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The.
oninurrtzti
nancial.
Ft
rontde
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Ra.lway Earnings Section
State & Municipal Compendium
VOL. 120.
Bank and Quotation Section
Bankers' Convrntion Section
}SATURDAY, FEBRUARY 14 1925.
NO. 3112
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LONDON Orrios—Edwards & Smith. 1 Drapers' Gardens. London. E. C.
sooner it is dropped, the sounder the position will
WILLIAM B. DANA COMPANY, Publishers,
be in the end.
Front, Pine and Depeyater Streets, New York
After all the twaddle about international finance
Published every Saturday morning by WILLIAM B. DANA COMPANY. that has recently been indulged in on both sides of
President and Editor, Jamb Seibert: Business Manager, William D. Rim:
Tress.William Dana Seibert Sec. Herbert D.Seibert. Addressee of all. Office of Co. the Atlantic, it is refreshing to have this vigorous
assertion of the application of old-time doctrines to
The Financial Situation.
the problem. We do not, however, wish to be underHartley Withers, the eminent British economist, stood as agreeing to one other assertion that Mr.
has arranged to write a series of twelve articles on Withers makes. For ourselves we never had the
International Finance, and we deem ourselves forleast fear that the "American monetary and banking
tunate in having secured exclusive rights of publicasystem" was "in danger of being broken down" by
tion for these articles in the United States. The
the continued inflow of gold.
articles are designed to appear monthly, and each
article will deal with the most important question
Merchandise imports are again slightly larger in
under discussion in financial circles throughout the January, as they were in December, otherwise the
world at the time of writing.
latest figures on the foreign trade of the United
The first of these articles appears to-day and is States are not especially significant. Imports for
entitled "America and the Gold Standard." It will January this year were valued at $346,000,000 and
be found on a subsequent page, namely page 757. exports at $447,000,000, these figures contrasting
In view of the intimations that have recently again with $333,561,000 the value of merchandise imports
come from Washington that the Federal Reserve for December and $295,506,000 the corresponding
banks might through their open market operations figures for January 1924, while exports for Decenienter upon a policy of buying British trade and fi- ber were practically the same as last month, $444,nance bills—a policy which would have precisely the 880,000, and for January 1924, $395,172,000. Imopposite effect to that intended in that it would ports in January this year are $50,500,000 larger
serve to lower money rates in London instead of than they were a year ago, while exports in compariraising them—we content ourselves by reproducing son with January 1924 show an increase of $52,830,here merely the following two paragraphs from the 000. With the exception of three months in the early
article in which the author speaks of the danger of part of 1923, when there was quite a spurt in the
foo much "spodn feeding," though, of course, it is not movement of merchandise into the United States,
to be supposed that he had the Federal Reserve banks which soon subsided, merchandise imports in January this year are the largest in value of any month
even remotely in mind in making these remarks:
of
There is some danger that America's anxiety to since 1920. Out of the 49 months since the close
re-established in England and that year there have been four months in which the
see the gold standard
throughout Europe, may lead to too much policy of value of merchandise imports was less than $200,spoon-feeding, producing a position dominated by in- 000,000 and 30 months when the amount was between
genious and artificial arrangements rather than the $200,000,000 and $300,000,000. The remaining 15
free play of economic forces, which is the only sound months all form part of the past two years, to which
basis on which the restored gold standard can ulti- reference has already been made.
mately stand.
As to merchandise exports there are nine months
The great benefit of the old monetary system on
since 1920 in which the value has been in excess of
which America,England and most of the great mone-
ght Thronicit.
738
THE CHRONICLE
[VOL. 120.
$400,000,000, and five of the nine months cover the prevails on British debts to America
and certainly
period since August of last year. Exports of cotton a lower interest rate will
be allowed on the Allied
and wheat contributed materially to the enlarged debts to England, the amount
to be made up by the
movement in the closing months of 1924, and while Allies—always provided the Dawes plan
works—
they continued to be quite large in January of this may be still further reduced." Continuing
his outyear, the reduction in the value of merchandise ex- lines of the reply, the "Times" representat
ive said
ports that appears in the statement for last month is that "the British Government makes
it plain that it
in large measure due to the smaller shipments abroad regards the inter-Allied debts
as having been conof the two important commodities mentioned.
tracted in a common cause and therefore is willing
For the seven months of the current fiscal year to go as far as it can afford to
lessen the burden of
that have elapsed since June, merchandise imports the less rich Allies. The note
concludes by saying
have amounted to $2,106,867,840, contrasting with the British Government hopes
the French Govern$1,999,952,275 for the corresponding period of the ment is ready to make offers along
these lines." He
preceding fiscal year, an increase of $106,915,565. likewise reported that, "in making
public the note
For the same period of 1924-25 merchandise exports Finance Minister Clementel said
he regarded it as a
have been $2,947,425,651, against $2,617,205,080 for friendly offer that would be
studied by the French
the corresponding months in the preceding fiscal Cabinet and experts and that probably
a reply would
year, an increase of $330,220,571. The excess value be made within the next three weeks.
He said it
of merchandise exports for the seven months ending was possible and he and Premier Herriot
would go to
with January 1925 was $840,557,811, against $617,- London later to discuss the debt problem
with the
252,805 the excess value of merchandise exports for British Government, but that no definite
plan had
the corresponding seven months of the preceding yet been made. M. Clementel denied that
he had any
fiscal year.
plans for going to Washington on a debt mission,
As is known, gold exports during January of this pointing out that in the present circumstanc
es such
year were exceedingly heavy. The amount is now a trip would be impracticable for him."
According
shown to have been $73,488,505 by the official fig- to the same dispatch, "those in touch with
the situaures for that month issued yesterday. This is, we tion know perfectly well that the French
intend to
believe, the largest on record for any single month. finish with the problem of the British debt
before
Imports of gold have frequently exceeded that beginning any serious negotiations with
America.
amount. The largest gold exports for any year was Unquestionably the French feel that the
substantial
for 1919, when the total value was $368,185,000. For reduction by England on the ground that the
inter.
1920 it was $322,091,000 and for 1917 $291,921,000, Allied expenditures were made in the common cause
but for no other year have gold exports approached provides them with a strong argument for similar
these figures. In December 1924 exports of gold treatment by the richer United States. On the other
were $39,674,653, while for January 1924 they were hand, once France knows her definite commitments
only $280,723. Gold imports last month were $4,223,- to England she will, of course, be in a clearer posi147, against $45,135,760 for January 1924. Silver tion to discuss and consider her other obligations."
imports in January of this year were $7,303,770 and
exports $11,307,707.
Word came from London the same evening that
"English press comment on Winston Churchill's
The informal and unofficial discussion of a com- note to M. Clementel constitutes almost a chorus of
prehensive settlement of inter-Allied war debts has approval." The London correspondent of the
New
gone forward with renewed interest and vigor. The York "Herald Tribune" cabled that "the British
chief stimulus was found in the reply of Winston Government is prepared to consider the reduction of
Churchill, Chancellor of the Exchequer of Great the French debt to this country, 'provided the
prinBritain, to a letter from M. Clemente', French Fi- ciples of definite payment by France from her own
nance Minister, "asking for a statement of the pres- national resources is assured, without reference to
ent London Government's position on inter-Allied reparations.'" He also stated that the reply "sugdebts." Commenting upon the reply in a cablegram gests that it might be found convenient that French
to his paper on Feb. 8, the Paris representative of payments should be divided into two classes--one of
the New York "Times" said that "Great Britain of- fixed annual payments to be made by France irrefers to France an apparent reduction of almost two- spective of the DaNr,2s annuities in a particular year,
thirds of the French debt to England and invites and then a further annual charge on the French
Paris to make proposals to London for a settlement share of the Dawes annuities." Commenting upon
on that basis." He added that the reply "repeats this phase of the reply, the correspondent observed
the English position outlined in the Balfour and Cur- that "this is a compromise between the earlier Britzon notes, that Great Britain seeks to collect from ish viewpoint that the French payments should be in
Europe only what she must pay the United States inverse ratio to the German payments under the
and that London is ready to devote to liquidation of Dawes plan and France's position that her payments
the 14,200,000,000 gold marks she is to pay America should be directly proportional to the German payall England will receive in reparations payments, ments."
Later Paris cable advices indicated that the
and expects her allied debtors to make good the rest."
The correspondent further explained that "if the French were not as well pleased as at first repreDawes plan works well England's 22% share will, sented with the English reply on war debts. The
her experts calculate, yield her nearly 8,000,000,000 Paris correspondent of the New York "Herald Tribgold marks, present value. This will leave a theo- une" cabled on Feb.8 that"Finance Minister Clemenretic balance of something over 6,000,000,000 gold tel to-day issued for publication the text of the Britmarks to be paid by the Allies. But the present ish debt note to France without comment." He added
value of German reparations payments is figured that "it was evident, however, that French officials,
on a 5% interest basis and inasmuch as a lower rate with the opportunity to study the note closely during
FEB. 141925.]
THE CHRONICLE
the last 24 hours, have been able to detect behind the
liberal and friendly tone of the document a question
of principle which will be regarded as a dangerous
precedent, in view of France's obligation to come to
terms with the United States." Continuing, he said
that "England asks the French to prepare to pay a
certain proportion of the debt from the national
financial resources. If France therefore agrees to
allocate national revenues for the payment of even a
small proportion of her war debt to England, which
every French Government since the armistice has
contended would only be paid in proportion to German reparations, then a precedent will be established
permitting the United States to demand the same
treatment."
In a special cable message two days later from the
French capital to the New York "Times" it was
stated that "this morning's French papers indicate
increasing dissatisfaction with the terms of the British note. The Government is frankly warned against
being lured by the friendly tone of the note into recognizing the obligation of meeting its debts independent of the success or failure of the reparations payments as proposed by Winston Churchill." The correspondent even claimed that "this provision of the
note is so irritating to the French that the press is
almost unanimously in arms against acceptance of
the Churchill arrangement unless the objectionable
point is removed by discussion. The Government is
especially urged to remember that the manner of its
settlement with Great Britain will serve as a precedent in the settlement of the American debts and the
Churchill arrangement is contended would be undoubtedly a harmful precedent." Another representative of that paper cabled that,"from the standpoint
of America's international position and reputation
a most unfortunate feature of the situation brought
forward by the British debt note to France lies in the
fact that the matter is so handled as to seem to throw
upon the United States the moral onus for debt collecting among the Allies. That this is somewhat unfair does not alter the poignancy with which the contention is hawked about over here." He further suggested that the fact "that the matter should be seen
in this light is neither just nor pleasant for the
United States. When France gets ready to say to her
Allied debtors that she would not ask for anything
but for the fact that she must pay America and the
fact that England must pay America, the vicious circle will be complete, with every one's collection efforts whitewashed in European eyes except those of
Uncle Sam."
Purporting to forecast and outline the British attiture on the question of war debts, particularly in the
House of Commons,the London correspondent of the
New York "Herald Tribune" cabled on Feb. 9 that
"inter-Allied debts will be one of the most controversial questions discussed during the Parliamentary
session, which opens to-morrow. The British Government's note, which is expected to draw a practical
plan for repayment from the French, has a 'good
press,' only a few newspapers to-day criticising it on
the ground of excessive generosity at the expense of
British taxpayers." He stated also that "date for
the debate has not been fixed, but the subject can be
introduced in the form of questions and answers,
especially as the French Government is bound to
ask for military guaranties. For the last fortnight
a quiet campaign has been conducted to prepare the
739
country for concessions to France's demand for security—a demand which will be pressed with all the
more weight now that the Baldwin Government has
made clear its position regarding war debts."
It was claimed in several Paris and London cable
messages early in the week that probably Premier
Herriot would go to London to discuss the question
of inter-Allied debts. Proceeding still further in an
attempted forecast of what would develop at such a
meeting, the London representative of the New York
"Evening Post" said in a cable dispatch on Feb. 10
that"the Anglo-French conference over the questions
of debt and security probably will be held here late
in March." It was pointed out that"no definite date
could be set by the Foreign Office to-day, because it
is being left to France to take the formal initiative
in asking for a conference, thus avoiding the appearance of being summoned as a reluctant debtor by an
impatient creditor. But it was said that it was unlikely the conference could convene before the end of
March, and, as Foreign Secretary Camberlain is expected to attend the League of Nations Council meeting on March 9,it seems plausible that the conference
will not be held until after his return." Continuing,
he said that "indications now point to Great Britain's readiness to take up the question of guaranteeing France's security before the League's protocol
has gone through the long process of being amended
to an impotent or weakened form. London imagines
Premier Herriot will come to discuss security with
Prime Minister Baldwin and Foreign Secretary
Chamberlain, while M. Clementel, the French Finance Minister, simultaneously negotiates a debt
settlement with Winston Churchill, Chancellor of
the Exchequer."
In a cable dispatch on Feb. 10 the Paris correspondent of "The Sun" purported to give other features of the French position. In part he said: "The
French, approaching the British debt offer with extreme caution, are only now beginning to define their
attitude, and it will probably be some time before
negotiations advance appreciably. Churchill's proposal that France undertake fixed payments from
her own pockets in addition to the transfer of the
Dawes payments to Britain is held impossible. Herriot is urged to watch his step in conversations soon
to go on in London and Paris with a view to the interAllied debt conference in London in March, where
the question of American debts will be raised. Whatever Congress and American public opinion may say
and feel, one thing is certain—no Government of
France can pretend that the country is able to meet
its debt obligations in full. Before France can make
any serious bargain with Britain it must know how
far it can count on a reduction of the American
debt." Commenting upon the foregoing, he claimed
"that is only one of the many directions in which
France seeks to widen the debate into a general inquest into Europe's troubles."
It was increasingly evident as the week progressed
that the French would proceed cautiously in the making of commitments with respect to inter-Allied war
debts. On Feb. 11 the Paris correspondent of the
New York "Times" cabled that "the whole business
of England and America getting France to pay her
debts to them in the manner desired by London and
Washington comes down to the proposition of con-
740
THE CHRONICLE
vincing the French that, whether or not Germany
pays them, and whether or not Italy, Belgium, Jugoslavia, Russia, or any other creditor pays them, they
must pay what they owe in addition to repairing all
damage done by all the combatants on French soil."
Continuing, he said: "Up to the present time the
French have not been ready to make such an arrangement. Whether they ever will is doubtful. They
stand on the position that if Germany does not pay,
France not only should not but cannot pay her debts
to England and America. America has steadfastly
refused to permit any connection to be established
between reparations and the French debt to her, and
now England asks the French to promise to pay certain annuities without reference to receipts from
Germany, at the same time agreeing to accept also
payments based on the Dawes annuities. It is just
on that point that long and painful negotiations will
have to take place before any important steps are
made toward an arrangement with England, and of
course, the American debt waits on the settlement
with England. In addition, what they regard as
the material unfairness of England's proposal is that
the less Germany pays the more France must pay.
The French see political danger in any such arrangement, for they say England would have no longer a
proper interest in making Germany pay, since the
Allies would have to make good any default by Germany in paying England's part of reparations, both
German and Allied payments going to meet England's debt to America."
[VoL. 120.
one, and that Herriot, like Poincare, will try to keep
debts on the same track with reparations payments
and hold an eventual settlement in the balance until
France obtains a security guarantee."
The Paris representative of the New York "Times,"
on the other hand,suggested that"publication within
a few days of the inter-Allied military report on Germany will reopen the very important discussion of
French security between Paris and London. To this
discussion the French attach more importance than
to the debt negotiations, and although technically
the two subjects are independent, actually the solution of either will have a bearing on the other. In
other words, the French will feel much more willing
to make the effort necessary to pay England if they
feel that England will agree to some form of protective guarantee against Germany."
Seemingly there has been undue haste on the part
of several Governments in discussing at this time
seriously the payment of inter-Allied war debts. This
is the opinion said to have been expressed by S. Parker Gilbert, Agent-General for Reparations, just
before leaving London for Berlin on Feb.11. He was
quoted as having "expressed regret that the subject
of inter-Allied debts had come up at this time for
discussion!' According to a special London cablegram to the New York "Times" that evening, Mr.
Gilbert said "it is too early. It need not have been
debated for a couple of years yet. We shall have to
wait and see how the money comes in and how much
France gets from Germany." The correspondent
added that "at the same time Mr. Gilbert is very well
satisfied at the atttitude the Germans are taking
toward him. On March 1 they are due to pay 100,000,000 gold marks on the railroad bonds and this,
he says, will be forthcoming. He also agrees with
the views ascribed to Premier Herriot that the Dawes
plan is a considerable step toward security. As soon
as it comes into operation it will bring with it a more
peaceful atmosphere between France and Germany
and will lay a quite heavy enough burden on the German Government to discourage it from indulging in
large expenditures on such matters as competition in
armaments."
It was made clear in London dispatches also that
if a conference were held at that centre on war debts
in the near future the British Government would not
be willing to come to definite terms promptly, but
only to discuss the situation. The London representative of "The Sun" cabled on Feb.11 that "it is clear
from statements made in the highest quarters here
to-day that the British Government is strongly opposed to any plan to hold an inter-Allied conference
in London in the near future where war debts, the
problem of security and the occupation of Cologne
would all be discussed as interrelated issues. Churchill's note is a basis for discussion, not, it is pointed
out, a basis for a bargain in the settlement of the
several major political issues confronting Europe."
The most definite step on war debts taken up to
He added that, "while Churchill is determined to that time by either the French, British or Italians
pursue the debt negotiations as a business proposi- with respect to war debts was announced in Paris on
tion, Chamberlain at the Foreign Office seems Feb. 11. The Associated Press representative at that
equally determined not to let Britain's position in centre cabled that "the Finance Committee of the
Cologne be mixed up with the wider question of se- Chamber of Deputies, in agreement with Premier
curity. It is contended that until Germany fulfills Herriot, to-day appointed a sub-committee charged
the terms of the Versailles Treaty in respect to dis- with the duty of studying the question of the interarmament Britain is within her legal rights in re- Allied debts. The sub-commitee, whose duties are
maining in Cologne. Chamberlain is awaiting the officially described as 'the study of the financial
report of the control commission before going any clauses of the treaty of peace,' consists of 15 memfurther, although Liberals and Laborites desire the bers, three of whom belong to the Opposition. It
earliest possible evacuation oif the Cologne area." will meet Friday." He said also that "the sub-comCommenting upon the reported change in the atti- mittee consists of Deputy Auriol, Chairman of the
tude of the French toward the recent reply of the Finance Committee, and Deputies Violette and LaBritish on the debt question, "The Sun" correspond- moureaux, and a special representative of the Forent stated that "the sudden about-face of the French eign Relations Committee of the Chamber, all named
press regarding Churchill's debt note has come as a ex-officio; and Deputies Klotz, Nogaro, Bonnet, Darude shock in some quarters after the first favorable riac, Blum, Bedouce,Pate, Pietri and the Opposition
reception, although it is not such to far-sighted poli- Deputies Du Bois, Du Pouet and Bokanowski."
ticians and financiers, who expected that after a
second reading of the document there would be a reThe discussion of the payment of war debts was
vulsion of feeling. It only confirms their views that not limited to Great Britain and France. Italy took
the road to debt settlement is a long and tortuous her stand also. On Feb. 10 the Rome representative
Fr.13. 141925.]
THE CHRONICLE
of the New York "Evening Post" cabled that the
Italian Foreign Office authorized the following statement of the Government's position: "Italy wishes to
make full recognition of its debt to the United States
and its obligation to pay. In the councils of the
Government there is no desire to repudiate one penny
of the loan made by the United States. The ultimate
liquidation of the debt naturally must depend on
the nature of the terms and conditions which the
Italian representatives succeed in obtaining at Washington. The Italian Government is much more desirous of arranging terms it honestly can accept and
fulfill rather than conclude a more liberal agreement, which later might prove financially impossible. Accredited representatives and experts are con,
sidering these questions which look toward the early
opening of a debt discussion." The correspondent
suggested that "the evident frankness with which
the Foreign Office discussed the matter brought
forth the question of when and how these direct negotiations might take place." He added that "the
fact that certain American Senators are inquiring
'when and how and how much will Italy pay?' did
not disturb the outward calm of the Foreign Office
official. It was indicated that Italy was making all
speed in the arrangement of details and that she was
optimistic. Outside the realm of Foreign Office decorum, it is said confidently that Italy must seek
long terms and easy terms, but that it might soon
begin actual hard cash payments—be they ever so
small."
Only a day later it was stated in a special Rome
cable message to the "Post" that "Giacomo di Martino, formerly Ambassaor to Tokio, who was appointed to succeed Prince Gelasio Caetani as Italian
Ambassador to Washington, will sail from Naples
on Feb. 18 for America, where his duties will consist mainly in paving the way for an equitable adjustment of the Italian war debt to America and a
diplomatic interpretation of the American immigration restrictions, which Italy sees as more of a blow
to herself than other nations."
According to a wireless message from Rome to the
New York "Times" yesterday morning,"the decision
of the Executive Council of the Fascist Party to begin a press campaign of agitation both in Italy and
among Italians abroad in favor of 'considering the
inter-Allied debts as not only indissolubly connected
with reparations, but also as intimately bound up
with the territorial and economic results of the
World War,' finds the whole Italian press, both
Fascist and Opposition, in agreement, probably for
the first time in two years. The attempt to cut down
Italy's foreign liabilities to the minimum figure is
supported by all Italians." The correspondent also
stated that "it was explained in official circles, however, that the decision of the Fascist Executive Council in no way affected the Government's oft-repeated
policy that Italy must face her international obligations to the fullest extent permissible by her economic condition if her creditors insisted on payment."
Prussia has a Chancellor again. On Feb. 10 the
Berlin representative of the Associated Press sent
word that "the Prussian Diet to-day elected Dr. Wilhelm Marx, former Chancellor of the Reich, as Premier of Prussia. Dr. Marx received 223 votes, as
against 162 for Herr Richter of the People's Party.
The new Premier will try to form a Governmentfrom
741
the parties of the Left. The Coalition Government
the ex-Chancellor has in mind would comprise Socialists, the Democrats and the Center Party. Failing in that effort, he may attempt thelormation of a
non-partisan Ministry." It will be recalled that "the
Prussian Ministry headed by Otto Braun resigned
last month on an adverse vote in the Diet, but Herr
Braun shortly afterward was re-elected to the Premiership and made an effort to reorganize his Mia
istry. He failed because the People's and Economic
parties would not participate in a Ministry in which
the Socialists, to which party Herr Braun belongs,
predominated."
al
The British Parliament reassembled on Feb. 10
after an eight weeks' recess. While mention has not
been made in London cable advices of important developments in the House of Commons,Winston Spencer Churchill, Chancellor of the Exchequer, was
quoted as having announced at the session on Thursday that "His Majesty's Government are in full
agreement with the declared intentions of previous
Administrations to revert to the gold standard at the
earliest possible moment. But I am not in a position
to make a more definite statement at present." This
statement was made in reply to a question, and when
urged for more information the Chancellor was said
to have expressed the wish that "the members would
not press him."
Risto Ryti, Governor of the Bank of Finland, who
has been in London, and may visit the United States,
was quoted in a cable dispatch from the British capital yesterday morning as saying that "Finland's economic and financial position was so strong that she
was considering returning to the gold standard in
the near future, but in his opinion she could not do
so until England had led the way."
No change has been reported in official discount
rates at leading European centres from 10% in Berlin; 77 in Paris and Denmark; 6 7 in Norway;
0
/0
1
2
5127 in Belgium and Sweden; 57 in Madrid and
/ 0
0
47 in London, Holland and Switzerland. In Lon0
don the open market discount rates remain at 3%@
3 11-16% for short bills and 334@313-16% for three
/
months,the same as last week. Call money, however,
/ 0
was firmer, reaching 3147, but finished at 27870,
/
against 2%7 a week ago. In Paris the open market
0
discount rate continues to be quoted at 6147 and in
/ 0
Switzerland at 2347, unchanged.
/ 0
The Bank of England showed another small
addition to its gold holdings this week, namely,
£4,143, while reserve increased £621,000, as a result
of contraction in note circulation of £716,000.
Moreover, the proportion of reserve to liability
advanced to 18.84%, as against 15.66% last week.
Substantial reductions were recorded in deposits.
Public deposits fell off £1,479,000 and "other"
deposits no less than £19,832,000. Loans on Govern-.
ment securities decreased £21,684,000, while loans
on other securities declined £228,000. The Bank's
stock of gold now stands at £128,577,329, as against
£128,083,422 a year ago and £127,493,425 in 1923.
Reserve totals £23,477,000, in comparison with
£22,634,327 in 1924 and £25,224,195 a year earlier.
Note circulation is £124,848,000. This compares
with £125,199,095 a year ago and £120,719,230 in
1923. Loans amount to £73,459,000, as contrasted
with £69,431,421 and £70,623,032 one and two
742
THE CHRONICLE
[Vox,. 120:
The weekly statements of the Federal Reserve
years ago, respectively. No change was made in
the official discount rate from 4%. We append banks were issued at the close of business on Thursherewith comparisons of the' several items of the day, as usual, and revealed continued decline in gold
holdings, as well as further expansion in bills disBank of England 'statement for a series of years:
counted. At New York there was a loss of $31,200,BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1923.
1922.
1924.
, 1925.
000 in gold reserves. Rediscounting of Government
Feb. N.
Feb. 11.
Feb. 13.
Feb. 14.
Feb. 15.
secured paper declined $2,800,000, but rediscounts of
124,848,000 125,199,095 120,719,230 121,752,490 127,810,040
Circulation
9,569,000 14,466,839 19,517,200 14,911,673 15,562,933 other bills gained $18,600,000.
Public deposits
Holdings of bills
115,082.000 104,354,872 106,726,844 137,461,763 114,041,917
Other deposits
Governm't securities 45,819,000 44,849,182 48,507,299 64,425,565 43,512,016 bought in the open market increased $8,100,000. An
73,459,000 69,431,421 70,623,032 80,565,920 85.201,513
Other securities
increase of $25,300,000 was shown in earning assets,
Reserve notes & coin 23,477,000 22.634,327 25,224,195 25,460,029 18,945,955
Coln and bullion-128,573,329 128,083,422 127,493,425 128.762,519 128,305,995 although deposits fell off $11,100,000. For the SysProportion of reserve
20%
161(%
14%% tem as a whole gold stocks were reduced $24,000,000.
19.05%
18.84%
to liabilities
7%
4%
4%
3%
4%
Bank rate
Here also rediscounting of bills secured by Government obligations declined—$16,800,000. On the
The Bank of France continues to report small gains other hand, rediscounting of other bills was augin its gold item, the increase this week being 100,925 mented by $26,200,000. Open market purchases were
francs. The Bank's gold -holdings, therefore, now $16,600,000 larger. Earning assets expanded $27,aggregate 5,545,698,600 francs, comparing with 300,000. Total deposits, however, declined $25,000,5,541,073,135 francs at this time last year and with 000. In both reports, local and national, Federal
5,535,733,698 francs the year previous; of the fore- Reserve notes in actual circulation expanded, $23,going amounts 1,864,320,907 francs were held abroad 200,000 for the System and $1,800,000 locally. Memin both 1925 and 1924 and 1,864,344,927 francs in ber bank reserve accounts indicated shrinkage—$19,1923. During the week silver increased 278,000 000,000 for the banks as a group and $7,200,000 at
francs, advances rose 133,843,000 francs and Treas- New York. Further lowering in reserve ratios was
ury deposits were augmented by 915,000 francs. On recorded as a result of the reduction in gold holdings.
the other hand, bills discounted fell off no less than In the combined statement the ratio is shown to be
1,493,773,000 francs, while general deposits were 76.9%, a loss of .5%, while at New York the decline
reduced 128,214,000 francs. Note circulation took was 1.8%, to 74.6%.
a favorable turn, a contraction of 81,027,000 francs
being reported. The total outstanding is thus
Reductions in both loans and deposits, accombrought down to 40,777,648,000 francs, contrasting panied by t shrinkage in surplus reserve of more
with 38,932,819,805 francs at the corresponding date than $70,000,000, thereby bringing about a deficit in
last year and with 37,176,064,280 francs in 1923. reserve, were the features of last Saturday's stateJust prior to the outbreak of war,in 1914,the amount ment of New York Clearing House banks and trust
was only 6,683,184,785 francs. Comparisons of the companies. In loans there was a decline of $39,429,various items in this week's return with the statement 000. Net demand deposits fell to $4,560,076,000, a
of last week and corresponding dates in both 1924 and loss for the week of $42,599,000. This total is exclu1923 are as follows:
sive of $15,835,000 in Government deposits, a falling
BANK OF FRANCE'S COMPARATIVE STATEMENT.
off in the latter item of $2,276,000 for the week. Time
Status as of
Changes
Feb. 13 1925. Feb. 14 1924. Feb. 15 1923.
fOr Week.
deposits decreased $11,416,000, to $580,056,000. MemFrancs.
Francs.
Francs.
France.
Gold Holdings—
100,925 3,681,377,693 3,676,752,227 3,671,388,770 ber banks drew down their reserves at the Federal
Inc.
In France
1,864,320.907 1,864,320,907 1,864,344,927
No change
Abroad
Reserve Bank $77,430,000, so that notwithstanding
100,925 5,545,698,600 5,541,073.135 5,535,733.698
Inc.
Total
305,065,000
297,259.906
278,000
290,392,157 the large shrinkage in deposits reserves were
Inc.
Silver
reduced
Bills discounted -Dec.1,493,773,000 4,807,414,000 3,575,160,102 2,760,216,050
Inc.133,843,000 3,071,748.000 2,441,324.391 2,092.597,656 $71,334,910, completely wiping
Advances
out the previous
circulation—Dec.81,027,000 40,777.648,000 38,932,819,805 37,176,064,280
Note
38,205,035
10,199,000
915,000
46,992,523
Treasury deposits_ -Inc.
week's excess reserves and leaving a deficit in the
General depos1ts...._Dec128,214,000 1,878,261,000 2,077.032.892 2,169,320,299
required legal reserve of $19,305,810. Cash in own
A further gain in gold, accompanied by con- vaults of members of the Reserve Bank increased
traction in note circulation, featured the report of $3,329,000, to $49,413,000, though this is not counted
the Imperial Bank of Germany, issued as of Feb. 7. as reserve. Other minor changes included an inThe statement shows that notes in circulation were crease of $422,000 in reserves of State banks and
reduced 61,724,000 marks. Loans from the lienten- trust companies in own vaults and a reduction in the
bank decreased 21,504,000 marks and other liabil- reserves of these institutions kept in other depositories of $206,000. The figures here given are on the
ities 1,164,000 marks, but other maturing obligabasis of reserve requirements of 13% for member
tions increased 71,930,000 marks. Holdings of bills
banks of the Federal Reserve System, but do not inof exchange and checks fell 123,901,000 marks and
clude cash in own vault amounting to $49,413,000
advances 34,598,000 marks, while investments deheld by these member banks on Saturday last.
clined 199,000 marks.
Among the increases were 3,525,000 marks in
In view of the deficit of over $19,000,000 disclosed
reserve in foreign currencies, 1,989,000 marks in
in the New York Clearing House bank statement last
silver and other coins, 9,231,000 marks in notes on
Saturday, the calling of loans by those institutions
other banks, and 120,915,000 marks in other assets.
/
was an expansion of 10,- and the advance in call money to 41 2% early this
In gold and bullion there
the Bank's stock of gold week were not surprising. Apparently the technical
576,000 marks, bringing
position was readjusted soon. At any rate, the rate
up to 844,807,000 marks, which compares with
/
year ago and 1,004,831,000 for call loans receded to 31 2%,although it advanced
467,031,000 marks a
circulation totals 1,839,531,000 to 4% yesterday afternoon. Time money was still
marks in 1923. Note
unchanged, both as to rates and degree of activity
marks. The above figures are given in goldImarks,
until yesterday, when an advance of % of 1% in the
each gold mark being equivalent to one trillion
asking price for some periods was reported.
paper marks.
For the first time in some weeks the report was
FEB. 14 1925.]
TH 11, CH
CLE
743
There have been no changes this week in Federal
revived that the New York Federal Reserve B
change its rediscount rate./Be- Reserve Bank rates. The following is the schednle
Governors would
cause of the holiday they met on Wednesday • stead of rates now in effect for the various classes of paper
of Thursday afternoon, as of late, and in due time at the different Reserve banks:
FEDERAL
announcement was made that the 3% rate still re- DISCOUNT RATES OF FEBRUARYRESERVE BANKS IN EFFECT
13 1925.
mained in effect. Apparently the demands for funds
Paper Mrattrino—
from the principal sources throughout the country
After 30 After 0
brit
Days. but
are largely unchanged. The time is not far distant
Within 5 Within 9
Within 90 Days.
Months. Month..
when more will be heard of the withdrawal of out-of. FEDERAL RESERVE
BANK.
town deposits for the financing of seasonal agriculCons'rcial Scoured
Agriel dt by U. S. Bankers' Trade AgrictiLe Airiest.
and
and
activities, first in the South and Southwest,
Livestock Govern** Accep- Acceptural
Paper
Oblioa- tances. tances. Livestock Livestoa
Paper. Paper.
lions.
then pretty generally in the leading crop grow51.6.8.
and
334
8%
334
334
334
Boston
ing sections. Speculation in stocks in the New York New York
8
8
a
1134
334
334
834
334
3%
Philadelphia
market has been on a somewhat larger scale, while Cleveland
3%
8%
334
8%
3%
334
4
4
4
4.
4
4
offerings of new securities have been made on only a Richmond
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
moderate scale. It is definitely reported that in the Chicago
4
4
4
4
4
St. Lotds
4
4
4
4
4
Minneapolis
4
near future several fairly large offerings of foreign Kansas City
4
4
4
4
4
4
4
4
4
4
4
4
Dallas
securities will be made in this market. While spe- San Francisco
334
834
3%
314
334
cial developments, like last Saturday's bank state- •Including bankers' acceptances drawn for an agricultural purpose and secured
ment, may affect call money rates temporarily, there by warehouse receipts. &o.
are still no Indications of important changes in the
The sterling exchange marketlxperiencedanother
money market as a whole.
efi,
dull, uneventful we— with the volume of business
comparatively small, and rate fluctuations lacking in
Referring to money rates in detail, loans on call
of pounds
as against significance. At the opening, selling
have covered a range of 3
was still in
3@4% a week ago. On Monday the high was 43/2%, against gold purchases for export to India
for demand.
with renewals at 332%. Tuesday, evidence and there was a decline to 4 763/2
the low 3
buying
although no loans were negotiated over 4%, the However, after a brief interval of weakness,
rallied to 4 78
ruling rate was advanced to 4%, with 33/2% still orders appeared and quotations
activity.
the low. Only one rate was named on Wednesday, although with no corresponding increase in
In the late dealings an additional factor in the dullness
and call funds loaned at 3% all day. Thursday
which
was a legal holiday (Lincoln's Birthday). On Friday was the intervention of Lincoln's Birthday,
was celebrated as a legal holiday in New York. The
31 % was again the basis for renewals, with 33/2%
A
were
the minimum. For a brief period firmness set in result was that values to a very large extent
determined by the movement of sterling in London.
and there was an advance to 4%. These are the
operations
highest figures recorded in some weeks and are ex- Local dealers showed very little interest in
aimlessly with
plained by heavy calling in of loans by local and and prices see-sawed back and forth
yesterday,
out-of-town banks. For fixed date maturities the no definite trend in either direction, until
of bills over the holiday
situation was quiet and the undertone firm. Towards when a small accumulation
the
the close lessened offerings caused a slight hardening on an inactive market caused a drop of a cent to
in the longer periods; so that four, five and six pound.
The one all-absorbing topic of discussion in foreign
months' money was quoted at 3%i@4%, as compared
exchange circles is, of course, when England may be
with 3% last week. Sixty days remains at 33'%
1%
expected to re-establish sterling at a parity. While
and ninety days 33 %, unchanged.
4
Mercantile paper rates have not been changed from bankers here appear confident that the date is not far
1%
33@3% for four to six months' names of choice distant, British financiers intimate that no decisive
character, with 3%@4% asked for names not so step is to be taken for the restoration of sterling to
well known. Trading was quiet with country banks par in the immediate future. The reason assigned
still the principal buyers. New England,mill paper for this is that the Bank of England is disinclined to
and the shorter choice names are usually dealt in take on the responsibility of support under present
unsettled conditions. It is argued that even with
at 332%.
Banks' and bankers' acceptances were a trifle the present stock of gold, a free market for the prefirmer for spot bills. A falling off in activity was cious metal might induce a demand that would prove
noted, chiefly as a result of stiffening in the call disturbing, while an advance in the Bank rate would
market and lighter offerings. For call loans against most certainly provoke protests in British trade
bankers' acceptances the posted rate of the American circles. Under these cirsumctances it is thought
Acceptance Council has been advanced to 3%, com- likely that affairs will be allowed to take a natural
t% last week. The Acceptance course without recourse to artificial measures. On
paring with 2%
makes the discount rate on prime bankers' this point, however, banking opinion is much divided
Council
acceptances eligible for purchase by the Federal since some adhere to their view that England will be
%
/ bid and 3% asked for bills compelled to.take action of some sort in order to
Reserve Bank 31 8
running 30 days, 33j% bid and 3%% asked for bills preserve the prestige of the pound.
%
8
Referring to day-to-day rates, sterling exchange on
4
.
running 60 and 90 days, 3% bid and 3h % asked
bills running 120 days, and 3%% bid and 33.% Saturday last was easier and demand declined to
for
4
3
asked for bills running 150 and 180 days. Open 4 763'@4 77%, cable transfers to 4 76, @4 77Vz
market quotations follow:
4
and sixty days to 4 74@4 743 , on freer offerings;
SPOT DELIVERY.
00 Days.
trading was inactive. On Monday a falling off in
90 Days.
30 Days
3
334e834
Matt Callb10 bwe
the supply of bills and covering of shorts induced
FOR DELIVERY WITHIN THIRTY DAYS.
3% bid firmness and an advance of about 1 cent occurred,
Eligible member banks
334 bid
Eligible non-member banks
to 4 77 1-16@4178Y1for demand, to 4 77 5-16®
744
THE CHRONICLE
[VoL. 120.
4 783/i for cable transfers and to 4 74 9-16@4 75% incident and the quotatio
n after a drop to 1.59,
for sixty days. While irregularity prevailed on hovered around 1.62%.
The other minor European
'Tuesday, rates were maintained and demand ruled exchanges were about steady,
except Czechoslovakian
:a trifle higher, at 4 773'@4 78%, cable transfers at crowns, which continue to
rule around 2.953/®2.96.
2
4 77%@4 78%, and sixty days at 4 74%@4 75 8
The London check rate on Paris closed at 90.00,
.
Wednesday pre-holiday dulness prevailed. Trading as compared with 88.80 last
week. In New York
'was reduced to a minimum and prices, which were sight bills on the French
centre finished at 5.253 ,
%
largely nominal, ruled at 4 77 7-16@4 783 for de- against 5.3734; cable
transfers at 5.269.1, against
mand, 4 77 11-16@4 783/2 for cable transfers and 5.3834;commercial sight bills
at 5.243, against 5.363.1,
%
4 74 13-16®4 753 for sixty days. Thursday was a and commercial sixty days
at 5.193/2, against 5.31 a
legal holiday (Lincoln's Birthday). An accumula- week earlier. Antwerp
francs closed at 5.03 for
tion of offerings marked the resumption of business checks and at 5.04 for
cable remittances, in comon Friday, with a light inquiry; hence rates were parison with 5.13 and
5.14 a week earlier. Closing
lower; demand bills moved down to 4 77®4 77 9-16 rates on Berlin marks were
23.81 for both checks
to 4 7734®4 77 13-16 for cable transfers and 4 7734® and cable transfers (unchang
ed). Austrian kronen
4 77 13-16 for sixty days. Closing rates were remained at 0.00143, the
same as last week. Lire
4 74 9-16 for sixty days, 4 77 13-16 for demand and finished at 4.1134 for bankers'
sight bills and at 4.1234
4 77 5-16 for cable transfers. Commercial sight for cable transfers. This
compares with 4.14 and
bills finished at 4 76 15-16, sixty days at 4 72 13-16, 4.15 the previous week.
Exchange on Czechoninety days at 4 72 5-16, documents for payment slovakia closed at 2.963 , against
%
/
2.955 s; on Bucha(sixty days) at 4 73 1-16, and seven-day grain bills at rest at 0.519j, against 0.51
8; on Poland at 1934
476 7-16,and cotton and grain for payment4 76 15-16. (unchanged), and on Finland
at 2.53, against 2.52
Fewer engagements of gold for export were recorded last week. Greek exchange finished
at 1.613/2 for
this week. J. P. Morgan & Co. announced a ship- checks and at 1.62 for cable transfers
. A week ago
ment of $2,500,000 to Hamburg for account of the the close was 1.62 and 1.623'.
Reichsbank, making a total of $45,000,000 shipped
thus far. To India consignments were as follows:
In the former neutral exchanges very little move$2,000,000 by the Farmers Loan & Trust Co.; $1,- ment was discernible in any
direction during the
750,000 by the Equitable Eastern Banking Corpor- greater part of the week. Even
guilders were slugation; $2,000,000 by the International Banking Cor- gish and moved within narrow limits,
at within a
poration; $400,000 by the Chartered Bank of India; point or two of 40.23 until Friday when
the quotation
$100,000 by Hardy & Harmon, and $300,000 by the receded. Swiss francs and the Scandina
vians were
Mercantile Bank of India. Two shipments of $110,- about steady at the levels prevailing
a week ago,
000 were made to Egypt and $100,000 to the Argen- though closing weaker, except
Denmark, which
tine.
firmed up slightly. Spanish pesetas were appreciably lower, declining more than 7 points on publicaThe Continental exchanges were sluggish, with a tion of more complete details of the Morocca
n situageneral drift toward lower levels, although this was tion. Until recently news had been severly
censored.
the result of a lack of interest rather than any un- The outlook is regarded as unfavorable,
indicating
toward development. As a matter of fact the whole continued large military outlays.
market appears to be still marking time until further
Bankers' sight on Amsterdam closed at 40.173/2,
progress has been made in the direction of normality; against 40.22; cable transfers at
40 213/2, against
.
hence day-to-day changes almost wholly reflected 40.26;commercial sight bills at
40.113/, against 40.16,
2
conditions prevailing abroad. Belgian francs failed and commercial sixty days at
39.7532,against 39.80 a
to repeat their performance of the recent past and week ago. Swiss francs finished at
19.26 for bankers'
the quotation was easier, ranging between 5.05 and sight bills and at 19.27 for cable
transfers, against
5.10, with a low of 5.02, as against a high record 19.283/2 and 19.293/2 last week.
Copenhagen checks
level of 5.23 a few days ago. Trading showed a closed at 17.78 and cable transfers
at 17.82, against
material falling off. Dealers are somewhat at sea 17.753/2 and 17.793/2. Checks
on Sweden finished
about the future of the French franc. Few, if any, at 26.91 and cable transfers at 26.95
(unchanged),
are increasing their holdings, but attempts at specu- while checks on Norway closed at
15.23 and cable
lative short selling usually emanate from abroad. transfers at 15.27, against 15.24
and 15.28 a week
In the final dealings selling forced prices down earlier. Spanish pesetas closed the
week at 14.19 for
to 5.2434. It is rumored that France is endeavor- checks and at 14.21 for cable transfers, comparis
in
on
ing to negotiate another loan in this market and with 14.28 and 14.30 on Friday of
last week.
should this be attempted, it would bring to a head
As regards the South American exchanges, there
discussions between American and French finan- was not much doing and .the
undertone was weak,
ciers regarding a permanent revaluation of the with a declining tendency, on heavier
offerings and
franc. Some predict that it will be brought about a light demand. Argentine pesos
finished at 39.60
by the establishment of a new unit, somewhat along for checks and at 39.65 for cable
transfers, against
the lines of the German rentenmark. Italian lire 40.03 and 40.08 last week, while Brazilian milreis
were dealt in to a very limited extent and ruled closed at 11.42 for checks and at
11.47 for cable
weak at close to 4.13, with a closing rate of 4.111 . transfers, as compared with 11.39
4
and 11.44 a week
A factor which tended to depress both lire and ago. Chilean exchange moved irregular
ly, receding
francs was the slump in wheat prices, which has to 10.88, but rallying and closing at 10.71, against
stimulated foreign buying of grain. German 11.03 last week. Peru was firm and advanced to
marks continue to vary a half point between 4 24, but slumped and finished at
4 16, against 4 21
23.81 and 23.803/, while Austrian kronen remain the week preceding.
2
'unchanged. Greek exchange is still heavy as a
Notwithstanding the activity in silver dealings,
result of the recent tension over the Greco-Turkish and expectation of continued gold exports
for India,
THE CHRONICLE
FEB. 14 1925.]
745
The following table indicates the amount of bulFar Eastern exchange showed no important change.
at 554@56, against 55.78@563/s: lion in the principal European banks:
Hong Kong closed
/
Feb. 14 1924.
Shanghai 75%@77%, against 757 0376%; YokoFeb. 13 1925.
Banks of
Total.
Silver.
Gold.
hama 39%@40, against 38%@39; Manila 50@50X,
Total.
Gold.
Silver.
against 494@50;Singapore 563.1@56 (unchanged),
128,083,422
128,577,329128.083,422
England_ 128,577,329
Bombay 36%@36M (unchanged), and Calcutta France a__ 147,255,108 12.200,000 159,455,103 147,069,128 11,880,000 158,949.128
33,302,900 28.391.200 3,475,400, 31,866,600
Germany c 32,308,300
d994,6001
I b2.000.000
b
62,000,000 b2,000,000
Aus.-Hun. b2,000,000
363/2@36% (unchanged).
26.249,000 127.355.000
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:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 7 1925 TO FEB. 131925. INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money,
Country and Moneta
Unit.
Feb. 7.
Feb. 9.
Feb. 10. Feb. 11. Feb. 12. Feb. 13.
3
$
$
3
EUROPE$
$
.000014
.000014 .000014 .000014 .000014
Austria, krone
.0504
.0511
.0510
.0510
.0512
Belgium, franc
.007325
.007311 .007300 .007343 .007344
Bulgaria, lev
.029554
Czechoslovakia. kron .029518 .029528 .029538 .029529
.1781
.1777
.1778
.1777
.1778
Denmark, krone
England, pound s .
4.7753
4.7774
.7697
4.7813
4.7783
ling
.025209
.025200 .025204 .025209 .025216
Finland, markka
.0528
.0536
.0530
.0539
.0538
France, franc
.2380
.2380
.2380
.2380
Germany.reichsmark .2380
.016182
.016013 .016283 .016313 .016171
Greece, drachma
.0422
.4a26
.4026
.4025
4024
Holland, guilder
.000014
.000014 .0F)014 .000014 .000014
Hungary. krone
.0412
.0414
0414
.0414
.0414
Italy. lira
.1526
1527
.1527
.1527
.1526
Norway. krone
.1918
.1918
.1919
1918
Poland. zloty
.1918
.0487
.0488
.490
.0488
.0487
Portugal, escudo
.005138
Rumania,leu
.005162 .005169 .005159 .005164
.1422
.1421
.1418
Spain. meta
.1427
.1426
.2695
Sweden,krona
.2694
.2694
.2694
.2695
.1927
.1928
.1929
.1928
.1928
Switzerland, franc
.016332
Yugoslavia, dinar
.016127 .016284 .106380 .016384
HOLIASIAChina.7750
DAY
.7746
.7754
Cheefoo, tadl
.7775
.7742
.7744
.7741
.7747
.7734
Hankow.tael
.7763
.7527
.7534
.7530
.7525
Shanghai, tadl
7543
.7850
.7846
.7842
.7871
Tientsin, tadl
7892
.5531
.5539
.6543
Hong Kong, dollar_ .5543
.5538
.5505
.5502
.5508
.5494
Mexican, dollar_ ___ .5555
Tientsin or Pelyang
.5542
.5550
.5558
.5550
5579
dollar
.5658
.5654
.5663
.5654
Yuan, dollar
.5683
.3573
.3575
.3575
.3577
.3579
India. rupee
.3900
.9323
.3924
.3931
Japan, yen
.3887
.5547
.5556
.5546
.5544
Singapore(S.S.),dolla .5533
NORTH AMER.
.998721
Canada, dollar
.998263 .998213 .997988 .998208
1.000116
Cuba, peso
1.000039 1.000039 1.000156 1.000156
.493333
Mexico, peso
.491875 .494083 .494333 .492750
.995990
Newfoundland, della .995365 .995729 .995365 .995521
SOUTH AMER.
.89653
.9035
Argentina, peso (gold) .9079
.9061
.9058
.1135
.1137
1137
Brazil, milreis
.1120
.1122
.1066
.1083
Chile, peso (paper)...._ .1093
.1092
.1087
.9518
.9555
9587
Uruguay. peso
.9540
.9572
•The new reichemark is equivalent to 1 rentenmark or 1 trillion paper marks
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained 13,518,157 net in cash as a result of the currency movements for the week ended Feb. 12.
Their receipts from the interior have aggregated
14,731,515, while the shipments have reached $1,213,358, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ending Feb. 12.
Banks'Interior movement
Into
Banks.
Out of
Banks.
$4.731,515
S1.2133581Gain 53.518.157
I
Gain or Lost
to Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday.
Feb. 9.
Feb. 7.
Tuesday, Wednesd'y, Thursday, Friday,
Feb. 10. Feb. 11. Feb. 12. Feb. 13.
3
Aggregate
for Week.
$
$
$
$
$
$
79.000,000 79,000.000 66,000,000 77,000,000 Holiday 120000000 Cr. 311,000.000
foregoing heavy credits reflec the huge mass of checks which come
-The
Note.
rum all parts of the country in the operation of
to the New York Reserve Bank
These large credit balances.
the Federal Reserve System's par collection scheme. operations with
the Clearing
part of the Reserve Bank's
however, reflect only a
in New York City are represented in
House institutions, as only the items payable
The large volume of checks on institutions located outside of
the daily balances.
at these balances, as such checks do
New York are not accounted for in arriving deposited with the Federal Reserve
not pass through the Clearing House but are Clearing House banks.
of the local
Bank for collection for the account
Spain
101,437,000 26.464,000]127.901.000 101,106.000
35,583,000 3.572,0001 38,955,00035,027,000
Italy
Nettled d 42,041,000 1.313.0001 43,354,000 48.476,000
Nat. Belg_ 10,890,000 2,972,0001 13,862,000 10,819,000
'
Switzerl d 19,954,000 3.581,0001 23,535,000 21,474,000
13,026,000 15,093,000
Sweden_ _ 13.026,000
Denmark _ 11,640,000 1.154,0001 12,794,000 11,643.00
8,180,000 8,182,000
Norway
8,180,000
3,412,000 38,439,000
0001 49,319,000
843,
3.062,000, 13,881.000
2,562,000, 24,036,000
15,093,000
468,000 12.111,000
8,182,000
51,951,400009,315,150
Total week 552,891,737 52,050,6001604,942.337 557,363.7
Prey. week 552,658,757 51,695,600 604,354,357 557,890.571 52,662.400610,552.971
6
a Gold holdings of the Bank of France this year are exclusive of £74,572,83
held abroad. b No recent figures. c Gold ho dings of the Bank of Germany thlg
year are exclusive of £11,531,600 held abroad. d As of Oct. 7 1924.
Exempting the Farmer from Taxation-The
Report of the Agricultural Conference.
According to a "Third Report" by the President's
Agricultural Commission, as published by us in our
issue of last week (pages 652 to 654), any co-operative organization should be deemed eligible for tax
exemption if its activities are restricted to the service
of its members, and if "its entire revenues from these
activities have inured directly to the benefit of the
members." Unpleasant as it is to refer again to this
much vaunted method of pulling agriculture out of a
hole, we are compelled to call attention to the manifest inequity of continuing this form of gratuity. The
Conference takes it for granted that there is no objection to the exemption of the co-operative organizations. It says: "The Revenue Act of 1924, as well
as those which immediately precede it, recognizes
that the provision for exemption of co-operatives
from Federal taxation is sound public policy and
equitable in its effect." But is this statement of the
case correct? Is it sound public policy to grant such
exemption?
The matter is brought up at a time when the
farmer is reveling in two-dollar wheat, and if this
does not show a profit sufficient unto taxation what
price will? We have heretofore expressed doubt as
to the "co-operative" plan and our doubts are not yet
dissipated. And there is a curious story in point
that has been advanced to the effect that the farmers
are now blaming Mr. La Follette for their not having
any wheat left to sell at this two-dollar rate. It is
recalled that during the campaign there was a
marked advance in the price of wheat and that Mr.
La Follette and his Progressives attributed this to
artificial "manipulation" in order to elect Mr. Coolidge. The farmers naturally sought to take advantage of this "temporary" advance and marketed their
holdings. Consequently, many of them now have no
wheat to dispose of at the still further advance and
they blame the politicians for misleading information.
Now, would not a co-operative association be just
as likely to be misled by a political campaign as the
unorganized farmers? You may answer "No! Here
is where the co-operative association would bring to
bear superior and systematized knowledge and would
hold on for the higher price." But would it work out
that way in practice? Remember, the officers and
managers of the "Co-operative" would be farmers
selected by those wheat raisers who thus pool their
crops. Admitting "for the sake of argument," that
these managers would be possessed of knowledge superior to present independent dealers, would they
not hesitate to turn down a "good thing" for a future
uncertainty? Again, suppose they held on and held
746
T1TE CHRONICLE
[VoL. 120.
on too long? What would be the result on the "Co- ently do not result in this impasse.
In every town
operative" of holding this bulked wheat until the in the wheat belt there is a mill and an elevator,
someprice fell—and to point possibly lower than that at times operating in conjunction, sometime
s not. Octhe time of consignment? Does the wheat grower casionally there is a chain of mills with the
consefully understand that by this process he is putting quent shutting down of a mill;
but for the most part
himself into a position to lose as well as to make. As the farmer can exchange his wheat for flour at
the
matters now stand independent dealers take all the small mill in his marketing centre. With the farmer
chances in the change of price, be the cause natural selling his grain under the thousand-and-one
incenor artificial, and bear the losses as well as the gains, tives of personal interest
the distribution is more
while the farmer now proposes to place himself en- even than will likely occur
under the reign of allied
tirely at the mercy of his agents?
co-operatives. Wheat and flour are thus kept near
But turning from this, what right has an organiza- together in price in local
markets.
tion of farmers to escape taxation more than an orAs for the distant markets, large mills and large
ganization of dealers? Do not all corporations act users of flour have the advantag
e of sending buyers
for their members and pay the "entire income," over into the field to take
advantage of local conditions,
and above costs of operation, to their stockholders? the needs of an independent
local mill or elevator, the
Why invite the farmers to engage in a hazardous possible glut in a section of
overabundance, and the
business by offering them the lure of escape from price to the consumer thus remains more
nearly stataxation? These co-operative marketing associa- tionary, more in keeping with the
natural profits in
tions are not benevolent or charitable institutions. supply and demand. But the
local consumers of
If a farmer have wheat in his own granary at the wheat under the proposed extensio
n of the system will
date of assessment for State taxes under the usual soonest feel the pinch of arbitrarily
enhanced price of
law he must pay tax upon it. If he hasten to assign the finished product. Moreove
r—good wheat is like
it to the "co-operative," where, under the Federal law good money—the cheaper kind will
drive the dearer
it cannot be taxed, can the State still collect? But kind out of the local market. The
cp-operative, tendone thing is certain; if he sell it before the date of the ing by its very nature to drive the local
mill and eleState assessment, and for the further reason that the vator out of business, will make the
farmer himself
price is right, the State cannot tax wheat (nor the and the small town resident in the
wheat section pay
Federal Government), whatever may be said as to more for his flour. Under the grading
processes the
taxing the returns therefor. This is one of the prac- good wheat will be sold farthest from
the centre of
tical issues involved, but not the main issue. As we production, and such as is ground at
home by remainsee it, the farmer by this method surrenders not only ing mills will be naturally of inferior quality.
It is
the right to sell individually, but he invites a condi- no answer to say that this condition may
just as well
tion of wholesale gambling on future prices.
occur under the rule of present independence. It
What can a "Co-operative" do by holding wheat does not for the simple reason that there is a
natural
against the world-wide influences that affect price? competition between wheat ground at the
local mill
If the farmer sometimes may escape losses by pre- and that ground at the large milling centre.
The
mature selling he may also incur losses by continued local miller is interested in retaining his
local marholding. And once his wheat is consigned he has ket. One of the chief difficulties
of these marketing
nothing more to do with it. Of course, in a super- associations is that they must perforce
look to the
ficial view, an agent should not be taxed on the prop- long distance market and thus they
ignore the intererty or profits of his owner. But when the object of ests of the very communities in which they
exist.
the creation of an association is higher price and
Perhaps the most successful marketing associagreater profit the agent becomes in reality the prin- tions we have in this country are in
California. These
cipal and should be taxed as any other business is deal with citrus fruits and other peculiar
semi-troptaxed. If the products of the farms are to escape ical products. And it is not altogether
a jest when
Federal taxation, or, more properly, the increased some disgruntled tourist declares "if you
want a
profits of the handling of the products, why not hold- good orange, go to New York City." These
associaing corporations for feeding out the products of the tions in selling in markets where there is competit
ion
factories? Would these be in "restraint of trade," in kind are compelled to sell their best abroad.
But
and do not the co-operatives come under the same with this 'class of products there are few necessar
y
rule? The principle involved in this proposition is intermediaries between producer and consumer.
The
wrong. Somebody, somewhere, some person or busi- associations deal in finished products. Warehous
ness, must pay for the taxation thus remitted. Why ing is not a vital factor since the product is assured
should two-dollar wheat entitle the farmer to ex- of consumers of a class that buy non-necessaries.
emptions, or are we to legislate on the assumption The entire native product is an insignificant total in
that dollar wheat is the standard?
value compared with our cereals. Few local facSuppose these co-operatives for marketing to exist tories undertake to manufacture out of the
raw maall over the United States, will not a possible effect terial. And it is a long jump to try to
parallel the
be the "cornering" of wheat? It matters not that success (not without exceptions) of these
with those
this "corner" of a perennial product has almost al- now proposed for wheat; and we
suppose corn,
way proved a failure in the end, are we to exempt though the bulk of billions of bushels
of corn is
organizations from taxation because they increase something staggering in itself. W6
have repeatedly
the price of bread to the poor? Even a partial corner said, and say again, there is no reason
why this exwill do this. The fact is that a combine of co-opera- periment may not be tried. .But it should
be done
tives, the ostensible purpose of which is to enhance independently of Government.
price will, as far as successful, induce sectional unThis insistence on eon-tinned freedom from taxarest and ill-feeling. Is it a good public policy to en- tion is disguised Socialism. Is it
not strange that
courage this by exemption from taxation? Our pres- our Government does not call a conventi
on of seers
ent system of mills and elevators acting independ- to consider the marketing of steel and its products
?
FEB. 141925.]
THE CHRONICLE
747
marks attributed to an interested member of the
Assembly from the county led the Governor to anticipate an attempt to secure the desired appropriation later, and he accordingly kept watch of subsequent legislation, going over the appropriations, as
he said, with a fine-toothed comb, but without discovering the item. Two or three years later he was told,
much to his surprise, that the bridge had been built,
but only after protracted and diligent search was
the appropriation found, tucked away in a bill for
the construction and repair of State roads, but with
nothing in the title of the act to show that money for
the bridge was appropriated by it. It is probable
A Proposed Budget System For The State of that a good many similar evasions of policy, if not
New York.
actual violations of law, would be found if the statTwo proposals for the establishment of a State utes were carefully examined. It is perhaps too
budget system have just been laid before the New- much to hope that the adoption of a budget system
York Legislature. One, championed in particular by would make such secret appropriations impossible,
Governor Smith, requires a constitutional amend- but it would at least insure that they were made
ment before it can be adopted. The other, brought more openly, and the taxpaying public would have a
forward by Republican members in opposition to the better chance of knowing what was going on and exGovernor's plan, provides for the establishment of a posing the transaction.
Hardly less important than publicity, however, is
budget by statute. The difference of procedure is
the proposal to give to the Governor the power to
important, and the relative merits of the two proposals will doubtless be fully argued when the bills veto items in appropriation bills, instead of limiting
come up for debate. Regarding the necessity of a him, as now, to approval or disapproval of a bill as a
budget system for the State, however, there is hardly whole. Senator Knight, who spoke in opposition to
room for difference of opinion, and since both propo- Governor Smith's plan at the meeting of the Bar Assitions look to the same general end, it is to be hoped sociation, urged that the adoption of such a practice
that the question will be treated in the statesmanlike would make the Governor "a virtual Tsar," empowway that its importance deserves, and not as a mat- ered to "cripple and destroy the effectiveness of every
department, despite any provision of any Constituter of partisan politics.
tion." The objection seems somewhat strained. A
Governor Smith has begun by putting the discussion, as far as his own proposal is concerned, on a similar power of veto is already enjoyed by the Govhigh plane. In an eloquent speech delivered on Sat- ernors of a number of the States without, apparently,
urday, Feb. 7, before the Bar Association of the City entailing the mischievous consequences which Senof New York, he pointed out that while the consti- ator Knight predicted, and an amendment of the Fed•
power to the
tutional control of the Legislature over the raising eral Constitution granting the same
and expenditure of public money is, of course, to be President has been repeatedly proposed in Congress.
preserved, a budget is necessary in order to put an Governor Smith, in his own defense of the budget
end to the confusion, overlapping, extravagance and plan, made clear his devotion to the complete separaquestionable practices which have long prevailed in tion of legislative and executive powers which the
legislative procedure. The budget, to be drawn up State Constitution embodies. It does not appear
by the Governor and the heads of the various execu- that the Legislature, in case the proposed budget
tive departments,is to be limited, apparently, to the system were adopted, would be shorn of its constituordinary and necessary expenses of the State Gov- tional right to override a veto by vote of the two
ernment. The Legislature would still have power to Houses, nor is it probable that a Governor would
diminish any of the items recommended, but it would deliberately invite the criticism which the veto of a
not have power to increase them, and any additional particular appropriation might entail, unless the apappropriations for general purposes, together with propriation itself were seriously open to attack.
all appropriations for special objects, would have to There is abundant experience, Federal as well as
State, to show that objectionable items in appropriabe carried in special acts.
One of the strong points in Governor Smith's tion bills are often passed over because of the descheme, aside from the introduction of system and rangement of the public service that might follow a
regularity in the management of the State finances, veto of the entire bill; and while such an extension
is the publicity which it would enforce in the matter of the veto power as Governor Smith asks for might,
of appropriations. In his speech to the Bar Associa- in the hands of an unscrupulous Executive, be
tion, Governor Smith gave a graphic account of the wrongly exercised, it is a settled maxim of our conway in which appropriations for local or special pur- stitutional law that a power, appropriate in itself, is
poses are frequently inserted in general bills by com- not to be denied merely on the ground that it may be
mittees sitting behind closed doors, and of the steam- abused.
The opposition plan of the Republicans, which
roller methods which are often followed in carrying
elaborate general appropriation bills through the As- professes to follow as far as possible the provisions
sembly. One illustration which he cited, while not of the Federal budget law, is further advocated on
without humor as he presented it, carried a lesson the ground that it does not require a constitutional
that may well be pondered. A bill saddling upon the amendment for its adoption, but may be placed in
State the cost of building a bridge in Wayne County, the statute book at once by simple Act of the Legisla"contrary to the settled policy of the State that ture. The argument is not without weight. We are
bridges of this type should be bulit by the counties," not, in general, enamored of frequent constitutional
Constiwas vetoed by Governor Smith in 1920. Certain re- changes, and the tendency to imbed in State
Why do not copper, lead and zinc mines ask for a
commission to consider the best ways of marketing
their ores? Why do not crude oil producers rebel
against the refineries and call in the Government to
arbitrate, to provide for marketing associations, and
to bridge the black gulf between the tank and the
auto? Exemption from taxation of any business
enterprise is class favoritism. No one can now tell
just what form this farmer-association exemption
will take. But in principle it encourages unconstitutional steps on the part of Congress, and it is contrary to common justice and common sense.
748
THE CHRONICLE
[You 120.
tutions provisions which are properly matters of mission, has pressure taken
the form of intimation
statute law is certainly one to be deplored. It should from the Chief Executi
ve. Yet never was the Combe pointed out, however, that there is less assurance mission as a whole swayed
from its position as it saw
than one could wish that a budget system which it to be.
rested solely upon legislative sanction might not be
During these five years the Commission has used
tampered with for personal or party advantage. It freely its large power
in bringing the railways out
is legislative . bad faith that Governor Smith evi- of the chaos followi
ng the war. The public will redently fears, and his demand for a constitutional call the outright horizont
al increase in freight rates
safeguard is not lightly to be disregarded.
ranging from 25% in the South to 40% in the EastThe controlling principle, after all, is the desirabil- ern territory which the
Commission authorized, in
ity of the financial system that is proposed, rather one order in 1920, and
the subsequent 10% reduction
than the formal way in which it shall be secured. Of in 1922. They will
/
4
recall the decreed figure of 53 %
the imperative need of a practical budget system for return on railway propert
y promulgated under manthe State there can be no• reasonable doubt. The date of the law to
set the upper limit of undivided
colossal increase in the volume of State and local ex- railway profits. During
this period the slow process
penditure in this country, to which President Cool- of valuation has begun
to come to fruit and definiidge has more than once referred but which he is tions of important
principles governing rights of pripowerless to check, has not only become a menace to vate property have
been in the making. The San
business and social prosperity, but also goes far to Pedro Los Angeles
& Salt Lake valuation is pecuoffset the most scientific and rigorous economies liarly a case in point.
which the Federal Government may effect in its own
The absorption of the Chicago Terminal Railway
sphere. 'The fact that the great bulk of the money by the New York Central
was granted by the Comwhich the States annually expend goes for things mission, but later denied
by the Supreme Court. Abwhich the people desire and enjoy does not lessen the sorption of the Denver
& Rio Grande jointly by the
obligation of the State Governments to see that de- Western Pacific and the
Missouri Pacific has been
mands are reasonable, that the grasping hands of granted, also the absorption
of the International &
local influence are kept out of the State Treasury, Great Northern and the Gulf
Coast Lines.
and that the coat of progress is cut according to the
The whole question of general consolidation under
cloth. What is true of the States as a whole is par- the special provision of the
Act of 1920 has been
ticularly true of New York, with its immense annual opened up by promulgation
of specific tentative plans
tax levy for public purposes. If it be the case, as of consolidation and a protrac
ted procedure of pubGovernor Smith evidently believes, that the State lic inquiry, presentation
and argument by the railConstitution stands in the way of a budget system roads, extending to profoun
d considerations of railsuch as the State ought to have, then the Constitu- way policy.
tion should be amended so as to make such a system
Exercising its power to restrain railway extenpossible; if an equally beneficent result can be ob- sions, the Virginian Ry.
was not allowed to open new
tained by the simpler process of enacting a law, the mine fields upon the ground that
it was against pubLegislature will owe it to the people to "see that the lic policy to further develop
an industry already overlaw is given a fair trial. For his earnest insistence extended in its territory, but
the Wenatchie extenupon the need of substituting system for lack of sys- sion, on the contrary, was permitt
ed for reasons duly
tem, however, and his refusal to treat the question as set out.
one of party politics, Governor Smith is heartily to
The new power to enforce minimum rates was inbe commended, and the enthusiasm with which his voked in the salt case. The limits
of competition
address before the Bar Association was greeted is an that was construed to be in the
public interest were
impressive demonstration of the deep interest which discussed in the Ohio-Michigan
coal cases and the
his proposal has aroused.
assigned cars for bituminous coal mines cases. The
line of distinction between public regulation and priA Distinctive Service—Inter-State Commerce vate manage
ment was sharply brought out in the
Commissioner Mark W. Potter.
opposing opinions in the "Investigation of Constru
cMark W.Potter retired from the Inter-State Com- tion and Repair of Railway
Equipment" of the New
merce Commission in January, thus completing a York Central and the Pennsyl
vania, and other raillittle less than five years'service. It so happens this roads, and again in the
"Tionesta Case."
service has fallen upon five momentous years for
Perhaps pre-eminent among all the cases dispose
d•
railways. The Transportation Act of 1920 had just of is the so-called New England
Divisions case. This
become law when he was appointed. This Act is re- was first decided on the
principle that it was beyond
garded by some as the most important legislation by the power of the Commiss
ion to adjust general ineCongress in a generation. Some of its provisions are qualities among carriers
. On later consideration the
little short of revolutionary. But quite beyond any first position was reversed
and the Inter-State Comspecific provisions of the law, the legislation as a merce Commission
was sustained by the Supreme
whole probably set the high water mark of regula- Court. The issues here
are momentous. They reach
tion. It committed the country to the Anglo-Saxon to the vital determi
nations of the rights of private
theory of private ownership under Government con- property.
trol as distinguished from Government ownership.
In most of these cases Mr. Potter has been active,
With their greatly broadened powers under the concurring or dissenti
ng in explicit statement. In
Transportation Act of 1920, the political and eco- no case has
he hesitated or straddled or avoided.
nomic consequence of the Commission loomed large With uncanny instinct
each time he has gone to the
as never before. The acute distress of the Western heart of the issue,
never wasting consideration on
farmers sharpened the issues presented. The pres- superficial phases.
When in a valuation case origins/
sure brought to bear for rate relief was terrific. cost was not found because
records had been deOnly once or twice in the entire history of the Com- stroyed, his comment was"like
most impossible tasks
Fan. 14 1925.]
THE CHRONICLE
-
749
it can be done. We are not directed to report book expressed it in the "San Pedro Valuation Case":
entries. We are to investigate and report a conclu- "What the rate-making scheme of the Transportation
sion, and we are not relieved from that task if some Act accomplishes is in a sense a condemnation of all
one has made it more difficult by destroying the rec- the carriers for public use. . . . Ownership in the
ords. We arrive at our conclusion the same way we public interest, better than Government ownership,
arrive at other conclusions—by using the best evi- has been accomplished without Government expenditure and liability for loss and without the inefficiendence that is available."
Most impressive has been his fearlessness. cies of Government operation."
Throughout his expressions runs unyielding confiIn the valuation cases he did not confuse his nodence in the reasonableness and the competence of tion of property with merely existing physical things,
existing law and constitutional safeguards when loy- but grasped the idea of economic entity, of which
ally and intelligently applied. "Obviously our duty present physical property was of the nature of phase
is to apply the law as it is without regard to what we or evidence. Thus in the San Pedro valuation case,
think it ought to be;" "the law applicable to the task the cost of property abandoned in the course of debefore us is not plastic. . . . It is not a 'doctrine' velopment he held to be part of the present aggresubject to altering conditions. The principle that a gate of property if the expenditure was proper when
railroad is entitled to a fair return upon the reason- made. In the same category he included the losses
able value of its property devoted to public use is se- through the first years of development. The contencurely imbedded in the basic law. It is fundamental. tion of some members of the Commission for a valuaCourts interpret, proclaim and apply it, but cannot tion for a rate base as distinguished from a valuation
change it. The Congress is without power to alter for some other purpose he could not accept. He
it."
found no warrant either in the law or in reason for
His underlying conception has been the mainte- more than one valuation, but declared that the differnance of the individual and society at even balance ent valuations advocated were in effect valuations of
throughout all the economic shifts and under all the different things.
far-reaching extensions of individual power through
He insisted that a railway must be "well conindustrial and financial integration. An intrepid ceived." In the Atlanta Birmingham & Atlantic
individualist, yet he fought for the most advanced valuation case he expressed the theory: "Normal re.
interpretation of the social obligation of the carriers. production cost may be used as a base line upon •
His position in the New England Divisions case, which to start. Carriers should be valued above or
later sustained by unanimous decision of the Su- below that line according to their real value, as indipreme Court, was branded as pure Socialism. In cated by the merit of their conception, the advantage
that case he quickly went to the heart of the issue— of their location, the wisdom of their construction
"The Transportation Act has settled the carriers and their past, present and prospective transportaupon the high plane of public service. The aspect of tion service and the efficiency and economy with
private business enterprises entitled to all they can which they perform it!' He stood for sharp distincwin from their position and strength,limited only by tion between the "misconceived property on the one
what the traffic will bear, is no longer dominant. hand" and the "specially meritorious property on
Subject only to supreme decree on constitutional the other. The mantle of value is not to be stretched
questions, their revenues are to be limited to fair to cover waste, corruption or extravagance; nor is it
compensation for the services which they render. to be used to conceal exceptional worth."
The Congress has expressly applied to them the rule
A mind so keenly sensing the reciprocal obligawhich, in the present day, must be recognized with tions between society and the individual could not
increasing application to all industries—that enter- indolently err on the side of society by successive enprises are justified, primarily not for individual gain, croachments upon the rights of the individual. Regbut because the public needs them, and those who ulation was a distinct and different thing from directhus serve the public are entitled to receive as profits tion and management. Nor did the power of regulafair compensation for the service which they render." tion endow Government agencies with infallibility.
And in allocation of this compensation to the sev- In the inquiry into the construction and repair of
eral roads derived from the general rate base author- equipment by the Pennsylvania Railroad at outside
ized, he says: "We are required to take a group view shops in time of grave emergency, for which outside
of the carriers—to regard them as a group transpor- work it was alleged the railroad paid excessive
tation machine—and make an adjustment fair to all prices, Mr. Potter's comment was: "It is a manthe parts." . . . "The principle is only a recogni- ager's duty to do the thing which his judgment, based
tion of the fact that all shippers wherever they are, on his knowledge and experience at the time he is
are vitally interested in the maintenance of efficient called upon to act, suggests he should do. For him,
transportation everywhere and fairly may be charged that decision is right and free from criticism for all
with a share of the expense of such maintenance." time which seems right when made, no matter how
He construes it to be an important aim of the Trans- it turns out later. What we would have done if we
portation Act "to prevent certain carriers from re- had been in his place, with his perplexities, doubts
ceiving more than they were entitled to or need and and forebodings, is the only proper and fair question
to insure that other carriers will receive their needs." for us to consider." . . . "If railway operating
With such conceptions, an order re-allocating the officials, responsible for furnishing transportation
proceeds of the general rate base authorized, to his for the public needs, are to stop before acting and
mind "requires no taking from the respondents of wonder whether we are going to criticize them or not,
anything that belongs to them." "No carrier is en- the result, as far as the country is concerned, will be
titled to earnings except as they fit the purpose for far worse than the occasional losses which may occur
which the earnings were authorized."
through the courageous and prompt exercise of judgIt was Mr. Potter who first seized on this concep- ment." "We have not been erected into a supreme
tion of a national transportation system, as he later directorate of all the railways of the country."
750
THE CHRONICLE
[VOL. 120.
As power does not confer infallibility, he felt that is the blight of regulation. It is essential that those
in the exercise of their powers the Commission should in charge of it should dread their power and consesupport every conclusion by the specific reasoning quently be alert lest they misuse it." . . . "The
used, and substantiate every figure of valuation by purpose of the law is to free, not to fetter industry."
explicit supporting detail. To him there should be . . . "We represent the regulated interest just as
nothing occult or subtle or unexplained in regula- much as we represent the regulating power."
tion. Thus in the San Pedro valuation case he says:
In short, the public service has had in Mr. Potter
"It seems to me incumbent upon us to state how we a rarely courageous,independent, clear-thinking man
.arrive at the excess (of final sum valuation over the of large experience and undaunted optimism. In
tabulated figure of property value). To say that a these years of reconstruction following the war he
final figure represents a consideration of all the es- has met in a masterful way the intricate economic
sential elements I think is not compliance with the and social problems which confront railroad regulalaw.
. There is danger that such treatment will tion. He has boldly insisted that the railroads
be regarded 213'exhibiting a desire to prevent a car- should in letter and in spirit fulfill their obligations •
rier from reviewing our action and overturning our to the public, and by the same token he has insisted
conclusion!' . . . 'We welcome and desire court with equal force that the public respect the private,
review. We would point to and call attention to rights in property thus devoted to public service. He
doubtful questions and make a way for them to be has emphasized the sharp distinction between Govreviewed." •
ernment regulation and private management and
In the "Tionesta Case," having exposed what to urged that it be respected in the interest of the proper
him were the specific,fallacies in this particular de- functioning of both. He has conceived a national
cision, in his dissenting opinion he inveighs against transportation system operating under a status of
them as illustrations a the growing abuse of the reg- "ownership in the public interest." The measure of
ulating powers. ."Of.course nothing should be done him is best given by those who have had dealings
at any time that is not for the public interest. But it with him. An attorney of high reputation in argumust be remembered it is in • the public interest to ing a railway case before the Supreme Court, rekeep individuals and enterprises that make up the cently paused at one stage of his argument to express
public free tO do what they please so long as they do to the Court his estimate—"There have been three
pot injure tharek•of the public or invade their rights. great lawyers on the Commission since it was
Restraint by regulation in the abstract is abhorrent." created, Judge Cooley, Judge Knapp and Mr.
, . . "Onet of the great, menaces of the present day Potter."
Railroad Gross and Net Earnings for December
The earnings of 'United States railroads for the
closing month ofthe year 1924 make a much more
satisfactory showing than did the comparisons for
the month preceding It will be recalled that we
referred to the November exhibit as having been in
one sense a. distinct disappointment This was because it failed.to meet the expectations of sustained
improvement held out by the returns for September
and October, making it evident that depression in the
country's manufacturing industries had continued
widespread and that during that month at least the
recovery in business, of which there had been multiplying evidences since the day of the Presidential
election, had not made as much headway as had been
generally supposed, as far, in any event, as tangible
results were concerned A. very substantial loss in
the gross earnings for that month (November) was
found to have occurred, a loss of much larger proportions than in either of the two preceding months,
whereas the expectation had been that the falling off
would be smaller and possibly disappear altogether.
To be sure, -this loss in that month was more than
offset by a reduction in expenses, but even so, this
left a much smaller improvement in the net than in
the months preceding. The falling off in the gross in
November was $26,135,505, or roughly 5%, and this
was met by a saving in expenses of $32,485,896, or
8%,leaving a gain in net of $6,350,391, or about 5%.
On the other hand, the net earnings for October had
shown an increase of $26469,836, or 18%, and
for September $30,137,287, or somewhat over
22%.
For December, now, we have, as already indicated, a much more gratifying exhibit. The comparison is better in a double sense. In the first place,
gross revenues register an increase, instead of a decrease, and the gain in the net is larger in both absolute amount and in ratio. The improvement in the
gross, to be sure, is relatively small, being only $11,308,918, or no more than 2.29%, apparently warranting the conclusion that trade revivaleven in December
had not yet made any very great headway if railroad
revenue returns are to be accepted as a guide. But
the most significant feature in conection with this
increase in the gross earnings, as compared with the
year preceding, though it be small, is that it happens
to be the first month showing an improvement in
gross revenues since February 1924. In other words,.
February and December of last year are the only
months distinguished in that way, and in February
the increase was in part due to the circumstance that
1924 was a leap year and the month, therefore, had
one more working day than the corresponding month
of the year preceding. The increase in December,
therefore, is to be hailed as marking a definite turn
in the tide. The shrinkage in gross revenues has
reached its end and slow improvement is again discernible.
Fortunately, too, efficiency of operation and economy of expenditure continue a feature of the returns,
with the result that the gain in the net is correspondingly raised. With $11,308,918 increase in the gross
for the month, expenses were cut down in the sum of
$6,689,812, yielding, therefore, an improvement in
FEB. 14 1925.]
TT-TE CHRONICLE
the net in amount of $17,998,730, .or only a little
short of 17%. The roads were operated for only
75.34% of their gross earnings in December 1924 as
against 78.42% in December 1923, and the net for
1924 was $124,480,894, as against $106,482,164 for
the month in 1923, as will be seen from the following:
(±)
(—).
1924.
1923.
WMonth of December—
Inc.
or Dec.
236,196
235,875
Miles of road
+321 +0.13%
$504,818,559 $493,309,641 +811.308,918 +2.29%
Gross earnings
380,337,665 387,027,477 —6,689.812 —1.73%
Operating expenses
75.34%
78.42%
Ratio of expenses to earnings
Net earnings
$124,480,894 $106,482,164 +817,998,730 +16.90%
A point to be borne in mind with reference to the
increase in gross and net alike is that it follows mod• erate falling off in December of both the previous
years. The contraction in the gross in December
1923 (as compared with 1922) was not large, relatively speaking, being only $19,212,804, or 3.75%,
but it testified to a slackening in trade, of Which
much had been heard in the summer and autumn of
1923. This falling off of $19,212,804 in the gross was
attended by a reduction in expenses of $16,773,652,
or 4.15%,leaving, hence, a falling off in the net of no
more than $2,439,152, or 2.25%. In considering this
shrinkage in gross and net alike in December 1923
the circumstance should not be overlooked that comparison then was with extremely heavy totals in the
year preceding (1922)—so much so that some shrinkage in traffic and revenues was rendered inevitable
as a matter of course the moment the slackening of
trade made its influence felt. In reviewing the results for December of this previous year (1922) we
noted as an interesting fact that as the country got
further awayfrom the disturbinginfluence of the coal
miners'strike of the previous spring and summer and
of the railway shopmen's strike of the summer the
returns of earnings were becoming better. The addition to the gross in December 1922 over December
1921 was no less than $87,735,590, or 20.66%, and
though this was attended by an augmentation in expenses in amount of $52,530,924, or 15.10%, there
remained, nevertheless, an increase in the net of
$35,204,666, or 45.87%. There was, however, a qualifying consideration to take into account in connection with the big gain made in December 1922. Comparison being with December 1921 was with a period of intense business depression, with resulting
tremendous shrinkage in traffic and gross revenues,
forcing the carriers at that time to cut expenses to
the bone and the curtailment was carried to such
lengths that the reduction in expenses actually exceeded the falling off in gross earnings, thus leaving
a gain in net in face of the enormous contraction in
gross earnings. Stated in exact figures, our tabulations for December 1921 showed $120,615,992 falling
off in the gross earnings, or 22.87%, accompanied by
•a curtailment in expenses in the huge sum of $144,215,090, or 29.84%, leaving, hence, a gain in net of
$23,599,098, or 53.33%. As it happened, too, this
gain in the net in December 1921 followed a moderate gain in the net in December 1920, making the December statement for 1922 the third consecutive one
in which improvement in the net had been recorded.
The improvement in the net in December 1920, however, followed entirely from the higher schedules of
passenger and freight rates which had then been put
into effect a short while before. In December of that
• year business depression had already begun and a
• marked falling off in- traffic had occurred. But
owing to the advance in rates referred to, the falling
.
off in traffic was obscured, these advances having
751
been of large proportions and having hence offset
the loss of revenue from the diminution in traffic.
The increases in rates authorized by the Inter-State
Commerce Commission the previous July and put
into effect toward the close of August in that year
were notable for their extent; there was an increase
of 40% on the railroads in Eastern territory, of 25%
on the roads in the South and in Mountain Pacific
territory and of 35% on the Western roads. The.
increases were of such magnitude that it was estimated at the time that the effect would be to add
$125,000,000 a month -to the gross earnings of the
carriers. That was on the supposition that the volume of traffic would be maintained at the level then
prevailing. But as it happened; depression came
unexpectedly and with surprising swiftness. Instead of the $125,000,000 gain in gross earnings
counted upon, our tables showed a gain of only $96,073,439 and the difference between the two amounts
furnished some measure of the shrinkage in the volume of traffic which then so suddenly overwhelmed
the carriers. Not only that, but of this gain of $96,073,439 in December 1920 no less than $82,268,614
was consumed by augmented expenses, leaving only
the moderate gain of $13,804,825 in the net already
referred to. Moreover, this small gain in net came
on top of a whole series of losses in net in the same
month of the years immediately preceding.
In the great augmentation in expenses in December 1920.and prior years, and the huge rise in operating cost, we have the basis for the reduction in
operating ratio shown since then. Prior to December 1920, as just stated, our December compilations
had yielded very unsatisfactory results for many
successive years. For December 1919 the figures
showed some increase in the gross, on top of a very
heavy increase in 1918, but it was quite moderate,
being only $11,510,209, or 2.61%, and it was attended
by an augmentation in expenses of $17,893,529, or
4.53%, leaving the net earnings actually $6,383,320
smaller than in December 1918. And this loss in the
net in 1919 followed losses in each of the three years
preceding, in face of steadily rising gross revenues,
too. Thus in December 1918 the addition to gross
revenues reached no less than $102,757,756, or
30.62%, but as expenses were at that time rising by
leaps and bounds because of the great increase in
wages that the Director-General had just made, the
augmentation in expenses outran the improvement
in receipts, amounting, in fact, for that month to no
less than $143,786,626, or 57.55%. Accordingly, net
earnings fell off in the large sum of $41,028,870, the
decrease being 47.84%. In the two years preceding
—1917 and 1916—the showing was, as already noted,
of similar character, an improvement in the gross receipts being accompanied in both cases by a diminution in the net. It is true that these losses followed
important gains in gross and net alike in 1915, but
these gains in turn came after poor results as to both
gross and net in the two years immediately preceding. In the following we furnish the December summaries for each year back to 1906. For 1910, 1909
and 1908 we use the Inter-State Commerce totals,
but for the preceding years (when the Commission
had not yet begun to require monthly earnings) we
give the results just as registered by our own tables
each year—a portion of the 'railroad mileage of the
country being then always unrepresented in the totals, owing to the refusal of some of the roads at that
time to give out monthly figures for publication.
THE CHRONICLE
Gross Earnings.
Dec.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Nei Earnings.
Year
Given.
Year
Preceding.
Increase or
Decrease.
$
5
$
1906_ 135,735,226 124,733,435 +11,001,791 43,831,182 42,943,900
+887,282
1907_ 132,199,762 141,312,429 -9,112,667 34,354,158 45,998,206 -11,644,048
1908_ 205,777.451 194,222,311 +11,555,140 68,495,740 51.533.086 +16,962,654
1909.. 222,692,092 205,971,898 +16.720.194 68,467,305 68,653,301
-185,996
1910-- 236,835.304 220,870,151 +15.965,153 70,357,004 67,858,550 +2,498.454
1911_ 233,614,912 232.275,177 +1.339,735 81,225,377 56,766,970 +4.458,407
1912_ 263,768,603 234,087.361 +29,681.242 81.701,974 72,932,360 +8.769,614
1913- 254.218,891 266.224,678 -12.005,787 68,800.026 82,622.271 -13,822,245
1914_ 232,598,369 258,285,270 -25,686,901 61,134,950 68,274.222 -7,139,272
1915_ 295,202,018 232.783,070 +62,438,943 105.878.758 61,186,558 +44,692,200
1916_ 262.171,169 242,064,235 +20.106,934 83,237,395 86,302,108 -3,004,713
1917_ 343.875,052 317,836,386 +26,038.666 85,715.727 103,520,028 -17,804,301
1918_ 438,365,327 335,607,571 +102757756 44,738,149 85,767,019 -41,028,870
1919_ 451.991,330440.481.121 +11,510,209 38,536,432 44,919,752 -6,383,320
1920_ 539.197,615 443,124,176 +96.073,439 51,322.679 37.517,854 +13,804.825
1921_ 406.864,055 527,480,047 -120,615.992 67,849,188 44,250,090 +23,599,098
1922_ 512.433,733 424.698,143 +87.735,590 111,942,758 76,738,092 +35,204,666
1923_ 493,099,550 512,312,; -19,212,804 106.248,158 108.687,310 -2,439.152
1924-504,818,559 493,509,841 +11,308,918 124.480,894 106,482,164 +17,998,730
Note.
-In 1906 the number o roads Included for the month of December was 96;
In 1907,89:In 1908 the returns were based on 232,007 miles of road;In 1909, 239,481;
In 1910. 241,384: in 1911, 238 561; In 1912, 238,072; In 1913, 243,322; ln 1914.
246,807; In 1915, 248,437: In 1916, 216.811; In 1917, 247.988: in 1918, 232,774:
In 1919, 233,899: In 1920. 229 422; In 1921, 225,619; in 1922, 235,920: In 1923,
235.379; In 1924, 236,196.
As far as the separate roads are concerned, the
comparisons show the same irregularity as in the
month preceding, there being some noteworthy decreases in the gross as well as conspicuous increases.
There are likewise a few decreases in the net, but the
increases are much more numerous and also much
more prominent. As a matter of fact, the increases
in the gross also outnumber the decreases. Among
the Eastern trunk lines the Pennsylvania Railroad
reports a decrease in both gross and net
-$2,016,134
in the former and $3,561,295 in the net, taking the
Pennsylvania System in its entirety, including all
reads owned and controlled. The New York Central,
on its part, reports $214,806 decrease in gross, but
$3,296,601 improvement in the net. This is for the
New York Central proper. Including the various
auxiliary and controlled roads, like the Michigan
Central, the "Big Four," ete., the whole going to form
the New York Central Lines, the result is a loss of
$399,561 in the gross, with $5,347,116 increase in the
net. The Baltimore & Ohio reports $1,139,905 gain
in gross and $2,217,244 gain in net; the Erie $1,014,580 falling off in gross and $366,009 in net. The anthracite carriers show the same irregularity, the
Delaware & Hudson and the Lackawanna reporting
small losses in both gross and net, while the Reading
has $193,690 gain in gross and $1,486,798 in net and
the Central of New Jersey $31,076 decrease in gross,
with $1,233,414 increase in net.
One naturally turns to the Southwestern roads to
see the nature of their comparisons, since the stocks
of these roads have been so conspicuous for their advances in the speculation on the Stock Exchange.
Speaking generally, the earnings of these roads bear
out the favorable nature of the statements that have
been circulated with regard to them and, of course,
the roads in that part of the country have been
blessed with more than ordinarily satisfactory conditions, namely good grain crops, marketed at unusually high prices, and a large cotton production as
well, at prices by no means low. The Atchison, we
find, has added $861,139 to its gross and $1,095,005
to its net; the St. Louis-San Francisco, $852,906 to
its gross and $198,653 to net; the Missouri Pacific
*1,630,378 to gross and $794,631 to net; the MissouriKansas-Texas, $754,160 to gross and $794,930 to net;
the Rock Island, $181,127 -to gross and $584,423 to
net; the Colorado Southern, $397,140 to gross and
*311,425 to net; the St. Louis Southwestern, $242,883 to gross and $303,331 to net, and the International Great Northern, $127,039 to gross and $177,634 to net. On the other hand,there are some roads
in this group with results of the opposite character.
The Southern Pacific System has 4243,203 decrease
(voL. 120.
in gross with $342,514 increase in net, but the Texas
Pacific, with $207,042 increase in gross has $47,598
decrease in net, and the Denver & Rio Grande Western, with $4,468 increase in gross, falls $587,269 behind in net. In the Northwest the showing is also
somewhat mixed, with some heavy losses. Thus, the
Chicago & North West has $1,035,817 decrease in
gross and $457,132 decrease in net, and the Union
Pacific $917,717 decrease in gross and $168,079 decrease in net. On the other hand, the Great Northern has $352,544 increase in gross and $278,203 increase in net and the Northern Pacific reports $377,479 increase in gross and $133,221 increase in net.
The Burlington & Quincy has $372,216 increase in
gross and $79,559 decrease in net, and the Milwaukee
& St. Paul $336,943 loss in gross and $68,626 loss in
net.
The Southern group makes a showing hardly inferior to that of the Southwestern. The Louisville
& Nashville has added $952,218 to gross and $740,208
to net; the Atlantic Coast Line,$263,394 to gross and
$171,357 to net; the Florida East Coast, $643,601 to
gross and $207,383 to net; the Seaboard Air Line,
$395,225 to gross and $53,863 to net, and the Southern Railway, $197,7§9 to gross and $605,985 to net.
In the following we show all changes for the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross and
net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF DECEMBER 1924.
Increase.
Increase.
$3,576,696 Wabash
Norfolk & Western
$138,539
Missouri Pacific
1.630.378 Chicago Great Western...
134.435
1.139,905 Int. Great Northern--- _
Baltimore & Ohio
127,039
952,218 N.0. Tex. Jc Mexico (3)
Louisville & Nashville_
119.606
Chesapeake & Ohio
890,619 Galveston Wharf
116,536
861,139 New York Connecting
Atch. Topeka & S. F.(3)
114,039
852,906 N.Y.N.H.& Hartford-San Fran.(3)-St. Louis
110.739
754,160
-Tex.(2)
Missouri-Kansas
Total (60 roads)
643,601
Florida East Coast
$18,886,854
Illinois Central
544,430
Decrease.
469,980 Pennsylvania
Minn.St. Paul & 5.8. M
a$1,994.325
412.977 Chicago & Northwestern 1,035,817
C. C. C. St. Louis...&
Colorado Southern (2)..
397,040
1.014,580
Seaboard Air Line
395.225 Union Pacific (4)
917,717
380,271 Pittsburgh & Lake Erie..
Boston & Maine
340,494
377,479 Chic. Milw.& St. Paul..
Northern Pacific
336,943
Chicago Burl. & Quincy_
372.216 Los Angeles & Sett Lake_
292,778
Great Northern
352,544 Michigan Central
265,484
Central of Georgia
815,549 Southern Pacific (7)- _ _ 243,203
Trinity & Brazos Valley_
311.653 Del. Lack. & Western.._ _
225,918
Virginian
276,974 New York Central
5214,806
Atlantic Coast Line
263.394 Spokane Port!. & Seattle
200.547
242,883 Bessemer & Lake Erie.,...
St. Louis Southwest.(2).
156.570
Texas & Pacific
207,042 Pere Marquette
154.385
Southern Ry
197,799 Buffalo Roch.& Pittab- _
144,385
Reading Co
193.690 Atl. & St. Lawrence_ _ _
137.678
Chicago & East Illinois,..
184,352 Det. Grd. H. & Milw _ _
135,737
Chicago R.I.& Pac.(2).
181.127 Minneapolis & St. Louis_
126.891
179,953 Western Maryland
Yazoo & Miss. Valley_ _ _
109,306
K.C. Mex.& 0.of Tex_
168,953 Maine Central
101.963
Hocking Valley
158,081
Detroit, Tol. & Ironton_
140,687
Total (30 roads)
$8,149.527
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate returns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis
and the Grand Rapids & Indiana). the Pennsylvania RR.reporting 31,994,325 decrease. For the entire Pennsylvania System, including all roads
owned and controlled, the result is a decrease in gross of $2,016,134.
b The New York Central proper shows $214,806 decrease. Including
the various auxiliary and controlled roads, Melba Michigan Central. the
"Big Four." &c., the whole going to form therNewlYork Central Sagan,
the result Is a loss of $399,561.
PRMCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF DECEMBER 1924.
Increase.
Increase.
New York Central
b$3,296,601 Internat. Great Northern $177,634
Norfolk & Western
2.227,995 Atlantic Coast Line
171,357
Baltimore & Ohio
2.217.244 Union Railroad
168.967
Reading Co
1.486,798 Charl. & West Carolina_
157,091
New Jersey
Central
1,233,414 Buffalo Roch.& Pittsb142,950
C.C. C.& St. Louis...... 1,129.1137 Western of Alabama.._ _
140,730
Atch.Top.& Santa Fe(3) 1,095,005 Pittsburgh & Lake Erie.,.
134,108
Boston & Maine
901.405 Alabama Great Southern
133,465
Missouri-Kan.
-Tex. (2).
794,930 Northern Pacific
133.221
Missouri Pacific
794,631 Louisville Hend.& St. L_
131,110
N.Y. Chicago & St. L
794,061 Elgin Joliet & Eastern_
129,046
Michigan Central
777.787 New York Connecting
128,199
Louisville & Nashville
740,208 Kansas City Southern_ _
116.085
Southern Railway
605,985 Atlanta & West Point.. _
112.449
Chic. R.I. & Pac.(2)_
584.423 Central New England....
111,442
Illinois Central
513,446 Monongahela
111,397
Virginian
471,599 Atlantic City
108,439
Bessemer & Lake Erie...
361,993
Southern Pacific (7)---826.051.714
342.514
Total (61 roads)
Colorado Southern (2).311.425
St. Louis Southwest.(2)Decrease.
303,331
Trinity & Brazos Valley_
a$3.253.478
290,274 Pennsylvania
Great Northern
587.269
278.203 Denver & Rio Grande W.
Nashville Chatt.& St. L_
457.132
266,685 Chicago & North West
Wabash
366,009
262,614 Erie (3)
Central of Georgia
281.034
253,383 Los Angeles & Salt Lake_
Hocking Valley
257,185
235,860 Long Island
Florida East Coast
236.800
207.383 Lehigh Valley
St. Louis
-San Fran.(3)..
217.587
198,653 Minn.St.Paul & 8.8. M.
Chesapeake & Ohio
202.549
179.278 New On.Tex.& Mex.(3)
Pm.14 1925.]
Union Pacific (4)
Chic. St. Paul M.& Om _
Gulf & Ship Island
Spokane Port!. & Seattle
Chicago St Alton
Det.Ord. Haven & Milw.
Lehigh & New England
TITE CHRONICLE
'Decrease.
$168.079
166,857
139.893
135.202
129,452
127,805
125,413
Atlantic & St. Lawrence_
Pittsb. Shawmut & North
Denver & Salt Lake
San Antonio & Aran.Pass
Delaware Lack. & West_
Total (28 roads)
Decrease.
$116,980
114.725
109,484
101,032
100,952
$7,394,917
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $3,253,478
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease of $3.561,295.
S These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central the "Big Four," &c., the result is an increase of $5,347 116.
When the roads are arranged in groups or geographical divisions, according to their location, we
find a confirmation of what has already been said.
In the gross we have increases except in the case of
the East Middle and the Middle West groups of roads
which serve the great manufacturing districts where
trade revival had not yet got under full headway, and
also excepting the roads on the Pacific Coast. In
the net increases are general except in groups 6 and
7, comprising mainly Northwestern roads, and group
10, made up of roads on the Pacific Coast. All the
other groups show improved net, Southern and
Southwestern roads being particularly distinguished
for the extent of their improvement. Our summary
by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
Section or Group1924.
1923.
Inc.(4-) or Dec.(-).
December5
Group 1(9 roads), New England_ _ _ 21,993,457 21,597,596
+395,861 +1.83
Group 2 (33 roads), East Middle_ _ _152,754,502 155.052,467 -2,297,965 -1.49
Group 3(27 roads), Middle West__ 42,631,518 42,937,324
-305,806 -0.72
Groups 4 & 5 (34 roads), Southern _ 81,276,796 73,213,689 +8,063,107 +11.01
Groups 6 & 7 (29 roads), Northwest 96,741,322 96,581,981
+159,341 +0.17
Groups 8 & 9 (49 roads), Southwest 83.968,901 77,178,751 +6,790,150 +9.11
Group 10(10 roads), Pacific Coast__ 25,452,063 26,847,833 -1,495.770 -5.55
Total
504,818,559 493,509,641 +11,308,918
Mileage-
Section or GroupDecember1924.
Group 1
7,338
Group 2
34,654
16,018
Grout) 3
Groups 4 & 5
38,973
Groups 6 & 7
66,976
Groups 8 & 9
55.238
Group 10
16,999
Total
1923.
7,374
34,508
15,949
39.063
66,958
55,096
16,927
+2.29
Net Earning
1924.
Inc. (-I-) or Des.(-).
1923.
$
$
5,037,815
4,262,441
+775,374 +18.19
29,409.813 24,883,892 +4,525,921 +18.18
10,986,660
7,416,430 +3,570,230 +48.10
25,113,417 19,014,432 +6,098,985 +32.07
-152,072 -0.62
24,415,765 24,567,837
23,215,750 18,836,018 +4,379,732 +23.24
7,501,114 -1,199,440 -16.00
6,301,674
236,196 235.875 124,480,894 106,482,164 +17.998,730 +16.90
NOTE.-Group l, includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group
includes all of Ohio and Indiana, all of Michigan except She northern
peninsula, and that portion of New York and Pennsylvania west 1Buffalo and
Pittsburgh.
Groups IV. and V. eombined Include the Southern States outh of the Ohio and
east of the Mississippi River.
Groups VI. and VII combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin. Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of Si. Louis and Kansas City, also all of Montana,
Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
pawing through Denver.
Groups VIII. and IX. combined include allot Kansas, Oklahoma, Arkansas and
Indian ferritory, Missouri south of St. Louis and Kansas
City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that
portion of New
Mexico north of a line running from the northwest corner
of
Santa Fe and east of a line running from Santa Fe to El Paso. the State through
Group X. includes all of Washington. Oregon, Idaho,
California, Nevada, Utah
and Arizona, and the western part of New Mexico.
753
Nov. 29 to Flour.
Cool.
Oats.
Wheat.
Dec. 27. (5915.)
(bush.)
(bush.)
(bush.)
Chicago
1924_ _ _ _
5,320,000
2,425,000 11,110,000
972,000
1923_ ___
5.837,000
1,256,000 11,961,000
849,000
Afilwaukee1924_ _
1,365,000
85,000
346,000
175,000
1923____
1,671.000
147,000
2,633,000
213,000
St. Louis
1924_ _ _ _
1,650,000
1,454.000
329.000
2,519,000
1923____
2.722.000
3,989.000
388,000
2.094,000
Toledo
1924_
380,000
427,000
1,356,000
1923_
178,000
346,000
4.020.000
Detroit
1924_.
76,000
58,000
183,000
1923_
292,000
316,000
147,000
Peoria
1924..._
1,739,000
812,000
181,000
68,000
1923_ _ __
173,000
1,101,000
2,733,000
161,000
Duluth
1924._
2,497,000
12,000
11,941,000
1923._
1,027,000
1,232,000
2,790,000
Minneapolis
1924_ _
3,819,000
1,114,000
9,759,000
1923__
3.132,000
3,706.000
9,524,000
Kansas City
1924_
416,000
4,439,000
3,172,000
1923_
1,120,000
2,418,000
4,545.000
Omaha dt Indianapolis
1924_
1,350,000
3,325,000
1,285,000
1923..
2,105,000
4.551,000
1,746,000
Sioux City
1924_
408,000
614,000
182,000
1923_
515,000
1,239,000
165,000
St. Joseph
1924_
156,000
1,058.000
702,000
1923.
194,000
993,000
510,000
Wichita
1924_
38.000
1.115.000
543.000
1923_
Total al/
1924____ 1,567,000 34.882,000 27.239,000
1923_..__ 1,557,000 27.171,000 38,117,000
Barley.
(bush.)
(Matt.)
1.133,000
983.000
850.000
147.0q0
1,323,000
864.000
235,000
163,000
70.000
128.000
3.000
18.000
2,000
3,000
12.000
324,000
10,000
90,000
417,000
3,000
7.000
313,000
91,000
2,100,000
1,018,000
2,297,000
1,592,000
425,000
892,000
5.000
4,000
14,000
2,000
18,317.000 5,233,000 3.652,000
19,894,000 4,082.000 2.571,000
The Western live stock movement in December
1924 ran considerably heavier than the previous year
and a decided benefit accrued to the roads in that
way. At Chicago the live stock receipts comprised
34,440 carloads in December 1924, against 29,345 in
December 1923; at Kansas City, 12,295 cars, against
10,751, and at Omaha, 10,713 cars, against 9,062.
The Southern cotton movement, of course, ran
heavier than in the previous year, the crops having
been so much larger. The gross shipments overland
were 285,573 bales in December 1924, against 219,960 bales in December 1923; 270,217 bales in 1922;
167,389ba1e s in 1921, and 207,399 bales in December
1920. The receipts at the Southern outports reached
no less than 1,430,000 bales, against 982,985 bales in
1923 and 575,902 bales in 1922, as will be seen from
the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR SIX
YEARS, 1919 TO 1924, INCLUSIVE.
Month of December.
Ports.
1924.
Galveston
bales
Texas City, &c
New Orleans
Nloblle
bensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News
1923.
1922.
1921.
1920.
557.021
257,678
359,485
25,907
2,250
67,181
374,594
192,046
243.334
11,874
519
43,827
489
28.284
17,657
70,361
225,884
87.134
165,205
10,309
1,532
22,090
100
12,875
6,985
43,788
240,457
48,960
119,584
8,855
794
58,836
1.500
10,004
9,723
39,664
74
332.287
71.417
242,914
20,650
116
54,941
760
9,897
11,931
42,184
268
37,610
37,610
1919.
327,677
92,582
220,663
34,621
2,909
178.885
9,000
45.983
27.325
54,320
502
32,333
Western roads did not, speaking of them collec90.535
tively, have the same advantage from a larger grain Total
1 430,000 982,985 575,902 538.451 787,355t 994,467
movement as in the month preceding. The wheat
movement, indeed, did run considerably larger than
Curtis Publications Pay Postal Profits-Make Money
in the preceding year, the receipts at the Western
for the Government Instead of Enjoying a
primary markets for the four weeks ending Dec. 27
Subsidy as Alleged by Congressmen.
1924 having been 34,882,000 bushels, as against 27,On Feb. 5 the "Wall Street Journal" printed the following
171,000 in the corresponding four weeks of 1923, from Boston:
In
though even here the gain followed mainly from the Curtisanswer to repeated assertions of Senators and Congressmen that the
publications were enjoying a large "subsidy"- it being claimed that
large receipts at Duluth, Chicago and Minneapolis; the amount paid the Government for their transportation and delivery by
mail was far below the
incurred in that service-Manager Collins
the barley receipts and the rye receipts were also of the Curtis Publishing expenses prepared figures showing that on the conCo. has
trary, the "Saturday Eevning Post" and the "Ladies' Home Journal" really
somewhat larger. On the other hand, the corn re- make
money for the Government.
Some interesting figures as to the total number of pieces handled are conceipts and the oats receipts fell very much below
Collins's statement:.
those of the preceding year. For the five tained in the following two paragraphs of Mr. total number of pieces of the
"During the year ending Aug. 31 1924 the
'Saturday Evening Post' entering the mails was 34,201,855, for which we
cereals combined, that is wheat, corn, oats, barley paid
a Postage bill of 81,033,271 72, or an average of .030211 per piece.
and rye, the receipts for the four weeks of 1924 were The average cost to the Government for transporting and handling all other
classes of periodicals, including magazines, as given in the Cost Ascertain89,323,000 bushels, against 89,835,000 bushels in the ment Report, is .02285 per piece. So the Government derives an annual
four weeks of 1923. The details of the Western grain profit of 6251,769 88 from carrying the 'Saturday Evening Post.'
"During the same period the total number of pieces of the 'Ladies' Home
movement in our usual form are set out in the table Journal' entering the mails was 16,178,378. For sending these we paid a
postage bill of $597,622 18, or an average of .039368 per piece, which shows
we now present:
an annual profit of $250,689 39 derived from carrying that magazine*
754
THE CHRONICLE
[VOL. 120.
RECORD OF PRICES ON DETROIT STOCK EXCHANGE.
On this and the following page we show the high and low prices for each of the last two calendar years
for every stock and bond in which any dealings have taken place on the Detroit Stock Exchange during these
two years. The record of prices is that compiled by the Detroit Stock Exchange itself, but we have added
in every case the month when the high and low prices were reached. In inserting this additional piece of
information we have availed of the monthly records of the Detroit Stock Exchange, but as these records are
not kept to show the even month-the practice being to take the four or the five weeks ending with the last
Saturday of the month-itis possible that our compilation mayin one or two instances be astray to that extent;
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1923.
1923
-LISTED STOCKS
American Light & Traction,common
Arctic Ice Cream,common
Auto Body,common
Bower Roller Bearing
Charcoal Iron Co. of America, common
. Preferred
Cities Service, common
Columbia Motors
Columbia Sugar
Commonwealth Power, Ry.& Light. nom
Preferred
Continental Motors
Detroit Brass & Malleable Works
Detroit & Cleveland Navigation Co
Detroit Creamery
Detroit Edison
Durant Motors, Inc
Edmunds & Jones,common
Preferred
Federal Truck
Ford Motor Co. of Canada
General Aluminum & Brass, common
General Motors
General Necessities, common
Gladys Belle Oil, common
Preferred
Hall Lamp Co. (old stock)_a
New stock
Hanna Furnace,common
Hayes Mfg. Co..common
Holland-St. Louis Sugar
Hoover Steel Ball
Mexican Crude Rubber
Michigan Drop Forge, common
Michigan Stamping, common
Michigan Sugar, common
Preferred
Miles-Detroit Theatre
Motor Products
Motor Wheel, common
Murray Mfg., common
National Grocer, common
Preferred
Noble Oil & Gas, common
Northern Company, common
Packard Motor,common
Preferred
Paige-Detroit Motor, common (old stock)aCommon (new stock)
Parke, Davis & Co_c
Penberthy Injector, preferred
Reo Motor
Reynolds Spring. common
Preferred A"
River Raisin Paper Co.,common
Scotten, Dillon Co
Timken-Detroit Axle Co., common
Preferred
Truscon Steel,common
Preferred
Union Mortgage, preferred
United States Radiator,common
Preferred
Western Knitting Mills
White Star Line
Wolverine Portland Cement
No. Shares.
High.
Low.
3,308 139
Jan 10934 July
1,789
16
Sept 1134 June
9,210
434 Jan 1
Dec
658
944 Feb 8 Sept
36.508
334 Mar 40c Oct
37,913 434
Mar 1
Oct
4 162
Apr
Apr 162
127,465
4
Feb
% Dec
8,415
734 Mar 534 July
359
36
Aug 27
Aug
10
6634 Aug 6634 Aug
329,833
12
Jan 534 Oct
20
92
Feb 92
Feb
720
82
Jan 7334 May
9.67344 2244 Jan 18
Feb
16,841 111
Feb 10034 June
450
32
Dec 2534 Oct
39,122
3634 Sept 26
Jan
514
98
Apr 90
Oct
9,862
293( Apr 1934 Jan
5,979 466
Mar 390
Nov
3,865
11
Dec 5
Apr
3,263
1744 Apr 1334 Jan
8,138
834 Jan 734 Nov
451,405
270 Mar
40 Sept
196,960
460 Mar
7c Sept
11,355
July
3034 Apr 24
215
14
Dec 1334 Dec
474
1034 Dec 1034 Dec
64,657
534 Mar 144 Nov
565
634 Feb 534 Feb
4,370
13 May 914 Feb
456
Mar
1234 May 12
25
2534 Oct 23
Nov
5,405
3434 June 1634 Jan
44,485
634 Apr 4 9-16Sept
3.180
834 Apr 7
Jan
167
1834 July 1834 July
16,530 177
Dec 91
Jan
39,989
13
Feb 834 Oct
44.202
2334 Apr 1134 Jan
7,430
734 Sept 634 Jan
21
85 May 85 May
95,935
784 Feb 200 Oct
20 100
Nov 9934 Aug
272,058
1534 Mar 934 Oct
8,468 100
Feb 9034 June
202,251
25
Apr 1334 Jan
Dec 1434 Dee
3,57234 16
9,079
8544 Mar 70
Jan
180
95
Aug 91
Feb
325,056
21 May 1334 Feb
300
25
Mar 25
Mar
519
9544 Aug 76
Mar
6,215
1134 Mar 834 Aug
18,489
33
Jan 30
Jan
231,598
1334 May 534 Oct
1,623
96
Mar 78
Aug
1,535
21
Dec 1634 June
45
10 May 934 Nov
27,294
634 Jan 1
Dec
628
85
Dec 51
Jan
776
98
Feb 88
Nov
1,355
934 Mar 250 Dec
90
20
Feb
Feb 20
15.695
6
Nov 234 Feb
Total sales listed stocks for 1923
2,768,592
a Hall Lamp Co. exchange of par value old stock for no par new stock on basis
of 2 shares of new for 1 of old. Dec. 24 1923.
Paige-Detroit Motor,common,declared 50% stock dividend payable Jan.2 1924
to stockholders of record at close of business Dec. 15 1923.
C Parke, Davis Co. stock removed from listed stocks to unlisted Dec. 15 1923.
-RIGHTS
1923
Detroit Creamery
Detroit Edison
Detroit Motorbus
Reynolds Spring
First State Bank
Union Trust
Total rights for 1923
No. Shares.
5,818
46,258
107
25
369
108
High.
244
45e
234
934
15
55
Low.
Jan 111-16 Feb
June
lc June
Nov 2
Nov
Mar 934 Mar
Jan 5
Jan
Sept 50 Sept
52,685
Michigan's Diversified Industries-Too Busy
to Heed the Radical Agitator.
By FRANK W. BLAnt, President Union Trust Co., Detroit.
That confidence has its influence in the commercial world is well attested by the present favorable
trend in all lines of business, the upward curve of
which began to be noticeable just before the beginning of this year.
Early in 1924 there was manifested a substantial
representation of the radical element in America,
either controlling or clamoring for supremacy in
many separate social and political spheres. We were
all aware of a period of business recession which
under normal circumstances might have been attributed to the fact that it was the opening of a Presidential year. Radicalism has always kept an entering
1923
-LISTED BANKS
No. Shares.
American State
Bank of Detroit
Detroit Savings
Dime Savings
First National
First State
Highland Park State
Merchants National
National Bank of Commerce
Peninsular State
Peoples State
American Loan & Trust
Guaranty Trust
Security Trust
Union Trust
244
199
10
25
216
123
100
111
196
29
135
20
10
10
64
Total sales listed banks for 1923
Amount.
Detroit Edison 1st and refunding 5s, 1940
Debenture Is, 1928
Debenture Is, 1929
Debenture Is, 1930
Debenture 8s, 1923
Debenture 8s, 1931
Debenture 6s, 1932
Detroit Rock Salt 6s, 1923
Eastern Michigan Edison 5s, 1931
Motor Products Debentures
Northern Company 8s, 1933
1923
-UNLISTED STOCKS
Belle Isle Coliseum
Briggs Mfg. co
Clayton Lambert
Commercial State Savings Bank
Commonwealth Federal Savings Bank
Continental Bank
Detroit Mortgage,common
Preferred
Detroit Motorbus
Federal Discount
Great Lakes Engineering
Invader Oil
Jewett, Bigelow & Brooks
Kay Copper
Liberty Motors, common
Preferred
Lincoln Motors
Michigan Copper & Brass, old stock
New stock
Michigan Finance
Michigan Smelting & Refining
Michigan Stamping, preferred
Minnesota Sugar
Motor Products, common (new stock)
Preferred (new stock)
Motor Wheel, preferred
Noble Oil & Gas. common
Paige-Detroit Motor, preferred
Parke, Davis & Co
Peoples Mortgage
Rickenbacker Motor
Union Mortgage,common
U. S. Cities
Total unlisted sales for 1923
Total listed sales
Total listed banks
Total unlisted sales
Total sales year 1923
195
145
265
300
28234
172
219
200
250
214
355
108
160
316
175
Low.
Apr 170
Jan 130
Mar 265
Feb 299
Dec 264
Jan 125
Mar 212
June 200
Dec 230
Mar 213
Dec 345
Apr 101
Apr 160
June 316
Nov 175
Aug
Sept
Mar
Dec
Aug
July
Deo
June
July
Dec
Jan
Dec
Apr
June
Nov
1,492
1923-LISTED BONDS
Total sales listed bonds for 1923
High.
81,000
2,200
3,100
12,800
6,900
30,600
3,700
1,000
3,000
205,720
1,500
High.
9544
10734
10834
10834
109
11034
103
90
9834
9534
104
Low.
Aug 9534
Jan 10434
Jan 104
Mar 10234
May 107
Mar 106
Apr 100
June 90
July 9734
Dec 93
Nov 102
Aug
Nov
Sept
Nov
May
Sept
Sept
June
Nov
Nov
Oct
2271,520
No. Shares.
High.
Low.
100
434 Feb 434 Feb
194
40
Dec 34
July
50
934 Feb 944 Feb
.30 114
Dec 114
Deo
10 129
Nov 129
Nov
5
96
July 96
July
36,434
2
Apr
50 Dec
17,29634 434 Jan 950 Deo
5,087
32 May 14
Jan
5,408
634 Jan 334 Oct
200
13
Dec 13
Dec
74,550
340 Apr
Sc Sept
350
234 June 134 Aug
3,000
13c Jan 13o Jan
1,430
250 Feb 100 Feb
10
3
Jan 3
Jan
40
1
Sept 1
Sept
100
2034 Jan 2034 Jan
8,886
1444 Apr 1034 Jan
115
734 Jan 634 Aug
1,600
1434 Feb 1334 Mar
78
9444 Aug 9034 Feb
237
14 May 10
Aug
6,594
40
Nov 2434 Oct
1,204
4634 Nov 4134 Oct
303 102
Nov 98
Apr
873,606
290 Jan
50 Deo
2,363
89
Mar 8044 Oct
111
7934 Dec 7734 Dee
134 Jan 131 Jan
190
934 Feb 8 July
6 470
.
10,382
1.30 Jan
8o Deo
1,870
13 June
1334 Oct
1,058,30314
2 768,592
1,492
1 058,30334
3 828,387%
wedge, however, small, in business itself, through
labor and its contact with trade.
Definite indication of the radical strength, however, made itself more clearly known when one of
their number became an aspirant for the Presidency,
and furnished concrete evidence of some radical support from quarters which had hitherto been regarded
as genuinely conservative.
The adherents of this group were blatant enough
to demand the entire readjustment of our scheme of
commercial and financial life which, while not quite
completely embracing Socialistic theories, certainly
bordered upon them and revealed earmarks of "isms"
which have done much toward wrecking the business
and social structure of Russia.
Of all the States in the Union we of Michigan apparently felt the influence of this 'free radicalism
755
THE CHRONICLE
FEB. 14 1925.]
HIGH AND LOW PRICES ON DETROIT STOCK EXCHANGE FOR CALENDAR YEAR 1924.
-LISTED STOCKS
1924
American Light & Traction,common
Preferred
Arctic Dairy Products,common
Auto Body,common
Bower Roller Bearing
Brown-McLaren Mfg.,common_a
C. G. Spring & Bumper,common_b
Preferred c
Charcoal Iron Co. of America,common_ _ _ _
Preferred
Coahuila Lead & Zinc
Columbia Motors d
Columbia Sugar
Commonwealth Power, Ky. & Light, come
Continental Motors, common
Detroit & Cleveland Navigation Co
Detroit Creamery
Detroit Edison Co
Durant Motors
Eddy Paper, common!
Edumnds & Jones, common
Preferred
Federal Truck
Ford Motor of Canada
General Aluminum & Brass, common _
General Motors
General Necessities, common
Gladys Belle Oil, common_h
Preferred _i
Grennan Bakeries, Ino.,common_i
Preferred _ k
Hall Lamp
Hayes mtg..common _1
Hoover Steel Ball
Houseman-Spitzley Corp.,common
Preferred
Iron Silver Mining
Mexican Crude Rubber
Michigan Drop Forge,common
Michigan Sugar, common
Preferred
Miles-Detroit Theatre
Motor Wheel,common
Murray mtg., common
National Grocer, common
Noble Oil & Gas, preferred
Northern Company, common
Pakard Motor,common
Preferred
Paige-Detroit Motor,common
Penberthy Injector, preferred
Reo Motor
River Raisin Paper Co., common
Schwartz Cigar, Class A, common_m
Scotten-Dillon
Timken-Detroit Axle, common
Preferred
Truscon Steel,common
Preferred
Union Mortgage. preferred
United States Radiator common
Preferred
Wolverine Portland Cement
e
No. Shares.
High.
1924
-LISTED BANKS
Low.
2,282 14834 Oct 11734 Jan
20
9034 June 90% June
Oct
79
17
Jan 15
% Dec
2,012
134 Jan
749
7
Jan 534 Dec
Oct
800
2034 Oct 20
5,530
734 Mar 3% Oct
3,760
734 Nov 5% Apr
28,968
134 Jan 15c Dec
25,123 2 3-16 Jan 50e Sept
234cApr
2,500
Sc Feb
2
Jan
Sc Aug
59,809
8,297
8
Jan 6
Aug
215
9934 Aug 99% Aug
Apr
8% Dec 6
245,329
Mar
1,509
8234 Dec 74
17,109
3034 Dec 1834 Jan
21,860 115
Dec 102
May
Apr
140
3434 Jan 18
9,000
3534 Jan 3454 Jan
6,405
42
Feb 30% July
Feb
62
99
Dec 90
Aug
3,588
2334 Jan 18
Dec 406 June
7.910 525
167,087
1534 Nov 10% Jan
257
1634 Feb 13% Apr
10,153
8% Mar 6% Dec
5e Jan
389,877
15e Feb
263,434
270 Feb
9c Jan
May
32,676
2234 Nov 10
Aug
367
97
Nov 90
Apr
21,419
1434 Jan 10
15,042
3% Jan 44 Aug
4,060
11
Aug 9% Aug
5,967
2234 Dec 914 Jan
451
934 Dec 7% Jan
925
500 Apr 34c June
Apr
487
1234 Jun 12
380
23
Feb 20% Feb
67,884
7% Oct 4% June
1,155
Syi Jan 734 Oct
1,114
19
Aug 18% Feb
8% June
25,390
1234 De
Oct
20,726
21
De 14
2,695
854 Jan 644 Aug
46,575
40e Jan 26e Mar
78 100
Sept 9854 July
139,519
16
Dec 9% Apr
3,739 103
Nov 88% May
142,99734 18
Feb 12 May
Sept
25 105
Aug 100
94,335
1854 Jan 15 June
1.220
8
Jan 6% Aug
1,170
1334 Nov 1134 Dec
May
3,294
3154 Jan 26
149,840
734 Jan 3% June
Dec
2,340
8554 Feb 62
Feb 19% May
5,667
25
% Feb
910
1034 Nov
44 Oct
3% Dec
10,252
1,927 12534 Dec 75 June
96
Dec 84 June
236
38,526
1334 Dec 534 Jan
Total listed sales
2,127,25234
a Brown-McLaren Mfg., common, listed Sept. 19 1924.
00. G. Spring & Bumper, common, listed Feb. 29 1924; c preferred, listed
Feb. 29 1924.
liket Columbia Motors, no trading In this security after Sept. 1 1924.
ta Commonwealth Power, Ky. & Light, common and preferred, removed from
Board Aug. 30 1924.
Eddy Paper, common, listed Jan. 25 1924.
p General Aluminum & Brass, common, removed from Board Dec. 3 1924.
S Gladys Belle Oil, common, removed from Board Dec. 23 1924; 4 preferred,
removed from Board Dec. 23 1924.
Grennan Bakeries, Inc., common, listed May 22 1924; 1 preferred, listed
July 31 1924.
Hayes Mfg., common, removed from Board Sept. 11 1924.
m Schwartz Cigar, Class A, common, listed Nov. 24 1924,
least. This may appear somewhat surprising in
view of the great hosts of industrial employees in
Detroit, where a single manufacturer employs upwards of 80,000, and in Flint, Grand Rapids and
other cities of the State throughout a somewhat extensive industrial area. Yet the fact remains that
business recession was less marked in Michigan than
elsewhere, on the face of the records.
But it remains true, and we feel certain that the
reports of the "Commercial and Financial Chronicle" from throughout the nation will substantiate
this statement, that the overwhelming verdict of the
people at the polls last November did restore confidence and set the wheels of industry and commerce
well in motion again.
Michigan's contribution to the world of consumers
is rather widely understood, but it is not known to
the general public that this State has a great diversity of industries and products, least of which in annual output is the automotive industry. Iron, copper, sugar, fruits and farm products generally, with
a wide range of manufactured products, such as furniture, stoves and drugs, in demand in all the far
corners of the world, year in and year out, yield an
enormous tonnage and hundreds of• millions of dollars.
Detroit; as the centre of a busy manufacturing district, has not proven an inviting field to radical lead-
No. Shares.
High.
Low.
66
495
58
96
45
5
361
292
80
16
184
153
301
300
126
215
262
215
415
420
Nov 175
Dec 140
Apr 299
Dec 275
Sept 125
Mar 215
Feb 235
Dec 212
Mar 410
Nov 420
June
Jan
Feb
Jan
Feb
Mar
Aug
Apr
Apr
Nov
LISTED TRUST COMPANIES
American Loan & Trust
Guaranty Trust Co
Security Trust
Union Trust
55
66
2
53
105
188
335
225
Apr 104
Dec 145
Aug 335
Apr 193
Apr
Mar
Aug
Feb
Total banks and trust companies
1,690
American State
Bank of Detroit
Dime Savings
First National
First State
Highland Park State
National Bank of Commerce
Peninsular State Bank
Peoples State
Wayne County & Home Savings
1924
-BONDS
Detroit Edison Debenture 5s 1933
6s 1932
6s 1940
75 1929
Is 1930
85 1931
Eastern Michigan Edison 5s, 1931
Motor Products Debentures
Northern Company 8s, 1933
Total bonds
1924
-UNLISTED STOCKS
Briggs Manufacturing
Commercial State Savings Bank
Continental Bank
Detroit Copper & Brass
Detroit Mortgage,common
Preferred
Detroit Motorbus
Detroit Fidelity & Surety
Federal Discount
Invader Oil
Michigan Copper & Brass
Michigan Finance
Michigan Smelting & Refining
Michigan Stamping, preferred
Motor Products,common*
Preferred
Motor Wheel, preferred
Noble Oil & Gas, common
Paige-Detroit Motor, preferred
Parke,Davis & Co
Rickenbacker Motor
Towson Body
Union Mortgage,common
High.
Amount.
$4,000 00 wog
2,50000 10254
2,000 00 106
2.10000 10651
5,000 00 10654
5,400 00 109
1,000 00 9734
72.60000 9934
1.70000 108
Low.
Oct 99.74
May 102
Oct 10534
July 102
July 105
July 108
Mar 9754
Oct 91
Nov 104
Sept
Slay
May
Jan
Apr
Jan
Mar
July
June
$96,30000
No. Shares.
3,165
3
5
135
460
8,504
17,329
5
380
1.000
3,155
100
50
16
21,946
3,445
95
286,920
976
3,661
4,927
175
500
High.
Low,
Feb 3854 Dec
Feb 112 May
Apr
Apr 105
Feb 21;4 Dec
my 15c Jan
Feb
94 Aug
Feb 15;4 Oct
33
May
May 51
51
jan
6
1634 Feb 3% Apr
8c Feb
Sc Feb
Jan
13
4% Feb 4% Feb
Feb
Feb 13
19
93
Jan
94
1051% Dec 3854 Jan
5
Dec
Oct 42
9834 June
1031634c
Sc Apr
DecFeb
Jan
Mar 83
91
82% Mar 76% July
8% Jan 434 Dec
27
Ma 2334 May
lie Apr
220 Jun
70
113
195
24%
25c
2
Total unlisted sales
356,952
*Motor Products, common, removed from 1 sled department Jan. 11 1924.
1924
-RIGHTS
Detroit Edison Co
Detroit Motorbus
National Bank of Commerce
No. Shares,
30,941
1,943
1
Total rights
32,885
WARRANTS
Grennan Bakeries, Inc z
105
z Grennan Bakeries warrants, listed July 31 1924.
Total listed stocks
Total listed banks and trust companies
Total unlisted stocks
Total sales year 1924
High.
Low.
30c May 100 May
22% Mar 2934 Apr
50.00 Mar 50.00 Mar
105.00 Nov 25.00 Aug
2 127,252%
1,690
356,952
2 485,89454
ers. Our people are too busy and too prosperous to
give heed to the seductive pleas of the demagogue.
The Michigan worker has been a homeseeker for
years, and having, in a large majority of cases,
reached his goal for a hearthstone of his own, has
proudly set up the dollar mark on the lintel of his
own house. This is borne out by all the evidence,
political and otherwise.
Last year the building record in Detroit proper
was $160,000,000, with suburban buildings, largely
residential, touching the $100,000,000 mark. This
city now stands third in annual building operations
among the cities of the land. Radicalism does not
thrive in a community where the family unit and
home-owning form the goal of the army of toilers.
Savings appear to be the armor of Michigan workmen that is proof against the shafts of the radical
dreamer and agitator. The Union Trust Co., among
a large number of other institutions and companies
here, itself receives an average of 600 callers each
day, who are making payments of about $30 each,
monthly, on their homes.
Savings accounts have grown with amazing rapidity in this city and throughout oilier localities of
Michigan. Just as soon as employment improves,
the savings banks feel the result as the individual accounts multiply and the deposits increase. It was an
astonishing fact that during the recent business re-
756
THE CHRONICLE
cession there was little or no hardship among the
families of Detroit workmen. Nor did the savings
banks reveal any material lowering of deposits.
These are perhaps some of the reasons why Detroit has always been the last city to feel a business
depression and the first to recover from it. Diversity
of industry, again, has of course had its influence
upon that situation.
Detroit's Pre-eminence—Bright Future of
City and State.
By WILLIAM J GRAY, President First National Bank
of Detroit.
[VOL. 120.
Forsaking the law to enter the investment business,
he became Sales Manager for A. J. Nebe & Co. until
1920, when he formed the firm of Baker, Simonds &
Co., of which he has been President since its inception.
Vice-President of the Detroit Stock Exchange is
Mr. Frederick C. Ford, of Nicol, Ford & Co.; Secretary, Mr. Clark Wickey (re-elected), and Treasurer,
Mr. Lewis G. Gorton, investments, and Vice-President of the Commercial State Savings Bank.
"There seems to exist to-day a unanimous opinion
among local business leaders that 1925 will bring
twelve months of exceptional prosperity to Detroit,"
says Mr. Simonds. "During the coming year the
Exchange should make rapid strides in its usefulness
to Detroit corporations and Detroit investors.
"One of the most important services the Exchange
can render is to secure additional listings of the now
unlisted stocks and bonds of many strong Detroit
companies. When active listed markets are maintained in these securities, investors and corporations
can be brought closer together—one important phase
of the usefulness of the Detroit Exchange."
In forecasting the financial future it is quite necessary, if not essential, to take stock of what has been
done during the past year.
In the city of Detroit banking resources during the
year reached their highest point, with a corresponding gain in clearings. Building activities reached
their highest point, Detroit going to third place in
the entire country, and while automobile production
was not as large as in 1923, the city's other industries
increased sufficiently to place the city third as an
industrial city, exceeded only by New York and
Chicago.
Development of Detroit Stock Exchange.
Manufactured production for 1924 was estimated
By CLARK C. WICKET', Secretary Detroit Stock Exchange.
at two and one-half billion dollars; of this amount
The Detroit Stock Exchange has moved into larger
one-half of the value was in automobiles and parts and more adequate quarters several times since it
and the remainder well distributed among twenty- was organized. In June 1923 it moved into its own
five hundred plants within the city limits. Both building, known as the Stock Exchange Building.
wholesale and retail business showed an increase, inThe present association is the result of the deterdicative that steady employment had been afforded mination of a small group of brokers to establish an
throughout the year.
organized public market which would give shareThe prosperity of the city is shared by the State holders greater protection in trading stocks. From a
at large. With the exception of one or two sections, modest beginning with only a few stocks listed on its
the general gain has been 20%. While railroad ac- board, a volume of transactions which required but
tivities fell off 10%, they were still regarded as sat- two one-hour trading sessions a day and incidentally
isfactory. The increase in business and the need of the keeping of only a few simple records as compared
further extension is shown in the reports of utilities with those kept to-day, the business of the Exchange
companies.
grew until full day sessions became necessary.
For the coming year there are no disturbing indiCLEARING HOUSE ESTABLISHED.
cations in either city or State, as the large manufacAlong with the development of the Exchange came
turing interests are soundly financed, and produc- the demand for the forming of a clearing house which
tion is to be measurably regulated by sales and con- would provide for the centralization of receipt and
servative policies are to be followed in marketing delivery of securities. The rules for delivery
whose
products. This is particularly true of the automo- adoption became necessary at that time not only
safebile industry, which has demonstrated qualified busi- guarded the interests of members, but the public
as
ness leadership in a marked degree.
well. They quickened the time of delivery, reduced
Like advance is indicated in construction activi- to a minimum the possibility of poor delivery and
ties, and there appears to be no hesitancy on the part diminished the risk attendant upon continuous trips
of the industrial world, railroads, public utilities to deliver or pick up stock which obtained before.
and private enterprises to build and plan for the The Clearing House records show that a total of
future.
$44,045,871 worth of securities were cleared in 1924.
The population of the city, according to recent
CASHIERS' SECTION.
data, shows an increase of 25% over the 1920 census,
In November 1923 the Cashiers' Section of Detroit
1,242,097 people within the city proper and 1,499,310 Stock Exchange Firms was organized. The object of
within the metropolitan area of ten miles.
this association is to develop the highest efficiency
I look for a healthful and steady growth in busi- and uniformity of practice possible in the Cashiers'
ness during the year to come.
departments, and further, promote a spirit of cooperation and good-will among its members. The
Ralph W. Simonds, President Detroit Stock Cashiers' Section holds regular meetings at which
Exchange, Looks for Prosperous Year.
their own particular business problems are frankly
At the annual meeting of the Board of Governors discussed and questions regarding the application of
of the Detroit Stock Exchange, held Tuesday morn- the rules are answered. At every meeting a talk is
ing, Jan. 20, in the Stock Exchange Building, Ralph given by business or professional men of the city.
W. Simonds, of Baker, Simonds & Co., Inc., was
The official daily quotation sheet which earlier
elected to the presidency for the year 1925.
contained only the listed stocks and their closing
Mr. Simonds is a graduate of the University of quotations was enlarged in detail until to-day its
Vermont and of the Detroit College of Law,and was value as a reference sheet is attested to in many ways.
admitted to the Michigan bar in November 1918. On this sheet is set forth in concise and comprehen.
757
THE CHRONICLE
FEB. 14 1925.]
sive order the closing quotations, par values, high
and low sales to date of the current year and the high
and low sales for the past year, annual dividends,
amounts and how and when payable, last dividends,
both cash and stock, next dividends, total dividends
for the year; capitalizations, book values of banks
and trust companies and individual sales with total
for the day.
SALES RECORD KEPT.
A tremendous service is rendered the public
through the keeping of daily sales records and the
compiling of the data contained in the quotation
sheets. These records are open to inspection at all
times and have proven invaluable to certain departments of the Federal Government; trustees, administrators, executors and heirs of estates; to individuals who wish to verify transactions for tax purposes; to statistical agencies the country over and to
listed companies desiring information regarding
price range and yearly total of sales of their respective securities.
The business which is done on the floor of the Exchange is open to public observation during the entire session. Here is plainly evident the machinery
which facilitates the execution of orders, and in so
doing makes for accuracy and dispatch.
year 5,000 copies of this book were distributed by
Exchange members.
With the growth of the Exchange there came about
a broadening of the activities of its members. In
addition to their commission business members
found their services in demand in connection with
the distribution of securities of new and'legitimate
enterprises. They were also called upon to assist
in expansion programs of established companies and
in consolidations and reorganizations. An increasing demand for investment securities resulted in did
development of departmental facilities adequate to
the needs of buyers and sellers of this class of securities.
VOLUME OF TRANSACTIONS IN 1924.
A comparison of the annual report of transactions
on the floor for the year 1924 with that of 1923 shows
a shrinkage in volume in 1924 which was confined
principally to three groups: first, mortgage and discount company stocks; second, motor stocks; third,
oil stocks. On the other hand, there was a substantial gain in trades in the investment issues amounting in some cases to nearly 100%. During 1924 five
new listings were placed on the board and additional
stock of five listed companies added to the total.
New listings and additional stock amounted to apPUBLISHES A YEAR BOOK.
proximately $14,802,000, showing a gain of $4,650,The Detroit Stock Exchange publishes each year a 000 over the previous year. The new stocks show a
handbook of listed and unlisted securities called the pleasing diversification. They represent five dis"Michigan Manual of Corporation Statistics." Last tinct industries, each prominent in its own field.
America and The Gold Standard—Spoon Feeding of London Deprecated.
By HARTLEY Wrrssas.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
It has for some time been evident that the highest official
and financial authorities in the United States were very
anxious that England's return to the gold standard should be
encouraged and furthered as much as possible. It has been
clear from the conversation of American bankers and economists who have visited London during the last two summers, some of whom have seemed to be even more eager
than England's inhabitants that the pound sterling should
come back to par—that they are anxious that London's free
market in gold should be restored. This desire for the re4stablished prestige of the international banker to whose
freely opened purse America owed so much in the days of
her youthful and amazingly rapid development, was chiefly
based on severely practical considerations.
The "Economist," of London, in a recent article, discussing
the likelihood that co-operation would be arranged between
New York and London, in order to secure the return of the
pound to parity, said that the American attitude on this
subject is based not on philanthropy, but "on two motives of
self-interest. On the one hand, American opinion regards
the restoration of the pound sterling as one of the key moves
in the stabilization of European conditions, and hence in the
restoration of her chief market. On the other, the wisest
Americans realize that if the world does not resume the gold
standard, the American monetary and banking system will
be in danger of being broken down if it is flooded with the
whole of the world's gold available as currency. Her power
unlimited, and her responsible financiers
of absorption is not
will be greatly relieved when the gold flood is more evenly
distributed." These views, which were expressd by the
"Economist" in the light of "timely information from the
United States," should be comforting to those who for one
reason or another seem to be inclined to exaggerate the danthreaten England's monetary posigers that are alleged to
gold standard.
tion, in consequence of a return to the
Some fear that if the decision to abrogate the present
restriction on the free export of gold from England be taken
before we have accumulated enough gold to stand a long
and determined drain, we may be subjected to the humiliation of having to go back to restriction, possibly suffering a
serious blow to our financial prestige. From what has been
quoted above, it is clear that any such result would be, for
different reasons, just as undesirable from the American
point of view as from England's; and it is thus extremely
unlikely to happen, in view of the enormous financial
strength of New York, working in combination with London.
On the other hand, those who fear the quite opposite danger, that the appreciation of sterling may be carried to a
point that will result in our being swamped by a flood of
gold from America, forget that the British Treasury now
owes the American Government more than the whole amount'
of our pre-war debts and has the right to repay that debt
in gold as fast as it can. Consequently, a deluge of gold that
flowed to our shores need have no terrors for those in charge
of British financial policy. Instead of producing inflation
and boom and artificial prosperity, followed by reaction and
disaster, as some people seem to fear, the gold could be acquired by the Government, out of funds borrowed at home,
and used to reduce external debt, the burden of which on a
debtor country is so much greater than the weight of debt
which it owes to its own citizens.
There is thus very good reason to expect that during the
first few difficult months after the free export of gold has
been restored by England all assistance that is necessary to
avoid possible inconvenience and dislocation—through the
imposition of high rates for money in London in order to
protect the Bank of England's gold reserve—will be readily
given by New York. In fact, there is some danger that
America's anxiety to see the gold standard re-established in
England and throughout Europe, may lead to too much pa)-
758
TRE CHRONICLE
icy of spoon-feeding, producing a position dominated by
ingenious and artificial arrangements rather than the free
play of economic forces, which is the only sound basis on
which the restored gold standard can ultimately stand.
The great benefit of the old monetary system on which
America, England and most of the great monetary powers
used to work before the war, was that it was to a very large
extent automatic, money rates being raised and lowered in
the different centres according to the inward and outward
flow of gold; when this is so, the business community knew,
more or less, what to expect and could make its plans accordingly; and it is to this state of things that it is most desirable to return instead of trying to evolve a system under
which the international money market will be dominated by
the ingenuities of central banks, the promptings and effects
of which it would be extremely difficult to foresee. The
spoon-feeding process may be a temporary necessity, though
the good old banking rule is still true, that the best way to
keep gold is to be prepared to part with it readily on de-
[Vol,. 120.
mand ; but the less spoon-feeding is used and the sooner it is
dropped, the sounder the position will be in the end.
American telegrams indicate that in the opinion of New
York bankers, England, if she is to maintain her free gold
market, will have to resign to the United States the position
of chief international money lender. It is certainly posssible
that London will have to be cautious in the matter of foreign lending, and so much capital is required all over the
world to set the stream of production and trade flowing
freely again, and so many centres that used at one time to
supply capital have been obliged since the war to keep their
resources for their own purposes, that whatever America
can do in the way of lending abroad part of her enormous
wealth, will be highly profitable to herself and to the rest of
the world. America, as a new money lender, has a great
opportunity for setting a high standard. There have been
some dark pages in the past history of international finance.
Let us hope that the new one that is about to be turned will
have a cleaner record written on It.
'
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Montana. It is regrettable to find that the high price of
Friday Night, Feb. 13 1925.
seed is going to be more or less trying to farmers in WashingThere has been a fair business, but the volume is not larger ton and Oregon. There is less business in lumber as a rule,
than it was a year ago, or at least there is very little increase. which is hardly surprising at this time of the year. The
Buyers are still in a conservative mood. They are confident general belief is that building will be on a large scale, as the
as to the future, but just now are inclined to limit their year advances and weather conditions become more favorable
purchases to the requirements of the moment or for a period throughout the country. The retail business in department
not far ahead. It is suggestive that speculative sentiment stores during January was fully up to the total of the same
is less buoyant. Trading in stocks has fallen off somewhat. month in 1924. Mail order and chain store sales were
There has been a decline from the high point of January of very much larger than then. Coffee has declined coincident
nearly 30 cents per bushel in wheat, 14 cents in corn and 15 with falling prices in Brazil. It is said there is some decrease
cents in oats, not to mention a sharp fall in rye. Specula- in the consumption at home and abroad owing to the high
tion in grain is less confident, although on the decline there cost of coffee. There is no doubt that when prices advance
has been very heavy buying in the last few days by England, to a certain level the use of substitutes for coffee increases
France, Germany and Scandinavia. Russia has been a and Europe, it is said, is now beginning to use the lower
very heavy buyer of flour, its estimated purchases being grades more freely. At the same time it seems doubtful
some 1,500,000 barrels, as it appears that famine has again whether the American consumption will be very greatly
threatened in some parts of the old Russian Empire. Over reduced, unless there is a further and marked advance in
the Lincoln's Birthday holiday the purchases of all kinds of prices. No doubt the great rise in some degree is artificial.
grain for export reached some 5,500,000 bushels, including There is no denying that the receipts at the shipping ports
1,125,000 bushels of wheat. The immense purchases of of Brazil have been deliberately restricted by the Brazilian
flour calls for a very large quantity of wheat, mostly Cana- Government. There has been some nervousness in the
dian, however. At the lower prices there has also been a Brazilian markets over reports from this country that coffee
big foreign business in rye and barley. But speculation, consumption would be reduced as a protest against the
as already intimated, has received a severe check. That is high prices,and it is even said thatsomelarge American trade
not altogether to be regretted. At the same time, it may interests have been encouraging the use of substitutes. It
have to some extent affected what is usually termed legiti- is clear enough that if prices are artificial they are bound to
mate business. Also, there has been less business reported be corrected sooner or later by a decrease in the demand, or
of late in steel, although the production is still on a large by the buyer adopting a waiting policy. Sugar has declined
scale. And unfilled orders make a good showing. Foreign slightly during the week, but only slightly for the reason
competition, notably from Holland 8,nd East India, also that while the production is large there is some evidence of
still has an unfavorable effect on trade in pig iron. The coal an increase in the consumption. Production of crude
trade has been unfavorably affected by the recent mild petroleum is decreasing, and during the week there has been
weather. Car loadings fell off in January, owing partly to an advance in some sections of 10 to 35 cents, and gasoline
has also been rising. It looks as though the petroleum
bad weather.
Cotton exports steadily rise and have now reached a industry was getting into better shape.
At the West there is a brisk business, mostly, however,
point close to the total for all last season and are far ahead
of those for the season two years ago. Cotton has advanced for prompt or near delivery. Manufacturing industries are
$250 to some $3 per bale during the week, partly owing to in better shape than they were a year ago. Significantly
large exports and partly to the big spot demand and the money rates have been sustained and are now 43 to 53/2%.
drought in Texas. There is a low barometer in Texas to- at Chicago, though they usually sag somewhat at this time.
night and it may possibly bring rain over Sunday. But the The steadiness of money despite its plentifulness is one
fact that the prolonged drought is beginning to arouse indication of the healthy condition of Western trade. Western
uneasiness is to some extent illustrated in the fact that the railroads are having more traffic than a year ago, despite
next crop months show a greater advance during the week some falling off in coal tonnage due to the recent comparathan those of the old crop. It is reported that the Texas tively warm weather. Collections are good. Building is at
rainfall during the last four months is 103/ inches smaller a satisfactory rate for this season of the year. Mail order
than during the same time last season and about 5 inches trade is as good or better than at this time in 1924.
As already intimated, there has been some falling off in
below the normal. It is not denied that the Texas crop
depends in no small degree on the winter rains. There is stock speculation and the transactions to-day dropped to
still time to make good the deficiency, however. The 1,156,500 shares as against 2,147,700 last week Thursday.
automobile output in January exceeded that in December, At the same time prices have been irregular. In other
but was smaller than in January 1924. In the winter wheat words there has been some flagging of the speculative spirit.
belt•rodent rains and thaws have melted the snow and ice At the same time some falling off in the demand for bonds
to some extent, but the crop in the main looks well, although is noted. This is not at all surprising after the prolonged
there is some winter killing in Illinois and Indiana as well and almost uninterrupted activity in both stocks and bonds.
as a certain amount of damage in Oregon, Washington and In some respects it has made a very remarkable epoch in
FEB. 141925.1
THE CHRONICLE
the history of Wall Street, and evidently it would be premature to say that the advance in securities has culminated.
A pause, however, in the great activity is not wholly to be
regretted. Meanwhile foreign exchange has declined to some
extent. But the manifest drift of foreign currencies is
upward, especially the pound sterling, which is destined no
doubt to reach par within a reasonable period of time. The
remarkable thing is that it has advanced so sharply in the
teeth of an adverse British trade balance. It is to be
ascribed no doubt in part at least to large American loans,
the cheapness of American money, expenditures abroad,
and to more or less investment and speculation in exchange.
But these are only passing phases. There is no doubt whatever that foreign exchange in general is in certain cases at
least on the way back to its normal level and that this
country is bound to benefit from the improvement. With
a larger foreign buying power it stands to reason that our
sales to foreign countries will be all the larger. Their ability
to buy raw materials to better advantage, will stimulate
their manufactures, increase their exports, swell their gold
reserves and bring about something like a healthier equalization of the holdings of gold in different parts of the world,
the United States by no means excepted.
At Fall River, Mass., the Ancona Mills are operating the
weaving department to capacity on a day-and-night schedule
with most of the output contracted for well into the future.
At Salmon Falls, Mass., the Salmon Falls Manufacturing
Co., producing tire fabrics, is reported to be running on a
night-and-day shift. At North Adams, Mass., the Beaver
Mills, making tire fabric, have cut wages 7 to 8%. At
New Bedford cotton goods production is estimated at approximately 75% of normal, and many mills are well booked
ahead.
In Rhode Island the B. B. & R. Knight mills will continue
operations for another period of 16 weeks and will raise wages
to a parity with those paid elsewhere in New England.
Its reduction of 123% in wages, that is, will be changed to
10%. At Manchester, N. H., officials of the Amoskeag
Manufacturing Co. announced that the cotton section would
work a full week. Production in this section has steadily
increased for the past several months. The textile business
in Manchester is much better than in other New England mill
cities, it is said. The Amoskeag has large orders for flannels
and is running its bleachery nights. Connecticut and New
Hampshire report that numerous factories have been forced
to close because of heavy floods. At Paterson, N. J., silk
mills it is stated are booked for six months ahead and workers are commencing to balk at the long hours of overtime made
necessary by the large business.
It seems that Soviet Russia has turned from German to
American dyes, a considerable order having been placed
with the Du Pont interests at Wilmington, Del. The AllRussian Textile Snydicate, Inc., has placed a trial order of
textile machinery with two New England concerns. More
than $10,000,000 worth of Southern cotton has been bought
by the Soviet since the first of the year, and more than onethird has already been shipped. And now it appears that it
has just bought 1,100,000 barrels of Canadian flour.
Dense fog here last Monday caused three train collisions
on the elevated and subway cars, in which two persons were
killed and 20 injured. It was one of the worst tie-ups in 20
years. Ferry service was suspended. Shipping came to
a standstill. Liners rolled helplessly outside the harbor.
Others were caught in Quarantine. There were three train
crashes in the Bronx, Brooklyn and Queens and a collision
of surface cars in the Bronx. The melting of the heavy snows
of the winter, caused by five days of unseasonably warm
weather followed by heavy rain for 48 hours,caused floods on
Thursday in New York, New Jersey, Pennsylvania, Maryland, Connecticut and elsewhere in New England. Overflowing rivers have made hundreds of persons homeless,
caused great damage and seriously impeded transportation.
.
In many sections of the coun try east of the Allegheny Mountains brooks and creeks have been transformed into raging
torrents, rivers have risen in places as much as 22 feet above
their normal level. The most serious damage was done in
northern New Jersey and in the vicinity of Schenectady,
N. Y. An ice jam in the Mohawk River between Schenectady and Cohoes, N. Y., sent the river up 14 feet. The
Connecticut Valley is threatened with high water. New
Hampshire reports ice jams and floods. It rained here more
or less for three days and the temperature in the fore part of
the week rose to 57 degrees. It cleared Thursday afternoon
and to-day it was cool. LOverithe holiday it wasJ54 In Bos-
750
ton, 50 in New York, 38 in Chicago am"Clucinnati, 32 at
Minneapolis and St. Paul, 44 at Portland, re., and 58 at
Denver. To-day it was 36 here.
Increase in Retail Food Prices Dec. 15 1924 to Jan. 15
1925.
The United States Department of Labor, through the Bureau of Labor Statistics, announced on Feb. 9 the completion of the compilations showing changes in the retail cost of
food in 22 of the 51 cities included in the Bureau's report.
The advices made public by the Bureau state:
During the month from Dec. 15 1924 to Jan. 15 1925, 20 of the 22 cities
showed increases, as follows: Cincinnati, Kansas City and Savannah, 4%;
Butte, Little Rock, Louisville, Omaha and Peoria, 3%;Atlanta, Baltimore.
Buffalo. Detroit, Indianapolis, Norfolk, Portland, Me., and Springfield,
Ill 2%; Philadelphia, 1%; and Columbus, New Haven and Rochester.
,
less than five-tenths of 1%. In Manchester and Providence there was a
decrease of less than five-tenths of 1%.
For the year period, Jan. 15 1924 to Jan. 15 1925,21 ofthe 22 cities showed
increases, as follows: Louisville and Norfolk, 8%; Baltimore, Little Rock
and Savannah, 6%; Buffalo. Kansas City and Peoria. 5%: Atlanta and
Springfield. Ill., 4%; Butte. Detroit, Indianapolis, Omaha, Philadelphia.
Portland, Me., and Rochester, 3%; Columbus and New Haven, 2%; and
Cincinnati and Providence. 1%. Manchester showed a decrease of 1% in
the year.
As compared with the average cost in the year 1913, the retail cost of
food on Jan. 15 1925 was 61% higher in Baltimore;60% in Buffalo; 58% in
Detroit; 55% in Providence; 54% in Philadelphia; 53% in Atlanta, Kansas
City and New Haven; 52% in Lousiville and Omaha; 50% in Cincinnati
and Little Rock; and 48% in Indianapolis and Manchester. Prices were
not obtained from Butte, Columbus, Norfolk, Peoria, Portland. Me.,
Rochester, Savannah and Springfield, Ill., in 1913, hence no comparison
for the 12-year period can be given for these cities.
Good Building Volume in January.
Building activity continues at a very good rate, according
to F. W. Dodge Corporation. January building contracts in
the 36 Eastern States (including about seven-eighths of the
total construction of the country) amounted to $296,473,000.
This was a decrease of only 1% from January of last year,
which had the highest January building volume on record.
There was also last month a decrease of 10% from December 1924. Nearly all districts showed a falling off from
December, New York State and northern New Jersey and the
Northwest States being the exceptions. The Middle Atlantic
States and the Central West showed decided decreases from
January of last year, the other districts showing increases
over the previous January. Last month's record included:
$127,231,900, or 43% of all construction, for residential buildings; $67,372,000, or 23% for commercial buildings; $35,462,100, or 12%, for public works and utilities; $19,454,400,
or 6%, for industrial buildings, and $15,338,600, or 5%, for
educational buildings.
Contemplated new work reported in January amounted to
$638,153,300. This was very large in proportion to the
amount of work started (contracts awarded), but it was 5%
less than the amount reported in January of last year. The
volume of newly planned work reported is usually very high
in January. The following details are also given:
New York State and Northern New Jersey.
January building contracts in New York State and northern New Jersey
amounted to $110,770,900. This was an increase of nearly 10% over December and of nearly 5% over January 1924.
Included in last month's total were: $45,601,900, or 41% of all construction, for residential building; $34,923,800, or 32%, for commercial
buildings; $6,915,800, or 6%, for religious and memorial buildings (including contract for the nave of the Cathedral of St. John the Divine);
$5,486,500, or 5%, for educational buildings; $5,144,700, or 5%, for industrial buildings, and $5,075,300, nearly 5%,for public works and utilities.
Contemplated new work reported last month amounted to $148,794,400,
which was 40% under the amount reported in the previous January.
New England.
Last month's building contracts in New England amounted to $24,200,100.
While this was a 12% decrease from December, it was also a 9% increase
over January of last year.
Included in last month's record were: $11,407,500, or 47% of all construction, for residential buildings; $4,767,900, or 20%, for public works
and utilities; $3,154,800, or 13%, for commercial buildings; $1,535,000,
or 6%, for educational buildings, and $1,012,000, or 4%, for industrial
buildings.
Contemplated new work reported in January for this district amounted to
$41,372,300, which was just 1% over the amount reported in January of
last year.
Middle Atlantic States.
Last month's building contracts in the Middle Atlantic States (eastern
Pennsylvania, southern New Jersey, Maryland, Delaware, District of Columbia and Virginia) amounted to $21,677,700. This was a 13% decrease from
December and a 36% decrease from January 1924.
Last month's record included: $13,924,000, or 64% of all construction,
for residential buildings; $2,856,700, or 13%, for commercial buildings;
$1,867,000, or 9%, for industrial buildings, and $1,261,100, or 6%, for
educational buildings.
Contemplated new work reported in this district last month amounted to
gRR Ra7.800, an increase of 36% over the amount reported the previous
Januar).
Pittsburgh District.
January building contracts in western Pennsylvania, West Virginia, Ohio
and Kentucky amounted to $38,267,800. Although this was a decrease of
24% from December, it was an increase of 49% over January 1924.
Last month's record included: $15,184,100, or 40% of all construction,
for residential buildings; $5,642,800, or 15%, for commercial buildings;
760
THE CHRONICLE
$4,535,500, or 12%, for industrial buildings; $4,130,600, or 11%, for
public works and utilities, and $3,809,600, or 10%, for social and recreational projects.
Contemplated new work reported for this district last month amounted
to $81,950,300, an increase of 23% over the amount reported in January of
last year.
Southeastern States.
Contracts let last month in the Southastern States (the Carolinas, Georgia,
Florida, Tennessee, Alabama, Mississippi, Arkansas and Louisiana) amounted
to $41,105,700. While this was a drop of 8% from the preceding month, it
Was an increase of 1% over January 1924.
Included in the record for last month were these important items: $14,829,600, or 36% of the total, for residential buildings; $13,103,600, or 32%,
for public works and utilities; $5,580,200, or 14%, for commercial buildings; $2,661,700, or 6%, for industrial buildings, and $1,744,100, or 4%,
for educational buildings.
Contemplated new work reported in this district in January amounted to
$91,861,600, an increase of 18% over the amount reported in January of
last year.
The Central West.
Building contracts awarded during January in the Central West (Illinois,
Indiana, Iowa, Wisconsin, Michigan, Missouri, Kansas, Oklahoma and Nebraska) amounted to $55,438,100. The decrease from December was 27%;
from the previous January, 17%.
Last month's record included: $24,784,200, or 45% of all construction,
for residential buildings; $14,818,700, or 27%, for commercial buildings;
$6,390,306, or 12%, for public works and utilities; $3,707,000, or 7%,
for industrial buildings, and $2,761,100, or 5%, for educational buildings.
Contemplated new work reported for this district in January amounted to
$175,932,200, an increase of 2% over the amount reported in the corresponding month of last year.
The Northwest.
January building contracts in Minnesota, the Dakotas and northern Michito $5,024,700. This was an increase of 35% over December
gan, amounted
and of 18% over January 1924. Last month's total was, in fact, the second
highest January total recorded for this district, the highest having been
recorded in January 1920.
Included in last month's record were: $1,500,600, or 30% of the total,
for residential buildings; $1,131,600, or 23%, for public works and utilities,
and $835,000, or 17%, for educational buildings.
Contemplated new work reported in the district last month amounted to
$14,374,700, an increase of 14% over the amount reported in January 1924.
Volume of Factory Employment in New York State
Slightly Lower in January.
According to James A. Hamilton of the New York State
Department of Labor at Albany, the total volume of factory
employment in New York State was slightly lower in January than in December. A small loss, he says, is to be expected at this time as the close of the year and inventories
cause a temporary slackening in production, but the decrease
this month included important losses that are not entirely
seasonal. The forward movement that started in the fall is
still proceeding slowly, he adds. Industrial Commissioner
Hamilton's statement, issued Feb. 10, is based on reports
from a representative list of manufacturers who employ half
a million workers, or about 40% of the factory workers of the
State. In addition to the foregoing, the statement says:
Heavy Loss in Railroad Equipment and Building Materials.
Employment in the railroad equipment factories suffered a definite setback as a couple of thousand workers were released in January after the improvement in December. Declines in building materials were more severe
than usual at this season. Brick yards on our representative list have about
900 employees this year where in January 1924 they had 1,600, and cement
and plaster plants are also operating on a smaller scale. Some mills manufacturing house trim took on a few more employees.
The significant thing in this month's employment reports was the irregularity in the individual firms. Apparently now the tendency up or down is
not definitely fixed for several of the industries and individualfirms are going
in each direction. This was particularly true in the metals and textiles,
which have been moving upward in recent months.
The metal industries as a whole had about the same number of employees
in January as December. Again, steel mills forged ahead and copper and
brass followed at a slower pace. Automobile's showed an increase this
month, but while some manufacturers took on several hundred workers
other plants released employees and operated on part time. In the heating apparatus shops an increase appeared after the reduction of December
and electrical equipment factories had more employees on their payrolls.
Some foundries working for the automobile and railroad Industries increased
forces.
Chemicals were on the whole the same as December except for a few
semsonal changes and furniture and pianos were fairly steady.
Only Small Increase in Textiles.
All textiles combined showed a gain of about 1% in January. Silk mills
were a little busier and some of the carpet factories continued to take on
more workers. There was an improvement in woolens and small increases
in cotton. Knit goods were irregular but decreases predominated.
The spring season in men's clothing progressed up-State but women's
clothing shops did not report the increase usual at this time. Milliners
were working overtime. In the reporting shoe factories there were from
400 to 500 more workers, but this was mostly in the up-State districts.
Important Decline in the Capital District.
The heavy loss in railroad equipment and in some of the textile factories
had its effect on the total of employment for the Capitol District. The
decrease was from 2 to 3%. January 1925 saw 50,000 employees in the
representative factories of this section where there had been 55,000 at the
beginning of 1924. Some of the machinery and electrical equipment plants
were busier in January but again others shortened working schedules.
Iron and steel showed a gain in January. Practically all the metal industries are lower than last year, however.
While knitting mills have been more active recently after the extensive
depression of the spring and summer, a decrease was reported in January.
Shirt and collar factories have improved only slowly and there was little
change from December. Printing has been growing and is practically
the only industry employing more workers now than a year ago.
[VoL. 120.
Decreases Offset Increases in Buffalo.
Buffalo showed practically no change in employment from December to
January. The increasing activity of recent months in the steel and copper
mills continued and hundreds of metal workers found employment. Heating apparatus factories took back a large part of the workers dropped last
month. On the other hand, railroad equipment and repair shops released
about 500 men and automobile plants were less busy than last month.
although a few plants making parts increased their forces. The drop in
chemicals was limited to household chemicals and was seasonal. Meat
packing houses had fewer workers on their payrolls, as did some of the
furniture factories.
Improvement in Syrcause.
Syracuse reported the largest gain in employment since the low point of
July. There was a net increase of over 600 workers in the reporting factories of this district. The improvement in the automobile industry,
though partly seasonal and not general, was important. Some other iron
and steel products also were more active.
There was a small gain in men's clothing and shoe manufacturers increased production after a dull December. Some of the industrial chemical
plants took on a few employees but there was,on the whole,no improvement
in the chemical industries of this district, which have remained low through
the second half of 1924.
Increases in Binghamton and Rochester.
Binghamton and the surrounding territory reported another increase in
January as 400 additional workers were employed in the shoe factories.
The cigar industry was rather dull and more employees were let go this
month. Metals were slightly more active, but wood products showed a
small reduction. Employment at the beginning of 1925 is higher than it
was at any time in 1924.
Rochester showed a gain in employment as men's clothing shops were
busier and some of the shoe factories took back workers released last month.
There was little change in the metals and one or two furniture factories
reduced forces after an active December. A few more workers found jobs
in the canning factories.
During the past year workers in the instrument factories have felt the
depression rather severely. Men in railroad equipment shops have also had
to seek employment elsewhere. Plants making machinery and electrical
equipment, particularly the latter, have held up well. The shoe industry
here has had a dull year and recently chemicals have started downward.
Utica Improvement Not Complete.
The increase in the knitting mills of Utica was small this month but the
brass and copper mills continued their upward movement and the total
volume of employment rose over 1%. Other metal industries, including
stamped ware and heating apparatus, reported increases, but a few manufacturers cut operations. Men's clothing was higher but textiles were
irregular. The year 1925 began with employment in the knit goods industry
considerably reduced. Cotton mills have been increasingly active recently
and are now about half way out of the depression which began almost two
years ago. Workers in the typewriter plants and some other metal industries have been affected by the depression rather severely, and there are
now 1,300 fewer employees in the representative factories in this division
than a year ago. Firearms, tools and cutlery also continue to move downward.
Seasonal Industries Slow in New York City.
Employment in New York City dropped somewhat more than in the
rest of the State. The clothing trades were, on the whole, less active
than usual at this time. Shops making women's outer garments were slow
to respond to the approaching spring season. Several manufacturers of
men's clothing started up;one or two iarge gains carried employment for the
whole division almost 2% higher than the month before, but the majority
majority continued to operate on reduced schedules and some even cut
forces further. Payrolls in the shoe factories where they had been low last
month improved, but employment moved unevenly.
Small gains were made in the important machinery shops and clock
makers again took ton more men. Copper, brass and brass goods which
have been fairly active hero,showed a reduction this month. Employment
in stamped ware factories was a little higher. Jewelry and silverware
manufacturers employed fewer workers after the Christmas trade ended.
Review of Industrial Conditions in Illinois During
January—Expansion in Employment.
According to R. D. Cahn, Chief Statistician of the General
Advisory Board of the Illinois Department of Labor, a
favorable condition is indicated in the reports of employers
to the Illinois Department of Labor for January. The
monthly statement, made public by Mr. Cahn on Feb. 11,
goes on to say:
The lull in industrial activity which regularly comes at the beginning
of the year, had so far disappeared that taking industry by and larg • in
this State, employment had expanded during the month. Inventory
taking was finished in a short time and there were many evidences of a
moderate acceleration in the rate of production.
Extending over a wide range of industries, 1,185 manufacturers had
on the Jan. 15 payroll a total of 281,254 persons, a gain of 0.9 of 1% over
the number the identical manufacturers had on the payroll of the middle
of December. The expansion provided jobs for 2.401 persons, among
the reporting employers. If the same rate of increase were maintained
elsewhere in manufacturing industries, 6,000 persons have been returned
to work in the factories during January, or about 21,000 in the past two
months. More persons are now at work in the factories of Illinois than
at any time since June 1924. The new gain, however, still leaves employment 1.5% below the average for 1922. At the threshhole of the spring
expansion industry is at about the same point that it was in July 1922
during the last period of the expansion. The scale of industrial activity
Is substantially less than in January of either of the past two years, but
substantially greater than in January 1922.
The most notable gain in the past 30 days has been in the iron and
steel class. 116 employers in this class reported the addition of 7.1%
to their working forces. This gain is quite notable since iron and steel is
used for many pm-poses. It indicates a probable increased demand both
for consumption purposes and for new additions to plant equipment.
Significant also was the gain of nearly 2% in employment at the machinery
factories. Railroad car builders continued their recovery from the severe
depression,from which they suffered and there was an employment increase
of 1.9% following one of 2.5% in the preceding month. A smaller group
of factories, those making tools, had 7.5% more workers than a month
ago, and the agricultural implement firms took on 3.5% more people,
continuing the movement of recent months. Elsewhere in the metal
machinery conveyance group, the changes were of a seasonal character.
FEB. 141925.]
THE CHRONICLE
Renewed expansion ruled in the leather industries with the exception of
furriers. At the tanneries there was an expansion of 1.4%, and a like
increase in the boot and shoe factories. In three of the four chemical industries, there was expansion. The largest was in the paint factories where
there was a gain of 8.4%. In miscellaneous chemicals, the expansion was
4%, and drugs 2.7%. However, at the oil refineries, employment fell 1%
during the month.
Employment continues on the up grade among the Job printers. Reports
from 79 of them having about 9,000 workers showed a gain of 2.4% in the
number of employees during January. The paper box industry recorded an
expansion of 1.6% in the month. A slight diminution of the number of
workers appears from an analysis of reports from edition bookbinders and
newspapers, and a larger drop in the miscellaneous paper goods class. A
healthy condition is shown in the report for the textiles. In the knit goods
class employment rose 4.2% and less substantially in the other classes of
the group.
In the ready-to-wear industries the trend was upward. The men's
clothing factories appear to be having a fair season. They added about
3% to the working forces in January. The women's wear industries added
substantial number—women's clothing 15.4% and furnishings 6.2%. Seven
millinery manufacturers increased the number of their employees by more
than one-fifth. The manufacturers of haberdashery and overalls, however.
laid off a substantial number of their workers.
The food industries displayed seasonal characteristics generally. Packers
laid off nearly 5% of their workers in January, with receipts of live stock
dropping off in January, as is usual. Tobacco, canning, bakery and beverage firms all had fewer employees in January than in the month previous.
Millers, however, added about 5% and the wholesale grocers about 8%•
The trend was generally downward among building materials manufactures. Employers in the brick firms laid off 3.9% of their employees and
there was a decline in lime and cement and miscellaneous building products.
Planing mills had about 3.7% fewer workers than in the preceding month.
The holiday season marked the end of a seasonally busy period for furniture, pianos, miscellaneous wood products, and in those industries there
were declines in the number of workers in January running from 3 to more
than 8%.
For a like reason, the department stores, mail order houses and even
wholesale dry goods and grocery firms, were laying off freely in January.
The department stores and mail order houses had 1-6 fewer workers in
January than December. The wholesale grocers and dry goods jobbing
house declines were of less consequence.
There has been some shifting in the operations of mines of the state during the past 30 days. Some mines which had been running were closed
down but numberous others were reopened. Among the mining companies
reporting to the Illinois Department of Labor, representing a total of 53
mines, there was a gain of 26% in the number of workers. There also was
apparently some increase in the operations and steadier work, for the payments to miners, reduced to a weekly basis, amount to $4093 per week.
In December and November the averages were $37 08 and $29 78 respectively. Building construction was further reduced in extent, according to
the reports to the Department of Labor. The construction employers alone
laid off 20% of their workers, following the drop of 15% in December.
Considerable time was lost during January as is usually the case, due to
the taking of inventory, and the practice of putting machinery in order in
readiness for the expansion that comes in the spring. 1.184 manufacturers
paid out $7,010,053 in the week of Jan. 15. This was a decline of 1.7%
from the amount the identical manufacturers paid out December 15.
Average weekly earnings amounted to $27 64 in January which, though
below the average for December, was substantially above the average for
January of either of the past two years.
In the dead of winter unemployment increased, as revealed in the ratio of
Jobless men and women to vacant jobs. In January there were 188 persons
registered for each 100 lobs at the 13 free employment offices in the State
of Illinois. The ratio of unemployed men to vacant jobs increased in all of
the cities except Bloomington. Jolie`, and Rockford. In Chicago there
were 201 registrants per 100 Jobs, or more than 2 unemployed persons for
each opportunity to work. The increase in January is a normal situation.
Each January since the free employment index numbers were first calculated has witnessed a swell in the unemployment index. The January
1925 ratio for the State of 188 persons per 100 Jobs, compares as follows
with the same month of other years: 1924-166, 1923-132, 1922-232.
1921 -275. Thus the unemployment situation as far as is shown by the
operation of the free employment office was worse than in 1923 and 1924
and better than in 1921 and 1922. Comparing conditions with January of
a year ago, there was an increase in the number of persons seeking jobs of
about 600 and a decline of more than 1.000 in the number of jobs open.
Thornton Cooke of Columbia National Bank of Kansas
City on Condition of Western Business—Farming
Conditions.
In a review, under date of Feb. 2, of "The Condition of
Western Business," Thornton Cooke, President of the Columbia National Bank of Kansas City, Mo., observes that "there
is some disappointment that trade activity has not yet followed the optimistic New Year prophecies, but most business
men are still confident." In part, he goes on to say:
761.
wheat crop were 85 million bushels more than was exported in the corresponding period from the crop of 1923, and for a time importing countries
turned to Argentina and Australia. Buenos Aires laid down wheat in Liverpool 8 cents under wheat from New York, but the difference has narrowed,
and in the last two weeks there have been heavy sales in this country for
export. American milk are anxious for high protein wheat, and No. 2 red
sold in Kansas City last week at $2 21. It may be that such extreme prices
cannot be maintained, as they hit European consumers hard, and stocks are
so heavy that it is hard to find storage for wheat at ports either in this
country or Europa. There is evidently going to be a good clean-up, however, and the new crop will, so far as can now be forecast, come on the market under favorable price conditions. The plant has so far been well protected by snow in most of the winter wheat area, but in some localities the
snow turned to ice, with danger of smothering. If the weather is at all favorable in our Northern States and Canada, there will be an enormous acreage of spring wheat.
The farmer should not give up his plans for diversifying his business just
because wheat turned out well in a season of shortage in Canada and Europe,
when European buying power was coming back. Canada, Argentina and
Australia will again furnish severe competition. The National Association
of Commissioners, Secretaries and Departments of Agriculture finds: "That
the present greater exchange values of certain farm crops—notably wheat
and corn—represent a temporary condition due to unusual and abnormal
world-wide conditions affecting crop production, rather than to fundamental
soundness in the relationship existing between agriculture and urban industry." And the report of the association, given out by its President,.J. 0.
Mohler, of Kansas, recommends that the farmer seek efficiency more by getting his costs of production down than by aiming at larger production without counting what it is going to cost.
Corn at $1 20 in terminal markets has been too expensive for the hog
feeders, and the marketing of swine has consequently been enormous. One
hundred and twenty-two thousand were on the market in Chicago in one
day. Of late the possibility of a shortage of pork has been appreciated and
2
/
prices of hogs in Kansas City have been about 101 cents a pound. We
have just been furnished with the results of the feeding of 60 three-year-old
steers in central Kansas. They cost $4,000 Oct. 22 and were sold Jan. 15
for $7,182 39. They ate $2,576 89 worth of corn, and with this and other
expenses deducted, made a net profit of $855 50, or about 22%. This is
better than the average realization, but it does show that the live stock industry need not be discontinued yet awhile in the Central West.
The head of a great retail store says that last year was the most difficult
to do business in of any since 1920, and even more difficult than that, because in 1920 the troubles all came at once in readjusting inventories; while
1924 required extraordinary sales effort in ten months of the twelve. Retailers found December satisfactory, but had to carry over into January
goods that were not sold in November because of warm weather then, and
bad to be marketed less profitably at the traditional "January sales." There
is some feeling that business is better in anticipation than in reality; but
railroad officials tell us that car loadings on railroads in the Central West
are running ahead of last year, nad at least one great system is moving more
freight than at this time in several years. Somebody is shipping goods.
Bank clearings have been showing about 20% increase. The rise in the price
of crude oil will be a business stimulant.
We do not expect, nor is it desirable, that business will be feverishly
active; but we do know that the Central West has a purchasing power sufficient to keep labor well employed and trade satisfactory for at least the
first half of 1925.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District During January.
In a preliminary summary of agricultural and financial
conditions prepared by the Federal Reserve Bank of Minneapolis and issued under date of Feb. 12, it is stated that the
total volume of business in that district during January
declined normally as compared with the pre-Christmas rush
of December, except in the cities of Sioux Falls, South
St. Paul and LaCrosse, where there were increases. The
bank adds:
As compared with January of last year. there has been an increase of 29%
in the total dollar value in our seventeen reporting cities, owing to a continuation of the heavy grain and livestock marketing, much higher prices for
agricultural products and larger shipments of forest and linseed products.
The January marketings of hogs, calves and sheep were especially large and
of cattle very small, as compared with figures for previous years.
Preliminary reports regarding retail trade indicate an apparent increase
of 10% over January of last year. This is to be accounted for in part by
milder weather in January than In December, but is probably due more
largely to an accumulation of buying power springing from this year's crop
which has not heretofore been reflected in the sales at retail in the larger
cities.
The payment of bank loans from crop proceeds has continued. This has
of
necessitated a search for other productive investments. The amount
commercial paper now outstanding in this district is larger than at any
time in the last five years, double a year ago, and one-eighth greater than
millions
a month earlier. Banks in the larger cities reported a decline of 9
in demand deposits and an increase of 2 millions in time deposits during the
Those who attended the annual convention of the Western Retail Imple- four weeks ending Jan. 28. Federal Reserve note circulation declined
ment, Hardware and Vehicle Dealers Association in. Kansas City last month seasonally in January.
illustrated this feeling. Many hardware dealers handle furniture, and they
Prospective building activity as reflected by building permits granted
bought fresh stocks liberally. In hardware itself they anticipated their in our leading cities is better than a year ago. The total number of permits
wants for some time to come, and they even bought grain bins in number, a for the eighteen cities increased 42% and the total valuation decreased
character of purchase that is unusual so early in the season. Stocks of imple. 15%, but this decrease is due almost entirely to the exceptionally high
ments were contracted for, 50% in excess of a year ago, and it is estimated figure for Winona one year-ago.
that Kansas will this year take as many as in 1023 and 1924 together. All
this means that merchants believe farmers have the means and will soon
have the inclination to buy goods. Just now, it is true, the farmers are buy- Railroad Revenue Freight Heaviest on Record for
ing as little as possible. When they want something at the store, they are
Season of Year.
apt to put a few hogs into their wagons, drive into town, sell to some local
make their purchases with the hog money, instead of borrowing
of revenue freight for the first five weeks in 1925
Loading
shipper and
at the bank. It took them a long time to pay back what they borrowed in totaled 4,450,993 cars, according to reports Just received
1920, and they are chary of starting in again; but they could borrow if
Division of the Amerihave mostly paid their city correspondents from the carriers by the Car Service
they wished, for country banks
was the heaviest loading of
and have money to spare. Some are buying bonds and commercial paper to can Railway Association. This
get their deposits to work.
any corresponding period on record, exceding by 156,723, or
Preparations for building and merchandising are based on wealth pro.
3.6%, the corresponding period last year and by 211,614 cars,
farmers mostly sold their wheat
duced last year and now in prospect. The
but later there came an urgent or 5.0% the corresponding period in 1923. Loading for the
early. They got what seemed fair prices;
Even Greece, Turkey and Russia became importers of week of
foreign demand.
Jan. 31, the latest reports available, was 896,055
more than four years, the highest,
wheat and prices are now the highest for
was a decrease of 28,199 cars under the preceding
ever known in time of peace. Exports to Jan. 1 1925 from the last cars. This
In fact,
762
THE CHRONICLE
[voL. 120.
week and 33,568 cars under the corresponding period last
year, but 30,641 cars above the same period in 1923. The
statement then proceeds as follows:
of time in the spring and fall seasons before becoming eligible for the payments of benefits.
The board also has decided that seventeen weeks' work each season shall
constitute full-time employment. Those employed for that length of time
For the week of Jan. 31 forest products and live stock were the only com- shall not be entitled to unemployment insurance. Thus, workers employed
modities to show an increase over the preceding week, while grain and grain only 15 weeks a season will be entitled to two weeks' benefits, those 13
products, coal, merchandise and less than carload lot freight, miscellaneous weeks to four weeks' benefit and so on.
freight, coke and ore showed decreases.
Unemployment benefits will be paid at the rate of $10 a week, with a
Forest products loading totaled 75,617 cars, 1,303 cars above the week maximum of $120 a year per worker, covering twelve weeks' unemployment,
before, but 6,191 cars under last year. Compared with the corresponding or a maximum of six weeks each season. In computing the workers' lost
period two years ago, it was an increase of 5,820 cars.
time not only the weeks of total unemployment but also the weeks in which
Live stock loading for the week totaled 34,033 cars, an increase of 1,022 he has not worked the regular 44 hours are considered.
cars above the week before and 791 cars above the corresponding week last
The trustees have ruled that workers to be eligible for unemplyment beneyear. It also was 1,165 cars above the corresponding week in 1923. In the fit payments must have been members of the International Ladies' Garment
Western districts alone, 25,855 cars were loaded during the week, 1,524 cars Workers' Union for one year; must have been employed in the New York
more than were loaded during the same week last year.
cloak and suit industry for one year and, in addition, must have registered
Grain and grain products loading amounted to 47,891 cars, a decrease of their unemployment at the registration office to be established in the near
5,833 cars below the week before and 5,720 cars under the same week last future and report there regularly at times to be agreed upon.
year, but 6,196 cars over two years ago. In the Western districts alone,
The trustees have also ruled definitely that none of the moneys contributed
grain and grain products loading totaled 31,995 cars, a decrease of 5,103 can ever be used for the payment of strike benefits or be available to any
cars under the corresponding week last year.
of the parties to the agreement for use in industrial controversies. Any
Loading of merchandise and less than carload lot freight totaled 232,123 time lost by workers due toastrikes or stoppages is not included in the comcars, 6,941 cars below the week before and 4,039 cars below the same week putation of unemployment subject to benefits.
last year. It was, however, 15,667 cars above the same week in 1923.
Miscellaneous freight loading amounted to 291,851 cars, 7,402 cars below
the week before and 12,981 cars under the same week last year, but 2,134 Prices of Petroleum and its Products Continue to
cars above the same week two years ago.
Advance.
Coal loading totaled 192,339 cars, a decrease of 8,890 cars under the preAlmost all sections of the country reported further adceding week and 6,551 cars below the same week last year, but 1,914 cars
above two years ago.
vances in both crude oil and gasoline prices during the curCoke loading totaled 13,316 cars, 65 cars under the preceding week, but
744 cars above the corresponding period in 1924. Compared with the same rent week. The smaller oil production, together with incrrased consumption and the lack of any new producing
period in 1923, however, it was a decrease of 871 cars.
Ore loading totaled 8,885 cars, 1,393 cars under the week before, 621 cars fields are chiefly responsible. The Sinclair Crude Oil Purunder last year, and 1,384 cars below the same week two years ago.
Compared by districts, all except the Southern showed decreases in the chasing Co. on Feb. 7, raised its top grade of Mid-Continent
total loading of all commodities under the week before. The Pocahantas, crude, 61.6 gravity and above, 5 cents a barrel to $2. This
Central Western and Southwestern districts showed increases over the cor- places Sinclair's top grade on a price parity with
Marland
responding week in 1924, while all others reported decreases. All except
Eastern and Allegheny reported increases compared with the corresponding Oil's schedule. The Magnolia Petroleum Co. advanced
week in 1923.
Mexia and Wortham crude oil 10 cents per barrel to $1 80
Loading of revenue freight this year compared with the two previous a barrel at the wells, meeting the
price established by the
years follows:
Humble Oil & Refining Co. On the same day reports from
1925.
1924.
1923.
Week of January 3
765,727
706,292
767,296 Independence, Kan., stated that the Prairie Oil & Gas•Co.
932,807
Week of January 10
872,023
872,908 advanced the price it will pay for 42 gravity crude at wells in
Week of January 17
932,150
894,851
864,297
Week of January 24
924,254
891,481
869,464 Kansas, Oklahoma and Texas and north Texas 5 cents a
Week ended January. 31
896,055
929,623
865,414 barrel to $2. Other gravities remained unchanged. The
Total
4,450,993
4,294,270
4,239,379
Rhode Island Textile Mills Will Operate for Further
-Part of Wage Cut Rescinded.
Sixteen Weeks
- The only development in the labor situation in the New
England textile industry this week was the decision to continue operations in all the B. B.& R. Knight mills in Providence, R. I., and in the Pawtuxet Valley for a second period
of sixteen weeks under a bondholders' committee. Notices
to that effect were posted in the mills on Feb. 7, the date of
expiry of the first period. Two thousand five hundred
workers are affected. The notices proceeded to state:
In recognition of the effort made by employees In the past sixteen weeks
the committee further agrees to restore 23i% of the recent 1234% wage
reduction, effective Monday.
Amoskeag Starts Night Work in Cotton BleacheryCotton Section Active.
The cotton section of the Amoskeag Manufacturing Co.,
of Manchester, N. H., worked a full week this past week.
On Wednesday it was announced that night work had been
started in the plant's cotton bleachery. It is stated that
production in the cotton section has steadily expanded in
recent months, although, on the other hand, the worsted
section, operating at slightly more than 50% of capacity, is
not so busy.
action of the Prairie Co. followed the schedule which Marland Oil established on Jan. 30.
On Feb. 9 the Magnolia Petroleum Co. advanced MidContinent crude oil of 42 gravity and above 5 cents a barrel
to $2, these being the prices posted by Sinclair Crude Oil
Purchasing Co. and Prairie Oil & Gas Co. Following the
lead of these crude oil purchasing companies, the Humble
Oil & Refining Co. increased the posted price of 42 gravity
Texas and Ranger oils 5 cents a barrel to $2. According to
price wire advices on Feb. 9, a premium of 25 cents over
posted price of $1 80 a barrel was being offered for Wortham
crude. The price of Tonkawa oil was increased to $2 10 a
barrel and the Bolene Refining Co., according to reports
from Enid, Okla.
News from Independence, Ran., on Feb. 13 said that the
Prairie Oil & Gas Co. advanced crude from 20 to 35 cents,
according to gravity. The new schedule follows:
Below 30 gravity
30-32.9 gravity
33-35.9 gravity
36-38.9 gravity
39-41.9 gravity
42 gravity and above
$1 35, up 20 cent*
1 55, up 20 centA
,
1 80, up 25 centi
1 95, up 25 cents
2 10, up 25 cents
2 35. up 35 cents
The Sinclair Crude Oil Purchasing Co. followed the MidContinent crude oil advance by Prairie Oil & Gas. The
Magnolia Petroleum has advanced crude oil prices in the
Mid-Continent 10 to 35 cents a barrel, following large increases by Prairie Oil & Gas and others. Mexia, Currie,
Powell and Wortham crudes were advanced 20 cents to $2.
The Humble Oil & Refining Co. advanced Powell, Mexia,
Six Hundred Shoe Workers Strike in Spencer, Mass., Currie, Richland and Wortham crudes 10 cents a barrel to $2.
Other new prices were posted as follows:
in Protest Against Ten Per Cent Wage Cut.
Grade A Coastal crude
$2 00, up 25 cents.
About six hundred employees of I. Prouty & Co., shoe Grade B Coastal crude
1 75, up 25 cents
Ranger and North Texas crude
manufacturers of Spencer, Mass., struck on Thursday,
Below 30 gravity
1 35, up 20 centa
30-32.9 gravity
1 55, up 20 cents
Feb. 12, n protest against an announcement that a 10%
33-35.9 gravity
1 80, up 20 cents
36-38.9 gravity
2 00, up 30 cents
reduction in wages would go into operation Monday next.
39-41.9 gravity
225, up 40 cents
Some 800 workers are employed in this plant.
42 gravity and above
2 35, up 40 cents
The Texas Co. has followed the Humble Oil Co.'s 25-cent
Fund- for Jobless Reaches $600,000
-Payments to advance in Gulf Coast crude and 20 cents a barrel in Mexia,
Currie, Powell and Wortham crdes. The Gulf Oil Corp.
Unemployed in Garment Trade Will Begin on
followed crude oil advances in Mid-Continent and Gulf
June 1.
Coast districts.
The following is from the New York "Times" of Feb. 5:
Eastern crude oils were advanced by the Joseph Seep
The Unemployment Insurance Fund, recently established in the cloak, suit
and skirt industry, will begin payment of benefits on June 1, it was an- Agency from 10 to 25 cents a barrel, as follows: Corning
nounced yesterday by Arthur D. Wolf, Chairman of'the Board of Trustees of grade,
$2 25, up 30 cents; Cabell grade, $2 20, up 25 cents;
the fund.
Contributions to date from workers and employers are $600,000, and it is Somerset medium,$2 30, up 25 cents; Somerset light, $2 45,
e:cpected that by July 31 the fund will be about $1,250,000. The workers up 25 cents; Ragland, $1 30, up 10 cents. Other grades
pay 1% of their weekly wages to the fund and the employers give 2% of
remained unchanged.
their weekly payroll.
Reports from Findlay state that the Ohio Oil Co. advanced
A normal period of nine weeks of Idleness has been recognized by the trustees handling the fund. Each worker must have been unemployed that period the following grades of crude
oi1125 cents albarrellLima,
763
THE CHRONICLE
ingots in January 1925 by companies, which made 94.84%
of the steel ingot production in that year, at 3,963,836 tons,
of which 3,262,748 tons were open-hearth, 689,996 tons
Bessemer and 11,092 tons all other grades. On this basis
the calculated production for all companies during January
is 4,179,498 tons, which, as already stated, is the largest
output for any month since March last. This is the sixth
successive month to show an increase in the daily average
output. The production for July 1924 averaged only 71,901
tons per day, while the output for January 1925 averaged
no less than 154,796 tons per day.
In the following we show the details of production back
to January 1924:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1924 TO DEC. 1924.
Reported for 1924 by cos. which made 94.84% of the steel ingot production in 1923.
Months.
1923.
January
February._ _ _
March
April
May
June
July
August
September...
October
November_
December_ _ _
OpenHearth.
Bessemer.
2,905,892 728,270
2,613,564 669,903
3,046,309 799,525
2,974,579 772,485
3.136,558 847,418
2,821,239 737,845
2,658,449 680,884
2.796,370 701,059
2.562,771 613,709
2,735,513 649,452
2,348,361 616,335
2,135,898 .570,004
Calculated
Monthly
Monthly
AU Production Production
Other. Companies AU CornReporting. ponies.
.000WWw.316.WW
WOWWWwwWw...1.4
Indiana, Illinois, Princeton and Plymouth. Wooster crude
was advanced 30 cents a barrel. Wyoming and Montana
crude oil prices followed Mid-Continent and Eastern advances.
Gasoline prices were also advanced in various sections of
the country. Other petroleum products were also advanced
in price, one of the numerous changes being an advance of
lc. a gallon in the price of kerosene, announced Feb. 7 by
the Gulf Oil Co. The Northwestern Pennsylvania refiners
on that date raised the•pnce of motor gasoline 14e. a gallon.
Another advance of lc. in gasoline prices, the second within
a week, was announced on Feb. 9 by the Standard Oil Co.
of Kentucky. This brought the price in Covington and Lexington to 18c. a gallon for tank wagon gasoline and 21c. for
filling station supplies. In Louisville the price is 21c. for
filling station gasoline. On Feb. 10 the Northwestern Pennsylvania refiners again advanced the price of motor gasoline
Mc. per gallon.
Reports from Chicago on Feb. 12 stated that effective
Feb. 13 the price of gasoline was increased 2c. a gall on
throughout the eleven States served by the Standard Oil
Co. of Indiana. Kerosene prices will advance lc. Other
.
companies mentioned as having advanced gasoline pr ces
were the Sinclair, Roxana and Texas concerns. This makes
the service station price of 21c. in Chicago. Gasoline prices
were advanced 2c. per gallon in the City of Denver and
vicinity.
OWCWW.WWwWOW
FEB. 14 1925.]
3,644,629
3,294,264
3,858,675
3,760,997
4,000,695
3,574.567
3,350,829
3,506,755
3,185,082
3.394,128
2,974,005
2,716,814
3,841,095
3,471,843
4,066.680
3,963,736
4,216,355
3.767,255
3,531,458
3.695,788
3,358,776
3,577,091
3,134,321
2.863,268
ApprortNum- mateDally
bee of Production
Work- AU Cornpantes,
Ow
Days. GrossTons
27
24
27
2.5
27
26
25
27
25
27
26
25
142,263
144,660
150,618
158.549
156,161
144,894
141,258
138,881
134,271
132,485
120,151
114,511
139,825
43.48.5,665
WWWWWWWWWWWW
WW-4WWWW-4MOW-4
Total year. 32,736,503 8,386,889 138,048 41,261.440
Crude Oil Production Again Decreases.
1924.
134,579
2,766,534 667,032 12,577 3,446,143 3,633,639
the January
152,367
A reduction of 11,700 barrels per day is shown in
2,902,641 695,905 14,085 3,612,631 3.809,185
February
161,075
3,971,844 4,187,942
March
3,249,783 706,801 15,280
estimates of daily average crude oil production issued by the April
128.213
2,575,788 573,381 12,356 3,161,525 3,333,535
97,343
2,060,896 425,099 6,648 2,492,643 2,628,261
the week ended Feb. 7, May
American Petroleum Institute for
82,259
June
1,637,660 310,070 2,622 1,950,352 2,056,466
71.901
when the output was 1,941,600 barrels, as compared with July
1,525,912 241,880 5,162 1,772.954 1,869,416
97,750
2,410,360 2,541,501
August
361,781 5,759
1,953,300 barrels for the preceding week. Compared with September- 2,042,820 409,922 6,844 2,669,742 2,814,996
108,269
2,252.976
115,239
2,505,403 438,468 7,030 2,950,901 3,111,452
the figure for the corresponding week of 1924, however, October
124,289
November_ 2.479,147 459,349 8.397 2,946,893 3,107,226
136,609
2,810,404 546,504 11,641 3,368,551 3,551,825
the current production is 26,600 barrels per day greater. December
The average daily production east of California for the latest
Total
28,809,964 5,836,194 108,381 34.754.53938,645,444 312 117,453
1.925.
week was 1,346,100 bbls., as compared with 1,356,500 bbls January
3.282.745 659.11941 11 092 3.083.538 4.179.408 27 154.798
the previous week, a decrease of 10,400 bbls. California production was 595,500 bbls., as compared with 596,800 bbls.;
Slight Decrease-Pig Iron Demand
Santa Fe Springs is reported at 47,000 barrels, no change; Steel Output Shows
Sluggish-Prices Firm.
118,000 barrels; HuntLong Beach, 117,500 barrels, against
A slight falling off in steel operations, amounting to about
ington Beach, 41,000 barrels, no change; Torrance, 41,000
no change; Dominguez, 55,000 barrels, against 5%,is recorded in the weekly market summary issued by the
barrels,
56,000 barrels, and Rosecrans, 9,000 barrels, against 8,800 "Iron Age" of Feb. 12, and quoted herewith:
-ton gain in unfilled orders in January
The Steel Corporation's 220,000
barrels. The following are estimates of daily average gross and the report of the country's 13% increase in daily rate of steel ingot
production for the weeks indicated:
production last month, made public on Tuesday, were both in line with
DAILY AVERAGE PRODUCTION.
Feb.7'25. Jan.31'25. Jan.24'25. Feb. 11 '24.
(In Barrels).
410,050
481,000
Oklahoma
479,700
478,950
71,050
81,950
82,000
Kansas
81,900
65,400
92,500
North Texas
88.950
92.400
138,000
230,250
East Central Texas
181.950
178,050
49,950
West Central Texas
54.650
54.700
54.150
53,200
North Louisiana
49,750
49.850
48,800
113,050
Arkansas
106.200
104.700
104,250
88,550
124,100
Gulf Coast and Southw. Tex.. 124.650
123,050
104.000
99.000
100,000
Eastern
98,500
140,000
85,300
87,900
87,750
Wyoming,MontanaandColo_
681,750
California
598,900
596.800
595,500
Total
1,941.600
1,953,300 2,003,200
1.915.000
Further Gain in Steel Corporation's Unfilled Orders.
The United States Steel Corp. on Tuesday, Feb. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary as of Jan. 31 1925, to the
amount of 5,037,323 tons. This is an increase of 220,647
tons over the month preceding and brings the unfilled orders
on hand up to the highest level since August 1923. On Jan.
31 1924 the unfilled tonnage stood at 1,798,429 tons; on Jan.
31 1923, 6,910,776 tons; on Jan. 31 1922, 4,241,678 tons,
and on Jan. 31 1921, 7,573,164 tons. In the following we
show the figures back to the beginning of 1921. Figures
for earlier dates may be found in the issue of the "Chronicle"
for April 14 1923, page 1617.
January
1925.
5,037,323
February
March
April
May
June
July
August
September
October
November
December
1924.
4,798,429
4,912,901
4,782,807
4,208,447
3,628.089
3,262,505
3,187.072
3,289,577
3.473,780
3,525,270
4.031,969
4,816.676
1923.
6,910,776
7,283,989
7,403,332
7.288,509
6,981,851
6,388,261
5,910,763
5,414,663
5,035,750
4,672,825
4,368,584
4.445,339
1922.
4,241,678
4,141,069
4,494.148
5,096,917
5,254,228
5,635,531
5,778.161
5,950,105
6,691,607
6.902,287
6,840.242
6,745,703
1921.
7,573,164
6,933,867
6,284,765
5,845,224
5.482,487
5,117,888
4,830,324
4,531,926
4,560,670
4,286,829
4,250.542
4,268,414
January Steel Production Larger.
A large increase in the production of steel was recorded
during January, the output for that month being the highest
since March last. The American Iron & Steel Institute in
its regular monthly statement puts the production of steel
forecasts. Of more moment to the steel trade are the current rate of new
buying, the percentage of the present output of steel that is going into
consumption, and the extent to which recent price advances can be established.
The past week has thrown little new light on these three points. The
price announcements have added to the volume of specifications on business
booked at $2 to $6 a ton below the new levels, but new demand is somewhat
less than the January average. It appears also that the Steel Corporation's
January gain in orders was.above the average for the industry.
While the Corporation continues to operate at 94% of capacity, some
reductions in schedules have been made by independent companies at
Youngstown, brinding down the general average in the Pittsburgh and
nearby districts to about 5% under that of the second half of January.
The Chicago district, however, keeps up its remarkable pace, which pulled
up the average for the country to 89% of ingot capacity in January. The
two leading producers there are running full, and with the blowing in of a
third blast furnace at Joliet all but one out of 34 steel works furnaces in the
Chicago territory are active.
Following the building up of manufacturing buyers' stocks with lowpriced steel, under the large scale shipments since Jan. 1, it is expected that
some weeks will be required for testing out the advances. Consumers now
want to see how much the demand will increase for their own products.
Railroad demand is better than in several weeks. Including 1,825 cars
for the Minneapolis & St. Louis, 1,000 for the Lackawanna, 1,000 for the
Union Pacific and 500 for the Mexican Petroleum Co., new contracts take
in 4,725, the largest week'i total in some months. In addition, orders for
500 were placed in Canada for roads there.
The Rock Island's rail order has come out this week, a total of 45,000
tons, of which the Illinois Steel Co. will furnish 37,845 tons and the Inland
and Colorado mills the remainder. The B.& 0.is inquiring for 25.000 tons
of rails and one million tie plates.
Canadian rail mills, after months of waiting, will soon be busy. For 280
miles of double tracking between Fort William and Winnipeg,the Canadian
-about 88,000
Pacific will place orders for 100-1b. rails with the Algoma mill
tons. Large rail contracts for the Canadian National Railways are to be
divided also between the Sydney and Algoma mills.
Due to activity in oil lines pipe mills are coming into a better operation
and the National Tube Co. has started up its Riverside plant, inactive for
-inch pipe for the Andean Corporation's line
months. The 41,000 tons of 10
in Colombia, South America, is Just now reported, but the Steel Corporation
had the order on its books in December. Including the Houston Oil Co.
line and the Pure Oil Co.'s contract, also for Texas, line pipe booked in the
past two months amounts to 150,000 tons.
Reports covering the larger structural a eel projects show bookings for the
first ten days of February to be 15% under the rate of January, but the
tonnage of freesh inquiries is somewhat above the January average.
In carefully limiting their buying to early needs, the automobile companies at Detroit aim to prevent any excess manufacture. As against a
much smaller automobile demand than last year's at this time, current
shipments of steel to farm implement works show a considerable increase.
Some makers of sheet bars have a greater supply above their own sheet
THE CHRONICLE
[vac.. 120.
null requirements than had been counted on, and the price has eased off
Forty-four percent of the lumber shipments moved by water . This
another dollar a ton.
amounted to 43,358,856 feet, of which 28,717,570 feet moved coastwise and
The continued arrival of foreign pig iron at Eastern ports, particularly Inter-coastal and 14,641,286 feet export. Rail shipments totaled 1,684 cars.
Boston, has aroused blast furnace operators in Eastern States, who are
Local auto and team deliveries totaled 4,757,790 feet.
responsible for the Government's cable inquiry to determine whether the
Unfilled domestic cargo orders totaled 130,502,639 feet. Unfilled export
anti-dumping law is being violated by European sellers. Foreign competi- orders 108,656,450 feet. Unfilled rail trade orders 5,320 cars.
tion has deprived Buffalo iron of some of its Eastern customers and has
In the first five weeks of the year production reported to West Coast
caused Buffalo makers to seek a market in the Pittsburgh district. Inquity Lumbermen's Association has been 462,607,447 feet; new business 428,718,for pig iron in the New York and Cleveland markets has improved within 660 feet, and shipments 476,266,438 feet.
a few days, but in nearly all centres the demand is light and prices are
maintained with difficulty.
The week has made no change in either of "The Iron
Age" composite prices. Finished steel remains at 2.546c.
per pound,as last week, while pig iron,for the fifth successive
week, stands at $22 50 a ton. The usual price table showing
comparisons is as follows:
Lumber Production and Shipments During December.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on Feb. 7 1925, reported as
follows:
Feb. 10 1925, Finished Steel. 2.546c. per Pound.
Based on prices of steel bars, beams, tank Feb. 3 1925
2.546c.
plates, plain wire, open-hearth rails, Jan. 13 1925
2.560c.
black pipe and black sheets, constituting Feb. 11 1924
2.789c
88% of the United States output.
10
-year pre-war average, 1.689c.
Feb. 10 1925, Pig Iron. $22 50 per Gross Ton.
Based on average of basic and foundry Feb. 3 1925
$22 50
irons, the basic being Valley quotation, Jan. 13 1925
22 50
e foundry an average of Chicago, Feb. 11 1924
22 86
10
-year pre-war average, 15 72
Philadelphia and Birmingham.
Finished- Steel.—High: 1923, 2.824c., April 24; 1924, 2.789c., Jan. 15;
1925, 2.560c., Jan. 6 Low: 1923, 2.446c., Jan. 2:1924, 2.460c., Oct. 14;
1925, 2.546c., Feb. 3.
Pig Iron.—High: $30 86, March 20; $22 88, Feb. 26; $22 50, Jan. 13.
Low: $20 77, Nov. 20; $19 21, Nov. 3; $22 25, Jan. 6.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR DEC. 1924 AND THE YEAR 1924.
Heavy specifications against lower-priced first quarter
contracts keep the mills operating at close to capacity,
declares the "Iron Trade Review" of Cleveland in its resume
of conditions affecting the market. New railroad and miscellaneous buying is better, according to the "Review's"
summary, extracts of which are appended:
Continued maintenance of a rate of production that is close to the high
eat mark in history is the dominating feature of the steel situation. While
new business is of only moderate volume. February specifications from
consumers against first quarter contracts have been so heavy that the
present scale of operations is considered assured for this month. Outside
of the Mahoning Valley, where independent steel-works operations have
receded to 67%, the general report is a sustained activity near maximum.
Chicago is practically running 100% and Pittsburgh 90 to 95%. The Steel
Corporation this week is slightly under 94%.
The test of strength seems likely to come in March when first quarter
tonnages closed at $4 to $6 per ton below current price schedules will have
been terminated. Producers believe if the ordered out tonnage will carry
them through March without any material let down in production, the
normal spring activity should insure substantially the present conditions
until hot weather.
To date buyers have been going very slowly in obligating themselves
for second quarter tonnage. For that reason recent advances in finished
steel prices to apply to second quarter are untested. The past week has
seem the adoption of these advances by mills which previously had not acted,
notably in wire. All main consuming needs to April 1 previously were
covered at the old figures.
The better oil market is reflected in the reappearance of pipe line orders.
The Pure Oil Co. placed 8,500 tons for several lines with the leading interest.
A tentative inquiry for 200 miles of large pipe is up for the Houston Oil Co.
An important item in the reinforcing steel market was the award of a
5,000-ton contract of rail steel bars for a warehouse at Kansas City. At
Philadelphia 2,500 tons for subway work is up and at Buffalo 5,000 tons
for miscellaneous jobs.
How heavy recent production has been running is illustrated by the
steel ingot output in January, which came within 4% of equaling the highest
rate in history attained last March. In January the country was making
ingots at the annual rate of 48,140,000 tons,a gain of 13.3% over December,
when production scaled 42,480,000 tons annually. The gain in January
from last summer's low point in July was 115%.
The week in structural steel awards was somewhat less but not far below
the recent average. The total was 27,709 tons. Important work up for
early action includes 9.000 tons for Philadelphia subways and 7,000 tons
for a repair shop, Coney Island.
After several weeks of dulness, some new life is appearing in the field of
railroad buying. This is especially true in cars, the orders for which in
January were only 1,685, the smallest since July. Awards of the past
week totaled about 2,500. including 1,045 for the Union Pacific. Rock Island is near to closing 1,600 and has placed 45,000 tons of rails and 9,000
tons of track fastenings.
Because of the lull in the pig iron market, iron ore producers are going
slowly in determining the season's prices.
The pig iron market remains sluggish. Buyers are holding off from
engaging second quarter needs awaiting the settling of the coal and
ore markets.
At Cleveland new inquiry for 10,000 tons may suggest a reviving interest.
Though definite concessions are lacking, prices continue to have an easier
tone. Offerings of foreign foundry iron, 2.50 to 3% silicon, are from $23 50
to $24 50, duty paid, Atlantic Coast ports.
Some believe coke consumers have made short suspensions of shipments
adding to distress tonnages on the market and keeping conditions unsettled.
Lower figures are being accepted for fuel on cars.
"Iron Trade Review's" composite of 14 leading iron and steel products
remains practically stationary. This week it is $41 22, the same as last
week, as against $41 02 for all January.
West Coast Lumbermen's Association Weekly
Lumber Review.
One hundred and eighteen mills reporting to West Coast
Lumbermen's Association for the week ending Jan. 31 manufactured 103,898,678 feet of lumber; sold 92,104,234 feet, and
shipped 98,636,646 feet. New business was 11% below production. Shipments were 7% above new business.
Thirty-nine per cent of all new business taken during the week was for
future water delivery. This amounted to 35,506,444 feet, of which 25,740,975 feet was for domestic cargo delivery and 9,765,469 feet export.
New business by rail amounted to 1,728 cars.
December 1924.
Production (Feet).
Association.
Shipments (Feet).
Mills.
Hardwoods.
California Redwood_ -- 15
Calif. White dt Sugar
Pine Mfrs
26
Georgia-Fla. Saw Mill_
6
North Carolina Pine__ _ 55
Northern Hemlock St
Hardwood Mfrs._ _ 46
Northern Pine Mfrs_
10
Southern Cypress Mfrs. 10
180
Southern Pine
West Coast Lumber'ns _ 112
44
Western Pine M frs
Michigan Manufact'rs_
Non-members
29
541
Total
Softwoods.
Hardwoods.
Softwoods.
39,424,000
24,949,000
2,968,000
4,596,000
9,679,000
42,192,000
29,583,000
39,813,000
3,998,000
26,124,000
85,378.000
5,833,000
26.745,000
17,363,000 26,044,000
12,836.000
10,596.000 2,133,000
357,207.000
331,073,000
86,354,000
1,620.000 5.567,000
49,623,000 8,571,000
15,594,000
29,529.000
8,070.000
358,626,000
337,319.000
138,613,000
1,968,000
56,912,000
976,031,000 42,315,000 1,094,190,000
Twelve Months of 1924.
Association.
Production (Feet).
Awe.
No.of
Hardwoods.
