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SATURDAY, FEBRUARY 21 1925:
VOL. 120.
Xixt Thronicle.
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The Financial Situation.
The Postal Salary and Rate Increase Bill is now in
conference between committees of the two Houses of
Congress at Washington. The House of Representatives last week, under a sort of gag rule, passed
its own bill for increasing the compensation of employees in the Post Office, after having previously
rejected in toto the Senate bill because the latter, in
the view of the House, embodied revenue legislation,
which, under the United States Constitution, must
originate in the House. The Senate, in turn, on receiving the House bill, voted to substitute the provisions of its own bill for those contained in the House
bill. When the bill came back to the House in its
amended form, the House refused to agree to the
Senate amendments and voted to let conferees thrash
out the differences.
The points of difference relate simply to the means
by which the money is to be raised to provide for the
higher scale of pay that the postal employees are to
get. Newspaper and magazine publishers object, and
with reason, to being saddled with any of the additional expense, especially against raising still higher
the postal zone rates on so-called second-class matter
(in which category newspapers, magazines and similar
publications fall), since these zone rates are already
NO.8113.
unconscionably high and extremely burdensome.
There is little choice between the two bills in the
methods by which the additional revenue is to be
raised, though there is the further objection to the
Senate provisions that in the first place they do not
raise anywhere near the amount required, and in the
second place, that they make the increase in the pay
of the postal employees retroactive back to the first
of last July, correspondingly adding to the postal
deficiency, since the higher postage rates cannot; of
course, be made retroactive, and must be wholly
a matter of the future.
The strangest part of the whole proceeding is that
no one appears to think it worth while to attack the
proposition of increasing the pay of postal employees
on its merits. By that we mean that no one seems
prepared to raise objection to the increase itself which
is proposed in the wages and salaries of the workers
in the Post Office. It seems to be taken for granted
that these postal employees are entitled to higher
pay and that somehow the money needed must be
raised, even though the additional burdens thereby
imposed be onerous. It does not appear to us that
that is the proper way to look at the matter. The
postal employees are undoubtedly a deserving body
of men, and they make a strong appeal to one's sentiment and sympathy, but, after all, the Government
is not an eleemosynary institution, and the only proper
way to approach the matter is to see whether, all
things considered, granting these postal workers additional pay would be clearly warranted. President
Coolidge,last June,vetoed a bill providing for the very
increase which is now again being voted by Congress,
and it is a matter of common knowledge that the
veto did not lose him the Presidential electiom.
It is generally supposed that the President put his
veto on the sole ground that the bill raising the compensation of the postal employees did not provide the
means for meeting the additional expenditures.
Congress is now engaged, therefore, in giving him a
bill which not only provides for the higher wage and
salary scale, but also advances rates of postage so
as to raise, in whole or in part, the added revenue
needed. It is taken for granted that in that shape
the bill will receive Executive approval. In fact,
very positive statements came from Washington last
week, apparently from persons authorized to speak
for the President,saying that he will not a second time
interpose his veto if the measure makes provision
for meeting the additional expenditures. It is difficult to credit such reports, for they would seem to
involve a distinct change in his position.
Mr. Coolidge did strongly criticise the absence in
last year's bill of any provision for raising the addi-
864
THE CHRONICLE
tional money, but he did not make this the sole, or
even the main ground of his objections. He pointed
out, with great force, that the postal employees had
already had several increases in pay and that they
were not fairly entitled to any further increase. The
proposition is to give them roughly $300 more a year,
involving a total increase of $68,000,000 per annum.
Here is what he had to say on that point.
[VOL. 120.
lowest average of the salaries of the postal employees in the
field service is nearly $200 more than the average for employees in the Government departments in Washington.
It will be noticed that the President not only
showed that the postal workers have had several
very large increases since the War, and that "the
Government has dealt generously with this service,"
but that the average of their compensation is away
above that in the Government departments generally
This bill adds approximately $68,000,000 to the annual
expenditures of the Government. It makes no provision for at Washington. What justification can hence be
raising this amount as postal revenue. The money must offered for giving them a further increase of $300 a
come from the pockets of the taxpayers. To the extent that year, or roughly $6 a week. The President in his
we create further obligations which must be met from the
veto message made some telling remarks, sketching
moneys derived from taxation, to that extent do we reduce
the possibility of further reduction in taxes. Before such the additional burdens that would be imposed upon
obligations are created it should be conclusively shown that the people by the increase, saying: "The bill adds
they are essential in the best interests of the nation. Govern- approximately $68,000,000 to the annual expendiment extravagance must stop. The people of the nation are tures of the Governtpent.
The money must come
paying all that it is possible for them to pay. I have taken
from the pockets of the taxpayers. To the extent we
my position in relation to Government economy, which I
have stated and restated until it is well known. I feel that create further obligations, which must be met from the
that position ought to be consistent. I do not see how I can moneys derived from taxation, to that extent do we
approve the large increase in expenditure of this knid, except reduce the possibility of further reduction in taxes.
on the plea of urgent necessity. It may be that some adjust- Before such
obligations are created it should be conments would be justified, but an organized effort by a great
body of public employees to secure an indiscriminate increase clusively shown that they are essential in the best
in compensation should have the most searching scrutiny. interests of the nation. The people of the nation
The needs of the public, the ability of the people to pay, must are paying all that it is possible for them to pay.
have some consideration. These salaries had been adjusted Certainly, the interests of the people demand that
three times since 1918, the last time in 1920. Since then the
any legislation increasing the cost of the postal service
cost of living has decreased rather than increased.
should give consideration to the raising of the moneys
The postal service rendered the public is good. The service conditions under which the employees perform their necessary to defray the additional cost."
duties are probably more satisfactory than ever before in the
It will be seen that in.his remarks the President had
history of the Post Office Department. The Government reference more particularly to the burdens
of taxahas been solicitous of the welfare of postal employees. Their
tion. But the situation is the same where it is procompensation has been the subject of several recent legislative acts and adjusted to scales to pay as favorable as any in posed to give with a generous hand $68,000,000 a
the public service. The Act of July 2 1918 increased the year to a limited body of employees and then make the
compensation of clerks and carriers in post offices and railway public pay for the cost through higher postal rates.
postal clerks $200 a year, and rural carriers $240 a year.
It does not make any difference how the cost is apIn addition there were increases in compensation to a large
number of the supervisory force. The Act of Nov. 8 1919, portioned, whether the publishers' share is increased,
further increased the compensation of postal employees from or the parcels post charge, or the rate on postal cards
$100 to $200 per annum. This was followed by the Act of doubled, or the charge for postal money orders raised,
July 5 1920, which provided further increases in compensa- the effect, in any event, is the same. The public
tion ranging from $200 to $300 for clerks and carriers and
cost.
railway postal clerks, and $26Q for rural carriers. Substan- must pay the
In the extract we have quoted above from the veto
tial increases were also provided in the salaries of the supervisory force, ranging from $200 to $600 a year.
message the President shows that by reason of the
The effect of these increases in salary grades over those for salary increases referred to, the Government in the
the fiscal year 1918 was an increase of $600 to clerks and
fiscal year 1923 paid $123,256,000 more in salaries
carriers in post offices, $500 to railway postal clerks and $600
to postal employees than "what would have been
to rural carriers.
By reason of these increases the Government has paid out paid under the scale in effect before the changes."
during the fiscal years from 1919 to 1923 an additional aggre- The $68,000,000 additional now proposed would
gate of $450,000,000 in salaries to postal employees above raise this to nearly $200,000,000. This is no time to
what would have been paid under the scale in effect before
add $68,000,000 more a year to the cost of any kind
the changes, as follows:
During fiscal year 1919
$33,202,600 of service. In the language of the President: "The
During fiscal year 1920
68,901,000 people of the nation are paying all that it is possible
During fiscal year 1921
110,756,000 for them to pay." This is a statement which cannot
During fiscal year 1922
114,256,000 be controverted, whether reference is to paying
During fiscal year 1923
123,256,000 Government
expenditures in the shape of. taxes, or
It is apparent that the Government has dealt generously
expenditures of some other kind which it is proposed
with this service.
•
As a result of these readjustments the average salaries for to saddle upon the people.
1923 are—
This is no time for imposing additional burdens of
Post office clerks, $1,751; increase of $919 since 1909,or any kind upon the
public. Trade is rapidly drifting
110%.
Post office carriers, $1,752 83;increase of $862 since 1907, into the same shape as a year ago. Mills and facor 96%.
tories are busy on old orders, but new orders are not
• Railway pistol clerks, $2,107; increase of $946 since 1907, forthcoming. Last
year there was an incipient boom
or 81%.
in trade at the beginning of the year, only to be fol'Railway postal clerks, including travel allowance, $2,292;
lowed, later, by a tremendous slump. The revival
increase of $1,131 since 1907, or 97%.
Rural carriers, $1,849 52; increase of $1,140 since 1907, did not last beyond the middle or the end of March:
or 160%.
What caused the set back? The same thing as now,
The average for all salaries of clerks now receiving from the course
and attitude of Congress, with fears re$1,140 to $2,040 per annum in the clerical, administrative
and fiscal services in all the departments in Washington will garding the outcome of the Presidential election. The
be approximately $1,554 on July 1 1924, under the provisions action of Congress was such that it took the heart
of the Classification Act of 1923. It is thus seen that the out of business, and men would not enter upon new
FEB.21 1925.]
THE CHRONICLE
865
this may not be necessary. The Government has no
responsibility for the present situation. We have
delayed from October to February the wage increases
for the State employees. We are creating a special
budget for the war wounded and the devastated
areas, and instead of trespassing the limit of the advances by the Bank of France to the State, which
was set at 23,200,000,000 francs, we have lowered this
to 22,000,000,000." The correspondent further declared that"France will clear up her own admittedly
serious domestic financial situation before giving
pledges to her war creditors, because the urging of
these pledges upon her at present places the Governa man requested
The duration of the present French Ministry, the ment in about the same situation as
to entertain guests when his house is burning."
exact status of the country's finances and the ability
of the Government to give greater stability to exOn several occasions during the week Premier Herchange are matters that perhaps have received
riot has made an impassioned appeal for co-operagreater attention, both in Europe and this country,
lifting the financial
than any other features of the foreign situation. tion in the present crisis and for
the Chamber of DepuNaturally the severe declines in the franc late last difficulties above politics. In
speech of this kind
week caused general apprehension. The chief cause ties on Feb. 14 he made the first
was quoted by the Associated
was said to have been the exportation of funds from in recent days. He
appeal once more
France. According to a Paris Associated Press ca- Press representative as saying: "I
to the sacred union of all Frenchmen, regardless of
blegram on Feb. 14, "it is estimated in banking and
national curofficial circles that 14 billion francs [about $700,- party politics, for the defense of our
which might in000,000 present exchange] have been exported since rency. Nothing must be said here
s the country is
the Bolshevik scare around Christmas." This in crease the grave financial difficultie
everywhere
turn was the result of fear that the Ministry might encountering.. It is bad policy to repeat
is suffering from a
fall in the near future and that a severe decline in and at all times that the country
present hour, when
the market value of French currency would follow. lack of confidence crisis. At the
country is at stake, our debate here
There were intimations also that Premier Herriot's the fate of the
politics. Our financial
political opponents were trying to hurry his down- must remain above party
policy has been safe and sane. I ask you all to join
fall by shaking confidence in his Government, which
which I address to all
in turn, it was expected, would bring about a tem- me in a patriotic appeal
Frenchmen to save the franc."
porary financial crash. According to Paris cable
In a cable message to his paper the next day the
dispatches made available here last Saturday, rather
ent stated that "the members of the
persistent rumors were in circulation in financial same correspond
leaders remained in conference
and political circles that the Government was con- Cabinet and Chamber
3 o'clock this morning discussing steps
templating a further big increase in note circulation. until after
franc assumed proportions
Attention, however, was called by the Paris corre- to take if the fall of the
comparable to the drop a year ago." Referring to
spondent of the New York "Times" to the fact that
of the New
for some time the total circulation of the Bank of this conference, the Paris correspondent
York "Herald Tribune" cabled that 'Premier HerFrance had been close to the legal limit of 41,000,000,000 francs. He added that "it is judged to be riot early to-day was dissuaded by leading supportheavy
more than likely that this situation will be met by ers from his intention to resign because of the
already
raising the legal limit of circulation for the Bank of political opposition to the Ministry, which
In his
France. It is to be pointed out, however, that this has resulted in the weakening of the franc."
Minister Clementel and
would not be inflation in the ordinary sense as prac- conference with Finance
the
ticed by some other Governments since the war, be- other leaders of the Government majority on
the country's financial situation,"he outcause the new money would not go to pay the ex- question of
well as the
penses of the Government but to meet the needs of lined the condition of the Treasury, as
result of his conversations with the board of manbusiness, which is entirely a different thing. Inup his
deed, so far as the expenses of the Government go, agers of the Bank of France. He summed
political
it is to be remarked that any retirement of the na- opinion by saying that the Ministry, for
opposition
tional defense bonds through an increase in circula- reasons, was the target of a strong
French banks are
tion would mean a saving to the Government of in- campaign, in which the
terest on those bonds." He admitted also that "Pre- joining."
In the Chamber on Monday the Premier made
mier Herriot is an opponent of inflation." The New
York "Herald Tribune" representative in the French what was regarded as his most important statement
capital declared in a cablegram on Feb. 13 that "the of the Government's financial policy. He was quoted
Government is firm against inflation." The corre- as saying that "cost what it may, France must, in
spondent added that he had obtained a statement of the solution of this problem, maintain her reputation
she must
the Government's position from "the highest author- for financial probity. Cost what it may,
policy of avoidity," of which the following is an excerpt: "France resist all temptations to abandon the
had to borrow the
has lived since the war on credit, and this year's bills ing inflation. During the war we
paying off the least possible.
are being presented with the demand for cash. If the most possible while
political parties opposed to the Government con- Now we must pay off the most possible while bortinue their campaign against our finances we may be rowing the least possible." The Premier was fur"It is for the franc
obliged to pay out 22,000,000,000 francs in Treasury ther quoted in part as follows:
that the Government demands the effort of all. Volbonds maturing this year. If the campaign ceases
ventures. Trade halted and enterprise perished.
Coolidge, as President, stood in the way of the designs of the legislative body, but his continuance in
office was in doubt. Now he has been chosen to remain in office for four, years more, largely because of
his courage in opposing the legislative body. The
old Congress, however, is still functioning, and we are
told the President will withdraw his objections and
consent to an addition to postal charges in the sum
of $68,000,000 a year. It cannot be that this is true,
but business hesitates in the same ominous way as
twelve months ago.
866
THE CHRONICLE
umes have been written for the defense of the franc.
Among the solutions suggested is revaluation, which
is rapid, immediate and decisive. But however seductive this solution appears, I must tell you I do
not believe in a sudden solution. We need the entire world's credit," he continued. "The world must
know that the franc will improve slowly but surely,
like the wine of our country. Healthy money must
be our policy. Healthy money is the only policy
capable of lowering the cost of living, capable of giving France the authority she needs in international
councils." With respect to the borrowings of France
on account of the war the Premier was reported to
have stated that "by the end of the war France had
borrowed 55,500,000,000 francs, plus 17,000,000,000
francs in national defense bonds. By the end of 1918
her indebtedness was 144,000,000,000 francs. Since
the apparent liquidation of the war, the appeals
made to capital investment had been 37,000,000,000
francs in 1920, 24,000,000,000 in 1921, 17,000,000,000
in 1922, 18,000,000,000 in 1923 and 5,000,000,000 in
1924, showing the loans were decreasing."
[vou 120.
outlined by Premier Herriot to restore confidence to
capital were well received by business and have already had a good effect upon the franc, it cannot be
said that the Premier's appeal for a truce for the
franc is an unmitigated success." He added that
"he has come far enough away from the radical fiscal program to offend his Socialist supporters, yet
not far enough to gain Conservative approval. Politically the speech was a failure." Continuing, the
correspondent said that, "neverthelesss, the speech
is a move toward moderate opinion which is likely
to cause trouble with the Socialists, who gave Herriot his majority. A recent Socialist Congress, while
approving the policy of supporting Herriot, frankly
warned the Parliamentary representatives that that
support was to be conditional on results and that if
Herriot at any time showed signs of following nonSocialist policies it must be immediately withdrawn.
In the view of many Socialists the speech necessitates such action."
Word came from Paris Tuesday evening that, "in
the course of a debate on the French budget in the
Chamber of Deputies to-day, Finance Minister Clementel declared that 'the Government cannot conceive of the stabilization of the franc in truth—upon
a gold value—under the present conditions.'" He
was reported to have said also that "to do so would
be like negotiating after Charleroi and previous to
the battle of the Marne. We cannot stabilize the
franc when we •are unable to tell how negotiating
with our allies will be concluded. The franc will
only become stabilized when we are able to exchange
it against its gold value. It is only after France is
no longer opposed with consolidations of loans and
when long term agreements have been made with the
Allies covering long delays, that the franc can be
stabilized."
The Paris representative of the New York "Times,"
in a more elaborate account of the speech later the
same evening, reported that it was "wildly received
by the Left and coldly received by the Right, which
was just what might have been expected." Commenting upon the chief points of the speech, the correspondent said that "incidentally the Premier announced that the Government would abolish the coupon memorandum, which French bankers allege has
caused capital to go abroad because it furnished
Treasury officials information which would enable
them to enforce a capital levy." The New York "Herald Tribune" correspondent in his account of the
speeche did not appear hopeful that it would accomplish much. He cabled the same evening that it was
delivered that "an analysis of France's domestic political situation to-night gave the Herriot Ministry
Louis Loucheur, a "former Minister of Commerce
three, or perhaps four, more weeks to remain in and one of the industrial leaders of
France," made
office, following the Premier's impassioned speech what was characterized as an "importa
nt speeech"
in the Chamber of Deputies to-day. He called for in the Chamber of Deputies Tuesday
evening on the
the co-operation of all parties for the financial res- question of foreign debts. According to
the New
toration of the country, but announced the continu- York "Times" representative in Paris,
he said that,
ance of the fight on all other political issues." Con- "now that France had formally repeated
her recognitinuing, the correspondent said that "realization of tion of these debts the country must
face the task of
the 'sacred union' which he suggested on this basis settling them." The correspondent added
that "he
seems impossible, for the Chamber's Right Wing sat believed the only way France could pay
was in goods
in silence, while the Left cheered at the conclusion of or by an arrangement lowering
customs duties.
the Premier's speech. Herriot's demand for a truce France, who believed in cancellation of inter
-Allied
on one phase of the political situation and continued debts, should immediately give proof of the fervor
of
battle on the others lent credence to the report that her belief by cancelling the billions of francs
owed
Leon Blum, leader of the Socialists, in whose hands her by the Allies." Taking up more specifica
lly
the fate of the Ministry is held, threatened to with- France's own foreign debt, the correspondent redraw his support if the Premier yielded from the ported that "after recommending that France begin
program of the Left Bloc." The assertion was made in April consideration of the 1926 budget in order to
in an Associated Press cablegram that "in the Cham- get it voted before the end of the year, M. Loucheur
ber to-day, Prmier Herriot foreshadowed severe turned to France's foreign debt. He said the world
measures for controlling the income tax, proposing should not ignore that France was paying regularly
confiscation of capital on which the interest was not 1,500,000,000 francs for settlement of her commercial
declared, and prison for frauds in addition to fines debt to America, by which he meant borrowings by
for the non-declaration of fortunes placed abroad. other sources than the Government." He added that
The external signs of wealth, he said, would be com- "the former Minister said France's foreign political
pared with the declarations made. He defined the debt now stood at the figure of 90,000,000,000 francs
evasion of capital as 'a continual hemorrhage for the current exchange, and added that France's repreCountry.'"
sentative at Washington had just made a formal
Cabling Tuesday evening relative to the apparent declaration that France would pay. He said he
had
effect of the Premier's speech, the Paris correspond- never denied that France owed money,
he had only
ent of "The Sun" declared that, "while the measures denied that she could pay."
FEB.211925.]
UTE
CHRONICLE
867
which he was a memDealing with measures for relieving the situation, that of the whole Government of
ber." International bankers in this city were quoted
the "Times" representative reported that, "to keep
they knew nothing of
the budget balanced, M. Loucheur recommended a on Thursday as saying that
new tax whereby all employers would pay a tax of such a loan.
Considerable attention has been given in Paris
5% on salaries paid by them. He outlined plans for
to French politics of
better collection of the income tax, saying nothing cable dispatches to the return
been charged with treason
would be gained by increasing it since already it was Joseph Caillaux, who had
been predicted that he
as high in France as in England, although not so well during the war. It has even
succeed M. Herriot as Premier. From
paid. He also attacked the Governmental custom would soon
will at least be a force
of issuing tax-exempt securities. Condemning now on it is expected that he
out of the coun- in the financial affairs of the Government. ThursFrenchmen who sent their capital
given by the
try, he said he had learned that Swiss bankers re- day night a dinner of welcome was
Rights of Man in
cently made heavy loans to German industry out of League for the Protection of the
what was regarded
money sent from France to Switzerland to escape Paris, at which M. Caillaux made
"moderate" speech. The
taxation. He thought that poor kind of patriotism. as an important, although,
said, however,
M. Loucheur thought there was little hope of any re- New York "Times" correspondent
of a party leader still in conduction of the French budget for five or six years that "it was the speech
where he
and urged the Government to guard against the con- trol, of a man who may again be to-morrow
, the bead of a French Government."
stantly increasing interest paid on State loans. He was yesterday
present at the
said the great trouble of the Government was that it About 2,000 were said to have been
ative admitted
never had any cash on hand and he recommended banquet, which the "Times" represent
that, "ail
ithmediate efforts to float a Government loan in was "purely a political affair." He added
it wiser not to be
America of $200,000,000. He thought there would such Premier Herriot thought
be no trouble about it and insisted that the money there."
from the recent Morgan loan should be kept intact
Mutual pledges of security by the Allied Powers
to protect the franc. He pointed to the good foreign
long
trade of France balancing the budget, and said that and a general disarmament conference before
that have been given considerable space
if Frenchmen would show proper optimism the franc are questions
not- .
would soon begin to mount. Indeed, as a business in cable dispatches from European capitals,
condiman he said he feared it would rise too quickly. M. withstanding the special apprehension over
Press
Loucheur ended by warning against inflation, insist- tions in France. On Feb. 13 the Associated
"the separation
ing that the only fiscal path for France was a sane representative at Geneva cabled that
semoney policy and a long,laborious fight by the peace- of disarmament from compulsory arbitration and
advanced in League of Naful industrial country to restore her money to even- curity is the latest idea
tions circles here as the one possible development in
tually good value."
the case of the famous Geneva peace protocol, which
advices on is now being discussed between the English mother
It became known through Paris cable
Commonwealths."
Thursday that the French Government expects to country and her Dominions and
would
float further loans in the United States. In an ad- He observed that "this idea, if carried out,
international strugdress in the Chamber of Deputies that forenoon, Fi- give an entirely new angle to the
outlawnance Minister Clementel was reported to have said gle which is being waged for the purpose of
disarmament conferences to a
that "M. Loucheur [former French Minister of Com- ing war. It relegates
merce] has advocated a foreign loan. We have the future not fixed as to time and conditions and tends
promise that, when our budget is definitely and to concentrate the minds of the statesmen on the nefinally voted and balanced, one loan of $100,000,000 cessity of discovering a solution, without regard to
for the French Treasury and another of $35,000,000 any reduction in the armament burdens, of the two
for the devastated regions will be issued in the problems of arbitration and security." Continuing,
United States." He was quoted as asserting also he said that "in the Geneva protocol the putting into
that, "in spite of the enormous loans which France force of compusory arbitration and security, includwas obliged to contract because of the war, the coun- ing the operation of an intricate system of sanctions,
try's wealth is such that all that is required for economic and military, is made entirely dependent
France to carry to a successful conclusion the work not only upon the holding of a general disarmament
of financial and economic restoration is the united conference but also upon the carrying out by various
will of all Frenchmen to work toward that end with countries of such armament reductions as an armathe same strength, character and energy which they ment conference would impose. According to inforshowed during the war."
mation reaching the League of Nations, many GovIn a more complete account of the speech, the ernments are giving more emphasis to arbitration
New York "Times" representative in the French cap- and security as goals desirable for achievement in
ital said that,"in his speech he made full amends for themselves, without any reference to an immediate
having seemed to dismiss the question of the amount cutting down of armaments. In the case of disand possible payment of inter-Allied debts from his armament, it is argued that once the nations accept
mind, when, in his famous inventory of France's the policy of compulsory arbitration and elaborate
financial position at the end of the year, he did not some system of security and mutual assistance, the
instance them as liabilities but simply omitted them compelling urgency of extensive navies and armies
under the heading 'Memoir.' His action, he said, will cease to be a factor and the countries gradually
had been entirely misunderstood. Unless France will tear them down. This means that if Europe,
settled her debts to the Allies, he said, all else she next September at Geneva, can evolve a plan of armight try to do for the stabilization of her money bitration and security acceptable alike to Great
and the reconstruction of her financial position Britain and France and the smaller States, particuwould be useless. This was not only his opinion, but larly the British Dominions, the convocation of a
868
THE CHRONICLE
[VoL. 120.
general disarmament conference would be open to German Ambassador called on Premier Herriot
this
anybody."
afternoon and placed before him a request of the
Berlin Government to take part in coming negotiaWord came from London on Feb. 14 that "hope by tions on the security issue in order to present Chanthe British Government that a new disarmament con- cellor Luther's proposal for a guarantee compact
ference will be called before long, and preferably based on mutual assurance by France and Germany."
by the United States, is believed to be causing the It was claimed also that "Ambassador von Hoesch
Cabinet to delay its decision regarding fresh warship made it plain that the Germans considered their
construction." The correspondent added that "the entry into such an arrangement implied the early
question of American participation in the confer- evacuation of the Ruhr and Cologne bridgehead and
ence is regarded as of paramount importance, such assurances that Coblenz and Mayence would be evacparticipation being generally considered indispensa- uated in five and ten years, respectively." Continuble. The political writers to-day strongly emphasize ing, the correspondent said: "It is understood the
this point, and refer to recent statements in the French Premier told the German Ambassado that
r
American Senate as hopeful auguries." He also said in principle Paris shared the opinion of London that
that, "meanwhile it seems certain that the British eventually it might be highly desirable for Germany
naval estimates, which must be framed before March to take part in a security arrangement,
but that the
31, will provide for some shipbuilding and in conse- first item on the program was discussion of the
quence will show an increase." In a dispatch from protocol of Geneva, to which Germany was not a
Washington the same evening it was claimed that party, and the next would be consideration by the
'President Coolidge is following a waiting policy Allied nations of their respective interests. He intoward the problem of further armament limitation, formed Herr von Hoesch that evacuation of the Ruhr,
but he is watching developments abroad carefully Cologne and other Rhine bridgeheads were questions
and will be prepared to act whenever he considers a depending on fulfillment of the Treaty of Versailles
move toward a new arms conference would be oppor- and independent of the security issue and that
tune." The correspondent further stated that "if France could not now commit herself on these
issues
Great Britain should take the view that more could in return for an expression of German willingness
be accomplished through a conference called by the to enter a future peace compact."
• United States, however, that development doubtless
would have great weight in any reassessment of the
Admission was made in London and Washington
situation which might be undertaken here."
on Feb. 18 that "a new armament conference which
President Coolidge would summon has been menThe reduction of armaments continued to be ac- tioned here 'in conversations with the American
tively discussed at Geneva as the week progressed. Ambassador and is at present under consideration."
The Associated Press representative at that centre This announcement was made in the British House
cabled on Feb. 16 that "France and Great Britain of Commons by "Foreign Secretary Austen Chamberwere in discord to-day on the question of putting lain in answer to a question by Commander Kenforward an international project for the control of worthy." It was stated also in a Washington disthe private manufacture of arms. France cited Ger- patch that "the Cabinet to-day began consideration
many as one reason for going on immediately, and of the report on the Geneva protocol for security and
Great Britain cited the United States as one reason disarmament submitted by the sub-committee on imfor putting off all idea at the present of convoking perial defense." According to another Washington
an international conference. No decision was dispatch the same day, "the principal Powers have
reached." The correspondent also explained that been approached by the United States on the subject
"the discussion took place at the inaugural session of a new arms conference." It was claimed that
of the League's new Disarmament Commission, "thus far the discussions have not reached the adwhich includes representatives of the countries on vanced point characterized by the diplomatists as
the Council, military experts, economic and finan- 'formal negotiation,' but they have been followed up
cial experts and delegates from labor and capital."
quietly and persistently in all the principal capitals
According to a special Geneva cablegram to the of the world." In a special Washington dispatch to
New York "Times" under date of Feb. 17, "because the New York "Times" Thursday morning it was
the United States was not represented it was de- stated that "measurable success at last has met the
cided this evening that the Co-ordination Commis- persistent efforts of President Coolidge and Secresion of the League of Nations should adjourn discus- tary Hughes to bring about another international
sion of the control of the private manufacture of conference in Washington for the reduction of naval
arms until after the conference on control of the armament, and to-day it was acknowledged in autraffic in arms. At the same time it was decided to thoritative quarters that these efforts were in progconstitute a committee of study to examine consti- ress." The correspondent declared that the efforts
tutional reasons which might prevent control by "were being directed exclusively to laying the founany Government of arms manufacture." It was dation for a conference that will consider naval matadded that "the adjournment was unpopular, and ters, and probably aircraft. No intention to conwas due almost entirely to the strong stand taken sider land armament is embraced in the American
by Great Britain, whose delegate, Ronald McNeill, suggestions."
declared at the outset that Great Britain would not
act independently of the United States. This stand
In dispatches from Washington and London Thursto-day received support from Japan, Italy and Swe- day evening the idea was stressed that both Presiden."
dent Coolidge and the leaders in the British Cabinet
have been holding in check the supporters of larger
Through a special Paris message to the New York appropriations for the navies of the respective coun"Times" the same day it became known that "the tries, with the calling of a disarmament conference
FEB. 211925.1
THE CHRONICLE
clearly in view. A special Washington correspondent of the New York "Evening Post" said that "in
the President's refusal to submit to the Budget Bureau or to Congress the proposal'of the special Navy
Board for an immediate outlay of $80,000,000 and a
future construction program involving $100,000,000
a year for 20 years, was observed one of his strongest cards in the effort to lead Europe to a consideration of further agreements." Commenting upon the
alleged policy of the President, the correspondent
said: "The President was shown to be playing a
smart game of politics. He has back of him the advice of the nation's leading naval experts regarding
what the United States ought to do to maintain an
adequate naval position, if other Powers are unwilling to apply the principles of the 5-5-3 agreement to
all manner of seacraft, including aircraft attached
to the fleet. Other Powers cannot fail to be aware
that the highest naval opinion is favorable to an immediate expenditure of $80,00,000, but that Mr. Coolidge is unwilling to sanction any such outlay until
Europe has given adequate response to the suggestions that building rivalries of the sort shall
cease."
The same afternoon the London representative of "The Sun" cabled that,"although the British
naval budget, which came up for final consideration
at yesterday's Cabinet Council, will be approximately $300,000,000, representing an increase of
fully $25,000,000 over the previous year, it is understood that it does not include any appropriations for
new cruisers demanded by the admiralty chiefs. It
is believed that Baldwin and Chamberlain have been
able to hold the big navy advocates at arm's length
by insisting that a comprehensive building program
would be damaging to the chances of an arms parley,
which is now the subject of informal consideration
of the British and American Governments." According to a special London cablegram to the New York
"Times" yesterday morning, "Great Britain proposes to spend an additional £2,000,000 on her air
force next year, bringing the estimates up to £21,319,300. The strength of the air force will be raised
from 54 to 61 squadrons, all seven new ones being
added to the present home defense force of 18. It is
also planned toward the end of the year to add four
flights or half squadrons to those assigned to the
navy and to reduce the air garrison of Iraq as soon
as the boundary questions there are settled."
869
that "if the proposed conference were to deal also
with land disarmament it would put a different aspect on the case, the French attitude then depending
on security plans. If Britain and America, or any
other strong international combination guaranteed
France against attack by Germany there is small
reason to believe that the French would not reduce
their army further. But appeals for a reduction in
her army without some promise of security will fall
on deaf ears in France."
What was regarded as one of the most important
documents made public during the week in Europe
was "the report of the Allied Military Control Mission, 50 pages long, on the state of Germany's disarmament." It w
-as delivered on Feb. 18 "at the
offices of the Allied War Committee, presided over
by Marshal Foch." The Associated Press correspondent in Paris said that "copies were immediately forwarded to the Allied Governments." According to that correspondent, "the mission sets
forth in full the difficulties under which it worked,
declaring obstructions of its investigations by the
Germans absolutely prevented any discoveries by
direct search. Every disclosure made, the report
states, was the result of denunciations by pacifist
workmen in factories where war material was being
turned out, or by students aware of military training operations in universities." He added that "it is
generally understood that the report will entail a
visit by Premier Herriot to London in the early future. The view prevails in both French and British
official circles that the heads of the interested Governments ought to come to agreement on various
points."
The Berlin correspondent of the New York "Evening Post" cabled Wednesday evening that he understood that the report "charges three general categories of violations and evasions of the letter or the
spirit of the Peace Treaty's requirements on German disarmament." He asserted that"these concern
alleged attempts to evade the numerical limitation
of Germany's armed forces to 100,000 trained men,
attempts to supply the army with excessive or unauthorized arms equipment and refusal to furnish
the control mission with lists of armament and
equipment on hand at the end of the war." He also
stated that "in addition, the report charges the military authorities with engaging ostensible civilians
from the old forbidden army staff organizations to
Apparently Great Britain is ready to push a con- prepare mobilization and operative plans for camference on the limitation of armaments, but France paigns on various fronts."
is not ready to give support to such a movement. In
In a long cablegram to his paper the Paris correa London cablegram yesterday morning it was stated
that "the 'Daily Mail' says the British Government spondent of the New York "Herald Tribune" asserted
has decided to co-operate with the United States in that "the report shows conclusively that during the
an endeavor to build up another international arma- last six months Germany has not observed satisfacment conference." The Paris representative of the torily any part of the military clauses of the treaty,
New York "Times" cabled that "the proposal for a and to-day is still capable of prosecuting war within
new naval disarmament conference at Washington a brief time if the Berlin Government should decide
leaves the French absolutely cold. Paris has no in- upon such a venture." He added that "not only has
formation on the subject beyond dispatches from Germany violated the armament provisions, but the
London, but the mere fact that the proposition starts general stipulation regarding man power. The poas an Anglo-American business makes them suspi- lice organization, which still has trench mortars and
cious, for it recalls the feeling they have always had airplanes, is under the regularly organized general
that in the first Washington conference they suffered staff. The Reichswehr is replacing its personnel
by being caught between Britain and America, and if every three or four months, and actually remains a
they have nothing to say about the new meeting ex- military body capable of swelling its ranks three or
cept to receive an invitation to come and take orders four times the legal limit of 100,000 men. German
they.may well decline the invitation." He added factories remain flagrantly equipped to manufac•
870
THE CHRONICLE
ture war material. Germany is in open revolt against
the treaty, the report concludes, and is in position
to go to war in a brief time, though there are not yet
any signs that she intends to do this." As a result
of these findings the correspondent said that "British forces will continue to occupy the Cologne area
until Germany carries out the disarmament provisions of the Versailles Treaty. This was virtually
settled to-day with the receipt by Marshal Foch of
the main report, with annexes and documents, of the
Inter-Allied Military Control Commission supervising German disarmament"
The German Cabinet, on Feb. 17, submitted to the
Reichstag the memorandum in defense of large advances to Ruhr industrialists, that had been expected for some days. According to the representative of the New York "Evening Post" in Berlin the
Cabinet maintained that "the financial situation of
Ruhr industry toward the end of 1924 was so grave
that the bankruptcy of some of the most important
groups was an imminent possibility unless they received immediate financial assistance." He added
that "this startling explanation for the much criticized compensation of the Krupps, Stinnesses, Thyssena and other coal and steel barons of the Ruhr, the
German chemical trust, and other interests, for reparations deliveries in kind after the abandonment of
passive resistance, is so new and unheard of that
there is an inclination to dismiss it as political
'bunk." Continuing, the correspondent said that
"other parts of Chancellor Luther's explanation receive more serious consideration. The memorandum
argues, for instance, with apparent justice, that the
Government formally had obligated itself to repay
business interests for assuming the burden of the
Micum (inter-Allied Ruhr mines and industrial control) contracts. It declares that the recipients discounted their claims by more than 200,000,000 marks
for an immediate settlement; that the Federal Treas.
ttry, with its bumper receipts in 1924, was in a better condition to pay claims than in later years when
it faces increased contributions under the Dawes
program, and that, anyhow, only 270,000,000 marks
Of the much-advertised 700,000,000 came out of the
Treasury in actual cash. The balance was represented by the cancellation of deferred taxes, Treasury certificates, etc."
In a wireless message on Feb. 17 the Berlin correspondent of the New York "Times" said that "to-day
brought the first press comment on the Government's
long-awaited explanation regarding the granting of
the Ruhr credits, which caused and is still causing a
storm here. Several papers publish anti-Government
and pro-Government blasts regarding this official
explanation, but a certain brevity and guardedness
are still apparent in the press comment, proving that
editors still are trying to digest the formidable Government defense which runs to 50 printed pages, not
including appendices."
' Word was received from Berlin last evening that
"Dr. Wilhelm Marx, Premier of Prussia, and the
Cabinet which he headed resigned to-day after failing to obtain a vote of confidence in the Diet. The
vote stood: 218 yes, 221 no." Dr. Marx was elected
by the Diet as recently as Feb. 10. He succeeded
Otto Braun, who resigned in January because of an
adverse vote of the Diet. Shortly afterward he was
re-elected, but failed to form a Cabinet because of a
FoL. 120.
lack of co-operation on the part of the People's and
Economic parties.
The present BritiEth Ministry was called upon Monday to defend itself against an attack upon its fiscal
policy that was led by former Prime Minister Ramsay MacDonald. The debate was characterized by
the New York "Times" correspondent as "the first
full dress debate since Parliament resumed its sittings." The correspondent said also that "Mr. MacDonald declared that the Government's proposals
was so drafted as to arouse the expectation of the
protectionists and pacify the fear of the free traders
and that one or the other of the interpretations must
be false. He also ridiculed the grounds on which
protection could be given, asking who could devise
a duty to meet fluctuating exchange. As for sweated
labor, he said his party was not indifferent to it at
home or abroad, but the cure was not protection, but
application of the Washington labor agreement"
Mr. MacDonald presented a motion "that the Government's safeguarding of industry policy must, if pursued, lead to a system of general tariff." The correspondent reported that "the debate was terminated
by a closure motion and Mr.MacDonald's amendment
was then defeated by a vote of 335 to 146."
Official discount rates at leading European centres continue to be quoted at 10% in Berlin (although it is reported that the Reichsbank intends to
reduce its rate to 9% at the end of the month);
/
1
2
in Paris and Denmark; 6 % in Norway; 5 % in
/
1
2
Belgium and Sweden;5% in Madrid and 4% in London, Holland and Switzerland. In London, open
/
market discounts are still quoted at 358Q311-16%
for short bills (unchanged), with three months'
/
4@313-16% a week ago.
bills at 3 13-16%, against 33
Money on call at the British centre ruled firm, clos/
ing at 3 %,against 278% last week. At Paris the
/
1
2
/
open market discount rate declined from 614% to
/%
/
1
2
618%,and in Switzerland from 234 to 2 %.
/
A further small gain in gold of £1,901 was reported by the Bank of England in its statement for
.the week ending Feb. 18, thus bringing the stock of
gold and coin up to £128,575,230, as compared with
£128,097,600 a year ago and £127,499,186 in 1923.
Note circulation was again reduced, £616,000, as a
result of which reserve expanded £618,000, while the
proportion of reserve to liabilities advanced to
19.28%, as compared with 18.84% last week and
15.66% for the week of Feb. 4. At this time a year
ago the ratio stood at 183
4% and in 1923 at 19 %.
/
1
2
Public deposits increased £4,136,000, but "other" deposits fell £3,837,000. The bank's temporary loans
to the Government showed a decrease of £1,878,000.
Loans on other securities, however,expanded £1,584,000. Reserve totals £24,099,000, as against £23,083,130 in 1924 and £25,207,476 a year earlier. Loans
amount to £85,043,000, in comparison with £73,419,849 the preceding year and £74,434,913 in 1923, while
note circulation aggregates £124,232,000, as contrasted with £124,764,470 and £122,041,710 one and
two years ago, respectively. Clearings through the
London banks for the week were £709,605,000, against
£931,110,000 a week ago and £738,206,000 last year.
The bank's official discount rate remains unchanged
at 4%. We append herewith comparisons of the several items of the Bank of England return for a series
of years:
THE CHRONICLE
Fin.21 1925.]
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922.
1923.
1924.
1928.
Feb. 23.
Feb. 22.
Feb. 21.
Feb. 20.
Feb. 18.
124,232,000
Circulation
13,705.000
Public deposits
111,245.000
Other deposits
Governm't securities 43,941,000
85,043,000
Other securities
Reserve notes & coin 24.099,000
Coln and bullion__ _128,575,230
Proportion of reserve
19.28%
to liabilities
4%
Bank rate
124,764,470 122,041,710
15,525,064 22.036,037
107,889,459 106,791,655
45,034,182 47,317.299
73,419.849 74,434.913
23.083,130 25,207,476
128,097,600 127,499,186
18.75%
4%
1932%
3%
121,545,566
27,808.127
109,947,335
48,545,566
81,638,700
25,665,842
128,761,537
127,697,910
15,987,902
111,259,206
31,030,156
95,220.101
19,080.707
128,327,987
1854%
454%
1412%
7%
The Bank of France in its weekly statement teports a further small gain of 23,000 francs in the gold
item. The Bank's aggregate gold holdings, therefore, now stand at 5,545,721,600 francs, comparing
with 5,541,204,424 francs at this time last year and
with 5,535,763,809 francs the year previous; of the
;
foregoing amounts 1,864,320 907 francs were held
abroad in both 1925 and 1924 and 1,864,344,927
francs in 1923. During the week increases were
registered in the various items as follows: Silver,
302,000 francs; bills discounted, 192,938,000 francs;
Treasury deposits, 3,253,000 francs, and general
deposits, 50,935,000 francs. On the other hand,
advances were reduced 66,816,000 francs. Note
circulation registered the further contraction of
6,330,000 francs, bringing the total outstanding
down to 40,771,318,000 francs. This contrasts with
38,894,835,330 francs at the corresponding date last
year and with 37,055,354,800 francs in 1923. Just
prior to the outbreak of war in 1914 the amount
was only 6,683,184,785 francs. Comparisons of the
various items in this week's return with the statement of last week and for corresponding dates in
both 1924 and 1923 are as follows:
BANK OF FRANCE'S
Chances
for Week.
Francs.
Gold Holdings—
for Week.
Inc.
23,000
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
Feb. 20 1925. Feb. 211924. Feb. 22 1923.
Francs.
France.
Francs.
Feb. 20 1925. Feb. 21 1924. Feb. 22 1923.
3,681,400.693 3,676,883.516 3,671.418.881
1,864,320,907 1,864,320,907 1,864,344.927
23,000 5.545,721,600
Inc.
Total
305,367.000
Inc.
302,000
Silver
Ino. 192,938,000 5,000,352,000
Bills discounted
Dec. 66,816,000 3.004,932.000
Advances
Note circulation. Dec. 6,330,000 40,771,318.000
13,452,000
Treasury depositipnc. 3,253,000
.me. 50,935,000 1,929,196,000
General deposits..
5,541,204,424
297,406,828
3,457,493,518
2,444.660,715
38,894.835.330
24,392.955
2,229,151.005
5.535,763,809
290,569,238
2,683,818,937
2,103,933,120
37,055,354.800
75,103,258
2,204,113,406
The Imperial Bank of Germany in its statement,
issued as of Feb. 14, reported further contraction in
note circulation of 79,515,000 marks. This brings
outstanding circulation down to 1,760,016,000 marks.
There was, however, an increase of 110,550,000 marks
in other maturing obligations, but other liabilities
were reduced 46,954,000 marks and loans from the
Rentenbank diminished 35,815,000 marks. On the
assets side there was a decrease of 72,002,000 marks
in holdings of bills of exchange and checks and of
15,549,000 marks in advances. Among the increases
were 6,996,000 marks in reserve in foreign currencies; 2,803,000 marks in silver and other coins;
3,506,000 marks in notes on other banks; 1,865,000
marks in other assets. Gold and bullion registered
an expansion of 20,983,000 marks, to 865,790,000
marks, which compares with 467,031,000 marks a
year ago and 1,004,831,000 marks in 1923. The figures here given represent gold marks, a gold mark
being the equivalent of a trillion paper marks.
The most noteworthy change in the Federal Reserve Banks' statements, issued on Thursday afternoon, was a gain in gold in place of the large reductions in that item that have been reported in recent
weeks. For the System as a whole the gain in gold
871
was $9,000,000. Rediscounts of all classes of bills
increased *10,600,000. Holdings of bills bought in
the open market fell off $12,900,000 and of Government securities $11,800,000. Total earning assets
declined $13,400,000, but deposits increased $14,600,000. Locally, there was an addition to gold reserves
of $5,600,000. Rediscounting of Government secured
paper declined $4,500,000, but other bills increased
$3,800,000. As a result of these changes total bills
discounted were reduced slightly—$700,000. Open
market purchases were smaller, declining $11,700,000. Total earning assets fell $17,400,000, while deposits declined $6,300,000. Federal Reserve notes in
actual circulation showed a contraction—$2,300,000
locally and $14,800,000 for the banks as a group.
Member bank reserve accounts gained $16,100,004
for the combined system, but declined $6,700,000 at
New York. As a result of gains in gold holdings,
small increases were shown in the ratios of reserve,
both local and national. At New York there was a
gain of .6%, to 75.2%, and for the entire System
.1%, to 77.0%.
Last Saturday's New York Clearing House bank
statement indicated a general reversal of the condition reported a week earlier, and as a result of material additions to reserves of member banks with the
Reserve Bank, the deficit of the previous week was
wiped out and a substantial surplus reserve created.
In detail, the figures revealed further contraction in
loans of $28,954,000. Net demand deposits again
declined—$33,836,000,.bringing the total to 44,526,240,000, which is exclusive of $14,448,000 in Government deposits. Time deposits, on the other hand,
increased $2,669,000, to $582,725,000. Cash in own
vaults of members of the Federal Reserve banks was
reduced $713,000, to $48,700,000; although this does
not count as reserve. Reserve of State banks and
trust companies in own vaults fell $102,000, and reserves kept in other depositories by the same institutions decreased $173,000. Reserves of member banks
in the Reserve Bank expanded no less than $65,849,000, which in combination with the lowering of deposits, brought about an addition to surplus reserve
of $69,951,930; thereby eliminating last week's deficit in reserve and leaving excess reserve above legal
requirements of $50,646,120. The above figures are
on the basis of 13% legal reserves for member banks
of the Federal Reserve System, but not including
cash to the amount of $48,700,000 held by these member banks on Saturday last.
Conditions and rates in the local money market
have not changed especially. For a time the quotations for call loans were advanced moderately, but
they soon receded again,so that the prevailing figure
on Thursday and yesterday was 3%, although
2
1
/
renewals were arranged at 3 % on the former day. Time money remained quiet and
unchanged. On the very day that demand loans
were renewed at 4% the offerings were so large that
2
1
/
it became necessary to drop the asking price to 3 %.
reports that, with the opening of
There have been
spring and a renewal of agricultural activities,
money in this market and generally would be at least
firmer. So far, however, there have been no distinct
indications of radical changes soon, either in conditions or rates. The rather sharp reaction in stocks
this week may have reduced brokers'loans somewhat,
temporarily at least, as it was supposed to have
872
THE CHRONICLE
[VoL. 120.
caused considerable liquidation, as well as profit tak- DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
FEBRUARY 20 1925.
ing. As to the effect of the commercial demand for
Paper Maturing—
funds on the money market, it can only be repeated
Alter 90 AIM I
that until business as a whole in this country is conDays.OW
bid
Within 90 Days.
Within 6 Within 9
siderably larger, the money market is likely to con- FEDERAL RESERVE
Months Months.
BANK.
tinue unchanged to a great extent. The foreign, as
Com'rcial Secured
Agrtc't dt by U. S. Bankers' Trade Agricsd.•
well as the domestic loans offered in the American
Livestock thmern't Aces,Accepand
and
Payer
Obliga- lances. tances. Livestock Liveried
market this week were reported to have been taken
n.e.s.
Hons.
Paper. Paper.
Boston
promptly. In international banking circles there New York
334
3;i
3%
334
334
334
3
3
3
3
a
has been special interest in the finances of France, Philadelphia
3%
334
3%
334
334
354
Clsveland
3)4
334
334
334
3%
334
4
4
4
4
4
4
and in what probably could be done to put them on a Richmond
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
4
4
4
firmer foundation. The statement of the Finance St. Louis
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
Minister that further loans would be sought in the Kansas City
4
4
4
4
4
4
Dallas
4
4
4
4
4
4
Illnited States a little later attracted more than pass- San Francisco
334
334
3%
3%
334
334
ing attention. Clear indication has been given that •Including bankers' acceptances drawn for an agricultural purpose and secure.,
by warehouse receipts.
the Federal Government will be a factor in the money
market between now and March 15. In the meantime
Sterling exchange continued to mark time during
maturing short-term issues estimated at $150,000,- the week just closed and trading was again featured
000 are to be redeemed and it is thought that approxi- by dulness, lack of buying power and irregular price
mately $200,000,000 new ones may be offered.
fluctuations, usually tending downward. In fact,
sterling, which for a considerable period has taken the
Dealing with specific rates for money, call loans lead in point of both strength and activity, appears
this week ranged between 3 and 4%. Last week for the moment to have been relegated
to second
the range was 332@432%. Monday 4% was the place—attention being diverted to the
Continental
maximum, with 332% the low and also the rate for group. As a result price changes in sterling
were, to
renewals. On Tuesday, although no loans were some extent at least, sentimentally influenced
by the
negotiated above 4%,the renewal rate was advanced gyrations in francs. Underlying factors
governing
to 4%; the low was still 332%. Easier conditions sterling values, of course, remain the same. Selling
developed on Wednesday when call funds renewed incidental to the purchase of pounds against
shipments
at 33/2%, which was the only figure named. Thurs- of gold to Australia and India figured prominently
in
day's range was 3@332 and 33.4% for renewals. the dealings. Much of the selling that
%
developed
All loans were put through at 3% on Friday, this from time to time was said to be from this
source.
being the high, the low and the ruling rate for the Sterling in liberal quantities was reported on
offer in
day. In time money a slight stiffening was noted, London and Holland, and because of a dearth of buymainly on lighter offerings, and sixty and ninety-day ers rates were forced down from 4 774 for demand
3
money advanced to 3%@4%, against 3M@3%70, bills—the opening price—to 4 75%, although before
while four, five and six months' loans are now quoted the close a belated rally carried the quotation back
at 4%, as against 331@4% a week ago. Trading to 4 76%. Paris was also reported a seller of sterling,
/
was dull and narrow. No large individual trades while a certain amount of speculative trading
was
were reported.
apparent, on the part of foreign operators. It is
Commercial paper was in demand, though as the noteworthy that cotton and grain bills are
making
supply of choice names was restricted the market was their appearance on the market in
larger volume than
only moderately active. Four to six months' names for some little time.
of choice character continue to be quoted at 33.4(4)
,
According to market observers usually well in3%%, unchanged, with names less well known at formed, a number of the larger local
financial institu3%@4%,the same as last week.
tions have changed their position on sterling, so that
Banks' and bankers' acceptances were fairly instead of extending support
whenever liquidaiton in
active. As, however, the supply of prime bills sterling is attempted, are now putting
forth extensive
offering was limited, the aggregate turnover was not short lines. While this is not
construed as indicative
large. A firm undertone prevailed, with quotations of pessimism on the outlook, it does
mean that hope
unchanged. For call loans against bankers' accep- is waning of any immediate
action by the British
tances the posted rate of the American Acceptance authorities in the matter of
removal of the gold exCouncil was yesterday lowered to 23/2%, as compared port embargo. It is reasoned that
once it is definitely
with 3% a week ago. The Acceptance Council understood that a restoration to
parity is still some
makes the discount rate on prime bankers' accep- distance off, speculative liquidation
is almost intances eligible for purchase by the Federal Reserve evitable and banks are
preparing to profit by the
banks 3%% bid and 3% asked for bills running 30 movement. There appears to be
no real expectation
days, 33.% bid and 3%% asked for bills running of a serious reduction in values,
since at this time of
60 and 90 days, 3%% bid and 33/2% asked for bills the year the trend of values is
upward; moreover, it is
running 120 days and 3%% bid and 398% asked for felt that with the many foreign
loans still to be placed,
bills running 180 days. Open market quotations banks will not permit the
rate to go too far downwere as follows:
ward.
SPOT DELIVERY.
60 Days.
30 Dag.
90 Day,.
Referring to the day-to-day rates, sterling exchange
3u03%
Prime eligible blue
33(03%
on Saturday last was easier and there was a decline
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
334 bid to 4 76%@4
77 for demand, to 4 773/8@ 771 for
4 4
Eligible non-member banks
334 bid
cable transfers and to 4 74 8(4)4 743.4 for sixty days;
There have been no changes this week in Federal trading was dull and irregular. On Monday firmReserve Bank rates. The following is the schedule ness set in and demand rallied to 4 77%,although the
of rates now in effect for the various classes of paper low was 4 76 5 and cable transfers ranged between
,
at the different Reserve banks:
4 773. and 4 77% and sixty days between 4 74% and
FEB. 211925.]
4
TH 10 CHRONICLE
873
4 74%. Weakness prevailed on Tuesday, and the creased expenditures, political unrest, inability to
result was to depress prices to 4 76 946@4 773/i for bring about any really constructive financial measures
demand, to 4 76 13-16@4 77% for cable transfers for the rehabilitation of exchange, all tended to de5
and to 4 74 146@4 74/i for sixty days. Wednes- press values. Talk of a large loan to France is not
day selling was resumed, first by foreign interests generally credited, though it is rumored that arthen later by local dealers, and demand rates dropped rangements are under way for another Morgan $100,to 4 75%@4 76 7-16, cable transfers to 4 75%@ 000,000 credit, and that at the same time an impor4 76 11-16 and sixty days to 4 73%@4 73 15-16; of- tant reconstructive program is to be launched. In
ferings were in excess of the supply. Dulness fea- some quarters the impression is gaining ground that
tured Thursday's trading but the undertone was the same speculative clique that conducted the drive
steady and there was a fractional rally to 4 75%@ against French exchange last year are now at work.
4 76% for demand, to 4 76@4 76% for cable trans- The high figures touched by the franc were the result
/
fers and to 4 733@4 741 8 for sixty days. On of covering of shorts. Antwerp francs, while disFriday the market was fairly steady but listless, and playing less irregularity, moved in sympathy with
the range narrow at 4 76%@4 76% for demand, Paris currency. Lire were neglected and ruled be4 76V®4 76% for cable transfers and 4 73%@ tween 4.09 and 4.11 on light trading operations.
s
4 743/ for sixty days. Closing quotations were German and Austrian exchange remain stationary at
4 73% for sixty days, 4 76% for demand and 4 76% the levels previously prevailing. The minor Euro-.
for cable transfers. Commercial sight bills finished pean exchanges were about steady, with the exceps
at 4 763, sixty days at 4 723/, ninety days at4 71%, tion of Rumanian lei, which sagged slightly. Greek
documents for payment (sixty days) at 4 72% and drachmae continue weak and after hovering around
seven-day grain bills at 4 75%. Cotton and grain 1.59 sold off to 1.56% on unsettling rumors of political
dissension, but recovered later and finished at 1.59.
for payment closed at 4 763.
The London check rate on Paris finished at 91.18,
Gold continues to move away from the United
States; the week's shipments include another $2,500,- against 90.00 a week ago. In New York sight bills
4
/
000 for Hamburg, making $47,500,000 shipped by on the French centre closed at 5.241 2, against 5.253 ;
4
J. P. Morgan to Germany; $1,250,000 by the Equita- cable transfers at 5.253, against 5.263 ;commercial
4
ble Eastern Banking Corp. and $250,000 by the In- sight bills at 5.23, against 5.243 , and commercial
ternational Acceptance Bank, both for Australia; sixty days at 5.183, against 5.193 last week.
$404,500 by the International Accelitance Bank for Closing quotations on Antwerp francs were 5.053 for
Switzerland, Singapore and Colombia, and $500,000 checks and 5.0634 for cable transfers. A week earlier
by the International Banking Corporation for India. the close was 5.03 and 5.04. Reichsmarks finished at
Yesterday the following engagements were reported: 23.81 for both checks and cable transfers(unchanged).
$1,000,000 gold by the Equitable Eastern Banking Austrian kronen remain at 0.00143,, the same as hereCorporation, $100,000 by Handy & Harman and tofore. Lire closed at 4.093' for bankers' sight bills
$250,000 by the Chartered Bank of India, Australia and at 4.103 for cable remittances, which compares
with 4.1134 and 4.1234 a week earlier. Exchange on
& China, all for India.
4
Czechoslovakia finished at 2.963/, against 2.963 ;on
4
4
exchanges this Bucharest at 0.503 , against 0.513 on; Poland at
Interest revived in the Continental
week, especially in French francs, which after a long 1934 (unchanged), and on Finland at 2.53 (unperiod of inactivity were the target for repeated at- changed). Greek exchange closed at 1.59 for checks
tackslby speculative operators and timorous holders and at 1.593' for cable transfers, in comparison with
anxious to rid themselves of their franc holdings. 1.613'@1.62 the week preceding.
Trading, though nervous and somewhat confused,
As to the neutral exchanges, formerly so called, inwas active practically throughout. At the close of
last week-that is, on Saturday-francs broke sharply activity was the chief characteristic and the volume
to 5.12, a loss of 12 points, partly on rumors of serious of business transacted was very light. In keeping
dissension between the Government and the Bank of with this, price changes were not particularly sigFrance and partly because the latter institution nificant. Guilders ruled easier and there was a loss
failed to follow its usual custom of extending support. of more than 19 points, carrying the quotation to conThis caused considerable comment, but the explana- siderably under the gold export point. Heavy selling
tion which received most general credence was that was noted and it was reported that speculators in
the institution, in view of the large short interest now Amsterdam were actively at work. Locally, comoutstanding, is biding its time and intends to enter paratively little interest is shown in any branch of the
the market shortly, and if so may squeeze out the market. Swiss francs, Scandinavian exchanges and
shorts as was done about a year ago. With the re- pesetas all indicated trifling variations in rates.
sumption of business on Monday there was a turn for
Bankers' sight on Amsterdam finished at 40.08,
the better as a result of Premier Herriot's reassuring against 40.173'; cable transfers at 40.12, against
'utterances, which are said to have averted financial 40.21;commercial sight bills at 40.02, against 40.113/,
2
panic, and franc quotations rose to 5.29. Neverthe- and commercial sixty days at 39.66, against 39.753/i
less, price changes continued wide and frequent. For a week ago. Final rates for Swiss francs were 19.223'
example, there was a jump from 5.12 to 5.25, a de- for bankers' sight bills and 19.233' for cable transfers.
cline to 5.18, another advance to 5.293/, then a re- A week ago the close was 19.26 and 19.27. Copenlapse to 5.20%. Much of this backing and filling hagen checks closed at 17.77 and cable transfers at
was due to the numerous conflicting political questions 17.81, against 17.78 and 17.82. Checks on Sweden
still at issue. Considerable satisfaction is expressed finished at 26.91 and cable transfers at 26.95, which
over the abolition of the coupon certificate law, also compares with 26.91 and 26.95 last week, while
the improbability of any capital levy being imposed. checks on Norway closed at 15.193/ and cable transOn the other hand, failure of the Franco-German fers at 15.233, against 14.23 and 15.27. Spanish
trade negotiations had a dampening influence, in- pesetas closed the week at 14.193/2 for checks and at
874
14.213/b for cable transfers, as compared with 14.19
and 14.21 a week ago.
In South American exchange further progress was
made in return to lower levels and Argentine pesos
declined to 39.46 for checks and to 39.51 for cable
transfers, against 39.60 and 39.65 last week. The
weakness is said to be due to rumors that the Argentine Government is contemplating gold exports
shortly. Brazilian exchange also lost ground, declining to 11.15, but finished at 11.21 for checks and
at 11.26 for cable transfers, in comparison with 11.42
and 11.47 the week before. Chilean exchange, too,
was easier and closed at 10.98, against 11.71, but
Peru was strong and finished at 4.22, against 4.16
last week.
Far Eastern exchange was as follows: Hong Kong,
55/@553',against 559.@56;Shanghai,75%@76%;
against 75%®77%; Yokohama, 39%@,40 (unchanged); Manila, 50@50Yi (unchanged); Singapore,
563'@56m, against 563'4@563'; Bombay, 363.i@
363/ (unchanged), and Calcutta, 363@,36% (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different
countries of the world. We give below a record for
the week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 14 1925 TO FEB. 20 1925, INCLUSIVE.
Clitutitry and Monetary
Unit.
Feb. 14. Feb. 16. I Feb. 17. Feb. 18. Feb. 19. I Feb. 20.
°The new reichsmark 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 $5,024,572 net in cash as a result of the currency movements for the week ended Feb. 19.
Their receipts from the interior have aggregated
$6,026,298, while the shipments have reached $1,001,726, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week ending February 26.
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. 14.
Feb. 16.
Tuesday, Wednesd'y, Thursday, Friday,
Feb. 17.
Feb. 18.
Feb. 19.
Feb. 20.
Aggregate
for Week.
83.000.000 94.000.000 77.000.000 83,000,000 68,000.000 79.000.000 Cr. 484,000.000
Note.
-The foregoing heavy credits retlec the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Feb. 20 1925.
Feb. 21 1924.
Banks of
Gold.
Silver.
Tots .
Gold.
Silver.
Total.
£
England _ _ 128.579,230
128,579.230128,097.611
128,097.600
Frances,.,. 147,256,028 12.200.000 159,456,028147,074,36: 11.885,000 158,959,368
Germany c 35,419,500 d994,600 36.414,100 28,391.200 3.475,900 31,866.600
Aus -Hun_ b2.000,000
b2.000.000 b2,000,000
b2,000,000
Spain ____ 101,439,000 26,277.000 127,716,000101,106,
26,054.000 127.160,000
Italy
35,584,000 3.368.000 38,952.000 35.056,000 3,411,000 38,467,000
Netherl ds 42,042,000 1.453,000 43,495.000 48,476,000
'
844,000 49,320,000
Nat. Belg_ 10,890,000 2,979.000 13,869,000 10,819,000 3,051.000 13,870.000
Switzerl'd 19,950,000 3,609,000 23,559,000 21,471.0
3,591.000 25,062,000
Sweden
13,014,000
13,014,000 15,092.1:1
1
15,092,000
Denmark
11,638.000 1,025,000 12,663.000 11,643,011
468,000 12.111.000
Norway
8,180 000
8,180,000 8,182,I I
8,182,000
Total week 555,991,758 51,905.600607.897,358557,408,18:'52,779,400 10,187,568
Prey. week 552,891,737 52,050,600604,942,337557,363,75 51,951,400609,315,150
a Gold holdings of the Bang of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £7,870,000 held abroad. d As of Oct. 7 1924.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
$
EUROPEAustria, krone
.000014 .000014 .000014 .000014 .000014 .000014
.0505
.0503
.0506
.0507
Belgium. franc
0500
.0505
Bulgaria. ley
007322 .007325 .007322 .007344 .007300 .007343
Czechoslovakia. kron .029597 .029626 .029675 .029670 .029637 .029629
.1779
.1780
.1777
Denmark. krone
.1777
.1781
1779
England, pound ster4.7744
4.7706
4.7611
4.7625
4.7672
4.7713
ling
Finland, markka
.025208 .025196 ,025205 .025213 .025211 .025183
0516
.0524
.0528
.0525
.0522
.0524
France, franc
.2380
.2380
.2380
.2380
.2380
Germany.relchsmark .2380
Greece, drachma
.015984 .015711 .015706 .015658 .016035 .015959
.4017
.4017
.4011
.4006
Holland, guilder
4017
.4011
Hungary, krone
.000014 .000014 .000014 .000014 .000014 .000014
.0412
.0411
Italy, bra
.0410
.0410
.0409
.0410
.1525
.1525
Norway, krone
.1525
.1523
.1522
.1524
.1918
Poland, zloty
.1919
.1918
.1918
.1918
.1918
.0492
Portugal, escudo
.0487
.0489
.0492
.0491
.0496
Rumania,len
.005121 .005114 .005095 .005064 .005066 .005026
.1420
.1418
.1423
.1421
.1419
.1421
Spain, Peseta
.2694
2693
.2695
.2694
.2695
Sweden, krona
.2695
.1925
.1925
.1923
.9122
Switzerland. franc__ .1925
.1923
Yugoslavia, dinar.__ .010348 .016332 .016322 .016311 .016261 .016204
ASIAChina.7752
.7767
.7746
.7729
.7754
.7729
Cheefoo, tad
.7745
.7759
.7663
.7725
.7747
.7725
Hankow,tad
.7521
.7539
.7575
.7538
.7516
.7516
Shanghai, tael
.7852
.7900
.7846
.7875
.7825
.7829
Tientsin, teal
.5525
.5542
.6534
.6541
.5522
Hong Kong. dollar_ .5538
.5538
.5500
.5498
.5488
.5508
.5488
Mexican. dollar_
Tientsin or Pelyang,
.5550
.5533
.5542
.5517
5546
.5529
dollar
.5671
.5646
.5654
.5642
.5663
.5650
Yuan, dollar
.3578
.3574
.3588
.3566
.3564
.3574
India, rupee
.3894
.3907
.3894
.3889
.3916
3899
Japan, yen
.5547
.5538
.5559
.5543
.5513
Singapore(S.S.),dollar .5538
NORTH AMER.
.998392 .998490 .998382 .998510 .998833 .998860
Canada, dollar
1 000156 1.000156 1.000156 1.000156 1.000094 1.000094
Cuba, peso
.493250 .493417 .493833 .493167 .493000 .493833
Mexico, peso
Newfoundland, dollar .995781 .995885 .995781 .995938 .995938 .996302
SOUTH AMER..8971
.8964
.8974
.8975
.8997
Argentina, Deno (gold) .
8978
.1111
.1118
.1131
.1139
.1116
.1134
Brazil, milreis
.1076
.1088
.1085
.1092
.1072
(paper)._ 1065
Chile, peso
.9540
.9409
.9536
.9448
.9535
9551
Uruguay, peso
Banks'interior movement
[VOL. 120.
TELL CHRONICLE
Into
Banks.
$6.026,298
Out of
Banks.
Gain or Lose
to Banks.
S1,001,7261Gain $5,024,572
Politics and the French Franc.
The sudden decline of the franc at the end of last
week, although followed by quick recovery, has
brought renewed discussion in France not only of
the immediate problem of exchange, but also of the
general financial situation of the country. Premier
Herriot, in a speech in the Chamber of Deputies on
Monday, declared against inflation, pleaded for public confidence in the franc, and urged that politics
be kept out of the question. Al. Louis Loucheur, who
followed Al. Herriot the next day with a speech in
which he went out of his way to pay tribute to the
financial ability of the former Premier and Finance
Minister, M. Caillaux, offered a number of suggestions for stabilizing the franc and improving the position of the Treasury. The suggestions included a
foreign loan of $200,000,000, to be used in part as
additional "munitions" for the protection of exchange, the issuance of "Dawes plan bonds" secured
by German railways or industries, the conversion by
the Bank of France of "a certain amount of commercial paper into dollars and pounds for foreign purchases of raw materials," and various reforms in the
taxing system. The Minister of Finances, Al. Clementel, who has spoken twice on the subject during
the week, has insisted that the franc could not at
present be stabilized on a gold basis, but has urged
that it could be given "an upward tendency" in proportion as domestic and foreign loans were diminished. In his remarhs on Thursday he intimated
that further American loans to th.. amount of $135,000,000 had been promised. The immediate introduction of various bills designed to insure a prompter
payment of taxes and remove certain popular objections to tax procedure was also promised. ,
It should apparently be clear by this time to the
French public, as it has from the first been clear to
FEB. 211925.]
THE CHRONICLE
875
French bankers and business men, that the problem on any terms less substantial than those on which
Of the franc cannot be dealt with as a thing wholly the loans were issued.
separate from other financial problems. The probNo one who knows France will draw the hasty conlem of stabilizing the franc is only a part of the gen- clusion from recent events or discussions that France
eral problem of how best to insure financial stabil- is about to repudiate its debts, nor is there reason to
ity and efficiency in France, and nothing of perma- fear that inflation will be deliberately resorted to in
nent importance can be accomplished for the franc the specious hope of thereby "saving the franc." It
unless other aspects of the financial situation are is to the interest of every country that desires the
also kept in view. This intimate dependence of one stabilization of its own currency that France should
part of the financial system upon all the.others is be helped to solve its financial problems as quickly
very well brought out by an eminent Paris banker, M. as possible, and that the difficulties to be dealt with
Georges Benard, in a public address delivered on should be fully realized and sympathetically underDec. 10 at the School of Advanced Social Studies, a stood.
copy of which has just reached us. M. Benard points
The difficulties are admittedly serious. The
out that the financial situation of a country is de- depreciation of the franc makes it easy to insinuate
termined by four things in particular, namely its that France must be financially unsound, and exmoney,its budget and treasury system, its debts, and poses the franc to raids from abroad and the embarthe state of its trade and industry. In the first rassment of excessive selling at home. Certain
three of these respects, at least, and to some extent sources of revenue that were of great importance bein the fourth, France finds herself at a disadvantage. fore the World War have considerably diminished in
With one European country after another returning consequence of that struggle. M. Benard, in the adto the gold standard after years of depreciation and dress which has been referred to, estimates that the
inflation, the only stabilization of the French franc total volume of French foreign loans in 1914
that will be final is the establishment of its parity amounted to about 40,000,000,000 francs gold, reprewith gold; and while, as M. Clementel has said, such senting approximately 1,200,000,000 francs of annual
parity at the moment is impossible, every expansion income to French investors. Prior to 1914, moreover,
of note circulation beyond the recognized limit of there was no foreign debt. As a result of the war,
safety, every hint of a possible resort to inflation, however, French loans abroad have been greatly reand every addition to the volume of foreign or domes- duced by the enforced sale of the securities, and from
tic debt that does not make existing debts easier to being a creditor nation second only to Great Britain,
bear,is a step away from stabilization. M.Loucheur, France has become a debtor. The reconstruction
for example, in the speech that has just been re- of the invaded departments has been a colossal burferred to, agreed with M. Herriot that inflation was den, and although the revenue in taxes from the reto be avoided. It is not quite clear, from the reports stored departments is expected to reach 2,000,000,of his remarks, whether by inflation here is to be 000 francs for the present find year, the interest
understood anything more than the issuance of addi- and principal of the reconstruction outlay will be a
tional notes by the Bank of France, beyond the pres- heavy load for years to come. The reorganization of
ent legal limit, and their loan to the State, but the French industry to include quantitative as well as
issuance of additional notes against commercial pa- qualitative production, apparently necessary if the
per would also have to be carefully managed, in the new resources of coal and iron acquired from Gerpresent unstab:e condition of the franc, if something many are to be utilized effectively, is a task of farakin to inflation is to be avoided.
reaching magnitude. To these difficulties are to be
Similarly, as M. Benard points out, the balancing added a national reluctance to submit to inquisitoof the budget will be only a matter of form, or a feat rial methods in taxation, the limited use of bank
of financial legerdemain, if the receipts from taxes checks in ordinary commercial trattsactions as comor other revenue sources is not in fact sufficient to pared with many other countries, and a habit of
meet the annual expenditures, including not only the hoarding which makes difficult the accumulation of
running expenses of the Government, but also the in- a gold reserve.
terest and amortization of the debts. It is somewhat
M. Herriot hit the nail on the head, however, when
surprising to find M. Loucheur, whose reputation as he asked that politics be 'divorced from the franc.
a great industrialist and man of affairs is high, sug- The trouble with the franc, as with the whole quesgesting that the French internal debt, which stands tion of financial reorganization,lies in the persistent
at 225,000,000,000 francs in M. Clementel's recent treatment of public finance, in all its aspects, as a
"national balance sheet," should be scaled down to political issue. Each of the major French parties
approximately 100,000,000,000 francs on the ground has some kind of a panacea for the financial ills, but
that that is its market value at prevailing rates of each remedy is compounded with a view to some
exchange. It will be recalled that Alexander Hamil- party advantage. Unfortunately for M. Herriot, his
ton, in reporting to Congress his great plan for fund- own political position is precarious, partly because
ing the American national debt in 1790, took his of the strength of the Opposition in the Chamber of
stand on the principle that the foundation of na- Deputies, partly because his own policy is not distional credit is good faith; and he insisted that the tinctive, and partly because other questions than
debt, both foreign and domestic, should be funded those of the franc and the debts clamor for attention.
at its face value as issued, including the arrears of The attitude of the Herriot Government towards the
interest, notwithstanding that in the market the cer- question of national security does not appear to diftificates of the debt were then,. and long had been, fer materially from that of the Poincare Government
quoted far below par. It may well be doubted if the which preceded it; -recent Communist demonstraFrench public, which up to the present times appears tions have kept public opinion at a tension, and the
to have invested its savings with extraordinary will- controversy over diplomatic relations with the Vatingness and confidence in French Government secu- ican threatens to become of serious party importance.
rities, will consent to have its investment reimbursed It is difficult for M. Herriot, under such circum-
876
THE CHRONICLE
stances, to bring about such a union of parties as is
necessary if a comprehensive program of financial
reform is to be undertaken, especially when the program itself, if it is to succeed, must push to greater
lengths than ever both retrenchment and taxation.
M.Loucheur, in his speech on Tuesday, quoted from
M. Caillaux a passage in which that eminent financier indicated the road that France must travel:
[VoL. 120.
"Work and economy—that is the regimen. Plenty
of taxes, terrific taxation of all revenues without exception, inexorable taxation of wealth are the only
remedies. Aside from these all else is chimera." The
language is graphic and the precept perhaps exaggerated, but the homely truth that it contains is the
same for France that it has been for Great Britain
and the United States.
The Trust Companies in New York and Elsewhere
Continuing the practice begun by us a long time given up. In the course of our present remarks we
ago, we print on subsequent pages our annual com- shall have occasion to refer to both types of merger.
parative returns of the trust companies in this city The truth is, as a consequence of such combinations
(Manhattan and Brooklyn boroughs) and also those there has been so much shifting from the trust comin Boston, Philadelphia, Baltimore and St. Louis, pany list to the bank group, and vice versa, that combringing down the figures to the close of 1924. For parisons between one period and another period over
this city the figures, as far as the liabilities and a series of years is considerably disturbed thereby. '
assets of the different companies are concerned, are
Nevertheless, the fact which stands out verymm.
those furnished to the Superintendent of Banking at inently the present year, as it did last year and the
Albany, under his latest call, namely Nov. 15 1924. year before, amid all the changes, is that while in.
As has been many times pointed out by _us, it was 1920 and 1921 the trust companies, like the mercan-'
the practice of the Banking Depatrment for a quar- tile banks, had their deposits drawn down under the
ter of a century or more to require reports for the influence of business depression, credit restriction and
closing day of the year, but this was changed in price deflation, on the other hand, in 1922, 1923 and
December 1911 by the then executive head of the 1924 the trust 'companies no less than the banks
Department, and from that time to 1914 various enjoyed renewed growth in their deposits with the
dates in December were fixed as the time of the return to normal conditions, even if not unalloyed:
return, while in December 1915 the last day was prosperity. For the Greater New York aggregate
again chosen,but for 1916the date was dropped back to deposits between Nov. 12 1919 and Nov. 15 1921 fell
Nov. 29, for 1917 to Nov. 14, for 1918 to Nov. 1, from $2,443,087,071 to $2,001,080,342. By Nov. 15'
while for 1919 the date was fixed at Nov. 12, and for 1922 the amount was back to $2,208,982,617; for
1920, for 1921, for 1922, for 1923 and for 1924 at Nov. 15 1923 it was up to $2,486,238,620, or larger
Nov. 15. The Superintendent who inaugurated the than before, and now for Nov. 15 1924 has risen to
departure evidently contemplated that there should $3,031,376,388, or the largest figures on record.
always be a return for some date in December,though It is well enough to add, as we did last year, that
the date was not to be known beforehand. Suc- were it not for certain mergers which have taken
ceeding incumbents of the office have not felt bound several trust companies out of the trust company
by any such rule, and accordingly have named a day list the recovery and further progress in 1922, 1923,
in November.
and 1924 would have reached still larger proportions.'
As was to be expected, in view of the activity of Not only that, but the disappearance of certain trust
trade and the general prosperity of the country, the companies from the list served greatly to increase the
latest figures of these trust company returns show loss resulting from business depression in the two
further recovery .and growth in both deposits and years from 1919 to 1921. Thus the Irving Trust
aggregate resources. We say further "recovery" Company, which on Nov. 12 1919 had reported agbecause in 1920 and 1921 the experience of the trust gregate deposits of $76,278,940, was on April 19
companies was like that of the commercial banks in 1920 merged in the Irving National Bank, while on
showing a noteworthy shrinkage in both items. And, May 1 1920 the Franklin Trust Co., which the preas a matter of fact, as we have frequently pointed vious Nov. 12 had reported deposits of $25,278,176,
out in the past, the fluctuations in the items referred was merged in the Bank of America and also disto in the case of the trust companies always corre- appeared from the trust company returns. The
spond quite closely with the fluctuations in the same elimination of these two institutions from the trust
items in the case of the banks. The business of the company list accounted for over $101,000,000 of the
two classes of institutions is becoming more or less $288,000,000 loss in deposits shown in 1920. Then
similar, at least in this city. 'While the New York in 1921 there occurred the absorption of the Hamiltrust companies cannot be said to be doing a mercan- ton Trust Co. of Brooklyn by the Metropolitan Bank,
tile business in the ordinary sense, not a few of the while in 1922 there were several other mergers which
banks are assuming trust company functions, be- operated to take trust companies out of their class.
sides which there have been in recent years several For instance, in April 1922 the Mercantile Trust Co.
important amalgamations of trust companies with of this city was taken over by the Seaboard National
banks, and in such instances the consolidated insti- Bank and in July 1922 the Lincoln Trust Co. was
tution of course continues both the former mercan- merged in the Mechanics & Metals National Bank.
On the other hand, in the consolidation in Septemtile business and the trust company work. In some
of these amalgamations the result has been to trans- ber 1922 of the Bank of New York with the New York
fer a bank to the trust company list, the charter of Life Insurance & Trust Co. and the continuance of
the bank being surrendered and the charter of the the operations of the combined institutions under the
trust company retained, while in other cases the title of Bank of New York & Trust Co., with reteneffect has been to transfer a trust company to the tion of the trust company charter, the trust combank group, the charter of the trust company being pany list got the benefit of the additional deposits
FEB.211925.]
THE CHRONICLE
877
of the Bank of New York, which the previous Decem- rising in all recent years. For the Greater New
ber were reported at $52,946,000. Furthermore, in York it was $104,700,000 Nov. 12 1919; $116,983,1923, through another consolidation, the Irving Na- 300 Nov. 15 1920; $125,500,000 Nov. 15 1921;
tional Bank once more resumed its place among the $127,600,000 Nov. 15 1922; $159,000,000 for Nov. 15
trust companies. In other words, on Feb. 7 1923 the 1923, and is now $163,000,000 for Nov. 15 1924.
Columbia Trust Co. was consolidated with the
The item of surplus and profits which in 1921
Irving National Bank and the combined institution showed some shrinkage (owing, no doubt, to diminbecame the Irving Bank-Columbia Trust Co. This ished profits as well as the charging off of heavier
last mentioned change disturbed greatly the compari- losses than usual), has made new high record totals
son between November 1923 and November 1922, each year since then. Surplus and profits for the
tending to make the imprOvement in the trust com- trust companies in the Greater New York stood
pany totals for the 12 months very much larger than at $219,006,842 Nov. 15 1924, against $202,022,101
it really was, for while in 1922 the Columbia, Nov. 15 1923; $197,338,717 Nov. 15 1922; $175,standing by itself, reported deposits of $89,613,080, 565,266 Nov. 15 1921; $187,349,468 Nov. 15 1920,
the Irving Bank-Columbia Trust Co., in its report and $179,326,098 Nov. 12 1919. For the whole
for Nov.15 1923,showed total deposits of no less than State, including the Greater New York, the surplus
$307,569,734. At the same time, however, the re- account (with all undivided profits) Nov. 15 1924
entry of the Irving into the trust company list evens was $263,732,250, against $242,049,428 Nov. 15
up the comparisons with earlier years—the years 1923; $235,322,04 Nov. 15 1922; $209,223,7
75
prior to 1920. Nevertheless, this still leaves the Mer- Nov. 15 1921; $219,945,439 Nov. 15 1920,
and
cantile Trust Co. and the Lincoln Trust Co., both of $211,441,830 Nov. 12 1919.
this city, as also the Franklin Trust Co. of Brooklyn
The trust companies have practically stopped borand the Hamilton Trust Co. of the same borough,for- rowing and have only relatively small
amounts of
merly appearing among the trust companies, still bills payable and rediscounts outstandin
g. During
outside the fold. On the other hand, the business the war period, when the trust companies
, like the
and operations of two banks of considerable size banks, were financing heavy purchases
of United
were during 1923 absorbed by trust companies, States Government obligations
for themselves and
serving thereby to swell the trust company totals. their customers, these institution
s had recourse to
On June 29 1923 the Equitable Trust took over the the loaning facilities
of the Federal Reserve Bank of
Importers & Traders National Bank, with deposits New York on quite
an extensive scale. For all the
of approximately $30,000,000, and on Aug. 14 the trust companies in
Greater New York the total of
Manufacturers Trust Co., which in previous years the bills payable outstandin
g Nov. 15 1924 was
had absorbed several other banks, took over the Co- only $757,435, with
$2,000,971 of rediscounts, or
lumbia Bank with deposits of about $31,000,000. A $2,758,406 together. This
compares with $16,981,smaller transaction of the same nature was the ab- 613 Nov. 15 1923; $9,281,621 Nov.
15 1922; $35,631,sorption in April 1923 of the Terminal Exchange 000 Nov. 15 1921; $242,934,4
56 Nov. 15 1920, and
Bank with deposits of about $3,000,000 by the Hud- $230,815,610 Nov. 12 1919.
son Trust Co. Contrariwise, in 1924 the Commercial
Passing now to a consideration of the assets, the
Trust, which on March 20 1924 had deposits of $12,- feature is the further increase
in the collateral loans,
409,310, two months later was absorbed by the East the largest single item
among the investments of the
River National Bank and disappeared from the trust trust companies
. Such loans have always been a
company field. As against this, however, we have favorite form
of investment with these institutions,
in 1924 three entirely new trust companies, namely and the further
increase in the item appears natural
the Anglo-South American with deposits Nov. 15 in view of the
further expansion in the deposits. For
1924 of $11,353,874, the Banca Commerciale Itali- the Greater
New York the aggregate of these loans
ana with deposits of $4,509,863 and the Brotherhood fell from
$1,115,503,148 Nov.12 1919 to $896,288,916
of Locomotive Engineers Corp. Trust with deposits Nov.
15 1920, and further declined to $744,386,339
of $5,218,301. The Hudson Trust was on July 9 Nov.
15 1921, but recovered to $846,437,293 Nov. 15
1924 merged in the Empire Trust.
1922, to $859,511,995 Nov. 15 1923, and now for
For the whole State the deposits of the trust com- Nov.
15 1924 is up to $1,202,283,870. It is the
panies, after having fallen from $2,885,355,813 Nov.
bill holdings, .however, that have increased most
12 1919 to $2,672,289,441 Nov. 15 1920 and then to and
the inclusion of the Irving Bank-Columbia
$2,497,547,429 Nov. 15 1921, on Nov. 15 1922 got
Trust, with its large banking business of a strictly
back to $2,770,799,561, for Nov. 15 1923 were up to
commercial nature, is mainly responsible for this.
$3,090,947,512, and for Nov. 15 1924 have jumped
The designation of the item in the statement given
to $3,743,655,185. As indicating the magnitude out by
the State Banking Department is "Loans,
to which trust company operations in this State have Discounts
and Bills Purchased Not Secured by Colrisen (the vast preponderating portion of the whole
lateral" and the aggregate amount for the trust
being, of course, contributed by the trust companies
companies in Greater New York is reported as
of this city), it should not escape notice that when
$626,867,758 for Nov. 15 1924 and as $620,301,146
capital, surplus and the various other items that go for
Nov. 15 1923, against $448,204,530 Nov. 15 1922;
to make up the balance sheet, are added, the aggre- $486,467,5
00 Nov. 15 1921; $646,822,007 Nov. 15
gate of the resources for Nov. 15 1924 is found to 1920,
and $479,327,753 Nov. 12 1919.
have been no less than $4,464,409,883.
The stock and bond investments, which the preCapital stock was found on Nov. 15 1922 to have vious
year decreased, in 1924 again increased, and
been at the highest figure ever recorded, notwith- the aggregate for
the companies in the Greater New
standing the elimination of so many companies from York on Nov.
15 1924 was $761,457,826, against
the list, and for Nov. 15 1923 and Nov. 15 1924 a $578,844,733 Nov. 15 1923; $607,744,730
Nov. 15
further large addition to the total is to be noted. 1922; $480,806,007 Nov. 15
1921; $460,767,809
As a matter of fact, the total has been steadily Nov. 15 1920, and $570,213,964 Nov. 12 1919. The
real estate held does not vary greatly from year to
Year and for the companies in Greater New York was
$46,500,246 Nov. 15 1924, against $51,050,870
Nov. 15 1923, $48,900,549 Nov. 15 1922; $45,975,995
in November 1921; 5,052,851 in November 1920
and $44,703,110 in November 1919. The amount
of bonds and mortgages owned has heretofore varied
comparatively little from year to year, but during
the last two years has substantially increased, the
total for November 1924 for the trust companies of
-the Greater New York being $76,177,295, against
$73,340,713 in November 1923; $55,660,301 in November 1922; $60,374,001 in November 1921; $58,694,686 in November 1920, and $60,599,653 in 1919.
The reserve held by the trust companies with the
Federal Reserve Bank has increased during the last
two years, as would be expected from the inclusion
of the Irving Bank-Columbia Trust Co., with its
large volume of deposits. The amount due from the
Federal Reserve Bank of New York, less offsets,
combined with the amount due from approved reserve
depositories, less offsets, aggregated for the trust
companies of the Greater New York, $338,428,608
Nov. 15 1924, against $260,735,096 Nov. 15 1923;
$243,672,704 Nov. 15 1922; $234,304,212 in November 1921; $196,965,929 in November 1920, and
$238,737,114 in November 1919.
The trust companies never hold large sums of cash
in their own vaults and the holdings of "specie" in
November 1924 were only $3,493,095 and November 1923, $3,460,696, which compares with $4,000,736 November 1922; $5,233,340 in November
1921; $8,877,761 in 1920, and $11,138,921 in 1919.
In addition, they reported $18,279,919 of "other
currency authorized by the laws of the United States"
in 1924, against $23,795,804 in 1923, $17,851,658 in
1922,417,704,536 in 1921, $19,419,590 in 1920, and
$23,315,808 in 1919. The remaining cash items,
viz.: "exchanges and checks for next day's clearings
and other cash items," aggregated $141,416,538
Nov. 15 1924, against $260,573,825 Nov. 15 1923,
$164,352,748 Nov. 15 1922; $146,059,871 in 1921;
$167,713,628 in 1920, and $105,552,258 in 1919.
In the foregoing we have been dealing with the
trust companies as a whole. As far as the separate
companies are concerned, the elaborate statements
on subsequent pages will enable the reader to ascertain what the experience of each company has been
as between 1924 and 1922. To furnish a sort of
general survey we introduce here the following table
comprising all the companies in the Boroughs of
Manhattan and Brooklyn, and showing the deposits
on Nov. 12 1919, Nov. 15 1921, Nov. 15 1922 and
Nov. 15 1923 and Nov. 15 1924. The comparisons
with the year preceding, it will be seen, very generally
show increases, some of them very heavy increases.
TRUST COMPANIES AT OTHER POINTS.
Borough of
Manhattan.
[Vol,. 120.
THE CHRONICLE
878
Non, 15
1921.
$
Americart_m_
9,082,733
Anglo-Sou.
Amer. Tr _
Banat Corn
Ital'a Tr. _
Bankers
317,536,146
Bank of N.Y.
& Trust Co
Broth'dLoc
Eng Corp
Trust Co. Central_ k•_ _
Union Ti'... 1211,438,902
8.717,627
Commercial Empire
50,412,043
Equitable _ 234,016,518
FarmersLoa.
At Trust__
166.688.021
Fidelity-In
nationaL—
12,944.106
Fulton
0 ai2 355
Non. 15
1922.
Nov. 15
1923.
Nov. 15
1924.
$
15,448,676
Noo. 12
1919.
$
20,967,001
$
24,097,029
$
35,379,562
11,353,874
4,509,863
280,452,276 283,671,486 288,329,316 376,886.759
83,211,438
76,438,740
81,883,620
5,218,301
193,635,185 217,471,708 190,257,153 254,238,875
13,423,949
(c)
10,226,154
7,284,656
47,160,104 47,049,340 46,045,438 63,834,250
206,458,79 224,320,479 277,523,395 375,143,005
134,064,853 138,433,864 130,179,259 156.636,540
21,127,153
g 814 322
20,643,042
10.717.642
21,742.909
10.381,903
20,783,513
12,171.861
Nov. 12
1919.
Nov. 15
Nov. 15
Nov. 15
1924.
1923.
1922.
.
$
$
$
$
$
Guaranty -- - 725,510,455 430,834,259 468.327,449 449,253,120 567,472,304
Hudson
8,268,864
7,007,493
6,998,342
10.891,870
(d)
Irving-b- 76.278,940
(q)
(41)
1 307,569,734 349,924,465
Columbia - 95,643,900 83,256.238 89,813,080 1
Italian Disc't
& Trust- - 17,372,888
12,044,482
7,286,281
9,514,869
5,917,410
Lawyers'TI.i
& Trust-- - ) 19,542,725 17,167,726
18,986,072
19,204,669 20,019,826
Home
J
Lincoln
26,622,801 25.773,985
(u)
(u)
(u)
Mercle Tr.h. 16,219,446 18,437,450
(v)
(1.)
(v)
Metropolitan
39,022.670 27.779,992 44,810,582 43,781.796
48,803,080
N.Y.L.I.da
23.483,727 24,962,284
(w)
(w)
(w)
New York
67.056.267 160,065,302 179,442,860 198,075,841' 212,556,252
Title Gu.&T. 33,070,973 34,305,53
39,818,411
39,977.177 41,804.575
Trust Co of
NA.. NY_
1,205.241
U.S.Mtg.&T
61,722.175 52,019,127 58,878,922 52,402,873 60,291,099
United States 49,639.976
52,119,108 56,101.587 49.297,663 56,530,870
Borough of
Manhattan,
Nov. 15
1921.
Total,a _ -- 2,780,534,2711,880,219,0012,025,825,4662,256,778,1332,765,133,810
Borough of
Brooklyn.
Brooklyn.--- 37,744,025 34,058,891
43,680,41: 40,721,552 50,643,124
Franklin_ ___
25,278,176
(r)
(r)
(r)
(r)
Hamilton ___
8.500,654
(t)
(t)
(t)
(t)
Kings County 24,941,377 23,269,374 26,007,74. 29,639,416 33,301,397
Manufact'rsCitizens_e_
31,784,319 41,809,290 57,325,834 104,363,399 117,422,419
Midwood A
1.308,694
2,359,503
3,207,933
5,560,646
People's
34,304,219 40,415,092 53,783,651
51,528,187 59,314.992
Total
162.552,800 140,861,341
183,157,151 229,460,487 266,242,578
TotalGreater
,
.
.
.
,
,
.
. 86,238,620 3.031,376,3
a Corporation'Trust included in total for previous years with deposits of 85,158
for Nov. 15 1921.
b Flatbush Trust of Brooklyn was consolidated with Broadway of New York
City March 6 1912. The Broadway changed title to Irving Trust Nov. 30 1917
and Market dt Fulton National consolidated with Irving In March 1918. OD
April 19 1920 the Irving Trust was merged in the Irving National Bank and dieappeared from the trust company list. On Feb. 7 1923 the Columbia Trust Co.
was consolidated with the Irving Bank, the new institution becoming the Irving
Bank-Columbia Trust Co., and accordingly reappeared in the Ulan company list.
c Commercial Trust Co. merged in May with the East River National Bank after
first having been converted to a national bank. See "Chronicle," page 2536.
d Hudson Trust Co. merged on July 9 with the Empire Trust Co. under name of
Empire Trust Co.
e Citizens Trust Co. took over Manufacturers' National Bank Aug. 12 1914,
becoming Manufacturers' Trust Co., which absorbed the West Side Bank, New
York City, June 15 1918, the Ridgewood National Bank Sept. 1 1921, the North
Side Bank of Brooklyn April 28 1922,the Industrial Bank of New York City Dec.15
1922. and the Columbia Bank Aug. 14 1923.
h Mercantile Trust began business May 1 1917.
k Central and Union consolidated June 18 1918.
m American Trust organized Jan. 27 1919, absorbed Queens Co. Trust Sept. 1910.
p Italian Discount & Trust began business Nov. 11 1918.
Merged in Irving National Bank April 19 1920.
r Merged in Bank of America May 1 1920.
s Began business Sept. 1920.
t Hamilton Trust merged in Metropolitan Bank Jan. 29 1921.
u Lincoln Trust merged in Mechanics & Metals National Bank July 1922.
•Mercantile Trust merged in Seaboard National Bank April 1 1922.
w New York Life Insuranee & Trust merged with Bank of New York, forming
Bank of New York & Trust Co. Sept. 1922.
TRUST COMPANIES AT OTHER POINTS.
In the case of the trust companies at Boston,
Philadelphia, Baltimore and St. Louis, the figures
as presented on subsequent pages for the different
institutions are all our own, we having in each instance made direct application for them to the companies, though in a few instances, where our requests
met with no response, we have had to have recourse
to official statements made in pursuance of calls of
the public authorities. In the nature of things, as
we are entirely dependent upon the companies themselves for the figures, and no general data of an official kind are available, comprehensive totals an I
elaborate details, such as are possible for the institutions of New York, are out of the question. Our summaries for these other centres are such as we have
been able to prepare ourselves and necssarily are
limited to a few leading items. Nor are the returns
in those instances cast on uniform lines, nearly every
company having its own distinct method of classification, making general footings out of the question,
except as regards those few common things treated
alike by all, and which have definite, established
meanings, such as capital, surplus and deposits.
Practically all the Boston companies show increases in the various items. The number of institutions remains the same, but capital has increased
from $18,650,000 to $18,750,000, an increase by the
Bank of Commerce & Trust Co. from $500,000 to
$600,000 accounting for the expansion in this item.
Deposits have risen from $323,701,085 Dec. 31 1923
to $372,741,230 on Dec.31 1924. Aggregate resources
are up from $413,589,466 Dec. 31 1923 to $438,755,964 Dec. 31 1924. Surplus and profits show a small
FEB.21 1925.]
THE CHRONICLE
decrease—from $30,089,158 Dec. 31 1923 to $29,719,764 Dec.31 1924.
The following furnishes a comparison for the various items for the last 25 years:
BOSTON.
Dec. 31 1900 (16 cos.)
Dec. 31 1901 (16 cos.)
Dec. 31 1902(18 cos.)
Dec. 31 1903(19 cos.)
Dec. 31 1904(19 cos.)
Dec. 31 1905(19 coo.)
Dec. 31 /905 (16 coo.)
Dec. 31 1907(19 cos.)
Dec. 31 1908(19 cos.)
Dec. 31 1909(19 coo.)
Dec. 31 1910(19 coo.)
Dec. 31 1911 (19 cos.)
Dec. 31 1912(21 coo.)
Dec. 31 1913(23 coo.)
Dec. 31 1914(24 004.)
Dec. 31 1915(28 coo.)
Dec. 31 1916(29 coo.)
Dec. 31 1917(29 coo.)
Dec. 31 1918(30 coo.)
Dec. 31 1919(31 cos.)
Dec. 31 1920(28 coo.)
Dec. 31 1921 (23 cos.)
Dec. 31 1922 (21 cool
Dec. 31 1923(17 coo) '
Dec. 31 1924 (17 eqs.)
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
$
8,450,000
9,000,000
11,100,000
12,100,000
12,500,000
12,500.000
11,100,000
11,750,000
11,750,000
12,150,000
12,250,000
14,850,000
16,250,000
17,250,000
17,450,000
18,480,200
19.150,000
21,479,800
21,650,000
26,077,000
25.329,300
23,450,000
23,850.000
18,650,000
18,750,000
$
10,285,659
12,294,798
15.779,627
18,629,264
19,702,108
20,841,502
22,551,499
23,699,740
24,610,326
25,002.793
27,349,902
26,234,350
28,108,699
29,358.660
28,143,017
24,261,485
26,174,836
27,419,977
29,107.018
33.978,583
34.573,485
34,983,448
32,900,905
30,089,158
29,719,764
$
89,461,044
107,991,782
116,264,790
112,281,257
139,851,205
148,033,197
158,213,825
125,254,672
173,765,331
185,937,983
189.153,760
216,926,992
207,263.762
213,973.959
225.532.137
293,833,516
337,625,256
363,551,440
415,355,824
503,450,567
429.925,262
392,924,224
448,844,659
323,701,085
372.741.230
$
108,196,703
129,286,580
143.144,417
143,010,521
172,053,316
181,397,833
191,885,062
160,704,413
210,125,657
224,090.823
228,753,662
258,248,402
251.622,061
280,582,620
269,125,155
335,704,220
383,460,073
414,609,945
466,298,772
560,098,234
495,145,455
456,810,076
507,282,285
413,589.466
938.755,964
Changes in Philadelphia institutions have again
been considerable. The number of companies has
increased from 76 to 81 through the addition of
seven new companies and the disappearance of two—
the Mortgage Trust Co. having been dissolved and
the Wayne Junction Trust Co. absorbed by the
United Security Life Insurance & Trust Co. We
have prepared the following table which shows at a
glance the changes which have taken place in the
last year:
risen from $19,596,373 to $20,909,399; deposits from
$137,383,255 to $164,890,476, and aggregate resources
from $190,993,117 to $203,393,123. In tabular form
the comparisons are as follows:
BALTIMORE.
Dec. 31 1913(10 cos.)
Dec. 31 1914 (10 cos.)
Dec. 31 1915 (11 cos.)
Dec. 31 1916 (11 cos.)
Dec. 31 1917 (11 cos.)
Dec. 31 1918(11 cos.)
Dec. 31 1919 (12 cos.)
Dec. 31 1920 (12 cos.)
Dec. 31 1921 (13 cos.)
Dee. 31 1922(13 cos.)
Dec. 31 1923 (14 cos.)
rs.... •21 1110A 11A .....e. %
Capital.
$250,000
199,500
125,000
125,150
132.804
137,300
200,000
INCREASES IN CAPITAL.
Aldine Trust Co
from $750,000 to $1,000,000
Commonwealth Title Insurance & Trust
from 1,000,000 to 1,451,575
Community Trust Co
159.200
134,615 to
from
Empire Title & Trust Co
200,000 to
from
221.225
Jefferson Title & Trust Co
from
200,000
175,450 to
Mannheim Trust Co
from
150,000
139,770 to
North Philadelphia Trust Co
from
500,000
250,000 to
Oxford Bank & Trust Co
500,000
250.000 to
from
Pennsyl'anis Co. for Insurances on Lives, &c
from 2,000,000 to 3,964,990
Richmond Trust Co
139,200
132,100 to
from
COMPANIES DISAPPEARING FROM THE LIST.
Capital.
Mortgage Trust Co. (dissolved)
$50,000
Wayne Junction Trust Co. (absorbed by United Security Life Insurance
& Trust Co.)
160,000
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
S.
8,950,000
8,950,000
8,650,000
8,650,000
8,650,000
8,650,000
9,150,000
10,250,000
10,800.000
11,500,000
13,000,000
10 onn Ann
$
12,177,127
11,407,783
11,851,317
12,539.306
12,765,927
13,309,150
14,099,513
14,967,987
15,988,624
17,361,792
19,596,373
22 220 2C141
$
45,131,061
52,212,492
72,128,718
82.523,300
89,537,806
85,714,838
116.199,900
108,508,855
110,811,291
137,308,934
137,383,255
1/14 124111 4/7/1
$
66,058,188
73,170,115
93,230,098
103,712,606
110,986,411
107.773,988
140,749,413
138,393,143
140,781,858
169,330,708
190,993.117
20.3 WA 123
St. Louis shows an increase of three in the number of companies, the following institutions having
begun business in 1924: Chippewa Trust Co. (succeeding the defunct Chippewa Bank), capital $200,000; Lindell Trust Co., capital $200,000, and the
Park Savings Trust Co., capital $50,000. Aggregate
capital has accordingly increased from $12,950,000
Dec. 31 1923 to $13,400,000 Dec. 31 1924; deposits
have risen from $170,608,193 to $193,958,238, and
aggregate resources from $207,629,421 to $225,731,883. Surplus and profits show a slight decrease,
from $16,147,139 Dec. 31 1923 to $15,620,518 on Dec.
31 1924. Comparison for a series of years is as follows:
ST. LOUIS.
NEW COMPANIES.
Bank & Trust Co. of West Philadelphia
Lancaster Avenue Title & Trust Co
Mortgage Security Trust Co
Pilipim Title & Trust Co
Susquehanna Title Sz Trust Co
Wharton Title & Trust Co
:Wyoming Bank & Trust Co
879
Dec. 31 1901( 6 cos.)
Dec. 31 1902( 9 cos.)
Dec. 31 1903 8 cos.)
(
Dec. 31 1904 5 coo.)
(
Dec. 31 1905 6 cos.)
(
Dec. 31 1908 9000.)
(
Dec. 31 1907( 8 cos.)
Dec. 31 1908 9 cos.)
(
Dec. 31 1909(13 cos.)
Dec. 31 1910(13 cos.)
Dec. 31 1911 (16 cos.)
Dec. 31 1912 (15 cos.)
Dec. 31 1913 (16 cos.)
Dec. 31 1914 (18 cos.)
Dec. 31 1915 (14 cos.)
Dec. 31 1916 (15 cos.)
Dec:31 1917 (15 cos.)
Dec.31 1918(15 coo.)
Dec. 31 1919 (15 cos.)
Dec. 31 1920(17 coil.)
Dec. 31 1921 (18 coo.)
Dec. 31 1922 (17 cos.)
Dec. 31 1923 (17 cos.)
Dec. 31 1924 (20 cos.)
Capital.
Surplus and
Profits.
$
$
13,425,660 14,471,934
20,485,300 24,922,243
19,000,000 24,915,483
16,000,000 22,507,930
16,100,000 23.365,609
16,350.000 23,584,914
13,350,000 22,537,837
13,452,400 22,782,021
14,752,400 19,428,358
14,752,000 19,505,474
15.002.400 19,591,743
14,900,000 19.617,825
14,950,000 19,600,492
13,050,000 19,024,203
*8,050.000 *12.738,269
8.250,000 12,879,829
8,350.000 12,795,317
8,350,000 12,909,504
8,450,000 13,519,789
9,350,000 14,146,690
112,450,000 s15,300,040
12,650,000 15,662.452
12.950,000 16,147,139
13.900.000 181122 513
Deposits.
Aggregate
Resources.
$
$
69,829,307
41,339,273
62,910,106 109.167,449
62,563,117 107,454,100
78,788,702 117,214,632
71.681,442 111,268,041
74,512,832 115,189,588
66,329,762 107,028,169
97,858,192
61,619,831
73,959,732 108,139,489
73,015,088 107,272.961
78,169,009 112,763,152
84,229,211 118,747,038
83,329,512 117,880,234
81,741,093 111,765,318
*62,012,906 *99,068.996
91,509,254
70,380,425
98,905,145
79,518,642
102,137,663 123,397.168
121,424,904 153,394,692
125,581,165 145,780,855
154,556,540 1188,171,366
171.019,489 204,152,108
170,608.193 207.629.421
123 OM 230 225.731.883
*Reduction in totals due to the elimination of the St. Louis Union Trust Co..
whose
was taken
newly organized St.
Increases in the individual companies have been Bank. banking businessreported no over by the Dec. 31 1915 againstLouis Union
The Trust Co.
deposits on
$25,710,275
on Dec. 31 1914 and $11,244,321 aggregate resources Dec. 31 1915 against $36.the rule, and deposits in the aggregate have risen 935,227 on Dec. 311914.
o Alt Items heavily increased through the establishment of the Liberty
-Central
from $599,915,842 Dec. 31 1923 to $656,621,057 on Trust Co. by the merger of the Central National Bank and the Liberty Bank.
Dec. 31 1924. Capital has increased from $53,525,235 to $57,839,244; surplus and profits from $110,- Annual Meeting of Trust Company Association of
457,610 to $129,778,397, 'and aggregate resources
New York.
At the annual meeting on Feb. 18 of the Trust Company
from $771,778,286 to $859,818,395. Following is a
comparison of the various items for a series of years: Association of New York, held at the Bond Club, this city,
J. Y. G. Walker, a Vice-President of the Central Union Trust
Co., and a director in four insurance companies, was elected
President of the Association. The other officers elected were:
$
Vice-Presidents, M. N. Buckner, Chairman of the Board of
$
$
$
Dec. 31 1900 (40 cos.)
28,399,965 27,826,941
136.496,312 196,498.618
Dec. 31 1901(41 cos.)
31,927,006 33,885,857 149,137,386 218,660,299 the New York Trust Co.; Charles E. Treman, President,
Dec. 31 1902 (41 cos.)
33,142,233 37.514,329 153.151,355 227,480,117
Dec. 31 1903 (43 cos.)
34,320,337 39,654,877 161,231,152 238,817.566 Ithaca Trust Co., Ithaca, N. Y., and N. I. Taber, President
Dec. 31 1904 (43 cos.)
34,800,980 42,344,733 202,855,986 283,503,299 of the
Citizens Trust Co., Utica, N. Y.; Treasurer, D.
Dec. 31 1905 (44 cos.)
35.312,363 95,594,298 209,213,067 293,177,935
Dec. 31 1908 (52 cos.)
36.931,963 49,590,018 193.283,134 286,232,600 Hohman, of the Central Union Trust Co., and Secretary,
Dee. 31 1907 (58 coo.)
38,727,909 50,840,244 169,669,224 265,150,778
Dec. 31 1908 (58 cos.)
39,068,955 52,000,976 200,983,530 296.761.391 James I. Bush, Vice-President of the Equitable Trust Co.
Dec. 31 1909 (59 cos.)
39,897,218 55,374.618 217,196,883 316;892,720
Dec. 31 1910 (59 coo.)
39,931,416 59,187.488 208,837,634 311,640.645 New members of the Executive Committee include George I.
Dec. 31 1911 (58 cos.)
38,511,733 62,262,427 224,225,832 328,196,392 Skinner, H. E. Machold, James H. Perkins
and E. T.
Dec. 31 1912 (56 cos.)
36,797.836 64.847,539 231.712,367 337,179,556
Dec. 31 1913 (56 cos.)
39,162,538 65,535,659 232,941,234 341,764.741 Eshelman. Discussion at the meeting centred on a quesDec. 31 1914 (56 cos.)
39,069,243 65.932,688 238.256,333 347,588,292
Dec. 31 1915(56 Cos.)
38,870,193 69,298,540 297,235,195 407,024,328 tionnaire sent out by the Corporate Fiduciaries Association
Dec. 31 1916 (56 coo.)
38,879,993 73,775,140 331,108,288 444,775,175 relating
to the broadening of the scope of investment of funds
Dec. 31 1917 (54 cos.)
40,579,993 77,779,452 327,597,906 452,498.288
Dec. 31 1918 (56 cos.)
41,307.608 78,408,601 335,093,397 505,489,017 held by the trustees of estates. It is stated that the majority
Dec. 31 1919(57 cos.)
44,142,068 81,801,490 405,373,275 576,019,954
Dec. 31 1920 (64 cos.)
95,338,668 87.915,257 417,307,021 591,315,173 of forty-six banks and thirteen individual trustees answering
Dec. 31 1921 (66 coo.)
46,098,921 91,183,753 407,600,404 561,639,998
Dec. 31 1922 (69 cos.)
47,554,243 88,125,428 489,308.036 635,130,394 the questions, favored making certain public utility bonds
Dec. 31 1923 (76 cos.)
53,525.235 110,457,610 599,915,842 771,778,286 permissible.
George H. McLaughlin, New York State
Dec. 31 1924 (81 cos.)
57,839,244 129,778,397 688.621 I1R7 RA2 eta nes
Superintendent of Insurance, speaking at the meeting, is
The Baltimore companies remain the same in num- quoted in the New York "Times" as saying:
PHILADELPHIA.
Capital,
Surplus and
Profits.
Deposits.
Aggregate
Resources.
ber, namely 14, with an increase in capital from $13,000,000 Dec. 31 1923 to $13,200,000 Dec. 31 1924, due
to an increase by the Union Trust Co. in its capital
from $550,000 to $750,000. Surplus and profits have
It is difficult to establish an investment formula. Certainly we
should
not include securities that any one could point to with criticism. It
would
be a fatal mistake tor the trust companies to go to the Legislature
with one
bill and the savings banks with another. They should co-operate in
drafting a law. We should make clear to the Legislature that we
are seeking to
make eligible only the very best public utility securities—a
possible 10%
of the existing ones.
880
THE CHRONICLE
[VoL. 120.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Feb. 20 1925.
As in recent weeks general trade or merchandising lags
behind the big industries. Production, in other words,
seems to be outrunning consumption for the time being.
The spring trade, both wholesale and jobbing, is hardly up
to expectations as yet. But the weather of late has been
more promising after a very severe winter. Efforts to reduce stocks are being made by special retail sales, particularly of winter clothing. In general there is no desire to
buy heavily at the moment, or for distant delivery. So far
as retail business is concerned the greatest activity is shown
by the mail order and chain stores. Car loadings in the
meanwhile are increasing. That is, of course, suggestive.
Cotton goods have been selling more freely in this city and
it was said that in the Worth Street district the sales of
print cloths of various widths this week have equaled if not
exceeded 500,000 pieces. Latterly a somewhat better trade
than recently has been reported at Fall River, although sales
there for the week are small. In some parts of the South,
unless trade improves, there may be curtailment among the
cotton yarn mills. And the business in cotton cloths might
be better than it is, though now and then comparatively favorable reports come from here and there in the South.
Trade in woolens at best is of only moderate size and in
some cases seems to be small. Certainly there is large room
for improvement. The statement of the American Woolen
Co. for 1924 was unavoidably less favorable than that of
1923. The deficit after dividends for 1924 approximated
$12,000,000, in sharp contrast with a surplus for 1923. It
has opened fall lines of fancy worsteds in men's wear at
prices 7% higher than those of a year ago. This is about
the same advance as that recently made on woolens by the
same company.
One drawback in the woolen goods business is the recent
decline in raw wool at home and abroad, especially in London and the Australian centres. It causes goods buyers to
hold aloof. The Australian wool sales have been so unsatisfactory that some of them have been postponed. Meanwhile broad silks have been in sharp demand here for the
spring trade. Raw silk has been firm, but the demand is
only moderate. Various staple constructions of cotton goods
1
2
command a premium of / to %c. per yard for prompt delivery. Sheetings are said to have been quite active here
within a day or two. Reverting to the mail order business,
the total for January turned out to have been 25% smaller
than the high record of December, but it was 14% larger
than in January 1924. The total sales of 10 chain stores
showed a loss of 58% in January as compared with December, but they were nearly 20% larger than for January last
year. The combined total of mail order and chain store
business in January was 46% smaller than in December, but
16%% larger than in January 1924. Cotton has declined
about / cent per pound during the week, partly owing to
1
2
expectations of the needed rains in Texas, partly from a
lack of speculation and partly because of an expectation of
a large issuance of March notices next Tuesday. These in a
sense are superficial phases. With it all there is a big exportation of cotton from this country, the total thus far running well ahead of the total for all last season and very far
ahead of the total of two years ago. Manchester seems to
be doing a better business, and it is significant that Liverpool for some five or six weeks past has been making large
forwardings of raw cotton weekly to that centre.
Wheat has advanced slightly during the past week, with
diminished speculation, something which conservative interests in the business are not sorry to see. The export
trade has not been so heavy as recently, although to-day the
total is said to have been larger. And it appears to be a
fact beyond question that Russia has been making very large
purchases of wheat and flour. Some of this business has
been done in this country and kept quiet, but most of it has
taken place in England and Canada. The purchases have
been on a very large scale and suggest that Russia needs a
good deal of foreign food grains to tide her over to the next
harvest. Meanwhile the total exports of wheat thus far
this season are close to 300,000,000 bushels. The excess over
the same period last year is some 37,000,000 bushels. It is
noticed, too, that so dire is the need of Europe for foreign
grain that the difference between March wheat in Liverpool
and February wheat in this country has reached the highest
point thus far this season, namely 25 cents per bushel.
Corn has also advanced somewhat, as well as rye. But of
oats there is an enormous supply and they show a slight
decline for the week. There is a demand for rye from Finland, although it is not at the present time of large proportions. Coffee has declined only slightly. Curiously enough,
it maintains comparative steadiness, even at the present
high prices, for it seems that thus far the consumption has
not been seriously reduced, either at home or abroad. In
sugar there have been very large transactions at steady
prices, despite the large crop movement. The price is considered relatively low and the consumption is evidently
heavy, not only in this country, but in Europe and the Far
East. At the West some lines of business are good and some
are not so good. The steel industry is said to be working
at nearly 80%. But taking trade in general, there is no disposition to accumulate large supplies, either of raw or manufactured products. There is an evident leaning towards conservatism.
Live stock prices have advanced somewhat and the farmer
Is favored by continued high prices for grain. He is hampered a little by bad roads in marketing his crops at the
present time. Western railroads are doing a larger business than a year ago, and they are evidently in good condition financially. Retail trade at the West is not active. At
best it is only fair. Dry goods sales are about equal to those
of a year ago. They are not especially large. Crude oil
advances as the output falls sharply. The industry is in
better shape. Iron and steel have not shown much snap.
In fact business has fallen off somewhat, and the tendency
has been slightly towards a decreased output. The pig iron
business still suffers from foreign competition. Importations of pig iron come from England, the Continent and the
Far East. The stock market was at one time very active, but
at lower prices. Latterly, with smaller transactions, there
have been rallies. Money is plentiful at 3%. To-day there
was a noticeable advance in railroad and special stocks, such
as equipment, tobacco, oils, etc., which rose 3 to 4 points.
The undertone is firm and the position is all the sounder
from the recent reaction on heavy liquidation in an overbought market. Gold continues to go out and it is recalled
that of the record-breaking total exports of $73,400,000 in
January the bulk went to India, Germany and Australia.
Franc exchange has recently been declining so much so
as to attract general attention. The renewed fall of the franc
may have, it is suggested, political consequences in France.
/
2
It has been quoted at around 5.211 to 5.25%—advancing
to-day—against 4.15% a year ago. Some of the decline of
late was attributed to short selling, together with a certain
amount of long liquidation. The Bank of France, it is of
interest to notice, has checked, to all appearances, for the
moment, at any rate, the tendency to increase the note circulation. It has latterly been reduced slightly, but is within
228,700,000 francs of the legal maximum. M. Loucheur, it
Is understood, advocates a foreign loan of about $300,000,000
to deal with the question of stabilizing the franc. That
raises an interesting question of foreign relations, including,
perhaps, the financial relations between France and the
United States. Meanwhile civilized societies everywhere
are trying to get back to the gold standard. England will
do so as soon as she can get there and stay there. Less is
heard in the world about the "money power," "gold bugs"
and so on. Germany is unanimous for the gold standard
under the Republic. France certainly is. The Socialist
Government in Denmark wants it and has borrowed money
in the United States with a view to bringing it about.
Sweden also under a Socialist Ministry, has, as is well
known, resumed gold payments. Even the Soviet Government of Russia is using gold to stabilize its money. It bows
to the inevitable. The Labor Party wants it practically, if
not absolutely, everywhere. The Labor Government, when
it was in power in England, announced its determination to
restore gold payments at the earliest possible moment. The
world moves. It has learned by bitter experience. The drift
of things is back to the currency that offers the greatest
stability, one that commands world-wide confidence and respect. It is to be hoped that France's struggle with the franc
FEB. 211925.]
THE CHRONICLE
will before long be solved, and that the franc will then move
up to the old par or as near to it as circumstances may warrant or permit.
Boston wired that the B. B. & R. Knight, Inc., have reopened the White Rock mill closed since last July. Boston
also wired: "Rumors to the effect that the Amoskeag
Manufacturing Co. has acquired some real estate holdings in
the South or that they intended to move a part or all of their
plant to the South are without foundation in fact." At Willimantic, Conn., a strike is threatened at the American
Thread Co. mills, where employees are asking for a restoration of wage scales existing before the 10% cut on Jan. 12.
Chester, S. C., wired Feb. 18 that curtailment of 25% in
yarn production, not later than March 1, was being seriously
contemplated by the textile manufacturing plants of Gaston
County, N. C., according to information received from
Gastonia. There is likewise said to be a general sentiment
against manufacturing yarns to be stocked. Greenville,
S. C., wired: "Night operations of the weaving department
of Anderson Mill No. 1 at Anderson will begin Monday.
About 620 looms will be operated. An improvement in market conditions is the reason. Charlotte, N. C., wired: "Fine
yarn spinners in the Gastonia district have agreed to curtail 25% on March 1, due to an entire lack of demand.
Hosiery mills having fair demand for output, while knit
goods manufacturers are piling up stocks. Mills making
fancy counts report a good business at fair prices, but for
gray goods, ginghams and denims demand is slow and of a
retail character. Many mills are now calling cotton, which
is good evidence that they are working off output." Here
in New York City a strike of 25,000 white goods workers,
members of three women's garment unions, was ordered on
Monday for an increase in wages of 20%, renewal of agreements which expired Jan. 31, and complete unionization of
the industry, which is about 50% organized now. A second
strike came later in the garment industry. Some 1,200 workers were called out of 125 shops by the Cloak, Suit and
Reefer Makers' Union.
Detroit reports that retail sales of automobiles are making steady gains, according to a weekly index of a representative manufacturer. Factory shipments, while less than
a year ago, are in good volume and are being maintained at
a level which precludes danger of overstocking by dealers.
Akron, Ohio, wired that the backwardness of spring dating
orders has meant a lull in the rubber business in that district, and inventories are beginning to pile up in many of
the factories.
The weather here for the most part this week has been
clear and seasonable, with now and then a suggestion of
spring in the air. Some of the downtown parks are beginning to green up a little. To-day was clear and pleasant,
with the temperature this afternoon 46 degrees. Latterly
it has been 36 at Chicago and Detroit, 40 at Cleveland, 52 at
Cincinnati, 42 at Boston, 46 at Philadelphia and 34 at Portland, Me. The indications are for fair and warmer weather
here to-morrow. Theddrought in the Southwest continues
and has become rather serious in both the grain and cotton
districts, including Kansas, Arkansas, Oklahoma and Texas.
There were rumors of rains here and there this afternoon in
parts of Texas.
Great gales early in the week caused havoc over Europe.
Trains were blown from the rails. Shipping was damaged
and scores of houses were destroyed, but no heavy loss of
life was reported. For 36 hours part of Italy, the Bavarian
Alps and parts of Austria, France, Switzerland, Portugal,
Spain and Morocco were in the grip of snowstorms and extraordinary gales amounting to almost tornadoes. Rome
was cut off for a time. Rivers were in flood almost to the
point of tidal waves; torrential rains fell in France. Morocco had great gales resembling a sirocco. The storm
was apparently central in the Mediterranean. England was
little affected, though there was rough weather on the
coasts.
Increase in Wholesale Prices in January, 1925.
The upward swing of wholesale prices, which has been in
progress since June of last year continued through January,
according to information gathered in representative markets
by the U. S. Department of Labor through the Bureau of
Labor Statistics. The Bureau's weighted index number
rose to 160.0 for January, compared with 157.0 for December and 144.6 for June 1924, says a statement made public
by the Bureau, Feb. 19, which continues:
Prices of certain farm products in January showed large increases over
December prices. This was particularly true of grains, hogs, sheep and
881
lambs, poultry, eggs, tobacco and wool. Cotton and cottonseed, flaxseed,
onions and potatoes also were higher than in December, while beef cattle
and hay were cheaper. The increase in the group as a whole was 4 %.
In the group of foods increases were shown for lamb, mutton, pork,
dressed poultry, veal, cheese, coffee, flour, hominy and meal, while substantial decreases were shown for butter and for raw and granulated sugar.
Fuel and lighting materials averaged 2% higher than in December,due to
Increases in Connellsville coke, gasoline and crude petroleum. Strong advances also took place among metals and building materials, with increases
for pig iron, steel billets, structural shapes, copper, lead, tin, zinc. Douglas
fir and other kinds of lumber, and paint materials. In each of these two
groups prices averaged about 2%% higher than in December. Smaller increases were shown for the groups of chemicals and drugs and house furnishing goods, while slight decreases were shown for cloths and clothing and for
the group of miscellaneous commodities.
Of the 404 commodities or price series for which comparable data for
December and January were collected, increases were shown in 186 instances and decreases in 77 instances. In 141 instances no change in price
was reported.
INDEX NUMBERS OF -WHOLESALE PRICEF.7EY GROUPS C7/4'
lCOMMODITIES.
(1913=100.0).
- GroupJan. 1924. Dec. 1924. Jan. 1925.
Farm Products
156.7
144.4
163.4
Foods
143.2
157.9
159.8
Cloths and clothing
191.4
200.1
191.1
Fuel and lighting
164.6
167.9
168.9
Metals and metal products
132.9
141.9
136.3
Building materials
175.1
181.0
179.3
Chemicals and drugs
135.2
134.6
131.8
Housefurnishing goods
172.6
172.4
175.8
Miscellaneous
127.1
128.6
116.6
All commodities
157.0
160.0
151.2
Comparing prices in January with those of a year ago, as measured by
changes in the index numbers, it is seen that farm products have increased
over 13% and foods 11%%. Smaller increases are shown for chemicals and
drugs and for the group of miscellaneous commodities. On the other hand,
cloths and clothing, fuel and lighting, metals and metal products. building materials, and house furnishing goods were cheaper than in January
1924. All commodities,considered in the aggregate. were 5%% higher.
Record Life Insurance Sales in the United States in
January.
Sales of ordinary life insurance started the new year by
making another new record for the United States in January,
according to figures compiled by the Life Insurance Sales
Research Bureau of Hartfdrd, Conn. The Bureau says:
The combined reports of the companies whose sales are reported through
the Bureau showed a total for the country of $560.000,000, and as these
companies do about 88% of the total business, it is fair to assume that
not far from $636,000.000 was placed during the month of January on the
lives of American residents.
The Bureau's files show that this is the greatest January on record, exceeding January 1924 by 4% and January 1923 by 20%. This volume of
business shows that the very large improvement, which occurred in December, has been maintained in January, and most States in the Union contributed to the significant increase. Prosperity was indicated in such
widely separated localities as Delaware with a gain over January 1924 of
49%, Nevada with a gain of 34%, Arkansas with a gain of 31%. Oklahoma
with a gain of 25%, Colorado with a gain of 21%, and Connecticut with a
gain of 14%.
Taking the divisions of the country estimated by the Census Bureau, the
greatest gain was in the West South Central group, composed of Arkansas,
Louisiana, Oklahoma and Texas, where the improvement was 23% over
January 1924. The Pacific States kept up their remarkable record by
showing again of 11%•
This evidence of prosperity was not produced by the metropolitan districts as proved by the fact that in both New York City and Chicago sales
were actually less than a year ago. On the other hand, in both New York
and Illinois, the districts outside the great cities did materially better.
The great farming States showed a significant return of improved conditions as shown by the following gains: Montana. 17%;South Dakota, 14%;
Nebraska. 12%; North Dakota. 6%•
In the South the reports were almost uniformly good, led by Alabama and
Mississippi with gains of 16% and 15%, respectively.
A further example of the remarkable manner in which the American public
Is buying life insurance is shown by the fact that in January alone, one out
of every hundred of the so-called insurable population bought a policy of
53.000. In ascertaining this figure, insurable population is used to cover
native-born men of the white race twenty-one years of age and over, excluding illiterates.
Slight Slackening of Factory Operations in Pennsylvania and New Jersey-Decline in Wages.
=' 01MIKOAr
,
Inventory taking in January was responsible for a slight
slackening of factory operations in Pennsylvania and New
Jersey, according to the advices issued under date of Feb. 18
by the Federal Reserve Bank of Philadelphia, which goes on
to say:
Total wages paid which largely reflect operating activity, declined 2.5%
in Pennsylvania and 4.2% in New Jersey. Employment in the latter
State also declined, but in Pennsylvania an increase of 1.5% occurred.
In Pennsylvania particularly large declines in wages occurred at furniture
factories, pottery and glass plants, cement mills, carpet and rug mills and
establishments manufacturing heating appliances. Employment increased
In most of the metal and textile plants but declined generally in establishments producing foodstuffs, building materials, chemicals and miscellaneous
products.
Recessions in New Jersey were especially pronounced in printing and
publishing establishments, and in factories manufacturing rubber tires and
goods and musical instruments. These industries all recorded a loss of
more than 15% in employment and more than 20% in wages. Many of
the other Industries recorded small declines in employment and
wages.
Contrary to the general trend, foundries, textile dyeing and finishing establishments, leather tanneries and paper and pulp mills showed
noticeable
Increases,
882
THE CHRONICLE
EMPLOYMENT AND WAGES IN NEW JERSEY COMPILED BY THE
FEDERAL RESERVE BANK OF PHILADELPHIA.
Increase(+)or Decrease(-)
Jan. 1925 over Dec. 1924.
Number of
Avge.
EmployTotal
Plants
Group and IndustryReporting.
mess.
Wages
Wages
All Industries (35)
-1.4
-4.2
324
Metal manufactures
+0.1
-1.8
-1.9
92
6
+1.4
Automobiles, bodies and parts
+3.1
+1.8
Electrical machinery and apparatus
21
-0.4
-0.2
+0.2
Engines, machines. and machine tools
-1.5
-3.9
15
-2.5
Foundries and machine shops
+4.5
14
-0.0
+4.5
Steel works and rolling mills
-2.5
5
-5.0
+2.6
Structural iron works
3
•
+1.2
+0.2
-1.0
Miscellaneous Iron and steel products
18
+2.7
-2.6
-5.2
Shipbuilding
4
+0.3
-5.4
-5.8
Nonferrous metals
6
-4.5
-5.6
-1.1
Textile products
78
+0.6
-2.4
-2.9
Carpets and rugs
3
+1.4
+2.2
+0.8
Clothing
•
9
-3.2
-1.5
+1.8
Hats, felt and other
6
+2.0
-7.2
-9.1
Cotton goods
13
+2.3
-0.7
-2.9
Silk goods
19
-1.5
-13.7
-12.4
Woolens and worsteds
10
-4.6
-7.0
-2.5
Dyeing and finishing textiles
11
+5.4
+5.9
+0.4
Miscellaneous textile products
7
-0.6
-1.4
-0.7
Foods and tobacco
10
-4.4
-4.6
-0.2
Canneries
--.5.0
-1.2
6
Cigars and tobacco
4
-4.1
-0.7
+3.5
Building materials
23
+0.3
-3.0
-3.2
Brick, tile and terra cotta products
9
-3.6
-15.2
-12.1
Glass
3
-1.8
-2.3
-0.5
Pottery
11
+2.5
+0.6
-1.9
Chemicals and allied products
43
+0.6
+1.5
+0.9
Chemicals and drugs
23
+0.7
+2.0
+1.3
Explosives
9
-3.1
-0.5
+2.7
Paints and varnishes
8
+2.6
-2.5
-5.0
Petroleum refining
3
+1.3
+1.8
+0.5
79
Miscellaneous industries
-6.6
-14.2
-8.1
Furniture
5
-2.4
-2 7
-0.3
Musical Instruments
5
-15.1
-33.8
-22.0
Leather tanning
14
+3.3
+1.6
-1.7
Boots and shoes
6
+0.9
+6.3
+5.4
Paper and pulp products
8
+3 2
+1 9
-1.2
Printing and publishing
7
-17.6
-28.8
-13.5
Rubber tires and goods
13
-16.3
-21 0
-5.6
9
Novelties and jewelry
+0.9
+3.9
+3.0
12
All other Industries
+6.8
+8.4
+1.6
EMPLOYMENT AND WAGES IN PENNSYLVANIA COMPILED BY THE
FEDERAL RESERVE BANK OF PHILADELPHIA AND THE DEPARTMENT OF LABOR AND INDUSTRY. COMMONWEALTH OF
PENNSYLVANIA.
Increase (-I-) or Decrease(-)
Number of
Jan. 1925 orer Dec. 1924.
Plants
Employ
Total
Awe.
Group and IndustryReporting.
meld.
Wages
Wages
All Industries (39)
852
+1.5
-2.5
-3.9
Metal manufactures
251
+2.9
-1.1
-3.9
Automobiles, bodies and parts
17
+1.6
-43
Car construction and repair
13
+0.3
-3.1
-3.3
Electrical machinery and apparatus
20
-3.2
-8.3
-5.3
Engines, machines and machine tools
21
+0.6
+1.0
+0.4
Foundries and machine shone
$ 55
+1.5
-2.3
-3.7
Heating appliances and apparatus
16
-11.8
-15.6
-4.3
Iron and steel blast furnaces
13
+5.2
-7.0
-11.6
Iron and steel forgings
12
+5.6
+1.2
-4.2
Steel works and rolling mills
43
+4.4
+3.3
-1.0
Structural iron works
9
+4.2
+5.8
+1.6
Miscellaneous iron and steel products
+7.2
29
-86
Shipbuilding
3
-7.4
0.2
+7.8
Textile products
155
+1.5
-3.6
-50
Carpets and rugs
10
+0.3
-11.5
-11.7
Clothing
18
+58
+1.7
-3.9
Hats, felt and other
5
+7.0
+8.7
Cotton goods
13
+1.6
-1.9
-3.4
Silk goods
41
+3.2
-1.2
-4.2
Woolens and worsteds
18
+1.3
-5.5
-6.8
Knit goods and hosiery
41
+0.2
-8.9
-9.1
Dyeing and finishing textiles
9
-1.2
+0.6
Foods and tobacco
65
-2.3
-2.4
-0.0
Bakeries
19
+0.2
-0.5
Confectionery and Ice cream
-4.2
18
+0.8
Slaughtering and meat packing
11
+2.9
+3.1
Cigars and tobacco
17
-2.8
-4.4
Building materials
53
-2.8
-10.3
-7.7
Brick, tile and terra cotta products
12
+0.6
+1.3
+0.6
Cement
14
-2.4
-12.4
-10.2
Glass
24
-10.7
-6.7
Pottery
3
+0.3
-'28.1
-28.3
Chemicals and allied products
27
-0.8
-4.5
-3.7
Chemicals and drugs
18
-0.6
-4.3
-3.7
Paints and varnishes
6
+24.6
+52
+18.5
Petroleum refining
5
-1.5
-7.7
-6.3
Miscellaneous industries
101
-0.2
-2.7
-2.5
Lumber and planing mill products
8
-2.2
-9.8
-7.7
Furniture
16
-1.4
-148
-13.4
Leather tanning
18
+1.8
-2.5
-4.2
Leather products
4
-0.5
+3.7
+4.2
Boots and shoes
22
+0.5
+3.7
+3.1
12
Paper and pulp products
+0.2
-0.3
-0.5
18
Printing and publishing
-3.1
-4.4
-1.4
3
+1.9
Rubber tires and goods
+18.1
+15.9
Further Price Increases Mark the Week in the
Petroleum Industry.
Widespread advances in the prices of crude oil and gasoline were again a feature the past week. The Midwest
Refining Co. of Denver late on Feb. 13 advanced the price
of Rock Creek crude oil 25c. a barrel to $1 65; Salt Creek
and Big Muddy 25c. a barrel to $1 55; Mule Creek, 25c. a
barrel to $1 25; Grass Creek, Cat Creek, Greybull and Elk
Basin, 30c. a barrel to $1 95; Lance Creek and Osage, 30c.
a barrel to $1 90; Hog Back, 03c. a barrel to $2, and Hamilton Dome, 35c. a barrel to $1 65. The Ohio Oil Co. also
advanced Big Muddy, Rock Creek and Mule Creek Andes
25c., Elk Basin, Grass Creek light and Lance Creek 35c.,
and Sunburst, Montana, crude 8c. per barrel. Later in the
week, on Feb. 18, the prices of Salt Creek and Big Muddy
were advanced to $1 60 a barrel and Rock Creek to $1 70 a
barrel. On Feb. 14 the Texas Co. advanced the price of
Mid-Continent crude of 36 to 38 gravity 5c. a barrel to $1 95,
and 39 to 41.9 gravity 5c. to $2 10 a barrel. North and
North Central Texas crudes of 36 to 38 gravity were advanced 15c. a barrel to $2 a barrel and the 39 to 41.9 gravity
15c. to $2 25.
[VoL. 120.
Dispatches from Pittsburgh on Feb. 14 declared that the
Joseph Seep Purchasing Agency had announced the following
new prices for Pennsylvania crude: Pennsylvania grade oil
in New York Transit Lines, $3 85; Bradford district oil in
National Transit Lines, $3 85; Pennsylvania grade in National Transit, South West Penn and Eureka Pipe Line Co.
Lines, each $3 75, all up 25c. a barrel. This advance was the
third jump of 25c. this year, and the fourth since December, making a gain of $1 from the low level of $2 85 reported
last year. The price, however, is still below the high point
of $4 50 a barrel in January 1924. The Standard Oil Co. of
Louisiana, a subsidiary of Standard Oil of New Jersey, announced an advance of 25c. a barrel in all grades of crude oil
produced in its territory excepting Smackover and Cotton
Balley, which were advanced 15c. a barrel. The price for
the top grade is now $2 05 per barrel.
On Feb. 16 the Ohio Oil Co. advanced Waterloo crude oil
20 cents a barrel. A Tulsa (Okla.) dispatch said:
Mid-Continent crude oil prices are due for further advances as result of
premiums being offered by small purchasers and refiners who need to augment their own production. Pierce Petroleum Corp. is openly soliciting
oil on four to twelve months contracts at 25 cents over Prairie Oil & Gas Co.
schedule of $1 35 to $2 35. Refiners are after oil on premiums which are
concealed in grading up of oil bought, so that on paper there does not
appear any such action. Other buyers are offering free gas and free water
in drilling for chance to take oil that is hoped to be secured.
The Lion Oil Refining Co. announced that four advances
have been made in Smackover crude oil, in which it deals.
The advances total 60 cents per barrel. The new schedule
ranges from $1 30 to $1 60 per barrel.
The Prairie Oil & Gas Co. on Feb. 17 revised its schedule
of prices for certain grades of Mid-Continent crude oil to
conform with the posted prices of its competitors. Oil of
36 to 38.9 degrees gravity was advanced to $2 a barrel, an
increase of 5 cents, and the new price for 39 to 41.9 degrees
gravity is $2 25 a barrel, up 15 cents. These advances
apply to oil produced in Kansas, Oklahoma and north Texas,
and meet the recent increases posted by Humble Oil, Magnolia Petroleum, Gulf Oil and others. The top grade of 42
degrees and above remains unchanged at $2 35 a barrel,
although, according to private advices, some of the smaller
companies pay substantially above that level. The Texas
Co. followed the advance in Mid-Continent crude oil by
Prairie Oil & Gas Co. The Magnolia Petroleum Co. followed the advance in Mid-Continent crude of 15 cents a
barrel on the 39 gravity to 41 gravity oil, and 5 cents a
barrel on oil of 36 to 38.9 gravity. Following the advances
noted on Feb. 14, mentioned above, the Midwest Refining
Co. and Ohio Oil Co. on Feb. 18 advanced three grades of
crude oil 5 cents a barrel. Salt Creek and Big Muddy
were advanced to $1 60 a barrel, and Rock Creek to $1 70
a barrel. These changes put the prices in line with the
higher gravity crudes in Mid-Continent, which were advanced
on Feb. 17 by the Prairie Oil & Gas Co. Producers & Refiners Corporation advanced Ferris 5 cents a barrel to $1 60.
Lost Soldier was advanced 4 cents a barrel to $1 28, and
Hamilton Dome 5 cents a barrel to $1 60.
A new grade of Pennsylvania crudy oil called the Gaines,
was established on Feb. 20. This oil comes from around
the Bradford district. The Joseph Seep Agency announces
a price of $3 75 a barrel for the grade.
The further increases in the price of crude oil caused higher
prices for gasoline to be posted by refiners in various sections
of the country.. The price of export gasoline was advanced
lc. per gallon on Feb. 14 by the Standard Oil Co. of New
Jersey. A special dispatch from Tulsa, Okla., states that
the refiners in that State advanced the price of new Navy
gasoline to from 13
to 14c. On grade 60-62 they quote
153'c. to 16c. and for 64-66 the quotation is 160. to 17%c.
Kerosene is stronger with 41-43 at 43 c. to 5e. and 42-44
4
grade at 5c. to 5he. The Enid refineries are paying $2 45
and $2 50 for Tonkawa crude oil.
On Feb. 17 the Continental Oil Co. at Denver, Colo.,
advanced tank wagon gasoline 2c. a gallon in Denver territory. The Pierce Oil Co. advanced gasoline 2c. and kerosene lc. a gallon in the Houston, Tex., district. Refinery
prices of lubricating oils have been advanced lc. a gallon by
leading Mid-Continental refiners, in sympathy with last
week's crude oil advances.
To bring Ohio prices in line with Mid-Continent territory,
where freight rate from Group 3 refineries is 1%c.lower than
Ohio and eastern Indiana points, the Standard Oil Co. of
Ohio raised gasoline prices 1 Mc.a gallon on Feb. 19. This
change brings the tank wagon price to 1834c. and service
station to 203'c. Naphtha and varnoline were also advanced 130. a gallon to 19c.
FEB.21 1925.]
THE CHRONICLE
At Houston, the Cities Service Co., Magnolia Petroleum
Co. and Gulf Refining Co. followed the 2c. gasoline and lc.
kerosene advance posted by the Pierce Petroleum Co. The
Texas and Humble Oil companies followed the gasoline advance.
A dispatch from Omaha, Neb., states that Standard Oil
Co. of Nebraska has advanced gasoline 2c. a gallon and kerosene lc. per gallon.
Smaller Decrease Reported in Crude Oil Output.
The estimates of the daily average crude oil production
during the week ended Feb. 14 show a decrease of 6,500
barrels per day when compared with the previous week,
according to the American Petroleum Institute. The daily
average gross crude oil production in the United States for
the week ended Feb. 14 was 1,936,100 barrels, as compared
with 1,941,600 barrels for the preceding week. The current
figure is an increase of 16,200 barrels per day when compared
with the output of the corresponding week of 1924. The
daily average production east of California was 1,337,000
barrels for the current week, as compared with 1,346,100
barrels the previous week, a decrease of 9,100 barrels.
California production was 598,100 barrels, as compared with
595,500 barrels; Santa Fe Springs is reported at 48,000
barrels, against 47,000 barrels; Long Beach, 116,500 barrels,
against 117,500 barrels; Huntington Beach, 41,000 barrels,
no change; Torrance, 40,000 barrels, against 41,000 barrels;
Dominguez, 51,800 barrels, against 55,000 barrels, and Rosecrans, 10,800 barrels, against 9,000 barrels. The following
are estimates of daily average gross production for the
weeks indicated:
883
An inquiry for 160,000 tons of ore from the Ford Motor Co. promises
to result in establishing prices on Lake Superior ores for this year, Just as
an inquiry for 250,000 tons did last year, although a moderate advance is
expected instead of the reduction in 1924.
No change occurred in either of the "Iron Age" composite
prices this week, finished steel remaining for the third successive week at 2.546c. per lb. and pig iron for the sixth
week at $22 50 per ton. Both are lower than a year ago,
-*pig iron by 134% and finished steel by 8%%. The usual
comparative table follows:
Feb. 17 1925, Finished Steel. 2.546 Cents per Pound.
Based on prices of steel bars, beams, tank Feb. 10 1925
2.546c.
plates, plain wire, open-hearth rails. Jan. 20 1925
black pipe and black sheets, constituting Feb. 18 1924
2 770
2565
c
e
88% of the United States output
10
-year pre-war average-1.689c.
Feb. 17 1925, Pig Iron. $22 50 per Gross Ton.
Based on average of basic and foundry Feb. 10 1925
$22 50
Irons, the basic being Valley quotation. Jan. 20 1925
22 50
the foundry an average of Chicago. Feb. 18 1924
22 86
Philadelphia and Birmingham
-year pre-war average.. 15 72
10
Finished Steel.
-High: 1923, ''.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: 1923, $30 86, March 20: 1924. $22 88. Feb. 26: 1925.
$22 50. Jan. 13. Low: 1923, $20 77, Nov. 30: 1924, $19 21, Nov. 3:
1925, $22 25, Jan. 6.
Some impetus that will lift the market out of its present
torpidity, so far as new buying goes, is awaited by the steel
industry, observes the "Iron Trade Review" in its market
summary dated Feb. 19. Unless new tonnage revives to
replace the heavy inroads made upon first quarter bookings,
a slowing down of the present high rate of speed production
is not far distant. In any event, continues the "Review,"
there is no firm belief in the industry that the current 90
to 95% rate of output can be maintained indefinitely. In
Pittsburgh territory operations at large are 5 to 10% less
than last week. At Chicago, however, they are still 100%
with good prospects. In the valleys they are unchanged.
Further data from the "Review" follows:
DAILY AVERAGE PRODUCTION.
(In Barrels)
Feb. 14 '25. Feb. 7 '25. Jan.31 '25. Feb.16 '24.
Oklahoma
483,250
478,950
479.700
406,250
Where or when the stimulation of the market may come Is not ecrtain.
Kansas
83,850
81,900
82,000
71,500
North Texas
87,400
88,950
65.700 there is some hope, if not expectation, that the automobile industry which
92,400
East Central Texas
167,100
178,050
181.050
143,700 has been singularly backward this year in ordering in material. may supply
West Central Texas
53.300
54,150
54.700
48.050 the new factor since its season rapidly is approaching when accelerated proNorth Louisiana
49,400
48,800
49,750
52.450 duction seems to be inevitable. At present automobile builders are operatArkansas
104,000
118.800 ing
104.250
108,200
Gulf Coast & Southwest. Texas 123,350
at the lowest rate since the spring of 1922. The usual rc bound of general
95.600
124,650
123,050
Eastern
98.000
103.000 trade activity in the spring also may aid.
98,500
99,000
Wyoming, Montana & Colo
87,350
145.000
87, 00
0
87.750
Prices have not weakened: neither have they strengthened as producers
California
598,100
595,500
596,800
669,950 had hoped and the recent advances in finished steel
for second quarter are
Total
1.935.100 1.941.600 1,953,300 1,918.900 yet to be established. It is an open question at present whether they can
be unless the volume of buying materially expands. Consumers are encountering little
to first
Steel Shipments Sustained as Trade Awaits New the old figures. difficulty in making additionsall lines.quarter tonnage at
This applies to practically
Makers of coldfinished and strip steel opened books this week for second quarter without
Buying Impetus-Iron Market Slow.
In the face of another week of little buying of finished advances. for 200,000 tons of iron ore from the Ford Motor
An inquiry
Co.. the first
steel, confidence of the producers in the strength of the mar- sizable lot to be asked for, may provide the transaction to open the season's
ket is undiminished. Its explanation lies in part in the market as it did one year ago. Last year the company required 400,000
tons in the open market.
continued flow of specifications against contracts at a rate of manganiferous ore. The Bethlehem Steel Co. has specified 50,000 tens
in excess of shipments in the Chicago district, where operaBuilding steel conditions show some shifting of sentiment. At Chicago
tions remain at full capacity, and at a rate equal to ship- the 17,000-ton Stevens hotel after being in a tentative stage for some time.
is definitely in the market, while at Philadelphia a
ments in the general Pittsburgh district, where output has has been deferred indefinitely. A $5,000,000,00017.000-ton office building
building year at Chicago
not fallen so much as 5%, declares the "Iron Age" this Is being predicted. Awards of the week are smaller, 14,948 tons. Rail
steel has figured prominently in Chicago and Western construction, three
week, adding:
Some concern is evidenced that new filling-in orders in the next few weeks recent contracts calling for over 10,000 tons.
The Union Pacific has come out for 1,500 additional cars and the Chicago
may be insufficient to prevent breaking in on backlogs or to avoid reducing
& Northwestern for 600, but the week has been a dull one in equipment and
operations. After that, general spring activity is
counted on to bring In all railroad lines. The Santa Fe placed 13.000 tons
of rails additional
on increased buying.
and 3,000 tons of track accessories.
To a greater extent than is generally understood, second quarter
protecConsumers of pig iron are slow to close for second quarter and some
tion has already been given regular customers on the
price basis ruling prior who have been in the market have postponed action. The melt is increasto the recent advance, as, for example, at 2.10c., Pittsburgh,
for bars. ing. Pittsburgh reports some gains of 50% and at Chicago February shipThis fact. In the light of current production, together with an
unusually ments equaled January despite the shorter month.
large tonnage of concrete reinforcing steel yet to be rolled
for road construcLow prices named on foreign pig iron particularly from India at American
tion and other assured public work and increasing demands
from the oil ports have led to an investigation being undertaken by the Government
industry-these are set up against fears that stocking is in
progress.
customs service under the anti-dumping provision of the Tariff Act. The
Reports from secondary consumers are mixed
and as yet unconvincing
as to consumption. Actualities evidently have not been so good as Decem- prices are reported to have been the equivalent of $11 furnace or $13 Calcutta. Anti-dumping notices have been issued against Indian ore at the
ber promised, and the disappointment
appears to be colored by small profit port of Galveston.
Margins. It is definite that jobbers' stocks are
full and that mills are piling
Offerings of distress coke continue to come out, though some ovens have
up buttweld pipe against prospective demand.
been taken off in the Connellsville region and the spot market has weakened
The automobile industry continues to pursue a conservative
policy, with further. Consumers of furnace coke still are jockeying for lower prices° n
60% capacity operations. Farm implement making, while not so
active second quarter contracts and have been able to develop quotations of $4,
as expected, is at a 60 to 80% rate.
against $5 50 named some weeks ago.
Railroads contributed to the week's business some
13,000 tons of rails
Heavy melting steel scrap at Chicago has reacted upward to the extent
and 3,000 tons of track supplies, placed in Chicago by the Santa
Fe. also of 25 cents on dealer buying, but the decline of the general scrap market
10.000 tons of plates, divided among three plants by the
Pennsylvania has gone on in other territories this week.
RR., and some 500 ears and 16 locomotives. New inquiries
for 694 cars
The "Iron Trade Review" composite of 14 leading iron and steel products
and 23 locomotives appeared.
has slipped this week, going to $41 06 against $41 22 for the two weeks
Desire among the smaller mills for early delivery orders
postpones the previously. The average for January was $41 02.
testing of price advances, particularly in elem. Efforts
to get above
4.60c. for auto-body sheets have been unsuccessful. The
Pennsylvania
RR. plate purchase brought out 2c. and 2.05c., Pittsburgh, against
2.10c.
asked.
Monthly Zinc Statistics-Further Excess of Shipments
Outstanding in bookings of structural steel is 12.000 tons for
an open
Over Production in January.
hearth steel plant building at Detroit for the Ford Motor Co.
Improvement in bolts and nuts is reported. One maker in the
Production and shipments of zinc in the United States
Chicago
district has increased output from a 60 to 70% basis.
during January continued along the high levels reached in the
Wire rod contracts for the next quarter have been entered at $48. Pittsclosing months of 1924, and as a consequence stocks of zinc
burgh.
Keen competition on pig iron between brokers and furnace interests in in the country declined to the lowest point in more than two
the Buffalo district has resulted in a price concession of $1 per ton by a years. In January 50,386 tons were produced, or more
than
furnace company on a few transactions. At Pittsburgh the price of
Bessemer has receded 50c. In other markets prices are fairly well main- in any month of last year. In January 1924 production
tained. Importations of pig iron at Eastern ports for the past we& ex- amounted to 49,709 tons. It declined, however, irregularly
ceeded 10,000 tons.
until September, in which month the figure was down to
The old material market continues weak with sharp price reductions in
nearly all centres. In Chicago, however, transactions of dealers have 40,852 tons. Since then the increase has been steady,
42,488 tons being turned out in October, 42,633 tons in
resulted in advances on some grades.
No-
884
UTE CHRONICLE
vember, and 47,711 tons in December. Shipments in January, though keeping well ahead of production, receded a
little from the figure for the previous month. They totaled
52,598 tons, as compared with 53,415 tons in December,
54,173 tons in November, 49,756 tons in October, 46,054
tons in September, and 45,590 tons in January a year ago.
Monthly shipments in 1924 touched their low point of 36,122
tons in June. Since stocks reached their high for last year
at the end of July, namely 52,705 tons, in the following six
months they have declined by almost two-thirds of that total.
On Jan. 31 1925 they were as low as 18,996 tons, as against
21,208 tons at the end of the previous month, 26,912 tons on
Nov. 30, 38,452 tons on Oct. 31, 45,720 tons on Sept. 30,
and 40,697 tons at the end of last January. A further indication of the increased activity in the zinc industry is seen
from a glance at the monthly record of the number of retorts
operating. Last month 86,081 were in operation, which
Is the largest number since December 1923, when the figure
was 86,384. In December 1924 retorts operating amounted
to 81,008, comparing with 77,631 in November, 72,139 in
October, 70,875 in September and 78,768 in January. The
following table of statistics is compiled from figures supplied
by the American Zinc Institute:
[VoL. 120.
West Coast Lumbermen's Association Review of Week's
Lumber Trade.
One hundred and eighteen mills reporting to West Coast
Lumbermen's Association for the week ending Feb. 7,
manufactured 97,012,062 feet of lumber; sold 88,300,404
feet; and shipped 87,964,120 feet. New business was 9%
below production. Shipments offset new business.
Forty-seven per cent of all new business taken during the week was for
future water delivery. This amounted to 41,514,105 feet, of which 30,896,105 feet was for domestic cargo delivery; and 10,618,000 feet export. New
business by rail amounted to 1,419 cars.
Thirty-eight per cent of the lumber shipments moved by water. This
amounted to 33,107,821 feet, of which 25,724,242 feet moved coastwise
and intercoastal; and 7,383,579 feet export. Rail shipments totaled 1,688
Cars.
Local auto and team deliveries totaled 4,216,299 feet.
Unfilled domestic cargo orders totaled 137,909,402 feet. Unfilled export
orders, 108,707.709 feet. Unfilled rail trade orders, 5,098 cars.
In the first six weeks of the year production reported to West Coast
Lumbermen's Association has been 559,619,509 feet; now business, 517,019.064 feet; and shipments, 564,230,558 feet.
OD
•-•
0 CO Cm 04
C.
CR
00
c•11.2CD:4;C:431 01012:4
.3.
•9410Zols.0.00.COCOCOr- C
,
,100000C4,1b340)C000
Lumber Industry Gains in New Business.
Telegraphic reports to the National Lumber Manufacturers' Association from 372 representative commercial softwood mills covering their operations for the week ending
ZINC PRODUCTION, SHIPMENTS. STOCKS, STORED FOR CUSTOMERS, Feb. 14 show an approximately normal condition in the
SHIPPED FROM PLANTS FOR EXPORT, AND RETORTS OPERATING
lumber industry. New business increased noticeably over
IN MONTHS FROM JANUARY. 1924, TO JANUARY, 1925, INCLUthat of the preceding week, but there was only a small gain
SIVE, IN TONS (2,000 LBS.).
in shipments and production. New business was also noticeShipped
ably larger than for the corresponding week of 1924, while
Stocks(Mid Stored for from
Ramis
Month,
production. Shipments. of Month). Customers Plants for Operating, production and shipments declined quite abruptly as comExport.
pared with the same period.
1924.
The unfilled orders of 250 Southern Pine and West Coast
40,697
1,559
45.590
49,709
January
78,768
47,438
37,192
43,933
1,749
February
79,232
mills at the end of last week amounted to 663,304,199 feet,
52,893
32,074
47,775
290
78.092
March
as against 661,629,611 feet for 251 mills the previous week.
44,245
32,778
44,949
552
April
82,650
38,080
42,364
47,666
1,339
May
81,142
The 133 identical Southern Pine mills in this group showed
43,442
38,122
49.684
1,745
June
75,155
42,913
39,892
52,705
3,040
July
71,827
unfilled orders of 263,672,300 feet at the end of last week
41,775
43,558
50,922
4,765
August
72,195
September...
45,720
40,852
1,640
46,054
and 262,072,500 feet for the same number of mills the pre70.875
42,488
49,756
38.452
1,651
October
72,139
ceding week. For 117 West Coast mills the unfilled orders
28,912
42,633
876
November
54,173
77,631
December
47,711
53,415
21,208
663
81,008
were 399,631,899 feet, as against 399,557,111 feet for 118
1925.
50.386
January
288
52.598
18.990
86.081
mills a week earlier.
Altogether the 372 comparably reporting mills had shipReports from J. H. Wadleigh, Joplin "Globe," issued by
ments 97 and orders 96% of actual production. For the
the American Zinc Institute, enable us to compile the folSouthern Pine mills these percentages were, respectively,
lowing table:
97 and 99; and for the West Coast mills 93 and 97.
ZINC ORE STOCKS AND ORE SOLD IN BINS IN Tilt
-STATE DISTRICT
Of the comparably reporting mills, 344 (having a normal
AT END OF MONTHS MAY,1924, TO JANUARY,1925, INCLUSIVE,
production for the week of 217,209,925 feet) reported proIN TONS (2,000 POUNDS).
duction 96% of normal, shipments 94%, and orders 95%
May. June. 1 July. Aug. Sept. Oct. !Nov. Dec. Jan.
thereof.
Zinc ore in bins__ 42,000 48,000 41,000 37,000 42,000 34,000 31,000 20,000 30,000
The following table compares the national lumber moveOre sold In bins__ 1,150 2,200 13,000 16.000 10.000 12.000 16.000 4,000 16,000
ment as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Corresponding Preceding Week
Newsprint Production in United States and Canada
Past Week.
Week 1924.
1925(Revised)
Mills
Compared.
372
390
375
Production
224,163,222
240,782,715
222,131,773
Need for conservation of domestic forests of spruce, balsam Shipments
217,128,708
240,537,485
215,295,065
Orders (new business)
214,941,867
206,971,209
206,062,470
and hemlock is disclosed in a statistical summary just reThe following revised figures compare the lumber moveleased by the News Print Service Bureau, which shows that
ment for the first seven weeks of 1925 with the same period
Canada last year took another stride in the direction of world
of 1924:
in the newsprint manufacturing industry, insupremacy
Production.
Shipments,
Orders.
1,477,033,330 1.498,794.859 1,431,612,604
creasing its production 7.1% over 1923, as compared with 1025
1924
1,492.912,478 1,606,060,475 1,688,832,973
a 1% decrease in production in the United States. The
1925 decrease
15,879,148
107,265,616
257,220,369
advices of the Bureau state:
The mills of the California White & Sugar Pine Association
Consuming more than 2,750,000 tons of news print each year, or more than make
weekly reports, but for a considerable period they wore
all other nations of the world combined, the production of 1.470,581 tons
by our domestic mills in 1924 continued the United States in the position of not comparable in respect to orders with those of other mills.
lending producer. Canadian production in 1924, however, equalled 92% Consequently, the former are not represented in any of the
of the United States output, whereas Canadian mills produced only 85%
foregoing figures. Eleven of these mills reported a cust of
of our domestic total in 1923. The trend of production In the United States
3,298,000 feet last week, shipments 9,212,000 feet, and
and Canada for the past five years is shown in the following table:
United States
Canadian orders 13,430,000 feet. The reported cut represents 25%
Production.
Production. of the total of the California Pine region. As compared
(in tons)
(in tons)
with the preceding week, the cut fell off about 2,000,000
1,470,581
1,352,994
1924
1,485,500
1,266,232 feet, shipments gained a little, and new business increased
1923
1,447,688
1,080,333 about 2,500,000 feet.
1922
I
1921
1920
1.225,235
1,511,968
808,066
875,170
Comparing production during 1924 with each of the four previous years,
the United States mills show 1% less than 1923; 1.6% increase over 1922;
20% over 1921: 2.7% less than 1920. The Canadian mills show 7.1% more
than in 1923; 25.2% more than in 1922;67.4% more than in 1921.and 54.6%
more than in 1020.
With limited pulpwood resources, which at the present rate of consumption, it is estimated. will be entirely exhausted in 25 years, the United
States to-day imports approximately 42% of its annual consumption of
finished newsprint, in addition to substantial importations of raw pulpwood
and processed wood pulp.
Canada,on the other hand, as a result of diminishing pulpwood reserves
in the United States, and with pulpwood forests that, it is believed, will
maintain its present production for 60 to 75 years, has developed its newsprint paper industry very rapidly in recent years With a production
capacity now nearly equal to that of the United States, the Canadian mills
export about 87% of their annual output. Nearly 98% of this huge exportation finds its way each year into publishing plants of the United States.
Developments in Textile Strike Situation-Pawtucket
Plant Reopens-Threatened Walk-Out in American
Thread Co.'s Mills at Willimantic, Comm.
There were several developments in the labor situation
in the New England textile industry this past week. In
Pawtucket, R. I., the Greonhalgh Cotton Mill, after two
weeks' idleness, caused by a walk-out of 200 employees in
protest against the 10% wage reduction, was reopened
Monday (Feb. 16). Labor leaders maintain that none of
the strikers returned to work, while the mill management
claims that more resumed work than expected. The 200 ,
workers who struck work Jan. 19 in the Pawtucket Hosiery
Co. are still on strike, but the management assorts that
FEB.21 1925.]
THE CHIZONICLE
there are sufficient loyal operators to keep the plant running.
The Forestdale Mfg. Co.in Nofth Smithfield, R.I., reported
that 60 or 70 employees did not turn up for work Monday.
The report was contradictory to that of the strike leaders,
who claimed that the entire force, numbering about 250,
was on strike. The cause of the strike is said to be discriminatory wage-cutting in the plant, the strikers alleging
that spinners received a 5% cut and the main body of
workers one of 10%.
From Willimantic, Conn., came reports of pending trouble
at the plant of the American Thread Co., where 2,500 operatives are said to be affected by a 10% reduction in wages,
which they demand be rescinded. Their demands have been
refused. On Monday last a mass meeting of operatives was
held to consider future action. Only 400 attended the meeting, according to reports, and a vote to strike unless their
demands are acceded to was carried by 320 votes to 80
No action, however, has so far been taken. The mills are
running practically on full time with a normal force.
Announcement was made yesterday (Feb. 20) that B. B.
& R. Knight, Inc., has reopened the White Rock mill, which
has been closed since July 1924. This mill will employ about
200, and makes the fifth of the Knight chain to resume under
management of the bondholders' committee. A week ago
we published the decision to continue opprations in all the
Knight mills in Providence, R.I., and in the Pawtuxet Valley
for a second period of 16 weeks under the committee.
Serious Cotton Mill Strike in Shanghai
-Twenty-two
Japanese Plants Closed Down, With Further
Closures Feared.
We give'the following dispatch, cabled yesterday via the
"Evening Post" Foreign Service, from Shanghai:
The Japanese mill strike here is growing more serious. Twenty-two
cotton mills already are closed and it Is feared all the Japanese-owned mills
will close to-day. The situation is creating great concern here and in Japan.
The strikers are in an ugly meod, and there have been frequent clashes
with the police. More than fifty ringleaders have been arrested within a
week. Sixteen were arrested yesterday.
An enraged crowd of strikers, after their meeting had been broken up by
the police, stormed the Chinese police station, demolished a wall and entered
the building. The police were compelled to fire three volleys overhead and
summon the assistance of foreign police, but there were no casualties.
The strained situation has necessitated strong police cordons at every
mill to protect the property against attacks.
The strike organization is revealing novel features. Bobbed haired girl
students from Shanghai University, who are notorious owing to their Bolshevist proclivities, aro seen leading riots and demonstrations, waving flags
and urging on the men.
American Woolen Co. Opens Fall Lines of Men's Wear,
Fancy Worsteds, at 6 1-3% Price Advance
Over Last Year.
The American Woolen Co. opened its lines of men's wear
fancy worsteds for fall on Thursday (Feb. 19) at an officially
estimated price advance over last year of 6 1-3% on 98
repeated fabrics. The departments represented include
department 1, division B; department 2, and department 7.
Semi-staple worsteds and uniform cloths were lines opened
besides fancy worsteds.
In view of the fact that fancy woolens were quoted at
fairly sharp advances over the 1924 prices, it is thought
that the increase in value of fancy worsteds is small. It is
pointed out that the average advance is less than that on
combination wool and worsted weaves. Market opinion
is that the company is endeavoring to stimulate interest
in worsteds, which constitute a large part of its production,
according to the annual report. As to the activity of trade,
jobbers state buying is satisfactory and likely to develop
as the market gains confidence with further study of the
catalogues.
The opening of the American Woolen Co.'s lines of men's
wear staple and fancy woolens, staple and semi-staple
worsteds, serges and cheviots for fall, took place Feb. 4,
and was reported in our issue of Feb.,7, page 645.
Census Report on Cotton Consumed and on Hand in
December, Also Active Spindles, and Exports and
Imports-Consumption for January Above a
Year Ago.
Under date of Feb. 14 1925 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of January 1925 and 1924. Cotton consumed
amounted to 589,725 bales of lint and 51,800 bales of linters,
compared with 578,468 bales of lint and 40,589 bales of
linters in January 1924 and 532,047 bales of lint and 46,182
885
bales of linters in December 1924. It will be seen that
there is an increase over January 1924 in the total of lint
and linters combined of 22,468 bales, or 3.6%. The statistics
of cotton in this report are given in running bales, counting
round as half bales, except foreign bales, which are in
equivalent 500-lb. bales.
Cotton consumed, cotton on hand, active cotton spindles, and imports
and exports of cotton for the month of January 1925 and 1924, with statistics of cotton consumed, imported and exported for the six months
ending Jan. 31.
(The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500
pound bales.)
Cotton Consumed
During (Bales)-
Locality.
United States
Year
Cotton on Hand
Jan. 31 (Bales).
Cotton
Spindles
In
In Public
Active
6 Months Consuming StdPageand During
January ending
Establish- at Corn- January.
Jan. 31.
malts.
presses.
1925 *589,725 *2,939,305 *1,433,814 *3,863,475 33,180,758
1924 678,468 3,096,367 1,637,824 2,963.983 33.279,926
Cotton-growing States. 1925
1924
New England States
1925
1924
All other States
1925
1024
886,755 3,585,413 16.965,378
403,562 2,031,406
391,091 2,072,342 1,005,420 2,659,414 16,342,508
762,904
471,757
76,485 14,600.572
157,802
159,459
865,314
557,518
121,279 15,218,846
28,361
144,995
75,302
201,577 1,614,808
2701S
158.711
74.886
183.290 1.718.572
•Includes 18,662 Egyptian, 6,985 other foreign, 2,163 American-Egyptian and
378 Sea Island consumed, 61,944 Egyptian, 16,999 other foreign, 6.749 American
Egyptian and 3.588 Sea Island in consuming establishments, and 10,742 Egyptian
11,986 other foreign, 3,695 American-Egyptian and 899 Sea Island in public storage
6 months consumption, 84,506 Egyptian, 44,638 other foreign. 12,237 AmericanEgyptian and 2,189 Sea Island.
Linters not included above were 51,800 bales consumed during January In 1925
and 40,589 bales in 1924; 137,634 bales on hand in consuming establishments on
Jan. 31 1925 and 120,394 bales in 1924, and 58,290 bales in public storage and at
compresses in 1925, and 79,853 bales In 1924. Linters consumed during six months
ending Jan. 31 amounted to 298,309 bales in 1925 and 287,369 bales In 1924,
Imports of Foreign Cotton (500-13. Bales).
Country of Production.
January.
6 Months ending Jan.31.
1925.
Egypt
Peru
China
Mexico
British India
All other
Total
Country to which Exported.
1924.
1925.
42,784
3.335
1,420
6,274
415
594
40,443
1,238
4,556
859
100,109
8,267
2,651
34,638
6.178
1,116
89,308
16,331
5,628
1.382
4,281
143
54,822
47.693
152,959
117.073
597
1924.
Exports of Demesne Cotton and Linters--Runisino Bass
(See Noisier Linters).
January.
6 Months ending Jan.31.
1925.
United Kingdom
France
,
Italy
Germany
Other Europe
Japan
All other
1924.
1925.
1924.
402,090
118,447
82,956
213,562
99,540
131,215
28,265
168,358
54,570
53,227
130,640
49,376
72,807
17,875
1,858,854
650,639
430,823
1,162,236
571,223
594,059
152,352
1,352,310
509,641
362,565
702,819
421,840
404,195
114,673
Total
1,076,075
546,853
5,420,186
3,868,043
Note.
-Figures Include 24,214 bales o linters exported
and 7,263 bales in 1924 and 77,942 bales for the 6 monthsduring January in 1925
ending Jan. 31 in 1925
and 35,675 bales in 1924. The distribution for Jan. 1925 follows:
United Kingdom,
1,813: Netherlands, 982; Sweden, 25; France, 2,149; Germany,
16,016; Belgium,
625; Italy, 1,182; Canada, 1,114; Mexico, 6; Spain, 300; Panama,
2,
World Statistics.
The estimated world's production of commercial cotton, exclusive
of
linters, grown in 1923, as compiled from information secured through
the
domestic and foreign staff of the Department of Commerce is 18,969,000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 31 1924, was approximately 19,982,000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 159.000.000.
The Country's Foreign Trade in January-Imports
and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Feb. 13 issued the statement of the foreign
trade of the United States for January and the seven
months ending with January. The value of merchandise
exported in January 1925 was $447,000,000, as compared
with $395,172,187 in January 1924. The imports of merchandise were $346,000,000 in January 1925, as against
$295,506,212 in January the previous year. This left a
trade balance in favor of the United States on the merchandise movement of $101,000,000 for the month in 1925, as
compared with a favorable balance for the corresponding
month in 1924 of $99,665,975. Imports for the seven months
of 1924-25 have been $2,106,353,200, as against $1,999,952,275
for the corresponding seven months of 1923-24. The merchandise exports for the seven months of 1924-25 have
been
$2,948,255,431, against $2,617,106,080, giving a
favorable
trade balance of $841,902,231 in 1925, against
$617,153,805 in
1924. Gold imports totaled $4,223,147 in January
1925,
against $45,135,760 in the corresponding month the
previous
year, and for the seven months they are
$97,701,779, as
against $235,919,112. Gold exports in January
1925 were
very large, reaching no less than $73,488,505,
against $280,-
886
723 in January 1924. The outward movement was the
largest of any month sinee June 1919, when the outflow was
$82,973,000. For
seven mOnths of 1924-25 the exports of
the metal foot up '$131,21,744, against $6,6.42,590 in the
seven months of 1923-24. Silver imports for the seven
.
months of 1924-25 have been $46,729,855, as against $51.400,926 in 1923-24, and silver exports $69,621,490, against
$55,416,890. Some comments on the figures appeared in
last week's issue of this newspaper in our article on "The
Financial Situation." Following is the complete official
report:
•
TOTAL VALUE OF IMPORTS AND EXPORTS OF THE UNITED STATES.
(Preliminary figures for 1925. corrected to February 12 1925.)
MERCHANDISE.
7 Months Ending January.
January.
Imports_.. _
Exports _ _ _
$
$
8
$
295,506,212 2,106,353,200 1,999,952,275 +106,400,925
395,172,187 2,948,255.431 2,617,106,080 +331.149.351
$
346,000,000
447.000,000
Exc.Impts.
Exc. exia'Ls
Increase (±)
Decrease (-)
1924.
1925.
1924.
1925.
101.000.000
99.665.975
617,153.805
841,902,231
IMPORTS AND EXPORTS OF MERCHANDISE, BY MONTHS.
1922-23.
1923-24.
1924-25.
Imports.
July
August
September_
October _
November _
December _
January_
February_
March_
AprIl
May
June
5
278,593.546
254,542,143
287,144.334
310.751,608
296.147,998
333.173,571
346,000,000
$
287,433.769
275,437,993
253.645,380
308.290,809
291.333.346
288,304,766
295.506,212
332,323,121
320,482,113
324.290,966
302,987,791
274,000,688
1921-22.
1913-14.,
$
$
251,771.881
281,376.403
298.493,403
276,103.979
291,804,826
293,788,573
329,253,664
303,406,933
397,928,382
364,252,544
372,544,578
320,233.799
$
178,159,154
194,768,751
179,292,165
188.007,629
210,948,036
237,495,505
217,185,396
215,743,282
256,177,796
217,023,142
252,817,254
260,460,898
139,061,770
137,651.553
171,084,843
132,949,302
148,236,536
184,025,571
754,742.923
148,044,776
182,555,304
173,762.114
164,281.515
157,529,450
7 mos. end.
January. 2.106.353,200 1,999,952.275 2,022,592,729 1,405,856,636 1,067,752,498
12 mos.end.
' 3,554,036,954 3.780.958,965 2.608,079,008 1,893,925,657
June_
Exports.
July
August....
September_
October
November _
December _
January..
February..
March_
April
May
June
276,649,055
330,659,566
427,459,531
527.171,781
493.572,921
445,742,577
447.000.000
302.186.027
310,965,891
381.433.570
399,199,014
401,483,872
426,665,519
395,172,187
365,774,772
339,755,230
346.935.702
335,098,701
306.989,006
301.157,335
301,774.517
313,198,557
370,718,595
379.999,622
344,327.560
335.416.506
306.957,419
341,376,664
325,492,175
316.359,470
319,956,953
325,181,138 160,990.778
366.887,538 187,909,020
324,863,123 218,240,001
343,330,815 271,861,484
294,092,219 245,539,042
296.198,373 233,195,628
278.848.469 204,066,603
250,619,841 173,920,145
329,979,817 187,499,234
318.469,578 162.552,570
307,568,828 161,732,619
335,116,750 157,072,044
7 mos. end.
January _ 2,948,255,431 2,617,108,080 2,346,590,692 2,229,401.675 1.521.802,536
12 mos.end.
Tuna
4 211 ASO 401 2 OSA 722 R72 R 771 1511 450 2 2114 570 14R
GOLD AND SILVER.
January.
1925.
GoldImports
Exports
1924.
1925.
1924.
Increase(+)
Decrease(-)
$
' $
$
$
$
4.223.147 45,135.760 97,701,779 235,919,112 -138.217,333
73.488,505
280,723 131,281,744 6,632,590 +124,649,154
Bituminous Coal Output Shows Further Decline
Anthracite and Coke Show Upward Turn.
The production of bituminous coal during the week ended
Feb. 7 showed a falling off of 173,000 net tons on top of the
515,000 tons decrease the previous week. Anthracite output, on the other hand, made a gain of about 10%, as dd the
production of coke, according to the weekly statistics issued
by the United States Geological Survey, which gives further
details as follows:.
The decline in the weekly rate of production of soft coal of the last month
was considerably retarded in the first week of February. The total output
is now estimated at 10,900,000 net tons, a decrease of 173,000 net tong, or
less than 2%. The rate of output at present is nearly a million tons a week
less than at the corresponding date of 1924, but it compares favorably with
that in other recent years.
Preliminary telegraphic reports frcm the carriers on the number of cars
loaded daily indicate that the present period of curtailment of production
is not yet over. As against a total of 69,000 cars loaded on Feb. 2-3, the
total on Monday and Tuesday of the present week (Feb. 9-14), was but
66,000, a decrease of over 4%.
Estimated United States Production of Bituminous Coal (Net Tons), Including
Coal Coked.
924-1925-- -1923-1924a
Coal Year
Coal Year
to Date.
Week.
to Date.b
11.588.000 383.242,000 11,951.000 462.336,000
Jan. 24
Daily average
1,529,000
1,931,000
1.992.000
1.849,000
Jan.31c
11,073.0(10394,315.00(1 11.716.000 474.012,000
Daily average
1,537.000
1,846.000
1,953,000
1.852.000
Feb. 7 d
10,900,000 405,215.000 11.891.000 485,943,000
Daily average• •
1.982,0001.855,000
a
ted
estimates corrected for usual error, which in past has averaged
ged
2q
a b Mains one day's production in April to equalize number of days in
o.
the two years. c Revised since last report. d Subject to revision.
Production of soft coal during the first 263 working days of the coal year
1924-1925 was 405,215,000 net tons. In the six preceding years, it was as
follows:
Week.
Net Tons.
1918-19
1920-21
1923-24
Years of Depression-
Net Tons.
495,469.00011919-20
417.776,000
479,363.00011921-22
365,164,000
485,943.000 1922-23
355,396,000
ANTHRACITE.
The production of anthracite turned upward in the week ended Feb.
The total estimated output, including mine fuel, local sales and washery
and dredge production, is placed at 1,909,000 net tons, an increase of 179,000 tons, or 10%. This is the largest weekly uotput recorded since the last
of October, and it slightly exceeded that of the corresponding week last year.
7.
Estimated United States Production of Anthracite (Net Tons).
SikerImports
Exports
7,303.770
11,307,797
Excess of Imports.
-Ryeewst nf arnortg
4.004.027
5,979,758 46,729,855 51.400,926 -4,671,071
8,208,644 69,621,490 55,416,890 +14,204,600
2.228.886 22.891.635
4.015.964
Slicer.
Gold.
1924-25.
1923-24.
1922-23.
1924-25.
1923-24.
1922-23.
$
$
$
$
$
$
27,929.447
32,856.097
27,803,961
29,795,185
39,757,436
32,641,226
45,135,760
35,111,269
34,322.375
45,418,115
41,073,650
25,181.117
42,986,727
19,092,208
24,464,235
20,866,156
18,308.087
26,439,677
32,820.163
8,382,736
15,951,357
9,188.470
46,156,195
19,433,539
18,834,423
18,149,981
6,856,155
19,701,640
19,862,384
10,274,049
4,223,147
7,127,613 10,066,463
7,041,630 6,465,949
7,082,962 8.517.971
5,828,572 6,929,211
6,481.416 5,269,173
5,863,892 8.172,301
7,303,770 5,979,758
7,900,409
6,220.934
3,907,745
5.639,582
4.870,389
6,957,298
4,943.762
6,370,279
3.940.349
5.855.405
7,847,570
5.824,637
3,792,387
4.826,376
4,261.889
4.461,146
6,065,947
7 mos. end.
January _ 97,701.779 235.919,112 184,977.253 46,729,855 51,400,926 41,739,300
12 mos.end
79,939,985 64,947,025
417,025,638 284,089,550
June
643,714 9,190.362 6,233.163 6,268,953
522,826
955,853 8,632,067 7.032,221 3.861.180
2,200,961
1,398,607 10,345,205 8.123,460 3,735,178
862,697
1,307,060 17,591,595 9,465.023 7,522,845 3,268,731
746,794 3,431.065 9,401.406 8,775,474 6,599.171
711.529 2,709,591 11.279,630 9,521,083 6,913,200
280.723 8.472.198 11,307,797 8,208,644 6,921.002
8.876,713 2,191,059
505,135 1.399,089
8.355.278 4,731,705
817.374 10,392.100
7,801.689 4.336.338
655.235
1,390,537
9,686.517 3,499,358
824,444
593.290
8,648,499 3,581,081
548,484
268,015
327,178
2,397,457
4,579,501
4,125,268
6.689,182
39.674.653
73,488.505
mos. end.
January.131,281,744
12 mos.end.
Jima
6,632.590 35,202,623 69,621,490 55.416,89037,567,415
in 9014 011
401191 075
Week Ended-
Jan. 24
Jan. 31
Feb. 7 b
IMPORTS AND EXPORTS OF GOLD AND SILVER,BY MONTHS.
Exports.
July
August .._ _ _
September _
October
November
.
December .
January
February March
AprIl
May
June
Thousand Garment Workers on Strike in
This City.
Sixteen thousand garment workers went on strike in this
city this week for a 20% increase in wages, recognition of the
unions by non-union shops, and renewal of contracts in union
shops which expired Jan. 31. Fifteen thousand workers in
the white goods and children's dress trades were ordered out
on strike Tuesday (Feb. 17) by the International Ladies'
Garment Workers' Union, and 1,200 workers came out
Thursday on orders from the Joint Board of the Cloak, Skirt
and Reefer Makers' Union. Ten thousand non-union
workers employed in the former branch of the trade remain
at work, although it is stated they may join the strikers,
as their scale of wages is understood to be much below union
scale on the present basis. The difference, of course, would
be considerably greater were the employers to concede the
union 20% wage increase demand.
Sixteen
Years of Activity-
7 Months ending Jan.
Excess of imports_
44,855,037
229,286,522
Excess of exports_ 69,265,358
33,579,965
Imports.
July
August
September
.
October __
.
November _
December _
January
February _
March
April
May
June
[VCL. 120.
THE CHRONICLE
OR 755 558 55.008.958
1924-1925Coal Year
Week.
to Date.
1923-1924
Week.
Coal Year
to Date.a
1,740,000 72,244.000
1.782.000 74.509,000
1.730,000 73.974,000 1,893.000 76.402.000
1.909,000 75,883,000
1.906,000 78,308,000
a Minus one day's production in first week of April to equalize number
of days covered in the two years. h Sithieet to revision.
BEEHIVE COEB.
The production of beehive coke resumed its upward course in the week
ended Feb.
and reached the highest level attained since last April. The
total output is now estimated at 276,000 net tons, an increase of 26,000
tons, or more than 10%. With the exception of the group of four Southern States, which duplicated its performance last week, and Colorado and
New Mexico, where there was a slight decrease, all the producing districts
showed improvement. In Pennsylvania and Ohio alone there was a gain
of 22,000 tons.
According to the Connellsville "Courier," production in the Connellsville
region increased to 207,450 tons, in spite of the fact that 400 ovens were
blown out.
7,
Estimated Production of Beehive Coke (Net Tons).
Week Ended1925
Feb. 7 Jan. 31 Feb. 9
to
1925.a 1925.6 1924.
Date.
1924
to
Date.c
Pennsylvania and Ohio
219,000 197,000 230,000 1,148,000 1,168,000
West Virginia
14,00e 11.000 16.000 73.000 82,000
Ala.. Ky., Tenn. & Gla
25,000 25,000 20,000 123,000
99,000
Virginia
47,000
10.000 9,000 11.000
54,000
Colorado & New Mexico..,... 3,000 4.00e
30,000
5,000
23,000
Washington & Utah
23,000
5,000 4.000 4,000
26,000
United States total
276.000 250,000 286.000 1.447.000 1,449,000
Daily average
44,000
46,000 42.000 48.000
44,000
a Subject to revision. b Revised from last report. c Adjusted to make
comparable the number of days covered in both years.
Cumulative production of beehive coke during 1925 to Feb. 7 stood at
1,447,000 net tons. Figures for similar periods in earlier years are as follows:
1921
1,410,000 net tons 1923
2.002,000 net tons
1922
1.449.000 net tons
695.000 net tons 1924
Thus it is seen that the production of beehive coke during 1925 to date
has been practically the same as in corresponding periods of 1921 and 1924,
a little more than twice that in 1922, and about a quarter less than in 1923.
FEB.21 1925.]
THE CHRONICLE
Bituminous Coal Demand Slows Down Owing to Mild
Weather—Anthracite Markets Inactive—
Prices Firm.
After experiencing a good month during January, the
bituminous trade in most localities is in a very quiet state,
while anthracite is also dull in many quarters, according
to the "Coal Trade Journal" in its Feb. 18 review of conditions affecting the coal markets. The most active district
just now is the Superior-Duluth market, covering the Northwest, where reports show a heavy business being done in
bituminous as well as smokeless grades and anthracite.
Indications are that anthracite and smokeless stocks will be
practically exhausted at the opening of navigation, while
the holdover supply of bituminous will be negligible compared to former years. Prices are firm in all classes of coals,
declares the "Journal," adding:
In Detroit. the demand for bituminous has been slow to develop and the
buying of domestic sizes has fallen off with the warm weather. Buffalo
reports dulness in the soft coal trade with prices softer, also a dropping off
of the demand for anthracite due to higher temperatures. The demand for
domestic coke, however, still continues good.
There is a considerable tonnage of demurrage bituminous coal in Toronto
and bituminous sales in general are extremely light on account of industrials
not having picked up much. Anthracite is sagging slightly but coke Is in
fair demand. Montreal reports that business is moderate due to the unseasonably warm weather.
In New England poor industrial situation and mild weather have brought
about the most inactive bituminous market in some time, though prices
have held very well in Boston. Prices in Providence, however, have
softened and den-and lessened. The demand for anthracite has dropped off
and consequently prices have declined another 25 cents. In New York the
bituminous market is still stagnant and the demand for anthracite has
dropped off suddenly with a corresponding shading in prices. In Philadelphia the demand for donestic anthracite has slipped a little, but steam
sizes are still holding their own. Bituminous is steady at the old level.
Soft coal factors in Baltimore are encouraged over the conversion by the
Shipping Board of nine oil-burning vessels now moored in the James River
back to coal-burning again. They consider that this policy will apply to
other districts and should improve the tidewater coal situation to a great
degree. At the Virginia piers the prices have weakened slightly due to the
fact that the movement of vessels has been seriously hampered by fog all
along the coast and consequently there has been little movement of coals
over the piers, resulting in stocks there being the largest in some time.
Columbus is experiencing dull trade and a featureless rrarket. The warm
weather has curtailed the retail trade and the steam business is quiet.
Prices are irregular. The market continues slow and prices softer in
Cincinnati. T4ansportation facilities are good and quite a little contract
coal is moving, but the Industrial demand is still lax.
In the Fairmound district of West Virginia the market Is unstable and
demand light. Production last week in the district was 62% non-union, a
gain of 2% over last week. In the other districts of West Virginia smokeleso
conditions were virtually unchanged but the high volatile market in general
was greatly demoralized. Overproduction, mild weather, much distress
coal and large stocks in consuming centres are depressing the market for
887
Kentucky coals and prices rae lower, in some cases being very much shaded.
Production in the central Pennsylvania district is holding up well, though
prices are too low and competition within the field very keen. Pittsburgh
reports the market somewhat quieter, though prices are steady. Producers
in that field are struggling to find some method of cutting producing costs
other than reducing wages.
Despite the comparatively general prevalence of mild
temperatures, conditions in the soft coal markets reflected
a slight improvement on the whole during the last week,
declares the "Coal Age" on Feb. 19. The summary of
trade conditions published by the "Age" is as follows:
For one thing, output having fallen below eleven million tons per week.
there is less overproduction to glut the various markets. Fine coal prices
in the Middle West show a general betterment, though there is said to be
some undercutting of circulars. This pickup is counterbalanced to a
considerable extent by the domestic situation, movement being so light that
there is more talk of lessened running time and shutdowns in both Illinois
and Indiana. The Kentucky trade professes to be unable to see any market at all, prices being weak and tracks cluttered with "no bills." In the
Northwest, industrial consumers at Duluth are renewing coal stocks depleted by two months of stiff weather, and another spurt is not unlikely
in the event of a change from the recent mild weather. At Milwaukee, on
the other hand, business has slowed down considerably because of almost
unprecedentedly high temperature for February. Trade in the West and
Southwest also has quieted down, so that production, which was nearly
two weeks behind in some sections, has caught up with orders.
Not only is there no improvement in the glutted condition of the Cincinnati market, but distress coal is beginning to affect prices and the railroads
are having difficulty in averting a jam. Quiet prevails in Columbus and
eastern Ohio, though the latter sees a grain of comfort in some early shipments to the lower Lake docks for pre-season loading into vessels. Trade
at Pittsburgh is far from satisfactory, for though there has been no further
slump in demand, most of the little business done is transacted under cover,
so to speak, and there is much price uncertainty. A big thaw at Buffalo
has caused a flood of cancellations and much dissatisfaction.
Deliveries have slowed up somewhat at New England piers due to improe d demand and slight delays at Hampton Roads, and while there has
been no advance in prices a notable firmness in quotations is lit,evidence.
Inactivity continues to prevail in the New York and Philadelphia markets,
though some more contracting is reported at New York, while that class of
business is marked by a tendency to hold off at Philadelphia. Dull but
hopeful describes the situation at Baltimore, the export trade still being
far from satisfactory. Industrial conditions at Birmingham continue to
improve steadily, accompanied by a gradual pickup in steam coal buying
and fairly good business in spot sales.
Interest is lacking in the anthracite market to an unusual extent at this
time of year. demand except for an occasional spurt being comparatively
quiet. Retailers are getting mostly hand-to-mouth orders and operators
and sales agents are taxing their ingenuity to keep fuel moving. Chestnut
and stove continue to lead in demand, but egg has gained in strength.
Pea, however, still moves slowly. Steam sizes are in fair demadn, though
independent prices, except for barley, are below company quotations.
The "Coal Age" index of spot prices of bituminous coal made only a
fractional advance during the past weep, standing on Feb. 16 at slightly
over 168. the corresponding price being $2 04.
Dumpings of coal for all accounts at Hampton Roads daring the week
ended Feb. 12 totaled 324.260 net tons,compared with 391.920 tons handled
during the previous week.
Current Events and Discussions
,The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 18, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of
$10,700,000 in holdings of discounted bills and eecreases of
$12,900,000 in acceptances purchased in open market and of
$11,900,000 in Government securities, resulting in a net
decline of $13,200,000 in total earning assets. Federal
Reserve note circulation declined $14,800,000, while cash
reserves increased $4,200,000, non-reserve cash $2,100,000,
and total deposits $14,700,000. After noting these facts,
the Federal Reserve Board proceeds as follows:
An increase of $11.500,000 in holdings of discounted bills is
reported by
the Federal Reserve Bank of Cleveland and increases of $5,100,000
and
$5.000,000, respectively, are shown for Richmond and St.
Louis. The
Chicago Reserve Bank reports a decline In discount
holdings of $7.600,000.
and Boston a decline of $3.200.000. Of the remaining banks, three show
a combined increase of $2,300,000, and four a combined decline of $2,400,000.
Decreases of $11.800.000 and 86.200.000 in holdings
of acceptances
purchased in open market are reported by the New York and
San Francisco
banks, respectively. Cleveland shows a decline of $3.100.000
and Dallas
of 82.200.000. while the Richmond Bank reports an increase of 52,700.000
and Chicago an increase of $2.600.000. The System's holdings
of Treasury
certificates of indebtedness went down 810.400.000 and of Treasury
notes
81,500.000, all Reserve banks reporting reductions in Government
security
holdings for the week.
The principal changes in Federal Reserve note circulation for the week
comprise a decrease of $7,400.000 reported by the Cleveland Bank and
$5,700,000 by Philadelphia. Six other banks show a combined decrease
of $4,700,000. and the four remaining banks a total increase of 83,000,000.
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 930 and 931.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Feb. 18 1925 follows:
Increase (+) or Decrease (—)
During
Week.
Year.
Total reserves
+$4,200.000 —$192,200.000
Gold reserves
+8,900,000
—220,200.000
Total earning assets
—13,200,000
+155.100,000
Bills discounted, total
+10,700,000
—153.700.000
Secured by U. S. Govt. obligations_ _ __ +6,000.000
—36.600.000
Other bills discounted
—117,100.000
+4,700,000
Bills bought in open market
—12,900,000
+58.300,000
U. S. Government securities, total
—11,900,000
+236 00 000
:
4 5 ...00
6
Bonds
Treasury notes
—1.500,000
+177,500,000
Certificates of indebtedness
—10,400.000
+2.300.000
Federal Reserve notes in circulation
—14,800.000
—324,900,000
Total deposits
+14.700,000
+305.600.000
Members' reserve deposits
+16,100,000
+299,400,000
Government deposits
—1,400,000
—13,300.000
Other deposits
+19,500.000
The Week with the Member Banks of the Federal
Reserve System.
A decline of $20,000,000 in loans and investments and of
$21,000,000 in U. S. Government deposits, as against increases of $53,000,000 in net demand deposits and of
$25,000,000 in time deposits, are shown in the Federal
Reserve Board's weekly consolidated statement of condition
on Feb. 11 of 739 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 $1,000,000,
the larger increase of $6,000,000 in loans on U. S. Government securities being nearly offset by declines of $3,000,000
in loans on corporate securities and of $2,000,000 in "all
other," largely commercial, loans and discounts. Holdings
of United States bonds were reduced by $26,000,000,
Treasury certificates by $1,000,000 and corporate securities
by $2,000,000, while holdings of Treasury notes
were in
THE CHRONICLE
888
(VoL. 120.
creased by $8,000,000. Further comment regarding the Decline in French Francs-Premier Herriot's Appeal
changes shown by these member banks is as follows:
for Support.
Member banks in New York City report an increase of $5,000,000 in
The break in French francs, the appeals for its support
loans on U. S. Government securities and reductions of $29,000,000 in
loans on corporate securities and of $37,000,000 in "all other" loans and which have come from Premier Herriot, and the introduction
discounts. Their holdings of United States bonds were reduced by of bills in the Chamber of Deputies for improving the
$28,000,000, while their holdings of Treasury notes were increased by
financial situation have been developments of moment
$10,000,000.
Net demand deposits increased by $53,000,000, increases being shown during the wepk. The measures-three in number
for all Federal Reserve districts except New York, which shows a reduction through which the stabilization of the declining franc is
and
of $23,000,000. The largest increases are the following: Atlanta
by Minister of Finance
Chicago. $15,000,000 each; Boston, $9.000,000 and Cleveland. $8,000,000. sought, were introduced on Feb. 19
Time deposits went up $25,000,000, while net withdrawals of Government Clemental. As to their purpose, Associated Press cabledeposits aggregated $21,000,000. The New York City banks report an grams from Paris Feb. 18 said:
deposits and a reduction of $4,000,000 in
Increase
of $6,000,000 in time
The object of the first bill, says an official note, is to expedite the collecGovernment deposits.
who pay their taxes in
Reserve balances of all reporting members show a decline of $4,000,000 tion of taxes. A discount will be offered to those
advance.
while their cash in vault shows an increase of $17,000,000. Increases of
The second bill will provide a new form of registered bonds and a method
17.000,000 in reserve balances and of $6,000,000 in cash are shown by the
to facilitate their transfer.
New York City banks.
The third bill will create a national fund for buying in and amortizing
Borrowings of all reporting institutions from the Federal Reserve banks
Increased by $11,000,000 and like borrowings of the New York City Treasury securities.
M. Ciementel will demand urgency for the bills, which the Government
members increased by $13,000,000.
expects will have a most favorable effect on the Treasury and Rentes mar
On a subsequent page-that is, on page 931-we give the ket. The memorandum for the listing of payments of coupons on unregis
figures in full contained in this latest weekly return of the tered bonds will be suspended by a decree, thus abolishing an annoyin
intended to give the Government control over the paymen
member banks of the Reserve System. In the following is feature originally securities, which had the effect of making many holders
of coupons of State
changes in the principal items sell their bonds.
furnished a summary of the
as compared with a week ago and with last year:
Increase (4-) or Decrease (-)
Week.
Year.
+31.000.000 +$1,179,000,000
Loans and discounts, total
+6.000.000
-47,000,000
Secured by U. S. Govt. obligations
-3,000,000
+924.000,000
Secured by stocks and bonds
-2.000,000
+302,000.000
All other
-21,000,000
+948,000,000
Investments,total
-26,000,000
+574,000,000
U. S. bonds
+8.000,000
-295,000,000
U. S. Treasury notes
-1,000,000
+22.000,000
U. S. Treasury certificates
-2,000,000
+647,000,000
Other bonds, stocks and securitie5_ _ _ _
-4.000,000
F. R. banks
+235,000,000
Reserve balances with
+17,000,000
-3.000,000
Cash in vault
+53,000.000 +1.690.000,000
Net demand deposits
+25,000,000
+792,000,000
Time deposits
-21,000,000
-12,000,000
Government deposits
+11,000,000
-124,000,000
Total accommodation at F. R. banks_
It was stated last night in Paris cablegrams that it was
conceded yesterday that a capital levy in some form or other
was among the plans considered by the Government for a
solution of its financial difficulties. It was likewise indicated by Finance Minister Clementel, in a speech in the
Chamber on the 19th. that it was planned to borrow something like $135,000,000 in the United States. The latter
speech .was made two days after that of Louis Loucheur
(Minister of Commerce in the Poincare Cabinet), in which,
in addressing the Chamber, he asked the Government to
-"as
issue a large loan abroad-possibly for $200,000,000
the Treasury's best way out of its present difficulties," as
the Associated Press put it. As to M. Loucheur's proposals
on Feb. 17, these advices stated:
M. Loucheur thought, in estimating France's internal indebtedness,
that Government stock ought not to b calculated at par, but at the market
price, which would bring the sum due,as rental,from 104,000,000,000 to
90.000.000,000, and make the internal debt total 100,000,000,000 instead
of 225,000,000,000. He suggested replacing the business turnover tax by
a 5% tax on businesses employing salaried workers.
Gold and Silver Imported Into and Exported From the
United States, by Countries, in January.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
On the 19th inst. the Paris Associated Press cablegrams, in
its monthly report, showing the imports and exports of gold the accounts of M. Clementel's remarks, quoted him as
and silver for the United States for the month of January, follows:
"It is clearly understood," he said, "that the very corneristone of the
1925. It will be noted that the gold exports were very
condition a foreign loan. Conof the Treasury to
heavy, reaching no less than $73,488,505, while the imports restoration have begun on this a healthyand I haveis asemi-official promise
subject,
versations
more than $4,223,147, the greater part of which that as soon as the budget is voted an issue of $100,000,000 will be possible
were no
came from the Dominion of Canada. Of the outflow of In America. This loan, and one which will be raised for the devastated
fresh money, and we shall be able to
the metal, two-thirds went to Great Britain and her Domin- regions, will supply our coffers with
bring pressure on exchange."
-$36,466,268 going to British India, This second loan, the Finance Minister described as one to be issued by
ions and possessions
$6,354,405 to Australia and 35,078,028 to the United King- certain of the devastated departments "abroad" to the extent of $35,000,000
dom. Germany took $17,500,000, France $1,308,602, the to $440,000,000.
On Feb. 16, when Premier Herriot pleaded for union of
Netherlands $3,283,743, and Sweden 961,002,628,
the political factions with a view to restoring confidence in
AND SILVER IMPORTED INTO AND EXPORTED FROM THE
GOLD
the country's finances, he declared emphatically against
UNITED STATES. BY COUNTRIES, IN JANUARY.
any inflation. While announcing that the proposed measure
Gold.
Silver.
requiring holders of bearer bonds to make a list of coupons
Total Value.
Relined Bullion.
Total Value.
to file with a bank, would be abandoned, he foreshadowed
Countries.
more severe measures for controlling the income tax, proImports. Exports. Imports. Exports. Imports, Exports.
posing confiscation of capital on which the interest was not
Dollars. Dollars. Ounces. Ounces. Dollars. Dollars,
13,616
declared, and prison for frauds in addition to fines for the
Belgium
9,893
Bulgaria
non-declaration of fortunes placed abroad. The external
28,008
71,046 1,308.602
France
17,500,000
25,799
624
17,995 signs of wealth, he said, would be compared with
Germany
the declare,
3,283,743
Netherlands
40,000
15,436
7,026
Spain
tions made. He defined the evasion of capital as "a con1,002,628
Sweden
5,205,089
4,212 3,559.365 tinual hemorrhage for the country."
United Kingdom__ 127.636 5.078.028
1,118 625,824
32,560 588,051
47,046
2,305.673
Canada
The Associated Press accounts from Paris that day
3,360
2,264
74,658
Costa Rica
1
1,278
251
1,600 stated:
Guatemala
176,246
127,150
8.986
Honduras
358
2,311
29.161
4_
Nicaragua
75
50
3,571
Panama
4,207,359
342,673 2,896,090
137,399
517,656
Mexico
148
100
10,000
1.690
40,055
Trinidad & Tobago
515
Other British W.L
155
81
230
8,352
Cuba
105
Dominican Repub.
26,518
Haiti
529
Virgin Ial. of U.S_
100,000
Argentina
15,639
122
Bony's,
124.434
188,787
7,977
Chile..
10.432
6,989
177,164
Colombia
15,000
Ecuador
3
5
1,734
Dutch Guiana_ ___
1,926.929
119,568
Peru
153,842
750,000
Uruguay
43
63
21,343
Venezuela
5,741,970
3,942,430
36.466,268
British India
2,500
Straits Settlement 5
4,593,226
4,108 3,121.542
China
20,055
77,115
17,214
15,000
Dutch E. Indies__ 240,539
703,293
478,500
941.605
Hong Kong
Japan
7,383
3,583
Philippine Islands. 192,636
6,354,405
Australia
New Zealand
85
76,504
129
245,493
Egypt
1,631
14,927
Portuguese Africa. 127,671
, Total
•
The whole Chamber approved M. Herriot's vigorous assurance that, cost
what it might, France would neither inflate nor allow her signature to go to
protest. The Opposition, however, throughout the session seemed to make
clear that it held a distinction between France and the present Government.
The Socialists showed nervousness whenever the Premier touched on points
affecting their doctrine, particularly when he intimated strongly thorn could
be no thought of a capital levy.
The Premier made an earnest effort in the Chamber of Deputies this afternoon to roweld the "sacred union" of parties for the single purpose of restoring confidence in French finances. The Opposition appeared to remain insensible to his appeal, while murmurs from the Right and Right
Centre that greeted his somewhat pathetic request for a truce indicated
there was little chance of the head of the Government disarming his adversaries so long as he remains under the influence of the Radical-Socialist
coalition.
Marcel Hermit', one of the Opposition Deputies, just before the Premier
spoke had declared that all parties could accept M. Herriot's assurances
with confidence and that they were well meant, but that so long as M.Leon
Blum,leader of the Socialist Party, was one of the Government's most appredated counselors, there were grave doubts as to whether the Premier
could make those declarations good.
"It is for the franc that the Government demands the effort of all,
said the Premier, to the applause of the House. "Volumes have been written for the defense of the franc. Among the solutions suggested is de4.223.147 73.488.505 3.936.126 16.270.495 7.303.770 11.807.797
valuation, which is rapid, immediate and decisive. But however seductive
FEB.21 1925.]
THE CHRONICLE
889
this solution appears. I must tell you I do not believe in a sudden solution." a list when the coupons were paid and handed over to the authorities
"Healthy money must be our policy." declared the Premier. "Healthy for purposes of taxation; then the vote for a budget of 34,000,000,000 francs
money is the only policy capable of lowering the cost of living, capable of —which is really more than 35,0000,000,000 if the loan to pay increased
• giving France the authority she needs in International councils."
pensions were taken into account; and meanwhile the country is held in
M. Herriot declared his continued faith in the income tax, but said that absolute uncertainty as to how the Government intent to raise the money."
if such taxation were excessive it prevented the accumulation of taxable
In Government circles it is recognized that the situation caused by the
• material. He had nothing to change in his previous declarations regarding export of capital is something that is occupying the most careful attention
capita] which was working. It would be a clumsy error to attack produc- of Premier Harriet and Finance Minister Clemente]. who are declared to
• tion. he added.
be confident that when the Government's financial policy is fully underThe Premier admitted it was impossible to prevent the exodus of capital stood it will be found that the alarm such as the exodus of capital indicates
by any other means than by making capital safe in the country. He referred is unfounded.
to the experience of the McKenna committee in seeking means to prevent
Another factor considered in political circles as having largely contributed
the exodus of capital from Germany and pointed out that the conclusion of to bringing about the present situation is the political unrest due to •the
this committee was that it was impossible other than by making investments growing conflict between partisans of the Government and the Catholics.
in the country attractive.
The riot at Marseilles, in which two persons were killed and some 200
"During the war." said the Premier,"we had to borrow the most possible injured, followed by threats that the thing will be repeated when former
• while paying off the least possible. How we must pay off the most possible President Millerand goes to Marseilles in March for a mass meeting of
while borrowing the least possible.
followers of his new Republican National League, has raised fears in some
The Premier exhausted the best financial advice obtainable before decid- circles that if the Government takes no strong measures to stop the internal
ing to present the Government's position in the Chamber. During the last strife more serious troubles will develop.
few days he had seen all the leading financial authorities in France,including
M.Robineau. Governor of the Bank of France, has been in constant comformer.Premier Caillaux, who is understood to have heartily approved the munication with Premier Herriot and has strongly advised abandonment
stand the head of the Government has taken against inflation.
of the measure requiring lists of coupons when payments are made. This
There are known to be differences of opinion among the financiers as to suggestion finds opposition among the Premier's Socialist advisers, but it
the solution of the incipient crisis. M. Robineau, Governor of the Bank is thought in banking circles that the Government will adopt the bankers'
of France, having taken sharp issue with some of Premier Herriot's advisers. advice at the risk of offending his Socialist supporters rather than chance
who demanded the intervention of the Bank to check the downward move- accentuation of the movement which is depressing the franc.
ment of the franc. M. Robineau held it was useless to use the means at
Althoug financial quarters here favor an increase in circulation, M.
the disposal of the Government to protect the franc when the situation was
Herriot repeated to-day his declaration the:. the Government would go
due entirely to the interior situation.
out of office sooner than resort to inflation.
The bankers and financiers generally, however, agreed that the present
The Premier warned the Chamber that foreign eyes were watching
tendency was due solely to weakening confidence, and that the first thing
closely the fiscal developments in France. He said the war had converted
necessary to be done was to make known to the country that capital was
France from a creditor to a debtor nation and the new situation called
safe here and that sane measures only would be taken to tide France over
for the greatest snag-froid. He explained that during the war France
this very difficult period of her financial troubles.
had spent 144,000,000,000 francs more than she had collected in taxes
From a copyright cablegram the same day to the New and that since the war another 100,000.000,000 francs had been borrowed.
This, added to the pre-war debt, constituted a formidable burden.
York "Times" we take the following:
"After having borrowed the most possible by paying the least possible
The trouble with the franc to-day is that it is the victim of politics. we have
now come to the moment when we have got to pay the most
M. Herriot's majority depends on support of the Unified Socialists who possible in borrowing
the least possible," he said.
preach a capital levy as the solution of the Government's financial diffiHe declared that the French Government was poor In a country that
culty. It is held by the Right to be logical that M. Herriot must make was rich and that
proper faith in France by Frenchmen working indusconcessions to retain the support of the Socialists. With great ardor the triously for many
years would bring France back.
press of the Right has emphasized this possibility, bringing it around to
Explains Budget Increases.
the argument that the Government of the Left must step out or France
Answering charges that he had Increased the budget, he showed that
will go bankrupt.
practically all the increases had gone to State employees, which he regarded
Other Factors in Franc's Exodus.
This, coupled with other factors—like the Communist scare, the increase as just in view of the great rise in the cost of living since they had prein taxation, the prospects of being obliged to pay something to America viously been increased.
The Premier said enough books to fill a library had been written about
and England, the failure of the Geneva protocol and religious strife—has
how to solve the problem of the franc. Some of them appeared seductive,
brought in France a feeling of uncertainty about the future which has led
offering quick cures, but he thought these quick cures were quack cures
to large exportations of capital. This acts in a double way on exchange.
and that there were no miracles in finance. He pointed to the success
It causes the sale of francs and the purchase of foreign securities and causes
of England in bringing back the pound and added:
a lack in France of wealth hitherto invested largely in National Defense
"Cost what it may, France must do the same. We must stick. a
to
bonds, so that more and more of these are being cashed in at maturity policy
of sane money. It is only a policy of sane money which will earn
instead of new bonds being accepted in payment.
France the respect of the world."
The situation has now reached a point where, with the legal limit of
He said the fiscal policy of the present Government was fiscal honesty
advances to the State reached, the Bank of France, which carries checking and that it
intended to catch tax-dodgers. He recognized that it would
deposits of over 2,000,000,000 francs, has between it and 41,000,000,000, do no good further
to increase certain taxes, as, for instance, the income
the legal circulation limit, only about 200,000,000 francs. And, this year, tax, because it
would take away from those who paid the incentive to
in addition to 67,000,000,000 National Defense bonds at three, six, nine earn more.
It was better, he thought, to try and collect from all who
and twelve months, there will fall due 22,000,000,000 of other Government owed
the present tax. In response to critics who said the Government
securities, largely represented by two-year bonds. Of course, most of these had
allowed capital to flee from France, he asked any one who knew how
will be renewed, but it appears altogether likely that there will be a margin to prevent it to
give him the benefit of that knowledge.
which will tax the manoeuvring ability of the Bank of France.
M. Herriot said it had required great steadfastness to resist inflation.
While the Left gave the Premier an ovation, the Right remained in which
might give temporary solution to some Government troubles but
stony silence.
would bring greater sorrows in its train. He pleaded for patient optimism
The "Liberte," organ of the Nationalists, launches a campaign to-day
and optimistic patience. He said it was nothing less than criminal to
for the dissolution of the Chamber and new elections, saying the people
wish an opportunity to chase from power "those who are leading the try and make political capital out of the present financial difficulies
of the country.
country into bankruptcy." The Government press classes the bankers of
France among the Opposition and says the Right would be willing even to
The defense of the franc was also reverted to by Premier
ruin the country if political ends could be served.
Herriot on the 13th inst. during the discussion on the war
A week ago—Feb. 14—Premier Herriot, in addressing the
Chamber, had likewise appealed "to the sacred union of all
Frenchmen, regardless of party politics, for the defense of
our national currency." The Associated Press reports on
that day said:
"Nothing must be said here," he added,"which might Increase the grave
financial dificulties the country is encountering. It is bad policy to repeat
everywhere and at all times that the country is suffering from a lack of
confidence crisis. At the present hour, when the fate of the country is at
stake, our debate here must remain above party politics. Our financial
policy has been safe and sane. I ask you all to join me in a patriotic
appeal which I address to all Frenchmen to save the franc."
"L'Information," one of the leading financial Journals, explaining
the
exodus of capital, says:
"Our national money is suffering from loss of confidence. Will the
authorities do what is necessary to restore confidence by taking the measures
that all economists and business interests have indicated—the suppression,
already too long delayed, of all fiscal inquisitory measures? The money
market has a clear notion that we are, perhaps, at a decisive turning. It
Is this sentiment that is shown in the constant buying of foreign securities."
Leaders of the Senate, such as Henri de Jouvenel, one of the coming men
of the Upper House. declare it is necessary to return to the "sacred union"
of parties that prevailed during the war and continued through the first
year after the war ended.
The opposition press points out that this "sacred union" under the
present Government would be rather difficult because of the partisan attitude of the Cabinet, the throwing of M. Millerand out of the Elysee Palace
and the adoption of what one of the papers calls an "anti-religious policy."
The Bank of France has not yet intervened with the proceeds of its
American credits to defend the franc, because the movement originated in
France and is declared to be entirely devoid of speculative features. If the
• Bank of France sold dollars and pounds sterling, it is pointed out, it would
only enable those sending capital out of the country to get their dollars and
pounds cheaper. Therefore, general opinion is that nothing can stop the
movement except the restoration of confidence.
"The present situation results from accumulated circumstances of the
past few months, all of which are calculated to frighten capital," said a
leading banker to-day. "There was the Communist scare: then the provisions which required the holderssof coupons of French bonds to make out
pension reform, proposing a 4,000,000,000 franc increase of
pension payments, when he took a vigorous stand in the
Chamber that evening against new inroads on the budget.
From a copyright cablegram from Paris reporting this,
we quote the following:
He approved the adoption of measures whereby the Pension Chest is to
have authority to operate on its own account a 1,500,000,000-franc loan.
but declared emphatically that the Government Treasury would in no way
accept responsibility for the operation.
"Let us realize at once," declared M. Herriot, "that if it is a question of
burdening the budget with these four billions, any effort in that direction is
doomed to failure. We have always said we wanted to restore the country
to financial health. We don't want inflation. We want to defend the
national currency. Such procedure is essential to national security. We
must pursue a policy of severe financial honesty.
"It is to be the honor and duty of the Chamber to rehabilitate France
financially, and if it falls to do so the Government will certainly not seek to
prolong its eAstence. In addition to all this, defense of the franc is the sole
solution of the problems of readjustment which are now causing us so much
anguish. I shall not let my country follow the downward path taken by
Germany and Austria."
