels. Commerce
New York
353 369 236 Ward'... 190 200
145.797 130,793
1 177,470
utual (West
716,605
Com'nwanith• 280 - _ United States* 203
Portland, Mo....43,000
chaster)
140
Continental.. 200 210 Wash'n
Boston
8,000
70,000
205
N Y 'Trust
42,000
403 409
Corn Each... 448 458 Yorkville •__. 120(1
Philadelphia
595,000
1.000
Title Gu & Tr 478 tss
Coamop*tan S. 115 125
Baltimore
33,000
20.000
48,000
U S Mtg &'Tr 328
76.000
East River
New Orleans.... 1,514,000
215 225
Brooklyn
38,000 111,000
15,000
'United Sta
1575
Fifth Avenue* 1400 _
Galveston
Coney Island• 180
484,000
1.000
Weetches Tr_ 250
Fifth
Montreal
255 260 First
3904,000
138,000 145,000
425
71,000 106,00(1
Brooklyn
First
175 2300 Mechanics'•_ 170
'Brooklyn Tr_ 685
'Total week 1924- 7,730,400
Garfield
300
Montauk'... 180
38,000 472.797 380,793
71,000 940,605
Kings County 1200
Gotham
Same week 1923_ 7.546361
120 127 Nassau
24 000 454.360 451.823 297.223 424.600
300
Manufacturer 305 5i&
Greenwich• 388
People's
270
People's
425
Hanover
950
Queensbor01_ 166 176
The destination of these exports for the week and since Efarriman_.....
. 465 485
July 1 1924 is as below:
•Banks marked with (9 are State
banks. (x) Ex-dividend. (1)
New stock.
94
10634
2634
82
2618.
THE CHRONICLE
.
.
Quotations for U. S. Treas Ctfs. of Indebtedness, &c.
[VOL. 119.
By Messrs. R. L. Day & Co., Boston:
3 per eh.
$ per sh. Shares. Stocks.
,
Shares. Wa be.
215 50 Northway Motors Corp., prof.,
20 National Shawmut Bank
Int.
155.
Par $IO
323
5 First National Bank
Rate. Bid. Asked
Maturity.
Rate. Bid. Asked.
Maturity.
150.15034 25 Northway Motors Corp., corn.,
3 Ludlow Mfg. Associates
Par $10
18334
2 Farr Alpaca Co
4%% 102116 10234
3934 2 Co-operative Society, par $10
Mar.15 1925.-- 444% 10044 100% Dec. 15 1927._ 4%% 102114 10244
2 Peterborough RR
5034 250 Original Klondyke Divide Min- $25
Mar.15 1926-- 444% 101% 101111 Mar.15 1927-- 444% 100111 100111
10 American Glue Co., COM
11 Dec. 15 1924...
lot
log Co., par 100
Dec. 15 1925._ 444% 101114 1011
5 Boston Woven Hose & Rubber
10034 10034
1925-- 4%
ex-div. 8234 8.700 King David Co., par $1
Co., common
Sept.15 1926... 434% 101111 10144 Mar.15 1924... 234% we
June 16 1925.-- 444% 1001114 1001111 Dec. 15 1925.- 234% 99111. 991%. 30 Amer. Webbing Export Co_ _ _ _510 lot 10 King Safety Razor Co., corn..
Sept. 15
Par $10
10 Lamson & Hubbard Canadian
$5 500 Gulfport Oil& Ref. Co., par 100
Co., Ltd., preferred
10 Lamson & Hubbard Canadian lot 210 U. S. Manganese Corp., corn.,
par $10
-The following information regarding
Co., Ltd., common
National Banks.
40
1 Realty Co.,
of the 10 Cambridge Gas Lt. Co., par $10_ 64 12 Marysville Mass
Dredging Co
$234 lot
national banks is from the office of the Comptroller
10 Adams Innersole Co., common_100
120 Hammond Real Estate Trust_ _101
5 Greenfield Electric Light & Pow.
Treasury Department:
Currenty,
165 7 Proprietors of Boston Pier or
Co., common
151
.
Long Wharf
10 Samoset Chocolate Co.,7% pref. 5
APPLICATIONS TO ORGANIZE RECEIVED
5 per right.
Capital. 1 Boston Athenaeum, par $300_ _ _651
Rights.
344
525.000 100 Sullivan Machinery Co_ ___59I4-59/4 33 Cleveland Electric III. Co
Wilsonville, Ill
-The First National Bank of
Nov. 21
Price.
Bonds.
10 Fitchburg Gas & Electric Light
Correspondent: John Glachetto, Wilsonville, Ill.
9634 $1,000 Montpelier & Barre Light &
Co., par $50
25,000
Calif
-The Temple National Bank, Temple,
Power Co. 1st 5s, Oct. 1944---- 8434
10 Fiskdale Finishing Co., pref
10c.
Nov. 25
Calif.
Correspondent, A. P. Manning, Temple,
59,900
Square, N. J
By Messrs. Wise, Hobbs & Arnold, Boston:
-The First National Bank of Hamilton Hamilton Square,
Nov. 29
$ Per 811.
$ per sh Shares. Stocks.
Correspondent, Albert H. Marjarum,
Shares. Stocks.
76 4 American Glue Co., pref__.10734-10834
N. J.
25.000 6 Beacon Trust Co
Tex
9534-9534
74 25 Hood Rubber Co., pref
5 Ipswich Mills, pref
First National Bank of O'Donnell,
-The
Nov.29
Tex.
14 Liggett's International, Ltd.,
Correspondent, W. E. Singleton, O'Donnell,
100
10 Hamilton Mfg. Co
50,000 1 Shaw Stocking Co
W. Va
5634
pref., par $50
20
-The Milton National Bank, Milton,
Nov.29
Milton, W. Va.
2 Merrimack Mfg. Co., common 112 7 Montpelier & Barre Light &
Correspondent, Q. L. Stewart,
1634
15 Pepperell Mfg. Co
13944-13934 Power Co., corn
200 Beacon Chocolate Co., corn_ _45 lot 10 Wickwire Spencer Steel Corp.,
APPLICATIONS TO ORGANIZE APPROVED.
16
pref
$25,000 14 Pontok Drilling Sind., corn.
National Bank, Yardville, N. J
-The Yardville
10=
Nov. 19
250. lot 1 Walter M.Lowney Co
trustee certificate
N. J.
Correspondent: Josiah T. Allinson, Yardville,
10934 2 Greenfield Electric Light & Power
4 Bird & Son, Inc., prior pref
of Grey Eagle, Grey Eagle, Minn-. 25,000 4 Units First Peoples Trust
160
Co
7534
-The National Bank
Nov.26
Minn.
Correspondent, Harry Lee, Long Prairie,
133
5 Hotel Trust Touraine
200,000 650 Petroleum Heat& Pr. pre/ -.1310,000 Rights.
Houston, Tex
$ Per right.
-The City National Bank of 1303 Texas Ave., Houston,
Nov. 26
14
lot 20 Malden Electric Co
7.925 Petroleum Heat& Pr.,com.1
Correspondent, Jacob Embry.
.1
65c. 50 North Boston Ltg. Properties. 7-16
17-100 State Theatre Co., pref
Tex.
105
CHARTERS ISSUED.
1 Seattle Real Estate Trust
Per Cent.
38
Bonds.
10 Bausch Machine Tool, pref
County National Bank of Wytheville, Va-550,000 I American Mfg. Co., prof
80 $1,000 Boston tk Maine RR., reg.
Nov.24-12599 Wythe
Horror.
Cashier, W.
President. John T. Graham;
4s. September 1928
88
B.
National Bank,Palm Beach, Fla_ 50,000 50 New Bedford Gas & Edison 5134
Palm Beach
$25,000 Imperial Russian Govt.
Light, par $25
Nov.25-12600 The H. P. Smith; Cashier, George T. Dyer.
President,
644s, 1819, certif. of deposIt._1244 Bat
Y- _ -- 25.000 4 Lowell Electric Light Co., par $25 5234
Bank of Harrison,
First National
Nov.25-12601 TheBenjamin I. Taylor; Cashier, James S. Brown.
N'
President,
By Messrs. Barnes & Lofland, Philadelphia:
25,000
Bank of %Telumm, Wehrum, Pa
$ per sh. Shares. Stocks.
$ per sh.
Shares. Stocks.
Nov.29-12602 National Snyder; Cashier, Donald E. Kirkpatrick.
71
21 John B.Stetson Co.,corn., no par 9744
President, H. S.
First National Bank of Midland Park, N. J. 25,000 11 Farmers & Mechanics Nat. Bank
150 Ajax Motors Corp
550
Nov.29-12603 TheJoseph Pkyne; Cashier, J. W. E. Robertson.
334 45 Schwarz Royalties Co
President,
$10
(in liquidation)
34
Bank
22534 29 Cherokee Co., corn., Class A...
2 Union Nat.
VOLUNTARY LIQUIDATION.
27034 193 Cherokee Co., corn., Class A
44
Nat. Bank
$l.900A00 15 First City Nat. Bank
44
20444 193 Cherokee Co., corn., Class B
First National Bank of Oakland, Calif..
10 Quaker
Nov.26-2248 The
50 Hand Knitting Yarn Co., Inc.
.10 lot
470 Industrial Trust, Title & SavEffective Oct. 11 1924. Anderson, Oakland, Calif.
28
251 28 Peoples Nat. Fire Ins. Co
ings Co., par $50
Liquidating Agent, A. J.
Francisco, Calif.
50 Bergner & Engel lirew. Co., pref. 5
10 Cobbs Creek Title & Trust Co.,
Absorbed by American Bank of San
$70 lot
6734 125 Bradley Hills, Inc
Par $50
15 Bank of North Amer.& Tr. Co_ _2137% 125 Eastern Light & Fuel Co.... 1200101
-Among other securities, the following, 6 Bank of North Amer.& Tr. Co 28634 200 Interborough Coml. Corp.,$5 lot
Sales.
common, no par
Auction
Real Estate Trust Co., pref.,
$10
118 12 Arab Gasoline Corp., pref
Exchange, were sold at auction 10assented
not actually dealt in at the Stock
v. 0.570101
Planet
65
on Wednesday of 5 Pilgrim Title St Trust Co N. J.._ _325 20Roads. Steamship Corp., t.Per Cent,
York, Boston and Philadelphia
23 Swedesboro Nut. Bank,
in New
15 Swedesboro Nat. Bank, N. J. 325 $500 Philips Pressed Steel Pulley
$375 lot
Works cons. H. 6s, 1927
this week:
25 West Jersey Title & Guarantee
400 $200 Indiana Service Corp. 3-6%
& Sons, New York:
Co. (Camden)
Mul
adj. scrip, 2020 (reg.)
By Messrs. Adrian H.Per sh. er
7334
1 Penna. Academy to Fine Arts_ 25
,
Shares. Sta fre
I
89 $3.000 Phila. & West Chester Trae.
Chase, Inc., pref
Shares. Stocks.
$600 Notes of E.J. Kenney,datedPer IA. 67 Hare de Chase, Inc., common
which is
6534
5% stock trust, registered
20
86 Hare &
.240 The EdrIngton Co., to
Oct. 21 1911
Edrington
$2,000 Borough of Jersey Shore
attached $24,000 The
1 Athenaeum of Philadelphia (1924
$500 Memo. of indebt. signed by
(Lycoming (2o., Pa.) pavement
103
Co. conditional notes (744% lot
dues paid)
Harry Rose
$10
9834
impt. 4s, 1935, registered
common.-- 1634
paid)
540101 25 Denver & Rio Grande RR.Co., $5 lot 4 Philadelphia Bourse. common-. 1634 $50 City Club of Phila. 58. 1925- -- 80
4 Philadelphia Bourse,
50 Biograph Co
pref
$5,000 National Limestone Co.
Baking Co.,
011 & Transport Corp.,
25 William Frelhofer
200 Island
$1 lot 100 Goldfield Consol. Mines Co__
94
gen. mtge. 5e, 1960
$16 lot
temp. ctf., par $10
preferred
54 lot
20 Carlton Bldg. Trust, corn
Corp.,
69 Consolidated Trac. Co.of N.J._ 4134 $1,000 Mid-Co Petroleum Co. let
400 Island OH & Transport
$2 lot 40 Carlton Bldg. Trust, prey
15
mtge. 8s (ctf, of deposit)
par 10044
temp. ctf.. par $10
4 John B.Stetson Co.,corn., no
88 Tipton Coal de Coke, par $25
Corp.,
25 Island 011 & Transport
$1 lot 100 Bering Shore Mining Co.,
par $10
temp. at.,
corn., par $1
Corp..
CURRENT NOTICES.
.600 Island 011 de Transport
$1 lot 50 Berring Shore Mining Co.,
temp. elf., par $10
$2 lot - pref., par $1
-D. D. Rosner is now associated with Newburger, Ilenderson ,St Loeb
Co
1,835 Mitchell Motor
par $1-$2 lot Promissory note, E. V.Pechln and $4 lot at 100 Broadway.
600 Craig Oil Co. of Del., Oils Co.,
H. Walter Fuller, dated Aug. 29
10.000 Oriental Vegetable
1913, payable on demand, on
$200 lot
U. S. A
which there is a balance due of
Co., corn
DIVIDENDS.
21 Island Realty
pref
38 Island Realty Co.,
$1 lot 10.000 Progress Mining lc Milling
Devell.
Dividends are grouped its two ieparate tables. In the
South Yuba Mining &
6,624
$2
$36101
Co., par 51
all the dividends announced the curot
Co.of Calif., par $1
'
400 Rio Plata Mining Co., Dar $5$2 Lt first we bring together
(Del.).
187 Hale dc Kilburn Corp.
12% 30 Dominion Chemical Co., Ltd__ $2 lot rent week. Then we follow with a second table, in which
pref
250 Austen Coal & Coke Co., Inc.
States Corp.
$65 lot we show the dividends previously announced, but which have
1
18 The Southwestern pref. temp.
West Va
$5101 not yet been paid.
of Maine 6% panic.
$1 lot 25 Strong Textile Co., Inc
elf., par $20
RR_555 lot 10 Mtges.said to be 2d mtges.,said
Dodge
The dividends announced this week are:
500 Des Moines & Ft.
to cover premises In Nassau
Country Day School,
210 Rye
$25101
County, N. Y. List at Aue$10.000 lot
Per
Books Closed.
Par $5
When
tioneers office
lot
$10
Cent. Payable.
5 Cork Roller Corn
Days Inclusive.
Name of Company.
Corp--51 lot 200 Sound Realty(60% Pd.in).- _515 lot
190 Mutual Tire& Rubber
100 Sound Realty (60% Pd. In)-55 lot
,
Pre
200 The Callorizing Co.. 8%
Railroads (Steam).
$525101 50 Forrest Castle Paper Corp., pref.$5 lot
$30 lot Albany St Susquehanna
*434 Jan. 2 *Holders of rec. Jan. 15
Par $25
no 9ar-53 lot 188 Corbin Coals, Ltd., corn
lotiot Atchison Topeka & Santa Fe, pref
2 Mercator Navigation Co.,
Corbin Coals, Ltd., pref
*234 Feb. 2 *Holders of rec. Dec. 31
Co.. Par $1.54 lot 43 Seaboard Finance de Invest_510
$1 0
*234 Feb. 2 *Holders of rec. Dec. 26
1,000 Utah Petroleum subject to all
18%
Great Northern Railway, Preferred
8734c Jan. 2 Holders of rec. Dec. 13
24 The Oriental Bank, heretofore
1.350 Santa Cecilia Sugar Co.,
Lehigh Valley, common (guar.)
dating payments
$1.25 Jan. 2 Holders of rec. Dec. 13
Bonas
corn ,.no par
=
Preferred (quar.)
$10 lot
Per cent. Pere Marquette, common (quar.)
1
Jan, 2 Holders of rec. Dec. I5a
e
___________ 20
134 Feb. 2 Holders of rec. Jan. 12a
850 Multiplex Mfg. Co
525.000 Clarke Bros., Ltd.,7% gold
Prior preference (quar.)
Enginbonds, Sept. 1936; Sept. 1923,
3,000 Anglo-American Oil sh. paid
134 Feb. 2 Holders of rec. Jan. 12a
Five per cent preferred (quar.)
$32 per bond Philadelphia Baltimore & Washington.. :31
. 30 *Holders of rec. Dec. 15
2
eering Co.. corn,. $8 per
coupons on
55 lot
Jan. 6 *Holders of rec. Dec. 10
on subscription, par $10________ lot $4,450 Collegeport Land & Water
Pitts. Ft. Wayne de Chic., corn. (guar.).
par_515
.134
.200 Locomobile Co.,corn., no par52 lot
Co.6% notes, Oct. 1 1919: Oct. 1
*Holders of rec. Dec. 10
Preferred (guar.)
*4
Jan. 2 *Holders of rec. Dec. 15
28 Mercer Motors Co.,corn., no
1915 and subs,coup. attached- _53 lot Rensselaer & Saratoga
Timber
Finance& Invest1,900 Westmoreland Pacific
St. Louis & San Francisco, corn.(No. 1) '134 Jan. 15 *Holders of rec. Jan. 2
$5 lot $30,400 Seaboard
•1% Feb. 2
Co., par $1
ment Co. 7% cony. notes, Sept.
Preferred (guar.)
Oil &
$6,000 lot
•144 May 1
32,000 Scottish American Soltraco
1 1923
Preferred (quar.)
Crosstown
•134 Aug. 1
Transport Co., Ltd.,
Preferred (quar.)
lot $2,000 28th & 29th Sta. 1996, Oct.
$150
•134 Nov. 2
voting trust, par £1
RR. Co. 1st 5s. Oct.
Preferred ((Mar.)
$1,000 lot
42 The Emil Greiner Co
1908 & subseq. coup.attached_ _150 lot
pref-51 lot
Public Utilities.
10 Arbuckle Mining Co., Inc.,
$5,000 Carmen-Guanajuato Gold
•35 German Club Society, Hoboken.
Mining Co.1st 85, Dec. 1 1928-5110 lot Amer. & Foreign Power, pref. (mum)._ *51.75 Jan. 2 *Holders of fee. Dee, 15
$4101
25e. Jan. 2 Holders of res. Dec. 10
American Gas& Electr.c. corn. (quar.)..
Par $10
$10,000 American Real Estate Co.,
1,560 Sterling Tire Corp., corn..
Common (extra payable in com.stock) (s) Jan. 2 Holders of rec. Dec. 10
Inc., 8% cum gold reg. bond on
$15101
Par $10
Common (special pay.in corn,stock). (5) Jan. 2 Holders of rec. Dec. 10
which 8 ann. payments of $715.70
-$40 lot
134 Feb. 2 Holders of rec. Jan. 10
650 Barco Gasoline Co., par $5Preferred (guar.)
each have been made. Two(IPA- lot
5405
378 American Motor Body Corp., lot
American Public Service, pref. (guar.)._ •144 Jan. 2 *Holders of rec. Dec. 15
dends received in liquidation_& .
$200
Steel
no par
Amer. Public Utilities, partic. pref.(qu.) *14£ Jan. 2 *Holders of rec. Dec. 15
Six notes of Bordentown 1 1923,
$1.25 Jan. 2 Holders of rec. Dec. 15
$85,500 Debenture bond particlizaBaltimore Electric, preferred
Tube Corp., dated Oct.
134 Jan. 2 Holders of rec. Dec. 10
tines of Moline Plow Co., trust
Bangor Ry.& Electric, pref.(guar.)
for the aggregate sum of $27,734
after
elf. of dep
Brazilian Tree., Light at Pow., pref.(qu.) *144 Jan. 1 *Holders of rec. Dec. 15
128.26, payable on demand with
144 Jan. 2 Holders of rec. Dee, 15
N.5.,
pref.(guar.)._
Talking Motion Pictures,
.600
Central Illinois Light.6%
date, at Bordentown,
525 lot
en144 Jan. 2 Holders of rec. Dec. 15
Inc., corn., par $10
Seven per cent preferred (guar.)
int. at 6% per ann., with any
100 Talk. Motion Pic., Inc., pref
Pub. Serv., pref.(quar.) *51.50 Jan. 15 *Holders of rec. Dec. 31
dorsement,without recourse in
Cent. Illinois
30
*I% Jan. 1 *Holders of rec. Dec. 17
.500 American Hosiery Co
event, protest for non-Payment-$35 lot Chicago North Shore & Milw., p1.(qu.)
*144 Jan. 1 *Holders of rec. Dec. 17
Motor Body Corp.
4 Ansco Photoproducts, Inc., com.,
Prior lien preferred (guar.)
534 lot $4,600 American 1933, temp. ctts. 80
est
Jan. 2 *Holders of rec. Dec. 20
no par
Cincinnati Suburban Bell Tele18. (guar.)
1st & consol 6s,
particle.
Jan. 2 Holders of rec. Dec. 15
.570-1000 Moline Plow Co., trust
General Gas & Elec., pref. Class A (qu.) $2
585,500 Debenture bond
$1.75 Jan. 2 Holders of rec. Dec. 15
Panic.ctfs. deb. bond
Co., tr. ett. dep. 744
B (guar.)
Preferred, Class
of Moline Plow
133.25 Dec. 5 Holders of rec. Nov.28
5.70-100 Moline Plow Co., trust $68 lot $87,500 Seaboard Finance dc Invest.
Preferred, ChM B (extra)
due
partle. met. let pref
Preferred, Class B (acct. accum. div.) $15.75 Dee. 5 Holders of roe. Nov. 26
Co., 7% cony, gold notes,
516,875 lot
.2.850-1000 Moline Plow Go.trust
Sept. 1 1923
pante. etfs.. COM-
DISC. 61924.]
Name of Company.
THE CHRONICLE
Per
When
Celt!, Payable.
Books Closed.
Days IrielUtite.
Public Utilities (Concluded).
Central States Elec. Corp., pref. (qu.)__
151 Jan. 2 Holders of rec. Dec. 10
Illinois Power & Light, 7% Pref. (qu.)-- 15( Jan. 2 Holders of rec. Dec. 10
Participating preferred (q tar.)
Jan. 2 Holders of rec. Dec. 10
1
Kansas City Pow.& Lt., pref. A (quar.) $1.75 Jan. 1 Holders of rec. Dec. 15
Manila Electric Co., common (quar.)___ 562Iie Dec. 31 *Holders of rec. Dec. 18
Manufacturers Light& Heat(quar.)____ *$1 Jan, 15 *Holders of rec. Dec. 31
Missouri Power & Light. pref. (quar.)__ •$1.75 Jan, 2 *Holders of rec. Dec. 20
Monon.W.Penn. Pub.Sec.7% pf.(qu.) 4351c. Jan. 2 Holders of rec. Dec. 15a
6% preferred (guar.)
373.4e. Jan, 2 Holders of rec. Dec. 15a
Dec. 31 Holders of rec. Dec. 10
New England 'rel. & Tel. (guar.)
2
Niagara Lockp.& Ont. Pow., corn.(qu.) 50c. Jan. 2 Holders of rec. Dec. 15
Common (extra)
25e. Jan. 2 Holders of rec. Dec. 15
Preferred (quar.)
151 Jan, 2 Holders of rec. Dec. 15
North Amer. Light & Pow.,7% pf.(qu.) •124 Jan. 2 *Holders of rec. Dec. 20
*$1.75 Jan. 2 *Ilolders of rec. Dec. 15
Northern Utilities, prior lien (guar )
$1.50 Mar. 1 Holders of rec. Feb. 15
Ohio Edison. 6% preferred (guar.)
$1.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (quar.)
Seven per cent preferred (quar.)
$1.75 Mar. 1 Holders of rec. Feb. 15
Pacific Lighting Corporation, com
Dec. 22 Holders of rec. Nov.26
/80
Public. Service Corp. of N.J., coin.(qu.) $1,25 Dec. 31 Holders of roe. Dec. 12
Eight per cent preferred (guar.)
2
Dec. 31 Holders of rec. Dec. 12
Seven per cent preferred (quar.)
151 Dec. 31 Holders of roe. Dec. 12
Reading:fraction
*75c. Jan.
*Dec. 11 to Dec. 31
es3 Jan, 2 *Dec. 16 to Jan. 1
Ridge Ave. Pass. Ry., Phila. (quar.)
Savannah Elec.& Pow.,deb. 1st pf.(qu.) $2
Jan. 2 Holders of rec. Dec. 13a
Springfield Railway & Light, pref. (qu.) 151 Jan, 2 Holders of rec. Dec. 150
Tennessee Elec. Power,7% let pf. (qit.) 151 Jan, 2 Holders of rec. Dec. 12
Six per cent first preferred (quer.)_ _
1)4 Jan. 2 Holders of rec. Dec. 12
Toledo-Edison o., pref.(our.)
2
Jan. 2 Holders of rec. Dec. 15
Union Passenger Rv , Philadelphia
$4.75 Jan. I Holders of rec. Dec. 15a
Union Traction, Philadelphia
*11.60 Jan. 1 *Holders of rec. Dec. 9
United Gas & Elec. Corp., pref.(guar.). lig Jan. 1 Holders of rem Dec. 16
United Light & Power, coin. A & (lu.) •400. Feb. 2 *Holders of rec. Jan. 15
Preferred class A (guar.)
*81.62 Jan. 2 *Holders of rec. Dec. 15
Preferred class B (gear.)
•
81 Jan. 2 *Holders of rec. Dec. 15
Utah Cu & Coke, pf.& part. pf.(q far.) •$1.75 Jan. 2 *Holders of rec. Dec. 15
West Philadelphia Passenger ay
$5
Jan. 1 Holders of rec. Dec. I50
Wisconsin Power & Light, pref. (quar.)_ *11.75 Dec. 15 *Holders of rec. Nov.30
Name of Company.
2619
Per
WiteN
CM. Payable
Roots Closed.
Daps ille2a3106.
Miscellaneous (Concluded).
•
Intertype Corporation,first pref.(guar.) $2
Jan. 2 Holders of rec. Dec. 15
Second preferred
$3
Jan. 2 Holders of rec. Dec. 15
Jordan Motor Car, common (quar.)---- *75c. Dec. 31 *Holders of ree. Dec. 20
•134 Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
Jan. 2 Holders of rec. Dec. 20
Kaufmann Dept. Stores. pref. (guar.)._
152 Jan. 2 Holders of rec. Dec. 20
Kelsey Wheel, common (quar.)
Dec. 31 *Holders of rec. Dee. 15
Kresge (S. S.) Co., common (guar.).-- *52
.131 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
Jan. 1 *Holders of rec. Dec. 15
Kresge Department Stores, pref. (guar.) *2
5
Dec. 15 Holders of rec. Dec. 1
take Shore Mines, Ltd.(guar.)
5
Dec. 15 Holders of rec. Dec. 1
Bonus
50c. Dec. 30 Holders of rec. Dee. 13
Loew's, Incorporated (guar.)
Loew's Boston Theatres, com.(guar.).- *11.€ Feb. 1 *Holders of rec. Jan. 20
Loose-Wiles Biscuit, first pref. (guar.)
- '151 Jan. 1 *Holders of rec. Dec. 18
Feb. I *Holders of rec. Jan. 19
Second preferred (guar.)
Jan. 2 *Holders of rec. Dec. 15
Lorillard (P.) Co., common (guar.)____ *3
Jan. 2 *Holders of rec. Dec. 15
Preferred (guar.)
Mack Trucks, Inc., common (quar.)--- $1.50 Dec. Si Holders of rec. Dec. 15
Dec. 31 Holders of rec. Dec. 15
First and second preferred (quar.)---Mallinson(H.R.)& Co., Inc., pref.(qu.) 154 Jan. 2 Holders of rec. Dec. 22
Jan. 2 Holders of rec. Dec. 20a
Manhattan Electrical Supply (guar.)--. 51
Jan. 2 *Holders of roe. Dec. 15
Manhattan Shirt. pref. (guar.)
Mathieson Alkali Works, pref. (guar.).- *154 Jan. 2 *Holders of rec. Dec. 20
Dee. 31 *Holders of rec. Deci 15
*2
Merchants & Min. Transport. (guar.)
Michigan Sugar, preferred (quar.)
*81.50 Dee. 15 *Holders of rec. Nov.29
37/4e. Dec. 31 Floldo's of rec. Dec. 12a
Mother Lode Coalition mines
20c. Jan, 2 Holders of rec. Doe. 15a
Mountain Producers (quar.)
25c. Jan. 2 Holders of rec Dec. 151
Extra
Jan, 2 Holders of rec. Dec. 15
National Breweries, common (quar.)--- $1
154 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
National Dairy Products Corp.(quar.). *75c. Jan. 2 *Holders of rec. Dec. 20
Jan. 2 *Holders of rec. Dec. 15
*52
National Tea, common (guar.)
Jan. 2'Holders of rec. Dee. 15
New York Steam Corp., pref.(guar.).
*50c. Dec. 31 *Holders of rec. Dec. 15
Normally Co
Orphe
,un Circuit, common (monthly).-- •I254c .lan. I *Holders of rec. Dec. 20
Jan. 1 *Holders of ree. Dec. 15
*2
Preferred'
(quar.)
Otis Elevator, common (guar.)
Jan. 15 Holders of rec. Dec. 31
$1
Common (extra)
$1.50 Dec. 29 Holders of rec. Dec. 12
154 Jan, 15 Holders of rec. Doe. 33
Preferred
Banks.
Jan. 21 Holders of rec. Dec. 15
Pierce-Arrow Motor Car, prior pf.(qua - 52
*3
America. rank of (guar.)
Jan. 2 *Holders of rec. Dec. 15
Port Hope Sanitary Mfg., pref. (quar.). 134 toe. 1 Holders of rec. Nov.27
Chase National (quar.)
4
Jan. 2 Holders of rec. Dec. 18a Price Bros. & Co.. Ltd., (guar.)
34 Jan. 2 Holders of rec. Dec. 17
Ohaaa tleaurities Corporation (quar) _ $I
Jan, 2 Holders of rec. Dec. 18a Provincial Paper Mills, corn. (quar.)_. 151 Jan. 2 Holders of rec. Dee. 15
Chatkam & Phenix Nat. Bank (guar.)._
to Jan. 1
4
Jan. 2 Dec. 14
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 15
•6
Fifth Avenue (quar.)
Jan. 2 *Holders of rec. Dec. 31
Real Silk Hosiery (guar.)
.75c. Jan. I *Holders of rec. Dec. 20
Irlatbush
Mar.31 *Holders of rec. Mar. 28
*2
Jan. 2 Holders of rec. Dec. 15
Reece Button Hole Machine (quar.).
3
Public National (quar.)
4
Dec. 31 Holders of rec. Dec. 20
1
Jan, 2 Holders of rec. Dec. 15
Reece Folding Machine (quar.)
Seaboard National (guar.)
4
Jan. 2 Holders of rec. Dec. 26
Remington Arms, first preferred (guar.) *15( Jan. 2 *Holders of ree. Dee. 20
United States, Bank of (guar.)
2)4 Jan. 2 Holders of rec. Dec. 200 Reo Motor Car (guar.)
•I5c. Jan. 1 *Holders of roe. Dee. 15
Trust Companies.
'
Se. Jan. 1 *Holders of ree. Dec. 15
Extra
*5
Jan. 2 *Holders of rec. Dec. 15
I/4'am (guar.)
Reynolds (R. J.) Tobacco, com. (guar.) 75e. Jan. 1 Holders of roe. Dec. 18
Guaranty (quar.)
Dec. 31 Holders of rec. Dec. 19
3
81.75 Jan. 1 Holders of reg. Dec. 18
Preferred (guar.)
United States (quar.)
1252 Jan. 2 Holders of rec. Dec. 20
Schwartz(Bern.)Corp..com.A &B ((lu.) *25c. Jan. 2 *Holders of rec. I)N. 10
Simmons Company, common (guar.)- -- 50c. Jan. 2 Holders of rec. Dec. 15
Fire Insurance.
Jan. 2 Holders of rec. Dec. 15
Common (payable in common stock). /8
Ronda (guar.)
*$1.50 Jan. 2 *Holders of rec. Dec. 15
South West Penn. Pipe Lines (luar.)--- Si
Doe. 31 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dec. 15
Stromberg Carburetor (guar.)
$1.50
Miscellaneous.
Swift & Co. (guar.)
Jan. 1 Dec. 11 to Jan. 8
2
Allis-Chalmers Mfg., pref. (guar.)
Jan, 15 *Holders of rec. Dee. 24
Tide Water Oil (quar.)
Dec. 31 *Holders of roe. Dec. 18
*1
American Beet Sugar, preferred (quar,)_
152 Jan. 2 Holders of rec. Dee. 13
U.S. Tobacco, common (quar.)
75c. Jan. 2 Holders of rec. Dec. 15
American Car & Foundry, corn,(guar.). 3
Jan. 1 Holders of rec. Dec. 15
Jan. 2 Holders of rec. Dee. 1$
Preferred (guar.)
Preferred (quar.)
15( Jan. 1 Holders of rec. Dec. 15
Dec. 31 Holders of rec. Dec. 12
Utah Copper (quar.)
American Cigar, preferred (guar.)
*154 Jan. 2 *Holders of rec. Dec. 15
Walworth Mfg., common (quar.)
*35e. Dec. 15 *Holders of rec. Dec. 5
Jan. 2 Holders of rec. Dec. 15
I
American Cyanamid, common (quar.)__
*152 Dec. 31 *Holders of rec. Dec. 20
Preferred (guar.)
Conunon (extra)
34 Jan. 2 Holders of rec. Dec. 15
Welsbach Company
*$3.50 Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec. 15
Westinghouse Elec.& Mfg.,corn.(guar.) *81
Jan. 31 *Holders of rec. Dec. 31
American Express (guar.)
*S1.50 Jan. 2 *Holders of rec. Dec. 11
Preferred (quar.)
Jan. 15 *Holders of rec. Dec. 31
*51
American Fork & Hoe, corn. (quar.)--- 152 Dec. 15 Holders of rec. Dec. 5
Ward Baking Corp.. pref. (quar.)
Jan. 2 Holders of rec. Dec. 15
American Plano, common (guar.)
Jan. 2 Holders of rec. Dec. 15
2
Wurlitzer (Rudolph) co., pref (emir )_
Jan. 1 Holders of rec. Dee. 20
Preferred (q tar.)
154 Jan. 2 Holders of rec. Dec. 15
American Radiator corn.(in corn. stk.) AO
Dec. 31 Holders of rec. Dec. 15
Below we give the dividends announced in previous weeks
American Snuff, common (guar.)
Jan. 2 Holders of rec. Dec. I2a
3
Preferred (guar.)
135 Jan. 2 Holders of rec. Dec. I2a and not yet paid. This list does not include dividends anAmerican Steel Foundries, corn.(guar.). •75e. Jan. 15 *Holders of rec. Jan. 2
nounced this week, these being given in the preceding table.
Preferred (guar.)
Dec. 31 *Holders of rec. Dec. 15
American Woolen, preferred (guar.). - 151 Jan, 15 Dec. 16
to Dec. 25
Per
Anglo-American Oil
Books Closed.
When
35e. Dec. 15 Holders of coup. No.28
Armour & CO.(of Illinois). pref.(guar.). 151 Jan. 2 Holders of rec. Dec. 15
Cent. Payable.
Days /*dative.
Name of Company.
Armour & Co.of Delaware, pref:(guar.) 151 Jan. 2 Holders of rec. Dec. 15
Babcock & Wilcox Co.(extra)
Railroads (Steam).
3
Jan. 2 Holders of rec. Dec. 20
Bartlett-Hayward Corp., pref. (guar.)
Alabama Great Southern, ordinary
334 Dec. 26 Holders of rec. Nov.28
*2
Dec. 15 *Holders of rec. Dec. 5
Beigo-Canadian Paper,common(No.1)- 134 Jan. 10 *Holders of rec. Dec. 31
Preferred
334 Feb. 16 Holders of rec. Jan. 16
Preferred (guar.)
Atlantic Coast Line RR.. common
352 Jan. 10 Holders of rec. Dee. 15a
Jan. 2 *Holders of rec. Dec. 12
Canadian General Elec., Ltd., prtf.(qu.) 151 Jan. 1 Holders of rec. Dec. 13
Bangor & Aroostook, pref. (guar.)
154 Jan, 1 Holders of rec. Dec. 15
.
Casein Co. of Amer. of N J.(pref.(on.) 2
Boston & Albany (guar.)
234 Dec. 31 Holders of rec. Nov.29
Dec. 12 Holders of rec. Dec. 6
Casein Co. of Amer. of Del. (extra).Buffalo & Susquehanna, corn. (guar.).- 154 Dec. 30 Holders of rec. Dec. 100
1
Dec. 20 Holders of rec. Dec. 12
Cluett, Peabody & Co.. pref. (quar.)_ _
Preferred
2
Dec. 30 Holders of rec. Doe. 10a
151 Jan. 1 Holders of rec. Dec. 22
Commercial Credit Co., corn.(guar.)_ '3714c Dec. 31 *Holders of rec. Dec. 31
Canadian Pacific, corn, (guar.)
252 Dee. 31 Holders of rec. Dec. la
•15i Dec. 31 *Holders of rec. Dec. 31
Preferred (guar.)
Chesapeake & Ohio,common
2
Jan. 1 Holders of rec. Dec. 541
Preferred class B (guar.)
Preferred
*2
354 Jan. 1 Holders of rec. Dec. 5a
Dec. 31 *Holders of rec. Dec. 31
Connor (John T.) Co., common
Chicago Burlington & Quincy
*5
Mc. Jan. 2 *Holders of rec. Dec. 20
Dec. 28 *Holders of rec. Dec. 17
Preferred
Chicago & North Western,coin
2
•31i Jan. 2 *Holders of rec. Dec. 20
Dec. 31 Holders of rec. Doe. la
Cuyamel Fruit (quar.)
Preferred
$1 Dec. 29 *Holders of rec. Dec. 15
352 Dec. 31 Holders of rec. Dec. la
Detroit & Cleveland Navigation (guar.). $1
Jan. 2 Holders of rec. Dec. 15a Chic, R. I. & Pacific, 7% preferred
354 Dec. 31 Holders of rec. Dec. 5a
Dominion Textile, Ltd., corn.(quar.)_ _ $1
Six per cent preferred
3
Dec. 31 Holders of rec. Dec. 5a
Jan. 2 Holders of rec. Dec. 15
Preferred (gear.)
Chic.. St. Paul. Minn.& Omaha, pref._
131 Jan. 15 Hoiders of rec. Dec. 31
6
Dec. 31 Holders of rec. Dec. la
Draper Corporation (quay.)
.New Orl.& Tex.Pao.,common_
3
Jan. I Holders of rec. Dec. 6
*3
Dec. 22 *Holders of rec. Dec. 1
Eisenlohr (Otto)& Bros., pref.(guar.)._ 'i4 Jan. 1 *Holders of rec. Dec. 20
Common (extra)
' Dec. 22 *Holders of rec. Dec. 1
352
Electric Auto-Lite, common (guar.)____ *21.50 Jan. 2 *Holders of rec. Dec. 15
Colorado & Southern. 1st preferred
2
Dec. 31 Dec. 14 to Jan. 1
Emerson Electric. pref. (guar.)
154 Jan, 1 Holders of rec. Dec. 20
2d preferred
Dee. 31 Dec. 14 to Jan. 1
4
Endicott-Johnson Corp., corn.(quar.)_ 21.25 Jan, 2 Holders of rec. Dec. 13
Cuba RR.. preferred
Feb2'26 Holdall of reo Jan 15'25a
3
Preferred (quar.)
154 Jan. 2 Holders of rec. Dec. 13
Delaware & Hudson Co. (guar.)
254 Dec. 20 Holders of rec. Nov.28a
Fisher Body Ohio Corp., pref.(guar.)__ _ *2
Jan. 1 *Holders of rec. Dee. 19
Erie & Pittsburgh(guar.)
8754c Dec. 10 Holders of rec. Nov.29a
Francisco Sugar (quar.)
*51.50 Jan. 2 *Holders of rec. Dec. 23
Fonda Johnstown & Gloversv., pt. (qu.)
152 Dec. 15 Holders of rec. Dec. 10a
Quarterly
*$1.50 Apr. 1 *Holders of rec. Mar. 21
Hocking Valley RR
Dec. 31 Holders of rec. Dec. 5a
2
Quarterly
41.50 July 1 *Holders of rec. June 30
Illinois Central. leased lines
Jan. 2 Dec. 12 to Jan. 4
2
Quarterly
'81.50 Oct. 1 *Holders of rec. Sept.21
Jan. 2 Holders of rec. Dec. Co
Lackawanna RR. of N. J. (guar.)
1
Fleischmann Company (extra)
*50e. Jan. 2 *Holders of rec. Dec. 15
Feb. 10 Holders of rec. Jan. 15
Loldeeille dc Nashville
3
Galena-Signal Oil, common (guar.)
*81
Dec. 31 *Holders of rec. Dec. 15
2
Jan. 2 Dec. 2 to Jan. 1
Mobile & Birmingham
Preferred and new preferred (quar.)_ _ *12
Doe. 31 *Holders of rec. Dec. 15
Morris & Essex
45( Jan. 2 Holders of rec. Dec. 9.
General Railway Signal, common (quar.) 1
Jan, 1 Holders of rec. Dec. 20
N Y. Chic.& St. Louis.corn.& pf.(qu.) 152 Jan. 2 Holders of rec. Nov. 15a
Common (extra)
1
Jan, 1 Holders of rec. Dec. 20
154 Jan. 2 Holders of rec. Dec. 13a
N.Y. Lackawanna & Western (quar.)_ _
Preferred (guar.)
1% Jan. I Holders of rec. Dec .20
124 Dec. 19 Holders of rec. Nov. 29a
Nofolk & Western, corn. (quar.)
Giant Portland Cement, preferred
356 Dec. 15 Dec. 7 to Dec. 15
Dec. 19 Holders of rec. Nov.294
1
Common (extra)
Preferred (account accum. dividends)- 7
Dec. 15 Dec. 7 to Dec. 15
1
Dec. 15 Holders of rec. Nov.15
Piedmont & Northern(guar.)
*144 Feb. 1 *Holders of rec. Jan. 15
Gitribel Brothers, preferred (guar.)
Pittshurrm
We/0 Virginia nref.(quar) 135 Feb. 2 Holders of rec. Feb.2'25a
Gleasonite Products, corn.(guar.)
252 Dec. 10 Holders of rec. Dec. 1
Holders of rec. Nov.20a
154 Dec.
Pittsb. Youngst.& Ash.. pre: (quar.)__
152 Dec. 10 Holders of rec. Nov.29
Globe-Wernicke Co., common (guar.)._
Reading Company, 1st pref. (quar.)._, 50c. Dec. 11 Holders of rec. Nov.25a
124 Jan. 1 Holders of rec. Dec. 20
Goodwin's. Ltd., pref. (guar.)
St. Louis Southwestern, pref. (quar,)
13‘ Doe. 3 Holders of rec. Dec. 16.
*2
Dec. 31 *Holders of rec. Dec. 15
Grasseill Chemical, common (guar.)
Holders of rec. Nov.284
1)4 Jan.
Southern Pacific Co.(guar.)
•152 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
Holders of rec. Dec. 1
23.4 Jan.
Union Pacific. corn. (guar.)
Jan. 1 *Holders of rec. Dec. 15
Great Western Sugar, common (quar.)_ •82
Holders of rec. Dec. iSa
Valley RR.(N. Y.)
252 Jan.
Grennan Bakeries, Inc., common (guar.) 25e. Jan. 1 Holders of rec. Dec. 15
154 Jan, 1 Holders of rec. Dec. 15
Preferred (quar.)
Public Utilities.
2
Dec. 15 Holders of rec. Dec. 5
Hanna Furnace, pref. (guar.)
154 Dec. 24 Holders or rec. Dec. 15
Harmony Creamery, preferred (guar.)._
254 Jan1.515 Holders of rec. Dec. 201
Amer. Telephone & Telegraph (guar.)._
*81
Dec. 31 *Holders of rec. Dec. 24
254 ep15'2 Holders of ree.Mar.17'25a
Hawaiian Pineapple (extra)
Onartedv
Jan, 2 Holders of rec. Dec. 15
80. Dec. 31 Holders of rec. Dee. 10a
Helme (George W.) Co., corn, (quar.)-- 3
Arkansas Natural Gas (guar.)
Jan. 2 Holders of rec. Dec. 15
15
Common (extra)
Associated Gas & Elec., pref.(guar.)... 8714c. Jan, 2 Holders of rec. Dec. 10
131 Jan. 2 Holders of rec. Dee. 15
1254e. Apr.I'24 Holders of rec. Mar. 15
Preferred (guar.)
Preferred (extra)
-154 Dec. 24 Dec. 16 to Dec. 23
Hercules Powder, common (quar.)
24 Holders of rec. June 18
12520. Ju1y1•
Preferred (extra)
Dec. 24 Dec. 16 to Dec. 23
2
Common (extra)
12540. Oct l'2( Holders of rec. Sept.15
Preferred (extra)
1252c. Jan1'26 Holders of rec. Dec. lb
=crest Collieries, common (quar.)- -- 1.14 Jan. 15 Holders of rec. Dec. 31
Preferred (extra)
151 Jan. 15 Holders of rec. Dec. 31
Bell Telephone of Pa.. prof.(guar.).
- *124 Jan. 15 *Holders of rec. Dee. 20
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 11
1
*152 Jan. 2 *Holders of rec. Dee. 18
Hollinger Consold. Gold Mines
Boston Elevated,common (quar.)
*4
Jan, 2 *Holders of rec. Dec. 18
Honiestake Mining (monthly)
50c. Dec. 28 Holders of rec. Dec. 20
First preferred
Jan. 2 *Holders of rec. Dec. 15
*352 Jan. 2'Holders of rec. Dec. 18
Ingersoll-Rand Co., preferred
*3
Preferred
Jan. 2 Holders of rec. Dec. 15
Internat. Buttonhole Machine (guar.)-- 1
Brooklyn Borough Gas, cola. (guar.)._ _ *50e. Jan. 10 *Holders of rec. Dec. 31
•154 Jan. 2 *Holders of rec. Dec. 24
International Harvester, corn. (quar.)-- •1= Jan. 15 *Holders of rec. Dee. 24
Preferred (ltlar.)--•
International Shoe, common (guar.)---- 51.25 Jan. 1 Holders of rec. Dec. 15
SI Jan, 2 Holders of rec. Dec. Ila
Brooklyn Union Gas(guar.)
',referred (guar.)
Jan. 1 Holders of rec. Dec. 15
SI
1% Dec. 17 Holders of rec. Nov.29
Calumet Gas dc Elec.. pref.(guar.)
*154
*154
•154
154
•154
*134
134
$1
134
134
*151
2620
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Public Utilities (Concluded).
Consumers Power. 6.6% pref. (mthly.). 550. Jan. 2 Holders of ree. Dec. 15
6% preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
7% preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
6.6% preferred (quar.)
1.65 Jan. 2 Holders of rec. Dec. 15
Contr. Gas El. L.& Pr., Balt.,com.(qu.)_ .50c. Jan. 2 Holders of rec. Dec. 15
Preferred Series A (guar.)
Jan. 2 Holders of rec. Dec. 15
2
Preferred Series B (guar.)
ill Jan. 2 Holders of rec. Dec. 15
Preferred Series C (guar.)
151 Jan. 2 Holders of rec. Dec. 15
Consolidated Gas, N. Y.,common (qu.). $1.25 Dec. 15 Holders of rec. Nov. Ila
§Continental Gas de El. Corp.. cow.(iith) 750. Jun 121 Holders of rec. Dec. 130
Common (payable in common stock) _
50 Jan 125 Holders of rec. Dec. 13a
Participating preferred (guar.)
IN Ian 1'25 Holders of rec. Dec. 13,
Participating preferred (extra)
Ian C25 Holders of rec. Dec 13a
Partic. pref.(payable In corn.stock)_ _
IN Jan 1'25 Holders of rec. Dec. 13a
Preferred (guar.)
Jan 1'25 Holders of rec. Dec. 130
Prior preferred (guar.)
lan 1'25 Holders of rec. Dec.130
Duquesne Light, 1st pref., aer. A (guar.) IN Dec. 15 Holders of roe. Nov. 15,
Federal Light & Traction, corn.(guar.).
Jan, 2 Holders of rec. Dec. 15a
Common(pay.In 6% cum. prof.stk.)- m75c. Jan. 2 Holders of rec. Dec. 15a
Frankford & Southwark Pass. Fly.(qu.) _ $4.50 Jan. 1 Dec. 2 to Jan. 1
Jan. 2 Holders of rec. Dec. 15
General Gas AC Elec. Corp., cl. A p1.(qu.) $2
Class B, preferred (quar.)
81.75 Jan. 2 Holders of rec. Dec. 15
Jan. 1 Holders of rec. Dec. 20,
Ga. Ry. dr Pow. 1st pref. cure.8% (qu.) 2
First Prof. cure. 7% (guar.)
13( Jan. 1 Holders of rec. Dec. 200
Jan. 2 *Holders of rec. Jan. 2
Gold & Stock Telegraph (Otter)
*2
Dec. 31 *Holders of rec. Dec. 30
Illinois Bell Telephone (guar.)
Kentucky Hydro-Elec.Co.. pref.(qu.)_ _ *1H, Dec. 20 *Holders of rec. Nov.29
2
Dec. 15 Holders of rec. Dec. la
Laclede Gas Light. corn. (guar.)
1
Dec. 15 Holders of rec.. Dec. la
Common (extra)
Preferred
23 Dec. 15 Holders of rec. Dec. la
1H, Jan. 2 Holders of rec. Dec. 6a
Mackay Companies, common (guar.)._ _
1
Jan. 2 Holders of rec. Dec. 6a
Preferred (quar.)
151 Dec. 15 Holders of rec. Nov.29
Middle West Utilities, prior lien (quar.)_
1
Jan. 2 Holders of rec. Dec. 12a
Montana Power, corn. (quay.)
151 Jan. 2 Holders of rec. Dec. 12a
Preferred (guar.)
40e. Dec. 20 Holders of rec. Dec. 1
Municipal Service, corn.(extra)
Nat. Power & Light, preferred (quar.)_. 111.75 Jan. 2 Holders of rec. Dec. 10
2
Dec. 31 Holders of rec. Dec. 10
New England Telep. ac Teleg. (guar.)._
13i Jan. 15 Holders of rec. Dec. 20
New York Telephone, pref.(guar.)
500. Dec. 15 Holders of rec. Dec. la
Niagara Falls Power. cons. (guar.)
Preferred (guar.)
4331 Jan. 15 Holders of rec. Dec. 31a
Northwestern Telegraph
$1.50 Jan. 2 Dec. 16 to
Jan. 1
IN Jan, 1 Holders of rec. Dec. 20
Ohio Bell Telephone, Prof. (guar.)
Oklahoma Gas & Elec., pref. (quar.)... 131 Dec. 15 Holders of rec. Nov.29
Penn Central Light de Pow.,corn.(qu.)_ *37 He Jan. 2 'Holders of rec. Dec. 10
Common (extra)
•10c. Jan. 2 'Holders of rec. Dec. 10
Preferred (guar-)
$1
Jan, 2 Holders of rec. Dec. 10a
Preferred (extra)
10c. Jan. 2 Holders of rec. Dec. 10a
Pennsylvania water & Power (quar.)... 2
Jan. 2 Holders of rec. Dec. 194
Peoples Gas Light & Coke (guar.)
2
Jan. 17 Holders of rec. Jan. 3,
Philadelphia Electric, corn. & pf. (qu.). 500. Dec. 15 Holders of rec. Nov. 170
Second de 3d Sts. Pass. Sty.. Phila. (qu.).. 83
J. 1 Dec. 2 to Jan. 1
Southern Colorado Power. pref. (qu.) __
151' Dec. 15 Holders of rec. Nov.29
Standard Gas & Elec.. pref. (guar.) _ _
2
Deo. 15 Holders of rec. Nov.29
United Gas Improvement, pref. (guar.). 8730. Dec. 15 Holders of rec. Nov. 29
West Penn Co., corn.(guar.)
Dec. 31 Holders of rec. Dec. 15a
81
West Penn Rys.,6% Pref. (guar.)
1H Dec. 15 Holders of rec. Dec. 1
Hanks.
Commerce, National Bank of (quar.)..._ 4
Jan. 2 Holders of reo. Dec. 19a
Standard (guar.)
2
Jan. 2 Holders of rec. Dee. 24
Extra
155 Jan, 2 Holders of rec. Dec. 24
Standard National Corp., corn.(guar.)._
31 Jan. 2 Holders of rec. Dec. 24
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 24
Trust Companies.
Equitable Trust (guar.)
3
Dec. 31 Holders of rec. Dec. 22
Miscellaneous.
Adams Express (quay.)
$1.50 Dec. 31 Holders of rec. Dec. 15a
Advance-Rumely Co., pref. (On.)
75e. Jan, 1 Holders of rec. Dec. 15a
Allied Chemical & Dye Corp., pref.(qu.) 131 Jan. 2 Holders of rec. Dec. 15a
American Art Works. corn. & pref. (qu.) 131 Jan, 15
American Bank Note, corn.(extra)
•87.50 Dec. 31 *Holders of rec. Dec. 15
Preferred (guar.)
•75c. Jan. 2 *Holders of rec. Dec. 15
American Beet sugar. corn (guar.),
J n31'23 Holders of ree.Jan 10'250
(guar.)
American Can, pref.
1 §i Jan. 2 Holders of rec. Dec. 17a
American Locomotive, common (guar.). $1.50 Dec. 31 Holders of rec. Dec. 12a
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 12a
Amer. Pneumatic Service, 25 pref
•75c. Dec. 31 *Holders of rec. Dee. 17
American Radiator, common (quar.)
11
Dec. 31 Holders of rec. Dec. 15a
Common (in common stock)
Dec. 31 Holders of rec. Dee, I5a
150
$1.50 Dec. 31 Holders of rec. Dec. 15a
American Railway Express (guar.)
2
Feb2'25 Holders of rec. Jan. 15'25
American Shipbuilding, corn. (quar.)_ _ _
2
WY1'25 Holders of rec. Apr. 15'25
Common (quar.)
2
Common (quar.)
Aug.125 Holders of rec. July 15'25
250. Jan, 1 Dec. 21 to Jan. la
American Stores, common (guar.)
11.1 Jan, 2 Holders of rec. Dec. la
Amer. Sugar Refining. pref. (guar.)._ _ _
Amer.Tobacco. pref. (guar.)
131 Jan. 2 Holders of rec. Dec. 10a
151 Jan. 1 Holders of rec. Dec. 15
Armour dr Co. of Illinois, pref. (quar.)_
Armour & Co. of Delaware, pref.(guar.) 151 Jan. 1 Holders of rec. Dec. 15a
Jan. 2 *Holders of rec. Dec. 17
Armstrong Cork,common (guar.)
al% Jan.
2 *Holders of rec. Dec. 17
Preferred (guar.)
131 Dec. 31 Holders of rec. Dec. 20
Atlantic Steel. common
Dec. 15 Holders of rec. Dec. 5
Atlantic Terra Cotta, preferred (guar.). if
Atlas Portland Cement, corn.(in stock)_ e1231 Dec. 20 Holders of rec. Dec. 15
El
Dec. 10 Holders of rec. Nov. 29a
Atlas Powder, corn. (guar.)
*2
Dec. 15 *Holders of rec. Dec. 5
Autocar CO., prof.(guar-)
Jan 126 Holders of rec. Deo. 20o
Babcoca & Wilcox Co.(qur.)
131 Aprl'25 Holders of ree.Mar 20'25o
Quarterly
Baldwin Locomotive, common de pref__. 331 Jan. 1 Holders Of rec. Dec. 6a
Brandram-Henderson. Ltd., pref. (au.). 151 Jan. 2 Holders of rec. Dec. 1
Beech-Nut Packing, common (extra)... 60e. Dec. 10 Holders of rec. Dec. la
Jan. 2 Holders of roe. Dec. la
Bethlehem Steel Corp.,8% pref. (quar.) 2
1,1 Jan, 2 Holders of rec. Dec. la
Seven per cent pref. (guar.)
50c. Dec. 15 Holders of rec. Dec. 1
Big Store Realty Corp
131 Dec 15 Holders of rec. Dee. is
Borden Co., preferred (qunn)
$3
Dec. 31 *Holders of rec. Dec. 10
Boston Wharf Co
Boston Woven Hose de Rubb., con).(qu) $1.50 Dec. 15 Holders of rec. Dec. 1
Dec. 15 Holders of rec. Dec. 1
$3
Preferred
$1
Dec. 15 Holders of roe. Nov. 20
Buckeye Pipe Line (quar.)
iN Jan. 2 Holders of rec. Dec. 20
Bucyrus Company. pref. (guar.)
Jan. 2 Holders of rec. Dec. 20
Preferred (in full of all accum. diva.).- 06
750. Dec. 31 Holders of rec. Dec. 15
Burroughs Adding Machine (quar.)__
131 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
231 Jan 415 *Holders of rec. Jan. 20
Bush Terminal Co., common
an.d15 *Holders of rec. Jan. 20
Preferred
Bush Terminal Bid., pref. (quar.)_.. 151 Jan. 2 Holders of rec. Dec. 17a
50e. Dec. 24 Dec. 10 to Dec. 23
Butte Copper de Zinc
Jan. 1 *Holders of rec. Dec. 24
- 2
C. G. Spring & Bumper, pref. (guar.)
81.50 Dec. 15 Holders of rec. Nov. 290
California Packing Corp.(guar)
131 Jan. 2 Holders of rec. Dee. 20a
California Petrol Corp.. pref. (guar.)-_
.500. Doe. 22 Holders of rec. Dec. 5
Calumet & Arizona Mining (guar.)
Canadian Car & Foundry, pref.(guar.). iN Jan. 10 Holders of rec. Dec. 26
55I1 Jan. 10 Holders of rec. Dec. 26
Pref.(acct. Amn full of accum.divs.)
.
Jan. 2 Holders of rec. Dec. 15
2
Canadian Conn. Mills, pref.(guar.)._
Carter (William) Co., preferred (guar.). 134 Dec. 15 Holders of rec. Dec. 10
Certain-teed Prod., 1st & 2d pref.(au). 131 Jan. 2 Holders of rec. Dec. 190
625-5c. Dec. 29 Holders of rec. Dee. 90
Chesebrough Mfg., corn. (guar.)
131 Dec. 29 Holders of rec. Dec. 9a
Preferred (guar.)
Chicago Fuse Mfg.(guar.)
*62Sic Jan. 1 *Holders of roe. Dee. 16
.
Chicago Mill & Lumber, pref. (quar.).. 4 1H Jan. 1 *Holders of rec. Dec. 20
Chicago Yellow Cab (monthly)
33 1-3c Jan. 2 Holders of rec. Dec.20a
Monthly
33 1-3e Feb. 2 Holders of rec. Jan. 200
Monthly
33 1-3c Mar 1 Holders of rec. Feb. 20a
Childs Co.. 8100 par corn. (guar.)
3
Dec. 10 Holders of rec. Nov.28
Common, no par value (guar.)
600. Dec. 10 Holders of rec. Nov.28
Preferred (guar.)
Dec. 10 Holders of rec. Nov.28
Chill Copper(guar.)
62%0 Dec. 29 Holders of rec. Dec. 3a
Cities Service Co.
Common (mthly. pay.In cash scrip)
Jan. 1 Holders of rec. Dec. 15
Com.(mthly. Pay. In corn. stk. scrip) PM Jan. 1 Holders of rec. Dec. 15
Preferred and preferred B (mthly.)--Jan. 1 Holders of roe. Dec. 15
[vou 119.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Cleveland Stone (guar.)
•131 Mar. 1 *Holders of rec. Feb. 15
Quarterly
*134 June 1 *Holders of rec. May 15
Quarterly
'131 Sept. 1 *Holders of rec. Aug. 15
Coca-Cola Co., corn. (guar.)
81 .75 Dee. 30 Holders of rec. Dec. 15a
Preferred
331 1)ec. 30 Holders of rec. Dec. 15a
Colt's Patent Fire Arms Mfg.(quar.). _ _ 500. Dec. 31 Holders of rec. Dec.
13a
Commercial Invest. Trust., 1st pf.(au). 131 Jan, 1 Holders of rec. Dee. 15a
Commercial Solvents Corp.. el. A (qu.). 81
Jan, 1 Holders of rec. Des, 20
First preferred (quar.)
2
Jan. 1 Holders of rec. Dec. 20
Continental Can, pref. (guar.)
131 Jan. 2 Holders of rec. Dee. 20,
Continental Oil (guar.)
*50c. Dec. 15 *Holders of rec. Nov. 15
eraddoeg-Terry Co.. common (guar.).
3
ono. 31 Uee. Id to Dec. 31
First and second preferred
3
Dec. 31 Dec. 15 to Dec. 31
Class C preferred_
331
>ea. 31 Dee. 15 to Dec. 31
_.
Cramp(Wm.& Sons S.& E. Bldg.(au.) *1
Dec. 31 *Dec. 17 to Jan. 1
Crane Co.. common (quar.)
13( Dec. 15 Holders of rec. Dec. 1
Common (extra)
1
Jan. 15 Holders of rec. Jan. 2
Preferred (quar.)
131 Dec. 15 Holders of rec. Dec. 1
Cresson Cons. Gold M. de M.(quar.)_ _ *10c. Jan. 10 *Holders of rec. Dee. 31
Crucible Steel Co., pref.(guar.)
?,.‘, Dec. 31 Holders of rec. Dec. 15a
Cuban-Amer. Sugar. corn. (guar.)
75c. Jan. 2 Holders of rec. Dec. 6a
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 6a
Cumberland Pipe Line (guar.)
3
Dec. 15 Holders of rec. Nov. 29
Davis Mills(quar.)
IN Dec. 20 Holders of rec. Dec. ria
Decker (Alfred) & Cohn, corn
•50c. Dec. 15 "Holders of rec. Dec. 5
Detroit Brass & Malleable Wks.(mthly.)
H Dee, Hi Nov. 2(3 to Nov.30
Monthly
34 Jan, 10 Dec. 26 to Dec. 31
Diamond Match (guar.)
2
Dec. 15 Holders of rec. Nov. 290
Dome Mines, Limited (guar.)
50c. Jan. 20 Holders of rec. Dec. 31
Dominion Glass, corn, and pref. (quar.)_
134 Jan. 2 Holders of rec. Dec. 15
Dominion Stores, preferred A
4
Jan. 1 Holders of rec. Dec. 11
Douglas-Pectin Corp.(quay.)
25c, )0o. 31 Hold° a of rec. Dec. 10
du Pont(E. I.) de Nem.& Co..com.(qu.) 2
Dec. 15 Holders of rec. Dec. 5cs
Debenture stock (guar)
131 Jan. 26 Holders of rec. Jan. 100
du Pont(RI.) de Nem.Powd.,corn.(q11.) '13.4 Feb. 2 *Holders of rec. Jan. 20
Preferred (guar.)
*131 Feb. 2 *Holders of rec. Jan. 20
Eastern Steamship, first pref. (guar.)._
131 Jan. 2 Holders of rec. Dec. 27
Preferred (no par value)
•8731 Jan. 15 *Holders of rec. Jan. 8
Eastman Kodak, com.(guar.)
El .25 Jan. 2 Holders of rec. Nov.290
Common (extra)
750. Jan. 2 Holders of rec. Nov.29a
Preferred (guar.)
115 Jan. 2 Holders of rec. Nov. 290
Elgin Nat. Watch (extra)
•82.50 Dec. 20 *Holders of rec. Dec. 3
Extra
*82.50 Jan. 20 *Holders of rec. Jan. 1
Empire Brick & Supply (guar.)
131 Dec. 15 Holder, of rec. Dec.
Fairbanks, Morse de Co.. corn. (guar.)._ 65c, Dec. 31 Holders of rec. Dec. 10
15a
Famous Players-Lasky Corp.. corn.(qu.) $2
Jan. 2 Holders of rec. Dec. 150
Federal Nib:ling de Smelt., pref.(quar.).. 131 Dee. 15 Holders of rec. Nov.280
Federal Motor Truck (guar.)
*30c. Jan. 2 *Holders of rec. Dec. 20
leistunann CO.. 0011111101, (oust.)
(be
las 125 Holders of rec. Dec. 15a
Foundation Co., corn. (guar.)
El .50 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
.75 Dee. 15 Holders of rec. Dec. 1
Gamewell Co., common (guar.)
81.25 Dec. 15 Holders of rec. Dec. 5
General Cigar, d rlrenture pref. (quer.)-22.. ut omers of rec. Dec. 23a
General Electric, common (guar.)
2
Jan. 15 Holders of rec. Dec. 3a
Special stock (quar)
15c. Jan. 15 Holders of rec. Dec. 3a
General Fireproofing. pref. (guar.)
13.1 1atr2'25 Holders 1)1 rec. Dos. 20
General Motors, corn. (guar.)
81 .25 Dec. 12 Holders of rec. Nov.170
Seven per cent pref. (guar.)
151 Feb. 2 Holders of roe. Jau. 5a
Six per cent debenture stock (guar.)._
131 Feb. 2 Holders of rec. Jan. 50
,
Six per cent pref. (guar.)
131 Feb. 2 Holders of rec. Jan. 5a
General Petroleum, corn. (quar.)
50c. Dec. 15 Holders of rec. Nov. 29a
Glen Alden Coal
.13.50 Dec. 20 'Holders of rec. Nov. 29
Glidden Company, prior pref. (quar.).. •134 Jan. 2 *Holders of rec Dec. 18
Globe Soap, 1st, 25 and special pref.(qu.) 131 Dec. 15 N ov. 30 to Dee. 15
Goodrich (B. F.) Co., pref. (quar.)
131 Jan. 2 Holders of rec. Dec. 200
Great Atl & Pac. Tea. corn. (quay.).... *1
Dec. 15 *Holders of rec. Dec. 10
Great Northern Iron Properties
82
Dec. 24 Holders of rec. Doc. la
Greenfield Tap & Die.6% prof.(quar.). 134 Jan. 2 Holders of roe. Dec. 13
8% preferred (quar.)
2
Jan, 2 Holders of rec. Dec. 13
Guantanamo Sugar. prof. (quar.)
2
Jan. 2 Holders of rec. Doe. 150
Gulf States Steel, corn. (guar.)
•131 Jan. 2 "Holders of rec. Dec. 15
1. Pat preferred (guar.)
Ia Jau2'25 tleiuers of roe. Dee. 160
Second preferred (quar.) .
131 Jan2'25 Holders of me. Deo. Ha
Hanna(M. A.) Co., 1st pref. (guar.).
- 134 Dec. 20 Holders of rec. Dec. 60
Harbison-Walk. Refract., pref. (guar.). 131 Jan. 20 Holders of roe. Jan. 100
Hayes Wheel, common (quar.)
75c. Dec. 15 Holders of rec. Nov.29a
Preferred (guar.)
111 Dec. 15 Holders of rec. Nov. 290
beta Mining (guar.)
'250. Dec. 15 *Holders of rec. Nov.15
Hibbard, Spencer, Bartlett Co.(mthly.) 35e. Dec 26 Holders of rec. Dec. 19
Extra
loc. Doe 20 Holders of rec. Dec. 19
Higbee Company, 2d Prof. (quar.)
2
Dec. 21 Nov. 22 to Dee. 1
Holly 011
25e, Dec. 31 Holders of rec. Dee. 15
Household Products (extra)
500. Jan. 2 Holders of rec. Dec. 170
'Judson Motor Car (guar.)
75c. Jan. 2 Holders of rec. Dec. 150
Hydraulic Press Brick, pref. (quar.)...
13.4 Jan. 2 Holders of rec. Dec. 20
Illinois Pipe Line
*6
Dec. 31 Holders of rec. Nov.29
dependent 011 & Gas(guar.)
25c
Doe. 31 fielders of rec. Deo. 120
Inland Steel, Preferred (quay.)
ln Jan. 1 Holders of rec. Dec. 15a
International Business Machines (gnar)_ 82
Jan. 10 Holders of rec. Dec. 230
Internat. Cement,common (quar.)
$I
Doe, 31 Holders of rec. Dec. 15a
Common (payable in common stock). /10
Dcc, 31 Holders of rec. Dec. 15a
Preferred (guar.)
•131 Dcc, 31 *Holders of rec. Dec. 15
International Salt (guar.)
13.4 Jan. 2 Holders of rec. Dee. 150
International Silver. prof. (quar.)
131 Jan. 2 Holders of rec. Dec. 150
Preferred (acct. accum. diva)
/IN Jan, 2 Holders of rec. Dec. 150
Jones & Laughlin Steel. pref. (quar.)... 134 Jan. 1 Holders of rec. Dec. 15a
Kayser (Julius) & Co.. pref. (quar.)___ 2
Jan. 2 Holders of rec. Dec. 260
Kennecott Copper Corporation (guar.). 75c. Jan. 2 Ilolders of rec. Dec. d5a
Kuppenhelmer (B.) & Co., Inc., corn... 51
Jan. 2 Holders of rec. Dec. 24a
Laclede Steel (extra)
2
Dec. 10 Holders of rec. Dec. 3
Lake Shore Mines(quay.)
*5
Dec. 15 *Holders of ree. Dec. 1
Lehigh Valley Coal Sales (guar.)
E2 Jan. 2 Holders of rec. Dee. 11
Lehigh & WIlkes-Barre,common (extra). *83
Jan. 1
rec. Dee. 20
Liggett & Myers Tobacco, pref.(guar.). 151 Jan, 2 *Holders of
Holders of rec. Doe. 150
Manatl Sugar (guar.)
13.1 May. 2 Holders of roe. Feb. 144
Quarterly
Ili June 1 Holders of rec. May 150
Quarterly
ill Sept. 1 Holders of rec. Aug. 15a
May Department Stores. Prof.(guar.)._ '131 Jan. 2 *Holders of ree. Dee. 15a
Mergenthaler Linotype (guar.)
234 Dee, 31 Holders of rec. Dec. 30
Metropol. Paving Brick Co.,com.(extra) 2
Dec. 15 Dec. 2 to I)ec. 14
Preferred (quar.)
*1.54 Jan. 1 *Holders of rec. Dee. 15
Metro-Goldwyn Pictures Corp., pf.(gu.) 131 Dec. 15 Hoidens of ree. Nov. 29a
Montgomery Ward & Co., pref. (guar.). 1% Jan, 1 Holders of reo. Dec. 200
Class A stock (quay)
1.75 Jan, I Holders of rec. Dee. 20a
Montreal Cottons, Ltd.,common (guar.) 131 Dec. 15 Holders of reo. Nov.30
Preferred (quar.)
134 Dec. 16 Holders of roe. Nov.30
Motor Wheel Corp., common (quay.)... *200. Dec. 20 *Holders of rec. Doe. 10
Common (extra)
*20c. Doc. 20 'fielders of rec. Dee. 10
Mutual 011 (guar.)
123.4c. Dec. 15 Holders of rec. Nov. 15
National Biscuit. corn. (guar.)
75c, Jan. 15 Holders of rec. Dec. 316
'*I Enamel & Stpg., pref (fuse.)
151 Dec. 31 Holders of roe, Deo. Ila
National Lead, common (quay.)
Dee. 31 Holders of rec. Dec. 12
2
Preferred (guar.)
1I1 Dec. 15 Holders of rec. Nov.21,
National Sugar Refining (guar.)
131 Jan. 2 Holders of ree. Dec. 8
National Surety (guar.)
234 Jan, 2 Holders of rec. Dec. 170
National Transit
•50e. Doc. 15 'Holders of rec. Nov.29
New York Air Brake class A stock (qu.). SI
Jan2'25 Holders of rec. Dec. 30
New York Canners, Inc.. coin.(quar.).. 50c. Dec. 15 Holders of roe. Dec. la
Common (payable in common stock). /3
Feb. 2 Holden of rec. Jan. 15,
First preferred
331 betil'25 Hold. of rec. Jan. 22* 250
Second preferred
4
Feb I'25 Hold of rec Jan.22'25a
New York Mortgage Co., cons. (guar.). 50c. Jan. 15 Holders of rec. Nov.29
Preferred (guar.)
131 Jan. 15 Holders of rec. Nov.29
New York Transit (guar.)
*50c. Jan. 15 *Holders of reo. Dec. 19
North American Co.. corn.(in com.stk.) (x) Jan. 2 Holders of rec. Dec. 50
Preferred (guar.)
131 Jan. 2 Holders of rec. Dec. 5a
Northern Pipe Line
3
Jan. 1 Holders of rec. Dee. 8
Ohio Oil (guar.)
•25c. Dec. 31 *fielders of rec. Nov. 29
Omnibus Corp.. peel
.2
Jan. 2 *Holders of reo. Dee. 20
Owens Bottle, common (guar.)
780 Jan. 1 Holders of rec. Dec. 16a
131 Jan, 1 Holder of rec. Dec. 161
Preferred (guar.)
Name of Company.
2621
T H 114 CHRONICLE
DEC. 6 1924.1
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Weekly
Returns of
New
York
City
Clearing
House
Banks and Trust Companies.
Miscellaneous (Concluded).
Jan. 20 Holders of rec. Dec. 15a
The following shows the condition of the New York City
21
Pacific 011
131 Dec. 15 Holders of roe. Nov.29a
Packard Motor Car. preferred (quar.)
Clearing House members for the week ending Nov. 29. The
4.6
Dee. 20
Pacolet Manufacturing. common
5331 Dec. 20
Preferred
figures for the separate banks are the avergaes of the daily
$1 Dec. 15 Holders of rec. Nov. 18
Patchogue-Plymouth Mills, common__
results. In the case of the grand totals, we also show the
Pathe Exchange. Inc.Dec. 24 Holders of rec. Dec. 15
stk.) u5
Cl. A& B com.(Pay.In Cl. A com.
actual figures of condition at the end of the week.
131 Feb125
Permanent Mtge Co preferred (ex rat
Pettibone-MullIken Co., let & 2d PL(q) 134 Jan. 2 Holders of rec. Dec. 24a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Holders of rec. Dec. 15a
500. Jan. 2
Phillips Petroleum (quar.)
(Stated in thousands of dollars-that is. three ciphers 10001 omitted.)
21.25 Jan. 2 Holders of rec. Dec. 15a
Pure Oil, 544% pref. (quar.)
131 Jan. 2 Holders of rec. Dec. 150
Six per cent preferred (quar.)
Jan. 2 Holders of rec. Dec. 150
2
Eight per cent preferred (quar.)
1
New.
Jan. 15 *Holders of rec. Dec. 31
53
Quaker Oats Co.. common (qua?.)
Reserve
coesta. Profits. Loans,
*144 Feb. 20 *Holders of rec. Feb. 2
Preferred (quar.)
Net
Time Bast
with
TriSeOura Cash
Week Ending
134 Jan. 1 Holders of rec. Dec. 1
Radio Corp. of America. prof (quar.)
Legal Demand
De- Carerin
Nov. 29 1924 Nat'l, Oct. 10 InvestDec. 31 Holders ot rec. Dec. 17a
2
corn.(quar.)
Railway-Steel Spring,
State, Sept. 29 masts, Vault. Deport- Deposits. Posits, laDec. 6a
131 Dec. 20 Holders of rec.
Preferred (guar.)
tortes.
Mu.
&c.
(000 omitted.) Tr.Cos.Sept. 29
Jan. 15 Holders of rec. Jan. 5
3
Realty Associates, lot pref
Remington Typewriter. lot pref.(quar.) 144 Jan. 1 Dec. 21 to Jan. 1
Bank Average Averag Average Average Average AV.*.
Members of F d. Res.
144 Jan. 1 Dec. 21 to Jan. 1
First preferred, Series S (quar.)
$
$
$
$
$
$
$
$
Bank of N Y &
Dec. 20 Dee. 14 to Dec. 21
2
Second preferred (quar.)
55,231 10.608
790 7.414
76,322
Trust Co____ 4,000 12,355
Dec. 20 Dec. 14 to Dec. 21
52
Second preferred (acct.accum.
-_
126.929 26.406
157,119 2,649 17,501
10,000 13,46
Republic Iron & Steel, pref. (quar.,._.. 144 Jan. 2 Holders of rec. Dec. 16a Bk of Manbat'n 10,000 16,020 182.279 3,512 23,556
175.190 11,131
547
Mech Jr Met Bk
Reynolds Spring. class A dv B (quar.)... 144 Jan. 1 Holders of rec. Dec. 15
ii
93,480 5.801
89.757 1,828 12,429
6,500 5.622
Bank of Amerl
500. Dec. 20 Dec. 10 to Dec. 21
Bt. Joseph Lead (quar.)
Nat City Bank. 40,00 54,355 661,089 4.611 75,883 *888.0961 94,482 9
•134 Jan. 2 *Holders of rec. Dec. 15
liavage Arms Corp., first pref.(quar.)
348
125.9661 5,313
16,857 134,503 1,263 17,299
Chem Nat Bank 4
rec. Feb. 2
"34 Feb. 18 *Holders of
r Second preferred (quar.)
497
205
5.729'
754
71
6.871
262
Jan1'25 Holders of rec. Dec. 15a Nat Butch & Dr 1
4iloeulte [retail Stores p oterred (quar.)- 2
99.2321 9,740 4,942
875 12,994
113,453
8,07
5
Amer Each Na
*50e. Dec. 24 *Holders of rec. Dec. 22
Sefton Mfg. Co.. corn.(quar.)
330,283 18.825 --__
358,481 1.257 43.381
39.8
Nat Bk of Corn. 25
•13‘ Jan. 1 *Holders of rec. Dec. 22
Preferred (quar.)
30.9771 3,037
32,520 1,117 4,451
1,742
25c. Dec. 31 Holders of rec. Dec. 10a Pacific Bank... 1
Shell Union 011, corn. (quar.)
128.825 33,908 5,15130
9,357 165.585 4,778 18,574
Chat&PhenNat 10.
Sherwln-Williams(Canada),com.(quar.) 131 Dec. 31 Holders of rec. Doe. 15
296
115.1271 ---565 15.105
23,096 129.062
5,00
Hanover Nat B
131 Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
182.443 27.604
7.003 24.773
50c. Jan. 2 Holders of rec. Dec. 15a Corn Each Bank 10,000 13.204 203.841 1,008 19.008
Simms Petroleum (quar.)
143.5971 9,780 lilio
23.870 178,298
Nat Park Bank_ 10,
Bless-Sheffield Steel & Iron. prof. (qu.). 131 Dec. 20 Holders of rec. Dec. 90
498
24.278 7.111
East River Nat_ 2,100 1,952 .31.777 1,201 3.509
Dec. 20 Nov.30 to Dec. 10
5
Solar Refining
243,595 25.715 7,456
392 32,502
62.690 323,476
First National__ 10,
Dec. 20 Nov.30 to Doe. 10
Extra
294.223 3,935 38.332 , 287.429 29,981
12,038
131 Dec. 31 Holders of rec. Dec. 100 Irving Bk-ColTr 17,
South Porto Rico Sugar,corn.(quar.)._ _
452
5,9451
855
139
7,241
1.0001 1.038
Dec. 31 Holders of rec. Dec. 10a Continental Bk_
2
Preferred (quar.)
371.856 29.424 1,087
Chase National_ 20.0001 25.141 391.812 4,441 49,094
Jan. 1
*4
Spartan Mills
22.774
794 2,960
23.514
2,706
5
50e. Dec. 15 Holders of rec. Nov. 170 Fifth Ave Bank
Standard 011(Calif.)(quar.)
10.273 2:752
435 1.419
,._.12,808
6001 1,066
Commonwealth.
'62310 Dec. 15 *Holders of rec. Nov.15
Standard 011 (Indiana) (quar.)
396
528
16.580
450 2,64
17.023
1,680
Garfield Nat.__ 1,
Deo. 31 *Holders of rec. Dec. 15
Standard 011(Kentucky)(quar.)
247
19.082 1,262
224 2.575
19,062
Fifth National_ 1,200 1.301
Dec. 20 Nov.20 to Dec. 20
Standard 011 (Nebraska)
5
68
101,558 5.135
951 13,523
105.605
Standard oil(N.J.).corn.(225 par)(qu.) 25c. Dec. 15 Holders of rec. Nov.230 Seaboard Nat__ 4,000 7,788 21,352
410
17.179 3.193
396 2.331
1,500 1.341
Dec. 15 Holders of rec. Nov.28a Coal & Iron Na
Common ($100 par value) (quar.).... 1
--__
rec. Nov.230 Bankers Trust_ 20,000 25,913 330.398 1.081 37.660 *297.027 44.048 --__
131 Dec. 15 Holders of
Preferred (quar.)
49.711 9.615
802 6.721
60,359
US Mtge Jr Tr_ 3,000 4.487
36e Dec. 16 Holders of rec. Nov.21
Standard Oil of N. Y.(quar.)
*466.379 59.594 --__
25,000 18,988 499.114 1,611 51,05
Guaranty T
231 Jan. 1 Holders of rec. Nov.28
Standard 011 (Ohio). corn.(quar.)
18.065 1.861
394 2.446
20,452
2,000 2,142
Fidel-InterT
Jan. 2 Holders of rec. Dec. 20
1
Sterling Coal (guar.)
155.385 30.596 --__
649 21.306
Dec. 15 Holders of rec. Dec. la N Y Trust Co__ 10.000 19,099 186.585
21
Sterling Products (extra)
44.037 3,783
573 5.861
48,439
of rec. Dec. 15a Metropolitan Tr 2,000 4,096
Jan. 2 Holders
1
Stern Brothers. common (quar.)
526 16,750 *128,868 27,998 --._
152,914
750. Dec. 31 Holders of rec. Dec. 50 Farm Loan Jr Tr 5,000 17.363 259,974 1.530 31.12
Texas Company (quar.)
*299.314 31,316
21.75 Dec. 15 Holders of rec. Dee. la Equitable Trust 23,000 11,191
Texas Gulf Sulphur (quar.)
500. Dec. 15 Holders of rec. Dec. to
Extra
Total of averages 291,900460.1675.295,308 51.911 615,795 e4.572,457571,184 32,198
'21.50 Dec. 20 *Holders of rec. Dec. 1
Todd Shipyards Corporation (quar.)_
50. Jan. 1 Holders of rec. Dee. 11
Tonopah Extension Mining (quar.)
Totals, actual condition Nov.29 5,321.0011 53.693625.021 c4,596,145570,810 32.207
Tower Manufacturing,common (quar.). '75C. Feb. 1 *Holders of roe. Jan. 15
Totals, actual co ndltIon Nov.225,272.511 51,353636.841 c4,550.424 573.987 32.270
4300. Dec. I *Holders of rec. Dec. 5
Truscon Steel Co., common (quer.).
540,62832,282
Holders of rec. Dec. 6a Totals, actual co ndition Nov 15 5.291,967 49,271 618.494c4.609.506
Underwood Typewriter, com.(quar.).... 75c. Jan.
Fed'I Res've Bank.
State Banks Not Me mbers
134 Jan. 2 Holders of rec. Dec. 6a
Preferred (quar.)
808
21,4771
21,310, 1,804 2.108
1,000 2.455
Greenwich B
*Holders of rec. Dec. 5
n1.2 Jan.
Union Carblde & Carbon (quar.)
2.6901 1.959,
533
318
5,285,
9171
250
50e. Dec. 3 Holders of rec. Dec. 15a Bowery Bank__
United Cigar Stores, corn.(quar.)
35.009, 60.873
common stock)_ 1131 Dec. 3 Holders of rec. Dec. 15a State Bank____ 3.500 5,094 98,935 4,058 2,389
Common (payable In
134 Dec. 1 Holders of rec. Dec. la
Preferred (qum.)
59,176 63,640
4.750 8,467, 125,530 6.180 5,030
Total of aurae
*Holders of rec. Jan. 15
United Drug, first preferred (quar.)_-_. •1,i Feb.
*Holders of rec. Feb. 16
Mar.
Second preferred (quar.)
60.179 63.638'
126,273 6,430 4,988
134 Jan2'2 Holders of roe. Dec. 15a Totals, actual c ndition Nov.291 125.445 6,2211 5,205
United Dyewood. pref. (guar.)
59,288 63.622
ndition Nov.22
231 !anal Holders of rec. Dec. 6a Totals. actual
United Fruit Hitler
58.204, 63.630
Holders of rec. Dec. lla Totals, actual co ndition Nov.15 124.3811 6,151 5,513
Jan.
15
United Profit Sharing, common
Holders of rec. Dec. la Trust Compan les NotMentbers of Fed. Reserve Ban
134 Dec. 1
U.S.Cast Iron Pipe & Fdy., pref.(qui37.3151 2.4191
59,300 1,456 4.172
10,5 is 15,216
of rec. Dec. la Title Guar Jr
Holders
Dec. 1
hl
Preferred (extra)
904
28,711
876 1,745
17,3571
Holders of rec. Dec. 250 LawyersTlt&Tr 6,565 6.169
331 Jan.
U.S. Distributing Corp., prof
Dec. 31 *Holders of rec. Dec. 6
•1
common (quar.)
U.S.Gypsum.
54,672 3,323
88,0111 2,332 5,917
Total of averages 16,000 21,385
.5
Dec. 31 *Holders of rec. Dec. 6
Common (special)
Dec. 31 *Holders of rec. Dec. 60
Common (Payable In common stock). ef35
55.961, 3,3831
•1% Dec. 31 *Holders of rec. Dec. 6a Totals, actual condition Nov.29 88.73W 2,293 6.212
Preferred (quar.)
54.427 3.323
Dee. 15 Holders of rec. Dec. 5a Totals, actuate.ndltIon Nov.22, 87 1211 2.368 5.867
2
U.S. Realty & Impt., corn. (quer.)_ _
52.287, 2,9511
131 Feb. 2 Holders of rec. Dec. 50 Totals, actual c ndition Nov.I.E 84,312 2.311 5,846
Preferred (quar.)
United States Steel Corp.,corn.(quar.). 131 Dee. 30 Nov.29 to Doe. 1
(3rd aggro as 312.650490.0205,508,849 60,423626,742 4.686.305638.14732.198
Common (extra)
31 Dec. 30 Nov.29 to Dec. 1
Comparison wi h.prev. week__ +26,930-2,111 -577 +11.677 +5.702, -99
134 Nov.29 Nov. 4 to Nov. 5
Preferred (quar.)
Dec. 15 Holders of rec. Nov.29
2
United States Title Guaranty (quar.)_
Gr'd aggr., act' cond'n New.29 5,536.009 62,416 636,221 4,712,285637,831 32,207
2
Dec. 15 Holders of rec. Nov.29
Extra
Comparison wl ti prey week _ _ +50,932+2,474-11,692 +48,146-3,0111 -83
*194 Dec. 15 *Holders fo rec. Dec. 1
Upson Company,common (quar.)
*2
Common (extra)
Jan. 2 *Holders of rec. Dec. 1
Gr'd alter,sal cond'n Nov.225.485,077, 59,942 647,913 4.664,139640,84232,270
*2
Jan. 2 *Holders of rec. Dec. 15
Preferred (quar.)
Geri alum.. aril cond'n Nov.15 5,501,160 57.733629.853 4,719,997607.20932.282
*500. Dec. 20 *Holders of rec. Nov.29
Vacuum 011 (quar.)
Gr'd assr.. ars'l cond'n Nov. 85,354,008 61.029717.780 4,574,147606.25732,160
Dec. 20 *Holders of rec. Nov.29
ofil
Extra
Gr'd aggr.. aal cond'n Nov. 15,533,627 54,352641,123 4.669,203615.964 32,140
rec. Dec. 12
131 Dec. 17 Holders of
Valvoline 011,common (quar.)
Gr'd agar.. eat nd'n Oct. 2.55.516.959 58,348611.220 4,656,025611,897 32,394
1 .4 Ow. ill Dee. 2 to Dee 10
Vapor Car Resting. preferred (near.)..
231 Jan. 2 Holders of rec. Dec. 130 Gr'd agsr.. act! nd'n Oct. 185,459,205 67,305653,231'4,657.672593.54932,288
Coal & Coke, prof
Virginia Iron,
144 Jan. 20 Holders of rec. Jan. 9a
Vulcan DetinnIng, pref.(quar.)
Note -I.). S. deposit, deducted from net demand deposits in the general total•
Jan. 20 Holders of rec. Jan. 9a
hl
Prof. (acct. accumulated dividends)
were as follows: Average total Nov. 29, $17,135.520: actual totals, Nov. 29.
131 Jan. 20 Holders of rec. Jan. 9a above
Preferred Class A (quar.)
317,124,300: Nov. 22, $23,123,000: Nov. 15, 527,946,000: Nov. 8, 331,800.000:
Jan. 2 Holders of rec. Dec. 15
Si
Wabaaso Cotton (quar.)
and other liabilities,
134 Jan. 1 Holders of rec. Dec. 260 Nov. 1, 532,501,000. Bills Payable, rediscounts, acceptances
Company, pref. (quar.)
Wahl
average for week, Nov. 29, $516.820,000; Nov. 22, 3486.860.000; Nov. 15, 3469.3131c Jan. 2 Holders of rec. Dec. 20
Waldorf System, common (quar.)
Actual totals Nov. 29,
20c. Jan. 2 Holders of rec. Dec. 20a 420,000: Nov. 8, $474,109,000: Nov. 1, 5465,166.000.
First and preferred (quar.)
3550.121,000: Nov. 22, 3530,315,000: Nov. 15, $485.735,000; Nov. 8, $532,483,000:
131 Dec. 15 Holders of rec. Nov. 11
Wamsutta Mills(quar.)
•
500. Dec. 30 Holders of rec. Dec. 17a Nov. l,$497,022.000.
Weber & Hellbroner.common (quar.)__
'Includes deposits in foreign branches not included in total footings, as follows:
Mar. 2 Holders of rec. Feb. 16a
(quar.)
134
Preferred
National City Bank, 2130,148,000; Bankers Trust Co., 218,650.000; Guaranty Trust
131 Nov.29 Holders of rec. Nov.20
Welch Grape Juice Co.. Prof. (quar.)
Co., 582.120.000; Farmers' Loan Jr Trust Co., $7,735,000; Equitable Trust Co..
Jan. 2 Holders of rec. Dec. 15
2
West Point Mfg. (quar.)
Dec. Si Holders of rec. Dec. 20a $69,920,000. Balances carried in banks in foreign countries as reserve for such
51
White Motor (quar.)
deposits were: National City Bank, $19,855,000: Bankers Trust Co., 21,270.000:
50c. Dec. 15 Holders of rec. Dee. 5
Wolverine Portland Cement (extra).Guaranty Trust Co., 22,509,000; Farmers' Loan Jr Trust Co.. 57,735.000; Equitable
40e. Deo. 2( Holden; of rec. Dec. 15
Woodi,.y Petroleum (quar
Worthington Pump & Mach., pt. A(qu.) 134 Jan. 2 Holders of rec. Dec. 20a Trust Co.. 27,561,000. c Deposits in foreign branches not included.
131 Jan. 2 Holders of rec. Dec. 20a
,
Pr ferred B (quar.)
The reserve position of the different groups of institutions
Wrigley (Wm.) Jr., & Co.
25e. Jan. 2 Holders of rec. Dec. 20a on the basis of both the averages for the week and the actual
Monthly
25e. Feb. 2 Holders of rec. Jan. 20a
Monthly
250. Mar. 1 Holders of roe. Feb. 200 condition at tlie end of the week is shown in the following
Monthly
Jan. 2 Holders of rec. Dec. 10
$1
two tables:
Yale Jr Towne Mfg.(quar.)
(monthly).... 21c. Jan. 2 Holders of rec. Dec. 20a
Yellow Cab Mfg.. class B
21c. Feb. 2 Holders of rec. Jan. 200 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Class B (monthly)
21o. Mar. 1 Holders of rec. Feb. 200
AND TRUST COMPANIES.
Class B (monthly)
Dec. 31 Holders of rec. Dec. 154
Youngstown Sheet & Tube, coin.(quar.) $1
144 Dec. 31 Holders of rec. Dec. 15a
(quar.)
Preferred
Averages.
_
York Stock Exchange has ruled that stock
•From unofficial sources. t The Newdate and not until further
a
Cash
Reserve
notice. I The
quoted ex-dividend on this
will not be
Stopliu
Reserve
Reserve
Total
in
Association has ruled that stock will not be quoted exNew York Curb Market
Reserve.
Required.
further notice.
In Vault. DePoritorles Reserve.
dividend on this date and not until
dividend. d Correction. e Payable In moot. Members Federal
a Transfer books not closed for this
Payable In scrip. h On account of accumulated
g
Reserve Bank_
615.795.000 615,795.000 611,554,930 4,240,070
/Payable in common stock.
Payable in Canadian funds.
State banks *
556.320
6,180,000 5,030,000 11,210,000 10,651.680
dividends. m Payable in preferred stock. n
2,332,000 5.917,000 8.249,000 8,200.800
48.200
quarterly installments on April 1, Trust companies._ _
dividends for 1924,all Payable In equal declared as
Annual
follows: On the com1925 have been
July 1 and Oct. 1 1924 and Jan. 1
Total Nov. 29____
8,512,000 626.742,000 635,254,000 630.407,410 4.846.590
participating preferred the regular
mon Mock $3 cash and $3 in common stock:on the
Total Nov. 22....8,507.000 627,319,000 635,826,000 628,678,570 7,147,430
on the preferred
6% and extra dividends of 1% in cash and 1% In common stock:
8,449,000 638,053,000 648.502.000 627,906,560 18.595440
Total Nov. 15_ _ _ _
regular 7%
stook regular 6%: on the prior preferred stock
Total Nov. S...... 8,528.000 618,941,000 627,457.000618,830,380 8,636.620
of a share of non-par common stock and special
o Extra dividend is one-fifteenth
•Not members of Federal Reserve Bank.
extra dividend Is one-half a share non-par common stock.
a This is the reserve required on the net demand deposits in the cat* of State banks
.0 payable In Class A Common stock.
and trust companies, but in the case of members of the Federal Reserve Bank
at the rate of 85e. a share on one- includes also amount in reserve required on net time deposits, which was as follows:
z Payable at option of holder either in cash held.
Nov.29, 317.135.520; Nov.22. $16,975,410; Nov.15,516.192,470; Nov.8,216,035.fortieth of a share of eom. stock for each share
900.
a Payable to holders of Coupon No. 7.
2622
THE CHRONICLE
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:
Actual Figures.
Cash
Reserve
in Vault
Members Federal
Reserve Bank_
State banks•
Trust companies*.
Total
Total
Total
Total
Nov. 29
Nov. 22...._
Nov. 15._.
Nov. 8_ _ _
Reserve
in
Depositories
Total
Reserve.
Reserve
Regretted.
[VOL. 119.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
625,021,000 625,021,000 614,823.150 10.397.850
585,780
6.430.000 4,988,000 11,418.000 10.832.220
110.850
2.293.000 6,212,000 8,505,000 8.394.150
8.723.000 636,221.000 645,944.000 833,849.520 11,094,480
8.589.000 647,913.000 656,502.000 627.607.920 28,894,080
8.462,000 629.853,000 638,315.000 633,774,390 4.540.610
8,463.000 717,780,000 726,243,000 614,718,520 111.524,480
•Not members of Federal Reserve Bank.
b This is the reserve requirel on net deu.snd depasits in the case of State banks
and trust companies. but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows;
Nov.29,817.124,300: Nov.22,$17,216,910; Nov. 15. 816,218.840; Nov.8,816,192,170.
Dec. 3
1924.
Changes from
previous week.
Nov. 26
1924.
Nov. 19
1924.
$
$
$
$
Capital
57.400,000 Unchanged
57.400,000 57.400.000
Surplus and profits
82.418,600 Inc.
5,000 82,413,000 82,248.000
Loans. &sets & investments_ 898,418,000 Dec. 4,602,000903.020.003 915,204.000
Individual deposits, Incl. U.S. 854,394,000 Dec. 4,790,000 659,184.000 671.065.000
Due to banks
146.009.000 Inc. 4,205,000 142,701,000 151,001,000
Time deposits
166.767,000 nc.
991 000 165,776,000 166,088.000
United States deposits
14,258,000 Dec.
657,000 14,915.000 16,069,000
Exchanges for Clearing House 33,797,000 Inc. 1 323 000 32.474.000 32,447.001)
Due from other banks
82,715,000 Inc. 6,750,000 75,965,000 84,692.000
Reserve In Fed. Res. Bank
77.784,000 Dec.
651,000 78,435.000 80,182.000
Cash In bank and F. R. Bank_ 10,096,000 Inc.
444,000 9,652,000 9,490,000
Reserve excess in bank and
Federal Reserve Bank_ _ _ _
1,654,000 Dec.
409.000 2.063.000 2.146.000
State Banks and Trust Companiegs Not in Clearing
House.
-The State Banking DeparnOent reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Nov. 29, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST CON1PANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
Nov. 29.
is not a part of legal reserve. For trust companies not memprevious week.
$1.009,875.600 Inc. $17,544,700 bers of the Federal
Loans and investments
Reserve System the reserve required is
4,092,700 Dec.
214,000
Gold
23.340,600 Inc.
580.400 10% on demand deposits and includes "Reserve with legal
Currency and notes
90.237,900 Dec.
of New York
194.200 depositaries" and "Cash in vaults."
Deposits with Federal Reserve Bank
1,079,440,000 Inc. 7,569,800
Total deposits
Depoeits, eliminating amounts due from reserve
depositories and from other banks and trust
companies in N. Y. City, exchange and U. S.
1,022,052,400 Inc. 12,148,100
deposits
160,536,800 Dec.
923,300
Reserve on deposits
Percentage of reserve, 21%.
RESERVE.
State Banks-Trull Companies-883.992,400 15.19%
1133,678.800 16.09%
Onsti in vault
29,874,300
5.40%
Deposits in banks and trust cos_ _ _ _ 12.991,300 6.21%
846,670,100 22.30%
Total
$113,866.700 20.59%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Nov.29 was $90,227.900.
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:
OOMBHTBD 11.125IILT19 OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans sad
Investments.
i
6.078.827.900
6.133,212,300
6.147.562.200
6,197.834.200
6.176,232.200
8,189,878.800
6.171,331.700
8.245.090.200
6.380.981.700
8.482,635,800
8.413,396,600
6.406.300.400
6.455.020.500
6,471.127,800
6,426,927.200
6,433.204.400
6,474,249,900
6.518.724.600
Week EndedAug. 2
Ana. 9
Ass. 16
Aug. 23
A1111. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Otit. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
en
Demand
Deposits.
$
5,335,452.300
5,382,392,900
5,396.229,400
5.420,377,600
5.410,175,900
5,413.636,100
5,428,157,800
5,544,643,300
5,544,168,800
5,616,632.400
5,568,825,300
5,572,477,300
5.649,960,400
5.627,593,900
5,591,048.400
5,663,989,100
5,684,532,300
5.708.357.400
*Total Cask
Reserve its
in Vaults. Depositaries
8
8
77,149,800 746.518 800
78.544.500 744,376,500
78,611.500 761,925.501)
77.334.600 727,393.700
78,013,900 733.914,000
80,217.700 722,157.200
83.772,900 739.130.000
80,731.400 828.036.100
81.522.500 749,472,300
81,794,900 748,565,400
87,219,200 749.029,900
85,602,500 765,528,200
83.921,000 762,708.900
83,783,000 750.335.800
84,099,700 751.013,300
88,084.800 773.736.400
85.378,900 761,712,200
87.856 ano 289 Rdc sno
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
=TURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is. three ciphers (0001 omitted.)
I Net
Capita. Profits.
LOans,
DtsCLEARING
counts,
80W-MEMBERS.
bke. Oct. 10 Invertat.
Week Ending State bks. Sept.29 moats,
. cos. Oct. 10 &e.
Nov. 29 1924.
Members of
Ered'I Res've Bank
araee Nat Bank...
Total
State Banks
Not Members of
ited'I Res've Bank
Sank of Wash. His.
)01onial Bank._._
Total
Trust Company
Not Member of
WI Res've Bank
dash. Tr., Bayonne
8
1,111
$
1,6:
1,6
.
Cash
in
Vault.
49
591
2,966
45
2,506
7,295
26,750
808
2,894
352
1,386
5,869
24,306
2,041
3,091
Ii
34,045
3,702
1,738
30,175
8,927
363
124
3,112
.5,950
124
846,819,0
110,192,0
863,184,0
33,725,0
123.009,0
160,195,0
625,117,0
95,734,0
881,046,0
18,406,0
3,060,0
66.444,0
12,333,0
81.837,0
69,326,0
12,511.0
members.
7346,819.0
140.192,0
859,759.0
39,083,0
125,878,0
160,941,0
623.918,0
96,952,0
881.811,0
20,610,0
3,082.0
64,887,0
12,034,0
80.003.0
68,939,0
11,064,0
Dec. 3 1924. Nov. 26 1924. Dec.5 1923.
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
519,582,000
7.152.000
529,646,000
8.278.000
633,915,000
4,732,000
Gold held exclusively agst. F.R. notes_ 526,734,000
Gold settlement fund with F. R. Board_ 172.709,000
Gold and gold certificates held by bank
249.630,000
537,921,000
172,587,000
243,303,000
638,647,000
96,219,000
172,217,000
Total gold reserves
Reserves other than gold
949,073,000
19,652,000
953,814,000
18,735,000
907,083,000
25,033,000
Total reserves
Non reeerve cash
Bills discounted
Secured by U. S. Govt. obligations_
Other bills discounted
968.725,000
12,941,000
972,549,000
9,862,000
932,116,000
9,041,000
49.544,000
9,661,000
26,636.000
9,052,000
92,041.000
32,108.000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
59,205,000
123,732,000
35,688,000
82,008,000
124.149 000
.
91,980,000
4,902,000
134.123.000
43,508.000
4,902.000*
133,323,000
47.230.000
1 149,
.
000
3,410,000
18,101,000
Tos# IT. S Government securities
Foreign loans on gold
182,533.000
1,746,000
185,455,000
22,660,000
Total earning assets
Uncollected Items
Bank premises
All other resources
367,216,000
156,807,000
17,434,000
10,801,000
303,151,000
138,148,000
17,431,000
10,807,000
238.789,000
134,949.000
14,163.000
1,088,000
1,533.924,000 1,451,948,000 1,330,146,000
Fed. Res. notes In actual eirculaUon
Deposits
-Member bank, reserve acc't
Government
Other deposits
381,021,000
913 422 000
4 3 :00
:4 0 0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
19,532,000
382,903,000
841,772,000
3,210,000
16,413,000
426,837,000
685,630,000
5,979,000
11,652,000
937,384,000
122,940,000
30,206,000
59,929,000
2,444,000
861,395,000
115,177,000
30,205,000
59,929,000
2,339,000
703,261,000
105.715,000
29,442,000
59,800,010
5,1191,000
1,533,924,000 1,451,948,000 1,330,146,040
Ratio of total reserves to deposit and
Fed. Res, note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
73.5%
9,088,000
78.2%
82.5%
7,903,000
6.368,000
.5,132
.ri
Nov. 15
1924.
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 D e. 3 1924 in
comparison with the previous week and the corresponding
date last year:
Total liabilities
-11
i ii
Nov.22
1924.
1924
Total.
$41,819.0 $5,000.0 $16,819.0
Capital
Surplus and profits
123,866,0 16,526,0 140.192,0
Loans, dIsets & investla„ 821,528,0 44,999,0 865.527.0
Exchanges for Clear.House 33,579.0
839,0 34,418.0
117.876,0
21,0 117,897.0
Due from banks
158,040.0
1,025,0 159,065,0
Bank deposits
595.054,0 26,108,0 621.162.0
Individual deposits
97,574,0
1.458.0 99,032.0
Time deposits
850,2.59,0 28,591,0 879.259,0
Total deposits
U S. deposits (not Inel.)17,750.0
3,129,0
3,129.0
Res've with legal deposit's.
65,046,0
Reserve with F. R. Bank.. 65,046,0
11,507.0
1,367.0 12.874,0
Cash In vault •
76,553.0
4,496,0 81,049.0
Total reserve & cash held
65.230,0
4,012,0 69,242,0
Reserve required
484,0 11,807,0
11,323,0
Excess res. & cash in vault_
•Cash in vault not counted as reserve for Federal Reserve
4,728
CURRENT
8,927
363
3,112
5,950
Band aggregate-)omparlson with
2.755
wee
5.111 52,875
-320
4,114
-52
2,453 836,253
-284
-31
15,810
-7
W6 agar.. Nov.2
lr'd aggr., Nov.1,
WO agar., Nov.
led am.. Nov. 1
2,711
2.7''
2,7''
2. of
5,113
5,1131
5,113
5.129
4,166
4,258
4.117
4.035
2,484
2,633
2,702
2.458
15,817
15,798
15,770
15,689
TotaL
Membersof
Trust
F.R.System Companies
Total resources
Reserve
Net
Net
with Demanc Time
Legal Deposits, Deposits
Deposi
tortes.
Average Average Average Average Average
s
$
$
$•
$
49
591
2,966
9,903
4,728
9,903
Week Ended Nov. 29 1924.
Two Cipher' (00)
omitted.
IIMM
53,195
53,658
52,873
52.150
236,537
a37,159
a35.687
a35,806
•Thdted Blades depoelte deducted, $207,000.
MB Mashie, rediscounts, aoseotances and other Ubaldo. 8199,009.
Bum mem;$15.750 decrease.
NOTICES.
-Bellows & Bellows, specialists in public utility securities, have prepared
a special folder on the United Gas & Electric Corp. Common stock. This
folder contains latest earnings statement of the company, together with a
description of the properties controlled.
-The Central Union Trust Co. of New York has been appointed Registrar for the Colombia Emerald Development Corp. for 1,000,000 shares of
common stock.
-Morgan, Livermore Sc Co. announce the opening of a branch office In
the Hotel Wendell, Pittsfield, Mass., under the namagement of Alex G.
Heitzmann.
-Farr 2ir Co. have Issued a circular describing the activities of the Clubs
Co. and present position of its Common stock.
Mac. 6 1924.]
THE CHRONICLE
2623
Return of the Federal Reserve Board.
Weekly
D c. 4, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, present the .results for the system
we
of the twelve Reserve Banks at the close of business on Wednesday. In the first table of the corresponding week last year.
weeks and with those
as a whole in comparison with the figures for the seven preceding
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. between the Comptroller and
notes
Accounts (third table following) gives details regarding transactions in Federal Reservecomment upon the returnsfor the latest
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's
Discussions."
week appears on page 2589, being the first item in our department of "Current Events and
OP BustNEss DEC. 3 1924.
LIABILITIES OF TIIE FEDERAL RESERVE BANKS AT THE CLOSE
AND
COMBINED RESOURCES
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U. S. Treas.
1924., Oct. 22 1924. Oct. 15 1924. Der.5 1923.
Dec. 3 1924. Not. 26 1924. Nov. 19 1924.I Nov. 12 1924. Nov. 5 1924. Oct. 29
$
$
$
$
I
3
$
3
$
I
2.006.200,000 1.974.799.000 2.055,625.008
1.905,730,0001 1,926.215.000 1,933.981.000 1,970.011,000 1,989,213.000 2,004.220.000
56,009.000
39.915.000
36.246.0001 29.905.000
38,070.000
27,114.000
38,620,0001
45.788,000, 42.136.000
2.111,634,000
2,027.233.000 2.040,466,000 2,036.105.000 2,014.714.000
Gold held exclusively agst. F. R notes 1.951.518.000 1,968.351,000 1,972,601,000 1.997.125.000 586.866.000 580.869.000 607.378.000 626.033.0001 647.658,088
Gold settlement fund with F. R. Board. 588,036,000 591.026.000 610.131,000, 601,642.000 424,370,000 422.491.000 400.735.000 396.580.0001 358.847.000
488.376,000, 486.873,000 468.086,000, 449,115.000
Gold and gold certificates held by banks_
3,044,218.000 3.037,377,00013.118,139,000
3,027,930.0003,046.250.000 3.050,818.000 3,047,8132,000 3.038.519.000 3,043,826.000
Total gold reserves
83.307.0001 79.516,809
87.403.0001
87,768,000
92,411.0001 90.065,000, 85.148.000
39,963,000, 87.701.000
other than gold
Reserves
3.131,594.000 3,131,621,000 3,120.684.000 3,197,655,000
3,117,893,000 3.133,951.000 3,143,229.000 3.137.917 00 3.123.667.000
68,460,000
Total reserved
42,037.0001 38,279,000
42.300.000
35.355,000
43.005.000
41.731.000
40.023,0001 34.307.000
Non-reserve cash
Bills discounted:
75,945,000 109.851.000 359,093,000
75,471.000
95.175.000
84.680.000
95,334.000
96.204.000
124,656,000
Secured by U.S. Govt. obligations_
147.295.000 153.227,000 387.170.000
124,272.000 125.201.000 149.164.000 128,898,000 134.088,000 147.094.000
Other bills discounted
1
223.240.000 263.078.000 746.263,000
'
248,928.000 221.405.000 233.844 000 224,232,000 229,263,000 222.565.000 169.659.000 197,261,000 298,370,000
Total bills discounted
275,245,000, 248,190,000, 234,848,000 215,404.000
354,606,000 281,001.000,
Bills bought in open market
18,612,000
U. S Government securities:
39.873.000
40,854.0001
41.702.000
42.309.000
44,320.0001 44,243.000, 44,746,000/
44.785,000
51,772,000
Bonds
397,931.000 400.911.000
390.876.000 390.079.000 397,568.0001 398.518.000 398,006.000 398,429.000 144.042,000 157.738.000
20.911,000
Treasury notes
139.282,000 147,816,000 145,266,000, 145.300.000 144,561,000 144,069.000
Certificates of Indebtedness
91,295,000
'
582.827.000 598,522.000
574.913,000 582.215,000 587.077,0001 588.364,000, 584,876,000 584.200,000
154.000
Total U. S. Government securities
2.007,000
2,007,00
2,007.000
3.557.000
2,550.000
3.557,0001
2,550,000
2,0.0,000
All other earning rumens
,6.0 (
Foreign loans on gold
977,733,000 1.060,868.000 1,136.082,000
1,186.527,000 1,087.171,000 1,098.716,000 1.064.343.0001 1.052,544,000 1,024,176.000
28,000
Total earning assets
1
11% redemp. fund agst. F. R. bank notes
660.125.000 831.460.000 643,289.000
663,892.0001 615.210.000 713.720.0001 685.893,000 583,567.0001 611.709,000
56,715,000
Uncollected items
60,322 000, 60.302,000
60,743.000: 60.724.000
61,035.0001 60.751.000
61,555,000, 61.553.000
14.602,000
Rank premises
26.273,000
26.450.000
26,766,000
27.541.0001
27,179.0001 27.439,000
27,299,0001 27,363,000
All other resources
4,897.269.000 4.907.288.000 5.137.866,000 5,116,831,000
5,097,189.000 4.959,585,000 5,036,934,000 5,018.104,000 4,883,417,000
Total resources
I
LIABILITIES.
1
1,751.701.000 1.767,264,000 2,252,598,000
1.849.006,00011,845,308,000 1,823,460,000 1,829,202,000 1,816,817,000 1,766,622,000
489,000
F. R notes in actual circulation
F R bank notes In circulation—net
I
Deposita—
2,162.347.000 2.149.992.000 2.186,481.000 1,884,010.000
2,252.475.00012.148.137.000 2.215.346,000 2,172.354,000 2,118,075,000
30.065.00
Member banks—reserve account
62.663.000
23.19/.000
28,266.000
24,667.000
29.813.000
33,424,000
22,911,0001 26.723.000
21.429.000
Government
30.083.000
28,859.0011
27,351.000
31,107,000
30.432.000
29,662.000
27.856.000
30,007,000
Other deposits
1.935,504,000
2,202,048.000 2.279.227.000
2,305.393.000 2,202.716,000 2,270,445.000 2.235,440.000 2,178.995.000 2,217.964.000 607.786.000 745.661,000 574.347,000
Total deposits
595.581.000 564.340.000 646.230.000 606.738.000 641.592.000 566.510.000 111,911.000 112.011.000 110.114,000
Deferred availability items
112.159,000 112.169,000 112.241,000 112,222,000 112.009,000 111.953.000
Capital paid Is
220.915.000 218,369,000
220.915,000 220.915,000 220.915,000 220 915.000 220.915.000 220.915.000 220.915.000
25.410.000
12.798.00
Surplus
12,927.000
13,305.000
13.643,000
13.089.000
13,587,000
14.137.000
14,135.000
liabilities
All other
3.1l6,831,000
4,897,269.000 4,907.288.000 5,137,866,18V
5,097,189,000 4.959,585.000 5,086.934.000 5.018,104.000 4.883.417,000
Total liabilities
74.5%
Ratio of gold reserve) to deposit and
75.0%
76.6%
74.9%
74.5%
76.0%
75.2%
72.8%
F. R. note liabilities combined
76.4%
of total reserves to deposit and
Ratio
77.1%
79.2%
78.6%
78.2%
77.2%
76.8%
7.4%
75.1%
F. R. note liabilities combined
18.373,000
Contingent liability on bills purchased
21.910.004
20,566.000
24,070,000
25,929,000
27.177.000
25.584,000
27.179,000
31,229.000
for foreign correspondents
OD
$
92.000,000
Distribution by Maturities
92,819,000
50.150.000
78,429.000
91,576,000
68.123,000
74.489,000
75.403.000
107.856,000
506.804,000
1-15 days bills bought in open market149.052.000 137.645.000 138,101,000 124.903.000 126,409.000 158.990.000
170,178.000 138.102,000
20,186,000
1-15 days bills discounted
13,000.000
53,346,000
113.000
1-15 days U.S. certif. of indebtedness_
51.144,000
1-15 days municipal warrants
28,436.000
31,684,000
42,114,000
46.126.000
41.293,000
49.011,000
53,412,000
58,453.000
72,584,000
16-30 days bills bought in open market__
29.504.000
26,719.000
27,271.000
26,413.000
25.528.000
38.195.000
23,604,000
23.750,000
1.000
16-30 days bills discounted
68,240.000
63.720,000
31,000
16-30 days U. S. certif. of indebtedness.
96.973.000
16-30 days municipal warrants
44.641.000
45,746.000
52.503.000
74.404.000
59,128,000
84,907,000
80.240.000
98,663,000
92.131.000
31-60 days bills bought in open market_ _
42,674,000
41.528.000
42,266.000
34.014.000
38,685.000
33,175.000
32.397.000
28.674.000
111-60 days bills discounted
2.511.000
68.269,000
68,266.000
68,267,000
68.341,000
100.000
10,000
11-60 days U. S. certif. of Indebtedness_
52.588,000
11-60 days municipal warrants
25.561.000
34.859,000
48,145.000
37.311,0001 36.660.000
60,941.000
61,807.000
78,322.000
48.257,000
61-90 days bills bought In open market
24.378.000
20.417.000
19,695,000
15.239.000
17,124.000
16,4)3.000
17,761,000
17,018.000
111-90 days bills discounted
65.854.000
1,411,000
1,416.0001, 1,416.000
61 90 days U. B. certif. of Indebtedness_
7.000
7.000
7.000
7.000.
5.665.000
5,804.000
61-90 days municipal warrants
7,220.000
5.540,000
5.698.000
7.026.000
12.263.000
10.139.000
13.302.000
26,487.000
Over 90 days bills bought in open market
7.534.000
8,167.000
8.430.000
8.940.000'
8.139,000
9.596.000
9441.000
9,308,000
724,000
Over 90 days bills discounted
76.373.000
74,362.000
74,878.000
74.387,000
76.959,000
76.926,000
84.096,000
85,936.000
Over 90 days certif. of Indebtedness__
7.000
Over 90 days municipal warrants
Federat Reserve Notes—
2,244.368.000 2.732.743,000
2,262,896.000 2,248.213.000 2,254.425.000 2.255.532.1100 2,252.367,000 2.256.452,000 2,250.435.000 477.104.000 480,145.000
Outstanding
413,890,000 402.905.000 430.965.000 426.330.000 435.550,000 489.830.000 493.734.000
Held by banks
1.751,701.000:1.767.264.000 2.252.598.000
1,849,006,000 1,845.303.000 1,823.460.000 1,829.292.000 1.816,817.000 1.766.622.000
In actual circulation
.279.000 3,601,797.000
3,186,031,000 3.170,639.000 3,174,616,000 3.147,311,000 3,155.526.000 3,159.062.0003.l.57
Amount chargeable to Fed. Rea. Agent 3,185.685.000
912,911.000 869.054.000
922.789.0001 937,818,000 916.214,000 919.084,000, 894.944.000, 899,074,000 908.627.000,
In hands of Federal Reserve Agent
2.244.368.000 2,732.743.000
2.262.896,000 2,248,213,000 2,254.425.000 2.255.532.000 2.252.367,000 2.256.452.000 2.250,435,000
Issued to Federal Reserve Banks
Row Secured—
320.534,090
306.504.000 331.594.000 331.504.000 677,118,000
289,104,000, 289,504,000, 299,504.000, 305.504.0001
270.101.000,
By gold and gold certificates
269.569.000
357.166,000 321,998.000 320,444,1)00 285.521.0001 263.154.000 252.232.000 244.23.5.000; 113.625.000 117,197.000
By eligIble paper
113.627.000 122.731.000 111.111,000 117.372.000 118.555,000 113.756.000 112.523.000 1.529,670.000 1,617,894.000
Gold redemption fund
1,512.999,000 1.514.380.000 1,533.366.000 1,562,135,000 1.565.154.000.1,583,980,000 1.562.173.000
With Federal Reserve Board
2,244.368.000 2.732,743,000
2.262.896 000 2.248.213.000 2,254.425.000 2,255.532.000 2.252.367.000 2.256.452.000 2.280.435.000
Total
====
6
516. .0
91`.
378.374.000 119 2CC
571.620.000 476.462000 487.126.00 45605.000 448.334.000 417.004.000
Elleble paper deliverer-I to P. R Agent.
• Includes Victory note,.
CLOSE cse BUSINESS W'C. 3 1924
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
,
1
Fran.
Total.
Two ciphers (00) omitted.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City ()altar. San
Dal on. New York
Federal Reserve Ban* of—
$
$
$
$
$
S
$
$
$
$
$
,
X
RESOURCES.
72,364,0 62,056,0 42.808,0 214,116,0 1,905,730.0
Gold with Federal Reserve Agents 177, 127,0 519.582,0 165,360,0 200,903,0 73,441,0 129,979,0 191,038.0 56,156,0
1.943,0
45,788.0
589,0 3,690,0 1,730,0
7,152,0 6.835,0 2,888,0 1,688.0 1,772.0
1,908,0 2,881,0
'32.0
Gold red'n fund with U.S.Trees
— — — — —— — — ——
72,953,0 65,746.0 44438.0 216,059,0 1.951.518,0
Cold held excl. agst.F.R.notes 190,.59,0 526,734.0 172,195,0 203.791,0 75,129,0 131,751,0 192,946,0 59,017.0 18.523,0 35,919,0 12,974,0 38,612,0 538.036,0
Gold settle't fund with F.R.11'rd 25, 185,0 172,709,0 40.8.39,9 54,015,0 39.786,0 16,835.0 106,884,0 25,055,0 5,687,0 4,417,0 8,492,0 27,592.0 488,376,0
9.144,0
Gold and gold cite. held by banks 20. 126,0 249,630,0 28.675,0 22,713,0 17,963,0 8,079,0 86,053.0
—— ——
—— —
— —
237, 170,0 949,073,0 240.709.0280.519,0 132,878.0 156,665,0 385,888,0 93,216,11 97,163,0 106,082,0 66,004,0 282,263.0 3,027.930,0
111 Total gold reserves
89,963,0
19,652,0 4.364,0 6,666,0 4,143,0 7,581,0 10,827,0 11,395,0 1,404,0 2,906,0 8,420,0 2,982.0
9, 123,0
gold
Reserves other than
— —— —— —— — —
247, 193,0 968,725,0 245.073,0 287.185,0 137,021,0 164,246,0 396,715,0 104,611,0 98,567.0 108,988,0 74,424,0 285,245,0 3,117,893,0
Total reserves
40,023,0
567,0 1,841,0 1,345,0 2.797,0
12,941,0 1,263,0 3,090,0 1,833,0 3,532,0 5,123,0 2,347,0
3,144,0
Non-reserve cash
Bills discounted:
586,0 2,934,0 124,656,0
122,0 1,092,0
49,544,0 15.149,0 15,067,0 5,678,0 1,408,0 21,655,0 4,114,0
7,127,0
See. by U. B. Govt. obligations
2,272,0 5,828,0 214,272.0
9,661,0 6.373,0 12.854,0 19.276,0 21,546,0 20,371,0 8,476,0 4,571,0 4,902,0 —
,
8 142.0
Other bills discounted
—
59,205,0 21,522,0 27,921,0 24,954,0 22,954,0 42,026,0 12,590,0 4,693,0 5.994.0 2,838,0 8.762.0 248,928,C
169,0
15,
Total bills discounted
368,0 13.734,0 20.458,0 40.707,0 354,606,C
8,825,0 27,396,0 14,678.0
53,112,0 123,732,0 20,429,0 31,267.0
BUIa bought in open market
U.S. Government securities:
600,0 8,063,0 2,693,0 1,975,0 1.124,0
749,0 5.115,0 1,191,0 1,536,0 15,807,0
44,785,C
4,902,0
1,130.0
k Bonds_
14,699,0 24,087,0 19.033,0 41,212,0 390.876,(
26.110,0 134,123,0 25,200.0 37.684,0 2,750,0 1,456,0 51,980,0 12,442,0
Treasury notes
948,0 18,247,0 3,232,0 4,536,0 8,842,0 6,186,0 16.475,0 139,282,1
939,0
43,508,0 5,085,0 20,734.0
Certificates of Indebtedness_ 10,150,0
—— —— —
—— —— —— —
—
-'I nAn n on A'An In 0,,d n O., ono n 00 onnn nn.n. n -- --- _
A °Ann
n 11 ARA A Al M.11 n
7toftc
,
37. mn n Inn mg,
Total U S Govt securities_
--
2624
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
$
Foreign loans on gold
nil outer earning assets
New York.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran
Phila.
$
1,746,0
[VOL. 119.
Total.
S
$
$
11
$
$
S
$
$
$
$
702,0
582,0
342,0
264,0
894,0
294,0
218,0
276,0
228,0
456,0
6,000,0
1,550,0500.0
2.050,0
75.117,0 123,423,0 30,176,0 35,983,0 156,350,0 43,836,0 32,575,0 56,126,0 50,718.0 108,736,0 1,186,527,0
64,759,0 52,133,0 58,133,0 28,831,0 77,755,0 35,066,0 16,473.0 42,607,0 32,570,0 40,949,0 663.892,0
1,112,0 9,129,0 2,528,0 2,875,0 8,264,0 3,026.0 3.168,0 4,597,0 1,912.0 3,198,0
61,555,0
286,0
386,0
234,0 1,032,0
183,0 3,891,0
1.089,0
839,0 3,094,0 4,364,0
27,299,0
106,271,0 367,216,0
57,809,0 156,807,0
4,312,0
17,434,0
200,0
10,801,0
419,029,0 1,533,924,0 387,710,0 475,246,0 229,925,0 237,399,0 645,296,0 189,069,0 155,241,0 214,098,0 164,083,0 445,289,0 5,097,189,0
Total earning assets
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F.R.notes in actual circulation_ 200,152,0
Peposits:
Member bank-reserve acct_ _ _ 136,846,0
Government
1,371,0
Other deposits
93,0
Total deposits
138.310.0
Deferred availability Items
55,754,0
Capital paid In
7,980,0
Surplus
16.390,0
All other liabilities
443,0
381,021,0 164,955,0205.000,0 86,076,0 139,618,0 199,230,0 57,199,0 72,662,0 72,501,0 57,661,0 212,841,0 1.849,006,0
913,432,0 133.230,0 179,871,0 89,404,0 60,251,0 323.622,0 75,403.0 53.179,0 88,085,0 59,005,0 160,147,0 2,252,475,0
4,420,0 1,796,0 2,494.0
474,0 1,686,0 2,179.0 2,276,0 1,520,0
1,646,0
1,524,0
1,525,0 22,911,0
19,532,0
349,0 1,170,0
125.0
126,0 1,289,0
1,102,0
407.0
659,0
210,0 4,945,0
30,007,0
937,384,0 135.375,0
122,940,0 58,440,0
30.208,0 10,518,0
59,929,0 19,927,0
495,0
2,444,0
183,535,0 70.603,0 62,063.0 327,090,0 78,781,0 55,100,0 90.390,0 60.739,0 166,617,0 2,305,393,0
49,041,0 55,383,0 20,804,0 71,635,0 37,396,0 15,310,0 37,555.0 32,138.0 41.185,0 595,581,0
12,757,0 5,895,0 4,579,0 15,183,0 5,161,0 3,267,0 4,341.0 4,132,0 8,140,0 112,159,0
23,691,0 11,672,0 8,950,0 30,426,0 10.072,0 7,484,0 9,496,0 7,577,0 15,301,0 220,915,0
1,222,0
896,0 1,385,0
460,0 1,412,0
1,732,0
625,0 1,816,0
1,205,0
14.135,0
Total liabilities
419,029,0 1,533,924,0 387,710,0 475,246,0 229,925,0 237.399,0 645,296,0 189,069,0 155,241,0 214,998,0 164,063,0 445,289,0 5,097,189,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined. per cent
73.5
81.6
73.0
73.9
87.8
75.4
81.4
77.1
76.9
66.9
62.9
75.1
75.2
Contingent liability on bills pur9.088.0 3.029.0 3.654.0 1.760.0
chased for foreign correspond'ts
1.374.0 4.653.0 1.530.0 1.124.0 14370 1 1R7 n 2 373 n
312290
STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS DEC. 3 1934.
Federal Reserve Agent al-
Boston New York Phila.
$
(In Thousands of Dollars)
' 63,350
Federal Reserve notes on hand
224,064
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
35,300
Gold and gold certificates
14,627
Gold redemption fund
Gold Fund-Federal Reserve Board
128,000
Eligible paper(Amount required
46,137
22,344
'Excess amount held
Cleve. Richm'd Atlanta Chicago. St. L.
Mints. K. City Dallas. San Fr.
Total.
$
$
$
$
$
274,880 44,320 51,870 29.065 65,345
604,388 203,387 228,846 93,075 156,573
$
$
$
$
S
S
$
244.720 24,800 14,884 26.053 17.002 66,700 922,789
215.152 64,716 75,421 80,320 63,694 253,280 2,262,896
188,531 6,400 8,780
3,500
30,051 10,571 12.123 2,646 7,479
301.000 148,389 180,000 70,795 119,000
84,786 38,027 27.943 19,634 26,594
76,506
875 25,784 5,240 5,060
8,985 13,052___ 14,556
_ 279,104
5.393 4.171
1.312 3:696 3.752 17:806 113,627
185,645 43.000 58,000 58,360 24.500 196,310 1,512,999
24,114 8.560 3,057 18.264 20.886 39,164 357,166
45.128 18,690 1.053 1,416 2,188 10.190 214,454
Total
533,822 1,560,122 451,969 535,146 220,455 383.551
LlabdUles!Set amount of Federal Reserve notes received from
Comptroller of the Currency
287,414 879,248 247,707 280,516 122,140 221,918
Collateral received from1Gold
177,927 519.582 165.380200,903 73.441 129,979
Federal Reserve Bank1E11gible paper
68.481 181,292 38.902 53,727 24.874 31,654
720.152 172.922 166.779 188.109 146,558 583,450 5.663,085
RelOTITCP--
Total
459,872 89,516 90.305 106.373 80,696 319,980 3,185,685
191.038 56,156 72,364 62,058 42.808 214.116 1.905,730
69.242 27,250 4,110 19,680 23,054 49.354 571,620
533,822 1,560,122 451.969 535,146 220,455 383.551
604,368 203,387 228,846 03,075 156.573
223,347 38.432 23,846 6.999 113.955
215,152 64,716 75.421 80,320 63,694 253,280 2,262,896
15,922 7.517 2,759 7,729 0,033 40,439 413.820
200,152
federal Reserve notes In actual circulation
720.152 172.922 166,779 188,169 146,558 583,450 5,663,038
224,064
23,912
Federal Reserve notes outstanding
Pelletal Reserve notes held by banks
381.021 164.955 205.000 56.0711 139.618
109.230 57.199 72.662 72.591 57.661 212,841 1.849.006
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 741 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Oct. 18 1917, published in the "Chroniele" of Dec. 29 1917, page 2639. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 2589.
1. Data for all reporting member banks In each Federal Reserve District at close of business Nov. 26 1924, Three ciphers (000) omitted.
Federal Reserve Disirfcl.
Boston
New York
Phila,
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. /Can. My Dallas. San Fran.
Total.
Number of reporting banks
Loans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
.
All other loans and discounts_ _ _
108
55
$
$
8,740
70.434
259,455 2,061.382
658,106 2,609,505
77
$
10,523
317,387
373,764
75
$
18,439
414,838
728,611
$
8,845
120,805
346,312
$
$
31,630
7,542
62.558 666,005
375,375 1,203,792
9,911
165,711
317.196
2,884
54,485
214,741
5,717
85,740
330.907
3,184
63,971
224,583
Total loans and discounts
U. B. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U. B. Certificates of Indebtedness
Other bonds,stocks and securities._
926,301 4,741,321
13,432
51,559
83,753 701,055
3,760
19.193
10,872 310,053
8,291 146.282
200.407 1,144.349
701.674 1,161.888
10,689
45,531
34,506 197,913
3,157
3,131
22,613
65,800
15.104
18.129
252.960 346.614
473,962
27,112
35.706
2,071
2,543
2.796
64,592
445,475 1,901.427
14,767
22,198
10,290 162,474
10,722
622
2,860 124,168
35,142
2,354
44,934 417,724
492,818
14.357
25,330
1,780
11,101
2,710
08,627
272,110
8,542
28,684
226
19,601
13,615
35,931
422.364
11,217
40,411
2,916
25.467
7.277
71,657
291,738 1,038,948 12,870,026
264,094
18.534
26,156
13,039 128,440 1,481,601
67,188
18,643
967
34,639
8,659
638.
436
282,232
5,296
25.236
19,651 185,881 2,883,327
Total loans & disc'ts & investmls 1,248.816 7,113,812 1,060.703 1.839.006
Reserve balance with F. R. Bank
92.698 761.758
82.209116,653
19,859
Cash in vault
91.890
18,982
32,618
877,722 5.839.852 762,257 1,019,485
Net demand deposits
319,986 1,181,242 177,501 701,195
Time deposits
15,403
Dovernment deposits
32,501
22,204
17,593
Bills payable and rediscounts with
Federal Reserve Bank:
718
Secured by U.S.Govt. obligations
16,014
2,835
6,528
A II nthAr
2.801
4.161
984
2 717
608.782
38,201
14,866
350.507
179,421
7,077
521.302 2,673,855
37,201 232,562
11.754
54,8713
301.764 1,710,409
191,059 910,056
4,946
11,845
646,783
46,685
8,116
385,183
215,798
2,377
378.709
29,999
6,293
288,035
97,057
1.165
581,300
54,030
12,883
473,927
135,428
2,730
357.884 1,457,943 18,486.904
30.014 102,831 1,624,841
305,063
22,242
10,890
266,082 800,97913,065,182
91,869 655.977 4,858,569
139,695
3,643
18,211
140
627
42
2. Data of reporting member banks In Federal R
New York City.
Three ciphers (00 )mina.
0
City of Chicago.
2,015
5.321
36
103
s
33
22
3,204
128
GAGA
GAA
9 74n
s
25
$
71
50
$
06
741
3
$
9,604
185,453
210,386 4,482,723
818,958 8,201,850
400
75
32,706
1 AAO
1 ,n,
.2.1 C's
Bank and branch cities and all other reporting banks.
411 F. R. Bank Cities. F. R. Branch Ci ies.Other Selected Cities.
Nov. 26. Nov. 19. Nov. 26. Nov. 19. Nov. 26.
1
Total.
Nov. 19. Nov. 26.1Nov. 19. Nov. 26. Nov. 19. Nov. 26'24 Nov. 19'24Nov. 28'23
-255
193
194
293
743
294
767
741
$
$
$
$
$
$
$
$
123,612
33,067
32,631
25.889
226,939
182,082
185,453
25,839
3,252.072 655.144 645,028 528,968 528.210 4,482.723 4,425.310 3,732,015
5,177 7171,671,7311.667.6581,361,8111.371,277 8,201,850 8,216.052 7,945,033
,
67
67
47
47
Number of reporting banks
255
$
$
3
S
Loans and discounts, gross:
63.122
24.380
23.437
126,517
Secured by 17. 8. Govt. obligations 65.186
1.854,6991.827,445 503.977 507,17 3,298,611
Secured by stocks and bonds
,314.6952.327.507 714.893 706,531 5,168,308
All other loans and discounts_ _
•
234,5804.2I8.0741,243.250 1,237,142 8,593,436 8,553,
Total loans and discounts
401 2,359,9422,345,3171,916.6481,925.326 12.870,026 12,824,044 11,903,987
4,109
40,934
4,107
41.032
02,405
13 S. pre-war bonds
92,261
73,577
264,808
74.085
275,855
264.094
98,112
98.462
82,192
80,656
928,605
608,312 607.712
17.8. Liberty bonds
931,000 354,208 344,384 198.698 199,436 1,481,601 1,474,820 1,011,486
2,928
2,986
17.8. Treasury bonds
12.607
31,042
12,656
34,050
17.551
69.854
81,381
67.188
17,342
18,462
18,595
89,592
94,397
463,626
289,950 288.840
7.5. Treasury notes
456.119 127,911 125,418
628,665
841,944
47,128 638,436
46.899
2.3,098
22,846
223,329
I/ S. Certificates of Indebtedness__ 144,250 140.949
222,768
12,856
285.623
282,232
68,668
46,440
16,415
16,047
200,228 199,610 1,658,639 1,671,570 697,668 604,187 527,020 528.761 2,883,327 2,894,518 2,184,472
3ther bonds, stooks and securities__ 888,833 899,230
,
Totalloans & disc'ts & investm'ts. .217.6138.208.346 1.648.4721,638.669 . .
.
961, 93.673,7133,647.1732,822,0192,833,990 18,488.90418.442,33216,367,573
16
Eteserve balance with F. R. Bank___ 706.714 722.332 163.219 180,6471 1.175.242.
.4 71 271,1461 272.310 178,453, 192,660 1,624.8411,696,457 1,385,302
Dash In vault
27.6701 157,270
28,354
68.588
75.883
147,1071 65,446 64,837
305,083
294.076
82,132
82,353
296,516
Set demand deposits
.
.314,188 5.307.3111.172.660 1,172.648 9,171,040 0,189,0072,162,108 *21556951,732,0341,746,75413.065,182 *13091458 11,106,667
IlmedeposIts
847.211 844,513 445,237 447.036 2,494.865 2,492, 801,370,1341,376.405 991,570 992,849 4,856,569 4,861,734 4,048,142
4
90,140
3overnment deposits
5,098
5.09
26,826
28,826
90,139 39,038 39,038
139,695
139,800
10,513
10,511
49,296
Mils payable and rediscounts with
Federal Reserve Bank:
Secured by U.S.Govt.obligations
7,603
425
6,230
3,760
6,329
8,548
32,706
7,478
24,034
9,157
17,625
256,178
All other
9,093
1,88
388
22,207
1,296
14,850
33,513
33,944
14,592
9,577
9.828
58,371
252,066
Sitio of bills payable & rediscounts
With F. R. Bank to total loans
and Investments, per cent
0.4
0.4
3.1
STOCKS.
Week ending Dec. 5.
(Concluded)
Highest.
Range since Jan. 1.
Lowest.
Highest.
Railroads.
per share. Per share.
Per share.
Par. Shares $ per share.