15
California Redwood_
Calif. White dr Sugar
29
Pine Mfrs
7
Georgia-Fla. SawMil
North Carolina Pine_ 50
Northern Hemlock &
49 387,012.000
Hardwood M frs_
10
Northern Pine Mfrs_
11 36.416,000
Sou'n Cypress Mfrs_
180
Southern Pine
West Coast Lumb'ns 116
Western Pine Mfrs_ _
40
Michigan Manufac'rs 18 89,042,000
Non-members_
28 107,920,000
Shipments (Feet).
Softwoods.
Hardwoods.
Softwooda.
444.378,000
356,441,000
1,152,934,000
76,412,000
396,265,000
921,280,000
82.004,000
403,532,000
1.11001.0114
234,018,000 334.749,000
218,333,000
442,032,000
428,660,000
114,811,000
143,986,000 28,110,000
4,791,645,000
4,709.558,000
4,810,213,000
4,720,937,000
1,424,570,000
1,459,708,000
30,243,000
27,963,000 80.921,000
549,543,000
551,716.000 23,255,000
653 620,390,000 14.346,535,000 567,035,000 14,144,647,000
1,018,223,000 feet
1,247,244,000 feet
Average monthly production January-December 1924
14,966,925.000 feet
Total production for the year 1924
15.798,340,000 feet
Total production for the year 1923
1,136,505,000 feet
Total shipments December 1924
1.225,974,000 feet
Average monthly shipments January
-December 1924
14,711,682,000 feet
Total shipments for the year 1924
15,203,228.000 feet
Total shipments for the year 1923
Total
Total production December 1924
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
December 1924.
Production.
Mills.
(Feet).
Alabama_ _
Arkansas _
California_
Florida_ _ _
GeorgiaIdaho __
Louisiana
Michigan
Minnesota
Mississippi
Montana _
No. Caro_
Oklahoma.
Oregon _
So. Caro
Texas_ _ _
Virginia _ _
Washing'n
Wisconsin_
Others*---
23
19
34
14
9
18
53
18
6
45
10
11
3
51
20
37
17
84
37
32
Twelve Months of 1924.
Shipments. AvNo
(Feel).
Mills.
28,922,000
30,631,000
36.877,000
35,253,000
76,187,000 103,481,000
24,313,000
24,286,000
2,325,000
2,921,000
42,115,000
64,956,000
116,855,000 115,523,000
10,502,000
14,659,000
12,836,000
22,830,000
92,041,000
91,750,000
10,179,000
20,989.000
5,520,000
5,184.000
8,992,000
8,820,000
129,915,000 151,380,000
7,151,000
6,762,000
66,611,000
65,231,000
12,911,000
13,421,000
238,267,000 250,107,000
38,026,000
35,188,000
59,302.000
71,509,000
24
17
36
13
10
16
54
31
6
46
11
11
3
55
15
38
14
84
39
30
Production.
(Feet).
Shipments.
(Feet).
409,543,000
442,167,000
1,411,145,000
312,399,000
65,424,000
654,125,000
1,534.757,000
239,982,000
336,021,000
1,289,099,000
218.173,000
66,032,000
96.566.000
2,107,035.000
94,761,000
857,153,000
194,731,000
3,387,483,000
512.309,000
738.020,000
402,997.000
446,181,000
1,119,537.000
290.350,000
73,970,000
611,469,000
1,551,645,000
211,680,000
343,812,000
1,312,874,000
236,459,000
65,965.000
92,336,000
2,179,661,000
92.439,000
894,488,000
196,840,000
3,365,381,000
469,384,000
754,214,000
Total— _ 541 1,018,223,000 1,136,505,000 653 14,966,925,000 14,711,682,000
•Includes mostly non-member mills, not distributed.
Slight Curtailment of Lumber Movement.
As indicated by reports from 366 large commercial lumber
mills distributed over the principal softwood regions of the
United States the week ending Feb. 7, says the National
Lumber Manufacturers' Association, was somewhat subnormal in the lumber industry. Production, shipments,
and orders were less than the week before and still less than
for the corresponding week of 1924, although the apparent
differences in the latter case are reduced by the fact that
15 fewer mills reported in 1925 than in 1924.
The unfilled orders of 246 Southern Pine and West Coast
mills at the end of last week amounted to 663,418,861 ft.,
as against 666,725,589 ft. for 246 mills the previous week.
The 128 identical Southern Pine mills in this group showed
unfilled ordersiof 263,861,750 ft. at the end of last_week,
and 267,966,500 ft. for the same number of mills the preceding week. For 118 West Coast mills the unfilled orders
were 399,557,111 ft., as against 398,759,089 ft. for 118
mills a week earlier.
Altogether the 366 comparably reporting mills had shipments 97 and orders 93% of actual production. For the
Southern Pine mills these percentages were respectively 95
and 89; and for the West Coast mills, 91 and 91.
Of the comparably reporting mills, 340 (having a normal
production for the week of 213,246,195 ft.) reported production 97% of normal, shipments 94%, and orders 89%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Past
Week.
366
219.109,873
211.614,065
203,802,470
Mills
Production
Shipments
Orders (new business)
Corresponding
Week
1975ec(et
381
232,300,282
244,382,871
235,508,679
360
222,096.411
229,044,826
213,434,279
The following revised figures compare the lumber
for the first six weeks of 1925 with the same period of
movent
1924:
1925
1924
1925 decrease
765
WEE CHRONICLE
FEB. 141925.]
Production.
1,242,975,208
1,249,796.763
Shipments.
1,275.580,151
1,362,705,290
Orders.
1,212,665.737
1,476,132,764
6,821,555
87,125,139
263,467,027
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. Eleven of these mills reported a
out of 5,160,000 ft. last week, shipments 8,646,000 ft., and
orders 11,913,000 ft. The reported cut represents 34% of
the total of the California Pine region.
Increase in Postal Receipts at Fifty Selected Cities
in January.
Postal receipts at 50 selected cities throughout the United
States for the month of January 1925 showed an increase of
4.76% as compared to receipts for the corresponding month
of 1924, according to figures made public on Feb. 6 by Postmaster-General New. The total receipts for January 1925
were $27,271,185 95, as against $26,030,837 44 for January
1924. This was a gain of $1,240,348 51 in the receipts for
last month over those for the same month of 1924. The receipts at Dayton, Ohio, showed the greatest percentage in
increase for January 1925 as compared to those for January
1924, being an increase of 26.35%. Fort Worth, Texas, came
next with an increase of 17.19%. Jacksonville, Fla., ranked
third with an increase of 16.54%. The summary follows:
OfficesJanuary 1925. January 1924.
New York, N. Y__ $5,290,362 48 15.292,028 63
Chicago, Ill
5,020 766 74
4,588,030 33
Philadelphia, Pa
1,564,961 68
1.484,33541
Boston, Mass
1,235,058 14
1,170,487 66
St. Louis, Mo
1,004,143 77
961,739 18
Kansas City. Mo.
754,693 88
730,618 32
Cleveland, Ohio
742,567 09
670,237 06
San Francisco, Cal.
631,593 45
567,303 91
Brooklyn, N. Y
558.564 92
560,675 58
Detroit, Mich._._
686,978 21
661,310 51
Los Angeles, Calif_
668,345 43
660,450 80
Pittsburgh, Pa
568,596 71
543,899 83
Minneapolts, Minn
509,131 76
488.010 17
Cincinnati, Ohio
534,001 34
479,066 31
Baltimore, Md...
432,599 92
430,070 19
Washington, D.C.
397,740 65
389,016 58
Buffalo, N. Y
383,156 73
378,469 33
Milwaukee, Wis._
370,434 74
352,534 83
366.050 01
St. Paul. Minn
321,818 32
Indianapolis, Ind_
328,775 28
309,510 53
Atlanta, Ga
311,376 87
307,409 53
261,646 26
Denver, Colo
246,684 77
233,534 04
Omaha, Neb
244.103 56
Newark, N. J
284,149 11
267.867 77
Dallas, Texas....
285,183 15
254.268 58
Seattle, Wash.__
250,296 60
227,604 39
245,319 77
242,797 85
Dee Moines, Iowa.
Portland, Ore
226,495 77
225,978 10
217,662 10
New Orleans, La
202,131 16
201,319 39
Rochester, N. Y
208,502 63
Louisville, Ky....
218,048 26
214,040 00
235,524 15
Columbus, Ohio
207,686 64
162,244 14
Toledo, Ohio
166,125 07
169,076 44
Richmond, Va._
156,597 59
148,487 95
Providence, R.I
150,763 45
163,809 22
Memphis, Tenn
149,338 23
151,19462
142,923 82
Hartford, Conn
128,704 17
Nashville, Tenn
126,973 80
161,107 99
127,512 24
Dayton, Ohio....
104,215 72
88,928 80
Ft. Worth, Texas_
114,187 69
115,739 08
Syracuse, N. Y
133,477 17
127,925 38
Houston, Texas....
125,603 12
123,821 68
New Haven,Conn.
113,060 25
108,956 82
Cr. Rapids. Mich_
98,925 71
94,751 69
Jersey City, N.J
97,778 83
104,006 29
Akron, Ohio
98,420 75
92,023 72
S. L. City, Utah
100,298 44
99,125 01
Springfield, Mass_
90,974 66
90,930 59
Worcester, Mass
77,705 72
90,560 68
Jacksonville, Fla
P. C. P. C. P. C.
1925 1924 1923
Over Over Over
Increase.
1924. 1923. 1922.
*81.666 15 *0.03 4.33 16.23
432,736 41 9.43 0.86 29.28
80,626 27 5.43 1.49 18.26
64,570 48 5.52 3.25 13.87
42,404 59 4.41 4.71 13.83
24,075 56 3.30 9.76 21.62
72,330 03 10.79 1.39 28.83
64,289 54 11.33 0.16 20.14
*2,110 66 *0.38 4.66 11.83
25,667 70 3.88 16.41 19.36
7,89463 1.19 18.95 26.28
24,696 88 4.54 1.73 17.13
21,121 59 4.33 0.22 22.25
54,935 03 11.47 9.15 16.51
2,529 73 0.59 5.63 11.56
8,724 07 2.24 14.66 9.42
4,687 40 1.24 9.50 19.04
17,889 91 5.08 8.50 17.19
44,231 59 13.74 11.13 15.52
19,264 75 6.22 10.66 16.85
3,967 34 1.29 8.06 13.24
14,961 49 6.06 1.70 17.85
*10,569 52 *4.33 6.04 12.80
16,281 34 6.08 11.39 22.03
31,914 57 12.60 4.14 16.50
22,692 21 9.97 8.45 9.50
2,521 92 1.04 13.32 16.42
517 67 0.23 11.04 15.92
15,53094 7.68 *0.84 15.88
*7,183 24 *3.45 6.48 8.14
4,008 26 1.87 6.81 15.01
27,837 51 13.40 1.21 22.93
*3,880 93 *2.34 3.30 30.31
12,478 85 7.97 2.77 9.20
*2,295 50 *1.52 5.66 12.66
14,470 99 9.69 *4.01 13.66
9,270 80 6.53 12.03 5.58
1,730 37 1.36 0.72 12.86
33,595 75 26.35 13.40 20.38
15,286,92 17.19*51.34 38.17
*1,551 39 *1.34 3.92 8.91
5,551 79 4.34 6.73 13.33
1,78144 1.44 9.83 14.69
4,103 43 3.77 8.41 9.90
4,174 02 4.41 *6.87 31.47
*6,227 46 *5.99 19.90 17.71
6,397 03 6.95 4.22 12.01
1,173 43 1.18 9.89 11.07
44 07 0.05 7.91 14.17
12,854 96 16.54 9.22 15.11
$27,271,185 95 426,030.837 44 81,240,348 51 4.76 4.40 18.99
Total
•Decrease.
1924 over October 1923, 6.92%; November 1924 over November 1923,
October
*0.23%; December 1924 over December 1923, 8.92%.
Increase in Postal Receipts at Fifty Industrial Cities
in January.
Postal receipts of 50 industrial cities throughout the
United States for the month of January 1925 showed an increase of 4.18% over those for the corresponding month of
1924, according to figures made public on Feb. 7 by Postmaster-General New. The total receipts of the 50 cities for
January 1925 were $2,978,591 27, as compared with $2,859,05683. This shows an increase of $119,534 44 in last month's
receipts over those for January 1924 Springfield, Ohio, led
all the cities in the percentage of increase, amounting to
33.22%. Springfield, Ill., came next with an increase In
receipts of 30.72%. Boise, Idaho. ranked third in the list
with an increase in receipts amounting to 27.35%. The summary follows:
STATEMENT OF.POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF JANUARY 1925.
OfficesSpringfield, Ohio
Oklahoma, OkLs
Albany, N. Y
Scranton, Pa
Harrisburg, Pa
San Antonio. Texas
Spokane, Wash
Oakland, Calif
Birmingham, Ala
Topeka, Ran
Peoria, Ill
Norfolk, Va
Tampa, Fla
Fort Wayne,Ind
Lincoln, Neb
Duluth, Minn
Little Rock, Ark
Sioux City,Iowa
Bridgeport, Conn
Portland, Me
St. Joseph, Mo
Springfield, Ill
Trenton, N. J
Wilmington, Del
Madison, Wis
South Bend, Ind
Charlotte, N. C
Savannah, Ga
Cedar Rapids, Iowa
Charleston. W. Va
Chattanooga, Tenn
Schenectady, N. Y
Lynn. Marls
Shreveport, La
Columbia, S. C
Fargo, No. Dak
Sioux Falls, So. Dak
Waterbury, Conn
Pueblo, Colo
Manchester, N. H
Lexington. KY
Phoenix, Aria
Butte, Mont
Jackson. Miss
Boise, Idaho
Burlington, Vt
Cumberland, Md
Reno, Neb
Albuquerque, N. Mex
Cheyenne, Wyo
January
1925.
January
1924.
Increase.
Per Cl. Per Cf.
1925 1924
ever
over
1924. 1923.
8200,356 25 $150,398 19 $49,958 06 33.22 1.80
3.65532 3.09 3.23
118.29044
121,945 78
2.67509 2.34 12.97
114,076 35
116,751 44
103,858 01 *18,131 43 *17.46 26.06
85.726 58
124,351 37 21,282 70 17.11 *8.23
145,634 07
5.60049 6.68 10.14
83,799 43
89,399 92
84.14000 *2,266 78 *2.69 *3.98
81,874 12
106,003 35 12.270 65 11.58 27.28
118,274 00
2,880 58 2.68 20.87
107,295 81
110,176 39
110.470 41 *12.69025 *11.49 0.33
97.780 16
69,761 12 13,147 11 18.85 2.06
82.90823
1,711 59 2.54 2.16
67,361 26
69,072 85
965 26 1.48 14.01
65,081 73
66,046 99
0094 0.11 11.83
85,693 04
85,783 98
1,75236 2.53 3.06
69.230 97
70.983 33
65,180 59 *3,721 39 *5.71 13.06
61,459 20
6.414 05 9.77 *6.98
65,640 24
72.054 29
6,66579 11.13 *2.89
59,90368
68.56947
61,872 93 *4,41530 *7.14 *0.81
57,457 63
4,862 60 7.90 4.89
61,509 51
66,372 11
1,752 91 3.07 1.23
57,014 04
58,766 95
85,076 50 *26,135 55 *30.72 41.02
58,940 50
336 37 0.58 6.10
58,349 30
58,685 67
51.85040 "2,55686 '4.93 3.55
49,293 54
63,346 80
52,028 48 11.318 32 21.7 *0.72
45.096 22 10,224 25 22.6 *9.91
55,320 47
51,086 10
7.25986 14.21 7.52
58,345 96
47,88987919 34 1.92 13.32
48.789 21
42.50022
41,67874821 48 1.97 2.32
42,812 87
2,61728 6.11 7.39
45.430 15
58,620 86
64,006 94 *5.386 08 '8.41 0.90
40,989 66
45,450 25 *4,460 59 '9.81 8.49
34,54465313 25 0.9 04.38
34,857 90
41,352 84
39,282 75
1,971 09 5.02 5.09
34,528 65
1,369 57 3.96 10.68
35,898 22
26,232 98
4,656 52 17.75 0.88
30,889 50
31,208 19
26,270 85
4,937 34 18.7 *6.86
37,943 85
37,864 75
79 10 0.21 32.09
28.12256
3.73631 13.28 17.23
31,858 87
23,121 11
23,076 47
24 64 0.1 *4.34
29,146 88
30,392 51 '1.24563 '4.10 22.84
26,874 13
5,50405 20.48 11.75
32,378 18
20.284 23
20,340 24
56 01 0.2 •3 51
24,295 02
28,838 61
4,54359 18.7 *0.03
21,64900
17,000 00
4,64900 27.3 *12.36
17,694 96
18.257 61
56265 3.18 2.65
13,905 07
14.659 86
*754 79 '5.14 10.86
11.97840
12.295 88
317 48 2.6 .4.31
15,164 83
15,961 97
*797 14 '4.99 13.09
13,926 71
13,733 48
193 23 1.41 4.57
eo nlo an, o, CO
WA, 40,0
000
neat
go evin 00A AA
410
011
•Decrease.
Oct. 1924 over Oct. 1923, 11.28%; Nov. 1924 over Nov. 1923, 0.68%; Dec. 1924
over Dec. 1923, 9.24%.
Mild Weather Slackens Demand for Bituminous Coal
Anthracite Markets Dull-Prices Fall.
During the first week in February the various mining and
coal consuming districts in general report a falling off in
demand for coals for domestic purposes, due to the warm
weather experienced over most of the country says the
"Coal Trade Journal" in its issue of Feb. 11: Production
over the districts is keeping up better than demand in general
warrants, causing a drop in price in many localities, declares
the "Journal," adding:
Along the Atlantic Coast, movement over the piers at Hampton Roads
was slightly less last week than the preceding week. Prices, however, are
the same as for the last three weeks. Baltimore conditions are not encouraging to the soft coal trade and exports still lag. On the other hand,
hard coal sales are pretty fair. At Philadelphia, the bituminous market is
fair and prices unchanged while the warmer weather has caused a falling off
in anthracite sales. The New York bituminous situation is unchanged and
sales of anthracite have fallen off, due to the warm weather and the fact
that dealers stocked heavily during the recent cold spell. Then, too,
dealers are able to procure more company coal and the demand for independent coal has fallen off and prices softened slightly. Boston is feeling
better than in some time as the advance of last week to 85 85 to $6 on cars
for mine-run New River still holds. Spot demand is slow, but interest in
contract is increasing and several have been closed. On the other hand,
anthracite at wholesale is dull and featureless and prices easier.
In the producing sections, Louisville, Ky., reports a good demand for
large sizes of prepared but the small sizes and screenings are weak and prices
soft in consequence. In the Central Pennsylvania producing district, production in January was the peak for some time and market conditions have
improved. In Upper Potomac and Western Maryland districts production
Is on a large scale in spite of there being no general improvement in the
market situation, and prices in consequence show little recovery. The
high volatile coals in West Virginia are demoralized by overproduction and
prices consequently show a wide variance. The demand for smokeless, on
the other hand, is holding up very well. In the Pittsburgh district conditions are practically unchanged and prices steady. Production is mainly
on contract tonnage. In the Fairmont section production last week
was
747 cars over the week previous. Open shop production is reported to
be
766
THE CHRONICLE
on the increase- and the labor situation at a white heat, overshadowing
everything there, even the price siveation.
Toronto reports that the buying of bituminous is on a hand-to-mouth
basis although there is a better demand for smokeless. In Detroit the
demand for bituminous has not come up to the expectations of the trade
and warm weather has curtailed the activity in domestic sales. SuperiorDuluth reports that buying of bituminous by industrial concerns over the
Northwest has increased although warm weather has brought a general lull
In the trade. Now that the stocks of Pocahontas have been practically
exhausted, anthracite is coming into its own and is moving freely over,the
territory. Mining companies in the Minnesota iron ranges are taking
more interest in coal stocking and several substantial orders have been
placed. Buffalo reports that soft coal prices are lower and the market
quiet, with much tonnage offered fro prompt delivery. Domestic coke is in
good demand but the activity in anthracite has dropped off decidedly.
Dulness over the Ohio coal trade is reported from Columbus. Warm weather
has slowed up the domestic trade and the steam business is dull and featureless.
'
[VOL. 120.
ANTHRACITE.
The rate of anthracite production remained unchanged in the week ended
Jan. 31, despite the resumption of work at several mines that had been shut
down for several weeks by a strike. The total estimated output is now
placed at 1,730,000 net tons, a decrease of 10,000 tons. The failure to improve appears to have been due largely to some cause, not yet apparent, that
reduced loadings on Friday. The total production during the coal year to
date stands at approximately 73,974,000 net tons, a decrease from the record of the corresponding period of the last coal year of 2,428,000 tons.
Estimated United States Production of Anthracite (Net Tons).
923-1924a—
1924-1925-Coal Year
Coal Year
Week Ended—
Week.
to Date.
to Date.
Week.
Jan. 17
1,803.000 70,504.000
1,884,000 72,727,000
Jan. 24
1,740,000 72.244.000
1,782,000 74,509.000
Jan. 31 b
1,730.000 73,974.000
1,893.000 76.402,000
a Minus one day's production in first week of April to equalize number of
days covered in the two years. b Subject to revision.
The 'Coal Age" of New York reports on Feb. 12 that
milder temperatures accompanied by a slackening in demand
have.sharpened competition in the bituminous coal market
to such an extebt that circular prices are slipping on some
grades.; Southern Illinois lump, for instance, has dropped
50c., but even this failed to produce any noticeable increase
in domestic business declares the "Age," adding further
details as follows:
BEEHIVE COKE.
The production of beehive coke turned abruptly downward in the week
ended Jan. 31. The total output is now estimated at 251,000 net tons, a
decrease of 14,000 tons, or 5%. The chief factors contributing to the decline were decreases of 17,000 tons in Pennsylvania and Ohio and 4,000 tons
in West Virginia. These losses were -only partially offset by an increase of
8,000 tons in the group of four Southern States.
Estimated Production of Beehive Coke (Net Tons).
Week Ended—
1921
1925
Jan. 31 Jan. 24 Feb. 2
to
to
1925.a 1925.b 1924.
Date. c
Date.
Producers in this field, however, obtained a crumb of comfort in a sign
197.000 214,000 213.000 930.000 938.000
of improvement in the steam situation. Shipments off the Northwest Pennsylvania and Ohio
11.000 15.000 13,000
docks are following the weather pretty closely, the volume, hich was fair in West Virginia
66,000
58,000
the first few days of this month, having tapered off as the temperature Ala., Ky., Tenn.& Georgia- 25,000 17,000 20,000
79.000
97,000
Virginia
10,000 10.000
moderated. Normal midwinter demand is causing coal to move freely
9,000
36,000
45.000
at Milwaukee, and dealers are satisfied. Demand at the Twin Cities, on Colorado & New Mexico_ _ _ 4.000
4,000
25,000
5,000
20,000
4.000
the other hand, has fallen off to such an extent that prices are less firm. Washington and Utah
5.000
19,000
4.000
21,000
Business has softened somewhat in the Southwest, but some operators are
United States total
251,000 265.000 264.000 1,171,000 1.163.000
still behind with deliveries. On the whole. there is not much change in Daily average
42,000 44.000 44.000
43,000
43,000
Conditions in the Kentucky fields, gains in some grades being countera Subject to revision. b Revised from last report. c Adjusted to make
balanced -by losses in others. In the West Virginia fields overproduction
of high-volatile coals is playing hob with prices, though all grades of smoke- comparable the number of days covered in both years.
less are being quite readily absorbed at good prices.
Competitive conditions in the Ohio markets have brought about a peculiar
Situation, some producers swamping the market with coal that almost has
Production of Coal in January.
to be givn away, while others take the more conservative course of keeping
Preliminary estimates based on the number of cars loaded,
shipments within reasonable bounds and trying to maintain prices. Lake
buyers are beginning to show interest and there is some prospect of railway as reported by the principal carriers
to the American Railway
fuel business being given out.
Unexpected firmness has developed in the New England steam market. Association, indicate that the total output of soft coal in
prices holding steadier, less surplus tonnage being in evidence and buying January was approximately 51,900,000 net tons. This was
sentiment having improved. Little change is noticeable in Now York and an increase of 12% over the
revised figure for December,
Philadelphia trade, but recent slight gains are being maintained and the
outlook is slightly better, some contracting having been reported, and more and it compares favorably with the January output of earis in prospect. Depression still reigns in the Baltimore market and no lier years. Similar estimates place the total output of ansigns of immediate improvement are la sight. Business is improving
thracite at about 7,400,000 net tons.
steadily in the Birmingham market, the steam :illation showing increasing
signs of health.
Demand for anthracite continues on a fairly even plane..unmarked by
Production of Coal in 1924 by States.
anything out of the ordinary, and seems likely to contintffiso unless severe
storms should unsettle transportation. Chestnut is moving better than
Estimates by the United States Geological Survey, which
stove and brings the independents a better price. Egg still falls short of a
take account of all information received up to Feb. 6 1925
good demand and pea also is lagging. Steam coals have increased in
activity. Dealers are buying only to fill current requirements, expecting place the total output of soft coal in 1924 at 483,280,000 net
consumers to limit purchases to a hand-to-outh basis during the rest of tons. The table below apportions this tonnage by States
the winter.
shows comparative figures for 1923, 1922 and 1921. Fig"Coal Age" Index of spot prices of bituminous coal receded another point and
in the last week, standing on Feb. 9 at 168, the corresponding price for ures of production of anthracite, which in 1924 totaled apwhich is $2 03, compared with 169 and $2 05 respectively on Feb. 2.
proximately 90,000,000 net tons, are also included.
Activity at Hampton Roads has varied little during the last three weeks,
The State estimates, as well as that for the country as a
dumpings of coal for all accounts during the week ended Feb. 5 totaling
391,920 net tons, compared with 390,205 tons handled during the previous whole, are based on weekly reports of cars loaded by the 137
week.
principal coal-carrying roads,
Bituminous Coal Output Continues to Decline—
Anthracite Remains the Same—Coke Falls.
While the output of soft coal during the week of Jan. 31
steadily declined, the production of anthracite remained
practically unchanged. Coke, however, showed a falling
off of about 5%, according to figures issued by the United
States Geological Survey. Extracts from the Survey's
weekly report are appended:
The production of soft coal continued to decline steadily in the final week
of January. The total output as estimated from statements of ears loaded
and including allowances for coal coked, mine fuel and local sales, is now
placed at 11,082,000 net tons, a decrease from the revised figure of the
preceding week of 503,000 tons, or 4%. Compared with the corresponding
week of 1924, there was a decrease of more than 5%.
Preliminary telegraphic reports of cars loaded on Monday and Tuesday of
the week of Feb. 2-7 show no recovery, and, in fact, the total loadings for
the two days was nearly 1,000 cars less than on the corresponding days last
week. It seems probable, therefore, that the total output for the week will
show a decrease.
The decline of the last three weeks has carried the average rate of output
per working day to approximately the level of the pre-holiday season. The
rate for the present year is now well below that for 1923-24 and is almost
exactly at the Jell ci that for 1922-23. It is still far above the rates for
1920-21 and 1921,-23, when in the first instance the industry was entering
a long period of acttte depression, and in the second, recovering from it.
Estimated United States Production of Bituminous Coal (Net Tans) Including
Coal Coked.
1924-1925------ -------1923-1924
Coal Year
Coal Year
Week.
to Date.c
to Date.
Week.
Jan. 17
12.028.000 371,654,000 11,992,000 450,385,000
1,519,000
Daily average
1,999,000
2,005,000
1,846,000
Jan. 24 a
11,588,000 383.242.000 11.951.000 462.336.000
Daily average
1,529,000
1,992.000
1,849.000
1.931,000
Jan. 31 b
11.082.000 394.324.000 11,716,000 474,052,000
1,537.000
1.953.000
Daily average
1.852,000
1,847,000
a Revised since last report. b Subject to revision. c Minus one day's
Production in April to equalize number of days in the two years
furnished through the courtesy of the American Railway A• sociation. These weekly
,
loadings afford a substantial basis on which to estimate the
total output because the carriers reporting load about 85%
of all the coal produced. Allowance is also made for mine
fuel, coal coked at the mines, local sales, shipments by
water, and shipments over certain small roads not reporting.
Comparison of the Survey figures with those from other
sources, such as State departments of mines, geological surveys, operators' associations, etc., have been made where
possible, and in some cases the original figures have been
adjusted to agree with the best information available.
Similar estimates have been made by the Geological Survey for each year since 1918. The experience of these six
years has shown that such estimates are usually 2 to 3%
too low. The figures here shown for 1924 have been adjusted to overcome that error, and it is expected that they
will approximate the final figures as reported by the mine
operators more closely than have the estimates for other
recent years.
The table reveals many interesting facts, the most striking of which is the sharp decline in output in Pennsylvania
Illinois and Indiana. As against 171,879,913 tons in 1923
the mines of Pennsylvania produced approximately 125,530,000 tons in 1924, a decrease of approximately 28%. In Illi
nois and Indiana the decreases were 14 and 15% respec
tively. Of equal interest and significance was the increase
of more than two million tons in West Virginia, which car
ried the output of that State to a new high record. A new
high mark-45,000,000 tons—was also established by Ken
tucky, despite the fact that many mines in the western part
of the State were shut down most of the year by strikes.
FHB. 141925.]
THE CHRONICLE
Estimated Production of Coal in 1924, by States. With Comparative Figures
for 1921, 1922 and 1923 (Net Tons).
State1921.
1922.a
1923.a
1924.*
Alabama
12,568,899 18,324,740 20,457,649 19,490,000
Arkansas
1,227,777
1,110,046
1,296,892
1,300,000
Colorado
9,122.760 10,019,597 10,346,218
9,840,000
Illinois
69.602,763 58,467,736 79.310,075 67,880,000
Indiana
20,319,509 19.132,889 26,229,099 22,340,000
Iowa
4431,392 4,335.161
5,710,735
5,100,000
Kansas
3,466,641
2,955.170
4,035,404
4,150,000
Kentucky
31,588,270 42,134,175 44,777,317 45,000,000
Maryland
1,827,740
1,222,707
2,285.926
1,720,000
1,141,715
929,390
1,172,075
Michigan
820.000
Missouri
3,551,621
2,924,750
3,403,1513,140,000
Montana
2,733,958
2,572,221
3,147,678 2,700,000
New Mexico
2,453,482
3,147,173
2,915.173
2,550,000
North Dakota
864,903
1,327,564
1,385,400
1.090,000
Ohio
31,942,776 26,953,791 40,546,443 29,200,000
Oklahoma
3.362.623
2,802,511
2.885,038
2,800,000
Penna. (bitumhlous)
116,013,942 113,148.308 171,879,913 123,530,000
Tennessee
4,460,326
4,876,774
6,040,268 4.800.000
Texas1,106,007 1.187,329
1,075,000
Utah
4.078:784
4,992,008
4,720,217
4,460,000
Virginia
7.492,378 10,491,174 11,761,643 10,900,000
Washington
2,428,722
2,581,165
2.926,392
2,400.000
West Virginia
72,786,996 80,488,192 107,899,941 110.000.000
Wyoming
7,200.666
5,971,724
7,575,031
6,850,000
Other States b
180.468
253.126
261,910
145,000
Total bituminous---415,921,950 422,268.099 564,156,917
Penna. (anthracite)---- 90,473.451 54.683,022 93,339,009 483.280.000
90,000,000
Grand total
506,395,401 476,951,121 657.495,926 573,280,000
767
During the month of January there were 15 days on which the volume
of trading in all grain futures on the Chicago Board of Trade exceeded one
hundred million bushels, the high for the month being 164,050,000 bushels
on January 29.
Combining the trading for all "contract" markets the total sales of wheat
futures for January amounted to 1,907,786,000 bushels, or a daily average
of 73,376,000 bushels. For all grain iutures combined the total was.
3,093,848,000 bushels, or a daily average of 118,994,000 bushels.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR JANUARY 1925.
("Short" side of contrachronly, there being an equal volume open on "long" side.)
DateWheat,
Oats.
Corn.
Rye.
Total.
Jan.1 1925
Holiday
2
116,577,000 71,148,000 a96,533,000 22,926,000 307,184.000
3
115,797,000 71,446,000 97,999.000 23,002,000 308,244,000
4
Sunday
5
115.107,000 70,453,000 96,556,000 22,161,000 a304,277,000
6
117,742,000 a68,992,000 97,807,000 22,527,000 307,068,000
7
120,236,000 69,585,000 97,683,000 21,878,000 309,382,000
s
122,592,000 70,458,000 98,726,000 21,980,000 313,756,000
9
122,886,000 71,464,000 98,878,000 21,614,000 314,842,000
10
/123,993,000 71,367,000 99,270,000 21,665,000 316,295,000
11
Sunday
12
123,547,000 72,074,000 101,249,000 a21,527,000 318,397,000
13
120,537,000 72,850,000 100,528,000 21,700,000 315,615,000
14
118,298,000 72,945,000 101,054,000 21.849,000 314,144,000
15
117,183,000 73,521,000 101,360,000 21,726,000 313,790,000
16
116,426,000 74,053,000 102,209,000 21,721,000 314,409,000
17
114,304,000 73,782,000 101,904.000 21,773,000 311,763,000
18
a Includes "wagon mines" for which data are not available for 1921 and
Sunday
19
113,878,000 72,290,000 104,039,000 22,160,000 312,367,000
1924. b Alaska, California, Idaho, Georgia, North Carolina, Oregon
20
113,861,000 72,288.000 105,368.000 22,272,000 313,789,000
and South Dakota. * Estimated.
21
118.957,000 73,784,000 106,993,000 22,269.000 322,003,000
22
117.606.000 74,067,000 107,212,000 22,466,000 321,351,000
23
115.833,000 77,376,000 108,911,000 22.657,000 324,777.000
Transactions in Grain Futures During January on
24
115,908,000 77,798,000 109.163,000 22,824,000 325,693,000
Chicago Board of Trade and Other Contract
25
Sunday
26
115,731,000 76,411,000 109,803,000 23,210,000 325,155,000
Markets-Volume Largest on Record.
27
116,777,000 78,182,000 109,392,000 23.1,000 1327,534,000
83
28
112,785,000 78,178,000 110,346,000 23,167,000 324,476,000
In making public on Feb. 9 the revised figures showing
29
112,757,000 78,435,000 110,857,000 823,369,000 325,418,000
30
a112,148.090 78.674.000 111,230,000 22.931,000 324,981,000
the daily volume of trading in grain futures on the Chicago
31
113,636,000 878,747,000 8111,550,000 22.872,000 326,805,000
Board of Trade during the month of January 1925, together Average
Jan. 1925
117,119,000 73.860,000 103,716,009 22,363,000 317,058.000
with monthly totals for all "contract markets," as reported
Dec. 1924
124,209,090 74,800,000 91,413,000 23,889,000 314,311,000
Nov. 1924
119,173,000 67,044.000 76,459,000 29,116,000 291,794.000
by the Grain Futures Administration of the U. S. DepartOct. 1924
110,719,000 63,703.000 74,227,000 24.196,000 272.846,000
Sept.1924
107.051,000 53,906,000 53,697,000 22,665,000 237,320,000
ment of Agriculture, J. W. T. Duvel, Grain Exchange
Aug. 1924
113,674,000 54,419,000 41,637,000 23,549,000 233,279,000
Superviser at Chicago, points out that the volume of trading
a Low. 8 High.
on the Chicago Board for last month "was the largest for
the period for which records are available." For January
the trading in all grain futures "reached the enormous total
of 2,791,330,000 bushels, or an average daily trade of
107,359,000 bushels." The revised figures for January,
as made public by Mr. Duvel this week, follow; the figures
listed represent sales only, there being an equal volume of
purchases:
The foregoing figures represent the contracts open for customers as
reported by the clearing members of the Board of Trade. These figures.
however, do not include individual customers of correspondents.
It will be noted that the variations in the "open contracts" in wheat
and rye were relatively small. In wheat there was an irregular decrease
In the "open contracts"from the high of the month of Jan. 10. The largest
"open interest" for the season remains at 134,164,000 bushels on Nov. 28
1924.
In case of corn and oats there was a gradual, though irregular, increase
in "open contracts" throughout the month, this being especially pronounced
-Rspressed in Thousand Buehels, I. e., 000 Omitted
- in oats. The high for the season in both corn and oats up to the end of
DateWheal. Corn.
Oats.
Rye. Barley. Flax. Total.
December was on Dec. 31.
Jan.1 1925
Holiday
2
64,276 17,608 14,426 3,083
99,393
3
34,322 15,237 10,395 1,295
61,249
4
Sunday
5
67,228 29,993 19,749 4,124
121.094 Increased Annuities for Retired
Government Em6
55,911 23,511 13,465 2,990
95,877
7
63,696 19,014 11,481 3,700
ployees Favored by Members of President's Cabinet
97,891
8
49,407 14,938 10,353 2,088
76;786
-Secretary Work's Letter to Senate Committee.
9
38,945 13,335 4,648 1,535
58,463
10
36,304 9,176 5,027 2,131
52,638
Secretary of Interior Work on Jan.-25 announced that the
11
Sunday
12
76,467 17,249 9,675 3,958
107,349 members of the President's
13
Cabinet favored increased
81,591 24,997 11,158 5,754
123,500
14
62,948 31,517 7,740 3.373
105,578 annuities for retired Government employees,
and, further,
15
64,303 34,834 7,350 3,433
109,920
16
70,489 25,519 8,904 2,559
107,471 the Secretary expressec the hope that Congress at the present
17
55,781 25,316 6,877 2,400
90,374 session
18
would come to the assistance of the retired Federal
Sunday
19
69,045 32.801 17,216 6,365
125,427 workers by enacting
20
legislation which will increase their
63,840 22,032 7,351 4,111
97,334
21
72,421 34,608 12,936 3,834
123.799 annuities under the retirement law. In a
22
letter to the Chair77,635 23,533 7,286 4,384
112,838
23
88,499 38,673 10.858 8,005
146,035 man of the Senate Committee on Civil Service Secretary
24
50,243 22,948 6,252 3,572
83,015
25
Work pointed out that the balance accumulated in the retireSunday
26
74,923 41,537 19,018 7,332
142.810 ment fund had increased
27
79,336 28,985 9,929 5,256
beyond original estimates and that
123.506
28
112,174 27.387 9,234 7,363
156,158 more liberal payments would relieve actual distress existing
29
88,621 35,511 34,952 4,966
164,050
30
61,771 32,678 34,920 3,503
132,872 in many cases. His recommendation in full follows:
31
40,641 18,110 14,969 2,183
75,903
Total Chicago
I am authorized to state that the members of the President's Cabinet
Board of Trade
1,700.817 661,047 326,169 103,297
---- 2,791,330 favor increased annuities for retired Government employees, and hope that
Chicago Open Board__
47,070 12,104 2,605
255
62,034 Congress at the present session
Minneapolis C. of C_
will come to the assistance of the thousands
74,567
24,386 6,490 2,535 1:496 109,474
Kansas City Bd. of Tr_ 55.924 25,797
520
82,241 of retired Federal workers by increasing their annuities under the retireDuluth Board of Trade- *12,650
5,171 --__ 2.131
19,952 ment law.
at. Louis Merch,Exch_, 14,303 8,769
23,072
The average annual rate paid annuitants under the present law is $546 30.
Milwaukee C. of C
2,455 1,623 1,405
183 --------5,666 About one-third
of the total of 10,548 annuitants receive a maximum of
San Francisco C. of C_
79
Los Angeles Grain Exch.
$720; almost another third receive less than $432; while the lowest annuity
Baltimore C. of C
now being paid is $30 60 per annum.
The retirement fund from which these annuities are paid has been created
Total all markets. _ _1,907,786 709,340 355,085 115,396 2,614 3,627 3,093,848
Tot.all markets year ago 372,661 456.910 70,285 14,569 319 1,746 916,490 by deductions withheld from the salaries of the employees themselves for
Chicago B.of T.year ago 308,534 415,449 63.156 8,478 ____
795,617 this purpose. It is their own money. The Government so far has not
been called upon to appropriate for the support of the retirement fund, and
*Durum wheat, with exception 0( 16 spring wheat,
the time when such paternalistic assistance will become necessary by reason
The volume of trading on the Chicago Board of Trade for the month of of the
depletion of the fund is not yet in sight.
January was the largest for the period for which records are available.
Before the passage of the present law it was estimated that ten years
The trading in all grain futures for the month reached the enormous total would elapse
before additions to the retirement fund by Government
of 2,791,330,000 bushels, or an average daily trade of 107,359.000 bushels. appropriation would
become necessary. The Board of Actuaries now
In wheat futures alone the total for the month was 1.700.817,000 bushels, report that this estimate
was too conservative, and announce that the fund
or an average daily trade of 65,416,000 bushels. This is likewise the will survive as at present
maintained for a longer period.
largest single month's trading in wheat as shown in any records available.
The actual time when Federal assistance will be required, however, can
The nest largest single month's trading in wheat on the present crop was
not be determined from available records, but that the self-sustaining period
In October 1924, with 1,352,496.000 bushels. The latter, however, was under the present plan
will be considerably prolonged over the original
exceeded in March 1922 with 1.477,112.000 bushels, the largest previous estimate can not be
doubted upon an examination of the condition of the
record since the war.
fund after almost five years' operation.
The trading in corn and oat futures, while heavy during January. did
The amount placed in the fund during the first fiscal year (1921) was
hot equal the highs of last year. In August 1924 the volume for corn was $12.586.389 37: the balance at the end of the year, after all claims
had been
692.910.00 bushels. In December 1924 the volume for oats was 372.404.- met: was $9.672.842 03. This balance has
0
increased to $33,586,193 19 for
000 bushels. Trading in rye for January 1925 was exceeded in both the fiscal year 1924. and it is estimated that on July 1 1925 there
will be at
September and October 1924-the former being 111.420 000 and the least $42.000.000 in the
fund, despite the greater drafts upon It by reason
latter 128.573.000 bushels.
of the increasing number of annuitants.
January 28 was the first day since the war that a single day's trading
Several factors contribute to delay the period when Government assistance
in wheat exceeded one hundred million bushels, the total that date being may become necessary. One of them was the increase in salaries
in the
112,174,000 bushels.
postal service, which netted many thousands of dollars annually not
768
THE CHRONICLE
[VOL. 120.
More liberal retirement annuities would relieve actual distress—now
previously estimated. The more recent general increase in Government
salaries provided by the Reclassification Act will also result in larger accre- existing in many cases, and for humanitarian reasons, if for no other,
tions to the Retirement Fund in the future. It is believed that more than the Government should provide a more suitable retirement pay than the
11.000.000 will be added to the fund annually, over the normal increase, present annuity, which is often insufficient to meet the necessitieslof
existence.
prior to the operation of the Reclassification law on July 1 1924.
From an administrative standpoint, the effect of an increase In annuities
The recent decision of the Attorney-General, bringing employees possessing a classified status, but holding unclassified positions within the scope would operate to the benefit of the Government by lessening the pressure
of the Retirement Act. will likewise result in large additions to the fund. for retention in the service of employees who have reached the retirement
Practically all such employees are receiving the higher rates of pay, and age. but whose resources do not permit them to face the future on the present
the amount of their contributions per capita will be proportionately greater. slender retirement pay with equanimity.
r
Current Events and Discussions
Net demand deposits show an increase of $26,000,000, increases o
The Week With the Federal Reserve Banks.
$20,000,000 for the Chicago district, $15,000,000 for the San Franciscof
The consolidated statement of condition of the Federal district, 87,000.000 for the New York district, $4,000,000 each for the
Reserve banks on .Feb. 11 1925, made public by the Federal Richmond and Dallas districts, and $3,000.000 each for the Atlanta and
Kansas City districts being offset in part by decreases of $14,000,000 in
Reserve Board and which deals with the results for the the Philadelphia district, $10,000,000 in the Boston district. $4,000,000 in
twelve Federal Reserve banks combined, shows an in- the Minneapolis district and $2,000,000 in the St. Louis district.
Reserve balances
crease of $9,400,000 in holdings of discounted bills, of while cash in vault of all reporting members were increased by $16,000,000.
was reduced by $1,000,000. The
York City banks
$16,600,000 in acceptances purchased in open market, report an increase of $11,000,000 in reserve balancesNew of $1,000,000 in
and
and of $1,300,000 in Government securities, resulting in a cash.
Borrowings of
total increase of $27,400,000 in earning assets. Federal which $50,000,000all reporting institutions increased by $54,000,000, of
was reported by the New York City members.
Reserve note circulation went up $23,300,000, while cash
On a subsequent page—that is, on page 802—we give the
$23,600,000, non-reserve cash $4,900,000
reserves declined
figures in full contained in this latest weekly return of the
and total deposits $25,100,000. After noting these facts,
member banks of the Reserve System. In the following is
the Federal Reserve Board proceeds as follows:
An increase of $15,800,000 in holdings of discounted bills is reported by furnished a summary of the changes in the principal items
the New York Reserve Bank, and increases of $3,600,000 and $3,000,000, as compared with a week ago and with last year:
respectively, are shown by Boston and San Francisco. The nine remaining
banks report decreases in discount holdings for the week, the principal
reductions being: Chicago $5,200,000, Cleveland S3,400,000, Richmond
$2,000.000.
The New York Bank shows an increase of $8,200,000 in holdings of
acceptances purchased in open market. Chicago an increase of $5,400,000
and Boston an increase of $4,600,000. Relatively small changes in this
item are reported by the remaining Reserve banks. The System's holdings
of Treasury notes went up $1,300,000 and of certificates of indebtedness
1200.000, while holdings of U. S. bonds went down $200.000.
The principal changes in Federal Reserve note circulation for the week
were increases of $11,700,000 and $11,600,000, respectively, reported by
the Cleveland and Philadelphia banks. A combined increase of $4,100,000
reported by the Boston, New York and Atlanta Reserve banks was offset
by a total decline of the same amount reported by the seven remaining banks.
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
+862,000,000 +$1,181,000,000
Secured by U.S.Government obligations +3,000,000
—52,000,000
Secured by stocks and bonds
+52.000,000
+899,000.000
All other
+7.000,000
+334,000,000
Investments, total
—35.000.000
+967,000,000
U. S. bonds
—39,000,000
+607,000,000
U. S. Treasury notes
—1,000,000
—319,000,000
U. S. Treasury certificates
—5,000,000
+16,000,000
Other bonds, stocks and securities
+10.000,000
+663,000,000
Reserve balances with Fed'! Reserve banks +16,000,000
+248,000,000
Cash in vault
—1,000,000
+6.000,000
Net demand deposits
+26,000,000 +1,765,000,000
Time deposits
+37,000,000
+780,000,000
Government deposits
—2,000,000
—5,000,000
Total accommodation at Fed'I Res've banks +54,000,000
—72,000,000
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages—namely, pages 801 and 802.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending British Government's Intention to Return to Gold
Standard—League of Nations Names Committee
Feb. 11 1925 follows:
Increase (+) or Decrease (—)
to Study Issue.
During
On Feb. 12 Winston Spencer Churchill, British Chancellor
Week.
Year.
—$23,600,000 —$204,500,000 of the Exchequer,in answer to a question put to him, told the
Total reserves
Gold reserves
—24,600,000 —231,900,000
House of Commons that the British Government intends to
Total earning assets
+27.400.000
+107,900.000
Bills discounted, total
+9,400,000
—214.500,000 return to the gold standard at the earliest possible moment.
Secured by U.8. Govt. obligations__ —16.800,000
—107,000,000 The Associated Press cablegrams in reporting this continue
Other bills discounted
+26,200,000
—107,500,000
follows:
+16.600.000
Bills bought in open market
+46,600,000 as
"His Majesty's Government," said Mr. Churchill, "Is in full agreement
+1,300,000
+262.800,000
U. S. Government securities, total
+56,700,000
+194.300,000
+11,800,000
—325,500,000
+270.200,000
+259,300.000
—9,400,000
+20,300,000
with the declared intentions of previous administrations to revert to the
gold standard at the earliest possible moment. But I am not in a position
to make a more definite statement at present."
Being plied with further questions, Mr. Churchill maintained the he was
unable to give further information and expressed the hope that the members
would not press him. Asked about the Italian debt, Mr. Churchill said
that while he was in Paris the Italian Minister of Finance had expressed to
him a desire that conversations on this question should be initiated within
the next few months.
The Week with the Member Banks of the Federal
Reserve System.
Increases of $27,000,000 in loans and, investments, of
$26,000,000 in net demand deposits, and of $54,000,000 in
accommodation at the Federal Reserve banks are shown in
the Federal Reserve Board's weekly consolidated statement
of condition on Feb. 4 of 736 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 show an increase of $62,000,000.
All classes of loans increased during the week,loans on United
States Government securities by $3,000,000, loans on corporate securities by $52,000,000, and "All other," largely
commercial, loans and discounts by $7,000,000. Holdings
of United States bonds were reduced by $39,000,000 and of
United States Treasury notes and certificates by $6,000,000,
while holdings of corporate securities were increased by
$10,000,000. Further comment regarding the changes
shown by these member banks is as follows:
With regard to British plans for the summoning of an
international conference, we quote the following Inter-Ocean
Press cablegram from London, Feb. 12, published by the
New York "Journal of Commerce":
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
—200.000
+1.300.000
+200.000
+23,300,000
—25.100,000
—19,100,000
—1,400.000
—4,600,000
Member banks in New York City report increases of $28,000,000 in
loans on corporate securities and of $1.000,000 each in loans on United
States Government obligations and "All other" loans and discounts.
Their holdings of United States bonds were reduced $5,000,000. United
States Treasury notes and certificates by $4,000,000, and corporate smut
ties by 86.000.000.
British financiers look forward to the summoning of a international conference on gold and depreciated currencies as a means whereby measures
may be adopted for safeguarding the British supply of gold after the Bank
of England restores the free movement of the metal.
Such a conference, it is felt here, would be more likely to succeed if arranged and conducted under American auspices, either by the Government
or semi-officially through financiers of recognized standing and authority.
Discussion of a world gold conference was revived here to-day after Winston Spencer Churchill had stated in the House of Commons that the Cabinet
proposed to restore the gold standard at the earliest possible moment. Full
confidence exists here that Great Britain will be able to resume gold Payments in a short time, but there is some question as to whether there might
not be periodical drains upon the Bank of England's gold supply that would
threaten the maintenance of the pound sterling at parity with the dollar.
It is for this reason that many London financiers indorse the views expressed by Walter Leaf, Chairman of the Westminster Bank, in his address
to the shareholders of the bank recently, when he declared that the time
had come to give serious consideration to the question of calling a world
conference on gold.
As to the action of the Financial Committee of the League
of Nations the Associated Press had the following to say in
Geneva cablegrams, Feb. 12:
In view of England's announced determination to return to the gold
standard, especial importance was attached to a communique issued tonight
by the League Permanent Committee on Financial Matters. The committee voiced satisfaction with the statement of M. Pospisil, in behalf of
the Czechoslovak Government, that Czechoslovakia will create an in-
FEB. 14 1925.]
THE CHRONICLE
769
payments derived by Great Britain from European war debts and reparadependent bank of issue and stabilize its currency at the present level with
unit. tions were sufficient to provide for the full discharge of British obligations
the idea of determining later on the exact gold content of its monetary
toward the United States over the full period of such obligations, including
The communique continued:
already made, any surplus would be used to diminish the burden
is
The committee takes this occasion to express its opinion that nothing a payments
than
likely to be more helpful to the economic recovery of the world reso- resting upon Great Britain's allies.
gold or gold exchange standard (as recommended in the
Majesty's Government entertain the hope that if the French GovernHis
return to the
have
lutions of the Genoa conference) at least in those countries which
ment were prepared to make proposals on the lines here suggested a settlesucceeded in stabilizing their currency.
ment satisfactory to both countries might be reached.
of the League
As this reply takes the form of an enclosure in a brief covering letter from
The committee designated three of its members as members
reference to Mr. Churchill it carries no signature.
special committee to study the economic crisis, with particular
financial and monetary questions. They are M. Dubois of Switzerland:
Commenting on Chancellor Churchill's note, the New York
M.Janssen of Belgium, and Sir Otto Niemeyer of England.
"Evening Post" in its London advices (Feb. 9 (copyright)
Chancellor Churchill on Attitude Toward French says in part:
Government's Debt to Great Britain.
It fulfills the prophecies in reaffirming the principle of the Balfour note
A communication indicating the attitude of Great Britain that Britain's European debtors would not be called upon to pay Britain
on the question of the French debt to the British Government more than she pays to America. Churchill lays down the firm condition
But in applying his principles, Mr.
addressed to M. Clementel, the French Minister of Finance, that France must pay something to Britain out of her own resources, irreof the Exchequer, spective of the reparations she receives.
by Winston Churchill, British Chancellor
This French payment, raised presumably by French taxpayers, will be
was made public at London on Feb. 8. In his advices to
with due regard to France's relative wealth and taxMr. Churchill indicates that "His Majesty's fixed, it is promised,it is the sine qua non of forgiveness of the remainder
M. Clementel
paying capacity; but
Government adheres to the principle of the Balfour note," of the French debt.
Suggests Annual Payments.
but explains that certain of former Premier Bonar Law's
Mr. Churchill suavely suggests that "it might be found convenient" that
are no longer applicsuggestions in connection therewith
the French payments should be divided into two parts, of which the French
able since they were made prior to the Dawes plan. The contribution is one,and that it should be paid irrespective of actual receipts
from Germany in any particular year.
note says:
The other part then will be a further annual charge on the French share
lg The principle of the Balfour note is that Great Britain should receive in the Dawes annuities.
from Europe payments equivalent to those she is under obligation to make
to the United States. His Majesty's Government cannot accept the
positions in which this principle could only be achieved upon the basis of
a full normal yield of the Dawes annuities or by taking at their face value
debts which cannot be at present treated as good assets.
The Churchill note says further:
His Majesty's Government have already consented not merely to reduce
their claim against the Allies to the amount necessary to cover their own
payments in respect of the British war debt to the United States Government but actually to apply the whole of the United Kingdom's share of
German reparations to that purpose.
A further condition is that all French counterclaims "would be superseded"—that is, abandoned.
In the note Mr. Churchill apparently settles once for all the French claim
that the only money France ever should be called upon to pay should come
entirely from the Dawes annuities.
True, it is a note which was written preparatory to a conference, and it
sets forth Britain's maximum, not minimum demand. But it is worded as
a deliberated doctrine, from which it would seem impossible to retreat.
Tax-Paying Capacity.
Where leeway is left for negotiations, the first possible request would be
for a moratorium, which, however, is not mentioned. Next would be the
size of the two annual payments France is asked to make.
It adds that:
A debate over the relative wealth of France and the French tax-paying
In the view of his Majesty's Government, therefore, it might be found capacity is long overdue, as the average Englishman believes it really means
convenient that French payments should be divided into (a) fixed annual the French are dodging taxes when he is told the per capita English tax is
amounts to be paid by France, irrespective of actual receipts from the around £15 and the French around £6.
Dawes annuities in a particular year, and (b) by a further annual charge
While economists disagree on the true figures of the French national inon_the French share in the Dawes annuities.
come, there is little difference between the share of that income paid as
The issue was brought forward during the Paris Confer- taxation in France and in Britain.
It is close to 20% in both countries, and hardly can be much more in
ence last month of Allied Finance Ministers, when M. Clewithout defeating its object and reducing the national
mentel, in a note to Mr. Churchill, inquired whether the either country
earnings.
British Government adhered to the principles in the Balfour
But the mention in Mr. Churchill's note of tax-paying capacity is a dig
privately
note of 1922 and the Curzon note of 1923. At that time Mr. by the British Treasury, which the limit. has maintained all along that
France was not taxing herself to
Churchill, while still in Paris, indicated to M. Clementel
note must have been written by Mr. Churchill
One portion of the British
that upon his return to London the whole matter would be in a moment when his tongue was tightly wedged in his cheek.
In it he suggests that when Britain has enough funds in hand from her
taken "into prompt and earnest consideration" and an anEuropean debtors to discharge the British debt to America, for the full
swer thereto sent with a view to placing "the French Gov- period of this obligation, including payments already made, any surplus
ernment in the position to present us with definite propos- will be used to diminish the burden resting on Britain's allies.
The Dawes annuities have thirty-seven years to run, whereas the British
als." "Meanwhile," said Chancellor Churchill, "I can only debt to America is funded over a sixty-year period. The chances of
repeat that the Balfour note remains for us the dominating Britain's share in the Dawes annuities, plus whatever share in them France
guide of the principle set up freely by our own hands." We assigns to Britain and France's payments from her own resources. ever
out this British debt, are zero.
give herewith the text of Mr. Churchill's note to M. Clemen- wiping putting this offer into the note gave It a friendly sound and, on
But
a cablegram (copyright) to the New closer examination, only emphasizes the demand that France dig into her
tel as contained in
own pocket.
York "Times" from Paris Feb. 8:
His Majesty's Government adheres to the principle of the Balfour note.
Much of the substance of this note was repeated in Lord Curzen's note of
the 12th August 1923, more particularly in Paragraphs 2 and 8 to 11 of
the enclosure.
But Paragraphs (V and 7 of the enclosure which refer to Mr. Bonar Law's
proposals of January 1923 are clearly no longer applicable to the existing
facts of the situation. These paragraphs were written before the framing
of the Dawes plan and on assumptions that the total German liability
would be fixed at a figure less than that adopted in the Dawes plan, particularly in the earlier years, and that bonds of the kind contemplated in Mr.
Boner Law's plan with the rights of redemption given In that plan would
be issued. These assumptions are not now tenable.
It follows that Lord Curzon's statement cannot, therefore, in this respect
serve as a basis for the policy of his Majesty's Government.
The principle of the Balfour note is that Great Britain should receive
from Europe payments equivalent to those she is under obligation to make
accept
to the United States of America. His Majesty's Government cannot
a position in which this principle could only be achieved upon a basis of
normal yield of the Dawes annuities or by taking at their face value
a full
debts which cannot at present be treated as good assets.
Ins Majesty's Government have already consented not merely to reduce
their claim against the Allies to the amount necessary to cover their own
payments in respect of the British war debt to the United States Government
of the United Kingdom's share of German
but actually to apply the whole
reparations to that purpose. This means that Great Britain not only
whole of her own war damages, but also the
takes to her own charge the
£800,000,000 of foreign securities devoted by her to the general effort
the war.
before the United States entered
Balfour note to the existing situation his Majesty's
In the application of the
Government, remembering that the war debts between the Allies have
cause have been prepared to consider proposals
been incurred in a common
French debt to Great Britain would be reduced,
under which the existing
definite payment of France from her own
rovided that the principle of a
due regard to her relative wealth and taxPnational resources, fixed with
without reference to reparations.
flaying capacity, is assured
Majesty's Government, therefore, it might be found
nin the view of his
should be divided into (a) fixed annual
convenient that French payments
irrespective of actual receipts from the Dawes
amounts to be paid by France
and (b), a further annual charge on the
annuities in a particular year,
annuities.
French share in the Dawes
understood, first that all counter-claims by France
It would of course be
would be superseded and, secondly, that if and when
against Great Britain
At the time the conversations on the war debts ensued
between Messrs. Churchill and Clementel during the conference of the Allied Finance Ministers in January the following memorandum was addressed by M. Clementel to Mr.
Churchill:
M. Clementel's memorandum reads:
Paris, January 10.
Dear Mr. Churchill:
The conference of Allied Ministers now sitting in Paris is about to determine the actual conditions of the application of the Dawes plan, thereby
marking a new stage along the road toward a settlement of the reparation
question. The French Government desires that all other problems arising
from liquidation of war be also approached and dealt with effectively.
Knowing the cordial feelings animating the British Government they are
confident of obtaining that Government's help in a search for and study
of practical solutions by which divergent interests may be brought into
agreement.
In the forefront of the problems to be solved is that of the interallied
debts. The various British notes on this subject have always been inspired
by the same principles, examination of which the French Government, desirous of reaching an equitable and friendly settlement, is now prepared
to resume. But in order to continue this investigation the French Government would wish to know whether His Majesty's Government adhere to the
principles set out in their previous notes, in particular that of Lord Curzon,
dated Aug. 11 1923, and how it would apply them.
Very cordially yours.
CLEMENTEL.
The reply made at that time by Mr. Churchill follows:
Paris, January 13.
My Dear M. Clementel:
During my visit here you have raised in unofficial and tentative form the
question of repayment of the French debt to Great Britain and have expressed to me the desire of the French Government that this matter shall be
the subject of future conversations. I have received these intimations with
pleasure. His Majesty's Government had been inclined to expect the question would be raised, and it certainly is more appropriate that the initiative
should have been spontaneously taken by France.
I had not contemplated during my visit here on this occasion that any
questions of method, terms or conditions would present thera‘elves, and
770
THE CHRONICLE
[VOL. 120.
The balancing of the budget,reflecting the sound condition of Government
therefore I have not so far obtained any Instructions from the British
finances, Is said by bankers to represent only one phase of Poland's recovery
Cabinet in this sphere.
You have written me a letter asking that His Majesty's Government should from the demoralized conditions which followed the war. The determinadefine its position in regard to the Balfour note and Curzon declaration tion to attain stability, it was pointed out yesterday,is also revealed by the
of Aug. 11 1923. I have transmitted your letter to my colleagues and I can arrangements entered into with the United States and other creditor governassure you that as soon as I return to London we will take the whole matter ments, funding the advances made after the war for reconstruction work.
into prompt and earnest consideration and will endeavor to send you an Total funded external debt of the Government amounts to $320,280,000
answer which will place the French Government in the position to present and all except about $50,000,000 of this sum was borrowed to repair war
us with definite proposals. Meanwhile I can only repeat that the Balfour damages.
Revaluation and stabilization on a new gold basis of Poland's currency
note remains for us the dominating guide of the principles set up freely
have been partly responsible for the Government's success in rehabilitating
by our own hands.
its finances, in the opinion of local bankers. The printing of Polish marks
We shall approach discussion of the settlement of the French debt to
Great Britain in the same spirit of loyal comradeship which led us safely for Treasury purposes was halted by Presidential decree on Feb. 1 of last
through the agony and perils of the war and will alone enable us to sur- year and, after Mar. 28 when the new Bank of Poland upon which was
mount the vexations and difficulties which remain after the military victory conferred the exclusive note Issuing privilege was ready to begin operations, was stopped entirely. The zloty, having a gold parity of 19.3 cents
has been won.
and exchangeable for 1,800,000 marks, was introduced as the official curBelieve me,
rency last summer and since then the marks in circulation have been steadily
Yours very sincerely,
reduced. The exchange rate of the new currency has held within a slight
WINSTON S. CHURCHILL.
fraction of par since that time.
The note circulation of the Bank of Poland on Jan. 1 amounted to 550,Offering of Danish Government Bonds Expected 000,000 zlotys. The coverage of the bank's circulation on that date was
65%,comprising gold and gold securities.
Next Week.
It is understood that a banking group including Brown
Brothers & Co., the Chase Securities Corporation, White,
Weld & Co. and Blair & Co. has bought $5,000,000 6%
bonds of the Mortgage. Bank of the Kingdom of Denmark
and will offer them early next week at about par. An
announcement in the matter made on Feb. 11 says:
Syndicate to Offer Issue of Graz, Austria, Bonds.
An issue of $2,500,000 City of Graz, Austria,8% Mortgage
Loan Gold Bonds has been purchased by a syndicate composed of John Nickerson & Co. and C. B. Richard & Co.
Public offering, which is expected in a few days, will be at
a slight discount below par and will mark the first flotation
in the American market of an Austrian municipal issue.
The bankers state that the issue, which is for 30 years, payable principal and interest in United States gold coin, is noncallable as a whole before 1935 and thereafter at 10334.
An announcement by the bankers also says:
The development of mortgage banks, which loan a conservative percentage
of value against real estate, &c., under varying forms of government supervision, had its beginnings at about the same time in Denmark, Prussia
and France some sixty years ago. The record of these institutions has
been exceedingly good in all three countries, and our own Federal Farm
Loan and Joint Stock Land banks' machinery was built to a considerable
extent on the experience of these countries.
The Mortgage Bank of Denmark is owned outright by the State, and
In addition to being a general obligation of the city secured by its entire
the bonds issued in this country rest on the general credit of the Bank,which
was organized in 1906 to regulate and control the real estate mortgage taxing power, the bonds are specifically secured by a first mortgage on
Denmark. The directors of the Bank are appointed by the municipally owned property, the electric light and power, gas, water and
business in
Crown and the operations of the Bank are closely supervised by the Danish sewerage systems of the city and on several municipal apartment houses.
Appraisal of the property mortgaged was made for the bankers by
Government. At the time of the last annual statement,67% of the assets
of the Bank consisted of bonds issued or guaranteed by the Kingdom of Major James F. Case, an American consulting engineer, who gave a valuaDenmark. The bonds issued by the Bank are eligible for the investment tion of over $5,000,000.
The City of Graz has an internal debt of about $95,000 and its entire
of trust funds in Denmark and sell on the Copenhagen stock exchange on
debt, including the issue purchased for sale in the American market, is
practically the gime yield basis as the bonds of the Government.
equivalent to only $17 per capita.
Proceeds of the present loan are to be applied to the extension of the
Forthcoming Polish Loan—Agreement Reached
sewerage system, construction of apartment houses, and for other municipal
purposes.
Regarding Security.
Announcement was made on Feb. 12 that an agreement
had been reached on the security for the Polish Government
loan which Dillon, Read & Co. and their associates are
planning to place in the American market. Certain details
of the flotation remain to be settled but the bankers, it is
stated, are confident that negotiations will be concluded in
time to permit of a public offering early next week. Advices
regarding it state:
The loan in addition to being a direct obligation of the Republic of
Poland, will be specifically secured by the revenues produced by the sugar
tax. If these prove insufficient at any time during the life of the loan
to cover full interest and sinking fund requirements, the gross revenues of
-owned railroad system will be made available for the
the Government
service on the issue.
The revenues received by the Government from the sugar taxes in 1924
amounted to $10,422,000 providing an ample margin over and above the
loan's requirements. Under the terms of the loan agreement, the Polish
Government will covenant to maintain these revenues at a minimum of
$10,000,000 or, failing in this, to deposit with the Polish National Bank
other revenues to make up that sum.
The extent of the security which the pledge of the gross receipts of the
railroads gives to the loan is indicated by that fact that during 1624 aggregate revenues of the system amounted to $169,225,000, of which $146.680.000 was derived from operations. After all operating expenses were met
and $17,370,000 was expended for capital investments, the Government
realized a profit of $10,000,000 from the carriers it controls. The system
comprises approximately 14,000 miles of line, making it the second largest
on the Continent of Europe, and was the only one to produce a surplusfrom
operations in 1924.
The loan contract will provide that no lien may be placed against either
the sugar tax or the gross receipts of the railroads, while any bonds of this
issue are outstanding, unless such lien be specifically subordinated to the
lien of this loan.
An unusual feature of the contract will be the provision that in the
event that any interruption of the service of the loan occur, a representative
of the bondholders may administer the railroads in their interest.
Poland Reports a Budget Surplus.
Efforts of the Polish Government to balance its budget
during 1924 were successful beyond expectations, according
to information made available in New York financial district this week. Figures received from abroad, covering the
full year, show,it is stated, that as a result of the reorganization of the Republic's budget system total receipts were
substantially in excess of expenditures, producing a surplus
as of Dec. 31 last of $14,282,000. The information further
states:
The achievement of this surplus, which is regarded as placing Poland on
an equal footing financially with the strongest nations of Central Europe.
Is expected to stimulate fresh interest in the loan discussions which have
been under way here for several weeks.
These negotiations have developed the fact that the Polish Government
Is seeking funds in this market to consolidate and make permanent results
already achieved rather than to launch a program offinancial rehabilitation.
Schneider & Co. Reports Larger Earnings—Dividend
Reduced on Increased Capital.
Advices have just reached the foreign department of
Moody's Investors Service (and made public Feb. 11) to
the effect that net profits of Schneider & Co., parent concern
of the Framerican Industrial Development Corporation,
amounted for the fiscal year 1923-24 to 14,110,000 francs
as compared with 11,710,000 francs in the previous year.
A dividend of 80 francs was declared on each share of common
stock outstanding to the amount of 250,000 shares of 400
francs par value, as compared with a distribution of 100
francs per share in the previous year on an outstanding
capitalization of 100,000 shares of no par value and carried
on the company's books at 36,000,000 francs.
J. P. Morgan & Co. Announce Receipt of Funds for
Payment of Interest on German Issue of Chinese
Government Hukuang Railways Loan of 1911.
The following announcement regarding the Imperial
Chinese Government 5% Hukuang Railways Sinking Fund
Gold Loan of 1911 was made by J. P. Morgan & Co. on
Feb. 6:
J. P. Morgan & Co.announce that, as a result of provision made therefor
by the Chinese Government, they will be prepared on Wednesday, Feb. 11
1925, to pay coupons which matured Dec. 15 1924 on all bonds of the
German issue of this loan.
On Feb. 10 Secretary Cox of the New York Stock Exchange
made known the following ruling on the above bonds:
Referring to the ruling of the Committee on Securities dated Jan. 26 1925:
Notice having been received that the coupon due Dec. 15 1924 on that
portion known as the German issue of the Imperial Chinese Government
5% Hukuang Railways Sinking Fund Gold Loan of 1911 will be paid
beginning Feb. 11 1925, the Committee on Securities further rules that
said portion of said German issue upon which all back interest has been
paid will again be a delivery ex the Dec. 15 1924 coupon, transactions
continuing on a "flat" basis.
On Jan. 24 (as reported in these columns Jan. 31, page
528) J. P. Morgan announced that they were in receipt
of funds from the Chinese Government for the payment
Jan. 26 1925 of coupons which matured Dec. 15 19241on
the British, French and American issues of the above loan.
Proposed Sao Paulo Loan.
Owing to reports that a contract had been signed by two
large New York banks with the State of Sao Paulo whereby
the latter is to obtain a new loan of $35,000,000, the following
FEB. 141925.]
THE CHRONICLE
771
Borah on Italy's
the Foreign Department Secretary Mellon's Reply to Senator
information received by mail by
Debt to United States.
•
lian correspondent
its Brazi
of Moody's Investors Service from
mation reis of interest:
Replying to Senator Borah's request for infor
and issued under date of Feb. 11
rnment to the
of the transportation garding the indebtedness of the Italian Gove
more rapid development
5, reIn order to facilitate the
congestion
Paulo, necessitated by the existing
d States, Secretary Mellon, under date of Feb.
systems in the State of Sao
record with the Unite
1924 amounted to $2,097,large coffee crop (the largest on
bags), ports that the total debt on Nov. 15
as the result of the very
,400
7 season, and amounting to 14,918
to Nov. 11 1918,
exception of that of the 1906-0 the State, has requested the Legislative
347,123, made up of cash advances prior
of
Doctor Campos, President
advances of $617,0 contos (approximately
for 130.00
amounting to $1,031,000,000, subsequent
for authority to open a credit
Assembly
of the
be utilized largely for the expansion
est of $449,477,924.
515,000.000). Proceeds are to
producing 034,050, and accrued and unpaid Inter
construction of various revenue
Sorocabana Railway and the
redeemable in The Italian Government had been credited with amounts
the form of a 7% bond issue
works. The credit is to take
12,168
n states that
meet annual loan charges estimated at
d In the sum of $164,853. Secretary Mello
25 years. In order to
contemplates increasing the repai
(about $1,400,000), the Government
made looking toward an adjustment
contos
"no proposals have been
for informatariff on the railway.
of this indebtedness." Senator Borah's request
the Italian debt was referred to in our issue
ility of Governor tion regarding
n's reply:
Finland to Go on Gold Basis—Possib
of last week, page 650. Below is Secretary Mello
States.
Bank of Finland Visiting the United
of
DEPARTMENT.
TREASURY
12, stated:
London advices to the daily papers, Feb.
February 5 1925.
Washington,
of Finland. is now in London and has
Risto Rytl, Governor of the Bank
of
2 1925 requesting to be inStates in furtherance of his mission
My dear Senator: I have your letter of Feb.
tentative plans to visit the United
of the Government of Italy to
American
h and
formed as to the amount of the indebtedness
important connections his bank has with Britis
enlarging the
proposition or proate in the Fininsh Presidential elec- the United States, and as to whether Italy has made any
financial Institutions. He Is a candid
edness.
d will abandon his American trip. posed any plans looking toward an adjustment of its indebt
tion, to be held Sunday, and if electe
re in giving you the
pleasu
s the amount of indebtedness, I take
for New York on Feb. 17.
As regard
Otherwise he will sail
d's economic and financial following information:
Interviewed here. M. Ryti said that Finlan
ing to the gold standPrincipal.
on was so strong that she was considering return
positi
11
n she could not do so until England
ard in the near future, but in his opinio
ed for cash advances prior to Nov.
Oligations acquir
$1,031,000,000 Oil
had led the way.
1918
Half of Obligations acquired for cash advances$617,034,050 90
Belgium to Retire Bonds—Brussels Will Use
after Nov. 11 1918
164,852 94
United States Loan for This Puropse.
Less amounts repaid
616,869,197 90
the New
Brussels advices, dated Feb. 11, published in
York "Evening Post," state:
proceeds of the
half the
The Belgian Government has decided to use
of bonds floated to
recent American loan of $50,000.000 for the retirement
the reconstruction of the devastated regions.
finance
vement of the Belgian
One-quarter of the amount will be applied to impro
t the Belgian franc in
Congo and the remaining 25% will be used to protec
the foreign exchange markets.
Allied
Lord Blanesburgh Succeeds Lord Bradbury on
ission.
Reparation Comm
esburgh, Lord
It was announced on Feb. 3 that Lord Blan
nted to succeed Lord
of Appeal in Ordinary, has been appoi
Commission. The
Bradbury on the Allied Reparations
on, Feb. 3, added:
Associated Press advices from Lond
ence.
entail great legal experi
The future duties of the British delegate will
ary only at intervals. Lord
and as his attendance at Paris will be necess
will continue as a judge of appeal.
Blanesburgh
rted.
Suspension of Spanish Bank Repo
" reports the following from
New York "Evening Post
The
London, Feb. 11:
$1,647,869,197 96
held -----Principal amount of obligations now
Interest.
Total interest on obligations evidencing
$507,076,777 48
above advances
Payments made on account (all of which
was paid on or prior to May 15 1919
57.598,852 62
and largely from Treasury advances)—
449,477,924 86
15 1924
Accrued and unpaid interest as of Nov.
$2,097,347,122 82
Total indebtedness
that no proposals have bean
y, I would say
In reply to your further inquir
ment of this indebtedness.
made looking toward an adjust
Sincerely yours,
ry.
A. W. MELLON, Secretary of the Treasu
Senate, IVashington, D. C.
William E. Borah, United States
Hon.
ign Indebtedness—Deficit
Italy's Repayment of Fore
Wiped Out
Railway Administration to Be
on
in 1925.
York "Times" of Feb. 8:
The following is from the New
the Credit() de la Union
s
A Reuter's dispatch from Madrid report that
commission has been
Bilbao, has suspended payment and that a
Minera, at
formed to liquidate the bank's affairs.
arian Loan
Receipts from Revenues Pledged for Hung
During December.
pt of the
Speyer & Co. announced this week the recei
h Jr., Commissionerlatest monthly report of Jeremiah Smit
which shows
General for Hungary to the League of Nations,
ues pledged for the 73'j% loan
that the receipts from reven
-quarters
were about $5,125,000 for December, or about three
e year's interest and sinking fund requirements.
of the entir
more
For the second half of 1924 the receipts amounted to
than $21,600,000, as compared with approximately $9,amount
000,000 for the first half of the year. The total
times the
for the year was over $30,600,000, or about five
time
full year' service requirements of the loan. At the
second
the loan was authorized it was expected that for the
nt
half of 1924 the expenses of the Hungarian Governme
total receipts and that a large deficit
would exceed the
,
would result. The provisional figures for this period show
ver, that receipts were about 40% more than anticihowe
nt
pated and exceeded expenditures so that the Governme
able to balance its budget without the proceeds of the
was
loan.
the Italian
e, reveiwing the movement of
The Italian Minister of Financ
previously
1922-23 Italy had repaid loans
stated that in the fiscal year
100,920,500
debt,
n and Holland amounting to
obtained from Brazil, Canada, Swede
granted a loan of
the current fiscal year she had
gold lire, End that during
already in hand
. He added that the funds
in
750,000,000 paper lire to Poland
loan of 51,964,069 gold lire placed
sufficient to take up the dollar
are
ty.
1920 and now approaching maturi
the United States during
ced that the
er of Communications announ
At the same time the Minist
1,400,000,000
ys, which had previously reached
estideficit on Italian State railwa
the coming fiscal year. He
ly, would be wiped out during
before
lire annual
now 30% greater than it was
that Italian railroad traffic is
mated
the war.
es on Gold Basis—
German Bank and Industrial Shar
Be Sent to
Stocks in United States Must
Germany for Exchanges.
Zimmermann & Forshay announced on Feb. 9 that the
having
shares of all German banks and industrial concerns
any
put on a gold basis, must now be sent to Germ
been
into new shares. Their announcement also
for exchange
states:
cates with the new
the stock
certifi
stamp
Some corporations will only
In many cases a time limit has been placed on
value in Relchsmarks.
ore certificates should be forwarded immediately,
the exchange and theref s will probably be granted a sufficient time.
gh American owner
althou
their
rmann & Forshay, 170 Broadway, have offered
The firm of Zimme
n shares for this conversion.
services to holders of Germa
at Conference of Allied
Text of Agreement, Signed
rding Distribution of
Finance Ministers Rega
Dawes Annuities.
last (page 659),
we gave, in our issue of Saturday Hughes to the
While
Secretary of State
details of the reply of
of the agreement signed
Senate resolution calling for a copy is made for the payin which provision
at Paris, Jan. 14,
s, out of the Dawes plan
ment of the American war claim
se of lack of room, to defer
annuities, we were obliged, becau itself until the present
agreement
the publication of the
ment, and the Senate resoluweek. The signing of the agree
of Jan.
of it, was detailed in our issue
tion calling for a copy
the text of the agreement as
24, page 404. Below we give
nt and transmitted to the
received by the State Departme
Senate on Feb. 3:
THE DAWES
THE DISTRIBUTION OF
AGREEMENT REGARDING
ITIES (JAN. 14 1925).
ANNU
Final Protocol.
e. Great
Governments of Belgium, Franc
The representatives of the
, Greece,
America, Italy, Japan, Brazil
Britain, the United States of
Czechoslovak/a.
-Croat-Slovene State,
Poland, Portugal. Rumania, Serb
a view to
to the 14th January 1925, with
assembled at Paris from the 7th tive Governments questions which arise
respec
d.
settling as between their
receipts already entered, or to be entere
out of the distribution of the
, in particular after Jan. 1
the Reparation Commission
in the accounts of
ation of the
also in the first years of the applic
1923 to Sept. 1 1924, and
uded a
d the subject of the agreements concl
Dawes Plan which forme
London Aug. 31 1924,
ment of to-day's
ions contained in the agree
Have agreed on the provis
ed to the present protocol.
date of which a copy is attach
772
Done at Paris Jan. 14 1925.
CLEMENTEL
G. THEUNIS
WINSTON S. CHURCHILL
MYRON T. HERRICK
FRANK B. KELLOGG
JAMES A. LOGAN JR.
ALBERTO DE STEFANI
K. ISHII
L. M. DE SOUZA DANTAS
'
THE CHRONICLE
Em. J. TSOUDEROS
J. MROZOWSKI
J. KARSNICKI
ANTONIO DA FONSECA
VINTILA BRATIANO
N. TITULESCU
STOYADINOVITCH
STEFAN OSUSKY
Agreement.
The"'Governments of Belgium, France, Great Britain,
Italy, Japan,
the United States of America, Brazil, Greece, Poland,
Portugal, Rumania.
the Serb-Croat
-Slovene State and Czechoslovakia, respectively
represented by the undersigned, have agreed as follows:
CHAPTER I—ALLOCATION OF THE DAWES
ANNUITIES.
[VoL. 120.
States in a blocked account in the
Federal Reserve Bank of New York,
which sum shall forthwith be
released to the United States Treasury. •
(2) That the agreement of May 25 1923 does
not apply to payments on
account of reparations by any ex-e
nemy Powers other than Germany.
(3) That the agreement of May
25 1923 is deemed to be superseded by
the present agreement.
(c) The provisions of this agreemen
t relating to the admission against the
Dawes annuities of charges other
than reparations, and the allotments provided for such charges, shall not
be modified by the Allied Governments
so as to reduce the sums to be
distributed as reparations, save in agreement
with the United States of America.
(d) The United States of
America is recognized as having an interest,
proportionate to its 231% interest
in the part of the annuities available
for reparation, in any distribut
ion of railway bonds, industrial debentures.
or other bonds issued under the
Dawes plan, or in the proceeds of any sale
of undistributed bonds or
debentures, and as having the right also to share
in any distribution or in the
proceeds of any sale ofsuch bonds or debentures
for any arrears that may be
due to it in respect of the repayment of its army
costs as provided in the present
agreement. The United States of America
is also recognized as having an
interest in any other disposition that may
be made of the bonds if not
sold or distributed.
Article 4—Belgian War Debt.
(a) As from Sept. 1 1924, 5%
of the total sum available in any year
after meeting the charges for the
service of the German External Loan.
1924, and the charges for costs of
commissions, costs of United States Army
of Occupation, annuity for arrears
of
for current army costs, and any other pre-May 1 army costs, prior charge
prior charges which may hereafter be
agreed, shall be applied to the
reimbursement of the Belgian war debt as
defined in the last paragraph of
Article 242 of the Treaty of Versailles.
(b) The amounts so applied in
any year shall be distributed between the
Powers concerned in proportion to
the amount of the debts due to them
respectively as at May 1 1921.
Pending the final settlement of the accounts.
France shall receive 46%, Great
Britain 42% and Belgium (by reason of
her debt to the United States
of America) 12%.
Article 1—Costs of the Commissions.
Pr'
(a) The maximum normal charge on the Dawes
annuities of the Reparation Commission, including the organizations set up
under the Dawes plan,
shall be:
For the year from Sept. 1 1924, 9,250,000 gold
marks: for the later
years, 7,500,000 gold marks to be taken partly in foreign
currencies or in
Germany currency as required).
Of these sums not more than 3,700,000 gold marks
a year shall be attributable to the organizations set up under the Dawes
plan. If necessary
this may be increased in order to meet the costs of
the arbitral bodies
provided for by the Dawes plan and the London protocol.
(b) The maximum charge for the Inter-Allied Rhineland High
Commission (including deliveries under Articles 8 to 12
of the Rhineland agreement) shall not exceed 10,000.000 gold marks (to be taken
In foreign
currencies or in German currency as required) for the
year from
1924, this sum being allocated between the French. British and Sept. 1
Belgian
High Commissariats in the proportion of 62-16-22, after
providing for
the other expenses of the Commission. The amount for
any later year
will be settled at a later date.
Article 6—Restitution.
(c) The charge of the military commission of control shall not exceed
(A) There shall be applied to the
satisfaction of claims for restitution:
a maximum of 8,000,000 gold marks (to be taken in German
(a) During the first four
currency
years, 1% of the total sum available in year
in the year from Sept. 1 1924). The amount of any later
year will be after meeting the charges for the service of
the German External Loan,
settled at a later date. This figure does not include the Commissi
on's 1924, and the charges for cost of commissions; costs
of United States Army
expenses in national currencies, which shall continue to be paid
by the of Occupation; annuity for arrears of pre-May 1
1921, army costs; prior
Governments concerned, the amounts so paid being credited
to their charge for current army costs; any other prior charge
which may hereafter
respective accounts by the Reparation Commission.
be agreed.
(b) During subsequent years, 1% of
Article 2—Costs of Armies of Occupation, 1924-25.
the balance of the first milliard
(a) The sums to be allowed as a prior charge on payments by Germany after meeting the charges enumerated above and 2% of the surplus
of the
annuity.
•
during the year Sept. 1 1924 to Aug. 31 1925, in respect of the
costs of
(B)The amount so applied shall be
the armies of occupation of Belgium. Great Britain and France
distributed between the Powers having
shall be a claim for restitution proportio
fixed at the following amounts:
nately to their respective claims under
this
head as accepted by the Reparation
Commission.
Gold Marks.
(0) The French and Italian Governments
Belgian Army
reserve their rights to claim
25,000,000 restitution ofcertain objects of
British Army
art by the application of Article 238 of Treaty
25.000,p00 of Versailles. The other
French Army
Allied Governments will support their efforts
to
110,000,000 secure the execution by Germany
of such restitution. Nevertheless, if the
(b) Belgium, Great Britain and France will meet their additiona
l army fulfillment of this obligation involves a charge
on the Dawes annuities, the
costa during the period mentioned out of their respective shares
in
value will be charged against the share in
reparation payments, but shall not be debited on reparatio German
the annuity of the Power inn account terested.
therewith; that is to say, their respective reparation arrears
will be increased
by corresponding sum:
Article 6—Belgian Priority.
(c) The additional army costs shall be calculated as follows.
(A) It is agreed that the determination of the exact
Each
position as regards
Power will be entitled to receive:
the satisfaction of the Belgian priority depends on
the settlement of the
(1) The same payable under the Finance Minister's agreemen
t of distribution account which the Reparation Commission has been requested
March 11 1922, calculated in the case of Great Britain on the
basis of to draw up.
the French capitation rate with a special allowance of 2 gold marks a
(B) Out of the part of the annuities received from Germany
man,
and available
converted into sterling on the basis of the mean rates of exchange
of the for distribution as reparations among the Allied Powers after Sept. 1 1924,
respective currencies during the month of December 1921.
The value of Belgium will receive:
German marks supplied to the armies of occupation and the
(a) During the year commencing Sept. 1
value of any
1924, 8%.
requisitions under Article 6 of the Rhineland agreement shall,
(b) During the year commencing Sept. 1 1925,so long
as heretofore.
as Belgian priority
be included in these sums; and,
is not extinguished,8% of each monthly payment.
As soon as the priority
(2) The value of the requisitions and services under Articles 8-12 of is extinguished the percentage
of all further payments during the y • in
the Rhineland agreement, which are credited to Germany in the accounts question will be reduced
to 4.5%.
of the Agent-General of Reparations. For each Power the
(c) During the year commencing Sept. 1 1925,
additional
and during each succeedarmy costs shall be the difference between the total sum so
ing year, 4.5%.
calculated
and the amount of the prior charge set out in paragraph (a) above.
This reduction n percentage is accepted as fully
discharging Belgium
(d) It is agreed that the Powers concerned in the occupation shall
not from her obligations to repay her priority.
charge for effectives in excess of the strength authorized for
(C) As from the date at which Belgian priority is
each, reat
specitvely, by Article 1 (2) and (3) of the agreement of March 111922.
latest from Sept. 1 1926, the 3%% released by extinguished, or- the
the above arrangements
(e) The provisions of this article for the year to Aug.31 1925 are accepted for the repayment of the Belgian
priority will be payable to France
and
without prejudice to any question of principle, and the Allied Governments Great Britain in the proportio
n of 52-22, in addition to their
Spa perand the Government of the United States of America will discuss before centages.
Sept. 1 1925 the arrangement for army costs in the future.
The sums debited to Belgium in respect of
the period to Sept. 1 1924,
Article 3—Share of the United States of America in the Dawes Annuities.
will not be regarded as creating for her either
excess payments or arrears,
(a) Out of the amount received from Germany on account of the Dawes provided that this shall be without
prejudice to the liability of Belgium,
to
annuities there shall be paid to the United States of America the follow- account for any final balance under
the economic clauses of the
treaty:1
ing sums in reimbursement of the costs of the United States Army of
(D) The rights accruing to Belgium as a
result of previous agreements
Occupation and for the purpose of satisfying the awards of the Mixed Claims on payments received or to be received
from or on account of AustriaCommission established in pursuance of the agreement between the United Hungary and Bulgaria remain unaltered
.
States and Germany of Aug. 10 1922.
Article 7—Greek and Rumanian Reparatio
n Percentages.
(1) Fifty-five million gold marks per annum beginning Sept. 1 1926
(A) The percentage of reparation payments
and continuing until the principal sums outstanding on account of the costs
available for distribution
between the Allied Powers to be allotted
of the United States Army of Occupation, as already reported to the
to Greece is fixed at 0.4%*of
Reparation Commission, shall be extinguished. These annual payments payments by Germany and of the first half of payments by Austria,
Hunconstitute a first charge on cash made available for transfer by the Transfer gary and Bulgaria, and 25% of the second half of payments
by Austria.
Committee out of the Dawes annuities, after the provision of the sums neces- Hungary and Bulgaria.
(B) The percentage of reparation payments
sary for the service of the 800,000,000 gold marks German External Loan,
available for distribution
1924, and for the costs of the Reparation Commission, the organizations, between the Allied Powers to be allotted to Rumania is fixed
at 1.1%'of
established pursuant to the Dawes plan, the Intexallied Rhineland High payments made by Germany and of the first half of payments
by Austria.
Commission, the Military Control Commissions, and the payment to the Hungary and Bulgaria, and 20% of the second half of
payments.made_hy
Danube Commission provided for in Article 9 below, and for any other Austria, Hungary and Bulgaria.
Prior charges which may hereafter with the assent of the United States
Article 8—Miscellaneous Claims.
of America be admitted. If in any year the total sum of 55,000,000 gold
(A) The following claims, namely:
marks be not transferred to the United States of America the arrears
(a) Cost of military occupation of the
plebiscite zones (annex to Article
shall be carried forward to the next succeeding annual installment payable 88 of treaty).
to the United States of America, which shall be pro Lento increased. Arrears
(h) Costs of repatriation of German prisoners
of war (Article 217 of the
shall be cumulative and shall bear simple interest at 43 % from the end of treaty).
the year in which said arrears accumulated until they are satisfied.
(c) Repayment of exceptional war expenses
advanced by Alsace-Lorraine
(2) Two and one-fourth per cent (23(%) of all receipts from Germany during the war, or by
public bodies in Alsace-Lo
on account of the Dawes annuities available for distribution as
rraine, on account of the
repara- empire (Article 58 of the treaty).
tions, provided that the annuity resulting from this percentage shall not
(d) Payment of certain indemnities in
in
the Cameroons and French equaany year exceed the sum of 45,000,000 gold marks.
torial Africa (Articles 124 and 125 of the
treaty) shall be submitted for
(b) Subject to the provisions of paragraph (a) above, the United States valuation to the
Reparation Commission, which
of America agree:
shall be at liberty to use
for this purpose all the means at its disposal,
including reference to arbitra(1) To waive any claim under the army cost agreement of May 25
1923 tion as proposed in Article 11 below).
on cash receipts obtained since Jan.
1 1923 beyond the sum of$14,725,154 04,
The amounts of these claims, when
established, shall be credited to the
now deposited by Belgium to the account
of the Treasury of the United interest Powers in their reparation
accounts as_of Sept. 1 1924, and th•
FEB. 14 1925.]
THE CHRONICLE
773
account in determining the adjustcredits treated as arrears at that date in accordance with the provisions in up to Sept. 1 1924 shall be taken into
ments provided for in Article 19.
Article 19 below.
(B) The following claims would appear to be payable apart from and Article 15—Costs of the Armies of Occupation for the Period May 1 1922
in addition to the Dawes annuities, namely:
to Aug. 1 1924.
(a) The costs of the civil and military pensions in Alsace-Lorraine • (A) The credits to be given in respect of the costs of occupation for the
earned at the date of the armistice (Article 62 of the treaty).
period May 1 1922 to May 1 1924 are as follows:
British Share
(b) The transfer of the reserves of social insurance funds in AlsaceBelgian Share
French Share
of Forfeit,
Should, however, the German Governof Forfeit,
of Forfeit,
Lorraine (Article 77 of the treaty).
Gold Marks,.
Gold Marks.
Gold Marks.
in establishing that these claims must be met out of the
ment succeed
21,092,922'
30.680,158
155,526,693
1923
1
Dawes annuities, the Allied Governments will concert together as to the May 1 1922 to April 30 1924
22,369,567
23,284,922
117,195,330
May 1923 to April 30
manner in which they should be dealt with.
(B) As regards the cost of occupation for the period May 1 1924 to
European Commission of the Danube.
Article 9—Compensation Due to the
will authorize their representative
There shall be paid forthwith to the European Commission of the Danube, Aug. 31 1924 the Allied Governments
the necessary adjustment on the
out of the annuities, the sum of 266,800 gold francs, being the amount on the Reparation Commission to make
figures were calculated.
agreed to be due from Germany to the Commission in respect of compensa- basis of the principles on which the above
(C) The Reparation Commission is requested to introduce those figures
tion for damages.
into its accounts for the years in question.
Article 10—Clearing Office Balances.
under
No special charge shall be admitted against the Dawes annuities in respect Article 16—Debits for the Vessels Allotted or Transferred to Belgium
Article 6 (4) of the Spa Protocol.
of the clearing offices balances of pre-war debts or other claims under the
economic clauses of the treaty, unless it is shown that any Allied Power
The debits in the inter-Allied accounts for the vessels allotted or transclaiming the benefit of such charge has a net credit balance due for payment ferred to Belgium under Article 6 (4) of the Spa protocol, shall be dealt
its claims under the economic clauses, the German with under Article 12 of the Finance Ministers' agreement of March 11
after applying, to meet
properties and other assets which it has the power to liquidate under the 1922, instead of as provided for in the Spa protocol.
same articles. No provision shall be made for such net credit balances
Article 17—Debts for Shantung Railways and Mines.
during the first four years of the Dawes plan.
In respect of the railways and mines referred to in the second paragraph of
CHAPTER II.—SETTLEMENT OF PAST ACCOUNTS.
Article 156 of the Treaty of Versailles, Japan will be debited by the ReparaArticle 11—Distribution Accounts; Provision as to Arbitration.
tion Commission in the inter-Allied accounts only with the equivalent of
paid by the German
The Allied Governments request the Reparation Commission to draw up the compensation which has been, or may be, in fact,
Government to its nationals for their interests. Pending the establishment
as soon as possible definite distribution accounts as at Sept. 1 1924.
as entitled to her full
They will give authority to their respective delegates on the Reparation of the amounts in question, Japan will be regarded
Commission to submit to arbitration all questions of fact or of figures arising percentage of reparations as from Sept. 1 1924.
on the accounts, and, to the fullest possible extent, questions of interpretaCHAPTER IV.—INTEREST AND ARREARS.
tion on which they are not unanimous, in so far as it is not, already provided
Article 18—Interest Account.
arrangement.
for in any existing
The Allied Governments agree that all interest charges on reparation
The above provisions will apply in particular to the settlement of the
Powers,
Ruhr accounts, in accordance with the principles set out below, and to receipts up to Sept. 1 1924 should be waived as between the Allied
interest accounts to
questions which may arise in regard to the amounts due under the heads of and all provisions in existing agreements requiring
be kept to that date are cancelled. Interest at 5% shall, however, be
restitution or other non-reparation claims.
charged as from Sept. 1 1924 on the excess receipts shown in the amount
Article 12—Ruhr Accounts.
to be drawn up under Article 19 below as due at that date by any Allied
(A) The Reparation Commission shall fix, in accordance with the pro- Power to the reparation pool as well as on any further excess receipts which
visions of the Treaty of Versailles, and the practice hitherto in force, the may accrue after that date until they are repaid.
value in gold marks of the receipts of every nature obtained by the French,
Article 19—Excesses and Arrears.
Belgian, and Italian Governments from Germany since Jan. 11 1923 in
(A) The Reparation Commission shall, as soon as possible, draw up
so far as such receipts have not already been accounted for to it. The
a shareReparation Commission shall similarly determine the amounts to be set an account showing as at Sept. 1 1924 for each power entitled to
against such receipts, with a view to securing that the Powers concerned in the reparation payments of Germany, but not including the United
receive credit for expenditure actually incurred by them, subject, how- States of America.
(a) The net receipts of that power on reparation account as at Sept.
ever, to the detailed provisions below with respect to army costs.
(B) Separate account will be drawn up for deliveries in kind and cash 1924. which shall be calculated by deducting from its total gross receiptsas valued for the purpose of inter-Allied distribution, the credits due to
receipts.
in respect of Spa coal advances, of costs of armies of occupation, excluding
(0) The accounts of deliveries in kind shall include the value as deterthe arrears as at May 1 1921, provided for in Article 21, of costs of commismined by the Reparation Commission of—
on exchange, and
(1) Deliveries in kind not yet accounted for to the Commission, in- sions of control not paid in German currency, of profits
to in Article 8(A)
cluding deliveries paid for from the "fonds comma" and the "fonds of any other approved claims such as the claims referred
of this agreement.
special."
(b) The amount that power should have received, had the total net
(2) All requisitions under or on the analogy of Article 6 of the Rhineland
the armies of reparation receipts of all the powers been distributed in accordance with
agreement and all paper marks seized and fines imposed by
occupation during the period Jan. 1 192.3 up to Aug. 311924, in so far as the Spa percentages.
By deducting from the amount due to each power its actual debit, the
they have not already been reported to the Reparation Commission.
the arrears due to that power or
Against these receipts will be allowed as deductions the extra costs Reparation Commission will determine
1 1924.
incurred by the French and Belgian Governments during the period Jan. 1 the excess payments due from that power as at Sept.
(B) A similar calculation shall be made by the Reparation Commission
1923 to Aug. 31 1924, through the maintenance of military forces in German territory not occupied on Jan. 1 1923, after setting off the normal on Sept. 1 in each succeeding year.
(3) For the purpose of the above calculations the figures relating to
costs of the maintenance of these forces in their home garrisons.
to other
The net value of the deliveries in kind so determined shall be debited Belgium shall be included on the same footing as those relating
in the reparation accounts against the Powers which have received them. powers, but, save as provided elsewhere in this agreement. Belgium shall
The value of coal and coke sold to Luxemburg during the same period be free of any obligation to repay reparation receipts obtained before
Sept. 1 1924.
shall be treated as a delivery in kind to France.
Belgium shall, however, if the case arises, be required to account with
(D) The account of cash receipts shall include cash receipts of all kinds
obtained by the occupying Powers, including the gross amounts obtained interest for any excess of reparation receipts obtained by her after Sept. 11
from taxes or duties, licenses, derogations, &c.. . .and the net receipts 1924, over her due proportion, as laid down elsewhere in this agreement,
of the Railway Regie as ascertained by the Reparation Commission after of the total receipts effectively debited to all the powers after that date.
In the contrary case Belgium will be regarded as having a claim in respect
verification of the accounts.
From these receipts will be allowed as deductions the civil costs of of arrears.
(d) The provisions of the second paragraph of Article 7 of the agreecollection and expenses of administration incurred before Aug. 31 1924
and the costs of loading coal and exploitation of mines and cokeries up ment of March 111922, relating to the debits to be entered in the account
to be drawn up under Article 235 of the treaty in respect of coal received
to the same date.
The balance of the account shall, with the exception of the sum men- by Italy before May 11921, shall apply also to the debits for coal receivedtioned in subparagraph 1 of paragraph B of Article 3, be paid over to the by Italy between May 1 1921 and Dec. 31 1922.
Belgian Government, which shall be debited on account of the priority
Article 20—Recovery of Arrears.
for the period before Sept. 1 1924, with the full amount received, less the
Except as otherwise provided for in this agreement—
interest due on the German treasury bills transferred to Belgium in 1922.
(A) The excess receipts of any power, as fixed at the end of each year
(E) In accordance with Annex III to the London protocol, no claim
deduction of a certain percentage
will be made for payment out of the Dawes annuities of any costs in respect under Article 19, shall be repaid by the
of that power in each succeeding annuity until the debt is
of military forces in German territory not occupied on Jan. 1 1923, other from the share
no repayments under this
than the value of requisitions effected by or services rendered to these extinguished, with interest at 5%, provided that
the years commencing
forces after Sept. 1 1924. The value of such requisitions or services will subsection shall be required out of the annuities for
be accounted for as deliveries on reparation account to the Allied Powers Sept. 1 1924 and Sept. 1 1925.
(B) In the case of Italy and the S. H. S. State, this deduction shall be
concerned.
fixed at 10%. In the case of other countries the deduction shall be calCHAPTER III—SPECIAL QUESTIONS ARISING OUT OF PRE- culated by the Reparation Commission on a similar basis.
VIOUS AGREEMENTS.
(C) The repayments made by the debtor powers shall be distributed
Article 13—Extension Beyond Jan. 1 1923 of the Provisions of Article 2 of between the powers in credit to the reparation pool in proportion to their
respective arrears.
the Agreement of March 11 1922; Appropriations of Deliveries in
Kind to the Costs of Armies of Occupation.
Article 21—Costs of the Armies of Occupation to May 1 1921.
The arrears due to France and Great Britain on account of pre-May I
The French, British and Belgian Governments agree that the forfeits
1921, army costs shall be excluded from the general account of arrears
fixed or to be fixed for their respective armies of occupation from Jan. 1
of the Dawes annuities
1923 and until Aug. 311928,in so far as they are not met out of requisitions and shall be discharged by a special allotment out
the charge in favor of United States Army
of paper marks and services, &c. . . . under Article 6 of the Rhine- (ranking immediately after
land agreement, should be charged on the deliveries in kind (including costs) of the following amounts, namely:
First year, 15,000.000 gold marks.
receipts under the British Reparation Recovery Act and any similar levy
Second year, 20,000,000 gold marks.
established by any other Government) received by them. respectively,
Third year, 25,000,000 gold marks.
and the Reparation Commission is requested to give effect to this decision
Fourth year, 30,000,000 gold marks.
nits accounts.
And thereafter an annuity of 30,000,000 gold marks until the arrears
Article 14—Extension Beyond Jan. 1 1923 of the Provisions of Article 6 of are extinguished.
Agreement of March 11 1922; Retention by Each Power of the
the
The allotment shall be divided between France and Great Britainwin
Deliveries in Kind Received by It.
the proportion, France 57%, Great Britain 43%. The allotment shallvbe
of the Allied Governments having a credit due it on reparation taken in deliveries in kind during the first two years of the Dawes plan
Each
account shall be entitled to retain, without being required to make pay- and thereafter may be transferred either in deliveries in kind or cash.
any cash receipts now
ment in cash for the value thereof, the deliveries in kind (including rep- This arrangement will not affect the distribution of
aration recovery act receipts) received and retained by them between in the hands of the Reparation Commission available for the liquidation of
in accordance With
Dec. 31 1922 and Sept. 1 1924. The receipts of each Power. however. army costs arrears, which receipts will be dealt with
774
THE CHRONICLE
Article 8 of the agreement of March 11 1922, and credited against the
capital arrears. Further, the annuity above provided for will retain a
prior charge up to 25% of its amount on any cash receipts not arising out
of the Dawes plan which may accrue to the Reparation Commission in the
future on account of Germany.
[VOL. 120t
marks. The statement was issued as- follows- undbr dnte of
Jan. 10 1925 at the office of the Agent-GeneraI fbr Reparations Payments:
SUMMARY OF PRESS COMMUNIQUE NO.8—STATEMENT OP RECEIPTS
AND PAYMENTS TO DEC. 31 1924.
CHAPTER V.—MISCELLANEOUS QUESTIONS.
(On cash basis, reduced to gold mark equivalents.)
Article 22—Payment by Czechoslovakia for Deliveries in Kind.
The sums due by Czechoslovakia to the Reparation Commission In respect
mb,th of
December
of the deliveries in kind received by her from Germany and Hungary
1924.
since May 1 1921 shall ho placed in a suspense account and carry interest at
Gold Marks.
Total receipts
5% from Sept. 1 1924.
53;675,933.82'
Paymeqs—
Bulgarian payments Without prejudice to any question of principle, the
Great Britain
6,578,069 40
payments made or to be made up to Dec. 31 1926 by Bulgaria under the France
21,820,764.53
protocol of Sofia dated Mar. 31 1923 will be distributed between the allied Italy
4,630,680.19'
powers in the proportions laid down in Article 2 of the Spa protocol. The Belgium
8,497,991.71
Japan
117,822.19*
allied governments will agree together as to the method of distribution of Serb-Croat
-Slovene State
3,689,853.2T
these payments to be adopted after Dec. 31 1926.
Portugal
977,678.34
Article 24—Properties ceded to the Free City of Danzig.
The allied governments give full powers to their respective representatives on the Reparation Commission to settle all questions connected with
the debt due by the Free City of Danzig in respect of the value of the
public properties ceded to the Free City of Germany, including such adjustments of the payments to be made by the Free City as may be necessitated by its financial situation.
German Reparation Receipts in 1924 286,263,447 Gold
Marks—Payments Amount to 280,291,415 Gold
Marks.
A communique which has just reached us showing the German reparations payments and receipts for both December
1924 and the year to Dec. 31 1924, indicates that for the latter period the receipts totaled 286,263,447 gold marks, and
that the total payments amounted to 280,291,415, of which
113,651,669 went to France and 65,863,336 to Great Britain.
Italy, Belgium, Japan, etc., also shared in the payments, a
part of which went toward the expenses of the Reparations
Commission, the Rhineland High Commission and the Military Commission of IC'ontrol. Of the total receipts for the
year 281,103,578 gold marks represented cash from the proceeds of the German external loan of 1924 of 800,000,000
65,863,33297
113651,668.63
23,523(094.96
29,558,771'.06
801',160.98
9;85'5,700:0G
F,4951452.24
Rumania
1,105,250.83
2;466,781.49
Greece.,
269;723.35
For coat, transport, do., to Belgium and Luxemburg,
which are to be reimbursed to the Agent-General
5,253494'.81
2;750.194.05
For the expenses of:
Reparation Commission
526,366.92'
2;941014.78
Rhineland High Commission
833,333:33'
4;583;333.33
Military Commission of Control
1,666,666.67'
4,666,686.67'
Naval Commission of Control
70,000.00
For service of German external loan. 1924
7,243,975:46
16,532;499.4/
On account of cost of administration of office for
reparation payments
275,490.40
641,622.88
Exchange differences, less Interest received
27,014.53
Dr116,537.93'
Total payments
58,597,399.36; 280:291,415.07
Balance of cash In Reichsbank Dec. 31 1924
5;972;082'.22
Article 25—Recommendations With Regard to Distribution of Payments
Throughout the Year.
The Finance Ministers draw the attention of the Reparation Commission
operation of the Dawes plan would be greatly facilito the fact that the
tated if the agent general for reparation payments could so arrange that
the annual payments to be made during the operation of the Dawes plan
may be distributed throughout the course of each year, and they request
The details are set out as follows:
the Reparation Commission and the agent general to consider what steps
can be taken to secure this result, which is of particular importance during
me dh of
,
second and third years of the plan.
December
A—Receipts-With a view to accomplishing this result the allied governments so far
1924.
Gold Marks.
as they are concerned authorize the Reparation Commission and the agent 1 cash withdrawn from the
proceeds of the German
general for reparation payments, in co-operation with the trustees for railexternal loan 1924, of which 214,834,917.74 gold
marks has been paid to the German Government
way bonds and industrial debentures, to take all action that may be necesin reimbursement of advances made during the
sary to arrange the due date of the payments to be made on the railway
transition period and until the proceeds of the
and industrial bonds so as to provide for a gradual and even flow of payloan were available
51,340,345,99.
ments throughout each annuity year.
2 Receipts in reimbursement of the cost of coal. coke
and lignite delivered to Belgium and Luxemburg
Furthermore, the Finance Ministers authorize the Reparation Commission
other than on reparation account, and transport
to make arrangements,so far as may be practicable without prejudicing the
charges in respect thereof:
requirements of other powers, to enable the Portuguese Government to
a Belgium
650,103.68
obtain during the earlier months of the second year of the Dawes plan
b Luxemburg
1,685,484.2i3
(within the limit of its share in the second annuity) the sums necessary
53.675,933.82'
to complete certain outstanding orders for deliveries in kind of special
importance to it.
R—PaymentsArticle 26—Interpretation and Arbitration.
The agreement shall be transmitted to the Reparation Commission, and
the commission will be requested to give effect thereto and to adjust the
payments during the remainder of the year to Aug. 31 1925 nad during
subsequent years. so that the total receipts of each allied power during
each year shall not exceed its share under this agreement. The Reparation
Commission shall have authority by unanimous resolution to interpret
the provisions of the agreement in so far as the allied power are concerned.
If any difference or dispute shall arise on the Reparation Commission or
between the allied powers in respect of the interpretation of any provisions
of this agreement or as to anything to be done hereunder, whether by the
commission or otherwise, the same shall be referred to the arbitration of a
single arbitrator to be agreed upon unanimously by the members of the
Reparation Commission, or, failing agreement, to be appointed by the
President for the time being of the Permanent Court of International
Justice.
Any difference or dispute that may arise with the United States of
America regarding the interpretation of this agreement, affecting American
claims or the rights of the United States of America under this agreement
shall be referred to an arbitrator to be agreed upon between the United
States of America and the Reparation Commission acting unanimously.
Article 27—Reserbation as to Rights and Obligations of Germany.
The provisions of the present arrangement concluded between the
powers interested in reparations do not prejudice any rights or obligations
of Germany under the treaties, conventions and arrangements at present
in force.
The present agreement done in English and French in a single copy,
will be deposited In the archives of the Government of the French Republic,
which will supply certified copies thereof to each of the signatory powers.
In the interpretation of this agreement. the English and French texts
Shall be both authentic.
Paris, Jan. 14 1925.
E. J. TEUDEROS
CLEMENTEL
J. MROZOWSKI
G. THEUNIS
J. KARSNICKI
CHURCHILL
WINSTON S.
ANTONIO da FONSECA
HERRICK
MYRON T.
VINTILA BRATIANO
FRANK B. KELLOGG
N. TIULESCU
JAMES A. LOGAN,Jr.
STOYADINOVITCII
ALBERTO de STEFANI
STEFAN OSITSKY.
K. ISHII
L. M. de SOUZA DANTAS
First'Annuity
Year. CUMUtattle TOW to
Die. 31'1924'.
(Mid Marks.
286,263447.29
1 Payments to or for the account of:
a Great Britain:
1 Deliveries of dyestuffs and pharmaceutical
products
332,882.28
2 Reparation Recovery Act
4,198,100.59
3 Relchsmarks to Army of Occupation
757,086.53
4 Requisitions, damages and furnishings under
Arts. 6 and 8-12 of Rhineland Agreement
L290.000.00
6,578,069.40
13 France:
1 Deliveres of coal, coke and lignite
7,678,313.74
Deliveries of chemical fertilizer
2,176,033.02
Deliveries of dyestuffs and pharmaceutical
products
436,325.89
Deliveries of coal by-products
2 Transport of coal, coke and lignite
3,788,474.14
3 Exploitation of mines and cokeries by Beate_
4 Reparation Recovery Act
178,955.37
5 Reichsmarks to army of occupation
2,617,662.37
6 Requisitions, damages and furnishings under
Arts. 6 and 8-12 of Rhineland Agreement
4,915,000.00
7 Furnishings in the Ruhr
21,820,764.53
c Italy:
1 Deliveries of coal and coke
3,036,273.66
Deliveries of dyestuffs and pharmaceutical
products
386,541.97
2 Transport of coal and coke
1,207,864.56
286,263,447.29
First Annul*
Year. CurnoMare Total to
Dec. 31 /924.
Gold 1Pfarks.
281.208,577.96
2,860,132%85
3.299,736.68
266.263,447.29
3,054,374.83
51,476,089.02
4,250,472./2
7,082,400.00
65,863,335.97
26,600.774.12
3,067,617.45
2,347,214.04
132,368.51
/8,855,025.81
7,662,455.92
1,922,284.92
14,664,728.06
27,199,200.00
11,250,000.00
113,651,668.63
13,351,774.80
3,871,334.62
6,299,985.54
4,630,680.19
23,523,094.96
1 Deliveries of coal, coke and lignite
4,251,734.67
Deliveries of chemical fertilizer
Deliveries of dyestuffs and pharmaceutical
products
374,943.04
Deliveries of miscellaneous material
74,337.65
2 Transport of coal. coke and lignite
569,735.91
3 Restoration of Library of Louvain
99,159.82
4 Reichsmarks to army of occupation
196,413.95
5 Requisitions, damages and furnishings under
Arts. 6 and 8-12 of Rhineland Agreement
931,666.67
6 Furnishings in the Ruhr
13,942,324.05
290,619.70
6,497,991.71
29,558,771.08
Japan: Deliveries of Dyestuffs
117,822.19
Serb-Croat-Slovene State: Miscell. deliveries._ 3,689,653.27
Portugal: Miscellaneous deliveries
977,678.34
Rumania: Miscellaneous deliveries
1,105,250.83
I Greece: Miscellaneous deliveries
2 Payments for coal, coke and lignite delivered to
Belgium and Luxemburg and transport charges
in respect thereof, which are to be reimbursed to
the Agent-General:
a Belgium
885,103.63
h Luxemburg
1,885,090.42
3 Payments for the expenses of Inter-Allied Commissions:
a Reparation Commission
526,366.92
b Rhineland High Commission
833,333.33
c Military Commission of Control (see Note 3)
1,666,666.67
d Naval Commission of Control
4 Service of German external loan 1924
7,243,975.46
5 Payments on account of cost of administration of
office for reparation payments
275,490 40
6 Exchange differences, less interest received
Dr116,537.93
891,160.96
9,855,700.00
1,495,452.24
2,466,781.49
269,723.35
d Belgium:
e
f
it
h
Total payments
7 Balance of cash In Reichsbank Dec. 31 1924
2,853,865.30
230,728.66
3,483,261.09
298,377.71
1,094,527.88
5,115,066.67
2,250,000.00
2,044,411.28
3,209,083.55
2,941,094.78
4,583,333.33
4,666,666.67
70,000.00
14,532,499.41
641,622.88
27,014.53
58,597,399.36 280,291,415.07
5,972,032.22
288,263,447.29
Notes.
1. Section A—Receipts, Item 1—In the amount reimbursed to Germany there
Is included a sum of 26,539,839.89 gold marks, consisting of 29,873,173.22 gold
marks gross receipts from collections and charges levied in occupied territory. less
FEB. 14 1925.1
THE CHRONICLE
lly by the French and Belgian Govern3.333.333.33 gold marks deducted provisiona
ments to cover their costs of collection. 2 and 1 (b) 4—The amounts shown in
Items I (a)
2. Section B—Fayments,
Acts for periods prior to December are certified
respect of the Reparation Recovery
French Governments as representing the sums
or estimated by the British and the amounts shown represent the reimbrusement
sollected by them. For December
the sums paid to German exporters during the
to the German Government of
in respect of vouchers issued by the British and
period Dec. 1 to Dec. 20 1924Nov. 30. Reimbursement to the German Governand French Governments after such vouchers during the period Dec. 21 to Dec. 31
ment of sums paid in respect of
January 1925.
was made in the early days of requisitions, damages and furnishings under Arts.
3. The amounts shown forAgreement and for the Rhineland High Commission
Rhineland
6 and 8-12 of the
provisional, being based on estimates agreed by the
and commissions of control are ts. The distribution of the total amount to the
Allied and German Governmen
concerned has been made provisionally on the basis of
Powers and Commissions
Government.
information furnished by the German
under these headings of expenditure
The payments shown in respect of December
the armies of occupation represent reimbursements
and for Reichsmarks furnished to nt on the basis of their expenditure during the
to the German Governme
made
ement in respect of the period Dec. 21 to
period Dec. 1 to Dec. 20. Reimburs of January 1925. The amount shown for
Dec. 31 was made in the early daysed Military Commission of Control includes
in respect of the Inter-Alli
December
in respect of January expenses.
a payment in advance of 1,000,000 gold marks
Ruhr are provisional,
4. The amounts shown in respect of furnishings In the
ts.
estimates furnished by the French. Belgian andGerman Governmen
being based on
German Government in respect of their
No reimbursement has been made to the
s, pending an agreement
expenditure during December on account of these furnishing
Government as to
between the Allied Governments concerned and the German
their value.
The November receipts were referred to in our issue of
Jan. 31 1925, page 527.
Germany's Foreign Loans—Warnings Against Results
of Excessive Borrowings.
gs against undue placing of German loans abroad
Warnin
continued, states a copyright cablegram Feb. 1 to the New
York "Times," from Berlin, which goes on to say:
The well-known financial expert, Dr. Felix Pinner, reiterates the judgment
of other experts against excessive foreign borrowing.
He takes the particular ground that the Reichsbank will in the end print
formark notes against the foreign exchange proceeds of such loans. If the
that the
eign credits should be granted in marks, his opinion, therefore is
operation would lead to return of mark holdings from abroad, with the
result in either case of renewed currency inflation.
Remove Restrictions on German Banking.
The following is from the New York "Commercial" of
Jan. 27:
775
e Government
This issue of notes provides for all the present Argentin of the rumors
disposes
requirements in this market. The present financing
weeks that the Governcurrent in the financial district during the past few
the maturing notes.
ment proposed to issue long term bonds to refund
financial record. The
The Argentine Government has an enviable
as in the United States.
country has unusually good credit in Europe as well
and on ether European
There are several Argentine loans listed in London
exchanges.
34
The per capita debt of the republic is about $103, or approximately
the per capita indebtedness of the United States.
of its
Argentina has an adequate gold reserve amounting to nearly 75%
note circulation.
In behalf of Blair & Co. and the Chase Securities Corporation the following announcement was issued Feb. 6:Minister
Argentine.
In connection with reports of long-term financing for Corp. as follows:
s
of Finance has cabled Blair & Co. and Chase Securitie
bonds."
"I have not asked or received offerings for long-term
Tenders for Argentine Government 5% Internal Gold
Loan of 1909 Asked for by J. P. Morgan & Co.
As we indicated in these columns last week (page 650),
announcement was made cm Feb. 3 by J. P. Morgan & Co.
athat they were prepared to receive tenders for the amortiz
ne gold
tion on or before March 31 1925 of $524,400 Argenti
ne
pesos, or 99,820 pounds sterling nominal of the Argenti
s for
Government 5% Internal Gold Loan of 1909. Tender
the sale of bonds with coupons due Sept. 1 1924 and subsed
quently, at a price to be stated in the tender, were require
13)
to be lodged not later than 3 p. m. yesterday (Feb.
d also in
with J. P. Morgan & Co. Tenders were receive
Buenos
London by Barings Brothers & Co., Ltd., and in
the Credito Publico Nacional. Each 200 pound
Aires by
and
sterling bond has a par value of $973 U. S. gold dollars,
expressed
tenders had to be made at a flat price under par
a form
in dollars per bond. Tenders were called for on
by a
obtainable on application and had to be accompanied
of the loan at the rate of not less than $97 30
deposit of bonds
per $973 nominal capital tendered.
The German Government has removed a number of trading restrictions in
later
the banking business which were partly inaugurated during the war and im•
during the Inflation. These restrictions were a great hindrance to the
future
port trade and trade in general and it is a sign of confidence in the
have
of the German currency and general stability that these restrictions
restrictions
given way to free trading In foreign exchange. The following
have been removed:
purchase
Purchase of foreign exchange, with the exception that orders for disposing
must bo placed with an authorized bank. Limitations placed in
minor imporof a bank account in foreign currency, and other limitations of
foreign exchange
tance. There remain in force the limitations in sending
to the apand larger sums in marks to foreign countries, as they are subject
proval of the financial authorities, but this is ordinarily granted.
190,000 Unemployed in Austria Receive Doles.
The number of unemployed persons receiving doles from
the Government in Austria has reached 190,000, the highest
number since the reconstruction period began, says a press
cablegram from Vienna Feb. 5.
Offering Of $25,000,000 Argentine Notes—Books Closed
—Bonds Oversubscribed.
At 100 and interest a new issue of $25,000,000 six months
4 Wi% Treasury gold notes of the Government of theArgentine
Nation was offered yesterday (Feb. 13) by a syndicate composed of Blair & Co., Inc., the Chase Securities Corp.,
White, Weld & Co., Halsey, Stuart & Co., Inc., Brown Bros.
& Co., The Equitable Trust Co. of N. Y., Graham, Parsons
& Co.,The Union Trust Co.,Cleveland,Blyth, Witter & Co.,
Illinois Merchants Trust Co., Chicago, First Trust & Says.
Bank, Chicago, and the Continental & Commercial Trust
& Savings Bank, Chicago.
The subscription books were closed yesterday morning
shortly after their opening, the bonds, having, it is announced, been subscribed for six times. A portion of the
notes ($20,000,000) will be dated Feb. 25 1925 and will mature Aug.25 1925; the other $5,000,000 will be dated Mar. 1
1925 and will mature Sept. 1 1925. They will be bearer
notes in the denomination of $1,000. Principal and interest
will be payable in United States gold coin of the present
standard of weight and fineness at the offices of the Chase
National Bank and Blair & Co. in New York City, without
deduction for any Argentine taxes or impositions, present or
future. It is announced that:
Land
Offering of Bonds of San Antonio Joint Stock
Bank.
Hayden, Stone & Co. and Stevenson, Perry, Stacy & Co.
offered yesterday (Feb. 13) at 10256 and accrued interest, to
yield 4.68% to 1934 and 5% thereafter, $1,000,000 5% farm
loan bonds of the San Antonio Joint Stock Land Bank. The
1 1954,
bonds are dated Nov. 1 1924, will become due Nov.
redeemable at 100 and accrued interest on Nov.
and will be
and
1 1934 or any interest date thereafter. Coupon bonds
registered bonds, they are interchangeable and are in
fully
denominations of $10;000, $1,000 and $500. Principal and
at
semi-annual interest (May 1 and Nov. 1) will be payable
l Park Bank, New York City, or at the San Anthe Nationa
San
tonio Joint Stock Land Bank, San Antonio, Texas. The
Joint Stock Land Bank was chartered under the
Antonio
-in
Federal Farm Loan Act on Sept. 15 1919. It has a paid
capital stock of $017,000, and pays dividends of 8%. The
and
bank's operations are limited to the States of Texas
1924
Oklahoma. The bank's loan statistics as of Dec. 81
follow:
718.090
57.179,319
518.151,200
1,242,700
517.393.900
$24.22
Average appraised value per acre
$10.00
Average amount loaned per acre
41.28%
Percentage of loans to appraised value of security
94%
Percentage of loans in Texas
6%
Percentage of loans In Oklahoma
Acres of real estate security
Net mortgage loans (gross loans $7,355,505)
Apprzlied value of land
Appraised value of improvements
The following is its balance sheet as of Jan. 31
1925:
Liabillitev and Capital
Assets.
Farm loan bonds outside_ _87.107,060 00
Mtge.loans..87,384.755 00
borrowers on tmcomDue
Installments
143 18
pleted loans
matured. 180,999 27
ts
57,203,755 73 Amortizations Installmen
advance pay(partial and
U. S. Liberty bonds (par
1,093 27
mental
19,901 37
320.000)
3,505 00
562,020 80 Reserve for unpaid soul:Min
Cash on hand and in banks_
112 97
848 84 Accounts payable
Accounts receivable
4.000 Deposit for loan expense and
Bills receivable
3,23099
abstracts _
Installments in process of
22,310 75 Accrued Internet on Farm
collection
89,462 49
Loan bonds
Furniture,fixtures and auto635,400 00
2.817 92 Capital stock paid in
mobiles (less depree'n);..
10,00000
•
4,878 96 Surplus Paid In
Real estate
7,700 00
54.683 77 Reserve from earnings
Accrued int. on Mtge.loans
14,977 56
Undivided pronto'
on bends
Accrued Interest
51
624
and securities
927 79
Other assets
87.872.716 44
87.872.71544
These notes will be the direct obligations of the Government of the
Argentine Nation, which pledges its good faith and credit for the punctual
payment of principal and interest.
are to be applied toward the payment of
The proceeds of these notes
Feb. 25 1925, and 55.000.000 Treas520,000 000 Treasury notes maturing
This issue, therefore, does not represent
ury notes maturing Mar. 11928. debt.
Government's
any increase in the
ge on
Secretary Mellon's Letter to President Coolid
Report of President's Agricultural Conference.
A letter with reference to the President's Agsicultural Conby Secretary
subject to prior sale,"when, as and ference has been addressed to President Coolidge
The offering was made
Mellon, who, in noting that in the report of
y
if" issued and received by the syndicate and subject to of the Treasur
the Conference "there are suggestions of interdependenceZor
approval of counsel. Incident to the offering it is stated:
776
THE CHRONICLE
[VOL. 120.
interbureau jealousies which handicap the
effective co- mented publicly with favor
on the simplicity and liberality
operation of the Departments," says, "I am
not aware that of its procedure.
this criticism applies to the Treasury." He
adds: "If, how"It is not our view that we are responsible
ever, the Conference had any matters in mind
as an advocate
which are in either for the shipper or
my power to correct, you may rest assure
for the carrier," he said. Unwilling
d that immediate to "permit the Confer
ence's strictures as to the expensiveness
attention will be given to them whenever I am
advised as and formality of procedure to
to their nature." Secretary Mellon in his
pass unchallenged," Chairman
letter also makes Aitchison said the Commi
ssion had always sought to reduce
known that at the suggestion of the Confe
rence Governor technicalities, had requir
ed its staff of examiners to elicit
Cooper of the Federal Farm Loan Board plans ,
with livestock interests in the West to see what to consult all information without regard to methods of presentation
further steps which participants to a contr
the Intermediate Credit banks can take in
oversy might adopt, and yearly
the interest of adjusted many contro
versies, "entirely by correspondence."
the livestock producers. He points out that
these banks "It is literally true that
any man may lodge with us his
have loaned over $44,000,000 to the co-operative
marketing complaint against an allege
d infrac
associations as against $18,000,000 rediscounts.
We give carrier, and thus set our regulatory tion of an Act by a
herewith Secretary Mellon's letter:
power in motion without
expenditure except for postage," he
said. "Never in the
The Treasury Department,
history of the Commission could this
be done to the extent
Washington, Feb. 5 1925.
Dear Mr. President:
that it can be and is being done today."
The Agricultural Conference report, a copy
of which I received this week,
The Conference made further critic
suggests for immediate consideration two
ism of the Commission
matters in which the Treasu
has an interest. First, that the Interm
ry by asserting that it felt
problems coming before the Comediate Credit Banks give more
active aid in livestock and co-operative
marketing association loans, and, mission are so closely allied with marke
ting and distribution
second, that the Bureau of Internal Revenue
should make a new regulation that such work
for the farmer could be undertaken by the
defining tax-exemption of co-operative associa
tions.
At the suggestion of the Agricultural
Federal co-operative marketing board
Conference, Governor Cooper,
, proposed in the
Chairman of the Federal Farm Loan Board, is
going West next week to report of the Conference. Chairman
consult with the livestock interests to see what
Aitchison said the
further the Intermediate suggestion invol
Credit banks can do for the livestock producers.
ved no new principle and would be gladly
The suggestion of having the Board take some
aggressive steps which welcomed by the Commission.
would open to co-operative marketing associa
As we indicate in another item, Secre
tions proper lines of credit, is
not clear to me. The Intermediate Credit
tary Mellon has also
banks have loaned over $44,- addre
ssed President Coolidge with respect
000,000 to the co-operative marketing associa
tions, as
to the report of
rediscounts, and have at all times been ready to meet against $18,000,000 the Agricultural
Conference, which appeared in our issue
the legitimate demand
of the co-operative marketing associations.
of last week, page 652.
During the past year the War Finance
Corpora
tion was available for
this same purpose, but was not called
upon to
there must be some misunderstanding in this any extent. It seems to me
particular of the Agricultural
Conference's complaint.
Protest Against Recommendations of
With reference to the proposed Internal
Presi
Revenue regulation affecting
cultural Conference by Aaron Sapiro dent's Agritax-exemption or co-operative marketing
associations, I have asked the
of National
Solicitor of Internal Revenue to advise me
Council of Co-Operative Associations.
whether a regulation in the form
proposed by the Conference would be consist
ent with the Revenue Act. It
Protesting against the recommendations of
has been the policy of this Department to
the President's
extend to all associations which
are truly co-operative the benefit
Agricultural Commission, Aaron Sapiro,
of the tax-exemption provided in
representing the
the
Revenue Act.
National Council of Agriculutral Co-operative
In the report of the Agricultural
associations,
Conference there are suggestions of inter- declar
ed on Feb. 7 at a hearing before the House
department or interbureau jealousies
which handicap the effective operati
Agriculon tural Committee
of the departments. I am not aware
that every anti-trust law would be broken
that this criticism applies to the
Treasury. If, however, the Confer
ence had any matters in mind which
are down if the findings of the commission become law. The
within my power to correct, y9u may
rest assured that immediate attenti
on Washington "Post" says:
will be given to them whenever I
am advised as to their natte.
Speculators, brokers and distributers, be declared,
Faithfully yours.
would be able to sit In
with co-operative organization managers and
A. W. MELLON, Secretary of the
control production, markets
Treasury.
The President, The White House.
and prices, the consumer and farmer suffering
as a result. He urged
"intelligence and uniform assistance from the
executive department of
The report of the Agricultural Conference,
government as the greatest need of the agricul
tary Mellon refers, was given in our issue to which Secre- additional legislative help was needed unless tural co-operatives." No
it be in distribution credits.
of a week ago, he contended.
page 652. In addition to Secretary
Mellon's comment
thereon, we also take occasion to menti
on, in this issue, the House Passe
s Strong Bill Amending Agricultural
defense of the Inter-State Commerce
Commission against
Credits Act to Make Eligible for Redis
the charges made by the Conference.
count Paper
of National Agricultural Credit Corporatio
ns.
Letter to • President Coolidge From
The House of Representatives on Feb. 10 passe
Inter-State Comd
bill, amending the Agricultural Credits Act so the Strong
merce Commission Regarding Report
of President's
as to permit
Intermediate Credit Banks to rediscount
Agricultural Conference.
agricu
live stock paper. The bill was passed under a ltural and
On behalf of the Inter-State Commerce
suspension of
Clyde B. Aitchison, Chairman, has writteCommission, the rules and without a record vote. Repre
sentative Strong
n President durin
Coolidge thanking him for forwarding to it
g the debate on the bill stated that its
the
purpose was to
the President's Agricultural Conference critic report of encourage National Acrigultural Credit corpor
ising the formed,
and to rediscount their paper throughations to be
operations of the Commission, Commission
er Aitchison Inter
the Federal
mediate Credit banks. "If it does
•atating at the same time that "we feel that some
so," he said, "a
of the great assistance
seeming misapprehension" of the Commission's
will be rendered to agriculture."
members lation is amon
The legisg
"could have been cleared away by inquiry from us
thereon, cultural Confe that recommended by the President's Agrirence, as was noted in these colum
.or by reference to our annual reports." In his letter
ns Jan. 17,
Chair- page 280,
man Aitchison also says:
and Jan. 31, page 531. The House
also passed
We can not permit the conference's strictures as to
on Feb. 10 the Purnell bill, granting
the expensiveness
Federal aid to agriculand formality of procedure to pass unchallenged. The
Conference has, it tural experimental stations. On
the same day Chairman
seems to us, overlooked completely the nature of the
responsibilities of Haugen of the House
the Commission under the Transportation Act of 1920
Agricultural Committee conferred with
for the maintenance
of an adequate national rail transportation machine, and
lays unwarranted committeemen and members of the Presid
ent's Commsson
emphasis on the situation of particular shippers or groups
without regard with reference to the drafting
of a bill embodying the Comto the national policy as declared by law.
mission's recommendations for
Government aid in the co"We are charged," he said, "with the duty to administer
operat
definite acts of Congress with equal impartiality to both Houseive marketing movement. At the same time the
Committee continued and the Senat
e Committee began
shippers and carriers, with an outlook as comprehensive as hearings on
the recommendations of
the whole country—in 'coldest neutrality'," and he adds:
cultural Conference. The Associated the President's AgriThe imperative limitations upon the exercise of our jurisdiction
Press dispatches from
and the Washington that
nature of our practice have long been known to Congre
day said:
ss. • . . The
Conference (Commission) has, it seems to us, overlooked
completely the
nature of the responsibilities of the Commission under the Transpo
rtation
Act of 1920, for the maintenance of an adequate national rail
transportation
machine, and lays unwarranted emphasis on the situation
of particular
&hailers or groups, without regard to national policy as declare
d by law.
In its report the Agricultural Conference said: "It
is
unfortunate that in more recent years the Inter-State
Commerce Commission has failed or has been unable
to
recognize its responsibility as an advocate of the shipp
er
and has developed into a court." To this Chairman
Aitchison replied that competent and informed critics have
corn-
B. F. Yoakum, Chairman of
the Farmer to Consumer League,
assailed
the recommendations before the
House committee, while William M. Jardine, a member of the Commis
sion, explained to the Senate commit
tee the
principles underlying them.
Mr. Jardine was subjected to
questioning which developed a rather wide
divergence of views with respect
to needed legislation. Some members said
afterward that it was doubtf
ul that even the committee could agree on a
farm aid program and member
s of the farm bloc expressed doubt that, with
the jam already facing the Senate
, it would be possible to get through any
measure that would afford
substantial relief.
There is a wide difference
of opinion as to just what shape legislation
should take. Besides the proposa
ls from the Commission, several other
measures, notably the Norris
-Sinclair and the modified McNary-Haugen
bills, have stanch supporters in the
Senate.
FEB. 14 1925.]
TUE CHRONICLE
National Conference on Cotton Marketing Methods to
Be Held in Washington February 24.
A national conference of'representatives of cotton producers and of the cotton trade and textile industry in the
United States has been called at Washington, D. C., Feb. 24,
by the United States Department of Agriculture. The conference is for the purpose of reviewing the Department's
research work in cotton marketing and handling with special
reference to avoiding losses due to country damage, the socalled "city crop," tare irregularity, and uneconomic methods
of handling. Investigations along these lines were undertaken by the Department in 1913 under Congressional
authority, and, it is announced, that considerable progress
has been made, notably in such matters as standardization
and warehousing. Representatives attending the conference will be invited to review the work already done, and to
assist in formulating a plan of action for the future. The
meeting will convene at 10 a. m., Feb. 24, in Room 411 of
the Bieber Building, 1358 B Street, S. W., Washington, D.C.
All interested are invited to attend the conference.
777
reprenet figure. Apparently not over 2% of the value of mineral products
for
sents duplications in the year 1919, though nearly 18% of the figure
the
1909 may be counted as duplication. In the case of agriculture, however,
I give here will need further
problem is more difficult and the figures which
from a study of
study and further refinement I am obliged to approach it
and
the figures of the Department of Agriculture for the crop year 1922-23
1919. In 1922to apply a percentage based on that year to the figures for
by the Depart23 the gross values of all agricultural products, as reported
however,
ment of Agriculture amounted to $14,310,000,000. Sales values,
as follows:
as estimated by the American Farm Bureau Federation were
ESTIMATED SALES FROM FARMS IN 1922-23.
4,623,000,000
Crops
2,256,000,000
Live stock
1,700,000,000
Animal products
Montana Wool Clip Prices High.
Casper, Wyo., advices published in the "Wall Street
Journal" of Feb. 7 state:
------ 8,479,000,000
Total
00.
figures differ from the gross value figures by nearly $6,000,000,0
Those
the gross value
This is not, however, at all to be counted as duplications in
allowance must be made
figures. If we are seeking actual farm production,
I am indebted to the
for the farmers' own consumption of farm products.
Research of the
courtesy of L. M. Graves, Statistician of the Department of
figures on this
American Farm Bureau Federation, for the accompanying
is partly tentative.
point. In his letter Mr. Graves indicates that the figure
in the gross value
When allowance is made for this factor, the duplications
figures still remain very large.
1922-1923—
$14,310,000,000
Gross values
$8,479,000,000
Sales values
2,817,000,000
Farm consumption
11,296,000,000
The Carbon County (Montana) pool contracted its 1925 wool cllp.
500,000 lbs., to Silberman & Co. of Chicago at 50c. a pound. This is
the record figure offered in Montana this year. About half of the Montana
clip has been contracted for, but many growers are holding out for better
prices. Bids of 48 to 50c. have been rejected.
$3,014,000,000
Duplications in gross value figures--therefore, amounted
The duplications in the gross value figures for 1922-23,
assuming the same ratio for
to 21.1%. In my figures given above, I am
be strictly accurate, but,
1919 and 1909. Obviously, this assumption cannot
comparison than we have in the
at all events, it gives us a better basis for
agricultural figure Is
figures where the manufacturing figure is net and the
gross.
very little change in the
On the basis of the foregoing figures, there was
If the comparison were
position of agriculture as between 1909 and 1919.
had declined in
made with earlier decades it would be seen that agriculture decline in the
some
comparative importance. It is probable there has been
an accelerated drift
percentage for agriculture since 1919 as there has been
remains tremendously imof population from country to city. Agriculture
Forty per cent of the combined total of
The Government has prohibited, until further notice, the export of portant in our national economy.
thing. Agriculture is
agriculture, mining and manufacturing is an enormous
wheat, maize, millet and barley, as well as flour made therefrom.
our national economic life. Its prosperity
It is understood the decision was based on official information from second only to manufacturing in
line, its adversity brings multiplied diffithe principal wheat centres of a deficiency throughout the world. Egypt quickens activity in every other
interest.
produces only about 80% of her annual cereal requirements, and the culties to every other
Egyptian Government's decision is due to the political as well as economic
Silver
necessity of preventing local distress which might result from the export
Report of Senate Commission of Gold and
of cereals by shippers in order to obtain high prices.
—
Egypt Keeps Her Grain—Export Prohibition Results
from Report of World Shortage.
Copyright advices from Cairo Feb. 12 to the New York
"Times" state:
B. M. Anderson Jr. on Statistical Importance of
Agriculture in American Economic Life.
Agriculture was described as "second only to manufacturing in our national economic life" by Benjamin M. Anderson
Jr., Ph.D., Economist of the Chase National Bank of New
York, in an address before the Farmers' convention at the
Ohio State University at Columbus, Ohio, on the 6th inst.
According lo Mr. Anderson, the net value of all agricultural
products in 1919 was 40% of the combined total of agriculture, mining and manufacturing, the value of the latter being figured at 53%, while that of mining is placed at 7%.
Mr. Anderson addressed the convention under the title "The
Statistical Importance of Agriculture in American Economic
Life," and said:
For the year 1919 agriculture, mining and manufacture may be compared
as follows:
Percentage
1919—
of Whole.
40
Net value of all agricultural products
$18,768,000,000
7
Net value of all mineral products
3,095,000,000
53
Value added by all manufacture
25,042,000,000
$46,905,000,000
100
For 1909 the same figures are:
1909—
Net value of all agricultural products
Net value of all mineral products
Value added by all manufacture
$6,702,000,000
1,016,000,000
8,529,000,000
Percentage
of Whole.
41
6
53
100
$16,247,000,000
These figures represent a modification of the Department of Agriculture
and the Census figures for the same years. It is only once every ten years
that the Census institutes such a comparison.
The Department of Agriculture figures for 1919 for agricultural products
and the Census figures for mineral products and for manufacture are as follows:
Percentage
.
of Whole.
1919—
46
$23,787,000,000
Gross value of all agricultural products
3,158,000,000
Value of all mineral products
48
25,042,000,000
Value added by all manufacture
Inquiry on European Currency and Finance
General Currency Conference Recommended.
European Currency
In a report (Serial 9, Volume I, on
released on Feb.13 by Senator Tasker L.Oddie,
and Finance,
and Silver
Chairman of the Senate Commission of Gold
currency disorders are found to have been the
Inquiry),
Europe
outstanding factor in the disturbed conditions in
conduring the past few years, and it is added that while
improvement in currency and financial conditions
siderable
far from
has recently taken place, the situation is still
ion
satisfactory. The report, which covers an investigat
way for more than a year, discusses
which has been under
and also
the gold in the United States and its redistribution,
what the effects of a return movement of
the question of
nal,
the metal on the price structare, national and internatio
be. The report recommends that a general currency
may
ry
conference be held at an early date as the most satisfacto
which is demethod of dealing with the currency question,
, issued
clared to be an international one. The statement
says:
by the Commission regarding the report, also
of the European curPart I. of the report contains a general discussion
United States. Another
rency and exchange problem and its relation to the
European countries, giving
part contains sections dealing with the individual
s since 1914 with special
a description of currency and financial development
part of the report contains
reference to present conditions. The statistical
on such subjects as curcomprehensive data for the countries dealt with
Government finances, prices,
rency, foreign exchange, trade, banking.
The report contains much
purchasing power parities and kindred topics.
information nowhere else available.
which contains a collection of
An important part of the report is that
leading bankers and
Papers prepared for the Commission by tihrty-three
Governors of nine of the
economists in Europe and America (including the
phases of the currency
Central Banks of Europe), dealing with different
collection of opinion and
problem. This is an interesting and valuable
as regards currency
shows in what direction economic thought is tending
matters.
and the disturbed
Europe has suffered tremendously from bad money,
to have been in large measure
conditions in Europe in recent years are found
The absence of stable
traceable directly to disturbed currency systems.
business could proceed, has had
currencies on the basis of which ordinary
a country centres around
far-reaching consequences. The economic life of
rapidly
the currency system and when the value of the currency depreciates
While currencies are
and becomes uncertain, the consequences are grave.
considerable improvement in
more stable than a short time ago, and while
place, the situation is still
currency and financial conditions has taken
100
$51,987,000,000
It will be noted, however, that the Department of Agriculture figure is a
"gross value" figure for agriculture, whereas the Census figure for value unsatisfactory.
States to the restoration
The report discusses the relation of the United
added by manufacture is a net figure, excluding the values of the raw mateUnited States has a special interest in the
a
rials worked up. The agricultural figures involve great many duplications. of currency systems. The view of this country's abnormally large gold
the European currency problem in
The value of the corn crop is counted, for example, and, in addition,
the corn. Dairy products are reserve and the close financial and economic relations between the United
value of cattle and hogs that have consumed
to States and Europe. Recent large gold exports from the United States indicounted and, in addition, the feed supplied to the dairy cattle. In order
to eliminate these duplications.
cate that a return movement of the metal has begun, a movement which
make the figures comparable, it is necessary
The Census, how- may continue for some time. The redistribution of the abnormally large
The figures of mineral products contain duplications.
value of mineral products to a gold stock of the United States depends mainly upon the rapidity ofrecovery
ever, seems to supply data for reducing the
778
THE CHRONICLE
[VOL. 120.
and general improvement in Europe. political and economic, and upon
the not be done. While there are many Senators who woulenot concur in
extent to which the complete gold standard, including the free circulation the
views of Senator Glass, the parliamentary situation is such that it
of gold, is restored.
might be difficult to get a direct vote on the proposal and the conference
The present practice of certain central banks of maintaining part of their report
with Section 9 included could quite readily be talked to death.
reserves in the form of bank credits in foreign countries and regarding such
gold credits as tantamount to gold is an important development and if
Statement by McFadden.
continued will affect the demand for gold for currency purposes. This
"The position in the Senate in regard to Section 9," said Mr!McFadden,
system of maintaining reserves in the shape of deposits in foreign countries "Is that some believe
that the bill invades States' rights by indirection;
is a form of gold exchange standard and if it is to oontinue should be studied that Section 9 seeks
to accomplish indirectly what Congress had no right to
and properly regulated so as to safeguard currency systems.
do directly—to say to most of the States that in future, if in their judgment
The general restoration of the gold standard in Europe is now possible, branch banking is a good
thing, their banks cannot become members of
since relative stability of internal prices has been attained in most coun- the Federal Reserve
System and have branch banks, and that Congress is
tries. Countries which have experienced extreme depreciation and eco- assuming the right to
control the State banking policies of the country.
nomic chaos have been the first to show that stabilization with reference to
"My contention is that Congress is not invading States' rights, but
gold is now possible. Countries which have stabilized their exchange rates simply asserting its own
right with regard to its own banking system—the
with reference to gold include the following: Austria, Germany, Poland, Federal Reserve System. In
holding that branch banking beyond city
RungarY, Czechoslovakia, Russia, Latvia, Lithuania and Finland. In limits is unwise and unsound,
it is simply asserting its right to keep this
addition to these countries, Sweden, Switzerland and Holland have now re- kind of banking out of the
Federal Reserve System. Looking on Statestored their currencies to par: the pound sterling is also close to par.
wide and nation-wide branch banking as an evil, and
in the earnest desire
De facto stabilization with reference to gold should be made secure and to maintain its own institution
, the Federal Reserve Board, it reserves the
permanent by the introduction of the complete gold standard. When
ex- right to control admission to membership in the System. 0 is IP w l94
,14
change rates are stable with reference to gold, the shift to the gold basis
"Section 9 of my bill does no more than assert the
right of the Federal
involves no great difficulty. European countries already have large gold Government to regulate
branch banking policy in the Federal Reserve
reserves, although probably additional amounts of gold are needed if the System, and it has an undoubted
right to do this, so my contention is that
gold standard is to be introduced generally. Gold for this purpose can be it is no more an invasion
of States' rights than these other matters to which
obtained by loans in the United States, as in the case of the recent German I have referred."
loan to secure gold for the Reichsbank.
Section 8, which in his explanation of the bill to
The report recommends that a general currency conference be held at
the House
an early date, since the currency problem is an international one and can on Jan. 9, Represen
tative McFadden had described as "the
be dealt with satisfactorily only according to international plans. Senator
Oddie in his letter accepting the report calls attention to the recommenda- principal branch banking provision In the bill relating to nations and urges that it receive prompt official consideration. Comprehen- tional banks, "Is one of those which has
been amended by
sive currency reform measures should be undertaken without delay and in the Senate
Committee. In outlining its provisions last
these measures the co-operation of the different nations is necessary if satisfactory results are to be attained. Several of the countries are waiting to month Representative McFadden said:
see what the other countries, especially Great Britain,intend to do. A conIt is designed to govern the future operations of national
banks with
ference, therefore, at which plans can be discussed and co-ordinated is most reference to branch banking. It
prohibits a national bank from establishing
desirable, in fact almost essential if the question is to receive a satisfactory or operating a branch in any State
which prohibits branch banking. In
solution. Such a conference should be distinctly a currency conference, those States which permit branch
befitting to the State banks, national
from which the question of inter-governmental debts and other economic banks would be permitted under
regulations of the Comptroller of the
and political questions are barred. The currency question is one which can Currency to establish branches within city
limits under certain conditions.
and should be handled independently from these other problems, and be- Such branches of national banks would
be confined to cities above 100,000
cause of the urgency of currency reform, a conference should be held as population, except that two branches
might be permitted in cities from
soon as possible.
fifty to one hundred thousand population and one branch
in cities from
Uniformity of different currency units and common action in currency twenty-five to fifty thousand population
.
matters are desirable, and the fact that many currencies are in a state of
As changed the section reads:
flux offers a better occasion for currency unification than has probably ever
occurred. Twenty-seven different units now exist in Europe, compared
Sec. 8. That Section 5190 of the Revised Statutes of the
United States
with only ten really distinct units in 1913. Discarding present units and be amended
to read as follows:
pta Pow•Moblio
,
Introducing a new unit uniform for all countries is not a very difficult
,
change.
"Sec. 5190. The general business of each national banking
association
This would avoid the troublesome question of currency devaluatio
n, i. e., shall be transacted at only one office or banking house, which shall
be located
reducing the gold content of a unit so as to conform to the depreciated
value, in the place specified in its organization certificate. but a national banking
and would result in important benefits to the countries involved.
association in addition to such rights as it may have under
Section 3 of
The Commission has in its files a great deal of information and valuable the Act November
of
7 1918,and under Section 5155 of the Revised Statutes
data on currency and financial conditions in the countries of South
America of the United States as amended by this Act, may, upon approval by
the
and the Far East, and in view of the interest which has been expressed in
the Comptroller of the Currency, establish and maintain a branch or branches
work of the investigation, plans are being formulated for presenting
studies within the limits of the municipality wherein such association is located:
on these countries similar to the one now published on the countries
of Eu- Provided, That at the time of the approval of this Act there is in force in
rope.
the State in which such association is located a law, regulation, or usage
Volume 1 of Serial 9 covers about 575 pages, including forty charts. with official sanction
authorizing banks existing under the law of such
Sixteen European countries are dealt with in the report, of which Great State to establish and
maintain such branches, which said law, regulation,
Britain, Franco, Italy and Germany are included in Volume 1.
Volume 2 or usage remains in force at the date of the establishment by such association
which contains the other countries, will be available for distribution
shortly. of said branch or branches: And provided, That no branch shall be established
In the preparation of the report, the countries dealt with were visited
to under the authority of this section in any part of a State to which the State
that accurate and complete information might be obtained. Serial 9, which law relating to branch
banking does not extend: And provided further,
Is just released, follows Serial 8, containing daily exchange quotations
and That it shall be unlawful for any national banking association to establish
curves for eighteen countries from November 1918 to October
under the authority of this section any branch in a municipality of
1924.
which
the population by the last preceding decennial census was less than
twentyChanges in McFadden Banking Bill by Senate Com- five thousand, or to establish more than one branch in a municipality of
which by the said census the population was not more than fifty
thousand,
mittee—Controversy Over Section 9.
or to establish more than two branches in a municipality of
which by the
Perusal of the McFadden banking bill as it was reported said census the population was not more than one hundred thousand; but
any national banking association
to the Senate by the Senate Cohimittee on Banking and Cur- branch continuously for a periodwhich has maintained not exceeding one
of not less than twenty-five years imrency on the 6th inst. shows that the bill underwent con- mediately prior to January 11926. may continue to maintain said
branch:
siderable change in the hands of the committee. The strik- Provided, however, That all branches of all national banking associations
shall be subject to the general supervisory powers of the
Comptroller of
ing out by the latter of Section 9, which was embodied in the Currency and shall operate under such regulations
as he may prescribe.
"The term 'branch' or 'branches' as used in this section
the bill as it passed the House Jan. 14, will, it is said, be
shall be held to
include any branch bank, branch office, branch agency,
opposed by members of the House Committee on Banking or any branch place
additional office.
of business located in any State or
Territory of the
and Currency, and reports to the effect that Representative United States or in the District of Columbia at which
deposits are received
or checks cashed or money loaned."
McFadden would seek to prevent final action unless the
section was restored, were contained in press dispatches
from Washington Feb. 6. The fact that this section had been
dropped by the Senate Committee was noted in these columns
last week, page 657, and as we indicated at that time, according to Representative McFadden, the committee designed
to amend Section 9, paragraph 1, of the Federal Reserve
Act by prohibiting any such bank applying for membership
from bringing into the system branches established outside
of city limits and also by prohibiting those State banks
already members from establishing any additional branches
outside of the city limits. State banks. already members
would, under the section, be permitted to retain the Statewide branches which they had at the time of the enactment
of the bill. That the section continues to be the subject of
controversy is indicated in the following from Washington,
Feb. 12, to the New York "Journal of Commerce":
A situation has developed in Congress which may result in failure to
pass the McFadden National Bank Bill before adjournment, it became
apparent to-day. Conferences have been in progress between Representative Louis T. McFadden, Pennsylvania. and Senator Glass, Virginia, and
with Senator Pepper. Pennsylvania, with a view on the part of the first
named to bring about the restoration in the bill of Section 9.
The Senate will probably act on the bill early next week and the thought
was that the section is question could be restored as the result of
conference
action. but Senator Glass. it is understood. is determined that this
shall
Section 10 (re-enacting Section 5200 of the
Revised Statutes limiting the amount of money which
a national bank
may loan to any one person) has likewise
undergone amendment at the hands of the Senate Committee.
As re-written,
said the New York "Journal of Commerc
e" In its dispatch
from Washington Feb. 0, the section
purports to be nothing
more than a restatement of the present
Section 5200, with,
however, an added limitation on indorsed
paper of 15% in
addition to the original 10%. The
Senate Committee has
also inserted a new section (numbered Sec.
17) dealing with
conspiracies to boycott, to maliciously
circulate reports
causing the withdrawals of deposits from
national banks, or
the robbery Or assault committed against
any person having
charge of the funds of such Institutions.
The newly added
section amends Section 5209 of the
Revised Statutes. This
section (No. 17), it is proper to say,
was carried in the McFadden b' I as reported to the House
last April, but was
stricke •
t in the bill before its adoption by the House last
month./ "hat was in the House bill
Section No. 17, becomes
In the 11 reported by the Senate Committe
e No. 18. This,
too, as we made known last week, has been amended its
;
sub-section (a) which in the House bill had permitted loans
by national banks on real estate for a period of five years
_
_
FEB. 14.1925.]
Till? CHRONICLE
(the present law is one year) to the extent of one-third of a
bank's time deposits has been changed so as to permit such
loans to the extent of one-half the savings deposits; in the
absence of savings deposits, as explained last week by Senator Pepper, such loans are not to exceed 25% of the capital
paid in and 25% of its surplus.
To indicate what was done by the Senate Committee in the
case of sub-section (b) of Sec. 24, dealing with the purchase
and sale by national banks of bonds, notes, debentures, etc.,
we give herewith that section, showing in Italics the new
matter inserted by the committee, and in black-faced brackets the matter contained in the House bill which the Senate
Committee struck out:
"(b) Any national banking association may, [subject to the limitations
contained in Section 5200 (9) of the Revised Statutes of the United States.]
engage in the business of purchasing and selling without recourse obligations
evidencing indebtedness of any person, co-partnership, association, or
corporation in the form of bonds, notes, debentures, and the like commonly
known as investment securities under such restrictions as to the character
and volume of such securities as may be made by the Comptroller of the Currency, but the total amount of such investment securities of any one obligor or
maker held by such association shall at no time exceed 25 per centum of the
amount of the capital stock of such association actually paid in and unimpaired
and 25 per centum of its unimpaired surplus fund, but this limitation as to
amount shall not apply to obligations of the United States, or general obligations
of any State or of any political subdivision thereof, or obligations issued under
authority of the Federal Farm Loan Act. In transacting the business authorised by this subsection every national banking association shall be amenabe
to the taw of the State in which it is located defining offenses and prescribing
the penalties therefor.**
779
Bureau of New York Stock Exchange for Dissemination
of Information Regarding Worthless Securities
in Operation.
In advices under date of Feb. 9, President E. H. H. Simons of the New York Stock Exchange makes known the
creation and functioning of the special department whose
purpose is to act as a clearing house for information regarding attempted frauds through worthless securities. President Simmons announces that the services of the Bureau are
available, without cost, to any person in. the United States.
The intention to create the new Bureau was indicated in a
letter issued under date of Nov. 15 1924 by President Simmons, and referred to in our issue of Nov. 22, page 2367.
The statement issued in the matter by President Simmons on
Feb. 9 follows:
,
In the letter which I sent to all members, branch office managers and cot
that
respondents of the New York Stock Exchange on Nov. 15 1924 I said
departthere would be created in the New York Stock Exchange a special
ment which would act as a clearing house for information as to attempted
suspicious cases might be
frauds through worthless securities, and to which
referred by the public, for investigation and action.
functioning fully.
This special department has been created and is now
country have been
Already several hundred cases from various parts of the
co-operation has been received
submitted and examined. The most effective
enforcing officials, the
from the securities commissioners of the States, law
organizations.
Better Business Bureaus, and commercial and financial
Exchange are availThe services of this bureau of the New York Stock
States. The investor, who
able, without cost, to any person in the United
person making an offer
has been swindled or who is investigating either the
the aid of the nearest
of securities or the securities so offered, can invoke
Regarding the attitude of the bankers toward the amended Better Business Bureau or securities commission. If that is not convenient
to give prompt attention
be
bill, the New York "Journal of Commerce" had the follow- the New York Stock Exchange bureau willthat glad come to it. Address the
may
to any requests for information or advice
New York Stock
ing to say in a Washington dispatch Feb. 6:
Secretary, Committee on Quotations and Commissions,
The American Bankers' Association is apparently very much unsettled Exchange.
by the situation regarding the McFadden National Bank Bill. It is
committed to the bill as a whole, but doubtful whether to agree to it as
in New York Legislature to Abolish
amended or not. Some of those who had been expected to manifest violent Bill Introduced
of
"Moneyed Capital" Tax.
opposition to the elimination of Section 9 as being really an extension
branch banking have intimated that the change makes no difference to them.
so-called"moneyed capital"tax levied against national
The
There is also some indication that certain of those who were supposed to
tax will be levied
be adverse to the extension of branch banking were merely opposed to the banks will be abolished and a flat income
State
giving of branch banking privileges to national banks.
on all financial corporations, including national and
Experts view the McFadden bill in its amended form still a decidedly
companies,such as now applies to mercantile
banks and trust
objectionable bill, but by no means as bad as the original document.
introduced on
Resources of National Banks Dec. 31 1924 at
$24,381,281,000, Highest on Record.
According to a statement made by Comptroller of the Currency McIntosh on Feb. 4, the resources of 8,049 reporting
national banks were greater Dec. 31 1924, the date of the last
report of condition called for by his office, than at the date
of any report since the establishment of the national banking
system, and amounted to $24,381,281,000, exceeding by
$1,058,220,000, the amount Oct. 10 1924, and showing an increase since Dec. 31 1923 of $1,975,153,000. Continuing, the
Comptroller said:
and manufacturing corporations, if a bill
Feb. 11 by Senator Nicoll of New York County and Assemblyman Robinson of Tompkins becomes law. says a dispatch
from Albany to the New York "Times." That paper adds:
it is estimated, will not
The method proposed in the Nicoll-Robinson bill,
but will make returns
Wing In the revenue produced by the present system,
more certain.
York Curb
D. U. Page Elected President of the New
- • Market Association.
-David U. Page was elected President of the New York
Feb.11.
Curb Market Association on Wednesday of this week,
John W. Curtis, who has been head of the ExHe succeeds
of
change for two terms. Mr. Page, who is forty-one years
age, began his Wall Street career as a stock runner at the
the
age of sixteen. Other officers elected on Wednesday by
Board of Governors, were:
The resources of these banks at this time are equivalent to 42.67% of the
combined resources of all reporting banks, as late as June 80 1924, the latest
date for which statistics with respect to all reporting banks are at command
Treasurer; Alfred
of this office.
Vincent E. O'Neil, Vice-President; Louis M.Teichman,
and
It is very gratiyfing to note the increase in the volume of resources of B. Sturgis. Secretary: Eugene R. Tappen, First Assistant Secretary,
national banks during the last year, which discloses the strength of the James S. Kenny and Charles E. McGowan, Assistant Secretaries.
system, and the fact that it is abundantly able to provide for the requirements of the communities served by its membership.
Loans and discounts, including rediscount, of $196,396,000, amounted to
Brokerage House of Price, Guard & Co. Fails.
$12,319,680,000 Dec. 81 1924, showing an increase since the date of the
of $109,632,000, and an increase in the year of $443,118,000.
The firm of Price, Guard & Co., dealers in investment
prior report
United States Government securities show an increase between the dates of securities, with offices in New York and Philadelphia, closed
the last two reports of $7,507,000, and the amount Dec. 31 1924, $2,586,this city, on Feb. 6. The follow697,000, was $19,846,000 greater than a year ago. Other miscellaneous its office at 32 Broadway,
bonds and securities of $3,075,999,000 Dec. 81 1924 were $178,959,000 in ing notice was posted:
firm. Creditors
excess of the amount Oct. 10 1924 and exceeded the amount Dec. 81 1923
Voluntary petition in bankruptcy has been filed by this
by $598,136,000.
will be duly notified of the first creditors' meeting.
Southern
Balances due reporting banks from correspondent banks and bankers were
A petition was filed on Feb. 5 by the firm in the
$78,533,000 greater than on Oct. 10 1924, and the amount Dec. 31 1924,
Act.
District Court asking for relief from the Bankruptcy
$3,662,221,000, was $671,876,000 in excess of the krnount Dec. 31 1923.
Samuel E.
Cash in the vaults of these banks Dec. 31 1924 amounted to $409,566,000, This stated that the members of the firm were
exceeding by $49,465,000 the amount Oct. 10 1924, and shows an increase
Price, P. E. Garrison and John J. Powers Jr. Liabilities
since Dec. 31 1928 of $23,138,000.
Price, Guard
to $1,334,836,000, showing an increase since Oct. were listed at $169,434 and assets at $90,408.
Capital stock amounted
1924 of $2,309,000, and an increase in the year of $9,011,000. Surplus & Co. was not identified with any New York exchange.
10
and undivided profits amounted to $1,531,364,000 Dec. 81 1924.
The liability for circulating notes outstanding was $714,844,000 Dec. 81
1924, compared with $723,530,000 Oct. 10 1924 and $726,949,000 Dec. 81
Death of Thomas W. Lawson, Author of "Frenzied
1923.
Finance."
Aggregate deposit liabilities amounted to $20,000,208,000 and were $891,410,000 greater than the amount Oct. 10 1924 and $2,171,847,000 in excess
Thomas W. Lawson, autho• of "Frenzied Finance,"
of the amount a year ago. Included in these liabilities were balances on the
Thirteenth," and other books, and whose copper
books of reporting banks to the credit of correspondent banks and bankers "Friday the
$3,902,405,000, an increase over the amount Oct. 10 1924 of $238,262,000, campaigns won for him the title of the "Copper King," died
of
and an increase in the year of $772,581,000; demand deposits, including on Feb. 8 at the Massachusetts General Hospital, Boston.
United States deposits of $153,266,000, to the amount of $10,516,516,000,
operated on on Jan. 23, and was apparently on
which were $532,538,000 greater than on Oct. 10 1924 and $765,548,000 He had been
year ago, and time deposits of $5,681,287,000, which show an the road to recovery when he suffered a relapse. It is
more than a
increase of $120,610,000 since Oct. 10 1924, and an increase in the year of stated that he had during the past year or more undergone
$633,268,000.
diabetes. Mr. Lawson would have
Liabilities for money borrowed represented by tills payable and redis- insulin treatment for
a fitting description of his
counts, totaled $398,700,000 Dec. 81 1924 and show an increase since Oct. 10 been 68 years old on Feb. 26;
in the year of $259,362,000.
1924 of $104,670,000, but a reduction
spectacular career appearing in the New York "HeraldThe percentage of loans and discounts to total deposits Dec. 81 1924 was
and 66.61 Dec. 31 1928.
Tribune," follows:
61.60, compared with 68.90 Oct. 10 1924
780
THE CHRONICLE
[VOL. 120.
From the boy, who in his teens could make a small fortune and lose
it
developed the man who tumbled money markets, who was a millionaire
one day and "flat" the next, who paid $30,000 for a carnation and who,
in
a temper, junked a $200,090 yacht built to defend the America's
Cup.
But if we are so pessimistic as to believe these treaties will not be lived
up to we should remember the second fundamental fact, so often forgotten
In dealing with this question, that it is impossible to transport or to apply
sufficient quantities of such poison gas to poison the whole population of
The son of a Nova Scotia carpenter, "Tom" Lawson ran cities or of countries, even if it could be produced.
The idea
away from school at the age of 12 and secured employment in bedtime is ridiculous and the question should be relegated to the field of
stories of the "bogey man
don't watch
the old State Street firm of Stevens, Amory & Co. To There is no use ofscaring ourselves who will get you if you and childern out."
or allowing our women
to be
frightened by such stories.
quote the Associated Press:
There is no doubt that modern warfare is a serious and frightful thing,
By the time he was 16 he was counting his gains and losses in four figures.
At that time a Western railroad, now part of the "Big Four," was in finan- as we have been so lately reminded, and that unpreparedness for such and
its possibilities is inexcusable in any nation that has the means for preparcial difficulties, its stock falling to $3 a share. His employers were intering to avoid the hideous possibilities of modern warfare.
ested in negotiations for the return of some of their money which had
been
Certainly the World War was terrible enough to stagger mankind by the
carried to Canada by an officer of the firm. Young Lawson made up a
possibilities of another world war, but an analysis of that war and the means
pool, buying stock at $3 and selling it for $22. He made
$40,000 on the of offense and defense then
utilized indicates
absurdity
deal. Soon afterward he lost all but $130 in another pool.
suming that men would have either the will or clearly the to destroy of aswhole
Luck soon returned to his standard, however, and by the time
the means
he was nations.
20 years old his bank account was close to six figures.
Every civilian must be rather frightened by the possibilities presented In
From then on his life was a series of up and downs, with fortune altersome of these articles concerning the "next war" in which the airship, both
nately frowning and smiling upon him. Huge fortunes were made
and lost ligher-than-air and heavier-than-air,
are pictured as dropping poison bombs
overnight. It is said that in twenty years he made and lost $40,000,000.
Mr. Lawson is said to have spent $2.000,000 on Dreamwold, his magnifi- on sleeping cities. You can kill anybody when be is asleep. It is said that
Jael, Heber's wife, took a nail of the tent and took a hammer in hand and
cent estate at Egypt (Mass.) which included a village for his
workers, a race went sof,ly unto him, and sniote
the nail into his temples and fastened it
track and the last word in stables and dog kennels. "The Nest," a simple
into the ground; for he was fast asleep and weary. So he
died.
cottage to which Mr. and Mrs. Lawson often retired, adjoined the main
This was one way to win a war, for the army commanded by Sisera, debuilding of the estate.
prived of a leader, was destroyed. While it would be disastrous for a nation
With the passage of years, however, Mr. Lawson's luck seemed to desert
him; his golden touch lost its Midas-like power. And so in 1922 Dream- to go to sleep in view of all the potentialities of modern warfaro,It is certainly
wrong to publish and proclaim these extravagant predictions
weld and everything connected with it when under the auctioneer's hammer
as to the possible effects of future war. We have seen enough of
to meet liabilities of about $225,090.
wars.
It was said at the time that this did not men that Mr. Lawson himself
Nations Should Prevent World War.
was insolvent. It seemed ironical that the sale should have been conWe have suffered great privations, great losses of men and of wealth, as
summated on Friday the thirteenth of October. Following the sale Mr. has every other nation in the
world. The World War, we hope, was the
Lawson disappeared from public view and there were rumors that he was climax of all wars—but still
the world goes on with its little wars and local
dying. He spent most of his time living quietly in Maine and Boston.
disturbances. We may not be able to prevent all little wars, we cannot
Regarding his attacks on "Wall Street" we take the follow- prevent all local disturbances, but the nations of the world should be able
to forestall and prevent another world war.
ing from the New York "Times:"
My own judgment, while it may not be worth much,is that the next war
In the days when he was writing "Frenzied Finance," attacking the will be like most of the wars in history, sporadic and
local and involving
"system" and charging that banking and other Wall Street groups were load- comparatively few people, and will be relatively quickly
over. The chances
ing upon the public at par stocks of much lower value, he singled our
par- are that the judgment of mankind will oppose any war which has for its
ticularly the Standard Oil group for his onslaughts. He assailed John D. purpose the extermination or annihilation of nations
or peoples.
Rockefeller, H. H. Rogers, William Rockefeller and J. Edward Addicks. In
I believe that a reasonable preparation, balanced with the resources and
December 1904 he launched against this group one of his most spectacular responsibilities of the nation, is the best way to prevent war
when diplomacy
drives.
and judicial processes would otherwise fail to do so. I stated in my annual
Through advertisements he advised the public to sell Amalgamated
Cop- report that in my judgment the maintenance of a strong line of defense by
per and other pool stocks, and was credited with forcing approximatel
y this country with its peace-loving disposition, particularly along naval
3,000,000 shares of stock into the market in one day.
lines, was one of the best guarantees for world peace.
His articles on "Frenzied Finance" appeared first in
"Everybody's
Magazine" and were published in book form in 1905. For
several years
United States Entry into World Court Again Urged by
afterward he kept in the limelight. He capitalized publicity
in several
successful flotations. On his advice the public plunged in enormous
President Coolidge—Nations Must Co-operate
blocks
In the stock of the Nevada-Utah Copper Co. and the stock
rose from about
to Outlaw War, He Declares.
$5 to $9 a share.
For about two weeks he continued his advertising campaign.
The next step the United States should take in the proThen he
announced through a final advertisement that he had made an
investigation motion of world peace is participation in the Permanent
of that company and that he could no longer stand sponsor
for its stock
which immediately broke to $2 50 a share.
Court of International Justice, President Coolidge averred
As a result of his forays against Henry H. Rogers, James Stillman
and while addressing the women delegates to the conference on
the so-called National City Bank group, an effort was
made to indict the Cause and Cure of War, at the White House on Saturday
.
Lawson before the New York County Grand Jury.
Secretary of Navy Wilbur Decries Alarmists Picturing
"Terrors of Next War."
A statement refuting alarmists who picture "the terrcrs of
the next war".was issued at Washington by Secretary of the
Navy Wilbur on Feb. 1, who says that "writers who seek to
terrorize the people by the statement of the awful calamities cif the 'next war' overlook the one fundamental principle of war, that to have a war one must have a defense and
that the means of defense should be commensurate with the
offense." In Secretary Wilbur's judgment "the next war
will be.like most of the wars in history, sporadic and local
and involving comparatively few people and will be relatively quickly over." "The chances are," he says, "that the
judgment of mankind will oppose any war which has for its
purpose the extermination or annihilation of nations or peoples." We quote his statement herewith:
•
A good deal is being said just now concerning the terrors of the next war.
It is stated that in the next war whole cities and whole populations will be
obliterated by the awful means of warfare devised by science; that poison
gas and disease germs and high explosives will do their dreadful work in
destroying not only troops but civilians, men, women and children as
well.
These statements are not true and are not justified by past history or
present conditions. The fact is that we have the "next war" going on
right now in China,and there have been several "next wars" since the World
War. The writers who seek to terrorize the people by the statement of
the awful calamities of the "next war" overlook the one fundamental principle of War, that to have a war one must have a defense and that the means
of defense should-be commensurate with the offense.
If poison gas can be used en one side it can be used on the other. as
Germany found out to her sorrow. If disease germs can be used on one side
they can be used on the other. Moreover, the nation using disease germs
as a means of offense cannot confine the effects of disease to one side of
the fighting line. You can't keep smallpox or any other disease on one side
of a given line and what will render the soldiers on one side of the line
Immune to disease will render the soldiers on the other side of the line likewise immune.
Fundamental Facts Overlooked.
The writers who present the terrible picture of poision gas and its effect in
the next war overlook two fundamental facts: First, that treaties have been
made prohibiting the use of poison gas in the next war. These treaties
have been concurred in by all great Powers but one and will become effective
as soon as ratified by that Power. We have a right to assume that these
treaties have been made in good faith and will be lived up to.
(Jan. 24). One beneficial effect of war, he thought, was
the acute realization it left of its futility and horror. Lessons,
however, are quickly forgotten, and "for this very reason,
every organized movement to keep alive the realization of
war's destructiveness serves a helpful purpose." Continuing,
President Coolidge believed that "with our adherence to
that tribunal, for which I earnestly hope, it will gradually
become one medium in which may gradually be precipitated
and crystallized a body of international law and procedure
which, by avoiding the dangers that would attend the
establishment of a super-government, will ultimately command the respect and approbation of the world's public
opinion, and the co-operation of the nations." The President
would not look for this immediately. The process would
be *gradual. But the outcome ultimately would' be "an
international tribunal whose character and abilities would
deserve and retain confidence. Such a tribunal would rely
for the enforcement of its decrees not upon armies and
fleets . . .but rather upon the two most constructive forces
in the world. . . . These two forces are the intelligence
of the mass of individuals and the moral opinion of the
community." President Coolidge said:
Your conference has been brought together to consider the causes
and
cure of war. In our generation,
which has seen the supreme demonstration
of the futility and the horrors of war, we ought to be able to count upon an
overwhelming sentiment for measures which give
reasonable promise of
preventing or limiting wars.
But, if we may judge by the past, this determined antagonism
to armed
conflict for settling international differences will
grow weaker as we recede
from the period of the recent struggle. As our vision
of its frightfulness is
dimmed, as the edge of its horror is dulled with
the passing of time, we may
expect a corresponding diminution of zeal for institutions
to prevent war.
This is unfortunate, but it is the lesson taught by
all experience. For
this very reason, every organized movement to keep
alive the realization of
war's destructiveness serves a helpful purpose.
If, for the next hundred years, the men and women
who fought and suffered to carry on the World War, and who
were compelled afterward to
struggle and sacrifice to pay for it, could
survive to keep alive the proper
realization of what war really means, the chance
of formulating programs
to prevent its repetition would be greatly improved.
But those who
lived, and saw, and fklt, and knew these things will
pass on. They will
be succeeded by others to whom a distorted picture
of supposed glory and
heroism will make its appearance.
So it is particularly to be desired that measures be instituted as soon as
possible by the men and women who know the truth about war, which may
FEB. 141925.]
TH P4
CHRONICLE
781
Whereas, This Court. In its organization and probable development,
save the future from such experiences as have come in our time. If the
between nations will be
lesson of this last and greatest war shall be lost, then, indeed, will this promises a new order, in which controversies
and justice,
experience have been almost in vain. It is for the generation which saw and settled in an orderly way according to principles of right
survived to devise measures of prevention. If we fail in this we shall de- therefore, be it
Representatives desires to express its
Resolo.d. That the House of
serve all the disaster which will surely be visited on us because of our
cordial approval of the said Court and an earnest desire that the United
failure.
said I have fairly suggested our responsibility we may States give early adherence to the protocol establishing the same, with
If in what I have
Harding and President Coolidge.
now properly inquire what have we done, what are we doing to discharge reservations recommended by President
Be it further resolved. That the House expresses its readiness to Parthat responsibility? Are the nations, the peoples, the leaders of affairs, the
the right direction? ticipate in the enactment of such legislation as will necessarily follow such
teachers of religion and morals, making progress in
That question must be answered by us as Americans for ourselves. There approval.
may be temptations at times to inquire whether others have played their
part. But our responsibility is for ourselves alone, for doing the part that
Senator Borah in Answer to M. Mann on War Debt
falls to us because of our place in the world.
Stand of United States—United States Not ExactIt has been said that the peace which ends one war commonly sows
the seeds for the next war. I believe that in our policy of readiness to
ing Creditor—Burden Carried by Its Taxpayers
associate in whatever measures would tend to restore, to stabilize, to
—Gains of Great Britain and France in
re-establish security and peace among the nations we have taken the
most helpful attitude that was feasible at the time.
War.
I believe that in sponsoring the Washington Conference on Limitation
In undertaking to answer, in the United States Senate on
of Armaments and for considering the affairs of the Far East, we made a
genuine and significant contribution toward peace in two of the most Jan. 22, the speech in the French Chamber of Deputies, on
troubled areas of the world. I believe that, just as the Armament ConJan. 21 of Louis Mann, Senator Borah, Chairman of the
ference was a timely and convincing co-operation of the political side,
so the economic experts' plan was a similarly timely and effective effort Senate Committee on Foreign Relations, defended the attifor the rehabilitation on the economic side.
tude of the United States in the matter of the foreign war
I believe that the next step which we may well take is by way of parto some extent with
ticipation in the Permanent Court of International Justice. I believe debts. Declaring that "we are charged
that with our adherence to that tribunal, for which I earnestly hope it playing the role of a Shylock, exacting the last cent, or the
will become one medium in which may gradually be precipitated and last pound of flesh," Senator Borah argued that "the United
crystalizzed a body of international law and procedure which, by avoiding
the dangers that would attend the establishment of a super-Government, States is not in the attitude of an exacting creditor, and has
will ultimately command the respect and approbation of the world's public displayed none of the qualities, none of the vices of an exactopinion, and the co-operation of the nations.
ing creditor." He contended that "if there has been any
The proposal to outlaw war from this world has been earnestly put
taxpayers
forward and supported on one side by those who esteem it a fine ideal. disregard anywhere, it has been a disregard of the
I trust that Its discussion may contribute some lasting element to peace. of the United States, and not of our associates in the war.
I am convinced that if our civilization is worthy of its name then physical This debt
is due, as a matter of fact," he t.dded,"to the Amerforce is not the only authority which may enforce an anti-war policy.
I feel strongly that public opinion based on proper information working ican taxpayer. He is the party who raised the money, who
through agencies that common men see and understand may be made brought forward the means by which to carry on the war.
the ultimate authority among the nations.
He is now carrying the burden which resulted from that"
We shall not all at once be able to set up instrumentalities to accomplish
this. But if, first, we can turn the light of more information and better In large part we quote herewith what Senator Borah had to
understanding upon the problems of diplomacy; and if, then, we can say:
adhere to a tribunal of the nations and can gradually work out a system
Mr. President, the press dispatches from Paris this morning carry the acof international law and procedure deserving the support of the Intelligent
public opinion of the world, we will have made a great contribution to count of a speech made in the Chamber of Deputies by !Allis Mario on the
subject of the French debt. The speech is so exceptional that it is difficult
lasting peace.
It will be a triumph of moral rather than physical forces. It will depend to pass it by without some observations. It seems to express the view not
upon processes in which the determination of facts and the application only of the distinguished speaker, but the view of the Chamber of Deputies,
of sound principles of equity and morals will enlist the respect and com- and I presume, in a large measure, the view of the French people. In thia
press dispatch I find the following:
mand the acquiescence of civilization.
As the cornerstone of such a system would stand an international tri"By its applause to-day the Chamber of Deputies indicated its attitude
confidence.
bunal whose character and abilities would deserve and retain
in favor of binding the French Government to undertake no settlement of'
Such a tribunal would rely for the enforcement of its decrees not upon war debts except on a basis which takes into account all the circumstances.
armies and fleets and all the related means of destruction, but rather upon In which those debts were contracted. and afternoon cheers and applaurdr
"Repeatedly throughout the morning
the two most constructive forces in the world. These two forces have lifted came from all sides of the home, Nationalists and Socialists alike givi*
society to its present level of civilization. They have eliminated private their approval to the words of Louis Mann,former Minister of the Poincare
war and personal feuds. They have fixed the rights of property and the administration, as he laid before his hearers a five-hour plea that the
service to the woad
life and property
to
rights of man so firmly that civilized people do not longer think of enforcing cost of the wartheFrance in onslaught till theand herwere ready to shau
Allies
German
In holding up
their rights or protecting their persons through violence. These two forces the burden should be set off against the cash value of what was borrowiFd
are the intelligence of the mass of individuals and the moral opinion of the while serving in a common cause."
community.
Some of the sentences taken from the speech and reported In quotat
It is not thinkable that these forces are available and adequate to main- marks are as follows:
tain order within the limit of a great state or nation and yet incapable
"Are lives and limbs lost on the battle field of less value than mo
of adaptation to the international, inter-governmental differences which loaned?
grow into the causes of war. Nor is it believable that a world-wide public
"Are the terms of the peace treaty insisted on by America and
opinion which frowned upon war would be defied by any nation, however ratified not worth some compensation?"
powerful.
Again:
The interdependence of peoples and nations becomes more marked with
"'While war still raged statesmen in every country appealed in the
every year. None can stand alone. None dares court isolation. None
common cause,' he said. 'Some gave their ships, some munitions, some
may risk the Ill opinion of civilization.
the lives of their sons, some money, and to-day only those who gave money
It is through the establishment, then, of means for formulating and come, saying to us, "Give us back what we loaned.'"
promulgating the honest Judgments and matured public opinion of the
Further along in the speech it is said:
world that I believe we shall advance toward assured peace. Thus shall we
"France is not alone among the debtor nations of the world. Ther
begin the actual outlawry of war. Thus shall we lay the foundation for
waiting her lead and her effort to show the world
are half a score
that wider, more intimate, more vital co-operation which at last will make that gold is not of others thing that counts. . . .
the only
the nations truly neighbors. Thus sacrificing the independence of nations,
"If in this world the power of gold has so much influence on the policy
of the quality of their varied cultures, we shall guide humanity toward a oenations, then farewell to justice and farewell to the power of conscience
and the high influence of the great heart of humainty."
realizatioh of the.noble conception of the brotherhood of man.
I presume, Mr. President, that these quotations fairly represent the views
of the speaker. They have the same tendency, and I presume the same ranpose, as have characterized so many statements emanating from leading
World Court Proposal Set Aside by Senate Foreign French authorities and
from the French press, and also, at an earlier period
Relations Committee—No Action Is Possible
in this matter, from eminent English authorities and from the English,
press, to the effect that the United States is assuming the attitude ise an.
Until Next Session of Congress.
exacting creditor. Almost every term of reproach indicating that aittibudeIn deciding to take no further action regarding the pro- has been at some time or other used by those in authority, or by the pressposal that the United States should adhere to the Permanent seemingly speaking for those in authority. We are charged to some extent
with
Court of International Justice, the Senate Foreign Rela- of playing the role of a Shylock, exacting the last cent or the last pound I
flesh. It is particularly to that phase of the controversy that I wish to.
tions Committee on Feb. 5 settled the fate of the proposal address soy remarks to-day.
I have no desire to enter into an acrimonious debate with anyone concernfor probably another year at least. The committee took
which, it'
there
the view that since the Pepper resolution for American ing this matter; buthas not is another side to thisincontroversy with this.
connection
heretofore presented,
lately been considered
adherence to a court divorced completely from the League question.
The United States is not in the attitude of an exacting creditor, and ha
of Nationas had been approved.and reported to the Senate,
vices of an exacting creditor. On
further action by the Committee was unnecessary. No displayed none ofIthe qualities, none of the the proposition submitted to the
the other hand, undertake to say, that
committee'member expressed himself as willing that the British Government and by the British Governmentaaccepted, and upon which
Senate's orowded'program for the'remainder of the present rule, as I understand, the United States stands reato settle all other debts,
is the most generous proposition for the settlement of international debts that
session should be interrupted 'to 'allow discussion of the can be found anywhere in the history of international affairs. It is excepWorld Court proposal. Meanwhile, the 'House Foreign tional in its liberality and should call for expressions of gratitude rather
Affairs Committee agreed Feb. 3 to sulmnit for the approval than illy concealed and persistent terms of reproach. debt and see to
Let us take.as a text the settlement of the British
what
of the House the'following resolution, declaring that body'in extent these imputations are justified. Figures will tell the story much better
American entry'into the World Court:
than generalizations of language; and as we study these figures we will find
favor of
disregard anywhere, it has been a disregard of
Whereas, A World Court, known as the World Court of International that if there has been any
the taxpayer of the United States and not of our associates in the war. This
Justice, has been established and is now functioning at The Hague, and,
fact, to the American taxpayer. He is the party
Whereas, The traditional policy of the United States has earnestly debt is due, as a matter of
who raised the money, who brought forward the means by which to carry
avored the avoidance of war and the settlement of international conon the war. He is now carrying the burden which resulted from that, and.
troversies by arbitration or judicial processes. and.
782
THE CHRONICLE
when we examine and analyze the figures in these settlements we will find
that we have been exceedingly generous with our associates in the war and
somewhat harsh and disregardful in our attitude toward the American taxpayer.
The British debt was $4,600,000,000 at the time the settlement took place.
At that time it bore interest at the rate of 5%—an interest rate which was
fixed without criticism and without objection, and which, at the time it was
fixed, was supposed to be reasonably fair. Had we been assuming the attitude
which is now assigned to us we could have very well maintained that we were
entitled to a fulfillment of the contract. A settlement upon the basis of the
contract as it was written, a settlement upon the basis of the contract as it
now exists with France, would have, in the English matter, in a 62-year settlement, amounted to $14,214,900,000; but the amount Which will be paid
under the English settlement according to the contract of settlement is $11,105,965,000. In other words, upon the face of the contract as it was written
there was a voluntary surrender of the stupendous sum of $3,008,935,000.
Owing, however, to the fact that the Liberty bonds were issued at a different rate of interest, the United States very willingly and, I think, very
fairly and very justly waived the terms of the contract and undertook to
proceed to a settlement more nearly in accordance with the burden which
the American taxpayer was compelled to carry. Taking the Liberty bonds at
4%9'o—which they were then bearing and which a number of them are now
bearing—the British taxpayer pays, on the entire settlement, in interest
$6,505,965,000. The American taxpayer, upon the same proportionate indebtedness, at the rate he is now paying, will pay $8,172,665,000. These
are the facts. In other words, Mr. President, after having waived the contract, we still give them an advantage in interest under the contract by
which the American taxpayer is bound of the difference between $6,505,065,000 and $8,172,665,000.
To illustrate further, in 1923 the British paid in principal $23,000,000,
in interest $188,000,000; total, $161,000,000. The American taxpayer
leaving out the principal entirely, paid in interest alone $195,500,000, or in
excess of the principal and interest combined of the British taxpayer some
$34,500,000. It is these first years, these exacting burdensome years, which
count most in this situation; and the heaviest burden is now placed upon
our own taxpayers to a very marked degree. Strictly speaking, sir, we had
no right to thus discriminate against our own people, but we did so, and for
which we are charged with meanness and narrowness in our relations with
our associates in the war.
In 1924 the British paid $23,000,000 in principal and $137,310,000 in
Interest, making a total of $160,310,000. The American taxpayer paid in
interest alone in that year $194,522,500, or $34,212,500 in excess of what
the British paid both in principal and interest.
To state it in another way, the British taxpayer goes down in his pocket for
the settlement of the debt which they owe us, which they not only contracted
but contracted at their own solicitation, and according to their own terms, for
$11,105,965,000 in order to settle $4,600,000,000 of debt; while the American taxpayer must raise in the way of taxes, in order to settle the same
amount of indebtedness which he is carrying, $12,772,665,000. So it clearly
appears that, even upon the basis of the contract which was made with the
American taxpayer in order to raise the money to meet this situation, he
is paying in excess of the British taxpayer $1,666,700,000.
Mr. President, that proposition, as I understand, would be willingly extended to France and to all other nations which are indebted to the United
Stabs].
If this steed alone, as the only item in the results growing out of the war,
it would not be, perhaps, so striking. But it is constantly argued that in
settling these debts we must take into consideration, as M. Mann says, all
facts and circumstances, all the conditions and sacrifices of the war, and,
I presume, all the gains and advantages of the war. Taking these into consideration let us look for a moment at some of the other items of advantage
which flowed to England, and later, as we shall show, to France.
It will be remembered that during the war some four or five great nations
met and in secret treaties literally divided the less thickly settled and more
helpless parts of the earth. Never was there such a division of territory and
of spoils as characterized those settlements designated and controlled by the
secret treaties. If it be said, as has been said, that these territories are a
burden rather than an advantage, I recall the fact that perhaps the most persistent and most determined fight which Woodrow Wilson made at Versailles
was to loosen the grip of these nations which they had by reason of the secret
treaties; but with all the power he could exert and influence which he could
command he was unable to separate them from that which they regarded
theirs and of tremendous value. I have sometimes wondered why those who
have occasion to deliver eulogies upon Mr. Wilson never refer to what I think
was one of the most remarkable exhibitions of courage, the most exemplar
sense of justice in the whole Versailles controversy.
Let me call your attention to what was .said by the English at the close
of the sear as to what they had gained in the war. We claimed no territory;
we claimed no natural resources; we exploited and claimed the right to exploit no people; we claimed no indemnity.
Lord Curzon said Immediately after the close of the war;
"Great Britain has gained in this war all and indeed more than she set
-ar
out to win. 0 navy remains at the end of the'war intact and unassailed.
The principle ef the freedom of the seas, which is the basis of our national
existence, stands unimpaired and unimpugned. The British protectorate
over Egypt is provided for in one of the clauses of the Treaty, and our
new possesions are made safe under our conunand."
4416
If you undertook to measure the value of the territory acquired by the
British government, the value of the natural resources, the advantage by reason of destroying her only great naval competitor and the only great marine
competitor in the world, there would be no means by which to calculate its
worth.
Colonel Hilder said in the House of Commons:
[VOL. 120..
settled, and no one, in my judgment, will successfully contend that under all
the circumstances it was settled upon a harsh or exacting basis.
The French war debt now in principal and interest amounts to about
$4,000,000,000. No part of the principal has been paid, and no interest has
been paid at any time. If we should settle with France upon the basis upon
which we settled with England, we would cancel by that settlement nearly
50 cents on the dollar of all that France originally owed us. Unless it is a
question of absolute rejection of the debt entirely; unless it is proposed to
create such a condition of public mind and such an opinion in regard to the
matter that it can be—I hesitate to use the harsh term "repudiation"—unless
It can be acquitted, I will say, upon the part of the United States, I cannot
understand how any other terms than those which have been offered could be
expected. If France asks for better terms than the British terms, she is
finessing for cancellation. Her arguments are the arguments of cancellation; her logic, if such it can be called, is the logic of repudiation. The
fact is that we are face to face with the proposition whether we shall urge
the payment of any part of this debt, and France is face to face with the
proposition of whether she will pay any part of this debt, and no one can
read the French press or the debate which took place yesterday in the Chamber of Deputies without concluding that that is now the issue, whether any
part of it is to be settled, whether any part of it is to be paid. Of course,
the great -French people can repudiate their obligation in that way, but if
they choose to do so the truth of history ought to carry the actual facts in
regard to the debt and the conditions and circumstances surrounding the
desired settlement. If she repudiates her debt, she must do so with both
sides of the controversy thoroughly stated.
Now, turn to French territory acquired as a result of the war. France
acquired as a result of the war a total territory of 402,392 square miles, inhabited by about 4,000,000 people. That only indicates very partially the
value of the acquisition. Portions of it are tremendously rich in oil and
other natural resources.
France received, by virtue of the Versailles Treaty, the coal beds of the
Saar Valley. The value of those coal beds has been estimated all the way
from $150,000,000 to $500,000,000. I do not suppose there is any way by
which an accurate estimate of their real value can be made. That they are
of almost incalculable value there can be no doubt.
France also received back Alaace-Lorraine. Let us assume she was entitled
to it. She did not have it; she got it as a result of the war. She got it
back and enjoys it by reason of American soldiers and American money. The
richness of that piece of territory almost beggars description. It is one of
the richest regions of the earth in natural resources, and has now been
restored to France.
In addition to that, Mr. President, according to the American Institute of
Economics, Germany has already paid in cash and kind $6,500,000,000,
France receiving her proportion. It has been estimated, Mr. President, that
the acquisitions of the British have a value of fifty billion; that of the
French thirty billion.
I said a moment ago, in this vast wealth, in these great acquisitions, the
American people did not share and do not desire to share. Now, if you put
the wealth of these acquisitions upon one side and the debt which the French
owe to the people of the United States on the other, you will find that
France has been tremendously advantaged after all the sacrifices which were
referred to by the speaker upon yesterday have been calculated.
It may be thought unjust by some to say that we are now discussing the
question of absolute repudiation, but in view of the fact that for five years
there has been no offer of settlement, no payment of principal, and no payment of interest; in view of the further fact that no specific proposition for
settlement has ever been made, that apparently it is not intended that any
shall be made, as the press of France and as the speakers upon behalf of
those people now indicate, I assume that that is the real problem before us.
There have been some strange arguments advanced from time to time in
regard to this French debt. We are not only advised by the French people,
but we are advised by a certain class of our own people that we ought to
forgive the French debt because the French practically forgave the debt
which we incurred in France during the American Revolution. As a matter
of fact, Mr. President, the United States paid in full the debt incurred at that
time. I have upon my desk a statement of the facts and the figures, furnished me by the Treasury Department, where the records are, disclosing a
full settlement, and the payment of a higher rate of interest than we are now
proposing. I shall ask permission to insert this in the "Record" without
taking time to read it.
I read a paragraph from Bolles Financial History of the United States:
"The first money advanced to the colonies was through Beaumarchais
on June 10 1776. The amount was 1,000.000 livras. This amount was
advanced secretly and for the purpose of purchasing munitions. But as a
matter of fact, owing to a scandal which arose, it is doubtful if any of the
munitions were ever delivered."
I now read a paragraph from Bayley'i; "History of National Loans":
"By an Act of Congress, April 18 1806, 878,886,028 was paid to the heirs
of Beaumarchais, and under the convention with the King of the French
of July 4 1831, 800,000 francs were also paid to tho heirs of Beaumarchais,
making an over-payment of 1,426,787 livres.
"The whole amount received from France during the War of the Revolution in the way of loans and subsidies was $8,167,500."
I 'shall insert the balance of the facts touching these loans at the close of
any remarks.
All honor to Lafayette. He was a grave, generous and daring spirit. But
Lafayette had to steal away. The French Government tried to arrest him
while he was going. He had undertaken to fit out a ship. He was deprived
of the opportunity of taking it, and stole away like a criminal from the
French Government, which was so deeply in sympathy with America!
Not only that, but the time came when the Congress of the United States
compensated Lafayette. I have upon my desk now the statute which we
enacted paying him for his services and deeding to him a large tract of land.
The United States met every obligation, and she did not plead at that time,
as it is pleaded now, that the war was fought upon her territory, and therefore we should not pay the debt. She did not plead that France came into
the war late, after the Battle of Saratoga, and therefore we should not pay
the debt. She did not plead that it was a common fight for liberty, and
therefore we should not pay the debt. The battle was fought upon American
soil. American homes were destroyed. For seven years they ravaged American territory. We did not plead that in settling the debt.
It is for this reason that I call attention to these facts. We have been told
month after month that the war was fought in France; that as we got into
the war late, that as we were fighting for a common cause, and therefore the
debt should not be paid. All those incidents transpired in the American
Revolution, but America did not plead them as an offset for the debt.
"The outstanding feature of the peace treaty is that it puts that British
Empire at the highest point that it has ever reached in regard to territorial
and world influence. Largely by force of circumstances and the leading
part which our navy and arm, took in either the breaking down or destroying of the enemy we have been left with far greater territory and
Power than at any other period in the history of our race."
Mr. President, if you leave out Persia, England has received as the result
of the war at least 1,607,053 square miles of territory, occupied by 35,000,000 people, and enriched in some particulars by the most valuable natural
resources in the world.
If you take the States of Washington, Oregon, California, Idaho, Nevada,
Arizona, Utah, Montana, Wyoming, Colorado, New Mexico, Texas, Oklahoma
and Kansas, you will still have less in area of territory than Great Britain
acquired as the result of the Great War. I am not at all envious of that fact
and I am not at all concerned about it, except when we come to discuss the
question of the attitude of the United States in the settlement of the international obligation which grew out of. the war. But if we are to consider all
the facts and circumstances which entered into the question of the settlement, Appendix I.—Memorandum of Loans Made by France to the United States
During and Immediately Following the Revolutionary War.
it is perfectly legitimate and, indeed, most justifiable that we call attention
to these facts.
France made four loans to the United States during and immediately folMr. President, the English debt is settled. While there has been criticism lowing the Revolution, all of which were negotiated by the Continental
of it In England on the ground that it was exacting, we may consider it as Congress. The details of these loans are as follows:
THE CHRONICLE
FEB. 14 1925.]
When Due.
Loan.
Date.
Ana. in Int.
Dollars. Rate.
181.500
1777 1,000,000 !lyres from Farmers Indefinite
General of France under authority of resolution of Dec.
23 1776.
1778 18,000,000 !lyres from French 12 annual installments from 3,267,000
Government under authority the third year after conelusion of peace.
resolution Dec.3 1777.
1781- 10,000,000 livres from French 10 annual installments from 1,815,000
Government under authority Nov. 5 1787.
1782
resolution Oct. 26 1779.
1783 6,000,000 livres from French 6 annual Installments from 1,089,000
Government under authority Jan. 1 1785.
resolution Sept. 14 1782.
P. el.
5
5
4
5
6 352,500
Total
Due to the condition of the finances of the new Government interest payments on these loans, as uell as the installments on the principal, were not
always made promptry, but the account, both principal and interest, was
ultimately settled in full. All amounts still unpaid in 1795 were converted
2
/
% per annum. Oliver
2
/
Into domestic stock bearing interest at 41 and 51
Wolcott Jr., the Secretary of the Treasury at the time, said that ". . . by
this operation the debt as due under former contracts to the Republic of
France may be considered as discharged." The details pertaining to repayments on the principal and refunding operations of the various loans are as
follows:
,
Date.
Loan.
1778-79 First loan
1791 Second loan
1792 Second loan
Third loan
1793 Second loan
Third loan
1794 Second loan
Third loan
1795 First loan
Second loan
Third loan
Fourth loan
Tntel
.Repaymerits.
Merged into Merged into
,
535%
434%
Stock.
Stock.
*827,811 11
544,500 00
1,089,000 00
726,000 00
272,250 00
544,500 00
329,100 00
186,983 96
153,688 89
272.25000 $759,900 00
181,516 04
8176,000 00
1,089,000 00
it all the harder for him. According to the jury, after offering his life
for his country, he betrayed his country's trust.
From the verdict of the jury in apparently accepting the testimony of
Elias H. Mortimer, the informer, as true, I think there was evidence
here on which a charge of fraud could be brought in any court.
This case was hoard by the most intelligent jury, by far, that I have
ever seen in 20 years upon the bench.
The offer of defense counsel to have Forbes and Thompson examined
now by the Court to determine the degree of their culpability is refused.
I may say the Court was surprised that these two defendants listened to
the recital of evidence against them for 44 days, and then did not go on
the witness stand to refute the charges. They may say now,if they desire,
their opinion of the jury's verdict or the Court's fairness, but they will
have to go to the newspapers with their stories if they wish to review the
evidence in the case.
Total.
$27,811 11
544,500 00
1.089,00000
726,000 00
272,250 00
544.50000
329,100 00
186,983 96
153,688 89
1,032,150 00
- 377,516 04
1,089,000 00
...Aft nn ....no nnnnn me nen ennnn
!el /0, annnn el •040.
•In tobacco.
There is attached a photostat copy of a statement prepared by the Register
of the United States Treasury, dated April 28 1800 (American State Papers,
Finance, vol. 1, p. 671), which shows the French debt at the beginning of the
Government and its ultimate estinguishment, both principal and interest.
Thus of the total amount of $0,352,500 borrowed, the sum of $4,327,600 was
%
2
/
repaid by 1795, and the balance, or $2,024,900, was refunded into 41 and
2
/
51%, domestic stock. The 41 stock was all repaid in due course between
2
/
%
1807-8, while the final payment was made on the 52 stock in 1815.
1
/
%
In addition to the loans described above there were certain aids and subsidies granted by the French King to the American Colonies. In these subsidies Spain participated to the extent of 1,000,000 livres. The amounts of
these subsidies are as follows:
Mores.
2,000,000
In 1776, from France
1,000,000
In 1776,from Spain
2.000,000
• In 1777, from France
6,000,000
In 1781, from France
Defense counsel intimated that an appeal would be taken
immediately. Forbes and Thompson issued statements
later denying their guilt, and Associated Press accounts of
the statements read:
Both Forbes and Thompson condemned the "malice of Mortimer."
Forbes denied having had "any arrangement with Mortimer whereby
he or any one associated with him would receive any advantages whatsoever
over any other persons having dealings with the Government."
"I am clear in my conscience," Thompson's statement said. "I am
innocent of this atrocious charge. I have been made the victim of cir.
cumstances. If I were guilty of the charge laid against me I would cheerfully accept the sentence el the Court as a deserved punishment. I am
not guilty of these charges, and therefore I will fight to the last ditch
against it. My case will be carried to the highest court which the law
permits me to carry it, and I am confident that in the end I will be
vindicated."
Charles R. Forbes, J. W. Thompson, James W. Black
(another St. Louis contractor), and Charles F. Cramer—the
last-named was general counsel for the bureau—were indicted
Dec. 30 1922 on a charge of entering into a conspiracy to
formulate a system whereby contracts for the construction
of hospitals were granted by Forbes to the contractors, to
the detriment of the Government interests and at the same
time highly profitable to the defendants. J. W. Black and
C. F. Cramer died within a short time of each other at the
beginning of 1923. The hospital construction program Ifl
1922, in connection with which the frauds were alleged to
have been perpetrated, involved $17,000,000. The New
York "World" on Jan. 31 published the following details
regarding the case:
11,000.000
Total (equal to $1,996,500)
Thus the gifts from France amounted to $1,815,000.
The first subsidy from France of 2,000,000 livres and the subsidy of
1,000,000 from Spain were handled by M. Caron de Beaumarchais, who carried
on his work under the guise of a Spanish trading company by the name of
Roderique Hortales & Co. The others were negotiated through Benjamin
Franklin. So far as the Treasury has been able to determine the facts,
there was never any misunderstanding over the gratuities granted by the
French King to the United States through Benjamin Franklin, in amount
8,000,000 livres. The adjustment of 1795 seems conclusive in this respect.
Moreover, the mutual claims of France and the United States have been the
subject of several treaties between the parties, but no reference is found to
any supposed debt to France originating in the support given by France to
the United States in the Revolutionary War. The earliest of these treaties
was the one of Sept. 30 1800, followed by that of April SO 1803, ceding
Louisiana to the United States.
A dispute, however, arose between 13eaumarchais and Congress over the
claims of the former. He made large shipments of munitions and supplies
to this country for the use of the Revolutionary Army aggregating over
6,000,000 livres, according to Bayley's history of national loans of the United
States. These were afterwards the subject of claims presented by Beaumarchais and his heirs. Settlement was finally made in 1835 by the payment of
810,000 livres to his heirs. Mr. Bayley made a careful investigation of the
claims of Beaumarchais against the United States, and in stating the account
in the volume referred to shows an overpayment by the United States of
1,420,787 livres (about $250,000).
Charles R. Forbes, Formes. Director of War Veterans'
Bureau, Found Guilty of Defrauding Government
—Sentenced, with J. W. Thompson, to Two
Years' Imprisonment and $10,000 Fine.
Colonel Charles R. Forbes, former Director of the United
States Veterans' Bureau, and John W.Thompson, St. Louis,
contractor, were found guilty on Jan. 30, after a trial which
extended for eleven weeks in the Federal District Court
at Chicago, of conspiring to defraud the Government through
mismanagement of the funds of the War Veterans' Bureau
in the arrangement of contracts for the construction of
hospitals. Defense counsel at once moved that a new trial
be granted. On Wednesday (Feb. 5) Federal Judge Carpenter sentenced both defondants to two years' imprisonment in Leavenworth Penitentiary and fined them $10,000
each. In denying motions for a new trial, Judge Carpenter
said, in part:
of public trust betray that trust there
When those in high positions
the fundamental fabric of our institutions.
Is an attack upon
Forbes offered his life to his country in the
The fact that defendant
distinguished service medal is going to make
World War and received the
783
President Harding requested Charles R. Forbes's resignation as head of
the Veterans' Bureau early in 1923, after Forbes twice remised to hold up
a shipment of supplies frmo the bureau depot at Perryville, Md. The
supplies had been sold to a Boston firm.
In the same year the Veterans' Bureau scandal was unearthed by a
Senate sub-committee. After the investigation Major-General John F.
O'Ryan, the committee's counsel, described Forbes as the "leading actor in
an established conspiracy."
The investigation disclosed among other things how Forbes jobbed
Government hospital contracts, tried to loot the Medical Supply Bureau at
Perryville of property which cost $3,000,000, and attempted to dispose of
whiskey and narcotics for his own profit.
Forbes frequently denied all the charges and said Mortimer. the chief
Government witness at the trial in Chicago, was introduced to him by
Mrs. H. H. Votaw, President Harding's sister.
Forbes was Public Works Commissioner at Honolulu when he met
Harding, who then was in the Senate and Chairman of the Senate Committee on Philippine Affairs. When Harding became President he appointed
Forbes head of the Veterans'. Bureau.
Conviction of the two accused was due mainly to the evidence of Elias H. Mortimer, one of the alleged conspirators,
who became the Government's informer and chief witness
forithe prosecution.
Gaston B. Means and Thomas B. Felder Convicted of
Conspiring to Obstruct Justice Through Bribery—
Means Gets Maximum Sentence.
The trial of Gaston B. Means, former agent of the Department of Justice, and Thomas B. Felder, well-known
lawyer in this city, on a charge of attempting, through a
conspiracy to bribe high Government officials, to deflect
the course of justice, terminated before Judge Lindley on
Jan. 30, when a verdict of guilty against both defendants
was returned. Means was sentenced to two years in the
Federal penitentiary st Atlanta, and fined $10,000—the
maximum sentence. Felder, for whom the jury recommended "extreme clemency," was fined $10,000. The
sentence on Elmer W. Janecke, formerly Means' private
secretary, who pleaded guilty at the beginning of the present
trial and became chief witness for the prosecution, was
postponed until June 30, pending the result of his appeal
against a previous conviction. Last summer Means and
Jarnecke were found guilty of conspiring to violate the
Volstead Act and sentenced to two years at Atlanta and
fined $10,000. Each lodged an appeal, Means furnishing
$25,000 bail and retaining his liberty, while Jarnecke failed
to raise bail. • Judge Lindley stated that Means' latest
sentence will not run concurrently with his previous one.
Both Felder and Means have taken appeal from the verdict.