Regarding the continued plea of Premier Herriot, the
Associated Press had the following to say Feb. 18:
Discussion of the finance bill was in progress throughout the whole day in
the Chamber of Deputies—from 10 o'clock this morning until 9:15 this
evening—without any real progress being made.
Premier Herriot told the Deputies that the attitude he had taken in support of the Poincare Ministry on the financial question last spring entitled
him to ask for unanimity in the Chamber for the defense of the franc.
Applause came from every section of the House at this, which was renewed
as the Premier declared, "I take note of this unanimity."
After the Chamber had voted a pension of 12,000 francs a year for the
widow of Charles Dupuy. former Permier, without debate, a number of
Deputies gave their opinions on the State's finances, most of them dealing
with past events. Almost the only interesting statement during the session
Was made by Etienne Clemente]. Minister of Finance, regarding the
payments France must make during 1925 because of various
commitments
which will mature.
THE CHRONICLE
These payments, M. Clementel said, "have been described as obstacles
Which it is impossible to overcome." He then went on to show how the
first payment, due two days ago, had been met.
Seventy per cent of the 330.500,000 francs ten-year bonds due had been
renewed and 60% of the 191.000,000 francs six-year Treasury bonds also
had been renewed. That very day 315,000.000 francs were advanced to
the State on National Defense bonds and 64,000,000 francs in Defense
bonds were paid off, so that by the end of the day on which 169,000,000
francs had been paid off for bonds which had matured the Treasury was
82,000,000 francs better off.
As to the fall in the franc of a week ago, we take the
following from the New York "Times" of Feb. 15:
The French franc quotation broke 14 points yesterday to its lowest price
this year, and that on a day when only half of the normal business in the
world's exchange markets is transacted. It closed at 5.1334. a point above
the extreme low for the day, with a net leas of 13 points, or more than
one-eighth of a cent. . . .
Virtually all of this selling came from abroad, and probably nine-tenths
of it, according to the estimates of New York bankers and dealers who are
most fully informed on exchange dealings, was for the French account.
Various explanations were advanced as to the cause, and by dealers it was
observed that the movement, although now reaching its height, apparently
had been fairly continuous since mid-December.
Speculation was said to be entirely absent. Ever since the Bank of
France, by means of its hundred-million-dollar check furnished by J. P.
Morgan & Co., applied the formidable pincers of exchange support in March
of last year, none but the most foolhardy speculators have felt it wise to
tamper with French exchange. Hundreds of millions of dollars were lost
the last time that the French Government adopted strong-arm measures
of supporting its currencies and bankruptcies were reported in various
capitals of Europe as a result. Consequently there was little animation
yesterday among men who like to take a fling in the foreign exchange market. By some the suspicion was expressed that possibly a new trap was
being prepared.
Since mid-December, according to estimates which were given some credence in banking circles, French nationals have sent the equivalent at present
low exchange rates of $700,000,000 from France. A sizable proportion of
this money was believed to have gone into American securities, principally
bonds. As in tne case of Germany,three years ago and of England one year
ago, the "exporters of capital" were said to be seeking the safe refuge of
American investment until prospective storms might blow over.
The same paper Feb. 17 said:
In America as well as in Europe the Republic of France cracked its whip
yesterday as a warning against too hasty selling et the French franc. When
the New York Oriels dealing in foreign wrchange opened their doors for
business they found the tranc had rallied 7 points from Saturday's close
Before the day was over the franc had run up 534 points further and chsed
at 5.26 cents, which was just one-half of one point below its price of Friday.
Its net recovery was 1234 points, or ene-eighth of a cent, and from the low
point of Saturday the gain was 1334 paints.
In a single day the franc had jumped from its lowest point touched since
Oct. 9 1924 to its recent prevailitg rate, which, while not pegged, has been
sufficiently steady to encourage international trade with France.
Selling of French Goverirmi nt bonds developed on a large scale, and
price declines ranging from 1 to nearly 3 points were recorded at the extreme
low points of the day. With the rally of the franc, however, the selling
abated somewhat In the later afternoon and in the last hour prices recovered.
Closing prices showed the new French Government 7s, which were
offered to the public at 94, at 893. Compared with Saturday's closing
price this was a net loss of 1% points, and the loss from the offering price
was 43 poi ts, or 8,45 in each 81.000 bond unit. The French 740 closed
at 9934. a net loss of 34 point, and the French 8s closed at 10234. a net loss
of 134
Dealers said the selling of French Government bonds was a belated
reapers° to the causes which last Saturday sent the French franc lower.
As in March of last year, when the franc was driven down to Its lowest
price of all time. the French Republic found ample support in the form of
American dollars. In March of 1924 a blank check by the firm of J. P.
Morgan & Co. was made available and in February of 1924 the same firm
with its expert skill in handling a market of any kind was at the service of
the French Government. As material, the Morgan firm had, if necessary,
about 890.000.000 which represenced money deposited by purchasers of the
recently offered French Government loan.
But it was not believed that this sum was more than tapped, if, indeed,
It was wed at all. At the office of J. P. Morgan & Co. no statement of
any kind was forthcoming regarding measures it might be taking in support
of the franc. And at the offices of banking institutions which represent
the Bank of France in the United States there likewise was no statement
other than a suggestion that any information on the subject should come
either from the Bank of France direct, or from J. P. Morgan & Co., who
act as France's fiscal agent in America.
Prompt action was taken by the French Government and its banking
associates to nip in the bud any plan that speculators might form for depressing the Paris bill. The speculators, fearing a repetition of their 1924
experience, when they were led into a trap that cost them millions of dollars
and drove several firms into bankruptcy, were skittish yesterday, In
extremely moderate volume some orders had been executed on the short
side of the franc market, but the placers of these orders were as cautious as
they were moderate. The few short contracts outstanding were covered
the moment the franc market turned upward, or as soon after as practicable,
dealers said.
Principal support of the franc was said to have developed from the
response within France Belt' to more favorable reports concerning French
fiscal policy. Compromises on governmental policies which had been
interpreted as holding the threat of a capital tax levy were reassuring, and
there was a pronounced decline in the movement of capital out of France.
Premier Herriot's speech also encouraged holders of francs.
[VoL. 120.
Deducting these unusual receipts, the normal and permanent revenue for
the month reached 2,729,483,400 francs, or 746,000,000 francs more than
the return for December 1923.
Total revenue from all sources for 1924 aggregated 27,582,000,000 francs,
while normal and permanent sources alone produced 25,834,000,000 francs,
which is 5,632,000,000 francs more than was collected during 1923.
The aforementioned figure of 2,729,483,400 francs representing December
revenue from normal sources can be subdivided into the following categories:
(1) Revenue from direct taxation which yielded 1,039,799,400 francs.
This is the highest figure ever obtained and shows an increase of 427,598,100
francs over the amount collected in December 1923.
(2) Revenue from State property, 43,153,000 francs, showing an increase
of 20,408,300 francs over December 1923.
(3) Revenue from indirect taxes and Government monopolies which aggregated 1,646,531,000, or 298,520,000 francs more than in the same month
of the preceding year.
The separate budget of the postal administration also shows an increase in
receipts which totaled 153.328 francs for the month of December last, thus
exceeding budgetary estimates by 6,345,500 francs, and the preceding year's
figure by 15,793,000 franca.
Inter-Allied Control Commission Reports on Germany's
Military Status—Alleges "Flagrant" Violations
of Treaty of Versailles.
The report of the Inter-Allied Military Control Commission on the military status of Germany, studied in relation to the disarmament provisions of the Treaty of Versailles,
was handed to Marshal Foch,President of the Allied Military
Committee, on Wednesday, Feb. 18. .An advance report of
the Commission's findings, alleging treaty violations on the
part of Germany, was responsible for the Allies deciding to
continue occupation of the Cologne zone, which, under the
Versailles Treaty, would have been evacuated on Jan. 10
1925 if Germany had faithfully carried out her obligations.
The text of the report has not yet been made public, owing
to differences of opinion between Great Britain and France
regarding future policy, France advocating immediate
publication in full, with Britain objecting. Paris newspaper
correspondents, however, have been enabled to learn that
the findings of the Commission justify the Allied stand on
the Cologne question. The general contents of the report
were set forth in advices (copyright) from the "HeraldTribune's" Paris Bureau, published Thursday. They said:
The report shows conclusively that during the last six months Germany
has not observed satisfactorily any part of the military clauses of the
treaty, and to-day is still capable of prosecuting war within a brief time if
the Berlin Government should decide upon such a venture.
Not only has Germany violated the armament provisions, but the general
stipulation regarding man power. The police organization, which still has
trench mortars and airplanes, launder the regularly organized General Staff.
The Reichswehr is replacing its personnel every three or four months, and
actually remains a military ody capable of swelling its ranks three or four
times the legal limit of 100.000 men.
German factories remain flagrantly equipped to manufacture war material.
Germany is in open revolt against the treaty, the report concludes, and is in
position to go to war in a brief time, though there are not yet any signs that
she intends to do this.
Stress is placed upon the difficulties met by the Commission in its investigations, due to alleged German obstruction. The Paris representative of the Associated
Press stated:
The report of the Allied Military Control Mission on the state of Germany's disarmament sets forth in full the difficulties under which it worked,
declaring that obstructions placed by the Germans in the way of its investigations absolutely prevented any discoveries by direct search. Every disclosure made, the report states, was the result of denunciations by pacifist
workmen in factories where war material was being turned out, or by
students who were aware of military training operations in universities.
The most important of twelve annexes each dealing with a special feature
of the mission's work are those relating to military training and the number
of men in Germany being fitted for armed service contrary to the Treaty of
Versailles, and to German armaments. In spite of the obstacles placed In
the way, the mission declares, it succeeded through suggestions furnished it
by German pacifists in obtaining detailed information of the greatest importance on these two points.
Further details of the report were contained in the following paragraph from a Berlin message to the New York
"Commercial" on Feb. 19:
,
The police organizations receive regular subventions to cover their
military functioning, the reports says, and have never been demobilized
as a military force for ordinary police duty, as required by the Treaty..
The Government, according to the report, has reserve stocks of armament
greater than the 4% of the small arms and 2% of guns provided for replacement of worn out arms. Factory equipment capable of conversion
for armament has not been completely destroyed, it is charged. Lists
of armament and mobilization have disappeared, which are needed to
enable the Commission to ascertain that the destruction of the German
war army is complete.
French General Budget—Revenue from All Sources
in 1924 Amounted to Over 27 Billion Francs.
Commenting on the differences between London and Paris
The revenue to meet the expenses of France's general as to the methods to be pursued toward Germany, Edwin
budget, not inclusive of the postal receipts, during last De- L. James, in the course of a copyright cable from Paris
cember, reached a total figure of 2,853,361,200 francs, out of to the New York "Times" dated Feb. 18, said:
The English idea is to negotiate quietly with Germany to obtain the
which unusual receipts, such as revenue from sale of war
observance
stocks, tax on excess war profits and fines, accounted for reasonable of clauses hitherto somewhat neglected, and on obtaining
satisfaction to evacuate Cologne, the evacuation of which
123,877,800 francs, according to advices received by the was delayed beyond Jan. 10 because of the discoveries made by the Allied
Bankers Trust Co. of New York from its French Information military inspectors on the soil of the Reich.
Cologne evacuation, of course, is tied up with evacuation of the Ruhr.
Service. The company's advices made public Feb. 16 also Mr.
MacDonald and M. Herriot having reached a personal agreement
state:
that both were to be evacuated about August.
FEB.21 1925.]
THE CHRONICLE
After having obtained satisfaction from Germany, the English would
then discuss a security arrangement with an eye to a compact including
Germany.
The French think that is not the proper way to proceed with Germany.
They would publish the report for the world to prove that France was
right in distrusting Germany. They would demand much more radical
moves by Germany to comply with the Treaty and would make the report,
as showing the common danger of Germany to all the Allies, the starting
point for security negotiations among the Allies to guard against that
danger. The inclusion of Germany in any plan, or even consideration
of such a step, they would leave until after Germany had fully complied
with the Treaty disarmament provisions and entered the League of Nations.
Looking at the situation from the larger point of view it is quite plain
that the British seek to break up the war alignment of the Allies and work
toward large general peace arrangements. France would promise not to
attack Germany, just as Germany would promise not to attack France.
With more sentimentality and a different political outlook the French
would conserve the war arrangement of the Allies.
Still regarding Germany as a foe,the French, wish a security arrangement
directed straight at Germany. If Germany came in later it would only
be after the Allies had cemented themselves into a compact which ,even
if Germany broke it, would still leave her facing an allied front.
891
letter addressed to Messrs. Mellon and Borah by Mr.
Criscuolo:
Hon. Andrew W. Mellon.
Hon. William E. Borah,
Washington, D. C.
Gentlemen—Many headlines in American newspapers recently told us
that America's attitude on the Allies' war debt to the United States Treasury
Department was very strongly resented in Europe. Not only has the resentment been apparent from speeches of Ministers and parliamentarians
like Clementel and Mann in France, Schanzer in Italy, &c., but we hear
that the storekeeper and hotel-owner is taking revenge on American tourists
in retaliation for our insistence that the debts be paid. Only in England
do we find in official circles a practically unanimous opinion that the debts
are due us and Great Britain shows her good faith by funding this debt
and paying the interest regularly. Italy has just said she intended to pay
absolutely and would immediately begin making arrangements for funding
the debt. But there are potent reasons why England pays—she can pay
and she wishes to use every effort to retain the financial supremacy she always had in Europe. She prefers to pay the United States her debt in full
and wait for what is owed her by France, Italy and the other Allies. Thus
she can exercise a certain economic-diplomatic influence (if not pressure)
upon her erstwhile Allies during the term of the loan.
In America we lend money, receive bonds expiring at a distant period,
are happy if we get our interest regularly. It is doubted that the
Senate Resolution Prohibiting Members of Federal and
American people would plunge into a war in order to collect a debt, even
Reserve System From Financing Nations Failing to
the ten billions owed us by our late "associates." The last war taught us
a lesson—that human life is not paid for in gold. But in Europe, they do
Fund Debts to United States.
not merely break off diplomatic negotiations in order to collect a debt—they
A move to prohibit banks of the Federal Reserve System declare war. England holds the cards insofar as the whole political situation
so that in
from handling banking transactions for nations which have In Europe is concerned. She paid her debt to the United States concerned.
the event of a new conflict in Europe, in which we would not be
failed to fund their debts to the United States was launched England would be the moving spirit and America would have no excuse to
in the House on Feb. 19 by Representative Blanton of Texas, plunge into it in order to "save democracy."
vast number of arguments advanced as to why America
There has been
says the New York "Commercial" in a Washingtondispatch. should forgive heraallies' debts—particularly with respect to France. The
It is further stated therein:
old story of France's help to the thirteen colonies during the War of the
Mr. Blanton introduced a resolution which provides that when the Revolution was always in the forefront, but that too received a severe blow
President ascertains that any nation has defaulted in a payment of obtiga- when recently President Coolidge told the French Ambassador in unmistions to the United States or has failed to fund such obligations he shall takable terms that America's old debt to France was paid when we sent our
certify such fact to the Federal Reserve Board. Thereafter it shall be un- soldiers to the French front in 1917. So what argument remains for the
lawful for the Board, its member banks or any other governmental banking diplomats, statesmen and journalists? Only that we went at a late date
institution of the United States to discount any obligation or directly or into a war which concerned us even as early as August 1914, and that our
indirectly to handle any banking transaction for or to receive handle or expenses for war purposes, plus the loans of ten billions to our Allies from
discount any money, credits or securities for any such foreign nation or 1917 and afterwards, did not represent our trus share of the burden. They
nationals thereof. It shall further be the duty of the President and the point to the fact that Europe is crushed with the weight of this enormous
Federal Reserve Board to discourage all American citizens and private war debt and resultant taxation, that in certain cases the debt has exceeded
the pre-war national wealth of some of the Allies, that only Germany
institutions in the United States from rendering such banking facilities.
had practically no external war debt, that Germany by depreciating her
currency and practically repudiating the Treaty of Versailles was placing
herself in a position to be a most potent commercial and financial comItaly
Italy's Debt to United States and Allies Debt to
petitor of not only France. England and Italy, but also of the United States.
Letter to Messrs. Mellon and Borah from
Let us not harbor any delusions on this score.
di
Then, on the other hand, we have those Americans who point out that
Luigi Criscuolo.
we went into a war which was no concern of ours, that we spent our money,
An open letter on Italy's debt to the United States has been accepted high taxation, suffered many casualties in our armies, tied up the
addressed to Secretary of the Treasury Mellon and Senator whole country for five years in a period of war conditions, and subsequent
Borah by Luigi Criscuolo of the firm of Merrill, Lynch & Co. political and economic readjustment—for what? Only to see France borrow millions from us in order to advance large sums for war munitions to
Mr. Criscuolo was Chairman in 1917-1918 of the First Italian Poland. Czechoslovakia and Jugoslavia,to pay for war adventures in Russia,
letter refers in the Balkans, and elsewhere. They point out in particular how France
Division of the Liberty Loan Committee. The
in the Balkans to
to Senator Borah's recent request to the Treasury Depart- kept sinking moneyestablished which fulfill her pledges to see a South Slav
State permanently
would consolidate the Serbs, Croats,
Italy owed the United Slovenes and Montenegrins into the new Kingdom of the Serbs, Croats
ment for a statement "as to what
States and what proposition Italy had made as to a settle- and Slovenes. But later on, republican France saw instead of a federation
ment of the debt," and says that "this announcement,coming of free States of Jugoslavia, an autocracy, a military despotism under
Alexander of Servia and his minion Pasich, which is by far worse than the
on the heels of the appointment of Signor Giacomo de Mar- Austrian Empire was before 1914. So France, after the fall of Poincare,
tino as the new Ambassador of Italy to Washington gave tightened her purse-strings. And Jugoslavia knocked at our doors for
hand she used her internal revconsiderable concern to Italian statesmen and to the Italian loans to build railroads, while on the otherto
enues to oppress the brave Montenegrins,
corrupt elections and to subpeople." Mr. Criscuolo makes the statement that "Italy due the Croats, who regret their bargain to join the new State. Jugois the object of considerable benevolence on the part of sound slavia's aggression on little Albania in 1921 and her more recent aid to
Ahmed Zogu in overthrowing the intelligent and liberal Bishop-Premier
thinkers because of her extraordinary part in the war, con- Fan Noll are history.
sidering that she had just closed an expensive war with
Now, we can argue, if Europe has money to use in warlike adventures,
Turkey, and in view of her relatively poor financial condi- in invasions into foreign territory, in suppressing nationalistic uprisings in
tion." He contends that Italy could have remained neutral Egypt, Morocco, Jugoslavia, &c., and must spend enormous sums for this,
what chance have we of collecting the 400 millions or so required to pay
and "might have manufactured munitions and sold to both interest on our "associates" debt to our Treasury Department, let alone
the French and the Germans." Instead, he says, "Italy the principal amount of ten billions?
the debt by accepting payment
has to her credit a present national debt of 94 billion lire, in Some people argue that we should collectcolonies in North, Central and
works of art or by annexing European
against 15 billion lire in 1914, 500,000 dead, high taxes, South America. If we accepted works of art, we would be hated just as
several years of political havoc and a relatively stable con- cordially by the cultured people of Europe as we would be hated by the
cause of increased taxes being heaped on the
dition only restored after the advent of Signor Mussolini to common people if we were thewhile on one hand we insist upon being paid,
European worker. Because,
power." All of this, he argues, "must not be forgotten in we have not been so liberal in lending money to private enterprise for the
arriving at proper terms with respect to Italy's debt." He rehabilitation of Europe, nor have we made it easy for thousands of Euroenter our ports. With
peans who wished to come
points out that Premier Mussolini has said that "Italy will respect to accepting certainto America to work to
colonies as remuneration, it is merely a quespay," but, says Mr. Criscuolo, "when it is realized that tion of whether they would be profitable, whether we could a esimilate the
when Italy borrowed this money the dollar was worth much colonists—some of which are black or brown—and whether we want to
accentuate the reputation we already have of being imperialistic, with
less in purchasing power than it is worth now, the need for designs upon Canada, Mexico, Central America, and South America.
negotiations may be apparent." "For example," he conNow, as to why we went into the war and whether we went in too late.
tinues, "we lent Italy in dollars when the lira was selling at It must be remembered that from the moment Belgium was invaded, there
was a large public opinion here which favored intervention. On the other
say 16 to the dollar. To-day we count the same dollar hand, a very large and influential population of German origin used every
when the lira is selling at 24 to the dollar."' "Do we want effort, legitimate and illegitimate, to keep America out of the war. The
wanting to
President Wilson
indication
into
Italy to pay in full for the depreciated dollar she borrowed?" latefray. In fact, hisgave everymanagers inof notfeatured the plunge "He
the
campaign
slogan
1916
Mr. Criscuolo. His argument, he observes, "holds kept us out of the war." What more indication do we want of Wilson's
asks
good not only for the debt owing to us for Italy, but also attitude? -It was only with the Lusitania disaster and the continual menace
to American shipping by German submarines that we went into the war.
to the debt of the other Allies, irrespective of any sentiment." Now, from this standpoint. We should have anticipated this interference
concluding paragraph Mr. Criscuolo argues that the on the part of Germany. We should have realized that from the moment
In his
we
means can be found "to adjust all of these debts on a business- we began selling munitions to the Allies on a large scale, from the moment
lent five millions to England and France,* we became their ally, and
basis, taking into account the sentimental as well as the
like
sooner or later. Germany would retaliate.
If we accept this as a responsibility, then our part in the war began on
purely economic factors in the question." Senator Borah's
share of the
and we should pay
request for information on the Italian debt was referred to July 31 1914,our known resourcesour of July 31 war from that date in
proportion to
as
1914, as compared with
in our issue of Feb. 7, page 650, and a week ago, page 771, the resources of each of the Allies on that date.
Secretary Mellon's reply was given. The following is the
* The Anglo-Franch Loan of 1915.
892
THE CHRONICLE
[Vol-. 120.
, A few days ago Senator Borah took occasion to write Secretary Hughes
selfish business point of view, it is poor business policy so long as we expect
for a statement as to what Italy owed the United States and what proposito sell goods to Europe. For the payment to us of interest on ten billions,
tion Italy had made as to a settlement of the debt. This announcement,
added to interest on other billions of internal debts, only signifies that
coming on the heels of the appointment of Signor Giacomo de Martino as
when Englishmen, and Frenchmen, and Italians, and Belgians, and Serthe new Ambassador of Italy to Washington, gave considerable concern
bians, and Montenegrins, and Poles, and, yes, Russians, are working in.
to Italian statesmen and to the Italian people. Italy is the object of conEurope they can say that so much of the day's work goes to paying tribute to
siderable benevolence on the part ofsound thinkers all over the world because
America!
of her extraordinary part in the war, considering that she had just closed
It is unthinkable, it is repulsive, it is shameful.
an expensive war with Turkey and in view of her relatively poor financial
The means can be found, Mr. Mellon and Mr. Borah, to adjust all of
condition. Italy's defeat of Austria was the one outstanding victory in these
debts on a business
-like basis, taking into account the sentimental
the war because on the western front there was an armistice and a mere
as well as the purely economic factors in the question. The discussion of
ceasing of hostilities while on the Italo-Austrian front there was a real the
Italian debt with Signor de Martino will give America an opportunity
defeat, one which made easier and more possible the cessation of hostilities to
answer the slurs made by citizens of countries who are not only unon the western front.
grateful for what America did, but who show gross incompetence in the
Now, Italy could have remained neutral. She had a large army and
management of their own fiscal problems as well as internal political,
navy and might have held her own. She might have manufactured muniquestions. It is hoped that Mr. Mellon and Mr. Borah will profit by
tions and sold to both the French and Germans, shipping some to France
this discussion by an American of Italian extraction who did his part in
via Marseilles and the rest via "neutral" Switzerland, making enormous
supporting the Treasury Department's war finance program.
profits. It is pretty generally known that all of the "neutrals" got rich
Respectifully yours,
In this manner. Instead, Italy has to her credit a present national debt of
LUIGI CRISCUOLO,
94 billion lire, against 15 billion lire in 1914, 500,000 dead, high taxes,
In 1917-1918, Chairman, First Italian Division,
several years of political havoc and a relatively stable condition only restored
Liberty Loan Committee, New York.
after the advent of Signor Mussolini to power.
Office: Suite 3133, 120 Broadway, New York.
• Now, in contrast to France. Italy is governed more along our own lines.
New York, N. Y., Feb. 12 1925.
Americans returning from Italy have a good word for her ruler, her statesmen, her people. All applaud the spirit of sacrif:ce with which Italy went
into the war and followed it through. Such men as Elbert H. Gary, Charles Move in
Italy Among Fascisti to Secure Preferential
M. Schwab, Frank A. Vanderlip. and even Secretary Mellon have paid
Treatment for Italy with Respect to War Debts.
tribute to Italy's part in the war, to her admirable effort at post-war readjustment, to her rejuvenation brought about by Fascism°, to the bulwark
According to Associated Press accounts from Rome
which Mussolini has erected against Bolshevism—all having the effect of
Feb. 11, the Executive Committee of the Fascist Party
preventing the spread of that scourge to France and England.
All of this must not be forgotten in arriving at proper terms with respect that day took under consideration the question of the
to Italy's debt. For while France continued to be a trouble-maker in inter-Allied debts.
To quote further from the cablegrams:
Eastern Europe, while she Occupied the Ruhr, while she kept her taxes
It was set
down, while her statesmen played international politics old style to the limit cause, and forth that the debts were incurred for victory in a common
it was contended that such debts should not be separated
—Italy has given us a remarkable example of self-sacrifice and hard work. from
reparations, on the ground that the vanquished country ought to
She has placed her house in order,she has imposed high taxes, and above all pay
a real war indemnity.
she has not only been lenient to her ancient enemy—Austria—by condoning
The committee decided to initiate action in Italy and among Italians
her reparations claims, but she has advanced large sums for her rehabilita- abroad
to clear up the question of debts and the economic and territorial
tion as well as for relief purposes. Italy has made a treaty with Jugo- results of
the war.
slavia, the wisdom of which the writer doubts because he has no faith in the
Such action would have the object of demonstrating, first, the enormous
sincerity of the latter's Prime Minister, Pasich, but which treaty neverthewar sacrifices of the soldiers and financiers of Italy as compared with
less shows that Italy wishes to be at peace with her neighbors. Italy has other
countries; second, the limited value of the territories obtained by,
not lent sums for warlike adventures, but she has devoted millions to inItaly as compared with the conquests of others; third, Italy's successful
dustrial add banking development in Austria, Hungary, Jugoslavia and
effort to balance her budget, and, fourth, remission of reparations due
the Levant. Her penetration has been peaceful and of great benefit to Italy
from Austria, Hungary and Bulgaria.
both Italy and her neighbors.
The committee argues that these give Italy the right to special treatWe can be lenient to those of our creditors who are also our good friends.
ment with regard to her debts.
Business and sentiment need not he strangers. We cannot overlook the
As to the movement, a copyright wireless message to the
contribution to our democracy made by millions of Italian immigrants
who, while some left this country with many dollars with which to enrich New York "Times" from Rome Feb. 12 stated:
Italy, left a monument to their work in our mines, railroads, plants, subThe decision of the Executive Council of the Fascist Party to begin a
ways, public and private edifices. They also brought with them Latin press campaign of agitation both in Italy and among Italians
abroad in
stability and honesty—not Bolshevism. The five or more millions of favor of "considering the inter-Allied debts as not only indissolubly conpermanent American residents of Italian extraction comprise no mean part nected with reparations but also as intimately bound up with the
territorial
of our citizenry. Their contribution to our political, professional, com- and economic results of the World War," finds the whole Italian press,
mercial, artistic and religious life is a monument to Latin civilization in both Fascist and Opposition, in agreement, probably for the first time
America. These citizens of Italian extraction are loyal Americans, and In two years. The attempt to cut down Italy's foreign liabilities to the
comprise a permanent and prominent part of our institutions. Neverthe- minimum figure is supported by all Italians.
less, it cannot be expected that after one or two generations in the United
It was explained in official circles, however, that the decision of the
States they can forget their origin, deny their Italian blood or have a lack Fascist Executive Council in no way affected the Government's oft
of sympathy for Italy's legitimate aspirations or desires. It would be un- repeated policy that Italy must face her international obligations to the
natural. Why, we have millions of Americans of English origin, some of fullest extent permissible by her economic condition if her creditors inwhom are of families which have been here for two or three hundred years, sisted on payment.
and these do not forget their English origin or English family traditions.
The Cabinet, it is understood, has given the subject of inter-Allied
How can we expect the second or third generation of Italo-Americans to debts full consideration and discussion following the line of considering
forget Italy and to decline to urge upon the United States Government to be the best means to obtain the greatest possible of total debt reduction
generous to Italy on.the question of war debt adjustment.
and facilities for payment, while the principle that the debts must be
Now what is meant here when the word "generous" is used? Surely, honored remains unaltered. It is noticed, in fact, that the
Executive
no one can believe that cancellation is meant. Italy's representativel Council's decision does not mention debt cancellation, but
merely sugare not so simple as to expect that. Premier Mussolini has said that gests a means to place Italy in the best possible position with
respect to
Italy will pay. But when it is realized than when Italy borrowed this the Allies when the debt problem comes up for discussion. This in itself
Money the dollar was worth much less in purchasing power than it is in reality is a tacit admission that debtor nations must meet their liabilities
worth now, the need for negotiations may be apparent. For example, we if creditor States call upon them to do so.
lent Italy in dollars when the lira was selling at say 16 to the dollar. To-day
Causes that Prompted Action.
we count the same dollar when the lira is selling at 24 to the dollar. Then
Two principal causes induced the Executive Council of Fascism to
when the money was borrowed the purchasing power of the dollar was in
take up the matter of inter-Allied debts at the present moment. The
reality 50 cents in comparison to normal, while at the present time the
fact was that Winston Churchill's note to the French Government was
dollar is worth perhaps double what it was worth in 1917-1918. Do we
want Italy to pay in full for the depreciated dollar she borrowed? Is it considered to herald an approaching discussion between France and Italy
on what share of the total payments which England claims should be
fair? Do we neglect to realize that her debt of approximately two billions
borne by each.
probably all represents moneys spent in the United States, for munitions
The second was purely a reason of internal politics, namely, to counteract
on which the manufacturers and middlemen made enormous profits,
a campaign started in the last few days by the Opposition press—notably
perhaps as high as 30 or 40%? These profits are included in our national
the "Corriere della Sera" of Milan—in favor of total cancellation of debts.
wealth. This argument holds good not only for the debt owing to us
The Fascist Party, realizing that a refusal by Italy to meet her obligations
for Italy, but also to the debt of the other Allies, irrespective of any
would ultimately harm more than it would benefit her but not wishing
sentiment.
at the same time that the Opposition should take credit for any debt reWe can afford to be generous with all of our Allies with respect to this
duction Italy may obtain, finally decided to uphold the principle that
debt. Do not let us forget that it was not our war from April 1917: it debts
must be paid, but to begin a campaign in favor of debt reduction.
was our war from July 1914. Since that time, when America's wealth
Arguments for Reduction.
•
was placed at 200 billions, that wealth has been estimated at 350 billions,
The arguments advanced so far in favor of reduction for Italy's debt,
or almost double in ten years. A great part of this is not merely natural
increment after a period of years. It is the result of an advantage we refer almost entirely to Italy's position with respect to the Continental
gained as a direct result of the war. We had the raw material, the man Allies and cannot be applied to her position with respect to America.
power, the plants, the transportation facilities, the financial strength. They are:
First—That Italy after bringing the war against the Austro-Hungarian
and we became the purveyors to our friends who were engaged in a world
struggle. In part the struggle was a selfish economic fight but in another Empire to a successful conclusion, gave up without compensation the
part it was also a fight against dynastic oppression and barbaric militarism. territorial and strategic advantages guaranteed by the compact of London.
Second—That while England, France and Belgium divided up among
So, as the best example of a nation which upholds the rights of individuals
themselves Germany's colonial empire, Italy obtained nothingexcept
to live their own lives peacefully, it was our fight too.
We have a place in history as a great free nation, a haven for the op- Jubaland, which recently has been ceded to her by England. The sugpressed, a nation from which the world's newly formed Governments take gestion is that a valuation should be made of the colonial possessions
example. We said we fought for democracy. It was in a way an empty acquired by each Allied country in relation to its sacrifices of blood and
phrase to those of us who knew the realities of economic wars. But to money sustained during the war, a corresponding reduction of debt being
the boy in the trenches this fight for democracy,this fight against militarism made in favor of the countries which obtained the smallest benefits in
was very real and very sacred. At least it was in 1917 and 1918, before the shape of colonial possessions.
he came back to an atmosphere polluted by profiteers. And let us reThird—That as a result of efforts made during the war Italy pays
member that these young men who went to France and Italy from the probably the highest taxes in the world, account being taken of the average
United States fought an unselfish fight and their deeds will be sung an earnings of Italians as compared with the citizens of other nations. Comhundred years hence, even as to-day we sing the deeds of the Crusaders petent authorities state that, including indirect taxation, Italians pay a
who went to rescue the Holy Sepulchre from the Saracens.
larger proportion of their incomes in taxes than Englishmen and certainly
So, if we want to retain the place in history that these men fought for
more than Frenchmen.
let not that place be labeled "America—Pawnbroker." It is against
Fourth—That Italy's national wealth is small and her natural resources
every tradition which exists in our national history. And from the purely even smaller. While, in fact, England, France and Belgium possess rich
89a
THE CHRONICLE
FEB. 21 1925.3
c These amounts are not included in the total since the money held In trust against
mineral deposits, Italy is totally lacking in raw materials. On the other
gold cola
gold and silver
hand, Italy possesses great reserves of potential power in her numerous and bullion andcertificates and Treasury notes of 1890 Is Included under
standard silver dollars, respectively.
waterfalls, but this source of wealth is still largely undeveloped.
if The amount of money held in trust against gold and silver certificates an
Fifth—That Italy voluntarily gave up the reparations owed her by the
It with.
States composing the former Austrian Empire. Indeed, Italy contributed Treasury notes of 1890 should be deducted from this total before combining United
total money outside of the Treasury to arrive at the stock of money in the
her money toward restoring their finances. This fact also, It is held, States.
should be borne in mind when discussion of the debt settlement begins.
C This total includes $17,642,674 of notes In process of redemption, $163,867,854
deposited
The Opposition has been carrying on a violent campaign in favor of total of gold deposited for redemption of Federal Reserve notes, $12,979,461 additional
national bank notes, 45.145 deposited for retirement of
cancellation of all interallied debts. The "Corriere della Sera" went so for redemption ofof May 30 1908), and $6,624,878 deposited as a reserve against
circulation (Act
far as to print an article stating that Italy should boldly announce her Postal savinge depoalts
intention not to pay a single cent of her debts, defying America to carry
f Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta.
out reprisals.
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
"After all," concluded the "Corriere,""now that America has practically
for dollar by standard
silver certificates are
totally excluded our emigration and raised tariffs to a prohibitive limit, for their redemption: the Treasury for theirsecured dollarUnited States notes are
redemption;
silver dollars held in
Nothing."
what could she do to us?
secured by a gold reserve of $152,979,025 63 held in the Treasury. This reserve
Such views, however, are not shared in official quarters, where it is fund may also be used for the redemption of Treasury notes of 1890. which are also'
Federal
realized that Italy, even if she wished, has not the strength to treat the secured dollar for dollar by standard silver dollars, held in the Treasury.the assets
Reserve notes
the United States and a
world that way. Besides, official circles believe that any refusal by Italy of the Issuing are obligations of bank. Federal Reserve first lien on all by the
are secured
Federal Reserve
destruction of her credit deposit with Federal Reserve agents of a like amount of notes or of gold and such
to meet her liabilities would result in the complete
gold
thus stultifying the apparent advantage gained through non-payment of discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at lean 40%,Including
her debts.
with the United
Stock of Money in the Country.
The Treasury Department at Washington has issued its
customary monthly statement showing the stock of money in
the country and the amount in circulation after deducting the
moneys held in the United States Treasury and by Federal
Reserve banks and agents. The figures this time are for
Feb. 1. They show that the money in circulation at that
date (including, of course, what is held in bank vaults and
the reserve that the member banks of the Federal Reserve
System keep with the Federal Reserve banks) was $4,751,537,649, as against $4,992,930,842 Jan. 1 1925 and $4,681,707,784 Feb. 1 1924 and comparing with $5,628,427,732 on
Nov. 1 1920. Just before the outbreak of the European war,
that is, on July 1 1914, the total was only $3,402,015,427.
The following is the statement:
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bank
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League of Nations' Communique Finds European'.
Financial Situation Steadily Improving.
A review of the European financial situation based on
investigations of the League of Nations Financial Committee was contained in a communique issued at Geneva on Feb.
17 report the situation as steadily improving. The communique states that the advantage toward the stability in the
value of currency has been remarkable in the last year or
two, and Austria, Germany, Hungary, Switzerland, Czechoslovakia, Sweden, Finland, Esthonia, Poland, Lithuania. Latvia, Danzig and Jugoslavia are listed as countries already
achieving stability. The communique adds:
To a great extent, from a budget viewpoint, France and Belgium also
have achieved it. Belgium has obtained budget equilibrium and Franco
is more or less on the verge of doing so. For France it is now a case of
from 2,000,000,000 to 4,000,000,000 francs deficit, as compared with'
20,000,000,000 to 25,000,000.000 a few years ago.
Now that the prerequisite conditions for stability are fulfilled, the problem is whether the States shall return to pre-war parity or stabilize on the present level.
The Geneva Associated Press advices also state:
After pointing out that Austria, Hungary, Germany, Poland, Danzig
and Esthonia have all adopted new parities, with Finland probably about
to decide on one, the communique adds that some countries, like France.
Italy and Belgium, have not yet formally decided upon their action. It
explains that the new League mixed commission appointed to study the
economic crisis will deal with this question in May and it is hoped will
succeed in laying down certain principles.
With reference to Esthonia, which recently asked the League experts
for advice on some aspects of its credit policy, the communique says:
"Up to last year Esthonia was disposed to give overmuch credit to agriculture and industry in the hope that it would be able to maintain industry
inherited from Russia. Esthonia did not get an outlet for her products
and gave credits to maintain existing factories, which led to some inflation.
The budget has been balanced since 1921."
It is now purely a banking question, and the League's Financial Committee has suggested suitable banking reforms.
Concerning Austria, the statement emphasizes that the Chairman of the
committee has voiced the conviction that Austria fully intends to pursue
more energetically execution of its program both in relation to budget
equilibrium and to economic development.
After remarking that Hungarian reconstruction, under Jeremiah Smith'
of Boston, has made an excellent start, the communique concludes by declaring that the general European situation has been vastly ameliorated
since the Genoa conference, "whose resolutions favoring stabilization of
currency were hardly more than pious 'wishes."
Conclusions of Committee of League of Nations
—Respecting Administrative Reforms of Austria.
The efforts of Austria to have the League of Nations release its control over the Government's finances on the
ground of the country's improved condition have met with
the decision by the League's Permanent Financial Committee that the necessary administrative reforms have not yet
been carried out. These conclusions are learned from Associated Press cablegrams from Geneva Feb. 9, which also have
the following to say:
The Austrian Minister of Finance, Herr Ahrer, and the League Commissioner, Dr. Alfred Zimmermann, appeared before the Committee and later an
official communique was issued. It cites a number of cases in which Austria
has failed to observe the reconstruction program, including failure of Parliament to pass the budget as well as to institute financial reforms.
The communique emphasizes that Vienna has neglected to fulfill the requirements that the Central Bank should be responsible for the cash transactions of the State, should centralize Government receipts and payments
and furnish periodical financial reports to the High Commissioner, and by
such neglect had interfered with the success of the reconstruction plans.
"It is of the utmost importance," continues the communique, "that Austria should develop a system which can give assurance of proper control of
expenditure by the Government, once the Commissioner's control shall have
ceased. For this purpose effective powers of control by the Treasury, as In
other countries, are obviously necessary. These reforms will increase the
confidence of the external world, upon which the successful development of
Austria's economic life depends."
The communique concludes by expressing the hope that Austria will act
more energetically, and declares that the confidence thus engendered ill
essential in all countries, which, like Austria, have need of credit.
894
THE CHRONICLE
For,. 120.
According to the copyright advices to the New York
The $5,000,000 will be withdrawn from the funds accumulated by Argen"Times" from Geneva Feb. 9,"the Austrian Government was tina in New York from the proceeds of loans.
The Associated Press cablegram of Feb. 19 in announcing
warmly complimented on the manner in which it is fulfilling
the greater part of the provisions, and confidence of success the issuance of the decree permitting the deposit of gold in
is expressed." Under date of Feb. 15 the same paper in a New York banks had the following to say:
It is estimated that eight foreign banks, including two American institucopyright cablegram from Geneva said:
In the judgment of Austrian financial circles, the recent negotiations of
the Austrian Government with the League of Nations at Geneva are far from
making matters clearer, as had previously been hoped. Austria had erepressed three wishes. First, the normal budget of 545,000,000 gold crowns
apparently not being possible of maintenance while prices in the world market are steadily rising, the Government asked permission to increase the
total, promising strict equilibrium. Second, the Government asked permission to use the $40,000,000 residue from foreign credit for purposes of
absolutely necessary investments. Third, it was asked that the League of
Nations experts should authoritatively declare to be false the news spread
abroadabout Austria's difficulties, reports which have debarred Austria
from financial credit The Financial Committee has only partly met the
third petition and has refused the others, confining its statement to summing up the formalities which Austria has not yet complied with.
Financial comment is that this attitude of the Commission hurts Austria
the more because petitions by the Hungarian Government, which were almost identical with Austria's, have been for the most part granted. This
Unequal treatment is ascribed, however, to the undeniable growth of partisan
policies in Austria and the very large increase in the Socialist Party, which
makes the League of Nations distrist Austria.
But it is also ascribed to the fact that Zimmermann acts rigidly under
the law of the "reconstruction protocol," whereas the Hungarian Commissioner, Jeremiah Smith, in practical American fashion, has adapted himself
to the country's necessities and has managed to send favorable reports to
the League of Nations.
The Austrian Government is confronted with the difficult but unavoidable task of negotiating with the provincial and communal authorities for
bringing about a system which will regulate the country's finances. The
Parliamentary debate on this question, most important for the success of
Austrian reconstruction will for several weeks be the absorbing topic of
news. It is admitted by most financiers that the success of the reconstruction policy will depend on whether an agreement with the Socialist city
authorities can be reached, or whether the Socialists will continue their
effort to keep Vienna an isolated community.
tions, which have been financing crop exportations will deposit in New
York from $30,000,000 to $35,000,000 through their New York headquarters or correspondents
This measure, which will be effective until May 1, substitutes the plan
for the direct importation of $5,000,000 gold on deposit in New York
belonging to the Argentine Government, which the banks informed the
Ministry of Finance was insufficient to relieve the situation
The money shortage, banking authorities say, was brought about by the
Argentine farmers holding wheat for higher prices and the refusal of Europe
to buy when prices advanced. The result was that the sale of wheat here
lately has been virtually suspended and the banks found the market bare
of new wheat bills which could be purchased for future delivery and against
which they could sell foreign exchange and obtain pesos, the banks in the
meantime having invested the peso proceeds of the early season wheat bills
in local loans and bonds, on which they were unable to realize with sufficient
rapidity to meet currency needs. The banks also were affected by somewhat similar conditions in the wool market.
With their funds tied up, the rate for from three to six months' accommodation advanced to 8%. Bankers said Argentine commerce was outgrowing the Argentine monetary system, which consists simply of emission
by the Government of paper currency against gold, there being no provision
for bank-note currency.
The Government's decree provides that in case the gold deposited in
New York is not redeemed within 150 days from the date of deposit by
means of a return to the Caja de Conversion of the currency issued for it,
the Gala de Convasion will have the right to transfer it to Buenos Aires
for permanent deposit here, and the currency will remain in circulation.
with regard to the League relinquishing control of Austria's finances because of Austria's improved position, is regarded as unsatisfactory by all
the political parties here.
Nevertheless, the "Neue Freie Presse" is satisfied with the reception accorded Herr Ahrer, the Austrian Minister of Finance, by the League's committee and advises the National Assembly to get down to work and fulfill
the League's wishes. The Social Democratic "Arbeiter Zeitung," on the
other hand, however, says the Austrian delegation to Geneva suffered through
its defeat and, moreover, that it was treated rudely.
The bonds bear a 5 % coupon, and are being offered at par. They are
repayable at par after fifteen years, but may be repaid at 103.at any time
after 1935. The object of the issue Is to meet the expected increased demands of the Swedish industries as a result of the trade revival in that
country. The method of increasing the capital of this bank by a bond
Issue, instead of by an issue of stock, has been adopted as being less expensive for the shareholders under the present conditions.
It has been learned that the issue has been well received by the Swedish
press and by the public
Swedish
Bank Prepares for Trade Revival—Bond Issue
Offered by Skandinaviska Kredit Aktiebolaget
(Stockholm) Bank.
It was made known this week that the Skandinaviska
As to the attitude of Austria toward the decision of the Kredit Aktiebolaget, Stockholm, one of the largest Swedish
League, we quote the following Associated Press advices banks, is. offering to-day for subscription a bond issue of
kronen 100,000,000. A statement issued in this city regardfrom Geneva Feb. 10:
The reply of the financial committee of the League of Nations to Austria ing the issue, says:
In announcing the approval of the report by a committee
'of the Austrian Parliament on Feb. 12, the New York Offering
'Times" in a copyright cablegram from Vienna said:
At to-day's meeting of the main committee of the Austrian Parliament
Finance Minister Ahrer submitted a report on the results of the Geneva
Conference of the Financial Committee of the League of Nations, which was
approved.
The Socialist Pasty leader, Otto Bauer, then made a motion that Parliament should pass a resolution declaring the work of reconstruction ended
after the budget had been balanced, which motion was rejected.
of $35,000,000 Bonds of Republic of Poland—
Issue Disposed of—Books Closed.
In accordance with last week's announcement (referred to
by us on page 770), public offering was made on Feb. 16 by
Dillon, Read & Co. of $35,000,000 Republic of Poland 25
year sinking fund external 8% gold bonds. They were offered at 95 and interest, the minimum yield being 8.53%.
F. J. Lisman & Co. announced on Feb. 10 the receipt of the The bonds were oversubscribed and the books were closed
following cablegram from the Association of Banks in Feb. 16 at 11:30 a. m. In large part the issue, it is stated,
Vienna:
was disposed of to buyers of small amounts—subscriptions
Austrian Minister of Finance's &tailed statement created extremely fa- of $100, $200 and $500—although
in some instances average
impression in Geneva. Committee of experts of League of Nations
vorable
satisfied that majority of rezommencied reforms have already been accom- sales of $3,000 each were reported. The loan, it is stated,
plished. Austrian State railways, which handle important part of Central is the first ever obtained by the Polish Government in the
European traffic, show increased net earnings of $9,744,000, as compared to United States. Germany,
Czechoslovakia, Austria and
1923. Electrification of roads making satisfactory progress, and already
completed along line between Innsbruck and Arrlberg. Iron, steel, cement, Hungary, it is pointed out, have already floated loans here
electrical, brewing, malt and chemical industries improved. Building to aid in reorganizing their finances or stabilizing their exactivity better than normal, due to mild weather.
changes, but the Polish Government loan has been delayed
until the completion of the reorganization of the Republic's
Argentine Government Permits Deposits of Gold in finances. Regarding the issue the offering circular reports
the following official advices:
New York Against Which National Currency
Will Be Issued.
Announcement was made in Buenos Aires cablegrams,
Feb. 19, of the issuance of a decree by the Argentine Government permitting local banks to deposit gold in New York for
account of the Argentine Embassy, against which deposits
the Argentine Caja de Conversion (Bank of Emission) will
issue national currency to them at Buenos Aires. According
to the cablegrams (Associated Press) the action was taken in
order to relieve the extraordinary money stringency in Argentine, which is said to be traceable to the high price of wheat
and other crops.
Under date of Feb. 12 press advices from Buenos Aires, in
announcing the intention of Argentine to import gold, had
said:
Argentina, which has been exporting gold to New York for more than a
year, in order to take advantage of the exchange rates in the payments of
its foreign debt service in London, now purposes to import $5,000,000 in
gold.
Owing to the decline in the value of the dollar in Buenos Aires during the
Past six months,the profit on such triangular operations is now virtually
nil,and it is claimed that gold Is needed in the home market by the Argentine
National Bank on account of heavy commercial demand for money, which
threatens the bank with the necessity of raising the discount rate.
These bonds are a direct obligation of the Republic of Poland and the
authorized issue, limited to $50,000,000, of which $35,000,000 is to be
presently outstanding, is specifically secured by the revenue derived by
the Government from the sugar tax, amounting in 1924 to $10,422,000.
and by the gross receipts of the Government railroads. Receipts from the
sugar tax will be deposited as received in the Bank of Poland, to be employed
in meeting the interest and sinking fund requirements of this issue. The
Government covenants that if the annual proceeds of this tax shall in any
year fall below $10,000,000, other revenues will be added to the amount
so deposited to make up that sum. So long as any of the bonds of this issue
are outstanding, the Government covenants that it will not subject the receipts from the sugar tax or the gross revenues of the railroads to any charge
which is not specifically subordinated to the lien of these bonds.
Indicating that the raising of a total loan of $50,000,000 is
provided for in the loan contract, Warsaw advices Feb. 13
(copyright by the New York "Times") stated that the first
installment would be turned over to Poland with the signing
of the agreement and the balance in July. With regard to
reports from Warsaw that a further $15,000,000 (in addition
to this week's offering) would shortly be marketed in New
York, Dillon, Read & Co. were yesterday reported to have
declared that they had no present intention of offering any
additional block. Concerning the floating of the bonds
this week it is announced that:
FEB. 211925.]
THE CHRONICLE
895
The purpose of the financing is to enable Poland to consolidate and extend Polish Loan Means
Much for Standard Oil—Amsterdam
the results of the vigorous policy of financial reform undertaken more than
Hears American Concern Will Supplant Royal
a year ago. As a result of this policy, the revaluation of Polish currency has
been substantially completed. The zloty is to-day stabilized in the exDutch Interests.
change market at approximately its gold parity and the outstanding note
The following was reported from Amsterdam by wireless
circulation of the Bank of Poland is protected by a 65% reserve of gold and
gold securities. The Polish Government achieved a balanced budget in Feb. 13 in the New York "Evening Post":
1924, receipts exceeding expenditures by $14,282,000. Its railroads were
The conclusion of the American loan of $50,000,000 by the Polish Govern-owned system in ment
operated at a profit, a record that no other Government
has considerably strengthened the position of the Standard Oil in
Europe equalled.
Poland at the expense of the Royal Dutch.
The return of Poland's finances to sound condition has been signalized
The Polish Government in connection with this loan has granted various
by the funding of the Government's debt to the United States and all other concessions
by virtue of which the American oil concern will get the opporcountries, this loan being designed to facilitate the carrying out of these tunity
to expand its activity. The Standard Oil for a long time has striven
arrangements.
for such an expansion of operations in Poland. The concern will now be in
The refunding agreement is referred to elsewhere in this a position to get results through its interest in the Olej Skalny and the
Vacuum
issue. The bonds in this week's offering will be dated Jan. 1 banks. Oil Co., and indirectly also through the medium of a number of
1925 and will be payable at 105% on or before Jan. 1 1950.
The Anglo-Dutch group, on the contrary, seems to be withdrawing from
They will be in coupon form in denominations of $1,000, the country and is not inclined to take a further interest in the Polish oil
Industry, owing to the small profits earned on the capital already invested
$500 and $100, registerable as to principal. Interest will In it.
be payable Jan. 1 and July 1 and principal, premium and
British Oppose.
After the American loan plans had become known, the proposals for an
interest will be payable in United States gold coin at the
office of Dillon, Read & Co., New York, without deduction extension of the "Mazout" Company, which is under the influence of the
Royal Dutch. met opposition
part of the British interests, so that it
for any Polish taxes present or future. A feature of the loan seems doubtful whether theseon the will be executed.
plans
Interests connected with the Polish oil industry have laready expressed
is the provision of a sinking fund sufficient to retire the
entire issue by maturity at 105% and interest. The opera- their fears that the withdrawal of the Anglo-Dutch group and in general the
restraint of British capital, will have unfavorable consequence for the oil
tion of this fund will involve the semi-annual call by lot of industry, which continues to be in urgent need of capital.
one-fiftieth of total amount issued, beginning July 1 1925.
In addition to being subject to the sinking fund redemptions,
beginning July 1 1925, the bonds will be redeemable as a
whole, or in part by lot, on any interest date after July 1
1936, at 105 and interest. Application will be made to
list the bonds on the New York Stock Exchange. The
American Exchange National Bank, New York, is the countersigning agent. The yield on the bonds redeemed on the
first call date will be 29.46%, the available return thereafter diminishing steadily from 18.46% on Jan. 1 1926 to
8.53% at the maturity date, Jan. 1 1950. The average
yield figures out as 8.86%. No foreign loan since the Belgian Government 756s were floated in 1920 has, it is pointed
,
out, carried a comparable sinking fund provision.
Stating that "the Government purposes that the entire
proceeds of this loan are to be expended solely for constructive and productive purposes," a letter addressed to Dillon,
Read & Co. by W. Wroblewski, Minister Plenipotentiary
of the Republic of Poland to the United States, says:
The boundaries of the Republic of Poland were established in 1919 by the
Treaty of Versailles, and by agreement with adjoining countries. Poland
has been a member of the League of Nations since its inception. The record
of financial and economic progress in Poland constitutes an outstanding
achievement among European nations since the war and may besummarized
as follows:
1. The creation of a stable currency with a reserve of 65% gold and gold
securities.
2. A balanced budget—in 1924 total Government receipts exceeding total
expenditures by $14,282.000.
3. A normal surplus of exports over imports.
4. A Government
-owned railroad system of 14,000 miles showing in 1924
an excess of receipts over operating
expenses.
5. The funding of the Government's debt to the United States and to all
other countries.
The Constitution of Poland provides for a President whose term of office
Is seven years, and a Senate and Diet elected by general suffrage. It has
an area of 150,000 square miles, and a population in excess of 27,000,000,
In which respect it is the fifth largest in Continental Europe. The country
is primarily agricultural, and is at present the chief producer in Europe of
rye, the second in production of potatoes, third in barley and oats, and
fourth in beet sugar. The textile industry in Poland is highly
developed,
as well as the oil, sugar refining, iron and steel, chemical and timber industries. Polish coal production is next in volume to that of Germany and
France, and there exist important deposits of salt, iron, zinc and
other
minerals.
•
Finances.
The external funded debt of Poland on Dec. 31 1924 amounted
to $320,380,000 and the internal debt to $26,441,000, a total of $346,821,000,
or
approximately $13 per capita. Of the above external debt all but approximately $50,000,000 consists of debts to foreign Governments contracted
since the war for reconstruction purposes. Under the Treaty of Versailles
Poland will eventually assume certain obligations, the amount of which
Is not yet determined, in connection with former German and Austrian
territory allotted to her. As against the above debt, Government
-owned
properties, including railroads, forests, tobacco factories, mineral
and oil
lands, refineries, salt mines and other assets, were valued on May 1
1924 at
approximately $1,260,000,000. The Government purposes that the entire
proceeds of this loan are to be expended solely for constructive and productive purposes.
In point of railroad mileage, Poland is next in importance in Continental
Europe to Germany and France. The Government system, acquired under
treaties concluded after the war, is approximately 14,000 miles in length.
and has an estimated value, including rolling stock. in excess of $800,000.000. The lines are free from mortgage debt, with the exception of liens now
outstanding on certain sections, amounting to approximately $10.000,000.
In 1924 the total revenue of the railroads was $159,225,000. of which $146,680.000 were receipts derived from operations, and the balance from Government and other credits. Operating expenses were $141,855,000, and
the outlay for capital investment was $17,370,000.
All conversions are at 19.3 cents per zloty. The bonds
were offered for delivery when, as and if issued and received
and subject to the approval of legal matters by counsel.
It is expected that interim receipts of Dillon, Read & Co.
will be ready for delivery about Feb. 26 1925.
Poland's Budget for 1925.
Poland's budget for 1925 is entirely balanced, Premier
Grabski told the Associated Press on Feb. 12, according to
advices from Warsaw, which quote the Premier as saying:
It is only 7% higher than that for 1924, and when one considers the increase in wholesale prices and the rise in living cost, the budget actually is
not increased over last year's.
In 1924 the capital levy brought in 200,000,000 zlotys,instead of 300,000,000, but during the year the nation contributed 100,000.000 zlotys to the
establislunent of the National Bank of Poland.
Our estimates of receipts from the State monopolies show we expect to
collect 25,000,000 zlotys more than last year.
Indirect taxes in 1924 brought 134% more than our original estimates.
Offering of City of Graz (Austria) Bonds.
The offering of $2,500,000 City of Graz (Province of
Styria, Republic of Austria) bonds, which had been forecast
last week (as reported by us, page 770), was made on Feb. 17
by John Nickerson & Co. and C. B. Richard & Co. at 98
and interest, to yield about 8.17%. The bonds were disposed of the same day. The issue, 8% mortgage loan
gold bonds, was authorized by the Municipal Council
under date of March 13 1924 and sanctioned by the Provincial Law of May 16 1924. Under the Federal Law
of July 15 1924 these bonds are legal in Austria for the investment of trust funds. This information is contained in
a letter addressed under date of Jan. 23 1925 to the offering
houses by Vinzenz Muchitsch, Mayor of the City of Graz.
In addition we take therefrom the following:
Debt.
This loan will constitute the only external obligation of the city. Its
internal debt as of Dec.31 1924 amounts to $95,000, giving a total indebtedness of $2,595,000, equivalent to 19% of the total municipally owned assets
and to 1%% of the city's taxable wealth. The total debt per capita will
amount to $17, in comparison with a total wealth per capita of $1,124.
Purpose of Issue.
The proceeds from the sale of this issue will be utilized for the extension
of the present sewer system, for the paving of streets, for the erection of
apartment houses and for other permanent improvements. It is estimated
that these improvements will result in added income or savings to the
City greater than the interest charges on this issue.
Term of Loan.
The bonds will be issued in coupon bearer form in denominations of
$1,000, $500 and $100, interchangeable, will be dated Nov. 1 1924, will
mature Nov. 1 1954, and will bear interest from Nov. 1 1924 payable
semi-annually on May 1 and Nov. 1 in each year. Principal and interest,
and premium in case of anticipated redemption, will be payable in gold
coin of the United States of America, of or equal to the present standard
of weight and finenem, at the Chase National Bank of the City of New
York, free from all taxes and other dutietrar deductions of any nature,
present ortuture, to be levied by the Austrian Government, the Province
of Styria. the City of Graz, or other Austrian authorities. The bonds
are payable in time of war as well as in time of peace, and whether the
holders of the bonds be subjects of a friendly or hostile State.
Sinking Fund.
Beginning with 1928 the city covenants to pay during the life of the
loan a fixed annual sum which, after deducting the annual interest on the
bonds at the time outstanding, is to be sufficient to redeem the entire
loan in semi-annual installments by maturity. This fixed annual sum
will be approximately $230,000 and the balance available for the sinking
in he
fund last
about $30,000 during 1928. increasing to about $220,000
willyear.
Bonds will be retired by the.sinking fund through semi-annual purchases
at or below par and accrued interest or to the extent to which purchases
shall not have been so effectd by semi-annual drawings by lot at par
and accrued interest.
On May 1 1935, or on any 'interest payment date thereafter, the city
may, at its option, redeem all the bonds of this loan or any part there°
then outstanding at 10354% and accrued interest, upon six months
previous notice.
Credit.
The financial record of the City of Graz is entirely satisfactory, the
ervice on its loans having been met promptly at all times. The credit!of
896
THE CHRONICLE
[Vol.. 120.
the city has always been held in high esteem, as is shown by the fact that
all of its pre-war loans since 1890 bore interest at not exceeding 4% per
annum, the rate at which the leading European Governments and municipalities financed their requirements. Never before has the city given
mortgage security for any of its loans.
No province or municipality in the Republic of Austria has ever defaulted
in respect of interest or principal on any loan or obligation.
1. Bonds guaranteed by the Danish Government which are issued by
small farmers for loans furnished to them by the Danish Government to
facilitate the purchase of small farms by Danish citizens.
2. Bonds guaranteed by the Danish Government which are issued by
various municipalities or private individuals under guarantee of the municipalities for building loans.
3. Bonds issued by Danish Credit Unions. These Credit Unions are
local mortgage institutions which lend money against first mortgages on
Security.
real estate. The Danish Credit Unions have had a long record of successThe loan will constitute a direct liability and obligation of the city and will
be additionally secured by a closed first mortgage, to be registered in favor ful operation, many of them having been established fifty years or more
of the trustee, on the electric, gas and water systems and other industrial ago. One of these Credit Unions, of whose bonds the Mortgage Bank of
enterprises owned by the city, and over 100 municipally owned apartment the Kingdom of Denmark has a substantial holding, was founded in 1797.
4. Bonds issued by the municipalities of Denmark for which bonds the
houses and other revenue-producing buildings and real estate. The public
utility and industrial enterprises have been valued by Major James F. Case, municipalities are liable jointly as to principal and interest. No such loans
have been made to date.
Consulting Engineer for men & Co. of New York City, at $3,435,000, and
5. Bonds issued by the Danish Tithe Bank. This bank was established
the apartment houses and other real estate have been assessed by a sworn
assessor at $1,670,000, giving a total value of 85,105,000. The city further according to law of May 15 1903 to capitalize and gradually commute
annual tithes assessed on real estate to support the Danish Church. These
agrees not to mortgage any of its property, not included under the lien of
tithe bonds have the priority even before all taxes to the State.
this loan, without the special consent of the bankers.
In addition, service of the loan will constitute a first charge on special
Security.
municipal revenues from direct taxation, which according to the
These bonds are the direct obligations of the Mortgage Bank of the
1925
budget are estimated to yield $421,000, while only about $230,000 will
Kingdom of Denmark and constitute a direct charge on all the asset of
be
required annually for interest and sinking fund payments. If the pledged the bank,
including Kr. 20,000,000 ($3,558,000) Danish Government
revenues should at any time become insufficient, the city agrees to pledge bonds
representing the Government's investment in the capital stock of the
additional revenues. The city undertakes to credit the pledged revenues bank. The
present issue of bonds will be, together with the other outto a special account, out of which there will be paid monthly to the Wiener standing bonds of the bank,
secured by deposit of at least an equal princiBank Verein in Graz one-twelfth of the annual Interest and sinking
fund pal amount of the following types of securities acquired by the bank in the
requirements, and thirty days preceding each interest date the accumulated course of its operations:
funds will be deposited in New York to meet the service of this loan.
1. Bonds guaranteed as to principal, interest and sinking fund by the
Kingdom of Denmark, which bonds are issued by and are also the obligaFinances.
tions of either—
For the fiscal year 1924 the revenues of the city amounted to $1,607,715
(a) Small farmers, being secured by mortgages on farm property; or
and expenditures to $1,565,894. The budgetary estimates for 1925 show
(b) Municipalities, or private individuals under guarantee of the murevenue of $1.885.714 and expenditures of $1,864,514, both budgets showing
nicipalities, and being secured by mortgages on improved real estate.
a surplus over expenditures.
2. Bonds issued by Danish credit institutions, which bonds consist of—
The total assessed valuation of the city's taxable wealth is in the neigh(a) Bonds of local Danish Credit Unions issued against first mortgages
borhood of $172,000,000. The total value of municipally owned properties,
Inclusive of the properties mortgaged to secure this loan,amounts to over on real estate outstanding in an amount not exceeding 60% of the conservatively appraised value of the mortgaged property, and in which bonds
$13,000.000.
trust
funds may be legally invested; and
Application will be made to list these bonds on the New
(b) Bonds of the municipalities of Denmark, which bonds are the joint
obligations of the borrowing municipalities.
York Stock Exchange.
3. Bonds of the Danish Tithe Bank, issued against first mortgages on
real estate, which are outstanding at only a very small percentage of the
value of the mortgaged property and secured even before all taxes.
Offering of Bonds of Mortgage Bank of the Kingdom
As of Mar. 311924. the close of the last fiscal year, the principal amount
of the bank's holdings of the three above classes of bonds was as follows:
of Denmark.
Approximate
At 99 and interest, to yield over 6.05%, an issue of 1. Bonds guaranteed by the King% of Total.
$5,000,000 45-year 6% sinking fund external gold bonds
dom of Denmark
Kr. 54,724,948 (8 9.735.568) 60%
Kr. 34,954,200 (8 6,218,352) 38%
(Series VI of 1925) of the Mortgage Bank of the Kingdom 2. Bonds of the Credit Unions
3. Tithe Bank bonds
Kr. 1,414,900
251,711)
2%
of Denmark were
offered on Feb. 16 by Brown Brothers &
Co., White, Weld & Co., Blair & Co., Inc., and the Chase
Total
Kr. 91,094.048 (816.205,631) 100%
Assets.
Securities Corporation. As in the case of the Polish GovernAs of Mar. 31 1924 the Mortgage Bank of the Kingdom of Denmark had
ment bonds (referred to in another item), the subscription the following resources:
books for the Denmark Mortgage Bank bonds were closed
Approximate
% of Total
on the day of the offering (at 2 p. m.), an oversubscription 1. Bonds issued or guaranteed
by
Resources.
being reported in both cases. The fact that the Mortgage
the Kingdom of Denmark,
principal amount
Kr. 74,724,948 ($13,293.568) 67%
Bank bonds were slated for offering this week was noted in
these columns a.week ago (page 770). The Mortgage Bank 2. Bonds of Credit Unions and theKr. 36,369,100
Tithe Bank, principal amt_
(S 6,470,063) 32%
of the Kingdom of Denmark (Kongeriget Danmarks Hypotek 3. Net current assets
Kr. 1,198,891 (8 213,283)
1%
Bank) is the national mortgage bank of Denmark, owned
Total
Kr. 112.292,939 (819,976,914) 100%
and controlled by the Danish Government. In a letter to
Against the Kr. 112,292,939 (819.976.914) resources stated above the
the underwriters of the bonds under date of Feb. 13 the bank had outstanding as of Mar.31 1924 bonds in the net principal amount
of Kr. 84,286,840. This latter amount includes Kr. 27,749,520 bonds
provisions of the issue are set out as follows by P. 0. A.
which are payable in sterling at par of exchange.
Andersen, Director of the Public Debt of the Kingdom of
Credit.
Denmark and Director of the Mortgage Bank of the King- ' The exceptionally high credit standing of the Mortgage Bank ofthe Kingdom of Denmark, and by J. Jensen-Sonderup and Alfred dom of Denmark is indicated by the fact that its bonds sell on the Copenhagen
Christensen, also Directors of the Mortgage Bank of the the Stock Exchange on practically the same yield basis as the bonds of
Kingdom of Denmark. The bonds of the Mortgage Bank are eligible
Kingdom of Denmark:
for the investment of trust funds in Denmark.
These bonds will be dated Man.]. 1925 and will mature on Mar. 11970.
Restrictions.
They will bear interest at the rate of 6% per annum from Mar. 1 1925,
The total principal amount of bonds issued by the bank shall not be in
payable semi-annually on Mar. 1 and Sept. 1 in each year. The bonds will
excess of eight times the capital of the bank.
be in coupon form, in denominations of $500 and $1,000, and may be
Authorization.
registered as to principal. Bonds may be redeemed as a whole or in part at
The issue of this series of bonds has been officially approved by the Min100 and accrued interest at any time on thirty days' published notice. 13eginning in 1930 also redeemable for the sinking fund at 100 and accrued inter- ister of Finance of the Kingdom of Denmark and the bonds will bear a
est. Principal and interest will be payable in New York in gold coin of the certification of registry with the Ministry of Finance.
United States of America at the office of Brown Brothers & Co., fiscal
Attention is called to the fact that the above information,
agents for the loan, without deduction for any Danish taxes present or fuhaving been received by cablegram, is subject to transture. Sinking fund beginning in 1930 is to retire 1 j of maximum total
%
of this issue of bonds semi-annually by redemption of bonds at 100 and mission errors. The following footnote appears in the
accrued interest. All bonds of this issue will be retired by the sinking fund prospectus:
by maturity.
If Kr. 27,749,520 bonds payable also in sterling are converted into dollars
on the basis of $4 7834 per pound sterling, the rate of exchange on Feb. 11
The following is also taken from the letter:
1925. and if the remaining Kr. 56,537,320 are converted into dollars at
Purpose of Issue.
8•1779 per krone, the rate of exchange on Feb. 111925. the net bonded debt
The proceeds of this issue will be used in part to acquire from the Danish of Kr. 84,286.840 is equivalent to $17,365,922.
Ministry of Finance bonds and mortgages guaranteed by the Danish GovDollar equivalents of kroner appearing in parenthesis in the foregoing
ernment, the balance of such proceeds being held to finance future opera- letter do not appear in the original letter but are
added for convenience.
tions of the bank.
For such purposes kroner have been converted at the rate of exchange on
Feb. 11 1925. viz., 8.1779 to the krone.
Organization.
The bonds were offered when, as and if issued and received
The Mortgage Bank of the Kingdom of Denmark was organized by the
Danish Government in 1906 to regulate the real estate mortgage business and subject to
the approval of counsel. It is expected that
In Denmark. The entire ICr. 20,000,000 ($33,558,000) capital stock of the
bank is owned by the Danish Government. The directors of the bank are delivery of interim receipts will be made about March 2.
appointed by the Crown and the operations of the bank are closely supervised by the Danish Government and Danish Parliament.
Offering
Operations.
The Mortgage Bank acts as a central agency for financing certain types
a real estate mortgage loans guaranteed by the Danish Government. It
also performs a similar function for issues of bonds of Danish real estate
mortgage institutions and municipalities. The bank purchases obligations
of these types which conform to the strict requirements of the Danish Mortgage Bank Law and in turn issues its own bonds against these obligations.
In detail, the classes of bonds which the bank may purchase consist of:
of Bonds of First Carolinas Joint Stock Land
Bank.
An issue of $1,000,000 5% bonds of the First Carolinas
Joint Stock Land Bank, of Columbia, S. C., was offered
on Feb. 16 by Harris, Forbes & Co., William R. Compton
Co. and Halsey, Stuart & Co., Inc., at 102% and interest,
to yield over 4.65% to the redeemable date and 5% there-
FEB. 21 1925.]
THE CHRONICLE
891
after to redemption or maturity. The bonds are dated
Feb. 1 1925, will become due Feb. 1 1955 and will be redeemable at par and interest on any interest date after ten years
from the date of issue. Interest will be payable semiannually Feb. 1 and Aug. 1 and principal and interest will
be payable at the Chemical National Bank, New York City,
or at the First Carolinas Joint Stock Land Bank, Columbia,
S. C. The bonds, coupon and fully registerable and interchangeable, are in denomination of $1,000. The bonds are
issued under the Federal Farm Loan Act and are exempt
from Federal, State, municipal and local taxation. They
are acceptable as security for postal savings and other
deposits of Government funds. The following is the statement of the First Carolinas Joint Stock Land Bank as
officially reported Jan. 31 1925:
Haugen Co-operative Marketing Bill Ordered Favorably
Reported by House Committee.
On Feb. 18 the House Committee on Agriculture ordered
favorably reported the Haugen bill to establish a Federal
Co-operative Marketing Board along the lines recommended
by the President's Agricultural Conference. On Feb. 19
the House Rules Committee approved a resolution to give
the right of way to the bill. It tras also stated on the 19th
inst. that the House Agricultural Committee was working
on another proposal along the lines of the McNary-Haugen
measure which failed of passage in the last session, designed
to promote the export of American farm products. The
Haugen bill, which calls for an appropriation of $500,000 to
set up the proposed Federal Co-operative Marketing Board,
was amended by the committee to provide a membership
417,931
Acres of real estate security loaned upon
of five instead of three, to be appointed by the President
$8,270,600
Total amount loaned
from lists of nominees submitted by co-operative organiza:21,421.467
Appraised value of real estate security
551 25 tions, each of which would be entitled to suggest.ten names.
Average appraised value per acre
519 78 As to the Senate Agricultural Committee's action, we quote
Average amount loaned per acre
38%
Percentage of loans to appraised value of security
the following from the Associated Press dispatches Feb. 17:
A. F. Lever, President of the First Carolinas Joint Stock
Representatives of the wheat belt co-operatives, who told the Senate comthe Capital mittee they believed creation of a Federal Co-operative Marketing Board
Land Bank,as a Representative in Congress from
hand to resume testimony.
district of South Carolina, served as a member of the House would interfere with present progress, were onleader, got some attention tothe Republican
Senator
for 17 years and as Chairman of day on hisCurtis of Kansas, the Senate committee "within a reasonable
Agricultural Committee
notice that unless
the same committee for six years, including the war period. time" reported out legislation based on the Conference recommendations,
the three pending bills. Chairman NorMr. Lever is the author of the Lever Food and Fuel Control he would move to take up one of be held by the committee in an effort to
sessions will
relating to agriculture, in- ris announced night bills designed to carry out the program of the ConferAct and a number of other laws
prepare a report on
cluding the Cotton Future Act, the Agriculture Extension ence. The Capper-Haugen bill, proposing creation of a Federal Co-operand A. A. Sykes, ViceAct and the Federal Warehouse Act. He resigned from ative Marketing Board, was before the committee,
President of the National Live Stock Producers Association, and legislative
Congress in 1919 to accept appointment as a member of agent of the Corn Belt Meat Producers' Association, suggested several
the Federal Farm Loan Board and served with that Board amendments, one of which would add five members to the board, divided
until April 1922, when he resigned to become President of among the leading farm industries.
On Feb. 19 Chairman Norris of the Senate Agricultural
the bank.
Committee was said to have expressed doubt that the comOffering of Bonds of St. Louis Joint Stock Land Bank. mittee will be able to "consider fully a co-operative measure
At 104 and accrued interest, yielding about 4.50% to the in the time remaining of this session."
and optional maturity 5% thereafter, a new issue of
All Cotton
$1,000,000 5% bonds of the St. Louis Joint Stock LandBank Senate Committee Approves Bill to Make
Statistics Available to Public.
was offered yesterday (Feb. 20) by William R. Compton
The Senate Committee on Agriculture on Feb. 12 ordered
Co. and Halsey, Stuart & Co. Inc. The bonds will be
dated March 1 1925, will run until March 1 1955, and will favorably reportd a bill, which, it is stated, would throw
be optional March 1 1935. They will be in coupon form, open, upon the request of any interested person or persons,
fully registerable and interchangeable, and will be in denomi- information concerning cotton statistics. The New York
nations of $1,000, $5,000 and $10,000. Interest will be "Journal of Commerce" says:
The bill amends the United States Cotton Futures Act by providing
payable semi-annually March 1 and Sept. 1. Principal and
that the record of the prices of each and every transaction and all bids
interest will be payable at the American Trust Co., St. Louis, or offers, whether resulting in a transaction or not, made on any cotton
reor coupons may be presented for collection through any exchange, board of trade, or similar institution or place of business,and
and disseminated shall be charged
the banking houses offering the bonds. The gardless of bya whom collected and shall be available to all individuals,
office of
public interest
affected with
latter are issued under the Federal Farm Loan Act and are partnerships, corporations and avociations on an equal basis, except where
acceptable as security for postal savings and other deposits such information may be intended for an illegal purpose.
of Government funds. They are exempt from Federal,
State, municipal and local taxation. The bank operates in Representative Rankin Seeks Investigation Into Cotton
the States of Arkansas and Missouri. The capitalization
Seed.
and earnings as of Feb. 16 1925 are reported as follows:
On Feb. 13 Representative Rankin (Democrat of MissisCapital stock, $700,000; permanent reserve, $100,000, and sippi) introduced a resolution directing the Federal Trade
undivided profits, $54,664. Dividends on the capital stock Commission to investigate cotton seed and its products to
are being paid at the rate of 8% per annum. Total bonds
determine whether prices have been depressed by a comoutstanding, including this issue, $10,450,000. The bank bination of corporations in violation of the anti-trust laws.
was chartered March 27 1922. We also append the fol- The advices to the New York "Journal of Commerce"
lowing statement as officially reported Feb. 17 1925:
from Washington Feb 13 stated:
Acres of real estate security
Appraised value of real estate security
Total amount loaned
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value
316,030
524,576,970 00
10,318,460 00
77 77
32 65
41.96%
William R. Compton is Chairman of the Board of the
St. Louis Joint Stock Land Bank and L. L. Beavers is
President.
Offering of Bonds of Potomac Joint Stock Land Bank.
An offering of $200,000 5% Farm Loan bonds (new issue)
of the Potomac Joint Stock Land Bank of Washington, D.C.,
was announced this week by Brooke, Stokes & Co. of Philadelphia, Washington and Baltimore. The bonds were ofered at 103 and interest to yield 4.62% to the optional date
and 5% thereafter. The bonds, which were expected to be
ready for delivery about Feb. 20, will bear date Dec. 11924,
will become due Dec. 11954, and will not be callable before
Dec. 1 1934. They will be in coupon form in denominations
of $1,000 and $500,interchangeable for fully registered bonds.
Interest will be payable Dec. 1 and June 1 at the Riggs
National Bank, Washington, D. C. On Jan. 31 1925 the
Potomac Joint Stock Land Bank reported Farm Loan bonds
outstanding of $2,601,000. The bank was chartered May
1923 to operate in the States of Virginia and Maryland.
Calling attention to the tact that there were 445,000,000 bushels of
cottonseed produced in the United States last year, or one-half as much
as the entire wheat crop of the country, he charged that those interests
engaged in handling cottonseed products have become so powerful and
so far-reaching in their manipulations that they seem to control practically every enterprise engaged in handling seed after it leaves the hands
of the farmers.
Mr. Ranldn asserted that competition had been destroyed, the independent buyer put out of business, and even the price of cottonseed driven
from the daily market quotations, until to-day "the only way for a farmer
to dispose of his cottonseed is to take it to an oil mill and accept the price
offered by the very organization that profits at his expense."
Senate Resolution Providing for Examination and Audit
of Cotton Statistics in Bureau of Census.
On Feb. 14 a resolution introduced by Senator Smith of
South Carolina, establishing a joint Congressional Commission to make an examination and audit of cotton statistics
in the Bureau of the Census, was ordered favorably reported
by the Senate Committee on Agriculture. According to the
New York "Commercial" the purpose of the resolution is to
study the methods used by the Census Bureau and the
Department of Agriculture in preparing cotton estimates
and to prepare recommendations with a view to the avoidance
of such discrepancies as have occurred in the past. The
Commission would conduct its investigation during the
summer.
898
THE CHRONICLE
[VOL. 120.
Although members declined to go into detail, it was understood that few
Agricultural Appropriation Bill Passed by Congress Reof them felt that the calls on the Reserve banks would be sufficient to
affirms Authority of Agricultural Department to
warrant any change in the rediscount rates. The Council has nothing
Make Agreements on Cotton Standards.
to do with rates, but its discussions in the past have served to outline the
general policy
Specific authorization for the Secretary of Agriculture to the Federal to some extent and have been reflected in the decisions of
Reserve banks.
make agreements with foreign cotton associations, exchanges
The Council also discussed efforts being made by Great Britain to restore
and other cotton organizations for the use of the universal the gold standard in England. Some of the members believed the desired
would be accomplished without too great difficulty, although condicotton standards is carried in the Agricultural Appropriation resultin the next
tions
few months are likely to have an important bearing on
bill signed by President Obolidge Feb. 10. It has been held the plans.
by officers of the Department of Agriculture that authority
The "Journal of Commerce" advices from Washington in
for entering into these agreements was conferred upon the stating that the open market operations "are likely to be
Secretary of Agriculture by the text of the Cotton Standards attuned to foreign exchange conditions, particularly the
Act. In order to remove all doubt about the legality of the return of the pound sterling to par and the outward move—
.
Department's action in entering into these agreements, ment of gold," added:
Since the selling of securities by the Federal Reserve banks during
Congress added the language of the amendment to the
recent
weeks has brought the System's holding down to
Appropriation bill. The action of the Secretary in making that a buying movement will be inaugurated. a low ebb, it is anticipated
There are prospects also
agreements with respect to arbitrations and to the prepara- that the character of the System's operations will show some changes along
tion, distribution, inspection and use of the practical forms the lines of the purchase of sterling bills already tried out. There were no
indications of any changes in
of the standards is specifically mentioned. Officials of the which was concluded to-day. rediscount rates as a result of the meeting
Assistant Secretary of the Treasury Dewey
Department commenting upon the amendment said on met with the Council as well as the members of the Federal Reserve Board.
Under date of Feb. 15, the same paper, referring to the
Feb. 13:
The question has recently been raised In this country and abroad of the forthcoming meeting, said:
authority of the Secretary of Agriculture to enter into agreement with
European cotton exchanges, and particularly with regard to his empowering
members of the arbitration committees of such exchanges to act for the
Department in the arbitration of disputes arising over shipments of cotton
described, as required by the United States Cotton Standards Act.
While the Department's legal advisers have held that the Secretary's
authority in the matter was ample under the original bill, and although no
effort has been made by any one to avoid the decisions of the European
arbitration committees, the Department feels that it is of great benefit
to the cotton industry to have all doubt on the question removed.
Any effort on the part of the House members to restore
Section 9, however, would, the dispatch indicates, meet
opposition when it comes time for the Senate to ratify the
conference report, the dispatch adding that the House
Banking Committee members are inclined to demand
acquiescence of the Senate in th4ir bill.
According to a Wall Street news account from Washington,
Feb. 20, the McFadden bill lost its chance for early passage
in the Senate through the tactics that blocked action during
the night session, Feb. 19, on the Sterling bill liberalizing
the Civil Service Retirement Act. Continuing, the dispatch
said.
It is anticipated that the Council will advise with the
Board as to what
steps may be taken by the Reserve System
to help maintain the pound
sterling at par when British currency again reaches a
parity. The Advisory
Council a year ago set the precedent for the exercise
of the good offices of
the Federal Reserve System in aiding the return
of foreign countries to
normal when it submitted to the Reserve Board recommendati
ons calling
for a friendly attitude toward German paper as a
means of making the
Dawes plan a success.
System to Co-operate.
Since the Reserve System has been put in the position
of seeking to aid
Germany it cannot withhold assistance to Great Britain,
although there is a
tendency here to soft pedal the possibility of co-operation
with England
In placing that nation's currency once more on a
firm gold basis. This
tendency, it is believed, will continue until Congress
adjourns and the
possibility of oratorical attacks is avoided.
As a matter of fact there are evidences that the Reserve
System is already
interested in the British return to the gold standard,
but It is believed that
something like a formal program will be necessary to hold
the pound at
par after it regains a parity. Heavy shipments of gold from
this country
to India and Australia during the past have had their
reflection in declines
In the gold reserves of Reserve banks and these shipments
have lightened
pressure on London from both of those dominions.
The New York Federal Reserve Bank some months ago used a
portion
of a balance with the Bank of England to purchase sterling bills
and it is
believed that more transactions of this nature are to eventuate. And,
despite the increased use of credit by domestic borrowers, there are
no signs
of rediscount rates being advanced; while the spread in rates between New
York and London, in favor of the latter, is of material assistance to
the
gold position of Great Britain.
But more valuable to British currency than any individual step would
be a declaration of policy akin to reports submitted by the Advisory Council
on German paper last year. Comparatively slight call has been made
upon the Reserve banks in connection with the extension of credit to
Germany by American financial interests during the past year, but the
assurance that the Federal Reserve System was in sympathy with the
movement to restore Germany has added to that country's security
for
borrowing purposes. Similarly, an expression of the same attitude toward
the British return to the gold standard would have a like effect
upon cooperation between American financial interests and the Bank of England.
Expect Benefit to Trade.
High Government fiscal officials have frankly taken the position that the
resumption of free gold payments by Great Britain would be of
value to
American foreign trade and the exchange position of the dollar. The
Reserve Board itself has recognized the restoration of sound
monetary
conditions abroad as one of the factors in the recent expansion
of business
activity in this country.
Given a privileged status at the night session it was never reached owing
to the one man filibuster conducted by Senator Smoot of Utah against the
other measure which had been given prior consideration. Unless Senator
Pepper can have it taken up at another night session the bill must await its
turn on the calendar.
Paul M. Warburg has been re-elected President of the
Advisory Council, and E. F. Swinney has been re-elected
Vice-President. The membership of the Council for 1925
is as follows:
Action by Senate on McFadden Banking Bill Delayed.
No action has been recorded this week by Congress on the
McFadden banking bill, but it is reported that Senator
Glass looks for consideration of the bill next week, and its
passage with little or no discussion. Information to this
effect was contained in advices from Washington, Feb. 17,
to the New York "Journal of Commerce," from which the
following is also taken:
If the McFadden bill is to become a law at this session of Congress the
House must accept the measure as it will come to it from the Senate, it was
indicated to-day by Senator Glass, Democrat, Virginia. Senator Glass
pointed out that there is so much objection to the provisions of the House
bill dealing with the admission oi State banks into the Federal Reserve
System that is is extremely doubtful If other than the Senate draft would be
acceptable.
Boston, C. A. Mons; New York, P. M. Warburg; Philadelphia, L. L.
The bill, it will be recalled, passed the House Jan. 14 and
Rue;
was reported to the Senate by the Senate Committee on Oscar Cleveland, G. A. Coulton; Richmond, J. M. Miller, Jr.; Atlanta,
Wells; Chicago, F. 0. Wetmore;
Louis, Breckinridge Jones;
Banking and Currency on Feb. 6. Reference to the action Minneapolis, G. H. Prince; Kansas City, St. F. Swinney; Dallas, W. M.
E.
McGregor; San Francisco, H. S. McKee.
of the Senate Committee appeared in our issues of Feb. 7,
page 657 and Feb. 14, page 778. The adoption of the bill
Redemption of United States Treasury Certificates
by the House was reported by us Jan. 17, page 282.
and Treasury Notes Before Maturity.
The Federal Reserve banks were authorized an Feb. 19
Meeting of Federal Advisory Council With Federal
by Secretary Mellon to redeem, until further notice, in cash
Reserve Board—Paul M. Warburg Re-Elected
before March 15 1925, at the holder's option, at par and
President of Council.
The possibility of the resumption of purchases of securities accrued interest to the date of such optional redemption,
in the open market by the Federal Reserve System as a result Treasury certificates of indebtedness of Series TM-1925,
of the meeting pf the Federal Advisory Council with the dated March 15 1924, and Treasury notes of Series A-1925,
Federal Reserve Board this week was reported by the New dated February 1 1922, both maturing March 15 1925.
York "Journal of Commerce," on Feb. 16, on which date the
quarterly session was held. Beyond the bare statement that Treasury Department Developing Its March Financing
"general business conditions in the country and the open
Plans.
market operations of the Federal Reserve banks were the
The Treasury Department's announcement regarding the
main topics discussed," no official announcement was made redemption, before
maturity, of Treasury certificates and
relative to the deliberations. The Associated Press dis- Treasury notes, due March 15
(referred to in another item),
patches on the 16th inst. stated:
marked the first step in the Treasury's March financing
It is known, however, that the Council also considered recent increases
in loans by banks which are members of the System. These loans now program,says the Associated Press advices from Washin ton
are about as high as they have been and there is the possibility that the Feb. 18, from which we also quote the following:
banks
soon will be making greater use than recently of the rediscounting
facilities of the Reserve banks.
While officials have come to no conclusion yet respecting the plan of financing to be evolved in connection with the March 15 tax payment. it
FEB. 21 1925.]
issued to carry out
appeared to-day that only short-term securities will be
the refunding that obviously must be made.
the amount
Certificates amounting to 8235,704,500 are outstanding, and
The Treasof Treasury notes maturing at the same time is 8322,924.500.
and the March 15 tax installury balance now stands around 8220,000,000
the use of about
ment will bring in enough more, it was believed, to permit
This would
8200,000,000 in the retirement of outstanding obligations.
8350,000,000.
mean the issuing of new securities amounting to approximately
will hardly complete its fiscal
As the situation now stands. the Treasury
time it will
program until after Congress has adjourned March 4, by which
called upon to
be able to compute accurately the appropriations it will be
paymeet and will have some idea as to the amount of taxes resulting from
ment of the first installment this calendar year.
By that date also the Treasury can gauge market conditions, and soon
after March 4 officials in charge of the financing can decide on the interest
rate the securities will bear.
While it is generally agreed that the certificates to be issued will be for
short terms, it is believed by some that there will be one offering to be employed exclusively in the exchange of new securities for maturing obligations
and another to be sold for cash, with the likelihood that the latter issue may
cerbear the privilege of use in payment of taxes. On such a basis the tax
tificates probably would be for only six months.
Disarmament Conference at Washington Is
Suggested by President Coolidge to Four Powers—
Would Include Naval and Aircraft Construction.
President Coolidge and Secretary Hughes have set in
motion machinery for the calling of a second international
conference for the reduction of naval armament, to be held
at Washington, it became known on Thursday (Feb. 19).
That such negotiations were in progress was admitted by
Austen Chamberlain, Secretary of State for Foreign Affairs,
in the House of Commons on Feb. 18,in answer to a question,
and his statement was confirmed by the State Department
at Washington. These admissions, it is believed, would not
have been made had it not been practically certain that
efforts to summon the conference would be successful. In
recent weeks it is understood that the American Ambassadors
in London, Paris, Rome, and Tokio have discussed the
project at the respective Foreign Offices, and France alone
is reported to be dubious. Associated Press's Washington
correspondent gave one reason which in his .opinion will
weigh with France in agreeing to follow President Coolidge's
lead. On Thursday (Feb. 19) he said:
Second
disarmament conference under the auspices of the League
had, therefore, receded into the distance, and President
Coolidge was given his opportunity.
Frank B. Kellogg's Nomination as Secretary of State
Confirmed by Senate.
Despite rumors to the effect that a certain section of the
Senate intended to oppose the nomination of Frank B. Kellogg, Ambassador to Great Britain, to be Secretary of State,
the nomination, sent to the Senate on Feb. 14 along with that
of Dr. W. M. Jardine as Secretary of Agriculture, was confirmed by that body on Monday (Feb. 16) at a six-minute
executive session, without debate or record vote.
On the same day the Inter-State Commerce Committee of
the Senate ordered a favorable report on the nomination of
former Representative William E. Humphreys of Washington as a member of the Federal Trade Commission.
President Coolidge Nominates Dr. William M. Jardine
of Kansas to Be Secretary of Agriculture
After March 4.
The nomination of Dr. William M. Jardine, of Manhattan,
Kan., to be Secretary of Agriculture when the present Secretary, Howard M. Gore, retires on March 4, was sent to the
Senate by President Coolidge on Feb. 14. The President's
action was received with surprise in political circles for two
reasons. First, it is known that the views of Dr. Jardine on
various agricultural questions are opposed to those of the
late Secretary Henry C. Wallace; and second, it was expected that President Coolidge would conform to the custom
of submitting nominations for Cabinet positions on Inauguration Day or the day following, when the new Senate will
be sitting in special session. Dr. Jardine is 46 years of age
and is President of the Kansas State Agricultural College.
His policy differs from the late Secretary's principally in
that it embodies opposition to the McNary-Haugen pricefixing bill, which Mr. Wallace approved. The following
Associated Press advices from Manhattan, Kan., under date
of Feb. 14, deal with Dr. Jardine's distinguished career,
from the time he worked as a "cow puncher":
It is thought here that the economic situation In Prance may now afford
exsome ground for believing there is internal pressure to curb naval
been dispenditures. An ambitious program of naval construction has
that the
cussed in Paris, but to some observers there appears the possibility
naval
recent downward plunge of the franc, coupled with the big auxiliary
to impress France with the
building programs of other Powers, may serve
desirability of setting a limit to what she and other nations may expend
on their navies.
It is stated on authority that the proposed conference,
if held (autumn is mentioned as the probable time), will have
a wider scope than the Washington Conference in 1921,
when armament limitation was confined to first-class battleships and airplane-carriers, with the 5-5-3 ratio as the
result. The second conference is designed to include consideration as to the advisability of curtailing construction
of aircraft and also auxiliary naval craft, such as torpedo
boats, submarines, cruisers (under 10,000 tons), &c., building
of which was left unaffected by the 1921 conference, principally due to the attitude taken up by Aristide Briand,
then Premier of France. Land armament will not be
touched at the proposed parley. It is understood that
.President Coolidge looks upon this as a phase of the subject
of peculiar concern to Europe, whence suggestions that it
might be taken up at an international conference should,
to his view, emanate.
In negotiating to summon an international disarmament
conference, President Coolidge is translating into action a
conviction to which he has given expression several times in
recent months. He declared himself in favor of further steps
to reduce armaments—and especially to destroy competitive
naval construction—first in his speech of acceptance in the
election campaign last year, and again in his annual address
to Congress in December. On Jan. 21 the Senate passed a
resolution endorsing the President's views. With the
framing of the Geneva protocolfor security and disarmament,
however, the Council of the League of Nations announced
its intentions to call a world disarmament conference as soon
as feasible after the ratification of the protocol by the Powers.
President Coolidge decided to await the outcome of these
intentions. Thus far France is the only country to have
ratified the protocol, the existence of which is considered
to be in grave danger through the refusal of the British
Dominions—and therefore Great Britain—to be a party to it.
It is reported that at the meeting of the League in Geneva
next month, Austen Chamberlain will' again ask for postponement of consideration of the protocol. An international
899
THE CHRONICLE
Once a "cow puncher," a "bronco buster," rail cutter and ranch hand,
Dr. Jardine has a sympathy with the farmer and ranchman and a comprehension of his problems based on intimate experience. He is said to be the best
authority in the country on dry farming and the growing of wheat and the
grain sorghums.
Dr. Jardine has been an outspoken advocate of the farmers' interests. In
addresses he has declared that only 10% of the troubles of the farmer can
be remedied by legislation, that the other 90% must be solved "by the
farmers themselves and their immediate associates, the business men of each
agricultural community."
He gained considerable attention when in 1924 he voiced opposition to the
McNary-Haugen price-fixing bill. He viewed the plan as based on unsound
economic theory, saying that what the farmer wanted was to be.left alone.
Born 46 years ago, he spent the first 17 years of his life on his father's
ranch in Idabo, performing the usual tasks on a Western ranch. He
"punched" cattle, broke broncos at 25 cents each and attended a district
school three or four months each winter. He left his father's farm when
17 and went to Big Hole, Mont., where he earned his first "salary" as
helper on a dairy farm.
Dr. Jardine was graduated from the Utah Agricultural College in 1904.
lie taught a short time after graduation and then became manager of a
farming company that tilled thousands of acres in Utah. He was assistant
cerealist of the United States Department of Agriculture from 1907 to 1910,
when he left Washington to become Professor of Agronomy at the Kansas
Agricultural College. Three years later he was made Dean of the Division
of Agriculture at the college and Director of the Experiment Station. In
1918 he succeeded Dr. H. J. Waters as President of the college.
Dr. Jardine is a member of the American Association for the Advancement
He
of Science, the National Research Council and other science societies.
is a member of the Advisory Council of the Agricultural Commission of the
Society of
American Bankers Association and President of the American
author of sevAgronomy and of the International Farm Congress. He is
eral bulletins on dry land farming.
On Feb. 18 the Senate confirmed the nomination of Dr.
Jardine without discussion.
•••••••••
George A. Parks, Mining Engineer, Nominated
Governor of Alaska.
President Coolidge placed the nomination of George Alex-
ander Parks, to be Governor of Alaska, before the Senate on
Feb. 14. Mr. Parks, who is 42 years of age and is a mining
engineer in the Alaskan field service of the Interior Department, will succeed Governor Scott C. Bone, whose term
expires June 1. Washington press advices, dated Feb. 14,
described Mr. Parks's career thus:
Mr. Parks is 42 years old and a bachelor, his parents live in Denver. He
has been in the Alaskan field service of the Interior Department since 1907.
He began in a subordinate capacity and was promoted through successive
grades until he attained the office of Supervisor of Surveys, which he now
holds. He is a graduate of the Colorado School of Mines. He served in the
Engineering Corps of the army during the World War, coming out with the
rank of Captain.
It appears, from these advices, that the nomination took
the nominee completely by surprise.
900
THE CHRONICLE
[Vou 120.
The six-foot mining engineer, who had just arrived for one of his
periodic result in conference. Moreover, it is not even certain that the Senate would
reports on the Alaska field service, dropped his work and hastened
to
approve a bill containing the rate increases as approved by the House. Thus
office of Commissioner Spry of the General Land Office, who has been the
his there is every prospect that the fight will cause a serious jam in the prosuperior for the last four years.
ceedings when the 'conference report is received.
"Mr. Commissioner," said the Coloradoan, who obviously was upset,
"I'm
The House of Representatives, after rejecting the bill as
at a loss. Think of it! Governor of Alaska I Why, that's a big
job. Do
you think I could swing it?"
amended in the Senate, appointed on Wednesday (Feb. 18)
Commissioner Spry assured Mr. Parks he thought there was
no man Representatives Paige of Massachusetts and Kelly of Pennbetter posted on Alaskan affairs and urged him to lose no time in
accepting. sylvania,
Republicans, and Bell of Georgia, Democrat, as
Still dubious, Parks wanted to know if the Commissioner could
tell him
why he had been selected and if the President and Secretary
Work had con- House conferees.
fidence in his ability.
Mr. Spry at length convinced the engineer that "they" and he
regarded Midwinter Conference of
Trust Companies—Country's
the choice as the best that could have been made.
"I wonder if I could have the rest of the afternoon off," Mr. Parks
Prosperity Emphasizes Duties of Trust Comasked
at the close of the interview.
panies, According to Francis H. Sisson.
He got the permission and left the Interior Department after he
had told
The period of prosperity which the United States is
Secretary Work he was prepared to accept the governorship.
Mr. Parks's nomination was confirmed by the Senate entering emphasizes the duties and responsibilities of the
trust companies in investing wisely the wealth entrusted
Feb. 18.
to their care and in conserving it against the time when a
less active period of the business cycle develops, declared
President Calls Extra Session of New Senate, to Begin Francis
H. Sisson, Vice-President of the Guaranty Trust
March 4—Will Adjourn Sine Die on That
Co., at the opening session of the sixth midwinter conference
Day—New Cabinet Now Complete.
of trust companies at the Hotel Commodore in New York
Immediately after completing the list of his Cabinet Min- on Feb. 18. Mr. Sisson, who
is Vice-President of the Trust
isters on Feb. 14, President Coolidge issued a proclamation Company Division of the
American Bankers Association
calling an extra session of the new Senate, to begin at noon under whose auspices the
meeting is being held, presided
on March 4, "to receive such communication as may be made as Chairman. Over a thousand
trust company representaby the Executive." On that day Charles G. Dawes will be tives were in attendance at the
conference, which continued
inaugurated as Vice-President, following which, it is be- the following day, with a luncheon at mid-day.
On Thurslieved, the special session will adjourn sine die.
day night there was a banquet, at which the speakers were
President Coolidge has now completed the Cabinet that Sir Henry Thornton, Chairman and President
of the Canawill serve him after March 4, although one of 1..s nomina- dian National Railways, and President
Ernest Martin
tions has yet to be ratified by the Senate. The new list of Hopkins of Dartmouth College. Lucius
Teter, President
Cabinet Ministers is as follows:
of the Trust Company Division of the American Bankers
Secretary of State—Frank B. Kellogg.
Association, presided. At the opening session on WednesSecretary of the Treasury—Andrew W. Mellon.
day Mr. Sisson told of the inauguration of the trust comSecretary of War—John W. Weeks.
panies' conferences five years ago for the purpose of bringing
Attorney-General—Charles B. Warren.
together representatives of this type of banking for the
Postmaster-General—Harry S. New.
discussion of problems involved in handling the financial
Secretary of the Navy—Curtis D. Wilbur.
interests committed to their care. "The Trust Company
Secretary of the Interior—Hubert Work.
Division of the American Bankers Association," he said, "is
Secretary of Agriculture—William M. Jardine.
making a very definite contribution to the economic welfare
Secretary of Commerce—Herbert C. Hoover.
and happiness of the people of our entire country."
Secretary of Labor—James J. Davis.
The question of life insurance trusts was discussed on
.Wednesday by Leslie G. McDouall, Assistant Trust Officer
Senate Passes Postal Pay and Rate Increase Bill—Bitter .of the Fidelity Union Trust Co., Newark N. J., and Edward
A. Woods, Vice-President of the Equitable Life Assurance
Fight Promised in Conference.
Society of Pittsburgh. Mr. McDouall is a member of the
The Postal Pay and Rate Increase Bill, which the
Senate .Committ
ee on Life Insurance Trusts of the Trust Company
Post Office Committee reported to the Senate in
amended Division
which has been engaged for some time in promoting
.form last week (see our issued dated Feb. 14, pages
785 and co-operation
between life underwriters and trust companies.
786), was adopted by the Senate on Feb. 16 without
special He told of the
hazards reducing a man's estate, such as unvote, after a further $9,000,000 of revenue had
been wiped wise stock investme
nt on the part of his heirs and shrinkage
out by the adoption of an amendment deleting
the provision due to
inheritance taxes. He pointed out that it is estifor the 1-cent special charge on parcel post mail.
The bill mated that over
a billion dollars a year is lost in the United
now goes to conference between House and Senate
delegates. States through
fraudulent stock selling operators, and also
As it now stands, it is estimated that It will
furnish some told how
inheritance taxes "eat the heart out of an estate."
$37,000,000 extra revenue, as against $68,000,000
which, it Mr. McDouall went
on to describe the value of life insurance
is stated, will be required to meet increased salary
expendi- trusts in conservin
g estates for the benefit of the heirs in
tures. The bill, as we explained last week, was first
drawn a way to insure the
maximum of benefit to them. Mr.
up in the Senate, but was rejected by the House on
constitu- Woods described the
co-operation that has been developed
tional grounds, and a substitute was provided by the
House between life underwriters
and trust companies in keeping
Post Office Committee which would produce about
$61,000,- property intact after death.
"Let us co-operate and teach
000 more revenue under revised postal rates. The
House Americans to die at par," Mr.
Woods said. "Life underbill had the President's approval. The Senate Post
Office
Committee, however, struck out the House rate proposals writers can co-operate by urging people to make wills and
and re-inserted those originally agreed to by the Senate, by telling America what trust companies can do, explaining
economy and wisdom of trust company administration
calculated to provide only $46,500,000 additional revenue. the
and the close relationship between trust companies and life
The bill was in this form when acted on by the Senate as
underwriters. Trust companies conserve estates and they
above (on Feb. 16). Describing these proceedings and comcan co-operate by advocating the making of wills, business
menting on the possibility of passage of the bill in the presadministration of estates, sufficient life insurance to safeent Congress, the "Times" Washington correspondent wrote,
guard estates, consultation on investments and the creation
on Feb. 17:
of life insurance trusts."
The bill was adopted without record vote after Senator Harrison had
obDr. Alfred Williams Anthony, chairman of the committee
tained passage of his amendment wiping out the parcel post service charge.
This was accomplished by a vote of 42 to 38, although a similar amendment on financial and fiduciary matters of the Federal
Council of
had been defeated when the Senate originally passed a bill on the ground
the Churches of Christ in America, told the trust companies
that it would destroy the legislation and make it impossible for the President
conference on the 19th inst. that church authorities controlto give approval.
The measure, which on the face of it cannot hope for success in its present ling billions of philanthropic endowment funds and spending
form, was sent to conference upon the motion of Senator Moses, Republican twenty-five million dollars annually,
were looking to the
of New Hampshire, who asked that the Senate conferees be instructed to insist upon their amendments when they lock horns with the House conferees. trust companies for advice in regard to the proper financial
management of these funds.
The Chair appointed Senators Moses, Phipps of Colorado and McKellar
of
Tennessee as the Senate conferees.
Another topic of general discussion at the session of the
Senator Harrison charged that the Administration Senators had retreated
before the assaults of the publishers of newspapers and periodicals in adjust- conference was the desirability of legislation in the States
ing second-class mail rates and had placed the big load, instead, on
the aimed to promote uniformity in inheritance tax laws. It
farmers.
was brought out that great multiplicity exists, rendering the
A bitter wrangle is expected in conference, and it was predicted that
if administration of estates uncertain
any agreement were reached by the conferees, the Senate conferees
and difficult. The conwould
be forced to accept most of the rates laid down by the House in its bill.
An sensus was that measures for promoting uniformity should
outright filibuster against the postal bill may be staged if there is
such a be taken.
FEB.21 1925.]
THE CHRONICLE
The value of newspaper advertising in developing public
interest in the particular type of services the trust companies
have to offer was stressed at the session on the 19th. It
was pointed out by the speakers that the handling of estates
and trusts and other fiduciary activities involved a type of
social service that calls for newspaper advertising on a broad
scale in order to acquaint the public with the facilities the
trust companies have to offer. "The multiplicity of estate
or inheritance tax laws, the increasing duties and responsibilities of administering trusts under these laws and the
changing methods of handling estates and trusts due to
economic and social conditions have brought a number of
important problems into trust company work," said Mr.
Sisson, in presiding over the conference. "These questions
are all receiving full discussion at the conference. Other
problems being taken up are the increased opportunity to
serve in the reorganization of estates, the growing importance of insurance in its relation to estates and trusts and the
need for concerted effort in the conduct of this business.
The open forum method for discussion has been adopted in
order to bring together from all parts of the country the best
thought on these subjects for the mutual benefit of all engaged in trust company work."
Mr. Sisson said that the keynote of the meeting was cooperation with other interests such as those represented in
the insurance field, the legal profession and those having the
control of philanthropic funds as represented by Dr. Anthony.
901
that has taken place in the agricultural situation and said
that this is already being reflected in an expansion of buying
power on the part of the farmer. He said:
The farmer is unquestionably in a better position. He has been paying
off his debts as he has become more prosperous and industries which deal
more directly with the farmer are finding business improving steadily.
The agricultural implement manufacturing companies are feeling this
restoration of buying power to the farming community to a considerable
degree.
The steel business is good with signs of further expansion. The coal
mining situation in Illinois, Indiana and Ohio leaves much to be desired.
There is great need of a readjustment of the wage scale to meet the levels in
non-union competitive fields. I feel there is also need for general consolidation of smaller coal properties and the tendency appears to be in that
direction.
Mr. Teter, who spent some time last summer in Europe,
holds there is no substantial evidence that the French Government wants to repudiate her debt to the United States.
"France certainly is entitled to a fair deal," said Mr. Teter.
"I believe that we should take into consideration in arriving
at a fair settlement with France, the fact that France suf.
fered terrible physical destruction during the war and that
the reparations that Germany was to pay originally have
been pared down so as to reduce greatly the amount that
France hoped to use in reconstruction and rehabilitation."
Sixteen Billion Dollars in Trust Company Resources—
Lucius Teter on Importance of Corporate
Fiduciary Services.
With sixteen billion dollars in resources now under the
control of the trust companies and with sixty to seventy
billion dollars in life insurance estates falling due in the next
thirty years, the importance of corporate fiduciary services
in the United States is of the first magnitude,involving heavy
public responsibilities, it was declared by Lucius Teter,
President of the Trust Company Division of the American
Bankers Association, presiding at the fourteenth annual
banquet of the trust companies of the United States, held
under the auspices of the Division at the Hotel Commodore
on Feb. 19. Mr. Teter said in part:
Twenty-five hundred trust companies have sixteen billions of resources,
and sixteen hundred national banks have qualified to do a trust business.
The importance of the corporate trustee is of first magnitude, particularly
when it is borne in mind that the resources of these corporate fiduciaries
are only a fractional part of the financial operations which they have a Part
in managing. It is therefore of importance, first, how we acquit ourselves
of this responsibility, and second, what the public, whom we serve, think
of us.
The Trust Division in its thirty years of existence has given careful attention to the training of trust men and has encouraged the public to understand and use trust company service. We believe that as the great corporation providing transportation takes the place of the individual stage coach
-manned
owner of the earlier day. just so does the suitably capitalized, well
corporation acting in a fiduciary capacity properly take the place of the
trusted and honored individual trustee of former days.
It is an important part of our task so to conduct these institMions that no
one will misunderstand their character or feel that their great influence is
at any time misdirected. To that end it seems to me that me must insist
upon a professional point of view. If the management of trust company
business is not a profession, it should head the list of businesses in which
professional ideals dominate. It would seem desirable for the trust company or national bank which is developing a fiduciary department to keep
in mind that there is something more than commercial profit to be considered.
From time to time members of the bar have had Just cause for complaint
of certain activities of trust companies. Our Division has a standing committee on co-operation with the bar, and we have been most earnest in recommending to our members the avoidance of anything that has the appearance
of the practice of the law. We think that the leading lawyers of the country fully understand this and that they believe thoroughly in the corporate
form of trusteeship. However, it is a definite responsibility that each one
of us should share, that we at all times conduct our institutions in harmony
with the proper ideals of the American Bar Association, and be alert to correct any misapprehension which a member of the legal profession may have
concerning our activities.
When one realizes the rapid growth of wealth in this country, and measures the future with some such measuring stick, for instance, as the amount
of life insurance now in force, between sixty and seventy billions, most of
which will be paid within the next thirty years, some idea may be formed of
the responsibilities in store for both lawyers and corporate fiduciaries.
J. M. Willcox of National Association of Mutual Savings
Banks on Growth in Savings Deposits.
Record growth in savings deposits was emphasized at a
meeting of the Council of Administration of the National
Association of Mutual Savings Banks on Feb. 13, when
President James M. Willcox cited the increase as a sure sign
of national prosperity. "It is a forceful commentary on the
amazing growth and broad influence of our mutual savings
banks that they now count as their depositors more than
ten million of our population," said Mr. Willcox. "What is
still more significant of this prestige is the fact that these
people have to their credit almost $7,000,000,000, or more
than one-third of our national savings in all classes of institutions." Mr. Wilkox continued:
To be exact, there were, according to last available figures, 10,445,745
depositors in mutual savings banks, and these savers had deposits aggregating $8,950,832,265 in the mutual institutions of 17 States, ranging from
Maine to Washington on the north and from Maryland to California on the
south. And in these States is to be found more than half the population of
the United States, more than half of our agricultural, industrial and commercial resources.
It is a source of immense satisfaction, indeed, to know that the banks of
our association are able to carry the lesson of thrift and to extend their services over a territory so large and important as this. For in this knowledge
we well may pride ourselves as representing the country's greatest single
agency for the happiness and prosperity of its people.
A real measure of the part the savings bank can play in carrying out thie
good work may be gauged from the fact that in two of these States, namely
New York and Massachusetts, savings banks are safeguarding great commonwealths. In the former are 4,374,418 depositors with savings of $3,397,327,191, and in the latter are 2,785,570 persons having $1,520,104,964 to their
credit in mutual savings banks.
It is gratifying also to know that in the 15 other States served by the
members of our association there has been in recent years a rapid and
wholesome growth of savings banking, and that at the present time the
value of deposits and number of depositors as represented in the following
summary, are at their highest levels in history:
Depositors.
Deposits.
States—
60,000
$75,681,008 10
California
881,550
484,893,692 00
Connecticut
62,172
21,055,771 13
Delaware
31,437
18,746,848 00
Indiana
230,807
170,415,474 00
Maine
301,531
148,957,829 52
Maryland
136,132
54,831,549 49
Minnesota
237,541
135,665,386 86
New Hampshire
445,196
234,380,251 00
New Jersey
98,697
75,088,902 00
Ohio
523,000
353,980,000 00
Pennsylvania
200,000
00
141,767,000
Rhode Island
126,000
80,800,000 00
Vermont
98,000
81,880,000 00
Washington
15,095
5,478,599 43
Wisconsin
Total in 17 States (including New York
and Massachusetts' figures above men$8,950,832,285 08
tioned)
10,705,745
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Two New York Stock Exchange memberships were rePresident Ernest M.Hopkins of Dartmouth College spoke
ported posted for transfer this week; that of Wellesley H.
of the pessimistic attitude of the present day.
Stillwell to Joseph M. Goldsmith, for a consideration of
$106,000, and that of Nathan J. Miller to Robert H. Gibson
Improvement in Agricultural Situation Seen by Lucius for $108,000. The last preceding sale was at $108,000.
Teter—Considers France Entitled to Fair Deal on
Debt Issue.
The New York Cotton Exchange membership of Nathan
Lucius Teter, President of the Chicago Trust Co., and J. Miller was reported sold this week to Leopold S. Bache
President of the Trust Division of the American Bankers for another for $31,500. The last preceding sale was at
Association, who has been in New York this week presiding $33,500.
at the two day convention of trust company officers, spoke
Otto H. Kahn, of Kuhn, Loeb & Co., sailed for Naples
optimistically of the general business and industrial situathe West. Mr. Teter emphasized the improvement on Feb. 14 on the Itala-America line steamer Duillo. He
tion in
902
THE CHRONICLE
(voL. 120.
plans to visit Italy, Spain, France and England and expects retired in 1907. With the merger of the Bank of
New York
to remain abroad until May.
and the New York Life Insurance & Trust Co. under the
At a special meeting on Fe- b. 11 the stockholders of the
Farmers' Loan & Trust Co. of New York ratified the plans
to increase the capital from $5,000,000 to $10,000,000. Reference to the plans to enlarge the capital was made in these
columns Jan. 17, page 291; Jan. 24, page 417 and Feb. 7, page
663. The additional stock is offered pro rata at par ($100)
to stockholders of record Feb. 14 1925. Payment is called
for on or before March 4 1925, and the new stock will be
issued as of that date.
name of the Bank of New York & Trust Company, Mr.
Leverich was elected an honorary trustee, a position he held
at the time of his death. He was also a trustee of the Atlantic Mutual Insurance Co. and a director of the Atlantic
Safe Deposit Co.
The Harlem Market branch of the Mechanics & Metals
National Bank of New York has moved to its new building
at First Ave. and 103d St. New banking quarters for the
Leonard Street branch are under construction at Worth
The National City Bank announced on Feb. 16 the opening St. and Broadway. This branch will move there on March 9
and will thenceforth be known as the Worth Street branch.
of its new branch banking office in Milan, Italy,
in charge
of Herbert Furrell, formerly connected with the City Bank's
Paris office. The new Milan branch, which will provide
.opecial American banking connections with Italy's great
industrial and financial centre, is located on the Piazza Corduzio in the heart of Milan's business district. This is the
second branch to be opened by the National City Bank in
Italy, the branch at Genoa having been in operation for several years. The bank now has 38 foreign offices located in
Argentina, Belgium, Brazil, Chile, Cuba, England, France,
Italy, Peru, Porto Rico, Uruguay and Venezuela.
The trustees of the Dollar Savings Bank have elected
Howell T. Manson President, to succeed the late Brian G.
Hughes, whose death was noted in these columns Dee. 20,
page 2843.
Important changes in the personnel of the organization
of the Seventh Avenue National Bank of New York were
announced this week. Alfred H. Fantl, head of a large
resident buying organization, and Joseph Dallet, VicePresident of M. W.Amberg & Co., Inc., a leading wholesale
millinery concern, have been elected Vice-Presidents of the
bank and have been made members of the board of directors.
Other new directors of the bank are J. A. Stein, head of the
Fisher Millinery Corp.; Jacob De Jong, head of an artificial
flower manufacturing company; Milton H. Biow, head of
the Biow Advertising Co.; Alfred J. Stern, certified public
accountant, and John W. Thorne, partner in the Fantl
Import Co. Since Harry H. Revman assumed the Presidency of the bank about a year ago, deposits of the institution are said to have increased from $2,500,000 to more than
$4,000,000.
The New York Chapter, Inc., American Institute of Banking, anounces a special course of instruction on industrial
securities to be given by Charles S. Shaw of the Farmers
Loan & Trust Co. The course includes a study of the more
common types of industrial securities, including instruments
under which they are issued. The reasons dictating the
necessity for financing and the particular forms of securities
to be issued are also considered. The issue and sale of
securities to bankers is covered in some detail, illustrating
the preliminary investigation of the business and the preparation of the purchase contract and offering circular. The
course not only covers the mechanics of corporate finance,
Announcement of plans for the merger of the Yorkville
but also emphasizes the investment features of various types
Bank of this city into the Manufacturers' Trust Co. was
of industrial securities.
Max Rubin, who came to t- his country from Germany 37
years ago as a boy of 13, became Vice-President of the National Butchers & Drovers Bank of New York on Feb. 6.
His first employment, a few days after his arrival here, was
in a cap factory, where he earned $250 per week. Mr. Rubin
helped establish the firm of Rubin Bros., of which he was
recently elected a life member with his retirement from the
garment industry. He is a charter member of the Cloak,
Suit & Skirt Manufacturers' Protective Association, f.,rined
in 1910. When the new textile interests headed by Israel
Unterburg of I. Unterberg & Co. Joined the National Butchers & Drovers Bank in January of this year Mr. Rubin was
elected to the board of directors and as a Vice-President of
the institution.
The stockholders of the Chatham & Phenix National Bank
of this city will hold a special meeting March 10 to pass on
the proposal to merge the business of the institution with
that of the Metropolitan Trust Co. The stockholders of the
latter ratified the plans on Jan. 29. Incidental thereto the
Metropolitan has taken out a national charter under the name
of Metropolitan NationalBank& Trust Co. After the merger
the consolidated institution will be known as the ChathamPhenix National Bank & Trust Co. The following appointments are announced by the Metropolitan National Bank &
Trust Co.: Former Treasurer Bertram Cruger becomes
Cashier; former Secretary George N. Hartmann becomes
Assistant Vice-President; former Assistant Treasurers Henry
F. Corwin and Edward C. De Varennes have been made
Assistant Vice-Presidents;former Assistant Treasurer Rupert
W. K. Anderson, former Assistant Secretary Frederick E.
Fried and former Assistant Secretary Willard E. McHarg
have become Assistant Cashiers. References to the proposed
merger have appeared in our issues of Jan. 10, page 157;
Jan. 17, page 292, and Jan. 31, page 541.
made on Feb. 19, when the directors of both institutions
recommended the merger on such terms and conditions as
the boards of directors would recommend for the approval
of the stockholders of the respective institutions. It is
stated that when the merger is consummated, the effect
together with a proposed issue of capital stock will be to
give the Manufacturers Trust Co. a capital and surplus
combined approximating $17,000,000 and deposits of about
$150,000,000. Further details are announced as follows:
Yorkville Bank stock will be exchanged for stock of the Manufacturers
Trust Co. as the plan will provide and the present stockholders of the
Manufacturers Trust Co. will be given the right to subscribe for additional
capital stock in proportion to their present holdings on the basis to be
recommended by the board of directors.
The merger of the Yorkville Bank into the Manufacturers Trust Co.
brings to the latter another old established institution with a remarkable
record. There are only four other banking institutions in Greater New
York whose stock is quoted as high as, or higher than that of the Yorkville
Bank, stock of the latter having sold as high as $2,000 a share. The
Yorkville Bank has been paying dividends at the rate of 60% a year.
The Yorkville Bank is advantageously located at the corner of Third
Ave. and 85th St., with deposits of $35,000,000 and will, on the completion
of the merger, be operated as a branch office of the Manufacturers Trust
Co., to be known as the Yorkville office.
As has been customary in all previous mergers in which the Manufacturers Trust Co. has participated, all of the present officers, directors and
employees of the Yorkville Bank will be invited to remain in some capacity
with the Manufacturers Trust Co.
The President of the Yorkville Bank, August Zinsser, will become a
Vice-President and director, associated with Nathan S. Jonas, President
of the Manufacturers Trust Co., in the management of the enlarged institution, and will continue to have personal charge of the Yorkville office.
The growth of the Manufacturers Trust Co. is notable. Organized in
Nov. 1905 as the Citizens Trust Co. in the Williamsburgh section of Brooklyn, it has gradually absorbed or merged into itself the following old established banks: The Broadway Bank of Brooklyn in July 1912. Manufacturers National Bank of Brooklyn in Aug. 1914, West Side Bank of New
York in June 1918. the Ridgewood National Bank of Queens in Sept. 1921,
the North Side Bank of Brooklyn in April 1922, the Industrial Bank of
New York in Dec. 1922, the Columbia Bank of New York in Aug. 1923
and now the Yorkvitle Bank of New York.
While the Manufacturers Trust Co. now ranks as the fortieth largest
banking institution in the country, the acquisition of the Yorkville Bank will
bring it to the position of the 29th banking institution in size in the entire
country.
The present management of the Manufacturers Trust Co. has been in
charge of the institution since its organization.
The negotiations for the merger were conducted for the Manufacturers
Trust Co. by Ralph Jonas, of the law firm of Jonas & Neuburger, and for
the Yorkville Bank by Charles S. Guggenheimer, of the law firm of Ouggenheimer, Untermeyer & Marshall.
Charles Duncan Leverich,a director for nearly fifty years of
the Bank of gew York, N.B. A., of which his father, Charles
P. Leverich, had been President during and following the
Civil War, died on Feb. 18 at his home,in Corona, Long IslThe Yorkville Bank has a capital of $200,000 and the
and. Mr. Leverich, who was eighty-four years old, became Manufacturers Trust Co. has a capital of $5,000,000.
a director of the Bank of New York in 1876, his father at
George Hadden, Vice-President of the Brooklyn Union
that time having retired from the Presidency, a post which
he had held for thirteen years. Mr. Leverich was formerly Publishing Co., publishers of the Brooklyn "Standard
a member of the firm of Charles D. Leverich & Bro. He Union," and Assistant Vice-President of the Chase National
Pm.21 1925.]
Bank of New York,died in the Long Island College Hospital
on Feb. 13. He was born in Iowa 60 years ago. Mr. Hadden
was a trustee of the Union Dime Savings Bank, trustee of
the Brooklyn Hospital, Treasurer and director of the Brooklyn Real Estate Exchange and a director of the Livingston
Realty Co.
The Mitteldeutsche Creditbank, Berlin, and the Allgemeine Verkehrsbank, Vienna, announce the appointment of
F. Rosenberg of 256 Broadway as their representative in the
United States. The Mitteldeutsche Creditbank, Berlin,
is one of the oldest banks in Germany and has just declared
a dividend of 8% for the past year. The Allgemeine Verkehrsbank, Vienna, has been in existence over 50 years.
Following the voluntary closing on Feb. 10 of the Brown
& Stevens private bank of Philadelphia, the Cosmopolitan
State Bank of that city, an institution patronized largely
by negroes and having deposits of about $112,000, was closed
Feb. 14 by order of the State Banking Department. The
institution is headed by the same officers as the Brown &
Stevens Bank and is capitalized at $50,000, with surplus of
$18,000. Peter G. Cameron, State Commissioner of Banking, placed George W. Brown, Senior Bank Examiner, in
charge of the affairs of the institution. In a statement
printed in the Philadelphia "Ledger" of Feb. 15 Mr. Brown
said:
The situation ofthe Cosmopolitan State Bank is that we have had to order
them to suspend business owing to the receivership of Brown & Stevens.
This was made neces.sary by the fact that the Cosmopolitan was carrying
a substantial balance with Brown & Stevens.
The bank was chartered on June 18 1923. The closing
of the Brown & Stevens private bank was reported in last
week's issue of the "Chronicle," page 790.
In our item in the "Chronicle" of Jan. 24 (page 419) with
regard to the annual elections of directors and officers of
the First Wisconsin National Bank of Milwaukee and its
-the First Wisconsin Trust Co. and the
affiliated companies
First Wisconsin Co.
-we incorrectly mentioned Oliver C.
Fuller as being President of all three institutions, whereas
Mr. Fuller is Chairman of the board of directors of the First
Wisconsin National Bank and of the First Wisconsin Co.
and President of the First Wisconsin Trust Co. Walter
Kasten is President of the First Wisconsin National Bank
and Robert W.Baird President of the First Wisconsin Co.
On Feb. 13 the mural paintings done by Jules Guerin of
New York were put in place in the archlike wall-spaces surmounting the ends of both arms of the lobby above the upper
balcony in the Union Trust Co. of Cleveland. In these
murals Mr. Guerin has endeavored to depict the fundamental economic principles which constitute banking and which
underlie our modern financial structure. The murals are
four in number. One depicts "Patriotism and Protection,"
portrayed by a central figure bearing flags and surrounded
by soldiers and sailors. Other themes in the group include
the family protected by our fighting forces, conservation of
food and plan of national defense. There is also a mural
painting portraying "Architecture and Engineering." In
this decoration is a portrait of Mr. Pierce Anderson, of
Graham, Anderson, Probst & White, the architects who designed the Union Trust Building. Mr. Anderson died Just
as the building Was being completed, and the placing of his
portrait in this mural is a fitting testimonial to the effort
and skill which he put into his last important task. Surrounding his portrait are figures representing Inspiration
and the other inspirational arts
-Music, Sculpture and
Painting. In the rotunda at the intersection of the two
banking lobbies there are two paintings-one representing
"Commerce and Industry," in which industry is typified by
a great stone bridge which workmen are building over the
water for the advance of commerce. The other mural in the
rotunda is symbolic of "Justice and Equity," bringing in the
themes of law, knowledge and the peace and prosperity
which emanate from justice and equity.
At a meeting of the directors of the Mississippi Valley
Trust Co. of St. Louis on Feb. 4, Breckinridge Jones, one of
the founders of the company and its President since 1912,
was elected Chairman of the Board of Directors, and J.
Sheppard Smith, a Vice-President of the bank, was chosen
to succeed him in the presidency. Other changes in the
executives made at the same meeting were the election of
Charles C. Cobb as Assistant Secretary and Robert N.
Arthur as Savings Manager. The directors also created the
903
THE *CHRONICLE
position of Advertising Manager, and Dale Graham, who
has had charge of the bank's advertising for many years,
was appointed to the post. Mr. Smith, the new President,
was born in St. Louis in 1871 and is a graduate of the St,
Louis University. At the age of seventeen he entered the
banking business as a messenger with the old Laclede Bank,
Subsequently he was associated with the Greeley-Burnham,
Grocer Co., with which he remained for a number of years,
later becoming connected with the Scudder-Gale Grocery
Co. Mr. Smith remained with the latter company for
several years, after which he re-entered financial circles, be-coming a member of the firm of Francis, Brother & Cu. liii
March 1915 he was elected a Vice-President of the Missiii-•
sippi Valley Trust Co., the position he relinquished to become President. He is a director of the Missouri Portland
Cement Co., Missouri State Life Insurance Co., St. Louis
Dairy Co., Smith & Davis Manufacturing Co., American
Credit Indemnity Co., and the Walsh Fire Clay Products
Co.
David R. Calhoun, a director of the Mercantile Trust Co.
of St. Louis and prominently identified with the commercial
life of that city for many years, died on Feb. 10 after an illness of six weeks' duration. Mr. Calhoun, who was sixtyseven years of age, had been in poor health for two years.
He was President of the Ely & Walker Dry Goods Co.
The directors of the Republic National Bank of Dallas,
Tex., on Feb. 10 unanimously voted to increase the bank's
capital from $1,500,000 to $2,000,000, and a meeting of the
stockholders was called for March 16 next to ratify the proposed increase, according to the Dallas "News" of Feb. 11.
When the increase becomes effective, it is understood, the
institution will have a combined capital and surplus of $2,850,000, and, including the Capital stock of the Republic
Trust & Savings Bank, its affiliated institution, the combined invested capital, surplus and undivided profits will
total $3,400,000. Present deposits of the Republic National
Bank are a little over $20,000,000, it was said. The new
stock, it was stated, will be offered to present stockholders
at $150 a share with the request and recommendation of the
directors that they waive their right to 25% of the $500,000
issue so that part of the stock may be offered to patrons of
the institution. It was further stated that the Republic
National Bank and the Republic Trust & Savings Bank have
now under construction a 22-story bank and office building
at the corner of Main Street and Exchange Place, which will
house both institutions upon its completion about Jan. 1
1926. At the same meeting of the directors, H.W.Ferguson,
President of the Dallas Joint Stock Land Bank, was elected
a member of the board of the Republic National Bank, it
was stated. W. 0. Connor is President of the Republic
National Bank.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Mon., Tues., Wed., Thurs., Fri..
Sat.,
Lotulon,
Feb. 14. Feb. 16. Feb. 17. Feb. 18. Feb. 19. Feb. 20.
Week ending Feb. 20.
323-16
325-16 323-16 3234
d 3234
Silver. per oz
3234
86s. 8d. 868.10d. 868.10d. 868.11d. 878. Id. 86s.11d.
Gold, per tine ounce
5834
5834
Consols, 234 per cents
58%
5854
584
10134
10134
10134
10134
British,5 per cents
10134
9734
9754
97%
9754
9734
British, 434 per cents
48.30
48.30
48.40
48.40
48.40
French "testes(In Paris)__fr_ ____
French War Loan (In
57.60
57.75
57.90
57.90
fr_
57.90
Paris)
The price of silver in New York on the same day has been:
Silver In N.Y., per oz. (eta.):
Foreign
6834
6834
6834
----
6834
6854
THE CURB MARKET.
Trading on the Curb Market this week was unsettled.
Prices in the early part of the week developed weakness,
especially in the public utility stocks, and these issues
suffered considerably. Some recovery, however, followed,
the market closing irregular. American Gas & Electric
8
coin, fell from 733 to 683/, advanced to 743/2, and closed
to-day at 783/2. American Power & Light com. sold down
from 533/i to 483/2, then up to 563/2, closing to-day at 553.
%
Commonwealth Power corn. was off from 1153 to 1083/2,
recovered to 1143/2 and ends the week at 114. Lehigh
Power Securities dropped from 95 to 82, then advanced
to 101. The final transaction to-day was at 100. National
Power & Light corn. was off from 193 to 185, recovered to
206 and closed to-day at 203. Dubilier Condenser & Radio
weakened from 32 to 25, moved up to 27 and rested finally
at 26%. Chas. Freshman fell from 25 to 21, the final
transaction to-day being at 213j. Hazeltine gained about
904
TITE CHRONICLE
six points, to 383, the close to-day being at 37%. Glen
3
Alden Coal attracted attention, declining at first from 121
to 118, then running up to 1353, the close to-day being at
134. Delaware Lackawanna & Western Coal declined from
1233 to 12134, recovered to 128 and sold finally at 127.
Continental Baking "A" stock rose from 114 to 1203/2.
Changes in the oil shares were comparatively small. Chesebrough Mfg. new sold down from 6434 to 58. Indiana
Pipe Line lost five points to 75 but recovered finally to 79.
Ohio Oil declined from 723 to 703., recovered to 72% and
4
reacted finally to 7134. Prairie Oil & Gas sold down from
2483 to 239 but recovered to 242. Standard Oil (Indiana)
fell from 693/i to 653/i and recovered to 6734•
A complete record of Curb Market transactions for the
week will be found on page 946.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended Feb. 20.
Ind.&Mis.
Oil.
Mining.
BONDS (Par Value).
Domestic. For'n Govt.
- Saturday
Monday
'Tuesday
Wednesday
'Thursday
Friday
96,230
167,940
149,025
144,995
141,091
128,980
78,060
188,550
165,600
120,040
101,481
126,640
125,080 $606,000
189,490 1.067,000
195,890
905.000
149,130
742,000
159,200
967,000
148,310
997,000
$38,000
610,000
49,000
29,000
112,000
35,000
Total
828.261
778,371
947.100 $5 284 000
$873,000
[VoL. 120.
tinued strong, making a new high for the year at 144. United
States Cast Iron Pipe & Foundry improved 53' points, and
high-grade specialties and industrial shares moved briskly
forward, many issues recording substantial advances before
the close. The final tone was stron .
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended feb. 20.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
%
Total
Sales at
New York Stock
Exchange.
Stocks
-No. shares__ _
Bands.
Government bonds_
State & foreign bonds_
Railroad & misc. bonds
United
States
Bonds.
Stocks,
No. Shares.
Railroad,
&c.
Bonds.
State,
Municipal &
Foreign Bonds
781,850
2,230,555
2.149,180
1,543,522
1,352,441
1,736,600
$6,268,000
13,750,000
11,563,000
15,166,000
9,988,000
10,629,000
$1,306,500
3,892,000
2,813,000
2,100,000
2,122,500
2,098,000
$375,500
925,000
2,188,000
900,350
840,050
1,501,000
9.794.148
887.354 nnn
si4 222 non
SR 721) MO
Week Ended Feb. 20.
Jan. 1 to Feb. 20.
1925.
1924.
1925.
1924.
9,794,148
4,546,975
67,123,284
43,363,551
$6,729,900 $10,200,000
14,332,000
5,318,000
67,364,000 27,724,000
$70,108,700
98,608.500
449.617,300
$137,173,000
57,609,000
257,943,000
Total bonds
$88,425.900 $43,242.000
$452,725,000
$618,334,500
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Philadelphia.
Baltimore.
THE WEEK ON THE NEW YORK STOCK EXCHANGE..
Feb. 20.
Shares. Bond Sales Shares. Bond Sales. Shares. Bond Sales.
.
The stock market suffered a severe setback during the Saturday
17.255
817,650
7,585
$34,000
2,280
$41,900
Monday
23,914
37,500
17,909
31,400
2,188
68,700
early part of the present week, particularly on Monday Tuesday
27,615
33,350
19,947
50,800
3,286
55,600
Wednesday
28,534
37.700
19,096
70,400
when the break reached spectacular prdportions. Since Thursday
2,314
65,000
30,610
31,000
11,316
51,400
1,647
43.100
then alternate periods of advance and decline have been Friday
20,152
23,000
12,466
99,000
6,400
22,000
frequent, though the general trend of prices was toward
Total
148,080 $180,200
88,319 $337,000
18,095 $296,300
lower levels until Friday when the tone again was strong Prey, week revised 158.549 8156.850 72 604 8225 rum 15 gnu 5159 Ann
and even buoyant. Practically all of the gains scored by •In addition, sales of rights were: Sat., 5,321: Mon., 25: Tues..
100.
leading issues during the early days of the preceding week
were lost in a sharp decline on Saturday, many prominent
COURSE OF BANK CLEARINGS.
stocks receding from 1 to 4 points. A falling off in specuBank clearings for the country as a whole the present week
activity was also apparent, as the total sales were much
lative
less than during most of the recent half-day sessions. The will again show a very substantial increase, as compared with
sharpest downward reaction since the early part of Novem- a year ago. This is due largely to the fact that last year a
ber characterized the movements of the stock market on holiday, Washington's Birthday, fell in this week, while the
Monday. At first the declines were moderate, but as the present year it will come in the following week. Preliminary
day advanced the downward movement gathered momen- figures compiled by us, based upon telegraphic advices from
tum and the losses in some instances reached huge propor- the chief cities of the country, indicate that for the week endtions. United States Cast Iron Pipe & Foundry, American ing to-day (Saturday, Feb.21), aggregate bank exchanges for
Can and numerous other high-priced specialties receded all the cities of the United States from which it is possible to
with considerable violence. Railroad shares were uneven, obtain weekly returns will register an increase of 42.6% over
the only noteworthy movement in this group being the ad- the corresponding week last year. The total stands at
vance of three points in Atchison. Alternate periods of $9,844,732,993, against $6,904,072,465 for the same week in
break and recovery were the predominating features of the 1924. At this centre there is a gain of 57.7%. Our comtrading on Tuesday. The market opened weak, initial parative summary for the week is as follows:
transactions being much below the previous close. The
Clearings-Returns by Telegraph.
Per
downward movement continued throughout the first hour
Week ending February 21.
1925.
1924.
Cent.
and numerous low records were established. After mid- New York
$4,661,000,000 $2,955,549,629 +57.7
Chicago
584,512,253
404,765,786 +44.4
day the market improved, Atchison, Baldwin and several Philadelphia
467,000,000
331,000,000 +41.1
Boston
384,000,000
244,000,000 +55.7
of the more active speculative specialties gaining a point or Kansas City
113,144,663
82,474,394 +37.1
more before the close. Oil shares as a group showed some St. Louis
122,700,000 +11.6
136,900,000
151,723,000
113,000,000 +34.3
improvement, but the movement in these shares was some- San Francisco
Los Angeles
134,663,000
107,688.000 +25.1
145,270.464
104,945,726 +38.4
what mixed. In strong contrast to the price movements Pittsburgh
Detroit
132,271,355
109,278,679 +21.0
Cleveland
101,363,769
73,896,136 +37.1
of the earlier part of the week the market displayed consid- Baltimore
85,722,370
62,789.916 +36.6
erable strength as the session opened on Wednesday, sharp New Orleans
59,545,577
59,114,835
+0.7
advances ranging from 1 to 3 points being numerous in the
13 cities, 5 days
$7,157,116,451 $4,771,183,101 +50.0
1,046,827,710
982,210,620
+6.5
railroad and industrial stocks. Nearly every group partici- Other cities, 5 days
Total all cities, 5 days
$8,203,944,181 $5,753,393,721
pated in the strong upward swing, specialties standing out
+42.6
All cities, 1 day
1,640,788.832
1,150,678,744 +42.6
most conspicuously because of the brisk demand for these
Total all cities for week
$9,844,732.993 $8.904.072.485 +42.
shares. Southern Railway made a gain of 4 points in the
Complete and exact details for the week covered by the
opening hour, which it retained throughout the day. The
strong feature of the session was Baldwin Locomotive, foregoing will appear in our issue of next week. We cannot
which advanced to 136, making a net gain of five points. furnish them to-day, inasmuch as the week ends to-day
The trend of prices was generally toward lower levels on (Saturday) and the Saturday figures will not be available
Thursday, though there were some exceptions among the until noon to-day. Accordingly, in the above the last day
higher-priced specialties. Numerous declines of two to of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
four points were recorded in the early trading, Steel common,
American Can and American Locomotive all going below present further below, we are able to give final and complete
the previous close. Baldwin Locomotive continued in results for the previous week-the week ended Feb. 14. For
brisk demand and attracted considerable attention by its that week there is an increase of 12.3%, the 1925 aggregate
4
further advance to 1383 . A noteworthy feature of the of the clearings being $8,395,031,241, and the 1924 aggroday was the decline of United States Cast Iron Pipe & Foun- agte $7,477,277,420. Outside of New York City the increase
dry 10 points to 216, and its subsequent rally of six points is only 3.6%, the bank exchanges at this centre having reto 222. The market again turned upward on Friday, the corded a gain of 20.4%. We group the cities now according
principal movements centering late in the day around the to the Federal Reserve districts in which they are located,
railroad group. Texas & Pacific made a new high, C. R. and from this it appears that in the Boston Reserve District
I. & P. advanced nearly 5 points and St. Louis Southwestern, there is an improvement of 3.6%, in the New York Reserve
Great Western and St. Louis & San Francisco were in strong District (including this city) of 19.6%, and in the Philademand at improving prices. Baldwin Locomotive con. delphia Reserve District of 0.1%. In the Cleveland Re-
serve District the totals are larger by 7.1%, and in the
Atlanta Reserve District by 5.9%, but in the Richmond
Reserve District there is a decrease of 1.3%. The Chicago
Reserve District has a gain of 4.6%, the St. Louis Reserve
District of 7.6%, and in the Minneapolis Reserve District of
16.8%. In the Kansas City Reserve District there is an
increase of 11.4%, and in the Dallas Reserve District of
30.7%. The San Francisco Reserve District suffers a loss
of 5.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
if•gek Ending Feb. 14 1925.
1925.
Inc.or
Dec.
1924.
1923.
1922.
s
I
$
%
$
Federal Reserve Districts.
11 cities 448,232,031 432,568,261 +3.6 430,555,731 319,778,944
(let) Boston
11 " 4,753,152,814 3,973,380,079 +19.6 4,l9l,9l7all 3,723,540,797
(2nd) New York
468,049,799 467,900,761 +0.1 468,571,861 387,409,033
(3rd) Philadelphia_ _ _ _10 364,688,673 340,664,927 +7.1 329,602,254 266,430,449
8 (4th) Cleveland
178,439,613 180,781,726 -1.3 168,458,755 134,071,689
8 "
(5th) Richmond
206,207,466 194,706,848 +5.9 170,428,733 138,245,804
12 "
(8th) Atlanta
858,005,968 820,280,695 +4.6 782,020,938 640,558,863
20 "
(7th) Chicago
219,612,912 204,131,330 +7.6 73,880,457 54,974,658
8 "
(8th) St. Louis
122,364,979 104,802,033 +16.8 89,206,139 92,229,279
(9th) Minneapolis_ _ _ _ 7 338,246,972 213,894,882 +11.4 224,005,594 224,191,236
(10th) KaLIBSEI City_...-12 "
80,637,591 61,697,010 +30.7 57,998,627 49,455,671
5 (11th) Dallas
457,392,423 482,468,868 -5.2 397,592,446 323,688,189
(12th) San Francisco__ _17 "
127 cities 8,395,031,241 7,477,277,420 +12.3 7,384,238,546 6,354,574,612
Grand total
3,731,171,688 3,602,472,293 +3.6 3,286,033,019 2,714,992,911
Outside New York City
••• .A
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 14.
Marin s 68
1925.
1924.
Inc.or
Dec.
1923.
1922.
3
$
$
$
%
First Federal Reserve Dist rict-Boston681,088
640,758
738,922
-Bangor__ _ _
Le.
725,246 +1.9
2,517,318
2,719,310
2,872,485 -5.2
2,724,199
Portland
. 397,000,000 386,000,000 +2.9 384,000,000 291,000,000
11"Lass -Boston.
1,481,929
2,009.838
2,322,383 +7.8
Fall River_ _ _ _
2,503.468
a
a
a
a
Holyoke
1,103,777
1,126,016
1,155,856 -;2.0
1,179,000
Lowell
a
a
a
a
Lynn
1,612,681
1,953,299
1
.8.2
1,560,055
1,688,161
New Bedford
3,952,869
4.552,742
5,255,916 +11.4
5,855,326
Springfield_ _
3,310,132
3,531,000
3,389,000 +5.9
3,590,000
Worcester
8.119,152
11,288,471
11.160,197 +12.7
12,574,359
'000.
-Hartford
*6,000,000
6,306,197
6,087,823 +0.1
6,093,396
New Haven_
12,430,100
12,039,300 +18.7
:.I.
14,285,200
-Providence
Total(11 cities)
448,232,031
+3.6
432,568,261
Second Feder al Reserve 13 istrict-New
5,292,162
5,211,257
-Albany
r. Y.
1,091,000
1,076,100
Binghamton_ _ _
37,198,271
c36,887,418
Buffalo
882,001
708,913
Elmira
971,210
c1,361,881
Jamestown_ _ _
New York_ _ _ _ 4,663,859,553 3,874,805,127
10,991,053
10,917,626
Rochester
4,556.368
4,304,369
Syracuse
2,423,145
c2,631,924
,onn.-Stamford
501,548
I. J.
442,397
-Montclair
34.727,345
Northern N. J..
25,692,447
430,555,731
319,778,944
York4,342,671
5,230,452
-1.5
931,300
881,700
-1.4
32,461,784
36.134,901
-0.8
668,130
-19.6
993,016
1,126,848
+40.2
+20.4 4,098,205,527 3,639,581,701
8,672,468
10,017,995
-0.7
3,253,661
4,326,583
-5.5
1,938,786
2,172,158
+8.6
258,985
358,116
+13.4
31,106,425
32.794,901
-26.0
Total(11 cities) 4,753,152,814 3,973,380,079 +19.6 4,191,917,311 3,723,540,797
Third Federal Reserve Dist act-Philad elphia 1,369,128
'a.
1,224,593 +1.4
1,242.958
-Altoona
3,235,149
3,937,978 -6.5
3,683,054
Bethlehem
1.191,360
Chester
1,165,161
1,285,250 -9.3
3,002,614
2,250,977
Lancaster
3,074,073 -26.8
Philadelphia_ 432,000,000 441,000,000 -2.0 444,000,000
2,907,254
Reading
3,209,481 -2.9
3,115.199
4,970,077
Scranton
5,678.974
5,103,582 +11.3
2,788,186
3,042.492'+23.8
Wilkes-Barre_ _
d3,765,288
1,445,664
York
1,269,854 +32.1
1,677,501
3,664,129
7. J.
-Trenton...
4,753,458 +183.3
13,470.687
a
a
a
a
)el.-Wilming'n.
822,438
2,648,194
827,364
2,380,577
368,000,000
2,111,514
4,389,354
2.095,623
1,107,217
3,026,752
a
468,571,561
387,409.033
Total(10 cities)
468,049.799
467,900,761
+0.1
Fourth Feder at Reserve D strict-Clev eland-6,854,000
)hio-Akron
6,403,000 -25.4
c4,774,000
Canton
4.406,335
4,650,739
4,993,300 -6.9
Cincinnati....
63,150,592
60,718,864
61,183,232 -0.8
Cleveland
97,139,507
100,147,769 101,730,008 -1.6
15,323,7013
14,583,000
Columbus
14.467.000 +5.9
a
a
Dayton
a
a
a
a
Lima
a
a
Mansfield
c1,365.379
1,517,907
1.647,525 -17.1
a
a
Springfielda
a
a
a
Toledo
a
a
4,822,301
3,899.483
Youngstoun
4,296,241 +12.2
a
a
a
-Erie
a
'a.
Pittsburgh _ _ _ 172,885,921 145.944,621 +18.5 138,051,450
Total(8 cities).
364,688,673
340,664,927
+7.1
329.602,254
Fifth Federal Reserve Dist rict-Richm ond1,662,491
V.Va.-Hunt'g'n
1,996,362 -16.7
7,753,392
6,989,502 +10.9
ie.-Norfolk__ _ _
52,642,000 -3.2
50,971,000
Richmond
d3,046,700
3,087.000 -1.3
-Charleston
3.0.
91,948.237
dd.-Baltimore95,400,862 -3.6
23,057,793
20,666,000 +11.6
D.C.-Washing'n
2,240,737
7,434,269
48,168.310
2,146,303
87,521,741
20.947,395
Total(6 cities).
178,439,613
180,781,726
-1.3
108,458,755
Sixth Federal Reserve Dist rict-Atlant a6.315,137 +3.2
6,514,771
Penn.-ChatVga
3,473,951 +5.9
3,680,968
Knoxville
19,001.045 +8.0
20,522,988
Nashville
54,760,664 +12.5
61,599,924
-Atlanta.;0a.
2,013.321 +10.0
213,932
Augusta
1,309,882 +14.8
1,503,659
. Macon
a
a
a
Savannah
13,752,520 +65.7
22,785,464
Pla.-Jacksonv_
27,743,861 -1.2
27,410.265
Ala.-13irming'm.
1,923,403 +9.7
2,109,827
Mobile
1,226,747 +29.0
1,583,000
-Jackson_
Miss.
427,605 +14.8
490.913
Vicksburg
62,758,712 -11.1
55,791,755
7,a.-NewOr1eans
5,715,916
3,043,020
18,677,568
50,944,102
_11,947,244
1,643,425
a
13,271,922
26,392,739
1,896,071
1.083,007
345,807
45,447.912
Votal(12 cities)
,
206,207,466
905
THE CHRONICLE
FEB. 21 1925.]
194,706,848
+5.9 .170,428,733
Week Ended February 14.
Clearings al
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
-Ch i csgoSeventh Feder al Reserve D strict
205,120
273,955 -5.9
257,786
Mich.
-Adrian -663.997
709,678 -63.8
256,592
Ann Arbor _ _
4.5 108,204,527
124,305,101 130,220,417 Detroit
5,909,635
6,538,060 +5.0
6,862,602
Grand Rapids.
1,871.744
2,359,923 -13.2
2,049,998
Lansing
1,963.335
6.9
2,532,925 2,358.146
Ind.-Ft. Wayne
18,924,000
8.1
18,449.000 16,963,000
Indianapolis__ _
2,027,816
2,013.776 +4.6
2,105,800
South Bend__ _
6.151,929
5,439.356 +10.5
6,011,439
Terre Haute_ _ _
33.899,492
39,402,532 +4.7
41,269.838
Wis.-Milwaukee
2,026,412
2,023,958 +11.0
2,247,444
Iowa-Ced. Ral)8,883,435
6.3
9,347.737 8,761,124
Des Moines_ _ _
5,789,397
6,398,330 +12.8
7,218.650
Sioux City_ _ _
1,123,265
1,264,528 -7.1
1,174,801
Waterloo
1,381.522
0.8
1,347,810 1,337,461
_
623,805,430 581,591.001 +7.3 572,830,113
Chicago
a
a
a
a
Danville
1,214,986
1,313,373 +4.2
1,368,095
Decatur
4,775,827
4,189,310 +8.5
4,544,234
Peoria
2,037,908
2,201,685 +10.7
2,437.309
Rockford
2,136,478
2.683,341 +0.3
2,671,118
Springfield__._
Total(20 cities)
858,005,968
820,280,695
+4.6
Eighth Federa Reserve Dis trict-St.Lo uis4,700,629 +27.0
Ind.
5,969.700
-Evansville
Mo.-St. Louis_ _ 137,500,000 133,000,000 +3.4
31,567,631 +16.5
36,791,005
Ky.-Louisville__
468,488 +24.2
582,038
Owensboro_ _ _ _
21,299,446 +10.2
23,458.503
Tenn.
-Memphis
11,480,145 +17.9
Ark.
13,538,871
-Little R'ck
309,225 +2.6
III.-Jacksonville
317,202
1,305.766 +11.5
Quincy
1,455,593
200,421
602,893
85,177,783
5,296,488
1,732,015
1,524,368
16.062,000
1,483,438
28.922,559
1.645,854
8,667,759
5,181,309
1.240,347
1,220,841
473,062,210
;74,866
3,735,270
1,721.413
2,107,029
782,020,938 640,558,883
4,592,657
4,010,356
34,130.623
656.642
22,452.811
10,363,742
305,890
1,378.092
25,180,157
560,663
15,493,219
8,257.020
257,583
1.215,660
Total(8 cities) _ 219,612,912 204.131,330 +7.6
Ninth Federol Reserve Dis trict-Minn eapolis
6.011,043 +48.0
c8,898,245
Minn.
-Duluth.._
62,628,882 +25.0
78,289,470
Minneapolis_ _ _
6.2
30,869,584 St. Paul
28,948,740
1,516,478 +5.4
No. flak -Fargo
1,599,059
983.013 +30.3
-Aberdeen.
S.03.
1,281,540
496,028 +22.0
Mont.-Billings
604,949
2,297,007 +19.4
2,742,976
Helena
73,880,457
54,974,658
5,262,955
53,564,990
25,577,875
1,291,497
732,229
455,905
2,320,688
3.899,654
55.325,524
27.715,207
1,403.987
875,218
565,459
2.444.230
Total(7 cities) _ 122,364,979 104,802,033 +16.8
Tenth Federal Reserve Dist rict-Kansa s City
10.8
366,268 c328,861
Neb.-Fremont _
452,746 +37.9
Hastings
624.200
3,898,884 +8.4
Lincoln
4,224,291
34,477,604 +8.2
Omaha
37,293,247
+1.4
2,935,321
Kan.
d2,977,831
-Topeka _ _
7,335,138 +2.3
Wichita
d7.506,842
Mo.-Kan. City. 127,604,202 115,337,925 +10.6
6.647,874 +23.6
St. Joseph....
d8,219,472
a
a
Okla.
a
-Muskogee
22,686.371 +26.0
Oklahoma City d28,583,136
a
a
a
Tulsa
1,068,327 +1.4
Colo.
1,083,250
-Col.Spgs.
17,845,639 +5.7
18.869,800
Denver
842,985 +10.8
e933,840
Pueblo
89,206,139
92,229.279
352,622
514,283
3,938,868
38.375,902
2,993,894
9,401,456
126,048,461
320,781
513,767
3.326.050
33.693,407
2.628,930
11.377,431
132.898,401
a
21.469.854
a
1,122.370
18,932,490
857,394
a
18,872,195
a
955.873
18,922,165
682,236
224.005.594
224.191,236
1,436.366
32,914,479
9.520,947
9,295,567
a
4,831,268
1,489.184
25.451.059
12.161,184
6.032,188
a
4,322.056
Total(12 cities) 238.246.972 213,894.882
-Da
Eleventh Fede ral Reserve District
1,381,884
1,524,508
Texas
-Austin _
35,589,172
52,380,326
Dallas
11,187,544
Fort Worth_ _ c11,010,778
8,459,595
9,697.385
Galveston
a
a
Houston
5,078,815
6,024,594
La -Shreveport.
+11.4
las+10.3
+47.2
1.6
+14.8
a
+18.6
57.998,627
61,697,010 +30.7
80,637,591
Total(5 cities).
Twelfth Feder al Reserve D Istrict-San Franc isco32,125,254
40.863,074 -0.4
40,710.360
-Seattle_ ..
Wash.
9,128.000
9,766,000 +2.3
10,000,000
Spokane
a
a
a
a
Tacoma
1,078,856
1,186,599 +3.4
1.226,715
Yakima
29,757,648
9.8
36,034.003 32,503,342
-Portland...
Ore
11,922,685
12,131,362 +7.4
13.023,649
Utah-SaltL.C'y
a
a
a
a
Nev.-Reno _ _
a
a
a
a
Ariz.-Phoenix _ _
4,085,929
39.0
4,458,963 2,718,702
-Fresno _ _
Cal.
7.612,445
32.5
8,744,391 5,901.710
Beach.._ _
Long
Los Angeles_ _ 143,876,000 155,936,000 -7.7 120,045,000
14,709,324
14,873,417 +20.8
17,974,233
Oakland
4,557,480
6,075,843 -4.4
5,807.788
Pasadena
5.440,009
8,634,329 -23.5
c6,608,761
Sacramento _ _
*4,000.000
4,600.976 +12.2
5,160,562
San Diego
4.0 147,200,000
San Francisco_ 164,114,022 170,900,000 2,786,754
2.277,539 -2.3
2,225,602
San Jose
1,077,982
1,311,394 -7.4
1,213,721
Banta Barbara_
2,364,978 -22.3
1,836,656
Santa Monica_
2.065.100
2,310,000 +7.8
c2,490,600
Stockton_
49,455,671
29,909.572
a
1,407,375
25.901.968
9.545,046
a
a
3,702.328
3,835,763
86,418.000
10,717,692
3,433,301
4,925.317
3,003,465
136,000,000
1,873,214
961,648
2,053,500
Total(17 cities) 457,392,423 482,468,868 ---5.2 397.592,446 323.688,189
Grand total (127
8,395,031,241 7,477,277,420 +12.3 7,384,238,546 6.354,574,612
cities)
Outside N. Y.__ 3,731,171.683 3,602,472,293 +3.6 3.286,033.0192.714,992,911
4,827,000
2,959,357
52,353,125
82,764,265
Week Ended February 12.
12,337,500
Clearings al
a
Inc. or
a
1922.
1923.
Dec.
1924.
1925.
1,142,319
a
$
$
$
$
Canadaa
86,106,528
76,911,174
98,873,828 -18.7
80,365,546
3,246,883 Montreal
86.212,355
85.086,767
-16.5
94.125.815
78,616,489
Toronto
a
33.005,840
43.855.822
37,458,986 +59.6
59,795,149
106,800.000 Winnipeg
12.088,458
13.091,495
13,750,775 +25.6
17,268,175
Vancouver
6,130,424
4.888,405
5,351,682
5,289,056
266,430,449 Ottawa
4.899,583
3,859,265
5,343,101 -17.2
4,422,677
Quebec
2,868,732
2,546,653
+4.5
2,273,558
2,378,708
Halifax
4,575,623
5,713.568
4,360,751 -6.9
4,060,429
1,424,877 Hamilton
4.453,728
3,578.983
7.106.140 -11.2
8,308,436
5,949,656 Calgary
2,478,11.2
2,882.856
-2.3
2,425,803
2,368.967
37,302,752 St. John
1,635,463
1,911,812
1,787,474
1,685,554
Victoria
2.285,699
2,359,586
2,529.848
2,239,822 -5.3
2,120,771
70,251,599 London
3.709,826
3,251,296
3,751,140 +32.5
4,968,634
16,857.106 Edmonton
2,284.515
2,601,655
2,779,776 +12.
3,134,191
Regina
356.204
492,654
414,787 +26.
522,866
134,071,689 Brandon
373.014
519,189
473,378
447.643
Lethbridge
1,334.734
1,137,974
*1,300,000 +10.
1,431,942
Saskatoon
774,153
918.818
902,238 +13.4
1,023,418
4,698,146 Moose Jaw
861.492
994,447
867,234 +6.3
921.492
2,920.844 Brantford
599,089
728,381
+8.0
667,915
721,119
16,063,000 Fort William _ _ _ _
428,457
423,883
496,264 +7.0
530,898
38,365,160 New Westminster
217,618
287,812
281,57 -14.2
241,457
1,360,699 Medicine Hat- _ _
820,811
610,088
629,02 +17.6
739,888
1,004.860 Peterbordugh
529.211
-3.2
783,603
699.11
676,540
a
Sherbrooke
754,427
829.651
1,124,47 -33.3
749,787
10,287,074 Kitchener
2,306,726
2,648,475
2,515,230 +8.8
2,737,073
17,650,410 Windsor
267,749
+0.6
345,43
260,431
347,693
1,687,432 Prince Albert....
1,021,772
696,87
840,911
667.592
840.834 Moncton
543,048
533,06 -24.6
527,425
401,717
321,373 Kingston
43,039.972
.
Total(29 cities) 284,941,825 '293,575;263 --2.9 251,777.611 276.619,006
138,245;804
a No longer report clearings. b Do not respond to requests tor figures. c Week
ended Feb. 11. 4 Week ended Feb. 12. e Week ended Feb. 13. •Estimated.
THE CHRONICLE
NEW YORK
BROOKLYN
CHICAGO
BOSTON
Trust Company Returns
[VoL. 120.
PHILADELPHIA
BALTIMORE
AND
ST. LOUIS
We furnish below complete comparative statements of the condition of all the trust companies in Boston,
Philadelphia, New York, Brooklyn, Baltimore and St. Louis, and many of the companies in Chicago. This
is in continuation of a practice begun twenty-three years ago, the compilation having been enlarged eight
years ago by the addition of Baltimore's institutions,and in 1921 being further enlarged by the inclusion of
the Chicago companies. The statements occupy altogether eighteen and one-half pages.
The dates selected for comparison are December 31 1924, 'December 30 1923 and December 311922.
in the case of the Boston, the Philadelphia, the Baltimore, the Chicago and the St. Louis companies, we
have sought to get figures for these datei and have largely succeeded. As, however, returns for these dates
are not required in all the States, a few of the companies have not found it convenient to compile statistics for December 31, but have furnished instead the latest complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the trust
companies to render a statement of their condition, showing resources and liabilities for the last day o
December, and also to furnish certain supplementary statistics for the twelve months of the calendar year.
But in December 1911 this time-honored practice was abandoned, and the Superintendent instead now
calls on the companies for a statement of their condition for some date towards the end of the year (Nov. 15
on the present occasion), and waives entirely the requirement as to the supplementary items of information. As these supplementary statistics, dealing with earnings, expenses, dividends, &c., constituted a most valuable feature of the annual returns and the record extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct
application to the companies in each instance and in not a few of the cases we have been successful in
obtaining the supplementary statistics, though the number of companies supplying such data has been
greatly reduced as compared with the original number. As regards the resources and liabilities, we use
the November 15 figures just as shown in the returns of the Banking Department.
NEW YORK COMPANIES
American Trust Co. (New York).
*Banca Commerciale Italiana Trust Co. (New York)
ResourcesNov. 15 '24. Nov. 15'23. Nov. 15'22.
ResourcesNov. 15 1924
Stock and bond investments
$4.575,609 $4,618,322 $5,293,635 Specie
$539
Bonds and mortgages owned
6.575,626 3,599,047
1,127,377 Other currency authorized by laws of United States
57,537
Loans & disc'ts sec. by bond & mtge., 1,109,096
1,339,932
814,781 Cash items
15.183
Loans & disc'ts sec, by other collateral 19,375,807 9,938,298 9,369.186 Due from approved reserve depositaries
21,865*
Loans,disc.& bills pur.,not sec by coil 4,063.500, .
3.693,027 Due from other banks and trust companies
3,661,500
Overdrafts
5.942
2,960 Stock and bond investments
11,276
1,060,084
Due from Fed. Res. Bank, N. Y._ _ _ 1.168,256
1,004,622
1,153,503 Loans and discounts secured by other collateral
953,733
Due from app. res. depositaries_
1.633,081
1,685,962 Loans, discounts and bills purchased not secured by
1,764.455
collateral
185,038
Due from other bks., tr. cos. & b'kers
202,134
212.269 Customers' liability on acceptances
241,081
214,442
Specie
31.818
20,874
20,343 Other assets
891,094
Other curr. auth. by laws of U. S
754,403
832 400
661.293
Cash items
35,992
69,435
59,245
Total
57,061.015
Customers' liability on acceptances
42.788
110,030
290
159,295
Other assets
135.183
Liabilities
122,958
Capital
$1,000,000
Total
539.733,347 527,580.739 524.227,019 Surplus and undivided profits
500,000
Liabilities
Due depositors not preferred
4,443,375
stock
$2,500,000 $2,000,000 $2,000.000 Due to trust companies, banks and
Capital
bankers
66,487
Surplus fund and undivided profits._ 1,589.748 1,205,647 1.102,891 Acceptances
214,442
Preferred deposits
Other liabilities
836,711
809,560
Due New York State savings banks 2,087,809
702,757
418.350
Due as executor,administrator, &c. 2,050,191
366.688
Total
$7,061,015
145,000
144,000
Deposits by State of New York__
330.000 Amount of deposits on which interest is being paid
$4,426,366
Deposits by Supt. of Banks, State
10,440
10,134
New York
of
*Began business Tune 16 1924.
51,465
69.340
567.624
Deposits secured by pledge of assets
593,300
178,400
Deposits otherwise preferred
29.789,375 21.736,009 17,692,349
Due deposits (not preferred)
Bankers Trust Co. (New York).
662,240
730,927
1.297,446
Due trust cos., banks and bankers
110.030
42,788
290
Acceptances
Resources
Nov. 15 '24. Nov. 15 '23. Nov. 15'22.
221,251
168.036
156,840 Stock and bond investments
Other liabilities
$125988091 576.457,416 $98,646,814
Real estate owned
8.400,290 8,512,428 8,975,735
539,733.347 527,580,739 $24,227,019 Bonds and mortgages owned
Total
758,000
847.000
887,000
Amt. of dep. on which int, is paid_ _$29,000,400 $19.482,596 315.836,228 Loans on bond&mtg.or other r.e.coll181,372
215,012
144,232
Loans & disc. sec. by other collateral-163,862,118 107,255.193 98,473.998
Loans disc.&bllls pure, not sec. by coil 54.770.911 54,025,457 53,980,581
*Anglo-South American Trust Co.(New IturIc).
1,740,560
42,175
Nov. 15 1924. Own acceptances purchased
76,228
Resources-19,842
9,406
15,878
$207,807 Overdrafts
Specie
trust cos., banks
Due
82,379 Due from approved res. & bankers 11,474,155 8,787.187 11,768,921
Other currency authorized by laws of United States
from
depositaries976.152
403,047 1,521.958
1,303 Specie
Cash items
86,738
57,005
49,305
359.763
Due from approved reserve depositaries
913,635
1.213,198
2,283,871 Other currency auth. by laws of U.S.
937,779
Due from other banks and trust companies
21,532,947 57,349.469 24,948,020
4,320.242 Cash items
Stock and bond investments
from the Fed. Res. Bank of N.Y. 35,871,281 18,201.187 29.852,021
2,558.756 Due
Loans and discounts secured by other collateral
Loans, discounts and bills purchased not secured by collateral-- 4,499,013 Customers' liability on acceptancee_.101,067.458 10,633,572 8,807,494
2.292,694
271,919 Other assets
1,741.742
Own acceptances purchased
1,902,009
325
Overdrafts
Total
$$439936246$345,750.494$341,023,973
1,844,155
Customers'liability on acceptances
1,825,124
Other assets
Liabilities
$18,254,657 Capital stock
$20.000.000
Total
Surplus fund and undivided profits 26,514,016 $20,000,000 $20,000,000
Liabilities-24.019.703 25,039,229
$1,000.000 Preferred deposits
Capital
Due N. Y. State savings banks
543.351
Surplus fund and undivided profits
8,337,064 8,554,352 7,373.110
Due as executor,administrator.&c. 39,797,396 26.289,809 29.209.724
200,000
Deposits by the State of New York
Dep. by N. Y.State
Due depositors, not preferred
9,753.235
956,000
752,000
900,000
Dep. by Supt. of Bks. State of N.Y
Due to trust companies, banks and bankers
1,400,639
135,000
135.000
Other dep. sec'd by pledge of assets 3,335,056 2,684,435 12,825,719
Bills payable
157,695
Other preferred deposits
Rediscounts
1,900,971
16,450
16.450
16,450
Acceptances
2,343.173 Due depositors (not preferred)
272,173,268 223,585,690 206.031,868
Other liabilities
955,593 Due trust cos., banks and bankers
52,271,521 26.311,877 27.179,613
Acceptances
11.810,752 11,023,907 9,892,374
Total$18,254,657 Other liabilities
4,724,723 2,377.571
2.420,886
Amount of deposits on which interest pad
119.163.300
Total
$5439936246$345.750,494$341,023,973
*Began business Dec. 3 1923.
And.deposits on which lot. le Dahl-$$317529405$214,611.300$227.782.700
FEB.21 1925.]
THE CHRONICLE
*Bank of New York & Trust Co. (New York).
907
*Empire Trust Co. (New York).
ResourcesNov. 15 '24. Nov. 15 '23. Nov. 15 '22.
Nov. 15 '24. Nov. 15'23.*Nov. 15'22.
. Resources$16,977.204 $15,656,253 $15,955,187
$331,960 Stock and bond investments
Specie
$33,457
$37,559
Real estate owned
186,781
1,144,175
1,194.040
885,545 Bonds and mortgages owned
Other currency auth. by laws of U.S.
622,693
756,229
2,58.5,775
632.625
626,745
Cash items
13.545,463 20,767,280 23,955,557 Loans
bond & mtg.or other r.e.coll.
167,799
231,644
333,009
Due from F. R. Bank of New York._ 7,398,524 6.669,428 5.517,809 Loans ondisc. sec. by other collateral_ 26.247,870 22,097.911 21.410,984
&
Due fr.other banks,tr.cos.& bankers 3,906,153 3,940,878 5,127,546 L'ns,disc.& bills pur. not sec. by coll. 9,406,484 10,666,302 9,126,215
Stock and bonds Investments
25.099,553 23,474,866 25,807,288 Own acceptances purchased.
654,692
547,000
Loans and discounts secured by bond
Overdrafts
4,136
4,475
5,110
131,800
145,000 Due from Federal Res.
74,700
& mtge.or other real estate collat._
1,852,172 2,083.034
3,095,568
Loans & disc, secured by other collat. 29,056,439 22,788.221 25,248.000 Duefrom approved res.Bk. of N. Y
7,781.693 7,780,097 6,100,921
depositaries
Loans, discts. & bills purchased not
Duefrom other bks., tr. cos.& bkrs.... 3,250,610 2,193,535
1,909,015
17,275.795 11,192.146 10,482,032 Specie
secured by collateral
471.158
523,353
484,131
32,511
Own acceptances purchased
Other currency auth. by laws of U. S.
877.235
1,556.328 1,238,029
Overdrafts
27,567
16.502 Cash items
,
40,927
32,467
26,543
23,986
Bonds and mortgages owned
1,984,414 2,808,442 2,632,357 Customers' liability on acceptances.356,143
353,721
1.008.061
Real estate
3,619,249 3,279,921
3,208.434 Other assets
1,018,260
847,955
1,221.00a
Customers' liability on acceptances
5,863,703 4,255.825 5,308,662
Other assets
420,110
435,829
494,399
Total
$72,896,375 $66.221,781 $63.266,470.
Liabilities
Total
3108,964,4338100,575,2495109.161,091 Capital stock
$4,000,000 $2.700,000
Surplustund and undivided profits... 3.228,864 2,831,419 3,014,547
Liabilities
Pref.de .-By N.Y.State say. bk. 3,145.097
1.935,317 2,563,921
Capital
$4,000,000 $4,000.000 $4,000,000
Due N.Y.State say. & loan ass ns843
6,388
2,350
Surplus and undivided profits
12.462,026 12,271,099 11,841,927
Due as executors, administr's, Ac.. 3,809,208 2.407,307 2,644,631
Preferred deposits
Deposits by State of New York_ --- 2,930,519
1.718.620 1,890002
Due New York State savings banks 1,294,844
566,989
1.126,904
Deposits by Supt. of Banks
404.114
247,049
Duo as executor,admin.,guard.
,&c. 4,806,557 3,993,381 3,647,200
Depos. secured by pledge of assets229,700
82.863 2,208,850
Deposits by the State of N. Y
203,000
176,000
Deposits otherwise preferred
17.155
388,376
Deposits by Superintendent of
Due depositors (not preferred)
46,588,998 44,390,322 39,556,863
Banks State of New York
25,000
Due trust co's, banks and bankers-- 7,129,882 5.775.275 4,545,633
Other deposits secured by pledge
Bills payable
360.000
of assets
2,029.479
639,101
2.802,050 Acceptances
356,143
353,721
1,008,061
Due depositors, not preferred
55,763.856 62,435,675 67.736,502 Other liabilities
1.477.121
3,599,340 2,336.187
Due trust cos., banks & bankers_
17,785,882 8,042.677 8.458,696
Acceptances
6,938.064 , 5,208,624 6.078,814
Total
S72.896.375 $66,221.781 $63,266,470
Other liabilities
3.680.725 2,656,788 4,028,913 Amt.deposits
on which hit, is paid...552,356,944 $336,513.311 $39,151.848
Total
$108,964,4335%00.575,2465109,161.091
*
into the Empire Trust Co. as of
Amt. of dep. on which int. is paid_ _562,139,000 $50,238,400 $51,301,920 JulyHudson Trust Company was mergedthe combined statement
1 1924. The above statement is
of both
companies for all the years.
*Merger of N.Y.Life Ins.& Trust Co.and Bank ef N.Y.as of Sept.21'22
$2,500.000
*Equitable Trust Co. (New York).
ResourcesNov. 15'24. *Nov. 15'23.Nov. 15'22.
*Brotherhood of Locomotive Engineers Co-operative Stock and bond investments
$47,306,945 $41,289,607 $32,023.365
Real estate owned
4,197,130 4.534,200 3.391.312
Trust Co. (New York).
Bonds and mortgages owned
8,966,374
8.369.475
1,995,000.
ResourcesNov. 15 1924.
Specie
Other currency authorized by laws of United States
Cash items
Due from approved'reserve depositaries
Due from ether banks and trust companies
Stock and bond investments
Loans and discounts secured by other collateral-,
Loans, discounts and bills purchased not secured by collateral
Overdrafts
Bonds and mortgages owned•
Customer liability on acceptances
Other assets
$12,435
131.538
5
1,028,043
37,032
931,996
768,807
2,447,464
158
663.750
508,132
183.443
Total
Liabilities
Capital
Surplus and undivided profits
Deposits by the State of New York
Due depositors not preferred
Acceptances
Other liabilities
$6,712,803
Total
Amount of deposits on which interest is paid
$6,712,803
$2,259,500
$700,000
253,528
108,000
5,110.301
508,132
32.842
* Began business Dec. 29 1923.
Central Union Trust Co. (New York).
Loans on bond & mtg. or oth. r.e.coll.
839,596
1,476,820
361.796
Loans & disc. sec. by other collateral-123,599,337 80.904,747 84,847.591
Loans,disc.&bills pur. not sec. by coll. 66,798.380 74.200,281 41,432,140
acceptances purchased
Own
16,843,285
933,349 4.675,597
ra
o
Overdrafts
49,729
159.666
37.330
ftsF
Due gmed. Res. Bk. of N. Y.-- 34,082,753 26.648.137 21.466,467
Due from trust co's, banks & bankers 18,664,911 20.975.223 20,062.471
Specie
71.668
118.18186,420
05
t
other currency auth. by laws of U.5- 1,214,765 1,0.123
1,459
64
'ash items
22,500,827 19.107.494 16,345,652
eustomers' liability on acceptances... 24,043,905 27.405,807 26,120,046
°this assets
71,993,708 40,316,869 31,012,770
Total
$441.175,313 348,079,979 285,317.016
Liabilities
Capital stock
$23,000,000 $23,000,000 $12,000,000
Surplus fund and undivided profits- 11,262,073
9,986,163 15.754,069
Preferred deposits
Due N . State savings banks_ _ _ _ 3,057,023
.Y
1,789,210
1,637.461
Due N. Y. State say. & loan assoc.
157.260
130.629
148,184
Due as executor. administrator. Sic 17.567.667 16,419.301 25,605,426
Deposits by State of N. Y
122,000
192,000
550,000
Due by Supt. Banks State of N.Y.30,265
Deposits secured by pledge of assets
997.775
184.024
1.169 483
81, 2
58
Due depositors (not'preferred)
269,221.434 175,645,121 152,348,427
Due trust co's, banks and bankers.-- 84,019,844 83,284,591 42,628,164
Rediscounts
3,000,000
26,949,408 29,782,596 28,282.014
Acceptances
Other liabilities4.818.829
4.960.457
Total
$441.173.3135348,079:979$185.317.016
Amt. deposits on which hit. paid...5271,000,0005220,000.0005178.000.000
* Importers & Traders National Bank merged into Equitable Trust Co.
as of Jan. 29 1923.
ResourcesNov. 15 '24. Nov. 15 '23. Nov. 15'22.
Stock and bond investments
116,331.873 $57,052,441 362,006.925
Real estate owned
3.295.000 3.295,0003,295,000
Bonds and mortgages owned
Farmers' Loan & Trust Co. (New York).
2,863,273 2,134.195
Loans on bona or mtg.or oth.r.e.coll- 3,629,600
1,081.416
616,690
968,199
Nov. 15 '24. Nov. 15 '23. Nov. 15'22.
Loans & disc. sec. by other collateral_ 87,768,330 80,475,188 101,570,642
ResourcesLoans,cilsc.& bills pur.not sec.by col_ 41,998,897 51.077,677 44,825.054 Stock and bond investments
$337.664,208 $50.553,370 $54,910,399
Own acceptances purchased
2,960,000 3,000,000 3,000,000
11,078 Real estate owned
20,000
70,000
Overdrafts
1,232,000
884.765
1,015.450
9.410 Bonds and mortgages owned
21,456
8,350
Duefrom the Fed. Res.Bank of N.Y. 32,177,750 22,122,709 27.250,108 Loans on bond&mtg.or other r.e.coll.
385,000
118.000
48,000
Duefrom approved res've depositaries 2.761,160 3,908.120 3,543,796 Loans & disc. sec. by other collateral_ 77,548,300 48.151,490 60,800,351
Duefrom other bks., tr. cos.& b'kers. 2.521,003 4,657,944 3,480.518 Loans,disc.& bills pur.not sec.by coil. 24,797,246 22,470,093 18,971,266
Specie
100,737
1,405
118,000
1.114.367 Overdrafts
178.105
Other currency auth. by laws of U.8.
. 14,620,554 14.359.129 13.671' 55
7 9
753
425,762
573,415
681.486 Due from Fed. Res. Bank of N. Y
Customers' liability on acceptances
3.598,927
17.780,639 9,258,750 5,526,923 Due from trust co's, banks & bankers 15.611.895 4,623,431
Other assets
204,687
166,905
231,017
1.627,922 1,074,976
1,377,257 Specie
Other currency auth. by laws of U.S.
290.458
355,508
339,153
Total
4,817,850 7,490.488 3,071,687
$311,542,5905237,135,6395275.908,175 Cash items
Customers' liability on acceptances
2,636,433
805,863
1,804.711
Liabilities
Other assets
1,352,285
1.184.310
953.795
Capital stock
Surplus fund and undivided profits $12,500,000 $12.500,000 $12,500,000 "Total
$183,823,163 155,379,3375161.675.374
23,610,459 21,833,448 19.537.619
Preferred deposits
Liabilities
-Due N. Y. State savings banks,
25,000,000 55,000,000 $5,000,000
3,665.810 3,605,666 Capital stock
Due as executor,administrator.&. 4.133,601
7.656,971
17,370,298 16,354.900 15,065.645
7,378,614 6.231.770 Surplus fund and undivided profits
Deposits by New York State
836.565
754.624
700.000 Preferred deposits
Dep.by Supt.of Banks.. N.Y.State _
Due N. Y. State savings banks._ 2,733,243 2,235.426 2,264,633
_
3,638
140.866
Other dep. sec. by pledge of assets_ 1,977,703
Due as executor,administrator. &c. 1,886,691
1,758,493 2,640,422
290.439 3,931.868
Due depositors not preferred
500,000
Deposits by State of N. Y
328,000
264,000
Due trust cos., banks and bankers,,,.215,747,175 170,534,929 195,797,526
1,406.350 3,087,900
23,886,858 7,629,095 7,064.010
Other dep. sec. by pledge of assets.. 1,990,000
Acceptances18,686.811
137.333,636 115.863.839 123,669,986
9.886,661
5,829.664 Due depositors (not preferred)
Other liabilities
2,506,447 2,658,681
12.428,968 8.587,150 6,270.922
2.569.186 Due trust co's, banks and bankers
822.531
1,817,930
2,643,524
Acceptances
Total
2,027,249
2.172,803
2,353,335
5311.542,5905237.13516395257.908.175 Other liabilities
Amt.deposits on which int. paid _....5235.727,0005172,979.7815196.962.502
5183,823,163$155,379,337$161.675,374
Total
Amt.deposits on which int. paid -$140,656.8155114,898.9945126.577.523
Corporation Trust Co.(New York).
Fulton Trust Co. (New York).
ResourcesNov. 15 '24. Nov. 1 '23. Nov. 15'22.
Stock and bond investments
$502.751
$502,695
$502,638
Due from trust cos., banks & bankers..
162,276
151,045
Specie
20
24
33
Other curr. authorized by laws of U.S
755
1,217
536
Cash items
1.224
1,758
1.930
Loans on bd.& mtge.or other r. e.coll
2,350
2,900
Loans & disc, secured by other coll..
100.000
Other assets
74,697
87.146
69,238
Total
$744.073
$830.873
$725,420
Liabilities
Capital stock
$500,000
$500,000
$500.000
Surplus fund and undivided profits
181,475
198.615
108.215
Due as executor.administrator.&c._ _
5,158
2.854
liabilities
Other
57.439
129.404
117,205
Total
$744,072
$830.873
$725,420
Supplemental y
-For Cal. Year1924
1923.
1922.
Tot.int. & commis'ns rec. during year
$28,075
$24,639
All other profits rec. during the year.
692.020
699,752
Expenses during year, excl. taxes,,_
509.042
588,230
Amt.of dive, declared on capital stock
112,500
70.000
Taxes paid during year
25,410
35,860
Nov. 15'24. Nov. 15'23. Nov. 15'22.
Stock and bond investments
6 90
0
$2.836.439 $2,384,043 $2,247;433
Bonds d mortgages owned
461,000
277.
23.
Loans & disc, secured by collateral-- 8,357,956 7,298,570 7.313,750
Overdrafts
308
156
Due from Fed. Res. Bank of N. Y
1,389,534
1,757,996
1,473.209
Duefrom approved res. depositaries
201.270
5 6..7072
8 . 057
20 96
350,520
Specie
35.541
36,631
Other currency auth. by laws of U.S
40,000
70,000
.
80.000
Cash items
6.284
60 822
9 0
:4 6
Oer assets
Other
54.996
71,217
Total
$13.751,638 $11,876,834 $12.130,293
Liabilities
Capital stock
$5500,000
$500,000
$500,000
Surplus fund & undivided profits
926.296
831,287
750.905
Preferred deposits
D ue N.Y.Statesay.bk.&loan assns.
18
680
Due as executor. administrator, &c.
349,777
445,787
374.984
Deposits by N. Y. State
90,000
30,000
50.000
166,522
Deposits secured by pledge of assets
30.928
Due depositors (not preferred)
11,140.199 9,875,168 10.208.181
Due to trust cos., banks and bankers.1 ga
11:
Other liabilities
163,646
161,748
ReSOUICES--
Totla
513.751,638 $11,876,834 $12,130.293
Amt. deposits on which int. is paid-311,588,700 $9,800,000 $10.100,000
908
THE CHRONICLE
Fidelity-International Trust Co. (New York).
Nov. 15 '24. Non. 15'23. Nov. 15'22.
Resources$8,303,618 $7,570,643 $7,554,496
Stock and bond investments
715,000
945.250
1,061,750
Bonds and mortgages owned
310,023
310,023
Real estate
20,300
20,200
18,500
Loans on bond & mtg. on other r.e.coll
Loans & disc. sec. by other collateral.. 5,697,778 7,942,112 7,205,515
Loans disc. & bills per. not sec. by coll 4,987.917 5,141,164 4.215.447
914
952
982
Overdrafts
3.154,592 3,679,654 3.753.523
Due from Fed. Res. Bank of N.Y
124.996
145,042
364.319
Due from approved res've depositaries
152.377
169,556
76,660
Due from other bks., tr. cos. & bkrs
86,801
121.327
123,765
Specie
317,256
268,724
224,416
Other currency auth. by laws of U. S..
1.127,666
927,256
763,168
Cash items
100,057
194,007
284.011
Customers' liability on acceptances
407,426 2,330,113
389,514
Other assets
[VoL. 120.
Italian Discount & Trust Co.(New York) Concluded.
LiabilitiesNov. 15 '24.
Capital stock
$1,000,000
Surplus fund and undivided profits
566,010
Preferred deposits
Due as executor, admr., guard.,&c.
5,559
Deposits by New York State
Due depositors (not preferred)
6,628.426
Due trust co.'s, banks and bankers... 2.880,883
Bills payable
511,711
Acceptances
882,664
Other liabilities
169,746
Total
$12.644,999
Amount deposits on which int.is paid. $7,611,895
Nov. 15 '23. Nov.15 '22.
$1,000.000 $1,000.000
516.329
572,878
6,262
4.933.529
5,760,721
977.618
1.525,559
801,613 1.621,621
320.686
673,194
174.613
498.503
$9.550,658
$10,832,468
$6,638.230 $5,699,000
Lawyers' Title & Trust Co. (New York).
ResourcesNov. 15'24. Noe. 15 '23. Nov. 15 '22.
$5.790,634 $5,555,982 $7,245,536
$25,761.013 $27.843.336 $27,704,461 Stock and bond investments
Total
3.049,700
Real estate owned
3,165.851
3.582,401
Bonds and mortgages owned
5,565.387 6,655,243 5.074.607
139,458
907,500
159,045
$2J.00,000 $2,000,000 $1.500.000 Loans on bond & mtg.or 0th. r.e.coll.
Capital stock
1,866,777 Loans & disc. sec, by other collateral- 9,120,074 7,334,462 6,674.742
1,943,884
2,117,738
Surplus fund and undivided profits
Loans,clis.&bills pur.not sec. by coll_ 3,145,709 3,515,644 4,002.087
Preferred deposits
2,256
145,804 Overdrafts
798
1,525
225,253
242,385
Due N. Y. State savings banks_ _ _ _
869,076
82.685 Due from Fed. Res. Bank of N.
898,867
119.979
793.479
141,192
Due as executor, administrator, &c.
1,560.796
513,925 Due from approved res. depositarles_ 1.802,711
Y__
96.000
1,274.565
90.000
Deposited by New York State
1,000
65,256 Due from otia. trust cos.. bks.& b'kers
1.000
50.033
15.000
Dep. by Supt.of Bks., N.Y.State_
11,799
817,249 Specie
26,264
19,747
224,983
1,171,615
Deposits sec'd by pledge of assets
948,524
868.914
799,526
18,763,027 20,634.016 18,663.170 Other currency auth. by laws of U.S..
Due depositors (not preferred)
663,340
354.949 Cash items
392.643
1,680.028
615,263
375,292
Due trust co's, banks and bankers_ _ _
570.844
642,044
612,197
1.200,000 1,050,000 Other assets
Bills payable
•
282.529
195.615
284.011
Acceptances
Total
$32,022,698 $32,526,392 330,813,765
760.930 2,362,117
575.753
Other liabilities
Liabilities
$25,761,013 $27,843.336 $27.704,461 Capital stock and undivided profits $6.000,000 $6,000,000 $4,000,000
Total
6,311,716 5,715.589 6,832,764
.$17,059,900 $17.637.000 $14.853,000 Surplus fund
Amt.deposits on which int. Is paid__
Preferred deposits
329,520
Due N.Y. State savings banks_ _ _ _
283.770
318,764
12.970
Due N.Y. State say. & loan ass'n_
14,933
38.111
Guaranty Trust Co. (New York).
1,136.013
782,490
914,133
Due as executor. administrator,&c.
354,453
128,378
Deposits by State of N.Y
88.943
Nov. 15 '24. Nos. 15'23. Nov. 15 '22.
Resources
15,000
Dep. by Supt. of Bks., N. Y. State..
35,000
$96,061,996 $84,339,103 $94,218,851
Stock and bond investments
130,794
131,665
Dep.secured by pledge of assets
138,083
8,105,078 8,377.699 8.535,671
Real estate owned
667.204
591.202
Deposits otherwise preferred
477,891
1,744.510 2,043.924 2,541,947
Bonds and mortgages owned
16,921.717 17,989,054 16,489.328
992.714 Due depositors (not preferred)
212,965
89.737
Loanson bd.de mtg.oroth r.e.colt
89,384
63,332
88.426
265,876,529 166,356,412 174,147,620 Due trust cos., banks and bankers
Loans & disc. sec. by other coll
776,335
790,979
724,914
Other liabilities
Loans, discounts and bills pur$32,022,698 $32,526,392 $30,813,765
Total
- 130,829,062 141,315,626 135,153,211
chased not secured by collateral
1,281.987
1.062,157
11,937,917
Own acceptances purchased
-For Cal. Year1923.
1924.
Supplementary
55.748 Total Int. & comm.recd during year.. $1,360,570 $1.409,418 $119 6,.613
67,949
110.123
Overdrafts
2
.352
Due from red. Res. Bk. of N. Y_.... 48,347.589 36.313,297 33.927.035 All other profits rec'd during year...... 3,560,189 3,069,545 2,542,696
639,999 Charged to profit and loss
400,000
450,000
Due from appr. res. depositaries _
161,643
30,483
30,000
Due from 0th.tr.cos., bks.& bankers 41,851.477 20,695,875 22.205,161
On accountof depreciation
41,122
61,632
60.997
Specie
152,622
147,384
133,544
On account of losses
1,355.079 Int. credited to depositors during year
Other curr'cy auth. by laws of U.S.. 1.443,999 1.602,770
358,563
332,369
318,968
27.848,531 39,118,153 40,034.868 Expenses during year.exclud. taxes
Cash items
1,667.535
1.888.031
2,085,921
acceptances___.. 37.192.871 38.719,541 28.095,247 Amount of divs. declared on capital'
Customers'flab. on
2.000.000stk
12,786.877 16,277,560 24,778,630
Otherassets
600,000400.000 cash
600.b00
stock
325,113
272,332
255,045
paid during year
663 568.004,890 Taxesdeposits on which int, is paid_ 16,815,000 15,400,000 15,900.000
$684,737,2935556,964.
Total
Amt.
Liabilities
*Manufacturers' Trust Co. (New York).
$25,000.000 $25,000,000 $25,000.000
Capital stock
Nov. 15'24.*Nov. 15'23. Nov. 15'22.
Surplus fund and undivided profits,. 19.180,908 18.406.713 17.654,620
Resources$21,134,971 516,243.846 $17,976,645
Preferred deposits
Stock and bond Investments
2,304,775 Real estate owned
1,986,925
3.137,906
2,857,199 2,328,041
3,727.121
Due N. Y.State savings banks___
50,000
81,934
7,234,112 2,863,602 2,128,679
Duo N. Y. State sav. & loan ass'ns
Bonds and mortgages owned
233,522
609.200
342.186
1,622,487 3,641,033 2,654.100 Loans on bond & mtg. or oth.r.e.coll_
Due as executor, admin'r, &c____
1,800.000 Loans & disc. sec. by other collateral- 20,697,638 15,939.078 8,438.454
656,000
.. 2,759.973
Deposits by New York State
94.296 Loans disc.& bills pur.not sec.by coll. 51,423,121 56,059,721 20,442,740
79,115
Dep.by Supt. of Banks,N.Y.State
512,060
142.344
304.072
5,947,300 3,919,707 6.903.660 Own acceptances purchased
Depos. seed by pledge of assets__
1,033
7,794
3,464
52,772
296.134
Deposits otherwise preferred
Overdrafts
445.339,312 367,414,622 401.863.028 Due from Fed. Res. Bank of N. Y.._ 17,107,996 17,960,168 8,458,997
Due depositors (not preferred)
541.734
833.811
107,698,040 70,301,962 52.707.581 Due from approved res depositaries 1,491,099
Due trust cos., banks & bankers
55.386
206.302
544,408
42,298.226 44,164,572 31.200,314 Due from other tr.co's,bks.& bankers
Acceptances
144.362
370,760
254,541
30,785,858 20,140,261 25,822.516 Specie
Other liabilities
1.037.996
2.248.146
Other currency auth. by laws of U. S.. 1,736,370 4.805.619
1,334.502
3,669.062
$684,737,2938556,064.663 568,004,890 Cash items
Total
1,125,430
$430,094,531$319,140,547$329,720,191 Customers'liability on acceptances- 2,413,645 2,889,038
Amt.dopes. on which int. Is paid
281.541
197,007
303.004
Other assets
131,516,888 123.704.477 $64,700,006
Total
*Irving Bank-Columbia Trust Co.
Liabilities
85,000,000 $5.000.000 $2.500,000
Nov. 15'24, *Nov. 15 '23. Capital stock
Resources2,751.085
$302,659 Surplus fund and undivided profits.... 5.315,783 5.046,583
$264,386
Specie
3,815,926 Preferred deposits
2,730,506
Other currency authorized by laws of U. S
1,554,110
2,006,164
1,339,649
17,184,069 28.912,819
Due N.Y. State savings banks
Cash Items
198,212
281,180
302,333
42,974,013 • 30,042,143
DueN.Y.Statesav.dzIoanabsns.,&c.
Due from Federal Reserve Bank of New York
62,09
175,674
0
4635.0.9012
470,262
16,531,004 28,821,583
Due as executor, administrator, &c
Due from other banks, trust cos, and bankers
800.000
820.000
731.468
74,633,767 60,163,163
Deposits by State of New York_,
Stock and bond investments
N.Y
Dep.by Supt.of Bit4 ,State of
Loans and discounts by bonds and mortgage
523,429
609,317
920.537
977,551
888,210
Depos.secured by pledge of assets_
deed or other real estate collateral
190,358
412,110
303.556
Deposits otherwise preferred
Loans and discounts secured by other collateral- 118,184,949 78,761,974
4,980.000
Rediscounts
Loans discounted and bills purchased not se111,175,377 99,823,939 53,313,905
100,623,513 102,386,465 Due depositors (not preferred)
cured by collateral
221.283
3,316,261 Due to trust companies & banks
1.845.092535.683
3,908,944
Own acceptances purchased
62.434 Acceptances
54,485
2.687.277 2,989.283 1,211,863
Overdrafts
911.227
1.325,216
2,768,884 Other liabilities
1.091,412
4,521,217
mortgages owned
Bonds and
4,871,341
762,292
Real estate
8131,516,888 123,704,477 $64,700,006
Total
21,082,588
21,178,951
Customers' liability on acceptances
1922
1923.
1924.
Supplementary-For Cal. Year2.066,960
2,175,418
Other assets
during year- $5,073,146 83,942,397 52,653.529
Total int. & comm.rec'd
346.692
1.090,861
$406,615,724 $368,352,751 All other profits received during year_ 1.258,160
Total
365,000
800,000
610.000
Amt. of dive. declared on capital stk..
Liabilities
80,000,000 80,000,000 50,000,000
$17,500,000 517,500,000 Amt. deposits on which int. Is allowed
Capital stock
*Columbia Bank merged into Manufacturer's Trust Co. as of Aug. 14
11,419,484
12,417,381
Surplus fund and undivided profits
1923.
deposits
Preferred
3,838,653
5,749,444
banks
Due New York State savings
Metropolitan Trust Co. (New York).
194,082
227,111
Due N. Y. State savings & loan assoc'ns, &c.... 8,905,718
3,238,106
Nov. 15 '24. Nov. 1523. Nov. 15 '22.
ResourcesDue as executor, admin., guardian,&c
568,877 Stock and bond investments
68,571
$6,392.414 $8,265,301 $8,408,996
Deposits by State of New York
--------50.000 Bonds and mortgages owned
. ,
2.084,266 „
by Supt. of Bank, State of New York
Deposits
280,000
2,116,171 Loans on bond & mtg. or oth. r.e.coll_
2,92.770
100,500
pledge of assetsOther deposits secured by
20,880 Loans & disc. sec. by other collateral_ 21,526,330 14.713,538 17,491.746
19,467
Deposits otherwise preferred
257,440,839 233,271,288 Loans disc. & bills pur.not sec.by coll. 15,917,350 15.471.947 12,823,468
preferred)
Due depositors(not
. 74,591,540 64,271,674 Own acceptances purchased
180,000
Due to trust companies, banks and bankers_ -523
23,254.827 22.768,669 Overdrafts
731
6,656
Acceptances
9,094.867 Due from Fed. Res. Bank of N. Y
3,519,056
6,702,814 6.212,030 6.039,032
Other liabilities
230.147
243,145
498,764
Due from approved res. depositaries.
458.579
$406,615,724 $368,352,751 Due from trust cos., banks & bankers
617,990
456,731
32,138
33.303
36,243
Amt. of deposits on which interest is being paid-8242,911,752 $194.752,409 Specie
516,694
593,538
478,974
Other currency auth. by laws of U.S.
1,406,319 2,624,196 3.362.322
Irving National Bank consolidated as of Cash Items
*Columbia Trust Co. and
331.100
1,352,110
910.478
Customers' liability on acceptances
Feb. 7 1923.
213.651
247.643
221.86(1
Other assets
Total _
$56,817,199 *51,842.005 851.488,871
Italian Discount & Trust Co.(New York).
Liabilities
Nov. 15'24. Nov. 1.5 '23. Nov. 15'22. Capital stock
82,000,000 52,000.000 52,000,000
Resources$1,450,404 $1,642,676 $2,164.394 Surplus fund and undivided profits- 4,129.850 4,032.413 3.804,760
Stock and bond investments
4,000
654,787
51,507
765.183
951,874
Loans & disc. sec. by bond & mtge..
Preferred dep.-N. Y.State say. bks_
1,206,914
3,588,810 2,214.070
5,657,823 6,468,878
Due as executor, administrator, &c. 3,522,774
Loans & disc, secured by collateral
1.710.610
1.968.047
1,250.000
592,000
534.603
Leans disc.& bills pur. not sec. by coil 2,797,951
Deposited by State of New York
31
4
25,000
153
25,000
• Overdrafts
Dep. by Supt. of Bks., N.Y.State73,609
301,784
1.457.058
321,935
432,756
669,012
Dep. sec. by pledge of assets
Own acceptances purchased
41,533
251.890
329.948
124.328
Deposits otherwise preferred
Due from Fed. Res. Bank of N.Y.345.110 Due depositors (not
689,961
153,199
39.279,785 32,541,140 31,073.111
Due from approved res've depositaries
preferred)
3,767,890 2,981,746
Due trust cos., banks and bankers.... 3,720.701
Due from other trust cos., banks and
2,811,152 2.573.542 3.438,413 Bills payable
bankers
3.655 Rediscounts
3.250
2.535
Specie
331.100
170,195
164.924
152,719
1,352,110
913,478
Other curr. auth. by laws of U. S
542.431
312.514 Acceptances
654,013
675.690
875,173
970.704
'Customers'liability on acceptances_
83.600 Other liabilities
364.307
109,513
'Other assets
*a4j,811,199 Sal.842,00a $51.488,871
Total
$34.904,200
$12.644,999 $10,832,468 $9.550.658 Amt.ofdeposits on which int,is paid $43.570.700 836.781,500
,
Total
FEB.21 1925.]
PH 14 CHRONICLE
New York Trust Co. (New York).
909
Title Guarantee & Trust Co.(New York) Concluded.
LiabilitiesNov 15 '24. Nov. 15'20. Nov. 15 '22.
Capital stock
$10,000,000 $10,000,000 $7,500.000
Surplus fund and undivided profits
15.908.330 13,964,668 15,066,514
Pref.deposits due N.Y.State says.bks. 1,209,193
1.236.425 „
89
Due savings and loan associations_
4.534
3,739
4.544.000 2,852.633
7.976
Due as executor. administrator. &c. 1.673,386
61.381,762 64.795.654
1,697,931
1.479,175
Deposits by New York State
124,000
81,000
35,714,447 24.599,846'
350,000
Due by Supt. of Banks. N. Y.State
139,349
58,148
25,000
25,000
Deposits secured by pledge of assets
22.290
72,750
93,015
388,050
38,539,248 36,668.778 35,853,092
16,197,445 20,723.144 Due depositors (not preferred)
7,082,906 Due trust co's. banks and bankers_ _ _
220,508
225,257
5,145,835
222.327
21.594 Acceptances
16,950
8.375
20,211
1,245.978
451,372 Other liabilities
1,342.386
581.565
1.171,040
70.620.990 35,849.767
Total
$69.072,239 $65,196,197 $63.555.963
15,428.690 12.976.822
Supplementary-For Cal. Year1923.
1922.
2.585.155 Total int. & comm. rec'd during year. 1924.
2.536.035
$2,936,676 $3,011.769 $2.685.146
All other profits received during year. 7,757,224 7,430,779
7.118.745
Total
$264,532,853$250.883.260 226,003,962 Charged to
profit and loss
Liabilities
On account of depreciation
203,600
186,358
On account of losses
Capital stock
$10.000,000 $10,000.000 $10,000,000
124,786
161,150
107,386
Surplus fund and undivided profits
19.147,840 18,342,732 17,696,918 int, credited to depositors during year
756,699
754.082
714,826
Preferred deposits
Expenses during year, excluding taxes 4,938,228 5,472,589 4.216,906
N.Y.State says. banks
Due
1,186,888
946,242
431,127 Amt,of diva. declared on cap. stock_ - 2,800,000 2,400,000 12.500,000 stki
DueN.Y.Statesav.&loanassns.,&c.
138.645
11,800,000csh
Due as executor,administrator. &c. 1,723,185 2,246,346 9,069,417 Taxes paidduring the year
784,517
897,745
635.29
Deposits by New York State
430,000 &mt. eposits on which int, is paid__ 37,631,050 32.704.737 32.826,915
191.391
260,667
Deposits secured by pledge of assets 1.767.982
462,102 3,478,124
Due depositors (not preferred)
168.427.915 162,014.604 125,751.834
United States Mortgage 8; Trust Co.(New Itar/c).
Due trust co's, banks and bankers_
39,258,888 32,145,883 40.143,711
ResourcesNov. 15 '24. Nov. 15'23. Nov. 15 '22.
4.000,000 Stock and bond
Bills payable
7,000,000
investments
$17,203,610 $13,617,295 $20,004,336
Acceptances
20,931.361 15,671.948 13.445,276 Real estate
529,582
.043
522,615
1.418,910 Bonds and
Other liabilities
1,897,403
1,792.736
mortgages owned
3,473.376 3,378,171 3.494,143
on bond
69.775
25,600
20,100
Total
$264,532,853$250,883,260$226,003.962 Loans & disc, & mtg. or oth. r.e.coll_
Loans
sec. by other collateral_ 32,278,114 26,977,955 25,431,253
1022.
1924.
1923.
SuPPiementarV For Cal. YearLoans.disc.&bills pur. not sec.by coll- 5,301.633 4,887.731
6,973.650
Total int. & comm.rec'd during year_ $9,449,586 $8,538,700 $8,765.400 Overdrafts
5.956
2.855
7.738
650,139
434,300
759,300 Due from Fed. Res. Bank of N.Y
All other profits received during year,,
Int. credited to depositors during year 3,155,349 2,790,000 3,040,000 Due from approved res've depositaries 7,255,052 6,669.902 7.590.598
501,690
460,448
649.894
Expenses during year,excluding taxes 2,631.499 2,455,300 2,410,900 Due from other tr. cos., bks. & bkrs
398,564
172.130
540.731
Amt,of dive. declared on capital stk. 2,000,000 2,000,000 2,000,000 Specie
49,818
59.352
60.829
Taxes reserved and pd. during the yr.
696,100
590,200
494,500 Other currency auth. by laws of U. B.
670.679
896,032
692.537
Lint deposits on which int. Is paid_a185,215,000b129,645,000 120.000.000 Cash items
985,913 2.933,843 3,637.013
a As of Nov. 25 1924. b As of Nov. 151923.
Customers' liability on acceptances
757,029
180,000
Other assets
327.672
357.125
423.549
Total
561.140.916 569.860.385
569,960,630
*Trust Company of North America (New Italic).
Liabilities-.
ResourcesNov.15'24. Capital stock
$3,000,000 53.000.000 53.000.000
Specie
$765 Surplus fund and undivided profits
4,619,127 4.430.968 4.419,169
Other currency authorized by laws of U. S
53,014 Preferred deposits
Cash items
Due N. Y. State savings banks,,,,,,_
5,537
650,217
540.244
489.117
Due from approved reserve depositaries
Due as executor, administrator, &c. 1,388,078 3,097.867 3,402.620
173,053
Due from other banks, trust companies and bankers
Deposits by State of New York
105.611
150,000
112,032
250,032
Stock and bond investments
Dep. secured by pledge of assets.-- 1,326,694
737,056
803.506 1.588,148
Loans and discounts secured by collateral
367,307 Due depositors (not preferred)
52,522,595 44,544,779 47.792,583
Loans, discounts & bills purchased not secured by collateral
558,326 Due trust cos., banks and bankers,,,,,, 4,253,514 3,304,443 5,356,417
Own acceptances purchased
4,000 Bills payable
1.250.000
Overdrafts
1,739 Acceptances
757,029
180,000
Customers llabillty on acceptances
29.817 Other liabilities
1,283,376
1.307,077 2,132,299
Other assets
16,667
Total
$69,950,630 $61,140,916 $69,860,385
Amt, deposits on which int. Is paid_ _554.703,343 547.059.174 $53.205.220
Total
$2.052,892
Liabilities
United States Trust Co. (New York).
Capital stock
$500,000
Surplus fund and undivided profits
Resources215,793
Nov. 15 '24. Nov. 15'23. Nov. 15'22.
-Due New York State savings banks
Preferred deposits
35,330 Stock and bond investments
$14,941.717 510.916.780 513.042,920
Deposits by State of New York
197.215 Real estate owned
1.000,000
1,000,000
1,000,000
Deposits otherwise preferred
1,350 Bonds and mortgages owned
3,774,865 4,234,193 3,834.096
Due depositors, not preferred
757,424 Loans on bond and mortgage
45.250
24,250
31.250
Due to trust companies, banks and bankers
213.921 Loans & disc, secured by collateral 45,368.568 38,965,913 40.609,155
Bills payable
88.029 Loans,disc.&bills pur.not sec.by coil,, 3,322,030 5,645.924 7.414,326
Acceptances
36,330 Specie
100,000
Other liabilities
7,500 Other currency auth. by laws of U. S.
100,000
100.000
Due from Fed. Reserve Bank of N. Y. 4,500,000 3,500,000 4.400,000
Total
$2,052,892 Due from approved res've depositaries 4,396,233 5,191.428 4,873.520
Amount of deposits on which interest is being paid
353.327
5889.611 Other assets
410.458
460.936
Total
$77,801,990 $69,988.946 $75,766,203
a Began business March 11 1964.
Liabilities
Capital stock
$2,000,000 52.000.000 52.000,000
Surplus fund & undivided profits
Title Guarantee & Trust Co. (New York).
18,167,282 17.519.707 16.461,869
Preferred deposits
ResourcesNov. 15 '24. Nov. 15 '23. Nov. 15'22.
Due N. Y. State savings banks
2.850.826 1,839,114
1.923,436
Stock and bond investments
$18,557,528 $10,990,348 $13.425,173
Due as executor, administrator, &c. 27,247,744 21.933,777 15.067,349
estate ownedRal
3.418,732 3,322,776 3.168,462
Dep. secured by pledge of assets
2,087,163
1,649.915
1,016,180
Bonds and mortgages owned
10,434,749 19,589,090 15,310.211 Due depositors (not preferred)
24,195,727 22,893.190 36.926,709
Loans on bond & mtg.or oth.r.e. coll.
854.296 1,268,778
742,868 Due trust cos., banks and bankers__ _
149,208
981.664
1367,911
Loans & disc. sec, by other collateral.. 18,319,616 12.847.133 14,432,553 Other liabilities
1,104,040
1,171,579
1,202.749
Loans dig. & bills pay, not sec. by coll. 6,878.877 6,892,436 7,495,561
Total
$77,801,990 $69,988,946 $75,766,203
Overdrafts
7.391
1,582
408
Due from Fed. Res. Bank of N. Y
2,282,007 2,145.720 2.158,502
Supplementary
-For Cal. Year1925.
1923.
1922.
Due from approved res. depositaries_ 4,238,607 3.865.823 2.712,743 Total int. & comm.rec'd during year. $3,852,753 $44,165.553 $4,059,342
Due from other tr. co's. bks., bkrs.,&c
282.705
59.108
134.275 All other profits received during year,,
107,690
144,277
493,994
Specie
383,477
381.912
316.902 Charged to profit and loss--Other currency auth. by laws of U. El.
921.846
On account of depreciation
1,223,691
1,114,929
100,378
Cash items
1,351,401
1,356.425
1,379,451 Int. credited to depositors during year 1,169,102 1,259,998 1,417,711
Customers' liability on acceptances
16.950
8,375
Expenses during year. excluding taxes
620,163
565.849
632.379
Other assets
1324,057 1.241.000
1,163,925 Amt.of dive. declared on capital stock 1,200,000
1,000,000 1,000,000
Taxes paid during the year
425.325
481.238
411.267
Total
$69,072.239 $65,196,197 $63,555,963 Amt.deposits on which int. is paid
55,952,802 47,686,782 52,314,499
Nov. 15 '24.
Resources$54,086,924
Stock and bond investments
321,935
Real estate owned
1,073,104
Bonds and mortgages owned
Loans on bond & mtg.or oth. r.e. coll. 2,780,000
Loans & disc. sec. by other collateral_ 79.237.079
Loans dig. & bills pur. not sec. by coll. 50,453,957
81,737
Own acceptances Purchased
69,573
Overdrafts
23.908,921
Due from Fed. Res. Bank of N. Y
Due from trust co's, banks & bankers 7,292,562
35.431
Specie
467,404
Other currency auth. by laws of N.Y.
22,551,133
Cash items
20,210.071
Customers'liability on acceptances
1.963,022
Other assets
Nov. 15 '23. Nov. 15'22.
$36,292,966 $52,842,976
302,587
225,542
BROOKLYN COMPANIES
Brooklyn Trust Co.(Brooklyn).
Kings County Trust Co. (Brooklyn).
ResourcesNov. 15'24. Nov. 15'23. Nov. 15'22.
ResOUrCESNov. 15'24. Nov. 15'23. Nov. 15'22.
Stock and bond investments
$23,368,696 $16,991,145 $24,669,561
Real estate owned
1,202,996
1$9,817,479 $7.244,749 $7,398,576
1,197,946 1,195,123 Stock and bond investments
Bonds and mortgages owned
3,815,414 3,744.533 2.417,925 Real estate owned
210,000
210,000
210,000
Loans on bonds & mtg.or oth. r.e.eoll.
135,600
36,100
1.137,755
1,428,320
1,412,105
41,000 Bonds and mortgages owned
Loans and disc,sec,by other collateral 11,083,459 12,963,631 9.003,432 Loans on bond & mtg. or oth.r.e.coll403,980
430,611
325.868
Loans,disc.& bilis pur.notsec.by coll. 5.061,926 4,138,263 2,965,921 Loans & disc. sec. by other collateral- 18,295,543 16,944.319 13.967,909
Overdrafts
4.013
6,947
1,668,605
1.734.210
5,515 Loans disc.& bills pur.not sec.by coll. 1,797,015
Due from Fed. Res. Bank of N.Y.,, 9,450,743 4,659.970 5,749,556 Overdrafts
497
368
687
426,226
Due from approved res. depositaries_ 1.052,908
468,696 Due from approv'd res'vedepositaries 4,530,166 3,976,765 3,383,021
Due from other tr.cos ,bks &bankers
292,566
Specie
299.278
328,611
89,521
119,413
77,823
293,853
Other currency auth. by laws of U.S_
474,305
617,100 Specie
19.983
41.159
16,599
523,013
932,796 1,978.439 Other currency auth. by laws of U.S_ 1,949,066
Cash items
1,802,165 1,700.570
Cash items
Customers'liability on acceptances_
1.625
139,399
33.810
131,183
396,264
435.542
Other assets
497,383 Other assets
178.790
128.637
59,405
$56,681,451 $46,308,307 $49,938,262
Total
Total
$38,569,194 $34.167,339 $30,279.538
Liabilities-$1,500,000 $1,500,000 $1,500,000
Capital stock
Liabilities
fund and undivided profits..- 3.876.130 3.540.961 3,199,770
Surplus
Capital stock
$500,000
$500,000
$500,000
Preferred deposits
Surplus fund and undivided profits
4.440.131
3.685.948 3,380,605
Due N.Y.State savings banks.,,.. 3,729,663 2.438,919 2,126,357 Preferred
deposits
15,906
State say.& loan assn's_
11,327
8,266
• Due N.Y.