Apr 22
Nov
100 2114 Dec 5 2151 Dec 5 12
100
Ann Arbor
Mar 4474 Dec
100 500 43 Dec 3 4441 Dec 1 25
Preferred
Nov
Jan 95
300 944 Dec 3 944 Dec 2 86
Bangor dr Aroos. pref.__
Oct
75 64 Dec 2 64 Dec 12 40 May 76
Buffalo Roch & Pitts_100
Apr
100 500 8614 Dec 4 864 Dec 4 7041 May 88
Preferred
Dec
Feb 57
15 57 Dec 4 57 Dec 4 23
Canada Southern_ _ _ _100
Dec
Mar 254
Central RR of N J__ _100 1,620 249 Dec 1 254 Dec 1 199
Jan 574 Dec
C St P Minn & Om_ _100 1,400 50 Dec 2 574 Dec 5 29
Dec
100 250 91 Dec 4 91 Dec 4 684 Apr 91
Preferred
Jan 6541 Dec
Colo & South, 1st yr_100 1,000 64 Nov 29 654 Dec 4 50
Nov
Jan 59
Second preferred 100 300 584 Dec 3 5814 Dec 2 45
Dec
_ _100 1.400 44 Dec 1 5 Dec 4 24 Jan 5
Duluth S S&
100 2,500 7 Dec 1 84 Dec 4 374 Apr 854 Dec
Preferred
Hudson & Manh, pf _100 3,100 62 Dec 1 644 Dee 4 5774 Nov 6434 Dec
M 11744 Dec
Illinois Central, prof__ 2,3001134 Dec 111714 Dec 5 104
Jan 724 Nov
Railroad Sec Ser A _100 310 7 Dec '4 72 Dec 4 64
154 Dec
Oct74
Leased line stock_100 ,860 14 Nov 29 14 Dec 4
100 114 Dec 1 114 Dec 1 174 Dec 341 Aug
100
Central
Iowa
44 Dec 4
34 Aug 174 Jan
44 Dec 4
Keokuk & Des M__.100 200
42
Jan 824 Dec
100 600 79 Dec 1 824 Dec
Manh Elev guar
Dec
100 3,200 4344 Dec 4 50 Dec 5 2974 Ap 50
M St P& SS M
100 400 63 Dec 3 65 Dec 4 50 Jun 6744 Jan
Preferred
Mex, let pf.100 4,200 5 Dec 4 614 Dec 4 344 July 64 Dec
Nat Rys
Oct
910074 Dec 110074 Dec 1 964 Apr 102
NY Lack & Western.100
Sept
Jan 141
56 140 Dec 4 140 Dec 4 137
Pitts Ft W & C, pf _100
Pitts & West Va rights__ 13.300 1314 Dec 2 1474 Nov 20 774 Oct 1441 Nov
2441 July
5,400 214 Dec 3 2274 Dec 1 154 M
Reading rights
4
Highest.
Lowest.
Highest.
July 6934 Mar
100 200 55 Dee 2 56 Dec 3 45
Manati Sugar
Oct 87
Mar
100 100 82 Dec 1 8254 Dec 1 78
Preferred
Manila Electric. new.- -• 3,100 2841 Dec 3 304 Dec 5 2844 Dec 3034 Dec
Mathieson Alkali. P1-100 500 95 Dec 2 964 Dec 3 914 June 9644 Dec
Dec 171
Dec
100171 Dec. 2171 Dec 2 171
Mergenthaler Ilno_100
July
Metrop Edison. pref._ _• 400 944 Dee 5 9441 Dec 5 9011 Apr 96
Metro-Goidw Pte. pf_27 4.200 1644 Dee 1 1744 Dec 3 15 Sep 1744 Dec
Nov
Midi Steel Prod, pf _100 100 98 Dec 2 98 Dec 2 9144 Jun 98
50 200 2834 Nov 29 29 Nov t 284 Oct 2431 Feb
Midvale Steel
3444 Dec 1 35 Dec 1 294 July 3944 Jan
• 1,100
Mun8ingwear Co
Nash Motors Co, p1.100 500 10344 Dec 31044 Dec 1 9811 July 10444 Nov
Dec
Nat Cloak & Suit, pf_100 500 98 Nov 29 99 Dec 4 9144 Mar 99
Nat Distill Prod, pref-• 1,100 42 Dec 2 4541 Dec 1 3034 Aug 474 Nov
Jan
Nat Enam & Stpg, p1.100 1,000 79 Dec 1 80 Dec 1 67 • Seta 89
Jan 10744 Dec
200 107 Dec 310744 Dec 5 100
Nat Supply. pref.__ _100
Dec
New York Canners__ --• 7,400i 36 Dec 2 37 Dec 4 32 June 37
11 May 1744 Oct
N Y Shipbuilding
• 600 15 Nov 29 174 Dec
Mar 974 Dec
N Y Steam, let pret _100 200 9641 Dec 5 974 Dec 4 88
Sept
Niag Fails, pf, new.._25 600 2831 Dec 1 284 Dec 1 27 June 29
Dec
40 Dec 3 40 Dce 3 314 Apt 40
Ohio Fuel Supply
25 200
Jan
Onyx Hosiery
• 1,900 2234 Dec 1 2541 Dec 2 18 May 30
Jan 10954 June
Otis Elevator, pref._100 60010374 Dec 1 1034 Dec 21 96
Oct 7441 Mar
Otis Steel, pref
100 2,800 57 Dec 5 65 Nov 29 44
Panhandle P & R,pf_100 100 3744 Dec 1 3754 Dec 1, 29 Sept 4041 Jan
Penn Coal & Coke.... 50 1,900 2154 Dec 3 244 Dec 8' 1831 Nov 3054 Jan
9944 Dec 1 974 Oct 1004( Oct
Penne Edison Power.... _•
Jan
Philadelphia Co, pref.50 1,000 4414 Dec 2 45 Dec 5 4241 Jan 47
Phoenix Hosiery
5 200 234 Nov 29 2344 Nov 29 19 Jun 3244 Jan
Feb
100 1,000 83 Dec 4 83 Dec 4 8241 Nov 94
Preferred
Dec
Pierce-Arrow prior yr_ • 3,400 83 Nov 29 91 Nov 15 594 June 91
Jan 103
Aug
Pittsburgh Steel, pref 100 300 100 Dec 4 101 Dec 1 95
Dec
Pitts Utilities. pref etts1.0 23,500' 134 Nov 29 15 Dec 5 114 Feb 15
Prod & Ref Corp. pref _50 200 4344 Dec 2 44 Dec 5 42 June 4754 Jan
Dee
PSCorporNJ pf 8%100 1,1001104 Nov 29 115 Dec 5 9941 Apr115
Dec
9634 Mar101
100 4.300100 Nov 29 101 Dec
7% preferred
Rights
3.050 2334 Dec 4 254 Dec 3 1241 May 254 Dec
41 Dec
Nov
54 Dee 1
H Nov 29
New rights
9,500
Pub Serv Elec Pow,pf100 200.,9944 Dec 3100 Dec 1 944 May 10454 Oct
July
Jan 118
RY Steel SPring, pref.100 200 115 Dec 2116 Dec 2 113
Oct 1634 Jan
Reis (Robt) & Co
• 200, 12 Dec 3 1244 Dec 1 9
First preferred........100 500 68 Dec 1 7() Nov 29 60 June 744 Jan
Remington Typewriter
Jan 9744 Dec
First pref,Series 13.100
100! 9744 Dec 2 9734 Dec 2 90
Mar 96 Sept
Rossia Insurance Co...25 700' 91 Nov 29 93 Dec 5 86
Schulte Ret Stores.p1.100 200111 Dec 2112 Nov 29 105 May 1124 Nov
Jan 414 Feb
Shell Trans& Trading.L2 800, 3854 Dec 3, 40 Dec 5 33
Dec
Am 92
Sloss-Sheff S&I, pf _100 200, 92 Dec II 92 Dec 1 90
Nov 11044 Apr
1 96
So Porto Rico Bug,Pr 100 200 97 Dec 1 97 Dec
Ayr
Oct 100
Spalding Bros, let pf _100
100100 Dec 3100 Dec 3 97
Standard Milling_...100 1,400 6741 Dec 2 6954 Dec 5 3954 May 694 Dec
mar
Preferred
100 7934 Nov 29 7944 Nov 29 7844 Nov 85
100
July 3434 Jan
Superior Steel
100 400 31 Dec 4 32 Dec 1 23
Telautograph Corp._ _ _• 400' 94 Dec 2 941 Dec 2 64 June 954 Dec
Mar
Aug 325
Texas Pac Land Trust100 325290 Dec 3300 Dec 3 60
Tran & Williams Steel _ _• 400 3034 Dec 5 3244 Dec 5 2554 May 254 Jan
54 Apr
44 Feb
Union 011
• 800.21 Dec 1 .25 Dec 1
Nov
Nov 39
Union 011, Californla_25 35,200 3634 Dec 2 38 Nov 29 35
Unit Cig Stores, new_ _25 6,200' 6134 Dec 2 6244 Dec 4 4241 June 6441 Nov
July 2554 Dec
Unit Paperboard 00-100 1,700 2341 Dec 1 2544 Dec 4 16
Feb
Oct 5
U S Express
100 200: 4 Dec 4 441 Dec 4 4
Feb
US Tobacco
• 300 5544 Dec 3 56 Dec 3 514 June 60
July
Preferred
100 200 1054 Nov 29 0544 Nov 29 10554 Nov 110
Van Raalte
100 2,100, 22 Dec 3 2534 Dec 0 1541 Oct 3344 Jan
Jan
Finn preferred.- -.100 200 69 Nov 29 69 Nov 29 53 Sept 80
Jan
34 June 7
Va-Cam Chemical B.__• 300: 1 Dec 3 14 Dec 3
Virginia C & C. pref _100 800 784 Dec 4 7844 Dec 3 71 June 794 Jan
Dec
j
July 110
Washburn-Crosby, pref. 100 110 Dec 5119 Dec 5 105
West Elee,7% cu pf _100
23011514 Dec 211634 Dec 1 1114 Apr 117 .11119
Jan 814 Nov
West E & M. let pref _50
100, 80 Dec 2 80 Dec 2 72
July
West Penn Co
• 2,100: 85 Nov 29 894 Nov 1 4744 Jan 98
Preferred, 7%. _ _100 600 92 Dec 1 924 Dec 5 8744 Apr 9454 July
4 Nov
White Motors rights_ _ _ _
500V, 1-16 Nov 29 1-16 Nov 29 1-16 Nov
724 Jan
Wilson Co pref
A
100 5,600, 17 Nov 29 1944 Dec 2 11
Nov
July 87
Worthington, pref 1.100 300 86 Dec 2 8644 Dec 4 68
Nov
Preferred B
100 1.100 71 Dec 3 72 Nov 29 5834 J
73
•No par value.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Philadelphia,
Boum.
Week Ending
Dec.5 1924.
Shares, Bond Sales Shares. Sorsa Sales. Shares. BondSales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*25,053
*34,091
*27,014
32,116
31,263
25,695
$28.000
48.000
36.500
55,350
39,300
59.000
Total
175.232
3266.150
319,000
72.200
31,500
41,900
36.500
24.000
131,388
$225,100
Mt.ONMW
oC,02.WOM
Industrial & Misc.
Dec
6244 Dec 64
600 6244 Deo 2 64 Dec
Abitibi Pow & Paper_ _ _ _
Dec
All America Cables...100 1,0001114 Dec 1 112 Dec 1 964 May 112
Nov
Jan 157
Amer Bank Note
50
100157 Nov 29 157 Nov 29 93
6844 Oct 8114 Dec
Amer Beet Sugar, pt _100 100 814 Dec 3 81 41 Dee
Amer Chicle. pref....100 500 90 Dec 4 9314 Dec 5 514 Feb 934 Deo
• 200 354 Dec 2 3541 Dec 2 23 Sept 3644 Nov
Certificates
Amer La France Fire Eng
Nov
Feb 103
Preferred
100 100 100 Dec 4 100 Dec 4 95
Amer Metal, pref._ _ _100 200 13 Dec 3 11444 Dec 5 1074 Ap 1144 Dec
Nov 954 Dec
American Piano, pref.100 210 954 Deo 3 9544 Dec 2 92
Oct
American Ry Expr._100 380 79 Dec 3 7944 Dec 3 7744 Nov 83
Jan
Jan 43
Amer Republics
• 100 39 Dec 5 39 Dec 525
Oct
Jan 108
Amer Roll Mill, pref.100 200 0674 Nov 29 1064 Nov 29 98
Nov 404 Nov
Am Safe Razor.new._100 5.100 38 Dec 2 404 Nov 29 36
Nov
Apr 153
American Snuff
100 600 4944 Nov 29 152 Dec 5 134
Aug
Apr 100
100 95 Nov ;1) 95 Nov 29 95
Preferred
100
Dec
.50 13,900 8244 Dec 2 86 Dec 3 824 Dec 86
Amer Tobacco, new.
Dec
B new
50 2.600 814 Nov 29 85 Deo 3 8151 Nov 85
Type Found...100 •200 09 Dec 4 10914 Dec 3 106 Sept 115 Sept
Amer
100 100 0544 Dec 410534 Dec 4 1054 Dec 10534 Dec
Preferred
Dec
Am W W Elee, new _ 20 6,400 254 Nov 29 29 Dec 3 2444 Nov 29
&
Aug 9974 Feb
Am Wholesale, pref _100 100 94 Dec 2 94 Dec 2 90
Nov 434 July
Am Writ Pap, etre_ _ _100 1,100 234 Dec 1 341 Dee 5 1
Art Metal Construe_ _ _10 100 1444 Deo 2 144 Dec 2 1444 Oct 1644 Jan
Dec
i4 Mar 1
44 Dec 4 1 Dec 4
Assets Realization...._10 0,500
Nov
As8'd DO. let pref _ _100 1100 9I'4 Dec 1 94 Dec 4 8344 May 94
Deo
Jan 101
Dec 3 89
Second preferred_ _100 200 100 Dec 3 101
Ap 5441 Feb
Atlas Powder, new__• 100 52 Dec 1 52 Dee 1 47
300 74 Dec 5 734 Dec 4 5 June 1134 Feb
Atlas Tack
•
4
Jan 41 Feb
Auto Sales
50 300 3H Dec 2 4 Dec 2 3
Auto Sales. pref
50 100 1444 Dec 2 144 Doc 2 1114 Jan 1534 Feb
Feb
29 Dec 2 30 Dec 1 2344 Nov 35
Barnet Leather
• 900
Aug
British Emetic Steel_100 1,600 4 Nov 29 444 Dec 1 141 Nov 6
Mar
Aug 54
First preferred_ _100 600 3041 Dec 4 37 Dee 1 30
134 Nov 114 Dec
Second preferred _100 SOO 9 Dec 3 um Dec 1
Booth Fish, lid pref.100 300 28 Dec 1 30 Dec 3 20 June 4234 Jan
Shoe, Inc. p1.100 500 9834 Dee 1 9934 Dec 1 84 June 9941 Dec
Brown
Burroughs Add Mach_ _• 1,000 74 Nov 29 65 Dee 5 6234 No 6744 Oct
25 2,300 1614 Nov 20 174 Dec 5 134 Ma 1934 Jan
Calumet & Heela
Jan
Case(J I) Thr M,p1.100 1.900 6874 Nov 29 68 Nov 29 414 May 77
•
Century Ribbon Mills.. 1.600 3144 Dec 2 33. Dec 4 2574 Ap 3541 Nov
Dec
• 6,700 384 Dec 3 42 Dec 5 244 Jan 42
Certain-Teed
200 1034 Deo 31034 Dee 3 10044 Jan 1054 Jan
Cluett, Peab&Co, p1-100
Nov
• 800 544 Dec 5 5f1 44 Nov 24 104 May 58
Comm Inv Trust
Nov
100 200 103 Nov 29 103 Nov 29 93 Ma 103
Preferred
• 4,400 1041 Dec 3 13 Dee 4 754 May 1374 Sept
Conley Tin Foil
Nov
Itelumnee.25 1,100 9841 Dec 2 101 Dec 3 8934 Ap 105
Continental
AP 12351 Aug
1151
Corn Prod Ref, pref_100 300 122 Dec 1 122 Dee
44 Jan
44 Jan
Nov 211
• 4,100
44 Dec 4
Cons Distributors
13,210 1-32 Dec. 1 1-16 Dec 2 1-32 Dec 1-16 Dec
Congo]Textile
Cent Can,Inc. prof._100 300 1104 Dee 2 1104 Dec 2 10444 Jan 114 June
14,200 14 Dee 2 14 Dec 1 9-16 Nov 144 Dec
'Rights
200 854 Deo 5 8541 Dee 1 834 Sept 95
Feb
Cosden & Co, pref
Feb 43
Dec
100 200 42 Dec 2 43 Dec 2 21
Crex Carpet
• 100 694 Dec 2 694 Dec 2 564 Au 7641 Sept
Cushmans Sons
Nov
_100 200 82 Nov 29 82 Nov 29 614 May 84
Deere &'Co. met
100 19 Dee 5 119 Dec 5 119 • D 119
Dec
Diamond Match._ _ .100
Duquesne Lt, 1st p1.100 3,000 05 Nov 29 106 Nov 29 1004 Ma 1084 Sept
Apr 9344 Nov
El du P9nt,6% pf- -100 200 93 Dec 4 93 Dec 4 85
Jan
.100 200 um Dec 4 um Dee 4 74 Ap 15
Emerson-Brant, met
44 Jan
100 274 Dec 4 24 Dee 4 244 Jun
Fairbanks Co (The)._25
Dec
Fairb-Morse tern eel_• 8.600 314 Deo 3 34 Dec 5 254 May 34
Fed Lt & Trite, tern tra.• 2,000 07 Dec 611014 Nov 29 7414 Ma 11134 Nov
Dec
100 200 85 Dec 4 85 Dec 4 744 Jun 85
Preferred
Mar 13944 Nov
FideI-Phen F I of N Y.25 360 39 Dec 113914 Dec 3 113
Jan 1064 Dec
Fisher Body Ohio. Pf.100 300 06 Nov 29 10614 Nov 5 98
De,10644 Nov
Franklin Simon. Prof-100 400 04 Dec 310414 Nov 29 104
Feb 9844 Aug
100 98 Nov 29 98 Nov 29 92
OenAmTkCar.7% Pf.100
Jan 107 Sept
Gimbel Bros, pref.-100 200 0544 Dee 110614 Nov 29 99
2444 Novl 2744 Nov
• 400 2474 Dec 4 254 Dee
Ginter Co
105
A9•11.1341 Dec
Great West Sue. pf _100 600 10 Dec 1 113H Deo
Ap 95
Feb
100 88 Dec 2 88 Dec 2 88
Hanna, let pf. CT A.100
Dec 120
Dec
Harbison-Walk Refr-100 200 120 Dec 4 120 Dec. 4 120
Wheel, pref _ -.100 500 01 Nov 29 101 Dee 1 1004 NovI10134 Dec
Hayes
Nov.113it Oct
Helme (0 W), pref-100 200 113 Nov 29 113 Nov 2. 113
Hoe(R)& Co,CI A.__ -• 4,000 4844 Dee 2 5044 Dec 5 4844 Dee 5014 Dec
Marl 67
Jan
prof.100 200 66 Dec 566 Dee t 60
Indian Refining.
Inland Steel, w I Pref.-• 400 107 Dec 110714 Dec 5 10144 Jan 10714 Dec
• 1,900 7 Dec 2 8 Dec 1 3 June 9% Jan
Agrioul, new
Int
July 51
Dec
Prior preferred_ AN) 100 51 Dec 351 Dec 3 38
74 Nov 29 3-16 Nov 29 3-32 Nov 11941 Nov
lot Combos Eng rights__ 55,200
Apr
Nov
• 200 106 Dec 5 115 Dec 3 73
_.
International Shoe..
j
100 100 1184 Dee 411814 Dec 4 1154 May1184 Dec
Preferred
• 500 27 Dec 2 27 Dec 2 254 Nov 324 Mar
Intertypr Corporation.
Jan 115 Sept
Dec 3111 Dec 3 109
Jones & L Steel, pf _100 200 111
i4 Dec 2 44 Dec I 4( May 1 Jan
10 1,200
Kansas & Gulf
pf__100 100 52 Dec 3 52 Dec 3 40 Jun 784 Jan
Kelly-Spr T,
Feb 32514 Dec
Nov
Kres8 (8 H) & Co...100 100 32541 Nov 293254 Dec 2 190
25
Boni 30'4 Dec
Ii 600 294 Deo 1 3054
Kuppenheimer
Nov
1101 Dec 1 90 Sept 105
Loose-Wiles B.2d pf 100 100 101 Dec
Nov117
Feb
100 600 112 Nov 29 112 si Nov 29 112
Lorillard, pref
Oct 10614 July
89 Nov 29 894 Nov 29, 86
McCrory Stores. Cl B.. _• 500
Oct 109
Nov 29 93
Nov
Mack Truck. let inst pd. 700 1064 Dec 2 108 Dec 4 6474 Apri 69
Feb
Mackay Cos. pref.. _100 360 684 Dec 4 8834
July 93
Dec
IVIallinson & Co. me 100 1,000 00 Dee 3 93 Dec 5 7844
Range time Jan. 1.
Range for Week.
Lowest.
M004.0.4
Range for Week.
for
3W14.tob...
ONN.P..0
Wall Street, Friday Night, Dec. 5 1924.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2616.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales.
Week.
14;o.13;.C.Oc
=hers' Oazetti.
STOCKS.
Week Ending Dec. 5.
2625
THE CHRONICLE
DEC. 6 1924.]
16.063
$18,000
63,700
32.500
30,400
13,300
19,000
3176.900
15.117 5116.100
AS 747 4171 51)0
Prey, week revised 120.700 513.1. am
+In addition sales or rights were Saturday, 2,881: Monday,9,024:Tuesday,2,394.
Daily Record of U. S. Bond Prices. Nov. 29 Dec. 1. Dec. 2. Dec. 3. Dec. 4. Dec. 5.
First Liberty Loan
(High 1002
:n 101.31 1001:32 1011"n 101"n 100"ss
531 100'in 1001'n 100:11sz
344% bonds of 1932-47„( Low. 100:
812 100.23 100:
(First 3448)
(Close 100:1n 100:1,2 1001102 1011"re 100":: 10034,1
4
23
99
88
Total sales in $1.000 unUs_,_
60
27
Converted 4% bonds of (High
-Total sales in $1,000 units._
Converted 44% bonds (High 1011 n
of 1932-47 (First 44(e)( Low. 101:4n
(Close 101yee
Total sales in $1,000 units.-46
Second Converted 44%(High 101
bonds of 1932-47 (First( Low_ 101111n
Second 44(s)
(Close 101",,
Total sales in $1,000 units_
Second Liberty Loan
____
(High
4% bonds of r927-4.2.___( Low_
_.__
(Second 48)
Total sales in 31.000 units_
---Converted 474% bonds (High 101"rs
of 1927-42 (Second (Low, 101:n
4345)
n
iClOge 101,
184
Total gaits In 31.000 units_ _.
Third Liberty Loan
(High 101 1:n
(Low_ 1011in
434% bonds of 1928
(Clean 1011"re
(Third 454.)
308
Total sales in $1,000 units__ _
(High 102%
Fourth Liberty Loan
414% bonds of 1933-38-4 Lon. 101nn
(Close 102.00
(Fourth 44(s)
377
Total sales in $1.000 units-__
(High 105"n
Treasury
i Low. 105"st
431s, 1947-52
(Cl'105"n
9
'mom *Ob.in 11 twin inner _
-:. 101:Isi
1,1 1012
101:41 101on 101:
101::ss 101nn 101"st 101"st 101"n
11
:n 101"n 1011,
10131n 101:in 1011
32
1
44
45
50
--__
___-
--._ 101"st
-- -- 101"11
--.----
---__
-------
-------
-------
101'n
101.00
1,
101,
805
101nst
101:n
101"st
550
102.00
101nst
102.00
1482
105%
104"st
,
105 st
1120
101'n
1011sz
32
101,
107
,
101 ss
101'n
,
101 st
135
101"2,
101"st
102.00
182
105"st
105"st
105un
56
101'n
101:81
101'W
187
,
102 n
101111:
101sst
198
102.00
101nn
102.00
359
1051111
,
105 st
1051$n
253
- --- 101'n
____ 101'n
-,
101 82
101:se
,
101 12
472
1011:ze
1011 n
'
:n
1011
243
1026,2
101"ft
4
1
/
102 s
543
105"st
105"n
105"st
217
101:n
101:n
101%
541
10110n
101",,
10117re
475
102sn
101"st
102.00
269
105"11
105nst
105"n
85
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds were:
6 let 3448
5 1st 44(s
76 2d 4418
100"st to 10Onsti 13 3d 4144
1012212 to-l01",, 344 4th 4745...,.
1001an to 101'st
101:ie to 1014
:n
10/tin to 102
New York Stock Exchange—Stock Record, Daily, Weekly and Yeany
`Z626
OCCUPYING FOUR PAGES.
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES—PER 5(117W, NOT PER CENT.
Saturday, I
Nov. 29.
Monday,
Dec. 1.
Tuesday,
Dec. 2.
Wednesday
Dec. 3.
Thursday,
Dec. 4.
Friday,
Dec. 5.
Sales
for
She
1Veek.
STOCKS
NEW YORK STOCK
EKCHA NGE
PER 511,41212
Range Since Jan. 1 1921
On &DIU 0 100-3111 6 LOU
,
Lowest
Highest
$ Per share $ per share $ per share $ per share $ per eve $ per share Shares.
Railroads.
Par $ per share
$ per Mare
113 1153 1143 1163 11512 117
4
3
3
8
11818 11718 1163 1173 11712 1181 91.200 ktch 6opega dr Santa Fe..lot 97.3 Jan 3 118 't D33 5
4
4
9312 9312 9314 9313 9313 9338 933 933
9118 5,5901
4 91
Do pref.......... ._100 3613 .lan 2 9414 Nov 19
4
4 9314 933
23
4 27
27
8 5
2% 2%
8
23
3% 5
4 27
8
75,581 Atlanta Blrm & Atlautle__100
23
8 21
5 Dec 4
14 Feb 23
•143 144
14218 144
4
1433 1433 1434 1473 1473 1494 147 1437
3
8
4
8 8.700 Atlantic Coast Line RR__ _100 112 Jan 23 1453 D3C 4
8
70 4 713
3
8 7112 713
4 735 7514 • 74% 75% 7434 7612 7413 763 148,100 Baltimore & Ohto
8
4
100 5218 Apr 22 70 4 033 5
362 8 63
7
627 6314 834 61
8
Do pref
4
5,600
63% 63% 633 644 6378 637
100 54114 Apr 16 0413 Dec 4
3312 33% 34
3
36
3514 364 363 393
4 393 4178 144,600 Bklyo Manb Tr v I e. No Pa
413
4
4 39
, 1313 Jan 4 417 033 5
.74
74 4 73
7531 5,000
751 1 75
,
7418 73
Pre( vat tr etre_ ._Ne par
7313 73% 74% 75
444 Jan 3 75& DOC 5
43
413 538
413 412
*312 413 *313 414
7,400 Brunswick Term & Rv
4
48 5
1
Jan 3
100
53, Dea 4
1553 1561 i 2151 153
8
1523 15314 12,300 Jana Ilan Pacific...
3
8
1513 15212 1517 153
8
15114 153
. _100 14234 Mar 10 1584 Nov 23
9012 913
9114 29112 93 49,003 32esapeake & Ohla
8 905 915
*
9018 9112 914 9218 92
1100 673 Feb 28 9474 033 4
4
*1063 10712 1067 10712 10712 103
4
8
8
Do pref
107% 1077 103 10334 z105 105
1.890
100 9912 .Jaa 3 10918July 25
10
918 912 26,300 Chicago & Alton
834 97
913 1014
84 84
1014
8
913
100
314 Apr 15 104 Nov 29
18
1812 1712 183
1634 1712 1718 1914 184 1834 13,900
Do Orel
8 1614 173
813M1Sy 20 1914 Nov 25
8 3814 33
344 34% 3112 38
4
4 3514 383
21,930 Ph!,& Bait fll RR
343 3514 313 353
4
0° 21 May 5 38 Dee, 5
100
5512 55% 5513 59
8
Do !wet
3
8 5913 6112 6012 627 37,300
578 538 53 4 597
100 37 May 5 627 Dec 5
3
978 1012 104 107 17.800 ,7hicatto Great Wester!) _109
104 1012
8
9 4 01
,
4
938 10
914 93
4
8
4 Apr 30 117 Nov 24
28% 293
30% 2912 3134 51.103
8 2814 294 2838 29
Do nee: _
2818 2914 29
100 1.012Jane 4 3118 Nov 24
1612 17
17% 174 18
8
29.900 Chicago MIRY & St Paul....100 107 Oct 8 1814 Nov 21
16
8 167 1712 17
185
8 1613 167
8
2918 30% 2912 307 103,600
2812 29% 2734 233
Do pref..
8 2713 283
4 2818 30
100 19 Oct 11 3218 Nov 21
6914 893 368
69% 72
713 7313 39,900 Chicago & North Western _Ion 4914 Jan 3 7312 Dee 5
4
8 63 70
8813 6714 883
4
.110 115 •107 111 *107 111 *107 112
103 110 *107 112
200
Do pref
107, 100 Jan 8 11014 Nov 23
4712 483
8
8 4613 4734 474 4814 473 4912 4718 4338 123,400 Chicago Rock 1814r 0
4 4614 483
,1100_100 21 122 Feb 15 50 Nov 22
9712 9712 9712 9734 59413 954 2.400
8
4
974 973 9714 9734 963 97
71 preferred
100 764 Feb 29 91'j Doc 1
281
8714 8714 8814 8712 80
8112 2,690
67', prefcrred
87 8714 8718 8712
87
100 6514 Jan 2 8712 Nov 28
•44
4413 44
44
4378 4,800 .1n.orado dr 3,
43% 4478 4512 43% 47
mthern
438 44
100 20 240 2 49 Nov 8
1317 133% 13214 13312 5,530 Delaware & Hudson.
8
13113 131% 132 1323 13138 132
13134 132
4
10(1 1044 Mar 5 1313 Aug 11
4
144 14512 144 14..02 144 1414 145 14514 144 14514 143 111)4 8,000 tyelaware Lae]: & waiter._ 50 1104 Feb 15 1.183
86,mt 9
31
313
317
8 3114 323
4 3038 314 31
8 3012 313
4 3118 3233 83,500 't1e
100 201 Jan 3 3.538 Aug 1
4
4718 4518 4518 4334 454 107,403
424 4314 4218 4312 43
45
4514
Do let preferred.
10(114:
10') 233 Fab 19 474 D31 3
3
'393 4014 404 4134 404 423
42
8 4134 423
4
16,700
4 4134 42% 41
Do 24 preferred
2118 Jan 3 47 1)1.2 3
7012 71
7214 46,400 Great Northern pref
:
8
7018 714 693 7054 701 7112 70% 7112
100 6334SAIr 3 72 4 Dea 5
: 3454 358 35
354 35
36
313 3514 31.530
4
3814 383
Iron Ore Properties._67o par 26 May 23 39 1 Nov 25
4 3538 361
8 24
2512 277
.2231 23
2912 25,300 Gulf Mob & Nor tr ctf8. _ _10(1
22 8 2314 2314 25
7
223 23
4,
1.134 Apr 30 2313 Dec 5
8712 8612 83
8114 82
Da pref .
6,930
82
82
8114 824 8212 8112 85
100 60 la, 3 83 Da% 5,
29
8
233 24
8
2712 2314 107,390 Hudson dr Manhattan
4
2314 254 253 2714 283 2712 27
203 Oct 30 23 t Dec 5
4
11338 11312 113 11434 11413 11534 114% 1153 1154 11678 11614 11778 15,100 t.0001., 1.nr a1 .. _ . _ .100 100.4 Ms, 4 11773 033 5
3
,
17
1814
16
163 17
4
173 1314 3,300 lot Rya of Cent Amorica__100 1114.101y 24
4
16
16
16
161 2
16
1813 Nov 21
*6012 83
•57
Preferred
697 *5914 61
•53
8
100
iA
101) 41)47.545 12 63 Nov 21
()
607
3 60% 60% *8318 63
313 35% 31
4
30
3514 53.330 Interhoro Rap Tran
4 33
30
303 333
4
12% leo 2 39.4 .1,21y 17
343
4 3412 36
3814 4024 39
3414 35
35
3914 357 3854 384 39
4138 130,900 Kansas City Southern._ 100 174 Mar 26 4153 Dec 5
3
4
Do pref
*573 5814 534 5312 5813 5812 5834 5914 5914 5938 584 5912 2.100
4
100 5114 Mar 31 5912 Dec 5
72
703 71,
8
7114 71
715e 7258 39.903 Lehigh Valley
7014 714 703 714 71
8
4
50 5394 Apr 10 72 8 Dec 5
10513 10512 10514 108
104 10412 10338 1033 103% 105
104 104
4
5,100 Louisville & Nashville__ 100 3733 Jan 16 10614 Nov 19
5114 5012 5138 15,400 Matin Elevated. mod guar_101) 3013 Jan e 617
497 50% 51
8
173 47% 48
5018 49
8
50
8July IS
*7
9
9
*7
9
9
9
9
9
9
9
9
100
700 Market Street Ry
614 Mar 15 1312 Jan 1
28 .19
28 .19
26 .19
•19
28
28
28
*19
*20
Du pro
WU 20 Oct 17 4018 Jan 3
4512 4512 •4414 47
4514 4414 45
487 464 *4513 467
8
8 45
Do prior peel
800
.100 41 Nov 8 703 Jan 1
16
•1513 16
16
*1512 17
16
•17
*14
•1413 17
18
Do 3d pref
_100 14 Mar 18 30 Jan I
300
3
3
4
3
312 3% 25,400 Minneap & St L (SEW)... ..100
3
2 8 :3
7
3
3
3
43 Jan 28
8
14 Jan 3
4
4 32
26% 27 8 2614 2914 2814 298 283 293
3118 266,300 Mo-Kan-Texas RR_ _ __No par
4 2914 313
I0)3'118721)3138 Dec 5
,
704 7012 7312 7213 75
68
4 6913 704 69
681z 6813 703
57.500
Do prof
100 203 Feb 18 75 Dec 5
4
333
4 31
3313 33
8 3118 3234 32
3118 317
3118 32
3334 75,000 'Missouri Pacific corn
100
94 Jan 3 314 Nov 20
7014 7114 7114 7238 7012 723 52,100
6912 7012 6954 703
4 694 71
4
Iro pref .
100 29 Jan 3 734 Nov 20
24
178 218
34 3
24 214 *2
213 3
24 214
1 18.1tily 16
19,600 Nat RVii 1,1 Mex Id pref._ _100
3 Dec 4
111 1111 111 111
11112 11234 11113 11218 4.300 New On Tex & hex
11134 11134 11112 112
100 934 Feb 13 1214May 2"
1174 11814 1173 11913 118 119
8
4
1187 1173 117 1184 1165 118
8
4
93.100 New York Central
100 9918 Feb 15 11918 Nov 18
113 11318 *11312 11413 114 11513 11513 11834 118 11912 7,900 N Y C & St L new co
11313 114
:
100 721 Feb 18 121 6.mt. 5
90
4
9012 8812 0014 8914 89,
90
89% 9018 2,500
90
4 893 90
Do pref ._
100 83 May 21 934501)1 5
29% 314 304 3118 30
8
291$ 30 4 294 3012 293 297
,
31
81,100 N Y N II dc Hartford
100 1418 Jan 2 3214 Nov 21
253 26% 2614 2738 2614 273 27,000 N V Ontario & Western._ _100 16 May 24 2814 Nov 21
3 2512 26
4
2512 264 2513 267
3
25
24
2414 2412 2.53
263 26% 24
8
273
4 25
4 26
28
7.800 Norfolk Southern
100 1213 Apr 22 29 Nov 25
1247 12512 124 12513 12312 12414 12312 125
12412 12514 124 125
8
26,600 Norfolk & Western
100 10213 Jan 3 13213 Apr 8
*75
78 .76
78
78
*754
75
*74
78
75 .75
78
100 724 Feb 26 8013June 10
100
Do pref
6913 7014 6914 704 69 697
8 693 7012 693 707
4
4
8 7014 717 61.600 'erthern Pacific
100 477g Mar 3 717g Dec 5
8 4818 4812 4314 48 4 4813 4912 498 50
484 48% 4813 485
3
83,850 Pennsylvania
50 424 Jan 3 So Dec 5
•1912 2012 19% 19% 20
*19
•19
20
20
213
4 2114 2178
94 Mar 13 2212 Nov 12
1.700 Peoria & Es8tern
106
6434 61% 65
65
6414 65
65
66
66
67
68
67
8.100 Pere Marquette
100 404 Mar 31 0813 Aug a
82 8212 8238 8314 8314 833 •824 8378 8312 84
*8014 82
4
Do prior pref
2.900
100 71 13Apr 23 8513 Aug 2
.7112 72 4 7214 724 7234 7,314 74
,
7411 74
74
737 737
Do pref
1,700
100 60 Jan 4 77 Aug *
73
73
71
72
7514 68
4
683 7238 72
733
4 724 744 25,310 Pittsburgh & \Vest Va
100 38 Jan 4 7514 Dec 1
•10513 10534 10512 10512 *1054 1053 •1054 10512 *10518 10512 '1054 10512
4
Do pref
100
100 8514 Jan 6 1067g Oct 29
6712 6814 6712 70% 6914 7018 7014 7118 7114 71% 7013 7213 71,500 Reading.
,7.4y 20 79 Jan 12
50 517
3612 3613 3713 3612 3613 36
36
36
3612 36
36
3614 3,800
30 34 Oct 14 5612 Jan 14
Do lot preferred
36
36
4
*35 8 35% 353 36
36
3
*353 36
8
36
36
36
1.600
Do 3d preferred
50 0334 Jan 16 56 Jan 14
63
4
623 623 *55
082 4 64
4
3
627 633 *62
63
8
4
*132
63
100 32 Jan 3 66 Nov 20
400 Rutland RR pref
62
4
6118 63% 6312 6412 6314 65 210,000 St Louls-San Fran
: 614 6212 60
593 611
194 Apr 30 65 Dec 5
100
7634 77
77
7713 7712 7813 82% 8114 8212 8,200
77
7612 77
Do pre( A
100 423 Jan 3 8212 Dec 5
3
5214 53% 52% 53 3 53% 55% 5414 557 40.600 St Louis Southwestern
51% 54
7
52
52
100 33 Jan 2 557 Dec 5
8
73
73
7314 73
73
7313 63
734 4,000
73 7312 73
7312
100 577 Jan 3 74 Nov 26
1)0 prof
8
223
8 22
4 21% 223
8 2214 244 2212 237 63.900 Seaboard Air Line
822
22% 2114 223
8
100
614 Jan 2 2413 Dec 4
383
4 3712 3812 3712 3314 3814 4512 4112 431 38,900
38
38% 37
Do pref._
100 1414 Jan 2 4512 Dec 4
8
10014 10112 101 1024 10118 1023 10112 10114 10318 10118 1023 105 196,900 Southern Pacific CO
4
100 854 Mar 28 1(t513 Nov 12
7513 7614 7514 7614 75% 77
7612 77
7513 76
7613 773 59.200 Southern Railway
8
100 3811 Jan 2 773 Dec 5
8
8018 797 8011 8014 8012 8014 803 10.100
4
8
7914 793
4 793 80% 80
4
Do pref
100 663 Jan 3 8031 I)ec 5
4
4
4
4413 45 4 433 4514 433 4518 4113 46% 4634 48% 4534 484 61,500 Texas & PacIfic
,
._100 19 Jan 3 483 Dec 4
8
3
13% 1478 1412 14% 144 1612 15
1212 143
•12
1614 9,400 Third Avenue
1312
100
84Nlay 20 18.2July 17
54
54 .52
*53
54
*52
*52
55
05218 54
55
100 Twin City Rapid Tranelt _100 3912 Oct 2 66 Jan 12
55
4
15018 1507 1463 14813 14642 14712 147 14812 14734 14834 14714 148% 42,600 Union Pacific.
8
100 12633 Mar 3 15078 Nov 28
74% 744 7412 744 744 73% 7412 74
7412 7412 74
745
8 3,500
Do pref .
100 70 Mar 20 7612 Ver 27
25
243 25
264 27
4
2712 2714 28
25
26
2612 25
7,800 United Railways Invest
100
73 .Apr 23 23 Dec 5
3
5512 56
55
5512 57
5614 574 58
53
Do pref._
5312 16.300
55 4 57 4
3
100 2013 Apr 21 5813 Dec 5
,
6513 *6312 65
85
613
634 6312 1.900 Virginia Railway & Power. UM 36 Feb 29 722 July 12
3
,
6612 653 65 2 •64
65
4
22% 233
4 2312 2138 111,000 Wabash
203 2112 20% 2114 203 2213 2218 23
4
10)0
l03 Jan 4 2138 1)ec 5
4
4
53% 6012 151.800
5334 54% 53% 513
Do pref A
4 533 5712 5718 5838 5311 60
100 34 Jan 3 6012 Dec 5
40
3812 4014 41
*39
4112 41
38
42
3.900
38
Do pref 13
39
.38
100 2213 Jan 3 42 Dec 5
8
4
8 13% 1412 59,100 Western Maryland*
8
,
13
1314 127 13 4 123 1318 125 13% 13% 137
1110
838lene 3 1412 Dec 5
8 2314 257 20.100
21
8
Do 2d preferred
21% 21% 21% 2118 2112 2118 2214 2214 233
100 1314May 15 2578 Dec 5
343 35% 343 36% 3518 36% 53.100 Western Pacific
4
4
4
4 34% 38
4 3512 363
343 363
4
100 143 Jan 2 387 Dec 4
84
8478 84
8413 853
8614 3,200
8 8512
: 84
851
86
85
85
Do pref
100 58 Jan 7 863 Nov 28
8
15
1512 1412 15% 14% 1514 1514 164 1512 1612 25.900 Wheeling & Lake Erie Ry_100
1514 16
712 Jan 2 167 Nov 21
8 29
2818 287
28
303
28
4 3012 3212 12.600
29
27
29
Do pref
29
100 1414 Jan 2 3213 13ec 5
4
4
8
901, *883 9012 .8814 893 *8814 3812 *883 8912 8313 8312
13
13
11
*1213 13
13
13
1231 12% 13% 13
4712 48
4811
4614 46
4618 4618 46
45% 4614
46
88% 887 90
3
854 87% 8714 8918 88
8
8714 865 87
8
123 134 1212 13
1238 1414 124 1314 1214 13
14
13
13
18
18
4
13
18
.1213 .1213
112
118
1
1
1
1
118
118
118
118
*113 114
8414 8714
7912 85
4
4
4 773 79
78 4 7978 7818 79% 773 783
3
1718 1812
*11734 11814 1174 11734 16712 167,8 11712 117% 11814 11838 1184 11818
6814 687
8 6812 70
69
68
6712 6812
6713 68
4
102% 10312 1033 10334 10312 10313 10313 10312 10312 10312
10234 103
1438 154 1514 1513
1512 1412 15
14% 1514
1538 15% 15
4318
42
4134 42% 42
42
421: 4313 4218 4312 4214 43
411
4112 4113 4112 4112 41
4318 4313 42
4314 4112 42
271
8
2878 2918 2712 28% 267 2714 26% 27% 2634 2713 27
911
89% 90
89
8714 89
89
•38
90 90
90
90
*107 110 *107 110 *107 110 *107 110 *107 110 *107 110
4
8
3
14738 14812 1474 1497 147% 1483 1474 1493 11712 1433 1483 15178
4
3
117 117
117 117
1163 117
4
117 117
8
1167 1167 *11613 117
8
17412 17412 174 1747 1734 17412 17313 17313 17214 17313 174 1761
8
•121 12912 *121 1251
•12212 12378 12212 122 2 •121 12312 *121 12312
,
2373 24
24
24,
8 2418 2412 244 24% 244 34% 24% 243
: 3612 371
8
3712 367 371
•313
3612 3512 353
3
4 353 3714 37
512 5%
53
4 6
08
8 53
4
5.8 54 *53
1
51: 512
53
3 534
•12714 1273 1273 13014 128 13012 128 12812 12912 13012 13114 133
e
4
11434 11514 113
115 1154 11412 11438 •11412 11513
11414 114 114
11514 11514 115 116
116 116 *114 11812 *114 11612 *114 1161
4
14
1213 1314 1312 134 1312 133
144 133 14
13
13
4
704 723
3
6n74 601 703
7m,
7n3- so
3
• 70
,
1 697 70
088
1234
48
883
4
13
•PM and eased thicee, a 54-6 vidend. S Evrlable.
200
4,300
5,600
11.600
55,900
2,800
601)
88,700
1.300
34,100
900
6,900
3,700
2.700
5,000
14,860
94,300
1,000
3,000
100
3,600
3,600
4.300
4,300
2.200
500
3.300
5,400
Industrial & Miscellaneous
Adams Express
I011
Advauce itumely
I011
110 pre!
100
tir iteductlun, Ine__Ne par
Ajax Ribber Inc
60
Alaska Gold Mines
10
Alaska Juneau Gold Min
10
Allied Chemical & Dye_No pa,
110 curet .
100
Allis-ChitImers 5114
100
Do pre)
100
Amer Agricultural Chem 100
Do pref
100
American Beet Sugar
100
Amer Floech Magneto..No par
Am Brake Shoe dr F._.No par
On pref
100
American Can
100
Do pref
100
American Car & Foundry_ 100
Do pref
100
American Cloth'. Cl A
25
American Chicle
No par
Amer Druggists Syndicate_ _10
American Exprese
100
Am & Foreign Pow 25/ paid..
Full paid
American Hide & Leather 100
Do ore)
100
7313 Jan 2
6 June 9
2814Juue 14
4714 Jan 2
413\lay 14
.10 Oct 24
38 Jan 30
85 Mar 18
110 Apr 8
41 Nluy 20
90 Apr29
718 Apr 7
183 Apr 7
4
36 Mar 21
22, Apr 1
4
78 April
10414July 10
957 Apr 21
8
109 Jan 8
1534 Apr 14
1184 Apr 9
4
3
213 Mar 21
143 Apr 22
4
34June 6
88 Apr 15
9212 Mar 8
91 12 Apr 4
74 Apr 28
501y Jan 3
03 Nov 18
11 Dec 5
4814 Dec 5
DO Dec 5
1414 Dec 1
14 Feb 2
113 Mar 4
8714 Dec 5
118% Dec 4
70 Dec 5
10314 Doc 2
1718July 29
49!is Jan 41
4912 Feb 0
1.41
s 338 12
9112 13ec 5
lin Mar 26
15513 Nov 19
119 Oct 27
178 Jan WO
125 July 18
25 Sept 5
374Nov 12
7 Oct 25
133 Deo 5
12112 Aug 22
12113 Aug 22
143 Nov 29
8
723 Dec 5
3
PER SHARE
Rance for Preolosa
Year 1923,
Lowest
Highest
per share $ per sheoe
94
Oct 054 Ms,
854 Dec 9034 Ma
114 Aug
314 Fee
1097 July 27 Feu
3
4018 Jan 604 1:)tu
553 May 6078 Mar
4
914 Oct
1413 Der
3413 Oct 497 Dec
8
7s Nov
238 Jan
13944 Sept 100 Apr
57 June 7634 Jan
08 June 104% Feu
2 May
4% Dee
124 Dee
33 Jan
8
19 Aug
3834 Feb
4612 Aug 6214 Mar
Feet
7
23 Oct
4
17
P5
672 Oct
1114 Oct 28% Mar
203 Dec 45,2 Ma
3
4718 Do
, 88 M Sr
9714 Der 11813 Mar
377 Mar
1013 Oct
Ye).
72 Aug 95
80% Aug 85 Mar
Oct
17
45
Feb
9314 July 12113 Yet
1097 Oct 13011
8
104 May 224 Dee
15
Jan
31 14 De
1084 May
27% Dee
503 Oct 80 Mar
3
25 July 36 Mat
2t) Mar
913 40e
447 Jan 624 Feu
8
995* Dec
117'3 P01'
--
327k Ma8
913 June
153 July 247g Mg,
8
485 July
573 Ma
4
713 Fe.
8
54 Jun.
844 Oct 165 5511
274 Dec
4513 nor
713 Oct
22 Mat
23
Oct 6313 Mar
5612 Oct 87 Mar
143 A u
, Oct
7
3
561 Ma,
:
g
91
b
93 Oct 17 Feb
4
247 Oct 4512 Feb
g
84 Oct 19% Feb
2214 Oct
49
Feb
114 Not
434 Feb
8213 Aug 105 May
9012 May 10714 Dee
674 Aug 8013 Dec
86 Nov
9513 July
934 July 2212 Jan
1414 June
213 Feb
8
9 Sep) 183 Feb
8
100
JUI3 1174 Feb
72 Sept 7812 Aug
4914 Oct
8113 Mar
401 Nov
477 Apr
8
8
Oct
17 Mar
38
Jan 4714 June
671g Oct 7634 Mar
5713 Oct 7013 Jan
337 Jan 508 Mal
1
8,5
Dec 03
Jan
6812 June 3118 Feb
44 June 564 Feb
45 June 564 Jan
39 Dec
2213 Oct
27 Mat
164 Oct
3213 Jan 50 Mar
2513 Aug 3638 Feb
513 June 63% Mat
8
712 Feb
44 Aug
514 AlIR 1514 Dec
844 Aug 954 Feb
243 Jan 304 Dec
4
70% Mar
63 July
20 1 Met
,
14 ALM
813 Dec 1014 Feb
7713 June
584 Jan
12413 Aug 1447 Yet'
7014 Dec 764 Jar
77 Oct 217 Mat
,
Oct 02 Mar
26
304 Aug 3612 OM
12 Dec
7 Mar
:
2314 Jan 361 Dec
4
1013 Jan 233 Dec
15 Feb
8 Sept
14 Sept
264 Mat
12 Setp 204 Mat
8
53 May 633 Mar
6
Oct
10, Fe!,
2
Ye
Oct 19
10
67 Sept
64 Oct
24 Nov
56 .
1111Y
44 Oct
13 Aug
34 Oct
594 Aug
10514 AM
3714 June
89 Nov
1018 July
2814 Oct
25 Aug
224 Oct
6918 Sept
102 July
7312 Jan
100 Sept
148 4 July
,
117 -Sep)
203 June
3
4
53 Jan
412 Sept
87 Nov
96 Dec
82 ma,
1012 Mai
64% Jan
72% Mat
1472 N110
3 Mei'
3
14 Oct
80 .1E4n
112 Msr
5114 Feb
9713 Jan
367 Feb
8
,
687 Feb
4912 Feh
60 Mar
834 Feb
110
Jan
1071* llte
115 Fa,,
189 Mar
12,5% Jan
2512 Mar
173 Nov
3
71, Feb
1434 Mat
97 Dee
84 Aug
294 Aug
134 Mea
7434 M. r
New York Stock Record-Continued-Page Z
preceding
For .ales during the week of stocks usually Inactive, see second page
PER SHARE
Range Since Jan. 1 1924.
STOCKS
Sales
-PER SIIARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
On basis o 100-share lots
NEW YORK STOCK
for
EXCHANGE
the
Friday.
Wednesday Thursday,
Tuesday,
Monday,
Bansrday.
Lowest
Highest
Week.
Dec. 5.
Dec. 4.
Dec. 3.
Dec. 2.
Dec. 1.
Nov. 29,
2627
PER SHARE
Range or Previous
Year 1923.
Lowest
Highest
8 per share $ per share $ per share
(Con.) Par $ per share
$ per share $ per share 5 per share S per share $ per share S per share Shares. Indus. & MIscell.
Oct 1114 Apt
78
100 72 Aug 28 98 Feb 7
8434 8512 2,800 American Ice
4
843 85
8312 85
8312 8512 *8412 85
85 85
77% Oct 89 Feb
100 7512Nov 3 83 Feb 6
Do pref
100
*7712 78
*7712 78
7714 7714 *7712 78
*7712 78 .77% 78
16 Sept 3312 Mat
3 Nov 26
8
8
3434 34
348 337 3412 26,900 Amer International Coro 100 173 Mar 19 353 Jan 9
3514 34
4
3412 333 3412 34
34
13 Mar
1012 July
,
10 10 May 10 121
3,300 American La France F E
11
11
8
107 11
11
11
10% 11
11
11
11
11
Oct 38 Mai
13
4May 7 2818 Dec 4
100 133
2734 15,900 American Linseed
2712 284 26
2514 277
4
243 25
26
25
4
243 27
284 Oct 59 Feb
100 30 Apr 15 48 Nor 29
Do pref
4,900
*4514 43
4714 43
5k 4512 457
4512 48
47
46
464 48
4
843 July 7614 Dee
2
8 8518 363 26,300 American. Locom, new_No par 7018 Apr 15 853 Doc 5
s
4
8618 8512 837 853
4
8 833 8412 833 8412 844 853
100 11614 Apr 16 12o4sept 211 11412 Se0+ 122 Feb
Do pref
400
120 129 .11814 120 .118 120 *118 120
11978 120
•119 120
2
4014 June 557 Mar
4Juno 3 5114 Dec 4
No par 383
8 5014 8114 5012 50% 15,500 American Metals
503
49
3
40 8 .4812 49
481 4918 49
Jan 97 Dee
78
25 0414 Apr 16 13) Nov 6
12614 12633 3,700 American Radiator
125 12611 126 127
127 128
128 12812 125 125
47 June
1
/
94 Feb
2
57 Apr 22 1014 Nov 28
American Safety Razor.., 25
13_ _ _
___ _ _____ ____ ____ ____ -_
_ __ ____
2
103 July 2133 Jan
1012 Oct 28 • II'S Feb 1 1
133* 1414 1312 1411 25.000 Amer Ship & Comm___No par
4
4
123 13% 133 1414
4 117
8
123 123
,
51, Oct 6912 Mat
867 8833 32,000 Amer Sineltiog & Reflning_100 574 Jan 14 883* Dec re
*
4 8633 8714 8618 SS
4
8
865 87% 863 8712 8614 863
93 June 1023* Mat
100 98 Jan 2 10812 Nov 6
Do prat
105% 105 105% 10512 10512 10512 10512 1.500
105 10514 10514 10512 10514
401 Mar
8
313 July
8
8 427 437 25,600 Am Steel Foundrtes____33 1-3 3312 Apr 21 4412 Dec 5
8 4234 433
433
8
4314 4334 435 4412 4234 4312 42
8
977 Aug 10514 Feb
Do pref
100 101 14 Apr 25 10914 Nov 19
•107 110 .107 110 .107 109 .107 10812 *107 109 .107 109
Oct 85 Feb
48
4
4718 4832 14,100 American Sugar Rettning 100 36 Oct 30 613 Feb 7
4712 49
4872
4314 48
4 17
4
/
481 493
493 50
92 Dec 10814 Jan
8
100 77 Oct 30 997 Feb 14
9112 1,6001 Do pref
4 91
913
91
9012 9012 .9012 92
92 z9018 91
92
36% Feb
16 July
2July Ilk 2812 Jan 9
83
100
8
113 1232 6,9001 Amer Sumatra Tobacco
8
117 12
8 1114 12
8
* 107 117
1314 1312 1214 133
3212 Jut) 65+4 Feb
Do pre
100 22123e8t 9 69 Jan 16
100
40
3
8
39 .343 40 .39
39
39
40 .39
44 .33
.38
4
8
100 12118June 26 1307 Mar 13 1194 June 1253 Dec
130 1307 18,300 Amer Telco & Teleg
1298 130
8
1297 130
4
1293 130
8
12912 1293 12912 130
8
8Mar 25 1897 Nov 11 14014 July 1614 Pet
100 13133
7,900 American Tobacco
16712 169
4
8
165 1.813 16834 169'8 1663 168
165 165
16314 164
2
1
/
Do pref
100 101 April 11184July 23 1004 Nov 1057 Mil
000
10614
106 10614 10612 10612 10814 10614 10614 11614 .106 10614 10814
8
166 1664 8.500
Do common Class B 100 13514Mar 2L, 1683 Nov 11 140 May 1594 Feb
16718 13814 16514 167
4
1623 1638 163 16312 16312 166
4
143 Api
2712 Jan
3,660 Am Wat Wks & El v t 0_100 40 Feb 18 141 Dec 3
114 114 .138 143 .139 143
139 143
12512 12714 131 140
93 Jas
8514 July
Mar 21 99 July 8
Do 1st pref(7%) v t 0_100 8912
600
98
98
4
9612 9714 9714 973 *9714 973 *974 93
.9714 98
4812 Jan 8712 De(
Do panic p1(6%) v t 5.100 66 Feb 19 102 Nov 17
2,100
*9912 100
100 100
100 10034 100 10012 100 100
100 100
Oct 10933 Mat
85
7833 Jan ii
100 5114SCPt 10
6012 5914 6012 19,200 American Woolen
8 60
5934 803
4 5918 60
603
59
6012 61
985* Oct 1114 Jar
Do peel
100 90 Oct 25 102% Jan 19
1,000
9918 9618 9618 *9512 97
9512 9512 .9512 9612 96
9514 06
118 Dee 34 Mat
7 July 14
14 Apr 16
4.700 Amer Writing Paper pref 100
*412 5
5
5
512
5
632
8 63
45
412 41
5
4
194 Fet
618 Oct
7 Mar 29 1112 Dec 5
4
93 1012 1014 118 1012 1112 13,484 Amer Zinc. Lead de 5melt_25
7
4 98
914 97 ' 93
4
91 4 93
5814 Pet
4
243 Dec
Do preL
05 24 June 5 35 Dec 4
8 8.030
347
34
8
4 3114 3312 313 3212 3218 3114 344 35
3218 323
32% Oct 534 Mat
3 Dec 5
94,000 Anaconda Copper !dining. 50 2812Niay '20
43
8 42
4
8
4 103 418 413 423
403
4 46
4
393 413* 4012 413
8814 Oct 9414 Dec
1,100 Armour & Co (Del) pref _100 8314June 18 9314 Dec 5
9314 93i
93
927 921, 93
9212 927 *9212 93
9212 921
1833 Oct
1012 Nov
15 ,au 9
6 Oct 27
814 813 6,400 Arnold Const'le&CovtoNopar
814 912
93* 10
912 91
918 10
91 2 9%
89 Mat
6214 Jan
Jan 15 14012 Nov 19
3,709 Aasoetated Dry Goods
109 79
13234 136
13314 1313* 13214 134
13314 135
•136 137 .136 137
2911 Del
24% Oct
25 2712July 16 343* Feb 8
323* 12,700 Associated Oil, new.
4 32
3112 32
323
8 32
313* 3218 3218 323
327
323*
34 Ms
914 July
2Jely 14
4Mar 28 213
100 101
23,101 AU Gulf & WI SS Line
8
1914 197 214 198 22
1914 19
1812 18
8
177 1812 18
27 Ma
81.4 July
Do prof
7,600
100 1213 Jan 4 2914 Doc 5
2812 2812 29% 273* 293
2612 2712 2612 '2712 2612 2734 28
1
99 Bern 15312 2141
100 7812July 16 tams tan 31
9118 4,000 Atlantic Refining
913* 90
994 91
91
91
:1012 9118 91
9212
91
Jai
Oct 27 113 Feb 7 lib May 120
Do ore
WO 103
11312 113121
'
4
4
4
1123 11312 1123 1123 .11234 11312 11314 11314 .11314 114
354 Jai
17 July
3318 Dec 5
1811 Mar 2P
3341 36.100 Austin. Nichols & Co__No par
3
30 4 31
8 30
397
8 30
31% 3012 3112 2312 303
81
894 Jai
June
3
71 14
Do pre(
10v 79 Apr 17 91 Nov 25
600
94
90 .89
91
90
91 .89
.89
83 83
91
*89
28% Ap
,
85 Dee
812 Jau 2
112 Nov 7
,
1,200 Auto Knitter Hostery__No pa
112 2
214
2% .2
.214 23*
2
2
218 218 *2
8May 20 131 Feb 7 11012 Aug 1444 Ms
4
4 ,2
1273 12 33 12112 1231 1'262 127% 127121233* 1273 12914 2124 12638 76,000 Baldwin Locomotive Wk3.100 1043
Apr 116% Jni
Do prof
100 1101 2June 10 11712Nov 28 111
400
116 2113 113
116
11614 11614 .11514 116 .115 116
4114 117
97 Aug
35 Ma
25 14 Feb 18 2081une 30
1914 10,200 Barmsdall Corp. Class A
4
8
1814 19 .183 1334 183 184 19
Jed
19
+
187 MI 19
Oct 22
8
Mamie 311
Do Class 13.
'25 10 Jan 7
8 1.000
143
1418 1414 14
8
143 .143* 141 .1118 1412 *1418 141
14
50 June 624 AP
3912May IS 59 Jan 5
4312 4912 MOO BaYub Cigars. Int,--.No par
4314 49
•4812 49
4712 43
,
4312 4312 4812 433
4818 Dee 8414 Ma
Nov 28
4
20 433 A or II 59%
578 578 5612 534 5.100 Beech Nut Packing
4
8
57% 573 511
5812 587 257
53'2 57
4114 June 70 Ma
100 374 Oct 22 6218 Feb 5
8
4312 4 )'e 4712 43% 481 49'2 487 4912 4318 4912 43.300 Bethlehem Steel Corp
4
173 59
Do cum cony 8% pref_100 10114 Apr 12 11014 Nett 15 1014 June 1114 Ma
800
106 107 810512 107
8
1067 10318 z106 1971 .105 103 *10512 107
9712 Ma
87 Juo
Preferred new
_100 8912Ju1)e 30 97 Feb II
1,800
9312 9312 .9312 94
•9312 94
4
z923 93,
9312 94
9312 9312
718 U1
4
33 Oct
718 1411 6
338Juue II
No pas
512 5% 2.000 Booth Fisheries
512 512
5%
5
518
*5
518 51
512 518
7 Dec 5 1044 Mar 1214 Jet
100 1071420le 2 l3
1 1238 122 1231 10,700 drooklyn Eason. Inc
120% 12214 12214 123'z 122,
4
119 1193 1194 123
8
80
86
79
813* 70,300 Skint Union Gas new__No par 565 Apr 21 81% Dec 5-76% 7612 7918
7512 76% 7512 7614 75
*
1
413 Oct 657
..100 39 May 27 7612 Dec 1
8 7,800 Brown Shoe Inc.
8 737 737
753
75
751
734 73
7412 757
714 762 71
Ma
1,400 Burns Brother,,
100 9712 Feb 26 112,2June 27 100 Sept 144+4
8
107 1071 *106% 10718 1067 103
107 107 .107 103 •I07 103
Jet'
43
2112 Sept
Feb 28 29 Nov 21
Do new Class B corn__ _
700
27
193*
27
2612 .2618 27 .26
4
263 263
4 2614 2312 211
113* Fe'
4% Oct
914 Dec 1
8June 25
35
5
8 918 31.903 Butte Copper & Zinc
85
94
9
91
9
4
0
812 01
84
8
22 Au
1314 June
3
17 Apr 28 2, 8 . e‘ 2,
IOU
10,400 Butterick Co
2134 2018 21
21
194 2114 2114 2is
18% 187
8
8 193 20
7
127 Oct 37 Me
*
10 14 May 29 2012 Dec 5
8
2012 193 2014 1914 2012 26.100 Butte & Superior MIntrig
19
1838 20
4
1814 197
183 19
1
/
94 Fe
114 Nov
44 ,sa 19
1 Nov 18
390 Caddo Cent Oil & Ref.No par
8
112 .112 15
112
118
112 *112
112
114
•114
114
112
77 Aug 87 Fe
Apr 311 10112 Dec 3
8.600 California Packing____No Pm
4
130
9612 97
94
9712 9712 9712 974 10112 102 10112 10212 1033
8
1712 Sept 291 Ma
914 Feb 5
8
237 14.100 California Petroleum. new. 25 1912July 18
2312 2312 238 23
8
8 2314 23% 227 2333 23
2312 237
9012 Sept 11012 Ma
100 9212July 16 107 Jan 31
DO pref
600
8
9812 977 977
g
98 .97
4 977 977 .97
4
973 9734 9712 973
57 Jan 9
1233 Fe
34 Oct
212May 10
10
412 13,000 Callahan Zhao-Lead
4
414
4
4 14
4
418
4
418
4
4
4
Oct 88 Ms
42
55% Deo 3
4114 Mar 31
:
4 400
J
( l
5412 . , Calumet 1Arizona Mining._ 1
2
51_1_ ._5_1
53 _ _5233_ 53 _ _53_ 5514_ *_5_3
. _53
_au! 53
434 Fe
14 Oct
4
11 July 18
4 Mar 26
Plow
No pus
Case
17 Dec 42 Me
14 Mar 19 29 July 2
1,800 Case Threshing Mach_No par
23 13
2414 2114 2,4 2414 24 2412 2314 14
22 13
4012 MI
95* Nov
8
97 Mar 28 207 Nov 25
100
20% 23.200 Central Leather
8 19
8
193 193
8 1812 1914
187
1912 198 184 1914 18
4
703 M1
4
/
281 Nov
1)0 pref
109 2914 Mar 6 5112 Dec 5
4
513 5112 15,800
53
4
8
4 503 523* 505* 5178 505 523* 52
5112 513
5012 Me
3612 Oct
81,900 Cerro de Pasco Copper.No pas 4034 Mar 31 51 Dec 5
52
435 43
4912 504 50
8
485 Si
8 485* 49
4812 487
43 Oct 70 M11
8
267 Nov 10 6612 hut 2
8 9,600 Chandler Motor Car..--NO Pa
4
8 32
4 3214 324 323 33% 3212 333
33% 3212 333
323
33
4
754 June 001 MI
8812 8912 8913 8912 2,500 Chicago Pneumatic TooL t0,I 7972Ntay 15 9014 Dec 2
91) 90
90
9014 913
89
89
89
-.39 May 12 6112 Apr I,
5,500 Chicago Yellow Cab._ _NO pa
4912 4934 49
493
4912 4912 49
50
49
48
4612 48
8
24/8 June 303 Me
05 2533 Mar 29 3512 Aug 18
344 3414 3172 47,060 Chile Copper
3412
8
8 3133 35% 345* 3518 x313 317
3412 347
8
1424 Aug 317 Me
,
5 15 Mar 28 283 Dec 4
28
28
2 2712 2818 28
8 2814 pi, 3,500 Chino Copper
283
28
275* 273
27
764 MI
60 July
100 55 Oct 7 7512 Jan 30
63% 63 8 63
6312 6314 84
12 1,500 Mum& Peabody & Co
6314 6314 6312 6312 .6314 0
/Jur
654 Oct 831
81 Dec 5
No pa, 61 Apr 21
18,200 Coca Cola Co etc
79% 794 81
4 79
78
79
4 7812 7918 79
79
7812 73
Oct 35% Ma
20
2
3914 4114 3912 39% 40
8 39% 40% 394 4034 24,300 Colorado Fuel & Iron.. _ .100 247 Feb 16 5414 Aug 5
403
4012 41
514 De
On
41
4Sept 30 5533 Jan 18
393
46% 4612 4912 7.400 Columbian Carbon etc No par
4612 46
4512 4614 4612 4612 46
4512 46
4
3014 June 371 Al
8
467 Nov 18
33 Mar 21
.No par
4514 4534 24.200 Col Gas & Elea. new.,
8 445 4512 45
4 4112 413
457
4433 4514 411.2 413
25 Apr 46 Fe
91
95
90
91
9014 9218 1.500 Commercial Solvents A No par 434 Jan II 97 Nov 23
90
4
913 .91
91
95
090
40 DI
15 Apr
'ho pa, 33 Jan 15 93 Nov 28
B
2,100
90 90
90
8
877 8812 864 86% 8714 89
4 88
4
923 923
8May 19 8614 Feb 19 e4412 Dec 184% Nu
ho pa. 323
8 4314 4312 424 43% 423 433* 4212 43% 11,200 Congoleum Co
443
8
8 44
445 447
8
145 Dee 39% Jel
No par
1138 Mar 25 30 Nov 28
8 26
273
27
7,800 Consolidated Cigar
27
27
2918 2718 2334 26
29
2934 30
60 Dec 83 Fe
100 5912 Apr 24 84 Jan 15
400
81
.78
Do Prot
82
81
81 .80
80
80 .76
81
4
813 82
584 July 8933 Fl
8
f,INo Pa
407 Jan 2 7812 Dec 5
8
783 82,400 .1ormaidated Gas(N 3
8 77
7512 7314 76
78
775* 737 773
8 76
773
77
Gas,E L& P of Balt100 129 Sept 15 1553 Oct 1 _ -- ---- -- - r•
....--Consol
.
11
144 -,
Oct
6
8
21 Apr 22
8 Jan 5
418 46.400 Couswillated 'reatile.....No par
4
4'8 4'8
4
----434
414 43
414 412
4
1
/
8
427 Ma7 57 Di
100 4312 Apr 14 6414 Dec I
51,500 Jontinental Can, Inc
8
8
4
6114 61% 62.8 615 62 1,, 613 62, 62% 61
63,4 6314 60
1214 .12
5 Oct
6 Apr 22
8
83 Dec 5
40,400 Continental Motors___No par
818 318
8 1
814 813
813 85*
7'3
74 8
734 8
_-_.•
4114 4218 413 43
53.000 Corn Products Refits w 1...25 314 Jan 15 43%Nov 28
4
41's 42'8 4118 41% 4112 42
425 43
M1
.
22se
No par 223
8Sept 30 4.1 14 Feb 5 - - Sera -1324 '26% 32,800 ()olden & Co
4 26
2514 263
4 253* 2712 2514 23 2 26,4 21
273
27
574 Sept 814 M1
Crucible Steel of Arnerie.a__100 48 May 13 735 Dec 5
8
733 25,800
70
6112 71... 7012 73
2 69,4 7)% 633 71
7912 71,
5.514 Aug 9412 MI
s
100 86 May22 963 Dec 5
9 6 9512 9512 96
Do pref
8 1,400
063
8
93, 95% 9314 *35
05
95
95
84 Aug 20 Fe
No par
1012 Oct 22 18 Feb 6
1312 143* 138 1414 13.690 Cuba Cane Sugar
1114 141
1518 1512 1412 1512 1,3% 14*
3312 Aug 654 Di
11
7172 Feb
Do pref.
100 533* Apr 21
,
6218 592 61,2 597 6114 5412 59 8 5314 5914 29,400
4 61
8
617 623
23 Aug 371 Fl
8
033 301 3014 3018 303 x2912 3014 12.900 Cuban-American Sugar._ 10 2814 Nov 11 38% Feb 11
8
307 3118 303* 3114 33.2 3
Al
92 July 106
99 .93
Do pref
100 96 Jan 4 10014 Nov 21
9'3
300
9912 9312 99,2 .
9)2
*9812 100
99
00812 109
124 Ml
3 July
51
51
812 Feb 5
44June 16
514 54 1,800 Cuban Dominion Sugar No par
4
53
5
5,2 5,2
'2 6
5
514 512
Aug 5812 M
SO
4114 4114
1)0 pref._
45
42 .41
41
45
100 41 Aug 214 52 Feb 5
300
4512 .43
.43
45
*43
7212 D,
5412 July
5412 5312 54
51
534 5414 16,500 Cuyamel Fruit
8 537 5614 535* 51
5312 563
No par 4518 Nov 10 744 Jan 3
77
5,900 Daniel Boone Woolen Mills 25
712 74
64 7
7% 8
6 Nov 6 3214 Mar 8
8818 814
4
/
71 712
814
4 D,
20% May 81- 4214 413 4512 44
v t o_No par 3813N0v 12 81112 late 8
41% 4018 4112 41
463 54,200 Davison Chemical
*
4118 4212 4012
8 M,
1
/
184 Dee 2
.2134 2234 .213 223
4 2214 221
4
700 De Beers Cons MInes No par
22
1814 Jan 21 2214 Doe S
22
4
213 213
8
.213 22
14)0 init. Jan 30 11014 Doc 1 10014 June 111 Id
110 11014 110 110 .10112 11014 11014 1103* 1104 11013 4,300 Detroit Erilsou
110 110
304 May 4418 J1
133 1312 1314 1012 3,100 Dome Mines, 1.1i.---NO Pa
1318 133
s
4Nov 19 2014 Jan 7
113
1312 1314 1312 135
4
•133 14
1401 144 Jut
11
9% 1,110 9 18 Dec 3
1714 18
15% 13
17
173* 23.300 Douglas Pectin
4
21514 1612 151 16
8
153 17
4
893 JIM 1154 A
8
11018 11014 11012 11114 11114 11114 2,800 Eastman Kodak Co___No par 10412 Apr 21 1147 Nov 28
1 111
110
111% 11112 111 112
Oct 27 Ju
20
1212 1212 121
12
2418 Jan 8
12
4Sept II
83
11% 1133 1134
3,809 Eaton Axle & Spring___No par
.
1118 Ill, 1112 12
8
15,600 E 1 du Pont de N0,12 & Co-100 112 May 2(1 141% Feb 1 10614 Jan 11812 A
8
134 13512 1353 13612 1357 13713 z133 135
1344 137
13514 137
52 July 8718 M
6114 853 28.800 Elee Storage Battery-.No par 5012May 15 06 Dec 4
6512 6312 6434 6312 86
644 654 6312 6533 6414
20+4 Ji
124 Dec
131
131 .12
13'z 12
50 1112June 20 1458July 28
100 Elk Horn Coal Corp
143* *1212 1334 1212 121 *12
1312
3,
712 1
38 Dec
312July 29
%June 23
.212 3
.213 3
.212 3
Ernerson-Brantiugham 00.100
.212 3
*212 3
.212 3
4
4
581 Oct 941 .14
7)3k 7012 711
72
50 5572N1ay 0 7318 Dec 1
7112
7012 713 19,000 Endicott-Johnson Corp___
70
7012 733
73
70
J1
Oct 118
100 10512.1une 26 116 Jae 17 110
Do prat
500
113 113 *110 113 .113 116 .113 116
11253 1125s 113 113
.11
19% Dec 31
244 Aug 1
1812May 21
21
.20
21
300 Exchange Buffet Corp_No par
21 .20
8
2018 2018 203* 203 *20
.2012 211
Ji
Oct 93
52
92
9334 95
013
951 62,000 Famous Playere-Lasky.No par 61 Jan 29 96 Dec 3
4 95
943* 9312 953
92
9112 02
Oct 99+4 F,
82
8
103 87 Jan 28 1057 Dee 3
72
2,600
Do pref (3%)
105 10512 10512 1057 10512 1053 105 105
10478 10514 105 10512
13 N,
5 June
177 Dec 3
54 An. I
1712 1712 1712 1712 1.900 Federal Mining & Smelt-R _100
1612 17
177o
1678 167 .16
•1612 17
3414 June 6011 F
8
5912 584 5918 12.700
100 4112 Jan 2 597 Dec 3
58
Do pref
5714 5612 597
5612 56
55
5114 543
714 Sept
6,2 Jan 23 13% Jan 28
1033 J,
No par
100 Fifth Avenue Bus
4
.1114 1131 .1114 1212 .113 1212 II% 111 •1114 1212 .1112 1212
20812 2154 2,300 Fisher Body Corp
'Jo par 163 Jan 23 22312 Mar 21 140 July 21214 J,
4
2093 210
20812 210 .205 20012 20714 209 .205 '208
8
57 Oct
54.1iine 6 13 Dec I
1612 F
No par
1214 124 34,500 Fisk Rubber
8 1214 127
123
8
117 1212 12
1212 13
8
121 127
1
/
100 384 July 10 7912 Dec 5
7812 7912 4,500
78
76
3
First preferred
7534 76
4 7514 7512 7514 75
7514 763
373* Feb
4714 hi
No par 441. Jan 22 9014 Noy 28
8 8518 864 27,600 Flelscoman Co
8912 8514 8734 8512 867
8912 883 8934 85
89
4
584 Oct
4
WI Jan 11 933 Nov 12
No par
2
783 Ju
*
4 3614 8612 855 9012 11.200 Foundation Co
863
86
89 z86
88
4 8614 37
873
912 Jni• 22
No par
712Sept 6 137 Jan 7
2
./
1012 1014 10
1014 17.200 Freeport Texas Co
934 101
1118 117
94 1012
3
8 103 1112
7 Jan 9
S Dec 143 A
34 Oct 21
No par
418 414 1,600 Gardner Motor
4
/
418 41
4
4
41
4
/
41 414
4% *4
4
No par 3512May 28 4914 Aug 2.1
48
3818 Oct 714 F
4812 4.300 Gen Amer Tank Car
474 48
48
48 .4612 4712 46
48
4 47
473
547 Dec 5
,
23 Aug 54 M
100 311 Apr 11
8
5214 513 547 28,800 General Asphalt
51
521
4
5212 53% 51 18 524 503 5134 51
100 714 Aor 5 04 Dec 5
9134 94
40 gem
92
53 SA
Do on.?
.88
2.500
92
9)'. 901. •57
qt)
90
(10
90
•Bld tied asked 181811, 10 faIee on this day. •Et S00% 11.100k. a El-elanta a ILK-dividend
New York Stock Record-Continued-Page 3
2628
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Nov. 29.
Monday,
Dec. 1.
Tuesday,
Dec. 2.
Wednesday
Dec. 3.
Thursday,
Dec. 4.
Friday.
Dec. 5.
Sales
for
the
1Veck.
. STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1924
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1923.
Lowest
Lowest
Highest
Highest
Per share $ per share $ Per share $ Per share $ per share $ Per share Shares. Indus.& MIscell.(Con.) Par $ per share
$ per share $ per share $ per share
14912 153
155 15912 151 157 .151 153
155 155
154 156
6.500 General Baking
No par 93 Jan 12 160 Sept 24
72 July 10318 Nov
9478 947
3 94
947 *93
8
9412 94
9614 10,700 General Cigar,Inc
,
978 9514 97 4 95
4
100 8214 Apr 3U 971 Jan 10
8013 June 9713 Dec
*107 10812 •107 10812 •10614 10812 .107 10812 *107 10812 .107 10312
Debenture preferred
100 100 Apr 3 10812Sept 17 10414 Nov 110 Apr
270 27112 26712 272
26712 269 x2667 268
2667 27512 27412 27934 48,000 General Electric
8
8
100 1934 Jan 3 281 Aug 4 1675 Sept 20214 Dee
8
1118 1114 1118 1114
11
1118 1114 x11
11
114 9,700
1118 11
Special
10 1012 Apr 29 1112July 11
1014 Oct
12
Jan
607 62
8
61
6214 605 613
617
8 605 61 12 61
8
8 6018 6112 79.100 General Motors Corp _ _No Par 553 Oct 15 91 14 D ec
8
62 De
4
90
90
•89
9012 •
90
89
8912 9014 90
9012 91
90
Do pref
860
100 80 June 4
79 July 89
Apr
*8912 8934 8934 90
8934 90
9018 904 9014 91
893 9013
4
Do Deb stock (6%). 100 804June 9 91 Dec 5
1,300
78 July 90 ADP
/
1
4
9953 9953 997 10013 100 10018 10018 1004 10018 10012 10012 10112 9,000
8
%refet rolou.
p er ed
100 9518July 10
Dec
4313 444 4253 435
413 43
8
8 4212 4318 4258 4314 425 43
4
14,900 General
7
25 383
8June 9 140112 Aug 4 -_
5
5
=
5852 58% 58
5813 587
584 574 58
59
8 58
58
585
8 5,700 Gimbel Bros
vo
4718June 6 6114Sept 17
No pa
3913 June - 13 Air
51
14
14
133 14
4
13
1312 13
13
1313 137 *13
13
8
2,400 Glidden Co
6 Sept
8 June 6 15 Nov 19
123 Feb
8
4212 42i2 4212 437
4314 433
43
3 4212 4212 42
4 4312 437
8 6.600 Gold Dust Corp
2812 Apr 10 434 Nov 26
_
347 351
8
8 3473 354 344 3513 8,200 Goodrich Co (13 F)
3 35
354 3414 3412 3414 347
17 June 19 355 Nov 28
i:o pa
o
8
01
1733 - 6
8 89
4
893 *883 893
8
8818 89
883 883 *8812 894 .89
4
4
893
2
Do pre/
500
100 7014MaY 1 894 Dec 5
673 Oct 924 Mar
4
8312 837
8 8218 83
8212 8212 8223
83
8 82
813 823
4
5,200 Gcodyear T & Rub pf v t 43_100 39 Jan 4 8114 Nov 25
Oct 6212 Ap4
35
10418 105
10513 107
4
10614 10614 10612 10612 10614 1063 10614 10614 2,700
Prior preferred
100 8814 Jan 2 107 Nov 28
88
Oct 99 Feb
18
8 185 1918 8,600 Granby Cons M. Sin & Pow100 1212 Apr 14 214 Aug 20
183
19
8
4 18
1814 184 18
187
8 1853 187
Oct 33 Ma
,
12
312 312
.33
35
4 34 *353 34
8 38
5
3 4 _-_- .314
,
200 Gray & Davis, Ine____No par
212 Oct 10
Ills Jan 11
63 Dec 154 Mar
4
9314 933
8
4 9214 933
4 92
4 9214 9312 9278 9312 19,900 Great Western Sugar
9334 927 933
25 834 Oct 22 9618 Feb 14
8 17
167 1718 1718 1712 17
8
171
17
16, 167
17
4
173
4 4.300 Greene Cananea Copper_ __100 10 May 16 183
8July 22
1358 Dec
653 653
634 7
*634 7
7
7
*63
7
714 1,600 Guantanamo Sugar____ No par
4 714
47 Nov 11
1018 Feb 6
8
-'
3
di
5 . Sept - 2 *1
81
803 813
4
8 784 7912 7914 804 80
80
4 7912 315
817 13.400 Gulf States Steel
8
100 62 May 20 8914 Feb 7
8
63 June 1045 Mar
37
3712 373 3812 3712 3812 3734 3813 374 3812 373 3812 24,500 Hartman Corporation __No par 31 Sept 10 443 Feb 4
4
4
4
9478 Fen
793 Nov
4
364 37
36
37
3614 3618 363
36
363
3 36
3653 5,100 Hayes Wheel
4 36
100 3214May 20 524 Feb 4
Apr
31 July
44
.4112 44
44 .42
44 .42
43 .42
.4112 44
*42
44
Homestake Mining
100 35 July 1 5813 Jan 3
54 Doc
797 Jar
8
367 3753 37
8
3714 37
37
3612 37
373
4 37
37,
8 37
5.300 Household Prod. Inc__ _No par 31$8 Apr 19 38 Nov 28
285 July
8
3938 Ma1
733 7412 737 757
4
7712 76
3
7712 77
8 7314 743
783 25,100 Houston 011 of Texas
8
4 75
100 61 Apr 22 8212 Feb 5
Feb
4054 Aug
78
333 344 334 34
4
3173 32
3014 3012 303 314 31
4
34
80,800 Hudson Motor Car ____No par 2012May IS 344 Dec 4
4
323 Mar
20 June
153 16
4
3 153 16
16
1512 157
16
4
4
16
153 16
16
5,400 Hupp Motor Car Corp
10 1118May 13 18 Jan 2
1
1518 IJec
0
, oct 3813 Apr
1
84 2.300 Hydraulic Steel
3
4
*53
5
8
54
3
4
4
3
4
3
4
3
4
3
1
34
No par
13 Jan 2
112Jan 1“
113 1134 11
8
8 1114 1112 12,800 Independent Oil & Gas_No par
1118 1112 1114 117
1112 11
11
534(Sept 27 1312 Nov 21
1114 May
33 Sept
3
*14
3
8
.14
Incliahoma Refining
5
Is Nov 10
24 Jan 17
19 Mar
1
Oct
"1813 I81- -18- 18 -174 -1-73•1812 19
2
1813 1312 1812 18 2
1
4
500 Indian Nlotocyclo____No par 1518June 6 2514 Feb 4
18 Dec 193 Dec
4
513 514 514 5 518 1.700 Indian Refining
.514 6
5
5
*54 6
10
34 Apr 12
713.1uno 18
312 Der
812 Apr
473
8 463 48
474 48
4
47
484 453 4613 47
4
464 473 10,900 Inland Steel
4
par_ 2
3112May 16 48'1 Nov 28
314 July
4653 Apr
29
294 2813 3012 29
2912 2914 293
4 2953 3118 30
3114 40.400 Inspiration Cons Copper
2218 Feb 28 3114 Dec 5
4348 Mar
2314 OM
.50
65
Internal Agrictil Corp pref_100
318May 21) 1013 Jan
3978 Feb
413 Oct
10912 11014 1087 109l iooT, 166-1- 110(8 11-11- 111 flit; 111121127, _ - :66 lot Business Machines_No pa* 83 Apr 11 11318 Nov 8
4
3
8
3
19
58 5812 573 583
*5834 59 5812 5334 58,4 5334 2,100 International Cement..No par 404 Apr 24 5912 Nov 21 31 June
4
4
4 583 59
3418 341. a34
343
4 337 344 3312 3414
3433 3538 23,600 Inter Combus Engine.
3
.No par
22 Mar 31
3634 Nov 14
pr
19544 June - g8
102 103 4 102 1033 102 1013
1
10514 10112 033 1025 1033 13,300 International Harvester__ _100 78 Jan 3 108/ Nov 20
3104 3
4
4
,
4
8
4
1
4
664 Oct 9812 Feb
115 11512 11512 11512 11512 11512 115 115
115 1154 115 115
Do pref
2.300
100 106 Feb 26 11512 Nov 19 106
Oct 1164 Zan
1278 13
13
8
1334 135 1412 1414 1412 1414 1514
15
155 31,300 Int Mercantile Marine__ 100
8
634 Jan 2 155 Dec 5
8
47 Aug
8
1148 Feb
443 45
8
4413 4614 455 4714 4534 47
454 474 4512 473 61,300
8
8
Do prof
100 264 Mar 26 473 Dec 4
8
1813 Aug
Jan
47
2414 25
245
215
8 21
8 23, 2412 74,400 International Nickel (The) 25 1112May 9 2512 Nov 28
8 234 2414 24
233 245
4
4
1018 Oct
1614 Feb
*9312 9414 .92
•92
9412 9434 .02
95
94
.92
943
9478
4
Do pref
200
100 7512May 29 95 Nov 10
6934 Jan 83 Juno
8
493 5012 495 523
8
5214 51 12 5318 5212 54
8 50
5112 53
22.800 International Paper
100 3413 Apr 15 59 July 15
2773 Oct 585 Mar
8
723 7234 724 724 73
4
723 7314 *7314 7312 7314 737
4
73
8 1,600
Do stamped preferred_100 6212 Mar 25 717 Oct I
8
60
Oct 754 JIM
•8412 853
3 35
8 863 863
3 85
3
85
853 8614 8612 867
3
853
4 2,300 Internal Telep & Teleg
100 66 Feb 1 89 Nov 19
64
Oct 714 Air
1434 1518 144 15
4
4 144 153
3 144 1514
153 153
3
144 1478 15.800 Inio
1012July 17 167 Safi 2
)
vincibie011 Corp.---No Par
8
74 Nov
1914 Mar
4
6313 64
63
69 6912 *673 6912 67
69
67
68
60
2,300 iron Products corp..._No par 3913 Apr 2 6912 Dec 2
3213 Aug 584 Mar
2112 2212 21
2214 20 205
4 2013 214 8,400 Jewel Tea, Inc
8 2014 2112 2114 213
100 165 Apr 15 23.4 Jan 2
8
153 Oct 24 Msr
3
100 100
100 1003 1003 1013 102 103
103 104
4
4
8
102 1047
8 2,700
100 78 Mar 31 1014 Dec 5
pref
62 June 884 Dee
1714 1714 1714 1714 1674 1713 1714 1714 173 10
3
/
1918 203
4 7.200 Jones Bros Tea. Inc
I 43
100
4Sept 10 271• lab 3
2018 Dec 63 8 Mot
,
413 427
8
4612 483
8 4214 457
8 4313 454 4418 48
8 4512 4714 34,400 Jordan Motor Car
No par 213
4May 20 48313 Dec 5
8
8 235 24
235 247
237 2512 26
8
3
274 284 3012 29,1,,0 Kayser (J) Co. v t c
2412 25
No par
1614 Aug 16 383 Jan 18
8
28 July
454 I eb
85 .
8512 90
*8512 86
8512 8512 85
*85
90
8913 8913
300
No ar
Do 1st pref
77 Aug 16 10212 Feb 11
96 July 104 Mar
1814
1612 1714 1634 1714 17
1812 17
18
1712 1718 1712 11,500 Kelly-Springfield TIre
p25
93
4June 20 35 Jan 10
2013 Oct 6218 Mar
•49
4913 4912 .4712 4934 *4713 4934 47 47
50
48
48
8% preferred
300
100 33 June 21
78 Nov 108
88 Jan 10
Jan
95
94
9734 •96
4
9534 953 .94
9512 94
97 .96
97
100 76 May 7 101 Jan 10
1,800 Kelsey Wheel. Inc
75
Oct 11714 Mar
497 5012 5014 504 50
8
4 504 5112 25014 515 149,800 Kennecott Copper
505
8 504 503
8
3418 Jan 21 515 Doe 5
No par
8
29
/ Oct 45 Mn,
1
4
8
3
214 23
214 23
214
214 23
8
214 23
23
3
3
214 214 7,800 Keystone Tire & Rubber_- 10
113 Oct 22 43 Jan 9
3
15 Oct
8
1118 Mar
8012 8033 807 804 793 793
8313 82
8
8312 824 8278 3,500 Kinney Co
4
4 81
Vo 1pwar 521 4May 14
Dec
•425 43814 *425 43814 .400 440 •425 440 .433 435 *425 435
28712 Jan 17 483'2 A ug23 177 Mat itki" Dee
40
800 Kresge(SS) Co
8
44
44
44
44
444 45
*4414 45
4412 45
434 4414
700 Kresge Dept Stores_ _ _No par 4213 Nov 12 627
8June 2R
-- -112 112 2110 110 •110 112
4
111 1113 •110 112 .110 112
.
400 Laclede Goa L (St Louis) _100 79 Jan
113 Nov 18
75 Ally
8
893 June
1214 1234 123 1333 12
124 12
1212 117 12
4
8
115 12
3
8 May 13 1718 Jen 11
8.700 Lee Rubber & Tire._ No par
113 Oci
3
3152 Mar
g
637 634 635 634 .63
8
6334 6334 6512 6513 6612 65
6633 5,400 Liggett& Myers Tob now
25 50 Mar 26 6612 Dec 4 1113 AM 1184 Jan
4
•I18 11912 11814 11814 11814 11814 •11818 11812 11818 11818 *118, 11812
8July 7 121 311110 28
100 1147
Do prof
400
8
8
633 84
6314 637
8 635 635
8
8 634 6513 6538 6612 6478 6578 11,600
25 4878 afar 28 68%2 : 4
13 new
F c
66 D b 4
6638 6513 66
8 66
6618 663
6514 66
654 661
r
, 6514 6612 7,100 Lima Loo Wks tern etf_No pa, 56 Juno 9
No
Mar
5814 JUne
8
2218 203 22
197 2114 21
4
22
2212 2214 23
214 23
1513June 25 23 Dec 4
75,700 Loew's Incorporated._ No par
14 June - ii; Feb
2
. 1714
718 718
712
74 718
7
713 74
714 73
Si, Apr 22
8
718 718 3,500 Loft Incorporated
84 Jan 11
/
1
6 Sent
113 Jan
4
76
79
75
75
76
7712 77
77
77
77
77
7712 2.500 Loose-Wiles Biscuit
100 50 Mar 8 84 Nov 8
3614 July
6614 Dec
3514 36
3618 364 364 364 3614 364 365 37
8
3512 3612 21,400 Lorillard now
25 3333 Nov 21 4014July 2 - - 8 2913 3073 3012 31313 293 3114 30
3012 3112 294 315
4
17 Oct 28 3218 Nov 38
307 19,500 Ludlum Steel
No pal
8
11613 11612 11612 1167 1167 1173.4 .11613 11712
*11612 117 •116l2 117
8
8
600 Mackay Companies
100 107 Jan 2 110 Aug 1 103 - May 121 Feb
8
1094 1107 11014 11112 1103 1127 11012 11178 22,500
11214 11314 110 113
4
Trucks, Inc
No par
8
753 Apr 14 11412 Nov 19
4
5813 Jan
9312 Apr
105 105
105 106 *105 106 .105 106
•105 106
105 105
1)0 1st preferred
350
Do
9512 Jan 16 106 Nov 20
87 July
ow, Mar
*9413 9712 •97
9912 .97
9973 .08
997
*9912 100
8 9978 10014
100 87 Apr 22 101 Nov 19
Do 2d preferred
200
72 June 92 Mar
7012 69
6912 69
69
70
683 653
7012 70
4
4 6812 6914 3,200 Macy(R H)& Co. Ine_No pa? 59 May 15 7114 Nov 28
7112 Jan
57 July
37
384 3612 37 3 3712 33
,
38
3812 37
374 377
3
383 14.000 Magma Copper
No par 2618.1titio 14 38 11 Des 5
4
2714 Oct
3814 Mar
371, 3758 39
4 37
363 373
4
38
4112 3412 3934 123,600 NIallInson (II R)& Co_No par
3618 37
18 Mar 28 4112 Dec 4
Jan
21 June 40
4
•42
4
4214 *413 4214 413 4214 4112 4314 4134 423
4 4213 423
4 1.500 Manhattan Elec SupplyNo par 3314 NIar 21
493
Oct 66 Mar
4July 15
35
3614 364 364 3818 3712 3314 3618 3734 363 374 29,400 Manhattan Shirt
5
35 8 36
4
25 3312Nlay 16 44 Jan 10
2
Oct 477 Jan
40
2713 2718 283
3 275 2773 2712 294 15.300 Maracaibo 011 Expl__-No Par
28
283
8
3 2714 2712 27
2453 Oct 14 3713 Jan 26
16 Sept
28 Dee
/
1
4
8 3713 38
373 334 3812 39
4
3812 393
374 33 8 98,300 Marland 011
4 3714 387
No par
7
29 May 12 42 Feb 5
174 Oct 5953 Apr
8 113 1134 103 104 1114 12
1012 113
8
1018 1018 12
8
10
5.200 Marlin-Rockwell
No par
8 Jan a
17341%434.11
314 No. 16 Fib
4
33
34
337 3414 333 34
33
8
3312 33
3313 34
4 6,200 Martin-Parry Corp____No par 31 18 Nov 28 3753 Jan 17
333
374 Apr
20 July
8 48
4912 50
454 4512 464 4612 477
45
514 4814 51
19,900 afathieson Alkali Works___ 50 295
8May 13 5114 Dec 4
8
3114 Oot 634 Mar
735 757
8
754 75
3 75
76
754 7434 76
757 764 75
8
20,500 Maxwell Motor Class A.-100 38 Apr 14 781 Nov 21
/
4
001 6314 Mal
36
324 314 313
4 31
4 3114 32
31
325 72,800 Maxwell Motor Class[(No Par
325 3312 3214 333
8
3
1018 Apr 30 3314 Nov 24
21
Apr
1014 001
10212 1033 10312 104
4
1023 103 2 104 10514 9,200 May Department Stored_ _100 8213 Apr 21 101113Nov 28
4
103 104
10412 105
,
93 Dec
6753 Jan
500 McIntyre Porcupine Mines_ _. 15 May 23
15
*144 154 •1431 1512
154 154 1518 1518 15
1514 1514
1814 Jan 7
15 Sepl
204 May
2014 203
53 2014 2012 194 2011 18,500 Ni exman S pper rd 011_.NO par
4 2018 20
21
2012
205 21
t icl coea boa
8
144 Jan 3 2534Sept 12
53 Aug 233 May
4
4
223 2312 2311 233
8
4
233 11.800 Miami
223 227
4
3
2314 227 23
3 23
4 23
20 May 19 25 Aug 18
3012 Feb
204 Ocl
112 153
112
112
153
15
8
112
112
158 19.600 Middle States 011 Corp.... 10
158
112 14
1 Aug 14
Vs Jan 2
124 Jan
312 Nov
69
69
677 68 8 68 68
3
8
7
3.600 Montana Power
674 6734 6712 694 687 69
100 6114June 17 71 July 11
5412 Junc
75 Mar
444 467 42.300 Mont Ward & Co III Corp_ 10 213
8
3 4434 4538 4431 45
8
4618 463
4 4512 464 445 453
4May 20 48 Nov 19
1814 May
2614 Nov
1.-.1 3. 2433 24111.
3 24
2114 11,200 Moon Motors
8 2T 21
234 245
8
243 244 245 25
8
No par
1712 Oct 28 2712 Feb 7
174 Jan
293 Mar
8
34 83
813 8
.4
53 30,100 Mother Lode Coalltion_No par
818 813
814 812
6 May 19
914 Feb 15
713 June
14 Feb
1634 1613 1612 •1613 1678 2.200 Mullins Body Corp
1713 1713 •16
18
1612 1814
18
No par
9 Mar 22 18 July 24
8
104 Aug 297 Mar
16812 1697 .166 170
8
169 1695
8 3,000 Nash Motors Co
4
16944 1693 168 16934 16814 169
No par
0012 Apr 29 170 Nov 19
(518 Jan 1144 Jan
88
5
8
8
712 753 4,800 National Acme
8
4
658 63
63
63
4 64
4 814
50
31 Oct 11 104 Jan 23
/
4
1818 Feb
7 Nov
734 7212 7312 715 7312 72
7213 6,600 National Biscuit
8
72
72
7212 72
72
25 6
014 Mar 28 77l Sept23
38
2
Jan 527 Nov
12512 12512
126 12614 .125 127
300
Do pre/
•124 126 .125 126 .125 120
100 12012 Jan 8 12614 1)ec 3 11812 July 125 Feb
63 .6213 6314 63
63
1,000 National Cloak A Ibilt
6314 6412 63
6512 6512 6312 65
100 44 June 5 6614 Nov 24
40 June 6714 Feb
.1414 424 43
8 42
15,800 Nat Dairy Prod tee 2tfri. No par 304 Apr 11
4112 4114 423
417 42
414 4213 41
4114 Dec 4
38
3878 38
38
374 38
39
3.100 Nat Department SI ores No par
3914 40
39
394 30
3614 Oct 27 43 Jazz 9
pi
41 2
....613e - 1- -A324 2712 30
19,900 Nat Enam'g & Stt Mping 100 1812Scpt 8 447 Jan 17
2914 3012 3018 337
8 3218 3434 3153 3212 30
Oct 73 Mat
35
8
4
8 8,700 National Lead_ 16013 16212 161 1633 153 15812 15812 1604 16012 1613 161 1633
4
100 12312 Apr 21 1694 Aug 15 108 July 148 Dee
11612 11612
Du pref
100
•11614 11712 .11614 117 .11614 117 •11614 117 .11614 117
100 11113May 27 118 Sept 9 1074 June 114 Jan
5912 593 5912 5938 6014 2,801.1 National Supply
8
5918 6018 59
60 6018 60
60
50 5112 Oct 10 724 Feb 4
6412 Oct 6812 Dee
154 9,300 Nevada Control Copper_ _ _
8
1414 1412 1412 143
4 143 1412 1418 1434 144 144 10
94 Oct 183 Mar
3
117 Jan 2 153 Aug 19
8
8
47
47 2 4712 4812 7,600 NY Air Brake temp etts No par 364 Apr 22 50 Nov 18
,
461 1 4718 4612 47
48
4814 47
48
265 Jan 427 Noy
8
2
2541. .
52
52
534 5512 1.200
Clam A
547 55
8
547 55
5412 55
s
No pa? 471 Jan 7 50 Nov 17
451 Aug 514 Feb
/
4
/
4
324 34
11,500 New York I)ock
3112 ff 33
3142 3112 3112 32
3112 '31
31
1514 June 27 Apr
100
19 Jan 9 3718May 23
54
55
5334 54
700
54
Do pref
*51
53
.52
54
53
537 •52
3
3784 Aug 5112 m ar
100 4113 Feb 27 5514May 14
x4353 444 89,700 North American Co
8
4
4212 4312 4334 443
1712 May 244 Apr
8
8 435 4414 433 444 437 45
10 22 Jan 2 45 14ec 4
247
4718 4,600
473 48
4
Do pref
3
477 48
4813 4818 473 48
4734 48
4
4212 July
4813 Feb
50 437 Jan 2 51114 JulyII
8
812 .8
844
814 814
700 Nunnally Co (The)____No par
812
•814 813 .
8
8
84
,
77 Oct
93 Feb 5
8
1018 Feb
7 Apr 11
8
822 .
12
12 1,500 Ohio Body & Blower ___No par
12
•14
14
I.
12
12
12
184 Dec
8
*3
12
1 1 Dec 1
43 Jan 14
8
12
1018 Jan
7
200 Ontario Silver Mining
7
*7
714
714 *7
.
7
7
3 July
7
714 *7
74
84 Oct 14
43 Mar 24
4
100
94 Dee
254 2018 6,800 Orpheum Circuit, Inc
2513 254 253 254 2512 253
4 2534 2614 254 26
1614 June 215 Apr
4
13 Feb 18 2014 Nov 21
1
8
4
813 8218 313 8212 15.400 Otis Elevator_k
4
80
82
82
684.11mne 24
Si Dec 3 11412 July 153 Feb
8012 8213 81
8112 83
94 101 1 49,800 Otis Steel
1078 1114
8
1012 11 14
934 1012
7 June
014 Nov 6
117 Jan 26
8
No par
1411 Mar
4
93 1014 1018 103
/
4
4 43 4312 4.000 Owens Bottle
4314 433
4312 437
43
8 4212 43
4253 424 43
36% Jan 524 Apr
1,4 ue I
20 3914May 29 47 Jan ll:
Pacific Development
Nov
3 Jan 2
8
214
_1,700 Pacific Gas& Electric p___ 5 9018 Jan 4 1014 Nov 29 73Is July 9478 Mar
10334 16 4
-1ioi- 1- 2 101 - 103 1022 10213 102T2
6
_1041
Dee
10 2.100 Pacific Mall Steamed)!
91: 912 .9
93
4
912 95
4
9 8 104 10
7 July
7
8
7 Apr 7 103 Jan 9
912 10
1234 Mat
45 Apr 22 5814 Feb 6
8 534 5153 5312 5412 46,600 Pacific 011
5 4 5514 5312 5412 5318 54
4,
5331 543
3114 Sept 5214 Der
4
1448ept 29
133z 137
133 1373 134 1334 134 133
4
9 8May 1
7
10
94 Oct
4 1353 1373 133 134 10,400 Packard Motor Car
1512 Mar
•100 1025 *100 1024 •98 102 .10014 102 .10014 10112 .10014 10218
8
Preferred
100 894 Apr 24 102 Oct 9
9018 June 99 Feb
•Bid and asked prime; no sale)) 1018 day. 1
Par Value °banged from two to $so and prices on that 03418 beginning Jun* '2 a Kx-rlgtita.
New York Stock Record-Concluded-Page 4
2629
For sales during the week of stocks usually inactive, see fourth page preceding.
PER SHARE
PER SHARE
Range Since Jan. 1 1924.
Range for Previous
STOCKS
Sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Year 1923.
On bags of 100-share lots
YORK STOCK
NEW
for
EXCHANGE
Friday,
the
Tuesday, Wednesday. Thursday,
Saturday,
Monday,
Higheee
Lowest
Highest
Lowest
Dec. 4.
Dec. 5.
Week.
Dec. 3.
Nov. 29.
Dec. 1.
Dec. 2.
8 per share $ per share $ Per Mare
share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par S per share
$ per share $ per share $ per share IS per
53 Sept 9312 Feb
5712 59 22.600 Pan-Amer Petr & Tram_ - 50 4414 Feb 14 8114 Jan 2
/ 53
1
4
57t2 87
544 5553 56
/
1
56
5534 5578 55
50 Oct 86 Feb
12
50 6114 Feb 14 5912 Jan 2
Do Class B
551 5712 128,500
4
5612 5614 57
533 545
4
8 55
54% 5518 5312 55
64 Apr
114 Oct
418 Jan 23
112Sept 6
700 Panhandle Prod & Ref No par
3
*212
*214 3
3
3
*275 3
3
3
3
3
34July
100 Parish & Bing,stapd -.No par
4
3 13
11 153 *15
/
4
4
*153 134 *158 134 *138 134 *158 13
__ ___ .-_
No par 24 Sept 8 3434 Dec 4
/
1
3434 334 3438 44,900 Park & Tilford
3334 343* 34
34
344 33
/
1
33 3334 33
Api
14 Oct
6 -_-118 Oct 16 r414 Jan 17 _13
4 17 21,900 Penn-Seaboard St'l vt cNo pat
8
8
14 17
/
1
/
1
15
8 14
134 11
/
4
14 2
/
1
14 2
/
1
Apr 29 11912 Dee 5 86 Apr 9812 Dee
*114 11438 11412 11412 1137 114 114 11512 11512 11612 117 11913 5,500 People's G L& C(ChIc)--100 921g
el July 504 Mai
/
1
4
5253 527
8 5218 53 32,700 Philadelphia Co (Muh)__ 50 4278May 1 5313July 14
8
8 5112 527
493 5Qt5 4978 5014 50 507
4
-- -- --- -8JulY 3/
3412Ma7 28 527
/
1
/
4
4734 4838 4715 4853 47
473* 4634 471 464 4814 4658 4814 33,500 Phila & Read C & I w I_No pa
55 Aug I. 41
No pai 44 May 14 88 July 14 Phillips-Jones Corp
65
8
65 *613 65 *60
60 65 *60 65 *80 85 *61
1112 July 2452 Dee
11 July 10 2334 Jan 31
2 1512 155g 7.100 Phillip Mortis & Co Ltd____10
7
155 15 2 1512 1572 1512 157
5
1538 16
158, 157
1914 Sept 0952 Apt
No pa? 2812 Oct 3 4212 Apr 5
8
3512 3614 355 3618 3514 36 62,700 Phillips Petroleum
36
35
3578 367
3612 37
614 July 154 Jai:
618May 13 1338 Dec 5
8 1213 1338 32,500 Pierce-Arrow Mot Car_No pat
128 1214 127
1178 1218 117 1238 12
4178 12
5
1312 July 85 2 Jae
100 19umay 15 4214 Dec 5
3912 4234 17,400
8
Do prat
383 391
37
/ 37 39
1
4
36
7
3718 37
7
37 5 37
7
6 Eel
14 July
4 Jar 22
/
1
4
112 Apr 3
113 134 3,600 Pierce 011 Corporation-. 25
112 158
134 134
11 184
/
4
lh
13
152 134
18 Oct 45 Jai
100 20 Mar 4 30 jen 21
25
26
Do met
1,400
2512 2458 25
25's 2534 253 *24
25
•25
26
3
5 4 Dec 5
432 Oct 11
58 92,300 Pierce Petroleum
4
No par
5
47
8 53
478 5
434 47
434 47
47
47
58 Jan 67 5 Mal
7
MU 52 Nov 6 6334 mar 12
5518 5653 8,300 Pittsburgh Coal of Pa
*6614 57
5614 5614 5513 5614 5534 5613 5534 563
98 Oct 100 Ap
21 100 Apr 4
7
100 94 3 Aug
Do pref
100
97
97 *97 100 *97 100 *97 100 *97 100
*97 100
10 July 114 Sell
Dec 4
/
1
97s Jan 22 154
1514 20,000 Pittsburgh Utilities pref-100
1358 1414 14
131
1338 1312 1338 1312 133s 1113 13
47 July
873 8713 8634 8753 5,400 Postum Cereal Co Inc_No par 4813 Apr 22 9078 Nov 20 10812 June 134 Fed
8
87
877
2
877 87% 867 871
2 88
1144 Jai
100 110 Feb 7 117 Oct 2
Do 8% preferred
8116 119 *116 119 *116 119 *116 119 *116 119 *116 119
42 Oct 814 Jai
/
1
4
100 19 Aug 6 82 Jan 26
7,600 Pressed Steel Car
5912 5634 5812 57
57'a 5634 5712 57 58
56
5712 58
80 Oct 9954 Jai
100 67 Aug 15 90 Feb 6
8112 8112 1,100
Do pref
8034 81
81
82
*80
81
7914 7912 8012 81
17 Nov 5815 Ma
2614 2718 7.500 Producers(t Refiners Corp_ 50 2234 Apr 22 4312 Jan 22
27
28
2712 281
294 28 28
/
1
29$8 28
29
4113 Dec 514 AP
3
6914
6713 6712 6812 67 6812 68 6914 6712 6838 6758 8812 51,300 PubServCorp ofNJ new No par 39 Mar 25 11478 Dec 5 11012 July 134 Ma
67
Dec
Apr 10
/
1
4
100 113
137 14478 68,800 Pullman Company
136 137
4
8
137 13734 136 1383 1353 13612 135 136
1
4172 July 694 Ap
/
1
4
5(1 4012 Nov 10 67 Mar 14
/ 4334 8,000 Punta Alegre Sugar
1
4
4315 4358 4118 4312 43
4358 4414 4334 44
4312 45
1614 Sept 32 Pal
25 20 June 6 30 Dec 5
2734 2814 2713 2858 2858 2914 2914 2934 2913 30 139,300 Pure Oil(The)
2714 28
8212 Aug 100 Ma
Dec 4
100 9? Jar 10 10518
/
1
Do 8% preferred
800
4
4
104 104 105 105
1041 10412 1043 1043 10518 10518 10518 1054
/
4
3
423 4812 4314 4712 62,000 Radio Corp of Amer___No par 257 Oct 16 4812 Nov 19 ---- --- ---- --.
4
4 4214 43
4218 423
4213 4358 4218 44
/
1
4
50 45 Oct 21 4914 Nov 19
Preferred
800
47
/ 4778
1
4
4818 48 48
48 4838 *48
48
49 x48
*48
9913 Oct
8
100 106 Jan 3 1357 Oct 2 - / July 123 Ma
12714 12712 127 127 12713 12712 12712 12334 2,700 Railway Steel Spring
12612 127 127 127
34% Fel
1
294
No par 30 Jan 17 3312 Nov 5
200 Rang Mines,Ltd
8
13212 3234 325 3234 *3213 3234
8
*3214 3234 *3214 3234 *323 3234 '
/
1
4
972 Sept 17 Ma
Dec 5
9 Mar 27 1712
1634 1738 1634 1712 92,300 Ray Consolidated Copper- 10
1612 17
1614 17
1612 1634 1614 • 17
24 June 4815 Ma
5,200 Remington Typewriter____100 3214 Jan 4 4914N0v 26
4818 4618 4612 4612 48
4612 48
47
47 4714
4812 49
89 Des 104 Eel
99 Nov 12
100 9014July 11
300
1st preferred
97 97 *9512 98
*9513 99
99 *9513 98 *9512 98
*97
/
1
4May 13 110 Dec 2 80 Jan 99 No'
100 90
2d preferred
70
.. •110 111
*10934 110 108 10912 10912 110 '110......*11012
/
4
$ Oct 311 Eel
714-Tune 11 2314 Nov 29
-1 1913 2038 103,900 Replogle Steel
/
4
No pa
1913 2034 1913 10
19
21
,2214 2314 2014 23
4015 June 66% Ma
3
5413 53
100 42 June 7 617 Feb 11
55 575 25.100 Republic Iron & Steel
8
57
53
54
547
,54
5312 563
4 56
844 Oct 9675 Ma
/
1
100 82 June 16 95 Mar 6
9278 9338 1,100
Do pref
*9214 93
9212 9212 93
93
92
93
*9234 93
14 June 2972 All
973May 13 2234 Jan 7
No pa
1758 1634 1818 93,000 Reynolds Spring
1618 1684 1612 1714 1718 18
17
18
/ 17
1
4
47 Jan 75 De
/
4
7614 777 14,500 Reynolds(11 .1) Top Class B 25 6153 mar 31 791 Dec 2 114 July 118 Del
7812 79
7834 793
. '7734 788 7812 79
8 7812 79
100
Do 7% preferred
100 11514 hear 26 121 June 17
*12014 12034 120 120 *12014 121 *12014 121 *12034 121 *12014 121
4013 Aug 5553 Pal
Oct 14 5912 Feb 6
L,4658 467s 4612 467
46
465
8 4612 4712 4778 4812 4858 4938 21,650 Royal Dutch Co(N Y shares). 4012
17 June 231s Da
8
10 22 Jan 7 397 Nov 19
39 *3813 3914 11,100 St Joseph Lead
39
38
39
391
38
38 38
'3814 39
5 Pal
11 Oct
/
4
/
1
4
3 Jan 24
14 Mar 6
/
1
par
Santa Cecelia Sugar_ _No
- -- - - ,,
., ..1813 Jan 3518 Di
z..t22 83
81134 Nov 28
..7.- - - - - -.7..7.- -MS - -zr.:. - -D8 -, - - ---1 --- 1 --- 85 20:400 Savage Arms CorPoration_100 3253 Jan 2
83
/
4
/
4
4
79.4 82 . 8'21 43 83 837
8
80
88 May 1164 De
/
1
10812 10912 11,000 Schulte Retail Stores_No par 964 Apr 16 1294 Aug 7
10818 110
8
109 1107
10818 10958 10818 109
109 110
6534 Jun( 924 Fe
4May 18 14514 Nov 19
13834 13958 9.200 Rears. Roebuck & Co
100 783
139 . 13978 13614 13912 1353 136
136 13812 138 138
4
No
,
/
1
4
Do prof
100 11212Mar 26 125 Nov 12 101312Juni 115 34a
1213
473 Oct
614 Jan 11
12May 2
pa/
Seneca copper
Ni
lig i Iijiai
14
i
1
iis 114
'*Ai 112
112 - -712
jig 1
-12
1072 Ms
5 Oct
23
8 .1111y
4 Apr 11
2,700 Shattuck Arizona Copper_ 10
7
7
678 7
7
7
7
7
612 678
63
4 7
4
125 Jac 191 Ma
3
21 Dec 5
65,200 Shell Union 011
No par 1534July 1
8 2012 21
2012 204 203 204 2014 2012 2014 2012 2012 205
/
1
8
/
1
8912 Nov 95 Ma
100 9112 Jan 4 9812 Nov 20
600
Preferred
97
/ 977
1
4
8
8
8
8
*9713 9812 9712 9812 9753 975 *975 9812 *977 98
812 July 16 Fe
8
10 1033 Jan 4 19 Nov 14
8
1818 175 1778 1712 1778 1712 1778 1712 177 22,4110 Simms Petroleum
'
18
1814 1734
22 De( 3453 Ms
/
1
4
8
3538 15.900 Simmons Co
No pat 22 Apr 14 367 Dec 1
8 35
3514 355
8 3534 3612 3512 36
357 364 3534 367
2
,
16 Sept 39311 Id
/
1
1614 1634 1614 164 39.900 Sinclair Cons 011 Corp_No par 15 July 16 2718 Jan 2
1613 163
4 1612 17
1658 17
1858 17
8014 Aug 99111 Fe
Preferred
100 75 Oct 14 91) Jan 21
79 8018 1,909
/
1
4
8114 8034 81
81
817
8 81
81
8118 8118 81
Ii
958 Jan 35 MI
Feb 4
2113 5,900 Skelly 011 Co
25 1718July 17 29
8 21
207 2111 2114 215
3
21
21
22
2134 22
/ 21
1
4
IC
/
1
394 July 63 Di
6,800 Moss-Sbeffield Steel & Iron 100 52 Msy 20 8214 Dec 29
80 81
8
4
783 8011 807 81
80
78
4
'8112 8214 793 82
Se
3914 Aug70 DI
58 Oct 29 9578 Mat 8
South Porto Rico Sugar..
69
.100
300
69
66 . 66 *67 .69
8
697 697 *66 69
8
36612 70
1134 June 274 Felb
18 Jan 12
Minn°'A
3,300 Spicer Mfg Co
14
No pat
14
/ 1413 1453 14
1
4
1414 1412 14
1458 15
1412 15
7
88 Oct 97 5 Fe11)
Do pref.__ _
*9212 96
_
100 78 July 18 92 Oct 2
*911 96
/
4
*9212 96
96
921 *91
92 *90
; *90
.8
/
4
8 3912 401 405 4152 23,100 Standard Gas & El Co_No par 3112May 20 4158 Dec 5 --- - ---- -- -- --•
393
39
3918 39
39
39
3914 39
in
474 July 1234 is
8 6153 6314 45,100 Standard Oil of California_ 26 5512 Apr 21 6812 Jan 26
6338 6212 635
6158 6212 62
63
6353 62 631
44 ?diSr
/
1
4
307 July
3
/
1
4
3714 37 45,300 Standard 011 of New Jersey 25 33 May 14 42 Jan 28
/
1
4
8
373 38
3
3714 373
4 373 38
37 8 38's 3712 38
7
/
1
4
Mar 1 11918 Aug 22 11434, Aug 118 JulIl
4
Do oref non-voting__ _100 1153
1,200
4
11712 11712 1163 117
1157 11612 11612 1161 11634 1163 117 117
8
4
153k 1512 1512 6.800 Stand Plate Glass Co_ _No par 1318 Oct 21 3514June 11
15
16
16
1534 164 1534 16
/
1
155 16
8
6753 ismas
51 June /
1
No pa( 554 Apr 23 6512 Nov 24
6312 6353 6312 0334 64 6418 2.700 Sterling Products
• 6434 65 56413 6484 64 64
74 July 12413 Al911
611 6214 11,900 Stewart-Warn Sp Corp_No par 4812J1,ly 17 10078 Jar 12
/
4
8
6218 6318 627s 643
8 6314 6314 625 6353 6138 62
5912 July 9414 34131
/
1
3,900 Stromberg Carburetor_Nn par 5412May 14 844 Jan 11
6678 67
67
67
6518 66
6434 65
72
7113 72t4 68
423 4378 153.500 Studebaker Corp(The)n w I No 3012May 20 4434 Dec 1
4
4238 4438 43 437
44
4334 4414 4334 4484 43
7 Jan 15 Al
No pal 6 Nov 3 1218 Jan 2
9,300 Submarine Boat
8
/ 9
1
4
834 9
834 9
814 9
814 858
84 814
lb
6% Fi
2 Sera
813 Aug 4
24 Jan 2
No pay
438 41 8.000 Superior 011
438 453
413 41
438 412
412 4'2
438 4'2
Cl
e
4 0
1 June
3 Jan 2
134Sept 8
10
212 212 5.400 Sweets Co of America
/
1
4
212 2
258 23
25
8 25
8
213 212
212 2
/
1
4
1234 F45h
8 June
934 Jan 3
834 Mar 31
No par
5,900 Tenn Copp & C
858 87
87
814
814
814 81
83
4
83
8 81
814 812
8
345 Nov 5273 M,
453 Jar 30
4
43
/ 437
1
4
4334 437
/
4
4312 437
5
8 43 8 441 433 441 54314 433 34,200 Texas Company aim_ 25 3734June 7
5314 July 65 Jg
10 5714 Apr 21 9938 Nov 28
9112 93 24.200 Texas Gulf Sulphur
9158 93
/
1
9214 9312 934 94
97
/ 977 59113 951
1
4
513 Nov 2414 Po515
8 Oct 14 1514 Feb 1
6,900 Texas Pacific Coal & OIL._ 10
1034 111
111
1034 111 1058 111s 11
/
4
1034 12
• 1134 12
ar
94 July 144 AI,
/
4
100 1161 Oct 15 151 Feb 7
500 Tidewater Oil •
12712 129 *127 128 *12712 12912 128 128 *127 128
129 129
3313 Jai 45 MIF
41 Jan 7
3814 39 20.100 Timken Roller BearIng_No par 3112May I
39
3814 3911 3778 3812 3814 39
/
4
3834
3814 387
463 Aug 78% D80
4
72 NOT 24
/
1
4
100 53 Apr 11
7018 711 15,500 Tobacco Products Corp
713
6952 7034 7078 7134 71
7012 715
71
711
s
7818 July 927 Dee
93 Oct g
/
1
4
Do Class A
100 8314Mar 2
7.200
92
9214 921
9238 92
/ 9214 927
1
4
9218 921
92
9214 921
14 Oct 1412 JiID
37
6 Jab 21
/
1
4
3 Apr 15
/
1
4
37
4
4
418
41
418
4
4
4 28,800 Transcontinental 011_-_No par
41
1 14
3572 Aug 42 1)ea
25 3618Serit 8 43 Jan 9
3914 404 40
4114 4014 40% 393 40
411
5,300 Underwood Typewriter
4
4134 40
5 41
50 Oct 7712 M
49
51
4,100 Union Bag & Paper Corp-100 3312Sept 10 8452 Feb 4
47 47
49
*47
48
4712 48
50
' 4912 501
1
11
81 Feb 9915 la:
8Sept 18
100 94 Jan 7 1327
127 127
123 128
5.100 Union Tank Car
128 12814 127 129
122 .4 122 *118 122
108 Sept112 JiSn
100 10614 Feb 18 11834July 23
11252 11212
Do pre
200
*111 114 *112 114 *111 114 *111 114 114 114
29 July 394 Mat
Nova? 20 Oct 23 37 Feb 11
/ 264 3.100 United Alloy Steel
1
4
274 26
/
1
20
2834 29
/
1
27
261 2678 27
/
4
4
i' 283 29
7414 Oct 854 ir,teb
100 71 May 29 114 Dec 5
14,200 United Drug
8
108 1083 10812 114
4
107 107 107 1087 1074 1083 108 108
4814 Feb 49 .11117
50 4812May 3 52 Nov 18
Do 15t preferred
5134 5134 1.000
5152 52
517 52
*5112 52 *5112 52 05112 52
.100 182 Jan 4 22412 Anil 5 1524 Jan 1874 Dee
205 2051s 203 20454 205 20518 *205 208
1,300 United Fruit
/
1
4
210 212 20712 211
-- -- -1 ---- --324 344 34
3232 36
36
32
34
34
2813 3314 89.500 Universal Plpe & Rad_ _No par 13 July 23 36 Dec
,33
/
4
100 4712 Oct 14 691 Dec 3
Preferred
6818 27.800
6978 671s 6914 65
6912 68
6458 6512 6712 67
64
le
20 July 6912 I)
1474 Nov 13
137 14114 31,600 U S Cast Iron Pipe & Fdy 100 64 Feb 27
/
1
13634 14012 13834 140
8
139 1417 13612 1404 136 138
Dv
64 Jun* 37 11,
9912 9934 10012 10013 10012 10012 *100 10012 1,500
.100 A17 Jan 15 1044 Oct 21
Do prat
8
1023 10312 5100 100
4118 3934 4034 63.000 U S Dletrib Corp--.__No par 2112May 8 4118 Dec 4 ---- ---- ---- -/
1
/
1
3 344 3734 384
/
1
3312 334 324 3333 3353 353
100 98 July 18 165 Dec 5
1443 145 *156
13352 140
Preferred
__ 165 165
133 133
1,400
•133 138
25 J,
13% 001
/
1
4
/ 2334 7.00 U S Hoff'n Mach Corp_No par 16 Mar 28 2422 Oct 22
1
4
/ 237
1
4
/ 23 - 8 23
1
4
/
4
234 2312 2314 241 2234 23 *2234 23
/
1
4
60 June 73 M at
8673 Nov 18
/
1
/ 8614 83
1
4
100 8113May 21
/ 8414 8312 8538 8312 854 55,10 US Industrial Aloohol
1
4
s
8532 837 8612 83
85
9514 Junt 101 M at
104 104 *102 106 *102 106 *102 106
Do pref
100 98 Jan 8 106 Nov 15
10
*103 106 *104 108
8815 July 108 M at
12418 12914 128 134
1354 141 5133 14312 92.000 US Realty & ImProv't---100 90 June 9 11312 Dee 5
/
1
/
1
4
4
1167 116% 1163 124
2
/
1
/
1
4
97 Aug 1084 M at
100 June 9 143 Doe 5
/
1
4
5
Preferred
•116 11812 1165 124 124 12834 12812 13312 135 14034 513212 143 39,50
3052 Oct 6472 M:at
40 26,00 United States Rubber
/ 393 393
1
4
41
8
4 39
383 3012 3918 39
4
100 2212May 22 4278 Jan 12
4614 4034 39
70% Oct 105 Jan
953 Dec 5
2
100 664may 28
9438 95
/ 943
1
4
9414 93
9312 941
/ 8.600
1
4
94
/ 94
1
4
Do let preferred
/ 92
1
4
92h 92
/
1
4
18 Oct 43 MCar
/
1
4
3612 37
3634 371
3634 37
3634 3753 8,500 US Smelting, Ref & Min
50 1812 Mar 26 38 Dec 1
36' 38
3014 37
484 3an
/
1
3813 Dee
457 461
46
*45. 46 *45
46
Do pref
50 3712Mar 22 4612 Nov 20
400
*454 46 *4512 46 *45
8512 July 1094 NILa;
4
8
8
8
11738 11838 11612 11814 116 1174 11653 1177 1165 1175 1167 1181 186,400 United States Steel Corp 100 941 June 6 11912 Nov 26
Do pref
100 1184 Feb 1 123 July 23 111113 Aug 1234 Jan
1214 1217 12114 1211 12138 12113 12112 1213 12112 12134, 5.700
1217 122
5512 Oct 71112 3.1
4
8452 84341 2,100 Utah Copper
82
8218 8234 831
8112 811
811
10 64 Jan 18 841 Dec 5
81
8034 81
14 Oct 2432 3
3612 3734 16,900 Utah Securities
106 16% Jan 4 3314 Nov 28
377
2 374 3734 3713 371
37
2
36tz 3772 367 38
24% July 4452 NLai
/
1
303
s 8,500 Vanadium Corp
8 2914 294 29
Nova
, 1912.1une 9 3312 Fet 11
8 2812 2914 2912 295
2834 305
304 301
614 June 27 P1eb
10 Jan 11
/
1
4
2
/ 27
1
4
34Ju0e 10
238 2
/ 7,400 Virginia-Carolina Chem__100
1
4
258
278
258 278
/ 278
1
4
2
7
25
8 2
17 June 89 NEat
/
4
212June 9 341 Jan 2
1118 1218 1038 1214 1218 13
Do pref
100
11.900
1012 113
1014 11
1018 101
23 NEar
12 Oel
/
1
4
93,
434July 12 15 Jan 10
No par
6,100 Vivaudou(V)
915 914
912 91
01s 952
*914
94 91
8
914 93
1458 Junc 20 M
:ay
/
1
No pat 14 Apr 29 20 Nov 7
/
1
194 194 1938 19% 1938 1912 34.300 Waldorf System
1914 193
7
18 8 197
18
/ 19
1
4
1214 Jan 183 I
8
174 1834 1734 1852 1778 183 40.200 Weber & Reilbroner---No Pat 1412 Nov 19 1912Mar 15
s
1618 171
17
16
1512 153
/ 121 *1238 1212 2,400 Wells Fargo
1
4
5 Oct 1 121:Nov 20
1
1232 123s *12
8 1214 121
1238 128
1214 121
11614 ii 758 11612 11714 5.500 Western Union Telegraph_100 105 May I 11814 Nov 14 10113 July 119% I
Feb
116 117% 11612 1161 116 11614
11614 117
76 July 120 1
Feb
105 10814 6,400 Westinghouse Alr Brake___50 84 Jan 2 10314 Dec 5
10312 1051 10412 1051 104 10478 10414 105
10478 105
52 June 87 1Feb
/
1
4
66
6932 49,400 Westinghourt Elec de Mfg_ 50 5518May 15 75 May 17
/
1
4
6538 .6553 657
4
65 652
8 643 6538 65
648, 654
20 Oct 3032 hfat
No pai 2313May 12 2952 Feb 6
2633 2612 5,800 White Eagl, 011
2618 2612 2614 263
2612 261
2612 267
264 263
/
1
45 June 607 3(
8812 6934 17,700 White Mo or
50 5012 Apr 11 7018 Nov 18
2 fat
6714 6734 6718 6834 8812 691
6712 68
6734 881
2 Dee 14 1Feb
5 Jan 11
s4 Oct 20
11 114 4,600 Wickwire Spencer Steel
/
4
/
4
5
/
4
114 11
118 11
114 11
114 11
118 138
5 June 111 I
6
/
1
4May 17 1414 Jan 18
10
25
1012 89,800 WIllye-CT erland (The)
/
1
104 101
/ )ec
4
104 1018 1012
/
1
10
191 11
/
4
10
103
424 Jan 83 /
100 6112May 16 88 Jan DS
Do /ref
743s 7212 7334 33.900
/ 73
1
4
711 73
/
4
lee
/
4
711 731
71
7258 7214 741
No pm
41
8may 16 28 Jan 9
19 June 42% hLa,
6
/ 712 11,600 Wilson 4 Co Inc
1
4
613 7
613
6
gi
6
/ 63
1
4
6
61 61
/
4
13,700 Woolworth Co(F W)n WI 25 7212 Apr 10 12012.Inae 30
111 11218 112 1123 112 114
1144 11484113 1141 112 113
/
1
47
/ 491 15.700 Wortbmgton P & M
1
4
1978 Oct Oil; jeb
100 2314June 9 504 Nov 17
/
4
4618 5014 4814 491
4614 47
4718 48
464 477
/
1
/
1
4
9 3May 15 17 Dec 4
3
1634 17
814 Jan 134 btoe
13,500 Wright Aeronatulcal___No par
164 171
/
1
164 1512 17
/
1
14% 141
15
1438 17
No pat 85 Apr 22 4512 Nov 19
4354 43
8754 Dec 4134 1
/ 1,500 Wrigley(Wm Jr)
1
4
/ 4312 433
1
4
4312 43
4312 44
43
/ 44
1
4
4312 431
37
38
8,300 Yellow Cab Mfg tern ctfs__ _10 32 Nov 26 8553 Mar 27
3884 3712 3638 371
373 30
4
3712 388
3812 371
6718 6738 1,000 Youngstown Sheet& T-NO pat .593 Oct 27 ,7032_Aug 20 - - Oct "iii
671
4
8 67
63
6714 673
6738 87
/ 8738 673
1
4
s 67 67
Jan
•
•Bld and asked vice: 120 sales on this day. z Ex-dlyidera . a Ex-new rights, is No par.
2630
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jon. 1 190915. Exchange method of Quoting bonds was changed and prices are now "and interest"
-except for income and defaulted bonds.
BONDS
N Y STOCK EXCHANGE
Week Ending Dec. 5
t
Price
Friday
Dec. 5
weer.
Range or
Last Sate
U. S. G
High No.
All Sow
BM
FRG Liberty Loan
334% of 1932-1947
332101.42 540
J D 1003032 Sale 100.
Cony 4% of 1932-47
101.
6sNov24 J D 1011122
Cony 452% of 1932-47
0
J D 10123,, Sale 100 93101342 249
2d cony 434% of 1932-47
5
Sale 1014, 101 1132
J D 101
Second Liberty Loan
413 of 1927-1942
2
MN 101432 Sale 101431 101'1:
Cony 432% of 1927-1942
1013n 2348
MN 101.32 Sale 101
Third Liberty Loan
,
S 101.32 Sale 101 32 102.12 2198
434% of 1928
Fourth Liberty Loam.
-Sale 1012632 102.32 3971
AC 102
431% of 1933-1938
33,1051.s 3329
Treasury 434e 1947-1952
AO 1051.32 Sale 104.
29 consol registered
1033 Sept'24
4
41930 Q
28c0n801 coupon
1023 Mar'24
8
41930 J J
Panama Canal 3s gold
9712 Oct'24
1961 QM
State and City Securities.
3
NY City-44s Corp muck _1960 MS 10014 Sale 10014
10012
1984 MS 10114 102 10112 Nov'24
4348 Corporate stock
43(8 Corporate stock
1986 AO 10114 101711 10238 Oct'24
10618 Sept'24
34 Corporate stock
4
1971 J D 1053
1134e Corporatestock _July 1967 J J 10512 10612 1064 Sept'24
8
h Corporate stodc
1965• D 10512 10614 1065 Nov'24
4%e Corporate stock
1963 MS 10512 10614 106 Nov'24
4
% Corporate stock
983 953 Nov'24
s
1959 MN 98
7
8
984
4% Corporate stock
983 983
8
1958 MN 98
2
983
2
983
8
% Corporatestock_ _.
,
1957 MN 105 4
98 Nov'24
4% Corporate stock reg1956 MN
105 4 Nov'24
3
834% Corporatestock___ .1957 MN 10524
2
1053
4 1053
4
834% Corporate stock
1957 MN 105 4
,
883 Nov'24
4
84% Corporate Wok__.1954 M
10212 Aug'24
New York State Can Tm 411 1961 .12
1
111
111
Highway Improv't 430.A963 I S
Foreign Government.
1023 251
4
argentine(Govt)7e
1927 FA 10214 Sale 10214
825
8 34
Argentine Tme.asury Se L. _1945 MS 82 Sale 8113
9512 6075
Sinking fund 6s Eler A._ _1957 MS 95 Sale 95
97
228
/Woman ((loco 8 f7s
1943 ID 97 Sale 9614
Belgium 25-yr exta f 734a g.1941 J D 10912 Sale 10912 11014 80
10012 28
6
-year 6% notes
Jan 1020 .1 .1 10018 Sale 100
1941
10734 30
10712 Sale 10714
96
147
25-yr ext 630 temp recte_1949 M S 9512 Sale 9512
112
5
Bergen (Norway) ef 8a____ 1945 M N 11118 11212 11114
9758 30
25
1949A 0 9714 Sale 97
-year a f 6s temp
Berne (City cf) *18*
194551 N 11012 Sale 11012 11134 44
110
93
Bolivia (Republic of) 8a___ _1947 M N 9212 Sale 9212
873
4 49
Bordeaux (City of) 15-yr 66_19284 M 14 8718 Sale 87
99
97
1941 J 5- 9612 Sale 9812
Brash,U external 8a
823
4 38
78 (Central Ry)
1952 .1
8214 Sale 8214
10212 27
734s(Coffee secur) £(flat) 1952 A 0 102 103 10114
954 54
Buenos Aires(City) ext 630.1955 J J 95 Sale 95
Zama
Since
Jan, 1
BONDS.