The crimes of which Felder, Means and Jarnecke are guilty
refer br.1, 4, the case in which 13 members of the Crager
784
THE CHRONICLE
System were voncicted of fraudulently[using the mails to
dispose of stck in the Glass Casket Co. Samuel H. Safir,
sales manager of the Crager System, who was sentenced to
23 years in Federal prison, alleged at the beginning of 1924
that $65,000 had been paid to Felder, Means and Jarnecke
by himself and his colleagues on the understanding that
prosecution in the mail fraud case would be prevented
through the bribery of Attorney-General Daugherty, United
States Attorney William Hayward, Major J. H. Clarke and
Peter J. McCoy. Conviction of the Glass Casket defendants followed, and on being sued by Safir for a return of
$65,000, Felder declared that the money received by him
was the lawful fee charged by his firm as defense attorneys
for the defendants. Means, Felder and Jarnecke were
indicted March 7 1924. In the course of the recent trial,
former Attorney-General Harry M. Daugherty, United
States Attorney William Hayward and Supreme Court
Justice William Harmon Black testified for Felder, who is
63 years of age and has been practicing for 42 years. His
counsel was Thomas W. Hardwick, former Governor of
Georgia, and former United States Senator from that State.
Attorney-General Stone Brings New Proceedings
Against Senator Wheeler—Alleges Implication in
Scheme to Defraud United States of Public Oil
Lands—Testimony before Senate Judiciary
Committee.
Senator Burton K. Wheeler of Montana, against whom
an indictment was found on April 8 1924 in the United
States District Court at Great Falls, Mont., charging him
with practicing, in his capacity as attorney, before an
executive department of the Government, and receiving
pay for it, after his election to the United States Senate,
will be called before the Grand Jury in the District of
Columbia to answer charges of being involved in a conspiracy to defraud the United States of certain public oil
lands in Montana. This was made public on Jan. 29 in
testimony given by Attorney-General Stone before the
Senate Judiciary Committee, which conducted an investigation into the circumstances attending the Attorney General's
decision to have second proceedings against Senator Wheeler
held in the District of Columbia. This decision had drawn
vigorous protests from Senator Walsh, counsel for Senator
Wheeler. The Senator asserted that the second case, involving the same witnesses and being co-related to the first,
it also should be held in Montana courts. In his evidence,
Mr. Stone justified h's action in treating the two cases as
being independent of each other. He showed that both
cases were based upon information which arose out of investigations conducted by the Postoffice Department of
"Gordon Campbell and others concerning the alleged
fraudulent use by them of the mails in the sale of stock of the
Gordon Campbell-Kevin Syndicate and the Gordon Campbell-Kevin Syndicate No. 2." After further investigations,
Attorney-General Stone "reached the conclusion that there
were facts in the case which indicated that it had a much
wider scope than the subject matter of the indictment
obtained in Montana. Here, his statement reads:
Instead of a mere fraudulent scheme to use the mails in the selling of
oil stock. it appeared that there was a scheme to defraud the United States
of Its public lands and of the oil and minerals underlying those lands.
The principal and most important acts in furtherance of the scheme were
to be performed, and were in fact performed, at the seat of the Government.
Since alleged illegal overt acts were committed in Washington, according to Mr. Stone, the proceedings sh uld
naturally take place in District of Columbia courts. In
describing the discovery of the "fraudulent scheme," he
stated that it appeared that "a number of people were
unquestionably implicated," among them Senator Wheeler.
The Attorney-General submitted his testimony in the form
of a lengthy statement, of which we give that part dealing
with the investigations and the results thereof:
On April 8 1924 an indictment was found at Great Falls, Mont., in
the United States District Court, against Burton K. Wheeler, charging
him under Section 113 of the Penal Law of the United States in two counts,
with receiving and agreeing to receive compensation for services, to be
Performed in appearing before an executive department of the Government,
to wit, the General Land Office of the Interior Department, on behalf of
one Gordon Campbell. It was alleged In the indictment that these offenses
were committed at a time subsequent to Burton K. Wheeler's election as
United States Senator and before his induction into office.
Rose Out of Investigations.
The information upon which this indictment was based arose out of
certain investigations conducted by the Post office Department of Gordon
Campbell and ethers concerning the alleged fraudulent use by them of the
-Kevin Syndicate and the
mails in She sale of stock of the Gordon Campbell
Gordon Campbell-Kevin Syndicate, No, 2.
The facts In connection with the case were brought to my attention
after my takIng•office on April 7 1924. These facts indicated that the
transactions disc osed in the Post office investigation were of much wider
[VOL. 120.
scope than had been developed in that Investigation and involved persons
other than Senator Wheeler. I accordingly directed that the investigation
already under way in the Department of Justice be continued. This
investigation was completed about the first of August 1924, and was embodied in an extensive report which came to my personal attention some
time in August 1924.
In view of the widespread publicity which the indictment in Montana
had received and the charges and countercharges growing out of it. I
deemed it desirable that the entire case should receive fresh consideration
and re-examination. I therefore referred the matter to William J. Donovan,
Assistant Attorney-General in charge of criminal prosecution, a lawyer of
experience in such proceedings, who had taken office on Aug. 15, and who
had had no previous connection with the case, with the request that he
examine it as a new matter, Investigate it thoroughly and report to me the
result of his study of it. The matter was placed in Mr. Donovan's hands
some time early in September. He made the examination and investigation,
requested and reported his conclusions to me about Dec. 1.
Wider Scope Is Seen.
Shortly thereafter, after going over the matter with Assistant AttorneyGeneral Donovan, I reached the conclusion that there were facts in the
case which indicated that it had a much wider scope than the subjectmatter of the indictment obtained in Montana. The investigation indicated that Campbell's promotion schemes involved primarily the securing,
fraudulently, of oil and gas prospecting permits on public lands in Montana and that the most important element in them was the validating of
these permits by the Interior Department and the approval of assignments
of these permits by the executive offices of the Interior Department at
Washington.
These subsequent investigations changed entirely the aspect of the crime
which seemed to have been committed in Montana. Instead of a mere
fraudulent scheme to use the mails in the selling of oil stock, It appeared
that there was a scheme to defraud the United States of Its public lands and
of the oil and minerals underlying those lands. The principal and most
Important acts in furtherance of the scheme were to be performed, and
were, in fact, at the seat of the Government. A crime. if committed in
these transactions, was committed within the District of Columbia, where,
under the statutes of the United States, it was properly triable.
Much of the evience required is documentary in character and is located
In the official files of the Interior Department, and numerous overt acts in
connection with the transaction were committed in the District of Columbia. While from the facts presented to me it appeared that a number
of people were unquestionably implicated in this transaction, it became
apparent that testimony could not be taken with respect to it without
Indicating that Senator Wheeler was involved in it. I, therefore, came to
the conclusion that in fairness to him and with a view to the due and orderly
administration of justice, an opportunity should be given to him to explain
his connection with the transaction.
But independently of his connection with It, there had apparently been
a crime committed and that crime had been committed within the District
of Columbia and the case could not be submitted to a grand jury without
developing the part Senator Wheeler had taken in it.
I, therefore, gave Instructions early in December, that the matter should
be submitted to a grand jury in the District or Columbia. I further at
that time gave instructions that the utmost caution should be used in
presenting the case, to present it with absolute fairness to all the defendants
concerned, and in view of Senator Wheeler's relation to the case. I gave
Instructions that he should be permitted to appear before the grand jury
to testify, if he so desired, provided he waive immunity, and that at a
reasonable time in advance of grand jury prdceedings, either Senator
Wheeler or his counsel should be advised of my determination.
• Pursuant to such instructions, directions were given that the case should
be presented to the grand jury to be convened in the District of Columbia
on Feb. 2 1925, and subpoenas for witnesses were issued. I am informed
they have been served. The case will be proceeded with before the grand
jury on Feb. 2.
In the meantime the case against Senator Wheeler in Montana had been
set for arraignment on Sept. 1 1924. I am informed that the local papers
In Montana carried a quotation from Mr. Ford and Mr. Baldwin, counsel
there for Senator Wheeler,that the only move to be made by the defendants
on arraignment would be to enter a plea of not guilty and that they were
prepared for trial. About Aug. 15 the United States Attorney in Montana
publicly announced that he would be prepared to try the case on Sept. 15.
On Sept. 1, the date of arraignment, Senator Wheeler. appearing by
counsel, entered no plea, but on the contrary interposed a demurrer
to the
indictment and requested a change of the place of trial from Great Falls
to his home city, in Butte. These motions have not been brought
on for
hearing, but are set down for argument on Feb. 2 next and are stll pending.
The case in Montana can not be tried on its merits until the
demurrer is
disposed of and the defendant pleads to the indictment.
For several hours Mr. Stone was cross-examined by
Senators Walsh and Reed of Missouri, members of the
Judiciary Committee. The Attorney-General on Jan. 30
informed the Senate Judiciary Committee that almost eighty
witnesses will probably appear for the Government before the
grand jury in the new Wheeler proceedings. According to a
despatch, dated Jan. 31, from Great Falls, Montana, attorney for Senator Wheeler filed withdrawal of the demurrer
impeding the proceedings there, and lodged a plea of not
guilty before Federal Judge Pray for the Senator to the
grand jury charges.
The confirmation by the U. S. Senate of Attorney-General
Stone's nomination as Supreme Court Justice, approval of
which by the Senate was delayed by the Wheeler case, was
reported in our issue of Feb. 7, page 661.
Federal Government Drops War Fraud Case Against
Benedict Crowell, Former Assistant Secretary of
War.
In a statement published on Jan. 31, Attorney-General
Stone announced that the Federal Government had decided
not to proceed with its case, charging Benedict Crowell, of
Cleveland, former Assistant Secretary of War, and six other
defendants, with defrauding the Government during the
war. The Attorney-General's statement said:
FEB. 14 1925.]
THE CHRONICLE
785
ThelAttorney-General reached the conclu.sion-after a careful examination
of all facts in the posession of the Government that the Indictment did not
state a crime and that, inasmuch as the indictment was not in such form
as to sufficiently. dvise the defendants as to what they were called upon to
answer, he felt that, in view of the moral and official duty resting upon the
Attorney-General, the appeal should not be prosecuted.
whom is Representative Kelly of Pennsylvania, to be capable
of producing $61,000,000 more revenue. Mr. Kelly, who is a
member of the Post Office Committee, explained the terms
of the bill in special Washington advices to the New York
"Times" (Feb. 5) as follows:
The appeal refers to a demurrer to the indictments entered
by the defendants, who claimed the indictments stated no
specific charges. On Justice Hoehling upholding their contentions, an appeal was filed against his decision. The
indictments, returned Dec. 30 1922, following an investigation directed by former Attorney-General Daugherty,
alleged that the defendants schemed to get control of the
Government's emergency construction program for their
own and their friends' benefit. Those indicted were: Mr.
Crowell; Morton C. Tuttle, of Boston; William A. Starrett,
of New York; Clemens C. Lundoff, of Cleveland; Clair
Foster, formerly with companies with which Starrett was
associated; John H. McGibbons, of Baltimore and Chicago;
and James A. Mears, of Boston and Springfield, Mass. ,
Instead of the salary increase being retroactive to July 1 1924, as the
Senate bill provided, they were dated by the new bill Jan. 1 1925. The Committee eliminated the clause limiting the temporary rates to ten months, but
retained the provision for a commission of three Senators and three Representatives to study the rate problem with a view to permanent legislation
later.
Through the new bill, Mr. Kelly said. $4,290,000 new revenue would be
produced from second-class mail instead of a loss of $660.000, as under the
Senate bill. Instead of the existing eight zones there will be three. In
the first zone, which embraces the present first, second and third zones,
the rate is placed at 3 cents a pound; in the second zone (the present fourth,
fifth and sixth zones) the rate is 6 cents, and in the third zone (the present
seventh and eighth zones) 9 cents.
This means that the House Committee has made an increase of 1 cent on
each of the first two present zones from the Senate bill, and on the last two
present zones. Increases on the zone rates have been fought by the publishers, as these rates apply to advertising matter in newspapers, the reading
matter being carried under another scale.
A new rate of 1 cent an ounce for "transient" second-class mail is proposed in the bill. The rate on all matter in special publications, such as
religious and fraternal journals, is made 1% cents a pound instead of 1
cents as in the Senate bill.
Colonel William Hayward Resigns as United States
Attorney for Southern New York—President
Appoints Emory R. Buckner His Successor.
Colonel William Hayward, United States Attorney for
Southern New York, has announced his retiral from that
position in a letter to Attorney-General Stone. His resignation, which was accepted, will become effective on March 4,
and will permit him to resume private practice with the
law firm Hayward & Clark. Colonel Hayward issued the
following statement on the subject of his retirement on
Jan. 30:
Doubles Special Service Rate.
A marked departure from the Senate bill was made in fourth-class mail.
where the House Committee decided to make the special service fee on
parcel post 2 cents instead of 1 cent. This change is counted on to raise
$15,000,000. The Senate placed this rate at 1 cent after a long argument.
4. special expedition charge of 25 cents, endorsed by the Senate, for quick
delivery of parcel post is unchanged and is expected to bring in $3,000,000.
On first-class mail a charge of 2 cents instead of 1 cent on private mailing
cards and souvenir cards is provided, but letters and other first-class mail
remain as at present.
-ounce limit for third-class mail, to be charged for at the rate of
An eight
1% cents for two ounces, except for books, catalogues, seeds and plants, on
which the rate would be 1 cent, was approved by the Committee as capable
My resignation as United States Attorney for the Southern District of
of raising $18,000,000.
New York has gone forward to-day to the Attorney-General for transmission
to the President to take effect, if possible, March 4.
The committee estimates that the $61,000,000 increase in
I have remained in this office almost two years longer than I agreed to
will be gained thus:
when President Harding asked me to become United States Attorney at revenue
First class mail, $10,000,000; second class, publications, $2,999,252;
the beginning of his term. I had a definite promise from Attorney-General
class, parcel post,
Daugherty, which was renewed by Attorney-General Stone last summer, transient, $1,000,000; third class, $18,000,000; fourth
on parcel post.
that I could be relieved not later than March 4, which will mark the end $13.600.000; twenty-five cents special delivery service
$3.058.147; C. 0. D.
of the four-year period of the Harding Administration. I believe the work $3,000,000; third and fourth class insured service.
$3,980,000, and
of my office is in as good shape as it can ever be until Congress recognizes service, $1,103,879; money orders, $3,582,490; registry.
the need of additional judges here to take care of the vast volume of most special delivery. $900.000.
important civil and criminal business forfhe Government, of which the
The bill provides that the rate increases will become
United States Attorney is in charge.
against April 15 1925,as proposed
I am sure that I have done my full share of public service, and desire effective on May 1 1925, as
under the Senate bill.
now to return to the private practice and the freedom of private life.
Commends E. R. Buckner.
I assume my successor will be ready to relieve me by March 4, as the
Department of Justice has known, what has been so often published in
the papers, that I was anxious to retire by the date set. I was pleased to
learn that Mr. Koenig, representing the New York County organization,
had asked Senator Wadsworth to recommend to the Attorney-General as
my successor Mr. Emory R. Buckner of the firm of Root, Clark, Buckner
& Rowland, who is a man of courage, character and ability,and I earnestly
hope that he will be appointed. Buckner and I have the same alma mater,
the University of Nebraska, and both of us served on Judge Whitman's
staff when he was County District Attorney.
The only regret I will have in leaving the office will be the severance of
the cordial and affectionate relationship I have had with the fine young
lawyers who have been my assistants here and upon whose faithfulness in
the discharge of their duties, far more than on my individual efforts, have
depended the accomplishments of this the biggest law office in the world.
They performed their duties at a great personal sacrifice, for they, like the
judges, are most inadequately compensated by the Government.
I expect to resume private practice with the firm of Hayward & Clark,
at 120 Broadway.
The recommendations in the bill passed by the House contrast with the following provisions which appeared in the bill
adopted by the Senate and rejected by the House (we quote
from the New York "Times" dated Feb. 1):
The only change made in first-class rates was to increase the postage on
private mailing cards and souvenir post cards from 1 cent to 2 cents. In
second-class a flat charge of 1 X cents a pound was made on the reading
matter of all publications, a reduction of one-quarter of 1 cent a pound.
The rates on all matter in religious and fraternal publications was fixed at
cemts per pound.
Rates on advertising matter in other publications were made 2 cents for
the first and second zones; 3 cents for the third zone,6 cents for the fourth,
fifth and sixth zones, and 8 cents for the seventh and eighth zones. This is
an increase of 1 cent a pound in the fourth zone, a decrease of 1 cent for the
sixth and seventh zones, and a decrease of 2 cents for the eighth zone.
No changes were made in third-class rates, but it was provided that no
package of less than four ounces should be sent by fourth-class. This
change is expected to give the increase of $3,000,000 in third-class receipts.
Parcel post rates were left unchanged, except for the additional service
charge of 1 cent a package. In addition, a special delivery or expedition
charge of 25 cents was provided for those who wish to obtain first-class
service on parcel post. It was estimated that if only 3% of the parcel post
matter took advantage of this service the yield would be $6,000,000.
Colonel Hayward will be succeeded as U. S. Attorney for
this district by Emory R. Buckner of the law firm of Root,
Clark, Bucker & Rowland, of New York City. Mr. Buckner
was nominated by President Coolidge Jan. 31 and his
These charges, according to Senator Moses, sponsor of the
nomination was sent to the Senate, where it was confirmed bill, would have produced additional revenue of only $46,on Feb. 9.
500,000, as against the required $68,000,000. During the
Senate debate the bill was shorn of certain provisions, parNew Postal Salary and Rate Increase Bill Passed by ticularly in regard to parcel post rates and to rates on secondHouse of Representatives, Replacing Rejected
class mail (which, incidentally, have been restored in the
Senate Bill—President Coolidge Approves
House bill), thereby reducing its revenue-producing power.
House Bill.
Senator Moses arrived at his estimates in this way (we quote
A new Postal Salary and Rate Increase bill, drawn up by from the same journal):
$12,500,000
the Post Office Committee of the House of Representatives, First class
Second
was passed by the House on Tuesday (Feb. 10) under a Send class (publications)
1,000,000
special rule curtailing debate to two hours' duration. The Second class (transit)
3.000.000
Third class
that which was passed almost unani- Fourth class(parcels post)
9,000,000
bill is a substitute for
6,750,000
mously by the Senate on Jan. 30. It was rejected, however, Fourth class(25-cent expedition charge)
3,000,000
Additional insurance (3d and 4th class)
by the House on Feb. 3 by 225 votes to 153 on the ground Money orders
3.500,000
4,000,000
that it violated the constitutional right of the House to Registry
1,000,000
originate all measures providing for the raising of revenue. Collect-on-delivery
900,000
Special delivery
the bill is to authorize increases in salaries of
The object of
Total
$46,650,000
postal clerks and carriers, involving a sum estimated at
Mr.
the first-class mall increase was based on the
$68,000,000, which additional expenditure it is proposed will one to Moses said postage on personal and picture post cards.increase from
two cents
Increase of
be made up from an increase in revenue through adjustment $2,000,000 in estimated revenue on second-class mail is to be obtained, he
increase in volume of business. He believed the estimate
of postal rates. President Coolidge let it be known on Feb.7 said, from to be obtained from the expedition charge on parce Ipost was of
$6,750,000
low.
that he approves the bill drafted by the House Post Office It was based on the use of the 25-cent charge on only 3% ofthe parcel post
Committee. It is believed by its backers, principal among material.
786
THE CHRONICLE
[VOL. 120.
The "Times" Washington correspondent mentioned some
Other amendments considered Jan. 29 were covered in the
points against the bill as passed by the Senate. On Feb. 1 same advices, which continued:
Defeat by a vote of 34 to 49, on a motion by Senator Swanson of Virhe wrote:
The new rates, however, do not go into effect until April 15 and thus for ginia, to strike out of the bill all provision for increases of mail rates, after
a sharp discussion, was looked on as decisively indicating that the Senate
the calendar year 1925 would be effective for only 834 months.
The bill makes the salary increases applicable to the entire calendar year would pass the postal bill. It was freely predicted by Senators supporting
1925, and retroactive to July 1 1924. These salary increases have been the Swanson motion, however, that the House would send the bill back to
estimated at $68,000,000 a year, and probably would be slightly in excess the Senate and refuse to act on it because ofithe constitutional right of the
of this figure. It was calculated, therefore, that by the end of 1925 the House to originate bills raising revenue.
Senator Simmons, in fact, declared that if the Senate bill was passed, it
Government would have to pay out at least $102,000,000 and probably
$106,000,000 in salary increases, although the rate increases, operative for would be nullified in the courts an the ground that it was unconstitutional to
only eight and one-half months of 1925, would, theoretically, return con- originate it in the Senate. He predicted that there would be test litigation
siderably less than the $46,500,000 estimated as the increased return over a If the Senate bill went through.
Senator Sterling of South Dakota, who presented the bill which was modiperiod of 6 months. In fact, the sum on the basis of these calculations
fied In committee, indicated the likelihood that the bill would be vetoed, if
would not be in excess of $35,000,000 in 1925.
The estimates made by Senator Moses, however, were on the basis of passed, because it did not provide for enough revenue. Senator Moses prefigures covering quantities of mail matter which were a year or more old, dieted that it would raise about $50,000,000 and that the natural increase
and there Is to be taken into consideration the continuing increase in the of postal revenues would afford the government about enough revenue to
quantity of business, which would mean an increase in the amount of ad- meet the $68,000,000 increase in postal pay.
When the Senate took up the bill this afternoon it defeated, by 43 to 36.
ditional revenue under the new rates over the increase estimated on the
basis of the old figures. But even the most optimistic calculations to-day the amendment proposed by Senator George, of Georgia, which would have
put second-class rates on advertising space back to the 1920 level.
made it appear that the new rates which would be in force only for 854
Senator Harris, of Georgia, offered an amendment, which was adopted.
months in 1925 would fail to furnish the amount necessary to meet salary
Increases for the 18 months begun July 1 1924, and ending Jan. 11926, and authorizing the Postmaster General to conduct experiments on fifty rural
routes, with a view to encouraging transportation of food products from
probably would fall at least $40.000,000 short. Quite possibly the deficit
Which would have to be met from other revenues collected by the Treasury, producer to consumer.
Senator Curtis, Republican leader, offered an amendment to make the
would be $50,000,000 or more.
postal pay increases effective on Jan. 1 of this year instead of July 1 of last
It became known on Feb. 4 that the Administration was 3 ear. This was defeated, 51 to 30. Senator Spencer said that to make the
opposed to the Senate bill since the estimated revenue accru- increases retroactive, as the bill proposed, would cost the government
increases was insufficient to meet $38,000,000.
ing from the proposed rate
The Senate Post Office Committee dealt with the House
additional salary expenditure. The House of Representatives in voting to return the nih adopted the following report, vill on Wednesday (Feb. 11). After making drastic changes
in the text as it came from the House, it was reported to the
in part, of the Ways and Means subcommittee:
The subcommittee is unanimously of the opinion that the prerogatives Senate that day. Senator Moses, interviewed by the
of the House are infringed by this bill, the main and controlling purpose of New York "World's" Washington correspondent, described
which is to raise revenue.
the committee's action thus:
There can be no doubt that upon all former occasions when the same
question has been raised by reason of the passage of a similar bill by the
Senate the House has, with little or no division, decided that its prerogative was thereby infringed, in that such bills, having for their purpose the
raising of revenue, should originate in the House under the provisions of the
Constitution.
On three previous occasions, beginning as far back as 1859, the House has
either returned to the Senate or refused to consider such bills.
We made one amendment. We struck out all of Title 11. which deals
with postage rate raises, and substituted Title 11 as passed by the Senate,
so I assume the Senate will pass it this time without delay and then we'll
take the bill to conference and fight it out between the Senate and House
as to postage rate raises.
The concensus of opinion in Washington circles at present
leans toward the likelihood that eventually the bill will pass
The bill was first brought before the Senate on Jan. 22, both legislative bodies in much the same form as that in
when salary increases were at once agreed to. A point of which it left the House of Representatives.
order raised by Senator Swanson of Virginia on Jan. 23, to
the effect the bill could not properly originate in the Senate, Secretary Hughes Discusses Our Relations With South
was defeated by 29 votes to 50. Referring to Senate proAmerican States—Favors Their Adoption of Monroe
ceedings on Jan. 26, the Washington correspondent of the
Doctrine—Expanding Trade with United States.
New York "Times" wrote:
The total absence of selfish motives in this country's rethe reading matter rate at 1 ji cents, the Senate approved a
In fixing
reduction of 34 cent a pound from the rate now paid by general publications lations with Latin-American States formed the mainspring
and placed them on a parity with religious. scientific and educational period- of a speech broadcast by radio by Secretary of State Charles
icals, which already enjoyed the lower rate. At the same time it rejected a E. Hughes, who
stated that "the essential basis of Pan-Amerrecommendation of the Post Office Department that the rate for general
ican co-operation Is peace, and hence we lose no opportunity
publications be increased to 2 cents a pound.
A provision Increasing the rate on private and souvenir postcards from 1 to promote the amicable settlement of all differences that
to 2 cents was approved, but proposals to advance the rate to 134 cents on
be the cause of strife." Friendly collaboration bepostal cards and on letters mailed where free delivery Is not established, as could
tween the United States and the Pan-American States, acrecommended by the department, were rejected.
Next day, by 51 votes to 23, the Senate upheld an amend- cording to the Secretary of State, is essential, and as a primary reason he cited the fact that, "taking the South Ameriment proposed by Senator Butler, which read as follows:
The rate of postage on newspapers or periodicals maintained by and in the can countries, and leaving out our enormous trade with Cuba
Interests of religious, educational, scientific, philanthropic, agricultural,
and Mexico, and after making deductions corresponding to
labor or fraternal organizations or associations, not organized for profit and
none of the net income of which inures to the benefit of any private stock- the change in the general level of prices, the increase in our
holder or individual, shall be 131 cents per pound or fraction thereof, and exports to South America in 1923 over 1913 was 35%, and
the publisher of any such newspaper or periodical, before being entitled to in our imports 41%. As a means of
safeguarding their insuch rate, shall furnish to the Postmaster General, at such times and under
such conditions as the Postmaster General may prescribe, satisfactory- dependence. Secretary Hughes declared himself in favor of
evidence that none ol the net income of such organization or association Latin-American countries adopting as a part of their foreign
inures to the benefit of any private stockholder or individual.
policy the principles embodied in the Monroe Doctrine, unThis differential rate would have been eliminated under the der which "acquisition in any manner of the
control of addioriginal bill. Regarding rates on advertising matter of tional territory in this hemisphere by any
non-American
the Senate agreed upon wore embodied Power" would be opposed. We
publications, the rates
follow with the Secretary's
in an amendment to the bill proposed by Senator Oddie and address, delivered Jan. 20:
adopted by the Senate Jan. 29. It may be mentioned that
I shall speak to you briefly upon the subject of our relations with Latin
present rates on such matter are: First and second zones, America.
Our historic friendship with our sister republics of this hemisphere was
2 cents a pound; third zone, 3 cents; fourth, 5 cents; fifth,
born of the sympathy and satisfaction
we witnessed the struggle
6 cents; sixth, 7 cents; seventh,9 cents, and eighth, 10 cents. of their peoples for independence--awith whichwhich
struggle
culminated in the
Under the original Senate bill they would have been: Three battle on the heights of Ayachucho one hundred years ago.
The patriots of our own Revolution and the statesmen who fashioned our
first three zones,6 cents a pound in the
cents a pound in the
institutions were the exemplars of the leaders in
America, and In the
fourth, fifth and sixth zones, and 8 cents a pound in the last ardor, sacrifices and persistence of Bolivar andSouthMartin, of Miranda
San
and O'IIiggins, of Marino, Sucre and other heroes we saw the devotion
two zones.
the
Under Senator Oddie's amendment rates remained at 2 to Thiscause of liberty which had consecrated the name of Washington.
generous sentiment found eloquent expression
cents a pound in the first and second zones and 3 cents a speeches of Henry Clay, which were as familiar to the in the impassioned
men in arms in the
Rates in other zones were adopted southern continent as in our own land.
pound in the third zone.
Clay was fascinated by what he called "the glorious spectacle of eighteen
Oddie amendment
as originally proposed. Discussion on the
million people struggling to burst their chains and be
Impatient
was reported by the New York "Herald Tribune's" Wash- of a cautious diplomacy, he demanded early recognition free." now States.
of the
nut as John Quincy Adams, Secretary of State, explained: "While Spain
ington Bureau thus:
Senator Oddie's amendment was then adopted viva voce. Senator maintained a doubtful contest with arms to recover her dominion, it was
Moses,in charge of the bill, said that he did not accept it, but, on the other regarded as a civil war"; when the time was ripe and Independence had
hand, that he did not oppose it. The effect was to change the committee been achieved, the United States "frankly and unreservedly recognized the
rates on advertising space in newspapers and periodicals in the first and fact, without making their acknowledgment the price of any favor to
themselves," and in this measure took "the lead of the whole civilized
second zones to 2 cents, or the present rate.
Senator Oddie said that if the rates in these zones are not kept where they world."
Our Interest in the progress and prosperity of these republics has never
are."many small publications will be driven out of business." He said the
abated. And in recent years that interest has been crowned most happily
point of "saturation" has been reached as to second class mail matter.
"helpful to certain elements by the efforts at systematic co-operation which we describe as Pan-AmericanIs Senator Moses said the amendment would be
ism.
of the publishing industry."
FEB. 14 1925.]
THE CHRONICLE
Aim at Pan-American Co-operation.
This Pan-American co-operation rests upon the conviction that there are
primary and mutual interests which are peculiar to the republics
of this
hemisphere and that these can best be conserved by taking counsel together
and by devising appropriate means of collaboration. This implies no
antagonisms to any other people, or part of the world, no menace
to the
prosperity of others, but in itself constitutes a most importan contribut
ion
t
to world peace.
Some of our people may think of Pan-American endeavor as of especial
concern to the interests of the Latin American republics rather than
to our
own. But this is a serious mistake. We have the inescapable relations
created by propinquity. We have the privileges and obligatio
ns of neighborhood; our activities are destined to be more and more interlace resistless
d;
economic forces draw us together. What could be more
shortsighted than
to ignore our mutual interests?
The essential basis of Pan-American co-operation is
peace, and hence we
lose no opportunity to promote the amicable settlemen
t of all differences
that could be the cause of strife. One of the happiest
auguries of the future
is that there are now no controversies between the nations
in Latin America
which cannot be peaceably adjusted or which in fact
are not in course of
peaceful adjustment.
The difficulties which our sister republics face
are caused by internal
dissensions rather than by any external aggressio
n. The old boundary
disputes are being settled and no new differenc
es of a serious character
between States are arising.
787
economic pressure is eliminated. It is sought to obtain results
through!the
processes of reason, by discussion and mutual accommodation.
Cultural contacts are therefore of the greatest value and
fortunately
are increasing. They are multiplied by the over-developing
facilities of
communication. They are aided by the formal methods of
conference.
We have not only the general Pan-American Conferences,
which meet at
intervals of five years, but also special conferences which deal
with specific
and often technical problems and as a result of which each of
the republics
of this hemisphere is able to profit by the experiences of others.
Thus I may refer to the Pan-American Conference on
Electrical Communications, held at Mexico City in May last, the Pan-Amer
ican Child
Welfare Congress, held at Santiago in October last, the
Pan-American
Sanitary Conference, which has recently closed its sessions at
Havana, the
Pan-American Scientific Conference, which has just finished
its labors at
Lima, the Pan-American Highway Conference, which is
to be held in
Buenos Aires in May next, and the Pan-American Educatio
nal Conference.
which is to be held at Santiago, Chile, next September.
Seekers After Democratic Ideal.
Through these conferences the positive re sults which have
been achieved
in one part of this Hemisphere are made available to all, and
through them
a spirit of Pan-American helpfulness in the solution
of educational, social
and industrial problems is fostered.
Our economic relations are of constantly increasing importan
ce. I am
advised that, taking the South American countries and
leaving out our
enormous trade with Cuba and Mexico, and after
making deductions
Santiago Treaty as'Peace Guarantee.
corresponding to the change in the general level of prices,
the increase in
At the last Pan-American Conference at Santiago
a treaty was signed our exports to South America in 1923 over 1913 was 35% and in our imby the representatives of sixteen American States
providing that all con- ports 41%.
troversies which may arise between two or more
The economic opportunities which lie at our door are almost
of the contracting Powers
boundless,
and which it has been impossible to settle through
diplomatic channels, or and the advantages are mutual, but of chief consequence is the realization
to submit to arbitration in accordance with
that we are all co-workers, each struggling to attain the democrat
existing treaties, shall be subic ideal.
mitted for investigation and report to a commissi
Each has much to learn from the others, but all have a permanen
on of inquiry.
t interest
The contracting parties undertook not to begin
mobilization or to engage in a friendly co-operation, the fundamental principle of which should be
in any hostile acts or preparation for hostilities
until the commission has the international application of the Golden Rule.
rendered its report. Any one of the Governments
If anywhere in the world men can dwell together in peace and
directly interested in the
secure the
investigation of the facts giving rise to the
controversy may apply for the benefits of peace it is in the Western Hemisphere, and here the United
convocation of the commission. The represent
atives of the American re- States has its greatest opportunity to exhibit a wise practicality without
publics have thus sought in an entirely practical
way by a general agree- departure from the liberal ideals upon which its prestige and moral Influence ment to assure the maintenance of peace in
must ultimately depend.
this hemisphere.
And to this important treaty the Senate of the
United States gave prompt
approval. Apart from the specific applicati
on of this treaty, it is our high
privilege through our good offices to aid
in the amicable disposition of such Gov. Silzer Signs Resolution
Calling for Investigation
disputes as may still exist in Latin-America, and
it is manifest that our conof New Jersey Banking and Insurance Department.
tribution to this end must depend upon the
confidence of other peoples in
our sense of justice and integrity of purpose.
A resolution passed by the New Jersey Legislature authorThere are those among us who constantl
y assail our motives in relation izing a
committee of Assemblymen and Senators to investito the countries of Latin America. What
a pity it is that among our fellow-citizens are those who cannot be fair to
gate the State Banking and Insurance Department was
their own Government.
And of course there are those in other
countries who ever seek to create signed by Gov. Silzer on Feb. 9.
President Bright of the
a feeling of animosity toward us. But I am
happy to say that these efforts Senate on
Feb. 10 named Senator Harrison of Essex as head
however persistent, are of diminishing effect.
The'number is constantly
increasing of those who know the truth.
of the committee; those named with him are Senator Larson
Our Latin American friends who live among us, who know
our purposes of Middlesex and Senator Cole of Sussex.
Speaker Powell
and ideals, who intelligently observe our activities, taking into account both
has named Majority Leader Chandless and Assemblyman
preponderant sentiment and Governmental action,
are our best friends.
What a hopeless twist there is in the minds ot those who accuse us
of Syracusa of Atlantic and Knight of Camden as the House
cherishing an imperialistic policy. Any one who
really understands our members.
people must realize that the last thing in the world
we desire is to assume
According to the Newark "Evening News," Gov. Silzer in
responsibility as to other peoples.
We wish to have prosperous and independent neighbors
with whom we making known his intention to sign the resolution said he
can deal in peace to our mutual advantage.
We harbor no thought of would do so only because
he had been requested to give his
aggression upon any one. Instead of encouragi
ng the exploitation of other
peoples, we are constantly by word and deed diminishi
approval by Commissioner Edward Maxson of the Departng the opportunities
for it and throwing the weight of Governme
ment and for the further reason that the Department, as an
ntal influence against it.
Our historic policy which we call the Monroe
Doctrine in itself is designed instrumentality
of the State, cannot afford to have the
to thwart measures of aggressio
n.
This doctrine, as I have elsewhere said,
may be summarized In the state- finger of suspicion pointed at it. The "News" continues:
ment that it Is opposed (1) to any non-Amer
ican States under any guise.
The resolution was passed as a result of the
and (2) to the acquisition in any manner
scandal over the shortage in
of the control of additional terri- the accounts of the Hackensack Industria
l Building and Loan Association.
tory in this hemisphere by any non-Amer
ican Power.
All through the lengthy statement the
Governor gave out, he refers to.
the inquiry authorized as though it related
For Sharing Monroe Doctrine.
to a check-up on the building
and loan division of the department. That
Deemed to be necessary for our security,
was the object stated in the
this policy has none the less resolutio
- safeguarded the independence of
n as originally introduced by Senator Mackay,
American States. But it involves no
but it was amended
at the urge of Senator Harrison so as to
assertion of any overlordship on our part.
make the survey one of the whole
It was not intended "to give
department.
cover to any aggression by any new
world power at the expense of any
other."
"Playing with Fire."
While this doctrine was set forth and
Except for the reasons given, Governor Silzer said
must be maintained as the policy
he would be constrained
of the United States, there is no reason
whatever why every one of our to veto the resolution upon grounds which he considered both clear and
sister republics should not have and
formulate a similar principle as a part convincing. Remarking that when the Commission begins to function it
of its own foreign policy. We have always
welcomed declarations by other will be playing with fire, the Governor said that if the greatest care is not
American States to that effect. In this
way, without sacrifice by any exercised, and perhaps even in spite of such care, a conflagration may be
American State of its particular interests,
the doctrine would have the started which will scorch some and destroy other building and loan associasupport of all the American Republics
tions.
.
I have pointed out that the chief danger
Expressing fear that the inquiry may do harm that can not
of strife among our neighbors
be repaired
to the south lies in internal dissensions and
for years. Governor (Mixer added that whenever
in the tendency to have revoludoubt has been cast upon
tions instead of fair elections. The influence
of our Government is directed the integrity of building and loan associations, either by defalcations of
to the support of peace and constitutional
methods. Recurrent revolutions officers or by useless and senseless discussion. irreparable damage has been
are a poor sort of educational process;
the greatest menace to progress and done. A serious feature, he added, is that the harm is done to wage earnprosperity lies in political instability.
ers, enabled to own their own homes by the associations.
We have no desire to take advantage
"A little thought shows." continued Governor Silzer, "that
of this regrettable condition in
these conseneighboring countries, either to acquire
territory or to assume political con- quences have not been considered or measured. The responsibility is upon.
trol. Nothing could demonstrate this attitude
more completely than our thosewho have precipitated this action and upon those who must carry out
recent withdrawal from Santo Domingo.
Of course, we could have re- the direction of the resolution, for in the circumstances the Executive can
mined in control had we desired, but
instead of doing so we have been do nothing but sign the resolution, leaving to the Commission the responsisolicitous to aid in the establishment of an
Independent government so that bility it brought upon itself. A moment's thought will show how unneceswe could withdraw,and such a government having
been established through sary this action is. Fifteen thousand dollars is to be spent. It will go to
our efforts, we have withdrawn.
stenographers, process servers, clerks and so forth, as Is usually
the case.
We have made our plans to withdraw our small
contingentfrom Nicaragua
Sees Hidden Purpose.
at the end of this month, but the newly elected
President has besought us
"It is certain that with $15.000 it is impossible to audit
in the interest of peace and order, to permit it to remain
and examine the
until a constabulary 1,400 building
loans of the State. And even if enough money were availor local police can be provided, and we have agreed to do
so, but with the able there are
distinct understanding that this local police must be
not examiners available to do it, and it would take
months
established and that and months of
time.
we shall withdraw entirely before next September.
"This, then,can not be the purpose. It is clear that it is
In Haiti we are only waiting to see a reasonable promise
not the purpose
of internal peace to ascertain
if the Building Loan Department is functioning
and stability to effect our withdrawal. And meanwhile we
properly.
are doing our For, in that case, the files
utmost to promote the interest of the people of Haiti
of the present and many previous
without selfish consider- would
show that every commissioner has told the Legislature Legislatures
ations.
that the best
results were not being secured, and that more help
Nowhere else in Latin America have we any fortes,
and more money were
and everywhere we needed for
that purpose. It could find that these commissi
are seeking to encourage constitutional government, to use our
oners have asked
friendly for more power in order to detect and
offices in the interest of peace, and to assure our neighbors
correct abuses. It would
of our respect the State Building & Loan
find that
Association has given its views
for them as independent States.
on the same
subject.
The Pan American Union is based on the principle of the equality
of the
t111
"And it would find that all of this advice and
American States. In Pan American co-operation the idea
all of these requests have
of force and of been ignored. It would
find that the Legislature in each
case neglected to
788
Tim CHRONICLE
do its duty,and must bear a large share of the responsibility for such abuses
as may exist. . . .
"I sincerely hope, in the interest of the thousands of building loan investors, that this resolution has not as its basis political exigencies. I sincerely hope that it may steer clear of the dangers that lie in the way. I
trust that by this unconsidered action no harm will be done to our building
loans, or to those who rely upon them and have faith in them.
"A blow at our building loans is a blow at America. They furnish the
means to own hosaes and home owners are good citizens, not attracted by
Bolshevism and other 'isms' that threaten four well-being."
[VOL. 120.
The shippers of the West owe a debt of gratitude to the Eastern lines for
putting into effect competitive rail rates to Western points, because the
effect is not to discriminate against the intermediate points but through
the handling of the traffic in competition with water lines to secure a certain
amount of revenue which helps pay the expense of handling the otherwise
empty cars westbound necessary for the transportation of the products of
the West to the East.
To exclude the railroads from all opportunity of participating in traffic
between two water competitive points and points adjacent thereto results:
1st. In turning over to the water lines a monopoly not only of the existing traffic capable of being handled by vessels between these points, but
also gives the vessels a death grip on all such traffic for the future.
2d. Such a law establishes a monopoly in the hands of the ocean-going
vessels and those traversing the inland wate:s of the United States, and as
the Commission has no authority over such rates there is no protection
against discrimination even between competing merchants.
3d. To prevent the rail lines participating in a portion of the traffic between water competitive points is a violation of the moral right of the common carriers of the United States to participate in any and all traffic which
in their judgment can and should be transported by the railroads.
Deposits in Savings Banks in New York State Increased
Over $250,000,000 in 1924.
The amount on deposit in the 147 savings banks of the
State of New York increased approximately $254,000,000,
or 8%, during the year 1924, according to informal reports
to the Savings Banks Association of the State of New York,
made public Feb. 9 by Charles J. Obermayer, President.
Charles Barham of Atlanta, Ga., Chairman of the SouthThis increase includes dividends credited, says Mr. Oberern Freight Association, also opposed the bill, saying:
mayer, who adds:
The carriers of the
South believe the Inter-State Commerce Commission
On Jan. 1 1925 the amount due depositorsin the savings banks of the State
competent to administer the present Act and has th,enecesssry fair purwas approximately $3,400,000,000. This huge sum represents the savings is
pose and intent. They believe the Commksion may safely be relied upon
of 4,375,000 depositors, making an average deposit per account of $775.
decide situations covered by the present Fourth Section, or which would
In Greater New York the amount due depositors in the sixty-five savings to
should that section be wholly eliminated from the Act. They have a
banks was approximately $2,558,000,000, due 3,032,000 depositors, on arise
very real fear of rate-making by legislation or rate-making as the result of
Jan. 1 1925. Here,the increase for the year was at the rate of 9%. Queens
attempts to define by legislative enactment specific situations which
Borough, with an increase of 15.4%,led the five boroughs in rate of growth
rates shall cover or exclude.
of deposits; Brooklyn followed, with 11%; Bronx, 9.4%; Manhattan 7.7%,
Several examples as to the effect the proposed bill would have if enacted
and Richmond, 7.1%. In Greater New York the average deposit per
into law are interesting:
account is $909.
American manufacturers in Minnesota, Wisconsin and New England have
lost to Scandinavian competitors the newsprint paper business of New
Arguments of Railroads Against Gooding Long and Orleans, amounting to apro;dmately 25,000 tons per annum. The Commission has granted Fourth Section relief to the carriers and efforts are
Short Haul Bill —Bill Reported Killed.
under way to regain the business. The
The enactment of the Gooding Long and Short Haul Bill possible, for the carriers could not afford proposed bill would make it imto reduce the intermediate rates
would have a paralyzing effect upon the commerce of the as would then be necessary.
country, T. C.Powell of New York, on behalf of all the rail- itsAn important Southern line has price tenders from Belgian makers for
1925 rail supply. The rails can be delivered
roads in the Eastern territory, told the House Inter-State sonville or Savannah for $37 50 per ton, or, plusalongside docks at Jackduty, $39 74. Rails at
and Foreign Commerce Committee on Jan. 29. Advices the nearest point of American manufacture, Birmingham, Ala., are priced
and the freight rate
Washington, Feb. 11, stated that the House Inter-State at $43 00,not permit Southren is $3 49, a total of 4.46 49. The amended
from
bill would
carriers to assist in relieving this situation.
and Foreign Commerce Committee had that day definitely
The Ford Motor Co. steamship "Oneida" sailed from Detroit via the
killed the bill and that the measure would not be reported Great Lakes and the St. Lawrence River Nov. 12. Having touched and
partially discharged at Jacksonville,
to the House. In opening the attack of the railroads on the Dec. 7 with steel and iron parts forFla.. Dec. 2,she reached New Orleans
1,650 cars and later Houston,
bill at a hearing before the Committee, Mr. Powell, who is with parts for 5,000 cars. At New Orleans she loaded in addition 165Texas.
closed
Traffic Vice-President of the Erie railroads, said in part as car bodies for the Houston plant. Who benefited? Evidently not the
public, for the automobiles were sold f. o. b. Detroit, plus the rail freight
follows:
rate. The amended bill would not permit this competition to be recognized,
This bill is not a declaration of principle, but is an attempt to make although it, is plain that a reduction in the rail rate would automatically
rates by machinery which would hamper the Inter-State Commerce Com- and wholly go to the purchasers of automobiles, one of the few instances,
mission and the railroads in establishing Just and reasonable rates. The by the way, where a reduction in freight rates can be directly traced
to the
bill is not sincerely designed to prevent the railroads meeting competitors' consumer. In this case the Texas purchasers of 5,000 Ford automobiles
rates at terminal points, but on the contrary is intended to take advantage lost the difference.
of the well-established rule of traffic management under which the railroads
The manufacturers of American cement have practically lost out entirely
now afford to shippers and receivers of freight, freedom of distribution and against foreign cement moving through the South Atlantic ports and sold
purchase, and by taking advantage of that traffic policy to force down the in coast territory and in Florida.
intermediate rates in many cases to a figure lower than the intermediate
In the last few months 8,365 tons of foreign salt came into Wilmington,
points are entitled to under any fair basis of calculation.
Savannah and Charleston. The shippers in Louisiana, Texas, Michigan
I wish to emphasize that the bill would be injurious to commerce because and New York lost and the Southern carriers could not afford to help
them.
of its restrictive character and because it fails to take into account commercial conditions and is in violation of the good faith under which thousands of manufacturing plants have been established at local stations on
Board of Managers of New York Produce Exchange
different railroads.
The present Inter-State Commerce Law guarantees to the shippers fair
Urge Passage in Amended Form of Edmonds Bill
and reasonable rates without unjust discrimination. This bill, if enacted
Relating to Carriage of Goods by Sea.
demoralize the rate structure and would introduce chaos
into law, would
The enactment of the Edmonds bill, relating to the
into what is now an orderly arrangement throughout most of the United
States. Many Industries have located at local stations of the various carriage of goods by sea, in an amende,d form so as to bring
railroads in competition with the industries on other lines on the good faith
it into accord with The Hague Rules, is urged in a resolution
of the carriers and the Inter-State Commerce Act. This bill would violate
adopted as follows on the 5th inst. by the Board of Managers
the moral right of shippers to expect such equal treatment.
Should the bill become a law, the immediate and instantaneous effect of the New York Produce Exchange:
would be to limit the transportation of freight traffic to the short line
It appearing that the provisions of H. R. Bill 11447, introduced by
routes over which no exceptions to the long and short haul clause have been
granted. This means that the lines or routes which have been competing Hon. George W. Edmonds, with the exception of the Deviation Clause,
against the shorter lines under the term of the present Fourth Section, conform to the provisions of The Hague Rules for the carriage of goods by
must immediately retire from any traffic which involves handling freight sea adopted at the Diplomatic International Conference held at Brussels
Oct. 17-26 1922; be it
at a lower rate to a further point than in effect to the intermediate points.
Resolved. That the Board of Managers of the New York Produce ExThe railroads in self-defense and regardless of their knowledge that this
representing a
would seriously affect thousands of shippers, would immediately be forced change, of the Edmonds membership numbering some 1,700, urges the
passage
Bill H. R. 11447, but so amended as
to publish new tariffs advancing the rates to the further points to at least Into accord with The Hague Rules and thus enact into law to bring it
the actual
as high as the highest intermediate point, until a public hearing could be purpose thereof.
held and the Commission be enabled to make a ruling on each case sub- - The present Deviation Clause appearing in the Edmonds Bill is designated
as Section 4, subsection 4, and reads as-follows:
mitted to it. In the meantime business would be demoralized and the
"Any deviation in saving or attempting to save life or property in jeopardy
shipping public would be helpless. Industry would suffer immense losses at sea, or any deviation agreed upon between the carrier and the shipper
through these arbitrary restrictions and demoralization of rate adjust- at the time cargo space is contracted for shall not be deemed to be an inAct or
ments. The situation is not confined to the inter-mountain territory nor fringement or breach of thisany loss of the contract of carriage, and the
carrier shall not be liable for
or damage resulting therefrom."
to the trans-continental points.
The Deviation Clause as embodied in The Hague Rules and which we
Between points in the Eastern territory and points west of the Mississippi desire to have substituted for the present Deviation Clause of the Edmonds
River and between points in the Eastern territory and points south of the Bill reads as follows:
"Any deviation in saving or attempting
Ohio and Potomac rivers, there is an absolute necessity for preserving to the or any reasonable deviation shall not be to save life or property at sea,
deemed to be an infringement or
carriers the right to meet water competition, provided the rates so estab- breach of these rules or of the contract of carriage, and the carrier shall not
lished under the supervision of the Commission shall be "reasonably com- be liable for any loss or damage resulting therefrom."
Resolved, That a copy of this resolution be sent at this time to the Compensatory" for the service rendered. This means that there must be a mittee on Merchant
Marine and Fisheries of the House ofRepresentatives.
profit on each transaction over and above the operating cost. Whether or
not an individual rate is reasonably compensatory for the service rendered
under the present Fourth Section of the Inter-State Commerce Act, has
nothing whatever to do with the statutory rate of return of 54% on the Employees of Missouri Pacific, Illinois Central and
Chicago Great Western Railroads Receive Wage
"property devoted to transportation." Of course each factor of railroad
revenue leads toward the general result, but whether any rate of return
Increases—New Haven Shopmen End Strike.
to demonwere named in this bill or not, it does not need any argument
Telegraphists attached to the Missouri Pacific RR. restrate to this committee that the railroads must have a fair return over
and above the cost of operation.
ceived a wage increase of $15 a month, raising the wage scale
lb If the rate proposed does not pay the estimated cost of transportation—
in other words, if the railroad does not get back a new dollar for an old one from $250 a month to $325, under a decision of the United
plus a profit—then it is not "reasonably compensatory." But if the States Railroad Labor Board on Tuesday (Feb. 10). The
railroad is debarred from handling freight which is reasonably compensatory same company on Feb. 6
granted wage increases amounting
the problem of maintainingithe property is made Just that much more
to about $500,000 per annum to 3,100 locomotive engineers,
difficult.
FEB. 141925.]
THE CHRONICLE
firemen, hostlers and hostler helpers. Enginemen in yard
service and hostlers received an increase of 32 cents a day;
enginemen in freight service 36 cents a day, and those in
passenger service 24 cents a day.
Announcement was made Feb. 10 that the Illinois Central
RR. and Chicago Great Western RR. had reached a wage
agreement with engineers and firemen on the basis of the
Southern Pacific settlement, involving an approximate
increase of 5%. These were the last of thirty Western railroads to reach a wage settlement.
An echo of the nation-wide strike of July 1922 was heard
Feb. 1 when New Haven RR. shopmen returned to work,
B. M. Jewell, President of the Shop Crafts Union, stating
that a settlement with the railroad officials had been found
impossible.
Henry Ford Proposes Government Keep Muscle Shoals
as Nitrate Plant to Help Farmers and Safeguard
Country in War—Willing to Co-operate in
Development.
Henry Ford in a statement on Jan. 29 expressed the belief
that "the Government could itself keep Muscle Shoals and
run it, not as a power plant, but as a nitrate plant to help
the farmers in peace and safeguard the country in war." He
states that while he is no longer interested in taking over
Muscle Shoals in accord with his original offer, he is willing
to co-operate with the Government in its development. The
withdrawal of Mr. Ford's offer for the Government's nitrate
plant at Muscle Shoals was referred to in these columns
Oct. 25 1924, page 1921. A bill (McKenzie bill) authorizing
the acceptance of the offer had passed the House March 10
1924; last month (Jan. 14) the Underwood bill, providing
for the leasing of the plant to private interests, was passed
by the Senate as a substitute for the McKenzie bill. Details
of this were given in our issue of Jan. 31, page 537. Mr.
Ford's statement of Jan. 29, as given in the Detroit "Free
Press" of Feb. 1, follows:
Ford's Statement.
I am no longer interested in taking over Muscle Shoals in accord with
the original offer which I made at the request of the War Department four
years ago.
However, I am willing to co-operate with the Government in developing
Muscle Shoals into a great nitrate plant, making cheap fertilizer for the
American farmers.
In my opinion the Shoals should be used for the production of nitrate and
fertilizer.
I believe that the Government could itself keep Muscle Shoals and run it,
not as a power plant, but as a nitrate plant to help the farmers in peace and
safeguard the country in war. The people of the United States spent $140,000,000 to create a Government nitrate plant, not a power house. We
should not lose sight of the original and biggest reason for Muscle Shoals
being built.
If the Government keeps Muscle Shoals and operates the nitrate plant by
the Army and Navy I shall be glad to put at their service all that the Ford
company has of knowledge and experience. Our engineers have been working for three years on the problem of making cheap nitrogen from the air
for farmers. We believe we have discovered improvements on the present
processes. We believe air nitrates can be made at a price that will materially
reduce the cost of fertilizer on the farm.
Would Lend Men.
The Ford company will turn over to the Government, without cost, the
results of its research. We will lend the men to help build up an efficient
organization to run the Shoals. As a citizen's duty we worked with the
Army and Navy during the war. We are ready to give the same co-operation to the Government in aid of the farmers now, cost-free to the Government
It is a mistake to say that the Government cannot run the nitrate plant
as any private party. This is the very kind of business the Government
ought to engage in. Electro-chemical methods of air nitrogen fixation do
not require great forces of employees. It is a straight job of letting the
forces of nature work for you. The Government has as good men as there
are in this field. We talked with some of them when we were figuring on
the Shoals.
If the Government keeps Muscle Shoals and runs it for the farmers I will
help so far as technical help goes, just as much as I could have helped if I
had taken the property over.
789
There are a dozen or more cases, involving similar questions, pending
before the bureau, and it was the opinion of officials that final adjudication
of these will aid materially in constructing and applying the law. None
of the officials knew how many persons would be affected, but the consensus was that the return to the Government will be small, even in the
aggregate.
Ruling of the Solicitor.
The Solicitor's ruling made these specific statements:
"In deciding whether or not any particular activity in which a State or
municipality may be engaged is a governmental function, the attitude of
the Federal rather than the State authorities should govern.
"The compensation received for services rendered in connection with a
municipally owned water system is not exempt from income tax."
In addition, the Solicitor ruled on two other questions along the same
lines, holding that the manager and employees of a cafeteria, conducted
In connection with public scchools or by school boards, must pay a tax
on their compensation.
"In general," the opinion added, "the rule that exemptions from taxation are to be strictly construed should be applied and no intendment should
be taken in favor of the taxpayer in doubtful taxes."
This declaration was not construed at the bureau as making the ruling
apply to every sort of municipally owned institution. It was reiterated
that the wide divergency of State laws and the manifold methods of
handling the city or State owned services made it probable that hundreds
of cases will have to be decided on their merits.
As a result of the ruling and the expected decision on other similar questions in like fashion, every city or State or other political subdivision
operating such quasi-public institutions, it is believed, will find it necessary
to go through its records and provide the collectors of their districts with
full isformation about their employees, present and past. From these.
the collectors will be able to trace down the persons who hitherto had filed
no returns, believing that they were not subject to the Federal income tax
because they were employees of institutions exempt by law.
Knowledge of the bureau's ruling came upon a request by Senator Shortridge of California, who sought to obtain from Commissioner Blair reasons
for the assessment of taxes on employees of the municipally owned water
and light sytem of Riverside, Cal. The Commissioner's letter to Senator
Shortbridge caused the bureau to make public the ruling.
Commissioner Balir, in his letter to Senator Shortridge, said, "that
site careful consideration of the entire matter, it is the opinion of this
office that the city in furnishing water and electricity to its residents is
acting in a proprietary, rather than in its serving capacity, and that the
compensation'of officers and employees engaged in such activities is not
exempt from income taxes under the revenue laws of 1918. 1921 and 1924."
Replying to the request that the ruling be not given a retroactive effect.
the Commissioner said that the question presented did not come up in such
a way as to bring it within the law, which provides for rulings which are
not retroactive.
Senator Shortbridge announced he did not consider the letter as having
ended the controversy, and that he intended to press the question in the
hope of preventing the ruling being made final in its present form. He
asserted that he was not satisfied with the authorties used by Commissioner
Balk as the basis for giving the ruling retroactive effect.
Test Case Involving Constitutionality of Publicity of
Income Tax Returns Advanced by United States
Supreme Court for Hearing April 13.
The test case against Walter S. Dickey and Ralph Ellis
of the Kansas City (Mo.) "Journal-Post" to determine the
right of newspapers to publish income tax payments, was
advanced on Jan. 12 by the United States Supreme Court
for hearing on April 13. Reference to the proceedings against
the Kansas City paper, as well as the actions against the
New York Tribune Co., Inc., owner of the New York
"Herald Tribune" and the Baltimore "Daily Post" was
made in our issue of Dec. 20 1924, page 2831.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
A new high record price was made this week for a New
York Curb Market membership when the membership of
John J. Nolan was sold to Remsen j. Williams for a consideration stated at $12,000. The last previous sale was for
$11,000.
Two New York Stock Exchange memberships were reported posted for transfer this week: that of Frederick W.
Droge to David M.Minton Jr. for a consideration stated to
be $108,000. The membership of Harry Raymond was
transferred to Barton K. Buehnam for a nominal consideration. The last previous sale was at $110,000.
The Board of Governors of the New York Stock Exchange
Employees of Municipally Owned Water and Street have adopted the following resolution in tribute
to the late
Railways, &c., Subject to Federal Income Tax.
S. Breck Parkman Trowbridge, whose death occurred Jan.
All employees of municipally owned institutions, such as 29:
Engaged for three years in the designing and constructing of the new
water, light and street railway companies, which are defined
Exchange Building, he brought to the work
as acting in a proprietary rather than in a governmental Stock Exchange the widely recognized ability that he did for the New York
that had made him a leader In.
capacity, are subject to Federal income tax on their com- his profession.
His clear insight into the purposes and needs of the Exchange and his
pensation. This statement was contained in Washington
of the
advices Jan.3 to the New York "Times" which in its account generous acceptance of suggestions by the membersproducedBuilding Committee fostered a spirit of co-operation that finally
a building of
singular beauty and distinction.
of the ruling said:
They will have to pay taxes on their incomes as far back as 1918, and the
Bureau of Internal Revenue has notified collectors of internal revenue to
compel the filing of returns over those years.
The ruling, far-reaching in its application, is based on court decisions
In several sections of the country, which have held, in effect, that such
Institutions as were named were competing with private enterprise and
should occupy a similar footing with respect to certain taxation features.
Officials of the bureau declionsd to be definite in the application of the ruling.
Which was made by Solicitor Nelson T. Hartson, and the problem of
enforcement has been left in the hands of internal revenue collectors.
His tim and his skill were given without stint and with an unflagging
zeal, and he won the affection and admiration of all with whom he came in
contact.
Resolved, That this tribute be spread upon the minutes of the Board of
Governors of the New York Stock Exchange, and that a copy be sent to the
family of Mr. Trowbridge and to his partners.
The cornerstone of the new bank and office building of
the United States Mortgage & Trust Co. of New York at the
790
THE CHRONICLE
southwest corner of Broadway and 73d Street, was laid
Tuesday morning, Feb. 10. President John W.Platten made
a brief address. Coins, stamps, pictures and other documents, and copies of New York newspapers of Feb. 10 were
deposited in a copper box and set in the stone. The new
structure is to be ready for occupancy Sept. 1 1925. It will
be five stories high, of steel frame and fireproof construction, and will occupy the former site of the Rutgers Presbyterian Church, for which a new church edifice, together
with a parish house, will be erected immediately to the west
on 73d Street.
[VoL. 120.
Trust Co. of Baltimore. Vincent Cullen is Manager of the
New York office.
Thomas H. Robb recently resigned his position in the
discount department of the Hartford-Connecticut Trust Co.,
Hartford, effective to-day (Feb. 14), to become Secretary
and Treasurer of the Hamden Bank & Trust Co., Hamden,
Conn., a new institution, according to the Hartford "Courant" of Feb. 4. The Hamden Bank & Trust Co. will open
for business about Feb. 25, it is stated, in temporary quarters pending the erection of a permanent banking home. A
site has already been acquired for the building on Dixwell
Among the men of the Street sailing for Nassau, Bahamas, Avenue. The new bank is capitalized at $50,000 and has a
Friday, on the Munson Line steamship Munargo, are Cleve- surplus of $25,000.
land H. Dodge, John Topping, Marcus Daly and Clarence
At a meeting of the direct-ors of the Greenville Banking
M. Fincke, the latter Vice-President of the Bank of America.
& Trust Co. of Jersey City, Miss Lillian Huelsen was appointed Assistant Secretary. 1%llss Huelsen has been assoThe Public National Bank of New York announces the
ciated with the bank for the past 14 years and is said to be
Cashier and E. Southall as
resignation of C. H. Baldwin as
the first woman to be elected to an official capacity in a JerAssistant Vice-President. Abraham S. Bernstein, Assistant
sey City bank.
Vice-President, has been made Vice-President; Samuel Pal-President; WrIlter
ley, Assistant Vice-President, becoms Vice
William J. McGlinn was e-lected President of the ContiG. Ferens, Assistant Vice-President, has been chosen Cash- nental-Equitable Title & Trust Co. of Philadelphia at a speier; Samuel Bergson, Ira S. Atkins and George J. Klein, cial meeting of the directors on Feb. 5 to fill the vacancy
Assistant Cashiers, have been named as Assistant Vice-Presi- caused by the death of John F. Skelly, which occurred on
dents, and Morris Meltsner, Charles Richter and Louis E. Jan. 11. The new President, who is 46 years old, heretofore
Goldstein, appointed Assistant Cashiers.
was a Vice-President of the institution and has been a member of the board of directors for nearly nine years. He is a
August FIecksher has been elected a director of the Lib- member of the Philadelphia and New York Stock Exchange
firm of McGlinn & Co. Other important changes made in
erty National Bank in New York.
the officials of the trust company were as follows: John V.
E. Irving Eldredge Jr., a member of the New York Stock Louchney, formerly Secretary and Treasurer, and who has
Exchange firm of Bull & Eldredge, 67 Exchange Place, died been connected with the bank for many years, was promoted
-President and Treasurer, and John F. McMenamin
on Feb. 7. He was 37 years old. Mr. Eldredge was recently to Vice
was made Secretary and Assistant Treasurer. Walter H.
elected Second Vice-President of Frederick Loeser & Co., of
Brooklyn, of which he had for some time been a director. Johnson, President of the Philadelphia Electric Co., was
of directors to succeed Mr.
During the war he served in the Navy as Ensign. His home elected a member of the board
Skelly in that capacity.
was at Glen Cove, L. L
The Commonwealth Title In- surance & Trust Co. of PhilaCommencing Monday evening Feb. 2 and continuing delphia has recently increased its capital from $1,000,000
until Feb. 6, New York Chapter, American Institute to $1,500,000 and its surplus from $2,250,000 to $3,250,000.
of Banking, conducted the registration of students for its
The Brown & Stevens private bank at Broad and Lomspring educational courses at the chapter rooms, 15 West
bard streets, Philadelphia—a negro institution and said to
37th Street. Besides the usual preparatory and standard
of the largest in the country—was closed on Feb. 10
courses, a number of special courses are to be given, including be one
foreign after a run which started in a mild form the previous day,
bank accounting, bank correspondence, finance of
to such proportions on Feb. 10 that E. C. Brown,
trade, public speaking, and psychology applied to banking. but grew
other officers, and some of the depositors
course on psychology applied to banking is a new course the President, and
The
went to Fred Taylor Pusey, Attorney for the State Banking
of five lectures, the instructor being Dr. H. K. Nixon, inDepartment, and asked his co-operation. After the conferstructor in applied psychology, School of Business, ColumThis course is specially planned for those ence it was decided to start action to have a receiver apbia University.
until the affairs of the institution were arranged.
who supervise a bank's personnel or come into constant and pointed
assets are given as the cause of the bank's emintimate contact with a bank's clients or prospective clients. Unrealizable
barrassment. The bank maintains two branches in PhilaThe opening lecture of this course will be given on Friday
deposits of $750,000 and assets and liabilities of
evening, Feb. 20, while the other classes will commence the delphia, has
approximately $1,000,000 each. Later on the same day
9.
week of Feb.
(Feb. 10) Judge Davis in the Court of Common Pleas No. 3,
The growth of the surety business in the United States named Deputy Commissioner of Banking William R. Smith,
was emphasized by the announcement this week that the receiver, pending the reorganization of the institution. In
Fidelity & Deposit Co., due to increasing business, had reporting the closing of the bank the Philadelphia "Record"
moved from 120 Broadway to larger quarters at 55 Liberty said in part:
For a time yesterday it appeared
the bank's
Street. The company opened in its new offices Feb. 9. The main office, and the two branches,that there might be trouble at Ridge and
54th and Market streets and
occasion marks also the 34th birthday of the company's Germantown avenues, and that some of the officers and clerks might meet
founding in 1891, and was signalized by messages from nu- with bodily harm.
This was averted, however, by a meeting held yesterday afternoon in
merous industrial leaders, stressing the importance of surety Knights of Pythias Hall, 17th and Lombard streets, at which the angry debonds in stabilizing business by decreasing risks. The key positors lost their wrath when they were told that in time the bank would
with the depositors, led by
note of these messages was sounded by Albert H. Wiggin, pay dollar for dollar, and the meeting concluded pledging $150,000 to safetwo negro pastors of churches in the section
President of Chase National Bank, who said:
institution. More than 900 persons attended the
'
the credit of the
Surety companies have done much to increase safety of modern business.
Unknown risks which individual firms could not safely assume, are pooled
by these companies in such a way as to make them definitely available and
safely bearable.
The development of surety business in the United States
is reflected in the fact that when the New York office of the
Fidelity & Deposit Co. first opened in 1894 there were only
one or two other companies giving a similar service, and the
Fidelity & Deposit Co. had only two employees. To-day the
company does an annual business of more than $12,000,000,
and its total assets are in excess of $18,000,000. There are
about five other outstanding companies now doing a strictly
surety business in the United States. Charles T. Miller,
recently elected President, started with the original organization more than 32 years ago. Franklin D. Roosevelt is
associated with the company as Vice-President. Van Lear
Black, Chairman of the Board, is also head of the Fidelity
guard
meeting and some of them offered to sell their homes to save the bank, the
only colored one in the city, from destruction.
A press dispatch from Baltimore yesterday (Feb. 13),
which appeared in the "Wall Street News" of the same day,
reported the failure of the banking firm of Bernstein, Cohen
& Co., with a deficit of approximately $300,000. The bank,
it was stated, was a privately owned institution and was
not under the supervision of the State Banking Commissioner.
A. M.
The resignation of W. - Vaughan as Treasurer of the
Seiberling Rubber Co. of Barberton is announced. He leaves
to become Vice-President and Treasurer of the First Trust &
Savings Bank of Akron, Ohio. Mr. Vaughan, who was born
in Kansas City, Mo., has had long experience in banking and
the rubber business. In 1902 he went to Havana, Cuba, as an
FEB. 14 1925.)
THE CHRONICLE
employee of the National Bank of Cuba. When he left in
1914 he was Cashier of the institution. When the Goodyear
Tire & Rubber Co. undertook its crude rubber plantation project in the Far East ten years ago Mr. Vaughan was selected
by F. A. Seiberling, former Goodyear President, to go .to
Sumatra to finance and organize this enterprise. He spent
three years in the work. Later he became Secretary and
Treasurer of the Los Angeles plant of Goodyear, which he
helped finance. When Mr. Seiberlin started the Seiberling
Rubber Co. in 1921 Mr. Vaughan was made Treasurer, having helped organize and finance that corporation.
791
Larry C. Humes, a Vice-President of the Union & Planters Bank & Trust Co. of Memphis, died suddenly on Feb. 4.
Mr. Humes was well known among New York bankers.
A "union bank," organized under the name of the Union
Trust & Savings Bank, began business at Gretna, La., on
Jan. 3 with capital of $50,000 and surplus of $12,500. The
announcement of the new institution says:
In every sense of the word the Union Trust & Savings Bank is a union
enterprise, built of union material, with union labor and serving union
folks in large measure.
The officers of the bank are: President, E. M. Stafford,
former State Senator; Vice-Presidents, N. J. Clesi, R. E.
The Comptroller of the Curr- ency announces, effective Jan. Owens and
Patrick McGill, and Joseph W. Stinson, Cashier.
31, a change in the name of the Citizens National Bank of
Piqua, Ohio, to "The Citizens National Bank & Trust Co. of
With reference to the failu- re on Jan. 29 of the ItalianPiqua."
American Bank of Denver, according to subsequent issues
of the Denver "Rocky Mountain News," a shortage of apHenry D. Setzer, former Cashier of the First Trust & Sav- proximately $55,000 has been discovered in the bank's acings Bank of East Moline, Ill., on Feb. 6 pleaded "guilty" to counts and in addition to this amount 18 notes, covering a
embezzlements of the bank's funds and was given a sentence total of $62,310, listed in the bank's securities, are thought
of from one to ten years in Statesville Prison, according to a by officials of the District Attorney's office to be fictitious,
press dispatch from Moline on that date, printed in the St. and are now under investigation. On Jan. 30 Prospero FrazLouis "Globe-Democrat" of Feb. 7. As noted in the "Chron- zini and S. Nigro, President and Cashier, respectively, of the
icle" of July 5 1924, page 44, Setzer disappeared about July defunct bank, was arrested for alleged embezzlement and
1, leaving two notes behind him in which he intimated that grand larceny, and later released, the former on a bond for
he intended to take his life. According to the dispatch, he $10,000 and the latter on a bond of $5,000. Emil W. Pfeifer,
was subsequently arrested in Kansas. The bank, which was Special Deputy State Bank Commissioner, is in charge of the
closed at the time Setzer disappeared as a precautionary failed institution.
measure, has been reopened, it is stated.
The condensed statement of the American National Bank
The Kimbell Trust & Savings Bank of Chicago announces of Richmond, as of Dec. 31 1924, shows total resources of
the formal opening of its new building, corner Fullerton $18,802,691, of which cash due from banks and the United
Avenue at Central Park Avenue, on Feb. 7 1925. Every mod- States Treasurer amounts to $5,122,483 and loans and disern facility has been provided for a complete banking service, counts to $11,728,265. On the debit side of the statement
Including a new bond department and a trust department.
combined capital, surplus and undivided profits are set
down as $1,947,439 and deposits as $15,920,196. The stateThe statement of condition of the Heitman Bond & Mort- ment of the bank's auxiliary institution, the American Trust
gage Co. of Chicago as of Dec. 31 1924 shows total assets of Co., as of same date,'shows total assets of $1,887,885 and
$1,211,336, of which the principal items are: Cash on hand combined capital, surplus and undivided profits of $1,200,and in banks, $600,515; first mortgage real estate bonds, 328. Oliver J. Sands is President of both institutions.
$470,550, and first mortgage real estate loans, $102,100. On
Plans for the taking over of the general banking business
the debit side of the statement accounts payable—to borrowers on buildings under construction (none due) are given as of the Grace Street Bank & Trust Co. of Richmond by the
$727,758, and combined capital, surplus and undivided prof- American National Bank of that city have been approved by
its as $405,727. The officers of the company are as follows: the directors of both institutions and a meeting of the stockFred P. Heitman, President; Philip C. Lindren, Vice-Presi- holders of the Grace Street Bank & Trust Co. has been
dent and Secretary; Samuel Netter and Crawford G. Moore, called for Feb. 17 to ratify the proposed absorption. Under
Vice-Presidents, and Lewis Myers, Treasurer. In its ad- the terms of the merger, according to the Richmond "Discertisements the company carries the following declaration: patch" of Feb. 7, the banking business of the Grace Street
"No bonds in default. No mortgages in default. No interest Bank & Trust Co. will be merged with the American National Bank and operated with the Grace Street branch of
in default. No foreclosures. No reorganizations."
the latter; the capital stock of the Grace Street Bank &
At a directors' meeting of th- e Noel State Bank of Chicago Trust Co. will be increased from $200,000 to $300,000, and
Arthur Kort was elected Cashier of the bank.
the name changed to the Grace Street Securities Corporation. In its issue of the following day (Feb. 8) the "DisMilwaukee's newest banking institution—the Grand & patch" stated in this regard:
Sixth National Bank—opened for business on Feb. 6. The
It was said yesterday that the deal involved the payment by the American
new bank, which is capitalized at $200,000, occupies the National Bank of $20,000 for the deposits of the Grace Street Bank & Trust
first floor of the Carpenter Building, a new building at the Co., which are listed at $603,382 91, and that the capital of the Grace Street
.institution, now $200,000, will be increased by $100,000, to be contributed
corner of Grand Avenue and Sixth Street, a rapidly growing by the American National Bank in the reorganization creating the Grace
business centre. John LeFeber heads the new institution, Street Securities Co. The Grace Street Securities Co. will handle mortgages
with Jesse A. Smith as Vice-President and N. Rendenbach and securities, under the management of the present board of directors of the
Grace Street Bank and representatives of the American National Bank. The
as Cashier. The directors of the institution are as follows: directors of the Grace Street Bank & Trust Co. will act as an advisory board
Chrales E. Albright, Northwestern Mutual Life Insurance to the Fourth Street branch of the American National Bank.
Co.; Robert W. Baird, President, First Wisconsin Co.; John
The Raleigh "News and Observer" in its issue of Jan. 30
I. Beggs, President T. M. E. R. & L. Co.; Louis Hellbronner,
stated that the Commercial National Bank of that place
Secretary-Treasurer Holeproof Hosiery Co.; Walter Kasten,
President First Wisconsin National Bank; Christian Kurth, had doubled its capital stock of $300,000 by the declaration
President of the Kurth Malting Co.; John LeFeber, Presi- of a 50% stock dividend, $150,000, and by the sale of $150,dent Gridley Dairy Co.; Jesse A. Smith, President Jesse A. 000 of new stock (par value $100 per share) at $130 a share,
Smith Automobile Co., and Henry M. Thompson, capitalist. making the present capital of the institution $600,000, with
surplus and undivided profits of $212,000. The bank has
The Devils Lake State Bank,.Devils Lake, N. D., was plans under way for the enlargement of its banking quarclosed on Feb. 9 because of recent'heavy withdrawals. The ters to meet the needs of its expanding business.
bank is capitalized at $50,000 and has a reserve of $7,000
The formal opening of the principal office of the Hellman
and deposits of $185,900.
Commercial Trust & Savings Bank of Los Angeles in the
The National Bank of Com- merce, Pierce, S. D., failed to* new Hellman Bank Building at Seventh and Spring streets,
open on Feb. 5, according to a press dispatch from that place that city, began on Jan. 29 and lasted three days, according
to the New York daily papers. It is said that A. W. Ewert, to the Los Angeles "Times" of Jan. 31. The opening took
the President of the institution, was dismissed the previous the form of a reception and an exhibition of works of art,
imports from all parts of the world.
day (Feb. 4) by Governor Gunderson as Treasurer of the antiques, rare coins, and
Rural Credits Board. Mr. Ewert testified that his institu- Headed by Marco H. Hellman, the President, and Irving H.
tion had a paid-up capital and surplus of $105,000 and that Hellman, Vice-President, the 800 officials and employees of
the institution formed the receiving line. Flowers in great
rural credits funds deposited in it approximated $200,000.
quantities were sent to the bank by Southern California
792
THE CHRONICLE
firms and individuals to express their congratulations on
the occasion.
The Miners'& Merchants' Bank of Chelan, Wash., which
on Jan. 9 was closed because of the defalcation of $45,000
by the lath C. B. Van Slyke, its Cashier, was re-opened on
Jan. 29, according to a press dispatch from Wenatchee,
Wash., on that day, printed in the Portland "Oregonian" of
Jan. 30. C. F. Moody, Assistant State Supervisor of
Banking, was reported as saying that the condition of the
bank was satisfactory in every respect, and that the cash
reserve on hand was sufficient to meet any demand that
could possible arise. The closing of the bank and the subsequent suicide of C. B. Van Slyke, its former Cashier, was
noted in our issue of Jan. 17, page 297.
The 67th annual statement of the Union Discount Co. of
London, Ltd. (head office London) covering the twelve
months ended Dec. 31 1924 has just been received. Gross
profits for the year, after making provision for contingencies, the report shows, were £752,941, which together with
£190,180, the balance brought forward from the preceding
year's profit nad loss account, gave a total of £943,121. After deducting from this sum 175,663 for current expenses, including salaries, rent and taxes, directors' fees, etc., and
£423,485 for rebate of interest on bills discounted not due
carried forward to new account, £443,973 was available for
distribution and was allocated as follows: £50,000 added to
reserve fund; £10,000 contributed to provident fund; £10,000
written off bank premises; £58,125 to cover semi-annual dividend paid last July at the rate of 15%,less income tax; £62,799 to pay the final half-yearly dividend (including thiree
months on new shares) at the rate of 15% per annum, less
[VoL. 120.
Assets—
Chervonets.
Gold in coin and bars(at the rate of r.5 kop.51:1 zolotnle pure
14.195.464
Platinum (at the rate of ch. 2 r. 6 kop. 6(:1 zolotnik pure
platinum
1,298,444
ctrreng Tt
Foreign i o
. athe rate of £1 stering=-11.8 kop.75;1 dollar
o
9,867.012
Drafts in foreign'curr:;ciesto a total sum of ch. 417.361 r. 1 kop.
I
. 90 at valuation
375,625
Bills in chervonetz to a total sum of ch. 32,390,784 at valuation_ _29,142,706
Securities covering advances to a total sum of ch. 5,832,021 at
valuation
4,870,749
Total
Liabilities—
Bank Notes transferred to State Bank
Balance to which notes may still be issued
Total
59.750,000
Chervonets.
59,596,820
153,180
59750.000
The total of the balance sheet of the Note Issue Department for the period ending Dec. 31 1924 shows an increase of
chernovetz 360,000 in comparison with that of Oec. 16 1924.
The amount of the bank notes transferred to the head office
during the second half of December increased by chernovetz
2,260,000, or 3.9%. The balance available for further issues
is chervonetz 153,180. The following changes are to be noted
in the asset side of the balance sheet. In the first-class cover
the item gold increased by chernovetz 560,000 and the item
foreign currency and drafts in foreign currencies increased
by chernovetz 140,000. In accordance with the policy which
has been pursued by the Issue Council for some time, the
item bills has been increased by approximately chernovetz
3,500,000 (from chernovetz 25,638,777) on Dec. 16 to chernovetz 29,142,786 on Jan. 1 1925) and the item securities covering advances decreased by about chernovetz 3,850,000 (from
chernovetz 8,721,978 on Dec. 16 to chernovetz 4,870,749 on
Jan. 1 1925). The amount of first class cover on Jan. 1 1925
(gold, platinum and foreign currency) was valued at chernovetz 25,730,000, comprising 43.1% of the total amount of
banknotes transferred to the head office.
income tax and interest on installments on new shares tax
not deducted, and £51,563 to pay a bonus of 5s. per share on
old shares and is. 3d. per share on new shares, both tax free,
leaving a balance of £201,486 to be carried forward to next
year's profit and loss account. Total assets of the institution
as of Dec. 31 1924, the report shows, were £54,692,851, of
which cash at bankers amounted to £1,320,683. The cvmpany's paid-up capital is £1,125,000 (subscribed capital
£2,250,000) and its reserve fund (including the amount transferred from profit and loss already mentioned and £175,000
representing a premium on 25,000 shares of new capital
stock offered in July last at £7 a share, all of which were
fully subscribed for) £1,475,000. Robert Callender Wyse is
Manager of the institution; C. S. Langley, Deputy Manager,
and W. B. Hobbs, Secretary.
The half-yearly statement of the Standard Bank of South
Africa, Ltd. (head office London) covering the six months
ended Sept. 30 1924 has just come to hand. It shows total
assets on that date of £60,732,372, of which cash in hand and
with bankers and cash at call and short notice amount to
£8,946,087. Other items making up the assets are: Bills
discounted, advances to customers, etc., £31,717,502; bills of
exchange purchased, £5,412,776, and investments, £5,102,659.
The bank's called-up capital is £2,229,165, and its reserve
fund £2,893,335.
The increase of the capital of the State Bank of the U. S.
S. R. (Union of Socialist Soviet Republics), formerly State
Bank of the R. S. F. S. R., from chervonetz 5,000,000 to chervonetz 10,000,000 (approximately £10,800,000) has been offidaily annuonced. Part of the increase, namely chervonetz
3,500,000, is made up from contributions to the State Bank
made out of the gold fund of the State Treasury during the
past year; the remainder from the reserves accumulated in
1922-23 and from the funds set aside to meet doubtful debts,
the losses of which during the past year have proved to be
far less than were originally provided for. The increase of
capital is further evidence of the development of the State
Bank, which starting towards the end of 1921 with a capital
of 2,000,000 paper rubles of the 1923 Issues, has in three
years accumulated total resources amounting to about 1,600,000,000 gold rubles. In the middle of 1923, when the bank's
resources were recalculated in the new stable currency (the
State Bank notes-chernovetzi), it was found possible to fi;
the capital at chernovetz 5,000,000, which after the lapse of a
little more than 18 months has been made up to double its
dimensions.
The balance sheet of the Note Issuing Department of the
State Bank of the Union of Socialist Soviet Republics (head
office Moscow) as of Jan. 1 1925 has just recently been received and is as follows:
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculation on the New York Stock Exchange was on a
diminished scale the present week and interest centred largely
in high-grade specialties and motor shares. Price movements have been irregular and frequently confused, though
the general trend has been toward higher levels. United
States Cast Iron Pipe & Foundry was especially conspicuous
because of its spectacular rise to the highest price in its
history and its equally sensational decline on Wednesday of
nearly 45 points. On Saturday motor shares and highpriced speculative industrial issues were the leaders, interest
concentrating largely in United States Cast Iron Pipe &
Foundry, which advanced nearly 7 points to 196. Motor
stocks were in strong demand, Mack Trucks continuing its
upward course and reaching 140 for the first time. The
market opened strong on Monday, though prices again be-.
came irregular as the day advanced. High-priced specialties
were in the foreground, advances of 3 to 15 points being
recorded in this group. The violent rise of United States
Cast Iron Pipe continued, the stock selling as high as 214.
American Can registered a new high of 1714 and General
Motors was in strong demand at advancing prices. In the
final hour railroad shares led by New York Central displayed
increasing strength. A vigorous upward movement, in
which prices of some specialties advanced from 3 to 25 points,
was the predominating feature of the trading on Tuesday.
Interest was focused particularly on United States Cast
Iron Pipe & Foundry, Mack Trucks, Allied Chemical and
Hudson Motors. Rai'road shares also participated in the
advance, Wabash preferred A and St. Louis-San Francisco
recording new high tops. The forward movement of prices
continued as the market opened on Wednesday, with highgrade specialties again the center of speculative interest.
United States Cast Iron Pipe maintained its spectacular
upward spurt during the early forenoon, when it reached 250,
but it gradually dropped back nearly 30 points before the
closing hour. The rapid decline of Cast Iron Pipe had a
depressing effect on the general list and losses of 1 to 5 points
were recorded all along the line. The New York Stock
Exchange and other exchanges in and around New York were
closed on Thursday in observance of Lincoln's birthday.
The trend of prices was again confused on Friday, though
there were several strong factors in the general list. The
feature of the day was the vigorous rise of American Can to
a record high above 176, closing with a net gain of 5 points.
The further increase in crude oil prices stimulated that group
to some extent, particularly General Petroleum, which went
forward more than two points. United States Cast Iron
Pipe & Foundry movements continued to attract considerable
attention. Following its early decline, the stock reboundedt
to 220, closing later at 2233.
FEB. 14 1925.]
THE CHRONICLE
793
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended Feb. 13.
Stocks,
No. Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
858,022
1,515,794
1,645,411
1.668,633
1,156,500
Total
6.844.360
Sales at
New York Stock
Exchange.
Railroad,
&c.,
Bonds.
Stocks
-No. shares...
Bonds.
Government bonds_ _
State & foreign bonds_
Railroad & misc. bonds
United
States
Bonds.
$6,990,500
$1,354,000
11,514,000
2,603,000
12,453,000
2,526,500
13,207,000
2,557,500
HOLI DAY
15.189,000
2.831.000
$59.353.500
Week Ended Feb. 13.
1925.
State,
Municipal &
Foreign Bonds.
1924.
$839,250
1,335,400
1,046,700
1,477,200
1,728.000
511.872.000
56.426.550
Jan. I to Feb. 13.
1925.
1924.
4,968,006
57,329,136
38.816,576
$6,426,550 510,688,000
11,872.000
8,259,000
59,353,500 28,574,000
$63,378.800
84,276,500
382,253,300
$126,973,000
52,291.000
230,219,000
6,844,360
Total bonds
577,652,050 247,521.000
5529.908,600
$409,483,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Feb. 13.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Boston.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
24,674
$16,000
8,840
588.565
1,995
28,978
30,000
14,485
73,100
4,650
39,569
30,950
14,686
82,900
3,340
33,429
33,350
18,732
33,600
3,573
HOLID AY-STO CK EXC RANGE CLOSED
22,742
31,000
12,576
37,000
4,815
149,392
52141,30
69,319 8315,165
18,376
$11,500
36,300
33,000
27,600
24,000
$132,400
Prey. week revised 182.770 6,804400 62 ASR 852047n
26 5A7 2222 900
•In addition, saes of rights were: Sat., 5,321; Mon., 25; Tues., 100.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu Az Co. of London, written under date of
Jan. 28 1926:
GOLD.
The Bank of England gold reserve against its note issue on the 21st inst.
amounted to £126,744,260, as compared with .C126,742,890 on the previous
Wednesday. The small amount of gold available in the market here this
week was absorbed by the trade demand. The price quoted on Monday
86s. 9d.
-is a fresh low record since Sept. 12 1919. when dealings in exportable gold were resumed for the first time since the war. The "Times"
correspondent in New York cabled under date of Jan. 26 a summary of
opinion in that city as to what steps would have to be taken in London
to maintain an effective use of the gold standard after removal of the
prohibition against the free export of gold, should that decision be made
before trade automatically renders it feasible. If this New York view
be correct, the United Kingdom needs to weigh carefully whether the
advantages to be gained by swift action outweigh those of financial independence, which might thereby be Jeopardized, risking the diversion to
the United States of the pfe-eminent position wielded by the United
Kingdom in the financial affairs of Europe. We append an extract from
the message to which we refer: "Typical New York banking comment
on the problems of restoring the gold standard embodies the assertion
that to maintain sterling at par England must be willing definitely to
forego her former pre-eminent position as the market for long-term foreign
loans, and willing, also, so to conduct the Bank of England's discount
policy as to keep the London short-term money market on a higher basis
than New York." During the week gold valued at $11,110,000 has been
announced as engaged for shipment from New York. The various amounts
and destinations were reported as follows: Jan. 21, $1,100,000 to London,
$2.500,000 to Berlin; Jan. 22, $1,260,000 to India; Jan. 23, 51,000,000 to
India; $1,050,000 to Australia; Jan. 26, $3,000,000 to Australia; Jan.
27.
$700,000 to Australia, $500,000 to India. In addition to the above it was
reported from New York on the 21st inst. that gold to the value of $501,000
had been engaged for shipment from Philadelphia, but the destination
was not stated. The above shipments from New York to Australia
are
taking place because the Australian banks have to pay a premium of 331%
over sterling for remittances to Australia, and sterling itself is about
131%
below gold parity. The banks have therefore found it cheaper to
ship
gold from America than to purchase exchange. The favorable trade of
India for 1924, as shown in the following table, was one of the factors that
helped to make the absorption of gold by that country during the last
year almost a record.
1924.
1923.
1922.
1921.
Exports
£255.000,000.C228,000,000/196,000,0005152,000.000
Imports
162,000,000 145,000,000 157,000,000 185,000,000
Ital. in favor of India_ £93,000,000 .C83,000,000 £39,000,000*E33,000,000
*Against India.
We append Indian trade figures (private account for December last:
Net
Net
(Lacs of Rupees)Exports.
Imports.
Exports.
Imports.
Merchandise
3608
1722
1886
Gold
6
474%
46831
Silver
177
137%
3931
The official discount rate of the Imperial Bank of India was raised from
6 to 7% on the 22d inst.
SILVER.
During the week the market has kept fairly steady. Moderate support
came from India, and selling from the Continent was less in evidence.
America has been prepared to give some support at lower prices,
but
has usually sold at current rates. Dealers generally are waiting
to see
how Chinaigisbon business in silver becomes active again
holl
after the
New Year
WAhat end to-day. Owing to the large silver shipment
to India by the last mail to the value of about .C600,000, the stocks of
silver available in London are diminished, and a premium for cash delivery
of lid. was established on the 26th inst. and to-day. We are informed
that the Finance and Currency Commission, to which the U. S. House of
Representatives referred the question of whether the 1434 million
ounces
of silver should be acquired for coinage under the Pittman Act, have
reported in favor of the proposal. It will be remembered that before the
Presidential election legislation for the purchase of this amount of
silver
was passed by the Senate. It is again reported that more sliver will be
requfred by Germany for coining, a proposal to raise the silver currency
from 5 to 10 marks per head of the population having been under consideration. Tenders were received yesterday by the Bank of England for
11 lacs deferred telegraphic transfers and 65 lacs immediate telegraphic
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, tkc., at London,
as reported by cable, have been as follows the past week:
London,
West Ended Feb. 13Silver, per on
d
Gold, per rine ounce
Consols, 234 per cent_______
British, 5 per cents
British, 434 per cents_______
French Rentes (in Paris), fr_
French War Loan(InParls),fr_
Feb. 7. Feb. 9. Feb. 10. Feb. 11. Feb. 12. Feb. 13.
Tues. Wed. Thurs. Fri.
Mon.
Sat.
32%
3251
3234
323-16 3231
3231
875. 2d. 875. 4d. 878. 2d. 86s.10d. 868.10d. 868. 8d.
5834
5834
5854
5834
58
101% 101% 10131
10131 10131
9734
9731
97%
9734
97H
48.40
48.45
48.45 48.45
____
48.40
____
58.05
58.15
58.20
58.20
58.25
The price of silver in New York on the same days has been:
Sliver In N.Y., per oz.(eta.):
Foreign
6831
6831
6831
6855
6834
6831
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole the present week
will again show an increase as compared with a year ago,
but the ratio of gain is more moderate. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday, Feb. 14), 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 10.3% over
the corresponding week last year. The total stands at
$8,159,522,490, against $7,400,690,286 for the same week in
1924. At this centre there is a gain of 16.1%. Our comparative summary for the week is as follows:
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF' BANK CLEARINGS.
Week Ending Feb. 14 1925.
1925.
1924.
Federal Reserve Districts.
$
$
1st) Boston
11 cities 535,109,925 440,233,603
2nd) New York
11 " 6,279,208,225 4,669,143,075
3rd) Philadelphia_....10 "
535,311,606 490,208,295
4th) Cleveland
8 " 392,451,686 349,905,113
5th) Richmond
195,113,264 191,726,830
8 "
6th) Atlanta
11 " 209,306,843 188,583,028
7th) Chicago
20 " 936,703,651 763,576,731
8th) St. Louis
8 " 231,232,426 209,095,984
9th) Minneapolis_ __ _ 7 "
129,801,602 103,208,065
10th) Kansas City
12 " 248,988,857 213,856,409
11th) Dallas
84,312,795 65,175,47
5 "
120) San Francisco... 17 " 496,214,516 464,943,523
Inc.or
Dec.
1923.
1922.
$
%
$
+21.5 363,171,186 281,605,993
+34.5 4,054,792,488 3,777,726,522
+9.2 466,854,710 396,457,674
+12.2 343,001,936 277,235,097
+1.8 162,186,428 130,118,048
+11.0 170,570,008 132,061,044
+22.7 772,534,879 629,891,646
+10.6 68,511,020 51,813,214
+25.8 106,803,428 94,735,110
+16.4 229,932,329 212,982,644
+29.4 56,826,891 48,991.096
+6.7 384,122,219 306,728,249
Grand total
126 cities 10273755396 8,149,656,129 +26.1 7,179,307,522 6,340,244,33e
Dutaide New York City
4,110,454,519 3,591,938,071 +14.43,234,501,2172,560,649,620
9
9
Complete and exact details for the week covered by the
foregoing will appear infur issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week-the wet* ended Feb. 7. For
that week there is an increase of 26.1%, the 1925 aggregate
of the clearings being $10,273,755,396, and the 1924 aggregate $8,149,656,129. This increase is due largely, as explained last week, to the fact that the present year the end
of the month and the first of the month business came in
this week, while last year these heavy payments came in the
previous week. Outside of New York City the increase is
only 14.4%, the bank exchanges at this centre having reis
corded a gain of 35.2%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the Boston Reserve District
there is an expansion of 21.5%, in the New York Reserve
District (including this city) of 34.5%, but in the Philadelphia Reserve District of only 9.2%. In the Cleveland Reserve District the totals are larger by 12.2%, in the Richh-
Weut Ending Feb. 7 1925.
1925.
1924.
Inc.or
Dec.
Federal Reserve Districts.
11 cities 535,109,925 440,233,603
(1st) Boston
11 •• 6,279,208,225 4,669,143,075
(2nd) New York
535,311,606 490,208,295
(3rd) Philadelphia _ _ _ -10 ••
392,451,686 349,905,113
(4th) Cleveland
8 ••
195,113,264 191,726,830
6 ••
(5th) Richmond
209,306,843 188,583,028
11 ••
(8th) Atlanta
936,703,651 763,576,731
20 ••
(7th) Chicago
231,232,426 209,095,984
8 ••
(8th) St. Louis
129,801,602 103,208,065
(9th) Minneapolis_ _
7 ••
248,988,857 213,866,409
12 "
(10th) Kansas City
84,312,795 65,175,473
5 ••
(11th) Dallas
496,214,516 464,943,523
(12111) San Franciseo_17 ••
1923.
1922.
+21.5 363,171,186 281,505,993
+34.5 4,054,792,488 3,777,726,522
+9.2 466,854,710 396.457,674
+12.2 343,001,936 277,235,097
+1.8 162,186,428 130,118,048
+11.0 170,570,008 132,061,044
+227 772,534,879 629,891,646
+10.6 68,511,020 51,813,214
+25.8 106,803,428 94,735,110
+16.4 229,932,329 212,982,644
+29.4 56,826,891 48,991,098
+6.7 384,122,219 306,726,249
126011106 10273755396 8,149,656,129 +28.1 7,179,307,523 8,340,244,339
Grand total
4,110,451,519 3,591,998,071 +14.43,234,561,217 2,650,649,526
Ontelde New York CltY
29 cities 324,574,417 419,800,152 -22.7 276,578,171 287,979,794
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 7.
Clearings at
1925.
1924.
Inc. or
Dec.
1923.
$
$
$
%
First Federal Reserve Dist rict-Boston770,883
804,755
Me.- Bangor
702,627 +14.5
Portland
3.108.382
3,863,500
3,153,159 +22.5
Mass.-Boston__ 479,000.000 391,000.000 +22.5 318.000,000
2,204,123
Fall River
2.376,649
2.190,719 +8.5
a
a
a
Holyoke
a
Lowell
1,136.000
1,119,695 -11.1
995,658
a
Lynn
aa
1,795,929
New Bedford__
1,455,610
1,330,114 -4.4
4,545.570
Springfield__
5,900,378
5,263.051 +12.1
3,303,000
Worcester
3.655,000
3,388,000 +7.9
10.735.692
-Hartford
15,977.097
Conn.
13.022.759 +22.7
6,118.807
New Haven._ _
7.624,178
6.154,979 +23.9
11,452.800
13,457.100
R.I.-Providence
12,908,500 +4.3
Total(11 cities)
535,109,925
440,233,603 +21.5
363,171,186
1922.
s
718,075
2,601,326
254.000,000
1,459,542
a
1.037,356
a
1,492,608
3.546,343
3,006.400
8,318,602
5,325,741
281.505,993
-New York
Second Feder al Reserve D 'strict
4,374,358
5.546,507
5,565,862 +38.2
7,692,272
-Albany..
N. Y.
1,014.000
1,321,300
1,603,000
1,177.700 +36.1
Binghamton...
31.491,508
39,967.545
40,934,599 +13.6
Buffalo
d46,485,759
590.276
818,399 +43.3
1,173.056
Elmira
881.026
1,126,118
1,172,411 +21.1
Jamestown....
c1.419.780
New York....- 6.183,300,877 4.557.658.058 +35.2 3,944,806,305 3,689.594.813
7,118.308
9,692,322
15,026.779
12.503,037 +20.2
Rochester
4.967,915
5,171,029
7,046,974
6,388.500 +10.3
Syracuse
2.160,699
2,753,785
-Stamford
c3,172,304
3.403.797 -6.8
Conn.
350.464
-Montclair
576,139
418,706
464,949 +23.9
N. 3.
43,398,595
35.773,431
39,055,763 -18.8
Northern N.J31,711.285
Total(11 cities) 6.279.208.225 4,669,143,075 +34.5 4,054.792,488 3,777,726,522
Third Federal Reserve Dist act-Phillad el phis1,257.677
1,539,867
1,242,902 +24.0
Pa. Altoona_ _ _
3,744,878
Bethlehem
3,749.856
*3.500.000 +7.1
1,157,770
1,163.102 +12.7
Chester
1,310,716
2,813,246
2,994,191 -22.2
2.329,704
Lancaster
503.000,000 462.000,000 +8.9 441,000.000
Philadelphia
3.255,985
2,844,886
3,394,586 -4.1
Reading
5,848,375
5,336,441 +19.8
6,392,556
Scranton
3,555,705
4,636,261 -8.7
d4,234,045
Wilkes-Barre _ _
1,492,400 +16.5
1,275,159
1.738.526
York
4,448,412 +74.5
7,760,351
3,357,014
-Trenton
N.3.
a
a
a
a
Del.-Wilminen
888.764
*3,000,000
796,623
2,302,927
376.000.000
2.372,412
4,517.768
2,398,661
1,039,808
3,140.711
a
466,854,710
396.457.674
Fourth Feder al Reserve D IstrIct--Clev eland 6,629,000 +5.7
7,387,000
d7,009,000
Ohio-Akron
4,400,313 -5.7
4,187,240
4,140,992
Canton
59,307,961
61,318,635 +12.9
69,226,597
Cincinnati ..
91.812,354
99,019,673 +8.2
107.227,624
Cleveland
15,560,600
14,369,000 +5.4
15,149.500
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
1,570,922
1,464,300 +11.8
d1,637,738
Mansfield
a
a
a
a
Springfield_...
a
a
a
a
Toledo
3,993,526
5,884,206 -4.6
5,612,507
Youngstown _.
a
a
a
a
-Erie
Pa.
182.438.728 156.819,896 +16.3 159.182.333
Pittsburgh....
5.260.000
2,511.020
51.525.443
81,755,138
26,303,100
a
a
1,167,915
a
a
3.012,481
a
105,700,000
Total(10 cities)
535,311,606
490,208,295
+9.2
349,905,113 +12.2
343,001,936
277,235,097
Fifth Federal Reserve Dist riet-Richm ond2,043,544 -18.5
1,665,748
W.Va.-Huntg'n
8,704,616 +6.4
d9,257.774
Va.-Norfolk
63,863,000 -11.1
56,758,000
Richmond ___.
2.520,840 -3.8
2,424,974
-Charleston
3.C.
90,897.830 +8.6
98.736,559
Md.-Baltimore..
23,697.000 +10.9
26,270,209
D.C-Washing • n
2,110,068
8,528,458
46.571,612
2,401,993
81,760,074
20,814,223
1,334,242
6,998,860
36,753.089
2.272,741
64,440,732
18,318,378
+1.8
162.186,428
130,118,048
Sixth Federal Reserve Dist net-Atlan ta5,817,575 +10.5
d6.427,412
renn.- Chattga
3,060,860 +27.0
3,888,913
Knoxville
18,679.597 +8.8
20,321,393
Nashville
52,813,188 +13.5
59,935,484
Ga.-Atlanta
2,573,473 -6.9
2,394,791
Augusta
1,582,111 -4.2
Macon
1,515,288
a
a
Savannaha
13,536,611 +48.5
20.097,389
Fla -Jack'nville
27,886,179 -0.3
'
Ala.-Birming m
27,805,056
b
b
b
Mobile
1,419,526 +13.9
Miss -Jackson....
1,617,000
561.147 +3.0
577,736
Vicksburg
60,652.761 +6.7
La.-NewOrleans
64,726,381
5,351,739
2,695,579
17,148,152
47,872,003
1,935,988
1,435.350
a
12,939,327
27,433,232
b
1,083.007
315,195
52,360.436
5,547,020
2,761,621
15,662.877
35,754,947
1,373,361
1,004.860
a
9,985,221
16,223,831
b
1.297.164
402.605
42,047,737
170,570,008
132,061,044
Total(8 cities).
Total(6 cities).
Total(11 cities)
392.451,686
195,113,264
209,306,843
191,726,830
188,583,028 +11.0
Inc. or
Dec.
1924.
1925.
1923.
$
3
$
%
Seventh F Klee al Reserve D [strict Chi eago
Mich.-Adria
196,863
290.149
226,553 +28.1
Ann Arbor.
609,085
•--1,216,569
790.191 +53.9
Detrolt _ _ ..-..-- 132,126,959 116,252.450 +13.7 107,368,803
Grand RapKW5,809.443
7,418,534
6,360,487 +16.6
Lansing
1,803.017
2,850,734
• --2,359,923 +20.8
-Ft. W Lyne
Ind.
1,879,478
2,548,665
2,607.057 -2.2
Indianapoll!--18.199,000
17,520,000
17,458,000 +0.3
South Ben .--2,232,273
2,646,600
2,396,507 +10.4
Terre Haut I--5,057,631
5,591,014 -9.5
Wis.-Milwa ikee
36,355,612
42,967,041
33.906.406 +26.7
Iowa-Cod. ,1)
2,218,170
2,630,045
2,261,685 +16.3
MolneiI--Des
9,941,560
11,350,212
9,557,203 +18.7
Sioux City. -6,113,194
7,696,340
•7,391,160 +4.1
Waterloo -- -1,308,571
1,452,912
1,258,017 +15.5
111.-131oomi gin
1,159,222
1,564,867
1,181,718 +32.4
Chicago - •--- 685,28£L653 543,912.970 +26.0 567,847,450
Danville .._ •--a
a
a
a
Decatur _ _ •-1,160.847
1,470,220
1,158,538 +26.9
Peoria
4,082.500
5,448.886
•--4.233.266 +28.7
Rockford •--2,093,066
2.639,696
2,399,796 +10.0
Springfield --2.156.725
2,518,938
2.273.792 +10.8
Total(20 ci 'lee
) 936,703.651
1922.
$
161,880
585,480
73.940,000
5,459,915
1.612,729
1,701,416
15,434,000
1,587,391
29,113,179
1,682,151
8,136,512
5,501,139
1,245,049
1,184,127
473,651,897
a
1,071,752
3,890,997
1,876.707
2,055,325
629,891,646
763,576.731 +22.7
772,534,879
Eighth F ,der al Reserve D istrict-St.L mils-Evans Ille.
Ind.
6,108,924
4,147,179 +47.3
Mo.-St. Lo is.. - 150,800.000 140,800,000 +7.1
Ky.-Loulsvi Ile__
32,715,091
29,758,477 +9.9
Owensboro -- -648.383
485,971 +334
Tenn.-Mem phis
25,455,702
20,817,941 +22.3
-Little Lock
Ark.
11,361,084 +17.2
.
13 315,831
Ill.-Jackson vine
421,236
341,406 +23.4
Quincy
• --1,767,259
1,383.926 +27.7
4,140,141
3,784,109
28,809,855
776,978
21.780,160
11,210.567
326.044
1.467,275
22,749,569
644,928
14.960,941
8.223,510
261,034
1.189,123
88,511,020
51,813,214
5,389,372
64.210,915
30,947,049
1,768,289
1,122,859
469,013
2,895,931
4,167,253
57,161,401
26,160,809
1,724,164
1,020,482
571,992
2,929,009
Total(7 chi
129,801,602 103,208,065 +25.8 106,803,428
Tenth Fed Ira. Reserve Dist riot-Kansa s City Neb.-Fremo It....
670,702
d363,035
403,386 -10.0
Hastings_ _ _ - -505.350
681,468
528.733 +25.1
Lincoln _ _ _ --4.035,478
3,898,684 +21.8
4,747,937
_ --Omaha
38,937,426
41,966,818
34,047,807 +23.3
Kan.-Topek I -3,973,973
3.204,210
3,522,553 -9.0
Wichita _ - -9,852,517
d7,765,340
8,235,677 -5.7
Mo.-Kansas Iity 131.235,835 113.958,252 +15.2 128,478,894
St. Joseph -- d8,536,775
6,874,746 +24.2
-M usk gee
Okla.
a
a
a
a
Oklahoma 1ity d25,336,971
20,919,869
22,161.696 +14.3
Tulsa
a
a
a
a
-Colo. 'PO
Colo.
1.045.322
1,202,379
1.081.704 +11.1
Denver _
20.656,307
18,233,982 +25.4
22,856.544
--Pueblo
856,491
909,189 +22.3
e1,111,545
---
94,735,110
Total(8 eitiWI 231,232,426 209,095,984 +10.6
Ninth Fed e,ral Reserve Dist riot-Minne apolis
Minn.-Dulu d-'
6.306,530 +18.5
d7,471,050
Minneapolti
88,363.904
60,967.442 +41.7
'--St. Paul._ •--29.449323
29,993,384 -1.8
No. Oak -Ft
1,800,875
1,578,733 +41.1
-Aber en
S. D.
1,416,410
1,123.426 +26.1
Mont. Billi Igs678.440
538,794 +25.9
Helena ___ --2,621,800
2.699,756 -2.9
rgo
Total(12 cltlee) 248.988,857 213.856,409 +16.4
Eleventh Fede nab Reserve District
-Da lies'--- . 1,699,099
Texas-Austlol
2.499.436 -32.0
Dallas
36,814,099 +41.4
52,042,932
--Fort Wort - -- d14,742,667
13,099,331 +12.5
Galveston_ _ --7,963,348 +29.6
10,323,654
llouston
a
a
a
--La.-Shrevep n't.
4,799,259 +14.7
5,404,443
363,797
554,433
3,246,410
32,940,188
3,065,214
11,241,921
121,847.855
a
19,922,742
a
939,014
18,142,289
718,781
229,932,329
212,982,644
2,066,278
31,011.786
10,919,920
8,443,298
a
4,385.611
1,579,606
23.991.163
12,876.309
6,335,741
a
4,208,279
48.991.098
56.828,891
Total(5 titleIs)65.175.473 +29.4
84,312,795
Twelfth Feder al Reserve D istrict-San Franel sco28.100,901
30,476,968
Wash.-Seattlt..
36.322.706 -0.2
36.254.451
Spokane _
9,039,000
9.552,000 +7.5
10,275,000
a
a
Tacoma __ _
a
1,495,097
1,276,984
Yakima _ _ _:-1,184,940 +32.4
1,568,676
28,212,991
Ore.-Portlan I -28,653,895
34,246,000 -3.3
33,102,266
9,861,810
12,537,643
Utah-Salt L. %ItY
12,625.878 +23.6
15,619,395
a
.
a
Nev.-Reno _ --a
a
a
a
a
a
Ariz.-Phoeni
a
a
3,914.042
3,778,250
.-Fresn '--Calif
4.053.309 -20.0
3,244.485
3.730,949
7,417,162
Long Beach--8,753,227 -20.1
6,995.069
81,583,000
Los Angeles- -- 152,309,000 152,799,000 -0.3 110,696,000
11,869,846
Oakland _ _ _ --14,702.251
16.578.795 +21.3
20,113,895
4,479,847
3,408,886
Pasadena _ _ --6.556,310 +9.3
7,163,316
6,409,262
Sacramento --5,744,310
8,447,270 -13.4
d7,313,192
2,923,314
*4,000,000
San Diego _ --4,324,675 +21.8
5,269,337
San Fraud Id - 188,285.407 161,500.000 +16.6 144.800.000 120,800,000
San Jose.... _ - -2,028,691
2,076.446
2.269,660 +24.7
2,829,485
Santa Barb re_
1,264,974
954,149
1,181,106 +28.1
1,512.559
Santa NIonlca2,159,147 -12.4
1.891.483
Stockton_ _ --2.425,500
2,389,500 +3.3
2,188.300
c2,467,500
Total(17 eitlea) 496.214.516 464,943.523 +6.7 384,122,219 308,726,249
126
Grand total (
clues)
--- 10273755396 8.149.656329 +26.1 7.179,307.522 6.340,244.339
Outside N. Y.-- - 4.110.454.519 3.591.998.071 +14.4 3.234.501.217 2.650.640.626
Week Ended February 5.
Clearings at
Inc. or
1924.
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat
Peterborough_
Sherbrooke
Kitchener
Windsor
Prince Albert._
Moncton
Kingston
s
108.965,251
96,805,605
49.818,862
14,411,659
6,144,873
6,099,817
2,657,779
4,542,997
7,149,921
2,400,849
1,822,514
2,642,400
4,923,711
3,155,457
579,858
505,063
1,414,562
1,235,380
658,685
784,585
618,319
310.424
737,681
805,003
832.210
2,764,819
370,427
725,417
690,289
Dec.
1923.
m0002040000404,
1240304owo.-oo,--4=toe04e.
0v0400v040v040-490.0404000oo0....ma-Imnoo,3
SUMMARY OF BANK CLEARINGS.
Week Ended February 7.
Clearings at
-17.5
-42.6
+9.0
-8 7
-10.7
+8.1
-7.9
-11.9
-6.6
-27.7
-5.3
-6.0
+9.2
-4.8
+19.2
+1.0
-18.1
+4.2
-29.8
-20.3
+4.2
-20.5
-1.3
-8.0
-24.4
+9.7
+3.6
-1.5
+2.4
91,422,194
86.160,589
36,677,114
12,614,801
5.925,819
3,040,133
2,597.653
4,915,875
4,395,077
2,539,277
1,890.015
2,839,623
4,173,549
2,782,822
528,952
595,889
1,936,681
957,424
895,572
789.582
588,347
346.067
637,763
799,687
056.001
2,776,466
334,592
977,907
582,900
/10 1111A 169
.
-.99 7
276 576 171
wo.t..w,,cnwacho.cnoo
[ND.
-I0404..ao-4.p.wogocowco..m*o..00,0402040400,040-40..p..4.w.A.0400,0040020004,o,4..w04v
mond Reserve District by 1.8%, and in the Atlanta Reserve
District by 11.0%. The Chicago Reserve District has an
improvement of 22.7%, the St. Louis Reserve District of
10.6% and the Minneapolis Reserve District of 25.8%. In
the Kansas City Reserve District there is a gain of 16.4%,
in the Dallas Reserve District of 29.4%, and in the San
Francisco Reserve District of 6.7%. It should be noted
that without a single exception every one of these Federal
Reserve districts reports an increase as compared with the
corresponding period last year.
In the following we furnish a summary by Federal Reserve
districts:
Canada
[VoL 120
:
THE CHRONICLE
794
--.
2..-4/1 17
-
,
.k ..•
1922.
89,758.513
89,304.871
43,465,157
13,188,426
6,721,709
.4,200,000
3,118,124
4,943,345
4,882.447
2.566,542
2,015,744
2,803,800
4.810,919
2,715,610
557,616
457,181
1,570,032
1,040,607
1,028,095
725,462
517,743
295,143
621.831
805,046
960.778
2.929,261
307.960
971,702
690,130
967 070
794
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Feb. 4. d Week ended Feb. 5. e Week ended Feb. 6. •Estimated.
FEB. 14 1925.]
THE CHRONICLE
THE CURB MARKET.
There was no definite trend to Curb Market trading this
week. Periods of dullness and activity followed each other
and prices moved about in aimless fashion. Oils were quiet
in the forepart of the week, but later assumed the lead.
Buckeye Pipe Line advanced from 67 to 683%, fell to 653%
and closed to-day at 673%. Chesebrough Mfg., new, gained
ten points to 70, dropped to 633% and sold finally at 64.
Continental Oil sold down from 293% to 28% and closed
4
to-day at 283 ,ex-dividend. Magnolia Petroleum rose from
1533 to 155 and reacted to 152. Ohio Oil was off from 753j
to 723% and ends the week at 73. Prairie Oil & Gas declined
from 249 to 240, moved upward again, reaching 2513% today; the close, however, was at 247. Standard Oil (Indiana) weakened from 69% to 673%, recovered to 69% and
8
finished to-day at 683/s, ex-dividend. Standard Oil (Nebraska) sold up from 255 to 263 and at 260 finally. Vacuum
Oil was down from 913 to 88% but recovered to 923%; the
%
close to-day was at 92. Pennok Oil advanced from 203% to
22%. Industrial and miscellaneous issues also moved
about in irregular fashion. United Profit Sharing was active
and strong, advancing from 63% to 9, the close to-day being
at 83/2. Continental Baking A stock, after fluctuating
dueng the week between 1103% and 111%, jumped to-day
to 1143%, closing at 114. Goodyear Tire & Rubber common weakened from 343 to 313 ,recovering finally to 325 .
4
%
%
Radio shares moved irregularly, with final changes in the
main small. American Power & Light common dropped
from 583j to 53 and closed to-day at 533%, ex-dividend.
Buffalo General Electric advanced from 2293% to 247.
Commonwealth Power common moved down from 1203% to
116. Electric Bond & Share, new -holding company, fell
from 69 to 615 . Lehigh Power Securities slumped from 106
%
to 943%, finishing to-day at 963%.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended Feb. 13.
Ind.&Mis.
Saturday
Monday
Tuesday
. Wednesday
Thursday
Friday
Total
116,230
150,514
210.360
138,331
Mining.
Oft.
BONDS (Par Value).
Domestic. For'n Govt.
$18,000
64,000
75.000
32,000
172,950
113.790
144,620 81,503,000
150.150
242,400 1.875,000
149,900
231,030 1.122,000
170,940
254,720
910.000
HOLI DAY
148,830
212.020 1,020,000
696.385
732.610 1,084,790 $6,430,000
$281.000
92.000
Preliminary Debt Statement of U. S. Jan. 31 1925.
The preliminary statement of the public debt of the
United States Jan. 31 1925 as made up on the basis of
the daily Treasury statements, is as follows:
Consols of 1930
Loan of 1925
Panama's of 1918-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
First Liberty Lean of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$599,724,050 00
117.734,70000
48,954.180 00
25,947,400 00
49.800,000 00
28.894.500 00
11.995.880 00
8883.060,71000
51,951,522.650 00
3,104.567.600 00
2,885,388,850 00
8,324,489.850 00
Treamtry bonds of 1947-1942
Treasury Bonds of 1944-1954
14.265,968,95000
763,948,300 00
758,925,800 00
795
Debt Bearing No Interest—
tYnIted States notes
Lem gold reserve
346,681.016 00
152,979,025 63
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency....
193.701.99037
55.865.63700
2,048,443 56
251.616,070 93
Total gross debt
$21,057,159,922 97
•Net gash receipts. a Net redemption value of certificates outstanding.
Government Revenue and Expenditures.'1a
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for January 1925
and 1924 and the seven months of the fiscal years 1924-1925
and 1923-1924.
Receipts.
Jan.1925..lan.1524.7Mos.'24.57Mos.'23.5
Ordinary—
a
$
s
$
Customs
46,968,219 40,019,386 316.322,201 309,779.013
Internal revenue:
-4
Income and profits tax_ _
29.751,436 33,831,763 813,338,487 853.219.736
Miseell. internal revenue_ - 67,908,337 80,990,363 523,758,123 604.174,055
Miscellaneous receipts:
Proceeds Govt 'owned securities—.
Foreign obligations-Principal
23.205.568
6.620
20
60.993,208
Interest
19,487
19,497
79.797.235
80.877,701
Railroad securlUes
3,112,334 5,878,344 114,402.686
23,983,005
All others
476,797
4.050.563
487,689
5,499,164
Trust fund receipts (reaPimori. for Investment)_ 2,670.762 3,070.738
18,671,852
18.343.680
Proceeds sale surplus prop_
12,075.093
753.762 3,258,047
29,191,118
Panama Canal tolls, &o._,. 1,990,347 2,291,797
14,236,226
15,992,784
Receipts from miscell.
sources credited direct to
appropriations
288.053
17.227.269
2.591,630
19,290,206
Other miscellaneous
15,346,219 13.177,661 104.227.291 131.411,091
Total ordinary
171,600.252 183.307.056 2,041,310.594 2,152.754.759
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary ree'ts120,856.587 77,457834
Public debt retirements
chargeable against ordinary receipts:
Sinking fund
Purchases from foreign repayments
Received from foreign governments under debt
settlements
Received for estate taxes.
Purchases from franchise
tax receipts (Fed. Reserve& Fed.Intermediate
credit banks)
Forfeitures. gifts, &e
Total
322,774,500 00
299.659.90000
400,031,000 00
615,677,900 00
414,922,300 00
355,779,900 00
668,201.400 00
50,000.000 00
Treasury Certificates:
Series TM-1025, maturing Mar. 15 1925
Series TS-1825, maturing Sept. 15 1925. _ _ _
Adjusted Service seam, maturing Jan. 11926
235,704,500 00
307,419.500 00
49.800.00000
Treasury (War) Savings Securities—
War Savings Certificates:
Series 1921.a
Treasury Savings Certificates:
Berke 1921. Issue of Dec. 1519215
Series 1922, Issue of Dec. 15 1921
Series 1922, Issue of Sept.30 19225
Series 1923, MOW Of Sept. 30 1922 0
Series 1923. Issue of Dee. 1 1923 5
Series 1924, Issue of Dec. 1 1923 b
Thrift and Treasury Savings Stamps, unclassified sales, &o
316,669,893,760 00
3,133.046.90000
592,924.000 00
11,464,310 45
1,808,670 80
98,085,610 00
15.386,614 85
137.025.804 80
24,986,110 95
100,546,359 40
60,181.850
118.374,000
219,271.750
89.3.30
208,600
38,609.160
1,030,050
90.950.000
47.550
91.859.200
7,088.600
3,634.550
5,000
152.200
183.903
3,634.550
52,500
150.800 64,941.300
209.916,253
360,414,750
150.800
Total expenditures chargeable
against ordinary recelpta__292,456,839 260,764,690 2,008.084,961 2.138,077,945
c Receipts and expenditure('for June reaching the Treasury In July are included..
•The figures for the month include 2833.647 56 and for the fiscal year 1925 to
date 55,464,154 12 accrued idscount on war savings certificates of rhe series of
1918 and 1919, and forthe corresponding periods last yearthef-1 gures include $1,908
511 25 and 314,850,306 35, respectively, for the series of 1918.
0 Excess of credits (deduct).
a The variation in above amount from amount appropriated Is due to necessity
for a small working balance in connection with certificate payments by Veterans'
Bureau. For amount of fund invested see Items of adjusted service series under
nubile debt receipts and public debt expenditures on page 3.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Jan. 31 1925 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Jan. 31 1925.
Assets—
Gold coin
Gold bullion
3,933,116 86
393,250,598 11
Total Interest-ibearing debt
Matured Debt on Which Interest Has Ceased—
Old debt matured at various dates Prior to
Apri 11 1917
Spanish War Loan of 1908-1918
Treasury (War) Savings Certificates Series
19200
Certificates of indebtedness
Treasury notes
of
sg% Victory Notes of 1922-1923
1922-1923—
4,(% Victory Notes
Called for redemption Dec. 15 1022
Matured May 20 1923
16.676.813
Expenditures.
Ordinary—
(Checks & Warrants Paitt.stc.)
General expenditures
151,292,419 146.065,724 1,107,311,964 1,106,577.256
Interest on public debts
19,687.517 23.797,967 467.419.032 494,769,872
Refunds of receipts:
Customs
1.327,364
1.154,962
14.251.639
13,646,226
Internal revenue
14,741,748 2,305.401
73,433.530
67.077.350
Postal deficiency
5.000.000 4,476.314
5,023,983
12,476,314
Panama Canal
639,035
43,b32
5,633.330
4,482.460
Operations in special accts.:
Railroads
b1,025.433 1,734.432
2,325.137
17,459.066
War Finance Corporation_ 03.192,352 03.334.070 033.765.985 547.506,552
Shipping Board
1,759,290 3.768.501
20,795,997
69.821,800
Alien Property funds
5470,560 2,812.426
3.879,378
318.763
Loans to railroads
7,400,000
9,571.000
Adjusted service etf. fund b. 99,876,249
99,876.249
Investment of trust funds:
Government life insurance. 2,570,894 3,053,706
17,980,089
18.222.652
Civil Service retirement._ _
2,527.463
11,221,368
8.527.461
District of Columbia
teachers' retirement..___
.998
17.032
129.494
121,0211
Foreign service retirement.
91.233
General railroad contingent
43,871
562,269
98,500
Total ordinary
292,306,040 195,823.390 1,798,168,707 1,775,663.196
1.620.874,10000
Total bonds
Notes—
Treasury notes—
Series A-1925. maturing Mar. 15 1925
Series B-1925. maturing Dec. 15 1925
Series 0-1925. maturing June 15 1925
Series A-1920, maturing Mar. 15 1926
Series 8-1926, maturing Sept. 15 1926
Series A-1927. maturing Dec. 15 1927
Series 8-1927, maturing Mar, 15 1927....
Adjusted Service Series, mattwing Jan. 11530
35.225,632
820.789,121,258 11
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
505,727,257 30 Gold certifs. outstandl-1.504.746,479 00
3 249,482,565 56 Gold fund, F. R. Board
(Act of Dec.23'13, as
amended June 21'17).1,898,714,633 12
Gold reserve
152,979,025 63
Gold in general fund.... 198.769,68311
Total
Total
3 755,209,822 86
3.755.209,822 86
Note.—Reserved against 1346.681,016 of U.S. notes and 31,400,677 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars
in the Treasury.
SILVER DOLLARS.
Assets—
$
Liabilities—
$
Silver dollars
446,631,38200 Silver certifs. outate.nd'g 432.291,204 00
Treas. notes of 1394) out_
1,400,677 00
Silver dollars in gen.fund 12.93950100
51,281,420 26
254,660 00
2.250,263 67
1.971,00000
1,916.400 00
61,550 00
2.971.400 00
8.716,90006
16,422,59393
Total
446.631,382 00
Total
446,631.382 00
[VOL. 120.
THE CHRONICLE
796
Assets
Gold (see above)
Silver dollars (see above)
United States notes_ _
Federal Reserve notes
Fed. Res. bank notes
National bank notes
Subsidiary silver coln_
Minor coin
Silver bullion
Un CIa a sifi e d--colleetions, &c
Deposits in Federal Reserve banks
Deposits in special depositaries account of
sales of Treas. bonds
& certifs. of indebtness
Deposits in foreign depositaries:
To credit Treas. U.S_
To credit of other
Government officers
Deposits in natl banks:
To credit Treas. U.S_
To credit of other
Government officers
Deposits in Philippine
Treasury:
To credit of Treas.U.S.
GENERAL FUND.
LiaMlisles198,769,683 11 Treasurer's checks out3,004,127 43
standing
12,939,501 00
4,160,545 00 Derma of Govt. officers:
9,422.918 26
Post Office Dept
681,354 50
Bd. of Trustees Postal
100,032 00
Savings System 5%
17,218,242 00
6,624,877 50
res've,lawful money
7,726,900 18
330,842 86
Other deposits
01
1,309,235
Comptroller of Cur19,087,057 41
rency, agent for
creditors of insolv4,513,507 46
1,387,726 43
ent banks
Postmasters, clerks of
56,634,324 47
courts, disbursing
35.833,01151
officers, &o
Deposits for:
Redemption of Fed.
188,986,000 00
Reserve notes (5%
164,284,581 31
fund,gold)
Redemption of nat'l
135,450 48
bank notes (5%
fund,lawful money) 30,105,375 55
248,245 10
Retirement of addl
circulating notes,
7,683,310 18
5.14500
Act May 30 1908_
21,454.71966 Uncollected items, ex5,031,297 95
changes, &c
$persh.
Shares. VArkR,
50 Acme Coal Mining Co., par 51_500 Amal. Silver Mines, par $1___
5,200 American Pine Products
Corp., par $1
87 American Tire Corp.. common,
par $10
200 Federal Adding Machine Corp.,
$6
common. par $10
lot
100 Goldfield Deep Mines, par 5c
10 Maibohm Motors Co., par $10
5 Nat. Atlantic Petroleum, par $5
4 Nat. Boat & Eng., corn., par $10
20 New Dominion Copper Co.,"A"
par $1
7 Racine-Truscott-Shell Lake Boat
Co.. Par $10
200 H. P. Andrews Paper Co.,
$300 let
common, no par
500 Candelaria Mines Co., par $1
100011 & Exploration Co.. par $10_ 811
lot
10 Scottenn Coal, Inc.. pref
20 Scottenn Coal,Inc., corn., no par
25
30 Sterling Realty Co Inc
$ per sh.
Shares. Stocks.
85.000 promissory note of Henry
Rhine & Co., dated Feb.23 l924$5 lot
$200 Olean Bradford & Salamanca
By. 1st ref. 7s A, 1951; March
1925 and subsequent coupons 8100
lot
attached
24 Olean Brad. & Sal. By.. com.& Sal. By., pref_ _
10 Olean Brad.
40 Ray Hercules Copper Co.. par $5
60 Silver King of Arizona, par $5_)103
600 Hasbrouck Divide Mg., par 10c lot
300 Canada Copper Corp.. par 85$20.000 Island Oil & Transport
$600 lot
Corp. gold notes
13,950 Coeur d'Alene Synd. Mining 5c.
Per Cent.
Bonds.
21,000 New Jersey Interurban Co.
1st 7s, 1950; July 1925 and sub$300
sequent coupons attached
$5,000 New Jersey Interurban Co lot
income bonds, 1951
$15,100 Pathe Phonograph & Radio
15
Corp Income bonds 1942
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh: Shares. Stocks.
Shares. Stocks.
20 Merton Title & Trust Co.(Ard10 Continental-Equitable Title &
18631
207
more), Par 350
Trust Co.. par 850
35
4 Phila. Bourse, pref., par $25
244 10 Chester Gas Co
221 70 Hare & Chase, Inc., com..no par 2231
4 Phila. Bourse, corn., par $50_
4 Hare & Chase,Inc.. corn,, no par.. 2234
256,029,903 80 10 American Theatre Realty Co.,
1,252,097 89
53
113 5 Autocar Co.. corn
Par $10
286,900.301 65 15 First Nat.Bank of Phi1adelph1a_275S1 5 Tacony Palmyra Ferry Co., par
Net balance
42%
$50
228
2 Union National Bank
9435
8231 10 John B. Stetson Co.,corn
542,930,205 45 100 North Pennsylvania RR
Total
542,930,205 45
Total
54%
824 10 John B.Stetson Co., com
15 North Pennsylvania RR
94
15 John B.Stetson Co., cam
82
-The amount to the credit of disbursing officers and agencies to-clay was 35 North Pennsylvania RR
Note.
9331
10 John B.Stetson Co., corn
3374,405,473 60. Book credits for which obligations of foreign governments are 10 Phila. Germ.& Norristown RR_126
93%
Phila. Germ.& Norristown BR.
.12551 10 John B.Stetson Co., corn
held by the United States amount to $33,236,629 05.
for 8
1145(
25 American Dredging Co
10
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money are 1 Library Co. of Philadelphia
and Federal Reserve bank notes
11531
4251 19 Union Passenger By
120 Phila. Electric Co., cam
the retirement of outstanding national bank
are made
10 Horn & Hardart Baking Co..
Paid into the Treasury as miscellaneous receipts, and these obligationsobligations 11 Corn Exchange National Bank_ _461
210
Philadelphia, no par
6 National Bank of Commerce_ _ _17535
under the Acts mentioned a part of the public debt. The amount of such
1763.(
24 Fourth Street National Bank__.39551 15 Second & Third Sta. Pass. Ry
to-day was 455.865,637.
10 Keystone Telephone Co., pref._ 53
I. $416,727 in Federal Reserve notes and $17,125,915 In national bank notes are 3 Kensington Nat. Bank, par 850..151
$ per right.
No. Rights.
592
In'the Treasury in process of redemption and are charges against the deposits for 2 Girard National Bank
135 Insurance Co.of North Amer 3635
.
45 Philadelphia National Bank_ _ _410
the respective 5% redemption funds.
10 Producers & Consumers Bank,
Per cent.
Bonds.
10
par $10
$1,000 Pennsylvania Elec. Corp. s.
10 Producers & Consumers Bank,
9734
10
f. Mis, 1954
par 810
61535 $2.000 Scranton By. gen. ext'd 75,
5 Provident Trust Co
10034
Nov. 1925
200 Finance Co.of Petals., 1st pref.14051
82,000 Lynchburg Water Power Co.
400
10 Germantown Trust
-The 5 Fidelity Trust Co Co
so
lathe, 1932
Breadstuffs figures brought from page 853.
557
statements below are prepared by us from figures collected by 5 Northern Trust Co & Trust Co.,640 $1,000 Lynchburg Trac.& Light Co. 96
1st 55. 1931
10 West Phila. Title
2123.1 $1,200 Benevolent and Protective
the New York Produce Exchange. The receipts at Western
Par $50
Order of Elks(Philadelphia Lodge
243
lake and river ports for the week ending last Saturday and 5 West End Trust Co
so
No 2) gen 138 1942
24435
13 West End Trust Co
Cournterciai andMiscellianconsnews
since Aug. 1 for each of the last three years have been:
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
4034
33 Springfield By. Co., pref
.
36 Nat.Shawmut Bank Boston_ _ _210
mg
Tr. Co., warrants 133.1 3 units First Peoples Trust
Colony
.bush.58lbs. 100-7 Old Mfg. Associates_ _16651,ex-div. 2 Collateral Loan Co
bls.198lbs. bush.60 lbs.bush.56 lbs.bush. 32 Ms.bush.48lbs
120
3 Ludlow
65,000
463,000 1,762.000 1,137,000 257.000
308.000
24434
Chicago
1531 47 Great Northern Paper Co
4 Great Falls Mfg. Co
70,000
780,000492,000
694.000
2,128,000
Minneapolis
14655 4 Columbian Nat. Life Ins. Co._ 142g
34.000 272,000 10 Lyman Mills
294,000
5,000
942.000
Duluth
15554 15 Manchester Tr. Lt.& Pr. Co_ -110
Mfg. Co
Berkshire
62,000 2 Pepperell Cotton
333,000 306,000
495,000
63,000
17,000
64 68-100 New England Investment
130
Milwaukee_ _ _
Mfg. Co
3.0130 3
173,000
156,000
39
214,000
Security Co., pref
Toledo
80-843.1
54 Hill Mfg. Co
18,000
47,000
6,000
75
56,000
10 Regal Shoe Co., pref
Detroit
291
3 Gonic Mills
250,000
498,000
144,000
4551
SF.H. Roberts Co., 7% pref
Indianapolis_
Lynn RR. 76
4,000 6 Boston Revere Beach &
30,000
786.000
485,000
147,000 1,016.000
St. Louis__ _
25,000
256,000
455,000
By Messrs. Wise, Hobbs & Arnold, Boston:
16,000
67,000
Peoria
.
..
212,000
per s
638.000
703,000
Shares. Stocks.
Kansas City.:_
350,000
454,000
509,000
7-7 Warrants Old Colony Trust Co. 1351 14 Calumet & FIecla Consolidated
Omaha
1634
Mining Co., par $25
28,000
210
202.000
228,000
10 National Shawmut Bank
St. Joseph..5034
34,000
107,000
258,000
500-7 Warrants Old Colony Tr. Co. 1331 5 American Glue Co.. common_
Wichita
76
1,000 5 Ipswich Mills, met
5 Stedman Products Co., prof
65
50,000
100,000
34,000
.
Sioux City_ _
25 Greene Cananea Copper Co__ _ _ 1834
120
17 Brookside Mills
7554
12054 3 units First Peoples Trust
Total week'25 539,000 6,774.000 6,057,000 4.730,000 1,144,000 495,000 4 Boort Mills
10 Gorton Pew Fisheries,•com_ _ _ 34
66
Same wk. '24 • 389,000 3,950,000 8,828,000 4,550,000 672,000 424,000 10 Saco-Lowell Shops, 2d pref
5 Lynn Gas & Elec. Co., par $25._10251
395,000 5,220,000 5.905,000 4,260,000 575,000 1,244,000 20 Saco-Lowell Shops,common_ __ _ 40
Same wk. '23
50 Nat. Transit Co., par $12.60__ 24
125
20 Flint Mills
4834 400 Edison Electric Illuminating
9 Union Mills, common
Since Aug.1Co. of Boston
.306,000 47,614,00048,542,000 6 Samoset Cotton Mills
48
20034-20031
13,077,000402,373,000 151.218,000190
1924
11,740,000142,061,000 160,753,110 147,197,00027,736.00019,620,000 15 Lyman MUls _,.
14631 1,400 Utah Metal & Tunnel, par $1 The.
1923
141 RIR 000 25 770 000:14 557 non
10 North Boston Ltg. Prop., corn. 6434
14 911 0001115 20A 000 102 52:1
100
1022
20 York Manufacturing Co
12 Ludlow Mfg. Assoc_16574-166 ex-dly. 11 Puget Sound Pr. & Lt., com___ 5134
1154 29 North Boston Ltg. Propr., corn_ 85
Total receipts of flour,and grain at-the seaboard ports for 2 Rutland RR., common
50 New England Power,6% pref_95-953(
20 Androscoggin & Kennebec Ry.,
the week ended Saturday, Feb. 7 1925, follow:
634 3 Realty Co. of Mass., par 885_ _ 334
2d preferred
6 American Glue Co., common_ _ _ 51
5 Montpelier & Barre Light & Pow.
1 Boston Belting, Pref., par $50._ 25
70
Co., 6% preferred
Rye.
Oats.
Barley.
Corn.
Wheat.
Receipts at- Flour.
543i
Per Cent.
Bonds.
50 Eastern Mfg. Co., pref
85,250 Utah Metal & Tunnel 7s,'29 .50
10 Indiana Pipe Line Co., par 850- 77
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
11.000 155 Nat. Transit Co., par $12.50_ - 2335
192,000 360,000
6,000
441,000
165,000
New York_
75,000
31,000
146.000
20.000
Portland, Me_
69,000
18,000
22,000
20,000
713,000
67,000
Philadelphia.
-The following information regarding
National Banks.
45,000 196,000 330,000
28,000
121,000
46,000
Baltimore_ _ __
1,000
national banks is from the office of the Comptroller of the
Newport Ne
11,000
90,000
76,000
78,000
New Orleans•
Currency, Treasury Department:
4,000
150,000
Galveston-___
11,000
41,000
5,000
APPLICATIONS TO ORGANIZE RECEIVED.
44,000
27,000
Montreal ____
•
92,000
Capital.
94,000
97.000
223,000
34,000
St.John,N.B
12,000
50,000
-The Platte Valley Home National Bank of Sterling, 03103100,000
Feb. 7
31.000
Boston
Correspondent, J. H. Kellogg, Sterling, Colo.
451,000 802,000 504.000 Feb. 7
153,000
25,000
-The Onida National Bank, Onida, S. D
Total week'25 469,000 1,914,000
Correspondent, Byron S. Payne, Pierre, S. D.
928,000 3.017,000 2,989,000 4.204,000
Since Jan.115 3,082,000 16,954,000
APPLICATIONS TO ORGANIZE APPROVED.
87,000
619,000
129,000
412,000
Same wk. '24 575,000 2.568,000
$25,000
-The Fort Bend Natior al Bank of Richmond, Texas
1,865,000 395,000 Feb. 3
Since Jan.1'24 3,071,000 18.388.000 3.352,000 4,751.000
Correspondent, D. R. Pearesoa, Richmond Texas.
200,000
-National Bank of Commerce in Pasadena. Calif
through New Orleans for foreign ports Feb. 5
•Receipts do not include grain passing
Correspondent, Harvey G. Riggs. Pasadena, Calif.
'on through bills of lading
100.000
Feb. 5-Phe First National Bank of Hawthorne, N. J
Correspondent, Andrew DeBoer, care of First National
The exports from the several seaboard pouts for the week
Bank Building, Paterson, N. J.
Feb. 7 1925, are shown in the annexed
ending Saturday,
APPLICATION TO CONVERT APPROVED.
statement:
-Metropolitan National Bank & Trust Co. of the City
Jan. 28
$2,000,000
of New York, N. Y
Rye. Barley. Peas.
Oats.
Conversion of Metropolitan Trust Co. of the City of
Corn. Flour.
Wheat.
ExportsfromNew York, N.Y.
Bushels. Bushels. Jan. 31-The Prineville National Bank, Prineville. Ore
50,000
Bushels. Bushels. Barrels. Bushels. Bushels
193,812 145,430 118,750 1055932
Conversion of the Bank of Prineville, Ore.
611,228
New York
__ _- 75,000
31,000
20,000
$25,000
-The First National Bank of Rowlett. Texas
Feb. 3
146,000
Portland, Me
40,000-- 42,000
5,000
Conversion of the Guaranty State Bank, Rowlett, Tex.
48,000
Boston
43:000
2,000
810,000
CHARTERS ISSUED,
Philadelphia
-77.000257,000
346,000
-First & Farmers National Bank in Luverne, Minn.$100,000
Baltimore
-12634
Feb. 2
1,000
President, E. A. Brown: Cashier, D. M. Main.
Newport News..
5,000
1,627,000 123,000 17,000
-The Cartersville National Bank, Cartersville, Ga..$100,000
New Orleans
-12835
Feb. 6
14,000
114,000
ConSersion of Bank of Cartersville, Ga.
Galveston
-97,000 siisiO 92:000
34,000
President, J. J. Hill; Cashier, C. M. Milton.
St. John, N. B.__ 223,000
VOLUNTARY LIQUIDATIONS.
1521932
Total week 1925. 3,925,228 123,000 316.812 318.430 332,750 1155211
-Standard National Bank of Washington, D. 0-3200.000
-12139
Feb. 5
an, nnn QQA 950 911 060 106 205
Effective Oct. 29 1924. Liquidating agent, Distiict
National Bank of Washington, D. C. Absorbed by
District National Bank of Washington, D. 0.,
-Among other securities, the following,
Auction Sales.
No. 9545.
Exchange, were sold at auction Feb. 7
$400,000
not actually dealt in at the Stock
-The First National Bank of Fall River, Mass
-256
Effective close of business Jan. 31 1925. Liquidating
in New York, Boston and Philadelphia on Wednesday of
committee, board of directors, First National Bank of
this week:
Fall River, Mass. Absorbed by the B. M.C. Durfee
Trust Co., Fall River, Mass.
By Messrs. Adrian H. Muller & Sons, New York:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
•
FEB. 14 1925.]
THE CHRONICLE
CHANGES OF TITLE.
Feb. 2
-1199
-The First National Bank of Woodbury, N. 3. to
"The First National Bank & Trust Co.of Woodbury,"
Feb. 3
-The Piqua National Bank of Piqua, Ohio, to "The
-1006
Piqua National Bank & Trust Co."
CHANGE OF TITLE AND LOCATION.
Feb. 4
-11074
-The First National Bank of Plevna, Mont., to
"Baker National Bank," Baker, Mont.
BANK NOTES
-CHANGES IN TOTALS OF, AND
IN DEPOSITED BONDS, &o.
-We give below
which show all the monthly changes in national bank tables
and in bonds and legal tenders on deposit therefor: notes
Amt. Bds. on Deposit to
Secure Circulation for
National
Fed. Res.
Bank Notes. Bank Notes,
National Bank Circulation
Afloat on
Bonds.
Legal
Tenders.
Total.
Jan. 31 1925_ 725,171,780
722,092,263 47,748,139 789,840.402
Dec. 30 1924__ 731,613,630
727,175.641 44,871.176 772,046,817
Nev.30 1924__ 737,635.790
733,995,581 40,152,976 774,148,557
Oct. 31 1924__ 739,842,890
735,602,435 38,879,189 774.281,624
Sept.30 1924__ 741,239,890
738,557,660 39.289,184 775.826,844
Aug.30 1924__ 742,462,390
737.141,058 40,052,136 777,193,194
July 31 1924__ 746,611,640
740,549.740 36,537,849 777.087.589
June 30 1924_ _ 750.858,930
744.953,710 33,058,069 778.011,779
May 31 1924__ 750,113,430
545,900 745,029.518 32,460.609 777.490.127
April 30 1924__ 750,676,680
545.900 745.795,653 31.611,339 777,406.99
2
Mar.31 19242_ 749,974,180
545,900 745,171,676 31,162,366 776,334.042
Feb. 29 1924__ 748,875,180
545,900 743,454,758 30,964,444 774.419.202
Jan. 31 1924-_ 747.256,230
545.900 742,670.537 30,128,232 772.796.769
Dec. 31 1923-- 746,577,780
545.900 740.521,752 31,045,227 771.566,979
Nov.30 1923_ 746,778,030
545,900 743,984,275 29,450,769 773,435.044
Oet. 31 1923__ 748,582,330
545,900 743.806.385 28,799.884 772.606,269
Sept.29 1923.. 746.780,830
545.900 742,184,91
Aug. 31 1923.., 745,585,080 4.543.700 740,323.565 28.137,092 770.322.007
8
July 31 1923
- 744,848,940 4,793,700 740.988,66 28.621,244 768.944.812
June 30 1923_ 744,654,990 4,993.700 719,103,62 3 28.823,714 769,810.377.
5 28,338.094 747,439,719
May 31 1923__ 744,034,190 5,593,700 742.178.35
April 30 1923_ _ 742.823.590 6.148.700 740.099.541 27,829.641 770.007,992
1 27,868,731 767,968,272
$8,375,193 Federal Reserve bank notes
money, against 613,414,170 Jan. 311924. outstanding Jan. 31 secured by lawful
The following shows the amount of each
United
States bonds and certificates on deposit to class ofFederal
Reserve bank notes and national bank notes secure 31:
on Jan.
U. S. Bonds Held Jan. 31 to Secure
Bonds on Deposit
Jan. 31 1025.
28, U. S. Consols of 1930
44, U. S. Loan of 1925
28, U. S. Panama of 1936
2a, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Nola.
Total
Held.
588,691,400
62,595,800
48,396,400
25,488,380
$
588,691,400
62,595,600
48,396,400
25,488.380
725,171,780
725.171.780
Name of Company.
797
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Cleveland Stone (extra)
'1.% Mar. 1 *Holders of rec. Feb. 15
Consolidation Coal, pref. (quar.)
1% Mar. 2 Holders of rec. Feb. 20a
Continental 011 (guar.)
*25c. Mar.18 *Holders of rec. Feb. 14
Eastman Kodak,common (quar.)
$1.25 Apr. I Holders of rec. Feb. 28
Common (extra)
Holders of rec. Feb. 28
Preferred (quar.)
75e Apr. 1 Holders of rec.
1%
.
Edmunds & Jones Corp., com.(guar.) : : Apr. 1 *Holders of rec. Feb. 28
50:
50
Mar.15
Common (extra)
Apr. 1 *Holders of rec. Mar.15
Preferred (quar.)
*1% Apr. 1 *Holders of rec. Mar. 15
Famous Players-Lasky Corp.,com.
.s2 Apr. 1 Holders of rec. Mar.16
$2
Foundation Co., common ((Mar.)
Mar.16 *Holders of rec. Mar. 2
Preferred ((Mar.)
1.75
*$130 Mar.16
2
General Motors Corp., com.(quar.)_Mar.12 Holders of rec. Feb. 19
1
Preferred (guar.)
1)4 May
Holders of rec. Apr. 6
8% debenture stock (quar.)
1 4i iu ay
Ma
Holders of rec. Apr. 8
7% debenture stock (quar.)
Holders of rec. Apr. 6
General Petroleum Corp.,com.(quar.)
*Holders of rec. Feb. 28
Heels Mining (quar.)
. 3
:251c• M r.31 *Holders of rec. Feb. 15
*50c
.e. m t 15
*5° mu
h2
Independent Oil & Gas(guar.)
*Holders of rec. Mar. 14
Jewel Tea, pref. (quar.)
Apr.
*Holders of rec. Mar.20
Preferred (acc't scrum.
Apr. 1 *Holders of rec. Mar.20
Keeley Silver Mines, Ltd. dive.)
4
Mar.15 Mar. 1 to Mar.15
(bonus)
Kuppenheimer (B.) Co., pref. (quar.)- *1% Mar. 1 *Holders of rec.
Langton Monotype Machine (quar.)_ _ _ - 1% Feb. 28 Holders of rec. Feb. 23
_
Feb.
Libbey-Owens Sheet Glass, corn.(quar.) *50u Mar. 2 *Holders of rec. Feb. 18
.1c.
20
Preferred (guar.)
Mar. 2 *Holders of rec. Feb. 20
Mack Trucks, Inc., corn.(quar.)
.50
*tlx Mar.31 *Holders of rec. Mar.15
1st and 26 preferred (quar.)
Mar.31 *Holders of rec.
McCrory Stores Corp.,corn.(quar.)-- 40: Mar. 2 Holders of rec. Mar.15
- 40 :
Feb. 20
Common, Class B (quar.)
Mar. 2 Holders of rec. Feb. 20
National Candy, common
3
Mar. 11 Holders of rec. Feb. 17
First and second preferred
Mar. 11 Holders of roe. Feb. 17
Nat. Radiator & Mfg., pref.
*11 Apr. 2 *Holders of rec. Apr. 1
1
,
o. 1
(quar.)-National Sugar Refining (quar.)
Holders of rec. Mar. 9
Newmarket Mfg. (quar.)
*2
Feb. 16 *Holders of reel Feb. 10
New York Transit (quar.)
780. Apr. 15 Holders of rec. Mar.20
Onyx Hosiery, pref. (guar.)
*Holders of rec. Feb. 19
PaIge-Detroit Motor Car ((Man)
M.
Mar 2 *Holders of rec. Mar.14
Aicr 1
Ap
Common(payable in common stock)_ _
*Holders of rec. Mar.16
Pemberthy Injector (quar.)
Mar.31 *Holders of rec. Mar.25
Pittsburgh Term.Coal Corn., pf.(No.
.
1) *1% Mar. 1 *Feb. 19 to Mar. 1
Real Silk Hosiery (quar.)
.
. 750,. Apr. 1 *Holders of rec. Mar.20
0e33
Stock dividend
Mar.11 *Holders of rec. Feb. 25
Remington Typewriter, 1st pref.(qu.)_ 1% Apr.
1 Holders of rec. Mar.20
Second pref. )acet, accum. dive,).... h4
2
Mar.25 Holders of rec. Mar.14
Rosenbaum Grain Corp., pref.(quar.)Feb. 15 Holders of rec. Feb. 7
Standard Oil (Ohio), corn.
1
.50 Apr. 1 Holders of rec. Feb. 27
(guar.)
Timken-Detrolt Axle, pref.(guar.)
Mar. 1 *Holders of rec. Feb. 20
Truscon Steel, common (quar.)
:
3
10
7%. Mar.15 *Holders of rec. Mar. 5
Preferred ((mar.)
Mar. 1 *Holders of rec. Feb. 18
Union Mills, common (guar.)
.50 Mar. 2 *Holders of rec. Feb. 18
Preferred (quar.)
*Holders of rec. Feb. 16
Mar.
U.S. Gypsum,common
(quay.)
*Holders of rec. Mar.14
Preferred (guar.)
*4°4 11
' 4 M ar 3 *Holders of rec. Mar.14
M 3
Valvoline 011, common (guar.)
1)4 Mar. 17 Holders of rec. Mar.13
Vesta Battery, pref.(quar.)
Mar.
*Holders of rec. Feb. 13
Westinghouse Elec. & Mfg., corn. (qy.)
A
3 *Holders of rec. Mar.31
Preferred (quar.)
41 Apr. 1 *Holders of rec. Mar.31
Woods Mfg., pref. (quar.)
*1% Apr.
*Holders of rec. Mar.23
Wrigley(Wm.) Jr. Co.(monthly)
*25c. Apr.
*Holders of rec. Mar.20
Extra
*Holders of rec. Mar.20
Monthly
• 410 M
*3 5c
2
A
*Holders of rec. Apr. 20
Monthly
*25c. June
*Holders of rec. May 20
Monthly
.25c. July
*Holders of rec. June 20
Youngstown Sheet & Tube, corn.(au.).. .$1
Mar.31 *Holders of rec. Mar.15
Preferred(quar.)
"1.34 Mar. 31 *Holders of rec. Mar.15
•JI
.x
$2
11
The following shows the amount of national bank notes
Below we give the dividends announced in previous weeks
afloat and the amount of legal tender deposits Jan. 1 1925 and
not yet paid. This list does not include dividends anand Feb. 1 1925 and their increase or decrease during the
nounced this week, these being given in the preceding table.
month of January:
National Bank Notes
-Total Afloat
Amount afloat Jan. 31 1925
Net decrease during January
$772,046,817
2,208,415
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred___ _ 3%
Feb. 16 Holders of Teo. Jan. 16
Atch. Topeka & Santa Fe.com.(quar.)_
1% Mar, 2 Holders of MC. Jan. Sue
Baltimore & Ohio,common(guar.)
1% Mar, 2 Holders of rec. Jan. 100
Preferred ((Mar.)
1
Mar, 2 Holders of roe. Jan. 10a
Bellefonte Central (annual)
500. Feb. 15 Holders of red Jan. 310
$47,748,139 Buffalo Rochester & Pittsb.,
pref
3
Feb. 16 Holders of rec. Feb. 90
Central RR. of New Jersey (quar.)
2
Cleveland & Pittsburgh, guar. (guar.)._ 87%c Feb. 16 Holders of rec. Feb. 66
DIVIDENDS.
Mar. 2 Holders of rec. Feb. 10a
Special guaranteed (guar.)
Dividends are grouped in two separate tables. In the Cripple Creek Central,
50c. Mar. 2 Holders of rec. Feb. 106
pref. (quar.)_ _ _ _
1
Feb. 28 Holders of rec. Feb. 14
first we bring together all the dividends announc the
Delaware & Hudson
2% Mar.20 Holders of roe. Feb. 26a
cur- Gulf Mobile & Nor.,Co.(quar.)
ed
rent week. Then we follow with a second table,
pref.(quar.)
1)4 Feb. 16 Holders of rec. Feb. 20
& Texas Central
s3
July 10
we show the dividends previously announced, but in which Houston& Manhattan. pref
Hudson
which have Illinois Central,
2% Feb. 16 Holders of rec. Feb. 40
not yet bee a paid.
common (quar.)
1% Mar. 2 Holders of rec. Feb. 6a
Preferred
The dividends announced this week are:
3
Mar. 2 Holders of rec. Feb. 6a
Int. Rys. of Cent. Amer., pref.
(quar.)-- 1% Feb. 18 Holders of rec. Jan. 31a
Louisv. Rend. & St. Louis. pref. (ann'l) 4
Feb. 16 Holders of rec. Feb. la
New Orleans Texas & Mexico (quar.)..
Per
When
N. Y. Chicago At St. Louis. com.(qu.). 1% Mar. 2 Holders of rec. Feb. 20a
Books Cored.
Name of Company.
1)4 Apr. 1 Holders of rec. Feb. 16a
Cent. Payable.
Days Inclusive.
Preferred, series "A" (quar.)
1% Apr. 1 Holders of rec. Feb. 16a
Norfolk & Western. corn.(quar.)
Railroads (Steam).
134 Mar.19 Holders of rec. Feb. 28a
Adjustment Prof.(quar.)
Canadian Pacific, common (quar.)
Feb. 19 Holders of rec. Jan. 3Ia
2% Apr. 1 Holders of rec. Feb. 27
Oswego & Syracuse
Preferred
4% Feb. 20 Holders of rec. Feb. 70
2
Apr. 1 Holders of rec. Feb. 27
Pennsylvania (quar.)
Chestnut Hill (quar.)
75e. Feb. 28 Holders of rec. Feb. 2a
'1)4 Mar. 4'Web. 21 to Mar. 3
Pittsburgh & West Virginia prof.(attar.) 1)4 Feb. 28 Holders of rec.
Cincinnati Northern
Feb. 20
5
Mar. 2 Holders of rec. Feb. 21
Reading Company. lst pref.
Delaware & Bound Brook (guar.)
50e. Mar. 12 Holders of rec. Feb. 20a
*2
Feb. 20 *Holders of rec. Feb. 18
St. Louis & San Francisco ((Mara
North Pennsylvania (quar.)
$1
Feb. 25 Holders of rec. Feb. 17
Preferred, Series A
Phila. Germantown & Norristown (qu.).
1% May 1 Holders of rec. Apr. 150
Preferred, Series A (guar.)
Pittsb. Youngs.& Ashtabula, pref.(qu.) $1.50 Mar. 4 *Feb. 21 to Mar. 3
1% 'Aug. 1 Holders of rec. July 150
(quar.)
*15 Mar. 1 *Holders of rec. Feb. 20
Preferred, Series A (quar.)
Southern Pacific (quar.)
134 Nov. 2 Holders of rec. Oct. 15a
'1)4 Apr. 1 *Holders of rec. Feb. 27
Union Paelfie, common (quar.)
2% Apr. 1 Holders of rec. Feb. 28
Preferred (quar.)
Public Utilities.
2
Apr. 1 Holders of roe. Feb. 28
American Electric Power, pref.(quar.)
1% Feb. 18 Holders
roe. Feb. 60
Amer. Telephone & Telegraph (guar.)-- 2% Apr. 5 Holders of
Public Utilities.
of
Amer. Water Works & Elec.. com.(No.1- 30c. Feb. 16 Holders of rec. Mar.17a
Amer.Power at Light,common (quar.)
)
roc Jan. 31a
250. Mar. 2 Holders of rec. Feb.
First preferred (quar.)
Amer.Superpower Corp., pref.(guar.)
1% Feb. 16 Holders of rec. Jan. 310
4% Feb. 15 *Holders of rec. Feb. 14
Participating preferred (quar.)
Central Indiana Power, pref. (guar.)_ _
5
1% Feb. 16 Holders of rec. Jan. 31a
*1%
Associated Gas & Electric, pref.(extra) 12%0 April 1 Holders of rec.
Middle West Utilities, prior lien stk.(qu.) *1% Mar. 1 *Holders of rec. Feb. 20
Mar.15
Mar. 15 *Holders of rec.
Preferred (extra)
Nebraska Power, preferred (quar.)
12%e. July 1 Holders of roe. June 15
l'4 Mar. 2 Holders of rec. Feb. 28
Preferred (extra)
New England Company, common
12540. Oct. 1 Holders of rec. Sept.15
'1)4 Feb. 14 *Holders of rec. Feb. 13
Jan. 31
Preferred (extra)
Louisville Ily., pref. (acct. mown. dive.) *55
12%0. Jan1'26 Holders of rec. Dee. 15
Feb. 15
Brazilian Tr. Lt. dr Pr.,com.(guar.)
North. Ohio Trac. & Light,8% pf.(qu.) 1%
1
Mar. 2 Holders of rec. Jan. 310
Apr. 1 Holders of rec. Mar. 14
Brooklyn City RR.(quar.)
Seven per cent preferred (guar.)
20c. Mar. 2 Holders of rec. Feb. 14a
13( Apr. 1 Holders of rec. Mar. 14
Brooklyn Edison (quar.)
'Oklahoma Gas & Electric, Pref. (guar.).
2
Mar. 2 Holders of rec. Feb. 13a
13( Mar.14 Holders of rce. Feb. 28
Cedar Rapids Mfg. & Power
Philadelphia Elec., com.& Prof.(guar.). 50e.
Feb. 16 Holders of rec. Jan. 31
((Man)-- Mar.
Central Ark Ry. & Light, pref. (quar.)_
Rochester Gas & El. Corp..5% Pt.(qu.) .1% Mar. 16 Holders of rec. Feb. 16
1% Mar. 2 Holders
2'Holders of roe.
Cent. Miss. Val. Elec. Prop., pref.(cm.). 1% Mar. 2 Holders of rec. Feb. 180
Six per cent preferred (quar.)
"1% Mar. 2 *Holders of rec. Feb. 16
of rec. Feb. 14a
Feb. 16
Chicago City & Conn. Ry., partle. pref.. $1
Seven per cent preferred (quar.)
Feb. 25 Holders of rec. Feb. 16
*13j Mar. 2 *Holders of rec. Feb. 16
Cleveland Elec. Ill., 8% pref.(quar.).
Southern Colorado Power, pref.(quar.)_
1)4 Mar. 2 Holders of rec. Feb. 16
131 Mar. 16 Holders of rec. Feb.
Columbia Gas dr Elec., corn.(quar.)-28
Southwestern Power & Light, pref. WO
85e. Feb. 16 Holders of roe. Jan. 31
131 Mar. 2 Holders of rec.
Feb. 14
Preferred, Series A (guar.)
Standard Gas & Elec., 8% Pref.(quar.)_ 2
131 Feb. 16 Holders of rec. Jan. 31
Mar. 16 Holders of rec.
Connecticut Ry.& Ltg.. corn.& pf.(qu.) 1)4 Feb. 14
Tampa Electric Co. (guar.)
2% Feb. 18 Holders of rec. Feb. 28
to Feb. 15
Feb. 6a Consolidated Gas(N. It.), com.(quar.)_ $1.25 Mar.16 Feb. 1
Wilmington Gas, preferred
Holders
3
Mar. 1 Feb. 18 to Mar.
Consumers Power Co.6% Pref.(quar.).. $1.65 Apr. 1 Holders of rec. Feb. Ila
1
of rec. Mar.18
St: per cent preferred (quar.)
Miscellaneous.
1% AM*. 1 Holders of rec.
Mar.
Seven per cent preferred (quar.)
Amer. Sugar Refg., pref.(guar.)
131 Apr. 1 Holders of rec. Mar.16
'131 Apr. 2'Holders of rec. Mar.
Duquesne
2
Atlas Powder, common (quar.)
154 Mar,16 Holders of rec. Feb. 16
$1
Mar. 10 Holders of rec. Feb. 27a Eastern Light, pref. (guar.)
140
Maas. St. Ry.Boston Woven Hose & Rub.. com.(qu.) $1.50 Mar. 16 Holders of
rec. Mar
.
Sinking fund and let pref. stocks__
Brill(J. G.) Co., common (quar.)
Feb. 15 Holders of rec. Jan.
*I% Mar. 2 *Holders of rec. Feb. 2
Eastern Shore Gas & Elec. (quar.)
31
21
(quar.)
Bristol Mfg.
2
Mar. 2 Holders of rec. Feb.
oil
Federal Light & Tray., corn. (guar.)_
14a
Extra
$1
Apr. 1
Common(extra pay in pref. stock)_ _ m75c. Apr, 1 Holders of rec. Mar. 140
'Canadian Car & Fdy., pref. (quar.)
*131 Apr. 11 *Holders of rec. Mar. 26
Holders of rec.
Preferred (guar.)
1% Feb. 28 Holders of rec. Mar. 14a
Feb. 14a
Amount of bank notes afloat Feb. 1 1925
Legal Tender Notes
Amount on deposit to redeem national bank
Net amount of bank notes issued in Januarynotes Jan. I 1925
Amount on deposit to redeem national
bank notes Feb. 1 1925
1789,840,402
844,871.178
2,876,963
Name of Company.
[VOL. 120.
THE CHRONICLE
798
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Name of Company.
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
•
Miscellaneous (Continued).
Mar.21 *Holders of rec. Mar. 7
Davis Mills(quar.)
lee Mar. 2 Holders of rec. Feb. 20a
Decker (Alfred) & Cohn,Inc., pf.(qu.).
Mar. 2 Holders of rec. Feb. 140
I
Deere & Co., pref. (guar.)
Mar. 16 Holders of rec. Feb. 280
2
Diamond Match (guar.)
Feb. 16 Holders of roe. Jan. 31
1
Dominion Bridge(lean)
Feb. 16 Holders of rec. Feb. 5
$1
Dow Chemical, com. (guar.)
lei Feb. 16 Holders of rec. Feb. 5
Preferred (quar.)
rec. Mar.140
Fairbanks, Morse & Co., corn.(guar.)._ 650. Mar.31 Holders of rec. Feb. 14
lee Mar. 2 Holders of
Preferred (guar.)
Mar. I Holders of rec. Jan. 31
pf.(qu.) 2
Famous Players Can. Corp.. 1st
lei Feb. 15 Holders of rec. Feb. I
Firestone Tire Sr Rubber,7% pref.(qu.)
$1.50 Apr. I Holders of rec. Mar. 210
Francisco Sugar (qua?.)
81.50 July 1 Holders of rec. June 200
Quarterly
81.50 Oct. 1 Holders of ree. Sept 21.
Quarterly
Mar. 2 'Holders of rec. Feb. 18
Franklin Simon dr Co., pref.(quar.)..._
Feb. 25 Holders of rec. Feb. 5
Fresnmen(Chu.)Co.,coin.(qu.)(No.1)
!234c. Feb. 25 Holders of rec. Feb. 5
Common (extra)
134 Mar. 2 Holders of rec. Feb. 130
General Asphalt, pref. (guar.)
134 Mar. 2 Holders of rec. Feb. 200
General Cigar, preferred (guar.)
lei Apr. 1 Holders of rec. Mar.240
Debenture preferred (guar.)
25e. Feb. 20 Holders of rec. Feb. 100
General Development (guar.)
6234c Mar. 2 Holders of rec. Feb. 2
Gillette Safety Razor (guar.)(No. 1)
1234c Mar. 2 Holders of rec. Feb. 2
Extra
Mar.18
Glidden Company, prior pref.(guar.)._ .134 Apr. 1 'Holders of rec. Mar.160
134 Apr. 1 Holders of rec.
Goodrich (B. F.) Co., pref.(guar.)
July 1 Holders of rec. June 150
134
Preferred (guar.)
Feb. 20
Gcesard (H. W.) Co.,common (mthly.). 250. Mar, 2 Holders of rec. Feb. 7
Feb. 14 Holders of rec.
2
Great Lakes Dredge & Dock (quarj
2
Feb. 14 Holders of rec. Feb. 7
Extra
Mar.14
.
Greenfield Tap Sr Die Corp.,6% Pf (qu) '134 Apr. 1 'Holders of rec. Mar.14
*2
Apr. 1 *Holders of rec.
Eight per cent preferred (quar.)
of rec. Mar. 160
2
Apr. 1 Holders
Guantanamo Sugar,pref.(guar.)
Feb. 17 !folders of rec. Jan. 17
5
Guenther Publishing Co., pre:
Aug. 17 Holders of rec. July 17
6
Preferred
134 Mar. 2 Holders of rec. Feb. 20a
Harbison-Walker Refract.,corn.(qu.)
114 Apr. 20 Holders of rec. Apr. 10
(guar.)
Preferred
6234c Mar. 2 Holders of rec. Feb. 160
Hartman Corp. (qua?.)
Feb. 16
Hart, Schaffner & Marx,Inc., com.(qu.) '134 Feb. 28 *Holders of rec. Feb. 28
*75c. Mar. 16 'Holders of rec.
(guar.)
Hayes Wheel
•31.25 Feb. 24 'Holders of rec. Feb. 4
Hazeltine Corp.(guar.)
Hibbard,Spenceeliartlett & Co.(mthly.) 35c. Feb. 27 Holders of rec. Feb. 200
35c. Mar. 27 Holders oil rec. Mar. 20
Monthly
20c. Mar. 27 Holders of rec. Mar.20
Extra
Feb. 25 Holders of rec. Feb. 9
1
Consol. Gold Mines, Ltd
Hollinger
"lee Feb. 16 *Holders of rec. Feb. 5
Holmes Mfg., corn. & pref. (guar.)
500. Feb. 25 Holders of ree. Feb. 208
Homestake Mining (monthly)
Mar 31 "Holders of rec. Mar.20
•SI
Hood Rubber, corn. (guar.)
Miscellaneous.
of rec. Feb. 20
of rec. Feb. 140 Hood Rubber Products, pref. (guar.)._ '134 Mar. 1 "Holders of rec. Feb. 5
1
Abbott's Alderney Darden, lot pf.(qu.). lee Mar. 16 Holders of rec. Jan. 24a Hoosac Cotton Mills. pref. (guar.)
13e Feb. 16 Holders
Holders
Feb.
51
Allis-Chalmers Mfg., corn. (guar.)
750. Mar. 2 Holders of rec. Feb. 140
Household Products (guar.)
American Art Works, coin. at pref. (qu.) 134 Apr. 15
750. Apr. 1 Holders of rec. Mar. 188
$1.25 Feb. 16 Holders of rec. Feb. 2a Hudson Motor Car (guar.)
uar.)
common
Apr. 15
American Bank .•
2.40 Apr. 15 Apr. 4 to
134 Feb. 16 Holders of rec. Jan. 31a Illinois Brick (guar.)
American Can, common (guar.)
'2.40 July 15 'Holders of rec. July 3
Quarterly
Feb. 16 Holders of rec. Jan. 3Ia
2
Common (extra)
"2 40 Oct. 15 "Holders of rec. Oct. 3
Quarterly
Mar.31 "Mar. 22 to Mar.31
•50c.
American Chain. Class A (guar.)
n25c. Mar. 2 Feb. 15 to Mar. 1
Imperial OIL Ltd
134 Feb. 15 Holders of reo. Feb. 2
American Cigar,common (quar.)
Feb. 14 Holders of rec. Jan. 20
$1
(guar.) 25c. Feb. 16 Holders of rec. Feb. 20 Indiana Pipe Llue (guar.) (guar.)
Amer.La France Fire Eng.. MM.
2
Mar. 2 Holders of rec. Feb. 114
Rand Co., corn.
2
22 to Mar.
ingereollAmer.Laundry Machinery,corn (quar.) 75c. Mar. 2 Feb.
6234c Mar. 2 Holders of rec. Feb. 140
75e. Mar. 2 Holders of rec. Feb. 18a Inland Steel. common (guar.)
American Metal, common (guar.)
Apr. 1 Holders of rec. Mar.144
Preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 19a
Preferred (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 18
Interlake Steamship (guar.)
40e. Mar. 1 Holders of rec. Feb. 14
Amer. Multigraph, common (q uar.)-Mar. 2 Holders of rec. Feb. 10a
Mar. 31 Holders of rec. Mar. 14a International Harvester. pref. (guar.)._
$I
American Radiator, corn. (guar.)
(qu.). 650. Apr. 15 Holders of rec. Mar.25
134 Feb. 16 Holders of rec. Jan. 31a International Match. partic. pref.
Preferred (quar.)
50c. Mar. 1 }folders of rec. Feb 140
lye Alan 31 Holders of rec. Mar. 16a Internat. Shoe. pre( (monthly)
American Railway Express (guar.)
"lee Mar. 1 "Holders of roe. Feb. 14
May I Holders of rec. Apr. 1521 Interetate Iron & Steel. pref. (guar.)._ 25e. Feb. 16 Homers of rec. Feb. 28
2
American Shipbuilding, corn. (guar.)._
2
Aug. 1 Holders of ree. July 1525 Imertype Corp., coin (guar )
Common (utter )2 e. Feb. 16 Holders of rec. Feb., 20
Feb. Oa
Common (extra)
Amer.Smelting dr Refining. pref.(qua?.) 134 Mar. 2 HolSere of rec. Jan. 31
Feb. 16 Holders of rec. Feb. 20
2
Iron Products. pref. (quar.)
134 Feb. 16 Holders of rec.
Holders of rec. Feb. ila
American Soda Fountain (quar)
& Clearfield Coal & Iron. pref. 234 Feb. 16 Holders of rec. Mar. 18a
Tobacco,coin. & COM.B (quar.). $1.75 Mar. 2 Holders of rec. Feb. 100 JeffersonLaughlin Steel. Prof. (guar.)._
Amer.
134 Apr. 1
75c. Feb. 16 Holders of rec. Jan. 17a Jones &
Anaconda Copper Mining
Mar. 15 Mar. 1 to Mar. 15
8
Sliver Mines Ltd
19
Keeley
•1 34 Apr. 1 *Holders of rec. Mar.
Armstrong Cork,common (guar.)
75c. Apr. 1 Holders of rec. Mar. 8
Kennecott Copper Corp.(guar.)
*I ej Apr. 1 *Holders of rec. Mar. 19
Preferred (guar.)
2
Mar. 1 Holders of rec. Feb. 20a.
Kinney (G. R.) Co.. pref. (quar.)
Feb. 15 Holders of rec. Feb. 1
Aebeetos Corp. of Canada, common.... 2
Apr. 1 Holders of rec. Mar. 190
2
corn. (guar.)
(S. S.) & Co..
Feb. I4a
Associated Dry Goods. 1st Pref.(guar.). 134 Mar. 2 Holders of rec. Feb. 14a Kresge
/50e. Apr. 1 Holders of rec. Mar. 1.60
Common (payable in corn. stock)____
134 Mar. 2 Holders of rec.
Seoond preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 190
Preferred (guar.)
of rec. Mar.200
lee Apr. 1 Holders
Babcock & Wilcox Co. (quarterly)
Mar. 2 Holders of rec. Feb. 21
Lake of the Woods Milling, coot.(qtr.)._ 3
*25c. Mar. 1 'Holders of rec. Feb. 20
Balaban & Katz. coin. (monthl)e)
lee Mar. 2 Holders of rec Feb. 21
Preferred lunar.)
•25e. Apr. 1 *Holders of rec. Mar.20
Common (monthly)
Feb. 28 Holders of rec. Jan. 310
il
& Navigation (quar.)
20
Lehigh Coal
•ler( Apr. 1 *Holders of rec. Mar.
Preferred (qua?.)
Liggett & Myers Tobacco, common and
1.8734 Feb. 16 Holders of rec. Feb. 2
Beacog Oil, pref. (guar.)
760. Mar. 2 Holders of rec. Feb. 1130
common 13 (guar.)
60c. Apr. 10 Holders of rec. Mar.25a
Beeeli-Nut Packing, corn. (guar.)
Si
Mar. 2 Holders of rec. Feb. 160
Common & common B (extra)
lee Apr. 15 Holders of rec. Apr. la
Preferred. Class 13 (qua?.)
Mar. 2 Holders of rec. Feb. 14a
(guar.). $1
134 Apr. 1 Holders of rec. Mar. 7a Lima Locomotive Works, corn.
Bethlehem Steel, 7% pref.(guar.)
60e. Feb. 20 Jan. 28 to Feb. 29
Mar. 70 Lit Brothers Corp
Apr, 1 Holders of rec.
2
Eight tier cent preferred (guar.)
Mar.31 Holders of rec. Mar. 178
al
Long Bell Lumber,"A" corn.(No. 1)___
Bond & Mortgage Guarantee
134 Mar. 2 Holders of rec. Feb. 204
Lord & Taylor, 1st pref. (guar.)
Feb. 16 Holders of rec. Feb. 9
3
On increased capital
'134 Mar. 2 "Holders of rec. Feb. 20
Shops. 211 pref. (guar.)
2
Mar. 2 Holders of rec. Feb. 160 Lowell
Borden Company,common (oar.)
234 Mar. 2 Holders of rec. Feb. 4
Ludlow Manufac. Associates(quar.)____
134 Mar. 16 Holders of rec. Mar. 2
Preferred (quar.)
$1.50 Mar. 2 Holders of rec. Feb. 24
Mahoning Investment
Feb. 15 "Holders of rec. Feb. 6
*S1
Botany Cons'd Mills, Class A (No.1)
3734 c Mar. 2 Holders of rec. Feb. 18
Manhattan Shirt,com.(guar.)
500. Aor. 1
Boyd-Welsh Shoe (guar.)
114 Mar. 2 Holders of rec. Feb 144
Manati Sugar. common (guar.)
1
Mar. 2 Holders of rec. Feb. 20
Brown Shoe, coin.(guar.)
134 June 1 Holders of rec. May lera
Common (quar.)
14
Brunswick-Balke-Collender. corn.(No.!) 900. Feb. 15 Feb. 6 to Feb. 20
13.4 Sept. 1 Holders of rec. Aug. lba
Common(guar.)
Mar. 14 Holders ol rec. Feb.
$1
Buckeye Pipe Line ((Mat.)
Mar. 2 Holders of rec. Feb. 18a
$1
52.50 Feb. 16 Holders of rec. Feb. 2a Martin Parry Corp. (guar.)
Burns Bros.,common A (quar.)
Stores. cons.(guar.)._ .51.25 Mar. 2 'Holders of rec. Feb. 18
50c. Feb. 16 Holders of rec. Feb. 2a May Department
Common B (guar.)
•134 Apr. 1 *Holders of rec. Mar. 18
Preferred (guar.)
*334 Feb. 16 "Holden, of rec. Jan. 30
180
Butler Bros.(guar.)
McCahan Sue.. Ref.,k Molasses, pr.(qu) 134 Mar, 2 IIelders of rec. Feb. 200
2
Feb. 16 Holders of rec. Feb. 5
1 Holders of rec. Apr.
Butler Mill (quar.)
$1.50 Mar.16 Holders of rec. Feb. 2ea McCrory Stores Corporation. Prof. (qu.) 134 May 1 Holders of rec. July 200
California Packing Co.(guar.)
134 Aug.
Preferred (guar.)
.40c. Mar. 2 *Holders of rec. Feb. 20
California Petroleum, corn.(guar.)
134 Nov. 1 Holders of rec. Oct. 200
Preferred (guar.)
5134 Apr. 1 *Holders of rec. Mar. 18
25c. Mar. 2 Borders of rec. Fcb. 2
Preferred (guar.)
50c. Mar. 4 Holders of rec. Jan. 300 McIntyre Porcupine Mines, Ltd
Feb. 16 Holders of rec. Jan. 20
$4
Calumet & Heels Consol. Copper
Mercantlle Stores Co., Inc
Mar. 1 Holders of ree. Feb. 14
134
11 to Feb. 20
Campbell Soup, pref. (guar.)
el ereentlie Steres, Inc.(stock dividend). (k) Feb. 20 Feb.
lee Feb. 16 Holders of rec. Jan. 31
lee Feb. 28 Holders of rec. Feb. 8
Canada Cement. pref. (guar.)
Merrimac Mfg.. corn.(guar.)
lei Feb. 16 Holders of rec. Jan. 31
235 Feb. 28 Holders of rec. Feb. 8
Canadian Converters (quar.)
Preferred
10
134 Mar.15 Holders of rec. Mar.
50c. Feb. le Hoiden of ree. Feb. 20
Carter (William) Co., pref. (guar.)
1
Feb. 16 Holders of rec. Feb. 70 m br ed Copper Co (guar )
2
Mar. 1 Holders of rec. Feb. 10
Casein Co. of Amer.(of Del.)(quar.)___
Miller Rubber, pref.(guar.)
2
Feb. 16 Holders of rec. Jan. 31a
h2
Mar. 1 Holders of rec. Feb. 18
Celluloid Company. pref. (guar.)
(acct. accum. dive.)
Preferred
3734c Feb. 16 *Holders of rec. Feb. 2
Si
Mar. 2 Holders of rec. Jan. 310
iron Pipe (guar.)
Centrifugal Cast
Mohawk Mining
134 Mar. 2 Holders of rec. Feo. Ida
of rec. Mar.21a
Century Ribbon Mills. prof. (quar.).... 50. Feb. 15 Holders of rec. Feb. 7
Montgomery Wara & Co., nf.& c.A(qu) 51.75 Apr. 1 Holders of rec. Feb. Ma
75e. Mar. 1 Holders
C. G. Spring & Bumper, common
Munsingwear, Inc. (guar.)
•34 Feb. 14 'Holders of rec. Feb. 8
(MIS- 750. Apr. 15 Holders of rec. Mar.31.
Chicago Mill & Lumber,common
33 1-3c Mar 1 Holders of rec. Feb. 200 National Biscuit, common (guar.)
134 Feb. 28 Holders of rec. Feb. 14a
Chicago Yellow Cab (monthly)
Preferred (guar.)
6234c Mar.30 Holders of rec. Mar. 30
Feb. 15 Holders of ree. Jan. 31
1
ChM Copper Co.(guar.)
Nat. Brick (Canada), Pref. (guar.)
•% Mar. 1 'Holders of rec. Feb. 15
134 Mar. 2 Holders of rec. Feb. 210
Cities Service, corn.(monthly)
National Cloak & Suit. pref. (guar.)._
1 *Holders of rec. Feb. 15
ef% Mar.
Mar. 2'Holders of rec. Feb. 15
(payable In common stock).
2d pref.(guar.)
Common
Nat Dept. Stores,
Mar. 1 *Holders of rec. Feb. 15
Mar.11
Common (mthly.) (pay. In cash scrip) 'gl34 Mar. 1 'Holders of rec. Feb. 15
Nat. Enameling & Stamping, pref. (qu.) 134 Mar.31 Holders of rec. June 10
154 June 30 Holders of ree.
Corn.(mthly. pay. In corn. stk. scree •gl% Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
34
Sept.30 Holders of rec. Sept.10
preferred B (monthly).
13.4
Preferred and
Preferred (guar.)
50c. Mar. 1 Holders of rec. Feb. 9
13.4 Dec. 31 Holders of ree. Dee. 11
City Ice dr Fuel of Cleveland. corn.(qu.) 60c. June 1 Holders of rec. May 12
Preferred (guar.)
1% Apr. 15 Holders of rec. Apr. 1
Common (quar )
National Fireproofing, preferred
60c. Sept. 1 Holders of rec. Aug. 12
Feb. 14 "Holdere of rec. Feb. 3
"2
Common (quar.)
National Grocer,common
Dec. 1 Holders of rec. Nov. 11
50c.
I% Mar. 14 Holders of rec. Feb. 20a
Common (quar.)
National Lead, Preferred (guar.)
I% Mar. 1 Holders of rec. Feb. 160
134 Feb. 15 Holders of rec. Jan. 31
Cleveland Stone (quar.)
lee June 1 Holders of rec. May 150 National Refining, corn. (guar.)
Feb. 15 Holders of rec. Jan. 31
Quarterly
Common (payable in corn. stock)._ 110
134 Sept. 1 Holders of rec. Aug. 150
750. Feb. 10 Holders of rec. Feb. 8
Quarterly
Supply, common (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 140 National
(guar.)
25c. Feb. 23 Holders of rec. Feb. tla
Coca Cola Company, corn.
Feb. 28 Holders of rec. Feb. 100 New Cornelia Copper Co.(guar.)
2
Apr. 1 Holders of roe. Mar.10a
$1
Colorado Fuel err Iron, pref. (guar.) _ _
Feb. 15 Holders of rec. Jun. 310 New York Air Brake. class A (guar.)
Feb. 16 Holders of rec. Jan. 31
Commercial Inv. Trust Corp.,com.(qu.) 620. Mar. 1 Holders of rec. Feb. Ifla Ontario Steel Products, corn, (guar.)... 1
134
lei Feb. 16 Holders of rec. Jan. 31
Congoleum-Nairn Co., preferred (quar.). .50c. Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Connor (John T.) Co., corn. (quar.)___ _
Circuit, common (monthly)._ 15c. Mar. 2 Holders of rec. Feb. 200
134 Mar. I Holders of rec. Feb. 180 Orpheum (monthly)
150. April 1 Holders of rec. Mar. 200
Consolidated Cigar, pref.(guar.)
Common
Feb. 16 Holders of rec. Feb. 50
;St
75e. Apr. I Holders of rec. Mar. 160
Continental Can, common (quar.)
Holders of rec. Feb. 5a Owens Bottle. corn. (guar.)
Feb. 16
Common (payable In common stock)_ .;f5
75e. July 1 Holders of roe. June 150
Common (guar.)
134 Mar. 2 Holders of rec. Feb. 140
Coeden & Co., pref. (guar.)
13.4 Apr, 1 Holders of rec. Mar. lea
Preferred (guar.)
Mar. 2 Holden of rec. Feb 18
SI
Cuba Company. common (guar.)
134 July 1 Holders of rec. Juno 15e
Preferred (guar.)
134 Apr. 15 Apr. 7 to Apr. 15
corn.(qua?.)
Cudahy Packing,
I% Mar. 14 Holders of reg. Feb. 28a
Packard Motor, pref.(guar.)
134 July 15 July 7 to July 5
Common (guar.)
Mar. 2 *Holders of rec. Feb. 9
Pathe Exchange, Inc., pref. (guar.)._ "2
I% Oct. 15 Oct. 6 to Oct. 15
Common (truer.)
Feb. 16 Holders of roe. Feb. 6
2
150 Penman's. Limited. eom (guar.)
170
334 Mar. 2 Holders of rec. Feb. 24
Curtiss Aermlane & Motor, pref
Phoenix Hosiery, lot de 2d pref. (guar.). lee Mar, 2 Holders of rec. Feb. 15
Feb. 15 to Feb.
750. Mar. d2
Cushman & Sons, Inc., corn (quar.)
Apr. 1 *Holders of rec. Feb.
2
Pittsburgh Plate Glass (quar.)
Feb. 24
134 Mar. d2 Feb. 15 to
Seven per cent pref. (guar)
1 *Holden; of rec. Feb. 15
Apr.
5
Extra
Mar. d2 Feb.15 to Feb 24
Fee% per cent pref.(guar.)
Public Utilities (Concluded).
Mar. 1 Feb. 21 to Mar. 1
1
Georgia Ry.& Power, corn
Apr. 1 Holders of rec. Mar. 10
2
Eight per cent 1st pref. (guar.)
lee Apr. 1 Holders of rec. Mar. 10
Seven per cent 1st pref. (guar.)
Mar. 1 Feb. 21 to Mar. 1
1
Second preferred (quar.)
June 1 Holders of rec. May 20
1
Second preferred (guar.)
Sept. 1 Holders of rec. Aug. 20
1
Second preferred (guar.)
1
Dec. 1 Holders of rec. Nov. 20
Second preferred (guar.)
lee Feb. 14 Holders of rec. Jan. 31
Illuminating & Power Secur.. pref. (qu.)
Feb. 16 Holders of roe. Jan. 31
2
Haministigula Power (guar.)
Mar. 2 *Holders of rec. Feb. 14
•$1
Keystone Telephone. pref. (guar.)
134 Feb. 16 Holders of coup. No. 34u
Montreal L., 11. & P.. Coned.(quar.)
134 Feb. 16 Holders of rec. Jan. 31
Montreal Lt., Ht. & Power (guar.)._
Feb. 14
of
National Power & Light. corn.(guar.).- $1.60 Mar. 2 Holders of rec. Feb. 280
rec.
Niagara Falls Power, common (guar.).- 50e. Mar.16 Holders of rec. Mar.31a
4334c Apr. 15 Holders
Preferred (guar.)
$1 .te) Mar. 1 Holders of rec. Feb. 15
Ohio Edison,6% preferred (guar.)
31.65 Mar. 1 Holders of rec. Feb. 15
6.6% preferred (guar.)
31.75 Mar. 1 Holders of rec. Feb. 15
per cent preferred (quar.)
Seven
*lee Feb. 16 *Holders of rec. Jan. 31
Pacific Gas& Elec., lot pref.(quar.)___
"234 Feb. 16 'Holders of rec. Jan. 31
Pacific Lighting Corp.. coin.(quar.)
'134 Feb. 16 'Holders of rec. Jan. 31
Preferred (guar.)
Apr. 21
Penn-Ohio Power & Lt.,7% pref.(qu.) - .134 May 1 *Holders of rec. Feb. 10
Philadelphia Company,5% Pref.(qu.).. $1.25 Mar. 2 Holders of rec. Feb. 16
134 Mar. 2 Holders of rec.
Portland Electric Power,2d pref.(qu.)
2
Feb. 16 Holders of rec. Jan. 20
Southern Calif Edison, corn. (quar.)__
Mar. 1 Holders of rec. Feb. 15
1
Texas Electric Ky.. corn. (guar.)
Mar.20
Tr -City Ry. & Light, corn. (quar.)___. *234 Apr. 1 'Holders of rec. June 20
*234 July 1 'Holders of rec.
Common (guar.)
.234 Oct. I 'Holders of rec. Sept.20
Common (qua?.)
.234 Jan1'26 'Holders of rec. Dec. 20
Common (guar.)
of rec. Feb. 28a
14
United Gas Improvement, pref.(guar.). 87340. Mar.16 Holders of rec. Jan. 29a
Holders
Feb.
1
United Rya. & Elec. (Halt.) (quar.)-- •$.3.50 Mar. 2 'Holders of rec. Feb. 20
United Utilities. preferred
.
134 Feb. 15'Holders of rec. Feb. 5
Utica Gas & Elec., pref. (guar.)
Mar. 15
of
1
Utilities Power & Light, Class A (No. 1)- 50c. Apr 31 Holders of rec. Mar. 16a
rec.
Holders
Mar.
West Penn Company,corn. (guar.)
134 Feb. 16 Holders of rec. Feb. 2a
Preferred (quar.)
134 May 1 Holders of rec. Apr. 15a
West Penn Power, pref. (guar.)
134 Mar. 16 Holders of rec. Mar. 2
West Penn Rys., pref. (guar.)
*134 Mar. 16 *Holders of rec. Feb. 28
Wisconsin Power & Light. pref. (quar.)•114 Feb. 20 *Holders of rec. Jan. 31
Wisconsin River Power, pref.(guar.)
Banks.
Feb. 16 Holders of rec. Feb. 130
2
National City (interim)
I
Feb. 16 Holders of rec. Feb. 60
National City Co
I
Feb. 16 Holders of rec. Feb. 60
Extra
•134
•134
60c.
134
134
'134
,
FEB. 14 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
799
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
1% Mar. 1 Holders of rec. Feb. 14a
Pittsburgh Steel, pref. (quar.)
The following shows the condition 9f the New York City
1% June 9 Holders of rec. May 19a
Premed Steel Car, pref.(quar.)
1% Sept. 8 Holders of rec. Aug. 18a Clearing House members for the week ending Feb.
Preferred (quar.)
7. The
1
Preferred (quar.)
Dec. 8 Holders of rec. Nov. 17a
5
Procter & Gamble. corn. (quar.)
Feb. 14 Holders of rec. Jan. 240 figures for the separate banks are the avergaes of the daily
2
Pullman Co.(guar.)
Feb. 16 Holders of rec. Jan. 31
$1.25 Feb. 16 Holders of rec. Feb. 20 results. In the case of the grand totals, we also show the
Punta Alegre Sugar (quar.)
37 Si e Mar. 1 Holders of rec. Feb. 10
Pure Oil, coin.(quar.)
actual figures of condition at the end of the week.
1)4 Feb. 20 Holders of rec. Feb. 2a
Quaker Oats Co., preferred (quar.)
Quissett Mill. common (quar.)
2
Feb. 16 Holders of rec. Feb. 5
NEW YORK WEEKLY CLEARING HOUSE RETURNS
Radio Corp. of America. pref. (quer.).- 1% Apr. 1 Holders of rec. Mar d 2a
Mated in 'homages,.1 dollars-that tr, them ciphers Bunn onstitat
Remington Typewriter, 2d pref.(quar.)
2
Feb. 20 Feb. 11 to Feb. 20
Republic Iron & Steel, pref. (quar.)
1% Apr. 1 Mar. 10 to Apr. 8
Richmond Radiator, preferred (quar.)
194 Apr. 15 Holders of rec. Mar.3la
New
Preferred (quar.)
1% July 15 Holders of rec. June 300
Cat/gall Profits. Loans,
Reserve
!
Preferred (quar.)
Oct. 15 Holders of rec. Sept.300 Week Ending
Discount Cash
with
Net
TInts Bast
Preferred (Otter.)
Feb. 7 1925 Nat'l, Dec. 31 Invest-194 Jan1526 Holders of rec. Dec. 3la
Legal Demand
in
De- Cs,.,'
rilt. Joseph Lead (quar.)
50c. Mar.20 Mar. 10 to Mar. 20
State. Nov. 15 meta*. Vault. Depart- Deposits. poses. LaQuarterly
50c. June 20 June 10 to June 21
(000 omitted.) Tr.Cos.Nov.15
tortes. I
etc.
hos.
Quarterly
50c. Sept.21 Sept. 10 to Sept.21
Quarterly
50e. Dec. 21 Dec.10'25to Dec 21 '25
Members of F d. Res. Bank. Average Average Average Average Average
'Savage Arms, 1st pref.(quar.)
Bank of N Y &
Apr. 2 *Holders of rec. Mar. 16
$
$
$
$
Second preferred (quar.)
'1)4 May 15 'Holders of rec. May 1
Trust Co_ __ 4.000 12.462
.
73.685
838 7.271
53.037 9.486
Savage Arms Corp., 20 pref.(quar.)
1 M Feb. 16 Holders of rec. Feb. 20 Bk of Manhat'n 10.000 13.874 150,817 2,494 16,981
124,661 23,404
Schulte Retail Stores, corn.(quar.)
"m2 Mar. 2 *Holders of rec. Feb. 16
Mech & Met Bk 10,000 15,970 178,939 3,320 22,287
167,821 10.534
549
Preferred (quar.)
Bank of America 6,500 5,412
.2
Apr. 1 'Holders of rec. Mar.15
84,608 1.658 12,662
93,734 4,528
flootten-DUlon Co. (quar.)
*3
Nat City Bank. 40,000 55,297 589,046 4,721 75.220 '683.232 59,833
Feb. 17 *Holders of rec. Feb. 9
sos
Extra
.4
Chem Nat Bank 4.500 17,024 134.160 1,269 16,357
Feb. 17 "Holders of rec. Feb. 9
121,615 5,012
348
Sel boding Rubber
Nat Butch & Dr 1.000
7,928
113 1,065
277
6.183
280
495
Preferred (acct,accumulated dim) -- .52
Feb. 15 *Holders of rec. Feb. 6
Amer Each Na) 5,000 8,246 105,349
951 13,038
94,172 8,031 4,959
Preferred (acct. accumulated dive.)
•212
Mar. 16 *Holders of rec. Mar. 6
Nat Bk of Com_ 25,000 39.761 362,522 1,043 40.725
310,124 16.209
Shawmut Mfg., corn. (quar.)
'1)4 M ar. 31 'Holders of rec. Mar.20
Pacific Bank... 1.000 1,708
32,234
999 4.225
29.289 3,203
Preferred (quar.)
•194 Mar.31 *Holders of rec. Mar. 20
Chat& Pima Nat 10.500 9.318 170.419 4,186 18,196
130,142 35.572 5.908
Shell Union Oil, pref. A (guar.)
41.50 Feb. 16 Holders of rec. Jan. 260 Hanover Nat Bk 5,000 23,519 128,142
565 15.733
116.472
85
Sherwin-Williams Co., corn. (guar.)._ _
2
Feb. 16 Holders of rec. Jan. 31
Corn Each Bank 10.000 13.493 201,256 6,255 24,709
178,856 28,809
Common (extra)
Feb. 16 Holders of rec. Jan. 31
Nat Park Bank_ 10,000 23,743 170,163 1,201 18.149
136,808 9.470 4.946
Preferred (quar.)
1% Mar. 2 Holders of rec. Feb. 14a Eaat River Nat. 2,100 1,942
32,042 1,114 3.360
24,011 7,585
498
Sinclair Consol. Oil Corp.. prof. (quar.)_
2
Feb. 16 Holders of rec. Feb. 20 First National._ 10,000 66.060 323,216
204.184 27,140 6,626
429 273.40
Sloss-Sheffield Steel & Iron, corn. (qu.) _
Mar.20 Holders of rec. Mar. 10a Irvitag lik-Col Tr 17.500 12,417 277,155 2,798 36,627
273.984 28,399
Preferred (quar.)
Apr. 2 Holders of rec. Mar.I20a Continental Bk. 1,000 1.066
6,781
7,692
144 1,030
378
Smith (A.0.) Corp.. pref.(quar.)
1% Feb. 16 Holders of rec. Feb. 2
Chase National_ 20,000 25,461 406,075 4,055 53,474 •411,100 21,270 1:66
Southern Pipe Line (quar.)
1
Mar. 2 Holders of rec. Feb. 14
Fifth Ave Bank
500 2.704
26,036
25.600
712 3,455
Spalding(A. G.) & Bros., pref.(quar.)
2
Mar. 2 Holders of rec. Feb. 21
Commonwealth
600 1,099
10,065 1,440
13,366
454 1,409
1
Second preferred (quar.)
2
Mar. 2 Holders of rec. Feb. 21
Garfield Nat.... 1.000 1,656
16.697
461 2,027
16,0171
118 397
Standard Milling, corn. (quar.)
Feb. 28 Holders of rec. Feb. 18a Fifth National
1.200 1.344
19,641
189 2,34)
17.810 1,146
243
Preferred (quar.)
1 S4 Feb. 28 Holders of rec. Feb. 18a Seaboard Nat
4.000 7,852 108.088
100,508 3,730
895 13,361
50
Standard Motor Construction
25e. Feb. 28 Holders of rec. Feb. 2
Coal & Iron Na
1.500 1.375
20,752
215 2.130r
413
16,748 2,281
Standard 011 (Calif.)(quar.)
50c. Mar. 16 Holders of rec. Feb. 160 Bankers Trust. 20,000 26,514 334.516
932 38,341 "298,763 45,848
Standard Oil (Indiana)(quar.)
'621.4c Mar. 16 *Holders of rec. Feb. Ida US Mtge* Tr_ 3.000 4,619
52.792 6.276
58.447
682 7,15
,
Standard Oil of N. Y.(quar.)
•35c. Mar. 16 'Holders of rec. Feb. 20
Guaranty True 25.000 19.180 478,617 1,208 52,189 "171,588 51,535
Standard 011 (Ohio). prof.(guar.)
1 Si Mar. 2 Holders of rec. Jan. 30
Fidel InterTru
2.000 2.117
21,796
356 2,624
19,445 1,890
Standard Sanitary Mfg., corn. (quar.)
$2.50 Feb. 14 Holders of rec. Feb. 5
N If Trust Co . 10,000 19,147 181,455
589 21,511
156,486 26.23
Common (payable in cool.stock)
125 Feb. 14 Holders of rec. Feb. 5
Metropolitan Tr 2.000 4.129
48,228
294 5,858
44,601 3.38
Preferred (quar.)
1)4 Feb. 14 Holders of rec. Feb. 5
Farm Loan & Tr 5.000 17,370 141,784
430 15.043 *114,686 27,66
Stern Bros., pref. (quar.)
2
Mar. 1 Holders of rec. Feb. 160 Equitable True' 23.000 11.262 265,454 .1.501 31,467 '291,202 37.654
Stewart
-Warner Speedometer (guar.)
$1.25 Feb. 16 Holders of rec. Jan. 31a
Studebaker Corp.. corn.(quar.)
$1
Mar. 2 Holders of rec. Feb. 10a Total of draw 291.900467,l31 5,169,889 47.919 607,667c 1,496,990 510.89627.385
Preferred (guar.)
Mar. 2 Holders of rec. Feb. 10a
Swift Internacioual
90c. Feb. 14 Holders of rec. Jan. 15
Totals, actual condition Feb 75.151.484 49.413.572.516 c4,445,641 512.596 20,727
Texas Co.(quar.)
75c. Mar.31 Holders of rec. Mar. 6
Totals, actual co
Thompson (J. II.) Co.. cont. (monthly). 25o. Mar, 2 Holders of rec Feb. 23a Totals, actual en ndltion Jan .31 5,192,557 45.0)4 150.946 :4.489,653 524,082 32,604
rulitionlJan 245,221,247.47.911646,344 ;4,530,46 538,080 32,394
Thompson-Starrett Co.. preferred
4
Apr. 1 Holders of rec. Mar.20
State Banks Not Members of Fed'I Res've Bank.
Timken Buller Bearing (quar.)
75e. Mar. 5 Holders of rec. Feb. 17a Greenwich Bank i,000j 2.434
21,488 1.870 2,136
21,504
987
Extra
r ,
25c. Mar. 5 Holders of rec. Feb. 17a Bowery Bank_.
333
349
Tobacco Products Corp., Class A (qu.)... $1.75 Feb. 16 Holders of rec. Feb. 2
State Bank _ _ _. 3,5001 5,134, 98;371 3.954 2,445
31 7t9 81,119t
,2 5
:
Tonopah Mining of Nevada
73.4c. Apr. 21 Apr. I to Apr. 7
Union Storage (quar.)
Total of averages 4.750, 8,467, 125,309 6,157 4.930
'234 May 11 'Holders of rec. May 1
58,739 64,091
Quarterly
•1234 Aug. 11 'Holders of rec. Aug. 1
Quarterly
"214 Nov. 11 *Holders of rec. Nov. 1
Totals, actual c ndition Feb. 71 125.9541 6,407, 4,492
59,145 64,13
Union Tank Car, corn. (quar.)
1 % Mar. 2 Holders of rec. Feb. 100 Totals, actual co edition Jan. 31, 126,502, 6,223 4.700
59,975 64.020
Preferred (quar.)
1% Mar. 2 Holders of rec. Feb. 10a Totals. actual on edition ,Jan. 24 126,573' 6,452
60,189 64,127
4,678
United Drug, common (quar.)
13.5 Mar. 2 Holders of rec. Feb I 4 a Trust Corn pan les Not Membe rs of Fed 'I Retev e Bank
Second preferred (quar.)
114 Mar. 2 Holders of rec. Feb. 16a Title Guar &
113.003 15.908
59.6021 1,512 4,166
37,476 2,534
United Dyewood, pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 13a LawyersTlt&Tr 6.000 6,3111 27.827
896j 1.723
16,810
828
Preferred (quar.)
July 1 Holders of rec. June 15a
Preferred (u liar.)
14( Oct. 1 Holders of rec. Sept 15a Total of averages 16,000 22.220, 87,429 2.408
54.283 3,362
5.889
Preferred (guar.)
1 kJ an 1'26 Holders of rec. Dee. 15a
United Fruit (quar.)
214 Apr. 1 Holders of rec. Mar. 60 Totals, actual c ndltion1Feb.
87.987 2.475 6.055
55.290 3.325
Quarterly
2)4 July 1 Holders of rec. June 6a Totals, actual e niiition 'Jan. 31
85,795 2.2371 6,053
53,047 3,370
Quarterly
2)4 Oct. 1 Holders of rec. Sept. 50 Totals, actual c adition Jan 24
86,549 2,303, 5.865
53,956 3.395
Quarterly
214 Jan 2'26 Holders of rec. Dec.50
U.15. Cast Iron Pipe & Fdy., pref.(qu.)_
Mar. 16 Holders of rec. Mar. 2a Gr'd aggr., aver. 312,650 498,118 5,382.6271 55,634
Preferred (extra)
618,386 4,610.015578.341)27.385
23.4 Mar. 16 Holders of rec. Mar. 2a Comparison with prey. week _ _ -24,343 -669+3,642
Preferred (guar.)
+1.415-22.6645.061
1)4 June 15 Holders of rec. June la
Preferred (extra)
2.511 June 15 Holders of rec. June la Gr'd aggr., act'l cond'n Febi 7 5,365.425
58.295584.063 4,560.076580,056 20,727
Preferred (quar.)
Sept. 15 Holders of rec. Sept. la Comparison with prey. week_ _1-39,429 +3.751
Preferred (quer.)
-77.636 -42,593, 11,41C -11877
1% Dee. 15 Holders of rec. Dec. la
U.S. Hoffman Mach., corn. (quar.)-50c. Mar. 1 Holders of rec. Feb. 200 Gr'd aggr., ad'i cond'n Jan. 31 5,404,8541
54.544 661,699 4,602.675S91.472 2,604
Preferred (guar.)
Mar. 1 'Holders of rec. Feb. 20
Gr'd aggr., ace: 000d'n Jan. 245,434.349 56,666 656,887 4,644.613605.602 32,394
17. El. Radiator, corn. (quar.)
I
Apr. 15 Apr. 1 to Apr. 15
Gr'd agar.. aal cond'n Jan. 17 5,420,715 66.468694.209 4.713.535 591.194 32,269
Preferred (quar.)
1% Apr. 15 Apr. 1 to Apr. 15
Gr'd agar..
cond'n Jan 105.515,9941 62.313606,837 4,764,735 592,387 32.247
U.S. Realty & limn.. common (quar.).. _ 2
Mar. 16 Holders of rec. Mar. 5a Gr'd agar.. =TS cond'n Jan
self
Preferred (guar.)
35,549,3371 65.389636,288 4,831,837 599.092 32,139
14 May 1 Holders of rec. Mar. 5a Gr'd agar.,
acti cond'n Dee. 275,518,95W 74,283651,230 4,736.421 594.106 32,148
United States Steel Corp., cons.(guar.).
Mar.30 Feb. 28 to Mar. 3
Common (extra)
M Mar.30 Feb. 28 to Mar. 3
Note.
-U. S. deposits deducted from net demand deposits in the general totals
Preferred (quar.)
1)( Feb. 27 Feb. 1 to Feb. 4
above were as follows: Average total. Feb. 7, $17,409,000: actual totals. Feb. 7,
Vacuum 011 (guar.)
50c. Mar.20 Holders of rec. Feb. 28
$15,835,000: Jan. 31, $18,111,000: Jan. 24. $18,111,000: Jan. 17, $18,112.000;
Extra
50c. Mar.20 Holders of rec. Feb. 28
Jan. 10, $18,110,000. Bills payable,
Van tisane Co., 1st pref. (quar.)
Mar. 1 Holders of rec. Feb. 16a average for week Feb. 7, 3530,579,000;rediscounts, acceptances and other liabilities,
Jan. 31. $630.274.000; Jan. 24.
Wahl Co., pref. (quar.)
*1% Apr. 1 'Holders of rec. Mar.26
Jan. 17, 3569.074.000: Jan. 10, 3564,942.000. Actual totals Feb. 7, $597,260,000:
Weber & Heltbroner. preferred (quar.)._
$838,763,000;
1% Mar. 2 Holders of rec. Feb. 160 Jan. 31. $701,859,000;
Jan. 24, $651.085,000; Jan. 17, 5594,388.000; Jan. 10,
Weber dr Hellbroner, corn.(quar.)
El
Mar.30 Holders of rec. Mar. 160 3567,331.000.
Common (payable in common stock)
/2
Apr. 30 Holders of rec. Apr. 15a
•Includes deposits in foreign branches not included in total footings, as follows
Common (guar.)
,
$1
June 30 Holders of rec. June 15a National
Common (quar.)
City Bank, 5126.794,000; Chase National Bank, $11,047,000; Bankers
$1
Sept.30 Holders of rec. Sept.15a Trust
Common (quar.)
Co., $16,107,000; Guaranty Trust Co., 589,268.000; Farmers' Loan As Trust
$1
Dec. 30 *Holders of rec. Dec. 15
Co.. $8,133,000; Equitable Trust Co., $62,016,000. Balances carried in banks In
Preferred (quar.)
•1M Mar. 1 *Holders of rec. Feb. 160
foreign countries as reserve for such deposits were: National City Bank, $19.117,000.
Preferred (quar.)
'1)4 June 1 'Holders of rec. May 15
Chase National Bank, $1,898,000. Bankers Trust Co.. $667,000; Guaranty
Preferred (quar.)
'1)4 Sept. 1 'Holders of roe. Aug. 17
Co.. $5,919,000: Farmers' Loan 4: Trust Co.. $6,133.000; Equitable TrustTrust
Preferred (quar.)