Due N.Y.State savings banks.,,,, 3,959.643 2,736.969 2.522.400
Due as executor,administrator,&c. 4,074,724 2,520,084 1,674,029
Due savings and loan associations_
1,000
1,000
Deposits by State of New York.... 2,288,819 1,019,735
108,011
Due as executor, administrator, &c 1,889,133
1,154,094
742,017
50,708
15,019
Depos by N.Y.State Supt.of 13ks
Deposits by State of New York....
486,000
600.000
800,000
Deposits secured by pledge of assets 2,606,129 1,871,575 2,221,491
Dep.by Supt.of Bks.,State of N.Y
70.000
• 74,463
74,695
523,813
Deposits otherwise preferred
279,018
Deposits sec. by trust co. assets_
492,163
321,527
37,695,033 32.139303 36,956,979
461,121
Due depositors (not preferred)
25,960,883 24,443.489 21,221,619
158,951
146.284
291.246 Due depositors (not preferred)
Due trust cos.. banks and bankers.512,574
312,335
186,121
1,000,000 Due trust co's, banks and bankers.Bills Payable
Other liabilities
327,667
341.977
391.192
1,625
Acceptances
661.201
544,173
558,076
Other liabilities
Total
$38,569,194 $34,167,339 $30,279,538
Total$56,681,251 $46,308,307 $49,938,20
Amt. deposits on which int. Is paid--546,022,000 $34,252,500 $38,811,900 Amt,of deposits on which int. is pith:1531.683,800 527.971.400 $24,747.000
910
[VoL. 120.
THE CHRONICLE
Midwood Trust Co. (Brooklyn).
The Peoples Trust Co. (Brooklyn).
ResourcesNov. 15'24. Nov. 15 '23. Nov. 15'22.
ResourcesNov. 15'24. Nov. 15'23. Nov. 15'22. Stock and bond
investments
$24,122,981 $22,062,441 $17,905,282
$473,409 Real estate owned
Stock and bond investments
$513.636
$1,259,036
1,243,871
1,291,865
1,341,044
Real estate owned
293.570
174,131 Bonds & mortgages owned
200,514
776,435
939,367
2,430,807
440,770
368,911
483.113
795.662
388,560 Loans on bond & mtg. or oth.r.e.coll
Bonds and mortgages owned
969,444
Loans & disc. sec. by other collateral_ 11.823,399 12.939,504 15,666.402
61,350 Loans disc. & bills
Loans on bond & mtg. or oth. r.e.coll_
65.375
146.091
pur.aot sec.by coll. 15,172,055 9,514,239 12,823.679
Loans and disc.sec. by other collateral
384.956
295,911 Overdrafts
721,224
3,864
6.334
2,544
Due from Federal Reserve Bank
Loans, discounts and bills purchased
5.717,227 5.136.299 4,751,974
814,801
761.902
754,406
1,569,048
1,187.256 Due from approved res. depositariesnot secured by collateral
2,351,588
447,658
484.751
592,142
1,471
711 Speciecurrency auth. by
2,384
Overdrafts
Other
966.610
1.248,665
laws of U.S.
743,413
Due from Fed. Res. Bank of N. Y_-435.758
432,698 Cash items
561.363
2.503.308
1,616.471
1,597,685
131.720
836 Customers'liability on acceptances
4,812
127.382
Duefrom other tr. cos., bks.& b'kers_
237.758
274.700
269.827
18,624
12,377
10.716 Other assets
Specie
Total
$56,650,261 $58,582,412
$65,050,643
104,974
37,629
114,310
Other currency auth. by laws of U. S..
Liabilities
124
286,500
35 Capital stock
Cash items
$1,600,000 $1.600,000 $1.600,000
Due from approved reserve depos_
20,904 Surplus fund and undivided profits
2,828,999
3,768.133 3,177,163
15.745
28.153
Other assets
8,179 Pref.deposits: due N.Y.State savs.bks. 5,632,771
3,958,263 3,806,381
Due savings and loan associations24,434
36,704
141,736
Due as executor,administrator,&c. 1,046,077
765,904
831.763
$6,777.277 $44.257.071 $3,169,006
Total
Deposits by State of New York_ 280,000
594,662
260,000
Deposits secured by pledge of emits 1,565,509
Liabilities
1,199.875
852,731
Deposits otherwise preferred
20,000
$500,000
$700,000
$700.000
Capital stock
Due depositors (not preferred)
382.556
332.168
Surplusfund and undivided profits299,367 Due trust co's. banks and bankers- 50.167,499 45,246.402 47.539,245
167,805
237,289
251,766
120,700 . 110.711
100.000 Other liabilities
Pref.deposits: due N.Y.State savs.bks
369.766
344.914
367.522
2.160
1,959
Due as exec., admin.. guard., &c
Total
$65,050,643 $56.650,261 $58.582,412
24,000
36.000
100,000
Deposits by State of New York__ _
Supplementary-For Cal. Year1922.
1924.
1923,
Deposits sec. by pledge of assets
22,200 Total Int.& comm.rec'd during year,. $2,672,667 $2,697,553 $2,336,272
400,740,
529.952
386,365
5.413,785 3.059,263 2.137.303 All other profits received during year..
Due depositors (not preferred)
Charged to profit & loss acct. deprec_
33,697
60.547
52,772
100,000
Re-discounts
Charged to prof. & loss acct. oth. loss
85,390
26.125
204,725
34,076
16,970
10,136 Int. credited to depositors during year 1,109,094
Other liabilities
958,761
1,081,158
Expenses during year, excluding taxes
768,375
896,573
841,405
Amt.
300,000
320,000
320,000
$6,777,277 $4.257,071
Total
3.169.006 Taxesof divs. declared on capital stk.
paid during the year
102,732
142,696
86,821
Amount of dep's on which int. is paid $2,729,000 $1,693,810 1.540.690 Amt deposits on which int. Is paid
50,400.879 42.102.852 44,301,465
BOSTON COMPANIES
American Trust Co. (Boston).
Boston Safe Deposit & Trust Co. (Boston).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$2.738,253 $2.860.236 4,3.957340
Railroad and other bonds
16,884,363 15,584,199 16,340,130
Time loans
45,041
45,04145.041
Our real estate
245.357
442.868
Bank acceptances sold with endorse't
100.000
Customers notes rediscounted
410,244
312,938
519,075
Customers' Habits. under acceptances
4,644,509 5.305,927 4,476,298
Demand loans
6,134,467 5,293,035 4,308,922
Cash on hand in banks
11.408
30.707
Other assets
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22•
Bonds and stocks
$2.493,426 $3,625,405
$436,950
Loans
13,598,479 13,082.026 15,542,055
Cash in office
654.361
588,719
971,398
Cash In banks
2,572.912
1,965,222
2,061,812
Overdrafts and accrued interest
16,021
23,982
25,329
Cash items
1.745
2,803
Real estate
1,745,332
1,745,331
1,672,132
Stk. B.S.D.& T.Co. held for distrib'n
25.300
35.035
Other resources
41,354
Total
$21,082,276 $21,058,788 $20,786,065
Liabilities
Capital stock
$1,000,000 $1.000,000 *1.000.000
3,600.000 3,000.000 3,000,000
Surplus
Profit and loss
768,180
720,847
695.184
16,230,154 16,263,116 16,013,004
Deposits
4,066
3,887
Int. reserved for certifs. of deposit
3.533
79.876
70,938
74,344
Reserved for taxes
.
Total
$21,082,276 $21,058,788 $20,786,065
Trust department (additional)
$92,596,194 581.367,159 574.684.788
1924.
1923.
2%
Rate of interest paid on deposits__ _ _
2%
32%
Dividends paid in calendar year
32%
192 .
29%
2 72°
$31,102,175 $29,855,652 $29,777,613
Total
Liabilities
$1,500,000 $1,500,000 *1.500,000
Capital stock
2,000,000 2,000.000 2,000,000
Surplus fund
621,792
742,044
682,386
Undivided profits
26,200.680 24,937,460 25,029,651
deposits
General
526,170
414.093
312.938
Acceptances
100,000
Notes and bills redls. with F. R. Bank
442,868
245,358
Endorsements on bank acceptances
Total
Rate ofint. paid on dep. over $500_
Dividends paid In calendar year
$31,102,175 $29,855,652 $29,777,613
1922.
1923.
1924.
9%
2%
2%
18%
16%
' 20%
*Bank of Commerce & Trust Co. (Boston).
(Formerly Hub Trust Co.)
Dec. 31 '24. Dec. 31:23. Dec. 30 '22,
Resources$494,404
$307,912
$418,332
United States bonds
61.363
65,155
52,230
stocks and bonds
Other
703,160
800,372 . 1,024,591
Loans on real estate
730,432
.189
Demand loans
1.455,643
1,073.012
1.901.783
Time loans
42,500
40.000
47,500
Furniture and fixtures
454.868
554,060
616,934
reserve banks
Cash in
91.659
74.696
108.655
Checks on other banks
77.994
86,500
86,030
Cash in vaults
59,383
39.922
28,123
acceptances
Customers' liability acct.
$5,211,172 54.695.587 53.740,642
Total
Liabilities
$600.000
Capital stock
166,683
Surplus fund and undivided profits..
3,217,708
Demanddeposits
787,536
Time deposits
87,129
Due to banks
310,000
Bills payable
42.117
Acceptances
Charlestown Trust Co. (Boston).
t u.TesMarstocksand municipal bonds
otate
and bonds
uther
Dec. 31 '24. Dec. 31 '23. Sept. 1522.
$94.572
$93,993 I $422,412
219,809
183:584
155:80
10
8
245.056
420,831
349.770
238,011
78.793
94,510
107,194
53,641
50.243
46,967
155,656
172,764
175,194
53.047
112.825
59,677
92
478
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Commercial deposits
Bills payable
Miscellaneous dividends unpaid
31.260,025 51,316,016 $1.294,989
Loans on real estate
Time loans
Demand loans
Banking house and vaults
Due from banks
Cash on hand
Other resources
Total
8500.000
128,648
2,819,723
748,096
85.428
350,000
63,692
$500.000
99,967
2.230,732
665,736
36,084
175.000
33.123
35.211,172 $4,695,587 $3.740.642
Total
•Name changed from Hub Trust Co. on Dec. 3 1923.
Beacon Trust Co.(Boston).
$200,000
17,000
3.775
1.036,088
$200.000
14.500
5.000
1,053,380
40,000
3.136
$200.000
10,000
5,491
1,079,162
3,162
336
81,260,025 51,316,016 S1,294.989
Columbia Trust Co. (Boston).
ResourcesUnited States bonds
Other stocks and bonds
Loans
Cash in office
Cask in banks
Total
Liabilities
Capital stock
Surplus and profits
Deposits
Total
Dec. 31 '24. Dec. 31 '23. Sept. 15'22.
$100,750
$89,850
$69,850
262,437
97.000
97.000
2,307,542
861,703
842,218
69,743
52,470
76,363
149.369
92.187
154.244
$2,889,841 $1,193,210 $1.239,675
$100,000
$100,000
$100.000
174.320
106,368
86,531
2L .
615 521
986.842
1,053,144
*2.889,841 $1,193,210 $1,239,675
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$11.543,299 $12,444,737 $14,311,006
Time loans
6,988,876 7,594,408 7.496.578
Demand loans
838,679
Exchange Trust Co. (Boston).
790,278
826,883
Investments
5,815.997 5.871,230 4.760,122
Cash in office and banks
Dec. 30 '24. Dec. 30 '23. Dec. 30 '22.
Resources113,092
320,000
Safe deposit vaults
$4,490.947 $4,975,570 $5,539,511
Stocks and bonds
137,310
122,598
Real estate by foreclosure
1,806,185 1.922,734 2,929,820
Cash in offices and banks
Customers' liability under letters of
40,000
40,000
40,000
195,882
547.534 Safe deposit vaults,furn. &fixtures...
1,650,603
credit and acceptances
1,679.265
Demand loans
922.616 2,000.061
97,268
128,690
74,588
Other assets
Time loans
4.323.950 4,564,675 3,797.319
Loans on real estate
8,190.161
5,910,768 5,001,219
$27,342,844 $27,292.606 S28.034,208 Real estate owned
328.000
328,000
328,000
Total assets
Total
$20.101,759 $19,741.808 $19,315.134
Liabilities
$1,000,000 $1,000.000 $1.000,000
Liabilities
Capital stock
1,800,000 Capital
1,800.000
1.800,000
Surplus
$1,000,000 $1,000,000 $1,000,000
108,462
201,566 Surplus
1.000.000
141.054
Earnings undivided
1.000,000
1,000,000
195.882
547.534 Profit and loss
204.001
1,650,603
206,537
Letters of credit and acceptances
288,605
600.000
Bills payable
Deposits
17.813.153 17.535.271 17,111,133
19,995
8,652
18,840
Reserve for taxes
874.500 3.623.954 2,049,500
Notes and bills rediscounted
520,101,759 319.741.808 $19.315,134
Total
21,857,847 19,944,312 22,426,956
Deposits
1922.
1923.
1921.
2%
2%
2%
Rate of Mt.pd.on dep. of $500 Sc over
$120,000
$320,0W
$120,000
Total
$27.342.844 527,292,606 528.034.208 Dividends paid in calendar year
FEB. 21 1925.]
THE CHRONICLE
Jamaica Plain Trust Co. (Boston).
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
State of Massachusetts bonds
$4,789
$4,867
$4.789
Other stocks and bonds
1,529,587
1.303.488
1,052,134
Loans on real estate
1,290,052
1,088,160
Demand loans with collaterals
91,244
179.281
95.488
Other demand loans
16.635
56.599
35.557
Time loans with collateral
271.406
249.778
307,449
Other time loans
458,427
293.312
367,292
Overdrafts
78
181
390
Banking house,furniture & fixtures
39,849
29.300
29.300
Safe deposit vaults
12.475
12,475
12,475
Due from reserve banks
13.337
115.191
88,626
Due from other banks
31,164
Cash, currency and specie
76,430
71,709
72,388
Other assets
911
Revere Trust Co. (Boston).
ResourcesDec. 31 '24. Dec. 31 '23. Sept. 15'22.
U. S. and State of Mass. bonds
572.456
$73,833
$133.850
Other stocks and bonds
91,107
34,920
63,789
Loans on real estate
32,722
43,164
51,973
Demand loans with collaterals
23.040
38,530
65,929
Other demand loans
37,050
84.580
94,366
Time loans with collateral
106.787
87.638
27.661
Other time loans
116.939
106,665
193.722
Safe dep. vaults, furniture & fixtures_
10,000
10,000
8,798
Due from reserve banks
97.721
28.476
49,763
Duefrom other banks
735
Cash and cash items
19.100
33.372
15,525
Other assets
282
259
582
Total
LiabilitigsTotal
$3,944,309 $3,435.678 52.825,722 Capital. stock
Surplusfund
Liabilities
Undiv.prof.,less exp
Capital stock
$200,000
$200.000 Deposists (demand).,int.& taxespaid
$200,000
Surplus fund
46,000
29.000
36.600
Subject to check
Profit and loss
83,094
59,019
52,322
Certificates of deposit
Deposits subject to demand
3,547,928
3.093.964 2.499,436
Certified checks
Certificates of deposit
29.300
6.125
6.500
Treasurer's checks
Certified checks
13,940
12.698
19,679 Deposits (time)
Treasurer's checks
139
3,715
12.916
Ctrs. dep.
Open accts. not pay. within 30 days..
23,790
5.471 Due to othernot pay. within 30 days..
23,557
ban.
Other liabilities
118
398 War loan account
Total liabilities
53,944.309 $3,435,678 $2,825,722 Other liabilities
Total
Liberty Trust Co.(Boston).
Resources
Other investments
Loans on real estate
Demand loans
Time loans
Banking rooms
Cash on hand and in banks
U. S. bonds
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits (less expenses)
Deposits
Dividends unpaid
Bills payable
Notes rediscounted
Uncompleted loans
Foreign currency certificates
Guaranty fund
Other liabilities
Total
Dec. 31 '24. Dec. 31 '23. Dec. 29 '22.
5335.400
$753,260
5753.261
2,808,337 2,092,221
2.016,966
7,292,335 7,163,321
5.702,168
3,353,934 2.899,948 3,591,641
532,952
589,638
613,529
786.504 1,018,690
1,349.223
4,541.744
4.093,704 3,497,376
17,999
29.615
23,329
2,303,578 2,027.695* 2,474,452
472,717
1.084,500
180,140
245,148
298.138
42,990
7.319
63,616
178,602
108,664
111,798
Total
$24,078,258 $21,284.935 $20,093,259
Liabilities
Capital stock
$1.000.000 $1,000,000 $1,000,000
Surplus funds
500,000
500,000
500,000
Undivided profits
300,815
561.958
720,432
Deposits
20,550,004 17,094.867 16,963.462
Certificates of deposit
129,280
250.100
103,374
Certificates of deposit (time)
127.874
131,776
96,954
Certified checks
21,507
23,299
23,991
Treasurer's checks
88.944
548,798
66.970
Open acc'ts not pay'le within 30 days
446.127
114,187
367.343
Due to other banks
310,273
362,548
370.896
Dividends unpaid
40,160
40.640
40,246
Notes and bills redLscounted
I
932,500
Other liabilities
17.330
80,144
29,653
Total
$24,078,258 $21,284,935 $20,093,259
New England Trust Co. (Boston).
Resources
Stocks and bonds
Real estate
Demand and time loans
Cash in bank and office
Other assets
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$3,133,031 $3,153.749 $3.163,739
1,825,000
1,700.000
1,700,000
20,185,342 18,640,189 19.202.998
5,145,572 4,732,335 4,303.175
615.502
76,640
89.223
Total
Liabilities
Capital stock
Surplus
Guarantee account
Earnings undivided
Deposits
Other liabilities
$30.365,585 $28,315,496 $28,985.414
Total
$706,692
$100.000
10,000
6.396
5100.000
10,000
26.219
415.613
11.750
2.193
330
418.821
6.257
2.306
1.706
556,216
5.000
6,250
8.767
5.455
5551.736
5706.692
50.900
35
$596,907
$1,000,000 $1.000,000 81.000,000
2,000,000 2,000,000 2,000,000
300,000
600.000
600,000
585,163
616.747
642.319
25,341,249 21,731,373 23,509,610
1,139,173 2.367,376
1.233.485
State Street Trust Co.(Boston).
ResourcesDec. 31 '24. Jan. 2'24. Jan. 2'23.
Time loans
$24.378.060 520.134,269 $21,221.765
Demand loans
14.125.706 12.728.592 13.364.681
Investments
1,003.872
1.259.084
1,125.343
Due from Federal eserve Bank
4.358,974 4,107.689 4.111.36
Cash In office and banks
4,529,018 4,246,808 2,545,367
Real estate and safe deposit vaults
1,074.913
392,431
1.191,253
Customers' liability on account acceptances and letters of credit
2,854,356 2,328,727
2,536,590
Notes and bills rediscounted
1,025,000
Acceptances ofother banks end.& sold 1,089,691
586,336
160,363
U.S. bonds and ctfs. of indebtedness..
332.800
241.200
292,700
Other assets
134.626
115.931
111.457
Total
553.363,146 $47.330.730 547.015,086
Liabilities
Capital stock
52.000,000 $2,000,000 52,000,000
Surplus and undivided profits
3,376,689 3,180.677 3,176.390
Acceptances
2,166.820
1,746,618
1.805.743
Acceptances ofother banks end.&sold 1,089,691
586.336
160,363
Acceptances and letters of credit
issued and guaranteed
353.262
811.604
699,826
Liabilities for rediscounts
1,025,000 2,092,000
Deposits
43,921,433 38,231,573 36,261.994
Other liabilities
281,019
455,251
286,673
Total
553,363.146 547.330.730 $47.015.086
United States Trust Co. (Boston).
Resources-
U.S.and State of Mass. bonds
Other stocks and bonds
Loans on real estate
Demand and time loans
Syndicate participations
Due from loanks
Cash on hand
Other assets
Total
520.201,532 520,269.977 518.977.090
Winthrop Trust Co. (Winthrop, Mass.)
$330,365,585 $28,315,496 $28.985,414
5178.568.5855156,041.1825155,642.793
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
52,204,043 $2,904,131 $1,801.770
4.978,289 4,862.679 5,400.580
6.054.722 6,292,446 5,333.450
3,746,830 3,706,376 4.114,799
164,712
164,713
1,972.808
2,909,313 2,029,112
187,795
219,571
228,437
1.176
949
79,898
Total
520,201.532 820,269,977 518.977,090
Liabilities
Capital stock
51,000.000 51.000.000• 81.000,000
Surplus
1.000,000
1.000,000
1,000.000
Undivided profits
240,589
329.026
345.659
Deposits
17,855,766 17.130,951 16.736,398
Notes & bills red's. with Fed. Res.Bk_
810,000
Other liabilities
103
107
ResourcesU.S.and State of Mass. bonds
Other stocks and bonds
Old Colony Truet Co.(Boston).
Demand loans with collateral
Resources
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22. Other demand loans
Investments
18.583.447 $19,524.649 530.665.542 Loans on real estate
Demand and time loans
112.472.931 97.961.828 84,547,874 Time loans with collateral
Banking offices
5.475,263 3,575,505 4,151,849 Other time loans
Customers' liability under letters of
Banking house and vaults
credit and acceptances
6,999,720 4.138,618 8,168,138 Due from Reserve banks
Due from banks
27,289.588 22,854,643 21,942,626 Cash, currency and specie
Cash
1,439.020
1,894,897 2,095,304 Other assets
Exchanges for clearing house
6.308,616 6,091,042 4,071,460
Total
Total
5
5178,568, 855156,041,1825155,642,793
Liabilities
Capital stock
Liabilities
Surplusfund
Capital stock
$7,000,000 $7,000,000 57,000,000 Undivided profits
9,000,000 9.000,000 9,000,000 Deposits subject to check
Surplus
Undivided profits
785,811
1.353.961
653,542 C
Certified checks
Reserved for taxes and interest
1,087,870
938.298
1.665,413 Treasurer's checks
Reserved for depreciation
508,429
Due to Reserve banks
Notes payable at Federal Res. Bank_
2.700.000 Due to other banks
Acceptances and letters of credit_.... 7.319.156 4,394,871
8.227,009 Time
150.467,319 133,354,052 126,396,829 Otherdeposits
Deposits
liabilities
Rediscounts
2,400,000
Reserved for taxes and interest
Total
$551,736
$100,000
10.000
1,121
Roxbury Trust Co. (Boston).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
51.173.648 51.090.464 51.204,530
ResourcesJune 30'24. June 30'23. Dec. 30 '22.
4,230,235 4302,497 4.160,990 U. S. and Mass. bonds
547.000
1 5336,910 1 5303.822
612,279
944,277
1.534,232 Other stocks and bonds
245.765
I
5,962,983 6,785.222 5,423,537 Loans on real estate
233.550
316,470
434,270
95,000
59.900
99,500 Demand loans
104.476
} 912,150 } 754.362
2,102,064
2.152,315
1.917.053 Time loans
472.353
164.940
160,940
110,757 Banking house, furniture and fixtures
32.560
10,000
48.095
72,371
211,472
101,803 Due from reserve banks
119,928
1 151,063 } 110,330
Due from other banks
10,234
$14.413,520 $15,507,087 $14,552,406 Cash
31.376
60,829
72,996
Other resources
11.844
5.298
11,691
$750,000
$750,000
$750,000
Total
$1,967,175 $1,560.764 51.309,434
750.000
750,000
750.000
Liabilities
28.503
46.940
14.348
$200,000
stock
$200,000
$200.000
12,182.973 12.474,492 12.076,851 Capital fund
4.369
2,075
1.275
22.674
18.850 Surplus
388
6.017
Undivided profits
39.153
7,861
454.450
93.000
97.000 Deposits
1.030,914
1.251,624
1,751.446
125.000
646,500 Due to other banks
1.224,207
9,856
16,938
7,020
29,120 Uncompleted loans
73.418
8.000
51.058 Bills and accounts
3,380
11,674
50,000
50.000
47.000
34.634
23,268 Other liabilities payable
277
973
6,593
42,520
48,334
95,411
Total
51,967,175 51.560.764 51.309,434
$14.413.520 $15,507,087 $14,552,406
Massachusetts Trust Co.(Boston).
ResourcesU. S. and State of Mass. bonds
Other stocks and bonds
Loans on real estate, net
Demand loans with collateral
Other demand loans
Time loans with collateral
Other time loans
Safe deposit vaults
Due from reserve banks
Due from other banks
Cash:Currency and specie
Other cash items
Other assets
$596.907
Total
Dec. 31 '24. Dec. 31 '23. Sept. 15 '22.
$103,569
$128,505
$133,630
312,979
49,450
1,023,472
57,230
164.001
27,000
128,998
35,155
129,471
86,014
713,428
51.891
249.957
30.000
107.956
23,836
50
$2,266,855 $1,860,778
$100,000
50,000
26.495
1,025,108
754
1,132
14,868
$100.000
45.000
19.270
1.653.783{
3,525
7,996
17,336
1.006
124,432
40.693
109,650
35,510
66.072
30.976
64,186
23,903
370
$931,046
5100,000
35,000
13,478
599.528
181,136
1,031.297
12.863
224
1,680
52.266,855 81,860,778
$931.048
17,202
[VOL. 120.
THE CHRONICLE
912
PHILADELPHIA COMPANIES
Aldine Trust Co. (Philadelphia).
Real estate mortgages
Stocks and bonds
Loans on collateral
Loans on commercial paper
Customers' liability letters of credit
Bonds borrowed
Banking house
Cash on hand
Cash on deposit
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
Bonds borrowed
Dividends unpaid
Bills payable.
Letters of credit
Reserve for taxes
Total
Dec. 31 '21. Dec. 31 '23. Dec. 30 '22.
$101,807
$193,791
$107,728
862,486
771.254
788,104
3,126.246 2,706,195 2,163,508
1,644,660 1.295,321
1,571.698
600
3.681
961
89,600
102,300
50,000
50.000
50,000
51,436
65,200
132,645
363,643
532,321
480,344
_
$6,257,726 $6,055,638 $4,992,165
$750,000 • 5750,000
500,000
300,000
143.003
218,192
4,020,983 3.182,099
89,600
102,300
376
471
1,036
326,487
427.542
600
3,681
961
32,469
30,183
.
$6,257,726 $6,055,686 $4,992.165
$1,000,000
1,000.000
131,971
4,093,575
Belmont Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$258,349
$294,271
Cash on hand and due from banks__ $330,112
145,348
150,026
Commercial & other paper purchased.
165.191
684.218
1,029,611
Loans on collateral
918,911
453.050
453.860
407.600
Loans on bonds and mortgages
588,706
570,361
Stocks, bonds, &c
807,752
296.005
134,295
Mortgages
302.025
20,500
23.284
Furniture and fixtures
30,427
52.937
75.890
Banking house and other real estate
89.996
23,585
24.442
Miscellaneous assets
30.642
Total
53.082,656 52,756.040 $2,422,788
Liabilities
$187,500
$187,500
Capital stock
$187,500
62,500
112,500
Surplus
137,500
84,379
40.909
Undivided profits
54,843
Deposits
2.642,612 2,361,003 2.044,754
19,976
Special reserve account
25,659
43,855
34.152
34,542
Other liabilities
American Bank and Trust Co. (Philadelphia),
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Rescntrces$165,010
$117,230
$145,100
Cash and notes
•
353,156
215.234
264,788
Due from reserve agents
100.000
100,000
100.000
Legal reserve security at par
1,212
1,121
1,213
Nickels and cents
3,174
8.777
Check and cash items
336,412
343,192
409,159
Commercial paper on one name
358,197
470,221
480,940
Commercial paper on two names _ __..
144,769
185,779
72,100
Time loan with collateral
132,652
389,118
579,487
Call loan with collateral
54,400
17,900
210.400
Loans secured with bonds and mtges1,037,792 1,052.944 1,051.367
Stocks and bonds
804,275
693,300
809,559
Mortgages and judgments
65,791
65.791
65,791
Real estate and building
10,000
12,000
7,000
Furniture and fixtures
104
559
151
Overdrafts
150
150
9.566
Other resources
54,194,093 $3,846,588 $3,386,989
'Total
Liabilities
$300,000
$300.000
$300,000
Capital stock
100.000
300,000
200.000
Surplus
103,434
58.115
59,476
Undivided profits
2,164,480 2,122.708 2,056,802
Deposits subject to check
4,807
7,613
9,379
Demand certificates of deposit
35,000
15,000
35,000
Deposit by Commonwealth of Pa---7,924
3,239
2.242
Certified checks
7,650
29,095
4,195
Treasurer's checks
678.965
1,226,547 1,087,412
Saving fund deposits
279
893
264
Dividends unpaid
30.000
Reserve for depreciation
100,000
70,000
payable on demand
Bills
6.500
1,151
Other liabilities
$4,194,093 $3,846,588 $3.386,989
Total
$3,082,656 $2,756,040 $2,422,788
Total
Broad Street Trust Co. (Philadelphia).
'
Dec. 31 '24. Dec. 31 '23. Dec. 1 '22.
Resources$62,222
Cash, specie and notes
Due from approved reserve agents_
168,422
$56.795154,1441 $204,389
591
Nickels and cents
545
965,412
513,387
542,215
Notes purchased
62,500
136.780
Loans secured by bonds & mortgages
Loans on collateral
339,354
156,761
338.780
367,300
Building and loan paper
300,601
316,734
Bonds
363,515
125,800
105,000
Mortgages & judgments of record...
34,156
28,082
Furniture and fixtures
25,089
10,625
359
Miscellaneous resources
2.650
Total
Liabilities
Capital stock
Surplus and undivided profits
Deposits subject to check
Certified checks
Special time deposits
Bills payable
Reserve for depreciation, &c
Other liabilities
Total
$2,074,291 $1,780,018 51,577.884
$250,000
170,393
1,135,528
30,210
408,573
50,000
29,236
351
$250,000
144,859
902,0061
19.063
312.028
150,000
1.400
862
$250.000
107,560
1,135.874
75,000
9,250
$2,074,291 $1.780,018 $1,577,684
Central Trust & Savings Co.(Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$787.593
Stock investments
Commercial & other paper purchased 8,193,060 8,367,888 6,238,676
3,876,230 4,973,039 3,484,998
Amount loaned on collaterals
383.825
402.839
553,161
furniture and fixtures
Real
524,251
553,518
*Bank & Trust Company of West Philadelphia (Phila.). Cash estate,
558,917
on hand
2,458.946
1.767,287 1,631,300
Jan. 31 '25. Cash on deposit
Resources15.296
51.318
84.743
$101.401 Miscellaneous
Cash, specie and notes
164,966
Due from approved reserve agents
$14,512.650 $14,758,471 $13.169,654
Total
76,000
Legal reserve securities, at par
2,060
Nickels and cents
Liabilities
680
Cash items
$750,000
$750,000
$750,000
274,841 Capital stock
Bills discounted, upon one name
850,000
1,000,000
1,100,000
274,463 Surplus fund
discounted, upon two or more names
Bills
76,168
71,916
120.576
Undivided profits
194,986
Time loans with collateral
12,280,376 11,686.685 11,062,482
302,470 Deposits
Call loans with collateral
431,004
1,249.890
261,698
232,950 Other liabilities
Loans on call, upon one name
$14,512,650 814,758.471 S13,169.854
Total
111,834
Loans secured by bonds and mortgages
727,736 Trust
Bonds
$5.211.715 $4.744,254 84.154.297
department (additional)
5,000
Stocks
1922.
1923.
1924.
59.000
Bonds and mortgages owned
416,728 Rate of int. pd. on dep. of$500 & over2, 3 & 4% 2, 3 & 4% 2 & 3%
Office building and lot
8%&2%ex. 8%&1%ex.
12%
51,511 Dividends paid in calendar year
Furniture and fixtures
791
Overdrafts
409
Book value of legal reserve securities above par
20.173
Chelten Trust Co.(Philadelphia).
Other assets not included in the above
53.017,999
Total
Dec. 31 '24.1Dec. 31 '23. Dec. 30 '22.
Resources
Liabilities5689,000
5569,575
5358,075
$250,000 Real estate mortgagee
Caldtal stock paid in
2,358.233 2,327,619 2,086,028
135,000 Loans on collateral, &c
Surplus fund
260,012
260,012
258,071
83,744 Office building and lot
Undivided profits
105,506
24,875
38,901
Other real estate
Less current expenses and taxes paid58,697 Cash on hand
194,064
169,377
140.477
8.155
taxes and expenses'
Reserved for interest,
• 169,114
152,585
177.395
Cash on deposit
1,316,398
Deposits subject to check
1,025,898
1.024,636 1,375.795
1,630 Bonds. stocks. &c
Demand certificates of deposit
34,660
13,069
13,531
65,000 Other assets, furniture and fixturesDeposits, Commonwealth of Pennsylvania
49,101
Certified checks
$44,836,487 54,555,774 54.432,247
Total
19,640
checks
Cashier's or treasurer's
11,185
Liabilities
Special time deposit.;
778,330 Capital stock
$3300,000
5300,000
5300.000
Time savings fund deposits
7,514 Surplus fund
200,000
150.000
220,000
Dividends unpaid
233.605 Undivided profits
54,884
56.470
53.709
Other liabilities not included in above
3,792,363
4,060.017 3,948,131
$3,017,999 General deposits
Total
50,000
135,000
200,000
Other liabilities, bills payable
3.934
Reserve for depreciation of securities_
* Began business April 171924,succeeding the West Philadelphia Dank.
14.836,487 14,555.774 84,432.247
Total
*Bank of North America & Trust CO. (Philadelphia). Trust department (additional)
$1,054,982 81.447,070 51.322,295
Dec. 31 '24.*Dec. 31 '23.
Resources1922.
1923.
1924.
$814,076
$656,921
Cash on hand
2, 4 & 4si%- 2% dem.
3.193,754 3.541,217 Rate of interest paid on deposits
Due from approved reserve agents
$108,000
$16,000
524.000
Dividends paid in calendar year
6,217.804 7,435,889
Due from other banks, trust companies, &c
6.374,254
3.162.391
Checks and cash items
13.948,852 14,956.190
Commercial paper purchased
6.464,579 8,671,974
*Chestnut Hill Title & Trust Co. (Philadelphia).
Time loans
9,925.169 14,261,125
Call loans
Dec. 31 '24. Dec. 31 '23.*Dec. 30 '22.
Resources636,700
12.000
Loans on bonds and mortgages
{$12,369
853.5461
21,991,617 6.236.172 Cash, specie and notes
Bonds and stocks
43,276
es
32,892
$885,509
300,000
300,000 Due from approved reserve agents_ _ _
Office building and lot
5,000
20,000
581,500 Le
562.500
Legal reserve securities at par
Other real estate
319
130,000 Checks and cash items
130,000
Furniture, fixture and vaults
85,445
179,824
60,00,1
80.172
164,744 Commercial paper purchased
Customers' liability on letters of credit
129,985
235,079
118,161
1,078.464 Loans upon collateral
389,686
Other a.ssets
243,009
80,017
326,214
Bonds
20,750
133,344
59,321
$67,192,600 $65,025,150 Mortgage and judgments ofrecord_ -_
Total
64,310
64.519
56,310
Office building and lot
Liabilities
$6,000,000 $5,000,000 Other real estate
45,619
37,819
Capital
5,000,000 5,000,000 Furniture and fixtures
8,594
21.174
21.017
Surplus fund
919,623
717,045 Other assets
1,988
226
395
Undivided profits
287,835
Reserve for interest and taxes
$426,826
33,366.796 38.550,239
Total
5809,322
51,009.692
Demand deposits
5.174.958 5,675,029
Time deposits
Liabilities
13,905.369 8,285,163
Due to banks and trust companies
$125.000
$125,000
5125.000
188.974
189.421 Capital stock
Dividends unpaid
12,500
12,500
12,500
164,744 Surplusfund
Letters of credit
303
13.791
268,873 1,443.510 Undivided profits
Other liabilities
221.806
Demand.deposits
379,009
388.745
80,172
• Acceptances
67,520
245.511
Time deposits
354,656
3,000,000
Bills payable
47.000
Bills payable to banks
115.000
$67,192,600 $65,025,150
Total
$426.826
$8800.322
Total
51.009,692
• Bank of North America & Trust Co. began business March 1 1923.
* Began business May 16 1922.
being a consolidation of the Bank of North America and Commercial Tr.Co.
FEB.21 1925.]
THE CHRONICLE
*Cobb's Creek Title & Trust Co. (Philadelphia).
913
*Community Trust Co. (Philadelphia).
ResourcesResources-Dec. 31 '24. Dec. 31 '23. Dec. 31 '22.
Dec. 31 '24. *Dec.31 '23.
Cash, specie and notes
$32,020
$11,808
$32,872
$16,562 Cash, specie and notes
$8.173
Due from approved reserve agents.-Due from approved reserve agents
95,364
74,496
27.558
30,759
Legal reserve securities at par
35.000
40.000
516
000 Due from banks and trust companies
7,112
20,
Nickels and cents
754
205.417
362
176.789
180 Commercial paper purchased
Comml paper purch. upon one name
52,400
187,091
88,479
38,091 Loans on collateral
98,065
Upon two or more names
57,070
17.075
98,661
5.430 Loans on bonds and mortgages
13,000
Demand loans with collateral
182,455
29,940
84,424
39.728
24,649 Bonds
Time loans with collateral
105,360
46,877
10.281
29,939
19.390 Furniture and fixtures
Loans on bonds and mortgages
18,363
12.415
47.929
19,700 Other resources
32,208
Bonds, stocks, &c
377,826
352,696
255.062
Mortgages and Judgments of record_ Total
227,850
160,322
$592.099
$435,773
64,077
Office building and lot
Liabilities
74,967
67,810
67,643
Furniture and fixtures
9,142
$159,200
$134,615
13,273
11,322 Capital stock
Overdrafts
70
20,065
2
26 Surplus fund
Book value of legal res. sec. above par
1,394
197,921
1,038
195.939
1,412 Demand deposits
assets
Other
15,660
162,913
13.755
85,219
18.513 Time deposits
Bills payable
52.000
20,000
Total
$1.285.695 $1,032,998
$580.470
Total
Liabilities
$592,099
$435,773
Capital stock
$125.000
$125,000
$125.000
* Began business June 18 1923.
Surplusfund
12,500
12,500
12,500
Undivided profits
26,044
8,010
1,028
Reserve for depreciation
5,791
Continental-Equitable Title & Tr. Co. (Philadelphia).
Deposits subject to check
626.931
536,828
293.010
Resources
Dec. 31 '24. Dec. 31 '23. Dec. 31 '22.
Cashier's and certified checks
17,824
35
31 Real estate mortgages
$2,800,750 $1,868.950 $1,775,365
Savings fund deposits
456,962
289,544
Stocks and bonds
4,707,654
5.356,601
5.054.534
Time certificates of deposit
5,000
3.333 Loans on collateral
7,183,510
7.721,313 6.752,355
Special time deposits
7,248
128,202 Cash on hand and in banks
5.304
1,177.585
1.529,301
1,548,297
Other liabilities
2,395
55,777
17.356 Other assets
245.319
244.277
294.805
Total
Total
816.114.818 $16.720.442 815.425.356
$1,285,695 $1,032,998
$580,470
Liabilities
* Began business May 20 1922.
Capital stock
$1,000,000 $1,000,000 81,000,000
Surplus and reserve fund
1,500,000
1,000.000
1,000,000
Undivided profits
314,613
525.622
332,013
General deposits
The Colonial Trust Co. (Philadelphia).
12.869,940 13.365.018 11,098,283
Dividends unpaid
5,313
6,225
5,921
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22. Bills payable
200.000
600,000
700.000
Real estate mortgages
$505.300
224.952
223.577
289.139
$272,850
$239.250 Other liabilities
Stocks and bonds
2,927,313 2.628,631
2,700,392
Total
816.114,818 816,720.442 $15,425,356
Loans on collateral
3,232,635 2,725,961
2,834,121 Trust department (additional)
$11,214,716 $11,439,993 810.084.703
Furniture and fixtures
39.445
35,85522,113
Cash on hand and in banks
1924.
1923.
1922.
1,011,964
1,255.807
945.752
-2% sight: 4% time
Commercial and other paper owned_ 3,287,040 3,120,896 2,243,327 Rate of interest paid on deposits
Other assets
$160,000
8160,000
$140,000
241.810
240,398
158,999 Dividends paid in calendar year
Total
Liabilities
Capital stock paid In
Surplus and undivided profits
General deposits
Bills payable and reascounts
Reserve for taxes, etc
Other liabilities
$11,245,507 $10,280,398 $9,143,954
East Falls Bank & Trust Co. (Philadelphia).
Resources-Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Cash, specie and notes
$44,291
$32,036
$43,562
Due from approved reserve agents_ _ _
210,163
81.063
33,304
Due from banks and trust companies1,039
Commercial paper purchased
206.154
203,057
49,688
Time loans on collateral
95,085
98,001
90.517
Call loans on collateral
13.350
137.416
6,325
Loans secured by bonds & mortgages..
6,000
6.000
Total
$11,245,507 810.280,398 *9,143.954 Bonds, stocks, &c
809,108
811,188
698,038
Trust funds
$3,382,812 $3.052,108 22.619,904 Mortgages
120,450
95,950
57,100
Office building,furniture & fixtures
136.382
135,357
59,129
1924 & 19231922.
Rate of interest paid on deposits
1.621
2.458
935
12% bal. of $300; sav. 3 to 3.65% Other asspts
{
Total
I
81.481,104 81,445.324 $1,358,339
fund 3 to 4%
Dividends paid in calendar year
Liabilities
12%
12%
10%
Capital stock
$125,000
$125,000
$125.000
Surplusfund
125,000
125.000
125,000
Undivided profits
3.514
Columbia Avenue Trust Co. (Philadelphia).
1.737
4,231
Reserve of deprec., interest, tax,&c
8,212
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22. Demand deposits
545,426
510,993
504,262
Cash on hand and due from banks___ $329,696
540,030
1761.0451 $787,521 Time depmits
495,445
437,497
Commercial and other paper owned-100.000
562.964 Bills payable on demand
556,588
586.932 I
100,000
125.000
Loans on collateral
• 25,000
75,000
1,851,909 1,845.3811 1.735,193 Bills payable on time
25.000
Loans on bonds and mortgages
205.3221122,866 Dividends unpaid
2.555
2,523
196,211
2,504
Stocks, bonds, &c
6,367
2,966,137 2.514,557
2,481.717 Other liabilities
9.626
9.845
Mortgages
308,317
169.358
229,662
Total
81.481,104 51,445,324 $1,358,339
Banking house. furniture, &c
180,000
180.000
216,912
Other real estate
4,000
51,000
20.000
Empire Title & Trust Co. (Philadelphia.
Miscellaneous assets
2,096
16.969
2.032
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Total
$6,915,084 $6,423,586 $6.045,715 Cash on hand
1118146.457
8135.192
$83,466
Liabilities
Due from banks and bankers
72,531
112,457,
Capital stock
496,190
$400,000
$400,000
$400.000 Loans
523.993
324.346
Surplus and undivided profits
837.974
753.406
718,970
653.950 Stocks, bonds, &c
565,926622,714
Deposits
319.750
5,726,232 5.268.379 4.950.303 Mortgages
274,775
227.866
Dividend unpaid
24,000
106,271
24,000
24,000 Real estate,furniture and fixtures.97.170
56,082
Miscellaneous liabilities
11,446
12,237
17.462 Miscellaneous
1,370
1.152
1.235
Total
$1,980,542 $1,710,665 $1,354,238
Total
Liabilities
$6.915,084 $6,423,586 $6,045,715
Trust department (additional)
$2,418,774 $2,241,198 $2.529.814 Capital stock paid In
$221,225
$200,000
8156,575
Surplus fund
61.925
50,000
50,000
Undivided profits
38,583
67,131
67,722
Columbus Title & Trust Co. (Philadelphia).
Deposits
1,580.586
1,288,336 1,054,806
Reserve for depreciation
Resources18,000
Dec. 31 '24.Dec. 31 '23. Miscellaneous
Cash, specie and notes
1
1
2
$82.026
$67,572 Unpaid dividends
Due from approved reserve agents
222
132
197
67.612
83,435 Bills payable
Due from banks, trust companies, &c
60.000
105.000
25.000
60.065
Legal reserve securities
Total.
51.980,542 81.710,665 51.354,236
53.791
52,710
Commercial paper purchased
950
206,042
Loans on collateral
192,974
53,006
Excelsior Trust Co.(Philadelphia).
Loans on bonds and mortgages
440.933
467,807
Bonds and stocks
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
365,240
356,452 Cash on hand
Judgments
$163,587
$208,155
$130.168
455,953
258,076 Due from banks, &c
Furniture and fixtures
574.921
176.146
115.046
33,538
21,089 Stocks and bonds
Other resources
1,858,298
1,271.374
1.274,617
1,597
17.461 Loans on collateral
2,702.048
3.212.030 2.484.970
Total
295.250
560.375
487.500
$1,754,679 81,583.650 Mortgages
Real estate, furniture and fixtures
Liabilities
91.545
93,997
57.150
Other assets
Capital stock
25.283
19.159
11.107
$125,000
$125,000
Undivided profits
Total
85.713,384 15,538,784 84,560,559
56,633
24.128
Reserve for dep., int., taxes, &c
Liabilities
7,749
Demand deposits
$300,000
$300.000
8300.000
723,102
798.543 Capital stock
Time deposits
475,222
406,685
299.677
705.424
500,786 Undivided profits and reserve fundBills payable
Deposits
4,938.027
4.574,428 3,755,019
100,000
125,000 Bills
liabilities
Other
190,00
36,771
10,193 Bills payable on demand
payable on time
60,000
200,000
Total
135
7,671
5.863
$1,747,679 $1.583,650 Miscellaneous
Total
$5,713,384 $5.538,784 84.560.559
$500,000
735,969
9,522.858
375,000
14,108
97,572
$500,000
709,946
8.418,099
585,000
12,357
54,996
$500,000
701,667
7,481,073
350.000
66,270
44.944
Commonwealth Title Ins. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Bonds and stocks
Loans on collateral
Real estate
Cash on hand
Cash on deposits
Other assets
Total
Liabilities
Capital stock paid in
Surplus and reserve fund
Undivided profits
Deposits
Bills payable
Other liabilities
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
84,081.035 $2,731.403 $1.817,635
3.143,006 3.209,224 3.386.800
• 6,187,964 4.934,168 4.820.085
1.598,685
1.598,684
1.598.684
535,866
496,553
395.072
459,464
294,439
414,586
156,566
146,138
148.746
$16,162,585 $13.410,609 $12,581,608
$1.451,575 81.000,000 81.000.000
3.201.575 2,250,000
1.500.000
277.808
428.203
657,815
10,728,674 9.259,364 9.311.005
300,000
300,000
202,953
173,042
112.788
$16,162.585 $13.410,609 $12,581.608
Total
(additional)
$30,430.981 828,430,328 827,171,919
Trust department
1924.
1923.
1922.
2%
Rate °lint. pd.on dep. of $200 & over
2%
2%
16%
Dividends paid In calendar year
16%
13%
*Fairhill Trust Co. (Philadelphia).
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Cash, specie and notes
$28,741
$29,819
$13.909
Due from approved reserve agents87,093
50.025
76.781
Legal reserve securities at par
33,643
30.015
32.393
Commercial paper
171,736
103.366
54.340
Time loans
13,935
19.600
2,450
Mortgages and judgments ofrecord41.300
Call loans
190,420
89.480
51,000
Bonds
294,049
248,802
156,730
Office building, furniture and fixtures
99,809
77.631
29,489
Other assets
140
32
3,981
Total
8965,858
8690,178
$421.073
Liabilities
Capital stock
$125,000
$125,000
$125,073
Surplus fund
13,800
12,500
12,500
Undivided profits
10.891
7.204
114
Demand deposits
484,975
369,235
218.435
Time depcxsits
5,385
2.658
1,893
Savings deposits
263,768
138,146
61.707
Other liabilities
62,039
35.425
1,424
Total
$965,858
8690.168
* Began business Dec. 1 1922. succeeding the Fairhill State $421000
Bank.
THE CHRONICLE
914
Federal Trust Co.(Philadelphia).
[VoL. 120.
Girard Avenue Titlej&ITrust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$3379.620
$481,020
$624.651
730.659
755.318
859,684
2,259,080 2,013.985 1,585,259
269.141
281.119
182.237
47.000
72,471
75.399
133.220
126,579
150,001
123,978
251,733
241,600
6,777
11,136
12,097
1.272
, 1,248
2,334
$5,212,762 $4,399.740
$5,877,741
Total
$4.407,083 $3,904,609 $3,276,926
Total
Liabilities
$200,000
$200,000
Liabilities
$200,000
$200,000
Capital stock
$200,000
$200,000
236,233 Capital stock
293.016
322.989
200,000
Surplusfund
200,000
200,000
5,122,305 4,353.746 3.618.507 Surplus fund
50.002
Deposits
89.679
.
335.000 Undivided profits
350.000
220,000
Bina payable
1.351,251
2.115,216 1,816.469 1.475.673
10.000 Deposits, saving fund
16,000
12.447
Other liabilities
1,686,462
General deposits,payableon demand. 1,752.764
1.999
1 989
$5,877,741 85.212.762 $4.399,740 Other liabilities
Total
1.122.
1923.
1924.
$4,407,083 $3,994,609 $3,276.926
Total
$56.619
$62,677
$64,846
deposits ofl 2% check, 2% check. 2% check, Trust department (additional)
Rate of interest paid on
4% says. 334% says.
I 4% says.
$500 and over
10%
10%
12%
Dividends paid in calendar year
Girard Trust Co.(Philadelphia).
Dec. 31 '21. Dec. 31 '23. Dec. 31 '22.
ResourcesFidelity Trust Co.(Philadelphia).
89,480.162 $7,969,273 87,101,087
Cash on hand and in banks
Dec. 30 '22. Loans
16.791,529 12.829,695 14,784.450
Dec. 31 '24. Dec. 31 '23.
38,899.468 36,394.864 35,701,351
$3,383,166$4,449,316 $3,916,318 Securities
Mortgages
3.368,433 3.368.433 3.369.232
29,116,345 27,832,517 Real estate
41,680,526
Stocks,
&c
197,709
277,621
20.389,699 24.118.280 22,488,876 Customers liability on letters of credit 310.486
Loans
4.022
23,713
21,406
2.598,969 2.646,896 2,696,107 Other resources
and lot
Real estate, office building
Ei 183,345
176.730
161,439
Customers'llab.onaccep.&let.ofcred.
$60,863,599 $61,157.851
868.871.484
518.782
531.507
Total
579.294
Cash on hand
Dec. 31 '23. Dec. 30 '22.
Liabilities6,381.035 8.372.089 p 4.617.184
Cash on deposit
$2,500,000 $2,500,000 $2,500,000
538,195 Capital stock
598,393
820,842
Accrued Interest
7.500,000 7.500,000 7,500,000
2.093 Surplus fund
50
Miscellaneous
3.405.306 3,162,752 3.106,490
Undivided profits
54,905,692 47,173,227 47,528,651
$75,994,970 $70.009.606 862.793,417 Deposits
Total
325.000
250,000
250.000
Dividend
Liabilities
197,710
277,620
310,486
$5,200,000 $5,200,000 $5.200.000 Letters of credit issued
Capital stock
17.735.571 17,254,766 17,014,704
868.871.484 860,863,599 $61,157,851
Total
Surplus and profits
51,450,679 43.377,045 37,056.073 Trust dept.. excl. of corp. trusts
373.585,306 346.771.795 311.581.437
Deposits
0
1,8 0,000
2.320,000
Bills payable
400.000
400,000
400.000
lphia).
Reserve fund
129.234 Guarantee Trust & Safe Deposit Co. (Philade 30 '22.
247.249
330,966
Accrued interest
Dec. 31 '24. Dec. 31 '23. Dec.
183,345
176.730
Resources-.
161.439
Letters of credit issued
$1.460,238
$491,5191 $2,551,771
380.000 Cash on hand
380,000
150,000
Ground rents
1,032,281
400,000 Due from banks and bankers
250.000
250,000
6.139.536
Mortgages
5,916,4281 6,589,801
230.001 Loans on collateral
403.815
316,315
accrued taxes
Other liabilities,
1,555,980
Loans on bonds and mortgages
2,546,517 2,859,6661 2,530,733
$75.994,970 $70,009,606 $62,793,417 Stocks, bonds, &c
Total
190,000
1
300.0001
349,494.963 334,247,488 300,000,000 Legal securities, reserve
Trust department (additional)
345,549
3,698,325
640,691
Mortgages and mandamus
494,780
495,714
515,685
Real estate, furniture and fixtures.-103.174
103.639
104,203
Finance Co. of Pennsylvania (Philadelphia).
Interest accrued
7,061
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22. Overdrafts
Resources
159,049
130.433
70.610 Other assets
27,349
560.835
8476.195
Cash on hand
454,532
429,334
17,000
Due from banks, &c
2.500
$13.137.715 813,129,349 811.423,059
50,000
Total
Commercial and other paper owned
579,045
532,065
328.180
Liabilities
Loans on collateral
4,866,189 Capital stock
$1,000,000 $1,000.000 $1,000,000
4,671,846 4,841,411
Stocks, bonds, &c
400,000
500,000
492,242 Surplusfund
600,000
817.742
953,242
Mortgages
377.022
338,167
243,535
2,707,824 2,442.285 Undivided profits
2,691,501
Real estate
79,247
102.060
75.523
38.527 Reserve
40.900
57.350
Other assets
11,077,824 11,050.497 9,446.015
Deposits
77,719
95,151
116,728
$9,245,314 $9.430,211 $8.945,930 Interest payable to depositors
Total
43,056
43,474
24,105
Other liabilities
Liabilities
$3,000,000 $3,000,000 $3,000.000
Capital stock
$13,137,715 $13,129.349 U1,423,059
3,665,279 3,204,749 2,920.026
Total
Undivided profits
300,102 Trust department (additional)
$23,443.858 $22,216.776 S22.364.105
334,952
373,522
Reserve for depreciation
1.294.213 1.559,750
1,117,811
Deposits
1,450.000 1,050,000
1,075.000
Haddington Title & Trust Co. (Philadelphia). '22.
Bills payable
116,052
146.297
13.702
Dec. 31 '24. Dec. 31 '23. Dec. 30
Miscellaneous liabilities
Resources$1,001,779 $1,107,436 $1.104,733
$9,245,314 $9,430.211 $8,945,930 Bonds, stocks, &c
519.800
442,100
487.016
Total
Mortgages
925,428
1.093,539
Loans on collateral & bonds & mtges.- 1.162.162
267,669
279,173
298,952
Commercial paper
Frankford Trust Co.(Philadelphia).
112,940
100,386.
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22. Cash on hand
111,794
Resources218.630
194.138
81,672.672 $1,477.316 $1.036.115 Cash on deposit
66,210
Real estate mortgagee
67,082
132,091
3.432.163 Office building,furniture & fixtures....
3,261,263
3.490,391
70.454
Stocks and bonds
54.195
52,850
1.017,135 Other assets
1,025,663 1,130,944
Loans on collateral
968.378
1,323,544
1,417.311
Loans on personal securities
$3,429.824 $3.355,291 $33,179.028
151.972
Total
164.840
371,989
Real estate
309,445
Liabilities-422,361
469,054
8125.000
Cash on hand and reserve bonds
$125,000
$125.000
417,189 Capital stock
363,133
378,676
116,576
Cash on deposit
142,692
164,560
14,504 Undivided profits
14.104
13.118
Other assets (incl. vault.turn.&fist.)
3,133.532 3,086,070 2,933.728
Deposits
3,724
1.529
6,732
$7,346.901 Other liabilities
$8.778,874 $8,157,505
Total
$3.429.824 $3.355,291 $3,179,028
Liabilities
Total
$250,000
$250,000
$250,000
Capital stock
1922.
1923.
1924.
500.000
655,000 ' 500,000
Surplus and reserve fund
2% check: 4%13801
139,245 Rate of Interest paid on deposits
197,154
256,885
Undivided profits
$7,500
$7,500
310.000
in calendar year
6,270,142 Dividends paid
Gen.dep. payable on demand & time 7,584,668 7,037,293
187,514
173.058
32,321
Other liabilities
$7,346,901
$8,778,874 $8,157.505
Hamilton Trust Co. (Philadelphia).
Total
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources
53.765.628 $3,653,854 33.752.451 Cash on hand
$133,861
Trust department (additional)
$164,335
$237,812
173,062
banks, &c
227,478
327.712
Checks and due from
691.200
676,400
361.400
Reserve bonds
Franklin Trust Co. (Philadelphia).
414,951
611.956
638,631
Dec. 30 '22. Commercial and other paper owned
Dec. 31 '24. Dec. 31 '23.
Resources713,461
887,455
864,557
$2,002.936 Loans on collateral
$746.018
Bonds and mortgages and real estate.. 10,539,002 $2,383,000 5.308.045 Loans on bonds and mortgages
553,624
456,879
295,859
5,846,427
457,978
Stocks and bonds
576,856
954,242
13.496.847 10,506.891 8.745,892 Stocks, bonds, &c
261,500
Amt.loaned on coll. & personal sec
247,500
552.832 Mortgages
393,760
688,760
1,081.310
264,192
Cash on hand
265,615
266,974
774,102 Real estate, furniture and fixtures_
1,224,445 1,166,712
32.929
Cash on deposit
42,196
167,147 Accrued interest receivable
37,634
183.737
196.818
Furniture and fixtures
95,526
191.098
247,879
$3,696.758
Other assets
Total
$44.378,581 $4,156,670
Liabilities
$27,532,319 $20,966,622 $17,646,480
$200,000
Total
$200,000
Capital stock
$200,000
200.000
Liabilities
200,000
200,000
$1.500,000 $1,500,000 $1,000,000 Surplus fund
64,368
Capital stock paid in
76,738
93,878
1,118,757 Undivided profits
1,831,354
2.064,718
15.000
Surplus and undivided profits
12,000
166 Reserve for depreciation
12,000
165
173
Dividends unpaid
3,856,778 3.652,029 3,204,380
21,835,069 17,223,638 14,322,534 Deposits
15
DepoSits
44
1,150,000 Dividends unpaid
8
350.000
1.600,000
12,995
Thus payable
15.859
Accrued interest payable
15,917
14,882.
16.849
Unearned interest
48.695
46,583
515,510
es
Reserved for deprec'n & contingenci
Total
$4.378,581 $4,156,670 $33,696,758
$86,073
$80,996
$8,564
$27,532,319 $20,966,622 $17.646,480 Trust department (additional)
Total
$351.257
$649,644
$728.590
Trust department (additional)
Holmesburg Trust Co.(Philadelphia).
Resources
. Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Germantown Trust Co. (Philadelphia). 30
$53,009
653
546,.97
'22. Cash on hand$55
31 '24. Dec. 31 '23. Dec.
Dec.
92.950
Resources-126,490
Due from banks and bankers
$992.971
134.868
$1,287,078
58,602
Cash on hand, due from banks, 5cc.... $1,691,132 6,926,163 6,769,577 Commercial and other paper owned_
6.963,780
216.236
Loans on collateral
198.177
436.710 Loans on collateral
279,338
1,027.740
847.850
736,276
Loans on bonds and mortgages
809.300
760.426
5,993,330 5.891,964 Bonds and stocks
7,931,761
151.293
Stocks. bonds, &c
200.000 Mortgages
235,255
348,198
398,782
375.646
39,065
Commercial paper
48,204
375,382 Real estate, furniture and fixtures.47.911
425,033
453.441
12,802
estate, furniture and fixturesReal
73,219
65,168 Miscellaneous assets
81,865
13,319
122,844
Other assets
$1,614,089 $1,360,233
Total
$1,792,741
$18.386,454 $16,089,407 $14,731,772
Total
Liabilities
$125.000
Liabilities
$125,000
3125.000
$1.000,000 $1,000,000 $1,000.000 Capital stock paid in
70,000
Capital stock
80.000
100.000
1,370.265 Surplus fund
1,554,177
1.698,111
22.062
Surplus and profits
24,906
16,049
13.535.230 12.361 507 Undivided profits
15,688.343
1,114.045
Deposits
1.355,016
1.522.411
Deposits
126
122
236
318,386,454 $16,089.407 $14,731,772 Dividends unpaid
29.000
Total
29.045
29.045
$30,203,056 $29.421.642 827.906.844 Miscellaneous liabilities
Trust department (additional)
1922.
1923.
1924.
81.792,741 81.614,089 $1,360,233
Total
2%
2%
$40,757
Rate ofint. paid on dep. of5200& over
$94,062
$147.245
12% Trust department (additional)
13%
16%
In calendar year
Dividends paid
ResourcesBonds
Real estate mortgages
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$920.587
$1,660,030 $1.094,540
461.850
566.850
1,243,364 2.b40,922
907,914
474,671
1,712,699 1,615,136
161.169
213,935
245,527
69.803
93,289
115,788
398.278
464.032
645,631
9.410
26.616
23.302
ResourcesReal estate mortgages
Stocks and bonds
Call loans on collateral
Commercial paper
Real estate
Cash on hand
Cash on deposit
Furniture, fixtures and vault
Miscellaneous
FEB.211925.]
THE CHRONICLE
915
Industrial Trust, Title & Savings Co. (Philadelphia.)
The Land Title & Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
ResourcesCash and reserve
81,676,965 $1,185,036 11,063.227
1 5,024,152 5,134,834 4,178.121
Loans on collateral
Loans to depositors
1 Is 250368f
144.968
Mortgages and ground rents
2,176.580 1,843,165
1,485,620
Stocks, bonds. &c
3,760.066 3,407,881
3,936.323
Banking house
130,866
138,817
139,542
Customers'liability on letters ofcredit
43,517
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Cash on hand
$997,311 81.555,833 $1,091,104
Due from banks, &c
4,241,662 10.820,965
3,190,385
Loans on coll., bonds and mortgages- 18,658,090 17,757,839 19,081,363
Stocks, bonds, &c
3.388.519
2,339,851
3,895,479
Mortgages
5,070.640
4,663.997 3,627,389
Real estate, furniture and fixtures
5,550.000 5,825.000
5,853,000
Other assets
880,906
662.667
505.898
Total
$37,738,460 $44,674.820 837.244,618
Liabilities
Capital stock paid in
$3,000,000 $3,000,000 33.000,000
Surplus and reserve fund
11,000,000 11,000,000 10,000,000
Undivided profits
1,033,015
948.293
1,546,483
Deposits
21,701,746 28,946,625 22,677.645
Other liabilities
533.958
781,902
490,231
Total
337,738,460 844,674.820 $37,244,618
Trust department (additional)
$64.015,138 862.303,747 855,293,056
Statistics for Calendar Year1922.
1923.
1924.
Amount of deposits receiving interest.$18.810,283 $17.818,458 $15,852,842
Rate ofint.paid on dep.of$500 & over
2%
2
2%
Divs. paid in cal.year (payable quer.)
23%
30%
30%
Total
Liabilities
Capital stock (full paid)
Undivided profits (net)
Wigiv
lu
Set aside for taxes accrued
Dividends unpaid
Treasurer's checks outstanding
Deposits
Other liabilities
Total
Trust funds (additional)
$13,019,197 $11,733,250 $10327,802
$500,000
1,450,000
350,525
66,100
65,000
73,975
10,510,838
3.759
$500,000
1,000,000
512,516
15.296
9.400.438
5,000
$500.000
1,250.000
348.347
50,000
1,283
8.753.172
$13,019,197 $11.733.250 $10.927,802
$7,912,467 $6,046,246 $5.248,883
1924.
1923.
1922.
Dividends paid in calendar year
23%
20%
18%
sLawndale Bank & Trust Co. (Philadelphia).
Interest paid on deposits
12% check;3% s.f.ch'k1 2% check:
Resources
Dec. 31 '24.*Dec. 31 '23.
1 account; 4% savings 13.65% says. Cash,
$30,418
$57,177
specie and notes
Due from approved reserve agents
38,039
100,683
Integrity Trust Co.(Philadelphia).
Legal reserve securities
15,000
20.000
249,716
329,910
ResourcesDec. 31 '24. *Dec. 31 '23 *Dec.30'22 Commercial paper purchased
Loans on collateral
73.785
43,675
Real estate mortgages
$684,486 $1,250.409 $1,720,451
268,830
181,700
Stocks and bonds
3.438,121
3,679,446 5,457.470 Loans on bonds and mortgages
38,526
27,715
Loans on coll. & com. paper purch
13,574,717 11,532,898 7,812,910 Bonds
192,672
36.000
Real estate, furniture and fixtures_
714,041
389,950 Mortgages and judgments of record
568,279
69,932
57.578
Cash on hand and on deposit
1,472.807 1,278,446
1.206.814 Office building, furniture and fixtures
116
720
Other assets
18.425
211,492 Overdrafts
16.499
Other assets
163
450
Total
$19,902,597 $18,325,977 816.799.087
Liabilities
Total
$691,823
$1,140,984
Capital stock
$750,000
$750,000 $1,000,000
Liabilities
Surplusfund
3,000,000
3,000,000 2,000.000 Capital stock
$125,000
$125,000
Undivided profits
536,849
222,934
564,370 Surplus fund
12,500
12,500
Deposits
15,095,217 13.172.317 12,594,578 Undivided profits
30.612
494
Other liabilities
520,532 1.180,726
640.109 Demand deposits
588,166
290,458
Total
$19,902,597 $18,325.977 816,799.087 Time deposits
167,985
305,764
Trust department (additional)
$6.138,528 $4,742,325 $4,182,227 Bills payable
95,000
75,000
Other liabilities
386
3,942
1924.
1922.
1923.
Rate of interest paid on deposits
2% check;4% says.
Total
Dividends paid in calendar year
8691.823
81.140.984
30%
22%
27%
*Began business Jan. 2 1923.
*The business of the Merchants Union Trust Co. was merged into the
Integrity Trust Co. as of May 101923. To furnish comparison, we have
Liberty Title & Trust Co.(Philadelphia).
combined the figures of the companies for Dec. 31 1921 and 1922.
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Cash on hand
$154.024
$264.007
$232,664
*Jefferson Title & Trust Co. (Philadelphia).
Due from banks, &c
313,915
1,751,195,
ResourcesDec. 31 '24.*Dec. 31 '23. Loans on collateral
3,326,925 2.685.165 2,009,395
Cash, specie and notes
$65,418 Stocks, bonds, &c
$36,156
826,327
812.971
1.218,623
Due from approved reserve agents
149,898 Mortgages
50,120
808,640
900,054
975,968
Legal reserve securities
15,050 Commercial paper purchased
45.000
194.791
226.069
331.887
Commercial paper purchased
831,989 Real estate, furniture and fixtures
259.335
21, 3
1:0
287,in
13,598
Loans on collateral
267,073 Other assets
267,032
290
Loans on bonds and mortgages
48,187
158.283
Total
34,627.200
Bonds and stocks
87.851.150 86,081.271
104.437
393,502
Liabilities
Mortgages and judgments of record
39.864 Capital stock
205.106
$500,000
8500.000
$500,000
Office building, furniture and fixtures
34:022491
9
94.729
500,000
500,000
500.000
Overdrafts
t lus
iu
avided profits
118,000
132.486
179382
Deposits
6.671,536 4,898,773 3,411.200
Total
$1,509.263 $1.619,938 Bills payable
100.000
250,000
Liabilities
12
232
Capital stock
$175,450 Other liabilities
$200,000
Surplus fund
Total
15.000
30,088
$7,851,150
Undivided profits
7,723 Trust department (additional)
8.543
$5.446,035
Demand deposits
849,400
599,765
Time deposits
476,889
659,367
*Logan Bank & Trust Co. (Philadelphia).
Bills payable
71,385
ResourcesOther liabilities
Dec. 31 '24.*Dec. 31 '23.
24.091
11,500
Cash, specie and notes
$36,063
848.589
Due from approved reserve agents
Total
66,060
156.147
81,509.263 81.619.938
Trust department additional
145.357
165,194
$9.947 Commercial paper purchased
$5.427
Loans on collateral
*Began business Jan. 2 1923.
116,250
148,640
Loans on bond and mortgages
11,600
9.000
Bonds and stocks
109.335
234,426
Kensington Trust Co. (Philadelphia).
Mortgages and judgments of record
4,500
162,250
ResourcesOffice building, furniture and fixtures
Dec. 31 '2 i. Dec. 31 '21. Dec. 30 '22.
115,567
117,622
Real estate mortgages
$772.125 Overdrafts
$1,558,775 81.448,083
47
18
Loans on collateral & personal smut._ 7,797,339 7.913,356
6,587,876 Other resources
9,582
5,324
Stocks, bonds,
Cash on
hand
on deposit
Total
1,146,977
1,031.025
2,
„.,..014,513
$624,287
$1,037,284
Banking house
Liabilities
174,916
172,312
174,918
Other assets
5.420
4.107 Capital stock
9.388
$200,000
$200,000
Undivided profits
Total
31.882
35,262
$13,833,013 813,251.931 811,208.338 Demand deposits
Liabilities
305.364
597.522
Time deposits
Capital stock
85,747
201.834
$500,000
$500,000
$200,000 Other liabilities
Surplus and undivided profits
1,494
2,666
1,071,978
527,212
977.109
Contingent fund
75,000
55,000
55.000
Total
Deposits
$624.287
$1,037.284
12,153,854 11,414,404 10,384,940
Dividends payable Dec. 31
* Began business May 1 1923.
30,000
30,000
12.000
Miscellaneous liabilities
2,181
275.418
29.186
Total
Manayunk Trust Co. (Philadelphia).
$13,833,013 813.251.931 $11,208,338
Trust Department (additional)
8533.473
8558,979
$538.035
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Real estate mortgages
,
,
$5 ,
*Lancaster Avenue Title & Trust Co. (Philadelphia). Stocks and bonds
1,327,234
1,363.474
1.350,034
Loans
Resources
1,050,298
1,297.399 1,216.949
Dec. 31 '24. Real estate
Cash, specie and notes
and fixtures
103,591
108.050
118,174
$56,412 Cash on
Due from approved reserve agents
hand
1118,053
360,775
123,1771
24.971
Legal reserve securities at par
1282.505
270,5101
39,000 Cash on deposit
Nickels and cents
15,425
15.591
15.433
322 Other assets
Checks and cash items
Total
33,737,875 $3,666.845 83.253.734
58
Commercial paper purchased
Liabilities
Upon one name
78,770 Capital stock
$250,000
$250,000
$250,000
Upon two or more names
51.732 Surplus fund
250,000
250.000
250,000
Time loans with collateral
20.539 Undivided profits
58,285
31,257
135,665
Loans secured by bonds and mortgages
107,050 Reserve for deprec n. int., taxes, &c.
45,000
45.000
37,009
Call loans with collateral
199,255 General deposits, payable on demand 1,293,351
1,272.909
1,390.104
Bonds, stocks, &c
235,034 Time deposits
1,584.746
1,711,436
1,384.783
Mortgages
170,600 Bills payable
75,000
50,000
Office building and lot
107,854 Other liabilities
19,785
13.710
10,413
Other real estate
10,221
Total
Furniture and fixtures
14.754 Trust department
Overdrafts
(additional)
68
Vault
11,000
Other assets not included in above
sManheim Trust Co. (Philadelphia).
13,288
ResourcesDec. 31 '24.*Dec. 31 '23.
Total
81.140,928 Cash, specie and notes
$14,002
$9,648
Liabilities
Due from banks, trust companies, &c
33,980
30,783
Capital stock paid in
$199,500 Commercial paper purchased
27.975
500
Surplus fund
24,900 Loans on collateral
76,460
300
Undivided profits, less expenses and taxes paid
18 Bonds
52,885
53,450
Demand deposits (exclusive of trust funds)
Mortgages and judgments of record
68,190
7.400
Treasurer's checks outstanding
4.030 Office building, furniture and fixtures
107,963
102.560
Deposits subject to check
537,326 Other resources
13,857
3.150
Special deposits
57.960
Certified checks
1,567
Total
$425.312
$207.791
Time deposits (exclusive of trust funds)
Liabilatescertificates of deposit
Time
217,406 Capital stock
$139,770
$150,000
Special time deposits
5,416 Surplus fund
6,893
14.340
Bills payable on demand
90.000 Demand deposits
154,963
44,117
Other liabilities, not included in above
2,805 Time deposits
113,137
9,564
Book value of legal reserve sec. below par
319
Total
$1,140,928
$3.920
Trust department (additional)
Total
$425,312
$207,791
12:21311 11:28Z12
111:WIN It881:81R EINIA
*Began business Jan. 2 1924.
•Began business Dec. 15 1923.
[VOL. 120.
THE CHRONICLE
916
Market Street Title & Trust Co. (Philadelphia).
Northeast-Tacony Bank & Trust Co. (Phila).
Dec. 31' 24. Dec. 31 '23. Dec. 30 '22.
ReSOUTCM8343.819
$332,029
Cash on hand
$408,968
669.072
556.146
943,445
Due from banks and bankers
2.565,943 2.726,412 2.652.799
Loans on collateral
1.834.612
2.860.168 2.379.785
Loans on bonds and mortgages
4.117,434
5,198,489 4.970.794
Bonds, &c
932.509
1,415.550
2,371.400
Mortgages
357,096
386,651
411,126
Real estate, furniture and fixtures146,894
160,782
149,542
Miscellaneous assets
$14,909,082 $12,928,149 $11.054,235
Total
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources516.863
329.228
$34.615
Cash on hand
66,796
83.690
78.080
Cash on deposit
17,355
Exchange for Clearing House
106,314
171.554
204,755
Commercial paper
96,801
146,082
139,933
Loans on collateral
101,443
297,843
386,469
Loans on bonds and mortgages
107,162
65.647
111.127
Loans on call upon one or more names
378,179
377.044
466.447
Bonds, stocks, &c
36,682
36,682
36,682
Office building and lot
19.485
19.484
Other real estate
19,484
18,205
17,970
Furniture and fixtures
17,000
60
54
274
Other resources
3250.000
3500.000
$500,000
Capital stock paid in
500.000
850.000
1,000,000
Surplus fund
168,548
142,448
317.570
Undivided profits
9.904,082
12,658,859 11.108.251
Deposits
134.191
199,352
310,338
Reserve for taxes,contingencies. &c...
97,414
128.098
122,315
Other liabilities
$14,909,082 $12,928,149 $11,054,235
Total
$551.865
$953.072
$1,139,470
Trust department (additional)
1922.
1923.
1924.
Rate of interest paid on deposits
-2% check: 4% savings
Dividends paid in calendar years----20% reg.: 5% ext.- 16 reg.;4 ex.
Total
81,512,221 81,245.278
5947.990
3250.000
75.000
31,173
$250.000
75,000
16.694
419,728
424.377
40,000
5,000
318,891
237,405
50,000
$1,512,221 $1,245,278
Total
Liabilities
Capital stock
Surplus
Undivided profits
Reserve for depreciation
Demand deposits
Time deuosits
Bills
Dividends unpaid
$947,990
$250,000
100.000
13.303
500
451.293
639,589
50,000
7.536
Metropolitan Trust Co. (Philadelphia).
Northeastern Title & Trust Co. (Phila.).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources
$78,294
$75.786
391.016
Cash on hand
Due from approved reserve agents,
418.133
145.217
313,058
banks and bankers
550.692
638,950
795,727
Commercial paper
339.024
337.441
201,375
Call loans with collateral
359,397
896,732
1,010.520
loans with collateral
Time
164,900
177,985
262.100
Loans on bonds and mortgages
135,960
200.990
231,300
Mortgages
596.034
655.852
786,762
Bonds, stock, &c
76,949
226,949
226.949
Office building and lot
61,843
60,000
56,500
Furniture and fixtures
9,105
2,729
411
Other assets
ResourcesDec. 31 '24. Dec. 31 '23.'Dee. 30 '22.
567.597
3130.503
Cash on hand
8120.042
108.410.
Due from approved reserve agents__ _
190,978
298,526
376.684
Commercial paper purchased
577,073
151.369
218,835
Loans on collateral
287.094
488.316
Bonds, stocks. &c
844,248
780.379
56,690
Office building, furniture and fixtures
58.521
99,997
73,000
Other real estate
73.000
73.000
40.893
Other assets
42,140
48,351
Total
Liabilities
'Capital stock
surplusfund
Undivided profits
Demand deposits
Time deposits
Bills payable
'Ground rent
Reserve for depreciation
Dividends unpaid
Notes & bills rediscounted or guar
Otherliabilities
$33,975,718 $2.418,631
$2,790,331
$500,000
125,000
13.600
1,456,057
708,618
454,715
150,000
10,000
$500.000
50.000
28,899
1,714,871
264,074
230.791
Total
Trust department (additional)
$33,975,718 $3,418,631 $2.790,331
34.149
$8,920
$500,000
165,000
22,572
1,766,539
788.380
205,000
150.000
13,000
12,500
352,360
366
1,696
641
*Mortgage Security Trust Co. (Philadelphia).
*Dec. 31 '24.
$7,503
107.073
5.000
8.730
9.600
12,400
15,000
22,587
15,000
115,872
6.477
10,276
ResourcesCash,specie and notes
Due from approved reserve agents
Legal reserve securities at par
Commercial paper
Time loans
Call loans
Loans on bonds and mortgages
Bonds
Mortgages
Office building
Furniture and fixtures
Other resources
$335,518
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Other liabilities
$12.5.000
25.000
497
93,352
56.669
35,000
$335,518
Total
*Began business Dec. 1 1924.
Mutual Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$250,073
$239.573
$325,172
Cash on hand
678,291
311.043
472.709
Due from banks and bankers
1,136,344 1,069,313
1,383.964
Comme*cial and other paper owned
1,841,154 1,558,647
1,991.804
Loans on collateral
973,454
1.032,537
1,119,286
Stocks, bonds, &c
439,375
523,250
625,387
Mortgages
32,441
26,289
113,520
Furniture and fixtures
49.894
64.447
34.497
Real estate
189.226
369,414
578,000
Office building and lot
7,158
10.701
Cust'rsliab. on accep.& letters ofcred.
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
Deposits
Bills payable
Mortgage
Total
36.644,339 35,869,874 $4,932,750
3451,200
100,000
166,882
5,501,257
250,000
175,000
$451,200
100,000
142,442
4,969,074
200,000
7,158
$438.043
100,000
96,205
4.062.801
225.000
10.701
$6,644,339 15.869,874 $4.932.750
*Ninth Bank & Trust Co. (Philadelphia).
Resources
Loans and investments
Banking house, vault, &c
Interest accrued
Due from banks
Clearing House exchanges
Cash and reserve
Customers'liability account acceptances
Dec. 31 '24.*Dec. 31 '23.
814,196,342 313.8.54,348
351,700
347,919
100,163
133.754
827,217
903.940
216,989
260,760
1,481.08
1,820.070
78.295
68,816
Total
Liabilities
Capital stock..,..
Surplus fund
Undividedprofits
Deposits
Other liabilities
Bills payable
$1.311,002
$200,000
40.000
8.587
1,372.006
31.748
200,000
$200,000
20.000
22,426
1,042.656
25.920
82.176,914 81.852,341
Total
82,176,914 31.852,341
$1,311,002
$200,000
50,000
13,257
1,720.676
42,981
150.000
Northern Central Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Bonds, stocks. &c
Mortgages
Office building and lot
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Demand deposits
Saving fund deposits
Reserves
Other liabilities
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$85,058
395.804
3125,856
103,227
85,380.
167.570
262,586
358,550
867,524
1,228,183
1,391,293
484,449
466.563
611.618
189,600
218,550
254,760
84.534
340.571
395,085
33.823
16.969
38,373
18,171
18.988
22,179
$3.300.941 82.750.448 82,004.997
$400,000
100,000
48.936
1.481,304
1.252,520
11,812
6.368
3400.000
100,000
33,252
1,295.362
911.846
9.988
$334,700
99,954
957,634
604,815
7.894
33.300.941 $2,750,448 32.004,997
Total
Northern Trust Co.(Philadelphia).
ResourcesReal estate mortgages
Bonds and investment securities
United States Liberty bonds
Loans on collateral
Commercial paper
Real estate
Cash on hand and in bank
Accrued Interest
Dec. 31 '24. Jan. 2 24. Jan. 13 '23.
5688.061
$2,492,850 81,579,315
7,274,670 5.800.663 5,673.191
810,350
444,345,
3,697,530 4.600,622 3,953.170
17.462
63,276
75.800
462.571
404.768
349.625
969.834
952,828 1.070.229
5.624
27.654
44,002
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation
Deposits
$15,331,650 814.092.877 812,580,263
$500,000
8500.000
$500,000
2.250,000
2.750,000 2.500.000
323,074
208,910
196.729
100,000
100.000
11,884,921 10.783.967 9.407,189
Total
Trust department (additional)
315.331,650 314.092.877 $12,580.263
$23,214,735 $22,229,873 $20.538,311
North Philadelphia Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 23. Dec. 30 '22.
&MOM32.608,252 $1,875406 $2,311,061
Stocks and bonds
2,152,929
2,686,308 3,098.303
Mortgages
2.334.637
2,996,400 2.707.774
Amount loaned on collaterals
221,502
344,676
353,841
Amount loaned on personal securities
293,084
333,074
394,433
Cash on hand
329,376
453.271
805,443
Cash on deposit with banks
270,000
250.000
264,111
Real estate, furniture and fixtures
1,522
4,582
Other assets___,.
Total
510.113,370 39,062.504 37,964,111
Liabilities
$250.000
$250,000
74
Capitalstock., $500.000
500,000
600,000
700,000
Surplus fund
.••
129,128
206,134
155,244
Undivided profits
47,143
67.195
Reserve for interest and taxes
70,2101
Title insurance reserve
58,9081
7,037,840
8.629,008 7.939.175
Gen. dep. pay, on demand & time
Total
Trust department (additional)
$10,113,370 89.062.504 87,964,111
8588,088
81,220.013 81.008.620
Northwestern Trust Co. (Philadelphia).
ResourcesDec. 31 '24. Dec. 31 23. Dec. 30 '22.
$453.315
$408,317
Cash on hand
$3379,220
586,519
Cash on deposit
463.432
962.280
2,046,449
Commercial paper purchased
2,603,316 2.473,942
1,999,391
Loans on collateral
2,269.777 2,502,840
832,400
1,268,455
1,912.200
$17,731,601 $16,909,885 Loans on bonds and mortgages
Total
1,765.983
Stocks, bonds. &c
1.948,442
1,920,910
1,035,600
Mortages
913,500
848,900
Liabilities
226,000
224,000
229,000
$750,000 Real estate, furniture and fixtures$750.000
Capital stock
1,731,009
1,819.708
Surplus and profits
Total
94,758
74,081
$11,125,603 $10,202,928 $8,945,657
Reserve for taxes, &c
Liabilities
36,090
35,525
Discount unearned
$150,000
8150.000
$150,000
14.983,471 13,597,143 Capital
Deposits
700,000
800,000
622,593 Surplus fund
800.000
Due Federal Reserve Bank
57,422
54.699
78.295 Undivided profits
164.528
68,816
Acceptances and letters of credit issued
5,236,593 4,972,942 4,364,288
Demand deposit.
3,423,947
4.774,483 4.225,287
$17.731,601 $16,909,885 Savings fund deposits
Total
250,000
Bills payable
The Ninth National Bank and the Ninth Title & Trust Co. were
310,202,928 88.945,657
$11,125,603
Total
merged as of Oct. 1 1923 with the above name.
-21:1925.]
THE CHRONICLE
Oak Lane Trust Co. (Philadelphia).
Resources—
Cash, specie and notes
Due from approved reserve agents
Legal reserve securities
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgage
Bonds and stocks
Mortgages and judgments of record
Office building and lot
Furniture and fixtures
Overdrafts
Other resources
Total
Liabilities—
Capital stock
Surplus fund
Undivided profits
Reserve for title Insurance
Demand deposits
Time deposits
Other liabilities
Dec. 31 '24. Dec. 31 '23.
$21,573
$42,523
54,261
89,761
20,000
20.000
69,042
72,887
34,599
101,494
76.400
18,933
137,693
173,717
225.700
252,300
105.185
138,057
3.159
16.011
20
706
523
$690.165
8125.000
18,000
10,728
2,759
505,783
256.600
65,509
$125,000
12,500
11,235
8984.379
Total
$984.379
$690,165
353.899
108,430
79.101
917
Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Resources-Dec. 31 '24. Dec. 31 23. Dec. 30 '22.
Cash on hand
$384,497 $2,407.738 $1,418,814
Due from banks and bankers
10,668,799 6,009,012
6,645,768
Loans on collateral
34,697.697 28,685,508 29.095,008
Stocks, bonds. &c
19.072,431
2,874,099 2.626.307
Mortgages
1,983,099
1,486,917
854,143
Commercial paper purchased
2,090,857 2.073.936
1.158.165
Real estate. numiture & fixtures
898.835
898.835
Reserve fund for protection of tr. bal. 6.083.343 7.769.354 4.592,232
Interest accrued
305.288
480,955
302.777
Other assets
1.887.402
242,231
316.381
Total
Liabilities—
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation
Deposits
Interest payable to depositors
Other liabilities
$77,349,080 $52,194,294 $48,467.054
Total
Trust department (additional)
$77,349.080 $52,194,294 $48.467,054
$330.536,292$313,005.266 292.497.734
$3,964,990 $2,000.000 $2.000,000
14,381,672 5,000,000
5,000.000
2,933.539
1,322,069
1.750.805
150,000
150.000
150.000
55,303.8.5i 43,046,188 39.794.118
212.330
163.479
165.743
83,822
402,652
35.124
Olney Bank Si; Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22. Pennsylvania Warehousing 8t Safe Deposit Co.(Phila.).
$221,618
$132,840
$205.832
Resources—
Dec. 31 '24. Dec. 31 23. Dec. 30 '22.
344,351
87.672
227,139
$48,058
$46,241
$51.939
213,500
107,300 Cash on hand
151,000
Due from banks and bankers
119,214
129.774
145.239
355,235
401,315
371.430 Accrued storage
45,372
charges
33.374
69.700
1,787,648 1.581,897
1.632.109 Loans on
434,568
collateral
420,614
378.998
686,158
503.484
226.500 Loans on personal
35.009
39.609
securities
1,268,484
923,198
712.808 Investment securities
880.689
895,024
896,465
owned
848,303 1,087.369
680,387 Real estate,
1.256.287
1.212.505
1.473.506
204,018
202,348
159,614 Other assetsfurniture and fixtures
29.893
41.748
19,987
32.024
22.500
32,024
51,723
48,173
33.163
Total
$3,019,961 $2,863.425 $2,820,427
68,597
95,304
51,974
Liabilities—
Total
$6.081,659 $5.459,083 $4,218,297 Capital stock
$1.000,000 $1,000.000 $1.000.000
Liabilities—
Surplus and undivided profits
315.894 • 304,757
372,877
878.250
Deposits
776,431
832,870
Capital stock (authorized $250,000)— $250,000
$238,275 Itcserve for
$250,000
130,324
114.187
192,711
deprec., int., taxes, &c-Surplusfund_
250,000
175.000
167.965 Bills payable
275.000
365.000
550.000
Undivided profits
68,199
94,9?,8
34,371 Other liabilities
248.233
275,776
71,503
Reserve for depreciation
153,831
24,849
Demand deposits
2,476.461
2.286.976
1,938.687
Total
$3,019,961 $2,863,425 $2,820.427
Time deposits
2.866.007 2.421.305
1.651,392
Bills payable
110.000
105.000
Other liabilities
17,161
77,607
101.025
*Peoples Bank & Trust Co. (Philadelphia).
Total
$6,081.659 $5,459.083 $4.218,297
Resources-Dec. 31 '24.*Dec. 31 '23.
Cash on hand
$181,645
$161,379
Oxford Bank & Trust Co. (Philadelphia).
Due from banks and bankers
1.154.740
1.201.181
Commercial and other paper purchased
6,337.662 6,687.815
Resources—
Dec. 31 '24. Dec. 31 '23. Loans on collateral
1,800.227
2.291.024
Cash, specie and notes
$138.028
$147,416 Bonds and stocks
1,421.037
3,153.358
Due from approved reserve agents
269,784 Mortgages
383.330
637,945
945.578
Legal reserve securities
37.000 1,338.800 Real estate
800.583
762,000
Due from banks, trust companies, &c
11,649 Furniture and fixtures
14,058
80,700
72,808
Commercial paper purchased
1.170.420 Other assets
1,735.451
76.404
55,525
Loans on collateral
784.752 Customers' liability on acceptances
757.034
156.603
Loans secured by bonds and mortgages
308,150
590,950
Bonds and stocks
238,349
818.2'5
Total
$15.204,472 $12,753,742
Mortgages and judgments of record
372,070
582,611
Office building and lot
Liabilities—
102,436
91.136
United States certificates of indebtedness
65,000
Capital stock
$1,000,000 $1,000,000
Other real estate
50,271 Surplus and undivided profits
42,271
353.459
353.961
Furniture and fixtures
68,031
64,031 Reserve for deprec., interest, taxes, &c
15.402
41,028
Other resources
3,825 Deposits
30,806
13,654.064 11,178,720
Acceptances
42.723
156.603
Total
$5,365,222 84.850,653 Dividends declared, not paid
30,231
23,920
Other liabilities
1.024
107.079
Liabilities—
Cakital stock
$250,000
$500.000
Total
$15,204,472 $12,753.742
Surplus fund
150,000 Trust department (additional)
300.000
$643.460
$565,878
Undivided profits
37,094
97.877
Demand deposits
1,815,053 1,661,304
• The Peoples Bank and Peoples
1923
Saving fund deposits
2,342,578 2,051,989 under the above title and the figures Trust Co. were merged Oct. 20 instihere given are for the combined
War Loan deposits
65,000
tutions.
Bills payable
200,000
640,000
Reserve for depreciation
18,074
26,555
Other liabilities
18.160
42,191
Resources—
Cash on hand
Due from approved reserve agents
Legal reserve securities
Commercial paper purchased
Loans on collateral
Loans on bonds and mortgages
Bonds
Mortgages and judgments of record
Office building
Other real estate
Furniture and fixtures
Other assets
Philadelphia Trust Co. (Philadelphia).
Total
$5,365,222 $4,850,653
Parkway Trust Co. (Philadelphia).
Resources—
Dec. 31 '2, Dec. 31 '23. Dec. 30 '22.
1.
Cash on hand
$56,884
$53.929
$49.493
Cash on den t
deposit
84,031
84.031
75,894
73.410
Commercial
purchased
393,938
466.512
375.633
Time loans on collateral
75,612
43.455
102.804
Call loans on collateral
86,075
185,389
161.055
Loans on bond and mortgage
130.957
53,600
9,000
Bonds,stocks, &c.
691,337
520.461
557,726
Mortgages and judgments of record.108,159
128,263
67.323
Furniture and fixtures
24,803
28.163
23.206
Other resources
710
274
25,757
Total
81.672,579 $1,535,867 $1.445,407
Liabilities—
Capital stock
$125.000
$125.000
$125,000
Surplus fund
50,000
50,000
40,000
Undivided profits
34,007
23,705
8.897
Demand deposits
718,406
781.566
748,445
Time deposits
619,166
555,597
423.428
Interest received
31.389
Bills payable
126,000
66.000
Other liabilities
2,249
Total
$1.672.579 $1,535,867 $1.445.407
Trust department
$12,498
$7,659
$7,358
Pelham Trust Co. (Philadelphia).
Resources—
Real estate mortgages
Stocks and bonds
Loans on collateral
Loans on commercial paper
Cash on hand
Cash on deposit
Reserve bonds
Other assets
Bank building and fixtures
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Cash on hand
$2,783,329 $1,489,417 $2,147,653
Due from banks. &c
3.464,828 4,546.250 3,650,298
Loans on collateral
15,395,864 17,279,990 14,159,281
Stocks, bonds, &c
8,306.318 7,995.964 7,924.546
Mortgages
38,700
Real estate, furniture and fixtures....
653,355
653.013
653.013
Other assets
299,489
318.059
371,911
Resources—
Total
Liabilities—
Capital stock
Surplus and undivided profits
Deposits
Dividends unpaid
Other liabilities
$30.975.263 $32,282.693 $28,873,322
$1,000,000 $1,000,000 $1,000,000
6,008,409 5.636.025 5,615.284
23,542,353 25,359,468 21.957,482
222
21
300.334
287,200
424.480
830,975.263 $32.282.693 $28,873.322
204.791.853 196.497.654 184.375,194
1922.
1923.
1924.
Rate of int. on dep. of $200 and over..
2
2%
Dividends paid in calendar year
24
28%
Total
Trust department (additional)
Phoenix Trust Co. (Philadelphia).
Resources—
Dec.31 '24. Dec. 31 '23. Dec. 30 '22.
Cash on hand
$47,312
$46,133
$50,984
Due from approved reserve agents_ _ _
119,096
123,028
92,556
Legal reserve securities
24,600
36,000
35,243
Commercial paper purchased
508.823
305.244
272.779
Time loans on collateral
86.289
10.200
2.200
Call loans on collateral
120,370
48,719
57.614
Loans secured by bonds & mortgage_
13.100
26,200
Bonds,
&cstok, c
378.362
330.981
488.628
Mortgages and judgments of record
288,400
65,300
373,300
Office building, furniture and fixtures
102,141
101,981
102,101
Other real estate
111.040
37,618
Other resources
279
84.000
Dec. 31 '24. Dec. 31 23. Dec. 30 '22.
$537,930
$291,368
$129,550
1.019.505
972,421
910,339
351,394
436,082
538.853
350.700
363.981
136.631
152,717
147,193
129,186
111.572
13,830
67,484
96,087
95,700
80.450
31,034
25,561
19.151
Total
$1,387,946 $1.539,223 31.563,452
51,277
48,277
48.277
Liabilities—
Total
$2,702,216 82,394.413 $2.059.921 Capital stock
$300.000
$300.000
$300.000
Surplus fund
30,000
30.000
30.000
Liabilities—
Undivided profits
44,490
50.688
33,317
$150,000
Capital stock
$150.000
$150,000 Reserve for depreciation
22,000
150,000
Surplus fund
150.000
150.000 Demand deposits
602.932
630,877
829,329
67,373
Undivided Profits
36.896
20.317 Savings deposits
352,529
338,311
320,416
General deposits payable on demand_ 2,309.869
1,996,059
1.711,633 Bills payable
50,000
175,000
50,000
24,974
Other liabilities
61,458
27.971 Book value of legal res. sec. below par
213
130
390
$2.702,216 $2.394 413 82.059.921
Total
Total
$1,387,946 $1,539.223 81.563.452
918
(Voi. 120.
THE CHRONICLE
Pilgrim Title & Trust Co. (Philadelphia).
ResourcesCash, specie and notes
Due from approved reserve agents
Due from other banks, trust companies, &c
Commercial paper
Time loans on collateral
Call loans on collateral
Loans on bonds and mortgages
Bonds and stocks
Bonds and mortgages owned and judgments
Office building and lot
Furniture and fixtures
Other resources
Richmond Trust Co. (Phila.)
*Dec. 31 '24.
$17,286
74.331
139
209,393
47,811
37,653
13,900
72,648
8,500
69,875
11,597
226
$563,359
Total
Liabilities
Capital stock
Surplus fund
Demand deposits
Time deposits
Bills payable
Mortgages on bank building
$125,150
10,807
316,149
30,453
62,800
18,000
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30'22.
$43,300
Cash specie and notes
$48,118
$62,145
68,181
Due from approved reserve agents_ _ 78.050
128.031
Due from other banks, trust cos., &c..
213
36.972
Commercial paper
89.261
203.080
5,090
Time loans on collateral
8,949
7,699
14,585
Call loans on collateral
16,040
23,500
9.300
166,625
Mortgages and judgments
338,955
452.172
406,921
Bonds
378,612
16,122
37,455
Real estate
76,431
8,710
8,757
Furniture and fixtures
5,249
36,561
84.095
Other resources
1.814
Total
$1.225,729
$944,271
$690,993
$139.200
15,764
1,067,491
$125,000
3.274
$132,100
6,917
753,486
50.000
1,768
$1,225,729
Total
Liabilities
Capital stock
Surplus and undivided profits
Deposits
Bala payable
Other liabilities
$944,271
5690,993
563.724
2,269
$563,359
Total
Roxborough Trust Co. (Philadelphia).
Provident Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources31,124,356 $1,360,356 $1,252,591
Mortgages
11,661.574 9,098,574 8,640,285
Stocks and bonds
94,800
379,489
249.326
Commercial paper purchased
12,581,555 12,916,712 11,631.656
Loans on collateral
.100
Realestate,
Cash on hand & due from bks.& bkrs_ 2,584,733 2,412,589 2,697,496
1,000
46.187
18,603
Miscellaneous assets
$28,471,286 $26.277,131 $24 318 929
Total
Liabilities
$2,000,000 $2,000.000 $2,000,000
Capital stock
5,000,000 5,000.000 5,000,000
Surplus
3,517,306 2,778,387 2,382,099
profits
Undivided
2.577,128 2.570,287 2.577.128
Special reserve fund
180,000
130,000
418,616
Reserve for taxes and other liabilities_
14,958,236 12,181,961 11,987,383
Deposits payable
142,239
144,105
Cert. chks., clear.-h'se due bills, &c_
100.080
200.006
Dividends unpaid
1,200,000
Bills payable
22,331
Unearned income
$28,471.286 $26,277,131 $24,318,929
Total
Trust department (additional), incl.
164.7813.060 166.710.533 138.203,240
corporation trusts
1922.
1923.
1924.
20%
20%
Amt.of divs. paid on company's stock(20% reg.1
15% extra f
2%
• 2%
Rate of int. on deposits (generally).2%
Real Estate Title, Insur. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks, bonds, &c
Loans on collaterals
Real estate
Cash on hand
Cash on deposit
Other assets
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$4,749,172 $3,481,608 $2,902,036
1,917.963 2,258,670 2,387,242
4.675,509 5.603,577 4.728.226
405,639
400,000
1,400,000
866.564
791,097
788,581
1.444.820
906,531
2,390,981
397,429
599.548
548,857
Total
Liabilities
Capital stock
Surplus and reserve fund
Undivided profits
General deposits
Other liabilities
$16,471,063 $14,041,031 $13,131,956
$2,000,000 52,000,000 $2,000.000
3,500,000 3,500,000 3,000.000
396,788
354,095
693,723
9,606,152 8,124,606 7,681.795
53.373
62,330
671.188
$16,471.063 $14.041,031 513,131.956
$22,685,083 $21,907,318 520,088.073
1922.
1923.
1924.
Rate of interest paid on deposits,, -2%,23%,3%. 3.65% and 4%
24%
23%
Dividends paid in calendar year
213, %
Total
Trust department (additional)
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Time loans on collateral
Call loans on collateral
Bonds, stocks. &c
Mortgages and judgments
Office building and lot
Furniture and fixtures
Other resources
Dec. 31 '24.Dec. 31 '23. Dec. 30 '22.
$85,284
$101,286
884,836
161,164
129,331
169,914
97,289
116.149
101,857
650
1,550
3,390
396,293
334,316
325,110
866,903
1,168,550
994,890
576,605
676.672
653,783
28,912
118.460
28,912
20,173
10,585
21.459
3.726
6,165
5.744
Total
Liabilities
Capital stock
Undivided profits
Demand deposits
Time deposits
Other liabilities
$2.664,308 $2.388,651 $2,236,999
Total
$150,000
133,378
996,460
1,095,621
13.192
$150,000
115,410
943,157
1,016,432
12,000
$2.664.308 $2,388,651
52.236.999
$150,000
194,600
1,078,993
1,226.715
14,000
Sons of Italy State Bank & Trust Co. (Phila.).
ResourcesCash, specie and notes
Due from approved reserve agents
Legal reserve securities
Due from banks, trust companies, &c
Commercial paper
Loans on collateral
Bonds and stocks
Mortgages and judgments of record
Office building and lot
Furniture and fixtures
Other resources
Total
Liabilities
Capital stock
Surplus
Undivided profits
Demand deposits
Savings fund deposits
Mortgages payable
Other liabilities
Total
Dec. 31 '24. Dec. 31 '23.
$16,201
$22,070
137,568
51,441
20,000
1,624
13,579
123,482
122,376
117.138
177,577
20,219
51,062
197,922
253,996
52,600
52,600
5,500
6,155
4,210
13,518
$677,119
$784,719
$125,000
62,500
8,910
154,136
310,323
12.000
4,250
$125,000
62,500
11.298
218,696
341,040
12,000
14,185
$677,119
$784,719
Southwark Title & Trust Co. (Philadelphia).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$40,432
$31,543
$22,137
Cash on hand
The Real Estate Trust Co. of Philadelphia.
102,821
56,358
68,250
Due from approved reserve agents
1,128
Due from other banks, trust cos., &c_
.
Dec. 31 '24. Dec. 31 '23. Dec 30 '22. Commercial paper
Resources
400,336
294,600
452,426
$267,000 Time loans with collateral
$267,000
$267,000
Lawful reserve bonds
22,550
62,900
58.910
273,461
.386
318,952
Cash on hand
31,385
40,475
118,888
1,292,550 1,683,076 Call loans with collateral mortgages_
820,901
Duefrom banks and bankers
258,145
134,398
Loans secured by bonds &
42,583
,360,896
2,623.533 2,221.965 2
Call loans on collateral
119,457
159,389
194.022
75,400
37,409 Bonds
32,750
Time loans on collateral
696,500
582,400
231,200
166,975
125.360 Mortgages
137.275
Loans on bonds and mortgages
4,800
2,081
2,223
3,927,741 3,891,397 4,132.212 Furniture and fixtures
Stocks, bonds, &c
19.930
66,928
20,634
3.263.029 Other assets
3,131.956 3,263,029
Real estate
104,279
16.619
19,439
Other assets
$1.697,484 $1,384,920 $1.257,425
Total
$11,279,547 $11,451,321 $12,246,722
Liabilities
Total
$125,000
$125,000
Capital stock
$125,000
Liabilities
$1,319,600 $1,319,600 $1,319,600 Surplusfund
125,000
125.000
125,000
Capital stock paid in Common
1,890.100 Undivided profits
59,786
24,135
42,090
Capital stock. preferred (full paid)... 1,811,600 1,811.600
500,000 Reserve for interest, taxes & expenses
900,000
1,000,000
15,054
Surplus
.
,
,
Demand deposits
560,973
463,916
549.800
Undivided profits
242,071 Time deposits
255.851
277.969
613,671
425.913
533,562
Sinking fund for leasehold
100,690
35.000
150.000
Bills payable
Building renewalfund
6,462.148 6,829,546 7,603,238 Notes and hills re-discounted
48,000
Deposits
2,763
294 Other liabilities
480
58,462
Dividends unpaid
9,468
31,826
145.694
24.556
Other liabilities
Total
$1,697,484 51,384.920 $1,257,425
$11,279.547 $11,451,321 $12,246,722 Trust department (additional)
$24,602
Total
$24,680,652 $23,413,164 $29,764,555
Trust department (additional)
1923.
1922.
1924.
2%
2%
2%
Rate of interest paid on deposits.-$114,723 *Susquehanna Title & Trust Co. (Philadelphia).
$220,777
Divs. paid in cal. year on pref. stock. $220.996
Resources
*Dec. 31 '24.
Cash, specie and notes
$4,618
Republic Trust Co.(Philadelphia).
Due from approved reserve agents
26,783
Dec. 31 '24. Dec. gl '23. Dec. 30 '22. Legal reserve securities at par
10,000
Resources$752,541
$543.848 Commercial paper
46,886
$679,404
Cash and reserve bonds
372.193 Time loans with collateral
369,337
366,237
'
25
Real est.,safe dep. vaults.furn.&(Ext.
17.100
2.866.897 2,640,994 2.299.960 Call loans with collateral
Loans on collateral
1.430.171 Bonds
1,022,705 1.351336
28,320
Stocks and bonds
31.721
28,030 Mortgages and judgments of record
31,530
3,800
Accrued interest
6,533
2,609 Office building and lot
100,077
6.242
Miscellaneous
3,708
Furniture and fixtures
434
$4,973,016 $5,152,262 $4,676,811 Book value of legal reserve securities above par
Total
229
Other assets not included in above
Liabilities
$500,000
$500,000
$500,000
Capital stock paid in
$241,980
Total
225.000
225,000
300.000
Surplus fund
45,983
30,470
Undivided profits
Liabilities
29,159
29.159
28,056
Reserve for depreciation of securities_
$132,804
4,081.766 3,990.769 3,578.729 Capital stock
Deposits
11,167
36,250 Surplus fund
36.250
36,250
Ground rent
76.042
12,500 Demand deposits
12,500
15.000
Dividends unpaid
1,967
2.500 Time deposits
5,654
5,997
Accrued interest and taxes
20,000
260,000 Other liabilities
Bills Payable
306.947
2,203
5,947
Other liabilities
$241,980
Total
$4,973,016 $5.152,262 $4,876,811
Total
* Began business Dec 13 1924.
$600,733
$615,395
$692.316
(additional)
Trust department
FEB. 21 1925.]
THE CHRONICLE
Tacon,y Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Total
Liabilities
Capital stock
Surplus fund
Undivided profits
Deposits
Mlocellaneous
Total
'Trust department (additional)
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$784,674
$584,408
$372,170
791.787
820,518
886,691
378.436
440,835
519,904
64.498
48,226
43,439
56,756
56,700
50,000
149,358
104,496
87,759
136,987
198,091
129,095
2,603
6.195
13,741
$2,365,099 $2.259,469 $2.102,799
$150,000
$150.000
$150,000
150,000
150,000
150,000
88,994
63,708
60,150
1,975,077
1,895.749
1.741,436
1.028
12
1.213
$2,365,099 $2,259,469 $2,102,799
$2.147,022 $1,864,920 $1,442,955
Tioga Trust Co. (Philadelphia).
ResourcesBonds, stocks, &c
Real estate
Mortgages
Loans with collateral
Commercial paper purchased
Due from banks
Specie and notes
Other assets
Total
Liabilities
Capital stock
Undivided profits
Deposits
Other liabilities
Dec. 31 '24. Dec. 31 '23. Dec. 30 '24.
$1,040,368 $1,157,394 $1,105,467
66.775
44,877
57.752
606,385
283,921
521,545
410,058
564,263
444,805
376,694
141,693
194,787
126,956
79,034
150,729
58,412
50,334
47,989
89,151
112,523
12,858
919
*United Security Life Ins. & Trust Co.
(Philadelphia).
Resources*Jan. 1 '25. *Jan. 1 '24. *Jan. 1 '23.
First mortgage loans
$33,048,121 $2,856,895 $2,583,105
Bonds and stocks
1.079,208
1.344.446
1,142.868
Loans on collateral
2,557.232
2,444.773
2,006.656
Commercial paper
362,424
190,962
132,415
Banking house and other real estate.._
451,970
374.572
336,293
Cash on hand and deposit
753,425
919.389
552,377
Other assets
6.370
323
4,416
Total
$8,258,750 $8,131.360 $6,758,130
Liabilities
Capital stock
$1,000,000 $1,160,000 $1,160,000
Surplus
1,000,000
1,080,000
980,000
Undivided profits
99,136
90,254
134,564
Reserve
126,353
142,184
107.225
Bills payable
245,000
155.000
General deposits payable on demand_ 6.033,260
5,394.287
4,206.694
Miscellaneous
19.635
14,647
Total
Trust department (additional)
$8,258,750 $8.131,360 $6,758,130
$4,305,639 $2,710,726 $2.045,778
* Wayne Junction Trust Co. was absorbed by the United Security Life
Insurance & Trust Co. as of March 3 1924. The above statement is the
combined results of both companies for all periods.
Wharton Title & Trust Co. (Philadelphia).
$2.774,799 $2,794.107 $2,175,866
Resources*Dec. 31 '24.
Cash, specie and notes
$13.861
$125.000
$125,000
5125,000 Due from approved reserve agents
21,452
123.048
71,826 Commercial paper
101,707
134,385
2,405,080
1,866,791 Time loans with collateral
2,226,820
58,225
121,671
340,580
112,249 Call loans with collateral
26,663
Bonds
10,500
Total
$2,774,799 $2,794,107 $2,175,866 Mortgages
96,100
Office building and lot
48,110
West End Trust Co. (Philadelphia).
Furniture and fixtures
3.260
41.539
ResOUITAMDec. 31 '24. Dec. 31 '23. Dec. 30 '22. Other assets
Caah on hand and due from banks--- $1,538,903 $1,248,354
$728,079
Total
$4454,095
Loans on coll. & on bonds & mtges-- 13,450,980 11,995,088 10,151.762
Investments, stocks and bonds
5,405,516
5,655.097
5,292,338
Liabilities
Real estate, furniture and fixtures--- 1,000,000
1,000,000 Capital stock
1,000,000
$137.300
Other resources. accrued interest-127,553 Surplus fund
120,289
161,479
17.163
145,245
Demand deposits
Total
$21,515,697 $19.697,259 $17,662,491 Time deposits
105,272
Liabilities
35,000
Bills payable
Capital stock
$2,000,000 $2,000,000 $2,000,000 0 her liabilities
14,115
Surplus
1,800,000
1,800,000
1,800,000
Undivided profits
292,513
454,037
312,377
Total
$454,095
Deposits
16,911.660 15,084,882 13,569.978
Other liabilities
350.000
500.000
Total
$21,515,697 $19,697,259 $17,662,491
Trust department (additional)
$11,425,714 $10.422,391 59.970.548
*Wyoming Bank & Trust Co. (Philadelphia).
1922.
1924.
1923.
Dividends paid in calendar year
8%
8%
8%
Resources*Dec. 31 '24.
Rate of interest paid on deposits
2% demand;4% time
Cash, specie and notes
$25,240
Due from approved reserve agents
70,484
West Philadelphia Title & Trust Co. (Philadelphia). Legal reserve securities
14,975
145,282
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22. Commercial paper
$725,027 Time loans on collateral
Real estate mortgages
73,430
$869.130
$1,154,250
5,510,364 Call loans on collateral
164,440
5,820,301
Stocks and bonds
4,703,803
1,755,941 Bonds and stocks
376,984
2,355,891
Loans on collateral
2,742,834
118,203 Mortgages and judgments of record
104,625
132,159
Real estate
170,009
759,860 Office building and lot
107,285
779.103
Cash on hand and on deposit
792.578
129,063 Furniture and fixtures
17,876
145,572
136,928
Other assets
Customers' liability on letters of credit and acceptances
1,050
3,545
Total
$9,700,402 $10,102,156 $8.998,638 Revenue stamps and accrued interest
Liabilities
$500.000
Total
$1,105,216
$500,000
$500,000
Capital stock paid in
750,000
750,000
Surplus
750,000
Liabilities
105,235
114,039
Undivided profits
160,474
6,643,403 Capital stock
7,278,085
$200,000
General deposits
7,759,441
1,000,000 Surplus fund
1.355,000
40,000
Bills payable
465,000
105,032
Undivided profits
18,887
Other liabilities
65.487
Demand deposits
539,929
Total
$9,700,402 $10,102,156 $8,998.638
305.350
Trust department (additional)
$2,805,516 $2,737,335 $2.377.302 Time deposits
Acceptances
1,050
1922.
1923.
1924.
Rate of int. on dep. of $500 & over__ 2 to 4%
2 to 4% 2 to 3.65%
Total
$1.105,216
Dividends paid in calendar year
16%
16%
18%
BALTIMORE COMPANIES
*Atlantic Exchange Bank & Trust Co. (Baltimore).
ResourcesLoans and discounts
Bonds, securities, &c
. Banking houses
Furniture and fixtures
Customers' liability account acceptances
Customers' liability under letters of credit
Accrued interest receivable
Cash
Due from banks
Miscellaneous assets
Total
Liabilities
Capital
Surplus
Undivided profits
Due to banks, bankers and trust companies
Other demand deposits
Time depots
Unpaid dividends
Interest collected but not earned
Reserves for taxes and interest
Acceptances
Rediscounts with Federal Reserve Bank
Bills payable
Letters of credit
Bonds borrowed
Total
Dec. 31 '24. *Jan. 2 '24.
$18,000,721 $14,944,248
3,241,074
3,665,910
927,749
990,014(
40.539
926,094
2,415.068
536,946
352,837
110,965
104,576
110,143,668! 1,497,128
1 5,444,779
f
151,563
59.817
$35,739,000 $27,814,696
$2,000,000 $2,000,000
2,000,000
2,236,251
133,76g
3,293,177
121,462,905
14,016,616
1
6,226,109
3,062,277
61,011
57,243
88,594
96,448
88,477
78,328
2.726.584
1,734,571
588,500
750,000
352,837
500.000
$335,739.000 $27,814,696
* Formed by consolidation of the National Exchange Bank and Atlantic
Trust Co., Nov. 15 1923.
*(The) Baltimore Trust Co.(Baltimore).
Resources
Loans
Stocks, bonds,securities, &c
Real estate, banking housed
Interest accrued
Cash on hand and in banks
Miscellaneous
'rota!
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$9,124,539 $9,448.404 $10,432,907
5,925,844
4,358.141
4,177.271
586,586
572,799
572,783
79,178
85,697
79,494
2,556,390
2,463,173
2,275.817
67,586
69,874
8,693
$18,340,123 $17.498.088 $17,546.96r
(The) Baltimore Trust Co. (Baltimore) Concluded.
Liabilities-Capital stock paid In
Surplus fund
Undivided profits
Dividends unpaid
Unearned discount
Deposits
Bills payable
Rediscounts
Sundry accounts
Dec. 31 '24. Dtc. 31 '23. Dec. 30 '22.
$1,000,000 $1,000,000 $1,000,000
2,000,000
2,000,000
2,000,000
351,183
298,895
442,584
50,000
50.000
50,000
36.400
48,000
36,400
14,753,357 13,423.534 13.557.409
200,000
582,500
370,500
66.471
57,782
10,161
$18,340.123 $17,498,088 $17,546,965
Total
* Since the Dec. 31 1924 statement was made the Baltimore Trust Co.
has been consolidated with the Atlantic Exchange Bank & Trust Co. as of
Jan. 27 1925. and the new company reports as of Jan. 31 1925 the following:
Capital, $3,500,000; surplus and undivided profits, $33,851,640; deposits,
$41,421.300; and aggregate resources, $52,928.561.
* Century Trust Co. (Baltimore).
ResourcesLoans, secured
Investments
Equipment
Cash on hand and in banks
Interest earned, not collected
Miscellaneous
Total
Liabilities
Capital
Surplus
Undivided profits
Reserve for taxes payable 1925
Reserve for depreciation
Reserve for dividend payable Jan. 2 1925
Reserve for interest on savings deposits
Interest collected, not earned
Deposits
Dec. 31 '24. *Dec.31 '23.
$2,954,195 $1,283,910
786,538
104,379
7.878
1,773
539,659
537.091
20,137
2,309
13,519
$4,308,407
$1,942,981
$500,000
500,000
50,088
5,000
1,000
15,000
$500,000
500.000
3,21 9ii
1
0
93g:93g
Total
$44,308,407 $1,942.981
* For only two weeks of operation; company began business Dec. 17 1923.
920
THE CHRONICLE
[voL. 120.
Colonial Trust Co. (Baltimore).
Maryland Trust Co. (Baltimore).
Dec. 31 24. Dec. 31 '23. Dec. 29 '22.
Resources9/2
$638,
Loans and discounts
$511,241
$528,356
92
265
2,903
Overdrafts, secured and unsecured.957,126
959,041
1.052.599
Stocks, bonds, securities, &c
112.260
195.259
265,336
Mortgages
153.797
153.797
Bkg. house, fern., fixtures & vault
153,922
25.888
26,498
26,498
Other real estate
159
220
107
Checks and cash items
165.931
165,901
224.538
Due from approved reserve agents....
20,992
17,210
19,322
Lawful money reserve in bank
4.408
4.105
2.729
Miscellaneous
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 31 '22.
Loans and discounts
54,662,350 $4.444.926 $4,119,348
Stocks, bonds, securities, &c
3,880.145 3,671,013 3,659,637
1,640,036 1,256.795
Due from banks, bankers & trust cos_ 1,369,200
914,312 1,179,017
Cash on hand and on deposit
842.763
Banking hou:e and office building_ _ _
655,000
138,167
103,445
Miscellaneous assets
103,338
Total
Liabilities
Capital stock paid in
Surplus fund
Undivided profits
Deposits
$2,276,310 $2,033,537 $2,079,625
$300,000
100.000
68.111
1,808,199
$300.000
100,000
47,607
1,585.930
$300,000
100.000
39,282
1,640.343
52.276.310 $2.033,537 $2,079,625
Total
Commerce Trust Co. (Baltimore).
Dec. 31 '24. Dec. 31 '23. Dec. 29 '22.
Resources$325,324
5795,093
51,192.062
Investments
1,867,972
1,604,298
1,806,918
Loans and discounts
7,893
Overdrafts
250,000
250.000
250,000
Banking house equity
19.701
11,281
Interest earned-not coll-Twd
1
1
1
Furniture, fixtures, organization, &c..
44,286
33.000
52,857
Customers' liability on acceptances_
597.476
754 005
660,985
Cash
1.520
6.925
Prepaid advertising
1.154
25,776
Other resources
Total
Liabilities
Capital stock paid in
Surplus, paid In
Undivided profits
Unearned interest
Reserve for taxes, &c
Rediscounts
Dividends unpaid
Interest accrued
Bills payable
Acceptances paid
Letters of credit issued
Deposits
$3,988,599 $33,313,002 $3.256.928
3750,000
250,000
57,337
8,608
7,000
$750,000
250,000
53,578
26,570
3.990
95.055
3.128
2,920
250,000
44.286
5750,000
250.000
43,410
17.265
1.405
132.934
Total
Liabilities
Capital stock paid in
Undivided profits
Reserve for taxes, interest, &c
Deposits
511.512,796 310,773,732 310,352.964
51.000,000 $1,000,000 51,000,000
556,175
562,977
637,236
23,744
16,265
8,796,789
9,859.295 9,187,011
511,512.796 510,773,732 510.352.964
Total
Mercantile Trust & Deposit Co. (Baltimore).
Dec. 31 '24. Dec 31 '23. Dec. 30 '22.
Resources$11,780,779 $11,994,773 511,314.844
Loans and discounts
7,665,706 7,577,224 7,920,905
Stocks, bonds, securities, &c
100,000
100.000
100.000
Banking house, furniture and fixtures
2,686,598 2,288,406 2,688,482
Cash on hand and on deposit
57,625)
15,885
Unsettled bond accts. & accts. receiv_
91,083
774.216
}
103.108
Foreign department
578,820
564,715
Clearing House exchanges
$22,918,871 $22,685,851 $22,798,447
Liabilities
Capital stock, paid in
Surplus fund
Undivided profits
Reserve for interest and taxes
Deposits (demand)
Deposits (time)
Total
$1,500.000 $1.500,000 31.500,000
3,500,000 3,500.000 3,000.000
633.495
219.437
184,038
37,500
28,256
40,881
13.665,229 12,987,803 13,499,439
4,005,949 4,473,129 4,128,013
522,918,871 522,685,851 522.798.447
Safe Deposit & Trust Co. (Baltimore).
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Stocks and bonds
$12,816,341 $10,388.168 $13.553,983
Loans, demand, time and special.-- 2,658.824 3,595,553 2,958,083
220
Mortgage loans
4,423
266,027
116.146331,140
200,000 Cash on deposit in banks
400,000
2,519.709 2,938,658 12,131,579
52,857
244.000
33.000 Bills receivable
160,000
175.000
17,419
Real estate
100.000
100,000
200.000
19,094
2,440,735
1,833.475
1,828,914 Accrued interest receivable
20,824
16,219
Other assets
10,288
4,560
7,645
33,988,599 $33,313,002 $3,256,928
Total
Total
$18,634,283 517,338,909 $29,357.649
Liabilities
(The) Continental Trust Co. (Baltimore).
Capital stock
$1.200,000 $1,200,000 $1,200,000
3,000.000 3.000,000 3,000.000
Dec. 31 '24. Dec. 31 '23. Dec. 31 '22. Surplus
Resources724,469
Undivided profits
538,300
338,068
$5,167,062 $6,672,119 $5.512,327
Loans and discounts
197,043
135,396
100,734
174 Reserve for taxes
Overdrafts, secured and unsecured
10,660.611
9,984,320 23,510,891
3,242,791
1,995,599 2,338,435 Deposits
&c
Stocks, bonds,securities,
2,852,160 2.480,893 1,207,956
1.550,000
1,550,000 Deposits, trust funds
Banking house, furniture and fixtures 1,550,000
912,323
596.157
1,371.199
Due from banks, bankers and tr. cos_
$18,634,283 517,338.909 129.357,649
Total
17,172
26,665
14.557
Checks and cash items
586.227
1.557.912
Due from approved reserve agents_ 1,623,450
1,182,023
1,223,392
Exchange for Clearing House
Security Storage & Trust Co. (Baltimore).
24,536
24,423
21.222
Cash on hand
29.622
100,000
Customers' liability on acceptances...
Dec. 31 '24. Dec. 31 '23. Dec. 30'22.
Resources$235,965
$168,077
3321.139
Loans and discounts
$13,828,850 $12.662,474 $12,398,063 Stocks, bonds, securities, &c
Total
888,634
700,977
691,619
218,195
212.747
213,278
Warehouse and fee simple lots
LtebiliUes127,732
133,072
140,034
$1.350,000 51,350.000 51,350.000 Mortgages
Capital stock paid in
97,615
70,804
93,638
1,350,000 Cash on hand and in banks
1.350,000
1,350,000
Surplus fund
46.778
48,919
Due by firms and individuals
341,663
362.076
449.403
Undivided profits
68,073
70.815
26,529
178.340 Miscellaneous assets
148,142
177,980
Due to banks, bankers and trust cos_
225,311
191.449
131.727
Due to approved reserve agents
$1,724,160 11.468,416 11.382.094 •
Total
8,948,245 7,983,398 8,105,068
Deposits (demand)
818.059
1,321,495
1,277,409
Liabilities
Deposits (time)
29,622 Capital stock paid in
100,000
Domestic and foreign acceptances
$200,000
5200,000
5200,000
231,381
221,380
Undivided profits
201,306
$13,828,850 $12,662,474 $12,398,063 Reserve for interest and taxes
Total
16,000
12.000
10,500
637,159
Deposits (demand)
489.6511
639,620
Deposits(time)
545,3851
970,288
Equitable Trust Co. (Baltimore).
$1,724,160
Total
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22. Trust department(add)) Dec.31 24_ $1.731.509 51,468,416 51,382,094
Resources,
510.406,497 $11,108,061 $12,443,163
Loans and dimase,
2.248
2.644
920
Overdrafts s, ce”.I and unsecured._
7,114,182 4,808,256 5.731,746
Stocks, b Is ... ..,r.1 ut, &c
*Title Guarantee & Trust Co. (Baltimore).
250,000
250.000
250,000
Bank house, va oil s, rum & fixtures_
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
23,509
13,534
Resources133.477
Due from banks, batikers & trust cos_
2.744,606 3,563.276 Loans and discounts
$3,520,678 $3,598,891 $3,405,858
1,998,849
Due from approved reserve agents
323,809
289,699 Stocks, bonds,securities, &c
266,315
2,634,784 2,196.448
. .
Lawful money reserve in bank
158,252
416.200
168.596
178,137 Banking house,furniture and fixtures
180,200
Miscellaneous
190.200
200.000
70,402
Mortgages and ground rents
1,645,588 2,190.075
1.428,756
Credit granted on acceptances
81.841
73.155
52,323 Due from banks, bankers & trust cos._
48,419
6,016
Foreign exchange
Checks and cash items
24,559
750
18,779
$20,289,295 $19,810,946 $22,534,101 Due from approved reserve agents
571,388
864,811
78,533
Total
66,524
Lawful money reserve in bank
70.082
713,134
Liabilities
Accrued interest receivable
29,770
30,625
37.816
11,250.000 51.250,000 $1,250,000 Miscellaneous
Capital stock paid in
46,000
47,389
1,000,000
1,000,000
1,000.000
Surplus fund
228.193
101,734
331,891
Total$8,982,646 $9,226,301 88,764,288
Undivided profits
252,243
477,868
433,748
Due to banks, bankers and trust cos_
Liabilities
189.302
191,591
Due to approved reserve agents
10.736,182 10,963.473 14,523.968 Capital stock paid in
$400.000
$400.000
$400,000
Deposits (demand)
5,939,260 5,556,237 5.006,721 Surplus
500.000
400,000
300,000
Deposits (time)
200,000
Undivided profits
70.402
27.796
27,131
27,403
Domestic and foreign acceptances
Due to banks, bankers & trust cos..31,268
535.252
492,028
405.128
Dividends unpaid
171,498
173.807 Deposits(demand)
4.375,449 4,138,378 4,072,976
Notes
Not and bills rediscounted
Deposits (time)
180,291
24.662J
2,802,880 2,539,694 2,235,515
Reserved for taxes, Interest, &c
Building loan deposits
305,720
985,671
844,077
520,189,295 119.810,946 322,534,101 Reserve for interest on deposits
35,549
29,461
43,127
Total
Bills payable
200,000
300,000
Otherliabilities guar.of Title Bidg.Co.
150,000
Fidelity Trust Co. (Baltimore).
Total
$8,982,646 39,226,301 88.764,288
Dec. 31 21. Dec. 31 '23. Dec. 31 '22.
Resources$8,620,825 $7,625.528 $6,419,021
Loans and discounts
Union Trust Co.(Baltimore).
592
482
Overdrafts, secured and unsecured.8,720.303 7,067,369 7,848Z
Stocks, bonds, securities, &c
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
12,455
8,581
Due from banks, bankers & trust cos511.553,807 38,467,923 86,867.087
2,936,189 2,786,706 2.8n:P1 Loans and discounts
Due from approved reserve agents
4,307.611
1,614,764 2,466.877
292,403
260,066 Stocks, bonds,securities, &c
310,755
Cash on hand
Banking house,furniture& fixtures
450.000
350,000
450.000
70,017
75,472 Other real estate
108.100
Miscellaneous assets
80,642
142,400
61,392
banks, bankers &
819,498
418.333
$20,705,235 $17,855,070 117.501.467 Due from approved reserve trust cos_
Total
Due from
agents.-1 3,640,8531 1,653,972
Cash and exchange
1,305.996 2,668.863
Liabilities
230,000
150,000
$1,000,000 $1,000,000 11,000.000 Credit granted on acceptances
96,735
Capital stock paid in
2,000,000 1.500,000
2,000,000
Surplus fund
Total
$20,244,671 $13,969,115 $13,582,967
140,180
503,267
240,744
Undivided profits
1,153.650 1.126,262
Liabilities
Due to banks, bankers and trust cos_ 1,706,304
214.896
249,632 Capital stock paid In
256,976
Due to approved reserve agents
$550.000
$550,000
$750,000
15,418.513 13,219,521 13,003,355 Surplus fund
Deposits (demand)
450,000
450,000
750,000
56,905
40,278 Undivided profits
33,363
Reserve for taxes and interest
174.172
242,571
195,690
69,918
78,673 Reserve for interest and taxes, 8cc
49,335
Other liabilities
50,000
54,780
62,849
Deposits
17,040,102 12,690,644 12,128,795
$20,705,235 $17,855,070 117.501.467 Fiscal agents' balances
Total
1,399,049
1923.
1922.
1924.
230,000
Domestic and foreign acceptances.
28,000
16%
18%
Diva. pd.on co.'s stk, in Cal. year,,,., 19Si%
Total
-2% daily, 3% monthly acc'tRate ofinterest paid on deposits
$20,244,671 $13,969.114 $13,582,967
FEB. 21 1925.]
THE , CHRONICLE
921
CHICAGO COMPANIES
Central Trust Co. of Illinois (Chicago).
Dec. 31 '24.
Time loans
*29.075,708
Demand loans
37,260,934
Real estate loans
4,168,847
U.S. Govt. bond & certifs. of itidebt_ 6,319,377
Bonds and stocks
6,073,553
Capital stock of Federal Reserve Lank
210,000
Bank premises
775,000
Customers' liabii. on letters of credit_
326.235
Customers' liability on acceptances...
132,434
Cash and sight exchange
24.748,762
Resources-
Total
Liabilities
Capital
Surplus
Undivided profits
General reserve
neservect for taxes and interest
Dividend account
Letters of credit outstanding
Acceptances executed for customers
Deposits
Total
*(The) Foreman Trust & Savings Bank (Chicago).
Dec. 31 '23. Dec. 30 '22.
$28,801,627 $32,540,080
26,466.157 21.754.900
3,355,8102.125,210
1,874.208
1.711,611
7,009.319
5,550,906
210,000
210,000
775,000
775,000
126.354
85.350
73,169
85,993
22.093.295 21.418.972
109,090,850 $90,784,939 $86.258,082
$6,000,000 $6,000.000 $6,000,000
3,000,000
1,000,000
1.000.000
1.028,570
3,084,971
2.57/.068
1,000.000
722.525
674,966
557,765
180,609
180.135
150.110
334,675
127,054
93,912
132.434
73,169
85,993
97,692,037 79,644,644 74,793,234
109,090,850 $90,784,939 386.258,082
Chicago Trust Company (Chicago).
ResourcesDec. 31 '24.
Cash on hand
1E6.373.641
Deposited in other banks
Loans secured by first lien on real est_ 3,863,941
Stocks and bonds
2,576,105
Loans upon the pledge of securities_ _115,440,005
Loans and discounts
Overdrafts
522
Customers' liability under letters of
credit and acceptance
268,745
Other assets, incl. accrued interest
492,840
Total
$29.015,799
Liabilities
Capital stock paid in
S1,500.000
Surplus
500.000
Undivided profits
531,324
Deposits
25,227,756
Dividends unpaid
45.000
Reserved for interest and taxes
108.050
Liability under letters of credit and
acceptance
268,745
Discount coll. & unearned
416,100
Other liabilities
418,824
Total
Dec. 31 '23. Dec. 30 '22.
f $216.464
$230,532
15,877,007
4,832.923
2,624,008
1,860,853
2,303,558
3,127,249
15,964,066
4,148,220
16,257,055
5,620,110
645
704
87,426
593,269
59,791
199.464
$23,923,498 *20,079,846
11,500.000 $1,500,000
500,000
500,000
426,793
406.359
20,776,586 17,338,36.5
30,034
30,130
79,796
66,000
87,426
66,319
465,544
59,791
64,069
115.132
$29,015,799 $23,923,498 $20,079,846
Continental & Commercial Trust & Savings Bank
(Chicago).
Resources
Dec. 31 '24. Dec. 31 '23. Dec. 30'22.
Real estate
8491,757
$275,296
$25,340
Cash on hand
1.193,116
1,671,477
1,790,205
Deposited in other banks
14,557,933 35,907,489 21,116.329
Cash in hands of agents and in transit 2,380.109
2,971,334
1,583,581
Loans secured by first lien on real est_ 3,023,149
3,956,942
4,671.288
Loans upon pledges of securities
23,531,425 27,010,952 34,342,666
Loans with more than 1 yr.'s int. due..
556,798
Stocks and bonds
60,581,623 28,523,304 35,877,705
Other assets, including accrued int
6.688,993
6.327,196
6.273.237
Total
$112,448.105 106,394,0341106,487.105
Liabilities
Capital stock paid in
$5,000,000 35,000,000 15.000.000
Surplus on hand
10.000.000 10.000,000
5,000,000
Undivided profits
1,013,914
233,730
3,544,035
Deposits
93,952,769 89,369.632 90,842.559
Other liabilities
2,481,422
1.790,672
2,100.511
Total
$112,448.105$106,394,034$106.487,105
Equitable Trust Co. of Chicago.
ResourcesDec. 31 '24.
Cash on hand and due from banks___ $518,735 Dec. 31 '23. Dec. 30 '22.
$396,437
$448.772
Bonds
26.5,246
299.317
536.842
Loans secured
1 2,327.776 1 1,925,517
1365.669
Loans unsecured
1795.501
Banking house
75,000
75,000
Furniture and fixtures
17,544
13,358
1,331
Interest earned
7,943
8,260
11.549
Profit and loss
28,874
Total
$3,212,244 $2,717,889 $2.188.538
Liabilities
Reserved for interest and taxes
$250,000
250.000
$250.000
Capital stock
50,000
50.000
50,000
Surplus
21,588
1.736
Undivided profits
3,500
2.500
Interest earned
13,049
13.788
8.141
Bills payable
100,000
70,000
Deposits
2,774,107
2,329,865
1,880,397
Total
13,212,244 $2,717,889 $2,188,538
First Trust and Savings Bank (Chicago).
ResourcesDee. 31 '24. Dec. 31 '23. Dec. 30 '22.
Cash on hand and due from banks
•$5,320,160*$12.487.3771$11.926,144
Due from Federal Reserve Bank
5.132,331
5,755,552
5.778,958
in hands of agents and in course
Cash
of transmission
4,096,829
344,593
Loans secured by first lien on real est_ 9,921,050
8,111,290
7,221,012
Loans upon pledges of securities
49.702,654 62,357,238 53.472,915
Stocks and bonds
60,670,279
Customers' liability for acceptances.... 1,725,000 36,499.679 43.968.088
2.235,400
Federal Reserve Bank stock
375,000
375,000
375,000
Real estate
3,037,775
2,188,157
2,215,313
assets
Other
405.392
288,027
929.116
Total
$140,386,470$128,406,913S128.121,946
Liabilities
-.
Capital stock paid in
$6,250,000 $6,250,000 $6,250.000
Surplus on hand
6,250,000
6.250,000
6,250.000
Undivided profits
3,979,948
3,287.584
2,836.263
Deposits
117.942,796 106,769,703 102,872,905
Acceptances
1,725,000
2,294.350
Reserved for interest and taxes
3,110,198
2,575,544
2.325,637
1,128,528
Other liabilities
3,274.082
5,292,791
$140
Total
,386,470$128,406.913$128,121,946
•Includes deposits in other banks as follows: 1924, $4,192,599; 1923,
$8,749,399; 1922, 37.164,836.
ResourcesCash on hand
Deposited in other ban
banks
Items in transit
Loans and discounts
Stocks and bonds
Other assets
Dec. 31 '24. *Dec. 31'23.
1
f$64.032
1905.428,67
'
338
8,130.871
4.113,155
1,922,256
2,043,162
2,038,469
Total
Liabilities
Capital stock paid in
plus
Sur
Undivided profits
Deposits
Unearned interest
Reserved for taxes and interest
$12,513,554 $9,164,298
51,000,000 31.000.000'
500,000
500,000
151.423
82,719
10,752,264
7.496,119
37,2491
85,460
72.617)
Total
312.513,554 S9.164.298
* The Foreman Trust & Savings Bank began business as a separate
institution on July 1 1923. this company and the Foreman National Bank
having succeeded the Foreman Bros. Banking Company on that date.
Comparison with previous years not possible on account of the division.
Greenebaum Sons Bank & Trust Co. (Chicago).
ResourcesDec. 31 '24. Dec. 31 '23.
Loans and discounts_ 415,979.6641117,935,129 119,554.749
Comnil paper purchased 2,182,500)
U. S. bonds and certif. of indebtedness 1,155.893
371,141
either bonds and securities
1,809,972
773.731
Real estate
54.377
69.897
Customers 'lab. under letters of credit
218,350
146.347
Customers' Hal,. acct. of acceptances..
712
134.040
Cash on hand and in banks
6.101,297
5.509,920
Total
$
07.502,765 324.940.205
LiabiatiesCapital stock
$1,500,030 11.500.000
Surplus
500,000
500,000
Undivided profits
830,759
756,393
Reserved for taxes and interest
55,868
50.785
Letters of credit
218,350
153,464
Acceptances and contingent liabilities
51,289
169.562
Deposits
124,346.498 1
Deposits special
121,810,001
Total
Dec. 29 '22.
314.483.512'
853.920
860.305
41.437
243.297
29,369
4,621,441
826.204,518
1
$1.500.000
500.000
789,982
180,715
367,111
173.369
)21,478,95
1 1,214,389
$27,502,764 124.940.205 $26,204,518
Harris Trust & Savings Bank (Chicago).
ResourcesDec. 31 '24. Dec. 31 '23.
Cash on hand and due from banks_ __$10,481,955 89,851.436
Clash In hands of agents and in course
of transmission
3.260,571
3,401,280
Loans on pledges of securities
24,861,837 21.894.802
Stocks and bonds
24,010,418 13.004.888
Other assets. incl. accrued interest_ 10,594.523
7,874,788
Total
Liabilities
Capital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
Total
Dec. 30 '22.
17.644,490.
4,353,522
17.930,827
15,087.957
8.172,097
$73,209,304 356,027.194 $53,188,893.
$3.000,000 $3,000.000 33.000.000.
4,000.000
3,000,000 3,000.000
739,474
1,236.350
901,278
62,560,149 47.239,578 43,851.667
2.909,681
1.551,266
2,435.948
373.209.304 356.027.194 $53,188.893,
*Illinois Merchants Trust Co. (Chicago).
(Results for combined institutions for all dates.)
Resources1924.
1923.
1922.
Cash on hand and due from banks_ -$87,773,019 $79,170,550$107,292,161
U. fr. Govt. bonds and Treasury ctfs_ 58,324,934 34,354,381 23.990,011
Bonds and other securities
29,861,811 33,023,823 61,956,069
Demand loans on collateral
104.335,379 92,363.793
Time loans on collateral
94,260.886 104,381,853)218,292.724
Other loans and discounts
58,655,342 35,435,848
Stock in Federal Reserve Bank
1,350,000
1.350.000 1.350.600
Illinoins Merchants Tr. Co. building- 8,500,000 10.032,516
5,232,516
Oust. liab. under letters of credit__
4,949,336
5,674,377
5,724,964
Customers' nab. under acceptances.- 17.318,153 14,090,382 11,566,517
Liability of other banks on bills
purchased and sold
2,316,283
1,550,649
Interest accrued but not collected_
2.101,485
1,560,204
887,155
Liabilities
Capital stock paid in
$467.430,345$413,754,010$437,842,766
$15.000.000
30,000,000
kiredded profits
5.095,668
Deposits
389,754,983
Contingent fund
1,300,000
Dividends unpaid
Reserved for taxes and interest
2,225,101
Other reserves
1.200,000
Letters of credit
4,997,189
Acceptances
17.318,153
Discount collected but not earned__ _
539,251
Liab. as endorser on bills purch. & sold
$15,000,000 $15,000,000
30.000,000 30,000,000.
9,309,880
7,507,666
329,953,277 359.338.172
2,000,000
2,850,000
700,589
2,655,757
2.772,060
1,000,000
1.000,000
5,733,957
5,724,964
14,090,382 11.566,517
844,474,
2,316,283
1.550,640.
$467,430.345$413.754,010$437,842,766
• All the above figures represent the combined figures of the Illinois
Trust & Savings Bank, Merchants Loan & Trust Co.and the Corn Exchange
National Bank, which were merged as of Oct. 1 1919 though the actual
physical consolidation was not consummated until Sept. 27 1924.
The Northern Trust Co. (Chicago).
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
'rime loans secured by collateral
$16,355,080
Demand loans secured by collateral.- 13,571,499 $10,335,594 $10.629.748,
14.329,827 15.050,982
Other loans and discounts
7,700,244
8,293,859 10,161.198
Bonds and other securities, including
U. S. Government obligations
11,438.978
7,879,964
7,847,661
Overdrafts
10,629
3,362
17,318
Federal Reserve bank stock
150,000
150.000
150,000
Bank premises
1,400,000
1,400,000
1,400,000.
Liability of other banks on bills purchased
650,000
2,040,000
747,896.
Customers liability acct. accept'nces
580,028
774.207
259.511
Customers' liability under letters of
credit
684,645
1,175,939
588,009
Casts and due from banks
15,575,871 13,877,149 13.255.006
Other assets
165.768
853,620.
Total
868.116.974 360.425,669 560.960,949
Liabilities
Capital stock
$2,000,000 32,000,000 $2,000.000.
Surplus fund
3,000,000
3,000,000 3.000,000
Undivided profits
2,306,143
2,003,261
1.704,865
Dividends unpaid
60,000
60,509
51.315
Reserved for taxes, interest, &c
1,633,063
1,532,806
1,401.800
Discount collected but not earned _.,_
102,680
138.803
126,112
Contingent liability on other banks'
bills sold
650.000
2,040.000
747,896
Acceptances executed for customers
580,028
774.207
259,511
Letters of credit outstanding
687,360
1,178,839
610,329
Deposits
_ 57,097,700 47.419,482 50,387,850
Other liabilities
277,762
671,262,
Total
$68,116,974 860.425,669 $60,960.94
(VoL. 120.
THE CHRONICLE
922
Standard Trust & Savings Bank (Chicago).
The People's Trust & Savings Bank (Chicago).
Dec. 31 '24. Dec. 31 '23. Dec. 30'22.
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 31 '22.
Resources$262,128
$325,118
$495,341
215,346,902 $11,651,123 $8,379,609 Cash on hand
Loans
1,991,725 1.840.963
3,141,771
776,460 Deposited in other banks
580.833
Cash on hand
520,293
1,339,827
2,080,8651 4,386,153 1.187.263 Cash in hands of agents and in transit 1,339,867
Deposits in other banks
466,200
888,800 1.050.550
769.021 Loans secured by 1st M.on real estate
Cash in hands of agents and in transit 1,245,589
1,466,385 1.611,192
1,421,719
2.300,964 3,216,166 Stocks and bonds
1,549,271
Stocks and bonds
3,217.005 6,476,539 4,864.802
114,748 2,694,382 Loans upon the pledges of securitles
133.794
Other assets, incl. accrued interest _
6,397,414 3.126,646 5.125,610
Other assets, incl, accrued interest
220,937,254 $18,452.988 217,022,901
Total
Total
216,901,917 $15,776,790 $14,691,188
Liabilities
$1.000,000 $1,000,000 $1,000,000
Liabilities
Capital stock paid in
500,000 Capital stock paid in
500.000
500,000
$1,000,000 $1,000,000 $1,000,000
Surplus on hand
500.000
195,009 Surplus on hand
500,000
236,660
211.186
500,000
Undivided profits
336,436
398,687
19.139,865 16,536,266 15,241 365 Undivided profits
440,504
Deposits
86,527 Deposits
153,062
86,203
14,671,964 12,962,644 11.390,089
Other liabilities
915.459 1,464,663
289,549
Other liabilities
220,937,254 218,425,988 217,022,901
Total
Total
216.901.917 215,776,790 214,691.188
State Bank of Chicago (Trust Company).
Dec. 31 '24. Dec. 31 '23. Dec. 29 '22.
Resources$550,000
$550,000
2550,000
Real estate
990,493
Cash on hand1,187,372
{ 11,766,945 [6.205,042 5.055,964
Deposited in other banks
3,610.204 2,347,961
Cash in hands of agents & in transit_
Loans on real estate, being first liens
3,898.095 3,570.823
3,757,665
thereon
3.103,394
2,942,531
2.627,055
Stocks and bonds
22,913,667 21,978,771 18,827,677
Loans upon the pledges of securities
20,461,892
Other loans
10,657 20,135,275 20,391.941
Overdrafts
139,017
U.S. Government investments
456,735
Customers'nab. under letters of credit
Total
Liabilities
Capital stock paid in
Surplus on hand
Undivided profits
Deposits
Other liabilities
262,683,633 360,507,290 254,838.253
$2,500,000 $2,500,000 22,500,000
5.000,000 3,500,000
5,000,000
1.744.290
745,616
1,384,953
51.909,632 50,590,727 45,631.781
1,462,183
1,670,947
1,889.048
$62.683,633 $60,507,290 254.838,253
Total
Union Trust Co. (Chicago).
Dec. 31 '25.
Resources$4,567,155
Cash on hand and clearings
8,453,781
Deposited in other banks
Cash in hands of agents and in transit 2,365,239
2,540.769
Loans, being first liens thereon
10,572,822
Stocks and bonds
14,840,518
Loans upon the pledges of securities
30,037,836
Other assets, incl. accrued interest
Dec.31 '23.
$2,666,182
7,556,641
3.227,471
1,018,974
6,680,392
25,409.225
21,001,068
Dec. 30'22.
$3,429,197
6,378,151
2,105,134
1,031,665
12,252,917
19.393,769
17,955,958
Total
273,378,120 267.559,953 $62,546,791
Liabilities
*$2,000,000 $2,000,000 $2,000,000
Capital stock paid in
3,000,000 3,000,000 2,700.000
Surplus on hand
653,708
884,853
507,196
Undivided profits reserve for deprec'n
64,779,693 58,085,334 54,349,736
Deposits
2,713,574 3,967,423 2.843.347
Other liabilities
Total
273.378,120 267.559.953 $62,546,791
•Company is planning to increase capital stock to $3,000,000. See
V. 120, page 419.
ST. LOUIS COMPANIES
Chouteau Trust Co. (St. Louis).
American Trust Co. (St. Louis).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$3,024,476 $3,225,816 23,003,414
Bonds and stocks
3,258,914 2,689,609 3,934.326
Government securities
39,000
42.000
43,500
Stock in Federal Res. Bank, St. Louis
2,971,798 2,858,256 2.656,383
Demand loans
3,647.933 3,606,930 3,247,171
Time loans
715.526
725,106
919,884
Real estate loans
1,718,202 1,800,677
Due fr. tr. cos., bks., bkrs.& brokers_ 2,500,530
158.621
108,065
110,532
-Cash on hand
172,716
139.822
126,922
Safe deposit vaults
132,306
92,578
95,036
Other resources
$18,699,525 215.206,383 $15,860,140
Total
Liabilities
21,000,000 $1,000,000 $1,000,000
Capital
405,483
502,746
550,265
Surplus and undivided profits
8,531,324 6,906.066 8.050.086
Deposits subject to check
816.758
894,811
746,900
Certificates of deposit
713.754
427,619
745,554
Due trust cos., banks and bankers_ _ _
2,622,745 2,461,618
2,918.966
...
Savings deposits
1,685,495
2,500,000
1,889,567
U. S. Government deposits
250,000
Bills payable
352.100
301,100
231,100
Bonds borrowed
124,846
51,296
85,849
Other liabilities, res. for tax.,in,&c_
$16,699,525 215.206.383 215,860.140
Total
Broadway Savings Trust Co. (St. Louis).
Dec. 31 '24. June 30'23. Dec. 30 '22.
Resources-Loans on collateral and commercial
paper and investment securities_ _ _ $1,709,634 $1,288,330 $1,191,407
176.478
179.563
122,854
Bonds and stocks
334,399
255,957
408,901
Due from trust cos. and banks
122.583
60.784
69,714
Cash on hand
32,962
90,364
34,413
Other assets
22,345,516 $1,874,998 $1,857,829
Total
Liabilities
Capital stock
Surplus
Undivided profits
Deposits
Re-discounts and bills payable
Other liabilities
$200.000
1
91,787
1,966,697
85,000
2,032
2200,000
100,000
2,741
1,570,257
$200,000
100,000
1,296
1,554,523
2,000
2,010
22,345.516 21,874.998 21.857.829
,
TotaL
*Chippewa Trust Co. (St. Louis).
*Dec. 31 '24.
Resources$881,725
Loans undoubtedly good on collateral security
443,407
Loans undoubtedly good on real estate security
494
Overdrafts by solvent customers
124.365
Bonds and stock at present value
7.500
Federal Reserve Bank, St. Louis
Stocks in
49,500
Real estate (company's office building) at present value
10,480
Other real estate at its present value
10,000
Safety deposit vaults
91,115
Due from Federal Reserve and trust companies and bankers
41,394
and other cash items
Checks
52,119
Cash on hand (currency, gold, silver and other coin)
21,712,099
Total
Liabilities
2200,000
Capital stock paid in
50,000
Surplus
17,838
less current expenses, and taxes paid
Undivided profits
& bankers
259
Deposits subject to draft at sight by trust cos., banksothers_ _ _ _
682.892
subject to draft at sight by individuals and
Deposits
159,891
Time certificates of deposit
436,029
Savings deposits
18,784
Cashier's checks
36,900
Other reserves (war loan deposit account)
1,336
collected unearned
Discount
108,170
Dividend checks and Com. of Finance Acct., Chippewa Bank.
Total
•Began business Jan. 21 1924.
$1,712,099
Resources
Loans on collateral security
Loans on real estate security
Bills purchased
Bonds and stocks
Furniture and fixtures
Due from trust cos. and banks
Checks and other cash items
Cash on hand
Other resources
Total
Liabilities
Capital stock paid in
Surplus
Undivided profits
b indi
draftt
Depo
a rl
othTi:,1111.
Time certificates of deposit
Savings deposits
Bills payable
Other liabilities
June 30'24. June 30'23. Dec. 30 '22.
2811,536
121.176,0781 28.5.347
1
233,450
104,520
180,000
309,625
254,136
480.007
20,440
19,712
21,469
83,016
96,583
214,667
30,720
100,532
140,679
92,976
49,839
•
587
21,923,338 31.869,748 $1,452,803
$100,000
$200,000
2200,000
50,000
100,000
100.000
6,306
10,067
2.065
sight dep_!:{
f
.t8.0fi
1.500,914{
1 555 511)
• 120,000
359
4,170
765,732
75,865
454,871
29
21,923,338 21,869,748 21.452,803
Total
City Trust Co. (St. Louis).
June 30'24. Dec. 31 '23. Dec. 30'22
Resources} 21,685,834 161,438,744 $1,214,770
Loans on collateral security
155,827
1 125,475
Loans on real estate security
6,248
Overdrafts
138,213
153,617
153,057
Bonds and stocks
37,800
33,000
U.S. bds., ctfs. ofindebt. & W.S. S..
4,850
6,136
31,303
Furniture and fixtures
19,000
7:000
10,150
Real estate
220,169
239,204. 319,444
Duefrom trust cos.and banks
4,371
2,662
Checks and other cash items
44,776
29,708
43.435
Cash on hand
3,171
Other resources
62.166,154 $2,122,032 $1,839,776
Total
Liabilities
$200,000
6200,000
$200,000
Capital stock paid in
45,000
65,000
65.000
Surplus
14,803
13.559
25,420
Undiv. prof. less current exp. & tax_ _
Dep. sulb, to draft at sight by indiv.
11,272,486 1,106,585
& others.incl. dem.ctfs. of dep-__
114,736
96,957
1,575,883
Time certificates of deposit
308,869
383,255
Savings deposits
28,263
30,000
United States deposits
32,068
28,143
Treasurer's checks
4,591
11,042
Special reserves
289,237
Rediscounts
Bills payable
15
3,000
2,992
Dividends unpaid
10,518
Other liabilities
22,166,154 $2,122,032 21,839,776
Total
Easton-Taylor Trust Co.(St. Louis).
Dec. 31 '24. Dec. 31 '23. Dec.6'22.
Resources$254,289
$440,641
$342,794
Loans on collateral
154,138
197.218
231,665
Loans on real estate
356,981
198,480
329,618
Other securities
487,832
702,244
698,482
Bonds and stocks (present value)-.......
208,428
141,028
124,961
Due from banks and trust cos
80,171
85,451
87,649
Cash on hand. &c
7,225
Furniture and fixtures
10,250
9.044
7,900
Safe deposit vaults
13,850
14.380
42,000
estate
42.000
63,500
Real
6,276
30,878
21,156
Other resources
Total
Liabilities-Capital stock paid in
Surplus
Undivided profits
Deposits, demand
Bills payable and rediscounts
Time certificates of deposit
Demand certificates
Savings deposits
Treasurer's checks outstanding
Other liabilities
Total
21,908,265 21,877,022 $1.605,218
$200.000
$200,000
$200,000
10.000
12,000
14,000
11,795
20,250
22,885
917,890
922,484
943,645
60,000
89,666
98.431
126,537
2.220
378,972
548,730
576.392
14,611
14.793
24.482
84
334
324
21.908.265 21.877.022 $1,605,218
923
THE CHRONICLE
FEB. 21 1925.]
Farmers' & Merchants' Trust Co. (St. Louis).
Mercantile Trust Co. (St. Louis) Concluded.
Dec. 31 '24.
LiabilitiesDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
$3,000.000
$523,003 Capital stock paid in
6928,477
1968.703
Loans on collateral
7,525.604
948.556 Surplus and undivided profits
1,147,700 1,177,743
Loans on real estate
195.000
230,410 Reserves for int. and dive, and taxes_
116.225
159.771
Commercial paper
63,665.029
3,032.870 3,233,195 3,154,029 Deposits
Bonds and stocks
28,500
17.700 Contingent liability and acceptances
16,603
Furniture and fixtures
157.155
and letters of credit
1.229
Overdrafts
10.165
78,226 Unpaid dividends
108.711
117,969
Cash on hand
311.569 Other reserves
377.521
527,377
Due from banks and trust companies..
Other resources, real estate owned
174.552.953
Total
103,681
117,027
97,838
and office building
Resources
-
Total
Liabilities
Capital stock
Surplus
Undivided profits
Deposits
Bills payable Federal Reserve Bank
Doc. 31 '23. Dec. 3()'22.
$3,000,000 $3.000.000
7,682,336 7.533,776
213.424
229.038
56,346.079 50.200.125
313,144
5,879
288.100
7.798
101.062
867.560,862 561.359.899
65,857,760 $6,229.199 $5,367.174
$400.000
100,000
89,344
5.218.416
50.000
$400,000
80.000
28.964
5,540.235
250,000
$200.000
100,000
80.654
4,861.520
125,000
Mississippi Valley Trust Co.(St. Louis).
Dec. 31 '24. Dec. 31 '23. Dec. 29 '22.
68,589,934 16.951.918 38.265.292
Stocks and bonds
U. S. bonds and cas. of indebtedness_ 3,429.585 4,968.915 3,688,470
195.000
195,000
Pad. ties. Bank, St. Louis, cap. stock.
1.317.767
Total
65,857,760 $6,299,199 $5.367.174 Loans on real estate
1.352.542110,052.753
1.217.348
10.630.248
Loans on collateral
1924.
1923.
1922.
54
9,282,807 8,089.8
Rate of interest paid on deposits_
2% check; 3% savings; 4% time Other negotiable & non-nego. paper
209,261
453,985
101.034
Dividends paid in calendar year
8%
6%
12% Customers' liability on acceptances._
30.423
211.273
471.847
Real estate
340.5051 6.380.024
443.221
Cash on hand
Laclede Trust Co. (St. Louis).
7,807,705 4.498.6851
Cash on deposit
440.436
373.339
221.010
RESOUITesDec. 31 '24. Dec. 31 '23. Dec. 30'22. Other resources
Loans on collateral
$414.745
$442,709
$362.037
542,490.157 537.489,103 S40.231.264
Total
Loans on real estate security
350,962
281,089
143.833
Other negotiable and non-negotiable
Liltslice
paper and investment securities_
256,483
350.371
229.829
53.000.000 13.000,000 =mom°
Bonds and stocks
928,811
703.521 Capital stock
870.458
3.500.000 3.500.0001 5.368.630
Surplus fund
Real estate
105.000
105,000
1.686.6241
802.777
Undivided profits
vaults
Safe deposit
3.600
3.600
5,441
6.174.209 6.106 7101
Furniture and fixtures
2.400 Deposits (savings)
2.569
2.356.1791 31.515.617
5,423.851
Due from other trust cos. and banks_
150.402
88,709 Deposits (time)
223,521
23.368,058. 19.075,7611
Deposits (demand)
Checks and other cash items
600
150
Rediscounts with Federal Res. Bank
Cash on hand (currency, gold, silver
1.200.000
of St. Louis
and other coin)
33,266
27.755
15,150
209.261
453,985
101.034
War and revenue stamps
33 Acceptances and letters of credit
26
58.251
36.978
41,204
Overdrafts hv solvent customers....
140
218 Reserve for interest
1.016
79.495
72.866
79.024
Other liabilities
Other resources
2,908
Stock Federal Reserve Bank
7.200
7,050
Total
$42.490,157 $37.489.103 $40.231.254
Total
$2,219,180 $2.206,383 61,695,038
Liabilities
Capital stock paid in
$200,000
$200,000
$200.000
Mound City Trust Co. (St. Louis).
Surplus
40.000
40,000
35.000
Undivided profits
10,674
41.251
19,366
ResourcesJune 30'24. Dec. 31 '23. June 30'22.
Deposits subject to draft, Including
$522.2401
certificates of deposit
910.110 1.036.280
885.253 Loans on collateral
6961.211
370.9431
Loans on real estate
$1,458,849
Time certificates of deposit
160.087
165,725
135,733
Savings deposits
551,635
488.954
370.259 Other negotiable and non-negotiable
583.1611
paper and invest. securities
Dividend checks outstsndlng
IRO
4,697
6.039
59,929
138,868
114.1451
Reserves for interest,. taxes, &c
13.000 Bondsin Fed.
18,000
13.258
7.200
Bills payable
30.000 Stockestate Res. Bank, St. Louis
193,400
228.200
72.889
92.060
Real
93.237
All other liabilities, treasurers' checks
146,152
38.614
outstanding
14.939 Due from Fed.Res., oth.tr.cos. & bks.I 145.599
8.561
61,199
Checks and other cash items
ecks
93.078
94,046
on hand
Total
$2,119,180 $2.206,383 $1,695.038 Furniture and fixtures
23.607
29,981
31,129
2.000
4,000
Burding account
Liberty Central Trust Co. (St. Louis.)
49,918
39.255
Exchanges for clearing house
55,49
4
22,800
19,823
51,999
ResourcesJan. 5'25. .Jan. 4 P24. Dec. 30'22. Other resources
Loans and discounts
$17,303,576 $22,585,099 $24,478.762
Total
12,012.322 12,068.399 11.399.705
264.500
Customers' liability, under accept'ces
20.388
58.776
do
do
73.040
under letters of credit
56.827
Liabilities
18.749
Overdrafts
1.325
28.432
$200,000
6200,000
$200,000
United States securities.
10.444.780 6,686.609 5.982.955 Capital stock paid in
40,000
40,000
25,000
120,000 Surplus
120.000
Stock in Federal Reserve Bank
120,000
14.914
28,659
2,228
5,342.875 6.555.426 Undivided profits
Other bonds and stocks
4.871.079
978.370 1.172.390 Dep. sub, to draft at sight by trust
Banking house ani other real estate
1,154.588
91,011
cos. banks and bankers
126.000
125.000
Safe deposit vaults
113.000
2,645,500 2.889.300 Deposits subject to draft at sight by
United States securities borrowed
937,234
Individuals and others
294.546
321,455
Other resources..
562.646
112.083 1,060.732
1,747,144
Cash and sight exchange
12.765,124 7.230.305 8.694.550 Time certificates of deposit
24,816
Demand certificates of deposit
Total
V47.420.052 $46,129,966 $50,625,254 Other time deposits
Liabilities
522,290
63.000,000 $3,000.000 Savings deposits
Capital
63,000.000
1".311
1,000,000 1,003.000 Cashier's checks rediscounts
Surplus
1,000.000
60.000
1C0.000
103,038 Bills payable and
237.562
Undivided profits
383.673
6.493
22,772
9,494
355.648 Reserves for taxes. &c
Reserves
18,820
Other assets
178
246
89.247
87.359
Unearned discount
66,209
20.387
264,500
Acceptances ___
33.950
Total
$2,012,322 $2.068,399 $1,399,705
7.3.040
58,776
Letters of credit..
56.827
Government bond deposits
456.400
640,150
United Staos s-c,eittss h wrewel ._ _ 1,767.450 2.645,500 2,889,300
Bonds sold under repurchase agreem't
907.000
North St. Louis Trust Co. (St. Louis).
Dgposits- Commercial
25.759.133 24.684.261 27.606.420
Bank and Uankors
5,802.014 6,905,189
7.472,412
ResourcesDec. 31 '24. Dec. 31 '23 Dec. 30 '22.
Certificates of deposit
2,619.911
2,705.656 Real estate mortgage
2.860.281
5171.400
$219,600
3333.700
Savings
4,071.185 4.223,782 4.272,223 Stocks and bond Invest.(mkt. value)
658,510604.146
505.127
U. S. Government
735.107 Loans and collateral
372.750
948,932
438.259
513.246
575.425
Total
$47,420,052 $46.129,966 $50,625.254 Other loans, incl. bills purchase& _ _ 1,175.782 1,190.827 1,071.521
258.401
260.389
Due fr. tr. cos., bks., bkrs. & brokers
312.890
61.171
Real estate, furniture and fixtures
58.269
68,641
*Lindell Trust Co. (St. Louis).
43.189
36.940
Specie
33.198
Resources
Dec. 31 '24. Legal-tender notes & notes nat. banks
70.000
51,760
40.998
Demand loans
$233.031 Other resources
22.034
19.655
15.042
Time loans
114.969
Real estate loans
225,950
Total
53.060.803 $3,004,196 52.740.121
Bonds
281,258
United States Liberty bonds
10,178
Liabilities
United States Treasury certificates
40.000 Capital
$200.000
$200,000
$200,000
Stock in Federal Reserve Bank
6,600 Surplus and undivided profits
53.869
65,200
73,254
Cash on hand and in other banks
202,409 Deposits subject to check
1.077.609
1.160,216
1.185,819
•
Furniture and fixtures
18.819 Certifs. of dep. and savings deposits_ 1.578.984
1.555.969 1.394.282
Accrued interest on bonds
668 Other liabilities
14.361
22.811
22.746
Total
61,133.883
$3.060.803 $3,004,196 12.740.121
Total
Liabilities
1922.
1923.
Capital stock
1924.
$200,000
2.3 &
Surplus
2, 3 80 4% 2, 3 & 4
20,000 Rate of interest paid on deposits
154,
Undivided profits
9%
3,910 Dividends paid calendar year
Reserve for depreciation and fixtures
2.920
Individual deposits
623,438
Demand certificates
37,500
Northwestern Trust Co.(St. Louis).
Savings deposits
200,003
Time deposits
36.619
A:MMUSDec. 31 '24. Dec. 31 '23. Dec. 30 '22.
United States Government deposit
9,493
Loans and discounts
$4,043.396 $4,393,130 $3,531.728
727.693
690.951
803.524
Total
$1,133,883 Cash and due from banks
41,938
Real estate
27.889
1.546
Overdrafts
1.581
4.148
•Began business Jan. 2 1924.
63.800
Real estate(banking house)
1 51.0001 108,944
I
35.200
Furniture and fixtures
39,298
Mercantile Trust Co.(St. Louis).
Bonds and stocks
4,869.391
4.375.901 4.547.681
Dec. 31 '24. Dec. 31 '23. Dec. 30'22.
Resources19,873,005 59,637,694 58.948.040
Total
120.457.355 $26,206,950 $21,540.330
Time loans
21,330,683 16,039.974 12.522.224
Demand loans
Liabilities
4,289,841
4,851.712 5,047,293
Bonds and stocks
5500,000
$500.000
3500,000
Capital stock
Liberty bonds & U. S. Govt. ctfs. of
500,000
200.000
12,517.713 7.575.449 8.924,619 Surplus
500.000
indebtedness
145.165
232,919
230,148(
300,000
300,000
Fed. Res. Bank, St. Louis
300,000 Undivided profits
Stock in
1,861.000
I2,209.579
1,861.000 1,825,000 Demand deposits
Real estate (co.'s office bullding)
2,4,553
63
45(3,000
450,000
450,000 Savings deposits
Safe deposit vaults
8,565,086 3.461.251
7.776.531
13,063.335 9,892,103 9,578,487 Time certificates of deposit
Cash and eight exchange
7.122
Demand certificates of deposit
Customers liability acc't acceptances
49.763
157.155
313,145
288,100 Cashier's checks
letters of credit
and
100.000
75.000
241,361
120.000
65,000
883.846 Reserves
Acceptances
30,261
5,871
5,529
Dividends unpaid
Other resources
Total
$74,552,953 667,560,862 $61,359,899
Resources-
Total
$9,873,005 89,637,694 18,948.040
924
.
DIE CHRONICLE
*Park Savings Trust Co. (St. Louis).
Resources*Dec. 31 '24.
Loans undoubtedly good on collateral security
$34,900
Loans undoubtedly good on real estate security
93,335
Other negotiable and non-negotiable paper & investment securs_
28,358
Overdrafts
168
Bonds and stocks
52,395
Stocks in Federal Reserve Bank, St. Louis
1,800
Furniture and fixtures
11,563
. U.S. Govt.certifs. of indebted.(incl.4% Treas. bonds, 1944)-27,000
U. S. Liberty bonds
25,388
' Safety deposit vaults
13,307
Due from Federal Reserve, other trust companies and banks
37,995
Checks and other cash items
273
Cash on hand
6.517
Expense account
4,852
All other resources
2,073
Total
' Liabilities
Capital stock paid in
Surplus
Deposits subject to draft at sight by individuals and others..
Time certificates of deposit
• Postal savings deposits
Savings deposits
U.S. Government deposits
Cashier's checks
Bills payable and rediscounts
- Trust department deposit account
Suspense account
Total
*Began business Oct. 6 1923.
$339,864
$50,000
10,000
177,357
1965,
700
52,263
21,559
4.535
20,000
1,399
86
$339,864
Savings Trust Co. (St. Louis).
Resources
-Dec. '24. Dec. 31' 23 Dec. 30 '22.
31
Loans on collateral
$610.923
$946,769
$760.854
Loans on real estate
838,665
652,370
439.975
Commercial paper
314,716
317,500
Bonds
256.600
210,625
458.925
Bank building
100.000
100.000
Safe-deposit vaults, furn. & fixtures..
70,337
70,337
70,337
Due from trust companies, banks.
bankers and brokers
276,741
444,7211
431,586
{
141,2821
Checks and other cash items
92.388
Cash on hand
254,847
116,515
81,465
Total Liabilities
Capital stock paid in
Surplus and undivided profits
Deposits subject to draft
Time certificates of deposit
Savings deposits
Discounts with Federal Reserve
Bank building bonds
Total
Rate of interest paid on deposits
Dividends paid in calendar years
$3,032,091
$200,000
93,495
1,970,232
71,550
636,814
60,000
$3,032,091
1924.
2%
13%
$2.810,652 $2,215,735
$200.000
75,623
1,588.809
84,400
596,820
165,000
100,000
$200,000
74,060
1,365,666
76,122
499,887
$2,810,652 52,215.735
1922.
1923
2%
2%
12%
12%
South Side Trust Co. (St. Louis).
ResourcesDec. 31 '24. Dec. 31 '23. Dec. 29'22
Loans on collateral
$497,922
$481.855
$407,405
Loans on real estate security
399,277
458.249
414,821
Loans. commercial
119,755
203,149
115,004
Overdrafts
137
882
367
Bonds and stocks
1,197.737
1,620,490
1,608,335
Safety deposit vaults
2.000
2,000
2,000
Due from trust co's and banks
148,652
229.700
250.816
Checks and other cash items
413,546
338,694
373,194
Cash on hand (curr., gold,silver. &c.)
75,484
50,474
80,569
L.L. bds., U.S.Treas. eds.& W.5.9.
315.956
Total
$3,170,466 $3,385,493 $3,252,511
Liabilities
$200,000
$200,000
Capital stock paid in
$200,000
70.448
Surplus and undivided profits
88,693
100,554
45.886
132
Due to banks and bankers
1,393.183
1,485,621
Demand deposits
1,391.834
739,837
562,712
512,490
Time certificates of deposit
606.541
710,739
684,019
Savings deposits
22.804
5.349
30,316
Cashier's checks
32,500
32,500
Reserve for interest & taxes
32.500
141,312
Other liabilities
217.000
270,000
Bills payable
31,500
U. S. Government deposits
$3,170.466 $3,385,493 $3.252,511
Total
Vandeventer Trust Co. (St. Louis).
Dec. 31 '24. Jan. 31 '24. Jan. 31 '23.
Resources$147.057
$126.877
$500,250
Loans on bonds and stocks
27,447
.
.
Loans to customers
574,933
38,693
653.650
Bonds and stocks
49.110
U.S. Government
115,682
15,682
15,527
Sic safe dep. vaults_
Furniture,fixturesobligations'
15,918
19,068
19,335
Real estate
342
15
235
Overdrafts by solvent customers
134,599
130,666
321,363
Cash on hand
10
Other resources (collections)
$974,786
$933,847
$922,850
Total
Liabilities
$50,000
$50.000
$50,000
Capital stock
18,233
8,506
16.947
Surplus and undivided profits
572,722
578.368
580.105
Demand deposits
25,522
18,073
20,565
Time certificates
251,732
270.363
250,887
Savings deposits
3,146
3.074
2.692
Unclaimed deposits
50.000
Bills payable
5,463
3.433
1,634
Miscellaneous
$974.786
*933,847
$922,830
Total
West St. Louis Trust Co. (St. Louis).
Dec. 31 '24. Dec. 31 '23. Dec. 30 '22.
Resources$375,450
$323,861
$310.740
Loans on collateral security
261.920
273,392
276.414
Loans on real estate security
1,158,382
1,215.160
988,532
Bonds and stocks
981,025
844,073
Bills receivable
Other negotiable and non-negotiable
916,209
paper and invest. securities
45.900
45,900
30,000
Real estate
14,758
11,087
13,208
Furniture and fixtures
236,885
186,074
' 271.224
Due from trust companies and banks
106.967
110.284
127.665
Items_ _1
Cash on hand and other cash
6.346
3,917
6.335
Other resources
$3,228,638 $3,134,289 $2,778,781
Total
,
1 Liabilities-$200,000
$200,000
$200,000
Capital stock
90,000
100,000
75,000
Surplus
10,054
18,779
11,866
Undivided profits
Deposits by individuals and others in1,251.663
1,146,954
cluding demand certifs. of deposit_ 1,445,113
268,711238,030
284,983
Time certificates of deposit
1.095,628
1,161.270
917.345
Savings deposits
16.734
12.618
16.993
,Reserve for int., taxes & depreciation
1,500
1,500
1,968
'Other liabilities
200,000
175.000
Bills payable
Total
$3,228,638 $3,134,289 $2.778.781
[VoL. 120.
Chicago "Daily Journal" Bequeathed to Employees
on Death of John C. Eastman, Owner.
Under the will of the late John C. Eastman, sole owner of
the Chicago "Daily Journal," the newspaper passes into the
hands of a group of employees. It is reported that the probate judge fixed a $1,000,000 bond for the executors. Chicago advices, published here Tuesday (Feb. 3) said, regarding the bequest:
The estate is left to three executors, W. Frank Dunn, 0. L. Hall and H. 0.
Deuter, who announced a plan of Mr. Eastman under which Harry L. Spencer, Richard J. Finnegan, the Managing Editor, and 0. L. Hall would be
associated in the publication.
Under this plan the "Journal," the oldest afternoon paper in Chicago, is
to be published by the Chicago Journal Co., with the following organization: W. Frank Dunn, President; 0. L. Hall, Vice-President; H. C. Bolter, Treasurer; Harry L. Spencer, Secretary; Richard J. Finnegan, coEditor; 0. L. Hall, coEditor. Mr. Dunn was Business Manager, Mr. Finnegan, Managing Editor, Mr. Hall, Dramatic Critic and Dr. Deuter, Auditor
of the "Journal." Mr. Spencer was Mr. Eastman's Secretary.
The executors announced that Mr. Eastman's policies would continue without change. "The entire resources of Mr. Eastman's personal estate are
back of the "Journal," the announcement said.
Mr. Eastman was survived by no relations nearer than cousins.
Tommercial andMisceliatteonsWnis
Breadstuffs figures brought from page 980.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts alChicago
Minneapolis_ _
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis
St. Louis_ _ _ _
Peoria
Kansas City_
Omaha
.
St. Joseph_
Wichita
Sioux City__
Flour.
Wheat.
Corn.
Oats.
I Barley.
Rye.
bbls.198I5s. bush.60 lbs. bush.56 lbs.bush. 32 lbs. bush.48lbs
.bush.58lbs.
325,000
393,001 1,683,000 1,155,000
273.000
50,000
1,164,000
707.000
646.000372,000
56,000
685,000
3.001
81.000
23,001
245,000
18,000
56,000
326,001
411,000
341,000
53,000
214,000
93,111
252.000
6,000
50,000
21,011
92,000
37.000
109,000
282,001
136,000
122,001
755,000
291,000
562,000
7.000
55,000
15,000
416,00.
214,000
45,000
809,000
898.000
326.000
342,000
249,001
328,000
191,000
2713,000
46.000
261.000
123.000
20.000
•
41,000
122,000
78,000
5,000
Total week '25
Same wk. '24
Same wk. '23
520,000
422,000
404,000
5,085,001
5,490,001
3,021,000 10,658,011
4,452,000 7,744,001
4,350,000 1,096,000
4,454,000
787.000
3,824,000
570,000
417,000
460,000
918,000
Since Aug.11924
13,597,000407,458,000 156,708,000 194.656.000 48.710,00048,959.000
1923
12,162,000 145.932,000 171.411,000 151,851.000 28,523,000 20,086,000
1922
14,625,000307,747.000 200,567,000 145,442,000 28,349,000 35,743,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 14, 1925, follow:
Receipts at-
Flour.
Wheat.
Oats.
Corn.
Barley.
Rye.
Bushels.
Bushels
Bushels.
316,000
219,000
15,000
47.000
100,000
145,000
2,000
48.000
36,000
71,000
Barrels.
Bushels,
New York_ .. _
357,000
525,000
Portland, Me_
90,000
152,000
Philadelphia 80,000 1,064,000
Baltimore..
45,000
254,000
Newport New
3,000
New Orleans *
77,000
100,000
Galveston_
244,000
Montreal __ _..
30,000
105,000
St.John, N.B
30,000
496,000
Boston
31,000
34,000
Bushels.
9,001
Total wk. '2
Since Janr2
743,000 2,974,000
3,825,000 19,928,000
150,000
1,078,000
693,000
480,000
89,000
3.710,000 3,469,000 4,293,000
Same wk. '24
465,000 2.222,000
Since Jan.V24 3.536.000 20.610.000
468,000
3,820.000
430,000
129,000
5.181.000 1.994.000
22,000
33,000
81,000
21,000
3,011
77,000
26.000
13,000
2,000
21,006
104,000
1.000
51,000
448.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Feb. 14 1925, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Peas.
Bushels. Bushels. Barrels. Bushels. Bushels Bushels. Bushelx1
163,376 194,211 307,697 370,859
836,772
New York
Portland, Me_ _ _
. 152,000
90,000
47.000
100,000
Boston
71,000
34,000 88,000
23,000 109,000 102.000
Philadelphia ____ 747,000
12,000
9,000 130,000
Baltimore
202,000
3,000
Newport News__
41,000
New Orleans _ .. _ 242,000
.
35,000 34.000
Galveston
119,000
2,000
St.John, N.B___ 496,000
30.000
26.000
Total week 1925_ 2,794,772
Riunt, virppk 1024 2542 220
35,000 357,376
525 057 264750
488.211
1S1057
452,697 688.859
27.560 120 Mc
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exportsfor Week
and Since
July 110-
Week
Feb. 14
1925.
Since
July 1
1924.
Wheat.
IVeek
Feb. 14
1925.
Since
July 1
1924.
Corn.
Week
Feb. 14
1925.
Since
July 1
1924.
United Kingdom _
Continent
So. St Cent. Amer_
West Indies
Brit. No. Am.Col_
Other countries_ __
Barrels. Barrels.
Bushels.
Bushels.
Bushels, Bushels.
81,567 3,103,758 1,311,866 76,228,795
70,961
178,019 6,035,953 1,378.706 138,430,172
15,000
913.830
52,990
574,300
684,129
97,000
960.810
941,197
20,000
29,785
7,200
107,350
21,000
6,135
3,900
15,015
416,789
1,168,052
Total 1925
Total 1924
357,376 11.187,959 2,794,772 216,508,669
264.780 9.902.201 2.542.220 162.077.137
35,000 1,970,501
333.037 4,627,316
FEB.
925
THE CHRONICLE
21 1925.]
-The following information regarding
National Banks.
The world's shipments of wheat and corn, as furnished by
Comptroller of the
Broomhall to the New York Produce Exchange, for the week national banks is from the office of the
Department:
Friday, Feb. 13, and since July 1 1924 and 1923, Currency, Treasury
ending
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
are shown in the following:
Corn.
Wheat.
1924-25.
Since
July 1.
Week
Feb. 13.
North Amer_
Black Sea_
Argentina_ _ _
_
Australia
India
'0th. countr's
Since
July 1.
1923-24.
1924-25.
1923-24.
Week
Feb. 13.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
20,000
785,000 6,499,000
5,790,000 05,406,000 289,195,000
3,088,000 33,458,000 1,072,000 20,023,000 18,534,000
6,347,000 77.687,000 70,060,000 1,380,000 136,370,00 72,454,000
4,800,000 44,516,000 36,000,000
1,792,000 29,592,000 12,416,000
962,000 14,755,000
1,584,000
18,729,000 460,289,000442,713,000 2,472,000158,140,000 112,242,000
Total
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 14, were as follows:
GRAIN STOCKS.
1Vheat.
Corn.
Oats.
bush,
bush,
bush.
2,236,000
130,000
480,000
149,000
1.374,000
146,000
165,000
3,123,000
76,000
266,000
114,000
547,000
1,572,000
650,000
1,377,000
5,345,000 1,583,000 1,317,000
7,788,000
4,032,000
1,491,000
335,000
573,000
540,000
807,000
270,000
260,000
20,000
5,804,000 11,767,000 20,692,000
900,000 1,152,000 1,513,000
224,000
682,000 2,697,000
149,000
10,919.000
85,000 12,351,000
1,009,000
13,845,000
922.000 22.423,000
348,000
541,000
500,000
544,000
1,933,000 1,827,000
9,921,000 6,459,000 2,364,000
2,171,000
858,000
798,000
257,000
331,000
938,000
457,000
925,000
303.000
1.924,000 2,470,000 1,964,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
"
afloat
Toledo
" afloat
Detroit
Chicago
afloat
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Rye.
bush.
2,216,000
500,000
175,000
6,934,000
Barley.
bush.
119,000
93,000
8,000
36,000
102,000
588,000
1,767,000
88,000
585,000
14.000
2,262,000
205,000
5,000
195,000
547,000
101,000
5,132,000
204,000
1,383,000
1,166,000 2,201,000
7,000
11,000
10,000
21,000
6,000
144,000
7,000
4,000
71,000
305,000
9,000
Total Feb. 14 1925.-75,686,000 31,048,000 74,999,000 23,570,000 3,651,000
Total Feb. 7 1925_ _75.709,000 29,464,000 73,644,000 23,681,000 3,718,000
Total Feb. 16 1924...64,789,000 12,391,000 17,526,000 20,538,000 1,891,000
Note.
-Bonded grain not included above: Oats, New York, 482.000 bushels;
Boston, 2,000; Baltimore, 134,000; Buffalo, 69,000; Buffalo afloat, 580,000; Duluth,
81,000; total, 1,348,000 bushels, against 1,937,000 bushels in 1924. Barley, New
York,717,000 bushels: Boston, 154,000; Baltimore, 18,000; Buffalo, 489,000; Duluth
29,000;total, 1,407,000 bushels, against 169,000 bushels in 1924. Wheat, New York
2,917,000 bushels; Philadelphia, 1,251,000; Baltimore, 298,000: Buffalo, 3,150,000
Buffalo afloat, 5,570,000; Duluth, 421,000; Toledo, 82,000; Toledo afloat, 549,000
Erie afloat, 762,000; total, 15,000,000 bushels, against 20,383.000 bushels in 1924.
Canadian
Montreal
1,526,000
Ft. William & Pt. Arthur_21,469,000
" afloat
1,388,000
,
Other Canadian
7,418,000
695,000
135,000
235,000 3,030,000
9,856.000 1,486,000 4,268,000
127,000
680,000
407,000 1,167,000
3,898,000
Total Feb. 14 1925....31,801,000
235,000 17,464,000
Total Feb. 7 1925___31.271,000
247,000 16,893,000
Total Feb. 16 1924......52,669,000
15,000 8,738,000
- Summary
American
75,686,000 31,048,000 74,999,000
Canadian
31,801,000
235.000 17,464,000
2,028,000 6,257,000
1,984,000 6.086,000
2,097,000 1,706,000
23,570,000 3,651,000
2,028,000 6,257,000
• Total Feb. 14 1925_ _107,487,000 31,283,000 92,463.000 25,598,000 9,908.000
Total Feb. 7 1925._ _106,980,000 29,711,000 90.537,000 25,665,000 9,804,000
- Total Feb. 16 1924_ _ _117,458,000 12,406,000 26.264,000 22,635,000 3,597,000
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1924.
I
1923.
Customs Receipts
at New York.
Exports.
1924.
1923.
$
I
$
$
January _ _ 130,402,242 152,885,893 146.793,889 115,926,692
February. 155.554,139 146,915,003 139,028,108 115.654.813
149,384.187 194,179,676 133,687,771 136,179,813
March_
162,514 222 169.417,394 145.002,767 129,989,307
April
135.620,732 180.462.783 143.792.987 127,527.281
May
31,236,366 150.476,338 118.762,946 126.727,477
June
134,244,024 130,629.533 113,857,690 122,714,293
July
111,756,587 129,706,345 139,802.244 125,059.775
August
September. 131,786.636 119,639,728 141,844,404 127,967,582
October _ 154.424,252 149,561,943 168.984,882 133,087,943
November. 140,605,417 136.763,965 138,892.978 133.107,081
December_ 152,382,564 137,719,255 127,785,237 125,679.538
1924.
1923.
24,779.787
28,444.581
27,625,869
26,752,166
23,179,124
23,902,660
25,426,495
24,565,320
28,765,865
28,358,873
23.732,263
23,551,575
26,583,026
26,451.928
33,140.206
28,837,309
29,333,844
26,870.486
24,680,863
25,936.476
26,350,449
30.468,926
27,253.543
23,605,874
Total... 1589911368 1798357856 1658235903 1519711575 309,084,578329,512,930
Movement of gold and silver for the twelve months:
Gold Movement at New York.
Imports.
Month.
1924.
January -February March.
April
May
June
July
August
September.
October
November.
December_
Total
I
I
35,558,0711
28,514,809
27,968,134
37.018,743
35.003,505
20,402.603
15.222.422
14.279,486
1,028.986
16,070,991
15,798,143
6,827,2661
1923.
Silver-New York.
Exports.
1924.
$
8
12,834,516
750
3.041.008
315,000
10,697,175
201.600
6,854,519
740.500
42,291,398
16.323,114
24,880
24,412,425
30,512
26,481,917 1,703,671
24.352,110 2.167,626
24,119,994 1.710,347
35,348,491 4.452,453
29,055,994 39.070,707
1923.
$
7,715,837
20,378
9,621,840
21,262
7.527
30,926
47,865
737,477
458,016
599.935
253,912
66,000
Imports.
Exports.
1924.
1924.
6
6
2,027,123 5,339.346
4,316.466 5,711.992
3,195.769 5.527.936
1,162,613 13,333,218
2,079.560 7,657,794
1.327,470 8,987.083
3,710,326 7,757,259
3,110,243 7,210,420
3,439,551 8,844.139
2,517,514 2,103,698
1,976,325 5,584.176
2,819,280 7,236,567
253,693.059265,812,861 50,418,046 19,580,975 31,682,230 81,293,628
325.000
-The Oldham National Bank, Oldham, So. Dak
Feb. 10
Correspondent: William Guy Weigold, Oldham,So. Dak.
25,000
-The First National Bank o Phelps. Ky
Feb. 11
Correspondent: W. W. Charles, Phelps, Ky.
125,000
Feb. 11-The Hershey.National Bank, Hershey, Pa
Correspondent: John E. Snyder, Hershey, Pa.
APPLICATIONS TO ORGANIZE APPROVED.
25,000
Feb. 10
-The First National Bank of Lake Park, Iowa
Correspondent: E. B. Christian, Lake Park, Iowa.
50,000
Feb. 10
-The First National Bank of Allendale, N. J
Correspondent: Edward Hamilton, Allendale, N. J.
25,000
Feb. 11-The Temple National Bank. Temple, Calif Correspondent: A. P. Manning, Temple, Calf.
of California at Calexico, Calif.... 100.000
-The National Bank
Feb. 14
Correspondent: J. B. Hoffman, Caliexico, Calif.
25,000
-The Richland National Bank of Sidney. Mont
Feb. 14
Correspondent: Axel Nelson, Sidney, Mont.
APPLICATIONS TO CONVERT RECEIVED.
-The Clintwood National Bank, Clintwood, Va
Feb. 14
Conversion of the Clintwood Bank,Inc., Clintwood, Va.
APPLICATIONS TO CONVERT APPROVED.
-The First National Bank of Stevenson, Wash
Feb. 10
Conversion of the Bank of Stevenson, Wash.
25,000
25,000
CHARTERS ISSUED.
-12636
-The First National Bank in Creston. Iowa____ 100,000
Feb. 10
President, Frank A. Ide; Cashier, B. Tallman.
-12637
-The Plantsville National Bank, Plantsville,
Feb. 10
25.000
Conn
President, Wm. H. Cowls.
National Bank in Thermopolis, Wyo.... 50,000
-12638
-First
Feb. 14
President, Rufus J. Ireland; Cashier, W. T. Bivin.
50,000
-12639
-The First National Bank of Springfield, TennFeb. 14
President, S. H. Alexander; Cashier, W. P. Bryant.
VOLUNTARY LIQUIDATION.
-The American National Bank of Durant. Okla- 100,000
-12126
Feb. 9
Effective Dec. 27 1924. Liquidating committee, S. A.
Whale, H. L. Cox and H. D. Neely, Durant, Okla.
Absorbed by the Durant National Bank, Durant,
Okla., No. 5590.
32,500
-The First National Bank of Hartford, Ark
-11748
Feb. 10
-Effective Nov. 29 1924. Liquidating agent, I. H.
Nakdimen, Fort Smith, Ark.
Absorbed by the Farmers & Miners National Bank of
Hartford, Ark., No. 11830.
25,000
Feb. 10
-12211-First National Bank in Bokchlto. Okla
Effective Jan. 28 1925. Liquidating agent, J. E.
McKinney, Durant, Okla.
Absorbed by the Durant National Bank, Durant, Okla.,
No. 5590.
APPLICATIONS TO ORGANIZE RECEIVED.
Feb. 14
-The National Bank of Hollywood in Los Angeles. Calif_ 200,000
Correspondent: Wm. Jennings Bryan Jr., 1035 Van
Nuys Bldg.. Los Angeles, Calif.
50,000
-The Farmers National Bank of Ridgeway, Mo
Feb. 14
Correspondent: P. F. Emry, Ridgeway, Mo.
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
31
4 Superior Steel Corp.. corn
21 Oriental Bank
$6 lot
5 Tyson Co., Inc., corn., no par_ __ _1 $20
f lot
5 Tyson Co., Inc., preferred
24 Deep Sea Fisheries v. C. c
$3 lot
25 Garcia-Hughes Royalty Syndicate trustees ctf. of benef. int_ _ _ 25
$20,000 Ch. R. I. & Pac. RR. 4s,1
2002, May 1914 & subseq. coups. I
attached, stamped to show that I
collat. as secur. thereto was sold /8485
I lot
at foreclosure proceedings
150 Moline Plow Co. Tr. 2d pf. ctf. 1
.
500 Continental Mines, Ltd
83 Cauldwell-Wingate Co., pref __ _100
1 free right N.Y.Society Library_ _105
140 Midwest 4, Gulf Oil Corp., pf _610 lot
10 Regal Oil& Gas Co
$100 lot
900 Hargrave Silver Mines, Ltd.,
of Ontario, par $1
$2 lot
80 New York Rubber Co
$295 lot
2 Island Park Land & Cattle Co I
Claim against Island Park Cattle}$5,000
Co.of approximately $109,000_ J lot
3,900 Coeur d'Alene Syndicate Mining Co
5 cts.
Shares. Stocks.
Per sh.
100 Bear Tractor, Inc
$1 lot
465 Chicago Elevated Ry. coll. tr.
ctf.for pref. participation shares $37101
.
$700 Chicago Elevated Rys. deb.
6,due July 1924
6 M Transocean Finance & Commerce Corp
500 Triangle Film Corp., par $5_
$500 International Sporting Club
$146
6% deb. bond
800 Tintic Copper Co., Inc., of lot
Maine, par $5
4,000 Cal.-Nev. Copper Co., par $5
I "United Orange Grove, Inc., corn_
I United Orange Grove. Inc., pref.
2,000 Calaveras Ophlr Mining Co.,
par $1
Per cent.
Bonds.
$5,000 Continental Asphalt dr Petroleum Co., cony. 8% bonds,
due 1926. Feb. 1923 and subsequent coupons stamped by receivers as 856.852.595 having
been paid on acc't of each bond,
$100 lot
250 Richmond Co. Country Club
$95 lot
-year 5s, 1964, rug
50
By Messrs. Wise Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
10 National Shawmut Bank
209
1 Gontc Manufacturing Co
290
2 Nashua Mfg. Co., pref__ _983i & div.
21MerrimacChem.Co.,par$50_9054-9154
21 First Peoples Trust
75 h
8special units First Peoples Trust.555-53-i
6 Howes Bros. Co..6% preferred._ 61
1 Thomas G. Plant Co., pref
45
20 Mathieson Alkali Works, pref... 96
10 American Glue Co., common_ -- 5054
$ per sh.
Shares. Stocks.
3 New England Power Co., pref _95 & div.
15 Fall River Elec. Light Co., par
361.4-36$
$25
5 North Boston Ltg. Prop., com_ _ _ 641.4
Per right.
Rights334
5 First National Bank
Per cent.
Bonds$1,000 Marshal's, Inc., 7s, 1939_ -- 67
$1,000 B. B.& R. Knight 7s. Sept.
56% flat
1930
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
10 National Shawmut Bank
210
1 Beacon Trust Co
270
1 Naumkeag Steam Cotton Co__ _ _203
2 Ludlow Mfg. Associates_ _166 X ex-div.
10 Gosnold Mills, preferred
70
50
10 Gosnold Mills, common
64 Androscoggin Mills
125
5 Pepperell Manufacturing Co
127
2 Bigelow Hartford Carpet Co., pf-103X
59 Worcester Consol. St. Ry., lot
32%
preferred, par $80
2 Nashua & Lowell RR
1081.4
1 Converse Rubber Shoe Co., pref_ 7434
1 Boston Athenaeum, par $300_ _ _ _625
100 Beacon Chocolate Co., prior pf.$1 lot
Shares. Stocks.
8 Per sh.
10 Fairbanks Co.. preferred
50c.
10 Gorton-Pew Fisheries Co., Ltd.,
common
34
10 Gorton-Pew Fisheries Co., Ltd., •
preferred, par 25
20
15 F. H. Roberts Co.,7% pret
451.1
67-100 State Theatre Co., pref. __ _ 65
163 Bessemer-Amer. Motor Corp.,1
common
425
77 Bessemer-Amer. Motor Corp.,j
lot
part. pref., par $10
10 Gorton-Pew Fisheries Co., Ltd.,
common
34
2 Plymouth Cordage Co
12434
926
THE CHRONICLE
[Vol,. 120.
By Messrs. Barnes & Lofland, Philadelphia:
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Concluded).
Federal Minas, dr Smelting, pref. (qu.)_ _
Mar. 15 Holders of
Fifth Avenue Bas Securities (quar.)_ _ _ •16c. Apr. 16 'holders of rec. Feb. 26
rec. Apr. 2
Fleischinann Cs.. cam. (quar.)
*81
Gamewell Co., corn.(quar.)
81.35 Mar. 16 Holders of rec. Mar. 5
rderred (quar.)
ig Mar. 1 Holders of rec. Feb. 21
Gen.:rut Electric (quar.)
Apr. 15 *Holders of rec. Mar. 4
*2
special stock
•15c. Apr. 15 *Holders of rec. Mar. 4
Mope soap, first, second and special
preferred stock (quar.)
Mar. 16 *Mar.3
to
Goodyear Tire & Itubeer, prior pf.(qu.)_ "134 Apr. 1 *Holders of tee. Mar. 16
*2
Mar.20
Gulf States Steel, corn.(quar.)
'134 Apr. I *Holders of rec. Mar.20
Corn.(payable in common stock)
'/1134 Mar. 13 *Holders of rec. Mar. 2
1 irst preferred (quer.)
'134 Apr. 1 'Holders of rec. Mar.20
First preferred (quar.)
*134 July 1 *Holders of rec. June 15
First preferred (quar.)
"134 Oct. 1 *Holders of rec. Sept. 15
lrst preferred (quar.)
'131 Jan 3'26 *Holders of rec. Dec. 15
Hamilton Hank Note, Eng. dr Printing
4c. Feb. 16
Hanna(M. A.) Co., 1st pref. A (quer.). •134 Mar.20 "Holders of rec.
Mar. 5
Hawaiian Coat. & Sugar (quar.)
"25c. Mar.25 *Holders of rec. Mar. 5
Extra
*50e. Mar. 25 *Holders of rec. Mar. 5
International Harvester, tom, (quar.)_ _ '14 Apr. 15 *Heide's of rec. Mar.25
International Salt (quar.)
•154 Apr. 1 *Holders of rec. Mar. 16
International Sliver, pref. (quay.)
*hl St Apr. 1 'Holders of rec.
Preferred (acct. accumuLsted divs.)...- •h% Apr. 1 *Holders of rec. Mar.16
Mar. 16
Johnsoo-stevens--hinkle shoe (quar.)_ _ $1
Mar. 1 Holders of rec. Feb. 14
Kayser (Julius) & Co., pref. (quar.)_ _ *2
Apr. 1 *Holders of rec. Mar.25
Kraft Cneese Co., coat. (guar.)
373ic. Apr. 1 Holders of rec. Mar. 18
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 18
2
Lake snore Mines. Ltd.(qear.)
5
Mar. 16 Holders of rec. Mar. 2
Lough of sv ilaes-ksane(Jura., Wm.
(qu.) •2
Mar. 2 *Holders of rec. Feb. 28
preferred (guar.)
*75e. Mar. 2 *Holders of rec. Feb. 28
Lehigh & svilses-liarre Coal Co. (quar.) $3
Mar. 10 'Holders of rec. Feb. 28
Preferred (your.)
"875ic Mar. 10 *Holders of rec. Feb. 28
Lord at Taylor, e0111. (quar.)
234 Apr. I Holders of rec. Mar. 19
Mengel Company, pref. (quar.)
134 Mar. 2 Holders of rec. Feb. 28
Mergenthaler Linotype (quar.)
254 Mar.30 Holders of rec. Mar. 40
Extra
134 Mar.30 Holders of rec. Mar. 40
Metro-Goldwyn Pictures Corp., of.(qu.) 1% Mar. 14
Holders of rec. Feb. 28
Monitor Pu.nace Co., pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 24
Montreal Cottons,corn.(guar.)
DIVIDENDS.
134 Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
I% Mar. 15 Holders of rec. Feb. 28
Motor wheel Corp., tom,(quar.)
Dividends are grouped in two separate tables. In the National
•30c. Mar.20 "Holders of rec. Mar. 10
Lead Co., coax. (guar.)
2
Mar. 31 Holders of rec. Mar. 13
first we bring together all the dividends announced the cur- National Surety ((Suar.)
234 Apr. I Holders of rec. Mar. 200
National
*25c. Mar. 16 *Holders of rec. Feb. 28
rent week. Then we follow with a second table, in which New Yorkfransit (eAtra)
Saimmilaing ((Soar.)
*SI
Mar. 10 *Holders of rec. Feb. 27
(c) Apr. 1 *noble's of rec. Mar. 5
we show the dividends previously announced, but which have North American Co., coin. (Soar.)
rreterred (tsar.)
'134 Apr. I 'Holders of rec. Mar. 5
North Amerithn iroisIon, pref.(qu.)_.
not yet been paid.
. 1 *Holders of rec. Mar. 14
Ugdvio dour Mills, ola at new pf. (qu.) $1./5
Mar. 2 Holders of rec. 1 eb. 23
,
Unto oil (guar.)
The dividends announced this week are:
*50c. Mar.31 *lioluers of rec. Feb. 24
Paraffin Companies, coal. (quar.)
"il
Misr. 2/ *Holders of rec. Mar. 17
Preferred (uaar.)
•134 Mar. 27 *Holders of rec. Mar. 17
Per
Penmans. Ltd., corn. (bonus)
When
Books Closed.
2
Feb. 28 Holders of rec. lob. 21
Name of Company.
Cent. Payable.
Pennoe oil Corp. (No. I)
Days Inclusive.
*375ic Mar. 20 *Holders of rec. Mar. 16
Proctor at
praf. Osier.).
•lsi Mar. 14 'Holders of rec. Feb. 25
Railroads (Steam).
Provincial raper Mills, coat.
_
134 Apr. 1 Holders of rec. Mar. 15
Boston dr Albany (quar.)
•2
Mar. 31 *Holders of rec. Feb. 28
Preferred (quar.)
133 Apr. 1 holders of rec. Mar. 15
Rand Mines, Ltd
*31.79 Feb. 25'Holders of rec. Feb. 17
Public Utilities.
Reid ice Cream, pref.(quar.)
oi Mar. 1 Holders of rec. Feb. 18
American Telegraph & Cable (quar.)_ _
Buell Union oil, coin. (guar.)
Mar. 2 *Holders of rec. Feb. 28
35e. Mat.31 Holden; of rec. Mar. 2
Associated Gas & Elec. pref. (quar.)_ _ 87%c. Apr. 1 Holders of rec. Mar. 10
Standard oil (Ky.) (gam.)
Mar.31 'Mar. 17 to Mar.31
Blackstone al. Gas & Elec., com.(qu.)_ $1.25 Mar. 2 Holders of rec. Feb. 160 Standard Oil or s. J.. coin., 8100 par(qu) *El
1
Mar. 111 Holders of rec. Feb. 26
Brooklyn Borough uus, coal. (quar.)__ _ *50c. Apr. 11 *Holders of rec. Mar. 31
Coalmen, a45 par ((Suar.)
25e. Mar. 1d Hoidens of rec. bob. 26
Preferred (quar )
Apr. 1
Preierred (quar.)
134 Mar. le Holders of rec. Feb. 26
Cons. Gas, E. L.& P., Balt., coal. (qu.) *50c. Apr. 1 *Holders of rec. Mar. 14
Stern Brothers, coal. (qua:.)
$1
Apr. 1 *Holders of rec. Mar. 16
Preferred A (quar.)
*2
Apr. 1 'Holders of rec. Mar. 14
COsifoon (e.sfrs)
*al
Apr. 1 *rthl ers of rec. Mar. 16
Preferred B (quer )
Texas Gulf Sulphur ((Suar.)
Apr. 1 *Holders of
"$1.75 Mar. 14 *Hold... of rec. Mar. 2
•I54 Apr. 1 *Hollers of rec. Mar. 14
Preferred C (quar)
Tonopun Eaten-dun Mining (rInar.)- -- rec. Mar. 14
5e. Apr. 1 libliers of rec. Mar. 11
Kentucky Hydro-Elec., pref. (quar.)_ _ _ *1% Mar.20 *Holders of rec. Feb. 28
Tonopah Mioing (special)
Soc. bob. 25 boo. 12 to keb. 1/
Laclede Gas Light, corn. (quar.)
2
Mar. 16 Holders of rec. Mar. 2
Underaciou Co_aputing Mach., pref.hi al 134 Apr. 1 Holders of rec. Mar. 14
Mackay Companies, corn.(quar.)
1% Apr. 1 Holders of rec. Mar. 70 Union Curohdeam Caruon (oaar.)
$1.25 Apr. 1 Holders of rec. Mar. 6
Preferred (quen)
1
Apr. 1 Hollers of res. Mar. 7a United Cigar Srnrcs, corn. ((Suar.)
50c. Mar.31 Holders of rec. Mar. 160
mascoma Lignt cs Power. corn. (quar.)_ 82
Mar. 2 Holders of rec. Feb. 17
Common (payaole la common stock). 11 34 Mar.al Holders of rec. Mar. lea
Preferred (quar.)
134 Mar. 2 Holders of roe. Feb. 17
Preferred (quart
134 Mar. Id Holders of rec. Mar. 2
New England Telep. & Teleg. (quar.)_. *2
United Profit Snaring, common
Mar.31 *Holders of rec. Mar. 10
15
Apr. 1 Holders of rec. Mar. 110
Nor. States Power of Wisc., pref. (qu.)_
1% Mar. 2 Holders of rec. Feb 20
U.S.En /elope, common
+4
Mar. 2
Northern Texas Elec. Co., corn.(guar.). 2
Preieri ea
Mar. 2 Holders of rec. Feb. 18a
*3% Mar. 2
Preferred
3
Mar. 2 Holders of rec. Feb. 18a U. S. Title Gaaranty (quar.)
234 Mar. 10 Holders of rec. Feb. 28
3,‘ Mar. 2'Holders of rec. Feb. 18
Pennsylvania-Ohio Elec. Co., pref.(qu.)
Wabasso Cotton ((Soar.)
$1
Apr. 2 Holders of rec. Mar. 15
Philadelphia Company, corn. (quar.)
*El
Mar. 16 "Holders of roe. Feb. 16
Public derv. Elec.& Gas,6% pref (qu.)_ *1 Si Mar.31 *Holders of rec. Feb. 28
o Payable at option of holder either in ca-n at Lie r /Le of 85e. a share
or one
Shawinigan Water & Power (quer.).
fortieth or a share of commas stock ler each snare hid.
1% Apr. 10 Holders of rec. Mar.26
Southern Calif. Edison, 7% pref.(quar.)
Mar. 15 *Holders of rec. Feb. 20
Six per cent preferred (quar.)
•1% Mar. 15 *Holders of rec. Feb. 20
Below we give the dividends announced
Shares. Stocks.
$ per sit. Shares. Stocks.
$ per sit,
I% Hamilton Trust Co
[0534 10 Philadelphia Warehouse Co_ -- _102
2 Nat. Bk.of Germantown, par $50.325
5 Lancaster Ave. Title & Trust
3 Kensington Nat. Bank, par $50_ _154%
Co., par $50
62
35 Market Street National Bank_ _ _305
10 Northern Cent.Tr. Co.. par 850_ 84
5 Producers & Consumers Bank,
20 West End Trust Co
24934
par $10
10 West End Trust Co
10
24734
15 Producers & Consumers Bank,
10 West End Trust Co
247
Par $IO
10
40 Phoenix Trust Co., par $50_ _ _ 4734
20 Northern National Bank
3 Provident Trust Co
260
634
11 Southwark National Bank
29834 13 Provident Trust Co
634
6 Central National Bank
17 North Phila. Tr. Co., par $50_ _212
530
4 Central National Bank
4 Fidelity Trust Co
529
55534
30 Citizens Passenger Thy Co
5 Fidelity Trust Co
206
55534
5 Consol. Trac. Co. of N.3
4 Fidelity Trust Co
43
555
6 Elmira & Williasmport RR.,com_ 4234 10 Franklin Trust Co
29034
14 Hestonville Mantua & Fairmount
30 Community Trust Co., par $50_ - 40
Pasaenger Ry., common
2754 30 Merlon Title dr Trust Co. (Ard12 Hestonville Mantua dr Fairmount
more), par $50
issg
Passenger By.. Preferred
25 Ridge Ave. Pass. fly
40
174
26 Frankf'd & Southwark Pass. Ry-25054 2 Green & Coates Sts. Pass. Ry--- 7954
3 Railways Company General
10 Pennsylvania Cold Storage &
7
4 Northern Pacific RR.. preferred
Market Co
70
(unassented)
$2 lot 50 Sterling Stores Co., Inc., pref. _ $3 lot
5 Northern Pacific RR., common
84 Vendor Slate Co.. pref., with 61
(unwonted)
shares common
$2 lot
$8,125 lot
6 Hare & Chase, Inc., pref
90
60 United States Loan Soc., par $10 1134
1 Hare dr Chase, Inc., pref
50 Walls, Owen & Sternbach Co.,
90
32 Philadel. Bourse, cam., par $50_ 2254
preferred
60
6 Franklin National Bank
56134 22 2-3 Walls, Owen & Sternbach
9 Franklin National Bank
561
Co.. preferred
60
17 Corn Exchange Nat. Bank
470
10 Union National Bank
227
Rights.
$ per right.
1 Belmont Trust Co., par $50
48 Ins. Co. of North America
82
36
5 Central Tr.& Sav. Co.. par $50_ -150 Si 37 Ins. Co. of North America
3534
7 Continental-Equitable Title ds
3434 Trenton Banking Co., N. J.,
Trust Co., par $50
216
at $100
56
2 Ardmore National Bank
20 Continental-Equitable Title &
41
6 Ardmore National Bank
216
Trust Co.. par $50
41
Banks.
Chemical National (A-monthly)
*4
Standard (guar.)
*2
Standard National Corp., corn.(guar.)._ .500.
Preferred (quar.)
"1%
Trust Companies.
Equitable (guar.)
Farmers Loan & Trust(interim)
Mar.
Apr.
Apr.
Apr.
2 *Holders of rec. Feb. 21
1 'Holders of rec. Mar.22
1 *Holders of rec. hien 22
1 *Holders of rec. Mar. 22
Name of Company.
3
'2
Mar.31 Holders of rec. Mar.20
Mar. 2 *Holders of rec. Feb. 21
Miscellaneous.
Amer. Manufacturing, corn. (quer.).
+134 Mar.31
*1% July 1
Common (qbar.)
Common (quer.)
*1% Oct. 1
.1% Dec. 31
Common (quar.)
Preferred (quar.)
+134 Mar.31
*1% July I
Preferred (quar.)
Preferred (guar.)
'134 Oct. 1
+134 Dec. 31
Preferred (quar.)
•40e. Apr. 1 *Holders of rec. Mar.21
American Stores (quar.)
1% Apr. 2 Holders of rec. Mar. 2a
American Sugar Ref.. pref. (quar.)
.3% Mar. 2 *Holders of rec. Feb. 25
Amer. Window Glass Co., pref
Armour & Co. (111S.), corn.. class A.... *50c. Jan. 2 *Holders of rec. Jan. 2
.500. Apr. 1 *Holders of rec. Mar. 14
Common, class A
.1% Apr. 1 *Holders of rec. Mar. 14
I referred (quar.)
Armour & Co. of Del.. pref. (quar.)_ _ •1% Apr. 1 'Holders of rec. Mar. 14
1
Mar. 16 Holders of rec. Mar. 6
Atlantic Terra Cotta Co., pref.(q uari_ _
Belding Corticeill. Ltd., pref. (quar.)... 1% Mar.14 Holders of rec. Feb. 28
Mar. 1 Holders of rec. Feb. 20
4
Bell (Fred P.) Stores Co., pref
Bendix Corporation, class A (No. 1).--. *50e. Apr. 1 *Holders of rec. Mar. 16
•50c. Apr. 1 *Holders of rec. Mar.20
Borg dr Beck (quar.)
British Amer.Tob.,ordinary (in terim)_ _ (s) Mar.31 Hold, of coup. No. 1058
Burroughs Adding Mach.. corn. (quar.)_ .75e. Mar. 31 *Holders of rec. Mar. 4
Preferred (quar.)
*134 Mar. 31 *Holders of rec. Mar .4
Mar.28 *Holders of rec. Mar. 6
*50c
Calumet & Arizona Mining (quar.)
6254e Mar. 31 Holders of rec. Mar. 60
Chesebrough Mfg., corn. (quar.)
1% Mar.31 Holders of rec. Mar. 6a
Preferred (quar.)
Cities Service Co.
sy4 Apr. 1 'Holders of rec. Mar. 15
Common (monthly)
*34 Apr. 1 *Holders of rec. Mar. 15
Common (payable in common stock)._
Preferred and preferred B (monthly)_. syi Apr. 1 *Holders of rec. Mar. 15
Crane Company, corn. (quar.)
1% Mar. 15 Holders of rec. Feb. 28
Preferred )quar.)
1% Mar. 15 Holders of rec. Feb. 28
Crucible Steel, pref. (quar.)
*1% Mar.31 +Meiners of rec. Mar.16
Cuban-Amer. Sugar. corn.(quen)
75e. Apr. 1 Holders of rec. Mar. 4a
1% Apr. 1 Holders of rec. Mar. 4a
Preferred (quar.)