N. V.STOCK EXCHANGE
Week Ending Dee. 5
8-8 4
:
Price ! Wears
Friday
Range or
Dec. 5
Last Sale
Jaw&
Sims
Jas. 1
Low
High
Ast Low
High
Bid
88
(tab Top & Fe-Gen g 46_1995 A 0 89 Sale 89
914
89
/ 211
1
4
7912 85
tdJuatment gold 48
837 8234
8
827
2 11
51995 Nov 82
794 85
23
Stamped
83
51995 Nov 83 Sale 8258
81
86
2
Cony gold 48 1909
1955) D 814 Sale 814
81,
4
.98,• 4s 1905
80
/ 875
1
4
83 Nov'24
1955 J D 8212 83
815 83 8
Cony g 4a issue of 1910
s
1980 J D 8112 813 821/ Oct'24
,
4
9826,, 1022634
9514 9918
1
11:411401110 DIV 181 g 48
983
4
4
983
4
19283 PR 8 983 99
8514
98.41 102
80
9
Rocky Mta Div 15t
8412
_ _1965 J
835 8514 8412
8
831s 89
trans
-Con Short L 1st 48_1958 J .1 875 Sale • 8712
8
873
4 12
99
03, 102.4,
9012 95
1
Cal-Arla let& ref 430"A"1962 M 8 913 93
92
92
4
Atl & Birm 30-yr 1st g 45___e1933 M
70
86
843
4 18
845 Sale 844
8
98133, 103 All Knoxv dr CDs Div 4s
81
90
1955 M N 8918 9112 89
893
4 34
99033 10743 Atl Knoxv & Nor 1st g 5a
8912 103
10134 ____ 10211 Nov'24
1940 J
10312 1033 All & Charl AL Mt A 430 1944 J I
4
913 96
4
/
1
4
9614 Nov'24
1024 10238
/
1
96 103
1st 30-year 58 Series B_ _ _ _1944 J
8
102
102
102
934 9712 All Coast Line let con 48_91952 M S 89.8 Sale 894
8612 93
/
1
4
903
4 17
10
-year secured 7s
6
1930 M N 1073 10818 10734 10818 34 106 108 8
4
98 1013
/
1
4
4
General unified 430
8614 9334
9214 22
1964 J D 9112 Sale 91
995 1023
8
4
L& N coil gold 4s
813 877
8
8
864 99
2
81952 M S 867 Sale 8612
993 1023 Atl & Danv let g 4a
4
8
734 8014
2
77
1948.1 .1 75
773 77
4
1053 10714
4
254,
65
6912
1
65
19482 .1 65 Sale 85
4
10234 1063 Atl Yad 1st g gUar 48
68
804
783 77 Nov'24
8
1949 A 0 76
103 1064 A & N W 1st gu g 58
9612 1004
19413 .1 98
984 10018 Aug'24
1023 107 Bait & Ohio prior 3348
4
9614 190114
24
100
8
1925 J J 997 100
997
2
945 9912
8
Registered
96 1004
997 Sept'24
8
100
51925 Q J
945 993
8
8
Mt 50
-year gold 4s
8114 897o
104
51948 A 0 864 Sale 8614
87
964 993
4
Registered
80
887
4
1
51948 Q J 8514 88
8514
85 4
,
948 9812
8
10-year cony 4348
8214 9014
252
1933 M S 897 Sale 893
90
8
2
10315 1064
Refund & gen 52 Series A _ 1995 J
133
8912
103
855 Sale 8514
8
86
1027 10612
8
1st g 5s int Ws
9914 101
280
1948 A 0 997 Sale 997
8
8 101
8514 908
8
10
-year (Sm.__
8
1929 J J 1023 Sale 025
4
8 1027
8 75 10018 1037
10212 1033
4
Ref dr gen 68 Ser C temp_ _1995 .1 D 1013 Sale 0112 1013 209 100 1015
8
8
2
111 1127
s
P Jet & M Div 1st g 330 1925 MN
9514 100
993
4
993
4 26
P LE&W Va Sys ref 42 1941 MN 8434 Sale 8412
26
79
8512 17
10034 10314
Bouthw Div he geld 330.1925
9612 1054
9934 Sale 993
4
997
8 16
78
84
Tel * flit, Div 1st ref 48 A-1959 .1 J 6912 Sale 6812
mg 70
695* 95
89I3 96 Battle Cr & Slur let gu 38-1989 J D 5914 6112 62 Aug'24
62
06
854 98 Beech Creek let gu g 4a
9012 9318
1
19363 J 9212 --__ 9212
923
2
97 111 Beech Cr Ext Mt g 3541_51951 A 0 763
774 774
2
7714 May'24 -961 101
4
Big Sandy 1st 4e
1944 J D 8412 87
8078 847
8
8478 Oct'24 -97 109 B dr N Y Air Line let 4s
1955,F A 6578 674 67
694
81
673
11
9
9414 9812 Bruns &W lot gu gold 48-19381.1
8812 9218
9158 93 92 Nov'24 _1118 115
Buffalo It a, P Neu lora os 1937 M S 102
____ 102
1 1011 103
102
96
98
Comm!4349
_1957 M N 8712 Sale 87
8612 904
8712 243
108 11212 Burl C R & Nor let 59
9534 10118
8
1934 A 0 997 10612 100
100
2
85
94 Canada Sou cent gu A 5s_ _ -19621A 0 101 14 Sale 10011 10114
974 102
3
87
91
1163 1163 1165
8
Canadian North deb a f 7e 1990 J
4
8
11712 37 111 1174
91
9912
25-year s f deb 8348
4
1173
8 43 1103 11/02
194612 J 11714 Sale 1174
76
88 Canadian Pac fly deb 48 stock _ .1
7812 824
4
7912 Sale 794
7978 272
94 104 Carb A Shaw 1st gold 46 _ _1932 M 8 923 9412 94 Sept'24
90
94
4
94
97 Caro Cent lift con g 4e
7078 83
2
82
8112
82
1949J J 81
/
1
2 10132 24' 9258 1014
Caro Clinch &0 let 3-yr 59.-19381J D 101 101 14 1003
995 1014
8
°sonde(Dominion of) 558,1926 A 0 10034 Sale 10012 10034 548
1531 96 107
8
107
(le
19523 D 107 Sale 1063
8 102
33
994 1035 Cart & Ad 1st gu g 4a
8
fie
1931 A 0 102 Sale 1015
8.418
81
84
8312 Sept'24
19812 D 82
117 1004 10484 Cent Branch U P let g 4a _ _1948 J D 73
8 103
1929 F A 10212 Sale 1023
10
-year 514e
67
14
76
754 754
76
61
8
9914 10414 Cent New En g let gu 41
1952 M 1,, 10212 Sale 10238 1027 207
503 67
4
6518 10
6512 6518
1961 J .1 65
97
13
9414 99 Central Ohio Reorg 430
1954 J J 9512 9712 96
9758
Carlsbad (City) e f 86
8
963 9912 975 July'24 ----: 90
4
1930.M 5
4
Oldie (Republic) ext a f 86_1941 F A 1053 Sale 10514 10618 32 102 10912 Central of Ga let gold 53-_91945'1 A 101 18 __ 101 Nov'24
99 102 s
7
7
8
8 28 1023 1055
8
984 111112
1926 A 0 10338 Sale 10314 1037
External 5
-year 8 f 8s
19451M N 975 _ _ . 994
8
Consol gold 5a
993
4
9
1942 MN 983 Sale 9812
4
9912 155
94
20-yr ext 78
9912
1025
8 39 Del 104
6a
June 1029) D 10214 Sale 102
10-Yearsecur
1946 M N 10612 Sale 10614 1067
20 102 107'4
8
24
-years 1 88
96 100
993
4 50
Ref & gen 530 ser B____1959 A 0 993 Sale 984
4
4634 23
39 4 4712
,
Chinese (Hukuang fly) 58_1951 .1 D 4612 Sale 4558
7812 84
84
Oct'24
_
Chatt Div pur money g 41, 1951 ▪ D
obriatiara.(City) P I Se__ .1045 A 0 110 11014 110
11012
8 107 113
95 4 971a
,
957 July'24 8
2
Mac & Nor Div let g 5s_ _1 9 6 J J 987
1947
4
1954 M S 98 Sale 963
26
80-yr.168 Int Ws
98
964 98,
4
8
_ 94 July'23 ---Mid Ga & All Div 5s
J 95
Colombia (Republic) ti)as_ 1927 A 0 9918 Sale 994
993 147
4
943 100
4
"ixi- IOC
____ 100 Nov'24
Mobile Division 53
1916 ii 100
8714 404 Cent RR & 80? Ga coil g 581193 MN 993 Sale 993
-year 816348.1944 J .1 9412 Sale 9412
Copenhagen 25
9514 60
91% 99%
1
5
8
993
2
19 7
8
1944 M El 96
Cuba 58 of 1904
9612 9814
9614
2
933 96, Central of NJ gen gold 5s___1987 J 2 107 Sale 107
4
2
1073
4
5 um% 109
Enter debt 5e 1914 Set A.._1949 F A 9612 973 9612
4
973
4
6
89
4 102% 10212
9744
Registered
8 1065
8
8
• J 1065 ____ 1065
F A 87
1949
Exteanal loan 430
86
2
7914 89 Cent Pat let ref itti g 48
8812 86
8914
85
8
1949 FA 873 Sale 874
874' 55
1953 J J 964 Sale 964
514s
967 169
8
9112 974
91
9614
9514
9512- 17
819292 D 951/ 96
Mtge guar gold 348
Oseehoslovak (Repub of) 89 1951 A 0 10012 Sale 100
10012 61
94 1013
4
Through St L let gu 41,_ _1954 A 0 86 Sale 88
817 87
4
86141 14
Sink fund 8e Ber B Int 900.1952 A 0 10012 Sale 100
10012 76
9712 101 12 Charleston & Savannah 78 _1936 -1 J 1164 ____ 11538 Feb'24 -- 11514 1153
2
.
.1940 F A 1093 110 10912 10912 14 1064 Ill
Danish Con Municip 88"A"
4
97 1017
8
8
lmpt 58_1929
J 100 1017 994 Nov'24 -Ch
1946 F A 10978 1107 109
Series B a 1 88
8
110
6
994 103
102,
ld 51
1939 M N 10218 103 102
4
9
Denmark external a 1 fie_._ _1945 A 0 11012 Sale 11012 11114 48
98 101
1939 M N
101 Nov'24
1942 .1 2 100 Sale 100
934 1014
20
-year 6a
101
125
General gold 4349
844 90
89 1 43
1992 M S 8834 Sale 8818
Dominican Rep('on Ann)a 158'58 F
10112 10218 1014 10178
5 100 1014
Registered
835 8614
8
857 8712 8614 Oct'24
2
Custom Administe 530_1942 M El 91
92
91
92
31
853 944
4
9512 119, 88 4 961
-year convertible 430_ _19 0 M A 95 Sale 95
1 3 F S
9
2
20
,
,
DORI) East Indies ext tie__ 3947) 2 9814 Sale 977
924 9812
8
9812 138
30-year cony secured 5s
1946 A 0 102 Sale 10012 10314 2432' 887 10314
8
9212 984
-.......1962 11,11 g 983 Sale 977
40
-year 68
8
8
9812 114
Craig Valley lets 58
1940 2 .1 99
993 993 Nov'24
4
9314 9934
4
30
1953 M 8 9114 Sale 903
-year ext 5158
8512 91,
4
2
9112 73
Potts Creek Branch let 481_1946 J .1
4
78
83
83
823
4
1953 MN 9138 Sale 903
853 924
8
9138 298
30
-year ext 530
4
K & A Div let con g 48___1989 .1 J 8412 85
7912 85
8412
8412
1
924 109
8
106
387
Rama sepub a.8-yr ext 68_1944131 S 1053 Sale 105
2d eoruml gold 4.5
1989 .1 J 78
78
895
8
80
817 Nov'24 -8
4
012 10514
20-yr external Imo, 7 1 2. 1941 .1 o 10018 Sale 1004 10012 293
9
Warm Springs V 1st g .515-1941 M S 9612 9812 95 July'24
95 95
9414 944 Chic * Alton RR ref 53,. .11149.40 6212 Sale 624
External 7e of 1924 w I___1949 J D 9418 Sale 94
943 3411
4
56
63
/
1
4
6212 53
1 1+40 M S 87 Sale 863
8512 91.z
r1111P•011 I Reo exi no,
41
4
8714
Certifs dep stpd Oct 1924 lea______
54
81
594 Nov'24
955 2769
8
German eat') loan 78w I.... _1949 A 0 9533 Sale 95
92
4 9514
6013 ---- 607 Nov'24
Certif deo strnpil Apr 1924 lot
5312 81
8
8
8 1063 389
Gt Brit & Ire' t uft of, 5340.19371F A 1057 Sale 057
4
9
84 107
Railway first lien 354s. _ _195u J 1 4734 Sale 483
an 487
100
4
48
A 115 Sale 11334
1929IF
7884 &Vs
11538 644 10618 115 Chic Burl* Q-111 Div 3341.19431 Ji 8112 823 8112
/
1
4
10
-year cony 530
8158 32
4
1952INI N
9178 Sale 913
8
9112
9212 36
764 934
Greater Prague 730
Illinois Division 42
1941)2 J 1 90 Sale 8914
86
90
28
88 2 93
,
4
Haiti (Republic) its ------1952'A 0 913 Sale 91
9212 65
Nebraska Extension 48 _1927 M NI 98
964 10112
9912 9912 Nov'24
7
9
s
4
8814 285 : ig,i
Homan moo on 21 748w I'44 F A 8814 Sale 873
General 4s
91
1958 M S 883 Sale 883
85
4
18
89
4
Ind Dana of japan 6% notes 1927 F A 9914 Sale 99
7
1st & ref 518
9914 57
967 1023
8
4
101 18 Sale 101
10112 143
100 Sale 00
10018 171 i184 101
Chic City & Conn Rya 5e
IS21
7: :
Italy Dallied of) der A drys 194.,
47
554
5312 Sale 4812
5312 25
755 84 Chicago & East Ill let 6a__ _1934 A 0 1063 ____ 1063
8
2
83 4 191
3
Japanese Govt.loan 411 _ _ 1931 J J 8314 Sale 823
8
4
4
1063
4
1 10414 1087
1954 F A 915 Sale 9112
8
489
884 9338 C & E Ill RR (new co) gen 58_19.51 M N 7714 Sale 75
92
094 7812
Temporary a 1 g 634 __ _..
4
773 1059
81
91
35
87
Chic & Erie lst gold 58_ _ _1982 M N 993 _
Oriental Development 6s_1953 M 8 8512 Sale 8512
8
9812
994 14
2
917 100
7218 91
4 42
873
-year 6e_ 1934 M N 8714 Sale 87
Chicago Great West 151 411_1959 M S 617 Sale 613
Lyons (City of) I5
50
82 4
1
8
471
8
62
N 874 Sale 87
877
8 44
724 91
Chic Ind & Lottisv-Ref its,.1047 I 1 10734 1094 1018 Nov'24
Malachias(City of) 15-yr 88.1934 M
I051, 111
8
20
1712 2012 20 Sept'24 ____
40
liexicad Irrigation 448-1943 MN
Refunding gold 8511
1947 2 .1 9914 ____ 100
9138 100
Oct'24
20
44
40 Nov'24 __
6112
1945 Q J 36
Mexico
Refunding 48 Series C....1947 J J 8512 87
-5a 01 1899 £
8158 85 8
7
8512 Oct'24 1
23
18
1954 J D 19 Sale 19
30
Gold debt 48 of 1904
General 55 A
8112 871
4
87
9
8612
31
854 93
90
1952)_ 1. 8912 Sale 8912
General 6s.B
cl g13 M N 1024 Sale 10158 10214
Montevideo 70
a f1
J
9512 10212
5
103 Sale 10218 10314 138
893 10314
4
Ind & Louisville 1st gu 49_1956 .1 J 77
Netherlands 09 plat prie.90_ 1972 1.11 8
8
71
78
991
4
7812 7714
30
-year external 64 mon__1954 A 0 1013 Sale 101
98 103 Chic Ind & Sou 50-year 48_ _1958 .1 .1 8612 ---- 8613
8
1013 318
4
8212 88
863
4 18
4
8
1123
8 39 1095 1134 Chic L S8 East let 430_ _1989
Norway extereal e f 8a__ .__ 19418 A 0 1123 Sale 112
D 9212 95
817 93
s
93 Nov'24
991. CM A Puget Sil let gu 49._
914
4
8
983 142
8
. ___ 1943 F A 985 Sale 983
20-yr eat' 88
_1949
J 5812 Sale 5712
48
60 4
1
5914 182
4
983 326
4
97
99 co M & St P gen g 4s Ser A _el989 3 .1 734 Sale 7212
20
-yea;external 66 lot et18.1944 F A 983 Sale 9814
683 75
4
14
7314 28
4 1/
.
983
4
1111 44
0112
1952 A 0 983 Sale 0814
General gold 330 Sec B__e1989
1 63
6114 6514
6114 Oct'24
4 85
4 100
8
4
92
99
General 430 Series C____e1989
Panama (Rep) 534* tr rects.1953 1 I) 993 Sale 993
78
84
J 8214 Sale 8214
827
8 44
96
9612 953
4
Gen & ref Series A 430..92014 A 0 55 Sale 53
Porto Alegre(City of)138_._ 1961 J D 95
4814 5714
554 148
4
Gm n ref cony Ser B Se__ _92014 F A 5912 Sale 583
Queensland (State) ext 8 f 78 1941 A 0 10912 Sale 10918 1095s 18 1044 1103
52
621s
8
605 142
4
9912 104
1035
8 30
1947 F A 10312 Sale 103
Debenture 430
1932
D 8214 Sale 5912
35
5112 66
-year 8s
6234 295
4
9812 125 :78 999934
Debenture 4e
Rio Grande do Sul 88__ ____ 1940 A 0 963 Sale 96
1925
D 7812 Sale 765
63
867
a
1-5
7912 1081
8
78
95
RIO de Janeiro 25-yr s 1 86... 1941 A 0 9412 Sale 94
25-year debenture 0
1934 J .1 583 Sale 544
47
60
1s
4
5714 154
87
9334 34
974
0 933 Sale 9338
4
Chic & Mo Rio Div 5a_ _ _ _11128 .1 .1 97 Sale 97
1047 A
25-yr extl 88
90 100
9734 13
73
98 102 Chle & Nwest Ext 45__1836-1926 F A
4
'
963 997
8
1
Rotterdam (City) external 681964 M N 1003 Sale 10012 102
994 997 997
8
8
997
8
1
12 1 2 104
:
9918
Registered
El Salvador (Rep) 8e.,.._ 1943 8/ .1 103 Sale 0212 103
96
1888-1926 F A
984 ____ 984 Nov'24
9812 14
' 102:2
4
Boo Paulo (City) s f Lts_.___1952 SIN 9812 Sale 98
General gold 330
69
/ 78
1
4
73
3
734 733 73
8
94 103
1004 44
/
1
General 9s
San Paulo(State)ext a f 8a__1938 .1 J 10014 Sale 00
80
861x
854 21
85 Sale 8414
79
97 2
,
923 174
4
8
7
Belne(France) ext 79
1942 .1 J 92 Sale 917
7952 88
1987 M N 8312 Sale 833
833
4
8
631 90 2
: :
873 139 1017 106 4
4 92
nt g; d
St
GeneralIfud stamped
l,
a 4
95 105
14
Serbs. Croats & Slovenes 815_1962 M N 87 Sale 8612
10338 10478 10312 Nov'24
431
8934
7
6
8812 61
99 105
Salmons(City)Re
10 e M N 88 Sale 88
,
__ 1004 Nov'24
1879-13N l' 0 104
Al 4
10412
963 10012
4
Sinking fund 55
Sweden 20
1939 .. 77 104 Sale 04
1879-1929 A 0 10012 ----100 Nov'24
-year fis
995 31 5
8 22
96 1044
8
Registered
8
External loan 5348Inter ctfa '54 51 N 995 Sale 9912
10012 10112 1007 Nov'24
40 3114 118
frft/ 102
116
Sinking fund deb Es 1879-193 MN 10012 101 1004 Nov'24
Swiss Confedern 2o-yr 8,8m 194( J J 115 Sale 115
199
23
. 4'z 1011%
993 99 2
4
10112
9814 1074
A s
8
Switserland Govt ext 51 8 -190 m 0 101 Sale 101
2
1933 M N 903 ____ 10012 10012
1
5913 86 4
8
,
8612
10
Tokyo City Se loan of 1912
10814 29 10414 1094
Sale 66
-year
66
76 g
10712 Sale 10712
98
984
974 21
Trondhiem (City) esti 6349_1944 J J 9712 Sale 9714
11112 Sale 11112 11112 67 10518 1124
0 14
9
15 18114 11013734 ChitYear 9ecur a a ge- 12 .1 1:4 834 Sale 834
l negi e106
R It redratiwle g-n 4e198 i'141 .1
8358 30
P
7814 84
Uruguay (Republic) ext 88_1946 F A 1054 Sale 10514
8
1
8
8
8114
767 88
Zurich (City of) a f 8a
8
8114
.1 .1 824 84
/
1
4
1945 A 0 11014 111 11014 1105
708
85
8
Refunding gold 48
8
Railroad.
845 Sale 845
734 85
1e
6
95 4 10011 Ct3ic ld 3442 NO gold 5e__Ial. IS 1013 ____ 1014 10112
1
Ala tat Sou let cone A Ts__1943 2 D 1007 ____ 10014
Go St 1. 48 N
99 10174
1
1
1
4
8
1004
102
4
983
804 ____ 784 Oct'24
Ala Mid let guar gold 5s... 1928 M N 101
1
101
77
____ 101
7814
Alb & Sum] cony 314s
5
79
83
Joint let ref 6e Series A1 3 ..T D 9618 Sale 961
97
77
8
81.4
95
94
96
1946 A 0 8114 Sale 813
1961 j D
1
80
84
Mktg & West lat a 4s gu
9512 June'24
8312
95
14 904
1998 A 0 82 ____ 8312
R1234 93
Mele pht gla rat g ti...._1951 .1 i
Do
Alleg Val gen guar If 41
883 Nov'24 __
4
er v
g 8212 8512 823 Oct'24
4
92
.
Mae 85
1942 14. 8 91
_ Inn.. 83.ot.94
Ann ,••••••• •.•
15
_
57
R512 OR' L k P let emu g ,
Qv, no%
c(i. ' 9 A 0 mitt
'
6
' , ' 64 F3,1^
•'
9"
•
I66-6. a Owe Jan. il Due April.
Due Oct. ft Due Nov. I Die Dm. I Option eel..
Due May. •Due June. 11 DM AO. 8Due Aug.
Low
High
98.
131.102.33
98.73, 102144
980321023
.s
981421020n
im 112, -ie"..4"itoligddnuf o
1z
8
A'
nii:
IM 'A Li
2631
New York Bond Record-Continued-Page 2
BONDS.
N.Y. STOCK EXCHANGE
Week Ending Dec. 5
Price
Friday
Dec. 5
Week's
Range or
Last Sole
I 41_1
g
CO
Range
Since
Jan, 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Dec. 6
Price
Friaog
Dec. 5
Week**
Range or
Lass Bale
Fm
COM
Rants
Sines
Jan. 1.
High
litos No Low
Ask tor
fligh Illinois Central (ConcludealBici
Moe1 No tote
Ask Une
Rid
69% 72%
7014 Nov'24 --__
8
10518 14 1013 106
Litchneld Div let gold 36_1951 .1 J 7014 71
Chic St PM & 0 cons 68-1930 .1 D 10518 Sale 105
73% 924
7
744 80%
Louise Div & Term g 34131953 ./ .1 7812 8012 7812
7812
Cons (ht reduced to 3411__1930 .1 D 917
924 Nov'24 ____
8
4
681 72
4
9812
8
9312 993
8
4
4
Omaha Div let gold 38___1.951 F A 703 72.2 703 Nuv'24 ____
4 9814
Debenture 5e
1931 M el 973 -.- 973
7012 81
81
Oct'24 ---76,4 82
litt LOMB Div & Term g 38-1951 .1 .1 7014 72
4
Chic T II & Se East 100 58-11 ' 2 D 793 Sale 783
7953 36
8
1,1
75% 8212
1
7934
793
Gold 3 4.3
5712 6412
1951 .1 1 795 80
6412 81
Inc gu be
8
Dec 1 1960 M 9 637 Sale 634
7558 82
92
38
893 94
8
Springfield Div let g 348_1951 J ./ 7818 82 82 July'24 ____
Chic Un Sta'n 1st gu 445 A-1963 J .1 9114 Sale 911
3 87%
2
8612
4
83
61
10112 54
97 1024
Western Lines let g 48_1 1 .T I 8 ,4 744_ 8614
2 14 F A u1 s2
1
10112 Sale 101
1903 4
let be Series is
85
85
____ 85 May'24 ---35 1145 11/04
8
Set ft 4se Series C..
aegletered
117 Sale 1163
4 118
__ 1963 I .1
104 4 10512 Ind III & Iowa let g 45
4
____
Chic & West Ind gen g 613_..e1932 Q M 1054 ____ 10512 Nov'24
8
9344 101
8
6
88
'8
7714 63
8
7112 7814 Ind Union Ry 5s A
19653 J 10014 1003 10914 Nov'24 --- 4
1952.1 J 7714 Sale 763
Consul 50
-year 4s
4018 714
8
7114 1576
s
1935 M S 10318 Sale 103
10353 28 101% 404% Jut & Great Nor adjust 68_ _1952 .1 J 695 Sale 653
16-year s f 74s
90% 102%
1095 110
94 100,
4
let mortgage(lecertifIcates1952 2 .1 10014 Sale 100
8
Moe Okla & Gulf cons 58...1952 M N 997 101 100 Nov'24
70
56
5012 38
8512 04, Iowa Central let gold 5s---1938 1 D 5912 Sala 56
2
9312 __ 94 Nov'24 ---1937 .1 J
Ole B & 14 26 gold 448
1518 26
22 . 17
4
8253 91
905
8
905
8
1951 M 9 21 18 2253 2112
/41936 Q F 9
Refunding gold 48
0
CI St L&C 1st 848
8314 S9
9112 9112 James Frank & Clear let 48_1959 1 D 8514 ____ 8714 Nov'24 ---9112 Sept'24 ---81936 Q F 804
Reidstered
99 100
86
8918 Ks A & G tt lst gu g 58..___1935 J 1 9912 104 100 Nov'24 ____
4
CM Lob & Nor gu 45 g
1942 MN 863 16- 87 Nov'24 ____
lgtt Oct'24 --ii
1990 A 0 8018 8.134 801
.
1928 J .1 99
IX:
Cin B & Cl cons let g 58
6
11 IN
9
"
5
89'
1
100 I
1( 4 8 Ke6 A
5
4
2 2Zeis le g 48
n
1927 2 J 100 102 100
art u
Cleve Cm Ch & St L gen 45_1993 .1 D 8312 Sale
9 10012 104
10318
6
8214 98 2 IC C Ft S & M cons g 6s_ _ -1928 MN 1031s 103% 10318
,
8
963
8
8
1931 J J 965 Sale 965
-year deb 445
90
8
7312 827
97% 10414 IC C Ft 9 & M Ry ref g 4s..1936 A 0 82 Sale I 515
8
8214 117
1993.1 D 10212 ____ 10312 oa,..24 ____
General 5s Series B
8
10312 42 1004 104 K C & M R & B let gu 5s__1929 A 0 9818 9302 9818 Nov'24 ----I 94, 98%
Ref & imot Os Series A-1929 .1 J 103 Sale 103
7l7
s
71 1
3 67
1941 J 4 10512 106 1054 10514
1 1013 1074 Kansas City 9uu let gold 38_1950 A 0 7918 7012 7014
65 series C
88
91
94
8914 50
9578 131
9612
Ref & impt 55
1963.1 j 9518 Sale 95%
Apr 1950 .1 4 8914 Sale 8812
be Series D
8618 91
85 1 91
._ .1939 J .1 88% 9012 903 Nov'24 ____
1 J 83% Sale 83%
4
Kansas City Term let 4s_ _ _1960
Cairo Div let gold 48_
. _1!1 8052 85 4
_
891 8 86
82
88
4
84
86
77
89% Kentucky Central gold 48.-1987 J J 84
805 8012
8
8012
6
CM W & M Div let g 4e__1991 J J 80
7853 85 Keok & Des Moines let 58_1923 A 0 88% --. 86 Nov 241
8.4
St L Div 1st coll Ira g4s__1990 MN 8314 Sale 8314
8314
9
8
864 88% Knoxv & Ohio let g thi
Elm& Col Div 151 g 48____1940 M S 877 9112 88 Nov'24 ---1925 J J 100% 10118 10014 Nov'24 ---- 10114 .01
997
3
86
9912 Sale 9912
87 'Lake Erie & West 1st g 0-1937 1 J
W W Val Div 1st g 40.___1940 2 1 8718 8812 86% Aug'24 --93 1917
8/58 9911
94% 15
1 103% 1091s
107%
1934 J J 1073
2(1 gold 5s
1941 .1 .1 0414 ___ 94%
00C & I gen cons g Be
4
- 1073
4
8
977 101 12 Lake Shore gold 334e
53
Olev Lor & W con let g 58_1933 A 0 100% ---- 101 12 Nov'24 ---15 12
958
74
,
1935 M N 96
96 Aug'24 --- . 7V: ,7 .117,41 ::::
7
01 & Mar let gu g 44e
% 9
6%
84
Registered
ig81 1 E. lf2 .7
(
1)
9 i 73,
3
1
,
:t
8
9834 __ 9812 Nov'24 ---95
90
1928 M S 9834 1.1e g5 t
Ohne & Mallon Vali g 5a.._ A938 .1
Debenture gold 48
3
7
92 4 9 %
9 4 9
7 9
973 ____ 91 Mar'24 ---4
1942 J
91
91
25-year gold48
01& P gen gu 43-2sSer A
953 July'24 ---4
1942 A 0 84,
8412 94%
1931 M N 931 4 99
Series B
4
8412 Aug'24 ---91% 9772
92
94
1950 F A 8414 ____ 8312 Oct'24 ---7
6
9814
9
8312 8414 Lob Val N Y 1st gu g 440_1940 J N 9 1 4 904 9614
Series D 3)48
19 M 1
31
9012 973
97
6
1 Regletered
1940 3 J 213 ____ 947 Nov'24 ---Olive Bloc L/M1 let gu 448_1961 A 0 97 Sale 9612
it 8 fjg
4 ii
..
1
U38 I
106 i 13 10253 108 Lehigh Val (Pa) cons g 4s.,2003 M N 80 Sale 80
Oleve Union Term 546_1972 A 0 105 sale 105
9512 101%
1973 A 0 100 Sale 9912 100 I 43
2903 M N 8812 8918 96
let 0 f bs Ser 11
General cons 4 14e
8
4%, Lehigh Vali RR gen 58 series_2003 MN 99) Sale 99
4
9911 39
99
99
%
Mal River Hy 1st gu 4e----1945 J D 83
84
844 Nov'24 ----I 80
10313
.,
...3 19104 12
9
9253 98,s; Leh s Term tty let gu g b8 1941 A o 101 102 1?)L414
8
967
Oolorado& South 18t 2 u-1929 F A 96% 97
96%
8012 9112
Nov'24
91 I 51
Refunding & exten 4148__1935 MN 9053 Sale 90
Registered
Oct'24 -___I 8214 98
1948 A 0 874 ____ 8718 Nov'24 -- __I 8112 8718 Leh & NY let guar gold 4e.,,.1945 td1 Il
Col & H V let ext g 411
11
l Z-1 - .1- 86
4 ii
99 10612
16
105
81% 86 Lex & East let 50-yr bs gu__1965 A 0 104% Sale 10414
Col & Toilet ext 49
1955 F A 8414 90
86 Nov'24 ---112
8658 el%
8112
8
813 135 Little Miami 4e
4
1952 J j 8412 Sale 84
84 12 21
62 M o 182,2 ________ 108 July'24 -_______ 10
5 A N 073
Cube RR let 50
-year 58 g
193
85
108
Sit ref 742
2 10012 103 Long Dock consol g
1936.1 D 10112 10212 10112 102
97% 100%
87% 31912 Long leld 1st con gold be...111931 Q J 99, ---- 100 Nov'24 .--1966 4 j 884 Sale 873
8812 29
8
s
Cuba Northern Ry 1st be
9212 97
5
Das et &UCLA let cuns4/iii
97
let consol gold 45
1031 .1 2 96% 9712 97
2
4
Ea IT4
'
:
"g g
„
813% 9114
9012 39
General gold 45
t
Del & Hudson let & ref 4e___1943 M N 9012 Sale 893
4
51213 7 L M :::: 1g2:: s.% : ::::
,
9253 100%
10014 137
Gold 4e
1932 1 D 8818 ____ 89 July'24 --r
SO-year cony be
1935 A 0 10014 Sale 100
84%
8
79
15
101 11 32
83 4 27
1
0led gold 4e 51,
If nowe gold
e
-year 5145
1949 M 8 8218 837 8218
1937 M N 10112 Sale 101
tri, s3
1084 11258
9912 90
n Nov'24 ---5
UDe8
4
10
-year secured Ts
, IT.
3
1930 .1 D 1083 109 108%
10834
.1831 4 1
Sale 89
92 June'24
O RR & Bdge let gu 4e g_-_1936 F A
20
-year p in deb 5s
6914 9212
97
83
88
83
7
79
8
8312 -IZ5
Den & R Cr-let cone g 411_ A936 J J 8312 Sale 825
Guar refunding gold 4s.1949 M 9 82 Sale 8214
944 100
7212 87
9
997 Nov'24 ---_
1936 4 4 8618 Sale 864
863
8
Nor Sh B let con g gu 5s.e1932 Q J 98% 100
Comet gold 448
902 10114
7912 95957,82 L0utiana odgrkco gu g 4.5 1927 M 9 995 100 100 Nov'24 ____
Lou j u& A e lst g 58 ....
953
4 92
e
Improvement gold 5s
1928 J D 9518 Sale 9414
34%
7312 95
_
',
1,2 24
e 18247 N0034 __8 10072 0.412
12 0
4
5912 421
1,8,3314
Let & refunding 5e
1955 F A 59 Sale 54%
4434 4612 Louisville & Nashvllle 5s
Sale
--------463 Nov'24
do Registered
1935 M N
947 M 8
89
9412
5912 sale 5512
5912 492
344 5912
8
9318
Unified gold 4e
19401.1 1 9212 9318 93
Farmers L&Tr eels Aug '55- ____
Rolz 92
10
344 59.4
22
5714 Sale 55
5914 230
Registered
Bankers Tr ctfe of dep-----967 103
8
5
141
33
58
101
58
1
58 Sale 537
Collateral trust gold 58_ 1949
.11, 0138
931M M 181 iiiiii 1(12
do Stamped
7
83
26 109 8 10 4
37
55
6
55
10
108
-year secured 7e
.1930 M N 10714 Sale 10714
Am Ex Na' Bk Feb '22 We_ ____ 55 Sale 52
34% 474
13 10434 108
____
106
__ 4714 Nov'24 _.__
let refund 5348 Serim A-200314 0 1053 Sale 10512
4
do Aug 1922 etts
0 12 1054
'
3712 4714
31
let & ref 58 Series B
40
38 Sale 3812
4
2003 A 0 1013 10218 10218 102% 24
Dee M & Ft D let gu 4e____1935 1 -1
60
7412
4
7412
90
9214 93 4
3
let & ref 4.4e Series C
93
2003,A 0 9212 Sale 924
Del & Mack-let lien a 4._1995 J D 7312 7412 74
60
714
N 2d & ad l e t gold Mt__ _ 1930IJ -I 10418
0 goil Os
_ 104 Nov'24 ---- 10312 105
1995 J D 67
7012 6712 Nov'24 ____
Gold 48
92), 12
87% 93%
9214 92
IV! 1111;32 1n12 Nd.,v4 -.-_-_-. 11 2 In14
,
4
2t ,
1
6
,
1961 M N 92
Det Riv Tun 4 Sig
3
Paducah at Mem Div 48_124 111
Out Missabe & Nor gen 5e 1941 J J 10153 _ _ _ 10112 Nov'24 __ _ _. 99 8 1015s
4
125 10153
64
101
St Louis DIv 26 gold 3e_.1980 M 8 615- 63 63
2 60
63
8
Cul & Iron Range let 5e_.....1937 A 0 997 102 101
88
11
76
88
95 4
3
LAN & M & 81181 g 4481945 M S 937
8 ___ 93 Nov'24 -.I 93
out Sou Shore & All g 58_ _ .1937 J J 88 Sale 8612
8412 8918
L & Nisteutb Joint M 48__1952 .1 j 8112 Reg Sored
82
813
82
13
79
85
II Minn Nor Div let g 45___ .1948 A 0 8753 ---- 8853 June'24 ____
9012 1004
77
77
4an'23 ___
99 Nov'24
81952 Q JI 7612 ____ 77
S Tenn reorg ten g be_ __ _ _1938 M 5
100 Nov'24
983 10
4 0 I.oulev Ch3 & Lex gold 448.1331 M N 98
96
994
__
9914 Nov'24 ____
IT Ve & Ga 111, g 5e
1910.1 J 997
9778 1013 Mahon Coal RR let 55
4
98% 101
1003
8 23
____ 101 Nov'24 ____
1934 J -II 101
Cone let gold 58 --------1916 M N 10053 Sale 10014
gm i00% Manila RR(Southern Lines) 1939 M NI 6211 Sale 6218
55
83
mode Joliet & Ewo let g58.. 1941 M N 101 18 ____ 1003 Nov'24
8
63 1 71
98 1005 Manitoba Colonization 58_1934 J D, 9812 9978 9812
s
,
4
9612 99
El Paso .1 S W 1st be
1965 A 0 991 ____ 9912 Nov'24 -98,2
8
1 82%
80
Erie Let e011501 gold 75 eat 1930 M S 10818 Sale 1084
8212 July'24 ____
108% 32 1045 10912 Man 0 R & N W 1st 3128___1941 .1 JI 8218 83
%
9b 1007
613 74 Michigan Central be
s
4
703 138
4
let cone g 4s prtor
1996 .1 .1 703 Sale 7014
9812 Nov'24 ____
1931 M S IOU% 102
98
61
69
88
Registered
Apr'24 ____
Registered
68 Sept'24 1996 1 ./
1931 Q M 99
____ 88
4
5312 66
863 9612
6338 200
let censel gen lien g 48..1998 .1 4 6212 Sale 6212
____ 9618 Nov'24 ____
1940 J J 91
63
59
8Registered
77% he%
Registered
1996 J J
583 Nov'24 4
1940 J J 864 ____ 8612 Sept'24 __-_
5
77% 93%
J L & S let gold 334e
8812 95
Penn colt trust gold 48_ 1951 F A 9514 Sale 9453
9514 13
1951 NI S 773
8 _ _ 77% Apr'24 ____
7718 83
54% 8612
let gold 3345
6412 63
50-year cony 45 Ser A. _1953 A 0 63% Sale 6312
1952 M N
7914 8i 80 Nov'24 __- 5412 6912
1
6412 71
20-year debenture 48
0 14 983
do Series R
1953 A 0 63
637 637
8
8
8
1929 A 0 963 Sale 965
965
8 12
8
3 77
97, 10114
8 12 92
9
59
Mid of NJ Sat ext 55
4
3
Gen cony 45 Series D___1953 A 0 7214 Sale 71
102
9 04
(
1940 A 0 92 Sale 94
7253 624
mile; L s & West imp g 55_1929 F A 10014 __
10112 102 101 12
8912 104
1955
5
srle & Jersey Isle f 613
10253
10164
82
85
Erie & Pitts gu g 345 B___ _1940 .1 J
Ashland Div let a 68
8418 Oct'24 -___
1925 M S 10018 100% 10018 Nov'24 ---- 1004 1004
3
15
Milw & Nor let ext 494e,,..,,.1934 J D 85
.1940 3 J
93
aeries 0
Oct'24 ---885 92
5
%
84
____ 9112 Nov'24 ---3 100
Fla Cent & Pen let eat g 55_1930 .1 J 100
993 Nov'24 - --8
97
Cons extended 44e_ ____1934 1 D 87
91
85 Nov'24 ---8
5
92
%
• % 88
93% 100 Mil Spar & N W let gu 4s1947 M 8 86
5
10433 4 99 100
2
99
Ooneol geld be
99
8612
8714 8612
82
8612
8753 95 Mile & S L let gu 314s____1941 .1 1 803 _
8612 July'24 _
8
Florida E Coast 1st 4 tie_ _ 19s14 j D 9318 9312 94 Nov'24 --__
9714 103
96
9612 Minn & St LOUIS let 75
9618 117
101 1 14
1927 J D 9812 99
1st & ref be Ser A temp_1974 M S 96 Sale 96
9714
6812
bl
64
63
39
8
70
67
55
let consol gold 55
1934 M N 53 Sale 527
Fonda J & Cloy 4 48__,.._ _1952 Ja N 665 Sale 6614
8
Fort St U D Co 1st g 44s__1941 .11 J 885 -.-- 8812 Nov'24 ---823 8812
8
1st & refunding gold 48...._1949 M s 23 Sale 2158
2318 39
13% 2212
,
Ref & ext 50-yr 5s Ser A 1962 Q F 1914 Sale 18
1ft W & Den C let g 594e...1061 J 0 1044 --- 104 4 Oct'24 -___ l 0034 105%
9412 Nov'24 ---8418 945 M St PASS M con g 4e lot gu '3?• J J 8653 Sale 853
9112 94
Ft Worth & Rio Gr let g 4s__1928 J J
4
Oct'24 ---- 1954 10712
Mem Elk & Mo V 1st 65____1933 A 0
- - 107
1st eons 55
F4 li
4
1931- .1 J 9814 Sale 9814
11111'84, 1 4
1 E3
9512 1005s
10
-veer eon tenet 6145_ _ _ 1949 ,01 S 10212 Sale 101 12 1023
OH & SAM & P let 58_ _1931 MN iudia foo-12 10012 10012 50
91 M s
3
4 20 101 103%
9912 100
2
1931
96% 10012
5
9912
9714 1
za eaten be guar
9912
10118
02%
1st & ref 68 Series A
8
1946 J J 101 Sale 1007
4
83
87
.
Gale Iloue & Bend let be___1933 A 0 9212 93 921
92,
2
1
25
-year 54e
8918 934
8312 85
8512
85%
1003
2
8
4
89 1015,
92 2
2
9112 10158
Genesee River let 8 f 6e____1957 J J 993 100 100
let Chicago Terms f 4s
1941 MN 9212 94
9.. 2
9512
4
9634 99%
4
8411 96 M S S M & A 1st g ts int gu 1926 J ..1 985* 993 911% Nov'24
Go & Ala By 1st con be____o1945 J J 923 9453 94
4
88
92
1
Oa Car & No let gu g 58___1929 J J
3
9353 100
Mtnessippi Central let 5e-__1949 .1 J
92
1946 A 0 M. NZ gr Nov'24 -- -75% 833
4
824 100
Ga Midland 1st 3e
Mo Kan & Tex-let gold 48-1990 .1 D 8112 Sale 81%
" ________
E5 111 :Mo-K-T RR
14 9 1
1 1i1
:
158
-Pr IS,See A_1962 J .1 86% Sale 865*
87
78% 878
Gila VG& N let gugbe____1924 M N
108
1942 J D 9912 -- -- 98% Feb'24
Gou & Oewegatch 55
40-year 4s Series B
1962 1 J 7212 Sale 17•19412 Nov'24 ---903 95
65 10412
94
% 72
3
2 :2'2 96
1
Or It & me! let gu a 414e_.A941 4 1 9412 96
10
-year its Bedew 0
1932 J .1 102 Sale 015z
184
52 1108, 1177
Grand Trunk of Can deb 76_1940 A 0 1165, Sale 11653 117
80 26981
513 80
4
( rrg Jji1_1967 A 0 74 Sale 7512
Se A 0
reo
1936 m. 5 10718 Sale 10718
10712 47 1 2% 107
15
-year if 6e
0
MICesuomurritacustft5813
1093 161 106 1104
%
94 8 101
751 85
1,2
05
7
Great Not gen 78 Series A...1936 J J 10912 Sale 10918
184
01% 27
1st & refunding 58 Sec A..1965 F A 844 Sale 84
83
9212 30
925
lit & ref 44e Series A_ _ _1961 1 J 924 923 91%
4
let & refunding 5s Sec C__1926 F A 10012 Sale 100%
1952 J J 1011% Sale 10018
995 222
8
8753 100
General 54e Series 13
10012 53, 984 1017
9912 Sale 9914
s
i
e err: nding Os Ser D_I949 F A
tn
L. A ift
9544
1973 j J 9318 Sale 93%
91%
65
St
65 2624
933
4 63
General 53 Series C
___197K Pa s 6412 Sale 6412
75
68% Oct'24 -.-5934 70 Mo Pat 3d 78 ext at 4%_:A938 M N 843 ____ 84% Nov'24 ____
803 85
4
Green Bay & W deb MU "A"____ Feb 69
8
8
137 Sale 1112
61
14
7
4
923 9518
14 Mob & Bir prior lien g 58___1945 J J
9818 Oct'24 ____
Debentures Ws "5"____ __- Feb
1)514 Sale 9412
9514 13
81
1
68
85
9514
Gulf & 9 I let ref & t g 5.8__81952 .1 J
1945 J J 85 Sale 85
Mortgage gold 45
8314
2
6312 8312 Mobile & Ohio new gold 11s__1927 J 0 10318 104 10318 Nov'24 ____ 1r4 14
03
4
Harlem R & Pt Chee let 45_1954 pa N 83 Sale 83
4
7
s
15
89
837 903
8
8
Hocking Val let cons a 448_1999 J J 883 89 8812
let extended gold 6a____M927 Q J ____ 10212 102% Sept'24 ___ _
1999 J .1 833 90 83 May'24 ---83
84%
4
84
74
85
84 Nov'24 ____
General gold 48
1938 M S 84
Registered
____ 100 Nov-24 ____
1937 J 1 100
97 1004
92
98%
8
Montgomery Div lot 859.1947 F A 977 9812 98 Nov'24 ____
H & T C 1st g 51; int gu
9614 97
___ 953 96 Nov'24 __
4
10618
4
1927 .1 D 10014 1033 10018
Houston Belt & Term let 58_1937 .1 .1
St Louis Div 5a
8
82%
1933 M N -995 ____ 993 Aug'24 ____
4
9514 997 Mob & Ohio coil tr g 48____1938 M S 8218 Sale 815*
s
HOus E & W T let g Se
1933 MN 995* ---- 9953 Nov'24 _--995 100
80% 8558
Mob & Mal 18t gu g 48
1991 M S 8418 ____ 8414 Oct'24 ____
let guar Sired
151
943 Nov'24 ____
4
8414 95
1937 J .1 11014 ____ 110 July'24 ____ 1907568:44 118705:
Housatonic By cone g 5s____1937 MN 9314
Most C let gu g 611
8712 228
80% 88
4
4
1937 I J 1003 103 1003 Sept'24 __
9914 101
SUM & Manilla 58 Series A__1957 F A 8662 Sale 8612
let guar gold be
8
8
6912 713
5814 6912 iat & a let gu gm
;
1957 A 0 693 Sale 663
7814 11
7614 80
2001) .1 D 763 7814 763
4
4
Aaiun income Sc
1
92
8
10018
83 N : o let gut 5oet 55-1928 A 0 1005 10112 10018
9
9 Nas)1 42 att & S gL l
1 Ch
Illinois Central let gold 4s__1951 .1 J 88% 92 92
l' 997 102
89 July'24 ____
89
8
8
1051 J .1 8714 91
1937 F A 10018 ____ 99
Apr'24 ___- .
_99_
..
9
_ 9_
Registered
82 824 NoO'24 ____
78
1951 J J 81
let gold 3145
834 Nat By of Mex pr lien Atio _1957 .1 1 183 Sale 30 Sept'23 ________
8
Oct'24 ____
7734 8412
4
-___ ____ ____ 153 July'24
July 1914 coupon on
Extended let gold 3340. _195l A 0 803 ____ 81
82
8012 June'24 ____
8012 8012
26 Nov'23 ____
1951 A 0 79
July 1914 coupon off
Registered
61 June'24 ____
.
60
61
1951 M 9 591 72
let gold 38 sterling
Guaranteed 70-year e t 48_1977 A 0 ____ ____ 2718 July'23 ____
8612
8612
88
3
83
18 May'24 ____ ii8 --i i
8953
April 1914 coupon on
Collateral trust gold 4s...1952 111 S 88
B1-4 l8
i8
883
4 27
8412 9012
let refunding 48
1955 MN 883 Sale 8814
April 1914 coupon off------ ---- ____ ____ 24 Dee'23
-2
79t4
1952 ., j 783 813 7914
5
7612 81
Purchased item 334e
Nat RR Me: prior lien 4348_1926 J .1 ____ ____ 3812 June'23 ________
837
8 32
Collateral trust gold 4e__1953 NI N 8314 Sale 8314
79% 8612
July 1914 coupon on------ ____ ____ ____ 25 July'24 ____ "ii- - --4
411
.
____ 10334
10412 13
99% 10512
------------34 Oct'23
Refunding 5e
1955 M N
July 1914 coupon off
..-- .._
10214 39 t00% 104
15
--------28 Apr'23 ____
1951
1934 J .1 10214 Sale 102
-year secured 5148
let consol 4e
11034
9 108'2 11212
____
15
-year secured 134e g
1938 J 1 110 1104 110
1914 coupon on
April
Cairo Bridge gold 4s
85
--- ---- ig14 :a r:Z1 1:: -5.6 - .
1950 .1 D 8818 ____ 881s Nov'21 ____
89
ton
I
April 1914 coupon off
1() 2t
.
DueJan.U
bDus Feb. eDue June.
Due July. o Due Sept. 0 Due Oct
s 014.10n sale.
New York Bond Record-Continued-Page 3
2632
BONDS.
N.Y STOCK EXCHANGE
Week Ending Dec. 5
113
Price
Friday
Dec. 5
Tfeek's
,Range or
Last Sale.
Moll No.
Ask Low
BM
664 May'23
1954 M N
Naugatuck RR let 41
924 Oct'24
19453 J 9112
England cons 56
New
78 Oct'24
81
1945 J .1 79
Conroe 4s
86 83 Sept'24
F A 83
N J June RR guar let As__ _1986 J J 81
4 12
853
8
854
&imp 434s A'52
X O& N Eletref
3
8134
J J 000 Sale 8113
New Orleans Term let 48_ _ _1953 J D 10138 Sale 10138 10134 23
Texas & Mexico let66_ _1925
NO
135
92
02 Sale 9114
1935 A
Non-cum Income 56
9138 75
1954A 0 91 Sale 91
let be Series B temp
9912 151
0 9914 Salo 99
let 6%6 Series A temp__ -1954 A
_ 934 Nov'24
9278
We C ledge gen gu 4e__1945.5 0 99 100 100 Oct'24
A
MYB&MBlet con g 5a-1935 MN 11212 Sale 11138 1134 3036
X Y Cent RR cony deb 6a__1935 F A 8338 Sale 824
8338 19
1998
Canso' 46 Series A
9018 45
2013 A 0 89 Sale 89
Ref & inapt 414a -A"
994 Sale 9934 100 324
20
Ref & tmpt 5a
13
- A
Y Central & Hudson River1997 J 0X J 764 Sale 7612
7633 23
4e
Mortgage 3,
4
773 Sept'24
1997 .1 J
Registered
9334 22
1934 M N 93% Sale 9312
46
Debenture gold
914 11
8
1942.5 J 913 9218 9134
7513 17
-year debenture 4e
80
F A 75 Sale 7476
Lake Shore coil gold 3%8_1998 F A 7312 76
7
74
734
1998
Regletered
7514 10
7518 Sale 751g
F A
Mich Cent coll gold 310_ _1998 F A 7312 7438 75 Nov'24
1998
Registered
9312. 2
1937 A 0 9212 ____ 934
N Y Chic & St List g 4a
6
9184
9134
4
1937 A 0 913
Registered
9334 24
1931 M N 9338 Sale 93
46
-year debenture
25
N 10118 Sale 10012 10114 33
1931 M
2d 69 Series A B C
9413 182
1974 A 0 9438 Sale 944
Ref 5149 13erlea A_ ___.
91 I 150
1953 F A 9012 Sale 9013
P1 Y Connect ist gu 4%8 A
92 89 Oct'24
947 M N 89
N Y & Erie let ext a 46
96 May'24
g
1933M El 913
ad ext gold 4148
1930 A 0 9912 ---- 9714 Sept'24
ath ext gold as
1928.5 D 974 ---- 974 Nov'24
gold 48
581 ext
1
92
92
1948 M N 92 __
N Y & Green L gu g 56
2000 NI N 7814 ---- 78 Aug'24
X Y & Harlem g 3%sref 56-1973 MN ---984 Nov'24
Let &
N Y Lack & W
101 Nov'24 _
1973 M N
lst & re 4148
:
1930 M 5 IOU Rd 10212 Aug'24
X Y L E as W let 7s ext
9914 Nov'24
1943 3 J 9914
Dock & Imp 58
9934 9934 Nov'24 _ _ _
1932 F A 99
N Y & Jersey lat 56 48-1941 MS 9033 ____ 9012 Nov'24
Br gen g
N Y & Long
/441 14
N Y N H As Hartford
1954 A 0 5333 5438 5312
Non-cony deben 31451
6114
-- 6114
1947 M 8 60
Non-conv deben 48
5512 55 Nov'24 ____
M 13 55
1947
Non-Conv deben 334s
J 5913 62 60 Nov'24 _ _ _
1955
deben 48
Non-cony
6112 70
1958 M N 594 6112 60
Non-cony deben 46
21
54
J 54 Sale 537g
1956
Cony debenture 310
8614 153
1948 J J 86 Sale 844
66
Cony debenture
71
55
M N 5433 Sale 54
1957
4% debentures
9512 328
1925 A 0 9514 Sale 9412
75 European Loan
98 2758
1925 A 0 944 Sale 9213
Francs
44 Apr'23
1930 F A
Cons fly non-cony 4a
5541 6
1954 3 J 5512 Bale 55
Non-conv 41
5514 11
1 1 5512 57 55
1955
Non-cony deben 4s
554 15
1956 3 3 5512 Sale 5414
-cony deben 48
Non
Oct'24'____
1927 A 0 10012 -_- 101
N T & Northern 1st g 53
6741 38
M B 6778 Sale 6712
XTO& Wrel letg4e---.01992 J D 6338 66 64 Nov'24 --1955
General 4a
1942 A 0 8538 ____ 8533 Oct'24 --__
X Y Prov & Boston 48 gn
.
81 Nov'24 ..,.._
9 A 0
N Y & Putnam let con
1927 M 5 9913 100 9914 Sept'24 -___
X Y & R B ist gold 5655.-1937 3 3 66 Sale 6512
6612 47
27
SuBo & 1 1st ref
XY
7
5938
1937 F A 5438 59 5878
fd gold 4%8
17
60
1940 F A 60 Sale 5938
General gold 58
___
9412 9312 Nov'24.
1943 M N 93
let gold 58
Terminal
J 59 Sale 5712
59 197
434a '40
N Y W'ches&B ist Ser I
8812 561
1950A 0 86 Sale 8512
Nord Ry s f 610 vl 1
7412 50
ref A 55_ _1981 F A 74 Sale 7312
Norfolk Sou let &
1
95
56-1941 M N 7312 7378 95
Norfolk & Sou 1st gold
2
1931 MN 10718 10812 1074 10714
gen gold 6e
Noe & West
68-1934 F A 1074 __-- 10712 Oct'24 -__
Improvement & ext
1932 A 0 10614 ____ 10712 Sept'24 --__
New River 1st gold
4 95
A 0 8812 Sale 884
893
N & W Ftv let cone g 48-1996 A 0 -- 1996
- - - 89 Sept'24
Registered
141
90
1
894
lien & gen g 45-1944 J 5 90 Sale 125
Dl vi ist
12678 136
125 Sale
1929 M
-year cony 68
10
2
4
/
911
4
1941 J D 9112 913 914
C & C joint 4a
Tocan
8812 38
W-1945 A 0 88 8814 88
North Ohlo let guar it 46
8478 81
Q J 84 Sale 844
4
1
/
1997
Nor Meld, prior lien
1997 Q .1 ---- ---- 84 Nov'24
Registered
s 57
a2047 Q F 6012 Sale 6018
603
General lien gold 35
5934 Nov'24
62047 Q F
Registered
8714 15
set A_--.2047 J y 8612 87 87
Ref& mot 434a
___2047 I 1 10714 Sale 10611 10714 176
flie ser 8___________
20473 .1 9614 Sale 96
964 24
al 0
9612 23
20473 J 9612 Sale 96
511 D
---Q F
Duluth let 56- _1931 1 I) 100 __-- 9914 Mar'24 .--_
St Paul &
80
191%
- - 8414 Jan'23
lit consol gold 48 86-1933 1 J 1094 10934 109121
2
- Term Co ISIS
Not Pac
193/ A 0 102 ____ 9114 Aug'24 --156
No of Cal guar g 1st 611
100 June'24 ---1 J 10318
1930
North Wlscorusin
2
J 7212 Sale 7213
7258
gu 46 g--194/
& L Chem 1st__________ 1943 M f 903 ---- 8912 Apr'24
4
0Olo Conn fly 48 554-----19383 P., 9934 100 100 Nov'24
01310 River RR let
6
.....1937 A tY 987 ---- 984 Nov'24 12
General gold 56___1927 J J 10078 Bale 10078 101
Ore & Cal lat guar g 58----4
1
/
884 17
_ _1946 J D 8812 883 88
9
Ore RR & Nay con g
J J 10418 1054 10414 10514
Ore Short Line-1st cons
1946.5 J 10438 105l 10514 Nov'24
Guar cons 56
9634 31
9618 Sale 9633
J
...1029
Guar refund 45- _ - 45-.1981 J J 8214 Sale 82
4 31
823
Oregon-Wash 1st & rM
Nov'24
_1946 J D 80 82 80
Pacific Coast Co let g 58-45-1938 F A 894 904 9038 Nov'24
Pao RR of Mo 1st est g
981g Nov'24
1938 J 1 9818
extended gold 554148_1955J J 93 06 9373 Sept'24
2d
115
Padueeen de Ills tets r
81 7
_1958 F A 8073 Sale 8012
Psels-Lyone-Med RR 6s___
3
033 220
M 8 9318 Sale 9234
Sink fund external 76W 1-1958 M S 90 Sale' 8912
9078 223
-1954
12
Paris-Orleans RR a f 78_
98
9712 97
1942 M 0 97
FistilIerta fly 71
MN 9114 93 92% Aug'24
8
Pennsylvania RH-cons g 4a 1943 1111 N 90 Sale 90
9012
1948
00mol gold 48
93 9114 Nov'24
May 1 1948 MN
15
41 stamped
99
Sale 9812
1960 F A
99
Coneol 4Si a
3
i2
6 13
5
9
1965 1 D -9 i Sale 934
General 451s
10212 110
D 1024 Sale 102
1968
100
General 58
1630 A 0 109 Sale 1084 10914 173
-year secured 75
10
1936 F A 1101g Sale 10934 11012
-year secured 64s
15
Pennsylvania Co
4
1
/
85 Sept'24
4
/
3
coil truat reg A_1937 M A 841
Guar 3)45
83
83
A
Guar 34ja coil trust Ser 13_1941
i- 8518 Sept'24
8
D 8178
Guar 314a trust etre C.._ _1942 J 13 831
834
8312
J
8118 __
Guar 314,6 trust ces
18
4
95
943
-25-year gold 44_1931 A 0 95 Sale8 86 Nov'24
Ou tr 15
85 877
1052 AI
Ozer 4a Ser E.
6
79
79
A 0
Peoria & East let cone 4s-1940 Apr. 79 Sale 36
3814 238
3734 Sale
1990
Income 4s
3
973 144
let Set A 5s 1956 3 J 9714 Sale 9634
Pere Marquette
5
8114
1956 J J Si', Sale 8114
let 48 Ser B
92 Nov'24
Phil& Bait & W 1st g 4a
194_ I P
3
I 921 1 93 42
3 25
437
4214 Sale
Philippine fly let 30-Yr 1114D 193, . 0
1940 A
9914 Sale 9978 Nov'24
PCC&StLgu411sA
1
/
9633 97 964 Nov'24
&Hes B 41is guar
9612 9412 Aug'24
95
ig:2
Series C 4143 guar
3,514
15
1943 M N 8912 ____ 8514
Berle. fl 4. an.sr_ _ _
a Due Jan, s Due March. a Due Apr. s DI e
May.
Range
Bine
Jas. 1,
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Dec. 5
I
.3.
Pries
Friday
Dee, 5
Week's
Range or
Last Sale.
&We
Meet
Ian, 1
Mei
li8o3 No. Low
Ad Low
Bia
High Pitts Cin Chic & St L (comb
4
1
/
8612 923
8
&Mee E 3 S33 guar gold__ _1949 F A 8012 ____ 92 Sept'24 -s 8913 ____ 894 Nov'24
Serie F guar 48 gold
4
/
371 974
-7 - - 3
93 M N
884 92.1
°
5 i1957 j D 8912 ____ 91 Nov'24
2Cg.i
8
i
Series CI 46 guar
8034 83
3
Series I cons guar 4148_1963 to A 953 ---- 9412 Oct'24
4
90 9612
94 Nov'24
4
1
/ 94
Series J 4148
90
8111 88
13
994 100 9914 100
931s 10112
197(1 .5
7814 83
General .5e Series A
11
100 10013
n1119992678;1 0 10058 10112 10013 Sept'24
984 10253 Pitts & L Erie 2d g 53
06 Dec'23
8518 9313 Pitts MaK & Y let gu 60.,..,.1932 .1 J
-504 1150
102
__ 9834 Aug'24
- 89 924
2d guaranteed Sts
3
90 A j
1944 3 O 101 103 100 Oct'24
98 100 Pitts Sh & L E 1st g 55
984 10034
97
9834 Feb'24
9834
let cotisol gold 56
92 944
99 1424
102 Nov'24
95 101 Pitts I'& Ash 1st cone 58, 1927 j j bOle
94 MN
40 50
10311 1137 Providence Occur deb 46_1957 M N 4918 ____ 50 Nov'24
8
Cl)
80
804 863 Providence Term 1st As
1956 Al S 8118 ____ 80 Sept'24 3
9512 36
8714 954
1997 J J 9518 Sale 9518
844 904 Reading Co gen gold 43
8714 954
9514 Nov'24 - 9538 10034
Certificates of deposit
8733 23
*
8314 8914
Jersey Central coll g O._ MI A 0 873 Sale 864
4 70
943
72
7414 7 1s Rin a Dti4%ii Set A
8812 943
4
1997.5 I 9418 Sale 94
7 4
9
8
a 0
Gen&ref 5
3
98 8 IOU%
1927 A 0 997g - 10033 Oct'24
7414 7414
1948 1)1 l'i 7032: --_- 7414 Nov'24
96 1003
10014 10134 10018 Nov'24 -2
8 14 9°
87 93 4 filch ker 5 k 1 1 g gg
9
1952 J
3
T M4
;
9
4
9234
9234
707 774 Rio Grande June let gu 58-1939 J D 9234 Bale 9218
8
84
434 Nov'24
7
73
697s 7514 111o uaran 0 u let gold 411-1940 3 .5
7
4 7
3
8
0GrantoS
7 Dec'23 _
8438 26
2
8618 63144 Rio Grande West let gold 4e-19 9 j j 8433 Sale 834
J
4
1 30
7338 240
60
73
4
1
/
Mtge & coil trust 48 A-1949 A 0 734 Sale 713*
8734 329
744 874
884 9114 RI Ark & Louis let 4%8.-1934 M 8 8712 Sale 8634
74 73 Nov'24 -8378
68
88 954 Rut
I 73
1949
-Canada 1st gu g 48
1
8518
8512
0
7 ; 77
03; 90
1921 1033: Rutland let eons 4146
J
4
91
804 88
19 7 j j 86 __
Lao
-§i4
1
76
76
St Jos & Grand Isl g Asi
9712 95 Oct'24
95
Atte lit it 50
i
9
36 i
19 1
19 6 :A D
99 Mar'24
2d gold es
4
94
09% 23
4
9
7
993 95
9338 8166 9 38
St L & Cairo guar g 49
st L B. m & B gen con g 56-1931 A 0
9234 44
19 3 3 4
9
2
3 rd
Unified de ref gold 40
6 8312 Sale 8394
92 3 a e ° i
8434 93
sz L r% Bridge Ter gu g 51--4930 A 0 9912 10014 10014
92
?
19 0 .7
5
9 03
St L & San Fran (reorg 00)46563 J 7238 Sale 7213
8718 121
8
867 Sale 8614
Prior lien Ser B 55
19281 J 1014 Sale 10138 10218 39
Prior Ben Sec C 60
9412 154
1942 1 J 9438 Sale 9373
530 Series D
08
63
8 73 t6S e 863
604
74 4
8 34 9
Cum adjust Ber A 68,...-11
1111
.
ale
8!( .
Oct.
196,5tc?.
&Flea A Os
24
93
.1
j 10513 ____ 1054 Nov'24
Ms
39'* 5514 St Louis & San Fran gen 68_1931
100's
10012 1003 10034 Nov'24
4
4413 6114
General gold be
8212 July'23
J 003 218 32
44 6 I St L & 8 F RR cons a 43--- loge
3
s
Southw Div let g Eis_ _1947 A 0 973 ---- 991 Oct'24
4
/
431 '611, St L Peo & NW let gu 58-1948 J J 1004 102 102 Nov'24 -1931 M 11 93 95 9412 Nov'24
4
393 60 St Louie Sou 1st gu g 48
8012 14
59
87 I st L 8 w lst g 48 bond ets_1989 M N 8038 Sale 8038
74
2
74
76
4
2d g 48 income bond otfa.P1989 J I 74
8
5•53
3
8612 75
3
763 974
1932 1 D 8612 Sale 86
Consol gold 4s
44
83
69 9613
1st terminal & unifying 55-1952 J J 8234 Sale 82
4
1
/ 199
82
St Paul & K C Sh L 1st 4146-1941 F A 8214 Sale 8134
88 Sept'24
St Paul E CD Trunk 414s_ _ _1947 1 J
3
5512 St Paul Minn & Man O.-193 J J 9414 95 944
9414
48
3
3J
93
1
108 109 6 109 Nov'24
'424 3712
ist consol g fis
1
98
98
9984 101 I es reduced to gold 4148-1933 J 1
.
934 9234 Nov'24
60 6838
4
9 7 .1 j
1930 3 D 92
Mont ext let gold 45
89 Sept'24
1
/
684 66
Pacific ext guar 48
7912 25
8518 858 S A & A Pass ist gu g 4s_ _1943 -I j 7918 Sale 794
3
0 M0
8312 Santa Fe Pres & Phen 58_1 50 A 11 9812 ---- 100 Oct'24 -81
942
11
85
8
843 85 84
894 100 I San Fran Terml let 45
1934 A 0 10734 -- 108 Aug'24
5211 72 I Say Fla & Weet 68
1934 A 0 10118 -_- 10114 Nov'24
43 5938
56
2
89
4
s
4014 66 Scioto V & N E 1st gu g 46-1989 M N 8412 897 883
9
768
4
3
8614 9512 Seaboard Air Line g 48
7612 Sale 75 4
46
75
7612 Bale 743
4
3912 59
Gold 48 stamped
78 1017
119 A u
019 F S 77 Sale 7312
4
3
1 A
8
88 883
m
Adj stent 55
6112 483
6112 76
1959 A 0 6038 Sale 60 •
Refunding 41
86 532
8
9.534' 1st & cons 65 Series A__ _1945 M 5 853 Sale 85
89
J J
3
105 8 10778 Seaboard & Roan let 55_926 F A 100 10013 100 Nov'24
_
- 10234 Nov'24
1936
106 10712 fi & NAlaconsirug5a
04
106 10712
Gen cons guar 50-yr 58-1963 A 0 103 1 -12 104 Nov'24
74
85
4
/
911 So Pac(701 48(Cent Pac col)/1949 J D 844 Sale 8413
86
3
974 166
01929 M 13 9634 Sale 968
4
1
/
86 89
-year cony 45
20
6
1934 J D 1004 Sale 10014 10034
sau 9137
-year cony 56
11
20
03 Sept'24
1927 M N 10112..
10612 13112 So Pac of Cal-Gu g 56
I
937
7615 9212 So Pee Coast let el 465-1955 J ., 9314 95 8812 Nov'24 -884 151
88 Sale 88
8412 91 go Pac RR let ref 4e
10112 130
4
8013 883 Southern-let eons g bi--1994 J .1 10112 Sale 101
,
1 56
744 335
7834 8518
Develop & gen 4e Ser A__11156 A 0 7414 Sale 7318
174
10313 Sale 10314 105
5834 63 I Develop & gen (is
10758 156
1956 A 0 107 Sale 107
57 6312
Develop & gen 6345
7984 884
-5e-1996 J J
Mom Div 1st g 4%s
95 8ale- 8574
9913
1951
J 8971 :
6:4
9 61
894
10184 10814
St Louis Div lat g 45
2
102
1929 M N 10078 102 102
s
903 9813 So Car & Ga 1st ext 5145
6
854
J 85 874 8578
3
955
MA 100 Spokane Internet 1St g 58-19 6
994 994 Sunbury & Lew 4s
Oct'23 -91
8934
Superior Short L 1st bs g_ _51930 M S 994 ---- 95 May'18 -10914 1003* Tem Assn of St L list g 4146-1939 A 0
0
- 3 9814 93 4 _
2
,
1
944 ' j 9
1953 3 A 1034 io91 10 14 Nov14 _ 3
8912 10913
let cone gold 5s
83 I 23
827:i 833 8278
4
3
973 100
Oen refund a f g 4a
2
9 2 5,
19133 J 9718 6 -6- 09 Oct' t4 - 6
9 ,1- 9714
Tex & N 0eon gold 5s
j
7414 Texas & Pao let gold ba
0
2 00
42000 Jr D
69
4
8912 893
85 86 Nov'24
Mar 82
58
2d gold Income
1931.3 J 9838 90 9834 Nov'24 -9714 100
La Div B L 1st g 551
9534 9834 Tol le Ohio Cent let gu 58.--1035 J .1 10012 Sale 10012 10058
1
3
9978
1935 A 0 994 Sale 997
99.4 1024
Western Div le g IN
4
9712
1935 J D 9614 974 9712
8533 9012
General gold fie
101 10614 Toledo Peoria & West 4s_ - _ _1917 J J 2113 2534 23 Nov'24
807
4
/
1011 1063 Tol St L & W pr nen g 330-1925 J I
3
14
1950 A 0
9214 9814
-year gold is
50
_
r.
3 971142 '39 : . :
t y 24
u b9 243
2
8
1_
9965,
89,6
9
2: ,Fea8: 4 7 64
8065
793g 84 Tol WV&Ogu 4346.4_-_-1931 J J 9;3:4 8
19331 .1
Series B 4346
7612 8012
1912 M S
Series04a
2
78 904 Tor Haus & Buff let g 4a..../1046 J 11
85
85
1
9914 Ulster & Del let cons R 5.1
934
89
934
1928 J 13
9312
914
1952 A 0 _65 6214 Nov'24
1st refuneltng g 45.
65 844 Union Pacific let g 48.
l; Bale
1947 J J
91
2
5
9
58 2 0°
9 7:8 41
a
9212 9338
4
8
5
98 13a
.1 5534 5 le 91r:
1927
20
-year cony 4s
894 9314
let & refunding 46
98
89
10418 1044 10372 10414 22
lei lieu & ref 58
5 37
1043
8912 954
1
.28 .31i °8
10
19
-year perm secured (18- 4922°9338 1 1 10432 Sale 104
9354 U N J ttit & Can gen 4s_._1944 M S 91
- 93 Sept'24 -87
2
10014
8714 96 Utah & Nor gold 56
_10012 101 10014
90 100
-- 93 Aug'24 -Lit extended 45
9014 9914 Vendetta cons g 46 Ser A_ _ _ _1 99536 I A 8014 887 8812 Oct'24
8
119325 F j
9538- 4
8534 Oct'24
933 110
8614 __
Cowl 45 Series B
101 11014 Vera Crux ALP let gu 4 tie._ -19 7 141 -..... 20 Oct'24
34
195
1073 111
2
20 26 Apr'24 -- -.
July 1914 coupon on
Verdi V I & W 1st g 5a
1926 Al 8 9933 -- 100 Nov'24
I
8
853 8614 Virginia Mid Series E Ils.._ _ _ 1926 M 8 100144 lixo2 10013 1001g
5
10014
84
83
10014 _ 100
General 5s
3
3
967
8114 854 Vs & Southw'n 1st gu 5s_ _ _293 2 N 9518 - - 953 Oct'24
6
1003 8.1 J
8114 8334
A N
N O 8414 8434 8414 Nov'24
let corm 50
-year
1.50
96
911 Sale 951/
3
903 96 Virginian let 53 Series A
6
9
19
.56932
1004 24
10012 Sale 100
8314 871g Wabash Le gold 63
95i
18
Sale 95
80
F A
jj 95
67
2d gold 5a.
2
78
3812
21
1st lien 50-yr g term .W:1191533499 M N 7713 7812 7813
2
9958
99
J .1 9938 10012 9938
9112
Del & Ch ext 1st g 6a.......1941
4
/
7613 8212 0es° vioat g 3y lat g 4a._19311 J J 814 824 811 Nov'2
Dm In le,Dl 4il
:
4
. 7 o88 4
2 14
738 77 73: Nov 24
8912 991
4
_
85 Nov'24
IfI
17
19:1?3
37
3%1_2000r A 7782
Tol & Ch Div g 45
4
931 9978 Warren 1st re gu g
8812 8612 Aug'24
Q M 8112 1948
9334 963 iWrob Cent 1st gold 4s.
s
1945 F A 8212 83 8212 Aug'24
9412 Wash Term 1st gu 314s
88
1045 V 1
82 84 July'24 ____
80
Let 40-y4ite an‘e (.1
83 903,
0 Due JUDO. 11 Due July. 3 DUO tug. 0 DUO Oct. p Due Dec. 8 Opt on sale.
864 92
gips 8913
9313 96
96 974
934 9712
8013 9213
7 34 78
984 9812
90 101
10211
9734 994
9612 1003
8
90
9012
St Lawr &
1,2
-.
7112 77
9124 9611
s
98 99
0614
89
96 1014
8312 934
7
72 85 8
984 10014
4
1
/ 734.
65
8012 8712
0858 1034
3
8712 95 4
883
72
4
4
/
8
583 811
9978 'IRAs
9712 10014
97I 9914
98 10318
914 944
83
76
694 7412
77% 874
78 85
73 83
88 96
9134 9832
ItS 109
4
1
/ 99
94
4
7
873 97 8
824 89
7114 804
4
1
/
99 100
8012 8734
1074 108
4
4
/ /
1001 1011
4
1
/
847. 90
4
1
/
4
1
/ 76
55
584 75
4
1
/ 78
43
4
1
/
47 614
6734 88
9754 1014
4
/
1011 10438
99 10512
8118 8612
924 10011
974 1011
4
/
101 103
8712 1014
4
1
/
90
85
964 102
4
691s 751
004 105
10114 10775
2
933 100
7934 8614
pm 102
4
1
/
83 9234
923* 1Si
974 1004
4
/
7854 861
9412 9712
92 101
7315 86
91 100
97 103
9478 101
014 100
1
/
2114 304
9812 100
8415
76
9514 97
4
1
/
951. 95
6
8 3;
Fs --93 974
6214 7034
1
/
884 94
4
1
/
95 100
4
/
811 8814
100 106
1024 1051p
4
883 93
93 1004
93 93
85 861a
89
85
2012
20
4
1
/ 264
25
994 100
97 1007s
98 1004
9214 97
7614 804
924 9734
9612 10112
984
87
68
79
97 1004
7213 8414
67114 734
773 85
4
773 773b
2
784 8612.
804 89
7334 884
New York Bond Record—Continued—Page 4
BONDS.
N. Y.STOCK EXCHANGE
Week Ending Dec. 5
z
Price
Friday
Dec. 5
West's
Range or
Lail Sale.
g
m.31
gangs
Since
Jon. 1.
BONDS.
N, Y. STOCK EXCHANGF
Week Ending Dec. 5
c
,(
....„1/1
2633
Price
Friday
Dec. 5
Week's
lasso
Slues
Aanoe or
ost 21019Jaa
fral
:4.4!
tfBh No I Low
IBM I
Ask Law
1384
Lew
Ask Lou
1544
Mc)
111;1
W Min WAN W let gu 58.. A930 1 A 95
I 90 96 ,East Cuba Sug 15-yr s g 7348'37 N5 4 104 Sale 104
10578 122, 10212 III
0
953 9512 Nov'24
4
West Maryland 1st g 4s..___1952 * 0 64 Sale 633
6512 Ed El Ill Bkn let con g 48_1939 3 .11 90
4
6412 1881 58
91 Nov'24
8918 92
91
Weet N Y & Pa let g
975 101 14 ,Ed Elec III let eons g 5s____1995
8
2
_1937 ▪ j 993 Sale 9934
.1 10018 ---- 1110
9934
4
9812 10113
Oct'24
Gen gold 4s
12; 7612 841* - Elk Horn Coal cony 64
1943 * 0 82 Sale 82
83
4
5 96 9934
1925 J D 983 Sale 973
99
4
Weatern Pac lit Ser A 58.._ _1946 MS 9112 Sale 903
7912 9314 , Empire Gas A Fuel 734e__1937 M N 967 Sale 9612
9112 88
4
8
248
148711 98
97
El tle
8
1946 MS 101 1017 101
10178 201 925 102 'Dolt Gas Light 53
8
8
933 997
4
4
1932 M S 9912 Sale 9914
9912
et 1st :More let 48 gum
23
2331 J j 8212 Sale 8213
785 85 1Federal Light & Trac (ie.__ _1942 M S 89
8
83
8
3. 8S3 98
89
8912 89
Registered
12
2361 J j 8053 81
7714 88%
81
78
11912 20
8053
9812 11912
S 115 Sale 115
Wneeling & L E let g 5s
2
93 8 1003 Federated Metals s f 78._
3
1926 AO 10038 Sale 10043 1003
4
3
D 100 Sale 99
10018 81
9812 10018
Wheeling Div let gold 55_1928 J J 100 1003 100 Nov'21
98 10034 Fisk it000er let s 188
_
4
98
109
4
9818 1093
1941 H S 10813 Sale 10814
Eaten & Impt gold &L.__ _1930 FA
94
9912 9612 Nov'24
9912 Ft Smith Lt & Tr let g 5e. 1936 M S 783 ---- 79 Nov'24
97
81
77
_1
s
5312 69 Frameric Ind A Dev 20-yr 7344'42
Refunding 4e Series A._1966 M S 68 Sale 63
681* 10
8
J 94 Sale 94
843 9712
194
9414 26
RE let consol 45
16
1949 MS 72 Sale 72
7234
60
94 8 98
75 Francisco Sugar 734e
N 1051g Sale 10518
9 1013 10778
10514
*Ilk ec East lit gag 58
1
1942 J o 6214 Sale 6214
49
70 Gas & El of Berg Co cons e 58 1949 J D 9818 ---- 93 Nov'24
6214
_ _ 1013 Nov'24 -4111 A 8 F let gold 5e
1038
99 1013 General Baking lst 25-yr 68_1936 1 D 10453 105 1043
4
4
3
D 10053
3 101 1057
105
8
Rinnton-Salem SD let 4i.._1961) J .1 83
RI
8412 Gen Electric deb g 3;48__ _ _1942 F A 84
86
8212 Nov'24 - - 8552
100 104
80
84 Nov'24
8014 32
7934 Sale 793
765 841 4
Wit Cent 50-yr lit gen 45_ _ _1949 .1
4
8
Debenture 58
aol
105
105 Sale 105
Sup & Dul die A term let 49'36 MN 85
13
86
77
873 Gen Refr let s f g 65 Ser A_19 2 F S 101 102 101
85
4
84
9814 102
28
19.5 M A
102
52
INDUSTRIALS
Goodrich Co 634s
1005 104
933 1003
8
1947 J J 1005 Sale 10014
8
3
e
clams Express coil tr g 4s._1948
78
80
8514 Goodyear Tire St Rub let if 84'41 M N 119/8 Sale 1193
85
85 18 23
•S 85
114 11412 12014
4 120
alai Rubber So
1936 J D 973 Sale 9618
57
3
747 9814
4
9814
-year a f deb g Ss
128 lull 11014
109
10
1033 Sale 108
4
alanka Gold M deb 6e A _ __ _1925 MS
5 Sale
5
5 - - -5
91
7'2 Granby Ccau3M S & P con6s 11328 F N
93
93 Nov'24
eA 1 M A
Cony deb 69 series B
1926 MS
5
21 90
5
67
8 5 Nov'24 -- -71*
94
Stamped
9133
913
3
1928 M N
tin Agile Chem let 55
1628 AO 9513 99
94 10014
9312
98
89
Cony debenture Ss
9812
9434 12
6
1925 M N 9414 Sale 9414
1941 FA
let ref 8 f 7.358 g
82 101
9512 Sale 95
9614 77
Gray & Davis 79
78
1
96
_1932 F A 85
85
8318 85
a Inerican Chain 68
1933 * 0 9612 Sale 9614
9115 973 Gt Cons El Power(Japan)78 1944 F A 923 Sale 91
4
9234.
91
9734 25
9234 364
4
«m Cot 011 debenture 5e
1931 MN
4
92
91
82
8
92
915
92 Great Fails Power let i f 56_19411 H N 10218 10212 10214
10214 31
98 10212
em Dock & Impt gu 68
1936 ii 106
107 Aug'21,-- -- 10611 1013 Hackensack Water 4e
4
7914 8311
8312 Nov'24 ____
8312 85
,mar Republics 68
1937 AO 9113 92
8753 97 Havana El ay L P gen 58 A 1954 3 S 8012 Sale 857
5a
9112 Nov'24 -4
8612 691 813 8612
3
59 2 M 3
.to 8m & It let 30-yr 5e tier A1947 A0 953 Sale 9512
4
915 977 Havana Elec consol g 58 _._ _1952 F A 9414 9518 9414
3
8
9612 148
9472 24
92
9514
Os B
1947 *0 10.5 10513 10514
4
10512 29 1.013 10614 Hershey Choc let s f g 68_ _ A942 l'af N 1037 Sale 103
1037
8 46 101 1(14
8
1 72
1937 ii 10012 Sale 10018
.ruer Sugar Refining 6a
101
9612 10214 Holland-Amer Line Ss Ola4)-1947 MN 81 Sale 8012
101
8412
8112 50
.n3 Telep & Teleg coil tr 45_1929 J J 9612 Sale 9612
119
9212 0814 Hudson Co Gas let g 5s._ 1949 M N 9818 983 9818
98
8
9414 097
2
9834
4
1935 m 8 9054 91
Convertible 45
87
93 Humble Oil& Refining 53-43.19333
9114 Nov'24 -8
965 10014
81
993 Sale 9912 100
4
1933 m
40-year cony 434s
1073 11012 1077 . 108
4
8
31 10058 1119 Illinois Bell Telephone 5s
9312 9814
973 194
4
3
1956,1 D 9714 Sale 967
-year coll tr 58
1946 3 D 10012 Sale 100
16
188
9718 1025 IllInois Steel deb 433e
101,
8
9114 951s
937
2 68
1940 A 0 9312 Sale 9312
1943,m
5
1-year f 530
1025 Sale 10212 1027 203
8
9714 10314 Ind Nat G A 0 Ss
8
9414
82
6
90 3
1936 M N 8912 0012 90
-year convertible 88.,,..19251 F A 102 Sale 12112 12212 24 11214 123 Indiana Steel let 58
7
37 100 104
10212 Sale 10212 103
am Wat Wks A Elec 5s_ _19341A 0 923 Sale 92
49
8418 94 Ingersoll-Rand let 58
8
923
4
4
919354J 983 ____ 100 Aug'24 ____ 100 1181
4952 M N
km Writ Paper aI 7-8s_ _1939 J
47 Salo 4812
36
57
5
49
Interboro Nfetrop coil 434s 1956'A 0 11 Sale 11
1012 11
10
11
,
Tempointerchangeable ctfe dep
4518 4714 4518
45
57 Interboro Rap Tran let 53_ _1966 J
4814 45
707 1040
8
5354 7114
7013 Sale 6753
anaconda Copper Se
9418 19014
1053 17(‘ 9912 Sale 987g
9912 517
Stamped
7014 817
5854 7314
6912 Sale 6718
74
011 1,i.12
93121 868
1938 F A 101 Sale 1005
7
8 10112 596
10-year (18
5414 7512
7512 613
1932, 0 7412 Sale 6912
93 A
Comp Azue Antilla 7348_1939 3 3 933 937 933
15
2
94
834 937
Ta
4
8
937 707
4
2
4
9334 Sale 893
-mom et Co 181 real edc 4101939 .1 D 86 Sale 8512
03
Int Aerie Corp let 211-yr 55_ _1932'M N 621g Sale 61
86
4614 7912
6674' 6
armour & Co of Del 533s_ _ _1943 3 J 903 Sale 9018
135
841*
3
Inter Mercan Marine s i 6s 19411A 0 8914 Sale 8814
91
7912 50
897 195
8
86
9
ismdated Olt feint) (38
1035 m s 10111 Sale 10114
8271 International Paper be
2
10173 32
88
83
1947 J J
4
87 1 105
8612 Sale 853
atlantic Fruit 78 etfa dep .1934 J D
5
1814 40
1912
1814 22
1912
let & ref 58 11
8313 85
1947 J J
84 Mar'24 ____
Stamped centre of depoelt
19
253 Sept'24 - - Jurgens Works65(flat price).1947 J J 8812 Sale 873
4
22
7313 89
8812 165
4
41oantle Relit deb 5s
30
1937 3—.1 981g Sale 98
Kansas City Pow & Lt 58
99
9624 282
89
Sale 9413
1952 HS
903
4
alaw Loco Works let 55.1940 MN 10218 103 10212 Nov'24 - - -- 1290961: 9913130923 Kansas Gas & Electric 68_ _1952 M S 96 Sale 98
901
93
9312 44
9812
01mp Azu Bare 734s
11 100 10-114 Kayser & Co 78
1037j J 10018 1033 10312 104
4
973 10514
8 27
4
4
1017
1017 Sale 1003
8
, iirnadallCorp s f cony 8% A1931 J
102 Sale 10112 10212 30
Kelly-Springfield Tire 8s-19 M N
8614 10412
3i
942 F A
9734 141427
97 Sale 96
Sell Telephone of Pa Is. - _1948
97 4 10138 Keystone Telep Co let 5e_1935 .1 J
6 2 1 91
:
72
101
101 Sale 10018
7318 86
85 Sale 84
Seth Steel tat ext e f be. _ _1926 J J 10012 Sale 10018
99 10112 Kings Co Elk P g 53
10012 18
983 103
8
1007 1
85 2
s
1007 Sale 1007
8
let A ref Is guar A
60
921e 97 2
1942 M N
95
,
95 Sale 9312
Purchase money 68. _ _
8
997
3 1107 116
1937 A 0 116 117 11512 11512
4 Kings County El let g 4e _1949 F A
20-yr n m &(MO R f 5e_ _ _ _1936 J J 003 Sale 90
8712 913
9112 49
4
693 76
4
1
7518
7518
80
75
Cony 30-year fis Series A._1948 F A 9414 Sale 94
9314 100
Stamped guar 49
7014 78944 3 A, 75
59 F .
75 Nov'24
76
4
Cony 30-year 514s Series 131053 F A
92
84
84718 25
95 1 59
Kings County Lighting 5s_ _1
4
853 Sale 85
1
7714 103
8712 13
4
8712 883 8714
8001113 Fisheries (leo a I Os __ _1926 A 0 81 Sale 8012
3
7212 833
4
81
634s
95 104
19543 J 103 Sale 103
10112 11
9712 68
'drier Hill Steel let 5338._ _1942 A 0 9714 Sale 97
973 Kinney Co 7/-44
4
93
1936 J V 10514 105 105
1 10112 10511
105 I
D'way & 7th Av let cc 5a_ _1943 1 D
68
6012 7314 Lackawanna Steel 54 A
73
73 Sale 70
1950 M 3 90 Sale 90
90141 15
Certife of dep stpd Dec '23 lot _
6014 73 Lac Gas Lot St L ref & eat 58 1934 A 0 9814 Sale 9812
72
9
_ 6912 721* 72
8858 983
91
34
9812
9
Brooklyn City RR 5e
94
87
1941 .1-3 9218 9272 9218 Nov'24 -Coll e. ref 5338 ser C ._
1953 F A
9253 9614
klyn Edlion Inc gen Si A._1949 3 1 997 Sale 9913
5712 10214 Lehigh C A Navel 433s A 1954 1 .1 96 Sale 9514 Nov'24 7 _
8
10034 50
94
91
_3
95
4
9514 94
General 6s Series 13
10212 10 12 Lehigh Valley Coal 53
6
1930 1 J 1037 1043 10373 1043
8
3
3
1933 J .1 10012
87,2 81
91 10553
1
101
101
General 7e Series C
1930 JJ 10514 10512 10413
10543 36 10412 109
45
19333 J
8
____ 895 Sept'24
__
1 107 11018 1RX Av & P F 1st gu g 5s _1993 MS 91
General 7s Series D
1940 J 13
1075
8
10758
4058
4018 455 4038
3
8
843 2003
BkIym—Man R Tr Sec 6s_ _ _1968 J J 84 Sale 8212
3
723 813 Liggett & Myers Tobac 78_1944 A 0 1183 Sale 11812 119
4
8
8
14
dklyn Qu Co & Sub con gtd 58'41 H N 6612 Sale 6612
2
6344 7012
55
67
1051 F A
31 51 49 4
12
99 Sale 98
: 10
46 1947%12 108 s
3
:
99
let 15s
80 805 Lorillakl Co (P) 7s
8
1941 3 .1
8012 Oct'24 - - -.
1944 A 0 115 1163 1163
4
3 116
105
neooklyn Rapid Trans g 58_ _1945 A 0
98 Nov'24 ---5s
1951 F A
97 Sale 9653
9712 33
Trust certificates
Louisville Gas St Electric 55_1952 MN 913 Sale 9112
96 June'24 - - -.
____
4
103
92
851s 931
9
8
99 4
let refund cony gold 45_ _2002 I"
6814 1 89013 Magma Coo 10-yr cony g 78_1932 J 1) 119 Sale 11711 120
99 :
76 3 226
; 80
Oct'24
: 1
81
1
1 016 24 11 0100
190947477:81, 1111064:0
:
198 100814 12608:58.5582
8-yr 7% secured noteeL__1921 3 J
9712 10912 Maned Sugar 7345
10912 Sept'2
1942 A 0 100 Sale 100
1003
8 12
Certifleates of deposit
_
Manhat Ry(NY)cons g 48_1990 A 0 64 Sale 635
120 Nov'24
56
70
4
8
643 135
Ctfs of deposit stamped
1103 July'24
923 1107 ma,ilis
_
4
4
2(1 la
g
2943 Q D 56 Sale 54
1010 .,1 j
638
56
BUT') Un El 1st g 4-5s
1950 F
Electric 7e
827 Sale 8212
8012 8512
8
827
8 16
1942 M N
9812 18
93 Sale , 98
Stamped guar 4-58
1950 F A
6
8512 Manila Elec Ry & 1.1 e t 5a1953 M 3 85
83 Sale 8212
81
83
8212 88
88 , 865 Nov'24 -8
sklyn Un Gas let conn g58_1945 M N 997 Sale 9912 100
28
965a 10012 Market St Ry 78 Ser A
8
101 Sale 9978
101
265
TO
1932 M N 159 Sale 151
160
190 114 160 1 Marland 011s f 8s with warints'31 A 0 12515 145 127
2
129
let lien & ref es Series A._1947 M N 106 Sale 1116
9912 l08181 1 Without warrant attached_ _ _ A 0
19
10818
10618 Sale 1057
8 10614 18
75
1920 H N 150511 Sale 157
16012 57 114 16012 i 733e Series B
1931 F A 125 134 129 Nov'24 -- 117 126
Buff & Buse Iron 8 f 55
1932 J
9084 933
411 In without warrants..,.,.
917 --__ 9218 Oct'24 - s
10512 20
10512 Sale 10512
Sneti Terminal let 45
1952 A 0 75
1
81
86313' Maxwell Motor a f 7s
86
86
1934 M S 10512 Sale 10512
20658 544 10112 1073*
Conaol as
1955 1 .1 8718 8773 8514
3
0
8 4 8 81 aletr E(I 1st & ref g 6143er 11_1052 F A 102
33
,
8612
5024
4 101
Standing 58 guar tax ex_1960 A 0 957 Sale 9514
35
8
91
973
4
9653
1953 J D 10113 Sale 10111 10112
9113 192
4 103
:
8
Mexican Petroleum e f 84 A936 M N
4
4 1011 1081t.
1073
8
. _1932 MN 993 100
C4:0 & E Corp 5a
8
9714 100 Midvale Steel & 0cony s f fis 1936 1M S 881 1 Sale 8712 10712 68
9938
993
4 13
853 9012
4
89
C141 Petroleum Olio (w 1)-1933 A 0 10114 Sale 10014
95 1017 Milw Elec Ry &Lt eons g 58 1926 F A 111012 1005 10012 101
1015
8 38
8,
96 1051s
8
0-'.maguey Bug 1st e I g 7s__1942 A 0 935 96 1 93
8
9212 973
41
Refunding & eaten 4348_ _1931 1 J
,
933
8 14
9512
9012 96
2
4
9412 9.55 9.51*
Danarla SS Lines let roll a I 7s'42 M N 983 085 9812
21
8
8
99
5
9114 993
General 5e A
J
1951 1 0 96 Sale 96
9714 10
Canada Gen Elec Co Ge -----1942 F A 10712 Sale 10712
8
1073
4 27 1025 11(734
1st 55 B
1981 J I) 85 Sale 8312
4
853
4
Cent Dist Tel lat 30-yr 58_ _1943 J D 1041 Sale 100
973 101
4
1001
: 15
1st A ref g 6s ser C
1953 Ni S 9914 Sale 99
9912 42
:Jent Foundry let B f 13e._ _ _1931 F A 953 9714 0614
5
4
97
89 i 9712 Miltvaukee Gas Lt let 48...1927 M N
,
944 1943895 14.
8°2 153 91:1
753 788:
9946 41 9
9812 Sale 9814
98 4 15
,
(lint Leather 20-year g 58-1925 A 0 10014 Sale 10014
9211 1007 Montana Power let 55 A_ 1943 3 .1
10014 50
8
95 101
9812 43
1941 MN 10912 Sale 109
7.8ntral Steel Si
1
30 1075 110 Montreal Tram 1st & ref 56.1941 J J 93 Sale 9772
8
110
50
947 Sale 9453
5
95
Coke 1st gU 5a..1937 J J 09
8
CB 0 L &
____ 9934
9312 100 Morris &Co let 8 1 4558_ _ _ _1939 J J 7912 Sale
993
4
76
28
83
783
4
8
0
(Mingo Rye let 55
1027 F A
7815 Sale 1 76
781 243, 74
81
Mortgage Bond 48
1968 A 0 051 _ _8 4 9412 June'24
76148 0 _3 7
_
5
Chile Copper 65 Ser A
1032 A 0 1087g Sale ,1073
4
1087 2881 09 10914
8
511
9514
1932 A 0
92
9514
Melo Claa A Elec lit A tel 58'58 A 0 9914 09121 9914 Nov'24
9512 10052 Mu Fuel Gas let cu g 54
,
4
1047 )4 N 953 97
92
5
9614
9614
9614
5338 Ser 13 due Jan 1......1981 A 0 1013 102 1013
2
471 105 10212 Mut Un fad bonds mil 5% _ A941 M N 0518 ____ 9518 Aug'24
2 102
937 9634
s
Gin8'klCog4nilSi..1047F A
9312
9212 Nov'24
811s 9314 Nesse.% Mee guar gold 48.._ _1951 J 3 627 Sale 621g
533 637
4
6312 95
s
8
Col Indite lit & coil 58 gu. _1934 F A 704 Sale 793
4
4
75
82
80,2 43
National Acme 73-48
1931 J 13
82 1945:
995:3 90
3
106
0
9/ Ela1!_ 97,
11 .
8612
4
Onitunhla U & E let 58
1027 J J 1(1014 1004 10014
10012 1/1 9 1 10112 Nat Enatn At Stamps lot 55_1929 1 D 97 .
61
0c91
1:24
Stamped
1927 J J 10044 Sale 109
10054 29
9314 101
Net Starch 20-year deb 52_1930 J J 97 100
Oct'24
9512 97
96
Oth Av 1st gu 58.-1993'M S
Col
53 12
i,
512 Nov'24 -51
: 7 National Tube 1st 5s
1952 M N 10114 Sale 10114
1013
4 33- 9912 10512
Columbuil Gee let gold 54...1932
3
J 93 4 Sale 983
1
33
4
99
983
4
Newark Con Gas 58
98 Nov'24
98 100
Commercial Cable 1st g 4s-2397 Q J 7312 74
1
7312
7312
70
7614 New England Tel A Tel 58_ _1952 3 0 993 Sale 9
19483 11
9714 1013
1003
8 42
91*
8
8
Cemmonwealth Power(W.-1947 MN 9714 Sale 967
8
87
973 105
8
983 N Y Mr Brake let cony 6s._1928 M N 104 Sale 104
8
4
1041 498 1011 10412
Oomputing-Tab-Ree s 168. _1941 .1 J 1(1158 1023 10112 Nov'24
8
98 103 N V Dock 50-yr let g 46._ _ _1951 F A
4
73
787
6
3
785 Sale 773
8
7108
Conn Ity & L 1st & ref g 1301951 J J
87. --__ 8818 Oct'24
14
877 8813 NY Edison lat & ref 6.33s A.1941 A 0 11353 Sale 11353 1137
8
s
8 85 1097 11414
Stamped guar 4%s
1951 3 .1 8814 ____ 893
1
4
893
82
4
8914 N Y Gas El Lt A Pow g 5e,.1948 J D 10012 Sale 10014
1,1:
44
101
9814 102
890213e 886
Cans Coal of Md let & ref 55 1950 J D 8814 Sale 88
883
86
3 60
903
4
Purchase money e 45
, 3i 853 _8_5_3_ 311 0,, 5
949 F A
60
4
54
28
1
4 85
8513
2
8018
/
1
4
Dint Pap & Sag 1 111186 ,348. _1944 F A 91 12 Sale 857
s
9112 37
83
94
N Y Munk, Ry 1st 5 I .55 A 11
801,
987 994 083 Nov'24
8
Can (I Co of Ch let cog 54_ _1936 J J
4
9311 100
N Y Q El L & P 1st g 5s
1930 1' A 903 100
6
931/4 100
3
8
9
993
4
4
Ormaiimers Power lot 58-1953 H N 91 Sale 903
4
913
4 76
87
925 N Y Rye let R E A ref 4s_ _1942 J .1 4534 Sale 407
5
8
63
461
4611
993 ____ 905 July'24
4
3
Corn Prod Refg f g 5a _ _1931 M N
905 103
8
CertItIcateg of deposit
8
4614 938
447 Sale 405
32
8
9612
_ _1934 M N 1(11 10114 101
11)1
let 25-year s I 55_.
9114 1853
7
8
01 4
30
-year ad) Inc 511
a1942 A 0
4
354
478 43
5
4 Sale
75
77
1943 F A
75
7712 14
Grown Cork A Seal 88
Certificates of deposit ______ ____
91
5
95 Sale 95
953g 40
Cuba Cane Sugar cony 7a 1930 8 J
9112 98
NY State Rya let eons 433e 1962 SIN 67 Sale 67
5842 691i
1
66
67,
4 31
Cony deben stamped 81 4_1930 J J 10014 Sale 9974
/
10012 370
90 10112
6348
92 Sale 02
1
92
85
96
19 107 10812 N Y Steam let
8a. 193/ M S 10812 Sale 10814
10812
Cuban Am Sugar let coil
947 M N
25-yr CO Ser A 1 96- 51 N
9814 Sale 973
15
9814
9213 99
4
2
20
98
Comb T & T 1st & gen 5s__ _1937 J J 973 Sale 973g
9414 987 N Y Telep let A gene I 4(4s.
8
94
97
933 9712
2
1939M N 9612 Sale 9614
927 Sale 904
2
Den Gas & El.Ist&ref s I g 5s'31 M N
3414 9312
927
8 76
30
-year deben a f 68
Feb 1949 F A 10712 Sale 10712 10812 44 105 109
13
1942 M S 73 Sale 74
75
Deny Corp (1)(1) 7s
67
42
20-year refunding gold 6a_1941 A 0 10614 Sale 10614
1067 101 10313 10;3
3
4
8
3 10113
8
Detroit Edison let coll Cr 58.1933 .1 J 1005 101 1005
99 1015 Niagara Falls Power let 5e 1932 J .1 10034 Sale 100 8
8
3
1003
7
99 1033a
4
58
11940 M S 100 Sale 9912 100
let de ref 55 Series A
15 Ifli
Ref & gen 68
a1932 A 0 104e8 105 10412 105
9 10212 10618
lit & ref flit Merle's B
4
11940 M S 1073 Sale 107
1071
4 83 104 1073 Meg Lock &0 Pow 1st 5s_ _1954 M N 10334 Sale 103
4
1033
4 31 1071 2 10412a
9 12 1 9,
9
9218 93 92
Dec United let cons g 4145_ _1932 3 J
26
93
843 9414
8
Refunding 6s Series A__1958 F A 10414 1041 10414
10413
5
96 1041p
999
114 98
0
3
52 Nov'24
Distill See let 158 ctf dep._ _1927 A 0
46
5412 No Amer Edison 68
1952 M S 97 Sale 963
9712 93
4
fs of deonglt stamped
_
.54 Nov'24
38
547
s
Secured if g 633s Ser 11
1948 NI S 10112 Sale 1003
4
10112 38
Doll (Jacob) Pack 1st 6s...1942 kf
80
83
13
84
79
8318 87
Nor Onio Tree & Light tis
1947 M 8 9218 Sale 9218
93
31
8712 93
Dominion Iron A Steel ',mi._ .111.11) J
30
62
627 Sale 59
s
58
85
Nor States Pow 25-yr Sc A._1941 A 0 9312 Sale 9314
94
76
turner Steel
7
81
4211
85
843
4
_ .1942 J J 861 i 88
_
4 at A ref 2.5-yr Ils Ser B _ _1941 A 0 104 Sale 104
105
25 18114 1941
0
9
du Pont(E I) Powder 430.1936 J D 80, ____ 8912 Aug'24
954
8912 '1,1 N .rthwestin Bell T let 75 A_1941 F A 1077 Sale
/
_
4
8
1075
8
1087 311
8
duPont de Nemours & Co 714e'31 MN 1073 Sale 10712
4
1073
4 38 1067g 1067 \0.111 W T let Id g 4 4-4S gtd_, ,a1 9414 Sale 9414
8
74 3 .
9414
1
Duquette Lt lit & coil fla . 19493 3 1053 Sale 10512
106
4
1.9314 '
,was Ohio Public Service 73411
1946 8 0 11014 Sale 110
t.la• C '.1,
110,
lit 'nil
4 21 190, Y
1111 ,eie 1031, 104
0:33 190911054
1
52 102 1943, '
,
4
1157 1071, 107
1071,
Due Jalt. SDll. Feb. •Due ;Tulle. 5 Due July. A Due Aug o Due Oct.
y Due Nov. r Due Dec. a option sale.
15T
5
434
[voL. 119.
THE CHRONICLE
2634
New York Bond Record -Concluded-Page 5
Quotations at Sundry SecuriutS
All bond prices are "and In
'except where marked "I,"
Railroad gurlposente Per Cf. Basis
Standard 011 Stocks Par Bid. I Ask.
Range
a
West'
I
Price il 11
BONDS.
5.25 5.00
8
4
Anglo-American Olinew_ 91 *173 177 Atiantio °omit Line Si
Maas
I
Range or
Friday
Si.T.EITOCK FaCCHANGE
Equipment1)%e
5.00 4.80
01 911
100 9
Atlantic Refining
1
J'as
Last Rate
Dec. 5
Week Ending Dec.5
5.35 5.00
113 11412 Baltimore & Ohio (le
100
Preferred.
4
1
/
4.95 4.70
Equipment 434e & 51
1011 23 ,235
0
High Borne Scrymser Co
Hine No. Low
Ask Low
Rid
9
Buckeye Pipe Line 0o..50 .5 1 601: Buff Rod h & Pitts equip fle. 5.10 485
961: 98
4
1
/ 89
97
1944 F A 9778 Sale 97
Old Ben Coal 181 6,
:5
5 26 4 80
25 *4834 4913 Canadian Pacific 430 & 65. 6 0 6.00
2 10
93'
9433 9934 Chesebrough Mfg new
.:‘, r 151 68_1943 F A9913 Sale , 99
Ontann Power
100 113 115 Central RR of N J 6ii
Preferred
4
/
981
4
/
Ontario Transmisgion 5s1945 M N 981 _-_- 9814 Nov'24 -- --1 94
5.30 5.05
25 *45 50 Chesapeake & Ohio 69
93 10113 Continental Oil new.
99 1 28
1941 F A 9834 99 9812
Otia Steel 8e
15
Equipment63Se
Crescent Pipe Line Co 50 •13
95
84
93$4 66
lit 26-yr s f g 734s Ser B 1947 F A 9213 Sale 9233
5..05 4..75
10 4 8
Equipment5eCumberland Pipe Line-100 135 136
91134 95
9334 116
Paisiile G dr El egn & ret 5...1942 J J 9314 Sale 93
84 Chicago Burl & Quincy 65.- 5.25 5.00
911 9913 Eureka Pipe Line Co...-100 81
8
4
/
9834
1
/
Pao Pow&Lt Ist&ret 20-Yr be '30 F A 9818 934 9311
Galena Signal 011 cam_-100 60 62 Chicago & Eastern III 11349- 5.50 5.08
908 100
9938 120
1937 J J 9918 Sale , 9918
Pacific Tel & Tel let Si
5 30 5 0
6
3
100 110 117 Chicago & North West 65... 6:0 4.86
Preferred old
8
3
90 3 937
4
/
931 95
8
1952 MN 933 Sale ' 9314
54
100 105 110
Equipment8He
Preferred new
3 105 1 25 9914 10514
1
/
Pan-Amer P & 'I' let 10-yr 7,1930 F A 1044 Sale 1043
:
5 5 4. 0
2
9
Humble Oil& Ref new,. 25 *3934 40 Ohl° RI & Pao 4345 & 51- 6 16 6. 6
4
/
981 14 94 1.00
1953 J J 95 Sale, 95
Park-Lex (eths) 133:e
Equipment6s_
100 126 123
4
1
/ 0913 Illinois Pipe Line
Pat & Pasaale0& El cons 55 1949 PA El 9778 ____' 98 Nor/4 .___l 93
55 405 55.000
5..225 5..20
0
25 1111: 112 Colorado & Southern 61...
011
8
Poop Gas & C let cons g 65..1943 A 0 1077 10814 10818 Nov'24 ---- 10414 10813 ImperialPipe Line Co_.,50 *74
1
/
754 Delaware & Hudson 69
Indiana
8714 96
95 1 19
1
/
1
/
1947 M 5 944 96 944
Refunding gold Si
9933 103
4
1
/ International Petroleum-(T) *2318 2338 Erie 430 & 6e.
4
1
/
102 Sale 10213 10314 21
1944 F A
Philadelphia C 65 A
5.50 5.20
Equipment65
Magnolia Petroleum_ _100 137 140
96
90
9413 46
1938 Si 8 11.414 Sale 94
5345
5.30 5.03
National Transit Oo__12.50 22 23 Great Northern 65
9114 102
91178 68
Phtla & Reading C& I ref 58.1973 J J 9934 Sale 9914
5.00 4 70
1
/
New York Transit Clo _100 63 654
Equipment 58
100 1 6913 881$ 100
91
1943 Si 8 97 Sale
Pierce-Arrow Se
5.40 6.10
Northern Pipe Line Oo 100 82 85 Hooking Talley' 611
21
8478 103
8
1931 3 D 1023 Sale 10214 103
Pierce 011 a f 8s
5.00 4.75
25 .8311 64
Equipment 55
Ohio 011 new
4
1
/ 13, 9473 100
99
4
4
Pillsbury Fl Mills 20-yr 68_1043 A 0 983 Sale 1 983
9
.
4 20 4 0
.0
,
‘
25 .31
33 Illinois Central 43 s & 55-- 5. 5 5.65
Penn Mex Fuel Oti
9713
1! 93 102
Pleasant Val Coal tat g at ts 19283 J 9713 ___ _ I 9712
Prairie 011 & Gas new100 203 2031: Equipmenttis...--.
25, 9012 95
95
a412 9313
Pocah Con Collierieslet 51561957 3 J 93
Equipment 7e & 6341---- 5.05 4.80
2 95 914: Prairie Pipe Line new___100 10614 10634
99
9812 9978 99
Portland Gen Elec lit 544_1935 J J
.2
5 0 5 10
.
100 205 207 Kanawha & Michigan 65-- 5.50 5.00 (
go
2 56
Solar Refining
93
Portland Ry let & ref Si__ _ _1930 MN 9238 9312 93
Southern Pipe Line Co-100 82 84
Equipment 448- 4
1
/
4 13 80 90
833
4
1
/
8
Portland Ry Lt & P let ref 5111942 F A 833 84 . 83
536 5.06
100 133 134 Kansas City B0112118211 534s
South Penn 011
93 I 29
4
1
/ 97
89
8
1947 M N 943 9412 94
Si B
:05 :
5 6 5 80
6 2 , 4 00
74 Louisville & Nashville 65
Southwest Pa Pipe Lines_100 71
8 103 107
1
/
lit & refund 714e Set A _1948 PA_ N 105 Sale 1044 105
EquipmentCie. 3 1053
3
1 1041 10613 Standard 011 (California) 25 *6134 8214
4
/
3
1931 Si N 1053 ____ 1053
Porto Rican Am Tob 85
4
/
3.0! 95
Standard 011(Indiana)._ 25 *801 6038 Michigan Central 50 & 69-- 5.20, 4.93
24
9413
1933) J 94 Sale 94
Pressed Steel Car 6s
26 *36
384 MIMI St P & 88 M 434 a & 51 5.30 5.00
1
/
10938 11614 Standard 011(Kan)
Prod & Ref a 1 8s(with war'nta)•31 J D 114 116 114 Nov'24
8
8 11 10612 1107 Standard 011(Kentucky) 26 11912 120 1 Equipment 6345 & 7s._ _. 5.30 5.90
Without warrants attached.- J D 11038 Sale 11012 1107
(Nebraska)100 243 246 Miseouri Kansas & Team 611 5.65 6.33
Standard 011
77 107
8 10413 28
Pub Serv Corp of NJ gee Se _1969 A 0 10413 Sale 1043
0
9614 097,1
PreferredStandard011 of New Jer- 25 *3713 37 Missouri Pacific 65 & 6344.- 5.63 5.25
4
1
/
8
98 1 973 Nov'24 ----I 06
Certificates of deposit
5 .
.0 .
52 4 75
5 0 5 00
100 11634 117 Mobile & Ohio 4145 & 55.,
9.0: 135
4
/
Pub Serv Elea & Gas lit 6301959 A 0 981 Sale I 9713
ot
.Ne111 York Ceneral 430 & 59 4.90 4.70
10434 40
98 10414 Standard 011 of New York 25
Pub Sery El Pow & Ltg 65..1948 A 0 104 Sale 103
100 3 31 3 334
348 42
4
/ 5
Standard 011(01110)
Equipment
4 105 102 10213 124
Sale 1033
4
11137 3 .1 1033
Punta Alegre Sugar 7s
5.05 4.80
100 11534 11634
Equipment 75-.
Preferred
9512
93 I 271 92
8
1937 Si N 923 Sale 92
Remington Arms 13e
4 85 4 41
5.10 4:8
100 124 125 Norfolk & Western 430
9 92
2
9634 Swan & Finch
95 9314
Kaput)1 & 8 10-30-yr Sea L.1940 A 0 94
Union Tank Car Co-100 124
orizi e pru tnlflo rs
pfte thc rn Pta E p7ea
9134 24
N
8738 93
19631 J 91 Sale 9034
514e
100 111 1147
s 71___. 5.05 4.80
Preferred
2 66
9113
86
19621 D 66 Sale 66
Robbins & Myers e 1 Is
25 8018 8013 Pennsylvania RR eq 51 & 65 3.10 4.75
Vacuum Oil new
90 91
Bach & Pitts Coal & Iron 511_1946 M Ti 004 _ _ _ _ 90 Aug'24 ---10 2913 31 Pitts & Lake Erie 630.-- 5.15 4.90
011
8218 28
Washington
73 90
Rogela-Brown Iron Co 78__ _1942 Si N 8112 Sale 75
5.80 5.25
2
Other 011 Stocks
8518
I Equipment88
1937 MN 8413 86 8518
81 Jos ay Lt Ht & Pr 5._
4.75 4.50
(I) *233 2 Reading Co 434e & 5i..4
1
/
Atlantic Lobos 011
80
74
79
St L Rock Mt & Psi stnmd_1955 J J 78
50
2o
76
02
7
4
73 St Louis & San Fra”c1• " 5.15 4.90
: 31
854
6
Preferred
11
72
7 7 Nov'24
4
1924 A 0 7212
St Louis Transit 58
550 5 20
.
*65 66 Seaboard Air Line 5149 As Gs 5:00 4.80
95 125
9111 9612 Gulf 011 new
9812 95
95
1937 1 3
Si Paul City Cable 55
a .412 513 Southern Pacific] Co 4348 . 4.85 4.50
011
aall
St Paul Union Depot 6,--.1972 J J 10014 Sale 10014 10234 98 102 10234 Mexican Eagle
S •12 121 Equipment7s
4
/
4
/
1071 Mutual OU
1071: 10
1942 M 13 107 Sale 107
Saks Co 75
5.05 4.811
1oo 106 109 Southern Ry 434s & fle
4
10018 27 933 10012 National Fuel Gsli
San Antonio Pub Ber de__ _1952 J J 100 Sale 100
5.40 5 10
Equipment fie
4
ul n el lluiserg-- 1g *2413 243
Salj Creek Lro
100
1051
4
/
1
/
Sharon Steel Hoop let 88 ger A '41 Si 8 1054 Sale 105
535 5 10
*114 134 Toledo & Ohio Central Os._ 5;00 4:80
t
013 IN1/4
:
17
8
1942 A 0 1043 Sale 10414 10433 1e
Sheffield Farm'6345.
9014
Union Pacific 7s
110 i
911/4
Werra & San Fran Power 60_1949 F A 89g 91
Public Utilities
8912 114
-year 711_1937 Si 8 89 Sale 89
Cone Oil 15
Sinclair
Tobacco Stocks
4
/
841 68
8213 9014 Amer Gas & Else new -(Z) *103
1938 13 83 Sale 83
634. B temp Ws
7
5
8
50 545 46 I American Cigar common 100 8 I 'g
$ 10018 23 97 10114
Preferred
4
1925 A 0 993 Sale 993
Sinclair Crude Ou 5345
MAN 95 9512
Preferred.
3
Deb 6e 2014
9578 10114
1926 F A 9934 100 99 4 10018
as
7 1 _t
. (1 1711 .
)
3
0 Am m (oeo ur co.00m 10; .15 ' 1 __
8
347
8312
Light & Traa oom_100 135 190 , HeiereM achine & rdrY--1
Amer
1942 A 0 8313 Sale
Sinclair Pipe Line fis
100 94 95 ' British-Amer Tabs° ord.
8
Preferred
8
1041
3
South Porto Rico Sugar 75_1941 1 D 1023 Sale 10218 1023 50 184318
5312 5412
8 45 94
907
Bearer
8
9973 Amer Power & 1,1 Oom
5411941 3 J 993 Sale 9038
South Bell Tel & Tel 1st el
100 89
Preferred
4
1
/
96 279 9313 9714
8'west Bell Tel lot & ref be-.1954 F A 9812 Sale 96
Preferred
1
4
1
/ /
Deb 652016.M&S 93 944
4
1
/ 17
1947 3 J 9214 921- 9214
92
Southern Colo Power 68
237
Public UM sow, 100 73 85 , Imperial Tob of OD & Herd 19 21
85
9413 10918°' Amer
1
/
Stand Gas & El deb g 6148..1933 M 13 106 Sale 1034 108
100 88 92 I Int Cigar Machinery-100 68 __
a
7% prior prof
10U18
1930 M N 100 10038 100
Standard Milling 1st be
int 7012 51 Johnson Tin Foil & Met-100 75
75
A% male pref
1
/
1064 52 10 / 1(17 4
4
5
31
94
4
Steel & Tube gen a 1 7ii Ser0 1951 .1 J 1053 Sale 105
0 82
8
.
Mai:Andrews & Forbes-1E 13g 131
38
losoclated Gas & El pf (3) d49
97
Sugar Estates (Oriente) 7s _1942 M S 97 Sale 95
J&J 94 98
II :
Preferred
Sec g 6115 1954
9818
11
9 3 Irag
1929 FAH 9818 100 981s
Superior 011 1st s f is
73 75 Mengel Co
Blackscono V ai & 0.244
3 02 98
9818 Sale 9834
4
1
/
151
981s
Syracuse Lighting hit g .50_11 .1 13
100
Carolina Pow & Lt com_101 252 256 Porto Moan-Amer Tob_ -10(
Light 6c Pow Co coil Ira 358'64 3 J -_ ____ 10478 Nov'24
103.
4
e errl L
Cities Service Co aim_ _100 168 169 Ungerae4eal Tob oom-10(
NZ 10
102
___ 102
I
0
Tenn Coal Iron de RR gen 5e 1951 J J 1013
10( 877 88
4
1
/
s
Preferred
4Tenneseee Cop lit cone Its .192'; MN 10112 102 103 Nov'24
8350 162
121 11280
5
10 •7
931: 87
Preferred B
4
1
/ 7 Young (.1 Eh Oa
4
1
/
Tennessee Elec Power 1st 6s_1947 .1 D 9914 Sale 0813
10( 100 104
100 773 7814
Preferred.
Preferred B B
4
4
/
8
19601 J 5613 Sale 551
573 198
Third Ave lit ref 4s
(Cieraast prices
4
5212 815
Sit,rl I 12(9)/33:1:2 CitiesService Bankere'Sharet •163 1714 Rubber S*****
l
AdJ Inc 58 tax-ex N Y-91960 A 0 5119 Sale 4614
3414 3
92% 06
12
Colorado Power corn_ _101
95
4
/
5 Am Tire & Rub corn
19373 J 941 Sale 9438
-I 8
Third Ave Ry let g 55
- 40
101
Preferred.
Preferred
10312 88 102 10434
Tide Water 011 10-yr 6346-1931 F A 10312 Sale 103
-1
40
Com'w*th Pow Corp com (9) *111 11 -13 Firestone Tire & Rub cam 10 *9413 98
4
1
/ 110
1941 M 5 110 Sale 109
Edison lit 78
Toledo
1011 98 1 99
100 82
Preferred
6% preferred
Sale 10038 1004 14 121,1,;?
8
1
/
Toledo Trac Lt & Pr6% notes'25 F A 1003
100 94 I 98
Consumers Power prof.-10( 90 93
97
7% preferred
97
1949 M 8 9714 -.--j 97 Sept'24 --Trenton 0 at El lat g 53
Elec Bond & Snare pref_104 ICI 103 Geriera Tlre & Rub cow 50 *230 240
"
prefel ea
100 971: 1(0
(I) *1614 1678
Securities
Elec Ry
90 90
Underged n London 5345_1933"3 8838 ____ 90 Aug'24
4
1
/
85 86 Goodyear Tire & R com_100 2214 22
6
8812
1
/
794 8812 Lehigh Power Securititie _(3
1948 33 791 -- - 8813
4
/
Imo lie 2
r
8
92
8
983 Misaissippl RIv Pow corn 100 3314 3114 Goody'r TAR of Can 1/3-100
9638 22
8
1sg
Union. di Paper 1st M 63_1942 Si N 963 Sale 957
9
80 0
0934 9
3 0 10
9
0
100 83 90 Ind IrerTired Rub corn_
8
Preferred
p a erre &
10014
9718 1001:
100 Sale 100
Union Elec Lt & Pr lit g 58.1932 M
42 92 100
4
4
100
First intim 58, 1951 J&J 973 983
1933 Si N 9934 Sale 99
Ref & ext 55
212
1
77
8 F g deb 7e 1935„M&14 10212 103121 Mason Tire & Rub tion3 (3) .2
70
77
1945 A0 -___ 77 77
Union Elev Ry (Chic) 5e
9934 11
1
95 4 10214 Nat Power & Lt com (:) 184 186
Preferred
J 99 10038 9934
4
1
/
lit lien a f Se.- _1931
Union 011
(3) 92 95
61
Preferred
4
/
991 10312
Miller Rubber
8
F A 1027 Sale 10214 103
May 1942
30-yr 68Ser A
(1 15
1100 2
100 103- 104
IA) 96
Income 75 1972
Preferred
3
1
/
Union Tank Car equlp 7s__ _1930 F A 10312 Sale 103 3 1044 29 103 10513
.8
10 Mohawk Rubber
D 115 Sale 115
115
4
1
/ 20 11112 11838 Northern Ohio Electric.(3) '8
1941
United Drug cone 88
30
7
_
.4 ..16
10(, *27 29
12
100
Preferred
4
1
/
92
9838
Preferred
3 9814 9813 97
United Fuel Gas 1st s 38s_ _ _1936
40
91
99
North States Pow com_10( 101 103 delberling Tire & Rubber(7)
99
99 Sale 9834
United Rye Inv be Pitts Issue 1926
100 85 88
100 96 99
8 91
Preferred
9913
99
Sale 9813
9813
Preferred
Stamped
8
15
6118 737 Nor Texas Else Co corn 100 70 72 iwinebart Tire & R com-10(
72
7134
United Rye St L 1st g 48-.1934 J J 72 Sale 92
Ili100
100 73 75
17
93
93
86
Preferred
Preferred
1937 M N 9234 Sale
United SS Co 15-yr 83
30
El 15t pref 100 9114 9212
9814 1021 Pacific Gas &
:
8
Sugar *
United Stores Realty 20-yr 6s '42 A 0 1023 10312 10178 10212 439
6
50 *4
(:) •18 21 Caracas Sugar
$
8813
7812 877 Power Securities com
1st & ref 53ser A 1947 J J 8534 Sale 8413
U S Rubber
73
*44 46 Cent Aguirre Sugar coin- 20 *71
Second preferred
10478 54
991 1061s
4
/
10478 Sale 104
10-yr 7A% sec notee.......1930 F A 10114 Sale 1003
100 116 118
42 9 / 102
Coll trust 6a 1949___J&D 90 94 Failed° Sugar
4
4
91
U Smelt Ref & M cone 634.1926 F A 1044 Sale 10412 10114 188 102 10514
48 584
Incomes June 1949__F&A 78 82 Federal Sugar Ref corn.
1
/
MN
1
/
1044
U S Steel Corplcoupon_ _d1963 MN
100 80 90
Nov'24
53
1013 10412 Puget Sound Pow & Lt 100 51
4
Preferred
s I 10-60-yr belregistered_d1963
4
8518 171 80
100 83 85 Godchaux Sugar, Ins-(I) *2
871:
6% preferred
85 Sale 8434
& ref Se_
Utah Lt & Trac 1st
100 19 24
911: 44. 87
100 dle4 106
4
1
/ 94
7% preferred
9113 Sale 9118
Preferred
Utah Power & Lt let 5_....1944 F A 9914 9912 9738
09
12' 973 101
1st & ref 5348 1949 __J&D 97 98 Holly Sugar Corp cem (2) 534 37
3
L & Pow lit 8f 5.1954)3J
Utica Else
100 85 88
100 48 50
4
/
901 9914 Republic Ry & Light
4
/
971
99 Sale 97
Preferred
Utica Gas& Mee ref & ext 5.1957 J
100 671 6813 Juncos Central Sugar-100 75 125
551s 8434
Preferred
60 I 6518 Nov'24
1953 3 J 51
Victor Fuel let s 1 55
:
75i "Zio
1
/
4
4
/
531 854 South Calif Edison oom_100 1031I 10413 National Sugar Reftning_100 103 105
1947 J D 743 Sale 1 72
Va-Caro Chem 1st 78
34
100 88 93
73
100 115 6278 73
8% Preferrea
New Niquero Sugar_
__ __I 72 Sale 70
Certificates of deposit
2
10
69
531: 89
Standard G& El 7% pr pf 100 94
Santa Cecilia Sus Corp P1100
69 Sale 1 65
Certificates of deposit stmpd
63 66
50 49
2713 734
48 115
8% cum peel
Savannah Sugar corn- (3) •
13 47 Sale 46
73411 with & without war_ 1937 3
28
100 80 84
4713 Tenneeeee Elm! Power (3) 4313 4412
26
4
1
/
4713
Preferred
.713Sale 47
Certlfs of dep with warrants88
92
4
/
711 Sugar Estates Oriente pf 100 88 92
Second preferred
(5) *71
9018 92 9134 Nov'24
8 12
Va Iron Coal & Coke 1st 53 1949 SiNI S 9334 Sale 931
:
9512 Western Power Corp._ _100 351 37 West India Bug Fin corn, 00
88
: 9438 34
19343 .1
Va Ry Pow 1st & ref Se
40
100 39 42
4
1
/
100 84 85
4
1
/
92
8914 97
Proferred
Preferred
4
1
/ Sale 92
Vertientes Sugar let ref 73_1942 J D 92 Sale 93 4
9413 28 87 10314
3
Short Terns Securities
J D 94
Warner Sugar Refin 1st 76..1941
821: 16
7714 9634 Anaconda Cop Min 69'291RJ 103 10312 Industrialist/Install
8213 Sale 82
94
Warner Sugar Corp let 7e_ _1939 J J 10013 101 100
6
101
4
1
/
99 101
kngio-Amer Oil 734e'25 A&O 101 10114 American Hardware..--100 140 98
Wash Nat Power 5 biL..- _1939 J J No sale no
143
100
1
8
100
963 10012 Federal Sue Ref 135•33.M&N 973 9814 Babcock & Wilcox
4
gtd 19503
20
(t) *1513 17
9614 Hocking Valley be 1928 M&S 10012 1003 Bliss (E W) Co new
Ltg e 58
8912
Wenches
9613
4
4
/
S 951 Sale 9512
60 *53 57
West Penn Power Ser A 65.-1948
9 101 105
Preferred
K 0 Term Ry 630'31 J&J 10312 ___
13 10412 Sale 10413 103
1958 J
-year (is Series C
7 10414 10734
let 40
1926 1011 1017 Borden Company aom In •129 130
4
8
51se
4
4
/
1063 Sale 10834 1063
1946 M
100 103 105
let 7s Series D
Preferred
941: 31
4
4
/
883 9712 Lehigh Pow Sec 61'27.F&A 101 1011
1983 Si 8 9412 Sale 94
1st 58 Series E
100 30 40
10113 50
98 1021s ilose-Sheff 138tI
'29..F&A 10134 102 Celluloid CompanY
Sale 101
2
1953 A 0 101,
100 90 95
1st 5348 Series F
275
96
Preferred
9912 IT 8 Robber 7145 1930_F&A 104 1041:
9878
1
/
8
1944 A 0 983 Sale 984 101
Western Electric deb 5a
17
(5) *39 41
9678 1011 Joint 5th Land Bk Bonds
Childs Company earn
4
/
s
8
1007 Sale 1003
Western Union coil tr cur 59_1938 J J
100 111 113
9
9038 9718 Chic Jt Stk Land Bk 55_1951 102 103
Preferred
96
Sale 9412
100 93- _
Fund & real estate g 434e-1950 111 N, 95 Sale 109
4
/
8
1111 15 1086 11214
10214 10314 Re:miles Powder
5e 1952 opt 1932
F A 110
1938
-year 614s g
15
100 104 108 Preferred
77 10634 10931
10212 19313
be 1983 opt 1933
10712 108
4
/
Westinghouse E & M 7s.__1931 Si N 1071 Sale 7314
20
8
707
51
79
104 10418 International Silver Prell 100 107 110
5;•is 1951 opt 1931
Wickwire Span Steel 181 75_1935 J J 7812 Sale 99
87 88
95 100
9913 49
10138 102 Lehigh Valley Coal Sales 50 •
4
1952 opt 1932
Sale
:
Willys-Overland s f 6%9_1933 M S 991
100 101 105
: 4 s 1952 opt 1932
091
18
80
4
1
/ 74
911
9914 10.) Phelps Dodge Corp
9014
Wilson & Co lit 25-yr If 6a-1941 A 0 911: Sale 55
5634 161
44 93
10114,1021s 1Royal Baking Pow com_100 151 153
4 s 1983 opt 1933
D 5518 Sale
19283
10
-year cony s f 65
100 100 103
50 461s 100
I Preferred
60
Pais Coast of Portland, Ore
91931 F A 5714 Sale 57
10-yr cony a 1 714s
19 1008 10214
ya4 1 102 103 Singer ManufacturIng_100 188 192
5
5a 1954 op 1934
4 102
4
/
1941 A 0 1011 Sale 1013
Winchester Arms 7 Si s
94 97
1
/
954 229
Sale 9514
value, o dente. el Purchaser also pays accrued dividende
•Per share. I No par
Young'n Sheet & T 20-yr 135_ 1943 J J 9538
y Ex-righte.
9 Due June. h Due eNew stock. /Flat price. 1 Last sale. s Nominal x Ex-dividend
a Due Jan a Due April. c Due March. e Due May.
XEx-stock dividend. s Sale price. 8 Canadian Quotation.
Option sale.
July. t Due Aug. •Due Got. 9 Due Dec. a
---H
:
fl :gt 4
I
Si NI
BOSTON STOCK EXCHANGE-Stock RecordBONDS
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Nov. 29.
Monday,
Dec. 1.
Tuesday,
Dec. 2.
Wednesday
Dec. 3.
Thursday,
Dec. 4.
Friday,
Dec. 5.
Sites
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
2635
Range Since Jan. 1 1924.
Lowest
Highest
PER SHARE
Range for Previous
Year 1923.
Lowest
Highest
Railroads.
3
100 1457 Mar 27 161 Oct 7 143 Apr 151 Jun,
94 Boaton & Albany
159 15912
158 158
158 158
158 158 *2159 160
Jan
75 June 84
76
8
7638
593 Boston Elevated
8 745 76
100 714 Aug 8 80 Jan
7412 7412 7412 7458 7412 743
4 7412 745
9112 Aug 100 Ma
2
90
91
100 887 Aug 6 964may 10
88
90
10S Do pref
.____ 92
92
92
92
92
92
92
111 112
100 110 June 18 11614 Jan 24 1114 Ain 125 .11.ne
112 112
111 Do 1st pre!
.110 112 .110 112
111 111
111 111
95 Nos 106 Mar
94
9414 94
0
201 Do 20 pref.
100 92 Sept 3 100 Feb 27
.94
94
94
9414 94 . 9414 *94
94
73 Dee
4
2018 Mat
812 Jan 2 2514 Nov 24
6,469 Boston& Maine
235
8 2212 234 2112 23
100
23
2312 233 25
23
2412 23
4
8
7 Dec
27 Feb
20 Do pref
.23
26
26
100 12 Jan 10 267 Nov 11
.23
27
2312 2312 .23 _ -- *23
3212 Mar
1212 Oct
344 3412
3,318 Do Serlee A 103 pref
100 13 June 12 374 Nov 24
3514 354 3512 363
3512 3412 35
4 33
1513 Dec
98 Feb
•____ 46 •____ 44
100 Do Serlea B 1s1 pref -100 1712 Jan 2 48 Nov 24
47
.
48
47
*47
154 Doc
42 Ma:
37
37
16 Feb 27 41 Nov 26
59 Do Series C 1s8 pref AOC
_ 39
40
40
20 Dec 59 Feb
127 Do Series D 1st pref
100 23 Jan 3 62 Nov 20
57
57
•58
5712
56
59
*5713 59
2 Boston & Providence
100 143 Jan 4 172 Nov 17 135 July 16013 Jan
.171
17114 17114 *17114
- .171
18 Feb
323
35 Mar
8 31
2812 --*17112-- - 8 2.077 East Mass Street fly Co___100 18 May 12 324 Dec 5
2812 2812 307
29
2912 2912 29
29
29
70 Nov 28
111 Do 103 pref
Jaa
58 Dec 72
6812 6012
100 5812 Jan e
.6812 70
6913 6912 6912 6912 6912 691n .6813 70
6112
391 Do pref B
504 De( 65 Mar
60
61
100 48 May 21 6112 Nov 17
61
604 6012 61
61
6012 6112
4214 Dec 5
31 Dec 46 Mar
4212 4112 423
40
4 3,481 Do adjustment
42
4114 40
40
100 28 May 21
41
42
414 42
31 Nov
45 Mar
East Mass St fly (tr ctf3)....100 314 Apr 23 3912 Feb 11
36
2212 Der
35 - - 1- ---621 Malne Central
3713 Apr 9
3 2
i
35
43
Jan
35
35
.35
100 25 June 1
*35
93 July
4
31
8
2218 Jal
8
6.077 N Y N H & Hartford
325 Nov 21
3018 3114 303 3114 30
100 14 Jan
8
294 - 04 293 3012 294 30
2 181 Nov 10
80
22 Northern New Hampshire_100 62 Jaa 1
82 Dec
80
84
•77
Ife •
80
81 •__ _ 81
82
81
51 Norwich & Worcester prof _100 80 Jan
104 104
108 Nov 10
Ja
75 Dec 100
104 104 *101 104
104 104
104 104 *104 108
98
216 Old Colony
Fetr
644 Oct 81
97
9712 9712 98
96
98 Nov 19
97
97
97 97
97
97
100 7213 Jan
Rutland pref
387 Des
8
2112 Aug
100 31 Mar 3 64 Nov 10
29 Vermont & Massachusetts.100 70 Jan 22 934 Nov 19
Ja
70 Nov 98
6
;Oa- 6- -oi- - - 93 93 •93 95 93 93
Miscellaneous
212 23
8
3 Nov 13
3.190 Amer Pneumatic Service
1 Sept
214 212.
312 Jao
1 Nov 6
212
212 212
212
212 212
23
1812 19
780
18
Do pre(__
1812 1812 1812 19
18
Jan
19
12 Dec 20
19
1812 19
50 12 Jan 3 194 Nov 28
1293 130
4
12934 130
1294 1307
1293 130
4
8 3,352 Amer Telephone & Teleg 100 121 June 24 13078:V14r 12 119 June 12818 De12914 1291* 12912 13
0
74
6712 Oct 112
724 7312 1,133 A inoskeag Mfg
8
Jan
72
"lops? 574 Oct 28 83 fan 19
72
7112 7212 713 7113 7112 7314 72
77
77 .76
77
9
76
Do pref
77
Oct 83
76
Jai
72
69 Oct 29 79 Aug 11
_
*7612 7712 .76
.
76
32 Art Metal Construe. Inty_To ppl
1434 Nov
1612 Mar
1412 1412 1412 •____ 141 *____ 1412
1412
13 Aug 8 16 Feb It
.. _
500 Atlas Tack Corp
.8
8 Dec 2018 Feb
83
4
834 .8
,
74 7 4
6 June 10 104 Jan 8
83
4 *8
23 Boston Cons Gas Co pref_o 0 104 Jan 18 108 July 1 104
1057 i05s 10512 106
,
Oct 1084 Feb
.107 ____ 106 106 *10512 106
N 1
1;
400 Boston Mel Pet Trus No par 07 Mar 29 .20 Jan 10 .05 Dec .30
Jan
.
•.08 .15 ..OS .15 ".08 .15 1 .08 .15 ..08 .15
19 July
227 2278 *2218 23
23
8
23
23
595 Connor (John 11
23
27 Ma'
)
2312 2212 23
.23
10 2114 Oct 6 2818 Mar 5
100 Dominion Stores, Ltd
35
2511 Des, 264 De
•34
35 .34
,
35
2412May 22 35 Sept 26
*34
.3414 35
3312 333
4
Preferred A
_ .0212
.9212 ---- "92,2 ---- .9212
.9212
100 84 Jan 15 86 Aug 7
*213 3
*212 3
•212 3
4
.212 3
Jan
'2(3 3
2 Dee
3 Feb 25
2 Sept 22
--- - -- - - ------------ East Boston Land
10
412
412 412
535 Eastern Manufacturing._ 5
412 .4
412 412 *4
5 Dec 144 Mar
8 47
8
412 412
47
813 Feb 6
4 Oct 3
5,669 Eastern SS Lines. Inc
51
5134 50
31 Nov 12712 Mar
53
503 52 2 50
4 48
53
52
4612 483
4
,
25 38 Jan 3 6514Mar 8
1,170
Preferred
3712 3614 3714
0.1
35
36
Oct 40
3612 37
No par 344 Jan 25 40 Feb 7
37,
2 3614 3714 3711 37 2 .37
,
887
*88
5
90 .88
let preferred
90
90
89
85 Aug 88
89
*88
Oct
90
100 854 Jan 8 93 Mar 8
3,435 Edison Electric Ilium
189 190
4
190 19214 19112 19212 19112 1923 192 19412 194 197
8
Jan
100 16312 Jan 2 197 De 5 1523 Nov 172
Elder Corporation
*4
412 "418 5
---3May 14
113 Dec 107 Jan
43
8
•414 43
No par
*418 5
4
213 Jan 17
4 .44 43
---125 Galveston-Houstou Elec100 13 Jan 11 41 Dec 5 5 July 2212 Feb
38
3912 41
39
---.
39
*37
38
39
*37
39
612 Jan 8
------ Gardner Motor
54 Dec 1553 Mar
Ascot 10
5
No par
5
5
.11412
"1144
------ Georgia fly & Elec
*11412
tact 1164 Oct
•1141 2
100 11314 Mar 26 116128ept 16 116
-- *11412 -57, non cum pref
*7712 _ _ _ _ •7712
78 Feb 8014 June
__ .
100 79 Aug 18 80 Jan 3
7712 --- - .7712 _ _ _ .7712
---300 Greenfield Tap & Die
1414 14
14
14
1418 .1312 1414 .1312 1412 14
144 Nov 24 Feb
25 1218 Nov 18 154 tan 7
-572 58 1,070 Hood Rubber
8
567 57
56
50 Dec, 8313 Mar
553 56
57
4
56
*55
56
No par 46 Mar 25 58 Dec 5
56
100 Internet Cement Corp_No par 41 Apr 28 59 Nov 24
59
*58
32 July 44 Mar
577 574 *583 5914 *5813 5
8
4
9 .5712 58
1,005 International Products_No par .10 Fob 18
13* -/13
4 2
3 Mar
2
2
13
4 2
2 Nov 17 .10 Dec
•184 2
.13
4 2
Do pref
175
8
8 12
8
8 Ma'
.6
.6
8
7
7
.13
812 Dec 4 .60 Dec
8
100 .25 Feb 14
Kidder, Peabody Acceptance
Corp Class A pref
.88
80 May 8312 Feb
.87
*88
_ *88 __
100 80 Jan 3 8612Nov 10
615 Libby. McNeill& Libby__ _ 10
7
718
7
7,
8
7
712 73
7 12
4
812 Any
4 June 1.2
418 Dec
8 Nov 8
73
8 712
74 7 2
,
Lincoln Fire Insurance_
70 •____ 70
20 70 Jan 9 71 Nov 19
•____ 70
934 97
8
0 8 101x ---957 Loew's Theatres
914 912
Apt
9
9
9 Mar 21
4
104 Jan 9
25
912 03
8'. June 11
94
,
93
4
439 alas.sachtnette Gas Cos.