Co.,
Dec. 1 *Holders of rec. Nov. 16
Welch Grape Juice Co., pref. (quar.)_._
59,564,000. c Deposits in foreign branches not included.
1M Feb. 28 Holders of rec. Feb. 20
Western Grocer, preferred
'3)4 July 1 'Holders of rec. June 21
The reserve position of the different groups of institutions
Preferred
•334 Jan 1'26
White (J. G.)& Co., Inc., pref.(quar.). 13.4 Mar. 1 "Holders° free. Dec. 21
on the basis of both the averages for the week and the actual
Holders of rec. Feb. 15
White(J. G.) Engineering. prof.(quar.)
134 Mar. 2
condition at the end of the week is shown in the following
White(J.G.) Managem't Corp, Pf.(qu) 1M Mar. 2 Holders of rec. Feb. 10
Holders of rec. Feb. 16
White Motor (quar.)
El
Mar.31 Holders of rec. Isiar.d20.2 two tables:
Will & Baumer Candle, corn. (quar.)
•284. Feb. 15 'Holders of rec. Feb. 2
Wolverine Portland Cement
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANK/
2
Feb. 15 Holders of rec. Feb. 5
Woolworth (F. W.) Co.(quar.)
AND TRUST COMPANIES.
75e. Mar. 1 Holders of roc. Feb. 10a
Wright Aeronautical Corp.(guar.)
25e. Feb. 28 Holders of rec. Feb. 130
Wrigley (Wm.) Jr., & Co.
Averages.
Monthly
25e. Mar. 1 Holders of rec. Feb. 200
Wurlitzer(Rudolph) Co., pref.(quar.)_ _
2
Mar. 1 Holders of rec. Feb. 20
Cash
Reserve
a
Yellow Cab Mfg.,class B (monthly)-- _ 21e
Mar. 1 Holders of tee. Feb. 20
Reserve
In
Total
Reserve
Surplus
in Vault. Depostiortes Reserve.
Required.
Reserve,
•From unofficial sources. I The New York Stook Exchange has ruled
that stock
till not be quoted ex-dividend on this date and not until further
Members Federal
$
4
$
$
flew York Curb Market Association has ruled that stock will not notice. I The
be quoted exReserve Bank _
607,567,000 607,567,000 599,935.580 7,631,420
dividend on this date and not until further notice.
State banks"
6.157.000 4,930,000 11.087.000 10,573,020
513.980
a Transfer books not Mooed for tills dividend. dCorreotloa. e Payable in stook. Trust companies•_-- 2,408,000 5,889.000 8,297.000 8,142,900
154,100
Payable in common stock. g Payable In scrip. S On account of
accumulated
Total Feb. 7..... 8,565,000 618,386.000 626,951,000 618,651.500
dividends. m Payable In preferred stock. s Payable In Canadian funds.
8,299,500
Total Jan. 31_
614.744,000 623,312,000 619,185,440 4
8.568,000
,126,580
1 On account of accumulated dividends and In full of all accumulations,
Total Jan. 24.... 8,555,000 623.532.000 632,087,000 629.100.240
Total Jan. 17Dividend Is at rate of 5%per annum for period from May 26 to Dec. 31
8,681.090638,565.000 645,246,000 838.000,140 2,988,760
1924.
7,245,860
• Not members of Federal Reserve Bank.
u Payable to holders of record Jan. 31.
a This is the reserve required on the net demand deposits in
S Dividend is one share of $100 par value preferred stock for two shares of no-Oar
and trust companies, but in the case of members of the the cane o state banks
Value common stock.
Federal Reserve Bank
includes also amount In reserve required on net time deposits,
p4tyt.ble to holden of CouPon No.7.
which was as follows
Feb.7,515,326,880;Jan.31,$16,006,890:Jan.24,
$15,923,070; Jan. 17,$15.813,270
13'4
*134
34
134
134
13.4
13.4
134
134
134
'134
134
134
'134
Actual Figures.
Reserve
Cash
Reserve
5,5
In Vault. Depositories
Members Federal
Reserve Bank
State banks*
Trust companies'.....
For.. 120.
THE CHRONICLE
800
Total
Reserve.
Surplus
Reserve.
Reserve
Required.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
.
573,516,000 573,516.000 593,311,210 -19,795,210
252,000
6,407,000 4,492,000 10,899.000 10.646,100
236,500
2,475,000 6,055,000 8,530,000 8,293,500
Total Feb. 7_
8,882,000 584,063,000 592,945,000 612,250,810 -19,305,810
Total Jan. 31
8,460,000 661,699,000 670,159,000 618.129,900 52,029,100
Total Jan. 24
8,755,000 656.887,000 665,642,000 624,030,660 41,611,340
Total Jan. 17_ _
8,672,000 694.209,000 702,881,000 632,620,680 70,260,320
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies,but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Feb. 7,
$15,377,880; Jan. 31. $15,722,460; Jan. 24, 916,142,400; Jan. 17, 815,725,700.
Feb. 11
1925.
Changesfrom
previous week.
Jan.28
1925.
Feb. 4
1925.
$
57,300,000 57,300,000
Capital
57,300.000 Unchanged
Surplus and profits
78,987.000 Inc.
44,000 78.943.000 78,925,000
Loans. disc'ts & investments 894,160,000 Dec. 4,608,000 916,111,000 920,177,000
Individual deposits.incl. U.S 640,628,000 Dec. 6,949,000 847.577,000 656,959,000
Due to banks
145,287,000 Inc.
957,000 144,330,000 142.097,000
Time deposits
178,692,000Inc. 3.459,000 175,233,000 171.068,000
United States deposits
24,308,000 Dec. 2,116,000 28,422,000 26,449,000
Exchanges for Clearing House 32,097,000 Dec. 702,000 32,799,000 27,064,000
Due from other banks
77,720.000 Dec. 290,000 78.010,000 76,956,000
Reserve In Fed. Res. Bank
78,998,000'Dec.
174,000 77,170,000 78,822,000
Cash in bank and F.R.Bank_ 10,569,0001Ine.
382,000 10,187,000 10,135.000
Reserve excess in bank and
Federal Reserve Bank
939,000 Dec. 248,000 1.185,000 1,297,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.
-The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows: return for the week ending Feb.7, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding, is given below. Reserve
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.)
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Feb. 7.
previous week.
$1.000,034,000 Inc. $8,126,300 is not a part of legal reserve. For trust companies not memLoans and investments
4.016,200 Dec. 142,000 bers of the Federal Reserve System the reserve required is
Gold
21.887.500 Inc.
Currency notes
307.600
86,996,900 Ina. 1,202.500 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
1,060,017,200 Inc. 12,370,400 depositaries" and "Cash in vaults."
Total deposits
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
Week Ended Feb. 7 1925.
companies in N. Y. City, exchange and U. S.
Two Ciphers (00)
1,002,329,600 Inc. 5,821,600
deposits
omitted.
Membersof Trust
1925
154,386.600 Inc. 5,529,800
Reserve on deposits
F.R.System Companies Total.
Percentage of reserve, 21.1%.
RESERVE.
941.839,0 $5,000.0 946,839,0
State Banks
-Trust Companies
- Capital
profits
123,927,0 16,739,0
433,336.600 16.29%
$79,564,000 15.11% Surplus and & invest'ts._ 797,128,0 44,811,0 140,666,0
Cash In vault
disc'ts
841,939,0
11.736.900 5.73%
29,749,100 5.65% Loans,
Deposits in banks and trust cos
Exchanges for Clear.House 31,860,0
930,0 32,790,0
108,227,0
16.0 108,243,0
Due from banks
345,073,500 22.02%
$109,313,100 20.76% Bank deposits
Total
145,514,0
968.0 146,482,0
576,062,0 26,497,0 602.559,0
Individual deposits
•Includes deposits with the Federal Reserve Bank of New York, which for the Time deposits
1,576,0 99,227,0
97,651.0
State banks and trust companies combined on Feb. 7 was *86.996,900.
819,227,0 29,041,0 848.268,0
Total deposirs
10,400,0
U.S. deposits (not incl.)_
3,695.0
3,695,0
Res've with legal depot:nes_
64,588,0
Reserve with F.R.Bank._ 64.588.0
1,297.0 10,887,0
9,590,0
Banks and Trust Companies in New York City.
-The Cash in vault *
4,992,0 79,170,0
74,178.0
Total reserve & cash
averages of the New York City Clearing House Banks and Reserve required held
4,055,0 67,506,0
63,451.0
937,0 11,664,0
trust companies combined with those for the State banks and Excess res. & cash in vault_ 10,727.0
trust companies in Greater New York City outside of the • Cash in vault not counted as reserve for Federal Reserve
Jan. 24
1925.
'Jan. 31
1925.
$46,839.0
140,666.0
848,335,0
33,980.0
101,752,0
146,361,0
605,640,0
99,259,0
851,260,0
11,660,0
3,663,0
64.892,0
11,103.0
79,658,0
67.766,0
11,892.0
members.
$46,839,0
140,666,0
858,039,0
38,684,0
111,971,0
156,528,0
821,741,0
98,412,0
876,681,0
11,558.0
3,550,0
64,794,0
11,377,0
79,721,0
89,102,0
10,619,0
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedOct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov.15
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
-F.th 7
Demand
Deposits,
*Total Cash
In Vaults.
Reserve in
Depositaries.
$
6,413,396,600
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
6,528,299,100
6,511,329.700
6,467.071,000
6,499,441,100
6,517,941,600
6.534,475,500
6,502,799,000
6,449,153,600
6,400,877,800
6.382.661.100
$
5,568,625,300
5,572,477,300
5,649,960,400
5,627,593,900
5,591,046,400
5,663,989.100
5,684,532,300
5,708,357,400
5,760,687,300
5,757,800,800
5,767,935.500
5,745,656,500
5,790,937,000
5,819,488,500
5,781,126,500
5,693.929,300
5,605.108,000
5.612.344 600
$
87,219,200
85,602,500
83,921,000
83,783,000
84,099,700
88.084.800
85.378,900
87,856.300
89,895,100
93,756,200
98,888,600
104,910,200
102,032,000
94,214,000
87,350,900
82,585,000
82,041,200
111 537 inn
$
740,020,000
765,528,200
762,706,000
750,335,800
751.018.300
773,766,400
761,712,200
750,645,500
775,979,000
764,010,000
785,101,000
766,067,300
783,386,400
783.368,300
773,115,400
752,408,400
737,862,600
74,5 MR nun
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 Feb. 11 1925 in
comparison with the previous week and the corresponding
date last year:
Feb. 11 1925. Feb. 4 1925. Feb. 13 1924.
RellOUrCel442,098,000 442,197,000 603,209,000
Gold with Federal Reserve Agent
7,230,000
8.507.000
9,927,000
Gold redemp. fund with U. S. Treasury.
Gold held exclusively agst. F.R. notes. 449,328.000
Goldsettlement fund with F. R. Board. 141,343,000
Goldand gold certificates held by bank... 297,195,000
450,704,000
173,960.000
294,404,000
613,136,000
52,863,000
187,456,000
887,866.000
33,412,000
919,068,000
31.301,000
853,455,000
31,512,000
921.278,000 950,369,000
Total reserves
18,980,000
22,130,000
Non reserve cash
Bills discounted
Secured by U. S. Govt. obligations..... 108.916,000 111,733,000
40,155,000
21,513,000
Other bills discounted
884,967,000
11,025,000
149,071.000
75,884,000
133,240,000
67,731,000
162,618,000
78,136,000
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:
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
12,461,000
91,977,000
9,752,000
12,461,000
91,089,000
9,370,000
1,202,000
8,879,000
7,219,000
Total U. S. Government seotiritles
Foreign loans on gold
114,190.000
3,055,000
112,920.000
3,055,000
17,300,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
-that is, three ciphers [000] omitted.)
(Stated In thousands of dollars
Total earning assets
Uncollected items
Bank premises
All other resources
342,200,000
132,137,000
18,303,000
8,193,000
316,952,000
124,005,000
18,303,000
7.816,000
258,054,000
112,967,000
13,653,000
2,089,000
Total resources
Net
Capital.I Profits.
CLEARING
$028
-MEMBERS,
Nat. bks. Dec.31
Week Ending State bks. Nov.15
Tr. ooe. Dec. 31
Feb. 7 1923
Loans,
DUcounts,
Investmenu,
.4c.
Members of
Red'i Reeve Bonk
kace Nat Bank_ _ _
Average Average Average Average Average
$
$
$
$
$
42
10,388
696
3,678
4,681
Reserve
Net
Net
Cash
with Demand Time
In
Legal Deposits. Deposal.
Vault. Depositortes.
$
1,000
$
1,748
Total
State Banks
Not Members of
Red'I Res've Bank
lank of Wash.Hts_
Dolonial Bank
1,000
1,748
10,388
42
696
3,678
4,681
200
1,000
481
2,541
7.802
26,900
800
2,931
375
1,570
6,254
24,100
2,105
3,323
Total
Trust Company
Not Members of
Efed'i Res've Bank
Kech.Tr.,Bayonn
1,200
3,022
34,702
3,731
1.945
30,351
5,428
500
508
8,911
393
93
3,108
8,032
500
508
8,911
393
93
3,108
6,032
2.700
3rand aggregate
Domparison with prey, week
5,279
54,001
+481
4,166
-42
2,734 837,140
+258 +824
16,141
+60
3r'd aggr., Jan. 31
:lr'd agar., Jan. 2
3r'd aggr., Jan. 17
3r'd aggr., Jan. 10
5,279
5,279
5.279
5,216
53,520
53,512
53.723
52,071
4.208
4,118
4.196
4,297
2,476
2.829
2,769
3,103
16,081
16,133
16,094
16,037
Total
Total gold reserves
Reserves other than gold
1,439,091,000 1,437,575.000 1,282,755,000
Liabilities
Fed. Res. notes in actual circulation
-Member bank, reserve awl
Deposits
Government
Other deposits
348.623.000
850,215,000
6,112,000
29,185,000
346,783.000 377,886,000
857,509.000 692,621,000
4,954,000
6,343,000
10,423,000
32,833,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
885,512,000
113,714,000
30.172,000
58,749,000
2,321,000
896,685,000
103,065,000
30,172.000
58,749,000
2,121,000
Total liabilities
2,700
2,700
2,700
2,700
836.316
a36,771
837,126
a35,722
a United States deposits deducted, $180,000
Bills payable, rediscounts, acceptances and other liabilities, $983.000
Excess reserve. $78,770 increase,
143,078,000
19,540,000
707,998,000
105,319,000
29,545,000
59,929,000
2,078,000
1,439,091,000 1,437,575,000 1,282,755,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined__
Contingent liability on bills purchased
for foreign correspondents
CURRENT
74.6%
76.4%
81.5%
12,198,000
13,029,000
4,361,000
NOTICES.
-Lack of system and efficiency in accounting methods now employed
by bond departments of many banks and by investment bond dealers
oftentimes result in unnecessary losses, according to Halsey, Stuart & Co..
Inc., who have prepared a new book on "Investment Bond Accounting,"
which will be mailed without charge upon request to banks with bond
departments and to dealers in investment bonds.
--Henry Dean, James R. Nelson (formerly with Hayden, Stone & Co.)
and H. C. Waldo announce the formation of the firm of Dean, Waldo &
Co., Inc., at 49 Wall Street, to transact a general trading and investment
business in bank and trust company stocks and other investment sectwitieS.
FEB. 14 1925.]
THE CHRONICLE
801
Weekly Return of the Federal Reser
ve Board.
The following is the return issued by the Federal Reserve Board
of the twelve Reserve Banks at the close of business on Wednesday. Thursday afternoon, Feb. 12.and showing the condition
In
IS a whole in comparison with the figures for the seven preceding weeks the first table we present the results for the system
The second table shows the resources and liabilities separately for each and with those of the corresponding week last year.
of the twelve banks. The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions
Reserve Agents and between the latter and Federal Reserve banks. in Federal Reserve notes between the Comptroller and
The
week appears on page 768, being the first item in our department of "Curre Reserve Board's comment upon the returnsfor the latest
nt Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF
THE FEDERAL RESERVE BANKS AT THE
CLOSE OF BUSINESS FEB. 11 1925.
Feb. 11 1925. Feb. 4 1925. Jan. 28 1925. Jan. 21
1925. Jan. 14 1925. Jan. 7 1925. Dec. 311924. Dec. 24 1924. Feb.
13 1924.
RESOURCES.
$
$
$
$
$
bold with Federal Reserve agents
$
1,712,410.000 1.726,231.000 1,730,679,000 1.744.722,000
$
$
$
1,744,250,000 1,729,267,000 1,702,306,000 1.747.218,000 2,139,913,000
bold redemption fund with U.S. Treas.
48,298,000
51,637,000
53.660.000
50,590.000
45,703,000
45,854,000
41,245,000
45.758.000
57,815,000
Gold held exclusively agst. F. R. notes 1,760,703,000 1,777,868
,000 1,784,339,000 1.795.312.000 1.789,953.000
bold settlement fund with F.
1,775,121,000
576,593,000 570,035,000 590,815,000
aoic and gold certificates held It. Board_ 559,039,000 572.987.000 594,232,000 592,394,000 603,544.0001 637.330,000 1,743,551,000 1,792,974,000 2,197,728,000
679.464.
by banks_
557,014,000 559,538.000 538,493,000 513,518,000 837.240,000 553,784,000
000 482,605,000 376,750,000
Total gold reserves
2,896,340,000 2,920,890.000 2,939,386,000 2,944.720.000
Seserves other than gold
144,693,000 143,704,000 143,160,000 138,715,0 2,953,035,000 2,950,944,0002,936.533,000 2,912,819,000 3,128,262,000
00 138,664.000 124.397.000 110,521,000
84.694,000 117,224,000
Total reserves
3,041,033,000 3,064,594,000 3,082,546.000 3,083,435.000
Son-reserve cash
3,091,699.000 3,075,341,000 3,047.054,000 2,997,513,000 3,245,486,000
58,045,000
62,930,009
74,371,00077,322,00078,642,000
Mils discounted:
73,479,0001 62,567,000
37,668.000
51,160,000
Secured by U. S. Govt. obligations_
190,515,000 207,325,000 164,892,000 101,946.0
00
Other bills discounted
141,291,000 115.042.000 103.800.000 100.811.000 141.281,000 146,698,0001 186,840,000 239,230,000 297,561,000
120,478.000 117,710,000 127,288,000 157.199,000 248,783,000
Total bills discounted
331,806,000 322,367,000 273.692,000 202.757,000
Bills bought in open market
324,647,000 308,004,000 307,767,000 306,176.000 261,759,000 264,408,000 314,128,000 396.429,000 546,346,000
C 8 Government securities:
323,901,000 340,978,000 387,100,000 389.574,000 278,079,000
Bonds
74,965,000
75,216,000
76,174.000
74,347,000
Treasury notes
78.540,000
75,505,0001 75.265,000
74,756,000
18,234,000
274,539,000 973,252,000 279,665,000 292,307,000
Certificates of indebtedness
332,168,000 342.533,000 349,354,000 342,552,000
80,261,000
40,592,000
40,360,000
38,225,000
58,210.000
76,214,000
77,991,000 115,541,000 120,571.000
28,760,000
Total U. S. Government securities_
390,096,000 388,828,000 394,064,000 423,464,000
Foreign loans on gold
486,922.000 496,029,000 540,160.000 537.879,000 127,255,000
10.500.000
10,500.000
10,500,000
10.500.000
611 other earning assets
6,000,000
6,000,000
8,000.000
2,559,000
6.000.000
2,559.000
2,559,000
2,559.000
2,559,000
2,550,000
2,050,000
2,050,000
Total earning assets
1,059,608,000 1,032,258,000 988,582,000 945,456,
000 1,081,141,000 1,109,965,000 1,249,438
5% redemp. fund apt. F. R. bank notes
,000 1,331,932.000 951,680,000
Uncollected items
•
589,040,000 567.815,000 572.000,000 626.914,000
28,000
Bank Premises
897.811,000 702.909,000 656,197,000 674.514,000 562,725,000
58,057,000
58,004,000
57.939.000
57. 02 0
All other resources
9 . 00
57.669,000
57.595.000
54,732,000
57.595.000
61,819,000
24,399,000
24,317,000
24,831.000
24,604,000
25,010,000
24,049,000
23,827,000
20,088,000
23,529.000
Total resources
4,830,182,000 4.809,918.000 4.800,269,000 4.815,633,000
5.031,772.000 5,043,338.000 5.096,380,000 5.127,273.0004.885,899,000
LIABILITIES.
F. R. notes in actual circulation
1.713,662.000 1.690.385.000 1.684,311,000 1,698.828,000
P. R bank notes in circulation-net.
1.737.977,000 1,805.383,00011.862.062,000 1,941.747,000 2,039,203,000
Deposits418,000
I
Member banks-reserve account
2,174,546.000 2.193,624,000 2,171.723,000 2,140,611,000
Government
2,256,491,000 2,247,745,00012.220,436.000 2.222.870.000 1,915,232,000
27,601,000
29,049,000
52,114,000
31.146,000
Other deposits
30,563,000
26,040,000, 51,197,000
36,960,000
58,081,000
40,308,000
44,896,000
41,379.000
44,339.000
43.286.000
42.748,000
Total deposits
1 39,035,000 30.233,000 20,017,000
2,242,455,000 2,267,569,000 2.265,216,000 2.216,096,000
Deferred availability items
2,330.340.000 2,316,533,000 2,310,668,000 2,311.184,000 1,972.209,000
533,398,000 511,833,000 510.336.000 561,045,000
Capital paid la
112,328,000 112,316.000 112,246.0001 112.187,000, 623,681,000 581,799,000 584,716,000 526.992,000 529,615,000
Surplus
217,837.000 217,837,000 217,837,000 217,837,000, 112.193,000 112,228,000 112,038.000 112.026,000 110,357,000
All other liabilities
217,837,000 217,837.000 217.837,000 220,915,
10.502.000
000 220,915,000
9.978,000
10,323.000
9,840,000
9,744,000
9,558,000
9.059,000
13.110,000
14.409.000
Total liabilities
4,830,182,000 4,809,918,000 4,800,269,000 4,815.633,000
Ratio of gold reserves to deposit
5,031,772,000 5,043,338,000 5,096.380.000
and
5.127.273,000 4,885,899,000
F. It. note liabilities combined
73.0%
73.8%
74.4%
75.2% 1
Ratio of total reserves to deposit
72.5%
71.6%
70.4%
and
88.4%
78.0%
F. R. note liabilities combined
76.9%
77.4%
78.0%
78.8%
• 78.0%
Contingent liability on bills purchased
74.6%
73.0%
80.9%
70.5%
for foreign correspondents
I
43,210,000
45,157.000
47,174.000
47,332,000
=.
49,817.000
44.720.000
42.683.000
16,294,000
41,754,000
Distribution bp Maturities$
$
$
$
$
1-15 days bills bought in open market. 108,570.0
I
$
$
00
93.789,000
$
90,251,000
$
92,896.000 100.717,000
1-15 days bills discounted
88,656.000 117,576,000 101.937,
137,869,000
264,095,000 253,097.000 202.035.000 133.962,000 188,207.
WO 185,841,000 241,603,000 313,715,000 377,886,000
1-15 days U. B. certif. of Indebtedness_
617,000
000
14,000
14.000
1,485,000
1-15 days municipal warrants
240.000
412,000
8,000
341,000
9,000
18-30 days bills bought in open market
83,785,000
85,541.000
78,374,000
66.104,000
64.478,000
16-30 days bills discounted
76.288,000
75,192,000
56,904,000
18,976,000
70,548.000
18,292,000
17,691,000
16,734,000
18.385,000
16-30 days U. S. certif. of indebtedness.
20.220,1100
18,335,000
47,027,000
22,988.000
196,000
196,000
16-80 days municipal warrants
1,000
1,000
9,000
9,000
81-60 days bills bought in open market
9.000
75,542,000
83,259,000
96,502.000 108,240,000 116,836.000
81-60 days bills discounted
114,313.000 111,099.000 114.184,000
24,611,000
56,069,000
26,847.000
28.531,000
26,849,000
81-60 days U. S. certif. of indebtedness_
28,381.000
29.211,000
26,413,000
285,000
30,116,000
60,682,000
286,000
296,000
62,000
302,000
111-60 days municipal warrants
11,315,000
61-90 days bills bought in open market...
52,488,000
40,018,000
34,973,000
31,355,000
33,237,000
81-90 days bills discounted
51.830,000
14,345,000
71,576.000
25,615.000
90.046,000
14,393,000
15,069.000
14,931,000
61-90 days U. S. certif. of indebtedness.
16.501.000
18,789.000
17,343.000
36,328,000
18.989,000
240,000
61-90 days municipal warrants
2,772.000
13,012,000
18.012,000
145,000
Over 90 days bills bought in open market
4.262.000
5,367,000
7.667.000
7.581,000
Over 90 days bills discounted
8,833,000
9,891,000
9,779,000
11,657,000
9,738,000
12,859,000
1,622,000
10,366,000
10.281,000
Over 90 days certif. of indebtedness
10,285,000
10.347.000
10,434,000
39.690,000
24,423,000
10,621,000
39,864.000
37,719,000
55,908,000
Over 90 days municipal warrants
74,427,000
75,219,000 102,289,000 102,218.000
16,887,000
Federal Reserve Notes
Outstanding
2.055,638,000 2,055,967,000 2,073,168,000 2,099,962,000
Held by banks
2,144,712.000 2,202.002,000 2,244,961
341,976,000 365,582,000 388,857,000 401.334,000
,000 2,253,234,000 2,570,377,000
406.735,000 396,619.000 382,899.
000 311,487.000 531,174,000
In actual circulation
1,713,662,000 1,690,385,000 1.684,311.000 1,698,628,000
1,737.977.000 1,805,383.000 1,862,062
,000 1.941.747.0002,039,203 000
,
Amount chargeable to Fed Res. Agent 3,043,551
,000 3.063,692,000 3.088,368.000 3,113,354
In hands of Federal Reserve Agent
993,913,000 1,007,725,000 1,015,200.000 1.013.392 .0003.131.218,000 3,165,660,000 3.181.478,000 3.195,722.000 3,527,154,000
,000 986,504,000 963,658,000
936.517,000 942,488,000 956,777,000
Issued to Federal Reserve Banks
2.055,638,000 2,055,967.000 2.073.168,0002,099.962.000
How Secured
2.144.712,0002,202,002.000 2.244,961,000 2.253.234,000 2,570,377,000
By gold and gold certificates
281,516,000 281.564,000 281.849.000 281,449,
By eligible Paper
343,228,000 329.736.000 342,489,000 357,552, 000 281,449,000 280,494,000 279,494,000 278,494,000 327,584,000
Gold redemption fund
000 402.596.000 472,735.
108,787,000 102,970,000 107,412,000
000 542.655.000 506,016,000 430,464,000
107,198.0
With Federal Reserve Board
1,322,127,000 1,341,697,000 1,341,418.000 1,358.077 00 107,875.000 117,533.000 114,918,000 116.771,000 117,215,000
.000 1.354,926,000 1,331,240
,000 1.307.894.000 1,351,953.000 1,695,114,000
Total
2,055,638,000 2,055,987,000 2,073,168,000
2,102,274,000 2,146,846,000 2,202,002
,000 2.244,961,000 2,253,234.000 2.570,377,000
tangible Paver delivered to F. R. Agent_
021.372 nnn sue n9R non cc, am non 48A 495
nnn ram 7211 Ann no.. oln Ann an., .7no Ann ,An
.
•Includes Victory notes.
wax nnn 105 .
7111 non
WEEKLYSTATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS FFB. 11 1925
Two ciphers (00) omitted.
Federal Reserve Bank ofBoston. New York. Phila, Cleveland
, Richmond Atlanta. Chicago. St.
Louis, Miranda', Kan. City Dallas. San Fran.
Total.
RESOURCES.
$
$
$
$S
Gold with FederalReserve Agents 153,706.0 442.098,0 151,936,0 170,400,0 $
$
$
$
$
3
$
$
75,727,0 146,056,0 165,720,0 52,413,0
$
00Id red'n fund with U.S.Treas. 10,413,0
67.049,0
7.230,0 4,270,0 2,677,0 2.129,0
1,402,0 5,767,0 3,786,0 1.681,0 59.946,0 32,058,0 195,301,0 1,712,410,0
3,312,0 2,675,0 2,956,0
48,298,0
Gold held excl. agst.F.R.notes_ 164.119,0 449,328,0
Gold settle't fund with F.R.IIIrd 52,448,0 111,343,0 156,206,0 173,077,0 77,856,0 147,458,0 171,487,0 56.199,0 68,730,0 63,258,0
34,733,0
Gold and gold ctfs. held by banks 23,275,0 297.195,0 45,008,0 61,115,0 17,785,0 14,944,0 93,436,0 18,530,0 26,516,0 47,297.0 25,240,0 198,257,0 1,760,708,0
21,458,0 24,423,0 22,596.0 8,681,0
32,881,0
102.054,0 9,071,0 6,447,0 3,418,0 10,182,0 30,239,0 576,593,0
559.039,0
Total gold reserves
239,842,0 887,866.0 222,672,0
258,615,0 118,237,0 171,083,0 366,977,
aftlerne other than gold
15,081,0
0 83,850,0 101,693,0 113,973,0
33,412,0 7,902,0 10,303,0 6,226,0
13,093,0 18.840,0 19,017,0 1,845,0 4,126,0 70,155,0 261,377,0 2,896,340,0
9,375,0 5,493,0 144,693,0
Total reserves
254,903,0 921,278,0 230,574,0 268,918,0
124,463,0
Ron-reserve cash
3.939,0
18,980,0 1,910,0 2,818,0 3,456,0 184,176,0 385,817,0 102,867,0 103,538,0 118,099,0 79,530,0 266,870,0 3,041.033,0
5,338,0 8,008,0 4,172,0
Bills discounted:
890,0 2,043,0 2,602,0 3,889,0
58,045,0
Sec. by U.S. Govt. obligations 13,170,0 108,916,0 18.717,0
21,216,0
627,0 16,467,0 2,760,0
Other bills discounted
7,788,0
40,155,0 10,017,0 11,467,0 4,952,0
173,0
601,0
176,0 2,731,0 190,515,0
17.523,0 11,347,0 14.778.0 4,612.0 3,913,0 4,056,0
1,721.0 13,914,0 141,291.0
Tots Ibills discounted
20,967,0 149,071,0 28,734,0 32,683,0
Bills bought in open market
47,744,0
75,884,0 19,088,0 37,322,0 22,475,0 11.974,0 31,245,0 7,372,0 4,086.0 4,657,0 1,897,0 16,645,0 331,806.0
1,900,0 3,404,0 36,627,0 20,147,0
U. B. Government securities:
121,0 11,509,0 21,031.0 49,870,0 324.647,0
Bonds
2,662,0
12.461,0 1,416,0 10,948,0
1,407,0
Treasury notes
17.831,0
91,977,0 23,577,0 26,531,0 1,910,0 1,548,0 19,649,0 1,136,0 8,855,0 8,114,0 3,654,0 3,115,0
74,965,0
1,156,0 36,152,0 8,296,0 9,812,0 14,583,0 13,000,0
Certificates of indebtedness. 4,831,0
9,752,0
741.0 7,871,0
29,714,0
181,0
716.0 3,553,0
853,0 1,009,0 2,645,0 1.337.0 7,103,0 274,539,0
40,592,0
n...... 117 a (mat neetirltles
25.324.0 114.190.0 25.734.0 45.350.0 2 409
fl 24900 AQ RA4 n in 9AS n 10 AM n 95 249
n 17 001 0 20 039 n RCin nor< n
[VOL. 120.
THE CHRONICLE
802
Total
Minneap. Kan. City Dallas. San Fran
Cleveland Richmond Atlanta. Chicago. Si. Louis.
$
3
I
3
$
$
$
3
$
$
10,500,0
798,0
3
$
399,0
474,0
$
374,0
519.0
462.0 1,564,0
603.0
2,559.0
3.055,0 1.032,0 1,220,0
500,0
9,0
Toreign loans on gold
2,050,0
All other earning meets
41.318,0 107.245,0 1,059,608,0
19,260,0 128,790.0 38,323,0 24,266,0 42,482,0
94.035,0 342,200,0 76.638,0 116,575,0 28,476,0 28,982,0 69,167.0 34,706.0 12.345,0 37.354.0 27,314,0 35.503,0 589,040,0
Total earning assets
58,057,0
51,026,0 132,137,0 50,850,0 53,425.0 52,231.0 2,780,0 3.099,0
3,404,0 2,981,0 4,067.0 1.833,0 3,267.0
Uneellectediteme
24,399,0
16.303.0 1,114,0 7,573.0 2,446,0 2,096,0
740,0 1,767,0 4,581,0
4,190.0
323,0 3,154.0
2,127,0
Sank premises
473,0
409,0
360,0
8,193,0
176.0
resources
All other
205,285.0 154,364,0 421,355.0 4,830,182.0
211,545,0 242,632,0 602,003,0 183.795,0 147,674,0
411,269,0 1,439,091,0 361,446,0 149,718,0
Totalresourees
1.713,662.0
53,067.0 66,865,0 66.508,0 46,334,0 194.819,0
IES.
LIABILIT
179,716,0
343.623,0 161,771,0 188,264,0 75,426,0 139,713,0
F.R.notes in actual circulation _ 192,518,0
65,082,0 158.157,0 2,174,546,0
Deposits:
84,169,0 310,210,0 78.870,0 56,336.0 83.521,0 1,396,0 2,815,0
27,601,0
140,248,0 850.215.0 120.989,0 175,486,0 66,230,0 2,171.0 1,118.0 2,558,0
670,0 2,260,0
Member bank-reeerveacet
40,308,0
1,850,0 2,498.0
214.0 4,834,0
6,112.0 1,408.0
815,0
2,745.0
449,0
737,0
206,0 1.422,0
Government
232.0
471,0 1,236,0
29,185,0
507.0
deposits
Other
91,599,0 68.692,0 165,806,0 2,242,455,0
66,546,0 312,750,0 82,165.0 57.505,0
143,500.0 885,512.0 122,868,0 178,552,0 68,960.0 22,183.0 62,133.0 33,002,0 11,620.0 33,424,0 28,830.0 36.166,0 533,393,0
TotaldeposIts
50,526.0 113,714,0 46.022,0 46,842,0 48,036,0 4,587,0 15,458,0 5.086,0 3,270,0 4,331,0 4,131,0 8,100,0 112,328,0
Deferred availability items
15,071,0 217,837.0
30,172.0 10,510,0 12,735,0 5,940.0
8,008,0
30,426.0 9,971.0 7,497.0 8,977,0 7,592,0 1,393,0
Capital paid in
10.502,0
785,0
58.749,0 20,059.0 22,462.0 11,701,0 8,950,0 1,525,0
446,0
16,382.0
917,0
504,0
613,0
Surplus
582,0
863,0
216,0
2,321,0
337,0
All other liabilities
154,364,0 421,355,0 4.830,182,0
242,632,0 602.008,0 183,795.0 147,674,0 205,285.0
411.269,0 1,439,091,0 361.448,0 449.718,0 211.545,0
Totalliabilltles
Memoranda.
Ratio of total reserves to deposit
76.9
74.0
70.4
74.7
83.2
78.1
78.3
89.3
and F. R. note liabilities com86.2
73.3
81.0
74.6
75.9
bined. per cent
43. 210
1.682.0 3.324.0
1.925.0
1.925.0 6.517.0 2.187.0 1.531.0
t liability on bills purOontIngen
4 374 n 5 nan n 29370
12 155 n
ohasedfor foreign aorrespondls
11 1918.
ACCOUNTS AT CLOSE OF BUSINESS FEB.
STATEMENT OF FEDERAL RESERVE AGENTS'
8130URCES (Conelucte0)Tule ciphers (00) omitted.
Boston
New York.
Federal RUM. Agent at-
Philo
Cleve. Riclan'd Atlanta Chicago.
Boston New York Phila.
$
(la Thousands of Dollars)
Resources52,650
Federal Reserve notes on hand
208,943
Federal Reserve notes outstanding.
notes outstanding
Collateral security for Federal Reserve
35,300
Gold and gold oertificates
16.406
Gold redemption fund
102,000
-Federal Reserve Board
Gold Fund
55,237
Eligible paper'Amount required
13,474
1Fseees amount held
$
3
$
$
$
329,510 49,300 57.460 25,444 61,736
501,368 188.363 205,253 93,201 159,900
138.898 6.000
29.400 13,547
226,003 132,389
59.270 38.427
139.201 7,121
5.000
8,780
11,620 1,932 5,058
150,000 73.795 136.000
31,853 17.474 13,844
33.120 6.693 1.220
St. L.
s
Mina. K.City. Dallas San Pr.
s
$
r
$
Total.
$
8
993,913
259.137 25,660 17,041 29.623 20,622 65,200 2.055,638
193.764 61,023 69,809 73,610 53,169 217.205
281,516
14,511
12,175 13.052
108,767
5,076 3,238 1,497 3,586 3,047 14,362 1,322,127
56.360 14.500 180.939
160,644 37.000 52.500
343,228
28,014 8,610 2,760 13,691 21.111 51,904 278.145
955 2.335 1,693 14.180
39.587 18,566
5,383,334
688,252 166.272 157,614 179,233 128.653 573,790
484.010 1,471,477 433,647 501.086 218,533,382,756
Total
Liabilities
3,049,551
received from
452,901 86.683 36.850 103,263 73.791 312.405
Rat amount of Federal Reserve notes
281.593 830,968 238.163 262.713 118,6451221,636 165.720 52,413 67,049 59.946 32,058 105,301 1,712.410
Comptroller of the Currency
621,373
153,703 442,098 151,636 170.400 75.7271146,056
67,631 27,176 3,715 16,029 22.804 66,084
received from Gold
67.973 24.167 15,061
Oollateral
68,711 193,471 43,548
Federal Reserve Bank lEligible Paper
179.238 128,653 573,790 5,383.331
433,647 501,086 218,539382,756 686.252 168.272 157.614
484,010 1.471.477
Total
193.7641 61,023 69.809 73,640 53.169 247.205 2.055,638
208,643 501,368 188.38 205.253 93.201 159.900
14,048 7.956 2.944 7.132 6,835 52.386 341,970
çeaeral Reserve notes outstanding
16,427 152,7451 26,592, 18,989 17,775 20.147
held by banks
Pederal Reserve notes
.1 II g'2 A II1A •Ilei 1 '710 CR.
RR S110
CO MCI, RR MIS
3
-
.
riders] Reserve notes In actual circulation
Inn el..,
.
. An nesn I.,. n,. IOU ...A
1
1,,
111 ,
,r. Ana 1,
1,f1 n'In
Reserve System.
Weekly Return for the Member Banks of the Federal the principal items of the resources;
by the Federal Reserve Board, giving
always a week behind
Following is the weekly statement issued
weekly returns are obtained. These figures aregiven in the statement
nt were
the liabilities of the 736 member banks from which
themselves. Definitions of the different items in the stateme Reserve Board upon the figures
those for the Reserve banks
cle" of Dec. 29 1917, page 2523. The comment of the
of Dec. 12 1917, published in the "Chroni
ent of "Current Events and Discussions," on page 768.
for the latest week appears in our Departm
ciphers (0M) omitted.,
business Feb. 4 1915. Three
banka In each Federal Reserve District at close of
Dallas. San Fran. Total.
Chicago. St, Louts. Minneap. Kan. City
Reston. New York Phila. Cleveland. Richmond Atlanta.
Federal Reserve District.
736
411
66
71
25
33
100
36
75
76
55
I
108
3
42
$
$
$
S
Number of reporting banks
3
$
184,354
$
$
9.374
3.710
4,143
$
2,786
12,249
33,794
7.658
6,413
Loans and discounts. gross:
18.934
10,462
66.192
67.384 214,790 4,745,246
8,639
54,195 100.402
71.191 698.146 185,680
Secured by U S. Gov't obligations
122.302
292.459 2.200.084 314,179 424,434 348,877 374.013 1.213,792 313,742 208,560 336,322 235,652 834,792 8,183,713
Secured by stocks and bonds
351,307 728,375
662,668 2.574,604
All other loans and dlecounte
306,746 1,058,956 13,113,313
452.862 1,945,732 511,671 265,550 440,867
963,7664,840,880 678.948 1,169,743 477,592
Total loans and discounts
232.192
25,877
9.545
17,545
7.801
13,775
20.272
ts:
14,968
;nvestmen
25,716
32,050
9,568
44,417
13,985 131.158 1,389,377
43,166
10,658
25.920
26.387
8,623 164.722
U. S. prewar bonds
38.111
53,544 168,503
360,192
45,705
5.907
12,316
80.213 635,045
9.885
7,903
51,286
2.511
5.058
U. S. Liberty bonds
30,006
15.933
509,432
28,454
9,477
17.125 156.557
20,540
19,074
12,066
2,486 102,789
2.475
U. S. Treasury bonds
55,806
21,021
119,542
2.238
16,900
3.701 228,540
3,664
5,720
1.620
14,639
1,988
430
U. S. Treasury notes
6,913
7,618
56.048
21,277 192,955 2,842,484
73,073
1,764
36,907
41.288 433.737 102.796
S. Treasury certificates
U.
62.054
355,462
securities 191,004 1.072,759 258,172
Other bonds,stocks and
70,429 439.049 5,453,219
71,864 787.445 164,547 105.307 162.304
312.465 2,193,366 363,859 648,740 133,814
Totalinvestments
370,857 603,171 377,175 1,498,005 18,566.532
611.436 524,726 2,733,177 676.218
31,154 110.989 1.655,453
57,081
1,276.231 7,031.246 1,042,807 1.818.433
27,493
52,207
37,473 228,647
41,284
Total loans and investments
80,196 130,020
278,070
21.632
89,859 769,050
10,495
10,941
5,625
7,593
52.779
11.043
13,589
Reserve balances with F. R. Bank
29,125
14,931
80.034
20.283
248,205 492,204 283,065 798,900 13 039,813
Cash in vault
1,014,724 370,680 312,599 1,752,548 119,244 104,444 136,294
'
877,122 5,725,113 745,319
93,925 698.246 4.899,797
189.737 923,669 213,701
deposits
185,780
Net demand
133,850
333.671 1,132,614 180.264 707,452
998
2,172
10,499
1,853
7,281
21,276
3,703
3,068
Time deposits
14,244
12,000
30.676
26,080
Government deposits
153,265
1
18
5.650
14,501
F R.. Bk
57
1,824
16,364
Bills parte & redisc. with
3,475
29,667
1,194
1,760 109,615
269
2,081
904
593
3,218
7,941
Secured by U. S. Gov't obligations
4,214
3,425
4,871
957
All other
mber Ban ks in Fede ral Resery e Bank Ci ties.
280 116,475 2.525 869
69,458 131,064
108,440
20,280 427,300
38,153
11.20,VPI
Banters' Balances of Reporting Me 139,779 1.181,823 .8
•re enc
51,849
7,1
RR.
ClRi 477
91 A415
35 220
n 192,963
155 OR2
1R 726
17 InA
01 MIS
111 R117
d'k mno
AAn
Due to banks
us from Dan KS
banks In New York City, Chicago, and for whole country.
2. Data of reporting member
Reporting Member Banks in N. Y. City. Reporting Member Banks in Chicago.
AU Reporting Member Ranks.
Feb. 6 1924.
1921. Feb. 4 1925. Jan. 28 1925. Feb. 6 1924. Feb. 4 1925. Jan. 28 1925.
Feb. 4 1925. Jan. 28 1925. Feb. 6
48
40
46
67
67
67
759
736
$
736
$
$
$
$
$
Number of reporting banks
$
28,319,000
IS
$
26,066,000
0
0
26,618,00
79,753,00
60,022,000
61,250,000
236.095,000
Loans and discounts, gross:
181,332,000
184,354,000
00 443,948,000
Secured by U.S. Govt. obligations 4,745,246.000 4,693,436.000 3,848,308,000 1,979,355,000 1,951,085,000 1,441,991,000 525,944,000 514.512.0 1) 641,605,000
,000 2,277,464,000 2,276,797.000 2,218,152,900 697,387,000 714,980,00
Secured by stocks and bonds
8,183,713,000 8,176,652,000 7,849,825
All other loans and diaconate
1.113,872,000
4,318,069,000 4,237,904,000 3,749,896,000 1,249,949,000 1,255,558,000
13,113,313,000 13,051,420,000 11,932,228,000
Total loans and discounts
4,211,000
4,067,000
3.853.000
38,101,000
42,595,000
34.440,000
Investments:
260,535,000
261.018,000
43,111,000
232,192,000
82,100,000 .81,276,000
00 538.023,000 410,872,000
U. S. pre-war bonds
5,086,000
1,389.377,000 1,394.042,000 1,029,690,000 538,549,0 00 138,248,000
28,525,000
27,993,000
15,694,000
76,038,000 139,999,0
U. S. Liberty bonds
81,012,000
365,913,000
360,192,000
73,600,000
75,148,000
828,311,000 210,755,000 211,726,000 429,866,000
U. EL Treasury bonds
510.421,000
13,534,000
509,432,000
11,603,000
9.142.000
bonds
0
22,525,00
56,711,000
54,435,000
103,795,000
U. 13. Treasury
124,624,000
155,723,000
119,542,000
00 814,021,000 545,733.000 216,720.000 201,976,000
U. S. Treasury certificates
2,842.481,000 2.832.427,000 2,179,140,000 807,962,0
Other bonds,stocks and securities.
401,017.000 302,677,000
000 1,801,324,000 1.462,791.000 414.956.000
5,453,219,000 5,488,145,000 4,486,509,000 1,788,140.
Totalinveetmente
1,418.549,000
000 6,089,228,000 5,212.687,000 1,664,905,000 1,656,605,000
18,566.632,000 18,539.865.000 16,418,737.000 6,101,209, 00 702,173,000 578,414,000 158,145,000 159,620,000 136.407,000
000 713,405,0
Total Inane and Investments
26,338,000
1,655.453,000 1,639,647,000 1,407,232,
26,507,000
27,001,000
0
63,728,000
0
with F. R. banks
64,227,00
85,596,00
272,521,000
000
Reserve balances
279,486,000
278,070,000
000 1,171,409.000 1,008.331,
Cash In vault
13.013,949,000 11,274,808,000 5,185,759,000 5.185.734,0004.361.775,000 1,178.314, 00 454,812,000 373,211,000
13,039.813,000
00 586,221,000 456,408,0
6,881,000
Net demand deposits
4,899,797.000 4,862,857,000 4,119,923,000 785,148,000 793,810,0 0
16,096,000
16,096,000
0
37,746,00
20,499,00
20,499,000
138,693,000
Time deposits
133,670,000
133.850.000
Government deposits
643.000
BIM, payable & rediscounts with
2.985,000
840,000
65,050,000
39,150,000
91,200.000
144,575,000
Federal Reserve Banks:
245,000
97,083,000
153,265,000
190,000
191,000
6,228,000
3,528,000
110,244,000
Secured by U.S. Govt.obligations.
32,228,000
29,667.000
888,000
Allother
2,965,000
1.030,000
65,241,000
45.378.000
94.728,000
254,819,000
129,311,000
182.932.000
Total borrowings from F.R• bks•
1. Data for all reporting member
a
$
803
THE CHRONICLE
FEB. 14 1925.]
United States Liberty Loan Bonds and Treasury
-Below
Certificates on the New York Stock Exchange.
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stook
Wall Street, Friday Night, Feb. 13 1925.
-The review of the Exchange. The transactions in registered bonds are gives
Railroad and Miscellaneous Stocks.
in a footnote at the end of the tabulation.
Stock Market is given this week on page 792.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the Daily Record of U. S. Bond Prices. Feb. 7. Feb.9. Feb.10. Feb.11. Feb.12. Feb.13.
101.11n
First Liberty Loan
[High 1011•82 101,482 101un 101,132
pages which follow:
Vaniurs' Oazette,
STOCKS.
Week ending Feb. 13.
Sales
for
Week.
Range for Week.
Lowest.
Par.Shares $ per share.
Highest.
I Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share $ per share.
Railroads.
55 573.4 Feb 9 58 Feb 10 56
Canada Southern____100
Jo, 58
.
500 9 Feb 10 9 Feb 10 9
Chic St Alton ctts.... _100
Feb 9
100
100 86 Feb 10 86 Feb 10 86
Cuba RR pref
Feb 89
Michigan Central_ _100
.
16510 Feb 7510 Feb 7510
Feb510
M St P&SSM
Leased line etfa_ _100
100 63 Feb 9 63 Feb 9 6034 Jan 63
Morris & Essex
50
20 78 Feb 9 78 Feb 9 7734 Jan 78
NY & Harlem
50
265 170 Feb 7175 Feb 7 160
Jan 175
Pacific Coast
100
500 30 Feb 7 30 Feb 7 25
Jan 30
2d preferred
100
500 41 Feb 7 4234 Feb 9 3434 Jan 423(
Pitts Ft W 88 Chi pf_100
5814034 Feb 9140li Feb 9 13934 Jan 140si
Reading rights
1,500 2234 Feb 13 2334 Feb 9 2234 Jan 243,4
Industrial & Misc.
Ajax Rubber rights
9,078 03,4 Feb 11
14 Feb 7
X Feb
%
Amer Bank Note
50
200205 Feb 11 206 Feb 11 161
Jan 206
Preferred
50
500 5454 Feb 7 56 Feb 13 5334 Jan 56
Amer Chicle pref etfs 100
100 9434 Feb 7 9434 Feb 7 94
Jan 9434
Am-La France F E pf100
100 9674 Feb 10 9674 Feb 10 9634 Feb 97
American Snuff
100
10014534 Feb 1314534 Feb 13 144
Jan 14034
Auto Sales
50
700 43,4 Feb 9 434 Feb 10 434 Jan 43.4
Bayuk Bros pref____100
100 983.4 Feb 13 9834 Feb 13 97
Jan 9834
Briggs Mfg Co
• 7,100 3734 Feb 7 39 Feb 13 37
Jan 4034
BrunswIcke-Balke-Coll_• 2,700 41
Feb 11 433 Feb 7 41
Feb 46
Cert-Teed Prod wd pf100
100 803.4 Feb 13 803.4 Feb 13 SO% Feb 85
Cluett,Peab & Co pf_100
20010534 Feb 1310554 Feb 131033.4 Jan mg
Deere & Co prof
100
100 9034 Feb 11 903.4 Feb 11 8234 Jan 9034
Devoe-Rayn'els let p1100
100 99 Feb 7 99 Feb 7 973.4 Jan 99
Diamond Match_ _ _100
.
100116 Feb 11 116 Feb 11 115
Feb 118
Fisher Body new
25 2,900 6434 Feb 13 6614 Feb 9 6334 Jan 6884
Fisher Body Ohio p1.100
100 106 Feb 9106 Feb 910454 Jan 106
Franklin-Simon pre'_100
600104 Feb 910434 Feb 9 10434 Feb 1043.4
Gt Western Stir pfd_100
100 111
Feb 13111
Feb 131093,4 Feb 111%
Hanna ist pf C I A__100
300 88 Feb 11 89 Feb 11 87
Jan 89
Hayes Wheel pre1_100 1.300 103 Feb 71033.4 Feb 11 100
Jan 10334
Helme(OW)
25 1,600 75 Feb 11 763.4 Feb 9 75
Feb 77)(
Ingersoll Rand
100
29 38 Feb 10240 Feb 9 238
Feb249
International Salt.....100
100 72 Feb 9 72 Feb 9 72
Feb 77
Jones & L Steel pref _100
1001113.4 Feb 91113.4 Feb 911174 Feb 113
K C Pr & Lt lst pref....*
411 101 Feb 9101 Feb 9 99
Jan 101
Kresge Dept St preLlOO
100 903.4 Feb 7 903.4 Feb 7 88
Jan 93
Kuppenheimer
5
100 27 Feb 11 27 Feb 11 27
Feb 27
Preferred
100
100 9954 Feb 9 993.4 Feb 9 995,4 Feb 9954
Liggett & Myers rights__ 1,300 83.4 Feb 11 83.4 Feb 7 71.4 Jan 934
Long Bell Lumber A...5 1,100 4834 Feb 11 49 Feb 9 483.4 Feb 51
Loose
-Wiles B 1st p1.10(3
100 104 X Feb 13104 X Feb 13 10434 Feb 106
2d preferred
Feb 104%
100
100 104 Feb 11 104 Feb 11 104
Mackay Cos pref__ _ _100
FebI 6834
200 6734 Feb 11 68 Feb 9 67
Magma Copper rights__ 17,402
% FebI 134
% Feb 11 154 Feb 9
Martin Parry rights__ 1,700
%
% Feb 10
if Febi
% Feb 7
Mathieson Alkali rights_ 6,000 234 Feb 7 6 Feb 10 154 JanI 6
Middle States Oil els_ _ _
200 134 Feb 13 114 Feb 13 134 FebI 134
Montana Power pref _100
100 111 Feb 7111 Feb 7 10934 Janhlll3.4
Nat Supply pref_ _100 400 107 Feb 10 108 Feb 13 10434 Ja 108X
N Y Shipbuilding
• 100 17 Feb 13 17 Feb 13 17
Febt 20
Onyx Hosiery pref__100
100 81 Feb 13 81 Feb 13 79
JanI 82
Otis Elevator pref__ _100
Feb 103%
400 101 Feb 1310134 Feb 11 101
Pao Tel & Tel pref _ _ _100
100 96 Feb 9 96 Feb 9 9234 Janl 96
Panhandle P & R pref100
100 55 Feb 13 55 Feb 13 43 Jan 55
Phoenix Hosiery
5
100 203.4 Feb 13 2034 Feb 13 2034 FebI 23
Prod & Ref Corp,pref_ 50
300 47 Feb 7 4734 Feb 7 4334 JanI 4734
P S Corp of N J rights _ 1,400 26 Feb 11 2734 Feb 11 243.4 Jam 2734
New rights
300
X Feb 13
Feb 13
14 Ja
li
Railway Steel Bpi% pf.100
Jan 11974
10013934 Feb 911934 Feb 9 117
Simmons Co. pref._ _100
100 101
Feb 7101 Feb 7 1003.4 Jan 101
Sloss-Sheff St'l & I, pf100
100 9634 Feb 11 9634 Feb 11 95
JanI 9834
Stand Gas & Elec, pref
300 5334 Feb 13 5334 Feb 11 5334 Feb 5314
Symington temp certifs.. 5,200 1434 Feb 13 1634 Feb 7 103.4 JanI 1684
Class A
• 2,400 22 Feb 10 2234 Feb 7 2134 JanI 233,4
'United Cigar Store:3_26 2.000 63 Feb 11 6434 Feb 9 603,4 Janl 66
U S Express
100
100 43,4 Feb 11 434 Feb 11 43,4 Feb 434
U ft Tobacco
• 400 55 Feb 7 56 Feb 7 54
JanI 56
Virginia Coal & Coke.100
100 42 Feb 7 42 Feb 7 4034 JanI 4334
Ward Baking, Class A._
500 120 Feb 13121
Feb121
Feb 11 120
Class B
7,100 4254 Feb 11 4434 Feb 11 4234 Feb 4454
Preferred
900 9434 Feb 11 95 Feb 11 9434 Feb(95
Weber & Helibroner_ ..*
800 5654 Feb 13 573.4 Feb 9 5454 JanI 573,4
West'h'se Elec Diouft_.•
700 1234 Feb 13 1334 Feb 9 1274 TonI 14
Class A
* 1,300 2134 Feb 13 22 Feb 9 213-4 FebI 23
Wickwire Steel rights-. 17,277
X Feb 9 1 Feb 10
% Janl 2
Preferred rigida
5,201 73.4 Feb 9 93.4 Feb 13 5
JanI 17
•No par value.
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jar
Tel
Feb
Feb
Feb
Jar
Jar
Jar
Jar
Exchange.
-Sterling exchange ruled dull and
fairly steady up to the latter part of the week, when a
small accumulation of orders over the holiday caused a slump
of several points. The Continental exchanges were also
inactive and weak. French francs broke sharply in the
late dealings.
Foreign
334% bonds of 1932
-47--(Low.
(First3Ms)
(Close
Total sales in 81.000 units__
Converted 4% bonds of (High
193247 (First4s)__I ow_
L
Close
Total sales in 81.000 units-Converted 434% bonds (High
of 1932-47 (First 434iOlLow(Close
Total sales in 21,000 units__
Second Converted 434% f High
bonds of 1932-47(FirstiLw_
Second 4Xs)
Total sales in 81,000 units--Second Liberty Loan
(High
4% bonds of 1927-42
ILow_
(Second 4s)
(Close
Total sales in 21.000 units__
Converted 434 %- bonds (High
of 1927-42 (Second (Low_
4)f5)
(Close
Total sales in 21,000 units_
Third Liberty Loan
(High
434% bonds of l928
(Low..
(Third 43(s)
(Close
Total sales in 21,000 units__
Fourth Liberty Loan
{High
414% bonds of 1933-38_ Low(Fourth 43(s)
Close
Total sales in 81,000 units__
Treasury
(High
4X s, 1947-52
(Low_
(Close
Total sales in $1,000 units__
4s 1944-1954
(High
(Low_
(Close
Total sales in 81 000 nno,
101"ss
101"a
215
---------------- -- 82
10 3182 1011, 102.111 10.130.3101ws,
1012881
101242 101tin 1013681 1011811
101"ss
101na 101"is 101"n 101"si
24
29
36
30
5
------------101.00
---.,___ 101.00
____
---____
101 iii 1011782 101"ss 10115
(
101"it 101"si 101242 101"ss
628
110
98
66
--- ----------------------
---____
____
--__
___
101 82
-,
101182
1011n
83
1011182
1011,82
10114,2
250
102.00
101,122
101,08
207
105.00
104,08
1048,
8
15
100":
100 4
,
100,18
?la
---1002,
22
1002,
81
100,822
15
101 82
,
101.00
101.00
169
28
1011,
10111,1
1011,88
163
102.00
22
1012,
1012,
22
529
1051n
104,182
1043,22
269
1001482
100"88
1003,
22
17
- --100 .22
,
100 n
,,
100 42
,
2
101 82
,
101182
101 82
,
347
82
1011,
101082
1011882
223
101,182
101,988
101,1182
190
105 82
,
104,182
104,482
8
100":
100113
100,18
17
1
___ Holl---_ day--- Lin-- _ coin's
101 82 Birth,
day
101188
1011n
259
1011181
101 ss
1011,
8
234
101318
101n,
1011•8
166
10408
104 4
,
1041,
1
79
101.00
1002,
2
100188
la
101
1rs
101122
101288
308
1011182
1011lso
1011,
28
136
1013181
1012,
31
101,021
694
104nm
1041
%
1042,81
64
100,081
100,181
100r121
251
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
18 1st 4ifs
9 2d 434s
.
101 22 to 1011,
,
88
1012, to 10134„
101,222 to 1012,
221 69 3d 4)(8
100,081 to 101.00 1125 4th 4)(s
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Dit.
Rate.
Bid.
Asked.
Maturity.
Aar.15 1925_ _
Mar. 16 1926._
Dec. 15 1925._
Bept.15 1926__
June 15 1925._
43(%
%
484%
454%
434%
10134
10134
10134
10036
100;6
101 18
,
101)4
10134
101
100%
Dec. 15 1927_
Mar.151927....
Mar.15 1925_
Sept. 15 192&..
int.
Rate.
BM.
Asked.
454% 101"82 1021n
4tt% 101"82 102iss
100188 100•ss
4%
2M % 9916, 100Ms
New York City Banks and Trust Companies.
All prices dollars per share.
flanks--N.Y Bid
248
America'samer Exch.._ 350
Amer Union. 165
550
8owery •Broadway Cen 155
Bronx Bore. 250
Bronx Nat_
. 150
Bryant Park • 190
Butch & Drov 160
Capitol Nat_ 170
Cent Mercan- 217
435
'Lliase
;hat & Phan_ 298
Exch• 175
Chemical
640
26
Coal & Iron
Colonial
45
3 ;
1ommerce
0
Com'nwealth•
Continental._ 220
Corn Exch._. 480
Coamon'tan• 130
Seat River. _ 222
Fifth Aven, •1700
Fifth
. _ 270
First
2800
Garfield
325
Gotham
135
Greenwich•
400
Hanover
990
Ask
210
170
222
.
141
303
373
305
Bid
Banks
490
Yardman_
Manhattan'.. 178
Mech & Met_ 397
Mutual._ --_ - 415
Nat American 160
National City 5445
Rights
61
New Neth •_ 170
Park
460
Penn Exch...._ 110
Port Morris.... 178
bile
470
Seaboard - _ _ 460
Seventh Ave. 102
Standard
300
420
rade•
140
Trademen's• _
United States* 200
Waslfn Hts•_ 270
Yorkville•_
1300
Brooklyn
Coney Island. 180
450
First
Mechanics' •.. 205
Montauk •__ 185
310
Nassau
People's
260
Queensboro
, 168
Ask Treat Co.'s ma
510
New York
189 American402 Bank of 1.1 Y
& Trust Co 56.5
Bankers Trust 447
452 Bronx Co Tr. 185
63 Central Union 735
298
Empire
465 Equitable Tr_ 260
125 Farm L & Tr 770
FidelityInter 245
480 Fulton
375
465
uaranty Tr_ 333
115 Irving BankColumbia Tr 248
440 Law Tit & Tr 270
147 Metropolitan.. 437
Mutual(West
180
cheater)
210
N Y Truss... 426
TitleCu & Tr 533
S Mtg & Tr 355
United States 1730
Weetehes Tr_ 276
Brooklyn
iiL
Brooklyn Tr_ 730
Kings County 2350
anufacturer 325
675
176 People's
• Banks marked with VI are State banks. (x) Ex-dividend
y Ex-rights.
Ask
575
455
200
lei
266
790
256
390
338
253
280
432
538
ess
790
(t) New stock.
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
Bid
Ask
Ad
Ask
Bid
To-day's (Friday's) actual rates for sterling exchange were 4 74)4(41
Alliance WIty 115 --- Mtge Bond-- 125 135 Realty Alle00
4 75 1-16 for sixty days,4 77©4 77 9-16 for cheques and 4 7774(84 77 13-16 Amer
SuretY(Bklyn)co
170
for cables. Commercial on banks sight 4 7631©4 77 7-16, sixty days Boad & M0 123 128 Nat Surety__ 212 218
1st pref.- 90
97
4 72% ©4 73 5-16, ninety days 4 7274 ©4 72 13-16 and documents for pay- City Investing 247 254 N Y Title &
104 109
26 pref---- 80
85
Mortgage_ 330 340
ment (60 days) 473(84 73 9-16. Cotton for payment 4 7634 ©4 77 7-16
Preferred
101
17 S Casualty_ 220 335 Westchester
and grain for payment 4 7674(04 77 7-16.
Title & Tr- 250
To-day's (Friday's) actual rates for Paris bankers' franca were 5.18© Lawyers Mtge 208 218 US TitleGua 235 245
5.2574 for long and 5.2331 for short. German bankers' marks are not yet
t New stock.
quoted for long and short bills. Amsterdam bankers' guilders were 39.7534
(1439.78 for long and 40.1134(840.14 for short.
Exchange at Paris on London. 90 francs; week's range, 88.70 francs high
CURRENT NOTICES.
and 90 francs low.
The range for foreign exchange for the week follows:
-The Bank of America, New York, has been appointed Transfer Agent
Sterling. ActualSixty Days.
Cheques.
Cables. in New York of 150,000 shares Preferred stock (par value $100 a share)
High for the week
4.75%
4.784
4.7834 and 300.000 shares Common stock (no par value) of the Western Power
Low for the week
4.74
4.7634
4.763,4
Corporation.
Paris Bankers' Francs
-A. Willis West, for the past seven years Assistant Cashier of the Bank
High for the week
5.32
5.383,4
5.3934
Low for the week
5.18
of America in charge of the Securities Department, has become associated
5.2474
5.2531
Germany Bankers' Marks
with Clark, Williams & Co., 160 Broadway, New York.
High for the week
23.81
23.81
-The name of the Bull & Rockwell Company, New York and Boston,
23.80%
Low for the week
23.8031
Amsterdam Bankers' Guilders
has been changed to the Bull Brothers Company,owing to the retirement:of
39.82
40.24
High for the week
40.28
.1. W. Rockwell Jr.
39.7534
40.1731
Low for the week
40.2154
-The Chatham & Phenix National Bank of the City of New York has
-Chicago, par. St. Louis, 15©25c. per $LOW
Domestic Exchange.
discount. Boston, par. San Francisco. par. Montreal, $1 25 per $1,000 been appointed Registrar for the 650.000 shares of capital stock of Loft,
Inc.
discount. Cincinnati, par.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
804
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually inactive. see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 7
Monday,
Feb. 9
Tuesday,
Feb. 10
Wednesday, Thursday.
Feb. 11
Feb. 12
16 per share 5 per share 5 per share $ per share $ per share
.22
1
44
11734
9413
312
152
81
6512
403g
.8814
4112
771
26 .22
25 .22
26
28 .22
4512 4434 4434 *4213 44
4
*423 44
11714 11818
11834 11818 11812 1175 118
8
95
*037 9412 *933 94
8
4
9412 94
384
5n 37
3
4
334 328
312 33
152
152 15312
15212 154
15234 153
3 8034
813
8 8058 8134 8012 8118 79
6512 6512 6512 6512 657
8 6512 6512
403
3 4012 4012 4014 4013 4018 4018
93
93
*8814 93
93 .90
•90
8
8
427 44
8 43
45
4334 433 447
79
793 80
4
7914 80
793 80
4
.____ 65 4 •____ 65 4 ____ 654 1
3
3
653
4
151 151
15018 15012 150 15012 15012 15012
.303 310 .303 311
1
303 309
303 311
9538 96
9412 95
9434 955
95 957
.107 108 .107 10814 107 108
107% 1073
4
95 10
9
104 10
1034
93 1014
4
16% 18
174 1834 173 1812 1714 18
4
•150 165 .152 165
16412 16412
163 163
34
34
3412 3412 343 3512 3518 3512
4
53
5214 5214
53
5313 53
5412 53
14
8
15
8
1334 1412 133 14% 135 14
31
3214 31
317
8 3028 3112 297g 307
8
133 14
4
133 14
143
4
8 1312 1434
14
2334 237
8 2313 237
8
2334 2414 235 245
71
7114 70
71
4 7112 72
713 713
4
•1143 11514 11513 11512 11512 11512 *11512 116
4
8
4734 48 4 4712 483
3 4712 4818 4634 47 4
3
95
95 8 957 9612 9614 9634 9612 97%
5
87
87
8753
87
8614 8612 857 87
53
53
*5113 53
53
*5113 53
.51
•103 106
102 105 .101 105
.5112 53
5314 5314
5434 548 5413 5412 5312 533
64
64 .62
64 .63
65
61
.64
57
5712 .5512 58 .56
55
673 573 •
4
14112 14114 1417 142 14512 14414 14512
14134
13912 140
139% 140
•140 1404 140 140
4512 4612
46
47
47
472 4818 47
3212 3318 321s 323
4 3234 33
3212 323
43
4314 4234 4314 4234 43
4214 423
4
41 .
4
4034 4112
•403 4114 4114 4114 41
4 6928 7028 70
7013 6913 70
7014 703
3813 3878 381 3914 3812 3918
3834 387
27
*26
27
267 2714 .26
8
25% 2512
97 .9414 95
9512 *94
95
9414 94 4
,
2612 257 26% 26
26
254 2618 26
8
8
655 66 .64
6612 66
.6412 66
1
66
8
11528 1157 11518 1151g 11514 11512 115 1151 2
11512 11512 *11312 116 *11312 1167 *11312 1157
8
Stock
•71
76
.74
7112 .74
*74
76
76
8
1934 1912 .193 193
8 193* 193 Exchange
4 1934 193
.6053 61% .6013 6118 .6012 6112 .6012 6118
8
305 3212 3234 3412 325 3358 3234 3314 Closed8
377 3812 3712 3834 3712 3834 3711 377
8
58
584 .5712 5812 *5712 5812 Lincoln's
58
58
7634 767
7614 7634 7614 773
•767 771
4
1088 109 *10814 109
10713 109
Birthday
108 108
9
94
.90 100 .95 100
.90
497 5114 503 5118 4934 492
483 487
4
4
4
.812 10
.713 9
*713 9
•713 10
.27
31
•27
31
.27
29
31
.27
5012 5012 .5014 5012 5014 5014 50
50
23 .18
23 .18
23 .17
23
•I7
313 338
33
8 312
3% 314
313 338
50 .475 49 .45
50 .46
8
•45
50
6812 6812 •____ 71
70
.65
1
.62
70
4
8 3512 37
3653 3714 353 367
3814 373
4
8618 8438 855* 84
85
87
86
8514
41
3918 4053 3914 40
40
4012 41
8114 8314 805 8214 8012 82 4
8
8233 83
,
214 212
212 212
214 212
234 25s
11514 11512 .115 11513 .1143 115 2
115 115
4
,
4
12253 12314 12234 1233 12318 1237 122 12318
4128 129
12818 12918 12918 134
128 129
91% 913 913
91
91
9114 9112
91
8
4 3118 3218
3034 3134 304 3118 303 323
4
2412 2312 2312 233 233
4 237s 23%
•24
4
23
.2312 2412 *233 2414 22% 2312 23
4
s
,
1285* 12914 128 1287 12818 1283 12712 128 4
76
.74
77
77 .75
77 .74
*74
8
8 70
7013 7118 703 707
703
3
4
703 71
473 48
4
4
475* 48
473 48
4734 48
20 .18
20
*1812 1912 .18
20
4119
4
6923 6912 6914 6914 6913 7014 693 7014
8
82
817 8178
82
837
*82
84
.82
7414 7414 7313 737
76
4
753 *74
1,74
7013 71
723* 7014 71
7114 70
71
3
7812
783 7934 78 4 7934 78
4
793* 791
3724
372
8 3712 3712 3714 374 37
3714
41
413
4 41
4118 41
4114 41
.41
5814 .50
584
5814 .50
5818 *50
.50
8 6814 7014 683 70%
4
3
8 683 695
68
11 895
82
8213 82
82
82
82
82
82
8 5012 513*
501 513
5112 5012 52
5112
73
7214 7214
73 .72
733
3 73
•73
2312 2412 2334 244
247
24
243 24
4
423 43's 4114 4314
4318 433
4 42% 437
4
105 105% 10412 105,
8
3
10634 1073 1055 107
8 8812 89%
885 897
8
8913 90
904 907
s
8634
4 86
863
86
86
8618 86
86
5012 523
4
4712 4953 4914 5012 4914 527
14
143
8 14
8 14
14% 145
14
14
62
62
*613 62
4
.613 62 .613 62
4
4
15012 151
150 151
15011 1513 1504 151
4
747 75
4
75
75
.743 75
4
7412 75
23
22
24
2013 2012 .22
.2012 22
5
4 5728 575
56
60 .55
5512 573
.54
6713 6712 683 683
8
4 6912 7012 7012 78
3
2518 245 253
2412 244 2414 244 24
643 6412 6534
8234 6318 623 6312 63
4
•43
4414 4412 4412 4412 4512
4412 .43
4
16% 163
8 1512 153
8 15% 163
157 163
2312 233
247 247
237 24
8 2412 243
4
36
353 35% 35
8
36
3614 363
36
9112
9113 0112 •0112 92
9112 9112 91
155 16
8
15
1512 15% 1512 147g 1514
2912 297
2812
8 2612 2912 •28
298 297
Friday,
Feb. 13
Sales
ler
the
Wee/c.
5 per share
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PEIC JHAKK
Range for Year 1925.
On basis of 100
-share lots.
Lowest
Highest
$ per share
3 per share
Railroads.
Par
24
200 Ann Arbor
24
100 2213 Jan 2 2712 Jan 12
300 Do pre?
*4212 44
100 43 Jan 2 46 Jan 6
117 1172
8 8.700 Atch Topeka & Santa Fe 100 11614 Jan 16 123 Jan 6
400 Do pref
8
100 927 Jan 16 9518 Jan 31
933
4
93
33
3 353 3,800 Atlanta Birm & Atlantle
100
3 Jan 14
414 Jan 3
152 152
4.300 Atlantic Coast Line RR
100 14714 Jan 16 154 Feb 10
7913 80
19,900 Baltimore & Ohio
100 7714 Jan 16 8212 Jan 8
6514 655
2,700 Do prat
100 65 Jan 2 6612 Jan 6
4014 4014
900 Bangor & Aroostook
50 3912 Jan 3 4214 Jan 15
.90
Do pre?
93
100
94 Jan 15 9412 Jan 5
4214 4334 65.500 Bklyn Manh Tr v t c___No par 3518 Jan 5 45 Feb 10
.80
8012 4,700 Do pref v t c
72% Jan 2 80 Feb 9
No par
Buffalo Rochester & Pitts_100 66 Feb 2 77 Jan 28
•____ 653
4
150 15018 5,600 Canadian Pacific
100 14734 Jan 16 1523 Jan 8
*
.303 311
800 Central RR of New Jersey_100 293 Jan 2 321 Jan 3
937 9412 14,900 Chesapeake & Ohio
100 937 Feb 13 984 Jan 15
DO pre(
1077 108
8
100 10614 Jan 6 10812 Jan 10
600
7 Jan 16 1034 Feb 9
100
914 912 20,900 Chicago 83 Alton
Do pre?
29,600
100 1318 Jan 16 1828 Feb 0
1634 17
•155 165
200 C C C & St Louis
100 148 Jan 5 16412 Feb 11
2.200 Chic & East.Ill RR
3212 34
100 32 Jan 21 3513 Jan 2
5014 5014 2,000
Do pref
100 4912 Jan 21 5714 Jan 2
123 1334 32.300 Chicago Great Western_ 100
4
9 Jan 2 15 Feb 7
29
Do pre?
3014 34,400
100 253 Jan 14 323 Feb 6
4
13
1418 21,400 Chicago Milw & St Paul
100 1314 Jan 30 16% Jan 7
22
Do pref
2314 34.900
100 22 Feb 13 2813 Jan 7
693 7012 8,100 Chicago & North Western 100 694 Feb 13 753 Jan 12
4
115 1153
Do pref
4
800
100 11114 Jan 2 116 Jan 17
4634 47
22.200 Chicago Rock ml & Pacific_100 4434 Jan 16 49% Jan 10
97
97
2,400
Do 7% preferred
100 92 Jan 2 071 3 Feb 11
87
8712 3,400
Do 6% preferred
100 83 Jan 2 8734 Feb 11
.5112 53
300 Chic St Paul Minn & Om100 52 Jan 16 5913 Jan 13
•102 105
Do pre(
100 04 Jan 7 108 Jan 13
52
5214 2,600 Colorado & Southern
100 4418 Jan 6 5513 Feb 3
.62
Do 1st pre?
64
100
100 61 Jan 6 64 Feb 0
.56
Do 2d prat
57
100
100 54 Jan 21 58 Feb 2
144 14434 4,700 Delaware & Hudson
100 13612 Jan 8 14512 Feb 10
13812 13914 2,300 Delaware Lack & Western_ 50 138 Jan 16 14434 Jan 13
4514 4634 2,000 Denver Rio Gr & West pre? 100 42 Jan 2 60 Jan 12
32
3214 16,400 Erie
100 307 Jan 27 333 Jan 8
8
4
413 4212 11,400
4
Do 1st pre?
100 413 Feb 13 4673 Jan 2
4
40% 4034
400
Do 2d pre?
100 40 Jan 23 4334 Jan 5
693 693 10,900 Great Northern pre?
8
4
100 6818 Jan 16 7134 Jan 8
3814 3853 14,730
Iron Ore Properties_ _No par 35% Jan 2 403 Jan 19
8
2513 2512 1,100 Gulf Mob & Nor tr ctfs
100 24 Jan 30 2812 Jan 7
9412 9412
GOO
Do prat
100 91 Jan 6 10112 4Ian 10
.2518 26
Hudson & Manhattan
4,500
2418 Jan 27 267 Jan :'0
8
400
66, 664
8
Do prat
100 6434 Jan 5 6611 Feb 2
115 11534 2.700 Illinois Central
100 1133 Jan 16 11934 Jan 7
4
•11313 115
Do pref
200
100 11512 Feb 7 119 Jan 7
71
71
230
Do RR Sec, Series A_ A00 7034 Jan 6 713 Jan .8
4
•1914 193
8
600 Int Rys of Cent America 100 18 Jan 8 1953 Jan 29
.6012 6118
Do prat
100 5912 Jan 2 82 Jan 20
3213 323 29,600 Interboro Rapid Transit
4
100 2814 Feb 4 3412 Feb 9
3618 373 12.600 Kansas City Southern
100 33 Jan 16 393 Jan 26
.57% 5813
400
Do pref
100 57 Jan 15 5814 Jan 28
77
78
7,200 Lehigh Valley
50 745* Jan 26 8258 Jan 10
.10712 108
700 Louisville.?, Nashville
100 106 Jan 16 1127 Jan 14
8
.90 100
100 Manhattan Elevated guar_100 85 Jan 2 100 Jan 14
4934 4934 4,900
Do modified guar
100 463 Jan 5 5114 Feb 9
.8
10
Market Street Ry
9 Jan 3 1012 Jan 2
100
*27
31
Do pre?
100 20 Jan 13 20 Jan 13
.5014 5012
300
Do prior pre?
100 48 Jan 28 52 Jan 3
23
.18
Do 2d pref
100 20 Jan 14 2212 Jan 7
3
3
3,500 Minneap & St L (new).
100
213 Jan 5
312 Feb 6
•4512 50
Minn St Paul & 55 Marle_100 47 Jan 30 5614 Jan 14
.62
68
Do pre?
100
100 6812 Feb 9 71 Jan 9
3614 373* 69.600 Mo-Kan-Texas KR.
No par 2814 Jan 2 384 Feb 5
84
853 15,000
Do pre(
4
100 743 Jan 2 8714 Feb 5
39
393 27,500 Missouri Pacific corn
4
100 305* Jan 5 41 Feb (I
8053 813 22,300
4
Do prat
100 7212 Jan 2 8314 Feb 9
214 214
1.475 Nat Rys of Met 2d ore?.....100
2 Jan 3
23 Jan 12
4
11514 11514
600 New On Tex & Met
8
100 1143 Jan 6 11634 Jan 7
1217 12314 64,500 New York Central
100 11713 Jan 2 12434 Jan 13
131 133
6,500 NY C & St L new co
100 124 Jan 6 134 Feb 11
9153 9134
901)
Do pre?
100 8812 Jan 6 92 Feb 5
3118 313 66,000 NY Nil & Hartford
100 2912 Jan 19 321 Feb 10
.23% 24
800 N Y Ontario & Western .100 2318 Jan 28 2718 Jan 7
23
2314
1,400 Norfolk Southern
100 223 Jan 20 2612 Jan 2
4
1273 1283
5,100 Norfolk & Western
100 1261 Jan 27 13234 Jan 10
8
.75
77
Do pref
100 7512 Jan 8 7712 Jan 29
8913 703 11,000 Northern Pacific
5
100 68 Jun 16 7113 Feb 2
4734 477 13,500 Pennsylvania
50 4712 Feb 3 487 Jan 5
•18
20
Peoria & Eastern
100 18 Jan 5 2n Jan 12
.693 7012 1,900 Pere Marquette
8
100 67 Jan 16 7014 Feb 5
.817 84
200
Do prior ore!
100 80 Jan 12 84 Jan 16
.71
7514
Do pref
300
100 7218 Jan 26 753 Jan 10
4
.7018 7012 5,400 Pittsburgh & West Va
100 6814 Jan 30 737 Jan 2
773 783 18.900 Reading
4
50 7434 Jan 2 8214 Jan 6
3718 3714
1,500
prat
Do 1st
50 37 Feb 11
393 Jan 20
4
4012 407
8 1,600
Do 20 pre?
50 4034 Jan 30 433 Jan 6
4
.50
5814
Rutland RR pre!
100 58 Jan 20 627 Jan 9
683 69
8
50,800 St Louis-San Franci3co___ _100 5712 Jan 16 703 Feb 11
8
8112 82
1,100
Do pre( A
100 78 Jan 20 831 1 Feb 5
5014 51 14 7,600 St Louis Southwestern_ __ _100 4714 Jan 21 533 Feb 5
3
7214 7214
Do pref
900
100 7013 Jan 19 73 Feb 5
23
2312 17,900 Seaboard Air Line
100 203 Jan 16 247 Feb 9
8
4112 4234 10.700
Do prat
100 373 Jan 16 437 Feb 5
8
10413 10514 40,400 Southern Pacific Co
100 102 Jan 5 10834 Jan 9
885 7914 28,000 Southern Rallway
8
100 775* Jan 2 92 Feb 5
86
863
8 3.400
Do prat
100 83 Jan 2 863 Feb 10
4
51
5314 66.000 Texas & Pacific
100 4314 Jan 27 5314 Feb 13
•1214 14
1,400 Third Avenue
100 1112 Jan 28 1434 Jan 12
6214 64
1,300 Twin City Rapid Transit...100 58 Jan 22 6512 Jan 2
149% 15112 12,000 Union Pacific
100 14734 Jan 5 15314 Jan 10
7412 75
Do pre?
2,300
100 72 Jan 30 75 Jan 5
.2114 2212
800 United Railways Invest
100 19 Jan 27 263 Jan 2
4
5714 5712
600
Do pre
100 5313 Feb 2 61 Jan 3
76
83
7,000 Virginia Railway & Power_100 8418 Jan 14 83 Feb
13
245 25
8
42,600 Wabash
100 2053 Jan 21 253 Feb 11
8
6413 643 39,600
4
Do pre? A
100 553 Jan 20 6553 Feb 11
.43
45
Do ore? 13
500
100 3812 Jan 21 4512 Feb 11
1514 1513 8,100 Western Maryland
100 1412 Jan 6 173 Jan 9
8
23
2318 1,900
Do 20 pre
100 227 Jan 5 2614 Jan 9
4
35
3612 8,000 Western Pacific
100 3212 Jan 5 3913 Jan 13
9178 923
4 3.400
Do pre?
100 8412 Jan 6 94 Jan
1413 147
4,600 Wheeling & Lake Erie Ry 100 1412 Feb 13 1612 Jan 13
7
28
2813 1,500
Do pref
100 2713 Jan 16 313 Jan 7
rhfC WI AKIS
Range for Precious
Year 1924.
Lowest
Highest
5 per Share 5 Per VIM
12
Apr 227 Dec
8
25 Mar 464 Dec
9718 Jan 1203 Dee
4
8612 Jan 9653 Dee
15 Feb
8
5 Dee
Jan 15214 Dec
112
5218 Apr 847 Doe
8
5614 Apr 6612 Dec
393 Dec 4414 Dec
4
86
Jan 95 Nov
1312 Jan 411 Dec
484 Jan 753 Dee
40 May 883 Dee
8
14234 Mar 15612 Nov
199 Mar 295 Dec
6734 Feb 9814 Dec
9913 Jan 10918 July
314 Apr 1012 Dee
818 May 197 Dec
100 Apr 15014 Nov
21 May 38 Dna
37 May 62% Dee
4
Apr
117 Nov
8
1012 June 3134 Nov
107 Oct 183 Nov
8
4
1814 Oct 32% Nov
4914 Jan 753 Deo
4
100
Jan 1143 Dec
2112 Feb 50 Nov
4
4
763 Feb 973 Deo
655 Jan 8712 Nov
8
29
Jan 5713 Dee
6814 Apr 94 Deo
Jan 49 Nov
20
,
50
Jan 65 4 Dec
Jan 59 Nov
45
10413 Mar 13934 Dec
1103 Feb 14938 Dec
4
42 Dec 4312 Dec
4
203 Jan 3534 1411$
2834 Feb 4914 Deo
2518 Jan 4614 Deo
5334 Mar 75 Dec
26 May 393 Nov
4
1134 Apr 2912 Dee
50
Jan 99 Den
2053 Nov
2914 Dec
5714 Oct 647 Dec
8
10014 Mar 117% Dec
104 Mar 11714 Deo
64
Jan 73 Dee
113 July
4
1812 Nov
4414 May 63 Nov
123 Jan 394 July
4
173 Mar 415 Dee
8
51 14 Mar 5912 Dec
53913 Apr 85 Des
8734 Jan 109 Dee
42
Jan 85 Dee
3012 Jan 5I7 July
8
634 Mar 1312 Jan
20 %et 42 Dee
41 Nov
7112 Jan
14 Mar 30
Jan
4
Jan
134 Jan
284 Mar 5312 Dec
50 June 75 Dec
1012 May 343 Dec
8
293 Feb 753 Dec
4
4
934 Jan 3414 Nov
29
Jan 74 Dec
1 18 July
3 Dee
93% Feb 12113 May
9918 Feb 1193 Dec
7212 Feb 128 Dec
83 May 937 Sept
8
1418 Jan 3314 Dec
16 May 284 Nov
1213 Apr 29 Nov
10212 Jan 13314 Dec
723 Feb 804 Jun;
4
4778 Mar 73 Dec
4214 Jan 50 Dec
93 Mar 2212 Nov
4012 Mar 73 Dec
71% Apr 8513 Aug
60
Jan 77 Aug
38
Jan 7514 Dee
5178 May 7912 Dec
34
Oct 5612 Jan
53318 Jan 56
Jan
32
Jan 66 Nov
1918 Apr 65 Dee
425 Jan 8212 Dec
8
33
Jan 557 Dee
577 Jan 74 Nov
8
614 Jan 2418 Dec
1414 Jan 4512 Dee
8512 Mar 10512 Nov
3812 Jan 7934 Dec
863 Jan 85 Dec
4
Jan 483 Dec
19
1813 July
83 May
4
3912 3
Jan
4ct 66
1265n Mar 151% Dec
70 Mar 7812 14113
75 14pr 41 Dec
8
8
2613 14pr 647 Dec
36 Feb 723 July
4
103 Jan
4
243* Dee
Jan 8034 Deo
34
2212 Jan 4238 Dec
8% June 164 Dec
1514 May 2814 Deo
3878 Deo
1434 Jan
58
Jan 8613 Dee
1712 Dec
713 Jan
1414 Jan 3212 Dec
Industrial & 311scellaneous
.6312
.118
96
•1413
.49
.6213
66
123 .118
4
13624 963
1434 144
50 .4813
6314
66
........ .120
963
98
1414 1412
49% 49
•1116 and asked prices.
634 .63%
122 .120
9913
98
1412 14
4914 48
633
8
120
9912
•14
*4818
8312
122
102
1412
49
Ex-dhrldend.
S Ex rights
63%
122
9912
145
8
4812
200 Abitibi Power & Paper_No par 82
All American Cabled
100 119
2,100 Adams Express
100 91
1,400 Advance Rumely
100 14
De pre(
500
100 48
Jan 6 67
Jan 5 125
Jan 5 10314
Jan 8 1514
Feb 11 51
Jan 10
Feb 4
Jan 9
Jan 2
Jan 5
61 Dec 64 Dec
981z May 12212 Dec
73% Jan 9312 Dec
8 Juno
Ws Dee
2814 Juno 54 De
New York Stock Record-Continued--Page 2
805
For sales during the week of stacks usually Inactive, see second page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 7
Monday,
Feb. 9
Tuesday,
Feb. 10
Wednesday. Thursday,
Feb. 11
Feb. 12
Friday,
Feb. 13
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCLIANGE
PER SHARE
Range for Year 1925.
On basts of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per share $ per share $ per share $ per share
S Per share $ per share $ per share $ per share $ Per share $ per share Shares Indus. & %well.(Con.) Par
6714 Jan 93 Dee
/ 91
1
4
4
9018 9512 17.900 Air Reduction, Inc_ _No par 8614 Jan 30 9513 Fob 13
88 .874 8713 863 8712 87
.87
412 May 1412 Dec
14 Jan 3
50 11 Jan 21
12
4 124 1212
1214 6,200 Max Rubber, Inc
4
123 1318 a123 124 124 123
4
38 Jan 14
.05 Dec
Alaska Gold Mines
.15 Jan 2
4 Feb
10
78 Jan
112 Mar
15 Feb 11
8
118
1 Jan 6
122
10
112
112
153 17.700 Alaska Juneau Gold Min
15
8
1
118
113 118
65 Mar 874 Dec
833
815 Jan 16 90 Feb 11
8 8718 90
8
8718 883 57,000 Allied Chemical & DYe_No par
/
1
4 844 8612 86
4
843
84
/
1
4
Apr 1185 Dec
8
Do pref
1177 11814
8
100 117 Jan 9 11813 Feb 13 110
11812 11812 1.000
4
4
411712 11814 1173 1173 118 118
411 May 735 Deo
/
4
8
77
100 7112 Jan 5 82t Jan 17
777g 7634 8014
7714 79
14,700 Allis-Chalmers Mfg
7714 78
78
77
Apr 1047 Dec
90
8
Do prat
100 10314 Jan 3 107 Jan 20
*106 107
8
200
1067 1067 •106 107 *106 107
8
107 107
718 Apr 174 July
2112 193 217
135 Jan 5 214 Feb 11
8
4
8
1912 217 13.000 Amer Agricultural Chem 100
19
8
19
2053 20
19
183 Apr 4953 Jan
4
8
541 557
Do pref
/
4
/
1
55
100 4014 Jan 5 557 Feb 10
523 544 17.500
4
53
8 524 544
524 54
38 Ma
4913 Feb
8 413 413
4
4012 41
2,300 American Beet Sugar
100 394 Jan 5 43 Jan 7
4 4012 4012
/
4
4134 411 4133 417
Do pre(
6813 Oct 83 Dec
85
88
88
100
100 8014 Jan 19 8712 Jan 6
85 .82
*82
*83
88
88
*83
2214 Apr 334 Jan
42
/ 40
1
4
4212 3912 41
4013 424 13,400 Amer Bosch Magneto_.No par 33 Jan 2 5412 Jan 3
/
1
3813 383
4 39
Apr 102 Dee
76
99
98
400 Am Brake Shoe & F____No par 9612 Jan 27 102 Jan 12
98
93
9812
*97
9913 *99
9912 *98
Do pref.
•109 1093
100
1093 1093 .109 1093 •109 1093 •109 1093
4
4
4
4
100 10712 Jan 12 110 Jan 3 10414 July 110 Mar
4
4
954 Apr 16313 Dec
8
8
16514 1665 1654 17214 1695 173
1713 1764 193,500 American Can
1707 17312
4
8
100 15313 Jan 16 17673 Feb 13
Jan 119
Do pref
Oct
118 11812
118 118 •117 118
700
*117 118
11812 11812
100 115 Jan 29 118% Feb 5 109
203 2033 203 205
202 20214 3,900 American Car & Foundry 100 192 Jan 5 207 Jan 3 15313 Apr 20014 Dec
20212 205
202 202
4
Do pref
4
125 125 *124 126
100
4124 126 .121 126
.124 126
100 12111 Jan 9 125 Feb 10 1183 Apr 125 July
211 Mar 25 Sept
/
4
254 254 2514 257
3
8 253 253
2434 2514 8,600 American Chain, class A... 25 2234 Jan 2 27 Feb 141
254
/
1
4 25
4213 4314 4319 433
4213 423
1434 Apr 407 Des
45
3
4
44
4 43
44
3,500 American Chicle
No par 37 Jan 27 45 Feb 9
5113 Feb 9312 Dec
Do pref
.97 105 •98 103
*96
*96
99
9812
100 94 Jan 5 9i4 Feb 4
•964
4114 4114 414 4112 4012 414
Do certificates
*4114 42
23 Sept 39 Dec
4212 4212 1,000
No par 37 Jan 7 4213 Feb 13
57
8 614
313 June
7
6+4 Jan 22
Oct
64 61
54 57
512 Jan 2
8
64 612
/
4
514 612 13.000 Amer Druggists Syndicate_ 10
15514 156
15534 16312 159 16312
Apr 16434 Dec
151 155
88
15,500 American Express
100 14713 Feb 3 166 Jan 2
157 153
3
/
1
34 4 344 3312 3514 3318 34
3312 34
32 Jan 13 3912 Jan 7
3318 3314 4,200 Amer & Foreign Pow___No par
911z 92
911 913
/
4
4 9114 913
Do pref
/
4
2.900
4 9118 911
911 92
/
4
No par 87 Jan 6 9214 Feb 6
124 124 •123 126
1243 125 •12413 126
4
)5".;
Do 25% paid
600
121 Jan 16 12713 Jan 7
•I23 126
91 12 Apr 133 Dec
Do full paid
125 Jan 6 123 Jan 7
1224 1214 -1212 1212 1213 1212 1258 123
714 Apr 1453 Deo
4
- 311 4
900 American Elide & Leather_100 113 Jan 27 14 Jan 14
3
7118 7118 7012 71
721
72
/
1
Do pref
5013 Jan 724 Dec
6911 7012
/ 2,300
1
4
694 69
100 6834 Jan 2 754 Jan 14
89
*8713 89
83
•87
Feb
88
72 Aug 96
88
8818
700 American Ice
100 85 Jan 21 9313 Jan 12
8712 8713
/ 781
1
4
7814 7814 777 777 *77
*77
8
Do pref
8
7312 Nov 83 Feb
78
78
200
*77
100 77 Jan 23 8014 Jan 7
4
38
381
38
383 391
39
173 Mar 35 Nov
8
/
1
4
38
3812
7,100 Amer International Corp 100 33 Jan 6 41 Feb 5
38
38
12
/ 121
1
4
1214 1212 *1214 1212 1214 121
10 May 124 Jan
/
4
/
4
1218 121 2,800 American La France F E
10 1114 Jan 2 14 Jan 15
273 273 *2714 28
4
27
4
27
134 May 283 Dee
/
1
*2612 27
200 American Linseed
*263 2712
4
8
100 2514 Jan 30 295 Feb 3
61
61
*60
62
/
4
607 607
8
Do pref
Apr 531 Dee
3 60
30
60
509
6013 60,8
100 53 Jan 2 63 14 Feb 3
121 1211 11912 1214 1183 1213 11913 121
4
8
7013 Apr 10934 Dec
8
8
1193 1217 26,300 American Locom new __No par 10413 Jan 5 1227 Feb 5
4
*12114 123 •12114 123
12114 12114 12214 123
Do pref
300
•123 126
4
100 1193 Jan 7 123 Feb 11 11614 Apr 12012 Sept
17 5213 513 52
5118 513 ,
4
514 513
333 June 54 Dee
4
51
7,000 American Metals
4
8
51
No par 494 Jan 27 533 Jan 2
/
1
.11312 116 .11312 116 *115 117 •115 117
Do pref
•115 117
100 11412 Feb 3 11612 Jan 8 10714 Apr 11512 Deo
10012 10012 100 10012 10013 101
101 10114
9414 Apr 136 Dee
10014 10024 1,200 American Radiator
25 894 Jan 3 105 Jan 17
•81
82
*80
82 .81
7713 Nov 83
Amer Railway Express
82
Oci
*81
827
8212
*81
100 7812 Jan 6 84 Jan 13
.60
61
*58
62 •53
6234 56
Jan 43 Des
581
200 American Republics.... no par 43 Jan 8 6614 Jan 17
61
.57
25
38
3818 3812 3913 3913 40's 40 40
4,200 American Safety Razor._100 367 Jan 2 4012 Feb 10
40
54 Apr 1014 Nov
40
8
12
/ 123
1
4
3 12
123
8 1233 121
12
121
/
4
104 Oct 151 Feb
113 111 2,100 Amer Ship & Comm ..No par
13 Feb 5
11 18 Feb 2
4
/
4
1024 10518 10513 1061 10334 1065 10212 1043
/
4
5722 Jan 1004 Des
8
/
1
8
8
1025 1034 66,800 Amer Smelting & Refining_100 9512 Jan 5 1061 Feb 10
/
4
110 110
110 11014 110 110 •110 11013
Do pref
Jan 10753 Des
110 11012 1,090
98
8
100 10512 Jan 5 1105 Feb 5
47
/ 48
1
4
4712 4818 4714 4758 47
49 Dee
4712 4814 11.500 Amer Steel Foundries___33 1-3 46 Jan 30 49 Jan 12
3313 AP
473
8
*10914 110
10914 10914 110 110 *109 11012
Do pref
200
*10912 110,
4
100 108 Jan 7 11012 Jan 15 10114 no 10914 Nov
/
4
617 63
8
633 663
4
4 643 6614 04
4
.100 4753 Jan 16 68 Jan 23
Oct 611 Feb
36
653
8
63, 6418 27.600 American Sugar Refining.
3
*9812 99
Do pref
985 987
8
8 99
99
9918 9914
100 9114 Jan 16 9912 Feb 13
9912 9912 1,100
Oct 994 Feb
77
1312 147
8 15
1718 1613 18
35,800 Amer Sumatra Tobacco.,.100 1014 Jan 20 24 Feb 13
193 22
4
2812 Jan
2212 24
61 Jul
/
4
.3734 43
Do pref
44
44
Jan
4412 50
1.300
55
56
55
52
69
100 3712 Feb 5 56 Feb 13
2212 Sep
*45
47
*45
47
100 Amer Telegraph & Cable 100 4014 Jan 8 46 Feb 2
*45
47
4513 4512
*45
4313 Jan
47
3814 De
134 134
134 13414 13414 13412 1344 13453
134 13414 8.200 Amer Telep & Teleg
/
4
10 12312 Jan 15 13633 Jan 3 121 12 Jun 1341 Dee
887 897
8
884 861 874
/
1
8 8918 9112 z87
8
874 877 13,800 American Tobacco
/
4
Stock
50 8513 Jan 3 91 18 Feb 9 1361 Ma 1694 Nov
/
4
*10434 105
800
Do pref
105 105
•10112 105
8
1043 1043 1047 10512
100 10113 Jan 5 1052 Feb 11 101
4
4
Apr 10612 July
Do common Class B____50 8453 Jan 3 894 Feb 9 13514 Mar 1633 Nov
24,400
8714 88
8612 87
/ 873 897 2857 87
1
4
4
8
8
3
8
854 867 Exchange
200 American Type Founders 100 10613 Jan 20 11214 Jan 2 106 Sept 115 Sept
107 107 .107 108
107 107 •10612 107
•10614 108
3814 39
343 Jan 13 394 Jan 2
8
3712 38
Closed
3712 377
8 3612 38
3614 364 7,200 Am Vat Wks & El etc
40 Feb 144 Dec
Do 1st pref (7%) v t c_100 100 Jan 9 102 Jan 13
•102 104 *102 107 .102 107 *102 19213
.102 01212
8912 Mar 101 Dec
Do panic pi(6%) v t o 100 9512 Jan 2 1024 Feb 11
2,700
101 10111 102 102
102 102
102 10218 Lincoln's 102 102
66 Feb 102 Nov
5253 53
5214 53
51
504 34,800 American Woolen
/
1
4
100 494 Jan 29 643 Jan 6
523
4 494 515
50
514 Sept 734 Jan
8
Do prof
3 9114 9112 91
1,500
91
913 913
8
9113 90
91
9612 Jan 20
100 8518 Jan 2G
Oct 1024 Jan
/
1
90
9012 Birthday
400 Amer Writing Paper pref 100
4 Jan 31
/
1
4
45
14 512
5
.514 53
5
713 Jan 3
*414 514
•44 5
7 July
112 Apr
800 Amer Zinc. Lead As Smelt
105 105
1012 101z 1034 11
25 1013 Jan 29
8
8 103 1012
1212 Jan 9
•1012 107
Mar 1214 Dec
8
8
7
34
Do pref
34
35
353
3,000
3 35
25 31 Jan 23 39 Jan 9
357
8 3214 3214
35
•32
24 June 364 Dec
453 46
4
4534 4622 4514 46
4453 4514 15.200 Anaconda Copper Mintng__50 4313 Jan 27 43 Jan 3
4434 453
3
2312 May 4814 Dec
293 30
4
3312 3412
30
315
8 3179 33
Archer, Date Ls MidI'd_No par
26 Jan 7 354 Feb 13
34
35,
4 5,200
2812 Dec 29 Dec
*94
Do pref
9612 .94
100
.94
100 9012 Jan 5 9512 Feb 2
9559 95 95
951_
96
•95
90 Dec 9113 Dec
9214 931
9314 94
933 9334 934 9413
4
4.300 Armour dr Co (Del) pref_..10091 Jan 29 9512 Feb 13
9418 951
/
4
8314 June 941 Dee
1034 10
•1014
101 •10
10 8 10
8 Jan 5 1212 Jan 28
1012
,
1014 1013 1,400 Arnold Const'le&Covtc No par
Jan
Oct 15
6
•157 158 .156 153
159 16738 16514 169
6,800 Associated Dry Good.s._._100 128 Jan 5 171 13 Feb 13
168 1711
Jan 10412 Nov
79
.97 100
98
98
•H 100 .98 100
1)o 1st pref
100
100 94 Jan 7 98 Feb 9
•9712 100
8312 May 94 Nov
108 1081 .107 110 •108 110 •108 110
166
Do 2d pref
100 101 Jan 2 10814 Feb 7
•107 110
89
Jan 1.0284 Dec
373 38
4
37
38
37
375
8 3634 38
25 33 Jan 6 3913 Feb 2
3714 373 18.800 Associated Oil, new
2712 July 3453 Feb
8 283 2959 2812 29
4
2858 293
281
28
281 10.200 ALI Gulf & W 1 SS Line__ -.100 20 Jan 5 294 Fe 6
23
103 Mar 23 Dec
4
3914 4128 407* 421
4112 4212 42
Do pre(
424
5,200
100 31 Jan 5 424 Feb 11
8
407 421
3112 Dec
1212 Jan
9114 114'z 11434 1143 1143 115
4
115 1153
2,200 Atlantic Refining
113 115
/
1
4
100 9512 Jan 2 11713 Feb 5
7813 July 1404 Jan
/1414 1141 .113 1141 11312 1131 114 114
Do prat
300
•11313 1141
100 11312 Jan
1141 Jan 9 108
/
4
Oct 118 Feb
*50
52
*50
52 •50
52
517 52
8
200 Atlas Powder
521
No par 51 Jan 1
.51
/
4
Apr 541 Feb
52 Jan 29
47
092
941 .92
94
941 •92
•92
941
941
Do pref
•92
100 92 Jan 1
94 Jan 9
8212 Feb 93 Dee
.914 01
•914
*914 91
91
912 91
200 Atlas Tack
•
914 93
8
No par
912 Jan 28
101 Jan 10
/
4
5 June 1118 Jan
28
28
*2712 28
273 28
4
2753 2753
2714 27
/ 2.000 Austin, Nichols & Co_.No par
1
4
27 Feb
3213 Jan 12
1812 Mar 334 Dee
903 91
4
.90
91
*8814 91
.88
901
200
Do pref
•8314 9012
100 871 Jan 2
/
4
Apr 91 Nov
91 Feb 7
79
*3
34
3
3
*3
318
3
3
3
1,400 Auto Knitter Hosiery_ _No par
3
812 Jan
14 Jan
314 Feb 2
112 Nov
13214 1343 13318 1353 13214 1343 1311 1331
4
8
/
4
1314 13312 54,200 Baldwin Locomotive Wks_100 12814 Jan
3
1377 Jan 14 1043 May 1343 Dee
8
3
*116 117 •116
•116 1163 116 1161
Do pref
200
•116 1163
4
100 115 Jan 5 1165 Jan 31 11012 June 11712 Nov
8
27
8
/ 2653 271
1
4
273
4 267 27
2753 281
277 284 60,300 13arnsdall Corp, Class A
8
/
1
2313 Dec
25 2112 Jan 21
14 Feb
2814 Feb 13
2212 225
2214 23
8 2218 221
2212 23
Do Class B
223 2234 2,100
4
1713 Dec
1713 Jan 2 23 Feb 6
Jan
25
10
*4112 43
*4114 43
*39
43
*39
43
43
Barnet Leather
*39
39 Dec
No pa
35 Jan 5 41 Feb 6
2312 Nov
46 8 4612 48
,
•46
/ 4712 49
1
4
48
48
4714 507
3912 May 59
8 7,700 Bayuk Cigars. Inc
No pa
Jan
4514 Jan 29 504 Feb 13
69 4 693
,
4 69 6912 6912 691
6812 69
6818 6812 2,400 Beech Nut Packing
4
443 Apr 723 Dee
4
20 66 Jan 5 7413 Jan 10
5012 5112 5012 511 493 503
.5012 51
/
4
8
4
4858 4912 31,200 Bethlehem Steel Corp
4
10
435 Feb 13 5313 Jan 13
373 Oct 624 Feb
8
116 11614 11618 11612 1157 1163 *11534 1157
8
8
8
1153 1157
4
8 2,100
Co cum cony 8% pref_.10 11013 Jan 7 11613 Feb 8 1014 Apr 11014 Feb
1018 10112 101 1013 10114 10112 101 1013
8
4
8
Do pref new
101 101
4,000
8912 June 97 Feb
100 9512 Jan 5 102 Jan 31
*53
4 6
53
•534
.53
4 53
4 6
6
6
4
300 Booth Fisheries
74 Jan
353 June
No pa
5 Jan 6
7 Jan 10
*3
/ 4
1
4
•312 4
*313 4
312 312
•312 4
100 British Empire Steel
114 Nov
6 Aug
3 Jan 5
3 Jan 26
/
1
4
10
3313 *3114 3312 *31
3312 •30
•30
3312
*313 3312
4
Do 1st prof
30 Aug 54 Mar
10
30 Jan 5 3312 Jan 31
104 105 •1014 105
8
/
1
8
8 105 103 •1012 107
4
8
•1012 107
8
300
Do 2d pref
157 Jan
1118 Jan 31
8
5 Nov
10
814 Jan 21
8
12912 130
12912 1297 12914 130
12918 1297
8
0126 12713 4,900 Brooklyn Edison, Inc
8
10 1203 Jan 2 133 Jan 7 10714 June 1244 Dec
79
783 7913 78
4
79
7834 773 783
4
8
7712 78
6,300 Bklyn Union Gas new__No pa
565 Apr 823 Dec
8
4
7714 Jan 6 837 Jan 22
8
75
73
74
7414 •73
74
•72
733
4
74
*72
1,400 Brown Shoe Inc
39 May 7612 Dec
70 Jan 26 7814 Jan 10
10
10012 1003 .100 101
4
*100 101
*99 10112
•99 1003
400
Do pref
4
84 June 993 Dec
4
983 Jan 6 10034 Jan 19
4
10
97
95
95
9714 *95
*95
9212 944
9212 934 2,300 Burns Brothers
95 Dec 11212 June
3
100 9212 Feb 11 1033 Jan 12
*2018 21
*204 21
*2018 22
1814 2018
183 19
4
900
Do new Class B coin
1953 Feb 29 Nov
2318 Jan 14
1814 Feb 11
97 •95
97 •95
97 .95
*95
97
95
95
100
Do pref
9518 Mar 9918 May
100 9313 Jan 10 9612 Jan 7
7612 761
7712 80
7914 7914 783 7914
8
7814 78,
4 1,400 Burroughs Add'g Mach_No par 65 Jan 3 8112 Jan 20
623 Nov 6712 Oct
4
8
8 14
818 814
814 814
8
8 18
7
/ 73
1
4
4 2,600 Butte Copper & Zinc
914 Dec
35 June
8
834 Jan 2
7 Jan 27
5
•223 2312 2314 2314 2314 2312
4
23
23
2234 2314 1,200 Butterick Co
17 Apr 253 Dec
2834 Jan 3
3
100 2112 Jan 1
8
8 2018 2012
213 2253 2114 2212 203 215
4
2018 21
7,200 Butte & Superior Mlning___10 1818 Jan 28 2414 Jan 9
14 May 2512 Dec
178
17
8 14
14 2
178
2
2
•173 2
800 Caddo Cent Oil & Ref_ _No par
44 Jan
233 Jan 12
118 Jan 8
1 Nov
1027 103
8
8
103 103
10212 1023 •1025 103
10234 103
1,400 California Packing
Apr 1064 Dec
SO
No Par 10012 Jan 27 10614 Jan 3
2812 287
8 2818 293
8
28 4 291
3
285 2912 39.400 California Petroleum, new. 25 237 Jan •
8
8
30 Feb 6
19,3 July 2914 Feb
10612 1061 106 10614 105 10512 10512 106
10514 10514 1,300
Do pref
9212 July 107
Jan
100 100 Jan 2 10814 Feb 5
334 4
4
4
312 3 3
353 35
8
,
3 8 37
5
8 2,000 Callahan Zinc-Lead
212 May
45 Jan 2
8
312 Feb 4
54 Jan
10
5413 547 •543 55
8
8
•54
54
541
5414
9 1,300 Calumet Arizona Mining
4134 Mar 583 Dec
53
/ 533
1
4
4
10 5218 Feb 4 58 Jan 7
13 Mar
Case (J I) Plow
11 July
/
4
No par
4
-164 1633 Id3- 1612 1658 1614 1638
-i6F8 164 _ 2:555 Calumet & Ueda
(
185 Jan 5
8
1318 May 1913 Dec
25 1618 Feb 13
*2918 30
30
*29
30
2918 2918 *29
29
2918
600 Case Thresh Machlne__No par 28 Feb 2 307 Jan 23
14 Mar 35 Dec
3
63
63
6212 6212
*63
66
66
*63
•61
65
Do pref
200
4114 May 77
100 62 Jan 8 6713 Jan 14
Jan
20
4 2012 21
4
203
4
4 203 213
2118 213
20
20
9,000 Central Leather
94 Ma
4
100 1813 Jan 27 213 Feb 7
2153 Dec
653
4 (3214 6453
6412 654 64
/
1
66
62
6214 6334 31,200
Do pref
2914 Mar 5814 Dec
100 55 Jan 8 66 Feb 7
39
393 *383 3914
4
4
39
3912 384 40
39
393
4 3,900 Century Ribbon Mills_ _No par 3113 Jan 5 42 Jan 13
2534 Apr 3514 Nov
•96
98
•96
98
98
•96
•gg
98
•96
98
Do pref
4
91
Jan 9512 July
100 97 Jan 13 983 Jan 14
/
1
/ 544 53
1
4
54
537
3 53
5412 54
54
5318 5312 10,800 Cerro de Pasco Copper_No par 5212 Jan 28 5512 Jan 2
403 Mar 5634 Deb
4
/ 4313 *4314 4314
1
4
4
4318 4318 8,100 Certain-Teed Products.No par 41.12 Jan 8 4624 Jan 10
433 4414 433 444 43
3
244 Jun
4413 Dec
301 304 3012 307
/
4
/
4
323
8 3053 311 31
4
314 324 12,300 Chandler Motor Car_ __No par 2812 Jan 22 364 Jan 3
267 Nov 6613 Jan
8
9014 92
00
901 •9012 92
.90
91
1,100 Chicago Pneumatic Tool.
/
1
4
*91
92
.100 8512 Jan 29 98 Jan 3
7973 May 10073 Dec
*5012 53
*5113 52 .5013 51
*5013 51
*5013 55
Chicago Yellow Cab___No Par 51 Jan 21 55 Jan 3
39 May 614 34pr
/ 3653 3718
1
4
8
3 364 37
36
3612 23,800 Chile Copper
36
/ 3728 367 373
1
4
/
1
4
25 3518 Jan 28 37 Jan 2
25 Ma
/
1
4
38 Dec
/
1
4
275
8
8
275 283
8
3 275 2818 27
.263 27
4
1,700 Chino Copper
62713 28
3
5 2412 Jan 27 283 Feb 9
15 Ma
29 Dec
637 644 6313 6313
8
/
1
65
65
63
6312 1.100 Cluett,Peabody & Co
*64
66
100 sols Jan 2 711 Jan 12
/
4
55
Oct 7512 211.12
a Ex-rights.
z Ex-dividend.
•111C1 and asked prices; no sales on this day.
-9273 Mar 13214
New York Stock Record-Continued-Page 3
806
For sales during the week of stocks usually inactive, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 7
Monday,
Feb. 9
Tuesday,
Feb. 10
$ DET share
Wednesday
Feb. 11
Thursday,
Feb. 12
Friday,
Feb. 13
FMK .YHAKE
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rEK .81111KE
Range for Year 1925.
On basis of 100
-share lots.
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share Shares. Indus. &Miscall. (Con.) Par 8 per
share $ Per share $ per share $ per share
9014 91
9014 9112 918 9214 9113 924
9118 9114 13,200 Coca Cola Coy to
8
No par 80 Jan 6 9214 Feb 10
61
Apr 831a Dee
4
64 47
46
464 4512 477
46
27,800 Colorado Fuel & Iron
4714
458 47
100 4214 Jan 21 4814 Jan 13
24% Feb 5414 Aug
4714 4814 48
48
4914 4914 4813 49
4880 48% 1,400 Columbian Carbon v t c No par 4714 Feb 7 513 Jan 8
4
393 Sept 553 Jan
4
2
48
4814 4784 48% 473 4814 4754 48
474 4818 5,000 Col Gas & Elec new__ __No par 451 Jan 21 497 Jan28
4
4
33 Mar 48 flee
s
106 106
108 106 4 *106 10612 106 106
,
106 106
Do pref
700
100 10414 Jan 5 107 Jan 26 10314 Dec 105 Dee
*5612 58
*5612 60
*5612 5912 5912 60
60
63
800 Comm'i Invest Trust-NO par 50 Jan 2 63 Feb 13
30% May 58 Nov
•10112 10612 *10112 10612 *10213 10612 *105 10612
*105 10612
Do pref
100 103 Jan 5 10612 Jan 19
93 May 103 Nov
164 17412 17312 18012 177 181
170 178
160 175
5,200 Commercial Solvents A No par 10912 Jan 9 190 Jan 29
4312 Jan 13114 Dee
16412 17218 172 181
175 178
167 173
159 174
4,400
Do "B"
No par 10712 Jan 9 189 Jan 29
33 Jan 12912 Dee
4012 40% 4014 42
41
4013 408 13,600 Congoleum Co
4280 4012 413
4
No Par 3914 Feb 2 4312 Jan 2
4
3280 May 663 Feb
*1584 1614
1614 1614 1814 17
165 17
4
1618 1618 6,500 Conley Tin Foil
No par
14 Jan 3 17 Feb 10
754 May 1414 Dee
*30
3012 295 30% 29
8
2980 29
30
2914
32
5,400 Consolidated Cigar_ _ _No par 2612 Jan 2 32 Jan 29
1138 Mar 30 Nov
88
88
87
87
*86
88
*8512 88
88
8812
700
Do pre(
100 7984 Jan 2 8812 Feb 13
5912 Apr 84
Jan
680 65
8
8 4 713
3
87
3 75*
718 812 22,200 Consolidated Distrib'rs No par
75*
714
318 Jan 7
812 Feb 13
4 Jan
34 Dec
78
7880 784 78% 7818 787 27613 774
7680 77
37,700 Consolidated Gas(NY) No par 757 Jan 27 78% Feb 10
8
8
607 Jan 797 Dec
44 480
45* 412
412
414 412
45*
45* 413 7,700 Consolidated Texttle___No par
44 Jan 2
54 Jan 7
Jan
8
25* Apr
643 65
647 655* 657 68
4
6614 67
6480 64% 27,400 Continental Can, Inc
100 6414 Feb 6 697 Jan 2
4313 Apr 69% Dec
113 115
11412 11514 11312 1133 11314 114
4
11280 114
1,400 Continental Insurance
25 103 Jan 5 12012 Jan 28
8918 Apr 10918 Dec
94 914
9
9 14
918 980
9
9 18 111,900 Continental Motors.. No par
9
9'8
814 Jan 2 105* Jan 13
6 APr
8 Dec
18
40
403
8 40
4014 394 4014 3918 398
391g 3912 12,700 L'orn Products Refin wi
25 384 Jan 20 4113 Jan 2
3113 Jan 433 Nov
4
•11813 120 •12212 1237 123 123 *120 123
8
*120 1225*
Do pref
100
100 11818 Jan 7 123 Feb 6 11518 Apr 12384 Aug
3358 311
3314 3414 33
3418 33
34
3414
3412 32,500 Cosden & Co
No par 284 Jan 2 3558 Feb 2
2280 Sept 4014 Feb
*887 9012 *8812 9012 90
8
903 *8812 9012
*8812 9012
Do prof
300
100 83 Jan 2 9058 Feb 10
80 Dec 95 Feb
74
7412 734 7434 73
74% 73
7114 737 27,000 Crucible Steel of Amerlea_100 7280 Jan 16 79 14 Jan 17
7312
48 May 76 Dec
•9412 95
95 95
9518 958 •94
96
95
95
300
Do Prof
100 93 Jan 2 96 Jan 15
86 May 98 Dec
134 14
131 14% 14
1413 135* 14
1318 14
19,400 Cuba Cane Sugar
No par
1214 Jan 12 1480 Feb 9
1012 Oct 18 Feb
5814 6012 6080 6214 60
624 6018 61
58 8 6012 55,900
7
Do pref
100 5618 Jan 14 821 4 Feb 9
8
535* Apr 717 Feb
3114 32
3218 3280 3218 327
3218 3212 30,800 Cuban-American Sugar
8 3214 3280
_10 291 Jan 2 327 Feb 10
2814 Nov
387 Feb
8
*9814 104
*9814 104
10014 10014 *10014 105
10014 10014
Do pref
200
100 98 Jan 9 10014 Feb 10
96
Jan 10014 Nov
57
512 580
534
55* 6
58 6
7
558 554 6,500 Cuban Dominican Sug_No par
55* Jan 26
6 Jan 2
418 June
812 Feb
41
4154 417 42
42
4212 *41
*41
418
42
4
Do pref
1,400
100 3914 Jan 33 44% Jan 6
38 Dec 52 Feb
*69
7112 69
69
69
6912 *6812 72
*68
72
300 Cushman's Sons
No par 65 Jan 6 73 Jan 19
5612 Aug 7634 Sept
*5212 53
52
504 515
52
8 515* 52
5112 5214 3,100 Cuyamel Fruit
No par 5014 Feb 9 554 Jan 7
4518 Nov 7413 Jan
47
518 580
5
54
412 47
8
4
43
8 484 6,400 Daniel Boone Woolen Mi11s.25
4 Feb 11
7% Jan 9
6
Nov 3214 Mar
7
47
4814 4654 47
465* 4780 435* 4714
4358 4580 24,600 Davison Chemical v t c_No par 424 Jan 5 4934 Jan 23
3812 Nov 6913 Jan
*224 24
*217 233 *22
2
2384 *2218 233
4
*22
4
234
De Beers Cons Mines_No par 23 Jan 28 2418 Jan 28
1814 Jan 224 Dec
11434 11454 11454 115
11518 1153 11512 115%
11514 1157
4
8 3,400 Detroit Edison
100 110 Jan 5 1157 Feb 11 10114 Jan 11534 Dec
8
15
15
1514 1512 154 1514 15% 16
1514 1512 2,403 Dome Mines, Ltd
No par
1412 Jan 13 1612 Jan 19
114 Nov 2014 Jan
15
15
15
15
15
15
143 143
1412 1412 1,200 Douglas Pectin
4
4
1412 Feb 5 167 Jan 12
8
938 June 18 Dee
•10634 107
1064 1071* •106 4 10714 107 107
3
106 106
400 Duquesne Light 1st pref ___100 105 Jan 7 1074 Feb 9 10013 Mar 10814 Sept
11480 114% 1147 115
8
115 115% 114 1155
11414 1140
8
4 9,700 Eastman Kodak Co_ __ _No par 11018 Jan 5 118 Jan 19 10413 Apr 1147 Nov
8
8
1284 12 4 1213 12 4 1212 1212 11
,
11
1012 1338 4,500 Eaton Axle & Spring___No par 103 Feb 13 18 Jan 3 I
83 Sept 2418 Jan
4
146 14812 147 14912 14712 1494 14718 14912
14612 14712 29,400 El du Pont de Nem & Co_100 13414 Jan 5 1494 Feb 10 112 May 142 Dec
•9614 6642 26680 0642 9512 9522 *954 9612
9618 964
Do pref 6%
200
100 94 Jan 23 9618 Feb 13
85
Apr 96 Dee
84 4 65
6513 657
3
6512 6414 655s
65
645e 6514 4,400 Elec Storage Battery_No par 6214 Jan 2 704 Jan 3
501 May 66 Dec
1118 *____ 11
*8
*7
11% *7
1118
*7
1118
50 10 Jan 22 1012 Jan 22
Elk Horn Coal Corp
11
Dec 145 July
8
*17
8 214 *17
5178 2
2
•17
8 2
Emerson-Brantingharn Co.100
•17
8 2
17 Feb 4
212 Jan 3
312 July
7 Juno
8
*69 4 7014 6914 7018 6914 69 4 68
3
69
5
683 694 2.000 Endicott-Johnson Corp__ 50 68 Jan 27 72 Jan 9
4
55 8 May 735* Dec
,
•114 4__
,
14 11514 *1143 11614 *114 4 11612
3
4
11614 11614
200
100 11213 Jan 21 11614 Feb 13 10513 June 115
Do prof
Jan
*184 20
19
19
*1812 1912 *184 1912
*1812 1912
1813 Jan 23 197 Jan 3
100 Exchange Buffet Corp_No par
8
18 Dec 2413 14ug
*214 3
*214 3
*214 3
*214 3
*214 3
25
Fairbanks Co
212 Jan 10
3 Jan 5
2 Dec
412 Jan
18
3514 3454 35
35
355* 35
35
347 35
35
100 3214 Jan 2 357 Jan 7
1,900 Fairbanks Morse
2513 May 34 Dee
3
93 4 9512 95 957
95
9684 9480 96
944 944 12,700 Famous Players-Lasky_No par 934 Jan 27 1005* Jan 10
61
Jan 9812 Dec
•104 107 *10412 106
10512 10531 105 105
*105 10818
103 104 Feb 5 110 Jan 8
Do prof (8%)
200
87% Jan 10813 Dec
137 138
13614 137
13514 1354 13614 137
13612 137
1,600 Federal Light & Trao__Noper 11421 Jan 3 140 Feb 5
7412 May 12212 Dee
*2178 23% 23
23
23
23
23
23
*22
24
Smeit'g_103 2038 Jan 28 25 Jan 19
900 Federal Mining &
518 Apr 2434 Dee
6212 6212 62 633
12
4 6212 635
8 6212 72%
Stock
6218 6218 4,000
•
100 6014 Jan 5 6414 Jan 15
Do prof
4112 Jan 6412 Dee
15612 15612 15714 15714 15712 15712 1563 15654
4
15414 15114
500 Fidel Phen Fire Ins of N Y__2" 14712 Jan 6 16614 Jan 12 118 Mar 146 Dec
13
1254 13
13
13
1313 1318 1318 Exchange
133 137
4
8 1,200 Fifth Avenue Bus
No par
12 Jan 8 137 Feb 13
913 Jan 135* Jan
- --_. --- ---- ____ ---Fisher Body Corp
No par 239 Jan 2 280 Jan 12 163
Jan 240 Dee
12% 1312 1212 127 Closed8
1212 123 17,700 Fisk Rubber
4
11 Jan 23 135* Feb 6
No par
512 June 137 Dee
8414 8412 84
8412 8312 8312 8212 83
8212 835
8 1,600
Do 1st prof
100 7512 Jan 16 8512 Jan 14
3818 July 86 Des
7858 8018 8012 82
81% 82
8110 8214 Lincoln's
8104 82
18,000 Fleischman Co
No par 7812 Feb 6 8613 Jan 2
4414 Jan 9014 Nov
10680 10612 108 8 10780 10713 1083 1063 10584
3
4
4
107 10914 16,100 Foundation Co
No par 90 Jan 6 10914 Feb 11
6613 Jan 9458 Deo
10 8 104 1012 10 4 1058 1022 105* 1012 Birthday
,
3
1014 1012 3.800 Freeport Texas Co
No par
4
713 Sept13 Jan
97 Jan 20 113 Jan 2
2
7
1114 1112 114 115* 1012 118
1018 103
4
12,400 Gardner Motor
No par
105* 11
44 Jan 2 115* Feb 9
314 Oct7 Jan
545* 5212 5213 53
53
5412 54
53 8
par 51 Jan 5 5813 Jan 10
*5212 53
,
Amer Tank Car
No
1,700 Gen
3512 May 53 Dec
*98
99
*98
99
*98
99
*98
99
*9712 99
100 gm Jan 6 99 Jan 19
92 Feb 9912 Dec
Do pref
58% 5713 5812 5712 5814 567 59
58
100 6618 Jan 10 6384 Jan 2
8
58
5814 12,000 General Asphalt
2
315* Apr63 Des
97
*97 100
97
97
97
9612 9812
•97 100
Do prof
600
100 9512 Jan 5 100 Jan 2
714 Apr 100 Dec
140 140 *135 140 *135 140 *130 138
.135 140
No par 140 Jan 16 1473 Jan 2
500 General Baking
4
93
Jan 160 Sept
26412 95
6518 9514 95
9518 *9412 95 2
95
,
100 9414 Jan 28 9813 Jan 10
963* 4,300 General Cigar, Inc
8214 Apr985* Dec
908 10914 *108 109 *108 10914 *108 10914
•108 10914
Do prof
100 105 Jan 3 109 Feb 6 10114 Mar 106 Dec
•109 113 *109 113 *109 113 *109 113
*109 113
Do debenture prof-.100 107 Jan 5 109 Jan 23 100
Apr 109 Dee
24312 2465 243 24514 23534 24314 23712 2393
8
8
238 241
17,500 General Electric
100 2354 Feb 10 320 Jan 2 19313 Jan 322 Dee
1118 1118 114 1114 1118 114 1118 1114
1118 1114 4,100
Do special
10 11 Jan 2 114 Jan 3
1012 Apr 1112 July
77
77
78
788 7712 79
767 78
7658 7712 256,200 General Motors Corp. No par 6458 Jan 5 79 Feb 10
55 4 Oct 667 Dec
,
8
*91
94
94
*91
*91
94
*91
94
90
90
Do pref
200
100 90 Feb 13 0413 Jan 21
80 June 93 Dec
94 .91
94 .91
*91
94 '91
94
*91
94
Do deb stock (6%).._ _ _100 9213 Jan 8 94 Jan 13
8018 June 9312 Dec
5
*10812 108 4 10813 1083 10812 10812 10812 10812
4
10812 108 18 6,200
7% pref
Do
100 102 Jan 5 1087 Feb 2
8
9518 July 10312 Den
503 513
4
4 5014 5114 50 4 513
3
2 5114 5314
5312 545 101,000 General Petroleum
25 42 Jan 16 545 Feb 13
385* June 45 Aug
*5412 55
54
5412 54
54
•54
5413
54
54
500 General Refractories.__No par 53 Jan 7 5812 Jan 14
31 June 55
Jan
.5218 5238 524 5212 5113 621
5218 523
514 51 4 4,400 Gimbel Bros
,
8
No par 513 Jan 21 57 Jan 13
474 June 647 Dec
*102 104
902 10312
103 103 *103 104
10318 1034
200
Do pref
100 103 Jan 29 10514 Jan 20
Jan 107 Sept
99
23
*224 24
2318 228 23
*228 24
4
2234 223
4
500 Ginter Co
No par 2214 Feb 13 2512 Jan 3
21 Dec 275* Nov
1514 16
1512 16
1512 163
4 1580 1714
17
1712 49,200 Glidden Co
No par 13 Jan 19 1712 Feb 13
8 June 15 Nov
4114 *39
40
.40
39
39
3812 394
39 4 397
3
1,500 Gold Dust Corp
No par 3312 Feb 11 4258 Jan 2
281 Apr 437 Nov
8
47% 483* 474 4814 474 4814 47
475*
47
48
10,700 Goodrich Co (B F)
No par 364 Jan 5 4914 Feb 6
17 June 38 Den
•9512 96
*9513 96
9513 9512 *95
96
*95
96
Do pref
300
100 92 Jan 3 96 Jan 10
7014 May 92 Den
92% 9313 9280 9334 92
9314 914 923
914 9412 12,300 Goodyear T & Rub pf v t c.10
4
8618 Jan 6 9412 Feb 13
39
Jan 90% Dec
10612 106% 10612 10612 10612 10613 1063 1063
8
8
106 106
1,100
Do prior prof
100 1034 Jan 5 107 Jan 22
8814 Jan 10818 Den
201 20% 203 204 204 207
2012 2012
4
1978 203
8 3.600 Granby Cons 541n Sm & Pr.100 18 Jan 30 2114 Jan 14
1212 Apr 217 Den
5
*514 58 *54 512 *5
6
5
512
512
500 Gray & Davis, Inc_ ___No pa
414 Jan 2
718 Jan 3
212 Oct
918 Jan
947
9412 944
94% 954 94
94
9 4 95
43
945* 6,600 Great Western Sugar
25 91 Jan 16 9514 Feb 9
8314 Oct 967 Dec
8
18
1818 18% 18
174 1714 *1712 18
*1713 18
500 Greene Cananea Copper...100 164 Feb 4 1914 Jan 2
10 May 217 Dec
5
8
6
580 57
4 *53
5 4 53
54 54
3
53
4 53
4 1.000 Guantanazno Sugar____No par
Jan 30
47 Nov
813 Jan 5
558
1018 Feb
22
92
4 91
9338 9112 9314 9214 938
89
92
914 10,700 Gulf States Steel
100 84 Jan 16 947 Feb 5
62 May 8914 Feb
3234 33
313* 3112 313 3212 3212 333* 3212 3318
5,500 Hartman Corporation_No par 303 Feb 4 3712 Jan 7
2
31 Sept 4434 Feb
8
374 39
374 39
7
37 4 37 8 3712 39
38
3818 6,300 Hayes Wheel
100 3612 Feb 5 4314 Jan 3
324 May 5278 Feb
3 48
8 477
4712 4813
*4713 48
47 4
48
*47 4
481
1,200 Hoe(R)& Co Class A__No par 47 Jan 13 487 Jan 9
4814 Dec 517 Dec
*4312 45
44
44
44
44
44
44
4414 4414 1,100 Homestake Mining
100 43 Jan 2 50 Jan 12
35 July 5613 Jet
3612 3612 3614 3638 3618 365* 36
33612 3612 3,800 Household Prod,Inc___NO par 3412 Jan 5 373
3612
Jan 20
31% Apr 38 Nos
8212 8112 S314
8212 83
82
8212 833* 14,700 Houston 011 of Texas
8112 827
100 77% Jan 5 85 Jan 29
61
Apr 8212 Feb
38
4014 4114 84,300 Hudson Motor Car____No par 3334 Jan 5 4134
414
3812 394 394 4158 40
39
Feb 11
2012 May 36 Dec
1
18
16
157 16
8
168 154 163
15 4 16
16
8
4,100 Hupp Motor Car Corp
10 1412 Feb 5 1914 Jan 5
Jar
114 May 18
Hydraulic Steel
No pa
1 Jan 5
--.,114 Jan 8
24 Dec
12 Jan
*712 9
*713 9
*712
2
8
*712 - 9
Do pref
100
6 Jan 5
7 8 Jan 29
,
34 May 10 Dec
254 263*
2812 2914 161,000 Independent 01143 Gas_No par
,
255* 2612 2680 28 8 2712 298
4
1313 Jan 5 293 Feb 11
4
53 Sept 1614 Dec
4
1612 1612
16
1618 1618
16
16
*1612 17
16
700 Indian Motocycle
No par
16 Feb 5 20 Jan 3
1518 June 2514 Feb
93
91
9
94
94 8,500 Indian Refining
84 9
838 94
9
10
5% Jan 2 105 Feb Si
*
334 Apr
718 June
9312 *843
*85
95
*86
•85
*86
95
95
95
Do prof
100 80 Jan 5 95 Jan 7
60 Mar 75 Del
x4758 48
4813 487
8 49
48 8 48 4
494 4834 49
,
4,400 Inland Steel
3
No par 454 Jan 7 50 Feb 2
3111 May 4834 No
•108 110 *108 110 *108 110 *108 110
*108 110
Do prof
No par 107 Jan 3 110
4
3012 304 3013 303
294 294 3,000 Inspiration Cons Conner__ 20 281* Jan 27 3284 Jan 22 10114 Jan 1078 Des
8
4 294 3018 293 30
Jan 12
2218 Feb 337 Des
1318 1312 1258 1312 1318 1312 122 13
1212 1213 1,558 Internat Agricul new
*
No par
74 Jan 7 134 Feb 5
938 Jai
3 Jun
120 1223 12312 125
12184 12134 4,300 1st Business Machines_No par 112 Jan 27
4
4
123 1240 1213 1224
4
83 Apr 1187 Der
8
*57
*5514 5612 2,100 International Coment_No par 52 Jan 5 125 Feb 9
5712 57
5714 574 575* 5614 5718
40% Apr 5912 Noi
0
3378 347
3418 358 17,100 Inter Combus Engine_No par 314 Jan 21 57% Feb 4
8 33 4 3458 335* 3412 34
3412
374 Jan 2
22 Mar 39 Do
107 10712 1075* 1073 10714 1077 106 107
*106 107
4
8
3,100 International Harvester.-100 10518 Jan 16 11018 Jan 23
Jan 11012 De
78
*11412 11434 1143 1143 *11312 115 *114 115
115 11514
4
4
700
Do pref
100 11413 Jan21 1154 Feb 13 108 Feb 11513 Noi
, 1372 14
13
133
8 8,900 Int Mercantile Marine
1312 14
8 1312 1312
1312 137
100 1212 Jan 6 147 Feb 5
8
63 Jan
4
1558 De
[ 49 8 5114 495 5033 497 51
,
49
50
4954 515
8
8
Do Prof
26,900
100 4314 Jan 5 52% Feb 5
2612 Ma
4758 De
2712 273
27
273 22,400 International Nickel (The).25 254 Jan 15
4 2714 278
274 27
278
4 27
28 8 Jan 31
,
1112 May 274 De
*9912-__ *9912 100
9912 9912
*9913 100
9912 9958
Do prof
300
100 94 Jan 6 9913 Feb 6
,
7512 May 95 No
5512 5612 56
5612 5714 13,500 International Paper
57
573
4 588 58
4
5811
100 5418 Jan 26 62 Jan 13
3412 Apr 60 De
75
754 754 7512 76
7612 7612 1,600
7812 7812 Ms
Do stamped prof
100 73 Jan 8 78% Feb 11
6212 Mar 7478 00
115 115 *114 11512 115 11712 115 115
•11512 11712
200 International Shoe
No par 108 Feb 2 11712 Jan 14
,
73 Apr 119 No
•11912 121 *11984 121 •119 121 '1103121
•11914 121
54
Do prof
100 11913 Jan 8
11918 De
9212 9212 9212 9234 93 93
931
94
93
9412 2,300 Laternat Telep & Teleg_.100 90 Jan 5 12012 Feb 3 1154 May 94 De
984 Jan 3
66 Fob
02514 2512 *2514 2513 2514 255* •255 25l2
2514 2514
3
300 Intertype Corp
No par 247 Jan 15 2612 Jan 5
8
2412 Dec 3212 Ma
----- _ _ _ ___ Invincible 011 CorpNo par
1512 Jan 2 223* Jan 9
1012 July
163* Jas
90
90
*95 90 90
9912 1,800 Iron Products Corp
92 105
ióI
No par 82 Jan 27 105 Feb 10
3912 Apr 10058 De
18 8 187
7
8 183 187
2014 207
4
8 183 19
4
8 3,100 Jewel Tea, Inc
1912 2014
100 1812 Jan 21 207 Feb 13
s
1658 Apr 2314 Ja
•103 104
103 1031a 1031, 1041e 105 109
109 109
1.500
Do pref
100 10212 Jan 19 109 Feb 11
78 Mar 106 De
•1114 and asked Woes: no sales on this day.
Ex-dividend. t Par value changed from $1043 to 950 and prices on that basL9 beginning June 3. a Ex-rights.
_.115
iiis 1158 ins 1358
IF
ear s
New York Stock Record-Continued-Page 4
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Feb. 7
Monday,
Feb. 9
Tuesday,
Feb. 10
Wednesday
Feb. 11
Thursday,
Feb. 12
L$ per share $ per share $ per share $ per share $ per share
2138 21
*204 214 2114 2112 21
21%
4412 4512 44
444 4412 4414 45
46%
7
8
7
8
7
8
7
8
1
1
3
4
3
4
25
244 25.
2512
25
2458 24
24
8934
8912 *86
8934 *85
*85 893 *84
4
1612 16% 16
1612
16% 17% 1612 17
49 *45 49 *48 49 *4812 49
*45
51
*50
51
54
50 50
*50 53
96
98
90
97 97 *95 98 *95
555 5614 5514 55% 544 55%
8
553 56
8
258 3
214 258
2
/ 3
1
4
212 212
77
77 *77
79
79 *78
79
*77
499 499 49434 49434 *492 499 *492 493
34 34
34
34
3318 34
*333 34
4
140 14012 140 140 13913 13912
14034 141
14
1414 1414 1412 13% 13% 1332 14
6978 6978 69% 6852 6932
6812 6812 *69
*11712 118 118 11812 1173 117% 11714 11738
s
694 704 69 69% 69 6934 6918 6938
6912 71
7018 7018 6912 7053 69
6912
2318 23
23 2318 23 23
/ 23
1
4
2314
61
8 614
614
6
618 614
64 614
82 83
793 79% 79 844 8312 86
/
1
5
3412 34% 34% 3518 34% 3478 34% 34 4
3
•109 111 *109 111 *109 111
109 109
2134 2234 2134 22% 2134 2212 2112 2238
3714 3714 37
3778 *364 37
37 38
14
*11634 120 *117 11934 *116 11934 *116 120
13812 141
13812 14034 139 14834 14412 14838
10578 106 •10512 106
10578 1057 *10578 108
8
10114 10114 *101 102 *101 102
102 102
137 137 *143 147 *140 144
136 136
*76
77
77
7512 763
4 76
4134 4213 4112 42% 403 4112 4012 4114
4
2812 293
4 2812 2914 2834 2938
4 294 293
82 82 *82 8514 *82
*82 83
8514
*4912 504 5034 52
52% 52%
53 53
/
1
079 80
80 80
*80
82 82
82
441 443 *42 44
8
4334 433
4
4 4214 424
2612 25% 25 4
25% 257
26 *26
8 26
3
*2914 2912 *294 2912 2914 29% 2912 294
33 3314 31
33
314 324 30% 33
4314 44
4353 44
4312 44% 43% 4414
11
11 *1034 1112 1114 11% 1112 1112
3438 3412 34% 35
3434 35
34% 341
59% 64
07 70
67
731
7012 733
79
793
8 79 814 7934 811
/
1
79% 833
36 365
8 3614 3812 374 381
2 37% 447
105 105% 105 1071 10734 10912
1054 106
92 92
89 90
85
8772 86
86
*1634 17
1634 17 *163 163 *1658 17
2
*9934 101 *10012 101
*9972 101 *100 101
20% 203 *20
1912 20
21
4
2034 203
4
1614 1615 1618 16% 164 163
1612
8 16
2258 223
4 2258 22$4 2212 2234 22% 22%
112 158
112 158
14 158
112 112
*100 102 *100 102
Stock
1004 1004
10012 101
*29
30 *284 30 *2812 30 •2712 30
*6812 693 *6812 6912 68 68
4
673 68 Exchange
4
5032 503
50% 5214
8
4 505 52
4 5034 513
Closed-2438 2438 24
241 244 2412 2412 25
/
4
814 8%
8
/ 8
1
4
/
1
4
8% 812
8 4 8%
,
1612 1734 17% 1778 1712 177a Lincoln's
16
10
*3278 34
327 3278 33 33
8
334 333
4
Birthday
270 273 26112 270 *262 264 265 265
01044 105 *10412 105 *10412 105 •10412 105
64 612
612 64
74
6 4 64 *6
,
69 69% 6938 70
694 693
6912 70
4
12634 12634 *124
*123
_ •123
*7014 71
*70
71
*70 71
70 fir
*101 103 103 103 *10112 10312 •10112 103
46% 4658 4612 4678 46
/ 463
1
4
4 464 46%
40 40
4014 403
4
4 4034 42% 4218 423
100 100 *100 103 *100 102 *100 1004
6458 6434 66
6418
66% 674 6634 6712
34 3414 3418 3412 344 3458 334 3418
*88 90 *87/2 90 *87
87 87
90
*15612 15814 158 162
16112 163% 163 16412
*11612 118 •11634 1173 *11634 117 *11634 1173
4
4
/
1
4
6784 8734 67 674 6714 6734 655 67%
8
1519 15% 15% 15% 1534 15% 15% 15%
52 52
514 51% 504 51
50% 50%
*55
56
*551 5612 55% 5514 *55
/
4
553
4
*3314 33% *3314 33
3314
/ 33 3314 33
1
4
*27 27% 2714 2714 *27
2712 2612 2778
*56
57
5612 5612 567 567
57
8
2 57
*54
5712 *53 57 *5412 57
57
574
2812 2812 2812 2812 *2818 2812 2818 2812
43% 4414 4414 45
45 4738 4712 487
8
474 474 47% 47% 4712 48
4714 473
4
*94 10
*9
10
*9
10
10
10
*54 6
.54 6
5 2 512 *512 6
,
•19 20- •19
20 *19
20 *19
23
.26% 2612 2614 27
27
2714 274 27%
*90 9114 9012 9114 91
91
91
91
8
1034 107
8 105 10% 104 10% 104 10%
*62 65 *62 65 *62 633
4 62 62
4614 48% 4614 4614 45% 46% 4618 4612
10412 1002 105 106% 1067 10812
1047 105
8
8
1014 1014 *1014 1012 1014 1014 10
1014
63 63% 6212 6312 6218 63
621 6412
/
4
1514 153
8 1518 15% 1514 1512 15% 1618
*10814 107 *106 107 *106 10812 1063 10612
3
7334 7514 73% 7412 734 74
7318 7534
8
73% 7414 734 75%
7334 7512 735 75
*44 434 *438 43
4
54 *414 43
4 *4
4
1% 1%
134 13
4
13
4 13
4
*13
4 17
8
3212 323
4 3234 3234 32 32% 31
314
20 20% 204 2018 20
20
20 20
212 258
212 2%
212 2%
212 234
113% 114 114 11478 115 121
114 114
541
54
5512
545
8 544 55% 55
54
*46
48
46
464 464
47
*4638 47
4958 5014 4912 5018 4878 49%
49% 50
/
4
*4912 501 *4934 501 *4914 501 54812 4914
•7012 75 *7012 75 *704 75 *704 74
1458 15% 1434 1514 1412 14%
1412 147
43% 44% 4314 443
43% 441
4334 441
1314 1312 1312 1378
1312 133
1314 131
491 51%
/
4
8
4812 483
4 485 50% 4912 50
.43334 88 *873 887 *8712 89
8834 883
4
318 314
278 3
278 3
3
31
3534 36
37 37
357
35
*353 37
4
712 75
8
7% 73
738 8
7 2 8'8
7
5114 5114
5218 521
*52 5312 52 52
98 98 *9712 991
99
*98
*98 99
10012 1007 *99 101
8
*1003 101 *10034 101
4
5712 571
.1,374 59
60 60 *57 60
*87 88% *87 881 *87 89 *8678 871
141
14
1332 1352 13% 14
1384 14
14
14
14 •134 14
*13
•134 14
9714 977
9778 98
98% 984 98% 99
*11512 117 *11512 117 •11512 117 *11512 116
•Bid and asked prices; no sales on this day,
807
es during the week of stocks usually inactive, see fourth page preceding.
Friday,
Feb. 13
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share Shares. Indus. & Miscall. (Con.) Par $ Per share $ Per share $ per share $ Per share
1434 Sept 2712 Jan
100 1818 Jan 19 21% Feb 3
204 2012 1,100 Jones Bros Tea,Inc
8
2134 May 525 Dec
No par 42 Jan 27 5214 Jan 3
454 47% 8,100 Jordan Motor Car
1 Jan
3
4
8
4 1,800 Kansas & Gulf
14 Jan 28
4 May
58 Jan 5
10
1614 Aug 3838 Jan
*2514 2512 2,800 Kayser (J) Co v t o____No par 22 Jan 30 2734 Jan 5
77 Aug 1024 Feb
Do let pref
*86
8912
No Par 894 Jan 12 90 Jan 13
934 June 35 Jan
25 14% Jan 21 17% Jan 3
164 1614 3,000 Kelly-Springfield Tire
33 June 88 Jan
Do 8% Prat
•48
100 44 Jan 22 51 Jan 5
49
40 June 784 Jan
Do 6% pref
54
100 50 Feb 9 53 Feb 4
400
*50
76 May 104 Dec
200 Kelsey Wheel, Ino
*95
98
160 9213 Jan 21 101 Jan 13
3418 Jan 5734 Deo
4
No par 5318 Feb 4 673 Jan 13
5414 54% 55,000 Kennecott Copper
4% Jan
112 Oct
314 Feb 5
2% 23
178 Jan 9
4 5.700 Keystone Tire & Rubber__ 10
5214 May 8614 Dec
40(1 Kinney Co
No par 7512 Feb 13 87 Jan 3
7512 7512
400 Kresge (S 5) Co
492 492
100 461 Jan 28 510 Jan 29 28712 Jan 47514 Dec
421/ Nov 6278 June
.
1.000 Kresge Dept Stores_ _ _No par 314 Jan 21 4534 Jan 7
*32
34
79 Jan 113 Nov
1,600 Laclede Gas L (St Louis)_100 11014 Jan 5 14212 Feb 6
139 139
8 May 1718 Jan
13% 1358 1,300 Lee Rubber & Tire_ _ .No par 1214 Jan 5 15 Feb 5
50 Mar 6834 Dec
69
6912 1,900 Liggett& Myers Tob new. 25 64 Jan 27 7112 Feb 6
Do pre
500
*117 118
100 1164 Jan 16 11812 Feb 9 11478 July 121 June
48% Mar 6812 Deo
Do "B" new
69
6912 3,800
25 624 Jan 27 7014 Feb 6
56 June 71 Dee
*68 69
3,400 Lima Lea Wks tom etf_No par 6812 Jan 29 7438 Jan 14
1518 June 25 Dec
23
8,400 Loew's Incorporated___No par 2214 Jan 6 25 Jan 12
2314
512 Apr
834 Jan
678 Jan 12
6 Jan 28
No par
*614 612 2,000 Loft Incorporated
50 Mar 84 Nov
6,300 Loose-Wiles Biscuit
*80
82
100 7714 Jan 27 86 Feb 10
3338 Dec 4014 July
8
34% 3538 5.600 Lorillard new
25 3014 Jan 24 377 Jan 13
Do prat
*109 111
100
100 109 Jan 6 112 .Jan 12 112 Nov 117 Feb
4
No par 1634 Jan 7 233 Feb 3
2134 2214 32,400 Louisiana Oil
Dec
3518 3638 4,200 Ludlum Steel
No par 32 Jan 5 4012 Jan 19 -ii- Oct
Mackay Companies
*116 120
100 115 Jan 15 11712 Jan 24 107 Jan 119 Aug
7534 Apr 11878 Dec
144 147 98,400 Mack Trucks, Inc
No par 117 Jan 16 14834 Feb 10
Do 1st pref
*10512 106
400
100 104 Jan 27 106% Jan 5 954 Jan 10714 Dec
87 Apr 10114 Dec
Do 2d prat
300
*101 102
100 99 Jan 2 102 Feb 11
93 Oct 115 Deo
Do 2d paid
700
*140 144
116 Jan 5 137 Feb 9
764 7614 1,400 Macy(R H)& Co,Inc_No par 6912 Jan 3 8412 Jan 10
59 May 714 Dec
264 June 4558 Dec
/
4
4,100 Magma Copper
404 403
No par 3914 Feb 4 441 Jan 2
18 Mar 4112 Dec
294 3114 5,800 Mallinson (H R) dr Co-No par 27 Feb 2 3712 Jan 23
7834 July 93 Dee
Do pref
100
*82
8514
100 82 Feb 9 86 Jan 16
45 July 69% Mar
600 Manati Sugar
*49
51
No par 50 Jan 5 53 Feb 10
78 Oct 87 Mar
Do Drat
300
*80 82
100 7974 Jan 31 82 Feb 9
3314 Mar 49ks July
900 Manhattan Elee SupplyNo par 4214 Feb 11 54 Jan 3
43
43
2612 Dec 44 Jan
2534 263
25 2518 Jan 20 3034 Jan 3
8 1,000 Manhattan Shirt
28% Dec 314 Dec
800 Manila Electric Corp__No par 29 Jan 28 30 Jan 3
29% 2912
8
245 Oct 374 Jan
31
31% 7,500 Maracaibo 011 Expl-_No par 275 Jan 8 354 Jan 31
8
29 May 42 , Feb
No par 3814 Jan 2 46% Jan 31
44
4434 52,200 Marland Oil
8 Jan 1734 Mar
1,200 Marlin-Rockwell
*1034 111
No par 1034 Jan 14 1214 Jan 22
3118 Nov 3758 Jan
3,000 Martin-Parry Corp.._.No par 32 Jan 23 3718 Jan 7
341
34
29% May 58% Dec
69
70 25,500 Mathieson Alkali Works_ _ _ 50 51 Jan 6 7334 Feb 11
38 Apr 8418 Dec
4
813 8234 37,700 Maxwell Motor Class A__100 7458 Jan 27 833 Feb 11
4
1018 Apr 39% Dec
41
43 110,100 Maxwell Motor Class B No par 3314 Jan 27 44% Feb 11
8212 Apr 115 Dec
9,700 May DepartmentStores__100 10312 Jan 27 1113 Jan 2
4
10711 1083
86 Oct 10634 July
000 McCrory Stores Class B No par 85 Feb 10 9412 Jan 13
*8512 87
8
145 Dec 1814 Jan
1,000 McIntyre Porcupine Mines_ _ _
167 17
8
16 Jan 2 17 Jan 2
904 Apr 101 Dec
Metro Edison Power_ No par 98 Jan 7 99% Jan 30
*100 101
1,200 Metro-Goldwyn Pictures 05
15 Sept 19 Dec
2012 21
.27 18 Jan 3 224 Feb 5
9,500 Mexican Seaboard 011 No par 15 Jan 20 2212 Jan 6
1418 Jan 25% Sept
164 161
2218 22% 8,800 Miami Copper
20 May 25 Aug
5 22 Feb 3 24% Jan 13
14 1% 9,800 Middle States 011 Corp_
678 Jan
1 Aug
158 Jan 13
. 10
118 Jan 2
98 Nov
9112 Jun
100% 1003 • 500 Midland Steel Prod pref. 100 96 Jan 2 104 Jan 14
Midvale Steel
*284 30
234 Oct 3414 Feb
50 29 Feb 2 3018 Jan 10
3
300 Montana Power
74 4 Dec
6114 Jun
*6812 691
100 67% Feb 11 72 Jan 3
s
2134 May 4812 Dec
503 5132 31.300 Montg Ward & Co Ill corp__10 464 Jan 2 55% Jan 13
6,100 Moon Motors
174 Oct 274 Feb
No par 23 Jan 30 254 Jan 13
2414 241
914 Feb
6 May
918 Jan 2
81s 81 10.400 Mother Lode Coalition_No par
818 Jan 30
2,600 Mullins Body Corp_...No par 14% Feb 2 1778 Feb 10
9 Mar 1814 Deo
171
17
500 Munsingwear Co
2918 July 3914 Jan
No par 3278 Feb 9 34 Jan 23
3314 331
9612 Apr 204 Dee
1,700 Nash Motors Co
No par 19312 Jan 5 290 Jan 19
250 263
5
Do pref
100 10334 Jan 21 1054 Jan 16
•10412 105
9814 JillY 104 8 NO
46
71
3% Oct 1018 Jan
614 Feb 10
700 National Acme
7% Jan 13
50
3014 Mar 7714 Sept
8,300 National Biscuit
25 684 Jan 28 75 Jan 2
6834 691
/
1
Do pref
100
100 125 Feb 2 12614 Feb 10 12012 Jan 1264 Dec
*123
_
7078 Dec
44 Jun
300 National Cloak & Suit_..100 66 Jan 20 78 Jan 26
71
*70
Do pre(
300
9112 Ma 100% Dec
100 99 Jan 13 104 Jan 29
103 103
1,200 Nat Dairy Prod tern ctfsNo par 42 Jan 2 48% Jan 26
46% 467
3018 Apr 444 Dee
9,900 Nat Department Stores No par 384 Jan 2 424 Feb 11
4058 421
3614 Oct 43 Jan
Do prof
100 100 Jan 16 102 Jan 2
300
9238 Jun 101 Dee
100 100
5,100 Nat Distil Prod pref,. _.No par 5212 Jan 8 6712 Feb 10
3012 Aug 54 Dee
674 671
4474 Jan
..100 33 Jan 2 3678 Jan 21
4,400 Nat Enam & Stamping,
3338 341
184 Sep
Do pref
100
100 8118 Jan 7 8934 Jan 12 67 Sept 89 Jan
•87 90
100 156 Jan 29 1667s Jan 9 12312 Apr 16914 Aug
162 1633 11,400 National Lead
Do pref
100
100 116 Jan 5 11712 Feb 13 11112 May 118 Sept
1174 1171
2.600 National Supply
661
50 6134 Jan 2 71 Jan 29
65
544 Oct 7212 Feb
3,800 Nevada Consol Copper.,._ 5 1414 Jan 21 163s Jan 7
1534 157
1178 Jan 1634 Dec
4,600 NY Air Brake tern ctfs_No par 50 Jan 28 564 Jan 3
3618 Apr 57 Dec
50% 53
Do Class A
200
No par 544 Jan 31 67 Jan 7
554 551
4714 Jan 57 Dec
400 New York Canners_ _ No pa
37 Dee
*3318 331
33 Jan 20 3518 Jan 8
32 Jun
274 28% 1,200 New York Dock
19 Jan 374 May
100 2534 Jan 28 30% Jan 5
Do prof
700
5714 5814
414 Feb 5514 May
100 5218 Jan 14 5814 Feb 13
300 Niagara Falls Power
*55
47 May
5712
42 Sep
100 4518 Jan 5 574 Feb 11
42918 2912
,
Do pref
29 Sept
500
27 Jun
25 28 Jan 5 29 Jan 2
4734 48% 112,600 North American Co
22 Jan 45 Dec
4878 Feb 11
10 414 Jan
Do pref
47% 47% 3,300
43% Jan 5014 July
50 4658 Jan
48 Feb 10
100 Nunnally Co (The)__ __No pa
912 Dee
7 Apr
*9
10
8 Jan 1
1018 Jan 30
*312
838 Oot
200 Ontario Silver Mining
4% Ma
54 Jan 2
100
6 Jan 16
300 Onyx Hosiery
20
20 •
18 May 30 Jan
214 Jan 7
18% Jan
No pa
274 2712 4,100 Orpheum Circuit, Inc
18 Feb 29 Dec
27% Jan 2
1 2534 Jan 1
92 Dec
6858 Jun
600 Otis Elevator (k)
893 893
4
4
924 Jan 10
50 8912 Jan
1012 103
614 Nov 1178 Jan
4 9,500 Otis Steel
1178 Jan 31
No par
94 Jan
Do pref
44 Oct 7434 Mar
500
624 0212
633 Feb 2
4
100 6012 Jan 1
394 may 474 Jan
464 463
/
1
4 4,000 Owens Bottle
8
507 Jan 3
25 4512 Jan 2
9018 Jan 105 Dec
10512 10712 3,400 Pacific Gas & Electric
10812 Feb 11
100 10212 Jan
7 Apr 1034 Jan
800 Pacific Mail Steamship-- _ 5
*1014 1012
/
4
9 Jan
101 Feb 5
6314 6412 57,200 Pacific Oil
45 Apr 5814 Feb
634 „Ian 31
6218 Feb 1
9% May 1612 Dec
1578 1618 25,700 Packard Motor Car
164 Jan 3
10 15 Jan 1
89% Apr 10214 Dec
500
Do prof
107 107
107 Feb 13
100 10214 Jan
4414 Feb 65 Dec
7414 75 2 21,900 Pan-Amer Petr Jr Trans
,
75% Feb 5
50 64 Jan
Do Class B
74% 7534 133,100
4114 Feb 64% Dec
78 Feb 5
50 63% Jan
412 43
200 Panhandle Prod & Ref_No par
5
44 Jan
3% Jan 26
112 Sept
3 Jan
34 July
•13
4 1% 1,400 Parish & Bing stamped_No par
13 Dec
4
14 Feb 11
112 Jan 1
3112 3112 3,000 Park & Tilford
24 SePt 35% Dec
No par 31 Feb 11 3512 Jan 10
1,200 Penn Coal & Coke
20
20
1814 Nov 304 Jan
50 19 Feb 2 26% Jan 2
212 234 61,500 Penn-Seaboard St'l vie No par
414 Jan
118 Oct
134 Jan 6
3 Jan 9
11712 119% 10.600 People's0 L &0(Chic)_100 112 Jan 16 121 Feb 11
9234 Apr 11912 Dec
544 551
5,500 Philadelphia Co (PIttsb) 50 53 Feb 2 574 Jan 7
42% May 574 Dec
*4614 47
284
Do pref
424 Jan 47 Jan
47 Jan 13
50 4512 Jan
4838 491 14,900 Phila & Read C &1w I_No par 48 Jan 2
3412 Mar 5414 Dec
524 Jan 9
4838 48%
100
Do pref
35 Mar 52% July
No par 4838 Feb 13 5012 Jan 23
70
71
300 Phillips
-Jones Corp.. No pa
44 May 88 July
70 Feb 13 9018 Jan 12
*1478 151
5,300 Phillip Morris & Co, Ltd.-100 1314 Feb 3 1614 Jan 5
11 July 2334 Jan
44
4514 64,800 Phillips Petroleum
284 Oct 424 Apr
No par 365 Jan
463 Feb 2
8
8
13
1378 7,200 Pierce-Arrow Mot Car_No par 1218 Feb
6% May 16 Dec
15 Jan 13
Do pref
50% 513 19,400
4
1818 May 54 Dec
100 454 Feb 5 51% Feb 13
89 89
300
Do prior prof
5912 June 95 Dec
90 Jan 12
No par 87 Jan
234 3 12,300 Pierce Oil Corporation
413 Jan
112 Apr
34 Feb 5
134 Jan
25
*35% 36
1,300
Do prof
36 Jan
20 Ma
37% Feb 4
100 2512 Jan
534 Dee
438 Oct
712 73 36,800 Pierce Petroleum
4
81 Feb 5
/
4
534 Jan
No par
51% 51,
700 Pittsburgh Coal of Pa
477a Dee 63% Mar
4
100 4878 Jan 5 544 Jan 13
*98
99
200
Do prat
94% Aug 100 Apr
100 971s Jan 28 99 Jan 5
/10012 1007
400 Pittsburgh Steel pref
95 Jan 103 Aug
8
100 10012 Feb 10 10212 Jan 8
56
1,900 Pitta Term Coal recta
58
5878 Dec 63% Dec
100 56 Feb 13 6314 Jan 17
*8612 8712
Do pref receipts
83 Dec 87% Dec
88 Jan 6
7
100 85 s Jan
*14
14 2 1,000 Pittsburgh Utilities pret-100 13% Feb
,
9% Jan 1678 Dec
1512 Jan 2
*1312 14
114 Feb 1612 Dec
400
Do pre certificates.-- 10 14 Jan 24 15 Jan 15
97
9712 2,000 Postum Cereal Co Ino_No Pa
9412 Jan 28 103% Jan 2 484 Apr 10312 Dec
*11512 117
Do 8% pref
10 1154 Feb 3 117 Jan 13 110 Feb 117 Oct
14x-dividend.
a Ex-new rumor.
a No Par.
a Ea-rights.
New York Stock Record-Continued-Page 5
808
For sales during the week of stocks usually inactive, see fifth page preceding.
-PER SIIARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 7
Monday,
Feb. 9
Tuesday,
Feb. 10
Wednesday. Thursday,
Feb. 12
Feb. 11
$ per share $ per share $ per share $ per share $ per share
4
68
4
65
8 6,33 6412 623 6418
6414 647
87
•87
8712 8712 I•85
8912 .8712 90
8
3018 297 31
3014 31
4 30
304 303
7158 7012 71,
2
7134 72
71
7114 72
.99 102 *100 102 *100 102 *100 102
.112 1124 •112 114 *112 114 *112 113
141 142
8
142 1445 142 143
14212 143
4418
44
4414 4512 4414 45
435* 45
8
8
32
323
3212 23112 314 313 323
4 32
.112 11252 10614 10614 *10512 10612 *105 106
8
3
4
633 65 4 625 644
6214 66
6218 63
521s
4
5218 513 5212 52
4 52
4
523 523
13112 134
134 134 *13314 135
13314 134
8
8
8 345 345 .3412 35
8
8 343 343
43
3 4 347
1612
8 16
1634 174 1612 167
4
163 17
4912 493
4
4938 504 4914 5012 •4914 50
4
*983 100
100 100
100 100
4
.983 100
*109 11414 .109 11414 .108 11414 *108 11112
2 1912 204
203
20 20
8 20
20 203
5612 5714
4 58
3
58 4 583
5812 5712 58
93
93
•9312 94
94
94
•93
94
8
8 155 16
16
8 1512 163
8 15 4 163
163
3
8
8 753 7714
8
4
763 784 767 774 7712 783
•12018 12012 12012 12012 *12018 123 *12018 121
4
4 933 9314
9234 •92
4
•92
4 923 923
923
8 554 5.53
4
5514 557
4 553 5618 5518 5614
43
4312 43
4312 44
43
8
437 44
3
89 4 8912 9512
4 8512 854 86
844 843
116 1167 115 1164 114 115
11412 116
8
113 114
11212 114 .113 11412 .113 1141 2
8
160 161
180 16112 15914 16012 160 1647
8
3
8
3
12
8
3
12
8
3
12
8
3
4 7
*63
4 7
.63
7
7
714
7
4
4
.4312 45
4
*4314 443 *4314 433 .423 43
8
8
2738 277
8 2618 2714 265 2714 2612 273
8
.100 10112 .100 10112 10014 10112 *1004 1017
8
8
8 225 233
2212 227
8
225 23
224 23
8
4 373 3712 3714 3712
374 373
4
373 38
8
4
8 213 233
8 2134 227
8
2212 2234 225 225
91 14
9112 91
9112 91
9112
•9112 92
8 29
293
4
293
8 2918 294 29
2914 297
9412 9512 9218 9312
9512 9412 95
95
67
67
7
6712 68 8 6612 68
67
67
1718 1712
8 1712 18
1614 1612 1618 163
96
94 .94
94
94
94
96
•92
4312
8 43
4318 4278 433
43
4278 4314
.6612 70
67
6812 67
6812 .67
•67
86
•80
83
83
84
84 .83
•83
,
3
644 65 8 64 4 657
8
s 6412 66
6514 663
4
,
4
8 4434 4512 443 4514 443 45 2
4514 457
1184 11818 11818 11818 .118 11814 118 11812
10
1112
1112 13
4 1312 14
8
133 133
8
8 637 634
8
637 637
64
4 64
*6312 633
735s 764
4 7312 75
7212 733
7212 74
724 721 2
72
4 72
7112 713
72
•69
3
454 454 4514 45 4 24414 4434 4414 461s
Stock
•112 114 .112 114 x114 114 *11014 115
912 94
5
914 9 8
912 94
4
3
9 4 93
4 554 Exchange
53
4 64
53
3
5 4 64
8
3
5 4 57
3334 33
33
33
*33
32
32
32
4
3
9 4 93 Closed3
,
4
*93 10 4 *9 4 1018
4
93 10
8
8 143 14 2
4
144 143 147
,
4
143
144 15
918 Lincoln's
9 18 *9
9
93*
914
914 914
8 4712 484
473
4 47
8
8 473 473
4718 475
4
4
4
8
10312 1047 1044 1043 10418 10514 1033 1043 Birthday
8
225
21
4 2118 22
213
2212 20
21
145 145
14418 1444 145 146
.143 147
424 4212 4214 4334 4318 44
414 42
7714 7612 7738 753 7718 743 757
76
8
4
4
8
9512 963
3
972* 95 4 97
9714 9714 97
8 518
47
518
5
5
47e
54
5
30
30 .28
30
*28
30 .28
•28
4
4 3914 3912 394 393
4 301s 393
393
*39
8
3912 4318 423 4318
39
39
40
•39
.26 .34
.34 .34
.34 .36
.33 .35
8
427
8 41
8 4112 417
4134 4212 4114 417
12112 12112
121 121 *12112 125 *11912 125
.11.512 116 *115 116 .11312 116 *113 116
30
4 30
8 3012 3112 3012 303
8
305 313
11714 11912 11612 1173 1163 11714
4
4
117 118
8
8
5212 523 523
5212 *52
•52
52
52
215 216
215 217 .21612 21912 215 216
8 464 .507
4512 4412 487
S
4312 4412 44
4 9014 94
8 8814 933
4
8 863 893
877
87
220 23912 220 250
1955s 214
190 196
112 112
III 111
110 110 *11012 112
3514 353
4 35 4 353
,
4
4
353 36
3
.35 4 36
•140 160 .140 160 *140 160 .140 160
2418 2414 244 2418 2418
244 24
244
8
8 8212 827
8212 8312 824 8314 8214 833
•106 107 .10512 107 510512 107 *10512 107
4
128 1313 127 13012
4
124 1253 12518 131
4
4
•125 12612 12912 13012 1203 1293 12734 12754
8
3
5
7
4358 444 4312 43 8 425 43 8 4252 433
9718
8 974 974 97
973
97 9714 97
3418 344 3412 35
3514 36
36
35
46
,
464 46 2
46
46
3
8
*455 45 4 46
12612 1274 126 127
4
8
1265 12714 1263 128
8
8
8
8
8
1237 12334 1237 1233 1233 12312 1237
4
1233
4
9112 91 12 9112 9112 913
90 9012 91
4612 4814
4
4914 483 4912 4818 49
49
2914 3014 2912 30
2912 30
2912 30
.1652 21
8
*165 21
.1652 21
.1514 21
*5614 5714 .5612 674 .5612 674 .5612 674
8 3
27
3
3
278 3
278 3
1212
1212 1212 12
1234 123
4 1212 13
138
8 •114
13
138 •114
•114
•114 2
114
1112 1118 1112 11
1012 114 11
8
8
4 173 173
173
17
18
1818 1818 18
- --- - ------1812 1918 _
4
3
s
-34 1123
•1212 123 ' 8 12 4 '123 124 *1212 123
•1164 11612 .116 1164 11612 11612 11618 11618
8
12012 1207 11912 1211s
12012 121
•120 121
105 10512 10512 105,2
10512 106
106 106
4
4 703 7212
723
7212 7314 72
4
723 73
85
85
85
•82
85
85 .82
082
4
1193 120 .115 119 .115 119 .111 116
97
9612 97
8 9612
9612 9612 9612 967
8
297 304
3012 2912 30
3012 30
30
,
671s 68 4
6714 68
8
675 6818 6712 68
611
8
5
4
3
4
4
4
3
34
*4
-103*
8
755
*714
2112
11618
8
667
*8512
.7212
1812
8
517
38
75
-i(iTs 163;
17
101- - 2 -1014 - - 12 -Ie Ts 16 2
16
765s 7518 774 764 765*
8 76
765
8 8
77
712 712
8
714 75
74
23
2212 22
2112 2212 2212 .21
11618 11712
1163 1163 11712 116 117
4
4
6758 734 735* 7634
684 667 6834
s
87
8612 8612 8612 8612 8612 87
7634
4
7312 *723 7312 7312 7312 74
1914
19
8 1814 19
187
1812 19
5038
8 50
8 504 5214 5012 507
527
374 3834
3812 373 38
*3712 39
4
758 753
4 7518 755*
75.4
7512 753
8
Friday,
Feb. 13
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share Shares. Indus. & Miscell.(Con.) Par $ per share $ per share $ per share II per share
Jan
39 Aug 62
100 6112 Jan 2 69 Jan 23
6218 6218 2,500 Pressed Steel Car
67 Aug 90 Feb
100 87 Jan 16 9212 Jan 3
Do pref
100
87
.85
224 Apr 4312 Jan
4
3018 3012 4,600 Producers & Refiners Corp_ 50 273 Jan 6 324 Feb 3
39 Mar 70 Dec
6,100 PubServCorp of NJ newNo par 6712 Jan 14 72 Jan 23
7012 71
9612 Mar 1014 Dee
100 99 Jan 7 102 Jan 27
Do 7% pref
.100 102
9914 Apr 115 Dee
100 110 Jan 5 1124 Jan 28
Do 8% pref
100
112 112
8
4
100 140 Feb 2 1513 Jan 3 11312 Apr 1513 Dee
9,700 Pullman Company
142 142
374 Dec 675 Mar
8
60 3912 Jan 2 4714 Jan 7
4378 44
10,200 Punta Alegre Sugar
20 June 3014 Dee
25 2914 Jan 6 333 Feb 4
Pure 011 (The)
4
8
325 26,300
32
Jan 10514 Dee
92
100 10212 Jan 5 10614 Feb 2
Do 8% pref
200
106 106
8
8
257 Oct 687 Dee
8
8
6212 645 68,800 Radio Corp of Amer___No par 5912 Feb 5 777 Jan 2
8
457 Oct 50 Dec
4
50 493 Jan 5 54 Feb 4
Do pref
5214 5214 2,100
Jan 13712 Dee
4
100 13112 Feb 11 1413 Jan 5 106
.131 1323
4 1,200 Railway Steel Spring
Jan 3312 Nov
30
4
8
No par 337 Jan 7 353 Jan 22
600 Rand Mines, Ltd
•354 36
1712 Dee
9 Mar
8
4
153 1614 54,300 Ray Consolidated Copper_ 10 1438 Jan 30 173 Feb 9
3214 Jan 5412 Dec
4914 497
8 3,400 Remington Typewriter,....100 4634 Jan 27 5312 Jan 3
4
9014 July 993 Dec
100 100 Jan 2 100 Jan 2
Do 1st pref
200
4
*983 100
9012May 110 Dec
100 109 Jan 21 112 Feb 2
Do 2d pref
.108 11414
714 June 2314 Nov
No par 19 Feb 2 234 Jan 13
4 5,200 Replogle Steel
1914 193
42 June 633 Dec
8
8
100 5612 Feb 11 643 Jan 3
5612 567
8 7,900 Republic Iron & Steel
82 June 95 Mar
100 93 Jan 27 95 Jan 13
Do prat
200
.9212 93
94 May 2234 Jan
No par 1512 Feb 10 18 Jan 5
5,900 Reynolds Spring
1512 16
8
615 Mar 793 Dec
8
8
76
8
767 14,700 Reynolds(R J) Tob Class B 25 727 Jan 29 784 Feb 10
8
100 1197 Jan 8 12012 Jan 27 11514 Mar 121 June
Do 7% pref
100
*12018 121
86 Mar 96 Sept
25 92 Jan 19 944 Feb 13
300 Rossla Insurance Co
9418 9418
8
403 Sept 5912 Feb
5738 Jan 31
4
563 29,300 Royal Dutch Co(NY shares)- 5113 Jan 21
56
8
Jan 457 Dec
22
10 4212 Feb 13 4618 Jan 21
4212 43
1,900 St Joseph Lead
8
8
325 Jan 887 Des
Savage Arms Corporation_100 83 Jan 14 9512 Feb 11
9512 49,900
93
4
963 14pr 12914 Aug
8
115 11514 17,100 Schulte Retail Stores__No par 11214 Jan 5 1167 Feb 9
4
100 110 Jan 6 114 Feb 7 105 May 1123 Dee
Do pref
•113 11412
600
4
783 May 155 Dec
8
100 148 Jan 6 1727 Jan 13
16112 1633 17,100 Sears, Roebuck & Co
4
614 Jan
12May
8
15 Jan 5
14 Jan 31
No par
12 7,700 Seneca Copper
2
3
4 Apr
8 July
8
77 Jan 3
614 Jan 31
7
7
700 Shattuck Arizona Copper__ 10
33 Jan 42 Deo
Shell Transport & Trading_ £2 41 Jan 16 4514 Jan 30
*4234 43
4
153 July 2212 Dec
No par 2212 Jan 6 284 Feb 4
2634 2738 65,500 Shell Union 011
9112 Jan 9912 Dec
100 9912 Jan 2 10112 Jan 24
Do pref
300
101 101
8
103 Jan 24 Dee
4
8
10 207 Jan 27 263 Jan 12
22
8
233 24,900 Simms Petroleum
22 Apr 37 Dec
8
No par 325 Jan 16 3812 Feb 6
374 2,200 Simmons Co
37
15 July 274 Jan
Corp_No par 17 Jan 6 2 14 Feb 2
2318 233 88.100 Sinclair Cons 011
4
75 Oct 90 Jan
4
100 783 Jan 2 9418 Feb 3
Do pref
1,300
9012 91
1718 July 29 Feb
25 2418 Jan 6 3012 Feb 3
2912 30
37,200 Skelly 011 Co
52 May 844 Dec
4,200 Sloss-Sheffield Steel & Iron 100 82 Jan 5 97 Feb 5
9012 92
58 Oct 957 Mar
8
67
.65
1,000 South Porto Rico Sugar_ _100 62 Jan 6 69 Jan 23
732 June 20 Dec
Aro par 1618 Feb 9 1978 Jan 7
•1714 173
4 2,300 Spicer Mfg Co
78 July 9814 Deo
100 94 Jan 21 96 Jan 5
Do pref
200
96
.9.4
3112 May 415 Dec
8
4318 6,100 Standard Gas & El Co_No par 4014 Jan 2 46 Jan 10
43
3912 May 7334 Dec
100 67 Feb 10 7112 Jan 5
67
400 Standard Milling
67
70 July 85 Mar
100 81 Jan 20 83 Feb 10
Do pref
.80
100
86
5512 Apr 6812 Jan
6512 6518 32,000 Standard 011 of California_ 25 614 Jan 20 6714 Feb 2
33 May 4214 Jan
454 46
75,300 Standard 01101 New Jersey 25 4014 Jan 2 4712 Feb 3
4
11812 1184 1,500
Do pref non-voting___..100 11614 Jan 31 11812 Feb 11 1153 Mar 1194 Aug
1318 Oct 3514 June
16 Jan 16
1018 11
5,600 Stand Plate Glass Co_ _No par 10 Feb 11
5512 Apr 6512 Nov
No Par 6212 Jan 17 65 Jan 23
700 Sterling Products
8
6312 637
4812 July 1007 Jan
8
7312 754 32,100 Stewart-Warn Sp Corp_No par 7018 Jan 2 774 Jan 3
8
5412 May 847 Jan
4
7218 724 1,000 Stromberg Carburetor_No par 6514 Jan 12 793 Jan 3
3012 May 4614 Dec
4
4514 46 109,700 StudebrCorp(The)n WI No par 4114 Jan 24 463 Jan 2
8
Jan
100 114 Jan 29 11414 Jan 19 1097 Nov 115
Do prof
*11014 115
100
6 Nov
123 Dee
8
914 Feb 10 11 Jan 13
No par
8 912 3.600 Submarine Boat
93
8
23 Jan
818 Aug
64 Feb 9
478 Jan 17
No par
534 54 20,200 Superior Oil
23 July 35 Dec
No par 32 Feb 3 414 Jan 10
33
800 Superior Steel
33
4
13 Sept3 Jan
4
9 Jan 23 113 Jan 7
50
300 Sweets Co of America
"954 1014
614 June 143 Dec
4
8 2,800 Telautograph Corp.__ _No par 114 Jan 15 15 Feb 7
1412 145
4
93 Jan
4
63 Mar
914 Jan 31
8
83 Jan 28
No par
918 918 2,200 Tenn Copp & C
4
8
373 June 453 Jan
4
48
484 39,600 Texas Company (The)____ 25 423 Jan 5 49 Feb 2
5714 Apr 110 Dee
10 10112 Jan 5 10914 Jan 23
10314 104 ,, 10,900 Texas Gulf Sulphur
Oct1514 Feb
8
8
10 1112 Jan 5 233 Feb 6
2114 2212 71,200 Texas Pacific Coal & 011
100 130 Jan 2 149 Feb 2 1164 Oct151 Feb
147 14812 2,100 Tidewater 011
3112 May 41
Jan
4334 4412 73,500 Timken Roller Bearing.No par 3818 Jan 30 4412 Feb 13
52 Apr 7338 Dot
100 70 Jan 2 7718 Feb 6
7514 754 11.100 Tobacco Products Corp
8314 Mar 9312 Oct
8
100 9318 Jan 2 983 Jan 13
Do Class A
3,900
9512 96
4
33 Apr
512 Jan 12
614 Jan
34 Jan 2
30,900 Transcontinental OIL...No par
4 5
43
8
283 Oct3518 Jan
Transue & Williams St'l No par 2714 Feb 4 35 Jan 10
30
•28
3618 Sept43 Jan
25 39 Feb 2 42 Jan 15
3912 3912 2,200 Underwood Typewriter
3312 Sept644 Feb
2,467 Union Bag & Paper Corp_ _100 38 Feb 2 4512 Jan 2
4212 43
4 Feb
.37 Feb 6
.21 Jan 3
8
3 Apr
No par
.30 .30 5,800 Union 011
8
35 Nov39 Nov
25 3714 Jan 16 433 Feb 5
42
4
423 38,900 Union 011, California
Jan 1327 Sept
94
8
8
100 11812 Jan 17 1273 Jan 28
200 Union Tank Car
•12012 124
4
100 111 Jan 6 11618 Jan 13 10614 Feb1163 July
Do pref
*113 114
8
20
Oct37 Feb
No par 2814 Feb 13 347 Jan 17
United Alloy Steel
2,900
2814 29
4
8
71 May 1215 Dog
8
100 1107 Feb 4 1203 Jan 6
8
x1157 11614 4,500 United Drug
4612 May 53 Dec
50 52 Jan 16 5412 Jan 12
Do 1st prof
700
8
8
523 523
Jan 22412 Aug
100 207 Jan 12 231 Jan 3 182
1,300 United Fruit
21618 217
13 July 48 Dec
8
4812 168,000 Universal Pipe & Rad_ _No par 3712 Jan 27 507 Feb 11
46
4712 Oct79 Dec
100 7314 Jan 16 94 Feb 11
Do pref
4
904 913 32,300
64 Feb1695 Dec
8
67,300 US Cast Iron Pipe & Fdy_ _100 160 Jan 5 250 Feb 11
205 228
8
817 Jan 10414 Oct
100 10312 Jan 9 112 Feb 11
Do prof
500
*11012 112
4
2112 May 42 Dee
No par 3414 Jan 28 393 Jan 17
Distrib Corp
3512 2,600 US
35
98 July 168 Dec
100 14812 Jan 16 154 Jan 8
Do pref
•140 160
185 Mar 244 Oct
8
1,500 US FloWn Mach Corp_No par 23 Jan 3 2512 Jan 9
2412 25
6118 May 8714 Dec
100 79 Jan 27 88 Jan 2
827 8412 19,300 US Industrial Alcohol
8
100 105 Jan 29 106 Jan 27
98
Jan 10654 Dot
Do pref
*10512 107
100 120 Jan 14 1314 Feb 10
90 June 14312 Dee
12612 1283 28,900 US Realty & Improv't
4
12214 Jan 2 13012 Feb 9 100 June 143 Dee
Do prof
400
•126 129
100 4012 Jan 28 4458 Feb 5
2212 May 427 Jan
8
8
425 4314 13,700 United States Rubber
100 9414 Jan 16 9778 Jan 13
6612 May 957 Dec
8
Do 1st prof
4
963 9718 2,900
50 3418 Feb 10 39 Jan 7
1812 Mar 4112 Dee
3412 3434 4,600 US Smelting, Ref & Min
50 454 Feb 2 4612 Jan 5
3712 Mar 4678 Doc
Do pref
4612 4612 1,100
Dec
9414 Juno 121
12512 12618 94,100 United States Steel Corp_ _100 1194 Jan 2 1294 Jan 23
8
100 1225 Jan 2 12658 Jan 26 1183 Feb 123 July
3
123 12318 3,000
Do pref
10 86 Jan 8 92 Jan 15
64
Jan 8854 De<
1,400 Utah Copper
4
903 91
100 42 Jan 5 53 Jan 22
8
4
453 4612 11,500 Utah Securities
165 Jan 46 Dee
No par 274 Jan 28 313 Jan 3
4
1918 June 3312 Feb
2812 2914 6,700 Vanadium Corn
100 20 Jan 28 2112 Jan 3
8
4
153 Oct 3318 Jar
•165 21
Van Italte
Jac
100 6412 Jan 27 6518 Jan 5
Do 1st prof
53 Sept 80
.5612 57 4
,
214 Jan 2
312 Jan 27
234 27
8 2,000 Virginia-Carolina Chem_ _..100
34 June 104 Jan
100
812 Jan 5 14, Feb 5
212 Juno 3434 Jar
12
Do prof
4
1214 3,500
15,
•114
Jac
No par
1 Jan 17
38 June
Do "B”
8
17 Jan 27
7
No par
1518 Jar
714 Jan 13 115 Jan 29
8
8
103 107 13,800 Vivadou (V)
8
4
43 July
No par
17 Feb 10 197 Jan 3
1714 1738 3,100 Waldorf System
8
Apr 20 Nov
14
No par 1712 Jan 15 193 Jan 31
1412 Nov
8
,
1,600 Weber & Hellbroner
19 2 Mal
_
1
1212 Jan 5 13 Jan 31
;iii8 12-34
Wells Fargo
5 Oct 1212 Nov
11334 Jan 9 11612 Feb 10 1115 Apr 117 July
100
•116 11612
8
200 Western Elea 7% Prof
4
8
11914 12018 3,600 Western Union Telegraph100 11614 Jan 2 1245 Jan 13 105 May 1183 Dee
50 1047 Feb 2 1137 Jan 7
Jan 111 De(
8
84
10512 106
8
1,300 Westinghouse Air Brake
5518 May 75 May
8
8
705 7314 25,100 Westinghouse Elea & Mfg_ 50 705 Feb 13 84 Jan 3
Jan 82 Dot
100 83 Jan 26 86 Jan 5
72
•82
Do 1st prof
85
200
No par 110 Jan 14 120 Feb 7
4712 Jan 127 Dee
117 118
1,000 West Penn Co
100 947 Jan 6 97 Feb 1
8
Do 7% prat
8712 Apr 97 Del
700
39812 9614
8
234 May 293 Yet
No par 28 Jan 2 314 Feb 2
3012 304 7,900 White Eagle 011
5012 Apr 7212 Do
(
50 66 Feb 13 76 Jan 13
6714 12,900 White Motor
66
Jan
4
8 Oct
5
12 Jan 29
5
14 Jan 10
34 2,600 Wickwire Spencer Steel
34
21 Dec 24 Do(
Do prof
100 2012 Feb 2 32 Jan 19
8
67 May 144 Jar
25
21,800 Willys-Overland (The)
918 Jan 26 107 Jan 5
8
Jan
6112 May 88
Do prof
100 7214 Jan 28 80 Jan 5
7618 764 19,400
Jar
418 May 28
634 Jan .5
No par
834 Jan 9
2,600 Wilson & Co, Inc
74 8
,
Aug 72 s Jar
11
22
Do pref
100 19 Jan 5 2512 Jan 9
23
1.000
4
7212 Apr 1263 De(
8
8 8,200 Woolworth Co(F W)n WI. 25 11214 Jan 28 1257 Jan 7
11618 1167
De(
2314 June 81
8
737 76
100 6214 Jan 29 793 Jan 2
4
79,000 Worthington P & 51
68 July 8912 De(
Do prof A
.8512 87
100 85 Jan 30 88 Jan 9
300
4
Jan 753 De,
prof B
5812
Do
8 1,400
8
747 747
100 704 Jan 29 764 Feb 11
8
8
95 May 233 Del
1,300 Wright Aeronautical___No par 1612 Jan 21 2338 Jan 2
21814 1814
4
35 Apr 463 De(
4
493 50
No par 4578 Jan 2 5278 Feb 7
7,200 Wrigley (Wm Jr)
32 Nov 855s Mal
4
8 1,900 Yellow Cab Mfg tern ctfs__ 10 373 Feb 9 42 Jan 3
4
373 377
4
753 7612 6,800 Youngstown Sheet & T No par 70 Jan 2 7612 Feb 13
593 Oct 72 Del
ioi4 in
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
809
Jon. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-except for income and defaulted bonds.
.
'-'
BONDS
t
N. Y. STOCK EXCHANGE .a t
Week Ending Feb. 13.
,
-.3.
Price
Friday
Feb. 13.
Week's
Range or
Last Sale
.3
,5,
A:i,
High No.
Bid
Ask Low
U. S. Government.
First Liberty LoanJ D 101.0,, Sale 1011..101..52 1139
314% of 1932-1947
J D 101",, 102 101....Jan'25 _
Cony 4% of 1932-47
124
1 D 101",, Sale 101"5.102
Cony 43.(% 011932-47
1
101
J D 101 101",, 101
2d cony 43.(% of 1932-47
Second Liberty LoanMN 1002.3.101.,, 100..100". 17
45 of 1927-1942
SIN 101.,, Sale 1011,, 101.., 1166
Cony 411% of 1927-1942
Third Liberty LoanM 5 101",, Sale 10111
.101". 1016
43.4% of 1923
Fourth Liberty LoanA 0 101..,, Sale 101..5.102
1836
43.4% of 1933-1938
1947-1952 A 0 104",, Sale 104...105%1 457
Treasury 4344
1944-1954 J D 100..., Sale 100...101
Treasury 4s
527
d1930 Q J --------1028 Mar'24 ____
2s consol coupon
1961 Q M
Panama Canal 38 gold
9712 Oct'24 _
State and City Securities.
NY City-411a Corp stock_1960 NI 8
Registered
M S
1964 M 5
4318 Corporate stock
1966 A 0
4315 Corporate stock
1971 j D
4148 Corporate stock
43.4s Corporate stock_July 1967.0 J
4148 Corporate stock
1965 J D
4145 Corporate stock
1963 M S
4% Corporate stock
1959 M N
Registered
M N
4% Corporate stock
1958 MN
4% Corporate stock
1957 M N
4% Corporate stock reg 1956 M N
4% Corporate stock reg_ _1955 MN
1957 M N
43.4% Corporate stock..
434% Corporate stock__ 1957 MN
Registered
M N
334% Corporate stock _ _ _ _1954 M N
New York State Can Imp 48_1961 J 3
Highway Improv't 4148._1963 M 5
10058 10114 10058 Feb•25
--------10014 Jan'25
10218
1015 Jan'25
8
10219
10114 Jan'25
10658 ____ 10618 Sept'24
107 Sale 107
107
1063 107 10612 10612
8
106% ____ 10614 10612
____ 99
99
99
____ ____ 9814 Jan'25
99
____ 983 Feb'25
4
99
99% 9812 Jan'25
9814 Feb'25
981
--------08
Jan'25
10614
10638
10612
10618
10614
10612
--------105 Feb'25
893 9058 90 Feb'25
4
--------10213 Aug'24
--------1123
4 1123
4
Foreign Government.
Argentine (Govt) 7s
1927 F A 10234 Sale 102%
Argentine Treasury 51._£
1945 M 5 8414 __
8414
Sinking fund 68 Ser A_ _ _1957 NI 5 9612 Sale 9618
Esti 68 ser II temp__Dec 1958 ____ 982 Sale 9512
Austrian (Govt) s f 78
1943 j 13 9514 Sale 9414
Belgium 25-yr ext of 7158 g1945.0 D 1097 Sale 10918
s
20-year s f 8s
1941 F A 10714 Sale 10714
25-yr ext 614s interim rcts_1949 M 5 9412 Sale 94
Esti s f 613 inter refs
195511 J 873 Sale 8711
4
Bergen (Norway) a f 8a
1945 AI N 11058 Sale 1107
s
25
-year 81 65 temp
1949 A 0 963 Sale 963
4
4
Berne (City of) 9 f 88
1945 MN II() Ill 11014
Bolivia (Republic of) 88
1947 M N 9314 Sale 927
8
Bordeaux (City of) 15-yr 68A934 M N
8514 Sale 8514
Brazil ITS, external 88
1941 1 D 977 Sale 963
4
78 (Central Ry)
1952.0 D 837 Sale 8212
8
7148 (coffee sect.) £ (flat)_1952 A 0 10612 107 10612
Buenos Aires (City) ex 16%51955 J 1 9718 Sale 97
Canada (Dominion of) g 58-.1928 A 0 10118 Sale 10118
88
1931 A 0 10218 Sale 102
10-year 5348
1929 F A 10318 Sale 103
58
1952 aa N 104 Sale 10314
Carlsbad (City) 8 f 88
1954 J
973 Sale 973
4
Mlle (Republic) WI 8 f 88_1941 F A 108 Sale 108
External 5-year 8 f 88
4
1926 A 0 10212 103 1023
20
-year WI 78
1942 Si N 101 Sale 10058
25
-year e I 8s
1948 m N 10712 Sale 10714
Chinese(Ilukuang Ry)5s,...1951 .11 D 44 Sale 44
Christiania (City) s f 88
1945 A 0 11114 Sale 11114
30-year s f 6s lot refs
1954 M 5 9714 Sale 9715
Colombia (Republic) 63.48_1927 A 0 9912 Sale 9912
Copenhagen 25-year at 5148_1944 j J 973 Sale 963
4
8
Cuba 58 of 1904
97
1944 M S 98
97
Eater debt 58 1914 Ser A_ _1949 F A 945 Sale 94%
8
External loan 4 34s
1949 l' A 85 Sale 8412
5145
1953 J J 984 Sale 984
Czocho8lovak (Repub of) 88_1951 A 0 10038 Sale 10014
Sink fund 88 Ser B lot ctfs_1952 A 0 10058 Sale 10014
Danish Con Alunicip 86"A"-1946 F A 11038 Sale 110
Series 13 of 88
8
1946 F A 11012 Sale 1103
Denmark external s 188
1945 A 0 11034 Sale 1101s
20
-year 68
1942.0 J 103 Sale 102
Dominican Rep Con Adm sf 58'58 F A 10412 105 102
Custom Administr 514a
1942 1.4 5 935 Sale 9338
Dutch East Indies ext 6s
1947 .1
101 Sale 10014
40
1962 M 5 1007 Sale 10018
-year 621
8
30
-year ext 534s
1953 M 5 9658 Sale 9614
30-year ext 5345
1953 M N
9638 Sale 9614
French Repub 25-yr ext 81.1945 M 5 1037 Sale 1033
4
8
20-yr external loan 7145-1941 J D 10018 Sale 9912
External 75 of 1924 temp 1949 J D 9138 Sale 9114
Finnish Mun lin 63.4s A._ _ _1954 A 0 91 Sale 903
4
13148 Series 15 Interim etfs_1954 A 0 9078 Sale 903
4
Finland (Rep) ext Os
1945 M 5 86 Sale 86
German ext'l loan 7s w I_ __ _1949 A 0 947 sale 9412
8
Gt Brit & Irel (UK of) 5348_1037 F A 1063 Sale 10618
8
10-year cony 514s
1929 F A 110.8 Sale 1163
8
Greater Prague 7148
1952 M N 92 Sale 917
8
Greek Govt 75 lot rcts
1964 M N 88 Sale 88
Haiti (Republic) 65
1952 A 0 94 Sale 94
Hungary (Rifled of) of 7348.1944 F A
90 Sale 893
Ind Bank of Japan 6% notes 1927 F A 993 Sale 991s
Italy (Rifled of) Ser A 6 Ms_ _1925 F A ____
4
993
Japanese Govt £ loan 4a___ _1931 .1 J 8214 8258 8214
3(J-year 8 f 6 %a
1954 F A
917 Sale 9114
Oriental Development 65A953 M 5 85 Sale 845s
-year 66_1934 M N 8518 Sale 8518
Lyons (City of) 15
Marseilles (City of) 15-yr 68_1934 NI N
8512 Sale 85
1943 M N --------24
Mexican Irrigation 4145_
1943 ------------24
Assenting a f 4148
43
____ 45
Mexico(u 5) call 59 of '99 £ 1945 Q
Assenting 58011809
1945
3934 Sale 393
4
19543 D 25
____ 25
Gold deb 4s of 1904
Assenting 4s of 1904
23
24
2312
1904 large
Assenting 45 of
2612
____ ____ ____ 24
Assenting 48 of 1904 small
Assenting 48011910
J J
2812 2914 23
Assenting 40 of 1910 large
____
2914 Sale 284
Assenting 48 of 1910 small_ _ _ _ ____
25 Sale 25
Tress Os of '31 assent(large)'33 1 J 414 ____ 4134
39
Small
1952 J D 903 Sale 9014
4
Montevideo 7s
Netherlands 69 (fiat prices)_ _1072 68 s 106 sale 105
4
30-year external 6s (flat)1954 A 0 10314 Sale 1023
4
1940 A 0 111 Sale 1103
Norway externals 185
4
1943 F A 100 Sale 993
-year extl Os
20
8
997 Sale 993
8
1944 F A
20-year external 68
4
s
1952 A 0 997 Sale 993
-year exit Os
30
____
____
_
____
_--19
2
6
10
____
_
____
____
____
20
39
____
____
____
2
102% 73
5
843
4
9612 487
9658 667
964 180
61
110
10712 32
9412 83
874 531
Ill
6
973
8 22
111
8
9314 78
854 38
320
98
113
84
11
107
9714 19
10112 37
10212 12
10354 59
121
104
98
15
10814 27
6
103
90
101
14
108
44'2 60
5
1111
34
98
993
4
7
973
8 69
7
07
951
20
85
15
(3914 253
1011
50
10034 132
1105
8 17
11038
2
1103
4 44
103
123
37
102
94
37
10118 233
162
101
97
37
967
s 99
10414 220
10018 136
9158 584
42
91
44
91
. 8614 22
951 2742
/
4
1083 193
8
117
90
9212 27
88
161
9412 50
90
69
9958 42
Feb'25 ____
8234 52
913 463
4
85
52
8512 17
8512 50
Jan'25 ____
Jan'25 ____
Feb'25 ____
4014 44
Feb'25 ____
25
16
Jan'25 __
Jan'25 _-__
Jan'25 _-__
2912 70
2534 66
4134
5
39
1
903
4 10
10614 187
10314 248
11114 29
100
108
100
128
100
49
Range
Week's
Price
b.
ts Friday
Since
. J.:
R.
Range or
ut
Jan. 1.
n.
Last Sale
.,a, Feb. 13.
114,71)
High No Low
Ask Low
Bid
Low
High
4
Panama (Rep) 5148 tr rects_1953 .1 D 10012 Sale 10012 1013
4
9 10012 1013
9912 1023
5
91
100",, 01.... Peru (Rep of) extl 85
1944 A 0 101 Sale 10012 102
191
72
79
79
1011... GI". Poland (Rep of) g 68
1940 A 0 7714 Sale 7612
9412 9614
98
12
Porto Alegre (City of) 88_1961 j 0 96 Sale 9412
1011.., 102
11014 12 109 11018
01". Queensland (State) ext a 1 7s 1941 A 0 11014 Sale 110
101
21 10112 104
4 104
25
-year (is
1947 F A 104 Sale 1033
943 9714
10
8
97
96%
Rio Grande do Sul 88
100". 101
1946 A 0 9612 97
37
933 97
4
97
100..1017 Rio de Janeiro 25-yr Of Es_1946 A 0 97 Sale 96
0
.
9312 96
71
4
947
25-yr extl 88
A 0 941 Sale 933
1947
42 100% 103
8 103
101..,01"22 Rotterdam (City) external 651964 M N 1027 Sale 1025
8
El Salvador (Rep) 8s
10418
5 103 10418
1948 J .1 10418 Sale 104
8 9812 101
1011..102, Sao Paulo (City) at 88
..
4
1952 MN 1023 Sale 9912 100
41 1003 103
4
/
1
4
103
104",, 0511,, San Paulo (State) ext at 88_1936 .1 .1 9912 Sale 102
891 91
/
4
9012 105
Seine (France) ext 715
1001... 101
s
1942 J j 903 Sale 9018
362
8512 87
87
--- - ---- Serbs, Croats & Slovenes 88.1962 M N 8638 Sale 8512
4
25
85
8312 853
s
Solasons (City) 65
1936 MN 85 Sale 843
4
4
7 1033 1041
104
Sweden 20-year 6s
1939 j o 104 Sale 104
9812 100%
997 226
8
External loan 514s inter ctfa'54 Al N 99% Sale 9912
4 1155v 48 11434 117
4
4
10058 1003 SWISS Conteder'ia 20-yr 8 f 8,8 1940 j j 1143 Sale 1143
9812 102%
8
10014 10014 Switzerland Govt ext 5348-1946 A 0 10214 Sale 1013
4 1023 157
10114 10158 Tokyo City 58 loan of 1912
6618 673
4
074 31
AI 5 6714 68 6714
15
97
99%
995
10114 10114 Trondhiem (City) extl 63.48.19443 j 991 Sale 99
20 10814 108
108
-- - - ---- UruguaY (Republic) ext 8s__1946 F A 108 Sale 10714
3 110 111%
11118
10518 107 Zurich (City of) at 88
1945 A cl 111 Sale 111
10612 10612
1053 10612
s
Railroad.
1003 10114
4
4
99
Ala Gt Sou 1st cons A 5a....19433 D 10018 ____ 1003 Feb'25
98
101 101
Jan'25
9814 9814 Ala Mid 1st guar gold 5s....1928 M N 101 10158 101
24 ! 8218 834
98% 983 Alb & Susq cony 3148 gii_988 A 0 8214 _ _ 831
4
8132 ii 82124
1946
---Dec'24
9812 Alleg & West 1st g 4s
98
91
91
Jan'25
91
9818 98% Allen Val gen guar g 45
1942 M S 0118 92
64
67%
6612 13
98
Ann Arbor 181 g 4s ___July 1995 cl .1 65 Sale 65
93
88% 89%
00
1063 106% Atch Top At S Fe
-Gen g 48_1995 A 0 8918 Sale 887
8
8
8912 2
8712 8718
6
8814
10518 1002
. 881,2
Registered
A 0
8112 8212
____ 8212 Feb'25
Adjustment gold 48_ _July 1995 Nov 82
105 105
8
823 83%
4
Stamped
8912 90
8358 24
July 1995 M N 83 Sale 823
81% 8414
1
8212
__ ____
Cony gold 48 1909
1955 j o 821 Sale 8212
5
8112 83
83
Sale 83
4
Cony 48 1905
1123 1123
4
1955J D 83
8113 8114
8312 8118 Jan'25
Cony g 43 Issue of 1910_1960 j D 83
99
98
98%
2
8
East Okla Div 1st g 4s
8
1928 M 5 987 Sale 987
4 10314
1013
Rocky Mtn Div 1st 48
4
1965 J J 833 -_- 8412 Dec'24 _ _ __
86
874
8714 Feb'25
, Trans-Con Short L lst 46_1958 J .1 8634 88
817 843
a
9214 94
967
8
Cal-Ariz 1st & ref 4%a"A"1962 M S 9111 933 9312 Feb'25
95
4
913 91%
9
8
Registered
al s ____ ____ 913 Jan'25 ____
943 91334
4
88% 8914
941 974 Atl Knoxv A Cm n Div 4s_ ___1955 M N 88% 90
/
4
883 Feb'25 __ _ _
4
-107 11014 Atl Knoxv A Nor 1st g 58_1946 .1 D 1013 ____ 10212 Nov'24
4
9614 9612
9614 Jan'25
1063 10958 At!& Char' AL 1st A 43.48_1944 J j 95
96
4
10212
8 102 10212
1st 30-year 5s Series B1944 J j 10212 Sale 10214
8
923 9412
9114
9114 35
89
88
Atl Coast Line lot con 48_h1952 M 5 901s 9114 90
87
131 106% 108
10-year secured 78
11014 112
1930 M N 1077 Sale 10714 108
s
9072 92
General unified 4148
917
8 14
9512 98
1964.0 o 9178 Sale 9112
864 8714
LA N coil gold 4s_ __Oct 1952 MN 87 Sale 8612
11018 11112
8718 27
763 78%
8
8
923 9312 Atl & Danv lot g 45
1948 J J 7838 Sale 7838
783
8
1
6234 63
85%
2d 45
Jan'25
84
63
19483 J 6318 68
75
77%
98
AU & Yad 1st g guar 48_1949 A 0 7718 Sale 77
96
7712 11
843 A A NW 1st gu g 5s
4
82
1941 J j 9812 ____ 10018 Aug'24
Balt & Ohio prior 33.48
2 -667; 1.661;
104 107
8 10018
19253 1 997 Sale 997
9512 9714
4
Registered
4
99'1 993
July 1925 Q j 993 ____ 993 Jan'25
4
8
181 50-year gold 48_ _July 1948 A 0 8714 Sale 8718
1005 10214
85 4 88
,
88
77
10112 10212
8518 8612
Registered
____ 883 Feb'25
July1948 Q j 86
8918 9214
10-year cony 4148
102 10334
9214 383
1933 54 5 92 Sale 9112
1913 104
4
4
Refund A gen 58 Series A_1995 J D 8958 Sale 89
85 4 893
,
895 136
8
96
9814
1st g 58 lot ctfs
10114 159 100 10114
1948 A 0 101 Sale 10034
10-year 65
10614 10812
8
10312 55 10234 10312
1929 J 1 1033 Sale 103
Ref & gen Os ser C temp_1995 J D 1027 Sale 10212 10314 229 10084 10314
102 10314
8
99 4 99 4
, ,
4
P Jet & Al Div 1st g 33.48_1925 MN 9984 ---- 993 Jan'25
983 104
4
P L E & W Va Sys ref 4s 1941 AI N 86 Sale 8518
835 86
8
107 10814
80
156
,
south, Di 1st
8
413 443
993 10018
4
8
;.68_1925 j .1 997 190
997
9
998
1093 11114
4
Tol de Cln Div 1st ref 48 A_1959 J J 6918 Sale 69
6912 11
65 4 69%
,
61
Battle Cr & &lir 1st gu 381989 J D 61
9512 98
61
____ 61
61
2
9218 9312
Beech Creek 1st gu g 4s
9914 100
1936 J .1 9212 ____ 9312 Feb'25
4
9414 973 Beech Cr Ext 1st g 314s
78% 7814
2
7814
1951 A 0 7814 Sale 7814
9512 97
Big Sandy 1st 48
85 8514
1944 J D 8514 Sale 85
2
8514
69%
67
9314 954 B A N Y Air Line 1st 4s
/
4
1955 F A 6812 6912 691
6912
9
8612 Bruns & W 1st gu gold 48
84
92 Nov'24
1938 J 3 9138 93
98% 9914 Buffalo It A P gen gold 55_1937 M 5 101 103 10112 102
5 10112 102's
Consol 414s
9814 10112
8612 8812
1957 M N 8718 Sale 87
878 46
973 1003: Burl C R A: Nor 181 58
99% 100%
4
8
1934 A 0 997 10012 997 Feb'25 .___
1093 11038 Canada Sou cons gu A 5s._,.,1902 A 0 131 Sale 101
4
101
17 10012 10114
4
4
1093 1103 Canadian North deb of 78)_1940 J D 11614 Sale 1161s
4
11612 2E 115 1103
20-years f deb 6148
109 111
,
1946.0 j 11612 Sale 11712 1173
4 la 11614 117 4
9912 103 Canadian Pac Ry deb 48 stock__ J 3 80 Sale 793
80
79
4
80
79
10111 102 Carb & Shaw 1st gold 45__1932 M
821 ____ 93
/
4
93 93
Jan'25 ____
9412 Caro Cent let con g 48
92
8314
81
1938 J D 81
____ 81
Jan'25
98% 101 18 Caro Clinch A 0 1st 3-yr 58_1938 1 D 1003 Sale 1005
,
4
8
101
(1 10012 101 8
98% 101
65
1952 J 13 107 Sale 10612 107
8
81 1051 10712
9314 97 Cart & Ad 1st gu g 48
84
1981 J D 8212 ____ 84
84
Jan'25
923 96% Cent Branch U P 1st g 43_ _1943 J D 76
4
,
74 8 78%
7612 78
7812
1
10212 104% Cent New Eng 1st gu 4s
4
6418 69
4
1961 J J 683 Sale 663
69
E
9812 10112 Central Ohio Reorg 43.48_1930 AI S 973 99
971.4 9714
4
9714 Jan'25
9114 927 Central of Ga 1st gold 5s_p1945 F A 1027 ____ 1023 Feb'25
8
1018 10234
8
4
8
90
91
Consul gold As
9914 10012
100
1945 MN 975
1003
8 51
90
91
10-year secur Os
8
June 1929.0 D 1033 1037 1033
4 10334 71 103 104
4
8512 8712
Ref A gen 5348 ser B
99 10212
1959 A 0 10214 Sale 10134
10212 22
Chatt Div pur money g 45_1951 J D 84
9358 9512
87
84
Oct'24
1047 1084
8
Mac A Nor Div 1st g 58_1946 J J 993
0938 100
4
993 Jan'25
116 11712
Mobile Division 55
____ 100 Dec'24
100
1948.0
90
927s Cent RR & B of Ga coil g 58_1937 M N 953 9714 97
4
9714
1
88 8812 Central of NJ gen gold 58
10712 Sale 10712 10712
1987 J
0 10718 10814
8
9114 9412
Registered
1 10614 1067
/
4
81987 Q 3 10614 ____ 1061 10614
8914 9012 Cent Pac 18t ref RII g 4s____1949 F A 8712 Sale 871,
/
1
4
873 88
8
88% 51
985 9912
9512 96
5
Mtge guar gold 3148
52
96
4
4
81929 J D 953 Sale 953Dig 993
8618 87
4
Through St L 1st tru 48_ _1954 A 0 8612 87
8838
86%
2
83 Charleston & Savannah 7s1936 J J 1177 120 11212 Feb'25
82
11212 11758
8
99% 100%
8
4
903 913 Ches & Ohio fund dz impt 58.1929.0 J 10058 ____ 1003
2
8 10058
84
4
887
8
1st consol gold 58
10212
I 1013 10318
1939 M N 10214 Sale 10214
85
8612
Registered
8
1939 M N 10012 1017 101 Nov'24 ____
877 -66"
84
853
8
General gold 414s
81
90
1992 M 13 90 Sale 8912
21
24
8
857 8714
Registered
1992 M S 864 8814 861s Jan'25
23
948 97
4
24
200
20-year convertible 4348_1930 F A 97 Sale 9612
97
45
4512
1063 701 10418 10914
4
30-Year cony secured 5S.1946 A 0 1094 Sale 10418
327a 41
9712 993
4
Jan'25
Craig Valley 1st g 58
19403 J 99 10012 99
22
8214 83
25
Potts Creek Branch 1st 45_1946 J J 824 83
8214 Feb'25
191 2612
8318 84
/
4
8
R & A Div 1st con g 48...1989 J J 84
837 Feb'25
85
2612 2612
80 80
Jan'25 ___.