Mar. 16 Holders of rec. Feb. 28
Cumberland Pipe Line
3
Dictaphone Corp., preferred (quar.)_ _
Mar. 2'Holders of rec. Feb. 20
"2
Douglas-Pectin Co.(quar.)
•250. Mar.31 *Holders of rec. Mar. 2
duPont(El.)de Nem.& Co.,Com.(qu.) "234 Mar. 16 "Holders of rec. Mar. 5
Debenture stock (quar.)
•1% Apr. 25 *Holders of rec. Mar .15
du Pont de Nemours Powder, com.(qu.) 1% May I Holders Of rec. Apr. 20
Preferred (quar.)
1% May 1 Holders of rec. Apr. 20
Eagle-Picher Lead (quar.)
Mar. 1 •Holaers of rec. Feb. 20
*2
Famous Players-Lasky Corp.,corn.(qu.) $2
Apr. 1 Holders of rec. Mar. 16
in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Railroads (Steam).
Atch. Topeka & same ke. coin. (guar.)Sait feurrrti uttsummon (quar.)
ri u e at
e
.
s
ium
tuna:.)
Cauaausti Pacific, common (quar.)
Preferred
Chestnut 11111 (quar.)
Clueluuatl Nov thorn
Cleveland & Pittsburgh. guar. (quer.).Special guaranteed (quar.)
Cripple Creek Central, pref. (quar.)_.
Delaware & Hudson Co. (qua:.)
tiousaun & Texas Central
Illinois Central. common (qua:.)
Preferred
New Orleans Texas & Mexico (quar.)
N. Y. Chicago & St. Louis, coot.(qu.)_
Preferred, series "A" ((Soar.)
Norfolk & Western. corn.(quar.)
North Pennsylvania (quar.)
Pennsylvania (quar.)
Phila. Germantown & Norristown (qu.).
Miasmas',& West Virgins orel oas.
Pittsb. Youngs. & Ashtabula, pref.(qu.)
Reading Cummins', bfl, pref.(quar.)_..
St. Louis & El to Francisco-Preferred, aeries A (quar.)
Preferred, Series A (quar.)
Preferred, Series A (quar.)
Southern Pacific (qua'.)
Union Pacific. common (quar.)
Preferred (quay.)
Per
When
Cala. Payahls.
1%
Mar. 2
2
2
1
1
4
2
Mar. 2
Mar. 2
Feu. 28
2% Mar. 20
•3
July hi
1% Mar. 2
3
Mar. 2
1% Iklar. 2
1% Apr. 1
135 Apr. 1
1% Mar. 19
81
Feb. 25
75c. Feb. 28
$1.50 Mar. 4
1 sa Feb 28
Mar.52
50e. Mar. 12
Mar.
1
234
2
1%
5
87%c
bee.
1%
1%
134
134
234
2
Public Utilities.
Amer.Power & Light,common (guar.)._ 25e.
Amer. Telephone & Telegraph (quar.)
234
Associated Gas ds Electric, pref.(extra). 12340
Preferred (extra)
1255e
Preferred (extra)
1234e.
Preferred (extra)
1255e.
Brazilian Tr. Lt. it Pr., corn.(quar.) ___
I
Brooklyn City RR.(guar.)
20c.
Brooklyn Edison (quar.)
2
Central Ark By. it Light, pref. (quer.). 134
Central Indiana Power, prof. (quar.)
•134
Cent. Miss. Val. Elec. Prop., pref.(qu.)
134
Chicago City it Conn. fly., panic. pref. $1
Cleveland Elec. III.,6% pref.(guar.)... 134
Mar.
Apr.
Apr.
Mar.
Mar.
May
Aug.
Nov.
Apr.
Apr.
Apr.
1
1
2
I
1
1
B-oks Closed.
Days Inclusive.
Holders of rec. Jan. 300
Holders of rue. Jan. 105
Hustlers of fee. Jan. Ina
Holders of rec. Feb. 270
Holders of rec. Feb. 27
leU. 21
to Mar. 3
Holders of rec. Feb. 21
Holders of roe. Feb. 100
Holders of rec. Feb. 100
Holders of rec. Feb. 14
Holders of rec. Feb. 260
Holders of rec. Feb. 50
Holders of roe. Feb. 60
Holders of rec. Feb. 200
Holders of rec. Feb. 160
Holders of rec. Feb. 160
Holders of rec. Feb. 28a
Holders of rec. Feb. 170
Holders of rec. Feb. 20
Feb. 21 to Mar. 3
Holders of tern Feb. 20
Holders of rec. Feb. 20a
Holders of roe. Feb. 200
Holders of rec. Apr. 15a
Holders of rec. July 15a
Holders of rec. Oct. 150
Holders of rec. Feb. 270
Holders of rec. Feb. 280,
Holders of rec. Feb. 280
Mar, 2 Holders of rec. Feb. 14
Apr. 15 Mar. 18 to Mar.31
April 1 Holders of rec. Mar. 15
July I Holders of rec. June 15
et. 1 Holden' of roe. Sept. 15
an1'26 Holders of rec. Dec. 18
Mar. 2 Holders of roe. Jan. 310.
Mar. 2 Holders of rec. Feb. 140
Mar. 2 Holders of rec. Feb. 13a
Mar. 2 Holders of rec. Feb. 160
Mar. 1 'Holders of rec. Feb. 20
Mar. 2 Holders of rec. Feb. 141s
Feb. 25 Holders of rec. Feb. 16
Mar. 2 Holders of rec. Feb. 18
Name of Company.
927
THE CHRONICLE
FEB. 211925.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
Miscellaneous (Continued).
$2 Mar. 16 Holders of rec. Mar. 2
Foundation Co., common (guar.)
81.75 Mar. 16
Preferred (guar.)
31.50 Apr, 1 Holders of rec. Mar. 210
Francisco Sugar (guar.)
SIM July 1 Holders of rec June 206
Quarterly
81.50 Oct. 1 Holders of rec. Sept 211
Quarterly
Fr
Simon & Co., prof.(quar.)... '154 Mar. 2 'Holders of rec. Feb. 18
Freshman (Chas.) Co..corn.(go.)(No.1) 500. Feb. 25 Holden of rec. Feb. 5
12340. Feb. 25 Holders of rec. Feb. 5
Common (extra)
14 Mar. 2 Holders of rec. Feb. 136
General Asphalt, prof. (guar.)
14 Mar. 2 Holders of rec. Feb. 200
General Cigar, preferred (guar.)
14 Apr, 1 Holders of rec. Mar. 240
Debenture preferred (guar.)
$1.50 Mar. 12 Holders of rec. Feb. 190
General Nlotors Corp., corn. (quar.)_...
14 May 1 Holders of rec. Apr. Oa
Prefer red (guar.)
14 May 1 Holders of rec. Apr. 60
6% debenture stock (guar.)
134 May 1 Holders of rec. Apr. 6a
7% debenture stock (guar.)
General Petroleum Corp., corn.(quar.)_, 50c. Mar.15 Holders of rec. Feb. 28
624c Mar. 2 Holders of rec. Feb. 2
(guar.)(No. 1)
Gillette Safety Razor
12340 Mar. 2 Holders of rec. Feb. 2
Extra
Glidden Company, prior pref. Squat)..... •134 Apr. 1 *Holders of rec. Mar. 16
154 Apr. 1 Holders of rec. Mar.160
Goodrich (B. F.) Co., pref.(guar.)
14 July 1 Holders of rec. June 15a
Preferred (guar.)
Oosaard (H. W.) Co.,common (mthly.) 25c. Star. 2 Holders of rec. Feb. 20
Greenfield Tap & Die Corp.,6% pt.(qu) *14 Apr. 1 *Holders of rec. Mar. 14
Apr. 1 *Holders of rec. Mar. 14
*2
Eight per cent preferred ((uar.)
Apr. 1 Holders of rec. Mar. 16a
2
Guantanamo Sugar,pref.(guar.)
Aug. 17 Holders of red July 17
5
Guenther Puhilehing Co., prof
1% Mar. 2 Holden of rec. Feb. 20a
Harbison-Walker Refract., corn.(111.)
134 Apr. 20 Holsters of rec. Apr. 10
Preferred (guar.)
6234c Mar. 2 Holders of rec. Feb. 160
Hartman Corp.(guar)
Inc., com.(qu.) *14 Feb. 28 *Holders of rec. Feb. 16
Hart. Schaffner & Marx,
75c. Mar. 16 Holders of rec. Feb. 286
Hayes Wheel (guar.)
*41.25 Feb. 24 "Holders of rec. Feb. 4
Hazeltine Corp.(guar.)
*50c. Mar. 15 *Holders of rec. Feb. 15
Heels Mining (guar.)
Ilibbard,Spencer,Bartiett & Co.(mthly.) 35e. Feb. 27 Holders of rec. Feb. 200
35e, Mar. 27 Holders of rec. Mar. 20
NI onthly
200. Mar. 27 Holders of rec. Mar.20
Extra
Feb. 25 !folders of rec. Feb. 9
1
Hollinger Consol. Gold Mines, Ltd
50e. Feb. 25 holders of rec. Feb. 200
Homestake Mining (monthly)
Ntar 31 'Holders of rec. Mar 20
•r$1
Hood Rubber. corn. (guar.)
Hood Rubber Products, pref. (guar.) - 14 Mar. 1 Feb. 21 to Mar. 1
75c. Mar. 2 Holders of rec. Feb. 140
Household Products (goar.)
750. Apr. 1 Holders of rec. Mar. 160
Hudson Motor Car (guar.)
Am. 16
2.40 Apr. 15 Apr 4 to
Brick ((uar.)
Illinois
'2.40 July 15 'Holder, of rec. July 3
Quarterly
"2.40 Oct 15 *bidders of rec. Oct. 3
Quarterly
n25c Mar. 2 Feb. 15 to Mar 1
Imperial Oil, Ltd
*25c. Mar. 31 "Holders of rec. Mar.14
Independent Oil dr Gas(guar.)
Mar. 2 Holders of rec Feb. 110
2
Rand Co., cons. ((uar.)
Ingersoll
62Sie Mar. 2 Holders of rec. Feb. 140
Inland Steel. common (guar.)
134 Apr. 1 Holders of rec. Mar. 146
Preferred (guar.)
,
$1.25 Apr. 1 Holden of rec. Mar. 18
Interlake Steamship (guar.)
134 Mar. 2 Holsters of rec. Feb. 10a
International Harvester, prof. (guar.)_
International Match, pantie. pref.(qu.)_ 65c, Apr. 15 Holders of rec. Mar.25
Holsters of rec. Feb 140
500. Mar.
Internat. Shoe, pref. (monthly)
Miscellaneous.
•Hohiera of rec Feb. 14
Mar. 1 Holders of rec. Feb. 14a Int erst ale Iron & Steel. pref. (guar.)... 'I'4 Mar.
Abbott's Alderney Dairies. lit frf
'Holders of rec. Mar.20
Apr.
Jewel Tea, pref. (guar.)
•13-4
American Art %)inks, cum. & pref. Lou.) 11.4 Apr. 15
*Holders of rec. Mar.20
Nlar. 31
Preferred (acc't accum. diva.)
'(1254 Apr.
'50c Mar.31 'Mar.22 to
American Chain,('lross A (guar.)
Holders of rec. Mar 185
Jones & Laughlin Steel, pref. (quart..... 14 Apr.
Amer. Laundry Machinery. cow (quar.) 75o. Mar. 2 Feb. 22 to Mar. 2
to Mar 15
Marl.Mar. 1
8
75c. Mar. 2 Holders of rec. Feb. 186 Keeley Silver Mines Ltd
American Metal. common (guar.)
4
Mar. 1 to Mar. 15
Mar. 1
Bonus
Mar. 2 Holders of rec. Feb 19a
Preferred ((uar.)
Holders of rec. Mar. 66
75e. Apr.
Copper Corp.(guar.)
14
Kennecott
Amer. Multigraph. common (quar.),__. 400. Mar. 1 Holders of rec. Feb.
tioltient of rec. Feb. 206
Mar.
2
Mar.31 Holders ol rec. Slat. 140 Motley (G. It.) Co., pref.(guar.)
$I
American Radiator, corn. ((uar.)
Holders of rec. Mar.190
2
Apr.
13.4 Mar. 31 Holders of rec Mar. 16a Kresge (S. S.) & Co., corn. (guar.)
American Railway Express ((uar.)
Holders of rec. Mar.160
corn.
Common (paLai le in co.stock).___ /50c. A Pr.
w b)
on (payable
May 1 Holders or rec Apt 15 2.
American Shipbuilding, cow. (guar.).
Holders of rec. Mar. 190
I% Apr.
Preferr
2
Aug. 1 Holders of ree July 15 25
Common squat a
Holders of rec. Feb.d210
134 Mar.
rec. Feb ea Kuppenheimer (13.) Co., pref. (guar.)._
Amer.Smelting & Refining. pref.(guar.) 1% Slur. 2 Holders of
noisiest of rec. Feb. 21
Mar.
1% Apr. 2 Holders of rec. Mar. 26 Lake of the Woods Ntlillug, corn.(qu.).- 3
Amer. Sugar Refs.. pref.(guar.)
Holders of rec. Feb. 21
134 Ntar.
Preferred (guar.)
Amer.Tobacco.cum & roil it uar.)_. 51.75 Mar. 2 Holders of rec. Feb 106
14 Feb. 28 Holders of rec. Feb. 180
Lanston Monotype Machine (quar.)
'134 Apr. 1 "Holders of rec. Mar. 19
Armstrong Cork, cunimou ((luar.)
Feb. 28 Moder% of rec. Jan. 316
$1
Lehigh Coal & Navigation (guar.)
Apr. 1 *Holden' of rec. Mar. 19
Preferred (guar.)
corn.(guar.) .50c. Mar. 2 *Holders of rec. Feb. 20
Sheet
(t t
Associated Dry Goods, Ist pref.(guar.). 134 Mar. 2 Holders of rec. Feb I40 Libbey-Owensq r4 Glass, co.
*1.34 Mar. 2 *Holders of rec. Feb. 20
Preferred
14 Mar. 2 Holders of rec. Feb 14.
Second preferred (guar.)
Mar.10 Holders of rec. Feb. 276 Liggett & Siyern Tobacco, common and
81
Atlas Powder. common (guar.)
75c. Mar. 2 Holden) Of rec. Feb. 160
21.10
common 13 ((uar.)
Apr. 1 Holders of rec. Mar
Babcock & Wilma Co (quarterly)
Mar. 2 Holders of rec. Feb. 166
$1
Common dr common B (extra)
•250. Mar. 1 *Holders of rec. Feb. 20
Balaban & Katz. com.(monthly)
Mar. 2 Holders of rec. Feb. 140
Lima Locomotive Works. corn. (quar.). $I
•25c. Apr. 1 *Holders of rec. Mar.20
Columns (monthly)
afar. 31 Holders of rec. Mar. 176
•14.1 Ayr. 1 Holders of rec. Mar 20
Long Bell Lumber,"A" corn.(No. I)._ $I
Preferred ((uar.)
134 Mar, 2 Holders of rec. Feb. 205
600. Apr. 10 Holders of rec. Mar.25a Lord & Taylor, 1st pref. (qear.)
Beech-Nut Packing, corn. (guar.)
•134 Mar. 2 .11oltiers of rec. Feb. 20
Apr. la Lowell Shope. 2.1 pref. (guar.)
1% Apr. 15 Holders of rec.
Preferred, Class 13 (quar.)
234 Mar, 2 Holders of rec. Feb. 4
Apr. 1 Holders of rec. Mar. 70 Ludlow Menefee. Associates (quar.)
Bethlehem Steel, 7% pref.(guar.)
1
31450
31 Holders of rec. Mardl4a
Mack Trucks, Inc., corn.(guar.)
Apr. 1 Holders of rec. Mar. 7a
2
Eight ner cent preferred (guar.)
Mar.
Holders of rec. Mardl4a
(guar.)
1st and 20 preferred
Mar. 2 Holders of rec. Feb lea
2
Borden Company,common (.tiar.)
$1.50 Mar. 2 llolders of rec. Feb. 24
mai.
1
Mahoning Investment
114 Mar. 16 Holders of rec. Mar 2
Preferred (guar.)
Jane 1 Holders of rec. Feb 144
1
Menet! Sugar,common (guar.)
rec. Mar. 2
Boston Woven Hose & Rub., corn.(qu.) 31.50 Mar. 16 Holders of
Holders of rec. May 180
Common(guar.)
50c Aor. 1
Boyd-Welsh Shoe (guar.)
14 Sept. 1 builders of rec. Aug. 180
Common(guar 3
Brill (J. G.) Co., common (quer.)
1l4 Mar. 2 *Holders of rec. Feb. 21
374c Mar. 2 Holders of rec. Feb. 180
206 Manhattan Shirt,corn.(guar.)
Mar. 2 Holders of rec. Feb.
1
Brown Shoe, cons.((uar.)
$1
Mar. 2 Holders of rec. Feb. 160
Martin Parry Corp.(guar.)
Mar. 14 Holders of rec. Feb. 20
$1
Buckeye Pipe Line (guar.)
Department Stores, corn,(guar.).- 31.25 Mar. 2 Holders of rec. Feb. 160
fe
California Packing Co.((oar.)
I1.50 Mar.16 Holders of rec Feb 250 MapyreDered
14 Apr, 1 Holders of rec. Mar.lea
(quar.)
d4344c. Mar. 2 Holders of rec. Feb. 20a
California Petroleum. cont.(guar.)
McCahan Sug., Ref.& Molassee, pf.(qu) 14 Mar. 2 Holders of rec. Feb. 180
14 Apr. 1 Holders of rec. Mar. 18
Preferred (guar.)
Calumet dr. Heels Consol, Copper
500, Mar. 4 Holders of rec. Jan. 30a McCrory Stores Corp.,corn.(quar.)___ _ 40c. Mar, 2 Holders of rec. Feb. 200
40c. Mar. 2 Holders of rec. Feb. 200
Common, Class B (quar.)
Mar, 1 Holders of reg. Feb. 14
Campbell Soup, pref. (guar.)
134 May 1 Holders of rec. Apr. 200
Preferred (guar.)
1% Apr. 11 Holders of rec. Mar. 26
Canadian Car & Fdy., pref. (quar.)
134 Aug. 1 Holders of rec. July 200
Preferred (guar.)
Carter (William) Co., pref. (guar.)
134 Mar.15 Holders of rec. Mar. 10
134 Nov. 1 Holders of rec. Oct. 20a
Preferred (guar.)
14 Mar. 2 Holders of rec. Fee 16a
Century Ribbon Mills. pref (guar.)._
25c. Mar, 2 Herders of rec. Feb. 2
Yellow Cab (monthly)
1 Holders of rec. Feb. 200 McIntyre Porcupine Mines, Ltd
33 1-30 Mar
Chicago
13-4 Feb. 28 Holders of rec. Feb. 6
62.4c Mar.30 Holders of rec. Mar. 3a Merrimac Mfg.,corn.(guar.)
Chili Copper Co.(guar.)
234 Feb. 28 Holders of rec. Feb. 6
Preferred
•4 Mar. 1 "Holders of rec. Feb. 15
Cities Service, corn.(monthly)
Mar. 1 Holders of rec. Feb. 10
2
Common (payable in common stock). *.II4 Mar. 1 *Holders of rec. Feb. 15
Miller Rubber, pref.(guar.)
Mar. 1 Holsters of rec. Feb. 10
h2
Common (mthly.) (Pay. In cash scrip) *01% Mar. 1 *Holders of rec. lob. 15
Preferred (acct, serum. dive.)
Mar. 2 Holders of rec. Jan. 31a
$1
Mohawk Mining
(mthly. pay. in corn. stk. scrip) *013.( Mar. 1 *Holders of rec. lob. 15
Coin.
Preferred and preferred B (monthly). •Si Mar. 1 *Holders of rec. Feb. 15
Montgomery Wang & Co., of.& c.A(gu) 31.75 Apr. 1 Holders of rec. Mar.210
750. Mar. 1 Holders of rec. Feb. 16e
muneingwear, Inc. (guar.)
City Ice dr Fuel of Cleveland, corn. (qtr.) 500. Mar. 1 Holders of rec. Feb. 9
750. Apr. 15 Holders of rec. Mar.31s
50c. June 1 Holders of rec. May 12
National Biscuit,common (quar.)
Common (guar.)
I% Feb. 28 Holders of rec. Feb. 14a
500. Sept. 1 Holders or rec. Aug. 12
Preferred (guar.)
Common (guar.)
34 Mar. 11 Holders of rec. Feb. 17
500. Dec. 1 Holders of rec. Nov. 11
Common (guar.)
National Candy, common
31.4 Mar, 11 Holders of rec. Feb. 17
Mar. 1 Holders of rec. Feb 15a
First and second preferred
Cleveland Stone (gear.)
dl
Mar. 1 Holders of rec. Feb. 15
- 134 Mar. 2 Holders of rec. Feb. 211
Extra
National Cloak & Solt, pref. (guar.).
•134 Mar. 2 *Holders of rec. Feb. 15
14 June 1 Holders of rec. May 150 Nat Dept. Stores, 20 pref.(guar.)
Quenon,'
134 Sept. 1 Holders of rec. Aug 15a
Quarterly
Nat. Enameling & Stamping, pref. (111.) 134 Mar.31 Holders of rec. Mar.11
134 June 30 Holders of rec. June 10
51.75 Apr. 1 Holders of rec. Mar. 14a
Preferred (guar.)
Coca Cola Company, corn. (guar.)
(guar.)
2
Feb. 2 Holders of rec. Feb. 16a
134 Sept.30 Holders of rec. Sept.10
Colorado Fuel & Iron, pref.
Preferred (guar.)
Mar.
134 Dec. 31 Holders of rec. Dec. 11
Congoleurn-Nairn Co.. preferred (guar.).
Holders of rec. Feb. 16a
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 1
(John T.) Co., corn. (quar.)____ .50c. Apr.
'Holders of rec. Mar. 20
preferred
National Fireproofing,
Connor
14 Mar. 1 Holders of rec. Feb. 160 National Lead, preferred ((uar.)
134 Mar. 14 Holders of rec. Feb. 20e
Consolidated Cigar. pref.(guar.)
14 Mar.
*154 Apr. 1 *Holders of rec. Apr. 1
Holders of rec. Feb. 206 Nat. Radiator & Mfg.. Prof. (quar.)
Consolidation Coal, pref. (guar.)
*25c. Mar.1 *Holders of rec. Feb. 14
154 Apr. 2 Holders of rec. Mar. 9
(guar.)
Continental Oil
National Sugar Refining (guar.)
14 Mar,
250, Feb. 23 Holders of rec. Feb. 60
Holders of rec. Feb. 14a New Cornelia copper Co.(guar.)
Coeden dr Co.. pref. (gear.)
Apr. I Holders of rec. Mar.100
Mar,
SI
$I
Holders of rec. Feb 16
Company. common Hoar.)
New York Air Brake. class A (quar.)
Cuba
Holders of rec. Mar.20
75c, Apr, 1
13( Apr. I Apr. 7 to Apr. 15
New York Transit (guar.)
COdahy Packing, corn.((uar.)
Holders of rec. Feb. 190
July it July 7 to July 5
134 Mar.
Common (guar.)
Onyx Hosiery, Prof. (quar.)
Holders of rec. Feb. 200
15c. Mar.
Oct. 1 Oct. 6 to Oct. 15
(guar.)
Common
Orpneum Circuit, common (monthly).
Holders of rec. Mar. 200
15o. April
34 Mar.
Holders of rec. Feb. 150
Common (monthly)
Curtiss Aeroidiane & Motor, pref
Holders of rec. Mar. 16a
750. Apr,
75e. Mar.
Feb. 15 to Feb. 24
& Sone, Inc., corn.
Owens Bottle. corn. (guar.)
Cushman
Holders of rec. June 156
75c. July
Mar.' Feb. 15 to Feb. 24
.
po ferred
er rn mon (gnat.)
Seven per cent pref.(guar)
Holders of rec. Mar. 160
2
Mar.
Feb. 15 to Feb. 24
134 Apr.
F.Aght per cent pref.(guar.)
Holders of rec. June 150
Mar.21 *Holders of rec. Mar. 7
154 July
Preferred (guar.)
Davis Mills(guar.)
Holders of rec. Feb. 28a
14 Mar.
Holders of rec. Feb. 20a Packard Motor. pref. (guar.)
13,4 Mar.1
Decker (Alfred) & Cohn, Inc., pt. (qu.).
•300. Apr.
*Holders of rec. Mar.14
Mar.
1
Holders of rec. Feb. 14a Paige-Detroit Motor Car (guar.)
Co.. pref. (guar.)
Deere &
*Holders of rec. Mar.16
Mar. I
2
stock)_ *121.4 Apr.
Holders of rec. Feb. 28a
Common (payable In common
Diamond Match (guar
*2
Mar.
*Holders of rec. Feb. 9
31.25 Apr.
Holders of rec. Feb. 28a Pathe Exchange, Inc., pref. (quar.)
Eastman Kodak,common (guar.)
*2
Mar.3 *Holders of rec. Mar.25
75c. Apr.
Holders of rec. Feb. 28a Pemberthy Injector (guar.)
Common (extra)
Holders of rec. Feb. 176
14 Apr.
Holders of rec. Feb. 28
Phoenix Hosiery. 1st & 20 pref.(guar.). 134 Mar.
Preferred (quar.)
Apr.
*2
*Holders of rec. Feb. 15
'Holders of rec. Mar. 15
Pittsburgh Plate Glass (guar.)
Edmunds & Jose' Corp., com.(guar.)._ •50c. Apr.
'Holders of rec. Feb. 15
Apr.
*5
•50c. Apr.
'Holders of rec. Mar. 15
Extra
Common (extra)
13( Mar.
•1% Apr.
Holders of rec. Feb. 146
*Holders of rec. Mar. 15
Pittsburgh Steel, pref. (guar.)
Preferred (guar.)
Feb. 19 to Mar. 62
.
Corn.. pf.(No.1) 11.4 Mar.
e rgh
urred (g
Fairbanks Morse dr CO.. corn. (guar.)._ 65o. Mar.31 Holders of rec. Mar. 14a Pittsburgh Term.
14 Mar,
Holders of rec. Feb. 14
134 June
Holders of rec. May 190
Pressed Steel Car, pref.(guar)
Preferred (guar.)
Mar.
Holders of rec. Jan. Si
134 Sept.
Holders of rec. Aug. 18a
Preferred
Famous Players Can. Corp., let pf.(qu.) 2
14 Dec.
Holders of rec. Mar. 16a
Holders of roe. Nov. 17a
Preferred (guar.
)
Famous Players-Lasky Corp.. corn.(qu.) $2 Apr.
Public Utilities (Concluded).
Consolidated Gas(N. Y.), corn.(quar.)_ $1.25 Mar.16 Holders of rec. Feb. ha
Consumers Power Co.6% Pref.(guar.)-- $1.65 Apr. 1 Holders of rec. Mar. 16
14 Apr. 1 Holders of rec. Mar. 16
Six per cent preferred (uuar.)
134 Apr. 1 Holders of rec. Mar. 16
Seven per cent preferred (guar.)
Mar.16 Holders of rec. Feb. 14a
Duquesne Light, pref.(guar)
Eastern Mass. St. By.
2
Mar. 2 Holders of rec. Feb. 14a
Eastern Shore Gas & Elec. (guar.)
Apr. I Holders of rec. Mar. 14a
$1
Federal Light dz Trac., corn.(quar.)
m75c. Apr. I Holders of rec. Soar, 140
Common (extra pay in pref.stock)
14 Feb. 28 Holders of rec. Feb. 14a
Preferred (quar.).
Mar. 1 Feb. 21 to Mar. 1
1
Georgia Ry.& Power, corn
Apr. I Holders of rec. Mar. 10
2
Eight per cent let pref. (guar.)
Apr. I Holders of rec. Mar. 10
I
per cent let pref. (quar.)
Seven
Mar. I Feb. 21 to Mar. I
1
Second preferred (quar.)
1
June 1 Holders of rec. May 20
Second preferred (guar.)
Sept. 1 Holders of rec. Aug. 20
1
preferred (guar.)
Second
1
Dec. 1 Holders of rec. Nov.20
Second preferred (guar.)
oil
Mar. 2 *Holders of rec. Feb. 14
Keystone Telephone. pref (guar.)
Middle West Utilities, prior lien stk.(qu.) 13( Mar.d16 Holaers of rec. Feb. 28
National Power dr Licht. eon' (guar.)._ $1 50 bier. 2 Holders of rec. Feb. 14
14 Mar. 2 Holders of rec. Feb. 13
Nebraska Power, preferred (guar.)
Niagara Falls Power. common (guar.)._ 50c. Mar. 16 Holders of rec. Feb. 28a
434c Apr. 35 Holders of rec. Mar.31 a
Preferred (guar.)
North. Ohio Trac.& Light,6% pf.(qu.) 1 f5 Apr. 1 Holders of rec. Mar. 14
14 Apr. 1 Holders of rec. Mar. 14
Seven per cent preferred (guar.)
$1 .60 Mar. 1 Holders of rec. Feb. 15
Ohio Edison. 6% preferred (qear.)
$1.65 Mar. I Holders of rec. Feb. 15
6.6% preferred (guar.)
31.75 Mar. i Holders of rec. Feb 15
Seven per cent preferred (solar.)
Oklahoma Gas & Electric. pref. (guar.). 13( Mar.14 Holders of tee. Feb. 28
May 1 'Holders of rec. Apr. 21
Penn-Ohio Power & Lt.. 7% pref. luu.) - •1
Philader.rida Company,5% prof rrio I _ S1.25 Mar. 2 Horde's of rec Feb 10
Philadelphia Elec., corn.& pref. (quar.)_ 50c. Mar. 16 Holders of rec. Feb. 166
134 Mar. 2 Holder, of rec Feb 16
Portland Electric Power, 2d pref. (qtr 3-Rochester Gas & El. Corp., 5% pt.(qu.) '1 1.4 Mar. 2 *Holders of rec. Feb. 16
ttryi Mar. 2 *Holders of rec. Feb. 16
Six per cent preferred (guar.)
•15‘ Mar. 2 *Holders of rec. Feb. 16
Seven per cent preferred (quar.)
14 Mar.16 Holaers of rec. Feb. 28
Southern Colorado Power. pref. (quar.)_
Southwestern Power & Light, pref. (qu.) 14 Mar. 2 Holders of rec. Feb. 14
Mar. 16 Holders of rec. Feb. 286
Standard Gas & Eled.,8% pref.(guar.). 2
Mar. 1 ilculclere of "cc. Feb IS
1
Texas Elesarle It) cunt bona r
Tr -City Hy. & Light, corn. (quar.)__ '234 Apr. 1 "Holders of rec. Mar. 20
.2Y July 1 *Holders of rec. June 20
Counuoo (guar.)
"24 Ott. 1;•Holdent of rec. Sept.20
Common Omar.)
"24 Jaill'26 •Holders of rec. Dec. 20
Common ((uar.)
United Gas liner.,enseut, pref.(guar.). 87.40. Mar. 14 Holders of rec. Feb. 280
•$3.50 Mar. 2 'Hollers of rec. Feb. 20
United Utilities, preferred
Utilities Poser & Light. Chios A (No 1). 50c. Apr 1 Holders of rec. Mar. 15
Mar.31 Holders of rec. Mar lea
SI
West Penn company. eon. (cmar.)
May 1 Holders of rec. Apr. I5a
West Penn Pox or. trot. ((suer )
Mar. 16 Holden. of rec. Mar. 2
West Penn Bye., prof ((uar.)
Mar. 1 Feb. 18 to Mar. 1
3
Wilmington Gas, Preferred
Mar.16 'Holders 01 rec. Feb. 28
Wisconsin Power & Light, pref.(guar.).
14
*14
134
14
'134
14
14
14
14
14
14
14
14
*14
928
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 1
,20.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Pure Oil. corn.(quar.)
3714c Mar. 1 Holders of rec. Feb. 10
The following shows the condition of the New York City
Radio Corp. of America, pref. (guar.)._
114 Apr, 1 Holders of rec. Mar. 20
Real Silk Hosiery (guar.)
*75o. Apr. 1 *Holders of rec. Mar.20
Clearing House members for the week ending Feb. 14. The
Stock dividend
sag'. Mar.11 *Holders of rec. Feb. 25
figures for the separate banks are the averages of the daily
Remington Typewriter, 1st pref.(gu.).- 134 Apr. 1 Mar.21 to Apr. 1
,
Second pref. (acct. accum. digs.).... 64
Mar.25 Mar.15 to Mar.25
results. In the case of the grand totals, we also show the
Republic Iron & Steel, pref. (guar.).
- 154 Apr. 1 Mar. 10 to Apr. 8
Richmond Radiator, preferred (quar.)
15( Apr. 15 Holders of rec. Mar.31a actual figures of condition
at the end of the week.
Preferred (guar.)
114 July 15 Holders of rec. June 300
Preferred (guar.)
114 Oct. 15 Holders of reo. Sept.30a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Preferred (guar.)
154 Jan1626 Holders of rev. Dec. 310
(Haled 01 thousands of donors
St.Joseph Lead (guar.)
-that is, three ciphers [0001 dm(tfal.
50e. Mar.20 May.10 to Mar.20
)
Quarterly
600. June 20 June 10 to June 21
Quarterly
50o. Sept.21 Sept.10 to Sept.21
New
Quarterly
500. Dec. 21 Deo.10'25to Dec.21'25
CaPitai Profits. Loans,
*1st Apr. 2 *Holders of rec. Mar.
Savage Arms. let pref.(guar.)
Reserve
Week Ending
Discount, Cash
sim May 15 *Holders of rec. May 18
Second preferred (guar.)
solth
NM
Time Bask
1
Feb. 14 1925 Nat'l, Dec. 31 InvestSchulte Retail Stores, corn.(quar.)
Ps
Legal Demand
Caw•m2 Mar. 2 *Holders of rec. Feb. 18
State, Nov. 15 meats, Vault. boost- DePotite. writ.. laPreferred (guar.)
*2
Apr. 1 *Holders of rec. Mar.15
(000 omitted.) Tr.Cos.Nov.15 etc.
Selberling Rubber
tortes.
rios.
Preferred (acct. accumulated diva.)_ _ *62
Mar.113 *Holders of rec. Mar. 6
Members of Fe d. Res. Bank. Average Average Average Average Average Arm.
Shavrmut Mfg., corn.(guar.)
•115 Mar.31 *Holders of rec. Mar.20
Bank of N Y &
Preferred (guar.)
3
*1% Mar.31 *Holders of rec. Mar.20
$
Trust Co._ - 4,000 12,462 73,300
Sherwin-Williams Co.. pref.(quar.)-- 1% Mar. 2 Holders of rec. Feb. 140
847 7,282
52.282 9,582
Sloes-Sheffield Steel & Iron, corn. (qu.). 1% Mar.20 Holders of rec. Mar. 100 Bk of Manhat'n 10,000 13,874 148,082 2,620 16,546 122,128 23,854
Preferred (guar.)
114 Apr. 2 Holders of rec. Mar.20a Mech & Met Bk 10,000 15,970 180,883 3,468 22,473 168,889 10,597 "isia
Bank of America 6,500 5,412 84.561 1,799 12,332
Smith (A. 0.) Corp., corn. (guar.)
91,987 4,587
250. Feb. 16 Holders of rec. Feb. 2
Nat City Bank. 40,000 55,297 582,890 4,763 75,29 *887,872 59,876 850
Preferred (guar.)
1% Feb. 18 Holders of rec. Feb. 2
Chem Nat Bank 4,500 17.024 132,354 1,281 18,584
Southern Pipe Line(guar.)
120,609, 4,855 348
1
Mar. 2 Holders of rec. Feb. 14
Nat Butch & Dr 1,000
277
8,172
Spalding(A.(1.)& Bros., pref.(qua?.).. 2
94
875
6,588
286 495
Mar. 2 Holden of rec. Feb. 21
Amer Exch Nat 5,000 8,248 108,850
Second preferred (guar.)
949 12,937
97.209 7.557 4,944
May. 2 Holders of rec. Feb. 21
2
Standard Milling, corn. (guar.)
134 Feb. 28 Holders of rec. Feb. 18a Nat Bk of Corn. 25.000 39,761 345,113 1,125 39,684 299,889 15,975
Pacific Bank.... 1,000 1.70
31,895 1,091 4,382
Preferred (guar.)
29,012 3,249
1% Feb. 28 Holders of rec. Feb. 183
Must&Phen Nat 10,500 9,31
168,259 4,264 18.475 127,516 35,737 5,881
Standard Motor Construction
250. Feb. 28 Holders of rec. Feb. 2
Standard Oil (Calif.)(guar.)
564 15,493 112,093 --500. Mar.16 Holders of rec. Feb. 16a Hanover Nat Bk 5,000 23,519 123,827
Standard Oil(Indiana)(guar.)
*62% c Mar.16 Holders of rec. Feb. 16a Corn Exch Bank 10,000 13,493 202,313 6,694 24,816
181,913 28.306
Nat Park Bank_ 10,000 23,743 173.699 1,261 18,071 137,207 9479 a;i5i
Standard 011 of N. Y.(guar.)
•350. Mar.16 Holders of rec. Feb. 20
East River Nat. 2,100 1,942 31,802 1,159 3,311
Standard 011 (Ohio), corn.(guar.)
23,877 7,659 497
$2.50 Apr. 1 Holders of rec. Feb. 27
First Natioaal. _ 10,000 68,060 319,080
Preferred (guar.)
452 27,630 206,007 28,273 1,881
134 Mar. 2 Holders of rec. Jan. 30
Stern Bros.. Pref. (guar.)
Mar. 1 Holders of rec. Feb. 16a Irving Bk-Corpr 17,500 12.417 270,507 3,092 35,576 266,510 28,419
Continental Bk. 1,000 1,066
7.694
Studebaker Corp., corn.(guar.)
140
878
Mar. 2 Holders of rec. Feb. 10a
6.485
81
378
Preferred (guar.)
154 Mar. 2 Holders of res. Feb. 10a Chase National_ 20,000 25,461 404,259 4,726 52,481 0407,667 21,454
500 2,704
Fifth Ave Bank
25,106
Texas Co.(guar.)
737 3,468
750. Mar.31 Holders of rec. Mar. 6
25,812
600 1,099
13,471
Thompson (J. R.) Co., cora.(monthly)._ 250, Mar. 2 Holders of rec. Feb. 23a Commonwealth
404 1.459
10,471 2,674
Garfield Nat__ 1,000 1,656
16,439
Thompson-Starrett Co.. Preferred
485 2,296
4
Apr. 1 Holders of rec. Mar.20
15,992
aoi
118
Fifth National. 1,200 1,344 20,103
Timken-Detroit Axle, pref.(guar.)
201 2,397
134 Mar. 1 Feb. 21 to Mar. 1
17,919 1,132 247
Timken Roller Bearing (guar.)
983 13,411
75c. Mar. 5 Holders of rec. Feb. 170 Seaboard Nat.. 4,000 7,852 109,354
101,819 3,781
41
Coal dr Iron Nat 1,500 1,375 20,288
Extra
273 2,278
260. Mar, 5 Holders of rec. Feb. 170
18,554 2,153 411
Bankers Trust. 20,000 26,514 331,061
Tonopah Mining of Nevada
995 38,762 *285,515 51,007
714.3 Apr. 21 Apr. 1 to Apr. 7
US Mtge & 'Pr. 3,000 4,819 58,888
Truscon Steel, common (guar.)
719 7,152
•300. Mar.15 Holders of rec. Mar. 5
53,143 8.252
Guaranty Trust 25,000 19.180 467,756 1,290 49,605 *446,089 51,515 --Preferred (guar.)
*1734c Mar. 1 *Holders of rec. Feb. 18
---2,000 2.117 21,59
Fidel-In
Union Mills. common(lum.)
413 2,533
•81.50 Mar. 2 *Holders of rec. Feb. 16
18,948 1.885
NY Trust Co.. 10,000 19,147 181,924
Preferred (guar.)
599 21.207 158,082 26.238
.1
Mar. 2 *Holders of rec. Feb. 16
2,000 4,129 47,467
Metropolitan To
Union Storage (quar.)
312 5,805
214 May 11 Holders of rms. May 1
43,139 3,419
Farm Loan & Tr 5,000 17,370 144,815
Quarterly
463 15,032 *115,568 26,221
2% Aug. 11 Holders of rec. Aug. 1
Quarterly
Equitable Trust 23,000 11,262 288,525 1,500- 31,475 •293,809 37,497
2% Nov.11 Holders of rec. Nov. 1
Union Tank Car, corn. (guar.)
13.4 Mar. 2 Holders of rec. Feb. 100
Preferred (guar.)
114 Mar. 2 Holders of rec. Feb. 100 Total of averag 91,900467,431 5,122,335 49,763599,98304,444,166 14,71520,776
United Drug, common (guar.)
114 Mar. 2 Holders of rec. Feb. 14a
als, actuate. ndltIon Feb. 145,123,129 48,700639,38504,412.8
Second preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 160 Tot
84514,75520,920
United Dyewood, pref.(guar.)
11( Apr. 1 Holders of rec. Mar. 130 Totals, actual to minion Feb. 75,151,484 49,413573,51604.445.841 512.59620,727
Preferred (quar.)
114 July 1 Holders of rec. June 150 Totals, caws to ndltion Jan .315.192,557 40.084650.946 04,489,853524,08232.604
Preferred (guar.)
State Banks Not Member. of Fedl Res've Bank.
134 Oct. 1 Holders of rec. Sept. 150
Preferred (qaar.)
110 an 1'26 Holders of rec. Dec. 150 Greenwich Bank 1,000 2,434 21,877 1,859 1.872
21,573 1,025 United Fruit (guar.)
250
897
5,430
337
352
214 Apr. 1 Holders of rec. Mar. 130 Bowery Bank_
2,726 1,995 --Quarterly
2.14 July 1 Holders of rec. June 80 State Bank__ 3,500 5,134 98,398 4,128 2.178
34,294 81,191 ---.
Quarterly
214 Oct. 1 Holders of rec. Sept. 6a
Total of averages 4.751) 8.467 125,703 6,334 4,402
Quarterly
58.593 64,211
234 Jan 2'28 Holders of rec. Dec.
U.S. Cast Iron Pipe & Fdy., pref.(qu.)_ 1% Mar. 18 Holders of rec. Mar. 60
20
Preferred (extra)
58,397 84,276
214 Mar. 16 Holders of rec. Mar. 20 Totals, actuate, ndition Feb. 14 125,584 6,358 4,426
Preferred (guar.)
59,145 64.135
1% June 15 Holders of rec. June la Totals, actual to ndition Feb. 7 125,954 6,407 4,492
Preferred (extra)
2.511 June 15 Holders of rec. June la Totals, actual to edition Jan. 31 126,502 6,223 4,700
59.975 64,020
Preferred (guar.)
1% Sept.15 Holders of rec. Sept. la Trust Companies Not Membe re of Fed 'I Res',e Bank
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. la Title Guar & To 10,000 15,908 60.227 1,577 4.153
38,099 2,519
LawyersTit&Tr 6,000 8,311
27,964
U.S. Gypsum,common (guar.)
915 1,732
•40c. May.31 Holders of rec. Mar. 14
16,886 1,090
Preferred (guar.)
el% Mar.31 Holders of rec. Mar. 14
Total of averages 16,1 S 22.220 88.191 2,492 5,885
U.B. Hoffman Mach., corn.(quar.)
50e. Mar. 1 Holders of rec. Feb. 200
54,985 3,809
Preferred (guar.)
•114 Mar. 1 Holders of rec. Feb. 20
Totals, actual c ndltIon Feb. 14 87,758 2,422 5,948
U.S. Radiator, corn. (guar.)
Apr. 15 Apr. 1 to Apr. 15
1
54,959 3,694 -Totals, actual c uditIon Feb. 7 87,987 2,475 6,055
Preferred (guar.)
114 Apr. 15 Apr. 1 to Apr. 15
55.290 3,325 -U.S. Realty & Impt.,common (guar.)
2
Mar.16 Holders of rec. Mar. Sts Totals, actual c ndition Jan. 31 85.795 2,237 6,053
53,047 3,370 ---Preferred (guar.)
11( May 1 Holders of rec. Mar. .50
Gr'd aggr., avg 312.650498,1185,336,229 58,589610,270 4,557,744 582,53520,776
United States Steel Corp.,corn.(guar.). 114 Mar.30 Feb. 28 to Mar. 8
Comparison with prey.week. -46,398 +2,955-8,116 --52,271 +4,188-6,609
Common (extra)
34 Mar.30 Feb. 28 to Mar. 3
Preferred (guar.)
114 Feb. 27 Feb. 1 to Feb. 4
Vacuum 011 (guar.)
Gr'd aggr., act' cond'n Feb. 14 5,336,471 57,480649,739
50c. Mar.20 Holders of rec. Feb. 28
Comparison wi ii prey.week _1-28,954 -815+85/376 4,526,240582.72520,920
Extra
500. Mar.20 Holderamf rec. Feb. 28
-33,836 +2,869 +193
Valvoline 011, common (guar.)
114 Mar.17 Holders of rec. Mar. 13
Van Raalte Co., 1st pref. (guar.)
154 Mar. 1 Holders of rec. Feb. 160 Gr'd aggr., =VI cond'n Febl 75.365.425 58,295584,063 4.560,076 580,05620,727
Vesta Battery, pref. (guar.)
Gr'd aggr.. era cond'n Jan. 31 5,404,854 54,544661,699 4,602,675
•114 Mar. 1 *Holders of rec. Feb. 13
Gr'd aggr., eel cond'n Jan. 24 5,434,369 56,666656,887 4,644.613 591,47232,604
Wahl Co.. Pref.(guar.)
*134 Apr. 1 *Holders of rec. Mar.26
605,60232,394
Weber & Hellbroner.corn.(guar.)
$1
Mar.30 Holders of rec. Mar.160 Gr'd aggr.. art; cond'n Jan. 17 5,420,715 56.468894,200 4,713,535 591,194 32,269
Common (payable in common stock)._ 12
Apr. 30 Holders of rec. Apr. 150 Gr'd aggr., act': cond'n Jan 105,515,994 62.313606.837 4,764,735592,38732,247
Common (guar.)
slat cond'n Jan. 35,549,337 65,389636,288 4.831.837,599,0
June 30 Holders of rec. June 15a Gr'd
31
9232,139
Common (guar.)
$1
Bept.30 Holders of rec. Sept.15a
Note.
-U. S. deposits deducted from net demand deposits
Common (guar.)
Dec. 30 Holders of rec. Dec. 15
$1
in the general totals
Preferred (guar.)
13 Mar. I Holders of rec. Feb. 16a above were as follows: Average total, Feb. 14, 214,988,000; actual totals, Feb. 14,
$14,448,000;Feb.7,515,835,000; Jan.31,818.111.000:
Preferred (quar.)
134 June 1 Holders of rec. May 15
$18,112,000. Bills payable, rediscounts, acceptances Jan.24,818,111.000; Jan. 17,
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 17
for week Feb. 14, $633,922,000; Feb.7,8630,579.000; and other liabilities, average
Preferred (guar.)
13 Dec. 1 Holders of rec. Nov. 16
Jan.
$597.260,000; Jan. 17, $569,074.000. Actual totals Feb. 31,$830,274,000; Jan. 24,
Welch Grape Juice Co., pref. (guar.)._ 114 Feb. 28 Holders of rec. Feb. 20
14,
$638,763,000; Jan.31,8701,859,000; Jan.24,$651,085,000; 3718.395,000; Feb. 7.
Western Grocer, preferred
•314 July 1 *Holders of rec. June 21
Jan. 17,8504.368.000.
Preferred
•Includes deposits in foreign branches not included
*335 Jan1'26 •Holderso tree. Dec. 21
in total footings, as follows:
Westinghouse Elec. & Mfg., corn. (tlY.) $1 Apr. 30 Holders of rec. Mar. 31a National City Bank, 3126,744,000; Chase
National Bank, $10,696,000; Rankers
Apr. 15 Holders of rec. Mar. 310 Trust Co., $16,042,000 Guaranty Trust Co.,
El
Preferred (guar.)
$82,287,000; Farmers' Loan & Trust
White (J. G.)& Co., Inc., pref.(qua?.). 1% Mar. 1 Holders of rec. Feb. 15
Co., $6,140,000; Equitable Trust Co., 360.125,000.
Balances carried In banks in
White(J. G.) Engineering, pref.(guar.). 114 Mar. 2 Holders of rec. Feb. 10
foreign countries as reserve for such deposits were:
National City Bank, $19,189,000:
Mar. 2 Holders of rec. Feb. 16
Chase National Sank, 22.166.000; Bankers
White(J.G.) Managem't Corp., pf. 0110
Mar. 31 Holders of rec. Mar. 20a Co., 25,060,000; Farmers' Loan & Trust Trust Co., 21,344,000; Guaranty Trust
White Motor (guar.)
El
Co.,
Woods Mfg., pref. (guar.)
$8,751,000. c Deposita in foreign branches not 26,140,000; Equitable Trust Co..
134 Apr. 1 Holders of rec. Mar. 23
Included.
760. Mar. 1 Holders of rec. Feb. 100
Woolworth (F. W.) Co.(quar.)
The reserve position of the different groups of institutions
Wright Aeronautical Corp.(guar.)
25c. Feb. 28 Holders of rec. Feb.,13a
Wrigley (Wm.) Jr.. & CO.
on the basis of both the averages for the week and the actual
25e. May. 1 Holders of rec. Feb. 200
Monthly
25c. Apr. 1 Holders of rec. Mar.200 condition at the end of the week is shown
Monthly
in the following
500. Apr. 1 Holders of rec. Mar.20a two tables:
Extra
Monthly
250. May 1 Holders of rec. Apr. 200
250. June 1 Holders of rec. May 200 STATEMENT OF RESERVE
Monthly
POSITION OF CLEARING HOUSE BANKS
Monthly
250. July 1 Holders of rec. June 20a
AND TRUST COMPANIES.
Mar. 1 Holders of rec. Feb. 20
2
Wurlitzer(Rudolph) Co., pref.(quar.)
Yellow Cab Mfg..chum B (monthly).... 21c. Mar. 1 Holders of res. Feb. 20
Youngstown Sheet & Tube,corn.(qu.).- $1
Mar.31 Holders of rec. Mar. 15
Averages.
Mar.31 Holders of rec. Mar. 15
Preferred (guar.)
Cash
Reserve
a
Reserve
in
Total
Reserve
Surplus
•From unofficial sources. f The New York Stock Exchange has ruled that stock
In Vault. Depositories Reserve.
Required.
Reserve.
will not be quoted ex-dividend on this date and not until further notice. 3 The
New York Curb Market Association has ruled that stock will not be quoted ex- Members Federal
Reserve Bank__
dividend on this date and not until further notice.
599,983,000 599,983,000 593,183,030 6,799,970
State banks*
6.334,000 4,402,000
a Transfer books not closed for this dividend. 4 Correction. e Payable In stock
189.260
Trust companies._ _ _ 2,492,000 5,885,000 10,736,000 10,546,740
129,250
8,377,000 8,247,750
IPayable in common stock. g Payable in scrip. b On account of accumulated
dividends. in Payable in preferred stock. a Payable In Canadian funds.
Total Feb. 14_
8,826,000 610,270,000
7,118,480
Total Feb. 7.... 8.565,000 618,386,000 619,096,000 611,977,520 8,299,500
s Dividend is 10d. per share. All transfers received in order In London on or
626,951,000 618,651,500
Total Jan. 31
before March 2 will be in time for payment of dividend to transferors.
8.568,000 614,744,000 623,312,000 619,185,440 4,126,560
Total Jan. 24_ _ _ _ 8.555,000 623,532,000
632.087,000 629,100,240 2,986,760
f Dividend Is at rate of 5% per annum for period from May 213 to Dec. 11 1924.
• Not members of Federal Reserve Bank.
a Payable to holders of record Jan. 31.
a This Is the reserve required on the net demand
Dividend Is one share of $100 par value preferred stock for two shares of no-par and trust
deposits in the case o State banks
companies, but In the case of
value common stock.
of the Federal
includes also amount in reserve required onmembers deposits, which Reserve Bank
net time
was as follows:
Payable to holders 01C0119011 No. 7.
Feb. 14,$15,441,450;Feb.7,$15,326,880;Jan. 31,816,008,890;Jan.24.815.923.070.
1:OOO
_1
FEB.21 1925.]
THE CHRONICLE
ActualIFIgures.
Reserve
Cash
tn
Reserve
in Vault. Depositories
Members Federal
Reserve Bank_
State banks*
Trust companies._
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
929
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
$
$
$
639,365,000 639,365,000 589,117.570 50,247,430
6,358,000 4,426,000 10,784,000 10.511,460
272.840
2,422,000 5,948,000 8,370,000 8,243,850
126,150
Feb. 18
Changes from
previous week.
1925
Feb. 11
1925.
Feb. 4
1925.
$
8,780,000 649,739,000 658,519,000 607,872,880 50,646,120
$
Total Feb. 14
$
$
57,300,000 Unchanged
8,882,000 584,063,000 592,945,000 612,250,810 -19,305,810 Capital
Total Feb. 7
57,300.000 57,300.000
78,580,000 Dec. 407,000 78,987,000 78,943,000
Total Jan. 31.— 8,460,000 661,699,000 670,159,000 618,129,900 52,029,100 Surplus and profits
Total Jan. 24.— 8,755,000 656,887,000 665,642,000 624,030,660 41,611.340 Loans, disc'ts & investments_ 912,836,000 Inc. 1,333,000 894,160,000 916,111.000
Individual deposits,Incl. U.S.654.851,000 Inc. 14,223,000 640.628,000 647,577.000
• Not members of Federal Reserve Bank.
Due to banks
144.054,000 Dec. 1,233,000 145,287,000 144,330,000
b This' s the reserve required on net demand deposits In the case of State banks Time deposits
179,080,000 Inc.
388,000 178,692.000 175.233,000
and trust companies,but in the case of members of the Federal Reserve Bank includes United State! deposits
22,9'23.000 Dee. 383,000 24,306,000 26,422,000
also amount of reserve required on net time deposits, which was as follows: Feb. 14, Exchanges for Clearing House 26,668,000 Dec. 5,429,000 32,097,000 32.799,000
815,442.650: Feb. 7, 815,377,880; Jan. 31. 515,722,460; Jan. 24. 516,142,400.
Due from other banks
83,006,000 Inc. 5,286,000 77,720,000 78,010,000
Reserve In Fed. Res. Bank
77,962,000 Inc.
986,000 76,996,000 77,170.000
Cash in bank and F.R.Bank_ 10,368,000 Dee. 201,000 10,569,000 10,187.000
bank
State Banks and Trust Companies Not in Clearing Reserve excess In Bank and 1 004 000 Inc. 155.000 939.000 1 1RA ma
Federal RPAPrVI4
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. 14, 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. 14,
previous week.
Loans and Investments
$1,013,342,900 Inc. $13,308,800 is not a part of legal reserve. For trust companies not memGold
4,319,600 Inc.
303,400 bers of the Federal Reserve System the reserve required is
Currency notes
22,312,600 Inc.
425,100 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
89,150,200 Ins, 2,153,300
Total deposits
1.072,113,300 Inc. 12,096,100 depositaries" and "Cash in vaults."
Deposits,
eliminating amounts due from reserve
depositaries and from other banks and trust
companies in N. Y. City, exchange and U. S.
deposits
1,015,351,200 Inc. 13,021,600
Reserve on deposits
157,273,300 Inc. 2,886,700
Percentage of reserve, 21.2%.
RESERVE.
State Banks
—Trust Companies—
Cash In vault
.$34,080,800 16.35%
$81,701,600 15.32%
Deposits in banks and trust cos__ 11,505,800 5.52%
29,985,100 5.62%
Total
$45,586.000 21.87%
5111,688,700 20.94%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb.i14 was $89,150,200.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended—
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
Feb. 7
Feb.14
Demand
Deposits.
•Total Cash
in Vaults.
Reserve fn
Depositaries.
8
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
6.349.571.900
$
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
A 572 noA 2110
$
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
81,537.700
RA 221 200
$
765,528.200
762,706,000
750,335,800
751.018,300
773,766,400
761,712,200
750,645,500
775,979.000
784,010.000
785,101.000
766,067.300
783.386.400
783,368,300
773,115,400
752,408,400
737,862,600
746.868.900
740 011 inn
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:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated In thousands of dollars—that is, three ciphers 10001 manta.)
Net
CLEARING
Capital. I Profit..
HON-MEMBERS
Na;, bks. Dee,31
Week Ending State bks. Nov.15
Tr. cos Dee. 31
Feb. 14 1925
Loans.
Di.counts.
Investmenu,
Members of
Fedi Res've Bank
3race Nat Bank..._
Average Average Average Average Average
$
$
s
$
I
10.202
40
671
3,468
4,722
Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. IIts _
'-lolonial Bank
Total
Trust Company
Not Members of
Fedi Res'ye Bank
Ifech.Tr.,13ay0nn.
$
1,000
II
1.748
1,000
1,74:
10,202
40
671
3,46:
4.722
200
1,000
481
2.541
7,740
28,150
779
3,070
387
1,442
6,11:
25,400
2,127
337
9
1.200
3,022
35,890
3,849
1,809
31,51:
3,506
508
8,933
464
32
3,157
6.052
508
8,033
464
32
3,157
6,052
3rang aggregate
2,700
lIomparison with prey, week
5.279
55,025
+1,024
4,353
+187
2,512 a38,143
—222 +1.003
16.200
+139
5,279 51,001
5,279 53.520
5,279 53.512
5.216 53.723
4,106
4.208
4.118
4,196
2,734
2.476
2.829
2.769
16,141
18,081
18.133
16.094
2,700
2,700
2,700
2.700
a37.140
a36.316
a36,771
837.126
•United States deposits deducted, $166,000.
Bills payable, rediscounts. acceptances and other liabilities. $783.000.
Excels reserve. $223,800 decrease.
1925
Total.
Capital
$41,839,0 $5,000,0 $46,839.0
Surplus and profits
123,927,0 16,739,0 140,666,0
Loans, disets & Invest'ts
799,656,0 44,725.0 844,381,0
Exchanges for Clear.House 34,457,0
1,081,0 35,538,0
Due from banks
115,818,0
19,0 115,837,0
Bank deposits
150,491,0
1,020,0 151,511.0
Individual deposits
583,351,0 26,254,0 609,605,0
Time deposits
97,272,0
1,663,0 98,935,0
Total deposirs
831,114,0 28,937,0 860,151,0
U. S. deposits (not incl.)
9,218,0
Res've with legal depos'les.
3,430,0
3,430,0
Reserve with F.R.Bank__ 62,335.0
62,335,0
Cash In vault •
10.496,0
1,347,0 11,843,0
Total reserve & cash held.. 72.831,0
4,777,0 77,608,0
63,702,0
Reserve required
4,009,0 67,711,0
Excess res. & cash In vault_
768,0
9,129,0
9,897,0
•Cash in vault not counted as reserve for Federal Reserve
Feb. 7
1925.
Jan. 31
1925.
346.839,0
140,666,0
841,939,0
32,790,0
108,243,0
146,482,0
602.559,0
99,227,0
848,268,0
10.400,0
3,695,0
64,588.0
10.887,0
79.170,0
67,506,0
11,664,0
members.
$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
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. 18 1925 in
comparison with the previous week and the corresponding
date last year:
Feb. 18 1925. Feb. 11 1925. Feb. 20 1924.
Resources—
$
Gold with Federal Reserve Agent
442,060,000 442,098,000 583,149,000
8,430,006
Gold redemp. fund with U. B. Treasury_
7,230,000
6,342.000
Gold held exclusively s.gst. F.R. note!. 448,402,000
Goldsettlement fund with F. It. Board_ 137,428,000
Gold and gold certificates held by bank
307,725,000
449,328,000
141,343,000
297,195,000
Total gold reserves
Reserves other than gold
893,555.000
28,202,000
887,866,000 927,033,000
31,006,000
33,412,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
921,757,000 921,278.000 958,039,000
19,073,000
18,980,000 10,529,000
104,388,000
43,958,000
108,916.000
40,155,000
90,155,000
17,442,000
Total bills discounted
Mils bought in open market
U. B. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
148,346,000
64.114,000
149,071,000
75,884,000
107.597,006
44,537,000
12,461,000
91,089,000
5,648,000
12,461.000
91.977,000
9.752,000
1,202,000
11,677,000
6,989,000
Total U. S. Government securities_ 109,198,000
Foreign loans on gold
3,055.000
114,190,000
3.055.000
19,868.000
Total earning 8.89cte
Uncollected Items
Bank premises
All other reeourcee
342,200.000
132,137,000
18,303,000
8.193,000
172,002,000
136,361,000
13,980,000
2,329,000
324,713,000
152,482,000
16,304,000
8,108,000
591,579,000
150,026,000
185,428,000
1,442,437,000 1,439,091,000 1,293,240,000
Ltabaftles—
Fed. Res. notes In actual circulation
Deposits—Member bank, reserve met
Government
Other deposits
346,315,000
843,450,000
5.945,000
29,818,000
348.623,000
850,215.000
6.112,000
29,185,000
378,416.000
695,958,000
5.715,000
170000
11,111,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
879,213,000
125,278.000
30.531.000
58,749,000
2,351,000
885,512,000
113,714,000
30.172,000
58.749,000
2,321,000
712,784.000
110,391,000
29,727.000
59,929,000
1,993,000
Total liabilities
500
3r'd aggr., Feb. 7
3rd aggr., Jan. 31
3r.d aggr., Jan 24
,....4 ...m. Jan. 17
Membersof Trust
F.R.System Companies
Total resources
Reserve
Net
NW
with Demand Time
Legal Deposits Deposits
Depost
&c.tortes.
Cash
in
Vault
500
Total
Week Ended Feb. 14 1925.
Two Ciphers (00)
omitted.
1,442.437,000 1.439,091,000 1,293,240,000
Ratio of total reserves to deposit and
Fed. Res. note liabilities combined....
Contingent liability on bills purchased
for foreign correspondents
CURRENT
75.2%
74.6%
12,880,000
87.8%
12.198,000
3,884.000
NOTICES.
—Eastman, Dillon & Co. announce that Rollin C. Bortle and James P.
Magill have become general partners in their firm. Mr. Bortle organized
the firm of Sortie & Co., which business has been consolidated with Eastman, Dillon & Co. Mr. Magill is Manager of the Philadelphia office of
Eastman, Dillon & Co., which he organized in 1923.
—Nichols & Stone, members of the New York Stock Exchange, have just
-Explanatory Income Tax Return-1924 (Form
issued a booklet "Self
1040)." This pamphlet is a compact digest of how "net income" is determined and rendered under the new revenue law. Copies of this digest may
be had on request.
930
THE CHRONICLE
For. 120.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Rib. 19,
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we presentand showing the conditzou
the results for the system
se a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller
and
Reserve Agents and hPt ween the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 887, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 18 1925.
Feb. 18 1925. Feb. 11 1925 Feb. 4 1925. Jan. 28 1925. Jan. 211925. Jan. 14 1925.
Jan. 7 1925 Dec. 311924. Feb. 201924.
RESOURCES.
i •
$
$
$
$
$
$
$
$
Gold with Federal Reserve agents
1,701.939,000 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 2,116,662,000
Gold redemption fund with U.S. Trees_
50,139,000
48.298.000
51,637,000
53.660.000
50,590.000
45.703.000
45.101,000
45,854,000
41,245.000
Gold held exclusively agst. F. R. notes 1,752,078,003 1,760,708,000 1,777,868,000 1,784.339,000
Gold settlement fund with F. R. Board. 578,550,033 578.593.000 570,035.000 590.815,000 1.795,312.000 1.789.953.000 1,775,121.000 1.743.551.000 2,161,763,000
592,394.000 603.544.000
Gold and gold certificates held by banks574.617,000 559,039.000 572,987.000 564,232,0001 557.014.000 559.538.000 637.330,000 679.464,000 589.785,000
538,493.000 513.518.000 373,949,000
Total gold reserves.
2,905,275,000 2,896,310,000 2.920.890.000 2,939,386.0002,944,720.000 2.953.035.000
Reserves other than gold
139.929,003 141,693,000 143.704.000 143.160,0001 138.715.000 138.664.000 2.950,944.000 2.936.533.000 3.125,497,000
124.397,000 110.521.000 111,917,000
Total reserves
3,015.201,000 3,011.033.000 3.064.594,000 3.082,546,000 3,083.435.000 3.091.699.000
3,075,341,000 3.047.054,000 3,237.414,000
Non-reserve cash
60,160,030
58,015,000
62,930,000
74,371,000
77.322,000
78,642,000
50,502,000
73.479.000
62,567,000
Bills discounted:
Secured by U.13 Govt. obligations
193,460.000 190,515.000 207.325.000 164,892,000 101.946,000
141.281,000
Other bills discounted
148,011.003 141.291,000 115.042.000 108,800.000 100,811,000 120.478,000 146,698,900 186.840,000 233,045,000
117.710,000 127.288.000 263,081,000
Total bills discounted
342.471,033 331.808.000 322.387.000 273 692,000 202,757,000
Bills bought 10 open market
311.747.002 321,647.000 308.004,000 307,767.000 306,176,000 261.759.000 264,408.000 314 128.000 496,126,000
323,901.000 340.978,000 387.100.000 253,476,000
U 8 Government securities:
1
Bonds
74.915.000
74,965.000
75,216,000
78,174.000
74,347,000
78.1140.000
18,260,000
75,5(15.000
75,265.000
Treasury notes
273,052.0)2 274.539,000 273,252,000 279.665.000 292,307.000 332.168.000
342,533.000 349,354.000
95,599,000
Certificates of indebtedness
30,178.033
40.592.003
38,225,000
40,360.000
56,210.000
76.214.000
77.991,1)00 115.541.000
27,870,000
1
Total U. S. Government securities
378,235,000 390,098.003 388.828.000 391.064.000 423.464,0001 486.922.000
496.029.0(10 540.160.0m 141,729,000
Foreign loans on gold .
10.530.0))
10.500.001)
10.500,000
10.500.000
10,500.0001
8.000.000
6.000,000
13,000.000
all other earning meets
.3.453.003
2,559.000
2.559.000
2.559.000
2.559.000
2.559.000
2,5511,000
2.050.000
Total earning assets
1,016.381.03) 1.059.608.00J (,032,258.000 988.582.000 945.456.009 1,081.141,000
1.109,965.000 1.249,438.000 891,331,000
5% redemp fund eget F R bank notes
28.000
Uncollected Items
682.311,00) 580,010,000 567.815.000 572.000.000 628,914.000 697.611.000
702.909,000 656.197,000 627.100,000
Bank premlees
58,323,011
58.037.003
58.001.000
57.939.000
57.902.000
57.6011,000
57.595.000
55,153,000
57.595.0(10
&II other resources
21,53),021
21.399.00.)
24.831.000
24.317.000
24.604.000
25.010.1)00
24,049,1)00
20,907.000
23.529.000
Total resources.
4.916,882,033 4.830.182.00) 1.809,918,000 4,800.269,000 4.815.633,000 5.031.772.000
5.043.338.1100 5.096,380.000 4.882,435,000
LIABILITIES.
r. R notes In actual circulation
1,698,893,003 1,713,662,003 1,690,385.000 1.684.311,000 1.698.628,000 1.737.977,000
1.805.383,000 1.862,062.000 2,023,783,000
V R bank notes In circulation-net410,000
DepositsI
1
Member banks-reserve amount
2,190.651.000 2.174,548,033 2.193.621,000 2,171.723.000 2,140,611.000 2,256,491,000
2,247.745.000 2.220,436,000 1,891,258,000
Government
211,129.23
) 27.6111,00)
29.019.900
52.11 1.0101
31.146.000
30.5113.000
26,040.18.0
51.'97.000
39.467,000
Other deposits
40.341.011
40.308.000
41.379.000
44,896,000
44.339,000
43.286,000
42.718.000
394135,000
20,826,000
Total deposits
2,257.121,001 2.242.455.0)0 2.267.569,1100 2,265.216.(100 2.2164996.000 2.330.340.1)00 2,316.5330)0
2.310,608,000 1.951,551,000
Deferred availability Items
• 619.371,003 533,398,003 511.833,033 510.336.000 561.045.000 623,681,000
Capital paid is
113.168,033 112.328.030 112.316.0(10 112.216.000 112,187.000 112.193.000 581.799.000 584.716.000 561,666,000
112.228.000
Surplus.
217,837,033 217,837.000 217,837.000 217.837.000 217.837,000 217.837,000 217.837.000 112.038,000 110.862.000
217.837.000 220,915,000
III other liabilities
10.491,00)
10,502.000
10.323.000
9,978.000
9.840.000
9,744.000;
9.558010
9.059.000
13,248,000
Total liabilities
4,918,882,003 4,830,182.001) 1.809.918.000 4.800,269,000 4,815.633.000 5.031.772.000 5,043,338,000
5.096,380,000 4,882,435,000
Ratio of gold reserves to deposit aad
F. R. note liabilities combined
73.4%
73.0%
73.8%
74.4%
75.2%
71.6%
72.5%
70.4%
78.6%
Ratio of total reserves to deposit and
F. R. note liabilities combined
77.0%
76.9%
77.4%
78.0%
78.8%
78.0%
746%
73.0%
81.4%
Contingent liability on bills purchased
for foreign correspondents
44,581,000
43,210,000
45.157,000
47.174.000
47.332,000
49,817,000
44.720.000
42.683.000
15,813,000
Distribution Op Malaita"$
s
$
$
1
$
$
$
$
$
145 days bills bought In open Market_
107.236.000 108,570.000
93,789,000
90.251.000
92,896.000 100.717,0(0
88.656.000 117.576.000 109,311,010
1-18 days bills discounted
284.345.0)) 284,095.030 253,097.000 202,035.000 133.962.000 188.207010 185.841.000 241,6113.000 319,479,000
1-16 days U.13 certif. of indebtedness_
14,1113
617.000
14.000
14.000
1.485.000
102,000
240.000
1-15 days municipal warrants
8,0)3
8.0110
9.00(
1640 days bills bought In OM market
71.762,03)
83,785,0110
85,541.000
66.104.000
78.374.000
64.478.000
76.288.000
75.192,000
55.786,000
16-30 days bills discounted
20,229,033
18,976.000
18,292,000
17.691.000
18.385,000
16,734.000
20.220,000
18,335,000
46,390,000
1640 days U. S. cent( of Indebtedness491,033
198.00011,010,000
196,000
16-80days municipal warrants
1.000
9.0110
9.000
9.000
11-60 days bills bought In open market__
75.660.00,)
75,542,000
83,259.000
96.502.000 108.240.000 116.636.000 114.313.000 111.099,0001 55,047,000
11-60 days bills discounted
27.716,000
24,611.000
26,847.000
28.531.000
28.381.000
26,849,000
29.211.000
26.413.000
64,879,000
11-60 days U. S certif. of Indebtedness.
285.000
286.000
296,000
62,000
302.000
11-60 days municipal warrants
11-90 days bills bought in °Deo market-52.551.000
52.488.000
40.048.000
31.355.000
34.973.000
33.237.000
51.830.000
71.576.000
31.931,000
11-90 days bills discounted
20,213,000
14,345.000
14,393,000
15.069.000
14,931.000
16,501,000
18.789.000
17.343.1100
41,515,000
11-90 days U. 8 certif. of Indebtedness240.000
2,772.000
13,012.000
11-90 days municipal warrants
Dyer 90 days bills bought In open market
4.498.000
4.262.000
5.367.000
7.667.000
7.581.000
8.833.000
9.891.000
11.657.000
1,401,009
"Ter 90 days bills discounted.
9,968.000
9.738.000
9,779.000
10.3116.000
10.281.000
10.285.000
10.347.000
10.434.000
23,863,000
Mer 90 days certif. of indebtedness
29.673,000
39.690.000
3
9.864.000
37.719.000
74.427,000
55.908.000
75,219,000 102.289,000
16,758,000
Mer 90 days municipal warrants
Federal Rums Notes,urstanding
2,057,731.000 2.055.638.000 2.055.967.000 2,073.168.000 2,099.962.000 2.144.712.000 2.202.002.000
358,841,000 341,976,000 365,582,000 388.857.000 401.334.000 406.735.000 396.619.000 2.244.961.000 2,555,412,000
Held bY bank"
382.899.000 531,629,000
1.698.890,000 1,713.662.000 1.890,385,000 1.684.311.000 1.698.628.0001 1.737.977.000 I
In actual circulation.
1.805.383.000 1,862,062,000 2,023,783,000
I
I
Amount chargeable to Fed. Res. Agent 3.053,445,030 3.083.551.0003,083.692.000 3.088.368.000 3.113.354.000 3.131.216.000 3.165.660.000
3,181.478,000 3,513,669,000
995,714,000 993,913,000 1.007.725.000 1.015.200,000 1,013,392,000 986,504.0001
IS hands of Federal Reserve Agent
963,658,000 936.517.000 958,257,000
I
ountl weave minks
2.057.731,0002.055.638.000 2.055.967.000 2.073.168.0002.099.962.0002.144.712.000
Issued to F
2.202.002,000 2.244,961,000 2,555,412.000
How Secured
282.516.000 281,516.000 281.564.000 281.849.000 281.449,000, 281.449.000
3p gold and gold certificates
355,792.000 343,228.000 329.736.000 342.489.000 357.552.000, 402.596.000 250,494.000, 279,494.000 328,184,000
1,eligible Patter
105.841,000 108.767.000 102.970.000 107.412.000 107.196.000 107.875.000, 472.735.000 542.655.000 441,494,000
Mid redemption fund
1.313,582,030 1.322.127.000 1.341.697.000 1.341.418.000 1.356.0773100 1.354.926.000 117.533.000 114.918.000 121,925,000
Stith Fedora/ Reserve Board
1,331.240.000 1.307.894.000 1,666,553.000
2,057,731.000 2,055.638,000 2.055.967,000 2,073,168.000 2.102.274.0002.14
Total.
6.846,000 2.202.002.000 2.244,961.000 2,558,156,000
_ ._
_ ._
_ -.
arse nilq, n0n
A01 0 0 nnn
an. n00 'Inn
CeM ntnnnn
A0( A00 non
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on......,....
.
.
, ,
.
.
,
.
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•(Daudet VIOWCY Dote.
WEEKLYITATEHENT OP RESOURCES AND LIABILITIES OF EACH OP THE 12 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS FFB. 18 025
Two ciphers (00) omitted.
Federal Ramo Bank of
-
Bolton.
R
RESOURCES.
0012 with Feder*!Reserve Agent 150,683.0
Gold red'n fund with U.S. Tram 12.750.0
Gold held exel. agst.F.R.notes 163,433,0
Gold settle't fund with F R.B'rd 57,477,0
Gold and gold etre. held by bank 24,463,0
Total gold reserves
Reserves other than gold
245.373,0
14,970,0
Total reserves
280,343.0
Non-reserve cash
3,969.0
BM' discounted:
Sec. by U B. Govt. obligation 11,120.0
Other bills discounted
6,601,0
Tots thine discounted
17,721,0
Bills bought In open market
49,369,0
U.S. Government securities:
Bonds.
2.662,0
Treasury notes
17,267,0
Certificates of Indebtedness. 4,103.0
Toes! U 8 Govt securities
24,032.0
Phila, Cleveland. Richmond Atlanta. Mayo. Si. Louie.
MInnoap. Kan. Cit"
$
$
$
5
1
$
$
$
$
1
442,060,0 149,709,0 170.076,0 74,745,0 145,144,0 165,695,0 51,238.0
0,342,0 5,537,0 2,930,0 2.107,0 1,817.0 4,892,0 3,985,0 67.359,0 58,961,0
1,136,0 3,833,0
-448,402,0 155,216,0 173,038.0 76,852,0 146.761,0 170,587,0 55,223,0
68,495.0 62,794,0
137,428,0 47,693,0 51,181,0 13,634.0 16,309,0 93,327,0
307,725,0 23.081.0 25,766.0 22,990,0 8,709.0 102,702,0 21,998,0 23.626,0 46.270,0
9,459,0 6,501,0 3,957.0
893.555,0 228.020,0 249.983,0 113,476,0 171,779,0 366,616,0
86,680,0
28,202,0 7,478.0 9.755,0 5,981.0 13,180,0 20,438.0 19,146,0 98.622,0 113,021,0
1,714,0 3.8/5,0
---I
921,757,0 233,498.0 259.738,0119.457.0 184.950.0,387,051.0 105,826,0
100,336.0 116.846,0
19,073,0 2,146,0 4.364,0 3,074,0 4,818,0 8,988,0 4,188,0
786,0 2,236,0
104,388,0 18,687,0 30.916,0 7.905,0
505,0 8,948,0 3,798,0
168,0
43,958,0 8.833.0 13,287.0 19,701.0 11,183.0 14.687,0 8,524,0 3,724.0 1,248,0
4,030,0
--148.346,0 27,520,0 44,203.0 27.608,0 11.688,0 23.635,0 12,322,0 3,892,0 5,278.0
64,114,0 19,383,0 31,206.0 4,602,0 5,514,0 39,235,0 18,252,0 2,124.0 12,416,0
12,461,0 1,415.0 10,949,0 1,407,0 1.563,0 19,649,0 1,175,0 8,781.0 8,114,0
91.089.0 23,577,0 23,530,0 1.910,0 1,155,0 36,153,0 8,296,0 9.807.0 14,583,0
465,0 6,833,0
5.648,0
109,0
685,0 2,128,0
514,0
623,0 2,155.0
109,198,0 25,457.0 44,342.0 3,426,0 3,403,0 57.930,0 9,985.0 19,211,0 24,852.0
New York.
Dallas. 3anFran.
Total.
$
$
$
32,797,0 193,472,0 1,701,939.0
2,390,0 2,590,0
50,139,0
35,187,0 196,062,0 1,752,078.0
29,989,0 39,618.0 578,550,0
8,808,0 30,486,0 574,647,0
73,984,0 266,166,0 2,905,275.0
9,435,0 5,805,0 139,929,0
83.419,0 271,971,0 3,045.204,0
60.160,0
2.572,0 3,948,0
8,471.0
9,276,0
196.460,0
146,011.0
2.510,0 17.747,0
18,822,0 43,707,0
342,471,0
311,747,0
3,654,0 3,115,0
13,000,0 29.715,0
806,0 6,079,0
74,945,0
273,082,0
30,178,0
17.460,0 38.909,0
378,205,0
306,0
2,204,0
931
THE CHRONTOLE
FEB. 21 1925.]
IIIISOURCBS (Concluded)Twe ciphers (00) omitted.
New York.
Boston
Phila.
$
1,032,0
2,950,0
5
3,055,0
Y
Foreign loans on gold
Annular earning assets
Cleveland Richmond Atlanta. Chicago
$
1,220,0
$
462,0
$
603,0
Total.
St. Louis .1finneap Kan. City Dallas. San Fran
$
1,564,0
$
374.0
8,0
$
519.0
$
474,0
500,0
$
10,500,0
3,458,0
5
798.0
5
399.0
39,191,0 101,161,0 1,046,381,0
321,713.0 76,345.0 123,971,0 36,237,0 21,067.0 122,364.0 41,078,0 25,609.0 43,520.0 30,903,0 39,312.0 682,314,0
152,482,0 66,660,0 64,781,0 55,822,0 33,391.0 84,453,0 34,400,0 14.285,0 40,226,0 1,833,0 3,268,0
58,323,0
4,067,0
16.301.0 1,114,0 7.573,0 2,446.0 2,780,0 8,099,0 3,615.0 3,034.0
24.500,0
721,0 1,827,0 4.628,0
319,0 3,154,0
491,0 2.088,0 2,170,0
428,0
336,0
8,108,0
159,745,0 424,288,0 4,916,882,0
425,455,0 1,442,437,0 380,099.0 460.855,0 217,527,0 249,103,0 613,126,0 189,426.0 147,205,0 207,616,0
Totalresources
LIABILITIES.
140,458,0 178,615,0 53,174,0 67,921,0 66,289,0 45,899,0 194,169,0 1,698,890.0
F.R.notes in actualcirculation _ 193,690,0 346,315,0 156,101,0 180,856,0 75,403,0
Deposits:
88,803.0 65,666,0 158.183.0 2390.651,0
142,674,0 813,450,0 129,771,0 182,760,0 68,755,0 66,897,0 308,201,0 81.539,0 53,952,0 1,783,0 2,094,0 2.982.0
26,129,0
Member bank-reserveaect
998,0
1,819,0
880,0 1,399,0 2,574.0 1,632,0
5,945,0 1,829,0
2,164.0
Government
40,341,0
153.0 4,914,0
695,0
345,0
180,0 1,123,0 1,089.0
165,0
1,118,0
531,0
29.818,0
210.0
Other deposits
91,281,0 67,913.0 166,079,0 2.257,121,0
145,048,0 879,213,0 132,131,0 181,758,0 70,319,0 69,651,0 310,956,0 81,477,0 55,295,0 36,301,0 33,481,0 39,521,0 619,074,0
Totaideposits
61,974,0 125,278,0 60,469,0 58,966,0 53,572,0 24,851,0 76,128,0 36,221,0 12,309,0 4,332,0 4,130,0 8,100,0 113,466,0
Deferred availability items
30,531,0 11,058.0 12,951,0 5,915,0 4,595,0 15,464,0 5,102,0 3,270,0
8,008,0
Capital paid in.
8,977.0 7,592.0 15,071.0 217,837,0
58,749,0 20,059,0 22,462,0 11,701,0 8,950.0 30,426,0 9,971,0 7,497,0
16,382,0
Surplus
10.494,0
730,0 1.348.0
436,0
913,0
478,0
598,0 1.537,0
617,0
862.0
271.0
2,351,0
353,0
All other liabilities
249,103,0 613,126,0 189,426,0 147.205,0 207,616,0 159,745,0 424,288,0 4,916,882,0
Totalliabllitles
425,455,0 1.442,437,0 380,099,0 460,855,0 217.527,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities com77.0
75.5
73.3
74.2
81.4
79.1
76.9
88.0
82.0
71.0
81.0
75.2
76.9
bined, per cent
Contingent liability on bills pur
44,58
1 050 n
n 2 2570 1 565 0 1.969.0 1.700.0 3.400,0
n ARA
c 145 n 9 A01 n
is on n A 474 n
ehasedfor foreign corresnond't
91,125,0
65,598,0
4,190.0
230.0
Total earning assets
Uncollected I toms
Bank premises
Another resources
1925.
STATEMENT OP FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEB 13
Boston New York Phdo.
Federal Reserve Agent al-
435,746 1,461,683 433,989 539,017,224.053 333,831
Total
Total,
St. L. Minn K.City Dallas Scs Fr
$
$
$
$
$
5
$
259,137 25,660 16,741 29,423 20,222 64,700 995,714
73,755 52,809 246,776 2,057,731
191,501 60.317 70,423
Cleve. Richni'd Atlanta Chicago
8
$
S
$
$
(In Thousands of Dollars)
Resources57.153 325,919 51,803 57,550 25,115 61,936
Federal Reserve notes on hand
210,8'23 531,332 193,137 201,628 92,219 159,937
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
5,033
35,303 183.6931 6,033 8,780
Gold and gold certificates
29,332 11,323 11.296 3,950 4,141
13,333
Gold redemption fund
102.03) 223,0)3 132.339 150,03) 70,795 133,003
Gold Fund-Federal Reserve Board
62,272 40,423 31,552 17,474 14,843
60,137
Eligible paper)Amount required
6,953 133,0731 1,9151 42,231 14.1701 1.921
'Excess amount held
-----------435,746 1.461.633 433.959 539.017 221,053 333,831
Total
--------------Liabilities
1
1
let amount of Federal Reserve notes received from
257,970 830.272 211,937 282.1831117,6611221,923
Comptroller of the Currency
153,683 412,030 119,709 173,0731 74.715 115.111
Collateral received from Gold
67,093 192,315 42.343 76,783 31,641 16./67
Federal Reserve Bank lEligible paper
282,516
16.011
11,675 13.052
5.051 3,553 1,807 4,601 3.285 14.078 105,841
160,614 35,033 52,503 51.330 13.503 179.391 1.313,582
25,803 9,109 3.031 14,791 23,012 53.301 355,792
38.812 21,125 2,525 2,767 1,270 7,640 2139,411
678.951167.479 160,103 179,703 127.110 565,892 5.380,587
450.633 86,007 87.161 103.178 73.031 311,476 3,053,445
165.69.3 51.233 67.359 53,931 32.797 193,472 1,701.939
62,618 33.231 5,586 17,561 21,282 60,911 625,203
678,951 167,479 160,103 179.700 127.110 555.892 5.380,587
2,057,731
210,820, 501,332 193,137 201,6231 92,219 159.9371 191.501 60,317 70,420 73,755, 52.809 216,776 358,841
12.886 7.173 2.499 7,4661 6,910 52.607
17,1331 158,0171 34,0331 '23,7721 16.816 19,5291
-191,169 1,698,890
101.801 311.315 151.101 140.451 75.401 110,453 178,615 51.174 67,921 68.239 45,899
federal Reserve notes outstanding
Federal Reserve noted held by banks
OPNIFirai Floaarve nnt.o In entnotnIrosylc.Inn
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 739 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
figures
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
"
for the latest week appears in our Department of "Current Events and Discussions, on page 887.
at close of business Feb 11 I.9k5.
I. Data for all reporting member banks In each Federal Reserve District
Phila.
Cleveland. Richmond Atlanta
Three ciphers (000) omitted.
Chicago. St, Louis. Minneap. Kan. City
Boston, New York
.108
42
$
$
70,828
8.487
298,010 2,175,753
659,809 2,538,793
TotalInvestments
74
$
9,131
127,185
347,779
100
35
$
$
33,355
7,453
72,891 695,317
374.253 1,221,117
33
$
12.034
188,850
314,800
681,383 1,178,330
481,095
451.603 1,949,780
9,568
50,376
14,497
21.073
7,518
257.732
32,031
171,199
29,313
53,385
7,035
348,319
25,341
37,954
4,925
2,357
430
61,743
15,078
7,973
3,111
2,837
1,209
41,459
19.655
167,190
50,883
98,928
14,059
437.829
311,303 2.181,058
Total loans and discounts
Investments:
U.S. pre-war bonds
U. S. Liberty bonds
U. S. Treagury bonds
U. B. Treasury notes
U. S. Treasury certificates
Other bonds,etocke and securities
76
$
19,132
423.873
735,325
37,674
10,683
79,625 623,214
16,832 147,135
8,552 239,189
56,599
1,753
193,830 1,074,247
Number of reporting banks
Loans and discounts, gross!
Secured by U S. Gov't obligations
Secured by stocks awl bowls
All other loans and discounts
55
$
10.637
315.317
358,432
966,351 4,785,377
Federal Reserve District.
360.764
644,312
132.750
71.687
788,544
163.127
105,830
162,181
523,290 2,738,333
37,953 235,279
11,002
53,955
327,182 1,767.508
189.950 930,133
21,000
2,939
678,811
47.521
7,408
421,690
213,603
6,469
372,444
28,275
5,830
249,690
105,503
1,602
607,269
53.513
12,123
403,819
136,459
657
Total loans and investments
1 277,661 6,936,435 1,045,150 1,822.642 616,815
39,156
Reserve balances with F. It. Bank__
74.132 122,122
93,103 771,169
13,659
29,895
17,813
Cash In vault
89,044
21,293
Net demand deposits
885,7136 5,701,992 749,080 1,022,483 376,939
Time deposits
333,622 1,139.846 179,502 707,648 183,733
2,136
11,439
Government deposits
10,572
22,516
25,093
Bills pay'le & retitle. with F R. Ilk
1,444
12,663
3,155
Secured by U S. Gov't obilgittlons
97,485
2,832
6,399
4,807
3,405
All other
3,73431,685
Bankers' Balances of Reporting Me miter Ban to in h'ede rat Resell; e Bank CL ties.
40.536
51.142
132,020 1,213,425 189,089
Due to banks
1
li .39,
Tn.frnm 1,1111[0
no myn
av nIn
05 007
ist ft4I
739
5
5
190,981
9,337
215,499 4,742,220
816,894 8,181,533
70
25
$
2.733
57,757
203,124
49
S
4,190
102,010
338,883
5
3,664
69,705
239,316
515,681
266,614
445.085
312,685 1,071.730 13.114,734
13,775
25,348
8,427
11,978
1,713
101,883
7,911
25,932
9,953
19,074
5,720
37,240
9,535
43,078
13,022
20,499
3.857
72,193
17,744
14.233
5.883
9,176
1,983
20,198
224.879
25.881
132,463 1.381,615
349.133
45,149
516,875
23,807
118.562
16,653
191,307 2,841.013
69,253
441,263 5,432,077
381,938 1,512,993 18,546,811
32,691 107,203 1,651.126
294.532
21,837
10.615
283,599 801.613 13,093,391
95,703 702,811 4,924.543
113.437
7,303
1,848
57
2,930
10,315
125
200
614
15
203
67
179
50
1,297
20.721
416,546
108,762
69,892
132.461
47,921
Os nit
10 .n
ins Ana
Total.
Dallas. San Fran.
71
040''
gl n-yu
AC1 nn.
1,650
8,273
129,933
63.651
118.287 2,540,80.1
64538
RI 9..11
2. Data of reporting member banks in New York City, Chicago, and for whole country.
AU Reporting Member Banks.
Feb. 111925.
Reporting Member Banks in N
Y
City.
Reporting Member Banks in Chicago.
Feb. 4 1925. 1 Feb. 13 1924. Feb. 11 1925. Feb. 4 1925. Feb. 13 1924. Feb. 11 1925. Feb. 4 1925. Feb. 13 1924.
48
46
46
67
67
67
Number of reporting banks
.739
5740
759
$
$
$
$
$
$
$
5
$
Loans and discounts. gross:
27,382,000
26,618,000
25,931.000
238,015,000
89,309.000
190,981,000
65,989,000
61,250,000
184,354,000
Secured by U 8. Govt. obligations
4,742.220.000 4,745,246,000 3,817,901,000 1,950,125.000 1.979.355,000 1.412.788,000 524.221,000 525,944.000 449.212,000
Secured by stocks and bowls
All other loans and discounts__ 8,181,533,000 8,183,713,000 7,879,491,000 2,241,079,000 2,277,464,000 2,233.832,000 705,918,000 697,387.000 640,515,000
-13,114,734.000 13,113,313,000 11,935,410,000 4,257,193,000 4,318.069,00013,735.959.000 1,256,070.000 1,249,949,000 1,117,109,000
Total loans and discounts
Investments
4,231,000
3.853,000
221,879,000
3.838.000
289,699,000
38,236,000
232,192.000
27,147.000
34.440,000
U. S. pre-war bonds
42,851,000
82,100,000
1,381,615,000 1,389,377,000 1,034,397,000 527,048.000 538,549,000 415,740.000
83,187,000
U.S. Liberty bowls
5,087,000
27,993,000
27,800,000
15,521,000
319,133,00060,192,000
77,701,000 131,301.000 139,999,000
Treasury bonds
U. S.
81.000,000
75.148,000
516,875,000
509.432,000
811,800,000 221,247,000 210,755,000 413.944,000
71.360.000
U. S. Treasury bowls
13.723,000
9,142,000
118,552,000
93,738.000
8.552.000
119,542,000
18,464,000
54.983,000
54,435,000
U. S. Treasury certificates
Other bonds,stocks and securities- 2,811,013,000 2,842,484,000 2.193,806.000 806,548,000 807,962,000 554,687,000 220,861,000 216,720,000 156,585,000
Totalinvestments
Total loans and Investments_
Reserve balances with F. It. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Ms payable & rediscounts with
Federal Reserve Banks:
Secured by U.S. Govt.obligations_
All other
Total borrowings from F. It. bks
5,432.077,000 5,453,219,000 4.481,139,000 1.768,277,000 1,786,140,000 1,456,592,000
415,598.000
414,956,000
303,537.000
18,546,811,000 18.506.532,000 16,419.549,000 6,025,470,000 6,104,209,000 5,192,551,000 1,671,668,000 1,664,905,000 1,420,646,000
1,651,123,000 1,655,453,000 1,416.333,000 720,051,000 713,405,000 573,934,000 156,473.000 158.145,000 142.770,000
30,389,000
27,001,000
27,320,000
294,532,000
67.862,000
278,070,000
297,838,000
72,241.000
65.596,000
13,093,391.000 13,039,813.000 11,403,683,000 5.153,810,000 5,185.759,000 4,324.030.000 1,171,996,000 1.178,314.000 1,021.536.000
4,024,543,000 4,899,797,000 4,132.239,000 791,012,000 785.148,000 590.441,000 460,354,000 456,408,000 371,933,000
6,191,000
16.090.000
33,974,000
14.343,000
113,437,000
133,850,000
125,152,000
16,279,000
20,499.000
•
129,933,000
63,651,000
153,265,000
29,667,000
202,496,000
114,8130,000
77,300.000
30,277,000
91,200,000
3,628,000
115.325,000
7,232,000
1,420,000
100,000
840,000
190,000
3,644,000
1,432,000
193.584.000
182.932.000
317.358.000
107_577.000
04 728 ono
122 557.000
1.520.000
1.030.000
5.078.0nn
932
THE CHRONICLE
[VOL. 120.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below
we furnish a daily record of the transactions in Liberty Loan
Wall Street, Friday Night, Feb. 20 1924.
bonds and Treasury certificates on the New York Stock
Railroad and Miscellaneous Stocks.
-The review of the Exchange.
The transactions in registered bonds are given
Stock Market is given this week on page 904.
in a footnote at the end of the tabulation.
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.14. Feb.16. Feb. 17. Feb.18. Feb. 19.Feb.20.
pages which follow:
First Liberty
Vaulters' Ciazette.
STOCKS.
Week ended Feb. 20.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Par.FShares $ per share. $ per share.
Railroads.
Brunswick Term & fly 101 400
Buff dc Susquehanna 1001 100
Preferred v t o100l 100
Cuba RR pref
100
Duluth SS & Atl pref 104 1
Morris & Essex
98
Pacific Coast
100
100
2d preferred
100
100
Reading rights
2.700
3
90
5254
87
5%
78%
3034
43%
21%
Feb 17
Feb 17
Feb 16
Feb 20
Feb 16
Feb 16
Feb 20
Feb 18
Feb 17
4%
90
52%
8734
534
78%
3056
43%
2254
Feb 18
Feb 17
Feb 16
Feb 20
Feb 16
Feb 19
Feb 20
Feb 18
Feb 16
Range Since Jan.1.
Lowest.
Highest.
per share.$ per share
3
Feb
8454 Jan
52;4 Feb
86
Feb
554 Feb
77% Jan
25
Jan
34%a Jan
21% Feb
05
5254
89
78%
30%
4354
2454
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Indus. & Miscell.
Ajax Rubber rights
36 Feb 14
;4 Feb 14
7,900
54 Feb
Feb
Amer Bank Note pfd_ _50 100 55% Feb 19 55% Feb 19 53% Jan 5654 Feb
Am-La France Fire Eng
Preferred
100 2
Feb 20 96% Feb 18 95% Feb 97
9534
Jan
American Snuff
100 1.3 145% Feb 17 150% Feb 19 144
Jan 15054 Feb
Am Wholes Corn Pf-100
160 96% Feb 14 97 Feb 18 96
Jan 9734 Jan
Auto Sales
50 300 434 Feb 17 4% Feb 17 454 Jan 4% Feb
Auto Sales pref
ao 3
15 Feb 19 15% Feb 14 15
Feb 1654 Feb
Bayuk Bros 1st pfd_100 300 9734 Feb 20 9834 Feb 16 97
Jan 98% Feb
Booth Fish 1st pref_ _100 100 30 Feb 18 30 Feb 18 28
Jan 34,4 Jan
Briggs Mfg Co
•14,000 36 Feb 17 3834 Feb 14 36
Feb 40% Jan
Bruns-Balke-Collehdar * 4,800 40 Feb 17 43% Feb 20 40
Feb 46
Jan
Certain-Teed Prod
1st preferred
100 1
9034 Feb 20 90% Feb 20 8954 Jan 9034 Feb
2d preferred
100 100 82% Feb 16 8254 Feb 16 80% Feb 85
Jan
Cluett, Peabody pfd_100 20010534 Feb 17107 Feb 20 103% Jan 107
Feb
Coot Can Inc pref_ _ _100 100 11651 Feb 18 1654 Feb 18 114
Feb 116% Feb
Crex Carpet
100 200 43 Feb 17 43 Feb 17 43
Jan 44% Jan
Deere ,k Co prof
100 100 92 Feb 17 92 Feb 17 82% Jan 92
Feb
Devoe,Reyn's 1st pf-1
100 100 Feb 16 100 Feb 16 9734 Ja 100
Feb
Emerson-Brant pref..100 200 1134 Feb 19 12 Feb 14 11
Feb 16
Jan
Fed Lt & Tree pref...100 320 85 Feb 18 85 Feb 18 85
Jan 86
Feb
Fisher Body new
2,500 6034 Feb 17 6454 Feb 14 603.4 Feb 6834 Jan
Franklin Simon pref_100 100102% Feb 19102% Feb 19 0234 Feb 10434 Feb
Great West Bug pref_100 400 109 Feb 19111
Feb 20 09
Feb111% Jan
Hanna let pref ci a_100 400 88 Feb 19 89' Feb 14 87
Ja, 89
Feb
Hayes Wheel pref__100 90010334 Feb 14104% Feb 18 00
Jan 10434 Feb
Helme(OW)
25 1,800 74 Feb 17 78 Feb 16 74
Feb 77% Jan
Ingersoll-Rand
100 540232 Feb 19 235 Feb 16 32
Feb 249
Jan
lot Tel & Tel rights
11,800 234 Feb 16 434 Feb 19 254 Feb 434 Feb
Jones & L Steel pref_ _100 loo 11334 Feb 1911334 Feb 19 11% Feb 113% Feb
KresgeDept Stores0100 300 90 Feb 18 90 Feb 18 88
Jan 93
Jan
Kuppenheimer pref_100 200 9934 Feb 17 9934 Feb 17 99% Feb 99% Feb
Laclede Gas pref_ _100
100 81
Feb 20 81
Feb 20 81
Feb 81
Feb
Liggett dr Myers rights
2,200 8 Feb 17 834 Feb 20 7% Jan 9% Feb
Long Bell Lumber A_ _ _ • 1,500 4754 Feb 17 4854 Feb 14 47% Feb 51
Jan
McCrory Stores pref_100 30010234 Feb 16105 Feb18 02% Feb 105
Jan
Mackay Cos pref._ _ _100 6
68 Feb 19 6834 Feb 20 67
Feb 68% Feb
Macy Co pref
100 200 115 Feb 17115% Feb 16 11456 Jan 116% Jan
Magma Copper rights- _ _ 4,712
34 Feb 1
% Feb 14
54 Feb 1% Feb
Martin Parry rights_ _ 3,400
54 Feb 2
54 Feb 14
54 Feb
34 Feb
Middle States 011 ctfs.10
100 134 Feb 16 1.54 Feb 16 154 Feb 134 Feb
N Y Shipbuilding
• 2,200 17 Feb 14 2834 Feb 17 17
Feb 28% Feb
N Y Steam 1st pref
*
1
99 Feb 17 99 Feb 17 97
Jan 100
Jan
Niag Lock &Ont Pr p1100 70010754 Feb 1710734 Feb 17 10734 Feb 10734 Feb
Otis Elevator pref_ _ _100 100 103 Feb 16 103 Feb 16 101
Feb 103% Jan
Pacific Tel & TeL _ _ _100 400100 Feb 19100 Feb 19 94
Ja, 112% Feb
Preferred
100 200 9634 Feb 14 osu Feb 16 9234 Jan 9634 Feb
Panhandle P & It pfd 100 300 5554 Feb 16 60 Feb17 43
Jan 60
Feb
Phoenix Hosiery
5 300 2034 Feb 17 2034 Feb 17 20% Feb 23
Jan
Prod & Ref Corp. pref-50 600 4531 Feb 20 46
Feb 17 4334 Jan 4754 Feb
PS Corp of NJ rights__ 2,600 2434 Feb 17 26 Feb 16 2454 Jan 2734 Jan
New rights
900
% Feb 14
% Feb 14
Ja
34 Jan
Ry Steel Spring, p1.. _100 400 119 Feb 17 120 Feb 16 117
Jan 120
Feb
Rem Typew, 1st pf, 8100 10010234 Feb 14 10236 Feb 14 100
Jan 10234 Feb
Simmons Co, pref _ _ _100 100101
Feb 19101
Feb 19 100% Jan 101
Feb
Sloss-Sheff S & I, pf _ _100 300 97 Feb 19 9754 Feb 20 95
Jan 08% Feb
Stand Gas & Elec, pref.50 300 53 Feb 17 5334 Feb 14 53
Fe.
Feb
Symington temp etfs___* 4,900 1434 Feb 14 1534 Feb 14 1034 Jan 53% Feb
1654
Class A
• 3,700 2134 Feb 16 2234 Feb 19 2134 Jan 2334 Jan
'United Cigar Stores_ _ _2569,500 6134 Feb 16 7634 Feb 20 6034 Jan
7634 Feb
U S Tobacco
• 100 55 Feb 16 55 Feb 16 54
Jan 56
Feb
Ye-Caro certificates__
100 2 Feb 16 2 F b 16 1% Jan 2
Feb
Virginia Coal & Coke.100
100 40 Feb 16 40 Feb 16 40
Feb 43% Jan
Ward Baking, Class A_• 975119% Feb 16 121
Feb 14 119% Feb 121
Feb
Cass B
• 6,600 42 Feb 17 44% Feb 14 42
Feb 44% Feb
Preferred
100 3,250 9454 Feb 17 9634 Feb 20 9434 Feb 96% Feb
Weber & Hellbroner _ • 900 5334 Feb 16 55 Feb 16 5334 Feb 5734 Feb
West Elec Instrument_.* 800 1234 Feb 17 1234 Feb 17 1234 Feb 14
Jan
Class A
•21,790 2034 Feb 16 21
Feb14 2034 Feb 23
Jan
West Penn Pow, pref.100
10010434 Feb 191043.4 Feb 19 104
Jan 105
Jan
Wickwire Steel rights_ _ _ 4,100
34 Feb 16 1% Feb 14
34 Jan 2
Jan
Preferred rights
300 834 Feb 20 10 Feb 14 5
Jan 17
Jan
•No par value.
Foreign Exchange.
-Sterling was dull and easier, losing
about 2 cents in the pound on lack of buying support. The
Continental currencies were irregular, with sharpllosses
recorded in francs. Intermittent activity was recorded,
chiefly on the selling side and the undertone was weak.
Loan
(High 101"31 1011133 10112 101" 1012131 101"ss
0
354% bonds of 1932-47_(Low_ 101,331 101ost 101,331 101,331 101313, 101"ss
(First 354s)
(Close 1013,32 10133:3 1011,32 1013,31 1013,11 101"ss
Total sales in $1,000 untts_ _ _
78
191
80
520
41
58
Converted 4% bonds of (High
-__- ------------
Total sales in $1,000 units_ _ _
------------------Converted 434% bonds (High 1013132 1013333 1013831 1012331 101"ss 101"ss
of 1932-47 (First 43iEm Low. 101233, 1013533 10113n 101,3ss 1011331 1011,
ss
(Close 10111as 101nss 10111s 10111s, 10113,, 101111,
Total sales in $1,000 units4
29
33
18
II
20
Second Converted 454%(High
---------------- 101.00 101301,
bonds of 1932-47 (Firat( Low_
____
____
___
____ 101.00 101',,
Second 434s)
(Close
----------------101.00 101',,
Total sales in $1,000 units__ ---6
30
-------- -Second Liberty Loan
(High
:.___
--------------(Second 4s)
Total sales in $1,000 units__ _
---- --------------Converted 454% bonds (High 1013,3 101332 101,
31
of 1927-42 (Second {Low_ 101131 100oss 100"ss 100"3, 10030ss 100oss
1001,32 1003032 10033ss
4lf10
(Close 1011os 10011,1 100nn 10011s, 10011ss 100"ss
Total sales in $1,000 units__
58
III
92
436
157
141
Third Liberty Loan
(High 101riss 101,132 101113,
1013311
434% bonds of 1928- (LOW- 101143 10113n 101"3, 101333 1011331 101uss
101"ss
1013n
(Third 454s)
(Close 101,43 1011112 10111s, 10111,, 101",s 101"ss
Total sales in $1,000 units__
145
113
162
1196
141
128
Fourth Liberty Loan
(High 10130ss 1013013 1013on 101,33s 101nss 101nas
434% bonde of 1933-38 {Low_ 1013,3s 101,3ss 10115n 10111,s 10111a, 101"ss
(Fourth 43(s)
(Clow 101,833 10130n 1012331 101un 101"ss 10111as
Total tales in $1.000 units_
53
214
318
188
171
516
Treasury
pitch 10433ss 104303, 104",, 10411as 10411,1 104nss
434s, 1947-52
Low_ 1042,ss 104"3: 1043,33 10413n 1041,3 104"ss
Close 104"ss 1042,32 1043,11 1043,n 104,73 104"ss
Total sales in $1,000 units_ _ _
7
50
86
181
58
2
49 1944-1954
{High 100313, 1003031 1001, 101.00 1003331 1003,33
33
Low_ 10032n 1001131 1003311 100"ss 1003013 100",
,
Cloee 1001, 10011,, 100",, 10011,1 10010,1 10011 1
,,
.
Tnifti AnIA. fat 211 !Inn.
.4
••••
..
..,.
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
15 1st 354s
7 1st 434s
1 2d 48
101"31 to 10131300 2d 454s
1011,32 to 10110n 87 3d 454s
100nas to 10011,1 24 4th 434o
10031ss to 100",
1011as to 101",
1011111 to 101",
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Jet.
Rate.
Bid.
Asked.
Mar.15 1925_ _ _
% 101 34
Mar.15 1926___
% 101%
Dec. 15 1925_ _ 4,4% 101%
Bept.15 1926___ 434% 100%
June 15 1925___ 434% 10034
101,
3s
10154
101%
101
100%
Maturity.
Int.
Rate.
Bid.
Asked.
Dec. 15 1927_ 4)4% 10111ss 102 1,
,
Mar.15 1927__
101"1. 102ssi
Mac. 15 1925___ 4%
100 1s 1003n
,
Sept. 151925......
% gals. 1001ss
New York City Banks and Trust Companies.
AU prices dollars per share
Banks-N.Y. Bid Ask
Banks
Bid
!Medea
248 255 3
1arriman__. 480
kmer Each__ 360 370 Manhattan •- 178
Amer Union' 165
Mesh & Met. 397
Bowery •---- 650 850 Mutual*._ _ 415
Broadway Can 155
Nat American 160
Bronx Boro*. 250 _
National City 440
Bronx Nat__ Rights .,.._ 61
Bryant Park • 190 210 New Neth '..- 170
Butch & Drov 160 170 Park
460
Capitol Nat.. 175 185 Penn Etch_
110
Cent Marcus- 217 222 Port Morris_ _ 178
Chase
422 427 Public
470
Chat & Phan. 298 303 Seaboard __ _ 458
Chelsea Exch. 170 180 Seventh Ave_ 102
Chemical
650
_ Standard
300
Coal & Iron
28J
State.420
Colonial•
45
Trade•
Commerce.._ 363 369 Trademen's• _
Com'nwealth• 300 310 United States* 200
Continental
210
Wash'n
270
Corn Exch... 460 iio Yorkville •__ 1800
Counoplan•. 130 150
Brooklyn
Sect River_ _. 223
Coney Island. 180
Fifth Avenu •1700
First
450
Fifth
270 285 Mechanics' •_ 210
First
2400 2700 Montauk •_ _ 190
Garfield
335
Nassau
325
Gotham
135 145 People's
. 275
Greenwich S.._ 400
Queensboros_ 166
Hanover
990 1020
Ask Troia Co.'s Bid
500
New York
182 American- --402 Bank of N Y
& Trust Co 565
Bankers Trust 447
448 Bronx Co Tr. 185
63 Central Union 727
Empire
300
470 Equitable Ti. 258
125 Farm L & Tr. 432
Fidelity Inter 245
480 Fulton
375
465 Guaranty Tr_ 332
115 Irving BankColumbia Tr 249
440 Law Tit & Tr 270
147 Metropolitan_ 437
Mutual (West
iiti chatter)
180
N Y Trust_
420
Title Gu & Ti 533
U S Mtg & Tr 355
United States 1730
Westcbes Tr. 275
Brooklyn
Brooklyn Tr_ 730
Kings County 2360
Manufacturer 340
lie People's
675
•Banks marked with (*) are State banks. (x) Ex
-dividend
Ex-rights.
Ask
575
455
200
737
310
438
256
390
337
254
280
;la
538
365
600
700
(t) New stook.
New York City Realty and Surety Companies.
All prices dollars per share.
BIB Ask
To-day's (Friday's) actual rates for sterling exchange were 4 7334
Bid A sk
Bid 458
Mtge Bond_ 125 135
4 7434 for sixty days, 4 76%@4 76% for checks and 4 76%04 7634 for Alliance R'Ity 115
Amer Surety_ 122 127 Nat Surety.. 210 215 Realty Assoc
cables. Commercial on banks sight 4 763104 7634, sixty days 4
(liklyn)ootn 190
Bond & M O_ 245 250 N Y Title &
47234. ninety days 4 71%04 7134 and documents for payment7234
1st orei____ 9012 93
(sixty
days) 4 723404 7234. Cotton for payment 4 76%04 7634 and grain for City Investing 104 109
Mortgage- 330 340
2d pref___
8310
81
Preferred
101
US Casualty.. 320 335 Westchester
payment 4763i@4 7634.
-day's (Friday's) actual rates for Paris bankers' francs were 5.15%0 Lawyers Mtge 208 213
Title Gua 232 242
To
Title & Ti. 250
5.19 for long and 5.2034@5.24% for short. German bankers' marks are
New stock
not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.64(4)39.66 for long and 40.00040.02 for short.
Exchange at Paris on London, 91.18 francs; week's range, 90.45 francs
The Curb Market.
-The review of the Curb Market is
high and 92.30 francs low.
given this week on page 903.
The range for foreign exchange for the week follows:
Sterling, ActualSixty Days. Checks.
A complete record of Curb Market transactions for the
Cables.
High for the week
4.74%
4.77%
4.77%
Low for the week
4.7334
4.75%
4.7534 week will be found on page 946.
Paris Bankers FrancsHigh for the week
5.2334
5.2934
5.3034
Low for the week
5.06
5.12g
5.1334
CURRENT NOTICES.
Germany Bankers' Marks
High for the week
23.81
23.81
-Sutro Bros. & Co., members of the New York Stock Exchange, anLow for the week
23.81
.23.81
Amsterdam Bankers' Guilders
nounce that Frederick W. Naumburg is now associated with their firm.
High for the week
39.72%
40.1434
40.1834
-Tucker, Anthony & Co. have moved their offices from 60 Broadway
Low for the week
40.01
39.59
40.05
to the Equitable Building, 120 Broadway, New York.
Domestic Exchange,
-Chicago, par. St. Louis, 15025c. per
discount. Boston. par. San Francisco, par. Montreal,$1.25 per $1,000
-W.A. Harriman & Co., Inc., are distributing a booklet describing the
discount. Cincinnati, par.
progress of Allied Packers. Inc.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
933
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive. see preceding page.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Ektturday,
Feb. 14.
Monday,
Feb. 16.
Tuesday,
Feb. 17.
Thursday,
Feb. 19.
Wednesday
Feb. 18.
$ per share $ per share $ per share $ per s are
22
*21
22
22
24
*22
24
24
4212 4212 *4214 43
44
43
44
44
12112 1235
8
118 124
4
8
4
1
/
116 11718 1167 1193
1
/
9212 9278 9212 934
93
931s 93
93
8
338 43
4
1
/
314 3
s
3318 33
4
1
/
3
3s 3
15112 15312
14818 15014 14818 150
*15012 151
8
793
77
8 76
4
1
/ 78
783
8
783 7912 77
6518
65
65
•6512 6514 65
6514 65
40
4 40
4012 3912 393
4018 405
4 40
94
90
94 •
*90
94
*90
94
*90
8
4
1
/ 4112 414 417
4 40
3
4
413 4212 40 4 413
80
7912 *78
79
80
8 80
8014 805
Friday,
Feb. 20.
Sates
for
the
Week.
$ per share $ per share Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
-share lots.
On basis of 100
Lowest
Highest
$ per share
$ per share
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ Per share $ Per *Uri
Par
Railroads.
7
12 Apr 22 8 Dec
4
1
/
100 22 Feb 17 27 Jan 12
22
22
500 Ann Arbor
22
25 Mar 4814 Dec
100 4212 Feb 17 46 Jan 6
44
1,300 Do pref
44
46
4
4
1
/ Jan 1203 Dec
97
Feb 17
12214 12034 12314 89,800 Atch Topeka & Santa Fe100 11614 Jan 16 124 Jan 31
3
8612 Jan 985 Dec
1
/
100 9212 Feb 17 954
4 2,000 Do pref
4
933 933
93
5 Dec
4
/
11 Feb
4
1
/
4 Feb 18
3 Jan 14
100
414
4 14 21,400 /Want° Birm & Atlantic
4
Jan 15214 Dec
5,500 Atlantic Coast Line RR_ _100 14714 Jan 16 154 Feb 10 112 Apr 84 Dec
15112 151 152
4
1
/
521g
100 78 Feb 17 8211 Jan 8
7918 38,100 Baltimore & Ohio
7912 78
5614 Apr 6612 Dee
2 6612 Jan 6
100 85 Jan
1,500 Do pref
65
65
65
4
1
/
39 Dec 4414 Des
50 3912 Jan 3 424 Jan 15
2,230 Bangor & Aroostook
40
40
40
Jan 95 Nov
86
100 90 Feb 19 9413 Jan 5
100 Do pref
94
*90
90
4
/
1312 Jan 411 Dec
4
/
s
423 23,900 Bklyn Manb Tr y t e___No par 351 Jan 5 45 Feb 10
4112 41
4
4
483 Jan 753 Dec
8
727 Jan 2 805s Feb 14
No par
700 Do prefvtc
80
*78
80
4
1
/
40 May 68 Des
Buffalo Rochester de Pitts_100 66 Feb 2 77 Jan 28
4
653
4
653 *--4
4
4
1
/
4
•_._ 653 _--- 653 *---- 65 •---- 653 *57
4
16 15238 Jan 8 1423 Mar 15812 Nov
4
1
/
100 147 Jan
4 6,500 Canadian Pacific
15012 150
4
4
1
/ 15012 1503
Dec
150 1503g 14912 15012 149 1493 14912 150
100 Central RR of New Jersey-100 290 Feb 20 321 Jan 3 199 4 Mar 295 Dec
290 290
1
/
*300 305 *295 300 *290 300 *292 300 *290 300
673 Feb 984
4
1
/
100 92 Feb 17 98 Jan 15
16,200 Chesapeake & Ohio
94
9318 9414 93
9314 9314 94
4 92
9212 933
9312 94
9912 Jan 10918 July
100 10614 Jan 6 10812 Jan 19
Do pref
300
10712 10712 *10712 108 *10712 10812 *10712 10812 10712 107% *10712 10812 9,100 Chicago & Alton
314 Apr 1012 Dec
4
/
7 Jan 16 101 Feb 9
100
912 10
9%
9
4
1
/ 812
8
85s 91s
5
818 8 8
858 9
4
1
/
1
/
84 May 19 Dec
100 1318 Jan 16 19 Feb 20
Do pref
25,600
8 1612 19
167
15
1518 1514 1612 16
1612 1518 16
16
100 148 Jan 5 16412 Feb 11 100 Apr 15014 Nov
CCC&StLouls
165 *150 165 *150 165 •150 165
15155 165 *150 165 *150
21 May 38 Dec
100 32 Jan 21 3512 Jan 2
Chic & East.111 RR
1,500
*3212 35
34
32
4 3218 3218 *3212 35
323
4
1
/
3212 3212 *32
37 May 62 Dec
100 4912 Jan 21 574 Jan 2
Do Prof
5114 5114 2,200
52
*50
51
50
4
5018 493 5014 *4912 50
s
50
4 Apr 117 Nov
9 Jan 2 15 Feb 7
.100
8
8
8 127 133 22,800 Chicago Great Western..
8
8 1112 1214 1258 1318 125 133
8
115 133
8
4
123 13
1012 June 313 Nov
s
4
253 Jan 14 323 Feb 6
100
Do pref
2912 283 2912 27,400
4
8
4
1
/
264 2958 263 2778 283 29% 28
1
/
284 29
4
1
/
104 Oct 183 Nov
7
1
/
8
4 127 1314 23,900 Chicago Milw & St Paul_ 100 1218 Feb 16 164 Jan 7
13
1212 1314 1314 1418 1212 133
1212 1312 1218
1814 Oct 321s Nov
100 2014 Feb 16 2812 Jan
Do pref
4
4
8 203 2212 2118 213 54,700
8
2054 211 215 227
4
/
4
1
/ 2014 21
22
21
4
1
/
4
/
491 Jan 75 Dec
8
753 Jan 12
3
69 4 12,000 Chicago & North Western_100 6614 Feb 16
4
1
/ 6814 68
4 67
4 68 683
6614 873
69
4 67
693
1
/
68
Jan 1144 Dec
100 11114 Jan 2 116 Jan 17 100
Do pref
4
4 1,000
11512 11512 11512 11512 1153 1153
4
1143 115
11512 116
4
151153 116
2112 Feb 50 Nov
8
4712 517 180,500 Chicago Rock lid & Pacific_100 44 Feb 17 517 Feb 20
8
4 4512 47% 46% 48
453
4
1
/ 44
4 4414 45
463
46
4
1
/
4
/
761 Feb 97 Dec
100 92 Jan 2 9712 Feb 11
Do 7% Preferred
9714 2,200
4 9812 0612 97
1
/
954 9718 *9512 9612 9612 983
97
97
655s Jan 8712 Nov
8
100 83 Jan 2 877 Feb 20
Do 6% Preferred
8 3,600
8
863 877
4
863 87
4
863 87
8
*8612 8714 8614 8612 857 86
Jan 5712 Dee
29
Jan 16 5912 Jan 13
Chic St Paul Minn & Om_ _100 52
*48
50
50
*47
53
63
*50
*48
53
*48
53
•50
6814 Apr 94 Dec
100 94 Jan 7 108 Jan 13
Do pref
200
*98 104
*98 103
*98 104
10018 10018 *98 105
100 100
Jan 49 Nov
20
4
/
100 441 Jan 6 59 Feb 18
4 5712 58
4
1
/ 9,600 Colorado & Southern
59
5612 583
4
1
/ 523
5112 5212 52
4 54
52
52
Jan 6514 Dec
50
Feb 9
100 61 Jan 6 64
Do 1st pref
6412
64
*8314 6412 *63
64
*63
*61
04
*82
64
*62
Jan 59 Nov
45
64 Jan 21 58 Feb 2
10
Do 2d pref
200
59
•56
*5512 59
*56
58
58
*55
58
*55
56
56
4
1
/
100 13612 Jan 8 14512 Feb 10 10412 Mar 139 Dec
143 14412 8,300 Delaware & Hudson
8
8
1407 1417 14228 144
14134 1431 13912 14112 139 140
4
1
/
8
1445 Jan 13 11034 Feb149 Dec
4,800 Delaware Lack & Western- 50 13514 Feb 17
13612 13712 138 139
4
13812 138's 1373 13804 1354 13612 1374 138
42 Dec 4312 Dee
42 Jan 2 60 Jan 12
2,200 Denver Rio Cr & West pref 10
3
45 4 46
4514 4512 4514 4512 454 46
4514 46
46
46
8
4
203 Jan 353 14ug
1
/
8
307 Jan 27 334 Jan 8
10
Erie
s 9,600
8
8
1
/
3114 314 314 3114 317 3218 315 317e 3112 323
32
• 32
2858 Feb4914 Dec
8
39 Feb 16 467 Jan 2
10
Do 1st pref
,
8
411
8 4012 4114 405 41 8 19,400
8 403 413
39
395s 403
s
4114 42
4
/
251 Jan 4614 Dee
4
1
/
10
4
/
391 Feb 17 43 Jan 5
Do 2d prof
2,300
40
40
8
8
8 397 397
4058 394 3914 3953 397
40
8
*405 411
5334 Mar 75 Dec
1
/
6618 Feb 17 714 Jan 8
10
3
4 68 s 6912 18,900 Great Northern pref
8
4 6814 683
4
6618 6818 673 683
6918 6913 67 8 681
4
1
/
26 May 39 Nov
8
8
353 Jan 2 403 Jan 19
Iron Ore Properties--No Pa
8
8 3612 377 26,200
8 3612 3712 3612 373
35% 367
8
365 38
3818 381
4
1
/
4
113 Apr 29 Dec
100 24 Jan 30 2812 Jan 7
3,400 Gulf Mob & Nor tr etts
261
4 26
253
265* 26
25
2414 25
25
24
2518 251
50 Jan 99 Dec
10112 Jan 10
91 Jan 6
10
Do pref
3,300
4 96
9212 953
931
4 9614 97
92
963
92
92
94
1593
8
205 Nov 2914 Dec
1
/
234 Feb 17 267s Jan 30
4
1
/ 2438 5,100 Hudson & Manhattan
2414 2438 24
8
244 247
8
233 25
2512 2412 25
25
1
/
5714 Oct 644 Dec
4
100 6412 Feb 18 663 Feb 2
Do prof
1,100
66
*65
66
6412 6412 65
4
643 65
8
657 861
67
*66
1
/
100 11334 Jan 16 11958 Jan 7 10014 Mar 1174 Dec
1
/
8
8
8
4
1133 1143 1143 1143 11434 11434 11434 1147 115 1154 3,700 Illinois Central
1
/
1144 115
4
100 1143 Feb 17 119 Jan 7 104 Mar 11714 Dec
Do prof
500
115 115
4'11312 115 *11312 115
4
1143 1143
4
•11312 115 *1133 115
Jan 73 Dec
64
4
Jan 6 713 Jan 8
Do RR See, Series A 100 7088
711
711 *71
71'2 *71
7112 *71
*7118 711/ *714 711 *71
4
113 July 1812 Nov
8
1,800 jut Rys of Cent America_ _100 18 Jan 8 195 Jan 29
8
8
1814 185 *183 183 •1812 183
8 1814 19
4 1812 193
•1914 193
4414 May 63 Nov
100 5912 Jan 2 62 Jan 20
Do prof
100
611
611 *60
6118 .60
*60
60
60
*6012 6118 *6014 611
4
123 Jan 3914 July
311
5,900 Interboro Rapid Transit _ 100 2814 Feb 4 3412 Feb 9
30
311
31
31
31
2912 31
8
3158 3218 297 311
8
1734 Mar 415 Deo
4
/
100 33 Jan 16 391 Jan 26
29,100 Kansas City Southern
8
367 38
8 3612 371
4
4
1
/ 333 3512 354 367
37
34
365s 37
:
5114 Mar 591 Dec
4
100 57 Jan 15 583 Jan 28
Do pref
400
*5712 58
58
4
4
5714 574 573 573 *57
5712 571
58
58
4
1
/
8
50 745 Jan 26 82 Jan 10 83912 Apr 85 Dec
771 16,000 Lehigh Valley
77
3
8 764 77
775
4
1
/ 7514 Ms 7518 7614 7612
4
1
/ 77
75
8
875 Jan 109 Dec
8
100 106 Jan 16 1127 Jan 14
2,500 Louisville & Nashville
4
1063 1081
8
8
4
1063 10712 106 1063 10714 1075 108 108
*10712 108
Jan 85 Dec
42
200 Manhattan Elevated guar 100 85 Jan 2 100 Jan 14
99
*90
99
•90
99
*90
90 90
94
04
*90 100
s
3012 Jan 517 July
4
/
4834 Jan 5 511 Feb 9
100
Do modified guar
4 2,000
8
495 493
*4912 50
4
4912 493 50
4 49
8
495 493
50
50
1312 Jan
634 Mar
8 Feb 17 1012 Jan 2
100
*712 812
100 Market Street RY
8
8
10
*8
*712 812 *712 812
*812 10
4ct 42 Dec
1
20 /
100 20 Jan 13 28 Feb 14
Do pref
200
31
*27
31
31 *26
*26
31
27
1
•
23 •W7
28
41 Nov 7112 Jan
4
1
/
100 47 Feb 20 52 Jan 3
Do prior pre(
47% 47
4
1
/ 1,200
49
5018 4858 4918 4812 4812 48% 4812 49
*49
Jan
14 Mar 30
100 20 Jan 14 2212 Jan 7
Do 2d pref
21
•15
21
•15
21
*15
23
•18
23
*18
23
•19
Jan
4
4
/
11 Jan
212 Jan 5
4
1
/
3 Feb 6
_100
8 3,400 Minneap & St L (new)___
27
278
4
4 23
23
8
4
1
/ 25
2
8
212 25
7
2 4 27
212 23
s
4
2814 Mar 5312 Dec
Minn St Paul & SS Marle_100 47 Jan 30 5614 Jan 14
50
*42
50
.42
*42
50
*42
50
50
*42
50
45
•
50 Juno 75 Dec
100 68 Feb 18 71 Jan 9
Do prof
100
70
*62
70
*62
68
68
70
8012 *62
*79
70
•62
4
1
/
1012 May 34 Dec
8
2 385 Feb 16
2814
.
4
1
/ 36% 3714 94,900 Mo-Kan-Texas RR_ _ No par 74 Jan 2 874 Feb 5
8
4
8 3512 37
363 373
4 365 37
8 3818 385
3714 377
4
1
/
4
293 Feb 75 Dec
4
1
/ Jan
1
/
100
Do pref
841s 8412 16,900
85
8 84
845
8 811 8358 84
4
/
845
4 82
8
845 853
4
/
4
1
/ Jan 341 Nov
9
4
1
/
100 30 Jan 5 41 Feb 6
corn
4
4
1
/ 3812 393 40,900 Missouri Pacific
39
8
8 385 3912 38
387
4 37
383
37
8
377 39
Jan 74 Dec
29
100 7212 Jan 2 8314 Feb 9
Do pref
8012 8112 38,800
81
4
1
/ 794 7912 8114 7934
1
/
4
/
771 8012 76
7914 81
4
1
/
2 Jan 12
Ps July
3 Dec
2 Jan 3
100
900 Nat Rya of Mex 26 pref
218 212
214 •
214
2 12
212 212 *2
214 214
4
1
/ 21
*2
8
9312 Feb12112 May
100 114 Feb 17 1163 Jan 7
11514 11514 •115 11512 1,200 New On Tex & Mex
4
*115 1151 115 11514 114 1143 115 115
9918 Feb11934 Dec
100 11712 Jan 2 12434 Jan 13
s
12114 1223 82,390 New York Central
8
s
12214 12314 11912 12238 1193 12112 12158 12212 1205 122
7212 Feb128 Dec
100 124 Jan 6 134 Feb 11
NYC&StLnewco
4
127 128
12812 12812 128 1283 128 12912 3,500
4
130 131 21273 129
4
1
/
83 May 93 Sept
100 8812 Jan 6 92 Feb 5
Do pref
90
9014 1,600
90
90
4
/
911 883 883
4
913 290
4 8912 90
*91
4
/
141 Jan 3314 Dec
2912 Jan 19 344 Feb 20
1
/
10
8
347 247,100 N Y N H & Hartford
34
1
/
8 315 3314 324 3412
8
4
1
/ 32
8
305 315
4
/
4
303 311 30
18 May 2814 Nov
100 2112 Feb 17 271s Jan 7
8 3,700 N Y Ontario & Western
2312 2312 237
2112 2212 2212 2312 23
2212 231
231
*23
1212 Apr 29 Nov
22 Feb 17 2611 Jan 2
10
1,600 Norfolk Southern
22% 23
8
•223 23
8 23
227
23
22
4
1
/ 2314 2234 23
23
1
/
100 1255* Feb 17 1325g Jan 10 1024 Jan 13314 Dec
4
1
/ 12712 128% 1,200 Norfolk & Western
8
4
8
111274 1273 12612 1273 1253 12612 12638 12812 127 127
4
1
/
72 Feb 8018 June
4
/
7512 Jan 8 771 Jan 29
10
Do pref
100
76
76
76
•75
79
*75
*75
76
575
80
77 '
75
•
4
1
/
47 Mar 73 Dap
100 6714 Feb 17 7112 Feb 2
4
8
4
6718 67
6814 6912 683 6914 683 703 16,200 Northern Pacific
68 683
693
69
4214 Jan 50 Dec
8
50 47 Feb 18 487 Jan 5
4714 17,100 Pennsylvania
4
/
471 473
8 47
4718 4718 4714 47
4714 473
4712 477
4
1
/
9 Mar 2212 Nov
1
/
100 18 Jan 5 204 Jan 12
19
*17
800 Peoria & Eastern
19
*17
18
19
18
*18
19
*18
19
*18
4012 Mar 73 Dec
100 67 Jan 16 703 Feb 5
4
800 Pere Marquette
685g 69
69 69
8
691 *693 693
69 69
4 69
•603g 693
7112 Apr 855* Aug
100 80 Jan 12 84 Jan 16
Do prior prof
84
100
*82
4
*803 83
83
83
8
831 *82
817 817 1082
*82
8
Jan 77 Aug
60
4
1
/
100 72 Feb 19 75 Jan 10
Do wet
*7212 74
200
72
72
73
74
73
•72
751
7514 *71
O73
Jan 7514 Dec
38
4
1
/
8 7,300 Pittsburgh at West Va--100 6718 Feb 17 73 Jan 2
6712 697
681
6718 60
6812 6913 68
691
7018 68
69
4
/
4
/
511 May 791 Dee
50 7412 Feb 17 8214 Jan 6
4
763 7712 31,700 Reading
771
7618 773
76
3
4 75 4 7714 7414 761
1
/
764 773
Oct 5612 Jan
34
4
/
8
50 365 Feb 20 391 Jan 20
Do 1st pref
1
/
8
*3634 371
374 371 2365 364 1.800
3714 371
4
4.3612 3714 363 37
Jan
Do 2d prat
50 3912 Feb 20 4334 Jan 6 b3318 Jan 56
4
1
/ 1,900
3912 39
4
40
4
4012 *393 40
393 40
40
4 40
4
403 403
Jan 68 Nov
32
8
100 56 Feb 17 627 Jan 9
400 Rutland RR pref
57
56
*50
57
56
571 *53
57
5714 5714
58
*53
1918 Apr 65 Dec
4
/
72 122,000 St Louis-San Francisco_ _ _ _100 671 Jan 16 72 Feb 20
69
64
4
1
/ 68'8 681 697
65
4
/
657
6712
4
/
671 6812 65
8
425 Jan 8212 Dec
100 76 Jan 20 834 Feb 5
Do pref A
2,200
797
79
80
8
817 823
80
8 8218 83
8112 8112 80 80
Jan 55 Dec
4
1
/
33
4
1
/
_100 47 Feb 17 53 Feb 5
18,500 St Louis Southwestern
481
494 501
49
5058 4934 52
5014 484 4978 47
50
4
1
/ Jan 74 Nov
57
4
1
/
100 70 Jan 19 73 Feb 5
Do pref
1,200
72
7112
72
*71
71
7012 7012 7012 7012 71
71
71
614 Jan 241a Dec
4
1
/
8
100 203 Jan 16 24 Feb 9
2312 14.400 Seaboard Air Line
4
1
/ 231
23
4
213 2214 2214 2113 22
23,3 2112 23
23
1414 Jan 4512 Dec
8
8
4112 13,000
Do prof
100 373 Jan 16 437 Feb 5
41
4018 411
411
407
39
s 3812 3918 40
4
/
411 42
4
1
/
85 Mar 1051g Nov
4
1
/
100 102 Jan 5 108 Jan 9
1024 1034 10312 10615 1044 1057 1045s 1054 58,500 Southern Pacific Co
104 10454 103 104
4
1
/
3812 Jan 79 Dee
8
100 775 Jan 2 92 Feb 5
89% 903 61,600 Southern Railway
4
1
/ 911
4
1
/ 901
8 89
89
8518 867
4
87
gm 883
4 85
4
663 Jan 85 Dee
4
1
/
Do Prof
100 83 Jan 2 89 Feb 20
85
85
8
853 88
8814 8912 6,700
8614 854 8512
86
86
86
Jan 48 Dec
4
1
/
19
1
/
100 4314 Jan 27 574 Feb 20
5414 557
5512 57% 86,900 Texas & Pacific
551
5478 5212 5412 54
8 52
5214 533
4
83 May 1812 July
1
/
100 1112 Jan 28 144 Jan 12
2,200 Third Avenue
1134 12
121
12
1212 1318 •1212 131
' 1212 13
•1212 13
Jan
,ct 66
ma 2
1,400 Twin City Rapid Transit_ _100 58 Jan 22 851/ Jan 2
64
63
6312 6312
3
4
1
/ 63 4 *63
03
412 654
6
6314 6314 .62
4
/
1
/
4
1
/
8
100 1475 Jan 5 153 Jan 10 1284 Mar 1511 Deo
149 1511 149 4 151
3
4
/
150 15114 27,400 Union Pacific
14814 149
4
1493 1501 14812 150
70 Mar 7612 1405
Do pref
100 72 Jan 30 75 Jan 5
75
1.600
75
75
75
75
75
75
75
75
75
4
1 5
/ 7
74
Dec
75s S4pr 41
•1912 21
2012 2012
400 United Railways Invest._.100 19 Jan 27 2634 Jan 2
•1912 21
2114 *1912 21
21
s2114 221
8
2612 l4pr 647 Dec
1
Do prof
/
54
100 534 Feb 2 61 Jan 3
4
1
/ 53
53
1,200
4
1
/ 54
5312 5312 *5312 56
56
*54
57 57
4
1
/
36 Feb72 July
74
76
7414 7412 753
4 2,600 Virginia Railway 21c Power_100 6418 Jan 14 83 Feb 13
761
7014 7412 *75
' 75
7618 77
8
4
103 Jan 243 Deo
4
1
/
8
100 205 Jan 21 25 Feb 11
4
/
4
/
2314 231 231 25
46.100 Wabash
2314 24
2214 23
2212 241
247
24
Jan 603 Dec
34
4
4
/
1
Do pref A
/
8
100 554 Jan 20 651 Feb 11
4 627 6412 65,600
4 6214 633
8
605 62% 6212 633
4
603 627
4
023 741
2212 Jan 423 Dec
8
4
/
Do pref B
43
43
44
100 3812 Jan 21 451 Feb 11
1,20
3412 4312 •42
43
8
427 427 *42
45
•43
838 June 1614 Dec
s
144 Feb 17 173 Jan 9
8
1
/
10
11,20 Western Maryland
8
4 145 1514 144 1514 145 15
8 144 143
1514 15
4
1
/ 1412 153
1514 May 2614 Dec
2114 Feb 17 2614 Jan 9
Do 26 pref
10
4
/
4 2212 227
8 2,30
8 2214 223 *211 223
4
2114 223
4
213 22
23
23
4
1
/ Jan 367 Dec
14
8
3514 3434 35
100 2114 Feb 17 391/ Jan 13
4 35
6,50 Western Pacific
8
345 353
35
4 3312 3514 34
353
85
58
Jan 8812 Dee
Do pref
8412 Jan 6 94 Jan 13
92
92
10
1,70
9214
9112 92
90
•8712 92
89 89
sap
9214
712 Jan
171 Dec
4
/
1314 Feb 17 1612 Jan 7
4
1
/ 9,60 Wheeling & Lake Erie Ry 10
8
137 1434 1412 1412 1412 14
1314 1414
4
4 1414 143
8
145 143
144 Jan 325* Dec
8
100 265 Feb 17 315g Jan 7
Do prof
2812 2812 2812 2812 2812 2,60
8 28
1
/
27% 264 267
• 2812 2914 27
*2112
*4312
8
1203
93
4
15112
774
65
40
90
403
4
*78
Industrial & Miscellaneous
*6312 65
65
4
/
841 •6312 6412 *8318 121
1584
120 120
4
1204 1203 *117
'118 122
4
9712 953 963 •97 100
9814 95
98
•1312 14
8
8
137 137 •1312 14
4
143
•14
47
47
48
*47
48
48
48
48
2 Ex-dividend.
•Bid and asked price*.
*634
*120
*98
*1312
*4714
*6312
66
125 •120
•98
100
1312
14
48
48
b Ex netts
65
125
100
131
48
300
1,000
200
600
Abitibi Power & Paper_No par 82 Jan 6 67 Jan 10
All American Cables
100 119 Jan 5 125 Feb 4
91 Jan 5 10314 Jan 9
10
Adams Express
Advance Rumely
100 1312 Feb 20 1514 Jan 2
Do pref
100 47 Feb 18 51 Jan 5
61 Dec 64 Dee
9812 May 12212 Dec
1
/
734 Jan
6 June
2814 June 56342 Dee
914
New York Stock Record-Continued-Page 2
934
For sales during the week of stocks usually Inactive, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 14.
Monday,
Feb. 16.
Tuesday,
Feb. 17.
Wednesday. Thursday,
Feb. 18.
Feb. 19.
Friday,
Feb. 20.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
P011 SHARE
Range for Year 1925.
On basis of 100
-share lots
PER SHARE
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Highest
$ per share $ per share $ per share $ per share 8 per share $ per share Shares. Indus. & Miscell. (Con.)
Par
share 2 per share $ per share Per sham
9512 9712 923 9614 9112 933
4
4 954 13012 10018 108
10514 10712 62,900 Air Reduction, 1 nc____.Yo par $per14 J
86
0 103 Fob 19
6714 Jan 93 Dee
115 1218 113 1214
8
4
1112 113
4 1112 113
,
4 115 12
113 113 11,400 Af3S Rubber, Inc
4
4
50 11 Jan 21
14 Jan 3
412 May 1413 Dee_
Alaska Gold Mines
r, Feb
.15 Jan 2
10
38 Jan 14
.05 Dec
°12
112 --112 1)3
113 15,
112 112
112
112
158 6,609 Alaska Juneau Gold Mln... 10
112
7 Jai
2
1 Jan 6
lig Mar
15 Feb I I
8
86
8714 8312 8612 83 8 8514 85
3
8512 847 8512 8518 8714 31,200 Allied Chemical & Dye_No par 815 Jan 16 90 FM 11
8
8
65 Mar 8712 Dee
1183 11834 •118
4
*11814 11812 11838 11838 *11814 11812 *11814 11812
Do pref
200
100 117 Jan 9 118, Feb 14 110
Apr 1183 Dee
2
4
7712 7834 72
77 4 7214 7412 744 75
74
7412 7412 7614 21,430 Allis-Chalmers Mfg
,
100 7112 Jan 5 82.4 Jan 17
8
415 May 733 Deo
8
.
106 107
106 107
105 105 *101 105
10112 1013 •1014 107
4
Do pref
600
100 10314 J n 5 107 Jan 20
1 % Jan 3
90
Apr 1047 Dee
2
207 217
8
8 191s 2014 183 1914 1938 204 2018 204 201 '
4
4 2
014 10.6)0 Amer Agricultural Chern100
718 Apr 171/ July
4
214 Feb II
534 5314 505 53,
8
Do pre
8 4918 5212 514 53
52 52
5212 5334 7,100
100 4014 Jan 5 554 Feb 10
1834 Apr 493 Jan
2
405 405
8
8 40
391
4012 3912 40
8 3914 3914 *39
39
40
1,13) American Beet Sugar
100 39 Fob 18 43 Jan 7
36 Mar 4912 Feb
.82
88
*82
*82
83
4
4
833
4 833 833 *8212 85
Do pref
100
*8112 813
4
100 80,4 Jan 19 8712 Jan 6
6812 On 83 Dec
404 42
37
3612 39
40
39
3912 39
39
3418 41 12 12,403 Amer Bosch Magneto No par 33 Jan 2 5112 Jan 3
2214 Apr 387 Jan
2
*9612 98
*9612 98
*9612 9712 *9612 9712 973 975
8
8 87 103
2,5)3 Am Brake Shoe & F__No par 9612 Jan 27 103 Fab 20
Apr 102 Dec
76
•109 10912 *109 10012 109 10912 101 10934 109 101
.
109 10)
Do pref.
2)3
100 10712 Jan 12 III) Jan 3 10114 July 110 Mar
1754 1773 168 175,2 16318 172
4
17012 17214 1681 172
8
1704 1743, 78,630 American Can
100 1.5318 Jan 16 17734 FM 11
957 Apr 16312 Den
8
*118 1187 11812 1184 1197 1184 •11812 11914 11812 11834 *113 119
8
8
Do pref.
5)3
100 115 Jan 29 11878 Feb 15 109
Oct
Jan 119
202 202
19814 202
19712 199
200 201
201 201
2333 21312 4,700 American Car & Foundry...100 192 Jan 5 2,17 Jan 3 15312
4
_API' 20014 Dec
*124 126
125 125
124 126
12512 12512 *124 126 *121 128
Do pref
200
100 12112 Jan 9 1252 Fob 18 1193 Apr 125 July
4
*25
2514 25
8
254 247 25
243 217
8 2112 2814 3,703 American Chain, class A.
4
8
8 245 245
25 2234 Jan 2 27 Feb 14
2138 Mar 25 Sept
45
4514 4512 4512 4212 4312 4134 417 *43
8
4112 41 41
2,0)3 American Chicle
No par 94 Ja4 27 4512 Feb 13
n
37
ai 5
4
2
113 %or 407 Dee
*9612 99
96
*96
96
95
96
*94
994 *91
Do peer
23)
934
IOU
51,2 Feb 9312 Dee
93 Feb 13
413 413 •
4
4 40
*4014 4112 4012 4912 4012 41
4212 39
Do centric ites
733
No par 37 Jan 7 4212 Feb II
23 Sept 39 Dee
63
8 612
61s 64
618 614
618 614
64 6,
618 81
Amer Druggists SY031ca1138 5,8))
4
512 Jan 2
6', Jan 22
Oct
7
312 June
1554 156
14812 15112 152 153
15112 155
154 157
15112 156
8.9)) American Etpress
100 14712 Feb 3 166 Jan 2
Apr 1643 Dee
4
88
32
33
31
29
29
31
30
3112 31
33
32
3312 13,133 Amer & Foreign Pow_ __No par 2) Fob 16 91 Fob 19
9158 92
903 9112 9018 91
4
9012 904 9214 91
9314 91
23,603
Do pref.
No par 87 Jan 6 9214 Feb 6
123 123 *119 123
120 120
123 12434 1243 1243
4
Do 25% paid
4 1,233
123 Fob 17 127,2 Jan 7
9212 Mar 'fill', "LW,
-Do full DM
125 Jan 6
91 12 Apr 133 Dee
;i214 13
12
5 1134 1134 -113 -Cif; -1212 -12 4 1,43) American FlIde & Leather _100 11 18 Jan 27 124 Jan 7
12'4
4
Ii's 115
1
14 Jan 14
143 Dee
8
714 Apr
69 6918 873 63 2 67
4
6912 6912 6112 70
,
674 69
Do pref
2,5))
6
9
100 67 Fob 17 754 Jan 11
5012 Jan
723 Dee
2
8812 8912 8714 89
88
84
834 8912 90
9134 *89, 91
2,8)) American Ice
2
100 85 Jan 21 9312 Jan 12
Feb
72 Aug 96
*77
78
*77
78
78
*77
78
78
78
78
1)0 pref
*77
2)0
73
1133 77 Jan 24 8014 Jan 7
7312 NOV 83 Feb
3712 3712 343 37
4
34 4 3514 3512 3614 36
3
364 3618 37 4 10,2)3 Amer International Corp...100 33 Jan 6 41 Feb 5
,
738 Mar 3532 Now
*1218 1238 1218 1218 12
1218 123 121* 124 1214 1214 12,
8
4 1,5)) American La France F E.._ 10 11 14 Jan 2 14 Jan 15
10 May
1214 Jan
27
27
2614 2712 2512 26
238 263 275
3
27
4
8 27
244 Ma) American Linseed
100 2514 Jan 30 295 Feb 3
8
4
133 May 20834 13.0
61
6012 61
6112 6118 615
8
8 627 65
635 61
8
6114 6812 3,9))
Do pref
100 53 Jan 2 63 2 Fel)21
30
Apr 533 Dee
8
11918 12012 11712 12012 1173 120
120 12138 11812 12112 12312 12112 80,493 American Loeorn new._No par 10112 Jan 5
4
124'2 Feb 20
7018 Apr 1093 Dee
4
12312 12312 1231. 121
12312 1234 123 123 •12214 123
,
123 123
Do pref
83)
100 11,13 Jan 7 124 Feb 16 111314 Apr 12012 Sept
4
51
495 5012 43 8 49'2 x50
8
3
50
4912 497
4
50
8 49
4312 4,13) American Metals
No par 454 Fob 17 534 Jan 2
353 June 54
4
Dee
•115
*115
115 115 *11412 116 *114
*115
2)), Do pre)
100 111,2 Feb 3 11612 Jan R 10714 A pr 11512 Dee
99 4 100
3
9912 100
9314 10318 *9314 100
994 9934 994 1034 3,3311 American Radiator
25 894 Jan 3 105 Jan 17
9414 Apr 136 Den
•80
82
82
82 .80
82
8012 8012 804 804 *80
82
330 Amer Railway Express_100 7812 Jan 6 8 I Jan 13
7712 Nov 83 Oct
*51
53 • 8 5918 *513 5918 •51
51
6212 .
513
8
A inerivan Republics- no Par 48 Jan 8 6614 Jan 17
60 .55
59
Jau 48 De*
25
*40
40% 38
394 3712 38
39
403
8 397 4012 4014 45
8
12,800 A inerican Safety 13 tzor....I00 367 Jan 2 45 Feb 20
8
5 8 Apr 104 Nov
7
1134 113
4 1112 1112 1114 113
8 1118 1118 114 12
114 1212 4,803 Amer Ship & COMO)
par
11 18 Feb 2
13 Feb 5
1538 Feb
1018 On
102 1034 99 1014 9212 100
974 9912 9714 93 8 981 10) 91,933 Aster Smelting & Refining 1110 9212 Fob 17 11164 Feb 10
7
12
8
5712 Jan 10114 Deo
110 110
110 110 *10712 10912 108 108
109 10134 •108 110
Do pref
800
100 10512 Jan 5 1104 Feb 5
98
Jan 1073 Deo
8
4712 48
4712 48
4718 474 473 49,2 483 495
4
8
8 49
523 71,103 Amer Steel Foundries___33 1-3 46 Jail 30 523 FM 20
4
4
3312 Apr 49 Deo
1103 11012 *100 11012 •109 11012 *109 11012 110 ____ •l0912 110
8
Do pref
2)3
100 103 Jan 7 110,2 Jan 15
2
62$8 61
613 634 61
63
624 637
8 624 6312 627 637 28,700 American Sugar1Reflning 100 475 Jan 16 68 Jan 23 101 14 Aor 10914 Nov
8
8
8
36
Oct 613 Feb
4
99
9914 90 4 99
3
9914 9914 9914 9914 9914 9912 99,2 9912 1,075
Do pref
100 91 14 Jan 16 993 Feb 11
4
77
Oct 997 Feb
2
2212 2412 17
20% 17
1814 18 4 2014 185 193
3
8
4 1812 19
20,033 Amer Sumatra Tobacco___ 100
10.4 Jan 20 2112 Fe1414
6$8 July 2812 Jan
53
.55
*50
53
*47
50
4712 487 •
8 48
51
*47
51
Do pref
1,203
100 37,2 Feb 5 56 Feb 13
2212 Sept 69
Jan
*44
44
*44
453
4 44
46
45
454 4514 4618 4618
45
6)0 Amer Telegraph & Cable 100 40(4 Jan 8 4318 Feb 20
3814 Dec 4312 Jan
1334 1344 133 1334 133 1335 1333 1333 133 1334 13318 13312 10,103 Amer 'NMI) St Teleg
8
8
8
100 12313 Jan 15 1384 Jan 3 1214 June 1343 Dee
4
87
8752 8514 867
8 85
87
8714 8712 875 884 83
8
834 15.903 American Tobacco
50 85 Fob 17 Si', Feb 9 1365 Mar 1697 Nov
8
2
•105 106 •105 106
106 106 *1043 10812 *105 106
4
105 105
Do pref
20)
100 10112 Jan 5 106 Feb 17 101
Apr 10611 July
86
8 8412 8518 854 863
8612 844 863
8
8 863 8712 86 4 8718 12,703
Do common Class B......50 8412 Fob 17 804 Feb 9 13514 Mar 1683 Nov
3
8
10612 10612 1033 10412 •1034 104 .10314 107 *10314 107
4
107 107
303 American Type Founders..II))) 103 4 Jan 15 112,4 Jan 2 106 Sept 115 Sept
353 36
4
345 354 343 3514 357 3712 3614 38
8
4
8
37
1100 Ain Wet Wkg & El v t
3712 8,
95:8 Jan 12 394 Jan 2
34 2 ., 3
40
Feb 144 Deo
*102 10212 10212 10212 •102 103
103 103 •102 104 *102 101
Do 141 pref(7%) v t c_103 100 Jan 9 103 Frb 18
303
8912 Mar 101
Dee
102 102
101 1014 101 101
101 10118 101 1013 *100 101
4
1,101
Do panic 1, ,6%) v t c 100
1
10218 Feb II
66
Feb 102 Nov
493 5052 4912 504 5014 5212 483 5114 4914 517
4
8
8 5014 513 91,30) American Woolen
4
4
43's Fob 13
8
100 55, iao 25 613 Jan 6
51 14 Sept 784 Jan
8914 8912 8812 89
8812 89
873 8918 864 834 8314 8914 5,530
4
Do pref
91318 Jan 20
100
90
Oct 1025 Jan
8
*478 514
458 478 *44 5
.418 5
*43
4 5
*41
8 5
2)3 Amer Writing Paper p-ef__100
438 Jan 31
712 Jan 3
Ill apr
7 July
•1018 107
1018
9
8 10
9
10
10
1,73) Amor Zinc. Lead & Smelt__ 25
*912 10
912 9 2
9 Fob 17
,
1212 Jan 0
7 Mar 1214 Dec
34
34
313 33
4
314 313
8 3212 3212 3212 3212 *32
334 1,731
Do pref
25 31 Jail 23 39 Jan 0
24 June 367 Deo
8
4412 41
4412 45
43
43
42
42
43
43
4214 424 42,73) Aniconda Copper Mining__50 41 Fob 17 48 Jan 3
2812 May 4814 Dee
34
34
334 337
8 315 32
8
32
32
3212 3212 *32
3312 1,33) Archer, DAU'Id MIdi'd_No par 9
20% Jan6JII1 57 35'4 Feb 13
2,312 Dec 29 Deo
*94
97
964 96, .
4 95 ____ *95
96
98
98
93
96
Do pref
4(1)
11)9
984 Feb 16
90 Dec 9112 Dee
95 4 97
3
95
9812 9 8 934 95
98
67
95
9112 9112 6,6)) Armour & Co (Del) tire). 10') 91 .11,4
95
129 97 Fob 11
5
8314 June 944 Den
1018 1014
9
10
94 918
912 97
8 *912 10
*9'2 10
3.2)) Arnald anistle&Covto No par
Jan 5 1212 Jan 23
6 ()et
15
Jan
•169 170
167 16934 169 17212 171 17312 17234 1721 171 17312 5,13) Asiociated Dry Goods.__ 1111) 128 Jan 5 1732
4
Feb 13
79
Jan 10412 NOV
*97 100
09
91
99
93
*99 100
*93 103
*93 10)
3)) Do lit pref
100 91 Jan 7 0) Feb 15
83,2 May 94 Nov
•106 110 *105 107 *105 106 *10.512 10612 107 107 *105 107
1)) Du 2d pref
103 101 Jan 2 10314 FM 7
80
Jan 1023 Deo
4
37
373
4 354 3714 3512 37
36
:37
363 364 351 3714 13,71) A84ociated oil, new
4
4
33 Jan 6 39,2 Feb 2
2712 July 345 Feb
8
27
28
2512 2612 25
2534 26
2612 2612 237
8 2312 294 23,6)) AD Gulf &
I S3 LIne
111 3 20 Jan 5 297 Fe • 6
11005
20
:
8
103 Mar 23 Dec
4
41
41,
4 3912 403
8 331, 40
40
4112 4134 417
8 42
Do pref
42,2 4,3))
31 Jan 5 424 Feb II
1212 Jan 31 12 Dee
1133 1163 110 1123 1077 110
4
4
4
8
11112 1127 112 113
8
1117 112
8
110110) 9512 Jan 2 11712 Feb 5
8,0)) Atl tntle Refining
7812 July 14018 Jan
•11312 11412 1133 1133 •1133 11412 .11312 11412 11412 1114 11414 11114
4
8
4
Do pref
43)
11312 Jan 6 I113 Ian
,
Feb
Oct 118
9 108
52
524 50 50
04912 52
*4912 52
*4912 5212 .4912 5.3
5)3 Atlas Po wder
No par 50 KM 18 5218 Fob 11
47
Apr 543 Feb
4
•92
9412 *92
9412 •
92
94
*92
9412 *92
Do pref
91 2 *92
,
92 Jail 14 91 Jan 1
9112
8213 Feb
Dec
9:3
912 912
3
*9 4 9 8
,
94 93
4
9 2 93
,
73) Atlas Tack
par
4 *912 914 *912 914
9, Fob 13 1014 J311 In
8
5 June
11 18 Jan
8
27
2712 263 27
254 2614 2618 2612 2618 27
233 253
4
N
4 4,0)) Au4tin, Nichols & Co.NO
254 Feb 17 3212 .11,) 12
11312 Mar 3312 Deo
91
*88
91
.88
*83
89
*83
90
*83
*83
90
Do pref
90
1110 87', Jan :7 91 F M 7
79
%or 91 Nov
*318 3 4
3
,
3
3 8 34
,
3
3
*214 3
9)) Auto Knitter Hoilery. _No par
_
*21
4 3
14 Jan 7
812 Jan
314
1 12 Noy
127 1234 12614 13112 13012 136
129 132
13412 1393 1333 115 263,0)) Baldwin Locomotive Wk8.100 12614 Fob 17 145 Feb 2
4
8
Fob 2) 1013 May 1343 Dec
8
2
11412 117 *11412 116
.
11412 116 •11412 115
115 115
115 115
Do pref
233
100 115 Jan 5 1164 Jan:11 11012 June 117.2 Nov
8 25
2518 273
27% 28
2812 257 2612 2512 26 2 257 2312 42,633 Barnsdall Corp, Class A
8
8
,
25
28 14 Feb13
14
Feb 2312 Dee
2112 20% 21
22
2212 21
21
21
2014 21
20
2014 2,703
Class B
25
23 Feb .1
1712 Deo
Jan
10
41 •
40
44
40
40
43
•
39
39 .
39
41
.40
41
70) Barnet Leather
No Par
41 Feb 6
2312 Nov 39 Dec
51
4
5314 4912 513
4 433 4912 4934 51
5012 524 51
5214 7,70) Bayuk Cigars. Inc
No par 954 J:5 534 Feb 14
41,J n: 1211
2 2 j. 1225
3)5
Jan
3912 May 59
4 8312 65
673
68 6814 66
65
6614 66
66
657 70,
8
8,703 Beech Nut Packing
2
20 6312 Feb 17 7412 Jan 10
413 Apr 723 Dee
4
4
455 464 4514 4612 454 4714 46
8
484 49
474 4612 43
59.200 Bethlehem Steel Corp
100 45 Feb 17 531 2 Jan 13
374 Oct 6212 Feb
2
1154 1153 •1153 11614 11514 1154 1154 1151 •114 115 •11312 115
1,41)
1
Co cum cone 8% ore) 100 11012 Jan 7 11612 Feb 8
101 14 Apr 11014 Feb
101 1013 101 1014 101 101
1005 101 •
8
0312 10312 119312 10314 3,633
4
Do pref new
100
102 Jan 31
8912 June 97 Feb
512 512
512 51
6
6
512 5 8
54 512
7
54 54 1,40) Booth Fisheries
No par
5 Jan 6
74 Jan
7 Jan 10
35 June
8
*312 4
3 4 3 4 *2
,
314 314
,
33
3
*312 3 4
4 *314 4
213 British Empire Steel
100
3 Jan 5
35 Jan 26
8
RI NOV
6 Aug
*31
*304 32
33
33
*30
*3114 32
3312 •30
*3014 32
Do lit met
100 30 Jan 5 3312 Jan :11
30 Aug 54 Mar
10
10
10 .
•10
10
1012 10
103 .
2 10
1012 ' 10
Do 211 pref
303
934
100
814 Jan 21
1272 Jan
Ills Jail 31
5 Nov
8
1274 1274 1264 1267 12513 126, 12618 1267 1267 1267 1267 12712 3,013 Brooklyn Edison, Inc
8
8
8
8
8
100 1204 Jan 2 133 Jan 7 10714 June 12114 Dee
78
78
77
7612 774 7512 76,
2 7612 7712 77
,
7614 77 2 9,003 Bklyri Union Gas new„No par 7512 Feb 17 837 Jan 22
8
8
565 %pi' 8284 Dec
7134 72
69
72
74
*72
72
70,4 71
70
x71
71
2.033 Brown Shoe Inc
100 69 Fob 17 7814 Jan 10
39 May 7612 Dec
9912 10012 *9912 10312
9012 9312 *9) 10012 .
1199 1004 *98 101
12
Do pre)
10)
11)0 9834 Jan 8 100, Jan 19
4
84 Julie 991 Dee
4
97
97
95
95
98
9514 97
944 96
96
97 100
2,90) Burns Brothers
100 9212 Feb II 1033 Jail 12
8
95 Dec 11212J tine
21
21
21
2012 203
2114 221
187 203
8
4 21
8 3,5)3
4 2012 21
Do new Class B corn__ .
181 1 Feb 11
2) Jan II
12
4 Fel) 29 Noe
19
*4412 97
.
963 964
94
*9414 9612 *9412 97
97
8
*93
96
Do pref
103
100 9318 Jan 10 065 F ob 20
9018 May
8
954 Mar
77
77
7712 78
79
*77
79
78 4 7814 7612 77
7812 1.193 Burroughs Adrrg Mach.No par 65 Jan 3
,
81 ,2 .110120
624 Nov 6712 00
,
64 6 4
74 74 *714 74 2,6)) Bette Copper & Zinc
73
,
2 712
7 8 74
5
712 7 4
3
5
618 FM18
014 Dec
83 Jan 2
4
35 June
8
8
2114 2214 22 4 •215 2212 *2214 2212 1,00) Butterick Co
2212 2212 22
21
,
22
100 21 Feb 17 2334 Jan 3
2
Apr 253 Dee
17
193
4
204 2014 1914 20
8 193 197
18
8 1912 20
8,830 Butte de Superior Mining. 10 18 Fab 17
1914 19
2414 Jan 9
14 May 2512 Dee
14
17
8
14
17
8
14
178 3,533 C4fIrlo Cent Oil & Ref...No par
158
17
17
8
8
134 2
17
8
14 Jan
24 Jan 12
,
1 Nov
414 Jan
103 1057 104 10614 10512 10914 11,830 California Pneking
1023 103
1017 10212 102 102
4
8
8
No par 10012 Jan
8r) Apr 10614 Den
2712 27
2812 28 4 257 28
284 2718 2712 27
273 59,830 California Petroleum, new. 25 2378 Jan 27 10914 Fob 20
8
26
8
3
2 30 Feb
1912 July 2914 Feb
10112 10514 10112 10112 1,530
105 105
101 105
104 105 *10212 104
Do pre)
100 100 Jan 2 10814 Feb 5
Jan
41212 July 107
438 43
43
8 412 29,400 Callahan Zinc-Lead
334 434
4
34 3 8
8
312 33
33
5
4 34
10
32
Vs Jan
43 Fob 19
4
212 May
5212 523 523
53 53
8
5112 5114 514 52
8 4,000 Calumet Arizona Mining__ 10 51 Feb 4
51
524 51
Feb 18 58 Jan 7
4
413 Mar 583, Den
Case (.1 I) Plow
13 July
4
12 Mar
;iis" 1614 16 86 16 16 157 151 -1513 1512 '1534 16
530 Calumet & Berle
igig Dee
152 Feb 19 1.334
1318 May
5
.27
29
29, *27
*27
4
291 1
•27
29
29 4 *27
2714 28
,
200 Cage Thresh MachlneNo p: 2714 Feb 17 307 Jan 23
No p2a
4
5
8 Jan
14 Mar 35 Dee
65
*63
643 643
*617 65
4
8
*617 65
8
6212 6212 •1317 65
200
4
Do pref
8
100 62 Jan 8 6712 Jan 14
Jan
41 14 May 77
5
20 20
4
19
8 1812 19
1914 197
1914 19 8 204 193 2014 8,309 Central Leather
100 1812 Jan 27 2114 Feb 7
2
97 Mar 213 Dee
8
6012 623
623 6314 594 61
4
8
4 613 63
5814 6014 6118 62
19,800
Do pref
100 55 Jan 8 66 Feb 7
2914 Mar 5814 Dee
*38
39
393
3812 *3712 38
4 37
3812 1,600 Century Ribbon MillsNo par 3112 Jan
*38
3312 *3712 38
5 42 Jan 13
253 Apr 3514 Nov
4
98
*91
*94
*96
98
*9414 98
98 .9414 98
*94
98
Do met
100 97 Jan 13 984 Jan 14
Jan 9512 July
91
53
4 52
5214 18,401 Cerro de Pasco Cormer_No par 5012 F
5314 523 5312 5012 5214 52
8
5212 5214 523
M 17 5512 Jan 2
404 Mar 564 Dee
424 43
4218 42 8 414 4212 *414 4212 413 413
4
3
4 2,300 Certain-Teed Products_No par 4112 Jan
4 414 423
8 4614 Jan 10
244 June 4413 Dec
31
31
303 317 11,300 Chandler Motor Car_ .No
4
30
8
31
29 8 303
7
4 303 314 3014 31
8
par 2312 Jan 22 367 Jan 3
8
8
267 Nov 6612 Jan
90
8612 8912 85
90
8512 87
87
2,500 Chicago Pneumatic Tool_ _100 85 Fob 17
8512 86'u 8614 *86
8
7078 May 1007 Dec
8 Jan 3
*504 52
50
5012 50
50
5012 1,200 Chicago Yellow Cab_ __No par 50 Feb 16 983 Jan 3
50
50 2 5012 *50
,
50
55
39 May 6113 14nr
361s 363
4 3512 36
4 35
344 352 354 357
355 26,700 Chile Copper
8
8 354 353
25 344 Feb 17 3754 Jan 2
2
254 Mar 383 Dec
263 2634 2412 254 25
4
26
26
25
28
25
1,200 Chino Copper
25,
8 26
5 2412 Jan 27 2838 Feb 9 15 Mar 29 Dec
634 6318 83
64
63 63
63
6312 6312
6212 63 8 *63
700 Cluett. Peabody & Co
,
100 604 Jan 2 713 Jan 12
Oct 751s Jan
55
4
• Bid and asked prices: no sales on this day
a Ex-rights.
x Es dividend
New York Stock Record-Continued--Page 3
935
For sales during the week of stocks u.ualy inactive, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 14.
Monday.
Feb. 16.
Tuesday,
Feb. 17.
Wednesday. Thursday,
Feb. 19.
Feb. 18.
Friday,
Feb. 20.
Sales
for
the
Weet.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 190-share lots.
Lowest
Highest
PER SHARE
Range for Preview
Year 1924.
Lowest
Highest
per share $ Per share $ per share $ per share
Indus. & Miscall. (Con.) Par
Apr 8318 Dec
61
No par 80 Jan 6 9214 Feb 10
Coca Cola Co v t c
247 Feb 5414 Aug
8
Colorado Fuel & Iron
100 41 Fab 16 4814 Jan 13
8
/
4
4
393 Sept 553 Jan
/
4
Columbian Carbon v t c No par 471 Feb 7 511 Jan 8
33 Mar 48 Dec
494 Jan 26
/
1
/
4
Col Gas & Else new____No par 451 Jan 21
Do pref.
100 10414 Jan 5 107 Jan 26 10314 Dec 105 Dec
304 May 58 Nov
/
1
Comml Invest Trust__No par 50 Jan 2 67 Feb 16
93 May 103 Nov
Do pret
100 103 Jan 5 10612 Jan 19
4313 Jan 13114 Dee
19l Jan 29
Commercial Solvents A No par 10912 Jan
Jan 12912 Dec
33
Do "B"
No par 10712 Jan 9 189 Jan 29
323 May 663, Feb
6
8
Congoleurn Co
No par 385 Feb 16 4313 Jan 2
1414 Dec
7 4 May
,
2 Feb 18 17 Feb 10
/
1
4
Conley Tin Foil
No par
113 Mar 30 Nov
8
/
4
Consolidated Cigar
No par 26,2 Jan 2 321 Feb 19
Jan
5912 Apr 84
8
Do pre(
100 793 Jan 2 897 Feb 14
4
3 Dec
/
1
4
18 Jan
918 Feb 19
318 Jan 7
Consolidated Distrib'rs No par
/
1
4
607 Jan 79 Dee
8
/
4
Consolidated 03.3 (NTY) No par 7453 Fab 17 781 Feb 10
Jan
8
2 Apr
/
1
4
514 Jan 7
4 Feb 19
Consolidated Textile...No par
8
4313 Apr 695 Dec
8
Continental Can, Inc
100 62 Feb 17 697 Jan 2
/
4
8918 Apr 1091 Dec
12
Continental Insurance
25 103 Jan 5 12) jar;2 ;
8 8 Dec
7
6
Apr
8
814 Jan 2 103 Jan 13
Continental Motors___No pa
4
2
21,53) ."..'arn Products Refln w L...25 3818 Feb 17 4112 Jan 61 3112 Jan 433 Nov
11518 Apr 12374 Aug
Da pref
IOU 11818 Jan 7 123 Feb
3))
)
22 8 631n 4014 Feb
No par 2614 Jan 2 3518 Feb 2
41.6)) Cosden & Co
Doe 95 Feb
80
Du pref
10 I 83 Jan 2 9318 Feb 10
11)
43 Miy 76 Dec
53,1)) Crucible Steel of America...100 634 Feb 17 79 4 Jan 17
86 May 98 Dee
pref
100 93 Jan 2 96 Jan 15
Do
7J)
Feo
1013 Oct 18
/
4
1214 Jan 12 141 Feb 9
No par
9,2)) Cuba Cane Sugar
/
4
531 Apr 711 Feb
/
4
Do pre(
101
561 Jan 1.1 62 Feb 9
/
4
19,5))
8
2814 Nov 337 Feb
Feb 10
8
11,833 CubansAinerlcan Sugar._ _ ho 2912 Jan 2 327
Jan 1001 Nov
/
4
95
105 98 Jan 9 10.114 Feb 10
Do pref
10)
8 Feb
/
1
4
/
4
41 June
6 Jan 21
5 Feb 17
/
1
4
3)3 Cuban D milnIcan Sts4_No par
101 39 A Jan 3 I 4413 Jan 61 38 Dde 52 Feb
Do pref
33)
4
5612 Aug 763 Sept
No par 65 Jan 6 73 Jan 11)
3)) Cushman's Sons
451 N iv 7412 Jan
/
4
No par 50 Feb 17 5514 Jan 7
5,9)) Cuyamel Fruit
6 Nov 3214 Mar
77 Jan 9
8
212 Fsb 19
8,3)) Daniel Boone Woolen MI118.23
381 Nov 6912 Jan
/
4
32.6)) Davison Chemical v t o_No pas 4118 F:b 11 4934 Jan 23
/
4
1314 Jan 221 Dec
/
4
/
4
10) De Beers Cons Mines No par 211 F3b 17 241 Jan 28
/
1
/
1
4
101 110 Jan 5 115 Feb11 101 14 Jae 1154 Dec
2,4)) Detroit Edison
113 Nov 2014 Jan
4
1412 Jan 13 1612 Jan 19
Mines. Ltd
No par
2,3)) Dome
918 Jone 18 Dec
8
11 Feb 16 157 Jan 12
3,15) Doutlas Pectin
5)) Duquesne Light 1st prat _100 105 Jan 7 10718 Feb 9 10012 Mar 10814 Sept
8
/
4
8,43) Eastman Rod it Co....No par 1101 Jan 5 118 Jan 19 10418 Apr 1147 Nov
83 Sept 2418 Jan
4
16 Jan 3
8.)) Eaton Axle & Spring...No par 10 2 Feb 13
42,333 El du Pont de Nem &Co__100 13414 Jan 5 15018 Feb 14 112 May 142 Dec
85
AIM 96 Dec
10.) 91 Jan 23 9114 Feb 18
.
Do pref
83)
5012 May 66 Dee
4
/
4
9,73) Elea Storage B ittery....No par 621 Feb 17 703 Jan 3
Dec 14% July
11
71 F3017 1012 Jan 22
/
4
50
2)) Elk Horn Coil Corp
312 July
/ June
1
4
212 Jan 3
11 Fab 4
/
4
2)3 E nersun-BrantInghom Co (00
3
55 May 733 Dec
/
1
4
1,933 En licott Johnson Corp- 50 67 Feb 17 72 Jan 9
Jan
Do pref
100 11212 Jan 21 116 14 Feb 13 10512 June 115
5))
18 Dec 2411 14u$
1838 Jan 23 191 Jan 3
/
4
2)3 ExMange B Met Corp_No par
4
/ Jan
1
4
2 Des
3 Jan 5
212 Jan 10
25
Fairb inks Co
Dec34
2512 May
8
100 3214 Jan 2 357 Jan 7
1,7)) Fairb inks Morse
Jan 9812 Dec
61
32,333 Famous Players-Lasky_No par 9014 Feb 17 1008 Jan 10
877 Jan 10812 Dec
8
10) 103'8 Feb 17 110 Jan 8
Do prat (8%).
41)
7412 May 12212 Dec
..Now 11113 Jan 3 140 Feb 5
2.91) Federal Light & Tram.
4
518 Apr 243 Dec
533 Federal Mining & Smelt:6_10) 2014 Feb 18 25 Jan 19
41 12 Jan 641: Dec
60 Feb 17 6414 Jan 15
pref
Do
1,733
14713 Jan 6 16614 Jan 12 118 Mar 146 Dec
6)) Fidel Phen Fire Ins of N
13
/ Jan
1
4
912 Jan
12 Jan 8 14 Fab 14
No par
5)) Flfth Avenue Bus
Jan 240 Dec
No par 239 Jan 2 280 Jan 12 183
,
Fisher Hot Corp
131 Dec
/
4
512 June
par
11 Jan 23 14 Feb 14
1234 1213 -114 124 118 -12 8 1214 -7 -1- -1.218 I23211 123 I23- 11,40) Flsk Rubber.
-1
,
12 2
4 3318 July 86 Dec
0 7512 Jan 16 8513 Jan 14
Do ist prof
•85
83
831* 1,3))
803 81
8614 8112 82
4
8013 82
8114 82
/
4
Na par 78 Feb 19 8612 Jan 2 .4414 Jan 901 Nov
811 813
/
4
4 81
81
733 797
4
8 76
7313 771 8) 32,2)) Fleis-hm in Co
/
4
/
1
4
8114 79
/
1
4
6613 Jan 94 Dec
90 Jan 6 109 4 Feb 11
No
1063 107
4
103 106
102 10134 105 106
/
1
4
103 103
10314 1071 16,3)) Foundation Co
/
4
13
/ Jan
1
4
712 Sep
4
4
par
r
93 Feb 17 113 Jan 2
Fre3portTexas Co
.
9
8
/ 1014
1
4
1018 01,
10
94 10,
/
1
8
97 10
4
/
4
93
4 91 10
Jan
7
41 Jan 2 11 14 Feb 15
/
4
par
,
3 4 Oct
18,43) Gardner Motor
1034 1113 1013 113
,
4
93 11
4
11
4
11,
8 101 1118 10 8 11
3513 May 53 Dec
Tank Car.-No Oar 4912 F.:b 13 5312 Jau 10
.. No
52
52
50
5112 .49
4 5214 5214 3,21) Gen Amer T
50
4913 511 517 523
/
4
8
Feb 9912 Dec
92
93 ; Feb 15 99 JAI, 19
84
Do pref
.98
933 9414 98
4
99
93 .9712 93 .9712 9) .9713 93
8
311 Apr 633 Dee
/
4
4
5314 22,11) General Asphalt
) 534 F.31) 15 631 Jan 2
U
57
4 5313 553
8 5512 5734 55
57
/ 5314 563
1
4
5338 53
711 Apr 100 Dec
/
4
100 93,2 Feb 17 100 Jan 2
Do pref
933
*9414 100
933 9114 9312 9313 9514 9514 9114 0514 9514 9514
4
Jan 160 Sept
93
130 F31)13 14734 Jan 2
Baking
No Par
233 General
.
120 138 •115 135 .118 130
130 130
13112 13538'135 111
/
1
4
/
4
821 Apr 98 Dec
100 9113 Feb 17 101 4 Feb 2 I
95
9612 9512 9512 914 9113 95
/
1
10) 13114 7,83) General Cifar, Inc
12
935
8 9312 101
103 10.5 J in 3 10914 Feb11 101 14 Mar 106 Dec
Do prat
10)
10914 10914 .103 115 *108 115 .108 115 •103 ____ .103 115
Apr 109 Dee
Do debenture pret__ 13)0 107 Jan 5 109, Jan 23 IOU
•109 113 .
109 113 .109 113 .110 113 .110 113 .110 113
100 22714 Feb 17 320 Jan 2 19312 Jan 322 Dee
23712 23812 231 237
22714 23213 231 235
2351 21114 23,63) Calera! Electric,
/
4
232 235
1112 July
1012 Apr
11 Jan 2 11 14 Jan 3
10
splai
1114 1114 1118 1114 111 1114
D
/
4
Ills 1114 (118 Ills 1118 1114 6,000
8
/
1
553 Oct 667 Dec
4
1
743 7634 73
8
765 77
8
(1m
/ 75
1
4
2
75
76
x731 7412 7318 71, 145,5)) General NI ;tors Corp../70 par 614 Jan 5 79 Feb 10
/
4
80 June 93 Dec
9.) Feb 13 9412 Jan 21
*90
94
Da pref
•9013 93 "9013 93 .9012 93 .9013 93 .9) 93
12
8018 June 9312 Dec
.90
94 .9013 93 .9012 93 .9013 93
Do deb stock (6%)___101) 9213 Jan 8 94 Jan 13
*9012 93 .9138 93
9518 July 10312 Dec
10.) 102 Jan 5 10878 Feb 2
4
10312 10812 1073 103
Do 7% prat
3,03)
1077 10314 108 108
8
/
1
103 10318 1074 198
3838 June 45 Aug
25 42 Jan 16 551 Feb 19
/
4
4
4 5118 531 511 533
/
4
53
/ 5514 503 513
1
4
/
4
4 5118 557
8 5118 511 170.30)170.30)General Petroleum
/
4
Jan
31 June 55
•5313
5312 5312 *53
5312 53
53
5213 5312 51
5313 1,2)3 Goland Refractories...No par 5212 Feb 19 58,2 Jan 14
(au
517
8 4912 5012 5018 51
8
4718 June 617 Dee
No pn r 432 Feb 15 57 Jan 13
14,703 Gimbel Bros
5118 511 50
/
4
4
5312 493 50
1033 103
4
Jan 107 Sept
103 Jan 29 10514 Jan 20
/ 10318 10318 *103 101 .103 105
1
4
*103 104
99
33)
Do pref
103 103
2313 23
•
23
2312 .23
8
22 14 Feb 13 2512 Jan 3
No par
23 .
21
Dec 273 Nov
8)) Ginter Co
23
2313 2314 2314 231 23,
/
4
3
8
167 173
8
13 Jan 19 1712 Feb 13
8 157 1678 154 16
8 June 15 Nov
No par
/
1
16
164 153 16
/
1
4
16
1612 19,3)) Glidien Co
4
/
4
397 4014 *383 3913 3814 3334 39
8
8
par 3514 Fab 17 421 Jan 2
2812 Apr 437 Nov
14 3,1)) Gold Dust Corp
40
33
40
3) 3)
43
/ 453
1
4
4 42
/
1
44
454 47
17 June 38 Dec
4
Nopa
No ar 363 Jan 5 4914 Feb 6
r
443 46
4
4118 4618 45
45 14 23,4)) Goodrich Co (B F)
4
•9134 9614 943 95 . , 95
.
95 9513 943 9513 9513 96
100 92 Jan 3 96 Jan 10
7014 May 92 Dec
Do pret
4
91 2
:2 1,039
9313 94,
8
9518 947 9612 9612 931 951 9318 97
8
3!) Jan 905 Dec
4 94
/
1
4
9314 19.1)) Goodyear T & Rub pf v t c_100 8618 Jan 6 98 Feb 13
/
4
/
4
/
1
8
1053
. 4 10612 1054 1063 •10512 10612 106 10612 10512 107
8814 Jan 10815 Dec
1131) 10314 Jan 5 107 3;11122
DJ prior pref
1067 106'8 2,213
8
1912 193
4 19
1914 181 19
/
4
8
1213 Apr 217 Dee
1812 1914 1914 191
/
4
s 181 1918 4,5)) Granby Coos Alin Sm & Pm.100 18 Jan 30 21 14 Jan 14
518 5 8
478 4
91 Jan
/
4
/ *5
1
4
,
•514 5 4
,
212 Oct
414 Jan 2
512 .434 513
718 Jan 3
3)3 Gray & Davis. ins....No Par
8'2 5'2
0312 9458 93
8
/
1
943
4 925 93
924 93
/
1
8314 Ort 964 Dec
25 91 Jan 16 9514 Feb 9
63
9312 9212 931 5,0)3 Great Western Sugar
/
4
164 17
/
1
1614 1634 163 1718 *16
17
17
/
4
4
10 May 211 Dec
703 Greene Cananea Copper.
..100 1618 Feb 4 11114 Jan 2
•16l4 1614
17
;1,612 5 4
518 53
1018 Feb
518 512 .
8
,
47 Nov
4 *518 51
612 Jan 5
/
1
4 •54 534 *514 . 51 1,45) Guantanamo Sugar____No par
518 F3016
/
4
8618 8313 854 873
/
1
4 8734 93
8712 89
62 May 8914 Feb
8 89
901 39,503 Gulf States Steel
/
4
8
100 84 Jan 16 917 Feb 5
8918 917
23112 32
3112 311 31, 32,2 3214 3212 324 3218 4,0)) 11 irtman Corporation__No par 301 Feb 4 3712 Jan 7
/
4
4434 Feb
3214 33
31 Sept
4
/
1
/
4
3612 3713 353 3612 3613 37i2 3612 3612 3658 37
4
38
8
38
3214 May 527 Feb
6,70) Hayes Wheel
4
100 353 Feb 17 4314 Jan 3
48
48 .4714 43
4712 4818 "4713 48
8
.
4814 Dec 517 Dec
43
.4712 43
8
2)) Hoe(R) & Co alS9 A__No par 47 Jan 13 437 Jan 9
48
*4313 45
4414 4414 .433 45
/
4
.4312 46
4
35 July 661 Jan
4114 41, *4334 45
233 Homestake Mining
101) 43 Jan 2 50 Jan 12
4
/
1
4 3514 353
8 353 3514 35, 35:2 3512 3513 1,113 Household Prod Inc...No par 3412 Jan 5 37 Jan 20
4
3614 363 *354 353
8
313 Apr 38 Nov
8
/
1
4
2
/
4
77
7814 79
793
8318 771 81
Apr 8212 Feb
4 773 80
81
61
4
27,513 Houston Oil of Texas
7814 81
100 77 Fab 17 85 Jan 29
4
/
1
/ 40
1
4
3918 40
4012 4114 383 404 3814 3938 39
20,2 May 36 Dec
391 4) 43,103 Hudson Motor Car..
/
4
13
4
.....No par 333 Jan 5 41 14 Feb 11
4 1514 1512 1512 153
4 1513 153
4
Jan
/
4
153 153
18
4 151 151 1512 153
11 18 May
2,833 Hupp Motor Car Corp.... 10 1413 Feb 5 1914 Jan 5
/
4
4
2 Dee
/
1
4
12 Jan
114 Jan 8
---Hydraulic Steel
1 Jan 5
No par
-75
7l3 713 *7
, 2
-;7"i2 913 *713 9l
Do pref
";ii3 935
712 F3b 18
100
'4
3 May 10 Dec
/
1
4
100
6 Jan 5
2518 2812 2414 265
8 27
283
8 271 284 2718 283 120,703 Independent Oil& Gas_No par
/
4
285 29
8
/
1
8
5 Sept 1614 Dec
/
1
4
4
1312 Jan 5 293 Feb 11
4
16
1614 *153 16
.153 16
4
16
1514 1614 16
16
161 1,635 Indian Motocycle
/
4
1518 June 2514 Feb
No par 153 Feb 19 20 Jan 3
4
8
81
/
4
/
1
814 83
8
7,
4 84
81 813
/
4
8 8 918
5
8 2 812 3,903 Indian Refining
,
74 June
/
1
334 Apr
512 Jan 2 101 Feb 6
/
4
10
85
9018 .
85
.86
9018 •
90 •85
901
/
4
90 .85
•86
90
Do prat
60 Mar 75 Dee
100 80 Jan 5 95 Jan 7
46
464 45
/
1
/ 464 463 47
1
4
/
1
465 465
4
8
8 4638 463
463 4714
8
/
1
4
4 6,000 Inland Steel
3112 May 48 Nov
4534 Jan 7 50 Feb 2
No pa
*109 110 .109 110 *10713 10312 108 10812 1081g 10312 10813 10812
/
1
4
Do pref
500
No pa 107 Jan 3 110 Jan 22 10i 14 Jan 107 Dec
2612 275
8 273 2813 283 281 283 2813 7,000 Inspiration Cons Copper__ 20 2612 Feb 17 323 Jan 12
8
8
2914 2818 29
/
4
8
29
/
1
2218 Feb 334 Dec
4
4 111 111 1213 1212 1214 125 .1212 13
/
4
/
4
8
*1112 1212 1112 113
938 Jan
1,300 Internat Agricul new
3 June
718 Jan 7 1313 Feb 5
No pa
11618 11714 11912 124 "12012 123
12312 124
•118 12112 11714 118
3,200 Int Business Machines_No pa 112 Jan 27 125 Feb 9
/
1
83 Apr 1184 Dec
553
8 564 563
553 56
4
55
5612 57
/
1
4
5612 565
8
.5613
_
1,700 International Cement No pa
403 Apr 5912 Noy
4
/
4
52 Jan 5 571 Feb 4
3514 3514 3814 3712 38
3312 355
8 34
/ 37 10 115,100 Inter Combus Engine. No pa
1
4
/
1
4
36
35
22 Mar 39 Dec
3134 Jan 21 40 Feb 20
/
4
103 106 •10313 105
10414 1043
/ 104 1051 102 104
1
4
4 5,300 International Harvester. 100 102 Feb 14 1101 Jan 23
•10514 106
Jan 11012 Dec
78
/
4
4
4
/
1
*11434 11512 .115 11514 1144 1143 1143 115 *11413 11512 *11412 11513
300
Do ore(
/
4
/
4
100 1141 Jan 21 1151 Feb 13 106 Feb 11512 Nov
1112 123
4 1112 12
12
1214 1214 1234 1234 1338 6,400 Int Mercantile Martne.....100 1 113 Feb 16 141 Feb 5
127 13
8
155 Dec
8
63 Jan
4
/
4
4412 47
/ 427 454 46
1
4
8
/
1
4634 453 4734 51,400
463
4 45
4
4818 4914
/
1
4
2612 Mar 47 Dec
Do pre(
/
1
/
1
4
100 42 Feb 17 524 Feb 5
8
8 2618 263
8 2612 2738 48,900 International Nickel (The)
4 257 263
4 2612 267
261 263
/
4
/
4
1112 May 271 Dec
263 27
4
.25 2514 Jan 15 283* Jan 31
8
99
9912 *965 9913 .9712 9912 •97
*97
*97
99
*97 100
7512 May 95 Nov
Do pref
100 94 Jan 6 9913 Feb 6
5734 5512 57
56
56
5712 5351; 56
5713 35,000 International Paper
s 54
3412 Apr 60 Dec
56
/ 583
1
4
/
1
100 534 Feb 17 62 Jan 13
7618 *7513 77
/
1
76
7514 754 7612 7612 76
7613 7612 76
1,200
/ Oct
1
4
6212 Mar 74
8
Do stamped Oral
100 73 Jan 8 765 Feb 11
Apr 119 Nov
100 International Shoe
73
13.16 11712 11712 11712 .114 118 .116 118 •11614 118 .116 118
No pa 108 Feb 2 11712 Jan 14
,
Do pref
*1191 121 *11912 121 *11912 120 2 *11912 12012 .11913 12012 *11912 12012
/
4
100 11932 Jan 8 12012 Feb 3 11514 May 11918 Dec
3
9713 9612 97 4 964 9713 4,800 Internal Telep & Tales_ 100 90 Jan 5 9734 Feb 19
/
1
94
66 Feb 94 Dee
95
/ 95 8 9318 9412 9312 94
1
4
,
2413 Dec 3212 Mar
500 IntertyPe Corn
2478 Jan 15 2613 Jan 5
No pa
2512 2512 2514 2514 2512 2512 *2514 2513 *2514 2513 2513 26
164 Jan
/
1
1013 July
...... Invincible 011 Corp
154 Jan 2 2238 Jan 9
/
1
No par
9538
*:::: Iii;
3912 Apr 1003 Dec
9913 •:::: 106- •::::
8
Iron Products Corp____No par 82 Jan 27 105 Feb 10
19
19
183 1918 •1914 20
4
19
201 19
/
4
161 Apr 2314 Jan
/
4
2,200 Jewel Tea, Ins
8
100 1.812 Jan 21 207 Feb 13
203 20 4 19
4
3
109 109
108 108 .108 109
/
4
78 Mar 106 Dec
400
Do pref
100 10213 Jan 19 109 Feb 11
1083 10113 10718 1071 *104 109
4
4
$ per share $ per share $ per share $ per share $ per share $ per share
9012 9012 903 91
4
90
8912 89
89
8
001 88
/
4
897 91
4414 4212 4358 4314 45
4314 43
41
45
4434 465
8 41
473 43 .4712 43
4
48
43
4712 48
4314 481 48
4812 .
/
4
464 47
/
1
/
1
4
465 473
8
4 453 4618 4613 464 4614 47
475 48
8
106 10512
10513 106
106 106
/
4
1065 1064 106 10612 1051 106
8
/
1
64
63
61 .
62
6312 66
634 63
/
1
67
67
66
66
*105 10612 101 105 .105 10612 .101 10612 10112 10112 .10113 105
16312 16312
16914 175
158 16113 16113 172
4
170 17514 1613 171
162 1631
16114 174 *163 170
/
4
/
4
16212 16212 1551 159
•160 168
8 3912 4018 4018 4318
4
8 3912 403
8
405 407
8
8 335 4012 383 395
23
4 3
3
3
318 33
2 4 23
3
4 .212 214
.
212 23
4
8
4
/
4
287 291 3014 30,
8
4 30, 323
2
4 313 317
32 321 2918 30
/
4
8312
4
4
8312 .81
4
/
4
894 891 .8612 883 *8714 8812 883 831 *85
/
1
81 834
713 818
81
8 918
83
8 918
/
4
8
9
83
8 83
4
7514 7618
/
4
751 76
/
4
8
4
/
4
76134 761 743 761 745 7514 751 76
/
4
4
414
414 43
8
414 414
4
4,
4
414 41
/
4
43
8 4313
6312 6138
6112 6314 65
6212 61
4 62
6413 6.51 6213 633
/
4
1103 11034
4
1093 110 1.111 11112 111 111
4
1133 1133 112 113
4
4
81 9
/
4
83
4 9 ' 83
4 9
87
8 9
8
/ 98
1
4
,
9
9,
8
/
1
4
/ 3373 311 39
1
4
/
4
334
/
1
/ 334 3314 333 33
1
4
3914 3912 3313 39
120 12)
8
8
•
1zu 1225 *120 1225 121 121 •113313 120 *11313 123
334 3114 311 3214 3114 3212 311 3314
/
1
/
4
/
4
3012 33
3318 31
*871 83
/
4
831 83;8 .8718 852 .371 83
/
4
/
4
*877 90
8
.89
90
634 7113 71
/
1
7214 70
713
4 7314 75'8
/ 7212 6312 71
1
4
70
9112 913 95
95
91
91
91
9412 9412 .9412 96
913*
4
8 13
1312 *13
1314 131 1318
/
4
8
8 123 127
1314 1312 127 133
5312 6118 51
6)
14 5314 6)1/4
5718 5312 5314 5)
5813 59
3112 32,
/
4
8
311 3138
/
4
8 3012 30'8 311 31 13 315 32
8 3012 317
/
1
10014 1004 .984 10212 •9314 10212 *9338 10212 .9312 1022 .9814 102,3
/
1
518 51
8
514 514 *514 512
51 51 "334 52
/
4
/
4
.5 /
33 512
4012 4012 .4013 41 .40
41
41
41
04112 42
408 40:8
63
68
63 /
1
4
3318 6312 6318 6318 *68.2 71
68
69
.68
50
5114 5112 513
5012 51
52
4 515 5313 52
8
52
53 8
,
3
3 12
318 312
238 314
4
418
212 21
/ 418
1
4
4
4
4412 43
4118 4314 413
447
8 43
4 411 41
/
4
43
44
44
2158 211 *213 2212 *215 2313 "213 2
/
4
•22
24
4
8
*2214 24
4 314
/
1
1141 115
/
4
1147 11178 115 113
8
1153 11534 115 1154 11413 115
4
1518 1518 1514 1514 15'8
8 15
158 151
4
/
4
.1514 15
/ 1514 157
1
4
1414 1414 14
14
1414 11
141 .
8 1114 143
144 1412 14
/
1
4
106 106 .10512 10612 106 106 .1037 10618 105 105
8
.106 107
/
4
/
4
11413 1144 11314 1141 1121 11318, 1133 111
/
1
4
11312 114
113'2 1108
12 1 .12
/
4
12 .12
/
1
4
131 111 1212 •11
/
4
1214 113 12
4
13
8
/
1
4
148 1501 14512 1497 144 14713 14613 14314 1464 147
/
4
/
1
/ 1471 143
1
4
/
4
961 961 9534 953
/
4
/
4
96
4 9534 9314 *96
*953
4
9634 .93
9634
8 6312 65
6218 6312 63
6414 645
61
61
61
61
65
.7
1118
111 *7
/
4
71 718
/
4
714 714 *8
10
.8
10
*17
8 2
•11 2
/
4
.17
8 2
17
2
*11
2
.17
8 2
68
6914 694 68
/
1
67
68
68
681
4 63
63 .63:2 611
/
4
11612 11612 11612 1163 •116 117 .116 11614 116 116
4
116 116
4
4
.1812 1912 •183 1912 .183 1912 1813 1812 .18
19
1313 13'2
.214 3 .214 3 *214 3 *214 3 *214 3
*214 3
/
1
7
/ 341 3313 34 .31
1
4
/
4
34 8 344 33
35
*31
35
31
314
/
1
/
4
4
933 941 9034 9313 9014 92
9214 934 9112 9334 9113 95
/
1
105 105 •10114 103
1031 103 *10113 10318 10412 10112 .10512 103
/
4
/
1
4
135 1354 130 133
137 137
131 133
1331 131
/
4
133 135
/
1
*2174 24
2138 213
8 2112 211 201 2014 2) 2312 .201 23
/
4
/
4
12
/
4
6(15 6118
62
62
/ 607 6112 60
1
4
8
61
61
61
61
61
0154 156 .151 156
151 15112 15114 15114 15513 15312 .151 156'2
13
/ 14
1
4
1312 1312 .1314 133
4 1312 1313 *135 1334 .134 13 14
8
/
1
Shares
9,700
37,0)0
1,630
11,70)
1,3)0
1,9)3
30)
6.0)0
4,0))
16,531
1,930
5,403
60)
33,70)
27,100
12,101
35,103
1,13)
13,10
-dividend. k Par value changed from $100 te $50 and prime on that basis beginning June 3. a Es
-rights.
•Bld and aaked prima; no sales on tab day. a Es
936
New York Stock Record-Continued-Page 4
3 .lea during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Feb. 14.
Monday.
Feb. 16.
Tuesday,
Feb. 17.
Wednesday
Feb. 18.
Thursday.
Feb. 19.
Friday,
Feb. 20.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARK
Range for Year 1925.
On basis of 100
-share lots.
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & MIseell. (Con.) Par 3 per share $ per share $ per share $ per share
*20
2012 19 4 20
19 8 19
3
191 "1812 19
/
4
3
2,500 Jones Bros Tea,Inc
1814 191 19
/
4
100 181 Jan 19 217 Feb 3
/
4
8
143 Sep
4
27
/ Jan
1
4
461s 4714 4712 49
484 4918 473 4813 44
/
1
/ 46
1
4
49
4
8
No par 42 Jan 27 521 Jan 3
/
4
214 May 52 Dec
/
1
491 21,900 Jordan Motor Car
/
1
4
55
900 Kansas es Gulf
"8
3
4
3
8
10
/ Jan 5
1
4
3
4
5
8
5
8
34
5
8
14 May
8
"8
3
4
114 Jan 28
"8
1
Jan
2414 25
2312 25
23
23
24
23
2212 23
*2314 24
2,200 Kayser (J) Co v t c____No par 22 Jan 30 27 Jan 5
1614 Aug 383 Jan
/
1
4
2
*87
8912 8612 8612 •87
8934 *87
8912 *87
100
Do 1st pref
89 4 *87
3
No par 8612 Feb 16 90 Jan 13
77 Aug 102 Feb
893
4
/
1
4
16
16
1518 1534 145 153
8 15
/ 1513 1512 15 8 16
1
4
8
7
16
6.000 Kelly-Springfield Tire
25 14 8 Jan 21
5
1734 Jan 3
934 June 35
Jan
•46
49
45
/ 4512 43 4 43 4 413 423
1
4
3
45
Do 8% pref
3
*46
4
48
4 44
800
100 411 Feb 18 51 Jan 5
/
4
33 June 88
Jan
*50
55 '
54812 56
•444 53
/
1
*45
53
*45
53
Do 6% pref
*49
53
100 50 Feb 9 53 Feb 4
40 June 7812 Jan
*95
99
921 95
/
4
9213 *9314 973 *93
8
92
9218 92
/ 971 1,000 Kelsey Wheel, Inc
1
4
100 92 Feb 17 101 Jan 13
/
4
76 May 104 Deo
541 543
/
4
7
4 5212 5414 517 52 8 527 543
8
8 53
5414 53
543 56,500 Kennecott Copper
8
No par 51% Feb17 673 Jan 13
e
4
344 Jan 573 Dec
/
1
4
214 212
28 2
3
/
1
4
212 258
2
/ 2
1
4
/
1
4
2
/ 2
1
4
/
1
4
Vs Jan 9
2 8 238 2,700 Keystone Tire & Rubber__ 10
3
314 Feb 5
11 00
/
4
43 Jan
8
75
77
/ 77
1
4
79 "75
77
"78
79
*75
79 "75
300 Kinney Co
No par 75 Feb 14 87 Jan 3
79
5214 May 861 Dec
/
4
*482 499
480 492 *482 499 '493 510 "492 500 '492 .500
Kresge(88) Co
100 481 Jan 28 510 Jan 29 28712 Jan 47514 Den
3212 3212 3213 3212 3134 32
3112 3113 313 3213 311 3112 1,100 Kresge Dept Stores____No par 3112 Jan 21 4534 Jan 7
4
/
4
4212 Nov 6278 June
"138 13914 137 138
131 131 •133 135 *130 135
1,300 Laclede Gas L (St Louls)_100 11014 Jan 5 14212 Feb 6
130 136
79
Jan 113 Nov
•13
1314 123 12
12
8
/
1
/ 1214 12
1
4
/ 124 1214 12
1
4
111 127
/
4
8 2,700 Lee Rubber & Tire_ _No par 115 Feb 20 15 Feb 5
_
2
8 May 1718 Jan
69 8 6912 56114 65
3
*5814 5912 5912 5912 59
/ 60 4 60 4 61
1
4
3
3
2,300 Liggett de Myers Tobnew
25 5913 Feb 18 7112 Feb 6
50 Mar 6834 Dee
*117 118
117 11712 "117 1173 *117 1173 "11712 118 "11712 118
4
4
/
1
4
100
100 11612 Jan 16 11812 Feb 9 1147 July 121 June
Do pref
8
6814 69 8 s59
7
7
60
8 59
58
5913 59
Do "B" new
585
2 58 8 587
/ 6078 4,800
1
4
25 58 Feb 17 70 Feb 6
/
1
4
487 Mar 6812 Dec
8
68 68
65
4
6812 673 6914 6713 6912 9,800 Liras Loo Wks tern etf_No par 6414 Feb 17 744 Jan 14
6712 6414 6612 67
/
1
56 June 71 De°
23
2314 22
2212 2214 2212 2213 22
/ 223
1
4
4 22
/ 2258 23
1
4
11,400 Loew's Incorporated_No par 22 Feb 17 25 Jan 12
1518 June 25 Dec
614 614
618
618
6
No par
612
63
8 74
3
67
8 8
6 Jan 28
7
714 13,000 Loft Incorporated
8 Feb 19
512 Apr
8
/ Jan
1
4
•80
82
79
8014 793 79 4 •79
82
77
77
80
800 Loose-Wiles BLscult
4
3
100 77 Feb 17 86 Feb 10
8112
50 Mar 84 Nov
35
3412 3412 34
/ 345 3514 34
1
4
8
354 3412 3518 34
/
1
25 3014 Jan 24 37 Jan 13
344 10,900 Lorillard new
/
1
/
1
4
3338 Dec 4014 July
*109 111 *109 111
109 109 "108 109 *108 109
100 109 Jan 6 112 Jan 12 112 Nov 117 Feb
Do pref
200
109 109
211 2134 19
/
4
21
20
/ 2118 2018 204 46,200 Louisiana 011
1
4
21
No par 163 Jan 7 233 Feb 3
183 19
4
/ 20
1
4
4
/
1
4
35
33
3414 3414 3312 3612 5,900 Ludlum Steel
36
/ 33
1
4
32
3412 313 33
4
No par 311 Feb 17 401 Jan 19
/
4
/
4
17
Oct 3814 Dec
'116 120
117 117 *116 120 *115 121
115 115 •11511 1173
200 Mackay Companies
100 115 Jan 15 11712 Jan 24 107
4
Jan 119 Aug
13514 14234 131 13738 13612 1383 136 140
143 145
4
No par 117 Jan 16 1481 Feb 10
138 142 101,800 Mack Trucks, Inc
/
4
753 Apr 1184 Dee
4
/
1
106 106
109 10918 109 109 .108 109
'107 109
10712 10712
Do 1st pref
600
100 104 Jan 27 10918 Feb 18
95
/ Jan 10714 Dec
1
4
1023 1023 103 103 41103 10412
4
4
10213 10212 10212 10212 *1023 103
4
400
Do 28 pref
100 99 Jan 2 103 Feb 19
87 Apr 10114 Dee
'140 145 31140 145 *131 135 *134 138 *133 138 *134 138
Do 2d paid
116 Jan 5 137 Feb 9
93 Oct 115 Dec
755 755
8
8 74
7412 7414 7412 7412 7412 75 4 2,800 Macy(R II) de Co; Inc_No par 69 Jan 3 8413 Jan 10
75 4 7213 73
3
3
/
1
4
59 May 7112 Dec
405
8 3912 40
4012 405
8 39
/
4
8 39
3
3914 40 8 10,800 Magma Copper
/ 40 8 381 393
1
4
3
/
4
No par 381 Feb 17 4414 Jan 2
2618 June 455 Dee
8
3034 32
2832 3012 28
30
293 3014 2952 303
4
8 29 8 30
5
8,000 MallInson (H R) & Co_No par 27 Feb 2 3712 Jan 23
18 Mar 4112 Dee
85
85
*82
•82
•80
834 '82
85 '82
87 '
582
Do pref
/
1
85
100 82 Feb 9 86 Jan 16
7834 July 93 Dee
51
'45
51
•50
51
51
51
50
50 '49
200 Manatl Sugar
'50
51
No par 50 Jan 5 53 Feb 10
45 July 693 Mar
4
8212
•80
84 "80
8212 .80
8212 '80
8212 *80
8212 "80
Do pref
100 797 Jan 31 82 Feb 9
8
78
Oct 87 Mar
4234 4234 4218 44
4212 44
44 441 *444 44 '4414 444 1,400 Manhattan Elea SupplyNo par 421 Feb 16 54 Jan 3
/
4
/
1
/
1
4
/
1
/
4
3314 Mar 493 July
4
257 26 '25
7
8
/ 25 4 2514 2514 2518 25 8 2512 255
1
4
3
8 257 263
8
8 4,200 Manhattan Shirt
25 254 Jan 20 303 Jan 3
/
1
Jan
4
2612 Dec 44
*2914 2912 29
2914 '
529
293
8 29
29
2914 2914 2914 2914
000 Manila Electric CorD__No par 29 Jan 28 30 Jan 3
2834 Dec 3112 Dee'
3
2918 29 4 285 30
3012 311 2712 30
/
4
2714 29
s
/ 29 3014 18,500 Maracaibo Oil Espl___No par 2714 Feb 17 3512 Jan 31
1
4
245 Oct 37
8
/ Jan
1
4
42
4312 441 4113 4312 411 4212 4218 43
/
4
/
4
43
4214 43
73,600 Marland Oil
No par 3814 Jan 2 4614 Jan 31
29 May 42 Feb
8
8
11
4
11
•1034 1134 103 11
'1012 1114 *1052 1118
400 Marlin-Rockwell
No par
8 Feb 17 124 Jan 22
/
1
4
8 Jan
172 Mar
/ 333 333
1
4
34
33 *3218 33
344 33312 3313 a33
/
1
2
8 3134 32
1,400 Martin-Parry Corp_ __ _No par 3134 Feb 20 3718 Jan 7
/ Jan
1
4
311 Nov 37
/
4
68
6938 6712 6913 6612 6814 10,000 Mathleson Alkali Works__ 50 51 Jan 6 733 Feb 11
685
8 6512 67
6714 6812 66
29 May 5834 Dec
/
1
4
4
81
813 8214 8014 813
4
8212 83
/ 7814 8212 79
1
4
4 8118 82
19,600 Maxwell Motor Class A_.100 744 Jan 27 83 Feb 11
/
1
/
1
4
38 Apr 8418 Dec
42
/ 43
1
4
/ 3912 423
1
4
4 391 423
/
4
4 4112 427
2 413 42 8 425 433 85,900 Maxwell Motor Class D No par 3314 Jan 27 444 Feb 11
4
7
8
8
/
1
1018 Apr 3934 Deo
8
10234 10412 104 105
10612 107 31035 105
/
1
4
1033 104
4
8 8,000 May Department Stores___100 1023 Feb 17 1113 Jan 2
105 1053
4
4
8212 Apr 115 Dec
85
•87
85
89
*85
*86
86 '85
92
88
285
200 McCrory Stores Class B No par 85 Feb 10 9412 Jan 13
85
86
4
Oct 1063 July
2
4 175 175
4
4 173 173
17
17
/ 173 173
1
4
8
8 1752 175
8 17
/ 177
1
4
8 3,800 McIntyre Porcupine Mines_
16 Jan 2 Ins Feb 20
14 Dee 1814 Jan
/
1
4
10012 10012 *100 101 "100 101 *10013 101
5100 101
No par 98 Jan 7 10013 Feb 16
1004 10018
200 Metro Edison Power
/
1
901 Apr 101 Dee
/
4
20 20
'19
19
19
2012 1918 20
203 2018 20
8
20
600 Metro-Goldwyn Pictures p1_27 18 Jan 3 2214 Feb 5
15 Sept 19 Dee
/
1
16
4
16
1514 1614 143 1514 144 1618 1534 1614 15 4 16
3
16,200 Mexican Seaboard 011 No par 14 Feb 17 2211 Jan 6
/
1
4
1418 Jan 25 Sept
/
1
4
8 2112 223
8 2118 215
224 223
/
1
8 211 213
/
4
4 2138 2112 2114 2113 8,300 Miami Copper
5 211 Feb 17 2434 Jan 13
/
4
20 May 25 Aug
11 112
/
4
11 112
/
4
11 112
/
4
112 112
11 112
/
4
11 11 9,400 Middle States 011 Corp__ _ 10
/
4
/
4
11 Jan 2
/
4
11 Jan 13
/
4
1 Aug
678 Jan
1003 11013 *10012 I0114 10011 10012 *971 100
8
/
4
100 100
100 100
500 Midland Steel Prod prat__ _100 06 Jan 2 104 Jan 14
9112 June 93 Nov
*26
30 '26
30 .26
30 '26
30 '26
30
*26
Midvale Steel
50 29 Feb 2 3018 Jan 10
30
2312 Oct 3414 Feb,
673 67
4
/ 67
1
4
/ 6812 6714 6714 673 6813 6312 704 693 7014 6,400 Montana Power
1
4
4
/
1
100 671 Feb 17 72 Jan 3
4
/
4
6114 June 743 Den
4
4912 50
/ 47
1
4
/ 49
1
4
4618 43
/ 4758 4814 4718 483
1
4
8 48
5012 103,200 Montg Ward & Co III corp_ 10 4618 Feb 17 554 Jan 13
/
1
2134 May 4812 Dec
241 241 2313 2414 23
/
4
/
4
23
/ 24
1
4
/ 233
1
4
4 24 '24
23
/ 2352 2,500 Moon Motors
1
4
No par 23 Jan 30 2512 Jan 13
1712 Oct 2712 Feb
818 818
8
81
/
4
8
84
8
8 12
8
8
8
CoalltIon_No par
8
8 Feb 16
11,100 Mother Lode
918 Jan. 2
6 May
914 Feb
16
16
17
•16
•1614 1718 "16
17
16
16
16
2112 5,000 Mullins Body Corp
No par 141 Feb 2 2112 Feb 20
/
4
9 Mar 1814 Dec
*33
34
*3214 34
*3214 334 '3214 33 '324 3313 *321 331.