7212
72
7212 72
72
72
72
72
._100 66 Nov 3 81 Feb 20
7212 72
7212 71
734 Dec 8712 Jan
Do pref
726
6512 653
4 6512 654
66
8 64
65
644 643
6412 65
Jan
65
62 Dec 73
100 62 June 26 70 Jan 31
261 Mergenthaler Linotype_100 150 Apr 22 17112Sept 25 147 June 179
16912 171
167 167 *168 16834 170 170 4116712169. 170 170
Jan
415 Mexican Investment,Inc
1212 1234 1214 123
612 Jan 2 174 Feb 21
10
3 Dec 144 Feb
2 1212 1212
4 1212 12,
333
337- 33 201 Mississippi River Power
8
323 327
4
8 3234 327
8 3312 3312 -33E8
100 19 Feb 18 35 Oct 2
18 Nov 2814 Jan
8 3234 327
62
Do stamped prat
8912
*88
88
88
088
100 80 Jan 4 90 Sept 25
8912 .88
88
8912 88
80
Jan 84 Feb
5
514
-.lie -1- 1,497 Natlonal Leather
5
5
10
5
5,
8
2 Apr 24
5
5 14
513 514
54 Nov 7
1, Dec
.
,
S4
84 Feb
4.475 New England 011 Corp tr ctfs_
114
112
112 112
112 112
•112 2
114 Dec 4
512 Apr 8
1,2 112
2
Oct
42 Serl
490
Preferred (tr atoll
8
8
7
7 Dec 5 3114 Mar 20
9
*8
10
•8
912
100
9
12
9
1212 Dec 16
Oct
2.740 New England eelerhone_100 102 Nov 18 11512 Jan 31 110 Dec 122
107 108
107
104 10414 10412 10112 10112 10512 105 10512 106
Jag
100 Orpneurn Circuit, Inc
•253 26,
*2512 26 .2512 26
4
26
4
•22514 26
26
1
14 Jan 16 26 Nov 25
164 July 2112 Apr
8212
715 Parini- Mu',
8112 82
81
79
76
81
80
7714 78
8012 80
6913 Oct 30 87 Feb 14
84 Dec 190
Jan
1012 1812
Reece Button Hole
235
17
4 1612 1612 1612 1612 1612 1612
17
1618 163
10 114 Jan 5 17 July 21 x143 Dec 18 Mar
4
130 fleece Folding Machine... 10
24 24
23
.25
3 23
4
218May 14
4 23
4 *212 23
4
3 Jan 2
4 8213 23
2
Jan
314 Mar
Simms Magneto
.40
5 .10 Oct 27 .40 Feb 15 .10 Dec
2 Feb
355 Swift & Co
111 11112
1104 111
4
11018 111
11114 11134 1103 11114 11012 III
100 100 June 11 1113 Nov 29
4
9812.1une 10912 Jan
1,221 Torrington
4418 443
4312 44
4
4 4412 4412 4.13 45,
25 3512June 3 46 Dec 5
4
393 Doc 50 Mar
4 4514 451 i 4514 46
*7
Drill
53 Union Twist
*7
7
9
7
5
6,
2 6,2
612 Dec 4 10 Feb Is
6 Dec 11 Mar
4012 41
4
407 - -1-1- 41
4112 3,069 United Shoe Mach Corp... 25 34 Jan 3 4112 Dee 3
4113 41
8 4 7
4034 4118 403 41
3212 Nov 553 Mar
4
613 Do pref
27
27
2714
2712 253 2714 263 27
4
.27
4
2714 2712 28
25 2453 Feb 29 2814 Nov 11
215 June 2814 Jan
8
20
20
193 20
4
20
193 2014 2,750 Ventura Consol 011 Fields_ 5 194 Oct 15 27 .lau 29
4
4
1934 20
193 20
20
Jan
1914 Aug 30
193
8 1914 1914 1914 1912 194 1912 1.644 Waldorf Sys, Inc. new sb No par 137 Apr30 2J Nov 7
4
183 1831 183 194 19
4
8
15 Dec e2213 Mar
7
122 Walth Watch CI 11 com_No par
8
7
7
8
.7
•7
8
7
7
13 Mar
5 Feb
1012 Feb i
612 Jan 11
Preferred trust ctfs
•1412 1512 *1412 161 •1412 1612 .14(2 1612 •1413 1612
100 14 June it
2312 Feb 13
15 Dec 294 Mar
1814 1814 "1814 19
1873 19
183 183 - 4
1812 19
4 1-J7 1Valworth Manufacturing_ 20 1512June 21
187 19
8
IS
Dec
1114 Jan
2114 Feb 11
3,912 Warren Bros
8
4 375 3814 3712 38
8
373 384 373 38
4
50 293 Jan 3 3934 Nov 18
3
373 3814 3773 383
8
2513 Jan 344 Mar
240
37
Do 1st pref.
*37
3712 3712 3712 37
38
50 3484 Apr 26 41 Jan 25
.3612 373
4 37
304 Dec 3 4 Mal
9
401 *3912 401 .3912 4012 *3912 4012
Do 20 pre(
50 33 Mar 5 42 Jan 15
•3912 4012 "3912
33 Jaly 42 Mar
Wickwire Spencer Steel_ _ _ 6 .90 A112 20
54 Jan 14
3 Dec 1212 Feb
Mining
.25 .50
200 Ad venture Consolidated _
.25 .25 ..20 .50 •.20 .50
25 .20 Apr 8 42 Nov 14 .10 No.
..25 .50 ..20 .25 •
1
Feb
Algomah Mining
..20 .35
25 10 Jan 15 .42 Nov 14 .10 July .60 Mar
.
1.20 .40 •.20 .40 •.20 .30 •.29 .50 •.20 .3
14
8 1,975 Arcadian Consolidated_ _
1 18
13
1
13
3
14
1
14
25 .75 June 16
118
14 118
1
414 Mar
.95 1
July
212J My 22 .70
8 11
4
4 3,106 Arizona Commercial
1112 1118 1112 1118 113
113 113
8 Jan 2 1218 Aug 19
1
1114 11,
7 Dec 14, 1,14.4
4 1118 113
8 4,621 Bingham Mines
213 213
8
213 22
4
2112 215
8 214 213
2118 22
10 14 June 13 22 Dec 1
Feb
14 1 Oct 19
203 21
,
3
3,903 Calumet & Heels
1653 17
17
17
173
3
4
1634 1714 163 171
4
Oct 99 June
25 135
163 1678 164
8May 15 197 Jan 7
17
3
.80 .80 1,530 Carson Hill Gold
.8$) .80
.80 .80
.80 .8
.80 .80
1 .37 Nov 15
.75 .75
114 Der
94 Feb
3 Feb 1
28
2613 2612 2712 2712 273
27
4,080 Copper Range Co
273
4 26
26
2714 27
25 18121118e 6 294 Aug 20
463 Mar
2218 Oct
4
Davis
-Daly Copper
24 June
10
5 Feb
34 Jan 3
434 Jan 23
,
810 Emit Butte Copper Mining 10
434 4 8
44 43
44 5
43
4 -4E8 434
4 47
314 July 15
8
43 Nov 114 Mar
8
512 Jan 24
.70 .80 •.60 .80
340 Franklin
.70 .70
.60 .60 ..60 .70
•.70 .85
25 .40 151ay 24
1
Jan 5 .30 May
23 Mar
3
112 .1
1
112 •11
25 Hancock Conaolidated
1
112 *1
114
•I
112 •I
1
Oct
4 Mat
25 .30 Oct 27
2 Jan 28
810 Hardy Coal Co------..... 1
21
2112 22
2113 203 2112 2013 203
4
2134 21
4
.214 22
2434 Mar 3353 June
1914 Nov 14 2813 Jan 7
114 •1
118
114
114
570 Helvetia
113
114
112 .1
.1
112
114
25 .30 May 10
114 Feb
2 Nov 17 .10 Sept
141 141
141 141
515 Island Creek Coal
141 1414 14012 1415 139 141
8
1407 142
8
9313 Nov 11513 Apt
1 94,4 Apr 2 142 Nov 29
97
97 .96
27
97 .96
97
96
97
97 .96
Do pref
.96 97
9014 Nov 1004 Mgr
1 90 June 4 100 Sept 11
1812 1812 1414 19
8
590 Isle Royal Copper
1814 183
4 184 185
173 1812 1812 19
Oct 3314 Mar
0
, 16
4
25
.134 2
•134 2
.13
4 2
"13
4 2
Kerr Lake
.13.
4 2
.13
4 2
3, Jam
6 112lt„ 5 2118 gb
.1
7
112
230 Keweenaw Copper
.90 .95 •
.95
112 ..95
1
112
..95
114 ..95 112 .
114 Nov 11 .60 Sept2.4 Mar
25 .50 Jan 7
134 2
112
*13
134
4 214 1,821 Lake Copper Co
112 13
4
15
8 2
4
1
Oct64 Mar
234 July 23
13
•112
.90 Apr 3
258 253 .24 24
23
8 258
8 234
285 La Salle Copper
212 23
8 823
24Sept 24 .60 Dec
.23
8 23
4
34 Mar
25 .70 June 13
112 8114
10 Mason Valley Mine
112 .
182
11
13
8 •114
8 *114
13, 13
.112
1', NOV
17
8
114 Oct 23
2 Mar 7
6
253 Mar
.1
113
112 •1
1
.1
1
112
112
300 Mass Consolidated
1
14 *1
1
14 Aug 20 .50 Dec
414 Mar
25 .60 Jan 8
23 4 212 1,345 Mayflower-Old Colony
X
212 212
214 212
2 4 212
,
212 212
*212 234
1 12 Oct7 Feb
25 80 Apr 9
5 July 21
36
37
1,617 M2hawk
35
363
4 3612 37
3512 3613 354 36
..7
Oct 71 Ma
26 2312June 13 384 Aug 20
3412 36
2234 23
8
22
223
8 223 23
22
5.530 2.,T -,44 Cornelia Copper..
1612 Jan 2 23 Aug lb
1414 Oct 244 Mar
213
8 2112 2214 22
21
.50 .60 2,350 Now Dominion Copper
.40 .45.50 .60
.40 .50
24 Apr 7
.50 .50
212 Aug
.40 Dec 2
414 Apr
•
.30 .45
3212 +___ - 3213
3212 IL._ _ 3212
New River Company.__-100 35 June le 40 Mar 11
33
35 Apr
33 5
40
Apr
____ '60
____
6
__._ 6014 604 .60
rio pre/
72 Nov
100 80 June 19 75 Mar 11
84 Mar
.60 ____ *60 __ .60
64 61
,
618 6 8
3601Niplasing Mines
614 614
434 July
5
5 3 Jan 10 6,1,4Feb 1
63 Feb
4
4
04 014
64
614 64 .6
23
4 27
23
4 234
8
23
4 27
2,125N ,rth Butte
212 273
2.Iuly 26
1 ',C. Nov
63
15
173 Oct 7
1284 Mar
24 3
24 3
.99 .99 '.90 1
.80 .99
613,011hway Mining
1 Nov 3
50 Nov
25 .40 June 10
114 ..99 14 ..99 114
16 : Mar
2
..99
237 241
8
4 2312 24
1,22:, Old Dominion Co
234 234 2312 233
1312 Oct 3242 Nc
2
5 15 Jan 30 2712July 28
4
23
2312 233 24
4 M,
ar
+434 514
5
5
540 Park City Mining & Smelt_
5
5
Aug
4 54
438 434 .43
*412 6
1312 1312 •13
14
1313
1T
: ec
1
2:1
•1314 14
135 1414 81312 1414 14
31 i Pd Crk Pocabontee Co_No par
8
24
2313 244
2414 24
23
759i Quiney
25 14 June 10 253 July 28
4
18
Oct 50 Mar
24
234 2413 .2212 24
23
3812 393
3812 384 39
8
875'St Mary's Isi Mere'Land._ _ 25 26 June 16 4014 Aug lb
27
3712 38
Oct 5312 NI 8.3
373 3512 374 374 38
4
•1
11a
112Sept 13
10 .30 Apr 2
1,255'Shannon
30 Dee
..90
112 m a
,
1
•
.90 1
..90
1
75 •05 .
: 0 171 * 12'58 '
2
ISUPtetritoLake
25 .25 July 19 .40 Sept 8
10 June
•
.25 .75 ..25 .75 ".25 .
'
1 Aug
17'5' *'184 .13854
25
4 2
13
4 "134 2
14
25
240
•134 2
13
4
13.1 •13
Dec
314 Mar
112
112
112
278.,0
1 .,
,1
1
1'2, 112
'
j in
l
112
9
til
i, 162
e
c
3, Feb
73818Uperlor & lioston Copper. 10 :22 A a r Ill
1 ,, 6 i, '112 i,
,f
33
2 312 7,750 Utah-A peg Mining
34 312
3June 20 31114 Dec 1
5
17
8
We 34
312 3 8
5
312 31,1.4
33
3 33
212 Oct
G
A pv
1 .01 Jan 3 oi Jan 3
01 Dee
- -_--- 'Utah Consolidated
3 Mar
-30
.25
- -zjii z
- i t:
1 .14 June 13 .70 July 22 .25 Dec
--.20 -- -720 -lio --.20 -- io -,:ig 1,8 . .30 --. Tie) 84i.ii Ht ll aletal & Tunnel
- - io
8 -- . , ,
13 Feb
8
.90
118 •.90 1
118 .1
25 .15 Apr 24
lls •1
•1
1 Aug IS .60 Aug
2sa Fah
.35 .90
.40 .40 •
.40 .40
25 .13 Feb n .71 July 22 .10 Dec
..40 .50 ..40 .50 •
.40 .50
13 NIIIP
4
25 In Julv 23 .2.5 July 2f1 .10 Dec
Wvanant
..15 .25 5.70 .30 .15 .95 +.15 .25 ..25 .35 ..15 .25
1 MI,
'Bid and lurked priresi no sales on 11218 do. I a c-righte. b az-bit• and elabita. g Et-11 71,1,
, 3.d .2 Et-Stook dividend, a Assessment Paid.
Price on new riasi,
.
,g',, a i2;82,Futb'
,,J,n
2636
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Nov. 29 to Dec. 5, both inclusive.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Bonds
-
AU Gulf&W I SS L 5s 1959 aoy, 5834 60%
Chic June Ry & U S Y 4s'40
844
84
58
98
1940
98
East Mass St RR
Series A 4345
1948 8334 8334 6334
72
Series B Is
71
1948
Hood Rubber 7s
1938 1014 101% 151%
Mass Gas 44e
97% 974
1929
434s
95% 9534
1931
Mies River Power Is._1951
97% 9834
New England Tel 5s1932 100
100 10034
Seattle Electric 5s_ _ _ _1930
9934 994
9734
97
Swift & Co 55
1944
12334 124
Warren Bros 734e__ _ _1937
Western Tel & Tel 55_1932 9936 994 9934
$89,000
11,000
7,000
Range since Jan.!.
Low.
42
Jan
Jan
80
92% Jan
7,000 58
2,300 59
15,000 994
10,000 94%
10,000 91
17,100 92
18,000 97
2,000 994
25,000 944
12,000 106
23.000 95%
Sept
Aug
May
Jan
Jan
Jan
Jan
Dec
May
Jan
Jan
High.
80% July
844 Nov
98% Nov
664
754
103
98
9734
99%
102%
9934
101
129%
Nov
Nov
Nov
Sept
Sept
Oct
Nov
Dec
July
Oct
leo% Nov
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Nov. 29 to Dec. 5, both inclusive, compiled from official lists:
Stocks--
OlUies
'rum
Last Week's Range for
Week.
Sale
of Prices•
Par. Price. Low. High. Shares.
Amer Wholesale pref _ _100
Arundel Sand& Gravel_100
Atian Coast L(Conn)_ _100
Baltimore Tube
100
Preferred
100
Benesch (I), com
•
Cent Teresa Sus pref_ _ _ _10
Century Trust
50
Ches& Po Tel of Balt _100
Commercial Credit
•
25
Preferred
Preferred B
25
Consol Gas E L & Pow_ _ _•
100
635% preferred
7% preferred
100
8% preferred
100
Consolidation Coal_ __ _100
Eastern Rolling Mill
•
100
8% preferred
Equitable Trust Co. _25
Fidelity& Deposit
50
Finance Co of America_ _25
25
Preferred
Finance Service A
10
Preferred
10
Houston Oil pref tr ctfe_100
Manatee Finance 2d pref 25
Maryland Casualty Co_ _ 25
Maryland Motor Insur _50
Merch & Min Tr Co__ A00
Monon Valley Trac pref_ 25
Mt V-Woodb Mins v t r 100
100
Preferred v t r
New Amsterdam Cas'y_100
50
Northern Central
Pettish Water & Power_ 100
Roland Pk H'I'd 1st pf_100
United Ry & Electric_..50
U S Fidelity & Guar_ _ _ _50
Wash Bait & Annan_ _ _ _50
50
Preferred
West Md Dairy pref _ .50
BondsBerhn Leader St 78_ _ _ 1943
Salt Spar Pt C 4348_1953
:My & Sub (Wash)58-1948
L'oru3o1 Gas Gen 434e_ _1954
7.onsol G E L &P 434s 1935
1957
Series D 6348
Elkhorn Coal Corp 65_1925
3eorgla &Ala Cons 5s-1945
1925
detrop Street 58
donon Valley Tree 58.1942
ihrf& Ports Trac 5s_ _1938
'enna Wat & Pr 5348_1953
'otomac Valley 5s_ _ _.1941
leaboard & Roan 5s..1926
Jntted Ry di E 4s....1949
1949
Income 4s
1938
Fundlngs 55
1949
On
ra Mid 5th series 5s..1926
Vash Balt & Ann 55_ _1941
, .... Aft 1050
96
88
234
11134
26
343,4
106
7234
92
10534
89
93-4
9734
2434
88
80
22
60
4234
129
99
2034
180
83-4
15
924
524
7434
9631
8634
953.4 100
87
90
180 180
25
25
5934 60
39
39
235 234
1014 1013,4
11134 11134
28
26
24% 25
26
26
333,4 3534
10534 106
110 110
12334 12434
7234 73
92
90
104 10534
51
51
8534 89
4934 50
2834 2634
2034 2034
935 9%
974
92
2434 244
8534 88
75
80
116 11734
214 2234
1034 1034
5834 6134
42
424
784 7834
129 130
99
99
20
2034
16834 185
8% 63
,
4
12% 15
51% 51%
1034 10334
87
874
85
85
92
9234
95% 95%
109% 10934
9934 9934
9434 9434
100 100
8434 85
92% 92%
10034 10034
9934 9934
100 100
7034 71
5234 5234
74
7434
9634 9634
1003.4100%
6834 87
Ad 1.4
RA LC
120
970
35
10
20
29
200
15
11
1,973
262
597
2,028
119
16
281
203
70
520
5
398
28
90
41
50
775
40
421
130
26
60
8
259
167
270
345
30
3,385
424
425
37
5
51,000
3,000
18,000
6,000
1,000
1,000
13,000
1.000
2,000
5,000
1,000
7,000
1,000
1,000
19,000
2,000
7.000
11,000
8,000
43,000
0 nim
Range since Jan. 1.
Low.
High.
92
Aug
46
Jan
115
Jan
21
Jan
53
Jan
38
Jan
I% Oct
99
Mar
10934 June
2234 Jane
2334 June
243( May
3134 Nov
10034 June
10434 Mar
11534 Jan
8934 Apr
8834 Jan
88
Jan
48
Feb
77 June
4534 Jan
18
Jan
1734 Apr
734 June
864 May
2134 Sept
75 June
65
Jan
102 June
17 May
7 Sept
45 June
384 June
72
Apr
98% Jan
98
Nov
15% May
145
Apr
43-4 Nov
104 Oct
394 May
100
Jan
90
Dec
160
Dec
37
Feb
7334 Feb
39
Mar
434 Jan
10134 Jan
112
Feb
3134 Feb
2534 Jan
2834 Mar
3534 Dec
106
Sept
110
Apr
12434 Oct
8134 Jan
95
Mar
106
Mar
51
Nov
90 June
50
Nov
2634 Dec
2133 Nov
934 Nov
9734 Dec
244 Dec
88
Dec
80 Sept
11734 Dec
2334 July
11
Jan
8234 Nov
424 Dec
7834 Dec
135% Oct
100
Nov
2034 Sept
185
Dec
734 June
28
Jan
5234 Oct
10034
86
80
8834
91
107
9534
84
100
76
88
10034
9834
100
6834
49
7234
9534
9834
60
Apr
Mar
Apr
Jan
Jan
May
Jan
Jan
June
Jan
Mar
Dec
Apr
July
Mar
Apr
Jan
Apr
Jan
Oct
1034
90
85
9334
98
109%
99%
9434
100
85
93
10034
9934
100
734
53
75
9934
1004
7134
Dec
July
Nov
Nov
Nov
Nov
Oct
Dec
June
Aug
July
Dec
Dec
July
Aug
Sept
Jan
Jan
Nov
Jan
Sue
,,,..,
RAIL
T...
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Nov. 29 to Dec. 5, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Abbots Dairy pref
10
Alliance Ineurance
Amer Elec Pow Co pref.100
.
American Gas of N J_ _100
10
American Milling
•
American Stores
Baldwin Locomo pref _100
Bell Tel of Pa pref
Brill (J G)Co
100
Cambria Iron
50
East Shore G di E8% pf.25
100
Eisenlohr (Otto)
Electric Storage Batt'y-100
General Asphalt
100
Giant Portland Cement _50
50
Preferred
Insurance Co of N A_ _ _ _10
Keystone Telep pref. _50
Keystone Watch Case_ _100
Lake Superior Corp__ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lehigh Val Coal Sales
Lit Brothers
10
Penn Cent Light & Pow_ _.*
North Pennsylvania_ _ _ _ 50
Pennsylvania Salt Mfg_ _50
Pennsylvania RR
50
Philadelphia Co(Pitts)_ _ 50
Preferred (cumul6%)_ 50
Phil& Electric of Pa
25
Preferred
25
[VOL. 119.
Friday
Sales
Last Week's Range fey
Sale
of Prices.
West.
Stocks (Concluded) Par. Price. Lew. High. Shares.
Range since Jan. 1.
Low.
High.
91
Aug
40 90
Apr 91
91
91
45 32
3734
Jan 373,4 Sept
37
37
420 7734 Mar 98 June
9334 95
95
5,707 7734 Apr 129% Nov
120 128
127
13
8
Feb 10
Feb
934 934
934
463( 404 48% 43,751 2634 Apr 4834 Dec
Dec 11734 Nov
100 116
116 116
183 1064 Oct wax Nov
10734 10834
Jan
1.770 8534 Jan 123
10734 104 110
ioo 384 Apr 41 Mar
4034 4034 4034
Mar 25
Jan
30 24
25
25
4434
180 3034 July 6134 Jan
4434 44
940 5034 Nlay 8534 Dec
65%
64
Nov
Apr 53
30 33
5134 513-4
3 May 2234 Sept
720
19
1734 18
Feb 53
Nov
705 23
54)
53
Nov
1,168 4834 Jan 69
6834 864 68
Jan
33 2534 Oct 30
26
28
Dec
100 43 Sept 55
55
55
534 Nov
234 June
4% 2,475
4
434
8634 8534 874 2,563 644 Jan 8734 Oct
Jan
100 3934 Apr 72
7034 7134
50 864 Dec 8834 Dec
86% 8834
899 22 June 304 Nov
2834 294
Jan
Jan 80
5 57
60
60
Dec
Mar 81
25 78
81
81
81
Feb
805 7834 Oct 89
85
81
85
48
495-4 17,297 4234 Jan 4934 Dec
Apr 5234 July
490 43
5234
50
Jan 453( Sept
235 42
443( 4434
12,134 29 May 3934 Aug
3834 3834 39
3731 3754 3834 1.171 293-4 Mar 3934 Aug
Phila Rapid Transit_ _ _ _50
Philadelphia Traction_ _50
Phila & Western
50
Preferred
50
Reading Coal
Reading Company
50
Yono-Belmont Devel_ _ _1
1
Yonopah Mining
:Triton Traction
50
Malted Gag Impt
50,
Preferred
50
Warwick Iron dr Steel_ _ _10
Nest Jersey & Sea Shore_50
Vestmorektnd Coal
50
3734
6034
4134
834
8
4034
56
3534
803-4
1534
3334
474
8934
ilii
1%
4034
81
58/4
8
38
58
8,391
38
61
139
1894 1,088
3534
40
275
48
713-4
965
% 4,500
Ilizi 1,945
41%
998
14,785
84
78
5734
8
55
41
459
56
25
Range since Jan. 1.
Low.
3034 June
5834 May
9
Jan
31% Apr
4534 Nov
5134 May
Tie Aug
134 Jan
374 June
5834 Jan
553,4 Jan
734 May
3434 July
58
Dec
Bondskmer Gas dr Elm 5s_ _ _2007
Mar
874 9134 910,800 84
3ell Tel lst 5s
1948 10034 10034 101
1,500 974 Jan
Elec & Peop tr Ws 4s_1945 6234 82
Oct
624 28,500 61
Ieneral Asphalt Gs_ _ _1939
9934 100
46,000 9834 Nov
titer-State Rye 4s._ _ _1943
Feb
3,000 44
5434 55
Ceystone Tel 1st 5s_ _ _1935 84
22,000 75
Jan
8334 84
-ake Superior Is
1924
5,000 1334 Sept
15
15
.ehigh C & N cons 44e'54
96
96
8,000 9134 Feb
'hila Co cons & stpd 55'57
9334 13,000 8834 Jan
93
'hlia Elec 1st 5 f 48... _1966
8234 8234 3,000 80
Oct
1st 5s
1966 10034 10054 101
48,200 97
Feb
5345
1947
10434 10434 17,000 9934 Jan
534s
104 104
1953
8,000 9834 Jan
65
1941 10834 10634 10834 9,000 103% Jan
hated Rys g tr oda 48 '49
63
63
Mar
1,000 54
te,, all, nly, alovz
m's.
on
r
...,
High.
Jan
39
Jan
64
2034 May
3534 Jan
49
Nov
7834 Jan
Ills Feb
234 July
Jan
43
84
Aug
58 June
8% Oct
42
Mar
6634 Feb
92
101%
66
100
60
8534
1934
96
933-4
8534
10394
10434
105
107%
73
July
Oct
Mar
Nov
June
July
Feb
Oct
Nov
Aug
Aug
Nov
Nov
Oct
June
no,'
Ts..
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Nov. 29 to Dec. 5, both inclusive,
compiled from official sales lists:
Friday
Sales
Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
LOW
Stocks-
Range since Jan. 1.
Low.
High.
.
91
9134
Amer Pub Serv pref._ _100
135 95 May 92
Nov
5934 5934
American Shipbuilding_100
Jan
90 4834 Oct 63
100
87
87
Preferred
30 853( July 89
Feb
Armour & Co(Del) prof 100 9334 9134 9334 1,835 83 May 9334 Dec
100 88
85% 88
Armour & Co pref
Apr 8 m
3,105 60
8Dec
7
15
834 83
,
4
2 May
350
Mar
Armour Leather
57
80
100
295 47 June 84
Preferred
Feb
5034 51
625 38
Jan
Apr
Balaban & Katz v t c.....25 51
100
100 85% Apr 10Mar
95
96
5174
0
Preferred
Corp..._• 4234 424 4434 4,040 27% May 44% Dec
Baesick-Alemite
414 6% 3,130
134 Feb
ay, Dee
8%
Beaver Board v t c "B"_.•
185 13 June 39
35
39
Preferred certlficates.100 39
Dec
Nov 40
15 27
30
30
Jan
Booth Fisheries,Prof-..100 30
• 26% 26% 27
Jan
870 22 June 31
Borg & Beck
9
Jan 11
15
11
10
11
Mar
Bunte Bros
200
*
334 June
34 Dec
34
%
34
Case (J 1)
1 June
10
434 Jan
2
2
100
1st preferred
Jan 92 Sept
130 85
85
8511
Central 111 Pub Serv pref_* 85
34 Dec
700
34,
%
34 Jan
Ch City&Con Ry pt oh cal*
•
134 Aug
500
4
Jan
235 33-4
Preferred
150 2834 Sept 3834 Oct
294 29%
•
,
Chicago Fuse Mfg Co....
50 14 July 224 Jan
1634 1634
Chic Nipple Mfg cl "B"_15
5 June 15
50
8
Feb
8
8
Chic Rye part ctf series 1..
1
34 Apr
Jan
34
!i 1,500
Part ctf series 2
Jan
875 12634 May 136
Commonwealth Edison 100 134% 1323-413434
34 Oct
350
3
3
20
434 J
Consumers Co corn
Jan
Nov 65
185 33
100
39*4 4054
Preferred
834 3,151
834 Dec
8
6
Apr
Continental Motors
834
6434 6734 1,120 61
25 65
Nov 73
Nov
Crane Co corn
81 107% Mar 116% Nov
100 1144 1144 11434
Preferred
74
72
Apr 75
425 55
Nov
Cudahy Packing corn_ _100 74
6;4
5
Nov 38
634 8.34 4,020
Jan
Daniel Boone Wool Mills 25
9434
300 88 May 944 Dec
Decker(Alf)& Cohn pfd 100 9434 93
100
82
82
25 61 May 8834 Nov
Deere & Co pref
100 117
117 11834
July 1204 Jan
55 115
Diamond Match
• 38
34
3934 12,250 34
194 Nov
8
Dec 3
Eiec Research Lab
•
775
54 6
Jan
3% Oct
Gill Mfg Co
•
corn....
334
Godchaux Sugar
3% 4
8
Jan
2% Nov
335
•
28% 29
Gossard,H W.Pref
Jan
July 30
370 22
Dec
Great Lakes D di D._ _ _100 01% 87% 92
1,580 79% Apr 92
Hibbard,SPencer,Bartlett25
67
67
Feb
15 6534 Jab 70
10 18% 15% 1834 14.250 1034 June 1714 Jan.
Hupp Motor
• 623( 61
NOV
65
Apr
Hurley Machine Co
8,285 48
100 109
09
10814 109
Illinois Brick
ec
150 78 May 167
85% 86
Illinois Nor Utilities pfd100
Jan 87 Sept
50 84
Indep Pneumatic Tool...* 75% 75% 76
800 72 June 8034 Jan
Jan
234 3
International Lamp Corp25
9
1
mar
950
234
44
444
Apr 4734 Nov
Kellogg Switchboard _25
111 37
25 304 30
Nov
304 1,108 24
Kraft Cheese
Oct 32
Kuppenheimer & Co (B)
5
2934 31;4 3,550 25
Incorp, common
Mar 3134 Dec
734
734 Nov
734 734 8,560
Lib, McNeil & Lib, new.10
4 June
10
134
Jan
Lindsay Light
4
134 134
134 Aug
750
40
39% 4034 3,685 30
McCord Rad Mfg "A"..
Apr 40% Dec
.
Middle West Util, corn. 6 764 7434 7734 1,505 43
Jan 85 Sept
100 92
91% 92
Preferred
860 8391 Mar 94% Sept
Prior lien preferred_ _ 100 974 97
Jan 99% Sept
97% 1,118 94
• 333( 3334 35
Midland Steel Prod
Nov
1,900 32% Nov 35
Nov
21
Murray (J W)Mfg Co._10 2034 19
1,600 14
Oct 21
121 122
Nat'l Carbon, pf(new)_100
Jan
150 112
Aug 125
10
5
5
534 3,250
National Leather
534 Nov
2% June
•
28
2834
North American Car
210 27
Oct 3334 Oct
1..100
Omnibus pief"A" w
10 884 Dec 92
July
864 3834
Vot trust ctfe w I a.._ _• 1534 1534 18
1,095 144 Sept 18% July
Peoples Gas L & Coke_ _100 118% 1184 11834
10 93% May 118% 1)ec
1
Philipaborn's, Inc, tr ctfe_l
234 Jan
12,400
34
34 Aug
100 2834 25
29
Jan
925 15
Preferred
Nov 42
10 21
2034 21
Pick (Albert) & Co
1,750 17
July 21% Jan
54
5834 6,900 193( Apr 58% Dec
Pines Winterfront"A".._5 58
1024 103
155 99 June 10334 Oct
Pub Ser of Nor Ill corn.. _• 103
103 103
150 98 May 1034 Oct
Pub Ser of Nor Ill,com-100
9234 93
64 00% June 9934 Jan
100 93
Preferred
105 10534
Oct
Aug 108
210 105
100
7% preferred
295 9934 Me Y 10334 Nov
102% 103
Quaker Oats Co, pref_ _100
57% 6034 16,315 284 July 60% Dec
Real Silk Hosiery Mills._10 60
10 18% 1734 18% 3,230 15 June 19% Jan
Reo Motor
5,845 3034 Nov 35
Dec
Ryan Car Co (The).._.25 32% 324 35
413( 2,835 3034 Jan 4134 Dec
39
Standard Gas& Electric_ • 41
49
Nov
610 484 May 51
50
50 50
Preferred
Jan
Stewart-Warner Sp, corn.
• 8134 614 64% 28,340 4934 Aug 101
110% 111% 3,585 10034 May 11154 Nov
Swift & Co
100 111
Jan 3534 Nov
Swift International
15 3434 334 35% 13,750 19
1,475 424 Apr 504 Jan
4634 48
Thompson(J R),com_ _ _25 48
Apr 8774 Dec
Union Carbide & Carbon.* 65% 65% 67% 27,200 55
134 Oct
675
2% 4
434 Jan
United Iron Works v t 0.50
United Light & Power
Oct
Common "A" w a._ _.• 4454 44% 4634 1,685 2834 May 56
84 31
4534 47
May 55
Oct
Common "B" w 1 a__ _ _•
281 7534 Apr 85 Sept
8334 83%
Preferred "A" w I a. •
4134 4234 1,021 41% Nov 48
Preferred "B" w a_ _ _ _• 42
Oct
July 2534 Dec
United Paper Bd, com.100 25% 2434 25% 1,910 16
3,600 78
164 175
Apr 175
IJ S Gypsum
20 188
Dec
100 9734 Dec 974 Dec
S Stores Corp, pref_ _100 97% 9734 9734
4734 12,630 3434 Nov 4734 Dec
Univ Theatres Con Co_ _ _ _ 473.4 42
20
22%
890 15
•
Vesta Battery Corp, corn.
July 28
Jan
16
17% 2,000 16
16
Wahl Co
Jan
Dec 42
2031 21
170 19
Wanner Malleable caws's*
Oct 25% Feb
* No par value.
DEC.6 1924..]
Sales
Pridap
Last Week's Range for
Week.
of Pikes.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range since /an. 1.
Low.
High.
Sept
20 110% Jan 117
115 115
Ward(Montg)& Co,pt 100
404 484 7,575 2134 May 47% Nov
Common
10 46
285 104 May 119% Nov
• 118
118 119
Class "A"
9% Oct
434 Apr
200
8%
8
Wolff Mfg Corp
•
5,835 35% Oct 45% Nov
Wrigley Jr, common
* 433/ 434 44
Jan
Nov 97
38% 14,450 32
'Yellow Cab Mfg,CI"B" 10 3734 36
20,820 38% Oct 6414 Jan
46
50
Yellow Cab Co,Ino(Chic)* 49
Bonds
78 $18,000
76
Chicago City Ry Ss_ _ _1927
Chicago C&C Rye 53_ A927 5334 49% 53)4 63,000
15,00
61
57
'27
Chicago Rye 5s,Ser"A"
24,00
40
41
1927 41
43, Series "B"
4,00
35
37
Purchase money 55
Commonw Edison 50_ _1943 10014 100 10034 19,00
89% 89% 1,000
Cudahy Pack let Mg 5s'46
2,000
70
70
Metrop W S Elev let 48'38
793( 79% 5,000
Northwest Elevated 581941
97% 97% 5,000
Swift & Co let of g 59_1944
74
46
57
36
35
95
85
61
71
94%
Jan
Jan 79
Nov 554 Jan
Dec 6331 Aug
Jan
Oct 45
Dec 444 July
Jan 11035 Nov
89% Dec
Jun
Mar 7335 Nov
Jan 80 Sept
May cow, July
-This
Pittsburgh and St. Louis Stock Exchanges.
week's record on the Pittsburgh and St. Louis Stock Exchanges
will be found on pages 2616 and 2617.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Nov. 29 to
Dec. 5, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
iVeek ending Dec. 5.
Stocks-
r riaay
sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Jan
3
400 60c Nov
134
Acme Coal/dining
134 1%
50
40 Mar 10c Jan
10
3,000
Sc
Acme Packing
Sc
224 Feb 3534 June
4 32
2,400
301
Adirondack P&L, corn-100
Dec
135 Mar 11
3,400
Allied Packers,corn
935 11
"' 1034
Dec
3,000 1435 June 60
100 59
4915 60
Prior preferred
6 Sept 16% Jan
2,100
Amalgam Leather, com_..• 1235 1034 13
Aug
Aug 39
Amer Foreign Pow new w 1 3174 3034 3134 3,300 30
Amer Gas & Elec. corn--• 10934 106 1174 21,900 434 Jan 11734 Dec
Apr 1534 Sept
8
700
Amer Hawaiian SS
10
13
1434
Aug 14534 Oct
450 117
Amer Lt & Tree. com_100 13534 13534 13634
Dec
Apr 95
475 84
9434 95
Preferred
100
Mar
100 1935 Oct 25
2134 2134
Amer Multtgraph com_ •
66,300 3735 Oct 5734 Dec
Amer Pow & Lt eom new, 52% 5035 5734
Aug
Apr 92
550 84
9135
89
100
Preferred
Dec
Feb 42
200 30
404 42
American Stores
*
3034 2,900 2434 Oct 3034 Nov
Am Superpower Corn, CI A 3034 30
Oct 3134 Nov
3034 3134 3,100 25
31
Class B
Nov
Dec 25
100 24
24
24
Preferred
434 Jan
331s Oct
300
3111. 334
American Thread, pref -5
.
Oct 93 June
240 65
71
7134
com_100 71
Appalachian Pow,
10 8934 Sept 9135 Oct
90
90
Preferred
100
100 1634 Aug 2634 Feb
234 2334
Archer-Daniels-Mid Co- •
388 1734 July 1934 Sept
Arizona Power, corn_ -100
1834 1934
Mar
Apr 87
20 72
87
87
Armour & Co (III), pref.100 87
Feb
10 48 Sept 76
55
55
Armour Leather pref_ _100
.
234 Feb
135 1,400 720 Sept
91e
Atlantic Fruit & Bug, w I-•
Dec
Jan 142
100 120
142 142
Babcock & Wilcox Co_ _100 142
Dec 1334 Feb
5
200
5
5
10
Blyn Shoe Inc corn
140 11734 Mar 13334 July
12834 129
Borden Co. common...100 129
Mar 106 May
60 100
100 10214 10234 106
Preferred
Nov
3,100 4634 Nov 49
4734 48
Botany Cons Mills, CI A 50 48
Dec
700 2034 Jan 26
25% 26
Brit
-Am Tob ore! bear_ _S1
700 2134 Feb 2534 Nov
Ordinary registered_ _ _ £1 2534 2534 2534
Brooklyn City RR
10
934
934 935 3,400 z855 Sept 1434 July
Brunsw-Balke-Coll.com100 4935 4931 4934 2,900 4931 Dec soq Nov
Dec
Aug 106
10 100
100
106 106
Bucyrus Co pref
Nov
July 104
Burroughs Add Ma pf_ _100
90 98
10334 10334
110 110
10 10734 Jan 11134 Oct
Campbell Soup pre_ _100
235 Jan
500 50e July
Car Ltg & Power, com_ _25 134 1% 13'
Feb
Dec 77
35
Celluloid Co common_ _100
100 35
35
Feb
Dec 109
98
100
Preferred
25 98
98
1% Jan
100 65c Dec
85e 65c
Cent Teresa Sugar, corn._ _ 650
4
1.10
2 Sept41 Mar
300
234 234
234
Preferred
Centrifugal can Iron Pipe. 23% 1734 2334 33.700 1534 Sept2334 Dec
July 1334 Dec
Chatterton & Son com_10 1334 13
1334 1,350 10
19
500 14
Aug 40
Jan
Checker Cab Mfg,cl A- •
2034
300 3335 Nov 4034 June
3415 35
Chic Nipple Mfg, el A_ 50
800 1334 Sept2235 Jan
1634
64 18
Class B
50 1
3934 4431 4,400 32 May 4431 Dec
Childs Co. new stook_...• 44
Nov
1,190 182 Jittie 190
Cities Service, som.....100 16835 167 171
100 8034 80% 81
2,100 6634 Jan 8234 Nov
Preferred
635 Jan
734
10
500
73.4 735
Preferred B
734 Nov
Nov
112 115 $31,000 77
113
Jan 125
Stook scrip
Nov
92
92
92
10,000 70 May 94
Cash scrip
• 1634 16% 1734 3,100 1334 May 19
Nov
Bankers' shares
2035 214
700 16% June 2334 Jan
Cleve Automobile. corn_ •
100
Aug
Apr 95
92
92
Preferred
30 82
1
Jan
5,000 25e May
50c 50c
Colombian Syndicate.___ 500
Oct
Columbia CI & El pf A-100 10334 102% 10335 1,300 1024 Nov 108
Nov
130 135
Commonw Edison Co_ A00
30 12631 June 135
Feb 11234 Dec
Com'wealth Pow Corp...' 110% 101 11234 6.825 56
Mar 90
100 8234 82
Nov
850 74
8234
Preferred
Cons G,EL&P.Balt,new,w1 3434 3334 3574 12,400 314 Nov 3934 Oct
continental Baking,comA• 110
104 11034 7,700 94
Nov
Nov 113
• 21% 2034 22
50,800 1634 Nov 2234 Nov
Common B
94
9235 88
20,000 8934 Nov 9434 Nov
8% Preferred
Continental Tobacco....• 2535 2531 2634 4,600 2034 May 2634 Dec
• 3834 3534 39
July 4034 Feb
11,300 32
Cuba Company
7
7
4
Nov
800
4
.
. 7
Dec
Cuban Tobacco Co v t a _
84 1034 2,200
434 June 1134 Nov
Curtin Aero&M,new com• 104
264 23,220 21
Nov 2834 Nov
De Forest Radio Corp...' 2534 24
675 88
118 120
Apr 120
Nov
Del Lack & West Coal-50 119
38
July 4134 Dec
4134 6,600 23
Deny & Rio Or West- _100 41
Sept 224 Met
• 1934 1734 1934 3,300 16
Doehler Die-Casting
6234 23,600 1034 Jan 6234 Dec
Dubliler Condenser & Had' 61% 58
.• 3134 3034 3234 11,300 23 May 3234 Dec
Dunhill International_..
1
Mar
134 134 1,000
1
33' Jan
•
Du Pont Motors, Inc
• 1534 1534 1634 3,900 12 May 3634 Jan
Durant Motors, Inc
Dus Co,Inc, Class A w 1_• 2534 2434 2534 7,600 2234 Sept 2834 Sept
6035 1,610 36 June 64 Sept
East Penn Elec Co corn- -..• 60% 60
250 97
Nov
Jan 103
Elea Bond & Share.pref 100 10234 1013410234
Mar 19 June
1634 1734 1,200 11
Electric Ry Securities_--•
Dec 65
300 60
Dec
65
60
25 65
Elgin Nat Watch
Oct734 Apr
3
500
314 334
Federal Toles of Calif_ _10
Oct 3534 Sept
Federated Metals Corp_ _• 3374 3234 3374 1,100 30
3,300
334 Aug 1034 AUlt
7% 8
7%
Film Inspection Machine_•
610 410 June 482
Apr
Ford Motor of Canada.100 4674 455 469
40 8634 July 114
Nov
1124 114
• 113
Foundation Co, prcf
Nov 3234 Oct
3034 14,000 27
29
. 2934
Freed-Elsemann Radio _ _ _
10 257 May 335
Sept
322 322
Gillette Safety Razor----•
3,700 4934 Sept 59
Sept
5734 5635 58
New w I
1,500 7635 Jan 13034 Nov
122 123
Glen Alden Coal
• 122
815 Jan 2334 Nov
27,100
Goodyear Tire & R.com100 22% 214 23
Feb 81
200 '35
June
69
68
Gmnd 5-10-25c Stores_ _ • 68
1834 1,000 1634 Nov 2274 Nov
Grennan Bakeries
1834 18
1
300
534 Oct
Feb
3% 4
Hall Switch & Sig,com_100
4
200
Feb 28
Dec
28
25
Preferred
100 28
•No par value.
2637
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range tines Jan. 1.
Lou).
High.
6% Dec
4 May
631 8% 6,100
Happinego Candy St cl A. 6
5% Nov
534 5%
100
it
May
Founders shares
Feb 38% Nov
10,500 13
• 3711 3534 38
Hazeltine Corp
3% Nov
1 June
235 3% 6,600
Hayden Chemical
334
2 June
631 Dec
435 8% 5,000
534
Intercontinental Rubb _100
8 June 12)1 Jan
Internet Concrete Indust10 1134 1031 1135 1,800
214 Dec
200 90c Nov
235 235
Internet Prod
Nov 48
Dec
2,006 46
Internet Utilities, Cl A---• 4734 4634 48
631 Nov 12% Dec
734 1274 5,600
Class B
• 1234
874 Sept 1634 Dec
Inter-Ocean Radio Corp_ _• 16% 154 1634 2,800
V% Dec 10% Oct
735 814 8,100
Jones(Jos W)Radio Mfg _•
735
2
July
1,000 50c Dec
50c 75c
Keystone Solether
10 50c
Feb
635 June 13
888
935
9
935
Landover Holding Corp A 1
Oct
Jan 91
7,000 33
89
85
Lehigh Power Securities-' 85
Lehigh Valley Coal Sales 50 8734 8835 8734 2,175 72 May 8931 Feb
44% 95,200 2634 Apr 45 July
Leh Vail Coal ctis new w I 4434 4034
7% Nov
700
4 June
734 7%
Libby McNeil& Libby _ _10
731
534 Dec
534 Dec
535 535 12,700
Liberty Radio Ch Stores_ _*
5%
Dec
1,100 • 5234 Dec 53
52% 53
Long-Bell Lum Corp A _• 53
100
5% Jan 14 May
7
7
Lupton (F 11) Pub c A. -•
Apr 35% Apr
20 25
30
30
Mengle Co
100
8% Sept
2
Mar
44 434 2,900
Mesabi Iron Co
•
435
79 4 .700 50 May 8534 Sept
Middle West Utilities corn' 7674 75
20 88 June 9834 Nov
974 98
Preferred
100
Jan 25)£ Alta
•
2434 1,500 18
24
Midvale Co
Nov
60 160
Dec 181
180 178
Montreal L,H & Pow__100
735 Sept 1435 DEC
1474 2,300
12
Nat Distillers Products__ 14
534 Nov
5
5.% 1,700
234 July
National Leather
10
534
1,430 8374 Mar 190 Sept
18435 188
Nat Power & Light, cora... 183
170 151 May 258 Sent
245 249
National Tea,new
• 248
Apt
531 534 4,000
354 Jan 10
New Mex & Ariz Land_.-1
534
N Y Telep 834% oret..ioo 11134 11134 11134
750 109
mar 112% JU1P
100 3334 Jan 41 June
38
38
N Y Transportation_.j0 38
Oct 86% Nov
Nickel Plate corn,new,w I. 83
8074 8634 19,600 70
Oct 87% Dec
87% 8,800 82
Preferred, new. w I
8634 85
July
600 14% Aug 19
1535
Omnibus Corp v t c, w 1- •
1534
48% Sept
44
4534
500 3334 Sep
Pathe Exch Inc class A_ •
Oct
Oct 134
40 128
128 12831
Pennsylv Wat dc Pow_ _100
26 8734 Nov 9235 Oct
90
Pierce Butler & Pierce pref..
90
6434 Dec
8431 3.800 3735 Oct
Pittsb Term Coal,com_100 6334 61
3,500 79
Seat 8435 Nov
6% preferred
100 833.4 8135 84
Nov
Oct 26
300 11
23
Power Securities. coin_ _ _ _•
18
46 Sept
45% 1.800 4035 Au
44
Pro-phy-lac-tic Br.com _ _• 45
100 10 May 1334 Feb
1074 1074
PYrene Manufacturing-10
10
Nov
334 AD
84 9% 5,500
Radio Corp of Amer.com_.
9
5
Nov
500
3311•JulY
454 435
Preferred
5
474
1715 1835 3,500 153.4 June 18% Jan
Reo Motor Car
10 18
Dec
Jan 45
10 18
45
45
Republic Ry & Lt com_100
Dec
100 1234 May 29
29
29
Richmond Rad'r, com_100
Dec
300 90
July 110
102 110
Preferred
100
Jan
400 4631 Aug 50
Rosenb'm Gr Corp pref_50
47
4734
931 July 1734 Sept
1134 3,600
Rove Radio Corp tr etfe _• 1034 10
Dec
Oct 101
30 98
Royal Bak Powd pref._100
101 101
Dec
200 13% May 20
194 20
Royal Typewriter, eom_ •
Jan
Nov 35
800 11
Silica-Gel Corp corn v t c_• 1334 11
1334
Nov
Jan 196
60 125
Singer Manufacturing_100
190 195
Dec 1531 Dec
400 15
Sleeper Radio v t c
1534
1534 15
Sou Calif Edison,coin_ _100
150 9734 Sept 10431 Apr
10334 10435
Nov
Sept 106
77 preferred
0
20 104
108 106
100
40 May 200 Oct
Southern Coal & Iron_ ___5
80 13c 30,000
9c
334 3%
44 July
300
Standard Motor Constr-10
274 Jan
334
Stand Publishing Cl A _-25 2734 2734 2734 1,300 2534 July 2735 Nov
•
5
Aug
7
Stutz Motor Car
5,400
435 Nov
434 5
Nov
Swift & Co
200 100 June 112
100 1103' 110 11131
Swift International
15 3435 34 34 3434 16,600 1834 Mar 3535 Nov
Nov
Tenn Elec Power. coin_ •
4334 4434 1,700 1731 Jan 45
645 4974 Jan 71% 1 Dec
Second preferred
• 7134 7015 7174
Ter H Ind & E Tr,com 100
100
3% Nov 5 Nov
434 434
Preferred
Nov
100 2134 Dec 25
100
2134 21%
Thermiodyne Radio w 1__• 1531 1335 1574 19,700 12
Dec
15
No
Thompson(RE)Radio no
7 Oct 1834 Aug
• 1274 11% 1234 15,200
Timken-Detroit Axle..
731 Jan
435 434
100
.b0
3t4 Oct
Tob Prod Export Corp_ _ _•
3
314 2,600
234 Sept
374
5% Feb
Todd Shipyards Corp_ •
41
4274
200 41
Dec 63% Feb
24
5 25
2535
600 184 Seta 28% Nov
TowerMfgCorpwi
Union Carbide & Carbon_• 65% 6635 6754 8,600 58
Apr 67% Dec
149 151
Unit Bakeries Corp com-•
Nov
600 43
Feb 110
Preferred
Nov
108 108
200 85
Jan 119
100
United G & E,com.new_10 3334 3274 35
5,100 1834 'Jan 41 June
United Lt & Pow com A ...*
Apr 56)4 oat
45
4634
400 30
714 Feb
534 July
United Profit Sharing _ _ _ _1
634 674
500
674
United Shoe Mach corn_ _25
100 3434 Apr 4131 Dec
4174 4174
131 Jan
U S Lt & Ht Corp.com_10 6011
1.600 50c Nov
53c 63c
1)1 Jan
Preferred
10
1%
200 85e JulY
114 114
Dec 18% Dec
1J S Stores Corp c B
111
1634
300 16
Nov
126 127
Ward Corp.corn. Class A* 127
500 5334 Jan 133
• 4535 43
Common. Class B
4634 32.500 1474 Apr 4734 Nov
93
7% preferred
94
600 7931 Jan 9734 Nov
100
Ware Radio Corp. w1____• 28% 2714 2934 2,200 1354 June 30% Oct
bOO 3415 Jan 3935 Nov
Warren Bros, Co corn ___*
3734 3734
Oct 930 Jan
500 64c
Wayne Coal
5
1,300 15c
Mar 45% Sept
3634 37
600 26
Western Pr Corp. com_100 36
8335 85
470 80 June 85 Sept
Preferred
100
1835 17
600 10 May 18% Nov
White Rock Min Spr. new•
Nov
16
9 June 17
Voting trust certificates_
100
16
5
Oct
34 Oct
Wickwire-Spencer Steel_ _ _
300
335 4
Nov 39% Jan
15
18
5,400 15
Yellow Taxi Corp N Y _• 15
Former Standard 011
Subsidiaries
Anglo-American 011.---£1 17%
Borne-Scrymser Co_ -100
Buckeye Pipe Line
50 59
Chesebrough Mfg new_ _25 494
Preferred
100
Eureka Pipe Line
100 84
Galena-Signal Oil. com_100
Humble011 & Refining_ _25 40
Illinois Pipe Line
100 127
Imperial 011(Can) coup_25 111%
Indiana Pipe Line
50 75
Magnolia Petroleum__ _100 1374
National Tranalt____12.50
New York Transit
100 654
Northern Pipe Line_
100 85
Ohio 011
25 64%
Penn Mex Fuel
25 32
Prairie Oil & Gas
100 20334
New when issued
25 5135
Prairie Pipe Line
100 108%
Solar Refining
100 206
South Penn Oil
100 133
Southern Pipe Line_ _ _ _100 83
South West Pa Pipe L _ _100 Standard Oil (Indiana)
..25 6034
Standard 011 (Kansaa)_ _25 3634
Standard Oil(Hy)
25 119%
Standard 011 (Neb)----100 244
Standard 011 of N
4315
Stand 011 (Ohio) com--100 350
Preferred
100 116
Swan & Finch
100 24)1
Vacuum 011
25 80%
Other Oil Stocke
1
Allen 011
Atlantic Lobos Oil corn__ _•
Preferred
•
raft Syndicate
1
Consol Royalties
ureole Syndicate
5
40C
234
4
1
9%
17
17% 14,800 14% June
Jan
10 155
230 230
410 51
Sept
59
6254
700 47% May
49% 49%
10 11235 Sept
114% 11434
Oct
60 74
84
92
790 52 Sept
58
61
39% 41% 6,300 3434 Aug
320 120
Sept
127 135
109% 114% 1,890 9834 Apr
360 86 Sent
75
77
July
420 122
137% 141
400 20% June
23
2334
Aug
150 55
65% 68
Nov
170 72
84
88
3.900 58 June
63% 65
500 27
July
32
34
5,500 193
Oct
200 207
2,400 57% Nov
5034 52
1,130 100
Feb
105% 107
203 214
240 175
July
132% 143
380 117 June
88
350 8035 Oct
93
78
60 70 Oct
80
6031 61% 62,400 54% July
36% 38% 2,600 3235 Aug
119 120
250 101
May
244 262
620 199
Jan
43% 44% 9,200 37% May
340 374
650 275 June
116 116
10 11535 Nov
24% 26
220 20
Nov
7934 82% 11,100 584 Jan
40c 40c
2% 2%
6% 6%
3% 4
1
1
934 1034
2,000
2,200
1,70
5,400
200
0,800
10c
235
5
2%
1
2%
Apr
Oct
July
Oct
Jan
Jan
18
Feb
265
Mar
8534 Jae
52% Mar
115 June
105
Jan
July
70
4334 Mar
161
Jan
119
Jan
Jan
100
162
Jan
27% Feb
97
Jan
10734 Jan
7934 Jan
43
Jan
Jan
269
54% Nov
111
Feb
230
Jan
171
Jan
100
Jan
89
Jan
6834 Jan
50% Jan
12135 Nov
262
Nov
48
Jan
377% Nov
120 May
81
Jan
8334 Nov
50c
434
11
6,4
1%
1074
Sept
Jan
Jan
Jan
Feb
Nov
2638
THE CHRONICLE
Friday
Sales
Last Week's Range for
Other Oil Stocks. • Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Derby 011 & Ref,coin_
Preferred
Engineers Petrolem Co__ _1
Euclid Oil Co
Federal 011
5
Gilliland Oil, corn, v t c_-•
Granada Oil
10
Gulf MCorp of Pa
25
International Petrolento-.
Kirby Petroleum
•
Lago Petroleum Corp
5
Latin-Amer OU
1
Livingston Petroleum.. •
Mariand 011 of Mexico_ _ _1
Mexican Eagle Oil
5
Mexico Oil Corp
10
Mountain & Gulf 011
1
Mexican Panuco Oil -10
Mountain Producers__ _ _10
Mutual 011 vol trust etfa-5
New Bradford 011
5
New England Fuel Oil__ _5
New York Oil
25
Noble(ChasF)011&G,com 1
1
Northwest 011
Ohio Fuel Corp
•
Peer Oil Corp
Pennok 011 Company -__10
Pennok 011 Corp (new)_ _
reansylvanla Beaver 011_1
Red Bank Oil
25
Royal Can 011 Syndicate.'
Ryan Consol Petroleum_ _*
Salt Creek Consol Oil. .10
_10
Salt Creek Producers-10
Sapulpa Refining
5
Ruaatar Oil
Tidal-Osage 011 votstk. *
Uni
of Callfornia_100
Dillo. Read & Co lot roe
Venezuelan Petroleum_ ___
Ventura Consol Oil Fields.5
Western States0& G_ _1
Wilcox Oil& Gas
Woodlei Petroleum Co--.
1
'"Y' OU & Gas
lo
4
6514
23%
434
654
69c
19
12
120
1%
12%
17%
1.50
25%
8
3%
614
24%
80
27%
4e
980
200
3%
50e
6514
2234
3%
434
10
131
1%
434
610
120
970
18%
11%
4
194
9
80
4e
32%
12%
17%
1 lc
2414
7
334
635
2411
Ple
.50
9
2934
4e
1
20e
331
500
6631
24
454
634
20
14
134
434
740
120
114
19
1234
431
22
9
120
4e
324
1%
12%
17%
17e
27%
84
314
634
25
Ihe
100
911
Range since Jan. 1.
Low.
24 June
600
74 Dec
1,900 4714 June 344 Feb
3e Mar 13c Jan
4,000
4,300 80e Oct
Nov
1
1,000 150 May 600 Jan
500
131 Jan
551 Feb
Jan 75e
100 50c
Jan
4,500 56% May 67% Nov
55,100 1634 June 24% Nov
14,400
4% Nov
14 Apr
168,700
614 Dec
2% Jan
1e Aug
26,000
Feb
100 600 Mar
214 July
114 Dec
100
434 Jan
431 Feb
234 June
100
3,300
70 May 300 Jan
3.000 070 Dec
14 Mar
1,200 50c Sept
151 Apr
Feb 2051 Oct
4,100 16
55,100
94 July 1351 Jan
2,500
4
Nov
611 Jan
400 17
Oct 44
July
100
84 June 14
Feb
27,000
60 Sept 16e Feb
5,000
20 June
90 Jan
100 29% Oct 334 Nov
3.500 960 Nov
Jan
6
2,400 1211 July 17% Sept
2,200 124 Oct 1834 Nov
37,000 110 Dec 620 Feb
2,200
54 Jan 58
Aug
85,300
834 Dec
2% Apr
18,300
314 Jan
554 Mar
300
64 Nov 1011 Jan
7,100 194 Feb 2734 Sept
100 82e
Jan
214 Mar
16,200
Sc Nov
25e May
300
8
Jan 1611 Jan
300 130% Oct 15331 Nov
146 151%
15,100
314 4
234 Sept
44 Nov
100 1934 Oct 264 Feb
204 20%
1,000
80
8c
8e Dec 30c Jan
551 6% 9,100
4% May
611
854 Feb
64 634 1,300
6
6%
Nov 13 May
8e 66,000
40
40
40 Dec 14c Feb
600
650
500
11
40 23,200
1,000
17e
24 2,400
22e 11,000
20,400
900
311 33 e
600
34 314
3
34 4,500
60
60
1.000
100 110 10,000
4
1,700
50c 520
2,600
100 100
100
80 100
8.000
20c 200
2,000
Sc
50
2,000
154 17% 2,300
9c 110 27,000
35e 400
2,000
60c 700 15,500
90 13,000
60
40
4,000
40
20
20 32,000
60 110 38,000
10c 110 14,000
4,000
40
30
Sc
Sc
3,000
Sc 100 32,000
18c 21e
7,000
4,500
934 10
14% 1414 1.000
251 2% 2,600
4,000
10e 110
36c 37e
3,000
1
1,000
96c
41c 55c 14,000
low 1% 31,700
2
200
2
IC
10
0.000
Sc 42,000
40
154 134 4,900
10c 12e
3,000
10c 12e
4,000
70 120 27,000
214 22% 1,100
180 181% 1,4.50
10e 10
1,000
6% 6% 6.800
Me 134 13.400
40e 41c
4,000
700 730 10,800
2% 2%
1,300
15e 160
2,000
40e 50e
8,200
1% 1%
200
40
40
5,000
40
40
8.000
40
40
2,000
2c
20
2.000
3% 4% 2,800
70 20.000
3c
Sc
fle
1,000
ic
lc
2,000
1',, Vie 4,200
160 170
4.000
520 53c
700
180 200
6,000
211,e 3% 1,900
1% phe 1,700
130 14e 10,000
350 370
3,000
27% 2834
800
250 400
2.000
12c 13c
9,000
80c 85c
700
4
3
1,800
134 II',, 6,700
110 110
1,500
190 190
3.000
ic
10
2,000
5c
Sc
2,000
680 800
300
Sc
60
6,000
15% 15%
100
50c
11
3c
170
2
16e
250 Mar
2 May
3c
Oct
10e Mar
1
Feb
70 Feb
134 May
3% Dec
24 July
114 Jan
Sc Apr
10e June
34 Oct
440 Sept
10e Dec
40 Jan
12c Nov
5c Dee
Mar
6
4c June
20c June
40e Sept
60 Dec
40 Feb
2c Sept
20 Aug
Ele Nov
2e June
30 Aug
20
Apr
120 Nov
854 Jan
11% Mar
134 June
6o Apr
Oct
25c
76c July
15o Mar
Apr
1
1)4 Mar
le May
May
14 Jan
60 Jan
Oct
Sc
Se Aug
15% Jan
1344 May
Sc Sept
5% Jan
65c Mar
1130 June
800 Jan
151 Apr
10c Mar
210 Jan
Apr
1
2c Apr
le July
le June
10 May
234 June
Jail
2c
90 Dec
lc Mar
I',, May
16c Aug
400 Apr
17c May
14 Jan
14 Jan
Sc Feb
Oct
35c
June
21
250 July
9c Nov
60c July
Apr
2
1
Apr
2c May
150 Aug
lc Dec
20 Mar
600 Mar
lc June
15
Feb
Bonds
85 234,700 48
Allied Pack cony deb 6s'89 8431 79
1939 94
90
944 147,000 57
85. series B
107% 10714 3,000 105%
Aluminum Co of Am 713..'83
1925 102% 10234 10254 14,000 10134
78
95
9.534 111,000 94%
Amer 0 & E deb 6s...2014 95
High.
204
Mining Stock'
1
Amer Exploration
Arizona Comm
4e
Arizona Globe,CopPer___ I
Butte & Western Min_ _ _ _1
Calaveras Copper
Calumet & Jerome Copperl
4%
10
Oman° Copper
New
1
Chief Consol Mining
3h e
Congo' Copper Mines__ _1
5
Consol Nevada Utah
1 10c
Cortez Silver
3%
Cresson Cons Gold M&M.1
1
Crown Reserve
100
Denbigh Mines
80
iiamond B1 Butte Reorgl
Dundee Arizona Copper _ _ -----El Paso Consol Gold
16%
Engineer Gold Mines Ltd._
10c
Eureka Crowns
First Nat Copper
62e
Mist Thought0 M
9e
Golden State Mining
4c
Goldeleld Consol Mines.10
2c
Goldfield Deep Mines. _ _5o
8e
Goldfield Development.5c
Goldfield Florence
1 100
Gold Zone Divide
100
Green Monster Mtn_ _ ..50c
8e
PI:Armin Divide
10c
18c
Hawthorne Mines, too...
Heels Mining
25e 10
Hollinger Consol GM.__ _5 14%
2%
Bowe Sound Co
Independence Lead Mm.
.1 10c
Iron Blossom Con Min_..1
Jerome Verde Devel
1 470
Jib Consol Mining
1%
1
Kay Copper Co
Kerr Lake
5
10
Knox Divide
100
4c
Lone Star Consol
134
Mason Valley Mines
5
McKinley-Darragh-Sav_ _1
Mohican Copper
1
80
National Tin Corp_ ..500
New Cornelia Copper Co.5 224
New Jersey 21no
100 180
N Y Porcupine MInes,Ltd 1
64
NipissIng Mines
114
Ohio Copper
1
Parmac Porcupine Mines..
PlymouthLead Minas_ _ _1 730
214
Premier Gold Mining Ltd _1
5
Ray Hercules, Inc
Red Warrior Mining Co...1 40c
RockyMtSmelt& Ref,coml
1
San Toy Mining
40
Silver Dale Mining
Silver King Div,Reorg_100
20
Silver Pick Consol
44
South Amer Gold & Plat_.1
40
1
Spearhead
Success Mining
Superstition Cons Mlning.1
1
Teck Hughes
Temiskeming Mining..._1
Tonopah Belmont Devel_ 1 53c
1 220
Tonopah Divide
1
Tonopah Extension
1ihe
1
Tonopah Mining
10c
'Fri-Bullion S & D
United Eastern Mining._ _1 370
United Verde Extension 50c 284
40e
United Zinc Smelting_
US Continental Mines___5 13c
5 80c
Unity Gold Mines
4
1
Walker Mining
Ph/
Wenden Copper Mining...1
West End Exten Mining_ _1
Western Utah Copper _ _ _1
White Cap Extension
.50
White Caps Mining_ _ _10c
White Knob Copper pref.. 80c
6c
1
Wilbert Mining
Yukon Alaska Trust certif.
[vol.. 119.
14 Feb
11
Dec
120 Jan
550 Jan
Nov
3
25e May
44 Nov
3h 6 Dec
Jan
4
414 Nov
9c May
70e Mar
44 Jan
75c Jan
100 Dec
220 July
20e Dec
150 Nov
2314 June
Jan
Itio
40e July
70e Dec
10c Aug
Jan
6c
70 Sept
19c Nov
Jan
42e
120 Jan
8c Dec
26o Aug
82o Jan
Nov
10
1434 Oct
Jan
3
1Re Feb
37e Dec
Jan
2
95c July
1% Nov
214 Nov
lc May
9e Aug
Aug
2
16e Mar
Jan
480
Oct
18e
2231 July
Nov
1N5
35c Jan
654 May
1 5i. Oct
670 Mar
Oct
80e
234 Nov
380 Feb
75c Aug
154 July
Sc Feb
6o Jan
Sc' Nov
40 Jan
5% Oct
10c June
510 Feb
3e July
154 Jan
310 Jan
75e Feb
400 Feb
3% Oct
214 July
inc Nov
Pie Feb
3034 July
89c Feb
20e
Jan
231 Feb
4
Dee,
211 Nov
33e Sept
50e
Jan
Jan
Sc
10c Sept
80c Dec
Sc Nov
15% Dec
Dec
May 85
Dec
May 94
Mar 107% Aug
Jan 10314 June
Oct 9651 Jon.
Bonds (Concluded)
--
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
Range since Jan. 1.
Low.
High.
American Ice is
103% 10311 1034 28,000 9914 Oct 107% Aug
American Power & Light
65 old warr attach_ _2016 94
944 137.000 94
Sept 95 Sept
94
Amer Roiling Mill 65_1938 100% 10011 101
32,000 9854 Apr 10134 Oct
Amer Burnet'Fob 734s 1925 9634 914 97
64,000 73
July 99
Feb
American Thread 65.-1928
1034 10334 7,000 10114 Jan 104% Nov
Anaconda Cop Min 65 1929 1034 103 1034 20,000 101
Feb 104
Aug
Anglo-Amer 011 7348_ _1925 10134 101 101% 24,000 101
Nov 102% June
Assoc'd Simmons Hardware
648
83
1933 84
84
17,000 71% June 934 Feb
Atlantic Fruit 85
21
2031 2114 12,000 19
Nov 36
Mar
All0& WI SS L 5s__1959 60
Jan 61
58% 604 162,800 42
JulY
Beaver Board Co 88...1933 88% 864 89
Jan 89
Nov
26,000 70
Beaver Products 745.1942
1034 1034 1,000 97)4 June 103% Deo
Belgo-Canadian Pap 651943
9711 974 7,000 92
Feb 97% Dec
Beth Steel equip 76.-1935 103% 10334 104
27,000 102% Feb 104)f Oct
Bklyn Edison Cobs A.1949 994 9914 100
98.000 9931 Dec 100% Nov
Canadian Nat Rya 7a-1935 1094 109 10931 13,000 106% Jan 112 Sept
414s
1954
944 95
7,000 9434 Nov 96
Sept
5s
1925
10034 1004 2,000 99% Jan 101
Sept
Chic RI & Pac 545_1926
10034 101
14,000 9731 Nov 101% July
Chic Un Stat 5s w 1_ _ _1944
9854 984 32,000 9854 Nov 98% Nov
Childs Co (16
1929 109
104% 110
Dec
56,000 102 June 110
Cities Serv 7s, Ser B._1966
143 14311 10,000 1184 Feb 14434 Nov
78, Series C
1966 107% 10711 1084 62,000 894 Jan
7s Series D
1966 98
9731 984 48,000 89
Nov
Jan 101
Cities Serv Pow & Lt 68'44 94)4 94% 9434 10,000 9431 Nov 9434 Nov
ConsG E L&P,Balt.65'49 104% 104% 105
5.000 1014 Jan 1054 June
534s
1952 102
102 10231 8,000 93
Oct
Jan 103
1514s Series D
1951 109
109 109
2.000 1063.4 May 10951 Nov
Consol Textile 8s
1941
86
87
Jan
59,000 68 Sent 97
Cuban Domin Sug 7345 '44
9714 9734 7,000 97% Oct 9934 Oct
Cuban Telephone 7315 1941
10631 10634 1,000 106
July 10734 Oct
Cudahy Pk deb 514s-.1937 87% 87% 87% 33,000 81% May 89
Nov
Deere dr Co 7145
1931 1044 10434 105
25,000 994 May 105 Nov
Deny & R G West 5s_ _1935 604 56
6054 2259000 504 Nov 60% Dec
Dot City Gas 6s
1947 102
1014 102% 36.000 99% Jan 103% June
Detroit Edison 135-1932
108 108% 38,000 102,4 Jan 109% Ang
5sAwl
1949 97% 9715 974 5,000 9534 Oct 98
Nov
8s
1931
108 1084 3,000 108
Nov 108)4 Nov
Dunlop T R01 Am 713_ 1942 9734 974 98
55,000 90
Nov
Jan 98
Federal Sugar tla
19
9734 9814 38,000 95
Nov 101% Aux
Fisher Body (is
1925 1004 1004 1004 51.000 100
Mar 101% July
Os
1926 101% 101% 1024 12,000 99% Jan 102% Sept
1927
65_
101% 101% 5,000 98% Jan 1024 Aug
13s
1928 10211 101% 10231 73.000 97% Jan 102% Deo
°air (Robert) Co Is...1937
994 9914 10,000 9434 May 100% Sept
Galena-Signal Oil 711_1930
10531 10531 21,000 104% Jan 106
Aug
General Asphalt 88_ _.1930
10534 10534 1,000 1024 May 105% Oct
Os
1939
100 100
9,000 100
Nov 100
Nov
General Petroleum 65_1928 100% 10034 101
23,000 94% Jan 101
An.
Grand Trunk Ry 6348-1936 10714 107 10734 12,000 105% Jan 108% Aug
Gulf 011 of Pa 55
1937 9834 98% 984 23,000 94
Jan 98% Nov
Hood Rubber 75
101 101% 13,000 994 May 102% Nov
1936
Internat Match 6348.-1943 103
102% 103% 99,000 924 Jan 105
Nov
Italian Power 6358___ _1928
99
99% 12,000 9734 Feb 100 Sept
Kan City Term Ry 534526 10134 101% 10151 5,000 10014 Jan 102% Sent
Lehigh Pow Secur 6s..1927
10111 10114 6,000 96
Jan 1014 Nov
LibbyMcNeill& Libby 76'3I 100% 10031 101
16,000 94 June 1014 Nov
Liggett-Winchester 75_1942
10751 10754 2,000 1024 Jan 108% Nov
Lower Austrian HydroAug 85,4 Dec
Elec Pow 6345w 1..1944 85
85
8531 169.000 85
Manitoba Power 75-1941 99
99
99% 39,000 9514 Jan 1004 Sept
Nov 280
Maracaibo 011 Explor 76.'25 280
2,000 280
280 280
Nov
Mo Pae RR 55
1927 9931 9934 9934 44,000 99% June 100% Aug
Morris Se Co 745
6,000 92 June 100% Feb
974 98
1930
Motor Products65. _ _1943
99
9934 200,000 9134 July 9934 Nov
102 1024 27,000 92
Apr 102% Nov
National Leather 8s__1925 102
New On Pub Serv les__1952 8734 87% 8734 36,000 81% Jan 954 Jan
Jan 104% Nov
37,000 98
Nor States Pow 6346-1933 103% 103% 104
9934 22,000 964 May 100
Oct
634% gold notes_...1933 9934 99
12,000 8434 Jan 91% Sept
,90
1952 90
90
Ohio Power les
1.000 100
78
106 106
1951
Dec 106)4 Nov
95
1936
Park & TlIford 65
9531 58.000 84
Feb 97% Sept
95
95
Pennok Oil Corp 65_.1927 95
Dec
Dec 95
2,000 95
Penn Pow & Light 5a .1952
934 934 8,000 8734 Jan 94 June
104 104
Phila Electric 534*.. _ _1953 104
1,000 9834 Jan 10431 Nov
103 1034 6,000 100
Phillips Petrol 7345.-1931
Apr 104
Aug
Put. Serv El & Gas 514s.01 9634 0611 96% 90.000 9634 Dec 97
Nov
Public Service Corp6s 1944 9454 94% 94% 154,0(10 94
Oct 97
July
1933 934 9731 984 125,000 9211 Jan 98% Dee
Pure Oil Co 6345
Shawsheen Mills 7e-1931 104
18.000 102
10331 104
Jan 104% Mal
Sinclair Cons 011 65 w I '27 93% 03% 9834 96,000 9834 Nov 994 Nov
Slow-Shelf St & I 65_1929 10214 101% 10211 13,000 97
Jan 102% Jul,
19:14 100% 10014 100% 25,000 99
Sept '
S01 tty & Cle Ii,.
,
Apr 102
93
9311 4,000 894 Jan 9354 Nov
South Cali: Edison 55.1944 93
Standard Gas & El 645'54 1034 10331 1084 786,000 96 ,Aug 108% Deo
107 1074 30,000 10534 Jan look June
Stand Oil of NY 6345_1933 107
1054 1054 1.000 10214 May 106% Sent
7% serial gold deb_ _1926
7% serial gold deb_ .1927 10534 10534 105% 5,000 10434 July 106% Aug
Jan 106% Feb
7% serial gold deb_ .1928 10536 1051e 105% 25,000 105
7% serial gold deb...1929 10514 10514 1054 4,000 los% Jan 1074 June
Feb 108 June
7*/ serial gold deb.. 111311 10511 10534 1054 11,000 105
Feb
74. serial gold deb..1931 1054 10534 10531 30,000 1054 Nov 109
Swift & Co 58...001 15 1932 9414 9434 9454 85,000 8934 May 9534 Ang
1044 10414 6.000 101,4 Jan 104% July
Tidal-Osage 011 is....1931
Nov
Union El L& Pot 1115348'54 994 084 994 43,000 94% Apr 100
Union 01168. ser B.__1925
100% 100% 5,000 100
Jan 101% Aug
Nov
100% 101 108,000 1004 Oct 101
1944 101
nited Drug Os
United 011 Prod 81.. _ _1931 3731 35
374 10.000 23
Oct 79% Feb
Nov
Un Rye of Havana 748.'36 110
1094 110
7,000 105% Jan 110
10634 107
1936 107
52,000 106
Vacuum Oil 7s
Jan 108 June
104 104
1937 104
5,000 101)4 Apr 10434 July
Valvoline 011 6s
102 10234 23,000 10034 Jan 104,4 Sent
Webster Mills 6)45._.1933 102
Foreign Government
and Municipalities
Dee
95
95
Dec 95
Argentine Nation 65_ _1958 95
14,000 95
Nov
91
91
Nov 91
Finnish munic834e B.1954 91
3,000 91
Oct.
91
91
91
Oct 91
Class A
23,000 91
Indus Mtge Bk of Finland
,34 Sent
let M cull sI 75-1944 954 95
9534 111,000 93% Nov 0
8% 834 24,000
8% Oct 1134 Jan
Mexican Govt 55
Dec
102% 103
36,000 89'.. Apr 103
Netherlands(Kingd)688'72 103
Sept
31,000 973.4 Jan 100
99
9914
Peru (Repablie of) 86_1932 9934
9914 9934 35,000 994 Oct 9974 Oct
1944
8s
73% 10,000 684 Sept 7534 Oct
73
Poland (Repel, of) tis. i 940
Aug
Jan 21
24,000
1331 14
9
Russian Govt6145.-1919
Jan 2014 Feb
13% 144 5,000 10
634s certificates_ _ -1919
931 Jan 2034 Aug
134 2,000
13
1921
514s
Aug
934 Jan 21
27.000
14
11
514s certificates._ _1921
Aug
Switzerland Govt 54s 1929 10034 10051 10034 22,000 9714 Apr 102
Nov
100 10011 22,000 974 Jan 101
1926
Ext 6% noted
No par value. k Correction. 1 Litaed on the Stock Exchange this week, where
additional transactions wi I be found. o New stock. s Option sale. w When
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
New York City Realty and Surety Companies.
All prices dollars per share
alliance R'Ity
Amer Surety.
Bond & M (3.
Investing
Preferred ..
awyera Mtge
Hie
115
113
362
104
101
194
Ask
Mtge Bond.
118' Nat Surety-.
367 N Y Title is
Mortgage.
109
- _ Ua Casualty.
200 US Title Guar
Rid
115
200
257
235
200
A Sk
Rid
120 Realty Assoc
(Bklyn)oom 150
203
let pref.--- 88
263
2d pref.... 78
WM.:theater
___
Title & Tr. 230
4.8
154
90
80
250
Investment anti
gailroad Intelligente.
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the fourth -week
of November. The table covers 6 roads and shows 15.91%
decrease from the same week last year.
Fourth week of November.
1924.
$
393,509
Buffalo Rochester & Pittsburgh..
5.936,310
Canadian National
4.839,000
Canadian Pacific
264,029
Minneapolis & St Louis
2,334.519
St Louis
-San Francisco
742.678
St Louis Southwestern
Total (6 roads)
Net decrease (15.91%)
1923.
$
489.544
7,080,249
6,351.000
297,654
2,156,422
881.025
14,510,045 17,255,894
Increase. Decrease.
$
$
96,035
1,143,939
1,512,000
33,625
178,097
138.347
178,097 2.923,946
2.745.849
In the following we also complete our summary for the
third week of November:
Third week of November.
1924.
•
1923.
$
$
Previously reported (10 roads)-- 16,560.130 18.407,246
118.466
100,682
Duluth South Shore & Atlantic_
2,920,914 2,824.182
Great Northern
9.537
10,045
Mineral Range
5,987
10,842
Nevada-California-Oregon
761,892
747,775
Texas Pacific
389,398
436.501
Western Maryland
Increase. Decrease.
S
$
76,436 1,923,552
17,784
96,732
508
4,855
14,117
47,103
2639
---Grossfrom Railway -Net from Railway- -Net after Tares
1923.
1924.
1923.
1924.
1923.
1924.
$
8
8
$
Chic Peoria & St Louis
18,798
15,192
18,802
20,062
134,519
October...
133,522
20,901 -38,595
28,033
59,097
From Jan 1_ 1,080,360 1,167,588
Chicago River & Indiana
220.058
195,325
259,756
239.040
684,116
October_ __ _ 642,010
FromJan 1_ 5.773.392 6,239,397 1,947,696 2,377,017 1,577,026 2,013.304
Chic RI az Pacific
October _ _ _ _12,093.989 11,418.170 3,486,097 2,620,420 2,916,020 2,214,493
Wm Jan 1103,309,118 103639,641 22,174,721 19,497,354 16,762,244 14,899,137
Chic RI de Gulf
135.103
258,143
147,450
270,633
531,479
October_ ___ 656,188
639,543
782,950 1,397,817
From Jan 1_ 5,402,268 4,714,710 1,523,390
Chic St P Minn & On436,974
693,790
572,997
888,369
October....2,859,233 2,648,335
From Jan 1_23.423,881 23,704,186 4.687,102 3,672,456 3.316,822 2.352.504
Cinc Indiana & Western
45,789
73,270
66,117
93,770
430.799
452,044
October_ _ _
464.706
396,691
666,642
580,149
From Jan 1_ 3,728,611 3,906,289
Colorado & Southern177,149
359,867
245,776
423,562
October.....1,265,403 1,173,033
390,942
From Jan 1_10,525,386 10,435,034 2,062,007 1,054,789 1,433,184
Ft Worth & Denver City
351,985
500,342
376,676
567,081
983,158
October_ _ _ _ 1,149,106
From Jan 1_ 8,610,152 7,773,768 3,134.958 2,172.122 2,696,579 1.777.982
Trinity & Brazos Valley
194,106
78,903
201,609
87,819
484,940
265,528
October_ _ _
598.912
670,526 -212.679
From Jan 1_ 1,749,934 2,491,172 -138,804
Wichita Valley
113,485
105,673
120,925
120,395
206,654
October_ _ _ _
200,030
401,492
617.574
467,984
703,989
From Jan 1 _ 1,461,726 1,185,831
Columbus & Greens
25,705
22,871
28,204
24.371
October_ _ _ _
153,380
169,815
20,734,931 22,568,666 173,676 2,007,411
Total (16 roads)
120,117
149,440
126,677
164,045
1.1433.735
From Jan 1_ 1,337,450 1,288,373
Net decrease (fi.S4 c7:,)
Denver & Rio Grande
813,010
498,252
956,438
654,148
October. _ _ _ 3,555,408 3,783,788
-The table
Net Earnings Monthly to Latest Dates.
Fro m Jan 1_27,239,294 28,502,355 3,898,314 3,273,750 2,257.299 1,829,692
shows the gross and net earnings for STEAM Denver & Salt Lake
following
-32,598
79,001
41,603
88,001
October.... 391,036
296,985
railroads reported this week:
76,473 -35,268 -13,872
54,741
From Jan 1_ 2,630,613 2,213,684
- Detroit & Mackinac
-Grossfrom Railway- -Na from Railway- -Net after Taxes
66,549
63,397
72,949
1923.
1924.
1924.
1924.
1923.
76,744
1923.
October_ _ __ 216,428
218,022
28.436
202,255
111,052
$
$
5
309,233
From Jan 1_ 1,668,894 1,619,122
Akron Canton & Youngstown
Detroit Terminal
52,027
38,191
65,721
55,286
October_ ___ 350,548
66,237
343.521
92,474
91,093
56,478
October_ _ __
183,133
199,883
479.807
346,731
425,966
380.798
From Jan 1_ 2,985,393 2,893,222
648,895
720.418
636,167
583,870
From Jan 1_ 1,957,012 1.807.813
American Railway Express
Detroit Toledo & Ironton
351,613
383,997
68.611
95,615
August _ .22.207,594 24,513,521
370,297
250,889
_
274,988
417,211
961,364
October_ _ _ _ 1,121,944
581,635
640,210
From Jau 1.184693961 203136,179 2,052,384 2,040,229
From Jan 1_10,036,913 8.822,316 3,779,624 3,244,131 3,439,976 3.097,936
Arbor
Ann
Pet & Tol Shore Line
138,078
177,106
122,297
103,212
142,000
October_ _
166,378
512,634
132,607
551,508
199,305
October_ _
359,757
350,216
580,753
754,286
774,351
From Jan E 4,551,027 4,564,819
985,887
From Jan 1 _ 2,832,620 3,560,586 1,232.831 1,747,472 1,006,634 1,544.473
Atch Topeka & Santa Fe
Duluth & Iron Range290,848
281,378
October _ _ _20,249,200 20,285,474 7,640,398 6,765,871 5.574,821 4,570,745
364,892
312,807
849,353
October- -- 699,096
680,185 1.971,336
Fr'm Jan 1160,264,243 168395,340 41,272,174 46,063,060 28,424,541 32,392,401
From Jan 1_ 5,717,027 7,143,299 1,479,285 2,510,001
Gulf Col & Santa Fe
Dul Missabe & Northern
990,446 1,592,151
October ___ 3,514,715 2,867,636 1,578,515 1,142,020 1,483,411 1,058,956
October_ _ _ _ 1,686,753 2,823,991 1,096,022 1,872,169
FromJan1.23,383.464 20,582,579 5,321,669 3,932,873 4,454,591 3.118,682
From Jan 1_13,520,289 20,225,846 7,029,742 12,436.507 4,579,218 10,206,551
Panhandle & Santa Fe
Dul So Shore & Atlantic
32,878
205,432
467,747
226,577
93,487
525,374
910,818
_ 1,242,113
October
October_ _ ... 539,237
125,487
480,245
60.678
956,294
676,011
706,009
From Jan 1- 8,808,744 6,994,830 2,422,252 1,203,217 2,125,384
962.139
From Jan 1_ 5.108,661 4,948$41 1,021,112
Atlanta Dim & AtiDul Winnipeg & Pacific
17,680
28,007
30,291
41,304
-9,372 -19,609
411,473
October_.. 413,313
October...... 163,202
-578 -11,108
170,017
76,442
201,849 -117,450
12,508
330,640
129,984
From Jan 1_ 1,814,155 1,988,007
From Jan 1 _ 3,973,102 3,836,130
221,181
221,555
Atlantic Coast Line
East St Louis Connecting
434,958 1,277,735
107.668
936,941 1,778,614
98,181
October _ _ _ 5,987,487 6,634,481
October..... 200,702
121,362
101,879
215,574
988,758
749,617
FromJan 1_66.980,553 66.024,840 16,965,392 16,584,983 12,524.528 12,600,943
From Jan 1- 1,843,193 2.013,773
810,980 1,126,052
Baltimore & Ohio
Elgin Joliet & Eastern
488,949
B & 0 Chic Terminal
690,689
_ _ _ 1,911,269 2,214,802
October
772,521
570,002
-5,604
34,874 -13,784
October_ _ _ _
335,760
14,540
342,444
FromJan 1_17,844.337 23,536,110 5,126,411 7,995,278 4,248.611 7,050,547
From Jan 1- 2,993,675 3,130,169
378,076 -313,689 -30,817 El Paso & Southwestern
75,765
Bangor & Aroostook
248,415
376,499
320,379
October..... 1,103,237 1.109,074
487,794
217,264
October... 682,790
175.771
730,978
230.574
281,050
From Jan1_10,426,406 10,512,009 3,042.665 2,794,652 2,130,868 1,825,987
794.867 Evansville Indianapolis & Terre Haute
From Jan 1. 5,673,005 5,586,321 1,425,608 1,232,908 1,000,437
69,671
49.289
Belt Ry of Chicago
October.. _ __
72,954
199,124
54,196
172,749
338,586
342,165
October.... 667,559
226,149
250,572
201,564
646,668
269,968
From Jan 1. 1,533,036 1,457,931
378,071
390,870
FromJan 1_ 5,716,702 6,050,451 1,908,850 2,255,542 1,473,390 1,855,919 Florida East Coast
55,879
484,288
Bessemer & Lake Erie180,176
October_ _ __ 1,517,354 1,156,585
589,958
1,414,778 2,151.033
601,299
370,700
October.
682,155
503,255
From Jan 1_16,114,558 13,128,984 5,539,502 4,511,983 4,528,900 3,463,587
From Jan 1_12,926,763 17,831,227 3,107,607 6,330,780 2.282,206 5,408,927 Ft Smith & Western14,001
90,785
Bingham & Garfield
20,701
ztober. _
156,326
224,853
96,864
116,354
50,448
41,366
8,134
-975
6.729
275,903
October.....
17,277
From Jan 1_ 1,512.973 1.299,424
175,759
335,485
381,898
17,914 Georgia RR
73,781
96,262 -25,240
From Jan 1_ 407,865
151.530
123,290
Boston & Maine
October.... 546,385
157,863
803,017
131,336
782,112 1,037,108
October.. _ _ 6,988,069 7.592.968 1,562,139 1,432,887 1,301.896 1,175,383
From Jan 1_ 4,987,890 5,160,286
852.749 1,103,160
From Jan 1_65,359,710 72,676.171 11,966,585 9,253,401 9,438,024 8,832,912 Georgia & Florida
43,548
38,646
49,807
Buff Roch & PlttsbOctober_ _ _ . 159,112
169,303
45,121
281,651
245,349
312,083
October.....1,453,050 1,634,811
46,418
203,281
81,478
345,294
377,266
From Jan 1_ 1,485,163 1,471,742
Jan 1.13.429,405 19.139,971 1,941,395 1,560.118 1,613,563 1,209,487 Grand Trunk Western
From
327,495
187.655
Canadian National Rye
391,184
October.... 1.561,390 .1.693,394
267.118
October.....22,840,608 26,257,773 4,693,843 5,185,017
From Jan 1_15,361,641 16,775,903 2,543,507 4,923,590 1,783,927 4,324,896
From Jan E195325323 206395,341 10,760.664 12,114,712
Great Northern System
CM Pet & Can CT JetOctober_ _ _14,377,460 14,158,441 7,076,040 6,645,097 6,015.829 5.611.406
258,618
101,352
120,103
115,317
111,885
October- 255,111
From Jan 1_89,405,388 99,443,973 26.483,994 25,360,807 18,121,400 17,953,912
984,665 1,440,776 Green Bay dr Western
Jan 1 _ 2,417,402 2,850,049 1,102,530 1,538,876
From
25,117
30,910
30,117
flat G H & Milwaukee
October_ _ _ 140,238
38,410
121,771
92,619
674,875
200,284
183,453
153,450
190,525
150,78.5
October.... 606,136
169,995
275,319
From Jan 1_ 1,220,574 1,004,955
From Jan 1_ 5,445,604 5,781,775 1,328,785 1,396,454 1,273,494 1,358,255 Gulf Mobile & Northern
155,069
126.897
Canadian Pacific Lines in Maine
169,128
188,682
October_ _ __ 579,795
575,128
5.213 -22,793
164,801
16,213 -25,293
October.... 167,030
From Jan 1. 4,991,421 4,976,580 1.435.371 1,320,835 1,147,349 1,024,185
58,392 -91,664 -74,108 Gulf &
18,336
From Jan 1_ 2,085,613 2,180,254
Ship Island
44,431
51,188
67.462
Caro Clinch & Ohio-77,166
October.... 326,252
315,112
268,820
730,310
158,627
598,073
198,798
452.830
108,075
October.... 794,947
688,379
856,378
From Jan 1_ 2,988,180 2,765,724
Rrom Jan 1_ 7,137,944 7,759,214 2,255,164 2,168,093 1,734,797 1,666,372 Hocking Valley
212,151
244,953
345,653
Central of Georgia,
353,310
October..... 1,699,287 1.712,609
693,328
442.339
558,014
328,419
October _ _ 2,519,878 2,262,510
From Jan 1.14,692,349 15,110,797 3,679,238 3,380,187 2,706,171 2.488.349
From Jan 1_22,427,388 21,973.119 4,938,073 4,353,657 3.860,667 3,320.287
Illinois Central System
Central RR of N JOctober.....l6,215,425 16,488,280 3,820,641 3,287,494 2,535.158 2,268.617
797.570 1,617,805
513,211
October- _ 5.077,541 4,924,647 2,032,983
From Jan 1_144064769 157055,764 32,523,807 30,244,951 22.336,347 21.137.637
1_46,710,274 48,256,251 12,773,679 7.928,312 8,954,404 5,007,558
From Jan
Illinois Central Co
Central New England
October_ _ _13.913,788 14.334,184 3,149,566 2,690,399 1,979,877 1.792.959
163,162
299,402
828,095
137,462
282,618
October.... 709,005
From Jan 1_126275231 139881,918 28.031,820 27.894,377 18.999,301 19,902,815
FromJan 1_ 6,743,572 6,624.687 1,860,340 1,614,489 1,603,066 1,383,049
Yazoo & Mississippi Valley
Central Vermont
475,658
555,281
597,095
671,075
October_ _ _ 2,301,637 2,154,096
140,602
134,619
121,440
801,824
115.086
October.... 697.202
From Jan 1_17,789,538 17,173,846 4.491,987 2,350,574 3,337,046 1,234.822
826,864
828,621
7,324,943 1,018,667
020,017
From Jan 1_ 7.187.370
International Great Northern
Charles & West Carolina
578,803
574,805
542,190
613,688
October_ _ 1,753,359 1,805,860
95,676
106,629
89,115
336,649
79.670
October... 339,214
From Jan 1_13,622,738 12,681,598 2,855,007 2,435,222 2,503,748 2.109,314
825,935
668,201
492,391
685,437
From Jan L. 3,223,322 3,259,852
Kansas City Mex & Orient
Chicago Burl & Quincy37.369 -43,031
47,369 -43,031
114,336
October _ _ _ - 257.814
October...._16.456,589 15.614,106 5,215,747 3,891,037 4,323,506 3,273,609
146,053 -37,851
10,953
225,091
From Jan 1 1.877,461 1,501,124
Wm Jan 1135,578,207 143722,485 35,762,051 29.341.571 26,971,106 21,256.584
K C Mex & 001 T
Chicago & East Illinois
60,513
43,265
181,461
36,265
October_ __. 248,839
460,629
80,372
364,040
501.053
294.992
October.... 2,399,589 2,549.861
25,740
315.587
260,632 -12,057
From Jan 1 - 1.983,404 1,451.501
From Jan 1.21,571,569 23.872,360 2,921,343 3.319,427 1,736.010 2,059.873
Kansas City Southern
Chic Ind & Louise
500,090
486,955
522,376
380,868
371,957
October_ _ _ 1,703,629 1,815,382
475,424
415,234
October.... 1,551,755 1,621,269
398,558
From Jan 1 _15,155,254 16,609,794 3,752,937 4,000,497 2,832,297 3,120,104
From Jan 1_14,241,387 15,081,398 3,891,971 4,169.486 3,104,792 3,311,155
Texarkana dc Ft Smith
Chic & North Western
99,141
298,517
October.... 253,211
81,683
October....14,950,129 14,924,884 3,990,884 3,043,251 3,187.992 2,190 817
80.000
57,723
prom Jan 1 2,402.767 2,376,111 1,153,694 1,130,070
Fr'm Jan 112(3,376,408 135246,521 24,236,485 22,471,294 16.577,950 14,830:034
995,319 1,002,093
2640
THE CHRONICLE
FoL. 119.
--GrossfromRailway- -Net from Railway-- -Na after Taxes
--GrossfromRailway-- -Net from Railway- -Net after Taxes
1924.
1923.
1924.
1924.
1923.
1923.
1924.
1923.
1924.
1924.
1923.
1923.
3
$
$
$
$
$
$
Kansas Okla & GulfRiehmond Fredericksburg & Potomac
October__ _ _ 216,911
211,521
31,831
40,303
30,011
41,796
October_ _ _ _
857,618
205,493
909,417
243,621
196,719
256,037
From Jan 1_ 1,771,244 2,070,506
176,456
74,639
From Jan 1_ 9,844,736 10,120,028 3,291,892 3,532,391 2,735,509 2,959,537
341,037
241,548
Lake Superior & lab pemingRutland
October_ _ _ 223,565
245,152
109,292
101,545
90,197
120,336
October_ __ _ 674,724
561,164
83,131
67,542
88,928
61.734
From Jan 1_ 1,624,351 2,027.516
739,719
471,769
341,974
626,845
From Jan 1- 5,504,838 5,689,207
947,367
961,011
681,594
710,490
Lehigh dc Hudson River
St Louis-San Francisco
October_ _ _ _
277,007
57,224
298,190
99,492
82,992
74,937
October_ __ _ 8,413,330 7,725,803 2,969,060 1,884,520 2,457,285 1,441,789
From Jan 1_ 2,656,213 2,566,696
645,281
834,198
702,896
786,111
From Jan L70,519,195 71,633,977 20,763,48.5 19,102,665 16,995,606 15,651,740
Lehigh dr New England
St L- S Fran of Texas
October_ _ _ _
562,465
198,094
473,579
58,778
170,805
47,820
October_ _ _ _ 229,134
85,643
47,760
45,701
87,757
173,433
From Ja n 1_ 4,523,848 4,959,688 1,155,714 1,233,501
972,253 1,042,007
From Jan 1_ 1,574,486 1,395,466
184,775
363,407
206,677
385,236
Los Angeles & Salt Lake
Ft Worth & Rio GrandeOctober_ _ _ _ 2,221,455 2,545,523
947.405
430,905
302,822
818,153
27,831
24,126
16,690
October..136,822
12,862
153,548
FromJan 1_20,588,903 20,259,922 3,860,221 4,692,122 2,565,662 3,535,478
From Jan L 1,266,466 1,255,744
109,051
3,400
42.438
148,078
Louisiana & Arkansas
St Louis-Southwestern
October _ _ _ _ 368,848
324,173
106,599
101,279
74,652
St Louis ff-W of Texas69,754
From Jan 1_ 3,346,801 3,139,538
902,909 1,008,735
662,075
221,646
October
753,718
111,044
252,013
837,532 1,034.546
136,779
From Jan 1_ 6.537,219 7,077,610
Louisiana Ry dr Nay Co-147.694 -445,164 -110,400 -720,505
October_ _ 391,732
9,958
372,056
104,327
-8,042
87,210 St Louis Transfer
From Jan 1_ 3,413,555 3,254,262
499,036
380,038
199,300
325,113
October_ _ _ _
20,247
19,635
66,825
20,737
20,366
76,252
La Ry & Nay Co of Texas
From Jan 1_ 656,391
228,000
97,079
232,316
99,525
730.566
October_ _ _ _
131,579
32,994
165,071
61,467
28,994
57,467 San Ant & Aran Pass
From Jan 1_ 1,094,427
761,766
157,953
141,988
117,931
113,988
October _
277,820
843,786
246,563
294,554
775.695
262,641
Loulsv Hend dr St Louis
From Jan 1_ 6,168,694 5,250,719 1,052,848
573,775
887,470
729,906
October_ _ _ _ 320,283
318,660
90,250
119,259
70,163
99.782 San Ant Uvalde & Gulf
From Jan 1_ 2,887,517 2,919,586
861,415
627,056
492,003
723,093
October_ _ 114,107
22,098
17,134
101,895
26.244
21,439
From Jan 1_ 1.306,389 1.035,674
Louisville & Nashville
188.075
295,413
222,047
294,233
October_ _ _12,521,582 12,313.661 3,224,093 2,452,889 2,543,131 1,951.323 Southern Pacific System
From Jan L111779130 113700,355 22,655,418 22.070.032 17,609,603 17,384,216
Southern Pacific Co
Maine Central
October_ _ _ _18,131,993 20.611,577 6,489,027 8,690,868 4,860,084 7,390,259
From Jan L160249757 169918,421 48,306,242 55,043,269 34,833,753 42,010,236
October_ ___ 1,749,748 1,855,284
366,011
337,506
237,658
266,516
From Jan 1_16,998,168 17,822,600 3,074,912 2,720,509 2,053,310 1,732,222
Arizona Eastern
October_ _ _ _ 331,704
Minneapolis & S Louis82,284
82.987
349,712
126,021
131,196
From Jan 1_ 2,901,234 3,069,216
October_ ___ 1,614,564 1,547,281
564,714
884,159
332,195
237,324
254,601
851,360 1,152,144
168,987
From Jan 1_12,584,246 13,856,086
208,374 1,927,933 -408,696 1,284,259
Galv Harris $ Ant
o-Kansas Texas
October_ _ _ _ 2,696,023 2,378,728 1,091,342
388,637
454,589 1,022,392
From Jan 1_22,007,367 19,445,388 5,524,038 2,899,144 4,832,967 2,240,146
October__ __ 3,595,935 3,132,213 1,322,646
423,747
278,437
976,601
From Jan 1_28,155,223 28,964,599 8,938,433 6,835,690 6,819,983 5,189,733
Houston E & W Texas
Mo-Kan-Tex of Texas
October_ __ - 335,305
361,645
98,843
128,174
138,231
112,138
FromJan 1_ 2,676,706 2,593,097
October_ _ 2,669,646 2,300,300 1,043,846
264,050
3k6,201
242,394
578,847
383,778
995,285
532,664
From Jan 1_17,918,047 17.123,143 4,854,299 3,201,555 4,361,284 2,702,675
Houston & Texas Central
Missouri & North Arkansas
October_ _ _ _ 1,701,222 1,602,913
775,452
690,561
669,129
-653.140
October__ _. 158,371
From Jan 1 A2,342,401 11,911,095 2,675,185 2,278,435 2,125,419 1,806,205
42,646
149,145
19,589
41,741
16,476
From Jan 1_ 1,304,385 1,253,170
150,168
205,325
125,383
178,801
Louis Western
Missouri Pacific
453,429
October_ _ 403,398
169,951
141,732
105,509
120,806
October_ _ _ _12,276,378 11,059.537 2,882,380 1,734,316 2,487,588 1,400,161
From Jan 1_ 3,458,960 3,821,253
721,935
951,905 1,024,272
652,484
From Jan 1_101201985 94.738,751 20,084,635 13.176.732 16,273,365 9,436,370
Morgans La dr Texas
842,582
Mobile & Ohio
October_ __ _ 806,442
185,018
140,741
78,566
131.860
October_ _ _ _ 1,749,999 1,754,683
From Jan 1_ 6,816,756 7,304,441
503,481
12,637
292,156
699,279
219,813
393,174
501.541
216,290
From Jan 1_16,322,260 16,891.944 4,463,356 3,680,259 3,579,719 2,841,376
Orleans
Texas & New
October_ _ _ _ 849,060
880,123
Montour
180,601
51,736
149,872
19,916
October_ _
From Jan 1_ 7,676,373 7,431,107
502,691
183,850
208,559
927,800
626,439
223.409
52,795
74,312
59,121
42,051
From Jan 1_ 1,418,463 2,118,407
692,960
212,888
136,273
564,138 Southern Ry System
Nashville Chattanooga & St Louis
Southern Ry Co
October_
2,113,763 2,284,432
October_ _ _12,757,515 13,477,484 4,050,524 3,450,757 3,305,983 2,783,191
453,488
298,623
403,328
238,322
From Jan 1_19,693,758 20,774,187 3,327,404 2,945,836 2,754,079 2.341,641
Fr'm Jan 1 111, 79,603 125305,115 31,606,352 30,987,857 25,330,458 25,084,946
Nevada Northern
Ala Great Southern
October
98,336
October _ _ _ _
118.991
939,218
56,840
954,237
228,480
169,904
328,976
260,830
69,861
51,466
60,045
From Jan 1_ 906,064
836,005
461,649
From Jan 1_ 8,352,382 9,054,512 2,137,777 2,674,071 1,702,575 2,150,343
463.603
397,866
394,350
New Or! Tex & MexicoCin N 0& T PacOctober- _ _ _ 259,172
251,191
43,828
601,710
October_ _ _ 1,875,116 1,879,671
67,571
495.384
433,239
502.252
24,891
39.384
From Jan 1_ 2,780,823 2,417,168
From Jan 1_18,281.958 19,296,363 5,445,756 5,469,094 4,664,508 4,583,194
866,107
705,612
662,462
433,222
Beaumont Et L & Western
Georgia Sou & Florida
October_ _ _ 208,832
240.239
October... 453.103
461,507
70,005
152,402
134,165
102,287
114.010
82,866
62,141
109,286
From Jan 1_ 2,238,600 1,978,667
From Jan L 4,175,619 4,376,362 1,147,293
936.140
908,579
961,693
803,853
787.722
840,083
756,975
St L Browns& Mexico
New Orleans & Northeast
October_ _ _ _ 648,804
595,923
October_ _
575,044
534,208
293,978
203,172
251,696
77,357
33,453
161,070
257,791
232,269
From Jan 1_ 6,702,547 5,081.332 3,034,498 1,195,474 2,727,682 1,809,278
From Jan 1_ 4,725,492 5,777,374 1,449,497 1,355,005 1,067,845
853,608
North Alabama
New York Central
October._ _ 130,482
164,344
56,751
October_ _33,142,293 35,435,691 7,957,779 5,155,026 5,956,498 3,765,981
69,834
63,813
54,726
From Jan 1_ 1.229.457 1.450.050
502,363
594,453
From Jan L308710154 356676,668 76,219,770 85,893,449 56.358,025 65,877,084
447,461
529,260
Spokane International
Indiana Harbor Belt
October __ _
88,079
107,902
13,108
27,924
22,021
October_ _ _ _ 1,057,402 1,101,119
8,891
346,337
405,722
305,267
358,739
From Jan 1_ 935,474
985,506
226,124
243,120
170,533
184,639
From Jan 1_ 9,091,702 9,810,944 2,230,727 2,933,668 1,957,903 2,597,333
Spokane Port & Seattle
Michigan Central
October_ _
936,646
881,349
272,254
425,476
345,715
347,277
October _ _ 7,791,764 8,334,047 2,492,867 2.322,100 1,946.615 1,855,101
From Jan L 7,060,826 6,827,846 2,607,172 2,308,892 1,900,346 1,557,980
From Jan 1_73,800.410 80,111,139 21,968,849 25.131,619 17,298.935 20,255,356
Tennessee Central
Cleveland Cincinnati Chicago & St LouisOctober._ _ _ 291,817
279,944
46,760
85,969
_ __8.238.497 8,174.1332,175,961 1,783,238 1,726,864 1.327.221
82,995
51,821
From Jan 1_ 2,402,591 2,597,482
489,122
600,161
533,519
549,641
From Jan 1_73,065,106 80,300,232 17,211,860 20,173,381 13,199,337 15.784,064
Term Ry Assn of St Louis
Cincinnati Northern
October_ _ _ 473,861
443,347
30,786
463,301
427,884
168,392
113,427
169,686
October_ _ _ _
92,961
158,252
141,784
137,008
From Jan L 4.230,612 4,279,860 1,200,225 1,349,004
712,840
613,618
From Jan 1_ 3,998,743 4,426.876 1,332,925 1,343,941 1,115,737 1,129,955
St L Mer Br Term
Pittsburgh dr Lake Erie
October _ _ _
87,933
440,582
407,373
128,204
147,208
116,990
458,950
October_ _ _ _ 2,657,801 3,638.593
933,530
286,648
724,236
From Jan 1_ 3,806,763 4,083,627
574,921 1,014.435
804,228 1,320,409
From Jan 1_26,210,858 38,464,505 4,911,044 12,902,501 3,321,194 10,504,600
Texas & Pacific
New York Connecting
October_ .._ _ 3,372,527 3,372,802 1,084,894 1.234,252
904,380 1.068,120
276,440
195,944
October_ _ _ _ 274,595
184,310
153,444
184,254
From Jan 1_27,214,534 28,236.572 6,269.821 5,358,381 4,753,545 4,273,074
From Jan 1_ 2,498,681 2,821,432 1,738,571 1,962,090 1,348,221 1,596,622
Ulster & Delaware
Norfolk & Western
October_ _ 121,820
132,943
9,499
21,813
16,276
-3,498
October__ _ 8.875,666 8,451.941 2,935,892 1,744,322 2,360,652 1,192,265
From Jan L 1,320,860 1,541,397
183,934
236,420
181,259
243,967
From Jan 1_77,274,247 79,117,122 19.577,535 18,040,757 13,316,413 12.882,651
Union Pacific
Northern Pacific
October_ _ _12,611,120 13.815,637 5,758,562 5,959,022 5,062,382 5,354,217
October_ A0,783,424 10,899,249 4,716,208 4,019,493 3,823,286 3,271,904
From Jan 1_93,201,962 97,622,661 31,343,766 31,293,022 24,484,805 25,598,126
From Jan 1_77,499,409 84,131,166 18,243,232 15,533,329 11,210,388 8.408,288
Oregon Short Line
Northwestern Pacific
October__ __ 3,484,745 4,462,256 1,280,262 1,670,870 1,030,490 1,240,212
776.769
173,295
617,884
232.334
October_ _
127,153
187,018
From Jan 1_29,220,596 31,857,186 7,645,200 8.103,200 4,918,202 5,472,644
From Jan 1_ 6,169,478 6,916.642 1,763,938 2,033,877 1,306,136 1.553,862
Ore
-Wash Ry & Nay Co
Pennsylvania System
October__ _ 2,866,265 3,481,500
821,901
806,545 1,000,399
834,101
Bait elms & Atlantic
From Jan L24,205,441 24,859,488 5,127,928 3,126,089 3,416,255 1,400,617
16,079
153,278
14,772
140,104
October_ _ _ _
16,079
14,772
St Jos & Grand Island
75,969 -47,743
1,353,351
From Jan 1_ 1,299,827
27,965 -112,982
October_ _ _
346,771
96,179
72,314
347,306
95,763
110,654
Long IslandFrom Jan 1_ 2,758,649 2,717,139
253,139
550,180
381,091
386,273
576,418
423,159
431,231
October -- 2,922,661 2,788,401
280,986
From Jan 1_29,853.488 28,974,420 7.689,438 7,501,460 6,112,632 5,878.435 Utah
October_ - _ _ 165,621
60,923
54.893
212,117
68,222
60,028
Monongahela
From Jan 1 - 1,240,113 1,347,229
208.830
323,817
86,908
276,800
238,407
220,846
260,119
October__ 463,335
470,587
76,999
From Jan 1_ 3,848.909 4,885,644 1,389,916 1,582,883 1,277,030 1,483,317 Vicks Shrev & Pee
97,467
October.._ _ _ 389,580
54,412
125,953
433,060
78,786
Toledo Peoria & West
From Jan L 3,532,899 3,682,838
760,058
643,141
768,898 1,068,247
-6,291
6,700
165,399
-5,021 -17,291
171,707
October_ _ _ _
178,968 -109,804
66,659 -221,029 Virginian
From Jan 1_ 1,628,531 1,552,321
October _ _ 1,059,608 1,730,427
432,120
740.819
552,618
840,716
Peoria & Pekin Union
From Jan L15,799,116 18,226,391 5,629,661 8,874,337 4,493,742 5,806,386
36,161
197
16.197
October_ _ __ 179,204
172,235
21,161
167,875
306,105
297,875
186,105 Western Maryland
From Jan 1_ 1,486,852 1,474,887
426,759
October_
363,708
453,708
1,776,812 1,907,820
496,759
Pere Marquette
From Jan 1_15,953,642 19,589,208 4,128,935 4,386,375 3,338,935 3,561,375
October_ _ __ 4,020,111 4,419,568 1,509,971 1,217.310 1,292,981 1,053,685
Western Pacific
From Jan 1_34,951,081 38,459,156 9.121.462 9,168,273 7,449,633 6,765,344
October _ _ 1.692,990 1,818,885
600,243
682,979
601,398
662.382
Pittsburgh & ShawmutFrom Jan 1 A2,085,716 11,879,840 2,388,587 2,923,634 1,630,959 2,130,037
16,467 -53,157
35,129 -45,028
October_ .._ _
76,649
117,129
5,084 -117,783 Wheeling & Lake ErieFrom Jan 1_ 927,192 1,099.921
29,002 -100,783
Oc ober__ __ 1,750.537 1,929,480
548,794
327.884
442,651
422,637
Pitts Shavrmut & North
From Jan L15,446,174 16,188,028 3,375,900 3,754,180 2,207,359 2.618,373
40,151 -45,734
October_ _
42,837 -41,957
99,447
166.920
44,345 -183,376
From Jan 1_ 1.209,973 1,176,996
71,228 -157,945
Net
Interest & Balance,
Gross
Pittsburgh & West Virginia
Taxes.
Earnings. Earnings.
Surplus.
October_ _ _ 402,193
09,780
15.537
52,890
148,241
372,468
$
8
$
From Jan 1_ 3,426,872 3,186,815 1,028.989
614,666
659,026
259,526 Bellefonte Central Oct '24
2,150
11,567
170
1,980
Quincy Omaha & K C
-120
9,593
120
'23
-240
October_ _
-2,747
6,833
100,319
10,836
1,360
107,081
10 mos ended Oct 31 '24
86,013
10,333
1,700
8,633
From Jan 1_ 885,295 1,051,129 -60,137 -95,012 -100,955 -138,288
107,096
'23
5,445
1,200
4,245
DEC. 6 1924.]
2641
THE CHRONICLE
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
12 Months ending October 31
Surplus
Surplus
Aft. Cheer.
Na.
Aft. Chum Greve.
Month of Oe.ober
Gross.
Net.
Blackstone Valley Gas & Elec. Co.
118,843 4,563,024 1,497,180 1,076.886
156,877
419,190
1924
133,676 4,494,109 1,627,373 1,287,744
161,462
417,696
- 1923
-GrossEarnings---NetEarnings
Previous
Current
Previous
Cape Breton Elec. Co., Ltd.
Current
69.424
137,822
680,702
1,684
Year.
7,411
Year.
53,341
Year.
1924
Year.
Companies.
19.203
86,843
696.322
6.585
12,282
1923
59.380
dAm Pow & Lt Co & Subs Oct 2,952,511 2,834,083 *1,295,463 *1,128,884 Cent. Miss. Valley Elec. Props.
121,237
159,896
593,982
8,968
12,157
1924
12 mos ended Oct 31___ -34,015,402 32,004.096*14,195,816*13,174,119
50,993
119,010
159,538
570,924
11,376
14,607
1923
49,559
Brazilian Tr, L & P Co_ _Oct 2,485,495 2,044,655 1,568,O72 1,304,773
10 mos ended Oct 31- _ __22,147,432 20,439,253 13,824,113 13,014,564 Columbus El. Pr. Co.
808,801
57,458 2,284,674 1,077,947
79,588
1924
209,784
704.300
803,329
Edison Elec Ill of Boston_Oct 1,654,410 1,534,279
855,715
52,259 2,226,521 1,128,125
74,877
1923
197,940
10 mos ended Oct 31_ _ _ -15,573,297 14,280,640 7.840,385 6,740,377
43,609 Edison El. Illum. Co. of Brockton
South Canada Pow Co_ _Oct
81,519
47.505
90,203
533,876
.539,604
59,464 1,558,218
58,921
1924
143,093
aSouth P & L Co & Subs_Oct 1,111,324 1,034,140 *523,469 *467,241
556,306
567,187
54,164 1,565,425
55,491
1923
138,784
12 mos ended Oct 31_ _ _ _12,239.594 11.144,308 *5.768,851 *5,166,218
The El. Lt.& Pr. Co. of Abington & Rockland
67,293
69,470
443,445
4,477
4,788
1924
39,039
*Net after taxes.
63.624
160,038
445,202
6,830
6,837
1923
41,008
a Earnings from operation of the properties of subsidiary companies and
not the earnings of the Southwestern Power & Light Co.
El Paso Electric Co.
644,989
858,099
49.742 2,426.066
d Earnings from operation of the properties of subsidiary companies and
67,894
1924
203,896
686.149
890,830
55,394 2,389,276
not the earnings of the American Power & Light Co.
72,457
1923
198,002
Fall River Gas Works Co.
Gross
Net after
Fixed
238.921
Balance,
239,941
28,696 1,008,718
1924
28,710
92.422
Earnings.
Taxes.
236,201
Charges. Surplus.
236,877
23,505 1,031,243
23,517
1923
96,172
Haverhill Gas Lt. Co.
Asheville Power & Oct '24
141,207
91,046
*36,712
5,958
30,754
143,009
610,090
21,428
21,434
1924
59,808
Light Co
'23
84,325
*33,356
129,025
5,233
28,123
129,475
569,015
12,516
12.599
1923
50.049
12 mos ended Oct 31 '24 1,051,683 *440.395
69.179
371,216
'23
961,294 *369.568
62.635
306,933 Houghton Co. El. Lt. Co.
86,779
135,890
514.504
6.718
1924
10,800
40,248
Bangor By &
Oct '24
128,801
66,221
83.963
25,771
40,450
134,516
534,524
7.957
1923
12.038
43,760
Electric Co
'23
129.659
64,214
24,588
39.626
Keokuk Elec. Co.
12 mos ended Oct 31 '24 1,545,209
792,994
304,384
488,610
59,796
109,580
423,323
3.653
1924
7.075
35,755
'23 1,538,863
781,334
284,949
496,385
68.175
108,687
410,333
5,871
1923
9.103
34,837
Binghamton Light, Oct '24
121,734
(43,972
The Key West Elec. Co.
Heat & Power Co
'23
109,936
c38,925
62.597
92,667
241,017
6.592
1924
9,079
22,252
12 mos ended Oct 31 '24 1,313,074 •c451,142
17,882
253.260
101,804
70,991
249,040
5,708
1923
8,225
19.944
'23 1,161,663 *c382,600
136,139
246,461
Boston Elev By
Oct'24 *2,900,364
608,312
644,467 -36,155 The Lowell El. Lt. Corp.
518,851
494,409
52.387 1,516,979
1924
52,819
139,665
'23 *2,972,050
650,091
634,260
15,831
575,830
580,279
40,344 1,648,306
1923
41,887
128,280
Carolina Power &
Oct '24
268,232 *112,850
42,022
70,828 Miss.
River Power Co.
Light Co
'23
225,056
*70,924
39.561
31.363
113,887 3,171,353 2,331,781 1,142.900
1924
212,244
270,116
12 mos ended Oct 31 '24 2,566,305 *1.336,050
886.412
450,638
101.709 3,014,540 2,243,866 1,037,749
1923
201,101
158,043
'2 2,217,774 *976,871
3
319,552
657,319
Fort Worth Power Oct'24
260,854 *111,868
95,009 Northern Texas El. Co.
16.859
617,799
955,302
60,142 2,743.057
1924
88,612
235,554
JriLight Co
'23
*1.05826,7
18,451
92,607
666.116
981,035
66,698 2,923,062
94,724
1923
258,112
12 mos ended Oct 31 '24 3.097.925 *1,425,762
211,915 1,213,847
'23 2,949,253 *1,343,062
225,941 1,117,121 Paducah Elec. Co.
81,962
191,399
629,304
2,919
1924
12.380
50,767
General Gas &
Oct'24 1,666,887 a464,828
94,979
200,859
605,348
4,785
15,414
1923
50,589
Bloc Corp & Subs
'13 1,328,121 a308,717
12 mos ended Oct 31 '24 17,865,01305,658,783 3,937,748 1,721.035 Savannah El. & Pr. Co.
348,184
719,123
26,999 1,908,462
1924
58,549
157,882
'23
599,229
282,330
30.374 1,707,592
61,469
1923
165,931
Grafton County
8,649
Oct '24
1,615
18,701
10,264
El Lt & Pr Co
3,472 Sierra Pas. Elec. Co.
4,925
1,453
16,540
'23
388.448
460,640
21,593 1,068,253
1924
27.503
A 90,860
10 mos ended Oct 31 '24
14,533
74,023
88,556
169,362
421,800
482,008
32,819 1,009,572
1923
52,966
38,597
13,588
87,094
'23
66,554
148.627
Honolulu Rapid
19,928 Tampa Elec. Co.
310,809
Oct'24
*95.461
130,737
910,427
966,327
72,366 2,284.184
1924
Transit
112.641
20,826
76,856
133,467
198,660
'23
*85,728
839.928
904.985
69,226 2,090,053
1923
10 mos ended Oct 31 '24
130,234
73,885
176,981
823,313 1*237,677 3107,443
192.714
810,946 1*307.901 3115,187
'23
-12 Months Ending Sept. 30-Month of September
Kansas Gas &
96,552
81,009 Eastern Texas Elec. Co.
Oct '24
442,846 *177,561
97.619
37,617
Electric Co
436,292 *135,236
'23
669,264
886,302
1924
62,913 2,291,892
219,554
84,196
861,512
12 mos ended Oct 31 '24 5,642.354 *1,970,360 1.108,848
552,080
752,156
1923
45.168 1,998,267
175,856
63.454
943,256
861,342
'23 5,517,949 *1,804,598
Galv.-Houston Elec. Co.
Metropol Edison
669,847 a225,878
Oct '24
390,357
911,542
1924
41,752 3,681,371
328,954
87,717
co and Sub Cos
640,272 a166,569
'23
205.470
690,638
1923
23,963 3,311,166
279.870
65,051
12 mos ended Oct 31 '24 7,889,317'4,159.754 1.536,952 1,622,802
'23 7,671,067*a2,670,025 1,285,533 1,384,492
104,219
59,665
Nebraska Pow Co Oct '24
336,680 *163,884
90,502
54,721
323,261 *145.223
'23
FINANCIAL REPORTS
12 mos ended Oct 31 '24 3,907,774 *1,913,105
665,938 1.247.167
652,627 1,054,110
'23 3,773.928 *1,706,737
New Jersey Pow & Oct'2
94,168
4
a27.799
Financial Reports.
-An index to annual reports of steam
Light Co
84,279
a22,199
23
12 mos ended Oct 31'
149,716 railroads, street railway and miscellaneous companies which
24 1,057.943 *0295,532
145,816
'2
3
118,258
149,729 have been published during the preceding month will be given
946.890 *0267,987
Pacific Power &
Oct'
57,581
24, 267,563 *118,031
60,450
Light Co
3
293.173 *151.718
91.287 on the last Saturday of each month. This index will not
60,431
12 mos ended Oct 31 '2 3,203,954 *1,505,584
4
785,174 include reports in the issue of the "Chronicle" in which it is
720,310
23 3,102,297 *1,517,034
680,849
836.185 published.
The latest index will be found in the issue of
Pennsylvania Edi- Oct'2
4
239,738
084,724
Nov. 29. The next will appear in that of Dec. 27.
son Co & Sub Cos
'2
3
261,486
a76,013
12 mos ended Oct 31 24 3,051.141*al,067.543
'
576,734
490,809
'2 3,105,008'
3
001.056.322
411,474
644.848
De Beers Consolidated Mines, Ltd.
Pine Bluff Co
Oct'24
*85,507
15.202
d24,825
e9,623
(Annua: Report
-12 Months Ended June 30 1924.)
'23
21,691
e9,505
236,970
1111 12 mos end Oct 31 '24 *905,342 d346,415 el09,445
RESULTS FOR TWELVE MONTHS ENDED JUNE 30.
'23 *866,597 d349,828 el09,131
240,697
1920-21.
1921-22.
1923-24.
1922-23.
Oct '24
Portland Gas &
313,377
115,281
38.606
76,675
balance
'23
Coke Co
291,844
106,272
39,245
67,027 Previous year's
£592,075
£464,732
(diamonds unsold,&c.)
E333,143
12 mos ended Oct 31 '24 3,633,301 1,340,854
467,415
873.439 Diamond account during £422,585
'23 3,393,785 1,231,791
441.085
790,706
401,816 2,300.581
3.452,541
year
2,818,438
Reading Transit & Oct '24
241,312
639.448
al5,649
324,675
Int. & divs, on inv'ts, &c
355.796
326,317
Light Co & Sub Cos '23
258,998
al7,969
1.010.232
535.634
Trans'd from gen'l fund_
12 mos ended Oct 31 '24 3,015,032 *0275,302
84.748
190,554 Stabiliment of diamond
'23 3,101.368 •a283.117
83,337
199.780
21.823
trade reserve
Rutland Ry. Light Oct '24
43,738
54,803
& Power Co
'23
43,183
b10,647
£4,201,443 £3,507,377 £1,748,680 £4,542,337
Total income
12 mos ended Oct 31 '24
538,149 *5160,880
94,393
66,487 Mining expenditure, &c.. £2.026.579 £1,167,954 £1,077,600 £2,462.850
248,656
251,430
'23
543,709 b•151,554
95,715
253,080
55,839 Int.on debs.& sink.fund
256,644
Income tax-Union of
Sayre Electric Co
Oct :24
17.444
05,317
6,593
86.507
64,994
South Africa
191,280
23
18,247
a4,313
12 mos ended Oct 31 '24
218,544 *075,286
27,319
47,967 Amount for stabiliment
119,505
118,765
reserve
54,000
'23
205,806 *050,974
22.342
28,632
(£1)740,000
Texas Power &
Oct '24
611,744 *287,915
73,494
214,421 Pref. diva. (after tax) (£)740,000(£2)1480,000
500,000
525,722
Light Co
'23
562,918 '242.700
60,573
182.127 Deferred divs., tax free..
12 mos ended Oct 31'24 6,337,363 *2,805,242
802,962 2,002,280
Suspense profit acc't
'23 5,455,025 *2,206,835
701.632 1,505.203
£464,732
£333,143
£422,584
£407,218
(diamonds unsold)_
Oct'24
63,006
524,120
Vermont HydroBALANCE SHEET JUNE 30.
:23
71,891
b17,947
1923. .
1924.
mo orged
1924.
Elntric fFen Oct 31 24 702,554 *5274,391 159,007 115,384
1923.
726,524 *b278,499
Liabilities
'23
148.383
130,116
Assets
168,060
*90,443
34,555
55.888 Property account_ 8,091,821 8,190,500 Preference shares_ 2,000.000 2,000,000
Riv Pow Co Oct'24
Yadkin
Deferred shares__ 2,628,610 2,628,610
169,225
*88,677
'23
34,926
53,751 Invested in stocks
% So.
and shares
319,827
163,076 De Beers
414.549
599,179
12 mos ended Oct 31 '24 1,856,406 *1.013,728
Afr, expl. deben. 1.635,495 1.635,495
Reserve invested &
*945,259
380,309
564,950
'23 1.761.504
2,913,902 2,819,485
diamond stabiliReserves
*1-513
12,093
34,018
-4,531
Oct'24
York Utilities Co
2,573,842
sation, &c., res_
34.162
13,773 *1-3.747
-7.909 Timber. fuel, &c__ 2,913,902 2.819,485 Stabil. of diam.res. 2,573,842
'23
619,626
237,755
312,366 Liab.on stks.&shs. 309,992
*k7,581
340.765 -33,184 Live stock
151.707
12 mos end Oct 31 '24
142,475
145,083 Koffyfontein Mines
*117.578
j4.4473 -23,895 Special investm'is,
195.590
'23
loan & int. acc't. 254.036
loans, &c
1,903,601 2,159,504 L'ns & open acc'ts. 146,588
342,239
•Includes other incomes. a After depreciation and rentals. 6 After Cash
78,087
35,787 Comm. for Inland
rentals. c After depreciation.
Diamonds on hand 333,365
201,211
333,271
Revenue
137,030
Int. on debs,.&c
34,038
34,038
-12 Months Ending Oct. 31
-Month of OctoberDivs. unclaimed
20,179
21,120
Surplus After
Surplus After
Pref. div. declared. 370,000
925,000
Net.
Charges.
Charges. Gross.
Gross.
Net.
Def'd div. declared 525,722
i
$
$
$
$
$
Diamonds unsold_ 333,365
333,271
Transf. from appr.
Puget Sound Pr.& Lt. Co.
1924
143,259 12,549,308 4,594,925 2,611,446 Total(each side) 14,020,834 14,159,072 account
73,853
1.028,259
322,953
89.313
12,085,719 4,750,434 2,917,133
1923 227,814
1,062,716
390,564
-Contingent
:The company has guaranteed the repayment
Note.
Baton Rouge Electric Co.
of and interest on 51,250.000 5Si% First Mortgage Debenture qtock issued
232,922
692,838
1924
186,682 by the Cape Explosives Works, Ltd., Somerset West, Cape Province.
16,201
59,219
21,381
622,348
216,823
185,683 V. 119. p. 460, 79.
1923
14,783
51,504
17,271
2642
[voL. 119.
THE CHRONICLE
Imperial Tobacco Co. of Canada, Ltd.
(Annual Report
-Year Ended Sept. 30 1924.)
INCOME ACCOUNT YEARS ENDING SEPT. 30.
Sept. 30 Years1920-21.
1923-24.
1922-23.
1921-22.
Net profits
$3,602,135 $3,271,421 $3,630,976 $3,336,783
Prof. dividends (6%)_...
441,034
467,588
443,542
426,546
Ordinary dividends(6%) 1,897,756
1,882,130
1,890,561
1,651,416
Balance, surplus
Profit and loss, surplus
$913,272 $1,305,304 $1,258,821
$1,263,344
$6,910,410 $5,963,438 $5,634,470 $4,373,470
*After all expenses, charges and income tax.
BALANCE SHEET.SEPT. 30.
1924.
1924.
1923.
Assets
Liabilities$
Real est.& bliss_ 2,090,408 2,060,088 Preference shares_ 8,030,000
Plant, mach'y,&c. 2,405,684 2,378,905 Ordinary shares__31,699,300
Good will, trade
Bonds
6,231,100
marks& patents 28,816,800 28,816,801 Sundry credit, &c_ 2,202,815
Sharsainassoc.cos, 6,245,352 3,828,007 Capital surplus-- _ 101,579
Other investments 525,250
Reserve funds
1,978,153
Cash
3,025,310 3,577,730 General reserve_ _ _ 803,000
Discount dr expense
Profit and loss_ _ _ _ 6,910,410
of bond issue
257.327
385,992
Stock, in trade and
leaf funds
10,014,738 11,389,584
Sundry debtors,&c. 4,575,487 4,430,278
Total
57,956,359 56,867,384
-V. 118, p..673.
Total
1923.
$
8,030.000
31,637,200
6,293,200
2,136,188
101,579
1,902,779
803,000
5.983,438
57,956,359 56,867,384
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
United States Railroad Labor Board Grants Wage Increase to 75.000 Members of Brotherhood of Locomotive Engineers and the Locomotive Firemen &
Enginemen.-Increase amounts to about 5% and represents approximately
the scale agreed to between the New York Central RR.and its engine service employees, several months ago. About 45 Western roads are affected.
It is estimated that the increase will add about $20.000,000 to the payrolls
of these systems. New York "Times" Dec. 1, P. 23, and "The Sun" Dec.
1, P. 28.
I. C. C. Reports Gross Earnings of $338,000,000 in First 8 Months Operation
-This is a decrease of about 8% below the 1923 figure for
of Class I Roads.
the same period. Return of 5V,% in investments is not being received by
lines. New York "Times" Dec. 5, p. 150.
Roads Fight Against Higher Express Rates.
-53 roads oppose the reduction
in express rates authorized March 17 last by I. C. C.to take effect Jan. 1.
File suit against Government and American Railway Express Co. in St.
Paul, Minn., Federal District Court. New York "Times" Dec. 5, p. 33.
Lackawanna RR. Boilermaker's Union Votes to Call Off Two-Year-Old Strike
and Apply for Old Places.
-No action taken by other shop employees.
"Boston News Bureau" Dec. 5, p. 3.
--Freight cars installed by Class I. railroads during the
New Equipment.
first 10 months this year totaled 137,369, of which 16,639 were installed
during Oct., according to reports filed by the carriers with the Car Service
Division of the American Railway Ass'n. The number installed during the
10 months period in 1924 was a decrease of 18,503 compared with the corresponding period in 1923.
Of the total number placed in service so far this year, box cars numbered
62,358: coal cars, 42,630, and refrigerator cars. 12,500. The railroads on
Nov. 1 had 40,760 freight cars on order, which included 24,940 box cars,
9,573 coal cars and 3,104 refrigerator cars. Locomotives placed in service
during the first 10 months this year totaled 1.770, of which 113 were installed during Oct. Class I. carriers also had on order on Nov. 1 this year
358 locomotives, compared with 285 on Oct. 1.
These figure* as to freight cars and locomotives placed in service include
' new, rebuilt and leased equipment.
Repair of Locomotives.
-Class I. railroads on Nov. 15 had 11,637 locomotives in need of repair, 18% of the number on line, an increase of 542 locomotives over the number in need of repair on Nov. 1, at which time there
were 11,095, or 17.2%. Of the total number, 6,485, or 10%, were in need
of classified repair, an increase compared with Nov. 1 of 294, while 5,152,
or 8%, were in need of running repair, an increase of 248 during the same
period. Class I. railroads on Nov. 15 had 4,818 serviceable locomotives
in storage, an increase of 42 over the number in storage on Nov. 1. The
railroads during the first half of Nov. repaired and turned out of the shops
35,420 locomotives, a decrease of 813 compared with the number repaired
during the last half of Oct.
Freight Car Repair
.-A decrease of 5,236 in the number of freight cars in
need of repair on Nov. 15 compared with Nov. 1 was reported by the carriers to the Car Service Division of the American Railway Ass'n. The
total number in need of repair on Nov. 15 was 185,307, or 8% of the number
on line. Freight cars in need of heavy repair on Nov. 15 totaled 147,359.
or 6.4%. This was a decrease of 3,344 compared with Nov. 1. Freight
cars in need of light repair totaled 37,948, or 1.6%, a decrease of 1,892
compared with Nev. 1.
-Although loading of revenue freight continues to be the
Car Surplus.
greatest on record for this season of the year, an increase in the number of
surplus freight cars in serviceable condition was reported Dec. 2 by the
railroads to the Car Service Division of the American Railway Association.
Surplus freight cars in good repair on Nov. 22 totaled 166,101, an increase
of 20,512 over the number reported on Nov. 14, at which time there were
145,589. Surplus coal cars in good repair on Nov. 22 totaled 84,367, an
increase of 5,256 over the number reported on Nov. 14, while surplus box
cars in good repair totaled 57,274, an increase of 11,970 within a week.
,
Reports showed 9,305 surplus stock cars, an increase of 1,520 over the
number reported on Nov. 14, while there was an increase during the same
period of 1,237 in the number of surplus refrigerator cars which brought
the total for that class of equipment to 5,333.
Car Shortage -Practically no car shortage is being reported.
Matters Covered in "Chronicle" Noy. 29.-(a) German railways (organized under Dawes plan) obtain large credit in U. S. and England. p. 2480.
(b) Continued co-operation between railroads and shippers sought: the
Regional Shippers' Advisory Boards, p. 2493. (c) S. 0. Dunn, editor of
"Railway Age," says country is not yet through with the question of
Government ownership, 0. 2493. (d) Relation of railroad transportation
charges to price of potatoes; freight rates not the controlling factor, p. 2494.
Akron Canton & Youngstown Ry.-Bond Application.
The company has applied to the I.
-S. C. Commission for authority to sell
$382,700 First Mtge. 6% gold bonds at not less than 973.s • proceeds to be
used to pay off$212,000 Government loan and retire a note for $200,000 held
by the Guardian Savings & Trust Co., Cleveland-V. 119, p. 2176.
Ann Arbor RR.
-May Buy Road.
-
dividends of $1 75 per share paid June 10 and Sept. 10 last
and $1 50 per share paid in March last. Dividend record
follows:
Cash dividends,1'02. '03. '04. '05. '06. '07. '08. '09. '10. '11. '12-'23. '24.
per cent
16Y2' 8 8 9 10 10 8 9 10 10 12 y'rly1434
-V'. 119, p. 1950, 1842.
Augusta Southern RR.
-Bonds Being Paid.
See Georgia & Florida Ry. below-V. 109. P• 2171.
-Change in Par.
Bangor & Aroostook RR.
The I.
-S. C. Commission on Dec. 2 authorized the company to issue
77,200 shares of Common stock, par $50 each, in exchange for 38,600
outstanding shares, par $100 each, on basis of 2 shares of the former for
1 share of the latter. See also V. 119, p. 2405.
Boston & Maine RR.
-Would Abandon Add'l Branches.
In line with its policy to reduce its mileage of unprofitable lines, the
company has filed with the I.
-S. C. Commission, applications for authority
to abandon approximately 76 miles Of line, of which 30 miles are located in
Massachusetts, and 46 miles in New Hampshire. The lines covered by
these applications extend between Wakefield Center and Newburyport,
Mass., Manchester and Henniker Junction, N. H.. East Milford and
Grasmere Junction, N. H., and from Parker to New Boston, N. H.
President James H. Hustis says in connection with the
proposed abandonments:
In some cases it is planned to retain short portions of these lines at main
line junctions in order that industries located on these lines within easy
access of main routes may continue to be served.
The abandonment is requested on the ground that the operation of these
lines has involved substantial losses which have been confirmed by recent
studies. Under present condition the out-of-pocket loss on these lines
exceeds the gross revenue, and the burden on the rest of the system resulting
from the continued operation of these lines is entirely out of proportion to
the local benefit derived from their continued operation.
The filing of these applications is in line with the policy of the B. & M.
to reduce its mileage of unprofitable lines to a reasonable proportion of its
-S. C. Comtotal mileage. Two similar applications are now before the I.
mission-one covering the Nashua & Acton RR. and the other covering
about 9 miles of trackage in the neighborhood of Tewksbury, and hearings
are now being held. It is planned to file other applications from time to
time as conditions warrant, in accordance with a comprehensive program.