2d consul gold 45
8
1989 J J 782 823 80
24
9718 977
24
4
8
Warm Springs V 1st g 58.J941 M 5 974 983 977 Jan'25 ___.
8
23
24
62
66
Chic & Alton RR ref g 38_1949 A 0 657 Sale 6478
657
8 31
8
2218 30
60% 6012
Registered
A 0 ___. ____ 6012 Jan'25 ___.
213 28%
4
583 62
4
Certifs dep stpd Oct 1924 int
____ 6114 ____ 62 Feb'25
3612 43
Certif dep stmpd Apr 1924 int __
6014 6211
613 ____ 6212 Feb'25
4
36
4414 58
43
/
1
4
Railway first lien 3145__ _1950 J J 573 Sale 57
8
584 651
88
91
45
55%
Ctfs dep Jan '23dzsub coup
553
4 li
4
____ 553 Sale 5312
104 106' Chic Burl At Q-111 Div 310_1949 J .1 82
8212 813
8114 83
4
8218 11
/
1
4
10018 1037
8
Illinois Division 45
8
8815 91
8
f
1949.0 J 903 Sale 903
9058
1104 11312
99 100
Nebraska Extension 4-8_1927 MN 99% 9914 993
8
99% If
9712 10018
General 4s
4
8818 89%
893
4 41
1958 M S 893 Sale 894
81
9712 10034
1005 102%
8
8 102
1st A ref 55
1971 F A 10138 Sale 1015
974 100 ChIc City & Conn Sty, 5s....1927 A 0 __-_ ____ 56 Feb'25
5412 58
Chicago At East III 1st 63_1934 A 0 107 10738 108
•10514 10714
106
C A E III RR (new co) gen 58_1951 M N 78.8 Sale 7818
79
4E
74% 79%
Range
Since
Jan. 1.
a Due Jan. 8 Due July, 8 Due Aug. p Due Nov. a Option sale
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb. 13.
gold
3
Cash sale of Atlantic Coast Line 48 on Jan. 19 at 9214.
810
New York Bond Record -continued-Page 2
-t.
'b
Week'sRange
Price
BONDS.
Prise
Week's
1
b
A
Friday
Range or
14
Since
N. Y.STOCK EXCHANGE
1
Range or
1I
Friday
Jan. 1.
Last Sale
...a. Feb. 13.
Week Ending Feb. 13.
eoe.
Feb. 13.
Last Sale
....44
High
High No, Low
Bid
Ask Low
High No.
Bid
Ask Low
Chic dr Erie 1st gold 52
4
2
991 1003 Fla Cent & Pen 1st ext g 52_1930 1 J
1982 M N 10018 Sale 10018
1003
4
103
Jan'25 -Chicago Great West lot 42 1959 M 5 643 Sale 6412
59 4 653
3
Consol gold bs
6538 494
4
1943 .1 J 99- 994 Feb'25 -985 - 8
8 997
Chic Ind & Louisv-Ref(32_1947 .1 J 110 4 11178 11012 Feb'25 ____ 10912 111
Florida East Coast 1st 440_1959 J D 9212 93
3
61
93
93
Refunding gold 58
1947 J J 100 101 100
1st & ref 58 Series A
100
2
9912 100
1974 M 5 9512 Sale 95
9512 122
Refunding 45 Series C
854 8612 Fla West & Nor 78 Series A 1934 m N 114 Sale 112
8612 Jan'25 ____
1947 J .1 8618 87
1154 257
General 58 A
8734 87
1966 M N 87
8718 8812 Fonda Johns 22 Glov 440
8812
2
1952 MN 66 Sale 66
664
9
General 62 B
4
May 1966.1 2 103 Sale 103
103
1 1013 10314 Fort St U D Co lot g 440_1941 .1 j 893 ____ 8812 Nov'24 ---8
Ind & Louisville 1st eu 421-1956 J J 777 ---- 773
5
7718 785 Ft W & Den C lot g 510
8
7814
4
8
_ 10478 Feb'25 ---,
1961 J D 1043
Chic Ind & Sou 50-year 48_ 1956 i J 8612 ___ 8712 Feb'25 ____
86% 8712 Ft Worth & Rio Or 1st g 0_1928 J 2 9414 94
4- 3 9412
918
12
2
____ _ __ Frem Elk & Mo Val lot 62.._1933 A 0 108 110 10812 Feb'25 ---93 Nev.24 _
Chic L 9 & East 1st 4 Hs_ -1969 J D 9312 95
CM & Puget Sd 1st go 45_1949 2 J 55 Sale 543
53 8 573 GE & SAM Sr P lot 5s__1931 M N 10014 10058 1005 Feb'25 ---,
5
4
4
555
8 iis
8
ChM & St P gen g 42 Ser A.51989 J J
7112 74
713 7212 713
4
4
2d extons bs guar
7312 43
1931 .1 .1 100
00
100
2
General gold 340 Ser B__21989 .1 J 6412 647 65
6312 65 Galv Boos & Rend 1st 52
8
1
65
8
1933 A 0 93 6438 9018
9314
Gen 4 Hs Series C
8018 823 Genesee River 1st 51 52
1989 J J 8018 Sale 8018
4
80$4 22
1957 .1 .1 1033 Sale 1023
4 1033
4 38
4
Gen & ref Series A 444s_a2014 2 J 5214 Sale 5114
5012 54 Ga & Ala Ry 1st cons 52_o1945 J J --------96 Feb'25 ---,
523 191
4
Gen ref cony Sec B 5s_ -a2014 F A 5512 Sale 5512
543 5814 Ga Caro.8 Nor 1st go g Sc _1929 .3 2 9912 Sale 9912
4
567 108
8
9983
1
1st sec 65
3
99 1004 Georgia Midland 1st 32
1934 .1 J 995 Sale 9912
993
4 30
1946 A 0 643 6512 6458 Feb'25 --4
Debenture 440
5512 6012 Gila Val G & N lot eu g 53_1924 M N 983 ____ 00
1932 J D 5614 Sale 5512
5812 286
4
Oct'24 ---Debenture 42
4
7158 784 Gouv & Osweeatch 52
1925 J D 723 Sale 721g
74
375
1942 2 D 995
8
_ 983 Feb'24 ---4
25
-year debenture 48
5314 71
51
5614 Gr R & I ext 1st go g 440
1934 J J 534 Sale 5212
1941 2 J 945 __- 9412 Jan'25 -8 95
Chic & Mo Riv Div 5s
9614
2
955 97 Grand Trunk of Can deb 63_1940 A 0 11614 Sale ll63s
8
9614
96
1926 J .1 95
8 32
1165
Chic & N'west Ext 42..1886-1926 F A 100 Sale 100
9912 10018
100% 11
15
-year a I 62
1936 M 5 10714 Sale 107l
1073
8 55
8
4
Registered
983 98% Great Nor gen 75 Series A.,1936 J J 11012 Sale 11014
4
1886-1926 F A 9814 995 983 Jan'25 ____
4
1103 149
General gold 340
7314 7412
1987 M N 7418 Sale 7418
lot & ref 44(5 Series A
7414
8
1961 .3 J 924 Sale 913
15
92
4
General 45
83
12 86
1987 MN 85 Sale 85
8512 14
General 540 Series B
1952 2 j 1023 Sale 10134
8
10212 76
84
85
Stamped 42
8
1987 MN 835 8512 8412 Feb'25 General bs Series C
9514 117
1973 .11 J 947 Sale 94
8
4
General 52 stamped
4
1987 MN 104 105 103 Feb'25 ____ 1023 1043 Green Bay & West deb etfa "A"__ Feb 70
75
76
Jan'25 _1 104 10414
Sinking fund (32
1879-1929 A 0 104 10512 104
104
Debentures etfs "B"
1414 15
Feb 14 Sale 14
Jan'25 ___ 104 104
_ _ 104
Registered
A 0 1031
Greenbrier Ry 1st eu 4s____1940 MN 8618 --- 86
Jan'25 --2- 1879-1929 A 0 10058 101 1003 Jan'25 ____ 10012 1003 Gulf & S I 1st ref & t g 5.5__81952 J J 9812 4
Sinking fund 52
4
99 985
8
985
8
2
10012 Jan'25 ____ 10012 10012 Harlem R & Pt Ches let 42._1954 M N 8114 83
8
1879-1929 A 0 1005 101
Registered
81
Feb'25 --„,
12
1933 MN 102 Sale 102
Sinking fund deb 52
Hocking Val let cons g 430A999 .7 J 7712_
10214 11 100 103
90
9 8 13
07
10012 Dec'24 _
1933 M N 10058
--..- ---Registered
Registered
1999 2 2 90 967; 9912 Jan'25 --- 1930 .3 D 109 Sale 109
10
109
-year secured 75 g
80 105 109 II & T C 1st g int guar
1937.1 2 10014 ____ 10014
10078
3
8
lb-year secured 640 g
11238 15 1115 11212 Houston Belt & Term lot 52_1937 J .2 98 Sale 98
1936 M S 112 Sale 112
98
1
8
d2037.1 D 10118 Sale 1007
1st & ref g 55
8 10114 60 100 1011 Houston E & W Tex 1st g 5&1933M N 10014 -__ 00
Jan'25 --- _
83 84
Chic R I & P
37
3
84
-Railway gen4s1988 J J 83 4 Sale 8312
1st guar bs red
1933 MN 10078 ____ 9972 Jan'25 --8218 8218 Housatonic Ry cons g 52_1937 MN 9214 - --_ 9212 Jan'25 - - _ 8218 Jan'25 __
8
Registered
.1 J 815 84
8314 863 Bud dr Manhat 5s Series A 1957 F A 88 Sale 8712
4
1934 A 0 8614 Sale 86
Refunding gold 4s
86 14 308
422
88
13 10112 103
Chic St L & N 0 gold 5s
Adjustment income 5s
103
8
1951 .1 D 102 1027 103
4
1957 A 0 723 Sale 7212
4
73
166
1951 .1 D 7814-- 79% Jan'25 ____
7958 7918 Illinois Central 1st gold 42._1951 1 J 893g ____ 89 Dec'24 _ ......
Gold 340
b
8414 857
Memphis Div 1st g 42
8578
857
8
8
1951 J D 85% - ; 857
Registered
1951 .1 2 87
____ 89 July'24 _ __ _
10012
2 10012 10012
1932 A 0 10118 103 10012
C St L & P 1st cons g 5s
let gold 3Ha
1951 .1 .3 8212 ____ 8312
8312
1
_ 100% Jan'25 ____ 1003 10058
A 0
8
Registered
Extended 1st gold 3401951 A 0 8212 ---- 8212 Feb'25 -_
10514 106
4
4 105 4
1 1043 108 2
Chic St P M &0 COOS 613_1930 .1 D 10018- - - 1053
3
,
Registered
1951 A 0
__ 80% June'24 _-__
8
9214 9214
Cons 65 reduced to 340_1930 .1 D 923 9212 921 4 Feb'25 ___
1951 m 5 8014- 1st gold 32 sterling
58
72 62
62
1
1930 M 13 9814 99
Debenture be
9918
99%
1
963 992
4
Collateral trust gold 4s
1952 M 5 8614 ---- 87 Feb'25 --98 Feb'25 ---- -98
Stamped
1st refunding 4s
98
1955 M N 8914 Sale 883
4
89% 37
7612 79
Chia T H & So East 1st 52_1960 J D 77 Sale 763
4
7712 lb
Purchased lines 340
1952.5 J 8012 8112 783 Jan'25
8
Inc en 513
5612 60
Dec 1 1960 M S 60 Sale 5912
60
Rerlstered
36
2 2 757 ____ 79
8
Jan'25 -- _
Chic Un Sta'n let go 440 A.1963 .3 J 9212 Sale 9218
925
8 26
913 927
4
8
Collateral trust gold 42.._1953 MN 85 Sale 8412
85
60
e
1963.5 .1 1014 1013 10114
1st 55 Series B
10112 11 100 10212
Refunding 52
1955 MN 10414 105 104
10414 20
1963.5 J 1163 117 117
let 640 Series C
4
11718 10 11614 11712
15-year secured 540
8
1934.1 .1 1027 Sale 10214
1027
13
1944 J D 88 Sale 98
Guaranteed g 5s
98 9814
9814 13
15-year secured 640 e_....1936 .3 J 11012 11112 1012 1113
11
Chic & West Ind gen g 68_721932 Q M 1054 ____ 10512 Nov'24 --__
--- -- -_ _ _ 8814 1)%12 25 _ __
1950.5 D 89
Cairo Bridge gold 42
.
1952.1 .1 80 Sale 79
Consol 50-year 42
80
75
761 80
;
Litchfield Div lot gold 32_1951 .1 J 70% --- 70 Feb'25 ---,
lb-year St 740
1935 M 5 10212 Sale 10212 1024
7 10212 104
80
7914
Louisv Div & Term g 31431953 J .1 79 7914
21
1st A ref 5125 ser A w 1_1962 M 5 972 Sale 9712
977 168
9718 977
8
Omaha Div 1st gold 3s_1951 F A 71% 72% 72
72
5
Choc Okla dr Gulf cons 5s_1952 M N 093 101 10014 Jan'25 ____
4
994 1004
--- 78
St Louis Div & Term g 32_1951 2 .1
Jan'25 --Cin H & D 2d gold 44s1937.1 J 93 4
Jan'25 ___
93 8 9412
6
94
3
1951 3 2 718018 82 803 Jan'25
4
Gold 3s
01St L & C 1st g 42
8 9214 9058 Dec'24 ___ ----21936 Q F 915 8
Springfield Div 1st g 340_1951 .1 J 777 82 82 July'24 ---- ,
/1936 Q F 89% ___ 9112 Sept'24 _-__ ---- - -- Registered
87
1
Western Lines 1st g 42
1951 F A 8658 88 87
CM Lob & Nor go 42 g
1942 M N 8814
8912
1
8718 8912
8912
5
Registered
87
1951 F A 84 --__ 87
8
_ 10018 Oct'24 ____
Cin 8.8 Cl cons 1st g 52
1928 1 J 995
.„....- Ill Central & Chic St L & N()83
82
3 -,-- 844
817
Cleve CM Ch & St L gen 481993J D 8214 - - 18 8212
8
i
8
98
Joint 1st ref bs Series A
1963 J D 98 Sale 9712
k 43
-year deb 4445
20
1931 .3 J 9718 9712 9618
973
96
973
4
1
19632 D --------952 June'24
Do Series B
General bs Series B
9912 1015 Ind III& Iowa let g 45
_ 1015 Jan'25 _
8
8
1993.1 D 10018
6
8812
1950 2 J 884 90
8812
1929 J .1 10318 1037 10314
Ref de 'met 62 Series A
Feb'25 - -8
s
fnd union By gen 52 Ser A__1965 3 3 100 1007 101
104
28 103 104
1054 10714
106
65 Series C
____ 00 Feb'25 -- - 1941 .1 J 104
Feb'25 19652 J 100
Gen & ref 55 Series B
1963 J J
bs Series D
49
9618 Sale 96
9412 96 2 Int & Grt Nor 1st Os Sec A 1952 J 2 103 Sale 10214
9612 133
103
,
19392 J 8612 90
Cairo Div let gold 42
7.558 461
894 897
894 Feb'25 __
8
Adjustment 68, Series A_ A952 Apri 7412 Sale 741s
80
8018 Ent Rys Cent Amer 1st 5s
Cin W & M Div 1st g 4s 199I J J 8018 803 804 Jan'25 ____
25
77
4
1972 M N 764 Sale 764
82 8314 fowa Central 1st gold 5s
St L Div let coil tr e g 431-.1990 M N 82 8 8253 82%
8 15 1
1
8
625
8218
,
1938 J D 625 Sale 6112
Spr & Col Div 1st g 42
1940 M 5 883 90 4 8812 Jan'25 _ __
s
88% 8812
3
Certificates of deposit
W WVal Div late 4s
8758 873
1940 .1 .3 87% -- _ 873 Jan'25 ____
4
Id'
rig
4
4
Refunding gold 42
1951 M 8 253 gtile 25i4
4
1934 J J --------10758 Feb'25 ____ 1073 1073 fames Frank & Clear 1st 45_1959 .1 D 8712 Sale 8714
00.8 I gen cons g 6s
8712 14
4
Clev Lor & W con 1st g 65-1933 A 0 10012 10214 10214 Feb'25 ____ 102 102 4 Ka A & G R 1st gu g 52-1938 J .3 997
100 Nov'24 --__
,
111 .8 Mar let gut g 440
1935 M N 963
8
963 Jan'25 4
81
965 963 Kan & M 1st go g 48
8
4
1
1990 A 0 82 Sale 81
Cleve & Mahon Vall g 52_1938 J .1 985 ___ 995 Feb'25 __
984 99%
8
8
1927 J 2 10018 1004 10018 Feb'25 -_
2d 20-year be
CI ea P gen go 4448 Ser B
1942 A 0 973 --__ 8412 Aug'24 --- ---- ---- IC C Ft 5.8 M cons g 6s..
4
8
10314 40
1928 M N 10314 1035 10318
Series A
19422 J 977 ____ 91 Nov'24 ---- ---- ---- K C Ft 8.8 M Ry ref e 4s 1936 A 0 8414 Sale 8353
8412 143
1950 F A
Series D 340
-- 8711 Dec'24 ---- ---- -,,- K C & M R& B 1st eu 5s 1929 A 0 98% 10012 98% Jan'25
971 Feb'25 __
Cleve Shor Line 1st gil 4%8-1961 A 0 &EX97% 972 Kansas City Sou 1st gold 32_1950 A 0 7112 Sale 71
971s 98
7112 33
Cleve Union Term 540
1972 A 0 105 Sale 105
4
8 1043 106
4
1053
Ref & inlet 55
903 128
8
Apr 1950 J J 893 Sale 894
a let 5 I 55 Ser B
1973 A 0 1005 101 1005
8
8
101
46
9912 101
Kansas City Term 1st 42_1960 .1 J 85
8558 8558
8512 27
8314 8612 Kentucky Central gold 0_1987 J J 837 -__ 84 Dec'24 -Coal River Ry 1st go 4s
1945 3 D 8511 8612 84
8612 33
8
967 9818 Keok & Des M 52 et( dep___1934 A 0 86
8
Colorado & South Mt g 45 1929 F A 9714 9812 973
16
98
4
___ 86 Nov'24
0Refunding & exten 4445_1935 M N 9312 Sale 93 8
9058 937 Knoxville & Ohio let g 6s___1925 J J 10058 Sale 1005
3
9378 34
8
6
10053
Col & H V 1st ext a 42
1948 A 0 8612 ---- 871g Nov'24 --__ ---- ---- Lake Erie .8 West let g 55__1937 J J 993 Sale 993
4
4
1934
2
1955 F A 84394 Dec'24
12
1101.8 Tol 1st ext 42
---- --19415 J 9518 9614 9518
2d gold bs
9614
9
815 811 Lake Shore gold 3445
83 4
8
8
Donn & Passum Riv 1st 42 1943 A 0 81 - 3 815 Jan'25 ____
1997 J D 7814 78% 7814
7814
9
7 7712 767
.1 86 Sale 8514
12
Registered
83 86
32
Cuba RR let 50-year 58 g_ 1952 J
86
1997 .1 D 76
8
7678 12
4
27 10212 106
1936 J D 1033 Sale 10314
104
lett ref 7445
8
1928 M 5 983 Sale 9814
Debenture gold 42
9812 104
4
89
9358
934 224
Dubs Northern Ry 1st 58_1966 J J 923 Sale 91
25
-year gold 42_____
1931 M N 9
8
658 Sale 963
97
54
96
,
9712
Day & Mich 1st cons 440- _1931 J J 4614 .__ _ 97 2 Jan'25 ____
Registered
1931 MN 92
985 957 Jan'25
1943 MN 89% Sale 89%
8812 90 4 Leh Val harbor Term 52_ 1(154 F A 1013 Sale 1013
,
9014 87
Del de Hudson 1st & ref 4s
4
4
10134
4
1935 A 0 107 Sale 10553 10758 509 10114 10718 Lelt Val N Y 1st go g 434s_ .19403 .1 965 97
-year cony bs
30
8
964 Feb'25 -___
1937 M N 10212 Sale 10218
10212 35 101 1023
4
15
Registered
1940 J J 9312 -__ 93
-year 540
8
110
1 10812 110
1930.3 D 1095 ____ 110
Lehigh Val (Pa) cons g 42_2003 MN 803 Bale 803
10-year secured 72
8
s
803
4 23
5
0 RR & pidge lot eu 4s g_1936 F A 93 8 ____ 94 Dec'24 --__ --- ---General cons 4445
2003 M N 897 91
8
895
8
9011 19
82 8514 Lehigh Val RR gen 52Series_2003 MN 995 Sale tOi3
845 110
Den & R G-1st cons g 4s,,,,19363 J 8414 Sale 8414
8
9958 17
86
8814 Leh V Term Ry let gu g 55_1941 A 0 1015 ___ 10112 Jan'25
19362 J 884 8912 8818 Feb'25 _
Consol gold 4442
8
99
ioi
Regletered
Improvement gold 52-1928 J D 984 Sale 98
95
1941 A 0 --------9914 Nov'24 ---.
99
58 67
1955 F A _. __ ...__ 5812 Jan'25 --__
Leh & N Y let guar gold 45..1945 M S 8512 87 87% Feb'25 ---1st & refunding 58
____ ____ __._ 4614 Nov'24 ------------ Lex & East 1st 50-yr 55 go 1965A 0 104
____ 104 Feb'25 -.
3. Registered
Little Miami 45
Farmers L & T dep rcta for
1952 MN 83-_,_ 8114 July'24
Long Dock console 62
59
Aug 1 1955 ---- - - -- --- 6112 Feb'24 ---70
1935 A 0 1073 108 108
1st &ref 58
4
Jan'25
Long Isld 1st con gold 5s_h1931 Q J 99
Bankers Tr Co ctfs deP
10012 Jan'25 _ __ _
72
60
Jan'25 -59% 6912
1st consol gold 42
61931 Q J 935 Asant to June 15 '23 agree ---- 47
6414 10018 Aug'24 ...5
47
63 56%
General gold 42
5641
1
5618 703,
1938 J D 8918 ---- 894
Stamped
_
8914
2
Gold 42
607 607
8
8
1932 J D 893
Am Ex Nat Bk ctfs Feb '22 ------------607 Jan'25 -k
__ 89 July'24 --__ 597 Dec'24
8
.
_
_ Untfied gold 45
1949 M 13 835 -Am Ex Nat Bk ctfe Aug '22
8 85
8214 Feb'25 --6158 iiia
t
1
1955 14- 4 & i2 Sale 594
Debenture gold 52
ii 4 iti11
3Den & R 0 West 52
1934.1 D 973 ___ 9712
4
975
8
3
8
425
9
3912 4253
20-year p m deb 55
1935 J J 425 Sale 4112
Des M & Ft D 1st go 42
1937 MN 89 Sale 887
8
89
5
--- 9312 Feb'25 ____
9313 9312
1947 M N 931
Guar refunding gold 42.-1949 M 8 83 Sale 8211
)es Plaines Val 1st 434s
4
83
74
73
Jan'25 _ --73
Nor Sh 11 1st con g gu 55_o1932 Q J 100 Sale 100
73
Det & Mack-1st lien g 42.-1995 1 D 73 25
10058
_
_
Leulslana & Ark 1st g be. 1927 M S 103 10112 10012 10012
1995 J D 6712 7012 6714 Dec'24 __
Gold 0
1
sifts ___. Lea & Jeff Mee Co gu g 42_1945 M 8 844 8514
917
8 F5
917
8
1961 MN 9112 918 9112
Oct Riv Tun 440
8412
4
844
____ 102 Feb'25 ... 102 102 Louisville & Nashville 5s
Did Missabe & Nor gen 52_1941 J J 102
1937 M N
1
X --- 102% 10258
10111
2 10012 10112
Unified gold 4s
8
0 1015 ____ 10112
1937 A
3111 de Iron Range 1st 5s_
1940 J .1 9318 Sale 923
4
94
38
8914 14
Registered
855 90
8
Jul Sou Shore & AU g 5s
1937 J J 89 Sale 89
1940.1 J 877
8
9134 Dec'24
Jan'25 __
88
89
Collateral trust gold 55-.1931 M N 10012 1014 103
East Minn Nor Div 1st g 48_1948 A 0 100 ____ 89
- Jan'25 -4
994
4
4
2
9914 993
10-year secured 75
East Tenn reorg lien g 55.__1938 M 9 993 Sale 993
1930 M N 107 Sale 107
I
107
10014 1004
1st refund 5Hs Series A 2003 A 0 106 1063 106
Cast T Va & Ga Dive 52_1930 J J 10012 Sale 10014 Feb'25 ___
10712 13
4
___ 10012
100%
I 1003 101
1st .8 ref 53 Series B
1956 M N 1001
Cons 151 gold 52
2003 A 0 1023 Sale 10053
4
1023
4
7
Jan'25 _-_ 101 101
1st & ref 4442 Series C
2Elgin Joliet & East late 59._1941 M N 10118 10212 101
2003 A 0 93 Sale 923
31
4
93
999 100
4
9934
1
NO & M let gold 52
4
El Paso & S W 151 ,58
1965 A 0 993 10012 993
1930 J J 10412 1077 10412 Feb'25 __8
10814 20 107 10858
2d gold 65
1930 J .1 1033 10512 10358 Dec'24 ___Erie 1st consol gold 72 ext_1930 M 5 1074 10818 1074
8
8
72
52
7212
Paducah de Mem Div 45 1946 F A 89l 90
70
1996.3 2 7138 Sale 713
, 1st cons g 45 prior
93 Feb'25 ...___ ____
St Louis Div 2d gold 38_ _1980 M 9 6212 6312 6212 Jan'25 _ _ __
4
19062 J 6858 7012 673 Dec'24 ____
. Registered
6()
157
6314 66
L& N &M & M lstg 440.1945 M 5 96
. 1st consol gen lien g 4s 1996 1 J 66 Sale 65
___ 96
Feb'25
Jan'25 ___
L& N South joint M 4s_ ...1952 J J 8312 Sale 83
6612 67
19962 J --------67
1
Registered
83% 76
98
6
9512 98
Registered
Penn coil trust gold 4s 1951 F A 98 Sale 9612
July 1952 Q J
__ 77
Jan'24 - _64
6812 152
6812 Louisv Cin & Lox gold 440_1932 MN 985 9912 985 Jan'25
I 50-Year cony 45 Sec A ._I953 A 0 6312 Sale 671 4
8
7658- 8
68% 183
63% 683
3
do Series B
1953 A 0 6814 Sale 6714
7
74% 79
3
73
Gen cony 45 Beres D
1953 A10 73 Sale 73 4
753
4
s
Erie & Jersey let a f 65
10312 30 10112 1033
4
19551 J 10312 Sale 1023
,atie & Pitts gu e 340 B
Jan'25 ___
84
84
____ 84
1940 J J 84
Series C
BONDS.
N.Y. STOCK EXCHANGE
Week Ending Feb. 13.
a Due Jan. b Due Feb.
e Due June.
4 Due May. I Due May.
A Due July.
Range
Since
Jan, 1.
Low
High
100 100
983 997
8
8
9214 93
933 9512
4
10278 1155
8
4612 6812
;
7
jai idi
9218 963
4
108 10813
100 100%
100 100%
9018 9314
10014 1033
4
93 96
99% 99
12
6414 6612
94l 941
11512 116%
10638 1075
8
10918 111
91% 92%
10014 10212
92% 9514
76
76
1215 16
86 86
98% 101
80 81%
894 907s
994 9913
994 1007
8
96
98
99% 100
99% 99%
9218 9212
8012 88
673 73%
4
- 3814
81
8212
--__.62
62
864 874
88
8912
78% 79
79
79
83 85
10312 1044
102 103%
10912 1114
8814 8814
70
70
7713 7914
71
72
7111 72
4
79 82
- - 87
if
87
87
9614 98
87l 88'2
100 101
100 1003
4
100 103
78
68
7612 7814
57
65
-1958 2684
87
8712
80 81
9914 10012
10213 10313
8C5 8413
8
98
98%
7018 7111
8812 91
84 853
4
310058 i6O 4
993 997
4
s
9518 9614
7814 7918
76% Ws
977 985
8
8
9518 97
95 8 95 s
7
7
100% 1013
4
9613 97
93
93
81
79
88 90,2
983 99%
8
10118 10314
85's 87's
10313 105
108 108
997 10018
k
8914
-141
;
954 97%
87% 89
82 83
100 100%
9918 10015
83
8412
1025 104
8
91% 94
103
10612 lops
10414 1074
4
1013 103
92
9314
10412 1044
89i
6213
96
8113
k Due Aug. a Due Sept. 0 Due Oct. s Due Dec. s Option sale.
90
63
97
8312
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ending Feb. 13.
.E .
331
a.
Price
Friday
Feb. 13.
Week's
Range Or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Feb. 13.
811
Pried
Friday
Feb. 11.
Week's
Range or
Last Sate
coc2
Bki
Ask Low
High No. Low
High
High No,
Bid
Ask Low
Mallon Coal RR 1st 58
1934 J j 10114
10114
10114
1
99 10114 NYW'ches&B lstSer 144594 J 0 6134 Sale 611
62
1_ 8
53
'6
0A J
Manila RR (Southern Lines) 1939 M N 60 Sale 60
6012 24
60 6012 NordRysf(1148w1
8234 8
73
2
8
9
823 Sale 8212
7
5
1st 48
1959 M N 60
6414 68 Nov'24
Norfolk Sou 1st SE ref A 58_1961 F A 7212 Sale
Manitoba Colonization 5a
1934 .1 D 9912 ---- 100
Jan'25
-frill{ ig Norfolk & Sou 1st gold 5s_ 194I PA N
96 Feb'25
Man GB &NW lst 3118.-1941 J .1 822 _- 84
8
Jan'25
84 84 Norf & West gen gold 6s_1931 MN 1067 Sale 1063
3
107
2
Michigan Central 58
1931 m s 10112 ____ 101
2 1007 101
101
2
Improvement & ext 62_103 F 0 107% ____ 10712 Oct'24 -193 A A
4
2
Registered
1931 Q M
9934
99 Dec'24
New River 1st gold
106% ____ 10712 Sept'24 -441
19403 j 904 ---- 97
9812 978
2
97
N & W Ry lst cons g 4s__ _19 8A 0 89 Sale 8912
196 A
9
8934 38
Registered
1940.3 J
8612 Sept'24
Registered*
86
Jan'25 „
J L & S let gold 3145
1951 M S 7712 -- 77% Apr'24
_
DWI 1st lien & gong 48_194 4J J 884 Sale 883*
891s 189
let gold 3146
1952 M N 81%83 8112 Feb'25
"if - 1112
10-year cony 6s
2
1929 M S 12814 1293 12812 130
16
20
-year debenture 48
1929 A 0 97
97 97
97% 97 Feb'25
Pocah C & C Joint 4s_ 1941 J D 913 9212 9212 Feb'25 --4
Mld of N J lst ext 56
1940 A 0 9114 92
9112 Feb'25
91
9312 Nor Cent gen & ref 58 A
1974 m s 10114 102 10112 Jan'25
MOW L S & West Imp g 5s 1929 F A 10014
10014 Jan'25
10014 10014 North Ohio 1st guar g 5s
1945 A 0 8714 8814 8712 Feb'25
Ashland Div 1st g 6a
1925 M S 997
_ 10014 Jan'25
100 10014 Nor Pacific prior lien 48_ _ _1997 Q .1
85
99
2
j 847 Sale 8412
Mu & Nor 1st ext 44s(blue)1934
8812 88%
D 873 92% 8812 Feb'25 84
Registered
Jan'25 _
1997
84
Cons ext 4145 (brown)
1934 J D 87112 8812 89
Jan'25
884 9112
General lien gold 33
62
28
a2047 Q F 62 Sale 614
Mil Spar & N W 1st gu 4s
1947 M S 874 89
89 Feb'25
863 89
Registered
593 Dec'24 -4
_
a2047 Q F
Milw & State L 1st go 345_1941 J J 807
--- 8612 July'24
Ref & impt 4145 ser A__ _ _2047 J J
6
863
86%
86* Sale 8612
Minn & St Louis 1st 76
1927 3 D 994 10212 99
2Jan'25
65 ser B
2 10812 149
2047 J .1 108 Sale 1077
1st consol gold 59
1934 M N 59 Sale 58
10 -6;31 -569615
59
5
8
58 C
9738
2047 J J 10014 Sale 9714 mar73 „ 2_
9 14
9
92
.
.
8
1st & refunding gold 45_ _1949 M 5 2418
2512 244
2512 84
21
55])
26
973
66
973 Sale 9714
20473 J
Ref & ext 50-yr Ser A_ _1962 @ F 2014 21
2014
2114 16
163 2114
St Paul & Duluth 1st 58_19 8.3 o
8
9 1Q F
6
3
M StP& SS M con g 48 Int gu'38 J J 873 Sale 8712
4
8772 20
1st consol gold 4s
8612 90
8414 ...._ 8414 Jan'2 -let cons 55
1938 J J 9814 9914 99
3
99
98% 99 Nor Pat Term Co 1st g 6s 193 330 109% ___ 10914 Jan'25 -193 A J
8
10-year coil trust 648
1931 M S 10414 Sale 1033
4 10414 10 10212 1043* No of Cal guar g 58
____ 9114 Aug'24 -102
1st & ref 68 Series A
1946 J .1 1023 Sale 1013
2
4 102%
6 100 103 North Wisconsin 1st 6s
____ 100 June'2 --1930 J J 104
25
-year 5148
1949 M 5 8912 Sale 8914
843 9012 Og & L Chem 1st go 48 g_ _ _ 19 3 1J 72
8912 13
*
7112 Jan'25 -948 85 s
73
4
1st Chicago Terms f 48_ _ _1941 MN 9212
92% Dec'24
Ohio Conn Ry 48
__ 903 Dec'24 ---4
4
903
M SS NI & A 1st g 4s int gu_ _1926 .1 J 9912
-Iiiis -993- Ohio River RR 1st g 55
99% Jan'25
4
____ 9812 Jan'25 --1936 J D 100
937 A o
Mississippi Central 1st 5s_ _ _1949 J .1 9234 _
9212
General gold 5s
92%
91
923
2
er
Jan'25 --;;
9812 99
99
Mo Kan & Tex-lst gold 48_1990 J D 82 Sale _ 82
4
4
8214 18
803 823 Ore & Cal 1st guar g 55
9
5
9
84 18112 5
0
0
1927 3 .1 101 Sale 1813
Mo-K-T RR-Pr 1 5s Ser A_1962 1 3 91 Sale 9012
86
9114 Ore RR & Nay con g 4s
9114 202
4
19463 D 883 Sale
40-year 46 Series II
1962 J 3 75 Sale 74112
7512 76
711 75% Ore Short Line--lst cons g 58_'46 J .1 105 Sale 10412
105
10-year 68 Series C
1932 J
104 Sale 10314
Guar cons 55
103% 20, 10112 104
105
19
05
7
16
9718 9714 97
1946 3 .1 105 107 10518
Cum adjust 52 Ser A Jan 1967 A 0
865 Sale 86
8
9861 76 4 89
Guar refund 48
88
3
977
67
Missouri Pacific (reorg Co)
1929.3 D
2
1961 J .1 827 Sale
1st & refunding 52 Ser A-1965 F A
1901 83 8812 Oregon-Wash 1st & ref 45
8814 Sale 87
1
Pacific Coast Co 1st g 56
881
854
83
92
136
7
1946 J D 9112 9212 8238
1st & refunding be Set C-1926 F A 10112 1017
10038
10 100 101
Par. RR of Mo 1st ext g 42._ _1938 F A 9014 ____ 9012 Jan'25 --lat & refundhig 68 Ser D-1949 F A 1017 Sales 10112 101
99 10212
2d extended gold 59
10218 119
9814 Jan'25 -1938 J .1 99% 101
General 411
1975 M S 657 Sale 653
881 _ 2132
_ _*
627 6612 Paducah & Ills 1st 5 f 4345_1955 J .1 9312 95
2
9412 Jan'25 - --Mo Pea 3d 78 ext at 4%
l938 MN
5 Jan'24
4
844 843 Paris-Lyons-Med RR 6s
Sale 784
1958 F A
Mob & Sir prior lien g 58-1945 J ./ 8714 -___ 84
78% 55
9712
9812 Dec'24
S f external 78 Int rcts__ _1958 M 8 87871142 Sale 87
872 321
4
Mortgage gold 48
1945.1 J 764
(
771
1 "'hi" -if Paris-Orleans RR 8 f 75
73
1944 M S 8
95
6% Sale 80%
le
2
s
Mobile & Ohio new gold 65_ _1937 J D 1027 10312 7712
87
98
10314 Jan'25 --- 1023 10312 Paulista Ry 78
4
3
9812
M
1st extended gold 6s
81927 Q J 103 Sala 103
103
5 102 103 Pennsylvania RIt-cons g 48 1948 M N , sa e 92
92
943 AI
9218 Sal
1
l
1
General gold 4s
1938 M S 87
8112 87%
89
87
Consol gold 48
Jan'25
3
9118
9112
Montgomery Div 1st g 58_1947 F A
9814 Sale 984
977 9812
4a stamped
981k 38
May 1 1948 MN 9112 93
3
St Louis Div 55
1927 .1 D 10014 10012 10014 Feb'25
100 10P14
Consol 4148
8
99 Sale 191334
08
23
8
Moh & Mar 1st gu g 46
110
9131
9
1991 M
8412
General 4148
85 Feb'25
• 84% 85
106
1965 .1 D 94 Sale 9312
9 F A
66
94
Mont C 1st go g 68
1937 J
1103 ____ 1103
2
4 1104 110%
General 58
1107
g
1031
19683 D 10314 Sale 103
8
5
3
2
let guar gold 55
1937.1
10112
__ 103
10112 103
10-year secured 78
Jan'25
1930 A 0 110 Sale
M & E 1st gu 3142
20003 D 763
4
15-year secured 6145
4
763 8112
4
773
51
1936 F A 111 Sale 19 18
18 4
0
Nashv Chatt & St L 1st 58-1928 A 0 10112 7812 763
Sale 1014 10112 15 1004 1013
40-year gold 58 temp
4
191
18
% 208
1964 M N 9812 Sale
N Fla & S 1st gu g 5s
1937 F
__- Pennsylvania Co99 Apr'24
Nat Ry of Mex pr lien 410-1957 J A
J
Guar 3345 coll trust reg A-1937 M
__
30 Sept'23
8514 8712 8454 Dec'24 --July 1914 coupun on ......
-Guar 3Hs coil trust Ser 13.1941 F A 83% 84
8312 Jan'25 ---Assent a f red June min on
174 20% 2534 j Y:22
Guar 3343 trust ars C..,.__1942 J D 82
10 gb 4 5 - - -191- -2134
4
84
84% Sept'24 -Guaranteed 70-scar 1145_1977 A 0
Guar 334s trust ctfs 12_ _ _1944 J D
__-- 8718 July'23
8214 Feb'25
-April 1914 coupon on__________
Guar 15 -year gold 48.-1032 m O 9414 95% 953
18 May'24
-25
19 1 A N
8
8
95%
Gen sf48 assenting red.__
4
-ifili " ti Guar 45 Ser E
iii
18
Jan'25
114
8514 87% 85% Jan'25 -Nat RR M ex prior lien 446.1926
Peoria AG East 1st con 248_119940 ADO 78 5 79
3812 June'23
30
r
3
783
2
7812 11
July 1914 coupon on
Income 48
25 July'24
3512
Apr. 34% 36
355
8
7
Assent with July '24 coup on - _
3014 3212 Pere Marquette 1st Ser A 5a-19 3
20 -821- 32
4
Jan'25
99 Sale 9834
19
86
56
99% 18
8
1st consol 48
1951 A 0
1st 4s Ser B
28 Apr'24
83% Sale 8212
10
83
April 1914 coupon on
Phila Balt & W 1st g 48
36
Jan'24
92% Dec'24
1974 MN 9214 100
943 F A
Assent with Apr 1924 coupon
Gen as Series B
1734 20
20
Jan'25
10412 1053 10418
3
4
10418
Naugatuck RR 1st 46
1954
k
Philippine By 1st 30-yr s I 48 1937 J
723 ____ 667 May'23
4
4212 4312 43
43% 26
New England cons bs
---- ---- PCC &St Lau 445 A
1945 J J
_ _ 9212 Oct'24
1940A0 9615 97
96
Jan'25 ---Consol 4s
1945 J J 9212- - 7872 Dec'23
Series B 4145 guar
7914
1942 A 0 96 98
Jan'25 -NJ Juno RR guar 1st 45_ _ _1986 F A 8212 81
Series C 445 guar
86
83 Sept'24
1942 MN 96
9412 Aug'24 -NO&NElstref&lmp434eA'523 J 883
Series D 45 guar
8
:861-Ii
1945 M N 9012
89% 18 -A0 - 2
89 4 Jan'25 ---3
New Orleans Term 1st 46....1953 J J 83 8 Sale 87%
Series E 314s guar gold._ _1949 F A 904 -- 904 Jan'25 -4 84
4 16
NO Texas & Mexico 1st 6s..1925 J D 101% 8312
Series F guar 45 gold
4
Sale 1013* 1053
4 12 1015* 1013
1198537
9
9012 -- -- 8912 Nov'24 - Non-cum income 5s
1935 A 0 94% Sale 93%
Series G 4s guar
9234 945*
94%
3
9
Ml 9012 ---- 91 Nov'24 ---1st 52 Series B temp
90% 915
1954 A 0
91%
Series II 4s
91% 27
8
90's
1960 F A 9012
91
Feb'25
181 5348 Series A temp__ 1954 A 0 913 Sale
1
Series I cons guar 4348
98 10034
99% Sale 995* 10012 45
14 F N 95 - - 2 95
96
95
967
1903 wi A
1
N & C Bdge gen gu 414s
1945 J J
93% 934
Series J 414s
1
93's
9424 951 9
NYB &MB Ist con g 58_1935 A 0 9312 Sale 93%
412 Dec'24 -9972 100
General 55 Series A
83
Jan'25
_ _- 100
1970 J D 100% Sale 1003
8 1003* 21
NY Cent RR cony deb 68_1935 M N 115%
Sale 11512 117 1038 11114 11712 Pitts & L Erie 26 g Es
a1928 A. 0 101
1
101
101
Registered
M N 116 Sale 116
116
_193 J .3 10418
2 11514 11612 Pitts McK & Y 1st go Bs
1932
4J .1
105 Dec'24 -Consol 48 Series A
1998 F A 833 Sale 83%
26 guaranteed Eis
4
4
823 85
84
64
102% __
Ref & impt 448"A"
983 Aug'24 -8
2013 A 0 90% 92
20
8872 9112 Pitts Sh & L E let g 58
91
90%
1940 A 0 1003 _- 101
4
Ref & impt 55
101
3
2013 A 0 101 Sale 1004 10114 315
1st consol gold 58
99 10114
1943.3 3 983
4
Jan'25 ---Rsgistered
99% 9974 Pitts Y & Ash 1st cons 55.-1927 M N 1004 10012 101
A 0
99% Jan'25
N Y Central & Hudson River
100
Jan'25 -Providence Secur deb 45.-1957 al N 523
8
_ _ 5312 Jan'25 ---Mortgage 314s
1997.1 J 7612 Sale 75
762
78 Providence Term let 45
4 33
75
1956 M El 8118 __- - 80 Sept'24 Registered
19973 J 7612 77
7412 753 Reading Co gen gold 45
754 Feb'25
1997.3 J 94% Sale 94%
[ Debenture gold 48
95
4
1934 M N 9514 Sale 94
953
4 42
Certificates of deposit
931 953
30
-year debenture 48
951 Nov'24 -1942 .1 J 9134 9212 924
9114 92%
Jersey Central colt g 48___1951 AO 9012 Sale 9012
9214 17
Lake Shore colt gold 3146_1998 F A
4
9112
75 Sale 75
74% 76
Gen & ref 414s Ser A
75% 10
1997
J 9212 Sale 9218
Registered
93
68
1998 F A
Rich & Dan 56
7334 Dec'24 1927 AO
Mich Cent coil gold 3148..1998 F A 727 76
993 Feb'25 ---755 761s 75%
75
76 Rich & Meek 1st g 58
753
4
4
1948 MN 7412 75% 7412 Jan'2 -Registered
1998 F A
743 80
4
731g Dec'24 Rich Ter 55
N Y Chic & St L 1st g 4s
1952 J J 1003 1007
2
8
1011
1
1937 A 0 92 Sale 92
9212 Rio Grande Juno 1st go 58-1939 3D 9.512 9612 10112 Feb'25
91
92 12
Registered
947
1937 A 0
89
89 Rio Grande Sou 1st gold 48._1940 J J
89
Jan'25
5
25-year debenture 4.
7
512 Jan'25 -- 1931 M N 94
94
92 2 96
Guaranteed
7
9415
5
1940 J J
64
66 Series A B C
7 Dec'24 -193i M N 10312 Sale 103
0482d
10312 49 10212 10312 Rio Grande West 1st gold 46_1939 .1.3 87% Sale_ 87
Ref 510 Series A
873
4 36
1974 A 0 954
Mtge & coil trust 42 A_ _ __1949 A 0 73 4 75
93% 957
957 339
2
2
75
143
3
N Y Connect 1st go 448 A_1953 F A 9214 Sale 9514
74
Sale 913
90 9214 RI Ark & Louis 1st 4 4s._1934 RI S 874 Sale
9214 47
8
87% 39
N Y & Erie 1st ext g 46.- 1947 M N 89
s
867
92
89
- Rut-Canada 1st go g 48
Oct'24
19493 J 72
3(1 ext gold 449
74
73% Dec'24 ---1933M 13 9114
96 May'24 Rutland 1st con g 4148
1941 3 J 86% _ _ _
4th ext gold 58
8514 Jan'25 ---1930 A 0 99%
97% Dec'24 St Jos& Grand la 448
1947.3 J 7512 767 757 Jan'25 -5th ext gold 48
2
2
1928 J D 971
St Law & Adir 1st g 56
- -- 9714 Dec'24 - NY & Green Lang 55
1996J J 95
__
____ 94 Feb'25
1946 M N 91 4"el" Ws; 26 gold Os
9212 9232 Jan'25
1996 A 0 101 102 101
N Y & Harlem g 346
Jan'25
2000 M N 783 80
7812 Feb'25 - 78
7812 St L & Cairo guar g 48
14
95
N Y Lack & W 1st & ref 55..1973 M N
19313 .1 95 Sale 947
12
_ _ 984 Nov'24St L Ir M & S gen con g 58_1931 A 0 10018 Sale 997
10014 30
let & ref 448
1973 M N 993
10024 10084
10014 Jan'25 Unified & ref gold 4s
87
1929 3 .1 95 Sale 94
NY LE&W 1st 75 ext._1930 M S 1035
95
-- 1074 Jan'25
- 1074 10712
Registered
Dock & impt bo
6
J J
_- 9214 Jan'25 -. 66
1943.1 J 993 Sale 99%
4
99% 99 4
99%
Div & GI Div 1st g 48
3
1
1933 M N 864 Sale 8512
87
NIT & Jersey 1st 52;
1932 F A 100 Sale 100
99% 100 St L M Bridge Ter gu g 55.-1930 A 0 9914 100
100
10
9912 Feb'25 -.„
N Y & Long Branch gen g 48 1941 M S 904 _ _ _
9012 Dec'24
St L & San Fran (reorg co) 48 1950 J
NYNH& Hartford
9312 Sale 7338
7414 270
Prior lien Ser B 5s
89% 161
1950 3 .1 8914 Bale 89
Non-cony deben 48
1947 M S 6434
648 Jan'25 65
61
Prior lien Ser C 58
1928 3 J 1023 103 1023
4
Non-cony deben 3146...A047 M S 583
4
103
4 14 43
5712 Jan'25 -_-_
4 555 5712
Prior lien 548 Ser D
1942 J J 974 Sale 957
Non-cony deben 3548_1954 A 0 547 - -- 57
975* 135
5612
57
1
5534 57
Cum adJust Ser A 65-81955 A 0 874 Sale 87
8812 275
Non-cony deben 48
10553 J 6312
635
6
60 635
638
Income Series A 68
81960 Oct. 8114 Sale 8112
Non-cony deben 46
821 296
1956 M N 6312 Sale 6312
18
0
4
6878 6734 StLouts & San Fran Ry gen 624'31 J J 1043 10612 10512 Jan'25
8
8
4
Cony debenture 3345
1956 J J
5472 56
5612 Feb6'425
General gold 58
e
1931 J J 100% 10
Cony debenture 65
100 2
1948 J
3
01 wo
8914 Sale 8812
5
-Hi 87 9014 St Louis & F RR cons 48_1996 J J 904
8412 Dec'24 -75 European loan dollars.1925 A 0 9912 Sale 993
993
4 70
97 100
Southw Div 1st g 5e
1947 A 0 984 -- 973 Dec'24 -2
75 European loan francs 1925 A 0 99% Sale 9812
5 St L Peo & N W 1st
e
9914 2369
96
99
gu Es_ _1948 J
10312 Sale 103
Debenture 42
10312
1957 M N 5712 Sale 5612
1
5812 48
U
5812 St Louis Sou 1st gu g 4s
937
2
93%
Cons Ry non-cony 48
93%
8
1930 F A
44
Apr'23 -_- ---- ---- St L S W 1st g 4s bond ctfs 1931 MS 8112
1989 MN
Sale 81
8112
Non-cony 45
1954 J
7
6212 6313 62
2d g 42 income bond etfa.P1989 3
2
74
Jan'25 -Non-cony deben 45..„1955 J J 62
J 723 74
6312 62
62
2
4
1
65 62
52
6
Consol gold 46
89 Sale 8814
89
68
Non-conv deben 48
931 62
1956 .1 J 62
62
4
62 62
lat terminal & unifying 56_19 3J 83% Sale 834
8412 53
19 3 D
52
32
NY & Northern 1st g 55.- 1927 A 0 10032 _ _ 100
Jan'25 .___ 100 100 St Paul& K C Sh L 1st 410_1941
F A 83% Sale 834
84% 8
8
N Y 0& W ref lst g 4s_June 1992 M 8 69 Sale 6812
693
2.5
65 693 St Paul E Or Trunk 410_1947 J J
88 Sept'24
General 49
19553 D 65
67
66%
663
4 20
6312 68%
1942 A 0 86
N Y Prov & Boston 46
8612 Jan'25 ---_
864 864
N Y & Putnam Ist con gu 48293 A 0 83 85
83 Feb'25 ---8214 83
1927M S 993 100
NY &RI3 1st gold 56
8
9912 Dec'24 --NY Snag & W let ref 55.-1937 J J 75 Sale 74
76
40 148 - 7- fi
1937 F A 68
26 gold 4145
73 62
Jan'25 ---6112 62
General gold 58
1940 F A 65 Sale 6412
65
34
6012 65
Terminal 1st gold 56
1943 M N 93
943 94
Jan'25 ---94 94
a Due Jan, 1 Due July.
p Due Nov. 5 °IMOD BM
Range
Since
Jan. 1.
Low
High
59% 62 4
3
81% 84 4
5
70 2 735
3
2
95% 96
1065 1071
2
8
897
88
86 86
8812 60 4
1
12712 133
12
91
93 4
1
10112 1014
87 87
12
84 85
8314 B414
6012 62
851 8713
10614 1084
96
973
4
953 973
4
4
kit; Nit;
'Hi nil'
9814 931
99
99
lows 101%
8814 89
1035 105
8
1035 105%
8
96% 97 8
7
81% 8312
82
92
9018 985
8
ggh 98%
9412 9412
7818 80%
86% 89
855$ 90
97 100
95
92
904 914
goh 915
4
9814 100
93 95
1014 1034
jog 110
109 4 111
5
4
98 985
83
8328
-El;821*
9555
941
4
85
78
35
g7h
8111
85
12
79
9612
995
8
83%
104 kW'
4172 434
96
964
98
96
4
89* 895
9034 91
"ii" 91
95
9514
"fiii Rif
101
101
ail" Nil;
!
101 101
100 100
5312 5414
WI; 96
"Ai 95
9212 9
4
991 628
4
7412 74 4
1
10052 10112
92% 944
5
54
-Eli 'Eli"
71% 75
85 874
7522 75%
94 94
101 101
94 95
9914 100 2
5
913 95
4
9112 9214
83% 87
99% 100
12
7114 7414
854 89%
Dm% 10314
9358 98
8454 8912
762 823
8
4
1054 10512
10058 101
kul;kit;
92%
80
74
85%
815
8
80
93 4
7
817
2
74
89
8412
84 4
3
812
BONDS
N.Y.STOCK EXCHANGE
Week Ending Feb. 13.
New York Bond Record-Continued-Page 4
E,3
16
Price
Week's
Friday
Range or
t
Last Sale
.-.11. Feb. 13.
Bid
Ask Low
High No.
St Paul Minn & Man 41933
94% 9513 9414 Feb'25
1st consol g (is
1933 y
10812 Sale 10812 10812 11
68 reduced to gold 430
1933
10814 10912 9813 Feb'25 10
Mont ext 1st gold 45
9313 Feb'25
1937 .1 D 9212 93
Pacific ext guar 48
89 Sept'24
90
1940 y
89
St Paul Union Depot 58
1972 j y 1003 Sale 10038
10113 16
8
8
8A&APaes1stgug4..j943j J 83% Sale 833
83% 87
Banta Fe Pres & Phen 5s1942 M S 10012 -- 101
101
3
Say Fla & West 6.,
1934 A 0 1067
8
- 10712 Jan'25
Is
10114 Nov'24 _
1934 A 0 101
Scioto V & N E let gu g 48_1989 M N 873 93
4 873 Feb'24
4
4
Seaboard Air Line g 48
- 794 Jan'25
1950 A 0 7812
Gold 48 stamped
79
86
1950 A 0 79 Sale 7814
Adjustment 5e
8
78
286
Oct 1949 F A 76% Sale 763
Refunding 45
4
66
109
1959 A 0 653 Sale 65%
1st & cons Os Series A
9212 219
1945 M S 92 Sale 917
Atl &Birm 30-yr 1st g 4a___d1933 M
8
85% Sale 858
86
6
Seaboard & Roan 1st 5a
4
5
1926 J .1 1003 -- 10012 1003
4
- 10218 Jan'25 _
1936 F A 10212
N Ala cons 611 g 5s
lie•Gen cons guar 50-yr 5a1963 A 0 10312 1047 104
Jan'25
8
So Pac Col 4s(Cent Pac col)81949 .1 D 8512 Sale 85
8538 24
Registered
85
81
Jan'25
_
J D 81
20
-year cony 4s
4
9718 191
964 Sale 963
/
1
June 1929 51
20
-year cony 58
993
4 1024
8
1934 J D 101 103
San Fran Terml 1st 413_1950 A 0 8512 Sale 8514
85% 44
So Pac of Cal-Gu g 58
103%
2
19 M N 101 104 10318
27
So Pao Coast 1st gu g 4s
94% _ _ _- 941/ Jan'25
1937
So Pac RR 1st ref 4a
8
8912 40
8
1955) J 893 Sale 887
65
Southern-Ist cons g 5s
1994 J J 10112 Sale 10114 102
78
263
Develop de gen 45 Ser A..1956 A 0 7713 Sale 763
4
Develop & gen 68
1956 A 0 10434 Sale 10434 10614 48
10913 152
Develop & gen 630
1956 A 0 10914 Sale 09
100
Jan'25 _ _Mem Div 1st g 44s-58_1996 J J 99%
St Louts Div 1st g 413
86%
2
1951) J 86 Sale 86
Mob & Ohio colt tr g 48
85
18
1938 M S 85 Sale 834
So Car & Ga 1st ext 530
8
1929 MN 10114 - - 017 Jan'25 _ _ _
8712 21
894 86
Spokane Internet 1st g 55.-1955 J J 86
Oct'23 _Sunbury & Lew 45
1936) J 9012 ____ 91
- 95 May'18
Superior Short L 1st 55 g___e1930 51 S 9912
97
1
Term Assn of St L lst g 430-193 A 0 97 Sale 97
9
101
1
1st cons gold Is
1944 F A 101 Sale 01
833
4 23
Gen refund s f g 4s
1953) J 8314 83% 8312
99 Dec'24 _ _
Tex & N 0 con gold 58
1943J J 9712 99
4
28
Texas dr Pac 1st gold Ss__ _2000 J D 1003 Sale 003
4 101
95 94 Dec'24
2d gold income 55
2000 Mar 88
9912 9912 Feb'25 _
La Div 18 L 1st g55
1931 J J 99
99
31
Tex Pac-Mo Pac Ter 530-1964 M S 99 Sale 98%
Jan'25
Tot dr Ohio Cent 1st go 58.1935) J 10018 10012 101
9578 Jan'25
Western Div 1st g 55
1935 A 0 9912 100
General gold 58
1935 J D 9714 984 9812 Jan'25 _
323 3712 Dec'24 _
4
Toledo Peoria & West 4s
1917 J J 22
4
4
Tol St L & W pr lien g 3338 1925 J .1 993 1003 993
993
4
2
4
83% 27
50-year gold 48
1950 A 0 8318 Sale 83
9512
99% Jan'25
Tol W V &0 gu 430 A
1931
95% ____ 97
Series B 445
Jan'25 _
1933J
89% Jan'25 _
Series C 48
1942 M S 8912
Tor Ham de Buff 1st g 4s_
86
86
1
1946 J D 8312 86
Ulster & Del 1st cons g to
904
9
1928 J D 9014 91% 9014
5634 55
1st refunding g 48
Jan'25 _
1952 A 0 55
Union Pacific 1st g 48
9212 89
8
1947 J J 923 Sale 92
-year cony 48
9912 69
20
1927) J 9914 Sale 9918
98
Registered
Jan'25 _
J .1 91
8534 29
8512 Sale 8514
1st St refunding 48
e2008 M
10512 Sale 0514 1054
1st lien & ref 5s
5
e2008 M
104
14
8
10
-year perm secured 65__1928 J J 1037 Sale 0334
U N J RR & Can gen 4s1944 M S 9214 _ - 9214 Feb'25
Huth & Nor gold 58
8
1926 J J 10018 1013 0118 Jan'25
93 Aug'24
1st extended 48
4
1933 J J 933
Vendetta, cons g 4s Ser A
8
1955 F A 8612 - - 863 Jan'25
Consol 45 Series B
1957 MN 8612 ---- 8612 Dec'24
_
20 00.'24 ____
Vera Cruz & P 1st gu 430 1934 J J
20 Dec'24
July 1914 coupon on
2412 Jan'25 _
Assenting 1st 430
1934
Jan'25
Verdi V I & W Ist g 5s
_ 00
1926 MB 100
10018
Virginia Mid Series E 5s1926 M
0018 Dec'24
General 58
_ 004 Jan'25
1936 M N 9912
Va & Southw'n 1st go 5s
99
Jan'25
2003 J J 99 101
95
1st cons 50-year 55
90
91
20
1958 A 0 90
Virginian let Is Series A__1961 M N 9618 Sale 953
4
9612 266
Wabash 1st gold 58
82
4 101
1939 M N 101 Sale 003
2d gold 543
8
9614 115
1939 F A 96 Sale 958
1st lien 50-yr g term 443_ _1954 J J 7614 773 7712
4
774
_
Det de Ch ext lst g 58
0012 Feb'25
1941 J J 100
Des Moines Div 1st g 4s1939 J J 8318 Sale 8318
8414
6
4
Om Div 1st g 330
76
6
1941 A .0 743 75% 75
Tol & Ch Div g 4s
853
3
1
1941 M S 8514 8512 85%
77% Oct'24
1st ref go g 330__2000 F A 7718
Warren
844 Jan'25
Wash Cent let gold 45
1948 Q M 8412 85
8112 Feb'25 -Wash Term 1st go 330
1945 F A 8114 82
84 July'24
1st 40-year guar 48
1945 F A 894 _
8
963
4
4
W Min W & NW 1st go 58_1930 F A 964 Sale 963
67
86
West Maryland 1st g 4s
1952 A 0 6612 Sale 66
1937) J 100 10012 0012 Feb'25
West N Y & Pa lst g 58
4
1943 A 0 804 813 8112 Jan'25 _
Gen gold 0
8
9314 104
Western Pac 1st Ser A 543.__1946 M S 93% Sale 927
152
5
1946 M S 102 Sale 0114
B 65
8318 22
2361 J J 8318 Sale 8212
48 guar
West Shore 1st
8011
8012
1
4
2361 .1 J 803 81
Registered
4
_4
8
Wheeling & L E 1st g 5s___ _1926 A 0 1003 1007 003 Feb'25
003 Jan'25
4
Wheeling Div 1st gold 55_1928 J .1 99%
964 Nov'24
97%
(193 OF
Eaten & impt gold 5s
71
10
Refunding 430 Series A 1966 M S 71 Sale 70%
74
1
7412 74
1949 M S 74
RR 1st consol 45
65%
6578 12
1942) D 6512 66
Wilk & East lat gu g 5a
00% Dec'24 _
1938) D 10114 102
Will & S F 1st gold 5s
8
1960 J J 823 8312 8712 Feb'25 _
Winston-Salem S B 1st 48
8012 19
J 8014 Sale 8014
Wis Cent 50-yr 1st gen 4a_ _194J
87
6
Sup & Dul dly & term let 44336 M N 864 Bale 8614
INDUSTRIALS
Adams Express coil tr g 45...1948 M
1936 J D
Ajax Rubber 85
1925 MS
Alaska Gold M deb 68 A
1926 M
Cony deb (is Series B
1928 AO
Am Agric Chem 1st 5a
1941 FA
let ref s f 730 g
1933 AO
American Chain 68
Am Cot 011 debenture Is.. _1931 MN
1936 Si
Am Dock & Impt gu (is
Am Mach & Fdy s f 6s
1939 AO
1937 AO
Amer Republics tis
Am Sm & R 1st 30-yr Is serA 1947 AO
1947 AO
65 B
Amer Sugar Refining 65
1937 JJ
Am Telep dr Teleg colt tr 48_1929 J J
1936 M
Convertible 48
1933 M
20
-year cony 430
30
-year 'coil tr 544
1946 S D
35-yr s t deb 58 temp
1960 J J
20
-year 81 530
1943 MN
1925 FA
7-year;convertible 65
85%
85
9912 Sale
312 5
312 5
8
1003 Sale
1003 Sale
4
99% Sale
934
_
108 Sale
9618 Sale
97 Sale
107 Sale
10112 Sale
4
963 Sale
91 Sale
111% 115
10012 Sale
4
953 Sale
8
1017 Sale
85
1
85
98
9912 54
Jan'25
5
5
Jan'25
9914
100% 77
00
101
326
9812
993
4 60
2
93
93
3
08
108
4
99
9912
9818
9612 13
964
97 4 97
,
10818 29
107
63
10118 102
96%
967 108
8
6
907
8
91
11
11213 114
10018 10012 186
9534 874
95
1013
4 10212 290
127
12914
Range
Since
Jan. 1.
at
P71.
Friday
Feb. 13.
Week's
Range or
Last Sale
b3
High
High No,
Low
Bid
Ask Low
Am Wat Wks & Elee 5s__1934 A 0 95% Sale 954
9414 95
954 47
40
55
10814 1083 Am Writ Paper s f 7-65
4
1939 J J 51 Sale 51
Temp interchangeable ars deP. F . 47 Sale 47
503
4 42
9814 90
___A
241
101
1953
923 9312 Anaconda Copper 68
4
1007 Sale 100%
8
215
78
1938 F A 10312 Sale 10312 104
Andes Cop Min deb 7s w I
100 102
10018 55
1943 J J 100 Sale 100
12
9112
81
84% Comp Azuc Antilla 730___ _1939
92
J
Armour & Co 1st real est 4301939 J D -8814 61;1- 873
101 101
4
e8814 81
10712 10712 Armour & Coot Del 530.-1943 J J 94 Sale 934
142
94
Associated Oil temp 65
1945 5 D 10212 Sale 102
1023
8 72
97 M S
3
873 90
4
Atlanta Gas L 1st 58
4
_7- 973 Jan'25
74
4
7918 Atlantic Fruit 7e ate dep
20
20
1934 J D 20
9734-25
80
Stamped ctfs of deposit
74
Jan'25
397 22
8
Atlantic Refg deb .19
7412 79
994 Sale 987
9912 53
8
Baldw Loco Works 1st 53_1:940 5
1024
5
5912 66
103
10214
937 M
37
2
84% 9212 Comp Am,Bara 730
103
103 Sale 103
83 8 8612 Barnsdall Corps f cony 8% A1931 j
7
4
105
1043 105 104%
8
4
1948 J J 10118 Sale 100%
10114 59
%
99 1003 Bell Telephone of Pa 55
10218 10218 Beth Steel 1st ext 5 f 55
1942 m
92 J
6
1003 Sale 10038
4
100% 27
1st & ref 5s guar A
103 10414
957 Sale 9538
8
957
8 53
863
4
30-yr M & imp f 5s_1936 J J 923 Sale 9214
84
8
9212 42
81
Cons 30-year Os Series A 1948 F A 97 Sale 9613
81
330
97
9613 97 8
Cons 30-year 530 Series B 1953 F A 89 Sale 8814
,
8918 57
993 10218 Booth Fisheries deb 5 f 6s
4
1
1926 A 0 85 Sale 85
85
8414 8614 Brier Hill Steel let 530__1942 A 0 9918 Sale 983
4
9912 85
103 10318 Byway de 7th Av let c g 5s_ 1943 J D 75 Sale 75
11
75
Ctfs of dep stmpd Dec '24 lot
94% 9412
75% Feb'25
74
75
8818 89% Brooklyn City RR Is
1941 ,ii
92
Jan'25
Bklyn Edison inc gen 55 A 1949 J J 997 Sale 997
10014 102
140
8
8
100
General 6s Series B
73% 78
10
105
1930 J J 105 Sale 1044
General 7s Series D
103 106 2
,
107% Nov'24
1940 J D
10634 1093 Bklyn-Man R Tr Sec 6s__1968 J J 873 Sale 87
4
4
/
1
4
883 934
4
9912 100
Bklyn Qu Co & Sub con gtd Is'41 MN 6918 Sale 69
13
691
1st Is
8514 8638
1941) J 7418
80
Jan'25
Brooklyn Rapid Trans g M 1945 A 0
82% 85
90 Nov'24
Trust certificates
10012 102
96 June'24
1st refund cony gold 4s___2002 J .5
8313 874
81 Dec'24
3-yr 7% secured notes_ _ _1921 J J
10912 Sept'24
Certificates of deposit
120 Nov'24
Ctfs of deposit stamped
"6E1' 97
4"
177% Dec'24
Bklyn Un El 1st g 4-543
100 101
3
1950 / E; 8414 Sale 84
8414
Stamped guar 4-5e
82% 833
2
1950 F A 8414 85% 844
843
8
4
Bklyn Un Gas 1st cons g 5s._1945,M N 10014 Sale 1004
5
100 4
,
997 101
78
1633 Jan'25
19321 M N 145 _
4
1st lien & ref 631 Series A 1947 M N 1093 Sale 108% 11012 12
8
"igli -661- Buff & Susq Iron s f 58
t
3
1
8
1932 J D 92% 933 9178
914
9812 99
Bush Terminal let 4s
8612 10
1952 A 0 8618 8812 864
10014 101
Consol 58
1955 J J 8814 8878 8714
6
89
9513 954
Building .55 guar tax ex
8
1960 A 0 947 Sale 944
8
947
8
1937 M N 99 Sale 99
96% 98 2 Cal G & E Corp Is
,
9912 122
Cal Petroleum 630 temp....1933 A 0 103 Sale 103
7
10312
961- 661 Camaguey Sug 1st s f g 75_ 1942 A 0 93 Sale 93
2 8
9314 28
15
8218 84 Canada SS Lines let coils f 78 '42 M N 99 Sale 9812
99
4
1942 F A 10712 Sale 10712 107%
99% 99% Canada Gen Elec Co 6s
Cent Dist Tel 1st 30-yr 58.19435 D 10013 10034 10012 10012
2
97
97
50
95
96
95
1931 F A 95
894 8
9% Cent Foundry 1st s f (is
851 8612 Cent Leather 20-year g Se
/
4
10014 45
1925 A 0 10018 Sale 10018
7
9218
Registered
A 0
90
9914
9914
4
113
55 62 Central Steel 8.9
1941 MN 112 Sale 11178
3
8
99
4
903 9212 Ch G L & Coke lst gu g 55 1937 J J 99 Sale 988
864 368
4
1927 F A 843 Sale 8312
9814 995 Chicago Rys let M
8
400
8
Chile Copper 68 Ser A
1932 A 0 1097 Sale 10912 111
98 98
29
Cincin Gas & Elec 1st & ref Is '56 A 0 9912 Sale 994 100
8414 86
4
1014
10418 10512
530 Ser 13 due Jan 1
1961A 0 101 Sale 101
10334 1043 Clearfield Bit Coal 1st 4s___1940 J J 78
8
87
1
92
92
92
9214 9212 Colo F & I Co gen s t 58____1943 F A 91
21
83
10118 101 8 Col Indus 1st & coil 58 go.....1934 F A 83 Sale 82l
'
4 15
8
Columbia G & E 1st 58
1927 J J 1007 Sale 100% 1003
8
8
Stamped
863 863
8
1927 J J 1..104 Sale 10012 100%
12
Jan'25
---- Col & 9th Av 1st gu g da
1993 MS 124 14
9918 20
Columbus Gas 1st gold.58
--__
1932 J J 9918 Sale 9918
8
Commercial Cable 1st g 4s 2397 Q J 923 9312 72% Jan'25
2
9914 9914
9914
1934 M N 99
24'2 2412 Commercial Credits f 65
6658 100 Commonwealth Power 68 1947 M N 10014 Sale 10018 101 57
1
0418 10418
_
- Computing-Tab-Rec a I 65_ _1941 J J 104
9018 Feb'25
8
100 10012 Conn Ry & L lst & ref g 430 1951 -1 J 963
1
9312 99
91
9212 91
Stamped guar 430
1951) J 91% 8
8914 94
Cons Coal of Md 1st & ref 58_1950 J D 89 Sale 883
8414 91
10178 1172
4
95
96 2 Consol Gas(NY)deb 534s...1945 F A 1013 Sale lot's
,
1023 Sale 10214
4
1023
4 16
10014 10112 Cotui'd Pr de Ltg 1st 630
1943 M
16
88
4
88
9413 9614 Cont Pap & Bag Mills630-1944 F A 873 88
7712 773 Con G Co of Ch 1st gu g 5a 1936 J .1 9812 Sale 9813
9812
4
9912 10012 Consumers Power 1st 5s
269
95
1952 M N 95 Sale 93%
1931 MN 10014-_ _ 90% July'24
4
813 8414 Corn Prod Refg s f g 58
76
- 00% 10114 20
1st 25-year s f 58
1934M N 100%101
74
8
754 75
75% 12
1943 F A 75
8412 853 Crown Cork & Seal 68
Cuba Cane Sugar cony 7s
964 69
_
1930 J J 9612 Sale 9512
Cony deben stamped 81 _1930
4 1017
8418 8412
4
J 10112 Sale 003
8 99
814 8212 Cuban Am Sugar 1st colt 843.1931 M S 10814 Sale 0712 10814 26
Cuban Dom Sug 1st 730.._1944 M N 98 Sale 97%
72
98
-6E4 - 3- Cumb T & T 1st & gen 6s
66 4
1937 J J 97% Sale 97%
973
4 17
0312 67, Den Gas & EL Ist&ref s f g 5s '51 M N 9414 Sale 9312
9414 45
4
100 10012 Dery Corp(D G)75
1942 M S 90 Sale 80
8
8014
8112 8218 Detroit Edison 1st coll tr 55_1933J J 10118 Sale 014
1013
4 12
10012 Sale 00
1st & ref Is Series A.July 1940 M
101% 15
9014 93 4
,
10014 102
1st & ref 6s Series B._July 1940 M S 10712 Sale 0714
1074 32
813 834 Det United 1st cons g 434s...1932.5 J 91
4
9113 9118
913
4 38
Dold (Jacob) Pack 1st 6s
1942 M N 88 Sale 863
19
8
88
7954 81
10034 10118 Dominion Iron & Steel 58_1939 J J 6712 67% 66%
673
4 11
Donner Steel 78
993 101
8
1942 J J 91
9112 91
9112 10
- _ du Pont(El) Powder 4 SO- _1936 J D 914
-- 9012 Jan'25
3
68 -71 4 duPontdeNemours&Co 730 1931 M N 107 Sale 1063
8
62
107
Registered
72
7412
M N
107% Jan'25
6314 657 Duquesne Lt let & coll(is___1499 J J 1017 Sale 10512 1064 39
8
1st coil trust 530 Series 83_l949.5 J 1043
4-- 1054 Feb'25
8112 87'2 East Cuba Sug 15-yr s t g 730'37 MS 106 Silo 104%
106% 84
793 8013 Ed El Ill Bkn 1st con g 4s___1939 J J 913 91% 914
8
4
2
913
.4
8514 8714 Ed Elec III 1st cons g 5s____1995 J J 101 2
1
10114
,
10114
Elkhorn Coal6% notes
19253 D 100 166- 100
- 5
8
1
100
Empire Gas & Fuel 730_ _ _1937 M N 1004 Sale 1004
100% 2813
85
8712 Equit Gas Light 58
1932 M S 9814 100 100
Jan'25
9413 9012 Federal Light & Tr 1st 5s
1942 M S 92 Sale 914
92
16
5
5
1st lien Os stamped
1942 M
101 Sale 101
10114 15
5
5
Cony deb 7s Ser A
1053M
111%
136
1
136
9814 1001 Federated Metals s f 75
/
4
1939 J D 105 Sale 10312 1043
8 39
Fisk Rubber 1st s f 88
944 101
1941 M S 11114 Sale 1104
11138 25
96% 993 Ft Smith Lt & Tr 1st g 5s.__1936 M 8 77% 80
4
774 Feb'25
914 9312 Framerle Ind & Dev 20-yr 730'42 J J 9414 Sale 933
31
4
95
108 108
Francisco Sugar 730
1942 M N 10513 Salo 105
5
10512
98 100 Gas & El of Berg Co eons g 581949) D 9812 _ -- 984 Jan'25
Asphalt cony 68
914 964 Gen
1939 A 0 10212
102
102
5
9513 973 General Baking 1st 25-yr 68.1936 J D 10538
4
_ 105 Feb'25
1033 10818 Gen Electric deb g 330
8
1942 F A 84
__ _
2
84
84
9912 102
Debenture Is
1952 M S 1023 Sale 10218
4
1023
4 19
1912 F A 101 10114 1013 Feb'25
9618 964 Gen Refr lsts f g Os ger A
8
90% 91
German Gen Elec 7s w 1
4
1945 J J 933 Sale 934
937
8 77
1104 115
Goodrich Co 630
65
1033 Sale 10312 104
4
10018 10112 Goodyear Tire & Rub 1st f 1947 .1 N 1197 Sale 119%
9 M J
8
41
12014 67
10-years t deb g 85
95
9618
10912 Said 10834 1093
4 93
101 10212 Granby Cons M S de Peon Os 19 M N 944 9914 96
A'28 F A
Jan'25
Stamped
1253 13012
4
1928 M N 944 _ _ _ 96 Feb'25
debenture 88
100
124
1925 M N 99% Sale 99
C
Gray Davis 7s (30.070_19 4 F A 9312 Sale 931z
A
933
19 2
3
4
4 14
Gt Cons El Power
9012 Sale 9
9012 98
04
Great Falls Power 1st s t 58 1940 M N 10118 102 100 Feb'25
Hackensack Water 45
8418
1952 J
_ 83% Jan'25
Havana El Ry L & P gen Is A '54 M S 864 Sale 88
867
8 76
Havana Elec eonsol g 58
93% 15
1952 F A 93% Sale 93%
Hershey Choc 1st stg 65
7
10414
1942 M N 10418 Sale 104
d Due May. •Due Jun.. I Due July. k Due Aug. 8 Option sale.
BONDS
.
1131
N. Y. STOCK EXCHANGE
Week Ending Feb. 13.
Range
Since
Jan. 1.
Low
MO
924 95 4
3
4514 55
438 503
8
4
/
4
99% 1011
10212 104
100 1004
9112 934
8812
85
9112 94
10134 102%
973 97%
4
24
18
22
22
97% 99%
102 103
103 104
10212 105
10012 10114
10014 10114
9312 95%
9014 90%
933 97 2
4
,
85,2 8918
8
827 85
97
99%
72% 7514
73
7518
904 93
9914 100
10414 105
8214 883€
6612 71
80
80
841€
83
83 84%
9914 101%
158 1633
4
10714 11012
91% 91%
84
8612
8615 89
8
938 95 8
8
99 100
4
1003 10312
93 9314
9654 9914
1074 107%
10014 10072
95
9514
10018 10012
99
/ 9914
1
4
111 114
981 9913
/
4
82% 86%
109 11112
99% 100%
1004 102
92i
91
83
80
10012 1011a
100 10118
914 12
9813 9918
724 7212
9912
99
97% 101
10114 1044
904 90%
92
89
8612 8914
10112 1017
8
100% 1023
4
874 89
9812
98
90% 95
100I 1011s
77
75
93% 9613
9914 102
111713 10813
9634 9818
97%
97
92% 9414
75 82
100 10214
99% 101%
106% 108
90% 92
82 88
85
6811
883 91%
4
9012 904
1063 10813
8
10718 10718
105 10613
104 106
3
104 1067
93
91
10114 101%
100 100
974 1013
4
100 10014
9412
88
9614 102
116 136
10312 10612
5
108 1113
7612 7812
9214 9
5
1043 106
4
984 984
101 102
8
1043 105
83 84
10112 1054
10014 101%
933 9418
4
100% 104
119 1204
/
1
4
108% 1093
95
9
6
9318 98
95 100
95
92
893 9113
4
99% 101
833 8
8 5
8512 86%
9212 94
103% 104
%
813
New York Bond Record-Continued-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb 13.
Price
Friday
Feb. 13.
Week's
Range or
Last Sale
co c2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 13.
Price
Friday
Feb. 13.
Week's
Range or
Last Sale
co
Range
Since
Jan. 1.
High
High No. Low
High
Ask Low
Bid
Ask Low
Bid
High No Low
4
9712 98%
8
985
8
8
4
26 1005 10212 Pat & Pass.Jc G & El cons 5s 1949
- 985
Hoe(R)& Co lst8 Ms temp.1934 A 0 1013 Sale 10112 102
S 98%
107 108
/
1
4
168 10814 Jan'25
- 85 Peon Gas & C let cons g 68_ _1943 AO _
79
35
4
Line Os (fiat)A947 MN 85 Sale 843
85
Holland-Amer
11
94 4 96
3
953
8
96
9818 9912
Refunding gold 58
1947 M S 1W8 98
Hudson Co Gas let g 5s_ _ _ _1940 MN 99% Sale 9912 Feb'25
24 101% 105
105
8
9912 101
35
1003 Sale 1003
4
Philadelphia Co 68 A
4 101
1944 F A 1043 Sale 10414
Humble Oil & Refining 5348_1932 j
88
933 95%
4
95%
97
98
9778 Sale 9758
.
1
115
1938 MS 95% Sale 94%
98
Illinois Bell Telephone 58_ 1 N8
534s
99% 101%
100% 47
923 94
4
9378 Sale 9312
Phila & Reading C & I ref 58_1973 J J 10012 Sale 100
65
94
Illinois Steel deb 45s
9414 gg%
137
96
96 Sale 94%
8712 91
1936 M N 9012 913 91
Pierce-Arrow 8s
Feb'25
4
1943
Ind Nat Gas & 011 5s
S
2 10258 105
8
1952 M N 1013 Sale 10138 1013
4
1931 J D 103% 1033 10312 10334
4 31 10114 10212 Pierce 011 s f 8s
Indiana Steel 1st 55
9958 102
1935 j J 9914
1013
4 17
9914 9914 PilLsbiry Fl Mills 20-yr 6s 1943 AO 10114 Sale 10114
9914 Feb'25
Ingersoll-Rand 1st 58
9712
_
11
97
10
1
4
4
10
Metrop coil 4 Me_ _1956 A 0
Pleasant Val Coal let g 8158_1928.3' 973 983 974 Jan'25
10
Interboro
9318 94
_
73
6718 741 Pocah Con Collieries let s f 581957.3' 93% 9413 94 Feb'25
68
Interboro Rap Tran 1st 5s1966 j j 7212 Sale 7012
743 437
4
7
9912 10014
7312 1216
100
7112 Sale 70
Stamped
Port Arthur Canal & Dk 68 _1953 FA 10012 Sale 99%
98% 99
99 Feb'25 4_
1932 A 0 7912 Sale 7712
72 80 Portland Gen Elee 1st 5s
349
80
10-year 135
1935.33 99
14
9212 95
94
9214 95
301
1932 M S 9412 Sale 9314
Portland Ry 1st & ref 5s_ _ _ _1930 MN 94 Sale 9313
95
7e
8414 87%
87% 23
693 7218 Portland Ry Lt & P 1st ref 551942 FA 87 Sale 8412
4
743 724 Jan'25
4
Int Agee Corp 1st 20-yr 5s _ _1932 MN 73
94
994
634 70%
2
O. Stamped extended to 1942_ _-- M N 6318 70
Os B
70
70
9914 69
1947 MN 98 Sale 98
10518 107
9112
88
Inter Mercan Marines f 5s _ _1941 A 0 9012 Sale 9012
1st & refund 7345 Ser A 1946 MN 106 -- 1057 Feb'25
91% 87
23 106 100
1947 j j 9014 Sale 89
106
873 9014 Porto Rican Am Tob 8s_ _ 1931 MN 106 -- 108
4
International Paper 58
9014 66
4
933 98
52
1947 j j
96
1st & ref 55 B
Pressed Steel Car 55
84 Mar'24
1933 .1 3 96 Sale 95
4 104 11514
114
88
93% Prod 8, Ref s I 8s(with war'nts)'31 J D 114 115 114
Jurgens Works 65(flat price)_ 1947 J• J 93 Sale 9234
93% 134
12 110 111
111
8
Kansas City Pow & Lt 5s_1952 M S 965 Sale 9612
95% 973
54
5
97
Without warrants attached__
' 110 111 110
p
2
_ 10412 1047
9814 1015 Pub Serv Corp of NJ gen 5s_1959 AO 10412 1043 10478 Feb'25
8
10112 Sale 1003
Kansas Gas & Electric 85.._.13u
4
8 49
4 1015
98
95
320
98
Kayser & Co 78
5 10112 103
10212 10314 103
103
Secured g 138
1944 FA 9712 Sale 9614
987 101
2
14
101
97 100, Pub Serv Flee & Gas 1st 5301959 AO 101 Sale 10014
Kelly-Springfield Tire 8s__ A932 M N 10014 Sale 9914
4
10014 80
10412 18 10212 10512
Keystone Telep Co 1st 5s_.A936 j
82
8312 Pub Serv El Pow & Ltg 6s_ _1948 A0 10418 Sale 10418
8318
8312 Feb'25 _
4
1084 90 1023 1084
Kings County El & P g 58.._ _1937 A 0 1013 -- -- 10112 1014
4
2 10012 10112 Punta Alegre Sugar 78
4
1937.33 1053 Sale 105
8814 92
9112 23
114% 118
1997 A 0 11412 1183 117 Feb'25
8
1.• Purchase money 1321
Remington Arms 138
%
1937 MN 90 Sale 9114
934 958
4
953
75
773 Renub I & 8 10-30-Yr Ass f_ _1940 A0 9514 Sale 95
4
Kings County El 1st g 48_ _ _1949 F A 777 _ _ _ _ 77
4 18
8
2
77%
9134 93
40
93
74% 7714
Stamped guar 45
1949 F A
7018 78
4
7714 Feb'25
534e
1953 .3.3 923 Sale 9212
87
3
734
7012
89
9012
Kings County Lighting 5s..1954.3
9012 Robbins & Myers sI 78
5
9114 913 9013
704 70
4
1952 3D 68
1954
8
10512 1055 10512 1055
8
6 Me
_--- 90 Aug'24
8 17 103% 1055 Koch & Pitts Coal & Iron 58_1946 MN 91
821s 8313
3
8312
Kinney Co 730
1936 J D 10718 Sale 107
4 107 108% Rogers-Brown Iron Co 7s _ _ _1942 MN 8312 Sale 8314
10718
8514 8552
Lackawanna Steel 55 A
89% 917 St Jos Ry Lt Ht & Pr 5s_ _ _ _1937 MN 8512 853 8512 Jan'25
1950 M S 917 Sale 9112
8
8
9178 30
4
Lac Gas L of St L ref&ext 58_1934 A
98
/ 9914 St Joseph St- Yde let 43 5t1930 J J 95% 97
1
4
40
987 Sale 983
8
4
987
8
4
---8112
8112 25
954 98
Coll & ref 5%s Series C_ _ _1953 F A 973 Sale 96%
4
129
St L Rock Mt & P53 stmpd_1955.3' 8114 Sale 81
98
8112
74
11
81
Lehigh C & Nav s f 4348 A-1954 J J 9714 _ _ _ _ 9712 Jan'25
953 9712 St Louis Transit 58
4
_
- 8612
1924 A0 74
95
95
Lehigh Valley Coal 5s
1933 .1 j 10012 101 1007
3 100 101
8 101
Vdio 95 Jan'25
St Paul City Cable 5s
1937 3) 95
11 104 10713
48
1933j J
105
8959 Sept'24
Saks Co 7s
1942 MS 106 107 104
9912 1014
6
41- 43 San Antonio Pub Ser 8s
10114
Lex Ave & P F 1st gu g 5s 1993 M S 43 Sale
1
10118 Sale 10118
1952 J J
9214
92
10
Liggett & Myers Tobacco 78_1944 A 0 11758 Sale 117% 117%
9218 92
92
4 11712 118 Saxon Pub Wks(Germany) 75'45 FA 92
2
55
973 100 Sharon Steel Hoop let 8a tier A '41 MS 10612 Sale 10539 10012
4
58
4
1951 F A 993 Sale 98%
100
9 1057 107
11414 1153 Sheffield Farms 634s
Lorillard Co (P) 7s
1944 A 0 115 Sale 115
106
10612 14 105 10682
4
8
1942 A0 1057 10612
11518 13
921a
90
913
4 75
96
9712 102
58
9712 Sierra & San Fran Power 55.1949 FA 9118 Sale 903
1951 F A 9712 Sale 9612
4
88
9512
Louisville Gas & Electric 513_1952 MN 9314 Sale 9318
90% 93 4 Sinclair Cons 011 15
9412 282
3
8
-year 79_1937 MS 933 Sale 93
93% 86
Lower Austrian Hydro-Elec Co
let In coil tr 6i3C with warr 1927 J D 115 Sale 11234 11612 993 10514 117
8252 90 4
3
854 861
. let lien 634s Ser B
let f 8;0 int ctts
9012 85
1944 F A 853 Sale 8514
4
8612 52
1938 J D 89% Sale 8912
9912 10012
8
Magma Cop 10-yr cony g 73_1932 J I) 12518 128 12512 127
48 122 1327 Sinclair Crude 011 Our 5348_1925 AO 10012 100% 10012 Feb'25 --994 101
99 102
7
Manati Sugar 7345
1942 A 0 101 1013 10014
102
91
4
3-yr 8% notes A
1928 FA 10012 Sale 10013 101
9912 10114
62 84
Manhat Ry(NY)cons g 48_1990 A 0 63% Sale 8312
1003 329
4
64
56
4
3-yr 8% notes B_ _Feb 15 1926 FA 1003 Sale 997
82
8614
56 Sinclair Pipe Line 58
2d 4s
56
17
2013.3 D 55
8614 78
5512 5412
4
1942 AO 853 Sale 8514
9714 100612 .Skelly
9
54738
547 106% 120%
ManilatElectric 75
1942 M N 993 Sale 99
120
10012 40
4
1927 A0 119 Sale 116
011634% notes
85
8634 South Porto Rlco Sugar 7s_1941 J D 10214 Sale 10214
ManllaElecRy&LtsfSs.,1953 M
10212 12 102 102%
86
874 86%
883
4
7
99 100
997
9812 993 South Bell Tel & Tel 1st 81 581941 J J 99% Sale 9912
Market St Ry 78 Series A_ _ _1940 Q J 987 Sale 9812
4
8
987
8 48
63
964 98
481
Marland Oil t 88 with warets'31 A 0 131 Sale 13412 13412
98
1 130 140 Twat Bell Tel 1st & ref 58 1954 FA 973 Sale 97%
4
9314 9812
105 10612 Southern Colo Power 6s_ _ _ _1947 JJ 9618 Sale 98
25
Without warrant attached____ A 0 105% Sale 10559
9612
1
10559
97%
130 130 Spring Val Water g 55
97
7;413 Series B
Jan'25 _
12%
_ 130
1931 F A
9712 9714 Feb'25
1948 MN 97
/
4
do without warrants
1143
4 59 10612 1201
4
Jan'25 --- 105 105% Stand Gas & El deb g 6;is_ _1933 MS 1143 Sale 11314
10512 105
3
105 10514 Standard Milling 1st 5.4
9912 100 4
Maxwell Motor et 7s
10018 10
1934 M S
105
Jan'25 1930 MN 100 10018 997
Metr Ed lat & ref g Ss Ser B_1952 F A 102% Sale 10259 1O27
4 10112 10312 Steel & Tube gen sf 7e Ser C 1951 is 10612 1083 10812 1003
4
8 105 1074
g
4
984 9712
9112 9314 Sugar Estates (Oriente) 70..1942 MS 9712 Sale 97
9314
9314
5
9712 26
let & ref 58 Series C
9153 .1 .7 9314 _ _8
4
98
9812
98
1
98% 98
Metropolitan Power 8.1
4 1013
4
1953.3 D 1013 Sale 1013
1929 FA-I 98
4
1 1003 1013 Superior Oil 1st s f 75
8718 9012 Syracuse Lighting let g 5s 1951 J D 97% 9812 98
9712 9814
98
2
Midvale Steel &0cony f Es 1938 MS 91 Sale 8912
9114 33
1007i 1023
4
8
Tenn Coal Iron & RR gen 58.1051.3' 10114 101% 1007 Feb'25
Milw Elec Ry & Lt cons g 513.1928 F A 10012 Sale 10018 10084 13 100 101
95
1003 102
8
9512 Tennessee Cop 1st cony 68_ _1925 MN 1007 101% 101
8
Feb'25
5
4
Refunding 33 exten 430_1931 J J 953 Sale 95%
9511
9914 101
95% 9812 Tennessee Elec Power 1st 68_1947• D 1003 Sale 10014
89
9814
4
8
101
4
General 5s A
1951.3 D 963 9818 97%
847 8712 Third Ave 1st ref 4s
8
54% 5813
5813 101
let Es B
1961 .1 D 8712 Sale 863
1980 J J 5612 Sale 5612
4
8722 35
99 10034
46
5012
Ad, lot 55 5,4x-ex N Y
10012 32
5014 283
lst & ret g 8s Series C_ _ _1953 M S 10012 Sale 100
a1960 AO 48 Sale 4718
964 99 Third Ave Ry 1st g 58
94% 96
11
95
96
6
94%
96
let 48_1927 M N 9812 Sale 9812
1937 J J
Milwaukee Gas Lt
982
97% 993 Tide Water 011 10-Yr 6348_1931 FA 1033 Sale 10314
4
8
15 1028 104 2
4
4
104
9912 48
Montana Power 1st 58 A_ 1943 J J 9914 Sale 98%
94
4
9514 Toledo Edison 1st 75
9514 48
Montreal Tram 1st & ref 58_1941 J .1 0514 Sale 947
4 21 10812 1098
1941 M S 1094 Sale 10912 1093
8
8
7812 8314 Toledo'Frac Lt d. Pr 6% notes'25 FA 10012 Sale 10012 10012
5 1004 100 4
8314 55
Morris & Co lst a 4,gs_ _ _ _1939 J J 8314 Sale 82
_ 7412 June'2 -97% ____ 97 Sept'24
Trenton 0 & El let g 5s_ _1949 M
Mortgage-Bond Co 45 Ser 2_1986 A 0 77% _
8
- 2 Vcr
6116512
68
10 -year 58 Series 3
-25
96
10 "Es; "i63- Twenty-third St Ry ref 5s_1962 J J
1932 J J 96
9614 96
97
9812 Underged of London 4;0_1933 ▪ j 904
89
9014
Murray Body 1st 8 Ms
90% Feb'25
1934.3 D 98 Sale 98
9812 65
9 4 9612
9
5
99
861 864
/
4
Mu Fuel Gas lst gu g 5s__ _1947 MN 9512 9012 9612 Jan'25 - 8618 Feb'25
Income (3e
1948 JJ 8718
9412 97
Mut tin gtd bonds ext 4% _1941 MN 98% _ -- 99
3
Union Bag & Paper let M 8s_1942 MN 9534 Sale 953
99
1
9612
4
8014 83
Nassau Elec guar gold 4e
4
993 10012
5
62
97
1951 J J 613 Sale 6112
Union Elec Lt & Pr let g 58_1932 MS 99 Sale 993
4 10018
4
924 94
/
1
National Acme 734s
30
9814 994
4
93
1931 J D 82% Sale 923
Ref Or ext 5s
1933 MN 983 Sale 9834
8
9914 23
99
99
Nat Enam & Stampg 1st 521_1929 .1 13
75 75
5
75
761 75
Union Elev Ry (Chic) 5s
1945 AO 75
-- 99 Feb'25 -993 10112 Union 011 let lien s f Es_
4
9984
Nat Starch 20-year deb 5s_ .1930.3 J 993 ---- 993 Feb'25 2
7
99%
t)13
1931 J J 99 8 100
4
9984 100
4
National Tube 1st 58
6 101 10112
1952 M N 10112 Sale 10114 1014
41 102% 10312
May 1942 FA 103 Sale 10234 103
30-yr Ils Ser A
99
9914 Union Tank Car equip 78_ _ _1930 FA 1043 Sale 104
Newark Consol Gas 5s
1948.3 D 99
18 1034 194
4
99
3
993 99
4
1043
%
New England Tel & Tel 55_ _1952 J D 100 Sale 993
4 10018 100
74 10014 104
104
United Drug 6a tempy
1944 AO- 10312 Sale 103
N Y Air Brake 1st cony 88_ _1928 M N 104 10414 104
98 10012
16
104
8
United Fuel Gas 1st s f 6s_ _ _1938 J J 10012 Sale 1003
2 1001
6497 4 g0 2
NY Dock 50-year 1st g 48
3 100 10012
100
-1931 F A 8018 _ _ _- 8012 Feb'25 -- 179354 11847 United R's by 5a Pitts issue 1926 M N 100 1001 100
4
N Y Edison 1st & ref 6 Ms A.1941 A 0 114% Sale 11412 11478 50 1123 115
99 4 100
3
%
5
100 Sale 100
Stamped
100
'Perim B
72% 744
10018 70 100 10018 United Rya St L 1st g 48___ _1934 5--.I 73 Sale 73
10018 Sale 100
8
73
6
0
021
0
NYGasElLt&PowgSs..1948J D 10112 Sale 10112 10112
1 18 12 18782 United SS Co 15 -yr fle
Ws
91
18
95
1937 MN 94% Sale 9412
Purchase money g 4s
8
1949 F A 86% Sale 88
883
4 18
47 10212 104 2
United Stores Realty 20-yr 6s '42 A0 10312 Sale 10212 1031
NY L &West C &RR 5 Ms 1942 MN - - - - 10112
- _
85 87
211
US Rubber 1st & ref 5s ser A 1947 J J 87 Sale 86
87
N Y Munic Ry 1st s f 5s A_ _1966 .1 J 8012
Oily
30 10412 1074
4 107
10-yr 754% sec notes
1930 FA 107 Sale 1063
N Y Q El L & P let g 5s_ _ _1930 F A 993 -- 993
4 0 US Smelt Ref & M cony 8s_1926 FA 10114 Sale 101%
4
99% 20 16-3- 10
24 100% 102
1011
4
45
N Y Rys lst R E & ref 433....-1942 .1 .1 53% 5514 52
54
54
18
1057 135 10414 106
8
U S Steel Corp(coupon_ __d1963 MN 1057 Sale 105
Certificates of deposit
42% 54
54
103% 105
270
54 Sale 51%
Jan'25
105
s f 10-60-yr 5slregistered_61983 MN
418 6
30-year ac11 Inc 5s_ _ _ _Jan 1942 A 0
8312 88
5
6
76
98
512 6
88
Utah Lt & Tram 1st & ref 58_ _1944 AO 86
85%
88
3% 512 Utah Power & Lt 1st
5
/ 220
1
4
Certificates of deposit
95
91
107
95
5
512 Sale
58._1944 FA 9414 Sale 93%
NY & Rich Gas 1st 68_1951 M N 9912 9984 9934
9912 100
9934
1
Utica Elm L & Pow 1st s f 58_1950 is
_,- 9918 Dec'24
NY State Rye 1st cons 4348_1962
86
6814 Utica Gas& Elec ref & ext 58 1957 J J 9914- 8% 98%
N 66
9
8
063 6618
4
g4
18 - 1- 99
667
98
,
9812 9
88
8345
1962,M N 88 Sale 88
53 53
90% Victor Fuel 1st Sf 55
Jan'25
3
89
53
1953.3, 5314 60
NY Steam 1st 25-yr 6s Ser A 1947 MN 9812 Sale 9812
9712 9912 Va-Caro Chem 1st 78
73
8812
4
881 480
99
1947 J O 86 Sale 8512
7112 86
NY Telep 1st & gen e f 4348_1939 M N 9612 Sale 95
95
96%
17
88
98% 121
4
853 86% 833
Certificates of deposit
4
30-year deben St 8s_ _ _Feb 1949 F A 10812 Sale 108% 109
8
68 8112
64
811
27 1077 109
____ 8312 81
Certificates of deposit stmpd
refunding gold 65_1941 A 0 10714 Sale 106%
20-year
4912
44
80
10714 102 10614 107%
491
734e with & without war...1937 JO 4913 Sale 47
Niagara Falls Power 1st 5s...1932 J J 110012 10114 10012 101
43 481
8
Jan'25
4 10018 10214
4914 49% 45
Centre of dep with warrants.
Jan 1932 A 0 1043 Sale 10412 1043
Ref & gen Os
41
4612
4
5 103% 105
45 Feb'25
42
47
4
Certits of dep without warrt
Niag Lock & 0 Pow 1st 58_1954 M N 105%
16412 108
4
918 918
4
10514 Feb'25
4
913 Jan'25
8
Va Iron Coal & Coke let g 58 1949 MS 927 93
Refunding Os Series A_ _1958 F A 108 Sale 105% 108
8
26
941
30 1043 108
934 9412
Va Ry Pow 1st & ref 5s
1943 J J 9412 Sale 94%
9112 92%
Nor Amer Edison 68
1952 M S 10014 Sale 99% 10014 113
967 10014 Vertlentes Sugar 1st ref 78_ _1942 J O 925 Sale 9112
8
925
8 34
8
981
Secured St g 630 Ser B..1948 M S 10414 Sale 1023
4
8
89% 9912
38
104% 42 1003 1043 Warner Sugar Refin 1st 7s_1941 J O 9818 Sale 953
4
4
Nor Ohio Trac & -ight 6s_ _1947 M S 93 4 Sale 93 4
9218 9412 Warner Sugar Corp 1st 75_ _ _1939 J J 843 Sale 843
3
9414 22
7712 8712
74
3
4
871
4
93 95% Wash Wat Power a f 58_ _ A939 J J 993 Sale 993
Nor States Pow 25-yr 58 A_ _1941 A 0 9512 Sale 95
9934 10012
1
993
955
8 32
4
4
9912 102
1st .4 ref 25-yr 6s Ser B_ _ _1941 A 0 10414 Sale 104 4 105
1
991
9 103 10512 Westches Ltg g 58 stmpd gtd 1950 S D 9912 100
,
9913
Registered
A 0
s
9314 9314 West Ky Coal let 78
11 10012 1017
9314 Jan'25
1944
N 10112 102 10118 1017
Northweat'n Bell T 1st 7s A_1941 A A
1073 107% West Penn Power Ser A 5s..1946
8
10712 Jan'25
12
94
9614
961
•S 96 Sale 95%
North W T 1st fd g 4;0 gtd_1934 .1 J
94% 95
95
1043 106
2
95
108
2
10514 10512 10514
let 40-year (le Series C_ _ _1958 3D
4
Ohio Public Service 73433_1946 A 0 1103 Sale 10914
1071
11034 13 108 111
4
10 1053 19712
1st 73 Series D.,.
1946 MS 1074 Sale 107
1947F A 10912 Sale 10914
75
110
2
934 95%
3 107% 11014
955
8
let 58 Series E
1963 MS 95% 9814 9514
8
9812 101
Ohio River Edison 1st 6s.„1948 J J 1005 Sale 10014
101
4
9 1003 101
18
1st 534s Series F
1953 AO 10112 Salo 10112 1013
1944 F A 9814 Sale 975
9714 9818 Western Electric 'deb 5s
8
Old Ben Coal 1st Os
9818 27
991 194
8
9814 9
941
1944 AO 99 Sale 987
9914 30
Ontario Power N F 1st 513_1943 F A 9914 Sale 99
99% Western Union coil tr cur 53_1938
98
21
99% 100
101
10014
8
.▪1 1015
9712 Jan'25 _
97
Ontario Transmission 6s___ _1945 M N 9712
13
9918
92% 9414
933
8 13 4
Fund & real estate g 4343_1950 MN 935 - -3- 9314
1941 F A 99% Sale 99%
10012 15
98% 10012
Otis Steel 88
8 11014 11112
1111
15
-year 635s g
1938 FA 111 Sale 111
9112 9514 Westinghouse E & M 7s_ _ _ _1931
4
1st 25-yr s f g 7345 Ser B 1947 F A 9514 Sale 943
2
50 1073 1084
9
514 39
N 10778 Sale 107% 108
9312 953 Wickwire Spen Steel 1st 7e _ _1935 J
Pacific G & El gen & ref 5s_ _1942 J .1 95% Sale 95
4
40
87
78
91
87 Sale 854
93
5 4 65
8
98
99%
983
4
6
Pac Pow & Lt Ist&ret 20-yr 58'30 F A 98% 987 9812
26
86
764 86
8412
8512 87
Certificates of deposit
1937.3 J 99% Sale 0918
9918 100
Pacific Tel & Tel 1st 5s
1001
17
99% 27
99 4 10038
3
Willys-Overland 5 f 6 Me_ _ _ _1933 MS 100 Sale 100
1952 M N 94% Sale 9314
9212 94% Wilson & Co 1st 25-yr s f 68_1941 AO 944 Sale 93%
9934 517
941
32
58
91% 9412
10512
_
7 10412 106
Pan-Amer P & T let 10-yr 7s1930 F A 10512 Sale 105
_e_ 93 Feb'25
93
93
Registered
MN 1103 Sale 10912 11112 673 103 11112
4
Cony s 1 6s 1934 temp
48
86
661
gil
10-year cony s f 68
55
1928 J O
89
98
95
9612
9
6512 Jan'25
_
66
Park-Lox et leasehold 6548_1953 J J 96 Sale 96
53
Certificates of deposit
8512
6022 Sale 8512
861
30
10-yr cony 51 734e
p1931 FA
53% 88
62
67
59% Jan'25
59% 5938
Certificates of deposit......
102
102 Sale 102
8 101% 102
Winchester Arms 73.45
1941
99
Young'n Sheet & T 20-yr 0E1_1943 J J 99 Sale 98%
179
9514 9912
•
Due April. fr Due December. a Option sale.
BOSTON STOCK EXCHANGE-Stock Record see'Znage
814
-
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Feb. 7
Monday,
Feb. 9
Turitday,
Feb. 10
Wednesday. Thursday.
Feb. 12
Feb. 11
Friday,
Feb. 13
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
1 151i Z11111615
Range for Year 1925.
Range for Freviot43
Year 1924.
Lowest
Lowest
Highest
Highest
• Railroads
100 158 Feb 10 16434 Jan 7 1457$ Mar 164 Dec
280 Boston & Albany
159 160
18134 16134 *160 16112 158 16014 160 160
7134 Aug 85 Dec
100 76 Feb 7 86 Jan 2
652 Boston Elevated
7713 78
78
76
7834 77
77
76
7613 76
8714 Deo 9814 May
100 92 Jan 16 97 Jan 3
93 93
22 Do prat
93
9318 9313 934
93
93
93
93
100 110 Feb 9 1144 Jan 16 107 Dec 11614 Jan
let prat
111 112
70 Do
112 112
110 110 111 112 *111 112
92 Sept bug Dec
100 98 Jan 19 102 Jan 9
99
99
188 Do 2d prat
98 98
98
98 98
9812
93 98
812 Jan 2514 Nov
100 15 Jan 7 1738 Jan 10
8
155 157
8 1,130 Boston & Maine
16
16
1512 1513
16
1513 16
16
12 Jan 2678 Nov
100 18 Jan 21 1812 Feb 4
431 Do prof
____ ____
18
*18 . _18
18
1811 ..... 19
13 June 3714 Nov
285 Do Series A let pref 100 25 Jan 3 2712 Feb 11
____ ____
25
26 *26
2612 2612 2712
2634 26
1712 Jan 48 Nov
100 32 Jan 27 3612 Jan 3
12 Do Series B let pref
.._ _ _ _.__
35 35 *35 36
3512 354 *36 ---16 Feb 41 Nov
57 Do Series C 1st pref 100 26 Jan 21 34 Jan 5
--- --_3112 3112 *30
*3112 ---3112 30 30
23 Jan 62 Nov
_ ____
57 Do Series D let pret_100 50 Jan 21 5114 Jan 5
50 *50 ---52
*50
50 5014 50
43 Jan 172 Nov
100 16812 Jan 5 172 Jan 16
18813 16313
56 Boston & Providence
16834 16834 16812 16812 18812 18812
-18 May 384 Dec
3738 38
3,507 East Mass Street Ry Co._100 32 Jan 20 39 Feb 11
39
36
3212 34
34
3614 3512 3612 *18812- 5812 Jan 71 Dee
100 65 Feb 2 69 Jan 6
249 Do let pref
6812 6812
6712 6712
66 6612 6612 6612 6713 68
48 May 6112 Nov
100 57 Jan 23 624 Jan 12
360 Do pref B
61
60
60
59 59
58 58
6012
60 60
28 May 4614 Dec
100 41 Jan 27 404 Feb 11
431
4612 4,103 Do adjustment
43 4414 4412 4534 4513 453
4 4512 4012
25 June 3713 Apr
100 30 Jan 23 3712 Jan 29
221 Maine Central
32 32
32 32 -------- ---- ---32 32
8
14 Jan 3314 Dec
100 293 Jan 20 3258 Feb 10
3,120 N YNI1.4 Hartford
31
31
8 305 3118 3012 3L;52it *3113 32
*304 313
3
62 Jan 81 Nov
-_- ____ ...... Northern New Hampshire_100 75 Jan 2 77 Jan 14
74
*io_ 75 • *i- 75 • _ 75 •
•
80 Jan 108 Nov
22 Norwich & Worcester pref_100 100 Jan 13 105 Jan 15
____ __ _
*ioi ____
oi ____ jai 10
i _
7212 Jan 98 Nov
100 96 Jan 2 09 Jan 9
134 Old Colony
9812
98
98 98
97 98
964 964 9612 97
34 Mar 64 Nov
100 63 Jan 2 0312 Jan 2
Rutland pref
--- ---- --_70 Jan 93% Nov
Vermont & Massachusetts_100 88 Jan 28 93 Jan 16
__ _ ___
Miscellaneous
4% Dee
3 Jan 27
414 Jan 7
1 Nov
125 Amer Pneumatic Servico___25
_ _ _
_
314
3
314
314 314
*3
314 314
12 Jan 2014 Dec
50 1714 Jan 23 1912 Jan 7
170 Do pret
Di 11;
18
•18
19
1812
1834 '
19 •18
318
13378 13413 1,604 Amer Telephone & Teleg_100 1304 Jan 2 13555 Jan 5 121 June 13412 Dec
134 13414 134 1344 13414 13412
13334 134
No par 71 Jan 3 77 Jan 13
5712 Oct 83 Jan
100 Amoskeag Mfg
7112
71
7134 7134 7112 73
'7134 7213 7134 7212
69 Oct 79 Aug
No Dar 73 Feb 11 76 Jan 15
Do pref
75
74
73
73
74 *74
*72
13 Aug 16 Feb
Art Metal Construe, Inc__ 10 14 Jan 16 1412 Jan 28
___ ____
15
15 *14
-*14
15 *14 - 15 *14
6 June 1014 Jan
No par
978 Jan 6 1014 Jan 2
Atlas Task Corp
__ ___ ____ ____ _-_- ---- ---105 Boston Cons Gas Co pref __100 103 Jan 17 107 Jan 9 100 Dec 108 July
108
106 106
106 10612
10812 16612 107 107 10
.05 Dec .20 Jan
Boston Mex Pet Trus No par
*___ _ .10_ - ___
---.10
.10 •____
•---- .10 *
204 Dec 281$ Mar
10 20 Jan 26 23 Jan 28
2212 23
1,086 Connor (John T)
2212 2234 23
2213 22
224 2212 22
2412 May 35 Sept
35
34
30 Dominion Stores, Ltd__No par 2814 Jan 30 35 Feb 13
35
4
32913 ____ *30 3234 *30 323 *32
84 Jan 8813 Dec
100
Do pref A
-- -- --_*9713 r *9713 _
*9712 .
*90 _
2 Sept
3 Feb
213 Feb 2
3 Jan 2
10
East Boston Land
3____ ____
3
*213 *212 -3
*212 3
*212 812 Feb
5 Jan 7
634 Jan 24
4 Oct
5
225 Eastern Manufacturing
6
6
6
6
6
6
534 6
*555 614
25 49 Feb 11 55 Feb 13
38 Jan 5514 Mar
620 Eastern SS Lines, Inc
55
8
50
497
49
50 50
50 50
50 50
3418 Jan 40 Feb
No par 35 Jan 15 3713 Jan 22
37
230 Do prat
37
3
373
37
37
*36
37 37
37 37
100 89 Jan 3 9118 Feb 7
8512 Jan 93 Mar
5 let preferred
--__ -__
_
_ *91
91% 9118 *91
100 200 Jan 5 206 Jan 2 16312 Jan 2044 Dec
200 20014 2,657 Edison Ele3tric Illum
- 4
*91-6- 14
200 20014 200 2011 200 2003g 20020 3
314 Feb 2
4 Jan 6
213 Jan
10
5 Dec
Elder Mfg Co(v to)
*314 4
--- - __ _
*314 4
*314 4
*314 4
13 Jan 41 Dec
Galveston-Houston Elea -100 35 Feb 5 38 Jan 7
--__ ____
37
*35
37
37 *35
37 *35
*35
4 Jan 8 1014 Feb 7
612 Jan
No par
334 Sept
Motor
5 Gardner
1034 10 4 ____ __-__- ---- ---- ---3
---- ---- ...... Georgia Ry & Elea
11314 Mar 11613 Sept
100
____ ____
---- ---- ---- ---- --- - ---- --- - --- 79 Aug 80 Jan
Jan 26 79 Jan 26
Do 5% non-enm met-100 79
_ ___
-- - - --- ......
5512 Oct 5812 Oct
6712 67
6718 6712 1,267 Gillette Safety Razor_No par 5712 Jan 2 6734 Jan 7
67
67%
66 ------67
1218 Nov 157$ Jan
25 14 Jan 2 1514 Jan 24
25 Greenfield Tap & Die
*1312 1413
15
15 *14
1414 1414
15 *14
•14
46 Mar 60 Dec
No par 54 Feb 3 5812 Jan 8
5612 5612
76 Hood Rubber
5612
56
56
56 5612 *55
*5614 57
41 Apr 59 Nov
57
____ ____ ...... Internal Cement Corp-No par 524 Jan 5 53 Jan 7
58 *56
*57
56
58 •55
*57
13$ Jan 3
2 Jan 3 .10 Feb
3 Dec
8
.
17
*1
--_- _-... .... _ International Products_No par
8 •114 2
*114 17
*114 2
7 Feb 9 1012 Jan 9 .25 Feb 14 Dec
100
8
15 Do prat
*6
9
--__ --__
*6
7
7
*612 9
Kidd r, Peabody Acceptance
80 Jan 8813 Dee
100 8212 Jan 6 8912 Feb 7
25 Corp Class A pre:
...-- ---8912 8012 *8912 9012 *8012 9012 *8912 9013
4 June
938 Jan 7
812 Dee
4
73 Jan 29
10
8
8
3
257 Libby, McNeill & Libby
8
814
8
8 14
8
8
8
70 Jan 71 Nov
20
_ Lincoln Fire Insurance_
-.
_
. 69 *__ 69
---•___ 89 •_ _ _ 69 *_ - _
9 Mar 13 Dec
8
25 12 Jan 10 137 Jan 5
12 1 - ...255 Loew's Theatres
2
Stock
12
12
12
1214 12
12
12
12
66 Nov 81 Feb
73
7114 73
7412 1,531 Massachusetts Gas Cos-100 63 Feb 3 7412 Feb 13
7112 7114 72
7112 71
71
62 June 70 Jan
100 6311 Jan 9 6714 Feb 13
67 6714
252 Do prat
67 Exchange
66
66 67
67 67
654 67
167 Jan 7 172 Jan 31 150 Apr 172 Dec
104 Mergenthaler Linotype-100
172 172
1714 17112
170 172
17112 172
171 171
613 Jan 173 Feb
$
14
1434 14
265 Mexican Investment,Ins_ 10 12 Jan 10 1634 Jan 15
-1412 *14
1413 1458 14
Closed- __-19 Feb 3614 Dee
100 36 Jan 2 4112 Feb 7
3912 -417 Mississippi River Power
3912
3912 40
40 40
3
4012 4112 39 4 40
80 Jan 90 Sept
100 8712 Jan 10 90 Jan 12
_
90 Do stamped prof
90 90 *89 90 *89 90 *89 90 Lincoln's ____
2 Apr • 53 Nov
8
634 Jan 13
434 Jan 2
10
513 54
4
512 53
512 512
2
2 57
.58
451 National Loather
8 57
53 .- 8
178 Jan 6 .50 Dec
513 Apr
.25 .28 Birthday
.30 .30 11,700 New England Oil Corp tr ells_ .20. Feb 9
.20 .30
.20 .50
.50 .55
6 Dee 3114 Mar
812 Jan 8
5 Feb 9
100
613
5
325 Do pref (tr ctts)
5
5
5
5
6
612 813
5
98 Dec 11512 Jan
103 104
686 New England Telephone_100 10018. Jan 2 105 Feb 3
10212 103 10212 10312 103 10334 10314 104
2112 Dec 223 Dec
$
1,708 Olympia Theatres, Ine_No par 2014 Jan 8 2534 Jan 16
22
2112 2112 2134 21
21
21
21
14 Jan 2813 Dec
1 25$4 Jan 16 2612 Jan 9
Orpheum Circuit, Inc
2712 *27
2712
2634 *2612 27 •27
•26
6918 Got 87 Feb
100 73 Feb 6 8112 Jan 13
.
"ii ...iii Pacific Mills Hole
744 75
7414 75
75
-i5F2
74
7313 75
8
1134 Jan 17 July
10 16 Jan 5 165 Feb 6
5 Reece Button
--__ ..-_164 164 1638 *16
3
163
163$ *16
*16
234 Jan 8
218 May
3 Jan
213 Jan 2
10
34 Reece Folding Machine
--__ ____
4
4 23
23
212 212
3
*212 23
24 2 4
4
10 Oct 40 Feb
5
...... Simms Magneto
_
•
------------------------20
100 11413 Jan 12 120 Feb 8 100 June 118 Dee
414 Swift & Co
. -1.i.854 117
z 119
2 119
lt 11712
11612 120
3513 June 52 Dec
25 4712 Jan 6 51 Jan 14
61 Torrington
49
49
494 *49
49 49 *49
50
49
49
74 Jan 23
5 Dec 10 Feb
7l2 Jan 23
5
- Union Twist Drill
: *712 812 *74 812
*712 812 *712 81
34 Jan 438g Dee
8
44
444 44
3 3,850 United Shoe Mach Corp.__ 25 417 Jan 5 444 Feb 10
4438 44% 4478 443 443
. 441- -iii4 --. .
8
4
245 Feb 2814 Nov
8
25 2612 Jan 13 23 Jan 16
167 Do pref
27
2634 27
2634 2634 2634 27
27
.2612 27
194 Oct 27 Jan
2312 2378 2,268 Ventura Consol Oil Fields_ 5 1912 Jan 3 2453 Feb 6
2312 2378 2312 24
2313 24
2334 24
1378 Apr 20 Nov
340 WaldortSys,Inc.new eh No par 173e Feb 11 1934 Jan 3
1738 1734
1812 1713 1755 174 174
184 1814 *18
8 Jan 6 15 Feb 13
84 Jan 1012 Feb
30 Walth Watch Cl B nom-No par
15
1213 124 *1212 14 *1213 14
15
*1212 14
14 June 2313 Feb
100 1714 Jan 3 2513 Feb 2
135 Do pre( trust °Us
*2414 26
25
25 25
25
2412 25
*2413 26
6211 Dec 73 Feb
100 65 Jan 6 7412 Feb 13
12 Do prior pref
74
74 .70
7313 7412
74 *70
*70
74
*70
1512 June 22 Feb
275 Walworth Manufacturing_ 20 19 Jan 27 2634 Jan 3
1978 in
1913 1912
2014 2014 *1913 2014 1912 20
50 37 Jan 2 4512 Feb 13
2953 Jan 3954 Nov
4314 4512 12,882 Warren Bros
8
4312 433 4412 4318 444 4313 4434
43
$
50 375 Jan 10 43 Feb 7
Jan
3434 Apr 41
233 Do let pref
43
4114
43
43
42 42
43
43 *41
43
38 Mar 42 Jan
50 404 Jan 17 45 Feb 7
243 Do 28 pref
44
4412 45
44
45 45
45 *42 45
45
Mining
I
100 Adventure Consolidatsd_ 25 .20 Jan 2 .25 Jan 28 .15 Dec .51 Deo
.25 .25
•.20 .25 *.20 .25
r •.20 .25 •.20 .25 '
25 .23 Jan 2 .25 Jan 2 .10 June .25 Dec
Algomah Mining
•.10 .25
.10 .25 5.10 .25 *AO .25
*.10 .25 •
3 Jan 10
112 Jan 26
5 June
34 Dec
218 214
*214 212
360 Arcadian Consolidated._ 25
21z 212
212
*2,22 212 *214
5 12 Jan 28 153 Feb 6
$
8 Jan 16 Dec
Arizona Commercial
2,170
14
14
1412 14
144
1145s 1514 1412 1434 14
8
10 303 Jan 7 3614 Feb 11
14 June 3153 Dec
4
353 364 21,156 Bingham Mines
355 364
4 3234 3314 3313 38
323
1 3212
25 16 Feb 11 187$ Jan 2
$
135 May 1978 Jan
1614 1612
804 Calumet & Hada
4 16
,
16 4
3 1614 163
8 1612 167
1612 167
1 50 Jan 7 .70 Jan 5 .37 Nov
3 Feb
•.45 .50
90 Carson Hill Gold
.50 .50
.50 .50
549 .50 -___ --_
25 27 Jan 27 33 Jan 10
1812 June 335 Dec
8
2734 2812 1,010 Copper Range Co
30
2812
28
3012 *29
3014 3014 2978
1 .50 Feb 9 .78 Feb 6 .30 Dec .70 Mar
•.82 .95
237 Davls-Daly Copper
5.81 ____
.75 .75 '
.50 .78
•.76 .78
434 Jan 23
614 Jan 2
512 54
678 Dee
314 July
475 East Butte Copper Mining_ 10
4
512 53
4 6
34 *53
54 5
6
F6
25 .40 Jan 7
138 Jan 24 .40 May
Jan
1
lls Ds
240 Franklin
1% 11e
114
118 114 *al's
'118 114
114 Jan 7
134 Feb 6 .30 Oct
2 Jan
Hancock Consolidated___ 25
*114 134
*114 114 *114 184
& •114 112 *114 112 *2134 2212 22
1 20 Jan 10 23 Jan 24
1912 Dec 284 Jan
2212 23
1.430 Hardy Coal Co
224
2178
2134
22
8,22
113 3an 6
25
311 Feb 5 .30 May
234 Dec
3213 234
825 Helvetia
4
5
2 4 23
234 278 *255 314
338
*3
1 13112 Jan 14 140 Feb 5
9414 Apr 142 Nov
13634 137
316 Island Creek Coal
13812 13812 135 13712
13812 139
139 139
1 9514 Jan 5 984 Feb 11
97
25 Do pref
90 June 100 Sept
984
9814 98%
97
97
99
•98 99 *98
25 17 Jan 28 2012 Jan 7
17
12 June 2213 Dec
1713
75 Isle Royal Copper
•18
*1712 19 *1712 1812 *1712 1812
19
14 Jan 14 111,4 Feb 4
5
218 Feb
Kerr Lake
*158 2
14 Mar
*158 2
*158 2
*158 2
8 2
'15
25 .75 Jan 29
114 Jan 10 .50 Jan
14 Nov
60 Keweenaw Conner
•.80 112
.75
.75
.75 .75
112
112 *1
'1
2 Jan 21
25
3 Jan 2 .90 Apr
314 Dec
181 Lake Conner Co
218 214
214 24
234 234 *212 3
*212 3
2 Feb 4
25
234 Jan 10 .70 June
3 Dec
50 La Salle Copper
214
*2
2
2
14
2
214 *2
214 *2
*2
2 Feb 7
5
234 Dec
234 Jan 13
2
114 Oct
400 Mason Valley Mine
2
24
218 *2
218 *2
218 *2
2
25 .90 Jan 28
134 Aug
114 Jan 2 .50 Jan
100 i Mass Consolidated
.90 114
•
14
118 *1
1
118 118
114
I *1
2 Feb 6
5 July
3 Jan 2
80 Apr
545 Mayflower-Old Colony-- 25
' 214 23
8
VS 212
3
212 2 4
3
254 2 4
234
254
25 3512 Jan 6 41 Jan 13
234 June 41 Dee
3713 38
45 Mohawk
38
38
3814 3814 3834 3834 *x3712 39
5 22 Jan 29 25 Jan 2
164 Jan 2558 Dec
944 New Cornelia Copper
23
23
4
3
2314 2314 2314 2314 231s 23 4 2314 233
234 Apr
.30 Feb 11 .50 Jan 19 .40 Dec
.40 .50
520 New Dominion Copper
.30 .40
.40
.40 •____
• - .40 •___
100
- 30
New River Company
35 June 40 Mar
*
*--- 30 *- 30 *..__ 30 *-- _ 30
Do prof
100 54 Jan 12 80 Jan 3 574 Dec 75 Mar
;ii 62
62
02 *58
*58 82 *58 62 *58
618 614
51 Jan
416 Nipissing Mines
024 Dec
618 Jan 2
5
634 Jan 10
614 614
8
612 65
3
•6I4 655 *8 3 64
63$ July
2 Jan 10
15
3
314 Jan 14
212 2 4
178 Oct
740 North Butte
255 255
5e
212 2
278
278
255 2fig
1 Nov
25 .75 Feb 11
114 Jan 10 .40 June
.90 .90
104 0.11bway Mining
-75 -75
*.90 1
•.90 114
•.90 1
2414 241k
15 Jan 284 Deo
845 Old Dominion Co
25 23 Jan 20 27 Jan 10
25
2412 2512 24
2412 2412 24
24
518 Feb
45 Jan 13
478 5
5 Jan 12
312 Jan
8
240 Park City Mining & Smelt_ 5
*473 54
54
5
5
*Vs
5
.5
1034 July 1512 JulY
50 Pd Crk Pocahontas Co_No par 12 Jan 6 1411 Jan 24
•1312 14
1312 1312
14
•13
1313 *13
1312 *13
14 June 3434 Dee
25 29 Jan 6 394 Jan 10
*3112 33
150 Quincy
8
317 32
3412 3412 *3312 3412 32 33
4213
26 June 49 Dec
42
180 8t Mary's Mineral Land_ 25 404 Jan 28 48 Jan 12
.
'P._ _ 4413
4512 4512 *4412 4513 4412 4412
112 Sept
14 Jan 9 .30 Apr
1
1 Jan 6
1
10
700 Shannon
114
51
114
•1
118 114 •15,4 114 '
.25 July .75 Deo
South Lake
•.25 .75
25
•.25 .75 '
5.25 .75 •.25 .75
5.25 .75 '
214 Deo
Superior
214 Jan 27 .90 Jan
2 Jan 3
25
---- .-- -______ ---- --218 Dec
2 Jan 5 .25 Aug
112 Jan 8
Vs .17$ 1,015 Superior & Boston Copper_ 10
178 178
4 134
18
e
134 17
leg 17
3
373 Deo
178 June
378 Jan 2 871. Jan 23
5
612 75fs 23,569 Utah-Apex Mining
65e 74
64 7
5
08
5
68
8
4 65
6
.70 .70 2,770 Utah Metal & Tunnel
1 .43 Jan 43 .98 Jan 29 .14 June .70 July
.70 .75
•.80 .88
.83 .85
.83 .84
1 Aug
114 Jan 31 .15 Apr
25 .70 Jan 28
•.75 1
390 Victoria
1%
.95 1
.75 .75
.75 .75 ' 85 1
25 .15 Jan 30 .48 Jan 7 .13 Feb .71 July
•.25 .40
70 Winona
.25 .35
•.20 .40 '
0.20 .40
.20 .20 •
.21 Fah 11 .10 July .25 July
Feb
215 .10
.20 .40
•
70 Wvandot
.21 .21
•.20 .30 '.20 .30 •.20 .30
.
1
'Bid and;asken prices: no sales on:thls_day. gEx-tights. b Ex-dIv. and rights. sEx-dIv„ g Ex-stock dIv- !Assessment paid. •Price on new buts.
L
1
THE CHRONICLE
nos. 14 1925.]
Quotations of Sundry Securities
MI bond prices are • end
&MOIL except
'
.
'Per share. tNo par value. b Basis. d Purchaser also pays accrued div dend
t New stock. 1Flat price. k Last sale. n Nomnal. x Ex-dividend. y Ex-rights.
Ex-stockldivIdend. 8 Sale price. r Canadian! quotation
Outside Stock Exchanges
where marked "t."
Standard Oil Stocks Par Bid. Ask.
Railroad Equipments Per Cl. Basis
Anglo-American Oil new.£1 *193 1978 Atlantic Coast Line 6s
4
5.25 5.00
Atlantic Refining
Equipment 6115
100 1153 115
4
5.00 4.75
Preferred
100 11312 11412 Baltimore & Ohio (Ss
5.35 5.05
Borne Scrymser Co
Equipment 4348 &
100 231 235
5.00 4.80
6712 Huff Roch & Pitts equip
Buckeye Pipe Line Co
50 •66
5.00 4.75
Chesebrough Mfg new. 25 .63 65 Canadian Pacific 41418 & Gs_ 5.05 4.80
Preferred
100 111 114 Central RR of N J 6.11
5.25 5.00
Continental 011 new.
4
25 *283 2878 Chesapeake & Ohio 138
5.35 5.05
Crescent Pipe Line Co.- 50 *1414 15
Equipment 6149
5.10 4.85
Cumberland Pipe Line-100 133 135
Equipment 58
5.00 4.75
89 Chicago Burl & Quincy 6s._ 5.30 5.05
Eureka Pipe Line Co----100 87
Galena Signal Oil corn. 100 643 6512 Chicago dr Eastern Ill 5148_ 4.50 4.10
4
Preferred old
100 110 117 Chicago & North West 6s_
5.35 5.05
Preferred new
Equipment 614s
100 103 105
.5.15 4.90
Humble Oil & Ref new.- 25 *463 4718 Chic RI & Pac 434s & 58... 5.15 4.90
4
Illinois Pipe Line
Equipment Os
10 143 145
5.55 5.25
Imperial 011
2 125 12612 Colorado dr Southern flis.
5.45 5.20
New when issued
*3218 3238 Delaware & Hudson 6s
5.25 5.00
Indiana Pipe Line Co.- 50 *78
80 Erie 434s & 58
5.35 5.05
International Petroleum_(t) *273 28
4
Equipment Os
5.50 5.20
Magnolia Petroleum.- _100 162 153 Great Northern 68
5.30 5.05
National Transit C0_32.50 *2312 2412
Equipment 5s
5.00 4.75
New York Transit Co_ __100 75
77 Hocking Valley fa
5.05 4.80
Northern Pipe Line Co__100 94
85
Equipment Os
5.40 5.10
Ohio Oil new
25 *73
7312 Illinois Central 414s & 58
4.95 4.70
Penn Meg Fuel Co
*41
4112
Equipment 68
25
5.25 5.00
Prairie Oil& Gas new....
.100 247 249
Equipment 78 & 63.4*..... 5.05 4.80
Prairie Pipe Line new
100 120 121 Kanawha& Michigan 6.... 5.45 5.20
Solar Refining
100 237 245
5.20 5.00
Equipment4148
Southern Pipe Line Co 100 87
89 Kansas City Southern 5148_ 5.35 5.05
South Penn Oil
100 184 185 Louisville dr Nashville 85_
5.25 5.00
Southwest Pa Pipe Lines 100 78
80
Equipment 6148
5.00 4.80
Standard 011 (California) 25 6514 655s Michigan Central 55 dr as
5.20 4.95
Standard 011 (Indiana)._ 25 '683 687 Minn St P& SS M 414s & 55 5.30 5.00
4
8
Standard 011 (Kansas)._ 25 *421 43
.5.40 5.05
Equipment 6358 & 7sStandard 011 (Kentucky) 25 *120 121
Missouri Kansas & Texas 68 5.65 5.35
Standard 011(Nebraska) 100 259 260 Missouri Pacific fis & 6348-- 5.65 5.25
Standard 011 01 New Jer_ 25 *45
3 56 Mobile & Ohio 43.4* &
5.10 4.90
Preferred
100 118 11812 New York Central 4348 & 58 4.90 4.70
Standard Oil of New York 25 *461 465
s
Equipment 613
5.30 5.00
Standard 011 (Ohlo)_ _100 354 357
5.00 4.80
Equipment 78
Preferred
Norfolk & Western 434s....
4.80 4.65
100 118 119
Swan & Finch
5.15 4.90
100 241 25 NorthernPacific 75
Union Tank Car Co
100 1201 124 Pacific Fruit Express 7s_ -- 5.10 4.85
Preferred
100 113 114 Pennsylvania RR eq 5s & 68 4.90 4.75
Vacuum Oil new
9214 Pitts & Lake Erie 614s
25 92
5.15 4.90
Washington Oil
30
32
5.60 5.20
Equipment 6s
1
Other Oil Stocks
4.75 4.50
Reading Co 414s & 5s
Atlantic Lobos Oil
*314 3 St Louis & San Francisco 58. 5.15 4.90
12
t
Preferred
7
11 Seaboard Air Line 5148 & 65- 5.60 5.25
5
Gulf 011 new
69 Southern Pacific Co 4148.- 4.85 4.50
2 •68
Mexican Eagle Oil
*4
5
5.00 4.80
Equipment 7s
Mutual 011
8
3
5 •195 19 4 Southern Ry 4145 & 58..... 5.05 4.80
National Fuel Gas
5.40 5.10
100 121
Equipment6s
Salt Creek Producers_ 10 *243 247 Toledo & Ohio Central Bs
4
5.35 5.10
8
•_
:Sapulpa Refining
5.00 4.80
Union Pacific 75
Public Utilities
Amer Gas & Elec new
74
Tobacco Stocks
(t) *72
Preferred
46 American Cigar common 100 7512 7712
50 *45
Deb 68 2014
M&N 9812 9712
Preferred
100 97 100
Amer Light & Tree com_100 148 150 Amer Machine & Fdry 100 165
Preferred
sa British-Amer Tobac ord. Li •2512
100 94
Amer Power & Lt common_ _ x53
64
Bearer
Li *2512 2612
7512
Preferred
89 Helme(Geo. W.) Co corn 25 *75
100 87
Deb 682010
9514 9614
Preferred
100 113 115
Amer Public Util coin_ __100
2112
80 Imperial Tob of0B dr Irei'd 20
7% prior preferred_ _100 85
95 Int Cigar Machinery- 0 75
10
4% panic pref
75 Johnson Tin Foil dr Met_100 70 "80"
100
Associated Gas & El pt._(2) 66 52 MacAndrews & Forbes.
.100 151 155
Secured gold 610'54_J&J 98
99
Preferred
100 100 103
Blackstone VaIG&E corn 50 80
41
82 Mengel Co
100 39
Carolina Pow & Lt com_100 285 305 Porto Rican-Amer Tab .i00 54 60
Cities Service Co corn. I00 x210 212 Universal Leaf Tob com_100 40
47
New stock
95
42s
1
Preferred
20 x42
100 90
Preferred
100 28218 8253 Young (J 5) Co
10 121 125
Preferred B
8 73
4
Preferred
10 •x75
100 101 105
7812
Preferred B-B
100 •z78
Cities Service Bankers Shares x21
2112 Rubber Stocks (Cleveland)
Colorado Power common 100 34
7
3
3512 Am Tire & Rub corn
Preferred
40
100 93
Preferred
Com'w'ith Pow Corp com(t) •117 119 Firestone Tire & Rub corn 10
Preferred
82
100 81
6% preferred
100 98 11616 Consumers Power pref 100 90
93
7% Preferred
100 98 100
Elec Bond & Share pref.
_100 10212 0312 General Tire dr Rub corn. 50 234 240
Elec RV Securities
14
Preferred
(t) *13
100 100
Lehigh Power Securities-()) 94
96 Goodyear Tire dr R com_100 32 "ii"
Mississippi Riv Pow corn 100 39
41 Goody'r T dr Rot Can pf 100 v96
97
Preferred
91
India Tire dr Rub com__ _100
100 89
First mtge 58 1951._ _J&J 9712 9812
Preferred
100
SF g deb 78 1935__M&N 10212
44" 212
Mason Tire & Rub com..(t) Nat Power dr Lt com
(t) x190 194"
18
Preferred
100 15
Preferred
(t) 97 100 Miller Rubber
100 10812 11012
Income 75 1972
J&J 9912 10012
Preferred
100 102
North States Pow corn. 100 103
Mohawk Rubber
100 25
Preferred
100 96
82
Preferred
70
Nor Texas Elec Co com_100 62 86 Selberling Tire &
1812
Rubber (t) *18
Preferred
69
73
100
98
Preferred
100 95
Pacific Gas & El 1st pref_100 94
96 Swinchart Tire & R com_100
Power Securities corn_ _ _(3) *17
21
16"
Preferred
100
Second preferred
46
(t) *44
Sugar Stocks
Coll trust Cs 1949.....J&D 91
95 Caracas Sugar
52
4
50 .
Incomes June 1949_ _FdrA 83 86 Cent Aguirre Sugar
corn. 20 7912 8012
Puget Sound Pow & Lt._100 52
54 Fajardo Sugar
100 122 124
6% preferred
100 83 85 Federal Sugar Ref cora 100 45
as
7% Preferred
100 d104 107
Preferred
so
100 80
let & ref 534s 1949_ _J&D 98
99 Godchaux Sugar, Inc.__(t) •2
5
Republic Ry & Light_ 100 50
53
Preferred
26
100 22
Preferred
100 75
77 Holly Sugar Corp corn..
36
(3) *32
South Calif Edison corn_100 103 104
Preferred
93
100 90
8% preferred
100 116
Juncos Central Sugar_ _ _100 75 125
Standard G&E17% pr p1100 96
National Sugar Refining_100 9612 98
8% cum pref
53 New Niquero Sugar
50 *51
95
100 91
Tennessee Rice Power_ (3) 253
55 Santa Cecilia Sue Corp pf100
2
5
Second preferred
76 Savannah Sugar corn- _(3) •74
(t) 275
77
Western Power Corp....100 35
3512
Preferred
93
100 so
Preferred
87 Sugar Estates Oriente pf_100 95
100 86
99
9112 9312
West Missouri Pr 7% pfr
Short Term Securities
IndustrIal&MIscel
Anaconda Cop Min 68'29J&J 1033 1033 American Hardwarelaneous 88
18
4
90
Anglo-Amer Oil 714325A&0 1003 10012 Babcock & Wilcox _ __ _100
8
100 133 135
Federal Sus Ref Os'33 _ M&N 9712 9812 Bliss(E W)Coinew
15
(t) *13
Hocking Valley 5s 1926 M&S 1005 10078
8
Preferred
60
50 *50
K C Term Ry 648 '31 J&J
Borden Company corn...CD *147 149
161;10218
5348
- -7
1926
Preferred
100 106 101
Lehigh Pow Sec 6s '27_F&A 1013 10134 Celluloid Company
8
100 47 60
Sloss-Sheff S&I 65 '25_F&A 10114 102
Preferred
98
100 95
S Rubber 71451930_ _F&A 1063 107 Childs Company corn_
4
(3) *42 43
Joint Stk Land Bk Bonds
Preferred
100 114 116
Chic Jt Stk 1413k 5s...1951 102 103 Hercules Powder
100 103 106
10214 10314
fri 1952 opt 1932
Preferred
100 104 106
' Si 1963 opt 1933
10212 10312 International Silver pref-100 108 111
10412 10514 Lehigh Valley Coal Sales 50 •
5148 1951 opt 1931
82 84
1013 1023 Phelps Dodge Corp
4318 1952 opt 1932
8
s
100 120 125
•
43.48 1952 opt 1932
8
993 1005 Royal Baking Pow com_100 148 151
4
10112 10212
4318 1963 opt 1933
Preferred
100 100 101
Pac Coast of Portland. Ore
Singer Manufacturing...100 211 213
J&J 102 103
58 1954 opt 1934
815
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Feb. 7 to Feb. 13 both inclusive.
Bonds-
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
Atl Gulf & W I SS L 5s 1959 6831 68
6934 512.000 63
Boston & Albany 3%8_1952
7954 7931 3,000 7911
ChIc June Ity & U S Y 5s'40
9614 97
9,000 96
E Mass St RR A 4%8_1948
6914 6934 3.000 64
Series B 5s
2,450 70
1948 76
76
74
904 9914 2,000 9931
68
1925-29
Hood Rubber 7s
21,000 1013.4
1936 10234 ung 103
1929 9734 973.4 9734 7,400 9734
Mass Gas 4448
414s
9541 9514 7,000 9434
1931
Miss River Power 58..1951
9744 9734 3,500 9634
New England Tel 5s..1932 10034 100 101
30,000 9931
Swift & Co 5s
3,000 9734
98
98
1944
Warren Bros 714s_ - _ _1937
6,000 123
140 145
Western Tel& Tel 5s_ _1932 10034 100 10034 15,000 9914
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
70
795-4
9731
7134
7734
9914
103
97%
9634
9734
101
9934
145
10014
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Fel
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Feb. 7 to Feb. 13, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Amer Wholesale, pref _ _100
Arundel Sand & Gravel__50
New Stock
Atlan Coast L(Conn)_ _100
Baltimore Electric. pref _50
Baltimore Trust Co, new 50
Baltimore Tube
100
Preferred
100
Benesch (I), corn
•
Preferred
50
Boston Sand dr Gravel_ _100
Central Fire Insurance_ _10
Century Trust
50
Chet;& Pot Tel of Balt.100
Chalmers 011 & Gas, pref _5
Commerce Trust
50
Commercial Credit
•
Preferred
25
Preferred B
25
Consol Gas, EL de Pow...
634% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal- - _ _100
Cosden & Co
•
Eastern Rolling MIll
•
8% preferred
lop
Fidelity & Deposit
50
Finance Co of Am,pref _ _25
Finance Service, pref_10
Ga Sou & Fla, 1st pref _100
Haus 011, pref tr ctfs_ - _100
Lorraint Pet Co__ lc. share
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Maryland Casualty Co_ _25
Merch & Min Tr Co_ _ _100
Monon Val Trac, pref _ __25
Mt V-Wood Mills v t r_100
Preferred v t r
100
New Amster'n Gas Co_100
Northern Central
50
Penna Water & Power_100
Silica Gel Corr)
•
United Ry dr Electri8.-50
U S Fidelity dr Guar_ _ _ _50
Wash Bait & Annap._ _ _50
50
Preferred
West Md Diary, pref __ _50
11434
2234
116
30
65
40
11244
1
25
25
3334
10634
11054
12354
6614
3334
119
9014
2654
92
4
2454
132
21
1211
4444
16
183-4
8
1634
5254
Bonds
Bait Sparr P & C 4%8_1953 8754
Bernheimer-Leader 78_1943
Commercial Credit 68_1934
Consol Gas gen'l 4%11_1954
Consol G,E L & P 4148'35
Conso Coal ref 34s.1934
Davison Chem&Phos 68 27
Elkhorn Coal Corp 68_1925 100
, Knoxville Traction 53_1938
Macon Dub & Say 58_1947 7914
Maryland Elec Ry 1st 50'31
Nod & Ports Trac 58.. _1936
Public Sem Bldg 5s_ _ _1940
Standard Gas Equip 68 '29
United E L & P 4%8_1929
United Rys & Elec 48-1949 703.4
Income 48
1949 5134
Funding 55
1936 7134
6s
1927
68
1929
Wash Balt & Annan 58 1941
98
97
114 115
2234 2314
160 160
42
42
116 117
30
30
69
65
3854 3814
2654 21314
65
05
40
39
11054 11034
112 11254
.85 1
5834 5814
2534
25
25
2534
26
2634
3214 3334
10614 10634
110 11034
123 12314
6614 68
323-4 3411
110 110
118 120
8914 9054
2634 2641
93.4 941
8234 8214
92
9234
331 434
56
5
654
243.4 2434
24
2434
24
24
8434 85
125 132
21
213.4
1254 1254
65
66
44
4411
77
7734
132 13314
16
18
18% 1834
195 195
714 851
1634 1631
52
5254
80
626
725
63
3
1,162
40
206
5
20
10
69
5
15
1.850
5
678
238
85
1,163
271
33
52
200
765
246
309
491
55
304
30
95
6,350
58
25
66
24
120
324
79
55
232
111
205
510
255
400
75
410
55
18
Range Since Jan. 1.
Low.
9214
8354
2214
160
42
11134
30
6314
3834
2634
54
34
106
1103.4
.85
58
25
25
26
32
10534
10934
12254
6634
32
107
11254
89
2634
9
8154
92
334
55
2414
2354
24
8454
115
20%
1234
6454
423.4
7634
1263.4
1334
1834
179
6
15
5111
High.
Jan 98
Jan 118
Feb 233.4
Jan 160
Feb 43
Feb 117
Feb 32
Jan 70
Jan 3814
Feb 2654
Jan 65
Jan 40
Jan 11034
Jan 11234
1
Feb
Jan 60
Jan 26
Jan 2534
Jan 2654
Jan 34
Jan 10734
Jan 11054
Feb 12334
Feb 72
Jan 3534
Jan 112
Jan 120
Jan 9054
Jan 2634
Jan
934
Feb 83
Feb 97
434
Feb
Jan 5634
Feb 25
Jan 2434
Feb 24
Jan 8634
Jan 132
Jan 223.4
Feb 15
Jan 66
Jan 4454
Jan 7754
Jan 13334
Jan 22
Feb1954
Jan 19854
Jan
854
Jan 1934
Jan 5214
8734 8834 $13,000 8754 Feb 8841
1033-4 1035.4
500 10354 Feb 104%
9914 995-4 6,000 99% Feb 99%
94% 9454 4.000 9234 Jan 9434
96
9634 10,000 95% Jan 9611
9441 9414 2,000 9434 Jan 9434
99
99
1.000 9834 Jan 99
100 100
3.000 9941 Jan 100
97
97
1,000 97
Jan 97
7934 7914 1,000 7514 Jan 7934
9654 9654 2.000 9631 Feb 9631
9331 9354 1.000 92
Jan 93%
10034 10034 3,000 10014 Feb 10034
100 100
Jan 100
5,000 100
9834 98% 3.000 9854 Jan 9814
7011 24,000 70
70
Feb 7034
51
Feb 5254
5134 10,000 51
7,400 7154 Feb 74
7134 72
9911 7,000 99
99
Feb 9954
9636 963-4 3,000 96
Jan 9834
Jan 6554
6,000 63
6331 64
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jam
Jan
J86
Jar
Jac
Jan
Jar
Jar
Fet
Jar
Jan
Fel
Jan
Fel
Fel
Jai
Fel
Fel
Jai
Fel
Fel
Jai
Fel
Jai
Jai
Jai
Fel
Fel
Fel
Jo
Jan
Jai
Fel
Jim
Jo
Fe
Fe
Ja
Fe
Fe
Jo
Ja
Ja
Ja
Fe
Fe
Fe
Fe
la
Ja
JO
Ja
Ja
Ja
Ja
Ja
Philadelphia Stock Exchange.
-Record of transaction
at Philadelphia Stock Exchange, Feb. 7 to Feb. 13, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
Abbott.Al Dairy pref._100
9314 93%
Alliance Insurance
42
42
10 42
Am Elec Pow Co pref 100
96
9614
American Gas of N J _ _ _100 14514 138% 145%
American Milling
12
12
10 12
American Stores
49
• 48% 48
Bell Tel Coot Pa pref
108% 10831
Brill(J G)Co
105 106
100
Cambria Iron
40
40
50
Congoleum Co Inc
41
41
•
Consol Traction of N J_100
43% 4334
East Shore G & E 8% pf_25
2634 26%
Eisenlohr (Otto)
39
39
100 39
Preferred
100 8531 8534 8534
Electric Storage Batt'y_100
64% 65%
Franklin Fire Ins
154 154
25
General Asphalt
57
59%
100
Giant Portland Cement-50
19% 1914
Preferred
49
49%
50
Insurance Co of N A..10 48
47H 49
Warrants
36% 35% 37%
Keystone Telephone..__50
614 6%
6%
Keystone Watch Case_ _100
66
66
7
20
180
6.641
210
7,718
105
225
40
10
27
106
10
50
176
50
210
105
132
1,439
8,39
110
3
Range Since Jan. 1.
Low.
93
37%
96
135
10%
4531
108
105
3914
40%
41
2534
36
85%
6411
154
5034
'17%
46
46%
34%
6
65
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
High.
95
43
99
146
12
49%
109
109
40
41
45
2854
4154
8554
70%
154
5934
21
49%
70
37%
7
66
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
816
Friday
sates
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
474
Lake Superior Corp_ _--100
6
74 9,280
634
50 914 91
92
1,120 89
Lehigh Navigation
25 747-1
50
Lehigh Valley
7634 7634
23
320 23
23
Lit Brothers
10 23
62 51
Minehill & Schuyl Hay_ _50
5234 5234
165 82
8334
82
Pennsylvania Salt Mfg_ _50 82
4,344 4734
474 48
50
Pennsylvania RR
Philadelphia Co(Pitts)
20 33
3634 3634
Preferred (5%)
20 4534
4634
46
Preferred (eumul 6%)_ 50
25 424 414 4354 12,130 4034
Phlla Elec of Pa
424 1,129 40
25 423.4 41
Preferred
Phila Rapid Transit_ _ _ _50 404 4034 414 1,519 40
1,185 62
Philadelphia Traction_ _ _ 50 6234 624 63
1634
170 16
16
50 __16
Phila. & Western
50 3534
3634 3634
50
Preferred
300 24
25
50
24
Reading Traction
35 96
974
Scott Paper Co pref_ _ _ _100 974 97
n4 2,735
14
1
VA
Tonopah Mining
646 3934
4134
41
50 41
Union Traction
904 5,514 8854
50 8934 89
United Gas Impt
130 57
50 5734 5734 58
Preferred
250
734
734 7%
734
Warwick Iron & Steel _ _ _ 10
130 3734
West Jersey dr Sea Shore _ 50 3734 3734 38
50 46
46
46
50
York Railways
50 354
3534 3534
50
Preferred
16 227
244 244
100 244
Fire Association
Jan
734
Jan 100
Jan 81
Feb 2334
Jan 5214
Feb 8534
Feb 484
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan 3634
Jan 464
Jan 4554
Jan 4434
Jan 4234
Jan 6334
Feb
1834
Jan 3034
Feb 25
Jan 9734
Jan
234
Jan 42
Jan 934
Jan 58
Jan
734
Jan 40
Feb 46
Feb 364
Jan 247
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Bonds
Amer Gas & Elec 5e..2007
2007
Small 5s
Amer Gas of N J 7s_ _ _1928
Elee 44 Peo tr ctfs 4s__1945
General Asphalt 65.. _1939
Inter-State Rys coil 4s1943
Keystone Tel 1st 5s_ _ 1935
Lake Superior Corp 5s1924
Lehigh C&N cons 44s 1954
Lehigh Valley annuity 65_ _
New Jersey Trac 5s
Phila Co cons & stpd 5s '51
Phila Elec 1st s 1 4s...1066
1966
1st 55
1966
Small 5s
1960
s when ssued
1947
54s
1953
53is
1941
68
United Rys g tr Ws 4s 1949
United Rys Invest 5s_1926
1937
VetrIr 14 vg I VI' as
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
145
64
85
9735
1014
104'A
106'%
9334
894 914
88
88
137 145
6434
60
1024 1024
55
55
85
83
23
22
9714 98
125 125
7834 7835
9434 9434
844 8434
10074 1014
10034 1004
90% 100
1044 1047-4
1044 1044
10634 106%
66
66
100 100
9354 933-6
$8,600
600
42,500
12,365
1,000
2,000
13,000
21,000
2,000
3,000
1,000
15,000
2,000
36,000
500
5,500
7,000
800
10,000
1,000
18,000
3.000
884
88
136
60
100
503-4
824
17
96
12334
75
9334
83
10034
10034
9954
10354
1043-4
106
63
100
92
9214
884
145
6434
1024
56
85
• 23
984
125
784
95
8434
102
10054
100
1044
106
106%
6634
100
934
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Feb. 7 to Feb. 13, both inclusive,
compiled from official sales lists:
Stocks-
[Vox.. 120.
T 1-1141 CHRONICLE
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
5 32
All-American Radio
Amer Pub Serv, pref_ _ _100 90
American Shipbuilding _100
Armour & Co (Del), p1.100 954
Armour & Co, pref_ _ _ _100 924
5
15
Armour Leather
Balaban & Katz r t c...25 8436
100
Preferred
Beaver Board pref ctfs_100 37
Bendix Corporation.-- _10 3234
• 274
Borg & Beck
10
Bunte Brothers
Cent Ill Pub Serv, pref- _ -• 86
%
ChicCy&ConRy pt sh com
7
4.
Preferred
Chicago Fuse Mfg Co_ _ _ _• 314
Com Chem of Tenn "B" *
Commonwealth Edison.100 138
Consumers Co, com_ _ _ _20
100
Preferred
9
•
Continental Motors
25 68
Crane Co, common
100 1174
Preferred
Cudahy Pack Co, com_100 10634
434
Daniel Boone Wool Mills 25
Decker & Cohn, pref...100
100
Co, pref
Deere &
100
Diamond Match
Elec Research Labor'y_ _ _• 33
•
Evans & Co,Inc, Class A _5
Foote Bros(GM)Co- •
•
Co
Gill Mfg
Godchaux Sugar, corn_ _ _ _*
• 30
Gossard (11 W).com
Great Lakes D & D_ _ _ _100
Hart,Schaff&Marx,com 100 125
Ribb, Spen, Bart & Co_ _25
10 1534
Rupp Motor
• 5034
Hurley Machine Co
100
Illinois Brick
Illinois Nor URI, pref_ _100 8734
Indep Pneumatic Tool...* 66
234
Internal Lamp Corp_ _ _ _ 25
Kellogg Switchboard_ _ _ _25
25 39
Kraft Cheese
854
Libby,McN & Libby.newto
134
10
Lindsay Light
6
10
Preferred
Lyon & Healy Inc pfd..100
AcCord Rad Mfg Co "A". 41
• 144
AcQuay-Norris Mfg
Aid West Utilities corn •
100 944
Preferred
Prior lien preferred_ _100 1014
• 374
Vlidland Steel Products..
4634
dorgan Lithograph
(J W)Mfg Co_ _10
Aurray
gat Carbon pref (new)_100
534
10
gational Leather
'forth American Car Co_ •
)mnibus pref "A" w i..100 953-4
• 164
Vot trust ctfs w I a__ _ ..
4
?hilipsborn's Inc tr ctf__1
100
Preferred
10 2234
'Ick (Albert) & Co
'Ines Winterfront "A".... _ 5 69
.ub Serv of Nor III corn_ _* 115
100 115
Common
100
Preferred
7% preferred
100 1054
luaker Oats Co
100
100 10454
Preferred
teal Silk Hosiery M1118....10 72
leo Motor
10 184
lyantar Co(The)
25 3134
Randard GaS & Elec Co_ •
Preferred
50 534
Itewart-Warn Speed com_• 7434
3wIlt & Co
100 11734
Range Since Jan. 1.
Low.
High.
3134 3336 3,215 314 Feb 3
634
145 90
Jan 91
90
903-6
205 50
Feb 60
50 • 54
9534 4,800 9134 Feb 954
93
924 6,285 86
88
Jan 924
1,035 • 34 Jan
434 5
5%
620 5034 Feb 514
5034 5134
50 95
Jan 100
98
98
Feb 3934
180 31
364 37
915 3214 Feb 36
324 3354
26
2834 5,110 2534 Feb 2834
25 114 Jan 14
134 134
210 84
Jan 86
86
85
4 Jan
4 1.700
34
134
94
Jan
4
1,390
634 7
Jan 3234
200 29
3034 3134
Jan
4
100
4
4
4
975 1344 Jan 139
136 139
24
A Jan
20
2
2
45 35
35
Jan 4954
36
1034
934 1,380
9
834 Jan
Jan 70
140 67
694
68
Jan 118
257 115
11734 118
Jan 10834
1064 10834 6,023 79
434 Jan
454 534 7,590
734
99
Jan 99
50 98
99
90
Jan 9034
21 83
9034
117 11734
Jan 119
115 117
3434
33
1,380 3254 Jan 3754
2814
28
600 27
Jan 3034
Jan 16
710 15
1534 1534
6
5
Jan
4
860
6
50
336 34
Jan
3
34
740 264 Jan 30
30
29
1,575 944 Jan 106
97 105
250 111
Jan 125
1244 125
185 68
Jan 74
7234 74
3,655 1434 Feb 1934
154 1634
Jan 56
1,140 50
5134
50
130 11634 Jan 12934
1204 124
Jan 8774
25 85
874 8734
243 65
Jan 70111
67
65
214 Jan
625
3
24 234
15 40
Jan 48
43
43
284 354 Jan 40
3834 39
74 Jan
934
8
834 2,358
154 Feb
450
1%
114 14
6
Jan
8
150
6
6
Jan 1054
10 103
10534 1054
Jan 42
360 40
42
41
150 1434 Feb 174
1434 15
220 844 Jan 90
8834 864
697 9154 Jan 9434
9334 944
Jan 103
980 98
101 10174
780 3234 Jan 40
37%
37
Feb 47
2,960 45
47
46
10 1714 Jan 19
18
18
Feb 124
35 120
120 121
44 Jan
64
890
534 54
Jan 29
185 27
274 28
Jan 9554
954 1,695 90
93
1634 164 4,075 154 Feb 1734
134
A Jan
154 10,525
A
150 2834 Jan 34
3234
30
635 2134 Jan 2334
2234 2234
Jan 74
2,750 64
674 69
320 10734 Jan 116
11534 1154
Jan 11534
45 108
115 11534
Jan 9454
175 92
9354 94
85 1044 Jan 106
10534 106
Jan 355
26 350
360 360
30 10234 Jan 10434
104 10454
Jan 754
7134 7574 6,600 59
894 1734 Jan 184
184 1834
470 314 Jan 33
3134 32
625 4034 Jan 46
434
43
Jan 5334
965 50
5234 5334
7534 34,415 7034 Jan 77%
72
Jan 1204
3,580 114
117 120
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Friday
Sates
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Bonds
Chicago City Ry 5s_ _ _ 1927
Chic City & Con Rys 55'27
Chicago Rys 5s
1927
1927
58, series "A"
4s series"It"
1927
Adjust income 4s_ _ _1927
Commonw Edison 5s 1943
Northwestern Kiev 5s.1941
Pub Serv Co 1st ref g 5s'56
Swift & Co 1st s f g 5s.1944
Yellow Cab Mfg Co
82
56
8334
66
66
4234 4234
23
23
1004
8214 81
93
98
98
51
51
5754
High.
Jan
Feb 36
Jan
Jan 47
Jan 7334 Feb
Jan
5
Jan
Jan
Jan 51
Jan 8634 Feb
Jan
Jan 47
Feb 224 Feb
Jan
Jan 26
Feb 13154 Jan
Jan
Jan 53
Jan 224 Feb
Jan 2434 Feb
Jan 5534 Jan
Jan
Jan 123
Jan 1034 Feb
Feb
Jan 10
Jan 5234 Feb
Jan
Feb 43
Jan 5554 Jan
Jan 1434 Jan
Swift International
15 314 3134 323.4 5,850 3134
Thompson,J R,com__ _ _25 46
46
464
350 45
Union Carbide & Carbon_• 704 704 724 13,600 664
United Iron Works v t 0_50
354
34
100
334 33.4
Un Lt&Pr com"A"w i a.* 48
4634 484 1,665 46
Preferred "A" WI a _ _ _ _* 86
86
420 83
86
Preferred "B" WI a . _* 4534 4534 46
_ _
351 42
United Paper Bd com _ _100 2234 214 224'
600 214
Utilities Lt & Pr "A"...'
2534
135 25
25
II S Gypsum
20 120
118 124
2,370 118
Universal Theatres Co _5 51
50
52
1,400 45
Wahl Co
* 2234 1954 224 4,650 15
Wanner Malleable Cast..' 24
2334 2434
600 72
Ward, Montg & Co com_10 5034 5034 52
3,300 4634
Class "A"
• 118
118 119
500 11654
Wolff Mfg Corp
* 103-4
9% lox
54
2,175
Certificates
914
954 10
1,580
6
Wrigley, Jr, corn
• 49% 4954 5254 21,300 464
Yellow Cab Mfg cl "8.10 3736 374 3854 3,805 3734
Yellow Cab Co Inc (Chic)•
504 5154 3.055 5074
Wolverine Port Cement_10
1234 123.4
200 1254
Jan
82
Feb 83
$1,000 82
574 33,000 54'% Fel? 5854 Jan
8334
1,000 8334 Jan 8414 Jan
6654 8,000 65
Jan 6734 Jan
Jan
Jan 44
4234 2,000 40
Feb
23
5,000 2236 Jan 23
1004 5,000 1004 Jan 100% Jan
8214 11,000 80
Jan 824 Feb
Feb
93
Jan 93
5,000 92
9834 2,000 98
Jan 9834 Feb
51%
140 51
Feb 514 Feb
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange Feb. 7 to Feb. 13, both inclusive, compiled from official sales lists:
Stocks-
Friaay
sales
Last Week's Range for
Sale
ofPrices.
Weelc,
Par. Price. Low. High. Shares
Am Vitrified Prod com__50
22
22
Preferred
50 8736 874 8754
9734 9854
Am Wind Glass Mach_ _100
Preferred
100 100
100 100
7
Arkansas Nat Gas com_ _10
64 74
50
13734 1374
Bank of Pittsburgh
Carnegie Lead & Zinc__ _ _5
754
634 7%
100
196 196
Colonial Trust
Consolidated Ice pref-see Note b elow.
•
374 3734
Federated Metals
jdnes & Laugh St pref__100 1124 112 11234
25 384 3754 40
Lone Star Gas
1334 14
Nat Fireproofing com.._ _50 14
50 34
34
Preferred
3434
25 34
33%, 3434
Ohio Fuel Corp
1 15
15
1554
Ohio Fuel 011
2834 314
Oklahoma Natural Gas_25
325 325
Peoples Says & Trust_ _100
70
9c
80
Pittsb & Mt Shasta Cop _ _1
8
834
Pittsburgh Oil & Gas_ _ _ _5
290 293
Pittsburgh Plate Glas.s_100
Rich & Boynt part pref___* 3834 3754 40
8
8
9
10
Salt Creek Con 011
40
6c
1
San Toy Mining
76
76
Stand Plate Glass pref_100
Stand San Mfg COM- ___25 10334 103 105
13
134
13
Tidal Osage 011
360 360
100
Union Nat'l Bank
25
1734 1774
U S Glass
105 106
West'house Air Brake...50 105
95
95
_100
West Penn Rys pre .
Bonds75
1955
75
Indep Brewing 68
90
90
Pittsburgh Brew 68...l949
dr.., Rvnn Rv Rm-Rvn More helniv
Range Since Jan. 1.
Low.
30 194
50 87
564 88
30 95
3,440
54
5 135
4,170
4
37 190
High.
Jan 23
Jan 89
Jan 984
Jan 100
Jan
83-4
Jan 13734
Jan
8
Jan 196
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
100 36
160 1114
6,554 32
845 114
400 3134
6,230 32
342 13%
6,472 26
50 325
25,000
60
1,525
7%
360 257
1,221 3774
390
734
13,100
9c
32 75
312 x103
834
1,405
20 360
200 17
305 105
20 92
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
41
113
40
1434
3534
3434
16
3134
325
90
8%
295
40
9
60
79
136
1334
360
2074
113
95
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
$1,000
23,000
Jan
Jan
75
90
Jan
Jan
75
88
Cash and stock dividends.
-Sold last week and not reported: 200 Consolidated Ice pre. at 14; 52,000
Note.
West Penn Rys. 5s of 1931 at 97 A •
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Feb. 7 to Feb. 13, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Nat Bank of Commerce 100
100
Mercantile Trust
United Railways pref _ _100
Preferred C D
Amer Credit Indemnity_25
•
Best Clymer Co
Brocton Heel Inc, pref _100
Certain-teed Prod 1st pf 100
Chicago Ry Equip prof..25
Emerson Electric prof. _100
Ely&W alkerDryGdscom 25
Fulton Iron Works corn_ _•
100
Preferred
Hamilton-Brown Shoe_ _25
HydraulPressI3rick com 100
100
Preferred
International Shoe corn_ •
100
Preferred
Laclede Gas Light pref _100
100
Laclede Steel Co
Mo Portland Cement_ _100
National Candy com _ _ _100
100
2d preferred
Rice-Stix Dry Gds 2d pf 100
Scruggs
-V-g D G com_ _100
Southw Bell Tel pref _100
Wagner Electric cona-•
Wagner Elec Corp pref_100
Boyd Welsh Shoe com___•
Johanson Bros Shoe corn.'
Pedigo Weder Shoe
•
Securities Inv corn
Becks COrbit
F Medart common
Huttlg S & L common_ _ _ Preferred
Bonds
East St Louis & Sub 58 1932
St L & Sub Ry gen M 543_'23
United Railways 4s__ _1934
CD
St L & Sub Gas 5s C D._ __
Wagner Elea Mfg 7s_Serial
• No par value.
150
400
634
100
244
8
8834
12054
4234
1054
loasi
45
90
4734
44
10036
33
37
10034
7254
1494 150
400 400
54 6
6
634
60
60
4274 43
100 100
8934 90
2634 2634
100 100
2434 254
41
42
102 102
4874 48%
83-4
734
864 8834
115 116
12034 12034
83
83
141 141
4154 42%
1014 105
10554 106
103 103
106 106
10834 1084
38
50
834 90
4334 4754
4834 484
4374 44
4334 4354
10054 1004
3234 3334
35
384
loog wog
86
82
7254
714
82
10034
86
82
723-4
7154
82
1004
Range Since Jan
Low.
20
11
210
201
50
70
35
63
40
5
722
95
10
10
600
283
84
2
11
15
759
834
75
5
50
121
3,106
518
335
45
198
30
25
260
1,865
279
143
398
434
434
3654
4234
9854
87
26
96
224
3754
100
4436
6
81
115
11934
83
141
4136
$3,000
3,000
18,000
16,000
101,000
1.000
1.
High.
105
10154
104
10774
2834
80
4234
424
4134
424
10034
3254
3436
101
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
15074
400
6
634
60
46
100
90
264
100
25
43
102
4934
854
8854
118
1203-4
83
141
48
107
106
103
106
1094
50
90
5054
524
4454
4434
101
34%
40
102
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
8534
82
7254
7134
82
Feb
Feb
Feb
Feb
Jan
86
Feb
9934
8334 1Jan
74 Pan
7334 'Jan
Pan
84
FEB. 14 1925.]
THE CHRONICLE
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Feb. 7 to
Feb. 13, 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.
Week Ended Feb. 13.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Indus. & Miscellaneous.
io 75c
Acme Coal mining
Adirondack P&L 7% p1.100
• 10
Allied Packers,corn
100 64
Prior preferred
Amalgam Leather corn_ •
Amer Cyanamid com _100
Amer Gas & Electric
Common (ex stock d1v)_• 7331
50 45
Preferred
10
Amer Hawaiian SS
Amer Lt & Trae,com__100 14831
100 95
Preferred
3535
Warrants
Amer Pow dr Lt corn new.' x5335
100 8835
Preferred
Amer Pub URI 7% pr p1100
Amer Road Machinery_
Am Superpow Corp,CI.A.• 3135
• 31
Class B
American Thread Wei- _5
25
Apco Mfg class A
Appalachian Pow,com _100
100
7% preferred
Arizona Power com_ _100 204
Armour & Co (III) pref _100
Armour Leather pref._ _100
Assoc G & E Class A__ _.• 26
Atlantic Fruit & Bug- --• 90e
Boissonnault(G) Co
•
235
Borden Co common_ _ _i00 146
Preferred
100
Botany Cons Mills com_ _• 20
Class A
50 47%
Bridgeport Mach corn__ _ _*
-Am Tob ord bear__£1
Brit
Ordinary registered_ _ £1
Brooklyn City RR
10 59
Buffalo General Electr1c100 247
Burroughs Add M pfd_100 1044
Campbell Soup pref _ _ _ _100
Oar Ltg & Power. corn. _25
235
Centrifugal Cast Iron Pipe. 22
Chapin-Sacks Inc
Chatterton & Son
10 1231
Checker Cab Mfg cl A
•
Childs Co new stock
• 4531
Cities Service, com-__ _100 x20835
New when issued
20 42%
Preferred
100 z8235
Preferred B
735
10
210
Stock scrip
9935
Cash scrip
Bankers' shares
• z2035
Cleve Automobile. corn_ •
Preferred
IOU
Colombian Syndicate
134
Colorado Power corn__ _100
Com'wealth Pow Corp- 116
•
Preferred
100 8131
Warrants
Cons Gas,E L&P Bait new• 33%
Continental BakIng,comA" 114
Common B
• 24%
100 92
8% preferred
Continental Tobacco_
•
Cuba Company
•
Cuban Tobacco v t c
Cudahy Packing
100 107
Curtiss Aero&M,new corn. 14
Preferred
100
De Forest Radio Corp__.• 3135
Del Lack & West Coal__50
Doehler Die-Casting
• 18%
DubillerCondsr& Rad new• 3035
Dunhill International_
30
Duplex Cond & Rad v t
1035
1
Du Pont Motors, Inc._..'
Durant Motors, Inc
• 184
Duz & Co, Inc, Class A • 31
East Penn Elec Co,com_..• 65%
Edm & Jons Corp corn
Elec Bond dr Share,pref 100 10336
Elec Invest without war'ts• 4434
Falardo Sugar
100
Federated Metals Corp_ _• 38
Film Inspection Machine_'
Firestone Ti & Rub corn.10
Ford Motor Coot Can_100 521
Foundation Co pref
• 135%
Freed-Eisemann Radio • 2231
Freshman (Chas) Co
• 23%
•
Garod Corp
Gen Gas dr Elec prof A_ •
Gillette Safety Razor__ _.• 6731
• 121
Glen Alden Coal
Goodyear Tire & R,com100 32%
•
Grand(F W)5-10-25c Stn.
16%
Grennan Bakeries Inc.__
Grimes(D)Ra& Cam Rea*
Hall Switch & Big com-100
655
Happiness Candy St cl A.•
• 3431
Hazeltine Corp
231
•
Hayden Chemical
Imperial Tob of Gt B & I.
Intercontinental Rubb_100
6
Inter Match non-vol pf _ _ _ 41%
Internat Utilities Class A.*
•
Class B
63.4
Inter-Ocean Radio Corp..'
5%
Jones(Jos W)Radio Mfg.'
Heiner Williams Stamp'g.•
* 19%
Kelvinator Corp w 1
Lake Torpedo Boat comb0
Lehigh Power Securities..' 9635
Lehigh Valley Coal Sales 50
Leh Vall Coal cite new w I 46
831
Libby McNeil & Libby--10
831
Liberty Radio Ch Stores_ _•
Marconi Wireless Telof Can
Marconi Wirel Tell of Loud
McCrory Stores warrants_ _ ......
100
Mengel Co
•
Mesabi Iron Co
Middle West Utilities cons* 8534
100
Prior lien stock
• 24
Midvale Co
• No par value.
75c
100
831
63
10
127
80c
100
10
64
10
127
Range Since Jan. 1.
Low.
400 75c
10 99
540
8
500 57
100 10
50 120
7234 7831 6,000
45
4531
300
104 1235
800
146 153
4,570
95
95
75
30
40
175
53
5834 21,700
88
88%
710
89
89
20
2
2
100
314 34
2,200
31
3335
1,700
335 331
100
25
2534 1,300
75
754
300
9735 9831
70
19
20%
700
88
90
20
89
89
10
26
26
2,400
90c
1
12,900
231 334 38,300
146 14835
450
106 10634
40
20
20
500
4734 474 1,000
4% 5
200
2631 2634
600
26
264
50
831 934 8,200
22931 247
24
10434 105
16
111 111
70
24 234 6,000
2135 22
1.50
1634 1734
40
1234 13
300
21
21
10
4434 4531
90
208 211
3,42
4131 43
10,80
8134 824 2,50
735 74 3,50
209 215 830,000
994 9935 84,000
2034 2134 3,700
1935 1955
100
90
9431
80
131 14 75,700
3431 344
10
116 12
1,050
034
804 8134
725
35
35
35
323.4 3331 6,800
11031 114
8,400
2234 2431 20.800
9134 92
1,400
23
23
100
38
3834 2,000
10
11
200
107 10834 5,040
14
14
100
64
64%
300
31
334 36,700
12335 12434
150
1835 1931 2,500
2935 3234 8.600
30
30
200
10% 1034
300
1
1% 2,400
1535 1934 11,900
31
3236 2,500
6534 6535
10
35
35
10
10236 10331
1,220
4235 4754 10,200
120 120
100
3631 38
1,100
931 10
1,800
104 104
20
521 523
120
13431 136
110
2234 2331 5,200
2131 24
9,500
10
104
400
10635 10635
10
66
6734 11,200
120 121
600
314 3454 48,600
62
66
400
16% 1654 1.500
17
1731 2.400
5
5
100
6% 835
1,800
3431 38
7,200
2
2
500
21
21
600
534 6
1.700
4034 4234 4,59o
46
46
100
1235 1335 1,60
6
1,800
7
535 6
1.70
22% 2236
10
1834 2031 11,90
100 100
1.00
9434 106
2,70
83% 84
82
4534 48
17.100
831 834 1,100
8% 9
16,70
135
20
1%
931 935
500
47
47%
300
40
4034
150
3% 3%
200
8534 87
2,850
10134 1014
50
24
24
1,200
72%
45
1031
137
94
16
53
87
89
2
3131
31
331
2435
73
96
17%
87
8535
26
80e
1%
133
106
20
47%
4%
25%
21%
8
226
103
1104
1%
2035
164
12%
21
40%
176%
38%
sog
7%
125
95
17%
19%
89
60e
3431
116
7931
35
3135
108
214
91%
23
37%
84
80
14
57
26%
1204
164
2735
2835
10%
1
15
26
60
35
102
40
120
36
6%
98
491
117%
2234
2231
10
106
5735
117
24%
60
16
17
3%
6%
3434
2
21
54
37%
4534
12%
8
534
21%
1834
10c
9431
81
45%
8
734
134
9%
47
30
331
84
9854
24
High.
Feb
134 Jan
Jan 100
Jan
Jan 10
Feb
Jan 67
Jan
Jan 1035 Jan
Jan 127
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jae
Jae
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
82%
46%
13%
153
96
40
674
89
89
2
38
36%
2535
83
99
20%
90
89
26%
1
34
149%
1074
21
4831
5
26%
2634
935
237
10535
111
3
27%
18%
1331
24%
46
211
43
8231
731
215
100
2135
21
954
13(
3434
126%
82
50
3434
115
2635
9431
2631
3934
1134
10834
16
66
34
126
204
35%
31 •
17
1%
21
33
67
35
103%
48%
120
41
11%
108
523
136
334
28
17%
10635
67%
122
34%
7334
1734
19%
5%
734
5134
3
2134
634
4334
46%
17
14
9
2334
2034
100
117
87
50%
9%
9
134
10
55
43%
4%
9034
103
28%
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
817
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
of Prices.
Sale
Week.
(Concluded). Par, Price. Low. High. Shares.
Motor Wheel Corp new w I* 1534
1534 154
Murray Body Corp w 1__• 42
41
42%
Music Master Corp w I__• 1531 1534 18%
Nat Distillers Producers_ • 34
32
39%
National Leather
534 5%
Nat Power & Light, corn.' x192 z192 206
National Tea
• 238
238 245
New Mex & Ariz Land_ _ -1 10
9% 11%
N Y Telep 6%% pref.._100
111% 11154
N Y Transportation__ 10
40
40
Nickel Plate coin, new, w 1_
86% 88
87
Preferred, new. w
86
86
8631
New Corp when Issued
(El Bond & Sh Hold Co) 61% 61% 69
No State Pr Corp com_100
105 105
Northern States Pow pf 100
97
97
Omnibus Corp v t C
1635
1635 17
•
Series A preferred_ _100 95
95
96
Oppenheim, Collins drCo_• 45
4534
45
Paige-Detroit Mot Car_ _10 1734
1734 18%
Power Corp of N Y,corn.'
3534
35
Pratt & Lambert. Inc....* 4134 41
4135
Pro-phy-lac-tic Br, corn...
42
42
Pyrene Manufacturing_ _10
104 11%
Reid Ice Cream Corp corn • 3835 3754 4034
Preferred
98 101
98
Reo Motor Car
10
1834 18%
Repeal, Inc
5 51c
51c 51c
Rich'd Radiator, corn _ _100 35
35
35
Preferred
100
120 120
Rosenb'm Grain Corp IA 50
48
48
Rova Radio Corp tr ctfs • 12% 1134 1334
Seagrave Corp,corn__ _ __• 1434
1434 144
Shattuck (Frank G) corn.' 3335 324 34
Silica-Gel Corp corn v to.' 1634 1635 1851
Sleeper Radio v t c
• 15% 15
1634
Sou Calif Edison corn_ _100 10335 103 104
6% preferred
100
90
90
Southern Coal & Iron_ _ _ _5
70
6c
7c
Seastern Pr dr Lt
5534 5535 58
Southwest Bell Tel pref 100
10831 109%
Standard Motor Comte 10
33.4 3%
3%
Stand Publishing Cl A__25 2631 2634 2634
Stutz Motor Car
•
831 835
Swift dz Co
100
118 11935
Swift International
10 3131 31
3231
Tenn Elec Power, cora_ _.•
50% 574
Second preferred
73% 75
T H Ind & East Tr pf _100
1931 194
Thermiodyne Radio
• 144 14
1554
Thompson(RE)Radio vtc• 1435
10
1635
Timken-Detroit Axle_ _ _10
3% 3%
3%
Tob Prod Export Corp__ •
335
Todd Shipyards Corp_ _ __* , 41
394 41
Tower Mfg Corp
5 10
15
18%
Tulip Cup Corp, corn_ _ _ _* 15
15
15
Union Carbide & Carbon..' 7034 70% 72%
United G &E corn new_ _10 31
31
31%
United Lt AC Pow corn A • 4735 47
48
United Profit Sharing_ _1
8%
634 9
United Shoe Mach'y com25 4435 434 44%
U S Gypsum corn
20
125 125
US Lt dr Ht Corp, com_10 90c
85c
1
Preferred
10
2
2
Universal Pictures w I.
27
27%
Utilities Pr & Lt Cl A
2431 24% 254
Victor Talking Machine100
Ward Corp,corn. Class A •
120 120
Common Class B
41
42
7% preferred
100
94
94
Ware Radio Corp
• 27% 27
30
Warren Bros
50
4431 444
Western Pr Corp, COM-100
35
35%
Preferred
100
853£ 86%
White Rock alba Spas corn'
17
17
Wickwire-Spencer St corn.5
435
435 435
Yellow Taxi Corp N Y •
18% 19
10
Rights
Western Power
10c
Range Since Jan. 1.
Low.
4,500 1535
1,200 41
9,100 1534
11,000 164
435
200
1,460 188
180 230
64
11,500
25 11035
100 38%
4,500 84
1,000 8435
High.
16
Feb
Feb 4531
Feb 2135
Jan 3935
Jan
6%
Jan 240
Jan 247
Jan 114
Jan 111%
Jan 40
Jan 8831
Jan 8735
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
91)4
106
97
174
96
46
19
36
43
44
1135
43
101
184
52ta
37
120
484
144
1434
354
21
19%
104
91
100
66
109%
334
27
10
120
3534
60%
75
20
22%
25
434
5%
41
2434
1534
73%
38
5034
9
45%
125
134
234
28%
25%
105
121%
4531
9534
4034
4431
3831
8735
1735
735
22
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jut
Jan
Jan
46,100
10
20
3,500
900
3.900
9,100
900
1,400
200
1,600
5,100
700
500
200
300
100
100
7,000
3,300
2,000
2,300
2,600
70
20
51,000
800
20
800
2,500
300
80
2,300
2,400
125
100
7,500
20.700
200
1,100
20
2,40
3,50
1,900
400
600
16,900
400
10
1,800
200
300
6,100
50
100
1,500
100
2,300
200
900
550
300
21,600
7.800
61%
102%
84%
1534
90
45
1735
3335
41
42
1035
35
98
17%
51c
28
105
4731
10%
1435
31%
13
15
101%
88
6c
53%
107
331
26
635
114
31
4831
73
1931
14
10
335
3%
3934
15
15
664
31
47
531
4234
125
75c
135
27
24%
90
117
40
9235
27
3935
35
85%
18
3%
18%
3,000
10o
Fe
300
Jan
7,300
10
320
2,000
79,300
800
130
20
700
10,400
280
2,200
15,000
70
990
1,200
100
70
7,900
1.900
3,580
11.600
1,800
200
880
310
20
67,500
3.400
1,000
460
14,300
100
30
13,200
18
225
62
4834
2535
10
133
83
564
424
127
11935
3035
75
137
23
65)4
81%
64
3531
209
524
106
202
139
8435
7635
62%
37
117)5
244
444
338
21
80%
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
20%
239
72
55%
3135
15%
150
96
684
4734
15434
13431
3331
84
159
2534
79
88
7531
44
25935
65%
126
254
197
103
84
70
46
12431
270
48%
369
27
9631
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
4
11,000
731 2.800
200
100
935
20
1,000
1,100
5
4% 2,800
10.500
10
6% 2.300
25% 6,000
(ic 27,000
95e
1,000
250
1,000
231 28,600
100
231
27c
1.000
69% 4,500
28% 64,400
5% 38,300
2%
535
231
7
2c
435
334
831
435
2535
40
87c
200
134
2%
20e
6554
23
234
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
4
8%
4
1031
2c
5
435
1035
631
26
80
97c
25c
234
3%
27c
71
28%
5%
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
15c
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Former Standard Oil
Subsidiaries
Anglo-American 011_ _ ...£1
Borne Scryrnser Co_ _ _ _ 100
Buckeye Pipe Line
50
Cherrebrough Mfg., new.25
Continental 011 v t c w 1_
Crescent Pipe Line
ii
Cumberland Pipe Llne_100
Eureka Pipe Line
100
Galena-Signal 011. com-100
Humble Oil& Refining_ _25
Illinois Pipe Line
100
Imperial 011(Can) coup.25
Coupon new w I
Indiana Pipe Line
50
Magnolia Petroleum_ -100
National Transit_ _ __12.50
New York Transit
100
Northern Pipe Una_ _ _ _100
Ohio Oil
25
Penn Mex Fuel
25
Prairie Oil de Gas
100
New when Issued
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
100
Southern Pipe Line_ _ _ _100
South West Pa Pipe L_ _100
Standard 011 (Indiana)
..25
Standard 011 (Kansas).-25
Standard 011 (Ky.)
25
Standard 011(Neb)___ -100
Standard 01101 N Y__ --25
Stand Oil (Ohio) corn-100
Swan & Finch
100
Vacuum Oil
25
1934
1935 204
230
230 230
6734 6535 6835
64
6334 70
z2834 284 29%
10
10
133
133 137
88
88
65
64
6835
47
46% 4734
145
143 146
125% 129
3254 314 3331
78% 79%
152
152 155
24
23
71
72
8235 8535
73
7234 754,
4035 40
4235
247
240 251%
62
63
60
120
119 122
240
230 240
184
181 185
88
88
86
78% 8135
z687
% 67% 694
424 4135 43%
120 12131
260
255 262
4635 45% 47
354
3534 356
2431 24% 24%
92
884 9235
Other 011 Stocks
Amer Maracaibo Co
4
Arkansas Nat. Gas
10
7
Atlantic Lobos 011 corn_ _.•
334
Preferred
•
Big Indian Oil & Gas
British Controlled Oil Fields
Carib Syndicate
434
Creole Syndicate
934
5
Derby 011 & Refg COM--•
634
Preferred
• 2534
Engineers Petroleum
50
1
Euclid 011 Co
95e
Federal Oil
5 250
Gibson 011 Corp
2%
1
Gilliland 011 corn v t c..- -•
Glenrock Oil
10
Gulf Oil Corp of Pa
25 6834
International Petroleum..' 27%
Kirby Petroleum
•
4%
335
6%
331
20
431
4
931
2535
40
95c
25e
234
231
270
68
27
Other Oil Stocks.
(Concluded)
Sala
Friday
Last Week's Range for
Week.
of Prices.
Sale
Pox Price. Low. High. Shares.
Lago Petroleum Corp_ _•
Lance Creek Royalties_ -1
Latin American 011
1
Livingston Petroleum
•
25
Lone Star Gas
Margay MCorp
•
Mexican Panuco OIL _ _10
Mountain & Gulf 011
1
Mountain Producers__ _10
Nat Fuel Gas
•
New Bradford Oil
5
New England Fuel OIL._5
Noble(C F) Oil& G com.1
1
Preferred
Ohio Fuel Corp
25
Ohio Fuel Oil
1
Oklahoma Natural Gas_ _25
Peer 011 Corp
Pennock Oil Corp (new)_
Pennsylvania Beaver 011_1
Red Bank 011
25
Royal Can Oil Syndicate_•
Ryan Consol Petroleum_ _*
Salt Creek Consol 011_ _ _10
Salt Creek Producers
Savoy Oil
5
Tidal Osage Oil voting stk *
United Cent Oil Corp----•
Venezuelan Petroleum_ _
Ventura Consol Oil Fields 5
Western States Oil& Gas_l
1
Wilcox 011 & Gas
Woodley Petroleum Co *
1
1:Y" 011 & Gas
531
3c
900
1935
435
13c
2234
2635
731
6
2
2494
335
535
335
23
150
7
6%
5% 535
2c
3c
4c
3c
1%
1
3935 3935
65c 65e
81c 990
I%
134
1935 19%
118 120
43(
20
12c 13c
50e 50c
34%
34
15% 15%
30
30
134
134
20% 22%
6c
50
2631 2734
7% 735
536 6%
7% 8
24% 25%
3
335
12% 12%
535
335 4
23
23%
15e 200
631 731
635 6%
60
60
Low.
5%
73,400
lc
20,000
2c
16,000
1,200 750
100 32%
500 50c
100 610
1%
4,500
10,200 18%
50 106
2,400
100 20
8,000 10e
1,000 35e
300 3131
200 12
100 30
I%
4,900
2,400 1734
4c
18,000
900 22%
635
13,300
335
1,800
700
9,300 24
1%
200
9
100
2%
1,400
335
6,000
200 2231
7,000 14c
53(
14,900
5
600
50
2,000
High.
6%
Jan
30
Jan
40
Jan
Jan
134
Jan 3935
Jan 65e
Jan 1116
Jan
1%
Jan 2035Jan 120
Jan
5
Jan 24%
Jan 13o
Jan 50c
Jan 34%
Jan 20
Feb 30
Jan
Jan 25
Feb 13e
Jan 3235
Jan
73£
Jan
635
Jan
8
Jan 26
Jan
3%
Feb 1535
Jan
4
Jan
Feb 2434
Jan 20c
Jan
734
635
Jan
7o
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Mining Stocks
Jan 36c Feb
Feb 19e Feb
Feb
Jan
2
Jan 10e Feb
Jan
Feb 25c
434 Jan
Feb
,Jan
31116 Feb
Jan 51c Feb
Jan
51c Jan
Feb
Jan
4
Jan
Jan 200
3% Jan
Jan
Jan
Jan 53e
Jan
Jan
8c
Jan 690 Feb
Feb 240 Feb
Jan 16% Feb
Jan 23e Feb
Jan
Feb 58c
Jan
Jan 100
Jan
9c Feb
Jan
3c
Feb
Feb
90 Jan
Jan 14c Feb
Jan
Feb
8o
Jan
Jan 16e
Jan 18e Feb
Jan 16% Feb
Jan 15% Jan
Jan
335 Jan
Jan 23e
Jan
Feb
Jan 30c
Jan
1% Feb
Feb 61c
Jan
Jan
235 Jan
Jan
1% Jan
5% Feb
Jan
Jun
8c
Jan
Feb
2% Jan
Feb
le Feb
Feb
Jan 25c
Jan 100 Jan
Feb 25c Feb
Jan 24% Jan
Jan
Jan 199
63( Jan
Feb
135 Jan
Jan
Jan
Feb 52c
Jan 820 Feb
236 Jan
Jan
1% Feb
Feb
Jan
7o Feb
40 Feb
Feb
Jan
60 Jan
Jan
le
Jan
3% Jan
Jan
Jan
Feb
9c
Jan
Jan 14c
Jan
Jan 12c
Jan
131 Feb
Jan 39c
Jan
Jan
3
Feb
Jan
2% Feb
Feb 130 Jan
Jan
Jan 600
Jan 2931 Jan
Jan 14c Feb
Feb 770 Jan
Jan
835 Jan
Feb
3816 Jan
3% Feb
Jan
Feb 17e
Jan
Jan 25e Feb
Jan 100 Feb
Jan
Jan
Sc
Jan 50c Feb
Bonds
Allied Pack cony deb 65'39
1939
Be, Series B
Aluminum Coot Am 781933
1925
78
Amer Beet Sugar 8s_ -1935
Amer G & E deb 68_2014
American Ice 7s
American Power de Light
68 old without warr'ts'16
Amer Rolling Mill 68 _1938
Amer Sumat Tob 7358_1925
American Thread 65_1928
Anaconda Cop Min 68_1929
Anglo-Amer Oil 7355_ _1929
Assoe'd Simmons Hardware
1933
635s
Atlantic Fruit Ss
AtIG & W ISSL 56_1959
Beaver Board Co 86..1933
Bell Telep of Can 58._1955
Beth Steel equip 75-1935
Canadian Nat Rye 75 1935
4358
1954
Central Leather 68
1945
Chic Un Station 56..1944
82% 83% $15,000 80% Jan 8434 Feb
83
Jan
Jan 94
86,000 88
93
92
92
107% 107% 7,000 10631 Jan 10731 Jan
10734
Feb 10235 Jan
3,000 102
101% 101% 102
100% 99% 10131 349,000 9635 Jan 101% Feb
Jan 97% Feb
9735 96% 97% 362,000 95
Jan
Jan 107
18,000 105
106% 107
107
95%
9535 95
10136 101% 10134
,
98%
9831 98
10331 104
103% 103% 10335
100% 100% 10036
140,000
13,000
93,000
2,000
20,000
10,000
93%
100
9431
102%
102%
100%
15,000 82%
82% 83
1,000 1835
2234 2235
68% 70 113,000 62
38,000 88
94% 95
97'4 9836 31,000 9731
24,000 10335
103% 103% 104
16,000 10834
110% 11035 111
5,000 92%
94
94
94
98% 9831 99% 300,000 95%
9836 20,000 9731
98
82%
22%
68%
94%
Frtday
Last Week's Range Sales
for
Sale.
ofPrices.
Price. Low. High. Week.
Range since Jan. 1.
70
28e 36c 167,000
Arizona Globe Copper_..1 290
15c 19c 10,000 14c
1 15c
Butte & Western
135
100
2
2
5
Calaveras Copper
8c
3,000
10e 10e
1 100
Caledonia Mining
1,000 20c
200 20c
Calumet & Jerome Copper_
12,300
3%
10
334 4
4
Canario Copper
334
500
331 31,16
1
334
Chief Consol Mining
800 40o
51c 510
5Io
Chino Extension
1,000 340
47e 470
Comstock Tun & Diam_100
3%
5,600
335 4
3.114
Consol Copper Mines---1
7,000 10e
100 100
1 100
Cortez Silver Mines
334
3131z 3% 1,800
Cresson Cons Gold M&M..1
200 50e
50e 50e
Crown Reserve
Sc
6c 21,000
Sc
6o
Diamond B1 Butte Reorg-1
2,400 35e
550 69c
.2 69c
Dolores Esperanza Corp.
2,000 22e
22c 240
Dundee AliZODIL
25
5,800 1434
17
Engineer Gold Mines,Ltd 5 24e
7o
140 18c 52,000
1 150
Eureka Croesua
6,000 19e
190 200
First Thought Gold Mines_
7c
8,000
80
90
90
Golden State Mining
4e
80
8c 13,000
Sc
Goldfield Congo' Mines_ _1
lc
3c 33,000
2c
20
Goldfield Deep Mines---ae
4c
40
7c 27,000
.5c
Goldfield Development.
Sc
9,000
100 12e
1 110
Goldfield Florence
3e
9,000
4c
100
3o
40
Gold Zone Divide
10c 1lc 28,000 10c
100 10c
Harmill Divide
4,000 13e
14e 18e
Hawthorne Mines Inc_ __I 170
250 z1534 15% 16% 4,500 12%
Hecla Mining
200 14%
14% 1435
Hollinger Consol GM..._5
3
1
3% 335 9,700
334
Howe Sound Co
15c 200 82,000 11c
Independence Lead MIn_..1 190
1,000 29c
30o 300
Iron Blossom Cons Mlningl
5,700 980
134
131
Jerome Verde Devel
1 290
29c 420 110,000 29e
Jib Consol Mining
1%
2116 84,100
1
2
231z
Kay Copper Co
500
5
1%
Herr Lake
4%
300
531 531
Lake Shore Mines
4c
Sc 12,000
1
Sc
Sc
Lone Star Consol
2
1,100
2
2%
5
2
Mason Valley Mines
lc
lc
2,000
10
Manhattan Cons Mining_
8,000 13c
200 25c
McKinley-Darragh-Say _ _1
70
6,000
90
50c
8c
National Tin Corp
2,000 20c
25c 250
Nevada Hills Reorganized_ 250
100 22
23% 23%
New Cornelia Copper Co..5
560 189
100 191
190 19235
New Jersey Zino
900
631
5
6%
6% 634
Nipissing Mines
18,, 24,700
1%
I
1
Ohio Copper
4,000 15c
250 270
Parmac Porcupine Mines_l
.1 82c
780 820 67,800 72c
Plymouth Lead Mines..
2
6,700
261. 201
235
Premier Gold Mining. Ltdl
131
100
131 1%
13(
Rocky Mt Sm & Ref com_l
2c
40
7e 90,000
7c
1
San TOY Mining
le
2c
4c 23,000
30
Silver Dale Mining
3c
40
40
3,000
Silver King Divide Reorglc
lc
lc
1,000
I
Silver Pick Consol
3
3% 331 1,200
334
South Amer Gold & Plat__1
Sc
9,000
6c
Sc
6o
Spearhead Gold Mining_ _1
8c
4,000
120 12e
Standard Sliver-Lead____1 12c
643
9,700
90 Ilc
1
Success Mining
131
500
134 131
1
Teck Hughes
1,000 260
260 26c
1
Tonopah Divide
2,900 21616
3
3
3
1
Tonopah Extension
1%
1% 2% 3,000
1
Tonopah Mining
200 110
12c 120
10e
Tr -Bullion S & D
1,900 390
54c 60c
United Eastern Mining-1 60c
700 26%
28
2835
United Verde Extens_ -50c 28
Sc
110 130 11,000
US Continental Mines_ -5
2,700 60c
600 61c
5 600
Unity Gold Mines
431
6% 735 5,000
7
5
Utah Apex
1,200
335 3%
1
Walker Mining
2
2% 3% 42,300
3%
Wenden Copper Mining_ _1
Sc
1,000
Sc
Sc
1
West End Extension
7,000 150
200 25e
Western Utah Copper__ _1
9e
1,000
100 100
Wettlaufer-Lorrain Sllv Ml
30
2,000
6c
(30
1
Wllbert Mining
200 40c
500 50c
5
Yukon Gold Co
[VOL. 120.
THE CHRONICLE
818
Jan
Jan
Jan
Jan
Jan
Feb
95%
10135
98%
104
103%
100%
Feb
Feb
Feb
Feb
Jan
Jan
Feb 83% Jan
Jan 24% Jan
Jan 703( Feb
Jan
Jan 96
Feb 98% Feb
Jan 104% Jan
Feb
Jan 111
Jan 94% Jan
Jan 993( Feb
Jan 98% Jan
Bonds (Concluded)-
Range since Jan. I.
Low.
107
15034
111
9834
109
9435
10435
10831
1013.4
10134
88
8935
104
10236
11054
97%
10035
873-4
96
99%
10435
100%
10534
9834
102
9754
10131
9735
10035
102
10735
9834
9735
9835
100
10135
8634
100
105%
9935
89
97
93
106
10436
9936
9635
9735
8834
10334
101
100
92
10631
10635
9535
94
9835
103
9934
100%
28
10931
106%
104
96
10135
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
96% 25,000 98
96
Bogota (Colombia)88.1945 96
Cuba(Rep of)6s w 1_ _1935 9834 98% 9835 26,000 9834
8635 87% 140,000 8614
French Nat Mall E3S 781949 87
Indust Mtge Bx of Finland
37,000 9334
95
9435 95
1st M colt 5 7s...1944
105% 106
27,000 104
5etherlands(KIngd)6sB'72 106
9934 10034 17,000 99
(Republic of) 816_1932
Peru
Russian Govt 635s____1919 17% 14% 17% 80,000 13%
42,000 15
1431 17
6345 certificates__ _ _1919 15
15
1534 11,000 14
1921
5358
15
1534 14,000 13
515s certificates....1921 15
5w1tzeriand Govt 5%8 1929 101% 10134 101% 8,000 101
Ext 5 g, notes
,
1926 10031 100% 10031 8.000 10034
Jan
Feb
Feb
Childs Co (Is
1929
Cities Service 7s Ser B_1966
713 Series C
1986
75 Series D
1966
7s Series E
1966
Cities Serv Pr & Lt 68_1944
Cons G E L &P Balt 6s'49
6345 Series D
1951
5355 Series E
1952
iConsol Gas(NY)5%s'45
Consol Textile 8s
1941
Cudahy Pk deb 5358_ -1937
Deere & Co 714s
1931
Det City Gas 65
1947
Detroit Edison 6s....1932
55
1949
Dunlop T&R of Am 75 1942
Est RR of France 78 ..i954
1933
Federal Sugar 65
Gair (Robert) Co 7s 1937
Galena-Signal 011 78-1930
General Pe.roleum 65-1928
Grand Trunk Ry 630_1936
1937
Gulf 01101 Pa 58
Hood Rubber 7s
1936
Italian Power6 As__ _1928
Kan City Term Ry 535s'26
Krupp(Fried)Ltd 75 w 1'29
Lehigh Pow Secur 65-1927
Libby, McN & Lib 78_1931
Liggett Winchester 75_1942
Manitoba Power 78_1941
Mid-Cont Petrol 6%5_1940
Morris & Co 7346
1930
Nat Distillers Prod 75_1930
National Leather 88_1925
New Orl Pub Serv 5s__1952
IN Y Edison Co 1st 55B'44
Nor StatesPow 6%s--193.3
694% gold notes___1933
Ohio Power 5s Fier B_ _1952
Pennok 011 Corp 6s___1927
Penn Power & Light 58 '52
1941
PhIla Electric6s
1953
534s
53
1960
Pub Serv El dr Gas 535s'64
1933
Pure 011 Co 6355
Rime Steel 78w I_ _1955
Shawsheen Mills 78_1931
Sloss-Sheff St & I 68_ _1929
1934
Solvay & Cie 6s
South Calif Edison 58_1944
Stand Gas & El 6%8_1954
Stand 011 of N Y 630_1933
1939
Sun 011 536s
Swift dz Co 58_ -Oct 15 1932
Thyasen(Aug)I&SW 78 '30
Tidal-Osage 01176_ _1931
Union EL L&P of Ill536'54
1925
Union 011 Cal 68
United Oil Prod 8s_ _1931
Un Rya of Havana 7358-'36
1936
Vacuum 01178
1937
Valvoline 011 65
1975
Wabash Ry 5358
Webster Mills 6368-1933
12.5
105%
111
9435
,
9235
94%
10436
10335
11435
98%
103%
8734
97
101%
10535
10731
102%
102
1019-4
108
102
9735
103
101%
88
106%
102
98
94%
9931
98%
101
103%
102
94
114%
10734
97
9534
100%
100%
109%
107
96
12,000
11031 111
17835 17834 3,000
125 128 176,000
104% 10634 286,000
2,000
111 111
943.5 9435 34,000
10534 106
4,000
10935 110
17,000
102% 102% 1,000
10135 102% 1908000
9235 94
13,000
71,000
94% 95
10431 104% 22,000
102% 1.0334 41,000
11334 11435 93,000
98% 98% 7,000
103 10334 51,000
8735 8735 62,000
97
98
5,000
101% 101% 10,000
105% 10574 12,000
1019-4 101% 29,000
1073.' 10734 35,000
9931 9935 17,000
102% 102% 1,000
9835 9834 3,000
102 102
3,000
9734 99
8,000
101% 101% 18,000
1023' 102% 17,000
10734 108
15,000
102 10234 38,000
9734 97% 92,000
102% 103
45,000
101 101
1,000
10134 101% 10,000
873.4 88
63,000
100 10034 80,000
10631 107
23,000
10135 102
11,000
91% 91% 5.000
973.4 98
15,000
9335 9435 29,000
10634 107
11,000
104% 104% 1,000
9935 9931 3,000
9831 98% 184,000
100% 101 105,000
8834 89
31,000
103% 104
16,000
101% 10135 3,000
1o1% 103
32,000
93% 94
16,000
11434 115 174,000
10734108
38,000
9634 97
91,000
95% 96 102,000
9835 9834 5,000
104 104% 13,000
1003 101
19,000
100% 10034 5,000
30
30% 3,000
10934 109% 3,000
106% 107
21,000
10435 10435 5,000
96
96% 60,000
10231 10235 13,000
High.
115
1783-4
128
10535
111
9434
106
110
10236
10234
95
95
1043.4
10335
11434
99
10435
8834
98%
102
10534
101%
10731
99%
103
9835
10235
9934
10194
10235
10831
10234
973.4
103
10134
102
8831
100%
10831
102
9131
98
9435
107
104%
9934
9834
101
89
104
102
103
94
12134
108
97
96
9956
104%
101
101
353-4
110
10734
10434
9635
10334
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Foreign Government
and Municipalities
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9731 Jan
9835 Jan
Jan
91
95
106
10035
1734
17
1734
15%
102
10134
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. to When
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
CURRENT
NOTICES.
The 54th annual statement of the Dominion Bank (head
office Toronto) for the fiscal year ended Dec. 31 1924, was
submitted to the shareholders at their annual general meeting on Jan. 28, and shows very satisfactory results for the
period. Profits for the twelve months (after deducting
charges of management and making full provision for bad
and doubtful debts) were $1,144,082, and this amount, together with $825,375, the balance to credit of profit and loss
brought forward from 1923, made available for distribution
the sum of $1,969,457, which was appropriated as follows:
$780,000 to pay four quarterly dividends at the rate of 12%
per annum ($720,000), together with a bonus of 1% ($60 ,
000); $45,000 contributed to, officers' pension fund; $169,332
to take care of Dominion and Provincial Government taxes
and $75,000 written off bank premises, leaving a balance of
$900,125 to be carried forward to next year's profit and loss
account. The report shows total assets of $122,539,334, of
which cash assets stands at $26,953,286, while all quickly
realizable assets are $66,560,102, or 61.40% of the institution's liabilities to the public. Total deposits are shown at
$91,378,286. The bank's paid-in capital is $7,000,000 and its
reserve fund $900,125. A. M. Nanton is President and C. A.
Bogert, General Manager.
-W. H. de Fontaine Jr. has been appointed Sales Manager and John
C. Brennan Office Manager of Russell, Miller & Carey. New York.
The Equitable Trust Co. of New York has been appointed Registrar
for the stock of the Venezuelan Holding Corporation.