/
1
/
1
/
4
No par 324 Feb 9 34 Jan 23
Munsingwear Co
/
1
2918 July 3914 Jan
26412 26412 250 26412 25012 25712 260 263 *255 259 *254 261 -I 2,100 Nash Motors Co
/
1
4
9612 Apr 204 Des
No par 19313 Jan 5 290 Jan 19
105 105 *105
__ '
5105 _ __ •105 10512 *105 10518 11105 10512
100 1034 Jan 21 10513 Jan 16
Do pref
981 July 1011 Nov
/
1
/
4
/
4
300
'6
7
7
6
614 _6
612 "614 *57
1,200 National Aetna
7 Jan 13
/
1
4
8 7
50
54 Feb 20
/
1
33 Oct 1018 Jan
4
57
2 6
6812 6834 66
6812 6612 671 6712 69
/
4
69
6914 .6812 69
5014 Mar 7714 Sept
25 66 Feb 16 75 Jan 2
9,700 National Biscuit
1124
_
__ 12512 12512 12414 12414
_ '125
__ *125
100 12414 Feb 20 1263 Feb 10 12012 Jan 1263 Dec
200
Do pref
4
4
122-69 6914 "66 '65 /0
88
68 -80
68
6813 69 "68
44 June 704 Dee
900 National Cloak di Sult
100 66 Jan 20 78 Jan 26
/
1
103 103 *101 103
103 103
103 103 '101 103 *101 10212
9112 Mar 1004 Dee
300
100 99 Jan 13 104 Jan 29
Do prof
/
1
458 4514 4513 5,300 Nat Dairy Prod tern ctfANo par 42 Jan 2 481 Jan 28
1
8 4512 4614 4412 4538 4412 4534 45
4633 465
3018 Apr 4414 Deo'
/
4
4118 4118 4118 411 42
4118 4118 41
/
4
4134 42
411 42
/
4
361 Oct 43
/
4
2,600 Nat Department Stores No par 3312 Jan 2 4214 Feb 11
Jan
1100 1005 100 1005
8
8 99 100 .100 1005 100 100
8
100 100
923 June 101 Dec
8
100 99 Feb 17 102 Jan 2
Do pref
400
6512 6212 64
65
/ 667
1
4
8 64
65. 67
66
67
6712 6713 4,300 Nat Distil Prod pref___No par 5212 Jan 8 6713 Feb 10
3012 Aug 54 Dee"
3312 341 33313 3412 3314 33
/
4
/ 33
1
4
/ 33
1
4
/ 3314 333
1
4
4 34
3418 4,600 Nat Enam & Stamping_100 33 Jan 2 364 Jan 21
/
1
1812 Seta 444 Jan
/
1
85
85 '83
86
*83
86
"84
87
"83
86 '
583
86
67 Sept 89
100
100 811 Jan 7 8934 Jan 12
Do prat
/
4
Jan
1160 162
157 160
15512 15814 15914 162
160 16414 159 4 1593
3
4 6,500 National Lead
/
1
100 15512 Feb 17 1664 Jan 9 12312 Apr 16914 Aug
111614 117
/ 11712 11712 '11612 118 "11614
1
4
_
'11614 -'11614
100 116 Jan 5 11713 Feb 13 11113 May 118 Sept
Do Prof
100
66
675
8 6518 66
67
68
663 - _- 663 - / 66 -i6
4 1c63
1
4
( 4
3,700 National Supply
4 66
5412 Oct 7212 Feb
/
4
50 611 Jan 2 71 Jan 29
153 1512 15
8
1514 1418 144 144 1514 1514 1512 15
/
1
117 Jan 163 D80
8
/
1
8
/
4
1514 4,000 Nevada Consol Copper_ ___ 5 141 Feb 17 163 Jan 7
4
53 53
5012 51
4912 507
3618 Apr 57 Dee
2 5014 5112 51
5112 51
511 3,300 NY Air Brake tern etfs_No par 4912 Feb 17 5612 Jan 3
/
4
5512 5512 55
/ 5512 55 55
1
4
5514 5514 *55
5512 *5514 5512
500
No par 5412 Jan 31 67 Jan 7
Do Class A
4714 Jan 57 Dee
*32
/ 3312 •3218 3314 323 3318 '323 3314 *323 33
1
4
4
4
32 June 37 Dee
33
4
33
300 New York Canners__No par 3214 Feb 17 3512 Jan 8
*27
29
28
29
27
27
*2713 29
2712 2712 28
19
2314
800 New York Dock
8
100 251 Jan 28 307 Jan 5
/
4
Jan 3718 May
"5714 573
4 57
/ 571 563 563
1
4
53 '5714 59
/
4
100 5218 Jan 14 533 Feb 20
4
4 58
411 Feb 554 May
58 4 583
/
4
3
4
Do prof
4
400
/
1
'55
5712 5712 '56
__ *56 . . 100 Niagara Falls Power
___ .56
.._ '56
42 Sept 47 May
100 4518 Jan 5 5712 Feb 11
2812 *2818 •2814 2812 2812 2813 '2818 1813 '2818 1812 2812 2312
200
25 28 Jan 5 29 Jan 2
Do prof
27 June 29 Sept
473
8 45
4738 47
463
8 464 43
8 465 473
/ 45
1
4
8
8 4618 475
/
1
10 411 Jan 5 484 Feb 11
22 Jan 45 Deo
/
4
/
1
87,500 North American Co
4734 47
47
/ 48
1
4
/ 48
1
4
8
4
48
50 465 Jan 2 48 Feb 10
4778 47
43 Jan 5014 July
43
/ 473 48
1
4
/
1
4
48
2,300
Do pref
10
10
10
8 Jan 16 1018 Jan 30
10
10
10
10
'9
10
10
7 Apr
10
10
913 Deo
800 Nunnally Co (The)__ __No par
Ontario silver Mining
6 Jan 16
*512 6
*512 6
*512 6
100
5 Jan 22
/
1
4
*513 6
*513 6
*512 6
434 Mar
83g Oct
183 Jan
8
2018 '20
22 Feb 19
22
2018 20% 2014 22
20 .20
No par
20
*22
18 May 30
25
400 Onyx Hosiery
Jan
8 2713 273 x2712 28
28 Feb 20
8 2712 2713 2712 275
1 253 Jan 1
4
4
4 2712 277
6,500 Orpheum Circuit, Ins
2712 273
18 Feb 29 Dec
8918 8928 88
9212 Jan 10
89
50 88 Feb 1
/
1
4
89
89
1,900 Otis Elevator (k)
/ 89
1
4
684 June 92 Dec
9012 9612 8914 9012 89
/
1
9 Jan
/
1
4
1178 Jan 31
9 8 1018
5
1014
10
9
/ 1012
1
4
1018 10,800 Otis Steel
No par
9
/ 10
1
4
sts Nov 111 Jan
104 1012 10
/
1
/
4
100 56 Feb 2
56
611 Feb 2
/
4
Do prof
44
604 5912 5912 *56
/
1
600
3
/ 56
1
4
59
/ 59 8 59
1
4
*6014 6212 60
Oct 7434 Mar
4512 463
8 4512 45 4 4552 46
8 4434 45
25 443 Feb 1
3
4
507 Jan 3
8
3914 May 4714 Jan
4,900 Owens Bottle
4618 4618 45% 463
10812 Feb 11
107 10712 107 10714 1,500 Pacific Gas & Electric
100 10212 Jan
9018 Jan 105 Dec
10752 1075 10712 10712 10614 107 "106 107
8
5
9 Jan
1014 Feb 5
913 912 '912 101 '97 1014 1,000 Pacific Mail Steamsblp
10
10
7 Apr 103 Jan
10
/
4
8
10
10
10
4
4 59 8 611 6018 62 152,900 Pacific Oil
651 Jan 31
/
4
5
/
4
5013 Feb I
60 4 613
3
8
45 Apr 581 Feb
8 5912 62
/ 595 61
1
4
623 637
8
/
4
/ 165 1712 1718 173 77,900 Packard Motor Car
1
4
8
10 15 Jan 1
1712 Feb 19
1618 1614 17
9 May 1612 Dee
/
1
4
8
/ 1614 16
1
4
/
4
16
161 15
10714 *10612 108 *10613 108
100 10214 Jan
10714 Feb 13
/
1
4
Do pref
300
- 107
8913 Apr 10214 Dec
1064 107 *10313 104.
/
1
7214 74
50 64 Jan
/
4
7312 7612 74,000 Pan-Amer Petr & Trans
7612 Feb 20
441 Feb 65 Des
/
4
/ 71
1
4
/ 68
1
4
72 •106- 18 711 73
7314 741 68
/
4
50 63 Jan
/
1
4
7334 7718 373,300
7718 Feb 20
5
Do Class B
7218 7312 72 2 74
4114 Feb 641 Dee
691 72
/
4
73
7312 75
69
/
4
3 Jan
/
1
4
53 Jan 26
2
4
/ 4
1
4
/
1
4
4
/ 5
1
4
4
/ 4
1
4
1,400 Panhandle Prod & Ret_No par
/
1
4
113 Sept
4
/ 4
1
4
3
*4
434
4
/ 44
1
4
418 Jan
112 Jan 1
8 13
4 "13
11 Feb 11
/
4
Parish & Bing stamped_No par
/
1
2 13
/
4
4 *11 13
3 July
4
4 *11 14 *15
/
4
8 13
4
13 Dee
'15
8 134 *15
4
30 Feb 1
3012 3014 3012 3012 3212 6,500 Park & Tilford
3512 Jan 10
No par
3014
24 Sept 353 Dee
31
8 30
3012 313
"311 32
/
4
4
/
4
/
4
263 Jan 2
8
50 19 Feb
1912 1912 191 1918 191 1912
181 Nov 3018 Jan
/
4
700 Penn Coal & Coke
"1918 20
*20
2018 20 20
8
13 Jan
4
212 25 54,000 Penn-Seaboard St'l vto No par
212 25
8
/
1
4
3 Jan 9
118 Oct
22 2
3
213 23
/
1
4
214 2
3
414 Jan
4
214 2 4
100 112 Jan 1 121 Feb 11
11512 11512 11534 11534 1163 1163
8
92 Apr 11912 Dee
8 2,800 People's G L &0(Chic)
114 116
/
1
4
11718 11712 11512 117
54
/
4
/
1
54
3
54% 2,800 Philadelphia Co (PIttsb)- 50 524 Feb 17 571 Jan 7
427 May 5712 Des
8
/ 53 4 54
1
4
/ 53
1
4
5312 5414 5212 53
*5414 55
50 4512 Jan 5 47 Jan 13
3
Do pref
4 4613 4612
200
4214 Jan 47
*4512 4612 45 4 453
46
•46
/ 545
1
47
4612 464 '
Jan
/
4
8 4712 48% 47 473
4 47
48 4 21,000 Phila & Read C & 2w l_No par 461 Feb 17 5212 Jan 9
3
341 Mar 541 Den
/
4
48% 4614 475
483 48 8 47
8
7
/
4
No par 48 Feb 13 5013 Jan 23
8
/ "4612 4714
1
4
/
1
4
Do pref
35 Mar 52 July
/ *4634 4712 *46% 4712 *4714 4814 "463 47
1
4
*4814 48
/
1
4
70
70 "65
65
*65
65
100 Phillips-Jones Corp_ __ _No par 65 Feb 20 9018 Jan 12
68
44 May 88 July
*65
70
*65
76
*60
2
1414 144 3,500 Phillip Morris & Co, Ltd_100 1314 Feb 3 1614 Jan 5
/
1
/ 1312 1418 143 15
1
4
133 13
8
11 July 23
8
1414 143
4 135 14
/ Jan
1
4
No par 3658 Jan 5 461 Feb 2
4312 417 43% 100,400 Phillips Petroleum
2
/ 4312 42
1
4
/
4
2812 Oct 4213 Apr
43
8
/ 4412 40 4 43
1
4
3
/ 407 4214 42
1
4
4
4 1212 1314 7,900 Pierce-Arrow Mot Car_No Dar 117 Feb 17 15 Jan 13
8
2
61 May 16 Dee
/
4
117 1212 125 1314 123 123
1318 13
8
/ 12
1
4
13
/
1
4
100 4512 Feb 5 513 Feb 13
Do pref
48 8 4918 484 4834 4812 5012 8,500
3
4912 5072 475 4912 473 48
2
1812 May 54 Dee
8
8912 '86
No par 86 Feb 17 90 Jan 12
Do prior pref
8912
89
/ *86
1
4
400
*86
87
86
087
893
5912 June 95 Dec
4 87
87
4
25
13 Jan 2
312 Feb 5
/ 5,700 Pierce Oil Corporation
1
4
8
2
/ 2
1
4
4 23
7
21 27
/
4
234 2 8
7
23
234 278
28 3
7
112 Apr
412 Jan
35 '
534
35
1,200
*3812 3712 35
100 2512 Jan 2 371 Feb 4
Do pref
/
4
3314 3414 *34
3512 3318 34
20 Mar 36
Jan
53 Jan 2
4
/ 28,200 Pierce Petroleum
1
4
814 Feb 5
No par
7
/ 7
1
4
73
8 7
/
1
4
7
714
714 712
712
713 7 8
4
5
/ Oct
1
4
7
53 Dec
4
/
1
4
4 50
/ 503
1
4
100 43 Jan 5 5412 Jan 13
4 50
/ 51
1
4
503 503
4
5,700 Pittsburgh Coal of Pa
50
/ 51
1
4
51
5114 513
8 51
47 Dec 633 Mar
/
1
4
4
100 9712 Jan 28 99 Jan 5
Do pref
100
'9712 9312 9713 9813
'
944 Aug 100 Apr
/
1
/ 9912 *9713 9912 98 98
1
4
*9712 9912 '97
*99 100
*95 100
200 Pittsburgh Steel pref
100 10012 Feb 10 10213 Jan 8
*95 100
/
1
10012 1004 *95 100
*95 100
95
Jan 103 Aug
563
4 56
56
5714 1,300 Pitts Term Coal recta
58
100 56 Feb 13 6334 Jan 17
57
59
58
58
/ 57
1
4
567 56
8
58 Dec 633 Doe
/
1
4
4
7
100 85 8 Jan 2 88 Jan 6
Do prof receipts
3
/ 87
1
4
*887 8712 *85 8 8712 *3513 8712 '8512 8712
8
83 Dec 873 Dec
"867 8818 '86
8
4
14
/
1
4
1,700 Pittsburgh Utilities pref
14
100 13 Feb 9 1513 Jan 2
14
14
14
14
*137 14
141 1418 14
8
/
4
14
9 Jan 164 Dee
/
1
4
/
1
/ 14
1
4
"1352 14
Do pref certificates_ _ _ 10 14 Jan 24 15 Jan 15
'14
1412 *14
*135 14 '13
8
1412 *135 14
8
1118 Feb
1612 Dec
102 107
/ 105 1063 98,400 Postum Cereal Co Inc_No 8t 9314 Feb 16 1075 Feb 19
1
4
8
9613 9712 9314 9634 94
99 107
/
1
4
98
8
4812 Apr 10312 Dee
•
11612 ____ 11612 11612
200
11612 117 .11612 117
10 11513 Feb 3 117 Jan 13 110 Feb 117
DO 8% prof
1154 117 '115 117
/
1
Oct
•Bid and asked Dr ces; no soled on this day.
z Es
-dividend.
a Ex-new rights.
n No par.
a Es
-rights.
937
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 14.
Monday,
Feb. 16.
Tender,
Feb. 17.
Wednesday. Thursday,
Feb. 18.
Feb. 19.
Sates
for
the
Week.
Friday,
Feb. 20.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range for Preston.
Year 1924.
Lowest
Highest
per share $ per share $ per share Shares. Indus. & Miscell.(Con.) Par $ Per share $ Per share $ Per share $ per Shan
$ per share $ per share $ per share
57 4 58
8
5712 577
39 Aug 62 Jan
100 5612 Feb 16 69 Jan 23
8 588 5812 3,400 Pressed Steel Car
8
5612 57
617 614 5612 60
8
/
1
*85
Do pref
88 .85
88 '85
87
67 Aug 90 Feb
88
*85
100 85 Feb 16 9212 Jan 3
200
85
85
*85
86
8 2812 2812 2812 287
/
1
8
8 2818 285
22 4 Apr 4312 Jan
3
29
295
8 274 2812 277 283
8 6,900 Producers & Refiners Corp_ 50 2712 Feb 16 324 Feb 3
8
6914 6938 7014 10,000 PubServCorp of NJ newNo par 6712 Jan 14 72 Jan 23
39 Mar 70 Dots
7018 6812 69h 687 69h 69
704 7012 69
10112 10112 *10112 102 *101 102 •101 102
9612 Mar 10118 Dee
Do 7% pref
102 102
100 99 Jan 7 102 Jan 27
400
*1004 102
994 Apr 115 Dee
Do 8% pref
•111 113 *109 112 •111 112 *110 112 *111 112 *111 112
100 110 Jan 5 11218 Jan 28
13518 1384 139 13912 13634 13834 138 13912 18,800 Pullman Company
/
4
/
4
4
/
4
100 1351 Feb 17 1511 Jan 3 11312 Apr 1511 Dec
14014 14214 1358 140
424 4278 4214 4212 43
427
/
1
4
4312 5,200 Punta Alegre Sugar
37 Dec 67 Mar
/
1
4
4314 41
SO 3912 Jan 2 474 Jan 7
4314 4312 42
317 324 308 313
8
g
20 June 304 Des
/
1
4
4 297 3012 3012 3114 305 4114 307 3138 34,900 Pure 011 (The)
25 294 Jan 6 334 Feb 4
1057 1057 •10512 10612 *10512 107
8
8
105 105
92 Jan 1054 Dec
Do 8% pref
300
100 10212 Jan 5 10814 Feb 2
106 108 *105 106
6014 615
58 8 61
,
59
/
1
4
257 Oct 68 Dee
8
584 62511 5714 62
4
623 64
6212 120,600 Radio Corp of Amer....No Par 5714 Feb 17 7778 Jan 2
8
513 513
4
4 51h 517
Do pref
4 517 517
5114 5212 513 511
53
457 Oct 50 Dots
8
4
g
8 1,100
50 493 Jan 5 54 Feb 4
*52
/
1
4
Jan 137 Dee
4
100 12212 Feb 17 1413 Jan 5 106
6,600 Railway Steel Spring
*131 1328 12614 13012 12212 12614 12612 12612 127 12734 12712 133
4
3712 *3314 3412 *33h 3412 *3314 3412
30
Jan 3312 Nov
3514 35 4 *33
,
/
1
/
1
4
No par 33 Jan 7 354 Jan 22
100 Rand Mines. Ltd
*354 36
15 4 15' 16
3
153 163
4
1584 15
8 155 164 30,300 Ray Consolidated Copper- 10 144 Jan 30 17 Feb 9
157 1618 15
8
9 Mar 1712 Dee
/
1
4
/
1
543 15,600 Remington Typewriter_......100 4 / Jan 27 543 Feb 20
4 47h 4818 4812 50
4978 517s 52
3214 Jan 54 Dee
49 4918 4778 483
/
1
4
8
61
4
*983 10114 "98h 10114 *983 10114 *9834 10114
4
•98h 105
9014 July 993 Dec
4
100 100
4
Do 1st pref
100 100 Jan 2 100 Jan 2
100
•110 11214 •110 11214 *110 11214 *110 112 .110 11214 .110 11214
9012 May 110 Dee
Do 2d prat
100 109 Jan 21 112 Feb 2
8
4
187
8 168 178
193
8 16
74 June 2314 Nov
4 177 1814 18
19
8
1814 177 187 20,200 Replogle Steel
/
1
4
No par 16 Feb 16 23 Jan 13
13
4
534 5513 5012 5318 493 5112 5114 53
42 June 633 Dee
5114 52
100 493 Feb 17 6438 Jan 3
51
53
/ 27,200 Republic Iron & Steel
1
4
0
93
91
1090
82 June 95 Mar
*90
93
92
9313 9312 9218 9218 91
Do prof
93
100 91 Feb 17 95 Jan 13
400
153
8 1512 15 4 1514 151
8
1512 163 11,000 Reynolds Spring
/ Jan
1
4
9 May 22
/
1
4
8
3
155 1612 1558 15 4 15
8
No par 15 Feb 17 18 Jan 5
7614 743 753
4
4 75h 768 7618 7718 763 783 11,900 Reynolds(R J)
76
7714 74
611 Mar 79 Dee
8
'rob Class B 25 724 Jan 29 78% Feb 10
/
1
4
4
/
1
4
12012 12012 1204 1203 1205 1205 *1203 121
/
1
8
8
8
8
*12018 121
Do 7% pref
1203 121
4
/
1
300
8
100 1197 Jan 8 1204 Feb 17 11514 Mar 121 June
951 9514 9618 9618 9612 9712 1,000 Rossia Insurance Co
95
95
*9412 954 95 95
86 Mar 96 Sept
/
1
4
25 92 Jan 19 97 Feb 20
55
5614 543 5558 5414 55
5512 5518 553
/
1
4
55 4
8
/
1
4
403 Sept 59 Feb
8
4 5518 553 50,100 Royal Dutch Co(N Y shares)_
/
1
4
51/ Jan 21 57 Jan 31
1
4
1
4
/ 423
1
4
8 4114 413
4
41
41
4112 4212 4012 4114 39
41
/
1
4
22
Jan 45 Dee
/
1
4
10 39 Feb 17 4618 Jan 21
4112 9,800 St Joseph Lead
91
9312 9258 9538 9284 9414 96
96
7
7
92 8 94 8 92
s
32
/ Jan 887 Dec
1
4
9918 79,900 Savage Arms Corporation_100 83 Jan 14 9918 Feb 20
811012 11112 110 110% 11212 11212 11212 11312 112 113
114 115
964 14pr 1294 Aug
/
1
g
11,350 Schulte Retail Stores_ No par 110 Feb 17 1167 Feb 9
•11212 11412 *11314 11412 11412 11412 11412 11412 115 115 "1123 115
/
1
4
4
Do pref
350
100 110 Jan 6 115 Feb 19 105 May 112 Dee
1565 16012 15112 15684 156 1573 15414 15712 15512 1594 36,700 Sears, Roebuck & Co
8
16014 162
8
78 May 155 Dee
/
1
4
/
1
4
100 148 Jan 6 172 Jan 13
14
3
2
14
2
8
14
15
h
614 Jan
14
3
s
12
Is May
/
4
No par
11 Jan 5
h
14 16,000 Seneca Copper
Is Feb 20
7
612 63
4 *6
67
8 7
116h 7
7
7
8 July
4 Apr
63
4 68
7 Jan 3
/
1
4
614 Jan 31
700 Shattuck Arizona CoPPer- 10
435 4358 *43
43
8 43
43
/ 43
1
4
/ 4338 438
1
4
221e Deo
44
33 Jan 42Deo
43
/ 434
1
4
/
1
/
1
600 Shell Transport & Trading- 32 41 Jan 16 454 Jan 30
2518 265
2
8 245 26
263 27
8
154 July
/
1
25 4 263
3
8
4 257 2658 142,400 Shell Union 011
No par 2212 Jan 6 283 Feb 4
658 27
8
101 101
8
*1007 10112 •1007 102
8
1007 1007 101 101 *101 102
8
8
9112 Jan 9912 Dee
Do pref
/
4
100 991 Jan 2 10112 Jan 24
300
2012 213
217 2212 20'i 22
8
8 21h 2214 2112 2214 2114 22 62,000 Simms Petroleum
8
103 Jan 24 Dec
4
10 2014 Feb 16 263 Jan 12
3512 6,600 Simmons Co
`36h 36s 3514 3612 341 35
35
3512 3412 3514 35
22 Apr 37 Dee
No par 32 Jan 16 384 Feb 6
/
1
/
1
4
228 23h 2138 2212 20h 2114 218 2218 215 2214 2178 2212 85,500 Sinclair Cons 011 CorD_No par
4
4
/ Jan
1
4
8
15 July 27
8
17 Jan 6 247 Feb 2
*89
90
91
90
90
19012 91
90
89
*88
89
75 Oct 90 Jan
Do pref
90
/
4
800
100 783 Jan 2 941 Feb 3
4
8 27h 2812 2814 283
2914 2912 2712 293
4 2818 283
1718 July 29 Feb
8
4 283 28 47,300 Skelly Oil Co
84
25 2418 Jan 6 3012 Feb 3
9114 11,200 Sloss-Sheffield Steel & Iron 100 82 Jan 5 97 Feb 5
86
9018 9112 8814 90
8812 8912 2112 89
9012 89
8
52 May 847 Des
*6.4
65
065
6612 65
66
*65
67
/
1
4
Oct 95 Mar
*65
66
58
66
66
200 South Porto Rico Sugar- A00 62 Jan 6 69 Jan 23
18
1612 17
1512 1612 1612 17
•17
738 June 20 Dots
8 167 1712 3,700 Spicer Mfg Co
No par 1512 Feb 17 19 Jan 7
/ 16h 173
1
4
/
1
4
8
*94
96
*94
96
*94
96
•94
96
*9414 96
78 July 9814 Doe
Do pref
•94
96
100 94 Jan 21 96 Jan 5
423 4314 4184 4278 408 4112 417 4234 4212 433
4
4
8
/
4
3112 May 411 Dee
8 43
4314 12,290 Standard Gas & El Co_No par 4014 Jan 2 46 Jan 10
•6812 67
668 663
4
4 6618 6618 *6334 67
*66
*66
70
3912 May 7334 Dec
100 6618 Feb 17 7112 Jan 5
200 Standard Milling
70
88
84
84
•80
*81
*8212 86
86 .80
70 July 85 Mar
Do pref
86
100 81 Jan 20 84 Feb 16
100
*80
86
.641s 6512 Allh 63h 615
6284 63 4 62 4 6358 6212 6418 52,200 Standard Oil of California- 25 61 Feb 16 6714 Feb 2
3
5512 Apr 6812 Jan
/
1
4
3
4312 4514 43
45 8 46
3
44
4414 447
8 4418 443
4 43 8 45
89,800 Standard 011 of New Jersey 25 4014 Jan 2 4712 Feb 3
7
33 May 4214 Jan
8
"118 1183 1184 11814 1184 11858 *118 119
Do pref non-voting,___100 11634 Jan 31 11834 Feb 19 1153 Mar 1194 Aug
1183 11884 11812 1183
4
/
1
4
4 1,500
1212 13
• 12
14
13
137
8 1318 1312 1314 1312 1212 1338 3,200 Stand Plate Glass Co_ _No par 10 Feb 11
16 Jan 16
131g Oct 3514 June
6312 63
*63
63 63
63
No par 6212'Jan 17 65 Jan 23
*63
600 Sterling Products
6312 *63
6312 6312 6312
5512 Apr 6512 Nov'
714 74
6814 717
674 697
8 70
4812 July 1004 Jan
713
4 6914 7112 70s 7214 28,500 Stewart-Warn Sp Corp_No par 6712 Feb 17 7778 Jan 3
/
1
71
71
70
66
70
677 *6712 70
8
8
5412 May 847 Jail
700 Stromberg Carburetor,No par 6514 Jan 12 79 Jan 3
/
1
4
45
45h 4212 45
4212 4314 435 44
3012 May 4614 Dec
7
0
*47
63
64
4913 *43
4
6714 44 69,700 StudebrCorp(The)n w I No par 4114 J81128 463 Jan 2
*11014 115 *11414 115 *11414 115 *11414 115 *11414 115 *11414 115
Do pref
100 114 Jan 29 11434 Jan 19 1097 Nov 115 Jan
8
93
9
9 8 912
,
87
8 918
123 Dec
8
No par
10,100 Submarine Boat
6 Nov
87 Feb 17 11 Jan 13
8
87
94 914
9
914
9
Na par
58 54
5
,
818 Aug
4 Jan 17
/
1
4
5
514
23 Jan
8
618 Feb 9
53
/1 55
5
54
,
514 512 12,700 Superior Oil
53
8 53
4
33 33
32
33
32
No par 31 Feb 18 413 Jan 10
31
31
*31
23 July 35 Dots
8
1,100 Superior Steel
31
31
*3012 32
...VI 1015 *912 1012
3 Jan
50
400 Sweets Co of America
11 Sept
/
4
9 Jan 23 1134 Jan 7
,
9 4 984 •912 9 4
,
912 912
9 4 9;
8
*1414 1412 1312 14
No par 117 Jan 15 15 Feb 7
13
8
1312 *1312 1412 *1312 14h
4
614 June 143 Dec
14
1414 2,200 Telautograpla Corp_
9
9
934 Jan
83 Jan 28
8
No par
83
4 878
8h 9
6 Mar
/
1
4
94 Jan 31
/
1
8 8 85
5
8 3,100 Tenn Copp & C
834 834
83
4 87
8
483 48h 4718 4814 4612 47
8
8
/
1
4
4714 473
373 June 458 Jan
4
8 4714 47 4 473 47 4 53,800 Texas Company (The)__ __ 25 42 Jan 5 49 Feb 2
8
10318 1037
8 98 103
57 Apr 110 Dos
/
1
4
10 9712 Feb 17 10914 Jan 23
8
9712 995 100 1017
13
8 9914 1027 1003 10214 43,300 Texas Gulf Sulphur
8
2118 2178 18
Oct 151g Feb
21
8
2
175 1918 1912 2014 183 20
8
4
1914 197 76,500 Texas Pacific Coal &(Mi.__ 10 1112 Jan 5 233 Feb 6
3
14612 1481 14412 1477 *142 145
100 130 Jan 2 149 Feb 2 11614 Oct 151 Feb
3,800 Tidewater Oil
144 1447 *143 145 *143 145
8
8
4112 4212 45,200 Timken Roller Rearing_ No par 384 Jan 30 4412 Feb 13
,4384 4488 42
Jan
3112 May 41
/
1
4
4384 2493 418
4 4158 4258 414 42
7412 743
8
52 Apr 733 Dee
59,400 Tobacco Products Corp _.100 70 Jan 2 80 Feb 20
73
75
725 757
8
8 7514 77
763 7814 773 80
4
955
96
8
Do Class A
9614 95
834 Mar 9312 Oct
100 934 Jan 2 983 Jan 13
9684 95
9614 9612 9612 9718 9718 9818 6,700
61 Jan
/
4
512 Jan 12
4
412 47
43
4 5
4
43
8 43
33 Apr
412 47
8
8
3 Jan 2
/
1
4
412 43 39,800 Transcontinental 011_ __No par
44 43
4
4
*28
28
30
*28
28
283 Oct 351g Jan
8
400 Transue& Williams St'l No par 2714 Feb 4 35 Jan 10
29
*28
2912 277 284
2912 *28
3912 391
3918 3912 3918 3914 3918 3914 393 40
25 39 Feb 2 42 Jan 15
Jan
361 Sept 43
/
4
1,900 Underwood Typewriter
*3914 40
4
4212 425
8 42
.i00 38 Feb 2 4512 Jan 2
4212 41
41
41
3312 Sept 645 Feb
1,100 Union Bag & Paper Corp.
40
s
4012 4012 41
40
• 14
3
.30 .30
.21 Jan 3
No par
.25 .25
18 Feb
% Ant
.37 Feb 6
.32 .32 6,50 Union 011
.30 .32
.25 .34
' 4134 421
393 4112 393 41
4
/
4
25 371 Jan 16 433 Feb 5
4
35 Nov 39 Nov
8
4118 4214 403 417
4114 4184 42,90 Union 011, California
4
•121 124
12012 12118 11912 120 *119h 121 •119 122
100 11812 Jan 17 12738 Jan 28
1,20 Union Tank Car
8
94 Jan 1327 Sept
120 122
•113 114 *113 114 *112 114
8
Do pref
100 1133 Feb 18 1161 Jan 13 10614 Feb 1164 July
1133 113h 114 114 *113 114
/
1
/
4
30
8
2878 30
29
305
No par 2814 Feb 13 347 Jan 17
8 2884 2958 29
8
2914 4,80 United Alloy Steel
Oct 37 Feb
295
20
8 2914 3012 29
11512 116
11312 116
114 11414 116 116
100 1104 Feb 4 12034 Jan 6
/
1
/
4
71 May 1211 Dec
4
115 1183 1173 1183
8
s 3,60 United Drug
.52
5212 5218 5212 *52
5212 *52
Do 1st pref
5212 5212 5212 *52
50 52 Jan 16 5412 Jan 12
50
4612 May 53 Deo
52 2
,
215 215
21212 218
21312 21312 214 21414 *21312 215
100 207 Jan 12 231 Jan 3 182
21312 21312 1,60 United Fruit
/
1
Jan 2244 Aug
46
477
8 4118 45
4312 43
40
/
4
43
457
8 44
/
4
46
13 July 48 Doe
454 78,90 Universal Pipe & Rad _,No par 371 Jan 27 501 Feb 11
9112 8312 89
89
8312 86
Do prof
100 734 Jan 16 94 Feb 11
13,50
8612 88
858 8818 87
4
90
4712 Oct 79 Dot)
207 22012 211 221
224 230
222 227
221 22912 16,80 US Cast Iron Pipe & Fdy._100 160 Jan 5 250 Feb 11
216 226
/
1
4
64 Feb 169 Dec
11012 11012 110 110
•11012 111
Do pref
11012 11012
11012 11012 *108 111
100 10312 Jan 9 112 Feb 11
70
811 Jan 1044 Oct
/
4
3412 35
3155 35
3018 3212 31
No par 3018 Feb 17 393 Jan 17
317
8 3118 3314 10,20 US Distill) Corp
3214 31
2112 May 42 Dec
4
140 140 .120 160 *125 160 *125 160 *125 160
•140 160
Do pref
100
100 140 Feb 16 154 Jan 8
98 July 168 Dee
25
25
4 2412 2412 2438 248 *2312 25
2418 2412 2412 243
1,800 US Hoff'n Mach Corp_No par 23 Jan 3 2513 Jan 9
8
164 Mar 2438 Oct
/
1
8
825 8312 775 818
8
4 773 7934 7934 801
8
797 8112 805 8238 31,300 U S Industrial Alcohol
8
-100 773 Feb 17 88 Jan 2
6118 May 8714 Dots
•10512 107 *10512 106 •10512 107 *10512 106 *10512 107 *10512 107
Do Prof
100 105 Jan 29 106 Jan 27
4
98
Jan 1063 Doe
12514 12714 12112 12412 121h 1237 1241 125
8
1225 12412 124 1257 13,200 US Realty & Improv't. _100 120 Jan 14 1313 Feb 10
90 June 14312 Deo
4
1224 12212 •123 124 *124 125 *122 12312 *123 124
*12512 127
Do pref
200
12214 Jan 2 13012 Feb 9 100 June 143 Doe
42
428
4 40
8
4112 393 4014 408 4258 41
4
8
423
8 408 415 25,700 United States Rubber
/ Jan
1
4
100 393 Feb 17 4438 Feb 5
8
2212 May 42
8 96
9614 9512 9584 9512 954 9512 958
9612 967
Do 1st pref
2,500
951
4 95
/
1
4
100 9414 Jan 16 97 Jan 13
6612 May 95 Dec
/
1
4
3418 30
3412 3 4 33
33
43
327 3312 323 338
4
4
4 328 348
7,900 II S Smelting, Ref & Min
1812 Mar 4112 Dec
50 30 Feb 17 39 Jan 7
4612 *45
*4512 4612 *45
4612 *45
*45
46
46
Do prat
*45
46
100
/
1
37 Mar 464 Dots
/
1
4
/
1
50 454 Feb 2 46 Jan 5
/
1
4
125 1253 12212 12484 12218 12312 1237 12514 12212 1248 123 1245 410,800 United States Steel Corp_ _100 119 Jan 2 129 Jan 23
4
8
8
4
9414 June 121 Dots
/
1
4
/
1
4
12212 12314 12212 12212 12212 122h 12212 123
123 123
Do Prof
2,700
12212 123
8
100 12212 Feb 16 1261 Jan 26 1183 Feb 123 July
/
4
8912 8912 87
91
91
8712 90
90
*89
9084 9012 901
800 Utah Copper
/
1
4
64
Jan 88 Dee
10 86 Jan 8 92 Jan 15
8 4312 45
45
457
.8 4212 4412 4118 438
47
54,500 Utah Securities
8
16
/ Jan 46 Dec
1
4
100 4118 Feb 17 53 Jan 22
507s 503 52
265 2818 264 273
8
2838 2812
8 2712 277
8 27
28
27
/
1
4
283
8 6,700 Vanadium Corp
1918 June 33 Feb
No par 261 Feb 17 313 Jan 3
4
/
4
*15
21 '15
21
21
•15
•15
21
*15
*15
21
Van Rano!,
21
15
/ Oct3318 Jan
1
4
100 20 Jan 28 2112 Jan 3
67 '60
*60
67
67
"60
•60
67
*60
Do 1st pref
63
•60
67
5334
100 644 Jan 27 6518 Jan 5
27
8 3
2
/ 2
1
4
/
1
4
23
27
8 27
8
8 2
/
1
4
278 3
23
4 23
4
Jlm
Elep
3,100 Virginia-Carolina Chem--.100
80 8 Jan
103
318 Jan 27
214 Jan 2
1112 107 1112 10h 107
8
1112 111 11
/
4
s 1118 1114 12
127
Do pref
3,600
4
211 June 343 Jan
8
812 Jan 5 143 Feb 5
100
/
1
13
8 14 *114 258 .
112 *114 112
.114
114
13
4 .114
Do "B"
100
21
% Juno
7 Jan
No par
14 Jan 27
/
1
1 Jan 17
8 1014 1012 1012 11
8 1012 105
1012 105
1012 103
4 107 111
8
9,700 Vivadou (V)
1518 Jan
/
1
4
4 Jul
8
Jan 13 113 Jan 29
No par
1718 1612 167
8 167 1714 1714 173
8
1718 173
8 17
8 1714 171
3,000 Waldorf System
14 Apr 20 Nov
/
1
No par 1612 Feb 17 194 Jan 3
Weber & Hellbroner_ No pa
14 Nov1912 Mar
/
1
4
17 Jan 15 193 Jan 31
/
1
4
8
114 ;1214
;1.212 12
4 1222 - 8 1212 1213 ---ioo Wells Fargo
;i52 1284 ;iir3 12112
5 Oct12 Nov
1 1212 Jan 5 13 Jan 31
116 116 *114 116 •114 11512 *114 11512
116 *114 116
100 Western Eleo 7% pref
/
4
4
100 1133 Jan 9 11612 Feb 10 1111 Apr 117 July
/ 120 12114 121 12214 12114 122
1
4
120 122
120 122
12112 122
/ 10,800 Western Union Telegraph100 11614 Jan 2 124 Jan 13 105 May 118 Doe
1
4
/
1
4
/
1
4
103 1033 103 10412 *103 10414 10414 1051
4
4
/
1
4
•1043 10514 10412 105
2,200 Westinghouse Air Brake
50 103 Feb 17 113 Jan 7
84 Jan 111 Dee
/
1
4
8
4 71.8 7212
7014 7112 693 703
73
713 73
4
72
713 727 28,700 Westinghouse Elea & Mfg_ 50 69 Feb 17 84 Jan 3
8
5518 May 75 May
/
1
4
*82
87
*80
87
85
1182
*82
85
85
85
*82
85
Do 1st pref
100
100 83 Jan 26 86 Jan 5
72 Jan 82 Dec
115 115 *116 119
112 114
/
1
4
117 117 *114 116
116 116
West Penn Co
1,400
No par 110 Jan 14 120 Feb 7
4712 Jan 127 Dee
96
96
96
*9512 9618 96
*9512 96
9512 9618
964 9618
Do 7% pref
600
s
100 947 Jan 6 97 Feb 1
8712 Apr 97 Dec
2812 284 29% .295
/
1
8 2912 295
4
8 288 29
8
3018 30h 283 30
8,400 White Eagle Oil
No par 28 Jan 2 311 Feb 2
8
/
4
2318 May 293 Feb
/
4
6214 64
6312 64
64
67
6514 6612 6218 6455 611 63
21,800 White Motor
50 611 Feb 17 76 Jan 13
/
4
50 Apr 7212 Deo
/
1
4
12
8
4
5
4
h
3
4
3
4
12
1
•h
4,010 Wickwire Spencer Steel,- 5
11 Jan 10
/
4
34 Oct5 Jan
12 Jan 29
-Do prat
100 2012 Feb 2 32 Jan 19
24 Dec 24 Dec
91 -- 8
93 10
4
10
1018
101.
912 - .110 4
912 10
- 1104
36,000 Willys-Overland (The) _ _ _ 25
918 Jan 26 107 Jan 5
.
6 8 May 1414 Jan
7
8
754 7614 7484 757
8 7518 76
8
s 7418 76
7512 76 4 743 763
,
Do pref
14,800
Jan
6112 May 88
100 7214 Jan 28 80 Jan 5
738 7
/ 1,200 Wilson & Co,Inc
1
4
8 8
7511 75
712 7 8 •73
5
74 84
*712 8
Jan
418 May 28
83 Jan 9
4
63 Jan 5
4
No par
22
223
8 23
24
2314 *23
24
234 2334 3,100
/
1
Do pref
228 224 2218
4
11 Aug724 Jan
100 19 Jan 5 2512 Jan 9
/
1
4
115 1165 114 11614 1151 1164 19,800 Woolworth Co(F W)n WI,
1138 116
4
8
/
4
8
/
1
1135 115
115 116
4
/
4
7212 Apr 1263 Dec
25 1121 Jan 28 12578 Jan 7
8
8 68
8 6712 703
/ 72
1
4
/ 67,100 Worthington P & M
1
4
6612 70 4 6514 68h 687 703
,
7183 74
2314 June 81 Des
100 6214 Jan 29 7934 Jan 2
*85 4 87
3
8614 8614 *85h 87
*854 87
8612 87
Do prof A
300
•86h 87
68 July 8912 Deo
100 85 Jan 30 88 Jan 9
*73
75
7414 7112 72
75
7212 7314 *73
Do pref B
1,000
8 72
4
5812 Jan 753 Doe
4
/
1
*7414 747
100 704 Jan 29 763 Feb 11
1718 .1812 1712 173
173 187
1614 17
s
8
16s 1884
4 6,200 Wright Aeronautical_No par 1614 Feb 17 233 Jan 2
8
/
1
4
9 May 23 Dots
/
1
4
18 8 19
,
4912 50
49
49
24912 50
49
4912 48
3,000 Wrigley(Wm Jr)
8
/
1
4
No par 45 Jan 2 527 Feb 7
4912 4912 49
4
35 Apr 463 Dee
377
23514 3512 3,500 Yellow Cab Mfg tern ctfs__ 10 3312 Feb 18 42 Jan 3
36
36h 3312 3612 3412 35
377
36h
/
1
4
32 Nov 85 Mar
377
8
*72
73
7312 7312 7312 7312 7112 73
75
3,800 Youngstown Sheet & T No par 70 Jan 2 7612 Feb 13
74
4
593 Oct 72 Dee
76
75
•Bid and asked prices: no sales on this day. z Ex-dividend.
6212
-
*114
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
938
Jan. 1 1909 Me Erchanue method of glinting bonds was changed and prices are note "and interest--except for Income and defaulted bonds.
E t3
BONDS
N. Y. STOCK EXCHANGE t a
Zt
Week Ending Feb 20
,
0
..
Price
Friday
Feb. 20
Week's
Range or
Last Sale
v:51
High No.
Bid
Ask Law
U. S. Government.
First Liberty Loan
314% of 1932-1917
.1 D 101"n Sale 1011744101"n 967
Cony 4% of 1932-47
2 D 1)1111 21011,32 101 242Jan'25
Cully 434% of 1932-47
2 D 1012742 Sale 1012421012242 104
2d 'one 434% of 1932-47
1010
42 33
.1 D 101222 Sale 101
Second Liberty Loan
0
413 of 1927-1942
M N 10022.21102242 100 42Feh'25
Cony 44% of 1927-1942
M N 1002242 Sale 100242 10142 995
Third Liberty Loan
M S 101 142 Sale 10144 1011)22 1885
434% of 1928
Fourth Liberty Loan
4 H % of 1933-1938
A 0 012242 Sale 101224210122n 1460
Treasury 4449
1947 1952 A 0 042022 Sale 1042,3210422a 378
401
,32
Treasury 48
1944-1954 2 0 003122 S.110 100" 101
102% Mar'24
2s einem! coupon
411930 Q .1
Panama Canal 38 gold
9712 Oct'24
1981 Q M
State and City Securities.
NY CII Y-4!..4 ti Corp stuek_1960 M
Registered
M
1984 M
434s Corporate stock
434s Corporate clock
1966 A 0
4341; Corporate stock
1971 J
434s Corporate stock _July 111672
1965 1
434s Corporate stork
454e Corporate stock
1963 M S
4% Corporate stock
1959 M N
Registered
IM N
4% Corporate stock
19.581 M N
4% Corporate stock
1957,M N
4% Corporate stork reg..19561M N
4% Corporate stock reg_ _1955,M N
4%% Corporate stork
19571M N
434% Corporate stock
1957 M N
Registered
.1m N
334% Corporate stock _ _ __1954 M N
New York State Can Imp 46_19611j .1
Highway Improv't 4348_1963 M 5
Virginia 2-38
1991 2 J
1
1003 10114 101
4
101
10014 Jan'25
102
____ 10218
10218
102
_ 10114 J5n'25
1063 ____ 10618 Sept'24
4
10612 _ _ 107
Feb'25
10612 1074 10612 Feb'25
- 10612 ____ 10612 Feb'25
99 ____1 994
9918
984 Jan'25
99 994 983 Feb'25
4
__i 9812 Jan'25
99
988 _
984 Feb'25
_
98
Jan'25
1064 10612 Feb'25
10614 ____ 1062
8
106%
_ 105 Feb'25
89% 904 90 Feb'25
Aug'24
1123 Feb'25
4
7612 Feb'25
20
4
1
2
Foreign Geeeee mint.
129
Argentine (Govt) 78
19271F A 1024 Sale 10212 103
85
84
84
4
Argentine Treasury fis.£
1945 M S 84
96% Sale 9614
965 284
8
Sinking fund 138 Ser A
1957 M
9634 267
9614 Sale 9618
Eat) 1343 ger B temp_Dee 1958
942 Sale 9418
4
9512 143
1943
Mates= (Govt.) a 17,
121
4
110
Belgium 25-yr ext a f 7148 g_1945 J D 1093 Sale 10914
10712 117
1911 F A 10714 Sale 10714
20-Year s f 88
943 178
25-yr ext 624s Interim rota_ 1919 M S 94 Sale 9314
768
88
1955 14 J 88 Sale 8712
Extis f 6s Inter rrta
11114 12
1945 M N 110 111 111
Bergen (Norway) sf8,
28
973
4
25 years f (le temp
1949 A 0 973 Sale 963
Ill
7
1945 M N 111 Sale 1107
Berne (City on nf 88
9338 98,
Bolivia (Republic of) 88____ 1947 M N 93 Sale 925
Bordeaux (City of) 15-yr 68_1934 M N 84% Sale 8414
85% 76
8
98
163
1941 2 n 974 Sala 967
Brazil S. external 85
4
837
8 491
1952 J D 83 Sale 823
75 (Ceara] Ry)
8
8 10
1067
724s(coffee &vim) (flat). 1952 A 0 1061 Sale 10614
9712 83
Blienos Aires (City) ex 16 34s1955 .1 .11 9712 Sale 97
4
1022
4 36
Canada(Dominion of) g 5s...1926 A 0 1028 Sale 101
10212 20
58
1931 A 0 10212 Sale 10218
10
1034 63
-year 620
1929 F A 10318 Sale 103
106
58
1952 M N 103% Sale ,10315 104
6
4
984
Carlsbad 'City) a f 89
1954 .1 J 973 Sale i 973
4
10812 66
Chile (Repnblle) earl e f 88._1941 F A 108 Sale 108
16
External 5-years 18,
me A 0 10254 Sale 102% 103
138
101
20-year ext I 7e
1942 NI N 101 Sala 100%
16
108
1,
146 M N 108 Sala 10714
25
-year s f 8s
4412 32
,
Chinese(Hukuang Ry)58_ ._1951 J n 441 Sala I 4312
4
Chrtgogrog (City) s f tis
11114
5
1945 A 0 1103 Sala ,11012
98
34
978 Sala 1 9712
1951 NI
30-year af6s in; rets
1C012 13
Colombia (Republic)6 Hs_ 1927 A 0 100 10014 9924
9712 100
Copenhagen 25-year s 5448 1944 .1 J 97 Sale 965s
Cuba 58 of 1904
1944 M S
9714
3
9714
94% Feb'25 -- - Eater debt Sc 1914 Ser A_ .1949 F A
4
85%
8
External loan 434*
19-19 F A -95i4 gide- 847
99 1 58
1953 J .1 9814 Sale 9734
534a
1003
4 72
Czechoslovak (Repub of) 88.1951 A 0 100 Sala 100
4
4
1003 104
Sink fund fts Ser B Int etts. 1952 A 0 10012 Sala 993
8, 24
ll02
Danish Con Munlelp Fla "4".1916 F A 11014 Sale 11014
11012' 14
Series B f 8s
1946 F A 110 Sala 110
72
Denmark external s f 8s
1945 A 0 ill Sale 11012 111
164
103
20
-year 68
8
11142 J J 1013 Sala 1013
102
53
Domlitican Rep Con Arim (59'58 F A 102 103 101
93 4 94 1 9312
3
9414 24
Custom Administr 514s...1942 M
i
Dutch East Indies ext 68------.117 J J 102 Sale 1003
10218 197
102 1 237
-year 65
1962 M S 10178 Sale 1002
4
40
9812 61
30
-year ext 548
1953 M S 98 Sale 1 9614
8
8
977 119
1913 M N 977 Sale 961
8
30 year ext 534,
10212 Sale 102
104 1 476
French Repel) 25-)r ext Rs. _1915 NI
10018 803
20-yr external loan 7349_1941
D 98% Sala 982
9112 1634
149 J D 9012 Sala 881
4
External 7s oft924 temp_ _1,
4
91 1 66
Finnliih Mitt) L'n It Ha A__ _ _1954 A 0 903 Sale 8912
74
91
61.4s Series B Interim etts.1954 A 0 903 Sala 8912
27
86
1945 NI 5 8514 Sale 85
Finland (Rep) ext Its
9518 1252
German eat') loan 70 w I ------.149 A i;) 95 sale 9414
1063, 168
Brit & Irel (UK of) 5 Hs_1937 F A 106 Sala 106
Gt
19211 F A 11612 Sale 1163, 1163, 64
10-year cony 5559
8218 1,
9 ,2 33
8
7
1952 M N 92 Sala 9112
Greater Prague 7348
1994 NI N 87% Sala 86
Greek Govt 79 lot nets
9414 26
1952A 0 9312 Sala 9312
Halt) (Republic) Its
90 1 101
4
Hungary (King,1 or) f 7 Hs_1944 F A 893 Sala 8914
993, Sale 9912
9938 244
Ind Bank of Japan 6% ntees 1927 F A
Italy (Wiled of) Ser A 6 34s...1925 F A --__ ---- 998 Feb'25 -8234 21
_1031 J J 8212 Sala 8212
Japanese Govt £ loan 48. _
92 1 391
9112 Sale 9112
19.54 F A
30-year f Hs
85% 65
153
Oriental Development fis 1, M S 854 Sale 85
8514i 53
51
,
3
,
-year 68.1934 M N 8412 Sale 8414
Lyons (City of) I5
8
Marseilles (City of) 15-yr 68.1931 M N 8412 Sale 84
24
Jan'25 ---Mexican Irrigation 4 Hs____1943 M N
24
Jan'25 ---____
1943
Assenting s f 434,
45 Feb'25 -Mexico(U 9) ext1 5a of '99 £ 1945 Q J
393
4 10
4
383 392 39
4
1945 _
Accenting 58 of 1899
25 Feb'25 -25
1954 J
Gold deb 4s of 1904
2112 2212 21
213, 13
Assenting 48 of 1904
2612 Jan'25 ---Assenting 48 of 1901 large
24
Jan'25'---Assenting 45 of 1904 small_
.Jan'25 --2 14 26 23
Assenting 48 of 1910
2814 Sale 2814
2814 15
Assenting 48 of 1910 large
43
Assenting 49 of 1910 email________
4
-4
.1.- IA 413 Feb'25 ---Trees 63 of '31 assent(large)'33
39 Feb'25 ---Small
9114 43
1952 JD 9114 Sale 904
Montevideo 78
84
4
106
Netherlands 69 (flat prices). _1972 MS 106 Sale 1053
10312 187
8
1954 AO 1027 Sale 102%
30-year external 68 (flat)
110%
11114 16
4
1940 AO 1103 11112
Norway externals f 88
10014 121
1943 FA 100 Sale 9914
20
-year extl 68
1944 FA 9912 Sale 9912 10014 180
20
-year external 6s
1952 A0 9912 Sale 9912 1004 184
30
-year ext168
Range
Since
Jan. 1.
t
Price
I
Friday
Feb. 20.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
High
High
Bid
45k Lore
Utah Na. Low
Panama (Rep) 5145 tr reets.1953 J o 10014 Sale 1004
15 1014 on%
101
9912 102%
100
02201'3 Peru (Rep of) eat' 8s
,
1944 A0 10112 Sale 10012 10112 157
72
79
1111 1.41,117o Poland (Rep of) g 68
1940 AO 7214 Sale 72
66
95
955
External 8 f g 8s w 1
101 1.4, 102
5
1950 22 9
Sale 95
95 5 129
75 8
9412 964
0131.o Porto Alegre (City of) 83_1961
101
1 2 22
D 95
9614 957
8
96
Queensland (State) eat, f 7s 1941 AO 11012 Sale 11014
11012 17 109 11012
25-year 68
1110":, 101
1947 FA 103 1933 10314
53 101 12 104
104
94% 9714
1001041101 1:1 itto Grande do Sul 85
1918 A0 961 Sale 9612
41
97
'Cl,, de Janeiro 25-yr 8 f 85_1946 A0 9412 96 I 942
93% 97
35
4
97
9312 98
25-yr eta' 85
101%10111n
1, 80 9414 Sale 94
147
45
95
4
Rotterdam (City) external 661964 M
102 Sale 102
1027
e 14 1002 103
104.,10242 El Salvador (Rep) 88
4
1948 .1 .1 10414 Sale 104
74 103 105
105
,
984 MI
10424, 05 2 Sao Paulo (city) s f 85
1952 M N 99
14
160
9118 99
ian Paulo (State) ext 81 Ea._1938 .1 .1 102 Sala 1012
100,224 101
4
4 22 1002 1034
4 1023
;eine (France) eat 7s
8914 91
1912 J J 8814 Sale 8811
9918 114
-terha Croats dr Slovenes 88 1962
8512 87
N 86 Sale 8112
86% 319
40issons(City) 65
11136 NI N 8412 Sale 8418
4
8312 853
13
8werlen 20-year 6s
19:01 J I) 103 104 1035
4
20 1033 104%
105
9812 WO%
External loan 534s Inter (918'51 NI N 9912 Sale 9912
100% 101
997 203
10014 too,. -twigs Confe‘lern 211-yr s f gs 1941)
4
J 116 Sale 11412 116
27 1143 117
9812 103
101 14 10218 4witzerland Govt ext 5 H8-1916 A 0 1013a Sale 10114
121
103
101 14 lints rokyo City 5s loan of 1912
664 674
NI
67
6712 67
67 12 16
Crondhlem (City) ext1 8)-8.1944 J J 994 Sale I 9805
9914
97
9912 15
1
-65Is 1117
iriaguay (Republic) ext 88_1946 F A 10811 Sale '108
10812 22 10614 10812
.
10612 10612 1urtch (City of) 5 f 85
1945 A0 109 1107 1103
8
i 111
7 ll0 11112
,
1052a 1061
9918
98
Railroad.
1100% Feb'25
9814 9814 hta Gt Sou 1st cons A 58_1943
t00% 1014
D 100
1112
tie Mid 1st guar gold 58_ 1946 A 0
98% 98
,R NiN
lot tot
2
1013, lot
Jan'25
9812 kit) & Susi cony 3Hs
98
521, 83%
82
8214 8214 Feb'25
984 9814 alleg dr West Is, g 4s Cu,,,l99$ M O 815 82 1 8112
2 A s
8112 WY
8
8112
3
klieg Val gen guar g 48
98
98
91
91
9118 92 ' 91
Jan'25
106% 10612 arm Arbor 181 5 4s...July 1995 Q J 65
67%
64
65% 65
Feb425 _ 17_
8 , 4 _2
8
1
111,518 10 ,
Ft—Gm 548.1995 A 0 89 Sale 883,
43.1995
8814 89%
R
105
‘LenTeitarerSed
105
g
a 0
8712 8814
884 Feb'25
_
Adjustment gold 48...fuly 1995 Nov 8212 Sale 8212
89 2 90
,
8112 83
Stamped
55 M N
July 14195 j D 83 Sale 827
82% 83%
8
8 14 14
3
:3
Cony gold 4s 1909
ifiC 1 12
4
815 844
8
8312 8414 8211 Feb'25 _ _ _ _
7612 761, Cony 481905
1955 J
8112 83
8212 83 8212
Cone g 48 Issue of 1910_1961
n 82% ____ 8312 8312 8 811g 83%
83
4
East Okla Div let g 48_1928 M S 987 99% 987 Feb'25
99
98
8
8
Rocky Mtn Div tat 48_ _1965 2 J 8418 ____ 841 De8714 __
101% 10314
e24
Trans-Con Short L let 4s 1958 I
81% 84
871,
86
867 872 87
8
4
8
967
Cal-Ariz let &ref 4 Hs"A"1962 M S 913 933 9318 Feb'25
95
9214 84
4
4
Registered
943 96 .
4
M S 8 % _ 9 813: Jan'25
91%
8 7 8 _1 9 ,
88 .
8
121Knoxv & Cm Div 45____1955 M N
9418 97
88% 894
Feb'25
_
107 11014 NC Know & Nor 181 58...1946 J 0 10178 ____ 10212 Nov'24
,,
10614 1092 50 & Char! A 1.1s1 A 410_1944 .1
964 96%
95
96
9614 Jan'25
02
let 30-year 58 Series B___ _19 14 J
92% 941,
10212 ____ 1023a
21 102 10212
88
at! Coast Line lot con 45_519 im N 9112 Sale 99
19N M S
87
9112
89
9112 37
112
11014
10-year secured 7s
10712 198 19718 Sale
1064 108
9114
9,54 98
General unified 4345
19642 D 9114 913, 9114
90% 92
25
L & N coil gold 4,....Oct 19582
11018 111'-,
1 942 1a1
8614 867 863*
8
soig 8714
86114 10
& Dam 1st g 411
923, 1:21':"
,
78
7812 78
m4
854
4
2(145
84
194/3.1 J 6418 68
oggi 85
657
77
: 6
8
61
2
5
at! & Yad bat g guar 45_ 1949 A 0 764 773 7714
96
98
2 i 2
__
5
75
77%
4
4
& N W 1st gu g 58
1941 .1
82 842
'
1z8
8 24 865
981x.._ l0012 Au0,
104 107
deli & Ohio prior 3)-4s
99% 1004
997 10018 100
8
9512 9712
peglstered
July 1925 Q J 991 .___ 9934 Jan'25
99 14 99%
4
__
8
1005 102.,
tat 50-year gold 48July 1: 3 m O 88 Sale 87Ig
1 38 A s
4
85% 88
101, 1021,
2
Registered
July1948 Q J
851a 8612
l9920278
4
_
8113, Feb'25 _ 3102680
102 103
10-year cony 434a
891a 92%
927 Sale 91%
8
1013 104
4
Refund & gel, 58 Series A 1995. 0 887 Sale 883,
114 8 0
81
85% 90
8
96
9814
100 102
1st g 58 Int ctfs
4
10134 Sale 1003
10614 10812
4
10-year 68
1929 J .1 10314 Sale 19314
103
03%2 357 1023 10312
141
192 103
10024 10314
Ref & gen 68 ier C tem9.-1995 J
102% Sale 10214
982 104
4
993 99%
4
P Jet ar NI Div Ist g 3%8.1925 MN 994
9934 Jan' _4.6
8 25
6
107 10814
83% 86
PLE&W Va Sys ref 48_.1941 MN 813 Sale 8518
4
993 1004
4
413 44
8
Southw Div let gold 3448.1925 J 2 997 Sale 997
1093 1 1 1,
4
Tol & Cln Div 181 ref 45 A.1959 J J 6114 Sale 684
1sr 18 6812 69%
vis 9
9512 98
61
t le Cr & Soar let gu 3s_ _1989
61
Feb'25
D 6114 ____ 61
9914 101,12 ;leech Creek let gu g 48
9218 9312
1936 J J 93
____ 9312 Feb'25
944 97-, leech Cr Ext tat g 320....1951 A 0 7814 ---- 7814 Feb'25
784 7814
9512 9714 Big Sandy tat 48
85
19442 1)
854
87l8
2
9314 9514 I & N Y Air Line 1st 49_4_1955 F A 6912 Sale 6812
67
697
s
697
s 26
86, Brune & W Ist gii gold 48_1934 .1 .1
,
84
917g 93
92 Nov'24
964 991 1 iiiffalo It & P gen gold 58_ _1937 NI
101 103 10112 Feb'25
_ 10112 jail;
9914 101
Consol 434s
8812 8812
1997 M N 87
8738 36
8714 86%
9724 1110
um] C B & Nor lot 5s
99% 10014
1934 A 0 991 10712 997 Feb'25
4
109% I l)(2 Canada SOO eons tot A 5*_ _1962 A 0 10114 19112 101
10114
5 10012 10114
1U9 4 11054 Canadian North deb s f 75 1? 42
1 1 .1
1163, Sale 116
1175, 42 115 117%
1119 III
20-year s f deb 6,4s
11712 Sale 1173
8 117% 28 11614 117%
99, 1(13
2
Canadian Pac Ry del. 45 stock._
J 89 Sale 791
79
80
8
81
228
tot 102 Curb & Shaw 1st gold 4x.,..l1132 M S 9212 ____ 93
93
93
Jan'25
9412 Caro Cent lot con g 45
92
81
1938 J D 78
813 81
834
81
1
982 102 Caro Clinch & 0 tat 3-yr 58.1,52 .1 II 109% 1991 19018
4
1, .
938
4
10014 27 10012 101%
987 1.2
.
6s
.1 I) 107 Sale 1063, 107
32 105% 1074
9314 9818 Cart & Ad 1st gu g 45
84
1981 .1 D
84
7428 7812
92% 97'8 Cent Branch U P 181 g 4s__.1948 J D 74% 7614 7614
764
6
102 1043 Cent New Eng 1st gii 48------.161 J J 68 Sale 67
8
644 69
6812 39
9714 974
9812 101 12 Central Ohio Reorg 434s..193 M
0
973 ____ 9714 Jan'25
,
884 927 Central of Ga lot gold 5s_p1945 FA 10278
1022 Feb'25
4
_ 101%1024
993,
Consol gold 58
104.5 M N 991 Sale 9918
8912 91
8
994 10012
5
8912 91
10-year seeur 69
June 19211 J f) 1037 Sale 1033
8
i 104
43 103 104
111511 A 0 10934 102 102
85
99 10212
Ref & gen 534', ser B
8712
10214 15
84
Chart Div pun money g 48 1051 .1 ID 83
84
867 84
8
84
93% 9512
1
993 100
8
8
Mac & Nor Div 1st g 58_1946 J J 9915 ____ 993,
11147 10624
991
4
Mobile Division 58
1946 .1 •2 10015 ____ 109 Dec'24
116 1171,
_
9278 Cent RR & lint Ga roll sr 53_1937 M N 9718 9712 9612
90
9714 25 "ii" 671
4
881. Central of NJ gen gold 58_ _1987 J J 10712 108 10712
,
86
1073,
5 10718 10814
81087 Q J 10612 .___ 10614 Feb'25
low, lova
Registered
91 14 9412
,
8
8
8914 90, Cent Par lot ref go g 45____1949 F A 877 Sale 875
8738 8814
877
8 47
Mtge guar gold 3 H8_4_81929 J D 96
95'2 go
9612 917
985s 9912
8
96
37
Through St I. ist go 4s....1951 AO 862 87
88,s 87
9318 994
8
863, Feb'25
J 11818 120 11212 Feb'25
83 Charleston & Savannah 75..1936
82
11212 1173
8
,1
911% 92 Ches & Ohio fund dr Rapt 59.192 J .1 10012 Sale 10012
997 100%
2
10012 20
1939 M N 10212 Sale 10214
1st consol gold 55
84
8678
4
1023
4 1013 10312
1939 M N 10012 1017 101 Nov'24
Registered
8414 861z
8
General gold 434s
1992 M S 90 Sale 894
84
8552
. 3.
116 4
903
4 97
24
Registered
1992 M 8 86% 8814 8618 Jan'25
21
857 8714
2
24
20-year convertible 4 Hs_ _1930 F A 97 Sale 9611
23
943 97
4
97 -Ift§
45
45 12
30-year cony secured 5s...1946 A 0 1047 Sale 1027
8
1047 754 1027 1094
8
Registered
8
327 41
A0
1033
4
1033
4
2 1034 10614
22
25
Craig Valley let g 58
1940 .1 J 99 10012 99
9712 99%
Jan'25
Potts Creek Branch 1st 48.1946 J .1 8214 83
19% 26,2
8214 83
8214 Feb'25
R & A Div tat con g 4s_ _1989 J J 8414 Sale 8418
2612 264
8312 844
8414
3
24
2d cense! gold 4s
24
1989 2 J 787 825 80 • Jan'25
80
80
*
23
24
Warm Springs V 1st g 58_1941 M S 9712 9812 977 Jan'25
977 974
8
8
2218 311 Chic & Alton RR ref g 3s
1949 AO 64
62
68
6514 64
65
18
213 287
4
.
Registered
A'0
6012 6012
6012 Jan'25
3812 43
Certifs dep stpd Oct 1924 Int..
583 62
4
6012 63 62
Feb'25
Certlf dep stmpd Apr 1924 lot
6014 6212
'
6154 64
6212 Feb'25
88
Railway first lien 3%9..4_1950 JJ 57 Sale 56
914
4414 684
575 48
8
104 106
Ctfs deli Jan '23&sub coup. _
5.334 19
46
54 Sale 53
554
10018 1037 Chic Burl & 0—Ill Div 3.140.1949 J J 8212 Sale 82
,
81 14 834
8212 16
110 14 11312
Illinois Division 45
1949 J J 9012 903 90
884 91
903
8
2
9712 10014
Nebraska Extension 4s
99 100
11127 M N 9912 Sale 9912
992
4 11
9712 100
General 4s
884 904
1958 M
90 Sale 894
9014 36
9712 10014
1st & ref 58
8
1971 F A 1015 Sale 10158 1013 139 100% 1024
i
Chic City & Conn Rya 58
54
58
1927. A 0 55
56
54
5612 15
Chicago & East III 1st 6s__ .1934' A 0 107 107% 106 Feb'25
_ _ •10514 10714
C & E Ill RR (neto co) gen 5,3_1951 MN 79 Sale 7714
74% 793
2
79
290
Low
55--g. a Due Jan. 6 Due July. b Due Aug. p Due Nov. s Option sale
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb. 20.
--
Cash sale of Atlantis Coast Line 4,00Jan. 10 at 9234.
939
New York Bond Record -continued --Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Feb. 20.
00
b
1982 MN
Chic & Erie let gold 5s
Chicago Great West 1st 4s_ _1959 MS
Chic Ind & Loulsv-Ref 6s 1947 J J
1947 J J
Refunding gold 55
1947 J J
Refunding 4s Series C
1966 MN
General 55 A
May 1966 ..1
General 6s 13
Ind dr Louisville 1st gu 49_1956 J J
Chic Ind & Sou 50-year 48__1956 J J
Chic L S & East Ist 4348_1969 Jo
C M & Puget Sd let gu 49_ __1949 J
Ch SI & St P gen g 4s Ser A_e1989 J J
General gold 3348 See El_e1989 J J
1989 JJ
Gen 4 SO Series C
Gen & ref Series A 4341302014 J J
Gen ref cony Ser 13 5[4_02014 FA
1934 J
1st sec 68
1932 J
Debenture 434s
1925 JD
Debenture 49
1934 J J
25-year debenture 45
Chic & Mo Riv Div 56_1926 J
Chic & N'west Ext 4s_.1886-1926 PA
1886-1926 FA
RegIstered
General gold 3345
1987 MN
Registered
Q F
1987 MN
General 48
1987 SI N
• Stamped 48
General 59 stamped
1987 MN
1879-1929 AO
Sinking fund 65
Registered
A0
Sinking fund be
1879-1929 A 0
Registered
1879-1929 A 0
Sinking fund deb bs
1933 M N
Registered
1933 M N
10-year secured 78 g
1930 J D
15
-year secured 630 g_ _1936 M
let & ref g 55
d2037 J D
-Railway gen 481988 1
Chic R I & P
Registered
J
Refunding gold 48
1934 A 0
Chic St L & N 0 gold 58
1951 .1 D
Gold 33.4s
1051J D
Memphis Div 1st g 4s
1951 J D
0 St L & P 1st cons g 58___ _1932 A 0
Registered
A 0
Chic St P M & 0 cons 69___1930 J D
Cons 68 reduced to 3548_1930 J D
Debenture bs
1930 M S
Stamped
Chic T II & So East 1st 5s__1960 J D
Inc gu bs
Dec 1 1060M S
Chic Un Sta'n lst gu 434s A.I963 1 J
1st bs Series 13
1963 J J
1st 6 349 Series C
1963 3 J
Guaranteed g 58
1944 J D
Chic & West Ind gen g 68-P1932 Q M
Consol 50-year 48
1652 J J
15-yeur s 7350
:
103584 S
1st A ref 5129 ser A w 1_1062 M S
Moe Okla & Gulf cons 58__ _1952 M N
Cln H & D 2r1 gold 434s_ _ _1937 J J
C I St L & C 1st g 49
11936Q F
Registered
81936 Q F
CM Leb & Nor gu 48 g
1942 MN
CM S & Cl cons 1st g 5s_ _1928 J J
Cleve Cin Ch dr St L gen 48_1993 J D
20
-year deb 4349
1631 J J
General 55 Series 13
1993 1 D
Ref dr !mut (is Series A
1920 J J
(is Series C
1941 J .1
5s Series D
1963 J J
Cairo Div 1st gold 48
1939 J J
Cin W & NI Div 1st g 4s 1991 J J
St L Div Ist coll tr g g 49_1990 M N
Spr & Col Div 1st g 4s ..,A940 M S
W W Val Div 1st g 4s
1940 J J
C C& I gen cons g 6s1934 J J
Cloy Lor & W con lst g 58..1933 A 0
CI & Mar Ist gu g 4 34s
1935 M N
Cleve & Mahon Vail g 5.9_1938 J J
CI & P gen gu 434s Sec 13.1942A 0
Series A
1942 J J
Series D 3 348
1950 F A
Cleve Shor Line 1st gu 4349_1961 A 0
Cleve Union Term 534s
1972 A 0
1st s t 58 Ser B
1973A 0
Coal River Ry 1st gu 48_ _1945 J D
Colorado & South 1st g 49_1920 F A
0. Refunding & exten 4349_1935 M N
Col & H V Mt ext g 45
1948 A 0
Col & Tol 1st ext 45
1955 F A
Conn & Passum Rio lot 4s 1943 A 0
Cuba RR 1st 50-year 58 C. .19523 3
let ref 7345
1936 .1 D
Cuba Northern Ry 181 58
1966 J J
Day & Mich 1st cons 4349
1931 J J
Del & Hudson 1st & ref 48
1943 M N
30-year cony 58
1935 A 0
15-year 614e
1937 M N
10-year secured 75
1930 J D
1936 F A
D RR & 135ce 1st go 4s g
Den & R G-lst cons g 48_1936 J J
Consul gold 4349
19361 J
Improvement gold 59
1928 J D
let & refunding 5s
1955 F A
Registered
Farmers L dr T dep Ws for
Aug 1 1955 -1st & ref bs
Bankers Tr Co ctfs dep
Asset to June 15 '23 agree -Stamped
Am Ex Nat 13k etre Feb '22 ____
......
Am Ex Nat Bk etis Aug '22
1955 M N
Den & R G West 59
Des 84 & Ft D 1st gu 491935 1 J
Des Plaines Val 1st 4349_1947 M N
Det dr Mack-18t lien g 49_1995 J D
1995 J D
Gold 4s
1961 MN
Det Ely Ton 434s
Dul Missabe & Nor gen 5.9_1941 J J
1937 A 0
Dul & Iron Range 1st 55_
1937 .1 .1
Dul Sou Shore & AU g 5s
East Minn Nor Div 1st 6 49_1948 A 0
1938 IN e;
East Tenn reorg lien g 59
1930 J J
East T Ya & Ga Div g 5s
1956 M N
Cons let gold 59
Elgin Joliet & East 1st g 5s 194I M N
1965 A 0
El Paso & S W 1st 5s
.1930 154 S
Erie 1st consul gold 78 ext.
1996 1 J
g 48 prior
1st cons
1996 J J
RegL9tered
- 1st eonsol gen lien g 4s 1096 J J
19913 J J
Registered
Penn eoll trust gold 4s 1951 F A
-year cone 4s Ser A 1953 A 0
50
1953 A 0
do Series 13
1953 A 10
Gen cony 45 Scree D
1955J J
Erie & Jersey 1st s f 6s
Price
Friday
Feb. 20.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N. Y.STOCK EXCIIANGE
Week Ending Feb. 20.
Price
Friday
Feb. 20.
1Ve,ek's
Range or
Last Sale
#
144
High
High
Rid
High No. Low
High No. Low
Ask Low
Ask Low
Bid
4
9912 100[ Erie & Pitts gu g 3349 B____1940 J J 84
3
100% 10012 10018
84
84
84
10018
Jan'25 ____
593 653
4
Series C
8
6412 333
8
6414 Sale 625
Oct'24
84
.1 J
Ha Cent dr Pen lot ext 6 59_1930 J J 99
10912 I I I
1,
56 100
1103 1107 11012 Feb'25
4
8
Jan'25
_ _ 100
0912 100
10014
Consol gold 5s
100 Feb'25
9878
1
983 99%
8
5
9912
1943
9834 - - 987
J
_
853 8612 Florida East Coast 1st 4349.1959 .1 13 923 03
4
8618 87
2
8612 Jan'25
9214 93
8
925
8
925
87% 8812
lot & ref 55 Series A
5
935 9518
8812 Sale 873
8
9512 59
1974 81 S 95 Sale 95
8812
4
10212 Sale 10212
8
103
11478 197 1027 11534
3 1013 10314 Fla West & Nor 7s Series A 1934 M N 1141 Sale 113
.
7718 783 Fonda Johns & Cloy 4349_1952 81 N 66% Sale 6512
773 Feb'25
4
8
21
46% 6841
67
8618 8712 Fort St U D Co tat g 4 30_1941 J J 89 8 __-- 8812 Noy'24_
8612 ____ 8712 Feb'25
,
9312 93
i15,1- 7
9312
9312 95
8
Ft W & Den C 1st g 5349-1961 J D 1045
2
9312
1047 Feb'25 ____ i
8
53% 5714 Ft Worth & Rio Cr 1st g 4s 1928 J J 95 Sale 95
56
5512 Sale 5412
24
9218 965
3
95
71
74
71 Sale 71
Frem Elk'& Nio Vol let 68_1933 A 0 108108 Feb'25 ____ 108 108
82
72
12
%
6312 65
6312 6414 643
G &S A M
8 100 100%
8
64%
1003
8
4
P 1st 5s__1931 M N 10014 1(;(1% 10014
79, 8234
4
80
8 23
2d extens 59 guar
81
793
4
807
____ 100 Feb'25 ____ 100 10034
1931 J J 100
5012 54
52 Sale 5112
Gall/ lions & Heed lot 55_1933 A 0 914 Sale 915
523 278
93
4
26
9018 934
5.434 5814 Genesee River 1st s f 5s
557 Salo 5514
8
5618 155
__ 104
1044
5 10014 1044
1957 J J 1037
983 10018 Ga & Ala Ry 1st cons Os_ 01945 .1 J 94 4,- - 8 95%
4
96
9912 Sale 983
4
3
93
993 185
953
8
9
53
4
5512 6012 Ga Caro At \ 1st gu g 55 1929 J J 9111s 100
5618 Sale 553
517
2
9918 99 4
993
,
57
3
993
4
-or
4
4
6812 723 'Morgia Midland 1st 3s
6812 Sale 6812
4
723 1655
65
2
6414 66 2
,
1946 A 0 65 Sale 65
51
5614 Gila Vol G & N 1st gu g 59_1924 M N 98% ____ 100
52% Sale 5134
5334 154
Oct'24 _ _
951s 97 Gouv & Oswegateh 55
95
0534 9518
4
953
4
7
___ 983 Feb'24 -----------1942
D 997
9912 10018 Or R & text let go g 4349_1941 J J 945 997 1001 9978
8
9978
1
9412 9412
9412 Jan'25
8 95
983 995 Grand Trunk of Can deb 65_1940 A 0 1164 Sale 11618
4
8
995 Sale 99%
8
995
8 25
11612 39 11512 1167
o
7314 747
7418 743 7418
7478 14
8
I5-year s f 68
8
8
1073
4 42 1063 1073
10712 Sale 10714
4
1936 M
7214 74. Great Nor gen 79 Series A_.19363 J 1105 Sale 11018
71
743 7214 Feb'25
1107 139 10918 111
8
s
8312 86
9159 92%
8414 85
845
9212 11
1st & ref 43Is Series A
1
8
845s
1961 J J 9112 9214 913
81
85
81
General 534s Series B
8412 Feb'25
8 10212 46 1004 10212
1952 J J 102 Sale 1017
10214 1043
9259 954
10312 1047 103 Feb'25
4
-- - 8
954 Ill
General 58 Series C
1973 J .1 943 Sale 9412
104 10414 Green Bay & West deb Ws"A"_ _ Feb 70
Jan'25_76
76
104 10512 104 Feb'25
76
75
104 104
10312
_ 104
1212 16
Debentures ars "B"
16
14
Jan'25
14
14
Feb 13
10012 100, Greenbrier Ry 1st gu 49-_1940 M N 8618 ___ 86
8
86
86
1001 ____ 10034 Jan'25
Jan'25
10012 10012 Gulf & S 1 1st ref & t g 58_61952 J J 9818 1005 ____ 10012 Jan'25
8
984 101
983 --11
4 -9912 9812
8238
80
10218 ____ 10218
5
10218
825
Harlem It dr Pt Ches 1st 48_ _1954 M N 825 8312 8212
2 1001z 103
8
8912 90%
_
1005 ____ 10012 Dec'24
9
[-locking Vol 18t cons g 4349_1999
907
8 12
907 Sale 90
1083 10918 109
4
109
12 105 idi
9912 99%
Registered
9912 Jan'25
1999 3 J
9912 1007
112 Sale 112
2
11212 27 11125 11212
8
& T C 1st g int guar
10014
19373 J 9834- 10014
98
8
96
10118 Sale 1007
8 10118 72 100 1015 Houston Belt dr Term 1st 58.1937 J J 963 - 8 98 Feb 25 ____
4 975
83 8414 Houston E & W Tex 1st g 58.1933 M N 10014 _- 100
99 8 100
5
833 8414 831
4
Jan'25 ____
8414 93
82
927 921
994 997
82,
8
815s 8312 82
82
:
1st guar 55 red
2
1933 M N 100% _..- 997 Jan 25 ____
8314 86% Housatonic Ry cons g 05.._1937 St N
863 Sale 85
4
an
863 863
4
9214 ____ 9212 J'25
8612 89
8
10212 1027 1027
Hod & Nianhat 58 Series A 1957 F A
8
1027
8
1 10113 103
89 -56i
8818 Sale 88
79% 793
8
7812 ____ 793g Jan'25
673 73%4
Adjustment Income 58_
7312 340
1957 A 0 734 Sale 72
8414 857 Illinois Central 1st gold 45_1951 1 J 9(312 ____ 89 Dec'24
8
85% 857 857 Feb'25
8
8
10012 10012
10118 103 10012 Feb'25
Registered
89 July'24 -----------1951 J J
100% 10034
14
3
10018
_ 1003 Jan'25
8
1st gold 3345
1951 .1 J 8253
8312 Feb 25 -___
1043 10812
4
81
8212
10514 10812 1053 Feb'25
Extended 1st gold 334s.1951 A 0 8259 _
4
8234 Feb'25
9214 9212
9234 Sale 9212
Registered
3
9212
1951 A 0 8048 June'24
012
8
96% 993
9814 9912 9918 Feb'25
1st gold 38 sterling
__
1951 M S 58 62 Feb'25
72
i93
6 4 6712
1- 8
98
98
Collateral trust gold 4s
993 98 Feb'25
8
2
87
1952 M S 8614 ___ 87
7612 79
8918
88
7713 Sale 77
1st refunding 45
7712 18
8914 18
1955 M N 887 8912 8859
564 6014
78% 80
6014 Sale 5914
Purchased lines 3 345
__
jJan'2525
19523 J 80 Sale 870897
9
6014 39
9134 93
9212 Sale 9212
Registered
93
38
J J
Collateral trust gold 4s___1953 M N 85 Sale 8412
83 85
9812 Sale 10012 101% 11 100 10212
85 __ 32
Rogistered
11614 117 1163
2 1164 11712
4
81
M N
Feb'25
1163
4
98%
98
Refunlinc 5s
98 Bale 98
1955 M N 10412 Sale 10414
9810 247
10412
15-year secured 5348
31'2
2 117
10514 10512 10512 Nov'24
7
1034 47 170989 10189)43133131934 J J 10314 Sale 102
78115-year secured 6349 g
7914 Sale 79
99 - 2 -id 80
12 10912 1113e
1936 J
8
111
8
1105 1113 11012
10212 104
Cairo Bridge gold 45
1023 10212 Feb'25
8
1950.1 D 89
8812 Feb'25
8834 8814
893
4
9718 98
Litchfield Div 1st gold 38_195113 J
70
70
Feb'25
98 Sale 9712
98
469
70
703
993 10014
4
Loulsv Div & Term g 3348 19533 .1 80 7712 80
993 1004 10014 Jan'25
4
_
2
1;2
80
80
93% 9412
Omaha Div 1st gold 39_ _1951 F A
72
71
9378
2
2
9334
72
7012 __ __ 72
933
4
4
913 91%
St Louts Div & Term g 39_1951 J J
5104
715 72
913
Jan'25 ____
91% 93
1
_ _ 72
4
Gold 33.48
1951,3 J 71- - 80
9112 Sept'24
80
897 91
8018 8112
8
Springfield Div 1st g 3 30_1951 J J 78% 82
92
79
8814
8912 Feb'25
82 July'24
_
Western Lines 1st g 4s.._1951 F A 8614 88
-8i - 87
Feb'25
87
995 997 10018 Oct'24
8
817 8414
8
87
87
Registered
3
1951 F A
87 Feb'25 ____
8214
8214 8318 8214
4
973 III Central & Chic St L & NO
1)6
97
97
08
9712 47
9912 101%
Joint 1st ref be Series A_ 1963 .1 D 983 Sale 9712
9614 99
99
4
99
1015 Jan'25
8
100,
8
Do Series B
10338 Sale 10314
1963 J D
9512 June'24 -----------103% 46 103 104
10512 107 [nd III dr Iowa let g 45
8712 8813
1
1950.1 .1 8759 90
8812 Feb'25
1073
4
1073
10418 _
4
9412 OIL Ind Union Ry gen 59 Ser A_ .1965.5 J 100 1003 100
4 100 101
1003
4
9612 197
9612 Sale 96
894 90
100 10054
Gen dr ref 55 Series B
1965.5 J 100 1007s 100 Feb'25
90
11
89% 90% 90
81 18 let & Grt Nor lot 6s Ser A..1952 .1 J 103 Sale 10212
80
8118 41
10318 51 100 103%
803
4
803 82
4
8112 8314
78
Adjustment 65, Series A1952 Aprl 7512 Sale 723
68
8218 18
s
76 1191
8112 8214 8112
88% 8813 let Rys Cent Amer 1st 58_ 1972 M N 763 Sale 7613
7612 7814
77
29
4
88 s 9014 8812 Jan'25
,
4
87% 873 Iowa Central 1st gold 5s_ _ _ _1938 J D 6134 Sale 6114
65
57
8 40
_ 873 Jan'25
4
8614
633
4
4
Certificates of deposit..........
1073
4
1073
1073
4
6 1073 1073
4
102 10214
Refunding gold 45
1951 M S 2412 25
193 "3
- ; 26 --4
10012 10
-2 10214 Feb'25
23
257
8 27
96% 963 James Frank dr Clear 1st 48_1959 J D 88 Sale 8712
4
88
87
4
963
8
33
963 Jan'25
88
98% 99% Ka A & G R 1st gu g 5s
1938 J J 997
9814
99% Feb'25
8_ 100 Nov'24
Kan & M 1st gu g 48
1990 A 0 82 82
. '£32
81 82
8412 Aug'24
1
9814
2d 20-year 55
994 mil
s
19271J .5 lOO's 10012 10018 Feb'25 ____
983
91 Nov'24
- K C Ft S Al cons g 6s_ _ 1928 M N 10314 Sal 10314
8
807
8712 Dec'24
,
10312 10 10212 103 11
97% 9712 K C Ft S &
Ry ref g 4s 1936 A 0 8414 Sale 8312
9718 9715 9714
1
80% 84%
97,
8434 71
4
R & B 1st
10512 106 10512 10618
5s_ _1929 A 0
7 10434 10618 K C &
_ _ 983
98
4
08%
987
8
3
9912 101
10014 Sale 10014
Kansas City Sou 1st gold 30_1950 A 0 98%- 1007
8 26
1
7038 72
88, 91
71
7112 71
54
72
9(04 122
83,4 86,
2
8314 85
Ref & Impt 59
Apr 19503 J
8612 Feb'25
90 Sale 8912
96% 9814 Kansas City Term 1st 4s_ _ _1960 J J 85 Sale 85
21
98
973
4
9714 98
53
14
84 842
8
85,
8 14 33
4
9058 937 Kentucky Central gold 45__1987 J J 8418 8412 84
8
9112 Sale 9112
933
8 46
8612 8612 Keok & Des NI 59 ett den_ __1934 A 0
8612
1
8612
8612
86 Nov'24
Knoxville dr Ohlo 1st g 6s_ _.1925J J 1005 ____ 1005 Feb'25
8
847 - 9412 Dec'24
. 8
115038
8
if5; Lake Erie & West 1st g 58_1937 J J
813 833 8138 Jan'25
8
4
9934 Sale 9934 9934 10 9934 9978
8312 8814
8614 Sale 853
2d gold 58
8
8614 23
9518 964
1941 J J
.
9518 9618 961 Feb'25 ____
10412 34 10212 106
104 Sale 103
Lake Shore gold 3348
1997 J D
7814 7918
7918 19
_ 7814
89
9314
93
92 Sale 913
4
Registered
84
1997 J
767 767
8
8
6
767
767 78
8
767
8
7814- -971..
96
9614
Debenture gold 4s
9712 Jan'25
9712 985
1928 M 5 9812 Sale 9712
9812 71
8812 9014
4
893 Sale 89%
25-year gold 45
9518 9734
893
4 58
1931 M N
973 Sale 9612
8
9734 44
1071s Sale 10512 10718 283 1014 107%
Registered
1931 M N
8
957 997
957 Jan'25
8
10214 Sale 10218
10214
11 101 10234 Leh Val Harbor Term 58_1954 F A
1013
4 10218 25 100% 102%
10912 1093 107
110
Leh Vol N Y lot gu g 4349_1940 J J
4
18 10812 110
9612 97
1
9658
96%
965 97
8
_
9358
94 Doc'24
93
Registered
93
1940 J J 931
Jan'25
___ 93
82 8514 Lehigh Vol (Pa) cons g 43..2003 M N
845 Sale 833
8
84% 111
8
01
89 91
78 8 ,
8084 12
8
8014 803
80 286
8812
8818 8912 8818
General cons 43.4s
8812
9012
5
2003 M N
9012 Sale 9014
99
95
99 Sale 98
91)
Lehigh Val RR gen Os Series_2003 MN
108
997
8 39
997 Sale 9912
8
67
58
5918 Sale 5812 Jan'25
Leh V Term Ry 1st gu g 55_1941 A0 101%__ 1013
99 8 99172
_
3 101'18 102 8
10212
464 Nov'24
Registered
_
993 Nov'24
1941 A0
Leh Sr N Y 1st guar gold 45 1945 MS 8512 ____ 87% Feb'25
6112 Feb 24
70
Lax & East 1st 50-yr 5s go-.1965 AO 10434 ____ 104
.
59
10312 105
Feb'25
Little Nliaml 48
8314 834
1
1952
N 8318
8314
_ 8314
47
68
60
595 6912 Long Dock consol g 68
8
Jan'25
8
1077g
5 1077 108
1935 A0 107% 108 tor
- -34
49
63
5618 Feb'25
k,
5618 70, Long Isld 1st con gold 5s_h1931 Q J 9934 ____ 10012 Jan'25
997 10019
8
603
8
60% 25
lot consol gold 4s
503 607
8
8
h1931 Q J 935 9412 10018 Aug'24
8
5978 Dec'24
General gold 4s
1938 JO 8918 ____ 8918
1
8918
5914 Sale 5734
60
2 Gold 4s
974 -57.37, -6611932 JD 893
4 __89 July'24
_
43% 45
43
4318 21
3912 43b,
Unified gold 4s
8214 8412
1949 MS 8214 84
84
1
84
9312
9312 Feb'25
9312 9312
0512 97%
Debenture gold 8.9
1934 .513 974 98
9712 Feb'25
73 71- 73
Jan'25
73
20-year p m deb 5s
73
8718 89
1937 MN 88
8912 8812
89
6
[3712 70
6712
6712
2
6712 6712
Guar refunding gold 4s
82
83
1949 MS 8259 8312 8234
83
17
9112 92
0112
92
15
9118 92
Nor Sh B 1st con g go 59_01932 Q J 100_ _ 100
100
4 100 100%
102
102 Feb'25
102 102
Louisiana & Ark 1st g 5s
9918 10012
S 100 10112 10012 Feb'25
1927
101% _
1015
8 10158
8
1 10012 1015 Lou & Jeff Bdge Co gu g 4s 1945 MS 87 Sale 8412
83 87
87
10
88
- -34 875
88
8
8818 16
855 90
8
Louisville & Nashville 59
1937 MN 10318 107 1031.; 10312
8
1 1023 104
89
8814 _Jan'25
88
89
Unified gold 48
1940 J J
917s 94
34
993 101
4 - -- 903 Feb'25
4
9914 993
4
Registered
1940 J J
Dec4 8 _
ja9 2
.4
:
100 101 10014 Feb'25
_ 10014 10014
Collateral trust gold 5s
1931 MN
103
- - 10012 101
6 100% 101
10-year secured 7s
N 1 906 2 Sale 1033"2 107 --12 i106.69.11-22
1 899931
:8
1930
10612
9996'44
1
-10012- - 10118
10114 10214
10118
2 101 101%
1st refund 534s Series A_ _2003 A0 106 Sale 106
10414 10712
013 03
4
106
993 Feb'25
4
993
4
_
993 100
8
1st & ref 55 Series B
2003 A0 10234 1023 102
1023
4 14
1
108 IOSts 1073
4 10818 25 107 108 4
,
1st &.ref 43.i8 Series C
2003 AG 93 Sale 9234
92
58
9314
93
7153 Sale 71
71% 255
70
7212
N 0& M 1st gold 5s
1930 JJ 10412 1077g 10412 Feb'25 ____ 10412 10412
673 703 673 Dec'24
8
8
4
2d gold 6s
1930 JJ 10334 10512 1033 Dec'24 -----------8
653 Sale 65
4
66
200
6314 66
Paducah & Stem Div 4s 1946 FA 80's
94
0
19 - 363
67
Jan'25
6612 67
St Louis Div 2d gold 35..1980 MS
6212 63
96
9718 96 5
963
8
,
3
8'8 - i1- 6
9512 98
6712 9
2 '2 Feb'25jaa92158
L&N&M&M 1st g 4348.1945 hi S
6
97
96
29
69 Sale 673
69
8
424
64
69
Ldt N South joint M 45.__1952ii 83,8
8112 84%
7612
8712 Ja.28
73
8 3
.4
4
_r
69 Sale 6712
69
170
637 69
8
July 1952 QJ
Registered
733 Sale 72%
4
7234 753 Loulay Cln & Lox gold 4348_1932 MN
733 168
4
4
983 Sale 985
4
8
; 9839834
7 -981 - 4.
104 10412 10319
104
18 10112 104
.
June. 4 Due May. 0 Due May. S Due Ju 7, /;Due Aug. n Due Sept. o Due Oct. p Due Dec.
a Option sale.
a Due Jan. 6 Due Feb. d Due
Range
Since
Jan. 1.
New York Bond Record-Continued-Page 3
940
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 20.
Ens
g
1934j ,j
Mahon Coal RR 1st 55
Manila RR (Southern Lines) 1939 M N
1st 4e
1959 M N
Manitoba Colonization Ss.... _1934 1 D
Man GB&NW 1st 3)43_1941 J j
1931 M S
Michigan Central 58
1931 Q m
Registered
1940.1 J
4a
1940.1 J
Registered
J L & S lat gold 3He
1951 M S
1st gold 3Hs
1952 M N
1929 A 0
-year debenture 4s
20
Mid of N J let ext 58
1940 A 0
MOw L & West imp g 521_ _1929 F A
Ashland Div let g 621
1925 M S
MII & Nor let ext 4 Hs(blue)1934 .1 D
Cons ext 4354 (brown)__ _1934 J D
Mil Spar & N W lat gu 48_ _ _1947 M S
Mllw di State List gu 3H3-1941 J .1
Minn & St Louis let 78
1927 J D
1934 M N
let consol gold is
let & refunding gold 4a_ _ _1949 M
Ref & ext 50-yr Ser A_ _ _ _1962 Q F
MStP&SSMcong4sintgu'38J .1
lat cons 5a
1938.1 .1
10-year coll trust 6He_ _ _1931 M S
1946 J .1
1st & ref 6s Series A
1949 M S
-year 530
25
let Chicago Term e f 423._ _1941 M N
4sintgu_1926 J .1
MSSM&A
1949 J .1
Mississippi Central let 53
Mo Kan & Tex-lst gold 4a.1990 J D
-Pr 15s Ser A_1962 J .1
Mo-K-T RR
1962.1 J
40-year 4s Series B
1932.1 J
10-year 623 Series C
Cum adjust 5a Ser A Jan 1967 A 0
Missouri Pacific (reorg Co)
1st de refunding 5a Ser A 1965 F A
1st & refunding 5aSer C-I926 F A
Ist & refunding as Ser D1949 F A
1975 M S
General 4s
Mo Pac 3d 7e ext at 4%_ -1938 MN
1945 J .1
Mob lc Sir prior lien g 5a
1945.1 .1
Mortgage gold 49
Mobile de Ohio new gold 68_1937 J D
Q J
let extended gold
1938 M S
General gold 43
Montgomery Div let g 58_1947 F A
1927J D
St Louis Div 5e
1991 MS
Moh & Mar lat gu g 4e
1937.1 .1
Mont C 1st gu g Be
1937 J .1
let guar gold 56
2000J D
M & E let gu 3He
Nashv Chatt & St L let 523_1928 A 0
1937 F A
N Fla & S 1st gu g 5s
Nat Ry of Mex pr lien 4;53_1957 J
July 1914 coupon on _______ _ _ _ _
Assent s f red June coup on
Guaranteed 70-year 2143..1977 AO
April 1914 coupon on
Gen a f 4s assenting red
_______-"
Nat RR Mex prior lien 4%3_1926 .1i
July 1914 coupon on
_
Assent with July '24 coup on
_1951 A0
let consol 4e
April 1914 coupon on
Assent with Apr 1924 coupon
1954
Naugatuck RR 1st 423
1945.1 .1
New England cons 58
1945J .6
Coneol 45
1986 F A
N J June RR guar lst 4s
NO&NEletref & Imp 4HeA'52 .1 .1
New Orleans Term let 43_ _ _1953 J J
NO Texas & Mexico let 6e_A925 J D
1935 A 0
Non-cum Income 58
1954 A 0
let Si Series B temp
lat 5Hs Series A temp_ _ _ _1954 A o
N & C Bdge gen gu 4Hs_ _1945 J .1
1935 A 0
NYB&MBlatcong5s
N Y Cent RR cony deb 621._1935 M N
M N
Registered
1998 F A
Consol 43 Series A
2013 A o
Ref & impt 4Hs"A"
2013 A 0
Ref & inapt 5a
A 0
Registered
N Y Central & Hudson River
1997.1 .1
Mortgage 3348
1997.1 .1
Registered
1934 M N
Debenture gold 48
1942.1 J
-year debenture 48
30
Registered
Lake Shore coll gold 330_1998 F A
1998 F A
Registered
Mich Cent coll gold 3348.1998 F A
1998 F A
Registered
1937 A 0
N Y Chic & St L let g 4e
1937 A 0
Regletered
1931111 N
-year debenture 48
25
1931,M N
68 Series A B C
2d
19741A 0
Ref 534e Series A
NY Connect let gu 4348 A_1953 F A
8--- 1947 M N
N Y & Erie 1st ext g 4
1933 M
ad ext gold 4345
1930 A 0
ext gold 5a
4th
D
1928
5th ext gold 48
1946 M N
N Y & Green L gu if 5e
2000 MN
38
NY & Harlem g
NY Lack & W lst & ref 58_1973 MN
1973 MN
let & ref 434e
1930 MS
NY L E az W 1st 7a ext
1943.1,
Dock & impt 521
1932 FA
NlY & Jersey let 58
N.Y & Long Branch gen g 48 1941 MS
N H de Hartford
Nil'
1947 MS
Non-cony deben 4e
Non-cony deben 3543---1947 MS
AO
Non-cony deben
1955 Ji
Non-cony deben 48
1958 MN
Non-cony deben 48
Cony debenture a He---1086 JJ
1948
Cony debenture 68
75 European loan dollare_1925 AO
7e European loan franca_ -1925 AO
1957 MN
Debenture 48
1930 FA
Cone Ry non-cony 4e
1954 JJ
Non-cony 4e
1955 JJ
Non-cony deben 413
Non-cony deben 4a---1958
;kI Y & Northern lat g 58-1927 AO
NY0& W ref let g 4s.June 1992 MS
1955 JD
General 48
1942 AO
NY Prey & Beaton 4s
N Y & Putnam let con gu 43293 AO
1927 MS
SY&RB Istgold 5s
N Y Sum & W 1st ref 5a.._ _1937
1937 FA
2d gold 430
1940 FA
General gold 58
N
1943
Terminal lit gold be
Dna Jan,
Price
Friday
Feb. 20.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb.20.
H
b9
ni
Price
Friday
Feb. 20.
Week's
Range or
Last Sale
High No.
High
Ask Low
Bid
High No. Low
Ask Low
Bid
6812 447
99 10114 N Y W'ches & B 1st Ser I00246 J .1 68% Sale 6114
_ 10114 Feb'25 -10114
8
825 265
4
60
1950 A o 82 Sale 803
2
6012 NordRyst634swi
60
60% 60
60
724 19
4
4
Norfolk Sou 1st & ref A 53.1961 F A
723 Sale 713
68 Nov'24 6414
60
5
96
Norfolk & Sou 1st gold 53_ _ _1941 M N 96 Sale 96
4
973 100
Jan'25 100
8
8
84
Norf & West gen gold 6s
84
1931 M N 1067 10812 1067 Feb.25
Jan'25
84
8
823 ___
8
1007 101
Improvement & ext 65._1934 F A 1077 -- 10712 Oct'24
s
Feb'25
101
_
101
New River 1st gold
4
1932 A 0 1063 -- -- 10712 Sept'24
99 Dec'24
4
993
1
89
N & W Ry 1st cons g 43_1996 A 0 894 8912 89
9612 974
Feb'25
97
Jan'25
86
1996 A o
Registered
8612 Sept'24
8612
8912 39
Div'l let lien & gen g 45.194 4J .1 8912 Sale 8812
7712 ---- 7718 Apr'24
12814 20
81 '825s
10-year cony 6s
8258
1929 M S 12$ Sale 127
2
8
8
815 82$8 825
914 10
97
Pocah C & C joint 4s_ _ _1941 J D 914 Sale 914
97
9712 9818 97 Feb'25
10112 102 10112 Jan'25
9312 Nor Cent gen & ref 58 A__ _ _1974 M
91
9112 Feb'25
93
90
5
8714
North Ohio 1st guar g 5s_ __ _1945 A 0 8714 Sale 8714
10014 10014
10014 Jan'25
8
1003 _ _
8
8612 Sale 847
8612 100
100 10014 Nor Pacific prior lien 4s_ _1997 Q
8
997 _ _ _ 10014 Jan'25
Jan'25
84
8812 8812
1997 Q .1
Registered
8
927 8812 Feb'25
89
25
62
4
General lien gold 3s
a2047 Q F 613 Sale 6112
21 • 8818 9112
89
8
885
8712 92
1
4
593
4
593
4
863 89
a2047 Q F
1
Registered
89
89
8812 90
Ref & impt 4Hs ser A_ _ _2047 J .1 8618 8612 8618
8612 12
July'24
-- 8612
8
813
4
1073 134
68 ser B
Jan'25
99
2047J .1 10714 Sale 10718
8
-66110018 103
974 27
8
9712 Sale 973
5134 5914
5s C
2047J .1
5914 31
8
585 Sale 5812
6
8
977
28
5s D
8
21
2047J .1 977 Sale 9712
22
25
2412 Sale 2414
_ 9914 Mar'24
St Paul & Duluth let 53_1931 Q F 1004 _
8
165 2114
1912 23
1814
8
183 19
8414 Jan'23
8612 90
let comet gold 4.8
8414
1968.1 D
8818 57
874
8
8712 877
10914 Jan'25
9814 9914 Nor Pac Term Co 1st g 88_ _ _193 3.1 .1 1094
9914 100
9914 16
4
983
1938 A 0 1023 ---- 9114 Aug'24
4
10412 15 10212 1044 No of Cal guar g 58
10414 Sale 10334
__ _ _ 100 June'24
North Wisconsin 1st 6s
100 103
1930 .1 .1 104
8
8
1023 103 1023 Feb'25
4
4
4
4
4
723
84% 9012 Og & L Chem 1st gu 4a g_ _1948 J J 713 723 713
8812 37
8812 Sale 8814
4
903 Dec'24
4
Ohio Conn Ry 48
1943 51 S 903
9212 -- 9212 Dec'24 _
__
99
99
4
1936 .1 D 100
1 1161i "963- Ohio River RR let g 55
9912
4
9912 993 9912
Jan'25
99
924
91
General gold 5s
1937 A 0 9838 100
5
8
925
4
923
92% 93
Feb'25
4
4
803 823 Ore & Cal 1st guar g 5s
1927.1 .1 101 1014 101
18
82
4
8
8112 823 813
4
4
4
4
883
9112 110
9112 Ore RR & Nav con g 4s
86
1946 J D 883 Sale 883
4
9114 Sale 903
4
8
7114 7512 Ore Short Line-let cons g 55246 J .1 1043 Sale 10438 105
8 44
753
7414 Sale 7414
8
8
Guar cons 55
10112 104
1946.1 .1 1043 Sale 10433 105
104
20
4
1033 Sale 103
9714 47
9718 97
Guar refund 45
1929.1 D 97
4
763 89
4
863 699
8618 Sale 8412
77
8
83
8
Oregon-Wash let & ref 45. _ _1961 .1 J 825 Sale 823
4
9312 92
92
8812 Pacific Coast Co let g 5e
83
1946 .1 D 92
8812 160
4
8814 Sale 873
_ 904 Jan'25
Pac RR of Mo let ext g 4e
1938 F A 9014
25 100 101
101 Sale 10012 101
26 extended gold 5.3
99 10218
1938.1 .1 9914 -- 9814 Jan'25
180
102
Sale 0114
10112
7
9412 Jan'25
62 8 6612 Paducah & Ills lets!4Hs 1955 J .1 9412 95
654 401
3
65 4 Sale 6418
4
4
843 89% Paris-Lyons-Med RR 623._ _ _1958 F A 77 Sale 763
4
7812 185
8958
8514 8714 8714
4
853 Sale
S f external 75 int
8718 458
9712 -- 9818 Dec'24
"771- Paris-Orleans RR frata_ 1958 M S 8538 Sale 8514 864 278
8
85
75
76
1954 M S
7718 Feb'25
76%
9
9812 Sale 98
1942 M
9912
4
3 1023 10312 Paullsta Ry 7s
103
0278
8
1027 104
102 103
Pennsylvania RIZ-0002 g 4s 1943 M N 9518 Sale 92 Feb'25 _
03 Feb'25
102% 104
1
8
9118
9118
814 8718
1948 M N 913 93
C011901 gold 423
Jan'25
87
89
87
4
913 Feb'25
8
977 9812
43 stamped
May 1 1948 MN
3
9814
9814 --- 9814
8
99 12 12
1966 F A 993 Sale 99
1 100 10014
Consol 4354
3
10014 1003 0014 10014
9412 202
4
1965J D 9414 Sale 933
General 434s
84% 85
85 Feb'25
84%
8 1033
4 27
1988.1 D 10312 Sale 1035
4
1103 110%
General 58
4
103 Feb'25
3
1103 113
8 49
1097
1930 A 0 109 Sale 109
30 10112 103
10-year secured 75
102
102 Sale 02
83
Ill
1936 F A 111 Sale 11078
4
763 8119
15-year secured 634s
77% 15
77
4
763 77%
s
983 392
1964 M N 984 Sale 98
40-year gold 58 temp
4
10112
2 10018 1013
0114
10112 102
Pennsylvania Co
_
Apr'24
99
8
1007 _
4
843 Dec'24
Guar 3348 coll trust reg A.I937 M S 8512 _
30 Sept'23
2
84
83
8318
Guar 3Hs coil trust Ser B.1941 F A 83
s
267 1534 July'24
84
8418 Sept'24
1942 J D 82
4
1918 213
5
Guar 334e trust ctfs C
1918
1918
1712 20
1
82
trust ctfs D_ _ _ _1944 J D 82 Sale 82
Guar 3545
8718 July'23
9518 11
Guar 16 25-year geld 40 1031 A 0 0518 Sale 9518
18 May'24
5
8538
8
1952 M N 95 Sale 853
s
3 "fir
Guar 48 Ser E
174
8
177
4
1631
784
7818
Peoria & East let con F4s_1940 A 0 784 79
3812 June'23
3514 11
1990 Apr. 35 Sale 3478
Income 4e
25 July'24
9914 99
3014 3212 Pere Marquette let Ser A 58.1956.1 1 99 Sale 9814
Jan'25
32
-3012
21
83
8238
1956 J .1 8212 83
1st 421 Fier B
Apr'24
28
8
925 100
9214 Dec'24
Mlle halt & W let g 48
Jan'24
1943 M
36
2
10412
4
8
1738 20
1974 F A 1045 1053 10412
Gen 5s Series B
Jan'25
20
444 69
8
443 Sale 421.
Philippine Ry 131 30-yr f 4.9 1937
- - 6678 May'23
4
723
1
Jan'25
1940 A 0 97 Sale 96
PCC&StLgu434aA
Oct'24 _
9213
95
93
Jan'25
96
1942A 0 9618
Series B 4Hs guar
8
787 Dec'23
794 81
9412 Aug'24
1942 M N
Series C 4343 guar
83 Sept'24
s
823 86
91
1945 M N 9012 -- 91
Series D 4s guar
8812 18 "86"
8812 Sale 8814
6
Series E 3343 guar gold._ _1949 F A 9012 ____ 9012 Jan'25
8014 84
8312
8214 Sale 8214
8912 Nov'24
1953 J D
4
Series F guar 43 gold
8 16 10133 1013
8 1015
1015
1014 102
9012
9012
1957 M N 9012 _ _
s
9238 945
Series G 4a guar
9414 24
94
4
933 94
Feb'25
Kul 9212
91
1960 F A 9012
Series H 48
9212 199
9214 Sale 914
4
3
Series I cons guar 00_1963 F A 943 967 95 Feb'25
98 1003
108
4
4
993 Sale 9912 100
1964 MN 9414 9512 9412 Dec'24
8
2
Series J 434e
9318 933
93%
9314 9412 93%
9
10012
2
997 100
1970.1 D 1004 Sale 10018
General 55 Series A
Jan'25
100 101 100
101 Feb'25
a1928 A 0 101
11114 11712 Pitts & L Erie 2d g 58
11618
11518 Sale 11314
105 Dec'24
_1932 J .1 10412
1 11314 11612 Pitts McK & Y let gu 63
11314
11314
10212
1934.1
8
983 Aug'24
2d guaranteed 63
4
33
823 85
84
84 Sale 835
8
Feb'25
1940 A 0 10034 ____ 101
8
887 9114 Pitts Sh& L E DNB 5e
9114 35
4
903 Sale 90%
Jan'25
1943 .1 .1 983 10014 101
4
let consol gold 55
99 10114
101 Sale 1003
4 10118 205
eetz 59% Pitts Y & Ash lat cons 5s
1927 MN
Jan'25
100
8
997 Jan'25
19 .1 D
let gen 45 series A
4
1962 F A 1003 10112 1111is1005
78
1st gen 55 series B
8
75
7714 Sale 76
764 87
1974 J D
_
7412 753
1st gen 55 series C
4
75
77
7512 Feb'25
8
54
1957 M N 525 ____ 54
9412 42
9314 953 Providence Secur deb 4s
4
9412 Sale 9414
8118 ____ 80 Sept'24
1956 M
9114 925s Providence Term let 48
92
4
913 921e 913
4
4
8
95
8
945
93 Reading Co gen gold 4s
1997 J J 945 95
93
93 Feb'25
9514 Nov'24
Certificates of deposit
4
743 76
4
743 76
747
4
743
8 10
3
9012
4
903
7312 7512 73% Dec'24
Jersey Central coil g 4s.__1951 AO 9012 91
65
93
1997".1 9212 Sale 9218
Gen & ref 4He Ser A
"fi 76
78
78
7612 76
4
993 Feb'25
1927 AO 9912
Rich & Dan 55
4
743 80
73% Dec'24
3
75 14
75
1948 MN
9414 Rich & Meek 1st g 5a
91
4
93 92%
92
9414
1
3
8
1952• J 100 8 10034 1004 1003
Rich Ter 523
89
89
89
Jan'25
89
9
8
964
Rio Grande June let gu 5s 1939 J O 963 Sale 96
7
92 8 96
56
9414 943 94
4
943
4
_
7
5
54 Jan'25
8
10312 Sale 10314
103% 19 1024 1037 Rio Grande Sou let gold 45.-1940 J J
_
6
7 Dec'24
ore 954
1940 J J
Guaranteed
4
95% Sale 95
953 326
8712 15
9212 Rio Grande West let gold 48-1939 J J 87 Sale 87
9212 21
90
9212 Sale 9213
7418 43
3
1949 AO 737 7413 734
Mtge & coil trust 4e A
92 89
Oct'24
89
8812 107
1934 MS 8812 Sale 8612
It I Ark & Louis let 4 Ha
9112 -- 96 Tslay'24
7378 Dec'24
74
1949 J J 72
Rut-Canada let gm g 48
4 -- 9714 Dec'24
993
1941 J J 85% _ 8514 Jan'25
Rutland let con g 4He
9714 Dec'24
9214
7
77
4
773 7612
1947 J J 77
923e St Joe & Grand Isl g 4s
92
9212 923 Jan'25
8
91
1
95
95
1996 J J 9513
754 7812 St Lavrr & Adir 1st g 5s
3
7578
8
8312 757
79
Jan'25
1996 A0 101 102 101
2d gold fie
9812 Nov'24
7
95
9514 95
1931 .1.1 95
guar g 4e
_ 10014 10034 St L & Cairo
3
997 ---- 10014 Jan'25
22
100
_ 10712 10712 St L Ir M & El gen con g 53..1931 A0 100 Sale 100
-- 10712 Jan'25
104%
95
59
1929 J J 94% Sale 9412
Unified & ref gold 4e
4
4
4
993 993
10012
- 993 Feb'25
J J
9214 Jan'25
Registered
99% 100
100 100% 100 Feb'25
8714 464
1933 MN 8714 Sale 8614
Rly & G Div let g 4a
9012 Dec'24
90%
7
10014
St L M Bridge Ter all g 58_ _ -1930 A0 10014 Sale 10014
7414 517
65 St L & San Fran (reorg co)4s 1950 J J 7414 Sale 7212
1
61
4
643
6613 -- 6434
89 Sale 8814
8914 190
1950 J
Prior IlenSer B 55
55% 5712
5712 Jan'25
58% - -54
4
103
1928.1.1 1023 Sale 10214
Prlor lien Ser C 5a
5553 58
11
58
58 Bale 56
8 82
973
4
1942 J J 9634 Sale 963
Prior lien 5343 Ber D
60 64%
6418 11
64
65
64
4
8812 355
6412
Cum adjust Ser A 68._ _51955 AO 883 Sale 86
60
6412 66
3
65% 627
64
82 Sale 781i
82
734
51960 Oct
Income Series A 68
554 58
20
58
58 Sale 55%
4
1043 1057 10512 Jan'25
8
_
8
913 St Louis At Ban Fran Ry gen 613'31 J
87
91% 410
3
913 Sale 88
4
8
8
1003
1931 J J 100% 1003 1003
3
General gold 523
97 10014
10014 479
10014 Sale 9912
St Louis & SF RR cons 43_1996 J J 90% __ _ 8412 Dec'24
96 100
557
100
3
997 Sale Me
Southw Div let g 5i,_,_1947 A0 9814 __ _ 97% Dec'24
54
5912
5912 86
5912 Sale 57%
4
1023
1
1023
4
_ St L Peo & N W let gu be_ _1948 J J 10234
_ 44 Apr'23 _
937 Feb'25.3
1931 MS 93%
55
6214 St Louis Sou 1st gu g 43
5
6214
6214
6312
62
81
41
62 62 St LB W let g 4s bond ctfe 1989 MN 80% Sale 8012
6312 62 Feb'25
62
74
73%
5
2d g 4a income bond etfe_p1989 .1.1 72% 74
62 62
6312 62 Feb'25
62
8938 883
4
1932 J D 89
8914 47
100 100
Consol gold 48
Jan'25
10012 -- 00
8412 72
65 69%
let terminal & unifying 521_1952 .1.1 5918 Sale 83%
8
69
4
683 6912 6814
83% 119
4
63% 68% St Paul & K C Sh L 1st 4346_1941 FA 831z Sale 8212
6612
6612 Sale 6612
me 56% St Paul E Or Trunk 434e-1947 J J 903 ____ 88 Sept'24
8
1
82
68% - -- 8612
8214 83
83 Fetra5
87
83
100 100
100
100 Sale 00
66% 76
16
75
7414
76
73
6112 68
6
68
68
71
63
601s 66
24
66
66 Sale 6411
93 94
2
93
9712 93
93
-
Due July. ip Due Nov. 8 0111loo
Range
Since
Jan, 1.
Week's
Range or
Last Sale
1
1--
Range
Since
Jan, 1.
High
Low
5978 6812
804 843
4
70% 73%
9518 96
1064 10718
897
88
86 86
8812 9014
127 13312
9314
91
10112 10112
8712
87
8611
84
8314 84%
6013 62
4
593 593
4
85t2 87%
10614 108 3
'
4
0 973
8
4
953 977
_ --
fail; i6ifi
7112 723
9858 99
99
99
8
1003 1014
8814 89
1034 105
1034 105
%
3
9638 977
4
813 8312
92
82
3
901s 983
9814 98%
9412 9412
7634 80%
85% 89
90
85
97 100
95
92
3
4
903 913
4
9012 913
9814 100
95
93
4
1014 1033
108 110
109 4 111
3
4
983
98
"ii", "Flit;
.
"E "Ell
944
85
78
8
347
974
8112
95 s
3
854
79
364
994
8358
104 106
41% 44%
96 9612
96
96
8914 91
9012 91
-662;
91
95
91
9518
fai"
101
101
10058 10121
94l
96
93
89
4
92% 9
99% 99%
7411 7514
2
1003 10112
92% 96%
5 14
5
7118 75
8812
85
8514 851k
7512 77
94 95
101 101
95
94
9914 100%
4
913 95
9112 9214
4
833 8714
99% 100%
7114 7414
2
8514 897
3
1017 10314
93% 98
8454 8011
4
76% 823
1051/ 105%
100% 101
9212
80
73%
85%
81%
80
fedi
9372
s
817
74
8914
8412
3
84 4
941
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ending Feb. 20.
Price
Friday
Feb. 20.
Week's
Range or
Last Sale
n
co4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 20.
Price
Friday
Feb. 20.
;Peek's
Range or
Last Sale
13
co4
Range
Since
Jan, 1.
High
Bid
Ask Low
High
Ittoh No. Low
Ask Low
Bid
High No. Low
9212 963
St Paul Minn & Man 4s___ _1933 j J 94% 9512 9414 Feb'25
4
8
9634 43
9414 95 Am Wat Wks & Elec 5a._ _ _1934 AO 95% Sale 953
45% 55
1st consol g 68
15
1933 j J 10814 10912 10812 Feb'25
1939 JJ 52 Sale 51%
10814 1083 Am Writ Paper s 1 7-6a
4
53
984 99
43% 503
8a reduced to gold 4 As_ _1933 I j 98% Sale 9814
Temp interchangeable Otis dep.,
4
16
4
4814 Sale 46
49
98%
19
904 101%
4
Mont ext 1st gold 48
327
4
3
1937 J D 923 93 4 93
923 934 Anaconda Copper 68
93
101
FA 1005s 8518 10033
• Pacific ext guar 43
1
1940 J J
1938 FA 103 Sale 102
892
8933 89% • 78
3
89%
103% 266 10212 104
1004
Andes Cop Min deb 78w 1..-1943 J J 100 Sale 100
St Paul Union Depot 513_ _1972 .1 j 10114 10112 100%
10113 18 100 102
10018 232 100
91% 9314
4
31
8 A & A Pass lat gu g 4s_1943 j J 833 Sale 83
8433 Comp Azuc Antilla 734s_ __ _1939 J J 923 Sale 92
4
81
53
84
923
4 10
10014
Ark & Mem Bridge & Ter 58_1964 M
Santa Fe Pres & Phen 5s
1( ,
1.9 2
1
92 Sale
1003
4 12 1004 101
-- 10034
10713
Say Fla & West els
-155
10712 10712 Armour & Co let real est 43431939 ID 8814 Sale
-- 10712 Jan'25
9115 94
179
Armour & Coot Del 554e_,._1943 .1 1 94 Sale 9312
56
1934 A 0 101% _
10114 Nov'24
94
4
Scioto V& N E let gu g 45 1989 M N 87% - 3 87%
93 3
Associated Oil temp 65
2
23 1013 103
1935 MS 10212 Sale 10212 103
873 90
4
87%
9734 973
4
Seaboard Air Line g 48
Atlanta Gas L 1st 55
1
1947 J D
1950 A 0 80 Sale 80
74 80
80
-- 97% Jan'25
24
18
Atlantic Fruit Thetis dep
Gold 4e stamped
4
80
1934 ID 9734- 74
20 Feb'25
19
25
1950 A o 79 Sale 7812
79
22
22
Adjustment 58
Oct 1949 F A 7834 Sale 7453 767 243 7412 79
Stamped Ms of deposit
_
Jan'25
39% 22
5512 6814 Atlantic Refit deb 5s
Refunding 48
97% 99
4
9912 35
1959 A 0 6814 Sale 6512
1937 31 99 Sale 99
6814 85
4
1st & cons (is Series A_
1945 M S 913 Sale 904
311
_ 102 103
8433 9212 Baldw Loco Works let 58
92
1940 MN 101% 103 103 Feb'25
Atl &Birm 30-yr 1st g 4541933 M S 8612 Sale 86
1 103 104
83 3 8812 Comp Azu Bare 7348
7
1937II 103 10312 10313 10314
8812 11
Seaboard & Roan 1st 5a
993 1004 Barnsdall Corps f cony 8% A1931• J 1044 Sale 10412 1043
4
1926 j j 10014 101 100 4 Feb'25
4 17 10212 105
3
10212 1021/ Bell Telephone of Pa 513
8 & N Ala cone gu g 5s
1936 F a 102%
10113 31 1004 10114
1948 J J 101 10118 100%
10213 Jan'25
Gen cons guar 50-yr 5a_ _ _1963 A 0 1044
/
1
103 10414 Beth Steel let ext a f Se
Jan'25
1926• J 10012 Sale 100% 10012 10 10014 1014
104
9312 96%
So Pax Col 4s(CentPm cohk1949 J 13 8514 86
1st di ref 58 guar A
18
8614
84
855
96%
8 28
1942 MN 9614 963 95%
4
85
Registered
85
9014 927
a
30-yr P m Imp s 5s
J D 81
81
9212 76
1936 J J 92 Sale 92
81
81
Jan'25
9334 9712
20
-year cony 45
June 1929 m 8 96% Sale 96%
319
9612 974
Cons 30-year Bs Series A 1948 P A 9612 Sale 96
97
967 -ioi
3
20-year cony 58
903 10213
8515 8913
4
2
Cons 30
1934 J D 102 103 102
8912 42
-year 5348 Series B 1953 FA 88% Sale 8812
102
82% 85
San Fran Terml 1st 43_1950 A 0 8512 86
32
8414 8614 Booth Fisheries deb s f 6s
87
1926 A0 83
8511
85 Feb'25
88
So Pac of Cal-Gu g 55
1927 MN
100 -RE) 97 100
103
10314 11 103 10314 Brier Hill Steel let &lie__ _1942 AO 9913 Sale 994
7212 7514
So Pm Coast lst gu g 48_1937 j j "eirs
7
9412 Jan'25
744
1943 J O 72% 74
943 944 B'way & 7th Av 1st e g 5a
74
3
754
So Pac RR lat ref 4a
73
20
884 894
1955j .7 89% fiZe 8914
Ctfs of dep stmpd Dec '24 Mt
74
7214 73% 74
89% 94
9055 93
Southern-let cons g 5s_ _ _1994 j j 10112 Sale 101
62 10014 102 Brooklyn City RR 55
6
923
4
1941 JJ 92% 93 924
1013
4
9914 100
Develop & gen 48 Set A1956 A 0 77 Sale 76%
262
4
9
773 228
4
7333 78 Bklyn Edison Inc gen 55 A 1941• .1 99% Sale 99% 100
Develop & gen 63
53 103 10613
17 10414 105
General 65 Series B
1956 A 0 10512 Sale 105
3
106
3
1930 II 1043 104 4 104% 105
Develop di gen 6.43
4
General 75 Series D
1956 A 0 10912 Sale 10913 10912 128 10684 1093
1075 Nov'24
1940 J O
*
Mem Div 1st g 4e-5s
824 "itis;
694 100 Bklyn-Man R Tr Sec Ga.__ _1968 Ii 87 Bale 8612
1996 J J 9913 _
100
Jan'25
8714 64Z
6613 71
St Louis Div 1st g 4s
3
8544 863 Bklyn Qu Co de Sub con gtd 55'41 MN 683 70
s
1951 j .1 863
693
3 12
4
863
68
3
863
3 17
Mob & Ohlo coll tr g 4s
80 80
1st 58
1938 M S 84 - .1 85 Feb'25
% 86
3
Jan'25
823 85
1941 J J 764 _ - 80
So Car & Ga 1st ext 6.4s.._1929 MN 10113 1021 10112 10112
Brooklyn Rapid Trans g 5s_ _1945 A0
10013 102
90 Nov'24
Spokane Internet 1st g 5a 1955 1 J 86
871 8711 Feb'25
8312 8713
Trust certificates
June'24
96
Sunbury & Lew 48
1st refund cony gold 4&._20O2 II 5618 ---- 81 Dec'24
1936 j .1
91
Oct'23
---Superior Short L 1st 5s 6_61930 M 13 gin2
3-yr 7% secured notes_ ___1921 J J ____
95 May'18
10912 Sept'24
Term Assn of St L lst g 4;0_1939 A 0 9612 If 963
9514 97
Certificates of deposit
120 Nov'24
4
963
let cons gold 58
100 101
Ctrs of deposit stamped _
1944 F A 10014 -- 101 Feb'25
17713 Dec'24
83 843
Gen refund a f g 443
15
5
1953j J 834 Sale 8314
3
837
1950 P A 8412 Sale 844
8212 837 Bklyn Un El 1st g 4-58
84 4
3
9618 99
83 85
Tex & N 0 con gold 58
4
1943 J J
Stamped guar 4-55
99 Dec'24
85
1950 P A 8412 85 847
8
Texas & Pac lat gold 58_2000 J D 1002 Sale 1003
4
4
9914 1018
8
5
997 101
8
Bklyn Un Gas 1st cons g 56_1945 MN 100 1001 10012 10014
4 1003
158 163 4
8
2d gold income 55
_
2000 Mar
7s
90 Dec'2
1932 MN 135
1633 Jan'25
4
La Div B L 1st g 5s
9914 993 9912
15
2 10913 23 10714 11012
let lien & ref 68 Series A_ _1947 MN 1093 110114 100
19311 J 889812 9914
991
*
Tex Pac-Mo Pac Ter 515_1964 M 5 1004 Sale 9913 1001
917 93 2
2
1
1
9812 10014 Buff & Slum Iron a f 5s
69
1932 ID 924 --- 93%
93%
997 10012 101
2
Tol dc Ohio Cent 1st gu 5s- _1935 J J
84 86%
3
Bush Terminal 1st 4s
10014 101
Jan'2
1932 AO 86
5
86
857
8
Western Div 1st g 58
8618 8914
95% 957
3
Consol 58
1935 A 0 994 100
95% Jan'2
1955
' 8914 Sale 8814
I
89% 24
953, 0812
General gold 5s
93% 95%
Building 58 guar tax ex_ 1967 A0 95 Sale 94%
20
1935 1 D 98 100
9812 Jan'2
95
90
3
29
Toledo Peoria & West 4s1917 J .1 22
98 100
_ Cal G & E Corp 55
6
3713 Dec'24
99
MN 9912 99% 98
1
4
Tol St L & W pr lien g 3;45-1925 J J 993 100
-994 Cal Petroleum 634e temp_ _1933 AO 102% Sale 102
99% Feb'25
102% 36 look 108 2
50-year gold 4s
93 94
10
1942 AO 93 4 937 9353
3
1950 A 0 8314 Sale 834
3
8213 84 Camaguey Bug Islet g 78
83% 19
94
96 4 8814
8
TolWV&Ogu43.4sA
1931 J J 95% -- 99% Jan'25
99 3 995 Canada SS Lines let coll s 78'42 MN 99 Sale 98%
5
8
994 21
3
Serlea B 4 As
s
19331 J 957 _ _ 97
1942 FA 10712 Sale 10712 1074 21 10713 1077
97
97 Canada Gen Elec Co 68
Jan'25
_ 8953 Jan'25
Series C 411
gges 8933 Cent Dist Tel 1st 30-yr 5a
9 1004 10072
1942 M S 891
1943 J O 10014 10012 100% 10012
Tor Ham de Buff 1st g 4s
23
95 96
5
5
1931 P A 9514 9612 96
843 864 Cent Foundry 1st Sf68
4
96
1946 J D 843 8512 843
4
843
4
9114 89%
Ulster & Del let cons g 5s--1928 J 13 88
_ _1925 AO 10018 Sale 100
,
89% 92 3 Cent Leather 20-year g
9012 14
1004 59 100 10012
let refunding g 48
5712 55
1
9914 991
4
Registered
55 62
AO
1952 A 0 50
9914 Feb'25
55
Union Pacific 1st g 40
004 927 Central Steel 88
8
-1412 112
1941 MN 112 1 11213 12 111 114
92% 52
1947 J .8 9212 Sale 9215
9814 9933 Ch G L & Coke 1st gu 558_1937 J J 9914 993* 9914
9814 99%
20
-year cony 45
9
1927 1 J 9914 Sale 9914
9912 49
993
08 98 ChIcago Rya 181 53
82 s 865
5
5
Registered
1927 P A 8318 Sale 8233
843 378
4
98
Jan'25
J .1
7
844 86 Chile Copper 68 Set A
let di refunding 4s
1932 AO 10833 Sale 1077
4
11014 316 107 3 111%
85% iO
e2008 M 13 -i&i2 6;11 8512
9812 1007
!
let lien & ref 5s
4
9912 10
e2008 M S 1054 106 10514 10512 27 10411051 Mein Gas & Elec let & ref 58'56 AO 9912 Bale 9813
5343 Ser B due Jan 1
1 10012 102
8
10
-year perm secured 68_1928 J .1 104 1044 104
1961 A0 1015
* ___ 1013
4
4 1013
4
1043
3 27 1033 1045
U N J RR & Can gen 4s_1944 M 8 9212
87
9214 9212 Clearfield Bit Coal let 48_ _ _1940 ii 78% 923
3
02% 10
0
1
91 -3
Utah & Nor gold 5s
92
93
10113 1014 CoIn F & I Co gen s f 513._ _ _1943 FA
1926J J 1004 1664 10113 Jan 25
4
ol Indus let & coil 53 gu_ _ _1934 P A 91 Sa2
82
1st extended 4s
91e 82
%
8314 24 80 8314
1933 J J 933 -- 93 Aug 24
82
82
Registered
2
3
FA
Vandalla cons g 4s Ser A_ 1955 F A 86% - -- 861
82 Feb'25
8633 86's
/
4
86%
- Columbia G & E 1st 58
ERA
1927 .1
100% 100% 45 10012 1014
Consol 45 Series B
1957 M N 864 ---- 8612 Dec 24
Stamped
Vera Cruz & P 1st gu 4lls
4
1927 J J 1003 Sale 10012 1003
Oct 24
20
4 28 100 1014
1934 J J
914 12
Col & 9th Ay 1st gu g bs__ 1993 MS 103 14
July 1914 coupon on
12
Jan'25
20 Dec 24
6842 9918
9934 9918 Feb'25
Assenting let 4%s
-2412 2413 Columbus Gas 1st gold 5s_ _1932 II 99
2412 Jan 25
1934
7212 7212
908 100 Commercial Cable let g 4s 2397 QI 723 73
2
Verdi V I & W lat g 541
7213 Jan'25
Jan 25
100
1926Mi
99
9911
Commercial Credits f 6s
13
- 1004 Dec 24
Virginia Mid Series E 591926 M S 10018
1934 MN 994 993* 99
993
-0
General 58
loots 58 97% 101
100 100% Commonwealth Power 68_1947 MN 10014 sale loo
1936 M N 10013 10 -18 1004 Jan 25
9913 Sale 99
9914
Va & Southw'n let gu 5E1_2003 J J
3 10114 1044
8
9312 9914 Computing-Tab-Rec a I 68_1941 S i 10314 104 103%
104
gols 904
1st cons 50-year 55
Feb 25
1958 A 0 9013 91
8414 91 Conn Ry & L let& ref g 4348 1951 J J 901 ---- 904 Feb'25
91
9212
89
Virginian 1st 58 Series A.._ _1961 M N 9614 Sale 953
Stamped guar 4545
4
1951 J J 91%9213 9113
95 96
4
4
961 121
9212
8613 90
Wabash let gold 58
100
77 10044 10112 Cons Coal of Md let & ref 53_1950 J O 87% Sale 881
1939 m N 101 Sale 10012 101
90
8
_ _ _ 96
644 964 Consol Gas(N Y)deb 5)4s_ _1945 FA 10134 Sale 10112 1013 1178 1014 10184
2d gold M
34
1939 F A 96
961
4
let lien 50-yr g term 4a
774 783 Cons'd Pr & Ltg let 34s
4
14 1004 103
1023 Sale 10212 103
4
9
1943 M
1954 J J 78% Sale 77%
783
8712 89
Det & Cb ext lst g 5a
9912 10012 Cont Pap & Bag Mills6 Ms_ _1944 P A 88 Sale 873
1941 J J 100 101 10013 Feb 25
4
8312 19
Dee Moines Div let g 4s 1939 J J 8313 90
818 8414 Con G Coot Ch let
4
943 9812
4
g 55_ _1936 J J 95 Sale 948
5
10
84
84
95
Om Div 1st g 3jis
76
0024 9512
1941 A 0 75
74
76 Consumers Power let 58_ _ A952 MN 95 Sale 9412
75 Feb 25
954 152
Tot & Ch Div g 48
851
1931 MN 1001
g 5s
16
___ 90% July'24
1941 M 13 8514 8512 8514
8412 8512 Corn Prod Refg
Warren 1st ref gu g 334s
1st 25-year s f 58
1001* idife
2000 F A 7713
1934 MN 1003 101 10112 Feb'25
43
773 Oct 24
3
87i4 844 Jan 25
77
Wash Cent let gold 45
Crown Cork & Seal 65
75
8
1948 Q M 82 1943 FA 75
2
7512 75
-&1175
Wash Term let gu 3lls......„_1945 F A 8113 8214 814
9334 9612
811
8118 8212 Cuba Cane Sugar cony 7s_ --1930 II 964 Sale 953
4
9612 40
1st 40-year guar 45
Cony deben stamped 81 4_1930 iJ 10114 Sale 1014
84 July'2
0914 1 2
0
/
1945 F A 894
1013
4
9534
W Min W de N W lat gu 5s-1930 F A 96% _ _ _ 9653
1
9653
!4 Cuban Am Sugar 1st colt 88_1931 MS 1074 Sale 1073* 108% '4 1074 108%
4
.
Wart Maryland 1st g 43
6312 6714 Cuban Dom Sug 1st 734/3---1944 MN 98 Sale 9712
9824 981
2
91
1952 A 0 6614 Sale 6513
661
98
1 4
6
West N Y & Pa lat g 5s
1 100 10013 Cumb T & T 1st & gen 6s ..1937 JJ 98 100
19371 J 100 Sale 100
97 98
100
97 4
1
98
41
81% 81
Gen gold 45
81
8218 Den Gas & E L lst&ref s f g 5s'51 MN 94 Sale 94
92% 041
4
4
1943 A 0 81
81
9414 39
3
Western Pac let Ser A 5a- _ _1946 111 S 933 Sale 93
604 934 Dery Corp(D G)7s
75 82
93
1
50
1942 MS 80
80% 80
80
3
/
1
B 6s
8 10014 102% Detroit Edison let colt tr 5s_1933 II 101 Sale 100 4 101
1946 M S 1024 _
10212 102%
5 100 10214
,
gr 1013
a
814 8318
4
West Shore let 48 guar
.
let & ref 5s Series A_July 1940 MS 10671:2 Sale 110
1
2361 J J 8214 1318 83
83
80 % s871T 100
0
80778
: 10012 18
Registered
792 81
4
2361 J J 84 8414 81
2
81
108
16 10638 108
5
9018 92
Wheeling & L E lat g 5a__1926 A 0 1007 Sale 100 4 1007
4
3
ID%
8
8
3 1003 10113 Det United lst cons B-4145-1932 J I 914 9112 914
991
_ 1003 Jan'25 _ _ _
Wheeling Div let gold 5e.1928
82 881
4
(4913 101
Dold (Jacob) Pack let 65._1942 M N
4
8814 22
97% 9912 9613 Nov'24
4Eaten & impt gold 68-....(193 OF
65 68%
Dominion Iron di Steel 5s_1939 J J 67% 68
68%
6
6712
Refunding 4548 Series A1968 M S 7014 Sale 70
71
883 91%
4
Donner Steel 75
707
01% 32
68
91 Sale 91
s
9
1942 J
/ 74
1
4
go% 914
RR let consol 45
1949 M 5 73
74
14
7313
7412 du Pont(El)Powder 434s_ A936 J D 913 ____ 9114
1
72
9114
4
1942 1 D 6613 Sale 6514
534 6812 duPontdeNemours&Co 7348 1931 M N 10714 Sale 1063
Wilk & East let gu g 58
3
9
6812
4
4 1073 111 1063 1084
wffl & 8 F 1st gold 5a
19381 D 101% 102 1003 Dec'24
10713 1071s
3
Registered
Jan'25
MN
Whiston-Salem 8 B let 45.-1980 J J 82% 8312 8713 Feb 25
834 8712 Duquesne Lt let & coll 63___1499 J J i5O7 Sale 1054 106
22 105 10611
8
81 Sale 80
Ws Cent 50-yr let gen 43_ _ _1949 J J
81
let coil trust 514s 5erif:813_1949 .1 J 105
39
791 81
8
10514 16 104 106
____ 10434
ID Sup & Del div & term let 4s'36 M N 8811 87 8612 8612 11 8514 87% East Cuba Sus 15-yr f g 7322'37 M S 1054 Sale 105
4
106
192 104 1067
9084 93
L, ii
i
Ed El III Bkn lat con g 4s_ _1939 J J 913 Sale 903
917
3 15
4
4
INDUSTRIALS
Ed Elec Ill let cons g 58_ _ _1995 J J
3 10114 101%
Feb'25
__ 1011
/
4
Adams Express coll tr g 48_1948 M S
85
85
3 85
8712 Elkhorn Coal6% notes
2 100 100
19251 D 10178100
9933 11;014 100
4
1936 J D 993 Sale 983
074 101%
4
Aim Rubber Sa
993
4 14
944 993 Empire Gas & Fuel 7 Ms__ _ _1937 M N 10112 Sale 1004
4
1011 504
4
67
8 31z
1925 M S
Alaska Gold M deb 6s A
4
Equit Gas Light 58
24
4
_
312 5
Jan'2 _ _ 5 100 1001
1932 M S 9812 100 100
4
47
3 5
1926M 8
Cony debt% Series 13
Jan 25
88
5
5 Federal Light & Tr let 53.._ _1942 M S 92
94
4
921
___
92
99 4 Sale 9913 10013 59
8
1928 A 0
9614 102
Am Mole Chem 181 68
3
let lien 68 stamped
9814 100 3
1942 M 13 10013 Sale 100
1011
4 43
1941F A 101 Sale 100
644 101
101
let ref a f 7%5 g
207
Cony deb 7s Ser A
1953M S 13112 Sale 13113 13112 34 116 136
1933 A 0 99 Sale 99
American Chain 65
9912 43
965 993 Federated Metals a f 78
3
4
1939 J D 1034 104 10314 1043, 30 10314 10611
931:
9312
6
Am Cot Oil debenture 56-1931 M N 10614 Sale 934
2
914 934 Fisk Rubber lst a f 8s
1941 MS 11113 Sale 1107
7 108 1113
3 111%
108 108 Feb 25
19361 J
Dock & Impt gu 6s
Am
7511 7813
108 108 Ft Smith Lt dr Tr lat g 5s_ _ _1936 M S 7753 ___
_
7712 Feb'25
994 101
1939 A 0
9912 Feb'25
..km Mach .9 Fdy a t 6s
92% 95
98 100 Frameric Ind & Dev 20-Yr 730'42 .1 .3 9412 Sale 93
941
74
1937 A 0 95% Sale 954
963
3 27
Amer Republics 6e
4
914 987 Francisco Sugar 7348
2
1942 M N 104 105 104
105
8 1043 106
98 Sale
9612 973 Gas & El of Berg Co cons g 561949 J D 98% _
9714 163
984 9812
4
Am Sm & R let 30-yr ils serA 1947 A 0 10814 Sale 964
4
9812
981
10614 10714 69 103% 1084 Gen Asphalt cony 68
1947 A 0
1Se B
1021
5 101 1024
1939 A 0 102
10214
1024 Sale
9912 1024 General Baking let 25-yr 63_1938 J D 1054
Amer Sugar Refining 68._ 1937 J J 967 Sale 100% 10212 85
4
3
10554
1045 1053
1053
8
9612 9678 Gen Electric deb g 3)46
967 219
8
Am Telep & Telex coil It 4_1929 J J 90 4 9173 96%
83
_ 84
1942 F A 8214
84
84
3
90%
9114
2
1936 M 8
Convertible 45
90% 9114
Debenture Ss
103
18 10112 1054
1952 M S 103 Sale 102
44 1104 115 Gen Refr lat f g 6s Ser A_ 1952 F A 101 Sale 101
1933 M 8 11112 Sale 11112 112
-year cony 4;is
20
1013
3
5 10014 101%
4
19461 D 100% Sale 100% 100 4 87 1004 10112 German Gen Elm 78 w I_ _ _1945 1 J 93% Sale 933
634 9418
-year coil tr SS
30
4
937
64
1960 1 J 9512 Sale 95%
9 3 711
54
95
964 Goodrich Co 6Hs
35-yr a f deb 58 temp
149 100% 104
19471 J 103% Sale 1034 104
102 Sale 1013
4 1024 263 101 10212 Goodyear Tire & Rub 1st 811941 M N 120 Sale 11973
194 M N
1201
20
-year 5 f 53is
92 119 12014
12512 33 125 13012
1925 F A 1254 Sale 125
7-yearjconvertf 3le fle
10-year f deb g 8e
109
3
92 108% 109 4
61931 F A 1094 Sale 109
Granby Cons M 8& Peon 68 A'28 M N 94% 991 98
Jan'2 _
95
96
Stamped
_
934 98
-- 98 Feb'25
1928 M N 9414
Cony debenture 85
4
95 100
99% 19
1925 M N 995 Sale 9912
9313 14
Gray & Davis 75
4
9313
92
95
1932 F A 923 93
9012 93
Gt Cons El Power(Japan)75-194 F A 9012 Sale 604
89 4 9112
3
4
Great Fella Power lets f 6s1940 M N 101 1018 10112 10112
1
4
997 10112
2
Hackensack Water 48
1952 J J 83% --- 83% Jan'25
83 2 85
3
Havana El Ry L &Peen 54 A'54 M
27
87
87 Sale 864
851 87
1
July. 3 Due Aug. a OPUOM sale.
5/Due Maj. II Doe June. S Due
:
rg
942
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb 20.
New York Bond Record-Continued-Page 5
ha
Price
Friday
Feb. 20.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 20.
a
Price
Friday
Feb. 20.
IWeek's
Range or
Last Sale
ccA
High
High No Low
Ask Low
Low
High No.
Bid
9 Bid
99,4
Pat & Pass-41c G & El cons 5s 1949
9212 94
Havana Elec consol g 58_ -1952 F A 033 9414 933 Feb'25
4
985 Feb'25 _ - _ _
8
4
8
,
Hershey Choc 1st at g Bs__ .1942 M N 104 Sale 1034
10414 19 1037 1041 Peon Gas & C 1st cons g 65_1943 A () 107 1073 10734 1074
8
I
8
Refunding gold 55
Hoe(R)& Co tat it ;is temp _1941 A 0 1017 Sale 10112
22
97
1017
8 23 1003 10212
8
1947• S 9634 Salo 9513
87
Philadelphia Co 65 A
79
Holland-Amer Line (la Wan _1947 MN 864 Sale 8.514
Si
37
1944 F A 1047 Sale 1045
105
87
8
8
9818 9912
Hudson Co Gas 1st g 5s__1940 M N
9818 122
5345
9912 9912 Feb'25
1 44 M 5 9578 Sale 9512
193
8
99
9912 101
P11115 & Reading C & I ref 58_1973 J J 101 Sale 10013 10114 09
Humble Oil& Refining 5445_1932 3 j 101 Sale 10012
99
101
97
9314 Pierce-Arrow 85
Illinois Bell Telephone 55_1956 3 D 98 Sale 973
4
1943 /VI S 963 Sale 954
74
9814 98
97
4
Pierce 011 s f 824
923 95
4
Illinois Steel deb 4445
158
95
7
1931 I D 1035 104 104
104
1
1940 A 0 95 Sale 93 8
8
Pillebiry Fl Mills 20-yr 6s 1913 A 0 10114 Sale 10114
8712 91
_
Ind Nat Gas & 011 5e
Feb'25
4
10134 14
1936 M N 9012 913 91
Indiana Steel 1st 58
1013
8
4 23 10114 10212 Pleasant Val Coal let get 55_1928 J .1 98
1952 M N 1015 Sale 10114
_
9712 Jan'25
__-9914 994 Pocah Con Collieries lets f 531957 J .1 9258 9412 9318
Ingersoll-Rand 1st 5e
93,
8
1
1935 j
9914 -- - - 9914 Feb'25
11
Port Arthur Canal & Dk 6s _1953 FA 100 -- 100
10
Interboro Metrop coil 4448_1956 A 0 11
10 Feb'25
13
100
74. Portland Gen Mee lot 5s
Interboro Rap Tran 1st 524..1966 3 3 713 Sale 7014
68
725 245
8
1935 3 J 99
4
____ 99 Feb'25 _ - _ _
6715 7312 Portland Ry 1st & ref 5s_ _1930 M N 95 Sale 9114
Stamped
707 Sale 6914
8
95
15
713 427
4
80
10-year 68
72
Portland Ry Lt & P let ref 531912 FA 88
1932
7912 101
78
7812 7612
58
884 87
88
7s
65 1$
9214 93
9412 230
1947
1932 M S 94 Bale 9312
9912 54
99
4
693 73
Int Agile Corp 1st 20-yr 5s_ _1932 MN 70 Sale 6938
1st & refund 734s Ser A 1946 M N 106 2 S -1 - 10578 Feb'25 -- 7
73
M
99
;8 _3!
6314 707a Porto Rican Am Tob 8s
Stamped extended to 1042__ M N 67
4
70
70
70
1931 MN
10512 108
106
5
9112 Pressed Steel Car 55
Inter Mercan Marines f 5e_1941 AO 90 Sale 893
88
91
267
4
J J 953 Sale 95
4
96
40
873 90% Prod & Rots f 8s(wIth waents93:1 J D 112 115 114
4
International Paper 58
1947 J J 9014 Sale 893
903 101
8
4
1 '31
)
114
5
1st & ref 55 B
84 Mar'24
1947 J J
Without warrants attached _ - J D 11018 Ill 111
9
111
Jurgens Works 613 Was Price)-1047• J 9314 Sale 927
88
9312 123
93'Z Pub Fiery Corp of N J gen 55_1959 A 0 10412 Sale 10412 1043
8
8
4
Kansas City Pow & Lt 5s
95% 973
8
Secured g 65
104
1952 M S 9613 Sale 9612
1944 F A 973 Sale 9718
97
8
9758 216
9314 1015 Pub Serv Elec & Gas let 54451959 A 0 10218 Sale 10114
8
Kansas Gas & Electric 6s___1952 m s 100 Sale 100
10112 57
10218 19
Pub Serv El Pow de Ltg 63_1918 A 0 10414 Sale 104
Kayser & Co 7s
8 1027
8 16 10112 103
8
1942 F A 1027 Sale 1023
10412 20
Punta Alegre Sugar 75
97 100
Kelly-Springfield Tire 8s......1932 M N 98% Sale 9714
1937 J
1003 130
4
10514 Sale 1044
1055
8 78
82
8312 Remington Arms 68
Keystone Telep Co lot 65
1936 j j 8418
8312 Feb'25
1937 MN 90 Sale 90
22
91
4
10012 1013 R.epub I 4: S 10-30-yr 585 f 1940 A 0 9312 947 943
Kings County El & P g 53
1937 AO 10012 102 1013
4 1013
4
8
4
954
5
1143 118
3
Purchase money 68
1997 AO 11412 115 1143
4
1953 J J 93 Sale 927
1143
4
534s
3
9312 50
75
774 Rime Ste2l 1st 7s
1949 FA 76
9
777
8
1955 F A 887 Sale 887
774 774
Kings County El 18t g 4s
8
8
89
63
744 7714 Robbins & Myers at 73
1949 FA 75
Stamped guar 4s
774 774 Feb'25
1952 3D 68
7012 7012 Feb'24
92
89
Roch & Mae Coal & Iron 55_1946 MN 91
10
92
Kings County Lighting 5s_.1954 3, 92
937 92
8
_ 90 Aug'24
2 103% 10 % Rogers-Brown Iron Co 7s._1942 M N 8314 Sale 83
10512 1054
1954 33 105%
5
6443
8314, 15
8
5 107 1087 St Jos Ry Lt Ht & Pr 5a
Kinney Co 744a
1936 J O 107 10814 1074 108
1937 M N 887 Sale 8512
8
8841 II
895 93 St Joseph St- Yds lot 4%011930 .1 J 9512 97
8
24
8
93
Lackawanna Steel 58 A
1950 MS 93 Sale 917
9814 9914 St L Rock Mt & P5satmpd.1955 J .1 80 4 Sale 803
Lac Gas L of St L ref&ext 59.1934 AO
983
8
987
s 11
3
4
81 --13
9514 98.. St Louis Transit 5a
1953 FA 98 Sale 9712
Coll & ref 544s Series C
983 182
4
1924 A 0 74
____ 81
Feb'25
953 974 St Paul City Cable Is
4
Lehigh C Nav a f 4449 A 1954
9714 _ _ _ 9712 Jan'25
1937 J J 95
9812 95
Jan'25
1933 j j 100 10014 10012 10012
2 100 101 Saxon Pub Wks(Germany) 75'45 F A 92
Lehigh Valley Coal 68
924 92
6
924
_
1933
895 Sept'24
8
Saks Co 73
43
'
3
1912 M 8 1063 107 105 Feb'25
4
41
43
San Antonio Pub Ser 6s
43 Feb'25
Lex Ave & P F lat gU g 5e 1993 MS 4134
8
1952 J J 1013 Sale 1014
8
10138
118
Sharon Steel Hoop 1st gaser A '41 M S 1067 10712 1063
60 11712 118
Liggett & Myers Tobacco 72.1944 AO 118 11812 118
s
4 10718 14
973 100 Sheffield Farms 8348
4
1951 FA 993 100
9912 100
4
615
47
1942 A 0 105 1053 1053
4
3
4 10614
4
1944 AO 115 11518 115
Lorillard Co (P) 72
9 11414 1153 Slerra St San Fran Power 58_1949 F A 914 92
11518
5
91%
9212
96
9712 Sinclair Cons 0 -year 75_1937 M 5 935 Sale 93
1951 FA 974 Sale 965
8
6s
1115
9712 15
8
163
94
90% 94
Louisville Gas & Electric 60_1952 MN 9314 Sale 923
4
let in coil tr 6s C with warr 1927 J D 11418 Sale 10912 11512 1445
40
94
Lower Austrian Hydro-Elec Go
let lien 644e Ser B
1938 J 1) 8914 Sale 8814
8912 143
8514 861.. Sinclair Crude 011 PUr 5345_1925 A 0 10038 10012 10012 Feb'25
1944 P A 86 Sale 8514
lets f 640 lot etre
86
51
_
8
Magma Cop 10-yr cons g 73_1932 3D 12318 Sale 122
12518 74 122 1327
3-yr6% notes A
1928 F A 10014 Sale 10014
329
101
99 102
1942 AO 10112 Sale 10112 1017
Maned Sugar 744s
8 16
3-yr 6% notes 13__Feb 15 1926 F A 1007 1014 10014
8
101
48
82 64 Sinclair Pipe Line be
(NY)cons g 43_1990 AO 63 Sale 63
Manhat Ry
64
47
1942 A 0 853 Sale 8514
8
8512 117
543 56
8
2013 3D 5412 55
5412
2d 48
545
8 10
Skelly 011634% notes
1927 A 0 118 Sale 115
1187 1022
s
9714 100, South Porto Rico Sugar 7s._1941 J D 10212 Sale 102
1942 MN 100 Sale 9912 100
ManilafElectric 7s
2
6
10212 17
85
883 South Bell Tel & Tel 1st m1631941 1 J 993 100
4
Manna Elec Ry & Lt et 56_1953 MS 8645 8712 863 Feb'25
4
_
4
9912 100
4
98
993 s'west Bell Tel 181 & ref 53 1954 F A 997 Sale 97%
4
Market St Ry 75 Series A1940 Q J 9918 Sale 98
994 74
8
98
161
Marland Oil a f 83 with warr'ta'31 AO 125 130 132
132
3 130 140 Southern Cob Power Os.. _.1947 J J 97 Sale 9612
9
9712 64
Without warrant attached__ AO 1055 Sale 10558 1055
8
8
6 1115 10612 Spring Val Water g 5s
M N 97
9712 9714 Feb'25
130 130 Stand Gas & El deb g 6%3_1933 M 5 11212 Sale 110
1931 P A
744e Series B
03
Jan'25
113
57
105 1053 Standard Milling 1st 515
8
do without warrants
101512 105
Jan'25
1930 M N 100 10018 1004 Feb'25
105 10514 Steel & Tube gen a f 78 Ser C 1951 .1 J 1063 Sale 1063
Maxwell Motor at 75
1934 m s
_
105
Jan'25
4
4 107
23
Metr Ed 1st & ref g 63 Ser B_1952 F A
1023- 10212 103
- 4
6 10112 10312 Sugar Estates (Oriente) 7s_.1942 MS 97
9712 97
97
20
9112 9312 Superior Oil 1st a 7s
9l53j 3 93 Sale 93
1st & ref 56 Series C
93 12 16
1929 FA-1 99
9912 98
99
7
8
Metropolitan Power 68
4
8 11 1003 1014. Syracuse Lighting 1st g 5s 1951 .1 D 9818 9812 98
1953 j D 1014 1013 10118 1013
98
4
8718 9114 Tenn Coal Iron & RR gen 58_1951 J 1 10118 102 102
Midvale Steel &0cony s 68 1936 M S 91 Sale 897
8
91
136
102
1
Milw Elec Ry & Lt cons g 53.1926 F A 1003 101 1003
4
8 101
14 100 101
Tennessee Cop it cony 63_1925 M N 101 Sale 101
101
7
95
9512 Tennessee Elec Power 151(36_1947 J D 10112 Sale 1003
Refunding 52 exten 4448_1931
9512 Sale 9538
9512
7
s 1013 131
4
957 9812 Third Ave 1st ref 4s
8
1951 j
General 5s A
98
9814 963
4
9814 21
8
1960 J J 567 Sale 58
567
8 49
847 88 4
8
1961 3 D 88 Sale 873
,
8814 61
lat 5s B
4
Ad) lot 525 5.5x-ex N Y_a19611 A0 46 Sale 46
48
318
99 100 Third Ave Ry 1st g 58
1953 M S 997 Sale 997
10012 42
1st & ref g 6s Series C
8
8
96
98 Feb'25
1937 J ./ 95
9614 99 Tide Water 011 10-yr 6445_1931 F A 104 Sale 103
Milwaukee Gas Lt 1st 49_1927 M N 99 Sale 9812
99
8
104
12
975 99. Toledo Edison 1st 75
8
,.
Montana Power let 55 A__.19433 3 993 Sale 99
99 3
8 58
1941 If S 1094 Sale 10913 1097
8 20
94
957 Toledo Trac Lt de Pr 6% notes'25 8' A 10012 Sale 1004 10012
8
Montreal Tram 1st & ref 58_1941 3
057 Sale 954
8
957
55
6
7812 84% Trenton G & El 1st g 5s
845 108
8
Morris & Co 1st e f 4343_ _ _1939 3 j 8412 Sale 8314
1919 MS 977
98
98
3
_
Mortgage-Bond Co 4s Ser 2_1966 A 0 7718 ____ 7412 June'24 _
Twenty-third St Ry ref 55 1962 3 J 64
6513 66
2
66
1932 3 J 96 Sale 96
10 -year 515 Series 3
-25
0614
7 "9558 -664 Undergr'd of London 440_1933 J J 9018 ____ 904 Feb'25
97
983
4
Murray Body 1st 844e
1934 3 D 985 Sale 98
8
98 3
4 69
1948 3 J 8758 ____ 8618 Feb'25
Income 13,3
9512 91114 Union Bag & Paper 1st M6,5_1942 M N 96 Sale 9514
Mu Fuel Gas 1st gu g
M N 958 97
9613
9612
6
96
10
99
99
Mut Un gtd bonds ext. 4%_1941 M N
99 Feb'25
Union Elec Lt & Pr 1st 858.19:32 7,1 S 100
____ 100
100
1
6014 63
Nassau Elec guar gold 48_1951 3 J 99-4
6218 43
6114 62
603
1933 M N 987 Sale 987
Ref & ext 55
8
987
8 17
99
99
Stamps 1st 56_1929 J D
Nat Enam &
__ 99 Feb'25
_
Union Elev Ry (Chic) 5s_1945 A 0 7614 Sale 7614
5
7614
907 94
8
National Acme 7445
1931 3 D 8614 90
9738-907
8
9212 10
Union 011 1st lien a f 5s
1931 J J 10014 Sale 10014
10014 17
99% 10112
Nat Starch 20-year deb 58_1930 J J
4
993
4
-- 993
4
May 1942 F A 10212 1023 10212 103
30-yr 6s Ser A
4
36
National Tube 1st Is
1952 M N 101 102 10112 10112
9812-6 101 101 12 Union Tank Car equip 7a___1930 F A 1044 Sale 10412 10514
8
99
9914 United Drug 8s tempy
Newark Consol Gas 55
1948 J D 9812 100
99 Feb'25 _
1941 A13.1 10213 Sale 1024 103
39
993 1005 United Fuel Gas lot s 1 6s_ 1936
4
8
79
New England Tel & Tel 58..1952 J D 993 100
4
9978
100
1004 Sale 100
10012 33
104
12 104 101
N Y Air Brake let cony 65_,1928 M N 104 10414 104
United Rys Inv Is Pitts Issue 1928 M N 100 Sale 100
100
39
773 801z
4
80
7912
8018
N Y Dock 50-year 1st g 4s_ _1951 F A 78
7
100 Sale 100
Stamped
8
100
4
4 45 1123 115
NY Edison 1st & ref 6 He A.1941 A 0 11412 Sale 11412 1143
United Rye St List g 4s____ 1937 J 1 73 Sale 73
934
73
1st Hen & r f 5s B w 1._ _1944 A 0 100 Sale 100
10018 125 100 10018 United SS Co 15 yr Os
M N 95 Sale 9113
33
95
3
10113 30 10012 10212 United Stores Realty 20-yr Os '42 A 0 10212 10318 10212 10312 13
N Y Gas El Lt & Pow g 56_1948 J D 102 Sale 10138
813
8718 U S Rubber 1st & ref 5s ser A 1047J
Purchase money g 4s
19491F A 863 87
4
4
2
863
4
863
87 Sale 8614
874 219
NY L E&West C &RR 540 19421M N _
10112
10-yr 744% see notes
1930 F A 1063 Sale 10613 107
4
52
NY Munie ny 1st s f 5s A_1966 3 J iE)
S Smelt Ref & M cony 68.1926 F A 1013 Sale 10114
8
10112 13
- 3- 160- U S Steel Corp(coupon _ _ Al963 MN 1057 Sale 10534
16 4 4 1930 F A 993 100
997 Feb'25
8
N Y Q El L & P 1st g 5s
8
263
106
45
5412
56
5212
5412 37
1942 J J 52
NY Rye 1st R E& ref 4s
st 10-60-yr 521reglstered_d1963 MN
05
Jan'25
425 54
8
52 Sale 52
533 151
4
Certificates of deposit
Utah Lt & Trac 1st & ref 58_1944 A 0 87 Sale 883
4
8712 31
44 6
5 Sale
514
57
8 63
Utah Power & Lt 1st Ss
1944 F A 9414 Sale 94
' 30-year act) Inc 5s__ _Jan 1942 A 0
95
120
584 187
538 54
34 53 Utica Elec L & Pow Wet 55.1950,3
4
5
of deposit...... _
Certificates
993 s _i_ _ 9914 De9 24
81 _a e ,
:
9
c'
9
9912 100
9912 12
37 Y & Rich Gas 1st 6a_ _ _1951 M N 994 Sale 9912
Utica Gas & Eiec ref &ext 55 1957 J
21
66
6814 Victor Fuel let f 5s
667
8 19
.1 87 8al ls 8514 Jan8
1953
NY State Rys 1st cons 4445.1962 M N 6612 Sale 6614
5512 6le 53
8 25
'
8
88 907 Va-Caro Chem 1st 7s
897 89
8
89
1
1962 M N 88
634s
687
9712 100
50
__ _ ____
Certificates of deposit _______ j 0 8333 853 8512
N Y Steam lst 25-yr 65 Ser A 1947 MN 9912 Sale 9834 100
4
8614 10
95
963
2
8
9612 108
Certificates of deposit stmpd 3-1.) --- 833 8118
N Y Telep 1st & gen s f 4445.1939 MN 963 Sale 9618
8
8238 19
8
8
80 1077 109
493 Sale 49
744,3 with & without war....1937
30-year deben s f 6s._ _Feb 19411 F A 1085 Sale 10812 109
493 171
4
8
10712 82 10814 1075
Certifs of dep with warrants_ ---.- 4913 493 47
20-year refunding gold 65.1941 A 0 107 Sale 107
4
2
47
101 1013 101
4
10112 16 10018 10214
Certifs of dep without wa1T4 4914 497 45 Feb'25
Niagara Falls Power 1st Se_ _1932 .1 J
8
4
105
5 1033 105
Jan 1932 A 0 10478 Sale 10478
Va Iron Coal &Coke 1st g 55 1949 M S 927 93
Ref & gen 03s
8
913 Jan'25
4
8
3 10412 106
Va Ry Pow lat & ref 59
1st 52..1954 MN 10512 Sale 10512 1057
19433 J 944 Sale 9414
Nlag Lock & 0 Pow
28
95
8
10912 24 1043 10914 Vert1entes Sugar 1st ref 7s 1942 J D 94 Sale 93
Refunding 65 Series A___1958 F A 10853 10914 108
9414 37
964 1003 Warner Sugar Retin 1st 75_1941 J 0 9612 Sale
,
1003
4 82
1952 M S 10012 Sale 10018
Nor Amer Edison 6a
9513
9612 27
40414 38 10084 10438 Warner Sugar Corp 1st 7s
10212 Sale 102
1939 1 3 84 Sale 825
Secured s f g 6445 Ser B_1948 M S
24
8
85
9218 9412 Wash Wat Power a f 5a
4
3
94
26
1939 J J 995 10012 993 Feb'24
Nor Ohio Tree & -ight 63_1947 M S 933 Sale 93 4
4
(13
957 Weetehes Ltg g Is stmpd gtd 1950 J D 9912 100
8
954 52
8
Nor States Pow 25-yr 55 A_1941 A 0 955 Sale 95
9912 Feb'24
103 10512 West Ky Coal let 78
7
1941 A 0 105 Sale 1044 105
1st & ref 25-yr 65 Ser B
102 Sale
8
8
102
9314 0314 West Penn Power Ser A 58_1916 MS 963 Sale 1017
9314 Jan'25
A 0
Registered
19. 4 M N
4
8
4
953
4
9633
1073 10778
8
1074 Jan'25
1st 40-year Os Series C
Northwest'n Bell T let 78 A_1941 A A
1958 .1 D 10514 10512 10514
5
10514
94% 95
95
4
let 78 Series D
1,83
96
4
8 107 10714107
S
North W T 1st fd g 4445 gtd_1934 J J 95 Sale 95
107
11214 14 108 11214
let 55 Series E
7445-1946 A 0 110 111 111
Ohio Public Service
953 96
4
1
953
4
953
4
8
1947F A 10912 Sale 10912 10912 17 1073 11014
1st 54427 Series F
7s
1017 Sale 1013
6
8
4 1017
8
9812 103
42
1948 J J 103 Sale 10053 103
Western Electric deb 55
0
1 9 4 A 0 99 Sale 987
943
5
Ohio River Edison tat 6s
8
9918 129
9714 98% Western Union coil tr cur 55_1938
4
985
8 26
A 9812 Sale 973
1944 F
Old Ben Coal 1st Os
J 10112
35
102
10114
98
4
995
9914
8
9933 0918
1943 F A 99
Fund & real estate g 4445_1950 M N 92
Ontario Power N F 1st 55
94
9312
9334 10
97
98
16
98
9918
8
15
-year 644s
F A 11012 Sale 11012 111
Ontario Transmission 5s....„1945 M N 975 98
15
983 10012 Westinghouse E & M 75
4
9938 Sale 993
8 100
16
1941 F A
Otis Steel 58
g39 N 1077 Sale 10714
1931 M
8
1077
8 32
9113 9514 Wickwire Spen Steel 1st 7s 1935
95
16
937 94
8
• let 25-yr a f g 7445 Ser B 1947 F A 93
26
4
87
3 J 863 Sale 86
934 953
953 101
4
4
8
55_1942 3 J 955 Sale 9514
Certificates of deposit
Pacific G & El gen & ref
9
86 Sale 8512
86
98
993 Willys-Overland s °Ms__ _1933 NI S 100 Sale 100
8
6
4
99
Pee Pow & Lt Ist&ref 20-yr Es'30 F A 99 Sale 983
10012 13
55
9918 100
100
4
n htered
Wilsont eo lst 25-yr a f 65_1911 A 0 9914 Sale 933
1937 J J 100 Sale 995
Pacific Tel & Tel 1st 53
4
9412 34
924 94%
943 101
8
Sale 94
1952 M N 94
53
93 Feb'25
106
16 10412 106
10-year cony 8 f 65
Pan-Amer P & T 1st 10-yr 7s 1930 F A 105 Sale 105
6714 Sale 6614
6714 66
4 112 1423 103 112
MN 11112 Sale 1073
.Certificates of deposit----------__
Cony 3 f 65 1934 temp
__
6512 Jan'25
95
4
1
4
953
9612
4
10-yr convsf 734s
Park-Lox St leasehold 644s-1953 J J 953 Sale 953
67 Sale 6618
6714 84
17
Certificates of deposit _ p ______ __
_
66 Sale 66
67
Winchester Arms 7455
18
1013 102 1013
4
4 102
1941
Young'n Sheet & T 20-yr 65_1943 J J 987 Sale 983
304
4
09
8
Due April. p Due December. a OptJor. sale.
Range
Since
Jan, 1.
Low
High
9712 9852
107 108%
044 97
101% 105
934 961s
9914 101%
944 97
102% 105
99% 102
974
97
934 94
9912 10014
98% 99
9212 98
844 88
9912
94
10518 107
106 106
033 90
4
104 11514
110 111
10412 10478
95 98
8
987 10215
10212 1054
4
1023 1081s
8814 92
9312 9534
913 9311
4
8872 09
67
734
- -1ET3 2
8518 867
s
vfl;
8112
74
95
95
9214
92
104 1074
9912 101%
10578 10715
105 106%
9212
90
88
9512
10514 117
825 90%
8
9912 1004
9914 101
99l2 10114
/
1
82 864
/
1
/
1
1064 1204
4
102 1023
99 100
984 98
9314 97
4
97%
97
10012 120%
994 100kt
105 10714
964 9712
99
98
9712 984
190% 1025
4
100% 102
9914 101%
5458 5812
48
5012
94% 98
8
4
1023 1045
10812 1097
5
10018 10034
98 98
6512 70
89
9014
80% 8612
9413 97
9954 1004
98% 994
75
7614
90 10014
4
1023 10312
8
10312 10514
10014 10
4
98 10012
100 10018
995 1004
4
72% 744
91
95
%
5
10212 1045
85 874
10412 1074
100% 192
10414 108
10378 105
8318 88
91
95
9814 99
53
L,
3
73
at
1:h
7112 88.4
68 82%
44
49
%
481s
43
4818
41
915 913
4
4
934 95
914 9414
89% 994
7712 8712
99% 10912
99% 102
10012 102
94
WA
104% 102,
105% 12_4
(
.
9318 1:10.4
4
1003 102
9814 994
993 102
8
8
925 944
11014 1114
1074 10814
70
91
704 86
993 10012
4
954 9412
8
93 93
55 69
53 65
12
534 68
59% 67
1013 102
4
9514 9912
943
BOSTON STOCK EXCHANGE-Stock Recordse:Zr:age
•
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday„Ifonday,
Feb. 14.
Feb. 16.
Tuesday.
Feb. 17.
Wednesday. Thursday.
Feb. 18.
Feb. 19.
Friday,
Feb. 20.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
rC; 4 8II A IC B;
/
Range for Preetout
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
100 156 Feb 18 1644 Jan 7 14578 Mar 164 Dee
1.58 160
156 157
516 Boston & Albany
158 160
157 158
153 159
160 160
7134 Aug 85 Dee
77
73
77
77
77
78
7612 77
78
7712 7712 *77
100 76 Feb 7 86 Jan 2
592 Boston Elevated
8714 Dee 964 May
93
100 92 Jan 16 97 Jan 3
92
92
85 Do pref
9314 9314 934 9318 *92_ *92
93
03
__ 112 1 -13 113 113 112 112
100 110 Feb 9 11412 Jan 16 107 Dec 11614 Jan
102 Do lot pref
11212 11212 112 112 *112
92 Sept 10114 Dec
6E02
98
9814 9812 9813 98
99
100 98 Jan 19 102 Jan 9
44 Do 29 pref
9812 *9812 -9834 983
4 98
812 Jan 2514 Nov
4
100 15 Jan 7 1813 Feb 18
153 153
8
4 1512 1512 1513 1718 163 1812 1818 1812 184 1813 2,765 Boston & Maine
12
8
Jan 267 Nov
18
1912 18
19
19
*18
100 18 Jan 21 1912 Feb 20
1912 1912
19
80 Do prof
18
*18
19
3714
3 2912
no 28 27 27 27 27 27 2812 29 2913 --------405 Do Series A 1st pref 100 25 Jan 27 364 Feb 19 13 June 48 Nov
Nov
1713 Jan
Jan 3
3612 3612 3612 --------82 Do Series B 1st pref
*35
_- 35
100 32 Jan
36
__ 36
*36
16 Feb 41 Nov
3213 35
*3112 14
35
35
313 12
4
32
32
--------448 Da Series C lot pref_100 26 Jan 21 35 Feb 18
23
Jan 62 Nov
52
51
52
50
50
100 50 Jan 21 52 Feb 18
--------115 Do Series D lot pref
52
51
*50
51
*50
•_
16812 *_ _ 168 •____ 16812 *____ 16813 168 168
43
Jan 172 Nov
16812 16812
100 168 Feb 19 172 Jan 16
13) Boston Jr Providence
18 May 3811 Dec
573 3812 ii
3712 3613 374 2,533 East Mass Street RY Co 100 32 Jan 20 39 Feb 11
4
3712 364 3612 363 3714 .36
4
Dec
5812 Jan 71
____ ____ ____ _
68 *---- 63 •--_- 68 •_-__ 68
Do lot pref
100 65 Feb 2 69 Jan 6
*65
*z___ 69
48 May 614"Nov
61
60
60 •60
60
60
60
62
100 57 Jan 23 6213 Jan 12
--------73 Do pref B
60
•61
28 May 4614 Dee
*44
45
4512 4413 45
453
8 45
45
46
4614 45
100 41 Jan 27 4612 Feb 11
453
4 2,474 Do adjustment
25 June 3712 Apr
*31
*31
32
32
*31
32
*31
31
31
32
*30
32
100 30 Jan 23 3712 Jan 29
5 Maine Central
14
Jan 3314 Dec
*3114 313
4 314 334 327 3414 334 35
8
4
8
*307 313
8
8 303 32
100 291 Jan 21) 35 Feb 20
8,460 NY Nil & R trtford
62
Jan 81 Nov
70
70
70 *_-_- 74
*7013 74
70
•____ 74
--------6 Northern New Hampshlre_100 70 Feb 16 77 Jan 14
80
Jan 108 Nov
____ *101
101 1014 --------32 Norwich & Worcester pref_100 100 Jan 13 105 Jan 15
•100 ____ *101 -__ *101
724 Jan 98 Nov
99
99
99
99
99
100 96 Jan 2 100 Feb 19
9814 100
99
98
242 Old Colony
100 100
98
Rutland pref
34 Mar 61 Nov
100 63 Jan 2 6312 Jan 2
70
Jan 9318 Nov
& Massachusetts_100 88 Jan 28 93 Jan 16
---- ---- ---- ---- *---- IX; ---- ---- ---- ---- --- --- ...... Vermont
Miscellaneous
1 Nov
414 Dec
414 Jan 7
234 2 8
3
3
3
3
4
7
23
4 3
*3
314
23 Feb 16
805 Amer Pneumatic Service _25
3
3
12
Jan 2014 Dec
*1712 18
173 173
4
4 1714 1714 *1712 18
173 18
4
50 1714 Jan 23 1912 Jan 7
391 Do pref
18
1813
4
8
8
8
s
13334 13414 1327 1337 1327 1333 13212 13338 133 13312 133 13312 1,745 Amer Telephone & Teleg 100 13018 Jan 2 1353 Jan 5 421 June 13412 Dec
Jar
5711 Oct 83
704 703 •7013 71
8
70
7012 6912 70
No par 6912 Feb 20 77 Jan 13
1,060 Amoskeag Mfg
7114 7114 7012 71
Oct 79 Aug
69
*72
75
*72
75
No par 73 Feb 11 76 Jan 15
____ _-__ ...... Do pref
Feb
13 Aug 16
*141 1518 *1412 1513 *1413 1512 *1413 1513 ____ ____ ...... Art Metal Construe, Inc__ 10 14 Jan 16 14.2 Jan 28
•14
15
6 June 1014 Jac
97 Jan 6 1014 Jan 2
8
No pat
Atlas Tank Corp
105 10514 *105 10635Boston Cons Gas Co pref__100 103 Jan 17 107 Jan 9 100 Dec 108 July
.
0106- _-- 106 106 *106
---- -_
Jam
.05 Dec .20
•____
.10 •___.10 *
---------------.10 ____ _-__
___ Boston Met Pet Trus No par
2018 Dec 284 Max
2112 2218 *2113 22
*2212 23
22
22
2214 23
10 20 Jan 26 23 Jan 24
____
___ ___ 36) Connor (John T)
2112 May 35 Sept
34
34
34
*34
34
*34
35
123 Dominion Stores. Ltd._No par 2814 Jan 30 35 Feb 13
33 33
*323 36
1
35
Jan 8812 Dec
84
*9712 - _- *9712 _ _ •9712 - __ -- -_ ______
*9712 - *9712
Do pref A
100
3 Fat
2 Sept
3 Jan 2
*213 *212 3
*212 *212 3
3
*212 - ____
3
212 Feb 2
East Boston Land
10
__ ____
813 Fat
Oct
4
64 Jan 24
*54 6
5 Jan 7
*512 6
*512 6
6
6
97 Eastern Manufacturing_ 5
514 512 *512 -6
33 Jan 5514 Max
48
4812 44
49
49
50
4814 49 49
49
25 48 Feb 17 55 Feb 13
--------915 Eastern SS Lines, Inc
344 Jan 40 Fet
4
373 373 *3612 37
8
No par 35 Jan 15 3712 Jan 22
____ ____
8
*363 371 *363 37'c 3614 37
4
2 Do peer
8513 Jan 93 Max
*91
__ *91
*91 - *91
89 Jan 3 9118 Feb 7
10
*91
93
_ _ - _ - 1st preferred
.
21i014 200 E
0014 200 .
1110 200 Jan 5 206 Jan 2 16312 Jan 20412 Dec
200 2001 200 2
1014 2004 2
4
0012 2
____--_- 2,101 Edison Electric Ilium
0018 2003
5 Dec
212 Jan
*314 334
4 Jan 6
34 33
4 *314 4
314 Feb 2
10
____ ___
*314 4
•314 4
Elder Mfg Co (v to)
Jan 41 Dei
13
*3312 34 •3312 35
*3313 35
34
35
•35
37
33
3312
85 Galveston-Houston Elec -100 33 Feb 20 38 Jan 7
612 Jaz
334 Sept
Feb 7
4
4 Jan 8 101
No par
1134 Mar 11612 Sepi
100
Jae
79 Aug 80
79
Jan 26 79 Jan 26
_ _ _ _ _ _ _1 Do 5% non-cum pref_10
_
--------- ---- --- ---- --- ---Oct
6778 1353 4 67
644 6712 67 664 - 3- 6618 864 6615 44
6612 1,971 Gillette Safety Razor__No par 5713 Jan 2 6778 Feb 16 5.513 Nov 5812 Oo
157 Jai
8
1218
25 13 Feb 17 1514 Jan 24
13
13
13
*13
14 •____ 14
13
--------225 Greenfield Tap & Die
*123 13
4
46 Mar 60 Die
No par 54 Feb 3 51313 Jan 8
5612 5612 553 5612 5513 5512 55
57
4
•56
161 Hood Rubber
55
55
55
41
Apr 59 Not
Internat Cement Corp_No par 5212 Jan 5 53 Jan 7
*56
*56
57
*5412 5512 *5412 5512 *5612 5712 ---- ---57
3 De,
2 Jan 3 .10 Feb
*14 2
13 Jan 3
8
International Products-No par
*1
118 *1
17
8 *1
17
8 *1
17 ____ ____
8
7 Feb 9 1012 Jan 9 .25 Feb 14 De
100
Do pref
*6
712 *6
*612 8
712 ____ ____
712 *6
713 *6
KI Id r, Peabody Acc Iptance
Jan 8312 De
80
100 8213 Jan 6 8912 Feb 7
*89
9012 *891r 9012 8912 8912 •8912 9012 *5913 9013 --------50 Corp Class A pref
813 De
4 June
8
93 Jan 7
73 Feb 17
8
10
734 8
8
8
--------324 Libby, McNeill & Libby
738 738
8
8
74 8
Jan 71 Noi
70
Lincoln Fire Insurance__
2
•.___ 69 •____ 69 *__
__ __ ___
69 •_ _ _ _ 69 *__ __ 69
9 Mar 13 De
137 Jan 5
8
1113 Feb 17
2
12
12
533 Loew's Theatres
12
..
1112 113 ____
4
1113 12
1214 1112 12
Fel
66 Nov 81
7412 74
705 Massachusetts Gas Cos....100 68 Feb 3 7412 Feb 13
74
7312 -- 7312
4
7413 74
7412 733 74
7412 74
Jai
62 June 70
100 6313 Jan 9 6712 Feb 14
215 Do pref
6612 61312
67 6712 66
66
674 66
6714 *66
*66
67
21) Mergenthaler Linotype-109 167 Jan 7 180 Feb 20 150 Apr 172 De
171 171
179 180
171 17114 174 175
171 171
176 179
173 Fel
:
613 Jan
10 12 Jan 10 1634 Jan 15
459 Mexican Investment, Inc
*1312 1414 1313 1312 13
1313 1313
13
13
13
13
13
19 Feb 3614 De
3014 - --- ---101 Mississippi River Power_100 36 Jan 2 4112 Feb 7
*39
3914 3914 3914 3912 3934 39
•39
41
80
Jan 90 Sep
100 8712 Jan 10 90 Jan 12
89103 Do stamped pref
89
90
*89
90
90
90
+88
91
*89
90
54 No,
2 Apr
63 Jan 13
4
44 Jan 2
10
512 512
4 1,666 National Leather
43
4 43
54 53
514 512
534 514
3
518 54
2
512 AP
17 Jan 6 .50 Dec
.50 .60 3,955 New England Oil Corp tr ctts_ .20 Feb 9
.50 .51
.40 .70
.40 .40
.35 .35
.31 .32
6 Dec 314 Ma
812 Jan 8
Feb 9
100
175 Do pref (tr ctis)
____
63
4 7
712
7
7
7
613 7
.5
612
98 Dec 11512 Jut,
-- 74
1034 10312 10314 1033 103 10312 103 10312 103 10314 10314 1038 1,415 New England Telephone_100 10018 Jan 2 105 Feb 3
8
2112 Dec 223 De
4
4
22
2212 2214 2212 2212 223 --------2,725 Olympia Theatres, Ino_No par 2014 Jan 6 253 Jan 16
22
23
223 23
8
2812 De
14
Ja
4
1 253 Jan 16 2712 Feb 17
2712 2712 --------300 Orpheum Circuit, Inc
28
274 2712 *27
*2714 273 *2714 28
694 Oct87 Fel
100 70 Feb 20 8112 Jan 13
1,181 Pacific Mills
70
73
74
71
73
74
74
76
743 75
4
73
73
113 Jan 17 Jul:
4
10 16 Jan 5 164 Feb 6
163 --------10 Reece Button Hole
8
*16
164 *16
16
06
164 16
•16
163 4
Jar
3
218 May
234 Jan 8
212 Jan 2
212 212 --------320 Reece Folding Machine.... 10
24 23
'23
8 23
4
4 *212 23
212 212
4
Oct40 Fel
10
5
Simms Magneto
.20 •____
•____
.20 •____
.20
.20 *___.
.20 •____
100 11412 Jan 12 120 Feb 6 100 June 118 De
531 Swift & Co
4
4
4
4
115 117
1163 11712 1163 117
4
1153 11614 1153 11612 1153 1163
4
3512 June 52 De
25 4712 Jan 6 51 Jan 14
50 Torrington
49
49
49
4812 481c 4814 49
49
*4814 49
*4814 49
5 Dec 10 Fe
712 Jan 23
*711 81
712 111:1 23
5
Union Twist Drill
*714 812 *712 812 .712 812 *712 812 ____ ___
Jan 434 De
8
4412 45
34
443 4478 44
8
4
4414 44
4113 444 4413 433 4414 4.301 United Shoe Mach Corp__ 25 417 Jan 5 45 Feb 14
243 Feb2814 No
8
25 2612 Jan 13 23 Jan 16
615 Do prof
27
2714 2612 263
8
0263 27
4
8
4 263 264
4 263 2634 263 263
4
Ja
1914 Oct 27
4 7,801 Ventura Conso1011Fields_ 5 1912 Jan 3 244 Feb 6
2314 233
2313 24
2312 24
23111 24
227 2312 234 24
8
137 Apr 20 No
8
193 Jan 3
4
17 Feb 16
139 Waldort'Sys,Inc.new sh No par
1713
17
*17
•17
1712 17
17
17
17
17
1712 17
612 Jan 1012 Fe
8 Jan 6 16 Feb 19
551 Walth Watch Cl 13 com_No par
16
1512 151 *16
16
*15
19
15
15
16
16
___
14 June 2312 Fe
4
100 1714 Jan 3 283 Feb 20
4
259 Do pref trust ctfs
28
26
27
*2712 29
28
*2712- 2812 283
*2713 29
100 65 Jan 6 7412 Feb 13
6213 Dec 73 Fe
7412 7413 *47
73
73
40 Do prior pre(
072
75
7412 7412 7312 7312
75
1512 June 22 Fe
194 2012 2,106 Walworth Manufacturing- 20 19 Jan 27 204 Jan 3
1913 1913 1914 1913 1912 1912 1913 20
20
20
423 43
8
293 Jan 3934 No
8
511 37 Jan 2 454 Feb 13
423 443 23,218 Warren Bros
8
8
4112 43
45
4314 44
43
42
44
Ja
3434 Apr 41
*41
43
50 374 Jan 10 43 Feb 7
*41
43
34 Do 1st pref
_ __ -43
43
43
4212 4212 .040
Ja
45
*4312 45 .43
45
38 Mar 42
50 4012 Jan 17 45 Feb 7
.44
Do 29 pref
*43
4514 *4312 45 -- ---fillialnel
.51 De
25 .15 Feb 18 .25 Jan 26 .15 D
.15 .1
•.25 .50 *.25 .50 '
.•.25 .5
10 Adventure Consolidated
0.25 .50
.50 '
0.25
*.10 .25 •.10 .25 '
Aigomah Mining
25 .23 Jan 2 .25 Jan 2 .10 June .25 De
•.10 .2
0.10 .15 *.10 .25 .0.10 .25
313 De
17
8 2
8 23
8
5 Junel
23
3 Jan 10
112 Jan 26
200 Arcadian Consolidated
*14 2
2
*174
23
s 24
25
2
214
1312 1334 127 1308 13
8
8 JanI 16 De
5 12 Jan 28 1538 Feb 6
1312 1,350 Arizona Commercial
1312 1312
1301 134 1303 13
8
3573 343 35
344 35'8 344 35'2 35
14 Junel 313 De
10 3038 Jan 7 3614 Feb II
5,605 Bingham Mines
4
3514 3502 3412 36
157 1814 153 161
8
153 16
4
4
8
1512 16
134 Mail 197 Ja
8
3
25 153 Feb 19 187 Jan 2
3,362 Calumet & Hecht
153 16
4
153 16
8
3 Fe
.40 .40
.41 .4
.42 .4
1 .40 Feb 17 .70 Jan 5 .37 Nov
0.45 .55 1,200 Carson Hill Gold
.40 .40 *.40 .50 '
281
263 27
8
2834 27
1812 June 334 De
2714 2814 273 28
25 264 Feb 17 33 Jan 10
273 2814
8
1,336 Copper Range Co
8
, 28
.•.__ __ '
0.03 .10 '
0.03 . __ '
0.03 _ __ '
1 .50 Feb 9 .78 Feb 6 .30 Dec .70 Me
Davis
0.03 .10 '
-Daly Copper
0.05 .10
67 De
8
5
5 14
514
314 July
514 5
614 Jan 2
445 East Butte Copper Mining- 10
5l4
514 *5
44 Jan 23
51. 4 512
518 518
Jo
1
14 •alls
114 'all
118
11
114
14
138 Jan 24 .40 May
*1
114
25 .40 Jan 7
150 Franklin
*014 114
Ja
2
OctI
134
4 *112 2
4 *111 13
14 Feb 6 .30
15 Hancock Consolidated
•118 13
4 *112 13
114 Jan 7
25
*114
114
114
8 2212 2234 2112 2212 22
1912 DecI 2813 Ja
22
*2112 22
1
20 Jan 10 23 Jan 24
1,005 Hardy Coal Co
22
22
2212 227
4
28 De
*212 23
4 *214 23
.30 Mayl
Helvetia
4 *214 213
113 Jan 6
25
150
311 Feb 5
*24 212
213 21
*212 24
4
1353 1353 136 137
8
4
137 13712 1357 1363 13412 135
9414 AprI 142 Na
4
1 13112 Jan 14 140 Feb 5
381 Island Creek Coal
137 137
. 4 99l4 •97
973
*97
99
9813 97
98
90 Junel 100 Set
97
97
1
9514 Jan 5 9814 Feb 11
250 Do pre(
97
97
1612 *1614 1712 *1614 18
12 Junei 2212 Di
17
16
17
17
18
207 Isle Royal Copper
17
•17
25 16 Feb 17 2012 Jan 7
*14 2
24 Fe
*13
8 2
*112 13
113 Marl
*14 2
112 Jan 14 1.10is Feb 4
Kerr Lake
*113 14
5
•13
8 2
.80 .80 *.75
.75 .75
...is
1
114 Nu
1
Jan
'
0.75
65 Keweenaw Copper
'
0.75
1
1
104 Jan 10 .50
25 .75 Jan 2)
2
2
3
*21 4 23
,f
4 *VA 23
314 DI
Apr
4 *2
3 Jan 2 .90
30 Lake Copper Co
23
2 Jan 21
25
*218 23
s
*2
214 *2
214 *2
214
218 21
3 D1
60 La Salle Copper
*214 23
8
214 *2
23 Jan 10 .70 Junei
4
2 Feb 4
25
*2
*178 2
17g
17
4
*14 2
2
24 DI
2
330 Mason Valley Mine
.13
4 2
• 134 2
14 OctI
23 Jan 13
4
5
184 Feb 14
0.75
0.75
14 .
114 '
114 *.75
•.75
11
114
4
13 At
Jan
100 Mass Consolidated
14 Jan 2 .50
25 .90 Jan 28
.90 .90 .0.75
213 *2
214 *2
212 '
214
02
21
*2
5 Jul
10 Mayflower-Old Colony
80
Apr
3 Jan 2
2 Feb 6
25
212
•214 24
3514 344 36
3512 361 *36
393 Mohawk
41 DI
3612
3712 3712 3614 3612 35
2312 June
25 3412 Feb 18 41 Jan 13
213 22
4
2112 22
22
22
22
2214 23
2312 22
8
833 New Cornelia Copper
1613 Jan 253 13,
' 2112 Feb 17 25 Jan 2
'223
.60 .85
.50 .75
.50 .7
.60 .60
234 Al
200 New Dominion Copper
.70 .70
.
.50 .60
.30 Feb 11 85 Feb 18 .40 Dec
30 •____ 30 •____ 30 •_ ___ 30 •____ 30
New River Company
35 June 40 M,
100
•30 *- -- _
12 Do pref
5712 Dec 75 M,
100 54 Ian 12 60 Jan 3
Hi 58 *58 62 *58 62 .58 62 *58 60 .58 60
684 Di
614 612
618 614
175 NipissIng Mines
8
64 64 •6111 63
*618 612 .64 812
834 Jan 10
64 Jan 2
53 Jan
4
5
20 4 214
X
212
214
212
218 214 *24 212 3,102 North Butte
2
638 Ju
14 Oct
314 Jan 14
2 Jan 10
15
212
2
0.80 .90 '
0.80 .90 '
50 Ojibway Mining
0.80 .90
.75 .75 ..130 .90 '
1 Ne
25 .75 Feb 11
•
•75 1
114 Jan 10 .40 June
8 2314 2352 *2352 24
4 2312 233
698 Old Dominion Co
2312 2412 2312 233
25 23 Jan 20 27 Jan 10
15
Jan 2812 D.
25
•24
5
____
514 514
512
518 IN
240 Park City Mining & Smelt_ 5
513 Feb 19
43 Jan 13
8
518 54 *5
34 Jan
8 512
*47
8 602 *47
1334 143 *1312 1414
*1312 14
8
750 Pd Crk Pocahontas Co_No par 12 Jan 6 1413 Jan 24
1314 1312 *1312 14
4
103 July
1513 J11
•1302 14
3114 32 .31
32
32
3014 31
455 Quincy
3112 30
14 June 3434 13,
25 29 Jan 6 394 Jan 10
30
•3112 33
*4112 4212 4112 4212
4202 43
4034 41
347 St Mary's Mineral Land
41
25 4013 Jan 28 48 Jan 12
41
26 June 49 D,
43
•42
1
*1
1
118
114
1
14 *1
1
14 Jan 9 .30 Apr
140 Shannon
14 Bel
1 Jan 6
10
1
•1
114
0.25 .75
+.25 .50 *.25 .75 •.25 .75 '
South Lake
.25 July .75 D,
25
•.25 .75 +.25 .50
214 13,
Jan
214 Jan 27 .90
2 Jan 3
Superior
25
218 DI
Pe
VI
8 13
4
4 .13
2 Jan 5 .25 Aug
112 Jan 6
630 Superior & Boston Copper_ 10
8 13
14 14 •10
4
1
';ii„ -Isi .-1 X4 13
37 13
8 ,
63
8 64
8
8
63
4 67 14,459 Utah-Apex Mining
8
64 7
178 June
37 Jan 2 87ie Jan 23
614 63
638 63
4
60
: 7
5
.80 .80 2,980 Utah Metal & Tunnel
.80 .85
.80 .88
.80 .85
1 .43 Jan 43 .98 Jan 29 .14 June .70 Jul
.69 .70
.715 .70
.80 .80
1
I At
220 Victoria
.60 .60
'
0.75
1
114 Jan 31 .15 Apr
25 60 Feb 20
'
0.75
1
*.75
...
75 1
0.20 .40 *.20 .40
340 Winona
.20 .20 '
25 .15 Jan 30 38 Jan 7 .13 Feb .71 Jul
25 '1..20 .40 *.20 .40
1 1 PO v .25 Jul
,
Wvandat
25 .10 Feu) s 21 POI, 11
0.20 .30
0.20 .30 '
0.20 .30 '
.20 .30 '
• so
511 •
_
:Bid and asaed prises: no sales on thls_day. s Ex-rights. b Ex-dIv. and tights. it Ex-dlv. q Ex-stook div.
.
;Assessment paid
a enee ea uew uwas
944
129.
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are -and nterest- except where marked "f.”
Railroad Equipments Per Cl. Basis
Standard 011 Stocks Par Bid. Ask.
5.25 5.00
Anglo-American Oil new_il *193 1912 Atlantic Coast Line 6s
8
Atlantic Refining
5.00 4.75
Equipment 654s
100 11214 113
5.35 5.05
Preferred
100 114 11414 Baltimore & Ohio Cis
Borne Scryraser Co
5.00 4.80
Equipment 4548 & 5s_ _
100 220 225
Buckeye Pipe Line Co_
68 Buff Roth & Pitts equip 6s_ 5.00 4.75
50 *67
Chesebrough Mfg new.. 25 *56
62 Canadian Pacific 434s & 6s.. 5.05 4.80
5.25 5.00
Preferred
100 111 115 Central RR of N J 6s
5.35 5.05
Continental 011 new
2818 Chesapeake & Ohio 13s
25 •28
5.10 4.85
Crescent Pipe Line Co_ 50 *13
14
Equipment 654s
5.00 4.75
Cumberland Pipe Line _100 134 136
Equipment 58
5.30 5.05
Eureka Pipe Line Co_ _ 100 84
85 Chicago Burl & Quincy 6s
Galena Signal Oil C0133- --100 645 65 Chicago & Eastern Ill 554s_ 4.50 4.10
8
Preferred old
100 110 113 Chicago & North West 65_ 5.35 5.05
Equipment 654s
5.15 4.90
Preferred new
100 102 107
Humble Oil di Ref new
25 *4714 4712 Chic RI & Pac 4548 & 58..„ 5.15 4.90
5.55 5.25
Illinois Pipe Line
Equipment 6s
100 145 147
Imperial 011
25 145 147 Colorado & Southern 6s___ _ 5.45 5.20
New when issued
5.25 5.00
*3134 32 Delaware & Hudson 6s
Indiana Pipe Line Co__ _ 50 *79
5.35 5.05
80 Erie 4545 & Is
5.50 5.20
Equipment 65
International Petroleum_(t) *2714 2738
5.30 5.05
Magnolia Petroleum__ _ _100 148 149 Great Northern Orr
5.00 4.75
National Transit Co__12.50 *2312 2412
Equipment 55
New York Transit Co_ _100 74
5.05 4.85
77 Hocking Valley Is
5.40 5.10
Equipment65
Northern Pipe Line Co.
.100 8312 86
Ohio 011 new
4.95 4.70
7112 Illinois Central 454s & 5s
25 *71
5.25 5.00
Penn Met Fuel Co
Equipment 6s
25 *3812 40
5.05 4.80
Prairie 011 & Gas new_ 100 247 249
Equipment 78 & ()Ms
Kanawha dr Michigan 68
5.45 5.20
Prairie Pipe Line new...
.100 120 121
5.20 5.00
Solar Refining
Equipment 454s
, 100 235 240
Southern Pipe Line Co 100 8712 89 Kansas City Southern 554s_ 5.35 5.05
5.25 5.00
South Penn 011
100 182 18312 Louisville & Nashville fits
5.00 4.80
Equipment 6548
Southwest Pa Pipe Lines 100 74
78
Michigan Central 55 dr 68_ _ 5.20 4.95
Standard Oil (California) 25 637 64
8
Standard 011 (Indiana)._ 25 *67
6714 Minn St P & S SM 4%8 & 58 5.30 5.00
Equipment 635s dr 78.... 5.40 5.05
Standard Oil (Kansas)_.. 25 *403 4114
4
Missouri Kansas & Texas Os 5.65 5 35
Standard 011 (Kentucky) 25 *118 119
.
Missouri Pacific 68 & 654s... 5.65 5.25
Standard Oil (Nebraska) 100 255 257
5.10 4.90
Standard 011 of New Jer_ 25 *447 45 Mobile & Ohio 454s & 5s
8
Preferred
100 11814 119 New York Central 4548 & 58 4.90 4.70
5.30 5.00
Equipment 68
Standard Oil of New York 25 *4534 4614
5.00 4.80
Equipment 78
Standard Oil (Ohlo)__ _ _100 353 355
Norfolk dr Western 4;48_ __ _ 4.80 4.65
Preferred
100 118 120
5.15 4.90
2412 Northern Pacific 75
Swan & Finch
100 23
Union Tank Car Co_ _100 12112 123 Pacific Fruit Express 78_ _ _ _ 5.10 4.85
Preferred
100 114 116 Pennsylvania RR eq 58 & Os 4.90 4.75
5.15 4.90
8
8
Vacuum 011 new
25 913 915 Pitts & Lake Erie 6548
5.60 5.20
Equipment 13a
35
Washington Oil
10 30
4.75 4.50
Reading Co 4348 dr Is
Other Oil Stocks
314 St Louis & San Francisco Is. 5.15 4.90
Atlantic Lobos Oil
(5) *3
Seaboard Air Line 5 Ms & 68_ 5.60 5.25
63 11
4
Preferred50
68 Southern Pacific Co 4548,_ 4.85 4.50
Gulf Oil new
25 *67
5.00 4.80
5
Equipment 7s
Mexican Eagle Oil
5 *4
5.05 4.80
4
Mutual 011
5 •1918 193 Southern Ry 4548 dr 55
5.40 5.10
_
Equipment 138
National Fuel Gas
100
*2458 2434 Toledo dv Ohio Central ea.._ 5.35 5.10
Salt Creek Producers
10 1185.00 4.80
Sapulpa Refining
5 --------Union Pacific 78
Public Utilities
76
Tobacco Stocks
Amer Gas & Elec new
(t) *74
American Cigar common 100 76
Preferred
77
50 *4412 46
Preferred9
8
163 1_0_0_ _
Deb 68 2014
M&N 9612 9712
Amer Machine & Fdry _ _1109
Amer Light dr Trac com_100 149 151
British-Amer Tobac ord. Li *2512 2612
96
Preferred
100 94
5412 5512
Bearer
Ol *2512 2612
Amer Power & Lt common.._
4
89 Imperial Tob of GB dr Irel'd 203 2112
Preferred
100 88
96 Int Cigar Machinery _ __ _100 75
Deb Os 2018
M&S 95
70 1680 Johnson Tin Foil & Met_100
Amer Public Util com _100
MacAndrews & Forbes..100 153 156
7% prior preferred _ _ __100 1i- 90
Preferred
100 100 104
_
73
4% partic pref
100
60
58
100 37
Associated Gas Sr El pf_ -(I) - - 52 Mengel Co
57
Secured gold 654s '54_Jdr.1 9812 100 Porto Rican-Amer Tob._100 52
42
81
Universal Leaf Tob corn.100 40
Blackstone VaIG&E com 50 79
92
Preferred
Carolina Pow dr Lt com_100 285 305
Young (J El) Co
Cities Service Co corn. 100 206 208
25
10
100 101____ 05
4112
Preferred
New stock
20 *41
8
Preferred
100 823 8278
Rubber Stocks (Cleveland)
4 8
Preferred B
10 *73
7812 Am Tire & Rub corn
Preferred B-B
100 *78
40
Preferred
Cities Service Bankers Shares 2012 21
-6 20
Colorado Power common 100 3414 3512 Firestone Tire & Rub com 10 *12
983
4
6% preferred
100 98
Preferred
100 93
7% preferred
loco 98 9814
Com'w'Ith Pow Corp com(I) *112 fa45
82 General Tire & Rub COM_ 50 *235
Preferred
100 81
Preferred
Consumers Power pref 100
-3- -122
- - Elec Bond & Share pref _100 163 - 16i- Goodyear Tire &R cora_1_, 1
96
14 Goody'r T & R of Can 131100 r95
Elec Ry Securities
(t) *12
Lehigh Power Securities-(I) 99 101
India Tire & Rub com _ _ _100
4012
Preferred
MissLasippl Riv Pow com 100 39
100
91
Mason Tire & Rub com_ a) ---- - 2
*31 3
4 1
Preferred
100 89
23
Iss 20
Preferred
First mtge Sa 1951_ J&J 9712 9812
Miller Rubber
25'- 1;2-9'2
S F g deb 78 1935_ _M&N 10214 103
Preferred
Nat Power dr Lt com
(I) 200 205
98
Mohawk Rubber
Preferred
(I) 96
Preferred
Income 78 1972
J&J 99 10012
:
2
_ Seiberling Tire & Rubber (I) *2
1- 76
2 0 1: :
North States Pow com-100 104
Preferred
Preferred
100 97 166
68 Swinehart Tire & R com_199 ---- 199
100 9
6
Nor Texas Elec Co corn_100
76- 73
Preferred
6
loo ---- 1Preferred
100 96
Sugar Stocks
Pacific Gas & El let pref_100 95
22 Caracas Sugar
9
Power Securities corn...(5) *1
49 Cent Aguirre Sugar corn..Vi 42 83
Second preferred
(5) *45
96 Falardo Sugar
Coll trust 68 1949___J&D 91
N
86 Federal Sugar Ref com_188 13 1
Incomes June 1949_ _F&A 83
Preferred80 90
Puget Sound Pow & Lt_ _100 sitz 5312
83 86 Godchaux Sugar, Inc-.9
(
1 1? *2
5
6% preferred
100
Preferred
loo *H Ng
7% preferred
100 103 107
1st & ref 550 1949__J&D 9812 100 Holly Sugar Corp corn (t) 02
Preferred
wo 91 94
52
Republic Ry & Light__ -100 49
80 Juncos Central Sugar_ _ _100 75 125
Preferred
100 75
South Calif Edison com_100 104 105 National Sugar Refining_100 9612 98
95
8% preferred
100 117 ____ New Niquero Sugar_ _ _ _100 93
2
5
_ _ Santa Cecilia Bug CorP Pf100
Standard G&EI 7% prof 100 97
77
- - Savannah Sugar corn_ _ _ _(j) *74
54
Tennessee Elec Power...(t) 52
1
9 8
Preferred
Second preferred
(1) *7312 75
98
3512 Sugar Estates Oriente pf_133 95
Western Power Corp_ _ _100 34
87
Preferred
100 86
Industrial&Miscellaneous
94
91
West Missouri Pr 7% pfr
97
American Hardware_ _.._100 95
Short Term Securities
100 133 134
s
Anaconda Cop MIn 68'29J&J 10314 iO37 Babcock & Wilcox
(t) *13
15
Anglo-Amer 011 75413'25A&O 10014 10012 Bliss(E W)Co new
60
50 850
Preferred
9714 98
Federal Bug Ref Os'33_1M&N
4
Hocking Valley Is 1926 M&S 10012 1003 Borden Company com....(t) *145 147
100 1015 108
Preferred
C Term Ry 6.548 '31 J&J
50
100 47
1
510
1926 161 4 iciirs Celluloid Company
98
100 _cli
Preferred
8
Lehigh Pow Sec Os '27_F&A 10114 1015
43
Company Corn
(I) *42
Sloes-Sheri S&I 68 '25_FdrA 10114 102 Childs
116
Preferred
US Rubber 754s 1930_ _F&A 10634 107
0612
Hercules Powder
Joint Stk Land Bk Bonds
100 105 107
Preferred
Chic Jt Stk 24 Bk 58 1951 102 103
10214 10314 International Silver pref..100 107 119
56 1952 opt 1932
84
10212 10312 Lehigh Valley Coal Sales 50 *82
59 1963 opt 1933
120
25
10412 10514 Phelps Dodge
5548 1951 opt 1931
Pow cOm.19
10
0
10114 10238 Royal Baking Corn9 148 151
45s 1952 opt 1932
91
loo An
Preferred
8
993 1005
4
4548 1952 opt 1932
12
100 z
10111 10212 Singer Manufacturing
4548 1963 opt 1933
Pile Coast of Portland. Ore
58 1954 opt 1934
J&J 102 103
12 IN
gg 32
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Feb. 14 to Feb. 20, both inclusive.
Friday
Last Week's Range Sales
for
Sale
ofPrices.
Price. Low. High. Week.
Bonds
Atl Gulf & W I SS L Is 1959
Chic Junc Ry&U S Y Is'40
E Mass St RR SerA 4548'48
Series B 55
1948
Series D 65
1948
Hood Rubber 75
1936
K C Mem & firm 48 1934
Mass Gas 434s
1929
Miss River Power 55.. _1951
New England Tel 55..1932
Sioux City Gas & El B 6549
Swift & Co 53
1944
Warren Bros 754s_ _...1937
Western Tel & Tel 5s_ _1932
68
9731
70
7534
85%
103
9234
98
98
100%
102
98%
143
10034
Low.
High.
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan 70
$35,000 63
Feb 97%
12,000 96
Jan 7154
4,000 64
Jan 77%
2,450 70
10,000 8051 Jan 85%
16,000 101% Jan 103
2,000 9254 Jan 92%
9,000 97% Feb 98
21,000 9654 Jan 98
8,000 99% Jan 101
Feb 102
5,000 102
6,000 9754 Jan 99)4
Jan 145
5.000 123
16,000 9954 Jan 100%
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Feb. 14 to Feb. 20, both inclusive, compiled from official lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Stocks-
Amer Wholesale, pref. _100
Arundel Corporation_ _ _ _50
New stock
Allan Coast L (Coon).. _50
Baltimore Trust Co
50
Baltimore Tube
100
Preferred
100
Bartlett Hayward, pf._100
_
Benesch (I), corn
Preferred
25
Boston Sand & Gravel_100
Central Fire Insurance_ _10
Cent Teresa Sug,com ..10
Preferred
10
Century Trust
50
Ches & Pot Tel of Balt_100
Commerce Trust
50
Commercial Credit
•
Preferred
25
Preferred B
25
Consol Gas, E L & Pow_ _*
100
634% preferred
7% preferred
100
8% preferred
100
Consolidation Coal.. _ _ _100
Preferred
100
Continental Trust
100
Cosden & Co
Eastern Rolling Mill
8% preferred
100
Fidelity & Deposit
50
Finance Co of America_ _25
Preferred
25
Finance Service, pref. _ _10
Ga Sou & Fla, lat pref_ _100
2d preferred
100
Greenwald Packing, CI A_*
Houston Oil pf tr ctfs_ _100
Lorraine Pet Co_ lc shares
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Maryland Casualty Co_ _25
Merch & Mln Tr Co_ _100
Monon Vail Trac, pref _ _25
Mt V-Wood M,pf v t riff)
New Amsterdam Cas Co.10
Northern Central
50
Penna Water & Power_100
Silica Gel Corporation_ _ _•
United Ry & Electric_ _ _50
US Fidelity dr Guar
_50
U S Mortgage Co
•
Wash Bait & Annap_ _50
West Md Diary, Inc, p1..50
9654 96% 96;4
10854 10834 11434
21% 21% 23
160 160
115 116
116
23
23
30
58
64
58
116 116
116
3834 3854 38%
20% 26% 26%
74
66
74
40
40
.65 .75
1%
1%
111
111
11234 11254 112%
59% 59%
24% 25
25
25
2514
2554 25%
32% 34
34
106% 106% 10754
110
110 110%
12314 123% 123%
66%
60% 60
100 100
204 204
32% 30% 33%
112 115
115
119 120
120
94%
91
94
52
51
26% 2654 26%
954 9%
,
82
82
7254 73
26
26
92
92
92
3% 4
354
56% 56%
24%
24
2354 24
84%
84
84
129% 130
130
21
21
6554 65%
4414
4454 44
77
77
13155 13154 133
16
16
16
18
18%
18
195 195
1154 1034 1151
7% 754
5234 5254 5354
Bonds
Alabama Cons C & I 581933
Alabama Co gen 68.. _1933
Bait Spar P & C 4;48..19.53
Carolina Central 4s.
..i949
Bernhelmer-Leader 75_1943
Commercial Credit 65_1934
Consolidated Gas 58_ _1939
General 4548
1954
Cons G. E L dr P 4%8_1935
Series A 68
1949
Series D 654s
1957
Consol Coal ref 4348_ _1934 94%
Danville Trac & Pow Is '41
Davison Sul dr Phos 68 1927 9934
Elkhorn Coal Corp 68_1925 100
Fair & Clarks Trac 58_1938 9434
Georgia & Ala cons 58_1945
Lexington (Ky) St 58_1949
Macon Dub & Say 58.1947
Memphis St Ry 55.....1945
Monon Valley Trac 55_1942
Penns,Wat & Pow .58_ _1940
Standard Gas Equip 681929
Southern Gas& Pow 781939
United Ry & Elec 43..1949 70
1949
Income 48
Funding 55
1936 7154
1927
6s
68
1949 96
Wash Balt dr Annan 581941 6.554
96% 96%
101
101
87% 88
81
81
104% 104%
99)4 99%
10054 10054
93
93
96% 96%
106 106
109% 109%
9454 9454
71
71
9954 9954
100 100
9454 9454
95
95
92
92
81%
80
7454 74%
9134 9154
100% 100%
100 100%
101
101
70
7051
5154
51
7134 72
99
9954
96
96%
6554 66%
4
948
580
120
71
22
85
3
37
100
215
50
200
125
10
26
12
324
101
46
653
61
9
187
967
10
10
803
199
414
674
110
30
25
50
30
40
75
6.950
84
225
130
151
5
30
50
451
35
489
100
795
130
235
300
14
$3,000
5.000
6,000
2,000
- 1,000
3,000
3,000
4,000
1,000
1,000
3,000
4,000
1,000
2.000
47,000
4,000
2,000
5,000
14,000
2,000
1,000
1,000
6,000
3,000
28,000
6,000
3,100
3,000
10,000
74,000
Range Since Jan. 1.
Low.
9254 Jan
83% Jan
21% Feb
Jan
160
111% Feb
Feb
23
Feb
58
Feb
116
3834 Jan
2654 Feb
Jan
54
Jan
34
.75 Feb
1% Jan
Jan
106
110% Jan
Jan
58
24% Feb
Jan
25
25% Feb
32
Jan
105% Jan
109% Jan
122% Feb
60
Feb
100
Feb
Jan
201
30% Feb
Jan
107
112% Jan
Jan
89
5035 Jan
2634 Jan
Jan
9
8134 Feb
Jan
67
Feb
26
Feb
92
334 Feb
Jan
55
Feb
24
2354 Feb
Feb
84
Jan
115
2054 Jan
64% Jan
42% Jan
7634 Jan
12634 Jan
13% Jan
Feb
18
179
Jan
10% Feb
Jan
6
51% Jan
9554
99%
8754
81
103%
99%
100;4
92%
95%
104%
109
9454
71
98%
9954
94%
9234
92
7554
7434
8854
100
100
101
70
51
71%
99
96
63
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
High.
98
118
2334
160
12
137
Feb
Feb
Feb
Jan
Feb
j
-1an
1383i Feb
7
1
Jan
26% Jan
Feb
74
Feb
40
Janeee
1111 221 %.75 FFF
26
25%
26%
34
107%
160
1055
123%
72
103
205
13135%
120
9454
52
2654
9%
83
73
26
97%
4
56%
25
24%
8614
132
22%
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
b
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
66
44% Feb
-19n
77% Feb
j
3
3
12254 Feb
19%
Jan
jab
198;1 Fen
12
8% Feb
53% Feb
9654
101
ss%
81
104%
9954
100%
94%
96%
106
10914
98
71
9954
100
95
95
92
81%
704
92
100%
wog
101
70%
5254
74
99%
9654
66%
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Feb. 14 to Feb. 20, both
inclusive, compiled from official sales lists:
Igg 141
*Per share. :No par value. b Basis. d Purchaser also pays accrued dividenp
I New stock. f Flat price. k Last sale. a Nomnal. z Ex-dividend. r Ex-rights.
o Er-stock dividend. a Sale pries r Canadbuil quotation
66
97
6854
75% 73
85
10234 10254
92%
98
97%
97%
100% 100%
102
98%
140
140
100
100
Range Since Jan. 1.