While much of the unprofitable mileage of the B. & M.results from the
fact that the system is a combination of many small roads constructed
years ago for competitive reasons, the situation has been brought to a head
by reason of the rapid development of the motor bus and motor truck and
the extensive prozram of highway construction and improvement.
The line from Wakefield to Newburyport furnishes a strildng example of
the effect of these changed conditions as this territory is traversed by one
of the finest concrete highways in the United States
-the famous Newburyport Turnpike.
In following out its program for the elimination of unprofitable mileage.
every effort is being made to avoid hardship to the communities served by
these lines, and consideration is given to the practicability of serving these
communities by motor transportation.
[Since the end of Federal control the B. & M. has applied for the abandonment of a total of 147.68 miles, of which 16.44 miles has been authorized
and the balance is pending. In addition there is under consideration the
turning over of the 96
-mile St. Johnsbury & Lake Champlain RE. to local
interests for operation.]
-V. 119. p. 2405. 2063.
Canadian Northern Ry.-Notes Paid.
The $6,000,000 5 S4,% Gold notes. due Dec. 1, are being paid off upon
presentation.
-V. 119, p. 2405. 578.
Chicago & North
Western
-Bonds.
Railway.
The I.
-S. C. Commission, on Nov. 25. authorized the company to procure
authentication and delivery to it of Al,904,000 1st & Ref. Mtge. Gold bonds,
to be held by it until the further order of the Commission.
A Part of the company's outstanding funded debt cosisted of $1.904,000
of Minnesota & Iowa Ry.1st Mtge. bonds which matured June 11924.' For
the purpose of retiring or refunding these bonds a like amount of 1st & Ref.
Mtge. Gold bonds is reserved under the 1st & Ref. Gold-bond mortgage.
The line formerly owned by the Minnesota & Iowa Ry. is now an integral
part of the Chicago & North Western system. Nearly all of the matured
bonds have been paid and retired by the company from funds in its treasury. The company represents that it will shortly need cash to restore its
working capital and to purchase, retire and pay the bonds remaining outstanding. It therefore proposes to procure authentication and delivery to
it by the corporate trustee of $1,904,000 1st & Ref. Mtge. Gold bonds, and
to sell them at some future time with the authorization of the Conunission to
reimburse its treasury.
The Commission also authorized the combany to procure authentication
and delivery to it of $1,656,000 Gem. Mtge. Gold bonds of 1987, to be held
subiect to the further order of the Commission.
The applicant shows that from moneys in its treasury it retired during the
year 1924 existing bonds as follows: (a) 8200,000 Chicago & North Western
Hy. Sinking Fund Debenture bonds of 1933; (6) $135.000 Chicago & North
Western Ry. Sinking Fund bonds of 1879: (c) $40,000 Milwaukee Lake
Shore & Western Ry. Ext. & Improv. Sinking Fund Mtge. bonds; and (d)
$1.281,000 Milwaukee Lake Shore & Western Ry. Michigan Division lst
Mtge. bonds. Pursuant to the provisions of the general mortgage, the
applicant is entitled to have authenticated and delivered to it line,amounts
of Gen. Mtge. Gold bonds of 1987.-V. 119, p. 2282.
-a-Delaware & Hudson Co.
ofype Locomotive.-New T
The entire status of steam-ratiroad transportation may be revolutionized
.
by a new and safer type of locomotive, capable of developing one-third
more power with one-third less consumption of fuel and water, which was
Installed by the company Dec.4 in its shops at Colonie, near Albany. N. Y.
Officials of the company estimate that the economies effected will make
their new engine approximately twice as efficient as locomotives for similar
purposes in general use to-day. The new locomotive was christened the
Horatio Allen. Pres. L. F. Loose drew a vivid picture of present transportation conditions as compared with the year 1928, when the company
commissioned one of its engineers, Horatio Allen, to go to England and
contract for 4 locomotives. One of these, the Stourbridge Lion, was set up
at Honesdale, Pa., on Aug. 8 1829. and operated by Mr. Allen himself.
Seven tons in weight, costing $2,900, and capable of hauling a trainload of
10 tons on level track at 4 miles an hour, it was the first steam locomotive
to turn a wheel in the Western Hemisphere. The new Horatio Allen,
installed Dec. 4, weighs 273 tons and was developed by the company at a
cost of $105,000. It was built by the American Locomotive Co. at its
Schenectady, N. Y., works.
-V. 119, p. 2406, 1732.
Denver & Rio Grande Western RR.-Int. Payment.
The semi-annual interest due Dec. 1 on $8,335,000 Denver & Rio Grande
RR. Impt. Gold 5s is being paid at National Park Bank, New York.
Federal Judge Symes refused the application of the receiver to pay the
$208,375 interest due on these bonds but the reorganization managers
made arrangements to take care of the Interest.
-V. 119, p. 2525, 2407.
The directors, It was announced Dec. 2. authorized conditionally the
acquisition of 96 miles of the Manistee & North Eastern RR. The purchase price is less than $5,000 per mile, bringing the total outlay substanDetroit Toledo & Ironton RR.
--Bond Application.
tially under $500.000. The transaction depends upon whether the freight
The company has
-S. C. Commission for authority to
zone. rates in northern Michigan are maintained. Application is now before issue $159,000 1st applied to the I.
proposes to sell
Mtge. 50
-Year Gold bonds which it
-S. C. Commission for abolishment of these rates and if the approval to Henry Ford, Edsell
the I.
II. Ford and Clara J. Ford at par, using the proceeds
is given negotiations will be abandoned, it is said.
Nov. 1 1922 and Aug. 1
-S. C. Commission for authority to to reimburse the road for expenditures between relocation of a portion of
The company has applied to the I.
1924 in connection with acquiring
nominally issue $1,530,000 6% Impt.& Ext. Mtge. bonds which it proposes its line in Wayne County, Mich. land for the
-V. 119, p. 578.
to hold in its treasury and use as collateral security for a proposed note
issue which it expects to sell for cash and use the money to reimburse its
Georgia & Florida Ry.-To Pay Augusta Southern Bonds.
treasury for expenditures made for additions and betterments.
-V. 119,
The $400,000 5% boncis of the Augusta South. RR. Co., due Dec. 11924.
p. 1063, 941.
wa 1 bNepwurcyhoarsekd at
w ly e
l
at office of Central Union Trust Co., 80 BroadN.1f
-Final Valuation.
Artesian Belt RR. (Texas).
Florida Ry,
In' connection with tills payment
-s.
I. C. Commission has placed a final valuation of $430,000 on the $400.000 5% Receiver's Certificates,the Georgia & 1924, and duewill issue
The
dated Dec. 1
January
company's property, as of June 30 1917.-V. 110, la• 359.
31 1927. The new securities have been sold to Imbrie & Co. Ltd. and
Harriman & Co., New York City.
Atlantic Coast Line Co.
-The W. A. I.-S. C. Commission, on Nov. 25, authorized the company (1) to
-Dividend Rate Increased.
The
directors have declared a quarterly dividend of $2 25 per issue $400,000 of certificates of indebtedness of receiver of Georgia & Florida
be
and int.:
capital stock, Ry., series AA; said certificates tofor sold at not less than 9634 ;Augusta
share (06%) on the outstanding $8,820,000
the certificates $400,000
and (2) to pledge as security
par $50, payable Dec. 10. This compares with quarterly Southern RR. 1st Mtge. 5% bonds.
DEC. 6 1924.]
THE CHRONICLE
Earnings.
-John Skelton Williams. supplementing his report to the Court
(V. 119. p. 1278) covering the operations of the company for the three years
from July 1 1921 to July 1 1924. on Oct. 11 submitted his report showing
results for month of August 1924.
The results for Aug. 1924 were as follows:
$173.843
Gross earnings of railway
112,026
Operating expenses
2643'
This committee will loan to such depositors as request it, on the security
of the bonds and coupons deposited by them, respectively, the amount of
their coupons which matured Dec. 1 1924, notation of such loan being
made on the certificates of deposit issued to such depositors. The committee
reserve the right to withdraw this offer at any time without further notice.
Protective Committee Formed for Iowa Central 5% Bonds.
At a meeting of several large holders of the Iowa Central First Mtge.5%
bonds of 1937 ($7,650,095 outstanding), the following were designated a•
committee to protect the bondholders' interests in view of the default in
the interest coupons due June and Dec. 1 1924: George It mien Roosevelt. of
the firm of Roosevelt & Son, 30 Pine St., New York; William C. Quarles,
of the finance committee of the Northwestern Mutual Life Insurance Co.,
Milwaukee, Wis., holders of over $1,000,000 par value of bonds; D. J.
Glazier, of the Hartford Fire Insurance Co., representing New England
-V. 119. p. 2C64.
Interests, and R. G. Page, of the Bankers Trust Co.
Net revenue from operations
$ 61,817
Net income after payment of all operating expenses, taxes, and
$ 40,080
car mileage
As compared with the month of Aug. 1920, which was the last August
prior to the present administration, the gross earnings for the month show
an increase of $41.269. Along with the increase of over 30% in gross earnings there has been a reduction in the operating expenses of $158,574; net
Improvement in operating results for the month of .August 1924. $199,843.
Against an operating ratio for Aug. 1920 of 204%. the operating ratio for
-Equipment Trusts Authorized.
Missouri Pacific RR.
Aug. 1924 was reduced to 64.4% •
The I.
-S. C. Commission on Nov. 26 authorized the company to assume
As the net income before int. for the month of August 1924 amounted to obligation and liability in respect of$3,900.000 5% Equip.Trust certificates,
$40,080, and as the total amount of receiver's interest for the month,includ- Series "C," to be issued by Bank of North America lk Trust Co. under
ing interest on receiver's certificates, and also on the old Divisional Bonds, an
agreement to be dated Nov. 1 1924, and sold to Kuhn, Loeb & Co.
amounted to only 312.677, the net balance after the payment of receiver's a4 not
connection with the procurement of
and divs.
t
interest was $27,403. The interest which accrued during the month on the 2 07 less than 983(See offeringin V. 119, p. 2064.)-V. 119. p. 2526.
in
$6,220,000 of old First Mortgage 5% outstanding Bonds was only $25,916. certain equipment.
for the month of August
Therefore, it will be seen that the road's net income
Auth.
exceeded by $1,487 the full interest for that month on the entire issue of
New Orleans Texas & Mexico Ry.-Equip. Trusts assume
old First Mortgage 5% Bonds, after providing for all prior charges.
The I.
-S. C. Commission on Nov. 25 authorized the company to
For the three years and three months which have elapsed since July 1 obligation and liability in respect of$1,740,0005% Equip. Trust certificates,
1921, when the present administration took charge of this property, up to Series "A," to be issued by the Irving Bank-Columbia Trust Co. and
Oct. 1 1924, its net operating revenues have amounted to approximately sold to Blair & Co. at not less than 98.46 and dividends in connection with
$1.036,000. For the corresponding period prior to July 1921. actual oper- the procurement of certain equipment. (See offering in V. 119. p. 20644
ating deficit was $1,344,000. The net operating results for the past three -V. 119, p. 2407, 2283.
years and three months, as compared with the corresponding period prior
-Equip. Trusts.
to July 1921, amounts to approximately $2,380.000.
New York New Haven & Hartford RR.
The physical condition of the Road to-day is better than it has ever been
-S. C. Commission for authority
The company has applied to the I.
before, and General Manager Purvis advises that the present indications to issue $3,645.000 Equip. Trust Certificates, proceeds to be used in the
are that Gross Earnings for the month of Oct. will be the largest in the acquisition of 25 steam locomotives, 21 electric locomotives and 33 motor
history of the property.
-V. 119, p. 2407. 1624.
coaches, valued at $4,738,110.-V. 119, p. 2526, 2407.
Illinois Central RR.
-Budget for 1925.
According to President C. H. Markham,the 1925 budget of the company
amounts to approximately $65,000,000, of which $17,265.000 is for equipment for which orders were recently placed. The remainder of approximately $47,700,000 represents continuation of the company's program for
Improvements on the Chicago Terminal and general expansion of.roadway
facilities for handling increased business efficiently and economically.
-V. 119. p. 2525.
Interoceanic Railway of Mexico, Ltd.
-Report.
The report of the directors for the 12 months ended June 30 1924 says:
The company's railway and its leased lines, which were seized by the
Government of Mexico in Aug. 1914, still remain in the Government's
hands, and no accounts have been rendered, nor any compensation paid
since that date. As a consequence the directors are not in a position to
present any revenue statement or balance sheet.
As stated in the last report, there was a debit balance against net revenue
at June 30 1923 of £2,556.566. mainly in respect of accrued interest on
Debenture stocks and rentals of leased lines. At June 30 1924 the amount
of the debit balance had increased to £2,892,939. As against this amount.
the company's claim upon the Mexican Government in respect of loss of
earnings alone, based upon the provisions of the Railway Law of Mexico,
amounts to over £4,000,000.
During the year £5,000 was received from the National Rys. of Mexico
on account of the administration and moratorium expenses of this company
and its two leased lines, viz., the Mexican Eastern and Mexican Southern
Rys. and of the expenses of the Commission sent to Mexico in Jan. 1923.
The directors regret to report that it ha.s still been found impossible to
'
make any progress with the Mexican Government for the return of the
company's railway and leased lines and the payment of compensation.
With the consent of the Debenture stockholders' committee appointed in
May 1923, and with the acquiescence of the leased lines, the moratorium
has been extended from time to time and is still in operation. The directors, in consultation with the Debenture stockholders committee, have the
general situation constantly under review and will take such action in the
-V. 117,
interests of the stockholders as the circumstances may warrant.
P. 2652.
•
Kansas City Southern Ry.-Bonds Sold.-Ladenburg,
Thalmann & Co. and National City Co., have sold at
89 and int. to yield about 5.85%,$3,000,000 Ref. &Improv.
Mtge. 5% Gold bonds. Due April 11950. Authorized and
'
outstanding (incl. this issue) $21,000,000.
Interest payable J. & J. Denom. r5 $1,000. and r5$1,000 and $5,000.
Red. as a whole at 105 and int. on any int, date upon 60 days' notice.
New York Trust Co., New York, and Edward F. Swinney, Kansas City.
trustees.
-The Ref. & Improv. Mtge. 5s outstanding are listed on the
Listing.
New York Stock Exchange and application will be made to list these
additional bonds.
Issuance.-Subject to the approval of the I.
-S. C. Commission authority
that may be requisite.
-The company (with its Texas subsidiary, the Texarkana &
Company.
operates a total of 842 miles of road, extending from KanFort Smith Ry.)
sas City, Mo., south through Joplin, Mo., Texarkana. Ark. Shreveport,
La., and Beaumont, Tex., to Port Arthur, Tex., on the Gulf, With branches
to Ft. Smith, Ark., Lake Charles, La., and elsewhere.
Company's lines occupy a most important strategic position, comprising
as they do the shortest route from Kansas City to the Gulf of Mexico, and
serve the rich agricultural, mining and lumber sections of the Middle West,
lying between Kansas City and Port Arthur.
The Kansas City Southern has a heavy traffic interchange with the trunk
lines with which it connects, especially with the railroads entering Kansas
City on the north, and the Southern Pacific, Texas & Pacific, Gulf Coast
Lines, and Louisiana Railway & Navigation Co. on the south. Company
has access to, and shares equally with 11 other important railway systems
In the ownership of the Kansas Oity Terminal Ry.
Security.
-Secured either by direct mortgage or through deposit of all of
the securities of subsidiary companies upon the entire property subject only
to $30000,000(closed) 1st Mtge.3% bonds 00 828 miles ofline. Company's
extensive terminal facilities at Kansas City, Shreveport and Port Arthur
and its equipment are also subject to the lien of this mortgage.
Earnings
-Years Ended Dec. 31.
Total
Gross
Fixed
Net
Oper. Rev.
Income.
Charges.
Income.
$16,607,011 $3,445,008 $2,102.330 $1.342,678
1919
22,355,227
4,805,717
2,881,663
1920
1,924,054
21,768,140
5,161,638
1921
2,728,633
2,433,005
20,361,180
4,348,234
2,761.703
1922
1,586,531
22,485,099
5 64
, 2,244,773,434
1923
20.715,331
4,680,568
Average
2,668,628
2.011.940
Earnings of the Kansas City Southern Ry. for the first 10 months of the
present fiscal year indicate that fixed charges will be earned about 14 times.
Company has paid dividends regularly at the rate of 4% per annum on its
$21,000,000 Prof. stock since 1907.-V. 119, p. 2526, 1952.
-Interest Due Dec. 1 on
Minneapolis & St. Louis RR.
Merriam Junction-Albert Lea First Mortgage 7s Not Paid
Deposits Asked.
-
-Guaranty Co.
Norfolk & Western Ry.-Bonds Sold.
of New York has sold at 89% and int., to yield 4.81%,
$6,000,000 Divisional 1st Lien & Gen. Mtge.4% Bonds, due
July1 1944.
presently
Authorized. $35,000,000. Outstanding (including $6,000,000
to be issued) $29.000,000. Dated July 1 1904. Int. payable J. & J. without deduction for normal Federal income tax not in excess of 2%. Principal
and interest payable in New York, c* $1,000. and r* $1,000. $5.000 and
$10,000. Red. on any int. date after Jan. 1 1929 at 105% and int. Guaranty Trust Company of New York,trustee. Issuance subject to authorization by the Inter-State Commission.
Company.-Operate.s about 2,200 miles of road, its main lines extending
from the bituminous coal fields of Virginia, West Virginia and Kentucky,
westward to Cincinnati and Columbus, 0., and eastward to tidewater at
Norfolk, Va. Company has been a pioneer among eastern railroads in the
use of powerful locomotives, electrification of mountain lines and other
measures for handling economically its heavy traffic.
Purpose.
-Proceeds will be applied to reimburse the company for capital
expenditures for additions and betterments.
Serurito.-A direct mortgage lien on about 1,870 miles of road of which
about 1,603 miles are main lines and 267 miles branch lines. This includes
a first lien on about 227 miles, including the line from Portsmouth,0.,into
Cincinnati, and a second lien on about 918 miles. The underlying bonds.
issued under mortgages now closed except for refunding, are outstanding to
an amount of $60,288,500. Upon the issue of these 86,000,000 bonds, the
aggregate amount of underlying bonds and Divisional First Lien & Gen.
Mtge. bonds outstanding will be $89,288,500, equivalent to about $47.700
per tune on the mortgaged mileage.
Financial -Of the total capitalization, funded debt, including equipment trust obligations, forms less than 44%, the company having maintained a conservative relation between capital stock and funded debt by
following a policy of financing its expansion largely through surplus earnings and issues of convertible bonds. Since June 30 1906, bonds to the
par value of more than $67,000.000 have been converted into stock, and
surplus earnings exceeding $$0,000,000 have been left in the property.
r
Earnings for Caen
1922
Year152
. 93
$90.352,887 595 9 1.682
Qperating revenues
et after tax
16,292.145 16,741,639
taxes, etc
: : 9
Gross income
166 *23 613 076
:
19 774
:
Interest charges, etc.
Net income
18
* Includes $2.661.470 received in final adjustment of settlement withh
l
U. S. R. R. Administration for Federal control period.
For 10 months ended Oct.31 1924, operating revenues were 177,271.678as
compared with $79,214,241 for the same period of 1923, and net after taxes,
etc. was $13,313.98.3 as compared with $13,013,954; it is estimated that
income for the year 1924 will be about 3 times charges for the YearStork.
-Company has outstanding $22.992,300 adjustment preferred
stock and $133,529,300 Common stock. which at present quoted prices indicate a market equity in excess of $180,000,000. It has paid dividends on
the Common stock without interruption for 20 years and at the rate of 6%
or more per annum since 1911; dividends paid or declared payable in 1924
aggregate 8%.
-Bonds of this issue already outstanding are listed on the New
Listing.
York Stock Exchange and application will be made to list these additional
bonds.
-V. 119, p. 2526.
-Construction of Line.
Northern Pacific Railway.
The I.
-S. C. Commission on Nov. 21 issued a certificate autnorizing the
company to construct an extension of its Elma branch from its present
terminus at Stimson in a general northeasterly direction to a point in the
town of Shelton, in section 19, township 20 north, range 3 west, a distance
Permission to retain the excess
of 15 miles, all in Mason County, Was
earnings from the proposed construction was denied.
A logging road now occupies 8 miles of the proposed route. The company intends to buy and reconstruct it. The cost of the proposed construction is estimated at $576,765, which includes $5,000 to be paid for the
logging road.
The company proposes to finance the cost of construction from the pro-V. 119.
ceeds of the sale of bonds issued under its Ref. & Improv. Mtge.
ro• 2407, 1395.
-Abandonment of Line.
Oakgrove & Georgetown RR.
The I.
-S. C. Commission on Nov. 26 issued a certificate authorizing the
company to abandon that portion of its railroad extending from Harvey's
ai h, ximately l2
wit pr MobileCounty1a., to Gibson, Greene County, Miss., a distance
f 0
of
miles.
The company owns and operates a narrow-gauge railroad extending
from a connection with the Mobile & Ohio RR at Oakgrove, Ala., to
Gibson, 24 miles. The interests which control the company own a large
sawmill at Oakgrove and the railroad was built to transport logs from
their timber lands to the mill. It is represented that approximately
98% of the tonnage consisted of logs, and the rest was largely supplies
for the logging camps. The timber along the part of the line which it is
proposed to abandon has been cut, and logigng operations have ceased
Pittsburgh & West Virginia Ry.-Segregation Approved.
The stockholders on Dec. 1 approved (a) the proposal to segregate the
Property of the Pittsburgh Terminal Coal Co. from the railway company;
(b) the issuance of $3,000.000 Equipment Trust certificates; (r) the proposal
of the Pittsburgh Terminal Co. to acquire the Meadowlands Coal Co.
No action was taken on merging the properties of the West Side Belt
RR. and the Pittsburgh & West Virginia. because of the fact that the
I.
-S. C. Commission has not as yet announced its plan for grouping the
carriers of the country. See also V. 119, p. 1734.
The committee for the Merriam Junction-Albert Lea First Mtge, 7%
beads, due June 1 1927 (Samuel Sloan, Chairman-V. 119, p. 2064), in a
notice Dec. 2, says:
On the ground of lack of funds the court has instructed the receiver not to
pay for the present the semi-annual installment of interest due Dec. 1 1924
on the above bonds. Whether or not this default will be cured before the
principal of the bonds falls due under the provisions of the mortgage deReading Co.
pends upon future conditions.
-General Mortgage Bond Exchange.
In view of the foregoing and of the continuation of the receivership, the
Without issuing a formal order, the U. S. District Court at Philadelphia
pending foreclosure of several mortgages on the line and the attempts to has authorized the company in its discretion until furthei notice to accept
create in the pending litigation liens having priority over said Merriam Junc- further deposits of Reading Gen. Mtge. bonds for exchange into
new
tion-Albert Lea mortgage upon the property thereby covered, the committee bonds of the Reading Co. and the Phila. 8z Read. Coal & Iron Co.
Under
deem it advisable that the bonds, together with the coupon due Dec. 1 1924; this informal ruling the Reading Co. has received $1.000,000
I
and subsequently maturing coupons, should be now deposited with the bonds for exchange, leaving outstanding only $2.000,000 out of the
$94
depositary, Farmers' Loan & Trust Co.,22 William St., New York, N.Y.
266,000 outstanding at time segregation plan became effective.addltio11a
2644
THE CHRONICLE
[VOL. 119.
Bonds are being accepted by the company in cases where herders did not of the Adirondack Power & Light Corp. is reserved. b Unlimited except
make the exchange within the time limit from lack of knowledge of the de- for the conservative restrictions of the indenture as outlined herein.
tails, lack of signatures, absence from home, authority required by those
-Twelve Months Ended Oct. 31 1924.
Earnings
acting in a fiduciary capacity, and similar reasons.
-V.119, P. 1734, 1396. Gross earnings
37.267.512
4,562.615
Operating expenses, maintenance, taxes & rentals
St. Louis
-San Francisco Ry.-Declares Initial Quarterly Ann. int. on $23,853,000 Mtge. bonds (incl. this issue)
1.358,610
-The directors on
Dividend of PA% on the Common Stock.
Dec. 3 declared an initial quarterly dividend of 13% on
the outstanding $50,447,026 Common stock (par $100)
payable Jan. 15 to holders of record Jan. 2.
The directors also declared four regular quarterly dividends of 13/2% each on the Prof. stock (6% non-cumul.),
to be paid as follows: Feb. 2, May 1, Aug. 1 and Nov. 2
1925. An initial dividend of 1%% was paid on the Pref. on
Nov. 1 last (see V. 119, p. 1626).
The I.-8. C. Commission, on Nov. 25, authorized the company to issue
$3.600.000 6% Secured Gold notes and to pledge $4,000,000 Prior-Lien
Mtge. Gold bonds, Series C,as collateral security therefor.
The report of the Commission says in part:
The applicant, for the purpose of funding certain indebtedness, executed
and delivered to the director general ite promissory note hi the principal
amount of $3,000.000 due March 11930. and bearing int. at the rate of 6%
per annum, and pledged as collateral security therefor $4,000,000 PriorLien Mtge. Gold bonds, Series C.
The applicant represents that the director general has sold and delivered
the note to the Chase Securities Corp. of New York, and the purchasers
have requested the applicant to execute and deliver to the Chase National
Bank, as trustee, a trust indenture dated as of Sept. 1 1924, and to issue
and deliver, pursuant thereto, its 6% Collateral Gold notes in an aggregate
principal amount of $3.000,000 in lieu, and upon the surrender and cancellation, of the note heretofore held by the director general and the collateral agreements appertaining thereto. The new notes are to be in the
to be dated as of Sept. 1 1924, to mature March
denomination of
1 1930. and bear $1,000,the rate of 6% per annum (see offering in V. 119.
int, at
P. 2177).-V. 119. p. 2408, 2177.
-Bonds Paid.
St. Louis Troy & Eastern RR.
$1,346,287
Balance for other interest, depreciation, dividends, &c
Replacement Value.
-The original cost of the property of the company
as classified by the P.S. Commission as of Dec. 31 1920 with net additions
to Oct. 31 1924, is over 150% of the principal amount of all mortgage bonds
-17. 119, p. 1735, 1066.
outstanding, including this issue.
-Earnings.
American Gas Co. (and Subsidiaries).
Report for 12 Months Ended Oct. 31 1924.
Total surplus applicable to American Gas Co. earnings
Other income, less expenses
$1,318,113
466.851
Balance applicable to interest
Interest
Amortization and debt discount
51,784,964
591,526
48.362
Balance, applicable to dividends
-V. 119, p. 2283, 944.
$1,145.076
American Gas & Electric Co.
-50% Stock Dividend.
The directors have declared the following dividends on the Common stock:
(1) A regular quarterly cash dividend of 25 cents per share; (2) an extra
dividend of 1-501 of a share in Common stock: and (3) a special extra dividend
of 50% in Common stock. These dividends are all payable Jan. 2 to holders of record, Dec. 10, and to stockholders who have not prior to Dec. 10
surrendered their certificates for par value shares in exchange for non-par
value shares upon the making of such exchange, but not prior to Jan. 2
1925.
The regular quarterly dividend of 136% on the issued and outstanding
Preferred stock has been declared for the quarter ending Jan. 31 1925,
payable Feb. 2, to holders of record Jan. 10.-V. 119, p. 1955.
-Earns.
American Water Works & El. Co.(& Subs.).
1923.
1924.
Years Ended Oct. 31Gross earnings
$37.939.782 $35,410,405
$21,480,733$20,343,153
Operating expenses, maintenance and taxes
6,281,534
San Antonio & Aransas Pass Ry.-Merger.Int. & amort. of discount-subsid. companies.._ -- 7,365,099
718.346
680,726
-A. W. W.& E. Co
The stockholders will vote Dec. 15 on authorizing the consolidation of Interest
2,033,770
2,854,177
that road with the Galveston Harrisburg & San Antonio RR., a Southern Preferred dividends of subsidiaries
715,230
466,200
-S.
Pacific property. The proposition will then be laid before the I. C.Com- Minority interests
2,107.955
2,614,061
-V.119. p.2283. Reserved for renewals and replacements
mission and the Texas Railroad Commission for approval.
-V. 117.
The $500,000 1st Mtge. 5s, due Dec. 1 1924, are being paid.
p. 1993.
Texas & Pacific Ry.-Equipment Trust Authorized.
The I.
-S. C. Commission on Nov. 28 authorized the company to assume
obligation and liability in respect of $3,285,000 5% Equipment Trust
certificates, Series "GO." to be issued by the Bank of North America &
Trust Co. and sold to Kuhn, Loeb & Co. at not less than 9831 and diva.,
in connection with the procurement of certain equipment. See offering
in V. 119. p. 2065.
$2,578,786 $3,210,416
Net income
-Above includes Keystone Power St Light Co. from Jan. 1 1923,
Note.
Commonwealth Water & Light Co. from Jan. 11923, Cumberland Edison
Power Co.from April 11923. Terre Haute Water Works Corp.from May 24
1924.-V. 119. p. 2527. 2408.
-Offer to Bondholders of
Associated Gas 8c Electric Co.
-Kuhn, Loeb & Co. Subsidiary Companies to Exchangefor Preferred Stock. to in last
Wabash Ry.-Equip. Trusts Sold.
subsidiary companies referred
The
announce the sale of two issues of 5% Equip. Trust certifi- week's offer to holders of bonds of
issue was made to the holders of the following issues of bonds on
cates: Series "D," amounting to $1,826,000, and Series the bases shown, the number of shares shown being for each $1,000 bond:
Shares.
"E," amounting to $2,565,000. See further details in Kentucky Public Service Co. 1st Mtge. 5s, 1941
18
17
V. 119, p. 2527.
Granville Electric & Gas Co. Consolidated 5s, 1933
17
Granville Electric & Gas Co. 1st & Refunding 55. 1942
20
Western Maryland Ry.-Bonds Authorized.
Granville Light Power & Fuel Co. 1st Mtge.64, 1932
-S. C. Commission on Nov. 28 authorized the company to procure
The I.
the authentication and delivery of 55,658.000 1st & Ref. Mtge. 5% bonds.
The company does not contemplate selling or otherwise disposing of the
bonds at this time; but will retain them in its treasury.
-V.119. p. 326,200.
PUBLIC UTILITIES.
Adirondack Power & Light Corp.
-Bonds Offered.
Harris, Forbes & Co.; Coffin & Burr, Inc., and E. H. Rollins
& Sons, New Yak, are offering at 100 and int. $2,000,000
1st & Ref. Mtge. Gold bonds, Series of 53's, due 1950.
Dated Nov. 1 1922; due March 11950. Int. payable M.& N. at New
York Trust Co. Callable, all or part, on any int. date to and incl. Nov. 1
1927 at 10536 and int.; thereafter to and incl. Nov. 1 1932 at 10436 and
int., and so on. reducing 1% every five years to and incl. Nov. 1 1942:
thereafter at 10136 and int. Denom. $1,000e5 & r*. Guaranty Trust
Co.. New York, trustee. Company agrees to pay int. without deduction
for any normal Federal income tax not exceeding 2%.
-Subject to authorization by the New York P. S. Commission.
Issuance.
Date from Letter of Pres. J. Ledlie Hees, Schenectady, N. Y., Dec. 1.
-Generates and distributes electricity in an intensely indusCompany.
trialized region located in the Mohawk and upper Hudson River valleys.
N. Y. Company is the result of a consolidation in 1920 of two large
hydro-electric properties in central New York, the Adirondack Electric
Power Corp. and the Mohawk Edison Co., Inc. The latter company
prior to consolidation was controlled by the General Electric Co. which
now owns a substantial part of the Common stock of the present company.
In 1921 the company acquired the properties of three smaller companies
operating in the northeastern part of its territory, enabling the company
completely to unify its operations in that district. Company also owns
all the stock of the Kanes Falls Electric Co. and of Adirondack & Southern,
Inc.
-Electric light and power are furnished exclusively by
Business Field.
the company to Schenectady, Amsterdam, Watervliet, Oneida, Saratoga
Springs, Glens Falls and many other communities. Company also furnishes. under long-time contracts, all of the electricity used by the distributing companies in Troy, Mechanicville and Canajoharie and by the
electric railway systems in and about Albany. Schenectady. Troy, Gloversville, Utica and Rome,including practically all the interurban roads in the
territory. In addition, the company does the gas business in Schenectady,
Saratoga Springs, Oneida, Glens Falls and Hudson Falls.
Property.
-The hydro-electric plants are located principally on the
Hodson and Hoosic rivers and East Canada Creek and have a total present
installed generating capacity of 86,450 k. w., including a new 20,000 k. w.
hydro-electric plant at Beardslee Falls, which was just recently placed in
at
operation. Company's steam station, located on the Mohawk River w,
Amsterdam, now has an installed generating capacity of 30,000 k.
which will be enlarged during the next two months to 60,000 k. w. Company can further supplement the power supply from its own plants by
obtaining, when necessary, approximately 20,000 k. w. from other plants
connected to its lines under contracts providing for the purchase of relay
power.
In order to meet the steadily growing demand for additional power in
ita territory the company now purchases under a ten-year contract the
entire output of the International Paper Co.'s new 30.000 k. w, hydroelectric plant at Sherman Island, just below Spier Falls on the Hudson
River. Company also purchases the entire output of the new 6,000 k. w.
hydro-electric plant of the Moreau Mfg. Corp. at Feeder Dam.
' Electricity is transmitted over a comprehensive interconnected system
of high-tension lines aggregating more than 350 miles. Distribution is
made through 27 substations to 30 communities. In addition four gas
Saratoga
systems are owned and operated by the company in Schenectady. mains.
of
Springs, Oneida and Glens Falls, with a total of over 200 milesOutstanding.
Authorized.
apitalwation$12,000,000 a$9,269,200
Common stock
a7,874,000
10.000,000
Preferred stock, 7% cumulative
100
1 '7
21 :
3,000,000
Preferred stock, 8% cumulative
Closed
5% Debentures due 1930
5,000,000
Closed
6% Convertible Debentures, due 1929
114.346,000
b
I
1st & Ref. M. bonds, Series of 6s, due 1950
4,500,000
b
do
Ser. of 536s. due 1950 (incl. this issue)f
5,000.000
Closed
Adirondack Elec. Pr. Corp. 1st 5s, 1962
7.000
Closed
United Gas, El. Lt. St Fuel Co. Cons. 55. 1929
a In addition there is outstanding 373.300 Common stock and $2,700
Preferred stock of the Adirondack Electric Power Corp. for the retirement
of which a like amount ofthe Common and 7% Preferred stock,respectively,
Livingston Manor Electric Co. 1st Mtge. 5s, 1941
Spring Brook Water Co. 1st & Ref.64, 1930
Standard Light Heat & Power Co. 1st Mtge.6% Delis., 1930
1930
Standard Light Heat & Power Co. 2d Mtge.6%
Debs..
Moravia Electric Light & Power Co. 1st Mtge. 65, 1956
Tr-Count Light &Tower Co. 1st Mtge. 5s, 1942
'
Co. 1st Mtge. 6s, 1951
Madison P
Solsville Electric Co. 1st Mtge. 64, 1934
Murray Electric Light & Power Co. 1st Mtge. 6s, 1943
West Branch Light & Power Co. 1st Mtge, 64, 1926
Halfmoon Light Heat & Power Co. 1st Mtge.(is, 1943
-V. 119. p. 2527, 2409, 2404.
18
16
20
20
20
20
20
20
20
20
20
-Seeks Higher Fare.
Athens (Ga.) Ry. & Elec. Co.
The company has applied to the Georgia P. S. Commission for permission
to issue weekly passes for $1 and to increase cash fares from 7 cents to 10
cents and sell books of tickets at the rate of 2 tickets for 15 cents. Fares in
Athens (Ga.) have been 7 cents since September 1921.-V. 113, p. 1052.
-Offers Pref. Stock.
Birmingham (Ala.) Elec. Co.
The company is offering to its customers and employees at $97 per share.
20,000 shares of Preferred stock, no par value, with Cumulative dividends at
-V.118. p. 3195.
the rate of$7 per annum.
Boston El. Ry.-Fare Request Refused in Maiden.
The Malden (Mass.) City Council has refused the request of the trustees
of the Boston Elevated Ry. for the right to raise the fares in that city from
5 to 6 cents without a transfer and to 10 cents with transfer. These rates
were asked in accordance with a new fare schedule established by the company on other parts of the system. The company has been unable to put
the increase in fares into effect in Malden owing to a clause in the franchise
granted by the City Council permitting the company to run buses in that
city. in which it stipulated that local faros shall not exceed 5 cents.
The City Council ot Malden (Mass.) has empowered the Mayor to call a
meeting of citizens to discuss the traffic system of the city and the petition
of the Eastern Massachusetts Street Ry. for permission to run buses from
Malden Square to the Revere Line, and so complete the system to Revere
-V. 119, p.2409, 2177.
Beach.
-Bonds Called.
Citizens' Water Supply Co. of Newtown.
All of the outstanding 25 Mtge. 4% (now 7%) 20-Year Gold bonds.
dated Jan. 1 1901. have been called for payment Jan. 1 at par and int.
-V. 119. p. 201.
at the Equitable Trust Co.. 37 Wall St.. N. Y. City.
gc
•
-Proposed
o.
Columbia (Tenn.) Water ---- LIght
Consolidation.
--V. 119, v. 1513.
See Southern Cities Power Co. below.
-Bonds Sold.Columbus (Ga.) Electric & Power Co.
Estabrook & Co., Stone & Webster, Inc., New York, and
Parkinson & Burr, Boston, have sold at 92 and interest, to
yield 5.55%, $2,000,000 1st & Ref. Mtge. 5% Gold bonds,
Series "B."
Dated Nov. 1 1924; due Nov. 1 1954. Int. payable (M. & N.) in New
York or Boston without deduction for any normal Federal income tax up to
2%. Denoms.cs 51,000,$500 and $100. and r of $1,00 and $10,000. Callable all or part on any int,day at 105 up to and incl. Nov. 1 1944, and thereafter decreasing 36 to 1% for each year to 100 after Nov. 11953. plus int. in
each case. Legal for savings banks in Maine, New Hampshire, Vermont
and Rhode island.
Security.-These bonds, together with $1,470,800 Series A bonds, are
secured by the first and refunding mortgage which covers all property now
or hereafter owned. This mortgage is a first lien on the Bartlett's Perry
hydro-electric development a portion of the transmission lines, the retail
electric light and power distribution system and the railway properties;
and is a lien subject only to $3.543,000 underlying closed mortgage bonds
on the other power properties and transmission lines; and is also a first lien
on the entire capital stock of the Gas Light Co. of Columbus, which has no
indebtedness.
-Series B bonds have an annual cash sinking fund equal to
Sinking Fund.
136% of the principal amount of the Series B bonds outstanding at the time
of the sinking fund payment (first payment Nov. 11926) to be applied by
the trustee to the purchase of Series B bonds at not exceeding 100 and int.
If bonds are not so purchasable the balance shall be applied either to the
purchase of underlying bonds at not exceeding 100 and int. or to reimburse
the company for 75% of the cost or fair value, whichever is less, of additional property acquired against which no bonds may be issued.
DEC. 6 1924.]
THE CHRONICLE
-The same
$2,000,000 3
-Year 5% Gold Notes Offered.
bankers offered at 993,4 and int., to yield 53i%,$2,000,000
3
-Year 5% gold notes.
Dated Dec. 1 1924; due Dec. 1 1927. Int. payable J. & D.in New York
or Boston. Denom. $1,000 c*. Callable as a whole on June 1 1925 and
Dec. 1 1925 at 101H; June 1 1926 at 101: Dec. 1 1926 at 100M ,and June 1
1927 at 100, plus int, in each case. Company agrees to pay hit. without
deduction for any normal Federal income tax up to 2%•
Security.
-These notes will be a direct obligation of company issued
under an indenture which will contain a covenant that the company shall
not place any new mortgage on its properties now owned or in future acquired other than purchase money or equipment mortgages unless these
notes are equally secured with the new lien created. The company may,
however. issue additional 1st & Ref. Mtge. bonds, subject to mortgage
restrictions.
Data from Letter of V.-Pres. C. F. W. Wetterer. Boston. Nov.I.
Company.
-Does the entire electric lighting and power,street railway and
gas business in the city of Columbus. Ga., and vicinity and in the adjoining
towns of Phenix City and Girard: also the wholesale power business in West
Point, Lanette, LaGrange. Hogansville, Trimble, Grantville, Moreland and
Newnan. Columbus is the second largest cotton manufacturing center in
the South and lies in the heart of the great cotton belt. The cotton mills in
the territory served by the company operate a total of over 840,000 spindles
and 14,000 looms. The total population served is conservatively estimated
at over 100,000.
Company owns 3 water power plants and one steam plant with a total
generating capacity of 44,500 h. p., of which 32,500 h. p. is hydro-electric
and 12,000 h. p. is steam. An additional hydro-electric development with
an initial capacity of 40,000 h. p. and an ultimate capacity of 80,000 h. p.
is now under construction at Bartlett's Ferry and will be completed in 1926.
The project formed by this new development is subject to the Federal Water
Power Act and will be operated under a license to be issued by the Federal
Power Commission. Power is carried over 92 miles of high tension transmission lines connecting with comprehensive distributing systems in Columbus and adjoining towns and with wholesale customers in the important
manufacturing district north as far as Newnan. The transmission lines connect with those of Georgia Railway & Power Co. and Alabama Power Co.
The street railway includes 25 miles of equivalent single track and 40 passenger cars, of which 23 are light-weight one-man safety cars. The gas
property consists of 50 miles of mains with a coal and water gas plant having
a combined daily capacity of 1,275,000 cu.-ft.
Valuation.
-The aggregate value of the combined properties including
the proceeds from the present financing is estimated at about $16,500.000
of which over 80% is in the power properties and the balance in the electric
railway, retail electric light and power distribution system and gas properties.
Capitalization Outstanding Upon Completion of Present Financing.
1st & Ref. Mtge., Series A,6%.1947
$1,470,800
1st & Ref. Mtge.,Series B.5s, 1954
2.000,000
Columbus Power Co., 1st Mtge. 5.3. 1936 (closed)
3.543.000
Coupon notes,5% due Dec. 1 1927 (to be presently issued)
2.000,000
1st Prof. stock 7% cumul
*423.300
2nd Prof. stock 77 cumul
1,428.700
Common stock, paying 10% dividends
3,076,700
* Convertible share for share into Common stock.
Purpose.
-proceeds from the sale of these $2,000,000 1st & Ref. Mtge.,
Series B. 5% bonds and of the $2,000,000 5% coupon notes now offered
will be applied toward the construction of a new hydro
-electric development at Bartlett's Ferry having an initial capacity of 40.000 h. p.
The estimated cost of this development, which will be completed in 1926,
is approximately 87.300,000.
Earnings 12 Months Ending Oct. 311924.
Grossearnings,.$2,284.674
Operating expenses and taxes
1,206.727
Net earnings
Annual interest on bonds (including this issue)
Annual interest on notes (this issue)
$1,077,947
365,398
100,000
Balance
$612,549
The gross earnings are derived 83% from electric lighting and power;
10%_from street railway and 7% from gas.
-The properties have been under Stone & Webster exManagement.
ecutive management for over 20 years.
-V. 119,
--- p. 2178, 2063.
Commonwealth Telephone Co. ("P7-Bonds Offered.
---------Edward Lowber Stokes & Co., Philadelphia, are offering
at 98M and int., yielding over 6%%;$350,000 1st Mtge.
20
-Year Sinking Fund 6% Gold bonds, Series "A."
Dated Nov. 11924: due Nov. 1 1944. Int. payable M.& N. at Franklin Trust Co., Philadelphia, trustee, without deduction of the Penn. State
tax of 4 mills and the normal Federal income tax of 2%. Denom.$1,000c*.
Red. all or part at 105 on any int, date upon 30 days' notice up to and incl.
Nov. 11934. After Nov. 1 1934 the premium shall decrease at the rate of
;4 of 1% for each year to date of redemption. Authorized, 31,000,000.
Sinking Fund.
-Beginning in the year commencing Nov. 1 1927,company
will establish an annual sinking fund sufficient to purchase 2% of the total
amount of Series "A" bonds. After Nov. 1 1929 this amount shall be increased to 3% annually until maturity. Bonds purchased by the sinking
fund are to be cancelled.
Data from Letter of Pres. John H. Foy, dated Oct. 27.
Company.
-Organized in 1902 in Pennsylvania under name of the Center
Moreland Telephone Co., which name was changed to present title in 1905.
Owns and operates a complete system of exchange and toll lines located in
Wyoming. Sullivan and Susquehanna counties and in parts of Luzerne,
Lackawanna and Bradford counties. Pa.
Contract with Bell Telephone Co. of Pa.
-Company has a contract with the
Bell Telephone Co. of Pa. and also with the New York Telephone Co., by
the terms of which it connects its toll lines with the Bell Telephone system
at Dushore, Scranton, Pittston, Wilkes-Barre, Wyalusing and New Albany,
and at the New York-Pennsylvania State line on route from Montrose to
Binghamton, N. Y., and on route from Hallstead. Pa.. to Binghamton,
N. Y. The American Tel. Sy Tel. connects its lines directly with the Montrose central office of the Commonwealth Telephone Co. The Bell companies and the Commonwealth Telephone Co. are not in competition;the relations are most friendly and the Bell companies have rendered assistance in
every way possible in the development of the Commonwealth company.
Purpose.
-Proceeds are to be used to pay off all present interest-bearing
Indebtedness incurred in the construction of revenue producing plant, and
to construct additional plant.
Valuation.
-Ford, Bacon & Davis report that as at Sept. 30 1924 the
reproduction cost new was $1,300,000 and reproduction cost now less depreciation was $1,050,000.
-Earnings for 12 months ending Sept. 30 1924 available for
Earnings.
int., depreciation, Federal income tax and dividends, after making adjustments or 36.950 for expenditures charged to operating expenses which should
have been capitalised, amounted to $57,223. 12 months interest on this
Issue of bonds will be $21,000. Depreciation charged off during this period
amounts to $19,618.
2645
N. J. Company is a subsidiary of the American Water Works & Electric
Co., Inc. Population served about 70,000.
Authorized.
Issued,
Capitalization1st Mtge. 534s, Series "A"
32,100.000
Common stock
920,000
31,000,000
Valuation.
-The value of the company's property as confirmed by the
New Jersey P. U. Commission on Feb. 7 1924, plus the net cost of improvements made subsequent thereto, was on Oct.31 1924, more than $3.276.000.
Earnings Year Ended Oct. 31 1924.
3513,822
Gross earnings
254,602
Operating expenses, maintenance and taxes
$259.220
Balance
Ann. int. on the co.'s entire funded indebtedness (incl. this issue)--$115,500
-Proceeds will be used to reimburse the company in part for
Purpose.
extensions and betterments made to the property since Nov. 30 1923.V. 118, p. 912, 798.
-Ordered to Pay Taxes.
Denver Tramway Company.
Judge Robert E. Lewis of the U. S. Circuit Court of Appeals at Denver,
Colo., has issued an order authorizing Ernest Stenger, receiver for the
company, to pay the City of Denver $230,000 in back franchise taxes and
the sum of $0,000 each month from now on. The court also ordered the
city to pay the company $67,000 as part of the cost of constructing the
Sixteenth Street viaduct.-V. 118. p. 3196.
Detroit United Ry.-Fares Increased.
The company's new schedule of suburban fares between Detroit and Mt.
Clemens and Detroit and Pontiac, as filed with the Michigan P. U. Commission, were put into effect Dec. 1. Rates from the Ford plant to Pontiac
-cent
are increased 4 cents, the new rate being 29 cents. This, with a 6
city fare, makes the fare from Detroit to Pontiac 35 cents. The rate over
the Flint division to Clawson was raised from 15 to 20 cents. The Bir-cent city
mingham rate was increased from 15 to 17 cents; in addition, 6
fares are charged.
The order also eliminates the use of commutation fares between Mt.
Clemens and Detroit and Pontiac and Detroit. The original application
for higher D. U. R.fares under the Commission's previous order announced
a commutation rate which would be approximately 80% of the full rate.
-cent apRound trip tickets ,which were to have been offered under the 2
plication at a discount of.also are withdrawn.
An agreement between the Detroit United Ry. and the Star bus line for
alternating service between Pontiac and Detroit has been reached, according to announcement made by the D. U. R.company. Under this arrange-minute service to and from Dement the City of Pontiac will be Oven 15
troit. The rate of fare will differ, however, the trolley cars getting 35 cents
and the buses 40 cents, while the trip to the Ford plant will cost 29 and 30
cents, respectively.
-V. 119, p. 2528.
East St. Louis & Suburban Co.
-Bonds Called.
All of the outstanding 5
-Year 8% Convertible bonds dated Jan. 1 1921
have been called for payment Jan. 1 at 10034 and int. at the Pennsylvania
Co. for Insurances, &c., 517 Chestnut St.. Phila., Pa.
-V. 118, p. 1772.
-To Retire Bonds
Federal Light & Traction Co.
New Financing.
The company has decided to call for redemption on March 1 1925 its
$750.000 30
-Year Convertible 7% Debenture gold bonds, Series "A, due
March 1 1953.
The company has sold an issue of 32,500,000 new 6% Non-Convertible
Debentures which will be offered shortly for public subscription. The
proceeds of this new issue will be used for additions and improvements to
properties and partly to retire the above 7% debentures.
-V.119, p. 2528.
Illinois Bell Telephone Co.
-Expenditures.
--
The directors have authorized the expenditure of $2.538.219 for new
plant facilities in Chicago and $1,116,643 elsewhere in Illinois. The
total expenditures approved for this year amount to 322,192.359. V.
119. p. 1632.
Illinois Pwr. Co. Springfield, Ill.-Franchise Extended.
The citizens at Springfield, Ill., on Nov.4 voted to grant the company an
extension of its street railway franchise for 20 years. The existing franchise
does not expire until 1928.
The company is now operating five buses in conjunction with its railway
service. The company also conducts the electric, gas and steam heating
services in the city of Springfield, Ill., and supplies electric service to DeKalb and Sycamore, Ill. The present fare is 7 cents cash with 4 tickets for
25 cents and 40. 50 and 60
-ride monthly tickets to be sold for $2, $2 50
and $3 respectively.
-V.118, p. 1519.
International Power Securities Corp.
-Bond Issue to
Aid Paris Utility.
-Aldred & Co. and Minsch, Monell &
Co., Inc., New York; Chase & Co., Boston, and Joseph W.
Gross & Co., Philadelphia, have snld at 933 and int. to
A
yield about 7%, $4,000,000 63% Coll. Trust Gold bonds,
Series "B." Secured by $4,000,000 6
External Gold
bonds of Union d'Electricite, Paris, France.
Dated Dec. 1 1924: due Dec. 1 194. Int. payable in New York J. dr D.
Principal and int. payable in United States gold cola of the present standard
of weight and fineness. Denom. $1,000c*. In addition to redemption
for the sinking fund (as provided below) the bonds of this issue are redeemable all or part on any int. date upon 60 days' notice at the following
prices: 107 and int, on or before Dec. 1 1929: 105 and int. after Dec. 1
1929 and on or before Dec. 1 1930; the premium decreasing 34% annually
thereafter until June 1 1935. On and after June 1 1935 the rdeemption
price remains 10234% and int. Bankers Trust Co.. New York. trustee.
Sinking Fund.
-Provision will be made for an annually increasing
sinking fund, commencing in 1930, sufficient to retire the entire issue by
maturity. Company reserves the right to reedeem bonds by lot for this
sinldng fund at 100 ar.d int. on Dec. 1 of any year, beginning with Dec. 1
1930, in accordance with a fixed schedule. Sinldng fund schedule provides
for the retirement of bonds in annual installments from and after 1930,
the installment for that year being $25,000; the annual installment is increased by $15,000 in each of the years from 1931 to 1934 incl., by 310.000
in each of the years from 1935 to 1949 incl., and by 35.000 in each of the
years from 1950 to 1954 incl., the 1954 installment being $260,000.
Data from Letter of Pres. J. E. Aldred, Dec. 3 1924.
International Power Securities Corp.
-This company. with an authorized
and subscribed capital of $2,000,000, was incorporated in 1923 in Delaware
under the name of the Italian Power Co. It was organized by prominent
American interests primarily to acquire after careful investigatioa securities
and obligations of leading electric light and power companies operating
in this country and abroad.
The operations of the company are under the direction of men of long
experience in the management of successful electric light and power genorating and distributing companies in the United States and Canada.
and the board of directors includes representatives of some of the strongest
business and banking institutions of this country and abroad.
The International Power Securities Corp. has acq_uired $4,000.000
63i
External
-Bonds Being Paid.
Consumers Power Co. (Maine).
- 30-Year and % connection Gold bonds of the Union d'Electricite, Paris.
in
therewith is issuing a like amount of its 30
-Year
The company announces that funds have been deposited with the trustee France,
634% Collateral Trust Gold bonds, Series "B."
of the First Trust & Savings Bank, Chicago, for the payment of its underIn addition to the Series "B" bonds now being issued, the company has
lying issue of Commonwealth Power Co. 1st Mtge. 5% bonds, due Doc. 1
1924. The issue outstanding in the hands of the public amounted to $1,067.- outstanding 32,000,000 634% Collateral Trust Gold bonds, Series "A,"
maturing Oct. 1 1928. and secured by $2,000,000 of 634% acceptances of
000.-V. 119, D. 2528.
the Edison Electric Co. of Milan, having the same maturity. (See V.
117, p. 1784.)
-Bonds OfCommonwealth Water Co., New Jersey.
Union d'Electricite, Parts, France.
fered.
-P. W. Chapman & Co.,Inc. and Halsey Stuart & Co.,
Description.
its present
Inc. are offering at 98 and int. to yield 5.60%, an additional capitalization -Organized infrancs (since form in 1919 with an initial
of 25,000,000
increased to
resulted from the merger of La Compagnie Generale200,000,000). It
de Distribution
$300,000 1st Mtge. 25-Year 53/2% Gold bonds, Series "A." d'Energie Electrique, incorporated in
1904 with an initial capitalization
Due Dec. 11947. Principal and int. guaranteed by written of 16,000.000 francs, and a joint stock company known as L'Union
dElectricite, with a paid-in capital a 2,000.000 francs. In Prancaise
endorsement on each bond by American Water Works & 1919 the company absorbed the
December
d'Energie Electrique
Electric Co., Inc. (See also V. 115, p. 2585; V. 118, p. 912.) Parisienne and obtained control Societecentral stations of de la Region
of the
four other comThe following is summarized from a letter from Mr. J. C. Adams, Presi- panies, being granted at the time the
sole right to supply electric current
dent of the company,to P. W.Chapman & Co.,Inc.:
to them.
Company.
-Supplies water to the Township of South Orange. West
Properties.
-Company's plants in operation include the
Orange, Summit, New Providence, Springfield, Milburn and Irvington, central station, with a present
Gennevilliers
installed capacity of 240,000 kilowatts
and
THE CHRONICLE
2646
an ultimate capacity of 390,000 k. w.; the Vitry plant, with an installed
capacity of 90,000 Ir. w., and two supplementary plants. Construction
on new plant (the Vitry-Sud) with total capacity of over 400,000 k. w., will
be begun in 1925. Company is also interested in hydro-electric development and in conjunction with the Paris-Orleans Ry., is constructing a
40,000 k. w. plant on the River Creuse. Company's transmission system
comprises 174 miles of underground cables and 100 miles of overhead cables.
Business.
-Within Paris proper (the comparatively small area located
within the fortifications) the company supplies the greater part of the
electric traction lines. one-half of the power used by the Nord-Sud subway
itytd.
es oe
e plina-Lyf thh1
nalale5trffled
and e t
and
Paris-OrleansParis-Lyons-Mediterranean
i st rikoa
Ztafra theds, the terminals
number of large purchasers of
certain water companies, together with a
power under special contracts with the Cie. Parisienne de Distribution
d'Electricite.
It is outside of the fortifications, however, in the great industrial districts
that surround Paris on all sides, that the company does the bulk of its
business through seven distributing companies. It supplies all of the
power distributed by six of these and one-haff of the power distributed
by the seventh. These distributing companies cover the entire territory
surrounding Paris within a radius of 30 miles, and this territory, thickly
populated and prosperous, constitutes the most important industrial district
of France. The companies supply, in fact, approximately 90% of the
total industrial power required within the territory.
Outside of Paris, also, the Union d'Electricite supplies the electrified
lines of the Etat Ry. system, part of the Paris-Orleans RR.and most of
the suburban traction lines, together with the water companies, &c.
In 1923 the company generated 499,000.000 k. w. hours. It is estimated
that in 1924 the total energy generated will amount to 630,000,000 k. w. h.
-Year 6%7' External Gold bonds of the
Security.
-The $4,000,000 30
.
°
Union d'Electricite mature Dec. 1 1954 Principal and interest are
payable in United States gold coin of the present standard of weight and
fineness, without deduction for any French taxes present or future. These
$4,000,000 External bonds rank equally with 195.823,500 francs ($10.574,469) internal obligations issued and outstanding in France. The
entire properties of the Union d'Electricite are at present free from any
mortgage, lien, or other charge and the company has agreed that if, while
any of the bonds of this issue are outstanding, it shall.place any mortgage,
lien or other charge upon any of its properties or revenues, it will secure
these External Dollar bonds equally and ratably with any obligations
secured by such mortgage, lien or charge. The Union d'Electricite covenants that so long as any of the bonds of this issue are outstanding, it will
no( issue further bonds, obligations or notes, whether in French or foreign
currency, except for additional properties and improvements, and such
borrowings shall not be for more than 80% of the actual cash cost thereof,
and shall not be made unless the annual net earnings are equal to at least
134 times the interest charges on the bonds then outstanding and of the
bonds proposed to be issued. The proceeds of any of the External Dollar
bonds redeemed before maturity are to beapplied to the retirement,
through the sinking fund or otherwise, of 6)4 /0 Coll. Trust Gold bonds
of the International Power Securities Corp.
-The franchise situation is excellent. The franchise for the
Franchises.
company's distributing system, dated 1923, has a time limit of 75 instead
of the customary 50 years. indicating the Government's interest in the
company's program.
Earnings -Not earnings after taxes but before depreciation for the first
ten months of 1924 (available for interest charges of 11,700,000 francs)
amounted to 32,900,000 francs. Net earnings after taxes, but before
depreciation for the entire year 1924 will, it is estimated, amount to
41,000,000 francs, more than twice total annual interest requirements,
including interest on the present issue of $4.000.000 External bonds.
For the year ended Dec. 31 1923, net earnings before depreciation
equalled 31,584,355 francs, equivalent to more than twice interest charges
on the company's total outstanding debt.
-From 1919 to 1923 inclusive, dividends on the Union
Dividends.
d'Electricite's outstanding capital stock have been 'mid at rates varying
from 59' to634%. It is believed that 7% will be paid on this stock
during 1924.
Balance Sheet as of Dec. 311923.
Liabilities.
Assets.
418,088,318 Capital stock
1410,800.000
Plants
411,646 Bonds,5% & 6% issues_ 7,425,864
Materials and supplies__
93,930
785,464 Legal reserve
Cash_
for deprec
1,049,354 Reserve
904.288
Accounts receivable
304,498 Res.for repairs.renewals,
Investments
&c
Deposits, other than in
Banks
66,497 Accounts payable
1,086,178
Coupons
Cost of organization &
95,480
235,037 Adv.on power contracts..
216,000
capital increases
Profit and loss account_ _
755,272
Cost of bond issues &
544,199
premiums
Total
$21,485,012
Total_
.
$21,485,012
ng.
Data from Letter of President H. L. Clarke, Chicago, Dec. 1.
-Operates electric and gas properties throughout southern
Company.
Minnesota, northeastern Iowa and southwestern Wisconsin. These properties furnish electric light and power without competition to 51 cities and
communities in Minnesota, 28 in Iowa and 16 in Wisconsin, the principal
cities being Albert Lea and Owatonna, in Minnesota; Oelwein, Decorah,
Cresco and Waukon, in Iowa; and Lancaster and Prairie du Chien in Wisconsin. Company also owns and operates gas plants at Rochester, Owatonna, Albert Lea and Austin, in Minnesota, and heating plants at Albert
Lea and Owatonna.
Company serves 25,750 customers with electric light and power and 6,800
customers with gas. Total population of the territory served estimatyd
200,000.
h
Te physical connection of the principal properties of the company will be
presently completed, thereby effecting large economies in operation and
opening a market for all the power generated annually at the company's
two hydro-electric plants on the Upper Iowa River. Over 90% of the net
income from these properties is derived from the sale of electric light and
power.
Company has favorable contracts for the purchase of power, including
contract with the Northern States Power Co. for power supply at several
points in Minnesota and with the Wisconsin Railway, Light & Power Co.
In Minnesota, and with the Interstate Light & Power Co. in Wisconsin.
Company owns steam-electric generating plants at Owatonna and Albert
Lea, Minn.; Prairie du Chien, Wis.; Decorah and Oelwein, Iowa. By
virtue of a power-interchange contract with the Iowa Railway & Light Co.,
the company's Iowa properties are connected with Cedar Rapids and intervening water plants and to the Iowa Electric Co. Company has 86 substations with a capacity of 14,000 k.v.a., 675 miles of high-tension transmission lines and 1,650 miles of distribution systems. Annual output is
about 22,000,000 k.w.h.
In addition to its other properties, the company has recently acquired
from the Utilities Power & Light Corp. all of the outstanding Common
stock and 733 shares of Preferred stock of Dubuque (Ia.) Electric Co.
The latter company does all electric lighting and power business in Dubuque,
and surrounding communities, serving approximately 12,000 customers.
Through a subsidiary it supplies electric light and power to East Dubuque,
Ill. It also controls through controlling stock ownership, and operates
and sells power to the Eastern Iowa Electric Co., which serves 13 communities within easy transmission distance from the City of Dubuque.
Dubuque Electric Co. owns a plant with a present capacity of 10,500 k.w,
in modern steam turbines. Company has about 1,275 miles of transmission and distribution lines. In addition it owns 22 miles of street railway
in the City of Dubuque and suburbs. Annual output is in excess of 24,000.000 k.w.h., and the total annual output of this company, together
with output of Interstate Power Co., is over 45,000.000 k.w.h.
Authorized, Outstanding.
CapitalizationFirst Mtge. Gold bonds,Series A.6% 1944$6,000,000
2,500,000
'
$3,500,000
General Mortgage 75, 1934 (this issue)
1,900.000
7% Cumulative Participating Preferred stock--- - 3,500,000
3,500,000
Class A 8% non-cumulative stock
2,000,000
3,000,000
Common stock
a Issuance of additional bonds restricted by provisions of the mortgage.
In addition there will be outstanding not owned by Interstate Power Co.
$3,200,000 1st Mtge.6% Gold bonds of Dubuque Electric Co.(due April I
1942). and $707.600 of its 6% Cumul. Prof. stock.
The issue of the funded debt and capital stock of Interstate Power Co.
now outstanding has been approved by the Wisconsin Railroad Commission.
In addition there is pending before that Commission an application by
the company to issue the remaining $1,000,000 Gen. Mtge. 7s and $550,000
Preferred stock and $800,000 Common stock for the purpose of making payment for the Common stock and 933 shares of Preferred stock of Dubuque
Electric Co.
-To provide the company with funds for use in connection with
Purpose.
upon the
the retirement of the underlying bonds which constituted a lien in part of
properties recently acquired and now operated, for the pyament shares of
the purchase price of all the outstanding Common stock and 933 supplethe Preferred stock of Dubuque Electric Co. pledged under the
purposes.
mental indenture to the General mortgage, and for other corporate Mortgage
Security -Secured by a direct mortgage. subject to the First
on all real estate, plants, franchises, transmission lines, and other fixed
properties, whether real or personal (excepting stocks and securities hereafter acquired, unless specifically pledged under the mortgage), now or
hereafter owned,except that property may be acquired subject to prior liens'
also by a first lien on all the outstanding Common stock and 933 shares of
the Preferred stock of Dubuque Electric Co.
-The properties of the company (on which these bonds are a
Valuation.
direct lien) and of-Dubuque Electric Co. and subsidiaries have been appraised by Day & Zimmermann,Inc., as of July 1 1924 and Aug. 311924,at
not less than $17,792,260.(depreciated value).
Earnings of Properties at Present Owned by Company and by Dubuque Electric
Co. and Subsidiaries.
June 30 '23. June 30 '24. Sept. 30 '24.
12 Months EndedGross earnings (incl. other income)--- $2.694,268 $3,048,741 $3,057,711
Expenses, including maintenance and
1,763,536
1,842,254
taxes (exclusive of Federal taxes)__ 1.740,017
a Including the Genneviillers, Vitry, Billancourt, Nanterre and Les
Moulineaux plants and plants brought in by the Secteurs, together with
additional installations and transmission lines, at net book value.
b 800.000 shares of 250 francs each.
-The above does not include either the $4.000,000 External 6)4%
Note.
Net earnings (before depreciation
bonds or the 56.603,500 francs ($3,056,589) internal obligations issued
$954,251 $1.206.487 $1,294.176
and Federal taxes)
since Dec. 31 1923.
Annual int. requirements on funded debt ranking
-J. E. Aldred (Pres.
Directors International Power Securities Corp.
prior to this issue, and diva on minority int. in
Shawinigan Water & Power Co.), A. C. B.Word (Chairman Standard
594,456
594,456
Pref. stock of Dubuque Electric Co
Oil Co., N. J.), A. W. Burchard (Pres. International Gen. Elec. Co.),
$699,719
C. A. Coffin (director General Electric Co.), Arthur W. Davis (Pres. Net earns, available for int. on Gen. Mtge. bonds
$612,031
175,000
Aluminum Co. of America), J. W. Lieb (V.-Pres. N. Y. Edison Co.), Annual int. requirements on Gen. Mtge. 7s
175,000
Howard Murray (V.-Pres. Shawinigan Water & Power Co.). Comm.
The management estimates that during the fiscal year ending Juno 30
Carlo Oral (Central Mgr. & director Credito Italiano, Milan), Alberte 1925 the economies to be effected as a mien of combining the properties
d'Electricite, Paris), F. P. Royce (V.-Pres. at present owned by Interstate Power Co. and physically connecting them
Petsche (Chairman Union
Stone & Webster. Inc.), Philip Stockton (Pres. Old Colony Trust Co.). with the properties of Dubuque Electric Co. should alone result in an imA. A. Tilney (Pres. Bankers Trust Co.), A. H. Titus (V.-Pres. Bank of provement in net earnings of approximately $250,000. Compare also
the Manhattan Co.), D. G. Wing (Pres. First National Bank of Boston). V. 119. p. 1176, 1963.
-V.119, p. 2287.
-New Directors.
International Tel. & Tel. Corp.
The directors, on Nov. 28, voted to increase the number of directors from
15 to 17. The two vacancies thus created were filled by the election of
The Marques de Urquijo and The Marques de Comillas, both of Madrid,
Spain. The Marques de Urquijo, besides being President of the Compania
Telefonica Nacional de Espana, which company is affiliated with the International, is President of the Banco Urquijo. The Marques de Comillas, in
addition to being a director of the corporation's Spanish subsidiary. is
President of the Compania Transatlantica Espanola (the largest Spanish
steamship company) and the Banco Hispano Colonial.
On Dec. 1, one month from the day the Spanish Government turned over
its national telephone service to the Compania Telefonica Nacional do
Espana, telephone communication between Madrid and Barcelona. Spain,
company,
and Morocco. Africa. was formally inaugurated by the latter Telegraph
which company is affiliated with the International Telephone &
Corp. of New York.
Inauguration of this service, connecting two continents of the Eastern
Hemisphere, was made possible by the recent installation of electric repeaters in the long distance system of Spain by the Compania el.:ironic°
Nacional de Espana.
Ceuta. Morocco,
A new submarine cable to connect Algeciras, Spain, with
is
has been ordered by the Compania eiefonica Nacional de Espana and it p.
-V. 119,
be laid before the end of tne present year.
expected it will
2410. 2287.
-West &
Interstate Power Co. (Wis.)-Bonds Offered.
Co., John Nickerson & Co. and W. S. Hammons & Co. are
offering at 99 and int., to yield about 7.15%, $2,500,000
-Year 7% Gold bonds.
Gen. Mtge. 10
Dated July 1 1924; due July 1 1934. Prin. and int. (J. & J.) payable
at Chase National Bank, New York,trustee,and Continental & Commercial
Trust & Savings Bank, Chicago, without deduction for any Federal income
-mills and Maryland 434-rains
tax not exceeding 2%. Penn. and Conn. 4
taxes and Mass,income tax on int. not exceeding 6% ofsuch int. per annum
and New Hampshire income tax on int. not exceeding 3% of such int. per
annum refunded. Denom. c* $1.000. $500 and $100, and r* $1,000.
$5,000, $10,000 and $25,000. Red. all or part on 60 days' notice on any
int. date before July 1 1934 at 102 t and int.
Issuance.-Anthorized by the Wisconsin Railroad Commission.
-Stock Increased.
Jamaica Public Service Co., Ltd.
The stockholders on Nov. 28 increased the authorized Capital stock from
$1,500,000 (represented by $750,000 Common, par $50. and $750,000 7%
Preferred, riar $100) to $2,000,000, to consist of $1,000.000 Common stock,
(par $50).$750,0007% Preferred stock (par $100). and $250.000 7% Cumul.
Preference "B" stock (par £1).-V. 118. P• 1392.
-Action on Security Issue.
Jersey Central Traction Co.
The New Jersey P. U. Commission has withhold action on approval of
an issue of securities by the Red Bank & Keyport fly,, to be used as capital
stock, until the company has obtained proper franchises to operate through
all municipalities on its line. The tracks and other physical property of the
applicant were purchased by Herman C. Schlicting from the Jersey Central Traction Co., which the Commission authorized to discontinue operations in an order of July 12 1923. Mr. Schlicting organized the Red Bank
& Keyport Ry. for the purpose of taking over the old concern's existing
property, providing new cars and furnishing street railway transportation
over a portion of the lines of the Jersey Central Traction Co. in the northern
part of Monmouth County. The application dismissed recently was for
an approval of certain securities to complete the financing of the new com-V. 119, p. 455.
pany. ("Electric Railway Journal.")
-Bonds Called.
Keystone Utilities Co.
All of the outstanding 1st & Consol. Mtge.5% Gold bonds, dated Nov. 1
1916, have been called for payment Feb. 1 at 10234 and int. at the Scranton.
-V. 116, p. 1533.
Trust Co.. Scranton. Pa.
-Exchange Offer.
Kentucky Public Service Co.
-V. 117. p. 2890.
See Associated Gas & Electric Co. above.
Kentucky Utilities Co.-Pref. Stock Offered.
-Middle
West Utilities Corp., New York, is offering at $90 per share
and divs., to yield about 6 2-3%, 5,000 shares 6% Preferred
stock (par $100).
-J. Callable at any time on 30
Dividends cumulative and payable Q.
days' notice at 110 and dive. Dividends exempt from present normal
Federal income tax.
444
-Owns and operates public utility properties serving 58 comCompany.
munities in Kentucky, 6 in Virginia and 3 in Tennessee with one or more
classes of public utility service. The properties owned, include 16/generat-
THE CHRONICLE
DEC. 6 1924.]
lug plants and 9 reserve stations; 573 miles of high-voltage transmission line
,practically all pf new or modern construction. It operates 7 water works,
2 gas plants. 1 street railway and 10 ice plants. Number of customers
,served as of Dec. 31 1923. 35.300.
-During the calendar year 1924 the comExtensions and Improvements.
pany completed 154 miles of additional transmission lines, 105 miles of
'which was 66,000
-volt connecting lines. It completed a 45,000 h. p.
•steam plant on the Cumberland River, 5 miles from Pineville, and entered
into a favorable contract with the Kentucky Hydro-Electric Co. for the
purchase of power from the new 30,000 h. p. hydro-electric station under
construction on the Dix River near High Bridge, Ky.
Authorized. Outstanding.
Capitalization$5,000,000 $2,321,700
6% Preferred
719.550
5,000,000
'7% Preferred Junior
3,193,000
5,000,000
Common stock
11,426,900
Funded debt
623,400
Underlying debt
Earnings Years Ended Dec. 31.
1923.
1922.
1921.
1920.
1919.
Gross earnings_ _$1,502,869 $1.910.791 $2,109,947 $2,282,610 $2,935,679
753,318
441,671
368,815
230,050
Net avail. for divs. 175,261
The net earnings available for dividends for 1923 were 4.3 times the
,
amount earned for 1919.
-Company is a subsidiary of the Middle West Utilities Co.
Management.
-V. 119, p. 80.
-Earnings.
-Laclede Gas Light Co.
Nine Months Ended Oct. 31Operating revenues
Operating expenses
Retirement expense
1923.
1924.
$6.756,192 $6,589.652
3,342,955
3,540,575
446,902
446,902
Operating profit
Non-operating revenues
$2,768,714 $2,799.794
16,102
8,270
Total revenue
Non-operating expenses
$2,776,984 $2,815,896
1,321,914
1,322,000
Net profit
-V. 119. p. 2411, 2287.
$1.454,985 $1,493,982
Lockport Light, Heat & Power Co.
-Bonds Called.
All of the outstanding $750.000 First Mtge. Refunding 5% Gold Coupon
bonds, dated Jan. 1 1908, numbered 1 to 1,000, inclusive, have been called
for payment Jan. 1 at par and interest at the New York Trust Co., 100
Broadway, New York City.
Holders may present their bonds to the trust company for payment any
time prior to Jan. 1, and will receive par and interest to date of presentation.
-V. 119, Ir. 19 3
6.
Manchester (N. H.) Traction Light & Power Co.Bonds Offered.
-Dillon, Read & do. and Tucker, Anthony
& Co. are offering at 95 and int., to yield about 5.35%,
'$1,000,000 1st Ref. Mtge. (now first mortgage) 5% Sinking
Fund Gold bonds. Dated Aug. 1 1917; due Aug. 1 1952 but
callable at 105 and int. as a whole or in part for the sinking
fund.
A legal investment for savings banks in New Hampshire, Vermont,
'Maine and Rhode Island.
issuance.
-Issued with approval of the New Hampshire P.S. Commission.
Data from Letter of Vice-Pres. J. Brodie Smith, Dec. I.
Company.
-Is the largest public utility in the State of New Hampshire,
serving the thickly populated manufacturing district along the Merrimack
River, comprising Manchester and Nashua. It serves the cities of Manchester and Nashua and 17 surrounding towns with electricity for power
.and light and also furnishes gas in the City of Nashua. Through subsidiaries controlled by ownership of the entire capital stocks, it operates the
street railway system in Manchester and interurban lines to Nashua, Derry
and Goffstown. Total population served, 120.000. Company's hydroelectric developments on the Merrimack and Piscataquog rivers will have a
maximum capacity of 13,400 k. w. upon completion of the developments
now well under way. Its steam reserve stations have .capacity of 14,000
w. For the past five years over 75% of the company's output has been
hydro-electric power.
Security.
-The bonds of which there are to be presently outstanding in the
hands of the public $5,361,000($4,447,000 issued as 5% bonds and $914,000
issued as 7% bonds) are secured by a dircet first mortgage lien on all the
physical property of tho company now owned or hereafter acquired, and.
together with $325.000 guaranteed bonds of controlled companies, cosostitute the total funded debt of the company and subsidiaries. Total physical property value is in excess of $11,000.000.
Earnings 12 Months EndedDec. 31 '23. Oct. 31 '24.
Gross earnings
$2,560,842 $2,540,426
'Oper. expenses, maintenance and taxes
1,555,418
1,611,596
Net earnings
$949,246
Annual int. on funded debt with public (incl. this issue)
2647
issue, Series "B," $15,000,000; to be presently outstanding,
$8,400,000.
Data from Letter of Pres. E. S. Kessler Nov. 20.
'
Company -Owns all of the outstanding capital stocks, except directors'
qualifying shares, of Nevada-California Power Co.. Southern Sierras
Power Co., Interstate Telegraph Co.. Corona Gas & Electric Light Co..
Hillside Water Co., Coachella Valley Ice & Electric Co.. Cain Co., Pacific
Power Corp., Imperial Ice & Development Co. and Deseret Water. 011 &
Irrigation Co.
The system is engaged in generating hydro-electric power on the eastern
slope of the Sierra Nevada Mountains and in transmitting such power over
the longest transmission system in the world, extending throughoutsouthwestern Nevada and the entire eastern section of California from the middle
of the State south to the Mexican line.
-electric plants having a total installed
The system operates 11 hydro
generating capacity of 93.420 h. p., together with supplementary steam and
&as plants which bring the total generating capacity up to 106,620 h. p.
Further development of water rights now owned or controled will, it is
estimated, adequately provide power requirements for many years to come.
The main hydro
-electric developments of the system are on Bishop Creek
in Inyo County, Calif. These developments are among the best examples
of true hydro
-electric conservation to be found to-day, the water passing
consecutively through five generating plants (aggregating 43,520 h. p.
generating capacity) with their connecting pipe lines, the discharge from
one plant being immediately caught up and delivered to the next. There is,
therefore, a minimum loss in flowage and in energy. The Bishop Creek
water shed is situated well up in the Sierra Nevada Mountains where the
deep winter snows furnish natural reservoirs which the summer sun melts,
causing the water to run down into the impounding reservoirs and thence
through the power plants. Water is taken from the impounding reservoir
at an altitude of 8,028 ft. and is used continuously until it passes through
Plant No. 6 at an elevation of 4,478 ft. the total distance covered being
over 15 miles. The other hydro-electric developments are located on Lee'
vining Creek, Rush Creek, Mill Creek and Owens River in Mono County.
Calif. Since completion of the additional plants on Leevining Creek and
on Owens River in Oct. and Nov. 1924,2 plants are now located on each of
these streams,resulting in more than doubling the beneficial use of the water
flowing in each stream. Aggregate generating capacity of the 2 plants on
Leevining Creek is 17,500 h. p. and on Owens River 11,250 h. p.
In addition to the above added facilities the entire output of 2 new hydro
plants owned by San Gorgonio Power Co., near Banning, on Southern part
of the system, with an estimated annual output of 10,000.000 k. w. h. has
been contracted for a period of 30 years beginning May 1 1922. As result of
an important contract between Southern Sierras Power Co.. a subsidiary,
and the San Diego Consolidated Gas & Electric Co.. signed in Nov. 1923,
a tie line making physical connection of properties of the 2 companies was
completed in Aug. 1924, and has been in continuous use since then in helping to meet requirements in Imperial Valley. This tie line provides an
additional 12,500 h. p. standby capacity service for the southern part of the
system and will also permit the sale of surplus power to the San Diego Co.
Surplus power is interchanged with the Southern California Edison Co.
through a physical connection at Colton. The system also transacts a
general telegraph and telephone business. operating 650 miles of line paralleling the power system. In addition. it operates an extensive ice manufacturing business in Southern California.
-The system has 1,652 miles of
Transmtssion & Distributing Systems.
high-tension transmission lines, of which 239 miles consist of a double
circuit three phase 140,000 volt steel power line, with towers spaced eight
to the mile. The remaining transmission lines cover 82 miles of 140.000
volt single circuit wooden and steel pole lines, 324 miles of 87.000 volt
single circuit wooden pole lines, 330 miles of55,000 volt single circuit wooden
pole lines, 16 miles of 33,000 volt double and single circuit steel pole lines.
469 miles of double and single circuit 33,000 volt wooden pole lines, and 192
miles of double and single circuit 15,000 and 11,000 volt wooden pole lines.
In addition, there are 699 miles of wooden pole distribution lines of 6,600
volts and under.
Capitalization Outstanding Upon Completion of the Present Financing.
Nev.-Calif. El. Corp. 6% 1st Lien bends. Series'B," 1950, incl.
present Issue (authorized $15,000,000)
$8,400,000
Nev.-Calif. El. Corg. 6% 1st Lien bonds, Series "A," 1946
$15,000,000)
9,252,800
Nevada-Calif. Power Co. 1st (Closed) Mtge.6s, 1927
1.357.000
Southern Sierras Power Co. 1st (Closed) Mtge.6s. 1936
1.782.500
Nevada-Calif. El. Corp.foi Unsecured notes, due 1926
336,800
Nevada-Calif. El.Corp.Prof.stock
9,298,700
Nevada-Calif. El. Corp. Common stock
Security.-The509,800
.
outstanding 6% 1st Lien Gold bonds are secured by
deposit of $18,839,000 bonds of suosidiary companies of which $6.870,000
are 1st Mtge. bonds. and $11,969,000 are 1st & Ref. Mtge. bonds. In
addition, a total of $17,802,400 (over 99%)of the capital stock of subsidiary
companies has been deposited as further security for these 6% 1st Lien
bonds. •
-Earnings-42 Months Ended
Sept. 30 '24. Dec. 31 '23. Dec. 31 '22. Dec. 31 '21.
Total oper. earns
$4,438,934 83,993,587 $3,344.447 53.177,109
Oper. & gen. exp.,incl. main.
& taxes
2,278.542 2,035,336 1.594,865 1.514,245
$985.008
302,580
Earn, from operations_ _ 42,160,392 $1,958,251 $1,749,582 $1,662.864
Non-oper. earns. & miscel.
income (net)
134,016
28,710
119,231
82.822
Balance for reserves and dividends
$682.428
Over 90% of present net earnings are from electric light, power and gas. Earns. appli. to int. charges42,189.102 $2,077,482 $1,883,598 $1.745.686
Sinking Fund -Mortgage provides for an annual sinking fund amounting Interest on secured debt
912,522
846.102
1,080,268
989,491
to 1% of the bonds outstanding on each Aug. 1,to be applied to the purchase
of bonds at a price not to exceed 105 and bit. Bonds purchased by the sinkBalance
$1,108,834 $1,087,990 $971,077 8899,585
Jug fund are held alive and the interest therefrom added to the sum annually -V.119, p. 2287, 1290.
Invested.
New Orleans Public Service Co. Inc.-Pref. Shares
CapitalizationAuthorized. Outstanding.
'Capital stock (par $100)
-Old Colony Trust Co., Boston, and Bonbright &
$5,000,000 $4.958.300 Offered.
-5% bonds
15,000,000 *4,701,000 Co., Inc., New York, are
1st Refg. Mtge. bonds
i
offering at $97 per share and div.
7% bonds
914.000
Guaranteed bonds of subsidiaries_
325,000
325.000 22,000 shares (no par value) Cum. Pref. (a. & d.). stock.
* Including $254,000 5% bonds held alive in sinking fund.
-V. 119. p. Divs. $7 per share per annum. This does not represent
1394, 198.
Manila Electric Corp.
-Dividend of 6234 Cents.
-
new financing in behalf of the company.
[The company on Dec. 1 announced that approximately 5,200 employees
and customers have subscribed for 15.000 shares of Pref. stock.]
Entitled to $100 per share and accrued divs. in case of liquidation. Red.
as a whole at $110 per share and divs. Divs. payable Q.
-J. Transfer
agents: Registrar & Transfer Co., Jersey City, N. J., and Hibernia Bank
& Trust Co.. New Orleans, La. Registrars: Corporation Trust Co..
Jersey City, N. J.. and Whitney-Central Trust & Savings Bank, New
Orleans, La.
Marconi Wireless Telegraph Co. of Canada, Ltd.
Data from Letter of E. W. Hill, Vice-President of the Company.
Company.
-Owns and operates properties formerly owned by New
.Financial Reorganization Planned-New Financing Proposed.
Orleans Ry. & Light Co. and certain of that company's former subsidiaries.
At a special meeting during this month, the shareholders will be asked Also OVVILS approximately 98% of the stock of New Orleans City RR. and
authorize a reduction in the par value of the 2,525,000 outstanding shares operates that company's property under a lease extending to 1955.
to
Prop'from $2 50 to Si 00 each. It is also planned to increase the authorized erties owned or controlled include all the plants (with one minor exception)
capital from 3,000,000 to 7,500.000 shares. This reduction in the par now generating electric energy for commercial power and light, the entire
existing capital stock will enable the company to write off gas manufacturing and distributing properties and 222 miles of
value of the
electric
obsolete plant and the new stock which it is planned to dispose of will put railway system in the city of New Orleans, La. Present population
•the company in a strong liquid position and provide new equipment.
estimated 419,000.
It is stated that arrangements have been made with the English company
Earnings Years Ended Oct. 311923.
1924.
to take up a sufficient number of shares at par, $1, to finance the con- Gross earnings, including other income
$14,414,256 $14.967,152
struction of the present program and also to enable the Canadian company Oper. expenses. incl. maintenance and taxes
9,670,953 10,043.287
to pay off certain large advances and current liabilities as well as to provide Interest, &c., deductions
2,212,686
2,199,470
-V. 117, P. 2329.
it with working capital.
Balance avail,for divs., renewal & replace. res.,&c$2,530,617 $2,724,395
-To Reduce Rates.
Minneapolis Gas Light Co.
Annual div. requirements on 42,753 shares of Pref. stock_ _
299,ni
The company on Jan. 1 1925 will reduce the price of gas from 98c. to
96c. per 1,000 cu. ft. On Sept. 1 last the rate was reduced from $1 01 to
Balance
$2,425,124
98c.
-V. 119, p. 2072.
Earnings available for dividends, renewal and replacement reserve, &c.,
ended Oct.
-Bonds Sold.
Nevada- California Electric Corp.
-Spen- for the yearon the Prof.31 1924 were over 9 times the annual dividend roquirements
stock now outstanding.
-Under an agreement with the city of New Orleans,
Agreement with City.
cer Trask & Co. Blyth, Witter & Co., N. Y., International
effected in 1921, the company
Trust Co., Boettcher, Porter & Co. and United States services as will enable it to earnis permitted such rates for the various public
7)4% return,after
National Co., Denver, Colo., have sold at 98 and int., to and reserve for renewals and replacements, on aoperating expenses. taxes
rate base which is
After deducting all indebtedness of the companynow
yield about 6.15%, $1,300,000 6% 1st • Lien Gold bonds, about 559.500.000. represents an equity for
the
r.a.te base valuation
this Pref. stock of
about
Series "B." Dated Oct. 1 1920; due Oct. 1 1950. Authorized $100 per share.
The directors have declared a quarterly dividend of 624c. a share
, the new no par value Common stock, which was exchanged for the old
on
$100 par Common stock at the rate of four new shares for one old. This
.dividend is equivalent to a $10 annual basis for the old stock, which re..ceived $8 per annum before recapitalization. The dividend is payable
Dec. 31 to holders of record Dec. 18.-V. 119. p. 1510, 2530.
2648
[voL. 119.
THE CHRONICLE
Outstanding.
Authorized.
Capitalization42,753 shs.
150,000 shs.
Pref. stock,$7 Cumulative
619.436 shs.
1,025,000 shs.
Common stock (no par value)
$10.927,000
Underlying Divisional issues
12.000.000
b
1st & Ref. M. 5s, Series A, 1952.13.467,350
General Lien 4;is, due July 1 1935-$13,876,500
4.760.300
Income 6s, Series A,due Nov. 1 1949- 4.916,500
237,000 francs
Income 68, Series B.due Nov. 1 1949_ 1,517,500 francs
a Mortgages closed as to issuance of bonds to the public. Is Limited
-V. 119. p. 1952, 1844.
by conservative restrictions of the mortgage.
-New Officers.
New York Edison Company.
The following officers have been elected: Thomas E. Murray. Senior
Vice-President; John W.Lieb, Vice-President and general manager; Arthur
Williams, Vice-President of commercial relations; Philip Torchio. VicePresident of electrical engineering, and Harry M. Edwards, Vice-President
-V. 119, p. 81.
of accounting.
Capitalization (As of Oct. 31 1924. After Giving Effect to New Financing).
Outstanding.
Authorized.
$5,750.000
$10,000,000
7% Prof.stock (including this issue)
Common stock (par $25)
4,000,000
4.000,000
Total funded debt (see V.119. ri. 2531)
12,988,200
-Preferred stock is followed by 160,000 shares of Common stock
Equity.
(par $25), now paying $3 annually, and having a market value at current
quotations of approximately $8,800,000. Company, since its inception,
has paid dividends without interruption on both classes of capital stock.
and in addition has added substantially to surplus.
-12 Months Ended Oct. 31 1924.
Earnings
$3.144.656
Gross earnings
1,439,676
Operating expenses, maintenance and taxes
Interest, amortization, Federal taxes. etc
757,079
$956,901
Balance available for dividends and depreciation
Div.requirements on all outstanding Pref.stock (incl. this issue). 402.500
$554,401
Balance
Purpose.
-Proceeds will be used for the purpose of reimbursing the treasury for expenditures for additions and extensions to the system, and for
the partial cost of the developments now under construction.
Properties.
-Company has a total generating capacity in hydro-electric
and steam plants, including thwe owned, leased and under construction,
Of
-Expansion of Wisconsin Properties. of 124,680 h. p. thethis total 107.405 h. p. is derived from hydro-electric
American Co.
North
plants owned by
company and located on the Black. Beaver and OsAccording to Vice-President Edwin Gruhl, the company will spend at wegatchie Rivers, of which 26,480 h. n. Is under construction, and 9.775
in Wisconsin during 1925 in the development of public h. p. from 2 steam plants located at Watertown and Deferiet. Company
least $10,000.000
company is planning a high-ten- purchases under contract over 7,800 h. p. hydro-electric power from Power
utilities owned or controlled by it. The
sion transmission system extending practically the entire length of the Corp. of New York and is under contract to least 7,500 h. p. of hydroState. It will connect the new lakeside power plant at Milwaukee with electric generating capacity at High Falls now under construction.the comfour other power stations on the Menominee River along the northern pletion of which is expected early in 1925. Construction work on the 26.480
boundary. The $10,000,000 expenditures in Wisconsin in 1925 will not h. p. hydro
-electric projects now under way at Soft Maple and Sewall's
include certain important improvements which are contemplated with the Island should be completed during the early summer of 1925. Company
Peninsular Power Co., recently acquired by the North American Co. The also owns 3 undeveloped power sites having a potential generating capacity
provides for the extension of the transmission line which of over 16,000 h. p. The gas plants located in Rome and Watertown have a
super-power plant
now reaches as far as Plymouth,and its ultimate connection with the hydro- daily capacity of 5,770,000 cubic feet.
electric plants of the Peninsular Power Co.
In addition to the generating capacities above mentioned, the company is
granted a first call on the output of all future developments of The Power
New Utility Securities Corp. Pref. stock and
York, which owns extensive powers, both developed
Common stock of Corp. of Newon the Raquette and Black Rovers, which will assure and
with the issue of 1st
In connection
the
undeveloped,
North American Utility[Securities Corp. offered by Dillon, Read & Co. company an adequate supply of power for future needs. Compare also
(see that company below). Pres. F. L. Dame said:
has from time to time, in association with V.119. p. 2530.
"The North .American Co.
Important banking affiliations, opportunities for the profitable employment
-80% Stock Dividend.
Pacific Lighting Corp.
of capital in enterprises other than its subsidiaries. It is desirable that
The directors have declared a dividend of 81% in Common stock on the
such investments be financed separately from those in the company's con- Common stock, payable Dec. 22 to holders of record Nov. 26, subject to
trolled or affiliated companies, and that the company should be in a position the approval of the State Corporation Commissioner of California. The
not only to retain part of the resulting profits, but to obtain capital neces- corporation has 810.000.000 authorized Common stock. par $100, of which
sary to take advantage of such further opportunities as they arise. North $5.280.000 is outstanding. The dividend will bring the outstanding
American Utility Securities Corp. has been organized to accomplish these Common stock to $9,504.000. The corporation owns the entire Common
-V. 119. p. 2530, 2411.
purposes."
-V. 118, p. 1402.
stock of the Los Angeles pas & Electric Co.
-Extra Div.
Niagara Lockport & Ontario Power Co.
The directors have declared an extra dividend of 25 cents per share on
the Common stock in addition to the regular quarterly dividends of 50 cents
on the Common and 14% on the Preferred, all payable Jan. 2 to holders
of record Dec. 15.-V. 119, p. 2411.
North American Utility Security Corp.-Pref. Stock
-Dillon, Read & Co. are offering at $100 per share
Offered.
100,000 shares 1st Pref. stock. Cumulative dividends, $0
per share per annum. One share of Common stock will
be delivered with each share of 1st Pref. stock.
Preferred as to assets and diva. Preferred as to dive. at the rate of $6
per share per annum. Entitled to preference at $100 per share and accrued
liquidation. Red. at any time
diva. in distribution of assets in the event ofshare
and diva. Divs. payable
all or part upon 30 days' notice at $105 per normal
income tax. Registrar,
-M. Divs. exempt from present Federal
Q.
Bankers Trust Co.. New York; transfer agent, Robert Randall, 60 Broadway, New York.
-Payments will be at the rate of the allotment price
Purchase Provisions.
of $100 for one share of 1st Pref. stock together with one share of Common
stock. A first payment of 25% must be made at the time of allotment;
the balance in installments, each not to exceed 25% of the allotment price.
no such installment to be called for payment before March 1 1925 or within
three months from the last previous installment. Purchasers have the option to pay in full at once or on any 1st Pref. stock div. payment date.
Allotment certificates will be deliverable on or about Dec. 15. Holders
of these certificates will be entitled to receive currently diva. in proportion
to the amount paid on the allotment price, and upon payment of the entire
allotment price, but not earlier than Dec. 15 1925. except at the option of the
corporation, will receive definitive certificates for the shares of 1st Pref.
stock and Common stock called for by the allotment certificates.
-Application will be made in due course to list on the New
Listing.
York Stock Exchange.
Data from Letter of F. L. Dame, President of the Company.
-Incorporated in Maryland. Has been organized for the
Company.
purpose of participating in the financing and development of public utility
and other enterprises in America and abroad.
Authorized. Outstand'a.
Capitalization200,000 shs. 100,000 shs.
1st Pref. stock (non-voting), no par value
Pref. stock (non-voting), no par value. entitled
2d
to payment of $100 per share in liquidation and
to payment of cumulative diva. of $7 per share-120.000 shs. 60,000 shs.
1,000.000 shs. 500.000 shs.
Common stock, no par value
-The corporation reserves the right to create funded debt
Funded Debt.
In connection with its future operations.
-North American Co. has subscribed and will pay in cash the
Equity.
sum of $6.000.000, and will receive therefor 60,000 shares of 2d Pref. stock
and 400,000 shares of Common stock. have now
been made, the $6,-Under arrangements which
Earnings.
present issue of 2d Pref. stock
000.000 cash proceeds from the sale of the from the
first installment payand the cash proceeds
and Common stock
immediately
ment of 25% of 1st Pref, stock allotment certificates, can be div.
full
at
invested to produce income 1stan annual rate equal to thetimes therequireor equal to 4
div. on
Pref.
ment on the entire issue of the 1st stock,stock.
Pref.
on
the first installment paid Issues.
-No additional 1st Prof. stock shall be
Restrictions on Further
per
Issued unless there is paid to the corporation an amount equal to $100
share and unless in addition an amount equal to $60 per share of such addiby the sale of 2d Prof. stock or
tional 1st Pref. stock has been provided stock shall be issued unless there
Common stock. No additional 2d Pref. to $100 per share. The
equal
is paid to the corporation an amountits equivalent, or in connectionunissued
with the
Common stock is issuable for cash or Pref. stocks.
Pref. and 2d
sale of the unisued 1st
-The affairs of the corporation will be administered under
Management.
the supervision of the North American Co.
•
-Offer to Buy Common
Northern Canada Power Co.
Stock at $40 per Share.
signature of Alex Fasken
A circular letter sent to shareholders over the
Secretary, says:
large majority of the shares of the
"Several of the directors who own a
Nesbitt, Thomson & Co.,
company have agreed to sell their shares to
provided the purchasers before completion of the
Ltd., at $40 per share,
a sum sufficient to take care
sale pay into the treasury of the company made it a condition that the
also
of the company's liabilities. They havesame price all such further shares
purchasers shall take and pay for at the
as are delivered on or before Dec. 31 next.
your shares at said price,
"If you desire to have the purchasers take endorsed in blank, with
duly
you should deliver your stock certificates,guaranteed by a bank or trust
duly witnessed and
Your signature thereto
Toronto. Toronto, with
company, to the main branch of the Bank of receipt for you of the
on
instructions to deliver same to the purchasers
next, and if the price is not paid within
above price on or before Dec. 31
-V.
order."
the time aforesaid, to hold the certificates subject to your
119, p. 2411.
-Extra Dividends.
Penn Central Light & Power Co.
Extra dividends of 10 cents per share have been declared on the Common
and Preferred stocks in addition to the quarterly dividend of 37% cents
per share on the Common and $1 per share on the Preferred stock, all payable Jan. 1 to holders of record Dec. 10.-V. 119, P. 1965.
Portsmouth Dover & York St. Ry.-To Re-organize.
The company will be reorganized under the name of the Portsmouth,
Kittery & Eliot Ry. The company will operate its cars from Kennard's
Corner. Eliot to Sea Point, Kittery, N. H. It is expected that service will
start early in the new year. The incornorators include W. W.Sargent,
President of the Fitchburg & Leominster Ry.; Zelig Van Loan, E. A. Pierce:
-V. 119. p. 456.
and Dr. Samuel Nason. "Electric Railway Journal."
-Obtains Option.
Public Service Co. of Colorado.
n
nw.niain
The company, according to a Boulder, Cob, dispatch,has obtained an
nnfteprnp
option olthelralGssCo. at Boulder n s
and
yt0eteinewhetherit shall exercise
-V. 119, p. 1517. 1291.
acquire the concern.
Laoption
e
-Merger Approved.
Public Service Co. of Oklahoma.
The Corporation Commission of Oklahoma has approved the pro
merger of the Tulsa Light & Power Co. Into the Public Service Co. of
Oklahoma. The Tulsa Light & Power Co. was recently organized by
Martin Insull of Chicago to take over and operate the electric light and
power business at Tulsa. Okla.. formerly operated by the Sand Springs
-V. 119. p. 1405.
Light & Power Co.
-Dividend Rate InPublic Service Corp. of New Jersey.
-The directors have declared quarcreased on Common Stock.
terly dividend of $1 25 per share on the Common stock, payable Dec. 31 to holders of record Dec. 12. The previous rate
was $1 per share quarterly.
4
The regular quarterly dividend of 13 % on the 7% Preferred stock and 2% on the 8% Cumulative Preferred stock
were also declared, both payable Dec. 31 to hdlders of record
Dec. 12.
President McCarter said in substance:
For 10 months of this year electric meters on our lines increased in round
figures from 426,000 to 505,000, and gas meters in service Jumped from
609.000 to nearly 638.000. There is a continued healthy demand for electricity for industrial purposes and the transportation system is measurably
-V. 119. p. 2288.
better than it was a year ago.
-Control by Western
San Joaquin Light & Power Corp.
Power Corp. Sought.
-V. 119. p. 2531.
See Western Power Corp. below.
Southern Canada Power Co., Ltd.
-Annual Report.
Combined Operating Statement (Incl. Subs.) for Years Ending Sept. 30.
(After eliminating all inter-company charges.)
1923-24.
1922-23, 1921-22. 1920-21.
16,217
15,066
Customers, connected
13.249
12.240
Gross earns. (incl. other inc.)- 41,150,863 $953.970 $843,565 $753,959
129.742
111,128
Purchased power
85,406
78.685
240.393 222,702
216.075
Operation
215.067
45,679
28,955
15,752
Taxes
24,547
63.570
59,956
Maintenance
59,634
65,405
5.750
3,117
985
429
Bad debts
270,958 275,057
306,847
287,886
Interest
Surplus for the year
Previous surplus
$394,771 $253.055 $150,069
127,406
58,511
338,353
Total
Preferred dividends paid
Common dive
Depreciation reserve
$522,177 $311,566 8488,422 $356,633
179,088
82,160
19,911
18,280
100,000
410,000
115.100
102.000
8127.989 8127.406
$58,511
Balance Sheet, Sept. 30.
1924.
1923.
1924.
AssetsLiabilities
$
$
13,021.504 10,743.318 Preferred stock__ 2,984,800
Plant
23,673 Common stock_ _ _ 4,171,925
11.255
Cash
462,559 2,088,266 Com,sub. cos.__
16,300
Victory bonds
81,933 Bonds
5,548,495
96,147
Inc.-Pref. Stock Of- Accounts roe
41,398 Accounts payable- 319,705
4,144
Northern New York Utilities,
Notes receivable...
145,118 Deposits
267,166
13,282
Supplies
-E. H. Rollins & Sons and F. L. Carlisle & Co. Inc. Prepaid charges
fered.
11,759 Interest matured.13.218
22,294
20,491 Interest accrued
are offering at 102 and div., to yield 6.85%, $750,060 7
25,174
35,412
Investments
44,482 Dividends payable
42,689
44,772
Mortgages
Cumul. Pref.(A. & D.) stock.
Deere°. reserve_ _
621,133
-F.
payable Q.
Redeemable at any time at $110 and dive. Dividends America. New
Misc.reserve
37.748
New York, transfer agent. Bank of
Equitable Trust
Total(each side)13,943,859 13,200,442 Surplus
127,989
Exempt from present normal Federal income tax.
York,registrar. Co..
-V. 119. p. 2180. 1965.
-Approved by the New York P. S. Commission.
Issuance.
Surplus
$90,735
265.898
$338,353
1923.
2,584,800
4,171,925
19,700
5,497,910
161,350
11,755
30,003
35,218
58,772
507,870
13,780
127.408
DEC. 6
1924.]
THE CHRONICLE
Southeastern Ohio Ry.-Road to Be Dismantled.
-
This company, operating between Crooksville and Zanesville, 0., was
sold recently to Henry Goodman, who will dismantle the property. The
cars have not been running since last May. 'Electric Railway Journal."
-v. 119, p. 1065; V. 112, p. 63: V. 107. P. 83: V. 102. P. 252.
Southern California Edison Co.
-Stock Authorized.
-
2649
owned by customers and employees of the system. It will be followed by
$15,000,000 of Common stock, all issued for cash at par, and owned by the
United Light & Power Co. Upon completion of current financing the latter
company will have outstanding 237.568 shares of Preferred stocks and 374.682 shares of Common stocks which,at present market quotations,represent
an equity, junior to this issue of Prior Preferred stock, of over $33,000,000
For statement of earnings, capitalization &c. of United
Light & Power Co., see V. 119, p. 2531.
Southern Cities Power Co. (Tenn.).
-Notes Offered.
United Railways Investment Co.
-Bonds Reduced.
The Phila. Stock Exchange. on Nov. 28, reduced the amount of 1st IAen
Glidden, Morris & Co., New York; A. P. Barrett & Co.,
& Coll. Trust 5's. due 1926 (Pittsburgh issue) from 112.496.000 to $12.Baltimore, and Anderson & Co., Providence, R. I., are 367.009-$129,000 reported as having been acquired for the sinking fund.
offering at 98.15 and int., to net about 7%,$300,000 Two- -V. 119, p. 1511.
Year 6% notes.
West Chester Kennett Sq.& Wilmington El. Ry.-Sale
Dated Nov. 1 1924, due Nov. 1 1926. Red. at 101 on any int. date.
The California RR. Commission has authorized the company to issue
$10,000,000 Series "A"7% Preferred stock -V.119, p. 2531.
Int. payable (M. & N.) at Industrial Trust Co., Providence, R. I., registrar. Company pays the normal income tax to the extent of 2%.
Company.-Incorp in 1922 in Tenn. All of its outstanding stock is
.
owned by the Southern Cities Utilities Co.. a holding company controlling
public service companies operating in West Virginia, Tennessee and Alabama. The purpose of the incorporation was to lay the foundation for a
consolidation under one company of all the public utility interests of the
Southern Cities Utilities Co. in Tennessee. Some of the companies that
formed the original consolidation were the Harpeth Electric Light & Power
Co. and Mount Pleasant Electric Co. Later the Public Light & Power Co.
was leased.
The territory served directly (or through companies leased or owned)
extends through 11 counties in Southern Tennessee. electric light and
power being supplied to 35 cities and towns. Population served is estimated
to be in excess of 100,000.
Financial Developments.-The investment of the Southern Cities Utilities
Co. In the company has increased until it is in excess of 1750.000. This
investment was heretofore represented by notes and unfunded advances
as well as by ownership of all capital stock.
Recently the Tennessee 1211. and P. U. Commission authorized the
company to increase its stock by $750,000 and to deliver it to the Southern
Cities Utilities Co. in exchange for an equivalent amount of the above
mentioned notes and advances made by that company. This order has
been carried out, so that there is now outstanding $800,000 Common stock.
In addition $500.000 7% Preferred stock has been authorized which will,
be sold to the public.
Consolidation.
-Pursuant to the development program, a few months
ago the entire capital stock of the Columbia Water & Light Co. was acquired by the Southern Cities Utilities Co. It is the purpose to consolidate
the Columbia Water Sr Light Co. with the Southern Cities Power Co. The
first step in that direction has been taken by the latter company through
authority granted by the Commission to issue $500,000 2
-Year 6% notes.
In accordance with the order of the Commission $300.000 of these notes
have been delivered to the Southern Cities Utilities Co. in exchange for
• all the capital stock of the Columbia Water & Light Co. The actual cost
of this stock was in excess of that amount. The remaining $200.000 notes
are to be issued only in accordance with the order of the Commission for
not exceeding 85% of the cost of extensions and improvements.
Earnings.
-The net earnings after taxes applicable to the payment of
interest on these notes for the year ending Oct. 31 1924 were $65,799,
which is over 314 time .the amount required. After the consolidation
referred to above it is expected that substantial increases in earnings should
result.
Toledo Edison Company.
-Tenders.
-
As a matter of record we publish the following:
In June 1923 the property of this company was sold at a foreclosure sale
to the bondholders' committee at the office of the Integrity Trust Co.,
Philadelphia, Pa., trustee of the company's 1st Mtge. 5% Gold bonds,
due June 1 1925. The sum of $88 84 per 11.000 bond was paid out of the
proceeds of the sale to the holders of the bonds.
That part of the line running from West Chester to Avondale and West
Grove (Pa.). about7 miles, was purchased by the Chester County Traction
Co.. a subsidiary of West Chester Street Ry. The section, Kennett Square
to Brandywine Springs (near Wilmington), about 12 miles. was scrapped.
It was reported in June 1923 that the Tide Water Transit Co.was formed
to acquire and operate the property of the West Chester Kennett Square &
Wilmington Ry., but we learn that the Tide Water Co. never functioned.
V. 95, p. 177.
West
Chester
Street
Railway.
-Acquisition.
-
See West Chester Kennett Square & Wilmington Electric Ry. above.
V. 119, p. 458.
West Philadelphia Passenger Railway.
-Dividend.
-
A semi-annual dividend of 15 per share has been declared on the stock.
payable Jan. 1 to holders of record Dec. 15, less third and fourth quarterly
Installments of the 1923 income tax amounting to 63 cents per share.
V. 118, p.2825.
Western Power Corp.
-Seeks to Acquire Control of San
Joaquin Light & Power Corp.Pres. H. P. Wilson on Dec. 2 stated that the company has entered into
an agreement to acquire control of the San Joaquin Light & Power Corp.
through the purchase of shares of its Preferred and Common stock, the
ownership of the Prior Preferred stock, which Is widely distributed, not being affected. Control of two affiliated corporations, Midland Counties
Public Service Corp. and Fresno City Water Corp., is included in the arrangement. A special meeting of the stockholders of the Western Power
Corp. is soon to be called in connection with the matter. The operating
companies involved, it is stated, will continue under present policies and
methods of operation.
-ST. 119. p. 2534, 1293.
Wisconsin Power & Light Co.
-Plea Dismissed.
-
The Wisconsin RR. Commission has dismissed the petitition of residents
of Omro, Wis., who asked it to order the company to re-establish railway
service between Oshkosh and Omro. Wis.. about 11 miles. Service was discontinued on this line in June of this year. but in its place, the company
established bus service (see V. 119, p. 77).-V. 119, p. 1954.
Henry L. Doherty & Co.,60 Wall St., N. Y. City, fiscal agent, will until
Dec. 22 receive bids for the sale to it of $25,000 par value of 8% Cumnl.
Prior Pref. stock, Series "A," at prices not exceeding 105 and int.-V. 119.
P. 1292.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-Revere Sugar Refining advanced price 10
7.60c. per lb. on Nov. 29. On Dec. 2, McCahan Sugar Refiningpoints to
Co. adTitusville (Pa.) Traction Co.
-Sale.
vanced price 10 points to 7.60c. per lb.
Frank Burton, substitute trustee for the S106.000 1st Mtge. 5% bonds.
Steel Mills to Be Shut Down.
-British Empire Steel Corp. notified its
due July 11924. will sell the entire property at public auction on Jan. 2 Newfoundland miners
that all
1925 at Titusville. Pa. Interest from April 1 1920 remains unpaid. Total present week until some time Bell Island mills will close at the end of the
in 1925. when only one mine will
interest and principal now due amounts to 1131,291.-V. 119, p. 2180.
action throws 1,200 men out of work. "Wall Street Journal"reopen. This
3.
United Mine Workers of America Expel Ten Local UnionsDec.Ignoring
for
Toronto Railway.
-Liquidation Approved.
Order to Return to Work.
-12,000 miners in Scranton,
The stockholders on Dec. 1 approved the winding un of the company's about a week ago on account of companies' failure Pa. district, struck
to adjust grievances.
affairs and the distribution of its assets. Douglas H. McDougall was ap- Officers of union declare they did not authorize
strike
that men
pointed as liquidator.
violating union's agreement with companies. Officers andcompanies are
of
deAn advisory committee composed of Pres. R. J. Fleming, E. R. Wood, clared they would not treat with men until
they returned to work. Union
W. H. Moore, Hugh McKay and George S. Smithers was appointed to ordered workers to return but they refused.
The charters of the 10 local
assist Mr. McDougall in carrying out his duties. It was intimated that unions involved were at once revoked.
New York "Times" Dec. 4, P. 3.
their advice would be particularly valuable in the disposal of real estate
Tart Cab Fares to Be Reduced 33 1
-3%.
-Yellow Taxi Corp. announced a
such as the Scarboro Beach Park.
reduction of rates to
-mile therePres. Fleming predicts that the final return to the shareholders will be after, within N. Y. 15c. for first quarter mile and 10c. each half
City
about $110 per share or better. It is expected that the initial distribution "Times" Nov. 29, p. 11. for 1 to 5 persons, effective Dec. 1. New York
will be made about Dec. 15 and will be anywhere from $90 to $100 per share.
Newark (N. J.) Taxi Rates Reduced.
-Yellow Taxicab Co. will charge 15c.
The exact sum paid depends upon the amount paid by the city during the for first 1-5 mile, instead
of 20c. This brings the rate from Ck.to 35c. per
next few days. See also V. 119. p. 2181.
mile. New York "Times" Nov.30, Sec. 1. p.23.
Wage Reductions.-Thorndyke Mills (Palmer. Mass.) will reduce
Tr -County Light & Power Co.
-Exchange Offer.
10%,effective Dec. 1, affecting about 500 employees. "Philadelphia wages
News
See Associated Gas & Electric Co. above.
-V. 103. Is• 499•
Bureau" Nov. 29.
Massachusetts State Board of Conciliation and Arbitration Orders 10%
Union d'Electricite, Paris, France.
-New Financing. Cut for Brockton Shoe Workers. "Boston News Bureau" Dec. 1, p. 11.
See International Power Securities Corp. above.
Brass Price Advanced.-American Brass Co. advances price of sheet brass,
seamless brass tubas, sheet
Union Passenger Railway Company.
-Dividend.
- "Boston News Bureau" Dec.copper and bare copper wire Sic. a pound.
3.
semi-annual dividend of $4 75 per share has been declared on the stock
A
Price of Chain Advanced.
-An advance of
lbs. was announced by
payable Jan. 1 to holders of record Dec. 15, less third and fourth quar- the United States Chain Co. This makes 25c.a 100 of 6.25 as has been
a base price
terly installments of the 1923 income tax, amounting to 60 cents per share. quoted by other chain makers for several months. "Wall Street News"
-sr, 118, p. 2825.
Dec. 3, p. 2.
Coal Prices Advanced -Burns Bros. has advanced stove
coal
United Light & Railways (Del.).
-Guaranteed Pref. 25c. a ton, to $14 25, leaving egg unchanged at $14. Peaand chestnutsizes
and broken
Stock Offered.-Bonbright & Co., Inc., are offering at 95 remain $9 75 and $13 25 a ton. It is expected that these prices will prevail
"Wall Street Journal" Dec. 1. p.8.
and div., to yield about 6.85%, $5,000,000 64% Cumul. through the remainder of the winter. 29.-(a) Copper and Brass Research
Matters Covered in "Chronicle" Nov.
Prior Pref. stock, par $100. Acceptable at par in payment Association holds annual election: President Agassiz shows increased uses
of copper;outlook for industry most encouraging. p.2470.
for Class A Common stock of the United Light Sr Power
Co.
at $50 per share up to and incl. March 11927, at $55 per
share thereafter up to and incl. March 1 1928, and at $60
per share thereafter up to and incl. March 1 1929.
Alabama Pipe Co., Anniston.
-Merger of Pipe Cos.
-
Articles of incorporation were recently filed at Anniston, Ala., for the
above company with an authorized capital of 14.000.000 of Preferred and
80.000 shares of Common stock. The new company will consolidate 12
The Prior Pref. stock is preferred as to assets and dividends over any other pipe-manufacturing plants in Alabama and Tennessee formerly operated
stock of the company. Red.all, or part,on 60 days' notice at 105 and sib's. by the Alabama Pipe & Foundry Co., Standard Foundry Co.. Union FounDividends payable Q.
-F. Exempt from present normal Federal income tax. dry Co. and Ornamental Foundry Co. In Anniston; Talladega, Ala.. Pipe
Transfer agents: Guaranty Trust Co., New York: The United Light & Co.; Superior and Imperial Pipe companies, Bessemer, Ala.; Agricola Pipe
Railways Co., Chicago. Registrars: Bankers Trust Co.. New York: Co., Gadsden Pipe Co. and Coosa Pipe & Foundry Co.. Gadsden, and the
Illinois Merchants Trust Co.. Chicago.
Rabe Pipe Co., Chattanooga.
Guam/v.-Unconditionally guaranteed as to payment of dividends and
The new corporation will maintain its chief office at Anniston, its officers
liquidation price by endorsement of guaranty on each stock certificate by
citizens of that city. W. F. Johnston is President; C. A. Hamilton,
.-Pres. & Gen. Mgr.; William M. Byrd Jr., 2d V.-Pres.: Walter
the United Light Ss Power Co.
Business et Territory.-The company, incorp. in Delaware, is controlled Reynolds, Treas. & Asst. Sec.; J. R. Godwin, Sec. & Asst. Tress; and
through ownership of all of its Common stock by the United Light & Power T. H. Collins. Asst. Sec. & Treas. Former Governor Thomas E. Kilby
Co. of Md. The latter company, or its predecessor, has for many years is chairman of the board.
-V. 119, p. 2289.
controlled and operated a group of properties furnishing a diversified public
utility service in ninety-seven prosperous and growing conununities in the
Allis-Chalmers Mfg. Co.
-Unfilled Orders.
heart of the Middle West. These are mostly situated in Iowa and Illinois.
Unfilled orders on Nov. 1 aggregated 110.026,000, as compared with
The United Light Sr Railways Co. is acquiring a controlling interest is $10,376,527 on Sept. 30. $11,014,000 on Sept. 1, $11,052,000 on Aug. 1
which has recently acquired control of and $11,049,000 on July 1.-V. 119,
Continental Gas & Electric Corp.,
p. 2065.
Kansas City Power & Light Co. and Columbus Ry.. Power & Light Co.
The communities served by the combined properties total 289 and include
American Bank Note Co.
-Extra Dividend of $7.50.
the cities of Davenport. Ia.: Rock Island and Moline. Ills Kansas City,
The directors have declared an
Mo.; Columbus, 0.: and Lincoln, Neb. The aggregate population served Common stock, par $50, payable extra dividend of $7.50 a share on the
Dec. 31 to holders of record Dec. 15. An
is in excess of 1.750,000.
extra dividend a 10% in cash was paid Dec. 31 1923. while on Dec. 29 1922
Purpose.
-The proceeds from the sale of this Prior Pref. stock and of
company paid 20% extra in cash and 10% in Common stock on the Corn15.000,000 (iSS% Gold Debentures of the United Light & Power Co.. will Si •Ti stock.
provide, in part, for the acquisition of over 75% of the Common stock of
The directors also declared the regular quarterly dividend of 75c. a share
Continental Gas & Electric Corp. by the United Light & Railways Co. on the Preferred stock, payable Jan. 2 to
holders of record Dec. 15.In addition, sufficient holders of the remaining shares have accepted an V. 119, p. 2066, 2534.
offer to exchange their holdings for Preferred and Common stocks of the
United Light & Power Co.to assure the ownership of not less than 95%
American Chicle Co.
-Tenders.
of the Continental Gas & Electric Corp. Common stock.
The Bankers Trust Co., 16 Wall St., N. Y. City, will until Dec. 23
Esuits.-This 6 % Prior Preferred stock ranks equally with the United receive bids for the sale to it of5
-year notes, dated Oct. 1 1922,to an amount
Light & Railways Co.'s 7% Prior Preferred stock, of which $3,402.977 is sufficient to exhaust 185.500.-V. 119, p.2066.
ignkr
THE CHRONICLE
2650
Cyanamid
-Extra Dividend.
Company.
[vim, 119.
Bethlehem Steel Corp.-Improvements--70perating at
American
y.-Pres. E. G. Grace authorizes the following
the Common stock
,
An extra dividend of 35 of 1% has been declared on the Common stock 70% Capacit
on
• n addition to the regular quarterly dividends of 1% 2 to holders of record • statement in regard to the additions and improvements beJan.
• and 134% on the Preferred stock, all payable four previous quarters.
-V. ing made in the plants of the corporation:
Dec. 15. Like amounts were paid during the
The Bethlehem Steel Corp. has completed, at the cost of $6.000,000.
119, p. 1174.
the coke-making equipment at Its Lackawanna plant.
the
- Theremodeling of t gives Lackawanna a coke-making capacity of 100,000
-Status-Directors.
new equipmen
Pneumatic Service Co.
American
for the 10 months ending tons a month, which is near the maximum required to operate its blast
Net profits of the Lamson Co., a subsidiary, were running 11% ahead furnaces at capacity.
1 Lamson sales
, Oct. 31 were $491.122. To Nov.$5,000,000 by the end of the year. The
The new and modernized equipment at Lackawanna will represent a
of 1923 and are expected to reach
$4,249.000. The company large annual saving tcf the company, not only in production and efficiency,
previous peak was in 1920, when sales reached
problems. The new ovens will make
d business on its books, which is sufficient to but also in the removal of purchasinghours required in the process formerly
has $1,000,000 of unfinishe
coke in 12 hours, as against 18 to 20
take it well into 1925. •
of used. They give the company the advantage of reclaiming all the byOct. 31 shows current assets
The balance sheet of Lamson Co. as of $205,630. During the first 10 products of coke, including fertilizer, gas, lubricating oils, tar and pigment
42.461,154, against current liabilities of
notes issued in connection
in the manufacture of coal tar dyes.
• months of 1924 the company retired $425.000 and is now free of debt. used addition of the new coke ovens marks an important step in the modThe
'Y., plant,
's
with the erection of its Syracuse, N.compared with $95.464 at the end of ernization and expansion of the Bethlehem Steel Co Lackawanna plant.
. as
Cash on Oct. 31 stood at $298.061has $400,000 cash to-day. Inventory on
There has also been completed at the Lackawanna plant the rehabilitacom1923. The company, it is stated,
when compared with the close of 1923. tion of the plate, blooming and roughing mills. These mills have been the
Oct. 31 shows a reduction of $300,000 the mail tube service in New York pletely rebuilt and equipped throughout with electric drive, replacing
During the first 10 months of 1924
combined statement of the American older steam and hydraulic power.
showed a profit of $48,422. The
) and its subsidiaries showed
One of the most important changes in the Lackawanna plant has been a
'Pneumatic Service Co. (the holding company g a full year's dividends of complete modernizing of the power and heating equipment. Boiler plants
period of $413,970. After deductin
y have been largely renet for the
there will remain $308,970 for the 126,576 shares steam engines, hydrulic and compressor machiner
4105.000 on the 1st Pref.
been charged off during the 10 months for placed with electric power, and waste gases from the new coke ovens and
of2d Pref. This year $93,266 has
coal.
this charge was made in a lump blast furnaces used for fuel in place of
depreciation of the mail tubes. Formerly figure was $171,000.
The new structural mills at Lackawanna will probably be completed in
In 1923 this
sum at the end of the year.American Pneumatic Service Co. as of Oct. 31 the latter part of 1925.
balance sheet of the
The
At Bethlehem's Cambria plant in Johnstown, the Gautier bar departto $320,000, contrasted with $645,000 at the
shows bank notes reduced
an improvement from $1,507,000 to ment is being completely remodeled. A new blooming, billet and sheet bar
end of 1923. Working capital shows in liquid condition, coupled with the mill has been also completed at Cambria and is now in operation.
ent
$1,937.000. It was this improvem sutsidiary, which led the directors to
The new tin plate plant at the Sparrows Point plant will be finished early
satisfactory show ing by the Lamson
This plant will include 12 mills and will add 50% to Sparrows
"Boston News Bureau."
increase the dividend on the 2d Pref. Co., and John Dearborn, Pres. of in 1925.
Point's present tin plate capacity The rail mil' At Sparrows Point has been
of Hayden, Stone &
Jere A. Downs,
directors to succeed Gilmer Clapp and rebuilt, electrified and is now in operation.
at
Warren Bros. Co., have been elected
See also V. 119, p. 2534.
Bethlehem's plans for the improvements at the various plants made s,
Franklin A. Webster, both deceased.
the time of purchasing the Lackawannb. Midvale and Cambria propertie
taken
-Common Stock Increased-50% called for the expenditure of about $25.000,000. This money was 000 of
American Radiator Co.
The program was later
-At a special meeting of the stock- from surplus. provide additional funds,epxanded and with $30.000, 000
it is likely that about $60,000,
Stock Dividend Declared.
bonds sold to
n stock was in- altogether will have been spent before the present work is completed. At
holders on Dec. 4, the authorized Commo
that time Bethlehem will have an entirely modernized group of plants. e in
$47,000,000.
greased from $22,000,000 to
The effect of the improvements in the plants is already noticeabl
s
costs, and as a result in
The directors on Dec. 5 declared out of surplus earning manufacturing70% of its full capacity. earnings. p.Bethlehem is now oper2290, 1957.
-V. 119.
upon the Common stock, pay- ating at about
of 50%
.
and profits a dividend
d will be paid
able in Common stock at par. This dividen
record Dec. 15.
on Dec. 31 to Common stockholders of representing this
Certificates of stock and fractional scrip
with
Dec.
stock dividend will be mailed on or aboutscrip.31 1924,
full explanation relative to the fractional
(Daniel) Boone Woolen Mills.-Earnings./os.
Period Ended Sept. 30 1924Gross profit_
Expenses
3
$133,467
205,616
9 fos.
$546,718
436,553
$72.149 $110.165'
loss
Operating profit
36,136
9.418
income
meeting held Oct. 15 1924 the usual quarterly Other
At the regular quarterly
stock now outstanding was
loss $62,731 $146,301
dividend of $1 per share upon the Common to Common stockholders of
Total income_
98,811
41,C26
etc
declared, this dividend to be paid on Dec. 31
not applicable to the new stock to Interest, discount,
record Dec. 15. This cash dividend is
with the dividend of Mar. 31
$49,490
loss $103.757
income before Federal taxes
issued as a stock dividend: but beginning
Net
be
of directors that the present dividend
1925 it is the expectation of the board be continued in respect of the total -V. 119, p.2539.
will
rate of $1 per share per quarteroutstanding. See also V. 119. p. 2182.
Co.
-Stock Dividend, &c.
Common stock then
amount of
Boston (Mass.) Insurance on Increasing the authorized capital
vote Dec. 9
-Obituary.
The stockholders
American Stores Co., Philadelphia.Hill, L. I., on Nov. 30. stock from $1,000,00will $2,000.000. par $100. It is proposed to distribute
0 to
died at Sharon
dividend. During
a 100%
Vice-President George M. Dunlap
the increased stock to stockholders aspaid cash stock
dividends at the rate of
-V. 119. p. 2066.
the past four years, the company has
on the new stock will be at the
28% per annum. It is said that dividends
-Balance Sheet Aug. 1.
Androscoggin Mills.
rate of 16% per annum.
oner of Corporations.]
[As filed with the Massachusetts Commissi s1924,
1923.
Liabilitie
1923.
Calumet & Arizona Mining Co.-Production.
1924.
AssetsJuly.
$2,000,000 $2,000,000
Capital stock
Notember. October. September. August.
Month ofal. est.& mach'y.$1,445,861 $1,451,505 Accts. payable
149,671 Copper output (lbs.)__4,028,000 4.444.000 3,448,000 3,802,000 2,732.0011
113,930
2,599,675 1,892,653
Merchandise
450,000 -V. 119, p. 2183.
804,665 Notes payable... 1,150.000
rec_ 635,504
Cash & accts.
1,605,775 1,730,426
178,982 Surplus
178,982
-To
.Securities
Canadian General Electric Co., Ltd., Toronto.
2.292
9,683
Prepaid interest
Stock.
of Additio
Retire Debentures Through Issuanre issuance, at nal of 52,000
$4,869,705 34,330,097
Total
par,
14,869,705 $4,330,097
The stockholders on Dec. 5 approved the
Total
l shares of Preferred stock (par $50) and 52,000 additional shares
additiona
118, p.87.
of Common stock (par $50). It is proposed to allot the stock to the General
-Interim Dividen cash at par, the proceeds therefrom to be applied to the
Anglo-American Oil Co., Ltd. the directors of thed.
company Electric Co. for outstanding 55.000,000 of6% Debentures of the company.
has announced that
retirement of the
Secretary A. H. Hewett
Is. 6d. per share, payable from the
President A. E. Dyment says in part: -The operation will in its net
declared an interim dividend ofof British income tax. The dividend
,have
position of the Preference shareholders
;net earnings of the current year, free by the National Provincial & Union result be highly advantageous to theof new Preference shares will be placed
15 1924
company. While $2.600,000
will be paid on and after Dec.
of its branches, of the
England, Ltd., Bishopsgate, London, or at anyy, at the equiva- on an equality with them. 15.000,000 of Debentures, which rank ahead of
.Bank of
Co. of New York. 140 Broadwa
hed. The position of the Common shareholders also
,or by the Guaranty Trust $4 66 2-3 per pound sterling (equal to 35c. per them, will be extinguis 119, p. 2409.
of
-V.
lent in U. S. currency in May last paid a dividend of 2s. 6d. per share and will be improved."
.share). The company of is. per share.
-Report.
-V. 119. p. 2290.
Canadian Industrial Alcohol Co.
In Dec. 1923 a dividend
1923.
1924.
Years Ended Sept.
f Rhode Isl.-Receiver.- x Profits for year 30$1,515,309 $1.020,599
Textile Co.,
Aracoma
600.000
Inc.,dourt at Providence, R. I., Nov. 24, Dividends paid
800,000
Jerome J. Hahn in Superior
Judge
of Providence as receiver for the Aracoma
Appointed E. Butler Moulton Mills, Inc., which operate a drapery menu$420.599
$715.309
Balance, surplus
'extile Co., Inc.. and Guyan
T
Falls. The two corporations petitioned for yefacturing plant in Centralfor $150,000, which was brought by the Aracoma
*
x After administration expenses, depreciation and income tax.
ip following a suit
York.
Balance Sheet Sept. 30.
:Textile Co. of New
1923.
1924.
-Assessment Levied.
Mining
1924.
1923.
• Arcadian Consolidated share has Co. called by the company. .lssets$
5
Liabilitiesbeen
a
$
cents per
An assessment of 50
10,000,000 10,000,000
shares of capital stock Property. &c
6,921,515 6,234,430 Capital stock
20. There are outstanding 206.015 -V. 118. p. 2887.
186.901
payable Dec.
181,829
3,502,018 3,286,796 Bonds
Investments
50 a share has been paid in.
464,128
'(par $25), on which $14
'2 053,208 1,369,024 Accounts payable 1,333,015
Inventories
-300,000
-Earnings.
250,000
140,382 Div, pay able
Accts.receivable_ _ 132,504
Archer-Daniels-Midland Co.(& Subs.).
420,599
1923.
1,206,462
1924.
360,906 Surplus
452,060
Cash
Years Ended Sept. 30$1.091,288 x$254,767
130.113
Net profit
13,061,307 11,371,629
355,044
13,061,307 11,371,629 Total
Total
15,582 -V. 119, p. 1738. 1629.
Provision for depreciation
92,031
73,646
Provision for Federal tax
350,000
s
-Sale of Plant.
Preferred stock dividend
Carriage Factories, Ltd., Montreal.
$35.426
$294,214
The shareholders on Nov. 28 approved an agreement whereby the
Balance, surplus
35,426 plant, property and business of Brantford Carriage Co., Ltd.,and Dominion
329.640
Profit and loss surplus n of earnings accruing to the company from its Carriage Co., Ltd., and also the Alexandria plant of Carriage Factories.
x Being the proportio
Sept. 30 1923.-V. 117. p. 765.
Ltd.. will be merged into a new company. Canada Carriage & Truck Co..
Incorporation, May 10 1923. to
Ltd. All these plants have been engaged in the manufacture of buggies
-Extra Dividend.and this is the principal
Co., N. Y.
Babcock & Wilcox on the capital stock has been declared, payable and carriages, sleighs and light motor truck bodies, . Carriage Factories.
business which will be carried on by the new company
3%
•
An extra dividend of of record Dec. 20 1924. An extra aividend of 2% Ltd.. retains its plant at Orillia. Ont. which will continue to carry on its
Jan. 2 1925 to holders
present business of manufacturing automobile bodies and heavy trucks.
-V. 118, p• 1688.
was paid a year ago.
Increase Stock-Rights. Mass., is about V. 119, p. 2535.
-To
Beacon Oil Co.
a large refinery at Everett.
Casein Co. of America (N. J.).-Extea Divide)/ qs.no par value shares
The company, which operates
Common stock from 160.000additional shares of
Tho company has declared an extra dividend of2% on the l'referred stock,
to increase its outstanding
the 32,C00
proposed to offer
n of one payable Dec. 12 to holders of record on Dec. 6.
to 192.000 shares. It is
ers at $2.5 a share in the proportio. After
The Casein Co. of America (Delaware) has declared an extra dividend
Common to Common stockhold
This financing will provide $800,000
of record Dec. 12.
will consist of $875,000 of 1%, payable Dec. 20 to holders last month.
new share for each five held.
capitalization
-V. 110, e. 2291.
Extras o. like amount were paid
shares are issued the
% Preferred stock and
the new Common
notes, $2.750,000
6Si% Serial Purchase Money
-Report.
(J. I.) Case Plow Works Co.
.
shares of no-par Commonare to be used principally to provide funds
192.000
The company reports net sales for the year ended Sept. 30 1924 of $2,138,The proceeds of this financing
efforts to develop a supply of crude oil 028: operating profit after expenses, adjustments. Ste.. of $55,389: total
s
for the continuance of the company'
ion, 3765.592.
income. $144,146: deficit after taxes, interest and depreciat
In Venezuela.
4434% of the outstanding Common -V. 119, p. 2291.
The Massachusetts Gas Co. owns
119, p. 696.
inue Common
-V.
stock.
-To Discont
Celluloid Co., New York.
-Bond Called.
Inc.
• Beaver Products Co., -Year 736% s
Sinking Fund Gold bonds,
nds.- Earnings Disappointing. -President Herbert
,
Mtge. 20
certain 1st & Ref.114, p. 2828) aggregating 4100,000 have been called Divide Nov. 29, says:
dated July 1 1922 (V.
Central Trust Co. of Illinois, Rawle,
The volume of business and the profits of the company for the year to
for payment Jan. 1 at 110 and int. at the
111.-V. 118, p. 2707.
date have been disappointing, and the Common dividend has not been
trustee, 125 West Monroe St., Chicago,
Div. earned. The directors therefore feel the Common dividend should be dls-Initial Common
Belgo Canadian Paper Co Ltd. on the outstanding 38.500.- continual for the present and until conditions change for the better, so
An initial dividend of 1 4% has been declared holders of record Dec. 31. that cash and working capital may be conserved, maintaining aS fully as
Jan. 10 to
possible the splendid financial condition of the company.
000 Common stock, par $100, payable
V. 118, p. 1523.
DEC. 6 1924.]
THE CHRONICLE
2651
Conditions in this industry, as in business generally, having shown
(E. I.) du Pont de Nemours & Co.—Inaugurates a
improvement. it is believed operations for the coming year will show an
advance in both volume and profits, particularly in view of the improved Savings Plan and a New Stock Investment Planfor Employees.—
operating conditions at the factory and the plans which have been developed
The company on Dec. 1 announced the inauguration of a savings plan
for increasing the sales in all departments.
and a new stock investment plan for employees. The
[The company, this year. paid 33 % on the Common stock, as follows: "for the purpose of providing an incentive to employees savings plan is
to
to
March13i ; June 1% and Sept. 1%. This compares with 6% paid in accumulate a fund for investment." The stock investmentsave andfor
plan is
1923.)—V. 118, p. 2828.
°
the purpose of providing an incentive for employees to start the"accumulation of income-producing property." These two plans are substituted for
(Charles C.) Chapman Co., Los Angeles.—Bonds others of like purpose, which have been in effect since 1909.
Under the new savings plan employees, whose earnings do not exceed
Offered.—California Securities Co. Los Angeles, recently
a year, may subscribe for "du Pont thrift certificates"
offered on a 5.70% basis, $1,000,000 First (Closed) Mort- $3,000of 20% of theannualsalau,but not exceeding $500 at anyup to the
'
value
one time
at the rate of 6% ner annum, the interest to become part of the principal
gage 6% Sinking Fund Gold bonds.
Dated Oct. 11924; due Oct. 11934. Interest payable A. & 0. at Cali- semi-annually until the value of the certificates issued to any participant
fornia Trust Co.,Los Angeles, trustee and at Anglo & London Paris National shall reach $500. After that interest will be paid to the participant. This
Bank, San Francisco. Denom. $1,000. Callable on any int, date after 30 plan carries with it provisions for withdrawal in case of need or the transfer
days notice at 103 and int. Exempt from California personal property tax: of the amount saved to the company's stock investment plan or SOLtle other
approved investment.
Data from Letter of Charles C. Chapman, President of the Company
Under the stock investment plan employees, who are not directors, may
Security.—Secured by a closed first mortgage on business property located subscribe for the company's 6%, Cumul. Debenture stock at $92 per share,
at the Northeast Corner of 8th St. and Broadway. Los .Angeles. Calif., payable in whole or in monthly installments. The subscriptions are
having a frontage of 100.64 feet on Broadway and 149.24 feet on Eighth. limited to 20% of the employee's annual salary, but in no case to more than
This lot is improved with a modern 13 story and basement bank and office ten shares and the company reserves the right to accept subscriptions for
building of Class A fireproof construction, known as The C. C. Chapman the coming year to not more than 6,000 shares. Under this plan subBuilding. This issue will be further secured as to principal and interest scribers will receive the regular dividends, plus $3 a share for five years,
by the personal guarantee of Charles C. Chapman.
after full payment shall have been made. In case of partial payment,
Income.—The building will contain (upon completion of improvements Interest at the rate of 6% will be allowed until the full amount shall have
now under way) 406 offices and two complete banking rooms. The corner been paid in.
banking room and basement are leased to California Bank, the remaining
Provision is made under this plan for converting holdings under the
ground floor space and basement being occupied under lease by the Bank of 1921-1924 plan, whereby such holdings will be given the full benefit of
America; the period of these leases extending to 1937 and 1933 respectively. thr extra $3 per share payment.
The average net annual earnings for the past 4 years have been over
Many employees have taken advantage of the stock subscription plans
236% times the annual interest requirements of this issue and upon com- heretofore in force and last year 1,973 of them subscribed to 6,980 sharm
,
pletion of present improvements the estimated net annual earnings will be of the Debenture stock. Of the company's 12,037 stockholders. 3,028.
over 4 times the annual interest requirements.
or about 25%, are employe. At the time the last annual report was
Appraisement.—The building was appraised in 1923 by John and Donald Issued 23 of every 100 employees were stockholders in the company.—
B. Parkinson at $1,790,000 and the land has been appraised this year by V. 119. p. 2414.
R. F. Tousley at $1,500,000. The total conservative valuation of the
property is, therefore, $3.290,000, or well over three times the amount of
_(Otto) Eisenlohr & Bros., Inc.—Pref. Stock Reduced.—
this issue.