Charles E. Doyle & Co. announce the removal of their offices to
Wall Street, New York City.
49
819
Xnuiestment anti gailitoati
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of February. The table covers 7 roads and shows 2.18%
decrease from the same week last year.
Gross
Earnings.
Dec'24
Asheville Power &
Light Co
'23
12 mos ended Dec 31 '24
'23
Increase. Decrease. Carolina Power &
1924.
1925.
Dec'24
First Week of February.
Light Co
'23
12 mos ended Dec 3124
$
$
$
$
388,805
324,269
64,536
'23
Buffalo Rochester & Pittsburgh
2,758.000 3,055,000
297,000 Idaho Power Co
Pacific
Canadian
Dec '24
317,882
5,800
312,062
Minneapolis & St Louis
'23
•
410,48.5
363,201
47,284
Mobile & Ohio
12 mos end Dec 31 '24
1.755,248 1,571,903 183.345
St Louts-San Francisco
'23
496,900
539,337
42,437 Manila Elec Corp
St Louis Southwestern
Jan '25
3,654,874 3.607,355
47,519
Southern Railway
'24
12 mos end Jan 31 '25
9,670.354 9,884,947 236,664 451,257
Total (7 roads)
'24
214 5Q2
Z.1
?gni: decrease (2.180
New England Co
Dec'24
'23
In the table which follows we also complete our summary
12 mos ended Dec 31 '24
of the earnings for the fourth week of January.
'23
Utah Power &
Dec'24
Light Co
'23
1924.
1925.
Increase. Decrease.
Fourth Week of January.
12 mos ended Dec 31 '24
'23
$
$
$
$
Dec'24
PreviouslY reported (10 roads)__. 20,997,667 21,263.781 336,959 603,073 Texas Electric Ry
160.004
'23
160.646
642
Duluth South Shore & Atlantic..
12 mos ended Dec 31 '24
108,000
141,533
Georgia & Florida
33,533
16,412
'23
15.239
1,173
Mineral Range
4,654
5.807
Nevada-California-Oregon
1.153 Yadkin River Power Dec'24
916,791
915,340
1,451
Texas & Pacific
Co
'23
581,172
578.379
2.793
Western Maryland
12 mos ended Dec 31'241
'23
22.784,700 23.080,725 342,378 638.401
Total (16 roads)
296.025
Net decrease (1.29%)
•Includes other income.
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week October 116 roads)
2d week October 16 roads)
3d week October 16 roads)
4th week October 16 roads)
• let week November 116 roads
2d week November 16 roads
3d week November 16 roads
4th week November 16 roads
let week December i16 roads
2d week December 16 roads
ad week December 16 roads -4th week December 15 roads
1st week January (16 roads)
2d week January (16 roads)
3d week January (16 roads)
4th week January (16 roads)
1st week February (7 roads)
Previous
Year.
Increase or
Decrease.
20,743,925 22425,076 --1,781.151 7.90
20.567.810 22.435,931 --1.868,121 8.32
23.294,670 21,936,283 --1,358,387 6.19
31.627,038 35,092,977 -3.465.938 10.95
21,523,466 22.971,811 -1.415.345 6.16
20.905,122 23,411,584 -2,508.482 10.70
20.734,931 22,568.666 -1,833.735 8.84
24,470.236 27.366.760 -2,896,524 10.58
19,379,076 20,782.125 -1.403.049 6.75
18.620,438 20.042.471 -1,422,033 7.09
111.038,076 19.648.054 -1,609.978 8.29
19,030,914 20,177,845 --1,146,931 5.70
15399,517115.542,805 --343,288 2.20
15.731,346 16,308,703 -577.357 3.54
16,863,185 17.375.859 --512.874 2.91
22,784,700 23.080,725 --298,025 1.29
9.670.354 9.884.947 --214,593 2.18
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive, they
including all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Gross Earnings.
Month
1924.
1923.
Increase or
Decrease.
1924.
1923.
Increase or
Decrease.
97,736
83,893
1,074.024
972.673
285,400
223,427
2,692.468
2.286.050
231,661
206,698
2,805,556
2,516,130
331,650
317.968
3,739,580
3,580,218
911,875
707.218
7,173.395
7,468.330
878,994
815.124
9.331,444
8,543,405
253,136
300.046
2,795.476
2,982,105
186.241
170.938
1,884,530
1.905,377
Net after
Taxes.
Fixed
Charges.
5.960
*38,844
5.255
*31,410
70.511
*446.299
62,693
*378.859
51.755
*202.767
34,036
*143.897
485,516
*1,440,856
347.781
*1,029,019
60.195
*139,988
65,229
*139.494
766,231
*1,481.478
765.012
*1,378.808
41.428
179,689
37,314
169,554
572.689
1,851,435
449,914
1,763,958
140.321
338.940
69,723
179,020
2,512,312 1.382.814
2.075.479 1.042,452
177,222
*497,507
180,979
*419,611
*5,001,562 2,130,696
*4,473.782 2,049,465
35,507
92.546
34,493
137.025
428,169
1.104.061
441,651
1,234.604
34.664
*102,907
34,398
*107,574
414.807
*1,017,952
420.104
*1,023.309
Balance,
Surplus.
$
32,884
26,155
375,708.
316,166
151,012
109.861
955,340
681.238.
79,793
74,265
715,247
613.796.
138.261
132,240.
1.378.746.
1.314,042
198,619
109,297
1,129,498.
1.033.027
320,285
238,632
2,870,866
2,424,317
57,039.
102,532
675,892
792,953
68,243
73.176
603,145
603,195.
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports,of stem
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will.not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan. 31. The next will appear in that of Feb. 28.
Republic Iron & Steel Co.
(Annual Report
-Year Ended Dec. 31 1924.)
The remarks of Chairman John A. Topping will be found
at length on subsequent pages, together with the comparative income account, balance sheet and other tables.
UNFILLED ORDERS (IN TONS) DEC. 31.
1921.
1922,
1923.
1924.
67.731
162.025
68,955
228,965
Finished & semi
-finished
23.830
57,923
72,956
Pig iron
67.874
COMPARATIVE STATEMENT OF EARNINGS AND DISPOSITION
OF INCOME FOR CALENDAR YEARS.
1921.
1923,
1922.
1924.
Gross vol. of business.._ _$43.982,523 $59,043,131 $39,123,708 $20,756,749
Gross profits
$4,414.857 $9.267,796 $2,520,862 def$809,120
4,856.122
3,015,578
2,102,550
Depreciation & charges_ 2,496,721
Net profits
$1,917,936 $6,252.218
Preferred dividends_x(8%)2,000.000(13)3250,000
Common dividends
$418.3121o3s$5665242
(7)1,750,000
(135)450.000
$418312103387865242
Amt. carried to surplus_ def.$82,064 $3,002,218
$'
acct _.$32,921.772 833,003,836 $29,994,641 $29,576,329
Jan.... 487.887,013 501,497,93733.610,824 83,953,867 93,366.257 -9.412,390 Balance, surplus
Feb 477,809,944 445,870,232 +31.939,712 104,117,278 70.729,908 +33,387.370
x Regular dividend of 7% and the balance in arrears of 1%•
Mar._ 504,016,114 534,644.454 -30,628,340 114,754,514 117,668,590 -2,914,076
April- 474,094,758 522,336,874BALANCE SHEET DEC. 31.
48,242.116 101.680,719 122,974,961 -21,294.242
May - 476,458,749 546,934,88270,476,133 96,048.087 126,496,150 -30,448,063
1924.
1923.
1923.
1924.
June - 464,759,956 540,202,29575,442,339 101,527,990 124,374,592 -22,846,602
Liabilities
Assets
July__ 480.704,944 534,222,10253,517,158 112.626,696 122,228,450 -9,601,754 Property acct_106,056,132102,190,661 Pt.stk., 7% Cum_25,000,000 25.000,000
Aug..- 507,406,011 663,358.02955,952,018 134.669,714 136,817,995 -2,148,281 Investments
2,327,130 2,140,282 Common stock_ _ _30,000,000 30.000.000
Sept__ 539,853,860 544,970.083 -5,116,223 165,049,184 134,911,897 +30,137.287 Cash deposited
5% S. F. M.bds_ _11,428.000 11,956.000
Oet - 571,405,130 586,540,887 -15.135,757 168,750,421 142,540.585 +26,209,836
1st M. bonds of
with trustee for
Nov__ 504,589,062 530,724,567 -26,135,505 131,435,105 125,084,714 +6,350,391
redemption of
500,000
Bessemer mine_ 400,000
13ee- 504,818,559 493,509.651 +11,308,918 124,480,894 106,482,164 +17,998,730
2,244
66,969 Ref.&M.S.F.5 yis 9,478,000 9,743,000
bonds, &c
54,000
1,466,557 3.968,631 Potter Ore Co bds.
32,500
Cash
-Percentage of increase or decrease in net for above months has been
Note.
14,295,950 14,683,038 Accts. payable_ _ _ 3,117,643 2,652,158
January, 10.08% decrease; February, 47.19% increase; March, 2.47% decrease: Inventories
732,831
State, &c., taxes__ 827,355
April. 17.32% decrease; May,24.07% decrease: June. 18.37% decrease; July, 7.86% Ore contracts pay432.383
ments
2,718,206 2,140,850 Accr. bond interest 415,495
decrease: August, 1.57% decrease; September. 22.33% Increase; October. 18.38%
937,500
Div. pay. Jan. 2__ 437,500
Increase; November, 5.08% Increase: December, 16.90% Increase. In January the Invest. In U. S.
Treasury ate
989,896 4,470,625 Reserve for depr_ _14,894,573 14,704,416
of road covered was 238,698 miles in 1924, against 235,886 miles in 1923; In
length
Res.for exhaustion
February, 235,506 miles, against 235,876 miles; in March, 235,715 miles, against Notes and accts.
5,032,581 4,791,623
of minerals
receivable (less
236.520 miles; in April, 235,963 miles, against 235,665 miles; In May,235,894 miles.
5,481,277 4,912,246 Res.forconting.,&c. 1,936,852 2.578,138
reserves)
against 234,452 miles; in June, 236,001 miles, against 235,691 miles; in July, 235,145
32,921.772 33,003,836
miles, against 235,407 miles: in August, 235,172 miles, against 235,445 miles: in Deferred charges._ 2,584,879 2,512,589 Surplus
September, 235,178 miles, against 235,640 miles; in October, 235,189 miles, against
135,922,271137,085,940
Total
Total
135.922.271137.085,940
235,625 miles; in November, 236,309 miles, against 236,122 miles; in December,
-For special information regarding items in balance sheet, see
Note.
236,196 miles, against 235,875 miles.
report published under "Reports and Documents" on a subsequent page.
Net Earnings Monthly to Latest Dates.
-The table -V. 120, p. 339.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1024.
1925.
1925.
1924.
1925.
1924.
-Central Vermont
608,110
December- 577,278
From Jan 1- 8,380,752 8,627,980
chieago Rock Island & Pacific
December _ _10,401,442 10,344,086
From Jen L124187093 124628,438
Denver & Rio Grande Western
December _ _ 2,731,894 2,727,426
From Jan 1_33,011,558 34,587,497
*Duluth Winnipeg & Pacific
169,745
190,647
December_ _
From Jan 1_ 2,176,475 2,361,757
Ship IslandGulf &
372,394
Deeember__ 304,657
From Jan 1- 3,582,992 3,319,005
-27,808
1,082,625
51,042
950,900
-48,984
851,968
2,816.168 2,387,419 2,327,954
27,622,601 24,355,546 21,149,379
-197,390
389,879 -422,285
4.420,101 4,556.827 2,423,929
11,314
252,072
20,677
279,997
3.313
144,269
24,917
969,450
164,810
912,951
-12,934
647,567
33,214
-NET EARNINGS WITHOUT RESERVE FOR TAXES.
SALES
707,204 (The sales include the sales of subsidiaries in England. France and Canada.)
Tot. Sales (incl. Sub.Cos.) -Sales to U. S. Govt.- Company's
1,914,855
No. Razors. Doz.Blades. No. Razors. Doz.Blades. Net Barns.
18,827,236 1924
a$10,122,473
8,438,576 b42.604.498
8,411.776
1923
7,798,781 29.061.634
267.722 1922
7,602,939
3,420,895 24,082.970
2,663,580 1921
4,248,069 19.531.861
6,803,407
1920
2,090,816 19,051,268
6,025,350
2,214.566
447,457
12,254 1919
2.315,892 17,320,517
5,252,136
3,479,442
3,002,355
4,580,987 12,895,618
160,959 1918
4,603,782
9,619.030
1917
1,094,182
3,192,832
7,153,466
782,028
131,638 1916
1,673.436
4,414,153
350,765
625,743 1914
•Figures corrected.
Electric Railway and Other Public Utility Net
Eartangs.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
-Previous
Current
Current
Previous
Year.
Year. ,
. Year.
Year.
Companies.
•
, •,S$
•
• $
Brazilian Tr,L & P. Ltd Doe2,443,315 1,965,055 I,403,530 1,194,393
12 mos ended Dec 31.-26,936,767 24.184.761 16,643,472 15,332.329
Gillette Safety Razor Co.
(Annual Report
-Year Ended Dec. 31 1924.)
The remarks of J. E. Aldred, Chairman of the Board, are
given in full in our advertising department.
a After reserves for taxes, &c. b Packets of ten blades.
Record of Dividends Paid (Inserted by Editor).
1918. 1919. 1920. 1921. 1922. 1923. 1924.
$12
$12
$12
$10
$12
$9
Cash (regular)
$2
$1
$2
Cash (extra)
10% 10%
-_
10% *10%
Stock
* The shareholders on Oct.6 1924 increased the authorized capital stock
from 500,000 shares to 2,000,000 shares of no par value. Stockholders
of record Nov. 1 1924 received on Dec. 1 1924 4.7 additional shares of stock
for each share held, making 2,000,000 shares outstanding.
The directors in Jan. 1925 declared an extra dividend.of,12 .cents per
share in addition to a regular quarterly dividend of 6235 cents per share on
820
the outstanding 2,000,000 shares of capital stock, no par value, payable
Mar. 2 to holders of record Feb. 2.
BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
AssetsLiabilities$
$
$
$
Real est. & bldgs.
Cap. & sur.(repre(after deprec'n)_ 4,156,873 3,599,708
senting shares of
Machinery & tools 3,475,376 3,087,205
no par value)_ _a36,430,317 32,810,484
Patents
4,239,500 4,239,500 Accounts payable_
57,247
107.269
Cash
2,646,512
428,015
7,679,966 5,925,428 Reserves
Ace'Ls, accept'ces,
For.drafts clisc't
315,184
94.897
notes, &c., rec._ 6,340.113 4,957,517 Acceptances dlsct_ 1,793,220 1,849,995
Inventories
See a
See a
6,325,008 3,758.880 Surplus
Investments
8,913,202 9,287,056
Deferred charges._ 112,443
Total(each side) 41,242,480 35.290,658
435.364
a Capital stock and surplus is represented by 2,000.000 shares Common
stock having no par value.
-V.120. P• 336.
Pennsylvania Water & Power Company.
(14th Annual Report
-Year Ended Dec. 31 1924.)
The report of President C. E. F. Clarke, with profit and
loss account and balance sheet, will be found on a subsequent page.
COMPARATIVE INCOME, PROFIT AND LOSS ACCOUNT.
1924.
1923.
1922.
1921.
Gross inc. (all sources)__ $2,686,466 $2,124,428 $2,003,478 $1,962,252
Bxp., maint., tax., &c__
774,359
594,404
595,837
547.078
Net earnings
Interest on bonds
Dividends
$1.912,107 $1,530.024 $1,456,400 $1.366,415
$648.133
3548,150
$524,938
$535,144
(8%)820.620 (7)639.250 (7)594,650 (7)594,650
Balance, surplus
Total (incl, prey.surp.)Deduct-Contingentfund
Depreciation fund.. _ _ _
131.x..il fund
$443,354
444,218
$130,000
210,010
100,000
$342,624
344.274
$93,000
175.410
75.000
Surplus Dec.31
$326,606
329,860
$80.000
173.210
75,000
$4,207
$864
$1,650
BALANCE SHEET DEC. 31.
1924.
1923. l
1924.
AssetsLiabilitiesS
$
$
Property account.22,040,903 18,158,432 Capital stock
10,748,200
Pl't adel'ns In pros. 400,296 3,586,182 st Ref. M.5)0_ 3,000.000
Secs. Mother cos._ 4,927,586 3,342,986 1st Mtge. bonds_a11,801,000
Accounts payable_ 433,921
Loose plant and
equipment
130.243
134.798 Contingent fund__ 860,540
Bills receivable_ _ _
25.000
25,000 Depreciation fund_ 1,312,801
Accts.receivable
508,067
878,683 Tax reserve
212,456
Cash
1,141,952 1,183,857 Prem. on cap. stk. 122,112
Res. for sink. fund
Cash for bond re25,000
demption
100,519
75,843 Accr. int. on 54s
41,250
9,922
29,549 Sinking rued
Prepaid charges
725,000
Profit and loss .
4.207
Total
[voL. 120.
THE CHRONICLE
29,284,487 26,915,129
Total
$246,827
248,379
$170,125
75.000
$3.254
1923.
$
9,769.300
2,000,000
11,878.000
573,740
730,540
1,142,029
143,157
25,000
27,500
625,000
864
29,284,487 26,915,129
a First Mtge. 5% bonds are after deducting $699,000 bonds redeemed
by trustees or canceled for sinking fund investment.
-V.119, p. 1291.
General Baking Co.
(Annual Report
-Year Ended Dec. 27 1924.)
The remarks of President William Deininger, together
with the income account and balance sheet for the year 1924,
will be found under "Reports and Documents" below.
The usual comparative income account was published
in V. 120, p. 709.
CONSOLIDATED BALANCE SHEET.
Dec.27'24. Dec.29'23.
Dec.2724. Dec.2923.
AssetsS
Liabilities
S
Real estate, buildPreferred stock _ _ _69,077,500 9,077,500
*13,581,815 12,620,837 Common stock_ _68,134,240 8,134,240
lags. &c
Good-will.
- 5,000,000 5,000,000 Bonded debt
c3,620,000 4,059,500
Cash in sink.fund.
624
271,624 Accounts payable_ 618,386
757,278
400,000 Accrued interest
lst M.on real est_ 365,000
49,481
53,671
Cash
1,597,661 2,299,645 Federal taxes
715,000
775,000
Notes & accts. rec. 551,822
537,391 Pref. div. payable_ 181,550
181,550
Inventories
1,471,684 1,442,602 Corn. div. payable 644,578
644,579
II. S. Miro bonds 25,879,855 5.130,558 Surplus
,
6,588,424 4,614.820
Co. bonds purch'd 192,355
502,164
Deferred charges__
93.854
93,315
Inv.in 0th. corp.- 890.500
Total
29,625,160 28,298,137
Total
29,625,160 28.298,137
* Land, buildings, machinery and equipment, $18,100.045; less reserves
for depreciation, $4,518,230. a United States Liberty bonds and notes
(par value 36,000.000) at cost. $5,879,855. b Capital stock: $8 cumulative
dividend Preferred stock (authorized. 100,000 shares, no par value). issued
and outstanding, 90,775 shares; Common stock, authorized, 500,000 shares
of no par value, issued and outstanding, 429,719 shares. c First mortgage
bonds of General Baking Co.,6%,due June 1 1936, issued, $33,700,000; less
redeemed and cancelled by sinking fund. 31,794,000; Kolb Bakery Co.5%
bonds, due Jan. 11937,Issued, $2,000,000; less redeemed and cancelled by
sinking fund, $522,000; DIBman Bakery, Inc., 6%, due March 1 1935.
outstanding, 3236,000.-V. 120, p. 709.
Underwood Typewriter Co., Inc.
(15th Annual Report-Year Ended Dec. 31 1924.)
Pres. John T. Underwood, New York, Feb. 11, wrote in
substance: -The net earnings for the year amounted to 32.558,994, from
Results.
which there has been set aside the sum of $286,600 for Federal income
tax, and after providing for depreciation, reserves for profit sharing,
dividends of 7% on the Pref. shares (par $100) and of 12% on the $10,000,000 Common stock (par $25). the balance amounting to $463,888 has
been added to the spurlus account.
-In accordance with the provisions of the charter
Pref. Stock Retirement.
$100,000 Pref. stock heretofore acquired has been cancelled, making a
$1,400,000 thus far cancelled, and leaving a balance outtotal amount of
standing at the present time of $3,600,000.
Inventory.
-A substantial increase in the inventory shown on the balance
sheetis reported,this result being-due to the fulfillment of plans to materially
increase the stock of new machines and parts, enabling the company more
quickly to fill orders from its customers than has been the case in past years.
-Domestic sales during the entire year have been maintained on
Sales.
a basis almost equalling the best years in the company's history; but
company has been faced during the same time with increased costs, and
with conditions which have affected business generally throughout the
country, causing a smaller net profit.
-The export business has also shown a steady increase
Export Business.
during the year, indicating that company shall soon be back to its pre-war
figures, and the management considers that the general business conditions
In Europe and other countries abroad are showing a very rapid and satisfactory recovery.
Plants.
-Factories, both at Hartford and Bridgeport, have been maintained at a high state of efficiency,and the company's plants are in excellent
condition to meet the demands of the increased business which it hopes
for and expects during the comnig year.
-The Undervrood accounting and bookkeeping
Accounting Machines, &c.
machines are continuing to meet marked approval, as evidenced by the
continued demand for these machines throughout the year, both here and
abroad. The improvement in the gross business done in this department
has been most satisfactory.
Outlook.
-Both domestic and foreign sales for the month of January as
well as the generally encouraging outlook indict(e favorable prospects
for the coming year.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1922.
1923.
1921
Net earnings
$2.355,587 32,881.968 51,972,937 51.219,976
Other net income, interest received, &c
311,274
269.546
203,407
219,937
Total net income
$2.558.994 $3,101,905 $2,284,212 51,489.522
Deduct
-Depreciation
charged off, drc
5183.343
$263,784
$250,112
$199,381
Reserve for employees'
profit-sharing plan_
90,972
218,209
108,416
Res.for Federal taxes_
120.000
286.600
275,000
350,000
l'referred divs. (7%)_
273,000
253,750
260,750
267,750
Common divs_ ___(12%)1.200,000(11)1050,000 (10)900,000 (10)900,000
Trans. to surp. acct
$13,179
$463,888
$533,665
$972,835
GENERAL BALANCE SHEET DEC. 31.
1924.
1923,
1923.
1924.
Assets$
Real est., bidgs.,
7% Cum.Pref. fibs 3,600,000 3,700,000
plant, &c
,
4,770,711 4,841,282 Common shares_ .10,000,000 10,000,000
Pats.,g'cl-will, &s_ 7.995,720 7.995,720 Notes payable.... 1,500,000
Office furniture, &c 387,896
337,992 Accts. pay., curr__ 747,941
782,501
Stock in other cos_ 248,481
247,940 Res. for exp., payInvest. special sur.
134.421
rolls, &c
201,103
capital reserve
135,500
195,000 Federal, &c., taxes 771,901
811,014
Invent..cost or less 7,336,510 5,950,207 Res. for prof. sitar.
Accts. & notes rec.
plan
218,209
90,972
less reserve
6,044,261 6,501,877 Pt.dlv. pa. Jan.2
63,000
64,750
Cash
2,218,527 1,380,980 Com.div.pay.Jan.2 300,000
300.000
Govt. bds & notes_
64,999
64,999 Mtges. on realty
Prepaid ins., &o... 130,207
119,373 (not due)
83,000
83,000
Surplus
11,974,895 11,511,006
Total
29,332,813 27,635,372 Total
29.332,813 27.635,372
-V. 119, p. 2300.
Continental Can Co., Inc. (of New York).
(12th Annual Report
-Year Ended Dec. 31 1924.)
Pres. Thomas G. Cranwell, Feb. 9, wrote in substance:
Company has Just closed another satisfactory year. The
full provision having been made for depreciation, taxes and earnings after
for all bad or
doubtful accounts, are $4.053.325, which compares favorably with the earn,
ings in 1923 of 53.767,730. The volume of business in 1924 was somewhat
larger than in 1923.
With the exception of a small purchase money mortgage of $21,000, there
are no bills payable or fixed money obligations. We have only current
accounts payable. The inventory has been priced at cost or market, whichever is the lower. During the year $403,967 was written off of the patent
and good will account against surplus.
The Common stock which was offered to employees Feb. 15 1924 was
greatly oversubscribed and this plan is working out to the satisfaction of the
management.
In Nov. 1924 company sold to its stockholders 66,313 shares of its Common stock, receiving therefor $3,374,553. This materially strengthened
the cash position of company and provides funds for expansion when considered advisable.
During the year Just closed the new general line can factory on North
Ave., Chicago, was completed, and the machinery and equipment from the
old Halsted St. factory installed therein. This new factory is admirably
fitted to take care of an increased production.
The outlook for 1925 is favorable. There was a shortage in some canning
house crops in 1924 and the present indications point to a practical exhaustion of seasonable canned foods before the new packing season of 1925
opens. Under these circumstances, it is reasonable to expect preparations
for an increased acreage and production of canned foods. Company will
naturally benefit by these conditions.
RESULTS FOR YEARS ENDING DECEMBER 31.
1924.
1923.
1922.
1921.
Net earnings
$5,317,370 54.837.480 54.438,508 51,529,042
Depreciation
741,888
519,750
476,905
468,038
Reeve for taxes & conting 522,157
550,000
800,000
250,000
Preferred dividends (7%) 405,256
411,574
289,713
304,150
Common dividends
1,514.389
995,464
270,000
472,500
Surplus
$2,133,680 $2,360,692 $2,601,890
Previous surplus
5,182,522
3,225.797
5.069,314
Preferred stock premiumCr.54,593
$34,354
5,034,960
Total surplus
57.316.202 $5.586,489 $7.725.797 55.069,314
Stock expenses
$206,349
Write off book value of
patents and goodwill
403,967
403.967
Common stock dividend_ a913,650
Transferred to capital account (33 1-3%)
4,500,000
Profit & loss surplus_ _45,792,236 $5,182,522 $3,225,797 $5,069,314
a 5% being 18,273 shares of no par value. x Including $1,846,000 represented by Preferred stock acquired for retirement.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1924.
1923.
1923.
1924.
Assets5
$
Liabilities3
$
Real estate, buildStated capital...628,398,530 24,084,478
logs, plant, &c.a18,757,763 16,980,245 Pur, money mtge.
27,000
21,000
Pats. & good will. 2,649,617 3,053,584 Accounts payable. 471,915
772,194
Investments
64,274
95,974 Divs. payable Jan.
102,104
98,945
Inventories
6,042,669 7,132,632 Reserve for taxes
Accts. & bills rec._ 1,309,923 1,795,938
& contingencies. 849,133
868,018
Cash
5,967,808 1,881,496 Surplus
c5,792,236 5,182,522
Empl.subs, to stk. 718,596
Prepaid insurance. 121,112
98,449
Total
35,631,759 31,038,316
Total
a Appraised reproductive value as of Jan. 1 1924, 5216.12959 net ex83
33.. 29703,16
5 177
penditure on additions and betterments during 1924. 52,500.177;less reserve
for depreciation,$4.872,143. b Stated capital,$30.244,530, represented by
(a) 57,500.000 7% Cumul. Pref. stock (par $100), of which 18.460 have
been acquired for retirement, and (b) 453,050 shares of Common stock of
no par value (out of the authorized issue of 500,000 shares, 49,950 are
reserved for subsequent issue. c Including 51,846,000 surplus represented
by Prof. stock acquired for retirement.
-V.120. p. 335.
American Locomotive Company.
(Annual Report-Year Ended Dec. 31 1924.)
President Andrew Fletcher Feb.3 wrote in substance:
Results.
-The grass earnings were 356.301,843 and after deducting 347.
410,441 for the cost of manufacturing, maintenance and administrative
expenses, an allowance of 31.445,890 for depreciation on plant properties
and $36,004 for interest on bonds of constituent companies, there remained
gross profit for the ye of $7 409 507, from which has been deducted an
ear
a
allowance of 3760.000 for estimated United States and Canadian income
taxes, the remaining balanee of 56,649,507 being the net available profit
for the year, which profit, after allowing for the regular dividends on the
Preferred stock, is equivalent to $9 80 per share on the Common stock
of the company.
During the year 4 regular quarterly dividends each of $1 75 per share.
amounting in all to 51,750,003, were paid on the 250,000 shares (par $100)
Preferred stock, and 4 quarterly dividends each of $1 50 par share, amountwere paid on the 500,000 shares of Common stock withoag tapartavrtre,.M,
t ut
After the payment of the Preferred and Common dividends, there remained a surplus for the year of $1,899,507, from which has been reserved
$875,000 for additions and betterments to the plants, leaving a balance o
$1,024,507, which has been credited to the surplus account.
-During the year there was expended for additions and
Additions, &c.
betterments $1,737,551, which has been charged to the reserves previously
created for such purposes.
-The inventory account on Dec. 31 1924, including materials,
Inventory.
supplies, stock locomotives and parts and contract work in process,
amounted to 27,705,151, in comparison with 112.815.053 for the same items
on Dec. 31 1923. The materials and supplies have been valued at cost or
market Twice, whichever was lower.
Is 'Unfilled orders on the books of the company Dec. 31 1924 amounted to
$12,532.462. of which about 1% was foreign business.
-The excess of currant assets over current liabilities Dec.
Current Assets.
31 1924 was $48,622.852. Included in current liabilities is a reserve of
$814.580 for U. S. and Canadian income taxes. The company continues a
reserve of $1.632,384 which has been provided in previous years for any
shrinkage in value of notes receivable.
-The company has no loans payable.
No Loans Payable.
-The reserves for contingencies, including accident indemnity
Reserves.
and other items, amount to $2,816,965. The reserves for additions and
betterments amount to $2,942,239.
Three-Cylinder Type Locomotives.
The company in the 1923 annual report made reference to the results it
had obtained in developing steam locomotives of the three cylinder type.
While a few locomotives of this type had been built some years ago in this
country and the distinctive merits recognized, they did not'become popular.
nor did they remain in service for any great length of time, on account of
mechanical difficulties. With the belief that the type had not been developed to the extent that its merits deserved, and with confidence that all
mechanical difficulties could be overcome, the company decided that the
time was right to introduce the three-cylinder locomotive again, especially
in view of the keen desire of railway operating officers to obtain the utmost
from their steam power units. The recent recognition of the advantages
of the principle by European builders, also confirmed our faith in making
this step. Up to the end. of 1923 the company had produced but three engines of the three-cylinder type. The actual tests of these locomotives in
service and those built since by us have clearly demonstrated the advantages previously claimed.
Since the 1923 report was issued, this company produced, or has under
order, 49 engines of the three-cylinder type, making 52 engines in all since
we started on the design, which includes locomotives for switching, slow
freight,fast freight and passenger service.
pffhe following railroads have three-cylinder engines of our make in operation or under order: N. Y. Central RR., Lehigh Valley RR., Lou.& Nash.
RR., Chicago R. I. & Pac. By., N.Y. N. H.& Hartford RR., Del. Lack.
&West. RR., Southern Pacific Co., Union Pacific RR., Missouri Pacific
RR. and Wabash By.
Five three-cylinder type engines for freight service were shipped to South
Manchuria in .
May, 1924.
INCOME ACCOUNT FOR CALENDAR YEARS.
[Including American Locomotive Co.. Montreal Locomotive Works,Ltd.,
and American Locomotive Sales Corporation-Combined.]
1924.
1921.
1923.
1922.
Unfilled orders Dec.81-312,532,462 117,789.873 $49,349,140 $3,344,300
Gross earnings
$56,301,843 $90,180,176 $29,122,112 $35,711,507
Mfg.,maint.& adm.exp_ 47.410,441 74,311,250 26,288,361 28.696,641
Depreciation
1.409,838
1,445,890
1.447,274
1,581.384
Manufacturing profit_ $7,445,512 $14,287,562 $1,386,477 $5.605,029
Int. on bonds of constit$88,243
uent companies, &c-..
$36,004
$85,998
$85,998
U. S. and Canadian in435,000
200,000
come & profits taxes__
1,825,000
760,000
1,750,000
1,750,000
Pref. diva.(7% per an.). 1.750,000
1,750,000
(56)1500,000(16)1500,000
Common dividends---(16)3,000,000
(S7)2500,000
1,000,000
Additions & betterm'ts_
875,000 4,500.000
$833,786
Net to profit & loss__ _ $1,024,507 $3,626,565df$2,149,521
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
(American Locomotive Co., Montreal Locomotive Works, Ltd., and
American Locomotive Sales Corp.
-Combined.]
1923.
1924.
1924.
1923.
Assets
Preferred stock_ _ _25,000.000 25,000.000
Cost of property
(less depr. res.) _34,729,926 37,531,264 Common (500,000
shs., no par). _ _25,000,000 25,000,000
Sundry investm'ts 691,017 1,430,426
4,693,869 4,899,471 Bond debt of conCash
stituent cos_ _ 432,000 1,932.000
U. B. Treas. etts.
15,376,304 13,335,858 Acc'ts payable_ ___ 2,591,059 3,017,480
and notes
3,274
7,924
'U.S. Lib. boncis 4.083,364
Unci.int. at dive__
U. S. Treas. 4s_ _ _ 2,010,000
Res. for U. S. and
Dom. of Can. 4%
Canadian taxes_ 814,580 1,843,524
264,248
notes
1,000,000
Sundry accr'd exp. 135,140
Can.War L'n bds_ 1,430,758
325,572 Other reserves_ _ _ _ 1,632,384 1,632,384
-year 6s_ 4,286,774 4,286,775 Res.for contin.,&c. 2,816,966 2,804,081
Belgian 5
Acets receivable.- 7,789,194 11,122,237 Res. for add'ns &
Bills receivable_ 4,970,409 6,058,382
betterments__ 2,942,240 3,804,791
Accrued interest
458,117
353,797 Surplus
27,989,707 26,965,200
Inventories
7,705.151 12.815,053
Sundry def'd chgs_ 137,116
108,145
Total
89,361,999 92,266,981
-V. 119, p. 1067.
821
THE CHRONICLE
FEB. 14 1925.]
Total
89,361,999 92,266,981
Goodyear Tire & Rubber Co., Akron, Ohio.
(Annual Report-Year Ended Dec. 311924.)
Chairman E. G. Wilmer says in substance:
joyed a public acceptance of Goodyear products that is by far the greatest
in the company's history.
Our dollar sales for 1924 have been exceeded in the past only due to the
high selling prices of the war and post-war years. The number of tires sold
through Goodyear tire dealers was considerably in excess of that of any previous year.
The Goodyear plants at Akron. Los Angeles and Toronto produced in
-day
excess of ten million automobile tires last year and all plants are to
turning out tires at a rate in excess of the 1924 average.
Selling competition is still keen. Fluctuating costs of raw materials and
other uncertainties still demand a policy of strict economy and conservatism. But careful administration, coupled with Goodyear's financial position, the healthy state of its organization and the high level of nubile acceptance which its products now enjoy, should assure us our full share of
profitable business.
INCOME ACCOUNTS FOR STATED PERIODS.
10 Mos. End.
Years Ended Dec.31
D(ec. 31 '21.
1923.
1924.
Period
Net sales (less returns,
dlsc'ts & freights),incl.
ship'ts to sub. cos. and
foreign branches
115,323,173 106,028.109 102.904.177 82,195450
Deduct mfg. cost & sell.
& general expense..__ y101.004,330 95,250.572 95.201,115 74,630,062
7,703,082 7.585.488
14,318,843 10.775.537
Add surp. net profits of
sub. cos. & foreign
2.074.747
1,944,590 3.235,686
branches & other inc
3,044,319
Total earnings
17.363,182 12,720.127 10,938.748
x837,317
Profits of California Co_
z641.396
9,640,236
Balance, surplus
17,363,162 12,078,731 10.101.431
Interest charges
4,095,118 4.410.787 4,795.817
Lass on property liquidated, &c217,999
208,609
Adjust. in respect of inv.
in sub. cos
Foreign exchange prov_
359,018
Propor.of bond & deben.
disc. & reorg. expense
854,242
written off
1,234,469
888,505
Balance of carrying chgs.
(int.,insur., &c.) on
def. deity. of materials
900.190
purch. prior to reorg_
Divs. of Prior Pref.stock 1,149,100
2,729.652
9.640.236
3.529,623
3.620,043
11.012.440
Add profits of California
Co. as above
surplus
Previous
11.786.136
3,138.196
3,551,183
641,396
8.008,542
11.786,136
8.008,543
629.017
837,317
3,620.043
Profit & loss surplus__ _ _ 22,798,577
352,733
1,598,839
3,620,043
x Applied in reduction of California deficit and consequently an addition
to parent co. equity, but not available for interest. &c. y Includes Federal taxes in 1924.
BALANCE SHEET DEC. 31.
1923.
1924.
1924.
1923.
Assets
Liabilities
Prop. acct. (less
Prior Pref. stock 15,000,000 15,000,000
depreciation)_ 49,065,268 49,957,583 Preferred stock_ 65,079,600 85,079,600
10,000
Inv. in and adv.
Manage't stock_
10,000
to sub. cos_ _ _ 35,074,859 30,795,684 Com.stk.(no par) 1.000.000 1.000.000
Inv.in cos.'s secs a4,228,554 2,086,000 Funded debt__ 48.250,000 51,250,009
Other assets.inci
Res.for conting.
g'd-w.,pat.,&c 12.500,000 12,500,000 & Fed. taxes- 5,202,052 4,360,967
Disc,on bds.,&c 3,440,457 3,997,285 Accts. payable_ 5.309,525 4,190,837
Oth.def.charges
169,512
178,067 Accr. discount
Prior Pref__ __
300,000
300.000
Cash
11,494,120 13,204,649
1,875,973
Rub. aecep. pay
Notes & accts.
rec. (less res.) 9,966,710 11,225,502 Accrued int. and
Call loans
4,000,000 3,000,000
Prem. on bds_ 1,176,242 1,245,896
Invent.(lass res.) 31,051,512 28,355,175 Surplus
22,798,577 11.786,136
Market. secure_ 3,135,000
799,462
164,125,995 156,099,411
Total
164,125,995 156,009,411
Total
a Includes debenture bonds purchased in anticipation of sinking fund requirements.
-V.120, p. 590. 458.
Nash Motors Co.
(Annual Report
-Year Ended Nov. 30 1924.)
Pres. Charles W. Nash Jan. 8 reported in substance:
Year Satisfactory.
-When general conditions are taken into consideration,
we think there is every reason to regard the year's business as satisfactory.
This is particularly true in view of the fact that plant operations were
affected adversely in midsummer, ordinarily an excellent season for sales,
by the replacement of our four-cylinder line at the Milwaukee plant with
a new line of six-cylinder cars, and by the complete revamping of the
line of cars built at Kenosha.
Volume of Business.
-Total volume of business in dollars and cents for
the annual period was more than $57,000,000.
Mechanical Advances, &c.
-During the year many engineering and
mechanical advances have been incorporated in our product: the more
important being a complete new line of bodies, four-wheel brakes, disc
wheels, balloon tires, force-feed oiling system, and many ether refinements.
As evidence of the widespread appreciation of the quality of work company
Is turning out, we can state that during the final four months of the year
the factories were quite unable to fill the orders received.
Dealers.
-The number of dealers during the year 1924 has been materially
Increased, and we now find ourselves represented by a dealer organization
much stronger and more efficient than ever before.
Orders.
-Orders on hand exceed those of a year ago by a large margin,
and present indications encourage us to look for a splendid business during
1925.
Ajax Motors Co.
-The new subsidiary, Ajax Motors Co., is busy at
Its plant at Racine preparing to produce its new Ajax car, and satisfactory progress is being made.
Inventory taken Nov. 30 disclosed the fact that we were carrying a
conservative and well-balanced inventory when considered in relation to
the large scale of operations during the latter part of the year. Our inventory was turned over at least 12 times during the 12 months.
INCOME ACCOUNT-YEARS ENDED NOV. 30.
1920-21.
1921-22.
1922-23.
1923-24.
Not
Net income
Y$10.532,399 $10,722,263 $8.845.509
stated
1.232.283
1.442.231
Prov.for Federal taxes__ 1,251,858
-Net sales, exclusive of subsidiary companies, were $115,323,174
Sales.
In 1924 as against $106.026,109 in 1923 and $102.904,177 in 1922. These
sales exclude business done by the Goodyear Tire & Rubber Co. of California in territory west of the Rocky Mountains and sales by the Goodyear
Tire & Rubber Co. of Canada, Ltd., in Canada. The total combined
Goodyear sales of the Akron, California and Canadian companies and for.eign branches were $138.777,719 in 1924. $127,880.082 in 1923 and $120,450,800 in 1922.
Its:Earnings.-Earnings of the Akron company before interest and other
charges were $17,363,162 in 1924 as against $12,720,127 in 1923 and $10.938.747 in 1922. After deduction of interest and all other charges, the net
'balance carried to surplus was $12,161,540, against $6.507.245 in 1923 and
4.388.499 in 1922. After payment of dividends on Prior Preference stock
of $1,149,100, the remaining surplus at Dec. 31 1924 was $22,798,576.
.against $11,786,136 at end of 1923.
-Cash, call loans and marketable securities were $18,629,120.
Cash, etc.
The ratio of current assets to current liabilities was 8.8 to 1. Due to the
'higher volume of business now being handled,and the higher costs of rubber,
'
.cotton and other materials, much of the cash on hand at the first of the year
will shortly be required for working inventories.
Progress Since Reorganization.
The year just closed has in many respects been one of superior accomplishNet income after exp.,
the company. A resume of progress since the company's reorganment for
reserves and taxes.... $9,280,541 $9,280,032 17.613.246 $2.226.078
ization as of Mar. 1 1921 is timely.
262,500
288.750
Preferred dividends___ z1,103,262
1:207,850
The reorganization resulted in the issue of bonds, debentures and Prior Common dividends......(110)2,730.000(56)1638,000(116)873.600(316)873.600
(all senior to the then outstanding Preferred and Common
Preference stock
.stocks) aggregating $87.402,500. Since then the company has retired
Balance. surplus
$5.447,279 $6,434,182 $6,477,148 11.063.728
through sinking funds and purchase $5,250,000 1st Mtge. bonds.$4,000,000 Adjustments
Dr.295,668 Cr.231,931 Dr.177.471
Debenture bonds, and $14,902,500 Prior Preference stock.
Previous surplus
8,793.686 20.127,172 13.418,095 12,531,837
In addition, the company held on Dec. 31 1924 24,247.500 Debentures
Total surplus
-and Prior Preference stock,so that the total reduction from the peak of the
$14.240.985 $26,265,686 520.127.172 113.418.095
debt and Prior Preference stocks (in hands of the public) is 128,400.000. :Stock divs.-Common stock
18.380.000
Pain in Preferred "A"
As a result the annual charge for interest on debt and dividends on Prior
1,092,000
Preference stock (in hands of the public) has been reduced from a high point
Paid in Common stock
$6,992.200 to a present level of $4,720,200, which amount will be still
of
Profit and loss surp_ --$14,240.965 58.793,886 $20.127,172 113.418.095
further reduced hereafter by the regular sinking fund retirements.
Starting with no surplus on Mar. I 1921, we have accumulated an earned
x On Dec. 28 1922 the company paid a stock cliv. of three shares of new
surplus of$22,798,576 as of Dec.311924.
he annual increase in dollar sales has been gained in the face of substan- Pref."A" stock, par $100, and four shares of no par Common stock on each
tial price reductions each year and the accompanying improvement in share of Common stock then outstanding. y Net income after deducting
of mfg. (incl, deprec.), selling, administrative and local taxes. but
.earnings clearly reflects a considerably better operating and selling effire Federal income taxes.
nseg
Paid on Prof. "A" stock, $275,816: paid
,dency for the Goodyear organization as a whole. We have continued to
and sell products of the highest quallty and in return we have en- on Pref. stock. $827,447.
!produce
gg
822
THE CHRONICLE
BALANCE SHEET NOV. 30.
1924.
1923.
1924.
AssetsLiabilities,
3
$
$
Real estate, equipPreferred stock___15,005,200
ment, &c
x4,980,959 4,969,329 Common stock_ y1.602,000
Investments
z5,105,350 3,903,727 Accounts Payable_ 4,989,216
Govt.securities
9,800,952 8,700,952 Res.
-Fed. taxes_ 3,833,556
Material and supOther taxes____ 1,999,344
plies
4,288,010 4,875,187
Losses in accts.
Notts receivable
80,281
receivable_ __ 130,127
224,856
Accts. receivable 3,423,332 1,652,858
Miscellaneous_ _ 1,007,234
Cash
18,019,019 12,987,687
Contingencies_ _ 2,934,958
Prepaid expenses_
5,992 Surplus
44,697
14,240,965
Total
45,742,600 37,320,392
Total
1923.
15,760,900
1,602,000
1,792,864
3,928,919
1,792,661
127,261
938,073
2,584,028
8,793,686
45,742,600 37,320.392
x Real estate, plant and equipment at cost, less depreciation. y Common stock, 273,000 shares, no par value. z Miscellaneous investments
comprise: Ajax Motors Co.. $1,530,000; The Nash Motors Co., Common
stock. $54,915; Kenosha Homes Co., $40.000; LaFayette Motors Corp,
$2,019,394; Martin Nash Motors Co., Atlanta, Ga.. $50,000; Nash Cincinnati Motors Co., Cincinnati, Ohio, $18.556; Stock in Seaman Body
Corp., $255,031; Nash Vriesema Auto Co.. Omaha, Neb., $10,000; Northwest Nash Co., Minneapolis. Minn., 575,500; Southwest Nash Co..
Oklahoma City, Okla.. $18,067; Kansas City property. $74.128: real
estate and plant occuipied by LaFayette Motors, $349,056; real estate
and plant occupied by Seaman Body Corp.. $480,858; reallestate mortgages
and loans, $129,789; miscellaneous, $26.-V. 120, p. 217,93.
Nunnally Co., Atlanta, Ga.
-Year Ended Dec. 311924.)
(Anuual Report
INCOME ACCOUNT CALENDAR YEARS.
1923.
1924.
1922. RI 1921.
Net sales
$1,553,589 $1,444,933 $1.775,538
Not
Expenses, deprec., &c
stated
1,383,066
1,627,398
1,312,559
Operating profit
Other income (net)
$177,345
39,421
$170,523
Dr.2,645
$132,374
1,246-
$148,140
Dr.2,146
Total income
Reserve for Fed. taxes
$216,766
26,275
$167,878
20.470
$133,620
16,175
$145,994
12,928
Net profit
Dividends
Surplus
Profit and loss surplus
5190,491
$147.408
$133,066
$117,445
($1)160,000 (*1)160,000 (50c.)80,000 (31)160,000
$30,491 def$12,592
58,408
27,917
$37.445
40.508
EvoL. 120.
In view of amplegcash resourcesAtheldireetors at their annual meeting
held on Jan. 28 1924, voted to retire all outstanding ($1,423,300) Preferred
stock at $120 per share and dividends. The retirement was completed on
April 1 1924.
Employees of the company have been encouraged to acquire Common
stock and at the present time a substantial and gratifying number of shares
are held outright by employees or are subject to purchase contracts.
INCOME ACCOUNT FOR YEARS ENDING NOV. 30.
1923-24.
1922-23.
1921-22.
1920-21.
x Net profits
$2,041.383 $2,541,249 $2,141,068 $1,756,827
Deduct-Pref. diva.(7%)
y21,286
102,260.
209,328
226,086
Common dividends- - --(6%)
900,000 (6)900,000(434)675,000 (4)600,000
Prem. on stock purch'd_
282,078
317,967
24,966
2,659
Balance, surplus
$838,018 $1,514,023
$938.774
$928.082
x Net profits after deducting manufacturing, marketing, administrative
expenses and interest on loans and provisions for depreciation of equipment, doubtful accounts and Federal taxes, and also reserves for contingencies for 1921 and 1923. y Pref. stock redeemed April 1 1924.
BALANCE SHEET NOVEMBER 30.
1924.
1923.
1924.
Assets$
Liabilities8
5
Good-will trade
Preferred stock___
c
names, deo_ _ _a10,000,000 10,000,000 Common stock _d15,000,000
Mach.,furn.&flxt b531,914
572,161 Bills payable
Inventories
3,416,101 8,387.003 Accounts payable_ 143,674
Investments
583,000
Accrued taxes, salAccts.& bills reo- 5,425,851 7,324.967
aries, &c
871,729
Cash
4,667.109 1,365,142 Goods in transit- 208,988
Prepaid ins. prem.
41,456
57.750 Pref. div. Dee. 31Sundry accounts
31,587
27,945 Reserve for continPayment by emgencies
1,750,000
ployees for purProfit and loss_ _ .._ 8,996,141
chase corn. stock 273,515
240.143
1923.
$
1,423,300
15,000,000
750,000
465,892
1,042,933
184,956
24,908
1,750.000
5,333,122
Total
24,970,532 25,975,111
Total
24,970,532 25,975,111
a Goodwill, &c., account shown after deducting amount written off in
1920. 55,000.000. b After deducting $746,538 for depreciation against
5666.349. c Called for payment April 1 1924 at $120 and dividends.
d Common stock authorized and issued. 150,000 shares
of $100 each.
V. 120, p. 337.
U. S. Tobacco Co. (formerly Weyman-Bruton Co.).
(Annual Report
-Year Ended Dec. 31 1924.)
def$26,934
3,063
INCOME ACCOUNT FOR CALENDAR YEARS.
BALANCE SHEET DEC. 31.
1924.
1923.
Assets1924.
Liabilities1923.
1922.
1921.
1924.
1923.
x$2.197,083 $2.112,580 $2,013,116 $1,873,232
Property account-$1,169,783 $948,170 Capital stock_:$3,000,000 $3,000,000 Net earnings
Pref. dividends (7%) 386,400
386,400
Trade-marks and
Notes payable_
376,229
341,341
75,000 Common
dividends--:($3)1,144.626($3)1096.879 (53)953,856 (10)662,360
good-will
1,449,373 1,448,974 Acc'ts payable_ _ _.
51,634
54,544
121,541 Fed'l tax rmerve_
Cash & Govt. sec_ 254,275
20,654
26,696
Balance, surplus
3666,057
5629,301
169,138 Deprec. reserve_ _ 236,133
Acc'te rec.(cust'rs) 216,583
.
$683,031
$869,531
Previous surplus
2,610,746
5,160,945
Bonds owned
195,367 Profit and loss sur3,429,572
2,634,761
Inventory
193.522
199,423
plus
27.917 Trans.from prov.for ad58,408
vertising to surplus__ _
Misc. notes & acCr1,000,000 Cr1,250,000
Prem. on Pref. stock_
counts receirle.
9,559
Cr48,343
Stock div.on Common_
(20)3179,500
Derd digs., lease(20)1324.720
holds & organBalance, surplus
$3,276,803 $2.610,746 55,160,946 $3,429,572
ization expenses
91,847
83.434
Total(each side) $3.372,871 $3,178 116
x Capital stock, 160,000 shares, no par value.
-V.120. p. 593.
x After provision for all taxes including income tax, and charges and
expenses of management.
General Cigar Company, Inc.
BALANCE SHEET AS OF DEC. 31.
(Annual Report
-Year Ended Dec. 31 1924.)
1924.
1923.
1924.
1923.
Assets
$
S
INCOME ACCOUNT YEARS ENDED DEC. 31.
.
Real est., mech '',
Preferred stock-__ 5,520,000 5,520,000
1924.
1923.
1922.
fixtures, trade1921.
Common stock_ _x11,128,300 11,128,300
Gross earnings
$9,211,413 *9,889.129 $8.775,360 17,724,610
marks,good-will,
Pref. div. pay. Jan
96,600
96,600
Selling, gen.. admin.,&c.
&o •
7,047,540 6,981,672 Com.div. pay.Jan 286,156
286,156
exp., incl. Fed. taxes_ 6.344,436
6,642,254
6,151.133
5,956,260 Leaf, mfd. stock,
Prov. for adv., insupplies, &a_ _ _ _ 7,781,201 7,489.482
stir., discts., &a- 4,092.734
Net income
$2,866,977 $3,246,875 $2.624.227 31.768,350 Secur.of other cos. 2,811,676 1,588,485 Bills & accts. pay_ 429,091 3.150.640
403,568
Other income
421,323
69.278
227,607
678.791 Cash
2,994,289 3,078,173 Surplus
3,276,803 2,610,746
Bills & accts. rec.._ 4,194,978 4,058.198
Total income
$3,288,299 $3,316,152 $2,851,834 $2,447,141
Interest on notes & loans
524,429
377,867
119,625
Total
333,258
24,829,685 23,196,011
Total
24,829,685 23,196,011
Preferred dividends(7%)
350,000
350.000
350,000
350,000
Debenture Pf.divs.(7%)
223,123
279.611
293,650
x Represented by 381,542 shares of no par value (auth. 600,000 shares).
300,474
Common dividends--(8%)1,448,320(6)1,086,240(6)1,086.240(6)1,086.240 -V. 118, p. 788.
Surplus
$742.427 $1,222,434 11,002,319
Previous surplus
5,426,123
4,430,413
7,932,924
Premium on redemption
of deb. Pref. stock_ - - Dr.113,011 Dr.11,723
Cr.21.172
$377,171
7.704,375
Cr.26,378
Chicago City & Connecting Railways Collateral Trust.
(Annual Report
-Year Ended Dec. 31 1924.)
•
INCOME ACCOUNT FOR CALENDAR YEARS,
1924.
1923.
1922.
1921.
$1,129.514 $1,139,514 $1,215,514 $1,290,514
39,966
64,913
42,323
90,007
50,046
47.833
34.518
38.467
Gross income
51,219,526 $1,252,260 $1,292.354 51,418,988
Profit & loss, surplus- $5,530,539 $5,426,123 $4,430,413 $7,932,924 Bond interest
$1,041,300 51,046,550 $1,051,800 $1,057,050
Bond redemption
105,000
105,000
BALANCE SHEET DEC. 31.
105,000
105,000
General expense, &c_
23,642
41,216
37,620
23,696
1923.
1924.
1924.
1923.
Interest on bills payable
2,123
Liabilities
Assets
$
Taxes
20,826
15,450
9,240
18,657
7% Cum.Pref. stk 5,000,000 5,000,000
Lend, buildings,
machinery.&c- 2,969,500 2,591,955 Debenture Pre- _ _ 3,500,000 4,000,000
Balance, surplus
$28.758
844,043
$93,200 g 5207.954
Common stock-18,104,000 18,104,000
Good-will, patents,
STATEMENT OF CURRENT ASSETS AND LIABILITIES
trade-mks., &c.15,000,000 15,000.000 6% gold notes____ 7,700,000 7,700,000
DEC.31.
180,445 Spec. CaLeireserve. 1,000,000 1,000,000
Assets29,929
1924.
Inv. in other cos__
1923.
Liabilities1924.
1923.461
Notes payable__
137,500
Mtges. receivable_
$597,697 $540,604 Accrued int. pay'le $260,325 $261,637
1,175,000 Cash
Accts. pay'le, payMe receivable.-- 317,000
Co.'s deb.Pref.stk.
317,000 Reserves
5,224
5,250
rolls, &c
169,667
1,141,600
1,144,017 1,370,113 Other investments
(at cost)
Excess over current
S. .,....1
Deb.Pref. div. pay
41,447
(at cost)
67,181
163,329
Co.'s Corn, stock
192,577
liabilities
818,991
788,233
Fed.tax provision. 420,000
subscr.
494,000 Accrued Int. rec'le
4,266
Purch.or.
4,690
691,717 Insurance reserve- 500,000
456,147 Accounts recehele.
249
for by employees 447.455
248 Total(each side)--$1,082,540 51,055,121
Sur. appr. for red.
Raw mans.
FINANCIAL STATEMENT DECEMBER 31
of Deb.Pt.stock 1,115,000
15,710,519 18,464,770
plies, &c
590,000
1924.
Sinking fund 5% gold bonds outstanding,
5,530,539 5,426,123
loans recle 396.219 1,079,788 Surplus
Notes&
$20,826000
"Public Utilities Compendium"): Preferred Participation (seepage111711
Accts.receivable_ _ 3,814,021 3,472,461
shares, 250,000:
and Common Participation shares, 150,000, having no par
3,898.148 3,204.081
Cash
value.
527.680
510,113
Assets(Pledged to Secure Said Bds.) Stocks (par) Of Tot.Issue
Deferred charges
Bonds (par)
Chicago
$16.971,900 518,000,000x
Total
44,055,004 45,382,564 Calumet City By
44,055,004 45,382,564
• Total
& South Chicago By
10,000,000 10,000,000 rieg y
-V.119.p.2293.
Southern Street By
2,400,000
2,400,000
Hammond Whiting & East Chic.Ry. 1,000,000
1.000,000 (all)1,000,000
Chicago & Western
Hart, Schaffner & Marx.
72,000
72,000
.....etwarsotSall$6
x y Outstanding bonds not pledged to secure aforesakilbonds,Iv1z.:
(14th Annual Report-Fiscal Year Ended Nov. 30 1924.)
"x," $33.926,000: "3'.. 55,393,000.-v. 118, p. 427.
'Total surplus
56.055.539 $5,641.124 88.956,415 $8,107,924
Approp. for red, of deb.
Preferred stock
525,000
215,000
200,000
175,000
Amt,applied in reduction
of goodvrill,tr. niks.,&c
4,326,003
President Harry Hart, New Yor,k, Jan. 26 1925, says:
The outstanding feature of the year's statement is the financial strength
of the company. There is no indebtedness for borrowed money, liabilities
being limited to accrued wages, taxes, goods In transit and current bills.
The amount of cash on hand Is nearly four times the total of liabilities.
Inventories are at the lowest point in several years. Collections throughout
the year were good, averaging slightly better than in 1923, despite some
drawbacks to retail trade. The company is In a strong position for a forof
ward movement and able to take advantagewar trade opportunities.
it was the policy to set
During the deflation period following the
against the unusual risks then existing In connecaside special provisions
tion with the large inventories and receivables. These risks have now been
minimized with the return to more stable market conditions and with the
reduction of inventories and receivables. We have carefully reviewed the
reserves of this character, and after consultation with Price, Waterhouse &
Co. the sum of $825,000 being no longer required for the purposes for
which it was originally set aside, hasnow been restored to surplus account.
Dividends received
Interest received
Other income
Atlas Powder Co., Wilmington, Del.
(Annual Report-Year Ended Dec. 31 1924.)
Pres. W. J. Webster, Wilmington, Del., Jan428,[sayslin
part:
Net income for the year, after deducting all charges incident to manufacture and selling, repairs, accidents, depredation of property, ordinary and
Federal taxes, represents a return of 5.83% on total assets and after paying
6% dividends on Preferred stock, represents a return of $4 09 per share
on the 261,438 shares of no par value Common stock. Net current asset
position is very favorable. Company has.no bank loans outstanding and
accounts payable represent obligations not due.
,
There has been no material change in the activities of o MO. is MI
the company
during the year. Sales of high explosives, black blasting powder, blasting
supplies and commercial chemicals constituting the explosives sToup.
FEB. 14 1925.]
amounted to 73%, and sales of "Zapon" products-leather cloth, lacquers
and lacquer enamels, were 27% of total sales. This distribution of sales is
the same as last year.
Facilities for production of explosives and blasting supplies now comprise
six high explosives works located in New Jersey, Eastern Pennsylvania,
Western Pennsylvania, Michigan, Missouri and California; six blackbastLug powder works located in Pennsylvania, Tennessee, Iffinols,Oklahoma,
Kansas and California, and blasting caps and electric blasting caps works in
Pennsylvania.
The past year has witnessed a great increase in the use of"Zapon"lacquer
as a finish for furniture and automobiles. The use of lacquer for such purposes gives a smooth, hard finish with a soft, satiny lustre and much greater
permanence than the ordinary finish. The "Zapon" brand of lacquers
has been on the market for more than 30 years. For several years past our
research laboratory has been working toward improved lacquer finishes for
furniture and automobiles, and we are now manufacturing lacquers for
these purposes which are not surpassed in quality by any other lacquers on
the market. In order to place this company in position to benefit from the
increasing use of lacquer finishes for furniture and automobiles, a national
advertising campaign has recently been inaugurated and the manufacturing
facilities of our Stanford works are being increased.
"Zapon" products have previously been sold by two selling companiesZapon Leather Cloth Co. selling leather cloth, and Celluloid Zapon Co..
selling lacquers. Effective Jan. 1 1925, the sale of all "Zapon" products,
including both leather cloth and lacquers, has been combined in one selling
company, viz.: The Zapon Co.
Arrangements were made in 1923 to associate ourselves with French
Interests in the manufacture in France of leather cloth under the "Zapon"
brand. our French associates previously having been engaged in the manufacture of coated textile fabrics. Under this arrangement, we received for
our technical knowledge a substantial stock interest in the new company,
known as Societe Anonyme Francais° Zapon, and the profits of the }'Wnch
company in 1924 have been highly satisfactory. As no capital was contributed by this company, the stock is carried in our balance sheet at a
nominal value of $1 under securities of affiliated companies. Otherwise, the
scope of securities of affiliated companies remains the same as last year.
Of a total of 2.394 employees as of Dec. 31 1924, 774, or 32.3%, were
,
stockholders. The Preferred and Common stock of the company is now
owned by 3,560 stockholders.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
Net sales
$19,462,295 $19,616.170 $16,723,735 $14,495.016
Cost of goods sold, denyery, &c.,expenses
14,511,109 13,593.044
17,852,346 17,319.899
Net profit
$2,212,626
$901,973
Other income (net)
loss 23,023 loss 17.679
Net income
$1,609,949 $2,296,271 $2,189,603
$884,294
Int. and amortiz'n on
cony, gold bonds_
182,940
249.810
Prem.on Corn.stock,&c.
Cr.279,546
Adj. of in to mkt. val.
x1.409,314
Preferred diva. (6%)...
540.000
540,000
540,000
540,000
Common dividends_ _ ($4)1,045,644y($8)1045347 (12)852,882 (12)660.360
Total
$1,585,644 $1,585,347 $1,296,276 $2,859,484
Balance
sur$24.305 sur$710.924 sur$893.327df$1.975,190
Total surplus
$4.717,346 $4,693,041 $3,982,117 $3,088,790
x Adjustment of inventories and commitments to market values and
reversion of Common stock bonus to employees for the years 1917-1920,
inclusive. y Includes dividends of 6% on $100 par value stock for six
months ended June 30 1923 and $2 per share for six months ended Dec. 31
1923 on no par value stock.
BALANCE SHEET DEC. 31 (INCLUDING SUBSIDIARY COS.)
1924.
1923.
1924.
1923.
Attsets$
Liabilities
$
Plant, property,
Preferred stock__ 9.000,000 9,000,000
equipm't, goodCommoy stock ---c8,714,625 8,714,625
will,&c
al8,261,179 17,792,539 Purchase money
Cash
1,207,779 1,244,852
notes
400,000
350,000
Notes Sr accts. rec.
Notes dr accounts
(Customers) ____ 2.930,188 2,865,445
pay., incl. div.
Notes dr accts. rec.
on Pref. stock &
(other)
412,106
399,284
Federal taxes__ 1,172,800 1,710,104
Finished product_ 1,300,727 1,180,237 Res. for deprec.,
Materials & supp_ 2,735,572 3,621,635
uncoil. accts. dr
Security investm't b402.850
535,267
contingencies_ _ _ 3,628,520 3.437,292
Deferred Items
332,890
315,803 Surplus
4,717,346 4.693,041
Total
27,583,290 27,955,062
Total
27,583,290 27,955,062
a Plant properties and equipment, $11,925,120; goodwill,
patents, &c..
$3,178,841. and securities of affiliated companies, $3,157,212. b Security
investments include acquired securities of Atlas Powder Co. c Common
stock represented by 261,438% shares of no par value,
$8.714,625, and
includes 63 shares of old $100 par value stock unexchanged, equivalent to
18% shares no par value stock.
-V. 119. p. 2290.
Phillips-Jones Corp. (and Subsidiaries).
(Annual Report
-Year Ended Dec. 31 1924.)
INCOME ACCOUNT YEARS ENDED
1924.
a$139.015
154.122
13.083
Balance, deficit
$28,190
Net profits
Preferred dividends
Special expenses and sundry losses
DEC. 31.
1923.
1922.
b$86.434
c$932,157
159,687
164,500
287,596
$360,849 sur$767,657
a After adjustment of prior years' Federal taxes. b After inventory
adjustment of $820,501 chargeable in part to operations of prior years.
c After deducting reserve for Federal taxes.
Surplus Account.
-The surplus account Dec. 31 1924 shows: Surplus
Dec. 31 1923, $2,232,433: deduct provision against advances to salesmen
and for accounts receivable as at Dec. 31 1923. $90,000; deficit (as above).
$28,190; discount on Prof. stock redeemed (Cr.), $7,607: surplus at Doc. 31
1924, $2,121,848.
Income Acct.for 3 Months Ended- Dec. 31 '24. Sept. 30 '24. June 30 '24.
Sales
$2,022,085 $2,053,474 $2,680,034
Coast and expenses
2,016,033
2,051,526
2,634,953
Operating profit
$6,052
$1,948
$45,081
Other income
x96,749
20,385
22,507
income
Total
$102,801
$22,333
667,588
Interest on loans
12,567
22,052
33,840
Net earnings
$90,234
$281
$33,748
x Including Federal income tax refund.
BALANCE SHEET DEC. 31.
1924.
1923.
Assets1924.
$
LialitIdes$
Fixed assets (loss
$
depreciation) _ ._ 1,944.786 2,012,696 7% Pref. stock__ 2,200,000
goodCommon stock.
Trade name,
..x2,000,000
1
1 Notes payable.... 750,000
will,&c
271,012
468,068 Accounts payable_ 499,036
Cash
12,732
Accts.receivable- 1,597.402 1,808,830 Dep.on leases, &e.
Royalties pay.,&c.
99,481
Sundry accts. and
54,496 Taxes payable_ -14,834
notes receivable_ 123,251
43,758
51,515 Reserve for taxes65,825
Notes receivable..
3,521,729 5,534,997 Pref. div. payable_
25,667
Inventories
81,345
92,182 Reserve for conAdv. to salesmen3,800
tingencies
68,284
Investments ...
274,423
324,050 Surplus
2,121,848
Deferred charges_ Total
7,857,708 10,348,636
Total
1923.
2,275,000
2,000,000
2,800,000
602,833
16,539
94,877
6,015
69,397
26,542
225,000
2,232,433
7,857,708 10.348,636
-V. 120, p. 594.
x Representing 85.000 shares of no par value.
823
THE CHRONICLE
George W. Helme Company, Inc.
(Annual Report-Year Ended Dec. 31 1924.)
INCOME ACCOUNT FOR YEARS ENDED DEC. 31.
1922.
1921.
1923.
1924.
x Net earnings
$2,199,749 $2,096,307 $2,005.612 $1,538,464
280,000
280,000
280,000
Pref. dividends (7%)-280,000
Common dividend&(27%) .620,000(19)1140,000 ,
(935)900,000 (14)560,000
1
Balance, surplus
Previous surplus
$299.749
3,230.097
$676,307
2,553.790
$825,612
3.728,179
$698,464
3,029.715
Total surplus
$3,529,847 $3,230,097 $4,553,791 $33,728,170
2.000,000
Corn. div. in stock (50%)
Profit and loss surplus_$3,529,847
$3,230,097 $2,553,791
$3,728,179
x After deducting all charges and expenses of management, and making
provision for the estimated amount of Federal tax on profits, and making
suitable additions to the general funds for advertising, insurance, &c.
BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
LiabilUiesAssets
Preferred stock___ 4.000,000 4,000,000
Real estate, mach.
trade marks,&e_a3,395,713 3,355,774 Common stock.... 6,000,000 6,000,000
70,000
70,000
Supplies, &c
5,629,668 5,853,111 Preferred dividend
600,000
Cash
1,943,061 1,610,687 Common dividend 1,080,000
Bills & accts. rec.,
Prov,for aavances.
municipal stocks
insurance, &c__ 2,602,961 2,390,811
619,462
and bonds.b
5,010,386 4,066,579 Bills & accts. pay_ c695,521
3,529,847 3.230.097
Liberty bonds
2,024.219 Surplus
1.999,500
Total
17,978,328 16,910,370
Total
17,978,328 16,910,370
a After deducting depreciation funds. b Also non-competing corpora-V. 120. p. 459.
tions. c Including provision for income taxes.
(Alfred) Decker & Cohn, Incorporated.
(Annual Report
-Year Ended Oct. 311924.)
INCOME ACCOUNT FOR YEARS ENDED OCT. 31.
1920-21.
1921-22.
1922-23.
1923-24.
Profit after all expenses
and depreciation
Disc.on Pref.stk.purch.
$417,107
36.744
$837,899
31.272
$105,127
12,243
$103,590
23.881
Net income
Provision for Fed. tax_
Preferred dividends_ __ _
Common dividends
$453,851
60.000
136,797
50.000
$869,172
109.862
159.012
$117.370
11,872
165,718
$127.471
10.000
169.904
Balance, sur. or def__sur$207.054 sur$600,298
Previous surplus
104,641
704.939
def$60,220 def$52,433
217.295
164,862
Profit and loss surplus $911,993
$104,642
$704,939
BALANCE SHEET OCT. 31.
1924.
1924.
LiabilitiesAssets1923.
Land,b1dgs.,mach.
Common stock -141,554,270
and equipment_ a$346,712 $414,949 Preferred stock_ __:1,745,000
y960.940
Bills payable
Good-will, trade
names, &c
1
1 Accounts payable- 197,889
38,461
Invest'ts & adv... 156,800
182,800 Payrolls
Inventories
1,501,850 1,581,930 Federal & general
92,802
Accts.& bills me 3,090,938 3,493,225
taxes
304,070
406,545 Profit and loss-- _ - 911,993
Cash
100,984
111,479
Deferred charges
Total
$5,501,356 $6,190,930
Total
$164,862
1923.
51,554.270
2,132,600
1,287,940
324,216
48,024
138,939
704,940
55,501,356 86,190.930
a After deducting $494,347 reserve for depreciation. b Represented
by 100,000 shares of no par value. x On Jan.15 1925 reduced to $1,500,000.
y On Jan. 15 1925 reduced to $361,545.-V. 119. p. 2293.
National Cloak & Suit Co.
(Annual Report
-Year Ending Dec. 31 1924.)
President S. G. Rosenbaum, New York, Jan.31, wrote:
Despite unsatisfactory conditions in the apparel and textile industries
during a considerable part of the past year, the net sales for 1924 were the
largest in the history of the company, with the single exception of 1923,
and the profits under the existing circumstances make a favorable comparison with previous years. The net profit, after deduction of taxes and
bonuses to officers and employees, was $1,862,539, equivalent, after payment of Preferred dividends, to $11 28 per share on the Common stock.
The cash resources, consisting of cash in bank and U. S. Treasury certificates, amount to $4,536,386. The company has no notes payable outstanding.
The company acquired on Dec. 15 1924 the entire capital stock of the
Caraleigh Realty Corp. The company now owns the equity in this valuable
property, subject to the mortgage of $1,850,000 given in 1921 by the
Caraleigh Realty Corp. to the Metropolitan Life Insurance Co.
• INCOME ACCOUNT FOR FISCAL YEARS ENDED.
Dec. 31 '24. Dec. 27 '23. Dec. 28 '22. Dec. 28 '21
Net sales
$49,225,804 $52,399,783 545,357,566 $37,481.210
Profit before deducting
2,047.473loss2,439.902
bonus and taxes
y2,332,090
2.764,666
Federal taxes
260,000
224,000
Bonus
256.856
379,821
209,551
59,089
Sundry adjustments..
60,022
292,600
292,600
Preferred dividends_ _ _ _
508,266
480,419
Discount on pref. stock_
9,787
Balance, surplus
$1,344,486 51,620.404 $1,438.929d1$2,732,502
Profit and loss, surplus_x$5,376,239 $4,012,179 $3,007,522 31,568.593
x Whereof $3,655,939 unappropriated and $1,720,300 appropriated (par
value of Preferred stock cancelled). y After deducting cost of goods sold,
operating and administrative expenses. (less miscellaneous earnings).
•
COMPARATIVE BALANCE SHEET.
Dec .31'24. Dec .27'23
Dec .31'24. Dec.2723.
$
AssetsPlt. equip, at cost,
7% cum. pt. stock. 7,174,700 7,359,700
less depreciation 557,306
629,763 Common stock_ _12,000,000 12,000,000
Good-will
12,000,000 12,000,000 Accounts payable_ 1,197,502 1.729.252
917,855
Leasehold impt_ _ _
23,136 Due to customers_ 913,909
105,646
Res. for Federal
Inv.& adv.to Nat.
224,000
260,000
Income tax
Impt. Co
1,458,158 1,444,867
Inv. & adv. to
Profit & loss, our... 5,376,239 4,012,179
Caraleigh Reary
Corp
2,190,447
Inventories
5,213,626 6,545,354
Accts.reco,adv.,&c. 162,549
258,072
Marketable sec
17,945
17,340
Cash
3,522,602 1,198,601
Bkrs. accept., are_
1,878,007
Securities owned__ 1,013,784 1,633,000
Co.'s sec. owned__
112,577
126.038
Total (ea. side).26,922,351 26,242,985
Deferred charges__ 567,711
488,806
NATIONAL IMPROVEMENT CO., KANSAS CITY, MO.
The property occupied by National Cloak.& Suit Co. in Kansas City.
Mo., is owned by National Improvement Co. all of the capital stock of
which,except directors' qualifying shares,is owned by Nat.Cloak & Suit Co.
PROFIT AND LOSS ACCOUNT FOR YEAR 1924.
Rent and bank interest earned
Expenses, incl. deprec., amort. of discount on gold notes, &c--
$165,125
165,125
824
THE CHRONICLE
BALANCE SHEET DEC. 31.
Assets1924.
1923.
Liabilities1924.
Real est. & Inuits.
Capital stock
$600,000
at K. C. at cost,
1st M. Real Est.
less depree
$2,277,255 $2,347,179 6% Sec. g. notes 855,000
Deferred charges
28,819 Nat. Cloak & Suit
23,537
Cash
557
310
Co. advances__ 858,158
Prepaid expenses_
559
11,809
{Vol.. 120.
reason of the inadequacy of the rates now charged for telephone service,
together with the action of the company in filing schedules of increased
rates which are now under suspension pending action by the Massachusetts
Department of Public Utilities.
932,000 byDuring 1924, because of inadequate rates for service, company failed
a large sum to earn the dividend paid during the year and the deficiency
844,867 was made up from surplus which had been accumulated in previous years.
Manufestly,such a situation cannot continue if we are to furnish adequate
telephone service in the coming years, that is, if we are to maintain our
present
Total
32.313,158 82.376.867 Total
$2,313,158 $2,376,887 mands service upon a satisfactory basis and are also to meet the deof the New England public for additional service. In order to
do this we must within the next five years construct the plant necessary
CARALEIGH REALTY CORP.. NEW YORK.
to operate about 320.000 additional telephones and this means that we
The property occupied by National Cloak & Suit Co. in N. Y. City is
owned by Caraleigh Realty Corp., all of the capital stock of which is must obtain additional money to the extent of approximately S100,000,000
during that time.
owned by National Cloak & Suit Co.
In order to secure this money we must have net earnings that will enable
Surplus Account.
-Balance Dec. 15 1924 (at date of acquisition of
stock) $26,657; rent and bank interest earned, $14,628; expenses, $12,273; us to compete with other enterprises seeking funds from those who have
money to invest.
balance, $29,012.
The question naturally arises as to the cause of the situation with which
Balance Sheet Dec. 31 1924.
the company is confronted. Is it due to a change in the policy of the
Assets
Liabilities
Real est. & bldgs., less depS3,955,074 Corn.stock (par $100) --- $500,000 management, or to more liberal expenditures for operation?
It may be said definitely that there has
Deferred charges
26,659 1st Mtge. payable
1.859,250 that the expenses of operation have been been no change in policy, and
Rents receivable
14,383 6% 2d Mtge. gold bonds_ 1,626,055 with our effort to furnish the public with a kept to a minimum consistent
satisfactory service.
Cash
26,124 Res. for Federal taxes__ _7,923
The whole cause underlying the
Surplus
29.012 found in the economic change whichsituation under discussion is to be
has taken place in this country in
Total (each side)
$4.022.240
the past few years.
-V. 119, p. 2770.
It is the same cause that has raised wages, that has increased commodity
and transportation costs, that has raised rents and in short has raised the
Cluett Peabody & Co., Inc. (& Subs.)
costs of living in New England by 60%-all within a period in which the
rates of the company for telephone service have increased about 15%.
-Year Ended Dec. 31 1924.)
(Annual Report
By the aid of this increase in rates which was obtained in 1919. and
by careful management we have for a time been able to postpone the
INCOME ACCOUNT FOR CALENDAR YEARS.
inevitable. Within the last few years the demand for extension of our
1923.
1924.
1922.
1921.
Net sales
Notreportd $28,264,902 $23,656,125 $25,714,618 service has been extremely large, and as a public service company, it is
Net income
$1,823,213 42,854.666 42,751,441 4275,400 our duty to meet that demand. The construction of new plant has conPreferred dividends(7%)
572,813
582.190
590,940 tinued upon a scale not previously known and by reason of higher wages
588.665
Common ddends---(5%)900,000 (5)900,000
(10270,000 and higher prices of materials, has necessitated the investment of far
more money for each new telephone installed than was previously required.
Balance, surplus
$350.400 *1,372,476 $2,162,776 def$585,540 Each year also we must reconstruct much old plant that has become unserviceable because of decay, destruction by storm, obsolescnece or inAppropriation (deb.)
3 795.500
,
Previous surplus
8,720,485
7,348,009
5,770.772 adequacy. The cost of this reconstructed plant is far greater than that
5.185.233
of the plant which it replaces. Unless rates for service are raised, this
Total surplus Dec.31- $8,275,385 $8,720,485 $7,348,009 $5,185,233 increased investment in plant produces no additional revenue and there
is an inevitable shortage of earnings. The experience of the company in
x After deducting raw materials, labor, supplies, operating expenses, this respect does not differ from that of other telephone companies.
This is well illustrated by what has happened in our case in the past
general and selling expenses, all administrative expenses, reserves for
taxes,&c.;interest and depreciation,and in 1923 $275,000 reduction in good- five years.
On Jan. 1 1920 the books of the New England Telephone & Telegraph
will account. y Appropriated from surplus for settlement of patent suit.
Co. showed plant and equipment to the amount of $102,449.500 (MSee also Phillips-Jones Corp. in V. 120, p. 594.)
eluding the plant and equipment of the Providence Telephone Co. which
BALANCE SHEET DECEMBER 31.
at that date had not yet been consolidated with the New England company)
and it was then operating 738.939 stations (including those of the Provi1924.
1923.
1924.
1923.
dence company). The average investment for plant and equipment was.
Assets8
Liabilities$
$
$
Real estate
3,825,572 4,220.353 Common stock_ _ .18,000,000 18,000,000 therefore, $138 64 for each telephone operated.
On Jan. 1 1925 the book value of our plant and equipment was $195:Good-will. patent
Preferred stock__ 8,482,000 8,482,000
rights, trade
Bills payable
4,200,000 599,418, and we were operating 1,069.359 telephones, or an average invest18,000,000 18,000,000 Accounts payable_ 314,663
names, &o
33.135 ment of $182 91 per telephone. In other words, we had spent $93,150.000
Cash
2,002,901 1,429,548 Reserved for taxes 457,161
780,341 for plant and had added 330,420 telephones. If we could have added
them at the average cost to Jan. 1 1920, our investment would have been
Aects.receivable_ _23,707,229 4,118,636 Res.for patent suit 795,500
Misc. Investments
90,367
$45,800.000, or about $47,000.000 less than we actually were obliged to
12,640 Pref. dividend payMerchandise
8,412,590 12,367,992
able Jan. 1
141,437
144,760 expend. As there has been no material increase in rates during that
Pref. stk. in treas. 427,487
211,550 Surplus
8,275,385 8,720,486 five-year period, this added expenditure of money has produced no added
revenue.
Total
36,466,146 40.360,722
The existing difficulty with respect to earnings is not temporary but
Total
36.466.146 40,360,722
will continue in an accentuated degree until relief is given in the form of
a After deducting reserve for cash discount.
adequate rates for service, and unless relief comes during 1925 the earnings
-V. 120, p. 708, 587.
for that year will be poorer than those in 1924.
Action to procure additional revenue has been retarded in our case
American Chicle Co.
by the strike of 1923 which so distorted the expense accounts for that
year that it was impassible to show from them accurately what our needs
(Annual Report-Year Ended Dec. 311924.)
were. It
until our business had
Thomas H. Blodgett, Chairman and Pres., reports in brief: for a timetherefore became necessary to wait in the meantime steps been
unaffected by this occurrence, but
were
The volume of sales for the past year represented an increase of 19.27. taken to secure some measure of relief.
On or about April 1 1924 the company filed increases In rates for private
over 1923. The measure of efficiency and economy in the operation is
the amount saved for reserves, interest and net profits out of each dollar branch exchange switchboards, for certain toll service, private line and
of sales, after providing for reasonable expansion and development of the some other similar services. After numerous hearings some of these
business. The year 1924 rates the highest of any during the past decade changes were approved and became effective in the second half of the
for economy and efficiency of operation. 253 cents out of every dollar year. They involve, however, an increase in revenue of only $500,000
of sales was saved for stockholders, to be applied on renewal of plant. por year-about 1% of present revenues.
The proposed rates for private branch exchange switchboards were
sundry reserves, interest on borrowed money and as profits for payment
of the principal of debts incurred prior to 1022. The 12 months of 1923 withdrawn in November 1924 and have now been incorporated in the new
ranked second only to 1924. The average of results for the entire 10 years. general rate schedule which was filed in Massachusetts on Dec. 1 1924.
without charging against operations the deflation losses on inventory and New schedules will be filed in the other States in whieh the company
operates as seen as possible.
other assets. was 14.8% ofsales.
The effort of the management in finances has continued in the direction
The new general rate schedule now under discussion will provide for
of avoidance of new debts to pay old debts. Particular attention has been an average increase in the territory as a whole of about 25te. a day per
given to the further reduction of capital invested in slow and inactive telephone. The increase in the metropolitan area around Boston and in
assets. Progress along this line has released cash. These sums added a few other sections, where net earnings have been considerably below
to earnings have enabled company to reduce its obligations to banks and the average for the company as a whole, will be somewhat greater than
6% noteholders in the aggregate sum of $1,799.100 during 1924. In this average figure.
addition the Sen Seri Chiclet bonds have been substantially reduced. At
The question of the value of the property which the company has de.
the end of 1924 the company had $1,599.200 remaining unpaid on 6% notes voted to the public service is of prime importance and can be determined
and extended bank loans, having reduced those obligations by $3,160,000 only by a detailed inventory and appraisal. Our engineers have been
sinCO 1921.
engaged upon this work since the summer of 1924 and we now expect
INCOME ACCOUNT FOR CALENDAR YEARS.
the task will be completed in time to enable hearings to begin on our new
rate schedules early in February.
1924.
1923.
1922.
1921.
The company has again made a new record in the amount of construction
:Gross profit
$2,864,054 $2,291,443 $2,006,140 $1,930,935
meet the demand for service. Expenditure for gross con1.656,858
Selling & adm. exps
1,513.427
1,652,600
2,430,343 work done to equipment for
struction and
the year amounted to approximately $34.
$1,207,196
$778,016
Net earnings
$353,539 loss$499,408 063,000 as compared with $29,013,000 in 1923.
On Jan. 22 1924 the directors authorized the issue of additional stock
income
156.168
Other
182.530
54,736
100,946
of one share of new stock for each four shares
of the company in the ratio
$960.546
$1,363,364
Gross income
$454.485 loss$444,672 of existing stock, to be issued at par to stockholders of record on March 1
280,282
460,747
Interest, discount, &c
623,701
933,344 1924, and under the terms of this offer 165.492 shares of stock of a par
value of $16,549,200 were taken and paid for.
$1.083,082
$499,799 loss$169.21510s41378015
Balance, surplus
A comparative income account was given in V. 120, p. 703.
def3,546,144def4,153.296def2,977,480 2,124,379
Previous surplus
BALANCE SHEET DECEMBER 31.
def$2,463,062df$3.653.497d1$3,146,695
Total surplus
$746,364
1924.
1923.
1923.
1924.
45,000
Dividends
Assets
losses (net)Cr.85.718 Cr.107,353Dr.1.006,601Dr.3,678,843
Adjust. & ext.
$
Telephone prt_192.145.172 165,825,911 Capital stock_ _ _ 83,025,400 66,476,200
$2,377.344df$3,546,144 $4.153,296 $2,977,480 General equip't. 3,454,245 2,811,767 .4% deb. notes. 1.000,000 1,000,000
Deficit
10,000,000
x Gross profit from sales after deducting cost of material, labor and Invest. securit's 1,743,048 1,617,998 *5% deb. notes. 10,000,000 35,000,000
Advances to sys•lst M. bonds_ 35,000,000
manufacturing expenses.
. 657,589
820,000
tem corp's._
673,362 Note secured__
820,000
Miscell.invearts
30,000
COMPARATIVE CONSOLIDATED BALANCE SHEET DEC.31.
Adv.fr.sys.corp. 31,219,200 19,249,000
Cash & deposits 1,460.893
673,774 Accts. payable_ 2,603,952 2,082,230
1924.
1923.
1923.
1924.
Marketable sec_
16,964
14,698 Acerliab.notdue 1,220,599 1,295,269
8
Liabilities$
$
i
AssessPreferred stock-. 3,000,000 3,000,000 Accts.& bills rec 6,384,547 6,033,219 Liab.empl.ben.fd 2,000,000 2,000,000
Land,bldgs.& ma3,553,081 Common stook_211),395,166 10.395,166 Mat'ls & gimp__ 1,824,154 2,344,901 Deprec. reserve_ 41,719,046 39,682,174
ehln'y aft. depr_ 3,284,153
5
-year notes, 1927- 684,000 1,437,300 Deferred items_ 3,002,231 2,269,146 Corp.sur.unappr. 2,081,647 4,659,904
Good-w111, patents
275,500
& trade-marks.... 8,766,099 8,766,099 Derd debs., 1928_ 275,500
Total
210,698,845 182,264,777
.
210,698,845 182,264.777
Total
452,408 1,253.135 Sen Sen bonds_ _ _ 1,720,000 1.768,000
Cash
Accounts payable.. 106,299
108,245
Accts.& notes rec.,
•All issues are equally secured by mortgage.
-V. 120. P. 703, 582.
300,011 Notes payable.... 915,200 1,944,800
280,010
less reserve
Accruals
57,315
89,476
Chicle at for.supp. 167,373
783,770
1,556,251 1,360,489 Res. for conting_ 548,190
Inventories
People's Gas Light & Coke Co., Chicago.
Accts. with foreign
38,155
26.992
agents
(Annual Report-Year Ended Dec. 31 1924.)
339,410
Adv. chicle purch_ 321,478
President Samuel Insull says in substance:
236,250
146,500
Investments
409,483
323,062
Deferred charges
The operating
the previous year.
Tot.(each side).17.701,670 19,802,257 notwithstanding revenues for 1924 show an increase over service, which bePetit & loss deficit 2,377,344 3,546,144
a substantial reduction in rates for gas
came effective in the latter part of 1923.
-V. 120, p. 708.
a Representing 155,025 shares of no par value.
The board takes pleasure in reporting an increase in the dividend rate,of
8% per annum. The first payment at this rate was the quarterly dividend
paid on Jan. 17 1925 to stockholders of record Jan. 3 1925. By this action
New England Telephone 8c Telegraph Co.
the dividend rate is restored to the pre-war basis.
WIC
-Year Ended Dec. 31 1924.)
(Annual Report
Negotiations are still pending between the company and the City of Chicago tor the
in the so-called
case to
substance: "refund suit"submission of an agreed the legalthe Court involved, and if
Pres. Matt. B.Jones, Boston, Feb. 2, wrote in
for the determination of
questions
The matter offoremost interest to stockholders is, naturally, the financial the negotiations are successful it is expected that these questions will b
situation in which the company has been placed during the past year by decided during thelcoming year.
1923.
$600,000
FEB. 14 1925.]
THE CHRONICLE
825
During the year $5,750,000 3
-Year 6% Secured Gold notes were sold to
No. of Shareholders,
-On Dec. 31 1923 there was 7.126 stockholders,
meet financial requirements for plant and extensions net.tgsary on account while at
of development and growth of business. This was the first sale of any 49%. the end of 1924, there were 10,612, an increase of 3,486. or nearly
securities of the company since 1913.
New Bond Issue.
-There were issued and sold during the year $25.000.000
Sales of gas for the year were 5.33% larger than in 1923. The largest Series "A"5% Gold bonds payable Jan. 1 1949, the proceeds of which were
quantity of gas ever delivered in any 24
-hour period in the company's his- used as follows: (a) $2.100.000 to retire $2,000,000 par value Series 0.
tory. 128,764,000 Cu. ft., was sent out on Jan. 5 1924. The largest quan- 7% bonds called for redemption on Jan. 1 1925. (b) 38,600.000 to retire
tity of gas ever required for any one hour period, 12,384.000 Cu.ft.. was de- $8,000,000 Series D, 7% bonds called for redemption on Dec. 1
1924.
livered in the hour from noon to 1 o'clock Nov. 27 1924.
(c) The remaining balance was applied to the reimbursement of the treasury
The number of meters in service was increased by 37,335 during the year. for capital expenditures not hitherto covered by the issue ofstocks or bonds.
This is the largest increase in new meters in one year in the company's hisAt the end of the year the company wrote off by a charge to surplus of
tory. The total number in service at the end of the year was 788.081.
$1,331,348 the
premium on th e
Arrangements have been made to purchase additional coke oven gas bonds called for=amortized discount and expense, and
redemption.
from n ustries in the South Chicago district. Additions have also been
Produdion-Sales-Business Development.
made to the new plant of the Chicago By-Product Coke Co.. which materially increase its gas
-producing capacity. These arrangements insure
Kilowatt Hours Sold.
-The sales for the year amounted to 500,652.744
a supply of gas sufficient to meet the company's requirements for some years. kw.h.. an increase of 55,656,431 kw.h. over the previous year. The
The company has acquired a one-third interest in the Chicago & Illinois yearly sales of kw.h. is shown as follows:
Western RR., which furnishes service to the gas plants of the Chicago By1920.
1921.
1923.
1924.
1922.
Product Coke Co. This will insure adequate railroad facilities in connec- 298,807.110
325.764.518
444.996.313
500.652.744
381.232.300
tion with the operation of those plants.
Meters.
-During the year. 147,647 new meters were added. including
The stockholders of the company now number 8,559. an increase of 1,159
since last report. There are 893 persons who are purchasing stock of the 44,994 taken over from the Flatbush Gas Co. and 5,125 meters were removed. On Dec. 31 1924 there were 498,791 meters in use on the system.
company on an installment payment plan.
The following table gives the numbers of meters on the system at the
end of the years mentioned:
RESULTS FOR CALENDAR YEARS.
1915
75,091 1919
278.214
142,220 1 1922
Statistics1916
1924.
1923.
180,42211923
1922.
356.269
89,898 1920
1921.
Gas made (1,000 Cu. ft.) 19,836,121 16.169,836 18,294,972 22,005,445 1917
105.309 1921
498.791
220,20911924
Gas bought "
" " 13,527,200 15,130,507 11.414,897 6,474,786 1918
114,864
Gas sold
"
" "31,621,306 29,791,111 27.602,698 26.758,528
Sales of Current.
-Applications were received for supplying 246,371 new
Incomefrom gas
$31.329,895 $30,615,188 $29.645,778 A31.927,064 and succeeding customers with light and power, an increase of 35.9% over
Income other sources__ _ 1,163,128
895,181
915,947
739,384 the total of the previous year, including 47,000 h.p. in motors.
During the year 1.731 additional street lamps were placed in operation.
Total income
$32,493,023 331.510,368 830,561.724 $32,666,448 not including the 1,471 electric street lamps taken over from the Fiatbush
Deduct Expenses
Gas Co. The revenue from street lighting was $874.709.
Steam material
$414,976
$404,567
$536.149
$717,710
Sales of Appliances
$650.000
.-The
do
cts. per M
(2.09 cts.) (2.50 cts.) (2.93 cts.) (3.38 cts.) In 1923 to over a million in gross sales ofappliances increased from
1924.
Fuel(gas making)
3,327,797
3,175,156
3,909,791
Operating Plant
4,905,281
-Company's operating plant consists of three generating
do
cts. per M (16.77 cts.) (19.63 cts.) (21.37 cts.) (23.08 cts.) stations and 24 substations.
The present total capacity of the generating
011
2,554.574
2,041.652 2.497,377
3,690.936 stations is 339,501) Irw.
do
cts. per M_.(12.87 cts.) (2.63 cts.) (13.65 cts.) (17.37 cts.)
General Office Building.
-The new general office building at Pearl and
Purifying material
83.312
76,012
95,268
93.827 Willoughby streets is now in service. It accommodates the executive
Station supplies
114,685
109,099
135,825
219,677 officers and 1,500 employees, as well as affording the public every conManufacturing labor......
673,465
577,045
674,041) 1.174,80
venience for viewing
purchasing household and industrial appliances.
do
cts. per NI_ _ (3.39 cis.) (3.57 Os.) (3.68 cts.) (5.53 ctsi making arrangementsand service
for
and paying bills. The old office building
Maintenance and repairs
380,644
408,956
399,916
at 360 Pearl St. has been remodeled and made fireproof.
478.51
Superintendence
144.664
167.212
161,248
Johnson Street Building
155.070
.-A new six-story sutstation and office building.
Engineering department
156.527
214,442
307,691
216,361 at Johnson and Pearl streets, was designed and is under construction.
Gas bought
4,791.809
5.171,401
4.582,654
2,292,406 This substation will serve the increased load in the downtown district and
Gas prod.at exp.sta'n
2,596
386,130 the office space of 32.000 sq. ft. will postpone for a time the extension of
Cost of gas in holder.
the general office building. This station will have an ultimate capacity of
stock adjust
812
329
757
15.890 30.000 kv.a. and will be in operation early in 1926.
Debit for residual prod_ - Cr.291.135 Cr.191,399 Cr.265.966
Profit Sharing Plan and Brooklyn Edison Investment Fund.
246.563
-The company.
at the end of each year since 1910, as a method of sharing profits, has
Cost of gas
$12,354.727 $12,154.471 $13,034,750 $14,100,041 allowed to each employee
do
cts. p M (37.02 eta.) (38.83 cts. (43.87 eta.) (50.32 cts. In its service, a percentagewho has been at least two full calendar years_
per
of his salary or wages, based upon length or
Transm.& distrib. exps- $2.471,619 $2,188,72 $2,295,879 $2,772,006 service, varying from
one-quarter of the rate of dividends paid on the
Commercial expense
1,824,792
1,746,100
1.715,978 capital stock during the year to the full dividend rate. The total amount
1,644,700
New business expense_ _ _
571.488
438,813
358.312
232,982 paid into this fund by the company for the year 1924 was $294.855. These
Gen'l & misc. expense
2,714.150
2,699,890
2,174.028 sums are paid to the Brooklyn Edison Investment Fund, which was estab2,303,591
Depreciation
1.297,679
1.232,020
1.117,187 lished in 1910 for the purpose of aiding employees who desired to subscribe
1,155,332
Contingent
154,485
293,338
265.997 to the fund to invest a portion of their savings in the stock of the company.
275,079
Taxes
2,259.324 2.289.238 2,001,895
1.649,462 The fund credits each employee with the amount of his profit sharing and
Uncollectible bills
152,062
223,926
330,204 invests only in the stock, bonds or other obligations of the company.
218,187
Rent for leased plant and
At the end of 1924 the fund held 8,436 shares of the stock of the company
equipment
1,131,317
1.104,942
793,305 for the benefit, as their rights may appear, of 3,603 employees. In addi1.084.752
Int. on Ogden Gas Co.
tion. 910 employees individually owned 9,112 shares of the company's
bonds
300.000
300,000
300.000 stock, making a total of 17.548 held either directly or for the benefit of
300,000
Amortized rents
204.637
204,637 employees. The par value of the shares so held is 81.754.800.
204.637
204,637
Miscell.deductions
96,100
Fire Insurance Reserve Fund.
41.122
40,810
42,623
-The former Insurance Participation Fund
Dec. 31 1924 amounted to 3444.553. This represented the company's
Cost of gas delivered to
interest up to Dec. 311922. in the accumulated savings of a joint insurance
consumers
825,532,381 $24,917.220 824,919,738 $25,696,636 fund for the insurance of this and other similar companies against loss by fire.
do
cts, per lid_ (80.75 cts.) (83.64 cts.) (90.28 eta.) (96.03 cts.)
At the December meeting
voted to withdraw from the fund
Interest on funded debt- $2,643,433 $2,357,850 $2,357,850 $2,360,538 at the end of the year and tothe directorsFire Insurance
establish a
Reserve Fund,imInt. on unfunded debt
41,860
125,264 mediately crediting thereto its interest in the accumulated profits of the
22,140
36.785
Insurance Participation Fund.
Total cost of gas delivThe Fire Insurance Reserve Fund was started with
ered to consumers_ _$28.217,675 $27,311,854 $27,299,728 $28,182,439 received from the Insurance Participation Fund in $86,957 that had been
part liquidation of the
do
cts. per M__ (89.24 cts.) (91.68 cts.) (98.90 cts.)(105.32 cts.) company's interest therein. On Jan,2 1925 a further sum of $506,728 was
added, representing the company's full interest in the Participation Fund
Net income
$4,275,348 $4,198,514 $3,261,997 84,484,009 to Dec. 31 1923. The Fire Insurance Reserve Fund will be further inPrevious surplus
817,231,680 $16,073,796 814.808.122 $10,718.084 creased when adjustments covering the operation of the Participation Fund
during 1924 are completed and it may be increased from time to time as
Total
$21.507.028 $20,272,310 $18.070.119 $15,202,093 the board of directors may determine.
Ihmdry debits
58,067
56,880
71.343
393.971
The usual comparative income account was published in
Total
Dividends
V. 120, p. 701.
11070 t17 998 776$14 8
3 6)1.924,980 '
' '
?14:(V
BALANCE SHEET DEC. 31.
Balance
318.657.711 317.231.680 816,073.796 814.808.122
Assets and Other 1924.
1923.
Liabilities and
1923.
1924.
Debits$
Other Credits$
$
$
BALANCE SHEET DEC. 31.
Fixed capital-- -111,902,125 83,710.140 Capital stock..... _59,754,400 43,704,300
Cash
1924.
1923.
6,103,840 2,262,101 Prem,on cap.stk.
1924.
10,542
1923.
10,542
AssetsNotes receivable
LiabilULea25,900 Underlying mtge.
g
•
$
Reel estate,franCapital stock__ 38,500,000 38,500,000 Accts.receivable_ 2,948,392 2,287,415
11,951,000 11.951,000
bonds
chises,tunnels,
Int.& divs.reedy_
49,181
23,846 Gen. mtge. bonds_33,500.000 18,500,000
Underlying prior
mains.&a--_113,805,159 106,463,072 lien bonds_ _ 23,911.000 23,911,000 Marketable secure 200,000
295,100
159,000 Cony. deb. bonds_ 245,000
Materials
1,203,805 1,436,093 Ref. mtge. bds_ 20,554.000 20,554,000 Materials & supp- 2,513,581 2,335,224 Gen. mtge, bonds
A ec'ts receivable
596,921
15,546
1,210,887 Gen. & ref. bds_ 1,712,000 1,712,000 Prepayments
called
2,678,350
11,176
I,oans and notes
Inv.in MM.cos_ _ _ 404,460
8% gold notes_
4,000
404,460 Real estate mtge
receivable_ _ 1,063,000 1,168,000 Gas bill deposits 5,750,000
6,270
6,270 Accts. payable_ _ _ 1,837,583 1.192.599
580,206
773,693 Miscell.Investm'ts
Matured funded
Notes payable_
841,358
456,263
406,351 Consumers' dopes_ 796,178
1,000,000 Pension fund
d't int. depos_
360,315
340,275 Acc'ts payable__
443,624
1,000.000 Matur. Int. unpaid 1,036.393
791,427 Cen. Un.Tr., true.
Deferred charges 6,060,131 5,835,006 Taxes accrued__ 1,053,649
Insur. partic. fund 531,510
7.728
11,397
459,909 Dividends declared
Gas bills receiv. 1,829,967 1,816,378 Bond I.acced 2,506,543 2,504,807 See.dep.with State
600
600
Matur. debt unp'd
596,400
481,400
Cash
2,238,240 1,394,470 Retlr., &c., roe_ 14,671,768 13,313,184
Indus.Comm'n_
84,000
84,000 Taxes accrued..... 1,272,821 1,262.931
Sinking funds_
12,009
12,009 Div. declared__
379.663
6.765
5,665 Int., &c., accrued 292.389
673.774 Other funds
770,052
Reserve lends
2,540,312 2,298,834 Matured Interest
451,351 Retirement reserve 4,718,135 4,637.786
340,275 Coup. int. & dive. 1,047,790
360.315
Sundry deposits
Sundries
Casualty dr work81,534 Cash deem. with
82,013
& advances_
29,734
295,278 Deferred credits
N. Y. City
509.681
35,455
34,117
men's comp. res. 524,518
31,938
401,527
Surplus
459,909
Ins, part, res. fund 531,510
18,857,711 17,231,680 Redemp. & prem 2,678,350
Reacquired secur_ 742,000
Contingency res've 5,808,430 5,311,533
Total
129,737,594 122,270,302
Total
406,351
Miscell. reserves... 456,263
129,737,594 122,270,302 Unamort. debt dis-V. 120. p. 705.
count & expense 1,998,900 1,835,880 Misc.unadj.credits
72,899
54,346
Miscell. suspense_ 143,734
66,174 P.& L.surplus__ 6,388,307 5,577,375
3:222 I4
41
Brooklyn Edison Co., Inc.
(Annual Report-Year Ended Dec. 31 1924.)
The report, signed by Matthew S. Sloan and Chairman
Nicholas F. Brady, says in substance:
Hudson Avenue Station.
-The new Hudson Avenue generating station
was placed in commission with three units of 50,000 kw. each, now in
operation. Three additional transformers, each of 10.000 kv.a. capacity,
were added for use in tying the 6.600
-volt generating apparatus of the
68th St. generating station to the 27,600 volt transmission lines from the
Hudson Ave. generating station.
Purchase of Fkabush Gas Co.
-The approval of the P. S. Commission was
obtained for the purchase for $4,200,000 of the electric franchise, distribution system, &c., of the Flatbush Gas Co. This action added 44,994
meters and 1.471 street lamps to the system. The substitution o the
Brooklyn Edison schedule of rates will effect a saving to these consumers
of aPProximattlY $300,000 per year.
.-A voluntary reduction was made by the
Voluntary Reduction in Rates
company in its maximum rate for current from 8 cents to 7 ti cents per
kilowatt hour. The new rate became effective on Jan. 1 1925 and will
result in a saving to the consumers of something over $1,000,000 per year.
-The total of salaries and wages paid for operation and conSalaries. etc.
struction during the year was $10,635,138. The company had 7.243 officers
and employees on Dec. 31 1924.
-The stockholders in Feb. increased the capital
Capital Increase, &c,
stock from $50,000,000 to $75,000,000. In May 816.000.000 of the new
stock was offered to shareholders, all of which was subscribed for.
Total
131,868,163 95,568,979
-V. 120, p. 701, 85.
Total
131,868,163 95,568.979
Hercules Powder Co.
(Annual Report-Year Ended Dec. 31 1924.)
Pres. R. H. Dunham wrote in substance:
Gross assets as compared with last year show an increase of $596.000.
Permanent investment has increased $616.000 and there is a decrease of
820,000 among the current assets. The depreciation reserves have increased over $350.000 so that the net increase in permanent Investment Is
$260,000.
Among the current assets a notable reduction of the amount invested in
materials and supplies has been accomplished. This investment is $1,000000 or approximately 25%,less than at the end of the previous year. This
reduction has been accomplished, notwithstanding the fact that at the end
of the year the company's sales were running somewhat greater in volume
than at the end of 1923.
The Aetna bonds decreased $224,000 during the year, this being the
amount canceled in accordance with the requirements of the sinking fund
together with the call and cancellation of the small outstanding remainder
of bonds of Aetna subsidiary companies. Current liabilities are only $4,000
greater than last year when they stood at the lowest figure in company's
history.
The issued Preferred stock has increased $220,000 because of Aetna
bonds surrendered in exchange for Preferred stock. The opportunity to
make the exchange has now been available to holders of Aetna bonds fo
826
[VOL. 120.
T H l CHRONICLE
about two years, and company has accumulated sufficient bonds tottake
care of the sinking fund requirements for several years ahead.
liPli
Gross receipts for 1924 show a decline of about 6% compared with the
previous year. General business for the past year experienbed a decline,
and the basic lines of manufacture in which company is engaged proved
no exception to the general trend; consequently, our earnings are below a
orril
fair return on company's total investment in its various lines.
The manufacture of dynamite black blasting powder and blasting supplies,
In which the bulk of the capital is engaged, depends upon coal and metal
mining and quarrying for its principal outlets. The depressed condition in
bituminous coal and in iron mining itself reflects in the reduced demand for
raining explosives.
The naval stores industry (rosin, turpentine and pine oils) depends very
largely for its prosperity upon a considerable export demand. The condition of both the export and domestic demand for the first three-quarters of
the year was disappointing. However,during the last quarter, the demand
has increased and better prices prevail. In our branch of the industry we
have expanded both the export and domestic demand, and under prevailing
prices should realize a fair profit over the coming year.
Among our newer industries the manufacture of nitrocellulose is showing
a healthy condition. Demand for nitrocellulose and pyroxylin products,
now so extensively used in the lacquering of automobiles, furniture, &c.,
has furhished us with a good volume of business on a remunerative basis.
Company's business is in the production of raw materials of a basic character. Any improvement in business should be reflected early in an increased demand for our products. The improvement in general business,
now foreshadowed, leads us to expect a better showing generally in 1925.
Decision was reached during the year to replace company's dynamite
plant near Birmingham, Ala. A new plant is now being constructed whose
many advantages in location and type of equipment will amply compensate
the capital outlay involved.
The total capacity of all manufacturers for the production of explosives
Is nearly double the present requirements of consumers and company's
total capacity exceeds its customers'requirements in nearly the same proportion. It is not likely, therefore, that new plants to increase total capacity
will be constructed for some years, but enlargements of plants in rapidly
-growing fields may be necessary or, perhaps, the transfer or rebuilding of
older plants at more suitable places.
Company's working capital is believed to be sufficient for such business
as is likely to be enjoyed in the immediate future, including such plant
Improvements or extensions as are in process or may become necessary.
No capital stock issues are contemplated during the coming year, except,
ofcourse,such Preferred stock as may be issued in exchange for Aetna bonds.
BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
AssetsLiabilities$
$
$
$
Intangible eap'1_
3,978
42,639 Capital stock ___ 70,000,000 88,017,520
Land & bidgs. &
2,911
Frem.on cap.stk.
2,911
teleeh. plant..159.519.068 143,502,090 Funded debt__ _ 49,690,200 49,992,700
General equip't_ 2,734,528 2,481,994 Acct's payable__ 4,242,307 3,665,063
Investments__
936,093
398.149 Accr. liabilities,
Cash dr deposits 1,257,694 1.987,693
4,833,478 4,670,118
not due
Marketable sec_
13,362 11,004,229 Empl. ben. fund 2,000,000 1,400,000
Bills receivable..
4,127
52,847 Other def'd cred.
Accts.receivable 8,223,106 5,603,389 items
58,397
63,920
Mat'ls & suppl's
833,704
933,320 Res've for accr'd
Accrued income,
depreciation._ 40,734,256 37,392,963
not due
182,042
8,133
177,186
146,185 Other reserves__
Deferred debits. 4,914,915 4,825,030 Approp. surplus 2,215,874
460,297
Corporate gurp_ 4,594,097 5,140,029
Total
178,448,708 170,977.564
-V. 120, p. 702, 211.
Total
178,448,708 170,977,564
GENERAL INVESTMENT NEWS,
STEAM RAILROADS.
Inter-State Commerce Commission Upholds Surcharge on Pullman Tickets.
The approval of the surcharge under which every passenger engaging pullman accommodation pays to the railroad an amount equivalent to 50% of
the Pullman charge, resulted from the first step of an investigation into the
earnings of the Pullman Co. and the terms of its contracts with railroads.
The decision declared that the investigation had not proceeded far enough
for the Commission to express conclusions as to the general reasonableness
of Pullman charges, but that the surcharge had justified itself. "New
York Times" Feb. 10, p. 15.
Present Rules Regarding Distribution of Coal Cars to Mines Considered by
Inter-State Commerce Commission Best Yet Devised,
-Rules established early
in 1923 should be allowed to remain in force for fair trial. "Wall Street
Journal" Feb. 9, p. 3.
Surplus Cars.
-Class I. roads on Jan. 31 had 213,921 surplus freight carsin
good repair and ready for service, according to reports filed by the railroads
with the Car Service Division of the American Railway Association. This
was a decrease of 14,915 under the number reported on Jan. 22. Surplus
The usual comparative income account was published in coal cars in good repair on Jan. 31 totaled 69,736, a decrease of 8,228
within a week, while surplus box cars in good repair totaled 103,209, a
V. 120, p. 788.
decrease of 5,873 during the same period. Reports showed 18,271 surplus
stock cars, anincrease of 167 over the number reported on Jan. 22, wile
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31.
there was an increase during the same period of 194 in the number of surplus
refrigerator cars which brought the total for that class of equipment to
1924.
1923.
1923.
1924.
13,382.
Assets
Liabilities$
$
Car Shortage.
-Practically no car shortage is being reported.
Plants & property_ 24,373,020 23,758,932 Common stock _ A4,300,000 14,300,000
Matters Covered in "Chronicle" Feb. 7.-(a) 2,528 emploees awarded wage
Cash
1,516,406 1,391,014 Preferred stock _ _10,395,000 10,175,000
increases by U. S. Railroad
Accts.receivable 3,173,636 3,320,942 Aetna bonds
3,464,275 3,688.875 lock named as member of Labor Board, p. 661. (b) Thomas F'. Wood
Inter-StateCommerce Commission to succeed
Collateral loans_ _ _ 500.000 1,930,000 Accounts payable_ 285,113
272,448 Mark W.
Potter, resigned,
Invest't securities_ 2,182,058 2,125,906 Bond int.&pf. div_
89,031 railroad men assembled byp. 661. (c) Railroad outlook-views of leading
90,956
Farmers' Loan & Trust Co., p. 662.
Liberty bonds_ _ _ 3,933,008 1,438,814 Deferred credits_
3.720
14,349
Materials & slum_ 2,972,993 3,994,415 Fed'i taxes (est.)
278,302
322,820
Arkansas & Memphis Ry. Bridge & Terminal Co.Finished product_ 2,156,281 2,221,468 Reserves
3,175,838 2,825,277
Deferred charges__
91,091
102.469 Profit and loss_ _ _ 8,894,659 8,604,991 Listing.
The New York Stock Exchange has authorized the listing of $3,531,000
IN Total
40.898,494 40,281,961
Total
40,898,494 40,281,961 1st Mtge.5% Gold Coupon bonds,due March 1
1964.-V. 119. p. 1508,2282
-V. 120, p. 710.
Atchison Topeka & Santa Fe Ry.-Acquisition and
Operation of Line.
Illinois Bell Telephone Co., Chicago.
The I.
-S. C. Commission on Jan. 31 issued a certificate authorizing the
company to acquire, by purchase, the properties of the Tulsa & Santa Fe
(Annual Report-Year Ended Dec. 31 1924.)
'tr., including a main track 0.22 mile long, in the city of Tulsa, Okla.
The company owns the entire
the Tulsa, except
Pres. W. R. Abbott, Chicago, Feb. 2, wrote in substance: qualifying shares, and operatesCapital stock ofunder lease. Thedirectors'
its properties
Tulsa is
Telephone Service.
-Company provides telephone service over its own lines
and those of its connecting companies throughout the entire State of Illinois
(with the exception of East St. Louis and the territory immediately adjacent thereto) and throughout Lake and Porter counties, Ind. In this
territory, on Dec. 31 1924, there were upward of 1,425,071 telephones
having access to our lines, and of that number 1.058,964 were owned by
the company and operated directly through its 255 central offices. The
remaining 366,107 stations are operated by our connecting companies and
under contracts with them they are, for service purposes, a part of the
telephone system furnishing service in the territory within which we operate.
Additions to Plant and Equipment
.-The expenditure for new construction
during 1924 amounted to $22.703.666. The principal items were as follows:
Land and bundle's, $1,677.875; switchboard and other equipment in
telephone exchanges, $5,910,805; subscribers' station equipment, $6,775,216: exchange and toll lines, $8.172,208.
During the year 221,309 telephones were connected and 144,013 disconnected, making a net gain of 77,296. In Chicago the net gain was 50.391
telephones, included in the above. The 700,000th telephone in the Chicago
oxchange was placed in service Feb. 21 1924 and the 1,000.000th telephone
In the system of your company was installed in Peoria on March 25 1924.
1925 Budget.
-Expenditures contemplated for 1925 for new construction
amount to $26,500,000, with an estimated net gain of 60,000 telephones.
Purchase of Telephone Plant.
-The principal purchases of operating property during the year, all of which were authorized by the Illinois Commerce
Commission, are as follows: (a) Purchase on May 1 1924 from the Commercial Telephone & Telegraph Co. of certain toll property and ten exchanges. Duplication of toll operation within a considerable territory was
eliminated by this transaction. (b) Purchase on Sept. 30 1924 of the
property of the Gibson Home Telephone Co. and the United Telephone
Co. of Ottawa, Ill.
For these three properties, operating 6,733 company stations and 301
miles of toll lines and serving 531 service stations, the company paid $597.756, which amount includes $137,500 of 6% bonds of the United Company
'maturing June 1929, which were assumed by the Illinois Bell Co.
-A daily average of 5,200,000 calls
Traffic and Employment Conditions.
for the company and 3,600,000 calls for Chicago was reached at the end of
the year. Employment conditions have been favorable, and little trouble
has beea experienced in securing applicants in sufficient numbers to permit
tcareful selection of employees.
-Rate adjustments in Edwardsville and Sterling became
Ratesfor Service.
effective Jan. 1 1924, under a decision of the Illinois Supreme Court, and
In Peoria, July 1 1924, pursuant to an order of the U. S. District Court in
Springfield; an appeal has been taken by the City of Peoria from this order
to the U. S. Supreme Court. The injunction issued last year against the
order of the Illinois Commerce Commission decreasing Chicago rates is still
pending before the U. S. Supreme Court. and the appeal from this order
to the Circuit Court of Cook County, taken by the City of Chicago, remains
undecided.
Applications for rate adjustments in Champaign, Urbana, Alton and
Collinsville aro now pending before the Illinois Commerce Commission.
-On Nov. 17 1924 two stockholders of the
Minority Stockholders' Suit.
company owning 78 and 10 shares, respectively, out of the total issue of
700,000 shares, served a formal demand upon the directors to institute
proceedings on behalf of the company against the American Telephone &
Telegraph Co., the Central Union Telephone Co. sad the Western Electric
Co., Inc., to recover alleged unfair profits made by these companies under
various contracts with this company, and to rescind the purchase made
by the company four years ago of the Illinois property of the Central
Union Telephone Co. A special committee was appointed by the board
of directors to investigate the matter and report to the board, but before
the committee had reported suit was filed by the stockholders on Jan.5 1925.
The questions raised by the stockholders are under inter-corporate con,
tracts which have been in effect in the Bell System for many y aers and have
been repeatedly investigated and approved by courts and State Utility
Commissions.
The Illinois P. U. Commission in 1920 authorized the purchase of the
Central Union property by this company, and approved the purchase
price, after a hearing in which all the facts were given the Commission.
Me matters involved in the suit will be contested in the courts.
The wide extent of the public's financial interest in the B. & M., and the
need of co-operation by the several groups involved to develop a plan that
will restore the road's credit, was the subject of an address by Horner Loring.
Chairman of the Executive Committee of the Boston & Maine before the
Norfolk County group of savings banks at the Chamber of Commerce
Feb. 6. Mr. Loring said in part:
"Whose money is invested in the Boston & Maine RR.? The U. S.
Government owns $18,000,000 of the bonds; the State of Massachusetts
owns 610,000.000 of its bonds: there are some 2,000.000 depositors in
Massachusetts savings banks which own $30,000,000 of its bonds; Massachusetts insurance companies with their millions of policy holders own
$5,000,000 of its bonds, and finally there is a body of 3,000 individual bond
holders and 25,000 stockholders of the railroad scattered throughout New
England.
No one has over claimed that the B. & M. capital includes any watered
stock. For almost 100 years this has been a New England institution,
supplying northern New England transportation through good times and
bad. For 15 of the 16 years the Common and Preferred stockholders have
been without dividends, but at no time has New England been without
service.
"The time has come when the owners of the B. & M. are compelled to
admit that no longer can it struggle along under the burden of the losses
caused by almost 1,000 miles of unprofitable branches. It has supported
these branches at a serious loss all those years, paying out of its pockets to
do so. Now a new and cheaper way othandling light traffic has arrived.
To help make the B.& M.strong and prosperous it is proposed to substttura motor vehicles for steam on much of the unprofitable mileage. Many
believe that motor vehicle service will do better for the communities affected
than steam service ever did.
"Only a prosperous railroad can enjoy good credit, and credit for a railroad is as necessary as the coal to run the engine. Credit means ability to
borrow money and to issue new capital to improve service. A railroad
,
with poor credit is apt to become a public liability; a prosperous railroad is
a real public asset.
"I am confident that we can make the B. & M.again prosperous, and o
great value to the public and its owners, if the people of New England, the
U. S. Government, the State, the savings banks and other bond holders
and stockholders will co-operate. It can be done, but only if all pull together. The ipublic should be reasonable in its demands; bondholders
should be willing to extend their obligations and thereby to help restore
credit; and the stockholders must do their share to improve their property
by purchasing Preferred stock sufficient to enable the company to make
betterments in which the public is so vitally interested.
"Northern New England needs a prosperous railroad, able to protect its
industries with good service and fair rates. Let the rehabilitation of NeW
England railroads lead the way to a revival of New England industries."
The usual comparative income account was given in
V. 120, p. 710.
Committee Representing Savings Banks Association of Massachusetts Want Formation of a Bondholders' Committee.-
Indebted to the appllcant for advances made for capital purposes and has
no other indebtedness. By a contract dated Feb. 11918, the Tulsa agrees
to convey all its properties to the Atchison, upon demand, in consideration
of the advances made. The proposed acquisition, so far as the consideration is concerned, will be a bookkeeping transaction.
-V.120, p.698,205.
Birmingham & Southeastern Ry.-Final Payment.
The plan of readjustment dated Dec. 3 1924 has been consummated by
the purchase and sale of the properties of the company.
Upon surrender of certificates of deposit for 1st MtKe. 50
-Year 6%
Gold bonds at the office of Central Union Trust Co., 80 Broadway, New
York, the holders thereof will respectively receive in cash, as a complete
,
and final distribution under the plan of readjustment, 25% of the principal
amount of the bonds represented by such certificates of deposit.
The surrender of the certificates of deposit and the acceptance by the
holders thereof of the cash distribution shall operate as a complete release
and discharge of the committee and of each of the members thereof from
any and all obligation.
Committee.
-George C. Van Tuyl Jr., H. A. Smith, Frederick Caries
and Ernest C. Rollins, with I. Howard Lehman, Counsel. H. M. De
Lanoie, Sec., 66 Broadway, New York. See also V. 120, p. 205, 698.
Boston & Maine RR.
-Chairman Loring Pleads for CoOperation on Part of Security Holders to Restore Credit.
-
FEB. 141925.]
THE CHRONICLE
The Savings Banks Association of Massachusetts, under date of Feb. 3,
addresses the following to savings banks holding B. & M. bonds:
"The committee appointed by President Adam to study the B. & M.
situation with relation to the bondholders and savings banks of the Commonwealth is of the unanimous opinion that the interests of the bondholders
would be better protected at the present time by the formation of a bondholders' committee, and requests the endorsement of the savings banks
through their boards of investment to this proposition.
,
"It is to be distinctly understood that such endorsement at this time
does not commit the individual banks to the adoption of or to the opposition
to any proposed plan, but it is possible that if nothing is done in this direcmediately, a bondholders' committee on which the savings banks
tion
have no representation may be formed which may embarrass the situation.
This committee is therefore asking that your board of investment take
immediate action to support this recommendation."
[William B.Skelton of Lewiston, Me., has been elected a director succeeding Charles Sumner Cook of Portland, Me.1-V. 120. p. 698.
Butte Anaconda & Pacific Ry.-Tenders.-
The Guaranty Trust Co., trustee, 140 Broadwa,y, N. Y. City, will, until
March 18, receive bids for the sale to it of 1st Mtge. 5% 30
-Year sinking
Fund gold bonds dated Feb. 1 1914 to an amount sufficient to exhaust
$51,674 at a price not exceeding 105 and int.-V. 118, P. 793.
8?7
The Dock Co. proposes to issue 8500.0006% First Mtge. bonds.
These
bonds will be designated Series "B," will be dated Feb. 1 1923,
will be
payable Feb. 1 1953. They will bear interest at the rate of 6% and annum
payable F. & A. The proceeds from the sale of the bonds will per
be
on the indebtedness owing the Kansas City Southern for advances applied
made to
the Dock Co.for capital improvements to that company's property.
This
Indebtedness now amounts to $551,839, $412,580. plus accrued interest
amounting to $12,198, having been paid on the original indebtedness of
$976,619 from the proceeds of the sale of the Series A bonds. The payment
of all the principal and interest on the bonds will be guaranteed
Kansas City Southern and an endorsement to that effect will be by the
attached
to each bond.
The bonds have been sold to Ladenburg, Thalmann &
,
int., which makes the cost of the proceeds approximately Co., at 964 and
6.25%.-V- 120.
p. 699, 580.
Laurel Fork Ry.-Abandonment.-
The I.
-S. 0. Commission on Jan. 28 issued a certificate
company to abandon as to inter-State and foreign commerce its line
authoriznge
railroad in Carter County, Tenn. which extends from Elizabethton of
in a
general southeasterly direction to Frog Level. 14 miles.
'
Manistee & Renton RR.
-Construction of Extension.
-
The 1.-S.C. Commission on Jan. 28 issued a certificate issued
Chesapeake & Ohio Ry.-Bonds Authorized.
authorizing
-S. C. Commission on Jan. 29 authorized the company:(1) to pro- the company to construct an extension of a line of railroad from a point
The I.
cure the authentication and delivery of $8,203,000 of First Lien & Impt. about one-fourth mile northeast of Snider, a station within the corporate
limits of Jones Mill, in a southerly direction to the central or business
-Year 5% Mortgage bonds. Series A; (2) to pledge under the mortgage
20
securing such bonds $741.000 of Chesapeake & Ohio Ry. Co. of Indiana part of Jones Mill, a distance of 1.25 miles, all in Monroe County. Ala.
First Mtge.5% 20
-Year Gold bonds, due 1930; and (3) to assume obligation
Minneapolis & St. Louis RR.
-Receiver's Cekificates.and liability, as lessee, in respect of the $741,000 of Indiana company's
The I.
-S. C. Commission on Feb. 4 authorized the issuance of $200,009
bonds.
-V.120, p.580.
5% receiver's certificates, to be used to refund a certificate of like amount
bearing interest at the rate of
Chicago & Alton RR.
-Payment of Interest.
% per annum. The certificates will be
The protective committee, headed by Charles A. Peabody, Chairman. dated Feb. 1 1925 and will mature on or before Aug. 1 1925.-V. 120.
p.449,326.
formed to look after the interests of holders of the 3% Ref. 50
-year gold
bonds, have issued a notice to the effect that the receivers will pay the
Missouri Pacific RR.
-Equip. Trusts Sold.
-Kuhn, Loeb
interest which became due on Oct. 1 1924 on the bonds of this issue, with
interest thereon at 6%. The committee states that depositors should & Co. have sold at prices ranging from 100 and div. to 101.10
present their certificates of deposit promptly to the New York Trust Co..
and div., to yield from 4% to 5% according to maturity
100 Broadway, depositary, or to Illinois Merchants Trust Co., Chicago,
sub-depositary. Upon such presentation depositors who have not received (average price for equal amounts of all maturities 100.46
an advance of the Oct. 1 1924 interest, will receive such interest with interest and dm., yielding
4.923.%), $8,820,000 5% Equipment
thereon at 6% to the date of payment by the receivers; and those who have
already received an advance of the October 1 1924 interest will be credited Trust Certificates, Series "D."
with the repayment thereof.
-V.120, p. 698, 449.
Dated March 1 1925; maturing in equal amounts in annual installments
of $588.000 from March 1 1926 to March 11940. both inclusive. Denom.
Chicago & Eastern Illinois RR.
-Notes Offered.- $1,000 c*. Dividends payable M.& S. Bank of North America & Trust
Weilepp-Bruton & Co. and Mercantile Trust Co., Baltimore, Co. of Philadelphia, trustee.
principal and dividends will be
at the
of the trustee
are offering $164,000 Equip. Trust 6% Gold notes at prices In BothCity of New York, in gold coin payableUnited agency of America of
the
of the
States
equal to
to yield from4%to 5.65%, according to maturitiy. 'These orIssuance. the standard of weight and fineness existing March 1 1925.
-Subject to the approval of the I.
-S. 0. Commission.
notes are stamped subordinate in lien to $330,000 notes of
SecurUy.-There will be vested in the trustee title to new equipment
costing not less than 1411,760,000, including the following: 35 Mikado
same issue.
Dated Jan. 15 1920; due $16,400 annually Jan. 15 1926-1935. Interest type freight locomotives, 10 Pacific type passenger locomotives, 5 switch
engines, 2,000 steel underframe 40
-ton capacity box cars, 800 steel
payable J. & J. Denom. $1.000 and $100. Redeemable as a whole only frame 40
-ton capacity automobile box cars, 200 steel underframe under
5C-ton
at 103 and interest. Guaranry Trust Co. of New York, trustee.
automobile box cars, 750 steel underframe 50
-ton capacity drop
These notes, which constitute a direct obligation of the company, are capacitygondola
bottom
cars,
issued under an equipment trust agreement between the Director-General 40 steel underframe 250 steel 55-ton capacity self-clearing hopper cars,
cabooses, 2 dining cars, steel underframe and upperof Railroads, the trustee and the company. Original issue was $741,000, frame: 10
baggage cars, steel underframe and upperframe: 10 mall storage
of which $247,000 have matured and been paid.
-V.118, p. 2565.
cars, steel underframe and upperframe; 9 mail and baggage cars, steel
underhame and upperframe: 1
Chicago & North Western Ry.-Construction of Branch. frame, and 6 passenger coaches,mail coach, steel underframe and uppersteel underframe and upperframe.
The I.
-S. C. Commission on Jan. 28 issued a certificate authorizing the
Guaranly.-The principal of the trust certificates and dividends thereon
company to construct a branch line of railroad extending from a connection will be unconditionally guaranteed by endorsement thereon
by Missouri
with its main line at Beaton, Gogebic County, in a general northerly direc- Pacific RR.
tion to a point in the northeast quarter of Section 18, Township 46 north,
Earnings.
-Gross income of Missouri Pacific RR. for 1924. applicable
Range 40 west, in Ontonagon County, a distance of 7.8 miles, all in the to the payment of interest on funded debt and other charges amounted
State of Michigan. The purpose of the proposed line is to permit the ex
$19,384,445, while such charges amounted to only $12,881,228.-V. to
119.
ploitation of 45.000 acres of timber land which it will reach and which is p. 3007.
not near any other railroad.
New York Central Lines.
-Definitive Certificates Ready.
Earnings for Calendar Years
The Guaranty Trust Co. of New York is
1924.
1923.
1922.
1921.
435% Equipment Trust Certificates of 1924prepared to deliver definitive
in exchange for outstanding
$
$
$
temporary certificates. (See offering in V.119, p. 1395.)-V. 119. p.2283.
Gross earnings
149,454.584 160,425,965 146,100.436 144,775,476
Expenses, taxes, &c_ __ _129,885,487 141,784.940 128.223,063 137,573,593
New York Central RR.
-Employees Subscribe for 96,900
Operating income__.._ 19,569,097 18.641,025 17.877.373
7,201,883 Shares of Stock.
Eq., rents, &c
2,785,046
President P.E.Crowley on Feb.9 announced that subscriptions had been
2.797.650
550,746
841,068
received from 41,570 employees of the
Net oper. income_ _ 16.784,051 15,843,375 17,036.305 6,651,137 States and two Canadian Provinces for New York Central Lines in 12
96.900 shares of stock of the New
Other income
3.437.327
4,536,206 3,309,403
3.935.387 York Central RR. Co., having a par value of $9,690,000. The offering
of 35,000 shares was oversubscribed. 176%.
Total income
20,221.378 20,379,581 20,345,701 10,586,524
In view of this heavy oversubscription, the company has increased
the
Interest, rent, &c
12,550,054 11,642,113 11,448.173 11,831.957 amount of stock available for allotment to 68.747
shares. All subscriptions for 1 and 2 shares will be filled; subscribers for 3 or 4 shares
Net income
will
7,671,324
8.737,468
8,897.535loss1.245.433 receive 2 shares: 5 to 8 shares subscribers will be alloted 3; 9 to 12 share
Preferred dividends_ _ _ _ 1.567,650
1,567.650
1,567,650
1,567.650 subscribers, 4: 13 to 16 share subscribers, 5; and 17 to 20 share subscribers
Common dividends
5,806.100
5,806.100
7.257.625 will be allooted 6 shares.
7,257,625
The New York Central RR. Co. had 36.500 stockholders prior
- . 0. p.
67
111,1
297,574
1,363,718
72.260df10,070,708 offering of shares to the employees. There will now be about to this
78.000
449. 328.
stockholders, more than twice the former number. About one-fourth
of the total number of employees in service have subscribed. The
Chicago St. Paul Minn. & Omaha Ry.-Earnings.total
number of investors in securities of all the Lines is increased to
Calendar Years170.000.
1924.
1923.
1922.
1921.
-V.120, p. 699, 450.
Gross
$27.915.736 $28,363,234 $27,801,007 $28,137,408
Expenses, taxes, &c__ _ _ 23.805,763 25.114,651 23,856,074 25,676,220
Operating income_
Equipment, rents, &c
$4.109.973 $3,248.584 $3.944,933 $2,461,188
700,984
219,669
132,263
395,839
Net operating income_ $3,408,989 $3,028,916 $3,812,670 $2,065,349
Other income
251,062
237,705
247,108
308,629
Total income
$3,660,051 $3,266,621 $4.059.778 $2,373,978
Interest, rents. &c
2,623.143
2,642,448
2,881.849
2,659,655
Net income
$1,036,908
$624,173 51.177.929 loss$285.677
Preferred dividends_ _ --• $562,965
$788,151
$788,151
$788,151
Common dividends
463.917
927,835
927,835
Deficit
sur.$473.943
$627,895
$538,057 $2,001,663
-Nr. 120. p. 326.
Chinese Rys.-Interest on Hukuanq Railways
New York New Haven & Hartford RR.
-Equip. Trusts.
The I.
-S. C. Commission on Jan. 29 authorized the company to assume
obligation and liability in respect of not exceeding
Equip. Trust
certificates, to be issued by First National Bank, $3,645,000
Boston. under an equipment trust agreement to be dated Jan. 1 1925: the certificates to be sold
to .1. P. Morgan & Co. at not less than 94.77 and diva, in connection with
the procurement of certain equipment. See offering in V. 120, p. 700.
*1924.
1922.
1923.
1921.
Calendar Years$
$
Total railway oper inc_ -127,213.698 133,940.586 123,246.641 116,405.233
Total railway oper. exps. 97.480.323 107.816,094 99.988.856 106,402.295
Net from railway oper__ 29,733.374 26.124,492 23,257,785 10,002.933
Railway oper. income__ 24,899,194 21,091.149 18.640,902
5,513,941
Non oper.income
7.460.106
7.379,087
8,218,634
9.032.223
Gross income
32.359.300 29,309,783 26,019.989 14.546.164
Deductions
29.360,650 32,226.888 30.885.757 28.667.787
Net income
2,998.650 df.2,917,106 df.4.865,768df.14,121,623
*The income account for 1924 is compiled from the quarterly reports as
filed with the Mass. Department of Public Utilities and compares with the
actual reports for other years.
-V. 120. p. 700, 581.
Bonds.
The Chinese Government has deposited enough money With bankers to
pay the interest due last Dec. 15 on all of its Hukuang Rys. Sinking Fund
Gold Loan Bonds of 1911. Payment on the American. British. French
German bonds all went into arrears, but on Jan. 26 last payment and
made on all except the German bonds. The following announcement was
was
made on Feb. 7 by J. P. Morgan & Co.:
"J. P. Morgan & Co.announce that, as a result of provision made therefor
New York Philadelphia & Norfolk RR.
-Construction.
by the Chinese Government, they will be prepared on Feb. 11 1925 to
The I.
-S. C. Commission on
authorizing the
pay coupons which matured Dec. 15 1924 on all bonds of the German company and the PennsylvaniaJan. 28 issued a certificate railroad from
RR. to construct a line of
a
-V. 120, p. 698.
Issue of this loan."
point on Chesapeake Bay near the mouth of Little Creek, in Princess Anne
County, southwesterly to a point on the Norfolk & Western Ry. at or near
Cincinnati Northern RR.
-Dividend Increased.
St. Julian Ave. in the city of Norfolk, a distance of 5 miles, all in Virginia.
The directors have declared a dividend of 5%, payable Mar.2, to holders
The Pennsylvania controls the Norfolk through stock ownership and
of record Feb. 21. This compares with 3% paid ob Mar. 1 and Aug. 1 Operates its railroad under a lease for 999 years.
-V. 114. p. 79.
1924.-V. 119, p. 197.
1923 and
-Abandonment.
Freeo Valley RR.
The L-S. C. Commission on Jan. 28 issued a certificate authorizing the
company to abandon as to inter-State and foreign commerce its line of railroad which extends from a connection with the St. Louis Southwestern Ry.
at a point near Eagle Mills, Ouachita County, in a general northerly direction to Princeton, Dallas County, a distance of 25 miles.
Kansas City Southern Ry.-Assumption of Obligation
and Liability.-
The I -S. C. Commission on Jan. 30 authorized the company to assume
obligation and liability, as guarantor, in respect of not exceeding $500,000
'
sr First Mtge. bonds to be issued by the Port Arthur Canal de Dock Co.
Norfolk Southern RR.
-Preliminary Report.
Calendar YearsOperating revenue
Expenses, taxes, &c
1924.
1923.
1922.
$9,291,928 $9,386.653 $8.412.957
7,452.784
7,588,610
7,048,880
Operating income
Other income
$1.839,144 $1,798,043 $1,364,077
606.908
783,769
685.299
$2,446,052 $2.581,812 $2.049,376
2.037,531
2.207,462
1.940,325
$408,521
$374,350
$109.051
Total income
Interest, rents, &c
Net income
-V. 118, p. 2035.
828
Norfolk & Western Ry.-Earnings.-
Years end. Dec. 311922.
1921.
1924.
1923.
Railway oper. revenue_ 394,580,674 95,591.682 390.352.887 $80,718,802
Total operating revenue_a97,707,310 695,591.682 90,352,887 80.718.802
Maintenance of way_ __ _314.801,043
Maint. of equipment_ _ _ 22,796,839
Transportation
29,217,013
All operating expenses_ - 69.875,108
312,408,975
25.140,609
31.997,613
72,598,870
312.564.606
23.514.618
29,106.712
68,052,803
311,783,698
19,841,344
29,849.425
64,346,857
Net revenue
$27,832,201 $22,992,811 $22,300,083 $16,371,945
Total income
$23,307,370 $20,749,639 $19,612,777 315,403,413
Int. on funded debt_ --- 5,064,022 4,622,613 5,057.788
5,360,232
Balance
Preferred dividend
Common dividend
$18,243,348 $16,127,026 314,554,988 $10,043,181
919,692
919,692
919,692
919,692
10,613,609 10,327,616 9.960,778 8,506,190
Surplus
$617,299
$6,710,047 34,879,718 $3,674,519
Amount of Com.stock--134,794,300 128,994,300 127,826.900 121.519,700
% earned on Common
c12.85%
do
do
do
11.79%
d10.53%
7.50%
10.66%
a Total income includes $3,126,635 interline receipts adjustment due to
change in basis of accounting. b These figures do not include $2,661,470
received in settlement with U. S. Railroad Administration. c Including
Interline receipts. d Excluding interline receipts.
-V. 120, p. 581.
Paris-Orleans RR.(Compagnie du Chemin de Fer de
Paris a Orleans).
-Listing.
The New York Stock Exchange has authorized the listing of 310,000,000
7% External Sinking Fund Gold bonds (see offering in V. 119. p. 1282).
Income Account for Stated Periods.
Calendar Years
9 Mos.Ended
1922.
1923.
1921.
sera.301924.
Francs.
Francs.
Francs.
Francs.
Recta.(aft.taxes):*
Passengers ___ 244,047,043 246,352,282 268,363,930
Freight
666,247,278 671,464,996 729,288,764
23.281,282
Miscellaneous_
13,512,931
32,620,981
Total
923.807,254
Exp.(after taxes):
Gen.exp.,pensions, &c__ _ 125.966,436
Oper. expenses 836,055.464
Maintenance _ 128,956.922
Miscellaneous_
3.382,564
Total
Net
Fol.. 120.
THE CHRONICLE
941,098,562 1.030,273,675
178.944.177
592.977.919
132.009.900
7.052,405
777,488,043
169.455,056
606,565.545
134.984,860
6.733,056
1,094,361.387 910.984.403 917,738,519 681,055,783
-170,554,133 +30,114,158 +112,535.156 +96.432,259
200,510,905 247,671,490 305,484,730 160,920,506
int.on bond.dt-
Depositories Appointed to Receive Scrip for Transmission to the Company.
The Equitable Trust Co., N. Y.: Central Union Trust Co., N. Y.; Bankers Trust Co., N. Y.; Franklin Trust Co., Phila.; Commercial National
Bank, Columbus, O.; Ohio National Bank, Columbus, O.; Guardian Save.
& Trust Co., Cleveland, O.; Union Trust Co., Chicago; Mississippi Val. Tr.
Co.. St. Louis; International Ti'. Co., Denver; Liberty Insurance Bank,
Louisville, Ky.; Manufacturers & Traders Nat. Bank. Buffalo, N. Y.;
Rhode Island Hospital Trust Co., Providence, R. I.; Metropolitan Nat.
Bank, Minneapolis, Minn.; Commerce Trust Co., Kansas City, Mo.;
Mechanics Nat. Bank, Trenton, N. J.
Holders of scrip are urged to deposit only with the nearest of the above
mentioned depositories, and in no case should such scrip be forwarded
directly to the company.
All scrip dividends, both cash and stock, which have been left for accumulation in the hands of Henry L. Doherty & Co., will be exchanged and
converted for the account ofsuch stockholders without further instructions.
It is planned to send to all stockholders their cash and Common stock
resulting from this redemption, with the March 1 dividend checks. No
deliveries will be made before March 1 of any stock into which stock scrip
is convertible.
Unless stockholders give the company, or Henry L. Doherty & Co..
instructions to the contrary, deliveries will be made to stockholders of full
shares only. To the extent that stockholders are entitled to shares of
fractional amounts. Henry L. Doherty & Co. will retain the same for
accumulation and, as additional fractions are credited consolidate them
into full shares, thereby making then bear dividends, which will be prorated to stockholders for whose account such fractions are so retained, all in
accordance with the practice with which stockholders are already familiar.
Gas and Electric Appliance Sales.
In 1924 gas and electric appliance and installation sales reported by the
new business departments of the public utility subsidiaries owned by Cities
Service Co.and operated by Henry L. Doherty & Co., were 35,657,884, with
sales per customer of $10 92, representing an increase of 17.7% over 1923
sales.
Of these total sales, the gas appliance and installation sales for 1924
were 1,610,172, with sales per customer of $8 93, and were 23.91% In
excess of the 1923 sales.
The electric and installation sales made during 1924 show increased sales
of 13.25%, these sales baing 34.047.712, with sales per customer of $12 49.
In addition to the above sales of appliances and installations, the 1924
reports of the new business departments show other miscellaneous sales
made by them of $2,037,468, these sales covering sales of securities, coke.
&c.
-V. 120, p. 451. 328.
Commonwealth Edison Co., Chicago.
-To Increase.
-
The stockholders will vote Feb. 24 on increasing the authorized capital
stock from $100,000,000 to 3125,000,000, the new stock to be issued from
time to time in the future as and when the directors may decide that new
capital is necessary for corporate purposes.
The company has applied to the Illinois Commerce Commission for permission to issue 310,837,200 additional stock. The proceeds will be used to
provide funds for extensions to the property this year.
Holders of record April 1 will be given the right to subscribe for the new
stock in the proportion of 12Si% of his holdings.
-V. 119, p. 2528.
4 Taxes on freight transports paid to French Treasury being collected on
.
behalf of the Government. they do not appear in the receipts or expendiConsolidated Gas Co. of New York.
tures. In 1923 they amounted to Frs. 82.814,096.
-Bonds Sold.
, Brown Brothers & Co. announce that on and after Feb. 20 they will be
The National City Co. announces that the issue of $50,000,000 Consolprepared to exchange at their office. 59 Wall St.. N. Y. City, their interim idated Gas Co. of New York 20 year 5_Si% gold debenture bonds. and
receipts for permanent Paris
-Orleans RR. Co. 30
-year Sinking Fund Ext. $30.000,000 New York Edison Co. 1st Lien lief. Mtge. 5% gold bonds
7% bonds. due 1954. See offering in V. 119, 1). 1282.
offered simultaneously Feb.7 have both been sold. See V. 120, p.701.
Pere Marquette Ry.-Directors Approve Lease to Nickel
Plate.
-The directors on Feb. 11 approved the lease of the
road to the new Nickel Plate system, the New York Chicago
& St. Louis Railway.
Chairman E. N. Brown said that 673i% of the stock had agreed to the
lease of the road to the new Nickel Plate either by deposit of stock or by
proxy.
A special meeting of the stockholders to approve the lease of the road to
the New York Chicago & St. Louis Ry. has been called for March 21 at
Detroit.
-V.
p. 2875.
r19.
St. Louis-San Francisco Ry.-Interest--Outlook, &c.
The directors have declared the regular semi-annual interest installment
of 3% on the Cumul. Adjustment Mtge. bonds, payable April 1.
Chairman E. N.Brown is quoted as follows:"The Frisco looks in splendid
shape. It has never been in better condition physically. Earnings are
running about 10 to 12% ahead of last year, despite decreases in short-haul
passenger business. The people in the entire Southwest are optimistic
and the outlook for 'Frisdo is very promising."
Formal protest to the valuation of the company's lines (see V. 120. p.
450) by the I.
-S. C. Commission has been filed. See V. 120. p.581.
PUBLIC UTILITIES.
Boston & Worcester Street Ry.-Receiver.-
Judge Sanderson of the Massachusetts Supreme Judicial Court has
appointed Franklin T. Miller, President, receiver for the company. See
also V. 119, p. 2876; V. 120. p. 581.
Cambridge (Mass.) Gas Light Co.
-Stock
Consumers Gas Co. of Toronto.
-Rights.
The stockholders of record Jan.31 have been given the right to subscribe
on or before March 21 for 32.000.000 additional Common stock (par 2100)
at $140 per share in the ratio of one new share for each four shares now held.
Payment must be made at the office of the company, 19 Toronto St.,
Toronto, in Toronto funds as follows: In full on April 1, or $70 per share
on April 1 and $70 per share on July 2.
The present paid-up capital stock of the company is $8.000.000.-Y.
120, p. 701.
-Annual Report.
Cumberland Tel. & Tel. Co., Inc.
-1923.
1922.
Calendar Years
1921.
.694
6
Tel. operating revenue_ _$18192 ;111 $16,455.638 315.650.433 314,676.976
Net oper. inc. aft. taxes_ $3,694,291 $2,808,033 $2,221,994 $1,374,907
52,918
138,144
Non-operating revenue_
82.261
69,754
Gross income
Interest, rent, &c
33.832,435 32,860.950 32,304,255 31,444,661
1.539,055
1,388.363
1,537,129
1.461,796
Net income
32.444.072 31,321.895
178,000
Other appropriations
Credits to surplus (net)_
Cr.377,995
Sinking fund, &c
Dividends
1,749.993
1.078.125
Surplus
-Ir. 119, p. 1175.
3694.079
3443,765
$767,126 def$17.135
411.000
345,000
$11,126 def$17,135
Detroit Edison Co.
-Listing.
The New York Stock Exchange has authorized the listing of 212,500,001
Gen. & Ref. Mtge. Gold bonds, Series "A."5%.-V. 120, p.448. 329.
East Bay Water Co., Oakland, Calif.
-Bond Issue, &c.
Issue.
The company
The Massachusetts Department of Public Utilities has amended its authority to issuehas applied to the California Railroad Commission for
-Year Unifying
order of last December ("r. 119, p. 2876) relative to the issuance of 2,200 and $1.000.000 of$3,000,000 of 20 from time and Refunding 6% bonds
promissory notes
to time not to exceed 25%
additional shares of capital stock to be sold to customers and employees. of the cost of 1925 expenditures. It is
proposed to use $3,600,000 to inThe order originally provided that purchasers could not buy more than crease facilities and water storage, of which the
big Item is the San Leandro
their holdings up to more than five shares. The reservoir.
five shares, or bring
-V. 118, p. 1525.
amended order increases the limit to ten shares.
-V. 120. p. 701.
-Acquisition.-.Central Iowa Power & Light Co.
The company is reported to have acquired the Grundy Center (Iowa)
-V. 119, p. 2409.
Electric Co.
Cincinnati & Suburban Bell Telephone Co.
-To
Issue Additional Stock.
The company has applied to the Ohio P. U. Commission for permission
to issue 80,000 additional shares of capital stock, par (MO,. It is stated
that the company plans to offer the stock next July to its stockholders
at par. The proceeds will be applied to extensions and betterments to
the system as needed. With the 34.000,000 additional issued, the total
outstanding stock of the company will be 320.000,000.
-City Votes to Buy Lines.
Chicago Surface Lines.
The Chicago City Council Committee on Local Transportation by a vote
of8 to 1 on Feb. 10 approved paying about $163,000,000 in railway certificates for the Chicago surface lines, This action on the part of the Council
-V. 118, p. 2823.
has the approval of Mayor Dever.
-Information for Holders of Cash and
Cities Service Co.
Stock Scrip.
-The company,in a notice to the Common stock
cash and stock scrip holders, states:
At a meeting Jan. 22 the directors passed resolutions whereby preovision
was made to effect the following:
(I) All outstanding Cash scrip heretofore issued in lieu of cash dividends
on the Common stock will be redeemable in cash at par on Mar. 1 1925.
(2) All outstanding Common stock scrip heretofore issued in lieu of stock
dividends will be convertible on and after Feb. 1 1925. into Common stock
(3) Regular monthly dividends on the Common stock will be resumed beginning with the payment on Mar. 1 1925, of Si% in cash and Si% in Common stock. (4) At the next annual meeting to be held in April. stockholders will be asked to take action on a recommendation of the directors
that 5 shares of new Common stock be issued in exchange for each 1 present
Common share, holders of the Bankers' Shares to be given the opportunity
also to exchange on the basis of 1 share of the new Common stock for each
2 such Bankers shares.
Attention is called particularly to the fact that the dividends beginning
Mar. 1 1925 are payable only to stockholders of record on the 15th of the
preceding month. Accordingly, all holders are urged to deposit stock scrip
not later than Feb. 10, so as to allow sufficient time for such conversion
before Feb. 15.
Harwood Electric Co.
-Tenders--Bonds Called.
-
The Girard Trust Co.. trustee, Philadelphia, Pa., will until Feb. 18 receive bids for the sale to it of 1st & Ref. Nftge. 30
-Year S. F. Gold Coupon
bonds due 1942 to an amount sufficient to exhaust $44.148, now available
In the sinking fund, at prices not exceeding 107Si and int.
Thirty-five ($35,000) of the above bonds have been called for payment
Mar. 1 at 1073.i and int. at the Girard Trust Co.
-V. 118, p. 1780.
Illinois Bell Telephone Co.
-Expenditures.
-
The directors, according to a dispatch from Chicago, have approved as
expenditure of $2,508,847 for new facilities in Chicago and $972.180 for
Illinois outside of Chicago, making a total of 33.481,027.-V. 120, P.
702, 211.
Indianapolis Street Railway.-Earning8.-
Calendar Years
Gross earnings
Operating expenses
Taxes
Fixed charges
Net revenue
-V. 119. p. 1172.
1922.
1924.
1923.
35.588,177 85,527,131 35,545.164
34.083.749 84.034.360 34,057.361
414,355
384,355
419,868
647,348
635,108
638,787
$484,965
$434.116
$426.105
Indianapolis Water Co.
-Seeks to Change Par Value of
Common Stock.
The company has applied to the Indiana P. 8. Commission for authority
to convert its $5,000,000 Common stock, par $50. into 500,000 shares of
Common stock of no par value.
The company recently was authorized by the Secretary of State of
Indiana to increase its authorized capital stock by converting the $5,000,000
of Common stock, par $50, into 500,001) shares of Common stock of no
par value and to issue $10,000.000 of Preferred treasury stock. The
petition filed with the Commission does not seek authority to issue any
Preferred stock.
-V. 120. p. 330. 86.
International Ry., Buffalo, N. Y.
-Inc. Fares Sought.
President H. G. Pulley, in a letter to the Mayor and City Council of the
City of Buffalo, N. Y.,says in part:
The company has been operating a motorbus line on Bailey Ave. at a 7c.
fare with a loss of more than $2.000 a month. I. E.G.can, however, eons
further in this direction, and has requested the New York P. 8. Commion
to at once permit collection of a 10c. fare, without which service must be
soon discontinued.
FEB. 141925.1
THE CHRONICLE
The city is desirous that International shall this year spend about $500,000 for track replacement and paving. This we shall be unable to undertake, unless and until increased revenue be received. Meanwhile, the only
expenses which we can undertake will be those necessary to the better protection of our passengers or in line with more economical operation.
(The company finished 1923 with a deficit of $1.000.000. which during
1924 has been increased to 21,660,000.1-V. 120. P. 453.
International Telephone & Telegraph Co.
-Rights, &c.
It was announced on Feb. 11 that the stockholders of record Feb. 24 will
be given the right to subscribe on or before April 1 to 89,975 additional
shares of capital stock (par $100) at $83 a share.
The stockholders on Feb. 10 increased the authorized capital stock
from $25,000,000 to $50,000,000. See also V. 120, p. 453.
-3 Mos. end. Dec. 31- -12 Mos.end. Dec.31Period1924.
1923.
1924.
1923.
Operating revenues
21,368.625 $1,119,386 $5,323.973 $4,415,638
Non-operating revenues227,131
79,985
472,917
287.596
Total revenue
$1.395,756 $1,199,371 $5,796.890 $4,703,234
Operating expenses
650,949
513,063
2.292,818
1.870,036
Interest
169.038
151,461
636,940
592.892
Depreciation
211,310
138,677
676.576
579.142
Pref.diva.& minor int,in
sur. net inc. of subs
68.888
49,686
234,882
192.420
Balance, surplus
$495,571
$346.483 $1.955,674 21,468,744
Note.
-December figures of subsidiaries estimated.
-V. 120. p. 453.
Laclede Gas Light Co.
-Annual Report.
-
Calendar YearsOperating revenues
Operating expenses
Taxes
Retirement reserve
1924.
1923.
$8.135,867 $7.967,661
3,314,806
3.388.864
787,705
881,701
536.282
536,282
Operating profit
Non-operating revenues
$3.329.020 $3,328,867
10,999
16,689
Total revenue
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Miscellaneous charges
Preferred dividends
Common dividends
$3,340,019 $3,345,556
21,462,500 $1,475,625
23,085
31,431
68,445
69,829
17,488
9,323
125,000
125,000
1.498,000
882.750
829
North American Co.
-Acquires Peninsular Power Co.
Announcement was made Feb. 11 that the company has acquired more
than 99% of the Common stock and more than 40% a the Preferred stock
of the Peninsular Power Co. with properties in northern Wisconsin and the
upper peninsula of Michigan. As soon as weather conditions permit,
work will be started on high tension transmission lines connecting the
Peninsular generating stations with the Wisconsin properties of the North
American system. Ownership of the Peninsular properties, together with
the projected transmission lines, will give the North American Co. an interconnected system traversing the entire eastern part of Wisconsin. extending
from the Illinois State line through the most important industrial centres
in the State to the highly developed mining regions of Michigan.
President F.L. Dame said: "Greater efficiency ofservice for all customers
of the Wisconsin-Michigan properties of the North American system will
be brought about. It is our purpose in the near future to complete power
transmission lines facilitating interchange of power between our generating
plants in Milwaukee and Appleton and the plants of the Peninsular. This
will make the Peninsular's surplus power available to the Greater Milwaukee
and intervening districts, and will provide a source of emergency power
from the Milwaukee and Appleton stations for the customers of the
Peninsular.'
The Peninsular company's properties at present comprise four hydroelectric plants, a steam power plant, 40 substations and 245 miles of transmission lines. The yearly output of these plants is more than 60.000.009
k.w.h. S. B. Way, General Manager of the Wisconsin properties in the
North American system, has also assumed the management of the Peninsular company as President.
More than 50% of the electric output of the entire State of Wisconsin
Issu. died by the North American system for the further expansion for which
$10,111,000 will be spent this year.
Electric energy produced by the subsidiaries of the North American Co..
serving large areas of the Middle West with current for power and light,
indicate that general business conditions were good during the five weeks
ended Jan. 29. "Every one of the five weeks showed a substantial increase
over the corresponding week of the previous year," said President F. L.
Dame in making the figures public. "As the meters supplied by the
North American system number more than 650,000, centering largely
around the industrial cities of Cleveland, St. Louis and Milwaukee. we
serve about one-twentieth of the country's electricity consumers."
V. 119, p. 3010.
-To Offer Stock.
Pacific Telephone & Telegraph Co.
President Pillsbury says in substance: "The capital stock has been increased from $100,000,000 to $135.000,000. the increase being for the
Common stock [Authorized capital stock now consists of 353.000,000 Common and $82,000.000 Preferred stock.]
"The California RR. Commission has authorized the company to offer
Balance,surplus
$137,912 the additional Common stock to the stockholders for subscription at par.
$759,186
-V. 120, p. MI.
in proportion to their holdings.
".Ali of this money is immediately required to provide for tremendous
Lansing Fuel & Gas Co.
extensions and additions which are being made to the property to prepare
-Bonds Called.
The company has called for redemption on April 1 1925 all of its Consol. for the great demands on the Pacific Coast."
-V. 120. p. 705.
Mtge. 5% Gold bonds (extended to April 1 1931 at 7%) at 10214 and
int. at the Central Trust Co. of Illinois, Chicago.
Peoples Gas Light & Coke Co.
-Plans to Offer Addi-V.120, p. 330.
Michigan Gas & Electric Co.
-To Issue Stock, &c.
The company has applied to the Michigan P. U. Conunission for permission to issue 3400,000 Common stock, $218,000 Preferred stock and $50,000
bonds. the proceeds to be used to retire outstanding obligations and finance
improvements.
-V. 118, p. 2581.
Missouri Power & Light Co.
-Expansion.
Contracts have been signed by the company for a 33,000
-volt transmission
line, connecting the present transmission line at Wyaconda with the
generating station of the Mississippi River Power Co. at the Keokuk
Dam. a distance of 30 miles. A large substation will be built at the dam
to change the frequency from 25 to 60 cycles, also to raise the voltage
from 13,200 to 33.000 volts, to conform with the current now supplied
throughout the system by steam plants. See also V. 120. p. 582.
tional Stock This Year-Proposed Acquisition.
-
President Samuel Insult says:"Now that the stock is on an 8% basis, it
will be possible to finance by stock issue as well as bonds. As soon as we can
ascertain the amount to be expended this year for expenses and improvements, we will offer stockholders the right to subscribe at par to enough
stock to cover the expenditures."
The acquisition of the Chicago By
-Products Coke Co.. partly by issues of
bonds and partly by stock, is planned.
-V. 120. p. 705.
Philadelphia Company.
-Tenders.
--
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Feb. 16
receive bids for the sale to it of 1st Ref. & Collat. Trust Mtge. 6% Gold
bonds. Series "A," due Feb. 1 1944, to an amount sufficient to exhaust
$490.143, at a price not exceeding 105 and interest.
-V. 119. p. 2180.
Pittsburgh Utilities Corp.
-Registrar.
-
Montana Power Co.
-Tenders.
The Chase National Bank has been appointed registrar of the voting
The United States Mortgage & Trust Co.. 55 Cedar St., N. Y. City, will Trust Certificates to be issued under an agreement dated Jan. 17. between
until Feb. 16 receive bids for the sale to it of Madison River Power Co. the stock holders of the corp. and the voting trustees.
-V. 120. P• 331.
1st Mtge. bonds, dated Feb. 1 1905. to an amount sufficient to absorb
$41.339 at a price not to exceed 105 and interest.
Public Service Electric & Gas Co.
-V. 120, p. 212.
-Gas Sales &c.Although there are approximately 1,000 companies manure/during artiMount Holly (N. J.) Water Co.
- ficial gas in the United States, the gas department of the company sells
-Par Value Changed.
The New Jersey P. U. Commission has granted the company permission nearly 5% of all the manufactured gas sold in the country and has more
to issue 5,000 shares of capital stock, no par value, in exchange for the than 6% of the total number of manufactured gas customers.
Present outstanding 2.500 shares, par $20.-V. 100. 14 159 .
The American Gas Association states that the total sales of manufactured
7
gas in 1924 amounted to 405,000,000,000 Cu. ft. and that the number of
the year was 10,240,000. Records of the Public
Nebraska Power Co.
Forbes & gas customers at the end ofshow sales during 1924 of 19.857,856,134 cu. ft.
-Bonds Offered.
-Harris
Service Electric & Gas Co.
Co. and Coffin & Burr, Inc. are offering at 98% and int., and that there were 643,629 customers on the books Dec. 31 1924, so that
yielding about 5.11%, $2,000,000 1st Mtge. 30-yr. Gold in 1924 Public Service sold 4.9%,or about 1-20 of the total, and had at the
end of the year 6.3% of all customers.
Bonds, series A,5% of 1919, due June 1 1949.
Incidentally, use of gas for industrial purposes in New Jersey in 1924
Company.
-Does substantially the entire electric power and light business exceeded all records, according to figures just compiled by the company.
In the city of Omaha and suburbs. Estimated population. 205,000. It Approximately 2,800.000,000 Cu. ft. were used as compared with 2,627.also supplies at wholesale all the electrical energy used by tye local company 350,200 Cu. ft. in 1923, a gain of over 6%. This industrial load represents
serving Council Bluffs, Ia. Estimated population. 37.000.
about 14% of the total gas sales.
-V.120, p. 332. 88.
Security.
-Secured by a first mortgage upon the entire physical property.
Public Service Transportation'Co.-Stock Authorized.
rights and franchises of the company.
Earnings.
-Gross earnings for the 12 months ended Dec. 31 1924 were
The New Jersey P. U. Commission has approved the issuance of 250,000
$3,939,010, and the net earnings were $1.831.152, or over 3.3 times the shares of no par value capital stock at $10 per share.
-V.119. P• 2065.
annual interest on First Mortgage bonds outstanding
Rapid Transit in New York City.
Equily.-The substantial equity over and above the $10.550.000 1st Mtge•
-Justice McAvoy
bonds is represented by the $3,500,000 debentures and $10.100,000 of divi- Reports to
-Supreme Court
Governor on Transit Situation.
dend paying stocks. Dividends have been paid without interruption on
Justice John V. McAvoy, appointed a Moreland Act Comthe preferred stocks of this company and its predecessor for the past 21
Yrs.
Control.
-Company is controlled through stock ownership by the Amer.
Power & Light Co. and its operations are supervised by the Electric Bond missioner by Governor Smith to make an investigation of the
transit situation in New York City, submitted his report
.Ss Share Co.
-V. 119. D. 2073.
New England Co., Boston.
-Common Div. of
1%.
The directors have declared a dividend of 111% on the Common stock,
payable Feb. 14 to-holders of record Jan. 31. Formerly dividends were
paid semi-annually in May and November at the rate of 4% per annum.
-V.118. D. 2313.
New England Co. Power System.
-Annual Report.
Calendar Years1924.
1923.
1922.
1921.
Gross earnings
$7.173,395 $7,468,330 $5,880,436 $5,412,780
Oper. expenses and taxes x4,661.083
5.392,851
3.880.425 4.076.461
Net earnings
$2.512,312 $2,075,479 $2,000.011 $1,336,319
Interest charges
1,382,813
1 042,452
982,957
870,703
Preferred dividends-- -1
755,598
(605,842
520,739
422,556
ed di
Second Preferrva__
108.800
108,800
108,800
Common dividends
277,333
253,333
228,164
200,000
Balance, surplus
$96,566
$65,051
$159,352 def$265,740
-V. 118, p. 2051.
x Including depreciation.
New York Edison Co.
-Bonds Sold-Stock Inc.
-
See Consolidated Gas Co. of New York above and V. 120, p. 703.
The company has filed a certificate with the Secretry of State of Albany,
N.Y.,increasing its authorized Common stock (no par value)from 2,022,906
-V.120. p.703.
shares to 2,508.080 shares.
-Rate Decision-Tenders.
New York Telephone Co.
-
Federal Judge Rellstab on Feb.9 denied the application of the New York
Telephone Co. for a temporary injunction against New Jersey P. U. Commission on the question of an increase in rates in the northern half of New
Jersey.
The Guaranty Trust Co. of New York, trustee, will until Feb. 27 receive
bids for the sale to it of 30-Year 6% Sinking Fund Gold Debenture bonds.
due Feb. 1 1949, to an amount sufficient to absorb 2259.966, at a price
-V. 120. P. 454. 704.
not exceeding 110 and interest.
Niagara Lockport & Ontario Power Co.
-Tenders.
--
The Equitable Trust Co., 37 Wall St., N. Y. City, will until Feb. 17
receive bids for the sale to it of Ref. Mtge. Sinking Fund Gold bonds, due
1958. to an amount sufficient to exhaust 2166,883.-V. 119, P. 2763.
to the Governor Feb. 6. The report, made public Feb. 9,
lays the blame of all the present ills to Mayor Hylan and
the Board of Estimate & Apportionment. The conclusions
reached by Justice McAvoy are enumerated as follows:
(i) The Transit Commissioners are not chargeable with the failure to
build the much needed new subway lines or extend the existing subways.
The repeated and persistent refusals of the Mayor and other members of
the Board of Estimate & Apportionment to adopt proposals for the validation of new routes and to approve contracts for construction of routes already
validated or provided for in the dual contracts of 1913.completely frustrated
provision for increased transit facilities.
(2) The proof presented with respect to the charges filed by the Board
of Estimate & Apportionment against the Transit Commissioners shows
that the charges are without foundation and that no cause exists for the
removal from office of the Commissioners.
(3) The power formerly reposed in the Transit Commission to initiate
and construct new rapid transit lines within the City of New York was
taken from it on July 1 1924. It has also been deprived of the power to
alter fares, which have been fixed by contract or in franchise grants.
The power remaining in the Transit Commission to alter the existing
contracts with railroad companies without the consent of the City of New
York should be abrogated.
(4) The 14th St.
-Eastern line, which is required to be built by the dual
contract of March 19 1913 (Contract No. 4) should be completed with
all possible speed. To the failure to construct this line and the NassauBroad St. line is largely due the serious inconvenience and crowding which
is daily experienced by the traveling public at Canal St.
(5) The Nassau-Broad St. line, which is likewise embraced in the contract of March 19 1913 (Contract No. 4), and on which no construction
work has as yet been authorized, should be immediately put under contract
and completed so as to improve the service upon the B. M.T.lines.
(6) The extension of the Queensboro line from the Grand Central Station
to the vicinity of Eighth Ave. should be pressed vigorously to completion
so as to improve the present inadequate service between Grand Central
Station and Times Square for residents of Queens Borough and passengers
to and from that section.
(7) All shops, inspection barns and storage yards which were agreed
upon as being required for the proper operation a the existing rapid transit
lines under the dual contracts should be completed with all speed and
placed in use as soon as reasonably possible. The failure of the Board of
830
[Vol.. 120.
THE CHRONICLE
Estimate & Apportionment seasonably to approve contracts for the erection
and completion of these structures has been productive of inadequate and
improper service with the existing equipment and has prevented the
making and enforcement by the Transit Commission of orders for the
acquisition of additional equipment and increased service by the operating
companies.
, (8) On the existing rapid transit lines trains should be run more frequently during non-rush hours. Upon the completion of the inspection
and shop facilities orders requiring such additional service may be enforced
without increasing the hazards of operation.
(9 The platforms at stations on existing rapid transit lines should be
lengthened so that all trains, both local and express, may be not less than
at
the present maximum length, viz., at least ten cars on the Interborough
Rapid Transit lines and eight cars on the B. M. T. lines, the B. M. T.
cars being of greater size and capacity than those used on the Interborough
Capitalization Outstanding with Public After This Financing.
First Lien 30-Year 5% gold bonds, due 1943
$10,797,000
6% Gold Debenture bonds, due 2022 (including this issue)._
5,000,000
Preferred stock, 7% cumulative
7,387,000
Common stock
15,125,000
Earnings 12 Months Ended Dec. 31.
1924.
1923.
1922.
Gross earnings of all subsidiary cos__ $9,865,586 $11,161,374 $12,617,472
Operating expenses,including taxes__ 5,136,898
5,941,349 6,656,595
No Recommendations as to Fare.
(1) Inasmuch as the 5c. fare upon the existing rapid transit lines is
fixed by contracts which can be altered, in that respect, only by agreement
between the city authorities and the operating companies,. and since the
city intends to operate the new lines now proposed to be constructed under
the statute which requires that the rate of fare for the period not to exceed
three years after beginning such operation shall be Sc., the question as to
what rate of fare is necessary to produce sufficient income to pay operation
costs and interest and amortization charges on the investments does not
now arise. In any event the statutory duty imposed on the Board of
Transportation and its Chief Engineer to estimate the probable results
of operation of new lines and submit the same to the Board of Estimate
& Apportionment has not yet been complied with and no anticipatory
conclusion, in the absence of such data, should be made.
(11) On the existing rapid transit lines the trunk line trackage is used
to full capacity during rush hours except that the trackage in the B. M.T.
Broadway-7th Ave. tunnel in the Borough of Manhattan might carry
additional traffic if that line were connected with proposed lines from
upper Manhattan.
12) The Washington Heights line and the Brooklyn Crosstown line.
which were validated by the Board of Estimate & Apportionment and the
Mayor in 1923, should be immediately constructed. The method of
operation, whether by the municipality or otherwise, of these lines can be
determined during the five years that will intervene before their completion.
(13) The west side subway line in Manhattan north of 96th St. to
Dyckman St. should be made a four track trunk line so that express service
may be thus extended to upper Manhattan. Upon completion of the
-8th Ave. subway line, the Bronx trains should be
Central Park West
eliminated from operation on the Broadway-7th Ave. route and carried
downtown over the new line. Thus, an additional complete west side
route with added trackage facilities can be had without greatly added cost.
(14) A comprehensive plan for the construction of additional new lines
calculated to meet present and future needs of the City of New York
should be immediately adopted and steps taken to construct such lines
.in due course.
Increase City Debt Margin.
(15) In order to provide funds which will be required in the construction
of new subway lines, the borrowing capacity of the City of New York
should be increased by amendment to the Constitution of the State in
such manner as will exempt sufficient sums from the present debt limitation.
(16) The operation of the subway trains with multiple unit doors should
be supplemented at congested stations by an increased force of guards
to facilitate operation and prevent possible injury; a device for the proper
announcement of station stops should be installed in all cars so operated.
(17) The sanitary conditions along the subway and elevated lines and
at the various stations should be the subject of more thorough supervision
so that the present objectionable conditions may be materially improved.
and to that end an increased inspection force of the regulating authority
should be provided. The lighting of trains should be so managed that the
flickering and frequent interruption of light and lack of proper illumination
of cars may be obviated.
(18) The connection between the elevated structure and the subway
at 149th St. and 3d Ave. should be made direct and thereby the delays,
inconvenience and danger at present caused by the necessity of passengers
crossing 149th St. will be obviated.
(19) The proposed Ashland Place connection in Brooklyn between the
Fulton St. elevated and the 4th Ave. subway should be constructed and
only steel cars used in that service; this will allow the removal of the
existing elevated structure in downtown Fulton St. The wooden cars
now operated in the Centre St. loop, although of steel underframe construction and metal sheathed, should be retired from that service as soon
as further equipment can be provided.
(20) The plans for the Staten Island tunnel now being built to accommodate both freight and rapid transit service at a great cost to the City of
New York should be changed so as to provide for a proper rapid transit
tunnel which may be more speedily and economically constructed. Such
amendment to present legislation as is appropriate on this subject should
be enacted to accomplish this result.
(21) The bus lines in the City of New York, which are now, according to
rulings of the courts. Wegally operated, should be required to make applications for franchises and certificates of convenience and necessity under the
existing law, to the end that the City of New York may receive a proper
percentage of the income derived from the buses, the service be improved
and responsibility for the proper operation of these vehicles be fixed, until
such time as the right of the municipality to operate such lines shall have
been established in the courts or by new legislation and the municiality
shall have determined to operate this service.
Balance available for depreciation, dividends, &c
$3,498,205
Earnings for the year 1924, applicable to interest charges of company,
were over five times annual interest requirements on the total funded debt,
Including this issue of debentures.
Supervision.
-Company is controlled through ownership of all its Common
stock, except directors' shares, by the American Power & Light Co. Electric Bond & Share Co.supervises the operations of American Power & Light
Co. and Southwestern Power & Light Co. and of the subsidiaries of those
companies.
-V. 119, p. 2180.
A summary review of the matters, which the hearings,
documents, complaints, and Justice McAvoy's personal
inspections exhibit, is also given.
-V. 119, p. 1953.
-Tenders.
Seattle Electric Co.
The Boston Safe Deposit & Trust Co., trustee. Boston, Mass., will until
Feb. 27 receive bids for the sale to it of 1st Mtge. 5% gold bonds, due
Feb. 1 1930,to an amount sufficient to exhaust $157,270.-V.94. p. 1120.
Southwestern Bell Telephone Co.
-Earnings.
12 Months Ended Dec. 31Total revenues
Expenses, taxes, &c
Interest
Dividends
Balance,surplus
-V. 119, p. 2412.
1924.
1923.
$47,159,629 $43,887,812
35,190,643 32,666,022
2,859,390
1,922,111
7,516,258 7,311,045
$1,593,338 $1,988,634
Southwestern Power & Light Co.
-Debenture Bonds
Offered.-Bonbright & Co. Inc., are offering at 91M and
6% Gold Debenture bonds,
int., to yield 6.55%, $2,000,000
Series "A."
Dated March 1 1922; due March 1 2022. Not redeemable prior to
March 1 1947. On and after that date, and up to and incl. Sept. 1 2016,
red, as a whole or in lots of not less than $1,000.000 at the option of the
company on any int. date upon 30 days notice at 110 and int.; thereafter
at principal amount and int. Interest payable M. dc S. in N. Y. City.
Denom. c5 $1.000. $500 and $100, and r* 111,000 and $5,000. Company
pays int, without deduction of the normal Federal income tax up to 2%,
and will refund Penn. 4 mills tax. Central Union Trust Co., New York,
trustee.
Data from Letter of Pres. A. S. Grenier, New York, Feb. 7.
Company.
-Owns or controls companies furnishing a diversified public
utility service in 169 communities, including many important cities, among
them Fort Worth, El Paso, Galveston, Waco, Denison and Wichita Falls,
situated in the richest and most rapidly growing sections of Texas. Total
population served, 816,000. Of the gross earnings from operation of the
subsidiary companies, approximately 85% is derived from electric power
and light business, 13% from gas business and 2% from railway, water
and ice business.
Franchises.
-Only one of the franchises under which the subsidiary companies operate expires prior to 1935, while most of them do not expire until
1950 or later and some are unlimited as to time. They are generally ample
in their provisions and free from burdensome restrictions.
Purpose.
-Proceeds will provide funds for additions to properties and for
general corporate purposes.
Net earnings of all subsidiary cos__ $4,728,688 $5,220,025 $5,960,877
Total earns. appl.to int,charges ofco. $3,261,092 $3,747,577 $4,338,055
Annual interest charges on First Lien 5% gold bonds
539,850
Annual interest charges on 6% Gold Debenture bonds
300,000
Standard Gas & Electric Co.
-Listing.
The New York Stock Exchange has authorized the listing of $16,500,000
8% Cumul. Pref. stock, par $50.
Preliminary Earnings for Calendar Years.
1923.
1924.
Gross revenue
$6,098,532 $5,196,190
Expenses and taxes
92,765
117,272
Total interest charges
2,162,596
2,217.290
Preferred dividends
1,297,711
1,761,298
Common dividends
397,500
796,033
Balance
-V. 120, p. 584.
•
$1,206,639 $1,245,618
Terre Haute Ind.& Eastern Traction Co.
-Earnings.
Calendar Years
Gross earnings
Oper. exp. & taxes
1924.
1923.
1921.
1922.
$5.197,922 $5,499,428 $5,404,575 $5,291,328
4,068.777
4,040,502
4,047,183
4,178,203
Net earnings
$1.157,420 $1,321,225 $1,357.392 $1,222,551
Rentals, &c., deducting
subsidiary companies_
640,400
614,951
628,279
641.329
Sinking funds,sub.cos
44,734
47,048
45,970
45,272
Int. on T.H.I.& E. bds
278,999
267,599
271.490
274,580
Sk.fd.on T.H.I.& E.bds.
152,677
164.076
160,175
157,095
Balance
-Nr, 119, o. 1283.
$63,745
$215,312
$239.116
$105,741
-Bonds Offered.
-Harris,
Texas Power & Light Co.
Forbes & Co. and Coffin & Burr, Inc., are offering at 974
a d interest, yielding about 5.28%, $2,000,000 First Mtge.
n
5% Gold bonds. Dated June 1 1912; due June 1 1937.
Company.-Incorp. May 27 1912 in Texas, its charter giving it the right
to acquire and operate electric power,light and gas properties in that State.
Company now does the entire commercial electric power and light business
in a wide territory, including 119 communities (among them the cities of
Waco, Denison, Sherman, Paris, Temple, Palestine, Tyler and Cleburne)
located in the most prosperous and thicidy settled section of Texas. It also
does a gas business at Waco and Paris. In addition, company supplies at
wholesale all the electric energy for the electric power and light companies in
Corsicana. Terrell. and 13 other communities. Total population served,
376.000.
Authorized. Outstanding.
Capitalization$10,000,000 $10,000,000
Common stock
6,500,000 6,000,000
Preferred (7% Cumulative) stock
2,000,000
Debenture bonds, Series A,6%,due
'
2022'
June 1 1937 (incl. this issue)- -y30,000,000 15,005,000
First Mtge. 5s, due
x Limited only by conservative restrictions of indenture. y Remaining
bonds may be issued from time to time only to a principal amount of 80%
of the cash cost or fair value, whichever is less, of permanent extensions
and additions, provided that the annual net earnings have been at least
equal to twice the interest on all bonds outstanding, including those proposed.
Earnings, Twelve Months Ended December 31.
1923.
1924.
$5,604,125 $6,472,207
Gross earnings
3,322,535
3,727,232
Operating expenses, maintenance and taxes
$2,281,590 $2,744,975
Net earnings
750,250
Annual interest requirements on mtge. debt (incl. this issue)__
$1,994,725
Balance
-Company does the entire municipal lighting in 'practically
Contracts.
the communities served. It has many favorable contracts for supplyall of
ing electrical energy for street and interurban railway operation, and also
supplies electrical energy for such miscellaneous industries as cotton gins,
cottonseed oil mills, cotton mills, flour mills, brick yards and railroad
shops, and for municipal lighting and pumping of water. It also has a contract to furnish power for one of the largest cement plants in the country.
The most important power contracts are the two between the company
and the Texas Electric Ry. Under the terms ofthese contracts the company
supplies to the Texas Electric Ry,all the electrical energy it requires for the
operation of its interurban lines between Dallas and Waco, Dallas and
Corsicana, and between Dallas and Denison, including its traction systems
in Waco, Corsicana and Waxahachie. The interurban system covers about
246 miles, in addition to the local systems.
The contracts with the Texas Electric Ry. give the company a perpetual
easement ahead of Texas Electric Ry. mortgages to erect and maintain
electric transmission lines on the right-of-way of the interurban railway.
The contract covering the supply of electrical energy for the operation of
the lines between Waco and Dallas, and between Dallas and Corsicana. and
the traction systems in Waco, Corsicana and Waxahachie extends for 50
years from 1912. while the contract covering the supply of electrical energy
for the operation of the lines extending between Dallas and Denison covers
a period of 30 years from 1914.
Electrical energy is also supplied by the company to the street railway
system in Paris and to the Texas Interurban Ry. connecting Denton and
Terrell with Dallas.
The transmission systems of the company are connected with the systems
of the Fort Worth Power & Light Co. (which has a modern plant with
present installed generating capacity of 44.000 k. w.), the Dallas Power &
Light Co. (which has 35.500 k. w. installed generating capacity, including
a new 20.000 k. w. unit recently placed in operation), the Wichita Falls
Electric Co.(which has a present installed capacity of 10.900 k. w.), and the
011 Belt Power Co. (which has 18,000 k. w. installed generating capacity,
Including 6,000 k. w. now nearing completion), with each of which companies it has contracts for the purchase and sale of power, thus insuring
greater reliability of service.
-Electric Bond & Share Co. supervises operation of the
Supervision.
properties.
-V. 119, p. 2764.
-New Directors.
Twin City Rapid Transit Co.
A. E. Ames of A. E. Ames & Co., Toronto, has been elected to fill a
vacancy on the board for one year. as has been Ralph Budd, President of
the Great Northern Ry.-V. 120, p. 584.
-Bonds Called.
United States Public Service Co.
All of the outstanding First Lien 6% Gold bonds, Second Series, due
Oct. 11947, have been called for payment April 1 at 105 and interest at the
Guaranty Trust Co.,trustee. 140 Broadway, N.Y.City.
-V.120. p.455.
Worcester Consolidated Street Ry.-Bonds Offered.
Harris, Forbes & Co. Inc.; Blodget & Co.; Paine, Webber
& Co., and Old Colony Trust Co., Boston, are offering at
FEB. 14 1925.]
831
THE CHRONICLE
-V. 120,
973 and int., yielding 7% $2,116,000 1st & Ref. Mtge. Gold that the addition to the milling plant is now 31% completed.
4
p.213.
bonds, bearing 63.% int., (432% Bonds with additional
-Bonds Offered.
Allertcn Corporation, New York City.
interest obligation). Dated August 1, 1910; due August 1,
-P. W. Chapman & Co., Inc. are offering at 96 and inter1930.
'
-Additional coupons at the rate of 2% est, to yield over 6.20%, $1,250,000 5% Convertible Gold
Additional Interest Coupons.
per annum will be attached to these $2,116,000 1st & Ref. Mtge. 414% notes.
The extra coupons will be secured, in the opinion of counsel, by
Bonds.
a General Mortgage upon the entire property of the Company.
Data From Letter of President Clark V. Wood, Dated Feb 5.
-owns a modern steam turbine electric generating plant
Company.
with an ultimate capacity of 15,000k. w. of which 10,000 k. w. is installed,
located at Millbury about 6 miles from Worcester. The property also
Includes 292 miles of single track, equivalent of which 231 miles are owned
by the company and 31 miles are leased. Of this total 86 miles of track
owned and 10 miles of track leased are located within the city of Worcester
and are of unusually substantial construction. In addition to the city lines in
Worcester and suburbs, the company operates lines to Southbridge, Leominster, Fitchburg, Marlboro, Blackstone and Webster, Mass., serving a
population, according to the 1920 census, of over 384.000.
-These bonds,(ranking equally with $1,200,000 5% Debenture
Security.
bonds maturing Nov. 1, 1927) will be secured upon completion of the
present financing by a direct 1st Mtge. on a very substantial portion of
the company's entire property, including the power plant at Millbury
and over 95% of the property located within the city limits of Worcester.
0
-Proceeds will be used for the refunding of $1,771,000 of debt
Purpose.
and the balance will be used to provide additional working capital.
Earnings.
-Year Ended Dec. 31, 1924.
Gross revenue
Oper. exp.,incl. maint., taxes & rentals,excl.deprec
$3:
'
223,021
Annual interest on bonded debt (incl. this issue)
$301,995
Balance
$465.838
In each of the past 10 years, with only one exception (1920). net reyenue
before depreciation has exceeded twice the bond interest charge and the
average net earnings for the past 10 years are in excess of twice the present
bond interest charge.
-Company carries its property account on its Dec. 31, 1924
Equity.
balance sheet at $13,643,803 (of which it is estimated $7,992,000 represents
property located within the city limits; $500,000 for the power station
at Millbury and $430,000 miscellaneous property located outside the city
limits but necessary for the operation of the city lines), and it is conservatively estimated that the present day reproduction cost, less depreciation, is very substantially in excess of this amount as against which the
company will have outstanding upon of this financing only $5,355,000 of
bonded debt. Company owns real estate and machinery having a present
assessed valuation of $2,433,493 or over 45% of the bonded presently to
be outstanding.
Capitalization Outstanding (Upon Completion of Present Financing).
Common stock
$3,326,000
Preferred stock (cumulative $5 per annum par $80)
3,600,000
Premium paid in
227,296
First & refunding Mortgage 414% due Aug.1. 1930
do 414s bonds with 2% additional coupons attached
Debenture 5's, due Nov. 1 192'7
Debenture 5's, Oct. 1, 192
Divisional bonds, due 1927
x Equally secured.
-V. 119, p. 2289.
x1.499,000
x2,116,000
x1,200,000
40,000
500.000
United Gas Improvement Co., Phila.-Earnings.The company in an advertisement furnishes the figures for 1924 shown
in the following comparative statement, and calls attention to the fact
that its operations outside of Philadelphia produced $8,251,736 net profit,
equal to the full dividend on the Preferred and 12.82% on the Common
stock, before deducting loss from Philadelphia operation.
1921.
Earnings1922.
1924.
1923.
Regular sources
$9,326,510 $8,483,135 $7,767,382 $7,402.113
Profitfrom sale ofsecure.
18,288
235,933
Total income
$9,562,443 $8.501.423 $7,767,382 $7,402.113
1,224.640
Taxes, salaries, &c
1,093,450
1,310,707
1,247,346
Comm's'n on Pref. stk_
723.594
344,219
Disc.& int. on gold notes
Profit for year before
deduction of loss of
Phila. Gas Works__ $8,251,736 $7.254.077 $6,329.714 $5,453,879
Loss on oper. of Phila2.736,847
delphia Gas Works_..
895,682
154,480
820,121
414.891
Preferred dividends__ _ _
427,237
427,236
427.236
Common dividends-- %)4.272,204 (6)3,661,788 (4)2.441,192(4)2.441.192
(7
Bal.,sur.(s)or def.(d)s$3,397,816 42,344,931 42,565,603 d$139050
d This deficit of the several years is provided for from the undivided
profits of previous years.
-V. 120, p. 584.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-.-On Feb. 7 National and Warner companies
reduced price 10 points each to 6c. per pound.
Further Advances in Price of Bread.
-Various chain grocery stores and
wholesale bakers have announced their intention of increasing the price
-"Boston Financial News" Feb. 7. p. 4.
of bread.
Ir. Shoe Wage Reductions.
-Wages for piece-work operations in heeling
departments of Old Colony factories (Brockton, Mass.) were reduced about
10% by State Board of Conciliation and Arbitration. Day work rate
remains unchanged. Wages per week now average $35.
-"Boston News
Bureau" Feb. 7. P• 15.
Plant Brothers Shoe Co.(Manchester, N. H.) reduced all wages 10%.
-"Boston News Bureau" Feb. 11.
lk New England Mill Wage Situation.
-Notices were published in all the
B. D.& It. Knight mills in Providence, R.I., and in the Pawtucket Valley
that they would continue in operation for a second period of sixteen weeks
under a bondholders' committee. The first period expired Feb. 7, "In
recognition of the effort made by employees in the past sixteen weeks the
committee further agrees to restore 214% of the recent 1234% wage reduction, effective Monday," the notice states. About 2,500 workers are
affected. New York "Times" Feb.8, Sec. 1. p. 22.
pe Strike Remains Unbroken at Greenhalgh Cotton Mills (Pawtucket,R.I.).Attempt to reopen mill fails because too few workers reported. Strike
caused by 10%, wage cut. "Sun" Feb. 9, p. 2.
is Musicians Employed by Philharmonic Orchestra Win Wage Increase of
-Players now receive minimum of $60
$10 iJer Week Beginning Next Season.
for four rehearsals and four concerts, $65 when extra rehearsal is called.
Average pay of musician is said to be $85 a week at present time. New
York "Miles" Feb. 10. p. 25.
Proposed Strike of Ornamental Iron Workers, Riggers and Derrick men.
Members of International Association of Bridge, Structural and Ornamental
Iron Workers, Fails to Materialize to any great Extent.
-Expected walk-out
of 2,000 men was to have been fight against open shop. 'Sun" Feb. 10.
p. 10.
Matters Covered in "Chronicle" Feb. 7: (a) Big increase in asphalt
paving yardage in 1924, p. 638. (Ub) Resisting New England wage cuts,
Thomas F. McMahon, President nited Textile Workers, is authorized
to call protest strikes, p. 643. (c) Textile strikers in Fall River, Mass.,
return to work-Plant closed down at Pawtucket, R.I., following walk-out
-plant of Dwight Mfg. Co. is reopened, 0. 644. (d) 1.500 employees of
vote to strike in
Utica Steam and Mohawk Cotton Co. of Utica, N.
Y*
protest against 10% wage cut, p. 645. (e) American Woolen Co. shows
of 1925
men's wear fabrics for fall 645.. -Prices advanced over last year's level
due to dearer raw wool, p.
Dated Feb.1 1925; due Dec.15 1928. Principal and interest(I. & D.15)
pm. $1,000 and
payable at New York Trust Co., New York, trustee. Den
$500 c* Redeemable on any interest date upon 30 days notice, to and
including Dec. 15 1925. at 102 and interest: thereafter to and including
Dec. 15 1926 at 10114 and interest: thereafter to and including Dec. 15 1927
at 101 and interest; thereafter to and including June 15 1928 at 10014 and
interest. Interest payable without deduction for any Federal income tax
not in excess of 2%
0. Refund of the Penn. and Conn. 4 mills tax. Maryland 434 mills tax, Kentucky and District of Columbia 5 mills tax, Michigan
5 mills exemption tax, Virginia 534 mills tax, and Mass, income tax not to
exceed 6%.
Data from Letter of James S. Cushman, President of the Company.
-Incorporated Jan. 17 1925 in Delaware. Owns or controls
Company.
through stock ownership and operates the following Merton buildings all
of which are completed and in full operation: (a) Allerton 55th Street
-story
Building (see V. 120, P. 585);(b) Allerton 38th Street Building, an 18
structure, located at the southeast corner of 38th St. and Madison Ave.;
(c) Allerton 39th Street Building, a 17-story structure, located at 143 East
39th St., New York City; (d) Allerton 57th Street Building, a 17-story
structure, located at the so Lthwest corner of Lexington Ave. and 57th St..
New York City; (e) Allerton 22nd Street Building, located at the southwest
corner of 22d St. and Eighth Ave., New York City.
The company also owns a substantial interest in the Allerton Co. of Chicago. owning a building favorably located on Michigan Boulevard, Chicago.
The total valuation of the Allerton properties, including the Chicago
building, has been recently independently appraised at an amount in excess
of $15,130,000.
Authorized. Outstanding.
Capitalization507 Convertible Gold notes
$1,500,000 81,250,000
7% Cumul. Pref. Stock, Class A (par $100) for con1,500,000
version into these notes
6,000,000
1,602.800
7% Cumulative Preferred Stock, Class B
100,000 she. 29,601 shs.
Common stock (no par value)
Earnings.
-Net earnings of the properties owned or controlled, after
deducting all prior annual interest charges,for the year ended Nov.30 1924,
were $341,394. or over 5.4 times the interest requirements of this issue.
The above earnings represent a full year's earnings of all of the properties
with the exception of the 38th Street Building, which has been in complete
operation for only five months.
The company owns a 49% Common stock interest in the Chicago property, which has only recently been completed, and holds an option to
acquire a substantial majority of the stock when the building is in complete
itin ned t n
eftlypera
e clu ne those derived frtm the
nprnd e
operation. Theabove earnings
With all of
Chicago
effect to the acquisition of the Chicago property, it is estimated that
the annual net earnings will be in excess of $625,000.
Conversion.
-Notes will be convertible up to and including Dec. 15 1927
(unless sooner called for redemption, and,if so called, then up to and including redemption date), into 7% Cumul. Prof. stock, Class A. at the rate of
10 shares of $100 each for each $1,000 note so converted; accrued interest
and dividends on such conversion to be adjusted in cash. The 7% Cumul.
Pref. stock, Class A.is preferred both as to dividends and to assets, and will
be reserved solely for conversion purposes.
-Trust agreement will provide for the payment annually
Sinking Fund.
to the account of sinking fund for redemption of bonds or purchase in the
open market over an amount equal to one-third of the net earnings of the
company. In no event shall this annual payment be less than $48.000,
which amount shall be payable in monthly installments beginning April 1
1925. The trust agreement will also provide that no dividends shall be
paid on the Common stock unless the net earnings are at least $300,000
annually. Notes may be purchased in the open market and deposited
with the trustee in lieu of cash.
Purpose.
-Proceeds will be used to retire bank loans and for other corporate purposes.
-Annual Report.
American Can Co.
1923.
1924.
1922.
1921.
Earns.-Cal. Years$15,906,756 $15,423,202 $14,898,925 $7,020,262
Net earnings
Deduct
$2,000,000 $2,000,000 $2,000,000 $1,500.000
Depreciation
440,108
414.825
465,575
492,400,
Int. on deben. bonds2,000,000 2,000,000
1.000,000
Res. for Federal taxes._ 2,150.000
2,886,331
2,886,331
2,886.331
Prof. dividends (7%) -- 2.886,331
2
(x7%) ,886,331(6)2,473.998 3i)515.416
Common dividend(1
Balance, surplus
$5,569,269 $5,622,765 $7,031,603 $1,141,531
x Includes extra dividend of 1%, payable Feb. 16 1925.-V. 120. p.456.
American Druggists Syndicate.
-Annual Report.Calendar YearsProfits for year
Surplus from revaluation
of plant (net)
Previous surplus
$173,.
924280
1923.
$189.472
1922.
1921.
$430,921'm41183,569
2
640,076 def186,410 def603.216
3 34
sur$817,076
TotaL
Loss on liquidation of
80.896
Canadian branch _
150,000
Reserve for inventories_
Add.prey.for accts.rec.
45,000
Fed.income & prof. tax_
288,046
sur$3.062 def$172,295 def$595,523
*14.114
7,693
$3,062 def$186.410 def$603,216
Surplus at end of year_ $541,181
•Additional Federal income and profits taxes paid for the years 1917
-V.120, p. 708.
to 1919, inclusive.
-To Vote Again Upon
American Hide & Leather Co.
-The stockholders will vote
Plan of Capital Readjustment.
March 4 upon the plan of a capital readjustment which was
adopted by the directors Oct.21 1924 and re-adopted Jan. 28
1925. President Lilly in a letter to the stockholders says:
At a special meeting of the stockholders held Dec. 9 1924, to considri
the proposed plan of readjustment for the capitalization of the Company,
the holders of 91,990 shares of Preferred stock and 88,645 shares of Common
stock,or considerably more than two-thirds of each class ofstock outstanding
voted in favor of the plan. 418 shares of Preferred stock and 200 shares
of Common voted in opposition.
Just before the meeting General Investment Co., of which Clarence H.
Venner is President and holder of 100 shares of Preferred stock, filed a
bill in the Court of Chancery of New Jersey, seeking to enjoin the carrying
out of the plan. Later a few other stockholders started a similar action.
in all representing less than 1% of the outstanding stock of the company.
The two cases were consolidated.
The Court has rendered its opinion dismissing the objections to the
plan. In referring to the advantages of the plan the Vice-Chancellor in
his opinion said: "No extensive argument has been attempted here to
show that the plan devised will be to the substantial benefit of all the
stockholders of the company for the reason that an examination of the
condition of the company and the saving to be effected as displayed in the
statement of facts must make it apparent to any disinterested person."
The Vice-Chancellor, however, in his opinion, calls attention to the
Steel;Goods Co., Chicago.
-To Change Par.On.Acme
fact that one of the directors of the company,E.R.Tinker,is also President
the present authorized
mit The company proposes to change200.000 shares, par $25. Common stock of the Chase Securities Corp., the banking corporation with which the
It is proposed company had made arrangements, as stated in the circular letter to stockfrom 60,000 shares, no par value, to
new $25 par value
to issue 3 shares ofoutstanding and to stock in exchange for each share of holders of Oct. 23 1924, to purchase 15.000 shares of the Preferred of the
place the new stock on a $2 annual company and as this fact was not stated in the circular letter he
par value stock
no
holds that
basis, which is equal to $6 per annum on the old stock, or at the same the stockholders' approval of the plan was ineffective because that fact was
not stated in the circular letter. Mr. Tinker is also a director and stockrate thatAwas paid.Dec. 1 1924.-V. 120. p. 707. 456.
holder in Chase Securities Corp. and indirectly through the corporation in
-Earnings.
-AlaskalJuneau Gold Mining Co.
which he was interested participated with Chase Securities
gross income of $193,000. Surplus after extent of 1.667 shares in underwriting the acquisition of said Corp. to the
The company reports Januaryto capital account was
15,000 shares
aree
expenditures
$6,750. Aft is said of stock.
taxes, interest and
832
THE CHRONICLE
[Vol.. 120.
Pointing out that the Chancellor in his opinion, declared
Barnhart Brothers & Spindler, Chicago.
-Notes
that he did not believe there was any attempt to suppress Offered.
-Bartlett & Gordon, Inc., Chicago, are offering
information from stockholders and that an opportunity $1,000,000 6% Serial Gold notes at prices ranging from
should be afforded the defendant to repair the neglect, 8100 74 to yield 53.4% to $98 16, to yield 63i7o•
President Lilly continues:
Company is one of the largest manufacturers of printing equipment in
To comply with the opinion of the Court. therefore, the directors have
called another special meeting of the stockholders to be held March 4, to
again consider and act upon the resolutions passed by the board of directors
at its meeting held Oct. 21 1924, and which have been re-adopted by the
board at a meeting held Jan. 28 1925.
The plan of readjustment of the capitalization (V. 119, p. 1955) has in
no way been changed or modified and this second special meeting is called
in accordance at the opinion of the Court, to enable the stockholders to
confirm their previous action with full knowledge of the information above
set forth.
Under the terms of said contract. Chase Securities Corp. has the right
on account of the unforeseem delay in carrying out the terms of the contract
to cancel the same. It has not yet done so and the board of directors
believes that if the plan of readjustment is again approved by the stockholders at the special meeting to be held on March 4 the contract with
Chase Securities Corp., which the board regards as most advantageous to
the company, may still be carried out. The ratification of this contract
will, however, be effected better as a separate and distinct proposition.
-V. 120, p. 708. 456.
-Changes in Personnel.
American Radiator Co.
The company has announced the following changes in its staff: C. R.
Foster, V.-Pres. & Treas, in charge of Western executive offices, to be
Executive V.-Pres.: Wetmore Hodges, Sec., to be V.-Pres. & Sec.& director
of advertising; It. B. Flershem, Gen. Mgr. of Sales, to be V.-Pres. in charge
of sales; Stanley B. De Long, Gen. Mgr. of Manufacture, to be V.-Pres. in
charge of manufacture; A. E. Swanson. Asst. to the Pres., to be V.-Pres. &
Asst. to the Pres.; Andre Mertzanoff to be V.-Pres. in charge of planning
and research.
-V. 120, D. 456, 89.
American Republics Corp. (& Subs.).-Bal. Sheet
Dec. 31.1923.
1924.
$
Assets8
Land, buildings &
e8,290,222 7.714,105
equipment
e6,050,078 6.508,027
Rolling stock
Property & mineral
20,000,000 20,000,000
equities
Oil properties_ _ e1,587,936 1,274,523
500.000
Car eery. contracts 500,000
1,415,849 1,148.990
Cash
Accts.& bills rec._ 2.663,088 2,919,500
3,513,200 5,012,038
Inventories
Marketable secur's 5.359,992 5,279.300
Other notes & accts.
d8,631,265 9,166,381
roe
818,636
987,884
Deferred charges
49.080
Accrued funds_ _ _ 2,096,030
the United States. Net earnings for 10
-year period ending Aug. 31 1924
averaged over $300,000 annually. Total assets as of Aug.311924,exclusive
of good-will, trade-marks, &c., were $4.688,641.-V. 119, p. 2067.
Barnsdall Corporation.
-Forms Corporation to Market
New Products.
-An official announcement says in part:
For the past three years Arthur D. Little, Inc., chemists and engineers,
at their extensive research plant at Cambridge, Mass., have been concentrating, with a large scientific and technical organization, upon the fundamental chemistry of petroleum hydrocarbons with the object of establishing
new values in petroleum. The development has been financed by Barnsdall
Corp. and its associates. These intensive studies have culminated in the
development of a group of inter-related processes based on a new vaporphase cracking process, which, according to the range of products desired,
yields from cracking stock from 40 to 55% of motor spirit, which possesses
remarkable properties as an anti-knock motor fuel, being quite comparable
in this respect with ordinary gasoline that has been treateoi with the blacklisted tetraethyl lead. The new motor spirit, when blended with ordinary
gasoline in the proportion of 10 to 20%,is, moreover,effective in eliminating
knocking in the present-day motors.
Instead of the usual large proportion of low-priced fuel oil produced in
other cracking processes, the new process, upon which this development is
based, designedly yields a large volume of gas remarkably rich in olefines
and other reactive hydrocarbons, for the treatment of which special
processes have been developed, which produce therefrom isopropul alcohol
along with several butyl, amyl and hexyl alcohols in quantities having a
value at present market prices of over $9 per barrel of oil consumed in the
semi-commercial plant now in operation. The alcohols themselves serve,
moreover, as intermediates, from which an extensive line of secondary
products and special solvents may be prepared.
The Barnsdall Corporation, with its associates and Arthur D. Little.
Inc., have recently formed a corporation known as Petroleum Chemical Corp.
for the purpose of placing these products upon the market and extending the
development.
-V. 120, P. 334.
1924.
1923.
Mabtlfttes$
3
Trust certificates.a2.019,000 2,745,000
Becker, Moore & Co., Inc.
Coll. tr. cert's____a2,524,000
-Stocks Offered.-Schoellkopf,
707,000
15 yr. 1st Mtge. Bs 6300,000
300.000 Hutton & Pomeroy, Inc., are offering 8110,000 8% Cumul.
15 yr. deb.Be A.R.
Corp
4,750,000 5,000,000 Pref. stock and 1,100 shares (no par value) Common stock
Accounts payable_ 1,036,982 1,142,054 in blocks of one share of Prof. at 95 and thy. and one
share
Bills payable
302,238 2,033,083 of Common
at $20 per share.
Accrued expenses- 368,414
435,139
Accts. & bills pay.
Dividends on Pref. stock are payable Q.
-J. Red. all or part on any div.
-Interco
8,554,082 8,985.109 date at 105 and div. on 30 days notice. The minimum sinking fund will
Reserves
2.306,697 2,308,709 retire entire issue in ten years. First Trust Co. of Tonawanda, Tonawanda,
Preferred stock._ _10,000,000 10,000,000 N. Y. transfer agent.
Common stock.. c20.200,000 20,200,000
Dividends on the Common stock are payable Q.
-J. when and as earned
Surplus
8,734,131 5,534,486 and declared. Corporation expects to place this stock immediately on a
$2 Per share annual basis.
Data from Letter of Pres. F. J. Moore, North Tonawanda, N. Y.,
61,095,545 60,390,581
Total
Total
61,095,545 60,390,581
Jan. 31.
Company.
-Has been identified with the manufacture of wood flour since
a Pennsylvania Tank Line. b Pennsylvania Car Co. c 200,000 shares,
Intercompany and officers and employees. e After 1900,first with the Dupont Powder Co.and subsequently as an independent
no par value. d
producer on the Pacific Coast. In 1916 the partnership of Becker & Moore
deducting depreciation.
was formed to manufacture wood flour in small plants in Iowa and WisconA comparative income account was published in V. 120. p. 586.
sin. On Jan, 6 1920 the partnership was incorporated in New York under
the above name, and the main factory started in North Tonawanda, N. Y.,
American Tobacco Co.
-Investigation Ordered.
near an adequate supply of raw material.
See General Electric Co. below.
-V. 120, p. 586.
• The business consists of reducing to a fine powder the waste wood shavings from planing mills. Formerly the sole market for this product was in
American Woolen Co.
-Resignation.
the manufacture of dynamite, but new uses have continually been deve Cornelius A. Wood has resigned as Vice-President, but will continue
oped. The product is now distributed among manufacturers of dynamite.
-V.120, p. 89.
as a director.
linoleum, wall paper, composition floorings, phonograph records, rubber
mouldings,
Ames-Holden Tire & Rubber Co., Ltd.
-New Control.
- filler, artificial wood, electric mouldings, plastic as radio and, through
the use of Bakellte, into various industries such
appraatus, mag-V. 119, p. 2765.
See (B. F.) Goodrich Co. below.
netos, timers, buttons and other electrical apparatus.
Earnings.
-Net earnings after taxes and depreciation have shown a
Apco Mfg. Co., Providence, R. I.
-Sales.
-steady increase, the net amount which would have been available for diviMonth of January1925.
1924.
dends for the past three years on the present capitalization being as follows:
Sales
$10428.5
$75,953 1922, 537,453; 1923, $53,195: 1924, $60,054.
-V. 120, p. 456, 214.
Based on present financial structure, dividends on the Preferred stock
were earned 4.2 times in 1922, 6.0 times in 1923 and 6.8 times in 1924.
Armstrong Cork Co., Pittsburgh.
-To Increase Stock.
- For the same period after deducting Preferred dividends and sinking fund,
The stockholders will vote April 2 on increasing the authorized Common the Common stock earned $1 71 per share in 1922, $3 38 per share in 1923
stock from $20,000,000 to $30,000,000, par $100. The company also has and $3 97 per share in 1924; and $34,600 of Preferred stock would have
an authorized issue of $10.000,000 7% Cumul. Prof. stock, par $100.
been retired by the operation of the sinking fund.
Practically all of the present authorized Common stock has been issued.
The increase is primarily to provide sufficient stock for future issues should
Bessemer Limestone & Cement Co.
-To Enlarge Plant.
they be authorized by the board.
-V. 117. p. 2657.
The directors have authorized the expenditure of $200.000 to enlarge
the capacity of the company's plant at Bessemer, Pa., for cement, and to
Arnold Terminal Properties (Income Proper ties improve its quarry equipment. The proposed increase in storage capacity
-Bonds Offered.-Blyth, Witter & Co., Bond & will give the company total capacity for storing 250,000 bbls, of cement.
Corp.)
shipments in
Goodwin & Tucker, Inc., and Hunter, Dulin & Co., recently CementThe company 1924 were 1,2513,000 bbls., against 1,202.000 bbls. in
1923.
also shipped last year 500;000 tons of agricultural
offered at 100 and interest $1,000,000 First Mtge. 63i% limestone, it is said-V. 119. p. 2882.