Stocks-
.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
1
Alliance Insurance
41
10 43
Amer Elec Pr Co pref_ _100
96
American Gas of NJ..._100 14934 140
American Milling
11%
10
American Stores
• 4834 47
Baldwin Locomotive__ _100
127
Bell Tel Co of Pa pref
108
Brill (J G)Co
100 10034 10054
* No par valu C.
Range Since Jan. 1.
Low.
High.
43
288 37% Jan 43
Jan 99
23 96
9654
Jan 14954
14954 6,885 135
11%
8 10% Jan 12
48% 16,771 45% Jan 49%
Feb 133
75 127
127
Jan 109
274 108
108%
105
415 100% Feb 109
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
FEB. 21 1925.]
High.
3935
36
6234
227
534
1734
46
63
4634
3434
6
26
65
44
87
4455
2235
7654
60
47
80
53
33
454
4734
4055
40
40
62
1535
3554
634
7634
3735
96
35
135
39%
199%
8634
57
734
3754
3534
Jan 40
Jan
Jan 4134 Jan
Feb 7055 Feb
Jan
Jan 247
Feb 5935 Jan
Jan 21
Jan
Jan 4934 Feb
Feb 5835 Jan
Feb 70
Jan
Feb 3735 Jan
Jan
7
Jan
Jan 2734 Feb
Jan 66
Feb
Jan
754 Feb
Feb 100
Jan
Feb 50
Jan
Feb 234 Jan
Feb 7635 Jan
Jan 6334 Feb
Feb 483,4 Jar
Feb 854 Jar
Feb 5734 Jar
Jan 3634 Feb
Jan 464 Jar
Feb 52
Jar
Jan 4534 Jar
Jan 444 Jar
Jan 4235 Jar
Jan 6335 Jar
Feb 1835 Jar
Jan 36% Jar
Jan
8
Jar
Feb 82
Jar
Feb 373,4 Fel
Jan 974 Fel
Jan
35 Jar
Jan
235 Fel
Jan 42
Jar
Jan 2
01
Jar
Feb 93)4 Jar
Jan 58
Jar
Jan
734 Jar
Jan 40
Jar
Feb 3634 Jar
8834
136
10134
60
10434
100
5034
8234
96
1234
75
6655
9355
10354
10054
1004
9935
10334
1044
106
101
65
Feb 9234
Jan 150
Feb 1014
Feb 644
Feb 10435
Jan 10255
Jan 56
Jan 85
Jan 98%
Jan 12555
Jan 78%
Feb 70
Jan 95
Feb 1034
Jan 102
Jan 1004
Jan 100
Jan 10435
Feb106
Jan 107
Jan 10134
Jan 66%
Jar
Fel
Fel
Fel
Jar
Fe!
Jar
Fel
Jar
Fel
Fel
Jar
Fel
Fel
Jar
Fel
Fel
Fel
Jai
Fel
Jai
Jai
Jan
Fel
92
9354
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb. 14 to Feb. 20, both inclusive,
compiled from official sales lists:
P r may
ACIte3
Last 1Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
All-American Radio
5
Amer Pub Sore pref _ _ _100
American ShIpbuilding_100
Armour & Co "A"
Armour & Co(Del) pfd_100
Armour & Co pref
100
Armour Leather
16
Balaban & Katz v t c_ _25
Beaver Board v t c "B" •
Preferred Ws
100
Bendix Corp
,_10
Borg & Beck
*
Bunte Bros
10
Cent Ill Pub Sets prof_ •
,
Ch C & Con Ry pt sh com *
Preferred
•
Chicago Fuse Mfg Co_
•
Chicago Rys part c tf Ser 1
Chicago Title & Trust_ _100
Commonwealth Edison 100
Consumers Co pref_ _ _100
Continental Motors
•
Crane Co common
25
Preferred
100
Cudahy Packing corn_100
Dang Boone Wool M 1118_25
Deere & Co pref
100
Diamond Match
100
Elec Research Lab
•
Evans & Co Inc Class "A"5
Fair Corp (The) pref _ _100
Foote Bros(G M)Co_ _ _•
Gill Mfg Co
•
Goesard,11W,common_ _ 5
Great Lakes D & D__ _ _100
Hupp Motor
10
Hurley Machine Co
•
Illinois Brick
100
Illinois Nor UM pref _100
Independent Pneum Tool _•
Internat Lamp Corp_25
.
!
Kellogg Switchboard_ _ _25
Kentucky Hydro-Elec_100
Kraft Cheese
25
Kup'h'r & Co(B)Inc com 5
Preferred
100
Libby, McNeil & L new_10
10
Lindsay Light
Lyon & Healy Inc pref _100
McCord lad Mfg Co "A"•
•
McQuay-Norris Mfg_
Middle West Util com__ _ 5
100
Preferred
Prior lien preferred_ _100
•
Midland Steel Products..
Morgan Lithogranil
Murray (J W)Mfg Co_10
10
National Leather
. _ ,.....-... •
30
90
234
144
95
914
5
514
3755
3055
274
30
13734
9
107
234
91
117
30
2634
105
1554
284
103
1534
4955
121
6434
2)4
42
4934
8
100
8955
9934
10255
374
45%
01 IL
Range Since Jan. 1.
Low,
2834 3155 4,000 2855
90
904
110 90
50
52
75 50
23
24
14,750 23
14
15
3,175 14
9335 96% 5,775 914
91
94
7,660 86
5
630
334
554
325 5054
5134 513,4
,
5
6
135
5
37
1,400 31
373.4
28
32
4,175 3254
264 274 3,035 254
1335 14
65 1135
85
87
535 84
35
1,300
35
34
555 7
1,485
4
30
314
400 29
8
8
50
655
400 400
10 400
137 138
1,310 13435
56
36
10 35
84 9
2,095
835
67
69
710 67
117 117
100 115
1044 107
7,775 79
255 435 7,775
235
90
914
222 83
117 120
240 117
28
33
3,550 28
26% 2834 1,741 264
105 105
70 105
16
15%
575 15
534 6
475
4
284 2934
595 2635
100 10355
750 944
154 16
5,245 144
47
504 3,025 47
120 122
691 11655
884 8835
25 85
6434 65
175 6434
2
254
765
2
4135 4234
258 40
90% 9255
80 854
384 5055 14,835 3535
26
26
75 26
100 100
140 100
735 834 3,225
715
134
134
145
134
100 10336
250 100
4055 4135
680 40
1435 1435
65 143.4
8235 8935 5,230 82%
9355 9434
590 9154
10135 1024 1,040 98
35
38
1,610 3255
45
4635 2,550 45
16
10 16
16
5
535 1,112
435
071L
071"
RR
97
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
,Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Ton
High.
364
91
60
24
15
9635
94
534
5134
7
3954
36
284
14
87
134
935
3234
10
400
139
4955
1035
70
118
mg
755
9134
120
37%
304
107%
16
6
30
106
1955
56
12955
874
70
3
48
9235
5055
2835
100
954
135
10555
42
1755
90
9455
103
40
47
19
654
90
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Tan
Omnibus pref"A" w 1_ _100
Vot trust ctfs WI a__°
Orpheum circuit, Inc_ __I
Philipsborn's, Inc, tr ctf_ _1
Preferred
100
Pick (Albert) & Co
10
Pines Winterfront "A".._5
Pub Sore of Nor Ill com_ _•
Pub Serv of Nor III corn 100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills_ _10
Reo Motor
10
Ryan Car Co (The)
25
Standard GIIS & Elec Co_ _•
Preferred
50
Stewart
-War Speed Corn..
Swift A; Co
100
Swift International
15
Thompson,J R,com_ _ _ _25
Union Carbide & Carbon_•
United Iron Works v t c _ 50
United Lt&P com"A"wire*
k Common "II" w I a_
•
Preferred "A" w I a_ _ _ _ 5
Preferred "B" w la. •
Universal Theatres Co__ _5
U S Gypsum
20
Utilities Lt & Pow "A"__•
Vesta Battery Corp corn.*
Wahl Co
•
Wanner Malleable Cast_ •
Ward, Montg & Co pf _100
.
Common
10
Class"A"
*
Wilson & Co etts
•
Wolff Mfg Corp
Certificates
Wolverine Port Cement_10
Wrigley Jr, common
•
Yellow Cab Mfg,Cl"B" 10
Yellow Cab Co,Inc(Chl)_•
9434
35
30
214
6954
115
9435
104
6935
184
3134
43
5334
7135
11635
3155
4655
70
4
47
86
50
113
2334
504
1234
4935
3555
5135
Bonds
Chicago City Ry 5s _1927
Chic City & Con Rys 5s'27
Chicago Railways 5s_ _1927
1927
5s Series "A"
1927
4s Series "13"
Commonw Edison 55_ A943
Cudahy Pack 1st M g 513'46
9435 95
154 1634
2755 2755
1
34
30
30
2135 2235
6935
66
114 11535
115 11536
93'% 944
10535 106
360 370
104 104
6334 72
1854
18
3135
31
413,4 43
53
5354
6835 74
114 1173,4
3035 32
4655 47
673.4 7034
334 4
4634 48
58
60
86
86
45
46
463.4 50
112 122
2435 25
16
16
2334
22
23
23
114 11435
504
46
11734 118
12
12
10
9
935
9
123-4
12
4834 50
3254 374
494 51%
195
4,435
100
4,160
240
1,150
2.925
258
263
70
80
175
110
14,800
922
485
640
690
46,300
5,685
10,315
615
20,600
270
1,901
285
238
770
2,325
2,182
650
250
4,650
100
115
13,400
950
150
1,150
600
550
13,620
5,875
7,205
Range Since Jan. 1.
High.
Low.
90
1535
27%
34
2835
2134
64
10734
108
92
104%
350
10255
59
1734
31
4034
50
6834
114
3055
45
6634
334
46
49
83
42
45
112
2434
16
15
22
11335
46
11634
10
534
6
12
464
3234
49%
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
9555
1734
2734
14
34
2355
74
116
1154
9435
106
370
10435
7535
1835
33
46
533,4
7754
12034
36
47
7334
5
51
60
8635
47
53
13135
26
24
23%
2434
115
5555
123
1336
104
10
1455
5234
43
5536
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
$2,000 8055 Feb 83
8034 81
5435 5655 7,000 5434 Feb 583-5 Jan
83% Jan 843-I Jan
84'% 844 5,000
Jan
Jan
6654 6654 5,000 65 Jan 6755 Jan
44
413.4 4134 8,000 40
10055 wosi 6,000 10034 Jan 100% Jan
93% 933 13,000 9155 Jan 0335 Feb
co
co
0 nnn An
823-4 Fet
Jan
--
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Feb. 14 to Feb. 20, both inclusive, compiled from official sales lists:
zates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares,
Stocks-
Waal- °Ann 1792
nrof
Inn
04 44
Sc
R5
since
Range
Low.
125 1955
22
22
Am Vitrified Prod corn_ _ 50
loo 88
96
96
Am Wind Glass Mach...100
10 95
100 100
Preferred
100
25 1133.4
114 115
Am Wind Glass Co lif-10
0
535
64 735 4,698
734
Arkansas Nat Gas com_10
4
4,100
8
7
735
Carnegie Lead & Zinc__ _ _5
51 190
198 198
*100
Colonial Trust
50 14
14
14
Consolidated Ice pref _ _ _50
45 10555
106 10636
Duquesne Light 7% pf_ioo
2
125
2
2
2
50
Indep Brewing corn
435
31
534
5
50
Preferred
11255 1124
130 11155
Jones & L Steel pref _ _ _100
38
25 39
Lone Star Gas
3934 2,991 32
1335 1434 2,465 1135
Nat Fireproofing com_ _ _50 144
800 3134
50 3434 3334 3434
Preferred
25 333-4 33% 3435 11,111 32
Ohio Fuel Corp
16
1
644 134
15
Ohio Fuel Oil
Oklahoma Natural Gas.25 3035 30
3034 2,585 26
655
10
74 74
Pittsburgh Brew pref _ _ _50
9735
98
98
50
Pittsburgh Coal pref __AGO
60
80 12,000
8c
Final)& Mt Shasta COP...!
8
74
835
660
Pittsburgh Oil & Gas_ .5
982 257
Pittsburgh Plate Glass_100 2804 280 285
665 3754
374 3835
Rich dt Boynton part pf- _. 38
735 8
870
734
Salt Creek Control 011_10
80
4e
60
1
1,000
San Toy Mining
200 9434
Stand Plate Glass pr pref_
9434 944
675 102
102 104
Stand Sara Mfg com__ _25 104
25 18
60 17
1754 18
U S Glass
West'house Air Brake_ _50 10534 10354 10554
475 10334
92
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan. 1.
High.
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
sg Feb
Feb
295
Feb
40
Feb
9
lic Feb
9434 Feb
Jan
136
2034 Jan
Jan
113
Feb
95
23
983i
100
115
834
8
198
15
107
2
534
113
40
14%
354
3454
16
3155
735
99
9c
at
-Record of transactions.
St. Louis Stock Exchange.
St. Louis Stock Exchange Feb. 14 to Feb. 20, both inclusive, compiled from official sales lists:
Stocks-
rrtaay
AGM
Last Week's Range for
Week,
Sale
ofPrices.
Par. Price. Low. High Shares.
First National Bank_ _ _100
Nat Bk of Commerce_100
Mercantile Trust
100
United Rya, corn
100
Preferred
100
Amer Creel Indemnity_ _25
Best Clymer Co
•
Brown Shoe, pref
100
Cert.-teed Prod lot pre(
.100
20 preferred
100
Emerson Elec pref
100
Ely ,k Wall)Goods com_25
Fulton Iron Works corn_ _ 5
Preferred
100
Hamilton-Brown Shoe_ _25
Hydr Press Brick com_ _100
Preferred
100
International Shoe com_ _•
Preferred
100
Mo Portland Cement _25
National Candy com_ _100
2d preferred
100
Scruggs
-V-B D G com_ _100
South Acid & Sulp com_100
Wagner Electric com._ _ _ •
Wagner Elec Corp pref.110
Boyd Welsh Shoe cora_
•
Johnson S & S Shoe
•
Pedigo Weber Shoe
•
Securities Inv com
•
(F) Medan com
•
Hutt(); S & D Co corn...., •
23
150
27
400
600
490
50
232
10
3
10
8255
5
105
5
15
250
245
1,089
90%
1,357
1174
121
11935
906
80
90
90
96
108X
263
41
508
88
55
55
135
90
280
32
920
Pranwrorl
lnn
300
• No par value. z Ex-cash and stock dividends.
208
g g°
Low.
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price, Low. High Shares.
xxx rxx
210
Cambria Iron
50 3935 3935 40
35
38
Elsenlohr (Otto)
39
100
72
Electric Storage Batt'y _100
6234 6331
245 245
317
Fire Association
50 245
50
General Asphalt
100
5334 53
100
1954 19)4
Giant Portland Cement_50
50
Preferred
50 4855 4835 48%
*
53
20
53
General Refractories
Insurance Co of N A_ _ _10 4954 4835 50
2,359
364 35% 3634 11,994
Warrants
7
Keystone Telephone_ _50
7
50
Preferred
2755 2755
50
90
Keystone Watch Case_ _100
65
66
139
Lake Superior Corp__ _. 100
535
54 651 3,000
Lehigh Navigation
50904 87
9154 4,160
Lehigh Vali Coal ctfs of dep
5
4434 4435
Lit Brothers
2234 23
10
227
Northern Central
7654 7634
50
10
Penn Cent Light & Pow_ *
634 633-4
48
Pennsylvania RR
47
47% 4,469
50
Pennsylvania Salt Mfg_ _50 8335 80
8334
146
Philadelphia Co(Pitts) 50
53
53
10
Preferred (5%)
50
35
35
10
Preferred (cumul 6%)_50
46
4634
137
Philo, & Reading C tt: I_ •
474 4734
100
Phila Electric of Pa
25 414 4134 423-4 13,131
Preferred
25 41
404 4235
892
Phil& Rapid Transit__ _ _50 42
4054 4354 4,349
Philadelphia Traction_ _ _50 6234 624 63
50
Phila & Western
50 1655 1535 1634
512
Preferred
50 36
36
36
15
Railways Co General__ _10
6% 7
224
Reading Company
50
7634 77%
440
1st preferred
50
3734 3735
200
Scott Paper Co pref _ _ _ _100 9735 9755 97%
98
Tono-Belmont Devel__ _1
iro hi
1,200
Tonopah Mining
1
134 14
400
Union Traction
50 4134 4034 414 2,001
United Cos of NJ
100 200
200 200
110
United Gas Impt
50 884 8634 8935 8,427
Preferred
50
57% 58
208
Warwick Iron & Steel_ _ _10
755
735
755
455
West Jersey & Sea Shore_ 50
3755 3735
25
York Rys pref
50 3634 3
100
634 3635
Bonds
Amer Gas & Elec 5s_ _ 2007
.
8835 92
$5,100
Amer Gas of N J 7s_ _ _1928 150
139 150 126,700
Atlantic City RR 535s 1929
10155 1014
1,000
Flee At Peoples tr ctfs 48'45 634 63
6434 34,500
Equit Ilium Gas 5s_ _ _1928
10434 10454
1,000
General Asphalt 6s_ _ _1939
1024 102% 33,000
Inter-State Rys coll 4s 1943
55
55
1,000
Keystone Tel lot 5s_ _ _1935
844 85
4,000
Leh C & Nav cons 435s1954 98
98
98
18,000
Lehigh Valley annuity (3s_
.
125% 1254 2,000
New Jersey Traction 5s_ __
78
78
8,000
Peoples Pass tr etfs4s_1943 6634 6634
6634 5,000
Phila Co cons & stpd 5s1951
9434 9455 1,000
lot St
1949 10334 1034 10334
1,000
Phila Elec 1st 58
1966 10154 10154 1014 25,200
Small 5s
1966
10034 l00% 2,000
5s w I
1960 9934 9934 100
45,000
555s
1947 10434 104% 104% 5,000
555s
1953
104% 105
6,000
65
1941 1064 10635 107
15,500
Spanish Amer Iron 66.1927
101 101
2,000
United Rys g tr ctfs 48.1949
66
66
1,000
York Rys lot 5s
1937
93
9354
3.001)
Range Since Jan. 1.
r
.... ..
..
of...N
.—,
C.2410..O.Wtt.mW0000...4O
4.04.NOMCCA.C. NQQ1
r,p.WWOOMMC00004.N000.4.4..WOM.cON0,
100.
ors
. .... ..
.
A.....t4
.
,,00.W.0000:54.0 NO000
5WW.1.4.W.0.0.
40.4014.N.0 0
.0WWW0-40000,0=Gni4CWO.M.4N.10..N.CrP0 10 014003
,
,
ZZ
g
Z
'sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Stocks-
945
T-FrE CHRONICLE
Range Since Jan. 1.
Low.
206
1335
398
80
455
3634
43
9836
87
823.4
96
224
3754
100
4435
6
81
115
11935
413.4
9934
105
104
10734
2634
80
4255
118
4134
42
314
34
101
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
High.
208
150
400
25e
73.4
60
46
100
91
8254
101
25
43
1024
4935
855
95
118
120
42
107
106
110
10935
50
91
5055
135
4535
4455
3454
40
102
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
946
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week
Bonds—
E St L & Sub Co 5s__ _1932
St L & Sub Ry gen M 58'23
United Railways 45._ _1934
CD
1934
8555
8515
82
72%
7115
8556 $3,000
7,000
82
46,000
73
7154 19,000
Range since Jan. 1.
Low.
854
82
9251
7155
Feb
Feb
Feb
Feb
High.
86
84
74
7315
Jan
Jan
Jan
Jan
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from Feb. 14 to
Feb. 20, 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 transfered 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.
bates
rid ay
Week Ended Feb. 20,
Last Week's Range for
Week.
Sale
ofPrices.
Stocks—
Par. Price. Low. High. Shares.
Indus. & Miscellaneous.
Adirondack P & L com_100 34
7% preferred
100
914
Allied Packers,oom
•
Amer Gas & Electric
Common (ex stock div).• 7455
Preferred
50
Amer Hawaiian SS
10 1015
Amer Lt & Tract, com__100 14934
100
Preferred
Warrants
Amer Pow & Lt com new _• 554
100
Preferred
Amer Road Machinery pref
Am Superpow Corp,CI A_• 3155
• 3134
Class B
25
Prior preferred
455
American Thread pref___5
25 2534
Ape° Mfg class A
Appalachian Pow,com..100
100 9755
7% preferred
Arizona Power corn_ _ _100
Arkansas Lt & Pr pref..
Armour & Co (Ills) comA25 234
25 1455
Common,class B
100
Preferred
Armour Leather corn_ _ __lb
•
Assoc CV & E Class A_
•
Atlantic Fruit & firmBeaver Board Co cora_ _ _ ______
100
Preferred
215
•
Boissonnault(G) Co
Borden Co common__ _ _100 146
Botany Cons Mills coin_•
50 4634
Class A
Brit
-Am Tob ord bear £1
Ordinary registered. ..£1
10
855
Brooklyn City RR
Brown & Will Tob cl B._10
100
Bucyrus Co corn
(
Buffalo General Electrle10
Burroughs Add M pfd_10 10434
34
Car Ltg & Power, corn_ _2
Carolina Lt & Pr com._10( 30454
Cent Teresa Sugar com__1(
Centrifugal Cast Iron Pipe
2034
16
•
Chapin-Sacks Inc
Chatterton & Son
11
2034
Checker Cab Mfg el A_ .'
32
.
Chicago Nipple Mfg el A &
15
54
Class B
• 4655
Childs Co new stock
Cities Service. corn_ _ _101 107
20 414
New when Issued
101
824
Preferred
11
Preferred B
734
206
Stock scrip
Cash scrip
• 2034
Bankers' shares
Cleve Automobile. com_ •
145
Colombian Syndicate
Com'wealth Pow Corp. • 114
100 8155
Preferred
Warrants
Cons Gas.E L&P Balt new. 34
Continental Baking,comA• 1204
• 244
Common B
100 9355
8% preferred
Continental Tobacco..___• 2234
•
Cuba Company
1034
Cuban Tobacco v t c
100 106
Cudahy Packing
Curtiss Aero&M, new com•
100
Preferred
De Forest Radio Corp....• 2955
Del Lack & West Coal..50 127
• 1774
Doehier Die-Casting
DubillerCondsr& Rad new. 2634
Dunhill International_ -__•
Duplex Cond & Rad v t c-•
1
Du Pont Motors. Inc— —•
• 174
Durant Motors. Inc
Duz & Co. Inc. Claw A_° 31
East Penn Elec Co. com •
Elea Bond & Share,pret 1.00
Elec Invest without warts* 44
•
Elec Ry Securities
Federated Metals Corp..• 3635
Film Inspection Machine.
Ford Motor Co of Can.100 519
•
__
Foundation Co pref
Freed-Eisemann Radio_ _.• 1834
• 214
Freshman (Chas) Co
7
•
Parcel Corp
Gillette Safety Razor..__ -• 6655
• 134
Glen Alden Coal
Goodyear Tire & R,com100 324
• -----Drennan Bakeries Ino
__
•
Griffith (1) W)el A
Grimes(D)Ra & Cam Roc* 1674
74
Happiness Candy St el A.•
----Founders shares
• 37
Hazeltine Corp
Hercules Powder pref _ _100 ____-_
•
Heyden Chemical
Imperial Tob of Gt B & I_ ____-Intercontinental Rubb_100 -----42
Inter Match non-vol of
intermit Utilities, Class A.* 46
Internet Utilities Class II_• 1251
434
.•
Inter-Ocean Radio Corp.
44
Tones(Joe W)Radio Mfg.•
Benet( Williams Stamp'12.• ______
Keivinator Corp w 1
• 20
10 900
Keystone Solether
Lehigh Power Securitles_ _• 100
Lehigh Valley Coal Sales 50 83
__
• tt
par va/as.
[Vol,. 120.
THE CHRONICLE
33
34
100 100
94 94
800
10
2,000
6845 7434
45
4535
104 1055
1464 15055
95
95
353.4
30
4835 564
8855 8955
9435 9455
2834 3134
2934 32
2455 26
3*Li 455
2556 2534
75
7655
97
9755
22
21
954
95
23
24
144 15
92
944
54 534
26
264
880
99e
310
31c
374
36
24 236
140 146
20
20
464 4734
264 2615
264 zog
854 9
10
10
125 125
2•2 24614
10434 105
234 315
300 30455
55e
55c
1834 22
16
1655
1234 1255
1955 2135
314 32
1434 15
4534 4754
199 212
404 424
8135 8254
734 755
201 206
99
99
20
21
1955 1955
1
2
10855 11555
804 8155
254 33
3234 34
114 1204
244 28
9155 9355
224 2355
37
3855
10
1055
105 10635
13
1415
5915 61
28% 32
12151 128
17
1855
25
32
294 30
10
1034
1
1
1634 194
284 3155
65
65
103 10355
41
4434
1355 1334
364 3755
0
954
518 524
130 130
1855 2234
25
21
654 7
654 6734
118 13555
304 33.
154 164
155 1%
1656 1734
64 73-4
536
574
3215 3855
104% 10455
255
255
2155
21
6
-6
04 4235
46
46
13
10
455 7
5%
4
224
22
2054
19
1
50c
82 101
84
83
6,100
600
400
2.425
25
237
34,400
40
10
4,000
5,200
600
1,300
800
950
120
200
50
4.700
2,300
260
100
2.400
2.100
1,000
1.100
9,300
430
100
1.900
1.200
2,000
1,700
100
25
130
230
20,400
30
200
8,100
900
300
1,300
1,800
2,200
2,300
7.210
10,000
2.600
1.500
53.800
3,000
5,200
100
74.300
3,475
900
525
8,000
22,630
28,600
7.900
1.100
800
300
610
600
300
19,700
1,025
2,100
15,500
400
700
1.200
7.500
5.900
40
760
9.900
200
1.200
1,100
140
30
9.400
14,400
400
11,100
9.500
38,300
1.700
100
1.600
8,600
300
18,100
10
100
700
300
6,700
100
2,800
1.300
3,800
800
6,300
6,500
10,500
525
Range Since Jan. 1.
Low.
33
99
8
684
45
1055
137
94
16
4855
87
9415
2834
294
244
355
2455
73
96
174
95
23
144
87
555
26
800
31c
36
134
133
20
4644
2534
2134
8
10
121
226
103
151
3184
55c
184
1654
1234
194
304
14
4051
17655
3834
8034
755
125
95
174
1934
60e
10355
7944
2554
314
108
2134
9155
2235
37
64
80
13
57
2655
12034
1615
25
284
10
1
15
26
60
102
40
13
36
634
491
1174
184
21
655
574
117
2414
1534
75e
1634
615
5M
3254
1044
2
21
554
3755
4555
10
435
4
2134
1834
49c
82
81
High.
Feb 3755 Jan
Jan
Jan 100
Feb
Jan 10
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Ian
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
8234
4655
1355
153
96
40
6735
89
9454
36
3654
26
44
2555
83
99
22
96
24
15
9415
534
2634
1
31c
3754
34
14935
21
4855
2654
2634
955
10
125
24634
1054
355
320
61c
2734
1834
134
244
3315
1635
4715
212
43
824
755
215
100
2155
21
2
1264
82
60
3415
12055
28
944
264
394
114
1084
16
66
34
128
2035
354
31
17
14
21
33
67
1034
4834
154
41
1155
524
136
3354
28
1734
674
13535
3114
174
155
1934
734
634
5155
108
3
2135
634
4315
4635
17
14
9
234
2034
1
117
87
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Sales
Friday
Industrial and
Last Week's Range for
Week.
Sale
of Prices.
Miscellaneous Stocks
(Concluded). Par, Price. Low. High. Shares.
Leh Vail Coal Ws new w I
Libby McNeil& Libby 10
Liberty Radio Ch Stores_ _•
Marconi Wirel Tell of Lond
Mengel Co
100
Mesabi Iron Co
Middle West Utilities corn.
Prior lien stock
100
Midvale Co
•
Motor Products Corp_
*
Motor Wheel Corp new w I.
Murray Body Corp w L_•
Music Master Corp w I_ _•
Nat Distillers Producers_ •
National Leather
10
Nat Power & Light. com_•
•
National Tea
New Corp when issued—
(El Bond dr Sh Hold Co)
New Mex & Ariz Land_ _1
N Y Telep 64% pref _100
Nickel Plate corn, new, w
Preferred, new, w
No State Pr Corp com_100
Omnibus Corp v t c
•
Series A preferred_ _100
100
Oppenhelm, Collins & Co_•
Paige-Detrnit Mot Car..10
Pathe Exchange Inc el A..*
Power Corp of NY.corn.•
Pratt & Lambert. Inc._ _.•
Pro-phy-lac-tic Br, corn_.•
Pyrene Manufacturing. i0
Reid Tee Cream Corp corn •
Ben Meter Car
10
5
Repetti, Inc
Rosenb'm Grain Corp pi 50
Rove Radio Corn tr etre •
Royal Typewriter, com •
Seagrave Corp. corn
*
Shattuck (Frank G) corn_•
Silica-Gel Corn corn v t c_•
Singer Manufacturing .100
Sleeper Radio v t c
•
Sou ("slit F,dison com_ _100
6% preferred
100
Southern Coal & Iron_____
S'eastern Pr dr Lt corn_ _•
Southwest Bell Tel prof 100
Spear & Co when Issued_.•
Standard Motor Constr 10
Stand Publishing Cl A_25
Stutz Motor Car
1001
Swift & Co
10
Swift International
Tenn Elec Power, corn._ _•
•
Second preferred
T H Ind & East Tr NAV)
Thermiodyne Radio
•
Thompson(RE)Radio vtc•
Toll Prod Export Corp_
Todd Sbinvards Corp_ _•
5
Tower Mfe Corn
25
Trumbull Steel corn
Tulip Cup Corp. com____•
Union Carbide & Carbon_•
United G& E corn new._10
United Lt & Pow corn A •
United Profit Sharing... _ I
United Shoe Mach'y com25
20
S Gypsum, corn
U S Lt & lit Corp, com_10
10
Preferred
Universal Pictures w 1____
Utilities Pr & Lt cl A
Victor Talking Machlne100
Wanner Malleable Cast A •
•
Ware REVII0 Corp_
Warner Bros Pictures___.•
Western Pr Corp, coni_100
100
Preferred
White Rock Mln Spas curn•
Vot tr ctfs for corn stock*
Wickwire-Spencer St com.5
Yellow Taxi Corp N V.._ _•
464
851
894
1024
24
154
4135
15
203
238
Range Since Jan. 1.
Low.
High.
434 4655 31.120 434 Feb
7% Feb
800
754 8
755 Jan
7,100
855 9
955 Feb
100
955 955
Jan
140 30
37% 404
354 Feb
410
356 44
8214 894 8.650 824 Feb
300 984 Jan
101 10255
Jan
24
700 24
24
Feb
10 95
95
95
1535 154 3,000 1555 Feb
Feb
41
900 41
4256
1354 154 10.900 134 Feb
29
34% 2,600 1655 Jan
44 Jan
100
556
555
18415 206
2,330 1844 Feb
Jan
50 230
236 238
5054
94
9
10
434
455
904
103
2854
110
16
45%
2155
3934
64
240
247
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
914
114
114
8834
8754
107
174
96
46
19
4915
38
43
44
11%
43
184
520
4855
144
2234
1434
3534
21
207%
1955
105
01
10e
66
109%
2756
451
27
10
120
355(
604
7644
20
224
25
54
41%
2415
18%
154
73%
38
5011
94
4555
125
14
24
284
25%
105
2454
404
15
3851
8714
174
174
73.'
22
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
6555 564 6655
84 1055
9;5
11255 114
113
8635 85
8715
864 8555 864
105 107
1535 15% 16%
94
94
95
42
42
45
15% 18
44
4435
3555 35 ' 38
40
41
41
40
404
11% 11
11%
38
39
38
184 1855 1836
51e 51c
510
4755 4855
114 13
12
20
20
20
1456 1454
1455
3455 32
354
1655
1834 16
205 205
11
1555
1155
103% 105
8914 90
90
60
70
70
5255 54
54
108 108
274 2755 27%
34 4%
474
264 27
27
655 73.5
116 117
314 3051 3235
54
5015 54
75
7455 7654
17
19
13
15
15
1155 11
144
355 4
4
41% 41%
1655
164 15
185( 1914
1454 154
15
6755 704
70
25
3055
30
4655 4615 4734
8
954
9
44% 4455
115 115
115
14
155 95e
2
235
27
27
2335 2455
24
95 101
234 2315
22% 2755
14
15
15
35
34
8651 8654 87
16% 17
16
1615
455
455 455
16
16
17%
82,600
16,900
250
6,200
800
30
1,800
500
1.610
10,500
375
2,300
2,700
300
1,200
1,200
1,300
100
400
5,500
100
4,600
5.800
2,300
20
5,800
300
40
48,000
400
20
1.500
2.300
4.000
1,400
1,500
3,100
3,200
650
200
8.600
7.300
1,700
100
1.900
400
2.100
3,300
1.100
1.000
62,300
100
20
5,700
1.100
800
2.900
160
100
4.700
500
3,600
270
200
300
27,800
900
73
17
13
10
316
3955
15
18%
1455
6651
25
4634
555
4215
115
75e
13.4
27
23%
90
22
2255
14
34
8554
16
16
355
16
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
100
3,000
be
Feb
30e
Jan
18
225
62
4855
254
133
83
5655
100
424
127
3014
75
137
23
6515
8155
64
354
209
524
106
202
139
8415
73
624
37
117
244
444
338
1174
21
2054
239
72
644
3155
150
96
6814
10435
47%
15435
3351
84
159
25%
79
88
7555
44
2593.4
(3534
126
254
197
103
84
70
46
12431
270
48%
369
119
27
964
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
soSi
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
24
555
24
64
20
3854
334
85(
434
25
40
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
4
84
4
10%
20
40
44
104
671
26
8e
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Rights—
Western Power
15c
5651
654
1104
84
844
102%
154
90
42
174
44
3355
40
40
104
35
174
510
4735
104
20
144
31%
13
1924
11
10155
88
60
52%
107
274
34
26
6%
114
3055
assi
Former Standard Oil
Subsidiaries
Anglo-American Oil_ _ £1
Borne Scrymser Co_ _ _100
50
Buckeye Pipe Line
Chesebrough Mfg.. new 25
Continental 011 v t e w 1._
Cumberland Pipe LIne.100
100
Eureka Pipe Line
Galena-Signal Oil, com.100
100
New preferred
Humble 011 & RefIning_ _25
100
Illinois Pipe Line
Imperial 011 (Can) new w I
so
Indiana Pipe Line
Magnolia Petroleum __100
National Transit._ _32.50
100
New York Transit
Northern Pipe Line__ _100
25
Ohio 011
25
Penn Mel Fuel
100
Prairie 011 & Gas
25
New when issued
100
Prairie Pipe Line
100
£4019 r Refining
100
South Penn 011
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 011 of N V__ _25
Stand 011 (Ohio) com__100
Preferred
100
100
Swan & Finch
Vacuum 011
25
19% 194 20
8,500
225
225 231
40
65 1 68
z68
420
58
58
644
700
284 2555 29
00.100
133 136
90
83
87
60
635.5 65
900
102 103
40
4755 4455 47% 17,600
144 148
147
260
31% 30
32
17,500
79
75
80
380
148
14534 152
1,100
24
23
24% 1,600
75
71
76
240
824 8215
20
z7155 704 72% 5,300
41
300
4155
239 24835
1.940
6154 59% 62
13,700
12155 118 122
3,245
230 239
270
182
176 184
1,860
88
874 88
460
73
78
30
674 6555 694 94,000
41
4055 4235 5,100
118% 117 120
3,600
254
250 259
240
546
45;5 46% 19,300
190
350 354
119 119
30
2454 23
300
244
914 88
9255 12,400
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Other Oil Stocks
Amer Maracaibo Co
Arkansas Nat. Gas
10
Atlantic Lobos Oil cora_ •
Preferred
•
Big Indian 011.6 Gas
British-American Oil_ _25
Carib Syndicate
Creole Syndicate
Derby Oil & Refg corn_ •
•
Preferred
Engineers Petroleum
1
335
735
34
93.4
Sc
355 4
655 735
3
374
634
2e
20
40
40
455
355
954 9%
6
85.4
25
25
Sc
50
6,600
800
900
200
1,000
100
2,000
5,000
400
100
9,000
FEB.21 1925.]
TE[F CHRONICLE
Friday
Sales
Last Week's Range for
Other 011 Stocks.
of Prices.
Sale
Week.
(Concluded)
Pat Price. Low. High. Shares.
Euclid 011 Co
1
Gibson 011 Corp
10
Glenrock Oil
10
Granada Oil Corp
25
Gulf 011 Corp of Pa
International Petroleum_ _•
•
Kirby Petroleum
•
Lago Petroleum Corp_
Lance Creek Royalties_ _1
1
Latin American Oil
Livingston Petroleum_ _.•
25
Lone Star Gas
1
Marine 011
Marland 011 of Mexico_ _1
Mexican Panuco Oil__ __10
10
Mexico Oil Corp
Mountain & Gulf Oil_ ___1
10
Mountain Producers_
Nat Fuel Gas
5
New Bradford 011
New England Fuel 011_5
25
New York Oil
Noble(C F) Oil& G com_ I
1
Preferred
25
Ohio Fuel Corp
•
Peer 011 Corp
Pennock 011 Corp (new)_ •
25
Red Bank 011
Royal Can 011 Syndicate..
Ryan Consol Petroleum_ _•
Salt Creek Consol 011__ _10
Bait Creels Producers
Sapulpa Refining
5
Savoy Oil
5
Tidal Osage Oil voting stk •
United Cent 011 Corp_ _ _ _•
Venezuelan Petroleum_ _ _ _
Western States Oil & Gas_ I
1
Wilma 011 & Gas
Woodley Petroleum Co..*
"1 Oil & Gas
1
96c
2%
67
2751
4%
Si"
3c
1
82C
100
195
19%
Sic
33%
135
23%
7
6
24%
1031
5
3%
694
6%
960
255
250
250
66
25%
4
5
20
It
1
39
3
3%
Sic
100
I
194
118%
4%
19
855
110
500
3355
1
22%
25%
7
55(
755
24
1%
3%
1051
4%
33.4
140
655
5%
5o
960
2%
250
25c
68%
27%
4%
5%
20
3c
1
39
3
3%
95c
13c
1%
19%
121
4%
20
8%
120
50c
34
1%
23%
26
75(
6
7%
24%
1%
3%
12%
5%
4
lbo
7
6%
60
Low.
High.
100 87c
Jan 97c
14,300
1% Jan
2%
2,000 20o
Jan 27c
1,000 25c Feb 500
6,000 65% Jan 71
86,200 23
Jan 28%
15.700
251 Jan
5%
46,800
5
Feb
6%
1,000
Jan
lo
30
47.000
2c
Jan
40
1,100 750
Jan
135
100 32% Jan 39%
200
Feb
3
3
400
131 Jan
43
,
1
1,200 610
Jan Piz
2,000 10c Feb 200
155 Jan
700
1%
14,500 1855 Jan 2055
120 106
Jan 121
1,300
5
3% Jan
Feb 24%
500 19
Jan
100
9%
14,000 100
Jan 130
2.000 350
Jan 500
1,200 31% Jan 34%
3.400
1 (Feb
1%
3,600 17% Jan 25
500 22% Jan 3235
7.600
6% Jan
75(
1,100
355 Jan
034
1,400
6% Jan
8
8,100 24
Jan 26
100
Piz Jan
2
100
154 Jan
3%
600
9
Feb 15%
1,500
234 Jan
5%
5.500
4
3% Jan
4.000 140
Jan 20c
15,400
551 Jan
731
2,400
5
Jan
635
3.000
So
Jan
70
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Mining Stocks
Jan 36c Feb
Fe
190 Feb
Fe
Jan
25c
Fe
434 Jan
tJa
311sz Feb
Jan 52c Feb
Jan 51c
Jan
Jan
Feb
4
Feb
5c Feb
Jan
Jan 20c
Feb
Jan
4
Jan
Feb 53c
Jan
So
Jan
Jan 75c Feb
Jan
Jan
40
Jan 42% Feb
Jan 23c Feb
Jan 100 Jan
Jan
90 Feb
30 Feb
Jan
Jan
Feb
90
Jan 140 Feb
Jan
Feb
8e
Jan 160 Jan
Jan
180 Feb
Jan
1655 Feb
Feb
lc Feb
Jan
1531 Jan
Feb
Jan
4
Jan 230 Jan
Jan 31c Feb
Jan
Feb
Feb 610 Jan
Jan
2c
Jan
Jan
2% Jan
Jan
1% Jan
Jan
Jan
8c
Feb
2% Jan
Jan
10o
Jan
Feb 300 Feb
Feb 2455 Jan
Jan 199
Jan
Feb
631 Jan
Feb
234 Feb
Feb
155 Jan
Feb 52c
Jan
Jan
830 Feb
Jan
254 Jan
Jan
3c
Jan
Feb 48c
Jan
Jan
Sc
Jan
Jan
70 Feb
Feb
40 Feb
Jan
331 Jan
Feb
9c
Jan
Jan
14c
Jan
Jan
130 Feb
Jan
1% Feb
Jan 60e
Feb
Jan
3811 Feb
Jan
234 Feb
Feb 13c
Jan
Jan 630 Feb
Jan 2931 Jan
Jan
14c Feb
Feb 77e
Jan
Jan
8% Jan
Feb
355 Feb
Jan
455 Feb
Feb 28c Feb
Jan 250 Feb
Feb
100 Feb
Jan
6c
Jan
Bonds
83
8235
9355 91%
10755 107
101% 101%
99% 99%
96% 96%
97
97
106% 106%
8351 $73,000 8035 Jan 84;5 Feb
93% 87.000 88
Jan 94
Jan
107% 19.000 10651 Jan 107% Jan
101% 3,000 101% Feb 102% Jan
101
138.000 96% Jan 1013( Feb
97% 254,000 95
Jan 97% Feb
9754 14,000 973( Feb 9755 Feb
10631
1,000 105
Jan 107
Jan
95%
95% 95
10155 101% 101%
98
98
9831
103% 1033(
103% 103% 103%
10055 100%
81
2055
6834
94%
97%
81
2054
66%
94%
9751
82%
21%
6854
94%
98%
Friday
Last Week's Range Sales
for
ofPrices.
Sale.
Price. LOW. High. Week.
Range since Jan. 1.
Arizona Globe Copper. l 24c
180 29c 113.000
70
Butte & Western
1
150 150
1.000 140
Calumet & Jerome Copper_
170
170 17c
1.000 17c
Caned° Copper
10
4
3% 4
10,600
334
Chief Consol Mining
1
3.318 3131z
100
3%
Chino Extension
52c
620 62c
1,200 400
Comstock Tun & Drain 100 60c
400 50c
1,600 340
Consol Copper Mines_ _ _1
3%
3 14 3Isis 2.600
,
Consol Nevada Utah Cop 3
5c
50
So
3,000
Sc
Cortez Silver Mines
15c
100 180
8.000 100
Cresson Cons Gold M&M_1
3% 4
4.100
351
Crown Reserve
1 47c
470 470
1.000 47c
Diamond I31 Butte Reorg.1
7c
70 31.000
60
50
Dolores Esperanza Corp_ _2 60c
600 75C
1,900 350
Emma Silver
1
4c 15,000
40
30
Engineer Gold Mines,Ltd
42
24% 42% 19,900 1455
Eureka Crowns
1
14e 170 21,000
70
Golden State Mining
10c
8c 10c 17.000
70
Goldfield Consol Mines..1
7c
70
8c
3,000
4c
Goldfield Deep Mines-- -5
30
30 26,000
2o
lc
e
Goldfield Development_ _5c
40
130
7,000
40
Goldfield Florence
1
100 110
3.00
6o
Gold Zone Divide
100
30
3c 20.000
3a
30
Hamill Divide
10c 13c
10e 15c 111.000 100
Hawthorne Mines
1
17c
7,000 13c
160 17c
Hecla Mining
Inc....26c 143( 1435 1535 5,300 12%
Hilltop Nevada
IC
lc
lc
lc
2,000
Hollinger Consol0 M__6 1455
14% 14%
1,100 14%
Howe Sound Co
1
4
61.000
355 4
3
Independence Lead Min I
18c
110 190 50.000 ho
Iron Blossom Cons Mining'
310 31c
1,000 290
Jerome Verde Devel
135
1%
2,200 980
Jib Consol Milling
29c
27c 350 48,000 27:
Jumbo Extension MInlg....1
20
2.3
1,000
2c
Kay Copper Co
230,
2% 23is 53,700
1%
Kerr Lake
6
155
155
100
154
Lone Star CO11801
Sc
6c 10.300
4c
Mason Valley Mines
6
1% 2
1,200
National Tin Corp
545
70
8o
70
4,000
Nevada Hills Reorganized. 30c
26c 30c
9,000 20c
New Cornelia Copper Cab
21% 23A
1,200 21%
New Jersey Zinc
100 191
190 191
1.500 189
Nipissing Mines
6
651
6% 6% 1.100
6%
North Butte
2% 2%
100
2%
Copper
Ohio
1
1
1
1
7,200
Parmac Porcupine Mines.] 300
28o 30c
4,000 150
Plymouth Lead Mines__ .1 830
780 83c 55,300 72e
Premier Gold Mining, Ltd!
21is 255 8,300
2
Red Hills Florence__ _10c
Sc
IC
2,000
lc
Red Warrior Mining
1
200 25c
2,000 200
Reorganized Divide Ann.. -----40
4c
4.000
40
Ban Toy Mining
1
So
So
2c
2,000
Silver Dale Mining
2c
2o
3c 27,000
lo
South Amer Gold & Plat..1
3
331 2,000
3
Spearhead Gold Mining..1
40
So 14,000
4c
Standard Silver-Lead.__ 1
140
llo 140
8.000
Sc
1
Success Mining
110
90 13c 12,000
6o
1
Teck Hughes
Piz 1% 1,100
13(
Tonopah Belmont Divide.1
56o 57c
300 540
Tonopah Extension
1
235 331
6,600 2111.
Tonopah Mining
1
151 1%
800
1%
10c
lbo 12c
TM-Bullion 8 & D
2,000 lie
United Eastern, Mining.. _ 1
55e 63c
2.000 390
United Verde Extens_
2655 26% 28
1,600 2654
-5 13c
120 130
1:t 113 Continental Mince
8,00
80
8 600
Unity Gold Mines
600 700
30
600
5
6%
6
Utah Apex
635 2,400
4%
Mining
1
Walker
3% 354
10
4%
351
Wendell Copper Mining_ _I
27,900
2
250 28c
West End Consolidated...5 28o
4,000 250
220 250
Western Utah Copper. _1
2,000 150
Wettlaufer-Lorratn Silv M1
Sc
80 17.000
So
_10e
8c
8c
white Caps Mining
1,000
3c
Allied Pack cony deb 6:'39
1939
8s, Series 13
Aluminum Co of Am 7:11133
1926
7s
Amer Beet Sugar 611...1936
Amer & E deb 6s-2014
New w 1
American Ice 7:
American Power & Light
en old without warr 2012
Amer Rolling Mill 6. -1938
Amer Sumat Tob 755s_ 1925
American Thread 68...1928
Anaconda Cop Min 68.1929
Anglo-Amer 011 7%8.-1929
Assoo'd Simmons Hardware
1935
65411
Atlantic Fruit 86
AUG & W I SS L 58_1959
Heaver Board Co 88-1933
Bell Telen of Can 514 .19115
947
107,000
17,000
21.000
5,000
33.000
7,000
93%
100
94%
102%
102%
100%
Jan
Jan
Jan
Jan
Jan
Feb
95%
101%
98%
104
10314
100%
Feb
Feb
Feb
Feb
Jan
Jan
35,000
3.000
72.000
42,000
31.000
81
1815
62
88
9731
Feb
Jan
Jan
Jan
Feb
8331
2454
703.4
98
9894
Jan
Jan
Feb
Jan
Feb
Bonds (Concluded)Beth Steel equip 7: 1935
Canadian Nat Rys 78 1935
455s
1954
Central Leather 6s.. _ _ _ 1945
Chic R I & Pac 5%8..1926
Childs Bldg & Imp 68.1935
Childs Co 6s
1929
Cities Service 78 ser C.1966
75 Series D
1966
Cities Serv Pr & Lt 68_1944
Cons G E L az P Balt 13s'49
635s Series D
1951
5%Is Series E
1952
Consol Textile 55
1941
Cudahy Pk deb 535s 1937
Deere dz Co 7%s
1931
Det City Gas 68
1947
Detroit Edison 68
1932
58
1949
Dunlop T&R of Am 7s 1942
Est RR of France 78 -1954
Federal Sugar 6s
1933
Gall.(Robert) Co 78_1937
Galena-Signal Oil 70_ _1930
General Paroleum 68_1928
Grand Trunk Ry 6%8_1936
Gulf 011 of Pa 5s
1937
Stood Rubber7s
1936
Italian Power6%8- -19
28
Kan Clty Term Ry 5%8'26
Krupp(Fried) Ltd 7s w 029
Lehigh Pow Secur es...1927
Libby. McN & Lib 78_1931
Liggett Winchester 78_1942
Manitoba Power 7s. _ _1941
Mid-Cont Petrol 11348_1940
Missouri Pacific 58_1927
Morris& Co 7358
1930
Motor Products Corp 68'43
Nat Distillers Prod 78_1930
National Leather 89..1925
New Orl Pub Serv 5s__1952
Nor States Pow 6 358_1933
64% gold notes_1933
Ohio Power 5s Ser B__1952
Park di Tilford 6s
1936
Pennok 011 Corp 13s_ _1927
Penn Power & Light 5s '52
Phila Electric68
1941
5s
1960
Pub Serv El & Gas 53.4s'64
Pure 011 Co 694s
1933
Shawsbeen Mills 7s_ _ .1931
Siemens & Retake 78...1928
7s
1935
Sloss-Sheff St & I 68....1929
Solvay & Cie 6s
1934
South Calif Edison 5.1_1944
Stand Gas & El 6%s 1954
Stand 011 of N Y 6%8_1933
Sun 01154:
1939
Swift & Co 58_ _Oct 15 1932
Thvssen(Aug)1&SW 7s '30
Tidal-Osage 011 7s_ _ _ _1931
Union EL L & P of II1554'54
Union 011 Cal Cs
1935
68
1926
United 011 Prod 8s_ _1931
.
Un Rys of Havana 750.'36
1930
Vacuum 011 75
Wabash Ry 535s
1975
Webster Mills 6%8_1933
103% 103% 10331 23.000
110% 110% 11135 39,000
94
94
12,000
98% 98
9931 382.000
10131 101% 7.000
109% 110
6,000
110
1153.4 111 116 246,000
122% 125
124
73,000
10431 10131 105% 212,000
9435 94% 9455 65,000
16,000
105% 106
106
14.000
10991 10951 110
10254102% 7,000
8955 8934 92% 23,000
94
114
943.4141.000
10431 10431 17,000
103% 1033.4 10331 14,000
113% 11331 11435 59,000
9855 9834 21,000
103% 103 103% 87,000
8734 8735 87% 145,000
9734 9835 19,000
101% 102% 13,000
102
105 10535 31,000
10131 101% 17,000
108% 107% 10854 50.000
99% 9934 9935 2.000
102% 103
9.000
9834 983.4 15,000
14.000
102
102 102
9555 933.4 98 129,000
10131 10155 24,000
102% 10255 11,000
10735 108
4,000
102
10134 10234 26.000
9735 9754 9755 26,000
100% 10034 10031 19.000
104% 10254 104% 40.000
5,000
99
99
1003-4101
5,000
10155 101% 5,000
8735 8835 157.000
106
105% 10631 80,000
33.000
10134 10134 102
9131 9034 9135 37,000
9655 91334 96% 2,000
98
98
7.000
95% 59.000
94
10634 106%
1.000
995( 9934 9954 28,000
9931 9855 100 183.000
10035 500% 101
98,000
1033.4 102% 104
38.000
99
99
99
83.000
9634 96% 26.000
10135 10134 16.000
102
10134102% 25.000
95
945.4 94
25.000
11334 110 1144376,000
10754 10734 10755 20.000
16.000
9654 97
9631 9555 9634 221,000
9835 9855 9835 84,000
104% 10455 10454
7,000
101
100% 101
43.000
96
96
96
17,000
100% 101
2,000
3151 345-4 10,000
10951 10931
2.000
107
10635 10754 41.000
96
96
9635 107,000
101
101 103% 42,000
Range Once Jan. 1.
Low.
103%
10831
92%
9594
1003.4
1093.4
107
111
984
943.4
10435
10831
10131
88
8954
104
10234
1103.4
9755
100%
8735
96
9931
104%
10055
105%
9834
102
9734
10134
9354
100%
102
10734
98%
9734
10034
9835
99
100
10134
863.4
10534
9955
89
9634
97
93
106
9954
9634
9734
10255
99
9635
101
100
92
10631
10815
9555
94
9834
103
9911
96
10034
28
10934
106%
96
101
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
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
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
High.
10434
111
9434
9931
101%
110
116
128
10654
9414
106
110
10255
95
95
10451
10334
11455
99
104%
8834
9831
10234
10534
10134
108%
9955
103
9851
10254
9934
10135
10234
10834
10255
9734
10031
1043-4
99
10135
102
8834
10834
102
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jail
Jai
Feb
Feb
Feb
Jam
Jam
Feb
Jan
Jam
91%
Jan
98
98
9435
107
9931
100
101
104
99
0615
102
103
95
12194
108
97
116
993.4
10434
101
9631
102
3531
110
10734
9654
10354
Jar
Feb
Feb
Feb
Pet
Fet
Fet
Jaz
Fet
Fat
Jal
FM
Pet
Jal
Fel
Jaz
Fel
Fel
Jaz
Jaz
Jal
Jai
Jai
Jal
Jal
Fel
Jai
Foreign Government
and Municipalities
Bogota (Colombia) 88_1946 9591
Cuba (Rep of)68 w 1_1935 9834
Denmark (King) 138_ _1970
French Nat Mail SS 78 1949 86
Indust Mtge Bic of Finland
lot M coils 7s_ _ _ _1944
95
Medellin (Colon)88_1948 98
Netherlands(Kingd)6811'72 106
Peru (Republic of) 83_1932
Russian Govt635s____1919 1634
635s certificates_ _ _1919
1921
54:
535s certificates_ _1921
Switzerland Govt 554: 1929 10131
Ext 5% notes
1926 10092
9551
98
100
85
9634 834,000 9554 Jan 9734 Jai
9834 31.000 98
Feb 9834 Jai
100
5,000 100
Fel
Feb 100
8635 152,000 85
Jai
Feb 91
9435 95
98
98
10535 106
99% 10055
1634 17%
14
16
16
1651
15
15
10131 10131
1003 looM
4
154%000 9334
4.000 98
63.000 104
8.000 99
45,000 1355
72.000 14
6.000 14
3.000 13
44.000 101
21000 10032
95
Jan
Jan 98
Jan 106
Jan 10034
1754
Jan
Feb 17
Jan
1734
Jan 1594
Jan 102
Jan tot%
Jai
Jai
Fel
Fel
Pal
Fel
Jal
Js
Jal
Ja
• No par value. k Correction.
Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. w When
issued. x Ex-dividend. y Ex-rights. z Ex-stock dividend.
CURRENT
NOTICES.
Dixon Boardman, for the last six years Manager of the Fifth Avenue
office of the Guaranty Co. of New York, is now associated with Cassatt &
Co. as Manager of the bond department of their New York office.
-The co-partnership of Lamons, Melody & Co., Chicago. has been dissolved, and announcement is made of the formation of Lemons di Co. and
Melody & Co., with offices at 105 South La Salle St.
Irving Bank-Columbia Trust Co. has been appointed registrar of the
stock of the Kelvinator Corporation, and dividend disbursing agent of the
Purity Bakeries Corporation.
-Edward E. Murphy Jr., formerly with W.A. Hartman & Co., is now
with Wellington, Bull & Co., Inc.. 120 Broadway, New York, as Manager
of their municipal bond department.
-E. W.Crass, formerly of Howe, Snow & Barnes, has become associated
with Davis, McDade & CO., Chicago, as Vice-President in Charge of retail
sales.
-McLaughlin, hfacAfee & Co..of Pittsburgh, announce that Stephen W.
Steinecke has been appointed Manager of their bond department. and
Laird M. Arthur, Sales Manager of their organization.
-R. R. Loening, First Vice-President and General Counsel of Havana
Electric Ry., Light & Power Co., is leaving for a visit to Havana on the
steamship "Tuscania" on Feb. 24 1925.
-Lindemann & Gully have prepared a study discussing the possibilities
of Consolidated Gae, Electric Light & Power Co. of Baltimore Common
stock.
-The Bank of America, New York, has been appointed New York
transfer agent of the preferred stock of the California Electric Generating Co.
-De Haven Townsend has become associated with R. W. Pressprich &
Co., where he will continue to specialize in public utility bonds.
Bankers Trust Co. has been appointed registrar for the Common stock
of the Northern Ohio Power Co.
-Hobson Bock has become associated with Austin, Grant & Co., Inc.
-Harold M.Gartley has become associated with Frazier Jelke & Co.
948
butstuxent tnxigailrolul Intelligente.
Electric Railway and Other Public Utility Net
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second week Earnings.
-The following table gives the returns of
of February. The table covers 10 roads and shows 2.39% ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
decrease from the same week last year.
Second Week of February.
1925.
1924.
Ann Arbor
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Great Northern
Minneapolis & St Louis
Mobile & Ohio
St Louis-San Francisco
St Louis Southwestern
Southern Railway System
$
115,248
308.042
4,228,324
2,976.000
1,703,000
322,301
374,096
1,710,592
544,700
3,774,072
$
116,726
388,805
4,405,497
3,168.000
1,633,968
380.150
446.874
1,640.705
540,404
3,729,491
69,032
16,056,375 16,450,620
187,796
Total (10 roads)
Net deprw.c.(9 2007-1
Increase. Decrease.
$
$
1,478
80,763
177,173
192,000
57,849
72,778
69,887
4,296
44.581
582,041
394.245
In the table which follows we also coraPlete our summary
of the earnings for the first week of February.
First Week of February.
1925.
$
Previously reported (7 roads)__ _ 9,670,354
105,735
Ann Arbor
3,945.351
Canadian National
103,522
Duluth South Shore & Atlantic_
35,600
Georgia & Florida
1.742.000
Great Northern
11.537
Mineral Range
3,657
Nevada-California-Oregon
655.052
Texas& Pacific
396,543
Western Maryland
Total (16 roads)
lstwt riPI,
PARR (311 ftl
1924.
Increase. Decrease.
$
9,884,947
97,547
4,321,334
102,588
34,000
1,677,442
11,696
4,414
660,088
411,529
$
236.664
8,188
16,669,351 17.205,585
311,944
$
451.257
375,983
934
1.600
64,558
159
757
5,036
14.986
848,178
536.234
In the following we show the weekly earnings for a number
of weeks past:
Week.
1stweek October 16 roads)
2d week October 16 roads)
8d week October 16 roads)
4th week October 116 roads)
1st week November 16 roads
2d week November 16 roads
3(1 week November 16 roads
4th week November 116 roads
let week December 16 roads
2d week December 16 roads
3d week December 16 roads
4th week December i15 roads
1st week January (16 roads)
2d week January (16 roads)
3d week January (16 roads)
4th week January (16 roads)
1st week February (16 roads)
2d week February (10 roads)
Current
Year.
Previous
Year.
Increase or
Decrease.
$
$
20,743,925 22.525,076-1.711.151 7.90
20,567.810 22.435,931 -1,868,121 8.32
23.294.67021,936,283-1.358.387 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 23,411,584-2,506,462 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
18,038,076 19,648,054 -1,609,978 8.29
19,030,914 20.177,845-1,146,931 5.70
15,199.517 15,542,805 -343,288 2.20
15.731,346 16.308,703 -577,357 3.54
16.863,185 17,375,859 -512,674 2.91
22.784,700 23,080,725 -296,025 1.29
16,669,351 17,205,585 -536,234 3.11
16,056,375 16.450,620 -394.245 2.39
Gross
Earnings.
Net after
Taxes.
Appalachian
Jan'25
336,578 *206,312
Power Co
'24
307,615 *166,180
12 mos ended Jan 31 75 3.690,312 *2,087,166
'24 3.460,245 *1,701,943
Cities Service
Jan'25 1.670,453 1,606,732
'24 1,400,611 1,363,350
12 mos ended Jan 31 '25 17,733,059 17,017,126
'24 16.605,497 16,100,937
Columbia Gas &
Jan'25 2,777.726*d1.587,665
Elec & Subs
'24 2,976.772*d1.409.821
12 mos ended Jan 31 '25 26,492.630'd13897975
'24 21,887,608*d11659925
Detroit Edison Co
Jan'25 *3,564.804 1.272,215
'24 *3,364,833 1,129,962
East Penn Elec Co Jan'25
169,493
294,435
'24
157,402
309,281
12 mos ended Jan 31 '25 3,164,513 1,494,211
'24 2,999,081 1,217,576
East Shore Gas &
Dec'24
60.498
24,135
Elec Co & Subs Cos '23
24,228
55,938
12 mos ended Dec 31 '24
235,428
621,389
'23
209,402
560,977
Eastern S S Lines
Jan'25
330,183
'24
290,044
Federal Lt & Trac Dec'24
559,569
227,436
Co & Subs Cos
'23
520,307
213.120
12 mos ended Dec 31 '24 5,665,828 2,161,586
'23 5,510,877 2,084,941
Great West Power
Jan'25
711,407
451.414
System
'24
650,741
403,680
12 mos ended Jan 31 '25 7,736,953 4,538.571
'24 7,220,666 4,534.304
Hudson & Manhattan Jan'25 1,040,621
490,775
'24 1,017,594
489,184
Kentucky Trac &
Dec'24
143,537
h64.421
Term Co & Affil Cos '23
138,857
h61,758
12 mos ended Dec 31 '24 1,742,498 h745.414
'23 1,693,896 h704,981
Lexington Mil Co & Dec'24
95,144
h51,430
Lexington Ice Co
'23
90,349
h47,200
12 mos ended Dec 31 '24 1,187,936 /1610,867
'23 1,143,749 h566,944
Market St By
Jan '25
815,230 *171.577
Phila & Western
Jan '25
71,231
330,232
Ry Co
'24
69,866
329,883
Public Service Co Jan '25 8,594,657
of N J subsid
'24 7.815,207
12 mos end Jan 25 '25 88,468,902
'24 79.347,478
Staten ml Edison Jan '25
254,976
172,363
affil cos
Corp &
'24
228,184
158,628
1769,602
12 mos end Jan 31 '25 2,795,453
1759,435
'24 2,521,323
Virginia By & Pow Jan '25
932,460 *379,905
925,885 *357,999
Co
'24
Fixed
Charges.
Balance,
Surflus.
84,572
63,791
910,819
663,923
153.939
162,384
1,919.525
2,569,753
570,218
563,872
7,067,121
6,014,749
350,909
349,183
37,913
39,195
460,300
338,187
9,044
8,647
107,219
103,680
121,740
102,389
1,176,347
1,038,020
1,452,793
1,200.966
15,097,601
13.531,184
1,017,447
845,949
6,830,854
5,645,176
921,305
780,779
124,580
118,207
1,033,911
879.389
15,091
15,581
128,209
105,722
--65,504
--74,453
164,803
149,784
1,440.387
1,282.528
230,664
189,028
1,915,902
1,989,254
153.095
150,790
38,499
38,119
442,822
428,616
37,248
34,812
450,985
422,118
91,028
14,575
14,226
713,816
900,637
7.826,307
5.705,525
41,547
31,460
413,887
519,523
270,048
253,533
62,633
63,336
721,199
802,413
220,750
214,654
2,622,669
2,545,050
337,680
338.394
25,922
23,639
302,592
276,365
14,182
12,388
159,882
144,826
80,551
k15,657
k15,657
30,816
27,168
355,715
239.912
109,857
104.466
* Includes other income. 1 After rentals, renewals and replacements.
Before taxes. k Includes taxes. d After depreciation.
h After rentals.
REPORTS.
•
FINANCIAL
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
Financial Reports.
-An index to annual reports of steam
the deduction of taxes), these being very comprehensive, they railroads, street railway and miscellaneous companies which
including all the Class A roads in the country, with a total have been published during the preceding month will be given
mileage each month as stated in the footnote to the table.
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
Gross Earnings.
Net Earnings.
published. The latest index will be found in the issue of
Month
Increase or
Jan. 31. The next will appear in that of Feb. 28.
Increase or
Decrease.
1923.
1924.
1923.
Decrease.
1924.
St. Louis-San Francisco Ry. (Incl. Subsidiary Lines)
(Condensed Report-Year Ended Dec. 31 1924.)
Jan 487,887,013 501,497,837 -33.610.824 83.953,867 93,366,257 -9,412,390
Feb -- 477,809,944 445,870.232 +31.939,712 104,117.278 70,729.908 +33.387.370
Pres. J. M. Kurn, St. Louis, Mo., Feb. 12, wrote in sub.
Mar._ 504,016,114 534.644.454 -30,628,340 114,754.514 117.668,590 -2.914,076
Apr11- 474,094.758 522.336.874 -48,242.116 101,680,719 122.974,961 -21,294,242
May _ 476,458,749 546,934,882 -70,476,133 96,048,087 126,496,150 -30,448.063
June.464.759.956 540,202.295 -75,442,339 101,527,990 124,374.592 -22.846,602
July- 480,704.944 534,222,102 -53,517,158 112,626,696 122,228,450 -9,601,754
Aug__ 507.406,011 563,358.029 -55,952,018 134.669,714 136,817,995 -2,148.281
Sept__ 539,853,860 544.970.083 -5.116,223 165,049,184 134,911,897 +30.137,287
Oct.. 571.405,130 586.540,887 -15,135.757 168,750.421 142,540,585 +26.209,836
Nov-- 504.589,062 530,724,567 -28,135,505 131.435,105 125,084,714 +6,350,391
Dec_ _ 504,818,559 493,509,651 +11,308,918 124,480,894 106,482,164 +17,998.730
-Percentage of Increase or decrease In net for above months has been
Note.
January. 10.08% decrease; February. 47.19% Increase; March, 2.47% decrease:
April, 17.32% decrease; May,24.07% decrease; June, 18.37% decrease; July.7.86%
decrease; August. 1.57% decrease; September, 22.33% Increase: October. 18.38%
Increase; November, 5.08% increase; December, 16.90% Increase. In January the
length of road covered was 238,698 miles In 1924, against 235.886 miles In 1923; in
February, 235,506 miles, against 235,876 miles; In March, 235,715 miles, against
236,520 miles; in April, 235,963 miles, against 235.665 miles; In May.235,894 miles,
against 234,452 miles; in June, 236,001 miles. against 235.691 miles; in July, 235,145
mlles, against 235.407 miles; In August, 235,172 miles, against 235,445 miles; in
September, 235,178 miles, against 235,640 miles; In October, 235,189 miles, against
235,625 miles; In November. 236,309 miles, against 236.122 miles; In December,
236,196 miles, against 235.875 miles.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1925.
1924.
1925.
1924.
1925.
Canadian National
'Atlantic & St Lawrence
108,034
-4,804
426,379
December.. 297,243
From Jan 1_ 2,436,419 3,149,125 -343,071 -534,709
Texarkana dc Fort Smith)
Kansas City Southern (Incl
513,760
508,310
January 25_ 1,708,556 1,727,357
*Northern Pacific
December__ 8,245,990 7,868.511 2,579.462 2,546,241
From Jan 1_95,292.404 102.002.060 24,759,340 21,637.250
*Pittsburgh & West Virginia
68,465
72,856
304,769
December_ _ 341,741
824,261
From Jan 1_ 4,164,733 3,844,588 1.263,406
The Pullman Co
423,023 4,312,503
December__ 5,887.327 6,052,427
FromJan E72,757,836 72,576,235 11,215,499 16,764,716
*Union Railroad Co
-4,185 -160,506
December__ 790,861
875,848
839,336 2,796,767
From Jan 1_10,719.728 12,645,303
*Figures corrected.
-22,970
92,809
-544,786 -716,698
398,977
404,579
1,972,164 1,919,372
16.196,186 13.154.931
33,626
764,876
30,460
343,102
212,683 4,226.795
7,755,388 12,289,408
18.767 -150,238
668,624 2,327,915
Securities Issued, Sold and Pledged.
-During the year the company issued
$8,888,800 Prior Lien Mtge. Gold bonds, consisting of $2,984,600 Series
'B' 5% bonds and $5,904,200 Series 'D" 5) % bonds, in partial reim,
6
bursement of its treasury for capital expenditures made between Sept. 1
1922 and Dec. 31 1923.
On May 7 1924 company sold 38.500,000 Prior Lien Series D
%
bonds at 884 and interest, and out of the proceeds paid off $3,000,000 of
temporary bank loans which had been secured by $1,875.000 Prior Lien
Series "B" bonds and $2,250,000 Prior Lien Series "Di" bonds. At the
close of the year there were in the treasury'$5,533,500 Prior Lien Series"B"
bonds and $500,000 Prior Lien Series "D" bonds. In addition, $4,000,000
Prior Lien Series "0" 6% bonds were liledged.
On Oct. 1 1924 the Director-General of Railroads sold to Chase Securities
Corp., New York, the company's 6% Gold note for $3,000,000, dated
Jan. 13 1922, due March 1 1930, secured by the pledge of $4,000,000
Prior Lien Series "0"6% bonds, and at the request of the Chase Securities
Corp. the company' Issued in lieu of its single note for $3,000,000, a like
amount of6% Collateral Gold notes in the denom. of $1,000, dated Sept. 1
1924. due March 1 1930.
Dividends.-Dividends were inaugurated on the company's stock, beginning with a payment of 1M % on the Preferred stock on Nov. 1 1924, to
stockholders of record Oct. 15 1924. The full dividend of 6% for the Year
1925 on the Preferred stock has been declared payable in quarterly installments of 1% each Feb. 2. May 1, Aug. 1 and Nov. 2 to stockholders of
ecord Jan. 15, April 15, July 15 and Oct. 15, respectively.
- A dividend of 111% on the Common stock was declared payable Jan. 15
1925 to stockholders of record Jan. 2 1925.
Lease of Kansas City Clinton & Springfield Ry.-Company leased the entire property of this company and began its operation Dec. 1 1924. The
line runs from Olathe, 1,11., to Ash Grove, Mo., and is now consolidated
with the Eastern Division. The entire Capital stock, consisting of 17,754
shares, was acquired by the Kansas City Fort Scott & Memphis By. on
Nov. 11924.
Additions and Betterments.
-The amount charged to capital account
during the year for additional second main track, changes in line, and other
additions to and betterments of roadway and structures, shop buildings.
&c.,and for new equipment and rebuilding of and improvements to existing
equipment. was $3,959,221.
During the year the company completed, in heavy traffic territory. 9.31
miles of additional second main track between Valley Park and Eureka. Mo..
completing the double track through suburban traffic territory from St.
Louis to Pacific, Mo., a distance of 34.1 miles. Changes of line were also
completed near Dixon, Mo., substantially reducing curvature and reducing
main track mileage 0.07 mile.
The new mechanical facilities at Lindenwood (near St. Louis), Mo.,and
at East Thomas (near Birmingham), Ala., begun in 1923, were completed
during 1924 and placed in service.
-S. C.
Federal Valuation.
-Company has thus far received from the I.
Commission tentative valuations of part of its properties as of June 30 1918.
aggregating $193,838,581. This is far below the true value which the
company confidently expects to prove. Company's protest is being prepared and a hearing will be given it by the Commission before it announces
its final valuation.
FEB.21 1925.]
-During the year the property was fully maintained and
Maintenance.
generally improved.
At the close of the year a new low mark for engines out of service was
reached, namely, 135 engines, or 13.89% of the total owned. These
engines required running repairs only. The number of freight cars out of
service awaiting repairs was 1,759, or 5.2% of the total owned.
-A total of 304 new industries were
Traffic and Industrial Development.
located on the line during the year, consisting of 14 compresses and gins,
19 canning factories. 28 warehouses, 30 material yards, 53 oil well supply
houses. 72 oil distributing plants, 13 oil loading racks, 11 sand and gravel
plants,4 oil refineries,5 wholesale groceries,37 miscellaneous manufacturing
units, 3 creameries, 2 grain elevators, 1 meat packing plant, 1 cotton mill
and 11 miscellaneous industries.
The decrease in passenger traffic during the year was due principally to
the extension and completion of hard roads, whereby not only much of the
short travel but also an appreciable proportion of the long-distance travel
was accommodated by motor-driven vehicles.
It is gratifying to report a satisfactory agricultural development for the
year in the territory served by the company's lines. There was a considerable increase in acreage planted in grapes in Missouri and Arkansas, as well
as increased acreage in applies, peaches, potatoes, cantaloupes and tomatoes
for canning. There was also a satisfactory increase in dairy products.
Results of Operatioh and Economies Effected During the Year.
-The company handled during the year a substantial increase in freight tonnage with
a corresponding increase in revenue. Gross operating revenues increased
$875.987, or 0.98%,and net railway operating income increased $2,419,000.
or 12.97%.
, Gross tons per train mile increased from a maximum attained at June 30
1922 of 1,084 tons to 1.255 tons in October 1924. Net tons per train mile
Increased from 471 in June 1922 to 529 in October 1924.
Pounds of fuel consumed per 1.000 gross ton miles decreased from an
average of 231 pounds for the year 1923, to 201 pounds for the year 1924.
All previous records were broken in respect to the number of cars loaded
on line and received from connections. The peak was reached in October
1924. totaling 100,293 cars, against a previous high record during recent
years of 82,219 in October 1923.
Company had a net credit of $1,077,338 for per diem on freight cars interchanged during the year, as compared with a credit of 1772,979 for the year
year 1923. After providing for payments for mileage of tank, refrigerator
and other private line cars, there remained a net charge to hire of equipment
for 1924 of $418,069, as compared with $465,082 for 1923 and $1,034,872
for 1922.
During the year the company entered into an agreement with the Merchants Despatch, Inc., for the use of refrigerator cars on a mileage basis.
The total mileage payments charged to hire of equipment during the year
for the use of these cars were approximately $100,000. This arrangement
has proven to be much more economical than would have been the purchase
of new refrigerator cars by the company for the handling of its perishable
freight, as this class of equipment is required only for seasonal traffic.
During the year an intensive campaign was inaugurated to secure greater
economy in fuel consumption, claim prevention, and better service generally. The reduction in the cost of fuel, due to more economical and efficient
use and decrease in price, together with the decrease in payments of claims
for loss and damage to freight damage to live stock on right of way, damage
to property, and personal injuries, aggregated approximately $2,000,000.
Loss and damage claim payments per $100 of freight revenue decreased from
$1 71 in January 1924 to $0 65 in October 1924. Average miles per car
per day increased from 23.64 in January to 30.98 in October.
Taxes -The tax burden is ever increasing. Taxes paid by the company
have increased from $896,958 in 1907 to 14,631,329 in 1924, or 416%•
Company's mileage has increased during the same period slightly more than
3%. Out of every dollar earned by it. the company paid, out in taxes in
1907 about 2% cents; in 1924, about 5 cents.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1924.
1923.
1922.
Total operating revenue_$90,509,139 $89,633,152 $83,008.023 $86,292,584
Net operating revenue__ 26,417,127 23,698,532 20,376,291 21,906.878
• Operating Charges
Taxes
$4,631,330 $4,289,337 $3,726,684 $3.672.703
699.431
1.287,773
Other operating charges_
712,907
755.313
Operating income_ __ _$21.072,890 $18,653,881 $15,361,834 $17,534,742
397.980
Other income
494,650
611,063
451,827
Gross income
Deductions
949
THE CHRONICLE
$21.683.954 $19.105.708 815,856.484 $17,932.723
537,894
672.272
766,241
671,579
Bal.for bond int., &c321.012.374 $18,339.467 $15.184,212 $17,394,829
Interest on
Fixed charges
110,439,740 $10,039,232 $9,887,795 $9,665.879
Cum.adjust't bonds_ _ 2,432,112
2,391,750
2.431.884
2,427,656
Income bonds
2.111,520
2.110,320
2,109,720 2,111.520
Prof. dividend (No. 1)
104.628
Balance ofincome__ _ _ $5,925,574
GENERAL BALANCE SHEET DEC
1924.
1923.
Assets$
Inv.In r'd & eq.:
Road
307,991,483 304,572,293
Equipment.-- 83,843,964 83,308,755
Sk. fds.-cash
815
1,205
Dep. in lieu of
mtgd. prop'y
sold
40,052
28,383
Misc.phys.prop_
904,741
983,694
Div.in affil. cos_ 1,486,102 1,040,993
Other invest'ts.
202,837
287,484
9,217,130 5.496,009
Cash
Time drafts and
deposits
3,800,000 1,100,000
60,103
Special deposits_
124,958
U.S.Govt. notes 1,500,000
1,040
Loans & bills rec
815
Traffic & car service bal. recle 1,302,006
943,349
Net bal ree.from
748,502
713,554
agts.& cond'rs
Misc. accts. rec_ 2,007,040 2,228,683
Material & supp. 4,950,047 7,228,161
42,584
17,897
Int. & dive. rec_
904
904
Rents receivale
177,613
112,546
0th. curr. assets
261,643
Deferred assets_
557,069
Rents. &c., paid
47,824
116,441
In advance._ _
Oth.unadj.debit 2,883,077 2,740,823
1753,013 $3,225,680
$3.762,859
31 (INCL. SUBSIDIARY LINES).
1923.
1924.
Liabilities$
$
Common stock_ 50,447,026 50,447,026
Preferred stock. 7,557,500 7,846.900
Equip. tr. obits_ 15,694,000 17,080,400
Mtge, bds. out4200,179,740 191,408,840
Coll. trust bonds 3,018,000 3,018,000
Inc. mtge. bds.
Outstanding. _ 80,628,798 80,820,523
Loans and bills
payable (sec.)
3,000,000
Traffic & car ser974,401
vice bal. pay_
787,670
Audited acc'ts &
wages payable 6,415,054 8,363,636
Misc,accts. pay.
490,593
419,954
Int. mat'd unp'd 3,975,458 3,952,871
Divs. mat'd unp
1,629
Fund, debt matured unpaid_
1,000
10,000
Unmat.int.accr. 3,325,363 3.366,702
Unmat'd rents
accrued
54,946
41,507
Other. curr. nab.
490,485
358,368
Deferred liabirs.
21,130
107,773
Tax liability__ _ 2,422,898 2,296,630
Insurance res've
431,889
413,203
Operating res've
883,508
753,185
Accr. depr.,road
595,101
515,197
Accr. depr..eq't. 23,994,909 22,441,317
0th. unadj. cred 2.204,932 1,686,309
Approp'd Burp " 3,614,232 3,001,538
Profit and loss..x14,080,355 9,413,025
421,469,507 411,564,011
Total
Total
421,469,507 411,564,011
x Before deduction for divs. declared pay. in 1925.-Nr. 120 p. 828. 581.
National Enameling & Stamping Co., Inc.
(Annual Report-Year Ended Dec. 311924.)
The remarks of Pres. George W. Niedringhaus, together
with income account and balance sheet, will be found under
"Reports and Documents" on a subsequent page.
BALANCE SHEET DEC. 31.
1924.
1924.
1923.
Assets$
Property account 824,094,813 24,860,767 Preferred stock__ _10,000,000
Investment_ b ____ 2,698,000 4,930,170 Common stock_ _ _15,591,800
1,199,000
Mat'l & supplies__ 7,004,713 8,085,907 Funded debt
4,998
Accts.& notes rec_ 2,191,598 1,955,465 Accr.int,on bonds
Cash
995,676 1,133,982 Accounts payable_ 1,268,266
234,425 Notes payable... 1,700,000
198,124
Prepayments
Compensation res_ 170,736
Sur.appl.tobd.red. 2,301,000
4,947,129
Tot.(each side)
.37,182.925 41,200,716 Surplus
1923.
10,000,000
15,591,800
1,407,000
5,862
1,052,995
3,650,000
182,353
2,093,000
7,217,705
a Real estate, buildings, machinery, plant, tools and equipment, patents,
good-will, &c., value, as per balance sheet Dec. 31 1923. $33.305.153;
add net expenditures on improvements and additions during year, $171.639;
less depreciation of $9.381,979. b Investment in 1st Mtge. bonds of St.
Louis Coke & Iron Co. at cost. The company has written off $2,236,558
-V.120..217.
as the cost of the Prof. and Common stocks of the St. Louis co.
American Woolen Company, Boston.
(25th Annual Report-Year Ended Dec. 31 1924.)
President Andrew G. Pierce says in substance:
-In common with most major textile manufacWorst Year on Record.
turers of the North, the company in 1924 passed through the most tryig
year since its incorporation in 1899. Veteran mill men have characterized
the depression as the worst since the Civil War and our experience would
seem to bear out that statement.
Manufacturing and raw materials and labor costs were far higher than
In 1923, while sales were disappointing. Aggressive plans were made to
overcome the apathy of goods -buyers through the offering of attractive
goods at low prices, but the response at both the heavy weight and light
weight seasons was unsatisfactory, especially to the lines of men's wear
worsted goods, which constitute the production of the largest mills.
In the woolen and worsted manufacturing industry, volume production
is absolutely essential to the development of earning power. Our prices
are made low with a view of something approaching capacity production.
We hope that the Jobbers and manufacturers will appreciate the attractiveness ofthe goods offered to the trade during the present year as well as their
prices, and that they will place their orders for goods in a manner making
such volume production possible.
The heavy weight openings in Feb. 1924 proving disappointing, the
company postponed its light weight season to a very late date, about a
fortnight before Labor Day. It was soon clear, however,that buyers would
not respond even to an exceptionally low level of prices and that the results
of the final months of the year were not likely to be much different from
those preceding, and would not yield much, if any, profit.
-Directors at the Sept. meeting, therefore.
Suspends Common Dividends.
were of the unanimous opinion that since the company could not, despite
every effort, overcome the general textile depression. it would be unwise and
against the permanent interests of the company to continue the payment
from accumulated surplus of Common dividends, which had up to that
time been maintained only in the hope that business would change with the
light weight season. With a manufacturing loss Insight more than equaling
Common dividends for the year, no other prudent course was open.
Preferred Stock Position Strong.
-Full payments, however, have been
maintained upon the Preferred stock. This issue has never omitted a dividend since the organization of the company and this record, together with
the wide distribution of stock, will always prompt directors to safeguard
Its position jealously.
Outlook.
-The new year is not sufficiently far advanced to make predictions valuable. Indications to date are for a competitive period in which
the company should secure its share of the business that is going.
Raw Material.
-The company has been fortunate in being able to supply
itself with raw materials at attractive figures and has as usual provided
for the necessary replacement of and additions to its machinery, to the end
that all the plants are thoroughly equipped to handle all the business that
comes its way. Full insurance is carried on plants, properties and merchandise.
this connection I may say that the item of reserve for
Special Reserve
taxes and contingencies of $4,063.176. appearing as a liability on the report.
is the balance of the special reserve of $5.500,000, set up as of Dec. 31 1923
out of the profits of the company for 1923 and which appeared in the Treasurer's statement of Dec.31 1923. the sum of $1,436,824having been applied
against that reserve during 1924.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING DEC. 31.
y1922.
y1921.
x1924.
x1923.
Net profits, aft. taxes_loss$4,025,865 $9,326.623 $9,531,926 $9,192,622
Preferred dividend (7%) 3,500,000
2,800,000
2,800,000
3,120,833
Corn,diva.(cash)_ _(3% %)1,516,667(7)2,800,000(7)2,800,000(7)2,800,000
Subsidiary dividends_ _ _
8,750
Balance,surplus_ _ _def.$9,051,282 $3,405,790 $3,931.926 $3,592,622
Previous surplus
34,087,736 32.606.354 31,915.381 31,508.733
Total
125,036,454 $36,012,144 $35,847,307 $35,101.355
Res. restored to surplus_ Cr.$9,457 Cr.$250,992 Cr.$36,372
Depreciation
2,918,555
2,666,411
3,277,324 $.3.185,973
Profit and loss surplus 122,127,356 $33,596,726 132,606,354 $31,915,382
Shawsheen Mills and Webster Mills omitted. y Shawsheen Mills
omitted.
BALANCE SHEET DEC. 31.
71923.
y1924.
71924.
y1923.
AssetsLiabilities
$
Plant and mill fixCommon stock_ _ _40,000,000 40,000.000
tures
x50,453,339 51,966,988 Preferred stock._50,000,000 50.000.000
Investments
5,621,124 2,527,433 Subsid. cos. stock_ 131,300
Wool and fabrics,
Notes payable_ _ _ _11,195,000 9,766,500
raw, wrought,
Curr. accts., &c__ 7,176,389 5,267.231
729,167
and in process,
Accrued Pref. div_ 729,604
583,333
and supplies__ _49,975,795 56,007,894
do Common _
Cash
5,904,893 7,117,210 Res.fortax.& cont.a4,063,176
Accounts • receivMtge. on N. Y.
able(net)
City buildings__ 2,180.000 2,180,000
30,243,204 34,586,087
Deferred charges_ 404,470
417,345 Insurance fund_ __ 2,500,000 2,500,000
2,500,000 2,500,000
Pension fund
5,500,000
Special reserve__
Undiv. profits_ _ _22.127.356 33,596,726
Total
142,602,825152,622,957
Total
142,602,825152,622,957
x Plants and mill fixtures, office and warehouse buildings, less depreciation. y Shawsheen Mills and Webster Mills omitted. a Report says the
item of reserve for taxes and contingencies of $4,063.176. appearing as a
liability, is the balance of the special reserve of $5,500,000 set up as of
Dec. 31 1923 out of profits for 1923, the sum of $1,436,824 having been
applied against that reserve during 1924.-V. 120, p. 832, 89.
United Drug Co., Boston, Mass.
(Annual Report-Year Ended Dec. 31 1924.)
Pres. Louis K. Liggett, Boston, Feb. 14, wrote in subst.:
Noteworthy Year.
-In many respects 1924 has been a noteworthy year.
Sales amounted to $70,112,133. the largest in the history of the company
and an increase over 1923 of approximately $3,000,000.
Profits from operations amounted to $6,747.978. also the largest earnings
INCOME ACCOUNT FOR CALENDAR YEARS.
In the history of the company and an increase over 1923 of approximately
1924.
1923.
1922.
1921.
11,300.000.
$1.862,646 $2,538,554 $2,856,187 loss$218,510
Profit on operation
Based on the normal profit of $6,747,978, and after deducting interest,
1,026.227
936,698
698.341
Depreciation,&c
766.895 ordinary expenses of every character and Preferred dividends, earnings
59,032
75,251
51,966
87.710 approximated $11 90 per share on the Common stock before Federal taxes,
Bond interest
182,000
100,000
Reserve for Federal taxes
and 810 93 after estimated Federal taxes, which should be slightly less than
185,500 last year because of the expense of premium, Src.. on the 8% bonds paid.
Sinking fund
700,000
700,000
700,000
_
700,000
Funded Debt.
Prof. dividends (7%)
-During the year the 8% Convertible bonds were called for
(531)857.549(131)233,877 (6)935.508 payment and refunded by an issue of 67 20
-year bonds. The cost of callCommon dividends
ing the 8% bonds, amounting to $1,600,000. together with the unamortized
$173,982 def$286,254 $1,048,718def$2894,123 discount, amounting to $740,000, applicable to the same bonds, has been
Balance, surplus
Profit and loss surplus_ _217,248,129 $9.310,705 $9,910.842. $7.063,125 charged directly out of surplus for the reason that these are abnormal
After deducting $2,236,558, cost of Prof. and Common stocks of St. transactions. Offsetting this in part is a credit to surplus of 51,200.000,
representing special dividends from investments.
Louis Coke & Iron Co. written off account receivership of company.
Consolidation.
-As the first step toward consolldating Liggett's International, Ltd., company has acquired all of the outstanding Common stock
of that company, and since Jan. 1 has made an offer to the holders of the
outstanding Preferred stock of Liggett's International, Ltd., Inc., to exchange their stock for Preferred stock of the United Drug Co., which was
authorized by the stockholders Jan. 21 1925. This stock is now being exchanged and it is anticipated that the consolidation will actually take place
some time in March, when the United Drug Co. will have acquired the
assets of the International Company.
Outlook.
-We enter the year 1925 with the largest volume of forwarding
orders and our plants more active on immediate orders than in any year in
the company's history. Our large St. Louis plant has now developed its
full lay-out for production, but is still capable of taking care of much more
business ia many departments.
Sales for January of 1925 show an increase of $750,000 over the previous
January, which is a record Increase for any January in the co.'s history.
With conditions continuing for the balance of the year as they have
been in the past four months, I see no reason why 1925 should not only duplicate the performance of 1924 but far exceed it.
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1921.
1923,
1924.
Net sales
$70,112,133 $67.244,671 $61,186,906 $60,490.468
Cost of goods sold
47,129,649 45,816.779 41,213,430 41,332,935
Operating expenses
15,296,463 14,912,425 14,162,386 15,219,707
Merchandising profit- $7,686,021 $6,515,467 $5,811,090 $3,937,825
156.042
Other income
68,754
236,551
450,071
Total net income
$8,136,092 $6,752.018 $5,879,844 $4,093,867
Deprec., doubtful accts.
1,090,552
1,346,894
1,377,739
receiv. & current taxes 1,388,114
1,742.300
Int. on bonds de notes
1,270,838
1,240.302
1,201,419
Pref. & Com. diva. (incl.
3,046,588
subsidiary cos.)
x3,355.953 z2,244,051 y1.198,069
$2,10.606 $1,920,771 $2,033,198df$1,785.573
Balance, surplus
874,266
4,745,188
2,920,383
Add p. & I. stir. Jan. 1.. 4,516.869
Special dive. fr. invest's_ 1.200,000
Total
$7,937,475 34,841,154 $2,907,464 $2,959,615
Fed, tax, prior yrs., and
234,596
324,284
Cr.12,919
miscell. adjustments
493,736
1,850,753
Written off inventory_
Prem. & disc, on bonds.. 2.342.348
$874,266
Balance
a$5.071.391 $4,516,869 $2,920,383
x Preferred dividends. $1,204.991, and Common dividends(6%).$2,150.962. y In 1922 divs. on all Pref. stock, incl. sub. cos. z Includes (In
addition to Prof. diva.) diva, of 3% on the Common stock, par $100. Divs.
on the Common stock were omitted with the payment of 2% in July 1921.
but were resumed in Sept. 1923 with the payment of 13%. a Before
Federal taxes.
COMBINED BALANCE SHEET DEC. 31.
(Inter-Company Accounts Eliminated.)
1924.
1924.
1923.
1923.
LiabilitiesAssets$
$
$
$
Real est. & bldgs.
Capital stock:
1st Preferred _ _ _16,321,900 16,321,900
(owned in fee)_ - 5,633,330 5,513,341
158,800
Bldgs. & impts. to
2d Preferred... 146.300
leaseholds
4,348.098 3,767,385
Common
36,474,800 35,605.500
Mach'y. rum.. dtc_10,349,666 10,043,903 Stks. of sub. cos
.
800,700
866,900
8,300
Stock in 0th. cos.a13,732,649 11,792,981 Subscr. to Com.stk.
4,900
Trade mks., pat'ts,
Real estate mtges. 1.099,000 1.050,200
formulae, &c....b22.793.689 22.793.689 51.4-yr. 8% notes. 2.009.500 2,282,000
Cash
3 725,385 2,896,645 20-yr. 8% bonds_12,500.000 11,086,900
Notes dt arc'ta rec. 7,190,771 6,394,872 Cur.steels payable 3.461,202 3,039,733
Merchandise
14,861,691 14,239.783 Notes pay,by subs. 650.000
Advances and sus5,261.000 4,477,657
Reserves
Dense accounts. 1.095,405 1,972,500 Surplus
c5,071,391 4,516,869
Total
83.730,694 79.414,759
83,730,694 79,414.759
Total
a Stock holdings in other companies (incl. Liggett's International Common). b Trade marks, patents, formulae, proces-ses, leaseholds and goodwill. c Surplus before 1924 Federal taxes.
-V. 120, p. 596. 464.
Baldwin Locomotive Works.
(14th Annual Report
-Year Ended Dec. 31 1924.)
President S. M. Vauelain says in brief:
Business during the year has been very unsatisfactory. Trade relations
have been sustained throughout the world. Your workshops and machinery
have been fully maintained and improved and your management looks
forward to and is fully prepared for an increased amount of business during
the year 1925.
ANNUAL RESULTS BALDWIN LOCOMOTIVE WORKS. CAL. YEAR.
1922.
1924.
1923.
1921.
Gross sales
$26,080.3523102.762,075 $33.087.259 $49.945,506
Cost
26,437,172 92.577,320 31,092.897 41,832.812
Manufacturing profit_loss$356,820 $10.184.755 $1.994.362 $8.112.694
Other income
3.256.255 2.912.844 6.078.574 2,512.763
Gross profit
Deduct other exp., &c
$2.890,435 $13.097.599 $8,072,936 $10.625.457
979.408
1.166,077
1,307,422
1,663.184
$1.920,027 311.931.521 $6.765.514 $8.962.273
Profit
3600.000 31,000.000
3600.000
3600,000
Res.for depr.& adjust_ _
300,000
600.000
4,400,000
Res. for taxes & removls
658.995 2.318.177
415,058
Deferred profits
31,320.027 36.516.464 35,206,519 35,044 096
Net profit
1.400.000
1.400.000
Div. on Pref. stock (7%) y1.400.000 x2 800,000
1.400.000
1,400.000
Div.on Corn. stk.(7%)- y1.400.000 x2,800.000
3916.464 32,406.519 $2.244.096
der $1,479,973
Surplus
Surplus brought forward 19,847,242 18,930.778 13.257.534 11,013,437
Cr3,000.000
Adj.6.S.W.Co.stk .div_
Cr266,725
Sinking fund interestTotal prof. & loss. sur-$18,367.269 519.847.242 318,930,778 $13,257,534
x Includes $1.400,000 special dividend reserve for year 1924. in addition
to regular dividend. y tieing dividend for the year 1925 transferred from
dividend reserve.
-Report is subject to revision to meet any changes in interpretation
Note.
of Federal tax laws, regulations or rulings.
BALDWIN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31.
1924.
1923
1923.
1021.
Liabilities8
$
Assets$
5
Preferred stock__ _20.000.000 20,000,000
Real estate, machinery, &c.....y29.028,465 29.309,690 Common stock_ _20,000,000 20,000.000
10,000,000 10,000,000
Stand.St.Wks.Co_ 7,041,501 7,041,501 Bonded debt
398,334 Accounts payable_ 1,865,476 3,203,775
Chicago plant.... 407.991
4,500,000
5.880 Bills payable
5,880
Other real estate5,078,358 5,154,511 Savings funds, &c.. 1,599,620 1,818,179
Inventories
83,334
83,334
Accts. receivable 9,222,186 17,253,042 Accr. Int. on bonds
Bills receivable_
3,321,118 3,648,442 Interest receivable
445,248
in advance, &c_ 521,379
For'n Govt. sees_x18.749,819 18.468,431
880,914 Res. for removals
Miscell. securities_ 2,132,576
1,677,163 4,538,389
and taxes
2,804,690 6,458,683
Cash
538,977 Reserve for deDeferred charges__ 171,222
3,640.665 4,192,363
(erred profits
1st Mtge. bond
sinking fund__ 2,591,100 2,272,125 Res. for 1925 diva. 2,800,000 2,800.000
18,367,269 19,847,242
Surplus
Total
[vol.. 120.
THE CHRONICLE
950
80,554,907 91,428.530
Total
80,554,907 91,428,530
x Includes: Republic of Poland 5% bonds, 54,860.000: Rumanian Treasury 7% notes, $1.226,457; Argentine State Ry. notes. $7,107,850; Mexican
Government Ry. notes, $33,758.337; Chinese Government (Kinhan Re.).
51.485.000: Republic of Colombia (notes), 5312,176. y Land and build.
315,537348; machinery and fixtures, $14,091,117; less depreciation
In 1924, 3600,000.
CONSOLIDATED BALANCE SHEET (BALDWIN LOCOMOTIVE
WORKS AND STANDARD STEEL WORKS CO.)
1924.
1923.
1924.
1923.
Assets
LiabilUies8
Is
Real estate, maPreferred stock___20,000.000 20,000,000
chinery, are_ _ __30,164,148 39,383,999 Common stock_ _ _20,000,000 20,000,000
Investments
413,871
404,214 Bonded debt
11,600,000 11.800,000
Current assets_ __42,469,708 53,862,901 Current liabilities_ 4,008,659 9,991,066
Deferred charges__ 171,222
528,582
538,977 Int. accr. on bonds 604,713
Sinking fund for
Res. for removalsl
15,621,322
Baldwin Locom,
I
See (
and taxes
Wks.1st M.bds. 2,591,100 2,272,125 Res. for derd prot.1
x
14,192,363
Res. for 1925 dive_ I
12,800,000
:28,596.678 21,528,885
Surplus
Total
84,810,050 96,462,217
Total
84,810,050 96,462,217'
x Including reserves.
The report is subject to any changes in interpretation of Federal tax laws.
regulations or rulings.
-V. 119. p. 1067
Kelly-Springfield Tire Co.
(Annual Report
-Year Ended Dec. 311924.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1922.
1924.
1923.
1921.
a$7.255,746 $9.559,804 $12.531.379 36,004.521
66,838.513
8,797.398
7,305,176
4,567,427
Gross profits
Admin.,open exp., &c
Net operating income.
Other income
Total oper. income_
Int. on 10-yr. 8% notes_
Miscell. deductions
Depreciation
3417.233
300.425
3762.406 35.226.203 31,437,094
345,130
351,643
445,915
$717.658 31.107.536 35.577.846 31.883,009
$770,000
3690.000
3800.000
$477,778
301.033
354,062
464.465
1,912,192
1.252.374
1.149.759
1.168,832
Net income
def31.525.749d1$1,166,285 33,144,549 def$506,969
Previous surplus
35.638.045 $8,231.956 36,116.777 17,203,915
Miscellaneous credits_ _ _ deb170,172
28,136
11,078
271,052
Cap.sun from premiums
1,640,360
Total
33,942.124 87.093.807 39,272,404 38.608.367
Inc. & excess prof. taxes_
3427,916
570.446
3158.268
Adjustments
173,262
97.744
94,734
Retirement of Prof.stock
252.308
253,959
253,859
Total surplus
$3,942.124
Divs. on 6% Preferred
$44,250
Divs. on 8% Preferred
105,294
Common diva. (cash)
Common diva. (stock)._
Appr.sur.6% Pf.stk.red Cr808.200
do
8%
do
Cr595,500
Balance, surplus
36.240,321 38.850.256
$181,113
$177.900
424,376
437.186
Cr808.200
Cr595,500
38,101,506
$190,776
459,416
322,776
1,011,761
Cr721.100
Cr415.500
35,196,280 37,041.745 $9,368,556 $6,116,777
a Gross profits on sales before depreciation, but after deduction of
refunds on account of price changes in 1924. b Selling administrative.,
and general operating expenses, including cash discountsallowed customers.
excise tax on sales, interest on current loans, &c.
BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
MobilitiesAssets
$
6% Pref. stock., 2,950,000 2,950,000
Plant accts., pats.,
equipment,&c_ x20,735,953 21,915,322 8% cum. pref. stk_ 5,264,700 5,284,700
Cash
2 590,974 1,782,495 Common stock _ _ _ 9,096,003 9,096,002
10-year 8% notes_ 8,000,000 9,000,006
Common stock for
55,448 Accounts payable. 889,682
employees
20,493
103.151
Notes pay, to bks. 3,000,000 3,435,600
Sale of Cumberl'nd
96,089
Balance due cust
.rs 184,623
homes
131,670
25,693 Accrued taxes, &c. 262,689
Sundry investmls
24,729
479,817
Accr. int. on notes
Notes and accounts
92,500
102.500
y4,626,715 4,226,294 Dividends payable
receivable
44,250
731,214 Other reserves_ _ _ _
Deferred charges... 681,806
95,105
171,891
6,489,819 9,297,352 Prem.on 10-yr.8%
Inventories
gold notes red._ 234,997
212,489
Surplus-general__ 3,792,580 5,638,045
do appropriated 1,403,700 1,403.700
35,266.577 38.033.817
Total
Total
35,266,577 38.033,817
x Property and equipment at plants and branches, patent rights, &c,
less depreciation. y Accounts rece vable, 35.168,917 sundry debtors,
$93,781; other notes receivable, 38,359; making a total of 35,271,058.
less reserves of $644,343.
-Dividends paid to April 1 1924 on 6% Preferred stock and to
Note.
Feb. 15 1924 on 8% Preferred stock -V. 120, p. 216.
Lehigh Coal & Navigation Co.
(104th Annual Report-Year Ended Dec. 311924.)
Pres. S. D. Warriner, Phila., Feb. 11, wrote in substance:
Funded Debt.
-Bonds issued under the Funding & Inapt. Mtge. of 1898
to the amount of 327.000, were purchased and canceled during the year.
Consol. Mtge, Sinking Fund Gold Bonds, Series A. to the amount of,
$120.000. were purchased and canceled during the year. The Gen. Mtite•
bonds, of which 33,906,000 were outstanding, matured May 1 1924 and
were duly paid off and canceled. The total amount of funded debt outstanding in the hands of the public at the close of the year was $18,250.000,
a reduction of 34,053.000 during the year.
Taxes.
-Taxes to the amount of 31.243.538 were charged against income
for the year 1924, a decrease of $403,171 as compared with the previous
year. All controversies with respect to the taxes upon company's coal
lands in Schuylkill County have been amicably adjusted.
Coal Production, Sc.-Production was affected adversely during the year
by reason of labor troubles, mine fires, floods and unsat sfactory market
conditions.
All the operations of the company were idle from April 14 to May 3,
Inclusive, due to a strike arising because a number of miners at Lansford
Colliery were laid off when the gangway whore they were employed was
flooded. This strike was in violation of the mine workers' agreement, and
the men returned to work without concessions being made, later adopting
the proper procedure of taking their cases to the Board of Conciliation for
adjustment. Several minor strikes, all in violation of the agreement. also
occurred during the year.
Mine fires interfered with production at Lansford. Coaldale and Rahn
collieries. The work of extinguishing these fires is progressing satisfactorily.
Conditions at the Summit Hill mine fire area are little changed. Flood
water from an unprecedented rainfall late in Sept. and early in October
crippled all of the collieries for varying p xiods.
Th. properties of the company were maintained in a high state of
efficiency.
During the year, in connection with coal lands, mining and marketing
property and real estate, capital expenditures were made by the company
for additions and betterments amounting to 32,348.929, and reserve and
other accounts were charged $424,924 to cover retirement of property.
making the increase in capital accounts 31,924.004.
In connection with coal mining and marketing property, there was
charged to operation during the year for depreciation and obsolescence
and other reserves $1,241,836. There was also charged to operation
3253.683 for depletion of coal lands and culm banks.
Canals.
-Navigation opened on the Lehign and Delaware Division canals
on March 17 and closed on Dec. 6, being interrupted by floods for seven
days in April, 6 days in lay and 23 days in September and October. A
flood wh ch occurred on Sept. 30 was the most disastrous on the Lehigh
River since that of 1902. Nevertheless, it, was possible to reopen navigation on Oct. 23, after making the necessary repairs. The advantage of the
removal of the transfer plant from Coalport to Slate Dam was demonstrated
by the flood. Had the plant still been at Coalport, shipments of anthracite
could not have been resumed during the season, as it would have been
impossible to repair the upper sections of the canal before the close of the
season. It was necessary to restrict water powers during certain periods
of low water.
FEB.21 1925.3
THE CHRONICLE
Anthracite from the mines of the company transported over the canals
of the company during the year amounted to 103,247 gross tons, a decrease
of 32,472 gross tons as compared with the previous year. The total tonnage
transported on the canals of the company during the year was 265.728 gross
tons, a decrease of 52,105 gross tons as compared with the previous year.
Tonnage other than anthracite from the mines of the company was 162.481
gross tons, a decrease of 19,633 gross tons as compared with the previous
year, most of the decrease being in coal recovered from the river bed.
Canal operations for the year show a net loss of $91,041, compared with a
net loss of $54,394 for the previous year. The increase of $36,646 in net
loss reflects the decrease in revenues, due to decreased tonnage, as well as
the extraordinary expenses incurred in repairing the damage caused by the
flood of Sept. 30. Charges to operation on account of depreciation of canal
boats and other equipment amounted to $9.237.
NEW JERSEY OVER
TRANSPORTATION By CENTRAL RR. OF
LEHIGH et SU,;QUEHANNA RR. AND BRANCHES.
1924.
1923.
1922.
1921.
7.1B.650
7,556,515
5,036,557
Tonsor anthracite coal- 7.111.453
$767,242,
$984,762
$880.614
Passenger & mall revenue 5985.221
7,266.502'
9.250.095
8,180,287
Freight & express revenue 9.014.419
7.473.846
7.551.831
5,163,460
Anthracite revenue
9,308.806
$17.473.487 517.786.689 $14,224,361 $17,342,550
Total revenue
TONS OF COAL MINED, &C., BY COMPANY AND ITS LESSEES.
1924.
1922.
1921.
1923.
2,123,769
3,497,279
Coal mined by company 3,543,958
3,848,096
140.493
269,340
Coal mined by lessees
208.529
204.248
• Total mined
3,766.619
3,752,487
4.052,344
2.264,262
Recovered from culm
• banks by company_ _ _
53.361
483,052
180,698
236,179
by lessees_
do
6.029
produced
Total
3,805,848
4,535,396
2,500,441
3,953,346
-Fuel coal produced
Less
243.410
73,877
by company
290.265
195.754
by lessees- _
do
38.767
38.170
27.723
39.041
Total commercial coal
produced
3,523,671
4,206.961
2.276.964
3,640,428
INCOME ACCOUNT FOR YEARS ENDED DECEMBER 31.
1924.
1922.
1923.
1921.
Revenue (coal)
$20.258.498 P3,173.664 514.857,374 $18.625,421
Expenses (coal)
517,735.845 $18,222.264 $13,232,241 $15,145.508
Taxes (coal)
895.858
1,033.558
617.188
501.345
Depletion (coal)
253.683
378,675
199.846
286.111
Deprec.& oth. res.(coal) 1.241,837
1.837,403
1,211,037
1,586,961
revenue from coal $131.275 $1.703,765 1os4402.938 $1,105,497
Net
Canals revenue
3195.145
$207.473
$161.973
$183.719
Canal exp., tax.,dep.,&c.
286.186
261,868
265,581
294,831
, Canals net loss
$54,395
$111.112
$91.041
8103.608
Lehigh & Susq.and other
railroad rentals rec'd. 52.271,264 52.271.264 $2,271,264 $2.272,171
Revenue from invest'ts.. 1,521,199
1,102.679
1,258,674
1,421.907
All other revenue
342,943
237,147
298.688
216,676
Gen'l exp., taxes, &c.
579,756
$81.289
$80,723
$81,501 -.. Net miscell. revenue__ $3,929,383 $3,636,162 $3,685.584 $3,911,478
Summary
Gross revenue
524.462.782 $27,098,022 $18,786,432 $22,801.907
Gross expenses
518.083.912 518.540.690 513,554,734 $15,497,177
Taxes
-operating
509.326
904,160
1,042,174
625.694
Depletion
286.111
253,683
376.675
199,846
Deprec. & other reserves 1,251,409
1.603,431
1,227.121
1,852,951
Net revenue
$3.969.617 1.285.533 53.179,037 14,905.862
General admin. expenses $215.687
$227,903
$202,851
$201,887
Taxes-General
529.556
381.105
339.377
604,535
Interest on fundea1,093,675
clea.
992,497
863,364
986,035
Other interest _ ___ __
3,121
Reserve for uncollectible
20,964
accounts and notes.
16,524
18.604
2,338.083
Dividends (8%)
2.339,472
2,339.472
2.339,472
$695.682
Balance, surplus
$1.134.038 de13752,448 $203759ii
BALANCE SHEET DECEMBER 31.
1923.
1924.
1924.
1923.
AssetsLiabilUies$
Coal lands, mining
•
29,243,400 29,243,400
Capital stock
& markTg prop.35,457,166 33,555,023 Funded debt_ -.618,250.000 22,303,000
Canal property___a3,483,463 3.463,697 Notes payable_ --- 600,000
Real estate
1,834,602 1,812.741 Audited vouchers
RR.physical prop.16,051,400 16,053.603 and pay-rolls...... 1,520,237 1,541.874
RR.secs. pledged_ 9.525.628 9,535,128 Sundry creditors....
9,133
17,209
RR.sees.unpledged 3.839,801 3,554.801 Accrued taxes__ _ 2,148,650 1,810,293
Adv. to affird cos_ 4.687.750 4,082.750 Matured Interest
'U. S. Liberty bds_ 3,003,800 4,511,050
408,044
on funded debt. 403,845
Cash
1,320,572 2,335,883 Accrued interest on
U.S. Treas. ctfs_
29,295
1,000,000
funded debt._
Special deposit.....
2 .618
3,193.990 Mat'd & accr.rents
2,568
Customers' sects.. 2,984,003 2,382.463 Divs. unclaimed
13.300
9,369
Sundry debtors...- 271,312
574,576
305,134 Susp. credit acers_ 292,999
Coal stock
1,903,705
980,870 Deplet'n,deprec'n•
Materials & SUPP- 873,463
926,345
&c., reserves_c13,580,332 12,927,639
Aeer'd int. receiv.
18,823
48.781 Reserve for workWorkmen's eomp'n
men's compen'n 965.151 1,020,717
insurance fund_ 985,151 1,020,717 Profit & loss surp_19,850,591 19,537,455
Sup.debit sects- 663,711
658,364
-In April the voting trust under
Controlled and Affiliated Companies.
which the National Carbide Corp. had been operated for three years expired.
Air Reduction Co.,Inc., now controls the operation of this company through
ownership of more than 50% of both the Preferred and Common stocks.
This company made satisfactory progress during the year and regular dividends of 7% are being paid on the Preferred stock.
The California Cyanide Co. began operations late in 1923, but the production at the plant has been frequently interrupted and curtailed by mechanical difficulties, due for the most part to lack of experience in the use
of the company's new nitrogen fixation process on a commercial scale.
Its operations were further handicapped by a very dry season in southern
California, which resulted in a demand considerably below the normal for
liq'uld hydrocyanic acid in the citrus fruit growing districts. Although the
net result of all these conditions was to create a loss instead of a profit as of
Dec. 31 1924, nevertheless nothing fundamental has arisen during this first
year of formative operation to discourage the management of the company
with regard to the commercial possibilities of its processes.
Satisfactory results were obtained through the operations of the smaller
controlled and affiliated companies.
-The company's plans for 1925 contemplate the erection
Plans for 1925.
of a new acetylene plant in Kansas City on a site already selected. Additional oxygen capacity will also be provided, but the exact locations have
not yet been determined.
In the event of a general industrial revival, which we anticipate during
1925, additional cylinders for both oxygen and acetylene will be required
to take care of the company's increased productive capacity, and arrangements have been made to obtain such containers when and if they are
needed. It is felt that these additions to plants and property can be taken
care of without recourse to any financing operation.
CONSOLIDATED INCOME ACCOUNT CALENDAR YEARS.
1922.
1921.
1923.
1924.
Gross income
$9,204,836 $10,201,061 57,021.209 $5.338.869
6.475,464 4,852.034 3.664.729
Operating expenses
6,167.416
86,884,351 89,421,342
86,884,351 89,421,342
Total
a Canal property consists of: Physical property, $2,423,458; securities
pledged. $1,047.911: securities unpledged, $12,094. b Funded debt, $23.965,000; less treasury bonds, unpledged, $5,715,000. c Depletion, 82.954,775;depreciation and other operating reserve,$10,625.557,-V. 119, p.1632.
' ,Total
Air Reduction Company.
(Annual Report-Year Ended Dec. 31 1924.)
Pres. C. E. Adams, Feb. 16, wrote in substance:
Results.
-General industrial conditions in 11124 were not as favorable to
the sale of the company's products as in 1923. Net earnings after all
charges, depreciation and reserves for Federal taxes were 51,635,222, equal
toc$8 56 per share on the outstanding stock of the company.
omparative Sales and Earnings.
-Gross income in 1924 declined 10%
from the gross of 1923 but was 31% greater than in 1922. Final net
profits after all charges and taxes were 23% less than in 1923 but were 86%
more than in 1922.
Elimination of Funded Debt.
-The $1,075,600 7% Convertible Debenture
Gold bonds that were outstanding on Dec. 31 1923 were called for redemption on April 1 1924 at 105 and int. The holders of a great majority of
these bonds, however, exercised their right to convert them into stock.
Of the total $2,000,000 of these bonds issued in 1920. $1,403,200 were converted into 22,451 1-5 shares of the no par value capital stock of the corn.pany and $596,800 were retired at 105 and int. This operation leaves the
company with no outstanding obligations other than current accounts payable.
-Company's inventory has been reduced during the year, and
Inventory.
great pains have been taken to minimize stocks of slow-moving materials
and eliminate items of doubtful value.
-New oyxgen plants were erected at HarrisIncrease in Fixed Assets.
burg. Pa., Birmingham. Ala., and Lima, Ohio. These plants came into
production in June, Aug. and Sept., respectively. The capacity of the
oxygen plant at Baltimore was doubled during the summer. A new acetylene plant in Seattle, Wash., was completed in August.
During the year all of the company's older oxygen plants were re-equipped
with machinery designed in accordance with plans developed by the company's research engineers. These plant changes resulted in the standard
production at all manufacttring points of oxygen 99.5% pure, a quality
heretofore unknown in commercial production of ongen from air. • This
purer product is of the greatest economic importance to eyxgen users.
The necessary additions to the company's omen and acytelene cylinder
equipment were made.
951
Operating income-- $3,037,420 $8,725,597 $2,159,175 51,674,141
95/1,971
903,616
1,031,168
Depreciation reserve...... 1,102,807
142.963
140,000
118.138
Bond int. & expenses_ - _
5.387
23.265
Prem.on bds.redeemed..
64.034
112,500
Compens.to off.& empl.
101.874
123.700
302.593
Federal taxes
a192,131
612.232
627.466
687.588
Dividends paid
954,483
$252,041
i18.292
Balance. surplus
$680,739 51.450.435
a 1924 Federal taxes, $208,204; less excess amount accrued for 1923
Federal taxes, $16,073, $192,131.
CONSOLIDATED BALANCE SHEET DEC.31.
1923.
1924.
1924.
1923.
Liabilities$
Assets$
Land. bldgs., &c__ x6,126,920 5,676.907 Common 8tock__38,948,678 7,858,900
Miscall. Investm'ts 1,108,463
714,863 10-year 7% cony.
*1,075,600
debentures
Premium on Invest.
237,802
In subsidiaries.
260,960 Acc'ts payable____ 189,811
173,585
Divs. payable..___ 191.012
Pats., pat, rights,
contracts, &c...... y647,451
767,622 Res.for local taxes,
132,502
acer'is & contln. 158,311
1,358,612 1.365,627
Cash
302.503
619.794 Federal tax reserve 208.204
Notes & loans rec_ 1,162,576
3,125,988 2,445.250
Aects.rec.(less res.) 1,312,726 1,448,179 Surplus
Inventories
1,039.215 1,318.895
66,042
53,295
Deferred charges....
12,822,004 12,226,142
Total
12,822,004 12,226,142
Total
* Called for payment April 1 1924. x After deducting $5.157,961 re3 After deducting $928.631 reserve for amortization. z Repre,
-V.119. 13• 1955.
sented by 191,014 shares of no par value.
serves.
Union Oil Co. of California.
(Annual Report-Year Ended Dec. 311924.)
The report, dated at Los Angeles,.Calif., Feb. 9, states in
substance:
Profit before deducting depreciation, depletion, &c., in 1924 was equivalent to 23)4% on $94,500,000 capital stock outstanding at the end of the
year, as compared with 224% for 1923 on 590.000.000 capital stock outstanding at the end of that year, the percentage of net profit being 11 X %.
as compared with 9% for the previous year. Profits are stated with inventories valued on our customary conservative basis of valuation.
The increase in general charges is partly occasioned by increased employees' share of profits, which in 1924 amounted to $795.331 for 5.908
employees participating, as compared with $502,192 for 5.530 employees
in 1923: and also to an increase in payments to the Provident Fund of
$215,258. due to this fund having been in operation for the full year 1924 as
compared with only 6 months during 1923, and to further enrollments in
the fund. The disbursements for State. city and county taxes amounted
to 51.557.553. Provision for Federal income tax was $700,000 greater than
for 1923.
• The decrease in provision for depreciation, depletion and labor and incidental cost of new drilling, amounting to 51,001,822, is due to fewer welts
having been drilled during 1924.
Production of crude oil by the company was 14,658.594 barrels and by
controlled companies 378,358 barrels, as compared with 18.409,810 barrels
for the company and 399.003 for controlled companies in 1923. a decrease
in the aggregate of 3,771,861 barrels. The average daily production at the
present time is about 46,000 barrels from 506 producing wells. In addition, 140 wells are shut in which are capable of producing about 12,000
barrels per day. The company is also purchasing about 52.000 barrels of
crude per day.
The Dominguez Field. discovered by the company in 1923. is now the
second largest producing area in the Los Angeles Basin, our production from
this field averaging 15.000 barrels per day. InlMay 1924 the Athens No.1 in
the new Rosecrans Field was brought in and has been a consistent producer.
averaging at present about 500 barrels of 37 gravity oil. Rosecrans No.!,
with which well so much difficulty was encountered in shutting off water,
is now producing 1,250 barrels per day of 40.5 gravity oil. The company's
production'from this field at the present time approximates 3,100 barrels
per day. The Whitaker Well on the Fort Collins structure, Colorado,
brought in last August, continues to flow 600 barrels per day. The principal field development work of the company is being carried on in the
Dominguez and Rosecrans fields of Southern California and on the Fort
Collins and Wellington structures in Colorado. Test wells are being drilled
In California at Saugus, Rio Bravo and Wisecarver; in Wyoming on the
Hale Dome and Lake Creek structures, and in Colorado at Elk Springs
and Morapos. The test well being drilled in Vermejo Park, Bartlett
Ranch, in New Mexico, is now down 3,040 feet.
The company's production for the year, together with regular purchases.
agency deliveries and other receipts, aggregates 34,911,642 barrels, or about
1534% of the 230,000,000 barrels of commercial oil produced in the State
of California.
Sales for the year amounted to $65,950,218, a decrease of $7.012.359
from 1923. largely occasioned by 6.098,282 barrels decrease in shipments
of refining crude to the Atlantic Seaboard in 1924 as compared with 1923.
The total quantity of products sold during the year was 29.342,936 barrels.
and in addition, 2.038,086 barrels of fuel oil were delivered against receipts
of refining crude. Large quantities of gasoline were exported to the Atlantic Coast and Great Britain, also Diesel engine oil to London. and several
cargoes of kerosene to China. The decrease in prices of refined products
reduced the earnings for the last quarter of the year.
Properties.
-The balance at Dec. 31 1923 was $176.058,895; expenditure
during the year (net), $5,951,375; total at Dec. 31 1924, 5182.010.270.
The above value does not include 828.951.145 representing appreciation
of new discovery areas brought in as producing territory subsequent to
Mar. 1 1913, less depletion accrued to Dec. 31 1924. the values of which
properties have not been agreed upon with the Natural Resources Division
of the Internal Revenue Department.
Charges to oil lands rights and leases amounted to $1,415.249, which includes principally the cost of fee and leases to 8,742 acres obtained in California. 4,821 in Wyoming. 9,422 in Colorado, 124.000 in New Mexico, 160
in Texas and 3,840 in British Columbia.
The company owns in fee or mineral rights in fee approximately 619,506
acres and holds under lease approximately 182.871 acres.
-Expenditures for new drilling and field development
New Drilling, &c.
amounted to $6,013,587, while the charge against income for labor and
incidental cost of new drilling, depreciation provided for oil wells and equip.
952
[VOL. 120.
THE CHRONICLE
ment, &c., was 86,974,149. The balance of oil wells and development,
after deducting the reserve for depreciation. is $11.155.185, representing
646 wells producing or shut in; drilling or inactive wells and subsidiary field
Pipe Lines, &c.
-During the year there was expended $237,002 for additions to pipe lines and storage systems, mainly for the extension of gathering
lines to the new fields in the Los Angeles Basin,for the installation offoamite
systems at tank farms on the Producers and Los Angeles pipe lines, and for
the improvement of storage facilities by means of metal lining and vapor
tight roofing of reservoirs, the total capacity of all crude and refined oil
storage, now approximating 32,500.000 barrels. At Dec. 31 1924 the company owned 484 miles of trunk pipe lines and 365 miles of gathering lines.
The combined daily maximum capacity of the pipe line system is about
275,000 barrels.
Steamships.
-Net expenditures under the caption "Steamships and marine equipment" amounted to $24,638. The company now owns 13 steamships, 21 barges, motor boats, &c., having a total carrying capacity of 976,000 barrels.
-Additions to refineries and natural gasoline absorption
Refineries.
plants amounted to $713,936 and include the construction of additional
storage and a cracking unit at Los Angeles refinery, and improvements at
Oleum refinery. The normal daily refining capacity is about 90,000 barrels,
and the gas absorption plants 70.000,000 cubic feet per day.
-Additions to marketing stations, $3,051,612, repMarketing Stations.
resent principally the cost of 33 new distributing and 68 service stations
opened during the year. A district office was opened in the early part of
the year at Spokane, together with the necessary facilities to serve the territory east of the Cascade Mountains in the State of Washington. The
equipment owned by the company includes 609 tank cars, 999 auto trucks,
819 automobiles and there are now 285 domestic and foreign sales stations
and commission agencies and 394 service stations in operation.
-The investment in
Investments in Controlled and Affiliated Companies.
stocks of controlled companies is stated at the book value after including
appreciation of oil properties as of Mar. 1 1913, and making due provision
for depletion and depreciation. Investments in stocks of affiliated companies are carried at cost and are fully worth the amount at which these
are included in the financial statement herewith.
-The inventories of crude and petroleum products, 826,Inventories.
242,595, as per actual stock reports, aggregate 23,470,916 barrels, an increase of 1.799,535 barrels of refining crude and refined products over
Dec. 31 1923. These have been valued materially below prevailing prices
on Dec. 31 1924. the average value (including transportation to refineries
and marketing stations) being $1 12 per barrel. Materials and supplies
on hand amount to $4.587.747 and are stated at cost.
-During the year the capital stock was increased $4,500.Capital Stock.
000, representing subscriptions made by stockholders at par. These subscriptions were paid in four installments,final payment being made on Nov.
7 1924. During the year the par value of the capital stock was reduced
from $100 to $25 per share. The shares of the company were listed on the
New York Stock Exchange on Nov. 13 1924.
The number ofstockholders at present is 4.960,representing average holdings (exclusive of holdings of Union Oil Associates) of 326 shares per stockholder. The number of stockholders of Union Oil Associates is 3,635. and
stating the holdings on a comparative basis with Union 011 Co. of California. the average holding per stockholder is 595 shares.
-The net decrease in liabilities amounted to $2,763,353.
Liabilities.
-In 1924 conditions (apart from the building
Oil Production, &c.,in 1924.
of storage) paralleled on a smaller scale those prevailing in 1923. the decline
In production of crude oil in California not having been nearly as rapid as
was anticipated a year ago. Production for the State for the year 1924 was
230.063,117 barrels, a decrease of 33,665,778 barrels from 1923, but many
wellsshut in during a portion of 1923 were operating substantially throughout 1924. The average production per well per day during Dec. 1924
from 11,319 wells was 52 barrels, as compared with 75 barrels from 9,396
wells during Dec. 1923. The pronounced decline in the production of Santa
Fe Springs, Signal Hill and Huntington Beach fields has to some extent
been offset by the increased production from Dominguez and Torrance.
Substantial shipments of crude and refined products were made throughout
the past year to the Atlantic Seaboard and keen competition existed among
the large companies on the Pacific Coast in marketing refined products,
prices on the whole being about the same as prevailed during 1923.
-The draft on,the stocks of the whole country made during
Outlook, &c.
the closing months of 1924 and improvement in business generally would
indicate improved results of operations for the current year, unless some new
field of major proportions Is discovered. Competition, as usual, will continue keen on this coast, but continued decline in production and increasing demand will tend to remedy this situation, and in addition the advance
of prices on the Atlantic Seaboard will attract export shipments. Since
the close of the year the price of crude at the well has advanced to $1 25
per barrel for heavy crude and to $2 40 per barrel for 42 gravity refining
crude. Fuel oil advanced about 25c. per barrel and the retail price of gasoline and engine distillate 2c. per gallon.
The company entered the current year in a strong business position,
having on hand a large quantity of crude and petroleum products and a
large current production of high grade refining crude, together with substantial cash resources. After giving effect to the recent financing and retirement of the Series "B" bonds, the company's cash position will be further fortified and any serious drain thereon for current debt retirement
will have been eliminated.
quent to March 1 1913, less depletion accrued to Dec. 31 1924, the values
of which properties have not been agreed upon with the Natural Resources
Division of the Internal Revenue Department.
a Includes in 1924 oil lands, rights and leases, 805,300,637: oil wells and
development, $21,551,518; pipe lines and storage system, 116,144,524:
steamships, marine equipment, $13,508.301; refineries and absorption
plants, $15,040,868; marketing stations, $20,464,422; less reserve for depreciation and depletion, 376,511,159.-V. 120, p. 840, 596.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Two-Year Strike of Shopmen Officially Ends.-Shopmen's Union officially
declares strike ended on all roads except Pennsylvania and Long Island.
Was begun in July 1922 and cost the roads, unions and country as a whole
no less than $200,000,000. Roads consider it their victory as for a long
time shops have had plenty of men and the work of maintenance of equipment has continuously gone on. New York "Times" Feb. 15, Sec.,
New York Port Authority Gives New Haven and Pennsylvania Roads Thirty
Days in Which to Open Hell Gate Bridge to the New York Central RR.-Failute to agree on rates shows that carriers are placing their own interests
above the public interest by causing serious freight congestion in region of
Long Island City. New York "Evening Post" Feb. 16,p. 3.
Inter-State Commerce Commission Sustains System of Differential Road
Rates Applying on Import and Export Traffic Between Eastern Ports and
Western "Wferential Territory."
-Upholds low export freight charge to
Philadelphia and Baltimore which has been fought for years by businees
interests of New England and New York. New York "Times" Feb. 15, p.3.
Repair of Locomotives.
-Locomotives in need of repair on the Class I
railroads of the country amounted to 11,314 on Feb. 1, 17.6% of the number
on line, according to reports filed by the carriers with the Car Service Division of the American Railway Association. This was a decrease of 863
under the number in need of repair on Jan. 15, at which time there were
12.177, or 18.9%. Of the total number, 6,143, or 9.6%, were in need of
classified repairs, a decrease compared with Jan. 15 of 311, while 5,171. or
8%, were in need of running repair, a decrease of 552 during the same
period. Class I railroads during the last half of January repaired and
turned out of their shops 38,912 locomotives. This exceeded by 2,578
locomotives the number repaired during the first half of January. Serviceable locomotives in storage on Feb. 1 totaled 4,220, a decrease of 340
compared with the number of such locomotives on Jan. 15.
Repair of Freight Cars.
-Freight cars in need of repaid on Feb. 1 totaled
186,539, or 8.1% of the number on line, according to reports filed by
the carriers with the Car Service Division of the American Railway Association. This was a decrease of 771 under the number reported on Ian. 15.
at which time there were 187,310, or 8.2%. Freight cars in need of heavy
repair on Feb. 1 totaled 139,056, or 6%,a decrease of 3,165 compared with
Jan. 15. Freight cars in need of light repair totaled 47,483, or 2.1%. an
Increase of 2,394 compared with Jan. 15.
Car Shortage.
-Class I roads on Feb. 7 had 199,210 surplus freight cars
In 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 14,711 under the number reported on Jan. 31. Surplus coal cars in good repair on Feb. 7 totaled 63,561, a decrease of 6,175
within a week. while surplus box cars in good repair totaled 95,786, a decrease of 7,423 during the same period. Reports showed 18,303 surplus
stock cars. an increase of 32 over the number reported on Jan. 31, but there
was a decrease during the same period of 317 in the number of surplus refrigerator cars, which brought the total for that class of equipment to 13,065.
Car Shortage.
-Practically no car shortage is being reported.
Matters Covered in "Chronicle" Feb. 14.-(a) A distinctive service-Interstate Commerce Commissioner Mark W.Potter, p.748. (b) Railroad gross
and net earnings for December, p. 750. (c) Revenue freight heaviest on
record for season of year, p. 761. (d) Arguments of railroads against Gooding long and short haul bill; bill reported killed, p. 788. (e) Employees of
Missouri Pacific, Illinois Central and Chicago Great Western roads receive
wage increases. New Haven shopmen end strike, p. 788.
-Earnings.
Ann Arbor Railroad.
Calendar YearsFreight
Passenger
Mail, express, &c
1924
1923
1922.
$4,864.464 $4,859,746 $4,305,008
441,123
484,066
509,848
226,599
258,763
238.310
Total operating revenues
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Miscellaneous operations
Transportation for investment
$5,532,186 85,662,575 $5,053,161
$669,420
$756.771
$615.525
1,051,071
1,217,296
971,940
113.096
108,134
111,591
2,283,078
2,304,795
2,22.5,249
173,943
155,939
195,261
272
165
189
Cr.101
Cr.=
Total operating expenses
Net operating revenue
Taxes, &c
$4,290,879 $4,542,999 $4,119,391
81,241,307 $1,059,575
$933,770
289,997
253,683
261,050
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Operating income
$951,309
$805,892
$672,720
!Including proportionate share of the operations of controlled companies. Other income
115,088
117,533
166,344
1922.
1924.
1923.
Gross income
11,066,397
$839,063
$923,425
$65,950,218 $72,962,578 $58,937,140 S59,021.'577
7
192
Gross sales
$385,734
$3300,612
$444,394
$27,334,032 $24,357,393 $25,419,981 $23,839,187 Hire of equipment, arc
Total profits
Interest on funded debt
351,421
380,229
358,436
Deduct
39,192
33,609
28,448
3933.000
$887.929
$786,358 Interest on unfunded debt
$918,000
General expenses
15,089
16,537
12,137
2,357,553
1,702,353
1,448.790
1,500.654 Miscellaneous
Taxes
795,331
739,920
502,192
804,304
Employees'share in prof.
Total deductions
$729,540
$792,884
$843,416
329,828
114,570
Provident fund
$46,179
$336,857
$80,008
11,309,412 12.311,235 10,563,729 8,630,799 Net income
Deprec. and depletion
448,183 -V. 119. p. 2642.
1,229,433
832,162
1,298,955
Interest on bonds
Miscellaneous interest- Cr.324,573 Cr.522,561 Cr.402,808 Cr.444,934
Boston & Maine RR.
-Resignation.
Prov. for income taxes,
Woodward Hudson has tendered his resignation as Vice-President and
1,650.000
550,000
&c.,contingencies
Counsel, effective March 31.-V. 120, p. 826.
6,675,349 6,435,000 6,000,000 6,000,000 General
Cash dividends
Canadian National Railways.
-Earnings.
$23,305,333 $22,759,744 $20,684,106 $19,310,979
Total deductions
Calendar Years1923.
1924.
$4,028,699 $1,597,649 $4,735,875 $4,528,208 Operating revenues
Balance, surplus
$235,588,183 $253,135,488
8,703,683
9,222,680 36,317,141
7,039,254 Operating expenses
Previous surplus
218,343,931 232,704.839
$12,732,382 $10,820,329 141,053.016 $11.567,462
Total surplus
Netrevenue
$17,244,251 $20,430,649
deb.250,321 -V. 120, p. 698.
deb.79,662
Adjustments (net)
106,646
300,000
Disc. on 6% bonds
40.000,000
Central of Georgia Ry.-Eguip. Trusts Sold.
Stock div. (80%)
-Kuhn,
2,010.000
Inventory' lessee
Leob & Co. have purchased, subject to the approval of the
Bal. of comp. ins. res..- Cr.589.798 Cr.656.734
I.-S. C. Commission, and have placed privately, $1,410,000
Appr'l(open. prop.)- _xCr.17.141,452Cr20,428.310 Cr8,469,664
$30,383,971 829,788.728 $9,222,680 $11,317.141
Total surplus
x Appreciation of new discovery areas brought in as producing territory,
subsequent to Mar. 11913.less depletion accrued to Dec.31 1924,the values
of such properties for the purposes of depletion having been agreed upon
with the Natural Resources Division of the Internal Revenue Dept.
4M% Equip. Trust, Series "P," mautring in equal annual
installments from March 1 1926 to March 1 1940 incl.
The certificates will represent 75% of the cost of new equipment, the
balance of25% being paid in cash by the rallway company.
-V.119,P.217 .
6
Conemaugh & Black Lick RR.
-Stock.
-
The I.
-S. 0. Commission on Feb. 6 authorized the company to issue
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. OWNED COS.).
81.000,000 capital stock (par $100),said stock to be sold for cash at not less
1924.
1923.
1923.
1924,
than par.
Liabilities8
$
Steel
$
The
Assets-94,500,000 90.000,000 Corp. company was organized at the request of the Bethlehem
Capital stock
capital
0011 lands, rights,
First Mtge.bonds_ 8,173,000 7,515,000 stock. and that company will advance the money to pay for the certain
gas and water
The company proposes to purchase, lease and construct
-Year 8s,Ser.A_ 8,937,500 9,244,000 lines of railroad approximating 16
a105,499,111108,935,949 20
lines, ate
miles in length in and about the city of
5,000,000 7,500,000 Johnstown, Pa.
Serial(3s, Sec. B
Inv. in gill, and
929.487 Purchase money.
1,046,888
The company proposes to purchase from the Bethlehem Steel Products
contr. cos
&c.,obligations- 962,402 1.520.402 Co. and the Manufacturers' Water Co. about 2.656 miles of railroad at a
U. S. Govt. bonds
and Treas. eds. 5,500,000 3,500.000 Res. for taxes, &e_ 2,976.993 2,206,787 cost of $162,782, and to lease from the Bethlehem company about 11 miles
Oil, &e.,invent_28.242,595 21.155.212 Accounts payable- 5,973.855 4,733,657 of line. The company also plans to construct an extension of its Hinckston
372,941 branch, amounting to about
approximatelY
Mavis & supplies_ 4,587,74V 4.997,806 Accrued interest- 305,684
30,383,971 29,788.728 2.42 miles of yard tracks at a 2.95 miles, and also to build aho purchase
Bills dr accts. revile 6,945,342 7,457,829 Surplus
total cost of 8572,383. It will
326,636
310,973
for use on its line the following equipment: 37 steam locomotives, 1 scale
Prep.taxes & ins
4,733,090 5,141.478
Cash
test car and 15 fifty-ton steel gondola cars, to cost approximately $454,808
347,660
437.119
-V. 120, p. 698.
Miscellaneous
155,213,405152,881,516
Total
155.213,405152,881,516
Cripple Creek Central Ry.-Capital Distribution.
Total
A capital distribution (No. 24) of 1% has been declared on the Preferred
•Oil lands, rights and leases does not include 828,951,145 representing
appreciation of new discovery areas brought in as producing territory subse- tsock, payable Feb.28 to holders of record Feb. 14 "out of funds heretofore
FEB. 21 1925.1
THE CHRONICLE
realized from sale of capital assets." Twenty-three previous quarterly distributions, each of 1%, have been made from capital assets, No. 1 June 1
1919 and No.23 on Dec.1 1924. The present distribution, it is understood,
will reduce the face value of the Pref. shares to $76.-V. 117, p. 2108.
Chicago Milwaukee & St. Paul Ry.-Earnings.Calendar Years1924.
1923.
1922.
, 1921.
Average miles operated_
10,987
11,011
11,030
10,809
Ry. operating revs- -- 4158,366,4588169,628,3388156,950,628E146,765,766
Total operating exp
125,550.061 134.999,228 129,596,696 127,957,002
.
Netrev.from ry. oper.$32,816,398 $34,629,110 $27,353,932 $18,808,764
Per cent of exp. to revs-(79.28)
(79.59)
(82.57)
(87.18)
Railway tax accruals__ - 9,014,061
8,614,180
9,654,738
8,762,089
Uncollect. ry. revenues127,830
3,112
6.534
283,545
Equip.rents
--Net debit. 3,290,607
4,400,584
2,977.205
3,485,115
-net deb 1,411,793
Joint facil. rents
1,443,522
1,431.210
Net operating income318,972,106 $20.167.713 $13,284,245 $6,278,015
Non-operating income- $1,775.942 $1,710,996 $1,574,700 $4,371,858
Gross income
$20.748,048 $21,878,709 $14,858,945 $10,649,873
Rent for leased roads_ _ _ 1,053,166
947.230
919,423
459,594
Interest on funded debt_ 20,447,614 19,443,503 18,926,851 18,767,680
Int. on unfunded debt
273,054
586,161
295.576
180,424
Other deductions
842,819
694,129
860,263
2,312,782
Net deficit
-V. 120, p. 326, 205.
$1.868.605 sur$207,686 $6,143,168 $11,070,609
Denver & Rio Grande Western RR.
-Earnings.
Calendar Years-
1924.
1923.
Operating revenue
$33,011,558 $34,587,496
Expenses, taxes, &c__ -- 30,587,629 31.923,936
Operating income
- $2,423,929 $2,663,560
Other income
2,282,575
2,754,184
Gross income
84.706,504 $5,417,744
Interest, rents, &c
8,311,223
8,272,653
Sinking fund, &c
563,064
501,501
Deficit
$4,167,783 $3,356,410
-V. 120. p. 698, 449.
1922.
1921.
$33,350,593 $32,621.419
28,142,525 29,594,816
85,208,068 $3,026,603
2,306,026
2,596,374
$7,514,094 $5,622,977
7,882.560 9,396,632
260,962
299,808
$629,428 $4.073,463
Detroit Toledo & Ironton RR.
-Bond Applicati
on
The company has applied to the I.
-S. C.
issue and sell $1,181.000 1st Mtge, bonds, toCommission for authority to
pay the cost
its second main line of railroad running 20 miles between of constructing
Flat Rock and
Durban, Mich. The bonds will be sold at par to
Ford Motor Co.
Earnings for Calendar Years.
1924.
1923.
Average miles of road operated
468
45.5
Freight revenue
811.673.038 $10,103,129
Passenger revenue
98,860
117,684
Total, including other revenue
$11,995,758 $10,417,412
Expenses
-Maintenance of way
1,848,364
1,573.578
Maintenance of equipment
1,982.179
1,417,571
Traffic expenses
86,166
79,871
Transportation expenses
3,425,712
3,485,764
Total expenses, including ether
$7.622,618 $6,766,472
Net from railroad
$4.373,140 $3,650,940
Taxes
442,089
180,799
Uncollectible revenue
2,010
892
Net after taxes, &c
$3,930,159 $3,468,131
Net after rents
$2,414,859 $1,786,924
-V. 120, p. 698.
953
The remainder of the $4,000,000 in Common stock is to
among the noteholders upon a specified plan of subscription. be allotted
The noteholders must subscribe to the stock within 60 days after approval of
the
reorganization plan or relinquish their rights to participate.
The Commerce.Trust Co. is to be the transfer agent and depository of
the proposed new company.
Mr. listed pointed out the only outstanding indebtedness
the property, If the master's sale is confirmed, will be the confronting
debt of $3.000,000, which includes $500,000 interest due. Government
With new
money available by advances from the Government and the group of underwriters, Mr. Histed said he and his associates were hopeful of putting the
'Orient on a paying basis. The road has been fairly prosperous in the
last year or two since the Inter-State Commerce Commission and State
utilities bodies have given the railroad aid.
-V. 118, p. 1520.
Kansas Oklahoma & Gulf Ry.-Foreclosure.-
Bondholders of the company, according to the Muskogee "Times
Democrat" of Feb. 10, are preparing to demand immediate sale of railroad property and a prompt decree of foreclosure. The decreethe
of
foreclosure would be preliminary to the sale of the property to satisfy
the mortgage creditors and would wipe out the present junior securities
owned by French interest, it is said.
Rumors of the reported desire of the bondholders for
were connected In railroad circles with oft-repeated immediate action
road may be bought either by the Missouri Pacific or reports that the
the Kansas City
Southern.
The sale of the road by foreclosure would centralize control
a sale possible, it is said, bringing another trunk line railroad into and make
Muskogee
via the company' rails.
The property has been in the hands of receivers for seven
during that time no interest has been paid to the Governmenmonths and
t lien notes
the owners of the equipment trusts, or the bonds.
It developed at the hearing before W. E. Utterback, special
master,
in the foreclosure proceedings, that there is
Interest on the Series "A" and "B" bonds, thea default of principal and
last
"A" bonds being on July 1 1923. The St. Louis payment on the Series
Union Trust Co., the
trustee of the mortgage, is the complainant in the foreclosure
proceedings.
V. 118, p. 2949.
New Orleans Texas & Mexico Ry.-Offer to InternationalGreat Northern Adjustment Mtge. 6% Bonds.
See International-Great Noithern RR. above.
-V. 120, P. 580.
New York, New Haven & Hartford RR.
-$23,000,000
6% Debentures all Taken by Patrons-Holders of European
Loan Debentures Given Offer to Exchange Their Holdings for
New Bonds.
-A.S. May, Treasurer, in a notice to holders of
the company's 15-Year European Loan of 1907 (90%
extended at 7%), maturing April 1 1925, says:
Subscriptions at par
to the $23,000,000 15
-Year Secured 6% Gold
bonds have already been secured to an amount which
will enable the
company to pay the European loan in full at maturity.
The company, however, has been requested by holders of
the European
loan to permit them to exchange all or a part of their holdings
for the
Secured 6% Gold bonds upon the same
say, par for par. These bonds are issued terms as subscribers, that is to
principal, in denom. of $100, 8500 and in coupon form, registerable as
to
In denom. of 81.000. $5,000 and $10,000. $1,000, and in registered form
Complying with this request, and in pursuance
statement of Nov. 25 1924 (V. 119. p. 2526), of the company's official
holders of the European loan to exchange for such the company invites the
6% Gold bonds as they mawish to take by an amount of the Secured
depositing their European
Loan Debentures (after cuttingoff the April 1 coupon)
with the following
banks and trust companies: J. P. Morgan &
Co.,
following Boston institutions: American Trust New York City, and
the
Co., Atlantic National
Bank. Exchange Trust Co., Federal National Bank,
First National Bank,
Merchants National Bank, National Shawmut
Bank.
Co., Old Colony Trust Co., State Street Trust Co., New England Trust
and Brotherhood of
Locomotive Engineers National Bank, or the
Hoboken Shore Line RR.
-Sale Endorsed by House.
Holders of the European loan should statetreasurer of the company.
The Wadsworth-Mills bill, permitting the Secretary of War to sell the
at the time of deposit how
road to the Port of New York Authority and accept the latter's bonds in much thereof they wish to be used in exchange and how much paid in
payment, was passed by the House of Representatives Feb. 17 by a vote cash on April 1 1925. The privilege of depositing for exchange will expire
at noon March 14 1925.
of 198 to 28.
As the bill passed the Senate last spring, it now needs only the signature
The following 'statement was issued by interests associate
of President Coolidge to make it effective. Under its terms the Secretary of
d
with the management of the New Haven relative to the
War is authorized to turn over the railroad to the Port Authority in
exchange for $1,000,000 in 30
-Year 4% bonds, which the Port Authority will financial plan in connection with the Europea
n loan.
issue.
-V. 119. p. 1624.
The announcement by the New Haven that it is
prepared to pay what Is
International-Great Northern RR.
due April 1
-Offer to Adjust- known as its "European Loan," convert that1925, and extending to the
present holders, the privilege to
loan
ment Mortgage 6% Bonds.
-William H. Williams, Chairman 6% Collateral debenture bonds, is an outstandininto the new 15-Year
g feature in railroad
of the New Orleans Texas & Mexico Ry.,issued the following financing.
The New Haven has been through a great deal of
notice Feb. 20 to holders of Adjustment Mortgage 6% Gold to Government operation during the
distress, due primarily
war, its greatly increased
Bonds, Series "A," of the International-Great Northern RR. and its failure under the Mellon management, which createdcost of labor
a situation
that took Herculean efforts
The New Orleans Texas & Mexico By. has acquired
the capital stock a devotion to the property to overcome. The present board has shown
of International-Great Northern RR. and offers
that has seldom been equaled,
to guarantee to holders illustration of which has
of Adjustment bonds accepting this offer a
been the financing of this European the greatest
minimum
Loan.
It was not thought feasible by bankers to
ance with the Adjustment Mtge. and Adjustmen distribution in accordundertake
t bonds
4% per annum in respect of interest thereon for the interest at the rate of did so personally, first creating a security that ranks it, and the directors
period beginning first mortgage of the
really better than the
Jan. 1 1924 and ending Dec. 31 1927. in considerati
on of the grant by the same rate of interest company, by issuing a collateral loan bearing the
owner of each such assenting Adjustment bonds
as the first mortgage,
of
Texas & Mexico Ry. to purchase such assenting an option to New Orleans of first mortgage bonds as collateral for it. and depositing an equal amount
bond, on like notice as is fund of 2%,
required by the Adjustment Mtge.for the
payable semi-annually, thus They then established a
redemption of Adjustment bonds, the loan every
reducing the principal Venin
J
at any time at the following prices, respectivel
6
y, to wit: (a) if the date amount,so that months-the collateral continuing to remain at the full
designated for such delivery be
at the expiration of
Jan.
amount thereof with interest onbefore face 1 1928, at 85% of the face bonds will be held as collateral forthe loan in 15 years, the first mortgage
such
the amount remaining at the rate of
amount to the delivery date about
at the rate of 4% per annum from Jan. 1 1924, as
50 cents on the dollar.
or
the case may be,from
the later Jan. 1 beginning the interest
It was a simple but ingenuous method of creating
a security that would
interest period for which interest on the period next succeeding the last have a market value that was hard
to establish for the first mortgage bonds.
Adjustment bonds, Series "A,"
has been declared due and payable: (b) if the
The directors led off the subscriptio
delivery
Jan. 1 1928 at the face amount thereof together with date be on or after $1,000,000 of the bonds. This was n to this new security by taking over
followed by subscriptions from the
accrued and unpaid leading bankers
cumulative interest thereon to the
of Boston and New
that coupons for such interest shalldelivery date (but only to the extent both cities, and the underwriting wasYork and the flanancial institutions of
be surrendered with such bond) and
then taken up by the industrial group,
also, if interest for the year ended Dec. 31
including the General Electric, Westinghouse
1927
Electric, American Locobeen declared due and payable, together with shall not theretofore have motive and others throughout New
interest for the year at the tion
England, resulting in an over-subscriprate of 4% per annum.
of the amount needed-823.000,000.
Holders of Adjustment bonds desiring to accept
Not only does this provide the funds for the company
these terms must present
needed on April 1.
their bonds to Irving Bank-Columbia Trust Co., 60
Broadway, New York. but it saves an interest charge from the present rate of 7% to 6% on the
to be appropriately stamped.
new issue. or $230,000 per annum.
Acceptance of the above offer Is recommend
The fact that the New Haven has turned
ed by J. & W. Seligman
the corner and is now on the
& Co. and Speyer & Co., the bankers who negotiated
upward swing is indicated by its earnings last year,
the agreement pur- in excess
which
suant to which the offer is being made.
of its fixed charges. The property under the were $3,000,000
-V. 120, p. 580. 449.
able direction of
Pres. E. J. Pearson, has been constantly
Kansas City Mexico & Orient RR.
Its operation of both passenger and freightimproved in physical condition.
-Reorganization.
service is
history
The Kansas City "Star" of Feb. 7 had substantially - of the road, and with the support of the Industrial the best in theinterest
and financial
the of New England-which has been evidenced by their action in
following:
financing
this loan-the old prestige of the New
Haven has every indication of
A plan of reorganization for the road was filed Feb. 7 in
being restored.
office of the Clerk of the Federal Court. The filing of the Topeka at the
The company has no obligation or loans
plan was indicoming due for a period of five
cative of the friendliness of the Government to the proposal for
years,
reorganizing which and then will have to consider the obligation due the Government.
the property, which calls for a loan of $1,000.000 by the
Government. It being undoubtedly can be handled in a satisfactory way. Efforts are
is known Clifford Histed, winning bidder of the property at a
master's sale, will made to reduce the rate of interest on this loan which, if successful,
and W. T. Kemper, receiver, have spent considerable time in
save the New Haven $1.250.000 per annum.
Washington
discussing the details of the plan of reorganization with Governmen
There has been no cost to the New Haven
t officials.
in placing the $23,000,000
Under the proposed plan, the Government would be called
upon to grant loan, there being no bankers commission or payment to any one, all the
a 15
-year extension on the $2,500.000 loan which the
services in
Government. The extension would run from Dec. 1Orient now owes the compensaticonnection with the placing of it having been rendered without
on.
-V. 120, p. 827, 700.
1936. The Orient now owes some $500,000 interest to 1921 and ending in
the Governmen
The new money which the road would acquire, according to the t.
Northern Central Ry.-Definitive Bonds Ready.
plan,
would be $2,250,000: $1,060,000 to be advanced by the Government
The Treasurer of the Pennsylvan
the balance to be advanced by Mr. Elated, Mr. Kemper, H. F. Hall and bonds of the issue of $8,300,000 of ia RR. is prepared to deliver definitive
Northern Central By. Co. Gen. & Ref.
other associates. The group of underwriters are Kansas citizens who and Mtge,5% bonds on surrender of temporary bonds
at the office of the comseeking to take over the operation of the road under a new corporationare pany,•85 Cedar St. New York, or at the
Treasurer's
.
The Government would take prior lien on the Orient properties under Station, Philadelphia. (For offering of bonds see office. Broad Street
V. 119; D. 455.)-years extension on the $2,500,000 loan now due the Governmen
V. 119, p 1510
15
the
and under the proposed 81,000,000 advance In the reorganization plan. t
Pennsylvania RR.
It was proposed that the new operating company for the Orient be
-Increase in Authorized Indebtedness
organized with a capital of $7,500,000. In return for the advance of to be Asked for-Stock Taken
by Employes.
$1 250 000 by the underwriting_ group, 35,000 shares of stock valued at
$3..500,000 I to be delivered to Mr. Elated, and whomever he has associated 60The board of directors Feb. 11 authorized the publication of the required
s
days' notice that at the annual meeting of the stockholders on
with him.
April 14
next, authority will be requested to increase the company's
indebtedness.
954
THE CHRONICLE
The last occasion on which the directors requested authority to increase
the company's indebtedness was in 1921, when $100,000.000 was authorized.
That sum has been practically exhausted in the ordinary conduct of the
company's business during the four years which have elapsed. The new
authorization will, therefore, be requested in order that the directors may
be in a position to meet necessary requirements as they may arise. No
immediate financing is in prospect, however, and the request for additional
authorization at this time Is for the purpose of giving the directors the
necessary latitude of action in handling the company's requirements from
time to time.
While the announcement did not specifically mention the amount of
increase that is to be asked for, it is probable that $100,000.000 will be
decided on.
On Feb. 1 stock purchased by employees totaled 71,711 shares, an
increase of 2.273 shares since Jan. 11925. Of the total Feb. 1 46.649 shares
were purchased through the Employees' Provident & Loan Association
-V. 120,
and 24.122 shares through the Mutua Beneficial Association.
P. 581, 2.6.
-New Directors
Southern Railway.
Jackson E. Reynolds and Walter S. Case have been elected directors,
-V. 120, p. 700, 577.
succeeding Charles Lanier and George T. Slade.
-Tentative Valuation.
Utah Railway.
The I.
-S. C. Commission has placed a tentative valuation of $1,010,200
on the company's properties as of June 30 1919.-V. 116, p. 2008.
PUBLIC UTILITIES.
Governor Pinchot of Pennsylvania Presents Report of Giant Power Survey
.Board. Stressing Needfor Regulation of "Gigantic Monopoly without Parallel,"
-Basic feature of new proposal is plan to make power transmission lines
common carriers. New York "Times" Feb. 18, p. 21.
American Electric Railway Assn. in Conference in Washington. D. C..
Appoints Lucius S. Storrs of New Haven, Conn.. as Managing Director of
-New post created to make available the services
Electric Railway Lines.
of an experienced transportation executive. New York "Evening Post"
Feb. 16, p. 1.
-Annual Report.
American Electric Power Co.
1923.
1922.
1921.
Years Ended De,c. 31- 1924.
Gross income, all sources $2,317,338 $2,826,167 $2,475.896 $1.964,499
1,117,809
1,400,417
1.341,377
949.580
Interest, taxes, &c
$1.367.758 $1,708,358 $1,134,520
Net Income
287.053
343.855
Preferred dividends.--
$564,082
$564,082
11.023.903 $1,421,306 $1,134,520
Combined Earnings of Controlled Companies.
1923.
1924.
1922.
1921.
Calendar Years$19,906,901 $20.803,892 $19,342,698 $18,829,888
°mating revenues
Net inc. aft,fixed chgee_ $2.477,959 $2,837,148 $2,424,888 $1,995,186
120, p. 207. 84.
• Surplus
-Bonds Offered.
-BonAmerican Gas & Electric Co.
bright & Co.,Inc., are offering at 97 and int. to yield 6.15%,
$9,000,000 6% Gold Debenture bonds (American series).
Dated May 1 1914; due May 1 2014.
[VoL. 120.
Bell Telephone Co. of Pennsylvania.
-New Directors.
J. C.Lynch and P.O.Staples have been elected directors.
-V.120, p.581.
Broad River Power Co.
-Acquisition.
The company proposes to take over the management and control of the
Lexington Electric Light & Power Co. of Lexington, S. O., on May 1.
The Broad River Co. recently purchased the municipal electric light and
power plant of Batesburg S.0. A new high-tension line from Columbia to
Batesburg by way of Lexington is under construction and will be completed
early in May,thus connecting up the two properties. A new steam power
plant is being constructed on the Broad River at Parr Shoals and a 70
-mile
transmission line will connect this station with that of the South Carolina
Gas & Electric Co., another subsidiary of General Gas & Electric Corp.,
operating in Spartanburg and adjacent territory.
-V. 120, p. 581, 85.
Buffalo & Erie Ry.-Offer to Preferred Stockholders to
Exchange Their Sharesfor Stock of International Utilities Corp.
Under the plan of reorganization of the Buffalo & Lake Erie Traction Co.
(V. 118, p. 1770), two new ompanies were organized-one known as
Buffalo & Erie Ry. and the other as Erie Railways.
The bonds of the Buffalo & Erie Ry., together with all the Common
stock, have been acquired by Chandler & Co., Inc., New York City. All
of the outstanding 7,005 shares of 5% Prof. stock was issued to the bondholders as they exchanged their bonds or certificates of deposit for the new
securities as called for in the plan.
Chandler & Co., who have organized the International Utilities Corp., are
agreeable to offering to the Preferred stockholders of the Buffalo & Erie Ry.
an opportunity to exchange their Preferred stock for "A" and "B"stock of
the International Utilities Corp. until March 1 1925 on the following basis:
Each share of the Preferred stock of the Buffalo & Erie Ry. will receive
3 share of Class '"A'stock and yi share of Class "B" stock of the Interna,
6
tional Utilities Corp.
It is expected that application will be made to list both classes of stock
on the Philadelphia and Baltimore stock exchanges. Both classes of stock
are now being traded in upon the New York Curb Exchange.
Those desiring to take advantage of this exchange may forward their
stock to the offices of Chandler & Co., Inc., 120 Broadway, N. Y. City
In exchange they will deliver receipts evidencing the deposit with the
Empire Trust Co. of New York 1Cty or certificates for the shares of Class
"A" and Class "B" stock to which each holder Is entitled, which receipts
will be exchangeable for the stock represented thereby on or after May 1
1925., (See also International Utilities Corp. below and in V. 119, p. 2529.)
-V. 119, p. 3008.
Buffalo General Electric C.)o.-Bal. Sheet Dec. 31.1924.
1923,
Assets$
2
Real est., bldgs.,
Mach'y. Oa_ _ _32.651.148 29,304.197
Investments
1,085.757 1,045,740
xSInking fund
448.374
368,809
Cash
723,684 1,022,771
Accts. receivable.- 919,071
982,767
Spec.dep.for bond
Interest accrued 195,619
216,107
Marls & supplies_ 897,700
908,955
Prepd.taxes dr Ins_ 209,407
190.800
Unamort.debt disc
796
12.766
Mlscell. suspense_
7,268
1924.
LiabilitiesCapital stock
14,747.700
Funded debt
10.275,300
Notes payable.__ 1.200.000
Accounts payable. 387,280
Consumers' depos. 300,920
Interest accrued
288,303
Taxes accrued_
381.265
Payroll accrued__
46,711
Prem. on stork__
148,750
Unamort. prem. on
debt
690
Accr.amort,of cap 3,392,471
Res,for bad debts_
30,324
Res for snort, of
lntang.capital
410,019
Other reserves_ 257
Tot.(each slde).37.138,824 34,032,912 Surplus
5,548,828
1923.
$
13,856,500
10,838.500
509.742
305,338
298,600
295.523
41,906
135,966
690
3,152,742
24.151
Data from Letter of R. E. Breed, Chairman, New York, Feb. 14.
• Company.
-Organized in New York Dec.20 1906. Controls a diversified
321,780
group of electric power and light companies operating in eight States and
278
serving a population in excees of 1,785,000. The principal companies con4,251,196
follows: (a) Atlantic City(N. J.) Electric Co.;(b) Ohio Power
trolled are as
Co., Newark, 0.;(c) Ohio Service Co., Coshocton, O.;(d) Indiana General
x For payment of Cataract Power & Conduit Co. bonds. •
Service Co., Muncie, Ind.; (e) Indiana & Michigan Electric Co., South
The usual comparative income account was given in V. 120, p. 701.
Bend. Ind., )North Western Ohio Light Co., Van Wert,0.;(Go Kentucky
California Electric Generating Co.
-Transfer Agent.
& West Virginia Power Co., Inc., Charleston, W. Va.;(h) Benton HarborThe Bank of America, New York, has been appointed New York transfer
St. Joe Ry. & Light Co., Benton Harbor, Mich.; (i) Rockford (Ill.) Elec-V. 108, p. 2125.
tric Co.; W Scranton Pa.) Electric Co.' (k) Wheeling (W. Va.) Electric agent of the Preferred stock of the company.
Co.: (1) West Virginia Water & Electric o., Charleston, W. Va,
Canadian National Electric Rys.-New Company.
Authorized.
Outstanding.
CapitalizationSee Toronto Suburban Ry. below.
$25,000.000
116.436,050
Pref.stock,6% cumulative(par $50)
1,750.000 shs. 1,235,966 ells.
Common stock (no par value)
-Acquisition.
Carolina Power & Light Co.
1:00
16,282.000
$6,2
Collateral Trust 5% bonds, due 2007
The company has acquired the properties of the North State Power Co.
(
b
a39.404,000
6% Gold debenture, due 2014
this issue. b Agreement dated as of May 1 1914 provides The latter company serves 10 towns in Wake, Harnett and Johnsa Including
that Gold Debenture bonds may be issued in series bearing such rates of ton counties-Angier. Four Oaks, Fuquay Springs Holly Springs, Kenly,
interest, redeemable on such terms, and containing such other rights and Lillington, Micro, Pine Level. Princeton and Varina, N. 0. The Carolimitations permitted by the agreement as the company may determine lina Power & Light Co. has also agreed to complete the contemplated
prior to thelssue thereof. The agreement also provides that no additional extensions of the North State system to Coats and Duke Creek, N. C.
Gold Debenture bonds may be issued unless annual net Income (as defined) V. 119, p. 1171.
shall have been not less than 3 times the interest charges for a like perior
Carthage (N. Y.) Power Corp.
-To be Organized.
on the Gold Debenture bonds outstanding,including those then to be Issued,
See Champion Paper Corp. under "Industrials" below.
and interest on any indebtedness of the company outstanding at close of
said period other than the secured indebtedness above mentioned and inCentral Illinois Light Co.
-Bonds Called.
debtedness cancelled subsequent to the close of said period and prior to or
An of
-Year 57 gold
concurrently with the delivery of the Gold Debenture bonds then to be bonds, the outstanding 1st & Ref. (now 1st) Mtge. 30
bearing attached consolidated int. certificates Series "A" and° %
7M
issued.
Purpose.
-Proceeds will be used to reimburse the company for expendi- int, coupons, have been called for payment April 1 at 110 and hit, at the
Bankers Trust Co., 16 Wall St., N. Y. City.
tures heretofore made and for general corporate purposes
Any of the above bonds and consol. int. ctfs. tendered prior to April 1
Consolidated Earnings Statement, Calendar Years.
at the office of the company. 14 Wall St., N. Y. City, with int. coupons
1924.
1923.
1922.
maturing April 1 and subsequently thereto attached, will be re-purchased
822,994,934 $33,931,273 $36,845.628 at 110 and int.-V. 119. p. 2759.
Gross earnings of all subsidiaries
Bal. of sub. cos.' earnings, after all
Chicago Rapid Transit Co.
-Traffic & Earnings.
deductions, incl, deprec.. applica$3,400,100 15,097,571 $5,966,416
Passenger traffic and earnings in 1924 of the Chicago Union Elevated
ble to Amer. Gas & Electric Co
1,176,501
3,050.675 Loop RR. Co., according to the bulletin issued by Win. Hughes Clarke,
992.094
Other inc. of A. G.& E.Co.,less exp.
exceed all previous records:
34.392.194 16.274,072 $9,017,091
Years1924.
1923.
Total gross income
Avge.'13-22.
1912.
2,678,340 Passengers
213,007.274 203.943,551 180 03.577 164.314.524
Annual interest charges on funded debt of A. G.& E.Co
Earnings
11.065.422 $1,020,104
$901.826
$821,572
$
$6,338,751 Maintenance (est.)
50,000
50,000
50.000
50,000
Balance
250,000
250,000
250,000
250,000
The above statement does not include any of the earnings accruing to the Bond interest
company through the recent acquisition of its interest in the Common stock
Surplus
$765,422
1720.104
8601.826
$521,572
of American Electric Power Co.
163.084
154,020
118.490
85,736
-The finances of the company and of its subsidiaries have al- Compensation
Finances.
ways been bandied through the Electric Bond & Share Co.
Balance
$602,338
$566,083
3483.336
435,836
The stockholders on Feb. 17 approved the plan to consolidate with the
hica
of the
The city of Chicago receives as municipal compensation 20
Appalachian Securities Corp. under the name of the American Gas &
Union earnings in excess of the $250,000 interest on $5,000,0&) Loop
Electric Co. See details in V. 120, p. 451.
-V. 119. p. 1842.
lie The American Gas ee Electric Co. filed incorporation papers on Feb. 18 bonds.
-V. 120, p. 451.
1925 at Albany, N. Y.
-Municipal Ownership
Chicago Rapid Transit Plans.
-New V.-Pres.
American Telephone & Telegraph Co.
-The Chicago "Economist" of Feb. 14 had the
Near.
-Electric following:
American Water Works & Electric Co., Inc.
Municipal ownership of traction properties is assured if the electorate
January.
endorses an ordinance recommended for passage by the Chicago Council
Output of Subsidiaries for
David F. Houston has been elected Financial V.-Pres.-V. 120, p. 451.
The kw.h, output of the company for Jan. 1925 was 113,378,018 kw.h.,
This is an
comparing with 110,732.025 kw.h. in Jan. 1924. p. 700, 451.increase of
-V. 120,
2,645,993 kw.h. over the preceding year.
-Merger.
Appalachian Securities Corporation.
-V. 120. p. 700, 451.
See American Gas & Electric Co. above.
-Control, &c.
Aurora Elgin & Fox River Electric Co.
Canada. Annual Report.
Bell Telephone Co. of
See Western United Corp.
1923.
1924.
Calendar YearsTelephone revenues_424.208.411 822,225.714
Exp.maint.,depr.&taies 19.812.754 18.044,455
Net telephone earnings $4,395,657 $4,181,258
695,876
719,482
131111drY net earnings---Total net earnings____ $5.115.139 $4.877,135
1.067376
1.348.043
Deduct interest
3,135,921
3,215,039
Dividends (8)
200,000
Employees' benefit fund
1922.
1921.
$20.245.823 118,561.829
16,484.983 16,519.936
$474,038
$475.928 def.$776,009
ff Balance to surplus__ _
-V. 120, p. 581. 327.
$552,057
$3.760,840 $2,041,893
208,472
234,528
$3,969,312 $2,276.421
1,168.800
1.035.644
1,883,630
2,457,740
committee and possession of the elevated lines will also pass to the city if
Samuel Insull, Chairman of the Chicago Rapid Transit Co. and Mayor
Dever reach an accord on the price to be paid for the elevated'system.
The Committee on Local Transportation has recommended to the Council
the acceptance of the municipal railway ordinance involving approximately
$600,000,000 to be spent in the acquisition of surface and elevated lines
and future improvements and extensions. Purchase of the street railway
properties at $163,091,038, the price fixed by ordinance and subsequently
endorsed by engineers, is provided for in the ordinance. Mr. Insull asks
$90.000,000 for the elevated lines extending north from Chicago to Wilmette
and west to Forest Park, while the price tendered by Mayor Dever is
$80,000,000, a difference of $10,000,000 to be bridged over in subsequent
parleys. Building subways and elevated and surface line extensions'thin
the next ten years at a cost of approximately $360.000,000 is provided
for in the ordinance which came before the Chicago Council Feb. 13.
Purchase of these utilities is contemplated through the issue of Schwartz
certificate:s, which in the ordinance are termed "municipal railway certificates,' bearing 5% and issued in accordance with the Public Ownership Act of 1913 and maturing in approximately 40 years. These certificates will be given in exchange for the securities outstanding on the
properties acquired and will be secured by a first mortgage lien upon the
physical property and by an ordinance provision under which the city will
maintain a rate of fare adequate to cover operating expenses, maintain
the property and provide a sinking fund to retire certificates at maturity.
955
THE CHRONICLE
FEB. 211925.]
-Plan Approved.
Columbus Ry., Power & Light Co.
Seven cents will be the fare if the ordinance receives the endorsement
The stockholders on Feb. 10 approved the proposed re-capitalization plan
of voters at a special election on April 7. It is provided that the unified
the basis of service at cost, maintenance and as outlined in V. 120. p. 209, with certain amendments.
system shall be operated on
The plan as adopted, if approved by the Ohio P. U. Commission, will give
renewal and interest at 5% on the capital account and a sinking fund
sufficient to retire the certificates as they mature. It is estimated that the stockholders 634% annual dividends on the Series "B" Preferred, and in
and 25 cents, for each
actual charge for sinking fund will be 0.8 of 1% upon the amount of the the exchange of this series one share of new stock stock, the stockholders
Cercertificates issued and provide for their retirement within 40 years. only share turned in. For each 100 shares of Series "A"
1st Pref. stock.
receive the stipulated interest on their certificates
will receive 105 shares of new 6%
tificate holders will
for extensions and
and all other profits will accrue to the city to be used emergency fund of
-New Officers.
New Board of Directors
betterments and will be kept in a separate fund. An
PhiladelThe new board of directors consists of: Edward W.G. Borer ofFrank T.
if this fund, plus the surplus in the municipal
$5.000.000 will be created and
Thomas H. Jones, Cleveland;
the
railway fund for 90 days equals a sum greater than $7,000,000,But board phia; Cyrus E. Eaton, Cleveland;
if the Hulswit, Chicago; Walter B. Beebe. Win. C. Willard, Frank L. Stein,
rates of fare lc below the fars then in force.
will reduce the
B. W. Mare. all of Columbus, 0.,
emergency fund for a continued period of 90 days is less than $3,000,000, James B. Hanna, Harry S. Holton and Manager of the company. Charles
the board will increase the fare lc. above the existing rate. If the elevated and Clarence C. Slater, present General from his official position and direcemergency fund is created with $8,000,000 in cer- L. Kurtz, former President, has retired
lines are acquired an
tificates which will be issued for their depreciation. Transfers to all torship.
Lyle F. Babbitt has been elected Secretary. succeeding P. V. Burington.
lines will be given without charge.
V.-Pres.-V.120, p. 209.
6
It is proposed to give the Chicago Rapid Transit Co. until MarchU. Cyrus E. Eaton succeeded Wm. A. Gill, as 2d
to accept the tender of $80,000.000 for its properties. The Illinois P.
-New Control.
Cumberland County Power & Light Co.
in 1919 valued the "L" properties for rate-making purposes
Commission
Albert Emanuel Co.. public utility operators, of 61 Broadway, New York
at $86,250,000, and since then about $2,000,000 has been expended for
(net) for a majority
share
new equipment. The South Side surface lines have a valuation of $69.- City, has announced that the offer of $136 50 a Power & Light Co. has
County
002,769, the North and West lines $93,840,769, and the Joliet line, which of the Common stock of the Cumberland Control was formerly held by
lies within Chicago $225,000. The ordinance provides that to this surface been accepted and the deal concluded.& W.Seligman & Co., New York.
line property will be added 147 miles of track and 500 cars in the next E. W.Clark & Co. of Philadelphia and J.
five years at an estimated cost of $23,120,000, and in a second period of Compare also V. 120, p. 452.
construction 98 miles of track and 100 more cars will be added at a cost
-Stock Off List.
Dayton (Ohio) Power & Light Co.
of about $11.000,000. If the "L" lines are not included in the project
The company's 6% Cumul. Pref, stock and Common stock have been
through the refusal of Mr. Insull to accept the city's offer of $80,000.000. stricken from the list of the New York Stock Exchange.
-V.119. p. 945.
It is proposed to build 58 miles of subways and provide 670 cars at a cost of
6157.120,000 in the first ten years, and in a second period to add ten
-Definitive Bonds Ready.
Detroit Edison Co.
miles more of subways and 102 cars at an additional cost of $28,590,000
Ref. Mtge. 5% bonds, due 1949, are now available
Gen.
and connect elevated lines with the subways to facilitate rapid transit. atDefinitive Trust &
Co., N. Y. City, In exchange for temporary bonds.
Bankers
to build 132 miles of elevated tracks and provide
Additionally it is proposed
1847.)-V. 120. p. 828.
1,320 cars at a cost of $104,020,000 in the first ten years and add 52 miles (For offering see V. 119. p.
of track and 680 cars in the second period at a cost of $47,790,000.
-Bonds Offered.-Blyth, Witter &
East Bay Water Co.
In the event that the present elevated system is purchased by the city
only 44 miles of subway will be built and provided with 570 new cars at a Co., Peirce, Fair & Co., Mercantile Securities Co. of Calif.
This would bring the total expenditure to $411.- and American Securities Co. are offering at 101M and int.
cost of 8121,640,000.
330.000 on rapid transit properties, to which between 835,000,000 and
-Year 6% Gold bonds,
$46,000,000 must be added as a cost for financing the program, as the $3,000,000 Unifying & Ref. Mtge. 30
ordinance provides that certificates may be issued to the extent of 10% Series "D."
more than the cost of the properties taken over. The committee also
Int. payable M.& S. at office
Due Mar. 1 1955.
estimates that it would cost $45,000,000 to provide the city's own power, ofDated Mar. 11925.
the Mercantile Trust Co. of Calif., San Francisco, trustee, without
which is now supplied by the Commonwealth Edison Co., and it has deduction
Federal income tax not exceeding 2%. Denorn.
authorized the issue of $49,500,000 in certificates to cover this expenditure. $1,000 and for normal
$500 Cs Red.all or part on any interest date on 60 days' notice
Provision is made for a board of nine members, consisting of three
int., provided, however, that in case of the sale to or other
groups of three men each. The first group will be selected by the city, at 105 and of the company's properties by any public corporation, the comthe second by present security holders and the third by agreement between acquisitionat its option and upon like notice redeem these bonds as a whole
pany may
-V. 120, p. 328.
the city and present security holders.
at 103 and int.
-The bonds will be a direct lien upon all the property of the
- Security, &c.
Cincinnati Newport & Covington Lt. & Trac. Co.
Unifying & RefundMarch II on approving the action of the company now or hereafter owned,equally with all other under the Unifying
The stockholders will vote
directors in authorizing the execution and delivery of a mortgage by the ing Mtge. bonds. This and all further issues of bonds liens, is limited to a
underlying
Union Light, Heat & Power Co., to secure an aggregate amount of $5,000.- & Refunding Mtge., except for refunding of plant extensions when annual
000 of bonds, of which there may be presently issued not more than $3,- par amount not exceeding 75% of the cost134 times the total interest on all
-Year 6% Gold bonds for the purpose of paying, refunding, and net earnings shall have been not less than
000,000 25
authentication under
retiring all outstanding bonds of that company, and for making such bonds outstanding and any additional bonds for which
extensions and additions to the property of the company as may be reason- this mortgage may have been requested. may be sold to the public, and
No more of the First Mtge. 534 7,, bonds
ably necessary.
-V. 115, p. 1099.
when and as available they must be deposited under the Unifying & Refunding Mtge. At the conclusion of this financing there will be $4,932,100
-Dividends.
Cities Service Co.
Unifying & Refunding Mtge..
Regular monthly dividends of 34 of 1% in Common stock and 34% in First Mtge. 534% bonds deposited under the
cash have been declared on the Common stock, together with the usual which is 32.9% of the authorized total of those bonds.
6
,
monthly dividends of ; of 1% on the Preferred and Preference stocks, all
-The same bankers are offering
Notes Offered.
$1,000,000
payable April 1 to holders of record Mar. 15. Like amounts are payGold notes.
able Mar. 1. Prior to Mar. 1, the company paid regular monthly divi- at 100 and int. $1,000,000 53'%
Dated Feb. 1 1925: due Feb. 1 1928. Prin. and int.(F. & A. 1) payable
dends of 34 of I% in cash scrip and 13.4% in stock scrip on the Common
at American Bank, San Francisco, trustee, without deduction for normal
stock. See also 'V. 120, p. 828. 451.
Federal income tax not esceeding 2%. Denom. $1,000. Red. as a whole
and
at 101 and int, up
City Water Co. of Sedalia, Mo.-Notes Offcred.-Cald- only on any int. date on 30 days' noticeup to and incl. Feb.to 1927,incl.
and
1
at 10034 and int.
Feb. 1 1926,
well & Co., New York, are offering at 99 and int., to yield thereafter atthereafter int.
100 and
Data from Letter of Pres. Edwin 0. Edgerton, Oakland, Calif., Feb. 5.
$720,000 1st Mtge. 5% gold notes.
5
about
-Formed Nov. 13 1916 in California. Company, with its
Company.
Dated March 1 1925; due March 1 1926. Bilenoin. $1,000 and $500 c*.
production, disRed. on 30 days notice at 100 and int. Interest payable M.& S. at State predecessors, has been engaged for the past 59 years in the purposes. The
deduction for normal tribution and sale of water for domestic and industrial
Street Trust Co., Boston, Mass., trustee, without
Oakland. Berkeley, .Alameda, PiedFederal Income tax up to 2%. Income taxes not exceeding 6% or personal territory served includes the cities of Leandro. in Alameda County, and
property taxes to an amount not exceeding 4 mills will be refunded to holders mont, Emeryville, Albany and San
Richmond and El Cerrito in Contra Costa County, Calif. Combined popresident in the New England States. Pennsylvania and Maryland.
ulation estimated at 460,000.
-Subject to approval of the Missouri P. S. Commission.
Issuance.
for all municipal,
Outstanding Capitalization at Conclusion of Present Financing.
Company.-Sunplies the City of Sedalia with water
domestic and industrial purposes. Estimated population, 30.000. Com- First Mtge. 5;6s, 1946_ -59,409,200 Unit. & Ref. Mtge. bds.:
pany was incorp. in 1907 in Missouri and took over the property of the Unit. & Ref. Mtge. bds.:
Series "D" (this issue)33,000,000
City Water Works Co. of Sedalia and the Sedalia Water & Light Co.
1,000,000
2,480,500 5M % Gold notes
Series"A"
Security.
-Secured by a direct first mortgage on all the properties of the
3.000,000 Class "A" Pref. stock_ ._ _ 7,568,800
Series"B"
company now owned or hereafter acquired.
2,000,000 Class "B" Pref. stock___ 2,987.200
. Series"C"
having,
Value.
-Stone & Webster, Inc., has appraised the property as
100,000
Common stock
upon completion of the enlargements and extensions for which a part of the
-If a condemnation proceeding be brought to fix the
Value of Property.
proceeds of these notes will be used,a reproduction value of over $1,300,000.
price of purchase of this property by the public, the owners of this property
Earnings.
-Based upon the business of the past year, and after applying
the new schedule of rates which went into effect as of Jan. 1 1925, upon will be protected by the Constitution of the United States and the laws of
order of the P. S. Commission, the gross earnings are at the annual rate of the State of California as interpreted by the Courts.
The decisions of the Courts and the Railroad Commission of California
8130,884. net earnings available for interest on these notes are at the rate
the public
of over $72,371. or two times the annual interest requirements on this issue. In fixing the just compensation to be paid on a sale toplant have of properuniformly
ties similar in character to the East Bay Water Co.'s
The earnings of the company will be considerably increased upon compleSuch
tion of the new construction, for which a part of the proceeds of these notes measured value as the cost of reproduction ices a fair depreciation. plant
a measure of value should produce a figure for East Bay Water Co.'s
be used.
will
-V. 103, p. 146.
dollars in excess of all bonded indebtedness and the par value
Columbus Newark & Zanesville Electric Ry.-Sale.- several million Preferred and Common stock, which at the conclusion of
all outstanding
Th3 sale of the Columbus Newark & Zanesville electric lines Feb. 8 at of present financing will total 631,545.700.
the
Newark, 0., brought $750,000 when divided into two parcels. Only two
-Company owns constitutional franchises in all the municiFranchises.
bidders appeared at the sale, which was conducted at the Courthouse. palities in which it operates. These franchises were acquired under Section
The rail property from the western boundary of Newark to Zanesville, 19 of Article XI. of the State Constitution prior to the amendment of Oct.
the Newark city lines and Granville line was sold to J. C. Jones, Philadel- 10 1911. They run without time limit and are free frorr burdensome rephia, for $350.000. Mr. Jones represented the committee of bondholders strictions.
In the purchase.
-year
-The proceeds of the Series"D" bonds and of $1,000.000 3
Purpose.
H. IT. Johnson, Columbus, 0., paid $400,000 for the property extending
% Gold notes will be used in part for the construction of the upper San
from Newark to Columbus, including the Buckeye Lake route.
Leandro reservoir and dam, which will provide approximately 15,000,000The Granville line was abandoned several months ago and while no anof additional water storage facilities, and in part for the general
nouncement has been made, it is believed the line will be reopened. It also .000 gallons improvement of the company's system.
extension and
is said the new owners will replace rolling stock with modern cars and repair
Comparative Statement of Earnings for Calendar Years.
the roadbed.
*1924.
1923.
1922.
1921.
Ths sale of the property is only a further step towards the completion of
the reorganization plan outlined in the "Chronicle" V. 116. p. 294.- Gross operating revenues_ __ _$2,526,185 $2,887,160 $3.202,441 $3.478,800
taxes, deprec'n_ 1,307,776 1,453,590 1,597,059 1,815,500
Oper. exp.,
V. 119. p. 2759.
Commonwealth Edison Co., Chicago.
-Annual Report.
1924.
Calendar Years1923.
1921.
1922.
$53,672,442 $49,136,042 $43,107.956 $37,139,831
Gross revenues
28.997.333 27,670,691 25,131,735 21,495,397
Operating expenses
339,047
Uncollectible open rev
177.722
139,671
165.147
4,327,878
3,912,725
Retirement expense__
3,287,212
2,900,758
4,375,861
4,230,000
2,700,000
3,400,000
Taxes
1,469.585
1,116,260
Municipal compensation 1,606,230
1.283.883
• Operating income_ __ _$14,026,094 811,675,313 $9,839,978 $8,787.744
557.270
728,221
687.565
739,586
Other income
Total
Interest on bonds
Dividends (8%)
Other deductions
$14,754,315 812.232,583 $10,527,543 89.527.330
3,048,222
3,052.613
4,089,363
2,834,042
4,602,416 4,307.126
5,389.002
6.230,288
1,202,947
1.627,853
1,557,033
1,326,503
Balance, surplus
Previous surplus
$2,877.631 $2,163,115 81,673,959 81,059.659
12,703.312 10,608,466 z9,083.639 8,254,406
815,580.943 812,771,581 810,757,597 89,314,065
Total
28.345
68,268
17,582
7,863
Miscellaneous debits__ _
120,787
122,985
y Other reserves
Profit & loss, surplus_$15,563,361 $12,703,312 $10,608,466 $9,183,217
After deducting adjustment of charges made to investment in affiliated
companies prior to 1922. y Other reserves, insurance reserve and liability
-V. 120, p. 828.
for provident funds.
Net operating revenue__ _ ..$1,218,409 81,433,571 $1,605,382 61,663,300
18,400
9.776
25,786
28,961
Non-oper. revenue. net
$1,247,371 $1,459,357 $1,615,158 51,681.700
Net revenue
963.400
919,354
894,220
Total int,chargeable to oper_ 813,733
8433.637 $565.137 $695,803
Balance
-V. 120. p. 828.
* December 1924 partially estimated.
$718,300
-Earnings.
Federal Light 8c Traction Co.
1921.
1922.
1923.
1924.
Calendar Years$5,665.828 $5,510,877 $5,012,490 $4,845,123
Gross earnings
3,284,150 3,339,972
3,425,936
Oper., adm. exp. & taxes 3,504,242
52,161,586 12,084,941 $1,728,340 $1,505,151
Total income
662,295
681,039
802.413
721,199
Interest and discount...
5842,856
$1,440,387 $1,282,528 $1,047,301
Net income
Cent. Ark. Ry. & Light
84,000
85,522
87,343
88,713
Corp. pref. dividends_
Springfield Ry. & Light
54,113
52,531
63,695
64,052
Co. pref. dividends_ _ _
Federal Light & Trac.250,500
216,211
224,975
Pref. dividends (6%)_
Common divs., cash_ -($4)248,459 (83)143,182
($3)186,401 ($3)143,182
In 6% Pref. stock_
Balance, surplus
-V. 120, p. 702.
$627,788
$628,920
$657,166
$706,325
956
THE CHRONICLE
Electric Bond & Share Co.
-Board of Directors.
-
[VoL. 120.
Mich. In Mishawaka and Niles it also supplies directly a number of large
industrial power customers.
As of Dec. 31 1924 Indiana & Michigan Electric Co. was serving
customers with a total connected load estimated to exceed 70,000 36,094
k. w.,
and its total output of energy for 1924 aggregated 131,943,420 k. w. h.
Total population served directly and at wholesale is estimated at over
210.000.
The property includes four hydro-electric plants with an aggregate installed generating capacity of 21,700 k. w. and a steam electric generating
plant of 24,000 k. w. capacity, a total of 45,700 k. w. These plants are
connected with each other and with the centres of distribution by a cornprehensive system of high tension transmission lines aggregating 256 miles.
The various distributing systems comprise in the aggregate 697 miles of
Fulton County Gas & Electric Co.
lines and include underground systems in South Bend and Elkhart. The
-Increase.
or The company has filed a certificate with the Secretary of State of New property has been maintained in a very high degree of operating efficiency.
New Power Facilities.
York increasing its authorized capital stock from $1.732,600 to $3,157,600.
-In order to handle the large amounts of new business immediately available in the territory served, the new company will
-V.119. p.2179.
acquire and operate the steam electric generating station which is being
Great Lakes Power Co.
constructed by Twin Branch Power Co. at Twin Branch, near Elkhart, Ind.
-Merger.
This new plant is designed for an ultimate
See Michigan Electric Power Co. below.
-V. 116. P. 2263.
w.. and is
to be placed in operation shortly with an capacity of 240,000k.
Great Western Power Co. of Calif.
of 80,000 k. w., thereby increasing the initial installed generating capacity
-Bonds Offered.
- from
generating capacity of the system
45,700 k. w. to 125,700 k. w.
E.1113. Rollins & Sons, Bonbright & Co., Peirce, Fair & Co.
Interconnection.
-From
new Twin
Branch
and Lee, Higginson & Co. are offering at 97 and int., to Power Co. is constructingthe132,000-volt Branch station. Twin nearing
a
transmission line, now
completion,
yield 53 %,$1,500,000 1st & Ref. Mtge. Sinking Fund Gold the lines of which will connect at the Indiana-Ohio State boundary with
%
an affiliated company. The property of the Indiana
Bonds, Series "D" 53/%.
Electric Co. will thus be an integral part of the comprehensive & Michigan
superpower
Dated Feb. 2 1925. Due Feb. 1 1955. Red. on the first day of any system extending into five States formed by the interconnected transmission
month on 60 days' notice at 10234 and int. to and incl. Feb. 1 1935 and lines of subsidiaries of American Gas & Electric Co. The Twin Branch
station is to be one of the three principal base load plants of this system so
thereafter at par and int, plus a premium of 34% for each year or poriton
thereof of unexpired term. Int. (F. & A.) payable in New York, Chicago that Indiana & Michigan Electric Co., in addition to the usual important
or San Francisco. Denom. $500 and $1,000 c". Bankers Trust Co.. New benefits of such interconnection, will be able to increase its earning power
York, trustee. Company agrees to pay interest without deduction for substant'ally through sales of electricity at wholesale to the affiliated
any normal Federal income tax not exceeding 2%. Penna. 4 mill tax and companie
Mass. Income tax on int.. not exceeding 6% of such int. per annum, reCapitalization After This FinancingAuthorized.
Outstanding.
funded.
Common stock (no par value)
1,000.000 shs. 720,260 shs.
Issuance.
-Authorized by the California Railroad Commission.
Preferred stock, 7% cumulative
$10.000,000
$1,600,000
First & Ref. Mtge. bonds 5% Series due 1955
Data From Letter of Guy C. Earl, President of the Company.
(this issue)
Company
in 1915 in Calif. Does an extensive electric light and First Mortgage
8,000,000
5s, duo 1957
Closed
power business in Central California, serving a population of over 1,400 000.
5,959.000
Since the beginning of 1912 the connected load has increased from 110.000
* Limited by the conservative restrictions of the mortgage.
hp. to about 468,000 hp. and the number of consumers from 4,230 to
Security.
-Secured by a direct first mortgage on the new Twin Branch
about 52,000. During this same period gross earnings have increased
from about $2,000,000 per annum to over $7,670,000 per annum. The power plant and the new transmission line mentioned above and by a
mortgage on the balance of the physical property, subject to one closed
rapid and steady development of the territory served by the company issue
of $5,959,000 underlying bonds outstanding with the public.
assures an increasing demand for hydro-electric power for industrial,
agricultural and domestic purposes.
Earnings for Calendar Years.
Company's electric generating plants have a present installed capacity
1923.
1924.
of 225.000 hp.. of which 175,000 hp. is hydro-electric and 50,000 hp. is in Gross earnings, including other income
$3.507,347 $3,394,866
Operating expenses, maintenance and taxes
auxiliary steam plants.
2,214.289
1,989.252
Company is controlled by Western Power Corp., which has recently
Net earnings
acquired control of San Joaquin Light & Power Corp. and its affiliated
El,293.058 $1,405,614
companies, Midland Counties Public Service Corp. and Fresno City Water Annual interest charges on funded debt, including this is.sue_697.950
Corp.
Balance
-To provide in part the funds necessary to reimburse the
Purpose.
$707,664
Ownership.
-American Gas & Electric Co. controls the present companies
company's treasury for capital expenditures recently made and soon to
and will control the now company through ownership of all Common
be made.
stock
except directors' qualifying shares.
-V. 119, p. 2878.
Capitalization as of Nov. 30 1924 (After Present Financing).
Common stock
$27,500,000
International Telep. & Teleg. Corp.-Riohts, &c._
Pref. stock, 7% °emu'. (incl. $769,500 subscribed for but not
The corporation is offering 89.975 additional
fully paid up)
8,540,084 capital stock to stockholders of record Feb. 24shares (par $100) of its
for subscription, on or
Debentures
-6% 1925
4.177.600 before April I. at $83 per share, in the proportion of one share
of stock for
1st & Ref. Mtge. 534s, Series "D," 1955
1.500,00e each two shares now held.
Series "C." 6% 1952
5,965,000
Subscriptions will be payable in New York funds and the subscriber will
Series"B,"7% 1950
a7,459,600 have the option of making payment either (a) in full, on or before
Series"A,"6% 1949
5.938.500 1925, or (b) in three installments, as follows: $23 per share on April 1
Underlying Divisional Mortgage bonds (Closed)
2.817,950 April 1, $30 per share on or before July 1 and $30 per share on or before
or before
let Mtge. 5% bonds, 1946 (Closed)
19,554,000 Oct. 1.
All payments may be made and
a $40,900 additional Series "B" bonds have been issued and pledged as at the offices of the corporation atwarrants may be exchanged or transferred
41 Broad St.,
collateral for the $40,9008% Cony,bonds, not as yet turned in for redemp'n. certain banks and telephone offices in Spain. N. Y. City, or through the
Cuba and Porto Rico, where
Earnings 12 Months Ended Nov. 30.
arrangements have been made to receive and forward subscriptions and
payments.
1923.
1924.
[Edward B. Smith & Co. and Dominick & Dominick, it is understood,
Gross earnings, exclusive of int. during construc'n_ $7,238.785 $7.670,238
Operating expenses, taxes, rentals, &c
2,632,214
3.086,893 have underwritten the issue.]
Comparative Balance Sheet December 31.
Net earnings
$4.606,571 $4,583,345
1924.
1923.
1924.
1923.
Annual int. on outstanding Mtge. bonds (incl. this offering).._ 2,438,160
AssetsLiabilities
$
Plant, property &
Capital stock
12,739,756
Balance
$2,145,185
concessions ___ _26,460,753 24,238,573 Pfd. stock of subs_ 3,092,300 12,672,093
2,257,300
-V. 120. p. 702, 582.
Adv. to & invest.
Minor.st'kholders'
In attn. Interests 3,128,230 1,538,848
Int. In capital &
Hartford Electric Light Co.
-Annual Report.
Expend,in conneo.
surplus of subs
577,214
608,206
Calendar Years1924.
ace. new prop's_
1923.
1922.
1921.
37,979 1,117,106 Cub. Tel. Co. pfd.
Sales (electric current)-- $4.724.400 $4,718.000 $44.066,200 $3,411,100 Special deposits_ _
18,180
115.475
stk. subscr but
Expenses
2,267,700
1,870.500 Deferred charges__ 1,160,434 1,129,829
2,522.600
2,116,100
not issued
199,373
385,000
Taxes
340.000
227.000 Cash
276.000
2,601,722
904,906 Funded debt
9,031,652 9,051,960
Empl. wkg. fund_
27,665
23.209 Deferred liabilities 268,270
233,927
Net income
$2,071,700 $1,855,400 $1,674,100 31,313,600 Marketable secure 3,397,556
38,700 Bills payable
3.000,726
128.500
Other income
162.000
153.100 Acc'ts receivable__ 544,471
162,600
545,030 Accts.& wages pay 1,347,639
511,557
Due from empl. on
Empl. benefit fund
73,443
52,337
Total income
$2,200.200 $2,017.400 $1,836,700 $1,466.700
subs. to cap.stk_
76,262
1,317 Subscribers' dens
268.270
1.350,100
int. and dividends
1,341,600
1.397,700
996.500 Mails & supplies_ 505,151
467,821 Mat'd int. & divs.
Deposits to meet
unpaid
132.060
443,890
Bal.for reservea & sur. x$850.100
maturing int. &
$675.800
$470,200
$439.000
Divs. payable...... 262,500
5,146
divs. payable_
74,252
384,103 Accrued interest
x From this balance the sum of $225,000 has been appropriated to cover
168,719
117,111
Accrued taxes._
premium and amortization charges incident to the retirement on Mar. 1 Accr. Int. & dive.
263,438
317,055
receivable
7,060
5,327 Other accr. Items_
$3,000,000 7% notes, and appears as a current liability.
24.255
1925 of
9,420
Sundry cur.assets_
3,956
8,859 Res.for depree'n__ 3,324.787 3,098,918
Balance Sheet Dec. 31.
Other reserves_ ___ 511,370
1923.
1924.
1924.
1923.
Surplus
3.026,166 1,140,183
Liabilities
Assets
16,649,700 15,990,900 Common stock_10,000.000 10,000.000
Fixed capital
Total
38,043.670 30,519,108
Total
38,043,670 30,519,108
178,700 Preferred stock_ 2,000,000 2,000,000
556,100
Cash
The usual income account was given in V. 120. p. 829.
3,546,700 3,746,100 Prem. on cap. stk_ 750,000
750,000
Other assets
Notes (called Mar.
International Utilities Corp.
-Acquisitions, &c.
11925)
3,000.000 3,000,000
Since its incorporation in Maryland in October 1924 the company has
Other liabilities__ _ 917,400
522,000 acquired control of the following public utility systems operating in 59 comTot.(eachside).20,752,500 19,915,700 Reserves & surplus 4,085.100 3,643,700 munities with a combined population in excess of 1,135.000: (a) Kentucky
Securities Corp.
-power, light, railway, gas and Ice; (b) Southwestern
-V. 120, p. 453.
Utilities Corp.
-wholesale gas
industrial
-Bonds Offered.
- public utilities; (c) Coffeyville to largeFuel Co. plants, municipalities and
Indiana & Michigan Electric Co.
Gas &
-distributes gas in Coffeyville, Kan.; (d) Canadian
Harris, Forbes & Co., Bonhright & Co., Inc., and Old Colony Northwestern Utilities, Utilities Ltd.-owns entire capital stock of: (1)
Ltd., serving Edmonton. Can., with gas,
Trust Co., Boston, are offering, at 953. and interest, yielding Princeton Petroleum Co., Ltd.. owning oil leases in the Viking and (2)
5.30%„000,000 First & Ref. Mtge. Gold Bonds 5% Series Alberta, Can.: (e) Canadian Western Natural Gas, Light, Heat &field of
Power
-distributes gas in Calgary, Lethbridge, Macleod, Granum,
Co., Ltd.
due 1955.
Claresholm, Nanton, Okotoks, &c., Can.; and (I) Buffalo & Erie
Dated March 2 1925: due March 1 1955. Interest payable M.& S. In speed electric railway. Over 30% of traffic volume is freight. Ry.-high
New York City. Redeemable on any interest date, all or part, on six
CapitalizationAuthorized. Outstanding.
weeks' notice, through Sept. 11929, at 105 and interest: thereafter through
Cumul. Pref. stock (par $100)
$10.000,000
None
Sept. 1 1934 at 10434 and interest: thereafter through Sept. 1 1939 at 104 7% "A" stock (no par value)
500.000 shs. *190.540 shs.
premiums reducing 31 of 1% each year to Class
and interest; and thereafter at
Class "B" stock (no par value)
500.000 shs. 500,000 shs.
10034 and interest during 1954. Denom.c• $1,000 and 3500, and r $1,000
and authorized multiples thereof. Irving Bank-Columbia Trust Co. and
•Net amount after deducting intercompany holdings.
George E. Warren, trustees. Company will agree to pay interest without
and Earnings.
-The corporation has provided a paid-in surplus
deduction for any Federal income tax not exceeding 2% which it or the of Dividends share for
$3 50
each share of Class "A" stock outstanding. A similar
permitted to pay thereon or retain therefrom paid-in per
trustees may be required or
surplus will be provided for the stock to be issued to complete the
and to refund, if requested within sixty days after payment, the Penn. 100% acquisition
of subisdiary companies Common stocks, which will
4 swill tax to holders resident in that State.
bring the total Issue up to 190,540 sham, the amount shown above as
-Subject to authorization by the Indiana P.S.Commission and outstanding.
Issuance.
the Michigan Public Utilities Commission.
A consolidated budget statement of these subsidiary
preData from Letter of President 12, E. Breed, Feb. 14 1925.
pated by their operating officers, for the calendar year corporations,gross
1925 shows
Company.
-Is being formed by the consolidation of the present Indiana revenues of 55.617,041 and a net income of $1,579,452 after deduction of
& Michigan Electric Co. and the Twin Branch Power Co. The Indiana & operating expenses, fixed charges including dividend on outstanding PreMichigan Electric Co. does an extensive electric power and light business in ferred stock of two corporations not acquired through the proposed issue of
the important industrial section in the St. Joseph River Valley in northern Class "A" stock. After deduction of estimated interest paya
-ble by InterIndiana and southwestern Michigan, including the entire central station national Utilities Corp., the remaining income shown by the budget, when
power and light business in South Bend and Elkhart. Ind., and ten other added to the paid-in surplus mentioned above, provides a balance of
communities. It supplies at wholesale the major portion of the power $2.183,794 available for depreciation and depletion, Federal taxes, sinking
requirements of the local distribution systems in several other communities fund charges, holding company expenses and dividends on the Class "A"
including Mishawaka, Ind.. and Niles, St. Joseph and Benton Harbor, stock. These calculations are based on the acquisition of 100% ownership
At the annual meeting of the stockholders on Feb. 18 all of the directors
were re-elected with the exception of C. A. Coffin, E. W. Rice Jr., 0. D.
Young, Anson W. Burchard and R. T. Paine 2d, who in connection with
the distribution of the stock of the company by the General Electric Co.,
expressed their desire to withdraw from the board and not to be re-elected.
In lieu of the General Electric Co. directors, five Vice-Presidents of the
Electric Bond & Share Co. were elected. The board now consist of:
H.C. Abell, A. C. Bedford, S. Reading Bertron, Frederick A. Farrar,
C.E. Groesbeck, E. K. Hall, E. W. F1111, Edwin G. Merrill, S. E. Mitchell,
F.* B. Odium, L. H. Parkhurst, Lewis E. Pierson, Willlam C. Potter,
Felix T. Rosen, F. Silllman Jr., and Frederick Strauss.
-V.120, p. 329,86.
of both Preferred and Common shares of all subsidiary corporations except
the Kentucky Securities Corp. Preferred stock, of which 5,000 shares are
owned by the International Utilities Corp., and except the Preferred stock
of the Canadian Western Natural Gas, Light, Heat & Power Co., Ltd.
$1,579,452
Gross income as above
Dividend requirements at $3 50 per share on 190,540 shares Class
$666.890
"A"stock
-The sonud values of the above properties
Physical Value of Properties.
after deducting funded debt of the subsidiaries and the par value of the
Preferred stock issue above referred to-is $15.831.893. This
outstanding
value is based upon appraisals of Ford, Bacon & Davis, Inc. and other independent engineers, and an offer recently made by responsible interests to
purchase one of these properties. which offer was rejected. The amount
af sound valuation for the proposed issues of Class "A." stock (at the price
of $50) and Class "B" stock would be as follows:
$15.831.893
Sound value as above
9.527,000
190,540 shares Class "A" stock at $50 per share
Equivalent to about $12 60 per share for 500,000 shares Class
6,304,893
"B"stock
-Class "A" stock is entitled to receive
Provisions of Class "A" Stock.
ordinary cumulative dividends of $3 50 per share per annum before any
dividends can be paid to Class "B' stock. In any year in which dividends
at the rate of $3 50 per share per annum have been paid or provided for the
Class "A 'stock, then a dividend at the rate of $1 per share per annum may
be paid on Class "B•'stock. Whenever in any year the foregoing dividends
have been paid or provided for,. then all subsequent dividends declared or
paid in such year shall be so declared and paid t!poi? the Class "A" and
Class "B" stock, share and share alike, until Class .A' stock has received a
participating dividend of $1 50 per share, making a total dividend of $5 per
share for such year, and than all subsequent dividends in such year shall
accrue to the Class "B" stock. Class "A" stock has preference up to $60
per share and accrued ordinary dividends in the event of liquidation before
distribution shall be made to Class "B" stock, and may be redeemed in
whole or in part on 60 days' notice on any dividend date at $60 per share
and accrued ordinary dividends.
-Class "B" stock has sole :voting power
Provisions of Class "B" Stock.
except whenever and so long as the Class"A"stock is in arrears in dividends
to the extent of $3 50 per share, in which event Class "A" stock is entitled
to vote.
Dividends on the Clas "B" stock may be declared and paid in any year
out of earnings after payment of $3 50 per share on the Class "A" stock.
After payment of $1 per share per annum on the Class"B"stock,subsequent
dividends declared and paid in any such year shall be divided equally between the Class "A" and Class "B" stock until the Class "A" has received
,
a total of $5 in any year, after which all further dividends declared shall be
payable to Class • B" stock.
Chandler & Co., Inc., New York, are offering the Class "A" stock at
$50 per share with a bonus of X share of Class "B" stock. Present market
quotations for these stocks are: Class "A," 46).1; Class "B." 13. (See also
V. 119, p. 2529.)-V. 120. p. 702. 211.
-Of the total of $1,000,000 outstanding Capital stock, the
Ownership.
entire outstanding $300,000 of Common stock is owned by Monarch Mills
of Union, South Carolina. The balance consists of $700,000 of Cumulative
7% Preferred stock outstanding with the public.
-Annual Report.Mackay Companies.
-Years Ended Dec. 31-11 Mos.End, Year Ended
Dec. 31 '22. Feb. 1 '22.
1923.
1924.
PeriodReceipts
$4,787.286 $4,898,564 a$8,623.181 $4.309.253
164,272
82.771
292,489
Oper.exp.,Fed.tax.,&c.
173.955
8,439.248
4.180,341
4396,502
Pref. diva. (4%)
1,4301,561
Common dividends
(6%)
(75)
(101%)
Rate of Common diva_
(7%)
$46,141
$19,661
$9,573
Balance, surplus
$11,770
a Includes $4,138,040 received from the accumulated reserves of subsidiary companies.
-V. 119, p. 1402.
Marconi's Wireless Telegraph Co., Ltd., London.
Offers 500,000 Additional Shares of Ordinary Stock.
The corporation is offering its shareholders 500,000 additional Ordinary
shares at 27s. 6d. per share in the proportion of one new share for each six
shares owned.
-V.120, p. 582. 211.
-Balance Sheet Dec. 31.Laclede Gas Light Co.
1924.
1924.
1923.
1923.
Liabilities
Assets
Plant & equioin't_42,031,305 41,023,072 Preferred stock.- 2,500,000 2,500,000
44,401 Common stock. __10,700.000 10,700,000
43,401
Other Investments
27,452 Funded debt
434,178
27,500,000 27,500,000
Cash
23.522 Notes payable_ _ 200,000
21,630
450,000
Special deposits...
2,324 ACC't8 payable_ _ _ 324,503
453,795
Notes receivable_
252,439
Awls receivable 1,165,471 1,004,246 Customers' depos_ 236,140
327,383 Miscellaneous....
Materials & stunk. 302,834
15,597
22,961
Matured bonds &
Coal, oil, fuel, &c.,
851,882
550,774
81,387
interest payable
31,994
in storage
591,533
115,358 Accrued interest._ 588,461
Miscel. cur. assets 104,008
292,402
81,387 Accrued taxes __ _ 837,078
31,994
Cash with trustee_
44,724 Surplus to Cora.
64,981
Prepaid accounts_
529,161
stock div. fund. 1,288,347
61,512
P.S. Com.expense 103,215
Retirement reserve 1,308,924 1,026,829
Unamort. bd. disc,
and expense.... 1,961,162 2,030,568 Reserve for service
annuity
55,000
27,477
34.694
Misc, def. charges_
Other reserves.... 1,134,537 1,157,579
114,586
121,701
Total (each shle).46,849,646 45,665,310 Surplus
A comparative income account was published in V. 120. p. 829.
-To Change Par Value.
Lawrence (Mass.) Gas Co.
The company has applied to the Massachusetts Department of Public
Utilities for authority to reduce the par value of its Capital stock from $100
-V. 118, P.
to $25 a share, without changing the total authorized capital.
2710,
-Earnings.
Lone Star Gas Co.
Calendar YearsGross earnings
Other income
957
THE CHRONICLE
FEB. 211925.]
1921.
1922,
1924.
1923,
7, 464,236 $6,575,532 $5,806.640 $4,496,901
82.067
70,712
Total income
$7.464,236 $6,646,245 $5,806,640 $4,578.968
Oper. exp., taxes, Stc_..- $3,532387 ($1.926.029 $1.847.200 $1,778,407
799.035
1,518,350
Gas purchased
1,566,019
Deprec'n & depletion... 1,418.454
939,805
1,027319
1,255,592
892.932
664.402
Other charges
514,372
605.895
Net before dividends_ $1,620.563 $1,384,233
-V. 119, p. 2878.
$807,876
$397,259
Lockhart Power Co.(South Carolina).
-Bonds Offered.
Harris, Forbes & Co. are offering at 96 and interest, yielding
over 5.80%, $1,500,000 First Mortgage Sinking Fund Gold
Bonds, 53% Series, due 1950.
Dated Feb. 2 1925; duo Feb. 1 1950. Interest payable F. & A. at office
of Harris, Forbes & Co. in New York, without deduction for any Federal
Income tax not exceeding 2%. Penn. 4 mills tax, Maryland security tax
not exceeding 4,5i mills, and Conn. personal property tax not exceeding 4
mills per $1 per annum refunded. Redeemable on any interest date on six
weeks' notice at 105 and interest through Feb. 1 1930; thereafter at 103)i
and interest through Feb. 1 1935; thereafter at 102 and interest through
Feb. 11945; and thereafter prior to maturity at 1003i and interest. Denom.
$1,000 and $500 O. National Bank of Commerce, New York, trustee.
Sinking Fund -Mortgage will require the retirement annually of $45.000
of the 5 % series due 1950. by purchase at or below the call price or by
redemption at the call price. This sinking fund Is sufficient to retire, prior
to maturity, nearly three-quarters of the present issue.
Data from Letter of Emilie Nicholson, President of the Company.
Company. Owns and operates a modern hydro-electric generating station, completed in 1921, of approximately 18.500 h. p. capacity located on
the Broad River in South Carolina and a system of transmission lines serving
textile mills and mill villages or manufacturing plants in Lockhart, Union.
Jonesville and Pacolet. Power is also sold at wholesale to the city of
Union and to the town of Jonesville. Company thus serves a total population of about 15,000. output of the
-The
company's hydro-electric plant is sold
Power Contracts.
In most
at wholesale under various contractsof the cases providing for minimum
amount of power actually delivpayments to the company regardless
ered. A contract about to be executed with Monarch Mills will alone insure
minimum payments sufficient, together with other income and after payment of all operating and maintenance expenses and taxes, to pay current
Interest and sinking fund charges on this issue. This contract will extend
beyond the maturity date of these bonds.
eouritg.-A direct first mortgage on the entire physical property now
s
owned. The actual investment in the property, a substantial portion of
pre-war Prices, is approximately $2.900,000, or over
which was made at of this issue. Upon
completion of this financing there
190% of the amount
outstanding.
will be no other funded debt
Earnings Twelve Months Ended December 31 1924.
$282,059
Gross earnings
65,346
Operating expenses, maintenance and taxes
82,500
Annual bond interest (this issue)
7_ ________________
$134,213
Balance. ___________________
__ snancino
Capitalization Outstanding Uponl.ompletion of Present
$g(10,000
Cosmon stock
Preferred stock
700,000
77 CumulativeSinking Fund Gold Bonds.
% Series, due 1950 1.500300
Mortgage
First
- oceods will be used to retire unsecured indebtedness incurred
Purpose.
of the company's property.
n connection with the construction
-Bonds Approved.
Merchants Heat & Light Co.
The Indiana P. S. Commission has authorized the company to issue
31.019.000 6% bonds and $340,000 of Common stock at not less than 90.
The proceeds will be used to reimburse the treasury for the cost of additions
-V. 119. p. 3010.
already made, and to be made to its plant and system.
-Bonds Sold.-Kuechle &
Michigan Electric Power Co.
Co., Milwaukee, Carman, Fox & Snyder, Inc., Chicago, and
Peters Trust Co., Omaha, have sold at a price to yield 6IX 7o,
$585,000 1st & Ref. Mtge. gold bonds, 6%, Series "A.
Dated Dec. 1 1924: due Dec. 1 1944. Int. payable J. & D. Denom.
$1.000. $500 and $100 c*. Red. all or part on any int. date on 55 days'
notice, at 105 and int. to and incl. Dec. 1 1925, this premium of 5% of the
of 1% of the principal on each June 1
principal decreasing at the rate of
thereafter up to June 1 1943, and on June 1 1944 at par. Principal payable
at the office of Security Trust Co., Detroit, Mich., trustee. Interest
payable at the option of the holder at Detroit or New York. without deduction for normal Federal income tax not to exceed 2%. Penna. 4 mill tax,
Conn. 4 mill tax, Md. 43i mill tax and Mass. 6% income tax refundable.