The Phila. Stock Exchange,on Nov.24,struck off the regular list
Purpose.—Proceeds will be used to retire existing mortgage indebtedness Pref. stock, reported canceled as of Nov. 19 1924, leaving the 330.000.
amount
and for general corporate purposes.
outstanding and listed $2,284,300.—V. 119, P. 1069.
City Ice & Fuel Co.—To Change Par Value.—
The stockholders will vote Doc.17 on changing the par value of the capital
stock from $100 to no par value and on approving the issuance of 5 shares of
no par stock for each $100 share held.
The company has authorized $25,000,000 capital stock (par $100). of
which there is outstanding about $12,000,000.—V. 118. p. 2309.
Cockshutt Plow Co., Ltd.—Sale of Interest in Brantford
Carriage Co., Ltd.
-See Carriage Factories, Ltd., above.—V. 119. p. 460.
Commercial Solvents Corp.—To Sell $3,200,000 Notes.—
The directors have authorized the sale of $3,200,000 5
-Year 635% notes,
convertible into class "B" shares at $110, and also approved an increase of
30.000 shares in the authorized issue of class "B" stock to provide for the
conversion. The stockholders will vote Dec. 19 on approving the foregoing.
The notes will be offered to class "A"and class"B"stockholders of record
Dec. 24, at par and will be underwritten by Tucker, Anthony & Co. and
Huntington, Jackson & Co.
The proceeds will be used to construct a large addition to the company's
Peoria plant and to build a new factory of the same size as that at Peoria,
and a now derivative plant at Terre Haute. The Peoria enlargement now
under way should be completed in March 1925 and will add 30% to present
production capacity. The new plant should go into operation by October
1925, increasing the company's present output 100%. The action Of the
board is induced by the rapid growth in the demand for butanol, and follows the company's policy of providing ample manufacturing facilities to
meet trade requirements. The company is now producing at more than
40% in excess of the rated plant capacity.—V.119, p. 1847, 1399.
Congoleum-Nairn, Inc.—Merger Completed—Listing.—
President Frank B. Foster states: "The merger of the Nairn-Linoleum
Co. and the Congoleum Co.,Inc., has been completed and the vast production of the Nairn Linoleum Co. will henceforth be distributed through
our selling organization."
The Philadelphia Stock Exchange has authorized the listing of 1.641,026
shares of Common stock, no par value, issued in exchange for Congoleum
Inc., Common stock, no par value (stricken from list), and in connection with the acquisition of the Nairn Linoleum Co. The 1,641,026 shares
Co..
listed aro part of a total of 1.650.000 shares applied for listing in co.'s application dated Oct. 15 1924;the balance of 8,974 shares being subject to listing
on official notice of issuance and payment in full. Transfer agent, Contra
Union Trust Co. N. Y. City. Registrar, Bankers Trust Co., N. Y. City.
—V. 119, P. 1959
'
.
Congress Hotel Co. of Chicago.—Bonds
The company has elected to redeem $235,000 2d Mtge. 5% bonds (Nos.
166 to 400, incl.) dated Aug. 1 1901. on Feb. 1 at par and in
Payment of
the bonds will be made at the Illinois Merchants Trust Co., Chicago, Ill.
—V. 91, p. 96.
Consolidated Naval Stores Company.—Bonds
All the outstanding 1st Mtge. 7% S. F. Gold bonds. due Dec. 15
of the Consolidated Naval Stores Co. and Consolidated Land Co. 1925,
have
been called for payment Dec. 15 at 100% and int. at the Harris Trust &
Savings Bank, Chicago, Ill.
Certain of the outstanding 1st Mtge. 7% S. F. Gold bonds, due Dec. 15
1926. aggregating $65,000, have also been called for payment Dec. 15 at
101 and int. at the Harris Trust & Savings Bank.—V. 117. no• 1781.
Continental Baking Corp.—To Oppose Merger.—
William G. Marvin of Marvin & Pleasants, attorneys, of 150 Broadway,
announced Nov. 28 that as an act "for the public good" he would file a
formal complaint on Dec. 1 with tho Federal Trade Commission against
the Continental Baking Corp. merger. Western millers also have protested
the combination and eight Governors of Western States are said to have
expressed their opposition. The Federal Trade Commission was reported
recently to have instituted an investigation of the merger.—V.
119. P.
2536, 2414.
Cosgrave Export Brewery Co.—Larger Dividend.—
The directors have declared a dividend of 1U% on the capital stock
for the last quarter of the year. This puts the stock on a 7% annual basis,
compared with 6% paid previously.—V. 116. p. 1654.
Dalton Adding Machine Co.—Bonds Called.—
Certain of the outstanding 8% 8. F. Cony, gold bonds, dated Dec. 1
1921, aggregating $24,200. have been called for payment Dec.31 at 107 and
int. at the Union Trust Co., trustee, Cincinnati, Ohlo.—V. 115, p. 650.
Donnacona Paper Co., Ltd.—Tenders.-The company will until Dec. 31 receive bids for the sale to it of 400
shares of the Preference stock for the sinking fund.—V. 118, p. 1141.
Duplex Condenser & Radio Corp.—Stock Offered.—
Lansburgh Brothers, New York, are offering at $11 a share
31,250 shares (no par value) of capital stock. The stock is
offered as a speculation.
The company, formed under the laws of Delaware. has acquired from
the Duplex Engine Governor Co., Inc., its plant and inventory and its
radio condenser business, together with its good-will. The predecessor
company began the manufacture of the present Duplex variable condenser
In 1923.
Loo Potter, head of the Thermiodyne Radio Corp.. has acquired
stantial stock interest in the new company, as well as assuming its a subPresidency.
It is estimated that net earnings for the claender year 1925 will be
not
less than $375,000.
Electric
Auto-Lite
Company.—Bonds
All of the outstanding 1st Mtge. 10
-Year 734% S. F. Gold bonds, dated
July 1 1922, have been called for payment Dec. 31 at 105 and int. at the
Irving Bank-Columbia Trust Co.. 233 Broadway, N. Y. City.—V. 118.
p. 2577.
Elgin National Watch Co.—Extra Dividends.—
The two extra dividends of $2 50 a share each, which were declared
last week, are payable Dec. 20 and Jan. 20 to holders of record Dec. 3
ahd Jan. 1. respectively.—V. 119, p. 2537.
Empire Coke Co.—Bonds Called.—
Certain of the outstanding Collat. Trust 6% 10-Year Gold bonds,
aggregating $40,000, have been called for payment Jan. 1 at par and
hit, at the Metropolitan Trust Co., 120 Broadway, N. Y. City.
in addition to the $40,000 bonds selected by the trustee for redemption,
all of the remaining Collat. Trust bonds, aggregating $266.400. have been
called for pay
2070.ment Jan. 1 at 105 and int. at the Metropolitan Trust Co.—
V. 119, p
.
Equitable
Radio
Corporation, New
York.—
Holders of stock trust certificates for capital stock of the corporation of
record, Nov. 18, were given the right to purchase one additional share of
such certificates for each share held, at $1 50 per share. The right to subscribe expired Nov.28. Maurice J. Freeman is Chairman of voting trustees.
Company's office is at 43 Exchange Place, N. Y. City. The company, on
Nov. 25,filed notice at Dover, Del., of an increase in its authorized capital
stock from 2,500 shares to 15.000.
Eureka Vacuum Cleaner Company.—Notes Called.—
All of the outstanding 8% 15
-Year S. F. Cony. notes. due Jan. 11937.
have been called for payment Jan. 1 at 110 and int. at the Continental &
Commercial National Bank, Chicago.
or at the Union Trust Co..
Detroit. Mich. at 110 and int. For offering of notes see V. 114, p. 632.
Federal Coal Co. Charleston, W.Va.—Bonds Offered.—
Central Trust Co., Union Trust Co• Charleston National
'
Bank and Hardy, Dana & Co. Charleston W. Va., are
offering at 97 and int. to yiield'
s
7%%, $650,000 1 t Mtge.
Sinking Fund 5-Year i% Coupon bonds.
Holders
of the 6% bonds due Dec. 1 1924 may exchange their old 6%
bonds for the new 7% bonds on the basis of 100 for the old bonds and 97
for the new bonds. Those not desiring to make such exchange will be paid
off upon presentation at Peoples Saving & 1rust Co., Pittsburgh, Pa.
Dated Dec. 1 1924; due Dec. 11929. Prin, and int. (J. & D.) payable
at Central Trust Co., trustee, Charleston, W. Va., without deduction for
normal Federal income tax up to 2%. Denom. $1,000 c*.
Company.—A West Virginia corporation. Company is not actively
engaged in the production and shipment of coal, but owns in fee a bodyfof
coal land, aggregating 28,000 acres, located in Boone County, W. Va.
The principal business consists of leasing its lands to operating coal companies and collecting the rentals and royalties accruing under such leases.
More than 7,000 acres of the lands have, however, not yet been leesed.
and the company is now negotiating for the sale of about 3.500 acres of its
land at a price of $227.500. If such sale is made the proceeds received
therefrom, in the form of cash or secured notes, will be paid over to the
trustee for the benefit of the sinking fund. The most important lease which
the company has outstanding is to the Coal River Collieries Co., which
company is owned or controlled by the Brotherhood of Locomotive Engineers. The minimum rentals accruing under this lease aggregate more
than $40,000 per year. Total minimum rentals or royalties accruing
to the company under its various leases already existing exceed $75.000
per year.
In addition to coal values, the company has standing timber upon its
lands estimated conservatively at 50,000,000 ft., which it has assigned
under the mortgage to the trustee. This timber is being cut and removed
from the property by the Rockcastle Lumber Co. of Huntington, W. Va.,
under a contract by which Federal Coal Co. receives $5 for each 1.000 ft.
of timber taken, and this timber is paid for monthly as shipped, with a
minimum payment of $50,000 per year until fully paid for.
The company has leased all of its lands for oil and gas purposes at $1 per
acre per annum rental, with actual royalties of one-eighth of the oil and, in
some instances, $300 per year for each gas well, and, in others. h cent per
1.000 cu. ft. of gas. From this source the company derives a present
income of $28,000 per annum. These leases are held by the Pure Oil Co.
and Godfrey L. Cabot. each holding about one-half the territory.
Sinking Fund.—Company is required to pay to the trustee each month
all the money which it receives from timber sales and oil and gas rentals
and royalties, and five-eighths of all the money which it receives from coal
rentals and royalties, less an allowance to the company of $25,000 per year
to cover taxes. These funds are used by the trustee at the end of each 6
months (interest coupon dates) in purchasing outstanding bonds for cancellation or in redeeming bonds as provided. If bonds cannot be purchased in the open market at a less figure, they are red, by lot at 102 and int.
Purpose.—Proceeds are to be used in retiring the outstanding $850,990
bonds.—V. 106. p. 1581.
Federal Motor Truck Co.—Production.—
The company in November turned out about 450 trucks, compared with
440 in October and about 200 trucks in November 1923.—V. 118. p. 1018
Fisher
Body
Corporation.—To Redeem
Notes.—
The corporation, on Feb. 1 1925, Win redeem all of its 6% Serial Gold
notes, Series "C." "D" and "E." The notes of Series "C" will be redeemed at 101,Series"D"at 101 3 and Series"E"at 102 with accrued interest to Feb. 1 1925. Holders of those series also have the option of anticipating payment on Jan. 2 1925, or any business day thereafter to and including
Jan, 311925. In addition the corporation announces that
holders of the
Series "B" notes desiring to anticipate payment may do so by
surrender
thereof to the Bankers Trust Co. on Jan. 2 1925, or any business day to
and
THE CHRONICLE
2652
including Jan.31 1925. The Series "B" notes will be paid at par and mt.V. 119, p. 2415.
1 Fleischmann
Co.
-Extra Dividend of 50 Cents.
The directors have declared an extra dividend of 50c. per share on the
stock, payable Jan. 2 to holders of record Dec. 15. This is in addition to
the regular quarterly dividend of 75c. per share, payable on the same date.
An extra dividend of 50c. per share was also paid Oct. 1 1924.
President Julius Fleischmann says: "Our earnings for the year will run
about $6 50 a share on the 1,500,000 Common shares. For the last quarter they will run about 20% ahead of last year and the whole year will be
about 15% ahead of 1923.
"I am not interested in any baking companies or in any baking mergers.
The Fleischmann Co. is supplying 30,000 bakers and 250.000 grocers daily
with yeast and the demand is increasing all the time. The outlook for
1925 with us is very encouraging. There is a marked tendency in the United
States to do away with home bzking and to use baker's bread. This falling
has
oftIn home baking has hurt our business in that line to some extent, but it has
been practically made up by our 'eat a cake of yeast' campaign, which
Increased about 100% over 1923."-V. 119. p. 2070, 1287.
-Price Reduction.
Ford Motor Co., Detroit.
The company has reduced the price of the Fordor sedan $25. Tudor sedan
$15,coupe 35, touring car $5,runabout $5,Ford chassis $5 and Ford one-ton
truck chassis $5. The new price of the Fordor sedan is $660. The reductions affect all persons who are enrolled in the Ford weekly purchase plan
and those who have not yet taken delivery oftheir cars automatically benefit.
The company states that these reductions are due to the many improvements and manufacturing economies brought about by the opening up of
-V. 119, p. 2185.
new resources under its control.
Foundation Co. of Canada, Ltd.-Pref. Stock Offered.
Drury & Co., Montreal, are offering at $100 per share, payable 50% on allotment and the balance in accordance with
calls, carrying a bonus in the ratio of one share Common
stock with each $100 paid up, $400,000 7% First Cumulative Preference stock.
Dividends payable quarterly. Red. all or part at the amount inici up
thereon with an additional $10 per share premium and accrued dividend
upon 60 days notice. All Preference shares will have full voting rights and
the by-laws of the company will provide that no additional First Preference
shares can be issued without the consent of at least 75% of the First Preference stock then outstanding and that no bonds can be issued without the
consent of75% of the First and Second Preference stock voting by classes.
Capitalization to Be Authorized and Issued.
$400,000
7% First Cumulative Preference stock
250.000
7% Second Cumulative Preference stock
300.000
stock (par $25)
Common
-Organized under the laws of the Dominion of Canada. Will
Company.
and assets of the Construction Equipment Co., Ltd..
acquire the properties
and of the present Foundation Co. of Canada, Ltd.. or all the issued capital
stock of both companies as at Dec. 31 1923. Company will be an engineering and construction organization engaged in the building of terminals,
bridges, industrial plants, mine shafts and tunnels and specializing in hydroelectric developments and foundations of all kinds.
The new company will have all the benefits that may be derived from a
very close working arrangement with both the American and British companies. The Foundation Co., Ltd.. of England is. at the present time,
doing a large and profitable business.
Purpose.-Proceeds are to be used for working capital.
-The 2d Pref. stock to the full amount of $250,000
2d Preference Stock.
will be subscribed for by Foundation Co. of New York, and will be paid for
In plant, materials and equipment of the two operating companies (as
valued by an independent engineer) and cash at par.
Common Stock which will be required for distribution to the purchasers
made on them,
of First Preference stock if and when subsequent calls arethe First Preferwill be held in the name of two trustees, and in the event of
ence stock being repurchased or redeemed in whole or in part, without such
additional calls being made, then this Common stock will be cancelled.
.-The earnings of the Canadian business for the last 14 years.
Earnings
1910 to 1923. both inclusive, after providing for all interest, taxes and
depreciation, amounted to $1,129,337, or an average of $80,667 per annum.
The average earnings for these years would therefore have been equivalent to 3 times the dividend requirements on $400,000 of the First Preference stock of the new company,or over five times the dividends on $200,000
of such First Preference stock to be :presently called and paid up.V.-Pres.
-John W. Doty, Pres.; R. E. Chadwick,
Directors and Officers.
and Gen. Mgr.; A. J. Brown, N.C., Franklin Remington, V. M. Drury,
E. R. Decary, W. F. Angus, Frank Quilter.-V. 119. D. 2537.
-Declares Dividend for 1925.
Francisco Sugar Co.
The directors have declared a dividend of $6 a share on the capital stock,
payable in four quarterly installments of $1 50 a share each on Jan. 2,
April 1, July 1 and Oct. 1 1925, to holders of record Dec. 23 1924. Mar. 21.
June 20 and Sept. 21 1925. A year ago an annual dividend of the same
-V. 119, p. 1740, 1631.
amount was declared.
[VOL. 119.
the French Government is of the opinion that the exploitation of the riches
of the colonies, as considerable as they are varied, will have an important
influence on the general recovery of France after the war. The French
Government has also considered that the development of the colonies would
insure a growing outlet for its industrial production and particularly for the
metallurgical products of France. This project has all the more importance
because of the restoration of the whole of Alsace Lorraine to French territory and the recovery of the iron mines in the East must give a considerable
impetus to this production.
In order to facilitate this development of the colonies, a vast program of
public undertakings is under way to realization, but the Government has in
the first place endeavored to insure regular and rapid communication by sea
with the colonies. This company is charged by the Government with the
duty of insuring these services, and is thus called upon to contribute in an
important degree to the exploitation of French colonial domains and the
development of commerce with them. This was the motive which led the
French Government to grant to the company the financial guarantees
referred to above. The liners of the company provide fast and comfortable
travel for tourists desiring to visit the East and Far East.
-To realize the above object of State,
Program for Company's Expansion.
the company has devised a program for immediate expansion which is now
of execution. This program includes the bringing into use within
in course
a short period of 10 new fast liners furnished with all modern improvements.
Nine of these are already being built and are about to be put into commission. A 10th boat will be put on the stocks shortly.
Furthermore, a certain number of vessels at present in use will be transformed by converting them into oil burners (this has already been done for 3
of them) thereby reducing appreciably the cost of operation.
The execution of the above program will make it possible to meet the
present needs of the service. Other vessels will be added to the line from
time to time as the development of trade may require.
-Company owns at present a fleet of 37 liners,
Assets of the Company.
registered at Veritas as being of the first class. Their total tonnage aggregates 425,000 tons. To these must be added 9 more liners which will soon
be ready for service, and a 10th which will be put on the stocks very shortly.
These 10 boats will represent a total of 166,000 tons.
The total book value (cost less annual depreciation) of the fleet of 47
vessels, totaling 591,000 tons, is 636,000,000 francs, but the actual value is
much greater, as shown by tho insurance carried on the fleet in commission.
and by the fact that nothing is added to book value for repairs and improvements. When the 9 vessels under construction are completed (they are now
78% constructed and paid for) the actual value of the fleet will be 800,000.000 francs. This does not take into consideration the further value, difficult to estimate exactly, which will be added to the steamers of the fleet
which will be equipped as oil burners.
-The capital of the company amounts to 60,Capital and Bonded Debt.
000,000 francs, composed of 120.000 shares of 500 francs each. The convention of Dec. 29 1920, provides for the payment to shareholders of an
annual dividend which the Government has guaranteed shall not fall below
4%. Only one-quarter of the capital stock has been paid In so that the
company has a call amounting to 45.000,000 francs on stockholders. The
Compagnie Messageries Maritimes as holder of over 80% of the shares, is
the principal obligor on the above claim. The bonded indebtedness of the
company (exclusive of the present issue) is 376.000,000 francs. Itrepresents
a policy of developing a fleet intended to carry out the Governmental
program by means of loans guaranteed by the State's credit rather than by
public flotation of large capital stock.
-The carrying out of the program of expansion of the
Financial Results.
company's fleet will equip it for meeting the increased demand expected as a
the economic development of the French colonies, which the
result of
Government is pursuing. The future prospects of the company, therefore,
were excepare good. It is true that as is well known the years since 1921In 1922 the
tionally unfavorable to the marine transportation business. expenditures
operating accounts of the fleet showed a surplus of receipts over
amounting to 3,023,292 francs, but under the convention with the State
we had to charge against this the cost of service of the bonded indebtedness,
amortization for depreciation of fleet, a fund set aside to renew boilers and
make extraordinary repairs, the guaranteed dividend on capital stock.
overhead expenses, etc.. aggregating during 1922, 35,439,920 francs, so
that the net deficit was 32,416.628 francs, all of which was repaid by the
to
State. During 1923 the above items aggregated 66,665,661 francs,the
which was added the cost of service of further bonds issued to carry out
the fleet so that the not deficit was 78,619,052
program for development of
Francs, which likewise was repaid by the State. During the year 1923 the
company's receipts amounted to 218 000,000 francs. For the first 10
months of 1924 the receipts already show a marked increase and we may
legitimately hope future years to be prosperous.
-The object of the present issue is to facilitate the exeObject of Issue.
cution of the program of fleet expansion of the company described above,
and provide for paying amounts still due to shipyards for 9 boats at present
being built, paying for a 10th liner which is to be put on the stocks shortly,
completing the program of conversions to oil burners of a certain number of
boats at present in service.
-Company is particularly well
Facilities for Meeting Gold Payments.
situated to meet its gold loan service for a very largo part of its receipts are
collected in countries with appreciated currencies, such as China, Japan,
Indo-China, India, Egypt, Australia, New Zealand, the Ezst Coast of
Africa, etc. In those countries the company receives payment in pounds,
dollars, yen, taels. Indo-Chinese piasters, rupees, etc.
In 1923, out of receipts amounting to 218,000,000 francs, the money
collected in such currencies represented 110000,000 francs, or more than
half of the total. Furthermore, receipts realized in francs (leaving France)
are based on gold tariffs.
French National Mail Steamship Lines (Societe des
Services Contractuels des Messageries Maritimes).
-Dillon, Read & Co. and Marshall Field,
Bonds Sold.
-A. C.
-Bonds Offered.
Glore, Ward & Co., have sold at 91 and int. to yield over • Garrick Building, Chicago.
$10,000,000 7% External Sinking Fund Gold bonds. Allyn & Co., Chicago, are offering at 100 and int., $750,000
7.80%,
/
Dated Dec. 1 1924; due Dec. 1 1949. Int. payable J. & D. Denoms. 15-Year 1st Mtge. Leasehold Sinking 'Fund Gold 61 6s.
Prin. and int, payable in N. Y. City at the office of
and $1000.
$1,000 and $500*.
of
Dillon, Read & Co. in United States gold coin of the present standard or
weight and fineness without deduction for any French taxes present at
on any int. date on or after Dec. 1 1929. as a whole only
future. Red.
103 and int., except for sinking fund as shown below.
-A sinking fund is provided beginning Dec. 1 1929, calSinking Fund.
culated to retire all bonds by maturity through purchase at not exceeding
redemption at par and int.
and hit. or by semi-annual drawings for course to list these bonds on the
par
-Application will be made in due
Listing.
New York Stock Exchange.
Pres. of the Board of Directors.
Data from Letter of Felix Roussel,
-These bonds are the direct obligation
Guaranty of the French Government.
Steamship Lines (Societe des Services Conof the French National Mail
ranking parl-passu with all outtractuels des Messageries Maritimes) issued under the authorization of
standing bonds of the company, and are convention of Dec. 29 1920.
the
French Government pursuant to
the
1921. Payment of interest and sinking funds
ratified by the Law of July 28secured:
of the outstanding bonds are
and operating receipts of the company. (2) By the pay(1) By the assets
has undertaken to effect (Arts. 10 and
ments which the French Government make up any deficiency in the comnecessary to
11 of the convention) if
insufficient to pay charges, including interest on
pany's annual income when
issued pursuant to the convention. (3) By the
and amortization of loans Government under said convention to pay the
agreement of the French
it should cease operations. (Art. 14
debts of the company if for any cause
of the convention.)
which
by the Messageries Nationales, lines in was
-Formed in 1851
Company.
the
number of steamship
itself created in 1809. Operates a certain
Atlantic, Indian and Pacific Oceans and the northern
Mediterranean and
French National Mall Steamship
seas of Europe. In 1921 it founded the
Maritimes) which is managed
Lines (Services Contractuels des Messageries
all mail services previously carried
by it and has as its object the operation of
the Compagnie Messageries
on in these regions during a long period by the subject of a convention
Maritimes. The operation of these services was
French Government and the
entered into on Dec. 29 1920 between the
company.
connecting France with Italy,
These services include steamship lines
and the East Coast of
Greece, Turkey, Syria and Egypt. Madagascar
China and Japan, Australia, New Caledonia,
Africa, India, Indo-China,
Suez and via Panama.
New Zealand and the Oceanic Archipelagoes via
guaranty of the
These services are carried on under the control and which they are
of
French Government and are like the French railways
engaged among
considered to be prolongation undertakings of public utility,
other things in carrying French mail in both directions. of the MOWS; emconstitute one
The services operated by the company
of ecoployed by the French Government to realize its post-war program
the
nomic developmeat of the French colonial domains and in consequence,
colonies. In fact.
growth of commial relations between France and her
Dated Oct. 1 1924. Due Oct. 11939. Denoms.$1,000, $500
up to
Callable all or part on any int. date on 60 days' notice at 103 and int.at the
and incl. Oct. 11929. this premium of 3% of the principal decreasing and
Principal
rate of X to 1% of the principal on each April 1 thereafter.
int.(A.& 0.) payable at Foreman Trust & Savings Bank, Chicago, trustee,
without deduction for normal Federal income tax not to.exceed 2%. Penn.
tax and mass. 6% income tax refundable.
-Located at 58-64 West Randolph St., Chicago, between Clark
Building.
and Dearborn Sts., in the heart of the theatre and hotel district of the Loop.
The location of the building with reference to transportation facilities
-is unexcelled. The building is of
steam railroad, elevated and surface lines
fireproof brick and steel construction, the main portion being 14 stories high
and the tower 17 stories. It is well constructed and has been well maintained.
-Appraisals of the leasehold as made by Frederick S. Oliver of
Security.
Oliver & Co., and of the building by L. E. 0, Pridmore, Chicago, are as
follows: Value of leasehold, $340,320; value of building (reproduction cost
less depreciation), $1,226,411 20; total value of security, $1,566.731.
Earnings 12 Months Ended Sept. 30 1924.
$279,702
Gross income
Operating expenses (not including depreciation or Federal taxes) - 181.001
98.701
Balance available for interest
48,750
Maximum annual interest charges on these bonds
the payment to the trustee of
Sinking Fund.
-Mortgage will provide for
31 1925,
$80,000 per year in semi-annual installments, beginning March
for the payment of bond interest and for the retirement and cancellation of
bonds by purchase or redemption by lot.
-Bonds Listed.
General Asphalt Company.
The Philadelphia Stock Exchange has authorized the listing of $5,000,000
15-Year Sinking Fund Convertible Gold bonds, dated Oct. 1 1924. due
Oct. 11939. (See description and offering in V. 119, p. 1287, 1740.)
Balance Sheet (Co. and Subs.) Aug. 31 1924 (After This Issue).
Liabilities
Assets
$36,262,196 5% Pref. Cumul. stocks_ 37,416,000
Property account
Corn. stock (with public)19,876,000
Current assets loss reserve a7.042,516
48,715 Corn. (held for cony. pref) 3,708,000
Stocks and bonds
639,184 Cony. bonds (this issue)-- 5,000,000
Venezuelan royalty cont_
892.500
749,194 Notes payable
Expenses paid in adv__ _ _
791.722
276,051 Accounts payable
Deferred accounts
Reserve for taxes
230,220
Reserve accounts
1,898,497
5.201.917
Total (both sides)- -$45,017,856 Surplus
notes receivable. $171.361;
a Inventory, $3,111,142; cash, $1 555.643; $216,502, less
securities,
reserves of
accounts receivable, $1,791,212;
$103,344.-V. 119, p. 2293. 2070.
DEC. 6 1924.]
THE CHRONICLE
General Electric Co.
-To Construct New Plant.Construction of a wire-drawing plant has been started by the
at
Calif. The building will be of brick construction, onecompanOkld, story high.
120 feet by 60 feet,and will be equipped for drawing,annealing and covering
wire used for transformers and motor repairs. This building will be located near the East Tenth St. entrance of the company's factory in Oakland.
-V. 119, p.2537.
-Extra Dividend.
General Railway Signal Co.
The directors have declared an extra dividend of 1% on the Common
stock and the regular quarterly dividends of 1%% on the Preferred and of
1% on the Common,all payable Jan. 1 to holders of record Dec. 20. Dividends were resumed on the Common stock on Oct. 1 last by the payment of
a dividend of 1%. (See V. 119, p. 1176.)-V. 119, p. 2294.
Giant Portland Cement Co.
-7% On Account of Accumulated Preferred Dividends.
The directors have declared a dividend of7% (on account of accumulated
Preferred dividends) in addition to a regular semi-annual dividend of 33. %
on the Preferred stock, both payable Dec. 15 to holders of record Dec. 6.
A distribution of 3;i% was made June 16 last, making a total of 13%
-V.118. p. 2709.
declared this year on the Pref. stock.
Gillette Safety Razor Company.
-Listing.
The Boston Stock Exchange has authorized the listing of 1,649.090
additional shares of no par value Capital stock, the same being issued as of
Dec. 1924, as a stock dividend to holders of record of Nov. 1 1924, making
the total number of shares then on the list 2,000,000. See V. 119, p. 1401,
1740.
Goodall Worsted Co. Sanford, Me.
-Notes Called.AU of the outstanding $700:000 6% Serial Gold Coupon notes, dated
July 1 1919, have been called for payment Jan. 1 at 101 and interest at the
Fidelity Trust Co.. Portland. Are.
(F. & W.) Grand 5
-10-26-Cent Stores, Inc.
-Sales.-
-Nov.
-1923. Increase. I
1924-11 Mos.-1923. Increase.
-1924
$517,142
$593,395
$76,253135,411,777 $4,408,525 $1,003,252
-v. 119, p. 2185.
Grinnell Mfg. Co. of New Bedford.-Bal. Sheet Sept. 30.
1924.
Assets1923.
1924.
Liabilities1923.
Real est. & mad:L.51.612,192 $1,608,887 Capital stock
$1,500,000 $1,500,000
Inventories
1,785.137 1,579,753 Bills & acc'ts pay_ 391,763
224,517
Bills & acc'ts ree'le
101,580
Reserves
101.641
299,015
and cash
372,087 Dividend
45,000
22.500
876,412
865,531
Depreciation
Total(each side)_ _$3,696,346 $3,560,727 Profit and loss_ _ _ _ 814,909
813,218
-V. 117, p. 2547.
Guantanamo Sugar Co.
-Additional Stock-Report.
The stockholders on Dec.2 increased the authorized 8% Cumulative Preferred stock from $1,390,000 to $1,990,000 and the authorized Common
from 375,000 shares to 405,000 shares of no par value.
The Preferred stock created by this issue is offered to stockholders at
UM per share. The no par Common stock is offered at $1 per share. The
proceeds of the sale of the new stock will be used for the liquidation of bank
loans and to provide working capital. See full details in V. 119, p. 2185.
The company reports, for the year ended Sept. 30 1924. gross sales of
sugar and molasses amounting to $2.592,039; total profits $438,336, surplus
after depreciation and taxes $216.646; preferred dividends $114,000; isalance surplus. $202,646.-V. 119. p. 218,5.
-November Sales.Hartman Corporation, Chicago.
-Nov.
-1923. Increase. I -1924-11 Mos.-1923. Increase.
-1924
333,1241317,754,545 $16,466,937 $1,287,608
$1,929.580
$1.796.456
-V.119, p. 2186.
-Bonds Called.
Havana Docks Corporation.
Certain First Collateral Lien 7% bonds, Serie:3"A," dated July 11921,
aggregating $75,000, have been called for redemption Jan. 1 at par and interest at the Old Colony Trust Co., trustee, 17 Court St., Boston- Mass.
V. 119, P. 1991
.
-Extra Dividend
Hawaiian Pineapple Co., Ltd.
33 1-3% Stock Dividend Proposed-To Increase Capital.
The directors have declared an extra cash dividend of $1 per share payable Dec. 31 to holders of record Dec. 24.
The directors also voted to recommend to the stockholders an increase in
the Capital stock from $6,000,000 to $9,000,000 to cover a stock dividend
of 33 1-3%, or $2,000,000, and an additinal issue of $1,000,000 to be
offered stockholders at par ($20) in proportion to their holdings as of
Feb.21 1925. It is expected that the stock dividend will issue as of March 1
and rights for the new stock will issue the same date, with payment for
additional shares due on or before May 1.
If the recommendations are carried out by the stockholders it is the intention to decrease monthly dividend from 1% to j of 1%, or a rate of 9%
-V. 118, p. 2579.
per annum.
Hecker-Jones-Jewell Milling Co.
-Acquisition.
-
-V. 115, p. 2386.
See Standard Milling Co. below.
(George W.) Helme Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 15% in addition to the
regular quarterly dividend of 3% on the outstanding $6,000,000 Common
stock, par $25, both payable Jan. 2 to holders of record Dec. 15. On
Jan. 2 1924 an extra dividend of 7% was paid on the Common in addition
to a quarterly dividend of 3%.-V. 118. p. 1142.
Hercules Powder Co.
-Extra Dividend of 2%.
-
The directors have declared an extra dividend of 2% on the outstanding
$14,300.000 Common stock, par $100, in addition to the regular quarterly
dividend of 1 %,both payable Dec. 24 to holders of record Dec. 15. An
extra of 2% was also paid on the Common stock on Dec. 24 1923. See also
dividend record in the "Railway and Industrial Compendium," page 170.V. 119, p. 2071.
2653
lumber business in Chicago,its annual shipments for the past 8 years having
averaged over 240,000,000 ft. Company operates a main yard in the city,
fronting on the Chicago River, covering about 35 acres, and 15 branch
yards in the city and vicinity.
EdWard Hines Hardwood ee Hemlock Co. Formerly Park Falls Lumber
Co. (V. 113. p. 425) owns one of the largest tracts of hardwood timber
under one ownership in the United States. Property comprises approximately 129,000 acres, located in Wis. all owned in fee simple (except 518
acres of timber rights), and is estimated to carry about 692.000.000 ft. of
merchantable timber, about one-half hemlock, the balance hardwood,
principally birch. Company has complete manufacturing facilities, including 3 sawmill plants, having a combined annual capacity of over 75,000.000 ft. of lumber, based on normal day run.
Edward Hines Yellow Pine Trustees. This is a Common Law trust, which
owns the largest single and practically solid body of virgin long leaf yellow
pine timber in the South. These properties include approximately 88,000
acres, located in Mississippi, all owned in fee simple (except 788 acres of
timber rights), and estimated to carry about 1,221.000,000 ft. of timber,
practically all long leaf yellow pine. The trustees also own and operate the
Mississippi Southern RR.
Edward Hines Yellow Pine Co. This company leases, from the Edward
Hines yellow pine trustees, and operates 2 modern sawmill plants having a
combined annual capacity of 75.000,000 ft. of lumber, based on normal day
run, and is in position to manufacture lumber and deliver it aboard cars or
vessels at as low a cost as any yellow pine operator in the South. Company
Is also the largest producer of turpentine and rosin in the State of Mississippi, and one of the largest in the South.
Trustees of Lumber Investment Association. This is a Common Law trust,
which holds various investments, the most important of which is approximately a 25% interest in the capital stock of the Virginia & Rainy Lake
Co. of Va., Minn. This company as of Dec. 31 1923, had a net worth of
over $10,000,000 and no indebtedness, except approximately 3285,000 in
ordinary current accounts.
Purpose.-Prororvis, together with cash in the sinking fund. will be used
to retire the present outstanding $3.100,000 1st Mtge. 8% Serial Gold
bonds called for payment on Jan. 1 1925.
Earnings.
-For the year 1923, after providing for depletion of timber,
maintenance and depreciation of physical properties, the net earnings
available for interest charges of the Edward Hines Lumber Co. and associated interests, amounted to $3,107,874. For the years 1917 to 1923,
inclusive, such net earnings before interest and Federal taxes averaged
$1.388,090 per annum or over 6 times the annual interest charges on the
total indebtedness to be outstanding upon the completion of the present
financing.
Since organization, 32 years ago, the surplus earnings available for dividends of the company and its associated interests have averaged over $700.
000 per annum.
Security.
-Bonds will be the joint and several obligations of the following: Edward Hines Lumber Co., Edward Hines Hardwood & Hemlock Co.,
Edward Hines Yellow Pine Trustees, Edward Hines Yellow Pine Co. and
Trustees of Lumber Investment Association. They will be secured by a
first mortgage on approximately 217,000 acres of timberlands in Wisconsin
and Mississippi, all owned in fee simple (except 1.206 acres of timber rights)
and estimated to carry about 1,913.000,000 feet of merchantable timber and
on sawmills, the Mississippi Southern RR., logging railroads and other
equipment, all having a combined value in excess of 317.000,000
Condensed Balance Sheet Dec.31 1923 Edward Hines Lumber Co.& Associates.
[Since date of this balance sheet $400.000 1st Mtge. 8% Serial Gold
bonds have been retired by the sinking fund and the remaining 33,100,000
bonds issue will be retired Jan. 1 1925,from the proceeds of the new issue of
33,000,000 1st Mtge. 5s, together with money in the sinking fund. Notes
payable to banks have also been reduced by approximately $300,000.1
AssetsI Liabilities
Cash
$1,481,807
$382 591Notes payable
Marketable investments_
136,438 Purchase money oblig. on
Customers' acc. & notes
sundry properties
14,200
receivable less reserves 2,321.009 Accts. payable & acc.exp 1,407.119
Other accts. & notes rec_ a1,564,652 Accrued taxes
449.107
Inventories
4,153,185 Ace.divs. on Pref.stock..
13.389
Investments & advances b7,111.584 Purchase money obllg_ __
344,000
Fixed assets
c19,058.298 Reserves for ins., &c_ _ _ 101,165
Deferred charges
725,848 1st Mtge.8%
3.500,000
Capital and Surplus... _ -d28,140.821
Total
$35.451,607
Total
335.451.607
a Including timber and land sales contracts. 13 The Virginia & Rainy
Lake Co.
-25% interest in capital stock of that company. $2,027,470;
advances recoverable through liquidation of coal Properties, and sundry;
secured personal accounts, $4,012.822; investments in other companies and
properties, $1.010,711; sinking fund investments, 360.579. c Standing
timber and land in Mississippi and Wisconsin, $12,526,670; sawmill plants
and equipment, logging equipment and railroad properties, lumber yards
and other physical properties and facilities, 56,529,628. d (Including
stumpage appreciation as at March 1 1913) accruing to stockholders and
certificate holders of Edward Hines Associated Lumber Interests (of which
$196,480 is applicable to minority stockholders of constituent companies).
Contingent Liabilities.
-Notes receivable under discount, $713.632 24.
Diredors.-Edward Hines, L.L. Barth, M.L. Hudson and W.J. Carney.
Chicago, and P. E. Weyerhaeuser, St. Paul.
-V.119. p. 2415.
(Edward) Hines Lumber Co.
-Bonds.
-
See Edward Mines Associated Lumber Interests above.
-V.113. P. 423.
298.
Hocking Coal Company.
-Bonds Called.
-
Twelve ($12,000) 1st Mtge.6% 20
-Year Sinking Fund Gold bonds, dated
July 1 1912. have been called for redemption Jan. 2 1925 at 105 and interest
at the Empire Trust Co., trustee, 120 Broadway, New York City.
-V.117.
p. 2000.
Hudson Motor Car Co.
-New President, &c.
H. M. Owen has been elected President, succeeding Harry S. Houpt.
Mr. Owen is said to have purchased Mr. Houpt's holdings of Hudson Motor
stock.
The company during the 12 months ended Nov. 30 1924 produced
128,715 Hudson and Essex cars, an increase of 40,527 over the preceding
-V. 119, p. 1741.
year.
Illinois Glass Co.
-Debentures Called.
(Edward) Hines Associated Lumber Interests.
-Bonds
Certain of the outstanding 8% 10
-Year Gold debentures, dated Jan. 1
-Continental & Commercial Trust & Savings Bank, 1923, aggregating $91,700. have been called for payment Jan.1 at 102 and
Offered.
Baker, Fentress & Co. and Illinois Merchants Trust Co., int, at the Illinois Merchants Trust Co., trustee, Chicago. 111.-V. 116,.
p. 2015.
Chicago, are offering at prices ranging from 98.05 and int.
Indiahoma Cororation.-New Company Organized.to 100.70 and int., to yield from 4% to 5%%,according tO
The Baltimore "Sun." Dec.2,says: The major details of the plan for the
maturity, $3,000,000 1st Mtge. 5% Serial Gold bonds. organization of the Indiahoma Corp. an outgrowth of the reorganization
the Indiahoma Refining Corporation, have been completed.
The joint and several obligations of Edward Hines Lumber ofIredell W. Iglehart (of Hambleton & Co.) has been elected President of
Co., Edward Hines Hardwood & Hemlock Co., Edward the new company; V. G. Dunnington, President of Commerce Trust Co.)
a Vice-President, and Eugene
Baker, `Watts
ViceHines Yellow Pine Trustees, Edward Hines Yellow Pine President and Treasurer, all ofLevering (of P. C. Winters,& Co.),Louis,
Baltimore;
of St.
will serve as Secretary.
Co. and Trustees of Lumber Investment Association,
Dated Dec. 1 1924; due $320,000 June 1 1925 and $335,000 semi-annually
thereafter to June 11929. Int. payable J. & D. at Continental and Commercial Trust & Savings Bank, Chiccgo, trustee, and First National Bank,
New York, without deduction for normal Federal income tax not in excess
of 2%. Denom. $1,000 c*. Red.all or part on any int. date upon 30 days'
notice, at par and int., and a premium of 234% to and including Dec. 1
1925, 2% thereafter to and incl. Dec. 1 1926, and thereafter 34' of 1% for
each 6 months prior to maturity thereof. Authorized $5,000,000. To be
presently issued $3,000.000. Listed on the Chicago Stock Exchange.
Data from Letter of Pres. Edward Hines, Chicago, Nov. 28.
Business.
-The Edward Hines Associated Lumber Interests are engaged
in the manufacture and sale of lumber. They are the largest wholesalers of
this conunodity in the United States, and the owners of two of the most
valuable bodies of timber remaining in this country.
Edward Hines Lumber Co. was organized in 1892, with a capital stock of
$200.000, since which time the net worth of the company and its associated
interests has increased solely out of earnings and through the enhancement
In value of investments in timber and other properties to over $28,000.000.
In addition to this the company has paid to its stockholders $2,890.957 in
cash dividends. The Edward Hines Associated Lumber Interests Include:
Edward Hines Lumber Co. This company transacts a wholesale and retail
The new corporation will issue three classes of securities. These include
an outstanding issue of $225,000 First Mtge.7% bonds,$1,682,000 10
-year
8% Mtge. bonds,and 8,500 Preferred stock. The issuance of these securities is now being proceeded with. The first
-mentioned issue is to be a
prior lien and the proceeds are to go to pay for undeposited bonds, back
taxes on the property and expenses of bankruptcy.
The 8% bonds of the new corporation will be exchanged, par for par, for
the outstanding 8% First Mtge. bonds of the old company. The Preferred
stock will be delivered par for par to debenture holders and unsecured creditors who have acceded to the terms of the plan. The Common stock of the
old company will be wiped out.
Under the plan now virtually completed,control of the property is
In a board of five men representing the corporation's creditors who vested
are to
keep it intact until such time as the oil situation clarifies or a suitable
offer
Is made for the purchase of the assets of the company. The
administrators
of the property believe that the oil situation will improve
within the next few months and that with some patience the considerably
developments
which will take place will save a good deal of money to those
who are
making the exchange of certificates.
Only 57 bonds have not yet been deposited. All bondholders
who have
not sent in their certificates under the terms of the plan will
37 cents on the dollar in cash, it is asserted. On the other receive about
hand, the read
2654
THE CHRONICLE
[vol.. 119.
Iustment committee believes that those who have acceded to the plan will In
due time come out much better than this, and the committee is urging
those who have not been located to deposit their certificates without delay.
See also Indiahoma Refining Co., V. 119. p. 2416. 1514.
Station, New York City; New Drake Hotel, Chicago, Ill.; Buckingham
Palace and Drury Lane Theatre, London, Eng., and many others.
-Proceeds will be used to retire an issue of $50,000 1st Mtge.
Purpose.
bonds, retire bank debt and provide additional working capital.
Security.
-The bonds of this Issue are a first (closed) mortgage on the en- tire plant and properties of the company, in view of the fact that they are
-Stock Stricken from List.
Indiahoma Refining Co.
The capital stock .of this company has been stricken from the list of the secured by the entire closed issue of $250,000 First Mtge. 67 Gold bonds
New York Stock Exchange. The company was recently reorganized and due Oct. 1 1939. These bonds have been deposited with the trustee as
a new company. Indlahoma Corp. (see above), has been organized. The specific security for this issue. As additionla security, the President and
,
capital stock of the old company is said to have no value. See also V. 119. Secretary of the company are each insured for $50,000, payable to the company in case of death. Fire insurance of $350.000 is carried on the plant.
P. 2416, 1514.
-An annual sinking fund will operate to retire, beginning
Sinking Fund.
1926 to 1930,
as
issue
Industrial Acceptance Corporation.-Registrar,&etc.- Oct. 1 1926, one-half of the 1939, by maturity, perfollows:Bonds acquired
year.
incl., $10,000
Central Union Trust Co. of New York has been appointed registrar incl..$5,000 per year; 1931 to
The
by the sinking fund to be canceled.
for the 200.000 shares (voting trust certificates) Common stock.
Earnings, After Taxes but Before Int. & Deprec., Years Ended June 30.
The Guaranty Trust Co., 140 Broadway, N. Y. City,, has been appointed
transfer agent for the stock of the corporation, consisting of 40,000 shares of 1913--$130,291 1916____ $40,6341919____ $26.527 1922-- $47,215
1st Prof.. 15,000 shares of 2d Pref., par $100, and 200,000 shares of Com- 1914_-__ 72 403 11917_......28.07511920.._
__ 44,90311923...__ 83,285
.
mon,no par value. See also offering of 1st Pref. stock in V. 119, p. 2294.
1915____ 27.6S411918_-__ 26,325i1921_, 7,495 1924 --- 16,190
Insurance Co. of North America., Philadelphia.
The stockholders will vote Jan. 22 on increasing the authorized capital
stock from $5.000,000 to $7,500,000. par $10. The $2.500.000 new stock,
if authorized, will be offered to the stockholders pro rata. Pres. Benjamin
Rush says in part: "The directors thought it wise to strengthen the company in order to meet the demand for increased lines on desirable risks, and
to meet the competition of other companies, many of whom have recently
increased their capital. It was also deemed advisable by the board to suggest a price for the stock which would commend itself and be of benefit to
its stockholders. Each stockholder will be entitled to subscribe for one
share of new stock for every two shares now held.
"In recent years the company has paid a regular dividend of 15% Per
annum,and extra dividends ranging between 3% and 10% and it is believed
that should the proposed increase of capital stock be approved by the stockholders, the earnings of the company would seem to indicate the possibility
of dividends amounting to 20% annually being paid."
Jim Butler Mining Co.
-Organized.
This company was incorporated in Delaware Nov. 28 1924 with an authorized capital of $2,500,000 (par $1) to succeed Jim Butler Tonopah
Mining Co. per plan in V. 119, p. 1741, 2416.
Jim Butler Tonopah Mining Co.
-Successor Company.
See Jim Butler Mining Co. above and V. 119, p. 1741, 2416.
Jones Brothers Tea
Inc., Brooklyn N. Y.
-Proposes to Change Par Value of Common Stock.
Co.,
-The Common
stockholders will vote Dec.23 on changing the Common stock
from shares of the par value of $100 to shares of no par value.
Chairman Harry L. Jones in a letter dated Nov. 28 says:
Our business prospects are increasingly good. During the past year we
have primarily sought to put the business on a permanent and sound footing, developing conservatively and only where future earning power seemed
-Bonds assured, and eliminating as rapidly as seemed prudent such stores and other
Insurance Exchange Building, San Francisco.
-Bradford, Kimball & Co., San Francisco, are forms of activity as did not promise a stable earning power. Our efforts
Offered.
have thus been
offering at 100 and int. $1,250,000 1st Mtge. 6% Serial tion of profits. directed to the future, rather than to the immediate realizaThe work done is. however, already beginning to show results. If the capital structure and balance sheet of the company can also
gold bonds.
modern conservative practice, we believe that the ComDated Nov. 11924; due serially Jan. 1 1927 to 1944, incl. Authorized, be put in line withof the company
mon stockholders
with confidence
$1.500,000. Callable all or part on any int. date upon 30 days' notice and with a reasonable expectation may face the new year enhancement in
of a gradual but sure
at 102 and hit. until Jan. 1 1930. premiums decreasing thereafter % %
power
each 5 years until maturity. Denom. $500 and $1.000 c*. Int. payable the value and earning amply of their stock.
demonstrates the many advantages of no-Par
Modern experience
J. & J. Normal Federal income tax up to 2% paid by the owning coma special reason for now proposing the change
pany. Principal and interest payable at the office of American Bank, stock. There is. however,stock. The
Stock Corporation law of the State
of the stock to no par value
Exemptfrom personal property tax in California.
San Francisco. trustee.
to provide,
-These bonds are secured by a first mortgage on the Insurance of New York has recently been amended unless the with respect to diviSecurity.
value of the company's
Exchange Building and lot on which it stands, on the southeast corner of dends, that no dividends may be declared shall at least
equal the debts and
streets, between Montgomery and Sansome assets after the payment of the dividend
California and Liedesdorff
streets, San Francisco. The operty has a frontage of 107% ft. on Cali- liabilities of the company, including capital stock. For the purpose of
this law, the company's Common stock constitutes a liability up to its full
St. and a depth of 137 ft. on Liedesdorff St.
fornia
The Insurance Exchange Building is a Class A office building consisting par amount, namely, $10,000,000. This, of course, is additional to liabiliAccordingly, the
of 10 stories and mezzanine. The construction permits of 4 additional ties represented by indebtedness. Preferred stock, &c. earnings
may be,
floors being added, and the trust indenture provides that the additional directors might well feel that, no matter how large futureassets of the comand until the
$250.000 of bonds may be issued for this purpose up to 60% of construction no dividend can properly be declared unless in excess of the company's liaThe total floor space is estimated at approximately 120.000 sq. ft.; pany have at the time a value demonstrably representing the par value of
costs.
bilities, including this liability of $10,000,000
net rentable area approximately 80,000 sq. ft.
-The annual gross income for the year ending Sept. 30 1924 is the Common stock.
Earnings.
Among the company's assets is the item of "good will and trade-marks,"
total annual expenses, $70,159; present net income
reported as $202,623:
now appearing on the balance sheet at a valuation of $10,599,067 94.
from rentals, $132,464.
other intangible
goodwill,
The building is 98% rented. The largest annual interest requirement The directors rdcognize that the to possess trade-marks andvery large
a very real and
value:
assets of the company continue
for these bonds amounts to $75,000.
-The Insurance Exchange Building is owned by the Insurance at the same time they recognize that such intangible items are not suscepOwnership.
Building Co., the stock of which is owned by Edward H. Clark, tible of definite demonstrable value in the same sense as are tangible assets.
Exchange
They believe, therefore, that it is unwise to perpetuate a situation where
W. C. Crittenden and associates.
-Under the sinking fund agreement the corporation cove- either the directors must personally assume responsibility for the correctSinking Fund.
monthly in anticipation of interest and serial payments ness of this valuation of good will, or else dividends must be indefinitely denants to deposit
,
each year an amount equal to one-twelfth of the annual interest on these ferred until the company builds up, out of earnings, tangible assets sufficiently large to offset this Common stock liability of $10.000.000. It is to
bonds plus one-twelfth of the amount of the annual serial retirement.
avoid this dilemma that the directors propose to change from par to no par
-Lee, value Common shares, thus eliminating Common stock as a capital liability,
International Harvester Co.-Pref. Stock Offered.
of $10,000,000.
Higginson & Co. and Clark, Dodge & Co. are offering at for dividend purposes, involve the relinquishment by any Common stockThis change does not
now possessed by him.
stockholder
or
per share, yielding about 6.09%, $3,000,000 7% Cum. holder of any right theinterestnumber of shares that heEach owns. The
$115
now
same
will own precisely
Pref. stock, par $100 per share. Voting and non-callable. change does not necessitate any reduction of the surplus of the company
rights. The proposed action is
This offering is part of the issue already outstanding and nor does it change voting the assets of the company maydesigned merely to
be prudently and
create a situation where
does not represent new financing by the company.
conservatively valued by the directors without thereby deferring indefi-Listed on New York Stock exchange.
-V. 119. v. 2295.
Listing.
nitely the dividend prospects of the Common stock.
Authorized. Outstanding.
Capitalizntion (Dec. 31 1923),
$100,00 000 $60,223,900
Kaufmann Department Stores, Inc.
--Tenders.
Preferred stock, '7% cumulative
130,000,000 99,876,772
The directors on Nov. 12 1924 decided that the capital stock be reduced
Common stock (par $100)
-Largest in world in its field; manufactures and sells in United from $9,075.000 to $9,000.000 by the purchase and cancellation of $75,000
Company.
States and foreign countries farm operating equipment, binder twine, Preferred stock.
Ladenburg, Thalmann & Co.. 25 Broad St., N.Y.City, will until Dec. 11
gasoline engines, tractors, wagons, motor trucks and steel products. Company and subsidiaries have 30 manufacturing plants, 23 in United States receive bids for the sale to it of $75,000 of Prof. stock at the lowest prices
and Canada and 7 in Europe; extensive and valuable properties furnishing at which the same may be obtained. There is at present outstanding
raw materials; branch houses in 95 cities of United States and 18 cities of $1.575,000 Prof. stock and $7,500,000 Common stock, par $100.-V.
118, p. 2580.
Canada; and selling companies throughout the world.
-Net earnings available for Pref. dividends. 15 years to
Earnings.
-Bonds Sold.
Kendall Mills, Inc.
-Brown Brothers &
Dec. 31 1923, aggregated $191,373,817, an average of $12,758,254 yearly,
3 Co. and Spencer Trask & Co. have sold at 973 and mt.,
1923 and over
or $21 18 per share of Prof. stock outstanding Dec. 31after charging off
requirement. These net earnings were
times dividend
-Year 63%
and other reserves. to yield over 6.757, $2,000,000 1st Mtge. 20
during the period nearly $116,000,000 for depreciationnet earnings for the Sinking Fund Gold bonds. Dated
Dec. 1 1924, due Dec. 1
Including war losses of more than $45,C00,000. Such
$10,274,377, equal to $17 06 per share, or nearly 1944.
year to Dec. 31 1923 were
for depreciaInterest payable .7. & D. 1 at offices of Brown Brothers & Co., Boston.
235 times dividend requirement. after setting aside $7,196,266 current year
tion and other reserves. It is expected that earnings for the
New York and Philadelphia. Denom. $500 and $1000 c*. Red. as a,
over 1923.
will show an improvement
whole at 105 and Int. on any int. date on 30 days' notice beginning Dec. 1:
-Regular quarterly dividends on Pref, stock have been paid 1929 bonds may be red, on any int. date on 30 days' notice at 102 and Int.
Dividends.
stock have been paid in
since issue in 1907. Cash dividends on Commonin 1902; present rate,5%. for the sinking fund. Penn. personal property tax of 4 mills and Mass.
all but 3of the 22 years since original incorporation
income tax not to exceed 6% per annum, refunded. First National Bank..
Power.-Pref. stock has equal voting power, share for share, with Boston. trustee.
Voting
Common.
-V. 119, p. 1962, 1741.
Data From Letter of Pres. Henry P. Kendall, Boston, Mass., Dec. L.
-New Director.
Company.
-Incorporated In Mass. in Nov. 1924. Company is one of
International. Nickel Co. & Sons, has been elected a director
the largest manufacturers of hospital supplies and similar cotton products
w.J. Hutchinson, of C. J. Lawrence
in the United States. It occupies a leading position in this specialty field,
-V. 119, v. 2186.
vacancy.
to fill a
which is largely independent of the general textile
-The direc- is a consolidation of the following properties, whichsituation. Company
-Increases Dividend.
have been operated
International Shoe Co.
$1 25 per share on by, or as subsidiaries of. Lewis Manufacturing Co.: (a) Lewis Manufactors have declared a quarterly dividend of
holders of record turing Co.. Walpole, Mass.; (b) Wateree Mills, Camden, So. Caro.: (n)
Addison Mills, Edgefield, So. Caro.;(d) Slatersville Finishing Co.. Slatersthe Common stock, payable Jan. 1 to
Paw
basis
R. I.,
Dec. 15, thus putting the stock on a $5 per annumraised Creek, No. and (e) the recently purchased Thrift Manufacturing Co.,
Caro.
was
The products of the company include absorbent gauze, bandages, surgical
instead of $4. A year ago the dividend rate3205.
dressings, absorbent cotton, cheesecloth, bunting and muslin. Most of
-V. 118, p.
from a $3 to a $4 per annum basis.
these are sold under the well known "Curity" trade name. Fully threeto the hospital and
Of- quarters of the
Jefferson Glass Co., Follansbee, W. Va.-Bonds 100 drug trade and output of the company is sold directly
to manufacturers of specialties.
Company owns and operates 5 manufacturing plants equipped with
Todd Co., Pittsburgh, are offering at
fered.-Dinkey &
the South and 2 bleaching and
modern
It has 3 cotton
and int. $200,000 1st Mtge. (collateral) 15-Year 7% Gold finishingmachinery. New England. mills in manufactures cotton from
Company
plants In
the bale into unbleached cloth, bleaches and merchandises its product.
bonds.
and
Dated Oct. 1 1924;due Oct. 11939. Denom.$1,000Int. $500. Callable branded and trade marked, directly to the consumer.
on all of the company's real estate,
A. & 0.
Security.
all or part on any int. date on 60 days' notice at 105. up topayablePennsyl- machinery-Secured by a first mortgage
except the
2%.
and equipment now or hereafter owned book value plant of the
of $60,698.
deduction for normal Federal income tax
without
Savings & Trust Co., Pittsburgh, Slatersville Water Co. which has a present net been conservatively apvania 4
-mill tax refunded. Dollar
The properties presently to be mortgaged have
trustee.
engineer, as of Oct. 1 1924, and
praised by Chas. T. Main, prominent mill
1924.
1 1924, as having a replacement cost
Data From Letter of Pres. C. H. Blumenauer, Oct. 25
in by Lockwood.(Ireene & Co.,as of Jan.
-Incorporated in West Virginia. Business, established its less depreciation of not less than $5,317,000 or more than 235 times the
Company.
grown to
1910 from an initial investment of less than $100,000, has companies in present issue.
d4 Fed. Taxes Cal. Years
present size and position as one of the largest glass and lamp
pro- Net Earnings After Depreciation, Availablefor Interest
the country, by the reinvestment of earned profits. Company has
_
also a 1917_3816.14.511919 _ _$58.3.71511921____3175.07911923___$588,826
duced at least 85% of the colored glass used on automobiles to-day: glass. 1918__ 934,87211920 ____ 493.30411922----493,869 I'2410mos 281,427
substantial business has been developed with the railroads for signal
for the period
the company
-Average annual net earnings of the properties$557,519 after
Earnings.
Illuminating glass of the highest quality is produced. and
ended Nov. 1 1924, amount to
counts among its customers the highest class ofclistributing dealers through- of 7 years and 10 months
for interest and Federal taxes. This is.
out the world. Company also participates in illuminating contracts, liberal depreciation, available annual interest requirement of this issue.
times the
notable among them having been the Hotel McAlpin and the Pennsylvania equivalent to over 43j
DEC. 6 1924.]
THE CHRONICLE
2655
Sinking Fund.—A semi-annual sinking fund beginning Dec. 1 1929, log scale, of standing timber; 1,092,000 acres of land, a large part of which
sufficient to retireprior to maturity 50% of the total amount of bonds is suitable for farming. Company manufactures long and short leaf •
issued, is to be applied to purchase of bonds at not exceeding 102 and int. Southern yellow pine, Southern hard wood, oak flooring. California white
or to their redemption by lot at 102 and accrued interest.
Rifle lumber, California white pine sash and doors. veneers. Washington
Purpose.—To reimburse the company for the recent purchase and enlarge- Douglas fir, standardized woodwork, creosoted posts, poles, ties, piling and
ment of the Thrift Mill and to increase working capital.
wood blocks.
Listing.—Application will be made to list the above bonds on the Boston
Company has been able to maintain a market for its entire production
Stock Exchange.
at all times except during periods of general business depression, but in no
year have the company's sales been less than 85% of its productive capacity.
Company owns standing timber sufficient for its operations for many
Kesner Properties, Chicago.—Bonds Offered.—S. W.
the balance sheet at
years and this timber
than
Straus & Co., Inc., are offering at par and int. to net 6% Its value as appraisedis carried on1 1922 by James D.$22.500.000 lessComas of July
Lacey & Co.
for all maturities except 1926 to 1929 incl., which are sold pany, furthermore, is in receipt of a letter from James D. Lacey & Co.
holdings
in their opinion
at prices to net from 5.25% to 5.95%, $2,800,000 1st Mtge. stating that1924 exceeded thethe increase in value1of such timberthan ,as of July 1
appraisal as of July 1922 by more
Leasehold 6% Serial Coupon bonds. Safeguarded under the 000,000. The vast Northwest holdings are carried at cost, no interest and
carrying charges having been added. The experience of the lumber indusStraus Plan. Dated Nov. 15 1924. Due 13' to 15 years.
try in general has been that no substantial tract of timber has ever depreThese properties include the following: (1) Kesner Bldg. and lease- ciated in value.
hold estate located at the northeast corner of Madison St. and Wabash
New Pacific Northwest Development.—Looking forward to the time when
Ave. Chicago, and five-story building and leasehold estate adjoining
has made
would
to the north. (2) Lake View Bldg. and leasehold estate, located at 116 standing timber in the South timberbe consumed. the companywhich will
of
in the Pacific Northwest.
South Michigan Ave., Chicago. (3) Regal Bldg.. fee, and leasehold several purchasesthe standing lumber producing
dominant
area in the United States.
be in a few years
estate, located at 641-651 South Wells St., Chicago.
It
acquired
The Kesner Bldg. is a 17
-story, fireproof, modern office building of of has nowaccessible in Washington and Oregon a total of 8.744,622.961 ft.
standing timber of high quality. To develop part of
readily
steel construction, on caisson foundations. The building has a frontage these
properties, the company has founded the city of Longview. Wash..
of approximately 56 ft. on Wabash Ave. and approximately 162 ft. on and
erected a plant which will produce not less than 250.000,000 ft. per year,
Madison St.. extending to Garland Court. The Kesner Bldg. is one of
double shift, and is planning to add other construction on the same site
the best equipped office buildings in Chicago.
Immediately adjoining the Kesner Bldg. on the north is a five-storY which will provide for a minimum production of 400,000,000 ft. per annum.
store and loft building, with stone front, operated as a part of the larger
Profits Years Ended Dec. 31.
property, and also included under the mortgage. The two structures
are both erected on the same leasehold estate, which has approximately
a Profit. Deple'n & Deprec. Net Profit. b Net Profit.
80 years yet to run. These properties are occupied by the highest class 1919
.999
$4,372,415
$4338
$3.407.153
87.846.153
of tenants. including Burley & Co.; Henan & Son; Wolfelt & Co.; Martin & 1920
5,772.165
3,634,826
5.685.583
9,406,991
Martin; Bennett's Inc.; Spiegel Bros.; Bausch 8z Lomb Optical Co.; Inter- 1921
80,045
3.551,044
78.845
3,631,089
national Silver Co.; Jewel Tea Co.; and others of like standing.
1922
4.269.254
4.334,268
3,652,539
7,986.807
5.658.940
The Lake View Bldg. 113 a modern 16
5,574,056
4.455,832
10.114,773
-story fireproof office building of 1923
steel construction, on caisson foundations. The building has a frontage 1924(6 mos.)
2,478,794
2.441,612
2,184.208
4,663,001
of approximately 40 ft. on Michigan Ave. and a depth of approximately
a Profit after deducting income taxes and all charges except depletion and
171 ft. Among the well-known tenants leasing space in this building
are the Peoples Gas Light & Coke Co.; the Bryant & Stratton Business depreciation. b Net profit applicable to new company on the basis of
College; La Salle Extension Institute; Russian Tea Room; and others acquisition of 9834% of the stock of the Missouri corporation.
Because of the fact that operations on the Northwestern timber holdings
of the highest standing. The land upon which the building stands is held
were not begun until after June 30 1924. the amount of 84.060.770. repreunder a long-term lease, which has approximately 80 Years yet to run.
The Regal Bldg. is composed of two units, operated as one building. senting the carrying charges on these holdings for the period from Jan. 1
The larger unit is a modern, eight-story. , mill-constructed, sprinkled loft 1919 to June 30 1924 has not been deducted in computing the above profit.
building, occupied by firms in the textile trade, of which this location is but has been charged to surplus.
The total of these net profits applicable to the new company as above
the centre. The smaller unit is a three-story structure, with a frontage
of 20 ft. on Wells St. and a depth of approximately 106 ft., adjoining the stated was 822.421,764, and the annual average for the 534 years was S4.larger structure on the south and operated as a part of the same building. 076,684, or equivalent to $6 87 per share on Class A Common stock to be
It is also a mill-constructed, loft building, of brick exterior with stone trim. issued by the new company,and such net profits for the year ending Dec. 31
Earnings.—The net earnings of the three properties, available for the 1923 were equivalent to $9 39 per share of Class A Common stock.
In addition, during the 534 years tabulated above, the cost of timber
payment of principal and interest on this bond issue, after allowing for
vacancies and deducting ground rent, operating expenses, taxes, and utilized in operations amounted to a total of $15,394.542; this represents
insurance, for the fiscal year ending June 30 1924. were as follows depletion. During the same period there was also charged to the cost of
(1) Keener Bldg.and 7 North Wabash. $255.793; (2) Lake View Bldg., lumber manufactured a total of 85.491.059 as depreciation; this, of course,
is in addition to regular repairs and maintenance.
$108,889; (3) Regal Bldg., $8,221: total 8372.905.
Dividends.—The company has paid cash dividends totalling 821.104.045.
Kilburn Mills, New Bedford.—Balance Sheet Sept. 30.— and has paid cash dividends continuously for 27 years.Common stock at
It is the expectation to pay dividends on the Class A
Asset,—
1924.
1924.
Liabilities—
1923.
1923.
the rate of $1 per share per annum. commencing with the first quarter of
Realest.Sr mach-83,520,049 $3,465,632 Capital stock
52,250.000 82,250.000 1925.
Inventory
*624,499
363.171
1,160,6.56 1.352,414 Tax reserve
Cash dr accts. rec. 1.107,192 1,351.299 Deprec'n reserve 1,844.289 2,029,765
Consolidated Balance Sheet June 30 1924, C3rporation and Subsidiaries.
Inventory reserve,
463,325
(After giving effect to the acquisition of 9834% of the stock of Long-Bell
Total(each side)__$5,787,898 18,169,345 Profit and loss_ _ 1,069,109 1,063,084
Lumber Co. under the agreement for its acquisition and to the application
•Includes reserve for contingencies.
Frank H. Metcalf, President of Farr Alpaca Co., has been added to the of the proceedsfrom the sale of the 150.000 shares of Class A Common stock.)
board of directors.—V. 117. P. 2548.
Assets—
Liabilities—
Cash
$802,340
56.346,674 Notes payable
(G. R.) Kinney Co., Inc.—November Sales.Acc'ts & notes receivable,
Acc'ta pay. & accrued__ - 2,036,237
less reserves
5,181,082 Est.income taxes(6 mos.)
1924—Nov.--1923.
Increased 1924-11 Mos.-1923.
Increase. Inventories
300,000
8,742,455 Officials, employees, &c.,
$1,583,828 $1,326,264
$257,5641$14,173.372 812.192.003 $1.981,369
Life insurance
—V. 119, P. 2186.
1,344.730
sundry accounts
303,792
Real estate sales contracts
Dividends payable
577,707
and notes
1,494.785 Accr'd int. & gen. taxes_ 1,258.499
(B. B. & R.) Knight Co.—Interest Defaulted.—
Sundry acets, notes. seIncome taxes (1923)_ 397.000
The interest due Sept. 1 1924 on the $7.393,000 1st Mtge. 7% bonds,
curities,
1,511,491 Bonds & other def'd debt e2.520,569
then postponed, has been defaulted, the 90 days of grace allowed under the Stumpage &c
(standing timReserves
f1,644.830
mortgage having expired Dec. 1. The bondholders' protective committee
ber)
a33,256,985 Bonds & other def'd debt g33,525,80I
(V. 119, p. 1288) will now be free to take steps for the reorganization of Land—At
book value., 4,701,689 Diking Dist. warrants..-- 2.254,188
.
the company.
b9,213.499 Stock & surplus of sub.
About 66% of the outstanding bonds, it is stated, have been deposited Plants, bldgs. & equip
746.873
cos. not owned
with the bondholders' committee and the time for filing these bonds with Northwestern Development(at cost)
h51.686.209
c23,789.588 Capital and surplus
the committee has been extended to Dec. 15.—V. 119. p. 1177, 1288. 2295.
Diking District warrants d2.254.188
Deferred exps., unamort.
(S. S.) Kresge Co.—November Sales.bond discount. &c_ _ _ _ 2,298.757
1924—November-1923.
Increase.f 1924-11 Mos.-1923.
Increase.
$8,252.174 87.507,746
Total
899,094.984
899.094.985
$744,428 475,504.096 868.773,270 $6.730.825
Total
—V'. 119, p. 2295.
a Based on appraisal by James D. Lacey Sr Co. as of July 1 1922, the
appraised value of timber holdings is approximately 822,500,000 in excess
Loew's Boston Theatres Co.—Dividend Increased.—.
of the above
$8,347.582 depreciation.
The directors have declared a quarterly dividend of 134% on the Common c Longview.stated book value. b After deductingproperties, townsite and
stock (par $25), payable Feb. 1 to holders of record Jan. 20. This places suburban realWash., development, including mill
estate improvements, construction, &c.. exclusive of stumpthe stock on a 5% annual basis, against 4% previously paid.—V. 119, age. d Warrants received in payment
for dike construction, sold and guarp. 2071.
anteed—per contra. e Maturing within one year, included in current
liabilities. f For various purposes. including deferred profit on real estate
Long-Bell Lumber Corp.—Stock Sold.—Goldman,Sachs sales, for real estate improvements, &c. g First Mtge. 6% sinking fund
timber land and
gold bonds of Long-Bell Lumber
& Co., Lehman Brothers, New York, and Lacey Securi- purchase obligations, secured by Co.. 816,827.100;&c., and deposit sundry
of $2,liens, collaterals,
ties Corp., Chicago, have sold at $52 75 per share 052,400 of treasury bonds of above issue. 818.075.236: total. $36.046.370.
Less bonds and other deferred indebtedness maturing within one year
150,000 shares Class A Common stock (no par value).
Common stock of
Non-callable and fully participating but with priorities as to assets and (included in current liabilities), $2,520.569. h Class A shares; Class B
dividends. Preferential dividends are at the rate of$4 per share per annum, no par value authorized, 750,000 shares; issued, 593,250 issued. 541.750
Common stock of no par value authorized, 550.000 shares;
cumulative from Jan. 1 1925. After these dividends are paid, dividends shares.—V.
119, p. 2538.
not exceeding $4 per share may be declared on Class B shares in any year if
the payment will not reduce surplus earned after Jan. 1 1925 below $6.000.000. Dividends on the Class II shares are non-cumulative. All
Lowell Bleachery, Lowell, Mass.—Consolidation.—
further
dividends from earnings declared in any year shall be made ratably on both
In a letter to the stockholders on Oct. 1'1924. this company (now the
classes, share and share alike. Any distribution which would amount to National Fabric & Finishing Co.). said:
a partial liquidating dividend must first be used to acquire Class A shares
The business of this company is now confined to bleaching, dyeing and
which may be tendered after advertisement. at $60 per share and
finishing cotton goods sent to it in large part by converters. During
accumulated dividends less partial liquidating dividends paid unpaid the last few years other bleacheries have expanded the scope of their
thereon;
and any balance is distributable to both classes, share and share alike. On activities by joining with agents, and through a combination of effort
liquidation, Class A shares first receive $50 per share and unpaid accumu- and resulting economy of costs have created a new kind of competition
lated dividends, leas partial liquidating dividends paid thereon; then Class B in meeting which the company has been at a disadvantage.
shares receive $50 per share leas partial liquidating dividends paid thereon;
In the judgment of the directors the time has come when the company
and the balance is divided between the Class A and Class II shares share and should readjust its business in such manner as to meet this competition,
share alike. If and when $60 per share in partial liquidating dividends and and a consolidation of the business of the company with the business
all unpaid accumulated dividends have been paid on Class A shares,then all carried on by several important converters would materially increase the
distinction between Class A and Class B shares shall cease'
volume of the company's business and place it in a sounder economic
Listing.—Application will be made to list the Class A Common stock on and financial position. The business of the bleachery plant at St. Louis
has been continuously profitable. The Lowell plant, on the other hand,
the New York Stock Exchange.
cannot be assured of successful operation without the steady volume of
Capitalization—
Authorized.
*Issued.
business which the
(no par value)
Class A Common stock
750,000 shs. 593,250 shs. Converters would proposed association with converters will supply. These
in each case contribute a long established business and
Class B Common stock no par value)
550.000 shs. 541.750 shs.
highly organized selling forces. They have been customers of your company
•On the basis of acquisition of 9834% of the stock of the Missouri corp.
for many years.
A plan for consolidation has been worked out by Price, Waterhouse &
Data from Letter of R. A. Long, Chairman, Long-Bell Lumber Co.,
Co.. accountants, under which the assets, good-will and business of these
Kansas City, Mo., Nov. 12.
converters as going concerns are to be taken over by this company at
Corporation.—}Jas been organized to acquire the stock of Long-Bell net valuations (excluding good-will) in exchange for new securities in this
Lumber Co. The business was started on a few thousand dollars of bor- company, consisting of not more than 2.000 shares of new Preferred stock
rowed capital in 1875 as a small retail lumber yard in Columbus. Ran. at par, and not more than 10.500 shares of new Common stock. AddiThe Long-Bell Lumber Co. was incorporated in 1884 with an authorized tional working capital will be procured through the sale of not more
than
capital of $300.000, only one-half of which was paid in, and this was entirely 13,000 shares of new Preferred stock to be issued in addition to the 2,000
1
out of previous earnings. Almost all that the company now has comes from shares above mentioned.
earnings of the business.
The corporate purposes of the company as expressed in the original
The company's property is distributed over 12 States of the West, Middle
are somewhat antiquated and limited and an
West and South, and comprises, among other things, 12 modern lumber charter the purposes will widen the scope of theamendment or enlargement of
company's activities.
manufacturing plants, with a capacity of 800,000,000 ft. per annum*,8 sash The companies in consolidation should do business under
a new name
.
and door, box, veneer and other wood products plants; 122 retail lumber and this involves a change of the name of the
company. See also V.
Yards: 371.5 miles of railroad, together with equipment; 11.267.961,739 ft.. 119, p. 2417.
THE CHRONICLE
2656
.
[Vor.. 119.
The company's business since its opening in Dec. 1922 shows a net profit
-Balance- Sheet.Ludlum,Steel Co.
of $209,304 with an average rate of occupancy of but 54%.
Sept.30'24. Dec.31'23.
3ept.30'24. Dec.31'23.
The $209,304 of the net earnings have been obtained after the setting
AssetsCapital stock___ _x$1,288,165 $995,243 aside for taxes, $253,851, and after deducting for loss and depreciation
Land, bidgs., &c.,
$263,643, and out of the depreciation fund the first mortgage has been
less depreciation$2,096,414 $2,093.586 First Mortgage 20
1,194,000 1,250,000 reduced by the sum of $80,000.-V. 118. p. 2710.
Year 7s
Patents, formulae
200.000
140,354 Notes payable_
and processes___ 158,104
-Extra Dividend of 23'%.
102,266
57,182
Mountain Producers Corp.
14,207 Accounts payable.
14.207
Good-will
19,655
The directors have declared an extra dividend of 2%% (25 cents a share)
149,998 Accepts. payable_
305,451
Caaa on hand_ _
51,763 in addition to the regular quarterly dividend of 2% (20 cents a share), both
82,710 Accrued accounts_ 134,545
56,537
Notes receivable
1,896,749 2,210,486 payable Jan. 2 to holders of record Dec. 15. An extra of 23 % was also
372,199 Surplus
285,062
Accts. receivable
paid Oct. 1 last, while in April and July last extras of 2% were paid.
1,086,483 1,374,652
Inventories
V. 119, p. 1178.
94,508
93,404
Other curr. assets_
196,849
182,912
Other assets
-Financing.
National Department Stores, Inc.
270,977
311,722
Deferred charges
-V. 119, p. 2297, 2187.
Stock repurchased
See Nugent Realty Co. below.
Total(each side)S4,590,296 84,809,758
19.716
from employees
-V.119, P. 2417, 1633.
-Finance
National Department Stores Realty Corp.
x Represented by 120.000 shares of no par value.
See Nugent Realty Co. below and National Department Stores Inc., in
-Bonds Called.
Marland Oil Co.
V. 119, p. 2073, 2187.
An of the outstanding 7%% Series"B" S. F. Gold bonds, due April 1
1931, have been called for payment Feb. 1 at 105 and int., at the Guaranty
-Resignation.
National Enameling & Stamping Co.
Y. City.
Trust Co.. 140 Broadway. N..
Clement Studebaker Jr. has resigned as a director of the company.
The funds for the retirement of this iSSUE), as well as for the redemption on V. 119. p. 1290.
April 1 of $2,710.000 8% Sinking Fund Gold bonds, due 1931, is provided
5% Gold notes maturing Nov. 1
for by the issue of $20,000,000 Two-Year
-Acquisition.
National Fabric & Finishing Co.
1926. recently sold. (See V. 119, p. 2072.)-V. 119. p.2417.
This company, recently organized through a merger of Lowell Bleachery
and five cotton converters, took over on Dec. 1 the business of the Columbia
-Sells Mine.Matthew Addy Co. Cincinnati.
Textile Co., including operation of the latter's mills at Lowell, Mass.
The Hillside Fluor Spar alines, Chicago, with operations at Rosiclare,
See also Lowell Bleachery above and in V. 119, p.2417.-V. 119, p. 2418.
111., has purchased from the receiver of the Matthew Addy Co.. a fluorspar
located
property known as the Keystone Mine in Crittenden County, Ky., has not
-New Direvtor.National Tea Co., Chicago.
Ky. The mine, embracing 60 acres,
about six miles from Marion.
J. L. Merrill, of Merrill,, Lynch & Co., has been elected a director.
been operated for about ten years, but is said to contain the highest grade
V. 119, p. 2418.
-V. 119. p. 1402.
of acid spar. ("Iron Age.")
-Bonds Called.
Pictures Corp.
-Production.
New Cornelia Copper Co.
Metro-Goldwyn
July.
Aug.
Sept.
Oct.
Nov.
Month of-year 7% Collateral notes dated July 1 1923 have
All of the outstanding 2
been called for payment Jan. 2 at 101 and int. at the Manufacturers' Trust Copper output (lbs.)--5.703,506 5,069,899 5,096,158 5,627,261 4,427,373
-V. 119. p. 2187.
-V.119, p. 1290.
513 Fifth Ave., N. Y. City.
Co..
-Trustee.
N. Y. Architectural Terra-Cotta Co.
.-Bonds Offered
Metropolitan Hotel Co., Los Angeles.
The Chatham & Phenix National Bank of the City of New York has been
Bayly Brothers, Bond & Goodwin & Tucker, Inc., and appointed trustee for the Collateral Mortgage 7% Serial Gold notes of the
Carstens & Earles, Inc. San Francisco, are offering at 100 company.
-Bonds Sold.
-Blair & Co., Inc.,
Nugent Realty Co.
and int., $800,000 1st (Closed) Mtge. Serial 7% Realty
New York, and Stifel, Nicolaus & Co. Inc., St. Louis, Mo.,
Gold bonds.
Dated Jan. 11924: due serially 1931 to 1944 incl. Denom. $1,000 and have sold at 9934 and int. $2,400,000 1st Mtge. Fee &
. Callable all or part on 30 days notice on any Int. date, at 105 and Leasehold 20
-Year Sinking Fund 6% gold bonds, Series"A."in the order of their maturity. Int. payable .1. Sr J. at Hellman Com-
ET? Trust & Savings Bank, Los Angeles, trustee, and New York Trust
mercial
Co. New York. Company agrees to pay int, without deduction for any
sienna' Federal income tax up to 2%. Exempt from personal property
tax in California..
-story Class"A" steel and concrete hotel building
Company.-Owns a 14
located on the east side of Main St., between 6th and 7th Streets, Los
Angeles, Calif., the hotel portion of which is leased to the Cecil Hotel Co.
The building, now practically completed, occupies a property of 92 ft.
contain 620
frontage on Main St. with a depth of 147 feet. It will moderately guest
priced
rooms and will be suitably furnished and operated as a
hotel.
-Secured by a first (closed) mortgage on real estate and buildSecurity.
ing appraised at $1,513,500. In addition, a chattel mortgage secured by
furniture and equipment valued at over $150,000, is assigned to the trustee
In favor of the bondholders.
-The hotel property is leased to the Cecil Hotel Co.for a period
Earnings.
of 20 years at a guaranteed rental sufficient to pay all property charges,
sinking fund requirements, maturing principal and bond interest. Based
upon lessee's rent of $15 per room per month, total income, including
rentals from stores and basement, is expected to produce $169,100 per
annum against maximum interest charges of $56,000, or over three times
maximum interest requirements. All leases are assigned to and held by
the trustee. All rentals and payments from leases are to be paid monthly
to the trustee, who will retain 1-12 of annual bond requirements for interest,
taxes, sinking fund, maturing principal and insurance before making any
payments to owners.
-An annual sinking fund of $10,000, beginning Jan. 1
Sinking Fund.
1926, has been created to retire $50,000 par value of this issue before 1931.
The trustee is empowered to purchase for the sinking fund, bonds maturing
In 1934 or later.
-Liquidating Dividend of $20.
Midland Securities Co.
The directors have declared a cash dividend of $20 a share, payable
Jan. 22 1925 to holders of record Dec. 19 1924. The distribution will be
payable as and when $100 par value certificates have been exchanged for
$10 par value certificates. It is the intention of the company to gradually
liqubiatie ite remaining assets. See also V. 119. p. 2417.
-November Sales.
Montgomery Ward & Co., Chicago.
Increase.
Increase.' 1924-11 Mos.-1923.
-1923.
-Nov.
1924
$17,053,151 $14,112,312 $2.940,839 18142,570,2988119,581.723 $22988575
-V.119. p. 2417.
-The
-Bonds Offered.
Mortgage Bond Co. of New York.
company, with offices at 58 Liberty St. N. Y. City, is offer-Year
ing at 100 and int. an issue of $2,000,000 53% 10
Gold Mortgage bonds, Series 6. Payment of principal and
interest guaranteed by all its resources.Federal income tax paid
Normal
Dated Dec. 11924: due Dec. 11934.
up to 2%. Bonds and coupons(J. & D.)payable at the office of MortgageCo.,
Bond Co. Denom. $100. $500, $1,000 cs&r. United States Trust
New York, trustee.
secured by first mortgages on a selected typo of
-Bonds are
Security.
are
real estate which are deposited with the trustee. Deposited mortgages
The total
always equal in face value to the amount of bonds outstanding. appraisals
to 40% of total
of all mortgages made by the company amounts of these properties over a
of the properties securing them. Selling prices appraisals.
period of 19 years have averaged 5% above the each, are on improved
The mortgages, which average about $4,000
loans is a home
real estate. In every instance the property securing these
or an essential business property. made in 22 substantial and growing
.-The loans are
Diversification
thriving agricultural, manufacSouthern and Western cities. They are
from Florida to the State of
turing and transportation centres, extending safeguard unusual in mortdiversification affords a
Washington. This
gage investments.
Statement of Condition July 11924.
Liabilities
Assets$2,000,000
$9,932,118 Capital
Mortgages
760,000
2,465 Surplus
Bonds
176,446
10.256 Undivided profits
Real estate
7,478,100
Mortgage bonds
210.049
Interest receivable
143,996
426,154 Interest payable
Cash
32.500
Reserved for taxes
Total
-V. 119, p. 1403.
$10,581,042
Total
S10.681.042
-373'c. Dividend.
Lode Coalition Mines Co.
Dated Dec. 1 1924; due Dec. 1 1944. Authorized, $5,000,000; to be
presently issued,$2,400,000, Series "A." Int. payable .1. & D.at the office
of Blair & Co., New York, or at the office of the trustee in St. Louis.
without deduction for any normal Federal income tax up to 2%. Penna.
,
personal property tax of 4 mills and Maryland personal property tax not
exceeding 4% mills refundable. Callable as a whole at any, time or in part
on any int. date on 30 days notiee at 105 and int. on or before June 1 192 ,7*
thereafter at 104 and int, on or before Dec. 1 1929, and thereafter at 104
and int., less X% for each year or part thereof elapsed after Dec. 1 1929.
.
Denom. $1,000 and $500c5
Data from Letter of Victor W. Sincere, President National Department Stores, Inc., Nov. 25.
-Has been organized in Missouri to acquire the real estate and
Company.
Nugent &
leaseholds owned by National Department Stores, Inc., and B.been
occuBro. Dry Goods Co. in St. Louis. These properties, which have
pied in part by B. Nugent & Bro., Dry Goods Co., a subsidiary of National
in St. Louis, are to be leased to National DepartDepartment Stores, Inc..
ment Stores, Inc., for a period extending beyond the maturity of these
bonds. National Department Stores, Inc., owns and operates a chain of
of
12 stores, all engaged in the retail trade, with a total volume sales for the
year ended Jan. 31 1924 of over $76,000,000. the opinion of counsel, by a
bonds are to be secured, in
-These
Security.
first mortgage on (a) an undivided unit owned in fee, located in City Block
-story brick and concrete building, expected
No. 98. St. Louis, Mo, A 5
part of this
to be completed about April 1 1925, is now being constructed on will have a
plot, which. together with the buildings now located thereon,
232,900 sq. ft. (b) The leasehold interest (extending for
total floor space of
62 years as to part and 98 years as to the balance and subordinate to a
mortgage of $100,000 as to part thereof), in the land and building located
In City Block No. 97, St. Louis, Mo. The building on this site contains
about 133,000 sq. ft. of floor space and is occupied by B. Nugent & Bro.
Dry Goods Co. The buildings on the fee and leasehold premises are being
connected by a subway under and a superstructure over St. Charles St.,
connecting all floors from the second to the fifth. (c) An undivided unit
owned in fee located at 3729-39 Belle Ave., St. Louis, known as the Relay
Station, and improved by a one and two-story brick building containing
approximately 30,000 sq. ft.
The fee property and the leasehold interest exclusive of the present construction have been appraised at $2,192,490 and at $2,156,035. The average of the two appraisals plus the cost of the new improvements, which Is
estimated at over $1,450,000, shows a value in excess of $3,600,000, for the
properties tube subject to the mortgage, or more than 150% of the principal
amount of First Mortgage bonds presently to be issued.
Earnings ofNationalDepartment Stores,Inc., Years Ended Jan.31.
Sales. *Net Profits.
Sales. *Net Profits.
$57.790,606 $1,197,396
$31,606,928 $1,800,498 1922
1919
61,715,521 3,607,963
44,444,410 3,330.304 1923
1920
__ 72,331,456 4,911,668
61,296,900 1.935,245 1924
1921
* After interest and before Federal income taxes.
The above not profits before Federal taxes averaged for the six years
$2.797,177 per annum. Maximum annual interest and sinking fund charges
on the present issue of$2,400,000 First Mortgage bonds amount to $270.000,
which will constitute an operating charge of National Department Stores,
Inc. The income for the year ended Jan. 31 1924, as shown above, was
equal to over 18 times such charges. For the 6 months ended July 31 1924
sales were $33.698,000 and net profits after interest and before Federal
taxes were $1,554,363.
Sinking Fund commencing April 1 1925, sufficient to retire by purchase
or call 59' annually of the greatest amount of Series "A" bonds theretofore
Issued. If additional Series "A" bonds are issued, the sinking fund is to be
proportionately increased so as to provide for the retirement of all Series
'A bonds at or before maturity.
-The entire capital stock of Nugent Realty Co. is owned by
Ownership.
National Department Stores Realty Corp., a wholly owned subsidiary of
National Department Stores, Inc.
-To Change
Ogilvie Flour Mills Co., Ltd., Montreal.
Par Value of Common Shares.
The shareholders will vote Dec. 29 on authorizing the sale of the company's undertaking to The Ogilvie Flour Mills Co., Ltd., a new company
now in process of being organized. The new company will pay for the
company's undertaking by the issue and allotment of 20,000 7% Cum.
Pref. shares, par $100, and 75.000 Common shares, no par value, which
shares will be issued and allotted fully-paid and non-assessable.
The shares of the new company will be distributed among the shareholders of the company on the lyasis of one 7% Cum. Pref. share, par $100.
for each 7% Cum. Pref. share now held, and 3 Common shares of no par
-V. 119. p. 1851.
value for each Common share. par $100, now held.
Mother
a share on
-Conversion of Bonds.
Ohio Copper Co. of Utah.
The directors have declared a semi-annual dividend of 373c.
Holders of $475,400 First Mtge. 7% Convertible bonds have converted
the outstanding $2.500,000 capital stock, no par value, payable Dec. 31
dividend of like amount them into stock. Bonds now outstanding total $524,600, of which $100.200
to holders of record Dec. 12. A semi-annual
-V. 119, p. 2297.
Was paid on June 30 last. Previously 50c. semi-annually had been paid. have been acquired by the company.
-V. 119, p. 948.
Benenson Investing Company,Inc.)
165 Broadway(G.
-Earnings.Hotel Co., Ltd., Montreal.
-Dillon Road & Co. and the Equitable
-Bonds Sold.
Trust Co. of New York' have sold at 101 and int., to yield
over 6.85%, $2,000,000 7% Sinking Fund Mortgage Bonds.
Mount Royal
The company's business for the 9 months ending Sept. 30 1924 shows
gross receipts of $2,065.213 in comparison with $1.992.484 for the corresearnings
ponding 9 months of 1923, or an increase of $72,728. The netafter the
and
after deduction of taxes, depreciation, bond interest, repairsof 1924, were
yment of all operating expenses for the first 9 months
the net earnings for the same period of 1922 of
7.746 as compared with
E
Dated Dec. 11924: due June 11940. Principal and interest (J. & D.)
payable at the office of Equitable Trust Co., New York, trustee, without
-mills tax and
deduction for Federal normal income tax up to 2%. Conn.4
Mac. 61924.1
THE CHRONICLE
Penn. 4
-mills tax refunded. Denoms. $1,000 and $500 c*.Tar Red. on any
int, date as a whole, or in part for the sinking fund, at 101 and int. to and
incl. Dec. 1 1926; thereafter at 10214 and int.
Data From Letter of 0. Benenson, President of G. Benenson
Investing Co.. Inc.
Propertv.-Benenson Building, formerly known as City Investing Building, 165 Broadway, N. Y. City, the main property by which these bonds
are to be secured, is one of the largest office buildings in the downtown
financial district. Benenson Building, completed in 1908. is of high-grade
steel-frame fireproof construction throughout, 32 stories high, and contains
approximately 470,000 net rentable sq. ft. of office and store space, served
by 23 high-speed elevators. The entire ground floor, exclusive of public
space, is occupied by eight stores.
The building, with entrances on Broadway,Cortlandt and Church streets,
occupies a plot containing approximately 26,800 sq. ft. Light protection
is afforded by ownership in fee of the adjoining improved plot on the corner
of Church and Liberty streets (9 Church St.). and by long-term lease (bearing a fixed rental and maturing in 1944) of the adJoining improved plot to
the north on the corner of Broadway and Cortlandt St.(169-1'71 Broadway).
Security.
-These bonds will be secured by direct mortgage lien, subject
to prior liens aggregating $6,180,000 ($6,000,000 prior mortgages due
June 30 1940 held by Metropolitan Life Insurance Co., and $180,000 prior
mortgages covering 9 Church St. only, due Feb. 1 1926) upon the fee of
the land and building at 165 Broadway, known as Benenson Building, upon
the fee of the immediately adjoining land and building known as 9 Church
st., and upon the leasehold interest in the immediately adjoining land and
building known as 169-171 Broadway. The value as of Oct. 30 1924 of
the properties to be mortgaged has been appraised by Geo. R. Read St Co.,
N. Y. City, at $12,000,000, of which amount $4,900,000 is represented by
land Owned in fee.
Earnings.
-Income from the operation of the properties to be mortgaged,
available for all interest charges before providing for depreciation and Federal income taxes, for the three fiscal years ending April 30 1924 and 4
months to Aug. 311924, as certified, has been as follows: 1922, $990.851:
1923,$1,036,603; 1924,$959,644;four months ended Aug.31 1924.$317,679
The Benenson Building is now 99% rented and for the last five years has
averaged 98% rented.
Sinking Fund.
-Indenture will provide for a sinking fund. to be applied
semi-annually beginning June 1 1926, sufficient to retire $100,000 bonds
annually to and including 1929; and thereafter $160,000 bonds annually
to maturity. At this rate, these bonds will be completely
by
ity through operation of the sinking fund. The company retired thematurduring
period
1930 to 1940 incl. may reduce its $6,000.000 prior mortgage debt by $125,000
annually, in which event only $135,000 bonds of this issue need be retired
annually by sinking fund payments. In such case, only $250,000 of these
bonds will be outstanding at maturity, while
equity will have been
further increased by a reduction of $1,312,500 in the prior mortgage debt.
the
Otis Elevator Co.
-31 50 Extra Dividend.
-
The directors have declared an extra dividend of
50 per share on
Common stock (par $50), payable Dec. 29 to holders$1 record Dec. 12. the
of
The directors also declared the usual quarterly dividends of $1 50 on the
Preferred and $1 on the Common, both payable Jan. 15 to holders of record
Dec. 31.-V. 119, p. 2539.
Park
Falls Lumber
Company.
-Name Changed.
-
See Edward Hines Associated Lumber Interests above.
-V. 113. p. 425
(J. C.) Penney Co. (of Utah).
-7'o Reincorporate in Del.
The
2657
Purity Bakeries Corp.
-Baking Company Combination.
-
The certificate of incorporation of Purity Bakeries Corp. was filed in
Del. Dec. 1 1924. The authorized capital stock of the company consists
of $15,000.000 77 Cumulative Pref. stock. 400,000 shares of Class "A"
stock and 500,000 shares of Class "B" stock. The Class "A" stock of the
new company is entitled to a $3 cumulative dividend per annum, and is
entitled to participate to the extent of an additional $2 per share per annum.
It is understood that the first companies to be taken over by the new
corporation will be Purity Baking Co. of Minn., the Tristate Baking Co. of
Mich. Banner Grocers' Baking Co. of Cincinnati, and Grocers' Baking Co.
of Indianapolis. The new company thereby will obtain control of 15 plants,
located in Minneapolis, St. Paul and Duluth, Minn.; Indianapolis. Ind.;
Detroit, Flint, Battle Creek and Jackson, Mich., and Cincinnati. Toledo.
Columbus, Hamilton and Akron, 0. It is understood that negotiations
are in progress for the acquisition of additional properties.
The organization of the company has been effected at the instance of
Michael L. Medan, of the Purity Baking Co., John M. Greissell of the
Tristate Baking Co.and L. A. Cushman Jr. of New York City, represented
by their attorneys, Davies. Auerbach & Cornell of New York City, who
acted in the organization of the General Baking Co. Mr. Cushman is a
director, also, of Cushman's Sons, Inc.
The Preferred stock of the Purity Baking Co. has recently been sold
through Spencer Trask & Co. of N. Y. City.
-4
It is intended to make application to list the stock of the new company
on the New York Curb Market.
Purity Baking Co. of Minn.
-Merger.
-
See Purity Bakeries Corp. above.
-V. 119, IL 1745.
Pusey & Jones Co. (Shipbuilders).-Sale.
The machinery and other equipment used at the Gloucester City, N. J.,
shipyard was sold at auction by Samuel T. Freeman & Co., Nov. 24 and 25,
at the plant, for the new owners. the Port of Philadelphia Terminals, which
purchased the plant six months ago for $516,000. The sale brought about
$300,000, it is said.
-V.119, p. 206.
Quaker City Tank Line, Inc.
-Equip. Trusts qffered.-Stix & Co., St. Louis, are offering at prices to yield from
4%% to 6%, according to maturity, $200,000 6% Equip.
Trust gold certificates, Series "D," issued under the Philadelphia, plan.
Guaranty.
-Certificates are guaranteed by endorsement both as to principal and dividends by the Quaker City Tank Line, Inc.
Dated Oct. 11924; due serially Oct. 1 1925 to Oct. 11929,incl. Denom.
$1.000. Dividends payable A.& 0. without deduction for normal Federal
income tax not in excess of 2%. Company agrees to reimburse the Penna.
State tax not to exceed 4 mills annually upon application as set forth in the
indenture. Principal and diva joayable at the Bank of North America &
Trust Co.. Phila., trustee. Red. on any div. date at 102 and div.
Security,
-Secured by title to 210 standard steel underframe tank cars,
of which 202 are 8,000 gallons capacity, equipped with steam GAB, and 8
are the two and three compartment type car. The equipment securing
these certificates has been currently appraised in excess of $319,000.
Company.-Ineorp. in Delaware during the past year, to acquire and
lease tank cars. The management of the company has been eminently
successful in this type of business, having been instrumental in building up
the tank car leasing business of the Pennsylvania Tank Car Co. and the
Standard Tank Car Co.
Earnings.
-Company operates 933 tank cars, which should produce an
average revenue of at least $335.880 per annum. Operating expenses.
including repairs and taxes, are estimated at $89,568 per annum, leaving
a surplus of $246,312 available for depreciation charges and dividend requirements on equipment certificates, the latter amounting to $68,800
per annum.
stockholders will vote Dec. 23 on approving the sale and transfer
of all the assets of the company to a corporation of the same name organized
under the laws of Delaware. Preferred stockholders in the present company
will receive in exchange for their present shares of stock a similar number
of shares of First Preferred stock in the Delaware corporation, with the
861110 rights and privileges.
Sales for Month and 11 Months Ended November 30.
1924
-Nor.
-1923.
Increased 1924-11 Mos.-1923.
Increase.
Reo Motor Car Co.
$9,174,806 $7,196,264 $2,078,5421$64,279.951 $53,714,297 $10,565,654
-Extra Dividend of 3M%.
The company states that "November sales were the largest it has ever
In addition to the regular quarterly dividend of 1 3 %,the company has
,
had for any single month. Indications point to a heavy Christmas trade, declared an extra cash dividend
of 33 % on the outstanding capital stock,
,
6
and it anticipates that December sales will equal November. On Satur- par $10, both payable Jan. 2 to holders
of record Dec. 15. Like amounts
day, Nov. 15, total sales for that day were more than $875,000, which was were paid Oct. 1, while extras
of 1% each were paid in Jan., April and July
the largest volume for a single day which it has ever had."
-V. 119. p. 2539.
-V.119. p. 2188. last.
Pennok Oil Corp.
-Trustee Appointed.
-
The New York Trust Co. has been appointed trustee of an issue of $2,250,000 3
-Year 67 Gold notes dated Dec. 1 1924. See also Pennok Oil
o
Co. in V. 119. p. 1634. 1852, 2539.
Ryan Car Co.
-Listing.---
The Chicago Stock Exchange has approved the listing of 80,000 shares
of Capital stock, par $25 each.
-V. 119. P. 1518.
Penn Seaboard Steel Corp.
St. Maurice Paper Co., Ltd.
-To Increase Stock.
-Notes Offered.
-The
-National
stockholders will vote Dec. 12 on increasing the authorized City Co., Lee, Higginson & Co., and Aldred & Co. are
capital stock, of no par value, from 1,500,000 shares (all offering at 98% and int., to yield over 5%%, $2,606,000
outstanding) to 3000,000 shares.
5
-Year 53'% Gold notes.
The proceeds
of the issue are to be used
install two large open hearth furnaces andto complete the Newcastle plant,
strengthen the company's working capital build a new strip mill, and also
position.
provements and additions is estimated at $850,000. The cost of the imPresident J. B. Warren in a letter to the stockholders points out that
company has no funded debt, that $2,000,000 in notes had been wiped the
out
since 1920, and that floating debt has been reduced another $2,000.000.
President Warren, explaining the reason for issuing the new stock. says:
"The directors are fully cognizant of the relatively low market price which
has prevailed for some time for the shares of the corporation and the
increase in the authorized number of shares asked for and which may large
have
to be issued and sold to meet the contemplated financial requirements.
Notwithstanding these factors, the directors have approved the foregoing
plan as the corporation does not thereby subject itself to heavy fixed
annual charges which would result from the issuance and sale of any other
form of security necessary to accomplish the desired result. If the financial
plan is accomplished, the position of the corporation will be relatively
strong and with reasonable business should be able to show surplus profits
applicable to dividends on its entire capitalization."
-V.119. p. 1965, 1291.
Dated Dec. 1 1924: due Dec. 11929. Interest payable J. & D. without
deduction of U. S. normal Federal income tax up to 2%. Denom. $1.000
and $500 c5 Red.all or part at any time on 30 days' prior notice at 10034
.
and int. Prin. and int. payable in U. S. gold coin at the head office of
National City Bank of Now York, New York, or at the holder's option in
Canadian gold coin at the principal office of the Bank of Montreal. Montreal,
Can. Royal Trust Co., Montreal, trustee,
Data from Letter of Pres. M. B. Wallace, Montreal, Nov. 29.
Cornpany.-Is one of the most favorably constituted newsprint producers
in Canada, with an adequate supply of pulpwood, advantageous geographical location, complete balance in capacity of its mills, assured power
supply under contract, and an unexcelled trade reputation. Company's
mills are situated at Cap de la Madeleine. Quebec, near the junction of the
St. Maurice and St. Lawrence Rivers, Company enjoys the reputation of
being one of the lowest cost producers in Canada. The capacity of the
company upon completion of 2 additional newsprint machines. which are
now being installed, will be as follows: (tons daily) groundwood pulp,
190: sulphite pulp. 65; kraft pulp. 65; newsprint. 250.
The capacity of the newsprint machines, including 2 machines in Process
of installation, is in balance with the facilities for the production of groundPittsburgh Terminal Coal Corp.
-Segregation Approved. wood and sulphite pulp: and the output of kraft pulp is sold to the Union
See Pittsburgh & West Virginia By. under "Railroads" above.
-V. Bag & Paper Corp. by favorable contractual arrangement. Company's
119, p. 2298.
pulpwood requirements are supplied from extensive timber reserves con(Frank C.) Platt Realty Co., San Bernardino, Calif.
sq. miles of timber limits located in accessible
- sisting of approximately 2.500 contain over 6.400,000 cords which are sufwatersheds and
Bonds Offered.
-An issue of $175,000 1st Mtge. 7% Serial ficient to supply estimated to full capacity for over 50 years. In addition
the company's
Gold bonds, due 1926-39, inclusive, is being offered by banks, to these reserves, the company follows the general policy of purchasing pulpwood under
Huntley & Co. and the William R. Stoats Co. at 101 and indefinitely advantageous market conditions,thereby affecting the extension
of its own timber reserves.
int., to yield approximately 6.25% to 6.90%, according
Purpose.
-Proceeds will reimburse company's treasury, in part, for the
cast of installation of 2 additional paper machines, and other capital imto maturity.
provements made during the past several years.
The bonds are exempt from California personal property tax. They
are
Earnings.
-The average annual net income for the period 1917 to 1923,
callable in whole, or in part by lot, on any interest date, at 105 and accrued
interest. Application has been made to the State Banking Department for both years inclusive, after depreciation and depletion and after all inventory
adjustments but before interest and income taxes, has been $1,024,905,
their certification as legal investments for California savings banks.
The proceeds of the issue are to be applied towards the cost of the Frank or more than 7 times the annual interest charges on this issue of notes.
For the 9 months ended Sept. 30 1924, such net income was $749,600, or at
C. Platt Realty Building
-a 4
-story-and-basement office, store and theatre
structure, Class A & B, fronting 100 ft. on E. Street by 169 ft. on Fifth the rate of approximately 7 times the interest requirements on this issue of
Street, San Bernardino. The building will contain 48 offices, 9 stores notes. above
The
earnings are without giving effect to the profits from the 2
and a theatre having over 1,300 seats. The land is conservatively appraised
additional paper machines which are in the process of installation and which
at $100,000: the building and equipment at $261,000. The total
physical It is expected will be in full operation by Jan. 11925.
security exceeds $2,000 per $1,000 bond.
Condensed Balance Sheet Sept. 30 1924 (After This Financing),
West Coast Theatres, Inc., operating one of the largest chains of motion
icture theatres in America, has taken a 15
Assets-year lease of the theatre at
Liabilities
13,000 per annum. The stores are being leased on a basis to produce Cash
$158,420 Capital stock
$9.539,300
12,700 per annum; the offices on a basis to produce $23,300 per annum.
Notes & accts. rec
461,435 5
-Year 534% notes
2,600,000
biet earnings are conservatively estimated at $41.500 per annum. This Prepaid items
60,536 Notes payable
600,000
equals over 6ji times the average annual interest charge oh the
Inventories
3.717.512 Accounts payable
Issue, Land, oldgs..
539.248
Sod twice the average annual requirement for interest and
equip., &c- 9,951.000 Res.for conting.incl. tax.
sinking fund
149.214
combined.
Investments
47,500 Surplus
1.098,641
Deferred charges
130,000
Price Bros. & Co., Ltd.
-New Financing.
The Royal Securities Corp.. it is stated, has underwritten an
Total
issue of
$14.526,403
Total
$7,000,000 6ji% redeemable preferred stock, of which $2,000,000
$14,526,403
will
-Over 63% of the outstanding
Control.
DC placed in England. Proceeds are to be used in part to
refund capital is owned by the Union Bag & Paper Corp. capital stock of the company,
-V.119, p. 2540.
expenditure made upon the properties of the company since Jan. 1
1923,
and to provide in part, funds for the completion of the
Konogami mill and
Santa Cecilia Sugar Corp.
-Stricken from List.
also to provide funds for a portion of the cost of the company's
new 200
-ton
The Common stock has been stricken from the list of
newsprint mill now being erected at St. Joseph d'Alma,
Que.-V. 119, change because of the company's failure to meet the the N. Y. Stock Exp. 18.52.
requirements of the
Exchange'slaws as to filing reports and other requirements.
-V.119,9.2061.
l
2658
-November Sales.Sears-Roebuck & Co., Chicago.
1924
-Nov.
-1923.
822.487
320,416,166
-V. 119. p. 2419.
increase.
1924-11 Mos.-1923.
Increase.
$2,071,441 I.607 5196,003.784 $194,743,706 $1,260,078
-Declares 8% Stock Dividend and Places the
Simmons Co.
-The directors have deStock on a $2 Yearly Cash Basis.
clared an 8% stock dividend on its Common stock and a
quarterly cash dividend of 50c. per share, both payable on
Jan. 2 1925, to holders of record Dec. 15 1924. An official
statement says:
The 8% stock dividend is Intended to reimburse the stockholders for
earnings which have been diverted to capital account and employed in plant
improvement which is already reducing manufacturing costs quite materially. This is evidenced by the fact that net earnings this year have shown a
substantial increase over net earnings in 1923 notwithstanding a decrease
of between 7% and 8% in the gross sales. It is confidentially expected that
the economies resulting from these improvements and the fact that similar
expenditures will not be required during 1925 will result in a much greater
Increase in net earnings next year without taking into account the probable
increase In gross business.
The company's finances are in fine condition as it closes the year without
borrowings.
[Quarterly cash dividends of 25 cents per share were paid on the Common
stock since January 1923. The company also paid on Jan. 2 1924, a stock
dividend of 4%.I-V.119. p. 2298.
•
-Trustee.
Sloss-Sheffield Steel & Iron Co.
The Central Union Trust Co. of New York has been appointed trustee
for the $2,500.000 5
-Year 6% Purchase Money Lien notes duo Aug. 1 1929,
$1,200,000 Serial 5% Purchase Money notes due Nov. 1 1926 to 1928, and
$1.770,000 Purchase Money Refunding notes. See V. 119. p. 2299.
•
[vou 119.
THE CHRONICLE
-Reduces Divs.
South West Pennsylvania Pipe Lines. on the outstanding
of 1%
The directors have declared a quarterly dividend
record
$3,500,000 Capital stock, par 6100, payable Dec. 31 to holders of of this
Dec. 15. The company paid 2% in the three preceding quarters
-V. 119. D. 1075.
year.
-Bonds Called.
Spanish-American Iron Company.
-Year Sinking Fund 6%
One hundred thirty-eight (8138,000) 1st Mtge. 20
Gold bonds, due 1927, have been called for payment Jan. 1 at par and int.
Philadelphia, Pa.
at the Girard Trust Co.. trustee,
The following bonds remain unpaid: July 1 1923, 109: July 1 1924.
501, 729, 1130, 1218, 1311. 1490. 2088, 3219, 3364, 3515. 4210.-V. 119,
P. 2420.
-Bonds.Spanish River Pulp & Paper Mills Ltd.
Forty-six of the outstanding 6% 1st Mtge. S. F.("old bonds, due Dec. 1
1931. have been called for payment Jan. 1 at 110 and int. at the Montreal
Trust Co. at Toronto, Can.. London. Eng., Montreal, Que., or at its
V. City.
-V. 119.
agents, the Royal Bank of Canada, 68 William St., N.
P. 1518.
.
-To Retire Cont'. Pref Stock.
Sparks-Withington Co.
A dispatch from Cleveland, 0.. states that the company will retire its
This
Convertible Preferred stock at 105 and diva. on Jan. 2. 32,000will leave
shares of
about 3221.500 of Sinking Fund Pref. and approximately
no par Common stock outstanding. As of Dec.31 last 6243,700 of the Con-V. 119, p. 2075.
vertible Preferred was outstanding.
-Buys H-0 Cereal Co. Inc.
Standard Milling Co.
The company, through Its subsidiary, the Hecker-Jones:Jewell Milling
Co.,has purchased the H-0 Cereal Co., Inc.. of Buffalo, N. Y., and the
H-0 Cereal Co. of Canada, Ltd. The price paid was said to be about
82,000.000.
New directors of the two companies just taken over are: G. K.
Morrow, President of the Gold Dust Corp.: A. P. Walker, President of the
Standard Milling Co.; Alfred Jaretzki, of Sullivan & Cromwell: F. L.
-V. 119, p. 2189.
Rode% ald and Henry P. Werner.
the purposes of the new organization is to permit the more effective enlargefurther
field and
ment of the company's activities in Its particular stability inthe earning
its
diversification of its product, with resulting greater
power.
The company's works, located at Rochester. N. Y., normally employ
malleable
1,000 men. This plant is one of the largest and best equipped
50,000 tons of
iron foundries in the United States, with a capacity of aboutfor continuous
especially designed
malleable iron castings a year, and is
large-scale production.
Capitalization Authorized and to Be Presently Outstanding.
abs.
Class"A"sits. entitled to 32 cum.ann. divs.(no par value)----200,000 shs.
300,000
Common shares(no par value)
issue of securities senior to the
The company has no funded debt or any
Class "A' shares.
Elimination of all
Net Earnings of Predecessor Company, Adjusted to Show
Items Not Applicable to New Company.
1922.
1923.
1924 (2 Meg. Est.)
8976.400
81.319.943
81.055,041
Before Federal taxes
$854,350
$1,154,950
After Federal taxes at present rate 6923,161
Preliminary Balance Sheet Nov. 1 1924 (New Company).
Liabilities
Assets
$437,536
$415,325 Accounts payable
Cash
123.772
16,050 Accrued accounts
Notes receivable
and surplus, as
Acc'ts receiv., less reserve 766,151 Capital
represented by 200.000
861,709
Merchandise inventory2,072 shares Class"A"& 300,- 4,250,001
Life insur. (cash value)_
Land, bides.. mach.. &c._ 2,750,000 000 shs. Common
1
Patents and good-will_ _
$4,811.308
Total
34,811,308
Total
-Successor Company.
(T. H.) Symington Co. (of Del.).
-Assessment.
Tuolumne Copper Co, Butte, Mont.
-V. 119, p. 2420.
See Symington Co. of Maryland above.
outAn assessment of 30c. per share has been levied upon the issued and will
assessment
standing capital stock of the corporation (par $10). The Treas., Htrbour
on or before Dec. 19 1924 to Frank K. Wilson,
be payable
remain
Building, Butte, Mont. Any stock upon which the assessment shall public
unpaid on Dec. 20 1924 will be delinquent and advertised for sale at
will be sold on Jan. 10 1925,to
auction, and, unless payment is made before.
and expay the delinquent assessment, together with costa of advertising
penses of sale.
Pres. Wm.P. John in a circular to stockholders, Nov. 17,
said in part:
of the company on the
On Sept. 27 application was made to list the stock
New York Curb Market. This application has not yet been approved.
for
Since the latter part of September there has been a considerable demand no
the stock at prices ranging from $2 50 to $3 50 per share. Practically
of Tuolumne shares
stock has been offered at these prices. The value
based upon an appraisal made several months ago is considerably in excess of
your
these quotations, which do not reflect the real value of which properties
has
without taking into consideration the prospective value high gradebeen
ore.
by the recent development of exceptionally
greatly enhanced
owing to the necessity
The sale of the company's bonds has been delayed,it has been only within
ofsecuring permits for their sale in certain States and bonds could be underthe past three weeks that negotiations for the sale of corporation for those
taken. The exchange of the bonds of the Arizona
the sale of
of the Montana corporation is being made and negotiations for very short
within a
several large blocks of bonds should be consummated up the orebodies on
open
time. Sufficient funds will then be available topossible time, putting the
the 2,000 and 2,200 foot levels in the shortest
in addition thereto
Main Range Mine on a substantial productive basis, and
foot levels.
fully develop these properties on the 2,400 and 2,800in so far as the comunavoidable,
Due to these delays which have been
assessment on the
pany is concerned, it has been necessary to levy a fourth in order that the
necessary
Capital stock. The levying of this asessment isencountered may be vigorfurther development of the orebodies recently
-V. 118, p. 1281.
ously prosecuted without delay.
-Earnings.
United Cigar Stores Co. of America.
Income Account for Nine Months Ended September 30 1924.
$4,765.847
Net profit
806,850
The Missouri Supreme Court has set the State anti-trust ouster suit Debenture interest, $266,850: Federal tax reserve, $540,000..... 230,214
against the company, charging monopoly of oil cracking processes and Preferred dividends
restrict ion of competition, for hearing during the January call of court.
$3,728,783
Surplus
V. 119, p. 1966, 1746.
8,001,875
Previous surplus
-Patent Suit.
Standard Oil Co. (Indiana).
-Smaller Div.
Stromberg Carburetor Co. of Amer., Inc.
The directors have declared a quarterly dividend of $1 50 per share on
the outstanding 80,000 shares of Capital stock, no par value, payable
Jan. 2 to holders of record Dec. 15. During the current year the company
Raid four quarterly dividends of $2 per share, and in addition an extra
dividend of$1 50 (the latter was paid in Jan. 1924).
Income for Three and Nine Months Ended Sept. 30.
-3Months Ended--9Months EndedSept.30'24. Sept.30'23. Sept. 30'24. Sept.30'23.
Earnings6244.234
3359.084
3909.855 $1,355,527
Earnings
392,869
135.243
131.025
382.828
Expenses
31,427
Cr.5.366
10.798
11,040
Deduc'ns, less other inc120,500
15,000
27,500
68,000
Federal taxes
393.750
460,000
160,000
131,250
Dividends
$416,981
$58,512
def1160,641
$10,067
Surplus
$3.073,795 $3,265,063 $3,073,795 $3,265,062
Profit and loss surplus
Balance Sheet September 30.
1923.
1924.
Liabilities1923.
1924.
AssetsProperty & plant_32,203.776 52,062,005 Capital stock (no
901.001 par)
$600,000 $375,000
9.57,363
Cash
135,104 Acc'ts payable and
134,543
Investments
14,253 accrued account. 170,002
250,998
39,496
Other atwets
142,134
98,959
424.644 Federal tax reserve
Notes & ace'ts rec. 337,886
564,218
809,055 Depreen reserve__ 674,252
677,742
Inventories
3,073,795 3,265,063
74,020 Surplus
71,969
Deferred charges
177,331!
194,233
Patents
Total(each Me)_ _$4,617,008 14,697,41p
-V.119, p. 2300, 1181.
*Representing 80,000 shares of no par value.
Symington Co. (of Md.).-Stock Sold.-Hambleton &
Co. and Hornblower & Weeks have sold 20,000 Class "A"
shares (carrying 66,666 Common shares). The Class "A"
stock was offered at $27 50 per share, to yield 7.25%, and
Carried 1-3 of a Common share for each share subscribed for.
Total surplus
Common cash and stock dividends
Premium on Preferred stock purchased
311,730,658
4.120.893
70,283
67,539,482
Profit and loss surplus
-V. 119. p. 2300. 1853.
-October Sales.
United Drug Co., Boston.
Month of OctoberSales (approximate)
-V.119, p. 2420, 1853.
1923.
1924.
$7,009,000 $6,400,000
Increase.
$609,000
United States Distributing Corp.-Earnings.-
Pres. Harry N. Taylor on Dec. I announced that net earnings for the
not
2 months ended Oct. 31 amounted to $248.170, as compared with of
earnings of $133.204 for the corresponding months of 1923, an increase
Just
$114.966, or more than 85%. Earnings for the 2 months' period
closed were at the rate of $1.489,000 per annum. After making allowance
for the annual dividend requirement of $192,500 on the 32,750,000 7%
Preferred stock outstanding. these figures indicate earnings at the annual
rate of better than $11 per share on the 110,000 aliases of Common stock
of no par value now outstanding.
Pros. Taylow further said: "Since the corporation is just entering upon
the busiest season of its year, there Is every reason to anticipate that earnings during the coming months will be at least as good as they were for
Sept. and Oct. The advent of the cold season will particularly stimulate
the company's coal business through its subsidiaries the Sheridan Wyoming
Coal Co., Pattison & Downs, Inc., and the West New York Coal Co.
Pattlson & Beams is the largest wholesale distributor of anthracite and
-V. 119, p. 2077. 1747.
bituminous coal in the Eastern territory.
-Takesover Block ofBusiness.
United States Life Ins.Co.
The New York Insurance Department has just approved a contract of
reinsurance with the company of the American business of the Nederland
Life Insurance Co. By this transfer the assets of the United States Life
will be increased by over 1800.000 to some $6,400,000. and the amount of
Insurance in force will be increased by more than 31,500.000 to about
$27.000.000. The official announcement further says:
cumulative annual dividends
The Nederland is a Dutch company with home office at The Hague.
The lass "A" shares are entitled to $2
active branch in the United
upon 30 days' notice, and
years the company maintained
from date of issue, are callable at $32 50 a shareof liquidation, dissolution, For several headquarters in New York, but anis now many years since that
it
in case
States with
are entitled to participate in the assets per share and accrued dividend.
in America. It has been gradually
distribution or sale to the extent,of $32 50 will be made to list these shares company has been writing new business
liquidating and working out its old policies: accordingly this final step is
Listing.-It is expected that application
exchanges.
the natural and proper way of protecting all the policyholders. and at the
on the New York, Boston and Baltimore stock
New York, Dec.3. same time carrying each policy to a sound termination with the greatest
Data from Letter of President Chas. J. Symington,
furMaryland has recently been formed economy and efficiency. This working out of the Nederland business
Compony.-The Symington Co. of
solid basis of "old line" life insurance.
Co. of Delaware, including
to acquire the business of the T. H. Symingtonnet quick assets. The busi- nishes a good Illustration of the set aside each year. Now, when the
whereby the scientific reserve is
$1,500,000 of
all goodwill, patents, plants and
obligations are being assumed by the United States Life,sufficient assets are
in 1901.
DOSS of the T. H. Symington Co. was started
including transferred to take care of all accrued liabilities.
The company manufactures standard railway equipment,
There are advantages on both sides in a transaction of this typo, because
bearings, side bearings and
Journal boxes, draft gear attachments, center
also malleable iron the expense of handling the old business can be cut down to about 20% of
miscellaneous devices for cars and locomotives, and
the amount necessary in recent years for running a separate organization.
other purposes.
castings for railway equipment and
which it
are better protected than they were before, while the
The company owns valuable patents on the railway devices chang- The policyholders not only increases its business and assets, but at the same
to meet the
United States Life
manufactures and its product is being steadily improved
patent protection rests time broadens the basis on which it operates.
ing requirements of the railways. The company's principles of its devices,
The United States Life is one of the old companies of the country, now
not only on broad patents covering the fundamental
the running in its 75th year of continuous service to Its policyholders. There
but on patents covering the successive improvements In details, so that
are only nine older companies in the United States, and this move towards
expiration of basic patents affects only the obsolete forms. Farlow draft
with a largely increased volume of new business
The company is best known as the manufacturer of the in operation enlargement is coincident own agents.
now
gear attachment, with which 26% of the 2,500,000 carswere so equipped. written by the company's
are equipped. Of the cars ordered in 1923. over 56%
-Listing.
United States & Foreign Securities Corp.
While Tor 1924 this percentage is in excess of 68%. The company maintains
develThe Boston Stock Exchange, on Oct. 13, authorized the listing of full
adequate research and engineering departments and has in process of
certificates representing 250,000 shares
and essential devices for railway equipment. One of paid and its 25% paid allotment
opment additional
DEC. 6 1924.]
THE CHRONICLE
First Preferred stock and 250,000 shares Common stock, both classes
stock being without par value. See also V. 119. p. 1966. 2189, 2301. of
Vanderbilt Building (Nassau Street Holding Corp.),
New York City.
-Bonds Offered.
-Hoagland, Allum &
Co., Inc., and A. B. Leach & Co., Inc., are offering at 100
and interest $1,325,000 First Mtge. 15
-Year 6M% Sinking
Fund Gold Loan.
2659
(3) The creation of an issue of 31,500.000 6 % gold bonds, these to be
secured by a general mortgage on the company's property, ranking after its
present bonded debt, and also by the deposit with the trustee of an equal
amount of general mortgage bonds of the new company. Compare also
V. 119, D. 2077.
Weber & Heilbroner, N. Y.
-To Reduce Capital.
-
The stockholders will vote Dec. 30 on reducing the number of outstanding Common shares from 225,520 to about 75,000 shares by the exchange of
one share of new for each three shares of old.
Dated Nov. 1 1924; Due Nov. 1 1939. Principal and interest payable
President Louis M. Weiller says: "The directors are inclined to the view
M.& N. at office of Eqiutable Trust Co., New York, trustee. Denom. that a continuance
of the prevailing conditions of the company's business
$1,000, $500 and $100 cs. Redeemable, all or part, on any interest date will justify the distribution of a larger proportion of its earnings to stockon 30 days' notice at 105 and interest during the first ten years, and there- holders and feel that the proposed change in capitalization
will facilitate
after during each succeeding year at 1% less each year or part thereof,
their desire in this respect."
-V. 119, p. 2421.
•
interest. Penn.4 mills tax, Conn. 4 mills tax, Maryland 4;i mills tax plus
and
Mass. 6% income tax refundable. Interest payable without deduction of
Wenonah Building Co., Bay City, Mich.
-Bonds
the normal Federal income tax up to 2%.
-Harris, Small & Co., Detroit, are offering at prices
Based upon appraisals, this loan, in the opinion of counsel, will be legal Offered.
for the investment of trust funds under the laws of the State of New York, to yield from 6% to 6
according to maturity, $325,000
upon the issue of the loan and completion of Improvements as planned.
Property.
-The Vanderbilt Building is located at the southeast corner of First Mtge. 63'i% Serial Gold bonds.
Dated Dec. 1 1924; due serially (J. & D.) from June 1 1926 to June 1
Nassau and Beekman streets. New York City, in close pro:utility to the
Woolworth Building, Post Office, City: Hall, Munciipal Building, City and 1939. Principal and interest payable J. & D. at Northern Title & Trust
County Court House, and Brooklyn Bridge. The property covers an area Co., Bay City, Mich.,. trustee, without deduction for normal Federal
income tax up to 27
,o. Redeemable, all or part, on any interest date on
of 12,0.36 sq. ft. of land with a frontage of 104 ft. on Nassau St. and
116 ft.
'notice at IN and interest. Denom. $1,000 and $500c*. Taxon Beekman St., and includes a 14
-story office building of fireproof con- 30 days in
exempt
struction and a store and office building on the corner. The latter
Michigan.
building
Company.
-Owns property fronting on Center Ave. and Water St. in the
is to be demolished and replaced with a 4
-story modern structure
and offices, and the former is to be completely remodeled. Thesefor stores heart of Bay City, overlooking Wenonah Park and the Saginaw River.
improve- Company was formed in 1907 by prominent business men to build and
ments are expected to be completed by July 1 1925.
operate the Wenonah Hotel.
Security.-Thls loan will be secured by a first closed mortgage
Security.
-Bonds are a direct obligation of the company and a first closed
and buildings, unencumbered,owned in fee simple, valued (upon on the land
ofimprovements) according to recent appraisals at $2,010,000 completion mortgage on all real estate and buildings now or hereafter owned. The
Noyes Co., and at $2,000,000 by Joseph P. Day, Inc. Theby Charles F. property under this mortgage consists of a modern fireproof four-story hotel
value of the containing 144 rooms, which will presently be increased to 205 rooms.
land alone, according to these appraisals, exceeds
On
$1,000,000.
completion of the new building the
The cost of the new building and remodeling the present
structure, ac- or 82.313 for each $1,000 bond. total value of the security will be $753,000
cording to the plans and specifications, will be in excess
of $550.000. There
Purpose.
-To provide funds for the completion of a four-story addition
will be deposited with the trustee a surety bond,together
from the proceeds of this loan, which Will be held by thewith $325,000 cash and for the retirement of present outstanding indebtedness.
trustee until final
Earnings.
completion of these improvements.
-The hotel property has been leased for a period extending
Rentals.
-Based on present leases and according to the estimate of Charles until June 1 1939 to H.R.and P. A.Shares, who have successfully operated
hotels in the East and
F.Noyes Co.,the net annual income of the completed
property,after deduc- a net income, after allSouth, at a rental which will create for the company
tion of operating expenses and local taxes, available
expenses, taxes and maintenance charges, in excess
for interest, sinking of the maximum interest
fund and Federal taxes will be not less than
and principal requirements in any one year. not
annual interest charges on this loan amount to $205,000. The maximum including the year 1939. The lessees have filed with the trustee a signed
$86,125.
Sinking Fund.
-The mortgage will provide for deposit with the trustee of statement of net worth of $300.000.
$115.000 annually, payable in ouarterly installments, commencing
July 25
Wilson & Co., Inc.
-Interest.
-Tenders
1925. from which interest payments will first
The Guaranty
the fund will be applied to the retirement of be made and the balance of
the principal by purchase or Dec. 16 receive Trust Co., trustee, 140 Broadway, N. Y. City, will until
redemption, thereby canceling approximately one-half
-Year S. F. Gold
of this loan prior to bonds due April bids for the sale to it of 1st Mtge.6% 25
maturity.
1 1941 to an amount sufficient to absorb $248.389,at prices
not exceeding 1074 and int.
Virginia Carolina Chemical Co.
The committee on securities of the New York Stock Exchange having re-Annual Report.
ceived word from the company that the interest due Dec. 1 on the 10
-Year
[Including Southern Cotton Oil Co. and other directly operated
sub. cos.l Convertible Sinking Fund 67 Gold bonds, due 1928. will not be paid on
Years end. May 31- 1923-24.
that date, rules that beginning Dec. 1, the bonds must be dealt in "flat"
1922-23.
1921-22.
1920-21.
Total net profits
and until further notice.
a$1,667,445
-V. 119. p. 2541, 2301.
Repairs & maintenance- 1.673,062 $3,698,594 $4,909,790103537719198
1,439,560
1.237,598
2.787,609
Reserve for d'tful debts_
(F. W.) Woolworth Co.
478,931
-November Sales.411.3071
Cash discounts on on1924
-Nor.
Increase.
-1923.
1924-11 Mos.-1923.
Increase
settled acc'ts, &c
1.337,743
1,244,252j 1,987,411
j3180,474,3153160.810.911 19,663.404
2,446,069 319.371,122 117.284.948 $2,086,174
Res've for depreciation..
The gain in sales for the month of ov. 1924 in the old stores was 31,104.200,000
200,000
200,000
800,or 6.39%. For the 11 months ended Nov.30 1924 the old stores gained
Balance, net profit _ /oss$1.822,290
$403,474 $1,484,781 /03313152876 $11,395,848, or 7.09%-V. 119, p. 2301.
Less Int., Dios.,
Bond Interest
$2.634,531 $2,499,565 $1,602,565 $1,116,954
pen.int. & discount_... 843,789
771,110
CURRENT NOTICES.
1,501.661
1,364,525
of. dividend (8%)--1,721,747
Common dividend
-Edgar D.Simon,formerly of Shear, Barton & Co.,and Alex H.Cherry,
(5)1.399,220
Consumers' Chem Corp.:
formerly with Pynchon & Co., have formed a co-partnership under the
Prof. dividend (7%)- 13,125
27,125
28,000
28,875 firm name of Simon & Cherry with offices at 40 Exchange Place, New
Surplus
York,
Cr.115,176 to transact a bond
Prem, on cony, of debs_
business, specializing in Underlying Railroad and TerCr.10,182
Comm.on revolv'g cred_
minal bonds. Telephone, Broad 2776.
333,122
-Nehemiah Friedman & Co., Inc., have issued their monthly quotation
Total deductions
$3,491,445 13,297.800 83,465,348 $5,505,963
Balance, deficit
$5,313,736 $2.894,327 $1,980,567 $18,658,839 list of Joint Stock Land Bank stocks and bonds, giving the current quotaa After reducing inventories to market value where market
tions on the securities of the prominent banks in the Federal Farm Loan
was lower
than cost
.-V..119, p. 1037. 1519.
System. Copies may be had on request.
F.
(Charles) Warner Co., Wilmington, Del.-Pref. Stock - D. McNaughton, for many years in the bond department of LumOffered.
-J. S. Wilson, Jr., & Co., Baltimore, are offering at bermen's Trust Co. of Portland, Ore., and later with Clark, Kendall & Co.
99% and div., to yield over 7%, 2,100 shares 7% Cumul. of Portland. Ore., has become associated with Win. P. Harper & Son,
Seattle. Wash.,in their bond department.
Cony. 1st Pref. stock, par $100. A circular shows:
The Philadelphia banking house of Robt. Glendinning lk Co.. who have
Dividends payable 9.-3. Callable all or part at 110
and divs. on any occupied the same quarters
city. date on 30 days notice. Transfer agent, Philadelphia
at 400 Chestnut St.for thirty years, have moved
Trust Co..
Phila. Registrar, Bank of North America
their offices to the third floor of the new Packard Building, Philadelphia.
& Trust Co., Phila.
Company.
-Business consists in the manufacture and sale of high
mag-Guaranty Trust Co. of New York has been appointed transfer agent for
nesium lime and limestone products used
industries and building construction. Its in agriculture, certain chemical stock of the Emerson Radio & Phonograph Corporation, consisting of 200.lime plants are situated in the
famous magnesium lime field of the Chester and Plymouth
000 shares of capital stock of the par value of$5 00.
valleys of
eastern Pennsylvania. In addition to the lime business, and
In connection
-Russell, Miller & Carey, members New York Stock Exchange. 52
with its uses in the building trade, company has
developed a large and Broadway,
profitable sand and gravel business.
New York. announce that Norman T. Bolles has become assoCapitalizationCony. 5
-Year 7% S. F. bonds (V. 118. p. 1532)- Authorized. Outstanding. ciated with them in their bond department.
$1.000.000
1700.000
-Harvey Fisk & Sons have prepared a special circular on The Hudson &
7% 1st Preferred stock
918,600
782,900
Second Preferred stock
177.100
177.100 Manhattan Railroad Co., which contains an analysis of its seculties and a
Common stock (par $100)
500
500 resume of the company's development.
Common stock (no par value)
86.510 sits. 78.375 shs.
-H. E. Durland, formerly with R. M. Grant & Co., Inc., Chicago, is
Earnings.
-Company for the past 15 ,years has shown consistent
earning now associated
power, and during this period has not had an unprofitable
with Sutherlin, Barry & Co., New Orleans, La.. in charge
year. It has
paid dividends regularly on its Preferred shares since
of their municipal department.
those
Issued. For the last 5 years the average earnings available stocks were
for dividends
after the payment of all charges, including depreciation,
-Stroud & Co., Inc., Philadelphia, announce the appointment of
depletion and
Federal taxes, averaged 3183,000, this approximating
4 times the average Francis W. Kemble as manager of their bond department and William H.
dividend requirements for the period. or 33 times present
dividend require- Arnold as sales manager.
ments. For the current year (9 months actual. 3
months
net earnings, after all charges, are estimated at $268.000, estimated) the
Lilley, Blizzard & Co., Packard Building, Philadelphia, will on Dec.
this approximatng 6 times the regular dividend for the year.
15, issue their booklet giving current quotations on over 2,000 Public
The company has paid dividends uninterruptedly since
1909 on both Utility bond issues.
classes of its Preferred stocks, and since 1915 on the
Common. The
Common stock was converted into no par value shares in
Arthur J. Morgan, formerly with A. M. Lampert & Co., is now assopresent dividends on this are at the rate of $2 per annum. 1921, and the ciated with
the sales organization of Morgan Livermore & Co.'s bond
Convertible.
-First Preferred stock may be converted into no par value
department.
Common stock on the basis of one share of Prof. for three shares of
Common,
which right can be withdrawn by the board of directors without
-Dominick & Dominick have published and are issuing a booklet connotice.
The holders, however, have an irrevocable right to convert
of one share Preferred for two shares no par value Common. on the basis taining the complete text of the Revenue Act of 1924 with explanatory
digest.
Condensed Balance Sheet Sept. 30 1924.
-Farr & Co.. 90 Wall Street, New York. have issued a circular, discussAssetsLiabilities
ing current activities of the Cuba Co. and present position of its Common
Real est., &c., cap. prop-34,044.186 1st Preferred stock
3782.900
Cash
129.291 2d Preferred stock
stock.
177.100
Bills & accounts receivable 430.248 Common stock
2.429.884
-On the first of December the offices of the Findley-Smith-Gentsch Co.
Inventories
181.319 Convertible gold bonds700,000 of Cleveland, Ohio,
Miscellaneous securities- 124,672 Bills payable
were changed to the State Bank Building in that city.
None
Manor plant cash account 169,590 Accounts payable
-Ramsay, Paton & Co., Inc., announce that their corporation name
98,052
Employees' stock fund.. _
27.171 Wago payable
24.584 has been changed to Ramsay, Elebash & Co.,Inc. Effective Dec. 8th.
Deterred accounts
80,550 Accrued accounts
25.154
Miscellaneous accounts_ -12,247 Reserves
- D. Williams & Co.. 120 Broadway, N. Y., have prepared an exH.
152,946
Depletion reserve
232,278 planatory letter on Thermiodyne Radio Corporation Capital stock.
Miscellaneous accounts_ _
42.728
Total (each side)
-Scott, Burrows & Christie, Chicago, announce that William E. Swift
$5.199,277 Surplus
533,648
Compare also V. 118. p. 1532.
has been admitted to the firm as a general partner.
-Parsly Bros. & Co., Philadelphia, announce that Conyers Button
Wayagamack Pulp & Paper Co., Ltd.
-Plan Approved. has
Jr.
The shareholders on Nov. 27 approved the plan which provides
been admitted to their firm as a general partner.
the incorporation of a new company to be known as Wayagamack for (I)
News.
-Conyers Button Jr. has been admitted as general partner
Limited, and the capital stock of which will be owned and controlled by
to the firm
the of Parsley Bros. & Co., Philadelphia.
parent company.
(2) The sale of a portion of the company's vacant land on Wayagamack
-Morris Stein, dealer in inactive and unlisted securities,
Island on which the new mill, plant, &c., will be erected and equipped.
has moved his
offices to 30 Broad St.
THE CHRONICLE
2660
[VoL. 119.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
PETROLEUM-RUBBER-HIDES-METALS
COMMERCIAL EPITOME
will now be
iThe introductory remarks formerly appealing here
following the
found in an earlier part of the paper 'immediately
department headed "INDICATIONS OF
editorial matter, in a
BUSINESS ACTIVITY„"]
Friday Night, Dec. 5 1924.
COFFEE on the spot was in moderate demand and steady.