Sinking Fund Gold bonds.
Dated Jan. 11925; due Jan. 1 1945. Interest payable J. & J. at PacitcSouthwest Trust & Say. Bank, Los Angeles, Calif., trustee. Denom.
$1,000 and $500 c*. Redeemable upon 30 days' notice on any interest date.
at 103 and interest. Interest payable without deduction for the normal
Federal income tax up to but not exceeding 2%. Exempt from personal
property tax in California.
Secursty.-Bonds are direct obligation of Income Properties Corp.. and
will be secured by first mortgage, subject only to leases of record and taxes,
on 3% acres of valuable industrial property owned in fee, comprising the
block bounded by Alameda St., Ninth St., Eighth St. and McGarry_ St.,
Los Angeles, excepting a parcel located at the corner of McGarry and Ninth
streets. Portions of this property are improved at the present time with
one 4-story and basement Class "A" building and 4 Class "C" buildings.
In addition there will be erected from the proceeds of this financing, two
reinforced concrete Class "A" warehouse buildings to cost not less than
$575.000, including carrying charges.
The property covered by the mortgage has a total street frontage of 1,675
ft. and Is located in the centre of the railroad terminal and warehouse area
of Los Angeles.
The real estate securing these bonds has been appraised by Roy C. Seeley
and D. F. McGarry at not less than $912,000. Messrs. Morgan, Walls &
Clements, architects, have appraised the present structures at 8326,000.
These items, together with the $575,000 to be expended for new improvements, make a total valuation of land and buildings of $1,813,000.
Income.
-Ail of the buildings on the property including those to be erected
from the proceeds of this financing are leased to the following substantial
companies: Western Electric Co.. Pacific Coast Terminal Co., Riverside
Portland Cement Co,, Libby, McNeill & Libby, West Coast Plumbing
Supply Co., Pacific Macaroni Co. and Murdock & Wllcek. The present
total annual income, subject only to taxes and insurance charges, amounts
to $132,290, providing a net income more than ample to meet all interest
and sinking fund requirements on these bonds.
-A sinking fund, beginning Jan. 11929, provides for the
Sinking Fund.
retirement of approximately $500,000 of this Issue prior to maturity,
through purchase of bonds in the open market, or call by lot at the redemption price.
3
(The J. G) Brill Co.(& Subs.).-Earni1ng8
.
922
Calendar Years1924.
1921 .
Total net sales billed-- $8,721,727 $18,167,486 $10,177,583 $7,647.899
Oper., gen. Zs adm. exp.
& deprec. reserve_...... 8.212.337 15,525,021
9,103,291
7,484.499
Netfronts
$509,390 32,642,46.5 $1,074,291
$163,400
Miscel aneot income.._ _
160,682
101,937
Total income
Reserve for Federal taxes
Special deprec. reserve..
Res. for development of
gas propelled vehicles_
Prof. dive. (7%)
Com.diva,(5%)
Balance. surplus
Previous surplus
$670.072 $2,744,402 $1,074,291
92.311
347,896
119.323
150,000
320,600
240,510
100,000
320,600
240,510
$16,651 $1,585,396
4.985.196 3,582,971
320,600
$163,400
320,600
$634,368 def$157,200
3,351,193
2,904,252
Total
Adjustments
55,001,847 $5,168,367 $3,538,620 $3,193,993
Dr.96,538 Dr.183,171
Cr.44,351 Dr.289,741
Total surplus
-V.119, p. 2883.
$4,905,309 $4,985,196 83,582,971
$2,904,252
(Daniel) Boone Woolen Mills, Inc.
-President Byfield
Charges Mismanagement of Properties Under Old Regime
Reduction in Capital and Issuance of Debentures Proposed.
-
President Joseph Byfield in a letter to the stockholders says:
"Our investigations have revealed conditions much worse than any of us
had ever imagined. Discouragement lies in the fact that, seemingly, there
Is no limit to the involved situation. From our investigations I am thoroughly convinced that seldom in the history of large American enterprises
has a business been so woefully mismanaged and a general public so brazenly
deceived.
"There has been bequeathed to the present management mortgaged
Arundel Corp. (Balt.).-To Change Par of Shares.
buildings,
The stockholders will vote Feb. 27 on changing the authorized Common and a bad expensive machinery, returned merchandise, disputes, lawsuits
name. On this unhappy legacy the banks refuse to extend us
stock from shares of $50 par value to shares of no par value, and on approvWe are
ing the issuance of 5 shares of new no par stock in exchange for each share credit. cannot at present operating the plants from collections of accounts,
but this
continue indefinitely. With weekly pay-rolls ranging from
of Common stock (par $50) now held. The company has outstanding $15,000 to
$20,000 large outlays in cash for wool and other materials, rentals,
$4.915.556 Common stock, par $50.-V. 120. p. 586.
taxes and interest to be paid immediate action by stockholders in the
matter of financing is imperative."
Atlas Tack Corporation.
-Annual Report.
Pree. Byfield recommends that the stockholders on March 3 authorize
Calendar Years1922.
1923.
1924.
(1) the reduction of the par value of the shares from $25 to $5 by reducing
1921.
Net profit
$130,270 adf$299,144 the capitalization from 34 687.500 to $937.500;(2) the issuance of $500.000
def$120,045
$555
Debenture bonds, and( the sale of the company's woolen and worsted
t
i
a After $403,213 inventory write off.
-V. 119, p. 3013.
mills, as the financing of
operation of these milb is declared impossible.
FEB. 14 1925.]
833
THE CHRONICLE
The company expects to confine its activities in the future to the production and sale of finished clothing from its plants at Rock Island, Moline
and Davenport, where a favorable labor situation prevails.
Comparative Balance Sheet December 31.
1924.
1923.
Liabilities1924.
1923.
AssetsProperty account_31,664,063 $1,408,617 Comm on stock
47,582
$4,687,500 $4,887,500
Cash
633,646(Par $25)
760,823
Notes & accts.rec-370,023 1,030,923 Current liabilities_ 222,446
618,470 2,723,757 Notes payable to
Inventories
9,244
Gumbinsky Bros.
Prepaid expenses_
20,000 In litigation__
23,500
100,000
Investments
79,632 Mortgages
20,309
412,500
Deferred charges
150,000
43,197 Surplus
467.605
Good-will
116,908
Other assets
Total (each side)_S5,422,445 $6,065,928
2,678,496
P. & L. deficit
-V. 120, p. 708.
shares), on official notice of issuance thereof, from time to time, upon conversion of 5
-Year 63i% Convertible gold notes, making the total amount
applied for 108,894 shares of Class"B'stock.
Income Account for Calendar Years.
1924.
1923.
1922.
Gross profit
*$1.553.576
$165,828
$457,891
Depreciation
See *
59,533
24,685
Administration expenses, &c
317.425
114,152
185,168
Operating income
Other income
$1.236,151
183,044
loss$7,857
26,691
$248,038
30,348
Total income
Interest, &c., charges
Federal tax reserve
Preferred dividends
Class "A" dividends
$1.419,196
217.223
158.000
62,736
280.000
$18,834
78.708
5278.386
98,797
22,600
15,652
40.000
120.000
Butterworth-Judson Corp.
-Sale.
-
Balance
$701,237 def.$115.526
$36,989
The chemical and acid manufacturing plant of the company, located on
* After deducting production costs,laboratory expense,factory oper.exp.,
Newark Bay, Newark, N. J., was sold at receivers' sale Feb. 10 by Joseph redistillation charges and returns and allowances (and depreciation in 1924).
P. Day to the F. J. Lewis Manufacturing Co. of Chicago for $757,000. -V.120, p. 458, 214.
-V. 120, p. 335, 90.
Candlemas Collieries Co.
-Control, &c.
See Silver Brook Anthracite Co. below.Carondelet Fireproof Garage, Inc., Los Angeles.
-Howard N. Marten & Co., Los Angeles, are
Bonds Offered.
offering at 100 and int. $180,000 1st (Closed). Mtge. Leasehold 7% Serial Gold bonds. A circular shows:
Coca-Cola Co.
-Earnings.
-
Calendar YearsNet sales
*Cost of operations
1924.
1923.
1922.
1921.
$25,444.197 $24,320,064 $21.053,834 528.464,599
18,982,139 19,097.380 13.826.673 25.118.591
Operating profit
Other income
$6,462,058 55,222,684 57,227.161
44,935
53.346,008
Total income
$6.506,993 $5,222,684 $7,227,161 53,346,008
$45,576
$61,719
$575,018
Dated Nov. 1 1924: due Nov. 1 1927-1939, incl. Denom. $1,000 and Other deductions
Federal taxes
648,000
806,000
897,000
425,000
$500. Interest payable M. & N. without deduction for normal Federal Preferred
dividends(7%)
700,000
700.000
700.000
700,000
income tax not exceeding 2%. Principal and interest payable at Citizens'
2.250,000
500.000
Trust & Savings Bank, Los Angeles, trustee. Callable all or part on any Common dividends_ _ _ _ 3,500.000 3.625.000
Div. rate on Common
($7)
($73.i)
($43i)
($1)
int, date on 30 days' notice at 103 and int.
-These bonds will be secured by a 99
Security.
-year leasehold interest of
Surplus
$1,500,993
$204,108 $3.318,442 $1,145.990
the company in the southwest corner of 6th and Carondelet Sts., Los Earn.,surplus Dec.
31.._ 7,174,843
5,560,547
5,730,714
2,208.044
Angeles, and the modern Class "A" reinforced concrete 8
-story garage and
stores building to be erected thereon at a guaranteed cast of $312,000.
*Includes cost of goods sold, incl, freight on sales, discount and allowThe location of the property in the centre of the Wiltshire hotel and apart- ances, selling branch,
administrative and general expenses.
ment district is one of the most favorable for garage and auto-storage purSales in 1924 totaled 17.496,764 gallons, compared with 17,300,275
poses in the city.
entire building has been leased to responsible tenants for gallons in 1923 and 15.437,612 gallons in 1922.-V. 120, p. 587.
Income.
-The
a 30
-year period at an annual rental of $75,000, payable monthly. After
Conley Tin Foil Corp.
-Initial Liquidating Dividend.
deducting ground rent, taxes, insurance and upkeep, this lease will provide
An
dividend
-over 4 times the maximum stock,initial liquidating to holdersof $14 a share has been declared on the
a net annual income of approximately $55,000
payable Feb. 16
of record Feb. 9.
annual interest charges, or over twice the maxmium annual interest and
In a letter to the stockholders, Secretary K. T. Cunningham states that
maturity requirements.
further distribution to stockholders will be made as promptly as the accumuCentral Investment Corp. (Los Angeles Biltmore lation of receipts over disbursements and proper compliance with legal
requirements of the liquidation permit.
Hotel Property).
-Bonds Offered.
-Security Co., First Se[Recent reports stated that the property of the company had been sold
curities Co. and Frick, Martin & Co., Los Angeles, are offer- to the American Tobacco Ocr.1-V. 119, p. 1286.
ing the unsold portion of $3,500,000 1st Mtge. 6% Serial
Gold bonds. Present price (market), 102.
Consolidation Coal Co.
-Tenders.
-
The United States Mortgage & Trust Co., trustee, 55 Cedar St., N. Y.
17 receive bids
Dated Oct. 15 1924. Due serially Oct. 15 1925-47 inclusive. Denom. City, will until Feb.of the Fairmont for the sale to it of 1st Mtge. 5%
Sinking Fund bonds
Coal Co., dated
$1,000c*. Int. payable A. & 0. at Security Trust & Savings Bank, Los amount sufficient to exhaust $10,150, at a price not July 1 1901, to an
exceeding 105 and
Angeles, trustee. Red. all or part on any int. date upon 50 days' notice at interest.
-V. 119, p. 2291.
102 and int. Normal Federal income tax up to 2% paid by corporation.
Exempt from personal property tax in California.
Continental Can Co., Inc.
-Listing.
Security.
-These bonds are secured by first closed mortgage on the real
The New York Stock Exchange has authorized the
estate in fee (both land and building) known as the Los Angeles Biltrnore Feb. 16 of 22.502 additional shares of Common stock listing on or after
without par value
Hotel,situated on the southwest corner of Olive and Fifth Sts.,facing Persh- on official notice of issuance as a 5% stock dividend.
-V.120, p. 335.
ing Square, in the very heart of the business and financial district of Los
Angeles. The land, which has a frontage of 200 ft. on Fifth and 360.04
Continental Oil Co.
-Quarterly Div. of 25 Cents.
ft. on Olive, together with a connecting strip 30 ft. wide extending through
A quarterly dividend of 25 cents a share has been declared payable
to Grand Ave.,has an appraised value of52.500,280. According to Schultze Mar. 16 to holders of record Feb. 14. This dividend is payable on the stock
& Weaver,architects,the hotel building has a reproduction value of 57.087.- of the Continental Oil Co. of Maine, which was previously the Mutual Oil
250, or a total value for both land and building of 59.587,530; nearly 2( Co. The current dividend is equivalent to the 123 cent rate paid on the
times the bond issue. These bonds are issued to refund the corporation's Mutual Oil Co. stock prior to the change in name.
-V. 120. p. 587.
long-term 6)i% sinking fund bonds and constitute its sole funded debt.
Earnings.
-The property is owned by the Central Investment Corp.
Copper Range Co.
-To Pay Dividend This Spring.
and has been leased for a term of 25 years to the Los Angeles Biltznore Co.
Due to water troubles last September in the Champion mine, owned
at a constant annual net rental of $625.546. This is nearly 3 times the jointly by the Copper Range Co. and the St. Mary's Mineral Land Co.,
maximum annual interest on these bonds. The only expense of the Central the Copper Range Co. produced only 22.000,000 lbs. of copper in 1924,
Investment Corp. is a nominal office expense, the lessee paying all taxes. compared with 23,571,000 in the preceding year.
water
Insurance. &c. The net rental, after deduction of principal and interest difficulties have been overcome and production is back Champion'saround
to normal,
on these bonds, is sufficient for dividends and reserve in excess of 7% per 1,750,000 lbs. monthly, or at the rate of above 25.000,000 lbs. a year
annum on the outstanding stock.
for the three producing properties. Before depreciation and depletion
the company made a profit in 1924, notwithstanding the average price of
Charlton Mills.
-Balance Sheet Dec. 27.copper was under 13c. a pound.
Assets1924.
It is the intention of the management to declare a dividend of $1 a share
1923.
1923.
Liabilities1924.
Real estate
$380,000 3380.000 Capital stock
$1,200,000 $1,200,000 on the 394,390 shares early this spring. Last year the operating net very
Machinery
1.159,898 1,091,447 Notes payable__ 211,000
173,000 nearly covered this figure. In the spring of the past two years a dividend
Liberty bonds_
of $1 per share has been declared.
100,000 Reserves for depreInventory
650.000
642,995
The company is fairly well sold up on copper. It finished the year
599,000
ciation
702,982
Cash and accounts
Res. for Fed.tax
41,429
60,000 with net quick assets of about $5,250,000. This is the net amount, half
receivable
319,690
289,386 Surplus
354,177
383,838 of Champion's current assets having been deducted.
-V. 119. p. 816.
Total
52,509,589 $2,459,833
-V. 115 p. 2585.
Total
52.509.598 $2,459,833
Crescent Pipe Line Co.
-Annual Report.
Calendar Years1924.
1923.
1922.
1921.
$44,464
$181,602
$168,666
(4%)67.500 (6)180,000 (6)180.000
Chicago By-Product Coke Co.
-Proposed Merger.
-
Net (all sources)
Dividends
Cleveland-Akron Bag Co.
-Tenders.
-
Balance, sur or def._ _ def $29.245 def$23,036
Previous surplus
272.012
295.047
Adjustments
Dr. 60.000
See Peoples Gas Light & Coke Co. under "Public Utilities' above.
V. 120, p. 708.
The Union Trust Co., trustee, Cleveland. Ohio, will until Feb. 20 receive
bids for the sale to it of 15
-Year 8% Sinking Fund Gold bonds dated April 1
1921, to an amount sufficient to exhaust $50,000, at a price not exceeding
105 and int.-V. 118, P.669.
Cleveland (Ohio) Stone Co.
-Extra Dividend.
-
The directors have declared the regular quarterly dividend of 134% and
an extra of 1%, both payable March 1 to holders of record Feb. 14. Like
amounts were paid in March,June, Sept. and Dec. 1924.-V. 119. p. 2291.
loss $29,245
& loss458, surplusVProfit20
.
$182,766
$272,012
surS1,602 def$11,334
293.445
304,779
$295,047
$293.445
Cuban Dominican Sugar Co. (Incl. Subsid. Cos.).
Consolidated Balance Sheet Sept. 30..
1924.
1923.
1924.
1923.
AssetsLiabi Wes$
$
$
$
Land, buildings,
8% non-cum. pref.
machinery, rail8,201,220 8,201,220
stock
way, &c
a29,759,618 28,457,081 Common stock__c17,974,713 17.974,713
Animals,furniture,
Purchase money
tools & equip__ 1,331,900
732,831
notes payable 1,513,237 1,945,590
Cash
500.000
415,286
316,147 Real estate mtge__ 545,072
Accounts receiv_61,279,235
96,908 Bonds of sub. cos_ 3,500,000 3.500,000
Raw sugar on hand 1,130,024 3,678,729 Depos. under noauthorized Common shares from 180,000 (all outstanding) to 250,000.
Inventory
100,000
2,093,748 1,762,917 lasses contract_
President G. A. Cluett, Feb. 3, says in substance:
Payment on acct.
Res. for conting__ 100,000
We have completed negotiations for the acquisition of the physical
of perch price
Loans sec. by raw
marks. &c., of Earl & Wilson.
assets, trade
Cent. Quist:Ivey&
sugar on hand__ 1,400,000 2,800,000
15,094
Under our arrangements with Earl & Wilson, we have the privilege of Adv. to colonos &
Loans sec. by crop
paying for the acquired assets with stock of our company. This will require
contractors._ _ _62,680,654 1,910,870
lien
3,560,000 2,700,000
889,041
(a) 5,180 shares of our Pref.stock, which we have available; and (b) approxi- Planted & growing
Bills dr loans pay 1,282.164
mately 12,300 shares of Common stock, no par value, which are not avail525,949
cane
3,139,772 2,819.259 Accounts payable_ 1.081,210
our authorized Common stock has been issued and is of $100 Deferred charges 1,213,370
able. All of
15,252
15,652
947,699 Sal. & wages accr_
par value per share. We believe it desirable to change the par value of the
258,371
Interest accrued__ 204,960
Common stock from shares with par value to shares without par value (so
Tot.(each side).43,058,702 40,720,442 Profit for year_ _ _ _ 3,580,874 1.409,905
that Common shareholders for each share of stock of $100 par will have a
a After deducting reserve for depreciation, $3,890.078. b After deshare without par value).
ducting reserve for bad and doubtful accounts. c Common stock repreThe changes proposed will permit the board to write down at least part of sented by 1,035,522.45 shares of no par value.
the good will account without disturbing the surplus, and decrease the
The income account for the year ended Sept. 30 1924, was given In
capital liability of the corporation.
V. 120. p. 588.
It seemed desirable to the board that sufficient additional Common
stock be authorized for future corporate purposes of the company, although
Cumberland Pipe Line Co.-Bal. Sheet Dec. 31.we have no plans at present for any further issue of Common stock. We
LiabilitiesAssets1923.
1924.
1924.
1923.
have, therefore, recommended that the authorized Common stock be inPlant
$4,626,729 $4,638,577 Capital stock
53,000,000 $3,000,000
creased to 250.000 shares.
2,346,613 2,162,228
The patent litigation in which this company has been concerned has been Other invest'ts___ 2,885,637 2,227,762 Depreciation
153,478 Acc'ts payable_
145,716
23,869
settled and disposed of upon terms satisfactory to the company.
-V. 120, Acc'ts receivable__ 165,721
Cash
289,599 Oil purchased and
63,610
p. 708, 587.
sale coining_ ___ 914,964
868,361
-Listing.
--Total(each side) 57,741,697 $7.309,416 Profit and loss_ __ 1,334,405 1,254,958
Commercial Solvents Corporation.
President Forrest M. Towl in a letter to the stockholders says: "The
The New York Stock Exchange has authorized the listing of 28,894 addi ,
tional shares of Class "B" stock, without par value (authorized 110,000 large overproduction of oil in California caused a general decrease in the
Cluett, Peabody & Co., Inc.
-To Increase Number of,
and Change Par Value of, Common Shares
-Acquires Earl &
Wilson.
stockholders will vote Feb. 25 (a) on changing the par value of the
The
Common stock from $100 to non-par; and (b) on increasing the number of
834
THE CHRONICLE
price of crude, which slowed up production in Kentucky. A market was
found for most of the oil, but the company did not have as much oil to move
aaduring 1923.
"The 'other investments' of the company have been greatly increased.
These investments include $800,000 in railroad bonds paying an average
of 8;.i %, the remainder being United States securities drawing 4 ys,% and
• "The directors are not considering any stock or large cash dividend.
They are endeavoring to maintain as regular a return to the stockholders as
possible. The foregoing is an effort to answer the questions that are being
,
asked by our stockholders.'
The comparative income account was given in V. 120. p. 709.
-Common Stock Offered.
Cudahy Packing Co.
-Otis &
Co., W.A. Harriman & Co., Inc., and Howe, Snow & Bertles, Inc., are offering at 107 per share 60,000 shares Common stock (par $100 per share). Of the present offering,
40,000 shares is additional stock to be issued by the company,
and is offered subject to subscriptions by the holders of Common stock, to whom the shares have been offered at $107 per
share. The balance of 20,000 shares is stock already issued
and outstanding.
[VOL. 120.
Eastman Kodak Co.
-Extra Div. of 75 Cents.
-
An extra dividend of 75 cents a share has been declared on the Common
stock in addition to the regular quarterly dividend of $1 25, both payable
April 1 to holders of record Feb. 27. Extras of like amount were paid on
the Common stock in the previous four quarters.
-V.120, p. 588.
Edmunds & Jones Corp.
-Extra Dividend Earns.
-
The directors have declared an extra dividend of 50 cents a share on the
Common stock in addition to the regular quarterly dividend of 50 cents,
both payable April 1 to holders of record Mar. 15. This is the eighth consecutive extra dividend of 50 cents a share to be deciared on the Common
stock.
Income Account for Calendar Years.
1922.
1924.
1921.
1923.
Gross sales
Not availle 45,700,000 $4,200,000 $2.894,241
Net income
$290,665
8108.215
$444,638
$524,839
Federal taxes
35,682
10,634
64,723
Preferred dividend
43,228
58,219
55,090
45,577
Common dividend
160,000
60.000
140,000
Balance, surplus
$51,755
$39,362
$274,539
$275,440
x Estimated.
John Hemphill, as a diredtor,succeeds F. W.Oettinger.-V. 119. p. 2767.
Essex Foundry Co.
Present annual dividend rate 7%, payable Q.
-J. Dividends exempt
-Stock to be Distributed by Iron
from present normal Federal income tax. The Common stock now out- Products Corp. to its Shareholders.
standing is listed on the Chicago and Boston Stock Exchanges. It is
See Iron Products Corp. below.
-V. 112, p. 474.
expected that application will be made to list the Common stock, including
this offering, on the New York Stock Exchange.
Fairhaven Mills.
-Balance Sheet Dec. 31.CapitalizationAuthorized. Outstanding.
Assets1924.
First Mortgage 5s. due 1946
*$12,000,000
1923.
$9.600,000
Liabilities1924.
1923.
Land & buildings.$1,217,878 $1,341,210 Common stock_ _ _11,500,000
Sinking Fund
-5;i% Gold Debentures. due 1937-'
015,000,000
14,600,000
$1,500,000
6%,Cumulative Preferred stock (par $100)
2,000,000
2,000,000 Mach'y & equip't_ 2,681,258 3,529,258 Preferred stock.-- 2,000,000 2,000,000
Inventories
Cumulative Preferred stock (par $100)
591.151 1,351,282 Notes payable._ 1,475,000 1,755,000
6,550,500
7%
6,550.500
Common stock (par $100)
26,449,500 21,249,500 Accts.& notes rec. 314,079
432,890 Depreciation
760,523 1,049,188
Cash
207,144
228,630 Surplus
679,281
72,489
Pemaquid stock
issued; balance retired through sinking fund.
*Entire amount originally
750,000
Invest't-Mtge...
46,500
100,200 Total (each W(10-65,808,013 $6,983,470
Data from Letter of Pres. Edward A. Cudahy, Chicago, Feb. 6.
- 119, p. 460.
V.
-Originally organized in 1887. Is one of the largest meat
Company.
packing companies in the world. It owns and operates 8 main plants, loFederal Mining & Smelt*ng Co.
-Annual Report.
cated at Omaha, Kansas City, Sioux City, Wichita, Los Angeles, North
Calendar Years1924.
1923.
1922.
1921.
Salt Lake, Detroit and Jersey City. It has over 100 distributing branch Operating earnings
89.468.309 $6,662,327 $4,653,023 $3,848,687
United States and also extensive facilities Operating expenses
houses in the principal cities of the
6,882.063
5.127,048
3.655,424 3.316,527
for marketing its products in Europe. It also owns and operates 5 plants
which manufacture "Old Dutch Cleanser."
Balance
52,586,246 81.535,279
5532,160
$997,599
Summary of Income Account Fiscal Year Ended (see V. 119, p. 3003)
- Other income
303.346
262,239
208,214
183.588
Nov. 1 '24. Oct. 27 '23. Oct. 28 '22.
$203.750,000 $190,289,000 $160,163,827
Total sales
Total income
82,889,592 81,797.517 $1,205,813
$715,748
2,773,695
Bal. avail, for divs. on Com.stock
1,431.663
652.964 Gen.exp.,income tax,&c
882.922
339,942
235,482
241.096
Equals per share of Common stock
$16 08
now outstanding*
88 30
$3 79
Net earnings
$2,006.670 $1,457,575
8970.331
$474,653
Previous deficit
6,566,548 6,291,985
5.933,614
1,945.705
• Not including the 40,000 shares of additional Common stock included
in the present offering.
Total deficit
The company has been rapidly recovering its earning power since the per- Add'I inc. tax, prin., &c_ $4,559,878 84,834,410 84.963,283 81,471,052
50,000
iod of disturbed economic conditions of 19213-1921. For the first 2 months Settle't with Star M.Co.
3501,000
of the current fiscal year sales and net profits have been substantially in Depreciation
346,205
149,204
101,627
99,784
excess of the corresponding amounts for the same 2 months of the fiscal year Ore depletion
756,790
693,899
657.731
734,644
ended Nov. 1 1924. For the 9 years 1916-1924 average annual net earn- Rev.of prop.acct
1,122,756
2,798,686
ings available for dividends on the Common stock were equivalent to $10 10 Preferred dividends_
.
839.034
839,034
569,344
479,448
per share on the average amount of such stock outstanding.
-Based on balance sheet as of Nov. 1 1924 (V. 119, p. 3003),
Assets.
Profit & loss, deficit__ $7,624,662 86.566,548 56,291,986 35,933,614
and giving effect to the application of the proceeds of this financing, current - 119, p. 1400.
assets are over four times current liabilities and net tangible assets amount
to over $125 per share of Common stock. Fixed assets are carried at apFederal Motor Truck Co.
-Annual Report.
praised values as of 1915 plus subsequent additions at actual cost and less
Calendar Years1924.
1923.
1922.
1921.
liberal depreciation charges; the present aggregate sound value of the fixed Sales
$7.339,367 $7,496,824 $4,810,587 33,268,000
assets is largely in excess of the total amount at which such assets are car- Net profit before Fed.tax
684,670
1,102.130
403,065
176,800
balance sheet.
-V. 120. D. 709.
ried in the
- 119, p. 2651.
v.
(Thos.) Cusack Co.
-New Control, &c.
-
-V. 119. p. 1630.
See General Outdoor Advertising Co. below.
Cushman's Sons Inc.
-Annual Report.
Calendar YearsBread and cake sales (net)
Baking and administrative expenses
1924.
1923.
1922.
$8,212,901 $7,220.657 $6,536.036
6,841.869
6,094,578
5.440,424
Operating profit
Other income
$1,371.032 81,126,079 $1,095,612
53,320
57.264
40.565
Total income
Interest
Depreciation
Federal taxes
Preferred dividends
Common dividends
$1.424,352 $1,183,343 $1,136.177
18.257
15,942
25,913
322,046
293,270
286.386
133,164
106,551
103,484
311.275
270.863
93,331
285,720
101,510
120,320
Federal Sugar Refining Co.
-Defers Pref. Dividend.-
The directors have voted to defer the usual quarterly dividend of 1%
due Feb. 1 on the 6% Cumul. Pref. stock. The directors on Oct. 28 last
omitted the Common dividend. A regular quarterly dividend of 13 %
was paid on the Pref. stock on Nov. 1 1924.-V. 119. p. 2070.
Fifty-seventh St. & Madison Ave. Office Building,
N. Y. City.
-Bonds Offered.
-S. W. Straus & Co., Inc.,
are offering at prices to yield from 6% to 6.20% according
to maturity $1,250,000 6% Leasehold Serial Coupon Gold
bonds (safeguarded under the Straus Plan).
Dated Jan. 30 1925; due annually Jan. 1928 to 1940. Denom. $1.000,
$500 and $100 co; registerable as to principal; bonds and coupons (J.& J.)
payable at offices of S. W. Straus & Co., Inc.', callable at 104 and int. up
to and incl. Jan. 26 1930; 103 and int. after Jan. 26 1930 and up to and
inc. Jan. 26 1935; and 102 and int. after Jan. 26 1935 and
Surplus
$353.890
3395,207
$506,743 1940. 2% Federal income tax paid. Legal for national before Jan. 26
banks.
Balance Sheet Dec. 31.
The bonds are a direct closed mortgage on a 20
-story
now under construction, and long term leasehold estate office building,
1924.
1923.
1924.
1923.
located at the
southwest corner of 57th Street and Madison Avenue, one of the best
Liabilities
Assets
$
$
7% Cumul. Pfd.stk_ 1,831.100 1,868,500 corners in the uptown business districts. of New York City, directly across
Land. Wags., equip4,484,199 4,037,693 $8 Cum.Pref,stock y2,256,000 2,256.000 the street from the 57th Street Bankers' Trust Co.Building. The property
ment, &c
G'dwW,formul., &c.2,703,321 2.703.321 Common stock
x476,200 476.200 has been appraised at 62,000,000, the total amount of the bonds being 62.5%
628,802 298,448 Acets payable, &c
Cash
190,820 155,269 of the appraised value.
Net annual rental earnings estimated at $153,000 or more than twice
Awls & notes recle. 201,244 213,631 Drivers' depostts
33,404
26,213
7,574 Provision for taxes
Interest receivable_
166,128 181,739 the greatest annual interest charge. Success of this operation and occupancy
Investments at cost- 291,199 535.049 Real estate mtges
383,400 295,000 of the building by high grade tenants at satisfactory figures assured by
strong rental demand in this neighborhood,
331,429 370,213 Surp. from appraisal
Inventories
of property, ace.. 1,348,240 1,387,859
Lib. Isis. depos. with
18,664 Earned surplus
18,664
First Investment Co.of New Hampshire.
Dept. of Labor
2,177,706 1,809,964
-Stock Offered.
Mime!.Investments,
The above company, with offices at Concord, N. H., is offering at $50
49.064
7,787
_
mortgages,
per share, 18,250 shares Class "A" stock.
174.358 223,087 Total(each side)--8,841,006 8,456,744
Deferred charges
The stock is entitled to priority dividends of $3 per share per
annum;
participate equally as a class with Class"B"stock in any
x Authorized, 200,000 shares of no par value, of a stated value of $5 per On dissolution or liquidation, Class "A" shares receivefurther dividends.
$50 each prior to
95.240 shares. y 22,560 shares of no par value.any payment made to holders of Class "B" shares. Depository, First
share; issued.
National Bank, Concord, N. H. Registrar, National State Capital
.9. 1960.
Bank.
Concord, N. H.
-Liquidating Dividend No. 2.
Copper Co.
Davis-Daly
Capitalization Upon
The directors have declared a second liquidating dividend of 80 cents a Class"A"stock (no par value) Completion of Present Financing.
share on the Capital stock, payable immediately at the Federal National Class "B" stock (no par
20.000 &as.
value)
Bank,85 Devonshire St., Boston. Mass. An initial liquidating dividend of
10 W00 abs.
The object of the company, as stated in a circular, is to provide a safe
$4 per share was paid in March 1924 (see V. 118, p. 1397).
Treasurer, M a letter to stockholders.says"a further medium of profitable investment for those who lack the time and experience
Charles G.Schirmer,
become versed in the intricacies of finance. It specializes in investing
to
dividend in liquidation will be paid as soon as the affairs of the company Its
are liquidated. The suit brought by the East Butte Copper Mining Co. ingfunds in standard seasoned securities which it deems suitable for produca reliable and profitable income for its shareholders.
-V. 120.
against the company has been satisfactorily settled out or court.
The company was Incorporated in New Hampshire on
and
p. 709.
has been continuously profitable since that date. NetFeb. 16 1916 the
earnings for
past 5 years, including the business depression year of 1921, have averaged
-Annual Report.
Davison Chemical Co.
$12 25 per share on the outstanding stock.
(Excluding Davison Sulphur & Phosphate Co.)
The shares of the company have recently been changed from
$100 par
1924.
x1923.
to shares without par value. On the former shares,
$365,016
$91,167 per annum have been paid with but one interruption dividends of 0%
Gross income
since the company
189.413
150,235 was founded. On Jan. 12 1925 a 25% stock dividend was declared.
Expenses
109,120
257,915
Interest and discount
Management.
-C. L. Jackman (Pres.), E. S. Willis (V. Pres.), J. W.
Pearson (Treas.), J. B. Jameson,'W. S. Huntington, B. W.Couch, George
$66,483 def$356,983 II. Moses, E. P. Roberts, Concord, N. H.,
Net income
and .1. D. Upham, Claremont,
N. H.
:Excluding in 1923 net profit from sale of Silica Gel Corp. stock.
Fleischmann Co.
V. 119, p. 2414.
-Acting President Elected.
Joseph Wilshire, Vice-President, has been electing Acting President
-Notes Called.
De Laval Separator Co.
to fill the unexpired term of the late Julius Fleischmann.-V. 120, p. 709.
-Year 8% Sinking Fund Gold notes, dated
Certain of the outstanding 10
Fort Worth (Tex.) Elevators Co.
March 1 1921, aggregating $150,000. have been called for payment March 1
-Bonds Offered.
at 1034 and interest at the New York Trust Co., 100 Broadway, 11. Y. Mortgage &
Securities Co., New Orleans are offering at 100
City.
-V. 120, p. 335.
-To Retire Bonds.
Dominion Textile Co., Ltd.
A dispatch from Montreal states that on March 1 next the company will
-V. 118,
.retire $1.767.250 6% gold bonds, Series "A," "0" and "D."
and
" int. $500,000 1st Mtge. 7% Gold bonds Series "A" and
1321
Security.
-The bonds are secured by closed first mortgage on the real
estate consisting of the Rock Island Elevator, Katy Elevator, and several
Film. 141925.]
THE CHRONICLE
other small pieces of property in Fort Worth. The Katy Elevator (located
on the Missouri-Kansas-Texas Ry.) has recently been completed and has
a capacity of 1,650,000 bushels. The Rock Island plant (located on the
Chicago, Rock Island & Gulf Ry) has a capacity of 1,5 0,000 bushels.
Total valuation $1,777,340.
Company buys and sells grain in addition to acting as public warehousemen. The annual income from storage alone is from $125,000 to 6150,000.
Thelowest estimate is 4 times largest interest requirement of the outstanding
bonds,and twice the amount required for interest and principal in any year.
On May 31 1920 the book value of the permanent assets was $324.606;
the net profit for that year was 5482,437. Nov. 30 1924 the book value
of permanent assets was $1,979,057; the net earnings for the previous 5
months were $316,181. Company began operations in 1911 with $200,000
capital paid up and has had a brilliant record of earnings; it has paid cash
dividends of $657,000 and stock dividends of $1.130,250. Annual net earnings of company since 1912 average about $200,000, or 5.7 times maximum
interest requirements of this bond issue.
Foundation Co., N. Y.
-Increases Divivend Rate on
Common Stock to $8 Per Share Per Annum.
-The directors on
Feb. 11 declared a regular quarterly dividend of $2 per share
on the Common stock, payable Mar. 16 to holders of record
Mar. 2. This compares with $1 50 per share paid on the
Common stock from June 15 1921 to Dec. 15 1924 incl.
Chairman Franklin Remington says:
The directors decided to put the Common stock on an $8 annual dividend
basis. The company enjoyed a very prosperous year in 1924, and the volume of book business as of Jan. 31, together with the bright new business
outlook, is indicative of substantially increased profits. The cash position
of the comany is excellent. Such conditions warrant a greater distribu,and the dividend action of the board was expressive of their
tion of
desire that the stockholders should participate in the prosperity of the com-V. 120. p. 458, 336.
pany.
General Electric Co.
-Investigation Ordered.
-
The Senate on Feb. 10 adopted a resolution ordering the
Commission to inquire into alleged monopolistic practices in Federal Trade
the power and
tobacco industries. An inquiry regarding national propaganda to discourage public ownership of utilities is ordered in the same resolution.
The resolution is a combination of the resolution of Senator Norris,
Republican, of Nebraska, for an investigation of the extent to which the
General Electric Co. or subsidiaries monopolize production and distribution
of electric power, and the tobacco investigation proposal of Senator Ernst,
Republican, of Kentucky. The American Tobacco Co. and the Imperial
Tobacco Co. of Great Britain are alleged to have entered into an agreement
-V.120, p. 709, 590.
in violation of the law.
General Motors Corp.
-Dividend Rate on Common Stock
Increased.-The directors on Feb. 9 declared a dividendof
$1 50 per share on the Common stock, payable March 12
to holders of record Feb. 19. This compares with a dividend
of $1 25 per share paid on Dec. 12 last (see also V. 119,
p. 2185).
The directors also declared the regular quarterly dividends
of lji% on the 6% Preferred and 6% Debenture stock, and
the quarterly payment of 13 % on the 7% Preferred stock,
4
all payable May 1 to holders of record April 6.-V. 120,
p. 590, 336.
General Motors Acceptance Corp.
-Annual Report.
Calendar
YearsNet earnings for year ended Dec. 31
Balance of undivided profits previous year
1924.
1923.
$2,247,177 $1,295,789
1.201,085
229.257
Total undivided profits
Dividends
$3,448,262 $1,525,045
1,080,000
480,000
Balance
$2,368.262 $1,045,045
Comparative Balance Sheet Dec. 31.
Assets1924. •
1923.
1922.
Cash in banks and on hand
$11,424,921 $6,729,781 $4,429,847
Cash in trust
3,572,406
2,951,417
1,462,686
Notes receivable
54,913,771 67,319,444 44,782,959
Foreign bills of exchange
7,952,255
7,051.488
2,68.5,776
Due from banks on discounts
222,798
809.650
87.963
Accounts receivable
293,419
223.434
334.981
Interest earned not received
5,336
2,293
Furniture & equip't (less deprec'n)
341,404
331,361
319,375
Investments
6,000
6,000
6,000
Cash and securities pledged by foreign
customers (contra)
85,063
80,506
192.283
Prepaid discount
385,985
579,399
326.224
Deferred charges
35,547
25,370
15,413
Total
$79,233,569 $86.113.186 $54,645,800
Liabilities
Capital stock
$9,000,000 $6,000,000 $4,800,000
Notes payable
53,847,219 65,116,687 43,517,620
Foreign bills discounted
7,245,542 6.896,183
2,442,155
Accounts payable
817.526
1,809,811
193,542
Cash and securities pledged by foreign
customers (contra)
85,063
80,507
192.283
charges received in advance
Int. &
1,979,135
2,361,873
1,117,984
Reserves
1,640,823
1,303.079
872,959
Surplus and undivided profits
4,618,262 2,545,045
1.509,256
Total
$79,233,569 $86,113,186 $54,645,800
-V. 119. p. 555.
General Outdoor Advertising Co., Inc.
-Stock sold.
-Blair & Co., Inc., have sold at $46.50 per share and dividend, 125,000 shares Pal ticipating Class "A" stock (preferred and participating
-no par value). .This company
succeeds "Cusack," "Guide," "Poster Advertising'
and
affiliated companies.
835
The Thos. Cusack Co.. the business of which was founded in 1875, is, together with its subsidiaries, the largest outdoor advertising unit in this
country, with plants and equipment for handling such advertising on a
national scale. Company has approximately 76,000 poster panels, bulletins, electric signs and painted walls, located in 41 States and owns in fee
plants for the construction and painting ofsuch structures in 20 of the larger
American cities. It maintains by ownership or through lease 47 operating,
service and sales branches. Company's display plant has recently been
valued by Ford, Bacon & Davis, as having a sound value of 69,490,071.
and its real estate, building and equipment, as recently appraised by the
American Appraisal Co., have a sound value of $5,374,681.
waif
The other 20 companies, popularly known as the Fulton
incorporated at various dates, beginning in 1894. and were Group, were
usually outgrowths of businesses previously carried on by individuals or partnerships.
In each case the business is firmly established. In the selling
too, offer the advertiser a nationwide service. These associated field they,
companies
operating display plants in 602 cities and towns, own or maintain over
41,500 outdoor advertising structures, including electric signs, standard
poster panels and painted bulletins, which are located, with few exceptions,
within the corporate limits of municipalities. This display plant
ly been valued by Ford, Bacon & Davis as having a sound value has recent..
of $5,300,540 and the real estate, buildings and equipment owned by the companies,
as recently appraised by the American Appraisal Co., have a soundvalue of
107720.
,
$1,
The display plants of the constituent companies reach a total circulation
of approximately half the population of the United States, including such
important centres as New York City, Chicago, Cleveland, St. Paul, Minneapolis, Hartford, Providence, Atlantic City, Philadelphia, Pittsburgh,
Richmond (Va.), Atlanta, New Orleans and St. Louis. The constituent
companies sell their space for national display largely through their own
organizations located principally in New York and Chicago, and in part
through an association of national advertising agencies called the National
Outdoor Advertising Bureau.
Gross Revenue.
-The combined gross revenues of the 21 companies and
subsidiaries from advertising service rendered in 1923 was over $22,000,000,
and for the nine months ended Sept. 30 1924 were at the annual rate of
nearly $24,000,000.
Capitalization Atfer This Financing
Authorized.
Outstanding.
6% Cumulative Preferred stock
$3,066,500 42,001,000
Participating Class "A"stock-no par value- 300,000 shs. 125,000 shs.
yCommon stock-no par value
1,000,000 shs. x596.455 shs.
x Based on the proposed acquisitions outlined herein. y May be represented by voting trust certificates.
The constituent companies, as of Sept. 30 1924, adjusted to give effect
the present proposed financing, have outstanding Real Estate Mortgages to
of
$533,061, other funded debt amounting to $1,118,480 due at intervals from
1925 to 1936. and Preferred stocks of $760,600 par value.
Purpose.
-Proceeds of the 125.000 shares of Class "A" stock
applied in part as part consideration for the stocks which the neware to be
corporation is about to acquire, in part to retire first mortgage bonds of Thos.
Cusack Co. and in part to furnish additional working capital.
Earnings
.-The books of the 21 constituent companies and subsidiaries
have been audited by Price, Waterhouse & Co. for the three years and nine
months ended Sept. 30 1924.
The consolidated net profits of the corporation and subsidiaries, based
the proposed acquisitions, after depreciation, interest and Federal taxse on
at
current rates, after eliminating certain non-recurring charges and interest
upon indebtedness equal to 6% upon the amount of new money provided
in
the present financing, all as computed by Price, Waterhouse
& Co., based
on their audits, have been as follows:
Annual average for 3 years and 9 months ended Sept. 30 1924-- -$2.232.113
Nine months ended Sept. 30 1924, $1,773,985, or at the annual
2.365,313
ratese net profits, after deducting the annual dividend requirements
The of
on
the Preferred stock to be outstanding, average for
3% years over
four times the cumulative annual dividends of $4 the aboveon the
per share
Participating Class "A"stock, and for the nine months ended Sept.
at the annual rate of nearly 4 times such annual dividend 30 1924, were
requirements
on the Participating Class "A" stock.
It is conservatively estimated that the net profits of the new corporation
after depreciation, interest, Federal taxes and dividends on the Preferred
stock to be presently outstanding, will be for the current year approximately $3,000,000, or about six times the cumulative annual dividends of
$4 per share on the Participating Class'IA" stock. In making this estimate
full weight has been given to the probable effect of 1925 being a year of
organization and adjustment for the new corporation.
should in future years result in improving the earning These adjustments
power of the new
cozornagoeentitnogathme arke.lg et the
,
possibilities
participating feat
f the Class"A"
stock, after allowing for the cumulative dividend of $508,7101)on the Participating Class"A"stock and an initial dividend of $2 per share, or
$1,192,910
on the Common stock from the above combined net profits as estimated
for
1925, there remains over $1,300,000, or about $1 80
shares of both classes to be presently outstanding. per share on the total
Listing.
-Application will be made to list the Participating Class "A"
stock on the New York Stock Exchange.
Pro Forma Initial Balance Sheet Sept. 30 1924.
Assets.
Advertising display plants_ -$14,790,611 6% Corn. Pref. stock
Real estate, mach.,equip..dre. 6,482,401 Class "A" stk. (125,000
ohs.) $26250; 0
6 6 160
: 000
Cash
1,453,123 Corn. stk. (596,455
Notes & accounts receivable- 4,735,502 0. J. Gude Co.6% shs.)____ 13,634,791
Inc. bds.
300,000
Employees' adv. commis•ns.
436,956 Real estate mortgages
Est,prop,of exp,under contr.
Purchase money °bliss.. &e..
818,1 1
53 80
3 6
with customers applicable
Trade accounts payable
612.667
to future periods
1,117,160 Empl. commis'ns payable___
787,802
Materials & supplies at cost_
547,641 Accrued int. and expenses__
356,473
Prepaid lease rentals
987,333 Amts, pay. on sublet contets 2,787,719
Prepaid insurance, int., dre
214,149 Prov. for empl. bonuses____
90,379
Investments
493,862 Insurance fund reserve
1,326
Provision for Federal taxes
274,148
Dividends unpaid
90,230
Reserve for contingencies_ _ _1,000,000
Total (each side)
$31,258,738 Res. for min. Mt. outatand'e 1.720.661
Giant Portland Cement Co.
-Earnings.
Calendar Years
-1924.
1923.
Net profit from operations, after providing for depreciation, local & statetaxes566
Bank and other interest, rents, &c
Cr12, 46
0
Ct
4
.13',532
Total income
$470,537
$452.098
Deduct-Interest on bonds
15,410
21.750
Federal income tax for year
49.461
24,179
Interest on mortgages and notes
221
1,986
Amount written off Norfolk property
148.181
237,560
Dividends paid
(14%)261.892 (7)131.600
Balance,surplus
def.$4,629
Dividends on the preferred stock outstanding at present are in$35,023
arrears
to the extent of 29%.-V. 119, p. 2653.
Entitled to receive $60 per share and dividends in event of
voluntary
liquidation and $50 per share and dividends in event of involuntary
tion. Entitled to preference over Common stock as to cumulative liquidaat the rate of $4 per share per annum,and in addition entitled in dividends
each year
to participate,share for share, with the Common stock, after the holders
of
the latter have received in such year dividends of $2 per share on such
Common stock, in any further dividends declared in such
year by the
until the Class "A"stock shall have received in such
corporation
year dividends which, with said current cumulative dividends, will
aggregate
share for such year. The Class "A" stock is subject in all respects so per
to the
prior rights of the Preferred. Cumulative dividends payable Q.F. ReGinter Co., Boston.
-January Sales.
deemable after three years as a whole at any time, or in part from time to
Month of January1925.
any dividend date, on 60 days' notice, at $60 per share and
1924.
Increase.
time on
Sales
dive.
$1.238,824 $1,066.293
$172.531
from Letter of President Kerwin H. Fulton, New York,
Data
Feb. 10. -V.120, p. 337. 215.
Com ang.-Incorporated in Feb. 1925 in New Jersey for the purpose of
the stock or the properties, businesses and good will of the
(B. F.) Goodrich Co.
acquiring
-Acquires Control of Canadian Co.
followControl of the Ames
ing established companies; in the first instance the corporation proposes to
-Holden
Rubber Co., Ltd., has
acquire directly or indirectly approximately the percentages of the voting by B. F. Goodrich Co. Four Tire & largest shareholders of been acquired
of the
the Canadian
constituent companies indicated below:
company have addressed a letter to the shareholders, notifying
capital stocks of the
them that
they have agreed to sell sufficient stock to give the B. F.
90% Jamaica Poster Advertising Co
Thos. Cusack Co
.100% control, and all stockholders are being given the opportunity Goodrich Co.
Atlantic City poster Advertising Co.100% Long Island Poster Adv. Co
to participate
96%
Binghamton Poster Advertis'g Co-100% Mohawk Valley Poster Adv. Co__ Apo% in the offer, which is for $30 per share. The letter follows:
"The B. F. Goodrich Co., which now owns 6.000 out of the
100% Old Colony Advertising Co
Briel Poster Advertising Co
20.000 issued
51%
Brooklyn Poster Advertising Co---100% Pittsburgh Poster Advertising Co 100% Capital shares of the Canadian company, have offered to purchase at $30
per share an additional number of shares sufficient to give them
95% Poster Advertising Co., Inc
Burton System
control of
85% your company. The undersigned, representing
100% Quaker City Poster Advertising Co. 95%
the
Capitol City Poster Adv. Co
holders, have consented to sell from their holdings large Canadian share97% FUpley Poster Advertising Co
Dixie Poster Advertising Co
100% this offer, but before doing so have arranged to sufficient shares to meet
90% St. Louis Poster Advertising Co--give all shareholders an
East St. Louis Posting Co
93% equal opportunity to participate in this offer.
Exclusive of
The 0. J. Code Co.. New York-- 96% Standard Pester Advertising Co---100% trust by the
company for employees, there are outstanding stock held in
Van Beuren tk N.Y.Billposting Co. 85%
13,000 shares other than those now held by the Goodrich approximately
Company. By
[VoL. 120.
THE CHRONICLE
836
the terms of this offer, each Common shareholder has the opportunity of stock now issued and to $4 10 per share on the outstanding 100,000 shares
of Common stock.
selling at $30 per share, one share out of each two shares now held.
Listing.
-The Preferred and Common stocks are listed on the St. Louis
"It is the intention of the B. F. Goodrich Co. to immediately change the
name of your company to the Canadian Goodrich Rubber Co., Ltd., and to Stock Exchange.
Canadian Goodrich sales company.
transfer to your company the present
Consolidated Balance Sheet Dec. 31 1924 (After Financing).
No increase In capitalization will take place at the present time." (Signed
Assets
Liabilities
by A. J. Nesbitt, R. D. Bell, B. A. Morris and W. B. Weiganc13-V• Capital assets
11.000,000
1801.126 7% Pref•rred stock
120, p. 590. 337.
Investments & advances... 319.603 corn. stk.(100 shs. no par) 1,724 379
Inventory
60.557
931 850 Minority int. In sub. cos_
-Balance Sheet Dec. 31.
Gosnold Mills of New Bedford.
79.439
Customers' notes & accts.. 748.761 Trade accounts payable
1923.
1924.
1923.
Assets1924.
37.500
Trade acceptances
51.478 It's for freight.&c.,claims
Preferred stock___51,650,000 51,600.100 Adv. traveling funds. &c_
Real estate, mach'y
62.535
7.322 Wages. comm'es. &c.. accr
and buedings__.$2,541.381 52,494,103 Common stock__ 1,650,000 1,650.000 Cash
31.681
174.607 Divs. payable Jan. 2........
Notes payable__ 1,430.000 1,150.000
Cash and debts re71,656
Federal Income taxes
10.603
13,829
483,193 Reserve for taxes_
435,031
ceivable
Total (each side)
$3.067.7491-V. 106. p. 90.
636.118
2,704,778 2.236,440 Res've for depree'n 704.561
Investment
1.371.584 Surplus account__ 1,245.737 1,538.481
Capitalization
1.012.937
Independent Oil & Gas Co.
-Change in
Inventory
Total
$6,694,127 $6,585,302
-V. 119. p. 700.
Total
$6,694,127 56.585,302
Proposed-New Officers, &c.
-
The stockholders will shortly vote on changing the present outstanding
450,000 shares of Capital stock of no par value to 225,000 shares, by the
-Report. Issuance of one share of now sotck for two of old.
Granby Consol. Mining, Smelt. & Power Co.
Wade H. James has been elected Secretary and It. M. Riggins, as Treas-Quarter Ended- -12 Mos. Ended
Dec. 31 '24. Sept.30'24. Dec. 31 '24. Dec. 31 '23. urer,succeeding M.F. Graham. W.C. Durant of New York City has been
Period-V. 120, p. 710, 337.
$1.118,641 $4.839,373 $7,691.855 elected a director.
$1.362.603
Gross income
6.696,067
1,042.045
3,840,348
958.626
Operating costs
International Paper Co.
286.332
-Production.
285,740
71.435
71.435
Interest on bonds
The company in 1924 turned out 434.288 tons of various grades of paper
$709.456 against the record production of 537.927 tons In 192'3. The sale of the
*5.161
$713.285
$332,542
Profit
67,870 Rumford Falls mill to the Continental Paper & Bag Mills, Inc., accounts
28.568
83.795
216.037
Other income
for about 44.000 tons of hag and wrapping paper. Thus. the output
$777,326 actually ran only about 60,000 tons less than 1923, or a reduction of 11%•
$33.729
$929.322
$416,337
Net Income
Pres. J. T. Crabbs states that the combined production of smelter and -V. 120. p. 92.
concentrator mill aggregated for 1924 36.231,187 lbs. of copper at an
Iron Products Corp.-Digtribution Essex Shares.
average operating cost of 10.11c per pound. The concentrator operation
The corporation has declared a distribution on the Common stock in
Is improving but further refinement of detail is considered possible.
Essex Foundry shares. One share of Essex Foundry will be distributed
V. 119, p. 2294.
for each 5 of Iron Products held. The Essex Foundry is a subsidiary of the
--Sales.
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
Iron Products Corp.
1923.
1925.
1924.
The distribution will be made to Iron Products stockholders of record
Month of January$276,550 April 16. A special meeting of Iron Products' stockholders will be held
$415,743
$379,056
Sales
March 6 to ratify the plan. The Essex Foundry Is capitalized at 75.000
1921.
1922.
1923
1924.
YearsEarns. Cal.
$139,032 no par shares and h-as in Nailed debt. It Is stated that application will
$511,928
$347,643
Net profit after Fed. tax. $483,806
be made to list its shares on the New York Curb Market.
-V. 120. p.215.
of
-January Sales.
(W. T.) Grant Co. (Mass.).
Month of JanuarySales
-V. 120. p. 215.
1925.
$1,816.041
1924.
$1,341,715
To Retire Ont,t,indi no Preferred Stack.
Increase.
$474,326
-New Officers.
Hamilton Woolen Co., Boston.
Thomas P. Beal has been elected President to succeea the late William
H. Wellington. Bernard F. Merriam has been elected Vice-President.
Charles D. Richardson of Wellington. Sears & Co. succeeds William
-V. 120. p. 590.
H. Wellington as a director.
-Earnings, &c.
Harmony Mills, Inc.
The company reports a net loss of $482,719 after depreciation for the year
ending Dec. 31 1924. compared with net earnings of $387.101 for 1923.
after depreciation and estimated Federal taxes.
Balance Sheet as of December 31.
1923.
1924.
MPS/Wes1923.
1924.
AssetsReal est. as mach'314.988.275 $5.178.077 Preferred stack...31,500,000 $1,500.000
4,196,400 4.1e6.400
905.933 comi,ain stock_
1,020.364
Inventory
739.345 Notes &accts. pay. 202,954
Cash & accts. rec. 685.871
105,531
30.591
421,472 tieneral reserve...
75,703
Marketable secure.
26,250
Dividend reserve_
840,268 1,506,646
Total(each side)_ _S6.770,213 $7,334,828 Surplus
-V. 118. p. 799.
The directors have elected to redeem at 110 and divs. all of the outstanding Preferred stock on May 15 at the office of the corporation, 41 East
42d St.. N. Y. City.
-V. 120. p. 710.
Jewel Tea Co., Inc.
-Resumes Preferred Dividends.-The directors on Feb. 11 declared a dividend of
Sales.
$4 25 a share on the Preferred stock, payable April 1 to holders of record Mar. 20. Of the total dividend, $2 50 will be
credited to accumulated dividends due on this issue and $1 75
will be in the form of a regular quarterly disbursement.
This Is the first dividend payment to be made by the company since
Oct. I 1919. A total of $34 2.5 a share in back dividends will still be due
on the Preferred stock.
First Four Weeks of-1925.
1924.
Sales
$990,729
$1,059,583
Average number of sales routes
1,028
999
-V. 120. p. 591. 337.
(R. F.) Johnston Paint Co., Cincinnati.
--Stock Offered.
CO..
Otis & CO.. R. E. Fields & Co.,
Bruner & Reiter Co.. Wesitheimer As
Chau. Todd & Co., Flumes, ilmeOle & Duble and Frank E. Wisnewski
share $250,0008% Cumul.
stock.
102 not
-33 1-3% Stk. Div., &c. are offering atpayable per-J. Callable on any div. Pref.(a.& d.)and div.
Hawaiian Pineapple Co., Ltd.
Q.
date at 110
Dividends
The stockholders have approved an Increase In the capital stock from Dividends exempt from present Federal normal income tax. Tax-exempt
$6.000.000 to $9.000.000 to cover a stook dividend of 33 1-3%. or $2,000.000 In Ohio under present. laws as to State. csunty and city taxes. Registrar
and an additional issue of $1.000.000 to bo offered stockholders at par and transfer agent, the Fourth & Central Trust Co.. Cincinnati. 0.
proportion to their holdings as of Feb. 21 1925. See also V.
($20) in .
Listina.-Stock listed on the Cincinnati Stock Exchange.
119. p. 2653.
Compass.- Incorp. In line. In Ohio, company Is creator and sole mannfacturer of Johnston's "Dull tote" paInt, "Krakno," "Scotch Lacquer,"
-Dividend Increased.
Hecla Mining Co.
Lacquer" enamels. and many other lines of
"Thrift Paint."
The directors have deeiared a quarterly dividend of 50 cents per share, large sales and proven quality. Products are distributed in every large
payable March 15 to holders of record Feb. 15. This compares with a town and city in the United States and Canada.
119, p. 1288.
Quarterly dividend of 25 cents per share paid Dec. 15
to provide additional working capital
l'urpoNe.-The sole purpose
necessary to take care of the large volume of business in hand and in Im-Balance Sheet Dec. 31.Hotel Sherman Co.
mediate prospect.
1923.
1924.
1924.
1923. , LiabaniesCapilalization.-Authorized capital consists of $1,0110,000 8% ('elm.
AssetsInv In prep.& eq't$7.891,874 56.4.02.391 Co. Oil stock...41.250.400 $1,280,400 I'ref. stock and 7,500 share, of no par Common stock --$650,000 of the
400.8‘,3' Preferred stoek... 1,073.000 1.982.100 Preferred and 3.600 shares of the Common will have been issued when
400.893
Good will
6.253.331 1.428,333 proposed sale is consumated.
150.3.,9 Funded debt
154,696
Accountsrecely le_
125.000
424,500
481,588 Notes payable_
Inventories......_ 628.994
Cara aaratire Sales for Calendar Years.
311,922
77.873 Accounts payable_ 311.296
20.925
Stocks and bonds _
240.000 1909- $137.178 1913- $292.251 1917- 3426.794 1921_ 51.001.S64
Reserve for taxes. 238,191
1st M bond pro°. 3.199,921
58,778 1910- 182.220 1914... 211,077 1918... 528.381 1922_ 1.047.876
29.625
199 85.. Sundry liabilities_
153.4,05
Cash
.urplus
2,262,881 2,569,840 1911- 210.637 1915- 292,345 1019... 800.450 1S23_ 1.209,876
Bond disc. & coin- 300.128
97.431
1912... 280.8213 1916.... 336.391 1020... 1.090.032 1924_ 1,426,233
32.420
Miseell. assets_ ___
(aftetlhs -Balance Sheet Dec. 31 1921 Lonute tslinanc ny).
h
Total
$12,773.827 $8,013,373
812.773.827 $8.013.373
Total
Assets
-V. 118. p. 1780.
Cash, dre
5635308:5:01001
523,985 Preferred stork
x 212 NOt1,1 pay bank
Notes receivable
50 000
--Production.
Hudson Motor Car Co.
416 092 'I rade areept payable
Accounts receivable
The company produced 16.825 cars In January as compared with 11,660 Inventories
53.124
473.911 Accounts payable
. 120. p. 710.
In December 1924.- V
51 210 Pref. rliv Payable
Fixed assets
)
1()(
122.854 Aerrued liabilities
-Shipments.-Hupp Motor Car Co.
;
Trade marks, good will. Sac_
4 °6
67.11 19
p l us
roitis reserves
Jan. 1925. Dec. 1924. Jan. 1924. Prepaid expenses
a2112.761
4.1 23 SSuu
Month of3.152
2.599
2.718
(number of cars)._
Mfd. and shipped
Total
532
31.129,532
$1,1297
-V. 120. p. 216.
Total
"MOtO 1.41V
Huttig Sash & Door Co., St. Louis.-Pref. Stock Sold.G. 11. Walker & Co., Smith, Moore & Co. and Loreti4o E.
Anderson & Co., St. Louis, have sold at 100 and div. $1,000,000 7% Cumul. Pref. (a & d.) stock.
-J. Transfer agent and registrar, St. Louis Union
Dividends payable Q.
and
to and incl. Jan.
Trust Co., St. Louis. Mo. Callable up at 110 and diva, 1 1928 at 105
diva. on 30 days notice and thereafter
-The same bankers have placed at
Common Stock Sold.
$25 per share 15,500 shares of no par value Common stock.
Tx
- Representing 3.600 shares Common stock, no par value.
Keeley Silver Mines, Ltd.
-0utput.-
Production of ihs roitipany In January totaled 124,884 ounces of
and 15,151 pounds of cobalt.
-V. 119. p. 1632.
silver
(S. S.) Kresge Co.-.1(tnuary Soles.
-
on account of a correction In the figures reported by one of the company's,
stores. January sales were 56,671.814 instead of $6.530,494. as previously
reported. Compare V. 120. p. 711.
Library
A
Bureau.- an cal Statement.management to pay quarterly
Diridends.-It Is the intention of the annum o lthreitzleidommon stock.
Proadent N. II. II. Parker, Jan. 28. wrote in part: "Tho volume of
A
i ,:oio
both 'bilitsl• and 'bookod• 131311344S last year again established a record for
dividends at the rate of $1 50 per share per
Issued.
Library iltirmatt. Ihlillesti sales for the year ended Dec. 31 1924 totaled
CapitalizationSa.000,000
par)
$1.000.000
110.432.804, against $9.717.772 In 1923. the previous record.1
7% Cumulative Preferred stock ($100
100.000 shs. 100.000 abs.
"Earnings permitted the payment of the regular 8% dividend on the
Common stock, no par value
(151.500. 0 Pref. stock and log on the 111.500.0001 of Common stock.
Data From Letter of A. J. Siegel, President of the Company.
with a substantial addition of surplus lifter Federal taxes."
a capital of 110.000 to do it strictly
-Organized in 1885 with
Company,
Balance Sheet December 31.
other Items of stock millwork. In
jobbing business in sashen, doors and special work was added and in 1802.
1024.
1924.
1887 a factory for the manufacture of
WAS enlarged. In
company
Assets
$
1 Liabilities23
1145
owing to greatly incroised business, this 7 acres located on 1902 main line Real est0 .
1 00,00
the
& bidgs_. 1581.382
584.702 )'rel. "A" +cock__ 1,000 000 1, 9 3 0
vonsisting of
purchased the present site
500.000
thereon a strictly modern Mach &
x5411.483
513.275 Pre( "I)" stoek ___ 500.000
track of the Missouri Pacific RR., and erected
roof, producing
1 .(n
( ) sistock ._
68.00, Coni ntoit)r k mib_ 1,500,000 1,500,000
.
plant, consisting of over 400.000 sq. ft. floor space under to the St. Louis Office furniture &
flu's (less deer 1. 1)16.289
woodwork. In addition
everythIng In the line of builders
118,112
Dallas Leasehold property
scrip. Itistalltn'ts 171.204
plant, company has branches located in Miniphis, Ririnitigham.
192.994
located at
hi it
Intprovements__ 318.292
3)11.913 Arroants payable. 209,153
and Jacksonville. and owns the controlling interest and factory
82.500
82,500
favorably known Good-will
are well
1.5(44)0(4(1 1.500 000 Div pay Jan. 1._
Missoula, Mont. Company's products
911.901 Notefl payable_ ___ 300.000 1.030.000
318.727
throughout its trade territory under the exclusive trade name of "Satin Cash
Accts. rec.(less res)1.5311 77f3 1.105.4461Aecr.. inel prov.
Brand."
299,906
208.491 for Fed. taxes._ 521.986
27.537
-Earnings have shown a steady and satisfactory growth and Notes receivable__
Earnings.
51.600
50.500
2,679.859 2,6411,828 Mortgage bonds__
for the past 27 years the company has in no year failed to show a net profit. Inventories _
3,263.197 2,953.77_5
76,408 Surplus
net earnings of the company and Advanced expenses
63.190
For the past 5 years the average annual
--its subsidiaries now owned, after taxes at the present rate and depreciation
'Total(each side).- 7.688,540 7.748.976
charges, were over 8 tinsess the dividend requirements on the Preferred -V.120. LI. 93.
THE CHRONICLE
FEB. 14 1925.]
837
giving the trust any benefit for the increased working capital resulting from
Liggett & Myers Tobacco Co.-bistino.this financing, or over 1% times the regular 7% dividend requirements on
The New York Stock Exchange has authorized the listing of $10,810.700 the total amount of Preferred Beneficial Interest shares to be outstanding.
additional Common stock "B"(authorized, $44.363.800. par $25), on offi- including this issue.
with authority to add $250.000 Common Stock "B"
cial notice of issuance,
Balance Sheet Nov. 29 1924 Manufacturers' Finance Co.).
on official notice of Issuance and payment In full, making the total amount
[After giving effect to proposed financing.)
of Common Stock "B" applied for $32.557.050.
"B" is being offered at par pro
The issue of $10,810.700 Common Stock
AssetsLiabilities
rata to holders of Common stock and Common Stock "B"of record Feb. 16. Cash
81.500.000
$2,150.288 Preferred stock
and the issue of $10.000 shares of Common Stoke "B" has been authorized Acc'ts& notes rec.(lees reeve) 6.817.485 Second Preferred stock
1,250.000
by the directors to be sold by the President of the company at par at such Motor liens, notes it accep'ces 3,687.615 Common stock
1.250.000
time and upon such conditions as he may think for the best interest of the Repossessed cars
6,680.500
35,225 Collateral trust notes
company.
-V.120. p.711, 578.
b1,515,109
Manufacturers Fin'ca Trust_ 8559,750 Final payments
71.515
Federal taxes
Mfrs.' Mtge. Co .
- Other investments 2d Pref___ 100.000 Reserved fordiva, on Pref. stk
Los Angeles Chamber of Commerce Building Corp.
23.333
83.726 Reserve for
167,512
1 Deferred Income
Offered.
-The company and local banks are receiving Furniture and fixtures
Bonds
287,500
68,991 Paid in surplus
subscriptions at 100 and interest for the unsold ($550,000) Deferred items
757,619
Earned surplus
Rortion of an issue of $2,000,000 First Mtge. 6% Sinking
Fund Gold bonds. Dated Jan. 1 1923. Due Jan. 1 1943.
Legal investments for savings banks in California. interest payable
semi-annually without deduction for normal Federal income tax to 2%.
Exempt from California personal property tax.
-A First Closed Mortgage on the property located at 12th,
Security.
-story Chamber
Broadway and Hill streets. Los Angeles, and on the Class A 8
of Commerce Building now being constructed at an estimated cost of
$2,500.000. The value of the real property alone is conservatively appraised
at $1.500,000, giving a combined valuation for the property and building of
not less than 54.000.00, or approximately $2,000 for each $1,e00 bond.
This building, erected primarily for the purpose of housing the Los Angeles
Chamber of Commerce, will because of its strategic position, become one
of the commercial centres of the city.
-The trust indenture securing these bonds will provide
Sinking Fund.
for annual sinking fund.beginning Jan. 1 1933. sufficient to retire $890,000
of bonds by maturity through purchase In the open market, if obtainabte
at par or below, or by call at par and accrued interest.
McCrory Stores Corporation.
-40
-Cent Cash Dividend.
The directors have declared a quarterly dividend of 40 cents in cash on
both classes of Common stock, payable March 2 to holders ofrecord Feb.20.
Previously the distributions have been in stock at the rate of 1% quarterly.
Both classes of Common stock are no par but are carried at $40 a share.
V. 120. p. 711, 216.
Magma Copper Co.
-Listing.
The New York Stock Exchange has authorized the listing of 69,000 additional shares of capital stock without par value (authorized 410.000 shares)
on official notice of issuance and payment in full, making total amount
applied for 305.150 shares.
income Account Calendar Years (Including Magma Arizona RE.).
Calendar Years1924.
1923.
1922.
Balm of copper
52.555.774
$419.669 $1.022.822
Cost ofsales,&c
1.500.319
520.719
1.422.460
Gen., selling. adm. exp.. taxes, &c
110.344
102.796
161.545
Interest and other income
Cr.34.574
Ce.58.049
Cr.74.056
Railway operating loss (net)
44.779
6.256
36.721
Interest on bonds,discount. &c
395.255
362.427
177.915
Surplus for year
-V. 120. P. 711. 591
'
$539.651 def$514,480 def$701,762
Manufacturers' Finance Co. (Baltimore) and Manufacturers' Finance Trust, Chicago.
-New Stock Issues
Aggregating 60,000 Shares Sold.
-Baker, Watts & Co.,
Redmond & Co., Hambleton & Co., and Brokaw & Co.,
have soli 20,000 shares of 7% Cumul. Pref. stock, 10,000
shares of 7%40% Cumul. 2d Pref. stock, and 10,000 shares
of Common stock (v. t. c.) of Manufacturers' Finance Co. of
Baltimore, and 20,000 shares of 7%-10% Pref. Beneficial
Interest shares of Manufacturers' Finance Trust, Chicago.
These shares, par value $25 each in all cases, v cre offered in
blocks, at $175 per block, yielding at present dividend rates
about 7.57%, each block comprising two shares of 7% Pref.
stock of Manufacturers' Finance Co.. one share of 7%-10%
Second Pref. stock of Manufacturers' Finance Co., two
7%-10% Preferred Beneficial Interest shares of Manufacturers' Finance Trust, and one share of Common stock of
Manufacturers' Finance Co. (v. t. e.).
Dividends on all shares payable Q.
-J. Redeemable on sixty days' notice
at any time after one year from date of Issue as follows: Manufacturers'
Finance Co. Preferred at $30 per share and diva.: Manufacturers' Finance
Co. 2d Pref. at $27 50 per share and diva. (but only after the retirement of
all the Preferred stock) Manufacturers' Finance Trust Prof. at $27 50 per
share and dividends.
Listing.
-The present outstanding shares are listed on the Baltimore
Stock Exchange.
Data from Letter of V. C. Dunnington, Pres. of Manufacturers'
Finance Co. and Manufacturers' Finance Trust,
Manufacturers' Finance Co., with headquarters in Baltimore. Md., Is one
oldest of the so-called non-notification commercial banking comof the
panies In the United Stater and has been In successful operation since its
Inception in 1910. Company owns all the Common Beneficial Interest
shares of the Manufacturers' Finance Trust, which was orgsnized in 1922 for
the purpose of conducting a similar business In Illinois and surrounding
territory with headquarters In Chicago.
About 80% of the volume of imeinese of the company and the trust consists of the purchase of open accounts and notes receivable from reliable
manufacturers, wholesalers and jobbers representing widely diversified industries. The balance of the volume consists of automobile and installment
liens and mortgage notes. The seller of tho accounts receivable guarantees
payment of same for 100% of the face value, although advances are made
to the seller of not more than 110% of the net face value of the account so
purchased. The balance is withheld until the collection of the total amount.
The percen/age of loss since organization has averaged less than 1-5th
of 1% of the accounts. Stes purchased.
Earnings and Diridends.-The earnings of the Manufacturers' Finance Co.
for the past nine years, including earnings of the Manufacturers Finance
Trust for the past two years, less dividends paid on the Preferred Beneficial
Interact shares, but without giving effect to the present financing, figuring
the percentage on the Preferred stock on the par amount thereof outstanding
for each year and figuring the percentage on the Common stock on the par
amount thereof outstanding for each year after deducting the 7% dividends
on the Pref. and 2d Pref. stocks for such year, were as follows:
% Earned an % Earned on Cash Dios. Pd.
Net Earnings.
Pref. Stock. Corn. .Stock. on Common.
Year$497489
49.74
35.74
1924
177
434.941
43.49
29.49
1923
167
0
9
39.83
30.64
1022
318.60237%
242.1431
30.35
21.38
1921
16%
325.07741.94
31.25
1920
167
247.037 .
49.40
42.40
1919
toq
189.148
37.R3
30.83
1918s
10%
207.553
41.51
31 51
10%
1917
173.290
36.15
29.16
607
1916
Regular annual dividends of 7% have been paid on 2d Pref, stock since
and an additional dividend of 1% was paid in 1924 and 3% in
Issuance
1922. A stock dividend of 12%% was paid on the Common stock in 1922.
The above-mentioned earnings for 1924. giving no benefit to the company
for the increased working capital resulting from this financing, were 4.73
times the dividend requirements on the total amount of Preferred stock to
be outstanding, 4.48 times the regular 7% dividend requirements on the
total amount of 2d Prof.stock to be outetanding and 24.39% on the Common
stock to be outstanding, including these iesues.
Earnings of the Manufacturers' Finance Trust (Chicago) for 11% months
of1924 were $81,530,after setting aside estimated Federal taxes, but without
Total
$13,603,090
313,503,090
Total
a Common Beneficial Interest shares at indicated book value as at
Dec. 15 1924. le Due customer, only as and when accounts and notes
receivable are paid.
Balance Sheet Dec. 15 1924 (Manufacturers' Finance Trust).
[After giving effect to proposed financing.)
Assets
Liabilities
8800.000
Cash
3658.829 7% Cumul.Pref.stock
500.000
Accounts and notes receivable 1,848.328 Common stock
1,146.000
Motor liens, notes & accept'ces 400.840 Collateral trust notes
Repossessed cars
32.843 Final payments due customers 434,776
11,647
Furniture and fixtures
14,491 Reserve for Federal taxes
43.626
Deferred items
40.975 Deferred income
59.759
Surplus
Total
-V. 120, p. 338.
$2,995,808
82.995,808
Total
-Stock Sold.
Manufacturers'Finance Trust, Chicago.
-For offering of 20,000 7%-10% Preferred Beneficial Interest shares (par $25), see Manufacturers' Finance Co. of
Baltimore above.
-January Sales.Metropolitan Chain Stares, Inc.
Month of January
-
19
5508.778
1924.
5437.619
Increase.
$71,159
-V. 120. P. 338.
(C. R.) Miller Mfg. Co., Dallas, Tex.
-Stock Offered.
The Textile Finance Corp.. Dallas. Tex., is offering 20.(100 shares of
Capital stock (par $100) at $130 per share. Authorized capital, 56.000.0(0.
recently increased from 53.250.0100.
The financial statement as of Dec. 31 1924 shows a net worth of 83.533,964 with a surplus of 8404.164. Current assets aggregate 52.438.104. as
against current liabilities of $505.186. or a ratio of 4.8 to 1.
The company is now paying monthly dividends at the rate of M of 1%
on the outstanding shares. It is stated that dividends are to be increased as
earnings justify.
The company proposes to build a new 10.000-spindle mill, the chief product of which It is contemplated will be toweling, and In connection there
with will be a bleaching plant of sufficient size to permit the acceptance of
outside business In this line.
The company has acquired the Texas Cotton Mill Co. at McKinney.
Tex . and the Dallas Textile Mills at Dallas. Tex., the former operating
13,e60 spindles for producing colored goods, and the latter 10.000 spindles
for making gray goods.
Officers of the C. ft. Miller Mfg. Co. include: C. R. Miller, of Dallas,
Pres. W. C. Stripling, of Fort Worth, V.-Pres. Hugh Clarke, V.-Preste
and F. E. McCurdy, Sec. & Treas.. both of Waco.
-V. 119. le• 333.
Mortgage& Acceptance Corp. (of Delaware), Baltimore.
-Stock Offered.-Barroll, Corkran & Co., Strother,
Brogden & Co., W. W. Lanahan & Co., and Stein Brothers
& Boyce, Baltimore, are offering offering 7,000 shares 8%
Cumul. First Pref. stock (par $50) and 7,000 shares Common
stock (no par value) in units of 1 share Pref. stock and one
share Common stock, at $60 and dividends, yielding 6 2-3%.
Dividends on 1st Prof. stock are cumulative and payable Q.
-M. The
1st Prof. stock is redeentabie at the option of the company on or after
July 1 1930 at 52% and dividends. Transfer agent, Continental Trust
Co.. Baltimore.
Data from Nicholas S. Hail, President, Baltimore, Jan, 22 1925.
The business of the company Is commercial banking. which at the present
time consists of buying lien obligations on automobiles. The purchaser of
the car In most PIM% IllakON a minimum cash payment of at least 33 1-3%
and tlte balance is paid in mottidy maturities, the last of which Is payable
aeneratly within a year. Before the ear is delivered the purchaser must
satisfy the company s credit requitements as to his ability to meet hie
payments. In all cases a lien is held on the car until it is paid for in full
and the car is insured against fire, theft and transportation.
On notes, acceptances and trust receipts given by the dealers on new
cars, the company requires the denier to pay the freight and from 10 to 20%
of the cost of the cars to him as a partial payment or reserve. and In addition
to pay charges for the financing period in advance. At all times the company ha." a lien on the cars, which ilen is recorded In all States where such
record is necessary for its protection. The cars are also co ;erect by rue
and theft insurance.
On Dec. 31 1923 the company had no branch Melees and operated only in
Baltimore, Washington -and Barrisburg. Realizing the advantage of a
more uniform monthly volume of hastiness, we found It advisable to operate
in various sections of the country. and we now b illeve that we have a wellbalanced territory returning a rair mu:tatty averase el business. To-day
we have branch offitese at Cleveland. 0 Buffalo. N. Y.: Harriehtirg'and
Pittsburgh. Pa.: Blrminzham. Ala.: Charlotte. N. 0.: and Jacksonvitie,
Fla. In addition to the SiVIVO territory. we are op crating in nine other
cities. The approved dealers with wham we have aecounts have inereased
front 43 In March 1924 to 550. In establishin thir organization we have
Incurred an expense of approximately 560,000. which has been entirely
charged off.
On an average capital of 8140.865. the volume of paper purchased In
1924 was 85.206.851: the net Incoate realized was 8115.787. out of which
8% dividends were pall on the Pref, stock and losses amounting to 512.423
(less than le of 1% or the volume) charged °fr. as well as 4 °rgauizatl°n
"
expenses and cost or all furniture and fixture,: 89.565 was carried to undivided profits, leaving a balance in deferred income accotiot of 835.602 for
the year.
CapitalizationAuthorized. Outstanding.
8% Outnni. First Preferred stock (par $50)
$5.non.o.in sl.noe.o6o
Common stock (no par value)50.000 she. 29.974 eta.
Assets__
Balance Sheet Dec. 31 • 1924 (After Present Finanano)•
Liabilities$728.131'CoU. trust notes; payable _ _82,199.0e0
Cardry ace'ts receivable__
Su
8.175;Ssrelry accounts payable3.379
Motor liens4.333
I.Accrued dividend to date..
Retail time sales notes__ 2,045.638 Reserve for taxes
2.556
Storage notet62.205
462:152 Deferred incomeInvestments
50.00'1 First Prof. stock.8%
1,000.000
Prepaid interest
30.701'Surplus and undivided
Furniture and fixtures
profits
I
x53.625
Tote,
$3,325.099 Total
$3.325.099
x Common shares outstanding. 29.974.
Moore Drop Forging Co., Springfield, Mass.
-Stock
Sold.-Kissel, Kinnicutt & Co.: Chas, D. Barney & Co.
and B. J. Baker & Co., Inc., have sold at $66 per shar„'
55,000shares Class"A"shares(no par value). The purehae
TRE CHRONICLE
838
[VOL. 120.
of these shares is being made from present stockholders and
Involves no new financing for the company.
divs.
Stillman, V.-Pres.; Leroy A. Wright. V.-Pres.: C. M. Wooster, Sec.; C. I.
Dennis, Asst. Sec.
Balance Sheet Dec. 31 1924 (After Certain Adjustments),
Liabilities.
Assets.
$140,980
$242,769 Trade creditors
Land
53,305
Bldgs.. mach'y,equip.,&c 2,309,021 Accrued liabilities
125,000
1 Res.for Federal taxes_ __ _
Good-will,trade-marlcs,&c
213,746 Reserve for undetermined
Cash
175,000
307,483 liabilities
Notes & accounts rec___ _
*3.865,037
1,028,108 Net worth
Inventories
179.589
Life Insurance policies_ _ _
51,835
Prepaid expenses
Total (each side)
$44,359,323
26,770
Deferred charges
x Represented by 55.000 Class"A"shares and 55,000 Class"B"Common
119, p. 2296.
aharea.-V.
Denom. $1,000, $500 and $100 c*. Dated Jan. 1 1925. Due serially
in annual installments from Jan. 1 1927 to Jan. 1 1940, incl. Principal
and Interest (J. Sz J.) payable at Union Trust Co., Cleveland, trustee, or
State Bank of Chicago, Chicago, Ill. Red. all or part on any int. date
upon 60 days' notice at 105 and int. up to and incl. Jan. 11030 and thereafter
at 105 and int., less .6 of 1% for each full year or fraction thereof remaining
between Jan. 1 1930 and date of redemption. Free from normal Federal
income tax not exceeding 2%. Tax of any State or United States possession
not in excess of 5 mills refunded.
Data From Letter of Pres. Paul B. Hunt, Dayton, 0., Jan. 2.
Company.
-Is the outgrowth of a business which was incorporated in
Ohio in 1917 as the Miami Ice Delivery Co. Company operates (without
Important competition) in Dayton and adjacent territory, and through its
subsidiary, Springfield Coal & Ice Co., in Springfield. O., serving a population of approximately 300,000, and the business consists of the furnishing
of ice and coal. Company Is a large manufacturer of pure artificial ice
and supplies over 70% of all the ice consumed in Dayton. It and its
subsidiary company in Springfield also do the largest retail coal business in
both cities and it owns and operates the only cold storage business in Dayton.
-Proceeds will be used to reimburse the company for capital
Purpose.
expenditures made for additions and improvements and to provide additional
working capital.
Security -These bonds are secured by a direct closed first mortgage on
all of the fixed properties in Dayton, new or hereafter owned, including
land, buildings, machinery and equipment. These poroperties have been
appraised at a sound depreciated value of 81.076,311, or more than 2 2-3
times the entire bonded indebtedness. Additional security under the
mortgage consists of a valuable leasehold appraised by the Schwind Realty
Co. of Dayton at $101,250, and the value of the company's land, leasehold
and buildings alone (exclusive of all machinery and equipment) is $710,630.
or over 1j times the total bond issue.
n
-Company has demonstfaela satisfactory
Yearning power In
Earnings.
p I n including
year
anlgs available or theanent of Interest and he
l
tefpiodofslv
deprsionbut
n21 and 1922.
retirement of debt average approximately $77.000 per annum during the
periodof 4 years and 7 months from April 1 1920 to Oct. 31 1924, incl.
These earnings averaged about 2X times the largest annual interest requirement on this bond issue and over ig times the average annual principal
and interest requirements combined. Earnings available for principal and
Interest requirements totaled $65.422 during the 7 months ended Oct. 31
1924. A price increase of 5 cents per hundredweight of ice will shortly go
-year contract has recently been entered into with the
into effect and a 20
Telling-Belle-Vernon Co. of Cleveland. With these new developments
the management conservatively estimates that net earnings will be increased
-V. 120. v. 713.
to substantially $115,000 per annum.
New York Canners, Inc.
-Tenders.
Class "A" shares are entitled to preferential non-cumulative cash
at the rate of $6 per share annually, and after provision for such dividends
First Preferred stockholders of record Feb. 9 have the right to offer 1st
and for the sinking fund and for non-cumulative cash dividends at the rate Pref. stock to the Sinking Fund on or before Feb. 25. if presented at the
of $4 per share annually on Class "B" shares, the Class "A" shares and company's office. Rochester. N. Y.
-V. 120, p. 593.
Class "B" shares (on the basis of shares to be presently outstanding) will
participate equally in any further distribution of dividends. Dividends
New York Transit Co.
-Dividend Increased.
-F. Class "A" shares are callable
payable Q.
on the Class "A" shares are
The directors have declared a dividend of 75 cents a share, payable April
on any dividend date after 30 days' notice, all or part, at $100 per share.
Class "A" shares participate on liquidation to the extent of $85 per share, 15 to holders of record March 20. In the last 5 quarters the company
-V. 120, p. 462.
and no more, before any distribution on the Class "B" shares. Free of paid dividends at the rate of 50 cents a share.
Massachusetts State income tax. Transfer agents. Bankers Trust Co.,
Niles-Bement-Pond Co.
New York, and First National Bank, Boston. Registrars, Mechanics Sc
-Balance Sheet Dec. 31.
Btston.
Metals National Bank, New York, and State Street Trust Co.,
[Including Associated Companies.]
Data from Letter of Alfred H. Chapin, President of the Company.
1923.
1924.
1924.
1923.
-A Massachusetts corporation. Was organized 25 years ago.
Company.
Assets
5
Liabilities$
$
It began operations with four hammers and the necessary accessory equip- Property account-18,208,494 18,334,551 Common stock__ 8,500,000 8,500,000
concerns Inv. in other cos__
ment and has grown until to-day it is one of the largest dropforging
54,847
43,809 Preferred stock__ 1,672,200 1,674,200
in the United States, with equipment comprising 104 hammers, 25 trip Inventories
8,130,214 9,106,582
do Assoc. cos_ 2,295,000 2,300,100
hammers, 44 presses, three sets of rolling equipment, tools for the partial Accts.& notes rec_ 1,695,494 2.686,522 Notes payable__. 1,300,000 1,874,895
or complete machining of forgings and miscellaneous equipment, including Cash
1,199,940 1,196,604 Accounts payable
-treating plant. The three plants, which are Securities
a complete modern heat
52,600
285,250 (incl. taxes)____ 897,506 1,441,353
located at Springfield and Chicopee. Mass., have an aggregate floor area
Adv. payments on
of 179,453 sq. ft. The net tangible assets value is $3,865,037.
contracts
134.679
88,895
Issued.
Res.for completing
Capitalization (After Proposed Readjustment)- Authorized.
16,337
contracts
55,000 shs. 55,000 shs.
Class "A" shares (no par value)
Res.for depreen._ 7,343,198 7,087,521
55,000 shs. 55,000 shs,
Class "B" Common shares (no par value)
Total (ea. side)_29,341,589 31,653,318 Surplus
7,244,790 8,624,233
-The growth of the business of the company is reflected in
Earnings.
The usual comparative income account was given in V. 120, p. 713.
the increase in its sales from $615,900 in 1910 to $6,362,682 in 1924.
Earnings (after certain debit and credit adjustments) for the three fiscal
Northern Pipe Line Co.
-Annual Report.
years ended Oct. 31 1924, after all charges, including depreciation, Interest.
State and Federal taxes and other adjustments were:
Calendar Years1924.
1923,
1921.
1922.
1924.
1922.
1923.
Net income all sources... $214,205
$453,050
$482,167
$308,155
$4,404,362 $7,100,637 $6,362,682 Dividends
240,000
Net sales
400,000
400 000
1,000,000
1,106,480
1,447,725
619.176
Rate
y(10%)
Net earnings.
y(6%)
(16%)
x(25%)
The average net earnings for three years amounted to $1,057.794,
Balance, surplus
def.$25,795 def$91,845 def$517,833
$53,050
dividends on the Class "A" shares at $6
being more than three times
x Includes special dividend of $15 per share ($600,000) distributed Jan. 1
per share, of $330,000, leaving a balance of $727,794. The average annual
1922, all of which was paid out of earnings accumulated since March 1 1913.
requirements for Class "A" sinking fund on above earnings is $218,338.
-Company shall set apart for or credit to a sinking fund y These dividends were distributed from earnings accumulated since
Sinking Fund.
for the Class "A" shares, amounts which shall be at least equivalent tO March 1 1913.-V. 120. p. 462.
(first year
30% of the annual net earnings for the preceding fiscal year"A" shares
prorated), remaining after provision for dividends on the Class
O'Gara Coal Co.
-Bonds Called.
annual rate of $6 per share: such payments to be used in the purchase
at the
Fifty-five ($55,000) First Mtge. 5% 50-Year Sinking Fund Gold bonds
of Class "A" shares, if obtainable, at prices not in excess of $75 per share.
Any unexpended balance of sinking fund moneys shall be held in cash, dated Sept. 1 1905, have been called for payment March 1 at 105 and int'
-V.117,P.780.
deposited in bank or Invested in securities legal for investment of New at the Equitable Trust Co.,trustee,87 Wall St.,N.Y.City.
York or Massachusetts savings banks, until such time as Class"A" shares
Ohio Cities Ice & Fuel Co., Dayton, O.
-Bonds Offered.
can be purchased at or below $76 per share, whereupon such moneys shall
be used in the purchase of Class "A" shares. Payments into the sinking -Hyney, Emerson & Co., Chicago, and Schultz Brothers
fund shall cease when all of the Class "A" shares shall have been retired
or when the amount set apart for or credited to the sinking fund shall & Co., Cleveland, are offering at 100 and interest $400,000
equal $85 per share of the then outstanding Class "A" shares.
1st Mtge. 7% Serial Gold bonds.
-Listing.
National Acme Co.
The New York Stock Exchange has authorized the listing of $5,000,000
capital stock. Par $10. on official notice of issuance, share for share, in
exchange for outstanding capital stock, par $50.
-11 Months Ended Nov. 30 1924.
Income Account
Net sales, 116,633,571: less cost of good sold, including material,
labor and factory expense, $5,883,916: manufacturing profit,..-$749,654
Less: Sales exp., $535,099; admin. and general exp.. $367,364_ __ 902,464
Operating loss
Other deductions (including $345,639 interest paid)
Other income
$152,809
556,451
rr 79,378
Net loss for period
-V.120, p. 592.
$629,882
-Dividend Increased-Report.
National Candy Co.
The directors have declared a semi-annual dividend of 314% on the
Common stock, payable March 11 to holders of record Feb. 17. This
compares with semi-annual dividend of 3% each paid on the Common
stock in March and Sept. 1924.
Income Account for Calendar Years.
1924.
1922.
1923.
Calendar Years$775,313
$892,189 $711,457
Earnings, all sources
126,835
119,785
113,200
Depreciation
See x
45,000
30,000
Reserve for taxes
87,252
Extraordinary charges
70,000
70,000,
dividends (7%)
First preferred
118,951
118,951
118,951
Second preferred dividends (7%)
(5%)264,725(5%)264,725
(63i %)317,670
Common dividends
Balance, surplus
-V. 118, p. 915.
$111,857
$273,728
$57,331
-Report.
National Improvement Co.
Ohio River Edison Coal Co.
-Bonds Sold.
-Union Trust
Co., Cleveland, Otis & Co. and Porter & Co. have sold at
prices to yield approximately 5% to 6.60%, according to
maturity, $1,000,000 1st Mtge.6%% Serial Gold bonds.
The company OVIIIS extensive stripping coal properties in Jefferson County
-V.118.
See National Cloak 3/ Suit Co.under "Financial Reports" above.
Ohio, and has a contract with Pennsylvania-Ohio Power 5r...Light Co. to
p.802.
furnish coal to the steam electric power plant of Ohio River Edison Co..
for a term
years.
National Mortgage Co. of California.-Preferred Stock which it has leasedproperties, of 999completion of the acquisition of coal
The mortgaged
upon
-Mortgage Sales Co. of California, San Francisco, lands from the proceeds of this issue, will consist of acreage to be owned in
Offered.
an estimated recoverable tonnage in excess of
are offering $4,000,000 6% Cumul. Pref. (a. & d.) stock and fee simple having No.8steam coal,strip mining equipment,tipple5,500.000
and bins,
tons of Pittsburgh
400,000 Common shares of no par value, in units of one share and (by the pledge of stock and bonds) of about 33i miles of standard
Pref. stock and four shares of Common stock at $120 per gauge railroad and rolling stock.
of
unit.
October 1. Exempt
Preferred dividends payable semi-annually April and Federal income
normal
from California personal property tax and Francisco, depository. tax.
Wells Fargo Bank & Union Trust Co.. San buying and selling mortgages
-Is engaged in the business of
Company.
California real estate. In
and bond issues secured by income-producing
in loans or homes,apartments,
acquiring mortgages the company specializes the larger cities of tho State.
properties, mainly in
stores and down-town
issues
It is the policy of the company to purchase mortgages and bond
savings
best suited to the investment requirements of insurance companies, reduce
wide distribution of loans and
banks and individuals, provide for
operating expenses to a low unit cost. The invested capital of the company
In addition to
is at all times represented by interest-bearing securities. revenue in cominterest on the loans the company has additional sources of
missions and discounts earned incident to making its loans. Initial diviCompany commenced operations June 23 1924. It paid its
dend on the Pref. stock outstanding Oct. 1 1924.
-Authorized capital consists of $4,000,000 6% Cumul.
Capitalization.
Prof. stock (par $100) and 400,1000 shares of Common stock without par
value,of which 160001)shares are now being offered in conjunction with the
Preferred in the ratio of four shares of Common with one share of Preferred.
Officsrs.-George S. Walker, Pres.; J. IT, McCallum. V.-Pres.; 0. H.
Old Ben Coal Corp.
-Listing.
The New York Stock Exchange has authorized the listing of $8,000,000
1st Mtge. 20
-Year 6% Gold bonds, due Aug. 1 1944.-V. 120, p. 94.
Paige-Detroit Motor Car Co.
-23% Stock Dividend
Par Value of Common Shares Changed.
The directors have declared a
% stock dividend on the Common
stock, payable April 1 to holders of record March 16 and the regular quer-,
terly cash dividend of 30c. a share on both the old and new Common stocks,
payable April 1 to holders of record March 14.
The stockholders on Feb. 9 voted to change the authorized Common
stock from 600,000 shares of $10 par value to 1,000,000 shares of no par
value, holders to have the right to exchange share for share, which will
leave 400,000 shares remaining in the treasury.
Earnings for Calendar Years.
1923.
1924.
$39,851.131 $46,296,600
Sales
$1.949,664 $3.180.971'
Net after charges but before Federal taxes
-V. 120, p. 713.
FEB. 14 1925.]
THE CHRONICLE
Pierce-Arrow Motor Car Co.
-Annual Report.
Calendar Years1924.
Net mfg. profit
41,155,584
Other income
z37,195
y Oper. exp.(additional)
Inventory losses
Total income
Deduct-Interest (net)
Prior Pref. divs
Preferred dividend
Bal...surp.,.for year__
1923.
4952.564
1922.
$571,991
1921.
$1,810.498
2,246,875
4,197,022
$1,192,779
$441,718
126,000
$952,564
$579,852
94.500
$571,991 $8,254,395
$561,182
$509,317
$625.061
$278,212
S10.809 d1$8,963,712
(2%)200,000
*Loss. x After providing for depreciation of $737,931 in
and
$779,827 in 1923. y These operating expenses of $2,246,875 are1924addi"in
tion to the amount absorbed in manufacturing cost." z Net profits
of
Pierce-Arrow Finance Corp.
-V. 119. P. 3018.
Pittsburgh Steel Co.
-Earnings.-
.
six Mos.Ended Dec.31 1924.
1923.
1922.
1921.
Sales
$8,770,020 $11,489.562 $12,062,938 $6,609,876
Net profits
def145,356
892.771
404,770
242.035
- 119, p. 2188.
V.
'Pittsburgh Terminal Coal Corp.
-Initial Dividend.
-
The directors have declared an initial dividend of 13
, % on
4
stock, payable March 1 to holders of record Feb. 18.-V. the Preferred
119, 13• 3018.
Port Arthur Canal & Dock Co.
-$500,000 First Mtge
(Guaranteed) 6% Series "B" Bonds Sold to Bankers.
See Kansas City Southern By.under "Railroads" above.
-V.118, p.2960.
Prairie Pipe Line Co.
-Shipments.
-
Month of January
Shipments of crude oil (barrels)
- 120, P. 339
.
1925.
1924.
4,441,289 3,942.645
Pure Gold Mfg. Co., Ltd., Toronto.
-Stock Sold.
-
839
the Eastern Middle Anthracite coal fields. The lands are leased from
Lehigh Valley Coal Co., estates of Charles S. Ooze and Tench Coxe. Philadelphia & Reading By. and Philadelphia & Reading Coal & Iron Co.
of these lands, over 800 acres have been definitely proved to contain
excellent beds of anthracite coal and are at present under intensive development. All leases run to the exhaustion of the property except one which
matures in 1949. The average royalties and minimum payments on the
operation as a whole are about the standard of present day coal leases.
The properties are contiguous, more or less interdependent upon each
other for practical and efficient operation and absolutely so for economic
results. Candlemas Collieries Co. owns a small piece of fee land which
is of great importance in the operation of certain of the leaseholds, and
in the satisfactory drainage of water therefrom.
The recoverable coal in the controlled areas available for market, is
conservatively estimated by R. V. Norris & Son and Mr. J. B. Warriner
at 6,060,000 tons, with the possible addition of 2,025,000 tons.
Included in the foregoing estimate is not loss than 500.000 tons of stripping
coal, which can be removed at very low cost and the mining of which enables
us to take advantage of good market conditions and maintain our production
at an even rate.
The Candlemas Collieries Co. notes are also issued under an indenture
dated Feb. 1 1925 with American Exchange National Bank. New York. •
trustee. They bear 6% interest from Feb. 1 1925, payable semi-annually.
and mature 3100,000 annually on the same dates as the Silver Brook Anthracite Co. notes. The trust indenture under which the notes of Silver Brook
Anthracite Co. are to be issued will contain proper provisions to the effect
that any additional capital stock of Candlemas Collieries Co. will be pledged
thereunder for the benefit of these notes; that no additional funded debt
will be created by Candlemas Collieries Co. unless the evidences thereof
are pledged thereunder for the benefit of these notes; that no cash dividend
(in excess of a limited annual amount) or other cash distribution will be
made by Candlemas Collieries Co., except under special conditions defined
in the trust indenture; that Candlemas Collieries Co. will cause the terms
of the leases hereinafter mentioned to be carried out and will not assign
or modify such leases in any material way; and that Candlemas Collieries
Co. will make all necessary repairs and replacements and will carry all
customary insurance upon its properties. The Candlemas Collieries Co.
will also carry, use and occupancy insurance in sufficient amount to care
for interest and principal of its notes during the time its breaker is likely
to be rendered inoperative by fire or other insurable risk.
Security.
-There is to be deposited with American Exchange National
Bank,trustee under said indenture dated Feb.1 1925. the following collatera.
security: (a) $1,000,000 stock (total authorized and outstanding) of
Candlemas Collieries Co.. and (b) $1,000,000 (entire funded debt) of
Candlemas Collieries Co. 6% Serial Gold notes.
Earnings (Candlemas Collieries Co.) Eight Months Ending Dec. 31 1924.
Earnings from operations, $219,064; miscell., income. $1,328-- $220.392
Sundry charges
19.449
P. H. Deacon & Co.. Brouse, Mitchell & Co. and
Housser, Wood & Co.,
Toronto, have sold at $24 50 per share 20,000 shares
capital stock (no par
value). Authorized, 60,000 shares; outstanding,50,000
shares. No bonds,
Preferred stock or bank loans.
The company has acquired and is now carrying on
the business of the
pure Gold Mfg. Co., Ltd. (Ontario charter),
and
stock ownership of Todhunter, Mitchell & Co., also. through complete
Net profit applicable to deprec., depletion & interest charges- $200,942
Greening & Co., Ltd., maintain their good-will Ltd., and Thomas B. Balance Sheet
(Candlemas Collieries Co.) Jan.1 1925 (After Present Financing).,
and trade-names. The
business dates back in its initial stages to
before 1870. Company deals
Assetsin coffee, spices, flavoring extracts, chocolate
Liabilities
coatings, icings, &c., and its Breaker, mach., eq., &c_$1,067,674 Capital stock
$1,000.000
products are well known. A growing
0,000
on. Company's chief manufacturing export business is also being carried Leaseholds
1,300,000 Serial 6% notes....,.1,00
13,850
distributing warehouses in western andplant is located in Toronto, with Prepaid insurance
4,827 Accounts payable
eastern Canada.
Prepaid royalties
4,875
Net earnings for 11 months ended
82,778 Interest due
Nov.
taxes and after giving effect to the saving30 1924. after depreciation and Deferred charges
7,833
87,016 Royalties due
of interest on the new mone
Advanced to other cos_ ___
provided, were $104,000. Earnings for
49,161 Due Haddock Mining Co. 240.427
Accounts receivable
73.824
97,887 Reserve for depreciation__
$118,000. The business has maintained the full year are (December est.
an uninterrupted dividend recor
Cash
for 24 years with the exception of
99,503
56,398 Reserve for depletion__
certain war years when profits were
earned but not distributed.
305,429
Surplus
Sales for the past 3 years have been as
follows: 1922, $1,478,000; 1923,
Total
$2,745,744
$2.745.744
Tot,a`
$1,471,000; 1924 (December est.), $1,510,000.
As the earnings of the company
are at a rate to warrant a distribution
Simbroco Stone Co., Boston, Mass.
the directors have signified their
-Consolidation.
intention of placing this stock on a dividend
basis of $1 50 per share per
The stockholders
annum. An initial dividend is expected at Highland Sand & of National Simbroco Corp., Simbroco Stone Co. and
an early date.
Gravel Co. have approved the consolidation of the
companies and the management is proceeding to put the consolidation
into effect. The articles of organization of the new Simbroco Stone Co.
Quissett Mill.
-Balance Sheet Dec. 31.have been prepared and will be presented to the Commissioner of CorporaAssetstions so that a charter may be granted.
1924.
1923.
Ltabinifes-1924.
1923.
Real est.& mach_ _ $2,258,500 $2,255,440 Common
The terms of
stock_...$2,000,000 $2,000,000 rendering the old consolidation are briefly stated as follows: Upon surCash,receivables&
certificates, stockholders will be entitled to receive stock
stock_ _
305,000 in the new Simbroco Stone Co. and cash as follows:
investments__ 1,976,133 2,032,515 Preferred payable_ 305,000
Accounts
40,851
52,259
(1) The holders of Simbroco
Inventory
731,655
797,437 Reserve for taxes_ 150,000
150,000 and 67c. in cash for each shareStone Co. Pref. to receive one share of Pref.
of old stock. (2) The holders of Simbroco
Res've
Total(each MO--$4,966,288 $5,085,392 Profit for depree'n 1,579,002 1,529,002 Stone Co.Common to receive on share of Common for eaclgshare of old stock.
and loss_ ___ 891,435 1,049,130
-V. 118, p. 3207.
(3) The holders of Highland Sand & Gravel Co. Pref. to receive one
share of Pref. and ;2 in cash for each share of old stock. (4) The holders
of Highland Sand & Gravel Co. Common to
Rand (Gold) Mines, Ltd.
-Gold Production (in Ounces).
- and 40c. in cash for each share of old stock. receive two shares of Common
Jan. *25. Dec. '24. Nor.'24. Oct.
(5) The holders of National Simbroco 1st Pref. to receive two shares
'24. Sept. '24. Aug.'24. Jut?''24.
823,692
825,273
802,313
827,583
799,422
809,571
829,437 of Pref. and $2 in cash for each share of old stock. (6) The holders of
-V. 120, p. 339.
National Sintbroco 2d Prof. to receive ten shares of Common for each
share of old stock. (7) The holders of National Simbroco Common
Real Silk Hosiery Mills, Inc.
- Series "A" to receive one share of Common for each share of old stock.
The directors have declared a 33 1-3%-331-3% Stock Dividend.
stock dividend, payable March 11 (8) The holders of National Simbroco Common Series "II" to receive
to holders of record Feb. 25. In addition.
a cash dividend of 75c. a share three shares of Common for each share of old stock.
has been declared, payable April 1 to
holders of record March 20 on the
200,000 shares which will be outstanding
Soper-Mitchell Coal Co.
-Bonds Offered.-Sehribenerafter payment of the stock dividend. See also V. 120, p. 462, 714.
Boenning & Co., Philadelphia, are offering at par and int.
$600,000 1st Mtge. 7% SinkingTund Gold bonds.
(Robert) Reis 8c Co. and Subsidiaries.
-Gross Sales.
- Dated Aug. 11924; due Aug. 1 1939.
Quarter Ended Dec. 31
Int. payable F.& A. Tax refund
1924.
1923.
1922.
to holders in Pennsylvania. Company
Gross sales
81,847,081 $1.771,162 $1,742,094 income tax not exceeding 2%. Denom. agrees to pay normal Federal
-V. 119, p. 1745.
$1..000,8500 and $100c*. Callable
and red., as a whole, on any hit, date on 60 days' notice after Aug. 1 1925
at 107 and int., decreasing 34 of 1% annually to maturity. Pennsylvania
Remington Typewriter Co.
-4% on 2d Pref. Stock.
Co.for Ins. on Lives & Granting Annuities, Philadelphia, trustee.
The directors have declared two quarterly dividends
Capitalizationof $2 each per share
Authorized. Issued.
(Nos. 68 and 69) on the 2d Pref. stock, payable
March 25 to holders of 1st Mtge. 7% bonds
record March 14. This payment will reduce
$750,000 $600,000
accumulations on the 2d Common stock (Dar $100)
Pref. stock to $10 a share.
1.000.000 636.000
The directors also declared a regular quarterly
Data from Letter of W. H. Soper, President of the Company.
dividend (No.
on the 1st Prof. stock, payable April 1 to holders of record75) of 1'%%
Property.
-Consists of 1,147 acres of coal in the Scott' Run section of
March 20.
-V. 120. P. 339.
what is known as the Pittsburgh and Sewickley veins, owned in fee simple,
together with mines, tipples, modern electric equipment, &c., with an
Rima Steel Corp. (Rimamurany-Salgotarjan
annual capacity of about
Iron free from faults, and of an 600,000 tons. The veins are nearly 6 ft. thick,
Works, Ltd.), Hungary.
excellent quality, especially desirable for railroad
-Listing
fuel. Both mines have a solid slate roof and ideal mining conditions.
The New York Stock Exchange has authorized the
Mines are located about four miles below the Pennsylvania State line in
-Year (Closed) 1st Mtge. Sinking Fund gold 7% listing of $3,000,000 the celebrated Scotts Run
30
section of Monongalia County, W. Va. The
Feb. 11955. See offering &c. in V. 119. p..594. 714. coupon bonds, due properties enjoy excellent transportation
facilities.
The properties have been examined by Edward V.d'Invilliers Engineering
Rolls-Royce of America, Inc.
Co. of Philadelphia, who estimate the properties contained over 8.250,000
-Resignation.
tons of recoverable coal and who value the coal lands, surface, mines,
S. de K. Kelm, Gen. Sales Mgr. since 1920, has resigned.
-V. 118, p. equipment, buildings,
3088.
&c., after full depreciation, to be in excess of
$1.123,000.
Earnings.
Silver Brook Anthracite Co., Wilkes-Barre, Pa.
-For the four years and two months period from November
1919 to December 1923 incl., the
-Green, Ellis & Anderson, New York, - and Federal taxes, amounted net earnings before depletion, depreciation
Notes Offered.
are
to $592,151, or an average of $142,116 per
offering at prices ranging from 98 and int. to 100% and int., annum. This is at the rate of about 334 times the interest requirements
then been
to yield from 5.48% to 6.47%, according to maturity, of this issue, had the bondshas operated outstanding. For the first six
months of 1924, the company
at full capacity and at a profits
$1,000,000 6% Collateral Trust Serial Gold notes.
Sinking Fund.
-The mortgage provides for a sinking fund of
ton of all coal mined, with a minimum payment of $20,000 per 12c. per
annum.
Dated Feb. 11925. to mature serially $100,000 on each Feb. 1 from
for additional sinking fund
Feb. 1 It also provides for the setting
1926 to Feb. 1 1935, incl. Int. payable F. & A. without deduction of of two-thirds of the company'sasideearnings annually. Bonds purposes
net
normal Federal income tax up to 2%. Denom. $1,000 c*. Red,
called for sinking fund purposes in numerical orders at 100 forare to be
the first
whole on any int. date upon not less than 30 days' notice at par andas a 200 numbers. 101 for the next 200 and 102 for the
its.
and premium equal to 14% of principal amount for each year or fraction for all bonds of $500 and $100 denominations. remaining numbers and
Sinking fund operates
of a year remaining from date fixed for redemption to maturity date. quarterly at the office of the trustee.
Prin. and int. payable at office of American Exchange National Bank,
New York. trustee.
Southern Pipe Line Co.
-Balance Sheet Dec. 31.Data From Letter of Pres. John C. Haddock Jan. 28.
1924.
1923.
1924.
1923.
Comany.-Incorp. in Delaware. Company has acquired all the
AssetsLiabilities$
capital
$
$
$
st,cek $00,006% Serial Gold notes of the
,
1,0 000) and $1,000,0
ial
Plant
10,000,000 10,000,000
funded debt), and the retirement of such Candlemas Other Investments 5,971,232 5,970,849 Capital stock
Collieries Co. (entire
7,572,530 7,762,571 Deprec'n reserve 2,505,897 2,333,088
Candlemas
Collieries Co. note issue and the interest thereon creates the funds necessary Acets receivable
133,871
951
206,659 Acc'ts payable_ _ _ _
901
for the payment of the principal and interest of the Silver Brook Anthracite Cash
26,121
110,723 Profit and loss__ _ _ 1,196,906 1,716,813
Co. note issue.
Candlemas Collieries Co. owns leases on upwards of 3,900 acres of land
Total
Total
13,703,754 14,050,802
13,703,754 14,050,802
located near Hazleton and McAdoo. Pa., generally described as part of
The income account was published in V. 120, p. 715.
[VOL. 120.
THE CHRONICLE
840
-Initial Dtvidend.Standard Gas Equipment Corp.
has
An initial dividend of 2% on the Common stock of $100 par value
semibeen declared, payable March 2 to holders of record Feb. 16. The
annual dividend of 3Ji% also was declared on the Preferred stock, payable
-V. 119. p. 2540.
on the same date.
Sterling Products(Inc.) 8c Subs..-Bal. Sheet Dec.31.1924.
$
AssetsLand.bides.,mach.,
equipments, dtc.x2,431,519
Inv. In cap stock
Ile other companies 3.063,501
U. S. Govt. seem, 2.825,812
Notes & accts. rec. 1.596.788
3,993,139
Cash
3,334.621
Inventory
Deferred expenses_ 102.122
Empl.stock accts.
,
46,164
Patents, good-will,
trademarks,he. 9.890.196
1923.
$
2,159,695
3.063,501
2.791.560
1,600,718
3.839.925
2,691.000
38.233
62.426
10.044.314
1924.
$
LiabilitiesCapital stock...- _y14,512,330
Sterling Rem'y Co.
a135.950
Pref, stock
1.092.228
Accts. payable
Notes payable.-- 1,950.000
829,076
Divs. payableFederal and State
1,657.740
taxes. he
Contingency res- 1.000,000
Cap. sur. Sterling
1,419
Remedy Co-...
6.305,095
Surplus
-Earnings.U. S. Realty & Improvement Co.
1923.
1924.
Aline Months Ended Jan. 31$3,713,311 $3,611,348
Total income
1.326,466
Expenses, depreciation, Federal taxes and interest 1.267.951
$2,445,360 82.284,882
136.200
Net income
887.602 -V. 120, p. 716, 464.
2,800.000
629,086
-Unfilled Orders.United States Steel Corp.
See under "Indications of Business Activity" on a preceding page.1,412,633 V. 120. p. 716.
1.000.000
1923.
$
14,512,330
1,294
4.710,226
27,283.84128,089.371
Total
27.283.841 26.089.371
x Land and bidgs.. $1.969,951: machinery & equip.. &c.. $1.052,955:
total $3,022,906: less reserve for deprec.. 6591.387. y Capital stock Sterissued
ling Products. Inc.. authorized. 1.000,000 shares, no par value,
625.000 shares, no par. a Not owned by holding company. p. 463.
The comparative income accounts was published in V. 120,
Total
-Dividends.
United States Hoffman Machinery Corp.
The directors have declared a quarterly dividend of 50c. per share on the
Common stock, no par value, and a quarterly dividend of 1%% on the
Pref stock, both payable March 1 to holders of record Feb. 20. Initial
dividends of like amount were paid on the Common and Pref. stocks on
-V. 120, p. 597.
Dec. 1 last.
_
-Permanent Debentures Ready.
Sun Oil Co.
7,
-Year 5344 Sinking Fund Gold debentures due Sept. 1
Permanent 15
Co.
1939 are now ready for delivery at the offices of Lee, Higginson Ss
(For offering, see V. 119, p. 951.)-V. 120. p. 219.
-Liquidation Dividend.
Superior Copper Co.
share
The company has declared a dividend in liquidation of 82 49 per
on its 100,000 shares payable Feb. 12. The company received $80,000
other
from the sale of its property, which, with securities in hand and
assets that have been since converted into cash, brought total cash balances
up to 8249,000.-V. 120, p. 596.
-Balance Sheet Dec. 31.Superior Steel Corp.
1923.
1924.
Liabilities$1,957.800
lot Pref.stock1,307,800
26 Pref. stock__
Common stock_ __14,154,223 1.250.515
Pref,stock ret'd by
2,234,400
sink. 01., par val
2,606.000
1st Mtge.8s
157,875
88,017
Accounts payable_
75,000
Dividends payable
171.378
70,270
Reserve for taxes_
11.292
Pref, sink. td. res_
803,011
531,987
Tot.(each side).87,525,477 37,893.871 Surplus
The income account was given in V. 120, p. 715.
1923.
1924.
AssetsPlants and bldgs.,
less res.for depr.$4.245,605 $4,736.443
825.323 1,018.506
Cash
519,981
519,292
Bills ele accts. ree
1,483.848 1,127,695
Inventories
408,088
U.S.Govt. oblig'n 200.000
57,919
34,044
Treasury stock, he
28,239
Deferred charges_ _ 217.385
(R. E.) Thompson Radio Corp.-Status.Pres, R. E. Thompson says: "The company is in a strong financial
condition with working capital in excess of 8500.000: the plant is well
equipped and the manufacturing organization efficient. It is expected
that by the end of February the corporation will be handling a capacity
business.'-V. 120, p. 219.
-Production.United Verde Extension Mining Co.
Month ofCopper output (lbs.)-V. 120. p. 344.
Jan. 1925. Dec. 1924. Nov. 1924.
3.687,440 3,136,660
3,739,542
Oct. 1924.
3,539.536
-Production.Utah-Apex Mining Co.
In January the company produced 25,300 tons et lead ore, an increase
of 10.016 tons over December and the largest monthly output since the
big war boom.
-V. 120, p. 464.
-Annual Report.Waldorf System, Inc.
Calendar YearsTotal sales
Cost of sales
1921.
1922.
1923.
1924.
$13.552,491 $13,910,056 $12,118,597 $10.309,809
8,834.014
11,695.652 12.201.510 10,423,287
Income from operation 11.856.748 81.708.546 $1.695.310 11,475,795
88.750
114.391
127.404
83.200
Income credits
Gross income
$1.939,948 81.835.950 81,809.710 11,564.551
Deprec., amort. of leaseholds, Fed. & State
744.618
642,602
685,407
836.939
taxes, &c
81.103.009 11.150,543 31,167.108
381,457
980.148
1.498.296
76.029
113,585
112.151
.
8819 933
76,419
53.696
Gross surplus
$2.713.456 $2,244.276 81,624,594
62.540
50,536
43.080
First Preferred dividends
66.710
69,246 o 68.882
Preferred dividends_.,,.
401,610
514,411
545.762
Common dividends
113,586
112,151
107,575
Sinking fund
36.704
Miscellaneous
$950,042
69.361
55,688
327,979
76.029
39,528
$980,149
$381,457
Net income
Previous surplus
Adjustments credit
Profit & loss, surplus.. $1,911.087 $1.498.296
-V. 119. p. 2421.
-Transfer Agent.
Wanner Malleable Castings Co.(Del.)
The Equitable Trust Co.of New York has been appointed Transfer Agent
-V.120. P. 344, 96.
of the Preferred and Common stock.
-Listing.
Ward Baking Corp.
The New York Stock Exchange has authorized the listing of $31,271,400
of Class
- 7% Cumulative Preferred stock (par $100). 84.061 shares"B" Common
-Dividends.
-Operations.
Tonopah (Nev.) Mining Co.
Common stock (no par value). and 500.00 I shares of Class
to add 8728,000 Pref, stock and 2,939
The company,in a letter to stockholders,says in substance:
stock (no par value), with authority
"During 1924 the company continued to operate profitably, and, after shares Class "A" Common on official notice of issuance in exchange for
the payment of all exploration and development work, dividends of 15 cents outstanding minority stock of Ward Baking Co.
and over $100.000 added to workper share were paid to the stockholders,
Consolidated Balance Sheet Dec. 27 1924.
ing capital.
"On Feb. 2 1925. the directors declared a distribution out of the earnings
(Ward Baking Corp. and subsidiary companies.)
or profits of the company accumulated prior to Mar. 1 1913 in the amount
Liabilities
of $500,000. or 50 cents per share, payable on Feb. 25 to stockholders of
Assetsc$31,271,400
$3,715.730 Capital stork
record Feb. 11. After careful consideration of this question It was unan.,i, Cash
mously agreed that the foregoing distribution, amounting to approximately U.S. Mts. of indebtedness__ 509,250 Minority int. in Ward Baking
584,921
Co. and subsidiaries
964.354
one-quarter of the current quick assets of the company, could be properly Accounts receivable
5,553,600
1,784,551 Funded debt
made to the stockholders, leaving in the company's treasury securities Inventories
40,000
336.202 Mortgage payable
readily available for use in the business of raining for which the company Investments
150,049 Reserve for self-insurance__ 100,449
was chartered. The company's investments are held under careful super- Stork held for employees
1,073,493
vision, and the original mining property at Tonopah continues to be a Reserve fund inve3tments___ _61.200,496 Reserve for contingencies
844,570
621,940.828 Accounts payable
source of revenue.
Property and plant
103,614
"The company has been advised by counsel that the foregoing distribution Deferred charges
640,705 Salesmen's & cust.'s deposits_
509,192
- Organization expenses
Is exempt from taxation under the present Federal income tax law."
122,883 Estimated Federal taxes__
558,170
Dividends payable
V. 120. 1: 715
0•
Pats., copyrights, g'dwill, he..11.383.413
.
111,930
Employees'Inv. fund
72.529
Sundry accruals
-Annual Report.
Truscon Steel Co.
2,124,593
$42,748,461 Surplus
Total (each side)
1923.
1924.
Calendar Years
$21,369,000 $22,105,000
Gross earnings
a U. S. Third Liberty Loan bonds deposited with Department of Labor
1,536,356
908,278
Net, after depreciation
inunder Workmen's Compensation Laws. $26.513; U. S. certificates of
-V. 118, p. 919.
indebtdebtedness to cover self insurance, 5100.482: U. S. certificates ofvalue as
Appraisal
edness and cash to cover contingencies. $1.073.500. b
Union Oil Co. of California.-Annual Report.
at Dec. 311922. $21.179.724: net additions since appraisal to Dec.27 1924,
$6,289,870; total, 827.469,594. Less reserve for depreciation, $5.528,766.
1921.
1923.
1922.
1924.
Calendar YearsCommon
$65,950,218 $72,962,577 $58,337,141 $59,027,577 c 7% Cumulative Preferred stock (par $100 each), 8312,714: "B" (no
Gross sales
stock Class "A" (no par value), $84,601; Common stock Class
Net profits after int., depar value). $500,000.-V. 120. p. 597.
preciation, depletion,
Federal taxes, &c.--- 10,704.047 8,032.649 10,735.875 10,528,208
-Bonds Offered.-Estabrook & Co.,
-V. 120, p. 596. 219.
(S. D.) Warren Co.
-Annual Report.
Union Storage Co.
Calendar YearsNet earnings
Depreciation
Dividends
1924.
$78.001
11.095
42,000
1923.
$92.748
11,098
42,000
1922.
866,063
14,396
35,000
Balance, surplus
Previous surplus,adjusted
$24.906
297,336
$39.650
257,458
$16,667
237.313
$332.242
$297,108
$253,980
Profit and loss, surplus
-V. 119, p. 2420.
-No Extra Div.
United Engineering & Foundry Co.
The direetors have declared the usual quarterly dividend of 2% on the
Common stock. Previously the company paid an extra dividend of 1%
in addition to the regular quarterly dividend of 2%.-V. 118. v. 2192.
-Stock Increased.
United States Gypsum Co.
The stockholders on Feb. 11 increased the authorized Capital stock
from $10,000,000 to 115,000,000. par $20. (See also V. 120. p. 597.)
Earnings for Calendar Years.
1922.
1921.
1923.
1924.
86.825,696 56.848.942 $4,370,771 $2,639.553
Net earnings
$553,323
8271.418
$470.216
$670,591
Depreciation
200,000
300.000
500.000
Contingencies
465,093
481,522
764,696
988,725
Federal taxes
417.785
418.881
421.178
592,076
Preferred diva. (7%).,
x4,292,515(24)1180,491 (14)619,659 (9)374,670
Common dividends
4910,587
52,281,789 83.429.253 62.080.493
Balance, surplus
Profit & loss surplus-- -112,595,681 $9,045.049 $5.615,795 $3,5.35.302
stock dividends. In 1923 includes
x In 1924 includes 31% cash and 35%
extra of 20% stock and 4% regular in cash. In Dec. 1922 a stock dividend
of 10% was paid and 4% in cash. In 1921 5% was paid in Common stock
besides the regular cash dividends. These are incl. in the above amounts
shown.
-V. 1N, p. 597.
Lee, Higginson & Co., Parkinson & Burr, Marshall Field,
Glore, Ward & Co., and Continental & Commercial Trust &
Sayings Bank are offering at 98 and int., to yield about
6.15%, $6,000,000 1st (Closed) Mtge. 20-Year 6% Sinking
Fund Gold bonds.
of
Company manufactures and distributes the Warren standard lines
book and high-grade printing papers, which are nationally advertised and
sold throughout the country. Company was lncorp. in April 1918 in Mass.,
succeeding to the old established and prosperous business originally founded
by Samuel Dennis Warren in 1854.
The annual average net profits after depreciation available for bond Into
terest charges and Federal taxes were $1,025.228 for the 14 years1911
1924, inclusive, and $1,285,975 for the 6( years 1918 to 1924, inclusive
-V. 108, p. 1420.
-Preferred Dividends.
Weber & Heilbroner, New York.
on
o
The four quarterly cash dividends of 1wy each, declared last week
the Preferred shares, are payable March 1, June 1. Sept. 1 and Dec. 1 tea
Nov. 16, respectively.
holders of record Feb. 16, May 15, Aug. 17 and
See also V. 120, p. 716.
-Extra Dividend, &c.
(Wm.) Wrigley Jr Co., Chicago.
The directors have declared an extra dividend of 50c. a share, payable
April I to holders of record March 20. In addition the directors declared
four monthly dividends of 25c. each, being payable April 1, May 1, June 1
and July 1 to holders of record the 20th of each preceding month. William
Philip K. Wrigley has been elected President, succeeding.
Wr4.'ev Jr.. who has been elected Chairman of the Board. W. B. Stanley
-V. 120. F. 716, 591
.
rnd Philip K. Wrigley have been added to the board.
-Report.
Yellow Taxi Corporation (and Subsidiaries).
The company reports for the year ended Dec. 31 1924 net earnings of
$619,988: surplus adjusted, 8248,572; paid in value of Capital stock.
on
61,326,418; total surplus, $5,194,978 (represented by 389,300 shares
-V. 119. IL 1520.
Common stock outstanding of no oar value).
FEB. 14 1925.]
THE CHRONICLE
841
gleports p.antiIUSHC lwiPoicinntuts.
AS
REPUBLIC IRON & STEEL COMPANY
YOUNGSTOWN, OHIO
TWENTY-FIFTH ANNUAL REPORT—FOR THE FISCAL YEAR
ENDING DECEMBER 31 1924.
To the Stockholders of the Republic Iron"& Steel Company:
INCOME ACCOUNT AND STATEMENT OF SURPLUS
FOR THE YEAR ENDING DEC. 31 1924.
The Board of Directors submits herewith its Twenty-Fifth
operations after deducting charges
Annual Report of operations for the fiscal year ending Net Earnings fromand
for maintenance
repairs of plants, amounting to
$3,932,21
December 31st 1924, together with a Financial Statement Interest 6 25
13.769,35386
and Income from Investments
645,303 25
and General Report on the condition of the property at the
Total Profits for the Year
54.414,657 11
close of the year.
Less:
Provision for Depreciation and Renewals of
Plants
51,133.13
0 64
Provision for Exhaustion of Minerals
INCOME REPORT.
240.957 83
Interest and Discount on Bonds
1,122,632 34
The promised improvement in the Iron and Steel market
2,496,720 81
referred to in our last Annual Report, while realized
Net Profits for the Year Applicable to Dividends
$1.917.936 30
, was,
Surplus at December 31 1923
33.003.835 76
contrary to general expectations, of short duration.
How534.921.772 06
ever, the first quarter of the year was a period of
Deduct:
decided
Dividends
-8% on Preferred Stock
activity and of firm prices. Following this period,
*2.000.000 00
as a
Net Surplus Carried to Balance Sheet
result of adverse political developments and of general
$32.921.772 06
dis- •Regular dividend 7% and the balance in arrears
of 1%•
couragement felt over tax relief measures, business
confiBALANCE SHEET DEC. 31 1924.
dence was unsettled, and in consequence, enterpri
se slowed
ASSETS.
down, prices weakened and general liquidation
Capital Assets—
followed. Property Accounts:
The trade situation was further complicated by the
Cost a Properties December 31 1923_ _ __$102,190,660 51
Federal
Net additions for the year ending DeTrade Commission's order abolishing a long-est
cember 31 1924
ablished
3,865.471 04%
Gethod of selling steel, which intensified the market
5106.056,131 55
demoral- Investments:
ization and caused further price declines to
In Potter Ore Company
5,401,000 00
very unprofitable
Investments in an advances to other
levels. Advantage was taken of this period of
companies
1,926,130 05
poor demand
2,327,130 05
and low prices, to close down our Bessemer
Cash Deposited With Trustees—
Steel Works, Cash resources held by
Trustees for account of bond sinking
for reconstruction and improvements, which
funds
required about
2.244 35
Current Assets—
five months for completion and in consequ
ence costs during Inventories of manufactured
products, materials and
this period were not only burdened by idle
expenses, but also
supplies on hand
514.295,949 62
adversely affe tted by shorter -hours of work,
Ore at docks
,
2.718,206 00
high wage
scales,and subnormal_employment,_as product
Accounts and notes receivable after deduct- 517.014,155 62
ion during
ing reserve for doubtful accounts
5,481,277 15
this period averaged only 45% of capacity
Investment in United States Treasury
.
Certificates
As a result of these conditions, profits were
989.895 83
on a declining Cash in banks
1.466.557 46
scale throughout the year, reaching low ebb
24,951.88606
Deferred Charges—
during the third
Expenditures for explorations, stripping at mines, advanced
quarter, with gradual improvement, however, during
royalties, bond discount and expense, chargeable to
the
fourth quarter, as a result of increased production.
future operations
2.584,879 24
Taken
as a whole, the year's operations were disappoi
$135.922,271 25
nting both in
Net Current Assets
$20,153,892 76
volume and profits. Production for the year
averaged
LIABILITIES.
about 60% of capacity, while average selling prices
Capital Stock—
were Common-300,000 shares of $100 each....- $30,000,000
_
00
substantially below those for the preceding
year, and in Preferred 7% Cumulative-250,000 shares
of $100 each
25,000.000 00
consequence, profits declined, total net earnings
applicable
555,000,000 00
10-30 Year 5% Sinking Fund Mortgage Gold Bonds—
to dividends for the year ending December 31st
(Total authorized issue $25,000,000 00)
1924 being
Total issued
$1,917,936 30.
$20,869,000 00
Less: Bonds purchased for
During the year there was expended for
Sinking Fund
58.819,000 00
improvements Bonds held in Treasury
522,000 00
and betterments approximately $3,860,000 00,
9.441.000 00
which improvements are referred to in detail elsewhere in
11,428.000 00
Refunding and General Mortgage Sinking Fund
this report.
Bonds (Total authorized issue 510,000,0 5Si% Gold
Additional improvements have been authori
00 00)—
zed for the year Total issued
110.000,000 00
Less: Bonds purchased for Sinking Fund
1925, to 'he approximate amount of $3,500,000; the
522,000 00
principal
9,478,000 00
First Mortgage 6% Serial Gold Bonds
•tem being a by-product coke works for our Souther
Outstanding on
n blast
Bessemer Mines Nos. I and 2
400,000 00
urnaces. Upon completion of this plant
Potter Ore Company Bonds—
out entire coke $65.000 00 Outstanding First Mortgage
5% Bonds guaranequiremonts will be on a by-product basis.
teed jointly with Tennessee Coal, Iron & Railroad
The cost of
Company, less that Company's proportion
32,500 00
his plant will be financed by an issue of short-term
Current Liabilitie
notes Accounts Payable s—
January 2 1925, secured by an issue
sated
$3,117.643 13
Federal, State and Other Taxes
of Refunding
827,355 19
Accrued Bond Interest
eneral Mortgage 5% Gold Bonds.
415,494 98
Provision for Dividend payable January
2,
In this connection it may be of interest to state
1925
437.500 00
that,
4,797.993 30
• ue to expenditures heretofore made, our manufac
Reserves—
turing For Exhaustion of Minerals and Mining
acilities are now thoroughly modernized, and
Equipment
while the full For Depreciation and
$5,032,580 92
Renewal of Plants
encfits hem all improvements have not been
55
For Relining and Rebuilding Furnaces_ __ _ 14,894,572 26
realized, due For Fire
721,227
and Accident Insurance
ither to recent completion or lack of operation,
635,687 64
yet, not- For Contingencies
579,937 52
ithstanding very substantial reductions in costs
21.864,00589
were made
Surplus—
luring the year and additional economies will accrue
Balance December 31 1924, per attached statement
32.921.772 06
from
he employment of recent improvements and also from
$135,922,271 25
imrovements now authorized, when completed.
WORKING CAPITAL.
III
The following statement covers items affecting Working
During the year the regular quarterly dividends
were paid Capital from organization of the Company to December 31
n the Preferred Stock and, in addition, the balance of 1% 1924, and is followed by Comparative Stateme
nt of Net
n account of pieferred dividends in arrears was paid. Working Assets, as shown by the books of the Company as
at December 311922, 1923 and 1924:
ccordingly, the appropriation from Surplus
Account Working Capital May 3 1899
56,500.000 00
mounted to $82,063 70, leaving the net balance of
Collateral Notes Issued October 1 1904
7,000.000 00
Surplus Bond Issue October 11904
10,000.000 00
count as at December 31st 1924, $32,921,772 06.
Preferred Capital Stock Sold
110.000 00
10-30 Year Bonds Issued
20.869,000 00
Working Capital was likewise reduced during the year
Mortgage
on AdditionalNotes on Haselton Property
1,475,000 00
Preferred Stock Sold
4.583.100 00
count of expenditures for improvements heretofore author- Additional Common Stock Sold
2,809,000 00
Refundin
Mortgage
ed, leaving the balance of Working Capital as at Decem- Amounts g and General of Profits Bonds Issued
10,000.000 00
Reserved out
for Depreciation and Renewals. Insurance and Contingencies
or 31st 1924, $20,153,892 76, which amount is ample for Net Profits May
22.000,005 89
31 1899 to December 31 1924
82,033,541 86
esont corporate purposes.
$167,379,647 75
[VOL. 120.
THE CHRONICLE
842
PROVISIONAL FUNDS.
EXPENDED.
Dividends on Preferred Stock
Dividends on Common Stock
Collateral Notes Paid
Bonds Retired
Heselton Notes Paid
Bond Sinking Fund
Investments, etc. (less Potter Bonds)
Prepaid Mining Expenses, etc
New Construction
Property and Plants
$41,543,936 87
7,553.472 00
7.000.000 00
20,084.500 00
1,475,000 00
2,244 35
•
2,694.490 98
2.584.879 24
55,936,472 35
8,350,759 20
Net Current Assets per Balance Sheet
Consisting of:
Inventory
Ore at Docks
Accounts and Bills Receivable
U. S. Treasury Certificates
Cash
$14,295,949 62
2.718,206 00
5,481.277 15
989.895 83
1,466.557 46
Less Current Liabilities
324.951.88606
4.797.993 30
• Net Current Assets
For
Depreciation
and Renewal
Year Ended of Plants.
Dec.31 1924314,894,572 55
Dec.31 1923_ 14,704,415 53
Dec.31 1922_ 13,594,518 44
$20,153.892 76
147,225,754 99
320,153,892 76
For
•
For
Raining
Exhaustion
of
of
Furnaces.
Minerals.
85,032.580 92 $721,227 26
4,791,62309 1,248,926 00
4,460.588 00 1,095.123 77
For
Fire and
For
Accident
Insurance. Contineencia
$635,687 64 8579,937 62
693,902 06 635,310 04
744,615 54 644.054 49
NEW CONSTRUCTION AND PROPERTY
ADDITIONS
Additions to the Property Account during the year aggregated $3,865,471 04. The total New Construction to Date,
December 31 1924, is:
$12.703,822 72
27,206.897 58
15,309,298 47
765,044 63
Blast furnaces
Steel plants, rolling mills and factories
Ore mines, coal mines, coke ovens and quarries
Miscellaneous
$55,985,063 40
Total
SUMMARIZED COMPARATIVE STATEMENT
COMPARATIVE STATEMENT OF NET WORKING
PROPERTY ACCOUNT.
ASSETS.
Dec. 31 1924. Dec. 31 1923. Dec. 31 1922.
Current Assets314.295,949 62 $14,683.088 40 313,831,185 35
Inventory
2,718,20600 2,140,850 14 2,412,478 94
Ore at Docks
Accounts and Bills Receiv7,201,290 57
5,481.277 15 4,912,245 51
able
989.895 83 4,470.625 00
U. S. Treasury Certificates_
1.466,55746 3,968,630 97 1,760.439 81
Cash
Less Current Liabilities__
Net Current Assets
$24,951.886 06 $30,175.440 02 $25,205,394 67
4,797,993 30 4.754,927 03 9.048,623 75
$20,153,892 76 $25,420,512 99 316,156,770 92
COMPARATIVE STATEMENT OF INCOME.
Year Ending
Year Ending
Year Ending
Dec. 31 1924. Dec. 31 1923. Dec. 31 1922.
Net earnings from Operations, after deducting
chargesfor Maintenance
and Repairs of Plants,
amounting to:
$3,769,353 86 $8,600,792 32 $2,189,408 47
Dec.31 1924,$3,932,216 25
Dec.31 1923, 4,833.72751
Dec.31 1922, 2,732.623 42
Interest and Dividends Re331,453 47
645,303 25
ceived
667,003 64
Total Profits for the Year $4,414.657 11 39,267,795 96 $2,520,861 94
Less
Provision for Depreciation
and Renewal of Plants___ 31.133,13064 $1,404.578 97 $1.002,372 67
Provision for Exhaustion of
Minerals
222,810 32
240,957 83
384,358 89
Interest and Discount on
Bonds and Notes
877.367 10
1.122,63234
1,226,639 80
32.496,720 81 33.015,577 66 32,102,550 09
Net Profits Applicable to
$418,311 85
Dividends
$1,917,936 30 36,252,218 30
Add
Surplus Dec. 31 1923
333.003 835 76
Surplus Dec. 31 1922
330.001,617 46
Surplus Dec. 31 1921
$29,576,329 35
34,921,772 06 336,253,835 76 $29,994,641 20
Deduct
Dividends on Preferred Stock 2,000.000 00 3.250.000 00
Net Surplus Carried to
Balance Sheet
$32,921,772 06 333,003,835 76 $29,994,641 20
INVENTORIES.
In accordance with the usual custom of the Company
inventory was taken at cost on all products mined, manufactured or purchased by it. For all classes of material the
inventories are in no case higher than present market prices.
ClassificationFinished product
Pig iron
Puddle mill products
Billets, blooms, slabs
Ores
Scrap
Ferro-manganese
Fuel
Rolls, molds and stools
Stores
Commissary supplies
Miscellaneous
As at
As at
As at
Dec. 311924. Dec. 31 1923. Dec. 311922.
$4,698,071 51 $4,054,170 75 $3,549,784 96
397,162 68
1,280,464 76 1,604,287 13
27,706 64
94,472 17
60,943 84
601,641 19
638,671 37
1,056.637 80
3,802,236 67 4,673.083 50 5,526,127 40
476.989 48
370.808 73
720.701 67
164.510 81
54,907 64
79,872 59
630,809 52
544,636 79
239.903 48
172,777 51
164.325 16
152,521 22
1,793.274 13 2.072,54230 1,955,896 93
81.097 37
100,303 47
86,115 47
246,680 86
310,879 39
325,206 48
Year Ending
Dec. 311924.
New construction
$3,816.879 99
Property additions
6.508 95
Property sold
55 100 00
Unexpended balance of provision for depreciation and re190,157 02
newals for year
Net balance of property account86,128,978 08
OF
Year Ending Year Ending
Dec. 311923. Dec. 31 1922.
83,158,497 12 $273,712 50
83,382 83
49,676 25
42 325 00
918.594 68
984,897 09
82.694,621 89 80,970,705 70
LABOR AND EMPLOYMENT.
During the year no change was made in steel producing
labor rates, for in general at our steel works and factories,
labor is now being paid the same rates as were in effect
September 1923, when the twelve-hour turn was eliminated.
The average yearly earnings per man tabulated below, show
a slight change as compared with the previous year. This
comparative yearly average of wages was influenced by various factors, the two principal ones being, that pig iron production South did not decline in proportion to the reduction
made in output of steel products North, and, consequelitlir,
outhern wages reflect less unemployment; on the other
hand, Northern labor costs show an increase, due to the
fact that in the year previous elimination of the twelvehour turn did not become operative until September, whereas
the current year reflects the full influence of this increased
cost.
AVERAGE NUMBER OF MEN EMPLOYED.
NorthOre mines
Coal mines and ovens
Furnaces
Works
Year Ending Year Ending Year Ending
Dec.31 1924 Dec.31 1923 Dec.311922
242
437
214
997
1,840
1,322
443
876
834
5,357
7,319
6,757
Total North
South-'
Ore mines
Coal mines and ovens
Furnaces
Commissaries
9,127
10,472
7,039
682
753
449
35
694
781
507
41
509
844
397
37
Total South
Grand Total
1.919
11,046
2,023
12,495
1,787
8,826
TOTAL EXPENDED FOR LABOR.
Year Ending
December 31 1924
December 31 1923
December 31 1922
Amount.
819.280,523 79
• 22,076,565 56
13,108,275 22
Average
Per Man.
$1,745 00
1,76700
1,485 00
UNFILLED ORDERS AND BUSINESS OUTLOOK.
The year 1924, except for a brief period of activity, for
reasons stated elsewhere in this report, was disappomting
in volume of trade. Since the November elections, however,
a very substantial improvement in demand for iron and steel
314.298,94962 314.683,08840 $13,831,185 35 has occurred and some recovery in price realized.
Total
As to present business conditions, it may be said that at
COMPARATIVE STATEMENT OF EARNINGS AND no time since the war has the business structure rested upon
DISPOSITION OF INCOME.
a firmer basis or have we had a more reassuring political
Year Ending
Year Ending
Year Ending
outlook. Under these conditions, with agriculture prosperDec. 31 1924. Dec. 31 1923. Dec. 311922. ing, money abundant and cheap, enterprise should be stimu$4,414,657 11 89,267,795 96 $2,520,861 94
Gross profits
At all
Depreciation and charges- _ 2,496.720 81 3,015,577 66 2,102,550 09 lated and demand for iron and steel broadened.
418,311 85 events, we start the year 1925 with a fair reserve of orders
1.917,936 30 6,252,121 30
Net profits
00 3,250.000 00
2,000,000
Dividends
418,311 85 on hand and with operations close to normal.
'82,063 70 3,002,218 30
Amount carried to surplus._
Balance surplus account_- 32.921,772 06 33,003,835 76 29,994,641 20
The balance of Unfilled Orders on hand as of December 31
1924, as compared with previous years, is as follows:
Deducted.
•
GROSS VOLUME OF BUSINESS.
FINISHED AND SEMI-FINISHED.
Year Ending
December 31 1924
December 311923'
December 31 1922
$43.982,523 20
59,043,130 76
39,123,708 18
COMPARATIVE STATEMENT OF ANNUAL CHARGES TO COST OF PRODUCTION AND DEDUCTIONS FROM PROFITS FOR REPAIRS AND
1, MAINTENANCE, DEPRECIATION AND
OTHER PROVISIONAL FUNDS.
Year EndingDecember 31 1924
December 31 1923
December 31 1922
Tons.
228,965
88,955
162,025
Year EndingDecember 31 1924
December 31 923
December 31 922
Year Ending Year Ending
Dec. 31 1924. Dec. 311923.
33,932,216 25 $4,533,727 51
Repairs and maintenance
Charges for depreciation and re1,108,130 64 1,404,578 97
newals of plants
Total
Provision for exhaustion of
erals
Year Ending
Dec. 311922.
$2,732,623 42
1.002.37267
$5.040,346 89 $5,938,306 48 $3.784,996 09
3240,957 83 $384,358 89 $222,810 32
PIG IRON.
Tons.
67,874
72,956
57.923
The Board of Directors takes pleasure in expressing its
appreciation to the officers and employees of the Compay,
for the loyal and efficient services rendered by them durin
the past year.
By Order of the Board of Directors.
Respectfully yours,
JOHN A. TOPPING, Chairman.
FEB. 14 1925.]
THE CHRONICLE
843
PENNSYLVANIA WATER & POWER COMPANY
REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR 1924.
Submitted to the Stockholders of the Company at the Annual
Meeting Held February 10 1925.
The Board of Directors of the Pennsylvania Water &
Power Company have pleasure in submitting to the Stockholders a statement of the Company for the fiscal year
•
ending December 311924.
The total revenue for the year from all sources amounts to _- $2,686,465 99
After making provision for interest charges, taxes, operation
and maintenance, there remains a surplus of
1,264,837 23
Which has been disposed of as follows:
Dividend of 2% for quarter ending March 31
$195.386 00
Dividend of 2% for quarter ending June 30
195,386 00
Dividend of 2% for quarter ending September 30
214,924 00
Dividend of 2% for quarter ending December 31
214,924 00
Transferred to Depreciation Reserve
210,010 00
Transferred to Reserve for Sinking Fund
100,000 00
Transferred to Contingent Fund
130.000 00
Balance carried to Profit and Loss
4,207 23
A comparison of Gross Income tor 1924 with 1923 shows
a gain of $562,038 17; a like comparison of Net Revenue
shows a gain of $282,099 44.
Your Company's Reserves (exclusive of $725,000 in Sinking Fund)show an increase over 1923 of $370,070 79 and now
total $2,410,796 21.
DEMAND FOR HYDRO ENERGY.
The above increases in Gross Income and Net Revenue
have been obtained despite the slowing down in industrial
business, which was evident during 1924. Early in the year
your Company put into operation two additional generating units of 20,000 horse power each, raising the total installed hydro-electric capacity of your Holtwood power house
to 150,000 horse power. Shortly thereafter, these additional
generating units were loaded up to their full capacity.
FINANCING.
Durinethe year there were issued $1,000,000 of your Company's Series "A" 534% bonds, and 9,769 shares of common
stocklagainst the construction work and the acquisition of
the Holtwood Power Company common stock above referred
to. The above stock was sold at a premium of $122,112 50.
MAINTENANCE.
In line with its past practice, your Company continues to
employ generous sums in maintenance, thereby keeping its
equipment up to the high standard of condition set in previous years.
From the net revenue available for distribution after expenses and bond interest charges, your Company has allocated to Contingent Fund $130,000. There has been set
aside for Depreciation Reserve $210,010.
Your Directors wish to take this opportunity of making
special acknowledgment of their appreciation of the excellence of the work of the emproyees and of their loyalty and
interest exhibited.
CHARLES E. F. CLARKE,
President.
PENNSYLVANIA WATER & POWER COMPANY.
STATEMENT OF CONDITION DECEMBER 31 1924.
ASSETS.
Plant, Proper
771nd Power DeVelopment
9
$22.040.902 6
Plant Additions in Progress
400,295 56
Securities- in other Companies
4,927.585 55
Loose Plant and Stores
130.242 88
Prepaid Charges
9.921 59
Accounts Receivable
508.067 27
Bills Receivable
25,000 00
Cash in Hands of Trustees for Bond Redemption
100,518 77
Cash inglanks and with Agents
1,141,952 29
SUPPLEMENTARY STEAM PLANT.
The growth of the electric business in the territory receiving energy from your Company continues, and as a result
ot the investigations which have been carried on, your Company in the Spring of 1924 decided to supplement its existing hydro-electric generating capacity by proceeding with
the first stage of the erection of a steam plant at Holtwood,
Pa. Construction work was undertaken in the Summer of
1924 and is being pushed forward rapidly so as to have the
plant available for service in 1925. The plans call for a first
installation of 30,000 horse power in two steam units, the
layout being such as to permit of a final steam station capacity of 135,000 horse power, when desired. The Holtwood Power Company was formed for this purpose. It has
issued $1,500,000 of common stock, all of which is owned by
your Company, and it has provided for a total issue of
$25,000,000 of bonds, of which $2,750,000 of Series "A".6%
bonds have been issued to provide for the initial installation
of 30,000 horse power.
NEW TRANSMISSION LINES.
The energy demand of your customer, the Edison Electric
Company of Lancaster, Pa., whose contract for energy was
renewed during 1923for a period of ten years, has so increased
as to require the building of two additional transmission circuits to supply its requirements. These two circuits, carried on a steel tower line, are to be operated initially at
70,000 volts and at 110,000 volts later on, if necessary.
Their construction was undertaken early in 1924 and they
were ready for operation by the end of that year. A 30,000
kilowatt transformer s'cation was provided at each end of this
new transmission line.
Your Company has also constructed during 1924 a steel
tower transmission line for high voltage operation between
Baltimore and Gunpowder Falls. This line is on your Company's existing 100 foot wide right-of-way strip, and is
planned as a line in a future 60 cycle transmission line connection between Baltimore and Holtwood. At present it is
to be used for the transmission of energy for your customer,
the Consolidated Gas Electric Light & Power Company of
Baltimore.
The agreements with your Company's new customers, the
Edison Light & Power Company of York, Pennsylvania, and
the Chester Valley Electric Company of Coatesville, Pennsylvania, went into full operation during 1924 and the load
from these companies is now beginning to build up substantially.
$29,284,486 60
LIABILITIES.
Capital Stock
510.746,200 00
First Mortgage 5% Bonds
$12,500.000 00
Less Bonds Redeemed by Trustees or Cancelled for Sinking Fund Investment
699,000 00
11,801,000 00
First Refunding Mortgage Gold Bonds 5%%- 5,000,000 00
Less Held in Treasury
2,000,000 00
3.000,00000
Premium on Capital Stock
122,112 50
Accounts Payable
433.920 66
Accrued Interest on 53i% Gold Bonds
41.250 30
Sinking Fund
725.000 00
Reserve for Sinking Fund
25.000 00
Reserve for Taxes
212.455 94
Depreciation Reserve
1.312,80072
Contingent Fund
860,539 55
Profit and Loss Account
4,20723
829.284.486 60
Certified Correct,
JAS. L. RINTOUL,
Treasurer.
Audited,
SHARP, MILNE & COMPANY,
Chartered Accountants.
January 12 1925.
PROFIT AND LOSS ACCOUNT.
By Income from All Sources
$2,686,465 93
To Operating Expenses
$194,734 80
To General Expenses
152,531 99
To Taxes
222,100 00
To Maintenance
204,992 15
774,358 94
By Balance Brought Down
To Interest on First Mortgage Bonds
To Interest on First Refunding Mtge. Bonds
$1.912,107 05
$574,800 00
73,333 34
Net Revenue
Balance from 1923
648,133 34
$1,263,973 71
863 52
Total
$1,264,837 23
Distributed as follows:
Dividend 2% for quarter ending March 31
Dividend 2% for quarter ending June 30
Dividend 2% for quarter ending September 30
Dividend 2% for quarter ending December 31
To Depreciation Reserve
To Reserve for Sinking Fund
To Contingent Fund
Profit and Loss Account
$195,386 00
195,386 00
214,924 00
214,924 00
210.010 00
100.000 00
130,000 00
4,207 23
$1,264,837 23
Certified correct,
JAS.L. RINTOUL,
Treasurer.
Audited,
SHARP, MILNE & COMPANY,
Chartered Accountants.
January 12 1925.
844
THE CHRONICLE
[VOL. 120.
GENERAL BAKING COMPANY
ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 27 1924.
New York, January 30 1925.
To the Stockholderz:
The Balance Sheet of the Company as at December 27
1924 is submitted herewith:
The Net Profits for the year after making provision for Depreciation of the Plants and Property, Bond Interest and
Income Taxes, amount to
$5,276,118 16
To this should be added the Surplus at December 29 1923_ __ _ 4,614.819 79
Making a total of
$9,890,937 95
Dividends have been paid on April 1, July 1 and October 1
1924 and January 2 1925 as follows:
General Baking Company:
Preferred Stock—U.60 per share
$726,200 00
Common Stock-166.00 per share
2.578.314 00
3,304,514 00
Leaving undistributed Surplus at December 27 1924 of
$6,586,423 95
The sum of $1,638,322 39 was expended during the past
year for add'tions to the Company's plants and charged to
the property accounts. This sum includes expenditures for
the erection of a new plant in New Haven, Connecticut,
and an additional plant in Brooklyn, New York, both of
which are expected to be in operation within the next four
months. It also includes additions to our plants in Buffalo
and New York City, New York; Springfield, Massachusetts;
and Hartford and Waterbury, Connecticut, as well as improvements to other plants of this Company to increase their
efficiency or to provide additional facilities.
The sum of $783,957 14 was charged off against the profits
for depreciation of the plants and equipment of this Company and the total Reserves for Depreciation amount to
$4,518,229 77, all of which have been created out of earnings.
During the past year we have acquired by a purchase of
capital stock, the cost of which is reflected in the attached
Balance Sheet, control of the Gardner Bakeries, Inc., bakers
of Gardners' Famous Cakes and Bread, with manufacturing
plants located in Baltimore, Maryland, and Norfolk, Virginia.
The total current assets now amount to $9,693,366 92,
which includes $6,000,000 par value of U. S. Liberty Bonds
and Notes, of which $750,000 par value were purchased during the past year. The total current liabilities, including
provision for Federal Income Taxes, amount to $2,206,995 71
and deducting this amount from the total current assets
there remains a working capital of $7,486,371 21.
The books of the Company have been audited by Messrs.
Price, Waterhouse (lc Company and their certificate is attaehed to the statement accompanying this report.
•
Respectfully submitted,
By Order of the Board of Directors,
WILLIAM DEININGER,
President.
LIABILITIES.
Capital Stock:
$8 00 Cumulative dividend prefered stock—
Authorized 100,000 shares of no par value, preferred as
to assets to the amount of$100 00 per share:
Issued and outstanding, 90,775 shares
$9,077,500 00
Common stock—
Authorized 500,000 shares of no par value:
Issued and outstanding 429,719 shares
8,134.240 00
$17,211,740 00
First Mortgage Bonds:
General Baking Co.6% due June 11936:
Issued
33,700.000 00
Less—Redeemed and canceled by trustees of sinking fund
1,794,000 00
Kolb Bakery Co. 5% due Jan. 1 1937:
Issued
$2,000,000 00
Less—Redeemed and cancelled by trustees of sinking fund
522,000 00
$1,906,000 00
Dillman Bakery, Inc.,6% due March 1 1935:
Issued and outstanding
Current Liabilities:
Accounts payable
Provision for Federal Income Tax (est.)Accrued interest on bonds
Dividends payable Jan. 2 1925, of—
$200 per share on preferred $181,550 00
$1 50 per share on common 614.578 50
1,478,000 00
236,000 00
3,620,000 00
8616.386 12
715.000 00
49,481 09
826,128 50
2.206.995 71
6.586.423 95
Surplus
$29.625,159 66
56 Pine Street,
New York, January 30 1925.
AUDITORS' CERTIFICATES.
We have audited the books and accounts of the General
Baking Company and have examined the financial statements of the branches for the year ending December 27
1924 and find that the foregoing balance sheet is correctly
prepared therefrom.
During the year only actual additions have been charged
to property accounts and due provision has been mado for
depreciation of plant and equipment.
The inventories of stocks on hand, as certified by the responsible officials, have been valued at cost or market whichever was the lower. The cash and securities have been verified by actual inspection or by certificates from tho depositaries. The deferred charges represent expenditures reasonably and properly chargeable against the ensuing period.
Adequate reserves have been made for bad and doubtful
accounts receivable and for all ascertainable liabilities, and
We certify that the accompanying balance sheet is properly drawn up and, in our opinion, fairly sets forth the financial position of the company at December 27 1924.
PRICE, WATERHOUSE & CO.
GENERAL BAKING COMPANY.
BALANCE SHEET DECEMBER 27 1924.
GENERAL BAKING 'COMPANY.
DIRECTORS.
A. J. Arnold, Providence, It, I.
F. II. Frazier, New York City
T. H. Banks, Now York City
W. II. Gibson, Philadelphia, Pa.
Capital Assets:
A. A. Clarke, New York City
Courtiand Kelsey, Now York city
Land, buildings, machinery and equipment $18,100,044 75
W. H. Collins, Montclair, N. J.
Louis J. Kolb, Philadelphia, Pa.
Less—Reserve for depreciation
4.518.229 77
C. Leslie Lowes, Rochester, N.Y.
$13,581,814 98 Wm. Deininger, New York City
E. A. Dexter, Springfield, Mass,
Trade-marks, trade names, copy-rights and goodwill
G. N. Meissner, St. Louis, Mo.
5.000,000 CO
Geo. E. Fawcott, New York City
W.II, Pratt, Cleveland, Ohio
$18,581.81498 B. S. Ferguson, Boston, Mass,
F. It. Shepard, Boston. Mass.
Investment in Other Corporation
890.500 00 R.H.Fleischmann, Now York
City R. Z. Spaulding, Binghamton, N. Y.
Deposited with Trustees of First Mortgage Bonds:
OFFICERS
Cash in sinking fund
$624 00
WILLIAM DEININGE R, President
Mortgages on real estate
365,000 00
F. R. SHEPARD, Vice-President
365,62400
F. H. FRAZIER, Vice-President
A. A. CLARKE. Treasurer and Secretary
Current Assets:
J. L. DAYHOFF, Asst. Treasurer F. TINLEY, Asst. Secretary
$1,597,660 87
Cash in banks and on hand
Investments:
EXECUTIVE COMMITTEE
WM. DEININGER
U. S. Liberty bonds and notes (par value
L. J. JOLB
5,879,854 78
GEO. E. FAWCETT
$6.600,000 00)at cost
C. LESLIE LOWES
Companies' own bonds purchased (par
F. H. FRAZIER
F. R. SHEPARD
192.344 77
value $203,300 00)
T. II. BANKS.
Accounts and notes receivable (less reGENERAL COUNSEL
serves)
551,822 35
SIMPSON, THACHER & BARTLETT, NEW YORK
Stocks of materials and supplies on hand
TRANSFER AGENT
and in transit
1.471.684 15
AMERICAN EXCHANGE NATIONAL BANK, NEW YORK
9,693.36692
Deferred Charges:
REGISTRAR
Prepaid Insurance, taxes. &c
93.8E376
AMERICAN TRUST COMPANY, NEW YORK
$29,625.15966
GENERAL OFFICES
342 MADISON AVENUE, NEW YORK
ASSETS.
FEB. 14 1925.]
THE CHRONICLE
845
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, February 13 1925.
COFFEE on the spot has been rather dull with No. 4
Santos 27% to 28%e.;No.7 Rio,223/2c.;fair to good Cucuta,
27% to 28c.; Honda, 29% to 30e.; Medellin, 30% to 31c.
To-day the demand for spot here was light with No. 7 Rio
22% and No. 4 Santos 27% to 27/0. There were reports,
3
however, that in the interior the demand had improved very
noticeably. Coffee futures have declined, reflecting lower
Brazilian markets. The announcement that a $35,000,000
lown would be granted to Brazil had only a momentary effect.
People have no means of knowing whether or not it would be
applied in any way to coffee interests. On the decline here
there was a good deal of covering of shorts. That acted as a
kind of brake. On the 10th inst. final Brazilian cables
showed a reaction of 200 to 500 reis at Rio, a decline of 1-64d.
in exchange to 5 43-64d. and a rise of 20 reis in the dollar.
Santos ended 225 to 525 reis lower with exchange down
1-64d. to 5 45-64d. and the dollar rate unchanged. On that
day some 51,500 bags, it was estimated, were traded in here.
March-May switches were at 155 points, July-Dee. at 165,
May-Sept. at 212 to 215, March-Sept. at 365, and May-Dec.
at 275. Cost-and-freight sales were at 25c.for 4s and 24%e.
for 5s. It is insisted that the high prices so far from causing
any decrease in consumption in this country, are even accompanied by some increase in the United States. Europe,
on the other hand,it is said, is buying less coffee. But when
It does buy, according to the opinion in some quarters, it is
more inclined to take the lower grades. Meanwhile the
quantity of Brazil coffee in sight for the United States is
946,039 bags, against 1,629,874 a year ago.
It is contended in some quarters that Santos and .
mild
coffees are too high and that in an effort to facilitate busuipss
prices for these grades will be eased. Some call attention
to the fact that there is no scarcity of Santos or mild coffees
but that the stock at Rio is down to about 256,000 bags
with fully four months to go before the new crop coffee can
be expected. The Santos stock is 1,712,000 bags, against
641,000 there a year ago. As to the possibility of a decreased
consumption some argue that if Europe, which some years
ago was forced to use substitutes, is now using real coffee
and is even vying, as some assert, with the United States as
a consumer, t'here would seem to be little danger of a serious
reduction in its use by the world. It is not questioned that
substitutes are being used in the United States to some
extent. They have even been urged on the buyer by some
roasters, in their fight against the rise in coffee. But the
effect upon consumption in the aggregate has been, it is
said, comparatively slight. It is urged that every coffee
drinker knows there is no satisfying substitute and that in
this country with the big buying power of the masses the
normal use will persist.
The differcce between the months widened and at one
time May was 155 points below March, July 110 points
below May, September 100 points below July, December 70
points below September. The difference between March
and December was 435 points. Recently March and December were switched at 425 points, with the discount on
December. Some find it difficult to understand why such
discounts should prevail. The market at the close of last
week was from 140 to 350 points below the high of Nov. 11,
and from 432 to 180 points above the low of Nov. 25. No
deliverable coffee can be bought at prices anything like as
cheaply as March futures, and each succeeding month is still
at a big discount. The spread between March and December was 245 points at one time. The premium on the spot
month, it is contended, seems likely to increase as time for
delivery approaches.. Discounts on the forward months
make them, some think, very tempting. To-day futures
declined somewhat on most months, with the cables lower.
The technical position, however, was considered better after
a recent decline of some 115 points. Rio shippers, according
to private cables, have raised their prices about 45 points,
namely,to 21.25 to21.40c.,for immediate shipment. SantosBourbon 4s-5s, good to refined strictly soft were offered, it
seems, at 25 cents. On the other hand, Santos declined 750
to 900 points, with exchange off 1-54d. to 5 25-32d., and the
dollar rate unchanged at 8$700. Rio dropped 325 to 550
reis with exchange off 1-32d. to 5 25-32d., and the dollar
rate 25 reis -higher. Closing prices showed a decline here
for the week of 35 to 45 pomts.
Spot unofficial--22 Mc. I May
- I July
March.. -20.40
18.88@18.90 September.16.80
17.8541) ----1December-16.15
_
-Prompt raws have been steady at 2%c. c. & f.
SUGAR.
Cuba with a moderate business. Some 5,000 tons of Philippine Island raws sold at equal to 2%c. and 1,700 Porto Rico
for February shipment at 2 13-16c., or 4.59c. delivered.
It is said that some 100,000 bags or more of Cuba and
Porto Rico were available on the basis of 23-c. Yet it was
noticed that holders at the same time stood their ground.
Small lots of Cuba, it is said, have been sold at 14s. c. i. f.
to the United Kingdom, equal to 2.71c. f. o. b. Cuba is
said to have already sold some 1,000,000 tons of raw sugar.
Cuban interests have been selling futures here to some extent.
Refined sugar has been quiet-that is, trade is unsatisfactory.
Prompt shipments are 6c. and later 5.90c. It is hinted,
however, that these piices are being quietly cut. And this
idea, whether correct or not, makes for a certain amount of
unsettlement. Export demand is reported small at 3.85c.
for February-March from refiners and 5 points less from
operators. Some call attention to the fact that in the teeth
of an increased crop there are now, two months after the
opening of the crop season and with at least one-fifth of the
crop made, not quite 13,000 tons more sugar in the United
States and Cuba than a year ago. The low price sitpulates
consumption. As against the big Cuban production and
hedge selling buying for investment account has also been
an effective offset. It is said that the total purchases made
up to date of Cuban sugars on f. o. b. terms by foreign
buyers, particularly the United Kingdom and Holland,
approximate 300,000 tons, or considerably more than estimated requirements. Cubas have even been bought by
Japan. That shows competition of Cuba with Java. These
sales for February and March shipment have braced the
statistical position. Holders are in a more independent
position.
It is also pointed out that recently sales of raw sugar have
fallen off. Some think the trade needs to digest the recent
big purchases before any new activity can be expected. At
the same time withdrawals against contracts and deliveries
at consignment points are reported liberal. There has been
no noticeable increase in stocks held by trade and by refining
interests. On the other hand, some stress the idea that production is beginning to overlap consumption and that this
may cause at least some temporary decline. Willett & Gray
estimate the world's cane and beet output in 1924-25 at
22,852,517 tons, against 19,699,547 in 192.3-24 and 18,119,539 in 1922-23. Increase this year, 3,152,970 tons, against
1,580,008 last year and 504,484 the year before. Himely
reported Cuban receipts for the week at 198,348 tons, exports
at 108,290 and stock at 389,467 tons. Exports north of
Hatteras were given at 65,000 tons to New Orleans, 12,666
tons; to England, 20,299; to Canada, 1,400 tons, and to
China, 4,000 tons. A statistical exhibit by Lamborn &
Co. shows an estimated world's production of 23,450,000
tons for the year ending August 1925, compared with a
world production of 10,662,000 tons for theyear ending
August 1924 and 18,742,000 tons for the year ending
August 1923. Consumption for year ending August
1925 is estimated at 21,608,000 tons, compared with consumption of 19,855,000 tons for year ended August 1924 and
19,361 000 tons the previous year. According to this
:
analysis, world supplies will exceed requirements during the
year ending August 1925 by 1,782,000 long tons.
.The weather in Cuba continues favorable to harvesting
with 177 centrals in operation as against 168 a year ago.
.
Cuba is in the top of the crop movement, total receipts for
the week ending Feb. 9 having exceeded 200,000 tons for
the first time this season. The movement to Atlantic ports,
which last week accounted for about 50,000 tons, is supple
mented by a large movement to Europe, shipments there
last week totaling over 34,000 tons. Canada and the
United Kingdom so far this year have taken over 300,000
tons of Cuban and Santo Dominican raw sugars, it is estimated. Receipts for the week at Cuban ports were 208,507
tons, against 181,234 in the previous week, 168,849 in the
same week last year and 151,397 two years ago; exports
118,358 tons, against 106,680 in the previous week, 134,138
last year and 89,602 two years ago; stock 384,040 tons,
.
against 293,891 in the previous week, 275,333 last year and
335,930 two years ago. Centrals grinding totaled 172 for
the week, against 170 in the previous week, 168 last year
and 170 two years ago. Of the exports United States
Atlantic ports received 49,485 tons, New Orleans 20,452
tons, Galveston 9,357 tons, Savannah 4,988 tons and Europe
34,076 tons. Havana cabled: "Weather favorable for
harvesting." Receipts at U. S. Atlantic ports for the week
ending Feb. 11 were 55,460 tons, against 66,536 in the
previous week, 65,483 in the same week last year and
55,902 two years ago; meltings were 54,000, against 51,000
in the previous week, 69,000 in the same week last year and
68,000 two years ago; total stock 57,160 tons, against 55,700
in the previous week, 64,708 in the same week last year and
35,291 two years ago. To-day futures were 5 to 7 points
lower. Prompt Cubas iwere quoted on the basis of
2 13-16c., or 4.59c. c.i.f. About 5,000 bags of Cuban sold
846
[VoL. 120.
THE CHRONICLE
on the basis of 2 13-16c. c. & f. prompt. It is said that the wagon to store, 13e.; motor gasoline, garages (steel barrels),
United States has thus far taken about 700,000 tons of 210.
Cuban sugar this season and foreign markets 300,000. Pennsylvania
i
$3 50 Bradford
$3 8600 Illinois
1
Chon
rc t
2 25 Corsicana. igt_
Raw sugar is now quiet. Refined to-day was slow with Corning
Cabell
$11 457
1 48
0
2 08 Plymouth
persistent reports that sales were being made at below 6 cents. Somerset, light 205 Indiana
1 70
1 95
1 88 Mexia
Wyoming
1 87 Calif., 35 & above-. 1 85
One refiner, in fact, quoted 5.90c. for later shipment. Smackover,25
2 00
2 Canae n
2 73 Gulf Coastal
Futures closed 4 to 5 points lower than a week ago and Oklahoma, deg. 1 65 Prancdran
Kansas and Texas
-Mid-Continent
spot 1-16c. lower.
Under 28 Magnolia
$1 15
$O 90 Below 30 deg
Spot unofficial- _2 13-16 May
March
2.80@2.8i July
2.93® --1September__ _3.23
3.09@ ---1December..__3.23®
-LARD on the spot has been rather quiet and lower; prime
Western 16.30e.• refined Continent 16.50c.• South America
17.50c.; Brazil, 18.50e. Latterly prime Western has been
'
16.20 to 16.30c. Cash business has.not been up to expectations. It makes a poor showing by comparison with that in
meats. Lard futures early in the week were higher with
lighter receipts of hogs, higher prices for them,some advance
in grain and quite a good deal of covering. Meats were firm.
In Liverpool lard advanced 3d. to 9d. on the 9th inst. But
later the break in grain caused a good deal of liquidation.
Professionals sold in Chicago. Eastern cash interests also
sold. There was some buying on the declines by those who
believe in the market, but on the whole there was no aggressive support. The severe breaks in wheat and corn and other
grain were a noticeable damper. Hogpacking in the West
for the week ending Feb. 7 was estimated at 962,000, against
959,000 last year. To-day futures were lower by 43 to 45
points. Hedging sales by packers had a depressing effect.
So did liquidation by commission houses. Stop orders were
caught. There was considerable buying of lard to undo
spreads between lard and oil, but it had no great effect.
Offerings were too large. While there is a fair demand for
meats, the cash trade in lard is disappointing. Receipts of
hogs are large. The Western total was 121,000. Some of
the selling was due to the decline in grain. Final prices
show a decline for the week of 63 to 70 points. Closing prices
were as follows:
DAILY CLOSING PRICES
Sat.
May delivery
cts_16.35
July delivery
16.70
September delivery---17.00
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
Fri.
16.30
16.20
16.00
15.57
16.65
16.55
16.37
Holi- 15.92
18.95
16.82
16.62
day. 16.27
PORK steady; mess $37 nominal; family $36 to $38; fat
back pork $33 to $38. Beef quiet; mess $17 to $18; packet
$17 to $18; family $20 to $22; extra India mess $32 to $33;
No. 1 canned corned beef $2 75; No. 2,6 lbs., $17 50; pickled
tongues $55 to $65 nominal. Cut meats steady; pickled
bellies, 10 to 24 lbs., 173 to 213 c.; pickled bellies, 6 to 12
lbs., 1634 to 19c. Butter, creamery, lower grades to high
scoring 3334 to 40c. Cheese, flats 25 to 26c. Eggs, fresh
gathered, mediums to extras 43 to 51c.
OILS.
-Linseed early in the week was advanced 3c. a gallon. There has been a good inquiry and buyers are said to
be more inclined to purchase ahead at the present level.
Later prices declined lc. to $1 18 for spot and $1 19 for March
April and $1 20 for May-June. Later on the demand fell
off and prices declined 3c. to $1 15 for spot raw oil in carlots,
cooperage basis, $1 16 for March-April and $1 17 for MayJune. Stocks on hand, however, are moderate. Cocoanut
oil, Ceylon, bbls. 11%c.; Cochin, bbls., 12c. Corn, crude,
tanks, mills, 103'c.; edible, 100-bbl. lots, 13% to 14 Mc.
Olive, $1 30. Soya bean, crude, tanks, 12c. Lard, prime,
183c.• extra strained, New York, 1534c. Cod, domestic,
60c.• Newfoundland, 62c. Spirits of turpentine, 93M to
964c. Rosin, $8 40 to $10 50. Cottonseed oil sales today, including switches, 46,500 P. Crude S. E., 934c. asked.
Prices closed as follows:
31-32.9
39 and above
Below 30 Moran
33-35.9
36 and above
30-32.9
1 35
1 85
33-35.9
115
36 and above
1 55 Caddo
Below 32 deg
1 70
32-34.9
38 and above
1 35
1 55
1 70
1 45
1.60
1.80
RUBBER was quiet and easier early in the week. On
the 9th inst. the market closed at 3634c. for first latex crepe
spot and 353 c. for March-April. Ribbed smoked sheets
4
were offered at 3534c. for spot, 3534c. for March, 35c. for
April-June, 34%c. for July-September and 3434c. for
October-December. Paras were dull. Later on the market
again declined both here and in London. Business remained
small. Ribbed smoked sheets spot
%
-March, 345 c., AprilJune 3434c, July -September 34c., Oct.
-Dec., 3394c. First,
3
latex crepe was quoted at 35%c. On the 11th inst. the
market declined in a dull market. Ribbed smoked sheets
were quoted at 353j to 3534c., March 353's to 3534c., April3
June 3434 to 3534c., July-Sept. 34% to 343 0., Oct.
-Dec.
/
34 to 343.'c. London on the 11th inst., after a dull and
unchanged opening, closed firmer with small advances on
distant deliveries; spot, 1734d. bid for spot, 17%d. for
March and 17%d. for April-June. Still later ribbed smoked
sheets advanced to 36c. asked for March 357 c. for April: %
June, 35%. London was firmer; 17% bid for nearby and
175 for April-June.
%
HIDES have been quiet and at one time were rather
weaker. Latterly the tone has been somewhat steadier on
common dry. Bogota, 25c.- Orinoco, 2234c. Country
hides were dull and inclined ' be lower. Bids are half a
to
cent under recent sales. City packer have been slow with
native steers quoted at 1634c., city spreads 18 to 181 20.
/
and butt brands 15%c. But these quotations are largely or
wholly nominal with very little demand. The market is not
being tested. River Plate business as a rule has been quiet
though latterly there have been rumors of more inquiry.
It was said that 8,000 Anglo steers were sold to a United
States buyer, but no particulars were given. Steers nominally 20%c. In Chicago business has been dull and big
packer hides have dropped to 15e. But even this price
does not tempt tanners. Independent hides are dull and
nominally 150. for February, all weight of native cows and
steers. Country hides were dull at 14c. for extreme weights,
1234o. for buffs and 120. for heavy end. Minnesota, 25 to
50 pounds up, sold freely at 123c., selected, Chicago,
free of grub. Packer calfskins were steady at 26e. A
moderate business was done in first salted Chicago at 25o.
Kips sold recently at 183'e. Cattle hide stocks on Dec. 31,
as latterly reported held by packers, butchers, &c., were
4,584,773, against 4,260,863 on Nov. 30.
OCEAN FREIGHTS have at times been rather more
active without much change in rates. Coal tonnage was in
best demand early in the week. The buying of flour by
Russia is equal to about 16 average cargoes.
CHARTERS included grain from Atlantic range to west Italy, February,
4s. 41.id.; coal from Hampton Roads to Marseilles, two voyages, $3 45.
option Dunkirk,$3 50 prompt; from Hampton Roads to west Italy. $3 50;
sugar from Cuba to Japan. $6 25 February; from Cuba to United Kingdom
or Continent, 21s. 6d. February; petroleum and products from Tampico
and Texas City to North Hatteras. 31c. February; from Tampico to Boston, 31c. February; from Gulf to Philadelphia, 25c.; coal from Hampton
Spot
10.70c.'April_ _ _ c _10.85010.961July _ _c-11.25011.28 Roads to Rio, $3 60 March: sugar from Cuba to
United Kingdom-ContiFebruary10.60 May
10.97010.981August---11.37©11.40 nent. 23s. 6d. March; lumber from Columbia River and Gay's Harbor
March_ -10.78 ®10.81 June
11.10(411.151September 11.47®11.49 to North Hatteras. $14 25 March; 12 months' time
-ton
charter, 3,530
delivery and redelivery North Pacific,
-Gulf crude oil was in good demand and steamer, March from Gulf to Santa Fe and Rosario, $10 25;; lumber,
PETROLEUM.
1.450 standards
150s. March 15-31:
tending higher. A good demand was reported for zero cold 35.000 quarters grain from Atlantic range to Greece, 10%, 23c. Feb. 20
canceling;
steamer,
test oils. Gas oil has also been stronger at the Gulf. There to Santos, time charter, 2,651-ton to United prompt trip down New York
$1 50; sugar from Cuba
22s.
is a better export demand for that oil. Cylinder stocks have February; 32,000 quarters grain, 10%. from Kingdom-Continent,21c. 6d.
Gulf to west Italy,
opfrom Hampton
been in good demand and firmer. Offerings were rather tions; coalfrom Tampico to Roads to west Italy, $3 50 February-March:
petroleum
prompt;from
light. Gasoline was advanced 1 cent a gallon in Covington town, six trips. 13c. prompt;Cristobal, 21c.3 months, NewTampico to Baytime charters
York, February
and Lexington and 2 cents in Louisville. Local prices were delivery. $1 1714: sugar from Cuba to United Kingdom,Continent, 235.;
to Australia, $15 March; from Gulf to Rosario.
unchanged. Demand is lagging. Kerosene meets with a lumber from North Pacific Gulf to Montevideo or Buenos Aires, $14 75
150s. March 15-20; from
good foreign inquiry, but actual business is very small. April 5: clean oil from Philadelphia to Copenhagen. 30s. 6d. March.
Prices are steady. At local refineries 73.c. was asked for
water white and 8%c. delivered to the trade in tank cars.
The Magnolia Petroleum Co. advancel crude in the MidContinent field 10 to 35 cents. Mid-Continent refiners advanced gasoline 1 cent a gallon, and are generally quoting
1334 cents for motor gasoline. Kerosene at refinery was
raised M cent. Mid-Continent crude oil of 42 gravity and
above was advanced 5 cents a barrel from $1 95 to $2 a
barrel on the 9th inst., at wells in Oklahoma, Kansas and
Texas, owned by the Sinclair, Magnolia and Prairie companies. Corning advanced 30 cents to $2 25. The Texas
Co. raised prices 25 cents on Gulf Coast crude and 20 cents
on Mexia, Curria, Powell and Wortham. Mexia is now
quoted at $1 70 and Currie, Powell and Wortham $2. The
Wortham field output for 24 hours ended Feb. 13 is estimated at 60,000 barrels, against a peak of 167,000 barrels on
Jan. 15. Gasoline advanced in eleven States on the 12th
inst. Standard of Indiana rose 2 cents. New York prices:
Gasoline,eases,cargo lots, United States Navy specifications,
29.15e.; bulk, per gallon, 150.; export naphtha in cargo lots,
17.750.; 62-63 degrees H, 19c.; 6-68 degrees, 20.50c.• kerosene, cargo lots, cases, 16.90c. Petroleum, refined, tanks,
'
COAL has been quiet with mild weather and larger stocks
at Hampton Roads. The soft coal output is large. It
may possibly be curtailed unless trade improves. Here
prices are lower. Anthracite trade is fair but not satisfactory for this period of the winter. Some mines in Illinois
have shut down and screenings are firmer. Shipments to
the West do not increase. Bituminous deened later. Navy
standard, $2 50 to $2 85 mines; $5 to $5 40 piers f.o.b.
TOBACCO has been in fair demand here and on out-oftown orders. True, the cigar manufacturing industry is
less busy for the moment, but a moderate demand comes from
this direction and prices have been steady, even if the market
discloses no features of striking interest. Wisconsin binders 20 to 25 cents; binder Northern, 45 to 50c.;'
binder
Southern, 25 to 35c.; New York State seconds, 40 to 60c.;
Ohio Gebhardt binder, 26 to 30c.; Little Dutch, 23c.; Zimmer Spanish, 30 to 35c.; Havana 1st Remadios, $1 05 to
$1 10; 2d Remadios, 85 to 95c.
COPPER has been quiet and practically unchanged. It
was estimated that 30,000,000 lbs. of copper were sold last
week. Prices were 1434 to 15c. London has been lower.
FEB. 14 1925.]
THE CHRONICLE
847
Later on the market became weaker andlthe price was nearer ganese at $115, Atlantic seaboard duty paid. Spiegeleisen
143 0. than 143/sc. the price asked by most sellers. Still sold at $33. Nominal prices for eastern Pennsylvania are
4
some quoted 150., but this is taken to mean that they are $23 to $23 50; Buffalo,$22 50 to $23; Chicago,$24 to $24 50.
out of the market. To-day the tone was rather steadier at It is supposed that these prices would be shaded on a worth14Mc. That is quoted by several interests for nearby de- while scale for desirable tonnages.
livery. It is said that sales have latterly been made at
WOOL has been quiet here and more or less weak, follow153/80. at Buffalo and points further West. Foreign markets ing recent declines at the sales in Great Britain and Australia.
showed no aggressive strength but on the whole acted, it was Carpet wools have been the best sustained. In New York
contended, fairly well. On Wednesday standard copper quotations, rather nominal than otherwise, have been as folfell 5s. in London to £64 15s. on the spot and £65 15s. on lows:
futures. Electrolytic remained at £70 for spot and .£70 10s.
Ohio and Pennsylvania fine delaine on New York were quoted at 69 to
A-blood, 68 to 76c.: A-blood, 68 to 70c.; (-blood.
for future delivery. On February 1 the Calumet & Hecla 71c.: clean basis, fine staple, $1 65 to $1 70; fine medium68 to 70c. TerriFrench combing,
tory,
Smelting Co. delivered 1,000,000 lbs. and since then de- Si 52 to Si 56; medium clotihing, Si 43 to 51 48; A-blood staple, Si 50 to
Si 25 to
liveries have averaged 20,000 lbs. daily. Exports by the Si 52: A-blood, 51 32 to Si 36; A-blood,months, Si 30. Texas, clean
Si 47
basis, fine
68 to $I 72; 12
way, are going to France from the Lake district. In the months, $112 months, Si pulled.scoured basis, A super. to Si 50; 6 to 8
Si 48 to Si 55:
42 to 51 45;
Atlantic markets there is said to be considerable copper held B super, Si 28 to $1 35; C super. Si 07 to $1 12; domestic mohair, best
combing,85 to 90c. Foreign clothing wools. Australia clean basis in bond.
awaiting demand from abroad.
64-70s, combing. Si 55 to 516 0: 647-0s. carding, $1 42 to $1 44: 58-60s.
TIN early in the week declined in sympathy with a lower Si 20 to $1 22; 563, Si 06 to $1 10; $50s, 86c.
Boston prices have been as follows:
4
London market. Prompt here sold at 563 e. and futures at
Domestic, Ohio and Pennsylvania. fleeces, Helaine unwashed, 60 to
57c. on the 9th inst. Sales at London on that day were 70c.; A-blood,combing,68 to 69c.; A-blood combing,69 to 70c. Michigan
about normal. On the 10th inst. London sent higher prices and New York fleeces: Helaine unwashed, 67c.; A-blood unwashed, 66
68c.: fine unand the market here advanced M to Mc. Prompt straits, to 67c.; A-blood combing. 68 to 69c.: 3(-blood unwashed.New England
and average
to 58c. Wisconsin,
57Mc., and futures 57Mc. Consumption, it is said, out- washed, 57c.to 66c.; A-blood, 68c.Missouri 67 to 68c. Scoured basis.
A-blood, 65
31-blood.
8 months, Si 55.
runs production, and the belief is widespread that it will con- Texas fine, 12 months (selected), Si 65 to 51 70; fine40 to 45; SouthSi
California Northern, Si 60 to $1 62: Middle County,51
tinue to do so for the rest of this year.
to S140. Oregon, Eastern No. I, staple, S160 to Si 65; fine
ern. S135
and fine medium combing, $1 50 to Si 55; Eastern clothing. Si 45 to $1 50;
LEAD declined in response to a break in London prices. Valley No. 1, Si 40 to Si 42. Territory, Montana and similar, fine staple
The St. Joseph Lead Co. on the 10th inst. reduced prices choise. Si 65 to 51 70; 3 -blood combing.$1 50 to Si 55: a-blood combing.
35: A-blood combing. $1 25 to Si 28; pulled delaine. Si 68 to
from 9.40 to 9.35c. East St. Louis, and there were reports $1 30 to Si$1 65 to $1 68: A supers, 51 40 to 51 45; mohair, best combing,
AA,
51
that business was done at 9.25c. in the Middle West. At 85 70:
to 90c.; best carding, 75 to 80c.
New York prices are 93'c. in the outside market and 9310.
/
The rail and water shipments of wool from Boston from
the price of the leading refiner. Offerings of lead ore in the Jan. 1 1925 to Feb. 5 1925, inclusive, were 21,211,000 lbs.,
Joplin district were made at $125, but it is said that most against 22,625,000 for the same period last year. The resales were at $140.
ceipts from Jan. 1 1925 to Feb. 5 1925, inclusive, were 42,ZINC declined, owing to a break in London and light 460,800, against 32,552,800 for the same period last year.
Boston asserted that the poor quality offered was the cause
demand. Spot New York was quoted at 7.90 to 7.293/20.
and East St. Louis at 7.55 to 7.573/2c. In London on the of the decline at Christchurch, N. Z., on the 5th inst. Good
10th inst. prices dropped Os. 3d. Ore prices were $52 $50 wools made a better showing. England bought topmaking
to $53 50 in the Tri-State district. Later the price fell $3 wools rather freely. The Continent did little. At Christper ton to 7.40c. East St. Louis, though 7.45c. was asked in church, N.Z., on Feb.6,20,000 bales were offered and 16,000
many instances, and sales were reported at that level. sold. Selection fair; prices sharply lower; demand unsatisStocks of slab zinc declined ,212 tons in January. Total factory. Prices compared with last sales there:
Average merinos Feb. 6, 24 to 30d.; Jan. 5, 3034 to 3230.; crossbreds.
stocks at the close of the.month were only 18,996 tons, as
6, 2134 to
6, 2434 to 3234d.; Jan. 5, 28 to
against 21,208 at the start. Production during the month 56-58s, Feb. 25 to 3130.:48-50s, Feb.6,1934 38d.: 50-56s Feb. 24 to 30d.:
to 25Ad.: Jan. 5,
28d., Jan. 5,
was 50,386 tons, an increase of 2,675 tons; shipments totaled 46-48s Feb.8.20 to 23 d.: Jan.5,2234 to 27d.;44-46s Feb.6,17 to 20)4d.;
52,598 tons, a decrease of 817 tons. The amount shipped Jan.5,20 to 24d.; 40-44s Feb.6, 1534 to 1834d.; Jan. 15. 19 to 2234d.
In Brisbane wool sales closed on Feb. 6 with faulty sorts
from plants for export during January was 8,251 tons; the
amount stored for customers was 288 tons. The number of 5 to 10% below opening but others unchanged. London
retorts operating at the end of the month was 86,081, a gain cabled Feb. 10: "Melbourne reports good selection with
6,600 bales submitted at the wool sales. America, Japan
of 4,807.
on super descriptions; prices
the local
STEEL has been in moderate demand generally but with and with last trade competing sorts, lacking competition at
week, but other
railroad buying better and prices generally steady. Produc- par
Cliftonly realized
tion continues on a big scale; in fact it is not far from the par to 5% easier; 50% was withdrawn.
/
highest on record. The U. S. Steel Corp. is up to 94%. 403id.; Sazil, 40Md.; Oakland M, 3930., and Mertonvale
Chicago is closer to 100. The average for the country is comeback, 39d."and Sydney on Feb. 10 merinos declined.
At Melbourne
put at 89. Pittsburgh production has fallen off somewhat
week ago.
during the week. But the January gain in unfilled orders of At both sales prices were 5% lower than alarge for theThe
dethe Steel Corp. was 220,000 tons, something that attracted quantities offered at Melbourne were too
general attention. Steel ingot daily output increased in mand. Withdrawals were heavy. Many owners refused
January 13%. As to actual consumption, that is another to consider prices lower than last sale prices. The selection
'matter. It still seems doubtful whether it keeps pace with in Sydney was chiefly of merinos and was fairly good. At
the output. Nor is it absolutely clear that recent advances the lower price the limited quantity available sold readily
can be maintained. The market has not been fully tested by enough. America was buying to a moderate extent. Crossnew buying. To all appearances that has not been large breds showed some sympathetic decline in the Melbourne
enough. But with railroad demand better, car sales have sale also, possibly 2%. At Sydney on Feb. 10 the offering "
been the largest for many weeks past, approaching 5,000. was chiefly merinos and prices fell 5%. At Melbourne
Pittsburgh reports that orders from automobile makers are prices dropped 5%. The offering was too large for the
increasing, especially for steel bars and plain sheets. It demand. In Geelong Feb. 11 and 12, there [were offered
quotes plates 2.20c. as against 2.10c. last week. Bar mills 17,000 bales. Of the wool unsold at that point, it is estithere operated last week at 108% of theoretical capacity. mated that there are 58,000 bales of which 17,000 are of the
Finishing mills were operating on sheets at 80 to 84%, tin merino fleece types usually regarded as "American style"
plate at 78 to 85, wire mills at 80 to 85, and pipe mills at wools.
70 to 75. Of late there has been some increase in the demand
from country districts and smaller cities and towns in this
COTTON
section. In the main, however, it is largely an untested
Friday Night, Feb. 13 1925.
market. The future must detremine whether trade is going
THE MOVEMENT OF THE CROP, as indicated by
to endorse recent advances or not.
our telegrams from the South to-night, is given below.
PIG IRON has been quiet. It feels the effects of constant For the week ending this evening the total receipts have
importations of East Indian and Dutch iron. The trade is reached 204,982 bales, against 179,899 bales last week
aroused. It has asked the Government to make inquiry and 200,371 bales the previous week, making the total
witheher the anit-dumping law is not being violated by Euro- receipts since Aug. 1 1924, 7,424,264 bales, against 5,541,793
pean sellers. Whether there is a possibility of the duty bales for the same period of 1923-24, showing an increase
being raised and whether it would do much good were it since Aug. 1 1924 of 1,882,471 bales.
raised are interesting questions. All that is plain is that the
Total.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
trade is more or less upset by foreign competition. And
feeling on the matter begins to run high in the East. At the Galveston
9,415 12.944 5.610 69,302
11,981 11,605 17,747
173 1.950
200
500
277
500
300
- same time there are reports that in the New York district Texas City
Houston
900 7,516 11,765 13,614 15.747 50.700
1,158
there are inquiries for some 20,000 tons of domestic iron. New Orleans-6,368 8,715 5.192 6,128 6.062 6.065 38.528
179 2,544
603
607
875
At the South sales are said to have been made at an advance Mobile
131
149
5
5
____
------------to $22. Elsewhere furnace prices are reported firm. Only Jacksonville
997 12,832
586
Savannah
1.752 3.557 2.843 3,097
resale and foreign irons are said to be shaded. And some Charleston
1,794 3.634 2,353 2,474 1,358 1.572 13.185
736
868
679 4.824
897
Wilmington
384
1,260
melters eye foreign makes askance. They are not used Norfolk
958 1,811 2,950 1,359 1,073 1.126 9,275
50
to them. They are not disposed to make experiments with New York
66
158 1.252
598
--- _
430
them. For long years they have been accustomed to buying Boston
Baltimore
208
by brands, not by analysis. Many are inclined to stick to Philadelphia ------------75 --------133
this custom. At the same time it is said that within a week q*.t..1.. ti.o..,..-.1, 9c ACM 21 717 4074S 265109 37.242 32.771 204.0g2
5,000 tons of foreign iron have been received at Boston. It
The following table shows the week's total receipts, the
seems that half a dozen Boston firms are now importing
foreign iron where at one time only one firm did. Within total since Aug. 1 1924 and stocks to-night, compared with
a_week quite a good business has been done in form-man- last year.
848
THE CHRONICLE
[VoL. 120.
Speculation in cotton for future delivery has been slow,
but for all that prices early In the week advanced. That
was under the spur of active and rising spot markets. That
1925.
1924.
fact stood out as the most conspicuous thing in the general
Galveston
69,302 3380,169 37.838 2,568,753 534.625 282,845
Texas City
18.606
---58,518
1,950
69 situation. It pulled futures upward, even if it was rather
29,839
Houston
50.700 1,365,253 21,564 923.547
hard work in a sluggish speculation, with grain markets colPort Arthur, &c_
New Orleans
38,528 1.541,328 22,691 992.409 344,535 179.598 lapsing and stock showing more or less Irregularity. But
Gulfport
the demand for the actual cotton on Memphis and in the
Mobile
44,108
540
2,544 118,307
9,168
12,758
Southwest was described as unprecedented. New York was
Pensacola
10.135
9.118
Jacksonville
3.598
512
2.647
5
863
3,190 Inundated with dispatches from those sections reporting an
Savannah
58,118
12.832 500,214 6.739 311.201
69,992
Brunswick
181 unparalleled call for cotton with prices strong and the basis
130
606
Charleston
2.§gi 155,891
53913,185 185,726
37,415 rising. The idea was stressed that stocks, interior and in34.649
Georgetown
visible stocks, were rapidly vanishing. The compressed
Wilmington
4,824 104.275 1,778 110.180
19,096
36.204
Norfolk
9,275 296,510 4.467 353.142 105,845
83,738 stocks in Oklahoma were declared to be down to only 91,000
N'port News, &c_
bales, against 119,125 bales at the same time last year. Yet
New York
6.887 216,414 160.559
100
20.700
50
Boston
20,450 1,528
1,252
6.270 the Government put the Oklahoma crop in its December
987
22.255
Baltimore
327
19,534
638
19,532
2.442 statement at 1,450,000 bales, as against 655,558 bales last
1,362
Philadelphia
941
---978
208
4.321
3.818
season. And the Oklahoma estimate, like that for the total
Totals
204,982 7.424.264 101.244 5,541.793 1,380,650 858,88
crop issued early in December by the Bureau of Agriculture,
In order that comparison may be made with other years, is supposed to be an underestimate. What has become of all
the cotton? The answer is found partly in an excess of exwe give bolow the totals at leading ports for six seasons:
ports this season of some 1,600,000 bales over those of a year
Receipts at— 1924-25 1923-24 1922-23 1921-22 1920-21 1919-20
ago and partly on a steady absorption of cotton on this side
Galveston_ --27.411
38,8.38
31.898
69.302
37.093
46,149 of the water. There were big gaps in foreign stocks to be
441
8.128
21.564
50.701
Houston. &c_
9,625 filled after three short crops in succession, and high prices
2,363
New Orleans_
31.309
14.268
22.691
38.528
24.766
24,165 last year. This year
prices have been much of the time 10 to
Mobile
872
2.174
540
2.504
1.654
3.270
Savannah
6,690
6.739
12.832
7,569
13.793 12 cents lower than at the corresponding dates last year.
6,602
Brunswick
50
2,000 This has told in favor of American
cotton. Considering its
Charleston
723
1.765
2.851
13.185
1,341
83,259
Wilmington
231
1.565
1.778
4.824
1,646
1.042 superior quality, It is regarded as relatively the cheapest
4,221
Norfolk
4,467
9,275
3.481
4,022 cotton in the world to-day. It is significant that East Indian
4,345
N'poort N.. &c
47
92
2,452
All others_ __...
20.131
2,776
3.792
3.455
2.313 exports show a decrease up to the latest date of some 468,000
bales, as compared with the same period last year. It is beTotal this wk- 204.982 101,244
83,079
82.273
83.292 189.730
lieved that this is due to American competition. Japan
Since Aug. 1__ 7.424,264 5,541.793 4,681,208 4.036.847 4.301.586 5.157.355 shows a disposition to buy American cotton more freely this
The exports tor the week eliding this evening reach a total year. Thus far it has taken some 625,000 bales. Japanese
of 149,096 bales, of which 47,464 were to Great Britain, estimates point to an absorption of 300,000 bales more before
14,085 to France, 57,687 to Germany, 9,733 to Italy, the end of the season. The reason is that East Indian and
14,142 to Japan and China and 5,985 to other destinations. American prices are so close together, despite the admitted
In the corresponding week last year total exports were 92,755 superiority of American cotton.
Egyptian has risen by
bales. For the season to date aggregate exports have been leaps and bounds of late. Liverpool and the Continent have
5,689,759 bales, against 4,007,099 bales in the same period recently been steady buyers of cotton at the South. Offerof the previous season.
ings, according to many reports, have been comparatively
Below are the exports for the week.
small. Of course this and stories of extraordinary demand
Exported to—
usually imply a certain amount ,of exaggeration. But makWeek Ended
ing all due allowance, it is believed that the spot situation
Feb. 13 1925. Great
tierJapan&
Exports from— Britain. France. many. Italy. Russia. China. Other. Total.
at the South is distinctly strong, with the basis the highest
yet seen. This gives an idea of the enthusiastic tone of the
Galveston
___ 24,708 1,805
3.952
-_-_ 8650
150 39,265
Houston
15,877 13,760 11,075 4,127
-------3.700 48,539 spot advices. It is declared that on declines in futhres spot
New Orleans_
__ 4.404
16,889
--------4,992
970 27 255 holders withdraw. The "Chronicle's" statement of the large
Savannah
-------___ 8.003
4,165
----100 3,168
Charleston
-----------------5,187 quantity on shipboard at Galveston, New Orleans and other
5,187
----3555
Wilmington ----------------------- 3.550 ports attracts attention from week to week, for the total Is
_
2600
Norfolk
---------------- 5.352
____ 2:752
_
1.990
New York
325
658
251
--_____ 1,065 4,289 so large as to presage big exports. And the event Justifies
such expectations. Liverpool's spot demand has improved.
Seattle
too
iiiii
____
In spite of the talk of some backwardness in Manchester's
Total
47.464 14.085 57,687 9,733
____ 14,142 5,985 149,096 trade, the spot sales in Liverpool of late have been 8,000
Total 1924
6,084 9,768 38,967 12,976 9.908 3,045 12,007 92,755 bales a day. Lancashire seems more or less alarmed at the
Total 1923
29,961 4,299 23,333 13.577
--__ 14,606 12,259 98,035 tone of the American spot markets. The Amoskeag mill
From
Exported to—
situation In this country is believed to be gradually ImprovAug.1 192410
ing. Its bleaching plant is running night and day. The ImFeb. 13 1925. Great
tierJapan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Total.
provement in general, no doubt, is slow. But the situation
n this branch of industry is such that betterment is be
Galveston__ 625.855 314.336 439.028 185,463 22.250 251,900 299,979 2,138,811
Houston...... 447,665 262,389 301,789 115,268 27.500 76994 108,430 1340.035 .!eyed to be inevitable in the natural course of things. The
Texas City_
-------------- - 16,794
8,760
--_ 8.034
_
_
Ainoskeag mills have latterly been making large sales of
New Orleans 378,415 59:011 142.311 110251 27595 96,484 78.517 892,564
24,823
Mobile
500 21.994
flannel. Those mills are understood to be running now at
15
—_
48,332 .
-___ 1,000
Jacksonville_
895 :
full time, or close to it. Fall River has been doing a fair
6,239
Pensacola_ _ _
;i§13
ilikl__
____
__
225
7,554 ,
147,800 7.089 154,720 2530
Savannah--_ 13,200 0,172 334,511 Ibusiness and early in the week the indications were for a
------- 13,000 6,601 133,215 ,goodly total of print cloth sales for the
216 44,125
69,273
Charleston...
week. In parts of
--- 25,500 9:800
23,066
Wilmington_
-----------58.366 '
____ 62,213
76.641
Norfolk
--------2,300
141,554 I he South some improvement in the cotton goods situation is
C
New York_ 134,134 31,783 79,536 31,193
__
2,452 46.299 325.397 ]
reported. Nobody could truthfully claim that it was very
7,828
32
__
4,233
Boston
------------3.563
---------------io
38
Baltimore_
88 1marked. But apparently the nadir, or the lowermost rung
114
Si
50
1,529
Philadelphia
—_-__i
1.912 i f the situation has been reached. There will be a climb,
400
34,473
------------13,
153
Los Angeles_
48,031 , ven if the climb may be a bit
5
slow. For one thing the high
600
--__
----—__
19,364
____
Ban Diego_
19,964 '
___
____ 99,848
99,848 Iprices of wolens may help cotton. If woolens are much
____
BanFrancisco
__
_
73,945
115
Seattle .
74,060 ] igher than a year ago, cotton goods
are noticeably lower.
2.003.105 676,378 1280001 454,570 77,345643,856 554.504 5.669,759 . s for the shorter time in the American department in LanTotal
I ashire, it is believed it will mean a falling off in stocks of
Tota11923-24 1,416,159 546.229 809.476 364.857 9,958 443,547 416,873 4,007,099
290 368,508 451,722 3,403,548 igoods made from American cotton and ultimately a disTota11922-23 1,119,115 491,848 631,911 340,154
NOTE.—Exports to Canada.—It has never been our practice to Include in the I inctly stronger situation. As the currencies of Europe and
above table exports of cotton o Canada, the reason being that %Inuit ly all the i he buying power of civilized
nations increases, it is natural
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts I o suppose that cotton as the cheapest clothing known to
on the Canadian border are always very slow in coming to hand. In view, however, i ankind will feel the benefit in no
small degree. Latterly,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of December the exports to the Dominion the present season have 1 part from this, Liverpool at times has been buying here.
been 25,164 bales. In the corresponding month of the preceding season the exports , Iso Florida and Wall Street, as well as New Orleans,
were 23,000 bales. For the five months ending Dec. 31 1924 there were 94.584 r
• here has been some buying of the new crop months, if
bales exported, as against 75.079 bales for the corresponding five months of 1923.
In addition to above exports, our telegrams to-night also I earer months have been sold to some extent. The liquidagive us the following amounts of cotton on shipboard, not I ion in March, which was expected to be large, has not
1reached the expected proportions. Spot houses have bought
cleared, at the ports named.
It. Moreover, mills have been steadily calling; not on a
On Shipboard, Not Cleared for—
1arge scale, but it has been persistent. There is believed to
1 e a large hedge short interest here. And cotton, after a long
Other CoastLeaving
GerGreat
Stock.
/ eriod of neglect, is expected sooner or later to come into
Feb 13 at— Britain. France many. Cont'nt. wise. Total.
Cialveston ____ 26,508 20,200 16,000 44,500 8,500 115,708 418,917 = omething of its old-time populraity.
New Orleans__ 16,977 8,877 5.920 15,390 4,065 51,229 293.206
On the other hand, the dulness in speculation in cotton is
600 3,100
55,018 ,
Savannah
1,500 1.000
n
204
204
34,445 ' unmistakable fact. It is dull now, aside from passing
Charleston_
-.---- 100 7,248
Mobile
--------1,448
5,510 1 urries, as it has been for many months past. In fact, for
5X1t)
__ 105,845 ,
Norfolk
ome years now it has been more or less neglected. This
Other ports
4,000 2,000
500 4,6156 1.666 if,loo 278,620 '
1 act neutralizes much that might be said for better prices.
Total 1925... 53,185 31,077 23,920 66.338 14,469 188,989 1,191,661 i or,
inveigh as they will against speculation, it is an indisTotal 1924._ 21,607 13,390 27.732 25,092 7,303 95.124 763,257
Total 1923_ 26.571 8.210 14,184 44.847 16,319 110.131 699.920 1 ensable aid to anything like a genuine old-fashioned bull
Itin ated.
market, It is true that thesr
y legitimate trade may
1924-25.
Receipts to
Feb. 13
1923-24.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
-
Stock.
FEB. 14 1925.]
THE CHRONICLE
ultimately bring about an advance in prices, but neglect of
the speculation by the outside public certainly miliates
against a rise at this time. And there is still plenty of time
for Texas to get the needed rains. Already planting has
begun in the ltio Grande Valley. There is also talk to the
effect that, after all, Texas may increase its acreage. Some
are predicting 17,000,000 acres as against 15,595,000 last
year. This is given merely for what it is worth. It may be
worth very little. But it is considered as conceivable that
If grain continues to decline, or in other words, if food
grows cheaper there may, after all, be an increase in the
planted cotton area of Texas, if not elsewhere in the belt,
In the hope that the plant may again escape any very serious
damage, as it did last year. And meanwhile there is still a
good deal of room for improvement in the cotton manufacturing business, both in the United States and Great Britain. Manchester has found it expedient to reduce the working time in the departments using American cotton from
39 hours per week to 35. That was because of slowness
/
1
4
of trade. Many of the recent bids from East India have
been too low. At times spot prices on this side have declined somewhat. The receipts at the ports on some days
have been more than double those on the corresponding days
last year. This has excited some comment. Also, it is believed in some quarters that the technical position is rather
weak. Some Wall Street and uptown interests are supposed to be long. At one time there were reports that a certain number of selling orders were in the market at something above the current level of prices. March liquidation
was something of a feature. There was more or less hedge
selling. Not a little selling of July was done by those who
bought December. Switching tended to restrict the movement of prices.
To-day prices advanced 18 to 26 points, with the cables
higher than due, Manchester firm, with a fair business, spot
markets active and rising, and exports liberal. What is
more, drought in Texas continues. It is declared to be becoming serious. Egypt, after a sharp decline on Thursday,
rallied to-day. East Indian cotton advanced. Manchester
and the Continent were buying in Liverpool. It is true there
was a certain amount of March liquidation here in fear of
notices on the 24th inst. They may be heavy. Also, the
stock market was less active and more or less unsettled.
Grain markets were irregular. Also, Japanese interests
are supposed to have sold some 25,000 bales. There was a
low barometer in Texas. It suggested the possibility of
rains in that State over Sunday. There was a certain
amount of hedge selling. March lagged a little, though only
a little, behind other months. Its discount under May, which
was 33 points on Wednesday, increased to 35 to-day. No
doubt the discount would have been greater but for steady
buying by spot people who are understood to be covering
hedges in March and putting them out in May. Final prices
show a rise for the week of 50 to 64 points, October and December leading the advance. Some parts of Texas have got
to the point where they have to have water shipped to them.
Spot cotton closed at 24.75c., a rise for the week of 50 points.
The following averages of the differences between grades,
as figured from the Feb. 11 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on Feb. 19.
849
Saturday,
Feb. 7,
Monday,
Feb. 9,
Tuesday. Wednesday, Thursday,
Feb. 10.