Issuance.
-Approved by the Michigan P. U. Commission.
Data from Letter of President N. J. Frost, Dated Feb. 5.
-Has been organized in Mich. to acquire the public utility
Company.
properties formerly owned by Great Lakes Power Co. (V. 116. p. 263),
Central Power Co., Consumers Beating Co. and Lapeer Gas-Electric Co.
Population about 123,000. The territory served includes about 65 communities, of which about 37 will presently receive electric service either at
retail or at wholesale from company. Extensions are under way or in
contemplation to serve additional communities. All of the other communities in the company's territory are either receiving service from isolated
local plants or are receiving no service at all. There are no other transmission line companies in the territory.
Company's requirements for electric energy are secured principally
through its own hydro-electric and steam plants and through purchase of
current at a favorable rate fron Detroit Edison Co. The hydro-electric
plant, located at Caro on the Cass River, which has recently been reconstructed, has just been equipped with a 300 k.w.(375 k.v.a.) Leffel-General
Electric unit, equipped with automatic control. The hydro-electric station
has a concrete dam 200 feet long with an effective head of 16 feet. The
transmission lines have a length of about 230 miles; the company's present
lines are to be so interconnected as to form a loop by which current may be
transmitted in either direction from the point of generation, thereby still
further assuring continuity of service.
Capitalization Outstanding (Upon Completion of Present Financing).
5585.000
First & Ref. Mtge. gold bonds, 6%, Series "A" (this issue)
415,000
Divisional bonds (closed)
500.000
7% Cumulative Preferred stock
20,000 abs.
Common stock (no par value)
-Secured by a direct first mortgage on all of the fixed property,
Security.
subject only, as to part of the property, to two issues of divisional bonds
aggregating 3415,000.
Consolidated Earnings for Calendar Years.
'24(Dec.est.)
1923.
1922.
$306.000
$153,195
$227,479
Consolidated gross revenue
192,000
158.789
114,774
Operating expenses (including taxes).
$38.421
Net revenue
$68,690
$114,000
-To Increase Capital.
Minneapolis Gas Light Co.
A dispatch from Minneapolis. Minn., states that the company has filed
amendments to its articles of incorporation with the Secretary of State
of Minnesota, increasing the capital stock of the corporation from 3800.000
to $5,000.000. The new stock, as explained by E. W. Brace, Secretary of
the company, will consist of $2.500.000 of Common stock and 31,700,000
Preferred stock, the latter class to pay annual dividends at rates not exceeding 8%.-V. 119. p. 2647.
-Earnings.
Mohawk Valley Co.
(Including Rochester Gas & Elbctric Corporation.]
1922.
1924.
1921.
1923.
Calendar YearsEarnings from operations 39.590.190 59,098.200 $8.108.755 $7,426.595
4,249.532
4,941.753
Expenses (incl. deprec'n) 5.523376
5,354.180
877.878
967,854
870,707
Taxes&uncollectible bllls
990,715
Net income
53.098.959 82,753.304 $2,296,295 52,299.185
79,064
106.416
84.929
108,067
Non-operating revenue_
Gross income
$3,207,026 $2,838,233 52,402.710 $2,378,249
Deduct
1,219.903
1,166,060
1,162,773
Interest, rentals, &c
1,413.074
Dividends on subsidiary
213,747
274,244
360,472
410.760
stocks not owned
Dividends
(127)899.616(87)599,744(6%)506.034 (5)374,840
0
Balance, surplus
-V. 119, p. 2878.
5483.576
$715,244
$456.72
$569.759
-Bonds Called.
Monongahela Valley Water Co.
All of the outstanding 30-Year 5% Gold bonds, due Aug. 1 1931, have
been called for payment March 26 at par and int. at the Farmers' Loan
& Trust Co., trustee, N. Y. City. See also V. 120, p.211.
-Create New Issue of Bonds
Montreal Tramways Co.
Proposal to Exchange New Bonds for Outstanding Debenture
Stock.
The holders of the 5% Debenture stock will vote Feb. 27 on sanctioning
an arrangement proposed to be made between the company and the stockholders involving an exchange of all outstanding Debenture stock for General & Refunding Mtge. Sinking Fund Gold bonds. The resolutions to be
submitted at the meeting will cover the following special business:
(1) To sanction an arrangement proposed to be made between the company and the stockholders under which the 5% Debenture stock at any time
issued and presently outstanding is to be exchanged for 30
-Year General &
Refunding Mtge, Sinking Fund Gold bonds bearing int. at rate of 5% per
annum,forming part of an issue of bonds to be authorized and issued from
time to time not exceeding in all a principal amount of $100.000,000. and
bearing interest not exceeding for Aug series a maximum of6% per annum.
(2) To agree that the exchange be made on the basis of $101 of the Gen.&
Ref. Mtge, Sk. Pd. Gold bonds for each $100 of the Debenture stock, the
company pa
be
stock up to but not after
1925.ying interest upon the
April 1
(3) To provide that upon the company depositing with Royal Trust Co.
30
-Year Gen.& Ref. Mtge. Bk. Fd. Gold bonds of the par value of all of the
Debenture.stock issued and outstanding, together with a premium of 1%
thereon, and upon payment of all the costs, charges, expenses and remuneration of the trustee, the Royal Trust Co. shall forthwith cancel the trust
deed and all mortgages and charges securing the Debenture stock.
958
THE CHRONICLE
(4) To provide that all holders of the Debenture stock shall, on or before
April 1 1925, deposit their certificates of Debenture stock, duly endorsed
in blank, at the office of the Royal Trust Co., Montreal. or London, Eng.,
or at the office of Aldred & Co., Ltd.. 24-28 Lombard St., London, Eng.,
for the purpose of completing the exchange of Debenture stock covered by
such certificates for the bonds of the company so to be issued in exchange
therefor, and to provide further that the only rights of the holders of such
Debenture stock after April 1 1925 shall be to receive from the company
bonds of the issue above mentioned in the amounts and on the basis of exchange hereinabove provided.
A letter to shareholders from the offices of the company
says in substance:
The company has decided to ask the holders of the 5% Debenture stock
to exchange this stock for 5% 30
-Year Gen. & Ref. Mtge. Sinking Fund
Gold bonds. These bonds will be authorized for a total principal amount
of $100,000,000, bearing a rate of interest not exceeding a maximum of
6% per annum. and will be issued from time to time (as outlined below).
The 'basis of exchange will be $101 of bonds for each $100 of Debenture
stock,and it is desired that the exchange be effective as and from April 1 '25.
At the present time the company has an authorized issue of 1st & Ref.
Mtge. Gold bonds amounting in the aggregate to $75,000.000. Of this
issue $21,351,000 are issued and outstanding. It is intended to close this
issue at $25,000,000.
The company has an authorized issue of Debenture stock amounting to
$75,000,000, of which $17,600,000 has been issued and is outstanding. The
company desires by means of the proposed exchange to bring about the
retirement of all this outstanding Debenture stock, and on the completion
of the exchange the trust deed securing the Debenture stock will be cancelled.
Of the new issue of Gen. & Ref. Mtge. Sinking Fund Gold bonds, a sufficient amount will be held by the trustee for the purpose ofretiring an equivalent amount of the 1st & Ref. Mtge. bonds as presently issued or as may
hereafter be issued up to the total amount of $25,000,000. It is intended
that these bonds shall be issued as a Series "A"and bear interest at the rate
of 5% per annum.
It is further intended that a second series, to be known as Series "B,"
and bearing interest at the rate of 5% per annum, be authorized and issued
to such an amount as may be necessary to fully provide for the proposed
exchange of such bonds for the outstanding Debenture stock of company.
The remaining Gen. & Ref. Mtge. Sinking Fund Gold bonds are to be
issued from time to time for the corporate purposes of the company and
proper restrictions will be inserted in the trust deed with respect to such further issues.
The directors feel that the creation of this new security and the retirement of the presently outstanding Debenture stock is in the best interests
of the Debenture stockholder. Further issues of Debenture stock do not
conunand a sufficiently wide market to provide for future financing on reasonable terms. The first issue of Debenture stock was made at the time of
the company's organization in 1911. but since that time small issues have
been made. In 1918, $1,000,000 was issued and sold and in 1922 a further
amount of $500,000 was disposed of. Debenture stock is not a security
generally known on the Canadian or American markets, and the same is
not readily saleable on favorable terms. It is obvious that as the activities
of the company extend and broaden the company must have available for
its purposes a security which will find a ready market throughout the world.
The advantages to be derived by the holder of Debenture stock from the
proposed exchange are substantially the following;
The stockholder will receive a bond which must be redeemed at par not
later than Jan. 1 1954 in exchange for stock which is not repayable at any
fixed date. The Debenture stock presently outstanding has ahead of it,
from the point of view of security, an authorized issue of 1st & Ref. Mtge.
bonds which may from time to time be issued up to a total amount of $75,000.000. The company may also issue further Debenture stock up to
the total authorized amount of $75,000,000. All Debenture stock so 'satiable would rank pani passu with the Debenture stock presently issued. If
the proposed exchange is authorized, the present 1st & Ref. Mtge. bonds will
be closed at $25.000,000: the Debenture stock will disappear as a security
of the company, and the holders of such Debenture stock will receive an
amount of the Gen. & Ref. Mtge, Sinking Fund Gold bonds which the company proposes to Issue with a premium of 1% on the exchange. Bonds of
the Issue so authorized will provide a means for the retirement at maturity
of the 1st & Ref. Mtge. bonds maturing in July 1941, and from that date all
holders of bonds of the proposed issue of Gen. & Ref. Mtge. Sinking Fund
Gold bonds will rank part passu in the security provided by the trust deed
securing the same.
-V.119, p.2762.
[VOL. 120.
A quarterly dividend of 13i% (75 cents a share) on the 6% Cumul
Pref. stock will be paid April 1 to Pref, stockholders of record March 5.
Consolidated Income Account for Calendar Years,
Twelve Months Ended Dec. 311923.
1924.
Electric output (k.w. hours)
2,328,618.141 2,153,614,363
Electric customers Dec. 31
644,430
598,359
Gross earnings
$80,117,255 $75,465,267
Operating expenses and taxes
48,289,198
50,161,763
Net income from operation
Other net income
$29,955,492
1,885,330
$27,176,069
730,988
Total
$31,840,822 $27,907,057
Interest charges
$9,862,179
$8,830,273
Preferred dividends of subsidiaries
1,813,413
2.469,710
Minority interest
1,009,917
1.130,357
Reserves for depreciation
6,867,996
7,795,811
Dividends on North American Pref. stock
1.143,022
1,344,942
Divs. on No. Amer. Cora, stock-Paid in cash
1,206,891
Paid in Common stock
y1,831,761
x2,815,727
Balance, surplus
$$272 1:784
15 0 7 0
:0 3 8
Total to deprec. res. & surplus after all divs_ $$ :217.'90
164 22 0 6
4
9
7
x Underwritten on basis giving stockholders option of receiving $6,938,346
cash in lieu of dividend stock. y Underwritten on basis giving stockholders
option of receiving $3.663,522 cash in lieu of dividend stock.-V.120,p.829.
Pacific Gas & Electric Co.
-Bond Limit Increased.
The stockholders have approved an increase in the authorized bonded debt
from $160,000,000 to $250,000,000. The company does not plan any
borrowing at this time. It is stated that there is about $11,000,000 cash
or its equivalent in the treasury.
-V. 120, p. 583.
Pacific Telephone & Telegraph Co.
-Stock Offered.
The Common and Preferred stockholders of record Feb. 20 are given the
right to subscribe on or before March 24 to 350,000 additional shares of
Common stock at par on the basis of one share of Common for each 2 6-7
shares of Preferred or Common stock held.
Consolidation Income Account for Calendar Years,
Calendar Years1924.
1923.
1921.
1922.
Operating revenues
$57,860,649 $51,755,565 $46,577.858 $40,576,457
Operating expenses
43,204,551 40,184,831 35,827,109 31,437,292
Net revenue
$14.656,098 $11,570.734 $10,750.750 $9,139,165
Deduct-Uncoll.op.rev451,000
209,000
205,9001
Taxes assign, to oper_ 4.144,190
3,573.367
3,121,912j 2.800,704
Operating income__ _ _$10,060,907 $7,788,367 $7,422.938 $6,338,460
Non-operating income_ _
940.120
1,094,918
726,231
1.036,591
Gross income
$11,001,027 $8,883,284 $8,459,529 $7,064,692
Less
-Rent & misc. chgs. 3,625,414
549,217
490,982)
Bond interest
2,267,846
3,672,501
3,259,892} 3,944,058
Other interest
606,900
1,121.991
908,502J
Pref. dividends (6%) 4.357,500
3,420,000 2,670,000
1,920,000
Balance, surplus
$143,367
$119,574 $1,130,152 $1,200,634
-V. 120, p. 829. 705.
Pensacola (Fla.) Electric Co.
-New Control, &c.
-
See Southeastern Power & Light Co. below.
-V.118. p. 552.
Philadelphia Suburban Gas & Electric Co.
-Bonds
Sold.
-Drexel & Co., Bioren & Co. and Stroud & Co. Inc.,
have sold at 98 and int., yielding about 5.64%, $2,100,00
1st & Consol. Mtge. Gold bonds, 532% Series due 1955.
Dated Feb. 11925: due Feb. 1 1955. Int. payable F.& A. without deduction for Federal income taxes up to 2%. Penn. 4
-mills tax, Conn.
-mills tax, Maryland tax up to 44 mills annually. and Mass. income tax
4
6%tper annum on incometeon361edraivel
tliea rem
z t bonds
t
sn teor
u
notice
ire
um
on or
beforelug.1'
.
r ° 1 19.13; said premium to t reduced by 3 of 1% commencing
e
e
of each
Nebraska Light & Power Co.
-Definitive Bonds Ready.
- Feb. 1 1944, with a like additional reduction commencing on Feb. 1Denom.
year thereafter
maturity, in each case
The Guaranty Trust Co. of New York is now ready to deliver definitive $1.000 and $500until Bank of North America with accrued int.
O
.
& Trust Co., Phila., trustee.
First Mortgage 10
-Year 6% Gold Bonds, due 1934, upon surrender of out-Unconditionally guaranteed as to principal and interest by
Guaranty.
standing interim receipts.
An issue of $300,000 of the above bonds was offered in December last by endorsement by American Gas Co.
Paul C. Dodge & Co.and True. Webber & Co., Chicago, at 96 and inter- Data From Letter of Pres. Morris W. Stroud, Philadelphia, Feb. 14.
est, to yield 6.52%.
Company.
-Organized July 3 1923 in Pennsylvania as a consolidation of
This company was incorporated in Delaware on Oct. 3 1924 with an a company of the same name and other operating companies. Owns and
authorized capitalization of $600.000.-V. 119. p. 3010.
operates electric and gas properties serving territory adjacent to Philadelphia, including over 40 communities with a population estimated at
New York State Railways.
-Annual Report.
500,000. The territory of approximately 1,000 square miles in 4 counties
Calendar Yearsincludes a very important industrial district producing a great diversity of
1924.
1923.
1922.
1921.
Railway oper. rev
$10,358,199 $10,800,518 $10,500,221 $10,692,263 manufactures, well developed and rapidly growing residential communiRailway oper. exp.(incl.
ties and prosperous agricultural sections.
depreciation)
The electric property includes a modern electric generating station advan7,257,745
7,708,178
7,687,017
8,511,376
tageously located and has a rated capacity of 30,000 kilowatts, and auxiliary
Net rev. ry. oper
$3,100,454 $3,092,339 $2,813,204 $2,180,886 electric plants with an aggregate rated capacity of 3,340 kilowatts. In
Net rev. aux11. oper....
665
2,484
1,261 addition company has a contract with Philadelphia Electric Co. under
1,544
which it purchases electricity to supplement that generated in its own staNet oper. revenue
$3,101,119 $3,094,821 $2,814,748 $2.182.147 tions. Its gas system includes two large modern gas plants which have a
Taxes
711,305
797,122
705,383
627,903 daily capacity of 10,975,000 Cu. ft., and other gas plants with an aggregate
daily capacity of 7,250,000 Cu. ft. Extensive reconstruction of the comOperating income$2,389,814 $2,297.700 $2,109,365 $1,554,244 pany's coke oven plant at Chester has been undertaken to secure added
125,072
Non-operating income
76.869
97,422
388,654 capacity and greater efficiency. This work will be completed during 1925
and will add 1.600,000 cu. ft. to the daily gas capacity. Company also
Gross income
$2,514,886 $2,374,569 $2,206,787 $1,942,898 operates a small steam heating plant in West Chester. Company's hightension electric transmission lines are over 200 miles in length and with its
Deductions
1,478,479
1,451.177
1,435,518
1.374,044
34.636
Sinking fund
34,130
34,740
34,074 distribution system supplies 28,087 customers. Its gas distribution system
Preferred dive. (5%)
193,125
193,125
193,125
x193,125 includes over 666 miles of mains and serves 54,243 customers.
Purpose.
dividends
-Proceeds will be used to reimburse the company in part for
Common
(234)448,763(13)299,175
expenditures made for additions and extensions to its property, including
$808,646
Surplus
$247,374
$244,229
$341,655 the installation of a new 2,950,000 cu ft. water gas sot at Chester, and
on account of underlying bonds retired through sinking funds.
Security.
-These $2,100,000 bonds, together with $6,155,500 bonds of
x Paid in year 1922.
the 6% Series due 1943, are secured by first mortgage on property valued
Balance Sheet Dec. 31.
as of Aug. 11923, plus additions to date at cost, at $2,741,322 Further.
1923.
1924.
1924.
1923.
these bonds share ratably, through pledge of $5,517,500 Gen. Aftge. bonds.
Assets
with $844,500 additional of such bonds now outstanding with the public
Road & equip.,&c.51,450,659 50,987,369 Preferred stock__ 3,862,500 3,862,500 in a direct
mortgage on property of the company valued as of Aug. 11923,
226,394 Common stock-19,952.400 19,952,400
Sinking funds_ _ _ 232,541
plus additions to date at cost, at $28.987.781,subject to $9,851,000 (closed)
26,813.000 26,868,000
Inv. in atm.cos__ 2,545,097 2,408,297 Funded debt
underlying bonds.
595 Real estate mtges_
200
36,000
Other investments
36,000 the entire property In addition the 1st & Consol. Mtge. is a direct lien on
of the company now owned or hereafter acquired.
197,561 Current liabilities_ 1,929,173 1,751,701
227,253
Cash
Capitalization Outstanding upon Completion of Present Financing.
623,077 Deferred liabilities 657,245
Special deposits__ _ 620.659
804,437
615,207 Tax liability
300,405
320,605 Common stock (no par value) (all owned by Amer. Gas Co.)--45,157 sh.s.
Accts., &c., recle_ 820.732
707,200 Accrued depree'n. 2,461,085 2,433,597 Pref. stock (no par) (div. $7 per sh. per annum, cumulative)_ -87,870 abs.
NIat'ls & supplies_ 764,035
127,700 1st & Consol. Mtge. 5)is, due 1955 (this issue)
Unadj. debits_ _ _ _ 2,346,339 2,301,990 Other unad). ere& 152,096
$2,100,000
Sink. fd. reserves.. 321,204
261,568
So
do
6% Series due 1943
6.155,500
Total(each side)59.007,516 58,067,689 Profit & loss Burp_ 2.522.318 1.649,182 General Mortgage 6% bonds, due 1969
*844,500
Underlying bonds (closed)
-V. 118, p. 2439.
9,851,000
* $5.517,500 additional General Mortgage bonds are pledged under the
Niagara St. Catharines & Toronto (El.) Ry.-Merger. First & Consolidated Mortgage.
-V. 119, p. 325.
Sales of Preferred Stock.
See Toronto Suburban Rys. below.
-During the last four years the company has realized over $6.400.000 from the sale of its Preferred stock; more than half
-Issuance of Bonds, (tc.Northern Ohio Power Co.
of this amount was from sales to customers and employees.
Hodenpyl, Hardy & Co. on Feb. 14 announced that the date for clearing
Earnings Years Ended Dec. 31.
"when, as, and if issued" contracts of the Northern Ohio Power Co. 7%
1924.
1923.
bonds, stock and options was set for Feb. 20 1925.-V. 120, p. 705, 583.
Gross earnings
$4,978,882 $5,250,500
-Dividend of 23/2% Payable in Operating expenses, maintenance and taxes
3.171.076
3,111,358
North American Co.
Stock (or at Holders' Option in Cash).
Net earnings
$1,867,324 $2,079,424
A quarterly dividend on the Common stock will be paid April 1 in Corn. Annual interest on funded debt outstanding upon
stock at the rate of one-fortieth of one share for each share held of record
completion of this financing
1,028,050
March 5. Stockholders may receive cash for such dividend Cora, stock
at the rate of 85 cents a share of Corn. stock held of record March 5 by
Balance
$1,051,374
signing and returning order form provided by company so that it shall be -V. 119, p. 1517.
received by company not later than March 12. A stock dividend of like
amount was paid on the Com, stock on Jan. 2 last.
Phoenixville Valley Forge & Strafford El. Ry.-Sale.-The company will, upon request, arrange for the purchase or sale of
The Phoenixville Trust Co. as trustee for bondholers will offer at public
fractional scrip on a market basis.
sale on March 11 1925 at the Phoenix Hotel, Phoenixville, Pa., all the
THE CHRONICLE
FEB 211925.]
:
959
property real, personal and franchises of the company, consisting of about provided for a group of seaports in the Southern section of the United States
44 miles of electric overhead trolley line, cars, bridges, carbarn, track, and for a rapidly developing agricultural and cotton section through which
dwelling house, pleasure park, near Historic Valley Forge, containing a the lines will be built."
The Southeastern Power & Light Co. offered to purchase all the Preferred
large merry-go-round, baseball field, lake, &c., and about 12 acres of land.
the following
Road runs from Main and Church St., Phoenixville, Pa., to the village stock and all the Common stock of Pensacola Electric Co. on exchange one
terms: (1) For each share of Pensacola Preferred stock, it will
of Valley Forge and Pennsylvania State Park embracing encampment
of Southeastern company Preferred stock without par value, entitled
share
-V. 118. To. 795.
grounds of Washington's Army.
to cumulative dividends of $7 per share per annum; (2) for each share of
-Bond Offered.
Pensacola Common stock it will exchange one-quarter share of its Prof.stock.
Prairie River Power Co.
The Southeastern company will also provide all cash needed to discharge
See Itasca Paper Co. under "Industrials" below.
the bank loans and coupon notes of Pensacola Electric Co., with accrued
- Interest, and coincidentally the receivership will be discharged. The 5%
-Earnings.
Co. of Northern Illinois.
Public Service
First Mortgage bonds will remain outstanding.
1921.
1922.
1923.
1924.
Calendar YearsUp to Dec. 10 1924 85% of the Pref. stock and 97% of the Common
Total operating revenue_618,003,904 $16,014,342 $13,712,095 $12,213,315 stock of the Pensacola company had been deposited with the p_rotective
$10,318,858 $9.586.835 $8,218.491 *7,500.167 committee, consisting of Roger Amory, Richard S. Russell and Theodore
Operating expenses
430,660
670,660
730,660
803.553
Depreciation
-V. 119, p. 2880.
718.620 T. Whitney Jr.
931.831
1,116,174
Taxes & uncollectible rev ,1,446,271
Net operating income.. $5,435,222 $4,580.673 $3.891,113 $3.543,869
466,151
513.021
726,367
1,005.229
Other income
$6,440.451 $5.307,040 84,404.134 34,030,020
Total income
Interest charges, &c_ _ $3.234,489 $2.872,645 82.568.663 82.450,484
518.817
589,133
595,272
671.191
Preferred dividends_
785.457
799,965
1,075,926
1,452,336
Common dividends
$275,262
$446,373
8763,197
81.082.434
Surplus
Chairman Samuel Insult, in the annual report says: "Company has
acquired a half interest in the Western Public Service Co., which was
organized during the year to furnish electric service in the territory adjacent
to the Chicago Burlington & Quincy RR., extending west from near the
west limits of Cook County to the west limits of the City of Naperville.
The capital stock of Western Public Service Co. is owned equally by the
company and Western United Gas & Electric Co. The new company
took over portions of the electric systems of each of the owning companies
and now operates in the municipalities of Downers Grove, Westmont and
Clarendon Hills and in adiacent unincorporated territory, and also supplies
electricity to the City of Naperville.
"Company during the year also purchased the Wenona Light & Power
Co. and the Reddick Electric Light Co.
"In addition to the above-mentioned communities, the following were
added to the company's system during the year: Cabery, Campus,
Evergreen Park, Kempton, North Riverside, Orland Park, Saunemin,
Herscher, Oak Lawn, South Holland, Stickney. Buckingham
and Dolton. The distribution systems of the six conunnuities last named
were municipally owned.
"In May the company sold its water business in the City of Harvey.
fli., to the City of Harvey for $200,000."-V. 119, p. 2880.
-Stock Authorized.
Public Service Electric & Gas Co.
The New Jersey P. U. Commission has approved the issuance of $15.000,0006% Cumul.Pref. stock in lieu of 1.500,000 shares of unissued no-par
value Common stock. See V. 120, p. 332, 829.
-Preferred
San Diego Consolidated Gas & Electric Co.
Stock Sold.-Blyth, Witter & Co. have sold at 101 and disv.
$600,000 Pref.(a. & d.) 7% Cumul.stock.
Dividends payable Q.
-J. on 60 days' notice at 115 and divs. Exempt
from personal property taxes in California and exempt from the normal
Federal income tax. Southern Trust & Commerce Bank, San Diego.
registrar.
Data rom Letter of W.F. Raber, Vice-President of the Company.
Company.-Incorp. in 1905. Does a general electric lighting and power
business and serves gas in San Diego and tributary territory. Company's
electric generating properties consist of two modern steam turbine plants
located in San Diegb, having a combined installed capacity of 41,500 h.p.
Company also has a favorable contract for purchase of power up to 8,400
kilowatts from the Southern California Edison Co., which contract insures
adequate supply of power at low rates. Electric distribution system consists of 961 miles of well-constructed lines. Artificial gas is manufactured
from oil in a modern, well-equipped plant having a total daily capacity of
15,550,000 U. ft. Storage holders have a capacity of 9,030,000 Cu. ft.
The distribution system consists of 647 miles of mains. Company serves
a territory of about 1,000 sq. miles, in which are 45 communities having
a total population of about 167,000.
Capitalization as of Nov. 30 1924.
Authorized. Outstanding.
$56.000,000 $11,368,000
Bonded debt
6.292,500
10,000,000
Preferred 7% Cumulative stock
3,032,500
4.000,000
Common stock
Earnings Years Ended November 30.
1924.
1922.
1910.1918.
Gross
$536,756 32.133.416 $3,788.495 84.588,815
899,986 1,310,657
199,751
415,976
Net (after interest charges)._
The company has paid dividends on its Preferred and Common stock
since the date of issuance. Earnings applicable to Preferred stock dividend
payments are now 3.2 times such dividend requirements. The present
Common stock dividend rate is 8%.
-Company is operated and managed by the H.M.Byllesby
Management.
Engineering & Management Corp.
-V. 118. p. 3208.
-Annual Report.
Shawinigan Water & Power Co.
1921.
1922.
1924.
Calendar Years1923.
Gross earns., all sources_ $5,741,079 35,110,539 $4,629,642 $4,224,046
Operating exp., &c
$2.420.528 $1,939,646 $1,676,580 $1,385,051
1.048.182
1.155.778
1,274,652
1,189.333
Bond interest, &c
1.400,000
1.400,000
1,400,000
Dividends (7%)
1.400,000
Balance, surplus
Previous surplus
$397,283
$581,560
$645.899
(adj)229,070(adj)159,253(adJ)145,594
$390,813
39,593
Total
Depreciation reserve_ _ _
Reserve and sinkingfund
Other reserves
$874,969
$350.000
50,000
25.000
$740,813
$350,000
50,000
25.000
$542,877
$200.000
50.000
25,000
$430.406
$200,000
50,000
25,000
xTotal surplus Dec.31
3449.969
$315,813
$267,877
$155,406
x Surplus; subject to deduction for income tax.
-V. 119, p. 2531.
-New Financing'.
Sioux City (Iowa) Gas & Electric Co.
-Halsey, Stuart & Co., Inc., have purchased and will
-Year 5%% gold
shortly offer $2,300,000 1st Mtge. 25
bonds, Series "C."
Proceeds will be used to finish the construction of the modern steam
-John
-Stock Offered.
Southern Power & Light Co.
Nickerson & Co., Eastman, Dillon & Co. and Hambleton &
Co. are offering at $96 per share and div., to yield about
7.30%, 15,000 shares (no par value) Cumulative Participating Pref. stock. Dividends $7 per share per annum.
Dividends payable Q.
-J. Shares are fully paid and non-assessable.
Red., all or part, on any div. date on not less than 30 nor more than 60 days
notice at $110 per share and diva. In event of liquidation, dissolution or
winding up (whether voluntary or involuntary), holders of Pref. stock are
entitled to be paid $110 per share and divs, before any assets are distributed
to the Common stock. Free of present normal Federal income tax. Transfer agent, Equitable Trust Co., New York. Registrar, Chase National
Bank, New York.
-After the payment of or provision for dividends
Dividend Participation.
In any calendar year of $7 per share on the Cumulative Participating Pref.
stock and $2 50 per share on the Common stock, further cash dividends not
exceeding $1 per share may be paid at the discretion of the directors and
In any event, a further non-cumulative cash dividend equivalent to at least
$1 per share per annum shall be paid on the Cumulative Participating
Pref.stock before any dividend of more than $2 50 per share in any calendar
year may be declared or paid on the Common stock.
Data from Letter of V.-Pres. H. C. Couch, Pine Bluff, Ark., Feb. 9.
-Company is organized in Maryland to acquire the business
Company.
and property of Southern Power & Light Co.(of Del.). The latter company
controls,through stock ownership, Mississippi Power & Light Co., Louisiana
Power Co. and Louisiana Power & Light Co., through ownership of the
entire common stocks of these companies (with the exception of directors'
qualifying shares). It also controls Arkansas Light & Power Co.(which in
turn owns Pine Bluff Co.) through ownership of over 96% of its Common
stock. The service of the controlled companies extends throughout a large
territory in Arkansas, Louisiana and Mississippi estimated to have a
population in excess of 1,000,000.
The properties, including those under construction by Louisiana Power
Co., comprise electric power stations with a generating capacity of 95,000
-electric) and 920 miles of high tension
h.p. (of which 16,000 h.p. is hydro
transmis.sion lines: two gas plants, ten water supply systems, four icemanufacturing plants and 37 miles of street railways. The properties are
divided territorially into three groups, all to be interconnected.
Authorized. Outstanding.
Capitalization (No Bonds)-.50.000 shs. 15.000 sits.
Cumulative Participating Pref. stock (no par) _ _
300,000 shs. 240,000 shs.
_Common stock (no par)
Capital Securities of Subsidiaries Outstanding in the Hands of the Public.
*315.884.600
Funded debt
51.117 she.
Preferred stock
1.400 shs.
stock
Common
•Includes $3,100,000 funded debt of Louisiana Power Co. issued or to be
Issued for the construction of its property during 1925. The earnings herein
reflect none of the benefits from the operation of this property which is expected to be in operation in the early part of 1926.
-Proceeds will be used for advances to controlled companies.
Purpose.
providing such companies with funds for the acquisition of additional
property and for construction and improvements to present properties.
Consolidated Income Statement of Subsidiary Companies.
1924.
1923.
1922.
1921.
Calendar Years$2,811.725 $3.076.726 63.358.058 13,752.818
Gross earnings
2,274,732
2.072.068 2,114.952
2,031,897
Operating expenses*_ _ _
8779.828 11,004.658 $1.243,106 $1,478.086
Net earnings
Interest on funded debt. Pref. stock dividends and income
868.409
reserved for minority interests
3609.677
Balance
105.000
Dividend requirements 15,000 shares (this issue) Pref. stock_ _
•Includes maintenance, depreciation and taxes.
The balance of earnings as shown above for the 12 months ended Dec. 31
1924 was equivalent to more than 5.7 times dividend requirements on the
Cumulative Participating Preferred stock.
The foregoing earnings reflect none of the benefits from the operation of
the power station and transmission line being constructed by the Louisiana
Power Co.. which is expected to be in operation in the early part of 1926,
nor from the additions and improvements to be constructed from the
-V. 119, p. 2764. 2288.
proceeds of the sale of this Preferred stock.
-Sells Ice Plant.
Southern Utilities Co.
-V. 119. p. 1853.
See City Ice & Fuel Co. under "Industrials" below.
-Earnings.
Toledo Edison Co.
1923.
1924.
Calendar Years
$8,015,230 17.491.898
Gross operating revenues
3.284,282 3.083,443
Gross income
1,863,268
1,946,249
Net income
5.868.443 3,426.191
Profit and loss surplus
of the comThe number of customers served by the electric department
pany increased from 62.610 in 1923 to 75,285 last year, while in the artificial
gas department the increase in customers was a total of 11,696, as compared with 8,939 in the preceding year.
During the year the company acquired the properties of the Defiance
Gas & Electric Co., the Swanton Light & Power Co. and the Holgate
-V. 120, p. 584.
Light & Power CO.
Toronto Suburban Ry.-Consolidation.-
The holders of the 44% 1st Mtge. Debenture stock were to vote Feb. 18
(1) on merging this company and the Toronto Eastern Ry. Co. into a new
company called the Canadian National Electric Rya.; (2) on converting
the 44% 1st Mtge. Debenture stock of the Toronto Suburban By. Co. into
% 1st Mtge. Debenture stock of the Canadian National Electric Rys.,
and (3) on approving further amalgamations with the Niagara St. CatharOshawa Electric Ry. Co. and any other electric
ines &
generating station now under way by the company on the Big Sioux River, railwayToronto By. the capital stock is owned or controlled directly or
company whose
and also for other additions, extensions and improvements of the company's indirectly to the extent of at least 90% by the Dominion of Canada.
plants and distribution systems.
V. 117, p. 1349.
The new steam station will have an initial installation of two 11.250 kw.
-Increase Sought.
units and three 1,120 h.p. boilers and a proposed ultimate capacity of
Torrington (Conn.) Elec. Light Co.
67,500 kw. Control and management of this Iowa corporation is vested
The company has applied to the Connecticut State Legislature for auIn the United Gas Improvement Co.
thority to increase its authorized capital from 1750.000 to 32.000.000.In 1924 net earnings of the company were *997.917. which compared V. 116. p. 1191.
with interest requirements of $401.330 on bonded debit and floating debit
-V.119.p.464.
-Report.
which will be retired from the proceeds of the new bond issue.
Turners Falls (Mass.) Power & Electric Co.
1923.
1924.
Results for Calendar Years-Acquires Pensacola
Southeastern Power & Light Co.
$2,200,677 $2,193,812
Net sales
1,187.768
1,006,271
Operating expenses
(Fla.) Electric Co.
Power Co., says:
Thomas W. Martin, Pres, of the Alabama have acquired the "Interests
$1,194,406 $1,006,044
Net operating profit
Alabama Power Co.
Pensacola
closely allied with the
51.667
37,374
to the extension of hydro
Electric Co. Plans are under way looking in southern Alabama. -electric Other income
service from the Alabama Power Co.'s systemexpected to be included Pensa11.231.780 $1,957,711
Total earnings
are
in this
cola and other cities in northern Florida
$158,502
$203,790
program. Transmission lines are also being considered to introduce hydro- Interestincome and State franchise taxes
49,000
67,563
and Alabama. Some properties Federal
579.695
electric service in coast cities of Mississippi
580,643
Christian,
have recently been acquired in Mobile, Gull'port, Biloxi, Pass companies Dividends
and elsewhere. Acquisition of other electric
3270.515
Bay Saint Louis
$379.784
Balance,surplus
of
proceedings to secure
3352.340
3524.376
In southern Alabama is contemplated, andP. S. Commission. Bysomede- Profit and loss surplus Dec. 31
the
Alabama
these are now pending before the -electric power will for the first time be -V. 119. p. 2531.
hydro
velopment of those projects
960
THE CHRONICLE
United Rye. Co. (St. Louis).-Slockholders' Suits.
-
A bill of complaint alleging that a number of prominent St. Louis business
men who have been or are connected with the company as officers or
stockholders, mismanaged the company and its finances with the result
other stockholders sustained a loss, was filed Feb. 9 in the U. S. District
Court at St. Louis by John B. Downing and Robert C. Delbridge, stockholders. The bill asks that those complained against be held accountable
for any losses the company may have suffered.
Among other things, the defendants named in the petition are alleged
to have intended to secure control of the stock in the company, which is
now in receivership, by s reorganization. They also planned, the petition
asserts, to obtain control of a $15.000,000 reserve fund the complainants
say_ the company has.
Those whose names are included in the bill of complaint are: Edward S.
Whitaker. David R. Francis, Festus J. Wade, A. L. Shapleigh, Frank 0.
Watts, Alfred J. Siegel, Harry Scullin. Henry S. Priest, Murray Carleton,
Alanson C. Brown, Lorenzo Anderson,Charles A.Tiles, Jacob K.Newman,
David Somners, John I. Beggs, Richard McCullough, Paul Brown, Jr.,
J. Sheppard Smith, George W. Wilson, Morton Jourdan, George E. Dickman and Edward Conrades.
According to the petition, Downing owns 2.708 shares of Preferred stock
and 420 shares of Common stock, and also $10,000 of 4% bonds. Delbridge, the petition credits with 215 shares of Preferred stock.
-V. 119.
p. 3012.
[VOL. 120.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices -On Feb. 14 McCahan reduced price 10 pts. to
6c. per pound and Revere 10 pts. to 5.90c. per pound. On Feb. 16 Arbuckle named 5.90c. per pound and American reduced price 10 pts. to
6c. per pound. On Feb. 18 the Pennsylvania company reduced the price
10 pts. to 6c. per pound.
Lead Price Reduced.
-American Smelting & Refining Co. reduced price
25 pts. to 9.50c. per pound. New York "Times" Feb. 14.
A second reduction of 25 pts. to 9.25c. per pound was announced Feb. 18.
New York "Times" Feb. 19.
Flour Prices Decline $1 per Barrel.
-Minneapolis reports state price
$9 50@1$9 55 per barrel in carload lots. This compares with $10 606
$10 75 on Jan. 24. "Sun" Feb. 13. p. 27.
Garment Trade Threatened by Strike.
-Orders for strike of members of
three different unions sent out Feb. 16, said to affect 20.000 to 25,000
workers in children's dress, bath-robe, house-dress and underwear industries. New York "Times" Feb. 17, p. 25.
U. S. Department of Labor sends two Commissioners of Conciliation
to seek basis of settlement. New York "Times" Feb. 18, p. 32.
Further Price Adjustments by American Woolen Co.
-Offering of semi
staple worsteds for fall 1915, of 98 fabrics, an average increase of 6.32%
Is shown over prices of a year ago. Of the lines shown, 31 repeat fabrics
for Dept. 1. division B: 54 repeat for Dept. 2 and 13 repeat fabrics for
Dept. 7. New York "News Bureau" Feb. 20.
Matters Covered in "Chronicle" Feb. 14.-(a) Rhode Island mills will
Western Union Telegraph Co.
-Earnings, &c.
operate for further 16 weeks-part of wage cut rescinded, p.762. (b)AmosPresident Newcomb Carlton is quoted as follows:
keag starts night work in cotton
"Our cable business Is running about 209' ahead of last year and we (c) 600 shoe workers strike in bleachery-cotton section active, p. 762.
Spencer, Mass., in protest against 10%
expect it to improve further. Our telegraph business is running about 8% vage cut, p. 762. (d)
-payments to
ahead of last year and should show additional improvement. Earnings ane_nployed in garment Fund for jobless reaches $600,000
will
are running ahead of last year. Our business is the best barometer of nouse of Price. Guard & trade32 begin June 1, p. 762. (e) Brokerage
Co..
Broadway. N. Y. City, fails, p. 779.
business conditions I know of, and I think America is in for a year of great
prosperity. Six months from now all lines will be showing marked improveAir Reduction Co., Ihc.-Earnings.ment over the present.
3 Mos. Ended Dec. 311922.
1924.
1923.
"I am going to arrange for a $5,000.000 cable between the United States
$2,309,081 $2,529,121 $2,171,496
and Great Britain, via Newfoundland, the first loaded cable in the North Gross income
1,650,043, .
1.559.196
Atlantic. It probably will be manufactured by an English company. Operating expenses
224,472
282,550
255,086
The final link between New York and Newfoundland will be completed in Depreciation reserves
34,369
21,074
1926. The annual capacity will be from 50,000,000 to 60,000,000 words, Bond Interest and expense
Premium on bonds redeemed
23,265
eight times the capacity of the largest existing cable.
"I don't expect any slashing of cable rates. They are low enough.
Balance, surplus
$462,308
$579.652
$467,335
"Radio is not affecting our business adversely to any extent. It is stirring
See also California Cyanide Co. below.
up some business for every one.
--V. 119. p. 1955.
"The company is earning enough to justify an increase if the directors
desire it."
Allied Chemical & Dye Corp.
-V. 120. D. 333, 455.
-Denies Charges.
The company has filed its answer
Commission's
Western United Corp.
-Notes Offered.-Blodget & Co., complaint alleging violation of law. to the Federal Trade Orlando F.
The answer, signed by
Weber, President
W. W. Armstrong Co. and First Wisconsin Co. are offering Feb. 13, denies of the company, and made public by the Commission
that the company has violated
acquisition of
at 98 and int., to yield over 6.20%, $1,530,000 15-Year stock of five dye and chemical manufacturing law by theand that such
concerns,
acquisition built up a monopoly for the corporation. The business and
6% Coll. Gold notes.
Dated Jan. 11925, due Jan. 1 1940. Int. payable J. & J. at Northern conduct of the company and of each of the subsidiaries and the details of
-V. 119, p. 2882.
Trust Co., Chicago, trustee. Denom. $1,000. $500 and $100 c*. Red. the merger are described in the answer.
all or part on any int, date to and incl. Jan. 1 1938 at 102 and decreasing
Alpha Portland Cement Co.
-Balance Sheet Dec. 31.
M of 1% for each 6 months thereafter until maturity, plus int. to the date
[As filed with the Massachusetts Commissioner of Corporations.]
of redemption. Int. payable without deduction of Federal income tax
not in excess of 2%.
1924.
1923.
1924.
1923.
Company.-Organized in 1914 in Illinois. Owns all the Common stock,
Assets$
Liabilities8
$
$
except directors' qualifying shares, of the Western United Gas & Electric Real est.,mach.4c11,555,795 11,902,293 Capital stock
• 17,800,000 17,800,000
Co.. Coal Products Manufacturing Co. Southern Illinois Gas Co., Aurora, Merchandise
3,227,957 3,397,977 Accounts payable_ 1,369,627 2,409,339
Elgin & Fox River Electric Co.. Mid
-Egypt Gas & Oil Co., and three Notes receivable
34,280
29,084 MIscell. reserves__ 965,604
companies having coal properties in West Virginia and Illinois. Also owns Accts.receivable 1,157,365 1,418,335 Wages
93,150
106,509
all the bonds of the Southern Illinois Gas Co. and the Aurora, Elgin & Fox Cash
4,413,909'1,454,147 Surplus
5,516,343 5,268,492
River Electric Co., and $799,100 of Western United Gas & Electric Co. Securities
5,354,416 5,632,504
6% and 7% Preferred stock.
Good-will
Total (ea. side).25.744,723 25,584,340
1,750,000
Through its subsidiaries, the company is engaged in the development and -V. 115, p. 2796.
distribution of gas and electric power and light from modern central stations,
supplying, without competition, gas in all, electric power and light in 13,
Aluminum Co. of America.
-Has Violated Decree.
water in one and steam heat in one. of 77 dties and towns in Cook, DuPage.
In a communication
to
DeKalb, Kane, Kendall, Will, Franklin, Jackson. Williamson, and Perry Attorney-General.Stone sent Feb. 6 the the Federal Trade Commission,
asserts that
company has violated provisions
counties. Illinois, and having a population over 350.000. These counties of the
Include the cities of Aurora, Batavia, Elgin, Geneva, Joliet, St. Charles, ticed dissolution decree handed down by the Federal Courts and has pracprice control.
Wheaton, Elmhurst, LaGrange, Hinsdale, Naperville, Murphysboro,
"With respect to some of the practices complained of," the letter says,
West Frankfort. Carbondale, DuQuoin and Marion. The gas business was
were so frequent and
established in 1859, the electric business in 1889, and the operation of a "they was either indifferent long continued, the fair inference is the company
to the provisions of the decree or knowingly
great part of the company's gas and electric properties has been under the Intended that its provisions should be disregarded, with a view to suppresspresent control for the past 35 years.
ing competition irt the aluminum industry."
On Jan. 1 1924 the company acquired ownership of the Aurora, Elgin
The
Fox River Electric Co., which does the electric light and power business, very Attorney-General informed the Commission that as its reports threw
little light on the methods of the Aluminum Co. since
including street lighting. in Elgin, Ill. The Aurora company operates 12.54 decided a further investigation by Government agents would 1922, he had
be necessary
miles of street railway in Elgin. and 17.71 miles of street railway in Aurora: that
the Department of Justice might act with full knowledge of the course
also 36.45 miles of interurban railway connecting Carpentersville, Dundee,
-V. 119, p. 1284.
Elgin, South Elgin, St. Charles, Geneva, Batavia. Aurora, North Aurora. of the company up to the present time.
Montgomery and intermediate residential districts. The interurban line
American Car & Foundry Co.
-New Directors., &c.
offers the only direct passenger service between Aurora and Elgin.
Herbert W. Wolff, resident V.-Pres. in Chicago, Find G. R. Scanland.
Capitalization as of Nov. 30 1924 (After Giving Effect to This Issue of Notes), formerly Auditor, have been elected directors. Mr. Scanlan has also
Collateral 8% Gold notes, due Aug. 1 1926
$432,000 been elected V.-Pres. in charge of finance and accounts.
S. A. Malletts, formerly Asst. Treas., has been elected Treasurer to
Collateral 634% Gold notes, due Aug. 1 1928
472,000
Collateral 6
Gold notes, due Aug. 1 1934
360.000 succeed the late S. S. De lano.-V. 120, p. 585, 456.
Collateral 6% Gold notes, due Jan. 1 1940 (this issue)
1,530,000
American Chicle Co.
-Notes Called.
Western United Gas Coal Co.(W.Va.)1st M.6s, 1925(assumed)
25,000
for redemption
Preferred stock (authorized $10,000,000), Series "A"8%
1.000,000 5 The company has drawn Oct. 11927. at on April 1 1925 $75.000 of its
-Year 6% Gold notes, due
par and interest at the Bankers
Series"B"7%
2,585,500
-V. 120, p. 708.
Common, authorized 86,000,000
-Outstanding
5,250,000 Trust Co., N. Y. City.
Total funded debt and Preferred stock of subsidiary companies in the
American Druggists Syndicate.-Bal. Sheet Dec. 31.hands of the public, as of Nov. 30 1924, was $12,657.973.
Assets1924.
Liabilities1924
1923
1923.
Equity.
-The appraised value of the properties of the company and its
Cap.stk.
(par 510)36,783,980 $8,783,730
subsidiary companies, based on appraisals of its utility properties as made Land, bldgs., machinery,&b.,less
SubsId. companies'
by Hagenah & Erickson, engineers, Chicago (amounting to $29,100,576).
depreciation_ -_12,767,081 $2,133,210 stock held by mltogether with conservative valuations of the other properties, totaled $36.- Formulae, tradenority interests_
11,100
11,230
049.316, as of Nov. 30 1924.
mks.& good-will 543,002
559,229 Accounts payable_ 138,498
251,845
Combined Earnings(Corporation & Subsidiaries) 12 Mos.Ended Nov.30 1924. Investments
412,508 Surplus
483,025
541,181
3,082
1,145,051 1,870,333
$5,438,893 Inventories
Gross revenue
317,798
907.935
3,623,150 Cash
*Oper. exp., maint., taxes & depreciation ($271,519)
733,575 Govt. & municipal
Total int. paid on fund,debt ofsubsid.& other prior deductions_
808,441
securities
599,480
Balance avail,for deprec. & charges of Western United Corp_ $1,082,167 Acceptances & accounts receivable 802,127 1,141.508
181,940
Annual int. on total funded debt. incl. this issue of $1,530.000- 49.889
39,881
-The $1,530,000 Collateral 6% gold notes due Jan. 1 1940 Advances
Security.
170,207
175,966
Total(each sicle)$7,474,759 $7,049.887
are a direct obligation of the company and are issued under an indenture Deferred charges
dated Aug. 1 1921. There will be pledged with the trustee as collateral
The usual income account table was given in V. 120, p. 831.
to these notes, $1,800,000 of Aurora, Elgin & Fox River Electric Co. 1st
American Metal Co. (Ltd.).
-Annual Report.
Mtge. 7% Gold bonds, Series "A," due Oct. 1 1949.
1924.
1923.
1922.
Earnings 12 Mos.Ending Dec.31 1924 (Aurora, Elgin & Fox River Elec. Co.). Income after expenses
45,317,995 44.948,467 $3,215.569
81,333.975 Deprec., deple., &c., reserve
Gross revenues
1,194,664
983.415 Prov,for rabic. ofinvest.& inventory 1,285,168 a2,245,261
exp.,in maint., tax.& equip. trust charges, excl. of dep
Oper.
721,781
Preferred dividends
350,000
350,000
141,944
$350,559 Common dividends
Balance
-• -- (83)1,773,395(83)1642,467 y1.364,000
126.000
Mtge. 7% Gold bonds _ _
Annual interest on $1,800,000 1st
V. 120. D. 455.
surplus
81.187.651
$710,739
8514.961
Profit and loss surplus
39.264,946 $8.152,175 $7,441,435
-Earnings.
Wisconsin Public Service Corp.
x Includes approximately 90% of Cie Miners de Penoles, S. A., earnings.
1924.
1923.
Calendar Yearsy 4% on 814,000.000 stock and $1 50 per share on 536.000 shares no par
83,649.351 $3,266,927 value. z After deducting management
Gross revenues
s share of profits under
4,999
11,076 and provision for U. S. and Mexican Federal income taxes, but contracts
Miscellaneous income
before depreciation, &c. a Includes $1.000.000 special appropriation to general
$3,654,351 $3,278,003 reserve.
Total income
-V. 119. p. 2066.
1,842,852
1.845,735
Operating expenses and maintenance
271,690
American Stores Co., Phila.-Dividend Increased.
202,864
State and local taxes accrued
66,000
The directors have declared a quarterly dividend on the Capital stock of
55,200
Federal and other taxes
124.593
34,981 40 cents a share, payable April 1, to holders of record March 21. Previously
Rentals
558,036
the company had been paying quarterly dividends at the rate of 25 cents a
510,117
Interest on funded debt
54.517
26.177 share.
Miscellaneous deductions
-V. 119. p. 2650.
325,894
265.617
Depreciation
American Sugar Refining Co.
-To Develop New Plant.
147.000
147,000
Preferred dividends
The Board of Estimate of the City of New York has granted thercompany
permission to close a few street ends at present dividing the site of its
8263.770
Net surplus
$109.313
Balance for Common dividends
11.6%
9.06% Brooklyn (N. Y.)refinery. It is now proposed to rehabilitate tho refinery.
The old Brooklyn refinery is really an aggregation of 3 refineries brought
-V. 119. p. 2289.
together at the formation of the company and for many years giving efficient
-Stock Authorized.
Worcester Gas Light Co.
service. Those refineries, however, are now for the most part 60 years
The Massachusetts Dept. of Public Utilities has authorized the company old and the replacement and repair expenditures no longer make it possible
to issue $300.000 additional capital stock, par $25, the proceeds to be used to maintain them as a refinery able to meet the costs of newer competing
to retire $300,000 notes maturing July 1925.-V. 120, p. 707.
units.
-V. 120. p. 447. 333.
FEB.211925.]
THE CHRONICLE
American Multigraph Co. & Sub. Cos.
-Ann. Report.
Consolidated Income and Profit and Loss Account for Years Ended Dec. 31.
1924.
1923.
Sales
$4,412,494 64,878,253
Operating profit
432.315
671.167
Depreciation
64,774
58.480
Taxes
84.545
72,441
Net operating profit
Other income
$282.996
70,204
$540,246
45,503
Gross income
Provision for income taxes
Interest and discount on notes
Other charges
Dividends on Preferred
Dividends on Common
Amortization of the cost of patents
$353,200
$42.232
$585,749
$42,640
37,668
46,033
36,129
133,422
50,000
Balance
Previous surplus
Profit and loss surplus Dec. 31
-V. 119, P. 582.
66,786
27,216
190,536
40,000
def$13,571 sur$239,858
941,794
701,936
$928,223
$941,794
American Woolen Co.
-New Vice-President.
--
Frank H. Carpenter has been elected let Vice-President, succeeding
Cornelius A. Wood. Wheaton Kittredge of Boston has been elected 2d
Vice-President.
-V. 120. p. 832.
Anglo-Chilean Consolidated Nitrate Corp.
-Chairman.
Augustin Edwards has been elected Chairman of the Board.
-V. 120.
p. 586.
Arizona Commercial Mining Co.
-Copper Output.
-
December. November.
January.
October.
September.
August.
981,410 lbs 627,000 lbs. 702,600 lbs. 609.370 lbs. 688.500 lbs. 683.000 lbs.
-V.120. D 214.
.
.
Armour & Co. (Ill.)
.-Dividends on Class "A" Stock.
The directors have declared quarterly dividends of 50 cents
per share on the Class "A" stock (par $25), payable as of
Jan. 2 1925 to holders of record as of that date, and April 1
1925 to stockholders of record Mar. 14 1925, thus placing
the Class "A" stock on a $2 annual dividend basis. These
are the first dividends on the Class "A" stock since Jan. 15
1921, when a distribution of 4% was made. Pres. F. Edson
White says:
As the company's net profits in 1924 were $18,300.000. of which $9,000.000 was applicable to the Common stock, and as 1923 earnings left some
$5,400,000 for the Common, the directors deemed it proper at this time to
resume dividends on the Common stock.
This indicates the extent of the company's recovery from the depression
which weighed down the industry in 1922. The additional volume we secured through the purchase of the business and properties of Morris &
Co. lessened our unit operating costs and made possible other economies
which run into millions of dollars annually. The results are apparent in
our improved financial condition and also in the fact that we have been able
to render better service to producers and consumers.
Class "A" Common Stock Sold.
-Blair & Co., Inc., Hornblower & Weeks, F. B. Keech & Co., A. A. Housman &
Co., Pynchon & Co., Hemphill, Noyes & Co., Curtis &
Sanger, A. G. Becker & Co. F. S. Moseley & Co., Mitchell,
Hutchins & Co., Inc., John Burnham & Co., Inc., Farnum,
'
Winter & Co., Babcock, Rushton & Co., Pearsons-Taft Co.,
Hunter, Dulin & Co. and Bond & Goodwin & Tucker, Inc.,
have sold at 823 per share 750,000 Class "A" Participating
Common stock (v. t. c.), par $25. Subscribers to the
Class "A" stock are given the privilege of purchasing Class
"B"stock at $14 per share. This stock having been acquired
from the holdings of J. Ogden Armour, the offering therefore
represents part of the stock already outstanding and is not
new financing by the company.
Class "A" Common stock is entitled to cash dividends of $2 per share in
any year before any dividends shall be set apart or paid on the Class "B"
Common stock. After dividends aggregating $2 per share shall have been
paid on the Class "B" Common stock in any year, both classes of stock
share equally in any additional dividends paid in that year. Exempt
from personal property taxes in Illinois.
Listing.
-The Class "A" and Class "B" Common stock (v. t. c.) are
listed on the Chicago Stock Exchange and it is expected that application
will be made to list them on the New York Stock Exchange.
Data From Letter of President F. Edson White, Chicago, Feb. 17.
Company.
-Organized in Illinois in 1900, succeeding to the business of
partnerships bearing the same family name and dating back to 1863. Company ranks as one of the largest meat packing concerns in the world. In
March 1923 the business and properties of Morris & Co. were acquired
through a subsidiary. The properties owned directly or through subsidiaries include 26 packing plants and auxiliary cold storage plants; 500 distributing branches; 46 auxiliary plants, including soap works, glue works,
sand-paper works, curled hair works, ammonia works. leather works,
produce houses, milk condenseries, creameries, &c.; Armour fertilizer
works and subsidiaries, including 29 plants, 2 warehouses and a large manufacturing and distributing plant in -Havana; 6 modern packing houses in
South America, and one large cold storage plant; 7.400 refrigerator cars;
500 tank cars, and various other properties.
Growth -The growth of the business is indicated in the following table.
showing consolidated net sales expressed in round figures at three-year
Intervals since 1903:
1903$177.750,00011909$225.000,0001:9 $380,157,000 921 $609,907,000
d15
00
1906 178,2,00011912 285,000,000 1918 860.862,000 '24over 800000000
The net invested capital, represented by capital stock and surplus, increased during the same period from $41,400,000 in 1903 to over $280,000,000 in 1924.
Outstanding Capitalization of Company and Subsidiaries as of Dec. 27 1924.
Funded debt of company and subsidiaries
$142,547,000
Guaranteed 7% Cumulative Pref.stock ofsubsidiaries
72,815,600
7% Cumulative Preferred stock (parent company)
59,298,400
stock (par $25 per share)
Common
-Class"A 2,000,000 shs
50,000,000
Class"B"2,000,000 shs
50,000,000
The voting trustees for the Class "A" and Class "B" Common stock to
be subject to the voting trust will be Samuel McRoberts, Arthur Reynolds
Albert H.Wiggin,in whom the voting power on such stock will be vested,
and
Of the $142,547,000 funded debt. $67,147,000 bears 43i% interest and
matures 1939; $60,000.000 bears 6 % interest and matures 1943. and the
remaining $15,400,000 bears 73% and 8% interest and matures in 1930.
The average interest rate on the funded debt Is approximately 5.25%•
Earnings. The following is a statement of the consolidated net earnings
of the company and subsidiaries after depreciation, interest, Federal taxes
and Preferred dividends paid and accrued (not including any earnings from
the properties and business of Morris & Co. prior to Mar. 28 1923. the date
of purchase), as certified by Price, Waterhouse & Co.. excepting as to the
year ended Dec. 27 1924, which in course of being audited.
Year ended Dec.27 1924
$9,016,349
Year ended Dec. 29 1923
5,414,401
ended Dec.27
3,361.634
10 yrs. & 2 mos.ended Dec.27 '24, 634.176,613; ann.aver. of_
$62,215,320, or
15 Yrs• & 2 mos.ended Dec.27 1924,$84.758,322, or ann. ay. Of 4,102.109
ann.ay. of 4,202.892
1924.
20 vrs St 2 mos. ended Dec. 27 1924 (excl. of foreign
exchange
yrs. 2 mos.
20 - . & $107,783,298, or an annual average of
losses),
x5,344,626
x In the post war period the company absorbed unusual losses of over
$23.000,000 on foreign exchange.
The above earnings for the year 1924 are equal to 34 50 per share on the
Class "A" stock and are equivalent to $2 25 per share on th (combined
961
Class "A" and Class "B" Common stock. The above average annual net
earnings for the 20 years and 2 months ended Dec. 27 1924 were equal to
over $2 per share on the Class "A"stock.
Except during the so-called post-war period, the company has shown
profits in each year since its organization. The pre-war record shows annual average earnings of over $5,000,000 for the 10 years 1905-1914, inclusive.
While the earnings for 1924 greatly exceeded those of the preceding year,
they do not reflect the probable earning power of the business. Operations
in the fertilizer and leather lines have been below normal for several years
past, whereas these lines ordinarily are good profit-makers and should
again become so. The facilities of the company and its subsidiaries are
capable of handling even a larger volume of business and with a constantly
growing domestic market, due to increased population, should get a fair
share of new and profitable business annually.
-Armour & Co.and subsidiaries have some 80,500
Number of Stockholders.
stockholders. Some 38.700 employees out of a total of 60,000 Armour employees have purchased approximately $7,000.000 Preferred stock.
Consolidated Balance Sheet (Armour & Co., Illinois, and Subsidiaries).
[Including Armour & Co. of Ill., Armour & Co. of Del., North American
Provision Co. and their subsidiaries.]
Dec. 27 24. Dec.29'23.
Dec. 27 '24. Dec. 29 '23.
Assets$
Land, buildings,
Notes payable- 37.267,536 58,098,000
mach'y, &c_201,497,614 207,330.928 Accept. payable 6,164,576 3.729.420
Acc'ts payable- 15,965,661 19.893,610
Refrig. cars, del.
eq., tools, &e_ 18,349,413 19,372,898 Fret, diva. pay_ 2,311,995 2,323,347
Gold notes
Franchises and
615,400,000 15,900,000
leaseholds____ 1,904,059 1,880,680 1st Mtge. bds_c127,147,000 128,257,000
Cash
15,366,570 26,627,279 Res. for contin_ 1,500,000 1,500,000
Notes de sects
Minor. stockh's
receivable
equity in con68,511,111 67,943,925
530.890
Inventories__ .8111,461,882 109,425,190
617,128
trolled cos._
Marketable sec_ 10,444,047 16,520,140 7% Pref. stock:
Inv. stks., bds.
Delaware Co_ 64,215,600 64,864.300
N.A.Prov.Co. 8,600,000 8,600,000
& advances 48,841,667 41,479.287
Deferred charges 16,918,683 18,239,142 7% Pref. stock
59,298,400 59.298,400
Illinois Co
Common stock:
50,000,000 50.033.700
Class••A"
50,000.000 50.000,000
Class"B"
54,807,152 45,790,803
Total(each sIde)493,295,048 508,819,471 Surplus
a After deducting $10,658,671 drafts drawn against foreign consignments.
b Wm. F. Messer Co.,8% note due in 1930, $1.900,000; Morris & Co.
00.
7111:Os d :..414% 'bonds due
1 1 r 0 2930 $13 n
1939, $50,000,000; Delaware Co.,
'
534% bonds due in 1943, $60,000.000; Morris & Co., 434% bonds due in
1939. 817.147,000.-V. 120, p. 586. 214.
Arnold, Constable & Co., Inc.
-January Sales.
President Ralph Peck recent y announced that January sales showed
an increase of 144% over the same month a year ago.
-V. 120, p. 457.
Arundel Corp.
-Balance Sheet Dec. 31.Assets1924.
1923.
Land, bldgs., ma
chin., eq., &c_x$4,324,920 $4,665,968
Investments
66.816
11,566
Cash
1,086,397
632,120
Accts. receivable_ _ 967,771
984,113
Notes receivable._
9,545
601,178
Notes rec. from
MM.corn
41,253
Sundry debtors
6,137
42,522
Accrued int. reedy
67,776
47,782
Material & suppl.
16,404
18.256
Deferred charges...
38,027
29,639
Total
$6,618,511 $7.039,680
1923.
1924.
$975,000
7% pref. stock.-I
Common stock ___$4,915,556 4,915,556
366,977
Accounts payable.. 518,440
25,000
Notes payable
44,169
Notes rec. disc'ted
108,061
Reserve for taxes. 157,447
Dividends payable 294,858
132,399
Accrued expenses_
15.329
5.832
42,461
67.776
Reserve for insur_
633,602
Surplus
439.728
Total
$6,618,511 $7,039,680
x After deducting $2,012,004 reServe for depreciation.
June 30 1924.
A comparative income account was published in V. 120.
V. 120. p. 832, 586.
y Retired
p. 586.
-
Asbestos Corp. of Canada, Ltd.
-Annual Report.
Calendar Years
Profits after taxes
Other income
1924.
$419,249
127.106
1923.
$368,936
183.394
1922.
$727,093
152,192
1921.
$756,644
136.414
Net income
Bond interest
Prov. for exh. of minerals, &c
Preferred dividends_ _ _ _
Common dividends..
8546.355
$150,000
$552,330
$150,000
$879.285
6150,000
$893.058
$150,000
67.294
240.000
60,000
260,000
120,000
194,299
280.000
180,000
199,800
280.000
180.000
Surplus
Previous surplus
$29,062
2,233,407
$22,330
2,211,076
$74,986
2,136,090
2.822igt
Total surplus
-V. 120. p. 586.
$2.262.469 $2,233.406 $2,211,076 $2,136.089
Autosales Corp., New York City.
-Annual Report.
Calendar Years1924,
1921.
1923.
1922.
Earns, after cost of g'ds_ $1,211,874 $1,260,452 $1,226,640 81,330,700
Oper., gen., &c., exps__ 1,086.843
1,251,505
1.194.292
1,114,751
Net earnings
Other income
$125,032
33,624
$145,701
62,408
$332,348
47,655
Total income
Federal taxes
Other charges
Preferred dividends__
$158,656
6,600
89,974
$208,109
1,000
198,237
$147,034
$80,003
6.635
4.940
44.088
40.482
(4%)110.838
$62,082
243,944
$8,872
235,270
$34.581 def$14,527
237,841
219,810
Balance, surplus
Previous surplus(adj.)._
$79.196
67,838
Profit & loss surplus__
$223,315
$254,391
$244,142
$306,026
Balance Sheet December 31.
Assets1924.
Liabilities1923.
1924.
1923.
Fixed assets
$1,022,536 $1,094,747 Preferred 6% nonPatents, leases and
cumul. stock.. x$2,886,514 $2,886,514
contracts
5,190,855 5,191,177 Common stock-.y4.029,570 4,029,570
Cash
62.397
50,496
116,041
111,809 Accounts payable_
Acc'ts & notes rec.
13,171 Res.Fed.tax.pr.yrs. 27,405
30,000
7,574
Inventory
191,217 Weigh. & sales co.
180,022
Investments
86.900
590,449
83,756
bonds
562.483
Inv. Auto. pt. stk. 301,367
142,911 Fed. taxes & other
Deferred charges _ _
6,119
11,794
14,682
conting. (est.)
10,160
244,143
306,026
Surplus
Total
$7,395,561 $7,345,642
$7.395,561 $7,345,642
Total
x Prof. stock authorized, 60,000 shares, par value $50 each, $3,000,000:
less in treasury, $113,486. y Common stock authorized, 90,000 shares,
par value $50 each, 64,500,000; less in treasury. 8470,430.-V. 118, p.667.
Avery Co., Peoria 111.-Distribution to Creditors.A dispatch from Peoria, ll., says: A 734% dividend will be declared for
creditors of this bankrupt company this week,according to Referee in Bankruptcy D. H. Gregg The dividend will mean about 8300.000 and follows
a first and recent dividend of 15%. Another 735% dividend will be dedared soon, according to the referee.
-V. 118. p. 1668.
-Notes Sold.--Sehibener,
(A. T.) Baker & Co., Inc.
Boenning & Co. Philadelphia, have sold at 99 and int. to
yield 6.58%, $8:50,000 15
-Year Secured 6M% Sinking Fund
Gold notes.
Dated Feb. 1 1925; due Feb. 1 1940. Denom. $1.000 $500 and $100c*.
Int. payable F. & A. without deduction of 2% normal Federa lincome
962
[VOL. 120.
THE CHRONICLE
tax, at Chase National Bank, New York. Red., all or part, on any int.
day upon 60 days' notice at 10734 during 1926, call premium decreasing
34 of 1% thereafter every year to maturity. Pennsylvania Co. for Ins.
on Lives & Granting Annuities, Philadelphia, trustee.
,
Data from Letter of A. T. Baker Jr., Vice-President of the Company.
-A first closed mortgage on all properties, real and personal,
Security.
the company, has been deposited with the trustee as security for these
notes. They are a direct obligation of the company, whose net quick
assets (amounting to $1,282,554) secure the notes at the rate of $1,509
for each $1,000. The mortgaged and fixed properties, appraised by the
American Appraisal Co. at 81.140.775. after full depreciation, give an
additional $1.342 for each 81.000. This makes a total value of $2,851
securing each 81 000 note.
The deed of trust provides that the net quick assets shall never fall
below 150% of the full amount of notes outstanding and further yorovides
that the company's working capital shall never be less than $500,000.
Earnings.-EarnIngs after allowances for depreciation and taxes other
than Federal income and profits tax, for the six years ended Dec. 31 1919
to 1924 incl., available for interest charges on the notes had they been
outstanding, are as follows:
$847.815
def$71,38411923
1919
8343.82111921
542,965
730,16911924
1920
210,45411922
The annual interest charges on this issue amount to $55,250.
History.
-Business established in 1888 to manufacture velvets, plushes
and velours, has grown so that company is now one of the largest manufacturers of cotton velours in the United States. It at present is making
12,000 yards of velour daily. Company's plants located at Manayunk.
Philadelphia, and at Baker Mills. No. Caro. Company distributes its
products to the furniture and general upholstery trade and to the automotive industry.
Purpose.
-To supply additional working capital to meet the demands
of increased business and to retire outstanding loans.
-A sinking fund has been provided, the minimum paySinking Fund.
ments of which will retire all these notes by maturity. This constant
minimum payment of $7,700 must be made monthly to the trustee, who
will redeem bonds quarterly, by tender. An additional sinking fund is
provided of 30% of net earnings, as determined by certified public accountants. Half of this sum must be used to redeem more notes, and the
other half may be used either for the same purpose or expended in capital
improvements.
Listing.
-Application will be made to list these notes on the Philadelphia
Stock Exchange.
obtain sufficient working capital to enable it to continue operations, despite
the fact that assets exceeded liabilities.
A petition asking for the appointment of a receiver for the company was
filed Feb. 14 in the Illinois Superior Court at Chicago by Harry Hurwich,
a stockholder, who charged that a deficit of $3.000,000 has developed during the last three years through alleged mismanagement-V.120. p. 832.
-Rights.
British American Oil Co., Ltd.
The stockholders have been given the right to subscribe for additional
capital stock (par $25) at $30 per share, in the ratio of one new share for
each five shares now held.
It is stated that sufficient oil lands to supply needed crude are gradually
being secured. To this end, British-American Producing Co. has been
Incorporated and has purchased oil lands in the mid-continent field.
V. 119, p. 3014.
Buckeye Pipe Line Co.
-Annual Report.
Calendar YearsNet income,all sources__
Dividends
Rate of dividends
1921.
1922.
1923.
1924.
$938.000 $1,041.571 $1,744.396 $1,676.435
1.600.000
7,000.000
1,350,000
800,000
(16%)
(1334%)
(70%)
(8%)
Balance, sur. or det_sur$138,000 def$308,429df$5.255,604 sur$76,435
-The dividends paid to stockholders during 1924 amounted to
Note.
$4 per share and were distributed out of earnings accumulated since Mar. 1
1913.-V. 120. p. 457.
Butte & Superior Mining Co.-Earnings.-Quer. End. Dee. 31- 12 Mos. End. Dec. 31.
1923.
Period1924.
1924.
1923.
Net value of ore
$493,992 $2,969,259 $3,301,479
$812,823
66,267
Miscellaneous income_ _ _.
40,679
10,332
16,987
deb2,993
Metal inventory
17.071
Total income
Operating costs
Depreciation, taxes, &c..
$823,155
621.026
9.461
$528,050 $3,009,938 $3,364,753
3,135.618
2,580.674
508,478
242,765
219,891
52.924
Net income before depl. $192,668 def$33.352
-V. 119. p. 1957.
$209,373 def$13,630
By-Products Coke Corporation.
-Earnings.
1921.
1922.
1923.
1924.
Calendar Years$13,459,780 912,938,924 $10,705,036 $9,004,699
Total sales
310.379
748,291
1,008,989
866.525
Earnings a
128,391
139,217
176,181
xabt289,410
Preferred dividend
119,963
119,975
121.152
Common dividend_(6%) abt124,800
89,227
171,944
241.003
153.849
Added to reserves
Years Ended Dec. 31Profit from operations
Earnings for investment
1923.
1924.
$177,280 $1,309,175
218,637
83,371'
Total income
Interest
Depreciation
Prem. on bonds
8260,657 $1,527,813
396,680
441,302
562,188
317;578
9,751
8317,155 def$27,202
8470.653
8298.466
Surplus
Profit & loss surplus_ _ _ _y$3,233,295 42,915,511 $2,524,859 12,207,703
Net loss
Preferred dividends
$498,222 sur$559,373
136,998
136,998
---Report.
Baldwin Co., Cincinnati.
a After deducting taxes and interest. x Includes dividends paid on 7%
Balance,surplus or deficit
def$635,220 sur$422,375
Preferred, 6% Preferred and 8% Preferred stock. The outstanding 7% Profit and loss, surplus
$445,799 $1.081,020
and 8% Debenture Preferred stocks, amounting to $2,220,300, were -V. 119, p. 1957.
retired late in 1924 and there has been issued in connection with this
refund 82,000.000 6% Cumul. Preferred stock. y After deducting a 4%
Cabot Mfg. Co.
-Balance Sheet Dec. 27.-V. 120. p. 90.
stock dividend on Common stock in each year.
1923.
Assets1924.
- Real estate & mach.. water power rents & deverts_x$2,456,200 $2.531,442
-Notes Offered.
Barnhart Bros. & Spindler, Chicago.
Inventory, notes and accounts receivable, and cash 1,185,468
1,457,254
Bartlett & Gordon, Inc., Chicago,. are offering $1,000,000 Prepaid insurance and interest
21,276
21,210
6% Serial Gold notes at prices ranging from 98.16 to 100.74,
to yield from 531% to 63.4% according to maturity.
Dated April 1 1925. due serially 1926 to 1935. Denom. 81.000. $500
and $100 c*. Red. all or part on any int, date at a premium of Si of 1%
for each year or fractions thereof of unexpired term on not less than 30
days' notice. Principal and interest (A. & O.) payable at Union Trust
Co.. Chicago, without deduction for normal Federal income tax, not in
excess of 2%.
-Business was established as a type foundry in Chicago in
Business.
1868, and incorn. in 1883. In 1911 the present company was organized
In New Jersey for purpose of acquiring Barnhart Brothers & Spindler of
Ill., together with the incorporated selling branches of that company.
The business has grown from a small beginning until now it is one of the
largest type foundries in the United States. Barnhart type is mown to
printers and publishers throughout the world as a product of the highest
quality. Company also manufactures brass rules, leads, slugs, electric
welded chases, cast iron justifying furniture, printers' sawing and trimming
machines, metal furnaces and other equipment essential in the printing
trades.
In addition to the well-established line of products manufactured for
printers, the company developed about five years ago a die casting department which Is enjoying a substantial and rapidly growing volume of business.
Within the last five years the company has also developed a newspaper
stuffing machine which is the only successful machine of its kind in the
world. This machine is used by the larger newspapers for the assembling
of the different sections of their paper. Barnhart Brothers & Spindler's
new machine eliminates assembling by hand and has proven to be a very
.
important labor saving factor.
Authorized. Outstanding.
Capitalization$5,000,000 $1,000,000
6% Serial Gold notes (this issue)
1,250,000
1,250,000
1st Preferred stock
750,000
750,000
2d Preferred stock
1,000.000
1,000,000
Common stock
-En tire proceeds will be used to retire an issue of 8% Serial
Purpose.
bonds outstanding, and to retire floating indebtedness.
Net earnings after all taxes, deprec. and all other charges except Federal
taxes, available for interest, years ending Aug. 13 1924:
$375,189
9261,512 1922
9187,398 1919
1915
387,336
389.906 11923
182,447 1920
1916
366,549
390.016 1924
226,291 1921
1917
248.768
1918
[All of the outstanding 8% serial Gold notes. due annually to March 31
1931, have been called for payment April 1 at 101 and interest at the Illinois
-V. 120, p. 832.
Trust Co.. trustee. Chicago, I11.1
'I otal
Liabilities
Capital stock
Notes payable
Accounts payable
Reserves
Surplus
$2.000,000
735.000
6,734
921.211
$2.000,000
920,000
12.796
107.475
969,635
83,662.945 84.009.906
Total
X Less
$3,662.945 $4.009.906
$727,542 depreciation.-V. 119. p. 697.
-To Create an Issue of
California Cyanide Co., Inc.
$1,250,000 Convertible Debentures and Increase Capital.
The stockholders will vote March 4 (a) on authorizing an issue of $1.-Year 6% Convertible Gold Debenture bonds (to be convertible
250,000 5
at the option of the holders into Common stock at the rate of one share
of Common stock, no par value,for each $50 of bonds):and (b) on increasing
the number of Common shares, no par value, which the company may
Issue. from 43.000 shares, the number now authorized, to 68.000 shares.
With the proceeds of the bond issue it is proposed to take up the entire
floating indebtedness of the company, amounting to approximately $1,100,000, now owing to Air Reduction Co., Inc., and to provide additional
funds for working capital and for extensions and improvements to the
company's plant and equipment.
In view of the necessity for additional funds for corporate purposes the
-Year 6%
Air Reduction Co.. Inc., has underwritten the $1,250.000 5
Gold Debenture bonds which it is now proposed to authorize. The bonds
have been underwritten at par and no commissions of any kind will be
paid in connection therewith.
The bonds will be dated March 1 1925 and will mature March 1 1930.
with interest payable on March 1 and Sept. 1 in each year, and will be
convertible at the option of the holder into Common stock without par value
on the basis of 1 share of Common stock for every $50 par value of bonds.
The Common stockholders of the California company will be offered the
right to subscribe for the bonds pro rata at par and int. In order to avoid
fractional rights to subscribe, it is expected that sufficient waivers will be
obtained from some of the larger stockholders to enable the company to
offer each Common stockholder the right to subscribe for one Debenture
bond of $1,000 for every 25 shares or less of which ho is the registered
holder at a date to be fixed.
See also Air Reduction Co.. Inc., under "Financial Reports" on a pre-V. 117. p. 1890.
ceding page.
-Annual Report.
Central Coal & Coke Co.
1922.
1923.
1924.
Calendar Years48.791.185 $10,472,957 $7,473,700
Total sales, less discount, &c
An initial dividend of 50c. per share has been declared on the Class "A' Cost of sales
6,349,407
7.500,442 8.937,582
stock, par $10. payable April 1 to holders of record March 16. See offering Selling and distribution expenses_ __ _
654,367
632,127
452,950
of stock in V. 119, 13. 2882, 3013.
$671,343
8636,375
$903.148
-Annual Report.
Gross profit
Bigelow-Hartford Carpet Co.
99,911
143,098
137,581
Other income (net)
1922.
1921.
1923.
1924.
Calendar Years$18,251,920 $26,590.371 $22,652,673 $14,696,764
Net sales
$773,956 $1,003,059
Total income
$814,441
Net earns, after deprec.
232,007
170,767
248,242
1,649,231 General administrative expenses
4.671.242 4.016,984
and Federal taxes_ _ _ _ 1,617,120
257,022
177,914
266,677
330,000 Interest charges, &c. (net)
*205,100
330.000
*134.035
Preferred dive. (6%)
93,750
93,750
805.000 Preferred dividends (5%)
724,500
*1,449,000 *1.412,900
Common dividendsCli_.
153,750
307,500
($4 50)
($8 80)
(10%) Common dividends
($6)
Rate on Common vs.
1,201,250
To reserve account
Surplus
961,677
5364.035
$164.365
8514.231
$34.085 83,053,242 $1,761,234
Balance, surplus
x Less allowances, discount, freight, &c.. of $1,490,160 in 1924.
-V. 119. P. 328.
inserted by Editor.
•Approximate,
Balance Sheet Dec. 31.
19.3
Booth Mfg. Co., New Bedford, Mass.-Bal. Sheet DeC23.1..
1924,
1923.
1924.
1923.
1924.
1923. I Liabilities1924.
AssetsAssetsLiabilities-$
8
_ _ $344,100 $344,100
!Preferred stock_
Real estate & ma852,800 Coal Yds & impts_10,324,962 10,371,223 Preferred stock__ - 1,875,000 1,875,000
$1,759,912 81,759,767 Common stock__ _ 852.800
chinery
Common stock.... 5,125,000 5,125,000
59,000
59,000 Timber lands and
388,389 Bonds
360,726
Merchandise
Improvements_ _16,276,020 15,410,700 Minor. sharehold's
10,878
24,183
'Accounts payable_
Cash and accounts
•
430,073 int. in capital
602,643 0th. prop. & equip 395,733
360,597 Depreciation res've 667,820
263,429
receivable
stock sub. co__ 1,360.695 1,338,252
386,141
264,719
59,000 Cash
59,000
11,228 Reserve for bonds_
3,265
Prepaid Insurance_
Customers' bills Sr
Bond. dr other def.
:to acct.
1Pr ni k) (Corn.
8,395,393 6,786,716
accounts rec_
1,004,132 1,198,979
debts
88,200
88,200
1,717,864 1,510,124 Notes payable..... 871,607 1,452,419
503,360 Inventories
Total(each side)_ _82,387,331 82,519,981 Profit and loss__ _ _ 292,229
Other assets
563,750
658,681 Accts. pay.& accr.
-V. 118. p. 911.
989,865 1,312,789
Treasury stock...
7,500
int. & taxes....
7,500
-Receivership.
500,000
Deferred charges
(Daniel) Boone Woolen Mills, Inc.
694,398
201.727 Res.for Fed. taxes 500,000
128,907
Other reserves..... 135,859
B. J. Brundage has been appointed receiver for the company. The suit
Tot.(each side)_31.249,079 30.173.151 Surplus
11,995.659 11.654,666
was filed by U. S. Worsted Sales Co. of New York, and agreed to by Pres.
Joseph Byfleld. The bill of complaint says the company was unable to -V.120. p. 457.
-Initial Dividend.
Bendix Corp. (III.).
FEB.21 1925.]
963
THE CHRONICLE
Canadian Car & Foundry Co., Ltd.-Pref. Dividend.
The directors have declared a dividend of 1i% on the Preferred stock
for the quarter ending March 31 1925, payable April 11 to holders of record
March 26. On Jan. 10 last the company paid a regular quarterly dividend
of 1%% and an extra dividend of 5%% on the Preferred stock, wiping out
-V. 120, p. 587.
all accumulations on this issue,
-Definitive Bonds Ready.
Cespedes Sugar Co.
Definitive 1st Mtge. 73 % S. F. Gold bonds are now ready for delivery
in exchange for outstanding interim receipts at the Central Union Trust
Co.,80 Broadway, N.Y.City. For offermg of bonds see V. 119. p. 1067.
-V.120, p. 90.
-Bonds Sold.
-F. L. Carlisle
Champion Paper Corp.
& Co., Inc., Northern New York Securities Corp., Watertown, N. Y., and Schollkopf, Hutton & Pomeroy, Inc.,
Buffalo, have sold at 97 and int. to yield over 6%,
$600,000 1st (Closed) Mtge. 6% Sinking Fund Gold bonds.
-Annual Report.
Consolidated Cigar Corp.
1922.
1923.
1921.
1924.
Calendar YearsGross profit on sales_ _ _ _ $3,342,622 $2.754.473 $33,225,653 $2,168.165
1,769,896
1.697.867
1,428.650
Selling, adm.& gen. exp. 1,620,630
$984,577 $1,527,786
$739.515
Operating profit
$1,721,992
Int. on loans, discount &
$357,496
$503,282
$458,594
$475,560
miscell. losses (net)
54,000
115,000
Fed. & State taxes (est.)
165.000
707,007
Inv. depr. written off__
.258,023
Bal. adv.exp. writ. off_
276,332
--6 ,189
8
272,755
272,755
Preferred dividends__..
12,201
12,201
12,005
do "44" Cigar Co_ _ _
12,005
181,071
Common dividends
80,000
Prof. stock sink.fund__
Balance, surplus
Previous surplus
Disc. on Pref. stock repurch.for sink.fund_
Reserve for conting's__
Adj. of Fed. & State tax
$796,672
163,332
$974,900loss$1278401
$187.223
379,226
99,390 def879,287
Cr.3,776
0%19.888
99,295
Dated Feb. 1 1925, due Feb. 1 1945. Callable all or part at any time
Cr.3,793
upon 30 days' notice at 105 and int., less 1% for each 5 years of expired
term. Denom. $500 and $1,000 c*. Int. payable F. & A. in New York
$191,111
$99,390 def$879,287
Profit & loss surplus__ $960,004
City or Watertown, N. Y., without deduction for any Federal income tax
-V. 120, p. 708. 458.
up to 2%. Northern New York Trust Co., Watertown, N. Y., trustee.
CapitalizationAuthorized. Outstanding.
-Changes in Personnel.
Continental Oil Co. (Maine).
1st M.6% Sinking Fund Gold bonds (this issue) $600,000
$600.000
Changes in personnel include the appointment of C.E.Strong to the office
Common stock (no par value)
10,000 shs.
10,000 shs.
of Comptroller,and E.S. Karstedt, Vice-President in charge of marketing.
Data From Letter of R. B. Maltby, Vice-President of the Company.
Three sales departments have been created: Eastern department,including
Company.
-To be organized in New York. Will acquire the entire busi- Kansas. Nebraska, South Dakota, Oklahoma, Arkansas and Missouri,
ness of the Champion Paper Co., which has been successfully conducted under the management of J. S. Curtisi Central department, made up of
since organization in 1901. The mill of the latter company, located at Colorado, Wyoming and New Mexico, under the management of J. P.
Carthage, N. Y., has an annual production of 8,000 tons of catalogue paper. Anthony; while J. T. Strong will have charge of the Western department.
Company is a recognized producer of an exceptionally fine quality of this consisting of Utah, Idaho, Montana, Oregon and Washington.
-V. 120. D•
grade of paper. The new cormpany w ll own the entie capital stock. consisting of 10,000 shares without par value, of the Carthage Power Corp.
The latter corporation will be incorporated in New York State and will
-Balance Sheet Dec. 31.Crescent Pipe Line Co.
have no funded debt. Its properties will include a valuable water power,
1924.
1923.
LiabilitiesAssets1924.
1923.
developed hydro-mechanically, with an installed 'capacity of 3,000 h.p.,
$1,500,000 $1.500,000
$785,149 $809,818 Capital stock
the entire power output of which will be sold under long term contract to Plant
123.147
82,637
.
10,904 Acc'ts payable_ _ _
9,246
Malls & supplies_
the Champion Paper Corp.
272,011
182,767
Security.-Specifically secured by a closed first mcrtgage upon its entire Cash,acc'ts rec.Ac 971,009 1,074,436 Profit and loss_
fixed property and further secured by pledge with the trustee of the entire
$1,765.404 $1,895.158
Total
Total
$1,765,404 $1,895,158
capital stock of the Carthage Power Corp. The combined fixed properties
A comparative income account was given in V. 120. 1). 833.
to be acquired by Cnampion Paper Corp. and the Carthage Power Corp.
were appraised as of Dec. 31 1924 at $1,314,866. after depreciation.
-Silica Gel Plant.
Davison Chemical Co.
Earnings of Champion Paper Co.from Examinations by Messrs. Ernst it Ernst.
The Silica Gel commercial plant Installed by the Royal Dutch Shell at
1920.
1921.
1922.
1923.
1924.
accepted and final payment
Receipts
$1,012,858 $892,407 $805,471 $802,791 $901,044 its New Orleans refinery has been formally
Gel Corp.
xOperating exp
813,047
797,479
686,791
643,740
716,587 made. This was the firat large oil plant equipped by the Silica the Royal
Net, avail,for int.
and has been given approval by the technical organization of
& Federal taxes 199,811
94,927
118,680
159,005
184.457 Dutch Shell Co. The plant, however, will not start continuous operation
-V. 120, p. 834.
on royalty basis.
x Including depreciation, taxes, insurance, inventory adjustments. &c.
Sinking Fund.
-In the mortgage securing these bonds, the company
;
Devoe & Raynolds Co., Inc.-Consolid Balance Sheet.covenants to deposit with the trustee annually beginning Feb. 1 1926, cash
for the redemption of $17,500 principal amount of bonds or in lieu thereof
Nov.30'24 Dee.31'23
AssetsNov.30'24 Dec.31'23 Liabilitiessuch amount of bonds for cancellation, thus retiring $350,000 face amount Plant, equip., &c.,
Common stock...44,000,000 $4,000,000
of these bonds by maturity.
1,933,400 2,000,000
less depreen._ $2,629,271 $2,539,190 lst Pref. stock_ _
935,500
Investments
66,060 2d Pref. stock_ ___ 935,500
37,000
City Ice & Fuel Co., Cleveland.
-Acquisition.
311,692
Accounts payable_ 353,196
1st Pt. stk. purch_
90,960
It is announced that the company has purchased the Lakeland, Fla., Cash
33,354
649,277
330,288 Inst. of Fed. tax_
ice plant of the Southern Utilities Co.
-V.120, p.457, 214.
221,696 Reserve for taxes &
Notes receivable_ 202,919
275,435
accr. exp., &c__ 164.025
Accts.receivable 2,349,196 1,878,755
Clayton 8c Lambert Mfg. Co., Detroit.
-Sale.
1,630,875 1,166,479
Inventories
2,604,662 3,254,727 Surplus
See Hudson Motor Car Co. below.
-V. 110, P. 2490.
398,392
Deferred charges__ 213,351
Fire loss claim_ _ _ _
49,122
Clinchfield Coal Corporation.
-Tenders.
-Report.
Tot.(each side)39.050.350 1.8.689,107
Prepaid ins.. &c_ _ 224,593
The Equitable Trust Co., trustee, 37 Wall St., N. Y. City, up to Feb. 20
The usual comparative income account was given in V. 120. P. 538.
received bids for the sale to it of 10
-Year 8% S. F. gold debentures, dated
April 1 1921, to an amount sufficient to exhaust $52,500, at a price not
-Guaranty, &c.
Dispatch Printing Co.
exceeding 105 and int.
Bee Itasca Paper Co. below.
Calendar Years1924.
1923.
1922.
1921.
Net earnings
$805,878 $1,011,691 $1.041,695
$998,648
-Closes Plant.
Dominion Glass Co., Ltd.
Fixed charges
94,907
107,882
120,923
124,384
The company recently announced that owing to inadequate tariff protecSinking fund
55,193
43.082
54,765
43.544 tion it has been decided to close down the plant of the Jefferson Glass Co.,
Federal income taxes...
135,571
106,646
139,681 Toronto, one of its subsidiaries. This plant, which has been shut down
137,597
Preferred dividends
86,596
82,954
89,816
94.252 for the past six weeks, had between 200 and 300 emp oyees, and manufacCommon dividends
218,214
109,107
327.321 tured incandescent glass bulbs, and ll um nating glassware. The close545,535
-V. 119, p. 2886.
down is now permanent.
Balance, surplus
$260,075
$517.342
$89,598
$272.925
-V. 119, p. 1846.
-Dividend Increased.
I.) du Pont de Nemours & Co.
(E.
Co., Atlanta, Ga.-Balance Sheet Dec. 31.- -The directors on Feb. 16 declared a quarterly dividend
1924.
1923.
1924.
1923.
of 2% on the outstanding $95,060,900 Common stock,
Assets$
$
LiabitUtes$
$
Prop.. plant, &c_ _.6,701,618 6,933,412 Preferred stock_ _ _10,000,000 10,000,000 par $100, payable March 16 to holders of record March 5.
Cash
1,812,301 2,367,604 bCommon stock_ _15,010,000 15.010,000 This compares with dividends at the rate of 8% annually
Govt.securities_ _
3,413
3,400 Accounts payable. 454,962
694,659 (2% quarterly) paid since Dec. 15 1923.
Inventories
1,295,625 1,779,264 Accrued accounts.
372
2,153
Accts.& bills rec 2.490,649 1,399.512 Real est. notes_ _ __
1,000
31,000
The directors also declared the regular quarterly dividend
Securities owned_ _ 340,000
Federal tax res_ _ _ 839,877
681,517
Misc,accounts and
Unpaid dividends
1,225,000 of 13/2% on the Debenture stock, payable April 25 to holders
notes receivable. 125,846
260,686 Deferred liabilities
11,000
92,588 of record April 15.-V. 120, p. 709, 696.
Formulae,tr.-mks.
Profit and loss_ _ _ _ 7,174,844 5,730.714
and good-will_ _ _20,656,576 20,658,386
-Balance Sheet Dec. 31.Edmunds 8c Jones Corp.
Deferred charges_ _
66,026
67,367
Coca-Cola
Total
33,492,056 33,467,631
Total
33,492,056 33,467,631
a After depreciation. b Represented by 500,000 shares of no par value.
comparative income account was given in V. 120. p. 833.
A
Connecticut Quarries Co.,
New Haven, Conn.Bonds Offered.
-Chas. W. Scranton & Co., Putnam & Co.,
Inc.,
Hincks Bros. & Co. are offering at 100 and int. $350,000
1st Mtge. 7% Convertible Gold bonds.
Dated Jan. 1 1925, due Jan. 1 1940. Int. payable J. & J. without deduction of the normal Federal income tax up to 2%. Mass, income tax up to
6% and Conn. 4 mill tax refunded. Denom. $500 and $1,000 c*. Red.
all or part on any int, date upon 90 days' notice at 105 and int. Mechanics
Bank, New Haven, trustee.
Capitalization Outstanding Upon Completion of Present Financing.
1st (Closed) Mtge.7% Cony. Gold bonds
$350,000
7% Debentures, due Jan. 1 1940
200,000
Common stock (par $106)
500,000
Company.
-Recently incorporated as successor to a company which has
been engaged in producing and selling trap rock for the past 23 years.
Company owns large deposits of trap rock at Middlefield, Meriden, Plainville, Rocky Hill and Oak Hill in New Britain. At Mt. Carmel the company has a 20-year lease on a valuable piece of trap rock property, with
the option of renewing for 10 years. Quarries have been opened. and
crushing plants installed at each one of the above locations. The capacity
output of the crushing plants is about 700,000 tons a year. The rock.
which is sold in four sizes, is distributed through Connecticut, New York,
Rhode Island and Massachusetts, to cities, towns, State highway departments, corporations, railroads and contractors.
-Mortgage provides for payments to the trustee in each
Sinking Fund.
year of 25% of the net earnings with a minimum annual payment of $25,000,
which will retire practically all the bonds by maturity. Money paid into
the Sinking Fund shall be applied by the trustee to the purchase of bonds
at the lowest market price, not exceeding the call price, but if not so obtainable the trustee shall call sufficient bonds to exhaust the sinking fund.
-Bonds are convertible into Common stock in the ratio of
Conversion.
10 shares for each $1,000 bond. Bonds called for payment may be converted up to the date of redemption.
-Average annual net earnings of the predecessor company
Earnings.
for the past 6 years (last 2 months estimated), after interest, taxes, depreciaand depletion, were $68,526, or 2.75 times the interest on this issue of
tion
bonds. Net earnings for the current year (last 2 months estimated) were
in excess of $140,000. or 5.7 times the total bond interest.
-Theodore R. Blakeslee, Pres.: Albert S. Worthen, V.-Pres.;
Officers.
Ray 3 Reigeluth, Treas., and Harold L. Blakeslee, Sec.
Assets1924.
Real estate, plants,
mach., eq't, &c.$1,251,497
1
Patents
227,310
Cash
Dom.of Can. bds_
30.000
Accts. dr notes rec.. 301,523
Inventories
667,949
Investments
5,000
Deferred charges
38.736
1823.
1924.
Liabilities1923.
Preferred stock.. 8587,400 $626.700
$988,968 Common stock (no
See x
1.000.000
1
par)
650,789 x1,598,152
130,916 Surplus
245,225
Accounts payable_ 248,159
446,786 Reserve for Federal
64.723
35,666
taxes
819,096
106,900
42,133 Total(each side). _$2,522,015 $2,534,800
x Represented by 40,000 shares of no par Common stock.
The usual comparative income account was given in V. 120. p. 834.
-Dividend Increased.
Eagle-Picher Lead Co.
The directors have declared a quarterly dividend of 2ffp_on the Common
stock, payable March 1 to holders of record Feb. 20. TIPS compares with
the previous rate of 1.yi% quarterly. The company on Dec. 1 last also
-V. 119, p. 2415.
paid an extra dividend of 1% on its Common shares.
-Par of Common Shares
(Otto) Eisenlohr & Bros., Inc.
Changed from $100 to $25 per Share-Annual Report.
The stockholders on Jan. 30 approved a proposal to change the par value
of Common stock from $100 a share to $25 a share and authorized the issuance of 4 shares of the $25 par value stock in exchange for each share ot
Common stock par $100.
1923.
x1924.
Calendar YearsS1.278.601 $1,466,399
Gross profit from operations
1,018,912
1,027,741
Selling, administration and general expenses
101.321
14.881
Miscellaneous charges, less miscellaneous income
54.100
20,441
Federal income tax, estimated
Net profit
$129,097
$378,506
x Includes Webster Cigar Co.for the period from Aug.2 to Dec. 31 1924.
-V. 119, p. 2651.
-Annual Report.
Emerson-Brantingham Co.
1921-22.
1922-23.
1923-24.
Oct. 31 YearsProfit from oper. after
Fed,taxes,exp ,&c_loss$1,183,172loss$1608201loss$1690308
.
418,243
569,876
516,360
Interest on loans
203.702
239,118
195,675
Depreciation
Inv. adjustment
Balance, deficit
-V. 118, p. 1274.
1920-21.
$72,743
735,146
213.334
2,432,989
$1,797.089 $2.381,779 $2.445,786 $3.398,726
964
Eastern Steel Co.
-Merger Report.
-
It is reported that the Penn Seaboard Steel Corp. Is negotiating for the
acquisition of the company's property. While nothing official has as yet
been given out in connection with the matter, it is stated that the Common
stock of the Eastern company will be taken over at $15 a share and the Preferred at $50. Frazier dc Co., it is reported, are conducting the banking end
of the deal.
-V. 120, p. 709.
•
Exchange Buffet Corporation.
-Earnings.
-
Three font/is Ended Jan. 31Gross profits
Deduct
-Depreciation
Provision for Federal taxes
Dividends paid
Balance,surplus
-V. 119, p. 2415.
[VoL. 120.
TITE CHRONICLE
1924.
$175,606
27,381
18,528
125,000
1923.
$186,410
26.689
19,965
124,500
$4,697
$15,256
The management and marketing arrangements of this business can be
conveniently and economically carried on in conjnuction with those of
this company.
Valuation.
-Fraser Cos.'s timber limits, plants, properties and other
fixed assets have a book value of $15,066,135, from which there has been
written off out of earnings $3,429,247 for depreciation and depletion,
leaving a net valuation of $11.636,887
-equivalent, after deducting 1st
Mtge. bonds outstanding as above stated, to 4.17 times the amount of
7% Pref. stock now being issued. Net current assets as at Dec. 31 1924.
after deducting all current liabilities and Including inventories at cost
or market value, whichever Is less, and including proceeds of this financi
(but exclusive a investments having a book value of $930,017) are certified
to be $3,511,873.
Earnings.
-Average annual net earnings, based on the annual earnings
after deducting operating and maintenance expenses, all taxes, bond and
bank interest, and after deducting depreciation of fixed assets and depletion
of timber limits, but before depreciation of inventories written off during
the deflation period of 1921 and 1922, and available for dividends for
the six years ended Dec. 31 1924 amounted to $410,504
-equivalent to
three times the annual dividend of $136,500 on shares of this issue outstanding as above.
Net earnings, after operating and maintenance expenses, all taxes, bond
and bank interest, depreciation and depletion, for the year ended Dec. 31
1924 are $336,917.
Listing.-ApplleatIon will be made in due course to list these shares
on the Montreal Stock Exchange. See also V. 120, p. 458.
Freed-Eisemann Radio Corporation.
-Sales.
-
The corporation's sales for the last quarter of 1924 were $2,016,560 On
neutrodyne receivers under the Hazeltine patents.
-V. 120, p. 589.
General Cigar Co., Inc.
-Stock to Employees.
-
The company, under its plan of offering stock to employees on the partial
payment system, has given Its employees the privilege of subscribing to
additional stock on the basis of $87 a share.
-Y.120, p. 822.
General Electric Co.
-Bonus to Employees.
-
More than $1,000,000 in supplementary compensation was paid during
the week of Feb. 7 by the company to those of its employees who had been
In the company's service for five years or longer on Dec. 31 last. This
bonus payment was for the last six months of 1924 and amounts to 5% of
the earnings of the employees during that period. A total of 28,499 individuals shared in these payments.
-Y.120, p. 835, 709.
General Fireproofing Co.
-Report.
-
Net oper. Income---- $3.084.970 $2,744,818 810,609,055 $9,171,919
216,852
Other income
246,963
796,434
840.633
Total income
83.301,822 $2,991,781 U1,449,688 $9,968,353
Income charges
$75,907
189.093
$171.519
$229,615
389,457
Fed. and Can. taxes_ _ .. _
352,014
1,166,268
1,376,840
Preferred dividends__ -18,750
20,523
82,744
76,678
Common dividends
1.875,000
1,125.000 6,000,000 4,875,000
P.& L. credits
Dr.33,152
68.766
18,627
147,785
P. & L. charges
140,298
158,219
464,420
438,141
Surplus
-V.120. P. 834.
$769,258 $1,315,698 $3,320,762 *3,382.466
FordMotor Co.
-The Ford Industries.
-A special illustrated booklet of 147 pages has been published covering the
"Ford Industries." The foreword to the booklet says:
In its expansion to the point where it can sustain a production equal to
that of all other automobile manufacturers combined the Ford Motor Co.
has grown to be one of the largest Industrial institutions in the world, if it is
not actually the largest.
Its manufacturing activities are conducted on a colossal scale and the
merchandising organization reaches to every corner of the civilized world.
The United States and Canada are dotted with Ford plants, which are also
found in fourteen other countries.
The Ford factories with their enormous production and almost unbelievable efficiency have become the Mecca of scientistsand industrialists.
They have also left a permanent imprint on the social system by reason of
the Industrial policies in effect. Wherever Ford plants have been established the wage earner's standard of living has been raised.
Yet the Ford Motor Co. has been organized only since 1903.
This book is published as an outline of the Ford industries, In which
some of Its outstanding features are set forth. It Is not a history, nor does
it pretend to tell the complete story of the company, for that would take
volumes. Rather it presents a bird's-eye view of the organization and its
methods at this writing (Nov. 1 1924).
So rapidly is the company expanding and developing that a complete
picture of its activities which will be accurate six months hence is impossible.
To-day's innovation Is invariably overshadowed by to-morrow's.
The Ford organization is such an amazing thing that even the bald truth
about it Is apt to seem overcolored and exaggerated.
Cars and Trucks Produced in January.
Month of January1925.
1924.
Number of cars and trucks produced
117,090
161.933
-V. 120, p. 91.
Foundation Co., N. Y.
-To Issue Additional Corn. Stock.
The directors have authorized the offering to stockholders of record
March 3 of 15.000 shares of new Common stock (no par value) at $95 a
share on the basis of one-fifth of one share for each share of old stock held.
The stockholders on Feb. 19 increased the authorized Common stock
from 75,000 shares to 100,000 shares of no par value.
-V. 120. P• 835.
-Royal
Fraser Companies, Ltd.-Pref. Stock Offered.
Securities Corp., Ltd., Montreal, are offering to 973' and
diy. to yield 7.18%, $1,500,000 7% Cumul. Redeemable
Cony. Pref. (a. & d.) stock.
-J.
Divs. payable Q. (cumulative from Jan. 11925). Red. all or part,
'
at 105 and div. on 60 days' notice and at the same price in the event of
liquidation or voluntary winding up. Stock will be non-voting, except
when and so long as two consecutive quarterly dividends shall be In arrears
and unpaid and in regard to matters affecting the stock. Transfer agent,
Montreal Trust Co. Registrar, Montreal Safe Deposit Co.
Convertible into Common stock at par for par at any time at the holder's
option.
Authorized. Outstanding.
Capitalization-let Mtge. Sink. Fund bonds (V. 120. p. 458)--$10,000,000
$3,500,000
3,000,000
1,950,000
7% Cumul. Red. Cony. Pref. shares
10000,000
Common shares
10.000,000
Company.
-Is one of the largest manufacturers in Canada of bleached
and easy bleaching sulphite pulp, spruce lumber and cedar shingles. The
business has been in successful operation for nearly 50 years. Company
OWDS valuable leases of timber limits, which, together with timber areas
owned in fee aggregating about 210 sq. miles, total over 2.189 sq. miles,
situated on watersheds of the St. John. Restigouche, Tobique, Miramichi.
Madawaska and other rivers tributary to the company's principal plants
In Quebec and New Brunswick. Timber areas are estimated to contain
1,892,000,000 ft. b. M. of spruce, pine and cedar saw logs and 4,998,000
cords of pulpwood.
Mill properties of the company include a complete bleached sulphite
pulp-mill at Edmunston, N. B., and a complete easy bleaching sulphite
pulp-mill at Chatham, N. B. 12 sawmills, seven shingle mills, four planing
mills and a transit planing Mill. Present capacity of bleached and easy
bleaching sulphite pulp is 58.000 tons per annum. Company's lumber
manufacturing capacity is approximately 124,000,000 ft. b. m. and 158.000.000 shingle, 200,000,000 laths and 100.000 railway ties per annum.
-Company has recently acquired 250,000 shares
Recent Acquisition.
of no par value Common stock, being all the outstanding capital stock of
Stetson, Cutler & Co., Ltd., giving it control, subject to 52,500,000 of
outstanding 7% 1st Mtge. bonds, due 1942, of a valuable and extensive
lumber business operating approximately 2,100 sq. miles of leasehold
timber limits in the Provinces of Quebec and New Brunswick, and several
saw mills with a capacity of approximately 60,000,000 ft. b. m. per annum.
The company reports for the year ended Dec. 31 1924 net profit of
$542,291; preferred dividends, $97,342; common dividends, $129,239;
balance, surplus, $315.710.
Consolidated Balance Sheet December 31.
1924.
1923.
1924.
1923.
Assets-Liabilities$
$
$
Land, buildings,
Common stock__ _x1,636,500 1,636,500
equipment, dec- 1,859,941 1.861,348 Preferred stock... 1,390,600 1,390,600
Cash
Notes dr accts. pay. 764,219 1,313,596
120,1681
Notes and accounts
1.658,289 Dividend reserves_
82,785
63,320
receivable
1,390,796J
Accrued pay-roll._
48,516
43,227
Inventories
1,747,694 1.841,284 Reserve for local
Investments
45,415
29,945
taxes, dec
98,784
Other assets
92,638
Adv. charges and
Pat'ts & trade-inks. 41,385
31.913
accr. sects
105.276
88,763 Land contr. pay'le
Prepaid exp., dec._
26,405
68,000
76,000
Reserve for Federal
taxes, dec
107,882
92,401
Total(each side) 5,324,342 5,511,542 Surplus
1,120,563
797,115
x Represented by 81.740 shares no par value.
-V. 120, P. 590.
-Sales of Cars to Users.
General Motors Corp.
The following tabulation shows sales of General Motors cars by dealers
to ultimate consumers as well as sales by manufacturing division of General
Motors to their dealers
-0.M.Sales to Dealers
-Dealer Sales to Users1924.
1923.
1924.
1923.
1925.
1925.
January
*30,342 61.398 49,162
*25.387 33,574 31.437
*These preliminary figures include Buick, Cadillac, Chevrolet, Oakland,
Oldsmobile passenger and commercial cars and GMC trucks sold in the
United States, Canada and overseas. (Compare V. 120, p. 336.)
Attention is called by the corporation to the fact that the Jan. 1925
figures are materially affected by the limited production of Chevrolet's
new models, which has an important influence on the total figures for
General Motors Corp.
Oldsmobile Production-Chevrolet Sales.
In 1924 Olds Motor Works, a division of General Motors, produced the
largest number of cars ever made in any one year of the 28 years the company has been manufacturing. The total output was 10,000 more cars
In 1924 than 1923, a gain of nearly 30
Olds dealers at the beginning
of 1924 totaled 1,760 and at the beginningof 1925 2.340.
Chevrolet dealers in Jan. 1925 deliver and took orders for 40% more
cars than in Jan. 1924 or Jan. 1923. At the recent Chicago show 1,107
cars were sold, a new high record for any company at a national show.
During the New York show five times as many orders were taken as at
any previous New York show, and similar records have been established
-V. 120. p. 835, 590.
at all the automobile shows so far this year.
-Annual Report.
General Railway Signal Co.
1024.
1923.
$1,333.345 $1,032.440
Gross profit
Misc. chgs.,incl. deprec., int., amort. of pats., &c..
472,698
256.106
45,039
Federal income (est.) and State taxes
9.450
Net profit
-V. 119, p. 2653.
$815.608
$766.884
Giant Portland-Cement Co.-Bal. Sheet Dec. 31.1923.
Assets1924.
Real est., bldg,.,
machinery,dm...32,812,302 $3,066,267
365,340
428,613
Cash
68,567
70,962
Notes& accts. rec48,372
Ins. cos. Dart claim
2.976
Sundry debtors._ 2.768
3,164
698
Rents de int. rec..
354,237
369,831
Inventories
8,968
Deferred charges.14,319
Fund for red. bds_ 100,179
Stock de mortgages
11,236
owned
9,985
1924.
1923.
Preferred stock.--$1.871.150 $1,889,750
Common stock.-- 1,106,300 1,107,600
1st Mtge. 60
173,000
335,000
Accounts payable_
47,816
81,717
Cust's credit bal._
5,052
5,800
Payroll and unclaimed wages._
16,439
17,908
Accr. int. de taxes.
53,865
32,017
Res.for contIng.dee
19,318
10,568
Mtges. payable__
12,100
Surplus
494,628
499,257
Total
33,787,570 53,051,216
Total
53,787,570 83,951,216
A comparative income account was published in V. 120, p. 835.
(F. D.) Gleason Coal
Detroit.-Bonds Offered.Benjamin Dansard & Co., Co.,
Detroit, are offering at prices to
net 63'%, $100,000 steel steamer Tampico First Mtge. 6%
Gold bonds.
Dated Feb. 2 1925; due serially Feb. 1 1926 to 1935. Denom. $1,000.
Principal and interest (F. & A.) payable at Union Trust Co., Detroit, trustee, without deduction for normal Federal income tax up to 2%. Redeemral
able, all or part, on 30 days' notice at 102 and interest.
These bonds are secured by a direct first mortgage on the steel steamer
Tampico, owned and operated by the F. D. Gleason Coal Co., and are
personally guaranteed by F. D. Gleason, principal stockholder of the F. D.
Gleason Coal Co., whose net worth is several times the amount of the bond
Issue.
Glidden Co.- Bonds Sold.- Hayden, Miller & Co.,
Union Trust Co. (Cleveland), Hallgarten & Co. and Ames,
Emerich & Co. have sold at prices ranging from 100 and
int. to 102 and int. to yield from 4.75% to 6%, according
to maturity,1$3,000,000 1st Mtge. 6% Serial gold bonds.
FEB. 211925.1
965
THE CHRONICLE
Dated March 1 1925: due serially Sept. 1 1926 to March 1 1940. Int.
payable M. & S. at Union Trust Co., Cleveland, 0., or Chase National
Bank, N. Y., without deduction for Federal income taxes up to 2% per
annum. Company will remit Penna. State 4 mill tax. Union Trust Co.,
Cleveland, 0., and E. S. Hanson, Cleveland, 0., trustees.
Denom. $1,000 and $500 c*. Red. all or part on 30 days' notice at
102 and interest.
Data from Letter of Adrian D. Joyce, President of Company.
Company.-Incorp. in 1919 as a consolidation of Glidden Co. of Cleve
land with 11 other manufacturers and distributors of paints, varnishes,
lacquers, enamels, dry colors, kalsomines and allied products, linseed,
oriental and edible oils, insecticides, &c. The original Glidden Co.of Cleveland was founded in 1870 and the other constituent concerns were in existence for various periods dating back as far as 1851. Company also owns a
large lithopone plant, the capacity of which was doubled in 1924, for the
production of pure white sunproof pigment under a special process. It
was one of the first to develop and produce lacquer finishes for the automobile, piano, furniture and general manufacturing trades, and now occupies a foremost position. During 1924, moreover, the company acquired
control of valuable sources of two of its most important raw materials, viz.,
white lead and zinc. Company is one of the largest factors in the paint
and varnish industry in the country, with modern and well equipped plants
located in Cleveland, Toronto. Reading, Baltimore, New Orleans, Chicago,
St. Paul, St. Louis and San Francisco.
Security.
-Secured by a first (closed) mortgage on all of the fixed assets,
comprising valuable land, buildings, machinery and equipment. These
fixed assets, after allowing for depredation charges, are carried by the
company as of Oct. 31 1924 at $6,929,295. equivalent to over $2,309 per
$1,0..0 bond.
Earnings Years Ended Oct. 31.
1923.
1924.
Net sales
$19,372,277 $19,614,396
Net earnings applicable to interest charges on this
issue before depreciation and Federal taxes- $1.659.623 $1.720,498
Depreciation
284,566
276,557
Interest on this issue
180,000
180,000
Thus net earnings before depreciation and Federal taxes were over nine
times the interest requirement on these bonds in 1923 and over 9l. times
such requirement in 1924. There has been a marked increase in the volume
of the company's business during the first quarter of its present fiscal year
(beginning Nov.1 1924) net sales having increased 20% over the same period
last year•
Purpose.
-Proceeds will be used to retire the outstanding 1st Mtge. 8%
bonds (called for payment March 1 1925), thus effecting a substantial
saving in interest.
CapitalizationAuthorized. Outstanding.
First Mortgage 6% Serial gold bonds (this issue) _ _ $3,000,000 $3,000,000
7% Prior Preference stock
7.500,000 7,175,620
Common stock (no par value)
360,000shs. 322,955shs.
-V.120, p. 710, 590.
Go Gas Co.
-Receivers Named.
-
on April 1, July!, Oct. 1 1925 and Jan.3 1926 to holders of record March 20.
June 15, Sept. 15 and Dec. 15 1925, respectively.
The directors issued the following statement:
With reference to the declaration of the stock dividend, it is stated that
during the last seven years upward of $3.400.000 have been spent on the
property out of earnings, and in addition the company has recently acquired
on advantageous terms about 85,000 acres of additional coal lands, payment
of which is also expected to be made out of earnings. Consequently, the
board has felt that the stockholders were entitled to some recognition of the
increased value of their equity. The figure of 11 3 % represents the entire
amount of Common stock now in the treasury of the company.
Income Account for Calendar Years.
1923.
1922.
1921.
1924.
Gross profits
$1,493,972 $2,169,863 $1.406,083 def$242,921
Depr., taxes, &c.,res'ves
593,342
447,876
348.994
514,657
First Pref. divs. (7%)_ 140,000
140,000
140,000
140,000
Second Pref. dive. (6%)
2,194
123
Common dividends
560,663
448,520
Balance, surplus
-V. 120. p. 590.
$278,530
$985,807
$818,207 def$731,915
Holmes Manufacturing Co.
-Balance Sheet Dec. 31.Assets1924.
1923.
Land, buildings,
machinery, &c_$2,313,861 $2,291,791
Inventory
854,109
811,246
Cash & mete rec_ 207,239
341,221
Total
83,375,209 83,444,258
-V. 120. p. 710.
1924,
Liabilities1923.
Capital stock
81,200.000 $1,200,000
Cotton acceptances 219,134
138,162
Depreciation
979,126
923,750
976.949 1,182,348
Surplus
Total
$3,375,209 $3,444,258
-Proposed Acquisition of Stamping
Hudson Motor Car Co.
Plants.
-An authorized statement says.
The company is negotiating for the purchase of the stamping plants of
the Clayton & Lambert Mfg. Co. of Detroit, which supplies the Hudson
company with stampings and other accessories. The Clayton company
also manufactures kerosene and gasoline fire pots which it will continue to
produce at its other plants.
The $486,000 Clayton & Lambert 6% notes due 1930, of which $450,000
are outstanding, will either be assumed by the Hudson Co. or liquidated.
The acquisition of this plant gives the Hudson Co. valuable additional
-V.120, p.836.
sheet metal stamping facilities not far from its main plants.
710.
-Report for Years Ended Dec. 31.
Indiana Pipe Line Co.
Net income
Dividends
1924.
$599,433
x600.000
1922.
1921.
1923.
$965,944 $1,532.856 $1,163.550
800,000
3,000,000
800,000
_
Balance,sur. or
def$567 sur$165.944 df$1,487,144 sur$363.550
Federal Judge Goddard at New York on Feb. 9 appointed Robert N.
def_x Paid out of earnings accumulated since Mar. 1 1913.-V. 120. p.459.
Gay, New York, and John O'Connell, Wilmington, Del., receivers, in
equity proceedings brought by Cities Serving Refining Co. which has a
-Accumulated Pref. Dimdend
International Silver Co.
secured claim for $164,298 against the company. This claim! is secured by
The directors have declared a dividend of X of 1% on account of deferred
mortgages on real estate and service stations in New England.
4
The company, according to the complaint, was incorporated in Delaware cumulative dividends and the regular quarterly dividend of 18 % on the
with an authorized capital of $2,500,000 Pref. and $2,250,000 Class "A" Preferred stock, both payable April 1 to holders of record March 16. Like
Common and 100,000 shares of Class "B" no par Common stock. Assets amounts were paid quarterly since April 1923.-V. 119, p. 2538.
of the company as of Dec. 31 1924 are given at $4.599,041, and liabilities,
-Bonds
-Prairie River Power Co.
Itasca Paper Co.
exclusive of Cities Service Refining claim, at $451,229. Company operates
service stations throughout the East.
Offered.
-Merchants Trust & Savings Bank, St. Paul,
Judge Garvin in the Eastern New York District has appointed the same
receivers, while John O'Connell and Charles D. Root, of Utica, have been Minn., is offering 8348,000 1st Mtge. Serial gold bonds.
Of this amount $140,000 are 6% bonds maturing April 1 1933 to 1938,
appointed ancillary receivers by Judge Cooper for the Northern New York
inclusive, and are offered at prices to yield 5.60%. The balance of $208,000
dUtrict.
Federal Judge E. S. Thomas at New Haven has named Harvey S. Gorton are 53 % bonds maturing April 1 1926 to 1930, and are offered at prices
of Norwalk as ancillary receiver in Connecticut for the company. John to yield from 4X% to 5%,according to maturity.
Dated March 31 1923: due serially 1926 to 1938. Principal and interest
O'Connell and Charles Gamble, of Philadelphia, have been appointed anunconditionally guaranteed by endorsement of the Dispatch Printing Co.
cillary receivers in Pennsylvania by Judge Thompson.
Principal and int. (A. & 0.) payable at the Merchants Trust & Savings
Goodyear Redwood Lumber Co., Elk, Calif.
-Bonds Bank, St. Paul, trustee. Denom. $1,000. $500 and $100 c*. Callable on
premium of
of 1% for each year or
any int. date on 60
Offered.
-Lacey Securities Corp., Chicago, are offering at fraction of year thatdays' notice at a have to run.XAuthorized, $1,500,000;
the bonds called
prices ranging from 100 and int. to 101.40 and int., to yield outstanding, $1,008,000. Bonds are free from moneys and credits tax in
Minn. Interest payable
from 53 2 to 63/2%, according to maturity, $500,000 1st tax not in excess of 2%. without deduction for normal Federal income
/
Mtge. Guaranteed 63/2% Serial and Sinking Fund Gold
Itasca Paper Co. and Prairie River Power Co., located at Grand Rapids.
MM.,operate a complete and up-to-date paper mill. The greater portion
bonds. .
of the output is sold to Dispatch Printing Co., the publishers of the St. Paul
Dated Feb. 1 1925: due serially, 1926 to 1935. Principal and Mt.
St. Paul "Pioneer Press."
(F. & A.) payable at Michigan Trust Co., Grand Rapids, Mich., trustee, "Dispatch" andare the joint obligation of the Itasca Paper Co. and the
These bonds
or Illinois Merchants Trust Co., Chicago, without deduction for any Prairie River Power Co. and are secured by a first mortgage on all the
normal Federal income tax not in excess of 2%. Red., all or part, on proiperty owned by these companies, which was independently appraised
any int. date on 30 days' notice at 103 and int. Denom. $1,000, 8500 In 1923 at over $1,500,000, since which time over $1,000,000 has been exand $100c*. Legal investment for Michigan Savings Banks under existing pended in improvements and the purchase of additional property which Is
statutes.
either covered directly by this mortgage or held by subsidiaries, whose
Data from Letter of Lamont Rowlands, rPesident of the Company. entire capital stock is pledged to secure these bonds.
The paper plant was acquired by Dispatch Printing Co. in 1916 in order
Company.
-Will own in fee simple (except 337 acres on which timber
only is owned) a solid tract of approximately 10,700 acres of virgin timber- to insure a permanent paper supply. At that time the capacity was 26
land in the Redwood belt in Mendocino County, Calif. This tract con- tons per day, which has since been increased to 65 tons per day to keep_pace
tains in excess of 238,000,000 ft. of merchantable timber, over 75% of with the growing needs of the parent company. The Prairie River
which is redwood, the balance being Douglas fir. Practically all of this Power Co. was constructed to provide cheap hydro-electric power for the
timber lies within a single watershed, excellently located for economical paper mill and at the present time develops 1,500 h.p.
logging. Company's sawmill plant at Elk, Calif., is efficiently equipped
Johns-Manville, Inc.
-Chairman T. F.
-Annual Report.
for the low-cost production of a minimum of 24 900.000 ft. of sawn lumber
yearly on single shift.
Security.
-The fixed assets directly pledged as security for these bonds Manville says:
Sales for 1924 were $41,730,134: billing, $37.627.084. Depreciation
have a conservative book value of $1,840,080, or over $3,680 for each
charges were amply provided for. Profits for the year were $2,523,047,lees
$1,000 bond. Company will also have net current assets of $240.911.
Guaranty.
-As further security, principal and interest will be uncon- reserve for income tax, $300.000, leaving a net profit of $2,223,047. Dividitionally guaranteed, by endorsement, by Lamont Rowlands and Josephine dends at the rate of $3 per share were declared and paid On the outstanding
Goodyear Rowlands, principal stockholders, who have filed statements Capital stock.
Balance Sheet December 31.
showing a net worth, exclusive of any interest in this company, of over
$1,400,000.
1923.
1924,
1924.
1923.
Sinking Fund.
-Company shall pay the trustee a sinking fund at the
Assets$
8
$
Liabilities$
rate of $3 50 per thousand feet for all timber cut and removed from the Plant, equip't, Sm.:8,683,143 8,757,517 Cap.stk.(no par).12,500,000 12,460,450
mortgaged lanclit. The proceeds of the sinking fund shall be used ex- Cash
1,633,334 1,148,456 Trade creditors_ __I 870.291! 609.376
clusively for the_payment of the principal of bends of this issuell
1
U.S.Govt. bonds_
25,870
1,394 Misc, accts. pay'lef
321,481
Accounts recelvle.15,660,073f 4,486,910 Wages dr comm'ns. 255,563
Goodyear Tire & Rubber Co.
185,887
-Div. Plans Considered.
1, 255.960 Fgt.. roy'y & exps. 167,472
- Notes receivable i
official statement says: "The directors have declared the
An
186,906
3,621,435 4,654,219 Dividend reserve__ 187.500
regular Inventories
quarterly dividend on the Prior Preference stock,payable April 1 to holders Div.
430,000
-paying secure 7,787,515 2,843,472 Income tax 1923._ 300.000
of record Mar. 20. No action was taken on the Preferred stock. The Due from,sub.cos. 2,785,689 1,556,283 Surplus
15,890,362 9,484,258
board is continuing to consider suggested plans of adjusting arrearages on
the Preferred stoc and hopes to be able to make an announcement during
Total
30,171,189 23,704,211
30,171,189 23,704,211
Total
-V. 120, p. 590, 821.
the coming 'week."
x After deduction of $3.381,287 reserves.
-V.118, p.2445.
-
Greenfield Tap & Die Corporation.
-Report.
Calendar YearsNet profits before depreciation
-V.118, p. 1275.
1924.
$317,970
1923.
$613,690
Kaufman Department Stores, Inc.
-Stock Decreased.
1922.
$159.183
Grove Theatre Office Building, Chicago.
-Bonds
Offered.-Shapker, Stuart & Co., Chicago, are offering at
100 and interest $475,000 7% First Mtge. Serial Gold bonds.
The stockholders on Feb. 16 reduced the authorized Preferred stock
from $1,575,000 to $1,500,000, par $100. The $75,000 Preferred had been
acquired for the "special surplus account."
Alfred E. Rose has been elected a director.
Earnings for Calendar Years.
1924.
1923.
1922.
1921.
Net prof. aft. Fed. tax_. $1,632.524 82.255,236 81,604.397
3780,489
-V. 120. p. 711.
Thetonds will be secured by a direct ebbed first mortgage upon the
land,
building and equipment of the Grove Theatre and Office Building, now in
Kennecott Copper Corp.
-1924 Dividends.
course of construction at 7606-7622 Cottage Grove Ave. Chicago. The
says in part: "The officers, after consideration
theatre portion of the building has been leased for a term of 15 years by ofPresident Stephen Birchcounsel and accountants, are of the opinion that
the matter and with its
Lubliner St Trinz, Chicago's largest theatre operators. The lease is assigned of the cash distributions made to its
stockholders during the year 1924,
to the trustee as additional security and the income therefrom is under the $2 42 per share represents distribution of capital not
control of the trustee for the protection of the bondholders. The building income tax and 58 cents per share represents dividendssubject to Federal
from surplus earnwill be a combination of theatre: stores and apartments.
ings.
"The above allocation has not yet been passed upon by the Treasury
-113/% Stock Dividend.
2
Gulf States Steel Co.
Department."
-V. 119, p. 2416.
The directors on Feb. 18 declared a 1134% stockdtvidend on the Common
stock, payable in Common stock on March 13 to stockholders of record
Kirby Petroleum Co.-Dxv. Resumption Recommended.
March 2.
The executive committee, according to reports, has recommended to the
In addition the directors declared the regular quarterly cash dividend of directors the declaration of a dividend of 25 cents a share, to be paid Mar.10
Common stock, payable April 1 to holders of record March 20. to holders of record Feb. 28. Dividends of 25 cents per share were
13 % on the
paid on
On the 7% Preferred stock, the directors declared the full dividend the stock on July 11 1921. Oct. 15 1921 and Jan. 25 1922: none since.
or the current year. Quarterly payments of 1 % each will be distributed V. 120. P. 711.
-Annual Report.
Lima Locomotive Works, Inc.
Calendar YearsSales
x Expenses, &c
[Vol.. 120.
UTE CHRONICLE
966
1921.
1922.
1923.
1924.
$14,577,135 $20,286,867 $6,476,953 $12,528,154
6,221,214 10,716,562
13,068,399 17.495,031
Profit
$1,508,736 $2,791,836
Cr.216,307 Cr.110.769
Other income
Interest on bonds
500,000
Res've for Fed. taxes__ _
225,000
30.326
Pref. dividends (7%)__
809,570
844,228
Common dividends
Balance, surplus
Profit and loss surplus
$255,740 $1,811,592
80,294
130,985
189,211
120,000
555,000
200,550
304,500
$631,541
$655,815 $1,562,709 def$144,750
$4,671,692 $4,015,876 $2,453,167 $2,470,994
x Manufacturing, administrative and other expenses, including depre-V. 118, p. 1144.
ciation.
-Stock Offered.
Lion Oil Refining Co., El Dorado, Ark.
York, and Strandberg, McGeevy & Co., Kansas City, are offering at $20 50 per share
70,000 shares capital stock (no par value).
-H. D. Williams & Co., New
Authorized, 300.000 shares: to be presently outstanding, including this
offering, 193,125 shares. Transfer agents. Mechanics & .Metals National
Bank, New York; office of the company. Kansas City, Mo. Registrars,
Seaboard National Bank, New York: New England National Bank.
Kansas City, Mo.
Data from Letter of President E. C. Winters, Feb. 9 1925.
Company.-Incorp. Oct. 27 1923 in Delaware to acquire the properties
of the Lion Oil & Refining Co.,El Dorado. Ark. Company is well balanced
with its activities centered around a thoroughly modern oil refinery. It has
settled oil production which is carried by its own pipe lines to its refinery.
and has ample storage facilities for both its crude and refined oil. It also
owns a sufficient number of tank cars to take care of the distribution of its
products.
The new 10,000 bbl. refinery, equipped with the latest Burton process,
is of the most efficient and economical type and was designed and constructed in 1923 under the direct supervision of the engineers of the Standard
Oil Co. of Indiana. Seventy-five miles of the company's six-inch pipe lines
extend from the refinery located on the outskirts of El Dorado, Ark., to the
Smackover, South El Dorado, Louann and Norphlet oil fields, all of which
production centers around the refinery. Company controls a total of 1,166
acres in Arkansas with 53 wells now producing 4,000 barrels of crude oil
daily, 2,500 bbls. of which is settled production. This production can be
readily increased by drilling additional wells. Company has not drilled a
dry hole on any of its leases. Of this production approximately 3,000 bbls.
come from leases, the purchase terms of which provide that the company
is first reimbursed for all drilling, development and operating expense.
after which the production will be evenly divided with the sellers until
they shall have received $2,000,600. Thereafter the total production.
excepting the usual one-eighth royalty, belongs to the company without
any payments or obligations. When the sellers have received the $2,000,000
the company will also have earned a similar amount.
In June 1923 the company drilled a well on one of the controlled leases
which well was drilled 280 feet deeper than the original Smackover sand.
This was reported as the largest gas well ever discovered in Arkansas and
is still producing at the rate of 50,000,000 Cu. ft. per day. Gas from this
well is loeing sold to the gas company and part of it being used for the company's refinery and lease operations.
Company has a total steel storage capacity in excess of 1.000,000 bbls.
It also has a loading rack for 50 cars on the Chicago Rock Island & Pacific
RR.and two loading racks for a total of 75 cars on the El Dorado & Wesson
RR. which connects with both the Rock Island road and the Missouri
Pacific. In this manner the company is provided with excellent shipping
facilities. With 600 tank cars, of which 409 are owned and the balance
leased, the company distributes its products to the jobbers in the South and
Middle West. Oil is sold through its office in Kansas City.
Purpose.
-Proceeds will be used for corporate purposes.
Earnings and Dividends.
-The predecessor company, from its initial
7
,
operations in Feb. 1922, earned profits in excess or 20.' on the average
capital stock outstanding during the prelod to April 1923. During 1923
the operations of the original plant were reduced to permit the building of
the new (Burton cracking process) refinery, which was completed in Nov.
1923. Therefore, profits for 1922 and 1923 do not reflect the present earning capacity of the company. The producing properties were all acquired
by the company between Dec. 1923 and the spring of 1924. The earnings
of the company for the fiscal-year ending Oct. 31 1924 were as follows:
$891,916
Net earnings
Deduct
-Depreciation and depletion. $377.242: Fed. taxes. 56.5.000 442.252
$449,664
Balance transferred to surplus
It is expected that the profits for the year 1925 available for the stock
will be about $6 Per share.
Aninitial div. was declared last Dec. and paid in Jan. It is the policy of
the directors to pay dividends at such rates as are justified by the earnings.
Balance Sheet Oct. 31 1924 (After This Financing).
Assets
Liabilities
$24.500
Cash
587,662 Banks, loans and others
62,355
Receivables
222,756 Trust notes(due in one year). _
243,990
Inventories
614,909 Accounts payable
183,908
72,814 Reserves and accruals
Deferred charges
80,372
Plant,pipelines,tankcara.& c. 3.289.738 Tank car trust notes
1.100.000
1,265,033 First Mtge, Serial 78
Leases and equipment
a3.857,785
Net worth
$5,552,912
85,552,912 Total
Total
a Capital stock without par value: Authorized. 300,000 shares; issued
and outstanding, 193,125 shares. $3,408,121: earned surplus. $449,663.
-II. M.Evans, Chairman; E. C. Winters, Pres., Kansas City,
Directors.
Mo.; Victor H. Smith. V.-Pres., El Dorado, Ark.; Herbert D. Williams,
New York: F. H. Thwing, Tress. Kansas City, Mo.; Thomas H. Smith,
Denver. Colo.: E. D. Ellison, V.-Pres.. Kansas City, Mo.; J. K. Mahony,
El Dorado, Ark.; F. T. Childs. Kansas City, Mo.
Lislinp.-Company will in due course make application to list its stock
on the New York Stock Exchange.
-Earnings.
Loew's Boston Theatres Co.
-Annual Report.
McCall Corporation.
Calendar YearsNet sales
Oper, exp, and deprec
$912,206 $1,103.014
63,291
54,196
$904,582
20,488
$966,402 $1,166,305
Total income
$842,317
255,033
215,975
Reserves for taxes, &c- 145,550
Res.for doubtful accts
91,521
1st Pref. divs____x(17M%)211.085x(14)168,868 (335)42,217
$925,070
359,016
Operating profit
Other income
$
AssetsFixtures& equip_ _ a1,055,632
3,000,000
Good-will
1,190,400
Cash
Accts. receivable_b2,521,245
15,187
Notes receivable_
Due from affiliated
9,586
foreign cos
c2,632,775
Inventories
84,910
PrePd.& def.ehges
86,359
Loans to affil. cos_
$
1,022.600
3,000,000
989,594
2,422,475
11,962
5,278
2,802,502
85,770
82.900
LiabilatesIst Pret stock.- --d2,385,000
2d Pref. stock_ _ _ 1,895,100
Common stock_ __d2,998,000
Trade creditors_ _ _ 1,052,876
Customers cred
Accr'd exp. & Fed.
555,220
tax reserve
2d Pref, div., pay112,852
able Feb. 1
1,597,047
Surplus
2,385,000
1,895,100
2,998.000
896,275
81,700
539,614
37,902
1,589,491
$791,009
51,309
5566,054
5869,055
Balance, surplus
8581,559
5394.161
x Of this amount 584.000 represents the regular current dividend on tihs
class of stock and the balance was applied as against arrearages on this
-V. 119, p. 2769.
stock.
McCord Radiator & Mfg. Co.-Earninos.Cal. Year
1924.
Net earns, after all chges. but before Fed'l taxes.. $814,591
-V. 119, p. 1963.
10 Mos.End.
Dec. 31 '23.
$888,897
-Outlook.
(H. R.) Mallinson & Co., Inc.
-Earnings
Secretary Albert H. Watson says: "Earnings for the first quarter ended
Jan. 31 were $2 50 a share or better. The strong tone of the silk market
Indicates higher prices for raw silk. This increases a favorable demand
for merchandise, which creates better forward buying instead of the handto-mouth buying which existed last year. Fashion is favoring specialty
fabrics, which are the main product of Mallinson Co. The demand is so
great that spring business will overlap into fall. European sources definitely
determine fall fabric demands, which forecast unprecedented fall business.
The mill capacity for the next four months will not satisfy the demand."
-V. 120, p. 592.
Massey-Harris Co., Ltd.
--Report.
Years Ended Nov. 30Income from operations
Interest on borrowings
Appropriation for depreciation of plants, &c
Appropriation for passible losses on receivables
Appropriation for foreign exchange and taxes
Appropriation for pension fund
Net profit
Previous surplus
Less amt,to adjust subsid, cos. stock to par
Surplus at Nov. 30
-V. 119, p.1289.
1923.
1924.
51.065,180 51,120,937
3
$P15
27,235
95.834
23,447
$87,711 loss$22,448
772,601
750.153
19.154
$818,710
$750,153
Mathieson Alkali Works, Inc.
-Annual Report.
Calendar Years-x Total earnings from operations.,,.. 81,521.'477 51.833;734 81,644.186
Provision for depreciation & depletion $553,336
$549,238
3524.903
Income charges (net)
44.882
21,295
37,551
Federal income tax
96,000
73,780
150,000
Preferred dividends
155,036
344,634
250,549
Balance, surplus
$528,430
$846,394
1.823,365
x After deducting manufacturing, selling and general administrative
expenses.
-V. 120. p. 592, 460.
(Fred) Medart Manufacturing Co. St. Louis.
-Stock
-Mark C. Steinberg & Co., St. I:ouis, sold at $29 50
Sold.
per share 7,500 shares of Common stock (without par value).
Capitalization Authorized and Outstanding.
$135,000
Real estate mortgage notes
$250.000
8% Cumulative Preferred stack
30,000 shs.
Common stock (without par value)
J. Medart.
Data from Letter of President Edward
-Is one of the largest manufacturers of steel lockers, steel office
Company.
cabinets, steel shelving, gymnasium apparatus and playground equipment
In the United States. These products have been advertised for amny
years and are nationally known. They represent two distinct lines for
which demand is constantly increasing, and sales have increased from
$50.000 in 1908 to over 81.000,000 per annum. The general offices are
In St. LOUIS, Mo., with branch sales offices in New York, Chicago and San
Francisco, besides sales connections in 25 other cities in the United States.
Company manufactures all of its own products in its own plant, which comprises 7 modern brick factory buildings.
-Company has shown a profit in every year since incorporation
Earnings.
in 1908. Average annual net earnings for the period August 1918 to Jan.
1925, after giving effect to Federal and State income taxes at 1924 rates,
were over 15.17% on average invested capital.
-Net tangible assets as of Dec. 31 1924 were $32 18 per share on
Assets.
the.30,000 shares of Common stock to be outstanding.
Moidends.-In the period Aug. 1918 to Jan. 1925 dividends amounting to
$201,610 in cash arid $600,000 in stock were paid on Common stock. Dividends are now being paid at the rate of $2 per annum.
-V. 119, p. 3017.
-Listed on the St. Louis Stock Exchange.
Listing.
-Extra Dividend of 13%.
Mergenthaler Linotype Co.
-
The directors on Feb. 17 declared an extra dividend of 15i% on the
capital stock in addition to the regular quarterly dividend of 2%%, both
payable March 30 to holders of record March 4.-V. 119. p. 2417.
(C. R.) Miller Manufacturing Co., Dallas, Texas.
Balance Sheet Dec.-31 1924.Assets
mach'y,&c..$1,681,836
Real est.,
• 278,271
Cash
50,000
U. S. Government bonds
Notes & accounts receivable.. 724,853
Inventories
1,384,980
Prepaid interest and unamort.
bond discount
59,860
Investments in aMllated cos.. 412,500
Due from officers, empl., &c__
57,825
The commercial income of the Orpheum Theatre and of the State Theatre
and office building from rents averaged over $120,000 and the receipts in
both theatres amounted to over $136,000for the first four weeks in January.
Total
This company owns the freehold of the Orpheum Theatre in Boston
and owns nearly all the Common stock of the State Theatre Co., which -V. 120, p. 837.
-V.119, p. 2655.
owns the freehold of the State Theatre and office building.
-Balance Sheet Dec. 31.Lord 8c Taylor (N. Y. City).
1924.
1923.
1923.
1924.
1921.
1922.
1923.
1924.
$9,012,449 57,912,267 $6,895,159 $5,905,782
5,001,200
5,792,145
7,000,061
8,221,440
84,650,124
81,350,000
Preferred stock
1,779,800
Commonstock
15-Year Sink. Fund Gol d7H5 600.00
0
476,500
Notes payable
14,071
Accounts payable
14,615
Accrued int. & local taxes.
10.974
Reserve for Federal taxes,...
404,184
Surplus
Total
14,650,124
Montgomery Ward & Co., Chicago.
-New Director.
Charles H. Schweppe of Chicago has been elected a director, fillings a
vacancy caused by the resignation of J. Charles Maddison.-V. 120, p. 712.
Motor Products Corp.
-Annual Report.
Profits for year ending Dec. 31 1924
Provision for Federal and Canadian income taxes
Dividends on Preferred stock
Balance, surplus
-V. 118, p. 2581.
$1,183,734
159,500
250,040
$774,194
Motor Wheel Corp. Lansing, Mich.
-Div. Increased.-
The directors have declared a quarterly dividend of 30 cents per share on
the Common stock (no par value), payable March 20 to holders of record
10,596,097 10,423,083 March 10.
Total
10,596,097 10,423,083
Total
An Initial dividend of 25 cents a share was paid on the Common stock in
a Fixtures and equipment, 52,163,753, less reserve, $1,108,121. b Ac- May 1920 and in June 1920 a stock dividend of 50% was paid in Common
doubtful accounts, 277,504. stock. Since then quarterly dividend payments have been at the rate of
counts receivable, $2.598,749, less reserve for
e Inventories of merchandise after deducting $141.790 for unearned dis- 80 cents per share per annum up to Dec. 20 1924. when a quarterly dividend
of 40 cents a share was paid, making the payments for the year total $1 per
counts. d First Preferred stock. $2,500,000, less in treasury, $115,000; share.
Common stock, 53.000.000, less treasury stock. 52.000.
Pres. H. F. Harper says: "Orders and contracts on books fora1925
During 1924 dividends were disbursed by the company as follows: Regular
dividends on 1st Pref. stock (6%) 5143,100; accumulated dive. on 2d Pref. are very satisfactory. While actual production for the first three months
are the
stock, in full (48%) $909,648. On Dec. 22 1924 the directors declared a of 1925 will be less than in the same period of 1924, all indicationsDonegal
% on the Common stock, payable Jan. 15 1925. output for the first six months will equal the same period of 1924.
quarterly div. a
efficiency of plant as well as the labor situation has greatly improved.
-V,110. p. 3017.
96
THE CHRONICLE
FEB.21 1925.]
Net Sales & Net Profits Available for Interest Charges. After Depreciation &
Federal Taxes at Present Rates.
Net Sales. Net Profits.
Net Sales. Net Profits.
1916
345.799
$1,070,199
$409,594 1921
1916
$1,413,623
251,181
2,180.847
402,802 1922
1917
2,014,460
672,423
3.776,556
539,477 1923
1918
2,669,844
572,413
4.177.634
488,862 1924
1919
2,644,517
434,561
1920
3.601,125
Purpose.
-Proceeds will be used to retire the present bonds outstanding,
amounting to approximately $676,000, and for additional plant facilities.
Balance Sheet as at Dec. 31 1924 (After Proposed Eefinancing)•
Liabilities
-Sales.
AssetsMusic Master Corp.
$3,908,776 Pref. stock, Series "A".._ _ $214,800
President W. L. Eckhardt on Feb. 18 stated that sales for the last six Fixed assets
- Patents
730,647 Prof. stock, Series "II"... 806,475
approximately 40% ahead of the same period last year.
weeks were
Cash
387,946 Corn. stock (25,625 abs.). 2,562,500
V. 120. p. 339.
1.500.000
1st Mtge.6% bonds
Notes & accounts receiv-Balance Sheet Dec. 31.600.000
National Candy Co.
able (less reserves)
529,710 Notes payable (bankers)__
127,346
Inventories
1,114,355 Accounts payable
1924.
1923.
1924.
1923.
8q.81
Investments
66.045 Res. for Fed. etc., taxes__
Liabilities$
$
$
ASSea1,369.873
Land & bidgs.,&c- 2,205,362 2.180.109 1st Pref.stock_ _ _ _ 1,000,000 1,000,000 Notes rec. (employees)_... 457,100 Surplus
74,696
2d Pref. stock_ __ _ 1,699,300 1,699,300 Deferred assets
tradeGood-will,
$7.260,27
Total (each side)
6,000,000 6,000,000 Common stock._ x6,000,000 6,000,000 -V. 120, p. 713.
marks, &c
531,597 Accounts payable_ 109,119
288,868
766,912
Cash
-Dividend of $1.
New York Shipbuilding Corp.
41,075
1,447,814 1,532,255 Accr. accounts_
Inventories
The directors have declared a dividend of $1 per share on the outstanding
925,158 Accr. div.(7%) on
Accts. & notes rec. 818,742
94,476 200,000 shares of capital stock, no par value, payable March 10 to holders
332,079
lat & 2d PI.stk_
94.475
Liberty bonds_ _ _ 332.079
of record Feb. 27. A distribution of $2 per share was made Nov. 6 1924.
340,353
33,900 Federal taxes
350,004
33,900
2dPf.stk.(parval.)
7,430,614 6.912,048 the only payment made during the year. (For dividend record see V.
Surplus
Sub. co. stock for
119, p. 1850).-V. 119, p. 2187.
38,750
employees
Other Investments 5,071,378 4,809,597 Total(each side)A6,714,937 16,344,695
No great amount was expended the past year on fixed assets and all plant
and equipment are up to the highest possible standard. During 1924
bank loans amounting to $1,587,500 were retired.
"Purchases for sinking fund requirements have been made in the open
market of $131.500 of bonds and $230.100 of Preferred stock. The ratio
of current assets to liabilities is better than 5 to 1. Preferred stock in the
amount of $175,000 was retired, making the total retired $400,000."
1922.
1921.
1924.
1923.
Calendar YearsNet income after deprec.
$693,134
$301,340
$1,800,093 $1,292,282
and taxes
-V. 120, p. 712.
-Annual Report.
New York Transit Co.
x Of which $705,500 owned by company and standing in name of F. D.
Seward. trustee.
The usual comparative income account was published in V. 120. p. 838.
Calendar YearsNet income
Dividends
1922.
1921.
1923.
1924.
3549.194
$238,732
$820,957
3186.418
(2%)100.000(7 X)375,000x(95)4750000 (16)800.000
-New Director.
-National Enameling & Stamping Co.
Balance. sur, or def___sur$86,418 def$136,268dfS4,200.806 sur$20.957
Richard H. Higgins of the Chatham & Phenix Bank has been elected a
director.
-V. 120. p. 217.
x Includes special dividend of $80 per share amounting to 84.000.000.
distributed on Dec. 30 1922, of which $13 42 per share was paid out of earnings accumulated since March 1 1913, and $66 58 per share was paid out of
earnings accumulated prior to that date.
-V. 120, p. 838, 462.
National Fireproofing Co.
-Earnings.
-Calendar Years1924.
1923.
Net earnings after all
charges and taxes..--- $971,338 $1,066,289
Depreciation
299,591
301.425
Preferred dividends._(6%)474,030 (4)316,020
-(6%)474,030
Balance, surplus
1922.
$29,316
100,000
$197,717
$448,844 def$70,684
Balance Sheet Dec. 31.
1924.
1923.
LiabilitiesAssets
$
Property & equip _11,148,375 10,321,703 Preferred stock__ 7.900,500
4,461,300 4,461,300 Common stock__ _ 4,461,300
132,101
136,067 1st Mtge. bonds_ _ 888,000
Inv.in assoc.cos
4.888
8,048 Lyle Clay Co.1st65
4,900
Sink,fund for bds.
Mortgage notes_ _ _
40,780
52,508 Mtge. payable on
Inventories
38,000
1,350,898 1,231,418 clay lands
Notes payable_ _ _
300,000
Notes & accts. rec.
(less reserve) _ _
595,857
872,843 Accounts payable_ 520,480
Bond int. accrued_
Notes & accts. rec.
14,800
from assoc. cos_ 184,804
177,395 Fed, income tax
92,920
Misc, bonds dr stks
44,354
68,078 Divs. decl. dr pay_ 276,517
Reserve for deprec. 1.872,317
U. S. Treas. notes
and certificates.
240,195 Surplus
2,028.927
410,632
488,508
Cash
Deferred charges
24,672
39,321
1924.
Total
18,398.661 18,095,381
-V. 119, p. 2770.
Total
1921.
Niles-Bement-Pond
-New Treasurer, &v.
Co.
$108,834
E. J. Edwards
100,000 has been elected succeeds J. B. Cornell as Treasurer. Edward A. Deeds
Chairman of the Executive Committee. Mr. Deeds and
Frank Bement have been elected directors and Charles IC Seymour suc-V. 120. p. 838. 713.
$8,834 ceeds Cl. S. Guthrie as Secretary.
Northern Pipe Line Co.
-Balance Sheet Dec. 31.1923.
$
7,900,500
4,461,300
1,013,000
13,800
33.750
300,000
496,180
16,883
105,373
237,015
1,686.371
1,831,210
18,398.661 18.095,381
-62d Quarterly Report.
Nevada Consolidated Copper Co.
The report covering the fourth quarter of 1924 shows:
Production of copper for the quarter was 17,552.612 lbs. as compared
with 17.166,492 lbs. the third quarter.
Net Production (in Pounds)for Year 1924 (Total. 70,237.050).
1st Quarter.
3d Quarter.
2d Quarter.
4th Quarter.
Oct_ __ 5,770,592 July __ 5,702,048 April-- 5,707.574 Jan_ _ _ 6.196.556
Nov., 5,782,720 Aug___ 5,708,222 May., 5,735,811 Feb... 6,435.134
Dec.. 5.999,300 Sept,. 5,756,222 June__ 5.739,704 March. 5,703,167
Assets1924.
1923.
1924.
1923.
Malrfliffes
Pipe line plant__ 32,984,397 32,979,717 Capital stock
81.000.000 31.000.000
Mat'ls & supplies_
41,478 Accts. Pay. & tax
39,088
Cash, 0th. invests,
reserve, fire Ins.
556.910
& accts. rec..- _ _ 3,212,187 3,282,148 annuities, &c_ _ _ 458.455
Accr. depr. reserve 1,568,095 1,511,519
234,914
Tot.(each side)-$6.235,669 $6,303,343 Profit and loss_
209,118
A comparative income account was published in V. 120. p. 838.
Ohio Oil Co.
-Larger Dividend Declared.
The directors have declared a dividend of 50 cents per share on the outstanding $60.000.000 capital stock. par $25, payable March 31 to holders
of record Feb. 24. In Dec. last a distribution of 25 cents per share was
paid, while in June and Sept. 1924 divides ds of 50 cents each were paid.
Compare V. 119, p. 2418.
Old Dominion Co. (Maine).
-Copper Output (Lbs.).December.
January.
2.664.887
2,376,000
-V. 120. P. 217-
November.
.
2.244,000
October.
2,404,000
September.
1,943.000
August.
1.872.000
Oppenheim Collins & Co., Inc.
-Registrar.
The Central Union Trust Co. of New York has been appointed Registrar
for 200.000 shares of Capital stock, no par value.
-V. 120. p. 713. 5'3.
Orpheum Circuit, Inc.(& Subs.).
-Annual Report.
Calendar Year1924.
1923.
1922.
1921.
Gross income
419.136,223 316.759.001 814.405,058 314.089.630
Expenses
314.683.049 313.836,965 312.797,334 312,498.329
Amortiz'n,deprec'n, &c_ 1,129,859
1,127.712
973,287
702.157
Federal taxes(estimated)
426.002
225,630
80.000
104.000
Dividends
531,960
542,308
543.008
1.367,755
Common dividends
822.358
Tota1.17,552,612 Tota1.17.166,492 Tota1.17.183,089 Tota1.18,334,857
Av. mthly.
Av. mthly.
Av.mthly.
Av. mthly.
prod. 5,850,871 prod. 5.722.164 prod, 5,727,696 prod. 6,111,619
Balance. surplus
$1,542,997 $1,028,386
$11,428 def$582.611
The cost of production, including charges for depreciation and all fixed
$33,105.184 $1,536,683
3607.588
$571,023
and general expenses and after credit for gold and silver values and miscel- Total surplus
x Includes 31.032,438 profits on sale of stocks and properties.
laneous earnings, was 11.27 cents per pound of copper produced, as com-V.120. p.
pared with 11.42 cents per pound for the preceding quarterly period.
218.
Financial Statement of Operations for 1923 (by Quarters).
Parke, Davis & Co.
-Annual Report.
4th Quer. 3d Quar. 2d Quer. 1st Quer.
Calendar Years1924.
1923.
1922.
Oper. gain from copper produc'n_3383,397 $250,293 $229,257 $199,611
1921.
Gross earnings
87.037.751 $6,400.864 $6,590.813 84.349.497
Value gold & silver & mils. earns_ 206,736
177,094
213.849
166.992
Nevada Northern Ry.dividend.- 100,000
100.000
100,000
150.000 Reserve to equalize value
of current assets in foreign countries with
Totalincome
3690.133 3517.285 $506,351 $563,460
market rates of exch.66.037
Plant and equipment depreciation 150,430
263.877
125,886
424,436
150,430
150,430
150.430
Reserve for depreciation
242,808
198.945
304,169
216.724
Increase in earned surplus--3539,703 $366,855 $355,921 $413,030 Federal and foreign taxes
825.000
750.000
900,003
835,000
(20%)4,745,816x(22)5218618(30)3555,114(22)2605,479
Earnings for the fourth quarter are taken into account on the basis of Cash dividends
13.77 cents per pound of copper, as compared with the carrying price of
Bal., sur.,for cal. year 11,158,090 def$30,575 $1,705.645
$267,857
12.98 cents, 12.85 cents and 12.75 cents for the third, second and first Previous surplus
7,330,211 37.360.786 37.109.627 36.841,769
quarterly periods, respectively.
Dr.100,000
[Signed D.C.Jackling, Pres.; C.B.Lakenan, Gen. Mgr.)
-V.119. p.2297 Employees pension fund_ r.100.000
Formulae processes, trade
marks, &c
Cr10 500,000
National Transit Co.
-Extra Dividend of 2%.
(100)11854485
An extra dividend of 2% has been declared on the outstanding $6,362,500 Stock dividend
Capital stock, par $12 501, payable March 16 to holders of record Feb. 28.
Profit and loss surplus 38,388,301 $7,330,211 37,360.786 87.109,627
Extra disbursements of like amount were made in March and September
x Includes $1,897.288 paid from 1922 earnings and $3.321.338 paid from
1924.-V. 120. p. 462.
1923 earnings including dividend paid Jan. 2 1924. Extra dividends were
National Lock Co., Rockford, Ill.
-Bonds Offered.
- paid on the $25 par value stock as follows: March,5%;June,3%;and JanuWilliam R. Compton Co. and Mississippi Valley Trust Co., ary 1924, 6%.
.
Balance Sheet December 31.
St. Louis, are offering at prices to yield from 54% to 6%
1924.
1924.
1923.
1923.
Assetsaccording to maturity, $1,500,000 1st Mtge. 6% Serial
Liabilities$
$
$
$
Land, buildings,
Capital stock
23,730,345 23,726,670
Gold bonds.
machinery, &c_ 4,978,742 4,397,596 Accounts payable_ 687,133
628,489
Dated Feb. 16 1925. due Feb. 1 1927 to 1935. Prin. and int. (F. & A.) Formulae, tradeReserve for special
payable at Mississippi Valley Trust Co., St. Louis, Mo., trustee, or Illinois
marks, &c
10,500,000 10,500,000 taxes
1,298,937 1,177,877
Merchants Trust Co. Chicago, without deduction for any Federal income Inventories
6,347,843 6,484,723 Dividend reserve_ 1,898,364 1,898,144
tax up to 2% per annum. Denom. $1,000, $500 and $100 c*. Red. all Investments
7,459,626 6,594,966 Surplus
8,388,301 7,330,211
int. date on 30 days' notice at 100 and int., plus a premium Cash
or part on any
2,578,287 2,785,975
of X of 1% for each year or part thereof of unexpired life of the bonds, Accts.receivable... 4,138,581 3,998,131 Total (each side)-36,003,080 34,761,391
m
such premium not to exceed, however, 103 and int. In case only a part -V. 120, p. 714.
of the issue is called, the company is required to retire the latest outPhoenix Hosiery Co.
standing maturities first.
-Annual Report.
Calendar Years1924.
1922.
1923.
Data From Letter of F. G. Hoagland, Vice-President, Feb. 10.
Net income
$480,722 $1,008,991 $1,925,400
--Beginning with a nominal capital in 1903, the company has Interest paid
Company.
167.694
steadily, expansion in the past having been the result largely of Federal and State taxes
grown
42,800
earnings out back into the business. Company now manufactures a Dividends on 7% Preferred stock
305,893
26,250
308,875
plete line of furniture hardware, including hinges, screws, locks, arc., Common dividends
(2X)75.000
furniture, kitchen cabinet, phonograph, radio and refrigerator
by
manufacturers and various types of bolts and screws used by automobile
Surplus
def$35,665
$700.116 31,824.150
and machine tool manufacturers.
Previous surplus
3.982,511
3,314,911
1.490,761
-These bonds will constitute the solefunded debt of the company
Security.
Total surplus
and will be secured by a first mortgage on all of its real estate, plants,
$3,946,846 $4,015,027 $3,314,911
machinery, equipment and other fixed property now or hereafter Unused portion res've for conting.(Cr.)
buildings,
$53,669
owned. These assets have been appraised, as of Dec. 31 1924, at a re- Profit on redemption of Pref,stock(Cr.)
16,753
7,012
productive value of $3,792,664 and at a depreciated value of $3,160,726. Deprec'n for year on apprec'n of mach.
be made from a part of the proceeds of
Improvements and additions to
and equipment
93.197
93,197
these bonds and to be included under the mortgage will add approximately
Profit and loss surplus
$748,000 to the above figures, making the net sound depreciated value of
$33,870,402 $3.982,511 $3,314,911
physical properties on which these bonds will be a first lien about 33,908,776. -V. 118, p. 916.
zra
968
THE CHRONICLE
[Vou 120.
under certain conditions, on a percentage of the annual net earnings of the
-Extra Dividend of 2%.
Penmans, Ltd.
company. Sinking fund moneys are to be used for the retirement of bonds,
The directors have declared an extra dividend of 2% on the Common either by purchase or by call by lot under the terms of the mortgage. It is
stock, payable Feb. 28 to holders of record Feb. 21. An extra dividend estimated that the sinking fund will retire the entire issue before maturity.
of like amount was paid on the Common shares on Feb. 28 1924.-V. 118,
Earnings.
-For more than 40 years company's policy has been to invest
p. 1146.
a largo part of its earnings in timber and to add to its equipment. All
manufacturing plants have been maintained in a high state of efficiency,
-Initial Dividend of 37 Cents.
Pennok Oil Corp.
and in addition the company has set aside out of earnings substantial
An initial dividend of 3734 cents a share has been declared on the Capital amounts as a reserve for depreciation. The following table shows net sales
stock, payable March 26 to holders of record March 15.-V. 119, p.2657.
and net income of the company and its subsidiaries, available for interest,
depreciation, depletion and dividends, for the past 93i Years:
-To Pay Preferred Dividends.
Piggly Wiggly Corp.
Net Sales. Net Income.
Net Sales. Net Income.
President C. D. Smith on Feb. 16 announced that the company will 1915
$5,382,939
$856,129
$1,847,749
8356 271 1920
pay off early in March all accumulations on the 8% Pref. stock, which 1916
260,343
1,663.131
2,264,794
370,462 1921 a
now amount to 14%. The payment will be made to holders of record 1917
230,911
2,717,941
3,105,868
419,902 1922 b
March 1.-V. 119, p. 950.
1918
528,368
3,903,627
3.056,303, 7 1923b
560,975
4,844,289
593,524 1924b
3,945,856
- 1919
-Earnings (Incl. Subsidiaries)
Postum Cereal Co., Inc.
a Six months ended June 30. b Years ended June 30.
1922.
1923.
1924.
Calendar YearsThe net income as shown above does not include appreciation on timber
824,247,940 822,205,410 $17,877.365
Net sales to customers
or depreciation on buildings and equipment or interest, but is after ample
19,555,863 18,923.948 14,587.967
x Cost of sales and expenses
410.675 reserves for bad debts and after deducting maintenance and all local nad
399,996
586,720
Provision for income taxes
i
,
382,184 Federal income taxes. Such income for 9; years averaged 8445,900. and
Propor. accrued to predecessor co's.
for the past 434 years averaged 8541,495.
Purpose.
-Proceeds will be used to partially reimburse the company for
$4,105.357 $2,881,466 $2,496,538
Net profit
timber purchased and for other corporate purposes.
1.403,338
1,799,831
Previous surplus
783.969 Dr.31,522
Consolidated Balance Sheet June 30 1924 (After Present Financing).
Adjustments, &c
AssetsLiabilities
$5,721.219 $4,253,282 82,496,538 Cash on hand
Total surplus
$272,717
Accounts payable
343,200 Notes dc acc'ts rec., less res've_ $441,494 Notes payable
357,200
325,875
Divs. on Preferred stock (8%)
423,431
633,283
(84)1,585,296(84)1096,250($3.75)750000 Inventories
stock
Dividends on Common
316,325
1,831,684 Due stockholders
1,000,000
stock (100%)
do
Advances to affiliated cos.__ 152,209 let Mtge.634s
2,250,000
Miscell. stocks & bonds
590,337
7,779 6% notes (serial)
83,810,048 $1,799,832 $1.403,338 Timber & timberlands (less
Surplus at Dec.31
87,127
Due on timberland purchases_
depletion)
71.122
x Including all manufacturing, selling, administrative and general ex*3,815,046 Accrued items
- Land, bldgs., mach'y, &c... 2,765,779 Reserve for contingencies
penses (less miscellaneous income), but before providing for income taxes.
100,000
842,599
234,990 Reserve for depreciation
authorized the retirement on May 1 of all of the out- Deferred charges
The directors have
4,928,605
Capital stock and surplusM
standing $1,971.000 Pref, stock at 115 and diva -V. 120. p. 714.
-New Director.
Pratt & Whitney Co.
-V.119.
Edward A. Deeds has been elected a director to fill a vacancy.
p. 2418.
-Increases Capital.
Premier Motors, Inc.
The corporation has increased its authorized capital stock from 100,000
shares of no par value Common stock to 100,000 shares of no par value Common stock and $2,000,000 Pref. stock, par 8100.-V. 116. p. 2522.
-Dividend on "American" Shares.
Rand Mines, Ltd.
Total
$9,882,263
$9,882,263 Total
• This item represents the book value of timber lands after deducting
deeletion. Timber lands at present value are estimated at over 810,000.000.
Schoen Steel Wheel Co.
-Bonds Called.
-
Thirty-eight 1st Mtge,30
-Year 5% Gold bonds due Mar. 1 1926, of $1,000
each, have been called for payment March 2 at par and int, at the Girard
Trust Co., Philadelphia, Pa.
-V. 87, p. 229.
The Bankers Trust Co.,as depositary of certain Ordinary sterling shares,
Scott Paper Co.
-Preferred Stock Reduced.
has received dividend No.43, of 60%.and is paying to holders of its certifiThe Philadelphia Stock Exchange on Feb. 14 reduced the amount of
cates for "American" shares (each certificate representing 2)4 deposited 7% Cum. S. F. Pref. stock listed from $1,250.000 to 81,174,100 (875.900
"American" share, the equivalent of such divi- reported cancelled through operation of
Ordinary shares). $1 79 per
the sinking fund).
-V.116, p. 2777.
dend at the current exchange rate. The dividend will be paid on Feb. 25
to holders of record of "American" shares on Feb. 17. A dividend of $1 71
Scovill Mfg. Co., Waterbury, Conn.
-Capitalization.
per "American" share was paid Aug. 23 1924.-V. 120. p. 839.
The company has applied to the General Assembly of the State of Con- necticut for authority to increase its authorized capital stock from time to
-54th Quarterly Report.
Ray Consolidated Copper Co.
time to any amount within the net worth of the company. The present
The report covering the 4th quarter of 1924 shows:
authorized capitalization of the company is $25.000,000.
Production of Copper for 1924 (Total 133,592.467 Lbs.)
Calendar Years1924.
1923.
20 Quarter.
1st Quarter.
3d Quarter.
4th Quarter.
$2.649,931 84.735.854
Oct. 12,746,709 July 11,065.927 April 10,301,360 Jan. 10,331,671 Gross profits from sales
566,105
595.698
Nov. 11,732.357 Aug. 11,598,611 May 11,207,712 Feb. 10,766,954 Miscellaneous income
Dec. 11,809,579 Sept. 10,247,245 June 10,490,941 March 11,293,401
Total income
$3,216,036 $5,331,352
Provision for depreciation
719,794
803,854
Total 36,288,645 Total 32,911,783 Total 32,000,013 Total 32,392.026
charges
244,755
595,832
Average monthly Average monthly Average monthly Average monthly Miscellaneous profit and loss estimated
697.515
763,905
prod.10,797,342 Taxes, local paid and income
prod.10,666.671
prod.12,096,215 prod.10,970,594
The total ore milled at both properties was 1,423,000 dry tons, of an
Net gain transferred to surplus
x$1,553.971 83.167,761
average copper tenor of 1.58%. as against 1.394,300 tons, averaging 1.54% Profit and loss surplus Dec.31
y87.250,392 $10.133,413
copper, treated during the 3d quarter. The average daily tonnage handled
1924.
x Before $2,670,000 for dividends paid d
was 15.467, compared with 15,155 tons per day in the third quarter.
y The directors recently declared a dividend for 1925 of 12% (amounting
The average mill extraction was 81.70%, corresponding to a recovery of to 82.124,000, and payable out of surplus) on the outstanding 817,700,000
25.80 pounds of copper per ton of ore treated, as compared to 78.60% and capital stock, par $100. payable in four installments as follows: 3% Jan. 1:
24.25 pounds in the three months ended Sept. 30 1924.
3% April 1:3% July 1. and 3% Oct. 1 1925.-V. 119, p. 1406.
The cast per net pound of copper produced from all sources was 10.87
cents, compared to a cost of 11.32 cents for the third quarterly period.
-Annual Report.
Sharon (Pa.) Steel Hoop Co.
These costs include all operating and general charges of every kind, except
1923.
1922.
1924.
1921.
Calendar Yearsdepreciation and reserve for Federal taxes. They also include the usual
and take into Gross profit
$3,533,630 84.621,377 81.469,820
$24,539
charges for retirement of prepaid mine development expense
1,240,260
600,367
898,515
account credits for miscellaneous income applicable to operations and the Maintenance & repairs_ _ 1,468.731
386,461
Idle time expense
205,213
352,618
911,286
value of the gold and silver recovered.
796,866
Deprec'n & renewals_ _ _ _
785,409
.561,353
376,970
Financial Results of Operations for 1924 (by Quarters).
357,258
462,821
489,897
456,478
1st Quar. Int. & discount (net)_ _ _
4th Quar. 3d Quar. 20 Quar.
Oper. profit from cop. prod_ _ $917,629 $443,500 8429,041 8248,834 Loss from sale of prop.,
33,601
securities, &c
119,129
Misc,income,including value
391,115
94,785 Inventory shrinkage_ _
123,939
61,238
70,113
of precious metals
8987,742 $504,738 8552,980 $343,619
Total
The above earnings are based on an average carrying price for copper of
13.46 cents for the 4th quarter, as compared with 12.85 cents for the third
quarter, 13.01 cents for the second quarter, and 12.81 cents for the first
quarter. [Signed Sherwood Aldrich, Pres.; D. C. Jackling, Managing
-V. 119, p. 2289.
Director.)
-Bonds Offered.
-White,
Richmond (Va.) Cedar Works.
Weld & Co. and Hoagland, Allum & Co., Inc., are offering
Sinking
at 100 and int. $2,250,000 1st (closed) Mtge. 6
Fund Gold bonds.
Dated Jan. 1 1925; due Jan. 1 1945. Prin, and int. (J. & J.) payable
without deduction for normal Federal income tax not exceeding 2% in
N. Y. City. Red, all or part on 30 days' notice at 105 on or before Jan. 1
1935 at
1930; thereafter and on or before Jan. 1prior to 103; thereafter and on or
Jan. 1 1945 at 101 and int.
before Jan. 1 1940 at 102; and thereafter
Denom. 81,000, 8500 and 8100 c*. Equitable Trust Co., N. Y., trustee.
Parrish, Richmond, Feb. 7.
Data from Letter of Pres. W. J.
-Business of company has been in successful operation since
Company.
extensive timber lands
1868. Company, including subsidiaries, with its of
barges and
owned in fee (over one billion feet of timber), fleet economical tugs, and
production
-mile railroad, presents a complete unit for the
30
and sale of wood products. From a small original investment it has grown
is the largest manufacturer in the world of woodensteadily until to-day it
tubs, ice cream freezers,
ware. Its products consist of ice cream packingThrough subsidiaries,
it is
washing machines, pails, tubs, clothespins, &c. cedar pencil
slats, and is the
world of red
also the largest manufacturer in the
largest producer in the United States of built-up veneers. The established
its lumber mill and
Policy of accumulating virgin timber now assures continuously for woodrun
over 30
enware factory of sufficient raw material to is located at Richmond, Va.,
main plant, covering 11 acres,
Years. The
for the trade.
where finished articles of woodenware are manufacturedfor cutting lumplant
At Camden, Va., it owns and operates an additional
products. Veneers for boxes
ber not required in the manufacture of its own
Veneer Co., Inc., at Plyare manufactured by two subsidiaries, the Wilts
mouth, N. C., and the National Veneer Co., Inc., at Ayden, N. C. At
Lebanon and Murfreesboro. Tenn., the Gulf Red Cedar Co., Inc., a subsidiary, manufactures pencil slats. The entire capital stocks of these subsidiaries are owned.
Company, including its subsidiaries, owns approximately 215,000 acres
of merof timber land in fee simple with an estimated 1.100.000,000 feet (28%),
chantable timber standing thereon. This timber is pine(40%),gum
(juniper)
white cedar (19%), cypress (6%), other (7%). The white cedarthis
counowned by the company represents over 60% of the entire stand in
try.
-Secured by a closed first mortgage on over 187,000 acres of
Security.
timber lands, valued at more than $9,000.000, and on manufacturing plants
at Richmond and Camden appraised in excess of $1,500,000. In addition the bonds are secured by the pledge of the entire outstanding capital
stocks of certain subsidiaries. Timber lands owned by these subsidiary
companies are valued at $1,000,000 and their plants at over $930,000.
No mortgage orlien can be placed on the properties of these subsidiaries
except under certain restrictions of the trust indenture.
-A sinking fund provided in the trust indenture is based
Sinking Fund.
on the amount of timber cut or removed from the mortgaged property and,
8490,715 81,808,545 loss$832,562loss$2711675
Profit for the year _ _
81,560,071 $3,291.340adJ81437,098sur$1013,390
Deficit Jan. 1
Refund of Federal taxes_ Cr.121,553
Adj. of deprec. pr. yrs..- Cr.76,205
x736,999
Amortization allowed_ _ _
Corn, stk, issued in connec. with new financ'g
Cr.2,700
1,002,400
Preferred dividend
(8%)79.976 (8%)79,976 (2%)19.280
Profit and loss deficit.. $1.688.574 $1,560,071 83,291,340 $1,698,285
x Amortization allowed by the Internal Revenue Dept. now credited to
property accounts.
-V. 118, p. 1676.
Shell Union Oil Corp.
-Dividend Increased.
-
The directors on Feb. 18 declared a quarterly dividdnd of 35 cents a
share, payable March 31, to holders of record March 2. This is at the rata
of 81 40 per share per annum. compared with dividends at the rate of $1
per annum (25 cents quarterly) paid from Sept. 30 1922 to Dec. 31 1924.
inclusive.
-V. 119, p. 2188.
Shredded Wheat Co.
-Annual Report.
-
Calendar Years1924.
1921.
1923.
1922.
Gross inc., less op. exp__ $1,891.226 $1.740,627 $2,088,442 $2,298,063
Depreciation
160.911
176,950 172,932
176,132
Reserved for taxes
543,570
297.635
388,752
290,705
Net income
$1,416,642 $1,276,989 81,523,558
Previous surplus____(adJ)81,470,383 $1,755,403 82.181.846
81,593.582
81,450.763
Total surplus
82.887,025 83,032,392 $3,705,404
Dividends declared
950,000
1,000,000
1.000,176
Charged to good-will_
1,000.000
500.000
Cred. to tax reserve_
70,000
Special advert. reserve...
34,417
83,044,346
862,500
Profit & loss surplus.._ 81.852,608 81.462.216 81.755,403 82,181.846
Balance Sheet Dec. 31.
1923.
1924.
1924.
1923.
Assets
$
Liabilities8
Land, bidgs. & eq. 4,380,579 4,325,051 Capital stock
10,000,000 10,000,000
Pats., good-will dr
Curr. to sundry
166,920
393,928
trade-marts. __ 4.000,000 4,000,000
creditors
803,979
567,830
Cash
1,236,988 1.546,733 Reserves
299,970
Inv. In securities
796,378
258.000 Dividends declared
1,852,608 1,462,216
Accts. prod. and
Surplus
materials
2,400,421 2,603,301
12,814,366 12.733,085
Total
Total
12,814,366 12.733.085
-V. 118, p. 918.
)
Siemens & Halske (A. G. Siemens Schuckertwerke
(G. m. b. H.).
-Bonds Sold.
Cable dispatches from Amsterdam Feb. 18 announced the oversubscription of the Dutch portion of the 3 and 10-year 7% loan which was offered in
the American market by Dillon, Read & Co.in the latter part of last month.
FEB.21 1925.]
THE CHRONICLE
969
The Amsterdam group placing the loan was headed by Mendelssohn & Co. Spr ngfield Union RR. Station property, with 4 up-to-date
substantial
and Pierson & Co. See V. 120, p. 595.
brick buildings thereon. This property includes 4 corner parcels and has a
total frontage of 240 ft. on Dwight St. and 141 ft. on Chestnut St., two of
Shreveport-El Dorado Pipe Line Co., Inc.
-Report.
the important north and south traffic arteries of Springfield,running praallel
Calendar Years1924.
1923.
1922.
x1921.
to Main St.. and 183 ft. on Lyman St. and 567 ft. on Taylor St., east and
Oil transported (bbls.)__ 3,414,187
5.208,597
5,005.616
1.484,987 west thoroughfares. These four streets are used as thoroughfares to reach
Gross revenue
$1,072,332 $1,001,861
9870,025
$300,723 the Union Station, Main Street and the retail, wholesale, banking and
Oper.exp. and taxes- __ _
360,270
334,066
342,634
73,312 hotel districts of Springfield.
36,004
Other charges, disc.,&c_
38,256
1,381
The land and buildings securing this bond issue have been appraised at
14,264
278.160
Loss on oil sales
89,106
29,463
91,400,000. based on recent sales of nearby and adjoining property. This
49,769
56.113
Interest
80,501
56,640 Issue of refunding mortgage bonds, together with prior mortgages (for the
126,292
106.679
Reserve for depreciation
85,424
32,423 retirement of which a sufficient portion of this issue has been reserved),
total 9755,000.
$221.837
Surplus
$377.639
$330,622
$124,084
The property is leased for 40 years to one strong tenant, the Henry J.
Period from Aug. 9 to Dec. 31 1921.-V. 118. p. 2316.
Perkins Co., which uses two buildings of the property for its own business
and rents the remainder. This lease provides for an.annual fixed income
-Usual Dividend Paid on Common sufficient to pay all expenses, taxes, insurance, maintenance, renewals,
(A. 0.) Smith Corp.
interest and 7% interest on this bond issue, now
Stock-Statement to the Contrary Erroneous.
-The announce- ing $32.300 balance for sinldng funds, dividends$16,100 per annum, leavand reserves.
the "Chronicle" of Feb.
7, page 715, stating that
ment in
the company had taken no action on the Common dividend,
and which was based on a news item appearing in a number
of financial publications, was erroneous and without basis of
fact.
The usual quarterly dividends of 25 cents per share on the
Common stock and of 13 % on the Preferred stock were
4
paid on Feb. 16 to holders of record Feb. 2. Dividends of
25 cents per share have been paid quarterly on the Common
stock since Nov. 15 1922.-V. 120, p. 715.
Southern Cotton Oil Co.
-Sale of Stock.
See Virginia-Carolina Chemical Co. below.
-V. 119. D. 1635.
Spear & Co., Pittsburgh, Pa.
-Preferred Stock Fold.
Lehman Brothers, Goldman, Sachs & Co., J'. & W.Seligman
& Co. and E. Naumburg & Co. have sold at $99 50 and
div. $4,500,000 7% Cum. Pref. (a. & d.) stock.
Red., all or part, at 115 and diva. on or after 3 years from date of issue.
On or before March 1 1926, and in each year thereafter, out of the surplus
and net profits at least 3% of the largest amount in par value of the Pref.
stock that shall have been at any one time outstanding shall be acquired
by the company by redemption or by purchase (at not exceeding the redemption price, if subject to redemption at that time). Dividends payable
quarterly (cumulative from March 1 1925)•
Listing.
-It is expected that application will be made to list both the
Prof. and Common stocks on the New York Stock Exchange.
MotionCa
Authorized.
Issued.
7% Cum. Pref. stock (par $100)
46,000,000
94,500,000
7% Cumulative 2d Preferred stock
1,500,000
1.500.000
Common stock (no par value)
x255,000 abs. 225,000 abs.
x The $1,500.000 Prof. stock not to be presently issued and the 30,000
shares of Common stock not to be presently issued are reserved against the
alternative conversion rights of the 2d Prof. stock under the charter provisions concerning the same.
Data from Letter of Nathaniel Spear, President of the Company.
History and Business
.-The business was started
in Pittsburgh
in a building 20x30 feet, with a capital of $18,000. in 1893
Its record of earnings
since that time covers a period of 32 years. during which terra the business
has made a profit in every year except 1908, the year following the panic,
when a small loss was incurred.
The business of company consists of the sale at retail of furniture, carpets, rugs and other household goods, both through its chain of 6 stores
In Pittsburgh and New York and through its extensive mail order department. Its business is national in scope, with customers in every State in
the Union. It combines two of the most successful forms of retailing-the
chain store and the mail order methods.
To-day a very large proportion of all furniture, whether sold by department stores or otherwise, is sold on a basis of time payments, on which
plan our business has always been conducted. We have accordingly developed a most careful supervision of sales, credits and methods of collection, the efficiency of which has been fully proven..
The purchase of a commodity of large unit price On a part payment basis
has sound economic justification. To this the inherent security and stability of the business are largely due.
The company has in all 6 large stores, with a total floor space of 475,000
sq. ft., in addition to which it has warehouses with a total floor space of
325,990 sq. ft. The main store in Pittsburgh is centrally located and is
one of the largest and best equipped furniture houses in the United States.
The main New York store is in the heartor the metropolitan shopping district.
The mail order business was begun in 1908, since which time it has made
phenomenal strides. The company's active mailing list consists of over
1.000,000 names. Company is a large and consistent advertiser and will
continue to be so. More than $4,000,000 has been expended for advertising in the last 5 years.
Net sales and net profits for calendar years, after adequate provision for
depreciation and bad debts, and after deducting Federal taxes at present
rates, have been as follows:
Net Sales and Net Profits, Calendar Years, After Adequate Provision for
Depreciation and Bad Debts, and After Deducting Fed. Taxes at Present Rates
Net Profits
Net Sales.
1922
$9.379,378
91,263,616
1923
12,627,125
1,894,945
1924
12,369,226
1,403,462
The average of such earnings, as above .stated for the three years was
$1,520,674, or about 4.8 times the dividend charges on the issue of $4,500,000 Prof. stock, and is equivalent, after deducting
Prof. dividends. to
$4 gg applicable to each share of the Common stock all be presently issued.
to
The net earnings of the company in the 32 years of its existence on an
Original investment of $18,000 have totaled in round figures $13,350,000;
the capital withdrawals and dividends to stockholders 3,250,000
-leaving
the present net investment of $10.100.000. Of the above sum of $13.350,000
over $9,000,000 was earned in the last nine years.
Consolidated Balance Sheet Dec. 31 1924 (After Present Financing)
Assets.
Liabilities.
Land, buildings. mach.. &a_ $1,214,220 7% Cum. Prof. stock
$4,500,000
Inventories
1,990,640 7% Cum. 2d Pref. stock.... 1,500,000
8.716.675 Common stock (225,000 abs.) 3.000.000
Accounts receivable
accounts receivable249.609 Notes payable
Miseell.
1,861,500
58.120 Accounts payable
Life insurance policies
591,818
815,731 Accrued Fed. dr State tax_
Cash
123,500
89,472 Reserve for contingencies__
Deferred charges
450,000
Surplus
1.107,649.
Standard Oil Co. of Kentucky.
-New Director.
-
T. Q. McGoodwin, Assistant Secretary and Assistant Treasurer, has been
elected a director to succeed the late C. T. Collins.
-V. 119, p. 3020.
Standard Plate Glass Co.
-New Financing.
-
The company, according to Pittsburgh dispatches. has sold to the Bank
of Pittsburgh 93,000,000 5
-year gold notes. Proceeds, it is said, will be
used to retire bank debts and provide working capital.
-V.119. p. 2772,
Standard Sanitary Manufacturing Co.
-Annual Report.
Calendar Years1924.
1922.
1923.
1921.
Sales
$72,225,591 $69.043.094 $55,200,647 938,487,830
Net profit
$11.193,073 $9,921,087 $8,574.007 93,057,017
Contingent fund
300,000
300,000
200,000
139,520
Federal taxes
1,333,437
1,196.437 1.058,505
503,358
Extra compensation to
executive committee
404.894
343,058
305,057
85,813
Pension fund & bad acc'ts
25,000
25,000
125,000
30,996
Obsol. & asset shrinkage
150.000
100,000
Expan'n of mfg. & facil_
1.000.000
Prey.for pref.diva.(7%) 326,599
323,858
319,102
316.773
Common dive. paid_(25%)5.078.512(20)3980,325(13)1802,070(9)1,111,064
Balance, surplus
$3,724,831 93,752,409 93,614,274
$769,494
Surplus and reserves _ _ _ _$13.947,086 $9,087,844 45,094,454 $5,591,325
z After payment on Nov.15 1922 of a 40% stock dividend on the Common
stock, and in 1920 after a 100% stock dividend on the Common stock.
Total depreciation charges for 1924 amounted to $805,970, as against
$599,899 for 1923.-V. 120. p. 596.
Stanley Works of New Britain, Conn.
-Stock Div. &c..
The stockholders on Feb. 14 increased the authorized Common stock
'
from 6.500.000 (all outstanding) to $10,400,000. par $25. It is proposed
to distribute the $3,900,000 additional Common stock to Common stockholders as a 60% stock dividend.
The stockholders also voted to retire 25% of the Preferred stock.
A dividend of 24i% on the new capitalization, payable April 1, was voted
and an extra dividend of 37)i cents a share on the old capitalization was
authorized.
-V. 120. p. 463.
Stern Bros. N. Y. City.
-Extra Dividend.
-
The directors have declared an extra dividend of 1% in addition to the
regular quarterly dividend of 17 on the outstanding $7,500,000 Common
0
stock, par $100, both payable April 1 to holders of record March 16.V. 118, p. 1404.
Stetson, Cutler & Co., Ltd.
-New Control.
p. 2726.
Symington Co. (of Md.).-Acquisitions.The company
See Fraser Companies. Ltd., above.
-V. 114.
is reported to have purchased the Gould Coupler Co. and
the Gould Storage Battery Co. of Depew, N. Y., which properties were
bought recently by Charles J. Graham, President of the Graham Bolt &
Nut Co., Pittsburgh, from the Gould interests.
-V. 120, p. 343.
Trinity Buildings Corp. of New York.
-Tenders.
-
The Guaranty Trust Co. will until March 3 receive bids for the sale to it
of First Mtge. 20
-Year 5I. % Gold Loan certificates, due June 1 1939, to an
amount sufficient to exhaust 950,449, at a price not exceeding 103 and int.
-V. 119, p. 2300.
Union Storage Co., Pittsburgh.
-1925 Dividends.
-
The directors in Jan. declared an annual dividend of 10%. payable
quarterly installments of 23.i%, Feb. 11. may 11. Aug. 11 and Nov. in 4
holders of record Feb. 1, May 1, Aug. 1 and Nov.1.-V. 120. p. 840.11. to
United Cigar Stores Co. of America.
-Declares a 2%
Cash and a 1X% Stock Dividend on Common Stock.
The directors have declared a cash dividend of 2% and a
of l) % on the Common stock, both payable March 31stock dividend
,
1
of
record March 16; and the regular quarterly cash dividend to holders on
of
the Preferred stock, payable March 16 to holders of record March1% Like
2.
amounts were paid the three previous quarters. Quarterly cash
of 3% each were paid on the Common stock from Novemberdividends
1923 to
May 1924 inclusive.
-V. 119, p. 2773.
United Profit-Sharing Corporation.
-Earnings.
-
Calendar YearsNet profit
Prof. dividends (2%%).
Common dividends
1924.
$339,799
12,337
245.722
1923.
$496,980
x Balance. surplus..._
Previous surplus
$81,740
533,507
$251.258'
x478,833
245,722
1922.
$270,650
1921.
$266,804
245,722
122.861
$24,928
y453.905
$143,943
y393,963
Total surplus
$615,247
1730,091
$478,833
$537.906
Stock div. (Pref.)___(25%)102,385 (25)102.385
Federal taxes accrued__ _
31,800
94,200
Profit & loss surplus.. _
$481,062
9533.506
9478,833
$537,906
x Subject to Federal taxes. y After deduction of Federal taxes for
previous year.
Balance Sheet Dec. 31.
1924.
1923.
1924.
1923.
Assets$
Liabilities
$
$
Cash
244,160 1,093,594 Preferred stock.._
197,680
Investments
1,354,803
368.179 Common stock_ _ _ 409.538
409,538
Furn. & fixtures__
12,851
11,950 Bal. of cap.d1s.due
Merch.,su poi.. dm 159,188
and reserved for
169,800
Unexpired insur_
829
476 stockholders__ _ _
$13,134,468
Total
213
Total
758
$13,134,468 Accts.receivable__ 377,242
576,669 Accounts payable. 174.794
181,597
Springfield (Mass.) Central Realty Co.
Div. pay. Jan. 2_ _
-Bonds Offered. Coupon account
61,431
61,431
Stk.div.pay.Jan. 2
102.381
-C. D. Parker & Co., Boston, are offering at par and int. (contingent)__ _ _22,283,840 22,103,667 Prey.for cont.liab.
on coups., taxes.
(with bonus of 5 shares of no par value Common stock with
depreen, &c__ _23,108,196 23,035,121
each $1,000 of bonds)$230,0007% 30-Year Refunding Mtge. Total; each side)_24 432,913 24,324,335 Surplus
481,062
533,506
-V. 118. p. 919. 806.
Sinking Fund Gold bonds, Series "A." A circular shows:
Dated Feb. 16 1925; due Feb. 15 1955. Prin. and int.(F.& A.) payable
U. S. Distributing Corp.--Earnings.Trust Co., Boston, trustee. Callable on sixty days'
at the Old Colonysitildng fund or
Calendar Years1924.
as a whole at 1073•5 and int. on any int. Total earnings
1923.
notice only for the
$414,034 $479,684
date on or before Feb. 15 1930; at 105 and int. after Feb. 15 1930, and on Expenses, interest, &c
150,894
162,647
before Feb. 15 1940; and at 1023.i and int. thereafter. Denom. 91.000,
or
$500 and $100 c*. Corporation agrees to refund all income taxes assessed
Net earnings
$263,140 $317.037
by Mass. (present rate 6%), and the States of New Hampshire and New Other income
568,609
275.924
York upon the income received on these bonds not in excess of 8% per
received; to pay at the source the Federal normal income tax
annum of int.
Total income
S831.749 8592,961
of 2%,and to refund an additional amount of the Federal normal income Reserved for Federal taxes
91.678
50.000
tax not in excess of 2%. Merton E. Grush, Boston, Mass., individual Preferred dividends
160.188
trustee.
company owns 76,800 sq. ft. of land on 4 important streets in the
Balance, surplus
The
$579,883 $542,961
retail and general business district in Springfield, Mass., opposite the --V. 119. p. 2658.
970
THE CHRONICLE
-Earnings.
United States Envelope Co.
1922.
1923.
1924.
Calendar Years$1,035,181 $1,210,397 $1,088,026
Net profits
117,625
101,125
84,625
Interest
435.874
448,792
394,128
Depreciation
30,000
75,000
• 100,000
Tax reserves
280,000
280.000
280,000
Preferred dividends(7%)
Common dividends_ ___(8%)140,000 (8)140,000 (8)140,000
1921.
$728,154
134,125
423.728
280,000
x365.000
$84,527 def$474,699
$165.480
$36,428
Surplus
Profit and loss surplus.... $2,127,653 $2,129,030 $1,963,551 $1,879,024
z Includes 33 1-3% stock dividend ($250,000) paid March 2, and 10% In
cash dividends paid as follows: 3yi% regular and. 2)4% extra March 1 and
4% regular Sept. 1.-V. 119. p. 591.
[vol.. 120.
Win through the acquisition of the outstanding securities and stocks of the
corporation. These proposals are being carefully investigated with a view
to determining whether any advantage would accrue to our stockholders
under the terms proposed. In the meantime the directors have made no
commitments."
Press reports this week stated that the electrical field in the United
States, heretofore dominated by the General Electric Co. and the Westinghouse Electric & Manufacturing Co., has been definitely entered by Brown,
Boveri & Co.. manufacturers of every variety of electrical equipment with
plants in 27 countries. An initial investment of between $35,000.000 and
840.000,000 will be made by the large international organization,representatives announce, and within 90 days it expects to be firmly entrenched in the
American market.
Orders from leading public utility companies throughout the United States
have already been booked, although they have necessarily been filled with
imported goods. While the company will continue to import its material
from foreign plants for some time yet, the intention is to establish manufacturing establishments in principal cities along the Atlantic seaboard.
V. 118, p. 3090.
-141h Annual Report
United States Steel Corporation.
-The United States Steel and Carnegie
of Pension Fund.
-McClure.
Warner Bros. Pictures, Inc.
-Stock "old,
Pension Fund, established Jan. 1 1911 and applicable to the
employees of the United States Steel Corporation and its Jones & Reed, New York, have sod at $15 per share
subsidiary companies, has issued its 14th annual report, 170,000 shares of Class "A" Convertible stock.
Convertible at
time, share
share, into Common
showing disbursements for the year 1924 of $1,683,921, pany. Preferredanyto dividendsfor the rate of $1. 50 per stock of the comshare per annum,
as
at
cumulative from March 1 1925. Dividends payable Q.
compared as follows:
-M. Preferred as
to assets to the amount of $15 per share plus divs. Red., all or part. at
Pension Fund Disbursements for Calendar Years.
$709,060 $17 per share plus divs. on any div. date upon 30 days' notice, but not until
$947,87911918
W.683,92111921
1924
712,507 after March 1 1927, unless at least two-thirds of the largest amount of Class
779.767 1917
1,448.113 1920
1923
733.707 '11 to '16 incl. 2,945,541 "A" stock ever issued shall have been previously converted. Each share
1,266,662 1919
1922
$11,227,156 of Class "A" and of Common stock has one vote. New York Trust Co..
Grand total
-Active as of Jan. 1 New York, transfer agent; Empire Trust Co., New York, registrar.
-Summary of Pension Cases in 1924.
Beneficiaries
Issued.
CapitalizationAuthorized.
discontinued during
1924, 4,054; added during year. 843: total, 4.897:
Class "A" stock (par $10)
200,000 abs. 200,000 she.
year, 419: continued beyond Dec. 311924, 4.478.-V. 120, p. 810. 716.
Common stock (no par value)
x550.000 shs. 350,000 shs.
- x 200,000 shares to be reserved for the conversion of the Class"A"stock.
-Annual Report.
United Verde Extension Mining Co.
Data from Letter of H. M. Warner, President of the Company.
1921.
1922.
1923.
1924.
Calendar YearsCompany -Chartered in Delaware in 1923 and acquired the motion
$6,445,033 $4.538.588 $2.043,519
$6.308.624
Gross revenue
275,740 picture business theretofore operated as a partnership since 1915 by the
271,242
329,198
314,867
Other income
four Warner brothers. Company is engaged in the production and dis$6,623,491 S6.774,231 $4.809.830 $2.319,259 tribution of the highest grade of motion pictures of the type known as
Total income
1,603.838 feature films, such as "Beau Brummel," "The Gold Diggers," "The Mar2,169.329
3,006.837
Mining,&c.,expend'res_ 3,294,019
678,424 riage Circle." "Where the North Begins" and "Thor Rase." Company's
408.460
663.757
470.577
Other expenses
1,565,538 production has grown from 7 feature films in the 1922-23 season to 20 tor
2,752,872
2,852,316
lies,for depl'n & deprec- 3,006.384
1.050.000 the current 1924-25 season. The production schedule for 1925-26 calls
1.312,500
x2,625,000 3,675.000
Dividends
for 26 pictures.
Company has established its production upon a budget basis with thor$2,772,489 $3.423,679 $1,833,331 $2,578,541
Balance, deficit
ough control over all expenditures and believes its production costs to be
the lowest in the industry for the type and quality of pictures produced.
-V. 120, p. 840. 344.
z Paid out of reserve fund for depletion.
Company's studio occupies 10 acres in the heart of tne residential section
-67th Quarterly Report.
of Hollywood. It is one of the largest, most complete and most efficient
Utah Copper Co.
motion picture plants in the world.
The report, covering the fourth quarter of 1924, shows:
53,330.Company's distribution is effected by a franchise plan which provides
Production.-Total net production of copper from all sources was
for advances at the time of release of each picture from the franchise holders
lbs., as compared with 53,253,845 in the third quarter.
432
and also
Net Production (in Pounds) All Sourcesfor 1924 (Total. 214,592.733 Pounds). of an amount in excess of the cast of the picture receipts. for the participation by the company in the distributors gross
1st Quar.
2d Quar.
3d Quar.
4th Quar.
Earnings.
-The net profits of the company and Hollywood Film LaboraOct_ _17,635.180 July _ _17,489,781 April_ _17.533,850 Jan- _18.627.523 tories, Inc., a subsidiary,from operations for the fiscal year ended March 31
Nov -17.849.316 Aug- _ _17,931,493 May _ _17,564.550 Feb__ _19.365,523 1924. after deducting all charges, including depreciation and Federal
Dec__ _17,845.936 Sept _ _17.832.571 June_ _17,460,780 March.17,456.230 income taxes on such profits but after giving effect to certain savings which
the new money to be obtained as a result of the pending recapitalization
Total.53,330,432 Total.53,253,845 Total.52,659.180 Total.55.449.276 would have permitted, were $249.366, and for the 9 months ended Dec. 31
Av.mthly.
Av.mthly.
Av.mthly.
Av.mthly.
1924 such net profits were $730,113. For the fiscal year ended March 31
prod -17.751.282 prod -17.519,727 prod _18.483.092 1925 it is estimated that net profits from operations after all charges will
prod -17,776.812
During the quarter the Arthur plant treated 1.387,000 dry tons of ore be approximately $1,000,000, or more than 3 times the dividend requireand the Magna plant 1.661.200 dry tons, a total for both plants of 3.048.200 ment on the Class "A" stock. For the following year, 1925-26. with the
dry tons.
release of 26 pictures and with the savings that may be effected by the use
The average grade of ore treated at the mills was 1.06% copper and the of additional capital provided by this issue, it is estimated that net profits
average mill recovery of copper in the form of concentrates was 85.89% will be materially greater than those for the current year.
-It is the expectation of the company to continence the payof that contained in the ore, as compared with 1.06% copper and 87.24%
Dividends.
recovery, respectively, for the previous quarter.
ment of dividends on this Class "A" stock on Juno 11925.
The average cost per pound of net copper produced, including deprecia-Proceeds will be used for working capital. The use of this
Purpose.
tion of plant and equipment and all fixed and general expenses and after money will permit many savings, increased production and wider districrediting gold, silver and miscellaneous earnings. was 9 cents, as compared bution, all of which should add materially to net profits.
-Business of company will continue under the management
with 9.4 cents for the preceding quarter, computed on the same basis. The
Management.
value of gold and silver recovered and the miscellaneous earnings amounted of the four Warner brothers, who intend, as in the past, to devote to it
to 1.06 cents per pound of copper, as compared with 1.04 cents for the their entire time. Practically all of the personal resources of the four
previous quarter.
brothers are in this company and are represented by their ownership of
Common stock, which is subordinate to the Class "A" stock, and aside
Financial Results of Operations for 1924 (by Quarters).
1st Quar. from reasonable salaries they are wholly dependent upon the success of
2d Quar.
3d Quar.
Quar.
4th
Net profit from copp.prod$2.261.361 61.740,862 51.956.008 $1,719,714 the company.
-Application will be made to list the Class"A"and the Common
Listing.
Misc, income, incl. gold
596,990 stock on the New York Stock Exchange.
568,518
555,317
566,989
and silver
100,000
100,000
100,000
Bing. & Garf. Ry. divs
-Annual Report.
White Eagle Oil & Refining Co.
1921.
1923.
1924.
1922.
Calendar Years$2,828,350 $2,396.178 $2.624,526 $2,416.704 Sales
Total income
$14.335.001 514,693.387 $13,834,818 $9,251,382
284.460
288.947
288,005
314.238
Depreciation
9,239,910 9.554,572. •
Cost of sales
43 6,615,34
admin.& sell. exp_ 2,488.592
1,016,741
2,317,033
1,467.809
$2,514,112 $2,108,173 52,335,579 g2.132.244 Gen., deductions
Balance, surplus
61,881
-net-344,030
Other
278.628
230,134
Earnings for the fourth quarter are computed on the basis of 31.725 cents Depreciation
416,641
845,786
589.253
793,589
with 13.133 cents for the Depletion
per pound carrying price for copper, as compared
273.298
321,170
377.849
410,144
third quarter, 12.853 cents for the second quarter and 12.782 cents for the Federal taxes
114,000
29,000
40,000
192,000
first quarter.
588,084
920,000
920.000
Dividends paid
894,042
A quarterly distribution to stockholders of $1 per share was made on
do rate
($2)
($2)
($2)
($2 25)
Dec. 31 1924 and amounted to 51,624,490.
The total capping removed during the quarter was 1,679,872 cu. yds., as
$202,524
$109.386
Net income
$998,896
$427,916
compared with 1,913,374 Cu. yds. for the previous quarter.
-V. 119. p. 2773
The ore delivery department transported a total of 3.202,696 tons of ore,
Yellow Taxi Corp., New York.-Bal Sheet Dec. 31 1924.1
being an average of 34.812 tons per diem, as compared with 3,110,678 tons
[Incl. Yellow Cab Co., Phila., and Yellow Taxi Realty Corp., New York.
and 33.811 tons, respectively, for the previous quarter.
AssetsThe Bingham & Garfield Ry. transported a total of 401,777 tons of
Ltalstitttes$232,000
$118,576 Not payable
Cash
freight, or an average of 4,367 tons per diem.
443,627
4,510 Accounts inyable
[Signed D. C. Jackling, Pres.; L. S. Cates, V.-Pres. & Gen. Mgr.1- Investments
Acc'ts and notes receivable__
95,001 Accr'd salaries. wages & bonuses 227,935
V. 119. p. 2301.
79,644
172,785 Federal tax (1924)
Employees'stock clubs
-Sale of Sub. Holdings. Accrued interest
Virginia-Carolina Chemical Co.
15,000
6,669 Accr'd N. Y. State franch. tax
company, Federal
502,621
351,321 Equipment notes
On an application of solicitors for the receivers of the parties to show Inventories
8,409
68,771 Accrued interest
Judge Runyon has made an order directing interested to sell the entire Due on insurance policies.. __
receivers should not be permitted
12.674
21,464 Unclaimed wages
cause Feb. 24 why the
subsidiary) amounting Deposits
21,464
84,141,253 Accr'd bond prin. & interest. _
capital stock of the Southern Cotton 011 Co. (aThe purchasers are to Property accounts
1,677
30,807 Def'd income (traffic coupons)
to 1,200.000 shares (par $50) for g8.875.000.
of Mlscell. autos and trucks (net)
112,500
assume the Southern otton 011 Co.'s debts other than the expenses
that may Garage equip., tools, mach..&c. 218,771 1st Mtge. on 23d St. property_
receivershi and any additional income1or excess profits taxespurchasers Real est. & bldgs. (leas depr.) _ 953,556 1st Mtge,6 SS % Serial bonds._ 374,500
years prior to Feb. 1924. The proposed
buildings
for the
119,418 lies, for personal injury, &c._ 178,270
be
Hibernian Bank & Trust Co. of Improvements to
b5,194.978
Securities for indemnity bds. _ 302,529 Capital stock
are Rudolph Hecht, President of the
President of the Southport Mills.
New Orleans and A. D. Geogheganefforts to sell the Southern Cotton Oil Prepaid rents, ins., taxes, &c__ 257,681
making
Organization & finance expen_
The receivers have been
84,742
as the first necessray step
Co. stock since March 1924, as it was regarded the Southern Cotton Oil Good-will, leases & contracts.. 405,714
As
37,405,299
Total (each side)
in the reorganization of the whole system.
51,728
the company's assets are in 16 Deferred expenses for in
a Taxicabs paid
full (1.804 cabs). $4,056,027; subject to equipment
Co. is also in the hands of receivers and charge or receivers and ancillary
judicial districts, where they are in
notes (649 cabs), $1.449.585; total (2,453 cabs), $5,505,612; less depredifferent
Cotton Oil Co. receivers ciation, $1,364,359.
receivers, title will not pass until the Southern
b Paid in value, $4,326.417; surplus, $868,559. Represented by 489,300
have been discharged.
purchasers
-V.120.
under the sale agreement the creditors to undertake to shares of Common stock without par value, in hands of the public.
Furthermore
the discharge
Oil
p. 840.
secure the consent of the Southern Cotton
courts sufficient funds to
receivers or else deposit with the various
of the
cover objecting creditors' claims.
CURRENT NOTICES.
company, the Gewerkschaft
Stock in a German potash salts mining Virginia-Carolina Chemical
Enigkeit, were sold for the receivers of the
Stone & Webster, Inc., have issued their 1925 Manual, giving comJ., for 52,052.000 Feb. 16 to Herbert
Co. in Federal Court at Newark, N.
-V. 120, p. 716. 220.
plete information and statistics regarding the numerous public service
M. May. representing undisclosed clients.
statistics include
-Swiss Electrical companies under their executive management. The population of the
St. Louis.
Wagner Electric Corp.,
outstanding bonds and capital stocks, dividend periods,
Company.
gross and net earnings
Company May Acquire
to the stockholders, said: territories served by the various companies, annual
President W. A. Layman, in a recent letter organize a new electrical as far back in some instances as 1902. balance for reserves, retirements and
"Press announcement has been made of the plan to have, for the United dividends, and situation with respect to franchises.
will
manufacturing and importing company which
rights under all engineerhave
States and their territories exclusive manufacturing rights for the European.
Nehemiah Friedman dc Co., of 29 Broadway, Now York City,
ing designs and patents and exclusive merchandising electrical corporations. ssued their regular quotation sheet on Joint Stock Land Bank securities
products of one of the largest European a number of existing
made
they
showing capital stock, dividends, yields and book values. In addition,
Under the organization plan of the new company,
as a basic nucleus are distributing a comparative statement of condition of the prominent
American electrical manutacturing plants will be acquired
may be had on
the United States.
for production in
looking banks in the Joint Stock Land Bank System. Copies
"Proposals have been made to the directors of this corporation
o the inclusion of the Wagner Electric Corp. as a unit of the new corpora- ,equest.
F111.. 21 1925.]
3
.
THE CHRONICLE
971
Szports pamlUSUSHESAS ...,,,ocuuxeuts.
NATIONAL ENAMELING AND STAMPING CO., Inc.
ANNUAL REPORT FOR YEAR ENDING DECEMBER 31, 1924.
TO THE STOCKHOLDERS:
Your Directors submit herewith, duly certified, the Balance Sheet of the Company as at December 31st, 1924, and
the Earnings Statement for the year ended that date.
The unsatisfactory business prevailing at the time of our
last report continued during a great part of the year 1924 and
it was only toward the end of that year that favorable results
appeared. Nevertheless, the earnings during the year, a ter
writing off almost $1,000,000 fr Depreciation, more than
cover the Preferred Dividends declared and paid. The outlook at the present time is decidedly encouraging.
During the past year Expenditures on Capital Account
have been negligible in amount and consequently the Company has materially improved its current position.
During the year Notes Payable have been reduced by
$1,950,000 and Bonds to the amount of $208,000 have been
redeemed. Inventories, which have been taken as usual at
the lower than cost or market price with allowance made for
seconds or wasters, have been reduced over $1,000,000. At
December 31st, 1924, the Company had Cash and Accounts
Receivable more than equal to its entire Current Liabilities.
Owing to the St. Louis Coke and Iron Company having
been placed in receivership on September 8th, 1924, it has
been deemed advisable to write off out of Surplus, the cost
of the Stocks of that Company,leaving only as an Asset the
cost of the First Mortgage Bonds.
By Order of the Executive Committee
(Signed) GEORGE W. NIEDRINGFLAUS,
President.
February 16th, 1925.
EARNINGS STATEMENT, YEAR IINDBD
DECEMBER 31st 1924
PROFIT ON OPERATIONS FOR THE YEAR
BEFORE PROVIDING FOR DEPRECIATION
41.862.646 30
Deduct:
Amount transferred to Reserve for Depreciation
$984,698 $1
Interest on Refunding First Mortgage 5%
Gold Bonds
51,985 71
988,664 02
PROFIT'FOR YEAR
SURPLUS, JANUARY 1st 1924
$873,982 24
9,310,704 80
410.184.687 06
DIVIDENDS DECLARED AND PAID DURING YEAR:
Preferred Stock at 7%
$700.000 00
COST OF PREFERRED AND COMMON
STOCKS OF ST. LOUIS COKE & IRON
COMPANY WRITTEN OFF ACCOUNT
RECEIVERSHIP OF COMPANY
2.236.557 61
2,938.557 61
SURPLUS, DECEMBER 31st 1924
$7,248,129 42
We have audited the books and accounts of the NATIONAL ENAMELING AND STAMPING CO., Inc., for
the year ended December 31st, 1924, and CERTIFY that,
in our opinion, the above Balance Sheet correctly sets forth
the position as at the termination of that year, and that the
accompanying Earnings Statement is correct.
DELOITTE, PLENDER, GRIFFITHS & COMPANY
49 Wall Street, New York City
Auditors.
February 16th, 1925.
BALANCE SHEET, DECEMBER 31st 1924
ASSETS
FIXED ASSETS:
Real Estate, Buildings, Machinery, Plant.
Tools and Equipment, Patents, Goodwill, etc.:
Value as per Balance Sheet, December
31st, 1923
333,305.153 00
Add: Net Expenditures on Improvements
and Additions during the year
171,6.39 10
333,476.792 10
Deduct: Reserve for Depreciation
9.381,978 92
$24,094,813 18
INVESTMENT IN FIRST MORTGAGE BONDS OF ST.
LOUIS COKE AND IRON COMPANY, AT PAR
VALUE
2.698,00000
CURRENT ASSETS:
Stock of Merchandise, Materials and Supplies on hand and in transit
$7,004,712 70
Accounts and Notes Receivable after profor Discounts and Bad Debts_ _ _ _ 2,191,598 31
viding
Cash at Bankers and on Hand
995,676 53
$10,191,987 54
DEFERRED ASSETS:
Payments in advance for next year's business
198,124 28
LIABILITIES
CAPITAL LIABILITIES:
Capital Stock Authorized:
100,000 Shares of 7% Cumulative Preferred Stock of $100 00 each
$10,000,030 00
200,000 Shares of Common Stock of
$10000 each
20.000,000 00
330.000.000 00
Capital Stock Issued:
100,000 Shares of 7% Cumulative Preferred Stock of $100 00 each
$10,000.000 00
155,918 Shares of Common Stock of
$10000 each
15,591.80C1 00
425,591,800 00
REFUNDING FIRST MORTGAGE 5%
REAL ESTATE SINKING FUND
20
-YEAR GOLD BONDS:
1,407 Bonds of $1,000 00 each, outstanding at December 31st 1923
31.407,000 00
208 Bonds of $1,000 00 each redeemed
during the year
208,000 00
1,199 Bonds of $1,000 00 each outstanding at December
==== 31st 1924
1,199,000100
326,790,800103
CURRENT LIABILITIES:
Notes payable
$1,700,000 00
Accounts payable
1,268,265 79
Accrued Interest on Refunding First Mortgage 5% Gold Bonds
4,995 83
$2,973,261 82
WORKMEN'S COMPENSATION RESERVE
170.73319a
SURPLUS:
Surplus applied in redemption of First
Mortgage Sinking Fund Gold Bonds_ ___ 32,301,000 08
Undivided or Surplus Profits
4,947.129 43
7,248,129M
$37.182.92500
337,182,925/00
THE 'CHRONICLE
972
"Verb M.
The Commercial Markets and the Crops
IONS
-GRAIN-PROVIS
-COFFEE
COTTON-SUGAR
-ETC.
-WOOL
-DRY GOODS
-METALS
' PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME.
here will now be
The introductory remarks formerly appearing
paper immediately following the
found in an earlier part of the ent headed ''INDICATIONS OF
in a departm
editorial matter
BUSINESS ACTIVITY."