No. 7 Rio on Monday was held at 23 to 233c. and No. 4
Santos at 27% to 273/20. Later there was a fair demand and
45,
firm. No. 7 Rio 22c., Victoria 7s-8s, 21340., Santosmild
%
263 c.at27e. Another general revision in quotations for New
coffee was announced by the Green Coffee Association of here
York City, Inc. Prompt shipment Bourbon 2s-3s were
at 2834c.; 4s at 28%c.; 4s-5s at 27c., part Bourbon or flat
%
%
bean 2s-3s at 2834c., 3s-45 263 to 273 c., 3s-5s at 263/i to
/
283c., 4s-5s at 27 to 273.c., 5s-6s at 26 to 2630., 7s-8s at
%
233 0. Santos peaberry 4s-5s at 263 to 27c. Rio 7s 22c.
/
Victoria 7s-8s 2134c. Fair to good Cucuta 263/2 to 27c
Good Laguayra 29 to 293/2c. Hondu 29 to 2934c. Robusta
washed 2434 to 25c. To-day spot trade was checked by the
spectacular swings upward and downward in futures almost
every day. Naturally nobody knows how to calculate or
what to think. No. 4 Santos was nominally 26 to 2630.
The world's visible supply of coffee was placed at 5,572,000
bags as of Dec. 1 by Laneuville, which compares with his
figure of 5,624,000 on Nov. 1 and 4,813,000 a year ago.
all
Total world's deliveries for November of two kinds were
years ago
1,817,000 bags, last year 2,119,000 and
1,597,000. Total world's deliveries five months have been
9,443,000 bags, against 8,841,000 last year and 7,483,000
two years ago. Estimates of next season's production are
as follows: Santos, 12,000,000 bags; Rio, 3,500,000; MiMs,
6,500,000; Victoria and Bahia, 750,000; total, 22,750,000
bags. On Wednesday spot trade was quiet and prices mostly
nominal; No.7 Rio,20% to 21c.; Santos No.4, 26 to 26340.
Some of the day's early offers from Santos were 20 to 35
%
points lower, viz.: 3s at 261 to 27c.; 3-4s, 26.90 to 27.75c.;
4s at 25.25 to 26.900.; Rio 7s were here at 2134c.
Futures were again irregular with sharp advances at times
followed by equally severe reactions. Of late the trend has
been sharply downward. Last Monday prices advanced
50 to 100 points, the latter on December. Rio rose 2,225 to
2,300 reis, with exchange up 1-32d. and the dollar rate
unchanged. Santos advanced early 400 to 700 reis, with
exchange up 1-32d. and the dollar rate unchanged. Cost
and freight offers were irregular, but generally much higher.
Brazil cables indicated that European demand was growing.
They intimated that a law taxing coffee one milreis gold
or 55c. was under discussion in the Parliament in Sao Paulo,
transthe proceeds to be used for the defense of coffee. The points
actions here, inclusive of March-May switches at 80
and March-September switches at 205 points, were stated
at 86,000 bags. Futures on Monday were 75 to 100 points
higher and 35 to 50 on other months owing to a sharp rise
in Brazil, covering trade buying and a Brazilian demand.
Rio advanced 2,025 reis and Santos 225 to 600 reis. Exchange on London was 1-32d. higher at 6 1-16d. and the
dollar rate unchanged at 8$600. Santos cabled: "European
;
demand increasing, limits still insufficient, sellers reluctant.
Indications of important short interest in December-January
We anticipate liberal December shipments to avoid additional export duty. The committee on insects reports 46
very,
districts attacked, also Ribeirao Preto. The matter isprobserious. The coffee defense law now in Congress willmilreis
ably be in forte in January. The new tax is one gold
(equal to 55 cents) per bag."
Rio cabled Monday: "Under discussion by the parliament
55 cents)
Sao Paulo law taxing one milreis gold (equivalentdefense of
per bag in order to guarantee the necessary loan
promote
coffee authorizing Sao Paulo Government totax to all agreeports.
ment with other States extending the same
Actual taxation 9%, Sao Paulo hitherto calculated on yearly
basis of one milreis per.kilo will probably be collected on
three milreis basis. Other States having already similar
taxation on weekly average prices the projected increase in
Sao Paulo could not affect them. The market closed
stronger; think New York weakness could only interrupt
our new advance."
On Wednesday prices suddenly collapsed in a decline of
130 to 157 points with large local Brazilian and European
selling. A large trade house bought heavily and checked the
fall which was attributed to financial stringency in Brazil
and a break in prices there. Public cables late on Tuesday
and early Wednesday showed Rio net 2,800 to 3,275 reis
lower and Santos 4,700 to 4,925 reis lower or about 2%a.
Exchange on London was 1-64d higher at 6 5-64d. and the
dollar rate 50 reis lower at 500. Some of the local importers reported that Santos c. & f. firm offers on Wednesday
4
were 34 to 3 3. lower while one Rio shipper was a full cent
lower. The break to 17.50c.for March contracts that morn-
ing measured a drop of 275 points from the high price of
Monday. There was some buying due to the firm spot
situation so far as Santos grades are concerned and the market recovered some of its early loss.
.On Thursday prices fell 100 to 120 points from the early
high, despite good early cables making 200 to 260 points
two days. An early rise was reported of 1,425 to 1350
reis in Santos with exchange off 1-16d. at 6d. and the dollar
rate 20 reis net higher; Rio was 1575 to 2050 reis higher
with exchange off 5-64d. and the dollar rate 50 reis net
higher. It had become overbought here and in Brazil
again and. a ruthless corrective followed. Later cables
reported Rio off 475 to 1025 reis in terme prices and Santos
to
150. 300 reis. Private'Santos cables intimated that the
.
dechne there had been due to drastic selling by a bull clique.
Rio quailed before the December. deliveries. Stop orders
were uncovered in large blocks: Here switches from December to March were at 95 to 90 points net difference and
December-May at 180 points. The transactions were
110,000 bags. New York Coffee Exchange correspondents
made the world's visible supply Dec. 1 6,661,029 bags, a
decrease of 73,264 bags from Nov. 1, when the total was
5,734,293 bags. A year ago the world's visible supply was
4,694,488 bags. Meanwhile stocks in consuming countries
are unusually small. Four years ago, it is pointed out, the
situation was diametrically opposite to that of to-day.
If Brazilian information is correct or even approximately
correct it is feared that the culmination of the advance has
not been reached regardless of occasional and perhaps very
sharp declines as a reaction against speculative excesses.
Some have maintained that the technical position has been
of
vastly improved by drastic liquidation on a recent declinean
5340.; that this did not reflect a better crop outlook but
overbought condition. Some of the cables have recently
emphasized damage by drought and insects, i. e., Stephanodores, as entomologists term it. But recently German and
Scandinavian buyers in Brazil refused to follow the spectacular rise; the United States also began to shy at it. They
bought cautiously. This led the trade to sell against their
stocks. This selling and that of alarmed longs precipitated
it was
a decline that will not soon be forgotten. Naturally specuhastened by the uncovering of stop orders. Reckless
lation in the Rio and Santos markets met with a salutary
check. Later months there were left at a premium, which
was something new; not for a prolonged period has this been
the case. Also the short interest increased; it was for both
speculative and trade account, the latter in the shape of
hedges. This week has seen another bad break, despite the
talk of a stronger technical position. To-day futures advanced 85 to 110 points on higher cables and covering of
shorts. Later there was some reaction on Brazilian selhng.
Rio was 75 reis lower to 325 reis higher and Santos 150 lower
6d.
to 475 higher. Exchange on London was unchanged at was
The dollar rate fell 50 rem to 8$510. The rally in Brazil the
attributed in some cables to reported indications that
daily receipts at Santos will be restricted to 30,000 bags.
The trading in New York was estimated to-day at 106,000
bags, ending at 54 to 64 points net higher. Last prices show
a decline for the week, however, of 86 to 95 points. Closing
prices were as follows:
c16.70016.75
Spot (unofficial)_ 21 fic.1March_ -c _18.09 18.101July
17.290 _ -- 1September 16.08016.10
19.00 May
December
-Prompt Cuban raws sold at 4 5-16c. to the
SUGAR.
extent of 36,000 bags and 900 tons the latter due from
two
Europe. Cables from Cuba stated on Monday that fine.
mills had started grinding and that the weather was
But unsettled labor conditions were reported by telephone.
Labor officials threatened to call a general strike on Tuesday. New crop Cuba was offered at 434c. for
Decmbrshipnt,
probably not to clear before January. British
cables reported sales of 500 tons of Porus first half December
shipment at 17s. 434d. c.i.f., the same as paid on Saturday
for 500 tons Brazils, early December shipment. Licht estimated the European beet crop at 7,143,000 tons as against
a previous estimate of 6,996,000 tons. One estimate of
the United States beet crop was 927,000 tons against a
firm
previous estimate of 885,000 tons. Later prices were
%
with 48 c. c. & f. asked for prompt Cuba shipments, despite
and European
increased estimates of both the American 7,143,000 tons;
beet crops. The European total was put at
for
.
American, 927,000. U. S. Atlantic port receipts in the
the
week ending Dec. 3 were 39,255 tons against 29,500 46,386
previous week, 32,127 in the same week last year and
two years ago; meltings, 35,000 against 41,000 in the previous
week, 44,000 last year and 44,000 two years ago; total stock,
23,964 against 19,709 in previous week, 36,171 same week
last year and 40,766 two years ago.
Cables reported the weather on the Continent in Europe
favorable. Cuban advices reported the weather cool and
dry. European cables reported the sale of 1,000 tons of
DEC. 6 1924.]
T-FrE CHRONICLE
Perus on Wednesday nearby afloat at 17s. 6d. c. i. f. equal to
3.63c. C. 1. f. The tone of the market was a shade better.
'First half January shipment new crop Cubans are on offer
at 3%c. c. & f. and it was intimated that a firm bid of 3Mc.
might be considered. Old crop Cubans prompt were offered
at 4%c.c. & f. with 4Yo. bid. Perus,late December arrival,
'Ware 3 13-16c. c. i. f. basis 4%c.for Cubans. Europe has recently been a seller of new crop positions in the New York
market on the idea that consumption will not absorb this
season's surplus production at current quotations. How big
the surplus will be is purely conjectural but some think it
will be nearer 2,500,000 than 2,000,000 tons for the entire
world. With financial and economical conditions especially
in Europe on the mend there may be a good increase in the
consumption there especially in Germany. Russia this
season has taken about 70,000 tons and may be counted upon
to take in 1925, double that quantity. How much more Par
Eastern countries will take it is hard to say but India's
takings are merely a matter of price, and that if low enough,
that country has always shown an astonishing capacity for
absorption.
It is pointed out that the British Board of Trade imports
for October show a total of 107,679 tons, against 75,799 in
1923, an increase of 32,000 tons. The refined sugar imports
are largely from Holland. Of raw sugar 35,000 tons came
from Cuba against none last year. Javas and Mauritius
sugars have dropped below the total for 1923. The estimated
consumption was 128,987 tons, against 120,703 last year.
Stocks on Oct. 31 were 119,510 tons, against 188,500 in
1923. Members of the New York trade believe that it is
improbable that the new Conservative Government will
change the sugar tariff. Consumption may increase.
British imports from Czechoslovakia will probably be larger
as it has a large crop. Possibly, however, this supply may
be frozen up in the River Elbe for two or three months.
In that case and for a time at least it would be natural to
expect England to buy Cuba, Peruvian and Brazilian sugar.
The Far East would probably buy Java and Mauritius sugar
on a greater scale. Havana cabled that the threatened
railroad strike for Dec. 2 had been postponed. The leaders
of the strike in the sugar mills declared 17 mills on strike in
the Santiago de Cuba Province, 14 in Camaguey Province,
two in Santa Clara Province, three in Matanzas Province
and one in Havana Province.
On Thursday prices were firm with smaller offerings; the
market looked pretty well cleaned up at 438c.for Cuba c. & f.
/
Sales included 1,000 tons of Cubas from store at 6.15c. duty
paid, 950 tons of Cuba ex-store at 6.15c., 500 tons of European beet sugars due Dec. 22 at the equivalent of 4 1-16c.
c. & f. for Cuba, 15,000 bags Cuba for prompt shipmentat
8
440. c. & f. There were moderate offerings of full duty
sugars here at the closing, including a combination offer of a
moderate lot of Perus due early this month and a quantity
due late in December at 3 13-16c. c. i. f., equal to 4Xc. for
Cuba. Grinding has begun at six centrals and it is expected
that several more will start soon. New crop Cuban raw
sugar may be more plentiful this month than in December
last year
buyers need the sugar. In the opinion of the
'Attorney-General the recently proposed merger of the
American Sugar Refining Co. and the National Sugar Refining Co. of New Jersey will require a modification of the
court decree of 1923 before it can be completed. Inquiry
into the proposed merger, he explained, has raised the
presumption that, although the investigation is still incomplete, sufficient grounds exist for the Justice Department to
withhold its consent to a new combination of sugar interests
without first having a court review of the facts. To-day
prompt Cuban was quiet at 43 c. c. & f. The new Cuban
%
crop was estimated in one case at 4,500,000 tons; others
suggest 4,600,000, as some growers have increased their
acreage 20 to 30%. The United Kingdom reported sales of
2,000 tons of San Domingo to clear by Jan. 10 at 17s. c. i. f.,
equal to about 3%c. c. & f. New York for Cuban. Refined
sugar prices were cut by British refiners 6d. Refined is
generally selling at 7.50e. here. Last prices show a rise for
the week on December of 15 points, but a decline of 4 to 5
points on other months.
Spot (unofficial).-4 Hc.1March
December
4.331May
3.06c.1July
3.20c.
3.121September_3.28 0 nom.
LARD on the spot has been firm with a fair business.
Prime Western, 15.85 to 15.95c., compound carlots in
tierces, 13 to 13%c.; refined Continent, 16.50c. South
America, 17.25c.; Brazil, 18.25c. To-day lard on the spot
was in fair demand and firmer. Prime Western, 16.20c.;
refined Continent, 16.75c.; South America, 17.50c.; Brazil,
18.50o. Futures advanced with English markets, higher.
hogs rising, stocks of lard increasing but slowly and England
buying steam lard to a moderate extent and the Continent
some refined. The poor lard quality of the hogs is a feature.
At times a rise in corn helped lard. Chicago's stock was
8,928,000 lbs., against 11,734,000 in Nov. 1 and 7,017,000
a year ago. On Wednesday big receipts at the West and a
decline of 10 to 250. in hog prices were powerless to prevent
a rise in lard and other hog products, ribs leading with a rise
cf 17 to 42 points. Domestic cash grain advanced. Actual
foreign buying of lard, however, was still disappointing.
To-day futures advanced 23 to 27 points. It was considered
a remarkable display of firmness in the teeth of big hog
receipts. Demand was sharp. It greatly exceeded offerings. Shorts had a hard time covering. The West is talking
17 to 18 cents based on the corn situation. It ignores the
2661
hog conditions. It looks to a scarcity of lard later in the
season. Europe was inquiring more freely. Bankers say
that hogs are too cheap to feed on corn. To make feeding
pay under the old rule of 13 to 1, hogs, it is argued, should
sell at 15 cents. Hog prices ought to go to a parity with
corn, is the judgment of some banking interests in Illinois.
Last prices to-day show a rise in lard for the week of 80 to
82 points.
DAILY CLOSING PRICES
Sat.
Ja arber eiivevery_cts_14.85
Degmy d deli ry
14 97
May delivery
15.32
OF LARD FUTURES
Mon. Tues.
Wed.
15.10 15.07 15.15
15.22 15.20
15.25
15.50
15.50
15.47
IN CHICAGO.
Thurs. Frt.
15.20 15.47
15.32
15.57
15.85
15.62
PORK firmer; mess, $34 to $35; family, $32 to $36; short
clear, $30 to $38. Beef also firm; mess and packet, $17 to
$18; family, $20 to $22; extra India mess, $34 to $36; No. 1
canned corn beef, $2 25; No. 2,6 lbs., $15; pickled tongues,
$55 to $65 nominal. Cut meats steady; pickled hams, 10
to 24 lbs., 143. to 173c.; pickled bellies,6 to 12 lbs,. 173/i to
4
18e. Butter, creamery, lower grades to high scoring, 34%
to 48c. Cheese, flats, 21 to 233.c. Eggs, fresh-gathered
mediums to extras, 36 to 63c.'
OILS.
-Linseed has met with a little better demand and
prices are about steady. Spot raw oil in car lots cooperage
basis, $1 07; January-March, $1 06. Most of the buying
has been to fill immediate requirements. Consumers'
stocks generally are believed to be small. Cocoanut oil,
Ceylon barrels, 113/2c.; Cochin, barrels, 113/20.; corn, crude,
tanks, mills, 103,4c.; edible, 100-barrel lots, 13Y
ic.; olive,
$1 20. Soya bean, crude, tanks, 11(4‘123.ic. Lard, prime
183.c.; extra strained, New York, 17340. Cod, domestic,
60 to 620.; Newfoundland, 62 to 65c. Spirits of tutpentine,
81 to 84c. Rosin, $7 35 to $9 25. Cottonseed oil sales
to-day, including switches, 27,000 P. crude, S.E., 9Mc.
bid. Prices closed as follows:
_ _ _ c_ 10.90 11.501February.c.11.05 11.131MayAprilSot
December _10.96 11.00 March__ _1
_1.13011.15 June
January__ -11.00 11.03
11.21011.35 July
_c_11.38011.40
11.45011.49
11.52011.53
PETROLEITM.-Gasoline at refineries advanced to
103. to 12c. There has been a good export demand. The'
tank wagon price in New Jersey is tending higher. Cased
gasoline has met with a good demand especially from China,
Japan and the Near East. Kerosene has been firmer. Local
refiners ask 754c. refinery and 8 Mc. in tank cars delivered to
local trade. Stock- are firmly held. Export demand was
goad. New York tank wagon price is firm at 13e. Water
white has been offered less freely. Gas oil demand is improving but there is no change in price. For 36-40 local
refineries Sc. a gallon is asked. The Atlantic Refining Co.
advanced the price of gasoline in tank wagons to garages lc.
a gallon throughout Pennsylvania and Delaware. The Gulf
1
.
tefining Co. raised the price 2c. in North and South Carohna.. The Standard Oil Co. of New Jersey put up the price
3 c. m export naphtha. New York prices: Gasoline, cases,
,
1
carp?.lots, U. S. Navy specifications, 26.40c.; U. S. Navy
specifications, bulk per gallon, 12.25c.; export naphtha,
cargo lots, 4.25c.; 64-65 deg., 15.50c.; 66-68 deg., 17c. Kerosene, in cargo lots, cases, 16.90c. Petroleum, refined,
tanks, wagon to store, 130.; garage (steel bbls.), 150.
Pennsylvania
$2 75 Bradford
$1 37
Corning
1 00
1 50 Corsicana. lgt----82 85 Cliniiis
5
1 2 ilric ton
Cabell
75
1 45 Lim a
a1 Plymouth
58
Somerset. light-- 1 70 Indiana
1 25
1 38 Merit'
Wyomi
1 20 Princeton
1 37 Calif.. 35 & above.. i1 40
Smackover.26 deg. 095 Canadian
80
nent_
3 Gulf Coastal
Oklahoma. Kansas aar
TexasMid-Continent
2
Under 30 Magnolia
$ 75
$0 75
Below 30 deg
30-32.9
90
90 30-32.9
33 and above
1 10
1 25
33-35.9
Below 30 Humble
1 25
90 36 and above
33-35.9
1 25 Caddo
1 00
36 and above
1 35
Below 32 deg
1 15
32-34.9
135
38 and above
RUBBER.
-A steady demand for the December position
and first quarter of next year sent the market to the highest
prices seen since late in 1923. December on Monday reached
353 c. and Jan.
4
-March 36c. Higher London-cables and an
adverse statistical position had -their influence. The London stock decreased 922 tons to 33,617 tons. Towards the
close on Monday there was a reaction when demand slackened but prices closed steady at 3558c. for December and
/
35Y for Jan.
8c.
-March. On the next day still higher prices
were reached when buying by manufacturers reappeared.
For December 357
-March 36Mc.
*.was asked and for Jan.
The steps taken in Washington for the repeal of.taxes on
automobiles, parts and tires and the reduction in'Tees made
by the Ford and other companies attracted much interest in
the trade. Manufacturers show more interest. They are
.
believed to be short of supplies. December on the 3d inst.
advanced Mc., while other months remained unchanged.
Ribbed smoked sheets, Dec., 36c.; Jan.
-March and AprilJune, 363gc. A close observer estimated taht 30,000 tons
would have to arrive or be taken out of this market by manufacturers during December.
HIDES have been quiet and tending downward on city
packer and country. River Plate have been slow of late
though early in the week a larger business was reported.
Of city packer recent sales included two cars of Jersey City
November spready native steers at 19c. Buyers bid around
15%c. for butt brands and 1434c. for Colorados. Of
River Plate frigorifico 1,000 La Blanca cows recently sold
at 1734c. c. & f. Earlier sales, it is declared, were 20,000
frigorifice hides, but without details, although some,
it is
said, sold at $45. In Chicago of late packer hides have been
quiet. Light native cows are said to be had at 15c., though
2662
THE CHRONICLE
2
packers are still talking 153/c. It is useless to make further
cuts until buyers come in. Independent packer stock was
dull with 15c. to 153c. quoted for 'best all weight native cows
and steers. Skins were quiet following the recent sales of
first salted city calf and kipskins at declines of Mc. Country
hides were steadier as sole leather tanners were buying
country stocks in preference to packer goods on account of
the relatively lower prices. Several cars of 60 lbs. and over
country steers brought 12c. Most large dealers asked 12Mc.
for buff weights and 14c. for extreme weights, but trade was
slow. All weight country stocks from outlying points were
in better demand with sales of free of grub at 12c., selected,
f. o. b. country points, and 123/2c„ selected, delivered for
some good light average. Sole leathers were firm and well
sold ahead.
OCEAN FREIGHTS have been quiet for grain tonnage.
Coal business at times had led. Rates have not shown much
change; the traffic has not been large enough to strengthen
them much if at all. Grain rates fell but petroleum rates
were firmer. Of late the business' has been mostly in petroleum and general cargo tonnage.
CHARTERS included grain from Gulf to Mediterranean, basis 4s. 4Md.
one port; option Adriatic. 3d. additional; coal from Hampton Roads to
west Italy. $3 05
River Plate, 53 25 Dec.; from Hampton Roads to Dec.:lumber fromDec.;
Gulf
crude petroleum from California to New York, 73c.
round
to Buenos Aires (1.300 standards) or to Rosario, 143s. 9d. Jan.; two Gulf
-ton steamer, Si 65 Dec.; oil cake from
trips in West Indies trade, 1.447
Avonto four ports in Denmark, $6 25 Dec.; grain from Atlantic range to
3d.
mouth,27.000 qrs.,38. Dec.:clean oil from Philadelphia to Rouen at 32s.
Roads to Rio. 5305; sugar from Port au Prince
Jan.; coal from Hampton
coal from Hampton Roads to
to United Kingdom-Continent, 24s. March;
Rio, $3 05 Dec.: lumber, railroad ties, delivery north Hatteras, re-delivery
from Tampico and
Sudan via North Pacific, $1 10 time charter; crude oil bbls.from Tampico
another port•to north of Hatteras,30c. late Dec.;45,000
20, which Is lower by 2c. than last preceding trade;
to Philadelphia, Dec.
West Indies trade, 911 35:
four months time charter 3.191-ton steamer inBordeaux. $4 75 a ton; ore
wt sulphur cargo from United States Gulf to Del., 10s. 6d. Dec.
10-25:
or Claymont,
to load at Huelva for Philadelphia
lumber from Columbia River and other ports to Melbourne, Jan., at $11.
COAL with colder weather has been in better demand for
both hard and soft. This is noticeable not only on the
Eastern seaboard but also in the Southwest. West Virginia
reports are more cheerful. Steam coal is for the most part
moving by contract. New buying is on only a moderate
scale. Screenings at Chicago are firmer. Domestic does
not improve much. Lump and egg coal supplies are steadily
accumulating in southern Illinois. Lake navigation has
closed. Dumping at Lake.Erie ports up to Nov. 30 were
in the previous
per cargo 562,467 net tons, against 704,930
week and 20,802 for fuel against 28,698 in the previous week.
On the whole the coal trade is looking to improvement with
seasonable weather.
-Leaf tobacco has shown a fair degree of
TOBACCO.
activity; perhaps rather more than recently and prices have,
been firm. For both wrappers and fillers at times the
demand has been more satisfactory. Larger sales of Porto
Rico have been reported and the outlook is considered promising. Broad leaf meets with a steady demand in Hartford.
Havana seed B, 22c.; binder, Northern, 45 to 55c.; binder,
Southern, 25 to 35c. Havana seed fillers, 12c.; medium
wrappers, 75c.; dark wrappers 50c.; seconds, 70c.; light
wrappers, $1 to $1 12; New York State seconds, 40 to 60c.;
Ohio, Gebhardt B., 25c.; Little Dutch, 32c.; Pennsylvania
broadleaf filler, 12 to 15c.; broadleaf B, 26c.; Porto Rico,
45 to 95c.; Connecticut top leaf, 25 to 30c.; No. 1 seconds,
90 to 95c.; Havana seed, 50c.; Connecticut, reweight broadleaf filler, 12c.; broken, 25 to 30c.
COPPER was more active and higher at 143c. for electrolytic. The American Brass Co. advances prices Mc. per
lb. on all copper, brass and bronze products. Early in the
week it was said there was some tonnage available for Dec.
Jan. shipment at 143'c. Later business fell off but prices
more
remained firm at 145' to 14Mc., the latter price being Sales
general. Export prices are below those of domestic.
for export have been made at 14.10c. f.a.s. New York, but
ex14.15 to 14.20c. f.a.s. is generally quoted. November disThe Lake
ports were below those of the previous month. than that of a
trict reported business in November better
and
year ago. Based on a production of 5,000,000 cars contrucks, it is estimated that the automobile industry will
sume 150,000,000 lbs. of copper.
TIN advanced to a new high on Monday when the price
sterling
reached 553/80. London was also higher and so was Delivexchange. Sales in the Far East continue large.
were
eries in November totaled 5,790 tons, of which 90 tons1,349
were
made from Pacific ports. Stocks on Nov. 30Later prices
tons and the amount landing was 740 tons.
generally
receded. Some sales were reported at 54%c., but Stocks
55e. was asked. Business has latterly slackened.
1,000 tons
held in Far Eastern pools, it is said, do not exceed organized.
as compared with 17,000, when the pools were
to
Standard tin dropped £1 5s. at London on Wednesday
£259 5s. for spot and £262 for futures. Spot Straits fell
£1 2s. 6d. to £261 15s.
old
LEAD has been steady but quiet. Deliveries on The
large, but new business is absent. any
contracts are
have
advancing tendency of other metals has failed to St. Louis,
effect on lead. Spot, New York,8.65 to 9c.; East
8.40 to 8.75c.
ZINC went to a new high for the year when sales were
made at 7.10c., East St. Louis on Monday. Heavy export
buying was reported. Refiners profits are not as large as
,
mai* believe owing to the high prices of ore, which is now
quoted at $47 to $48 per ton. These prices have also
checked buying by Belgium. Spot, New York, was quoted
[Vox,. 119.
at 7.40 to 7.450.; East St. Louis, 7.05 to 7.10c. Later the
price fell to 6.95 to 7c. East St. Louis on a poor demand.
STEEL is firm and believed to be tending upward, with
railroads still the largest buyers. November's gain in output
was greater than that of pig iron. The steel chief corporation
is now operating at 74% of its ingot capacity. Independent
producers are working close to that total. Pittsburgh and
nearby districts are running at nearly 75%, a gain of nearly
15% in 30 days. A good deal of material recently bought is
.
now being called for. New buying has not been so active as
it was recently, though as already intimated railroads continue to buy and building concerns, it may be added, are also
taking considerable steel. Consumption is increasing in
other lines. Fabricated steel orders during the week have
approximated 45,000 tons. Since the national election the
sales of this material have increased more than double as
compared with the previous four weeks. Semi-finished steel
has been in sharp demand at Cleveland with sales of 150,000
tons. This means that Cleveland is sold up practically for
the first three months of 1925. There is greater activity in
Lake shipbuilding.
PIG IRON has been rather quiet but firm. December is
not supposed to be usually a month of much activity. But
the tone is firmer. The outlook is considered distinctly more
hopeful. Most members of the trade are looking for higher
prices in the early part of 1925. The output in November
gained about 532% over that of October. There was a net
gain in furnaces of 23. November output was 2,509,673
tons, against 2,447,127 in October. The daily November
rate was 83,656 tons, against 79,907 in October. Active
furnaces on the first of December numbered 205, making
89,100 tons a day. At the present rate the year's output
would be 30,500 tons, a gain of 1,500,000 over the prospective
total in October. For four months in succession the output
of iron had increased. Chicago, Cleveland and Pittsburgh
districts largely monopolize the trade. Business in the
East lags. Chicago booked, last week, about 40,000 tons;
also Cleveland and Pittsburgh the same each. A Wisconsin
company has raised its prices 50 cents, now quoting $22, but
other makers are still selling at $21 50 furnace. The lowest
price on Continental iron is $23 75 c. i. f. Atlantic seaboard.
Dutch iron is said to be sold up for the first quarter of 1925.
Indian iron is not to be had earlier than for March arrival.
Eastern Pennsylvania is quoted at $22 to $23. Also Buffalo.
Virginia, $25 to $26; Chicago, $21 50; Birmingham, $19 to
$19 50. These are more or less nominal quotations. Alabama iron has advanced $1, now being quoted $19. Several
more blast furnaces are about to be blown in. In a word,
though somewhat less active the tone is firm.
WOOL has been firm in response to recent advances
abroad and to a steady if not at all active demand. Australian markets have been particularly firm. Western contracting continues on only a moderate scale. But prices are
firm revealing the encouragementfrom a world wide tendency
of prices to rise. New York business however has been restricted by the firmness of prices though they are declared
to be relatively low by comparison with foreign quotations.
Mills complain that they cannot get replacement costs on •
finished goods. Carpet wools have been slow and in fact of all
descriptions the buying is on a very conservative scale because of the adverse attitude of the consumer. In New York
quotations were:
Ohio and Pennsylvania fine delaine, 66 to 67c.: XX,62 to 65c.; %-blood,
64 to 66c.; %-blood,64 to 66c.; U-blood, 62 to 63c. Territory clean basis
fine staple, Si 57 to SI 60; fine medium French combing, $1 46 to 51 50;
medium clothing, 51 38 to $1 42. Texas, clean basis,fine 12 months, $1 56
to $1 60: 10 months. SI 43 to $1 47;6 to 8 months, $1 35 to $1 40. Pulled
scoured basis A super, 51 40 to $I 45; B, 51 20 to $1 25; C. 95c. to $1.
Domestic mohair, best combing.80 to 85c. Australia. clean basis, in bond,
64-703 combing. $1 50 to 51 54; 64-70s carding. 51 37 to 51 42; others
80c. to Si 20. New Zealand, grease basis, in bond, 56-58s super. 62 to
654.: 48-50s, 54 to 56c.; 46-48s, 48 to 52c.; 44-46s, 45 to 47c. Buenos
Aires, grease basis, in bond, III (46-48s), 50 to 52c.; IV (44s), 45 to 50c.; V
Lincolns (40s), 40 to 43c. Montevideo, grease basis, in bond, 58-60s, 68
to 70c.; II(56s), 66 to 68c.
In Boston the tone has been very firm with buying on a
sufficient scale to confirm holders in their attitude, strengthened too by the recent general course of foreign markets.
Prices in Boston have been as follows:
,1
Ohio and Pennsylvania fleeces-delaine unwashed, 67; 34 blood combing,
3i
65c.; , blood combing, 65c. Michigan and New York fleoces-delaine
blood combing ,64
unwashed,64 to 654.: 54 blood unwashed,63 to 64c.;
to 654.; 3 blood unwashed,64 to 654.;fine unwashed,48 to 49c. Wisconsin.
,
blood, 62 to 63c.; 3i blood, 63 to
Missouri and average New England
64c.: h blood. 63c. Scoured basis: Texas fine 12 months (selected), 31 65
Si 67: fine 8 months. 51 40 to $1 50. California northern. Si 50:
to
Middle County. $1 35 to $1 40; Southern, $1 20 to $1 25. Oregon, Eastern No. 1 staple, $1 55 to Si 60: fine and fine medium combing, 51 45 to
Si 50; Eastern clothing. 51 35 to $1 40; Valley No. 1, Si 35 to V 40.
Territory, Montana and similar fine staple, choice, $1 65 toIl 70; 54 blood
combing, $1 50: % blood combing. II 30 to Si 35; Si blood combing,$115
to Si 20. Pulled. delaine, $1 65 to $1 70; AA, 51 60 to 51 65; A supers,
51 40 to $1 45; Mohair, beet combing. 80 to 850.; best carding. 70 to 754.
In Boston of late there has been a fair business, especially
.
in the medium and lower grades. About 60,000 lbs. of
blood semi-bright stock has changed hands on a basis of
$1 14 to $1 15 clean this market. A sizable lot of Michigan
and M blood, stock has also
wools, composed of M,
:
moved at 61c. in the grease. In London on Nov 28 the
sales were 10,966 bales at steady prices. Something that
attracted attention was the offering of 127 bales of Peru.
Details:
merinos. 42 to 6004 crossbreds,
New South Wales, 603 bales*, scoured
30 to 49id.; greasy merinos, 22 to 37d.; crossbreds, 18 to 34d. Queensland, 1,664 bales; scoured merinos, 47 to 5834d.; crossbreds, 37 to 54d.;
greasy merinos, 26 to 4350.; crossbreds, 17 to 3330. Victoria. 974 bales:
scoured merinos. 35 to 78d.; crossbreds, 22 to 47d.; greasy crossbreds. 18
to 283d. South Australia, 328 bales; scoured merinos, 48 to 64d.: crossbreds, 35 to 5050. West Australia, 1,728 bales; greasy merinos, 21 to
%
42d.; crcrsbreds, 14 to 32d. Punta Arenas, 3,111 bales; scoured crass
DEC. 6 1924.]
THE CHRONICLE
breds, 13 to 2836d.; greasy merinos, 25 to 33d.; crossbreds, 16 to 3036d.
New Zealand. 2.131 bales; scoured merinos. 50 to 6936d.; crossbreds, 30 to
5936d.: greasy merinos, 20 to 33d.; crossbreds, 17 to 31d. Peru, 127 bales;
greasy merinos 13 to 18d. Falkland Islands, 200 bales; greasy crossbreds,
15 to 2834d.
In London on Dec. 1 the offerings at the wool auctions
were 11,191 bales. Demand was good; price firm. There
were some withdrawals of fine grade merinos owing to the
high prices asked. In London on Dec. 2 12,055 bales were
sold. Offerings were heavy particularly of best grade
merinos, as the last London sales brought better prices on
the better grade wools than those obtained at Sydney and
Melbourne. Queensland, Victoria, and New South Wales
sold on the 2d inst. more than 8,000 bales of the total.
Prices remained steady in most cases with some selected
scoured merinos bringing 70d. and higher per pound. Details:
New South
Wales. 3,474 bales: scoured merinos, 49 to 7136d.: crossbreds, 4536 to 4716(1.; greasy merinos, 3334 to 49d. Queensland. 3,176
bales: scoured merinos, 59 to 704.; greasy merinos, 31 to 4136d. Victoria,
1,553 bales: scoured merinos. 58 to 72164.; crossbreds. 3836 to 5934d.;
greasy merinos, 34 to 4916d.: crossbreds, 3436 to 38d. South Australia,
462 bales: greasy merinos, 30 to 3236d. West Australia, 166 bales; scoured
merinos, 3336 to 37d.; crossbreds, 35 to 44d. Tasmania. 26 bales: greasy
crossbreds, 2634 to 354. New Zealand, 2,605 bales: scoured crossbreds, 30
to 5836d.; greasy crossbreds, 23 to 30d. Capes. 593 bales;scoured merinos,
56 to 58d.; greasy merinos, 29 to 356.
2663
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.
1924.
Receipts to
Dec. 5.
1923.
Stock.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
Galveston
Texas City
Houston
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, Stc_
New York
Boston
Baltimore
Philadelphia
1924.
1923.
153.631 2,271,072 108.810 1,969,806
1,320
19,651
233
17,106
48.741 835,584 34,075 650,273
625.105
2,086
365.141
1,320
108,911
5,631
537
247
14.090
7,251
7,829
19,605
300
1,777
882
971,083 58.423
595,178
408,734
235.750
80.165 4,861
27,474
6,095
7,232
1,603
310
1,542
378,757 14,574 230,037
189
117
114,413 11,608 125.747
16,234
13,921
965
69.814
130
36.666
2,896
80.887
178
61,429
89,600
266.890
26.317
90.337
28,840
95.862
3,028
6.354
10,241
841
205.710
838
1,550
3.630
105.402
5.848
2,686
3,974
58.921 6.380
177,967 23,302
19,378
5,798
14.582
254
878
933
1,122
In London on Dec. 3 11,180 bales were sold at a slight
T'n+ftla
.2711 '749 A OKA Cl')9RA Arila A nnt .4651 AAR 115 1 firis 124
decline. The three bid producing sections of Australia
again offered large lots of merinos which on the whole met
In order that comparison may be made with other years,
with a ready sale. But very little crossbred wool was
offered. The New Zealand and South African crossbreds we give below the totals at leading ports for six seasons:
sold for the most part lower than at the beginning of the
Receipts at1922.
1924.
1921.
1923.
1920.
1919.
present series. Details:
New South Wales, 2,432 bales: scoured merinos, 39 to 704.; greasy merinos, 30 to 47d. Queensland, 1,825 bales; scoured merinos, 4436 to 7236d.:
greasy merinos, 29 to 40d. Victoria, 1,478 bales; scoured merinos, 4216 to
7116c1.; crossbreds, 29 to 58d.: greasy merinos. 30 to 3916d. New Zealand.
1,231 bales; scoured crossbreds, 23 to 31d.; greasy merinos, 2634 to
crossbreds, 19 to 30d. Cape Town. 838 bales: scoured merinos, 3036d.;
4935 to
6936d.; crossbreds, 45 to 48d.; greasy merinos, 22 to 264. River Plate.
376 bales; greasy crossbreds, 2434 to 3516d.
Galveston- ___ 153,631 108,810
56,224
63,567
80,934
69.441
Houston. &c..
48,741
12.795
34,075
966
26.583
19,650
New Orleans_ 108.911
52,974
25,239
58,423
66.433
46.599
Mobile
5,631
1,517
2.626
4.861
2.994
10.269
Savannah..
14,090
5.229
13,045
14,574
15.405
29.266
Brunswick..,.250
200
3,000
Charleston.
7,251
943
11.608
3.005
2,482
14,851
Wilmington_
7,829
6.380
2,204
1,954
3.358
11.489
Norfolk
19,605
9.850
23.302
11.073
9,325
14,837
N'port N.,&c.
126
69
All others...-.
5,063
3.476
6,437
5.489
2.461
7.872
Tot, this week 370,752 265.509 158.801 116.086 210,301 227,143
Sinn, AI, 1
.
A ass S19 A_ RA1 AAR Q 57,1 097 2 057 4118 2 021 255 3.154.5412
In London Dec. 4 11,939 bales were sold. For the second
time during the present sales Peruvian and Chilean was offered in small amounts. Some Argentine crossbred wool was
sold at prices considerably better than grades from the River
Plate in the last sales. Thursday's feature was large offerings of Punta crossbred grades in the grease. They were
The exports for the week ending this evening reach a total
quickly taken at prices all the way from 16d. to 25d. Deof 350,015 bales, of which 131,582 were to Great Britain,
tails:
New South Wales, 998 bales; scoured merinos, 46 to 5644 crossbreds,
36 to 55164.; greasy merinos, 22 to 42d.: crossbreds, 17 to 30d. Queens- 31,715 to France, 75,875 to Germany, 43,029 to Italy,
land, 917 bales; scoured merinos, 50 to 554.: crossbreds, 42 to 53d.: greasy 35,817 to Japan and China and 31,997 to other destinations.
merinos, 25 to 35164.; crossbreds, 20 to 29d. Victoria. 693 bales; scoured
crossbreds, 32 to 4816d.: greasy merinos, 21 to 4116d. South Australia. In the corresponding week last year total exports were
240 bales; greasy merinos, 20 to 4216d.: crossbreds, 16 to 30d. West Aus- 271,215
bales. For the season to date aggregate exports
tralia. 1,553 bales; scoured merinos. 45 to
crossbreds, 30 to 5316d.;
greasy m
24 to 37364.• crossbreds. 1636 to 314. River Plate. 106 have been 3,391,628 bales, against 2,611,336 bales in the
.erinos,
71d.•.
bales; greasy crossbreds, 31% to 32d. Punta Arenas, 3.025 bales; greasy
crossbreds, 12 to 184. Chilean. 227 bales; greasy crossbreds, 12 to 18d. same period of the previous season. Below are the exports
Peruvian, 377 bales; greasy merinos. 1434 to 22d.
for the week:
At Christchurch, N.Z., on Dec. 111,500 bales were mostly
sold. The attendance was large; demand keen. Details:
Exported to
-
Good to super merinos sold at 36 to 3836d.; halfbred 56-58s,36 to 42164.;
Week Ended
50-56s, 34 to 38d.;fine crossbreds 48-50s. 27 to 3116d.: 46-48s, 26 to 2
Dec. 5
834d.; Exports 1924.
crossbred 44-468, 2434 to 2616d.: 40-44s. 23 to 2436d. Low to medium
from
(same order), 30 to 354.. 27 to 3516d.. 26 to 3336d., 23 to 2614d., 22 to
2536d., 21 to 24d. and 19 to 2216d. Geelong reports the Victorian clip Galveston
wonderfully grown and in splendid condition, the sheep averaging two pound Houston
Per head over last year.
New Orleans_ _ _
Mobile
At Brisbane on Dec. 2 attendance was large. Demand Pensacola
good. Japan and Continent were the chief buyers. Com- Savannah
pared with prices on Nov. 6, best greasy merinos and skirt- Charleston
Norfolk
mgs advanced 5%. Other greasy merinos were par to 5% New York
higher and best scoured wools firmer.
PhilacielphLa _ _
Los Angeles_
The sealed bid sale on Dec.. 2 of the Idaho pooled wool at San Diego
Portland, Ore., attracted attention. High prices in some San Francisco._ _
Seattle
cases were paid. Koshland took
about 350,000 lbs. including
the Van Deusen clip for which 55Hc. was paid or about 21c.
more than was offered for the same clip last June. Dufour
and Burke mill buyers are understood to have divided about
150,000 lbs. between them and Green is supposed to have
taken about 80,000 lbs. while Boston mills bought about
50,000 lbs. The fine and fine medium wools which were not
the choicest were estimated to cost the buyers about $1 50
clean basis Boston. Idaho has evidently been keeping an eye
on Eastern and foreign markets.
COTTON.
Friday Night, Dec. 5 1924.
THE MOVEMENT OF THE CROP, as indicated by
telegrams from the South to-night, is given below. For our
the
week ending this evening the total receipts have reached
370,752 bales, against 370,024 bales last week and 432,208
bales the previous week, making the total receipts since the
1st of August 1924, 4,955,512 bales, against 4,001,486 bales
for the same period of 1923, showing an increase since Aug. 1
1924 of 954,026 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed. Thurs.
Galveston
23,417 29,781 49,657 22,222 13,090
Texas City
Houston
46,226
2,515
New Orleans-- 28,615 5,990 28.784 17,273 14,128
Mobile
2,032
138
933
787 1.188
Pensacola
268
Jacksonville
Savannah
4,654 1,990 2.656 2.468 1,340
Charleston
1,589
697 1,781
617 2,021
Wilmington
1,786 1.001 1,641 2.611
542
Norfolk
4,595 1,393 3,323 1.752 3,851
New York
100
200
Boston
539
468
495
275
Baltimore
525
'PAW* this wawa..
50 11 AR av von on AAR sn 'IAA RR ARK
Total
Total 1923
Total 1922
Great
GerJapan&
Britain. France. many. Italy. Russia. China. Other. Total.
38,010 23,568 19,871 21,353
16,902 23,654 143.858
8,460 7.747 11,263 18,168
3,103 48,741
37,478
8,679 1,603
2.063 49,823
2,220
4,920
7,140
537
537
13,501
7,100 "500 39,297
-- 18.196
12,228
19,398
-- 7,170
4,600
4,356
300 9,258
1,943
ioo 1,420 1,905
2.304 7,772
250
73
323
7.505 "ioo
8,055
5E05
4,850
4,350
8,415
8,415
3,050
3,050
131,582 31,715 75,875 43,029
35,817 31,997 350.015
107.334 30,137 35,312 31,576
27,130 9,317 22,890 10,188
35,725 31,131 271,215
21,948 25,04/1 116.584
From Aug. 1
Exported to
1924 to
Dec. 5 1924. Great
GerJapan&
Exports from- Britain. France. many. Italy. Russia. China. Other.
Total.
Galveston___ 392.549203.563 243,103 108,939 21,000 130,906 193,113 1,293.173
Houston
274.630 169,396 192.156 66,801 27.500 33.695
28
0
Texas City... 8,760_ 8,034------------ 62.- -- 826/458
_
16.794
New Orleans 156,341 29,
902 87,577 60.701 4795 39,337 37,011 415,884
Mobile
10,879
____ 8,987 ------------700 20,586
Jacksonville.
354
354
Pensacola
___
ioo 5.171
__
_- ---Savannah
91,189 6.351 100,989 1.880
4,971__- 9,ilio 5,243 214,852
Charleston
38,578
____ 25,364_
--__
_-- _ 4.154 68.096
Wilmington
4,000
--__ 20,500 3,200 ------------27,700
Norfolk
31.333-- __ 33,521
---.
__
__-400 65,284
New York
110,728 25.878 75,350 24,483
---10 36,701 273,070
BORt0112
Baltimore ------------38
38
Philadelphia .._
329
155
.8i, --------124
__
658
Los Angeles
14,773
400 -------------10,125
3 25,301
San FranetsCo.
Seattle
____
____
____
____
-__
73.678
53,095
____
115
73.678
53.210
Total
1149599 435,645 795,619 265,974 53.295350,040 341,450 3,391,628
Total 1923
930.238 387,781 498.908227,981
_ - __ 284,143 282,225 2.611.336
Total 1922_ _ _ _ 785,003 384,751 432.254 213.009
290 230,487 333,578 2,379,372
15,464 153,631
NOTE.
-Exports to Canada.
1.320 1,320
-It has never been our practice to include in the
above table exports of cotton to Canada. the reason being that virtue ly
48.741
all the
14,121 108,911 cotton destined to the Dominion comes overland and It Is Impossible to get returns
553 5,631 concerning the same from week to week, while reports from the customs districts
269
537 on the Canadian border are always very slow in coming to band. In view, however,
247
247 of the numerous inpuirlea we are receiving regarding the matter, we will say that
982 14,090 for the month of October the exports to the Dominion the present season have
546 7,251 been 23,314 bales. In the corresponding month of the preceding season the
248 7,829 were 8,000 bales. For the three months ending Oct. 31 1924, there were exports
38,547
4.691 19.605 bales exported, as against 28.244 bales for the corresponding three months In19211.
300
In addition to above exports, our telegrams to-night
1,777
also
357
882 give us the following
Fri..
Total.
Q4 vno R'ffi Red.
amounts of cotton on shipboard, not
cleared, at the ports named.
Dec. 5 at
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports *
[Wu
THE CHRONICLE
2664
On Shipboard. Not Cleared for
Other CoastGerGreat
Britain. France. many. Conent. wise. Total.
1,200
18,238 12,200
14,736 11.339
1.000
8,000
1,500
7,500 73,538
3,989 67,850
200
200
882
882
30 2,230
2,500
13.500
9.200 26,400
8,864 28,922
1,500
Leaving
Stock.
551,567
340.884
69,614
35,784
14,004
90,337
227,726
41.974 25,039 19.564 59,022 12,601 158.200 1,329,916
Total 1924
870,217
• Total 1923.. 28,737 17.512 14,647 57,513 15,508 133,917 938,261
37.440 14,596 21.193 58,698 18.527 150.454
Total1922
*Estimated.
Speculation in cotton for future delivery has been at lower
prices and on a very moderate scale, awaiting the Bureau
report, which will appear on Monday, Dec. 8. Meantime
prices have sagged under the weight of steady selling both
for speculative and hedge account and rising crop estimates.
They have ranged from 12,907,000 up to 13,428,000 bales, including 4,790,000 for Texas and 1,429,000 for Oklahoma.
Sterling exchange has risen steadily, but this has had a
tendency to curb any slight upward drift in Liverpool. Now
and then Worth Street has shown a little more life, but in
the main it has been quiet. The Texas spot basis has occasionally been reported weaker. From time to time spot
prices have declined noticeably. For the most part the crop
movement has continued on a large scale. And pretty much
everybody here has been bearish. Steadily rising crop
estimates have been a damper not to be ignored. They average about 13,250,000 bales, as against estimates at one time
this season of 12,000,000 bales and less. Some of the estimates current during the week have been as high as 13,675,000 bales, though this total does not meet with general credence. Still, there are those who believe that the crop is in
reality something like 13,500,000 bales, if not more. Some
enthusiasts have even discussed the possibility of 13,750,000
bales, to 14,000,000 bales, though such figures are not seriously regarded. They are mentioned to show the drift of
popular feeling in the cotton trade in regard to the size of
the crop. The highest estimate of statisticians thus far
given, 13,428,000 bales, is 3,300,000 bales above the crop of
last year, with Texas estimated at close to 4,800,000. Some
have not given up hopes of 5,000,000 bales in Texas, as
against 4,342,000 a year ago, although such an estimate is
well above the average. The point is that the Southwest
has outdone itself this year, after a remarkable fall, and hot
weather during the summer which kept down the weevil.
But for the cold, wet, late spring and delayed planting, there
is no knowing how large the crop might have been on an
acreage of 40,403,000 acres, the largest ever estimated by
the Government. Meanwhile speculation suffers from the
fact that popular trading has drifted very plainly to stocks
and grain, and for the time being has practically ignored
cotton. That was due to the spectacular advance in stocks
and grain and to the disorganizing effects of the bi-monthly
reports on the condition of the cotton crop. They have had
the effect of terrorizing the trade. That is not too strong a
term. Happily, Dec. 8 will furnish the last of these explosives and there will then be a respite for fully six months.
It will be appreciated by the trade if it never appreciated
anything before.
During the week there have been some December notices
issued and at times they have had a more or less if only
temporarily depressing effect. Worth Street has been for
the most part quiet. Actual business at Fall River has been
on a moderate if not small scale. At times Manchester has
complained of disappointingly low bids from East India.
Spot trade in Liverpool has remained small. A break of
200 to 250 points in coffee was something of a damper to
those who trade in both coffee and cotton. Now and then
the grain markets have reacted. In the South the spot sales
have not been so large as they were recently. Mostly the
slowness of textiles and growing crop estimates have held
back or depressed cotton prices.
On the other hand there have not been wanting what the
bulls would call mitigating circumstances in the situation.
Latterly the fact of the universality of bearish sentiment
has of itself imposed a check on a decline. It meant that
the short interest had become large. Some of the larger
shorts grew uneasy. On Wednesday covering by large operators was estimated at some 50,000 bales for uptown and
Chicago interests, largely for uptown. And the mills have
been steadily calling, as they have for two months past,
with little abatement. Furthermore, it is believed that
there are large trade orders to buy at something under the
market and not very much under it, either. In other words,
there are scale-down orders to purchase which now begin to
act as more or less of a brake on any downward tendency.
It is also recalled that prices have recently declined about
$13 a bale. That fact, it is contended, discounts even quite a
bearish crop report by the Bureau of Agriculture on Monday next. Some are wondering, too, whether the assumption that the Bureau will put the crop at something like 13,250,000 bales is not more or less gratuitous. It may turn
out to be unfounded. At one time the crop was underestimated; it may be, it is suggested, that the pendulum is now
swinging too far the other way. The yield may be overstated. Some profess themselves mystified to find cotton
operators buying stocks and bonds in the belief that good
times are coming and at the same time selling cotton short
on the theory that to all intents and purposes that cotton is
not going to participate to any very large extent in the good
times. Why not? it is asked. Meanwhile, however, fulL
working time is spreading among the mills of New England
and apparently in parts of the South. New England is being
favored by adoption here and there at least of a wage cut of
10%. Of course, that means a more encouraging overhead.
New England is more optimistic. It believes that better
times will be seen after the turn of the year. There are
those who believe that there is nothing in this view. Europe
is awakening; why not the United States, which is in far
better case than Europe? The farmer is infinitely more
prosperous than he was a year ago. The artisan population
is favored by high wages. Buying power is great. The
South is in good financial shape. It can hold cotton back if
it sees fit. Meanwhile the exports mount higher and higher
above the total of last year. It is now some 780,000 bales
above 1923. Buying is favored by a steady rise in the currencies of Europe. Sterling exchange is up to a new high.
1c.
/
It has latterly been only 172 below par, as.against about
$1 55 at one time in the evil days following the war, whei.
foreign exchange quotations touched an incredibly low level.
Some of the currencies of Europe are above par. Francs
have been rising latterly. Germany's affairs are improving.
All Europe is stirring with new life. Egyptian cotton advanced on Thursday 175 to 200 American points in Liverpool coincident with rumors of a railroad strike in Egypt.
The world will have plenty of cotton-perhaps 4,000,000 to.
-but as an offset it will
5,000,000 bales more than last year
need plenty to supply growing needs and to restore stocks to.
something like a normal stage.
To-day trading was very light and prices moved within a
radius of 20 points or less and wound up practically unchanged for the day. Everybody is awaiting the Bureau
report, which is to appear on Monday. At the same time
prices did not give way. Private crop estimates appeared
of 13,100,000 to 13,200,000 bales; the average now is some
13,225,000 bales. The tendency to-day was towards somewhat lower estimates than had been in circulation on previous days this week. Another feature was the fact that
October was only 80 points under July, against 105 at one
time this week. It was 20 points over December, something
which did not wholly escape notice. Also, spot markets were
generally steady, something which had a more or less steadying effect also on futures. Spinners' takings made a good
showing. On the other hand, the quantity brought into.
sight was again large. The world's supply is some 1,100,000
bales larger than a year ,ago. Fall River's sales for the
week were stated at only 15,000 pieces of print cloths. Liverpool cables were indifferent. London and the Continent
were selling there to some extent and the recent advance ix.
sterling exchange still tended to halt any upward tendency
of prices. Liverpool spot sales there were only 4,000 bales.
At one time prices to-day were some 6 to 12 points lower,
but this was virtually recovered before the close. Trading
in cotton was so difficult, so far as making anything out of
It was concerned, that room operators were inclined to devote their attention for the moment to stock and grain,
which had a good deal more of a swing. Final prices show
a decline for the week of 22 to 59 points, October giving
way the least. Spot cotton was unchanged to-day at 23.30c.,
a decline for the week, however, of 55 points.
Some suggest that the difference in the price of New York
and Chicago memberships will attract hedge business to.
Chicago. Many Chicago houses have far-reaching connections in the Exchange and Board of Trade which may be of
advantage in the establishment of the new market.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 29 to Dec. 5Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
23.75 23.15 23.40 23.40 23.30 23.311
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 5 for each of the past 32 years have been as follows:
1924
2
2
93
192
1921
1920
1919
1917
23.30c.
35.65c.
24.55c.
17.60c.
16:30c.
39.25c.
29.25c.
29.85c.
1916
1915
1914
1913
1912
1911
1910
1909
19.90c.
• 12.50c.
7.50c.
13.50c.
12.75c.
9.350.
15.05c.
14.85c.
1908
1907
1906
1905
1904
1903
1902
1901
9.35c.
11.90c.
11.00c.
12.35c.
8.10c.
12.86c.
8.50c.
8.37c.
1900
1899
1898
1897
1896
1895
1894
1893
170..71,t9e..
5.750..
8.00g.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columnsp
which show at a glance how the market for spot and futuree
closed on same days.
Spot
Market
Closed.
Futures
Market
Closed.
SALES.
:.
Spot. Contr. Total.
Saturday..-- Quiet, 10 pts.dec _ _ _ Barely steady
Monday ..-... Quiet,60 pts.dee_ _ _ Barely steady_ - ------ 158,300 158.300
3.300
Tuesday _
Quiet.25 pts. adv.__ Firm
2,800 2,800
Wednesday.. Quiet, unchanged__ Steady
Quiet. 10 pts.dee- Steady
Thursday
Quiet
uiet, unchanged
Friday
163.400163,400'
Total_
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
DEC. 6 1924.]
Saturday.
Nov. 29.
THE CHRONICLE
Monday.
Dec. 1.
Tuesday, Wednesday, Thursday,
Dec. 2.
Dec. 3.
Dec. 4.
Friday,
Dec. 5.
Movement to Dec. 5 1924.
Towns.
Range_ _ 23.23-23.46 22.60-23.15 22.58-22.92 22.52-22.97 22.77-22.93
:
Closing 23.25-23.28 22.63-22.65 22.90-22.92 22.92-22.93 22.80- 2.66-22.85
!2.80
January
Range_ _ 23.39-23.67 22.76-23.30 22.70-23.08 22.69-23.14 22.95-23.10
Closing _ 23.39-23.43 22.76-22.80 23.05-23.08 23.09-23.10 22.95-22.97 l 2.82-22.98
: 2.93-22.95
Feb.
Range _ _ - - -- - -- -- - - - -•
Closing. 23.57 -22.96 -23.25 -23.28 -23.15: 3.12 ---March
Range _ _ 23.76-24.02 23.16-23.68 23.15-23.48 23.05-23.53 23.32-23.49 '
Closing _ 23.76-23.77 22.17-22.19 23.44-23.48 23.47-23.52 23.35-23.36 ' 3.22-23.37
3.32 ---April
Range _ _ - - -- -- - -- - - -Closing _ 23.93 -23.34 -23.61 -23.64 -23.523.50 ---May
Range._ 24.10-24.32 23.50-24.05 23.50-23.83 23.40-23.86 23.66-23.81
3.57-23.73
Closing _ 24.10-24.11 23.50-23.54 23.78-23.80 23.81 -23.69-23.70
3.69-23.70
June
Range. - - -23.78-23.7823.51-23.51-----Closing 24.10 -23.53 -23.80 -23.86 -23.75- 3.75 ---JutyRange _ 24.10-24.28 23.54-24.00 23.53-23.85 23.55-23.96 23.78-23.93
23.70-23.85
Closi rig 24.1023.55-23.58 23.83-23.85 23.91-23.93 23.81 23.80August
Range. - - -- - - - - - - Closing 23.70 -23.17 -23.45 -23.70 -23.6023.50Sept.Range- - - -23.03-23.02- - - - - - Closing • 23.35 -22.82 -23.18 -23.33 -23.3523.25 ---October
Menge_ 23.10-23.25 22.52-23.04 22.55-22.93 22.63-23.06 22.90-23.13
22.97-23.11
Closing 23.1022.5222.88-22.93 23.03-23.04 23.03Nov.
.
Range.. - - - - -- -- - - - Closing
Range of future prices at New York for week ending
Dec. 5 1924 and since trading began on each option.
Option for
Dec. 1924.. 22.52
Jan. 1925_ _ 22.69
Feb. 1925_
Mar. 1925_ 23.05
Apr. 1925_
May 1925.. 23.40
June 1925_ 23.51
July 1925.. 23.53
Aug. 1925._
Sept. 1925.. 23.02
Oct. 1925._ 22.52
Nov. 1925..
Range for Week.
Range Since Beg nning of Option.
Dec. 3 23.56 Nov. 29 21.17
Dec. 3 23.67 Nov. 29 21.20
22.69
Dec. 3 24.02 Nov. 29 21.50
24.18
Dec. 3 24.32 Nov. 29 21.72
Dec. 2 23.78 Dec. 1 22.55
Dec. 2 24.28 Nov. 29 21.40
22.45
Dec. 1 23.02 Dec. 1 21.80
Dec. 1 23.25 Nov. 29 21.50
Sept. 16 1924 29.10
Sept. 16 1924 28.98
Oct. 25 1924 25.60
Sept. 16 1924 29.06
Sept. 4 1924 24.18
Sept. 16 1924 29.15
Sept. 11 1924 25.55
Sept.16 1924 27.50
Oct. 24 1924 24.78
Oct. 15 1924 24.00
Nov. 1 1924 24.82
July 28 1924
July 28 1924
Aug. 20 1924
July 28 1924
Sept. 4 1024
July 28 1924
Oct. 2 1924
Aug. 6 1924
Nov. 14 1924
Nov. 13 1924
Nov. 18 1924
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Dec.5Stock at Liverpool
Stock at London
Stock at Manchester
1924.
bales_ 477.000
1,000
42,000
1923.
416,000
5,000
49,000
1922.
770,000
4,000
65,000
520,000
1,000
156,000
124,000
14,000
49,000
39.000
5.000
2.000
470.000
8,000
61,000
110,000
8.000
93,000
48,000
2,000
1,000
839.000 1.016.000
2,000
22.000
117.000 308.000
179,000 220.000
6,000
11,000
76.000 112,000
55,000
38,000
5,000
10,000
2,000
390,000
331,000
442,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1921.
940.000
76.000
721.000
Total European stocks
910,000
India cotton afloat for Europe... 45,000 801,000 1,281,000 1,737,000
130.000 102.000
91,000
American cotton afloat for Europe 857,000 562,000 520.000
357,161
Egypt,Brazil,&c.,afloatforEurope 138,000 136,000
121.000
91,000
Stock in Alexandria. Egypt
255.000 272.000 369,000 327,000
Stock in Bombay, India
252.000 256.000 363,000 679.000
Stock in U. B. ports
1,488,110 1,004,134 1,088,715
Stock in U. S. Interior towns__ _ _1,583,955 1,225,801 1,445,005 1,380,056
1,576,304
U. S. exports to-day
4.356
565
12.176
39.817
Total visible supply
5,533,427 4,387,500 5.301,896 6.278.338
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 343,000 229,000 446,000 561.000
Manchester stock
27,000
34.000
37,000
56,000
Continental stock
'158,000 272,000 397,000 651,000
American afloat for Europe
857,000 562,000 520.000 357,161
U.S. ports stocks
1.485.116 1,004,134 1,088.715 1,380.056
U.S. interior stocks
1,583,955 1,225,801 1.445,005 1,576,304
U. S. exports to-day
4,356
565
12,176
39.817
Total American
4,660,427 3,327.500 3,945,896 4,621,338
East Indian, Brazil, &c.
Liverpool stock
135,000 187.000 324.000 379.000
London stock
1,000
5,000
4,000
Manchester stock
15,000
15,000
28,000
20,000
Continental stock
32.000
59.000
45.000
70,000
India afloat for Europe
45,000 130.000 102,000
91.000
Egypt, Brazil, &c., afloat
138,000 136,000 121,000
91,000
Stock in Alexandria. Egypt
255.000 272,000 369,000 327.000
Stock in Bombay, India
252,000 256.000 363,000 679,000
Total East India, &c
873,000 1,060.000 1,356,000 1.657,000
4,660,427 3,327,500 3,945,896 4,621,338
Total American
5.533.427 4,387,500 5,301,896
Total visible supply
Middling uplands, Liverpool__ _ _ 12.98d. 19.42d. 14.396. 6,278.338
10.958
Middling uplands, Now York_ _ _ _ 23.30c. 35.75c.
24.95c.
18.10c
.
Egypt, good Sakel, Liverpool.... 28.05d. 24.65-i.
19.00d. 22.75d
Peruvian, rough good. Liverpool_ 20.75d. 23.00d. 17.25d. 13.75d
.
12.55d. 17.75d. 12.50d.
Broach, fine, Liverpool
9.80d'
13.10d. 18.90d. 13.6543. 10.80d:
Tinnevelly, good, Liverpool
2665
Receipts.
Week.
1Ship- Stocks
ments. Dec.
Season. Week.
5.
Movement to Dec. 7 1923.
Receipts.
Week.
Ship- Docks
merits. Dec.
7.
Season. Week.
Ala.,Birming'm 3,930
42,6961 3,0241 10,758 2,151
19,481 2,284 9.415
Eufaula
14,479
555
423 6,035
500
4,949
200 1,900
Montgomery. 2,016
67,389 1,921 25.660 1,328
42,449 1,877 17,278
Selma
1,009
56,817 1,681 25,341
619
29,572 1,829 8,748
Ark., Helena
3,10
50,631 2,2751 24,956 1,000
10,079
500 11,643
Little Rock
7,970 154,294 9,432 46,998 5,722
83,225 6,190 46.187
Pine Bluff
10,711 107,874 10,403 50,654 2,382
41,701 2,351 37.005
Ga., Albany...
44
3,696
24 2,547
9
1,984
121 2,345
Athens
2,865
23,959 2,350 14,585 3,137
25,127 2,301 25,092
Atlanta
15,074 137,976 7,765 69,036 9,459
89.734 8,223 42,150
Augusta
7,753 149,015 5,431 66,580 5,254 139.206 7,509 56,033
Columbus_- 6,043
32,853 3,013 7,315 2.835
53,200 4,499 20,024
Macon
868
28,911 1,300 8,840
944
17,457 1,593 9,157
Rome
1,420
34,573 1,30015,537 1,780
24,621 1,196 7,023
La., Shreveport 3,000 85,000 3,000 37,000 7,000
93,000 7.000 36,000
Miss,Columbus
800
30,588
800 11,294
1,501
15,499 2,044 9,563
Clarksdale_ _ 3,831
98,349 6,068 50,283 2,707
68.848 6,223 43,642
Greenwood.- 7,310 121,852 8,273 63,390 4,885
84.209 11,244 51,892
Meridian_ _ _ _ 1,020
32,248 1,449 17,904
567
18,304 1,307 9,045Natchez
1,381
33,257 1,993 1,151 1,105
27,410 1,724 11,871
Vicksburg... 1.124
28,542 1,602 14,041
767
13,341 1,170 9,055
Yazoo City
700
32,186 1,673 16,941
482
18.213
Mo., St. Louis_ 35,191 259,872 36,339 4,046 30,647 246.979 1,185 14,834
30.480 5,307
N.C.,Gr'nsboro 2,559
22,061 1,4271 9,734 2.628
38,326
573 23,691
Raleigh
728
3,819
800
547
582
8,814
700
443
Okla. Altus
11.055 99,451 10,647 26,023 6,067
53,338 4,658 28,948
Chickasha... 5,666
82,455 6,879 15,638 3,832
38,891 4,762 14,144
Oklahoma.. 9.305 90,252 7,888 28,118 5,951
15,318 1,224 10,667
S.C.,Greenvill
8,002
87,553 5,669, 33,892 7,350
60.095 4,985 28,518
Greenwood
63
8,372
3011 3,418
721
9,284
409 10.291
Tenn.,MemphLs 81,23
598,374 81,508145,620 43,481 419,935 45,973 137,315
Nashville__ _ _
284
684
441
441
Texas, Abilene_ 3,108
42,360 3,1111 3,025 3,203
51,994 1,881 3,960Brenham_ _
315
16,082
2531 5,412
24,525
653
397 6.181
Austin
300
25,221
2,100 1,710
36,656 2,160 2,840
Dallas
15,547 125,485 12,3061 28,962 5,163
87,833 6,511
Houston.... 169.5943,080,993148,073635.734 114,7202,667,903 131,503 21,567
424,350
Paris
1,276
67,844 1,072; 11,325 2,448
71,669 3,997 8,529
San Antonio_ 4,000
61,204 2,000, 20,000 3,000 61,089 2.000 11,500
Fort Worth
7,936 103,478 6,6161 15,074 3.291
70,518 5,336 7.646
Total, 40 towns439,25916,142,745401,4331583955 291,581 4,884,806
320,1191225801
The above total shows that the interior stocks have deduring the week 38,354 bales and are to-night
358,154 bales more than at the same time last year. The
receipts at all towns have been 147,678 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
creased
-1924----Dec. 1Since
ShippedWeek. Aug. 1.
Via St. Louis
36,339 248.308
Via Mounds, &c
7,300 105,100
Via Rock Island
1,484
8.660
Via Louisville
2,155
24.699
Via Virginia points
6,078
82.085
Via other routes, &c
31,370 191.901
Total gross overland
84,726 660,753
Deduct Shipments
Overland to N. Y. Boston, &c..
2,959
40,012
Between interior towns
812
9,544
Inland. &c.,from South
14.664 180,675
Total to be deducted
18,435 230,231
Leaving total net overland *
66.291 430,522
* Including movement by rail
to Canada.
-1923
Week.
30.480
7,860
1.106
2,285
5,998
6,928
Since
Aug.1.
251.458
83,540
4,675
11,883
80,458
150.784
54,657
582.798
2,933
765
19,733
20.484
10,063
260.855
23.431
291,402
31,226
291.396
The foregoing shows the week's net overland movemen
this year has been 66,291 bales, against 31,226 bales for t
the
week last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 139,126
bales.
1924
1923
In Sight and Spinners'
Since
Since
Takings.
Week, Aug. 1.
Week. Aug.
Receipts at ports to Dec. 5
370,7.52 4,955,512 265.509 4,001,486
Net overland to Dec. 5
110,291
31.226
430.
291.396
Southern consumption to Dec.5.-100,000
1,412,000 82,000 1,520,000
Total marketed
537,043 6,798,034 378.735 5,812.882
Interior stocks in excess
954,910
Excess of Southern mill takings 38,354 1,401,709 *25,980
over consumption to Nov. 1.-116,806
159,737
Came into sight during week_ _575,397
352.755
Total in sight Dec. 5
8,316,549
6.927.529
Nor,spinners' takings to Dec. 5..
71.801
675.448
64,726
826,628
• Decrease.
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations for
middling cotton at Southern and other principal cotton
markets for each day of the week:
Week ending
Dec. 5.
Closing Quotations for Middling Cotton on
Saturday
Galveston
23.35
New Orleans.... 23.60
Mobile
23.25
Savannah
23.59
Norfolk
23.50
Baltimore
Augusta
23.44
Memphis
23.50
Houston
23.40
Little Rock.... 23.00
Dallas
22.60
Port Worth
Monday. Tuesday. Wed'day. Thursd'y. Friday.
22.80
23.00
22.60
23.00
22.88
23.75
22.75
23.25
22.80
22.50
21.95
22.00
23.10
23.25
23.15
23.00
23.00
23.25
23.20
23.15Continental imports for past week have been 138,000 bales.
22.80
22.80
22.75
22.75
23.25
23.34
23.25
23.19
The above figures for 1924 show an increase over last week
23.31
23.31
23.25
23.25
of 358,759 bales, a gain of 1,145,927 from 1923, an increase
23.25
23.25
23.25
23.25
23.00
23.13
23.00
23.00
of [231,531 bales from 1922, and a falling of of 744,911
23.25
23.25
23.25
23.25
bales from 1921.
23.10
23.10
23.0023.00
22.75
23.00
22.25
23.00
22.25
AT THE INTERIOR TOWNS the movement-that is,
22.15
22.38
2.15
22.25
22.15
22.25
2.15
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
NEW ORLEANS CONTRACT MARKET.
-The closing
corresponding periods of the previous year-is set out in quotations for
leading contracts in the New Orleans cotton
detail below:
market for the past week have been as follows:
Saturday,
Nov. 29.
[VOL. 119.
THE CHRONICLE
2666
Monday,
Dec. 1.
December 4.
Receipts at
Wick.
23.1923.30-23.32 23.27December. 23.61-23.63 23.08-23.11 23.31 23.15-23.18
January _ 23.55-23.58 22.96-23.00 23.21-23.24 23.23-23.25 23.19-23.22 23.23-23.25 Bombay
64,000
-- 23.63-23.65 23.07-23.10 23.30-23.35 23.31-23.33 23.26-23.29 23.50-23.51
23.49-23.50
May
23.85-23.86 23.29-23.32 23.54-23.55 23.56For the Week.
23.52-23.53 23.50 ---23.54 bid 23.5823.80 bid 23.29July
22.6522.23-22.27 22.55-22.60 22.60-22.61 22.60-22.70
00tober._ 22.75-22.80
Great Conti- In pa
Exports.
Tone
Quiet
Steady
Britain!, nem. China.
Steady
Dull
Steady
Spot _ _ _ Steady
Steady
.
Steady
Stead'!"
Stalarlo
Sitp.dv
Options_ fitatado
Bombay
1.0001 15,000 53,00
1924
-The
27,000 32,000
1923
COTTON PROSPECTS GOOD IN PUNJAB. have
6:000, 21,000 24,000
1922
prospects for the cotton crop of the Indian Punjab
being 103% of Other India- 1,0001 11,000
improved during November, the condition according to a
1924
-I 17,000
normal as compared to 101% a month ago, ent of Agri- 1923
1,0601 10,000
1922
United States Departm
cable received by the
Agriculture and
culture from the International Institute ofhas been brought
made public on Dec. 3. The improvement
d
about by the good rains during the late summer combine
favorable conditions later in the season. The Punjab
with
Indian crop.
produces roughly about a tenth of the total in Uganda is reacreage of the present cotton crop
The
to be a
ported by the International Institute of Agriculture acres.
than that of last year, which was 419,000
third greater
Prospects for the crop are good.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
that
evening
. us by telegraph from the South this in those indicate the
parts of
,
the weather has remained favorable
remain to be
cotton belt where remnants of the cotton cropin the northpicked. This work has been nearly finished the northeast
western section of the belt and is well along in
section.
Thermometer
Rain. Rainfall.
high 72
high 76
high 80
high 78
high 74
high _
high 74
high 76
high __
high __
high 75
high 71
high 68
high 66
high 62
high 63
2 days 2.52 in.
Galveston, Texas
2 days 0.99 in.
Abilene
3 days 0.94 in.
Brosnwville
2 days 0.27 in.
Dorpus Christa
1 day 0.34 in.
Callas
drY
• Delrio
2 days 0.57 in.
Palestine
3 days 2.01 in.
San Antonio
1 day 0.22 in.
Taylor
1 day 0.14 in.
• New Orleans, La
1 day 0.80 in.
Shreveport
1 day 0.07 in.
Mobile, Ala
2 days 0.55 in.
Selma
1 day 0.03 in.
Savannah,Ga
Charleston,S.
2 daysI.92 in.
0dr
0
Charlotte, N.
low 50
low 30
low 62
low 54
low 36
low 40
low 38
low 44
low 38
low __
low 32
low 38
low 22
low 30
low 28
low 20
1923.
1922.
IStriae
Week. Aug. 1.
Since
Week. Aug. 1.
1924.
Friday,
Dec. 5.
Tuesday, Wednesday, Thursday,
Dec. 4.
Dec. 3.
Dec. 2.
Since
Aug. 1.
233,000 75.000
316.000 90,000 371,000
Since August 1.
Contineat.
Great
Total. Britain.
Japan dc
China.
Total.
69.000
59,000
51,000
16,000 63,000 280.000 339,000
50,000 210,000 177,000 437,000
36,000 154,500 373,50 564,000
12,000
17,000
11,000
6,000
18,000
9,000
51,000
87,000
75.550
57,000
105,000
84,550
Total all
1924
1923
1922
i 0
1 o 0o
2,0001 t ,o 8 53,000 81,000 22,000 114,000 260.000 396,000
32,000 76,000 68,000 297,000 177,111 542,000
7.565 31:000 24.000 62,000 45,000 230,050 373,500 648,550
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record an increase
of 5,000 bales during the week, and since Aug. 1 show a
decrease of 146,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
mean 61
mean 53
mean 71
mean 66
mean 55
mean _ _
mean 56
mean 60
mean -moan 57
mean 54
mean 52
mean 44
mean 48
mean 45
mean 45
Receipts (cantars)This week
Since Aug. 1
1924.
1923.
1922.
370,000
4,287.363
Alexandria, Egypt,
December 3.
390,000
3.903.852
290,000
3.692.092
Since
Week. Aug. 1.
Exports (bales)-
Since
Since
Week. Aug. 1. Week. Aug. 1.
6,000 87,639 18,750 100,337 11,500 89.568
To Liverpool
--_- 90.164 11,000 77,544 5,000 83,744
To Manchester. Zzc
and India_ 12,000 136,322 12,500 144,940 7,250 105,321
To Continent
2,000 38,651 2,500 34,756 3,000 68,205
To America
on Ann RX0 Mt AA ,rul nem, E," nc nrn nnA ono
..t.......te..nse.r40
-A cantar is 99 lbs Egyptian ba es weigh about 750 lbs.3 were
Note.
This statement shows that the receipts for the week ending Dec.
370,000 canters and the foreign shipments 20,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Merchants are not willing
to pay present prices. We give prices to-day below and
-The fol- leave those for previous weeks of this and last year for
RECEIPTS FROM THE PLANTATIONS.
table indicates the actual movement each week from comparison:
lowing
do
1923.
the plantations. The figuresion; not include overland re1924.
they are simply a stateceipts nor Southern consumpt
834 lbs. Shirt- Corn
Coen
8l lbs. ShirtInas, Common Mid.
ment of the weekly movement from the plantations of that
32s Colt
ing*, Common Mid.
323 COD
OpFs
is Finest.
TwU
to Finest.
the crop which finally reaches the market through
Twist.
part of
e. d d.
the outports.
d. 8.4.
e. d. d. d.
d. s. d.
d.
Sept.
Receipts at Ports.
Week
1924. 1923. 1922.
aull
Stooks ca Interior Towns.
1924.
1923.
1922.
Receiptsfrom Plantations
1924. 1923.
1922.
Sept.
900235,378218.470
12._ 222,121170,272163.102 306,499 442,507 471,529304.961333.807334,415
19__ 276,400258,747 205,404 415,061 519,587 600.540384,
420.260 347,146 305,164
26..291,228J88.759 253,298 544,092 577,954 743,160
Oct.
80.501
3_368,406 29.949275,188 603,53 670,922 897,611425.849422,9173
3,193 413.218 420,815
796,030
10.- 320,698273,052 250,881 898,351 811.088 1.067.545,51
15
948,192 1,186.813, 43,806 422.317 445,288
326,020
17__ 441.4851287.213
8,150390,987391,807
1,057.209 1,060.002
24- 339.292 277.177 297.539 1,196,181 1,086,495 1,280,881149 ,437 375,529 439,852
1,355,09527
31-- 388,465349.036 365,080
Nov.
1,165,368 1,408,3494.4533j4.509346.875
7...383,258235.636 294.22 1,307,376
1.461,019
.
, 61321 432304,296
14._ 373,602 307,467251,578 1,411,260 1,179,333 1,484,662477 48 289.988 241,626
487,588
432,208 224,528 217.9831 1,48(3.39 1.244,773 1,457,156429,23 205,223,242,942
21..
298,211 215,436 1,545.601 1,251,785
28._370,024
I
Dec.
5;146.650
70,752 265.509158,801 1,583,9551,225,801 1,445,005 09306239,52
5..
The above statement shows: (1) That the total receipts
1 bales;
are
from the plantations since Aug. 1 192419226,357,22
were 4,568,250
1923 were 4,954,766 bales, and in
in
outports the
bales. (2) That although the receipts at the
from
week were 370,752 bales, the actual movementtowns
past
ns was 409,106 bales, stocks at interior year
plantatio
Last
having increased 38,354 bales during the week.
receipts from the plantations for the week were 239,525
bales and for 1922 they were 146,650 bales.
.
WORLD SUPPLY AND TAKINGS OF COTTON
Cotton Takings.
Week and Season.
1923.
1924.
Week.
Season.
Week.
Season.
4,263,125
5,174,888
Visible supply Nov. 28
2,024,671
2,190,493
Visible supply Aug. 1
575,397 8,316.549 352,755 6,927.529
in sight to Dec.5
American
316,000
75.000
233,000
64,000
Bombay receipts to Dec. 4 4.
105,000
17,000
57.000
12,000
Other India shipm'ts to Dec. 780.400
78,000
843,800
74.000
to Dec. 3.-Alexandria receipts
90.000
7.000
117,000
8.000
Other supply to Dec. 3_
5,908,085 11,757,842 4,792.880 10,243,600
Total supply
Deduct
5,533.427 5,533,427 4,387,500 4,387,500
Visible supply Dec.5
6,224,415 405,380 5,856.100
to Dec. 5-a__ 374,638 4,589,615 251,380 4.453.700
Total takings
260,638
Of which American
114,000 1,634,800 154,000 1,402,400
Of which other
Brazil, Smyrna, West Indies, &c.
s receipts in Europe from the total estimated consumption by
*Embrace
-takings
a This total embraces since Aug. 1 and 1,520.000 bales in 1923
in 1924
Southern mills, 1.412,000 balesaggregate amounts taken by Northern and
not being available-and the
bales in 1923, of
1924 and 4,336,100Estimated.
foreign spinners, 4,589,815 balm In bales American. b
which 2,954,815 balm and 2,933,700
PORTS.
INDIA COTTON MOVEMENT FROM ALL shipments
of India cotton at Bombay and the
The receipts
season from
from all India ports for the week and for the follows:
as cabled, for three years, have been as
Aug. 1,
12 24
19 23
26 23
Oct.
3 23
10 4
17 234
24 2354
31 44
Nov.
7 334
14 334
21 334
28 34
Dec.
5 3
23 16 5 017 2
in 254 16 5 017 1
in 204 18 6 017 2
16.89
17.95
16.91
244 16 5 017 2
15.23 2254
14.09 224 in 24 16 5 (017 0
13.53 23
in 2454 16 5 017 2
13.45 24
in 244 16 7 017 3
13.58 244 in 244 16 5 017 3
ltP46
16.50
17.04
17.63
17.44
in 254 18 0 018 3
in 244 17 2 017 6
in 254 17 4 018 4
254 17 6 018 6
in 26 18 0 018 4
in 254 17 5 018 1
2534 17 5 018 1
in 2634 17 5 018 1
14.21 2234
13.54 24
14.09 24
018
017 7
018
018
13.25 26
13.87 27
13.83 2754
13.59 294
in 27 17
in 274 17 4
in 2834 17 4
in 30% 20 2
244 16 5 017 1
12.98 27%
in 29% 19 4 020 2
in 26
in 26
in 25%
in 25%
in
17 4
17 3
17 4
17 4
017 7
018 0
018 0,
021 0
19.02
19.89
20.14
21.37
19.42
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 350,015 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
-Laconia,382; Cedric, 1,486 1,848
-Nov.28
-To Liverpool
NEW YORK
-West Islete,
.Doc.4
-Nov.28-Nessien,20...
To Manchester
95
75
200
-Dec. 1-McKeesport,200
To Havre
1,420
-Nov. 28-Muenchen, 1,420
To Bremen
229
-Rotterdam, 229
To Rotterdam-Nov. 28
1,505
To Genoa-Nov. 28-8aucon, 1,505
400
, 400
To Leghorn-Nov. 28-Saucon
100
To Copenhagen-Dec. 1-United States, 100
450
To Gothenburg-Dec. 1-Stockholm, 450
-Manhattan,
-Anaconda,350_ _Dec.3
-Nov.22
To Antwerp
1,375
975---Dec. 4-Sahale, 50
100
-Dec. 4-Luxpallle, 100
To Piraeus
50
To Stockholm-Nov. 25-Gastonsholm, 50
-West Modus.8.925---Nov.22
-To Liverpool
ORLEANS
NEW
Caddoa, 8,682
Nov. 29-Dakotian. 4,103---Dec. 1-West
30,087
-Merchant,8.377
Dec. 2
-West Modus. 1,119-Nov. 29-Nov. 22
To Manchester
7.391
-Dec.
Dakotian, 5.383_..Dec. 1-West Caddoa, 889
-Aquarius,
-Nov. 27--Boden, 1,040-Nov. 29
To Hamburg
2.146
-Liguria, 890
216_ -Dec. 3
-Aquarius,
To Bremen-Nov. 27-Boden, 557_ Noy. 29
6,533
-Liguria, 1,288
3
4.688_ --Dec.
190
To Laguayra-Nov. 2 -Rosegg, 190
80
To Venezuela-Nov. 27-Turrialbe, 80
1.803
To Genoa
-Nov. 24-Woron, 1,603
221
-Cartagena, 221
To Cartagena-Nov. 29
100
-Carlton, 100
To Piraeus-Additional
1,472
To Barcelona-Dec. 1-West Chetahs, 1,472
-Spectator, 5,511: Hegira,
-Nov.29
ON-To Liverpool
GALVEST
-Speaker.12.259 32.380
7,042:Gloria de Larrinaga,7.568--Nov.30
-Hegira, 1.138; Gloria de Larrinaga, 5,630
To Manchester-Nov.29
571
-Speaker,
3,921___Nov. 30
Grey.
-Nov,29-Zinon, 7,944; West Comak,4.595;
To Havre
23,568
stoke Castle, 3,200; Connes Peak, 7,829 Greystoke Castle,
s Peak, 577;
-Nov. 29-Conne
To Antwerp
927
•
350
Castle,
-Nov. 29--Oonnea Peak, 1,265; Greystoke
To Ghent
5,383
4,098
50
-Carlton, 50
-Noy. 29
To Piraeus
1,142
-Carlton,300; Clara Comus,842
To8Trieste-Nov. 29
Clara Comm,6,198
--Carlton, 500;
-Nov.29
To Venice
5
-West Chatac,3,988. ldecoa,7,667- 11:6 5
To Barcelona-Nov.29
18,271
To Bremen-Nov. 29-Eldene, 11,216; St. Andrew, 7,055- 13,113
-Cripple Creek, 13.113
To Genoa
-Nov. 29
100
-Cripple Creek, 100
-Nov,29
To Savona
300
-Cripple Creek, 300
-Nov. 29
To Naples
1.600
To Hamburg-Nov. 29-Osterndorf, 1,600
DEC. 6 1924.]
THE CHRONICLE
GALVESTON (Concluded).
Bales.
To Gothenburg
-Nov. 29
-Tricolor, 2,698
2,698
To Christiania-Nov. 29
-Tricolor, 200
200
To Copenhagen-Nov. 29
-Tricolor. 98
98
To Japan-Nov. 29
-City of Dunkirk. 10,318---Dec. 3Volunteer,6.034
16,352
To Oporto-Dec. 3-Cardonia, 2,363
2,363
To Mbon-Dec. 3-Cardonia, 300
300
To China-Dec. 3
-Volunteer. 550
550
HOUSTON-To Liverpool-Nov. 29
-Spectator, 8.460
8,460
To Havre
-Nov. 29
-West Oomak. 7,747
7,747
To Antwerp-Nov.29
-West Comak,423
423
-Nov. 29
To Ghent
-West Comak, 1.250
1,250
To Venice-Nov. 29
-Carlton, 5.250
5,250
To Barcelona-Nov. 29
-West Chatala, 1,430
1.430
To Bresnen-Nov. 29-Cosey, 8,748--Dec. 2-Osterndorf,
250
8,998
To Genoa-Nov. 29-Collingsworth, 12,728
12,728
-Nov. 29-Collingsworth, 190
To Naples
190
To Hamburg
-Dec. 2-Osterndorf, 2.265
2,265
( HARLESTON-To Bremen-Nov.26
'
-Progress, 4.845
Dec.2
Bardiston. 2,225-Dee. 3
-Tulsa, 100
7.170
To Liverpool-Nov. 29
-Coldwater, 11.867_,
11,867
To Manchester
-Nov. 29
-Coldwater, 361_ '
361
GULFPORT-To Manchester
-Nov.28
-Western Ocean, 268
268
MOBILE
-To Liverpool-Nov. 22
-Hastings, 2,220
2,220
To Bremen-Nov.29-Hig.ho. 4,720
4.720
To Hamburg-Nov. 29-Higho. 200
200
NORFOLK-To Liverpool
-Dec. 1-Schenectady, 4,500; Bristol
City, 100
4,600
To Rotterdam-Dec.4-Breedijk, 300
300
To Bremen-Dec.5
-Hameln,4,356
4,356
PENSACOLA-To Liverpool-Dee.4
-Western Ocean, 269
269
PHILADELPHIA-To Manchester-Nov. 20
-Manchester Merchant, 250
250
To Rotterdam-Nev. 22
-Editor, 73
73
PORT TOWNSEND-To Japan-Nov.26-Iyo Maru,3,050
3,050
SAN DIEGO
-To Liverpool-Nov.29
-Atlanta City,4,850
4,850
SAN FRANCISCO
-To Japan-Nov. 28-Tenyo Maru, 4,425-- _
Nov.29
-President Taft.2,965
7,390
To China
-Nov. 29
-President Taft, 1,025
1,025
SAN PEDRO-To Havre
-Nov.25
-Alaska, 200
200
To Liverpool-Nov. 28
-Atlanta City, 2,587Dec. 3
Montpelier, 4,918
7,505
To Japan-Dec. 1-Korea, 350
350
SAVANNAH-To Bremen-Nov. 28
-Tulsa, 1,019; Odin, 10,084
--_Nov.29
-Progress. 6,054
17,157
To Hamburg-Nov. 28
-Odin, 491-- _Nov. 29
-Progress, 548 1.039
To Liverpool
-Nov. 26-Ninian, 7,877-_Nov. 29
-Heathside, 4,144
12,021
To Manchester
-Nov.26-Ninian, 1,480
1,480
To Japan-Dec. 1-Elkton, 4,100ec. 4
-Aden Marti,
3,000
7,100
To Rotterdam-Dec.2-Minnequa,500
500
Total
350.015
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Nov. 14. Nov. 21. Nov. 28.
33.000
27,000
29,000
19,000
19,000
19,000
1,000
2,000
1,000
68,000
72,000
72,000
371,000 428,000 452,000
236,000 292,000 321,000
98,000 158.000 107,000
86,000 112,000
93,000
371,000 380,000 390.000
236,000 269,000 279,000
Sales of the week
Of which American
Actual export
Forwarded
Total stock- -,
Of which American
Total imports
Of which American
Amount afloat
Of which American
Dec. 5.
22,000
15,000
1,000
72,000
477.000
342,000
97.000
71.000
454,000
337,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15I
P. M.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Dull.
A fair
business
doing,
A fair
business
doing.
Quiet.
Quiet.
Quiet.
Mid.U01'ds
13.47
13.22
13.04
13.16
13.08
12.98
Sales
2,000
5.000
5,000
5,000
4.000
4,000
Futures.
Market 3
opened
5
Steady.
Quiet.
Quiet,
Quiet,
Steady,
Dull.
dee'ine.
advance,
advance.
decline.
15 to 25 9 to 14 pts 6 to 10 pts 7 to 11 pts 6 to 10 pts.
pts. dec.
Market, I Steady, Quiet but Barely st'y,
Steady,
Easy,
Quiet,
4
7 toll pts.st'dy, 21 to 2 to 15 pts 7 toll pts 9 to 12 pts 4 to 7 Pte
advance. 31 pts. dc'. decline.
P. M.
advance.
decline,
decline.
Prices of futures at Liverpool for each day are given below:
Sst.
Mon.
Tues.
Wed.
Thurs.
Fri.
1231 123 12341 4:00 1231 4:00 1231 4:00 1231I 4:00 1234 4:00
.. M.p. tn. p. m.V.In. D. M.D.te. p. M.D. m.IL DIAL na•
P• m.P• m •
'
d.
d. d. I d.
d. 4. d. d. d.
d. d. d.
December----- ___.13.21 12.9212.86 12.74 12.71 12.81 2.6412.7312.7
3 12.63 12.66
January ------ .-- 13.23 12.98 12.91 12.78 12.7812.8612.6912.78 12.78 12.69 12.71
February ----- ____ 13.28 12.9912.92 12.79 2.79 12.87 2.7012.79 12.7912.7012.73
March
13.2. . 2.97 12.83 2.8512.93 2.7512.84 12.84
12.7512.78
April
13.29 13.04 2.97 12.83 2.8512.9321.7512.8412.8412.7612.,9
May
13.25 13.08 13.01 12.8912.91 12.99 12.80 12.89 2.90 12.81 12.84
June
13.22 13.05 2.9712.85 2.87 12.95 12.7712.85 2.86 12.7812.82
July
13.0. 13.02 12.95 12.84 2.87 12.9512.7712.85 2.86 12.78 12.81
August
--_ - 12.94 12.87 12.81 12.71 12.76 12.8212.6, .
September_ _ _ _ _ _ _ _ 12.74 12.77 12.71 12.61 12.66 12.72 12.5512.62 12 7612.6912.72
12.116
October
....... _ ___ 12.64 12.59 12.5312.44 12.5012.56 12.3912.5012.51 12.5812.62
November ------------12.4912.4312.3412.4112.47 l2.30 12.4142.42 12.44 12.41
12.31 12.41
Nov. 29
to
Dec. 5.
BREADSTUFFS
Friday Night, Dec. 5 1924.
Flour has maintained its old features of slowness of trade
Intensified, if anything, at times, whenever wheat prices
have fallen. On Monday, when wheat touched a new high
for the season, buyers' faith in lower prices for flour was
shaken. But the rise was followed by a decline of 4% to
52 from the high and again the tone in the flour business
/
1c.
became unsettled. The fact was stressed that the visible
supply of wheat in the United States gained noticeably last
week, whereas in the same week last year it fell off 8,200,000
bushels; the difference was no less than 11,500,000 bushels.
Argentine wheat, moreover, is being offered more freely.
Exports have been buying sparingly. The home trade has
followed their example. The stock of unsold flour in New
York on Dec. 1 was stated as 28,200 bbls. of spring wheat,
a^ainst 30.700 on Nov. 1 and 25.200 on Dee. 1 last year;
2667
13,700 bbls. of winter wheat, against 15,400 on Nov. 1 and
9,700 bbls. on Dec. 1 last year. Total stock of spring and
winter on Dec. 1, 41,900 bbls., against 46,100 on Nov. 1 1924
and 34,900 on Dec. 1 last year.
Wheat declined early in the week and then rallied, but in
general has shown less snap. Liquidation has been rather
heavy. A big professional operator sold freely, it is said.
More important was the fact that export demand was slow.
Winnipeg reported that stocks were rapidly increasing
there. Liverpool and Buenos Aires declined sharply. Foreign interests sold. Western cash markets fell with receipts
at Minneapolis and Duluth liberal. Argentine wheat was reported to be pressing on European markets at Be. or more
below American prices. Which was something new. Heretofore American prices have been relatively the lowest in
the world. The Argentine situation is sharply watched as
well as the fast accumulating stocks in Canada. America
finds the European field contested as it has not been for
many months past. The largeness of the American visible
supply caused some to sell May and buy July. Selling was
plain; important buying none too easy to detect Bradstreet reported an increase last week in availableadocks of
over 9,000,000 bushels to 262,000,000, against 251,000,000 a
year ago. On the other hand, Liverpool and Buenos Aires
rallied after falling. Argentine crop reports were unfavorable. Declines finally ran into good buying. Receipts, aside
from those at Duluth and Minneapolis, were small. Exports were good. Foreign buying on Tuesday was 750,000
bushels. Minneapolis at times was strong. Premiums were
strong at the seaboard and the Gulf. Interior receipts were
decreasing. Chicago on the 2d inst. sold 50,000 bushels to
go to store. Deliveries on December contracts on the 2d inst.
were only 202,000 bushels. The winter wheat belt was
everywhere dry. Some Chicago people take the ground that
the world situation is no weaker in any respect than it was
last summer; that the situation becomes more bullish every
day. Monday deliveries on December contracts were at once
taken by leading interests with concurrent sales of May
May's premium thereupon fell to 7 , against 8 on Satur/
1
2
/
1
2
day. There were encouraging reports of smaller deliveries
by farmers. That may reduce primary receipts and the visible supply. On Wednesday there was some improvement
in the export demand. Sales were estimated from 600,000
to 700,000 bushels and purchases were credited to the United
Kingdom and the Continent, although some of this business
was understood to be for late shipment Aside from this
development, interest was moderate and there did not seem
to be much outside inquiry. Bradstreet's visible for the
week, including the United States and Canada, increased
9,106,000 bushels. On the 3d inst. the deliveries at Chicago
were only 32,000 bushels. Export interests have recently
been credited with buying December and selling May. Many
longs have changed from December to May, being willing
to pay the big premium because of an expectation of
a rise
later. The American visible supply increased jast
week
3,346,000 bushels, against a decrease in the same week last
year of 8,192. The total is now 100,272,000 bushels, against
71,808,000 a year ago. The "Price Current and Grain Reporter" said: "There is probably only abOut 50,000,000
bushels of wheat remaining unsold for export in the United
States at the present time. Figuring an export surplus total
of around 250,000,000 bushels, not improbably total extorts
from July 1 to Dec. 30 will equal 200,000,000 bushels and
121,000,000 bushels have already been shipped out; November and December clearances are estimated at 40,000,000
bushels each. By March 1 statistics should indicate that
this country is in danger of over-exporting, even though
Europe practically stops buying from us by the end of the
year. There is a normal business done with many counVes,
regardless of price, sufficiently large to takedeare
itinhe
wheat that we have unsold at the present time." Nat Murray, of Clement, Curtis & Co., said: "The wheat acreage
sown this fall is estimated at 42,189,000 acres, which is 5%
more than sown a year ago, but 8.2% less than two years
ago. The condition on Dec. 1 was 85% of normal, which is
slightly below the ten-year average of 85.6. There Is widespread complaint of dry weather affecting the wheat, being
most intense in Nebraska and north central Kansas. The
ten-year average yield per acre is 13.6 on the basis of present
acreage and conditions suggest a production of 570,000,000
bushels." Montreal wired Wednesday; "The last oceanbound
ships left here this morning and ocean navigation is now
closed for the season." Broomhall estimated the Australian
wheat crop at 130,000,000 bushels, against 125,600,000 bushels last year. The exportable surplus was placed at 80,000,000 bushels, against 75,000,000 bushels last year. Smaller
world's shipments attracted attention. They were 13,356,000
bushels, against 14,273,000 in the preceding week. It caused
another sharp reduction in the quantity on passage, namely
4,968,000 bushels. The bulk of the wheat and flour shipped
last week was from North America, 11,100,000 bushels. An
advance occurred of 12 per cental in Liverpool. Further
/
1d.
claims of frost in Argentina had some effect. Another feature was the comparatively light deliveries in December contracts, namely 3,000,000 bushels. Many had expected 4,000,000 bushels. Sydney cabled that the total crop of the Commonwealth was as follows: Production, 130,000,000 bushels,
as compared with 125,600,000 last year and 109,000,000 in
1923. Exports were estimated at 80,000,000 bushels,
compared with 73,000.000 from this crop and 58.000,000 two
years
2668 ".
THE CHRONICLE
ago. Fine weather is needed throughout the entire country
• to aid harvesting. It .has been delayed by too much rain.
1c.
/
2
1
To-day prices advanced / to 12 at Chicago and 1% to
15 at Winnipeg on light trading, but December was conspicuously strong. That stood out against a background of
rather listless fluctuations in other months. December
showed a' tendency to reduce its discount. Light December
deliveries are telling. A number of houses want December
wheat and are disappointed at not getting it. Cash houses
bought December and sold May. Liverpool advanced. Strong
cables and light receipts in fact were distinctly bracing factors. Export sales, it is true, dropped to 250,000 bushels.
But Rumania was in the market for a cargo of wheat. Exports for the week are 10,954,567 bushels, as against 11,099,412 last week and 13,851,020 this week last year. But on
the other hand, if there is a decline in the quantity exported
it naturally points to a decrease in the quantity on passage
The "Modern Miller" says the winter wheat acreage has
been increased barely 5%. It needs rain. Lighter receipts
were stressed as offsetting a lighter foreign demand. Murray says that farm reserves are only 177,000,000 bushels,
against 225,000,000 last year; that 77% of the crop that is
usually moved from the farm has been moved, against 68.6
last year, and 67.1 the average. Winnipeg reported cash
wheat firm on all grades at a rise of 2c. on some of the off
grades. Clearances there were heavy; No. 1 Northern sold
at 9c. over December on the track at Vancouver. Final
prices at Chicago show a rise for the week of 1%c. on December, with other months off % to 1%c. One thing that affected the distant months to-day was beneficial rains and
snow in the winter wheat belt at the West, where dry
weather had been complained of.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. IVed. Thurs. Fri.
17434 175%
17334 17234 175
cts_174
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wee. Thurs. Frt.
4
December delivery in elevator_cts_1531 15334 15234 15434 15434 15534
lou% 16134
16234 16034 15934 101
May delivery in elevator
14134 14234
14234 14234 14134 142
July delivery in elevator
OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. krt.
December delivery in elevator_cts_16034 158% 15734 15834 158% 16034
16434 165%
1t34% 16334 165
May delivery in elevator
16234 16234 16334 16234 164
165
July delivery in elevator
Indian corn advanced on independent lines of its own with
little pressure to sell by the country. Receipts were reported to be decreasing. Cash corn was in fair demand and
firm. The crop news from Argentina was unfavorable, with
dry weather continuing. Deliveries on December contracts
on the 2d inst. were small. Some believe that the stocks of
old corn in Chicago will not be delivered at the present discount for December. Some uncertainty, to be sure, over
track deliveries later in the month undoubtedly exists. That
is a fact beyond dispute. On Wednesday corn was irregular.
December was firm and higher. Other months were unchanged. But bad crop news from Argentina appeared to
offset increasing receipts and the indifferent demand.
Bradstreet's visible for the United States and Canada for
the week increased 595,000 bushels. The American visible
supply increased last week 550,000 bushels, against 1,036,000
in the same week last year. The total is 7,563,000 bushels,
against 2,690,000 a year ago. Colder weather over the corn
belt is expected to stimulate the cash demand. Eleventhhour liquidation of December wheat holdings was at one
time a depressing factor. When this has passed it is believed that prices will go higher under the influence of light
receipts and decreasing supplies. It is said that $1 was paid
on the farm in western Nebraska. On the 3d inst. the deliveries at Chicago were only 47,000 bushels. Lincoln, Neb.,
wired: "No apparent pickup in corn marketing, accumulation of the past week at elevators being apparently shipped
out on contracts of previous making. Omaha buyers pay•
ing about 3c. more than Kansas City buyers for corn, and
Omaha receipts are light. A dollar to the producer might
increase the movement somewhat. Lincoln dealers are selling to Iowa feeders. Weather continues dry; moisture much
needed." Monticello, Ill., wired: "Farmers are refusing
to sell corn under $1 for No. 5. Dealers say that none is being offered." Argentina cabled: "Corn crop reports are
getting worse. The crop was damaged by frost of Nov. 27.
Buenos Aires."
Drought continues with increasing severity in
a
This message, it was pointed out, confirms reports of in
drought
serious situation for the corn crop, while severe
maturing of
Buenos Aires will also affect the filling and
4c. higher, with Argenwheat. To-day prices closed 1 to 11
tine crop news bad. One cable said corn has been suffering
weather
from heat for four days in Argentina. Continued
in
like this threatens, it is declared, a total loss. Receipts
this country were moderate. Cash markets were firm. There
was very little pressure to sell. On the rise country offerings were reported larger. But on the other hand the cash
at
demand was good. Purchases to arrive were estimated
Chicago at 100,000 to 200,000 bushels. Some Argentine
cables put the loss on the crop in that country at 20 to 30%.
Others late in the day reported beneficial rains in some
parts of that country. It is believed that if anything serious
should really happen to the Argentine crop Europe would
have to buy corn in the United States. Receits of hogs were
on an enormous scale, but they had no influence. Western
bankers, it is stated, are advising farmers to hold back hogs.
Final prices in Chicago show a rise for the week of roughly
3 to 5c., December leading the rise.
[Vol,. 119.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
134
13234 13434 133
132
cts_133
No. 2 mixed
GAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. 'Wed. Thurs. Fri.
December delivery in elevator _cts_113% 11334 11434 .11734 11634 118%
tzty. 122% 122% 124
12134 .Ut
May delivery in elevator
12234 12334 123% 12434
12234 122
July delivery in elevator
Oats advanced with receipts moderate, country offerings
light, Winnipeg rather strong at times and Argentine crop
news unfavorable. To be sure, the cash markets at times
showed no great strength. The American visible supply decreased last week 584,000 bushels, against 231,000 last year.
It left the total 67,264,000 bushels, against 18,686,000 a year
ago. On Wednesday Eastern houses bought in Chicago and
prices ended 1 to 2c. higher, after a good business on the
idea that the crest of the receipts had passed, that the price
was cheap and that both foreign and domestic demand is on
the eve of increasing. Little or no export business was done.
Leading houses bought on the comparative cheapness of the
grain. The big stocks tend to cool bull sentiment in oats,
but some for a long pull regard this grain as good property.
To-day prices wound up 36 to lc. higher. Oats took their cue
from other grain. Commission houses were buying, and
there was less hedge selling. Receipts were moderate.
Country offerings were small. Cash markets were firm.
Rains and snows at the West, which were reported to-day,
together with a blizzard in Kansas and Nebraska, may, it is
Inferred, stimulate the demand at the West. Last prices
show an advance for the week of 1%c. Big commission
houses were good buyers to-day. And Southern wires said
that the consumption there will be enormous.
, r4...‘' YORK.
,
DAILY CLOSING imucEs 01 OA ,
Sat. Mon. Tues. 'Veil. hut s.
61
cts_ 6134 61
6234 6234 6334
No. 2 white
PRICES OF OATS FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
5134 5334 5334 5434
December delivery in elevator _ et s_ 5234 52
5534 3534 5834 5934 5934 6034
May delivery in elevator
57
57
57
5834 57% 5834
July delivery in elevator
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
•
December delivery in elevator_cts_ 5734 5734 5711 5834 5831 5834
64
6334
6334 63% 6334 64
May delivery in elevator
6334 6434 6434 6334
July delivery in elevator
Rye advanced early in the week with wheat and then declined with it. Liquidation of December rye was a feature
on the 2d inst. and it fell 4e., though part of the loss was
recovered later. The export business was moderate. That
Is a growing disappointment. On the 2d the sales to foreign
markets were 150,000 bushels. Norway took it. The American yisible supply increased last week 13,000 bushels,
against a decrease in the same week last year of 1,118,000
bushels. The total is now 20,543,000 bushels, against 16,904,000 a year ago. Prices advanced 2c. on Monday in the
teeth of deliveries of no less than 5,800,000 bushels. About
5,000,000 had been expected. On the 2d inst. prices ended
1% to 3%c. lower. December led the decline. It was at
one time 5c. under May. Norway bought January to some
extent, but not at all heavily. Liquidation and an absence
of any eager demand were arresting features. Deliveries on
the 2d inst., on the other hand, were only 60,000 bushels.
Chicago sold 50,000 bushels to go to store. Rye is believed
to be in an inherently strong position. To-day prices were
irregular, closing %c. lower to lc. higher. Trading was
light. There was very noticeable selling of December. That
left it at 5c. under May. Export buying lagged. On the
other hand, the receipts were small and further charters
were made to ship rye out of Chicago. On the whole • the
market did not act so badly. Concluding prices show, however, a decline for the week of % to 1%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
13234 13334 13234
December delivery in elevator_ cts_133 1 13434 131
1371 13734 13534 13634 13634 13734
4
May delivery in elevator
12534 12534 12334 12634 12534 12534
July delivery in elevator
The following are closing quotations:
FLOUR.
$7 250$8 00
38 00§S8 .50 Rye flour, patents
Spring patents
7 00 7 75 Seminola No.2.1b
Clears, first spring
7 50 7 75 Oats goods
5A
3 350 3
ts_
Soft winter straights
7 75 8 00 Corn lour
2 400 3 50
Hard winter straights
8 000 8 50 Barley goods—
Hard winter patents
4 00
6 750 7 25 Nos. 2,3 and 4
Hard winter clears
9 30( 9 95 Fancy pearl, Nos.2,3
Fancy Minn. patents
7 00
and 4
9 450 91.5
City mills
GRAIN.
Oats:
Wheat. New York:
63%
No. 2 white
No 2 red. f.o.b
17534
62
No. 3 white
17234
No. 1 Northern
No. 2 hard winter. f.o.b.-17234 Rye. New York:
14434
No. 2 f. o. h.
Barley. New York:
Corn:
103 to 107
Malting
134
No. 2 mixed
95
92 to
Chicago
No. 2 yellow
137
2617.
For other tables usually given here, see page
WEATHER BULLETIN FOR THE WEEK ENDING
DEC. 2.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Dec. 2 follows:
At the beginning of the week an extensive high pressure area prevailed
over the Southeastern States, accompanied by unseasonably low temperaof
tures: freezing weather was reported from the extreme southern parts in
was
Georgia and Alabama. The following day were considerably warmer
the rule quite gneerally
temperatures
the Southeast, but subnormal
east of the Rocky Mountains. In fact, the weather was persistently cool
in the interior Staten east of the Plains throughout practically the entire
week, and near the close another extensive high pressure area, which overspread Eastern and Central States, again brought low temperatures throughout the East, with minima as low as 6 to 10 degrees above zero in some Ohio
Valley and Lake districts.
Chart I shows that the week, as a whole, was cooler than normal over
the eastern half of the country, especially from east Gulf districts northward to the Lake region where the weekly mean temperatures were 6 to
10 degrees below normal. In more northeastern districts it was slightly
DEC. 6.1924.]
THE . CHRONICLE
warmer than normal. In the western half of the country the temperatures
were above normal generally, except in parts of the far Northwest where
they were slightly below the seasonal average. It was especially warm for
the season In central-northern districts between the upper Mississippi
Valley and Rocky Mountains where the average temperature was 6
degrees above normal. Freezing extended to the east Gulf coast, butto 12
only
one station, Devils Lake. N. Dak., reported subzero temperatures.
Precipitation was of a very local character during the first half of the
week, but the last half had considerable rain or snow, in most places snow,
from the Ohio Valley and Lake region eastward. Elsewhere there was
little or no precipitation during the week, except for rain in the far Northwest and local showers in the Southwest near the close. Chart II shows
that the total precipitation for the week was moderate in some sections of
the Northeast, extreme Southeast, over the far Northwest and locally in the
Southwest, but very little occurred in other sections of the country. The
week was practically rainless throughout the Southeast and Southwest.
The week was generally favorable for outdoor operations in the western
ealf of the country and throughout the Southern States. It was rather
favorable during the first half of the week from the upper Mississipp
Valley eastward, but the latter half was cold, snowy, and unfavorable.
The widespread absence of precipitation, except in the Northeast and
locally in the Southwest. was mostly unfavorable. While there is sufficient soil moisture in some sections of the northern half of the country
general and substantial precipitation is needed in most districts. At the
close of the week a considerable area from the Great Lakes eastward
including the upper Ohio Valley and northern Appalachian Mountain districts, was snow-covered from 3 to 10 inches.
Conditions were rather favorable in the south Atlantic area, in many
sections of which fall truck and garden crops show improvement, though
the nights were rather too cold. In the Gulf coast sections the cold and
continued dryness were unfavorable, with some frost damage to
and vegetables. Growing crops in tnis area made poor program, truck
while
little fall plowing and planting was possible because of the prevailing
drought.
In the northern Plains section the mild, open weather was generally
favorable, especially for stock, whicn were largely grazing on harvested
fields and ranges. The moderate warmth and absence of severe storms
were also favorable in central and northern Rocky Mountain districts,
especially for stock interests, but it continued too dry over the southwestern range country. Warm days and cool nights were beneficial for agrictilture in California, while the unusually large amount of sunshine and
dry weather favorably affected farm operations in north Pacific sections.
SMALL GRAINS.—In the upper Ohio Valley winter wheat
fairly
well protected by snow during the cold weather the latter part ofwas week.
the
and there was a light covering in northern Indiana. There was considerable
snow on the ground also in the Northeastern States and the western upper
Lake region. 'Wheat needs more moisture in the upper Mississippi Valley.
In the north-central Plains, including northern Kansas, and in the extreme
lower Plains area. In general, the crop is in rather satisfactory condition
In Illinois and both progress and condition were favorable in
souri and southern Kansas. Wheat is reported as generallymost of Misgood in the
more northwestern States. In the South the seeding of winter cereals
was still being delayed by insufficient soil moisture, though the early-seeded
did well in south Atlantic sections. Rice threshing has been nearly completed in Arkansas.
CORN AND COTTON.
--The week was generally favorable for housing
the corn crop in the principal producing States, and this work is threefourths done to practically all completed in the central and western portions
in the Corn Belt. Husking and cribbing made good advance in the upper
Ohio Valley until near the close of the week when work was stopped by
snow and cold.
The clear, dry weather in the northern portions of the Cotton Belt was
also favorable for picking the remnants of the cotton crop. This work
has been nearly finished in the northwestern cotton districts, and is well
along in the northeast. Probably about 10% of the crop remains ungathered in North Carolina, and some scattered picking continues in northern
South Carolina. Considerable cotton was still going to gins in New Mexico,
2669
THE DRY GOODS TRADE.
Friday Night, Dec. 5 1924.
No particular, activity was displayed in the markets for
textiles during the past week. While reports were current
of improved demand for holiday merchandise, there were
indications of a less active trade in other directions. The
amount of business in staple lines appeared to have fallen
off, though the movement of merchandise on old orders continued of good volume. However, wintry weather on the
first day of the week, the first day of the winter quarter,
led to hopes of more activity in retail channels at least. The
answer to spring hesitancy and to the prospects for fall advance business will be found in what develops in the retail
division during the next few weeks. Merchants are hopeful,
though there continue to be many objectionable factors in
the situation. Textile manufacturers who are operating on
close profit margins continue to complain about the instability of raw material values. Silk markets continue to fluctuate at a time when road salesmen are making every effort
to book new orders for the manufactured product, while raw
wool markets have developed a decided upward trend at a
time when manufacturers are trying to plan merchandising
campaigns for the new season. The tendency toward higher
prices for manufactured products nevertheless is offset to a
great extent by the increased buying power of the country
as a whole, and this, together with the fact that supplies
In consumers' hands are not burdensome, form the basis for
predictions of increased activity within the near future.
Furthermore, jobbers are inventorying this month, and it is
believed in many quarters that most houses will show a moderately profitable half year as compared with the first half,
and that when the actual figures are available there will be
more interest taken in the placing of additional contracts
for spring and fall merchandise.
DOMESTIC COTTON GOODS: The lower tendency of
markets for raw cotton prompted buyers of domestic cottons to operate more cautiously during the past week, and
as a result there was less activity. Prices on a number of
lines have been easier. Sheetings ruled dull, and according
to reports, offerings of some descriptions were made by second hands at concessions of ;ie. under recent prices, but
trading was light. Drills were said to be asked for at prices
about 'Ac. off, and while some houses displayed a willingness to trade down Ike. to regular customers they were not
The Weather Bureau also furnishes the following resume pressing sales. There was little business
passing in twills,
of the conditions in the different States:
sateens or drills, although scattered orders were reported
Virginia.—RIchmond: Week cold and dry; temperature considerably in some houses.
Advance sales of wash goods have been
below normal. Favorable for harvesting corn, which is well advanced,
but unfavorable for moving tobacco. Winter grains in good condition. below the expectations of wholesalers, due largely to the
Pastures rather short in most sections. Farm work well advanced.
fact that retailers are offered so many novelties that they
North Carolina.—Raleigh: Mostly favorable for outdoor operations
though hard freeze to coast at close of week. Favorable for killing hogs. have only been able to sample the lines and not commit themAbout 10% of cotton to pick, mainly in north portion. Early wheat doing selves liberally.
It is expected that the trade will continue
well; sowing about finished.
South Carolina.—Columbia: Winter cereals, truck and gardens im- along in a hand-to-mouth way until holiday results deterproving slowly, but nights too cold. Week closing with freeze. Winter mine new buying
policies. Ginghams are selling moderately,
cabbage being cut; spinach growing nicely on coast and lettuce
setting
latvun. Some cotton still being gleaned; gin operations materially reduced. and more effort appears to be made to dispose of novelties
Apples plentiful.
In yarn-dyed production than staples. Some gray goods
Georgia.—Atlanta: Dry, sunny weather with temperatures below normal and freezing to the coast and southern border of State latter part of handlers were said to be willing to make concessions from
week. Ground still very dry and necessary plowing much delayed. Good recent prices asked for contracts,
owing to the recent easier
stand of oats, but all winter cereals need moisture. Grinding cane about tendency
of raw material. In short, most merchants view
over with little loss by frost.
Florida.
--Jacksonville: Light freeze in northern, western and upper- the situation as one of end-to-year readjustments, preparacentral divisions on 26th and 30th damaged beans, peppers, eggplants, tory to getting
on a new basis from which activity for next
strawberry bloom and seed cane; in western division satsuma buds were
slightly injured. Cabbage, celery, lettuce and oats fair to good progress. year will get a good start. Print cloths, 28
-inch, 64 x 64's
Citrus coloring well; fruit and trees in good condition. Rain needed,except construction, are quoted
at 71
4e. and 27-inch, 64 x 60's, at
in Everglades.
Alabama.—Montgomery: Unseasonably cold and continued drought. 6%c. Gray goods in the 39
-inch, 68 x 72's construction, are
Farm work backward in many areas. Hauling water in many localities. quoted at 105fic., and 39
-inch, 80 x 80's, at 13c.
Truck and vegetables, especially cabbage, considerably damaged by frost
in coast regions; doing fairly well in some sections of southeast; dried up
WOOLEN GOODS: Although end-of-the-season quietelsewhere. Seeding wheat and oats progressed slowly in scattered areas.
ness has descended upon the markets for woolens and worSugar cane grinding progressed rapidly in more southern counties.
Mississippi.—Vicksburg: Drought unabated and temperature below steds, the encouraging response
accorded the recent openings
normal. Numerous destructive forest fires with heavy smoke pall in
south and central portions. Little plowing and seeding. Harvesting of the new woolen blanket and flannel shirtings for 1925,
operations generally completed.
caused manufacturers to be optimistic and led to the belief
Louisiana—New Orleans: Another practically rainless week
cold
and severe frosts to coast. No injury to cane intended for mills, withsome In producing circles, that there would be a substantial debut
damage to buds of uncut seed cane; grinding made very good progress: mand for both men's and women's wear lines when the
fall
crop very light, but sugar content good. Little farm work in progress and season
gets under way. The slowing down in demand has
practically So vegetation growing.
Texas.—Houston: Warm with rains last day locally. Favorable for not been regarded as a barometer of the future, but as a temscrapping cotton, but other farm work outside of irrigated districts and porary
development customary at this time of the year. In
northeast at standstill due to dry soil. Considerable damage to truck in
southwest by freeze of 25th. Progress and condition of pastures, winter regard to the flannel dress goods, a good volume of busiwheat, and oats poor to only fair. Citrus and truck in extreme south fav- ness has been
received, for both spot and spring merchanorably affected and shipments increasing. Amarillo: Livestock and ranges
dise. The situation prevailing in raw wool markets confair to good, except dry to very dry at San Antonio and Carlsbad.
Oklahoma.—Oklahoma City: Clear and dry; seasonable temperature. tinues very firm.
Favorable for nicking cotton and gathering corn and kafir; cotton picking nearly finished. Progress and condition of wheat very good in northFOREIGN DRY GOODS: A firmer undertone was noticecentral and western portions, but rather poor in south-central and eastern
able in markets for linens. Large numbers of buyers and
where rain needed;some wheat yet to be sown.
Arkansas.—Little Rock: Weather very favorable for gathering crops retailers have entered the market
and have operated on a
and favorable in most portions for growth of winter crops, but soil too
dry locally for growth and plowing. Some cotton and corn still ungath- broader scale. Quantity orders were placed for needed
cred locally. Threshing rice nearing completion; stilLowing some wheat.
merchandise as well as for holiday requirements, and many
Tennessee.—Nashville: Unusually cold and dry. Stock water very
scarce In some central counties. Wheat, oats and rye fair to very good; of the stores requested prompt shipment for spch items as
clover fair. Livestock good, but mostly requiring full feeding. Much hog napkins, towels and damasks. Apparently,
there has been
killing done under favorable conditions.
more effort made to feature linens during the Christmas
ICentucky.—Loulsvillo: Temperature generally low; Precipitation
and
Water shortage continues. Wheat and rye not growing as too cold;light. special January sales, as purchases in the
early
aggregate have
wheat good condition; late small, but good stand.
been of surprisingly satisfactory proportions. Factors
New Mexico.—Santa Fe: Dryness becoming serious with wells,
say
and water holes very low. Ranges fair to good, but dry, exceptstreams, that the increased buying has made further
inroads into
southeast. Stock mostly in good condition and shipments large. poor in none too plentiful
Much
domestic stocks and only hastens the
cotton still coining to gins.
the
time when buyers will be unable to obtain needed
Arizona.—Phoenix: Continued dry weather caused some further
items at
oration of range and water supply. Stock and range poor to good. deteri- prevailing prices. It
is claimed that due to the
favorable for harvesting alfalfa, cotton and citrus; much cotton Weather
advancing
unpicked. Primary levels, higher values
California.—San Francisco: Warm days and cool
are almost inevitable. Burorable, but dry wind detrimental and rain needed nights generally fav- laps have been quiet
in south. Pastures,
and easy. Irregular price
ranges and stock good in north; poor in south. Plowing and planting
fluctuations
barley,
•oats and wheat progressing: early thriving. Truck doing well; planting in primary markets prompted buyers to await
developments.
winter truck continues. Cotton mostly ginned. Orange harvest
pro- Light weights are quoted at 8.15c. to 8.20e. and
ceeding in north; navels coloring in south.
heavies at
10.25c.
•
(VoL. 119.
THE CHRONICLE
2670
tate mut Titg Department
MUNICIPAL BOND SALES IN NOVEMBER.
State and municipal borrowing was on a smaller scale
during November and the aggregate of bonds of that character disposed of during the month reached no more than
by
$68,117,359, representing 377 separate issues emitted
compares with 675 separate issues for a
298 places. This
of
total of $88,185,346 made by 480 places during October
year and $98,521,514 for the corresponding month of
this
last year, when the number of municipalities and issues
offering
were 371 and 546, respectively. The largest single
was made by the State of North Carolina.
during November
The issue was $15,000,000 in amount,for highway purposes,
and was purchased by a syndicate managed by B. J. Van
Ingen & Co. of New York at par for 43/2s. Two large
blocks of bonds were also successfully placed during the
month by the States of Minnesota and Missouri. On
Nov. 12 Minnesota offered and sold $5,000,000 rural credits
bonds to a syndicate headed by Dillon, Read & Co. of
New York at a price of 100.52 for 43is, a basis of about
4.20%. Three days later, or co Nov. 15, the State of
Missouri awarded $6,000,000 4% road bonds to the National
City Co. of New York at 98.15, a basis of about 4.20%.
Other large sales of the month were: $1,925,000 Houston,
Tex., bonds, of which $1,500,000 went to Garrett & Co.
of Dallas, who paid 100.043 for $1,000,000 5s and 100.032
L.
for $500,000 43s, and the other $425,000 to George
Simpson & Co. of Dallas and Eldredge & Co. of New York
at 101.41 for 4s;$1,500,000 6% Vista Irrigation District,
Calif., bonds, awarded to G. R. Mason & Co. of San Francisco and Alven H. Frank & Co. of Los Angeles; $1,274,000
Schenectady, N. Y., bonds, disposed of to Sherwood &
Merrifield, Inc., of New York at par for 4s; $1,100,000
Charlotte, No. Caro., bonds sold to the First National Bank
of New York and associates as 4Ms at 100.069, a basis of
about 4.49%, and $1,000,000 Seattle, Wash., water bonds
bought by R. M. Grant & Co., Inc., of New York and associates at 96.30 for Ois, a basis of about 4.88%.
Also placed during November were $1,500,000 43%
irrigation and public works bonds of the Government of
the Philippine Islands. The bonds were awarded to the
Chase Securities Corporation of New York and associates
at 97.578, a basis of about 4.65%.
In addition to the long term bonds disposed of during
November there were also negotiated temporary loans in
the aggregate of $36,426,426. Of this, New York City
issued $24,999,500.
A total of $18,056,375 bonds was put out by provinces
and municipalities of the Dominion of Canada during
November. Large issues were marketed by the following:
,
City of Toronto, $9,971,000 43's; Province of Manitoba
3,720,000 43's, and the city of Winnipeg, Man., $2,000,$
000 4%s.
forms of
Below we furnish a comparison of all various
obligations put out in November during the last five years:
1920.
1921.
1922.
1923.
1924.
68,117,359 98,521,514 44,379,484 119,888,617 57,802,117
Perm't loans(U.S.)- 36,426,428 38,506,626 38,501,291 31,501,800 53,423,900
Temp. Ins
Canadian—
None 8,250,000 6,900,000
Placed in U. S___ 2,110,000 9.000,000 1.873,827 7,391,001 7.387.560
1,954.754
Placed in Canada- 15,946,375
General fund bonds
None 8,400,000 8,000,000 11,000.000 8,000,000
(New York City)None 6,000,000
None
None
Bds. of U.S. poss'ns 1.500,000
124,100,160 156,382,894 92,554,602 180,831,418 139.313,577
Total
Issued by New York City, $24,999,500 in 1924,
•Includes temporary securities in 1922. $27,131,900 in 1921 and $47,727,900 in
23,794,000 in 1923, 331,675,000
1920.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS.
Argentine (Government of).—Loan Floated in United
States.—A syndicate headed by Blair & Co., Inc., of New
York, offered and sold in the American market on Thursday, Dec. 4, $30,000,000 External Sinking Fund 6% gold
"
bonds of 1924, "Series fit of the Government of the Argentine Nation. The offering price was 95 and interest, to
yield over 6.35% to maturity. Bonds are dated Dec, 1
1924 and mature Dec. 1 1958. Principal and interest payable at the offices of the fiscal agents, Blair & Co., Inc., and
the Chase National Bank in New York in United States gold
coin without deduction for any Argentine taxes or impositions
present or future. Interest payable June 1 and Dec. 1.
They are coupon bonds in denominations of $1,000 and $500,
registerable as to principal only. The bonds will be redeemable through the operation of a cumulative sinking fund.
The sinking fund provisions are outlined as follows in the
offering circular:
Beginning June 1 1925, and semi-annually on June 1 and Dec. 1, in each
year, the Government will pay to the fiscal agents as a sinking fund an
amount equal to 34 of 1% of the maximum principal amount of Series"B"
bonds at any time theretofore issued plus an amount equal to the accrued
and unpaid interest on all bonds previously acquired through the operation
of the sinking fund. All sinking fund payments are to be used to purchase
bonds below par or to retire oonds at par.
Further details of this loan may be found in our "Department of Current Events and Discussions" on a preceding
page.
East Bay Utility District, Calif.—Legal Test of Bonds
Planned.—Under that caption the San Francisco "Chronicle"
on Nov. 27 said:
If the validity of the 839,000,000 Mokelumne water bond issue is tested
in the Supreme Court of the State, instead of through the lower courts.
at least five months'time would be saved and make available funds from the
sale of the water bonds at this earlier date. W. J. Locke, attorney for the
East Bay Municipal Utility District, yesterday declared.
Legal details at the present time occupy the important place in the
project to bring mountain water to the East Bay cities, there being much
legal work to be done so as to be ready for actual construction when funds
become available. Locke said.
Purchase of rights of way and of lands to be submerged in the Lancha
Plana reservoir may offer problems to be untangled before the work of
construction may commence.
There may be several cases to be taken to court,Locke admitted,although
he does not anticipate much difficulty.
Several amendments to the Municipal Utility District Act are being prepared by Locke to be presented to the State Legislature when it convenes in
January, which it is said will clarify the procedure in annexing unincorporated territory to the utility district.
Kansas (State of).—Proposed Bonus to War Veterans'
Defeated by 5,658 Majority.—According to the final official
vote, the $1,000,000 bond measure, the proceeds of which it
was proposed to use in the payment of a bonus to the veterans of the war with Spain, the Philippine insurrection and
the Chinese relief expedition, submitted to the voters on
Nov. 4, was defeated by a majority of 5,658. The count
was 250,282 for to 255,940 against. The final vote on the
tax amendment, also submitted to the voters on Nov. 4,
gives the measure a favorable majority of 53,961. The
vote was 250,813 for to 196,852 against.
Maryland (State of).—Vole Cast on Constitutional Amendments.—The complete vote on the amendment to Article 3,
Section 34, of the State Constitution, proposed by Chapter
327, Acts of 1924, providing for compensation of war veterans, which was carried by the voters on Nov. 4 (see V. 119,
p. 2313), was 92,506 to 49,544. The amendment to Section
9 of Article 5, also ratified, received 89,237 for to 44,297
against the proposed change.
Michigan (State of).—All Three Proposed Constitutional
Amendments Defeated.—As was indicated by early incomplete
returns, all three proposed amendments to the State Constitution submitted to the voters on Nov. 4 (see V. 119, p.
1309 and 1422) were defeated, the final count shows. The
vote was as gollows:
For.
Proposed amendment to Article XI(School amendment)_ -421.472
216,437
Proposed amendment to Article X (Income tax)
Proposed amendment to Article V (Reapportionment).—231,718
AqainSt.
760.571
913,83&
781,351
Minnesota (State of).—Final Vote Figures Announced.—
On Nov. 29 the State Canvassing Board made public the
proposed
emitting bonds and the final certified totals of the vote cast on the five
The number of municipalities during November 1924 amendments to the State constitution submitted to the voters
made
number of separate issues ly. This contrasts with 480 on Nov. 4 (see V. 119, p. 1422). The vote follows:
Gasoline tax for road purposes (carried)—Yes, 520.769; no, 197,455.
were 298 and 377, respective
371 and 546 for November Publication charter amendments (lost)—Yes, 246,414; no, 200,391.
and 675 for October 1924 and with
Public terminal grain elevators (lost)—Yes. 253.732; no, 257.492.
1923.
add the following table Reforestation (lost)—Yes, 428,407,• no, 143,977.
For comparative purposes, we t loans for November and Prevention forest fires (carried)—Yes, 400,965; no, 143,518.
The total vote cast at the Nov. 4 election was 869,151,
showing the aggregate of permanen
years:
making 434,576 a majority of that figure necessary to carry
the eleven months for a series of
For the
Month o
for the
an amendment.
Month of
11 Months.
November.
11 Months.
November.
$44,408,381 $213,924.703
New Jersey (State of).— Vote on Bridge and Tunnel Bond'
$68.117.359 31,272,718.033 1907
180,483.172
1924
12,511,550
1,030,473,914 1906
98,521,514 1,034,567,91325,888,207
1923
174,825,430 Issue.—The complete vote on the $8,000,000 bridge and
44,379,484
240,819,161
1922
32,597.509
voters on Nov. 4 (see V.
988,081.613 1904
119.688,617
138,789,253 tunnel bond issue carried by the
1921
14,846,375
627,711,624 1903
57.602,117
136,895,772 119, p. 2204), shows the issue received 412,820 affirmative
1920
13,728,493
629,435.991 1902
47,564,840
116,092,342
1919
6,989,144
273.572,370 1901
27,783,332
1918
123,572,311 and 110,318 negative votes.
9,956,685
418.719.585 1900
15,890.826
1917
113,131,780
8,790,489
New Mexico (State of).—One Constitutional Amendment'
421,381,571 1899
18,813.239
1916
95,778,450
7.721,284
463,644,631 1898
28,815,595
1915
120.128,531 of the Three Proposed, Carried.—On Nov. 4 the amendment
6,888,775
444,862,916 1897
21,691,126
1914
95,831,773
34,913,894
14 of Article II of the State Constitution
358,611,490 1896
30.708,685
1913
105,475,839 affecting Section
6,524,901
358,893.912 1895
13.021.999
1912
103,689,851 was the only one of the three proposed amendments submit4,549,580
360,830,804 1894
19,738.813
1911
60,114,709 ted to the voters (see V. 119, p. 1652) to carry. The vote
7,300,770
283,414,600 1893
24.456,351
1910
80,526,266
5,178,012
307,673,842 1892
18,906,555
1909
on the amendment was 28,420 to 21,166. The amendment.
1008
28.427,304
285,747,250
Mac. 6 1924.]
THE CHRONICLE
to Section 2 of Article X was defeated by a vote of 20,685
for to 26,972 against. The other amendment defeated and
which would have affected Section 1 of Article V received a
vote'of 21,369 for to 26,972 against.
New York City.
-_1925 City Budget Approved by Board of
Aldermen without Change.
-The Board of Aldermen adopted
the 1925 city budget of $398,954,228.29 on Dec. 1 by a vote
of 59 to 7. The budget as adopted by the Board is just as it
came from the Board of Estimate. It now goes to Mayor
Hylan for his signature.
New York (State of).-Coniplete Returns on Park Measure.
-According to figures made public by the State Board of
Canvassers at a meeting on Dec. 3, the final count on the
$15,000,000 park bond measure, submitted to the voters on
Nov. 4 (see V. 119, p. 1310) was 1,542,928 for to 556,920
against. The, measure carried in thirty counties, including
Greater New York.
Pennsylvania (State of).
-Constitutional Convention Proposal Voted Down.
-On Nov. 4 the voters of this State defeated a proposal for a constitutional convention for the purpose of preparing a new constitution. The vote for the
proposal was 329,883 and 988,442 against.
Tennessee (State of).
-Proposal for Constitutional Convention Defeated by Voters.
-The question of whether there
should be a Constitutional convention held to write a new
State Constitution, submitted to the voters on Nov. 4 (see
V. 119, p. 1423), met with defeat. The vote was 58,906
"for" to 82,169 "against" a convention.
•
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
" ABILENE, Taylor County, Tex.
-BONDS REGISTERED-The fol-
2671
BEAVER RURAL SCHOOL DISTRICT (P. 0. Batesville), Noble
County, Ohlo.-BOND OFFERING.
-J. W. Beard. Clerk of Board of
Education, will receive sealed bids until 12 m. (Central standard time)
Dec. 19 for $40,000 5% school construction bonds. Denom.
Dec. 1 1924. Prin. and semi-ann. int.(M .& S.) payable at $500. Date
the
the Clerk of Board of Education. Due every six months as follows:office of
31.000.
March 1 1926 to Sept. 1 1933.
and $500 each March 1 and $1.000
each Sept. 1, March 1 1934 to Sept. 1 1949. incl. Certified check
incl..
for
$500, payable to the Board of Education, required.
BECKLEY, Raleigh County, W. Va.-BOND SALE.
-The $100,000
54% coupon street and sewer bonds, offered on Nov. 28-V. 119. p.
2554
-were purchased by A. E. Aub & Co. and Bohmer, Reinhart & Co.,
both of Cincinnati. at a premium of 36.028
-equal to 106.02-a
of
about 5.02%. Date July 1 1924. Due July 1 as follows: 31,000. basis to
1925
1928 incl.: 12.000. 1929 to 1936; 33.000, 1937 to 1941; $4,000. 1942 to 1948
incl.: 35.000, 1949: $6,000, 1950 to 1952 incl.; and 37.000. 1953 to 1954 incl.
Legality approved by John C. Thomson, New York City.
BELL (P. 0. Cornucopia), Bayfield County, Wis.-BOND OFFERING.
-Sealed bids will be received until 1 p. m. Jan. 25 for $20.000 5%
dock bonds. Date Oct. 1 1924. Denom. $500. Due April 1 as follows:
31,000. 1925 to 1944, intl. Certified check for 5% of bid is requierd.
These bonds were offered on Nov. 15.-V. 119. p. 1867.
BELZONI, Humphreys County, Miss.
-PRICE PAID.
-The $20,000
6% electric light plant bonds purchased by the Union & Planters Bank &
Trust Co. of Memphis (V. 119, p. 2436) were purchased at a premium of
$300, equal to 101.50, a basis of about 5.81%. Date Nov. 1 1924. Denom.$1,000. Int. payable M.& N. Due Nov. 1 as follows: $1.000, 1926
to 1945 incl.
BERGEN COUNTY (P. 0. Hackensack), N. J.
-BOND SALE.
-A.
syndicate composed of Graham, Parsons & Co. of Philadelphia. 3.0. White
& Co.. Inc., a New York, and J. S. Rippel & Co. of Newark was the successful bidder for the issue of 44% public improvement bonds offered on
Dec. 3 (V. 119, ri. 2554) on a bid of 101.43. a basis of about 4.34%, for
31429,000 bonds (51.449.000 offered). Date Dec. 1 1924. Due yearly
on Dec. 1 as follows: $75,000, 1925 to 1945 incl., and $64,000, 1946.
BEVERLY HILLS FRESH WATER SUPPLY DISTRICT NO. 2
(P. 0. Dallas), Dallas County, Tex.
-BONDS NEVER PURCHASED
BY J. L. ARLITT.-In our issue of Jan. 19 (V. 118. p. 331). we reported
the purchaser of $35,000 6% improvement bonds as J. L. Arlitt of Austin.
We now learn. however, from Mr. Arlitt, that although it was reported he
would handle these bonds he never did.
BIG HORN COUNTY SCHOOL DISTRICT NO. 28 (P.O. Cowley),
Wyo.-BOND SALE NOT COMPLETED
-BOND SALE.
-The sale of
the following two issues of school bonds, aggregating $39,000, to Bosworth.