Feb. 11.
Feb. 12.
February
Range._ - - - - - - -- Closing. 23.96 -23.95 -24.07 -24.16March
Range__ 24.04-24.25 24.15-24.45 24.18-24.30 24.30-24.45
Closing- 24.16-24.20 24.15-24.17 24.27-24.30 24.36-24.37
April
Range....
Closing_ 24.32 -24.32 -24.44 -24.51 -May
Range._ 24.35-24.60 24.50-24.78 24.50-24.64 24.64-24.80
Closing_ 24.49-24.53 24.50-24.51 24.61-24.63 24.65.24.70
June
Range..- - - - - - - - Closing. 24.65 -24.63 -24.73 -24.79July
Range__ 24.62-24.85 24.76-25.04 24.75.24.8924.85.25.'HOL1Closing. 24.8224.76-24.80 24.85-24.86 24.91-24.9'
DAY
August
Range_
.
Closing. 24.60 -24.64 -24.80 -24.89September
Range_ _ - - - - -- - Closing. 24.70 -24.74 -24.90 -24.99October
Range.. 24.37-24.55 24.54-24.84 24.54-24.73 24.77-24.92
Closing. 24.50-24.51 24.54.24.56 24.7024.79-24.83
November
Range.,
Closing. 24.51 -24.57 -24.73 -24.83December
Range_ 24.37-24.55 24.60.24.5024.60.24.79 24.83-24.97
Closing- 24.52-24.54 24.60-24.62 24.77 -24.86January
Range_ _ - - - - -24.60.24.6024.00.24.00
Closing. 24.42 -24.52- 02 -24.7124
Friday,
Feb. 13.
-24.28 ---24.41-24.53
24.48-24.50
24.65 ---24.76-24.90
24.83-24.84
24.95 ---25.02-25.17
25.07-25.10
25.03-25.03
25.0225.08-25.08
25.14 ---24.90-25.05
24.94-24.95
24.97 ---24.90-25.09
24.99-25.00
24.70-24.80
24.78 ----
Range of future prices at New York for week ending
Feb. 13 1925 and since trading began on each option.
Option for
-
Range for Week.
Feb. 1925_
Mar.1925.. 24.04 Feb. 7 24.53
April 1925
May 1925_ 24.35 Feb. 7 24.90
June 1925
July 1925_ 24.62 Feb. 7 25.17
Aug. 1925_ 25.03 Feb. 13 25.03
Sept.1925_ 25.08 Feb. 13 25.98
Oct. 1925._ 24.37 Feb. 7 25.05
Nov.1925
Dec. 1925._ 24.37 Feb. 7 25.09
Jan. 1926_ 24.00 Feb. 11 24.80
Range Since Beginning of Option.
22.69
Feb. 13 21.50
24.02
Feb. 13 21.72
22 55
Feb. 13 21.40
Feb. 13 22.45
Feb. 13 21.80
Feb. 13 21.50
24.07
Feb. 13 23.36
Feb. 13 24.00
Oct. 25 1924 25.60
Sept. 16 1924 29.06
Dec. 24 1924 24.18
Sept. 16 1924 29.16
Sept. 11 1924 25.55
Sept. 16 1924 27.50
Oct. 24 1924 25.13
Oct. 15 1924 25.08
Nov. 1 1924 25.05
Dec. 16 1924 24.40
Jan. 5 1925 25.09
Feb. 11 1925 24.80
Aug. 20 1924
July 28 1924
Sept. 4 1924
July 28 1924
Oct. 2 1924
Aug. 6 1924
Feb. 13 1925
Feb. 13 1925
Feb. 13 1925
Dec. 27 1924
Feb. 13 1925
Feb. 13 1925
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as 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.
Feb. 13Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
atock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
1925.
bales 901,000
2,000
108,000
1924.
750.000
2.000
126.000
1922.
1923.
778.000 1.009.000
1,000
4,000
73,000
69,000
1.011,000
878.000
2.000
74,000
151.000
13.000
111.000
51.000
7.000
2.000
851,000 1,083,000
2,000
36.000
84,000 299,000
179,000 173.000
12,000
7,000
116,000 140,000
39,000
31.000
2,000
3,000
21,000
219.000
226.000
11.000
88,000
73,000
5,000
2,000
Total Continental stocks
624,000 411.000 437,000 707,000
Total European stocks
1.635.000 1,289.000 1.288,000
India cotton afloat for Europe.-- 118,000 244.000 182,000 1,790,000
75,000
American cotton afloat for Europe 545.000 338.000 301,000 305,000
Middling fair
1.01 or Middling "yellow" stained
2 85 of
SW° mood middling
.77 rr
Good middling "blue" stained _1.44 off Egypt.Brazil,&c.afloat for Europe 96,000
70.000 137,000
98.000
Good mVialing
233.000 237.000 293.000 315.000
55 or
Strict middling "blue" stained_ _1.85 off Stock in Alexandria. Egypt
Stock in Bombay, India
Str le I middling
5'18,080 674.000 697,000 1.135.000
34 on *Middling "blue" stained
2 65 off Stock in U. S. ports
Stric Mow middling
.61 oft Good middling spotted
1.380.650 858.831 810,051 1,105.168
.12 on Stock in U. S. interior towns
Low middling
1 44 off Itrict middling spotted
---.1,199.953 884.918 1.017,565 1,418,643
.18 off U.S. exports to-day
*Strict good ordinary
2 48 oft Middling spotted
8.018
8,393
off
*Good ordinary
3 54 off Strict low middling spotted...A.42 off
°1
Total visible supply
Strict good mid."yellow' tinged-0.02 on Low middling spotted
5,715.603 4.603.767 4,725,616 6,250.204
off
middling "yellow" tinged__ .34 off Good mid, light yellow
Good
Of the above, totals of American and other descriptions are as follows:
-off
stained.81
2
Strict middling "yellow" tinged._ .80 off *Strict mid, light yellow stained_1.40 o
American
off
*Middling "yellow" tinged
1 48 off *Middling light yellow stained__ _2.11 off Liverpool stock
bales 734,000 508,000 447,000 590.000
*Strict low mid."yellow" tinged.2.44 off Good middling "gray"
52,000
94,000
48.000
off Manchester stock
97,000
49
*Low middling "yellow" tinged. 3.53 off *Strict middling "gray"
565,000 301,000 378,000 593,000
88 off Continental stock
middling "yellow" stained.1.61 off *Middling "gray"
Good
American afloat for Europe
545.000 338.000 301,000 305,000
*Strict mid."yellow"stained._ _ .2.11 off
*These grades are not deUverabl?. off U. S. port stocks
1,380,650 858.831 801,051 1,105.168
j
U. S.
1,199,953 884.918 1,017,565 1,418.643
The official quotation for middling upland cotton in the U. S. interior stocks
exports to-day
8.393
8.018
New York market each day for the past week has been:
Feb. 7 to Feb. 13Middling upland
Sat. Mon. Tues. Wed.Thurs. Fri.
24.45 24.45 24.55 24.60 Hol. 24.75
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 13 for each of the past 32 years have been as follows:
24.75c. 1917
16.30c, 1909
25
9.85c. 1901
9.56c•
1924
1923
1922
1921
1920
1919
1918
33.20c.
28.050.
18.150.
13.75c.
38.45c.
26.65c.
31.250.
1916
1915
1914
1913
1912
1911
1910
12.10c.
8.550.
12.85c.
13.05c.
10.65c.
14.35c.
15.15c.
1908
1907
1906
1905
1904
1903
1902
11.55c.
11.00c.
11.15c.
7.70c.
14.80c,
9.60c.
8.750.
1900
1899
1898
1897
1896
1895
1894
8.750•
6.50c.
6.25e.
7.00c.
8.12c.
5.62c.
7.94c.
MARKET AND SALES AT NEW YORK,
Spot
Market
Closed
Futures
Market
Closed
SALES.
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
4.518.603 2.995.767 0,301.616 4,072.204
167,000
2.000
14.000
59,000
118.000
96.000
233,000
508,000
242.000
2.000
29.000
110.000
244.000
70.000
237.000
674.000
331,000 419.000
1,000
4,000
21.000
21.000
59.000 114,000
75,000
182,000
98,000
137,000
293,000 315.000
697,000 1,135,000
1.197.000 1.608.000 1,724,000 2,178.000
4.518.603 2,995.767 3,001,616 4,072.204
Total visible supply
5,715 603 4.603.767 4,725.616 6,250.204
Middling uplands, Liverpool_ _ _ _ 13.72d. 17.74d. 15.93d. 10.0Id.
Middling uplands, New York _
24.75c. 31.35c. 28.55c. 18.10c.
Egypt, good sakel, Liverpool_ _ 37.40d. 22.908. 18.906. 20.50d.
Peruvian, rough good. Liverpool_ 20.75d. 24.50d. 18.75d. 13.00d.
Broach fine, Liverpool
12.00d. 15.75d. 13.60d.
9.10d.
Tinnevelly, good. Liverpool
I2.75d. 16.90d. 15.00d. 10.10d.
Continental imports for past week have been 171,000 bales.
The above figures for 1925 show a decrease from last week
Saturday___ Steady, 20 pts. adv.. Steady
of 13.369 bales, a gain of 1,111,836 from 1924, an increase
Monday__ Quiet, unchanged_ _ Barely steady_ _
-ioo -ioo of 989,987 bales from 1923, and a falling off of 534,601 bales
Tuesday _ _ teady. 10 pts. adv.. Steady
Wednesday. Quiet, 5 pin. adv_ _ _ Steady
from 1922.
BOLT DAY
Thursday -AT THE INTERIOR TOWNS the movement-thatTis,
Steady, 15 pts. adv. Steady
Friday
i
the receipts
r Total
100
100 the week for the week and since Aug. 1, the shipments:for
and the stock to-night, and the same itemsjor.the
FUTURES.
-The highest, lowest and clos rig prices at corresponding periods of the previous
year-is setioutlin
New York for the past week have been as follows:
detail below:
Spot.
Contr't. Total,
850
[VOL. 120;
THE CHRONICLE
Movement to Feb. 13 1925.
Towns.
Ship- Stocks
ments. Feb.
Season. Week.
13.
Receipts.
Week.
Movement to Feb. 15 1924.
Receipts.
Ship- Socks
mews. Feb.
Week. Season. Week.
15.
total production for 1923-24 and 1924-25, the United States
Department of Agriculture announced on Feb. 6, as follows:
Cotton production of all countries reporting to date for 1924-25 now
amounts to 23,366.000 bales of 478 pounds net, as compared to 19,044,000
bales for the same countries in 1923-24. These countries in 1923-24 produced 97.7% of the estimated total world production, which is now placed
at 19,500,000 bales.
Provided all other countries produce amounts in 1924-25 equal to the
crops of 1923-24 the total production for the current year would 130 23,900,000 bales of 478 pounds, the Department says. This estimate includes
the last estimate of 13.153,000 bales put out by the Crop Reporting Board
for the United States.
Ginning up to Jan. 16 for the current crop amounted to 13,308,000
running bales, excluding linters, as compared with 9,944,000 running bales
up to the same date last year, according to the Bureau of the Census, which
would indicate a final report for 1924-25 somewhat larger than the present
estimate.
Reported receipts at Bombay, the principal cotton concentration centre
of India, for the season up to Jan. 28 have been smaller than during the
same period of the past two years, amounting to 1,003,000 bales of 478
pounds for 1924-25, as compared with 1,279,000 bales in 1923-24 and
1,136,000 bales in 1922-23, according to a commercial report. Indications
throughout the season indicated a good crop and until recently the lag in
receipts has not been attributed to low yields. The marketing season is
now well enough advanced, however, to cause a tendency to believe that
the low receipts may be indicative of a smaller crop.
This possibility of a reduced crop in India is partially offset by the
probability of a larger crop in Egypt than the 1,278,000 bales of 478 pounds
given in the preliminary estimate of the Egyptian Government. Receipts
in Alexandria from Aug. 1 to Jan. 28 1925, according to a commercial
report, amounted to 1,279,000 bales of 478 pounds, or the total amount of
the preliminary Government estimate. In 1922-23 and 1923-24 receipts
up to that date made up 77 and 83%, respectively, of the revised Government estimates of total production. According to the Egyptian Government's revised figures exports for both of those years were greater than the
total crops, the excess being made possible by the large carryover from
the crops of 1920-21 and 1921-22.
Ala.,Birming'm
56,856 1,334 7,845
28,541
372
315
589 8.296
Eufaula
18.094
100
889 5,181
93
9,316
200 5,300
Montgomery. 1,222
76,557 2,291 17,399
517 47.455
811 13,270
Selma
365
61,424 1,964 16,057
32,144
526
548 6,614
Ark., Helena
62,570 2,000 11,897
13,468 1,042 6,494
500
93
Little Rock.._ 3,900 195.630 4.595 29,861
1,868 105,277 4,911 28,154
Pine Bluff
09,703 4,803 25,288 1,000
489
75,720 3,000 33.165
Ga., Albany
3,8752,582
4
2,109
2,068
Athens
41,494 1,550 15.542
1,000
672
37.030 1,184 18,735
Atlanta
3,950 183,795 6,267 43,595 2,809 124,792 4.206 34,833
Augusta
3,953 190,496 6,034 59.488 2,786 170.219 4,367 38,396
Columbus..._ 2.086
61,426 1,451 8,924 1,147
69,499 2,164 14.025
Macon
1,433
37.220,
503
437 9,292
24,053
565 8,167
Rome
469
29
40,748 1,450 13,572
29,154
300 6,696
La., Shreveport
300
23,000
95.300 1,300 19,000
109,000
Miss.,Columbus
800
179
500 8,055
36,6971
18,355 2,473 4,401
Clarksdale
250 108,243, 2,152 21,902
266
76,656 1.153 26,610
Greenwood
213 133,002' 5,175 25,150
282 95,883 1,604 35,966
Meridian......_
845 12,244
56
35,7811
370
19.960
295 5.213
Natchez
111
881 6,215
39,415
397
30,230
127 6,581
Vicksburg
.
146
30.4071 1,311 6,250
106
16,445
444 6,833
Yazoo City-.
8
32,914
620 5,130
39
19,153
69 9,693
Mo., St. Louis.. 20,816 568,694 20,225 3,384 18,219 454,145 19,358 6,050
N.C.,Gr'nsboro 2.067
46.7211 2,111 16,867
632 52,154 1,942 19,190
I• Raleigh
150
76
48
6,255,
733
105
10,051
50
Okla., Altus
6.632 185,371' 8,128 19.700 2.633 111,084 3,811 26,535
Chickasha
3,650 132,962, 3,735 11.841 3,088
90,106 2,969 12.329
Oklahoma_ 2,933 133,328 1,788 17,404
614
59.674 2.465 18.902
S.C.,Greenvill
9.387 154,699, 4,865 43.668 4,839 111,593 3.132 34,091
Greenwood
291 5,517
12,318
189
255
10,752 1,457 34,764
Tenn.,Memphis 47,871 1.031,6511 53,868 95,982 25.941 727.719 26,562 111,855
Nashville.....
353
828
11
5
NEW ORLEANS CONTRACT MARKET.
Texas, Abilene_ 2,424
572 62.560
67,0811 1,581 1,850
-The closing
543 1.389
Brenham
18,7821
491
535 5,199
282
323 5,412 quotations for leading contracts in the New Orleans cotton
25,688
31,745
1,15:
Austin
439 1,772
221
39,473
644 1,110
market for the past week have been as follows:
3,069 180,390' 4,504 16,496
Dallas
243 115.760
550 9,931
Houston.. _ _ _ 80.7784,232,582 110.507 567,948 34,600 3,235,846'50.255255,154
Pads
91,2791 3,015 4,439
2.007
230
253 1,573
76,280
Saturday, Monday,
Tuesday, Wednesday, Thursday,
Friday,
San Antonio_
61,2091
529
510 1,624
300 53,366
500
300
Feb. 7.
Feb. 9.
Feb. 10.
Feb. 11.
Feb. 13.
Feb. 12.
3,772 150,037 3,084 14,707
Fort Worth
787
85,896 1.192 3,567
I
,
February _ - - -- -- - - - -- - Total. 40 towns219,171 8,747,599 267,140 199953 106,9176,476.565 145,858884.918 March____ 24.20-24.23 24.21-24.23 24.26-24.30 24.39-24.40 24.54-24.55- - .51
24.50-24
May
24.49 24.51 24.52-24.53 24.58-24.62 24.70-24.71 24.87-24.90 24.85-24.82
The above total shows that the interior stocks have de- July
24.72-24.74 24.78-24.79 24.83-24.84 24.95-24.96 25.12-25.15 25.03-25.04
creased during the week 48,058 bales and are to-night October _ 24.21-24.22 24.31-24.32 24.39-24.42 24.51-24.53 24.74-24.77 24.64-24.65
24.22
24.64
315,025 bales more than at the same time last year. The December_ 24.12 -24.30 -24.40 -24.53 -24.77 ---- 24.59 ---January
bid 24.20 bid 24.35 bid 24.48 bid 24.72 bid
bid
receipts at all towns have been 112,254 bales m3re than the
Tone
Steady
Spot
Steady
Steady
Steady
Steady
Steady
same week last year.
Options__
Steady
Steady
Steady
Steady
Steady
Steady
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1924-25---Since
Week.
Aug. 1.
20,225
525,580
10.140
192.960
1,389
26,294
1,008
38.502
6.238
146.883
13,491
362,151
Feb. 13
ShippedVia St. Louis
Via Mounds
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. &c
----1923-24---Since
Week.
Aug. 1.
19,358 452.851
4,080
141,980
15.343
877
797
20,187
4,346
131,187
11.440 269,549
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening indicate that
the weather during the week has been favorable for farm
work. Rainfall has been scattered and precipitation has
been generally light. Some places report that temperatures
were above normal. Some cotton is being planted in the
southern part of Texas.
-Planting is getting under way. There has
Mobile, Ala.
been much talk of increased acreage.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Total gross overland
52,491 1,292,310
40,898 1,031,097 Dallas
Deduct Shipments
Del Rio
Overland. to N. F., Boston, &c
1,837
62,610
2,264
49.617 Palestine
Between interior towns
675
16.612
508
16,435 San Antonio
Inland, &c., from South_ _ --,-- -21.613 376,402
17.721
441,167 Taylor
New Orleans
Total to be deducted
24.125
455.624
20.493
507.219 Shreveport
'
Leaving total net overland*---28,366 836,686
20,405 523,878 Mobile, Ala
Selma
Savannah, Ga
•Including movement by rail to Canada.
Charleston, So. Car
The foregoing shows the week's net overland movement Charlotte, No. Car
Rain. Railfall.
0.02 in.
1 day
dry
dry
dry
dry
dry
0.16 In.
1 day
dry
dry
dry
0.09 in.
1 day
0.83 in.
1 day
1 day
0.55 in.
2 days 0.59 in.
7 days 0.29 in.
7 days 1.14 in.
Thermometer
high 72 low 44 mean 58
high 78 low 28 mean 53
high 80 low 38 mean 59
high 80 low 42 mean 61
high 84 low 32 mean 58
high __ low 36 mean __
high 74 low 32 mean 53
high 82 low 34 mean 58
high __ low 32 mean _ _
high __ low __ mean 59
high 76 low 34 mean 55
high 74 low 33 mean 58
high 73 low 24 mean 50
high 74 low 28 mean 51
high 71 low 32 mean 52
high 73 low 27 mean 54
this year has been 28,366 bales, against 20,405 bales for
The following statement we have also received by telethe week last year, and that for the season to date the graph, showing the height of rivers at the points named at
aggregate net overland exhibits an increase over a year ago of 8 a. m. of the dates given:
312,808 bales.
Feb. 13 1925. Feb. 15 1924.
-----1924-25
-----1923-24----In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Feb. 13
204.982 7.424.264 101.244 5,541,793
Net overland to Feb. 13
28.366
838,68620,405
523,878
Southern consumption to Feb. 13_ 80.000 2.387.000
88,000 2.321,000
Total marketed
313.348 10,647.950
Interior stocks in excess
*48.058 1.025,199
Excess of Southern mills takings
_---629,272
over consumption to Jan. 1 ------Came into sight during week-.290
209,649
*13,272
12,202.421
Total in sight Feb. 13
North.spinners'takings to Feb. 13 41,563 1,278,881
8,386.671
624,027
a476.704
196,377
45,134
9,487.402
1,339.603
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge-
Feet.
3.2
18.1
11.1
7.7
19.8
•
Feet.
12.4
17.0
10.1
14.3
30.4
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the
of that
part of the crop which finally reaches tho market through
the
the outports.
* Decrease. a To Feb.!.
Movement into sight in previous years:
Bales. I Since Aug. 1110,87311922-23
Week1923-Feb. 16
Bales.
9.089.002
QUOTATIONS FOR
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week ending
13.
Saturday, Monday, Tuesday, Wed'day. Thursd'y. Friday.
Galveston
24.40
New Orleans
24.30
Mobile
23.85
Savannah
24.18
Norfolk
24.25
Baltimore
Augusta
24.00
Memphis
23.75
Houston
24.50
Little Rock__
24.25
Dallas
23.95
Fort Worth_ - - -
24.40
24.35
23.8.5
24.17
24.25
24.50
24.00
24.00
24.50
24.25
23.90
23.90
24.55
24.45
24.00
24.27
24.38
24.50
24.19
24.00
24.60
24.25
24.10
24.00
24.60
24.50
24.00
24.62
24.50
24.75
24.38
24.00
24.65
24.25
24.15
24.10
Holiday
24.65
24.20
24.62
Holiday
24.75
24.56
24.25
24.80
Holiday
Holiday
Holiday
24.75
24.65
24.20
24.75
24.63
24.75
24.56
24.25
24.80
24.50
24.40
24.25
-Estimates of
COTTON CROP FIGURES REVISED.
cotton production for Brazil, Peru, and some minor countries, and revised estimates for Egypt, China, Russia, and
other regions have changed somewhat the estimated world
Receipts at Pons.
Stocky at Interior Towns. Receiptsfrom Plantanew
Week
aiding 1924-25 1923-24 1922-23 1921-25 1923-24 1922-28
,
1924-2811923-24 1922-23
Nov.
21._ 432,208 24,528 217,983 1,488,392 1,244,773 1,484,662 487,588289.968 241,626
28.._ 370,024298,211 215,436 1,545,601 1,251,785
1,457.156 429,233305,223 242,942
Dee.
5_ 370,752268,509 158,801 1.683,956 1,225,801 1,445,005
239,525 146,650
12.. 333.821264,183 138,941 1,565,764 1,178,745 1,426,330 409,10 217,127 120,266
315,630
19 _ 330.647214.353 136,866 1
1,132,917 1,384,130 323,262 168,525 94,666
26-- 232.346 199,767 113,0351,577,9971,119,113 1,391,872 251,964 185,963 120,777
Jan.
306,967 134,234 94,390 1,514,4 1.067,013 1,355,894 246.118 82,124 68,412
9-- 234,091 136,603 123,952 1,474.156 1,043,974 1.300,285 198.591 123.564 68,343
56.4231,584 169,448 92.238 1,441.041 996.356 1.265 828 198.469 121.830 67,781 t
23....I201.602 110,351 101,479 1,383,626 977.2631,224,...... 144,187 91,258 59,710
30..j200.371 116,104 138,8201,306.792 944,8681,150.906 123.537 83,709 65,667
1,306,792
Feb.
6_ 179,899 104.226 87,381 1.248.011 898,190 1,089,733 121,118 57,548 26,231
13._ 204,982 101,244 83.0791.199,953 884,918 1,017.565 156,924 87,972 10.888
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 8,437,021 bales;
in 1923 were 6,093,479 bales, and in 1922 were 5,250,993
bales. (2) That although the receipts at the outports the
past week were 204,982 bales, the actual movement from
plantations was 156,924 bales, stocks at interior towns
having decreased 48,058 bales during the week. Last year
receipts from the plantations for the week were 87,972
bales and for 1923 they were 10,888 bales.
FEB. 14 1925.]
THE CHRONICLE
851
WORLD SUPPLY AND TAKINGS OF COTTON.
SHIPPING NEWS.
-As shown on a previous page, the
The following brief but comprehensive statement indicates exports of cotton from the United States the past week have
at a glance the world's supply of cotton for the week and reached 149,096 bales. The shipments in detail, as made
since Aug. 1 for the last two seasons, from all sources from up from mail and telegraphic returns, are as follows:
Bans.
which statistics are obtainable; also the takings, or amounts
NEW YORK
-To Havre
-Feb. 6-Andalusier, 325
325
gone out of sight, for the like period.
To Barcelona-Feb. 6
-Antonio Lopez, 104
104
Cotton Takings.
Week and Season.
1924-25.
Week.
1923-24.
Season.
Week.
Season.
Visible supply Feb. 6
5,728,922
4,582,418
Visible supply Aug. 1
2,190,493
American in sight to Feb. 13_ _ _ _ 265,290 12,202,421 196,377
Bombay receipts to Feb. 12_ _ _
142,000 1,498,000 165,000
Other India ship'ts to Feb. I2
9,000
156.000
40,000
Alexandria receipts to Feb. 11
17,000 1,260.800
20,000
*5
Other supply to Feb. 11
15,000
229,000
15,000
Total supply
Deduct
Visible supply Feb. 13
2,024,671
9.487.402
1,874,000
308,000
1,121,400
180,000
6,177.212 17,536,714 5,018,795 14,995,473
5,715,603 5,715.603 4.603,767 4,603,767
Total takings to Feb.13a
Of which American
Of which other
461,609 11,821,111
339,609 8.617,311
122,000 3,203,800
415,028 10,391,706
231,028 7,345,306
184,000 3,046.400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,387,000 bales in 1924-25 and 2,321,000 bales in 1923-24
-takings not being available-and the aggregate amounts taken by Northern
and foreign spinners-9,434,111 bales in 1924-25 and 8,070,706 bales in
1923-24, of which 6,230,311 bales and 5.024,306 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1924-25.
Bombay
1923-24.
1922-23.
Since
Wick. Aug. 1.
Feb. 12.
Receipts at
-
Since
Week. lAug. 1.
Since
Week. Aug. 1.
142.00011,498,000 165,000 1.874,000 140,000 1,678.000
I
For the Week.
Exports.
Since August 1.
Great Conti- Japan&
Great
rUain. sent. China. Total. Britain.
Bombay
1924-25_ _
1923-24_.
1922-23Other India
1924-25_ _
1923-24_
1922-23._
1,000 15,000108,000 124,000
8,000 36,000 92,000 136,000
8,000 41,000 47,000 96,000
5,000 4,000
17,000 23.000
11,000
9,000
40,000
11,000
Continest.
Japan &
China.
Total.
27,000 215,000 835,000 1,077.000
98,000 509,000 786,000 1,393,000
73,000 366,500 956,500 1,396,000
156.000
308,000
178,550
24,000 132,000
68,000 240,000
33,000 145,550
Total all
1924-25_
6,000 19,000108,000 133,000 51,000 347,000 835,000 1,233,000
1923-24._ 25,000 59.000 92,000 176,000 166,00 749,000 786,000 1,701,000
1922-23
8,000 52,000 47,000 107,000 108,000 512,050 956,500 1,574.550
To Liverpool
-Feb. 6
1,990
-Baltic, 1.990
To Rotterdam-Feb.6-Nleuw Amsterdam, 700
700
To Salonica-Feb. 6-Abron, 150
150
To Genoa-Feb. 9-Giuseppi Verdi, 251
251
To Bremen-Feb. 10
658
-George Washington, 658
To Antwerp-Feb. 11-Montauk. 50
50
To Copenhagen-Feb. 11-West Maximus. 61
61
NEW ORLEANS
-To Vera Cruz
-Jan. 31-Tegucigalpa, 300-_-Feb. 6
500
-Cuba, 200
To Barcelona-Feb. 7-Dlo. 470
470
To Hamburg-Feb. 6
-Karl Hong, 50-_ _Feb. 11-Aquarius,
448
498
To Japan-Feb. 7-Leikonger, 4,992
4,992
To Liverpool-Feb. 7
-Explorer, 7,150
7.150
To Manchester-Feb. 7-Exp1orer, 9.739
9,739
To Bremen-Feb. 11-Aquarius,3,906
3,906
GALVESTON-To Japan-Feb.5
-City of Canton, 7,950
7.950
To China-Feb. 5
700
-City of Canton, 700
To Liverpool-Feb.6
2,304
-West Modus, 2,304
To Manchester-Feb.6
1,648
-West Modus, 1.648
To Venice
-Feb. 7-Collingsworth. 1,305
,305
To Triesten-Feb. 7-Collingsworth, 500
500
To Piraeus
150
-Feb. 7-Collingsworth, 150
To Bremen-Feb. 7-Uranienborg, 6,885- _Feb. 7-Balmes,
4.362- __Feb. 9
24.708
-Cody, 13,461
HOUSTON-To Copenhagen-Feb.7-Winsum. 900
900
To Bremen-Feb. 7
-St.
-Brave Coeur, 7.516___Feb. 12
Andrew, 2,778
10.294
To Liverpool
-Feb. 10-Huronlan, 11,589-- Feb. II-Gloria
de Lartinaga, 2.221
13,810
To Manchester-Feb. 10-Huronian, 176_ __Feb. 11-Gloria
de Larrinaga, 1,891
2.067
To Havre
-West
-Feb. 11-Hornby Castle, 2,572_Feb. I2
13.760
Hematite-3,532___Feb. 12
-Niagara, 7.858
To Ghent
-West
-Feb. 11-Hornby Castle, 1,500- Feb. 12
2,400
Hematite,900
To Antwerp-Feb. 11-Hornby Castle, 300-__Feb. 12
-West
400
Hematite,100
To Genoa-Feb. 11-Cripple Creek, 4,027
4,027
To Naples
100
-Feb. 11-Cripple Creek, 100
To Hamburg-Feb.12
781
-St. Andrew,781
900
CHARLESTON-To Bremen-Feb. 7
-Tiger, 900
To Hamburg-Feb. 7
4,287
-Tiger, 4,287
NORFOLK
2,752
-To Bremen-Feb. 7
-Westfalen, 2,752
To Liverpool
700
-Feb. 9-Valemore, 700
To Manchester-Feb. 11-Manchester Mariner, 1.900
1,900
PORT TOWNSEND-To Japan-Feb. 7-Ibukisan Maru,500500
SAN PEDRO-To Liverpool
1,991
-Feb. 7-Lochroonor, 1,991
SAVANNAH-To Liverpool-Feb. 12-Portvale, 2,382
2,382
To Manchester-Feb. 12-Portvale, 1,783
1,783
To Bremen-Feb. 12
8,763
-Tiger, 8,763
To Copenhagen-Feb. 12
100
-Tiger, 100
To Hamburg-Feb. 12
140
-Tiger, 140
WILMINGTON-To Genoa-Feb. 9-Maddalena Odero, 3,550
3,550
149.096
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cen-ts per pound:
High StandHigh StandHigh Stand
According to the foregoing, Bombay appears to show a
art.
art.
ard.
decrease compared with last year in the week's receipts of Liverpool Density. .45c. Stockholm Density. .650. Bombay Density. .65c.
.30c.
.50c.
.000.
23,000 bales. Exports from all India ports record a decrease Manchester .300. .450. Trieste
.45e. .60c. Gothenburg _
Antwerp .350. .50e. Flume
.450. .60c. Bremen
.45c. .60C:
of 43,000 bales during the week, and since Aug. 1, show an Ghent
41340. .56340. Lisbon
.500. .650. Hamburg .35c.
decrease of 468,000 bales.
Havre
.350. .500. Oporto
.750.
.600.
.90c. Piraeus
.75c.
Rotterdam .40c. .550. Barcelona .300. .450. Salonlca
75c. .90c.
.400. .55c. Japan
.62140. .7734c.
ALEXANDRIA RECEIPTS AND SHIPMENTS.-Wo Genoa
.50c.
.60c. Shanghai .67Si C. .82340.
now receive a weekly cable of the movements of cotton at Oslo
LIVERPOOL.
-By cable from Liverpool we have the folAlexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding we3k lowing statement of the week's sales, stocks, &c., at that port:
Jan. 23. Jan. 30.
Feb. 6. Feb. 13.
of the iv:evious two years.
Sales of the week
35,000
51,000
37,000
41,000
Alexandria, Egypt,
Feb. 11.
1924-25.
1922-23.
85.000
6.375,090
Receipts (cantars)This week
Since Aug. 1
1923-24.
100,000
5,607.416
150,000
5.450.730
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
To Liverpool
- 142,130 7,000165,268
___161.502
To Manchester, dm
9.000169.715 11,000 146.324
____ 107,943
To Continent and India_ 11,000 247,133 7,000 243.668 7,000 193,384
America
To
-- -- 96,678
200 80,374
___- 166,885
Total exports
..._ 20.000 fiS5 AAR 9R nno can Aqd 7 nnn coo 715
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Feb. 11 were
85.000 cantars and the foreign shipments 20.000 bales.
Exports (bales)-
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for cloth is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
1924-25.
834 lbs. Shirt- Cot's
ing:, Common Mid.
to Finest.
UpTs
321 Cop
Twist.
s. d. d. d.
d. s. d.
25( 17 4 618 0 13.63 27H
25% 17 4 618 0 13.59 2934
24% 16
2434 16
24% 16
24( 16
5
5
4
5
617 1
(617 0
616 7
617 0
12.98 27%
13.11 28
13.28 2734
13.24 2734
25 16
25 16
24H 16
24' 16
23H 16
7
7
5
5
5
0617 1
617 1
0617 0
617 0
617 0
13.57 27
13.03 26)4
13.08 26
12.87 26
12.92 26
23 16 5 og 17 0
2434 16 7 @17 2
13.2826
13.28 25%
20,000
1,000
68.000
855,000
678,000
196,000
162,000
326,000
264,000
26,000
4,000
71,000
868,000
691,000
107,000
88,000
304,000
243,000
32,000
1,000
73,000
884,000
716,000
93,000
73,000
340,000
265,000
37,000
2,000
75,000
901.000
734,000
113.000
98.001
292,009
210,000
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 (
12:15 t
P.M. I
Monday,
Good
Inquiry
•
Tuesday, Wednesday. Thursday.
More
demand
Saturday.
A fair
business
doing
13.44
Mid'Hada
13.32
13.45
Sales
7,000
8,000
Futures.
Market f
opened 1
Quiet
8,000
A fair
business
doing
A fair
business
doing
Friday.
A fair
business
doing
13.56
13.70
13.72
8,000
8,000
8,000
Steady
Steady
Steady
Quiet
Quiet but
st'dy, 12 to 6 to 7 pts 6 to 10 pts 2 to 4 pts 6 to 12 pts.
advance
advance
advance
14 pts. adv. decline
Market f Steady
Firm
Steady
Steady
Steady
Steady
4•00
t 4 to 7 pta 16 to 19pts. 3107 pts 8 to 16 pts 3 to 8 pts 8 to 15 Pts•
P. M. I decline
advance
decline
advance
advance
advance 1
1923-24.
GO 00600 02G0 GO
Nov. d.
21 23H
28 2334
Dec
5 23
12 23
19 23
26 23
Jan.
2 23M
9 2354
16 22(
23 22%
30 22
Feb.
6 22H
13 22H
GO GCVOS OGOO GO
323 Cop
Twist.
Of which American
Actual export
Forwarded
Total stock
Of which American
Total Imports
Of which American
Amount afloat
Of which American
834 lbs. Shill- Coen
ings, Common Mid.
to Finest.
d. a. d.
s. d. d.
2834 17 4 018 0 20.14
3034 20 2 (4421 0 21.37
2934 19 4
30 19 6
29 19 6
2534 19 7
E420 2
@20 4
@J20 2
4620 3
19.42
19.48
19.68
20.62
2834 19 7
28 19 5
2734 19 2
27% 19 2
27% 19 6
620 2
020 0
019 5
619 5
019 5
19.93
19.32
18.83
19.31
19.17
2734 19 2 19@ 5
26M 19 0 19@ 3
18.89
17.74
Prices of futures at Liverpool for each day are given below:
Sat.
Feb. 7
to
Feb. 13.
February
March
April
May
June
July
August
September. _
October
November_ _
December
January
Mon.
I
Tues. 1
Wed.
Thurs.
Fri.
1234 1234 1234 4:001 1234 4:00 1234 4:00 1234 4:00 1234 4:00
it.
it.
d. it.
it. it. it.
d. d. d. d.
_ 12.9713.10 13.1113.09 13.12 13.21 13.28 13.35 13.3513.3 13.4i
13.0413.16 13.20113.14 13.16 13.24 13.28 13.3813.36 13.3 13.43
13.04 13.1713.20 13.14 13.1513.23 13.27 13.35 13.3513.3913.42
13.1213.25 l3.2813.22 13.23 13.31 13.34 13.41 13.41 13.4 13.47
13.12 13.3013.2813.22 13.23 13.30 13.32 13.3813.4013.4 13.45
13.16 13.3513.33 13.27 13.2813.35 3.38 13.44 13.44 13.47 13.49
____ 13.11 13.2513.29 13.23 13.24 13.3013.32 13.3813.3713. 13.43
____ 13.0713.2013.2113.1 13.1913.2713.2: 13.33 13.32 13.3 13.39
____ 13.03 13.16 13.21 13.15 13.15 13.24 3.24 13.29 13.28 13.31 13.34
____ 12.9913.12 13.18 13.11 13.12 13.21 13.20 13.25 13.24 13.2713.29
____ 12.96 13.0913.15113 08 13.0913.18 3.17 13.22 13.21 13.2413.25
__ _ _ 12.94 13.07 13.13l3.06 13.06 13.16 3.15 13.19 13.18 13.21 13.23
d.
852
TH I
CHRONICLE
BREADSTUFFS.
Friday Night, Feb. 13 1925.
Flour was steady in the main early in the week, but as
regards actual trade, it was the old story. It was quiet
here and, it may be added, quiet also at the Northwest and
Southwest. Buyers are waiting for further declines. They
are encouraged to do so by a recent drop of about 50c. a barrel. Buyers, therefore, take only such quantities as their
Immediate necessities demand. Foreign buying was also
slow. Exporters, too, hope for lower prices. On Monday, to
be sure, the clearances reached the impos,ng total from New
York of 110,000 bbls., or 150,016 sacks, of which 106,393
sacks were for Belgium, this being one of the Russian cargoes recently purchased. The rest was consigned to Liverpool, Stockholm and South American ports. There are prospects of a very large quantity of wheat and flour afloat
owing to the heavy shipments from the Argentine, Australia,
North America. India in a month and a half will be shipping. Some contend that there may not, after all, be any
very great shortage In the world's carryover of wheat, etc.
It may exceed expectations. That seems to be a growing
belief. Toronto wired Feb. 12:
Canadian flour milled entirely of Canadian wheat, for which orders have
been placed by the Russian Government with two local mills will bring at
least $12,000,000 in Russian money to Canada. This was estimated to-day
by D. A. Campbell, head of the Maple Leaf Milling Co., which is to sell
1,250,000 bbls. of the order. An additional 150,000 bbls. have been
ordered of the Western Canada Flour Mills, Ltd. The Russian authorities
will pay for the flour on its delivery In New York City, whence it is to be
shipped to Batum. It is estimated that 165 trains will be required to
transport the flour to New York and that 22 ships will be needed to get It
over to Russia. Campbell said the order just given was the largest indi•
vidual order ever placed with Canadian mills, adding that it brought to
2,000,000 bbls. the total flour purchases of the Russian Government in
Canada since last November. His company, he said, recently delivered
600,000 bbls. to the Russians on a previous order.
In Minneapolis on the 12th inst. prices declined 20 to 25c.,
being quoted at $950 to $9 65. Over the holiday some 250,000 bbls, of flour were reported sold for export in addition
to the recent business. Russia is supposed to have taken
it in addition to the large purchases recently.
Wheat has broken badly under very heavy liquidation.
The amount, too, on passage to Europe increased 9,000,000
bushels. Weakness in corn and other coarse grain had its
effect. Flour trade reports were uot favorable. Export
sales last Monday were only 300,000 to 400,000 bushels. The
result was that after sharp fluctuations the price on that day
ended at a fractional decline. Speculation fell off. It was
only fairly active. There was, it is true, an early advance
on a rise in Liverpool and Buenos Aires. Winnipeg was
1c.
2
firm and 1/ net higher. Even at Chicago May was at
one time on the 9th inst. more than 9c. above the low of
, last week. The visible supply of American wheat decreased
4
last week 1,901,000 bushels, reaching a total Of 75,709.000
bushels. It was a matter of comment that this was not quite
10,000,000 bushels larger than at the same time last year.
The total was then 65,949,000 bushels. Such things tended
to take the edge off world's shipments last week of 18.760.000
bushels. These, indeed, though later were somewhat
smaller than had been expected. The week previously they
svre 19,221,000, and for the last week in 1924 they reached
the imposing aggregate of 21,275,000 bushels. It was said,
too, that France would immediately buy approximately
10,000,000 bushels under the law passed last Saturday. They
established a separate bureau for the supervision of the
grain trade. But on Tuesday wheat broke nearly 7/ c. in
12
Chicago, making a drop of 11c. from Monday's high. It was
/
2
a fall of 221c. from the peak of the season. There was a
rush to sell as Liverpool and Argentine prices dropped.
Liquidation became very heavy. Stop orders were reached.
Supporting orders were swept aside. Exporters were said
to have taken 1.000,000 bushels on that day, including a cargo
of Duluth spring and one of Gulf hard wheat by Greece, in
addition to more or less wheat taken by other sources. Export interests, too, were large buyers of futures for reasons
which did not clearly appear. It was evident that exporters were inclined to buy on sharp declines. Their purchases
of 1,000,000 bushels on Tuesday were practically all domestic wheat. At the same time Winnipeg pricess stood up
rather better than those at Chicago. Receipts were moderate. But on the other hand, cash markets were unmistakably depressed. The flour business was poor. In spite of
the buying by Greece, there were complaints of the smallmess of the buying by Europe as a whole. Chicago wound
up on that day 36 to 6%c. lower, with Winnipeg down 3%c.
to Sc. net. Prices shot downward again later in the week
after a brief rally. On the 11th inst. there was an early ad/
2
vance of 11 to 3%c. The Soviet Commissioner here said
that he had bought a little over 100.000 tons of Canadian
flour. That would mean about 1,100,000 barrels, or nearly
.5,000,000 bushels of wheat. The business is said to have
been done at $9 to $10 per bbl. at the seaboard. This report
Is given for what it is worth. It had only a momentary, if,
Indeed, any effect. England reported sales of 20,000 tons of
English flour to Russia and also 6,000 tons of Argentine
flour to Russia, Argentine May wheat was at a premium over
•Chicago. Interior receipts were only moderate. Argentine
prices were firm. There was a fair export business reported. Turkey bought to some extent. But the old speculative buying spirit was absent. It has been chilled by the
[VOL. 120.
great declines of late. Prices on the 11th inst. broke from
the early- rise some 7 to 10c. at Chicago.and 7 to 121 2c.
/
Winnipeg. The close there was4 to 71c. net lower for the day.
/
2
The 'Chicago. decline was 41 to .61c. net. India was offer/
2
/
2
ing more freely. Uncertainties as to Russian crop conditions are indicated in reports to the Agr,cultural Department from the International Institute of. Agriculture at
Rome. Kansas City wired: "Northwestern Kansas Is free
from snow for the first-time since early in December. Wheat
is looking fine; about 20% of the old 'crop is still on farms
and practically all of the corn. Holders are anxious to sell
at prevailing prices, and will ship heavily when weather
permits." Moscow cabled: "The question of the prospects
of the future harvests is now drawing the closest httention
of the Government. While the Soviet Institute is still engaged in . relief 'work in connection with last year's crop
failure, symptoms of a new failure of crops in the .winter
sown area are already manifest. According to official reports, the unprecedented abnormal weather which prevails
all over
Federation will necessitate the resowing of part
of the .
.vinte'r• sowing area. For this purpose the Government has already assigned 2,500,000 poods (equal to 36
English pounas each) of gram. Agricultural specialists,
however, estimate that this will cover only 50% of the needs.
The Government not only has had to abandon the export of
grains, but has also resorted to 'the import of grain and
white flour." The Egyptian Government has prohibited Until further notice, the export of wheat, maize, millet and
barley, as well as flour made therefrom. It is understood
the decision was based on official Information from the
principal wheat centres of a deficiency throughout :he
world. To-day prices pursued a serpentine !ourse.. At one
time they were lower by V, to 2%c., but later came a rally.
The export business on the recent decline revealed in striking fashion the size of the foreign buying orders under recent
high quotations. The sales of all kinds of grain over the
'holiday were estimated at close to 5,500.000 basheis. Of this
2,000,000 bushels were wheat, mostly domestic. It Is said,
too, that export sales of flour amounted to 230,000 bids., or
equal to 1,125,000 bushels of wheat. That would nnike the
wheat total 3.123.000 bushels. Closing prices to-day were
1% ,to 42 higher in Chicago and 21 to 2%c. higher in
/c.
1
4
Winnipeg. The trading was again very karge. Fluctuations
were violent. Prices early in the day were 5 to 7e. higher
at one time. Then came a striking setback, only to recover
later. Foreign Markets were eager to buy and disregarded
the break in America on the 11th Inst. 'na'y. rose sharply
over the holiday. Liverpool, indeed, came to-day some 10c,
better than was due. The export buying was for the United
Kingdom, France. Scandinavia awl 4:ermany. Itassia took
the flour. There was a better demand at the seaboard. Premiums were rather stronger. The teehn cal posit ion looks
better after a recent decline of nearly 30c. Chicago may
wound up at $1 82, with Winnipeg May $1 :17% and Buenos
1
2
Aires May $1 91/ Prices rallied more easily.. It looked
.
as though some of the early decline was due to manipulation.
A good-sized short interest Is being built up. Some thought
corn and oats were depressed to weaken wheat Most cash
markets were higher. At the West the cash rise is. said .to
/
2
have averaged 3 to 31c. Winter wheat crop reports ale in
the main favorable, though there are some complaints of
damage by ice. Final prices show a decline for the week of
5 to 6c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_213% 211% 205
199
Hol. 203
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_19044 190% 18351 178
1814'
July delivery In elevator
16251 162
1574 152
Hon- 153
September delivery in elevator
148% 148% 1444 140% day. 141 4
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Man. Tues. Wed. Thurs. Fri.
May delivery in elevator
ets_1e84 20051 1044 188
190
1925
July delivery in elevator
19451 19634 191
R.,351 isr,% 1884
October delivery in elevator
14951 15151 14811 144
143% 147
Indian corn took a•downward • turn under heavy liquidation with the cash markets weak. Moreover, there was an
Increase in the American visible supply last week of 1,893,000 bushels. The total Is now 29,464,000 bushels, against
10,725,000 a year ago. Although the interior movement
fell off somewhat at the beginning of the week, country
offerings increased, and the cash demand was disappointing.
And the speculative market seemed tired. There was support on the declines, but it was none too effective. The
weakness of the cash markets and an evidently weak technical position had a depressing effect on the market as a
whole. On the 10th inst. there was big trading, but it was
mostly in the nature of liquidation. Stop orders figured
heavily. Weak cash markets continued to be a distinctly
detrimental factor. The cash demand was poor. That was
an outstanding factor which, apart from everything else,
told heavily against the price. The Southwest was offering
corn at Chicago. Chicago cash prices dropped 2 to 5c. on the
10th inst., the low grades showing the most decline. The
discounts on them showed a tendency to increase. Prices
broke again later in the week. In fact, on the 11th inst.
there was a decline from the early high of some 4c., with
a moderate rally towards the close. The weakness in wheat
was nine-tenths of the story. Liquidation was very heavy.
And there was not much support. That was one of the
noticeable drawbacks. The cash situation, too, was not at
all encouraging. Chicago reported the low grades quite
FEB. 14 1925.]
853
THE CHRONICLE
The following are closing quotations:
weak. In the liquidation In futures there was a good deal
.
FLOUR.
of selling on stop orders. To-day prices were extremely Ir$975 Bye flour,patents____58 25(§) $875
patents
10
12
6
regular. At one time 1 / to 2c. higher, they were at another Spring first spring__ _$9 5l
900 Serninoia No• 2.1b
8
Clears,
3 496, 3
/
9 50 Oats goods
1
/
some 32e. lower, wind.ng up at about 114c. net declnie.for Soft winter straights 9 25
3 350 3 45
an hard winter straights_ 9 , O1 9 10 Corn flour the day. Heavy liquidation, tapping stop orders, was
9 63 Barley goods
025
Hard winter patents
4 50
N04. 2. 3 and 4
8 104 8 50
outstanding feature. There was general selling. The price Hard winter clears
Fancy pearl. Nos. 2,.3
Fancy Minn. natents_11 )f 11 65
7 50
was down about 14c. from the recent top point. The desire City mills
and 4
10 so( 11 30
to take profits was general. It is true there was some nw
GRAIN.
buying, but it was not powerful enough to offset the big Wheat, New York:
Oats.
63
No. 2 white
203
No. 2 red, Lo.b
wage of selling. Some, however,. think that the technical
62
No. 3 white
1964
No 1 Northern
position is improving, that the decline is going too far, that
Rye, New York:
No. 2 hard winter. f.o.b__-.196
16234
No. 2 f.o.b
the sWing of the pendulum downward is, in other words, too
Barley. New York:
violent. But cash trade was still dull. Cash prices were Corn: 2 mixed
111@
115
Malting
13734
No.
nil
Chicago
depressed, despite the fact that receipts over the holiday
1384
No. 2 yellow
were moderate. But the price of hogs and corn are more
here, see page 796.
For other tables usually given
closely adjusted than they have been hrtofor, and with cash
The destination of these ,exports for the week and since
corn down 1 to 2c. to-day it is surmised that the country may
1 1924 is as below:
be less ready to sell. Prices of futures show a net decline July
2
/
for the week of 71 to 8Vac.
Corn.
Wheat.
Flour.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Exports for Week
Week
Since
Week
Sat. Mon. Tues. Wed. Thurs. Fri.
Since
Week
and Since
Feb. 7
July I
1374 1101. 13734
1444 141
Feb. 7
cts_146
July 1
Feb. 7
No. 2 mixed
July Ito1925.
1924.
1925.
1924.
1925.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Bushels. Bushels.
Barrels. Barrels. Bushels.
1264
12734
cts..13431 1334 130
May delivery in elevator
803,937 74.915.929
128* Holl- 1274 United Kingdom_ 66.347 3,022.189
131
1354 135
July delivery in elevator
213.815 5,857.934 3,031.331 137.051,466
Continent
September delivery In elevator_ ....13534 13434 13034 12834 day. 12634
57.000
477 300
90.000
631,139
So. & Cent. Amer. 4.500
86.000
100.150
West Indies
Oats declined under the influence of depression in other Brit. No. Am.Cols 32,150 911.412
6.135
.
__ _
1,168.052
grain. Liquidation was one of the biggest factors. Cash Other countries
401,774
....
demand, however, was poor. That, of course, counted. It
offset the moderate receipts. Also, the visible supply increased somewhat. The increase was no more than 72,000
bushels, against 282.000 in the same week last year. But
the fact was stressed that the total now reaches 73,644,000
bushels, against only 17,821,000 a year ago. May led the
.decline. Large stocks, fair receipts, poor cash business and
liquidation were the things that stood out most clearly as
.dispiriting factors. Support was futile. Stop orders carried the day. Later came another sharp break in sympathy
'with the decline in other grain. Liquidation was on a large
wale. The cash demand failed to awaken. It was one of
the distinctly disappointing features in the situation, and
has been for a considerable time. In Winnipeg on Thursday
2
/
prices declined 21 to 4c., the latter on October. Barley fell
Sc. To-day prices were irregular, like those for all other
grain. There was a sharp break after an early opening.
1
/
The reaction from the top was some 32to 5c., winding up
2
1c,
unchanged to / lower for the day. Oats followed the very
'nervous fluctuations In corn. In the end liquidation told.
It reached stop orders. May at the lowest price touched
2c.,
/
511 a break of more than 15c. from the peak of the season. Some think tills great decline neutralizes anything at
all favorable in the situation. They contend that oats are
relatively cheap at this price, despite the very large supply.
Export sales were made of 700.000 to 800,000 bushels, though,
to be sure, they were mostly of Canadian. Closing prices
-show a net decline for the week of 54 to 64c.
Total 1925
Total 1924
316.812 10.830,583 3.925.208 213.713.897
336.260 9.637.421 2.745.251 159.534.917
Since
July 1
1924.
Bushels.
70.961
898.830
940 810
21.000
3.900
123.000 1.935.501
663,000 4,294.279
The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 6, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1924-25.
IVeek
Feb. 8.
I
Since
July 1.
1923-24.
Since
July 1.
1923,24.
1924-25.
Week
Feb. 6.
Since
July 1.
Since
July I.
Bushels.
Bushels
Bushels.
Bushels.
Bushels.
Bushels.
765.000 5.786.000
16.000
North Amer_ 5.849.000 299.616,000280.281.000
935.000 18.951.000 17.752.000
3.088.000 33.010.000
Mark Sea.
Argentina.... 8.479,000 71.340.000 64.617.000 1,518,000 134,990.000 72,082.000
5,472.000 39,716.000 33.040.000
Australia
960.000 27.800.000 12,416,000
India
962.00 14.755.000
1.584,000
0th.countr'
Total
18,760,000441,560,000424.948,000 2,467.000155,668,000110,355.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 7 1925, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
DAILY CLOSING PRICES OF OATS IN NEW YORK.
New Orleans
Sat. Mon. Tues. Wed. Thurs. Fri.
Galveston
foil- 63
62
66
68
cts_ 68
No. 2 white
Buffalo
,DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
afloat
."
Sat. Mon. Tues. Wed. Thurs. Fri.
Toledo
54
4 6034 5734 5434
May delivery in elevator
cts_ 603
" afloat
Holt- 55
July delivery in elevator
,61
584 55
62
Detroit
September delivery in elevator__
5934 SSY3 5634 5334 day. 5334 Chicago
afloat
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Milwaukee
Sal. Atm. Tues. Wed. Thurs. Fri.
" afloat
6234
cts_ 6034 6934 67 4 62
May delivery in elevator
July delivery in elevator
__.- 6334 Duluth
7034 044 63
70
" afloat
5634
October delivery in elevator
59
63 .4 6234 61
Minneapolis
Rye has been declining sharply in sympathy with a . bad Sioux City
St. Louis
break in wheat. The visible supply increased last week Kansas City
202.000 bushels in this country, against 280,000 in the same Wichita
week last year. The total is now 23,631,00(1 bushels, against St. Joseph. Mo
Peoria
20,127,000 a year ago. On the 10th Inst. prices closed 31 1, to IndianapolLs
,
61 2c. lower. The export demand was slow. Liquidation was Omaha
/
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush.
bush.
bush,
528.000
130.000
2.662,000
24,000
154.000
141.000
1,068.000
243.000
65.000
3,087.000
114.000
557.000
614,000
1.275.000
1.016,000
5.357.000 1.525.000 1.855.000
2,478.000
7.675,000
611.000
300.000
1.599.000
540.000
807.000
275.000
22.000
265.000
6.210.000 11.944.000 20.495.000
711.000 1.513.000
850.000
474,000 2.724.000
230.000
149,000
84,000 12,298,000
10,424.000
1.009.000
805.000 22.365.000
13,725.000
537,000
422.000
330.000
581.000
1.989,000 1.822.000
5,972.000 2.364,000
10.593.000
2,295.000
249.000
800,000
831,000
948.000
259.000
308.000
955.000
459.000
1.953.000 2,270.000 1,880.000
Br,...
basil'.
2.608.000
499.000
235.000
6,910,000
84.000
155.000
36.000
102.000
589.000
1.765.000
83.000
587.000
16,000
2,211,000
213.000
88,000
4.000
2.000
220.000
513.000
101,000
181.000
4.893,000
1.383,000
1.191.000 2.171.000
9.000
13,000
3.000
22,000
6,000
144.000
7,000
4,000
71.000
249.000
11.000
general. A bad break in wheat chilled bullish sentiment.
75.709.000 29,484,000 73.644,000 23.631,000 3.718.000
Total Feb. 7 1925
77.610.000 27.671.000 73,572,000 23,479.000 3.924.000
Total Jan. 31 1925
Export inqu:ries were not lacking, but the actual sales on
Total Feb. 9 1924..,M5.949.000 10,725,000 17,801.000 20.127.000 2.288.000
that day were estimated at only 40,000 bushels, taken by
Note -Bonded grain not included above: Oat's, New York, 443.000 bushels:
928,000
Finland. Later in the week Caine another bad break. Prices Boston, 205,000; Baltimore. 130.000; Buffalo, 89,000; Daluth, 81,009; total. bushels;
Barley, New York. 595,000
bushels. against
.on the 11th inst. fell 5 to nearly 9c. from the early high, and Boston, 15.5.000; 1.483,000 bushels In 1924. 385,000; Duluth. 21,000; total. 1.188.Baltimore. 32,009; Buffalo.
3.064,000
wound up for the day 5 to 6c. net lower. The tone was weak 000 bushels, against 169,000 bushels In 1924. Wheat, New York.Buffalo. bt1444103:
3,168.000
throughout, although export sales were reported of 500,000 Boston, 153,000: Philadelphia, 1,101,000; Baltimore, 471.000; afloat, 549.000:
Buffalo afloat, 6.481.000; Duluth. 405.000; Toledo, 11.000; Toledo
*bushels. Liquidation was heavy. The tone was demoral- Erie afloat, 762,000; total, 16,165,000 bushels, against 21.902.000 bushels in 1924.
1c.
/
ized by the break of 122 In wheat at Winipeg and 10c. on
Canadian
712.000
135.000
247,000 3.119.000
1,577,0013
some deliveries at Chicago. To-day rye advanced on most Montreal
9.551.000 1.463.000 4,028,000
127.000
months early in the day, but reacted later, ending 1 to 2c. Ft. William & Pt. Arthur_20,627.000
680.000
1.388.000
" afloat
386.000 1.219.000
3,543.000
7.679,000
bigher net on May and July, though 2%c. lower on Septem- Other Canadian
ber. It was an erratic market largely dominated by the mer247.000 16.893.000 1.984.000 6.086.000
Total Feb. 7 1925..__31.271,000
249.000 16,829,000 1.957.000 5,939,000
curial fluctuations in wheat. It was significant that even
Total Jan. 31 1925____31.269,000
16.000 9,212,000 2,065,000 1.728,000
Total Feb. 9 1924____53,368.000
Bales of 1,250,000 bushels to Germany and the rest of the
Summary
over Lincoln's Birthday had comparatively little
'Continent
75.709.000 29,484.000 73.644.000 23.681.000 3,718.000
American
247.000 16.893,000 1,984,000 6.086.000
effect on futures. It is true that premiums at the Seaboard Canadian
31.271.000
1c.
/
advanced sharply. February rye was 62 over May
were
29,711.000 90,537,000 25.665.000 9.804,000
Total Feb. 7 1925_106.980,000
.and March 7c. over. There were export sales of 250,000
Total Jan. 31 1925_108.879.000 27,840,000 90,401,000 25,436.000 9,867,000
Total Feb. 9 1924_1109,317,000 10,741.000 27,033.000 22.192.000 4,014.000
bushels of barley. It is apparent that the foreign buying
on the much lower prices. To all appearwas contingent
WEATHER BULLETIN FOR THE WEEK ENDING
-ances there has been no great buying except at the sharp
-The general summary of the weather bulletin
decline during the week. The ending was at a net loss as FEB. 10.
issued by the Department of Agriculture, indicating the
4
‘compared with last Friday of some 5 to 71 e.
influence of the weather for the week ending Feb. 10,follows:
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
The outstanding feature of the weather during the week just closed was
r
154
160
167
cts_167
1564 the persistence of unusual warmth for the season of the year In all sections
in elevator
May delivery
132
136
142
143
Holt- 132g
July delivery in elevator
-September delivery in elavator...12334 12334 12034 1194 day. 117
of the country. About the beginning an extensive high pressure area
overspread the more eastern States and remained practically stationary
854
THE CHRONICLE
[Vol,. 120.
until near the close, with a succession of "lows," in the meantime, passing
eastward over the Canadian Provinces. Generally low pressure prevailed
also over the interior and Central-Northern States the latter part of the week.
Under the influence of this pressure distributioit, warm, southerly winds
Friday Night, Feb. 13 1925.
prevailed in most sections of the country with resulting abnormally high
Several thousand retail store representatives and buyers
temperatures. It was especially warm in the Northwest where, during
the week, the temperature was 20 deg. to 30 deg. or more above have reached New York during the past
muc.h of
week to attend the
the seasonal average while the highest of record for February was reported
from some stations in the Lake region on the 7th. Early in the week it Merchandise Buyers' Fair and the convention of the Nathe Southeast, and temperatures were some- tional Retail Dry Goods
was rather cool, however, in
Association, and their presence is
what below normal in the Atlantic Coast area about the middle, while the
latter part brought considerable cooler weather to the Pacific Coast and expected to stimulate spring merchandising in the wholeNorth-Central States.
sale markets. In fact, there has already been greater buyExcept for frequent rainfall in the far Northwest and in Pacific Coast
districts, fair weather was the rule quite generally until near the close of ing activity, particularly in garment lines. In contrast with
the week. On the morning of the 8th, however, a trough of low pressure, the slow and disappointing business last month, demand
extending from the upper Mississippi Valley to the west Gulf, was charted
on the weather map with cloudy and unsettled weather prevailing through- for women's dresses has greatly improved, and the volume
out the interior of the country. This storm moved northeastward over of sales is reported to be large. Textile experts and buyers
the Lake region and the closing days of the week had widespread precipita- from all sections of the
country who have been attending the
tion from the Mississippi Valley eastward with some moderately heavy
Merchandise Buyers' Fair express the belief that the inlocal falls.
Chart I shows that the weekly mean temperatures were above normal dustry in America has
made rapid strides in an effort to
In all sections of the country, except locally in southern California. They
were only slightly above normal in the immediate Gulf districts and along free itself from foreign domination, and many have dethe Pacific Coast. but throughout the interior of the country and inNorthern clared that in quality and beauty the
domestic fabrics
States from the Rocky Mountains to New York the week averaged from
establish a new standard. In regard to cotton goods, many
12 deg. to as much as 26 deg. above normal. The line of freezing, however
extended to the south-central portions of the east Gulf States, but in parts new colors and prints have been displayed, while there have
of the interior freezing weather was not reported south of the extreme
lower Missouri Valley, while the lowest for the week in some west Gulf also been a number of fresh weaves, especially in the artisections was 50 deg. or above. Subzero temperatures occurred only in ficial silk combinations. The greater portion, if not all of
the interior of the Northeastern States, it being the first week of the winter these, are
novelties which buyers have hitherto expected to
without temperatures below zero in central-northern districts.
Except in northern and central Pacific Coast sections and locally in the come from Europe. In view of the volume of business aleast Gulf, rainfall was generally light, as shown on Chart II. Much the ready booked, mills
appear to be confident that the season
greater part of the country had lass than 0.5 inch, while practically all
stations in the area between the Mississippi Valley and the Rocky Moun- will develop satisfactorily. Prices in general are being well
tains reported no rain or only a trace. Txcept in the Northeast and the maintained, with prospects
of advances in several direcextreme upper western Lake region, very little snow remained on the
ground at the lower elevations. The interior valleys were generally clear tions. During the week the largest producer of artificial
.
of snow, while only patches remained, as a rule, between the Lake region silk announced price advances for
second quarter delivery
and Rocky Mountains. There was an unusually large amount of sunshine
ranging from 5 to 35 cents a pound. These advances, howfor the season in nearly all sections of the country.
The mild and fair weather that prevailed in nearly all sections of the ever, were limited •to the "B" and "C" qualities, the
"A"
country made this the most favorable week of the winter for outdoor
operations. Considerable plowing and other preparations for spring quality being continued at former quotations. Reports replanting were accomplished in the Southern States, while much land ceived from retail channels throughout the country during
became free of frost in the interior valleys and some plowing was being
down as far north as the Ohio River and southern Kansas. The soil the week were more optimistic as to the future.
continued too wet for work in parts of the Southeast, however, and it
DOMESTIC COTTON GOODS: During the past week
remained too dry in much of central and west Texas, which hindered the market for
domestic cotton made further progress toplowing. Corn planting advanced in the Florida Peninsula, and a little
seeded in southern Texas, while the seeding of potatoes and ward recovery from recent inactivity. Prices held steady,
cotton was
other early spring truck crops made favorable progress in the south Atlantic and with the distribution of goods
on a larger scale, mills
and east Gulf sections.
Considerable snow remained on the ground in Northeastern States, but are fast approaching a position where they can ask more of
there was much melting during the week and traffic became normal, while a profit on their merchandise. One indication of
this is that
in the Central-Northern States the open highways favored the marketing
of grain. More rain was needed in the far Southwest, especially for the buyers are showing more willingness to operate at the
desert range. In the central and north Pacific Coast districts frequent slightly higher levels. Wide print cloths were
firm and
rains caused the flooding of streams and did some damage to farm lands.
The additional rainfall was otherwise very favorable in California, however, offered less sparingly for spot delivery. Sales of colored
although more moisture is still needed in southern portions of the State.
cottons have been larger, while flannels sold freely and some
SMALL GRAINS.—Practically all snow and ice disappeared from the
Winter Wheat Belt, although fields were still covered in parts of the Middle of the lines are moving so well that numerous houses are
Atlantic area. The weather was generally favorable for wheat with the sold up to October. Novelty wash fabrics are also selling
mildness causing some greening up in the southern portions of the belt.
Apparently very little harm was done by the previous ice layer in the in greater volume, although orders were small in size.
middle Mississippi Valley and western Lake region, and the general condi- Fancy prints have been in most urgent demand, with dress
tion of the crop was reported as satisfactory in nearly all sections of the manufacturers predicting a very good season
for them. Rebelt. Some local damage by ice occurred in northern Indiana, while the
crop is in only fair condition in parts of southern Illinois, caused apparently peat orders for such goods have been numerous from buyers
by drought during the period of germination last fall.
Wheat is reported as very good to excellent throughout Kansas, while who placed small initial orders. In regard to ginghams, a
improvement is noted in Oklahoma. The crop is thriving where not satisfactory call continues to be reported. Inquiries have
winter-killed, in the North Pacific States and plants are showing up green been so steady that the large accumulations of goods which
with a reduction of the snow cover in the extreme northwestern Great
Plains, though the December cold wave did considerable damage in parts a number of mills had in stock have been pretty well abof Montana. Winter oats did well in the Southern States, except where sorbed, and it is becoming increasingly difficult for buyers
too dry in parts of the Southwest, and some seeding of spring oats was
to pick up goods that they have been seeking. While jobaccomplished as far north as southern Oklahoma at about the usual date.
THE DRY GOODS TRADE.
The Weather Bureau also furnishes the following resume bers and cutters-up have been the principal buyers, there has
also been a better demand from mail order houses. One of
of the conditions in the different States:
the topics of discussion is the probable opening of ginghams
North Carolina.—Raleigh: Mostly fair, pleasant and abnormally warm
latter half of week. Considerable plowing and sowing tobacco beds. for the new season. Last year the new lines were announced
potatoes. peas, cabbage, lettuce, beets and other early truck. by he leading producer on Feb. 18, which
Planting
would correspond
Wheat hurt in some localitites by cold wave of previous week. Roads imto Feb. 16 this year. However, reports indicate that the
proving. Colder needed to prevent premature swelling of fruit buds.
South Carolina.—Columbia: Unusually warm. Fair progress in plowing opening may be later. It is generally expected that the new
and outdoor work incident to relatively dry weather most of the week. lines will show an advance in price owing to the
rise in cotWinter cereals and truck improved. Cabbage and spinach being harvested
ton and the recent advance in percales. Print cloths, 28-inch,
In trucking districts. Shrubbery budding.
Georgia.—Atlanta: Moderate temperatures prevailed, becoming quite 64 x 64's construction, are quoted at 7%c.,
and 27-inch, 64 x
high Sunday. Fair weather until Monday dried out soil considerably and
Ac. Gray goods In the 39
-inch, 68 x72's construcsome plowing done. Few English peas sown, cabbage plants set and sweet 60's, at 67
potatotes bedded. Some danger of premature swelling of fruit buds.
tion, are quoted at 111
4c., and 39-inch, 80 x 80's, at 13%c.
Florida.—Jacksonville: Warmer, sunshiny, and ample soil moisture
WOOLEN GOODS: The slow development of interest in
favorable for germination of seed and growth of potatoes, strawberries
and oats. Tobacco plants good. Much new growth of citrus trees and the men's wear season, after the official opening of the
planting increased in central and north. Melon planting
bloom. Corn
American Woolen Co.'s lines last week, resulted in much disbegun locally. Some lowlands too wet in west, but farm work advanced.
appointment throughout the markets for woolens and worPastures improved. Satsuma trees in good condition.
Alabanza.—Montgomery: Temperature below normal early part, but
steds. Most factors claimed that this was natural, owing
considerably above thereafter. Showers early Monday morning locally
in plowing where soil dry
heavy; remainder of week fair. Some progressGood progress in planting to the unsatisfactory spring trade. This, in turn, encourenough. Oats doing well; sowing continues.
aged numerous independents to postpone their openings until
potatoes in coast region. Truck and vegetables growing fairly well in
more southern counties. Surviving pastures mostly poor. Fruit trees the latter part of next week, while it was claimed that othbeginning to bud locally in southeast portion.
ers would probably not be ready until later in the month.
mississippj.—vieksburg: Generally abundant sunshine in interior;
moderate on coast. Temperature slightly excessive on coast, ranging to Agents of a more conservative turn of mind appeared to be
except moderate
considerable excess in extreme north. Generally fair,plowing and crop satisfied with the trade, stating that they did not look for
precipitation Sunday. Good to excellent progress in
any rush of buying, with raw wool at such high levels, but
preparations. Pastures reviving in central and north; good progress in
fully expect to see sales reach normal proportions before the
south. Truck good progress.
weather with ample sunshine and
Louisiana.—New Orleans: Warm
season draws to a close. In regard to the women's wear
made
moderate rainfall one day. Plowing and spring planting well. excellent
doing
progress. Cane, oats, strawberries and winter truckRoads fair toPastures division, more activity has developed of late and the trade
good.
improving in south; beginning to revive in north.
Is looking for its fall openings in about two weeks.
abundant
Texas.—Houston: Unusually warm with elsewhere.sunshine; scattered,
Progress and conFOREIGN DRY GOODS: A firm undertone continued to
light showers in eastern third of State; dry
and of truck very good in
winter wheat and oats poor to fair but general condition poor. characterize the markets for linens. A large attendance of
dition of
coastal sections. Ranges greening in south,
Farm work made good progress. except in portions of central and west buyers from all parts of the country has been in evidence
in extreme south. during
where soil too dry to plow. A little cotton planted
the week, and placed good-sized orders for sheets,
Dirt roads fair to good.
Oklahoma.—Oklahoma City: Decidedly warm with abundant sunshine; damasks, towels, dress linens, furniture coverings and other
portion. Much plowing done. Seeding items. Handkerchiefs were
light to moderate showers in east
in particular demand, with a
growth; conoats begun in south and east portions. Wheat made somepoor.
Pastures
dition improved and now generally fair to good. but one rainy day, very persistent call reported for all colored groups for Easter
and
women's wear. Numerous orders have been filled and othArkansas.—Little Rock: High temperature
favorable for farm work, except in extreme north, where thawing made ers are coming along hi a
winter crops good,
satisfactory manner. A notable
soil too wet for plowing and dirt roads bad. All swelling in south. except
More feature has been the placing by retailers of orders for spring
oats badly frozen. Fruit uninjured, but buds
this season.
land plowed than usual at
delivery with a decided trend away from fancies and toward
Tennessee.—Nashville: Very mild and precipitation light. Wheat and
oats still small, but now showing green, and some wheat stooling. Clover staple household goods. Taken as a whole, the market for
causing some alarm in southeast. linens is
and rye improved. Fruit buds swelling,
said to be in an excellent condition. Burlap sales
Favorable for outdoor work. Some tobacco beds burned. showers, more have
been limited, owing to an easier trend in primary marKentuckg.—Louisville: Unseasonably warm with light
tobacco. Soil better drained and kets. Light weights are
favorable for young lambs and handling
quoted at 7.75c., and heavies at
some plowing. Winter grains and grass beginning to grow and show
9.10-9.15c.
slight improvement.
FEB. 141925.]
THE CHRONICLE
ffitate and Tit glepartment
NEWS ITEMS.
-Treasury Notes Offered in U. S.
Argentina (State of).
A syndicate of American bankers headed by Blair & Co.,Inc.,
of New York, offered here yesterday morning, Feb. 13,
$25,000,000 4% six months treasury gold notes of the
Government of the Argentine Nation at 100 and interest.
The offering was subscribed for many times. The notes are
bearer notes to be issued in denomination of $1,000 each.
Prin. and interest payable in U. S. gold coin of the present
standard of weight and fineness at the offices of the Chase
National Bank and Blair & Co., Inc., in New York City,
without deduction for any Argentine taxes or impositions,
present or future. $20,000,000 will be dated Feb. 25 1925
and the other $5,000,000 Mar. 1 1925, which amounts mature Aug. 25 1925 and Sept. 1 1925, respectively. The
proceeds of these notes are to be applied toward the payment
of maturing notes of a similar amount. Further information
regarding this loan may be found in our "Department of
Current Events & Discussions" on a preceding page.
Connecticut (State of).
-Federal Child Labor Amend-With only seven votes in favor, the proposed
ment Rejected.
child labor amendment to the Federal Constitution failed of
ratification in the Connecticut House of Representatives on
Feb. 11, the actual vote being 231 to 7. The House had
previously, by an overwhelming majority, refused to refer
the amendment to the Federal Relations Committee, and a
motion to refer to a select committee fell when it was ruled
out of order. The Senate refused to ratify the amendment
on Feb. 3 by a vote of 33 to 1 (V. 120, p. 729).
Easton School District (P. 0. Easton), Northampton
County, Pa.
-Bond Call.
-This district is calling for payment on March 2, after which date interest will cease,
$65,000 4% bonds, dated March 1 1909, and in denominations of $1,000 each. The bonds mature March 1 1929
with the privilege of redeeming them after ten years from
date of issue, which privilege the district is now exercising.
M. B. Hulsizer is District Treasurer.
Flint, Mich.
-Charter Amendment to Eliminate Special
Assessment and Emergency Bonds From City's Bond Quota to
be Voted Upon.
-On March 4 the voters will pass on a charter
amendment to eliminate special assessment and emergency
bonds from the city's debt limit. Speaking of the proposed
amendment, the Michigan "Investor" of Lansing on Feb.
7 said:
At present, special assessment bonds stand as a lien against property
abutting the improvement financed and do not stand as a lien upon the
credit of the city as a whole. As they are retired in five years by payments
of special assessments, they do not constitute a drain upon the city revenues
from general taxation. By eliminating the special assessment bonds from
the city's indebtedness quota, the margin between the present bonded
indebtedness and the bonding limit would be materially widened, permitting
the city to finance badly needed improvements without asking permission
of the voters to increase the bonding limit, it is pointed out. The clause
relative to emergency bonds would give the city the right to issue bonds
necessary to _provide immediate relief in case of fire, flood or other general
calamity without appealing to the voters for their consent.
Indiana (State of),
-Increases in Debt Limitations Asked
For in Two House Bills.
-The following two measures were
introduced in the House of the Indiana Legislature on Feb.3
proposing increases in certain instances, in the present debt
limitations:
H.B.215. To authorize county commissioners in counties of $11,000.000
assessed valuation, after deducting mortgage exemptions, and of population
of not less than 10,500, to issue road bonds of any township not to exceed 4%
of total assessed valuation after deducting mortgage exemptions, and to
limit county unit bonded debt of counties at 2% of total assessed valuation
of county roads.
H. B. 222. To amend township bonded limit law so that debt for school
purposes may be equal to limit of school and civil debt combined, thus
making it 4 instead of 2%.
The present general limitation in the issuance of road bonds
of any township is 2% and 1% in the case of county unit
highways.
Kansas (State c.f).-State Income Tax Proposed.
-A bill
(No.267)has been introduced in the House ofRepresentatives
of the Kansas Legislature proposing a state income tax.
Incomes of unmarried persons would be exempt up to $1,000
and of married persons up to $2,000. Additional exemption
of $200 is provided for each dependent. Above the exemption, the rates would be as follows:
2
3V
4
5
6
on the first 81,000.
on the second 81.000.
on the third $1.000.
on the fourth $1,000.
on the fifth $1,000.
on all amounts above.
A bill, substantially the same, was introduced in 1923, it is
stated, but died on the calendar.
Montana (State of).
-Senate Votes to Indefinitely Postpone Action on Federal Child Labor Amendment.
-On Feb. 7
the State Senate voted, 29 to 24, to indefinitely postpone
action on the Federal Child Labor Amendment to the
Federal Constitution.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-BOND ELECTION.
-An election
ALICE, Jim Wells County, Texas.
will be held on Mar. 7 for the purpose of voting on the question of issuing
funding bonds. P. S. Anderson, City Secretary.
65,000 6%
855
-The
-BOND SALE.
ARKANSAS CITY, Cowley County, Kan.
Prudential Trust Co. of Topeka purchased approximately $86,000 paving
and sewer bonds offered on Feb. 4-V. 120, p. 609.
876.062 22 5% paving bonds. $18,562 22 of these bonds are dated
Nov. 1 1924. The balance of $57,500 is dated Dec. 1 1924.
9,606 27 5% sewer bonds. Date Nov. 1 1924.
Due serially, one to ten years.
AVON INDEPENDENT SCHOOL DISTRICT NO. 56, Bon Homme
County, So. Dak.-BONDS VOTED.
-At the election held on Jan. 31V. 120, p. 233
-the voters authorized the issuance of $55,000 public school
building bonds by a vote of 226 for and 106 against.
BOND OFFERING.
-Sealed bids will be received until 7 p. m. Feb. 19
by E. J. Kieldbauch, Clerk Board of Education, for the above 355,000
school bonds to bear interest at a rate not exceeding 5).1 %. Date Feb. 1
.
1925. Due Feb. 1 as follows: 33,000 1930 to 1940, incl.; $4,000 1941 to
1943, incl., and $5.000 1944 and 1945. Legality to be approved by Ambrose Tighe of St. Paul. A certified check for 5% of bid payable to said
district is required.
-The
BEAUFORT, Carteret County, No. Caro.
-BOND SALE.
$75,000 6% street improvement bonds offered on Feb. 7-V. 120, p. 357
were awarded to C. W. McNear & Co. of Chicago at a premium of $2,085.
equal to 102.70-a basis of 5.68%. Date Jan. 1 1925. Due Jan. 1 as
follows: $3,000, 1926 to 1935,incl.: $4,000, 1936 to 1941,incl.; $5,000. 1942
to 1944, incl., and 36,000 in 1945. Other bidders were:
Breed, Elliott & Harrison_ _ _876,950 I Beaufort Banking & Trust _ - _$77,072
Caldwell & Co
77,080
77.075 Drake, Jones & Co
Financial Statement.
Assessed valuation, 1924
82,050.000
Actual valuation (estimated)
2.500.000
Total bonded indebtedness, including this issue
595.000
25.000
Sinking funds
Water, electric light, included with special assessments
445.000
Total net debt
125.000
BEAVER,Beaver County, Utah.
-BOND SALE.-Sidlo. Simons, Day
& Co. of Denver have purchased an issue of $30.000 554% refunding bonds.
BEAVER COUNTY (P. 0. Beaver), Utah.
-BOND SALE.-Sidlo.
Simons, Day & Co. of Denver have purchased an issue of $48.500 5% refunding school bonds.
BELLAIRE, Belmont County, Ohio.
-Breed, Elliott
-BOND SALE.
& Harrison of Cincinnati have been awarded the $35,176 74 5% coupon
special assessment bonds offered on Feb. 2-V. 120, p. 479
-at a premium
of $1,181 93, equal to 103.35, a basis of about 4.80%. Date Jan. 15 1925.
Due yearly on Sept. 15 as follows: $1,397, 1926 to 1932 incl., and $1,397 74.
1933. Bids were as follows:
Prem.
Prem
IFTerrick Co., Cleveland
$987 00 Asset, Goetz. Moerlein &
W. L. Slayton & Co.. Tot..-1,101 00
Co., Cincinnati
8883 00
Ryan,Bovrman & Co.,Tol__ 929 72 A. E. Aub & Co., Chic
831 00
Braun, Bosworth & Co., Tot. 903 26 N. S. Hill & Co., Chad
1,04000
Stranahan, Harrison & Oatis,
Seasongood & Mayer, Cinc_1,168 00
Inc.. Toledo
862 50 Breed, Elliott & Harrison,
Durfee, Niles & Co., Toledo_ 861 80
Cincinnati
1,181 93
Prey.Sav.Bk.&Tr.Co.,Cin. 914 59
BERNE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Sugar
Grove R. F. D. No. 1), Fairfield County, Ohio.
-BOND OFFERING.
Sealed bids will be received by R. J. Conrad, Clerk Board of Education.
until 12 m. Feb. 28 for $6,000 534% school bonds. Denom. $600. Date
March 1 1925. Principal and semi-annual interest (M. & S.) payable at
the office of the Clerk Board of Education. Due $600 every six months
from March 1 1926 to Sept. 1 1930. incl. Certified check for $500. payable
to the Board of Education, required.
BONE MESA DOMESTIC WATER DISTRICT, Delta County
(P. 0. Paona), Colo.
-BOND SALE.
-The 375.000 6% water bonds
offered on Jan. 10(V. 120. p. 110) were awarded to United States National
Co. and James N. Wright & Co.. jointly, both of Denver. Date Jan. 1
1925. Due serially 1936 to 1945.
BRADNER, Wood County, Ohio.
-BOND OFFERING.
-Sealed bids
will be received by Chas. L. Foster, Village Clerk, until 12 m. Feb. 28 for
810,000 6% Crocker Street paving bonds. Denom. $500. Date Mar. 1
1925. Int. semi-ann. Due $500 Mar. 1 1926 to Sept. 1 1935 incl. Certified check for 5% of the amount of bonds bid for, payable to the Village
Treasurer, required.
BRADY, McCulloch County, Tex.
-The voters
-BONDS VOTED.
authorized the issuance of 8100.000 5;4% water bonds at the election held
on Feb. 3(V. 120, p. 609) by a vote of 242 for and 15 against.
BRIGHTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Wakeman), Fairfield County, Ohio.
-Until
-BOND OFFERING.
7 p. m. Feb. 16 sealed bids will be received by Minor Rolfe. Clerk, Board of
Education, for $3,000 6% school bonds. Denom. $500. Date Jan. 1
1925. Prin. and semi-ann. int. (A. & 0.) payable at the First National
Bank of Wellington. Due $500 Oct. 1 1926 to 1931 incl. Certified check
for 5% of the amount of bonds bid for required.
BROCKTON, Plymouth County, Mass.
-TEMPORARY LOAN.A temporary loan of $300,000 was awarded on Feb. 9 to the National
Shavrmut Bank of Boston on a 2.98% discount basis.
BROOKLINE, Norfolk County, Mass.
-Albert
-LOAN OFFERING.
P. Briggs, Town Treasurer, will receive bids until 12 m. Feb. 16 for the
purchase on a discount basis of $240,000 revenue notes. Date Feb. 16 1925.
Due Oct. 29 1924.
BROWNFIELD INDEPENDENT SCHOOL DISTRICT, Terry
County, Tex.
-BOND ELECTION.
-An election will be held on Mar. 7
for the purpose of voting on the question of issuing 322,000 school building
bonds.,
BURLEY,Cassia County,Idaho.
-ELECTION.
-BONDS SOLD PRE
Subject to being voted at the election to be held on Feb. 16-V. 120, p.
609
-the Childs Bond & Mortgage Co. of Boise has purchased 824,000
water improvement bonds and 35,500 cemetery bonds.
BURLINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Homer), Licking County, Ohio.
-Sealed bids
-BOND OFFERING.
will be received until 12 m. (Eastern standard time) March 2 by H. R.
Patton, Clerk Board of Education, for 345,000 5% coupon school bonds.
Denom. 8500. Date Jan. 16 1925. Int. A. & 0. Due 83.000 Oct. 1
1926 to 1940 incl. Certified check for 3% of the amount of bonds bid for
required.
CALCASIEU PARISH SCHOOL DISTRICT NO. 21 (P. 0. Lake
Charles), La.
-BOND SALE.
-The 875.000 school building bonds offered
on Feb. 3 (V. 120, p. 357) were awarded to a syndicate composed of the
First National Bank, Lake Charles Trust & Savings Bank and Calcasieu
National Bank of Southwest Louisiana, all of Lake Charles, as 5s at a premium of $760, equal to 101.01. Date Mar. 2 1925. Due serially for 15
years. Purchasers agreed to furnish the legal opinion.
CALDWELL, Canyon County, Idaho.
-The ClUlds
-BOND SALE.
Bond & Mortgage Co. of Boise has purchased an issue of $67.000 534%
refunding bonds.
CAMBRIDGE CITY SCHOOL DISTRICT (P. 0. Cambridge),
Guernsey County, Ohio.
-Proposals will be re-BOND OFFERING.
ceived until 12 m.(eastern standard time) March 2(to be opened 7:30 p. m.
on that day) by Bert Rigby, Clerk Board of Eudeation, for the purchase
of $18,000 534% school bonds. Denom. $1.000. Date March .5 1925.
Interest M.& S. Due $2,000 yearly on Sept.5from 1926 to 1934,inclusive.
Certified check on some solvent bank for 5% of the amount of bonds bid
upon, payable to the Board of Education, required.
CENTER SCHOOL TOWNSHIP (P. 0. Muncie), Delaware County,
Ind.
-BOND OFFERING.
-Sealed bids until 1.30 p. m. Feb. 25 will be
received by Merritt Heath. Trustee, at his office, Room 302, Western
Reserve Bldg..for $30,000 5% coupon school bonds. Denom.$500. Date
Feb. 25 1925. Principal and semi-annual interest (F. & A. 25), payable
at the Merchants National Bank of Muncie. Due every six months as
follows: $1.000 Feb. 25 1926. 31.500 Aug. 25 1926. $1,000 Feb. 251927.
$1.500 Aug. 25 1927 and $1,000 Feb. 25 1928 to Feb. 25 1940. inclusive.
Certified check for 23% of the amount of bonds bid for. required.
CHESHIRE, New Haven County, Conn.
-BOND OFFERING.
Scaled proresals will be received until 12 m. Feb. 17 by O. II. Chapman,
856
THE CHRONICLE
[vol.. 120.
46,312 50 Edgerton Road No. 4, county's portion, bonds. Denom.
$1.000 and one for $312 50. Due yearly on Oct,. 1 as follows:
$3.312 50, 1926: $4,000, 1927 and 1928, and $5,000, 1929 to
1935 incl.
17,701 67 Settlement Road No. 2 special assessment bonds. Denom.
$1.000 and one for $701 67. Due yearly on Oct. 1 as follows:
1701 67. 1926: $1,000, 1927: 12.000, 192$ to 11'35 incl.
30,387 17 Summit St. special assessment bonds. Denom. $1.000 and
one for 1387 17. Due yearly on Oct. 1 as follows: $2,387 17.
1926; $3,000, 1927 to 1934 incl., and $4,000. 1935.
21,324 33 Summit St., county's portion, bonds. Denom. $1,000 and
one for $324 33. Due yearly on Oct. 1 as follows: $2,324 33.
1926: $2,000, 1927 to 1934 Ind., and $4,000. 1935.
9.86833 Libby Road No. 2 special assessment bonds. Denom. $1,000
and one for $868 33. Due yearly on Oct. 1 as follows: $868 33.
1926, and $1,000, 1927 to 1935 Inc!
All of the above issues are dated March 1 1925 with the exception of the
last Issue, which bears date of Feb. 1 1925. Prin. and semi-ann. int.
(A. & 0.) payable at the office of the County Treasurer. All bids must
*Total debt (of this amount $70.000 is to be retired
state the number of bonds bid for and the gross amount of bid (stating
$80,000
from proceeds of issues now offered)
separately the amount bid for county portion bonds and the assessment
Population 1920, 2.855.
portion bonds) and accrued interest to date of delivery. Bids may be made
CHICAGO SANITARY DISTRICT, Ill.- urns -The following for all or none of the issues. All bids to be accompanied by a certified
bids were received for the $3.000,000 4% Sanitary District bonds check on some bank other than the one making the bid, payable to the
County Treasurer for 1% of the amount of the bonds bid for. Conditional
awarded as stated in V. 120. p. 731:
Mitchell, Hutchins & Co.and Foreman Trust & Savgs. Bank..$2,952,345 00 checks will not be received by Board. No interest will be allowed on
2,945,010 00 certified checks deposited with bid.
Halsey, Stuart & Co. and National City Co
Hallgarten & Co., Blyth, Witter & Co.. E. H. Rollins & Sons,
DALLAS, Polk County, Ore.
-BOND OFFERING.
-Sealed bids will
Minton, Lampert & Co., Folds, Buck & Co. and First
2,941,707 00 he received until 8 p. m. Feb. 16 by J. F. Ford, City Auditor, for S17,571 59
National Co. of Detroit
6% improvement bonds. Date Feb. 1 1925. Denom. $500. except 1 for
Chicago Trust Co.. B.J. Van Ineen St Co., H.L. Allen &
$71 59. Duo Feb. 11935. A certified check for 10% of bid is required.
White & Co. Phelps. Fenn & Co., Geo. H. Burr &
2,945,981 00
Co., 13onbright & Co. and A. C. Allyn & Co
J..
-The folDAYTON, Montgomery County, Ohio.
-BOND SALE.
Ames, Emerich & Co.. Guaranty Co. of New York, Marshall
,
Field, Glore, Ward & Co.and Stevenson,Perry,Stacy & Co. 2,957,406 00 lowing three issues of 454% coupon bonds, bids for which were asked until
12 m. yesterday, Feb. 13-V. 120. p. 358
-were sold to Eldredge & Co.
Ewart &
A. B. Leach & Co. A. G. Becker & Co.. Taylor,
of New York at 102.462, a basis of about 4.255%:
Co., W. A. Harriman & Co.. Hill, Joiner & Co.. Central
2.937.912 00 1100.000 bridge impt. bonds. Due $4.000 Sept.. 1 1928(0 1950 Inel.
Trust Co. and Union Trust Co
10P,001l storm water sewer bonds. Due $5.000 Sept. 1 1926 to 1945 Incl.
2.957.961 50
Northern Trust Co.. Wm. R. Compton Co. and Detroit Co
360,000 sewage disposal plant Series "A" bonds. Due $12,000 Sept. 1
CHOCTAW BASIN DRAINAGE DISTRICT (P. 0. Port Allen),
1926 to 1950 incl.
-William L.
-BOND OFFERING.
West Baton Rouge Parish, La.
Date Feb. 11925.
Bernard, Secretary, Board of Commissioners, will receive sealed bids until
DECATUR COUNTY (P. 0. Greensburgh), Ind.
--BOND SALE.
10 a. m. Mar. 10 for $100,000 Gravity Sub-drainage District No. 1 bonds.
Date Mar. 5 1925. Denom. $1,000. Due Mar. 1 1926 to 1947. Prin- The Fletcher Savings & Trust Co. of Indianapolis has purchased the
cipal and interest (M. & S.) payable at the Bank of West Baton Rouge, $16 0004)4% Bernard Raver et al, road bonds offered on Feb. 7 (V. 120.
Port Allen, or at the National Bank of Commerce, New York City, at op- p. 610) for $16.505 50. equal to 103.15. a basis of about 4.12%. Due
tion of holder. Legality approved by John C. Thomson, New York City. $800 yearly on Nov. 15 from 1926 to 1945 incl.
A certified check for $5.000 is required.
DEL RIO, Val Verde County, Texas:
-The following
SALE.
-In our bonds, aggregating $150,000. offered on -BOND(V.
-CORRECTION.
CLAY COUNTY (P. 0. West Point), Miss.
Feb. 10
120. p. 610) were
"State and City Compendium (Pert IL)" dated Dec. 27 1924, on page 208, awarded to S. I.. Austin at 99.05. a basis of about 5.10%:
we incorrectly reported the amount of bends outstanding against Clay $100.000 5% street improvement bonds. Due as follows. 12.000. 1926 to
County Road District No. 2 as $980,500. The correct amount is $127.000.
1930 incl.; $3.000, 1931 to 1934 incl.• $4,000. 1935 to 1940
incl.: $5,000, 1941 to 1946: 36.000. 19'44 to 1950 incl.
-On Mar. 10 an
CODY, Park County, Wyo.-BOND ELECTION.
50,000 5% sewer improvement bonds. Due as follows: 11.000. 1926 to
election will be held for the purpose of voting on the question of issuing
1932 incl.; $2,000, 1933 to 1943 incl.; $3,000, 1944 to 1950 incl.
$20,000 lighting plant bonds
Date Jan. 151925.
-BOND ELECTION.
COMANCHE COUNTY (P. 0. Lawton), Okla.
,
-BOND ELECTION.
DYER, Git son County, Tenn.
-An election will
will be held for the purpose of voting on the ques-On Mar. 10 an election
be held on Mar. 17 for the purpose of voting on the question of issuing
tion of issuing $40,000 road bonds.
$38,000 Improvement bonds.
COMSTOCK PARK SCHOOL DISTRICT NO. 9 (P. 0. Comstock).
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
-The $105.000 school
-BOND DESCRIPTION.
Kent County, Mich.
bonds awarded to the Grand Rapids Trust Co. of Grand Rapids (see V. Roy M. Stark. County Treasurer, will receive sealed bids until 10 a. en.
120. p. 480), are described as follows: Denom. $1,000. Coupon bonds Feb.20 for S37.000 4)4% James Harvey et al. highway improvement bonds.
bearing 4 % interest, dated Jan. 1 1925 and maturing Jan. 1926 to 1945, Denoms. $500 and $425. Date Feb. 20 1"125. Int. M. & N. 15. Due
$925 every six months from May 15 1926 to Nov. 15 1945 incl.
incl. Int. payable April and October. Date of award Jan. 8.
-The $100,000 4)4%
-BOND SALE.
EMPORIA, Lyon County, Kan.
-A
-TEMPORARY LOAN.
CONCORD, Merrimack County, N. H.
-V.
school bonds scheduled to be offered on Jan. 26 and than called off
temporary loan of $100,000. payable Dec. 4, has been awarded to the Na-were purchased later by the State of Kansas at par.
120. p. 610
tional Shawmut Bank on a 3.09% discount basis.
-The
ESSEX COUNTY (P. 0. Tappahannock), Va.-BOND SALE.
-BOND ELECTION.
-On
CONROE, Montgomery County, Tex.
Mar.6 an election will be held for the purpose of voting on the question of Soot hside Bank of Tappahannock has purchased an issue of $40,000 bridge
Issuing $50,000 6% sewer disposal plant bonds. H. S. Montgomery, City bonds.
Secretary.
-Sealed bids
-BOND OFFERING.
EUFAULA, Barbour County, Ala.
-BOND SALE.
-The $78.552 67 will be received until Feb. 17 by J. C. Doughtle, City Clerk, for $25.000
CORVALLIS, Benton County, Ore.
6% paving bonds offered on Feb. 2 (V. 120. p. 610) were awarded to the 5°7 water works bonds. Date Feb. 11925. Denom. 11.000. Due Feb. 1
Bank,
Ralph Schneelech Co. and Freeman. Smith & Camp Co., jointly, both of 11155. Prin. and send-ann. Int. payable at the Chase National Dodge
New York City. Legality approved by Storey. Thorndike,Palmer Se
Portland. Due Feb. 1 1935.
of Boston. A certified check for $500 is required.
COWLITZ COUNTY DIKING DISTRICT NO. 13, (P. 0. Kelso),
-The
-TEMPORARY LOAN.
EVERETT, Middlesex County, Mass.
-BONDS NOT SOLD.
-The $22.000 diking impt. bonds offered
Wash.
Everett National Bank has been awarded a temporary loan of 1400.000 on
-have not been sold.
on Feb. 2-V. 120. p. 450
a 3% discount basis, plus a premium of $4 75. The loan matures $100.000
COWLITZ COUNTY SCHOOL DISTRICT NO. 112 (P. 0. Long- Nov. 5 and 18, respectively, and 5200.000 Dec. 15.
-BOND SALE.
-The $95.000 coupon school bonds offered
view), Wash.
FAYETTE COUNTY ROAD DISTRICT NO. 8 (P. 0. Lagrange),
on Jan. 31 (V. 120, p. 480) were purchased by the State of Washington.
-On Feb. 4 the State Comptroller of
-BONDS REGISTERED.
Texas.
Date Feb. 15 1924. Due in 20 years, optional after 5 years.
Texas registered $9,000 5% road bonds. Duo serially.
-BOND OFFERING.
-The
CREEK COUNTY (P. 0. Sapulpa), Okla.
FAYETTE COUNTY ROAD DISTRICT NO. 9 (P. 0. Lagrange),
County Clerk will receive sealed bids until Feb. 17 for $250.060 road bonds.
-The State Comptroller of Texas on
-BONDS REGISTERED.
Texas.
CROSBY, Divide County, No. Dak.-CERTIFICATE SALE.
-An Feb. 4 registered $30.000 5% road bonds. Due serially.
issue of $34,010 certificates of indebtedness was purchased recently by
FERGUS COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Lewistown).
the Farmers State Bank of Westby. Mont.
-Until 7•30 p. m. Feb. 20 sealed hide will
Mont.
-BOND OFFERING.
-BONDS VOTED.
-At an he received by E. M. Lorenz, Clerk Board of Trustees, for $17.500 5)4%
CROSS PLAINS, Callahan County, Tex.
election held on Jan. 27 the voters authorized the issuance of $40,000 water school bonds. Date March 1 1925. Denom. $1.750. A certified check
extension bonds by a vote of 107 for and 83 against.
for $1.000. payable to the above-named clerk, is required.
-BONDS VOTED.
-At the election
CROWELL, Foard County, Tex.
-BOND OFFERING.
-Chas. T.
FINDLAY, Hancock County, Ohio.
held on Jan. 27 (V. 120. p. 358), the voters authorized the issuance of Pope, City Auditor, will receive sealed bids until 12 in. March 6 for the
$50.000 sewer bonds and $10,000 school-building bonds.
following two Issues of 5itf % Western Ave. paving bonds:
bonds. Denom. $1,000 and one for $805.
CUMRU TOWNSHIP SCHOOL DISTRICT (P. 0. Gouglersville), $58,805 (special assessment) 1 as follows:
Due yearly on Nov.
$4.805. 1926, and 16.000, 1927
-BOND AND CERTIFICATE OFFERING.
-Sealed
Berks County, Pa.
to 1935. Inclusive.
bllds will be received until 12 in. Feb. 28 by Pierce Schonour, Secretary
42,365 (city's portion) bonds. Denom. $1,000 and one for $1.365. Due
Directors, for the following 4%% bonds and certificates:
Board of
yearly on Nov. 1 as follows: $2,365, 1926, and $5.000, 1927 to
$15,000 school bonds, Series A. Due $5,0110 Nov. 1 1928 to 1930, Incl.
1934. inclusive.
10,000 certificates of indebtedness. Due 15.000 March 1 1926 and 1927.
Date Nov. 1 1924. Principal and seml-annual Interest (M. & N.) payThe Board of School Directors
Denom. $500. Date March 2 1925.
able at the City Treasurer's office. Certified check for 2% of the amount
reserves the right to apportion the bonds and certificates among bidders or of bonds bid for, payable to the City Treasurer, required.
to award the whole of the respective issues to one bidder.
-BIDS.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-The fol-BOND OFFERCUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
is a list of the bids received for the
-Sealed bids will be received until II a. in. (Eastern standard time) lowingoffered on Jan. 28 (awarded as stated four issues of 4 /4"% and 5%
ING.
in V. 120, p. 611):
Simon, Clerk of Board of County Commissioners, for the bonds
Feb. 21 by Louis
•Tubereulosts a Imp. a Imp. a Imp. rotator
Total
following 5% coupon special assessment bonds:
Hospital No.55, No. 54, No. 52, Sewers &
of
$126,000 County Sewer District 1, Sewerage Improvement 54, bonds,
$125,000 $2,900 $10,700 326.400 Water liras AU
maturing on Oct. 1 as follows: $9,000 from 1926 to 1939, incl.
Issues.
(0)4%) (5%) (5%)
(5%) 340.000
Sewer District 1, Sewerage Improvement 57, bonds,
148,000 County
The Herrick Co., Cleve-82,288 00
$76800 $3,056 00
maturing on Oct. 1 as follows: $12.000. 1926 to 1937. Incl., R. M. Grant & Co., Chi. 1,96300
except $13.000 in 1928. 1931, 1934 and 1937.
2,311 51
District, Sewerage Improvement 59, bonds, ma- Pr. S. D.& Tr. Co., Cln. 1,68700 $100 $11863 $50688
58,000 County Sewer
Second Ward Securities
turing on Oct. 1 as follows: $4,000, 1926 to 1940, incl., except
Co., Milwaukee, Wls__ 2,432 68
925 75 3.38848
in 1926 and 1933.
$3,000
Stevenson, Perry, Stacy
10,000 County Sewer District 2, Water Supply Improvement 64, bonds,
& Co_ Chicago
3,25309
maturing $1.000 yearly on Oct. 1 from 1926 to 1935, incl.
District 3. Water Supply Improvement 351, bonds, A. B. Leach 4: Co., Inc.,
26,000 County Sewer
Chicago
3,111 00
maturing $2.000 yearly on Oct. 1 from 1926 to 1938, incl.
AT.Bell & Co., Toledo_
32,000 County Sewer District 3. Water Supply Improvement 352. bonds, Folds, Buck & Co., Inc., 3,904 00
1 from 1926 to 1941, incl.
maturing $2,000 yearly on Oct.
Chicago
30,000 County Sewer District 5, Water Supply Improvement 554, bonds, Breed, Elliott & Harrison, 2.422 50
maturing $2,000 yearly on Oct. 1 from 1926 to 1940, incl.
Cincinnati
2.57850
141 24 552 32
25,000 County Sewer Districts 6 and 7, Water Supply Improvement 652, Scasongood & Mayer. Ctn.1,87500
2,579 00
bonds, maturing on Oct. 1 as follows: $2,000 from 1926 to 1936, Stranahan, Harris & 1,93800 1 00 160 00 480 00
incl., and $3,000. 1937.
3,50800
Coatis, Inc., Toledo__
tat-March 1 1925. Int. A. & 0., payable at the Detroit Trust Co., Det__ 2,21100
(51Thin. $1,000.
848 00 3.05000
County Treasurer's office. Certified check on some solvent bank other than Otis & Co.. Cleveland___ 2,025 00 30 00 140 00 612 00
2.807 00
the one making the bid, for 1% of the amount of bonds bid for, payable Assel, Goetz & Moerleln,
-4
Bids must be made separately for each
to the Count?' Treasurer, required.
Cincinnati
1,98800
604 00 2.59200
Issue or for 'all or none.'
Hayden, Miller & Co.,Cle 2,38700
BOND OFFERING.
-Sealed bids will be received until 11 a. an. (Cleve- Braun, Boswroth & Co.,
land time) Feb. 25 by Louis Simon, Clerk Board of County Commissioners,
2.646'00
Toledo
1,963 00 3 00 128 00 552 00
for the following issues of 5% coupon bonds:
3,677_85
Guaranty Co. of N. Y__
$33.750 00 Edgerton Road No. 4 special assessment bonds. Denom.
44
$1,000 and $750. Duo yearly on Oct. 1 as follows: $2,750.
* Awarded to the Second Ward Securities Co. of Milwaukee, Wis. * Awarded
1926; 13,000, 1927 to 1931 incl., and $4,000, 1932 to 1935 Ind. to A. T. Bell & Co., Toledo.
Chairman of Town School Committee, P. 0. Box 891. Cheshire, for the
purchase of the following 4 Y. % coupon bonds:
480.000 school bonds. Due $4.000 yearly on Jan. I from 1926 to 1945, incl.
20,000 refunding bonds. Due $1,000 yearly on Jan. 1 from 1926 to 1945.
inclusive.
Denom. $1 000. Date Jan. I 1925. Prin. and semi-ann. int. (J. & J.)
Payable at the Colonial Trust Co., Waterbury. These bonds are engraved
under the supervision of and certified as to genuineness by the First National
Bank of Boston; their legality will be approved by Ropes, Gray, Boyden &
Perkins, whose opinion will be furnished the purchaser. All legal papers
Incident to these issues will be filed with the above bank where they may be
Inspected at any time. Bonds will be delivered to the purchaser on or
about Feb. 20 at the First National Bank of Boston. Boston.
Finandal Statement Jan. 211925.
$4,443,000
Last grand list
$50.000
School notes
30,000
Floating debt
FEB. 141925.]
THE CHRONICLE
857
-Sealed bids
-CORRECTION.
Financial Condition Feb. 1 1925.
FORT SCOTT,Bourbon County, Kan.
The city has no floating debt.
will be received until 2 p m. Feb. 16 by Mayor W.E. Childress for 531.000
S231,273.164 00
/4% internal improvement bonds. In V. 120, P. 732, we gave the date Assessed valuation of city, 1924
366,227 89
Total value of water works sinking fund
of sale as Jan. 16, which was incorrect.
764.836 69
-On Total value of special assessment sinking fund
-BONDS REGISTERED.
Tarrant County, Tex.
FORT WORTH,
443,426 58
Total value of Cemetery Trust funds
Feb.5 the State Comptroller of Texas registered $45,000 5% funding bonds. Total value of sinking funds, including water works. CemeDue serially.
2,164.692 35
tery Trust funds and special assessments
408.192 67
FRANKFORT SCHOOL DISTRICT NO. 5 (P.O. Frankfort), Her- Cash on hand,exclusive of sinking fund
18,780.201 00
-BOND SALE.-Sharwood & Merrifield of New York Cash value of assets of city
kimer County, N. Y.
have been awardo.: 617.000 44% school bonds at 100.40, a basis of about
Population. Census of 1920. 137.634; present est. population, 155,000.
4.45%. Denom. $1,000. Data Jan. 31 1925. Int. semi-ann. Due
-TEMPORARY LOAN.
GREENFIELD, Franklin County, Mass.
61.000 Feb. 1 1927 to 1943 Incl.
The Merchants National Bank has been awarded a temporary loan of
- $100,000, payable Oct. 20 on a 3.03% discount basis.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Brookville), Ind.
The 675.000 44% bridge Bonds offered on Jan. 29 (V. 120. p. 359) were
-An issue of
-BOND SALE.
GREENFIELD, Hancock County, Ind.
purchased by Breed. F.Illiott & Harrison, of Indianapolis, at a premium of
Milford, at a
3,018 75,equal to 104.025. Bids received were: Breed, Elliott & Harrison, 612.000 Riley Park bonds has been awarded to Paul F.
City Trust Co., $2.730: J. F. Wild & Co.. $2,601; Fletcher premium of $350, equal to 102.91.
3.018 75;
Savings & Trust Co.. $2.511: Moyer-Kiser Bank, $2,461 50: Fletcher- . GREENFIELD SCHOOL CITY(P.O.Greenfield),Hancock County,
American Co.. $2,416: Union Trust Co.. $2.311; all of Indianapolis; Frank Ind.
-The City Council has passed an ordinance
-BONDS AUTHORIZED.
fin County National Bank, $1.875; Harris Trust & Savings Bank, of Chi- authorizing the school city to issue 688,000 In bonds to apply on the construccago, $2.048.
tion of a new high school building.
•
GALETON, Potter County, Pa.
-BOND OFFERING.-Ches. R.
GREEN LAKE COUNTY (P. 0. Green Lake), Wisc.-BOND SALE.
Firth, Borough Treasurer, will receive sealed bids until 1 p. m. Feb. 15 for -The $150,000 5% highway bonds offered on Feb. 5 (V. 120. p. 482)
$31,915 5% borough bonds. Date Feb. 15 1925. Prin. and wmi-ann. were awarded to the Markesan State Bank of Markesan at a premium of
int. (F. & A.) payable at the Galeton Banking Co. or the First National 69.926, equal to 106.61, a basis of about 4.23%. Data Oct. 11924. Due
Bank, Galeton. Due yearly on Feb. 15 as follows: $1,415, 1930: 61,500. April 1 as follows: $20,000 in 1934:650,000, 1935 and 1936, and 630,000 in
1931 to 1933 incl.: 62.000. 1934 and 1935' 62.500, 1936 and 1937; $2.000. 1937. This bid was made on a depositary arrangement.
1938. and 62.500. 1939 to 1944 incl. Certified check for 5% of the amount
Following is a list of other bidders:
of bonds bid for, payable to the Borough Treasurer, required.
-Cash Premium-Depositary Arrangement
Bids.
Bids.
GARFIELD COUNTY SCHOOL DISTRICT NO.16(P.O. Glenwood
5%
44%
5%
Name of Bidder-PRE
-ELECTION SALE.
Springs), Colo.
%
-Subject to being voted at an
$8,e93 00
election to be held soon $6,900 5% refunding bonds were purchased by Halsey,Stuart & Co.,Chicago $1,218 00
6,690 00
Gray, Emery. Vasconcelles te Co. of Denver. Due $400 in 1926 and R.M.Grant & Co.,Chicago__
7.723 50
Guaranty 0o.of N.Y..Chic_ _
$5001927 to 1930. inclusive.
Co..ChicagoGARFIELD HEIGHTS (P. 0. Cleveland), Cuyahoga County, Ohio. National City & Co.,Chicago_ 1,171 50 7.56300
69.510 00
Blyth, Witter
-BOND OFFERING -Herman Bohning, Village Clerk, will receive Partridge-Patmythes Co., Mil.
9,38500
sealed proposals until 8 p. ni. (Eastern standard time) March 10 for $3,- Taylor, Ewart & Co., Chicago
8,020 50
80095 534% (special assessment) Garfield Boulevard sewer bonds. Denom. Harris Tr.& Say.Ilk., Chicago 1,83300. 8.1170')
$375, except one for $425 95. Date March 1 1925. Int. M. & S. Due Minton-Lampert Co.. Chicago 435 00 6,165 00
yearly on Sept. 1 as follows: $425 95. 1926 and $375. 1927 to 1935 incl.
9,64500
Cert. chock for 1% of the amount of bonds bid for, payable to the Village First Nat. Bank, Berlin, Wis.
9,480 00
Berlin State Hank,Berlin.Wis.
Treasurer, required.
Dabinden-Schmitz-Platner Co.,
- 9,307 00
8,370
Milwaukee
GARFIELD HEIGHTS SCHOOL DISTRICT (P. 0. Bedford),
2,7751110 9,332 00
00
Cuyahoga County, Ohio.
1.88500 8,422 00----Dickey Co., Molls
-BOND OFFERING -Henri L. Mock, Wells
Clerk Board of Education. will receive sealed bids until 8 p. m. Feb. 25 Second Ward Securities Co..
8,72500
Milwaukee
school bonds. Denom. 61.000. Data Jan. 1 1925.
for 6110.000 54%
Prin. and semi-ann. in (M.& N.) payable at the Central National Savings Stevenson,Perry,Stacy & Co.,
8.80000
7,845 00
Chicago
& Trust Co. of Celeveland. Due $5.000 Nov.1 1926 to 1947 incl. Certifiee
check for 5% of the amount of bonds bid for, payable to the District
-The
-BOND SALE.
HARDIN COUNTY (P. 0. Kenton). Ohio.
Treasurer, required.
I. C. H. No. 448
Herrick Co. of Cleveland purchased the S5R.200.54%
GARLAND, Dallas County, Tex.
-An election Sec."G"coupon bonds offered on Feb.4(V. 120. p.359) at par and accrued
-BOND ELECTION.
will be held on Feb. 25 for the purpose of voting on the question of issuing interest plus a oremium of $2,079. equal to 103.57-a basis of about 4.60%•
645.000 5% school building bonds. It is reported that these bonds have Date Jan. 1 1925. Due yearly on Sept. 1 as follows: $6.440, 1925, and
$6,470. 1926 to 1933. inclusive.
been sold at par, subject to being voted.
-BOND OFFERING.
HARDIN COUNTY (P. 0. Savannah), Tenn.
GAWP/TN INDEPFNDENT SCHOOL DISTRICT, Tama County,
Iowa.
-An election will be held on Mar. 9 for the A. A. Watson, County Judge, will receive sealed bids until 12 noon March
-BOND ELECTION.
7 for 6150.000 5% highway bonds. Denom. $1,000. Due $6,000 1 to
purpose of voting on the question of issuing $50.000 school building bonds.
25 years.
-Sealed bids
GIRARD, Crawford County, Kan.
-BOND OFFERING.
-The City
-LOAN OFFERING.
HAVERHILL. Essex County. Mass.
will be received until 7 p. m. Feb. 16 by E. R. Walker. City Clerk. for 648,70685 4 If% improvement bonds. Date Feb. 2 1925. A certified check Treasurer will receive bids until 11 a. m. Feb. 17 for the purhcase on a disof a temnerary loan of 6250.000 maturing Oct. 15 1925.
count basis
for 2% of bid Is required.
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park),
-Harris,
-BOND SALE.
GLASSBORO, Gloucester County, N. J.
-The $300,000 school bonds
-BOND SALE.
Forbes & Co. of New York have purchased at a private sale 6150.000 4'4% Wayne County, Mich.
-were purchased by the Highland State
coupon. registerabie a to principal only or both principal and interest offered on Jan. 27-V. 120, p. 482
sewer bonds. Denom. 61.000. Date Jan. 1 1925. Principal and semi- Bank of Highland Park and First National Co., Waterlung. Lerching dc
annual interest (J.
-J.) payable in gold at the New York Trust Co.. New Co. and Detroit Co.. all of Detroit. at a premium of $78. equal to 100.02,
a basis of about 4.26%, taking 620.000 as 44s and 6280.000 as 4'4s.
York City. Duo Jan. 1 1931.•
Date Feb. 1 1925. Due Feb. 1 1955.
Financial Statement.
150.032
Assessed valuation of real property
HUNTINGTON PARK IMPROVEMENT DISTRICT NO. 1, Los
$4,322.850 Angeles County, Calif.
Total indebtedness (including this issue)
-The Bank of Italy of San Fran-BOND SALE.
4,000 cisco has purchased an issue of 655.000 6% impt. bonds. Date Jan. 15
Population 1924, estimated
following are 1925. Denom. 61.000. Due Jan. 15 as follows: 65.000. 1926 to 1936
GOLDSBORO,Wayne County, No. Caro.-13IDS.-Tho
of the
the bids received on Feb. 2 for the 6100,000 impt. bonds, awarded on that incl. Prin, and int. (J. & .T. 15) payable at the office TuberCity Treasurer.
& MacNeil of
date to the Peeples Bank & Trust Co. of Goldsboro for the Old Colony Legality to be approved by O'Melveny, Milliken,
Los Angeles.
Trust Co. of Boston as 4s at 100.67, a basis of about 4.70%, as stated
Financial Statement.
in V.120, p. 732.
$391,000
Assessed valuation (1924-1925)
Following is a list of other bidders:
55.000
Total bonded debt (this issue only)
Bidder.Prem.
Int. Rate.
Population (estimated).800.
A. T. Bell & Co
$2.566 13
5%
Well. Roth & Irving Co
2,325 00
HURON INDEPENDENT SCHOOL DISTRICT, Beach County,
5%
Title Guarantee & Trust Co
-At the election held on Feb. 6-V. 120.
3,255 00 So. Dak.-BONDS VOTED.
0
5%
E. H. Rollins & Sons
55 50 p. 611-the voters authorized the issuance of $69,000 school bonds by a
45I%
Stevenson, Perry, Stacy & Co
2,50000 vote of 1.316 for and 192 against.
5%
Hanchett 13ond Co., Inc
3,12850
5%
INDEPENDENCE, Jackson County, Mo.-BOND SALR.-Stern
N. S. Hill & Co
2,11450
5%
R. M. Grant & Co., Inc
2.760 00 Bros. & Co. of Kansas City has purchased an issue of $65.000 44% 8C12001
5%
building bonds.
Emery, Peck & Rockwood
3.285 00
5%
Paine, Webber & Co
3,968 00
-BOND OFFERING -Sealed bids will be reINDIANAPOLIS. Ind.
Taylor, Ewart & Co
1.740 00 ceived by Joseph L. Hogue. City Controller. until 12 m.Mar.6 for 6110.090
& Co., Inc
A. B. Leach
3,27700 4)4% coupon "Municipal Garage Bonds of 1925". Denom. 61.090.
54
Brandon, Gordon & Waddell
2.505 00 Data Mar.6 1925. Prin. and semi-ann. int. (J. & J.) payable at the office
54%
Braun, Beaworth & Co
5%
766 00 of the City Treasurer. Due 610,000 Jan. 1 1927 to 1937 incl. Certified
Vandensall & Co
5
2.551 00 check upon some responsible bank in the city, payable to the City TreasNorthern Trust Co
2.070 00 urer, for 24% of the par value of bonds bid for, required.
Detroit Trust Co
3.337 00
INDIANAPOLIS PARK DISTRICT (P. 0. Indianapolis), Marion
Bohmar, Reinhart & Co
1.665 00
-BOND SALE.
Ryan, Bowman & Co
-The City Securities Corporation of Indian1.905 00 County,Ind.
Wayne National Bank for Austin. Grant & Co
50
630 00 apolis has purchased the 680.000 44% coupon school bonds offered on Feb.
peoples Bank & Trust Co. for Old Colony Trust Co.....4 %
1.01500 (I (V. 120, p. 611) for $84,930. equal to 101.16-a basis of about 3.85%.
0, W. McNear & Co
3,522 00 Date Feb.6 1925. Hue $2.000 yearly on Jan. 1 from 1927 to 1966, incl.
5
Silverman Co
'W.
5
2.852 52
-The
INDIANAPOLIS SCHOOL DISTRICT Ind.-NOTE SALE.
W.L. Slayton &
2.085 00 $500.000 special fund and $500.000 local tuition fund notes offered on Feb.
Co%
W. K. Terry & Co
1.677 50 10-V. 120. p.732
-were awarded on a 3.14% interest basis to the FletcherStranahan, Harris & Ostia, Inc
5
675 00 American Bank and the Union Trust Co.of Indianapolis and First National
Seasongeed & Mayer
5%2.755 75 Corp. of Boston. Due June 30 1925.
Wachovia Bank & Trust Co
5
1.408 50
-BOND
American Trust Co
IDLEWOOD (P. 0. Cleveland), Cuyahoga County, Ohio.
2.469 00
5%
-W, A. Horky, Village Clerk, vrill receive sealed bids until
OFFERING.
GRADY COUNTY (P. 0. Chickasha), Okla.
-BOND OFFERING.
- 12 tn. March 17 for 553,200 5% (special assessment) Eaton Road paving
Sealed bids will ba received until 2 p. m. Feb. 24 by the County Clerk
Date Feb. 11925. Int. A. & 0.
for $200,000 road bonds to bear int. at a rate not to exceed 5%. Due bonds. Denom. $1.000, one for $200.
Cleveland. Due yearly on
and
$40.000 every five years. Denom. $1.000. These bonds are part of an Prin.1 as int. payable at the Union Trust Co.,
Oct.
rollover 65,200. 1926. and $6,000, 1927 to 1934 incl. Certified
Wile of $650.000. Bidders are to prepare and furnish all necessary forms
for, payable to the Village Treasfor 105'
the amount of bonds
for completing the issuance of all of said 6650.000 bonds, furnish the blank checkrequired.ofLegality approved bybid
Squrie, Sanders & Dempsey, Clevebonds with facsimile signatures of the signing officers on the interest urer.
coupons, and present said bonds and necessary transcripts of proceedings land.
Attorney-General of the Ste te of Oklahoma for his examination and
-BOND OFFERING
JACKSON COUNTY (P.O. Brownstown), Ind.
to the
approval. A certified check for 65.000, payable to the order of the Board -Samuel Carr, County Auditor, will receive sealed bids until 1 n• m•
Feb. 23 for $4,500 5% Edward Loertz et al. Jackson Township road bonds.
of County Commissioners, is required.
-N. 15. Due $225 each
GRANDVIEW HEIGHTS (P. 0. Columbus), Franklin County, Denom. $225. Date Feb. 15 1925. Interest M.
-Sealed bids will be received until 12 m. 6 months from May 15 1926 to Nov. 15 1935.
°Mo.-BOND OFFERING.
4
-R.L. Alexander,
-BOND OFFERING.
JAYTON,Kent County, Tex.
Feb. 28 for the following 51 % bonds by Elmer J. Gross, Village Clerk:
City Secretary, will receive sealed bids until 2 p. m. Feb. 25 for $70.000
$3 000 sanitary sewer bonds. Due $500 Oct. 11025 to 1930 incl.
6000 water main bonds. Due $1,000 Oct. 1 1925 to 1930 incl.
54% water works improvement bonds. Purchaser to pay for printing
'
of bonds. A certified check for 2% of bid is required.
I 3'000 water system extension bonds. Due $500 Oct. 1 1925 to 1930 incl.
p beeem.$500. Date Oct. 11924. Certified check for 5% of the amount
-BOND OFFERING.
JERSEY CITY, Hudson County, N. J.
bonds bid for, payable to the Village Treasurer. required.
of
Sealed proposals will be received by A. Harry Moore, Director of the
-BOND OFFERING.
-Sealed Department of Revenue and Finance, on Friday Feb. 20 at 11 o'clock
GRAND RAPIDS, Kent County, Mich.
IP
1924 of said
bids will be received by J. C.Shinkman, City Clerk, at his office in the City a. m. for the purchase of $3,800.000 tax revenue bonds of Aug. 1 1928,
Hall up to Feb. 19 at 3 p. m.for all of$700,000 4Si% sewage disposal system city. Denom. of 61,000. dated Feb. 1 1925, will be payable not in excess
April 11924, $25,000 payable Aug. 1 in each of the years 1926 will bear interest at the rate bid by the successful bidder but
bonds dated
denominations of $1,000 each.
be payable semi-annually on the first days of February
to 19.53 inclusive, to be issued inoffice, Grand Rapids, and, if so Prin. and of6% per annum,toyear in lawful money of the United States of America,
desired,
int payable at City Treasurer's are to be delivered and paid for at in and August in each Treasurer. The bonds will be coupon bonds, with the
that at the office of the
.
Nevi York exchange, and bonds
office. No bids will be considered for less than par and accrued interest. privilege of registration as to principal only, or as to both principal and
the face value of the bonds bid for, payable to interest. All bidders are required to deposit a certified check, payable to
A cortifi9d check of 3% of
bid. Bonds furnished by the the order of city of Jersey City. for 2% of the amount of the bonds bid for.
the City Treasurer, shalLaccompany each
ounikasau
drawn upon an incorporated bank or trust company. The bonds will be
Grand Rapids.ig pagab
City of
858
T-FrE CHRONICLE
delivered at the office of the Comptroller on or before Feb. 26 1925, and
must then be paid for by a certified check on an incorporated bank. or
trust company. If the definitive bonds are not then ready temporary
receipts, each of which will entitle the bearer to $100,000 of said bonds, will
be issued in lieu of said bonds and exchangeable therefor. The successful
bidders will be furnished with the opinion of Hawkins, Delafield & Longfellow of New York City that the bonds are binding and legal obligations
of said city. The bonds will be prepared under the supervision of the
17nit ed States Mortgage & Trust Co.. which will certify as to the genuineness
of the signatures of the officials and the seal impressed thereon.
-CORRECTION.
-In
KANSAS CITY, Wyandotte County, Kan.
V. 120, p: 611, using unofficial reports, we reported the sale of the followins bonds, aggregating $350,000, to the Wichita Trust Co. of Wichita at
102.90, a basis of about 4.28%. We are now informed by said company
that the price paid for the bonds was 102.73, a basis of about 4.30%:
$200,000 456°J electric light improvement bonds.
150,000 414% water works improvement bonds.
Date Feb. 1 1925. Due Feb. 1 1945.
1CAUFMAN COUNTY LEVEE DISTRICT NO. 4 (P. 0. Kaufman),
Tex.
-The State Comptroller of Texas registered
-BONDS REGISTERED.
$175,000 6% levee bonds on Feb. 5. Due serially.
KLAMATH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Klamath
Falls), Ore.
-The $150,000 5% school bonds offered on
-BOND SALE.
Jan. 19(V. 120, p.235) were awarded to a syndicate composed of Freeman,
Smith & Camp Co.. Ralph Schneeloch Co. and Burr, Conrad & Broome,
Inc. Date Jan. 1 1925. Due July 1 as follows: $10.000, 1925: $15,000,
1926 to 1928 incl., and $95.000, Jan. 1 1945. Optional July 1 1930.
KOOCHICHING COUNTY (P. 0. International Falls), Minn,
BOND SALE.
-The $40,000 6% ditch bonds offered on Dec. 19(V. 119, p•
2912) were awarded to Percival Coffin Brooks, of Chicago, at a premium of
$366 67, equal to 100.91-a basis of about 5.90%. Date Dec. 1 1924.
Due Dec. 1 as follows: $2,000, 1929 to 1932,inclusive: $3,000, 1933 to 1936,
Inclusive; and $4,000, 1937 to 1941, inclusive.
-BOND SALE.
-The MeyerLAKE COUNTY (P.O.Hammond),Ind.
Kiser Bank and the Fletcher Savings & Trust Co. of Indianapolis jointly on
Oct. 2 were awarded three issues of 5% highway improvement bonds as
follows:
$18,000 A. A. Bothwell et al. road bonds for $18.315. equal to 101.75, a
basis of about 0.00%. Denom.$900. Due $900 every six months
from May 15 1925 to Nov. 15 1934 incl.
*164,000 W.P. Gleason et al. road bonds for $168,305, equal to 102.61, a
basis of about 0.00%. Denom. $1,025. Due $8,200 every six
months from May 15 1925 to Nov. 15 1934 incl.
al road bonds for $287,600, equal to 102.71.
*280,000 E. C. Simpson et0.00%. Denom. $1.000. Due $14,000 every
a basis of about
six months from May 15 1925 to Nov. 15 1934 incl.
* Notice that these issues had been sold appeared in V. 119. p. 1764.
Int. M. Al: N. 15. Date Aug. 151924.
-BOND OFFERING.
-Sealed bids
LAKELAND, Polk County, Fla.
will be received until 7:30 p. m.Feb. 24 for the following bonds, aggregating
5728.000:
5300,000 534% sewer bonds. Date Nov. 10 1924. Due Nov. 10 as
follows: $70.000. 1944 to 1947, inclusive, and $20.000 in 1948.
76,000 534% street improvement bonds. Date Nov. 10 1924. Due
Nov. 10 1954.
268,000 6% street improvement bonds. Date Feb. 2 1925. Due Feb. 2
as follows: $27.000 in each of the years 1927, 1928, 1929, 1930,
1932, 1933. 1934 and 1935. and $26,000, 1926 and 1931.
85.000 6% street improvement bonds. Date Jan. 1 1925. Due Jan. 1
as follows: $8,000 in each of the years 1926, 1928, 1930, 1932 and
1934, and $9,000 in each of the years 1927, 1929. 1931, 1933 and
1935.
Denom. $1.000. Coupon bonds. Principal and interest payable at the
Hanover National Bank. New York City. Legality approved by Caldwell
& Raymond. New York City. A certified check, drawn upon some national
bank or reputable bank or trust company doing business under the laws of
the State of Florida, and payable to the City of Lakeland, for 3% of bid is
required.
-J. W.
LANCASTER, Fairfield County, Ohio.
-BOND OFFERING.
Barnes, City Auditor, will receive sealed bids until 12 m. Mar.6 for $12.000
5% city's portion street improvement bonds. Denom. $1,000. Date
Dec. 1 1924. Int. semi-ann. Due yearly on Sept. 1 as follows: $1.000,
1926 to 1929 incl.: $2,000, 1930: $1,000, 1931 to 1934 incl., and $2.000,
1935. Certified check for 2% of the amount of bonds bid for, payable to
the City Treasurer, required.
LANCASTER COUNTY (P. 0. Lancaster), So. Caro.
-BOND OF-J. Y. Williams. Chairman Board of County Commissioners,
FERING.
will receive sealed bids until Feb. 27 for $200,000 5% coupon bonds.
Denomination $1,000.
LA PORTE COUNTY (P. 0. La Porte), Ind.
-BOND SALE.
-The
Meyer-Kiser Bank of Indianapolis has purchased the $56,800 5% coupon
Bigler Road bonds offered on Feb. 4 (V. 120, p. 483) at a premium of
52.487 84, equal to 104.38, a basis of about 4.46%. Date Dec. 29 1924.
Due $1,420 every six months from May 15 1926 to Nov. 15 1945 incl.
LAWRENCE SCHOOL DISTRICT (P. 0. Lawrence), Van Bureh
County, Mich.
-BOND SALE.
-An issue of $75,000 bonds was awarded
on Feb. 9, it is stated, to the Detroit Company, Inc., of Detroit.
LEONIA, Bergen County, N. J.
-BOND SALE.-Outwater & Wells of
Jersey City have Purchased the issue of 414% coupon or registered funding
bonds offered on Feb. 9 (V. 120. p. 483) for $143,247 20, equal to 103.05,
a basis of about 4.49% for $139,000 bonds ($413.000 offered). Date
Jan. 1 1925. Due yearly on Jan. 1 as follows: $4,000, 1926 to 1935 incl.;
55,000. 1936 to 1952 incl.: $6,000, 1953 and 1954, and $2,000, 1955. Other
bidders were:
Price Bid, Amt.Bid For.
Freeman & 00., Philadelphia
$143,728 70
$140,000
M. M.
143,236 80
140,000
Batchelder, Wack & Co.. New York
143,505 00
150,000
B.J. Van Ingest & Co., New York
143,005 80
140.000
Rutter & Co., New York
143,495 80
140.000
H.L. Allen & Co., New York
143,075 00
139,000
R.M.Grant & Co., Inc., New York
-BOND OFFERING.
-Della,
LOGAN, Hocking County', Ohio.
Auditor, will receive sealed bids until 12 m. Feb. 28 for
Bishop, City
$33,000 534% Bowen Street Improvement bonds. Denom. $300. Date
Feb. 15 1925. Interest A.& 0. Due $300 April 1 1926 to 1935,inclusive.
-Until 12 m. Feb. 28 sealed bids will be received by
BOND OFFERING.
Della Bishop,City Auditor,for $8,2005% Warner Ave.improvement bonds.
Denom. $800 and one for $1,000. Date Feb. 15 1925. Interest A. & 0
Due yearly on April 1 as follows: $1,000, 1926, and $800. 1927 to 1935, incl
:
Sealed bids will be received until 12 m. Feb. 28 by Della Bishop, City
Auditor, for 52.700 5% Culver Street improvement bonds. Denom.
$300 and $100. Date Feb. 15 1925. Int. A. & 0. Due yearly on April 1
as follows: $300. 1926 to 1934 incl.: $200, 1935, and $100. 1936. The prin.
and semi-ann. int. of the above issues are payable at City Treasurer's office•
-BOND SALE.
-An Issue
LOGAN COUNTY (P. 0. Guthrie), Okla.
of $750.000 road bonds was purchased by the American Mational Co. of
Oklahoma City at a premium of $26,775, equal to 103.58.
-BOND SALE.
-A synLOS ANGELES, Los Angeles County, Calif.
dicate composed of the First National Bank, Eldredge & Co., Kissell. IOnnicutt & Co.. Redmond & Co. and Detroit Co., all of New York, and AngloLondon-Paris Co. and the Bank of Italy. both of San Francisco, has purchased an issue of 53.500.000 434% electric plant bonds. Date Oct. 1
1924. Denom. $1,000. Due $175,000 Oct. 1 1925 to 1944. Prin. and
int. (A. & 0.) payable in New York or Los Angeles. These bonds were
purchased from the City Sinking Fund and are part of an authorized issue
of $7.000,000. the balance of which was disposed of on Jan. 20 when the city
sold $11,500.000 bonds (V. 120, p. 360)•
-BOND SALE.
-The following
LUBBOCK, Lubbock County, Tex.
5% bonds, aggregating $225,000, offered on Feb. 10-V. 120, p. 360
-were
awarded tot. E. Garrett & Co. of San Antonio at par.
$125,000 street improvement bonds.
75,000 water works bonds.
25,000 sanitary sewer bonds.
MADISON SCHOOL TOWNSHIP(P.O. VVyatt),St.Joseph County,
Ind.
-BOND SALE.
-The Farmers Bank of Wyatt on Sept. 17 purchased
the $92,500 5% coupon school bonds offered on that day
-V.119, p. 1092
[vol.. 120.
at a premium of $1,965, equal to 102.12, a basis of about 4.63%. Date
July 15 1924. Due yearly on Juy 15 as follows: $6.500 1925 to 1938,
inclusive, and $1,500 1939.
MAMARONECK PARK DISTRICT NO. 1 (P. 0. Mamaroneck),
Westchester County, N. Y.
-The $148.000 434% coupon
-BOND SALE.
or registered park bonds offered on Feb.6(V. 120. is. 612) have been sold to
the Larchmont National Bank & Trust Co. of Larchmont at 104.82, a basis
of about 4.16%. Date Feb. 11925. Due $4,000 Feb. 1 1932 to 1968 incl.
MANSFIELD, Richland County, Ohio.
-The Citi-BOND SALE.
zens' National Bank of Mansfield has purchased the $14.000 534% fire
alarm signal system bonds offered on Jan. 30 (V. 120, p. 360) for $14,450.
equal to 103.21, a basis of about 4.99%. Date Dec. 1. 1924. Due $500
every six months from Mar. 1 1926 to Sept. 1 1939 incl.
MANSURA, Avoyelles County, La.
-Mayor
-BOND OFFERING.
Arthur J. Escude will receive sealed iaids until 7:30 p. m. Mar.3 for $55.000
6% public improvement bonds. Date Feb. 1 1925. Denom. $1,000.
Due Feb. 1 1926 to 1945. Int. payable F. & A. Legality approved by
Martin & Campbell of New Orleans. A certified check for $1,500. payable
to the order of the Mayor, is required.
MARION COUNTY (P. 0. Indianapolis), Ind.
-BOND SALE.
The Fletcher Savings & Trust Co. of Indianapolis has been awarded the
$196,000 454% John E. Webb et al. road improvement bonds offered on
Feb.4 (V. 120. p. 361) at par and accrued int, plus a premium of $4,040 40,
equal to 102.06, a basis of about 4.11%. Date Jan. 1 1925. Due $9.800
every six months from May 15 1926 to Nov. 15 1935 incl.
MARION COUNTY (P. 0. Indianapolis), Ind.
-The
--BOND SALE.
$600.000 414% coupon flood prevention bonds offered on Feb. 12(V. 120.
p. 612) were awarded to the Fletcher Savings & Trust Co. at a premium
of $10,334 40. equal to 101.7224-a basis of about 4.04%. Date Jan. 1
1925. Due $32,000, 1927 to 1944. inclusive, and $24.000. 1945. The
following bids were also received:
BiddersPrice Bid.
Fletcher-American Co.; J. F. Wild & Co
$610.023 00
Meyer-Kiser Bank: City Securities Corp.; Breed, Elliott &
Harrison: Union Trust Co
608,226 66
Merchants National Bank; Indiana Trust Co.; Harris Trust &
Savings Bank
607,901 50
MARQUETTE SCHOOL DISTRICT (P. 0. Marquette), Marquette
County, Mich.
-BOND ELECTION.
-A special election will be held on
March 2 to vote on the question of issuing $475,000 bonds for the construction of a high and grade school building.
MARSHALL, Harrison County, Tex.
-BOND SALE.
-An issue of
$276,000
% refunding bonds was purchased by 11. D. Crosby & Co. of
San Antonio.
MARYLAND (State of).
-CERTIFICATE SALE.
-The $275.000
434% coupon certificates of indebtedness "General Construction Loan of
1924." offered on Feb. 11-V. 120. p. 236----were purchased by the Continental Co. of Baltimore and Thos. A Biddle & Co. of Philadelphia at
103.7525, a basis of about 4.03%. Date Feb. 15 1925. Due Feb. 15 as
follows:
SeriesSeries
$15,000
"N"
1928 "U"
$22,000
1935
17.000
"0"
1928 "V"
23,000
1936
18.000
1930 "W"
24,000
1937
18,000
1931 "X"
25,000
1938
19,000
1932 "Y"
26,000
1939
20,000
"5"
1933 "Z"
27,000
1940
21.000
"T"
1934
Legality approved by Niles. Wolff, Barton & Morrow.
MASSACHUSETTS (State of).
-BOND OFFERING.
-Sealed proposals for the following issues of serial bonds of the Commonwealth of
Massachusetts, amounting to $2,923,000. will be received at the office of
William S. Youngman, Treasurer and Receiver-General, up to 12 m.
Feb. 20, at which time they will be publicly opened and read. The bonds
will be registered, bearing interest payable semi-annually at the rate of
4%, principal and interest payable in gold coin or its equivalent, and
are exempt from Federal and Massachusetts income taxes. They are duly
authorized by Acts of the Massachusetts Legislature for account of the following loans:
$1,000,000 Metropolitan Parks Loan, Series 2. Maturity, $50,000 each
year. Jan. 1 1926 to 1945 incl..
135,000 Metropolitan Parks Loan, Series 2. Maturity. $7,000 each
year Tan. 1 1926 to 1940, incl., and $6,000 each year Jan. 1
1941 to 1945 incl.
650,000 Metropolitan Sewerage Loan, North System. Maturity,
$65,000 each year. Sept. 1 1925 to 1934 incl.
1.138.000 Metropolitan Water Loan. Maturity. $30,000 each year.
Jan. 1 1926 to 1961, incl., and $29,000 each year, Jan. 1 1962 to
1963, incl.
The inirchasers of these bonds will be furnished with a copy of the opinion of the Attorney-General affirming the legality of the issue. Each proposal must be accompanied by a certified check for 2% of the amount !Ad
for, to the order of the Treasurer and Receiver-General, on a national
bank or trust company doing business in this Commonwealth or in the
City of New York. All bids will include accrued interest.
MASSILLON, Stark County, Ohio.
-BOND SALE.
-The $57,094 35
5% property owners' portion street improvement coupon bonds offered
-have been sold to the Detroit Trust Co. of
on Feb. 5-V. 120. p. 612
Detroit at a premium of $1,556, equal to 102.72. a basis of about 4.51% •
Date Oct. 1 1924. Due yearly on Oct. 1 as follows: $5,094 35 1926.
$6.000 1927 to 1933, inclusive, and $5,000 1934 and 1935, inclusive.
MAURY COUNTY (P. 0. Columbus), Tenn.
-The
-BOND SALE.
$55,000 highway bonds offered on Feb. 10 (V. 120, p. 612) were awarded
to Joe B. Palmer & Co. of Nashville as 534s at a premium of 51.052, equal
to 101.91-a basis of about 5.33%. Date Dec. 1 1923. Due June 1 as
follows: $14,000. 1940 to 1942, inclusive, and $13,000 in 1943.
MEADOW SCHOOL DISTRICT, Johnston County, No. Caro.-Sealed bids will be received until 10 a. m. Feb. 17 by
BOND OFFERING.
N. B. Marrow, Superintendent of Public Instruction. for $35.000 5)4%
school bonds. Date Feb. 1 1925. Denom. $1.000. Due Feb. 1 as follows: $1,000, 1926 to 1950 incl., and $2,000, 1951 to 1955 incl. Prin. and
int. (F. & A.) payable at the National Bank of Commerce, N. Y. City.
Bonds in coupon form are to be prepared under the supervision of the U. S.
Mtge.& Trust Co., which will certify as to the genuineness of the signatures
of the county officials and the seal of the county impressed thereon. The
unqualified opinion of Caldwell & Raymond of N. Y. City as to the legality
of the bonds will be furnished to the purchasers without charge. A certified check for 2% of bid, payable to the order of W. G. Wilson, Chairman
of the Board of Education, is required. Bonds will be delivered to the
purchasers at the office of the U. S. Mtge. & Trust Co. on Feb. 27 1925,
and must be paid for in New York funds.
MECKLENBURG COUNTY (P. 0. Charlotte), No. Caro.
-BOND
OFFERING -Sealed bids will be received until 12 tn. Mar. 16 by R. E.
Young, Clerk, Board of County Commissioners, for 5100,000 5% hospital
coupon bonds. Date Feb. 1 1925. Denom. $1,000. Due Feb. 1 as follows: 52,000, 1926 to 1930; 53.000, 1931 to 1940, and $4.000, 1941 to 1955
incl. Prin. and int. (F. & A.) payable in New York. The bonds will be
prepared under the supervision of the U. S. Mtge.& Trust Co., N. Y. City,
which will certify as to the genuineness of the signatures of the officials and
the seal impressed thereon, and the validity of the bonds will be approved
by C.B.Masslich, New York City. A certified check for $2,000 is required.
MERCEDES, Hidalgo County,Tex.
-BONDS VOTED.
-At an election
held recently the voters authorized the issuance of $276,700 refunding bonds
by a vote of 91 for and 11 against.
-Sealed
MIDDLETOWN, Butler County, Ohlo.-BOND OFFERING.
proposals will be received by C. H. Campbell, City Auditor, until 12 m.
Mar. 13(standard time) Mar. 13 for $17,000 5% assessment street-improvement bonds. Denom. $1,000. $500 and $200. Date Mar. 11925. Prin.
and semi-ann. int.(M.& S.) payable at the Nat. Park Bank of New York.
Due 51.700 yearly on Sept. 1 1926 to 1935 incl.
All bids must be accompanied by a certified check on some solvent bank
in the sum of $500, payable to the City Treasurer, on condition that if the
bid is accepted the bidder will receive and pay for bonds within 10 days from
the time of award. The proceedings leading up to the issuing of these
bonds have been under the supervision of Peck. Schaefer & Willianms, attorneys, Cincinnati, whose opinion as to the validity will be furnished to the
purchaser without charge. Purchasers are required to satisfy themselves
FEB. 14 1925.]
THE CHRONICLE
as to the validity of these bonds prior to the bidding therefor, and only unconditional bids shall be considered. Purchaser to pay the entire expense
for the delivery of the bonds.
MINGO VILLAGE SCHOOL DISTRICT (P. 0. Mingo) Junction,
-The $160,000 5% coupon
-BOND SALE.
Jefferson County, Ohio.
school bonds offered on Dec. 15 last (V. 119, p. 2558) were purchased on
Jan. 7 by Stranahan. Harris & Oatis, Inc., of Toledo, at a premium of
$3410. equal to 102.13, a basis of about 4.24%. Date Jan. 1 1925. Due
52,000 Jan. 1 1926 to 1965, inclusive.
-BOND SALE.
-The $14,500
MITCHELL, Lawrence County, Ind.
5% coupon funding bonds offered on Feb. 4-V. 120. p. 613-were purchased by the Meyer-Kiser Bank of Indianapolis at a premium of $458 75,
equal to 103.35, a basis of about 4.25%. Date Nov. 1 1924. Due $1,000
every six months July 1 1926 to Jan. 1 1933, incl., and $500 July 1 1933.
MONESSEN, Westmoreland County Pa.-BOND OFFERING.Sealed bids will be received at the City Cleric's office until 10 a. m. Feb. 25
for $100,000 434% re-paving bonds. Due on Feb. 1 as follows: $5.000.
1932 to 1935 incl.:$15,000, 1938:810.000. 1939;$5,000, 1940:$15,000. 1941:
$5,000, 1942, and $15,000, 1943 and 1945. Legal opinion furnished by
Moorhead & Knox, Pittsburgh. Purchaser to pay for printing of bonds.
Certified check for $1,000 required.
MONTICITO UNION SCHOOL DISTRICT,Santa Barbara County,
Calif.
-BOND SALE.
-The $100,000 534% school building bonds offered
on Jan. 5(V. 120, p. 113) were awarded to H. S. Boone & Co. and Schwabacher & Co., both of San Francisco, at 106.43. Date Dec. 1 1924. Due
1925 to 1944.
MORGAN COUNTY SCHOOL DISTRICT NO.8(P.O.Fort Morgan)
-The International Trust Co. of Denver has purColo.
-BOND SALE.
chased an issue of $244,000 434% school building bonds. Date Jan. 1 1925.
Denom. $1.000 and $500. Due Jan. 1 as follows: $6,500, 1940, $7,500
1941, $12,500, 1942 to 1944 incl.,• $15,000. 1945 to 1954 incl.; ¶15.500.
1955 and 1956; $5,500, 1957 and $6.000 in 1958. Principal and interest
(J. & J.) payable at the office of the County Treasurer, or at Kotmtze Bros.
New Yorlc City. Legality approved by Pershing, Nye, Fry & Tallmadge
of Denver.
Financial Statement.
Assessed valuation, 1924
¶12.004,494
Total bonded debt,incl. this issue
450,000
Total population of district, 11,000; (based on 1924 School Census of
2,747.)•
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-BOND SALE.
The $350,000 bridge coupon bonds offered on Feb. 11-V. 120, p. 613
were awarded to Blyth, Witter & Co. of San Francisco as 4348 at 102.57.
a basis of about 4.30%. Date Mar, 2 1925. Due Mar. 2 as follows:
$14,000. 1931 to 1953, incl.
NASHUA, Hillsboro County N. H.
County,
-BOND SALE.
-Harris, Forbes
& Co., Inc., of Boston, were d successful bidders on Feb. 10 for the
$100,000 43‘% coupon fire-station bonds, offered on that date (V. 120. D.
733) at 100.68.-A basis of about 4.17%. Date Feb. 1 1925. Due $5,000
yearly on Feb. 1 from 1926 to 1945,inclusive. Other bidders, all of Boston,
were:
Estabrook & Co
100.469!Merrill, Oldham & Co
100.35
• E. H. Rollins & Sons
100.261
100.42 IBIodget & Co
Seasongood & Mayer, Cincinnati
The Herrick Co., Cleveland
Well, Roth & Irving Co., Cincinnati
Provident Savings Bank & Trust Co., Cincinnati
The Guardian Savings & Trust Co., Cleveland
W. L. Slayton & Co., Toledo
Otis & Co., Cleveland
Breed, Elliott & Harrison, Cincinnati
Spitzer Rorick & Co., Toledo
Ryan,bowman & Co., Toledo
Bohmer, Reinhart & Co., Cincinnati
W. K. Terry & Co., Toledo
The Oberlin Savings Bank Co.. Oberlin
Bid.
$32,134 00
31,969 00
31,940 00
31,845 00
31.734 00
31,65000
31,563 00
31,545 00
31,534 00
31.513 00
31,401 00
31,367 77
31,311 00
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
-Until 10 a. m. Feb. 24
(P. 0. Orlando), Fla.
-BOND OFFERING.
sealed bids will be received by James A. Knox, Chairman, County Board of
Public Instruction, for $200,000 5% school bonds. Date Feb. 10 1925.
Denom. $1,000. Due Feb. 10 as follows: $6,000. 1926 to 1943 incl.*
¶10.000, 1944 to 1952 incl., and 162,000 in 1953. Prin. and int.(F.& A. 10)
payable at the Hanover National Bank, N.Y. City. Legality approved by
John C. Thomson of N. Y. City. A certified check for 1% of bid is required.
ORANGETOWN COMMON SCHOOL DISTRICT NO. 2 (P. 0.
-Sealed
-BOND OFFERING.
Orangeburg), Rockland County,_ N. Y.
bids will be received by Matthew McManus, member Board of Trustees.
until 7 p. m. Feb. 20 for $70.000 5% coupon school bonds. Denoms.
$1.000 and $500. Date Aug. 1 1924. Int. F. & A. Due $3,500 Aug. 1
1925 to 1944 incl. Legality approved by John C. Thomson of New York.
Certified check for 2% of the amount of bonds bid for, payable to the Board
of Trustees, required.
-BOND SALE.-Geo. B.
OSSINING, Westchester County, N. Y.
pa bo ng s & Co of1s w York have purchased an issue of $20,000 434%
Givi nbonds at l0 Ne.
.
5
NASHVILLE, Davidson County, Tenn.
-Sealed
-BOND OFFERING.
bids will be received until 10 a. m.March 3 by S. H. McKay, City Clerk.
for the following coupon registerable as to principal bonds aggregating
$380,000:
$145,000 5% general improvement bonds maturing March 1 as follows:
$9,000. 1931 to 1935, inclusive, and $10.000. 1936 to 1945, incl.
235,000 534% street-improvement bonds maturing $47,000 March 1 1926
to 1930, inclusive.
Denom.$1,000. Date March 11925. Principal and semi-annual interest(M.& S.) payable at the City Treasurer's office or National Park Bank,
New York City. A certified check for 2% of bonds bid for, required.
Bonds will be prepared under the supervision of the United States Mortgage
& Trust Co., New York City, which will certify as to the genuineness of the
signatures of the officials and the seal impressed thereon, and the validity
of the bonds will be approved by Caldwell & Raymond, New York City.
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
A loan of $750,000, due Nov. 4 next, was awarded on a discount basis of
2.975% to the National Shawmut Bank of Boston on Feb. 11.
NEW LONDON, New London County, Conn.
-The
-BOND SALE.
following 4 J.(% coupon or registered bonds offered on Feb. 11 (V. 120. p.
733) were purchased by Brown Bros., of Boston, at a premium of 3434.095,
equal to 102.14-a basis of about 4.02%:
$200.000 public improvement, Series 4, laonds. Due yearly on March 1
as follows: $13,000, 1926 to 1935, inclusive, and $14,000, 1936
to 1940, inclusive.
225,000 water-works improvement, Series 9. bonds. Due yearly on
March 1 as follows: $8,000, 1926 to 1950, inclusive, and $5,000.
1951 to 1955, inclusive.
Date March 1 1925. The following bids were received:
Brown Brothers & Co., Boston
$434.095 00
G. L. Austin & Co., Hartford
433 232 25
R. M. Grant & Co., Boston
433:024 00
Rutter & Co., New York City
432,025 25
Eldredge & Co., Boston
432,021 00
ICissel, Kinnicutt & Co., New York City
431,638 50
Thomson, Fenn & Co., Hartford
431.273 00
E. H. Rollins & Sons, Boston
430,992 50
Estabrook & On., Boston
430.933 00
George B. Gibbons & Co., New York City
430,907 00
R. L. Day & Co., Boston
429,925 75
Harris, Forbes & Co., New York
428,438 25
NEW ORLEANS, Orleans Parish, La.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. Feb. 27 by Bernard C. Shields, Secretary.
Board of Liquidation, for $400,000 434% serial gold bonds. Denom.
$1,000 except (a) the bonds maturing in the years 1937 and 1957, which are
In the denomination of $500 each. and (6) the bonds maturing in the years
1947 and 1967, which are in the denominations of $100 each. Due as follows: $6,000. 1930 and 1931: $7,000, 1932 to 1934 incl.: $8,000, 1935 to
1938 incl.; $7,000, 1939: $8,000, 1940 to 1943 incl.; $9.000, 1944 to 1947
incl.; $11,000, 1948 to 1954 incl.; $12.000, 1955 and 1956: $11,000, 1957:
512,000, 1958 and 1959; $13,000, 1960: $14,000, 1961 and 1962; $15,000,
1963 and 1964; $17,000. 1965: $22,000, 1966 and $14,000 In 1967. Coupon
bonds. Interest payable J. & J. A certified check payable to the order
of the Board of Liquidation, upon some chartered bank in New Orleans.
for 3% of bid is required. These bonds are part of an authorized serial
issue of $9,000,000 bonds, of which $6,900,000 have been sold.
NORTH ADAMS Berkshire County, Mass.
-LOAN OFFERING.
Until 11 a. m. Feb. 17 sealed bids will be received by the City Treasurer for
the purchase on a discount basis of a temporary loan of $50,000, maturing
Nov. 1 1925.
NORTH CAROLINA (State of).
-NOTE SALE.
-A syndicate composed of the First National Bank, National City Co. and the Bankers
Trust Co., all of New York, has purchased an issue of four-months' notes
amounting to $5,000,000 at 3.25%. Date Feb. 16 1925. Due June 16
1925.
NORTH TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1
(P.O. North Tonawanda), Niagara County, N. Y,
-BOND OFFERING.
-Sealed proposals will be received until 8 p. m. Feb. 19 by Edward R.
Mould, Clerk, Board of Education, for ¶340.000 coupon school bonds at
A
not &reeding 43 % interest. Denom. $1,000. Date April 1 1924. Int.
A.& O. Due $20,000 yearly on April 1 from 1942 to 1958 incl. Certified
check on an incorporated bank or trust company in the State of New York
or a cashier's check of such bank or trust company for $15,000, payable
to Charles Kohler, City Treasurer, required. Bonds must be taken up and
paid for at the Fidelity Trust Co., Buffalo, on April 1 1925 unless a subsequent date is mutually agreed upon. Legality approved by Clay & Dillon
of New York. Bidders may bid for the bonds at less rate than 4.f4
stated in multiple of one-quarter of I%•
-BOND SALE.
OBERLIN, Lorain County, Ohio.
-The $30,000
% coupon sewage-disposal works bonds offered on Feb. 7 (V. 120, p.
361) were purchased by Seasongood & Mayer, of Cincinnati, at a premium
of $2,134, equal to 107.11-a basis of about 4.80%. Date Feb. 1 1925.
Due $1,200 Feb. 1 1927 to 1951, inclusive. The following bids were received:
859
-The $3,000 5%
-BOND SALE.
, Kan.
OSWEGO, Labette
pa
paving bonds offered on Feb.3 V 120. p.613) were awarded to J. C. RichCount!.
creek of Oswego at par. Date an. 1 1925. Due Aug. 1 as follows: $ 5,000:
1926 to 1929 incl., and $1,000. 1930.
-BOND OFFERING.-Sealed
OWEN COUNTY (P. 0. Spencer), Ind.
bids will be received by Jeptha B. Meek. County Treasurer. until 2 p. m.
Mar. 2 for $9,000 414% J. Q. Van Buskirk et al. in Wayne Township road
bonds. Date Nov. 15 1925. Denom. $450. Int. M. & N. 15. Due
$450 each six months from May 16 1926 to Nov. 15 1935. A certified
check for 3% of amount to be sold required.
-Mayor
-BOND OFFERING.
OXFORD, Sumner County Kan.
L. M. Banton will receive sealed bids until 7:30 p. in. Feb. 20 for S35.000
434% internal improvement bonds. Date Feb. 1 1925. Due Feb. 1 as
follows: $3,500, 1926 to 1935 incl. A certified check for 2% of bid is required.
PACIFIC COUNTY SCHOOL DISTRICT NO. 116 (P. 0. South
Bend), Wash.
-BOND SALE.
-The $115,000 school bonds offered on
Jan. 31-V. 120, p. 362
-were awarded to the Seattle National Bank of
Seattle and Union Trust Co. of Spokane, jointly, as Vis at a premium of
$161, equal to 100.14, a basis of about 4.73% if called at optional date
and 4.74% if allowed to run full term of years. Date Jan. 15 1925.
Denom. $1,000. Coupon bonds. Due Jan. 15 1948; optional Jan. 15
1935. Interest payable annually (Jan. 15)•
-At an election
PALISADE, Mesa County, Colo.
-BONDS VOTED.
held on Feb. 2 the voters authorized the issuance of $35,000 sewer bonds
by a vote of 88 for and 68 against.
PALMETTO, Manatee County, Fla.
-BOND OFFERING POSTPONED.
-The offering of the $20.000 to $50,000 8% street improvement
bonds scheduled to be held on Feb. 10(V. 120, p. 485) has been postponed
to Mar.3 due to a flaw in the proceedings. Dated at time of issue. Due in
6 to 11 years.
-BOND OFFERING.
-Sealed
PARKERSBURG,Chester County,Pa.
bids will be received until 8 p. in. Feb. 25 by George W. Mullen, Borough
Secretary, for $13,000 434% coupon funding bonds. Denom. $1,000.
Mar. 1 1925. Int. semi-ann. Due Mar. 1 1955. Certified check for $200.
payable to the borough, required.
PASADENA CITY HIGH SCHOOL DISTRICT,Los Angeles County,
-BOND SALE.
-The $750.000 414% school bonds offered on Feb.9
Calif.
.
(V. 120, p. 734) were awarded to a syndicate composed of Geo. H. Burr &
Co.. B. J. Van Ingen & Co., H. L. Allen & Co. and Freeman, Smith &
Camp Co. at 103.274. a basis of about 4.44%. Date July 1 1924. Due
July 1 as follows: $13,000, 1926: 525.000, 1927 and 1928: ¶26.000, 1929;
$27,000. 1930 to 1953 incl., and $13,000, 1954. Coupon bonds. Legality to be approved by John C. Thomson, New York City.
PEN ARGYLE, Northampton County, Pa.
-BOND OFFERNIG.Sealed bids will ba received by Elwood G. Godshalk, Borough Secretary.
until 7:30 p.m. March 2 for $31.000 5% street paving, sewer and parkway
lighting bonds. Denom. $500. Date Feb. 1 1925. Prin. and semi-ann.
hit, payable at the office of the Borough Treasurer. Due Feb. 1 1955.
optional
rd reciuik for 2% of the amount of bonds
i checr
bid for,payable
Feb
t,1 133er r
0 : cirgi:
-Until
PITTSBURG, Crawford County, Kan.
-BOND OFFERING.
'Feb. 18 sealed bids will be received by Leonard Boyd. City Clerk.
4 p. m.
for $28,128 26 4 V % internal improvement bonds. Date Nov. 1 1924.
Denom. $1,000. Due serially I. to 10 years. A certified check for 2% of
bid is required.
PLANKINTON INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
-H. P.
Plankinton), Aurora County, Ind.
-BOND OFFERING.
Wilmarth, Secretary Board of Education, will receive sealed bids until
8 p. m. Feb. 24 for $43,000 5% school bonds. Date March 1 1925. Prin.
and int. payable at the Wells-Dickey Trust Co.. Minneapolis. Due
March 1 as follows: $8,000. 1930; $10,000, 1935; 312,000, 1940, and
$13,000, 1945. Legality approved by Lancaster, Simson, Junell & Dorsey
of Minneapolis. A certifier' check for 10% of bonds bid for required.
-$20,000 6%
PLANO, Collin County, Tex.
-BONDS REGISTERED.
street improvement bonds were registered on Feb. 6 by the State Comptroller of Texas. Due serially.
-BOND OFFERING.PERTH AMBOY, Middlesex County, N. J.
Sealed proposals will be received until 2 p. m. (Standard time) Feb. 19
by Frank Dorsey, City Treasurer, at his office in Perth Amboy for the
purchase of each of the following issues of bonds, the amount of the issue
stated in each case being the maximum amount of bonds which may be
issued, and the amount which is required to be obtained:
¶42.000434% water bonds, series "R," of the denomination of $1,000.
to be dated March 2 1925 and to mature $2,000 March 2
1927 to 1929, incl., and $1,000 March 2 of each of the years
1930 to 1965, incl.
155,000 434% water bonds, series "5," of the denomination of
to be dated March 2 1925 and to mature $3,000 March 2
1927 and $4,000 March 2 of each of the years 1928 to 1965.
inclusive.
All of the bonds are in coupon form, with privilege of registration as to
principal and interest, or as to principal only. Interest is payable semiannually March and Sept. 2 and both principal and interest are payable
at the office of the City Treasurer. Bonds will be prepared under the
supervision of the United States Mortgage & Trust Co.. New York City,
which will certify as to the genuineness of the signatures of the city officials
and the seal impressed thereon. Approving opinion of Caldwell & Raymond. of New York Ciw, as to legality will be furnished to the purchaser
or purchasers without charge. Each issue of bonds will, unless all bids
therefor are rejected, be sold to the bidder or bidders complying with the
terms of sale and offering to pay not less than the sum above stated for
each issue and to take therefor the least amount of bonds,commencing with
the first maturity, and stated in a multiple of $1,000; and if two or more
bidders offer to take the same amount of such bonds, then such bonds will
be sold to the bidder or bidders offering to pay therefor the highest additional
price. In addition to the price bid the purchaser must pay accrued interest
from the date of the bonds to the date of delivery. Bids are desired on
860
THE CHRONICLE
[VOL. 120.
forms which will be furnished by the city and must be accompanied by a
ROCKINGHAM COUNTY (P. 0. Wentworth), No. Caro.
certified check or checks on an incorporated bank or trust company for 2% Following Is a list of bids received for the $1,000.000 4 I% -BIDS.
permanent
of the par value of the bonds bid for.
Improvement bonds awarded to Ames, Emerich & Co., Chicago, on Jan.28
(V. 120. p. 614):
Financial Statement Jan. 1 1925.
Bidder
Int.Rate.
Prem.
General bonded debt
$2,633.750 00 Braun. 454% 81150:000000
Water debt
*1.082.000 00 Spitzer, Bosworth & Co., Toledo
Rorick & Co., Toledo
5%
Well, Roth & Irving Co.. and Provident Savings Bank &
Total bonded debt
$3.715,750 00
Trust Co., Cincinnati
43(%
4,200
Floating debt
-Tax revenue bonds
$675.000 00
Marx & Co., Birmingham
44%
Temporary improvement bonds (trust)
8,500
931.000 00
Carolina Securities Co., Greensboro, and A. B. Leach
Temporary improvement bonds (capital)
66.000 00
& Co„ Inc., New York
4%
ti
4.700
Temp.(rept. bonds (grade crossing) _ _$560.000 00
Seasongood & Mayer, Cincinnati
20,000
5%
Less credit
-Ch.157, Laws of 1923- 503.636 76
Prudden & Co., Toledo
21.000
56.363 24
Drake, Jones & Co., Minneapolis
8,900
General floating debt
$1,728.363 24 Rockingham Investment Co.; Curtis & Sanger; Hayden. 454%
Stone & Co.: William Compton Co
_
8,200
Water floating debt
1,248,200 00 Stranahan. Harris
& Oatis, Inc., Toledo; R. S.Dickson 8z 4%%
Co.. Gastonia
451%
3,300
Total bonded and floating debt
$6,692,313 24 C. W. McNear &
Co.. Chicago: Kalman, Gates, White 8z
Sinking fund, general
8475.739 39
Co. St. Paul
Sinking funds, water
216.684 58
J. C. Mayer & Co., Cincinnati
'
All bids include par and accrued interest.
Total sinking funds
692.423 97
Net taxable valuation year 1924
-Real
$29.799.063
ST. BERNARD PARISH (P. 0. New Orleans), La.
-BOAT!) SALE.
Personal
10.008.575 Caldwell & Co.. of New Orleans, have purchased an Issue of $30.000 6%
highway bonds at a premium of $1. equal to 100.003. Denom. $1,000.
Total
$39,807.638
SABETHA, Nemaha County, Kan.
-BOND SALE.
Population estimated at 45,000.
-The 824.950
4 Si% internal improvement bonds offered on Feb. 3-V. 120, p. 615
were awarded to the National Bank of Sabetha at 106.03. Date Jan. 1
•Not including these issues.
025. On Jan. 6 an issue
PLAUCHEVILLE SCHOOL DISTRICT NO. 9, Avoyelles Parish, Shawnee Investment Co. at of *13.744 17 bends was purchased by the
107.85. Lola Michier, City Clerk, makes no
La.
-BOND SALE.
-The $25.000 school bonds offered on Feb. 3-V. 120. mention of till disposition of the
848.100 45 % internal improvement
,
6
D. 362-were awarded to the Peoples Savings Bank of Mansura as 5Y
is bonds offered on Feb. 3-V. 120. p.
615.
at a premium of $157 50, equal to 100.63. Due in 20 years.
SANDUSKY, Erie County, Ohio.
-BOND SALE.
-The 840.000 5%
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT No. 11 Columbus Ave. gradr
cro-,sing coupon bonds offered on Feb. 5-V. 120. 1:
.
0
(P. 0. Bartow), Fla.
-BOND SALE.
-The 8750.000 5t% road bond: 362
-have been sold
offered on Feb. 9-V 120. p. 362
-were sold at a premium of 819,800. tints nf ab ut 4 530 to Seasongood & Mayer of Cincinnati at 105.86, a
,
4. Date Dec. 1 lo24. Due year1,
-n Dec. 1 as follows:
equal to 102.64, a basis of about 5.27%. Date Oct. 1 1924. Due Oct. 1 $1.090 1926 to 1915, in-lusive,
and 52.000 1916 to 1933, inzlusive.
as follows: $30.000. 1930 to 1954. Incl.
Following is a list of the bids received:
PORTAGE TOWNSHIP(P.O.Port Clinton), Ottawa Coun.v. Ohio.
Premium.
-Flown OFFERING.
-gelled bids will be received by Wm. H. Williamson. Seasongood & Mayer, Cincinnati
82.346 00
Township ^lerk until 12 rn M trch 3 for *13.000 5% road bonds. Denom. Assel, Goetz & Moerlin, Inc., Cincinnati
0,312 00
$1.000. Date M trch 1 1925. Interest M. & S. Dne yearly on S. pt. 1 Detroit Trust Co.. Detroit
2.283 00
as follows: *3,900. 1925 to 1931. Inclusive, and 92.000. 1932. Ccrtified The Guardian Savings & Trust Co.. Cleveland
2,188 00
nr ed. Elliott & Ft trrison, Cincinnuti
,
check for 5% of the amount of bonds bid for. required.
2.10800
The Prevident Savings Bank & Trust Co
2.064 00
PORT ALL
St
-I4OOL DISTRICT (P. 0. Port Allegheny). Bohmer- Reinhart & Co.. Cincinnati
2,061 00
McKean County, Pa.
-BOND SALE.
-The $53.000 5% school bonds W. K. Terry & Co.. Toledo
1.837 77
offered on Dec. 1-V. 119. p. 2096
-were purchased by the First National Braun, Bosworth & Co.. Toledo
1.836 00
The Weil, Roth & Irving Co., Cincinnati
Bank of Port Allegheny.
1,83000
The Herrick Company Cleveirnd
1.805 00
PORT ARTHUR, Jefferson County, Texas.-BMS REJECTED.
- A. E. Aub & Co.. Cincinnati
1.77800
AB bids received for the $1,003.000 municipal impt. bonds offered on Feb .9 stranah 91. Harris & Oatis.
Inc., Toledo
1,741 00
-V.120. p. 614
-were rejected.
Ryan. Sutherland & Co.. Toledo
755 20'
PORTLAND, Cumberland County.. Me.
-LOAN OFFERING.
-John
SAN FERNANDO,
-BOND SALE.
R. Gilmartin. City Treasurer, received bids until noon ye:terday (Feb. 13) The Citizans National Los Angeles County, Calif.
Co. of Los Angeles on INlay 28 purchased an issue
for the purchase at discount of a temporary loan of $300000 issued
anticipation of taxes for 1025. dated Feb. 17 1925 and payable Oct. 5 P'25 of 890.000 trunk line bonds at a premium of $3.168, equal to 103.53.
at the First National Bank of Boston. Denom. to suit purchaser. Th
SAN RAFAEL SCHOOL DISTRICT, Mario County, Calif.-BIDS.note:. w'll be ready for delivery Tuesday Feb. 17 1925 at the First Nationa' Followin ?; is a list of bids received for the 8133.000 5% school bonds awarded
Bank of Boston. Mass., and will be certified as to genuineness and validity to W. W.Adams & Co.
-V. 120. p. 735:
by said bank under advice of Ropes, Gray. Pe nten & Perkins. and all
,
Bidders
legal papers incident to the loan will be filed with said bank, where they E. H. Rollins & Sons_ --$8.370 00 R. R. Moulton & Co__ --$8.272 00
may be inspected at any time.
Mercantile Securities Co-- 8.753 90 Heller, Bruce & Co
7.84700
Wm. Cavalier & Co
8,152
Co
9.457 00
RANKIN, Allegheny County, Pa.
-BOND SALE.
-The 8175,000 Freeman,Smith & Camp Co 6.527 (Y) Pierce, Fair & & Paris
on Anglo-Lendon
Co_ 8.875 00
•4 ti% coupon street improvement bonds offered on Feb.9-V. 120. p. 362
8.418 90 Harris Trust & Says. Bank_ 9.363 20
were purchased by Redmond & Co.of Pittsburgh at a premium of*4,724 50. National City Co
7.372 00 Dean, Witter & Co
8.020 00
equal- to 102.64. a bash; of about 5.06%. Date Dec. 11924. Due yearly Blythe, Witter Co
on Dec. 1 as follows: $3.000, 1925 and 1926: 81,000, 1927: 83.000. 1928:
SANTA PAULA SCHOOL DISTRICT, Ventura County, Calif.
$2,000, 1929:81.000, 1930 and 1931:$2,000. 1932 to 1937, inclusive: 81.000, CORRECTION.
-The purchase of the 8225.000 5% school bonds offered
1938 and 1939: $4.000. 1940: 88.000. 1941 and 042: 39.000. 1943; $10.000. on Jan. 12 (V. 120, p. 238) was the Anglo-London 'Paris Co. of San Fran1944: 811.000. 1945 to 1953. inclusive, and $9.000. 1954.
cisco at a premium of $7,740. equal to 103.44, a basis of about 4.70%,
REDFORD TOWNSHIP UNION SCHOOL DISTRICT NO. 1 (P. 0. and not the Bank of Italy of San Francisco, as stated in V. 120, P. 362.
1925. Due
Date Jan.
as follows: 85.000 1926 to 1949, incl.;
Redford), WaynellCounty, Mich.
-BOND ORFERING.-Sellod bids *6,000 19501to 1961, incl.: Jan. 1 1962.
87.000
88,000 1963..39,000 1964 and 1965.
will be received by Sidney F.. Johnson. Business Manager Board of Education, for 8225.000 4)4 Of and 4% school bonds. Denom. 81.000. Coupon bonds. Interest payable (J. & J.).
Date Feb. 16 1925. Prin. and semi-,nn. Int., payable at the Peonies
SCARSDALE, Westchester County, N. Y.
OFFERING.
State Bank, Redford. Due yearly on Feb. 16 as follows: $25.000. 1951 Arthur Herbert. Village Treasurer, will receive -BOND proposals until
separate
and $100,000, 1952 and 1953. Bidders to furnish blsnk bonds ready for
Feb. 17 at the office of William C. Wh'te, No. 20 Nassau St,
execution and pay for attorney's opinion. Certified check for $6,000. 12 m.
New York City, for each of the following three issues of4)4% coupon bonds:
payable to the District Treasurer, required.
$24,444 48 pavement bonds, Series 'B.
Denoms. 1 for $944 48, 9 for
$500 and 19 for $1,000. Due yearly on Feb. 1 as follows:
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BOND OFFERING.
81,944 48. 1926 and $2,500. 1927 to 1935, incl. These bonds
-Sealed bids will be received until 2 p. m.(eastern standard time) March 4
are issued to pay a portion of the cost of grading, draining and
for 8185.000 5% county home building bonds. Denom. 81.000. Date
paving certain highways in the village.
Mar. 4 1923. Prin. and semi-ann. Int. (A. & 0.) payable at the County
Treasurer's office. Due each six months as follows: *7.000 each Apr. 1
22,083 84 pavement bonds, Series "B." Denoms. 1 for $483 84, 4 for
$400 and 20 for 81,000. Due yearly on Feb. 1 as follows:
and 36.000 each Oct. 1 from 1926 to 1930 incl.: and 86,000 each Apr. I and
$4.483 84, 1926, and 54,400. 1927 to 1930, incl. These bonds
$6,000 each Oct. 1 from 1931 to 1940 incl. Cert. check on any bank in the
are issued to raise the amount assessed against lands abutting
city of Mansfield for 3% of the par value of the bonds, payable to the
on certain highways of the village to pay a cost of grading,
County Treasurer, required. Delivery of bonds at the County Treasdraining and paving the roads.
urer's office.
15,000 00 sewer bonds. 1925. Series "A." Denom. 51,000. Due $1,000
RICHMOND HEIGHTS (P. 0. South Euclid R. F. D.), Cuyahoga
yearly on Feb. 1 from 1926 to 1940. Incl. These bonds are
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by
issued to pay for extensions to the sanitary sower system in
Henry Schroeder. Village Clerk, until 12 m. (Eastern Stadard Time)
Sewer District No. 1, Town of Scarsdale.
Mar. 2 for $9,000 5si% coupon bonds to be issued for the purpose of buildDate Feb. 11925. Int. F.& A. Certified check for
ing electrical distribution lines. Denom. 81.000. Date Mar. 1 1925. of the bonds bid for, payable to the Village Treasurer, 2% of the par value
required. Legality
Prin. and semi-ann. int.(A. & 0.) payable at the Village Treasurer's office. approved by Jno. C. Thomson. New York City.
Due 81,000 yearly on Oct. 1 from 1926 to 1934 incl. Cert, check on some
SCOTTS BLUFF AND SIOUX COUNTIES JOINT SCHOOL DISbank other than the one making the bid for 10% of the amount of bonds
TRICTS NO. 47 AND 57 (P. O. Scottsbluff), Neb.-BONDS SOLD
bid for. payable to the Village Treasurer, required.
SUBJECT TO BEING VOTED.
-The United States Bond Co. of Denver
RICHMOND SCHOOL DISTRICT (P.O. Wise), Wise County, Va.- has purchased an issue of $5,500 5)407, funding bonds subject to being
-The Well. Roth & Irving Co., of Cincinnati, has purchased voted at an election to be held soon. Due serially 1930 to 1940.
BOND SALE.
an issue of $50 000 6% school funding bonds. D to DOC. 11924. Denom.
SEATTLE, King County, Wash.
-BOND
-Until 12 in.
$1 000. Due Dec. 1 as follows: moon. 1925 to 1919,inclusive. Principal March 5 sealed bids will be received by the City OFFERING.
Comptroller for the followand interest (J. & D.) payable at the First National Bank of Wise. Legality ing bonds aggregating $1.000,000:
approved by Storey, Thorndike, Palmer & Dodge, of Boston.
8500 000 bridge, Series D, bonds.
500,000 general improvement bonds.
-NOTE SALE.
-The following issues of notes
ROCHESTER, N. Y.
Date April 11925. Denom. $1,000. A certified check for 5% of bid is
offered on Feb. 9(V. 120, p. 734) have been sold to the National Bank of
required.
Rochester at 2.71% interest:
$550.000 general notes.
SEATTLE, King County, Wash.
-BOND SALE.-DurIng the month
600.000 school notes.
of January the City of Seattle sold the following bonds, aggregating 8257,Payable four months from Feb. 13 1925. Other bidders were:
216 16. at par:
Int.
Prem. Dist. No. Amount.
Purpose.
Date.
Int. Rate.
Due
2.90
8. N. Bond & Co.. New York City
ill 00
82,226 75 Walks
Jan. 2 1925 67
Jan, 2 1937
2.97
Salomon Bros. & Hutzler, New York City
3804-- 1.786 01 Water mains
Jan. 6 1925 6%
Jan. 6 1937
2.98
F. S. Moseley & Co., Now York City
3927-- 4.70946 Condemnation Jan. 13 1925 6% Jan. 13 1932
Robt. Winthrop & Co.. New York City (on $200.000)---3.50
3836--- 4.282 89 Paving
Jan. 16 1925 6
Jan. 16 1937
Jan. 17 192h 6
ROCK COUNTY (P. 0. Janesville), Wis.-BOND OFFERING.- 3862--- 21.460 47 Paving
Jan. 17 1937
Jan. 30 1925 6%
Jan. 30 1937
Sealed bids will be received until 12 m. March 10 (to be opened at 10 a. m. 3639_ _ .._216.784 05 Paving
March 12) by Howard W. Lee. County Clerk, for $175,090 5% highway 3932_--- 5.976 53 Condemnation Jan. 31 1925 65•6% Jan. 31 1937
Bonds subject to call on any Interest date.
bonds. Date June 1 1919. Denom. $500. Due June 1 1936 and 1937.
Principal and interest payable at the office of the County Treasurer. A
SNYDER, Scurry County, Tex.
-BONDS REGISTERED.
-The State
certified check for $2.000 is required.
Comptroller of Texas registered $50,000 5)4% street improvement bonds
-BOND SALE.
-The 850.000 on Feb. 6.
ROCKFORD, Winnebago County, 111.
05% city y ird site, building and equipment bonds, offered on Feb. 5
-BOND
-The 846.000
Vs IN, D. 614-have been sold to the Harris Trust & Savings Bank of SOLOMON, Dickinson County, Kan. Feb. 5SALE. p. 615) were
% internal improvement bonds offered on
(V. 120,
Chicago for $50,857, equal to 101.71. Date March 11925.
awarded to the Solomon National Bank of Solomon at a premium of $635,
ROLFE, Pocahontas County, lowa.-BOND SALE.
-The 810,000 equal to 101.37. Date Jan. 11925. Due serially one to ten years.
No mention is made of the disposition of the other $46,000 44% internal
water works bonds offered on Jan. 23(V. 120. p.485) were awarded to Geo.
improvement bonds offered at the same time.
M. Bechtel & Co. of Davenport.
-WARRANT DERUNNELLS COUNTY (P. 0. Ballinger), Tex.
SOUTH EUCLID-LYNDHURST VILLAGE SCHOOL DISTRICT
SCRIPTION.
-The $49.000 5% jail warrants purchased by the First (P. 0. South Euclid), Cuyahoga County, Ohio.
-BOND
-The
National Bank of Ballinger on Jan. 12 (V. 120. p. 485) are described as $421.360 37 4X% coupon school bonds offered on Feb. 2 (V.SALE.
120.
follows: Coupon in form. Dated Feb. 15 1925, Denom. $500. Due were purchased by Tillotson & Wolcott Co. of Cleveland. Date p, 615)
Feb. 1
serially 1928 to 1936. Interest payable annually Feb. 15.
1925. Due yearly on Oct. 1 as follows: $19,360 37, 1926; $19,000, 1927 to
RUSSELLVILLE, Pope County, Ark.
-BOND SALE.
-The National 1944 incl., and $20,000. 1945 to 1947 incl.
Bank of Commerce of St. Louis has purchased an issue of $150,000 street
SPARTANBURG,Spartanburg County, So. Caro.
-BOND SALE.
mprovement district No. 4 bonds.
The $1,350,000 water bonds offered on Feb. 11 (V. 120, p. 735) were
::188
861
THE CHRONICLE
FEB. 141925.]
--BOND OFFERING.
WARRICK COUNTY (P. 0. Boonton), Ind.
Compton CO.. Eldredge &
10 a. m.
awarded to a syndicate composed of William R.People's National Bank of Bertha Ferguson, County Treasurer, will receive sealed bids until t bonds.
Co. and Curtis & Sanger. all of New York. and g. as 4s at 100.148, a Mar. 2 for $16,600 434% F. A. Jenner et al. road improvemen Nov. 15
May 15 1926 to
Rockhill and Security Trust Co. of Spartanbur
$25,000, Denom. $830. Due $830 every six months from
Date Jan. 1 1225. Due Jan. 1
basis of about 4.42%. 1934 and 1937; $35,000, 1938 to as follows:
1945: $40,000, 1946 1935 incl.
1930 to 1933: $30,000,
-NOTE SALE.-Blyth. Witter & Co. of
WASHINGTON (State of).
to 1955. and $45,000, 1956 to 1965 Inch
issue of $3,000,000 6% gold
-The following Portland and associates have purchased an
-BOND SALE.
Jones County, Tex.
STAMFORD
on Jan. 30(V.120,P.486) were award- notes. Due Feb. 11930.
bonds, aggregating $110,000, offeredat 100.06:
0. Graysville),
WASHINGTON SPECIAL SCHOOL DISTRICT (P.
ed as 5s to Garrett & Co. of Dallas
-L. D. Petty. Clerk. Board
-BOND OFFERING.
Monroe County, Ohio.
$75.000 street paving bonds.
le. m.(Eastern standard time)
of Education, will receive sealed bids until 1 bonds. Denom. $500. Date
35.000 auditorium bonds. bidders:
school
Following is a list of other
98.20 Feb. 28 for *30.000 5%% coupon (M.& S.) payable at the office of the
Well, Roth & Irving Co
Mar. 11925. Prin. and semi-ann. Int.
Hanchett Bond
$1.000 Mar. 1 1926 to Sept. 1 1940 incl.
Liberty Central Trust Co.; Breed, Elliott & Harrison;
98.66 Clerk. Board of Education. Dueto the Board of Education. required.
Certified check for $500. payable
Co.. Inc
Bosworth, Chanute & Co.;
C. W. MceTear & Co.: Stifel-Nicolaue Co.;
-M.C.
.
98.17
WEST ALLIS, Milwaukee County., Wis.-BOND OFFERING
H. D. Crosby & Co
98.07 Henika, City Clerk, will receive sealed bids until 2 p. m. Mar. 7 for the folHalsey, Stuart & Co.: W. R. Compton Co
97.76 lowing 5% bonds, aggregating $137.000:
er
W. L. Slayton & Co.; Walter, Woods & HeimerdingSt. Louis
97.33 $92,000 school bon dit- Due $5,000. 1926 to 1937 Incl.. and $4,000. 1938
.
First National Co.. St. Louis; Fred Emert & Co..
Bank at
97.31
to 1945 incl. Prin. and int. payable at the First National
Dallas Union Trust Co
West Allis.
-During the month
-BOND SALE.
and int.
TACOMA, Pierce County, Wash.
Industrial bonds. Due $3.000. 1926 to 1940 incl. Prin.
45,000
bonds, aggregating
of January the City of Tacoma sold the following 6%
payable at the West Allis State Bank.
of bid is
84.057 20:
Bidders must furnish blank bonds. A certified check for 5%
Due.
Date.
Purpose.
Amount.
Dist. No.
1937 required.
Jan. 5 1925
Paving
$1,237 25
4162
Haven County,
1932
,
Jan. 23 1925
Walks
1.330 20
WEST HAVEN UNION SCHOOL DISTRICTofNew
621
Boston has purchased
1932 Conn.
Jan. 28 1925
Sewers
-The First National Bank
1,489 75
-BOND SALE.
1179
% school bonds at 103.032. a basis of about 4.24%.
-The State Comptroller the following 43.
-BONDS REGISTERED.
May 1 1927
TEXAS (State of).
$300.000 grammar school building bonds maturing $10,000
of Texas registered the following bonds: Int.Rate.
to 1956, incl.
DateReg.
Due.
Place.
5-20 years 4mount.
bonds maturing May 1 as follows: $10,000,
400,000 high school building
5-20 years Feb. 2
$4.500 Wilbarger Co. CI'S. D. No.49
1927 to 1936, and *15,000. 1937 to 1956.
Feb. 6
5%
2.000 Guadalupe & Hexer Co. C.S.D.No.33_ 5% 5-20 years Feb. 6
Date Feb. 5 1925.
5-20 years
1.300 Titus & Franklin Co.C. B. D.No.27--The following bonds,
-BOND SALE.
WEST VIRGINIA (State of).
TORONTO VILLAGE SCHOOL DISTRICT (P. 0.Toronto), Jeffer- aggregating $5.000,000, offered on Feb. 10 (V. 120. p. 735) were awarded
-Until 6 p. m.(oentr )1 standard
-BOND OFFERING.
Kean. Taylor & Co.,
son County, Ohio.
Clerk Board to a syndicate composed of W. A. Harriman & Co..at 100.004-a basis of
time) Feb. 27, se led bile will be received by H. H.Campbell. on Findlay and GPO. B. Gibbons & Co., Inc., all of New York,
Education, at the office of Superintendent of Public Schools.
of
Date about 4.13%:
Street for $290,000 5t% coupon school bonds. Denom. 8500. at the $1.900.000 4%7road bonds. Due *250.000, 1931 to 1937. inclusive, and
S.) payable
Anril 1 1925. Priecipal and semi-annual interest(M.&follows: $5.500 on
$150000 in 1938.
or ra strict Tre'serer. Due very six months as
$250.000. 193910
office
3,100,000 4% road bonds. Due $100,000 in 1938 and
each March 1 and $1,001 on c eh Sent. 1 from March 1 1926 to Sent. 1
1950. inclusive.
1945. inclusive, end so.00n March 1 1946 to Sept. 11950.inclusive. CertiDate Jan. 1 1925.
fied check, payable to the Clerk Board of Education,for *3.000 required.
-1.
-TEMPORARY LOAN.
WEYMOUTH, Norfolk County, Mass.
-BOND OFFERING.
awarded to the PIM
UNION COUNTY (P. O. Elieabeth), N. J.
12 m. temporary loan of $50.000, payable Nov. 18 has been
N. R. Leavitt, County Treasurer, will receive sealed bids until bonds. National Bank on a 3.07% cllscount basis, plus $2 90 premium.
Feb. 18 for an issue of 4 si 4%, or 4%% coupon or registered park
0. Medina),
WEYMOUTH SPECIAL SCHOOL DISTRICT (P. Simon, Clerknot to exceed $250.000, no more bonds to be awarded than will produce
-Louis H.
-BOND OFFERING.
a premium of $1,000 over $250.000. Denom. $1.000. Date March 1 Medina County, Ohio.
& S.) payable in gold at the Central Treasurer Board of Education, will receive sealed bids until 10 a. m. Feb. 2.8
1925. Prin. and semi-ann. Int. (M.
PrinHome Trust Co. of Elirabeth. The bonds will be prepared under the for 514.500 514% school bonds. Denom. $500. Date Jan. 2 1925. Clerkthe
supervision of the U. S. Mtge. & Trust Co. of New York. which will certify cipal and semi-annual interest (A. & 0.) payable at the office ofas follows:
the seal Impressed Treasurer of the Board of Education. Die yearly on Oct. 1
of the
as to the genuineness of the signatures will he officials and
sonroycd by Reed, Dougherty $1.000. 1926 to 1938. Inclusive, and $1.500. 1939. Certified check fot
thereon, and the yalkuty of the heeds
,
' "^- York. Certif:ed check for 2% of the amount of bonds 2%. Payable to the above official, required.
& Hey
-The *458.000
bid for required.
-BOND SALE.
WICHITA, Sedgwick County, Kan.
736UNION SCHOOL TOWNSHIP (P. 0. West College Corner), Union
% internal improvement bonds offered on Feb. 9-V. 120. p.
,
.. ALE.
-The S4:s.1 00 4it ‘e, echool bonds offered were purchased by the State of Kansas at par. Date Feb. 1 1925. Due
Co....,Ind.-BOND
Co. serially In 1 to 10 years.
-have been sold to the Fletcher American
on Feb. 7-V. 120, p. 363
of Indianapole, f.,r eieilee. equal to 102.53, a basis of about 4.10%•
-BOND OFFERING.-Untll
WILSON, Ellsworth County, Kan.
Date Jan. 2 1925. Due every six months as follows: $1,600. July 1
A. Kyner,
te,ib. 16 sealed bids will be received by 0. Date Feb.City Clerk, for
6 p.
1 1925. Due
1926 to Jan. 1 1939 Incl., and $400, July 11939.
t bonds.
$3.397 83 4 I% internal improvemen
-At an elec- serially 1 to 10 years.
UNIONVILLE, Putnam County. Mo.-BONDS VOTED.
the Issuance of $30,000 school
tion held recently the voters authorized
-LOAN OFFERING.
WORCESTER, Worcester County, Mass. for
notes In
bonds by a vote of 566 for and 12 against.
Harold J. Tunison, City Treasurer, will receive bidsand $1,000.000Nov. 11
maturing
-The First anticipation of revenue, to be dated Feb. 17 1925
-TEMPORARY LOAN.
WARE, Hampshire County, Mass.
will be in the denominations
National Bank of Boston. Boston, has been awarded a temporary loan of 1925. until 12 noon Feb. 16. These notesas to genuineness by the Old
of g50.000. $25,000 and *10.000. certified Storey. Thorndike, Palmer 85
$100,000. due Nov. 10 1925. on a 3.114% discount basis.
opinion of
Mount Colony Trust Co. of Boston upon Payable at the Old Colony Trust Co. or
WARREN TOWNSHIP SCHOOL DISTRICT NO. 5 (P. 0.
as
5
-The $60,000 55 I edge of Boston at to legality. Trust Co., N. Y. City. These notes,
-BOND SALE.
Clemens), Macomb County, Mich.
the Bankers
V y arrangement
school bonds offered on Feb. 2 (V. 120, p. 616) were awarded to E. E. it is stated, are exempt from all taxation In Massachusetts and are free a
MacCrone & Co.. or Detroit, for $60.135. equal to 100.22 for 43. s. Due Federal income tax. Bids to be made as usual upon basis of discount in
Inclusive.
Jan. 1 1031 to 195n.
NEW LOANS
NEW LOANS
SEALED PROPOSALS
We Specialize in
City of Philadelphia
3s
/
31 2a
48
4
41/ 5
/
41 2a
58
/
51 4a
5%8
Biddle & Henry
Fifth Street
Philadelphia
104 South
Wire to New Yore
Call Canal S437
Minty
BALLARD & COMPANY
Members New York Stock Exchange
HARTFORD
Connecticut Securitiee
Inquiries to Buy or Sell Solicited
Calvin 0.Smith Co.
MUNICIPAL BONDS
105 SO. LA SALLE STREET
CHICAGO
$400,000
CITY OF NEW ORLEANS, LA.
SERIAL GOLD BONDS
OFFICE OF THE BOARD OF
LIQUIDATION, CITY DEBT.
ROOM 207, CITY HALL ANNEX,
NEW ORLEANS, LA.
February 11th. 1925.
Board of Liquidation, City Debt,acting under
the authority of Act No. 4 of the Legislature of
Louisiana, for the Session of 1916, adopted as an
amendment to the Constitution of Louisiana and
since confirmed by the Constitution of Louisiana
adopted in convention in 1921 will receive sealed
proposals, at its office in the City of New Orleans,
La., up to twelve o'clock noon. on the 27th day
of February, 1925, for the purchase of Four
Hundred Thousand (*400.000) Dollars in face
value of "CITY OF NEW ORLEANS SERIAL
GOLD BONDS" authorized by, and to be issued
under,the provision of the aforementioned act: the
bonds to be sold are part of an authorized serial
issue of Nine Million ($9.000,000) Dollars (Six
Million Nine Hundred Thousand ($6.900,000)
Dollars of which have heretofore been issued and
sold) which entire Issue is payable according to the
table of maturities on file in the office of this
Board; and the bonds presently offered for sale
are of the following maturities::
1949-$11,000
1930-_-_$6,000
193L..__ 6,000
1950._ -- 11,000
1951___ 11.000
1932..--- 7,000
1952_ --- 11,000
1933---- 7,000
1953.-- 11,000
1934-- 7.000
1954--- 11.000
1935-- 8.000
1955---- 12,000
1936.._-_ 8,000
1937---- 8,000
1956.-- 12,000
1938---- 8.000
1957---- 11,000
1939____ 7,000
1958-_-- 12.000
1940___ 8.000
1959-- 12,000
1941_ _ _ 8,000
1960-- - 13.000
MD.-. 14,000
1942..--- 8,000
1962---- 14.000
1943-- 8,000
1963___ 15,000
1944---- 9,000
1964---- 15,000
1945-- 9.000
1965-- 17.000
1946-- 9,000
22,000
1966---- 9,000
1967-- _ 14,000
1948---11.000
1400,000
All of the bonds are of the denomination of
$1,000 each, except;
(a) The bonds maturing In the years 1937 and
1957, respectively, which are of the denomination
of $500 each; and
(b) The bonds maturing in the years 1946 and
1967, respectively, which are of the denomination
of $100 each.
rate of
Said bonds shall bear interest at the annum,
Four and One-half (4%%) l'er cent per payable
coupons attached,
evidenced by interest
in January and July, respectively, in each year.
Said proposals shall be received under and
subject to the following additional conditions:of
(1) Each bid shall be for the full amount In
Four Hundred Thousand ($400,000) Dollars
face value of said bonds.
(2) All bids must conform to the specifications
and no bid will be considered if any condition
is attached thereto.
(3) No bid shall be received or considered
unless accompanied by a certified check made
payable to the order of Board of Liquidation.
City Debt, upon some chartered bank In the City
of New Orleans for a sum equal to three per
cent (3%) of said bid.
The check or checks of the successful bidder or
bidders will be cashed and the proceeds retained
by Board of Liquidation. City Debt, as a guarantee that the bidder or bidders will comply
with his or their bid or bids. In case of neglect
or refusal to comply with any bid, the proceeds
of said bidder's check will be forfeited to the
City of New Orleans.
(4) Board of Liquidation. City Debt, reserves
the right to reject any and all bids.
(5) Mark all bids "Proposals for the purchase
of City of New Orleans Serial Gold Bonds." be
Further pareiculars and information will
furnished upoif application to
BERNARD C. SHIELDS, Secretary,
Board of Liquidation, City Debt.
Room 207 City Hall Annex,
New Orleans, La.
862
THE CHRONICLE
advance from date of delivery to date of maturity,
the year. Delivery to be made Feb. 17 1925. actual days, 360 days to
WOODLAND HIGH SCHOOL DISTRICT, Yalo County,
Calif.
BOND SALE.
-The ¶72,000 5% school bonds offered on Feb.
P. 617
-were awarded to W. W. Adams & Co. ot a premium of2-V. 120,
$5,097 77,
equal to 107.08, a basis of about 4.49%. Date June 2 1924. Coupon
bonds. Due $9,000 yearly 1942 to 1949 incl. Int. payable J.
& D.
Following is a list of other bidders:
Premium.
Premium.
E. H. Rollins & Sons
$5,080 00 Wm.Cavalier & Co
$4,122 00
R. H.Moulton & Co
4,810 00 Harris Trust & Say. Bank__ 3,844 80
Heller, Bruce & C9
4,600 00 Bank of Italy
3,838 00
Blyth, Witter & Co
4.451 00 National City Co
3.805 00
Dean, Witter & Co
4.328 00 Schwabacher & Co
3,561 75
Anglo-London Paris Co__- 4.32700 Wm. R. Staats & Co
3,42400
Capital National Bank___- 4.186 00 Freeman. Smith & Camp
2,431 00
CANADA, its Provinces and Municipalities.
BRACEBRIDGE,Ont.-BOND SALE.
-Goss. Fargie & Co.of Toronto
have purchased $85,000 534% school bonds at 103.08.
BURNABY SCHOOL DISTRICT (P. 0. Edmunds), B. C.
-BOND
OFFERING-Arthur G. Moore, District Clerk,
until Feb. 16 for the purchase of $66.000 5% 20 will receive sealed tenders
-year school bonds. Prin.
and int. payable at the Royal Bank of Canada, at Vancouve
r, Montreal
or Toronto. A certified check for a sum equal to 5% of
bid must accompany
each tender, and delivery and payment at New Wastminst
er, B. C., will
be required.
BRITISH COLUMBIA (Province of).
-BIDS.
ing to the "Financial Post" of Toronto, is a list-The following, accordof bids received for the
$4,000,000 43 % gold coupon (with privilege of registration as to principal)
bonds awarded to the first syndicate mentioned
below. For further
details see V. 120, p. 736:
-Year.
A. E. Ames & Co.; Wood, Gundy & Co.; Blyth, Witter & 3-Yr. 25
Co.; Guaranty Trust Co
Pemberton & Co.; J. E.Price & Co.; Rutter & Co.; McDon- 99.28 99h
agh, Somers & Co.; W.A.Harriman & Co.;Paine, Webber
& Co.; Redmond & Co.; Hornblower & Weeks
99.09
98.90
Dominion Securities Corp.; Dillon, Read & Co
98.98
98.93
Bank of Montreal; First National Bank; Brown Bros
98.833 98.283
George H. Burr & Co.; Conrad & Brown
97.79
G. A. Stimson & Co.; Continental & Commercial Savings of98.78
Chicago; National Trust of Chicago; Kountze Bros. and
Estabrook & Co., of New York; and R. T. Clarke & Co..
of Victoria, 5.0
Carstens & Earles; Halsey. Stuart & Co.; Equitable Trust98.611
Co.; Matthews & Co., Ltd.; Cochran, Hay & Co
98.31
McLeod, Young, Weir & Co.; Bell, Gouinlock & Co.; Royal98.51
Financial Corp
98.042
Gairdner, Clarke & Co.: Dyment, Anderson & Co.; C. N.
' Burgess & Co.; Air& MacLeod & Co.; J. L. Goad &
Co.,
Ltd.; Macneill, Graham & Co
97.83
Brandon. Waddell & Co.: Gillespie. Hart & Todd Co
---- 97.51
BROCKVILLE, Ont.-BOND SALE.
-The town of Brockville has sold
an Issue of $119,520 5% ten-installments bonds to Goss,
99.52, the money costing the municipality about 5.11%. Forgie & Co., at
The bids follows:
Goss, Forgie & Co
99.52 H. R. Bain & Co
98.86
Macneill _Graham & Co
99.476 Municipal Bankers Corpo ation 98.82
Bank of Toronto
99.43 Dominion Securities Corp
98,98
R. A. Daly & Co
99.31 A.E.Am
98.79
McLeod. Young, Weir & Co__98.96 'Cochran.es&Co
Hay & Co
99.03
Wood, Gundy & Co
99.08 Dyment. Anderson & Co
98.93
Gairdner, Clarke & Co
99.03 Matthews & Co
98.66
C. H. Burgess & Co
98.46 'Bell, Gouinlock & Co
98.61
Harris. Mackeen & Co
98.26 Toronto Bond Exchange
98.54
Worthington, Savage & Co_ _ _98.89
HULL., Que.-BOND SALE.
-On Feb.9 the $267,000 5% local improvement bonds, offered on that date (V. 120. p.
Anglo-Francais, Ltd.. of Quebec, at 98.05. 617) were sold to the Credit
LEEDS SOUTH, Que.-BOND OFFERING.
-Tenders will
by G. P. Learmont, Secretary-Treasurer School Commissio be received
ners, up to
8 p. m. Feb. 16, for the purchase of $5,000
5% bonds, due from 1927
to 1949. The bonds are in denominations of $100 each,
and are payable
at Inverness. Montreal and Quebec.
LESLIEV1LLE SCHOOL DISTRICT, Alta.
-DEBEN
During the month of January the W. Ross Alger Corp. TURE SALE.
of Edmonton purchased $4.800 634% school bonds dated Feb. 15 1924
and maturing serially
1926 to 1941 ind.
MATANE, Que.-BOND OFFERING.-Tender
p. m. Feb. 16 by L. P. Bilodeau, See.-Treas., for s are invited up to 7:30
the purchase of $138,900
[vol.. 120.
bonds dated April 11925. with int.
and Matane. Alternative bids are and prin. payable at Montreal, Quebec
asked for 5% 25
-year serial
10
-year serial bonds. The bonds are in denominations of $100 and 535%
each.
NEWFOUNDLAND (Government of).
-BOND OFFERING.
--The
Bank of Montreal. New York City, is authorized
to receive on behalf of
the Government of Newfoundland tenders
25
-Year gold bonds, dated July 1 1924 andfor the purchase of $4,000,000
maturing July
interest at the rate of 5% per annum payable semi-annu 11949. bearing
ally (J. & J.).
Principal,and interest payable at Bank of Montreal,
London, England,
New York City, Montreal and St. John's, Newfound
land,at par ofexchange
Bonds will be in the denomination of $1,000
each with coupons attached.
and may be registered as
In Newfoundland dollars to principal only. Tenders are to be expressed
and delivery of bonds will be made at either
Bank of Montreal. London. England. New York, Montreal
Newfoundland,at the purchaser's option against payment or St. John's,
in Newfoundland
funds. The bonds will be a direct obligation
foundland and will be free from all presents of the Government of Newand future taxes, including
income tax payable in Newfoundland.
Tenders will be
lc m. Feb. 13 by the Bank. All tenders received will received up to 3
be cabled to St.
John's, "here consideration will
Feb. 14. The successful tendererbe given them by the Government on
will
from July 1 1924 to date of payment. pay accrued interest on the bonds
NEW TORONTO, Ont.-DEBENTU
RE SALE.
-An Issue of $93,200
535% 15
-year pavement debentures
Commerce at 100.61. which is equal was awarded to the Canadian Bank of
to a cost basis of 5.44%.
NORTH BAY, Ont.-DEBENTU
RE OFFERING-Tenders for the
Purchase of $435.000 5h% 20
-installment local improvement debentures
are Invited up to 12 noon to-day (Feb.
14) by Wm.N. Snyder, Town Clerk.
OAKVILLE, Ont.-BOND SALE.-Geo.
A. Stimson & Co. of Toronto
recently purchased at 99.55 $5,000
-year bonds issued to cover the
cost of the installation of fire alarm536% 5
boxes.
OUTREMONT, Que.-BOND OFFERING-R.
Belleau, SecretaryTreasurer, School Commissio
for the purchase of $400,000ners, will receive tenders up to 8 p. m. Feb. 19
5%
and in denominations of $100. $500 and serial bonds dated March 1 1925.
31,000 each. Bonds will be made
payable at Montreal.
POINTE CLAIRE, Que.-D
-Wood, Gundy &
Co. of Toronto purchased during EBENTURE SALE.
January $40,200 5% debentures at 97.557,
dated Jan. 28 and maturing 1925 to 1934.
A like amount of debentures
was offered on Nov. 18 (see V. 119.
D. 2321).
ST. THOMAS, Ont.-DEBENTU
RE SALE.--Gairdner, Clarke & Co.
has been awarded $250,000 5% 30
0 -installment debentures at 99.172, which
is equal to a cost basis of 5.075%.
Bids received were:
Gairdner, Clarke & Co
99.172 Goss. Forgie & Co
98.566
Dyment. Anderson & Co
99.093 McCoo, Padmore & Co
98.50
Municipal Bankers Corp
99.07 Toronto Bond Exchange, Ltd-98.40
Fry, Mills, Spence & Co
99.03 H. R. Bain & Co
98.285
Imperial Bank
98.88 J. L. Goad & Co
98.13
Mc.,Young, Weir & Co_98.88 G.
A. Stimson & Co
98.31
Matthews & Co
98.86 W.C. Brent & Co
96.29
Wood, Gundy & Co
98.81 A.E. Ames & Co
98.12
R. A. Daly & Co
98.69 Dominion Securities Corp__ _ _98.08
Macneill, Graham & Co
98.64 C. H. Burgess & Co
98.56
Bell. Gouinlock & Co
98.64 McDonagh, Somers & 0o____98.65
Murray & Co
98.63 Harris, McKeen & Co
98.68
Cochran. Hay & Co
98.616 I
SARNIA, Ont.-BOND SALE.
-On a bid of 102.63, a cost to the city
of about 5.18%. Gairdner, Clark & Co.. of Toronto,
5h% 20
-installment bonds. Bids received follow: was awarded $40,000
Gairdner, Clarke & Co
102.63 Toronto Bond Exchange, Ltd.101.41
Macneill, Graham & Co
102.30 Harris, McKeon & Co
Dyment, Anderson & Co
102.31 Worthington, Savage & Co_-102.62
102.383
Cochran, Hay & Co
102.17 Fry, Mills, Spence & Co__ _ _102.277
Bell, Gouinlock & Co
102.14 McDonagh, Somers & Co_ __102.016
Wood, Gundy & Co
102.14 C. H. Burgess & Co
102.01
Goss, Forgie & Co
102.11 Municipal Bankers Co p.......101.85
Dohert -Easson Co
102.17 Hanson Bros
101.687
A. E. Ames St Co
102.03 Dominion Development Corp.101.66
McLeod, Young, Weir & Co 101.38 W. A. Mackenzi
e & Co
101.57
Matthews & Co
101.54 Mackay-Mackay
101.00
H. R. Bain & Co
102.00 Wm,C. Brent & Co
100.63
UXBRIDGE, Ont.-BOND SALE.
-Mackenzie & Co., of Toronto.
have purchased $17,000 30
-installment and $29,000 10-instaliment 5)%
bonds at 102.12, a basis of about 5.20%. The list of tenders
is as follows:
A.E. Ames & Co
102.11 Bell. Gouinlock & Co
101.51
R. M.Bird & Co
102.06 Wood, Gundy & Co
101.51
Goss, Forgie & Co
101.970. H. Burgess & Co
100.98
Macneill, Graham & Co
101.21 McDonagh, Somers & Co___I00.65
Narris, McKeen & Co
101.83 McLeod, Young, Weir & Co_100.885
McCoo, Padmore & Co
101.84 R. A. Daly & Co
100.706
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