Chanute & Co. of Denver (see V. 119. p. 837) was not completed as it did
not comply with the Wyoming statutes. The bonds were then re-offered
on Sept.3-V.119, p.970
-and again awarded to Bosworth, Chanute & Co.
$32,000 545w building bonds. Due Aug. 1 1949, optional Aug. 1 1939.
7.000 54% funding bonds. Due Aug. 1 1939, optional Aug. 1 1934.
Date Aug. 1 1924. Denom. $1.000. Principal and interest (F. & A.)
payable at the National City Bank, New York City. Legality approved
by Pershing, Nye, Fry & Tallmadge, Denver.
Real valuation, estimated
31,200,000
Assessed valuation, 1923 Financial Statement.
1,020.000
Total bonded indebtedness, including this issue
Sinking funds on hand
342.5
2.12
lowing bonds, aggregating $200,000, were registered on Nov. 25 by the
State Comptroller of Texas:
$50.000 5% street improvement bonds. Due serially.
150,000 5% school building bonds. Due serially.
AHOSHIE, Hertford County. No. Caro.
-BOND OFFERING.Sealed bids will be received by the Town Clerk for $65,000 street
improvement bonds unt 1 Dec. 22.
ALLEN COUNTY (P. 0. Lima), Ohio.--I30ND OFFERING-Sealed
bids will be received until 12 m. Dec. 19 by the Clerk Board of County
Commissioners. for $2,000 6% road bonds. Denom. $7.000, and one for
96.000. Date Dec. 11924. Prin. and semi-ann. int.(M.& S.) payable at
Net debt
the County Treasury. Due yearly on Sept. 1 as follows: $7.000, 1926 to
39,350
Population, estimated, 1.500.
1933 incl., and $6.000. 1934. Cert. check for $500, payable to the County
Treasurer, required.
BLACKDUCK, Beltrami County, Minn.
-BOND OFFERING.
-H.E.
Botteson, Village Recorder, will receive sealed bids until 8 p. m. Dec.16 for
AMITE CITY,Tangipahoa Parish, La.
-BOND SALE.
-The 165,000
6% sower bonds offered on Dec. I (V. 119. p. 2314) were purchased by the $6,000 bonds.
Amite Bank & Trust Co. of Amite at a premium of
BLUE ASH SCHOOL DISTRICT (P. 0. Blue Ash), Hamilton
a basis of 5.76% Date Oct. 11924. Due Oct. 1 $1,410. equal to 102.16. County, Ohio.
-BOND
as follows:
to 1927 incl.* $2;000, 1928 to 1933 incl.; $3.000. 1934 to 1939 $1,000. 1925 will be received by W.F.OFFERING-Sealed bids, until 12 in. Dec. 16.
Kennedy. Clerk Board of Education. for $35.000
incl.; $4,000,
1940 to 1942 incl.; and 95,000, 1943 to 1946 incl.
.
54% school bonds. Denom. $500. Prin. and semi-ann. int. (A. & O.)
payable at the First Nat. Bank of Norwood. Due yearly on Oct. I as
ANNISTON, Calhoun County, Ala.
fol-BOND OFFERING:
bids will be received until Dec. 11 by Mayor Sydney J. Reaves for -Sealed lows: $1.000. 1925 and 1926: 11.500. 1927 to 1948 incl. Cert. check for 5%
5100.000 of the par value of bonds bid for, payable to the above
534 7,, semi-annual street improvement 'bonds.
Clerk, required.
BOONTON, Morris County, N. J.
-BOND SALE.-Geo. B. Gibbons
ARBOR DRAINAGE DISTRICT, Bent County, Colo.
-BOND
& Co. of New
FERING.
-Sealed bids will be received until 2 p. m. Dec. 20 by I.OF- street impt. York have purchased the issue of 414% coupon or registered
II.
and war memorial bonds offered on Dec. 1-V. 119, p. 2554
Myers, President. Board of Directors, for $12,000 drainage bonds.
A cer- on a bid of 372,466 64, equal to 102.06, a basis of about
tified check payable to the Arbor Drainage District, for $1.000.
4.45%.
is required. bonds ($72.000 offered). Date Nov. 1 1924. Due yearly onfor $71.000
ASSUMPTION PARISH DRAINAGE DISTRICT NO.
follows: 35,000. 1926 to 1937 incl.: 56.000, 1938. and 35,000. Nov. 1 as
2 (P. 0.
1939.
Napoleonville, La.
-BOND SALE.
-The $100,000 6% drainage bonds
BOYNTON, Palm Beach County, Fla.
offered on Sept. 29-V. 119. p.
-BOND OFFERING.
-J. C.
-were purchased by the Whitney
- Powell, City Clerk, will receive sealed bids until Dec. 16 for $100,000 6%
Central Trust & Savings Bank of1424 Orleans at
New
103.25. Date Sept. 1 improvement bonds.
.0924. Denom. 11.000. Principal and interest (M. &
N.) payable at the
office of the District Treasurer or any bank designated
BUFFALO, N. Y.
-BONDS AND CERTIFICATES SOLD.
-During
Sept. 1 1926 to 1965, incl. Legality approved by by purchaser. Due followrth of November 4%
John C. Thompson, the m
certificates and bonds were issued at par as
New York City.
Name of
ASTORIA, Clatsop County, Ore.
Price Int.
-BOND SALE.
-The LumberPurchasermen's Trust Co. of Portland on Nov. 24 was awarded
Amount.
Purpose.
Paid. Rate.
Due.
Date.
bonds at 102. a basis of about 5.74%. Moe Nov. 170.0006% municipal ParkhondSlig.Fd.$20,454 50 Park
Nov. 1 1924 Par 4% Nov. 1 '25-34
General Fund__ 25,784 75 Temp. ctf.
as follows: 37.000. 1926. and 33.500. 1927 to 1944. 1 1924. Duo Nov. 1
Nov. 1 1924 Par 4% July 1 1925
Principal and in crest
do
do
payable at the National Park Bank, New York. Legality
238,864 79 Temp. ctf.
Nov. 1 1924 Pzr 4% July 1 1926
approved by
do
do
Storey, Thorndike, Palmer & Dodge of Boston.
33.00782 Monthly local Nov. 15 1924 Par 4% Nov. 15 1925
BURBANK SCHOOL DISTRICT, Los Angeles County, Calif.
ATLANTA,Fulton County, Ga.-BOND SALE.
-The $173,500 44% BOND OFFERING.
street improvement bonds offered on Dec. 1-V.
-Until 2 p. in. Dec. 15 sealed bids will be received by
chased by Harris, Forbes & Co. at a premium of 119, p. 2435- were pur- L. E. Lampton, County Clerk, for $200,000 5% school bonds. Date
-a basis of about 4.29%. Date Dec. 11924. $1,800 93. equal to 101.03 Dec. I 1924. Denom. 31.000. Due Dec. 1 as follows: $3.000. 1925 to
Denom. $500 and
Principal and interest (J. & D.) payable at City Treasurer's office. $1,000. 1933 incl.: $4,000. 1934 to 1944 incl.:38.000. 1945 to 1947 incl.. and $15,000.
or at city's fiscal agency In New York City. Bonds are in coupon Atlanta, 1948 to 1954. Prin. and semi-ann. int. (J. & D.) payable at the treasury
form. but of the County of Los Angeles. A
registered both as to principal and interest. Due
may be
certified check for 3% of bid, payable to
Dec.
$27.000, 1927; 125,500, 1928; 327.500, 1929; 124.500, 1930: 1 as follows: the order of the Chairman of the Board of Supervisors, is required. The
325,500, 1931; assessed valuation of the taxable
121,000. 1932; $22,500, 1933. A list of other bidders
property in said school district for the
follow:
Roosevelt & Son, New York
year 1924 is 511.506.875, and the amount of bonds previously issued and
3175.297 46 now outstanding is
W. L. Slayton & Co., Toledo
3315,000.
174.993 1
Hibernia Securities Co., Atlanta
CADILLAC SCHOOL DISTRICT, Wexford County, Mich,
174,823 81
3.11. JTllsnsan & Co., Atlanta
-The $53,000 school bonds offered on Dec. 2 (V. 119, p.
174.575 70 BOND SALE.
Trust Co.of Georgia, Atlanta
174,766 66 2436) have been sold as 5s to Stranahan, Harris & Oatis. of Toledo. for
Robinson, Humphrey Co., Atlanta
$54.992, equal to 103.75. a basis of about 4.50%. Due $2,000, 1926 to
174,384 85
Citizens Southern Co., Atlanta
174,715 00 1933, inclusive; $3,000, 1934, and 317,000, 1935 and 1936.
National City Co., Atlanta
174,504 57
CALIFORNIA (State of).
-BOND SALE CORRECTION.
AUBURNDALE, Polk County, Fla.
-The fol-BOND SALE.
-An issue of lowing corrects the report given in V. 119. p. 2205:
1300,000 street paving bonds was purchased recently
by G. B. Sawyers Co.
BOND SALE.
-The harbor improvement bonds, amounting to 32.000.and Wright-Warlow Co., both of Jacksonville. and Prudden & Co.
of Toledo. 000, bearing 4% interest. offered on Oct. 30 (V. 119. p. 1761), were purAVON-BY-THE-SEA, Monmouth County, N. J.
chased jointly by the California
Sealed bids will be received until 2 p. m. Dec. 16 by-BOND OFFERING. the Anglo-California Trust Co., National Bank, 11. H. Moulton & Co. and
Ruth Dorn,
Clerk, for the purchase of the following issues of 5% bonds: Borough equal to 98.85. a basis of about all of Sacramento,at a discount of $83.000,
0
4.19% if allowed to run full term of years.
160.000 beach front impt. bonds. Denom. 31.000. Due 33.000
1927 to Date July 2 1915. Due July 2 1989:optional by lot after the year 1954.
1938, incl., and $4,000, 1939 to 1944, incl.
CAMERON, Milam County, Tex.
-BOND ELECTION.
45,000 water system impt. bonds. Denom. $500. Due $1,000 1927
-An election
to will be held on Dec. 22 for the purpose of voting on the question of issuing
1947. incl., and 31.500. 1948 to 1963. incl.
16,000 bathing pavilion bonds. Denom. $1,000. Due $2.000 1927 to $125,000 refunding bonds.
1934, incl.
CANYON COUNTY (P. 0. Caldwell), Ida.
-The
Date Jan. 11925. It is required that the above sums be raised and the Childs Bond & Mortgage Co. of Boise recently -BOND SALE.
purchased an issue of
bonds will bo sold to the bidder offering to pay not less than par value, 332.900 414% refunding bridge bonds. Date
Jan. 1 1924. Due 33,290,
and to take therefor the least amount of bonds commencing vrith the first 1935 to 1944, inclusive.
maturities. Certified check for 2% of the amount of bonds bid for required.
CARY, Wake County, No. Caro.
-BOND OFFERING.
-Sealed bids
BAKER COUNTY (P. 0. Baker), Ore.
-BOND OFFERING.
will be received until 2 p. m. Dec. 17
10 a. m. Dec. 13 sealed bids will be received by A. B. Combs Jr., -Until $70,000 water bonds and $30.000 sewerby E. C. Yates, Town Clerk, for
County
Date
Clerk, for $350,000 5% road bonds. Date Dec. 15 1924. Denom. $50 nom. $1,000. Coupon bonds. Int, ratebonds. exceed Oct. 1 1924. Denot to
6%. Due Oct. 1
or multiples thereof up to and including 31,000, at option of bidder.
as follows: $2,000, 1926 to 1945, and 53,000, 1946
20 years from date, redeemable at °Mien of the county 10 years from Due int.(A.& O.) payable in gold in New York. These to 1965 incl. Prin. and
bonds are to be prepared
date
thereof or at any interest paying period thereafter. Semi-annual interest under the supervision of the U. S. Mtge. & Trust Co.,
N. Y. City, which
payable at the office of the County Treasurer of Baker County. A certi- will certify as to the genuineness of the signatures
of the officials signing
fied check, payable to Baker County, upon a reputable solvent bank,
for same and the seal impressed thereon. The approving opinions of Chester
5% of bid Is required.
B. Masslich. N. Y. City, and J. L. Morehead, Durham. N.C.,
will be furnished the purchaser. Delivery on or about Jan. 7
MIBARNSTABLE, Barnstable County, Mass.
-BOND SALE.
-Kidder, delivery elsewhere at purchaser's expense, including 1925 in N. Y. City:
Peabody St Co. of Boston purchased $147.000 4% high school
bonds at certified check payable to the order of the Treasurer ofN. Y. exchange. A
100.48.
an incorporated bank or trust company, for 32.000 is Town of Cary, upon
required.
BEATRICE, Gage County, Neb.-BOND SALE -James T.
CASEY INDEPENDENT SCHOOL DISTRICT
SCICo. of Omaha purchased an issue of $62,500 refunding bonds. Wachob
(P. 0. Casey),
Guthrie County, lowa.-BOND SALE.
-An issue of $20,000 5% &ebb.)
2672
:THE CHRONICLE'
rt‘ Datebonds was purchased by the White-Phillips Co. of Devenpo 1925 to
Dec. 1 1924. Denom. $1,000. Due Dec. I as rollows: $2.000, office of
. Principal and interest (J. & D.) payable at the Parker,
1934, inclusive
&
the above-named firm. Legality approved by Chapman, Cutler
of Chicago.
Linden), Tex.
CASS COUNTY ROAD DISTRICT NO. 19 (P. 0.
d on
-$38,000 51i% road bonds were registere
BONDS REGISTERED.
Nov. 26 by the State Comptroller of Texas. Due serially.
-Sealed
-BOND OFFERING.
CENTERBURG,. Knox County, Ohio. 27 by
Hoover. Village
proposals will be received until 12 m. Dec.bonds. E. F.
Denom. $600. Date
Clerk, for 11,800 6% Centerburg deficiency
incl. Cert.
Oct. 1 1924. Int. A. & 0. Due $600 Oct. 1 1925 to 1927
Treasurer, recheck for 10% of the bonds bid for, payable to the Village
-The
ND SALE.
CENTRAL CITY, Muhlenberg County, Ky.-BO(V. 119, p. 2555)
Nov. 25
*100,000 5% city improvement bonds offered on ti at par. Date Jan. 1
were purchased by Well, Roth & Irving of Cincinna
1926 to 1945 incl.
1925. Denom. *1.000. Due Jan. 1 as folllows: $5,000.
Interest payable J. &
-An issue of
ND SALE.
CENTRALIA, Boone County, Mo.-BO
Harris Trust & Savings
*42.000 5% paving bonds was purchased by the
Bank of Chicago at 104.90. Due in 20 years.
L DISTRICT (P. 0
CHAMPION TOWNSHIP RURAL SCHOO
-BOND
Ohio.
R. F. D. Warren, Route No. 3), Trumbull County.
until 1.m. Dec. 13 by F. R.
-Sealed bids will be received
OFFERING.
Education, for $60.000 5 % fireproof addition to
Boyd, Clerk of Board of Edu
Date Dec. 1 1924. Prin. and
school building bonds. Denom. $1,000. Union Savings & Trust Co. of
semi-ann. int. (A. & 0.) payable at the *1,000. April 1 1926 to Oct. 1
six months as follows:
Warren. Due every
$2,000, April 1 1931 to Oct. 1
1929, Md.; A2,000, April 1 and Oct. 1 1930; $2,000. April 1 1936 to Oct. 1
1934, incl.; $2,000, April 1 and Oct. 1 1935;
1 and Oct. 1 1940; $1.000. April 1 1941 to
1939. incl.: $2,000. April
April 1 1946 to Oct. 1 1949.
Oct. 1 1944. incl.; 1 and Oct. 1, 1945; $1,000, Certified check for $100,
incl., and $2,000, April 1 and Oct. 1, 1950.
payable to the above official, required.
-BOND
(P. 0. Chicago), Ill.
CHICAGO SOUTH PARK DISTRICT
by the South Park ComOFFERING -Sealed proposals will be received
Grove Avenue, until 12 m. Dec. 17.
missioners, 57th Street and Cottage
for the purchase of $2,500.000
and will be opened at 3 p. m.on the same day,
interest, payable semi-annually as follows:
South Park bonds, bearing 4%Completion bonds, first issue. dated Aug. 1
$1.000.000 South Park Avenue
111905,in force July 1
1924, issued under an act approved May 1 1925 to 1944 incl.
on Aug.
1905: *50,000 maturing annually
issue, dated July 1 1924,
1,500,000 park improvement bonds, secondfor the purpose of acquiring
Issued under vote of April 3 1923,
annually on
and improving public parks; $75,000 maturing
July 1 1925 to 1944 tad.
$100,000, either in currency or certified
Denom. $1.000. A deposit of
oners. must accompany each procheck, payable to South Park Commissi by application to E. J. Whitty,
posal. Full information may be obtained
Secretary.
-BOND OFFERING.
CIRCLEVILLE, Pickaway County, Ohio.. Clerk of Council. until
Nicholas
Sealed bids will be received by Fred R.
0
for $68. 47 50 515% Franklin St.
12 m.(Central standard time) Dec. 15
$500 and one for $547 50.
assesament improvement bonds. Denom.(M.& S.) payable at the office
int.
Date,day of sale. Prin. and semi-ann.Sept. 1 as follows: $7,500 1926 to
of the City Treasurer. Due yearly on
for 1% of the amount of
1933. Incl., and $8.047 50 1934. Certified check
r, required.
bonds bid for, payable to the City Treasure
-The $21,000
-BOND SALE.
CLEARWATER, Pinellas County, Fla.
-were
on Dec. 1-V. 119. p. 2555
5349 street improvement bonds offered
er at a premium of %gni 20,
purchased by the People's Bank of Clearwat g is a list of other bidders:
Due in 30 years. Followin
equal to 104.13.
Price Bid.
Name
*24.13681
Waiter Woody & lielmerdinger
24,910 40
Bank of Clearwater
24,390 00
Wright, Warlow & Co
24,268 80
Caldwell & Co
24,326 40
Shanahorn. Harris & Otis
24,365 00
Weil. Roth & Irving
-An issue of
-BOND SALE.
CLINTON, Clinton County, Iowa.
purchased by the. White,
"
$70.100 43(6 % funding Series ".A bonds was Denorns. $1,000 and $100.
rt. Date Nov. 1 1924.
Phillips Co. of Davenpo
$5,000,
Due Nov. 1 as follows: $4,100 in 1926: $4,000, 1927 to 1933 incl.:payable
N.)
1934 to 1940 Incl.: $3,000. 1941. Principal and interest(M.& named *firm.
r or at the office of the above
at the office of the City Treasure
Legality approved by Chapman, Cutler & Parker of Chicago.
-BOND OFFERING.
COFFEYVILLE, Montgomery County, Kan.
City
Carl
Sealed bids will be received until 10 a. m. Dec. 10 by ment Potteck,Date
bonds.
internal improve
Clerk. for approximately 3120.000 5% ual Interest payable at the office of
able
Oct. 1 1924. Principal and semi-ann
their
sold subject to the rejection
the State Treasurer at Topeka. Bonds are ion.
certified check for
Kansas State School Fund Commiss
by the
2% of bid is required.
-BOND DESCRIPCLALLAM COUNTY (P.O.Port Angeles), Wash. n bonds purchased
coupon
-The $250.000 415%(V. 118,road-constructio
TION.
p. 1818) are described as follows:
ton
by the State of Washing
Interest payable Juno I. Due
Date June 1 1924. Denom. *1.000. after date of issue.
yearly for 20 years beginning two years
-Sealed bids will
-BOND OFFERING.
COLFAX, Grant Parish, La.
by the City Clerk for $45,000 water works
be received until 11 a. m. Jan. 7
bonds.
SCHOOL DISTRICT NO.
COOK COUNTY-TOWNSHIP HIGH Co. of Chicago have purchased
-Blythe, Witter &
-BOND SALE.
215, Ill.
site and bldg. bonds. Denom. $1,000. Date Nov. 1
$170,000 5% school yearly on Nov. 1 1928 to 1944 incl. Legality approved
1924. Due $10.000
by Wood dr Oakley of Chicago.
Financial Statement.
$3.427,000
Assessed valuation, 1923
170.000
Total bonded debt (this issue only) on, estimated, 20,000.
10,696; populati
Population, 1920,
-Until
La.-BOND OFFERING.
COTTONFORT, Avoyelles Parish
will be received by the City Clerk for $30,000
10 a. m. Jan. 6 sealed bids
waterworks bonds.
AGE DISTRICT (P. 0. Bennettsville),
CROOKED CREEK DRAIN
-Planters National Bank of
-BOND SALE.
Marlboro County, So. Caro.
bonds at 07.50.
d an issue of $21,000 6% drainage
Bennettsville purchase
Due 1930-1950.
-BOND SALE.
0. Bridgeton), N. J.
(P.
CUMBERLAND COUNTYAtlantic City, bidding for $248,000 bonds
The Bankers' Trust Co. ofd the issue of 41i% road improvement bonds
($250,000 offered), purchase 2555) for *250,555 55, equal to 101.03, a basis
offered on Dec.2(V. 119, p. on Dec. 10 as follows: $14.000. 1925 to 1929
of about 4.33%. Due yearly
incl., and $10,000, 1944. Bids were as follows:
Or.
Anti
.
incl.; $12.000, 1930 to 1943
$248.000
*2.50.555 55
248,000
Bankers' Trust Co., Atlantic City
250,670 33
248.000
Barr Brothers & Co., New York
250,125 00
Bridgeton
249.000
Cumberland National Bank,
250,969 00
n
249,000
250,543 80
Bridgeton National Bank, Bridgeto
New York
249.000
H.L. Allen & Co.,
250,476 57
249,000
Harris. Forbes & Co., New York
2.50,33000
250,000
Graham, Parsons & Co.. New York
250,350 00
Clark Williams & Co. New York
-BOND
0. Fayeteville), No. Caro.
CUMBERLAND COUNTY (P. and Jail coupon bonds offered on Nov.
SALE.
-The $300,000 court house
od & Mayer of Cin-were purchased by Seasongo
of 4.70%.
29-V. 119. p. 2205
$2.050, equal to 100.68, a basis $10.000
cinnati as 4s at a premium of
Due April 1 as follows:
Date April I 1924. Denom. $1,000. 1953, incl. Legality approved by
to
1929 to 1948. incl., and $20,000 1949
Caldwell & Raymond, New York City.
-Brown-BOND SALE.
, Kan.
CUSTER COUNTY (P. 0. Arnold) an issue of *47.000 5% school
d
Crammer Co., of Wichita, purchase
bonds. Due 1927-1942.
-The $100.000
Va.-BOND SALE.
DANVILLE, Pittsylvania County, on Dec f.(V. 119, p. 2315) were
% coupon refunding bonds offered
[VOL. 119.
atwarded to- the-First National Bank -of Danville at a _prernium ref $2110.
Denom.
equal to 100.26-a basis of about 4.48%. Date Dec. 1 1024.list of the
'1
$1,000. Due $5,000 yearly Dec. 1925 to 1944, inclusive. A
bidders follows:
$99,550 00
American National Bank, Danville
99,083 00
Prudden & Co., Greensboro, N. C
97,819 00
Scott & Stringfellow, Richmond. Va
98,570 oa
& Mayer, Cincinnati. Ohio
Seasongood
97,138 00
Braun, Bosworth & Co., Toledo
98,293 00
Frederick E. Nolting & Co.. Richmond, Va
98,441 IS)
Ohio
A. T. Bell & Co., Toledo,
98,681 Of)
Assel. Goetz & Moerlein. Inc., Cincinnati, Ohio
99,670 00
Curtis & Sanger, New York City
98.175 60.
Ames, Emerich & Co., New York City
98,310 00
Baker, Watts & Co., Baltimore. Md
-The
-BOND SALE.
ON, Mecklenburg County, No. Caro.2437
DAVIDS
-were purchased
p.
S80,000 water bonds offered on Dec. 2-V. 119,$1,362. equal to 101.70by Drake, Jones & Co. as 55.1s at a premium of July 1 as follows: $2,000,
a basis of about 5.619', Date July_l 1924. Due and int. payable in gold
1926 to 1965. incl. Denom. $1,000. Principal
bidders follows:
coin in New York City A list of the other
Bid.
Rate.
Bid.
$80,83g
$81.266 Ryan, Bowman & Co_6%
H. D. Fellows Co_ -6%
80,572 Spitzer, Rorick & Co_511% 89,57S
6%
A. T. Bell & Co
2
89.45
81.640 American Trust Co__ -5M
W. L. Slayton &
83,336
6 o
Kinsey & Co
-BOND OFFERInd.
DEARBORN COUNTY (P. 0. Lawrenceburg),
by Clarence W.
-Until 10 a. m. Dec. 20 sealed bids will be received J. Libbert et al.
ING.
Schinaman, County Treasurer. for $34,500 414% Edward
bonds. Denom. $575. Date Oct. 6 1924. Int.
free gravel road coupon
15 1926 to Nov. 15
M.& N. 15. Due $1.150 every six months from May
1940, Inclusive.
-tutif &
-BOND OFFERING.
DETROIT, Becker County, Minn.
City Clerk, for
p. m. Dec. 8 sealed bids will be received by E. J. Bestick,
g bonds, aggregating $6,000:
the followin
Due July 1 as follows: 1927,
$4,000 paving bonds. Denom. $1,000.
1929. 1931 and 1933.
sewer bonds. Denom. $500. Due July 1 as follows: 3.100,
2,000 storm
1927, 1929. 1931 and 1933.
payable semi-ann.
Date July 11924. Interest at a rate not to exceed 5%,
-The $50,000
-BOND SALE.
County, So. Caro.
DILLON, Dillon
,
bonds offered on Nov. 18
drainage 534% bonds and the *15.000 511% sewer & Co.. Inc., of Atlanta.
p. 2092) were purchased by J. H. Hilsman 15 as follows: $2.000.
(V. 119,
Denom. $1,000. Due Nov.
Date Nov. 15 1924.
and int.(M.&N.15) payable at
1929 to 1941:53,000, 1942 to 1954. Prin.
City. Legality approved by J. N.
the Hanover National Bank. N. Y.
Nathans, Charleston, So. Caro.
Financial Statement.
$7,001,001)
Actual values
values. 1924
Assessed
$210,000
this issue)
Total bonded debt (including
S10,250
Less sinking fund
74,000 84,250
Less waterworks bonds
Netdebt
Estimated population, 2,600.
-The
0. Juneau), Wis.-BOND SALE.
DODGE COUNTY (P.offered on Nov. 29(V. 119, p. 2555) were pur$305.500 5% highway bonds
Co. of Milwaukee at a premium of $14,801 50,
chased by Morris F. Fox & about 4.34%. Date April 1 1924. Denom.
equal to 104.84. a basis of
as follows: $70.500, 1927; 120.000, 1928:
$1,000 and $500. Due April 11938; $33,000, 1941; 546,000, 1944. Foland
$34 000. 1929. 1932. 1935
list of bids received; Chicago
lowing is a
$318,156 87
Guaranty Company of New York,
316,437 (8)
Halsey, Stuart & Co.. Inc.. Chicago
316.798 0()
Company, Chicago
The National City
318,581 45
Chicago
The Northern Trust Co., Beaver Darn
319,665 011
The Old National Bank,
319.645 00
Bank, Chicago
First Trust & Savings
318,847 00
Harris Trust & Savings Bank, Chicago
317.839 15
E. H. Rollins & Sons. Chicago
318,6s5 00
Milwaukee
Second Ward Securities Co.,
318,056 05
A. C. Allyn & Co., Chicago
318.335 00
Chicago
A. B. Leach de Co., Inc.,
d), N. Mex.-BONDS VOTED -At
EDDY COUNTY (P. 0. Carlsba authorized the issuance of $70,000
voters
an election held on Nov. 15 the and 59 against.
of 763 for
road bonds by a vote
-WARRANT
n County, Minn.
EDINA (P.O. Minneapolis), Hennepi
purchased by Mar-The following issues of 5 % warrants were
SALE.
at par:
garett A. Thorpe
.
$500. except 1 for $185 20.
$16,985 20 curb and gutter warrants Denom. except 1 for $498 95.
Denom.$500.
17,498 95 storm sewer warrants. . Denom. $500 except 1 for $333 12.
warrants
10.333 12 sanitary sewer
Nov. 1. A notion.'
Date Nov. 1192.1. Duo Nov. 11934. Int. payable given in V. 119.
was
of offering of $17.408 95 storm sewer fund warrants
p. 1869.
-BOND OFFERI.VG.ELIZABETH,Pasquotank County, No.Caro. J. H. Snowdett. City
by
Sealed bids will be received until 12 m. Dec. 15 said bonds beinir a conbonds,
Auditor, for 1800.000 public improvement light and power bonds and
water, electric
solidatod issue of $550,000Date Jan, 11925. Denom. $1.000. Coupon
3250.000 sewerage bonds.
follows: $12,000, 1928 to
bonds registerable as to principal. Due Jan. 1 as 1943 to 1925 inel. and
$22 000
1934, incl.: $17,000, 1935 to 1942, incl.;and interest
payable in
$30.000. 1953 to 1964, incl. Principal York City. Bidders are to name
gold at Hanover National Bank in New
of bends
6%. Preparation and certificationapproved
rate of interest not to exceed Trust Co., New York. Legality
by United States Mortgage &
ated
, New York. A certified check upon an incorpor
by C. B. elasslich
bank or trust company for $16,000 required. .
Financial Statement
*10.277.154
Assessed valuation, 1924
15,000,000
Actual valuation. estimated
217,000
Outstanding bonds
7,700
Outstanding floating debt
800,000
This issue
0
$1.024,70
Total debt, including bonds now offered
0
550,00
offered_ _ _ _
Water, light and power debt included in bonds now1920, 8.925; estimated.
Population (Census), 1900, 6,348; 1910, 8,412;
1924, 11.000.
-The Fidelity
-BOND SALE.
ELLINWOOD, Barton County, Kan.
d an Issue of $40,000
National Bank & Trust Co. of Kansas City purchase
refunding bonds. Due 1 to 20 years.
5%
-BOND SALE
ELLENSBORO, Rutherford County, No. Caro.
0
offered on Nov.2 The $10,000 6% electric light and power coupon bondsCo. of Toledo. Ohio.
-were purchased by Durfee, Niles &
V. 119, p. 2315
Denom. $1,000. Due in 15 years.
-BOND SALE.- o
ELLOREE, Orangeburg County, So. Caro.
purchased by the Flr-t
issue of $65,000 6% water and light bonds was
National Bank of Elloree.
-Harris, Forbes
-BOND SALE.
-year
ELMIRA, Chemung County, N. Y.
of $50,000 1 to 10
& Co. of New York have been awarded an issue4.11%. Denorn. $1,?100.
a basis of about
paving bonds as 41.0 at 100.59,
1925 to 1934. incl. Tha
Date Dec. 15 1924. Int. J. & D. Due $5,000
bonds were sold on Dec. 1.
-Francis E.
-BOND OFFERING.
ERVING, Franklin County, Mass.sealed bids until 3 p. m. Dec. 11
Johnson. Town Treasurer, will receive bonds.• Issued in denomination or
for 127.000 4% coupon "schoolhouse"
*4.000 Dec. 15 1925 to 1930.
11.000. dated Dec. 15 1924 and payable semi-annual interest (J. & D is
incl., and $3.000 1931. Both principal and
These bonds. It
National Bank of Boston. Boston.and are engraved
payable at the First
Massachusetts
is stated, are exempt from taxation in genuineness by the First National
to
under the supervision of and certified asapproved by Ropes, Gray, Boyden
Bank of Boston: their legality will be d the purchaser. All legal pipers
& Perkins, whose opinion will be furnishe
said bank where they may be Inincident to this issue will be filed with
delivered to the purchaser on or about
spected at any time. Bonds will beBank of Boston, 130ston.
Dec. 15 1924 at the First National
& S.)
•
DEC. 6 1924.]
THE CHRONICLE
2673
Financial
Net valuation for year 1923 Statement Nov. 28 1924.
gage & Trust Co., 55 Cedar St.. New
York City, and at the office of D. L.
Debt limit 3% of average valuat
$1,872,081 00 Conkling, Treasurer City
Total gross debt,including this ion
57.970 54 for $500.000 5% gold taxand County of Honolulu, at same time and date.
issue
Borrowing capacity
33,000 00 1924. Denom. $1,000. free public improvement bonds. Date Dec. 15
24,970 54 Dec. 15 1929. Principal Coupon bonds. Due Dec. 15 1934. redeemable
EUNICE, St. Landr
and interest (J. & D. 15),
Payable at Honolu
or the United States
-BOND OFFERING.
will be received until 4 p.y Parish, La.
-Sealed
m.Jan.5for $25,000 water works and electri bids holder. It is stated Mortgage & Trust Co., New York City, at option lu
of
bonds by the City Clerk.
that the Issuance of these bonds has
c light
been approved
by the President of the United States.
The bonds will be prepared under
the supervision of the U. S. Mtge. &
EVANSVILLE, Vanderburg County, Ind.
Trust Co. of N. Y. City, which will
-BOND SALE.
of $150.000 4H% tubercular
-An issue certify as to the genuin
of
hospita
City Bank of Evansville for $155,0 l bonds has been sold to the National seal impressed thereon,eness thethe signatures of the city officials and the
and
approving opinio
80, equal to 103.38. The bonds mature New
in 20 years.
York City, will be furnished to the successn of John C. Thomson.
ful bidder. A certified
check, upon a solvent bank or trust company,
FAIRMONT, Robeson Count
'payable to the order of the
-BOND OFFERING.
Sealed bids will be received until 2 y, No. Caro.
- Treasurer of the City and County of Honolulu for 2% of bid is required.
p. In. Dec. 6 for 365.0006% street coupon bonds. Date Dec. 1 1924.
HOUMA, Terrebonne Parish,
Denom.
-BOND SALE.
-An issue of $100.$2,('00, 1927 to 1934, incl.: $4,000, 1935. $1,000. Due Dec. 1 as follows: 000 6% electric light, waterworks La.
and filtration bonds was purchased by
and $5,000. 1936 to 1944. incl. W. L. Slayto
Principal and interest (J. & D.) payabl
n & Co. of Toledo.
e In gold at the United States Mortgage & Trust Co.. New York City. Legali
HUDSON SCHOOL DISTRICT,Los Angel
ty approved by Storey, Thorndike, Palmer & Dodge of Boston. A
es
-BOND
certified check for 2% of bid is re- SALE.
-The 312.0005% school bonds offered on County, Calif.
quired.
-were purchased by the Anglo-London-Paris Nov. 17-V. 119. p. 2316
Co. of San Francisco at a
FALLS COUNTY ROAD DISTRICT
premium of $36, equal to 100.30. a basis of
NO.6 (P. O.
about 4.96%. Date Nov. 1
BOND SALE.
- 1924. Due Nov.
-The $115,0005% road bonds offered Marlin), Texas.
on Dec. 1-V. 119, bids were receiv 1 as follows: $1,000 1925 to 1936, incl. The following
p. 2437
-were purchased by the
a basis of 5.67%. Date June 1 Brown-Crummer Co. of Dallas at 98.50, Anglo-London ed:
1924. Denom. $1.000. Due June 1
-ParisCo$
$36 001Bank of Italy 35
follows: $4.000, 1925 to 1949 incl.,
as Wm. R. Staats
88
and $3,000. 1950 to 1954 incl.
Co
25 501
FORT BEND COUNTY COMMON
HUNTINGTON COMMON SCHOOL DISTR
SCHOOL DISTRICT NO. 10
(P. 0. Richmond), Tex.
ICT NO.8 (P. 0. Hun-BON
-The State Comp- tington), Suffolk County, N. Y.
-BOND SALE
troller of Texas registered $8.000 DS REGISTERED.
.-J S. Bache & Co., of
.
New York,have
5% school bonds on Nov. 25. Due
years.
5-40 a basis of aboutbeen awarded 385.000434% coupon school bonds at 101.53.
4.28%. Denom. $1,000. Date Sept. 2 1924.
Interest
J. & J. Due yearly on July 1 as follows
FORT THOMAS UNION HIGH
: $5,000. 1925
SCHOOL DISTRICT(P.O.Saffor
Graham County, Ariz.
d) and $4,000, 1930 to 1944, Inclusive. Legality approvedto 1929, inclusive.
-BON
by Clay & Dillon
-Sealed bids
ceived until 2 p. m. Dec. 15 D OFFERING.
by Richard Layton Jr.. Countywill be re- of New York.
$50,000 8% school building bonds.
Clerk, for
HUNTINGTON SCHOOL INDEPEND
Date Jan. 2 1925.
Due Jan. 2 as follows: $2,500,
ENT DISTRICT, Cabell
1926 to 1945 inclusive. Denom. $1,000. County, W. Va.-BOND SALE.
-The $76,000 5% coupon school bonds
FREEMAN CREEK DISTRICT,
offered on Nov. 28-V. 119. p. 2557
-were purchased by Prudden & Co.
Lewis County, W. Va.-BOND of Toledo at
SALE.
-The $225,000 5% coupon road
a premium of $5.183, equal to 106.82, a basis of
bonds offered on Nov. 18-V.
about 4.43% •
p. 2556
-were purchased
119. Date Jan. 1 1923. Denom.
of $39, equal to 100.01, aby Prudden & Co. of Toledo. Ohio, at a premium $32,000 1948, 328.000 1949. $500. Due Jan. 1 as follows: $16,000 1947.
basis of
July 1 as follows: $40,000 1929 about 4.99%. Date July 1 1923. Due
INDIANOLA, Red Willow County, Neb.-BON
to 1931, incl.: $35.000 1932. $40.00
and $30,000 1934. Legality
0 1933
D SALE.
-An issue
City. These bonds are part approved by John C. Thomson of New York of $28.300 refunding water works bonds was purchased by the Peters Trust
of an
been retired. The remainder of issue of $800,000 of which $55.000 has Co. of Omaha. Date Dec. 1 1924. Denom. $500. except 1 for $300.
Bonds maturing Dec. 1 as follows: $500
the issue is under the control
commission, except 3150.000
1925, $1,000 1926. $1.500 1927
of this to 1934,
heretofore sold.
incl., bear 53
interest, and bonds maturing $1,500 1935 to
,
FREEPORT SCHOOL
1943, incl., and $1,300 %
1944, bear 5% interest. Principal and interest
Stephenson County, III. DISTRICT NO. 145 (P. 0. Freeport), (J. & D.)
at the office of the County Treasurer of Red Willow
-BOND SALE.
-An issue of $450.000 4H
coupon school building bonds
% County. McCook, Neb. Legality approved by Stout, Rose, Wells &
has been awarded to Taylor
of Chicago. Date Dec. 1
1924. Due Dec. 1 1930 to , Ewart & Co Martin of Omaha.
bonds, it is stated, are Issued
1944 incl. The
building, and they constitute for the purpose of constructing a high school Assessed value, as returned
Fina24
, 19 ial Statemeni.
"
and are payable from direct a direct obligation of the above school district, Bonded In
$726,105
ed
33284:370000
The bonds, it is also stated taxes levied on all taxable property therein. Less water works refund
ing bonds
, are exempt from Federal incom
Net bonded debt
e taxes.
GALION, Crawford Count
6,400
Population. estimated)
-BONDS NOT SOLD.
387.0005% coupon street impro y, Ohio.
-The
800
p. 2315
-were not sold "duo to vement bonds offered on Nov. 29-V. 119.
INGLEWOOD CITY SCHOOL DISTRICT,
an error in the maturity of bonds.
Los Angeles County,
bonds will be re-offered.
-BOND OFFERING.
" The Calif.
Dec. 8 by L. E. Lampton, -Sealed bid will be received until 2 p. m.
County Clerk, for $175,000 5% school bonds.
GARIBALDI, Tilla
Date Dec. 1 1924. Denom. $1,000
-BOND SALE.
6% water bonds offeredmook County, Ore.
-The $25.000
. Due Dec. 1 as follows: $3.000.
-were purchased by 1925 to 1929, incl.: $5,000. 1930 to 1933, incl.: $9,000, 1934 to 1937, incl.:
Hattrem, Nelson & Co.on Nov. 14-V. 119. p. 2315
of
$14,00
Date Nov. 1 1924. DenomPortland at 100.75, a basis of about 5.98%. (J. & 0. 1938, and $15.000. 1939 to 1944. Incl. Principal and interest
. $500. Interest payable (M. &
D.) payable at the Treasury of the Count
Nov. 1 as follows: $2,000
y of Los Angeles. The
1927 to 1936,Incl.. and 31.000 1937 N.). Due interest for the first year shall be payabl
to 1941,incl, said year.
GLENMORE, Rapides Parish,
A certified check for 3% ofe in one installment at the end of
bid, payable to the order ot the
La.
P. in. Jan. 6 sealed bids will be receiv -BOND OFFERING.
-Until 4 Chairman of the Board of Supervisors, is required.
The assessed valuat
ed by the City Celrk for
water works system bonds.
$12,500 of the taxable property in said school district for the year 1924 $9,763 ion
is
.750.
and the amount of bonds now
GLOUCESTER VILLAGE SCHO
outstanding is $ 5 0 .
2 9,0 0
OL DISTRICT (P. 0. Gloucester),
Athens County, Ohio.
JACKSON COUNTY
-BOND SALE.
-John Bullock, Clerk Board Dec. 1 the $4,800 5% (P. 0. Brownstown), Ind.
-On
of Education, until 1 p.-BOND OFFERING.
Lizzie M. C. Wingler et al highway construction
m. Dec.
,
school bonds. Denom. $3.750 29 will receive sealed bids for $90,000 5% bonds offered on that day
-V. 119, p. 2438
. Date Dec. 15 1924. Int.
-were
Due 33.750 yearly on Sept.
semi-ann. of Indianapolis for $4,977 40, equal to 103.69 sold to J. F. Wild & Co.
15 1926 to 1949, Incl. Certified
, a basis of about 4.24%•
of the amount bid upon, upon
check for 5% Date Dec. 1 1924. Due $240 every
same solvent bank, payable to
six months stay 15 1924 to Nov. 15
Education required.
the Board of 1935. inclusive.
JACKSON TOWNSHIP (P. 0.
GRAND RAPIDS, Wayne
Millerton R. D. 1), Tioga County,
County, Mich.
Pa.
-BOND SALE.
-BOND OFFERING.
Sealed bids will be received until
-The $40,000
% coupon township bonds offered
Secretary Board of Education, 5 p. m. Dec. 15 by Herbert N. Morrill, on Nov. 29-V. 119, p. 2577
-have been sold
Denom. $1,000. Prin. and for 31,125.000 4H% coupon school bonds. Elmira at 102.88, a basis of about 4.48%. to the Merchants Bank of
Date Nov. 1 1924. Due
semi-ann. int. (M. & S.), payabl
yearly on Nov. 1 as follows: $1,000
office of the Board of Educat
e at
1930, $2,000 1931 to 1949, incl., and
Sept. 1 as follows: $179.0 ion in New York exchange. Due yearlythe $1,000 1950.
on
00 1939. $300.000 1940 to 1942,
$46,000 1943. Certified check
incl. and
JACKSONVILLE, Cherokee Count
for 3% of the bonds bid for require
-BOND SALE.-Brownd'.
Crummer & Co. of Wichita purchased y, Tex.
GRIFFITH, Lake Count
an issue of $25,000 534% school
-BOND SALE.
312.500 5% drain constructiony, Ind.
-On Nov. 28 the bonds.
bonds offered on that day
were sold to Thompson.
-V.119. p.2437
JAY
Kent
100.24, a basis of about 4.90% & Grace of Chicago for $12,530. equal- ING. (P. O. Au Sable Forks), Essex County, N. Y.
-BOND OFFERto
-Fred A. Torrance, Town Superv
. Date June 10 1924.
as follows: $1.000 July
isor, will receive sealed bids until
Due every six months 12 m.
10
to July 10 1929, Incl., and 1925 to Jan. 10 1928, incl.; $1,500 July 10 1928 $40,00Dec. 15 for the following Issues of bonds:
0 Upper Jay Water Dist. bonds,
$2,000 July 10 1930.
not to exceed 5% interest. Date
Dec. 1 1924. Due $2.000
HAMILTON COUNTY (P.
yearly March 1 1926 to 1943 incl., and
-Sealed bids will be received 0. Noblesville), Ind.
$4.000, 1944.
-BOND OFFERING.
9,000 bridge bonds, bearing 5%
County Treasurer, for $6,400 until 10 a. m. Dec. 15 by T. E. Setters,
434% Newton Lunsford et al.
$1,000 March 1 1927 to 1935interest. Date Dec. 15 1924. Due
Improvement bonds. Date
highway
incl.
Dec. 15 1924. Int.
Denom. $1,000.
aeries every six months
beginning May 15 1926. M. & N. 15. Due one Forks. Cert. check Payable at the Bank of Au Sable Forks, An Sable
for 10% of the amount of bonds bid for required.
HARDIN COUNTY INDE
PENDENT SCHOOL DISTRICT
JOHNSON, Broome Count
Kountze), Texas.
(P. O.
-BOND OFFERING.
y,
-BOND SALE.
-Go. B.
-Sealed bids will be received Gibbons & Co. of New York on Dec. N. Y.
until Dec. 5 by the County Clerk
2 purchased an issue of $80,000 village
for $50,000 high school gymnasium
bonds. bonds as 4345 at 100.079, a basis of about 4.19%. Due $40,000 Dec. 1
HARRIMAN, Roane County,
1925 and 1926.
Tenn.
-BOND SALE.
Bond Co. of Chicago was
-The Hanchett
KANSAS CITY, Wyandotte
ment bonds, aggregating awarded the following 534% municipal improveCounty, Kan.
-BOND SALE.
-The
$320.893 434% internal impro
at a premium of $4,228 $140,000. offered on Dec. 1-V. 119, p. 2438
vement bonds offered on Nov. 25(V. 119. p..
50, equal to 103.02-o basis
Coupon bonds, registerable as to
of about 5.26%• 2438) were purchased by the Prudential Trust Co. of Topeka at 101.12--a
basis of about 4.27%. Due
principal.
$95,000 street paving bonds. Due
Aug. 1 as follows: 332,893.1925: $32.000, 1926
to 1934. inclusive.
yearly on Dec. 1 as follows: $5,000
1934, and $9,000, 1935
. $893. Principal and Date Nov. 1 1924. Denom. $1,000. except one for
5,000 new water main bonds. to 1944, inclusive.
Treasurer of Topeka. interest (F. & A.) payable at the office of the State
Due Dec. 1 1952.
40,000 new filtration plant
bonds. Due $8,000 yearly on Dec. 1 from
KENWOOD PARK, Linn
1953 to 1957, inclusi
County lowa.-BOND OFFERING.
-Until
Date Dec. 1 1924. Legal ve.
8 p. m. Dec. 5 sealed bids
opinion of Chester D. Masslich of New
were receiv
will be furnished purcha
York $8,500 49 % funding and water-exten ed by F D. Miller, Town Clerk, for
ser, without charge.
sion bonds. Date Dec. 11924. Due
Dec. 1 1939, with an option
on the part of the Town to retire said bonds
HARRISONVILLE,
Wright, Snider & Co., of Cass County, Mo.-BOND SALE.
-Prescott, Dec. 11929.
Kansas City, purchased an issue of $67,50
bonds.
KIESTER, Faribault
0 school
County, Minn.
-BOND SALE.
-The $6,000
refunding bonds offered on
HATTIESBURG, Forres
Aug.
-BONDS VOTED -At an the First National Bank of Albert 25 (V. 119. Ir• 973) were purchased by
election held on Nov. 22 t County, Miss.
Lea as 6s for a premium of $5, equal to
the voters authorized the issuance of.
100.08-a basis of about
,
treet-paving bonds.
5.99%. Due Sept. 15 1934.
$250.000
KNOX COUNTY (P. 0.
HAYWARD UNION HIGH SCHO
Mt. Verno
OL DISTRICT (P. 0. Hayward), Sealed bids will be received by Howar n), Ohlo.-BOND OFFERING.Alameda County, Calif.
d McFarland, Clerk Board of County
-BONDS VOTED.
Commissioners,
-At an election held
18 the vot ors authorized the
Issuance of3280.0004%‘7 school bonds. on Oct. Denom. $945. until li). m. Dec. 11 for $9,450 5% county home bonds.
‘
Date Dec. 1 1924. Principal and semi-annual interes
bonds, it is stated, are to be sold in
These (A. & 0.)
January. T. P. Johnson, Principal.
t
payable at the County Treasu
rer's office. Certified check for
2% of the amount of bonds
HICKMAN COUN
bid for, payable to the County Auditor,required.
At an election held onTY (P. 0. Fulton) Ky.-BONDS DEFEATED.Nov. 4 the proposition to issue $300,000
LA CYGNE SCHOOL
was defeated.
road bonds BOND
DISTRICT
SALE.
-The Prudential Trust NO.42, Linn County, Kan.
HILLSBORO, Highland Count
Co. of Topeka purcha
of 355.0
-BOND SALE.
-The Herrick 1929 to 00434% school bonds at 101 75. Date Oct. 1 1924. sed an issue
co.of Cleveland has purchased the y, Ohio.
Due $2,750,
1948, inclusive.
ment bonds offered Nov. 24-V. $8,600 534% street Improvement assess119, p. 2094-for 38.921. equal
a basis of about 4.72%
LAKE COUNTY (P. 0.
. Date Sept. 1 1924. Due $860 Sept. to 103.73. 8125,000 5%
Crown Point), Ind.
-BOND SALE.
1934, inclusive.
-The
1 1925 to
bridge constr
1984-have been sold to the uction bonds offered on Dec. 1-V. 119. P.
BOND SALE.
-The $21,000 534% North High St. impro
Comme
vement special equal to 103.02-a basis of about rcial Bank of Crown Point for $128.787.
assessment bonds offered on Nov. 24-V.
119, p. 2316
4.37%.
-have been sold to every six months from July
the Herrick Co. of Clevel
July
1 1925 to Jan. 1 Date incl. 1 1924. Due $6,250
and
1935
4.72%. Date Sept. 11924 for $21.784, equal to 103.73. a basis of about
LAKE COUNTY (P. O.
. Due 32.100 Sept. 1 1925 to 1934. incl.
Painesville), Ohlo.-BOND OFFER
Sealedbids will be received
HOLMES TOWNSHIP, Rolette Count
ING'
until 11 a. m.
y,
oFFERING.-Peter Danielson. Town Clerk, No. Dak.-CERTIFICATE Secretary of Board of County Commissioner Dec. 18 by L. J. Spaulding.
will receive
s, for
the County Audito
%
r's office in Rolla until 2 p. m. Dec. 10 forsealed bids at Sewer Dist. No. 1 coupon bonds. Denom.$1,000 $182.115 4( Madison
cates of indebtedness
31,000 certifi- Dec. 1 1924. Prin. and semi-a
and one for $115. Date
to
$500. Date Dec. 10 bear interest at a rate not to exceed 7%. Denom. County Treasurer. Due everynn. int.(A.& 0.) payable at the office of the
six months as
1924. Due Dec. 10 1925. A certified check
g% of bid is requir
for and $5,000 each Oct. 1. April 1 1925 to Oct. follows: $4,000 each April 1
ed.
and Oct. 1 1934: $4,000 each
1 1933, incl.: $5.000 A
HONOLULU (City and Count of), Hawai
to Oct. 1 1943, incl.: $5,000 April 1 and $5,000 each Oct. 1, April Orli 1
y
1935
i.
-BOND OFFERING.
Scaled bids will be receiv
- fled check for $1.000 on . April 1 1944. and $5,115, Oct. 1 1944. 1Cost
ed until 12 m. Dec. 19 at the United States
a solvent bank in Ohio,
Mort
Treasurer, required.
payable to the County
2674
THE CHRONICLE
[vol.. 119.
).
Financial Statement (as Officially Reported
-The
$91,182,295
-CERTIFICATE SALE.
LAKEVILLE, Dakota County, Minn. on Nov. 2 (V. 119, p. 2557) Assessed valuation for taxation
.
offered
d)
$22,000 certificates of indebtedness
at a premium Total debt (this issue include
1563,000
4
, as
te
were purchased by Paine, Webber & Co., of Chicago
3,556.490
1924. Due Less war debt
-a basis of about 4.67%. Date Dec. 1
of $91, equal to 100.41
Interest payable J. & D. Net debt ion, 1920 Census. 38,378.
Dec.1 as follows: *2,000, 1925 to 1935.inclusive.
Populat
ICT, Dawson County,
-The $11,000
-BOND SALE.
LAMESA INDEPENDENT SCHOOL DISTR State Comptroller of
MANSFIELD, Richland County, Ohio. 2(V. 119. p. 2438)have been
-On Nov. 29 the
TERED.
Tex.
-BONDS REGIS
534% storm water sewer bonds offered on Dec. ld for $11,301 50, equal to
serially.
Mansfie
.
Peps registered 125,000 5 % school bonds. Due
sold to the Richland Savings Bank ofMay 1 1924. Due yearly on Sept. 1
-The
-BOND DESCRIPTION.
102.73, a basis of about 4.97%. Date 1935 incl., and $500, 1936. P. L.
LANE COUNTY (P. 0. Eu ene), Ore.
*1.000, 1926 to
Ferris & Hardgrove, of Seattle:
3200,000 5% road bonds purcnasea by Robertson & Ewing of Portland as follows: $500. 1925; informs us that there were 12 other bids received.
Kelley, City Auditor,also
of sale.
-Dickey Co. of Minneapolis, and
Wells
bids and did not comply with terms
5 1923. Coupon bonds
118, p.2094)are described as follows: Date May 1932, inclusive: $5,000. which were mostly conditional
(V.
to
NO. 1 (P. O. Phoenix),
Denom. $500 and $1,000. Due *25.000. 1928(M. & N.) payable In gold
OPA COUNTY SCHOOL DISTRICT
MARIC
be held for the
1933 to 1947, inclusive. Principal and interest New York City or at the Ariz.
-On Dec. 12 an election will school building
-BOND ELECTION.
$650,000 5%
coin at the fiscal agency of the State of Oregon in option of holder.
at
purpose of voting on the question of issuing
office of the County Treasurer, Eugene, Ore.,
bonds. Due in 20 years.
Financial Statenient.
$37,435,051
-BOND OFFERING.-Sealed
(60% of actual)
Assessed valuation'
MARION COUNTY (P. O. Salem), 111.
1,500,000
H. Betts. County Clerk.
debt, including this issue
Total bonded
bids will be received until 2 p. m. Dec. 15 by Wm. 1924. Prin. and semiNov. 15
% funding bonds. Date
Population (1920 Census), 36.165.
for $110,000
Salem or at
-J. F.
-BOND SALE.
Ind.
& N. 15) payable at the Nat. Bank of Salem,
LAPORTE COUNTY (P. 0. Laporte),d the following three issues of ann. int. (M. of Salem. Salem. Due $11,000 yearly on Nov. 15 1925 to
the State Bank
last Nov. 4 election. The
& Co. of Indianapolis has been awarde
Wild
-for 1104.385 51, 1934 incl. These bonds were authorized at the
p. 2438
approving opinion of Chap5% coupon bonds offered on Nov. 28-V. 119.
County will furnish the blank bonds and the
Board of Supervisors, in
man, Cutler & Parker, attorneys, Chicago. The right to reject all bids,
a alb ittl bo& Denom. $2,970.
b
aasis f .To i.
6
l
ia t
tat (liajod
. $1,520.
case no satisfactory bids are received, reserve the public auction. Cert.
30,400 John Bach et al. road bonds. Denom
. $540.
er, sell the bonds at
Denom
tely thereaft
10.800 Herman Cirzow et al. road bonds. each issue every six months and to immedia the par value of bonds bid for, payable to the County
check for 5% of
Date Nov. 25 1924. Due one bond of e.
pay for bonds within 10
Treasurer, required. Purchaser to take up and
from May 16 1926 to Nov. 15 1935. inclusiv
Albany County, Wyo.- days from time of award.
1,
LARAMIE SCHOOL DISTRICT NO.
County, Ohlo.-BOND SALE.was purchased on Oct. 20
MARTINS FERRY, Belmont and Bohmer. Reinhart & Co. of Cin-An issue of $75.000 school bonds
BOND SALE.
of Cheyenne. at 100.14. Date
an, Harris & Otitis of Toledo
1924 by the Stock Growers National Bank. years, optional after 10 years. Stranahhave purchased the $400.000 5% water and light plant bonds ofcinnati
Oct. 1 1924. Denom. $1,000. Due in 20 bonds bear 4X% interest.
-at 100.12-a basis of about 4.97% •
fered on Nov. 28-V. 119. p. 2558
$10,000. April 1 1926
$18,750 bonds bear 5% interest and $56,250
Date Oct. 11924. Due every six months as follows:
Interest payable J. & J.
-Sealed to Oct. 1 1943 incl., and $20,000, April 1 and Oct. 1 1944.
-BOND OFFERING.
LAURENS, Laurens County, So. Caro.by J. W. Todd Jr., Secretary
-A temporary
LOAN.
16
-TEMPORARY
MASSACHUSETTS (State of).
bids will be received until 11 a. in. Dec. 0 5% coupon street improvement
First Nat. Bank of
*500.000 for bridges has been awarded to the
Bond Commission of Laurens,for $100,00
Due Jan. 1 as follows: loan of at 2.93% interest. Date Dec. 2 1924. Due Nov. 20 1925.
*1.000.
bonds. Date Jan. 1 1925. Denom. 1935 to 1955, inclusive. Principal Boston
-Sealed
OFFERING.
33.000, 1930 to 1934. inclusive; $4,000.
MILNOR, Sargent County, No. Dak.-BOND
Hanover National Bank, New York
and interest (J. /t J.) payable at thethe order of the Bond Commission of bids will be received until Dec. 10 by 0. G. Burgeson, City Auditor, for
at a rate not to exceed 5%. Date Jan. 1.
City. A certified check, payable to each bid.
*2.000 bonds to bear interest
Denom.
Laurens, for $1,000 is required with
1 as follows: $1,000, 1935 and *1,000, 1945.
-The 1925. Due Jan.
-BOND SALE.
No. Caro.
LEXINGTON, Davidson County,
Nov. 28(V. 119. p. 2438) $100.
offered on
-CERTIFICATE OFFERING.
following bonds, aggregating $125,000, Co. and L. W. Thompson & Co.,
MILTON, Santa Rosa County, Fla.
15 by S. G.Collins. President
were purchased by the Mercantile Trust
$1,705, equal to 101.36-a Sealed bids will be received until 10 a. m.Dec.ates of indebtedness, Series of
both of St. Louis, as 5Ms, at a premium of
, for S37,000 6% certific
of the Town Council
'
$1,000. Principal and interest (J.& J.)
basis of about 6.12%:
Due Oct. 1 as follows: *2.000, 1925 to 1924. Date Jull 1924. Denom.
of Milton. Due July 1 as follows:
*25.000 street improvement bonds. 1930 to 1944, inclusive.
payable at the First National Bank
1929, inclusive. and $1,000, comprising a consolidated issue of s7.000, 1925 to 1927; $8,000. 1928 and 1920. A certified check for 2%
100,000 public improvement bonds, sewer bonds, $25,000 electric light of bid, payable to the Town Council of the Town of Milton.
$50,000 water bonds, $25,000 $2,000, 1925 to 1938,inclusive, and
Minn.
-CERTIFICATE OFFERMINNEAPOLIS, Hennepin County,
bonds. Duo Oct. 1 as follows:
will be received by Dan C. Brown,
-Until 2 p. m. Dec. 15 sealed bids certificates of indebtedness to bear
33.000, 1939 to 1962, inclusive.
privilege of registration as to ING.
special
City Comptroller, for $15,306 24
Date Oct. 1 1924. Coupon bonds with
payable semi-annually. Date Oct. 15
interest at a rate not to exceed 6%.
Principal only.
-BOND ELEC- 1924.
Y (P. 0. Grosebeck), Texas.
LIMESTONE COUNT
-BOND OFFERDayton), Ohio.
for the purpose of voting on
MONTGOMERY COUNTY (P. 0. A. Fainter, Clerk Board of County
-An election will be held on Dec. 16 bonds.
TION.
road
-Sealed bids will be received by F.
ING.
the question of issuing *1,300.000 514%
Detention HOMO
m. Dec. 17 for $7,500 514% 1924. Prin. and
ioners, until 9 a.
DISTRICT NO.5(P.O. Dietrich),
LINCOLN COUNTY HIGHWAY refunding bonds offered on Nov.24- Commiss Denom. $1,000 and one for $500. Date Dec. 1
bonds.
Treasurer.
-The $40,000
-BOND SALE.
Idaho.
ge Co. of semi-ann. int. (J. & D.), payable at the office of the County 1933, incl.
-were purchased by the Childs Bond &1Mortga Denom.
1926 and $1,000 1927 to
V. 119, p. 2438
Due y•early on Dec. 1 as follows: $500
accrued interest. Date Nov. 1924.
. Certified check
Boise. Idaho. at par and
S. & A. S. Iddings, of Dayton
incl. Int. at the rate of 5%.
Legality approved by D. County Treasurer, required.
*1.000. Due $5,000, 1937 to 1944,
to the
NO. 83 (P. O. Wallace), for 3500, payable
L DISTRICT (P. 0. Mont.
LINCOLN COUNTY SCHOOL DISTRICT Co. of Denver purchased
MONTGOMERY VILLAGE SCHOO D OFFERINO.-W. L. Moss.
-The United States Bond
-BON
Neb.-BOND SALE.
Date Nov. 15 1924. Denom. $500. gomery), Hamilton County, Ohio. sealed bids until 12 m. Dec. 16 for
an issue of *6.000 funding bonds. e.
on, will receive
Clerk Board of Educati
$500. Prin. and semi-ann. int.
Due *1,000, 1928 to 1933, inclusiv
school bonds. Denom. of Norwood. Due yearly on Oct. 1
NO.60 (P. 0. Wallace), $25,000 54%
Bank
LINCOLN COUNTY SCHOOL DISTRICT% funding bonds was pur- (A • & O.)Payable at the First Nat.ncl. and $1,500. 1943 and 1948. Cert.
i
53
-An issue of $12,000
1925 to 1946
Nebr.-BOND SALE.
. Date Nov. 1 1924. as follows: 91,000. par value of bonds bid for, payable to the above Clerk,
'
chased by the United States Bond Co. of Denver
check for 5% of the
Denom. $1,000. Due 1944.
required.
-The
-BOND OFFERING.
Coupee Parish, La.
DISTRICT OF THE TOWN OF OYLOCUST VALLEY WATER
MORGANZA, Point
11 a. m. Jan. 8 for $18,000 water
-BOND OFFERCounty, N. Y.
STER BAY (P.O. Oyster Bay), NassauEdward J. Conlin, Town Clerk. City Clerk will receive sealed bids until
be received by
light bonds.
--Sealed bids will
ING.
or registered water bonds not works and
-BOND SALE.County, Mich.
until 3:30 p. in. Dec. 16 for *65.000 coupon Dec. 31024. Principal and
MUSKEGON Heights, Muskegon purchased the *15.000 improvement
to exceed-6% Merest. Denom.$1,000. Date
North Shore Bank of Oyster Bay. Paine, Webber & Co. of Chicago have as 43fs for *15.074.equal to 100.49.
semi-annual interest, payable at the e. The successful bidder or bidders bonds offered on Dec. 1 (V. 119, p. 2318)
Due$5.000 Dec. 1 1929 to 1941,inclusiv Dougherty ,St Hoyt of New York a basis of about 4.65%. Date June 2 1924. Due $1.500 June 2 1925 to
will-be furnished with the opinion of Reed, the supervision of the United
incl.
prepared under
Oilry.' The bonds will beCo. of New York City, which will certify as to 1934
DISTRICT (P. 0. New Concord),
NEW CONCORD SCHOOL
States Mortgage & Trust
-Sealed bids will be
seal on the bonds. Certified check Muskingum County, Ohio.
-BOND OFFERING.
the genuineness of the signatures and
of Education, until 12 in. Dec. 15
to the Town, required.
received by G. A. Cielland. Clerk Board $530. Date Jan. 1 1925. Int.
for 2% of the amount of bonds bid for, payable
bonds. Denom.
lla Bishop
6% school
for
BOND
grantg7Tionio. until 12 OFPERING.-De112.600 57' for 32.650 Due $530 Sept. 1 1926 to 1930, incl. Certified check er.
in. Dec. 20 for
semi-ann.
bids
Treasur
City Auditor, will receive sealed Denom. $1,000. $500 and one for $600 5% of the amount of bonds bid for, payable to the District
.
°
improvement bonds.
Depot St.
and annual int. (April) payable at the City required.
Date Dec. 15 1924. Prin.
-Sealed bids will
April 1 as follows: $1.000. 1926; *1.500,
-BOND OFFERING.
NEW JERSEY (State of).
Treasurer's office. Due yearly on
Comptroller
11.500, 1929: $1.000. 1930; $1,500, 1931; $1,000, 1932: be received until 11 a. in. Dec. 16 by N. A. K. Bugbee, State
1927,• $1.000, 1928:
e of the following issues of 4j% coupon
1935.
(P. 0. Trenton), for the purchas$9,000,000:
$1.500. 1933: 31.000. 1934, and $1,600,
L DISTRICT, Los Angeles or registered bonds, aggregating
LOS ANGELES CITY HIGH SCHOO 2 p. m. Dec. 15 sealed bids $5,000,000 highway extension Series F. issue of 1920 bonds. Prin. and
Mechanics National
-BOND OFFERING.-Lintil
County, Calif.
semi-ann. int. (J. & J.), payable at the
n, County Clerk, for *2.240.000 5%
Lampto
l Jan. 1 1940.
will be received by L. E.1 1924. Denom. $1,000. Due Aug. 1 as folBank of Trenton. Due Jan. 1 1955. optiona
A, issue of 1924 bonds. Prin. and
bonds. Date Aug.
school
1.000,000 highway extension, Series payable at the Mechanics National
1964, incl. Principal and interest (F. & A.)
lows: $56,000, 1925 toof Los Angeles County, or at the banking house of
semi-ann. int. (J. & J.),
l Jan. 1 1940.
payable at the Treasury
Bank of Trenton. Due Jan. 1 1955, optiona int. (J. & J.).
Payment for and delivery of bonds will
Prin. and send-ann.
Kountze Bros.. New York City. of Supervisors. A certified check for
Board
2.000,000 road. Series D, bonds.
Due Jan. 11940.
be made in the office of the
of Superpayable at the Mercer Trust Co. of Trenton. n. Int. (J. & J.),
order of the Chairman of the Board
and semi-an
3% of bid, payable to the
valuation of the taxable property in this
1,000,000 laridge, Series C. bonds. Prin.
Trenton. Due
ybors is required. The assessed
payable at the Broad St. National Bank of
1924 Is *1.529,566.370. and the amount of
high school district for the year outstanding is $13,500,000. Los Angeles
Jan. 11940.
issued and now
of the denomination
coupon form
bonds previously
Date Jan. 11925. All bonds will be into principal and interest or may
includes an area of approximately 944.75 square
as
City High School District
ion of said high school district is 1,120.000. of 91,000. They may be registered
$50,000.
miles, and the estimated populat
registered bonds at option in denominations tip to
s County, be converted into for "all or none" of those issues separately. out not comL DISTRICT, Los Angele
LOS ANGELES CITY SCHOOd bids will be received until 2 p. m. Bidders may bid
of the face value of
Certified check for
-Seale
with any other issue.
-BOND OFFERING.
Calif.
Clerk, for $3.080,000 5% school bonds. bined ed
payable to William T. Reid, State Treasurer.
theuir
Dec. 15 by L. E. Lampton, County Due Aug. 1 as follows: $77,000, 1925 reci n mount of bonds bid for,
$1,000.
Date Aug. 1 1924. Denom. interest (F. & A.) payable at the Treasury of
and
County, Ohlo.-BOND OFto 1964 incl. Principalat the banking house of Kountze Bros., New York
NEW PHILADELPHIA, Tuscarawas 12 m. Dec. 19 by Russell E.
Los Angeles County or
-Sealed bids will be received until
Payment for and delivery of bonds will be made FERING.
Broadway impt.
City; at option of!udder. of Supervisors. A cert, check for 3% of bid, Seibert. City Auditor. for $47.8385% City's portion 1924. Int. semiJune 1
in the office of the Board the Board of Supervisors, required.
bonds. Denom. $500, and one for $8..38. Date
an of
1926; $5,000, 1927 to 1934
payable to the Chairm
taxable property in said school district for ann. Due yearly on June 1 as follows: $2,500,
The assessed valuation of the and the amount of bonds previously issued incl., and $5,338, 1935.
be received for
is $1,500,327,440,
the year 1924
-At the same time sealed bids will one for $444.
BOND OFFERING.
and
and now outstanding is $21.389.300.
ent bonds. Denom. $500. as follows: $7.000.
ON SCHOOL DISTRICT NO. 1 (P. 0. *50.944 5% special assessm
June 1
Due yearly on
LUBBOCK COUNTY COMM TERED.
-On Nov. 25 the State Comp- Date June 11924. Int. semi-ann.
1934. Cert. check for $1,000.
-BONDS REGIS
Lubbock), Tex.
1926; *5.500. 1927 to 1933 incl., and $5.444,the above Issues.
school bonds. Due serially.
troller of Texas registered :6,500 6%
Payable to the City Treasurer, required for
-J. R. Cornell,
So. Dak.-BOND OFFERING.
-BOND OFFERING.
LYMAN COUNTY (P. 0. Kennebec), County Commissioners, will
NEWTON,Sussex County, N. J.
the puruntil 7.30 p. m. Dec. 22 for no more
-William G. Schoulte, Chairman Board of
-house bonds to Town Clerk, will receive sealed bids
not to exceed $53,000,
p. m. Dec. 16 for *100.000 court
bonds
receive sealed bids until 1 to
of $1,000 over $53,000.
1924. Denom. chase of an issue of 4 % water
exceed 6%. Date Dec. 1
will produce a premium
bear interest at a rate not
1935 to 1939, inclusive bonds to be awarded than
Prin. and semi-ann. int. (J. & J.),
$1,000. Due 35,000, 1930 to 1934,inclusive:$7.000,
$1,000. Date Jan. 1 1925.
Interest payable semi-annually. A Denom. at the Newton Trust Co. of Newton. Duo yearly on Jan. 1 as
and $8,000, 1940 to 1944. inclusive.
payablo
to 1945, incl. Legality
1930, incl., and $3.000 1931
check for $1,000 is required.
certified
*2,000 1927 to
chock for 2% of
-An issue of $.365,000 4% follows: d by John C. Thomson of New York. Certified er required.,
-BOND SALE.
approve
LYNN,Essex County, Mass.
Town Treasur
of Lynn at 100.61. Date the amount of bonds bid for, payable to the
bonds has been sold to the Central Nat. Bank
D OFFERING.
-Sealed
-BON
Minn.
Dec. 1 1924. Due 1925 to 1939 incl.
NORMAN COUNTY (P. 0. Ada), Doc. 16 by D. It. Fulton, County
-An issue of $50.000
SALE.
MADISON, Dane County, Wis.-BOND ed by the Harris Trust & Sav- bids will be received until 10 a. in.
interest at a rate not to exceed
0 road bonds, bearing Duo Dec. 1 as follows: $25,000
% school and hospital bonds was purchas
Coupon bonds. Denom. Auditor, for *250.00
11924. Denom.$1,000.
ings Bank of Chicago. Date May 1 1924.
$12,000, 1939: *11.000, 1940 5%. Date Dec.
check for 1% of bid, payable to the County Treas*1,000. Due .,,fay 1 as follows: $5,000, 1938; at City Treasurer's office at 1935 to 1944. A certified
payable
urer, required.
to 1942 incl. Prin. and int.(May 1)
erIadirt!..
DEC. 6 1924.]
THE CHRONICLE
2675
NEW YORK CITY.
-TEMPORARY LOANS.
PEEKSKILL UNION FREE SCHOOL DISTRICT OF
November the city issued $24,999,500 corporate -During the month of
THE TOWN
stock notes, all bearing OF CORTLANDT (P. 0. Peekskill
234% and maturing Dec. 30 1924, as follows:
), Westchesetr County, N. Y.
BOND OFFERING.
-Sealed bids will be received by Fred J. Bohlman,
For various municipal 1$14,000,000
1 $1.389.000 District Clerk, until 8 p. m. Dec. 16 for $120,000 school
purposes
bonds. Denom.
100,000 Rapid transit
1,350,000 $3,000. Date Jan. 1 1925. Prin. and semi-ann.
int. (J. & J.) payable
3,750,000
10,500 at the office of the District Treasurer. Duo $3,000
For water supply
Jan. 1 1939 to 1978,
32.800,000
50.000 incl. Certified check for 31.000 required.
Dock purposes
31,550,000
All the above were issued on Nov. 11.
PELICAN RAPIDS,Ottertail County, Minn.
-CERTIFICATE SALE.
-The $20,000 certificates of indebtedness offered on Nov. 28
NORWALK CONSOLIDATED INDEPENDENT SCHOOL
(V. 119. p.
DISTRICT, Warren County, Iowa.
-BOND SALE.
-An issue of 314.000 2440) were purchased by Paine, Webber Co. of Minneapolis as 4, at a
Ms
premium of $345, equal to 101.72-a basis of about 4.540
5% school bonds was purchased by the White, Phillips Co. of Davenport.
7. Date Dec.
Date Dec. 1 1924. Denom. 31.000. Due Dec. 1 as follows:
1924. Denom. $1,000. Due Dec. 1 as follows: 31,000, 1925 to 1944, 1
inc.
1930 to 1943, Ind. Principal and interest payable at the office $1,000
PHILADELPHIA, Pa.
above firm. Legality approved by F. C. Duncan of Davenport. of the
-BOND SALE.
-On
public improvement contract payment bonds Dec. 1 the 83.000,000 4%
offered on that day
-V.
NORTH CANTON VILLAGE SCHOOL DISTRICT (P. 0. North 119, p. 2440
-were awarded to the City Sinking Fund Commission at 102.29,
Canton), Stark County, Ohio.
-BOND OFFERING.
-Sealed bids will a basis of about 3.88%. Date Dec. 1 1924. Due Dec. 1 1954. Following
be received by J. T. Warburton, Clerk, Board of Educatoin,
until 12 m. is a list of the bids received:
Dec. 27 for $65,000 5% coupon school bonds.
Amount.
Bid.
Mar. 1 1925. Prin. and semi-ann. int. (M. & S.) Denom. $1.000. Date Glouceste
$10.000
100.33
the District Treasurer. Due yearly on Mar. 1 aspayable at the office of Albert P. r Land Co
Gerhard
follows: 35.000. 1927.
18.000
100
and $3,000, 1928 to 1947 Incl. Certified check on a solvent bank
for $2,000. Katharine F. Parsons
40,000
101
payable to tho Board of Education, required.
Penn National Bank
200.000
-.100 (Par)
NORTH CAROLINA (State of).
100.000
-BONDS OFFERED BY BANKERS. Borer & Ullrich
100.516
David C. Humphreys
-A syndicate composed of B. J. Van Ingen & Co., Eldredge
100.000
100 (Par)
& Co.. First John E. Owens
National Bank, Bankers Trust Co., National City Co.,
20,000
101
Wm.
Co., &c., are offering to investors at prices to yield 4.35% R. Compton Commissioners of the Sinking Fund
3,000,000
102.29
according to maturities, $15,000,000 414% highway bonds. and 4.40%. City of Phila., trustee under the will of
Stephen Girard deceased
1925. Coupon bonds registerable as to principal only or both Date Jan. 1
3,000,000
100 (Par)
principal and Central National Bank of Philadelp
interest. Denom. $1.000. Principal and interest (J. & J.)
hia
500.000
100.50
payable In New Edward B. Smith
York City or in Raleigh. N. C., at option of
Co. and Reilly Brock Co_ 3,000,000
100.2777*
holder. Due
follows: 3500.000, 1935 to 1964 incl. Legality thebe approved Jan. 1 as
All or any part
to
by Chester Redmond & Co., E. Lowber Stokes
B. Masslict, New York City. We reported the amount
& Co..
Lewis & Snyder, Stroud & Co. and W. H. 3.000,000
as $5.000,000 in V. 119. p.2558. due to a typographical of the bonds sold
100.792
blunder.
Newbolds Sons Co.,jointly
Financial Statement (Officially Reported).
All or none (83.023.760)'
Drexel & Co.. Brown Bros. & Co.. Guaranty 3.000,000
Assessed valuation. 1923
101.0789
$2,654,516.994
Co. of N. Y.and Union Tr. Co. of Pittsb_ All or none
Total debt (including this issue)
103,847,600 A. B. Leach & Co.. Inc
Population, 1920 census. 2,559,123.
3.000.000
100.278 & int.
Biddle & Henry, Mellon National Bank and i3.000,000
100.58 & ac.int.
NORTH HEMPSTEAD UNION FREE SCHOOL
Bank of N. A.& Trust Co
DISTRICT NO. 1.1.
All or none
(P. 0. Westbury), Nassau County, N. Y.
National City Co., Harris, Forbes & Co.. 3.000,000
-BOND SALE.
-The 36.000
414% school bonds offered on Nov. 26 (V. 119, p.
Graham,Parsons & Co. and Janney & Co_ lor any part 100.719
2439) have been sold to
the Bank of Westbury for $6,050, equal to 100.83-a
•Bid includes accrued interest to date of settlement or a premium of
basis of about 4.47%.
Date Dec. 11924. Due $1,000 Jan. 1 1942 to 1947,
$8.331 if awarded entire issue.
inclusive.
OGDEN, Weber County, Utah.
-BOND SALE.
PHILLIPSBURG, Montgomery County, Ohio.
4(4% refunding bonds was purchased by the Palmer -An issue of 380.000
--BOND OFFERING.
Bond & Mortgage Co. -Sealed bids until 12 m. Dec. 6 will be received by the Village
of Salt Lake City. Date Dec. 1 1924.
Clerk for
Denom. 31.000. Due Dec. 1 as 32.000 6% chemical fire equipment bonds. Denom.
follows:$5,000. 1932 to 1937. inclusive, and
$400. Date Oct. 1
Principal and interest (J. & D.) payable in$10,000. 1937 to 1941.inclusive. 1924. Int. semi-ann. Due $400 Oct. 1 1926 to 1930, incl. Certified
New York City. Legality ap- check for 25% of the amount of the bonds
proved by Chapman, Cutler & Parker, of
bid for, payable to the Village
Chicago.
Treasurer, required.
Assessed valuation 1924 Financial Statement.
PIEDMONT, Oakland County, Calif.
338,764.505
-An issue of
-BOND SALE.
Estimated actual value
60.000,000 $84,500 5% municipal improvement bonds lwas purchased recently by
Bonded debt, including this issue
2,353,000 Blyth, Witter & Co. of San Francisco at a premium of $6.617, equal to
Water bonds included in above
775.000 107.83. The following bids were received:
Net debt
1,578,000
Premium.
Population, 1920 Census, 32,804.
Blyth, Witter & Co
$6,617 Anglo & London Paris Bank __$5,742
Dean ,Witter & Co
OMAHA SCHOOL DISTRICT, Douglas County, Neb.-NO
6.150 American Bank
5,642
TE.
OFFERING.
-Sealed bids will be received until 8 p. m. Dec. 15 by W. T. Mercantile Trust Co
5.921 Central National Bank
3.431
All of above, with exception of Central National Bank, which is located
Bourke, Secretary Board of Education, for $1.500.000
434% coupon, with in Oakland. are San
privilege of registration, promissory notes. Date Jan. 1
Francisco institutions.
$500. Due Aug. 1 1925. Principal and interest (M. 1925. Denom.
& S.), payable
PINE BLUFF, Jefferson
at Kountze Bros., Now York City. A certified check on a national
-BOND SALN.-An issue
bank, 853.000 554% paving bonds County, Ark.
payable to the order of the School District of Omaha,for
$25,000.is required. Wichita. Duo 1932-1941. was purchased by Brown Crummer & Co. of
Legality approved by Wood & Oakley of Chicago.
Financial Statement.
PITTSBURG, Crawford County, Kan.
Total general fund debt, including this issue
-The $27.81.500.000 222 94 41 % improvement bonds offered on -BOND SALE.
,
/
Valuation of taxable property within the School District_
-328,426.021 were purchased by the Prudential Trust Co.Nov. 26-V. 119. P. 2440of
of Topeka at a premium
Maximum tax levy
13 mills 827 22. equal to 100.11-a basis of about 4.23%. Date Aug. 1 1924.
Existing levy
12 mills Denom.$1,000, except one for $222 91. Int. payable F. & A. Due Aug.1
Amount of existing levy
3,941.100 as follows: $1,222 94, 1925, and 32,000, 1926 to 1938. inclusive.
Population of School District (1920 Census)
191,603
PLAIN SCHOOL DISTRICT NO. 2,
ORLEANS COUNTY (P. 0. Albion), N. Y.
Renville County, No. Dak.-BOND SALE.
-Bon- CERTIFICATE
bright & Co. of New York have purchased the 356,000
-Sealed bids will be received by Oscar Storm414'% coupon or lei, Clerk Board OFFERING.
,
registered highway improvement bonds offered
of Education, at the County Auditor's office in Mohall,for
on Dec.3-V. 119, p.2558
- 31.5007% certificates of indebtedness, until 2
at 100.97, a basis of about 4.10%. Date
Nov. 11924. Due May 11932.
1927. Cert. check for 5% of bid is required. p. m. Dec. 20. Due Jan. 1
OSKALOOSA, Jefferson County, Kan.
-BOND SALE.
$50.000 5(4% internal improvement bonds was purchased -An issue of
PLAIN
by the Fidelity Luzerne TOWNSHIP SCHOOL DISTRICT (P. 0. Wilkes-Barre),
National Bank & Trust Co. of Kansas
County, Pa.
-BOND OFFERING.
City.
-Sealed bids will be received
until 8 p. m. Dec.8 by Andrew J. Zawoiski, Secretary of Board of Directors
OTTAWA, Putnam County, Ohio.
.
-D. J. for $250.000 434% school bonds. Denom. $1,000. Int. J. & J. Due
Aubry Village Clerk, will receive sealed -BOND OFFERING.
bids until 12 m.Dec. 13 for 32.400 yearly on July 7 as follows:
0% village's share Sugar St.
Improvement special assessment bonds. 35,000. 1931: 310.000, 1932: $5.000, 1926 to 1929. incl.: $10.000, 1930:
Denom.$100 and two for $300. Date
$5,000. 1933: 810.000. 1934: 35.000. 1935:
Due every six months as follows: $300 Sept. 1 1924. Interest semi-annual. $10,000, 1936; 35.000, 1937: $10,000. 1938: $5,000, 1939: 310.000. 1946 to
Sept. 1
$100 Sept. 1 1926 to March 1 1935, inclusive.1925 and March 1 1926 and 1950, incl., and 315.000, 1951 to 1953. incl. Certified check for $250.
Certified check for 2% of payable to William Robertson, Treasurer, required.
the amount of bid, payable to the Village Treasurer
, required.
PLAINVIEW INDEPENDENT SCHOOL DISTRICT (P. 0. PlainOWATONNA, Steele County, Minn.
PONED.
-Sealed bids will be received until -BOND OFFERING POST- view), Hale County, Tex.
-BOND SALE.
7:30 p. m. Dec. 16 by Minnie school bonds was purchased by the Branch-M -An issue of 3120.000 5%
S. Kasper. City Clerk. for 3200.000 public utility
iddlekaupf Co. of Wichita at
bonds. Date May 11924. a premium of $1,210. equal to 101.
Denom. $1,000. Due $20.000 May 1 1930
Date Dec. 1 1924. Denom. 81,000.
to 1939, incl. Principal and Due 1-40 years. Interest payable
Interest(M.&N.). payable in gold at the First National
J. & D.
Bank of St. Paul or
at any bank In the Unjted States the purchaser
PLANO, Collins County, Tex.
designates. Delivery of
-BONDS VOTED.
-At the election
bonds at the First National Bank. St. Paul. Legality
approved by Ambrose held on Nov. 18-V. 119. p. 2096
-the voters authorized the issuance of
Tighe, St. Paul, and John C. Thomson of New
$20,000 6% paving bonds.
York. These bonds are
part of an authorized issue of $350.000, of
which 8100.000 have already
PLAQUEMINES PARISH SCHOOL DISTRICT NO. 2 (P. 0. Point
been sold. A certified chock for 2% of bid
of the City Council on Nov. 27, the dateis required. At a special meeting a la Hache), La.
-BOND OFFERING.
-Sealed bids will be received by
changed from Dec. 2 (see V. 119, p.2558) of sale of the above bonds was George W. Delesdernier, President of the Piaquemines Parish School
to Dec. 16.
Board,for $35,000 6% school bonds. Date Feb. 1 1925. Due in 20 years.
PAINESVILLE, Lake County, Ohio.
-The $16.000 A cert, check, on some national bank doing business in Louisiana or some
5% electric light works impt. bonds offered-BOND SALE.
other bank chartered under the laws of the State, for $750. payable to the
on
have been sold to the Herrick Co. of Cleveland Nov. 24-V. 119. p. 2318
for $16.364. equal to 102.27. President of the Plaquernines Parish School Board, required.
a basis of about 4.60%. Date April 1 1924.
Due $4,000 Oct. 1 1929 to
PONTIAC, Oakland County, Mich.
1932. incl.
-BOND OFFERIN -Up to
1 p. rn. (Eastern standard time) Dec. 8, H. A. Mauer, City G.
Clerk, will
PALM BEACH COUNTY (P. 0. West Palm
receive
Beach), Fla.
-BOND sewer sealed proposals for the purchase of $25,000 special assessment
SALE.
-An issue of $50,000 school bonds was
bonds of the city of Pontiac,
purchased by the Bank of
11924. Bonds
Lakeworth of Lakeworth at a premium of $6,070,
In the denomination of $1.000 and to be dated Dec. at the rate of to be
equal to 112.14.
bear interest
414%.
payable semi-annually on the first to
PATERSON, Passaic County, N. J.
-BOND SALE.
-The two issues the principal payable $5,000 each days of May and Dec. of each year and
of 415% coupon or registered bonds offered on Dec.
year until fully paid, commencing Dec. 1
4-V. 119, p. 2558
- 1925. Both principal and interest payable at the office of the City Treaswere awarded to the Hamilton Trust Co. of Paterson
for the account of' a urer, Pontiac. Certified check
syndicate of New York bankers composed of B.
for $500 to accompany each bid. TypeJ. Van
Pressprich & Co. and Phelps, Fenn & Co , as follows:Ingen & Co.. R. W. written bonds to be furnished by the city of Pontiac.
3980,1000 ($1.000.000 offered) school bonds at 102.11.
PORTSMOUTH,Scioto County, Ohio.
a basis of about
-BOND OFFERING.Sealed
4.35%. Due yearly on Dec. 1 as follows: 320.000
bids will be
by J. Earl Chandler, City Auditor, until 12 m. Dec. 19
Incl.; 825.000 1935 to 1954. incl.; $30,000 1955 1925 to 1934. for 858.603received coupon
16 6%
to 1963, incl.,
alley impt. bonds. Denom. $1,000 and one
and $10,000 1964.
for $603 16. Date Dec. 1 1924. Prin. and sem1-ann. int. (J. & D.) pay296,000 (3300,000 offered) general Improvement bonds at
101.58, a basis able at the City Treasurer's office. Due yearly on Dec. 1 as follows:
of about 4.35%. Duo yearly on Dec. 1 as follows:
$5,603
$8.000 1925 cegul 16, 1926: 86.000, 1927 to 1934 incl., and $5,000. 1934. Certified
and 1926. $10,000 1927 to 1934, incl., and 312,000
c for
.
1935 to 1950, rhecired 2% of the amount of bonds bid for, payable to the City Auditor,
incl., and 35,000 1952.
Denom. 31.000. Date Dec. 1 1924.
RAYMOND, Pacific County, Wash.
-BOND SALE.
-The 82.500 6%
PAULDING COUNTY (P. 0. Paulding), Ohio.
-were purchased by the
- jail bonds offered on Nov. 26-V. 119. p. 2209
The following two issues of 507 bonds offered on Dec. -BOND SALE.
1 (V. 119, p. 2209) Willapa Harbor State Bank at par. Denom. $2,500.
have been sold to Pruddon & Co. of Toledo for $108,209,
equal to 102.08,
REDLAND SCHOOL DISTRICT (P. 0. San Bernardi
a basis of about 4.53%:
no), San
Bernardino County, Calif.
$75.500 road bonds. Denom. 31.000 and $1,500. Due Dec.
-BOND SALE.
-The Harris Trust & Savings
1 as follows: Bank of Chicago has purchased an
issue of 3250,000 5% school bonds at a
39,500, 1926, and $11.000. 1927 to 1932, inclusive.
premium of $7,025, equal to 102.81.
30.500 read bonds. Denom. 31.000 and $1,500. Due Dec. 1
as follows:
./5.500, 1926; 35,000, 1927: and $4,000. 1928 to 1932, inclusive.
ROCKFORD, Winnebago County, 111.
-BOND
Date -Dec. 1 1924. Other bidders were as follows:
-Until
2 p. m. Dec. 17 sealed bids will be received by Elmer 0.OFFERING.
Strand, City Clerk,
Premium Bid. for $50,000
% city yard site, building and equipment bonds.
Braun, Bosworth & Co
31,78500 $500 Date March 1 1925. Interest semi-annual. Due $2.500, Denom.
A. T. Bell & Co
1926 to
1.97100 1945. inclusive. Principal and interest payable at the City
N. S. fill! & Co
1.62000 office. Certified check for 2% of the bonds bid for, required.Treasurer's
Stranahan, Harris &()ails
1.61900
Asset. Goetz & Modlen
ROCKY RIVER, Cuyahoga
-BOND SALE.
2.077 20 Milliken & York Co. of Cleveland County, Ohio.
Herrick Co
-The
2.08.300 village's portion Story Road inapt.on Nov. 25 purchased the 24,650 531%
A. E. Aub & Co
bonds offered on that day
1.92300 2319
-V. 119, p.
Stevenson, Perry, Stacy & Co
-for $4,761 11, equal to 102.38, a basis of
about 4.95%. Date
1.66600 1924. Due yearly on Oct. 1 as follows:
Slayton 4: Co
8150, 1925. and $500, Oct. 1
2,15500 1934, incl.
1926 to
a
2676
THE CHRONICLE
[voL. 119.
-A. B.
-BOND OFFERING.
SENECA COUNTY (P. 0. Tiffin), Ohio.
(P. 0. Rome), Oneida
ROME UNION FREE SCHOOL DISTRICT Krebs, Clerk Board of Powell, County Auditor, will receive sealed bids until 10 a. m. Dec. 10 for
-Albert
NG.
Denom. $1,000. Date Dec. 16
nds.
-BOND OFFERI
County, N. Y.
$400,000 4;6% 351,000 5% road improvement•bo
Education, will receive settled bids until 1 p. m. Dec. 6 for 1925. Interest 1924. Prin. and semi-ann. int. (A. & 0.). payable at the County Treasand 1927
coupon school bonds. Denom. $1,000. Date Jan. 1 1938, inclusive, urer's office. .Due yearly on Oct. 1 as follows: $8.000 1926amount of
1929 to
Certified check for 2% of the
J. & J. Due yearly on Jan. 1 as follows: $10,000.
by Clay & Dillon, and $7.000 1928 to 1932. incl.
and $15.000, 1939 to 1958. inclusive. Legality approved of bonds bid for, bonds bid for, payable to the County Auditor, required.
of New York. Certified check for 1% of the amount
CT (P. 0. Shaker
SHAKER HEIGHTS VILLAGE SCHOOL DISTRI NG.
payable to Lyman 0. Butts, Treasurer, required.
-Sealed bids
-BOND OFFERI
- Heights), Cuyahoga County, Ohio.
OFFERING.
ROSS COUNTY (P. 0. Chillicothe), Ohlo.-BOND
m. (Central standard time) Dec. 15 by J. W.
until 12
bids will be received by Robert 'I'. Weaver, will be received
coupon school erection
Until 12 m. Dec. 17 sealed
bridge bonds. Main, Clerk Board of Education,for $650,000 4 %
Clerk of Board of County Commissioners, for $42,000 5;5%int. (j. & D.) bonds. Denom. $1.000. Date Jan. 1 1924. Prin. and semi-ann. int.
.
$1.050. Date Dec. 1 1924. Prin. and semi-ann
office of the Village Treasurer. Due yearly on
office. Due yearly on Dec. 1 as follows: (A. & 0.) payable at the in each of the even years and $32,000 in each
payable at the County Treasurer's
Legality approved Oct. 1 as follows: $33,000
$4,000, 1926 to 1933. incl., and $5,000. 1934 and 1935.
to 1945. incl. Certified chock on 80111e bank for 5%
check for $500. of the odd years 1926
by Squire, Sanders & Dempsey of Cleveland. Certified
of the amount bid for required.
payable to the County Treasurer, required.
-BOND DESCRIPCT NO.6 (P.O. Royal
DISTRI
SIERRA MADRE, Los Angeles County, Calif.bonds purchased by
ROYAL OAK TOWNSHIP SCHOOL SALE.
of
-The fellovring blocks
-BOND
-The $80,000 5% water-works improvement
TION.
follows:
Oak), Wayne County, Mich.
to the Detroit Trust Co. of Detroit, the California Co. of Los Angeles(V. 118, p. 2993) are described as
school bonds on Nov.20 were awarded
$2,000, 1925
Date May 11924. Denom. $1,000. Due ivIay 1 as follows:
bidding jointly with the Bank of Detroit.
to 1964. inclusive. Interest payable M. & N.
bonds. Due yearly on Dec. 1.
$100,000 4 si% school
1.
,
CT, Woodbury
100,000 431% school bonds. Due yearly on June 30 years.
of
SIOUX CITY INDEPENDENT SCHOOL DISTRI building bonds
Date Dec. 1 1924. The bonds run over a period
-BOND SALE -The $300,000 school
d County, Iowa.
L DISTRICT (P. 0. Rushcreek), Fairfiel
119, p. 2441-were purchased by the Harris Trust
offered on Dec. 1-V.
RUSHCREEK SCHOO
-Until 12 m. (Central standard & Savings Bank of Chicago as 4;6s at a premium of $2,675, equal to 100.89
-BOND OFFERING.
County, Ohio.
Education, will receive
$60,000,
time) Dec. 13, D. S. Miller, Clerk of Board of $1.000. Date Dec. 1 -a basis of 4.38%. Date Jan. 1 1925. Due Jan. 1 as follows:
bonds. Denom.
1931; 332.000. 1932: 331,000. 1933: $19,0130. 1934 and 1935:
sealed bids for $160,000 5% school
by
S.) payable at the office of the 1930 and
1924. • Prin. and semi-ann. int. (M. &as follows: $3.000 each March 1 320,000, 1936 to 1938, incl., and $19,000. 1939. Legality approved
, Cutler & Parker of Chicago.
above official. Duo every 1x months
to Sept. 1 1941, incl.. and $3,000. Chapman
and $4,000 every Sept. 1, March 1 1926
-The White
check for $1,000, payable to
-BOND SALE.
SLOAN, Woodbury County, Iowa.
March 1 1942 to Sept. 1 1949. incl. Certified
improvement
Phillips Co.of Davenport has purchased an issue of*6.0005%
the Board of Education, required.
$400 and $200. Duo May 1 as
(P. 0. Rutherford), Bergen bonds. Date May 1 1924. Denom.
RUTHERFORD SCHOOL DISTRICT issues of coupon or registered follows: 3200, 1926 to 1931, incl.: $400, 1932: S200, 1933 and 1934; $400.
-The two
and $600. 1944.
-BOND SALE.
County, N. J.
1935 to 1938, Incl.; 3200, 1939; $400, 1940 to 1943, incl.,
were awarded as follows:
bonds offered on Dec. 1 (V. 119, p. 2559) 43413 to the Rutherford Na- Principal and interest (M.& N.) payable at the office of the Town Treasby
A. bonds as
$377,000 ($383.000 offered) Series rd for $383,710 60, equal to 101.77. a urer or at the office of the above named company. Legality approved
tional Bank of Rutherfo
July 1 as follows: $9,000, F. C. Duncan of Davenport.
basis of about 4.36%. Due yearly on 1954, inclusive; $10,000.
to
Deschutes
1926 to 1942, inclusive; $10.000. 19431964 inclusive.
SNOW CREEK IRRIGATION DISTRICT (P. 0. Bend), the voters
-At an election held recently
1955 to 1963. inclusive, and $4,000.
-BONDS VOTED.
Rippe' & Co. of Newark for County, Ore.
24,000 Series B bonds as 434s to J. S. of about 4.38%. Due $1,000 authorized the issuance of $10.030 irrigation bonds.
$24.217. equal to 100.90-a basis
election
-At
SOMERSET,Pulaski County,Ky.-BONDS VOTED. the the
July 1 1925 to 1948. inclusive.
issuance of
-the voters authorized
held on Nov. 4-V. 119, p. 1987
Denom. $1,000. Date July 11924.
444% $135,000 street and sower bonds by a vote of 1.292 for and 309 against.
-The $100,000
-BOND SALE.
RYE,Westchester County, N. Y.
ction bonds offered on
-The
-BOND .SALE.
coupon or registered Boston Post Road reconstru
SONOMA COUNTY (P. 0. Santa Rosa), Calif.
dr Co.
-have been awarded to Rutter 1924. of New York Bank of Italy of Las Angelis purchased an Issue of 333,000 school bonds
Dec. 3-V. 119. p. 2559
Due $5,000
of about 4.20%. Date March 10
106.24.
at 100.27, a basis
at a premium of $2,162, equal to
March 10 1925 to 1944, incl.
-The
BOND SALE.
bonds:
SOUTH EUCLID, Cuyahoga County, °Mo.The following bids were received for the 431%
Rate Bid.
special assessment bonds offered
Rate Bid.
$192,500 53.% coupon improvement
100.12
been awarded to Otis & Co. of Cleveland
Williams & Co
-have
100.27 IClark
Nov. 25-V. 119, P. 2210
Rutter & Co
Date Nov. 11924.
100.2 1G. B. Gibbons & Co., Inc_ __100.074 for $197,563. equal to 102.63. a basis of about 4.90%. 1926. 319.000 1927
Phelps, Fenn & CO
1925,$20,000
100.035
Forbes & CO
Due Yearly on Oct. 1 as follows: 318.500 1933. incl.. and $20,000 1934.
Westcott, Kearr & Parrott 100.139 Harris,
bonds:
to
43.6%
1930.$19.000 1931
The following bids were received for the
Rate Bid. to 1929, incl.;$20.000
Rate Bid.
L DISTRICT NO. 202 (P. 0.
SPOKANE COUNTY HIGH SCHOO
101.59 Sherwood & M errifield,Inc_ _101.433
-The 395,000 5% school
Batchelder, Week & Co
-BOND DESCRIPTION.
101.49 Fidelity Trust Co.of Buffalo..101.239 Millwood), Wash. sundicate composed of Ferris & Hardgrove of Spokane,
Brothers & Co
Barr
with the exception of the bonds purchasad by a
-V. 119.
Tucker of Spokane
All of the above are located in New York City
Witter & Co. and Bond & Goodwin 3c 1 1924. Denom. $1,000 and
Blyth,
Fidelity Trust Co. of Buffalo.
-are described as follows: Date July $3,000. 1926 to 1931 incl.:
p. 115
NO. 10 (P. 0. Greens.
July 1 as follows:
ST. HELENA PARISH ROAD DISTRICT will be received until 11 $500. Coupon bonds. Due 1935 incl.: $4,500. 1936 and 1937: 35.000. 1938
-Sealed bids
-BOND OFFERING.
33.500. 1932;$4,000, 1933 to
burg), La.
to 1944 incl.. and $7,000, 1945 and
Jury, for
a. m. Jan. 6 by W. P. Mathews. President of PoliceDue Nov. $30,000 6% to 1940 incl.; $5.500. 1941; $6,000, 1942
at the office of the County
1 as follows:
1946. Principal and interest (July 1) payable
road bonds. Date Nov. 1 1924. Denom.$1,000.
1935 to 1944. Legality approved by Treasurer at Spokane.
*1.0001925 to 1934. incl., and $2,000and Wood & Oakley of Chicago. A
.
Financial Statement
Martin & Campbell of Now Orleans
$2,510,895
Jury.
Assessed valuation
certified check for $750. payable to the order of the Police
5,881.790
95.0(5)
HIP(P.O.Beach), Golden Valley County, Estimated real value isms only
SADDLE BUTTE TOWNS
bonded debt, this
-Until 2 p. m. Dec. 15 sealed
No. Dak.-CERTIFICATE OFFERING. s office in Beach by Raymond Total
3.500.
Population. estimated.
at the County Auditor'
bids will be received
-Harold
-LOAN OFFERING.
at a rate
STAMFORD, Fairfield County, Conn.
Lingk, for a $1.075 certificate of indebtedness to bear interest
will receive proposals until 12 m. Dec. 10 for
not to exceed 5%. Due 18 months from date of issue. A certified check S. Nichols, Town Treasurer,temporary loan of 3200,000, issued in anticipaof a
the purchase at discount
for 5% of bid is required.
June 11 1925. This loan
of taxes for the current year. maturing
-TAX ANTICISALT LAKE COUNTY (P.O. Salt Lake City), Utah. 4% yearly tax tion be in the denominations of $25,000. $10,000 and $5,000. These
will
-An issue of $1,300,000
on of the Old Colony Trust Co..
CERTIFICATE SALE.
PATION
the Old Colony Trust Co. of notes will be engraved under the supervisi and will certify that the notes
es
anticipation certificates was purchased by
R. L. Burton of Salt Boston, which will guarantee the signatur a vote of the town. the validity
Boston, R. W. Pressprich & Co., N. Y. City, and
are issued by virtue and in pursuance of
100.10. Date Jan. 11925.
Ropes, Gray, Boyden & Perkins
Lake City, Jointly, at
of which vote has been approved by to this issue will be filed with the
-The of Boston. The legal papers incident
-BONDS REGISTERED.
SAN BENITO,Cameron County, Tex.
bonds on Nov.28. Old Colony Trust Co., where they may be inspected.
State Comptroller of Texas registered $20,000 53i% sewer
-The follow-An issue of
-BOND SALE.
SANBORN, O'Brien County, lowa.-BOND SALE.
SUMMIT COUNTY (P.O. Akron), Ohio.
on Nov. 15, wore sold on that
purchased by the White-Phillips Co. of
$8.000 5% refunding bonds was Denom. $1.000. Due Dec. I as follows: ing three issues of 5%% road bonds, offered
Davenport. Date Dec. 11924. int. (J. & D.) payable at the office of the day. Bids were as follows:
313.600 $14.000 $10,200
$1.000, 1935 to 1944. Prin. and
Duncan of Davenport.
Vaughan-Hammonds
above named company. Legality approved by P. C.
Twinsburg. Corners Rothrock
-The followSALE.
-BOND
Total.
Issue.
Issue.
SAN DIEGO, San Diego County, Calif. Nov. 24-V. 119, p. 2319
Issue.
aggregating 3475.000. offered on
ing 5% bonds
$42840 $441 00 $321 30 $1,190 70
& Co
were purchased by the Angio-London-Parls Bank of San Francisco at 104.76, W. L. SlaytonCo
1.14200
A. E. Aub &
884 00 Both*
463 00
421 00
a basis of about 4.60%: No. 2 bonds. Due Jan. 1 as follows: $6.000 Detroit Trust Co
325 38 1.20582
446 60
433 84
$225,000 municipal pierincl., and $7,000 1959 to 1961, incl.
Breed, Elliot & Harrison
1,045 00
1925 to 1958.
Due Jan. 1 as follows: $8,000 1928 to Stevenson, Perry, Stacy
981 00
25500
371 00
250.000 harbor bulkhead bonds. 1951 to 1956, incl.
354 00
Herrick Co
1.07800
1950, incl., and 37.000
Legality approved by John C. Thomson of New York. Prudden & Co Mayer
1.240 00 All*
312 00
461 00
Date Jan. 11925.
467 00
od &
580 86 Both*
243 26
GE DISTRICT, Sarasota Seasongo
337 60
SARASOTA FRUITVILLE DRAINA $600,000 546% bonds was Well, Roth & Irving
902 00
460 00
-An issue of
442 00
-BOND SALE.
County, Fla.
& Second Ward Sec. Corp_
and Kaufman, Smith
by the. Detroit Co. of Detroit $1,000. Due June 1 as
purchased jointly
Nov. 1 1924. Denom.
or none.
•All bid upon
Co. of St. Louis. Date
1935. 1937 and 1939 and $54,000 1930,
-BOND SALE.
follows: $55.000 1929. 1931, 1933.
SUMNER LAKE IRRIGATION DISTRICT, Ore.
Principal and interest (J. & D.). payable at
of San Francisco have
1932, 1934. 1936 and 1938.
Coupon bonds. registerable as to prin- According to unofficial reports J. R. Mason & Co.
the Detroit Trust Co. of Detroit. S. Oakley of Wood & Oakley of Chicago. Purchased $100.000 6% irrigation bonds at 90.
elpal. Legality approved by Horace
CT NO. I,
-BOND SALE.
TARPON SPRINGS SPECIAL TAX SCHOOL DISTRI be received
County, N. Y.
-Sealed bids will
SCHAGHTICOKE. Rensselaer York has purchased the $60,000 5% Pinellas County, Fla.
-BOND OFFERING.
ClearThe Union National Corp. of New offered on Dec.2-V. 119, p.2559
- until 10 a. m. Dec. 11 by R. S. Blanton, County Suprointendent, at
bonds
bonds. Date Dec. 11924. Denom.
coupon or registered water works
Date Nov. 15 1924. Due $2.000 water for $15.000 5S4% coupon schooland semi-annual interest payable at
at 106.38. a basis of about 4.37.
Due Dec. 11949. Principal
81.000.
check for $500.
Nov. 15 1925 to 1954, incl.
the Chase National Dank, New York City. A certified required.
is
DISTRICT NO. 12, Rolette County,
to the Board of Instruction of Pinellas County,
SCOTCH BLOCK SCHOOL
OFFERINO.-Sealed bids will be received payable
Financial Statement.
No. Dak.-CERTIFICATE
$6.966 03
Clerk, at the County Auditor's office in
until Dec. 12 by Adam Stavert, indebtedness to boar interest at a rate Interest and sinking fund on hand
1.001,31500
Assessed valuation. 1924
Rolla, for $2,000 certificates of
8,010.520 00
for 5% of bid is required.
Real valuation
not to exceed 7%. A certified check Statement.
Financial
Size of district, 22.400 acres. Population, 2.500.
$185.112
L DISTRICT NO. 1
6,000
Assessed valuation. 1923_ TILLAMOOK COUNTY UNION HIGH SCHOO -The 350.000 5%
indebtedness Juno 30 1924
798 (P. 0. Tillamook), Ore.
Bonded
-BOND DESCRIPTION. Portland-V. 119.
941 school bonds purchased by Ralph Schneeloch Co. of
Sinking funds on hand
1924. Denom. $1,000.
Warrants outstanding
-are described as follows: Date Aug. 1
-An issue of p. 976
-BOND SALE.
incl. Principal and Interest
Wash.
SEATTLE, King County,bonds was purchased recently by Carstens Due Dec. 1 as follows: $10,000. 1925 to 1929State of Oregon in New York
l impt.
fiscal agency of the Johnson & McCulloch:Port& D.) payable at the
$243,331 61 6% municipa
1924. Denom. $200. Due
& Hades, Inc.. of Seattle. Date Dec. 3 1926 to 1931 incl.; $25.000. City. Legality approved by Teal, Winfree,
Dec. 3 as follows: $24.331 61. 1925: 324,000.
office of the land.
int. (Dec. 3) payable at the & Denny of
Financial Statement.
1932 to 1934 incl. Prin. and
35.962,895
d by Shorts
Assessed valuation, 1923
City Treasurer of Seattle. Legality approve
9,000,000
d
Actual value, estimate
Seattle.
50.000
I. D. No. 3402.
Financial Statement L.
_$1500,000 00 Total bonded debt (this issue only)
,
Population, estimated, 800.
Actual value, estimated
690.906 00
-BOND OFFERING.
County, N. Y.
Assessed value, land alone_
243,331 61
TONAWANDA (Town of), Eriep. m. Dec. 20 by J. Fred Moore, Town
This bond issue
-Until Sealed bids will be received until 8 of 436% bonds:
OFFERING.
-BOND
following issues
SEBRING, Highlands County, Fla.
5 bonds. Denom. $1,000. Due
B. Zahary, Town Clerk, Suprevisor, for the
1 p. an. Dec. 15 sealed bids will be received by W. issue of 1924, to bear $480,000 Water Supply District No.incl.
"A,"
$24,000 Dec. 1 1925 to 1944.
for $106.000 street improvement bonds, Series 11924. Denom. $1,000.
$1,000. Due yearly on Dec.to
Dec.
interest at a rate not to exceed 6%. Date 1933, incl., and $16.000 1934.
350.000 Sheridan Park bonds. Denom.
incl., and $13.000, 1935
Due Dec. 1 as follows: $10.000 192a to at the American Exchange Naas follows: $10,000, 1926 to 1934.
1954, incl.
Principal and interest (J. & D.), payable
Dec
Raymond
City. Legality approved by Caldwell & the order
No. 2 bonds. Denom. $800. Due 3800
tional Bank. New York
16,000 Water District
payable to
of New York City. A certified check for 5% of bid..
1925 to 1944, incl.
of the Town Council of the Town of Sebring, required
Mcc. 6 1924.]
THE CHRONICLE
2677
Date Dec. 1 1924. Int. J. &
D. Legality approved by Clay & Dillon
of New York. Certified
15,000 00 public improvement(coup
Town Supervisor, requircheck for 5% of the bonds bid for, payable to the
bonds
funds for the acquirementon)lands for the purpose of providing
ed.
of
for the purposes of a public
dumping ground. Date Nov.
TOOLE COUNTY SCHOOL
15
DISTRICT (P. 0. Grantsville), Utah.
Nov. 15 from 1925 to 1939, inclus1924 and payable $1.000 on
-BOND ELECTION POST
PONED AGAIN.
annually. Bonds to be issued in ive. Interest payable semi-The election originally
scheduled to be held on Nov.15-V
denoms. of $1,000 each.
25,000 00 public improvement(coup
. 119. p. 2097
-for the purpose of voting
on the question of issuing
funds for the purchase ofon) bonds for the purpose of providing
Nov. 29-V. 119, p. 2560 $150,000 school bonds and then postponed until
vehicu
-has now been postponed indefinitely.
tractors and trucks), equipment lar (snow-removal machinery,
for the Department of Public
Works. Date Nov. 15 1924
TOTARO SCHOOL DISTRICT (P.
0.
from 1925 to 1934, inclusive. and payable $2,500 on Nov. 15
County, Va.-BOND SALE.-Stranahan Lawrenceville), Brunswick
Interest payable semi-annually.
, Harris & Oaths of Toledo, O.,
Bonds to be issued in
recently purchased an issue of $30,000
school bonds.
Bidders must name the rate of denoms. of $1,000 and $500.
interest and may bid for all of bonds
bear interest at the
TRINITY, Trinity County, Tex.
to
of 4%, or
-BOND OFFERING.
of 414%. No bids rateless than for all bonds to bear interest at the rate
-Seal
will be received until Dec. 10 by J. E.
for
the total amoun
Wilkinson, City Secretary, for ed blds different rates of
.5% 9., water works and sewer system
$77,500
interest for issues except as abovet of bonds offered, or at
bonds. Denom. $500. Due 1930- par and accrue
specified, or for less than
1964. A cert. check for 5% of bid is requir
d interest, will be
ed.
from taxation. A certified check considered. The said bonds are exempt
Financial Statem
and drawn upon an incorporatedfor $9,144 25. payable to the Comptroller
Assessed valuation of all taxable property, ent.
bank or trust
equalized for 1924- $715,570 00 New York. must
Actual value (estimated) of all taxable
accompany each proposal. company in the State of
property in city
Total bonded debt (including this issue)
1.500.000 00 Clay & Dillon. attorneys, of New York City, The favorable opinion of
as to legality, will be on file
In this office before delive
Warrant indebtedness or other debt not
86,699 55
ry. Bonds to be
Sinking funds reserved for payment of incl. in bonded debt_
746 65 Dec. 23 1925, or such other date as may delivered to the purchaser on
outstanding bonds
1.150 00 prescribed form of proposal will be furnishedbe mutually agreed upon. A
TUJUNGA SCHOOL DISTRICT,
pmoo e Co
Los Angeles County, Calif.- ol thribodniptroller. and all proposals mustupon application at the office
BOND SALE.
-Wm.R.Staats Co. of
be unconditional as therein
6% school bonds offered on Nov. 17Las Angeles were awarded the $15,500
(V.
$78. equal to 100.50-a basis of about 119. p. 2320) at a premium of
VANDALIA IRRIGATION DISTRICT
4.96%. Date Nov. 1 1924. Due
Nov. 1 as follows: $1,000, 1925
(P. 0. Porterville), Tulare
Count
Calif.
-The 3210.000 6% irrigation bonds
following bids were received: to 1939, inclusive, and $500. 1940. The offeredy, March-BOND SALE.
on
31-V.118. p. 1445
-were purchased by Aronson
Los Angeles. Date April
Premium.
11924. Denom. $100, $150. 8500 and& Co.of
Tujunga Valley Bank
Premium. Due 1928 to 1947.
$1,000.
$5 Bank of Italy
Principal and
Wm. It. Staats Co
$68 of the District Treasurer, Porterv interest (J. & J.) payable at the office
78 Freeman, Camp & Smith Co_
ille, Calif. Legality approved by Good_
17 fellow. Hells. Moore & Orrick
UNION DISTRICT (P.O. Charleston
of San Francisco.
),
Acreag
BOND SALE.
-The $100.000 514% couponKanawha County, W. Va.- Apprai e of district, all irrigable
bonds offered on Nov. 281.290
sed value of lands
V. 119, p.260
-were purchased by
ap- ,
31 140,000
of $6,269, equal to 106.26. a basisBuintnis & CO. of Detroit at a premium Appraised value irrigation property
of
•
210.000
Due Jan. 1 as follows: $10,000, 1942 about 5.02%. Date Jan. 1 1924. Total appraisement (anpraisent made by Henry
em
to 1944 incl.; $11,000, 1945 to 1948
R. Ha
praiser for Hellman Comm'
incl.; $13,000, 1949 to 1950.
i Tr.& Say. Bk.,Los Angeles,Calif. 1,350,
000
New York City. Those bonds Legality approved by John C. Thomson of Bonded debt
are the remainder of an issue of
Appraised value of distric
1
21;;6 6
5 10;
1
$220,000.
t, per acre
UTICA, Oneida County, N. Y.
Bonded debt, per acre
-BOND OFFERING.
-Sealed bids will
be received by Willaim S. Pugh, City
163
Comptroller, at his office in the City Percentage bonded -debt to appraised value
flail, until 12 m. Dec. 8 for the corpor
Average size of orchards in
ate bonds of the city as follows:
district
37.005 54 delinquent tax (registered) bonds
Population, estimated, 120.
32 acres
•
funds to be used in the payment for the purpose of providing
Actual value of security is
six time.s bonded debt.
of Utica at the city tax sale of of purchases made by the City
1924. Date Sept. 17 1924 and
•
payable $1,405 54 on Sept.
VERS
17 1925 and 31.400 on Sept. 17 port), AILLES TOWNSHIP SCHOOL DISTRICT (P.
trent 1926 to 1929. inclusive.
0. McKeesAllegheny
Interest payable sepal-annually.
-BOND OFFERING.
Donis to be issued
Dec. 22, sealed bids County, Pa.
-Until 7 P. m•
will be received by the
190.207 02 deferred assessment in denoma.of $1,000. 3405 54 and $400.
(registered) bonds for the purpose of pro- for $28.000 4!.'% school bonds. Denom Secretary of Board of Directors
viding funds for the payment
. $1,000. Date Jan. 1 1925.
of the amounts remaining unpaid Int. semi-ann. Illue 35,000, 1930. 1935, 1940. 1945,
and 38,000. 1950.
Ip tol 3 1 7 02 oc improvements.
Certified check for 31,000, payabl
aze s
s inr0. 07p blin
1.
lgate2 spt.
an
8i
e to the District Treasurer, required.
n4 sl
m I e
t
on
V1LAS, Miner County,
Sept. 19 from 1926 to 1930, inclusive.
So. Dak.-BONDS NOT SOLD.
Intentst payable annu- 6% electri
.
Dato Novc 11ght 4. nds
ally. Bonds to be issued in
. 1 19
2bo
offered on Nov. 24 (V. 119. p. 2441) -The 82,500
10.000 00 public improvement(coupon)denoms. of $1.000 and $207 02.
were not sold.
bonds for
funds for the establishment of a modernthe purpose of providing
VISTA IRRIGATION
real estate and personal proporty within system of assessment of
DISTRICT (P. 0. Vista), San Diego Count
the city. Date Nov. 1 Calif.
-BOND SALE.
y,
1924 and payable $500 Nov. 1
-The 31.500.0006% municipal irrigat
ion gold bonds
Interest payable semi-annually. from 1925 to 1944. inclusive. offered on Nov. 25,,V. 119, p. 2210) were
Bonds to be issued In denoms. Mason & Co., San
purcha
of $500 each.
rancisco, and Alvin H. Frank sed jointly by G. R.
Due 20-40 years.
& Co., Los-Angeles.
59.000 00 public improvement (coupon) bonds
for
funds for the construction of city electricthe purpose of providing
WALT
1924 and payable $2,500 on Nov. 1 from subuays. Date Nov. 1 CO. of HAM, Middlesex County. Mass.
1925
Interest payable semi-annually. Bonds to to 1944, inclusive. $723 Boston have purchased 314.000 4%-BOND SALE.-Estabrook &
street bonds at 100.29. plus a
be issued in denoms.
premium. Date Oct.
of $1,000 and $500.
1 1924. Due 1925 to 1934. incl.
100,000 00 public improvement (coupon) bonds
WAXHAW, Union Count
for the purpose of providing
funds for paving and resurfacing streets and
y, No. Caro.
-BOND OFFER
public places in the bids were received until 3p.
-Sealed
city. Date Nov. 1 1924 and payable $5.000 on
Dec.5 for $5,0006% light andING.
Date March
power bonds.
Nov.
to 1944, inclusive. Interest payable semi-annuall 1 from 1925 Due March 1 1 1924, Denom. $1,000. Coupon or regist
as follows: 31,000, 1952:
ered bonds.
y. Bonds to
be issued in denoms. of $1,000 each.
32,000. 1953 and 1954. Principal
and interest payable at
50.000 00 public improvement(coupon) bonds
the
approved by Storey, Thorn National Park Bank, New York. Legality
for the purpos
dike ,Pahner & Dodge. Bosto
funds for the preparation of plans and the constr e of providing
uction of trunk
n.
and intercepting sewers and outlets and connec
WEBSTER COUNTY SCHO
tions, and disposal
OL DISTRICT
plant. Date Nov. 15 1924 and payabl
e $2,500 Nov. 15 from Neb.-BOND SALE.
-The State of Nebraska NO.2(P.0, Red Cloud),
1925 to 1944. inclusive. Interest payabl
e semi-annually. issue of 1150.000 5% school building bonds at on Sept. 1 purchased an
Bonds to be issued in denoms,
Denom. $500. Due June 1
par. Date
10,000 00 public improvement(coupon) of $1.000 and $500.
1944. optional June 1 1929. June 1 1925.
bonds for the purpose of providing Juno 1 annually.
Int. payable
funds for the construction of a city
garage', and for pwmanent
improvements to other city buildings.
WEST LOVELAND SPEC
Date Nov. 15 1924, and Loveland),
IAL SCHOOL DISTRICT NO.
payable 3500 on Nov. 15
7 (P. 0.
Hamilton
payable aunt-annually. from 1925 to 1944. inclusive. Interest posals will be received County, Ohio.
-BON
-Sealed proBonds to be issued in denoms. of
until 12 m. Dec. 19 by D OFFERING.
each.
$500 of Education. for
Geo. Hatho
350,000 534% school impt. bonds. rn, Clerk Board
Prin. and semi-ann. int.
Denom
(Al & 0.) payable at the Lovela . UAW.
nd National
NEW LOANS
NEW LOANS
We Specialize In
City of Philadelphia
3$
31 2s
/
4$
/
41 45
41 2s
/
55
/
51 45
5 5
/
1
2
$110,000
Marion County, Illinois
FUNDING BONDS
Biddle & Henry
toe South Fifth Street
Philadelphia
"leafs Wire to New Yore
Call Canal $437
STOCKS AND BONDS
Bought and sold for cash, or carried on
conservative terms.
Inactive and unlisted securities.
Inquiriee 1r)Pitod
FINCH, WILSON & CO.
Formerly Finch & Tarbel
l
Members New York Stock Exchange.
120 BROADWAY
NEW YORK
NOTICE OF SALE
NEW LOANS
$1.500,000.00
HIGH SCHOOL BONDS
OF THE
CITY OF HARTFORD, CONNECTICUT
Sealed proposals will be
Sealed proposals will be received by
BER 15TH, 2:00 P. M. received until DECEM1924,
Board of Supervisors of Mario by the County the City
Treasurer, at his office in the
n
for ONE HUNDRED TEN County, Illinots
DOLLARS (8110.000) FUND THOUSAND City of Hartford, until December 15,
ING BONDS,
dated November 15. 1924,
maturing ten (10) 1924, at two o'clock P. M., for the purannual series of Eleven
000) each, beginning on Thousand Dollars ($11,- chase of the whole or any part of the
November 15. 1925. and
ending on November 15.
above named bonds amounting to One
at the rate of four and 1934. bearing interest
three(4)4 %)per annum, payable on quarters per cent Million Five Hundred Thousand Dollars
May and Novem- ($1,500,00
ber 15th of each year at
0.00) with interest at four per
Salem at Salem. Illinois. the National Bank of
or
Salem at Salem. Illinois, at the State Bank of cent. (4%) per annum, to be dated
at the option of the Janua
holder.
ry 1, 1925 and maturing Fifty
These bonds are author
ized
November 4th, 1924. The by an election held Thousand Dollars ($50,000.00) annually
the blank bonds and the County will furnish January 1, 1926 to 1955 inclu
sive.
Chapman, Cutler & Parkerapproving opinion of Principal
, Attorneys, Chicago,
and interest payable in gold
coin of the United States of Amercia of
All bids must be
unconditional and accompanied by certified check for
the present standard of weight and
of the par value of the bond five per cent (5%)
issue, payable to the fineness.
County Treasurer of
Marion County,. Illinois,
delivery to be made to
Bids must be accompanied by a
purcha
ton days (10) after award. ser not later than
certified check payable to the order of
The Board of Superv
tory bids are received, isors, in case no satisfac- the Treas
urer of the City of Hartford
any or all bids and to reserve the right to reject
immedi
the bonds at public auctio ately thereafter sell for two per cent, of the par value
The following is the n.
amount bid for as a guarantee ofof the
Marion County, Illinois: financial statement of
faith. The right is reserved to good
Real Value
reject
929,835,794 any or all bids.
Assessed valuation 1923
11,417,897
Total bonded debt, this
The successful bidder or bidders
110,000
1920 Census population issue only
shall
37,497 take and pay for their bonds by
1910 Census population
cer35,094 tified checks on January
Present estimated popul
2, 1925 at the
ation__ _ _
45,000 office of the
No future bond issues are
City Treasurer in Hartford.
the next twelve months. contemplated during
For furthd information,
Dated at Salem, Illinois. this
address
1st day of December. 1921
.
CHAS. H. SLOCUM,
WM. H. BETTS. Connty Clerk.
CITY
TREASURER.
TUE • CHRONICLE
2678
as follows: $1,000, April 1
Bank of Loveland. Due every six months
1 1948: 81,000, Oct. 1 1948, and
1925 to Oct. 1 1947 Incl.: $1,500, April for 6% of the par value of bonds
$1,500, April 1 1949. Certified check Education, required.
bid for, payable to the Clerk of Board of
-BOND SALE.
Kan.
WESTMORELAND, Pottawatomie County,
purchased by the Central
An issue of 87,500 5% refunding bonds was
Trust Co. of Topeka at par.
-BOND SALE.
County, N. Y.
WHEELER (P. 0. Wheeler), Steuben
of recently. Denom. $600.
-An issue of $9,000 impt. bonds was disposed 1943. inch
Date Dec. 15 1924. Due $600 Feb. 15 1929 to
-The $55,000
-BOND SALE.
WICHITA, Sedgwick County, Kan.
p. 2561-were purchased by
4%% park bonds offered on Dec. 1-V. 119, of 4205, equal to 100.37Co. of Wichita at a premium
Branch Middlekauf
Denom. $500. Duo $5,500,
a basis of about 4.22%. Date Nov. 1 1924.
1934 to 1943. Inch
DISTRICTS NOS. 3 & 4
WINFIELD TOWNSHIP SCHOOL SUB -BOND SALE.--Geo. M.
P. O. Long Grove), Henry County, Iowa. issue of $9,000 bonds.
ed an
Bechtel & Co. of Davenport have purchas
County, Neb.-BOND SALE.
WYMORE SCHOOL DISTRICT, Gage bonds was purchased recently
school builng
%
-An issue of $155.000
Nov. 1 1924. Denom. $1,000.
by the Peters Trust Co. of Omaha. Date
1926; $3,000. 1927 to 1932, incl.;
Due Nov. 1 as follows: $2,000. 1925 and 1942,incl.; $6,000. 1943 to 1945.
to
1939
84,000, 1933 to 1938,incl.: $5,000,
1950 and 1951. and $9.000, 1952
incl.; $7,000, 1946 to 1949, incl.; $8,000, & N.) payable at the office of the
(M.
to 1954, incl. Principal and interest
Legality approved by Chapman,
County Treasurer at Beatrice, Neb.
Cutler & Parker of Chicago.
Statement.
Financial
82,401,375
Assessed valuation, as returned 1924
155,000
Total bonded debt (this issue only)
Population, estimated. 3.200.
[VoL. 119.
-Installment
-An issue of $34,000 5% 30
FOREST,Ont.-BOND SALE.
C. II. Burgess & Co. on
bonds of the town of Forest has been awarded to
were as follows:
a bid of 97.33. Bids
46 03
97.33'Macneill, Graham & Co
C. H. Burgess & Co
95.11
96.52 W. C. Brent & Co
Bird, Harris & Co
-Reports say that an issue of $12,327
HANOVER,Ont.-BOND SALE. to Bell, Gouinlock & Co.. at 101.50,
-installment bonds was sold
5%% 20
were as follows:
the money costing 5.32%. Bids
100.63
101.501W. C. Brent & Co
Bell, Gouinlock & Co
100.63
101.36 J. L. Goad & Co
C. H. Burgess & Co
99.41
Gundy & Co
101.26 Wood,
Gairdner, Clarke & Co
-Following is a list of the bids
-BIDS.
MANITOBA (Province of).
43% refunding bonds sold to a
received for the purchase of the 83,720.000
a basis of about
syndicate headed by Wood, Gundy & Co. at 95.021119, p. 2561.
4.89% (Canadian funds) as was stated in V.
Eng. N. Y.
Payable CanadaFor Bonds
Gundy
A.E. Ames & Co.; Dominion Securities Corp.; Wood,
Snowden _95.02 95.12
& Co.: J. A. Thompson & Co.; and Strang & E. H. Rollins
Kerr, Flemming & Co.; Lee, Higginson & Co. ;ts Trust Co__ ____ 94.01
& Sons; Northern Trust Co.: Illinois Merchan
McDonagh,Somers& Co.; Macneill,Graham & Co.; Dyrnent.
&
Anderson & Co.; Cochran. Hay & Co.; Aird, McLeod
93.87
Co.; C. H. Burgess & Co
t & Co.; Estabrook & Co.: W. R. Compton
Kissell, Kinnicut
& Commrecial
& Co.; First National Co.; Continental Co.; McLeod,
Trust & Savings Bank; Hayden, Stone &
93.85
Young, Weir & Co
&
McDonagh, Somers & Co.: Blodget & Co.; Paine, Webber
Rutter & Co.: Redmond & Co.; Hornblower & Weeks:
Co.;
93.78
W. A. Harriman & Co
Matthews & Co.: McLeod, Young, Weir & Co.: Hanson93.61
T. Leclerc, Inc.; Bell, Gouinlock & Co
Bros.; Rene
93.546
Bank of Montreal
Equitable Trust Co.; Halsey, Stuart & Co.; Blair & Co.;
s 8z Co.; Cochran,
Canadian Bank of Commerce: Matthew
93.383
Hay & Co
92.87
The National City Co
& Co.:
Gairdner, Clarke & Co.; Guaranty Co.; Blyth, Witter
92.649
Bankers Trust Co.; The Detroit Co
NG.-Tho School Commissioners of
Canada and
BEDFORD, Que.-BOND OFFEEI
up to 8 p. m. Dec. 9 for
Alternative bids were asked for asked for bonds payable in
of Bedford will receive bids dated Oct. 1 1924, with
the Catholic schools
London, and bonds payable In Canada and New York.
-year bonds,
the purchase of $24,000 55.5% 30
Secretary-Treasurer.
Interest payable at Bedford. F. Fortin,
.
-An IMO Of 515:720 5347 sewer
MIDLAND, Ont.-BOND SALE.
& Co.,
Macneill,
-Bird, Harris
SALE.
we are informed, maturing from 1925 to 1953, was sold to
BERTIE TOWNSHIP, Ont.-BOND 10
% -installment bonds at 101.50, bonds, & Co., at 102.91, without coupons. The bonds are guaranteed bq
Graham
reports say, were awarded $27,378
The bids
follows:
the county of Simcoe, and the cost to the town will be 5.24%.
the money costing 5.19%. Bids were as
100.75
coupons; 0. H
101.50 Matthews & Co
were as follows: Macneill, Graham & Co., 102.91, without
Harris & Co
without coupons;
Municipal Bankers Corp----100.75
101.45
Burgess & Co. bid 103.33 with coupons and 102.14
}Ioniser, Wood & Co
Gundy & Co.
Nesbitt, Thomson 8z Co_ --_100.66
Municipal Bankers Corp. bid 103.13 with coupons: Wood.
.McCoo. Padmore & Co----101.21 Wood, Gundy & Co
100.58
without coupons:
101.20
bid 99.27 without coupons: Bird, Harris & Co. bid 100.72G. A. Stimson &
Goss, Fergie & Co
100.57
& Co
Goad
McLeod, Young, Weir & Co., 102.88 without coupons;
Dyment, Anderson & Co_ -101.038 J. L. , Young, Weir & C0-100.43
Ltd., 95.53 without
McLeod
Co.. 98.53, without coupons; Toronto Bond Exchange,J. L. Goad & Co.,
Dominion Development Co__101.03 W. C. Brent & Co
100.31
101.01
coupons: Matthews & Co., 162.60 without coupons: with coupons.
C. H. Burgess St Co
100.25
y
-Macka
101.01 Mackay
Hay & Co
162.17 with coupons; and W.C. Brent & Co.. 102.11
Cochran,
-Following Is a
Commissioners
Que.-BOND DESCRIPTION.
GREENFIELD
ST. CHARLES, Que.-BOND OFFERING.-Tho School
-year serial sidewalk and sewer construcPARK,
description of the 3.55,00053i% 10 al at 99.46. a basis of about 5.620 as will receive bids Up to 2 p. m. Dec. 10 for the purchase of $30,000 5:5%
7,
the Provincial
bonds sold to Le Pret Municip
authorized loan is for a tern of forty years, but years. Bonds
tion
. $100 and $500. Int. M. & N. bonds. The
was stated in V. 119, p. 1874. Denoros $20,000 bonds are dated May 1 Government has authorized the loan for an initial term of ton Cadieux, Sec.J. A.
Due in 1 to 10 years. Of the above total
dated July 1 1924 and are payable at Montreal.
are
1924 and $535,006 July 1 1924.
Treas., 10 Cadieux Ave., Montreal North.
NG.-Rlds are invited up to 7.30
-The Royal
DORION, Que.-BOND OFFERI$20,000 534% 30
-DEBENTURE SALE.
-year serial bonds,
SASKATCHEWAN (Province of).
the purchase of
-year debentures of Meleval
P. m. Dec. 10 forl. The bonds firstly due up to $88,000 will be delivered Bank of Canada has purchased a block of 5% 30
No. 20, and Flowing
at Montrea
payable
of the issue will be delivered for $6,000 Drainage District No. 17, Soevreign Drainage District
The bonds were
as soon as printed, and the balance
totaling In
1926. The town is also asking separate Well Drainage District No. 21,as follows: all $33,900.
Juno 30 1925 and 46,000 June 30 J. B.A.Favreau,Secretary-Treasurer.
purchased at par. Bids were
100.00
48,000 of bonds.
bids for the first
99.24
-year -Royal Bank
-Recently $9,200 6% 15
Galloway, Cleary & Co
FERME NEUVE, Que.-BOND SALE.
98.265
Regina Brokerage & Investment Co
serial school bonds were sold locally at par.
98.00
Agencies, Ltd
-We are informed that the town has Re/ n
FORT ERIE Ont.-BOND SALE. $8,000 5;4% 20
Drainage Districts Nos. 17 and 21, and 97.58
Nay & James bid 97.48 for
-year school bonds
-year sewer and
sold 5212.000 535°',, 30
for Drainage District No. 20.
to Bird, Barris & Co. at 96.
CANADA, its Provinces Munalitieicip ands.
FINANCIAL
FINANCIAL
NEW LOANS
S500,000
City and County of
SIMON BORG & CO.
Honolulu
Members of New York Stock Exchange
No. 46 Cedar Street
-
- New Yoi
all or any
Sealed proposals will be received for Honolulu.
of
part of $500.000 City and County Improvement
HIGH-GRADE
Hawaii, Gold Tax-Free Public December 15
Bonds, denomination $1,000. dated redeemable
INVESTMENT SECURITIES
1924. payable December 15, 1934,
interest five
December 15, 1929, coupon form, Juno 15 and
(5) per cent, payable semi-annually payable at
December 15, principal and interest e & Trust
Honolulu or United States Mortgag of holder.
Company, New York City, at option approved
The issuance of these bonds has been America.
by the President of the United States of
and County of
Issued to pay the share of the City Improvements.
Honolulu of making certain street
value of
Bids should clearly shoe the total par accrued
bonds desired and amount, together with offers to
bidder
interest to date of delivery, which
by certified
pay. Bids must be accompanied company to
check upon solvent bank or trust County of
order Treasurer of the City and
par value
Honolulu, in amount of two per cent
sful bidders
MANILLA, SISAL. JUTE
bonds bid for. Checks of unsucces of bonds,
will be returned by mall after award retained
ho
and checks of successful bidders will
thernfrr.
until delivery of bonds and payment right to
Noble and West Streets, Brooklyn,N.Y.CIty Failure to make payment will forfeit all will be
nying bid
bonds, and check accompa
as liquidated
collected and proceeds retained in bid, each
damages. Unless otherwise statedfor all or any
offer
bid will be understood as an
No bid can be
part of total amount of bonds.
log
accepted for less than 98. d under supervision
Bonds have been 'prepare & Trust Company
Mortgage
SOUTHERN MUNICIPALS
the United States
as to
City, which has certified
of New York signatures and seal impressed
Cumberlano Tel. & Telep. Co. As
genuineness,
bonds will be approved by
& St. Lents By.
Nashville Chattanooga
thereon. Legality of
NEW YORK
Nashville & Decatur By.
JOHN C. THOMSON, ESQ,
opinion will be furnished
Nashville Railway & Light Cs. ilecurititell
CITY, whose approving
bidder.
114 Union Street to successful be received at office UNITED
NASHVILLE. TENN,
Bids will
COMPANY,
STATES MORTGAGE & TRUST
York City, until 12 o'clock
55 Cedar Street. New
office Treasurer, City and County
noon, and at
until equivalent time on
of Honolulu. Hawaii,Bonds will be delivered as
December 19, 1924.
agreed upon by purchasers and
may be mutually
The
Members New York Stock Exchange
Treasurer of City and County of Honolulu. Form
all bids.
right is reserved to reject any andmay be had on
HARTFORD
of proposal to purchase bonds
application to above.
D. L. CONKLTNG, Treasurer.
City and County of Honolulu.
t Securities
Connecticu
December 1, 1924.
AMERICAN MFG.CO.
ROPE & TWINE
ier
High Grade Investment Securit
Commercial Paper
Bankers cAcceptances
Hibernia Securities Co., Inc.
Hibernia Bank Building, New Orleans
New York
Atlanta
Dallas
Southern Municipal and
Industrial Securities
MOORE,HYAMS, & CO., Inc.,
810 Common Street
NEW ORLEANS
5% Public Improvement Bonds
Caldwell & Company
BALLARD & COMPANY
@FedFRASER