Friday Night, February 20 1925.
the spot was in only moderate demand at
COFFEE on
approxibest and often so irregular that quotations were only 27340.;
Rio, 22 to 223c.; No. 4 Santos, 27 to
mate. No. 7
to 30e.
fair to good Cucuta, 273/s to 280.; Honda, 293/aat better
Medellin,30% to 31c. Later in the week a somewh
Firm offers
demand was reported, with prices unchanged. nt Bourbon
shipme
were lower. Offers were for prompt3s and 4s at 25.35 to
Santos 3s. were at one time at 263/2e.;
and 5s at 243/se. to
%
293c.;'3s and 5s at 24% to 273 c.; 4s at 23.80e.; 7s and Ss
5-6 to 273/2c.; 6s and 7s
2534c.; 5s at 25
at 2634'c.,
at 20.10c. Port Bourbon or flat beans 2s and 4s to 253/sc.,
at 24.65
3s and 4s at 25% to 26.10e. 3s and 5s5s and 6s at 233 0.,
4
4s and 5s at 24% to 250.; 5s at 2434e., y 2s and 3s at 26o.;
7s at 21c., 8s at 21.15e. Santos peaberr to 21.10c. Vic4s and 5s at 24.35e. to 24.85.; Rio 7s at 21 nt, March, May
toria 7s and 8s at 203/se. Future shipme
to 273e.
Bourbon 4s and 5s at 24e. Santos 4s at 26%
to quote.
Rio 7s at 220.; prices irregular and difficult is far more coffee
Some are bearish in the belief that there
s think,
in Brazil than is officially reported. Some roastermoment
too, that the rains in Brazil came at just the right
crop. Sanand may add 2,000,000 bags more to the Santos one time to
tos estimates had been cut in some cases at more gener5,000,000 bags or 6,000,000 bags, but are now
preally 8,000,000 to 10,000,000. Some even venture the to
diction that the crop will turn out to be 12,000,000
least
13,000,000 bags. They assert that there were at
shipped
5,000,000 bags in the interior of Brazil that were notion was
down to the ports from the last crop. Depress coffee.
attributed to continued lack of business in actual aged
Unsettled conditions in Brazilian exchange also encourrded.
selling. Some think the basic conditions are disrega
May has been 140 points under March, and July 105 points
some
under May. That looks queer. Ignoring it looks to the
like playing the ostrich act. Spot is so much under And
actual value and each succeeding month still more so. , are
believe
"afloats" are decreasing steadily. Shorts, some market was
playing with fire. Later the cost and freightpoints. The
rather firmer, with offers at a rise of 20 to 25
year;
stocks at Rio are 269,000 bags, against 135,000 last
year ago.
at Santos 1,776,000 bags, against 639,000 a due largely to
A decline in futures on Wednesday was
ed
lower cost-and-freight offers from Brazil, which indicat
exthat Brazilian shippers were more ready to sell; also,
closed
change was irregular and puzzling. To-day futurespoints.
3 to 8 points higher as a rule, though March declined 2 spite
It is claimed that consumption is steadily increasing in
of the high prices. Government figures seem to confirm
1924
this idea. In France it is said that the consumption in to
gained 50%. To-day Santos terme prices advanced 200
The dollar
350 reis. Exchange remained at 5 23-32d. ged to 300
rate fell 20 Ms. Rio terme prices were unchan . and the
reis lower. Exchange was unchanged at 5 23-32d day were
the
dollar rate dropped 50 reis. Futures early in on profit-takn followed
10 to 15 points higher but a reactioprolonged persistence in
ing in a narrow market. After a
mouth it is supposed
the policy of buying only from hand to statistical position is
that invisible supplies are low. The Yet prices show litregarded as strong, at least on its face. . March indeed is
tie net change for the week on futures
ged aud July 2
12 points lower at the close,.May unchan ing thought to
points lower than last Friday One disturb
e be larger than they
some is that Brazilian stocks may possibl as follows:
generally supposed to be. Prices were
dare
16.88c.
18.88c. I September
Spot (unofficial) _22.ic. I May
20.281July
March_
17.83 I December
16.28
large sales
-Cuban prompt finally fell back onGranulated
SUGAR.
standing at 23/sc.
to 2 13-16o. after for a time5.90 to 6o. There is talk of a
has sold to a fair extent at
cane sugars compared with
poor sucrose content of Cuban
es of the crop have been
seasons. Some private estimat
past
zed statisticians and
. Whether the usually recogni seen. Despite the
reduced
be
ors will do so or not remains to
estimat
raw sugars were firm much
expectation of a large carryover,
cases concede that sugar is
time. Refiners in some
of the
te consumption.
-a fact that will undoubtedly stimula Sales included
cheap
emphasize that supplies are large. York only, at
But they
to New
10,000 bags Cuba, February shipment an operator, prompt
& f. a cargo of Cuba to
2 27-32e. e.
of Philippines, April
shipment, at 2 27-32c.; 3,000 tons
at 4.62e. delivered; 23,000 Cuba, prompt shipment,
arrival,
February, at 2%e.• a
at 278c. 0. & f.; 22,000 bags Cuba, at 2%c. and 5,1i00
to Texas City, February,
'
cargo of Cuba
'
York operator
bags Cuba, February, clearance, to a New
at 2%o., e. & f. There was also a small sa e of 500 tons
Philippines, March shipment, at 4.65c., delivered.
It is estimated that on the 17th inst. sales reached 100,000
bags to operators and outport refiners and about 25,000
bags Philippines at prices ranging from 2 27-32c. to 23/sc.
c. & f. There was also a sale of San Domingo to the United
Kingdom at 14s. 13/scl. c.i.f., indicating a firm tone in the
foreign market. Cubas also sold at the same price. But
the sales of Cuban and Porto Rican sugar to refiners on
Thursday were estimated at 300,000 to 400,000 bags, which
with the sales abroad brings the total day's business up to
500,000 bags or more. On the basis of 2 13-16c. for Cuban
c. & f., or 4.59c. delivered. Also sales were reported of
from 50,000 to 75,000 bags of Porto Ricos for second half
of March or early April shipment at 4.62c. delivered, which
is 1-32c. higher than the sales reported for early shipment.
As some view it, March represents the actual market which
has been under some pressure. Porto Rican, Philippine
and Java offerings have been large. But Europe has been
a ready buyer of Cuban at a slightly better basis than
American interests have been generally disposed to pay.
The peak of production has now been reached. It will
subject prices to a searching test. The premium on the
distant months would indicate, however, that consumption
is good and that people are disposed to look ahead and
take precautions as to future supplies. Cost and freight
sugars were selling at one time at 2780. But Cuba is plainly
marketing its crop skillfully in accordance with the lessons
of the past. The large receipts at Cuban ports last week
and the fears of a large accumulation were rather depressing
factors at times.
Himely reports sucrose extraction 11.50 to 12.34%,
averaging %% lower than a year ago. According to Willett
& Gray, approximately 1,378,118 tons of sugar had been
harvested in Cuba to Feb. 14. This is 29.17% of the estimated crop of 4,724,714 tons. Up to the same time last
year 1,282,666 tons had been harvested, and this is 31.59%
of last yeaes.actual yield. Some think that either the crop
has been overestimated or else that harvesting has not been
as rapid as ayear ago, and that the full pressure of the crop
is still to be felt. The manner in which offerings are absorbed
makes some believe that sugar is more likely to sell above
3
23/sc. this spring than below 2%c. United States Atlantic
port receipts for the week ending Feb. 18 were 89,498 tons,
against 55,460 in the previous week, 74,528 same week last
year and 85,892 two years ago; meltings, 67,000, against
54,000 in previous week, 70,000 same week last year and
67,000 two years ago; stock, 79,658 tons, against 57,160
previous week, 69,290 same week last year and 54,183 two
years ago.
Receipts at Cuban ports for the week ending Feb. 16 were
214,001 tons, against 208,507 in the previous week, 167,675
last year and 189,703 two years ago; exports, 142,003 tons,
against 118,358 in the previous week, 97,987 same week last
year and 138,626 two years ago; stock, 456,038 tons, against
384,040 in the previous week, 345,021 same week last year
and 387,007 two years ago. Centrals grinding numbered
173, against 172 in the previous week, 172 same week last
year and 178 two years ago. To-day futures showed praotically no net change. Sales within 48 hours are put at some
500,000 bags of raw at prices already mentioned above.
To-day some holders were asking a slight advance, i. e.,
4
2 27-32e., for Porto Rican and 27 0. for Cuban o. & f., with
bids, however, to all appearance not above 2 13-16e., Cuban
the
basis. The United Kingdom and the Continent during
nast week are said to have bought fully 100,000 tons on the
basis of 14d., or about 2.72c. f. o. b. Refined here remained
at 5.90 to 6o. and some of the refiners are talking very cheerfully of the outlook, though the margin of profit just now is
said to be small, with refineries working at something under
their capacity. They contend that stocks of refined in this
years
country are the smallest that they have been for some prices
past. For the week there is practically no change in aweek
of futures. Prompt sugar is also about where it was
ago.
.2 9
32
3 .3c
.931September
c 2.92® 2
spot (unofficial)2 13-16c I MaY
I December
3.10©
2.79i July
March
best
LARD on the spot was in only moderate demand atearly
and generally was quiet and weaker. Prime Western
in the week was 15.70 to 15.800.; compound,carlots in tiercee
124 to 13c.; refined Continent, 16c.; South America, 173(e.;
firm;
Brazil, 183.c. To-day trade was light but prices were with
ing
Prime Western, 15.80e. Futures, after advanc
But whatgrain, fell when grain again turned downward. largely to a
ever decline took place was after all traceableonthly statesharp increase in Chicago stocks. The semi-m , compared
meat showed a total there of 71,532,745 pounds ago. The
year
with 49,746,039 on Feb. 1 and 18,271,546 a The hog movee of the large supplies plainly told.
pressur
the recent
ment, though still heavy, showed a decrease from
. .
FHB. 211925.]
THE CHRONICLE
large receipts. Later a further decline came with renewed
liquidation with hogs off 10c., receipts large all over the West
and the trade keeping in mind the big increase in stocks.
But cash trade increased and with corn stronger, covering
set in and caused a rally. Increasing stocks, dulness of
product, large hog receipts, hedging pressure and liquidation have left their effects in falling prices, but rallies have
occurred on covering and upturns in grain. Western hog
receipts on Tuesday were 159,000, against 151,000 last year.
The lard output in January was 194,213,000 lbs. Holdings
in the United States Feb. 1 were 112,607,000 lbs., against
54,130,000 on Feb. 1 last year and a 5-year average for Feb. 1
of 70,559,000. To-day futures advanced 7 to 10 points on
covering of shorts and other buying. The ending, however,
shows a net loss for the week of 7 to 10 points.
DAILY CLOSING PRICES
Sat.
May delivery
cts_15.75
July delivery
16.12
September delivery----16.40
OF LARD FUTURES
Mon.
Tues.
Wed.
15.52
15.42
15.42
15.90
15.72
15.75
16.17
16.07
16.10
IN CHICAGO.
Thurs.
Fri.
15.42
15.50
15.77
15.82
16.07
16.17
PORK firmer. mess, $37; family, $35 to $38; fat back
pork, $35 to $41. Beef quiet; mess, $17 to $18; packet,
$17 to $18; family, $20 to $22; extra India mess, °:132 to $33;
No. 1 canned corned beef, $2 75; No. 2,
I! q., 17 rr:
pickled tongues, $55 to $65. Cut meats quiet IAA st&ady;
pickled hams, 10 to 24 lbs., 173j to 218 c.; pickled bellies,
4
6 to 12 lbs., 17 to 20c. Butter, creamery, lower grades to
high scoring, 333/2 to 42c. Cheese, flats, 21 to 26c. Eggs,
fresh gathered, mediums to extras, 40 to 45c.
OILS.
-Linseed was in better demand early in the week
at steady prices, but later on the demand fell off and this,
together with a reaction in seed, caused a recession. Spot
raw oil in carlots, cooperage basis, was quoted at $1 12,
March-April at $1 13 and May-Aug. at $1 14. Stocks of
oil, it is said, while not very large, are enough to take care
of the spot demands. There was a good demand for boiled
and double-boiled oil. Cocoanut oil, Ceylon, bbls, 107 ;
%
Cochin, 12. Corn, prude, tanks, mills, 91%; edible, 100bbls. lots, 13%@143.. Olive, $1 30. Soya bean, crude,
tanks, 12. Lard, prime, 183s; extra, strained, New York,
/
153/2. Cod, domestic, 60; Newfoundland, 62. Spirits of
turpentine, 933/2(4)96%. Rosin, $8 10(010 60. Cottonseed oil sales to-day, including switches, 22,900 P. Crude
S.E., 9c. Prices closed as follows:
Spot
10.50111.001Aprll
February_ -10.50 11.00 May
March ----10.65 10.67 June
10.851O.97 July
11.33111.34
11.02 11.03 August __ _11.47 11.50
11.14 11.27 September 11.50 11.51
PETROLEUM.
-Crude oil continued to advance. Waterloo was advanced 20e. on the 16th inst. On the next day
the Prairie Oil & Gas Co. put up the price 5c. to 15e. a bbl.
on top grades of Mid-Continent crude. The Texas Co. met
these advances. Big Muddy and Rock Creek crude oils
were marked up 5e. by the Ohio Co. The Pierce Oil Co.
raised gasoline 2e. and kerosene lc. in Houston, Texas.
'The Continental Oil Co. made an advance of 2c. in the tank
wagon price of gasoline in its Denver territory. Gasoline
and kerosene were advanced 2c. and lc., respectively, by
the Standard Oil Co. of Nebraska in Omaha, and similar
advances were made in Houston by several companies.
Gasoline demand has improved somewhat and prices are
firmer. The Standard Oil Co. of Ohio moved the price up
13/2c. on the 19th inst. Kerosene has been firmer. Demand is mostly for prompt delivery, however. Still consumption is large. Bunker oil has been quiet but steady at $1 80
per bbl. for Grade C at refinery. Gas oil was in fair demand
and firm. The Magnolia Petroleum Co. followed the
Prairie Oil Co.'s advance in Oklahoma and Kansas. Refiners' runs of crude oil to stills in Mid-Continent field are
estimated at 400,000 bbls. daily, against 250,000 in Sept.
1923, 350,000 daily in Sept. 1924 and 370,000 in Jan. 1924.
A third grade of Pennsylvania crude oil, known as "Gains,"
with a posted price of $3 75 a bbl., has been established by
the Joseph Seep Purchasing Agency for oil in National Transit Co. lines. New York prices: Gasoline, cases, cargo
lots, U. S. Navy specifications, deodorized, 30.15c.; bulk,
per gallon, 1643.; export naphtha, cargo lots, 18.75e.; 62-63
aeg. H, 20c.; 66-68 deg., 21.50c. Kerosene, cargo lots,
eases, 16.90c. Petroleum, refined, tank wagon to store,
13e.; motor gasoline, garages (steel bbls.), 21e. Prices
closed as follows:
Pennsylvania
$3.75 Bradford
$3.85 Illinois
$2.12
Corning
2.50 Corsicana,light_ _ 2.00 Crichton
1.70
2.45 Lima
Caboll
2.33 Plymouth
1.65
Somerset. light_ -- 2.75 Indiana
2.13 Mexia
2.00
Wyoming
2.00 Princeton
2.12 Calif., 35 & above_ 1.85
Smackover,28 deg. 1.60 Canadian
2.73 Gulf, coastal
2.00
2.00 Wortham
Powell
2.00 Richland
2.00
Oklahoma,Kansas and Texas
Mid-Continent
-$1.00 'Below 30 deg
Under 28 Magnolia
$1.35
1.55
31-32.9
30-32.9
1.55
above
2.25
39 and
33-35.9
1.80
Below 30 Moran
1.35
36 and above
2.00
33-35.9
1.80 Caddo
Below 32 deg
2.35
42 and above
1.70
32-34.9
1.85
38 and above
2.05
RUBBER was quiet and easier early in the week. Later
on a pretty good demand developed and prices were firmer.
Sales of ribbed smoked sheets were made at 36%c. for
February, 36%e. for March and 36Mc. for April-June.
Holders of latex are firm in their ideas. Late on Tuesday
there were buyers at 37%c. but sellers refused to go below
37Mc., while some would not quote at all on early positions.
Still later the market here declined sharply in response to
easier London prices. Very little business was reported.
First latex crepe on the 18th inst. was quoted at 36% to
673
36%c. Sellers asked 36e. for ribbed smoked sheets, but
buyers would not bid any higher than 35%c. for spot and
3
35%c. for April-June. Later the market advanced to 36o.
for smoked ribbed sheets spot-March, 355 e. for April%
June, 35e. for July-Sept. and 343/2c. for Oct.
-Dec. First
latex crepe was quoted at 365 c., April -June 3638c., July/
%
Sept. 36c. and Oct.
-Dec. 35%c.
HIDES have been for the most part quiet but prices are
reported to be steady or even firm. Bogota, 25 to 26c.;
Orinoco, 23c. Native steer. 165c.; city spreads 18 to
183/2c. Frigorifico have sold a little more freely. A sale
was reported of 8,000 La Plata steers at $455 or about
/s,
19 13-16c. c. & f. The inquiry from both Europe and the
United States has been, it is said, rather better without clear
evidence of any real activity. At Chicago trade has been
dull. Tanners hold aloof for lower prices, especially on the
lower grades. Independents ask 15c. for February, all
weight, native cows and steers but they are doing very little
business. Calfskins were slow of sale. Packers were
nominally 26c. and first salted Chicago cities 25c. Outside
lots sold on the basis of 24c. to 243/2c. for first salted merchandise. Some poorer quality resalted sold at 22 to 23c. accordto section and percentage of cities. Country hides were
dull. -Some tanners intimate that they have enough to last
until April When some improvement is expected in quality.
Patent leathers were in fair demand. Some fancy tannages
were held at 25c. per foot or higher for third grade leathers.
Sole cutters paid for union trim sole leathers 46c. for pack
cow backs. Chicago prices were as follows: Spready native
steers, 18 tot18Mc.; heavy, 163/2c.; extreme light, 15c.;
heavy native tows, 143 to 15c.; light, 15c.; heavy Texas
%
steers, 16c.; light, 15c.; extreme light, 13%c.; Butt branded
steers, 16c.• Colorado, 15c.• branded cows, 13%c.; native
bulls, 12%C.; branded, 103: to 11e. Other sales were of
frigorifico included,4,000 Sansinena steers at $44, or 19 1-16c.
c. & f., 10,000 Uruguayo steers at $51.
OCEAN FREIGHTS have been steady with some recent
increase in business in grain, &c. Russia is said to be seeking freight contracts for 70,000 tons of flour from North
American ports to the Baltic. It is estimated here that
the space required for the Russian flour and grain purchases
will exceed 100,000 tons and that it will be necessary to
spread the shipments across February, March and April.
The sugar trade later took four steamers from Cuba to the
United Kingdom. Sugar tonnage was nrominent at times.
Grain room was active.
Charters included coal from Hampton Roads to West Italy,$3 45. March;
from Atlantic range to West Italy, $3 50; from Hampton Roads to Rio
de Janeiro,$3 50, option Santos, $3 80, February: from Baltimore to River
Plate. 16s., March; lumber from Gulf to Plate, 150s., March; sugar from
Santo Domingo to United Kingdom-Continent, 24s.. February; time
charter, 6 to 8 months, 773
-ton steamer. February delivery, sublet West
Indies. $2 25; 3,192-ton steamer, February-March trip across. delivery
Gulf, redelivery Continent, $1 70; lubricating oil from Gulf to Ghent, 39s..
March-April; crude from United States. Gulf to north of Hatteras, 29c..
March; clean oil from Gulf to North Hatteras. 50c.. March. two trips;
crude from Gulf to Trieste, 35s.. March: sugar from Cuba to United Kingdom-Continent, 22s., March; from San Domingo or Cuba to United Kingdom-Continent, 23s., prompt;from Cuba to Marseilles. 23s. 9d., February;
time charter, 1,833-ton steamer, February-March, transatlantic trip at
$2. delivery South Atlantic; grain from Atlantic range to Mediterranean,
4s.. March; sugar from Cuba or San Domingo to United Kingdom-Continent, 23s. 6d., March: Cuba to United Kingdom-Continent, 22s., MarchApril; to Marseilles,24c.;from San Domingo to United Kingdom-Continent,
23s.6d.;lumber from North Pacific to Sydney and Newcastle, $14. March;
flour from New York to Batum,28c., prompt; crude oil from Gulf to Hamburg. 24s., with adjustment for less than full cargo: coal from Hampton
Roads to Alexandria.$3 50, March;from Hampton Roads to Algiers. $3 25.
May; sugar from San Domingo to United Kingdom-Continent, 23s. 6d..
March:from Cuba to United Kingdom-Continent, 22s. 6d.. March;lumber
from North Pacific to Nouema, $15. prompt; crude from United States,
Gulf to north of Hatteras, 32c., March: grain from Baltimore to Stockholm, 23%c., March; sugar from Cuba to Unitel-Kingdom-Continent,
22s. 3d., March;from Cuba to north of Hatteras. 4c.. prompt.
arcoAL Ills been quiet for bituminous in New York, Phila-
delphia and Baltimore. Shipments to the Middle West
are small except of steam coal.. This is firm in price. But
it is added that the demand is not very strong. It is even
said in Illinois, Indiana and other districts of the West
they are thinking of cutting down production. NewiEngland is taking less coal. The mild weather has a tendency
to hurt business. In anthracite the trade centres mostly in
stove and chestnut. Egg is rather firm. Steam sizes are
in moderate demand. In general anthracite is quiet, partly
owing to the mild weather. q I
4. 111
"
TOBACCO has been quiet, as is not unusual at this time
of the year. In some quarters fair sales of leaf tobacco were
made in January, and since then cigar manufacturers have
been less disposed to buy. They are well enough supplied
for a time. Importers will watch the inscriptions on Rotterdam and Amsterdam. It is understood, however, that some
will not attend them. Havana cabled: During the second
half of January the United States imported 23,105 bales of
tobacco, against 11,251 bales for the same period last year.
From Jan. 1 to 31, United States imports were 51,576 bales,
against 26,864 bales during January 1924. Manufactured
tobacco imports by the United States in January last were
about 40% higher than in January 1924..
COPPER declined because of lower London prices and
offerings of speculative lots. The price went to the lowest
of the year when offerings were openly made at 143/2c.
delivered in the valley. Some sales were made, however,
at 14%c. The market is very dull. London dropped 5s.
to 10s. on the 17th inst. and 7s. 6d. on the 18th inst. This
country was the only one to increase its output in January.
Peru and Chile mines produced less copper in January than
in December. The production of these mines while larger
974
THE CHRONICLE
[VOL. 120.
than in November because of the short month was about have been especially quiet and medium and low grades symthe same as in Oct. 1924. The Belgian Congo produced pathize with the higher grades. Mohairs have been quiet
less in January than in December and in the four preceding and about steady. Prices are largely nominal. Here
months. This was due to the rainy season, which interfered quotations were as follows:
53 to $1 58; 64-70a
in bond,
Australian,
with mine output as practically all of the Katanga production carding, $I 40clean basis58-60s, Si64-70s combing, Si$1 06 to Si 10: 50s.
20 to Si 22; 56s.
to 51 44;
6504
comes from surface workings. However, while the produc- 85 to 90c. New Zealand grease basis in bond, 56-58s, super. 63 toAires,
60c.: 44-46., 52 to 55c. Buenos
tion of the United States was larger than in December and 48-50s, 58 to 62c.; 46-48s, 58 to 52 to 54c.: IV (44s). 50 to 51c.: V Lincoln
grease basis in bent!. III (46-48s)
November, it was only about 2,000,000 lbs. greater than in (40s), 46 to 47c. Montevideo '
grease basis in bond. 58-60s. 69 to 70c.;
I (56s), 68 to 69c.• II (50s). 63
'
October, the last comparable 31-day month. The world's Pennsylvania fine delaine, 69 toto 64c.: III (46-48s), 53 to 59c. Ohio and
'
70c.: 55-blood, 67 to 70c.: 5i-blood, 67 to
total production for January was put at 134,300 tons, against 70c.; 4-blood, 67 to 70c. Territory, clean basis staple. 51 60 to $1 67:
clothing,
126,800 in November and 135,000 in fine medium, French combing, SI 50 to 51 55: fine medium, to 51 34;
131,000 in Dec. 1924,
48 to Si 50; 54-blood, Si 30
40 to $1 45:
October. Of the estimated world production for 1924 of 81-blood, Si 23 4-blood staole, 51 clean basis, fine 12 months. 51 66 to
4
to Si 28. Texas,
to
1,519,800 tons the United States produced 898,464 tons, $1 70; fine 10 months, $I 45 to Si 50: fine 6 to 8 months, Si 40 to El 43.
51 30:
basis. A super, Si 45 to
or 59%, South America 227,910, or 14%, and Congo 94,478, Pulled, scouredto Si 10; domestic mohair,SI 52; B super, SI 25
best combing, 85 to 90c.
C super, 21 05
or 6.2%. Later on the price was slightly firmer and the
Boston from
The rail and water shipments of wool from
price was more generally 14%c. There was still some
lbs.,
2
copper to be had at 143/c. One prominent seller, it is said, Jan. 1 1925 to Feb. 12 1925, inclusive, were 26,852,000 rebeen offering freely at that price against 26,138,000 for the same period last year. The
who on Wednesday had
ceipts from Jan. 1 1925 to Feb. 12 1925, inclusive, were 47,has refused to sell more at that level.
dis- 853,000 lbs., against 38,489,000 for the same period last year.
TIN declined in response to lower London cables and
Boston comments favorably on the cutting down of the Ausappointing Straits shipments for the first half of the month. tralian sales offerings one-half or leaving out some of the
Straits prompt sold at 57c. and futures at 573c. Business sales. At Sydney on Feb. 19 prices, it is stated, showed an
was very quiet.
upward tendency. One report said they had risen 4c. a
LEAD like other metals declined in sympathy with a lower clean pound. Demand good. Selection fair. Japan and
London market and with a small demand. The American France were the leading buyers. At Melbourne on Feb. 19
Smelting & Refining Co. reduced its price $5 to 930. New prices were weak. There were many withdrawals. AmeriYork, and the St. Joseph Lead Co. cut its price to 9c. East cans bought only moderately. The second series of London
St. Louis.
Colonial wool sales will open on Mar. 10 and the third series
ZINC has been quiet and lower. The declining tendency on May 5. At the last sales between Dec. 20 and Feb. 3
have had their 114,017 bales were catalogued, mainly Sydney, Queensland
of London and lower prices for other metals
effect. Sales were made on the 18th inst. at 7.50c. East and New Zealands, of which 70,000 bales of Colonial and
'
St. Louis, for prompt and March. New York spot was 4,000 bales of Punta Arenas, Falkland Islands and sundries
quoted at 7.80c. to 7.85c. Ore was quoted at $52 50 to were sold. About 35,200 bales, including 1,200 Punta Are654 50 per ton. Night shifts in the tn-State district have nas, were taken for the Continent and 1,000 only for America.
been eliminated. Later on more interest was shown in zinc.
Australia cable dispatches announced that brokers in
Prices were firmer in sympathy with an advance at London. wool there have cancelled important wool auctions in the
made earlier in the week at 7.40c. hope of stabilizing prices. London has received an anSales, it is reported, were
in a few instances. Of late the price has been 7.523.'c. to nouncement from the National Council of Wool Brokers of
7.55c. at East St. Louis and 7.873'c. to 7.90c. at New York. Melbourne that offerings of Australian wool will be reduced
STEEL has remained as a rule quiet. Naturally this is one-half beginning Feb. 23. This is interpreted in London
regretted. Youngstown has reduced output to 70% after as the opening of the campaign by Australia to control the
1
three weeks of 90%. Pittsburgh has reduced 5 to 109 . wool market. London cabled: "Auckland, N. Z., cables
Decreased production, or hints of it as coming unless trade 15,000 bales wool were offered on the 10th inst. and 80%
improves, are significant features. An output of 90 to 95% sold, prices irregular but market generally firmer, though
in the nature of things, it is pointed out, could last for only %d. below last Christ Church sale. The Continent was the
a certain time. Chicago keeps up to 100% and talks largest buyer. Sydney on the 11th inst. offered 7,900 bales
• cheerfully. Elsewhere besides in Pennsylvania and Ohio with 5,700 sold; selection average, fine wools wanted and
there is said to have been some decrease in output. Rail- steady; lower qualities quiet and irregular."
London cabled Feb. 14: "Wool values continue to decline,
roads have bought though not veryheavily. Manufacturers
of cold steel bars and steel strips in the Pittsburgh district quotations being 64s. for tops or Is. pound cheaper, causing
have, it is stated, opened books for the second quarter at price uncertainty and restricting business. Buyers are asking
unchanged prices, in contrast with makers of many other bigger reductions, which cloth manufacturers are to concede.
products who advanced them $2. per ton for that delivery. Manufactured substitutes for woolen yarns are booming:
Cold steel bars are 2.80c. Pittsburgh. Strip makers still Courtaulds are reported to have booked year's supply of art
quoted 2.50c. for hot rolled strips and 4.150. for cold rolled silk yarns." At Wanganui N. Z., on Feb. 17, 17,000 bales
strips. The ingot capacity of the Steel Corporation has in- were offered, of which 11,0u0 were sold. Offerings were of
creased to 96%,as against 95% a week ago. Railroads have medium and inferior grades in heavy condition with seeds
bought rails, cars, locomotives, plates and track supplies on evident. English buyers took the most. Compared with
a fair scale. Pittsburgh advices said that at lower prices the Auckland sale of Jan. 12, preparing wools were %d. to
for sheet steel the trade had been mostly with smaller pro- Id. higher, with carding and low descriptions unchanged.
ducers. Meantime second quarter bookings, however, are Compared with the Wanganui sale of Jan. 9, Lincoln wools
not large. Some grades, it appears, have not sold at the declined slightly. Lambs' wool was active on English and
higher prices quoted some days ago. Operations in sheet French buying. The auctions previously fixed for Adelaide,
nulls there average 85%, it seems, against 90% the peak of South Australia for Feb. 27 and March 27 have been canlast month. It is said that conditions are better in the Cen- celled, March 6 and April 3 having been substituted. At
tral West. Employment increases. Activity gains almost each of these sales 20,000 bales of wool will be offered.
everywhere. All but one of the 34 steel works furnaces in At Melbourne on Feb. 17, 5,000 bales of wool were offered,
the Chicago territory are now in full blast and it is stated that of which about half were sold; selection good and demand
there is no indication of a falling off in the activity of the better. Japan and Amorica bought more. Ordinary and
support at the lower levels.
iron and steel industry of the Chicago district, despite cur- topmaking wools had better sales on Feb. 4 were t 5o 10%
Prices compared with the last
tailment in the East. .
lower. London cabled: "The National Council of Wool
PIG IRON has been weaker, hampered by big imports Brokers in Melbourne will cut offerings by 50% until further
iron. Holland and East India dispute the Amer- notice, commencing with Monday Feb. 23."
of foreign
ican market with American product. New England received
10,000 tons from Europe and the Far East. Buffalo lowered
COTTON
prices $1. There is sharp rivalry for business among
Friday Night, Feb. 20 1925.
American concerns. At Pittsburgh, Bessemer fell 50c.
Yet there are rumors that inquiries here are for about
THE MOVEMENT OF THE CROP,as indicated by our
the largest coming from a foundry company telegrams from the South to-night, is given below. For
20,000 tons,
which wants, it is said, 9,000 tons. Another inquiry, it is the week ending this evening the total receipts have reached
said to be for 3,000 to 4,000 tons. It does not appear that 167,066 bales, against 204,982 bales last week and 179,899
they mean anything more, however, than testing the market. bales the previous week, making the total receipts since the
Rumors that Pennsylvania iron has been sold down to $23 1st of August 1924, 7,590,931 bales,
5,621,007 bales
are, it is stated, unconfirmed. Nominal quotations for it for the same period of 1923-24, showing an
againstincrease since
upward. Meanwhile arrivals of foreign iron Aug. 1 1924 of 1,969,924 bales.
are $23 50 and
continue to attract wide attention. It appears that nearly
Total.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
15,000 tons reached Philadelphia last week, making total
importations at Atlantic ports thus far this year of about Galveston
10,208 7,453 20.053 10,845 12,603 1,009 62.171
the output of three American 400- Texas City
29 2,902
50,000 tons, equivalent to
697
---212
510
1,454
____ 1,401 21,021
____
--_4,800 14,820
ton furnaces during that period. Included in the recentPhila- Houston
tons of British iron, 3,000 tons New Orleans__- 2,159 4.891 5,983 6,044 7,216 4,732 31,025
delphia arrivals were 5,700
30'7 1,082 4,636
25 1,3'73 1,142
Mobile
707
97
97
from India, 3,000 from Bremen, Germany; 1,000 of Dutch Pensacola
12
12
Jacksonville
from Rotterdam.
iron and some ferro-manganese
2,121 2,584 2,971 14,875
Savannah
1,336 2,219 3,444
2,028 1,843 1.887 2,818 1,104 1,388 11,068
in the main dull and weak. The woolen Charleston
WOOL has been
86 2,167
388
619
293
314
467
Wilmington
887 1,803 2.036 11,115
goods industry is in such shape as to preclude large buying by Norfolk
2,839 1,841 1,709
118
-__-----------118
Woolen Co.'s statement for 1924 New York
the mills. The American
442 1,885 5,215
---- 1,653
578
657
Boston
846
846
___
showed a deficit of nearly $12,000,000 as against a surplus Baltimore
for 1923 of close to $740,000. Foreign auctions showed Tnt414 thin Towed, 95 555 24 219 2A 959 95 595 95 447 17.574 167.066
some decline in prices. Some were postponed. Fine wools
FEB.21 1925.]
CHRONICLE
T H 144
The following table shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.
1924-25.
Receipts to
Feb. 20.
1923-24.
Stock.
This Since Aug This Since Aug
Week. 1 1924. Week. 11923.
Galveston
Texas City
Houston
Port Arthur,&c_
New Orleans
Gulfport
Mobile_
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c
New York
Boston
Baltimore
Philadelphia
1925.
1924.
470,769
24,839
262.377
69
31,025 1,572.353 20,507 1,012,916 313,245
4,636 122,943
948
45,056
9.421
97
9,215
10,425
12
2,960
3,598
862
14.675 514,889 4,729 315,930
66,828
539
274
880
130
11,068 196,794
920 156,811
44,405
161,312
62,171 3,242.340 28.831 2,597,584
61.420
2.902
18,606
21,021 1,386,274 15,303 938,850
9.658
3,190
68,633
455
38.182
106,442
307.625
723
4,632
110,903
357.774
33,101
96,319
19,819
85.040
116
5,215
846
20,116
25,665
20,378
978
1,080
825
152
6,887
23,335
20,359
1,093
224,335
1,456
1,308
3,349
158.106
6,091
2,185
4.003
167,066 7,590.931 78.924 5.621.007 1.290.367
Totals
2,167
11,115
819.120
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
Galveston.--Houston, &cNew OrleansMobile
Savannah__
Brunswick_
Charleston--..
Wilmington
Norfolk
N'port N.,&c.
All others_ _ _ _
62.171
21.021
31.025
4.636
14,675
9,188
2,057
4.619
Total this wk.
167.066
78,924
83,536
11,068
2,167
11,115
28,831
15,303
20,507
948
4.729
274
920
723
4,632
25,028
8,180
29.447
1.164
9,649
30,073
252
15,038
1,849
7,006
50
1,987
935
3,116
15,963
39,585
11,944
27.999
3,333
17.614
2,000
68,211
561
3,306
94
2,300
76,269
1,298
1.963
2,188
38,594
397
26,800
788
8.576
500
1.026
1.089
4.461
47
2.345
84.623
176,942
Mace Aug.1_ _ 7.590.931 5.621.007 4.764.744 4.113.116 4 RRFI Pno A RRA 907
The exports for the week ending this evening reach a
total of 206,671 bales, of which 73,173 were to Great Britain,
28,001 to France, 38,050 to Germany, 8,850 to Italy, 32,650
to Japan and China and 25,947 to other destinations. In
the corresponding week last year total exports were 80,606
bales. For the season to date aggregate exports have been
5,899,388 bales, against 4,087,705 bales in the same period
of the previous season.
Below are the exports for the week:
Exported to-
Week Ended
reo. SU 1VSO. Weal
tierExports from- BrUatn. France. many.
Galveston
Houston
New Orleans__
Mobile
Pensacola
Savannah
Charleston
Norfolk
New York
Boston
Japan&
Italy. Russia. China. Other.
28.138 22,332 12,391
-------8,980
15.385 5,198 8,436
1,386
1,167
--------100
91
7,234
4,374
145
____ 10.400
471
214
Total 1924
Total 1923
73,173 28,001 38,050
8,850
19,964 13,236 2 /
4 138 12,474
16.822 5,976 19.845 114114
From
Aug.1 1924 to
Feb. 20 1925. Great
GerReportsfrom- Britain. France. many.
97
2.653
414
----------------17,634
1,224
____
825 8,458
1,350
Seattle150
.
Total
Total.
4344
____ 16,100 17.280 100,585
--------8,707 1.933 19.620
_
.
2,115 . __ 5,873 5,718 42,725
___-
150
____ 32,650 25.947 206,671
____
2,485
A 25n
8.409 80,606
lA A70 71 AM
Exported to
Japan&
Italy. Russia. China. Other.
Total.
Galveston.-- 653,993 336,668 451,419 189,807 22,250
Houston-- 456,645 262,389 301,789 115,268 27,500 268.000 317,259 2,239,396
85.701 110,363 1.359.655
Texas City_
8,760
8,034
16,794
New Orleans 393,800 64,209 150,747 112,3813 27
-Ai 102;55i 84,155 935,289
.
.
32,643
Mobile
500 21.994
15
1,000
56,152
JacksonvillePensacola__
Savannah
Charleston- _
Wilmington
Norfolk
New York_
Boston
Baltimore__
Philadel phis.
Los AngelesSan Diego __
SanFranclsco
Seattle
Total
1,136
6,336
490 "ioo
147,800 7,089 156,106
69,273
216 44.448
23.066
30,400
83,875
72,613
132,904 31,5135 83,230
4,226
55
60
2.529
114
131
34.463
400
19,264
3,697
9,800
afdlio
13,000
60
225
9,272
6.692
2:56o
415
13;i66
3,642 46,171
4,136
-156
13:625
600
104,498
74,995
562
Ii
1,196
7,651
337,164
133,629
63,266
159,188
330,186
8,417
50
3,386
48,497
19,864
104,498
75,110
115
2,070.713 704,514 1321566 462,853 77.345 681,896 580,501
5,899,388
Tot. 1923-24 1,436,123 559,465 833,514 377,331
Tot. 1922-23 1,135,037 497.824 651,756 346,618
9,958 446.032 425,282 4,087,705
290 374.758 467,401 3,474,584
-Exports to Canada.
-It has never been our practice to include in the
NOTE.
above table exports of cotton to Canada, the reason being that virtually all the
cotton destined to the Dominion comes overland and It is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow Incoming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of January the exports to the Dominion the present season have
been 20,596 bales. In the corresponding month of the preceding season the exports
were 16,787 bales. For the six months ending Jan. 31 1925 there were 115,160
bales exported, as against 91,866 bales for the corresponding six months of 1923-24.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
975
On Shipboard. Not Cleared for
-
Other
Great
GerFeb. 20 at
- Britain. France. many. Cont'nt
Galveston
9,575
New Orleans
14,063
Savannah
Charleston_ _ _ _
Mobile
-86
Norfolk
Other ports*.. _ 3.000
Total 1925
- 26,688
Total 1924-- 11,830
Total 1923-- 30,106
7.600 11,000 27,200
5,425 15,063
100
1,000
Coastwise.
Total.
2.700
1,000
1,500
9,500 64.875
2,210 36.761
700 1,800
898
898
310 3.060
3.000
1.556
9:865
Leaving
Stock.
405,894
276,484
65,028
43,507
6.361
96,319
279,880
8,600 18,925 48,063 14,618 116,894 1,173,473
4.221 26,198 25,292 7.635 75,176 762,732
5,231 11.185 56,721 31,194 116.437 656.412
* Estimated.
Speculation in cotton for future delivery has been on only
a small or moderate scale as a rule, and prices have fluctuated within comparatively narrow limits. In any case net
changes have not been conspicuous, though tending downward of late. At times professionals have traded on a fair
scale, but they have liquidated more quickly than usual
because of the uncertain nature of the market. The undertone on the whole has been steady, with Texas dry and spot
cotton a bullish factor. Spot markets have been active
and stronger. The basis is said to have reached the highest
level seen this season. In fact, new high basis levels are
reported almost daily. Staples of good quality are what are
most wanted. And they are not easy to buy. The supply,
in other words, is small. It is insisted that the demand is
increasing. Texas reports, in particular, state that the
basis is steadily rising, and some take the ground that
March cotton in New York is $9 a bale cheaper than in parts
of Texas. Liverpool's spot sales on Wednesday were 10,000
bales, and the next day $14,000. Manchester and the Continent were buying futures there. The sales of yarns in Manchester for the week were said to be 4,000,000 lbs. larger
than the production. At times Manchester reported a better
business in cloths, and always firm prices for yarns, without saying much about the trade in yarns. Worth Street
sold 250,000 pieces of wide print cloths up to Wednesday
night, not to mention the sales of other widths. Fall River
reported a better business in the middle of the week. Exports fell off somewhat on Thursday, but the total is steadily
increasing. There is talk that possibly for the season it
may approach 8,000,000 bales. At any rate it is believed to
be practically certain to reach 7,500,000. And some are
asking whether there is not some danger of United States
over-exporting cotton. If the exports are 7,500,000 and the'
home consumption 6,000,000, the total, of course, would be
13,500,000 out of a crop estimated at 13,600,000. If this
figuring is even approximately correct it is reasoned that
the next carryover may again be small. The Census Bureau
said that the American consumption in January of lint cotton was 589,725 bales, against 532,047 in December. 576,644
in January 1924 and 610,375 in January 1923. The total
home consumption thus far is 2,939,305 bales, or 148,255 less
than a year ago. Active spindles number 33,180,758, or 518,818 more than a month ago and only 159,048 less than a year
ago. The decrease from the previous year was at one time
far greater. Meantime, in manufacturing establishments of
the United States the stock is 1,433,814 bales, an increase of
114,549 bales compared with December 31 and a decrease
compared with Jan. 31 1924 of about 200,000 bales. Warehouses and compresses hold 3,863,475 bales, or 760,388 bales
less than on Dec. 31 and 897,009 bales more than a year ago.
It may be added that yarn exports from Great Britain in
January were 16,000,000 lbs., or 2,000,000 more than in December and 5,000,000 more than in January last year, though
3,100,000 less than in January 1913. January exports of
British cloths were 403,000,000 yards, or 7,000,000 less than
In December, but 39,000,000 more than in January last
year, though 205,000,000 less than those of January 1913.
Meanwhile there are rumors that Galveston's exports to
Japan in March will be large. Trade buying continues here.
Some of the spot houses have still been buying March in
taking in hedges. They put them out in later months, May,
for instance. There is said to be a large short intereset in
other directions in May and July. East Indian cotton has
advanced of late. Egyptian, after breaking heavily, has recovered to some extent. In fact, on Thursday it advanced
45 to 55 English points on March and May in LiverpooL
Some stress the point that both Egyptian and East Indian
crops are smaller than had been expected and that the
United States has raised only one good crop in four years.
Finally, there is the Texas drought. This may be mentioned
by way of climax. .The attentioi of the trade has been riveted on it all the week. On the question of rain or continued
dry weather in Texas may hinge the course of prices for
some little time to come. The deficit for the winter is very
large. In some cases it is put as high as nine inches. Some
planting has been done in South Texas, but germination is
delayed by the dryness of the soil. There are complaints
also of drought in Oklahoma. The entire Southwest is too
dry both for cotton and grain. The grain trade is complaining as well as the cotton trade. Of late Liverpool has been
buying here on quite a liberal scale. Chicago has also
bought, as well as New Orleans, and at times, uptown interests. Large uptown operators are said to be long of the
market.
On the other hand, the dulness of speculation has been a
serious damper. Also, as the 25c. mark was approached
there was a good deal of selling by the Southern interests,
not to mention others. The big deficit In the annual statement of the American Woolen Co., a deficit approaching
$12,000,000 for 1024, as against a surplus for 1923, had some
effect on cotton coincident with a decline in the stock of
the company. An announcement that fine yarn spinners of
the Gastonia district of North Carolina would curtail 25%
beginning on March 1 was also an unwelcome piece of news.
Philadelphia stressed the point that unless trade in yarns
improved, curtailment at the South was imminent. Irregularity in stocks and grain have militated to some extent
against anything like the old-time trading in cotton. The
public sticks to stocks and grain. The moves in cotton are
too small to attract it. The big swings in stocks and grain
are more alluring. Whenever the public has tried cotton in
recent months it has apparently been disappointed in the
result. These disillusioned operators have again taken up
stocks and grain. The South keeps selling here. Some predict that the next Tuesday there may be a large issuance of
March notices. One guess is as high as 50,000 bales. It is
only a guess, and is given as such. It is, however, believed
in some quarters that the number will be large. There is
said to be a large short interest in May and July, and at the
same time a good deal of cotton is reported to be on the way
from New Orleans to New York for tender on March contracts. One estimate is 40,000 bales. New York March and
New Orleans March are close together. Such shipments to
New York would entail a loss. A large issue of notices based
upon them would be possibly for the purpose of facilitating
covering in May and ultimately July. Some Southern reports say that Texas will increase the acreage, even if there
is some decrease east of the Mississippi River. Finally,
there were believed to be indications of coming rains in
Texas. For days it has been cloudy there. Bulls feared that
there might be rains over Sunday and the holiday on Monday, Washington's Birthday. Liquidation, partly profit taking, offset bullish spot news, good exports and so on. The
result was that prices have been kept within rather narrow
limits. It is an unsatisfactory market to both sides.
To-day prices declined 20 to 23 points on rumors of rain,
March liquidation, predictions of a rather large issuance of
March notices, and evening up in a long market before two
holidays here and three in New Orleans. That is, Sunday
and Monday here, the latter Washington's Birthday, and
Sunday, Monday and Tuesday in New Orleans, the latter
Mardi Gras. There were rumors of rains in various parts
of Texas, especially the western section. Indications seemed
to point to rain, according to some reports in the northern
part also. The official forecast did not indicate rain anywhere in Texas. But, as already said, it has been cloudy in
that State for some days past, and the private wires this
afternoon had numerous reports of rains, though some of
them were only sprinkles. Grain markets were lower. There
was disappointment that bullish week-end figures failed to
brace prices. Fall River's sales of print cloths for the week
were disappointing. They proved to be only 52,000 pieces.
Manchester has a good many inquiries, but some of the East
Indian bids are too low. Spot sales there fell off to 7,000
bales. March liquidation was persistent. On the other
hand, however, it did not increase the March discount under
May. For spot interests were buying March. Liverpool and
the West were buying more or less during the day. Spinners'
takings increased. Spot markets, though somewhat easier,
reported a firm basis, and Southern markets sold something
over 25,000 bales. It is rumored that Galveston will ship
100,000 bales in March to Japan. It is said that Worth
Street has sold something over 500,000 pieces of print cloths
this week. Another of the Knight mills is to open, this one
after having been closed since July. Liverpool forwardings
to the mills were again very large. This is considered suggestive. Latterly Manchester and the Continent has been
buying in Liverpool. Many regard the basic cotton situation
as strong. The lack of an active speculation, however, is a
great drawback. And just at the moment the notices overhang the market. They are due in New Orleans to-day and
in New York on Tuesday. Prices show a decline for the
week of 25 to 30 points. Spot cotton wound up 24.50c. for
middling, a decline of 25 points.
Specific authorization for the Secretary of Agriculture to
make agreements with foreign cotton associations, exchanges and other cotton organizations for the use of the
universal cotton standards is carried in the Agricultural
Appropriation Bill which has been signed by President Coolidge.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 13 to Feb. 20Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
24.55 24.45 24.70 24.70 24.65 24.50
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed
Saturday_ - Monday _ - Tuesday _ -Wednesday_
Thursday _Friday
[Vol. 120.
TriE CHRONICLE
976
Futures
Market
Closed
Quiet, 20 pin. dec. _ Barely steadyQuiet. 10 pts. dec__ Steady
Steady, 25 pts. adv. Steady
Steady, unchanged.. Steady
Steady. 5 pts. dec. _ Steady
Quiet. 15 pts. dec... Steady
Total ____
SALES.
Spot.
Contet. Total.
NEW YORK QUOTATIONS FOR 32 YEARS.
1925
1924
1923
1922
1921
1920
1919
1918
24.50c.
29.90c.
29.00c.
18.75c.
13.20c.
39.00c.
26.65c.
32.00c.
1917
1916
1915
1914
1913
1912
1911,
1910
16.35c.
11.45c.
8.55c.
13.00e.
12.50c.
10.500.
14.100.
14.500.
1909
1908
1907
1906
1905
1904
1903
1902
9.80c.
11.40c.
11.00c.
11.00c.
7.900.
14.50c.
10.05c.
8.810.
9.31c.
8.88c.
6.560.
6.25c.
7.12c.
7.88c.
5.62c.
7.88c.
1901
1900
1899
1898
1897
1896
1895
1894
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Feb. 14.
Tuesday, Wednesday, Thursday,
Feb. 17. Feb. 18. Feb. 19.
Monday,
Feb. 16,
Friday,
Feb. 20.
February
- - -- - - Range_ - - - - Closing 24.08 -23.99 -24.26 -24.27 -24.17March24.18-24.30
Range-- 24.26-24.47 24.05-24.23 24-25.24.48 24-47-24.60 24.31-24.51 24.23-24.25
Closing 24.28-24.30 24.19-24.20 24.46-24.48 24.47-24.49 24.37-24.40
A pr1l-- - -- Range__ - - - - - - 24.41Closing - 24.44 -24.35 -24.64 -24.64 -24.54May
24.67-24.86 24.55-24.70
Range-- 24.60-24.81 4.40-24.58 24.63-24.84 24.81-24.96
Closing - 24.60-24.62 4.52-24.55 24.82-24.83 24.81-24.83 24.74-24.77 24.60-24.62
June
Range__ - - - - - - - - - - 24.72 ---Closing 24.72 -24.65 -24.95 -24.95 -24.85July
Range. 24.84-25.08 4.62-24.82 24.89-25.10 25.07-25.25 24.91-25.14 24.77-24.90
24.97-24.98 24.83-24.84
Closing 24.85-24.87 4.78-24.80 25.08-25.10 25.09August
-- Range _ 24.80-25.02 4.80-24.80- - - - - '
24.75 ---Closing 24.80 -24.74 -25.09 -25.09 -24.89September
- - -- Range.._ - - 24.85 ---24.9925.1925.1924.84Closing 24.92October
Range.. 24.71-24.98 24.50-24.68 24.75-25.02 24.99-25.15 24.73-25.02 4.58-24.72
Closing 24.72-24.7324.64-24.66 24.99-25.02 24.99-25.02 24.79-24.82 4.85 ---November
- - -- - --Range. - - - - Closing. 24.74 -24.65 -25.03 -25.02 -24.82- 4.66 ---December
Range__ 24.74-25.02 24.51-24.72 24.82-25.10 25.05-25.23 24.79-25.06 4.61-24.77
24.66-24.68 25.06-25.07 25.05 -24.84- 4.68-24.69
Closing 24.77January
Range__ 24.70-24.80 24.40-24.53 24.90-24.92 24.89-25.00 24.65-24.85 4.43-24.57
24
Closing _ 24C0- An -400 -945.5- el Ad - 4.48 ----
Range of future prices at New York for week ending
Feb. 20 1925 and since trading began on each option.
Option for
Feb. 1925
Mar. 1925_ 24.05
A pill 1925
May 1925__ 24.40
June 1925
July 1925_ 24.62
Aug. 1925_ 24.80
Sept.1928..
Oct. 1925__ 24.50
Nov. 1925
Dec. 1925_ 24.51
Jan. 1928_ 24.40
Range for Week.
Feb. 16 24.60
Feb. 16 24.96
Feb. 16 25.25
Feb. 14 25.02
Feb. 16 25.15
Feb. 16 25.23
Feb. 16 25.00
Range Since Beginning of Option.
22.69
Feb. 18 21.50
24.02
Feb. 18 21.72
22.55
Feb. 18 21.40
Feb. 14 22.45
21.80
Feb. 1821.50
24.07
Feb. 18 23.36
Feb. 18 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 25.03
Oct. 15 1024 25.08
Nov. 1 1924 25.15
Dee. 16 1924 24.40
Jan. 5 1925 25.23
Feb. 11 1925 25.00
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. 18 1925
Dec. 27 1924
Feb. 18 1925
Feb. 18 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. 20Stock at Liverpool
Stock at London
Stock at Manchester
1925.
bales 909,000
2,000
116,000
1924.
881,000
4,000
114,000
1922.
1923.
795.000 1.024.000
1,000
4,000
72,000
78,000
1,027.000
000.000
2.000
4,1100
79,000
144.000
14,000
62,000
33.000
7,000
2,000
877,000 1.097,000
37,000
2,000
57,000 314,000
169,000 163,000
6,000
11,000
114.000 140,000
37,000
34,000
2,000
21,000
3,000
573,000
345,000
392,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Antwerp
Stock at Ghent
Total Continental stocks
222.000
204,000
15,000
83,000
42.000
5,000
718,000
1,600.000 1.344.000 1,269.000 1,815.000
Total European stocks
73.000
India cotton afloat for Europe_- 137,000 275,000 193,000
American cotton afloat for Europe 622.000 349,000 276,000 232,000
95,000
79,000 104,000
Egypt,Brazil,&c.,afleat for Europe 84,000
227,000 236.000 292.000 313,000
Stock In Alexandria, Egypt
550.000 778,000 742,000 1.128,000
Stock in Bombay, India
1.299.367 819,120 772,849 1,113,298
ports
Stock in U. S.
1,170.855 823,836 943,669 1.391,466
Stock in U. S. Interior towns
15,631
8.100
U.S.exports to-day
5.689,322 4.703.956 4.592.518 6.176,395
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales_ 738,000 614,000 452,000 594,000
Liverpool stock
51,000
49,000
91,000
96.000
Manchester stock
521,000 269,000 350,000 609.000
Continental stock
622,000 349,000 276,000 232,000
American afloat for Europe
1,299.367 819,120 772.849 1,113.298
U. S. port stocks
1,170,855 823.836 943.669 1,391,466
U. S. Interior stocks
15,631
8,100
U. S. exports to-day
Total American
East Indian, Brazil, ay.
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, eic
Total American
4,446,322 2,965.956 2,843,518 4,006,395
171.000
2.000
20,000
52.000
137.000
267,000
4,000
23,000
76,000
275.000
227,000
550,000
236.000
778,000
84.000
78.000
343.000 430,000
1,000
4.000
21,000
29,000
42,000 109,000
73,000
193,000
95,000
104.000
292,000 313,000
742,000 1,128,000
1.243,000 1,738.000 1,749,000 2,170,000
4.446,322 2.965,956 4.502,518 6,176,395
5,689 322 4,703.056 2,843,518 4,006,395
Total visible supply
17.65d. 16.34d. 10.25d.
Middling uplands, Liverpool_ _ - - 13.664.
18.50c.
29.80c.
30.40c.
Middling uplands, New York_ _ _ _ 24.60c.
37.05d. 22.45d. 18.90d. 20.754.
sake!, Liverpool_ _
Egypt, good
Peruvian, rough good, Liverpool_ 20.75d. 24.50d. 18.75d. 13.00d.
9.454.
12.10d. 15.25d. 13.60d.
Broach fine, Liverpool
12.854. 16.40d. 14.754. 10.480.
Tinnevelly, good, Liverpool
FEB.21 1925.]
THE CHRONICLE
Continental imports for past week have been 100,000 bales.
The above figures for 1925 show a decrease from last week
of 26,281 bales,a gain of 1,011,647 from 1924, an increase of
1,123,085 bales from 1923, and a falling off of 460,792 bales
from 1922.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Feb. 20 1925.
Towns.
Week endi
Feb. 20.
Galveston
977
Closing Quotations for Middling Cotton on
Saturday, Monday, Tuesday, Wed'day. Thwsd'y. Friday.
24.45
24.35
24.00
24.29
24.50
24.50
24.19
24.25
24.60
24.38
24.05
24.05
24.55
New Orleans.-- 24.45
Mobile
24.00
Savannah
24.55
Norfolk
24.56
Baltimore
Augusta
24.31
Memphis
24.25
Houston
24.60
Little Rock.... 24.38
Dallas
24.15
Fort Worth_ _ _ _ ____
Movement to Feb. 22 1924.
Receipts.
Ship- Stocks
Receipts.
Ship- Stocks
mats. Feb.
meats. Feb.
Week. Season. Week.
20. ' Week. Season. Week.
22.
4141.,Birming'0
773 57,629 1,824 6.794
346
28.887 1,081 7,561
Eufaula
240
18,334
559 4,862
____
9,316
100 5,200
Montgomery. 1,235
77,812 1.852 16,782
56 '
47,511
124 13,202
Selma
243 61.667 2.863 13.437
145
32.289
220 8.539
Ark., Helena479 63.049 2,200 10,532
158
13,626
434 6,218
Little Rock
1,732 197,362 5.218 26.375
450 105,727 2,00 26,595
Pine Bluff
1,715 101.41
4,710 22,293
939
76,659 1,820 32,284
Ga., Albany.-___
3,875
2.582
-_-_
2,068
4 2.105
Athens
684 42,178
609 15,761
533
37,563 2,272 16,996
Atlanta
3,958 187,753 6,574 40,979 1,758 126,550 2,861 33,730
Augusta
5,593 196,089 4.935 60,000 1,299 171.518 3,128 36,567
Columbus_ -- 2,170 63,596 2,642 8,452
711
70.210 1,333 13,403
Macon
1,115 38,335 1.203 9.204
65 24,118
492 7,740
Rome
256
41,004 1,350 12,478
44
29,198
150 6,500
La.. Shreveport
____
95.300 2.000 17,000 1,000 110,000 4,000 20,000
Miss.,Columb
' 301
36.026
595 6.979
28
18.383
645 3,784
Clarksdale-229 108,472 1,799 20,332
144
76,800 1,865 24,889
Greenwood..
304 133,306 2,532 22.922
255 96.138 1,457 34,764
Meridian__ -267
36,048 1,268 11,243
94
20,054
492 4,815
Natchez
203 39.618 1,396 5,022
9 30.239
100 6,490
Vicksburg.
81
30.488
708 5,623
11
16,456
575 6,269
Yazoo City..
10 32,924
182 4,958
63
19,216
207 9,549
.to., St. Louis_ 21.868 590,562 21,412 3.840 13,331 467.476 13,083 6,298
N.0.,Gensboro 1,440
48,161 1,797 16,510 1,160 53.314
654 19,696
Raleigh
108
8.363
200
641
32
10.083
50
87
Dkia., Altus_ 5,383 190.754 6,655 18,428 2,027 113,111 4,010 24,552
Chickasha
4,55
137,517 4,034 12,362 3.699 93,805 2,496 13.532
Oklahoma.... 1,910 135.238 2,682 16,632 1,574
61,248 3,064 17,412
3.C.,Greenville 7,923 162,622 6.284 45,327 4,939 116,532 5.658 33,372
Greenwood_ _
267
12.585
299 5,269
- -- _
10,752
-__ 10,291
renn.,Memphi 27,784 1.059,435 32,329 91,437 20,892 748,611 24,122108.625
____
Nashville_ _ _ _
828
144
209
l'exas, Abilene_ 1,094 68,175 1,697 1,247
255 62,815
460 1,184
Brenham_ _ _
. 1,208
19,990 1,216 5,191
248
25.936
284 5,376
Austin
187 31.932
535 1,424
__
39,473
_-__ 1,110
Dallas
2,870 183,260 3,017 16,349
732 116,492 2,078 8,585
Houston.. _ _ 79,616 ,312,198 74,690572,874 31,731 3.267,577 43.875243.010
Paris
806
92,085 1.119 4,126
175
76,455
188 1.580
San Antonio_
699 61,908
360 1,963
50
53,416
__ __I
550
Fort Worth
1,370 151,407 3,661 12.418
630
86,526
801 3,396
rota!, 40 tow. 180.6768,927,303209,1301170855 89.5836.566.148 126.192
823,836
......
24.80
24.65
24.25
24.62
24.81
25.00
24.50
24.25
25.00
24.62
24.30
24.35
24.70
24.60
24.25
24.62
24.81
24.75
24.50
24.25
24.85
24.62
24.30
24.35
24.65
24.45
24.15
24.38
24.63
25.00
24.25
24.25
25.00
24.50
24.10
24.10
24.80
24.55
24.25
24.53
24.75
25.00
24.38
24.25
25.00
24.62
24.25
24.35
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 14.
Monday,
Feb. 16.
Tuesday, Wednesday, Thursday,
Feb. 17.
Feb. 18.
Feb. 19.
Friday,
Feb. 20.
February.
- - - -March_ _ 24.28-24.31 24.23-24.25- - -24.50-24.51- - -24.31-24.34 24.48-24.50-- -24.42-24.44- May
24.60-24.63 24.55-24.57 24.82-24.84 24.77-24.8524.78-24.7S 24.60.24.82
July
24.85-24.87 24.82-24.85 25.11-25.13 25.03-25.10 25.02-25.03 24.83-24.85
October_ 24.42-24.44 24.35-24.38 24.75-24.78 24.61-24.71 25.42-24.53 24.34-24.35
December_ 24.43-24.45 24.3524.5324.53 24.3724.74 -24.61January.. 24.38 bid 24.30 bid 24.68 bid 24.56 bid 24.47 bid 24.32 bid
Tone
Spot.... Steady
Steady
Steady
Steady
Steady
Steady
Onions_
Steady
Steady
Steady Barely irt'y Steady
Steady
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph from the South this evening denote that
the weather and soil conditions in the Central Gulf section
of the cotton belt have been favorable for farm work. In the
East Gulf and South Atlantic portions of the belt farm work
has made fairly satisfactory progress although some places
report that plowing has been delayed by too wet soil. In
the West Gulf Section, while the weather has been favorable
for outdoor work, rain is needed.
Mobile, Ala.
-Good progress has been made with farm
work.
Rain. Rainfall.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans. La
Shreveport
Mobile, Ala
Selma
Savannah.Ga
Charleston. S.0
Charlotte, N. C
2 days 0.08 in.
dry
dry
dry
dry
dry
1 day 0.20 in.
dry
dr
2 days 0.08 in.
dry
1 day 0.58 in.
4 days 2.87 In.
4 days 1.65 in.
days 1.09 in.
7 days 0.27 in.
Thermometer
high 72 low 50
high 76 low 26
high 78 low 48
high 76 low 58
high 76 low 32
low 44
high 72 low 36
high 74 low 44
low 38
mean 61
mean 51
mean 63
mean 72
mean 54
mean 54
mean 59
mean 63
high 75 low 34 mean 55
The above totals show that the interior stocks have dehigh 70 low 41 mean 59
creased during the week 29,093 bales and are to-night
high 70 low 30 mean 52
high 77 low 34 mean 56
376,117 bales more than at the same time last year. The
high 72 low 41 mean 57
receipts at all towns have been 91,093 bales more than the
high 62 low 27 mean 47
same week last year.
The following statement we have also received by teleOVERLAND MOVEMENT FOR THE WEEK AND graph, showing the height of rivers at the points named at
SINCE AUG. 1.
-We give below a statement showing the 8 a. m. of the dates given:
Feb. 19 1925. Feb. 21 1924.
overland movement for the week and since Aug. 1, as made
Feet.
Feet.
up from telegraphic reports Friday night. The results for New Orleans
Above zero of gauge_
4.4
10.0
Above zero of gauge.
19.3
17.1
the week and since Aug. 1 in the last two years are as follows: Memphis
Nashville
Above zero of gauge_
33.2
26.8
----1924-25----
Feb. 20
Week.
Since
Aug. 1.
21.412
8.400
1,584
1,952
6.627
9,620
546.992
201,300
27,878
40.454
153,510
371,771
Shinned-
Via 8t. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. &c
Total gross overland
49,595 1,341,905
Deduct Shipments
Overland to N. V., Boston, &c__ 6,177
68,787
Between interior towns
651
17,263
Inland, &c.,from South
27.624 404,026
Total to be deducted
34,452 490,076
Leaving total net overland *___15,143 851.829
----1923 24
- Shreveport
Vicksburg
Since
Week.
Aug. 1.
10.083
3,780
996
452
3.711
12981
462.934
145.760
16.339
20.639
134.898
282.530
32,003 1,063.100
2,057
527
24.301
26.885
5,118
51.674
16.962
465.468
528,996
The foregoing shows the week's net overland movement
this year has been 15,143 bales, against 5,118 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 322,833 bales.
1924-25--
Takings.
Week.
Since
Aug. 1.
-1923-24
Week.
Since
Aug. 1.
Receipts at porta to Feb.20
167,066 7,590,931
78.924 5,621,007
Net overland to Feb. 20
15143
5.118
528.996
Southern consumption to Feb.20- 80.000 2.467, 00
0
88.000 2.409,000
Total marketed
262.209 10,909,760 172,042 8,559,003
Interior stocks in excess
*61,082
562.945
Excess of Southern mills over consumption to Feb. 1
552,573
476,704
Came into sight during week.
.233,111
110,960
Total in sight Feb. 20
12,458,434
9.598.652
North.spinn's' takings to Feb. 20- 61,821 1,340,702 40,697
1,380,300
•Decrease.
Movement into sight in previous years:
Week-
-Feb. 21
1923
Bales. I
Since Aug. I
90,90211922-23
Bales.
9,179.904
CENSUS REPORT ON COTTON CONSUMED AND
N HAND IN JANUARY, &c.
-This report, issued on
eb. 14 by the Census Bureau, will be found in full in an
arlier part of our paper under the heading "Indications of
usiness Activity.'
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
THER MARKETS.
iddling cotton at Southern and other principal cotton
arkets for each day of the week:
7.0
23.9
15.4
27.1
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1924-25.
Week.
534,104
•Including movement by rail to Canada.
In Sight and Spinners'
Above zero of gauge_
Above zero of gauge_
Season.
1923-24.
Week.
Visible supply Feb. 13
5,715,603
4.603.767
Visible supply Aug. 1
2,190.493
American in sight to Feb. 20
233,111 12,458.434 110.960
Bombay receipts to Feb. 19
159,000 1,657.000 165.000
Other India ship'ts to Feb. 19
22,000
178,000
45.000
Alexandria receipts to Feb. 18._
22,000 1,282,800
25.000
Other supply to Feb. 18•
16.000
245.000
16,000
Total supply
Deduct
-
Visible supply Feb.20
Season.
2,024.671
9,598.652
2,039.000
353.000
1.146.400
196,000
6,167,714 18,011,727 4.965.727 15,357.723
5,689,322 5,689,322 4.703.956 4.703.956
Total takings to Feb.200
478,392 12,322,405 261.771 10.653.767
Of which American
3'15.392 8,045.605 140,771 7.488.367
Of which other
173.000 3.376,800 121,000 3.167,400
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 2.467.000 bales in 1924-25 and 2.409,000 bales in 1923 -24
takings not being available-and the aggregate amounts taken by Northern
and foreign sp nners-6,478,60 i bales In 1924-25 and 8.244,767 bales in
1923-24, of which 9.855,405 bales and 5.077,367 ba es American.
b Estimated.
RECEIPTS FROM THE PLANTATIONS.
Receipts at Ports.
Week
ending 1924-25 1923-21922-2
1
Stocks at Interior Towne.
Receiptsfrem Plantations
1921-25 1923-24 1922-23 1924-2 1923-2 1922-23
Noy.
28.. 370.024 298,211 215,438 1,545.6011.251.7851,457,156429.23
.223242.942
Dec.
5_ 370.752265,509 158.801 13583.955 .225.801 1.445,0051409,10 239.5251146.650
12._ 333.821 264,183 138.941 1.565,764 1.178.745 1.426.33031 "..6. 217.127 120.266
19 330.647214,353 136.866 1,559.379 1.132.917 1.384,130,123.262 168.525 94,666
26._ 232.343 196.767113.865 1.577.997 1.119,113 1.391,872251,964 185.963 120.777
Jan.
2._ 308 967 134,224 94.390 1.514.450 1.067,013l.355.894246.118 82,124 58.412
9._ 234,091 136,60'3 123,952 1.474.156 1.043.974 1.3(14).285 198.5q1 123,564 68,343
16._ 231 584 1694481 92.238 1.441.141 996.356 1.265 828 198.469 121.830 57.781
23._ 201.602 110,351 101.479 1.383.626 977.263 1.224.059144.187 91,25 59,710
30...200.371 116.104 138.8201.306.792 944.868 1.150.906 123.537 83.709 65.667
Feb.
6-- 179.899104,228 87.381 1.248.011 898.19011.089, 6121,118 57.548 26,231
13_ 204.942 101,244 83,079 1.199.953 „ .
159,924 87,972 10.883
20- - 167,066 78,924 83,536 1 170.855 823.839 943.669137.968 17.842 9.640
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 8,574,989 bales;
in 1923 were 6,111,321 bales, and in 1922 were 5,269,633
bales. (2) That although the receipts at the outports the
past week were 167,066 bales, the actual movement from
plantations was 137,968 bales, stocks at interior towns
having decreased 29,098 bales during the week. Last year
receipts from the plantations for the week were 17,842
bales and for 1923 they were 9,640 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1924-25.
1923-24.
1922-23.
Since
Week. Aug. 1.
Feb. 19.
Reeeipts at
Since
Week. Aug. 1.
Since
Week. Aug. 1.
159,000 1,657.000 165.000 2,039,000 173,000 1,851.070
Bombay
Since August 1.
For the Week.
Exports.
[Vol,. 120.
THE CHRONICLE
978
Great
Great Conti- Japan&
Britain Tient. China. Total. Britain.
Bombay
1924-25_
1923-24_ 3,000
1922-23-- 3,000
Other India.
-25_ _
1924
1923-24_ 12,000
1922-23... 10,000
Japan &
China.
Contineat.
Total.
14,000 73.000 87,000 27,000 229,000 908.0001,164,000
18,000 46,000 67.000 101,000 527,000 832,0001,460,000
8,000 75,000 86.000 76,000 374,0001,031,500 1,482,000
178.000
24,000 154,000
22,000
22,000
353,000
45,000 80,000 273,000
33,000
196,550
43,000 153,550
18,000
8,000
Total all
36.000 73,000109.000 51,000 383,000 908,000 1,342,000
.
1924-25_
1.813,000
1923-24._ 15.000 51,000 46,000112,000 181,000 800,000 832,000 1,678,550
1922-23._ 13,000 16,000 75,000104.000 119,000 528,000 1,031.500
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
6,000 bales. Exports from all India ports record a decrease
a 3,000 bales during the week, and since Aug. 1, show an
decrease of 471,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
1924-25.
Receipts (cantors)
This week
Since Aug. 1
1923-24.
1922-23.
110,000
6.483.45
Alexandria. Egypt,
February 18.
.125.000
5,734.109
Bales.
.
-Feb. 13-Huronian, 11.954- _ _Feb
GALVESTON-To Liverpool
-Gloria de Larrinaga, 3.587--Feb. 16, Merchant, 2.605-- -- 18,146
14
-Gloria
To Manchester-Feb. 13-Huronlan, 792.. Feb. 14
9.992
-Merchant,119
de Larrinaga, 9,081-- _Feb. 16
-St.
To Bremen-Feb. 12-Brave Coeur, 3,146- __Feb. 14
32
Andrew,6.0
9,466
-St.
-Brave Coeur, 1,400_Feb. 14
To Hamburg-Feb. 12
2.925
Andrew, 1,525
To Japan-Feb. 13-Tsuyama Marti, 14,675---Feb. 14-Lei16,100
kanga, 1,425
-Feb. 14
To Havre
-Niagara, 5,493; West Hematite, 11,281;
22.332
Hornby Castle, 5,558
tiAntwer
To te, 515p-Feb. 14-Hornby Castle, 786; West Hema1,301
To Ghent
-Feb.14-Hornby Castle,4,750; West Hematite,802 5.552
3,867
Creek 3,867
Genoa-Feb.14
-Cripple
To
47
To Naples
pple Creek, 477
-Feb. 1
4.226
To Rotterdam-Feb, 14-E1dena. 4,226
3,751
-Mar Caribe, 3,751
To Barcelona-Feb. 14
500
To Malaga-Feb, 14
-Mar Carlbe, 500
1,850
-West Chatala, 1.850
To Oporto-Feb. 18
100
To Bilboa-Feb, 18
-West Chatala, 100
HOUSTON-To Japan-Feb. 13.-Selkanger, 4,800-- _Feb. 148,70
Singapore Maru, 3.907
:
8 80i
To Liverpool-Feb.15
-Merchant,8,808
172
To Manchester-Feb.15
-Merchant,172
-Mar Caribe, 1,933
To Barcelona-Feb.14
143
'3
195
-Feb.7-Caledordan,145
BOSTON-To Liverpool
323
CHARLESTON-To Bremen-Feb. 14-Magmeric, 323
20
To Antwerp-Feb. 18-Sacandaga;20
71
-Feb. 18-Sacandaga, 71
To Ghent
3,858__-Feb. 17Live
MOBILE
-To
69300. 14--Antinous,
4.555
Clanarack,
To Manchester-Feb. 14--Antinous. 1.605-- _Feb. 17-Clana3.265
rack, 1,660
-Feb. 16-Rexmore, 1,400-- _Feb. 20
-To Liverpool
NORFOLK
5,800
-Vittoria Emanuele, 4,400
-ManTo Manchester-Feb. 16
-Mercian. 200___Feb. 17
1.434
chester Hero,500_ _Feb. 19
-West Islets, 734
-Liguria,
To Bremen-Feb. 17
6,700Feb. 20
-Hamelin,
3.700
-Feb. 19-01anarack, 97
PENSACOLA-To Liverpool
--Manchester Mer- 104°97
PHILADELPHIA-To Manchester-Feb. 5
1,000
chant, 1.000
150
W
PORT TONSEND-To Japan-Feb. 11-Toyama Maru. 150--West Sequana,270Feb.15
SAN PEDRO-To Japan-Feb. 14
470
-Seattle Maru, 200
1.386
SAVANNAH-To Bremen-Feb. 13-Magmeric, 1.386
100
To Antwerp-Feb.13-Sacandaga. 100
1,167
To Genoa-Feb.16
-West Totont, 1.167
4.900
WILMINGTON-To Bremen-Feb. 18-Magmeric,4.900
160,000
5.610,639
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Rayons (bales)
165.268 8,000 169.411
9,000 151,130
To Liverpool
146.324 8,500 116,386
169,965
To Manchester, &o
To Cont nent and India_ 10,003 256.e07 7.750 251.340 5.750 199,119
80,303 13,250 180.122
1,000 97,997
To America
000 675.999 7,750 643,235 35,500 665,038
20
Total exports
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Feb. 18 were
110,000 cantars and the foreign shipments 20,000 bales.
-Our report received by
MANCHESTER MARKET.
sable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for both India
and China is improving. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
1923-24.
1924-25.
32. Cop
Twist.
Nov. d.
28 2334
Dec.
A 23
12 23
19 23
26 23
Jan.
2 233
9 2334
16 223(
23 2234
30 22
Yob
62234
13 2234
20 2241
834 lbs. Shirt- Cot's
ins, common Mid
Upl's
to Finest.
325 Cop
Twist.
834 lbs. Shirt- Cot'n
ings. Common Mid.
Upl's
to Finest.
0
0
0
0
24% 165
2434 16 5
24% 16 4
243( 16 5
017 1
017 0
016 7
017 0
12.98 27%
13.1128
13.28 27%
13.24 27%
8.6. d.
d. e. d.
0 3034 20 2 021 0 21.37
(0 2934 19 4 @202 19.42
0 30 19 6 (420 4 19.48
0 29 19 6 (420 2 19.68
0 2834 19 7 020 3 20.62
0
0
is
is
0
25 16 7
25 16 7
2434 16 5
24 16 5
2334 16 6
017 1
017 1
017 0
017 0
@170
13.57 27
13.03 26%
13.0826
12.8726
12.92 26
(4
0
0
(0
0
s. d. d. d.
d. e. d.
0 2534 17 4 (418 0 13.59 29%
0 23 165 @170
0 243416 7 @172
0 2434 17 2 017 4
020 2
020 0
019 5
019 5
019 5
19.93
19.32
18.83
19.31
19.17
0 2734 19 2 19(45
13.2826
13.28 2534 0 26% 19 0 190 3
13.66 24% is 26 18 4 018 7
18.89
17.74
17.65
2834
28
2734
2734
2734
19 7
19 5
19 2
19 2
196
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 206,671 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
-Feb. 11-Celtic, 3,311---Feb. 13-To Liverpool
NEW YORK
4.310
Caron's, 999
471
-De Grasse,270
-Feb.13-Zarembo,201_ _ _Feb. 17
To Havre
-Eastern Victor, 25___Feb. 13-BurRotterdam-Feb. 6
To
425
gerdijk,400
4
-City of Eureka.4
To Genoa-Feb.14
1.350
-City of Athens. 1,350
14
-Feb.
To Kobe
400
400
-Frederick VIII.,
To Oslo-Feb. 16
300
To Venice-Feb. 17-Colombus,300 50Feb. 9-Nevislan,
-Albert Bailin.
-Feb. 4
To Hamburg
214
164
ColTo Manchester-Feb. 11-Archimedes. 14---Feb. 14,
84
leda, 50
920
-City of Eureka. 920
-Feb. 14
To Naples
100
-Tegucigalpa, 100_
-Feb. 13
Vera Cruz
-To
NEW ORLEANS
553
To Rotterdam-Feb. 13-Leerdam,553
5,198
-Feb. 14-Meanticut, 5,198
To Havre
870
870
To Antwerp-Feb. 14-Meanticut.
1,895
-Feb. 14-Meanticut. 1,895
To Ghent
2,115
-Fort. 2,115
To Genoa-Feb. 13
100
To Port Columbia-Feb. 14-Heredia. 100
750
-West Chetala. 750
-Feb. 13
To Oporto
495
14-Bmheholm, 495
To Gothenburg-Feb.
4,873
-Victorious, 4.873
To Japan-Feb. 14
1.000
-Victorious, 1,000
To China-Feb. 14
13,021
13.021
-Dip oma ,
To Liverpool-Feb. 13
2,364
To Manchester-Feb. 13-Diploznat, 2,36418
Tacook,
To Bremen-Feb.17-Alrich,3.121Feb. -West
8,036
4,915
400
Feb.17-Alrich,400
To Hamburg955
To Barcelona-Feb. 18-Cardonia. 955
Spot.
Market, I
12:15
P.M. I
Saturday.
Monday,
Tuesday. Wednesday. Thursday.
Quiet,
A fair
business
doing,
A fair
business
doing,
Good
demand.
A fair
business
doing.
Friday.
Quieter.
M1c1.7.1P1'
13.69
13.52
13.49
13.67
13.72
13.66
Sales
4,000
7.000
8,000
10,000
14,000
7,000
Futures.
Market I
opened f
Quiet.
Steady, St'dy, 1 pt. Q't but sty
Quiet,
Quiet,
4 to 8 pts. 1 to 6 pts. 7 to 11 pts. decline to unch'g'd to
advance. advance. 3 pts. adv. 4 pts. adv.
decline,
Steady, Barely st'y. Q't but erY
Quiet but Steady,
Easy.
Market, r
1 9 to 12 pts. steady,9 to 12 to 13pts. 9 to 12 pts. 6 to 9 pts. 810 11 pts.
4
decline
decline.
P.M. I decline. 12 pts. dec. advance, advance,
Prices of futures at Liverpool for each day are given below:
•
Feb. 14
to
Feb. 20.
Frt.
Thurs.
Wed.
Tues.
Mon.
Sat.
1234 1234 123.4 4:00 1234 4.00 1234 400 12341 400 1234 400
p. m.p. m. p. m.p. m p. m. p. m. p. m.p. m.o. m.p. ro. p. m p. m.
d. , d, d. d.
d. d. d, d.
d.
d.
d. d.
February..... .___ 13.2913.22 13.18 13.1913.3013.37 13.39 13.48 13.33 13.36 13.24
13.31 13.2413.20 13.21 13.32 13.39 13.42 13.4513.36 13.3913.27
March
13.31 13.23i13.1913.20 13.31 13.3813.41 13.44 13.35 13.3913.27
April
13.36 13.2 13.2113.27 13.3813.46 13.4913.51 13.42 13.4513.3.3
May
13.34 13.2813.24 13.2 13.36 13.4513.4813.50 13.4013.4313.32
June
13.3813.32 13.28 13.29 13.41 13.5013,5313,55 13.45 13.47 13.36
July
.
August....... _ __ 13.33 13.27 13.23 13.2 13.36 13.46 13.4813.4913.3913.41 13.31
_.. ___ 13.2813.24 13.1913.21 13.3213.42 13.4313.4413.34 13.36 13.26
September_
13.24 13.1913.14 13.15 13.26 13.37 13.3813.33 13.29 13.3013.20
October....... - November --------13.1913.1413.0913.1113.2213.3213.3213.3313.2413.2413.14
_
...... _ 13.16 13.11 13.0613.0 13.1913.28 1309,13.29 13.21 13.21 13.11
December
January...... __ __ 13.14 13.0813.03 13.0 13.16 13.25 13.26113.2613.17 13.1713.06
BREADSTUFFS.
Friday Night, Feb. 20 1925.
Flour has been steady, or the reverse, as wheat has risen
or fallen. Domestic buying has been on the old cautious
scale; it has become a sort of second nature. Buyers are
bewildered by the kaleidoscopic changes in wheat; by the
big declines one day and the big advances the next. Mill
tand;
agents at times hardly know where they stand; whether
their quotations will be approved or not. In short, every
body has been feeling his way. That trade should suffer I
such an uncertain situation is not surprising, even if w
allow for the inveterate distaste of buyers for any othe
policy than that of buying only as they need supplies at cer
tam n intervals. Export business has been often more
thing of rumor than of authenticated facts. Recently ther
were intimations of further purchases by Russia in Canada
Cable dispatches from Australia stated that three steamer,
had been chartered to carry flour from Cardiff to Batou
and that one steamer had been taken for flour to Germany
Russia, in other words, has been buying freely in Australia
Clearances from New York on the 10th inst. were 88,46
F.
211925.]
THE CHRONICLE
979
sacks, of which some 44,000 were for Greek ports and about were favorable to holders. Liverpool advanced 1% to
2d.
40,000 for Brazil. Later Norway was said to be trying to Buenos Aires opened 1% to 1%c. higher. Export sales were
buy 1,000 tons. Finland was inquiring or perhaps actually said to have reached 700,000 bushels. One rumor was that
buying. Russia once more was said to be buying rather the total purchases of wheat and flour by Russia recently
freely. Export clearances on the 17th inst. from New York were something approaching 20,000,000 bushels. In the same
were 23,775 sacks, mostly to Rotterdam, Sweden and the quarters they look for a continued Russian demand. LiverUnited Kingdom. Export clearances from New York on the pool March was at about 25c. over Chicago February. This
18th inst. ran up to 98,403 sacks, including one lot of 85,259 is the biggest difference thus far this season. The South.
sacks to the Russian port of Novorassiysk. The rest went to west reported a better demand from the mills. Many look
Belfast, Genoa, West Indies and South America.
for a substantial decrease in the visible supply in the United
Wheat was very irregular, but advanced early in the States for the present week. North American clearances
week. After reacting it advanced again. For Russian crop this week rose to 6,673,000 bushels. Argentina shipments
news was bad. The receipts, too, were quite moderate. are pot at 5,842,000 bushels. Outside of North America the
Canadian millers who secured the bulk of the Russian flour total is said to be 11,426,000. The world's'total exports for
orders bought some spring wheat at Duluth early in the the week are expected to exceed 18,000,000 bushels for four
week. Argentine prices were at times firm. On the 16th weeks in succession. It is remarkable that under such cirinst. American export sales were 500,000 to 600,000 bushels; cumstances the March delivery in Liverpool should keep so
also, 50,000 bushels of Duluth spring were sold to Canadian far above the American level of prices. It is eloquent of
millers. Chicago prices were relatively below those of Ar- Europe's needs. Nevertheless, on the bulges there is a disgentina and South America. Buffalo stocks are said to be position now to sell in Chicago. Some claim that the North
overstated. Chicago's stock fell off last week about 400,000 American demand during the rest of the season is likely to
bushels. It is now 6,700,000 bushels, against 15,890,000 a show some falling off. That remains to be seen. What is
year ago. Speculation for a time broadened. Southwestern clear enough is that for the week prices show some net admarkets reported a good export demand. Kansas and Texas vance. The upward sweep was not so strong, not nearly so
complained of drought and freezing. Rumors were circu- enthusiastic, however, as it was recently. The net rise since
lated of Russian flour buying. The Canadian Statistical last Friday at Chicago is %c. to 3%c.
Bureau said only 7,000,000 bushels remained in farmers'
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
hands in western Canada Feb. 13. The big visible supply
No. 2 red
ct207 2024 2024 203
told for a time against the price. World's shipments were DAILY CLOSING PRICES OF WHEAT FUTURES IN 2034 2034
CHICAGO.
large and on passage stocks increased 6,700,000 bushels for
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_186
184% 18435 185
1854 1854
the week, tending, of course, to weaken the Liverpool mar- July delivery in elevator
1574 1544 1554 1554 1554 154
ket. On the 17th inst. Liverpool fell 4% to 5
/
1
4d. Argentina September delivery in eleVator- _1454 1424 14384 1434 143 1424
weakened. The Continent, it was said, resold to England. DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
Liquidation set in on a large scale. Stop orders were met. May delivery in elevator
cts_197
1964 1954 1964 1964 1964
Naturally, they hastened the decline. The next day Liver- July delivery in elevator
1914 1904 189
1934 1914 191
151% 148
147
1484 1474 14634
pool failed to follow a rally on this side. Bradstreet's October delivery in elevator
Indian corn advanced, though irregular, and even weak
world's visible supply increased for the week 5,365,000 bushels. Export demand on the 18th inst. was poor; the sales at times. General selling was the feature at times early In
reached only 200,000 bushels. Professionals sold it after a the week. Stocks were large. Low grades were at a noticerecent rise of 10 cents. They thought a reaction was due. able discount and made some waver in their allegiance to the
Speculation has fallen off. On Feb. 17 the transactions bull side. Cash markets were dull and unstable. The visreached 67,992,000 bushels, against 86,972,000 on Feb. 10 and ible supply is two and a half times as large as a year ago.
13,930,000 on Feb.'17 last year. They were some 20,000,000 Chicago itself has 11,767,000 bushels, against 3,043,000 at
ess than this later in the week. The decrease last week of this time in 1924. Sentiment is more divided than it was.
only 23,000 bushels in the American visible was as nothing But on the other hand, country offerings have been small,
ompared with a decrease in the same week last year a receipts also small and at times cash prices have seemed
1,160,000 bushels. The total is 75,686,000 bushels, against steadier. This week's interior receipts up to the 17th inst.
,789,000 a year ago. A cargo of grain, it was said, was were only 1,471,000 bushels, or nearly 600,000 bushels less
to begin loading at New York for Russia and also another than during the same week last year. Yet sentiment has on
Learner booked for grain. Rumors of grain sold to Russia the whole been less confident. Liwerpool and Buenos Aires
are recently been persistent. On Thursday a cable from declined on the 17th. The crop news from Central Europe
ngland stated that Russia had bought 12.000 tons of Ar- was better. Large commission houses have now and then
entine wheat, equal to 440.000 bushels. A later cable from been good buyers, but in the main it would appear that much
ngland said that Russia had bought 70,000 tons of flour, or of the buying has been to cover and that the trading on the
70,000 bbls., which would be equal to 3,465,000 bushels of bull side has been somewhat less aggressive. The increase
heat. Later the undertone became better. Liquidation had of 1,584,000 bushels last week in the American visible put
en drastic and the recent decline severe. Bad Russian the total up to 31,048,000 bushels, against 12,391,000 a year
rop news coincided with Russian buying of flour in Ger- ago. On the 19th inst. prices turned upward early with a
any and Russian negotiations with Canadian millers for sharp demand from commission houses and operators. It
our on the 18th inst. The better American technical posi- was encouraged by moderate receipts, a lack of important
ion offset weak cables. The interior movement was still country offerings and covering of shorts. But later the
mall. Interior shipments outran the receipts at all big weakness in wheat told on corn in spite of the fact that cash
arkets except Minneapolis. Duluth sold 160,000 bushels of corn markets were stronger. For that matter the actual cash
heat to mills. Minneapolis stocks have decreased 75,000 business was small. The cash basis on the whole was
ushels; Kansas City's decreased 182,000 bushels in two weaker. That of itself caused more or less of the later sellaye. Higher prices for corn, etc., braced wheat. Nebraska ing. The trade is mixed on the situation. Nobody pays
arm reserves are said to indicate only 11% left. The Chi- much attention to the upturn in hog prices. Some, however,
ago stock is only 1,480,000 bushels, against 1,850,000 a year are looking for much higher prices for May corn ultimately.
go. Russia recently bought 200,000 bbls. of flour from Ger- To-day prices at one time were % to lc. higher on further
an mills. Trading on the 19th inst. was large, though not covering and some promiscuous buying. But soon the weako large as recently, and prices were irregular, ending ness in other grain shunted corn to the down grade and it
wer on some months and higher on the others, both at wound up 1% to 1%c. lower for the day. There was less
hicago and Winnipeg. Yet Liverpool was rather stronger snap in the speculation. Selling was general, partly because
an was due. 'The foreign news was bullish. Russia of larger receipts and country offerings. Moreover, the cash
med to be still bnying. It suggested that the famine in market was weak, with trade dull. No attention was paid
at country is worse than has been feared. Actual export to higher prices for hogs. There was not much demand at
lee were estimated at 400,000 bushels to England, Sweden any time during the day except to cover on the way down.
nd Greece. It is said that one or two steamers will begin Outside points offered choice grades in Chicago at rather
ading wheat at New York to-day for Russia. This business shim discounts. The country is evidently more ready to
as been kept quiet hitherto. Russia is reported in England sell. If the receipts increase greatly they will !mock a prop
have bought 12,000 tons of Argentine wheat and 70,000 from under the market. Last prices to-day showed, howas of flour. It is profitable to deliver hard wheat or Du- ever. a rise for the week of 2 to 24c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
th No. 1 Northern in England, though the margin is small.
Sat. Mon. Tues. Wed. Thurs. Fri.
rgentina was firm. Winnipeg was dominated by Chicago. No.2 mixed
cts_13984 1354 1394 142
142
14034
exports were larger. Interior receipts were rather DAILY CLOSING
aboard
PRICES OF CORN FUTURES IN CHICAGO.
all. But on the other hand, Palm Beach operators are
Sat. Mon. Tues. Wed. Thurs. Frt.
May delivery in elevator
cts_1254 1274 128
1304 1304 1284
pposed to oppose an advance. They sell on the bulges. July delivery in elevator
1294 128%
1304 13134 13054
ading exporters think that the world situation is bullish. September delivery in elevator_ 128% 1284 129 130% 1304 12884
12834
DAILY CLOSING PRICES OF OATS IN NEW YORK.
me private guesses on the farm reserves to be issued on
Sat. Mon. Tues. Wed. Thurs. Frt.
arch 8 range from 105,000,000 to 175,000,000 bushels. Farm No.2 white
cts 6334 63
64
64
64
63
serves in the. Southwest are supposed to show 5 to 15%
Oats advanced
the crop. To all appearances the visible supply will show somewhat. The a fraction and then reacted, only to rally
ite a noticeable decrease for the week. The proposal to rather sluggish price moves have been erratic or sluggish;
eate a Federal Co-operative Board is stoutly opposed. ended % to lc. than otherwise. On the 16th inst. they
lower. Liquidation was
ie "Price Current" said: "Early reports from the south- was at least unobtrusive. Irregularity a feature. Support
in wheat and corn
n part of the wheat growing area are distinctly favorable, hurt oats. Receipts, it is
true, were moderate, and cash
an additional heavy blanket of snow has just given added prices were inclined
to be steady. But the visible supply in
otection to the wheat in the North. The outlook at this the United
States is five times as large as a year ago. That
e for the 1925 crop seems unusually good." To-day is not forgotten. Chicago alone has 20,692,000 bushels,
4
ices at first advanced 1 to 15/ c. The cables, for one thing, against only 3,707,000
a year ago. Algeria was said to be
980
A
inquiring for a full cargo of oats. That told favorably.
quick rally followed. • But what is wanted is a big and sustained domestic cash demand and a large export business.
Neither appears. Cash prices, it is true, have been steady,
even when futures wavered. Also, the technical position of
late has been better after the recent drastic liquidation. At
times the market looked sold out if not a bit oversold. An
overbought condition had certainly been ruthlessly corrected. A rally in corn and wheat at one time had a cheervery
ing effect. The crop movement has at times slackened
noticeably, though still, as a rule, of fair size. The increase
of 1,355,000 bushels last week in the visible supply in the
United States against a decrease last year of 295,000 bushels,
raised an already unwieldy stock of 74,999,000 bushels,
against.only 17,526,000 a year ago. Later in the week prices
were irregular. Trading quieted down. Receipts were still
moderate. As an offset, however, cash trade showed no
life. Cash prices, indeed, declined. Chicago's contract
stock was 6,833,000 bushels, against 6,708,000 last week. On
the 19th inst. there was a small net decline after active trading. Early in the day shorts and commission houses were
corn
buyers. But the unsettled conditions in wheat and
soon affected oats. General selling set in. The receipts
were fair. The cash demand was still insignificant. Cash
markets were depressed. And the big visible supply is a
menace in the background. It tends to discourage any aggressive operations on the long side. To-day prices at first
advanced a small fraction, but later they gave way under
heavy liquidation. The market had become overbought.
From being conspicuously steady on its own merits it became
quite as evidently weak from overdoing the long side. Stop
orders were caught on the way down. Cash trade was slow.
Once more people began to talk about ,the big supply. Receipts were on a fair scale, too. The cash market was weak,
was
with no stimulus in the shape of a good trade. There
not a little short selling. The feeling swung to the bear dile
overthis afternoon. Not improbably that side will also be
2
/
done. Final prices show a loss for the week of 1 to 11c. on
May and July, while September closed at the same price as
a meek ago.
CHICAGO.
DAILY CLOSING PRICES OF OATS FUTURES IN Thurs. Fri.
Sat. Mon. Tues. Wed.
cta 54% 5434 54% 5434 5434 5234
May delivery in elevator
555% 5534 54
5634 5534 5534
July delivery in elevator
53% 54% 5434 5334
September delivery in elevator- -- - 5434 .54
.
IN
DAILY CLOSING PRICES OF OATS FUTURES Wed.WINNIPEG
Thurs. Fri.
Sat. Mon. Tues,
6334 6134
64
64
eta 6434 64
May delivery ln elevator
65% 65% 65% 65% 6434 63
July delivery in elevator
58% 58% 5834 5734
58% 58
October delivery in elevator
Rye advanced after a break early in the week uLder heavy
liquidation. At times, even then, there was good buying by
commission houses and a little business with Germany and
Scandinavia. The Chicago stock is only about 2,262,000
bushels, against 11,464,000 last year in marked contrast
with the big total for the United States at large. Tho fact,
however, that the total for the United States stood almost
stationary last week was a disappointment to many. That
and the break in wheat plainly told against the price on the
16st inst. Also, the export sales on that day were only 50,2
1
000 to 60,000 bushels. On the 17th inst. prices.closed / to
2
1
/
2
/
11c. lower, even after a rally of 2 to 3 c. The lack of a
brisk export demand was keenly felt. The irregularity of
wheat was another damper. Liquidation set in. Stop loss
orders were caught. Bearish pressure was bolder. Germans, it was said, resold. Receipts were smaller, but this
was not then enough to count in shaping the course of prices.
The transactions in futures reached 3,520.000 bushels on the
16th inst. The visible supply in the United States is now
23,570,000 bushels, against 20,538,000 a year ago. On the
2
/
17th inst. prices advanced 2 to 21c. after an early decline.
Rye struck out for itself. It took the initiative when it was
found that the crop movement had decreased sharply. The
big receipts are believed to be over for a good while to come.
The cash situation was stronger. Export sales were only
40,000 bushels, but less attention was paid to the foreign
outlet and more to the domestic situation. There was more
speculative buying. Shorts covered, partly on stop orders.
Chicago has a stock of 4,050,000 bushels, against 3,958,000 a
week ago, but the statistical position in general, it is believed, will improve. On the 17th inst. the transactions in
futures involved 4,246,000 bushels, against 5,233,000 on Feb.
2
1
/
10 and only 285,000 a year ago. Later prices were % to 2 c.
net higher. Again the market showed individual strength.
That was plain enough from the fact that while wheat, corn
and oats were either lower or irregular, rye made a clean-cut
advance. Commission houses were steady buyers. Offerings were light. Shorts covered. Export demand was still
slow, but this cut less figure in the calculations of operators
than it has done recently. To-day prices advanced early
2
1
/ to 1c.. but later on reacted and May and July ended 2c.
lower. while September was unchanged. Liquidation and
other selling had a perceptible effect. The weakness in
other grain was not without its influence. Also, there were
reports that Germany had cancelled at least some recent
small purchases. Finland bought, but only on a small scale,
namely 40,000 bushels. Seaboard clearances this week
amount to 520,000 bushels, including 305,000 to-day. This
shows some improvement. And it was noticed that German
exporters were bidding the same prices here at which cancellations were said to have been made by others. Final
prices show a rise for the week of 1 to 3c., the latter on May.
[Vol... 120.,
THE CHRONICLE
—
IN.CclICAGO. A
—
ThAILY CLOSING PRICES.OF RYE1'UTURES Wed. Thurs. Fri.
Sat. Mon. Tues.
cts_161% 160% 159% 159% 161% 159%
May delivery in elevator
137% 135% 134% 135% 137% 135%
July delivery in elevator
118
117% 117% 117% 118
September delivery in elevator---118
The following are closing quotations:
$9 25
Spring patents
8 40
Clears,first spring
Soft winter straights 9 10
(
Hard winter straights_ 9 ,0
Hard winter patents 9 25
Hard winLer clears_ _ _ _ 8 10
Fancy Minn. natents_11 00 ®
10 ana
City mills
FLOUR.
$975 Rye flour. patents— --S8 25@ $875
634
875 Seminola No.2.1b
3 25t 340
9 50 Oats goods ' L
3300 340.
925 Corn flour
9 .50 Barley goods
459
Nos. 2, 3 and 4
850
Fancy pearl. Nos.2,3
11 65
750
and 4
11 30
GRAIN
Oats:
Wheat,New York:
No. 2 white
203%
No. 2 red, f.o.b
No.3 white
199%
1 Northern
No.
No.2 hard winter,f.o.b19934 Rye, New York:
No. 2 f.o.b
Barley, New York:
Corn:
Malting
140%
No.2 mixed
Chicago
141%
No.2 yellow
For other tables usually given here, see page 924.
63
62
166%
114
110®
nil
ITALIAN WHEAT AREA INCREASED.—The area
sown to wheat in Italy for the 1925 harvest is estimated
to be 11,664,000 acres, the largest in the last four years,
according to a cable from the International Institute of
Agriculture to the United States Department of Agriculture
and made public on Feb. 17. The final report of wheat
acreage last year is 11,281,000 acres, the preceding year
11,554,000 acres, and for the 1921 harvest 11,489,000 acres.
Practically the total wheat crop of Italy is fall sown.
Harvesting results in Australia generally confirm the preliminary production forecast of 162,000,000 bushels, although
rain has been hurting the late crop in New South Wales,
according to the International Institute of Agriculture.
AGRICULTURAL OFFICIALS CONFIRM RUSSIAN
GRAIN SHORTAGE.—Department of Agriculture officials
on Feb. 13 confirmed press dispatches to the effect that
Russia is suffering from a shortage of bread grains, and will
have to import considerable quantities of wheat. Large
purchases of wheat and flour on Russian account in both
England and the United States have already been reported.
"Most of the proposed imports of from 6.000,000 to 9.000.000 bushels of
wheat with a possible maximum of 12,000,000 bushels, will be in the form
of flour," the Department said.
"In order to purchase this wheat and flour together with much needed
supplies of cotton, textiles, machinery, rubber and other commodities.
Russia must build up a trade balance by exports of other commodities. In
the first six months of 1924 Soviet Russia had a large favorable balance of
It
trade, but in this balance, bread grains constituted the largest item. will
seems probable, therefore, that during 1925 the Soviet Government and
as butter
make a great effort to increase exports of other products such minerals.
eggs. forest products, furs, bristles, petroleum products and
"Reports of prospects for grain crops in Russia in 1925 are conflicting.
seedings
The International Institute of Agriculture reports that Russian fall
Institute,
are not larger than last year. In the Ukraine. according to the
but rye seedings are smaller.
wheat seedings are larger than last year,
for
"Weather conditions in Russia have not been generally favorable the
heavy. In
winter cereals, and it Is probable that winter killing will be weather condiimportant winter wheat areas of the Southwest, however,
tions were more favorable than elsewhere.
spring seedings
"The Soviet Government is urging the peasants to increase reported that
killing, and it is
in order to make good the lasses from winterdistributed to the peasants for
purchases will be
some of the foreign grain
seed."
GRAIN CROPS SHORT IN SOUTH AMERICA.—
General reductions in grain crops in southern South America,
with the exception of Uruguayan flax, are reported in cables
received by the United States Department of Agriculture
from the International Institute of Agriculture at Rome, and
made public on Feb. 13:
for
The aggregate wheat production for Argentina. Chile and Uruguay
1924-25 is estimated at 224.000.000 bushels as compared with 288,000,000
cent.
bushels last year, a decrease of 22 per
as against
The new wheat crop in Chile amounts to 21.421,000 bushelsThis is the
the bumper crop of 27.521,000 bushels produced in 1923-24. average proThe
smallest crop which Chile has harvcred since 1919-20. about 23,00(1,000
duction during the five years 1918-19 to 1922-23 was are estimated at
bushels. Home consumption and seed requirements
be
approximately 21.000.000 bushels. The current crop will therefore
surplus
Just about sufficient to cover domestic needs without leaving any
says.
available for export, the department
Wheat production in Uruguay for 1924-25 amounts to 11,354.000 bushels,
unofficial
compared with 13,345,000 bushels harvested in 1923-24. An
lower
report indicates that the quality of the ctop this year is considerably
in 1923-24.
than
Uruguay is estimated at 1,535,000 bushels in 1924-25
The flaxseed crop of
of
as compared with 1,178.000 bushels the preceding year, or an increase
30%.
countries is forecast at 58,000,000 bushels,
Oats production for the three
bushels,
against 87,000,000 harvested in 1923-24, a decrease of 29.000,000 against
or 33%. The crop in Chile is estimated at 3,789.000 bushels, bushels
3,246.000 bushels produced last year, and in Uruguay at 3,169,000
In 1924-25. against 2,156.000 bushels in 1923-24.
The barley crop of Chile is only about half as large as last year's production, being placed at 4,409,000 bushels,compared with 8,798,000 in 1923-24.
No forecasts are yet available for the corn crop in Chile and Uruguay.
Reports for the latter country indicate a production only large enough for
home consumption, whereas in most years small amounts are exported.
WEATHER BULLETIN FOR THE WEEK ENDING
FEB. 17.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending Feb. 17,follows:
During the first part of the week a storm of considerable energy moved
from the South-Central States eastward across the Middle Atlantic area
attended
and thence northeastward over the New England coast. It was eastward
by precipitation in nearly all sections from the Mississippi Valley storm.
with strong, shifting winds over coast districts. Follorring this with a
high pressure and colder weather prevailed over Southern Statesfreezing
drop In temperature of 20 to 40 degrees in the Southeast, the line of 15th, it
extending southward into northern Florida. By Sunday, the
had become much warmer in this area, however, with abnormally high
temperatures prevailing.
Precipitation during the middle days of the week was mostly light and
of a local character, except that it was rather widespread in the Pacific
Coast States with heavy rainfall in northern California. The latter part
brought unsettled, cloudy, and showery weather to Central and Southern
States from the Mississippi Valley eastward and snow to most northern
districts. Much colder weather overspread the Northern States durin
the closing days of the week, with subnormal temperatures prevailing,
but in thelSouthlit continued warm for the season. an
FEB.21 1925.]
THE CHRONICLE
P.• Chart I shows that the mean temperature for the week, as
a whole, was
above normal throughout the country, except in local areas, as
was the
case for last week. It was especially warm for the season
in the Northeastern States where the weekly means ranged from 10
to 16 degrees above
the seasonal average, while they were mostly 4 to 7 degrees above
northern Great Plains westward. A few limited areas, however, from the
particularly
in the Southeast, the central Mississippi Valley, the
northwestern
region, and southern Rocky Mountain districts had a slightly cooler Lake
than
normal week. Freezing weather extended to the east Gulf Coast
and into
northern Florida, but did not reach the coast in
zero temperatures were reported only from the west Gulf districts. SubCentral-Northern States,
the lowest for the week being 14 degrees below zero in parts
of Montana
and northern Minnesota.
The rainfall for the week was moderate to fairly heavy in
in the more eastern States and heavy to excessive in central limited areas
Pacific
sections, as shown on Chart II. Elsewhere, as a rule, precipitatioCoast
light to moderate with very little occurring between the Mississippi n was
Valley
and the Pacific Coast States. A large area of the Southwest had
no rainfall
during the week. There was an abundance of
in
Southern States and a high percentage of the sunshinewas Central and
normal
reported in
central-northern districts, but much cloudy weather prevailed
from the
middle Atlantic area northward. The interior
and the extreme upper western Lake region of the Northeastern States
was still snow covered to
considerable depths, but the interior valleys were mostly free
of
only patches remaining, as a rule, in Central-Northern States.snow, with
In the Southern States the weather and soil conditions
as affecting
agricultural interests were rather varied. They were
in central Gulf districts where mild temperatures and generally favorable
the good condition of
the soil facilitated both farm work and the growth of
vegetation. In the
south Atlantic and east Gulf sections farm work made fairly
satisfactory
progress, though the soil continued too wet for plowing
in some places and
this work is rather backward.
Freezing weather extended well into Florida on the
12th and 13th,
however, and did considerable damage to
tender truck being reported as far south as truck crops, some injury to
the
Florida Peninsula. In the west Gulf section It southern division of the
was
for outdoor work, but was too dry for plowing in many generally favorable
places, while newlyplanted seed needed more moisture for germination;
sections. Considerable ground was prepared for truck is good in irrigated
cotton and corn in the
Southern States, and some corn was
portions of Louisiana and Texas. planted during the week in the southern
In Central and Northern States the mild weather
favored outdoor operations and some plowing was and light precipitation
to the Ohio River and in the Plains States to accomplished northward
rapidly melting snow caused local floods in southern Nebraska. The
the Northeast. Weather
conditions were favorable in the more western
temperatures and better grazing favored livestockStates where the mild
especially. More rain
was needed in the far Southwest, including southern
California.
SMALL GRAINS.—Under the influence of the
winter wheat continued to green up in the middle prevailing mild weather,
Atlantic area and in the
southern portions of the main Wheat Belt. There
was little or no snow
cover in the principal producing areas, but
temperatures, as a rule, were
not favorable for heaving, though
in local areas in the southeasternthere were some reports of plants lifting
portion of the belt, while the sudden
change to freezing was unfavorable in
continue from the western portions of the Tennessee. Favorable reports
belt, except from north-central
Kansas, but moisture is needed in the Southwest.
The wheat crop continued in satisfactory condition
Northwest with some reseeding being done in the in the far West and
The recent rainfall has been especially favorable North Pacific States.
California, and they continued to make satisfactoryfor all small grains in
progress in the South.
except where too dry in parts of the west
continued in the more southern States and Gulf area. Spring oat seeding
was being accomplished as far
north as eastern Oklahoma.
981
small orders was not wholly due to a lack of confidenc
e, as
buyers appeared to be willing and ready to pay the prices
asked for merchandise they needed. In fact, one of the
features of the week's developments has been the sale of spot
goods at a premium over prices asked for deferred delivery.
Prices have held steady, with a few advances registered, and
statistical compilations covering the textile trade show how
active the markets really are. Six months ago nearly 50%
less cotton was being consumed by mills, and the silk industry was extremely dull. The wool trade was hesitant. Reports are now being steadily received from manufacturing
channels telling of expanding activities, and are being confirmed by the increasing demand for cotton goods and silks.
Business in silks has been of such proportions that manufacturers are inclined to feel justified in predicting a prosperous year for 1925. Recently raw silk has advanced in keeping with the large consumption at the mills. The outstanding feature of the market has been the demand for large
quantities of crepe de chine for printing purposes. A broadening call for georgettes has also been noted. In fact, some
factors claim that silks are cutting into the woolen business.
Woolens, which have been the exception to the recent revival in activity throughout the textile markets, now appear
to be confronted with the former problem of the cotton mills,
namely a short supply and high prices for the raw product.
The opening of the men's wear division for fall, which took
place two weeks ago, has been a most disappointing development to factors.
DOMESTIC COTTON GOODS: The firmness of raw
cotton markets, coupled with Easter buying, resulted in increased activity throughout the markets for domestic cotton goods during the week. A slight advance in print cloths
and percales caused a scramble among buyers to procure
needed merchandise. In fact, a few staple constructions of
print cloths commanded a premium of from one-quarter to
three-eighths of a cent for immediate shipment over April
delivery. Four prices have been quoted on standard print
cloths, with spots the highest, followed by March, April and
May deliveries in consecutive order. It is a notable fact
that while buyers have needed supplies for some time, they
would not cover requirements until prices began to harden.
Consumption is now running close to production, and printers are having great difficulty producing goods for quick
The Weather Bureau also furnishes the following
resume delivery, and in a number of instances styles are so well sold
of the conditions in the different States:
that new orders cannot be handled for another 30 days or
North Carolina.—Raleigh: Temperature averaged
considerably above more. In regard to ginghams, Southern manufacturers adnormal, though cold wave in mountains and
week. Some truck planting in southeast. freezing to coast middle of vanced their lines one-half cent a yard, and a distinctly betLettuce and cabbage doing ter demand
well. Soil mostly too wet to plow. Winter
was reported. Much attention is still accorded
grain looking fairly well.
Spraying peach trees under way.
the probable opening of the fall lines, as thus far the leading
South Carolina.—Columbia: Fairly dry week with only occasional
rains. Eastern producer has given
Temperature unseasonably high last
no intimation as to when the
rather rapidly, but tree fruits still of week; hardy shrubbery leafing new lines will probably
be opened. Inquiry for sheetings has
rye healthy, with normal growth. fairly dormant. Wheat, oats, and
Truck improved. Spring potatoes also improved, and business
being planted and cabbage and spinach harvests progressing. Considerabl
is expected to show a substane
plowing done.
tial increase within the near future owing to the attractive
Georgia.—Atlanta: Warm, rainy weather at beginning and close of
prices and the long postponement of covering needs. While
week with decidedly colder Thursday and Friday and freezing
coast.
Cold favorable; checked too early development of fruit buds.toWinter the consumption of domestic cotton goods
during January
cereals doing well. Some potatoes and tobacco beds planted in south;
was quite heavy, it is believed that the continued heavy exearly tobacco plane good. Farm work generally rather
.
backward as
too wet.
ports of cotton point to higher prices for the staple, with a
Florida.—Jacksonville: Mostly dry and sunshiny; favorable
work. Low temperatures on 12th damaged truck and berriesfor farm subsequent lifting of goods values. Print cloths, 28-inch,
in west 64 64's construct
where lowlands still wet; tender truck suffered from
x
ion, are quoted at 7%c. and 27-inch, 64
frost in southern
division on 13th and berries, melons, truck,
-inch. 68 x 72's construcmuch truck killed in north and central on 13th.and early corn damaged; 609s, at 6%c. Gray cloths in the 39
Potatoes cut to ground, tion, are quoted
but will recover. Slight local damage
at 11%c. and 39
-Inch, 80 x 80's, at 13%c.
but generally trees and fruit unharmed.to tender citrus growth and bloom,
Alabama.—Montgomery: Temperature considerably below normal
WOOLEN GOODS: Although the arrival of a large
on
12th and 13th; frost and freezing
unfavorably affected vegetation; number of buyers represent
remainder of week unseasonably to coast Farm
ing clothiers, jobbers and retailwarm.
work made good progress
in coast region and some northeastern sections. Oats
doing fairly well; ers was the cause of much satisfaction to merchants in the
sowing continues. Pastures generally poor. Fruit
trees budding in south markets for woolens and worsteds,
and central portions. Planting gardens and potatoes
buying operations were
progressing in
scattered areas.
restricted, owing to the uncertainty of prices as a result of
Mississippi —Vicksburg: Mostly adequate
sunshine; week generally the easiness of foreign raw wool
fair, except light to moderate precipitation Saturday
markets. Hesitation was
to south-central Thursday. Moderate temperature to Monday. Freezing particularly noticeable in the
thereafter. Generally
men's wear division, and many
good progress in seasonable farm activities and trucking.
factors were of the opinion that various lines would probLoutsiana.—New Orleans: Cold beginning of
thereafter with only light to moderate rainfall. week, but above normal ably have to be repriced
before large scale buying could be
ment of farm work; much plowing done and someFavorable for advancecorn planted in south. encouraged. With a larger influx of buyers expected
Cane planting practically finished: germination good.
next
Oats, strawberries, week, many
and winter truck making good progress.
independents, who have delayed their openings
Pastures reviving. Roads good for season. Peaches blooming in south.
as long as possible, will show their overcoating and woolen
Texas.—Houston: Warm with abundant
sunshine and little or no pre- suiting
cipitation. Farm work made good progress,
lines. On Thursday of this week the American
Some corn and spring oats planted, but_moisture excerpt in drier sections. Woolen
needed to germinate seed.
Co. completed showing its fall lines of men's fabrics,
Progress and condition of pastures. winter
wheat, and oats mostly poor Which
and of truck good in irrigated sections with large shipments.
consisted mostly of high grade and fancy worsteds.
Rain needed
in all sections. Dirt roads fair to good.
Attention is now converging on the women's wear openings
Oklahoma.—Oklahoma City: Temperature
normal or slightly above; for fall.
practically no precipitation; sunshine abundant.
Some mills will be ready to show their lines next
with oat sowing continuing in eastern and southern Much plowing done
to good. Pastures poor. Some potatoes plantedportions. Wheat fair week, but the season is not expected to get under way until
in eastern portion. about the middle of
Precipitation needed in most sections. Dirt roads
March or later.
generally fair condition.
Arkansas.—Little Rock: Light rain and moderate
FOREIGN DRY GOODS: Expressions as to the satisfacfavorable for farm work, except in extreme northwest temperatures very
where soil wet and tory
cold. Much more plowing than usual. Some oats, vegetables,
increase in business were heard in most sections of the
and potatoes planted. Wheat and oats improving. Meadows
and pastures linen markets. Expansion has been about as expected, with
starting. Greens and onions being marketed. Fruit
uninjured.
Tennessee.—Nashville: Unusually mild, except cold
prices in relation to replacement costs said to be gradually
snap
fall light to moderate. Wheat and oats again damaged by on 12th; rain- going through
sudden freeze
a corrective course. A considerable revival in
and, although greening up some, are generally backward
considering demand for damasks was reported
average mildness of winter. Work progressed fairly well.
by importers who claimed
Tobacco beds
sown. Fruit trees pruned; buds still safe.
that although the luncheon set vogue is waning, the full and
'comic/cu.—Louisville: Moderate temperatures. Soil
well settled, but banquet sizes are gaining
freezing at night caused some lifting of wheat. Tobacco
in popularity. From this it would
stripping nearly
completed. Dirt roads bad.
seem that housewives are turning to the more normal dimensions after a long period of neglect. No decrease in the demand for dress linens was noticeable, and many of the more
THE DRY GOODS TRADE.
fancy lines are sold up. Numerous of the leading stylist retallers have run out of different patterns before the spring
Friday Night, Feb. 20 1925.
season has hardly been launched. Importers are said to be
With the exception of woolens, the markets for textiles carrying
about one-quarter of their normal stocks, and are
displayed a firmer undertone during the past week. Wholetherefore
salers, jobbers and retailers were inclined to show more Burlaps in a position to disregard any demand for bargains.
have been quiet, owing to the temporary withdrawal
Interest, although their commitments were mostly confined of buyers.
Light weights are quoted at 7.85c. and heavies
to small lots covering immediate needs. The repetition of at 9.30c.
THE CHRONICLE
982
'Rate and Titg Pepartment
NEWS ITEMS.
Arkansas (State of).—Constitutional Amendments Voted
on Last October All Carried Is the Decision of Special State
Supreme Court.—On Feb. 16 the Special Supreme Court
named to determine whether the three proposed amendments
to the State Constitution voted on at the general election
last October carried, ruled by a vote of 3 to 2 that all of the
amendments were adopted and are now part of the Constitution. All three measures in question received favorable
majorities, but did not receive a majority in each case of the
vote cast at the election, and therefore were believed to
have been defeated. The Court's decision is to the conprotrary and contends that a majority of the voters on the each
posals was sufficient for adoption. The vote cast on
proposition may be found in V. 119, p. 1979. Reporting
the decision, an Associated Press dispatch from Little Rock
dated Feb. 16 to the Chattanooga "News" said:
[Vol,. 120.
Thomas I. Taylor, representing S. S. McConnell, State Superintendent
of Banks, has been liquidating the affairs of the bank since a few days
after its closing.
A meeting of all the depositors and creditors will be called and the reorganization perfected, with a five-year basis or longer given for the liquidation of large debts and two-year and three-year basis for smaller ones.
This move is considered wise strategy by interested persons to safeguard
the road bond, $350.000 of funds from which were held by the bank as a
deposit at the time of its failure. This money was held by the bank as a
deposit for four years. Mr. °raper was chairman of the County Highway
Commission for several years and the highways for which the money was
borrowed were not built.
The movement for the reorganization of the bank is for the purpose of
process
estopping the legal proceedings to repudiate the bonds by legalruin the
which many taxpayers believe, even if successful, would forever
credit of the county.
Technical contentions that the highway bonds are invalid and which will
be projected in the litigation for their nullification are:
They call for 6% interest, when the rate should have been 53i7.•
Tha amount ($350,000) of the bonds is in excess of 10% of the taxable
valuation of the county's property which is forbidden by law, &c.
whether three
The special Arkansas Supreme Court named to determine election last
amendments to the State Constitution. voted on In the general
all of the amendments were
October, carried ruled to-day (Feb. 16) that
Arkansas.
adilpted, and now are a part of the Constitution of the majority members
The decision was by a vote of 3 to 2 of the Court,
the propoholding that the contention that a majority of the votes cast on
posals was sufficient for adoption.
amendments had carried arose over the
The question as to whether the
negative vote for
fact that while the affirmative vote was greater than themajority of all the
each of the proposed amendments, they failed to draw a
votes cast in the election.
of the State Supreme
The amendments propose to increase the personnelsalaries of the Justices
to increase the
Court from five to seven members and year: to permit counties and municiof the Court from $4,000 to $7,500 a
and propalities to Issue bonds for payment of outstanding indebtedness, prohibit
to
hibit expenditures in future in excess of current revenues, and confer such
and to
the General Assembly from enacting local legislation initiative and referright upon counties and municipalities through the
endum.
opinion in
Chief Justice McCrae, former Governor, read the majority
Justices Mann
which Special Justices Arnold and Cravens concurred.
and Coleman dissented.
Court
The decision to-day overruled a decision by the regular Supreme
be adopted an amendment
rendered in 1915, in which the Court held that toin the election at which it
must receive a majority of the total vote cast
was voted on.
Attalla, Etowah County, Ala.—Voters Authorized Sale
of City Water Works.—At an election held on Feb. 16 the
electors, by a count of 219 to 99, voted in favor of authorizing
the city to sell its water works. It is stated that the Alabama
Water Co. will probably be the purchaser. This company
now operates the water works under lease.
Chicago Sanitary District, Ills.—Injunction to Reduce
Flow into Sanitary Canal Suspended by U. S. Supreme Court
for Sixty Days.—Washington advices dated Feb. 13 published
in the New York "Herald Tribune" state:
Idaho (State of).—House Rejects Child Labor Amendment.
—On Feb. 7 the House of Representatives of the Idaho
Legislature refused to ratify the proposed Child Labor
Amendment to the Federal Constitution, defeating a resolution for ratification by a vote of 18 to 38.
Indiana (State of).—Constitutional Amendment Placing
a Tax on Incomes Again Poised by Legislature—Signed by
Governor.—The Legislature has adopted the Senate Joint
Resolution No. 4 proposing to amend the State Constitution
to permit that body (Legislature) to levy an income tax.
The resolution has also been signed by Governor Jackson.
This makes the second time the amendment has been passed,
the 1923 Legislature having first passed it, and it will now
go before the voters for their approval.
Massachusetts (State of).—Senate Rejects Child Labor
Amendment.—The Federal Child Labor Amendment was
rejected on Feb. 16 by the Massachusetts Senate by a vote
of 33 to 1.
Following the action of the Senate, the House of Representatives on Feb. 19 defeated by a vote of 204 to 9 a resolution for the ratification of the Federal Child Labor amendment. Although the Senate has already defeated the amendment, the resolution was sent to tha', body for concurrence.
A proposal to ratify the amendment was defeated by the
voters of the State on Nov. 4 lagt by a vote of 241,461 for
to 697,563 against (V. 119, p. 2908).
New York City.—City Tax Rate for 1925 at $2 68 per
$100—Reduction from 1924.—Comptroller Charles L. Craig,
in a statement issued on Feb. 19 announced that the general
tax rate in all five boroughs will be $2 68 per $100 for 1925,
a reduction of five points under the base tax rate of $2 73
levided for 1924. The reduction is ascribed to three causes
by the Comptroller the principal one being the increase
in the assessed value of taxable property. The Comptroller's statement, in part reads as follows:
Jan. 5
The mandate of the Supreme Court giving effect to its decision of
The first or principal cause, of course, is the increase in the assessed
in the Chicago Sanitary District case was issued to-day (Feb. I3)• issued
for sixty days operation of the injunction
value of taxable property.
The decision suspended
Sanitary District
Secondly, there have been substantial economies in the short-term
by the Federal District Court at Chicago restraining the whatever amount
borrowing for the city conducted by the Comptroller, and greater efficiency
from withdrawing from Lake Michigan water in excess of
in
in reducing losses from uncollectible taxes. The appropriationstax the •
is fixed by the Secretary of War.
demodification
and for the
Since then War Department engineers have recommended a 8,500 cubic budget to pay interest upon short-term borrowings by the Comptroller,
regulations so as to permit the city to withdraw
ficiency account, both of which are administered
of the present
on this proposal will be were the only appropriations that showed any substantial reduction from
feet a second for a five-year period, and a hearing
being with- 1924 against very large increases in almost all other appropriations.
held before Mr. Weeks on Feb. 20. At present 10.000 Cu. ft. is
Thirdly, there was also a reduction in the appropriation for the direct
drawn, although regulations prescribe less than half that amount.
merely colorable because the
State tax. This reduction,
Austria) State has raised more money however, is in the City of Now York, but
than usual
Graz City of (Province of Styria, Republic of
by the exercise of the State taxing power in the collection
—$2,500,000 Mortgage Loan Bonds Sold in United States.— it has been done taxes and corporation taxes, the increase in which has
of personal income
upon real
John Nickerson & Co. and C. B. Richards & Co., both of made possible some reduction in the direct State taxby the Stateestate.
and a
Due to the fact that these indirect taxes are collected
New York, successfully marketed here on Feb. 17 $2,500,000 certain proportion thereof paid over to the city, that is, the present inand come and corporation taxes, these receipts are reflected in the city's general
8% gold mortgage loan bonds of the City of Graz at 98
interest, to yield. about 8.17%. Coupon bonds in denomi- fund. consequence of these contributing causes is that the ganeral fund
The
nations of $1,900, $500 and $100. Dated Nov. 1 1924. is larger than it has ever been before.
The reduction of five points, lowering the tax rate from 2.73 to 2.68,
Principal and interest (and premium in case of redemption)
to the benefit of the owners of real estate, and indirectly
payable in New York City at the Chase National Bank in inures directly it should be reflected in preventing further increases in
through them
In other
States gold coin of the present standard of weight rents and in bringing about substantial reductions thereof.real estate,
United
of general benefit not only to the owners of
words, it
and fineness, without deduction for any Austrian taxes, but to allis a matter in the city.
the tenants
six
present or future. Due Nov. 1 1954, redeemable upon
months' notice on May 1 1935 or any interest date thereand accrued interest. The Chase National
after at 103
Bank of New York is trustee of the loan.
Additional data regarding the loan may be found in our
a
"Department of Current Events and Discussions" on
preceding page.
nty
Henderson County (P. 0. Lexington), Tenn.—Cou ter
Repudiate $350,000 Road Bonds Sold in 1920—Coun
Would
8 says
Move Planned.—The Memphis "Appeal" of Feb. bonds
effort to repudiate the 8350,000 of highway 1920,
that an
in
voted by the Henderson County Court in 1919, sold Omaha,
at
and now held by the Woodmen of the World
Judge, acting
Neb., will be made by F. M. Davis, County
authorizstion from the County Court to proceed
under an
with litigation, and adds: action of the County Court and sustain
Meanwhile a plan to balk the
effecting a reorganization of the
the validity of the highway bonds by
upholding the validity of the bonds
defunct Citizens Bank of Lexington,
county has gotten started.
by legal action and thus save the credit of the placed as a deposit in the
was
Money obtained from the sale of the bonds and promises to pay only a
liquidation
bank which is now in process of
transferred here from a national
small percentage of the deposits. It was to effect its transfer was signed
bank at Jackson, Tenn., after an order Judge at Memphis. To protect
by Chancellor J. Will Ross, now Federal
money was placed in the Citizens
the county against loss at the time the
President, gave bond for $350,000
Bank. Henry E. Graper, the bank's 99 of the county's foremost citizens.
and interest. This bond was signed by Others, including prominent men,
a number of whom have since died.
have transferred their holdings.
Long Time to Repay Loans.
of certain influential
The bank failed on Sept. 18 1024. A proposal
made with a view toward
men of the county to reorganize the bank has been as possible, and to permit
the wreckage as far
conserving the assets to reduce
tho bank was condebtors to repay their loans. At the time of its failure
a belief which
idered by many the strongest institution in the county,
ubsequent) vents have dissipated.
In explaining the rate, the New York "Evening Sun"
on Feb. 19 said in part:
The general rate as announced by Comptroller Craig is the basic rate
only and must come before the Board of Aldermen for legalization. His
report and recommendations as to tax rate, &c., furnishes the only information available for the Board to act on in the fixing of rate, so it is
presumed that this body will legalize the Comptroller's recommendation.
To this basic rate will be added also the county expenses of the various
boroughs, the taxpayers of each borough being required to apportion
among themselves the expenses of their own county governments.
For the purpose of showing how the money of the New
York City taxpayers is being expended, Comptroller Charles
L. Craig has prepared an analysis classifying the several
activities of the City Government into nine general groups
and showing the appropriations made for each group and its
percentage of the total amount of city appropriations computed. A summary of the analysis follows:
P.C. clf
Sums
Tots.
Spent.
Police protection, punishment of crime, maintenance
$50,461,771 13.916
of
10,890,594
Administration of civil justice
7.272
26,369,697
Dependents and unfortunates
51.678,351 14,251
Health conservation_
6.99
25,363,071
Fire protection
112,317,947 30.973
Education and recreation
57,885,587 15.963
Commerce and transportation
7,462
27,057.989
Mayoralty, City Government, &c
Referringae2.030 Federal1.66o
Public markets
Oregon (State of).—House Passes Bill
Child Labor Amendment to Voters.—The House of Representaof
tives on Feb. 12 passed a bill providing the submission to
the Child Labor Amendment to the Federal Constitution
the voters of the State.
Pennsylvania (State of).—State Rejects Federal Child
17
Labor Amendment.—The State Senate defeated on Feb.
FEB. 21 1925.]
THE CHRONICLE
the proposed Child Labor Amendment to the Federal Constitution by a vote of 43 to 4. The action disposes of the question in the State, it is stated, as there is no resolution before
the House of Representatives.
Soldiers' Bonus Amendment Passed by House.
-New State
Bond Enabling Act Passed By Senate.
-The House of Representatives on Feb. 17,by a vote of 174 to 1 against, passed a
proposed amendment to the State constitution providing for
a $35,000,000 bond issue for payment of a bonus to Pennsylvania veterans of the World War. The bill was sent to
the Senate for action. The amendment is the second proposed in Pennsylvania for payment of a soldiers' bonus. The
other amendment passed the second time by the 1923 session
of the Legislature was declared unconstitutional because the
enabling act prohibited its submission until the 1924 election.
The amendment was attacked on the ground that submission
last year was unconstitutional, violating that section of the
State's organic law, which prohibits constitutional amendments oftener than once in five years.
The Senate has passed a new $50,000,000 Highway Bond
Enabling Act. The vote in the Senate was recorded as 27 to
0. The act is intended to replace the one passed two years
ago, but which was held invalid by the State Supreme Court
on Jan.6(V. 120, p. 356.)
Poland (Republic of).
-$35,000,000 External Loan
Floated in United States.
-On Feb. 16 Dillon, Read & Co. of
New York offered and sold in the United States $35,000,000
8% 25-year gold sinking fund external bonds of the Republic
of Poland. The offering price was 95 and interest(minimum
yield 8.53%). The bonds are coupon bonds in denominations of $1,000, $500 and $100, registerable as to principal,
are dated Jan. 1 1925 and are payable at 105% on or before
Jan. 11950. A sinking fund is provided to redeem the entire
issue at 105% and interest by semi-annual call by lot of
one-fiftieth of total amount issued, beginning July 1 1925.
In addition to being subject to sinking fund redemptions,
beginning July 1 1925 bonds may be redeemed as a whole or
in part by lot on any interest date after July 1 1936 at 105
and Interest. Interest payable semi-annually (J. &
J.).
Principal, premium and interest payable in U. S. gold coin
at the office of Dillon, Read & Co., New York, without
deduction for any Polish taxes present or future. The above
$35,000,000 bonds are part of a total authorized issue of
$50,000,000.
Further information regarding this loan may be found on
a preceding page in our Department of "Current Events and
Discussions."
St. Martin-Landry Drainage District No. 1, La.
Ordinance Creating District Repealed-16350,000 Bond Election
Annulled as Result.
-According to the New Orleans "TimesPicayune" of Feb. 15, the Police Jury of St. Landry Parish
repealed the ordinance creating the St. Martin-St. Landry
Drainage District No. 1, thereby annulling the election held
to issue $350,000 of bonds.
Wisconsin (State of).
---Federal Child Labor Amendment
Ratified.
-On Feb. 11 the Child Labor Amendment to the
Federal Constitution was ratified by the State of Wisconsin.
This is the fourth State to take such action. The other three
are Arkansas, California and Arizona, which ratified the
amendment in the order named.
983
to 101.28, a basis of about 4.62%. Date Mar. 11925. Coupon warrants.
Due Mar. 1 1940. Other bidders:
Paine, Webber & Co
-5K% plus $200.
Drake, Jones & Co.
-6% Plus $175.
BAY CITY, Bay County, Mich.
-BOND SALE.
-Keane. tHgble &
Co. of Detroit have purchased $15.000 water-works bonds.
BAY VILLAGE SCHOOL DISTRICT (P.0. Bay Village), Cuyahoga
County, Ohio.
-BOND OFFERING.
-Sealed bids will
D. M. McAuley, Clerk Board of Education. until 12 m. be received by
time) March 4 for $100.000 53% coupon school bonds. (central standard
Denom.
Due every six months as follows: $1.000 April 11926. 82.000 Oct. 31.000.
11926..
S1.000 April 1 1927. $2.000 Oct. 1 1927, $1,000 April 1 1928. $2,000 Oct. 1
1928. 81,000 April 1 1929, $2,000 Oct. 1 1929 to Oct. 1 1951, inclusive.
Certified check for 1% of the amount of bonds bid for, payable to the
District Treasurer. required.
BEDFORD TOWNSHIP SCHOOL DISTRICT NO. 6, Calhoun
County, Mich.
-ADDITIONAL INFORMATION.
-Following is a
description of the $25,000 53
, school bonds sold to the Detroit Trust Co.
1%
of Detroit (see V. 119. p. 2787). Denom. $1,000. Date Dec. 1 1924.
Int. A.& 0. Due April 1 1927 to 1948.
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND
Sealed bids will be received by Robert A. Swain. County OFFERING.
2 p. in. March 14 for the following issues of 45.5% couponTreasurer, until
bonds:
$24,000 Owynne Douglass et al. highway bonds. Denom. $1,200. Due
$2,400 every six months from May 15 1926 to Nov. 15
17,500 John Holscher et al. highway bonds. Denom. 8875. 1930,incl.
Duo $1.750
every six months from May 15 1926 to Nov. 15 1930. incl.
Date March 14 1925. Principal and semi-ann. in (M.& N.15) payable
at the County Treasurer's office.
BERKELEY, Oakland County, Mich.
-ADDITIONAL INFORMATION.
-We are now in receipt of the following additional information
regarding the $27,500 6% special assessment coupon bonds sold to
Stockard & Co. of Detroit at 100.28 (see V. 119, p. 2436). Denom. Joel
81.000
and $500. Date Nov. 1 1924. Int. M.& N. Due serially from Nov. 1
1925 to 1928, inclusive.
BERRIEN COUNTY (P.O. Benton Harbor), Mich.
-BOND
The Detroit Trust Co. of Detroit has been awarded the $46.288 SALE.
assessment road No. 53 bonds offered on Sept. 19-V. 119. 44 special
P. 1311-as
5s at a premium of $486. equal to 101.04. Denoms. 31,000 and $500.
Date Nov. 1 1924. Int. M.& N. Due in 1 to 10 years.
DESCRIPTION.
-Following is a description of the $225,000 Covert
Road bonds sold to Joel Stockard & Co. of Detroit as 43(s (see V. 120. p.
609): Denoms. $1,000, $500 and $250. Date Feb. 1 1925. Int. M.& N.
Due May 1 1926 to 1935. inclusive.
BESSEMER CITY, Gaston County, No. Caro.
-BOND OFFERING'
-Sealed bids will be received until 2 p. m. Feb. 26 by M. L. Rhyne, Town
Secretary, for $20,000 sewer, coupon or registered, bonds to bear interest
not exceeding 6%. Date Feb. 1 1925. Denom. $1.000. Due $1,000
Feb. 1 1928 to 1947, inclusive. Principal and interest (F. & A.) payable
in gold coin in New York. The bonds will be prepared under the supervision of the United States Mortgage & Trust Co., 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 Reed. Dougherty
& Hoyt of New York City. A certified check for 2% of bid, payable to
the town, is required.
BETHANY,Harrison County, Mo.-BOND ELECTION.
-An
will be held on Mar. 3 for the purpose of voting on the question election
of issuing
$24,000 water works and electric light plant bonds.
BIRMINGHAM, Jefferson County. Ala.
-BOND SALE.
-The $240,000 534% public improvement bonds offered on Feb. 17-V. 120,
were awarded to the First National Bank of Birmingham at p. 730
104.63-a
basis of about 4.55%. Date March 2 1925. Due March
2 as follows:
$24,000, 1926 to 1935, inclusive.
BLUE ASH SCHOOL DISTRICT (P. 0. Blue Ash),
Hamilton
County, Ohio.
-BOND OFFERING.
-W. F. Kennedy, Clerk
Education, will receive sealed bids until 8 p. m.Feb. 24 for $1.866Board of
school bonds. Donom. $100 and one for $166 66. Date Feb.66 53i%
Prin. and semi-ann. Int. payable at the First National Bank of 1 1925.
Norwood.
Due yearly on Oct. 1 as follows: $166 66. 1926. and $109, 1927 to
1943
Inclusive. Certified check for $200 required.
BLUE EARTH COUNTY (P. 0. Mankato), Minn.
-BOND OFFERING.
-Until 2 p. m. Mar. 5 sealed bids will be received
Clerk for $15.825 51 bonds to bear interest at a rate not by the County
to
Date Feb. 1 1925. Denom. 31,000. except 1 for 8.825 51. exceed 5%.
A
check payable to the County Treasurer, for 5% of bid is required. certified
BLUFFTON, Allen County, Ohio.
-BOND OFFERING.
bids will be received by C. A. Stauffer, Village Clerk, until 12 m. -Sealed
for 31,150 M4% village's portion South Main St. paving bonds. March 14
Denom.
$250 and $300. Date March 11925. Prin. and semi-ann. int.(M.
payable at the office of the Sinking Fund Trustees. Due every six &
as follows: $250, Sept. 1 1926: $300, March 1 1927 to March months
incl. Certified check for $100 on a solvent bank or trust company, 1 1928
payable
to the Village Treasurer. required.
BOISE CITY, Ada County, Ida.
-BOND OFFERING.
will be received until 12 m.(to be opened at 2 p. m.) March-Sealed bids
Hopper. City Clerk, for $115,000 station-approach coupon 17 by Angela
bonds, to bear
interest at a rate not exceeding 6%. Date Feb. 1 1925.
Denom.
Due Feb. 1 1945, optional after ton years. Legality approved S1.000.
ALLEGANY COUNTY (P. 0.
by Teal.
Cumberland), Md.-BOND SALE.
- Winfree, Johnson & McCulloch, of Portland. Principal and interest (J. &
The $500,000 4B/i% school bonds offered
on Feb. 17-V. 120, p. 609
- J.) payable at the City Treasurer's office or at the Chase
were sold to Nelson, Cook de Co.; Townsend,
Scott & Son, and Baker, New York City. A certified check for 82,500, payable National Bank,
Watts & Co., all of Baltimore. at 101.26,
to the city, is
July 11924. Due $50,000 yearly on July a basis of about 4.16%. Date required.
1 1940 to 1955 inclusive.
BOULDER, Boulder County, Colo.
-BOND SALE.
ARDMORE SCHOOL DISTRICT NO.
-James N.
19 (P. 0. Ardmore), Carter Causey & Co., of Denver, have purchased an Issue of $100,000 refunding
County, Okla.
-BOND SALE.-Tho Brown-Crummer
Co. of Wichita bonds.
has purchased an issue of $30,000 5% school
bonds.
BOURBON COUNTY (P. 0. Fort Scott), Kan.
-BOND OFFERING.
ATHENS, Clarke County, Ga.-BOND
OFFERING.
-James Barrow, -Until 10 a. m.Feb. 24 sealed bids will be received by 'Coley Culbertson.
City Treasurer, will receive sealed bids until 12 m.
Feb.25 for $58,000 4Si% County Clerk, for the following 4 % road bonds, aggregating 895.000:
water works bonds: Date Jan. 1 1925. Due Dec.
$53,000 bonds. Due Feb. 1 as follows: $6.000, 1026 to 1928 Incl.,
and
interest (J. de J.) payable in Athens or New York.11954. Principal and
*5.000, 1929 to 1935 incl.
A certified check for
5% of bid is required.
42,000 bonds. Due Feb. 1 as follows: $5,000, 1926 and 1927, and
.
$4.000, 1928 to 1035 incl.
AUDUBON SCHOOL DISTRICT(P.O.
Date Feb. 16 1925.
-BOND SALE.
N. J.
-M. M. Freeman & Audubon),Camden County,
Co. of Philadelphia have pur- 2% of bid is required. Denom. $1,000 and $500. A certified check for
chased the following issues of 436% school bonds,
offered on Feb. 6V. 120. p. 357:
BRATTLEBORO, Windham County, Vt.-BOND OFFERING.
$460,000 school bonds of the denom. of 81.000
Sealed bids will be received until
1925 and $11.000 will mature Marcheach to be dated March 1 Treasurer,for 8550.0004% water10 a. m. Feb. 26 by W.H. Perry, Village
bonds. Due as follows: $10,000 in 1926.
1 1926 to 1955 inclusive.
and $13,000, 1956 to 1965 inclusive.
$10.000 in 1927. 811.000 in 1928. $11.000 in 1929. 312.000 in 1930. 812,000
40,000 school bonds of the denom. of $1,000 each, to
in 1931,$13,000 In 1932,*13.000
814.000 in 1934. S14,000 in 1935.
1925 and $2,000 will mature March 1 1926 to be dated March 1 $15.000 in 1936. 815.000 in 1937,in 1933.in
816.000 1938. 816.000 in 1939. 817,000
1945 inclusive.
in 1940. 818,000 in 1941. 319,000 in 1942. 820.000 in 1943. $21.000 in 1944.
BADGER, Roseau County, Minn.
-BOND OFFERING.
-Until 7:30 $22.000 in 1945. 823.000 in 1946. 524.000 in 1947. 825,000 in 1948. 826.000
D. m. sealed bids will be received by the City Clerk for
$19,000 6% electric in 1949, 827.000 in 1950,828,000 in 1951, $29,000 in 1952. $30,000 in 1953.
lighting plant bonds. Due March 2 1945.
831,000 in 1954, 58.000 in 1955. All of said bonds are in denomination of
BASIN, Big Horn County, Wyo.-BOND SALE.
81,000 each, coupon in form, with privilege of full registration or registra-An
5% refunding water bonds was purchased by Benwell & issue of $85,000 tion as to principal only, bearing interest payable semi-annually on the
Co. of Denver at first day of Sept. and March, both principal and
04.25. Date Mar. 1 1925.
interest payable
National Shawmut Bank of Boston, or at the office of the Treasurer at the
of the
BATTLE CREEK AND BEDFORD TOWNSHIPS
Village of
SCHOOL DIS- prepared Brattleboro, Vt., at the option of the holder. These bonds are
TRICT NO. 2, Calhoun County, Mich.
under the supervision of, and certified as to the genuineness by the
-BOND SALE.
-The Detroit Old
Trust Co. of Detroit has been awarded $75,000 5% school
Colony Trust Co.
bonds. Due Thorndike, Palmer & of Boston, and legality will be passed upon by Storey.
1924 to 1938, inclusive.
Dodge of Boston. whose opinion will be furnished the
purchaser. All legal papers incident to this issue will be filed with said
BALTIC VILLAGE SCHOOL DISTRICT (P.O. Baltic),
Tuscarawas trust company, where they may be inspected at any time. Bids must be
County, hlo.-BOND SALE.
-Ryan,Sutherland & Co.. Toledo,
have accompanied by a certified check up_on an incorporated bank or trust
purchased the $25,000 5% coupon school bonds offered on Feb. 16
(V. 120.
to the order of
H.
Village Treasurer, Brattlep.479) for $25,241, equal to 100.93-a basis of about 4.87%. Date Feb. 1 company, payableof the par valueW.thePerry, to be sold.
boro, Vt., for 2%
of
bonds
yearly on Oct. 1 as follows: 81.000, 1926, and $1.500,
1925. Due
1927 to
BRENTWOOD SCHOOL DISTRICT (P. 0. Brentwood) All..
1942, inclusive.
gheny County, Pa.
-BOND ELECTION.
-A special public election will
BATON ROUGE,East Baton Rouge Parish, La.
-BONDS VOTED.
- Se held on March 17 to increase the bonded indebtedness of the district
in
At an election held recently the voters authorized the issuance of $200.000 the amount of $150.000.
Paving bonds.
BREWTON, Escambia County, Ala.
-BOND OFFERING.
BAUDETTE,Lake-of-the-Woods County, Minn.
-WARRANT SALE. bids will be received until 3 p. m. Feb. 24 by R. E. Park. City -Sealed
Clerk, for
The $16,000 funding warrants offered on Feb. 11 (V. 120, p. 730) were $250006% water works and electric light system
awarded to F. E. Magraw of St. Paul as 5s at a premium of $205 equal Due July 1 as follows: 81,000 in 1925 to 1928, bonds. Date July 1 1924.
incl.;
1929 and 1930,
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
a
$1,500.
984
THE CHRONICLE
and $2,000 in 1931 to 1939, incl. Principal and interest payable at the
Hanover National Bank. New York City.
BROCKAWAY SCHOOL DISTRICT NO. 1 (P. 0. Yale), St. Clair
-On Nov. 6 an issue of $9,000 5% school
-BOND SALE.
County, Mich.
bonds was sold to Brasie Hull & Co. of Detroit for $9,001, equal to 100.01,
a basis of about 5%. Denom. $1.000. Date Nov. 1 1924. Interest
M. & N. Due $1,000 Nov. 1 1925 to 1933, inclusive.
-The
-TEMPORARY LOAN.
BROOKLINE, Norfolk County, Mass.
First National Bank of Boston has been awarded the temporary loan of
$240,000 offered on Feb. 16 (V. 120, P. 855) on a 2.97% discount basis plus
a $3 premium. Due Oct. 29 1925.
BURNHAM SCHOOL DISTRICT (P.O. Burnham), Mifflin County,
Pa.
-Sealed bids will be received by John L. Pandel.
-BOND OFFERING.
Secretary School District, until 7:30 p. m. March 11 for $50,000 434%
coupon school bonds. Denom. $1,000. Date Feb. 1 1925. Prin. and
semi-ann. int. (F. & A.) payable in Burnham. Due Feb. 11955; optional
Feb. 1 1935. Legality approved by W. W. Uttley of Lewistown.
CALDWELL SCHOOL DISTRICT (P. 0. Caldwell), Essex County,
N. J.
-An issue of $375,000 school bonds has been sold
-BOND SALE.
to the Teachers Fund at par. These bonds, it is stated, were authorized
during January.
-BOND SALE.
-The City
CASS COUNTY (P. 0. Logansport), Ind.
Securities Co. of Indianapolis has purchased the X19,000 5% James Winters
-at a premium of $891.
road bonds offered on Feb. 14-V. 120, n. 357
equal to 104.68, a basis of about 4%. Date Feb. 15 1925. Due $950
every six months from May 15 1926 to Nov. 15 1935. inclusive.
-BOND SALE.-Benwell &
CASTLE ROCK, Dauer s County, Colo.
Co., of Denver, purchased on Feb. 5 an issue of $20,000 6% highway
Improvement bonds at 93.
-The Union
-BOND SALE.
CHANDLER, I.incoln County, Okla.
National Bank of Chandler recently purchased an issue of $7,500 6% improvement bonds. Due in 1950.
-R. M.
-BOND SALE.
CHESHIRE, New Haven County, Conn.
Grant & Co. of New York have been awarded the following two issues of
-at 102.1291, a
4h% coupon bonds offered on Feb. 17-V. 120. p. 855
basis of about 4.00%:
$80,000 school bonds. Due $4,000 yearly on Jan. 1 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. 1 1925.
Rate Bid.
Rate Bid.
101.039
101.54 R. L. Day & Co
Estabrook & Co
101.236
101.213 Colonial Trust Co
Rutter & Co
100.899
101.467 Thomson, Fenn & Co
;Kissel, Kinnicutt & Co
101.13
101.32 E. H. Rollins & Sons
Eldredge & Co
-Merrill.
-BOND SALE.
CHICOPEE, Hampden County, Mass.
Oldham & Co. of Boston have purchased S31.0(1) 4% playground bonds at
100.63. Date Feb. 1 1925. Due 1926 to 1935, inclusive.
-A temporary loan of $200.000 has been sold to
TEMPORARY LOAN.
the Chicopee National Bank of Springfield on a 3.048% discount basis.
Due Nov. 28 1925.
-At an
-BONDS VOTED.
CHISHOLM, St. Louis County, Minn.
election held recently the voters authorized the issuance of $50,000 sewer
system bonds.
CLEVELAND CITY HIGH SCHOOL DISTRICT (P. 0. Cleveland),
-BOND OFFERING.
-Sealed bids will be
Cuyahoga County, Ohio.
received at the office of G. A. Gesell, Clerk-Treasurer Board of Education,
4 p. m. (eastern standard time) March 16 for $4,800,000 431. 434
until
or 451% coupon school bonds. Denom. $1,000. Date April 1 1925.
Principal and semi-annual interest (A. & 0.) payable at the American
Exchange National Bank of New York. Due $240,000 yearly on April 1
1926 to 1945, inclusive. A certified check drawn on a solvent bank or trust
company for $103.000, payable to the order of "The Board of Education
of the City School District of the City of Cleveland. Ohio," must accompany
each bid. (The State of Ohio or taxing district thereof, bodies politic and
corporate of the State of Ohio and Public Commissions or Boards authorized
by the laws of this State are exempted from making this deposit.) All bids
should be upon blanks which will be furnished by G. A. Gesell, ClerkTreasurer, upon request. The favorabie opinion of Squire, Sanders &
Dempsey, of Cleveland, Ohio, with a full transcript of the proceedings will
be furnished to the successful bidder. Conditional bids will not be considered.
COAST UNION HIGH SCHOOL DISTRICT (P.O.San Luis Obispo)
-BOND OFFERING -Sealed bids will
San Luis Obispo County, Calif.
be received until 2:30 p. m. March 2 by J. 0. Driscoll, County Clerk, for
$30,000 5% school bonds. Date March 2 1925. Denom. $1.000. Due
March 2 as follows: $1,000 in 1926: $2,000 in 1927: $3.000. 1228 to 1932.
inclusive, and $4,000, 1933 to 1935, inclusive. Principal and interest
(M. & S.) payable at the County Treasury. A certified check for 3% of
bid is required.
-BOND OFFERING.COLUMBIA COUNTY (P. 0. Hudson), N. Y.
Sealed proposals will be received by Clyde H. De Witt, County Treasurer,
until 2 p. m. March 2 for the following isfilleS of 434% registered bonds:
$42,000 highway bonds. Due on March 1 as follows:$2,000, 1945:$10,000.
1946 and 1947, and $20,000, 1948.
25,000 county home bonds. Due on March 1 as follows: $5,000. 1945,
and $10,000. 1946 and j(47
Denom.$1,000. Date March 11925. Principal and semi-annual interest (M. & S.) payable at the office of the County Treasurer in New York
exchange. The validity of the bonds will be approved by John C. Thomson
of New York, whose opinion will be furnished to the successful bidder.
Proposals will be received for the whole or part of bonds. All proposals
must provide for the payment of the accrued interest by the purchaser from
the date of the bonds to the date of delivery, and must be accompanied by
a certified check upon an incorporated bank or trust company, payable to
the County Treasurer, for 2% of the amount of bonds bid for, the amount
of said check to be credited upon the bid. If accepted.
Financial Statement.
$529.000
Total bonded debt (including this issue)
31.217,703
Assessed valuation of real property
CLAY TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Algonac),
-We are
-ADDITIONAL INFORMATION.
St. Clair County, Mich.
now in receipt of the following information regarding the $10.000 school
to the Detroit Trust Co. of Detroit (see V. 119, p. 2788).
bonds awarded
Interest at 5%. Denom. $1,000. Date Dec. 1 1924. Interest M.& S.
Due $1,000 March 1 1926 to 1935, inclusive. The bonds were sold on
Dec. 15 1924.
-BOND OFFERING.
COLUMBIANA, Columbiana County, Ohio.
Sealed proposals will be received by Lloyd Wilson, Village Clerk, until
12 m. March 14 for5$4,191 48 534% coupon Salem St. assessment bonds.
Denom. $465 72. Date Feb. 11925. Int. F. & A. Due $46572 Feb. 1
1926 to 1934 incl. Certified check for 5% of the amount of bonds bid for,
Payable to the Village Treasurer, required.
-BOND SALE.
-On Feb. 2
CONNELLSVILLE, Fayette County, Pa.
the $50,000% coupon or registered bonds offered on that day (V. 120.
p. 480) were sold to the Union Trust Co. of Pittsburgh for a premium of
7. Date Feb. 11925. Due
$950, equal to 101.90-a basis of about 4.140
yearly on Feb. 1 as follows: $4,000, 1926 to 1929, inclusive; $5,000, 1930 to
1932, inclusive: *6,000, 1933 and 1934, and $7,000, 1935.
COVENTRY TOWNSHIP RURAL SCHOOL DISTRICT (P.O. R. D.
-BIDS REJECNo. 4, Box 89, South Akron), Summit County, Ohio.
-All bids received for the $120,000 534% school bonds offered on
TED.
Feb. 12(V. 120. p. 480) were rejected on account of error in advertising of
bonds.
CROSBY COUNTY INDEPENDENT SCHOOL DISTRICT (P. 0.
-The Brown-Crummer Co. of
-BOND SALE.
Crosbyton), Texas.
Wichita has purchased an issue of $23,000 5% school building bonds.
-BOND SALE.
-The Brown
DALLAS COUNTY (P.O. Fordyce), Ark.
Crummer Co.of Wichita has purchased an issue of $75,000 534% road bonds.
Due 1925 to 1937.
-BOND SALE.
-The
DE KALB COUNTY (P. 0. Auburn), Ind.
Merchants' National Bank of Muncie has purchased the $17,000 43.407
coupon highway improvement bonds offered on Feb. 12 (V. 120, P. 480)
for $17,357 25, equal to 102.10. a basis of about 4.07%. Date Mar. 1
1925. Due $850 every six months from May 15 1926 to Nov. 15 1935 incl.
[VoL. 120.
-An
DELTA, Fulton County, Ohio.
-BOND SALE CORRECTION.
Issue of $13,000 531% coupon city hall bonds was purchased on Oct. 6 by
the Peoples Savings Bank of Delta for a premium of $254,equal to 101.95.
This corrects the report which appeared in V. 120. p. 358. to the effect
that $14,735 bonds had been sold on Oct. 6.
DOVER CONSOLIDATED SCHOOL DISTRICT, Olmsted County,
Minn.
-BONDS VOTED.
-At a special election held on Jan. 24 the voters
authorized the issuance of $50,000 school bonds by a vote of 133 for and
56 against.
-BOND
EAST BATON ROUGE PARISH (P. 0. Baton Rouge), La.
SALE.
-The following highway revenue coupon bonds, aggregating $360,000, offered on Feb. 10 (V. 120, p. 358) were awarded to W. L. Slayton &
Co., of Toledo, as 43is at a premium of $301, equal to 100.07-a basis of
about 4.48%:
$300,000 road and public highway bonds. Due Feb. 1 as follows: $38,000.
1926:$40,000. 1927:$113.000, 1928; $45,000, 1929:$48,000, 1930;
$51,000, 1931, and $35.000, 1932.
60,000 public highway bonds. Due Feb. 1 as follows: $10,000. 1926 to
1930, inclusive, and 55,000. 1931 and 1932.
Date Feb. 1 1925.
EAST BATON ROUGE PARISH ROAD DISTRICT NO. 6 (P. 0.
Baton Rouge), La.
-BOND SALE.
-The $50,000 coupon Series"N"road
bonds offered on Feb. 10(V. 120, p.480) were awarded to W.L. Slayton &
Co.of Toledo at par. Date July 15 1924. Due $2,000 yearly July 15 1925
to 1949, inclusive.
EAST BATON ROUGE PARISH SUB-ROAD DISTRICT NO.3 OF
-BOND SALE.ROAD DISTRICT NO. 6 (P. 0. Baton Rouge), La.
W.L. Slayton & Co., of Toledo, have purchased an issue of $20,000 street
graveling bonds at par.
EAST FELICIANA PARISH ROAD DISTRICT NO,2(P.O.Clinton).
La.
-W. L. Haney, Clerk Police Jury, will receive
-BOND OFFERING.
sealed bids until 12 tn. March 11 for $100.000 5% road bonds. Date
April 1 1925. Due serially April 1 1926 to 1955. Principal and interest,
payable in gold at the
iltney-Central Trust & Savings Bank of New
Orleans. Legality approved by Wood & Oakley of Chicago.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Roy M. Stark, County Treasurer, will receive sealed bids until 10 a. m.
Mar. 10 for the following is.sues of 434 T coupon road improvement bonds:
o
$24.000 Harry Yoder et al. bonds. Denom. $600. Due $600 every six
months from May 15 1926 to Nov. 15 1945 incl.
16,000 F. W. Walker et al. bonds. Denom. $400. Due $400 every six
months from May 15 1926 to Nov. 15 1945 inol.
20,000 Jonathan Yoder et al. bonds. Denom. $500. Due $500 every
six months from May 15 1926 to Nov. 16 1945 incl.
Interest M.& N. 15. Date Mar. 16 1925.
ELTON ROAD DISTRICT NO. 1 OF JEFFERSON DAVIS AND
-Sealed
-BOND OFFERING.
ALLEN PARISHES (P.0. Jennings), La.
bids will be received until 2 p. m. Mar.5 by John T. Hood. Clerk of Police
Jury,for $75,000 6% road bonds. Denom. $500. Due Mar. 1 as follows:
$2.000, 1926 to 192S incl.: $2,500, 1920 to 1931 Incl.; 53,000,1932 and 1933:
$3,500, 1934 to 1936 incl.; 54.000. 1937 and 1038: 34.500. 1939 and 1940;
S5,000, 1941; $5.500, 1942 and 1943. and $6,000, 1944 and 1945. A certified check for $2.000 is required. The above notice of offering was first
-V. 120, p. 611.
given under the caption of Jefferson Davis Parish, La.
EMERY COUNTY SCHOOL DISTRICT (P. 0. Castle Dale), Utah.
-At an election held on Feb. 11 the voters authorized
-BONDS VOTED.
the issuance of $45,000 school-building bonds.
ERSKINE SCHOOL DISTRICT NO. 170, Polk County, Minn.
-The State of Minnesota has purchased an issue of $3,500
BOND SALE.
4%% school bonds at par. Due July 1 as follows: $200, 1930 to 1938 incl.,
and $300, 1939 to 1943 incl., and $200 in 1944.
-The following bonds.
-BOND SALE.
EUGENE, Lane County, Ore.
aggregating $184,814 02, were purchased by a syndicate comiposed of
Lumbermen's Trust Co.;Pierce. Fair & Co.and Western Bond & Mtge. Co.
$103,615 34 impt- Series "W," bonds as 5s. Date Feb. 1 1925. Due
Feb. 1 1935, optional in 1926.
13,698 78 impt., Series "X," bonds as 5s. Date Feb. 1 1925. Duo
Feb. 1 1935, optional in 1926.
10,50000 sewer bonds as 434s'. Date Jan. I 1925. Due Jan. 1 1935.
10.00000 paving bonds as 434s. Date Feb. 11925. Due Feb. 15 1940.
12,000 00 454% bridge bonds. Date Feb. 1 1925. Denom. $1.000.
Due Feb. 1 1945.
35,000 00 434% and 434% paving bonds. Date Feb. 11925. Denom.
$1,000. Due Feb. 1 1945.
Legality approved by Teal. Winfree. Johnson & McCulloch of Portland.
In V. 120, p. 731 we gave notice of offering of the first four issues of the
above-mentioned bonds.
Financial Statement.
$19,400,000 00
Real value, estimated
9,668,129 00
valuation (1924)
Assessed
1,223,169 79
Total bonded debt
112,000 00
Less sinking fund
Water and light bonds (with separate sinking fund of
516,000 10
$186,778 72)
138,169 79
Bancroft improvement bonds
457,000 00
Net bonded debt
Population. estimated, 16,000.
-The Omaha
FAIRBURY, Jefferson County, Nebr.-BOND SALE.
Trust Co. has purchased an issue of $72,000 451% light and water bonds
$536, equal to 100.74.
at a premium of
-Until
-BOND OFFERING.
FAIRFIELD, Jefferson County, Iowa.
2 p. m. Feb. 25 sealed bids will be received by the City Clerk for $25,000
works bonds.
water
FALLS CHURCH MAGISTERIAL DISTRICT, Fairfax County,
-The $25,000 coupon school bonds
(P. 0. Fairfax), Va.-BOND SALE.
offered on Feb. 5 (V. 120. p. 481) were awarded to Herbert O. Heller &
Co. of Cincinnati as 54 at a premium of $501, equal to 102 a basis of about
4.84%. Date Feb. 2 1925. Due Feb. 2 1945. Other bidders:
4 % at $23,760 00
Seasongood & Mayer
at 24,68600
5 o
Seasongood & Mayer
4 % at 24,017 05
Ryan, Bowman & Co
5
at 24,767 50
do
do
do
-PRICE PAID-CORRECTION.
FALLS COUNTY(P.O. Marlin), Tex.
-The 9115,000 554% road bonds purchased by the Brown-Crummer Co.
120, p. 732) were purchased on Dec. 1 at 98.50. Date
of Wichita (V.
June 1 1924. Denom. $1,000. Interest payable J. & D. Due serially
1 to 30 years. The amount of this issue of bonds is $115,000 and not
$150,000 as given in the above reference.
-An issue of 816,000
-BOND SALE.
FORGAN,Beaver County, Okla.
6% electric light extension bonds was purchased by Calvert & Canfield of
Oklahoma City recently. Interest payable (J. & D.). Due in 20 years.
FORT BEND COUNTY COMMON SCHOOL DISTRICT NO. 10
-$8.000 5% school bonds
-BOND SALE.
(P. 0. Richmond), Texas.
were purchased on Feb. 11 by the State Board of Education.
-BOND OFFERINO.-Sealed
FORT SCOTT, Bourbon County, Kan.
bids will be received until 2 p. m. March 2 by Mayor W. E. Childress for
building bonds. Date Jan. 1 1925. Due $9,250
$185.000 4 Si% memorial
Jan. 1 1926 to 1945, inclusive.
-BOND OFFERING.
FRANKLIN COUNTY (P.O. Columbus), Ohio.
Sealed proposals will be received until 10 a. m. March 7 by Opha Moore,
Clerk Board of County Commissioners, for $6,700 451% 1.0. H. No. 48,
$700.
Sec. "Dublin" road impt. bonds. Denom. $1,000 and one for at the
Date Feb. 16 1925. Prin. and semi-ann. Int. (A. & 0.) payable $700,
office of the County Treasurer. Due yearly on Oct. 1 as follows:the par
1926, and $1.000. 1927 to 1932 incl. Certified check for 1% of payable
value of bonds bid for on some solvent bank or trust company,
to the Board of Commissioners, required.
-BOND OFFERING.
FREEBORN COUNTY(P.O.Albert Lea), Minn.
3 Is• m•
-Cloon F. IIolway, County Auditor, will receive sealed bids until to bear
bonds
March 5 for $18,177 93 trunk highway reimbursement
Due Jan. 1
exceeding 414%. Date Jan. 1 1925.1945 incl. A
Interest at a rate not
as follows: $1,177 93, 1936: $1.000, 1937; $2,000, 1938 to
Treasurer, requirees
certified check for 5% of bid, payable to the County
FEB. 211925.1
THE CHRONICLE
985_
FROSTPROOF, Polk County, Fla.
HOPE TOWNSHIP SCHOOL DISTRICT (P. 0. Hope), Warren
-BOND OFFERING.
-Until 7:30
p. in. March 2 sealed bids will be received by F. B. Barber, Town Clerk, County, N. J.
-BOND SALE.
-The $25,000 5% coupon school bonds
for the following 6% bonds, aggregating $65,000:
offered on Nov.22-V.119. p. 2316
-have been sold to the First Nat. Bank
$15,000 water works bonds.
of Hope at a premium of $499, equal to 101.99, a basis of about 4.77%.
$18.000 sewer bonds.
Date Oct. 1 1924. Average maturity 12 2-3 years.
25,000 park bonds.
7.000 light bonds.
The town will furnish the opinion of Caldwell & Raymond, New York.
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P.O. Pennington),
and will print the bonds. Denom. $1,000. Date Dec. 1 1924. Due
-BOND OFFERING.
-Sealed bids will be received by Harry B.
Dec. 1 1954. Principal and semi-ann. interest payable at the office of N. J.
Town Treasurer or at the Hanover National Bank, New York City, at Pittinger. District Clerk, for the following issues of 434% coupon school
bonds until Feb. 25.
option of purchaser. A certified check, drawn upon a national bank or a
$220,800 Series"A" bonds. Denom.$1,000 and one for $800. Due yearly
reputable Florida bank or trust company, for 3% of bid, is required.
on March 1 as follows: $6.000, 1926 to 1935,incl.; $8,000, 1936 to
GADSDEN, Etowah County, Ala.
-BOND SALE.
1954, incl., and $8,800. 1955.
-The $25,000 6%
bridge bonds offered on Feb. 16-V. 120, p. 732
47.500 Series "B" bonds. Denom. $500. Due yearly on March 1 as
-were awarded to Steiner
Bros. of Birmingham at a premium of $1,600, equal to 106.40, a basis
follows: $1,500, 1926 to 1950,incl., and $2,000. 1951 to 1955,incl.
of about 5.47%. Date April 11925. Due April 1 1945.
Date March 11925. Prin. and semi-ann. int.(M.& S.) payable at the
Hopewell Nat. Bank or at
Pennington in gold.
GALLATIN, Sumner County, Tenn.
-BOND SALE.
-The following The bonds will be preparedthe First Nat. Bank ofof the United States
under the supervision
bonds, aggregating $60,000, offered on Feb. 11 (V. 120, p. 481) were Mortgage & Trust
Co. of New York, which will certify as to the genuineawarded to the American National Co. of Nashville at a premium of $135, ness of
the signatures and the seal impressed thereon and the validity will
equal to 100.22, a basis of 4.806%:
be approved
$20,000 5% general impt. bonds as 5s. Date Nov. 1 1924. Due Nov. 1 as check for 2%by Hawkins, Delafield & Longfellow of New York. Certified
of the amount of bonds bid for, payable to the Custodian of
follows: $6,000, 1929 and 1934:$5,000. 1939, and $3,000. 1944. School
Moneys, required.
40,000 5% street impt. bonds as 44s. Date July 11924. Due July 1 as
follows: $6,000. 1925 and 1926: $4,000. 1927 to 1930 incl., and
HUNTINGTON, Huntington County, Ind.
-BOND OFFERING.
$3,000. 1931 to 1934 incl.
Sealed bids will be received by Guilford Morrow, City Treasurer, until
Coupon bonds.
10 a. m.March 6 for $9,000 5% street bonds. Denom.$500 .Date Feb. 1
1925. Interest J. & D. Rue $500 every six months from June 1 1926 to
GENESEO, Livingston County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. in. Feb. 26 by J. W. Hotchkiss. Village Dec. 11934. inclusive.
Clerk, for $16,000 5% village coupon bonds. Denom. $1,000. Date
HUTCHINSON, Reno County, Kan.
-BOND SALE.
-The
July 1 1925. Prin. and semi-ann. int. (J. & J.) payable in Geneseo. Due 44% internal improvement bonds offered on Feb. 13 (V. 120. $70.000
p. 732)
$1,000 July 1 1926 to 1941, incl. Legality approved by Clay & Dillon of were awarded to the Guarantee Title & Trust Co. of Wichita at 100.25.
New York.
Date March 1 1925. Due serially 1926 to 1935.
GEORGETOWN COUNTY (P. 0. Georgetown), So. Caro.
IDAHO IRRIGATION DISTRICT (P. 0. Idaho Falls), BonneviP.
-BOND
SALE.
-The Peoples Securities Co. of Charleston and Robinson-Humphrey County, Idaho.
-BOND ELECTION.
-An election will be held on Mar.
Co.of Atlanta jointly purchased on Feb.9 an issue of $60,000 5% municipal for the purpose of voting on the question of issuing $130,000 water bonds. 2
bonds. Due in 12 years.
1DLEWOOD (P. 0. South Euclid), Cuyahoga County, Ohio.
GENOA, Ottawa County, Ohio.
-BOND SALE.
-The Herrick Co. of Cleveland -has been awarded
-At a private sale BOND OFFERING.
held on Feb. 13 1925 Blanchard. Thornburgh & Bowman of Toledo pur- $163,554 88 5)4% special assessment street improvement bonds offeredthe
on
chased $17,50054% electric bonds at a rmemium of$233,equal to 101.33.
Feb. 17 (V. 120, p. 482) at a premium of $2,961, equal to 102.15, a basis
A like amount of bonds was cancelled recently (see V. 120, p. 481).
of about 5.08%. Date Sept. 1 1924. Due yearly on Oct. 1 as follows:
$15,554 88. 1925: $16,000. 1926: 517.080, 1927: $16,000. 1928 and 1929:
GIRARD, Crawford County, Kan.
-BOND SALE.
-The $48,706 85
4 % improvement bonds offered on Feb.16-V.120. p.857-were awarded 517,000. 1930; $16,000, 1933. and $17,000, 1934.
to the Brown-Crummer Co. of Wichita at a premium of $100, equal to
ITHACA,Tompkins County, N. Y,
-BOND OFFERING.
-sealed bids
100.20. Date Feb. 2 1925.
will be received by F. D. Boynton, Secretary Board of Education, until
Feb. 26 for $310,000 434% coupon or registered school bonds.
GLENDALE, Los Angeles County, Calif.
-BOND OFFERING.
- II a. in.$1,000. Date
Sealed bids will be received until 10 a. m. Feb. 26 by A. J. Van Wie, City Denom.
Jan. 1 1925. Principal and semi-annual interest
Clerk. for $60,000 5% fire department bonds. Date Jan. 11925. Denom. (J. & J.) payable at the Tompkins County National Bank of Ithaca. Due
$1,000. Due $2.000 Jan. 1 1926 to 1955 incl. Prin. and int. (J. & J.) yearly on Jan. 1 as follows: $5,000. 1931: $10,000. 1932 to 1939, inclusive.
payable in gold at the City Treasurer's office. Legality approved by and $15.000, 1940 to 1954, inclusive. Bends will be prepared under the
John C. Thomson of N. Y. City. A certified check for $2,000, payable 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
to the City Treasurer, is required.
and the seal impressed thereon. Approving opinion of Hawkins, Delafield
GLENWOOD, Mills County, Iowa.
-BOND OFFERING.
-Sealed bids & Longfellow, of Now York City, as to legality will be furnished to the purwill be received until 8 p. m. Feb. 21 by B. N. Maxwell, City Clerk, for chaser or purchasers without charge.
Certified check for 2% of the amount
$20,000 water works extension coupon bonds. Date
11925. Denom. of bonds bid for, payable to the City, required.
$1,000. Principal and interest payable at the officeApril City Treasurer.
of the
Bidders to name rate of interest.
JERSEY CITY, Hudson County, N. J.
-BOND SALE.
-A syndicate
composed of Wm.R. Compton Co.. Hayden,Stone & Co.and A.G. Becker
GLOVERSVILLE, Fulton County, N. Y.
-BOND OFFERING.
Sealed bids will be received by E. A. James, City Chamberlain, until & Co. was the successful bidder for $3,800,000 tax revenue bonds offered
on Feb.
2 p. m. March 12 for $77,000 44% registered local improvement bonds. sold on 20(V. 120, p. 857). Ave-ago maturity 3 1-3 years. The issue was
a 3.89% interest basis. Date Feb. 1 1925. Due Aug. 1 1928.
Denom. $1,000. Date March 15 1925. Principal and semi-annual
interest (M. & S.) payable at the Mechanics & Metals National Bank of
JOSHUA INDEPENDENT SCHOOL DISTRICT, Johnson County
New York. Due $16,000 1926 to 1928. inclusive, $15,000 1929 and
Texas.
-BOND SALE.
-The State Board of Education purchased on Feb.
1930. Certified check for 2% of the amount of the bid required. $14,000 11 an issue of $28,000 5% school bonds.
GONZALES COUNTY COMMON SCHOOL DISTRICT NO. 49
KAHOKA, Clark County, Mo.-BOND OFFERING.
-Until 1 P. an.
(P. 0. Gonzales), Tex.
-BONDS REGISTERED.
-On Feb. 13 the State March 2 sealed bids will be received by C. I. Meister, City
Comptroller of Texas registered $1,500 5% school bonds. Due in 20 years. $20,000 street improvement bonds to bear interest at a rate notClerk, for
to exceed
Date Marcia 1
GRANDVIEW HEIGHTS(P.O. Columbus), Franklin County,Ohio 5%. to 1935, incl., and1925. Denom. $1,000 and $500. Due $1,000.
1931
$1,500, 1936 to 1945, incl. A certified check for
-BOND OFFERING.
-Elmer A. J. Gross, Village Clerk, will receive sealed 51,000 is required.
bids until 12 m. Feb. 28 for $12,000 534% coupon water-svstem bonds.
Denom. $500. Date Oct. 1 1924. Interest A. & 0. Due $2,000 Oct. 1
KENDALLVILLE SCHOOL CITY (P.O. Kendallville), Noble Coun1925 to 1930, inclusive. Certified check for 5% of theibondsIbid for. ty Ind.
-BOND OFFERING.
-Sealed bids will be received by the Board
required.
oeTrustees at its office in the City Hall until 2 p. in. Mar. 17 for $95000
44% coupon school bonds. Denom. $1,000. Date Mar, 17 1925. Prin.
GREENVILLE, Hunt County, Tex.
-BONDS VOTED.
-The voters
(J. & J.) payable at the Noble County Bank at Kendallauthorized the issuance of $400.000 water reservoir bonds at the election and semi-ann. int.six months
ville. Due every
as follows: $4,000 Jan. 1 1929 to Jan. 1 1940,
held on Feb. 10 (V. 120, p. 359) by a vote of 961 for and 89 against.
incl., and $3,000 July 1 1940.
GREENVILLE COUNTY(P.O. Greenville),So.Caro.
-BOND SALE'
KENMORE,Erie County,Isl. Y.
-BOND OFFERING.-Walter Ducker.
-The $200,000 road paving bonds offered on Feb. 18 (V. 120. p. 732)
were awarded to the Detroit Trust Co. of Detroit as 434s at a premium of Village Clerk, will receive sealed bids until 8 p. m. Feb.23 for the following
Issues of 5% special assessment bonds:
$26. equal to 100.01.
$409,397 00 paving bonds. Denom. $1,000 and five for $879 40. Due
GROSSE POINTE FARMS, Wayne County, Mich.
1,81,879 40 yearly beginning one year from date of issuance.
-BOND
-An issue of $85,000 435% pier and sewer bonds has been sold SALE.
17,742 50 sewer bonds. Denom. $1,000 and five for $548 50. Due
to
First National Co. of Detroit at a premium of $1,396. equal to 101.64. the
$3,548 50 yearly beginning one year from date of issuance.
Interest payable semi-annually in New York exchange. Certified check
GROVELAND, Lake County, Fla.
-BOND OFFERING.
-Sealed bids
will be received until March 3 by Sherman Drawdy,Town Clerk,f,for $30,000 for 2% of the face value of bonds bid for. required.
5% town bonds. Denom. $1,000.
KEY RIDGE RURAL SCHOOL DISTRICT (P. 0. Key),
HAMPDEN, Ramsey County, No, Dalc.-BOND OFFERING.
-BOND SALE.-Stranahan, Harris & Oat's, Belmont
-Sealed County, Ohio.
bids will be received until 2 p. an. March 3 by 0. K. Thollehaug, Village New York have purchased the $45,000 5% school bonds offered Inc., of
on Feb. 2
Clerk, at the County Auditor's office in the City of Devils Lake, for $7,500 (V. 120. n. 360) at a premium of $810. equal to 101.80,
a basis of
6% bonds. Denom. $750. A certified check for 5% of bid is required.
4.80%. Date Jan. 15 1925. Due every six months as follows: about
$1,000
Mar. 15 1926 to Mar. 15 1948 incl.
HANOVER TOWNSHIP (P. 0. Bethlehem R. F. D.
No. 2),
Northampton County, Pa.
KIMBALL COUNTY COMMON SCHOOL DISTRICT NO. 4, Tex.
-BOND SALE.
-The following two issues of
5% impt. bonds offered on Feb. 14-V. 120. p. 732-were sold to E. H. BOND SALE.
-The State Board of Education on Feb. 11 purchased $16,000
Rollins & Sons of Philadelphia at 107.94. a basis of about 4.34%.
% school bonds.
$28,000 road bonds. Due yearly on March 1 as follows: $6,000, 1930,
KIMBLE COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Junction),
1935. 1940 and 1945, and $4,000, 1950.
Texas.
-BONDS REGISTERED.
-On Feb. 10 the
7,000 funding bonds. Due March 1 1955.
Texas registered 516.000 534% school bonds. Due State Comptroller a
Denom. $500. Date March 1 1925.
serially.
KIRKWOOD, St. Louis County, Mo.-BONDS VOTED.
-At an elecHAVERHILL, Essex County, Mass.
-TEMPORARY LOAN.
-The tion held recently the voters authorized the issuance of $30,000 lighting
Old Colony Trust Co. of Boston has purchased the temporary loan of bonds and $25,000 water bonds.
offered on Feb. 17-V. 120, p. 857
$250,000
-at 3% interest plus a $3 75
LAFAYETTE, Tippecanoe County, Ind.
premium. Due Oct. 15 1925.
-BONDS OFFERED.Sealed bids were received by Frank J. Bonner. City Comptroller, until
HENDERSONVILLE GRADED SCHOOL DISTRICT, Henderson 10 a. m. Feb.
20 for 510.000 5% city park improvement coupon bonds.
County, No. Caro.
-BOND SALE.
-The $280,000 534% school buildig
Denom. $1,000. Date Feb. 20
Interest J.
bonds offered on Feb. 18-V. 120. n. 732
-were awarded to Caldwell & Jan. 1 as follows; $1,000, 1929 and1925. $2,000, 1931 & J. Due yearly on
1930;
and 1932, and $4,000.
Co. of Nashville at a premium of . 18,200, equal to 106.50-a basis of 1933.
bout 4.97%. Date Feb. 1 1925. Due Feb. 1 as follows: $6,000, 1928
LAKE-OF-THE-WOODS COUNTY (P. 0. Baudette), Minn.
o 1937:$8,000. 1938 to 1942: $10,000. 1943 to 1947: $12.000. 1948 to 1952,
SALE.
-The $75,000 6% re-fundingd rainage bonds offered on -BOND
nd $14,000, 1953 to 1957, all inclusive.
Feb.
(V. 120, p. 483) were awarded to Brewer, Brown & Co. of Minneapolis 10
at
HIGHLAND COUNTY SPECIAL TAX SCHOOL DISTRICTS
(P.O. par. Date Jan, 1 1925. Coupon bonds. Due serially 1930 to 1940.
-BOND OFFERING.
Sebring), Fla.
-F. N. Bailey, County Superinten- Interest payable semi-annually.
ent of Public Instruction, is offering for sale the following school bonds:
LAKE COUNTY (P. 0. 'Tiptonville), Tenn.
-BOND
20,000 bonds Special Tax School District No. 3.
-The
525.0005% school bonds offered on Feb. 16-V. 120,rt. 360 SALE.
-were
35,000 bonds Special Tax School District No. 2.
to Caldwell & Co. fo Nashville at a premium of $965, equal toawarded
35,000 bonds Special Tax School District No. 1.
130.86,
a basis of 4.73%. Due Jan. 1 as follows: $10,000, 1945,
and $15,000.
40,000 bonds Special Tax School District No. 6.
Arrangements have been made with the G. B. Sawyers Co. of Jackson- 1950. Purchaser agreed to furnish legal opinion.
LAMAR COUNTY (P. 0. Paris), Texas.
isissgemsmom
Ile to handle the sale of the above named bonds.
-BONDS REGISTERED.
5125.0005% hospital bonds were registered on Feb. 13 by the State CompHOLBROOK, Furnas County, Neb.-BOND SALE.-T1 -773"
-. 3
74
.teri troller of Texas. Due serially.
ust Co. of Omaha has purchased an issue of $17.000 5% refunding water
LANCASTER, Fairfield County, Ohio.
nds. Date April 1 1925. Denom. $1,000. Due April 1 as follows:
-BOND OFFERING.
-J. W.
1,000, 1932 to 1940, inclusive: $2,000, 1941 to 1943, inclusive; $3,000. Barnes, City Auditor, will receive sealed bids until 12 an. March 6 for
944 and 1945. Legality approved by Stout, Rose, Wells & Martin, of 514.241 32 5% special as.essment street bonds. Denom. $1,000. $500
and one for $24132. Date Dec. 1 1924. Int. M. & S. Due
maha.
yearly on
Sept. 1 as follows: $1.241 32, 1926: $1.000. 1927, and 51.500,
Financial Statement.
1928 to
eased value, as returned 1924
$580,865 1935 incl. Certified check payable to the City Treasurer for 2% of the
bonds bid for required.
otal bonded debt
23,000
Population, estimated, 500.
LANCASTER SCHOOL DISTRICT (P. 0. Lancaster),
Lancaster
-BOND OFFERING.
-TEMPORARY LOAN.
HOLYOKE, Hampden County, Mass.
-Sealed bids will be received by John
-A County, Pa.
emporary loan of $700.000 has been sold to Harris, Forbes & Co. of Boston C. Carter, Chariman Board of School Directors, until 3:30 p. in. March 5
for $450,000 434% coupon or registered school bonds.
n a 2.956% discount basis. Due Nov. 6 1925.
Denom. $1,000.
Date March 1 1924. Int. semi-ann. Due yearly on March
1 as follows:
-BOND SALE.
-Calvert & Canfield $150,000 1949, and $300,000,
HOOKER, Texas County, Okla.
1954. Legality approved by Townsend.
f Oklahoma City have purchased an !nee of $32,000 6% school bonds. Elliott & Munson of Philadelphia. Certified
'
check for 2% of the amount
terest payable J. & J. Due in 20 years.
bid for, payable to the District, required.
986
THE CHRONICLE
Laurelville),
LAURELV1LLE VILLAGE SCHOOL DISTRICT (P.O. in. Feb. 28
-Until 12
-BOND OFFERING.
Hocking County, Ohio.
Board of Education,
sealed bids will be received by I. J. Kohler, Clerk
Denom. $500. Date Dec. 15
for $20.000 5% coupon school bonds. S.) payable at the Salt Creek
1924. Prin. and semi-ann. int. (M. &check for $500, payable to the
Valley Bank of Laurelville. Certified
Board of Education, required.
-At an election
-BONDS VOTED.
WLEEDY, Dewey County, Okla.
electric light
held recently the voters authorized the issuance of $25,000
bonds.
DISTRICT, Hockley
LEVELLAND INDEPENDENT SCHOOL tunmer Co. of Wichita
-The Brown-Cr
-BOND SALE.
County, Texas.
Due serial
an issue of $50.000 6% school building bonds.
has purchased
1928 to 1963.
-BOND SALE.
Y.
LEXINGTON (P.O. Catskill), Greene County, N. has been sold to
highway bonds
-An issue of $14.000 5% bridge andat
102.15.
, of New York,
Sherwood & Merrifield
T (P.O. Liberty
LIBERTY TOWNSHIP RURAL SCHOOL DISTRIC
-W. K. Terry
-BOND SALE.
Center), Henry County, Ohio. the $32,131 10 5% coupon school
have been awarded
& Co. of Toledo
-at par and accrued int. plus a
bonds offered on Dec. 27-V. 119, p. 2790
4.97%. Purchaser to
premium of $27, equal to 100.08, a basis of aboutDue yearly on Sept. 1
bonds. Date Dec. 15 1924.
pay for printing of
incl., and $3.500. 1932
as follows: $3,131, 1926; $3,000. 1927 to 1931
to 1935 incl.
-A syndicate composed of
LIMA, Allen County, Ohlo.-BOND SALE.
Title Guarantee Sz
Breed, Elliott Sr Harrison, It. M. Grant Sr Co.. and the "H" sewer bonds
awarded the $704,015 5% Series
Trust Co. has been
of $7,100. equal to 101, a
a
offered on Feb. 11 (V. 120. p.483) at15premiumDue yearly on Feb. 1 as
1925.
basis of about 4.89%. Date Feb.
and $32,000, 1951.
follows: $28,015. 1927: $28,000. 1928 to 1950, inclusive.
Other bids were as follows:
Premium Bid.
BidderGrant & Co., Chicago;
Breed. Elliott Se Harrison. Cincinnati: R. M.
$7,100
i
Title Guarantee & Trust Co., Cincinnat
2,700
& Co., Cincinnati
Provident Say. Bank & Trust So.; Grau, Dodd
2,463
Prudden & Co.: Braun, Bosworth & Co., Toledo
1.700
d & Mayer. and Well. Roth & Irving Co.. Cincinnati
Seasongoo
(P. 0. Afton),
LINCOLN COUNTY SCHOOL DISTRICT NO. 19
on Jan. 24
% school bonds offered
-The $130.000
Wyo.-BOND SALE.
to Geo. W. Vallery & Co., of Denver, at a
(V• 120. p. 113) were awarded
about 5.43%. Date Jan. 1
premium of $988, equal to 100.76-a basis of and
$10.000, 1946 to 1950.
1925. Due 55.000. 1930 to 1945. inclusive,
inclusive.
-Sealed
-BOND OFFERING.
Marion), Iowa.
LINN COUNTY (P. 0.
by F. L. Williams, County
bids will be received until 1:30 p. in. Feb. 25
$63,000 emergency bridge refunding bonds to bear interest
Treasurer, for
as
o. Date Mar. 1 1925 Denom. $1,000. Due yearly
not exceeding 57
incl. Principal and interest
.
follows: $1,300. 1931. 810,000, 1932 to 1936at Cedar Rapids. A certified
of the County Treasurer
payable at the office
to the order of the County
check on a State or national bank, payable
Treasurer, is required.
-On Mar. 12
-BOND ELECTION.
LOMETA,Lampasas County, Tex.
voting on the question of issuing
an election will be held for the purpose ofMcLean, Mayor.
system bona. A. E.
$42.000 6% water
-The
-BOND SALE.
LONG BEACH, Los Angeles County, Calif.
120, p. 612)
$500.000 harbor improvement bonds offered on Feb. 17 (V.and Eldredge
to a syndicate composed of First National Bank Los Angeles.
were awarded
Co. of
k Co. both of New York, and the Anglo-London Paris
1 1961 to
as41sbasis of about 4.24%. Due 8125.000 Aug.
For... 120
-The CIty
-BOND OFFERING.
MEX1A, Limestone County, Tex.
sealed bids until Feb. 20 for $40.000 5g% reservoir
bSocrn
bonds.t. ry receiv
0. Middlefield), Geauiga
MIDDLEFIELD SCHOOL DISTRICT (P.
-Braun. Bosworth & Co. of Toledo have
-BOND SALE.
County, Ohio.
bonds offered on Feb. 14b en awarded the 565,000 5)4% coupon school
-at 106.08. a basis of about 4.77%. Date Feb. 1 1925.
N . 120. p. 483
to
no yearly on March 1 as follows: $2.000. 1926. and $3,000. 1927
1947, incl.
-A. T. Bel
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
coupon Rondo
& Co.. of Toledo, have purchased the three issues of 5%
.
offered on Feb. 13 (V. 120, p. 483) as follows:
equal to 101.15-a
water works improvement bonds for $7.151,to 1935. inclusive.
37,000
basis of about 4.53%. Due $700 Sept. 1 1926
102.49. a basis of
46,215 street improvement bonds for $47.366, equal to inclusive.
about 4.37%. Due $5.135 Sept. 1 1926 to 1934,
525.803. equal to 102.39. a
25,200 sidewalk, curb and gutter bonds for
1934. inclusive.
abo
5
.
bFaesbis.of 192u,4 40%. Due $2,800 Sept. 1 1926 to
Date
The following is a tabulated list of bids received: $25.200 Combined
87,000
6 215
Bid for
St. impt. Wat.-Wks. S.C.O.
Bonds. $78,415.
Impt.
Bonds.
Prem.
Prem.
Prem.
Prem.
Detroit Trust Co., Detroit
3
447 °°
0
0 8 $41 30 $ 01 44
115 3
8 30
Prey. Say. Bank & Tr. Co., Cinc_81.
35 00 502 00
Seasongood & Mayer, Cincinnati- 1,127 00
81.053 00
A. E. Aub & Co., Cincinnati
52 00 252 52
462 15
The W.H. Silverman Co., Cinc
297 00
The Well, Roth & Irving Co.. Cin.. 583 00
413 64
89 05
861 61
Poor & Co., Cincinnati
7 00 330 60
727 50
N. S. Hill& Co., Cincinnati
1,683 00
Assel, Goetz & Moerlein Co..
151 00 603 00
Cm.A
1,151 00
T. Bell & Co., Toledo
109 00 459 00
Braun, Bosworth & Co., Toledo- 842 00
1,641 00
Ryan,Sutherland & Co., Toledo_ _
462 80
Dunce. Niles & Co., Toledo
1,594 88
Stranahan,Harris&Oatis,Inc.,Tol_
127 50 521 00
955 00
Prudden & Co., Toledo
141 12
29 40
434 42
Otis & Co., Cleveland
All bids included accrued interest to date of delivery.
--Seal
-BOND OFFERING.
MILLVALE, Allegheny County, Pa.
Schoo
bids will be received until 4 p. m. Feb. 25 by H. D. Lyon, Secretary
Date March 1
Board,for $200,000 434% school bonds. Denom.$1,000. 1954, inclusive
al. Due March 15 1930 to
1925. Interest semi-annu
Certified check for $2,000 required.
ND OFFE
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOPatrick Mc
ING.-Sealed bids will be received until 2 p. in. March 16 by
Da
Treasurer. for $2,670,000 434% sewerage bonds.
Manus, County
3267,000
March 18 1925. Denom. $1,000. Due March 18 as follows:
at th
1936 to 1945, incl. Principal and interest (M. & S. 18) payable
office of the County Treasurer.
-At an elec
-BONDS VOTED.
MOLALLA, Clackamas County, Ore.
tion held recently the voters authorized the issuance of $80,000 schoo
building bonds by a vote of 333 for and 65 against.
DE
MONROE SCHOOL DISTRICT, Jasper County, Iowa -BOND th
by
SCRIPTION.-The $26,000 434% refunding school bonds purchased
of Davenport (V. 120. p. 733) are described as follows
White-Phillips Co.
Date June 11925. Denom. $1,000. Due Jane 1 as follows: 51,000. 192
D
to 1939 incl., and $2,000. 1940 to 1945 incl. Interest payable J. &
Date of award Jan. 16 1925. The price paid was par.
-BOND OFFER
0. Dayton), Ohio.
MONTGOMERY COUNTY (P.
A. Kilmer, Secretary Boar.
/NG.-Sealed proposals will be received by F.27 for
X50,000 434% count)
of County Commissioners, until 10 a. m. Feb.
-On emergency flood bridge bonds. Denom. $1,000. Date March 1 1925
-BONDS REGISTERED.
County, Tex.
LONGVIEW, Gregg
refunding Principal and semi-annual interest (M. & S.) payable at the office of th
5%
Feb. 13 the State Comptroller of Texas registered 3320.000
County Treasurer. Due 52,000 March 1 1926 to 1950, inclusive. Certi
bonds. Due serially.
$2,000 upon any tolvent bank, required.
-The fled check for
-BOND SALE.
Angeles County, Calif.
-BOND OFFERING.
LOS ANGELES, Los
MOREHEAD, Carteret County, No. Caro.
offered on Feb. 17
$1.300.000 Municipal Improvement District No.36 bonds Paris Co. of Los Sealed bids will be received by N. R. Webb,Town Clerk, until 8 p. m.Fe
-were awarded to the Anglo-London of
Date Feb. 20 1925. D
-V. 120, p. 733
about 5.165%. 25 for 350,000 6% street improvement bonds. 1928, and $3,000, 1929 t
100.01. a basis
Angeles at a premium of $130. equal to$33,000 yearly Feb. 1 1926 to 1951 nom. $1,000. Due Feb. 20 as follows: 52,000,
payable in gold coin at th
(F. &
taking $858,000 of bonds as 5 gs. Due
yearly Feb. 1 1952 to 1945 incl. Principal and interestCity. A. 20) bonds are registerable a
Coupon
incl., and the remainder $452,000 as 5s, due $34,000
Hanover National Bank. N. Y.
1964 incl.
or as to both principal and interest. Legality to be a
-Dickey to principal onlyC. Thomson, N. Y. City. A certified check to the ord.
-The Wells
-BOND SALE.
proved by John
LUVERNE, Rock County, Minn.
highway bonds of N. R. Webb. Town Treasurer, drawn upon an incorporated bank
Co. of Minneapolis has purchased an issue of $45,309 4g%
trust company, for 2% of bid, is required.
at a premium of $136, equal to 100.30.
-BOND SALE.-StranaMOUNT SYLVAN INDEPENDENT SCHOOL DISTRICT, Smit
MADISON COUNTY (P. 0. London), Ohio.
-The State Comptroller of To
-BONDS REGISTERED.
$54,860 6% I. C. H. County, Tex.
ban, Harris & Oatis, of Toledo. have purchased the483) at a premium of on Feb. 10 registered $2,000 6% school bonds. Due serially.
No. 6 coupon bonds offered on Feb. 9 (V. 120, p.
-BOND OFFERIN
basis of about 4.60%. Date Feb. 1 1925.
MOUNT VERNON, Westchester County, N. Y.
$4,010, equal to 107.30-a
were as follows:
Clark, City Comptroller, will receive sealed bids until 8 p.
Due $5,486 Sept. 1 1926 to 1935, inclusive. Bids
rem um. -William C.
Premium.
Feb. 24 for $375,000 coupon or registered water bonds. Denom. 31,0
Moerleine,Inc$3,500 00 Date Feb. 11925. Principal and semi-annual interest payable at the offi
Madison National Bank.-$2,643 00 Assel,Goetz& Mayer
3.078 00 of the City Comptroller. Due Feb. 1 .1945. Legality approved by Cal
2.92600 Seasongood &
Spitzer, Rorick & Co
3,59800 well & Raymond,of New York. Bids to be on forms furnished by the Cit
2,967 92 W.L. Slayton & Co
& Harrison
Breed. Elliott
Provident S. Bk. St Tr. Co- 3,554 93 Comptroller. Certified check for 2% of the bonds bid for, required.
Well. Roth & Irving Co_ _ - 3,33500
Title Guarantee & Trust Co. 3,439 72
-The 325,000 11
-BOND SALE.
Stranahan, Harris &
MUNDAY, Knox County, Tex.
3,62777
120, p.484-were award
4.010 00 W. K. Terry Si Co
Inc
3,36500 street improvement bonds offered on Feb.11-V.
2,80400 Prudden & Co
ears4
ett $. Co. of Dallas at 101.05. Date March 25 1925. Due serial
A. T. Bell ez Co
3,30300
3.37733 The Herrick CO
Citizens Trust & Say. Co
to 4 a y
in G0rr
-P. L.
-BOND OFFERING.
MANSFIELD, Richland County, Ohio.
NACOGDOCHES COUNTY COMMON SCHOOL DISTRICT NO.
in. March 3 will receive sealed bids for (P. 0. Nacogdoches), Tex.
-The State Board of Educ
-BOND SALE.
Kelley, City Auditor, until 1 P. and Willis Ave. sanitary sewer special
school bonds.
$7,350 6% Beethoven St. grading
1925. Int. M. & S. Lion on Feb. 11 purchased $5,000 534%
assessment bonds. Denom. $800. Date March 2for 2% of the amount
-W.
-BOND OFFERING.
Itasca County, Minn.
NASHWAUK,
Certified check
I,
Due $2,450 in one to three years.City Treasurer, required.
Lord. Village Clerk, will receive sealed bids until 8 p. m. Mar. 16 for 560.
of bonds bid for, payable to the
6% village bonds. Date July 1 1925. Denom. $1,000. Due Jan. 1
-The following two follows: $6,000,• 1927 to 1936 incl.
SALE.
-BOND
MARION, Grant County, Ind.
sold to the Marion State Bank of Marion for a
Sea
Issues of bonds have been to
NEPTUNE CITY SCHOOL DISTRICT (P. 0. Avon-by-the102.48.
premium of $3,702, equal
-The Seacoast Trust Co.
-BOND SALE.
Monmouth County, N. J.
368,000 Ackley Road bends.
been awarded the $75.000 4g% coupon or regis
Asbury Park has
D
81,000 Barr Road bonds.
school bonds offered on Feb. 2 (V. 120, p. 484). Date Feb. 2 1925.
SCHOOL DISTRICT NO.135 yearly on Feb. 2 as follows: 33,000, 1926 to 1930 incl.. and 54,000, 1931
.
MARION AND CLINTON COUNTIES
Ing is a description of 1945 incl.
111.-DESCRIPTION.-Follow
(P. 0. Centralia), school bonds sold to A. 0. Allyn & Co. of Chicago
Nev.
the $60,000 coupon
NEVADA IRRIGATION DISTRICT (P. 0. Gross Valley),purpo
Denom .51.000. Date July 11924. Interest pay(see V. 120. p. 612). mow July 1 1936 to 1938, inclusive, and 37,000, BOND ELECTION.
-On March 5 an election will be held for th.e
bonds.
annually. Due
able
of voting on the question of issuing $7,500,000 irrigation
DI
July 1 1939 to 1944, inclusive.
-Until
ND OFFERING.
NEWBURG CONSOLIDATED INDEPENDENT SCHOOL
-An election
MARTINSVILLE, Henry County, Va.-BO S. Gravely, Clerk of TRICT, Jasper County, lowa.-BOND ELECTION.
A.
bids will be received by
in. Feb. 28 sealed town bonds. Date Feb.28 1925. Denom.$1.000. be held on March 9 for the purpose of voting on the question of issui
3 p.
Council,for $44,0006%
years. A certified check for 2% of bid is $440,000 school building bonds.
Coupon bonds. Due in 34
-CERTIFICATE OFFERING.
NEW ORLEANS,Orleans Parish, La.
required.
-The following issues Sealed bids will be received until 11 a. m. March 16 by R. M. Murrill
.BOND SALE.
HUSETTS (State of)
MASSAC
paving certificates.
offered on Feb. 20 (V. 120, p. 858) were sold to Commissioner of Public Finances, for $990.000
of 4% registered bonds and the National City Co. at 102.3391, a basis of
0.Zan
NEWTON TOWNSHIP RURAL SCHOOL DISTRICT (P. & Ma
Peabody & Co.
Kidder,
villa), Muskingum County, Ohlo.-BOND SALE.-Seasongood
about 3.78%:
Lean. Series 2. Maturity, $50,000 each of Cincinnati have purchased the $20,000 5% school bonds offered
31,000.000 Metropolitan Parks1945 incl.
basis
-at a premium of $556. equal to 102.78-a incl.
year. Jan. 1 1926 to Loan, Series 2. Maturity, $7,000 each Feb. 16-V. 120, p. 734
1 1926 to 1945.
Parks
135,000 Metropolitan1926 to 1940, incl., and $6.000 each year Jan. 1 about 4.66%. Date April 11925. Due $1,000 Oct.
-Sealed b
year Jan. 1
-BOND OFFERING.
NILES, Trumbull County, Ohio.
p. in. March
1941 to 1945 incl.
Sewerage Loan, North System. Maturity, will be received by Homer Thomas, City Auditor, until 2 Denom. $8
650,000 Metropolitanyear. Sept. 1 1925 to 1934 incl.
Sewer District No. 7 bonds.
for $32,000 534% coupon
$65,000 each
& 0.) payable at the off
Water Loan. Maturity, $30.000 each year, Date Oct. 1 1924. Prin. and semi-ann. int.(A.
1,138,000 Metropolitan 1961 incl., and $29,000 each year, Jan. 1 1962 to of the Sinking Fund Trustees. Due $3.200 yearly on Oct. 1 1926 to 19
Jan. 1 1926 to
of bonds bid for required.
lad. Certified check for 1% of the amount
1963 incl.
-The Pe
SALE.
-Joe B.
-CORRECTION.
NORFOLK, Madison County, Neb.-BOND
Columbia), Tenn.
WMAURY COUNTY (P.O.informs us that they purchased the $55,000 Trust Co. of Omaha has purchased an issue of $70,000 43.4% refun
Palmer & Co. of Nashvilleas 4s at a premium of $1,052 90, a basis of bonds. Date March 15 1925. Denom. $1,000. Due March 15 1
payable
highway bonds on Feb. 10
858. Date Dec. 1 optional March 15 1930. Principal and interest (M• & S. 15)
as 5gs, as given in V. 120, P.
about 4.60%. and not follows: 314,000, 1940 to 1942, incl., and 313,000 the office of the County Treasurer in Madison. Legality approved
Due June 1 as
1923.
Charles & Rutherford of St. Louis.
Chapman, Cutler & Parker. of Chicago.
in 1943. Legality approved by
Financial Statement.
Financial Statement.
$24,804,478 Assessed value, as returned, 1924
Assessed valuation
bond
549,952 Total bonded debt
9 53
11 379:
present estimated! 6,000
Net bonded debt
Population (1920 Census).8.634; population,
Population (1920 Census), 35,403.
FEB.21 1925.]
THE CHRONICLE
P NORMAN, Cleveland County, Okla.
-BOND SALE.-Brown-Crummer Co., of Wichita, has purchased an issue of 2110.000 6% funding bonds.
Due 1943 to 1948.
NORTH ADAMS,Berkshire County, Mass.
-TEMPORARY LOAN.
A temporary loan of $50,000 has been awarded to Estabrook & Co. of
Boston on a 2.99% discount basis. Due Nov. 1 1925.
NORTHFIELD, Atlantic County N. J.
-BOND OFFERING.-IIntfi
9 p. m. Mar. 2 sealed bids will be received by Geo. N. Muller, City Clerk,
for an Issue of 5% coupon or registered bonds not to exceed $28,000. no
more bonds to be awarded than will produce a premium of $1.000 over
$28.000. Denom. $1,000. Date Mar. 2 1925. Int. M. & S. Due
$1.000 Mar. 2 1926 to 1953 incl. Certified check for 2% of the amount of
bonds bid for, payable to the city. required.
NORTH OLMSTED, Cuyahoga County, Ohio.
-BOND OFFERING.
-Sealed proposals will be received by E. M. Christman, Village Clerk,
until 12 m. March 9 for $17.500 53.4% park and public grounds bonds.
Denoms. $1.000 and $500. Date Jan. 1 1925. Int. A. & 0. Due every
six months as follows: $1.500. April 1 1931 to April 1 1933, incl.* 22.000.
Oct. 1 1933: $1,500. April 1 1934 to Oct. 11935, Incl., and $2.000. April 1
.
1936. Certified check for 10% of the amount of bonds bid for required.
NORTH TARRYTOWN, Westchester County, N. Y.-INJUT)eTION.-A preliminary injunction has been issued in which
restrain the village officials from issuing the $470,000 4)4%it is sought to
coupon water
works bonds,scheduled to be sold Feb. 19-V.120, p.734. The injunction
was returnable on that day at a special term of the Supreme Court at White
Explaining the situation, Thomas Quinn, Village Clerk, writes
Plains.
the following under date of Feb. 16: "In response to your inquiry regarding
the $470.000 bond issue of the village of North Tarrytown. I sent you a
descriptive circular and certified that there was no contemplated or pending
litigation in connection with this bond issue. Since that time and on Feb.
14 1925. papers in a taxpayer's action seeking to restrain the village officials
from issuing said bonds were served. A preliminary injunction was issued
which is returnable on the 19th inst. at a special term of the Supreme
Court at White Plains. The result of this litigation, of course, at this time
Is uncertain, but if the restraining order is vacated, the sale will probably
proceed as per schedule."
OAKLAND, Alameda County, Calif.
-BOND OFFERING.
-Seated
bids will be received until March 5 by the City Clerk for 8600.0007% bonds.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
County, Calif.
-BOND SALE.
-The $25.000 534% irrigation bonds
offered on Feb.6-V.120, p.613
-were awarded to the American Securities
Co. of San Francisco at a premium of $252, equal to 101-a basis of about
6.06%. Date Jan. 1 1924. Denom. 31.000. Due Jan. 1 1929.
•
OAKLEY, Cassia County, Idaho.
-BONDS VOTED.
-At the election
held on Feb.9(V.120, p.454) the voters authorized the issuance of $35,000
6% water bonds. Chas. Elliott. City Clerk.
OAK PARK AND RIVER FOREST TOWNSHIP HIGH SCHOOL
DISTRICT NO. 200 (P. 0. Oak Park), Cook County, III.
-BOND
OFFERING.
-Sealed bids will be received by Walker 0. Lewis. Chairman
Finance Committee, until 8 p. m. Feb. 26 for
not to exceed 4%% Interest. Date July 1 1924.$100,000 school bonds
Int. semi-ann. Due
yearly on July 1 as follows: 220,000. 1937 and 1938: $10,000,
$50,000. 1940. These bonds are part of a total authorized issue of1939. and
Bids will also be considered for the remaining $300,000 of the $400.000.
issue, deliveries of which are to be made by the district as it, from time
to time,
shall need to use the proceeds of sale. Approving
opinion of Y.
of Chicago will be furnished the purchaser. Certified check, Wm.Kraft
payable to
0. M. Schantz, Township Treasurer, required.
OILTON, Creek County, Okla.
-BOND SALE.
-Calvert & Canfield
of Oklahoma City have purchased an issue of $5,000 6% sewer extension
bonds. Interest payable M. & N. Due in ten years.
OKTIBBEHA COUNTY (P. 0. Starkville), Miss.
-BOND
The Central State National Bank of Memphis has purchased anSALE.issue of
$30,000 534% road bonds.
OMAHA, Douglas County, Neb.-BOND SALE NOT CONSUMMATED.
-The sale of the $242,000 434% river drive bonds on Jan. 19
to a syndicate headed by Estabrook & Co. of New York at 102.67, a basis
of 4.31%-V. 120. p. 484
-was not consummated. John C. Thomson of
New York City refused to approve the issue, as an error was made in
drawing up the ordinance.
BOND SALE.
-The International Trust Co. of Denver has purchased
at auction an issue of $100,000 43 % park bonds at a premium of $320.
equal to 100.32.
ONEIDA Madison County, N. Y.
-BOND OFFERING.
-Sealed bids
will be received by M. E. Brophy, City Clerk, until 7:30 p. m. Feb. 24
for the following Issues of 4Si% bonds:
$17,766 70 paving bonds. Denom. $1,000 and $766 67. Date March 1
1925. Due $1,766 67. 1926 to 1935 incl. Certified check
for $3850 required.
5,74440 sewer bonds. Denom. 2574 44. Date March 1 1925. Due
$574 44. 1926 to 1935 incl. Certified check for $275
required.
Int. M.& S.
ONEIDA, Madison County, N. Y.
-BOND OFFERING.
-Until 7 p. m.
March 3, sealed bids will be received by M. E. Brophy, City
Clerk, for
$800,000 4 or 4q% coupon water bonds. Denom. $1,000.
Date Jan. 1
1925. Interest J. & J. Due yearly on Jan. 1 as follows: $25,000
1930
to 1935, inclusive; $50.000 1936 to 1939, inclusive,_ and $75,000
1940 to
1945, inclusive. Legality approved by Clay
Certified check for $15,000, payable to the City & Dillon of New York.
Chamberlain. required.
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND SALE.
-The Meyer
Riser Bank of Indianapolis were the successful bidders for the
coupon county bonds offered on Feb. 18-V. 120. p. 361-for 235.000 5%
$35.329 50.
%0 9
1 6. 4. Date Feb. 18 1925. Due $17,50111 May 15
1926 and
N5 926
OSSINING, Westchester County, N. Y.
-DESCRIPTION.
ing is a description of the 220.000 431'7 coupon or registered -Follow0
gold
bonds sold to Geo. B. Gibbons & Co. Inc., of New York at 101.85,paving
as was
p.
given in V. 120 , 859: Denom. $1,b00.
Date Feb.
nt.
semi-ann.i& A.) payable at the office of the1 1925. Prin. and
Village Treasurer.
.
Due serially on Feb 1. Lmality approved by Clay & Dillon of New
York.
Financial Statement.
Assessed valuation. 1924
311.938.750
Total bonded debt, including this issue
2785,898
Less,water bonds
162,000
bonded debt
Net
623.899
Population, Census 1920. 10,739.
OTISVILLE,Orange County, N. Y.
-BOND SALE.-Geo. B. Gibbons
& Co.. Inc., of New York, have been awarded the $50,000 water works
bonds offered on Feb. 17-V. 120, p. 734
-as 55 at 107.47.
ThWEN COUNTY (P. 0.Spencer), Ind.
-BOND
-Sealed
bids will be received by J. B.Meek,County Treasurer,OFFERING.March
until 2 p. m.
2
for the following issues of 434% coupon road bonds:
$3,233 80 J. W.Smith road bonds. Denom.$161 69. Due $161 69 every
six months from May 15 1926 to Nov. 15 1935 incl.
43,600 00 John Knox road bonds. Denom. $1,090. Due $1.090
'
every six
months from May 15 1926 to Nov. 15 1945, incl.
Date Feb. 3 1925.
PACIFIC SCHOOL DISTRICT (P. 0. Santa Cruz), Santa
Cruz
-BOND SALE NULLIFIED BY ERROR.
County, Calif.
-Regarding the
220,000 6% school bonds mentioned in V. 120. p. 113. the San Francisco
"Commercial News" of Feb. 16 says: "Because the polls closed
at 6
instead of 8 o'clock, the Pacific School District, which includes the town
-Portland Cement plant, must
of Davenport, the seat of the Santa Cruz
hold another election, authorizing 220.000 bonds for the erection of a new
school house. Practically an unanimous vote for the bonds were cast
in the election held. The bonds were sold and bids called for the construction ofthe new schoolhouse, when the technical error was discovered."
iff PAGE COUNTY (P. 0. Shenandoah), Iowa.-WARRANT SALE,
Polk, Crowley. Wheelock & Co. have purchased an issue of $83.000 anticipation warrants on a 4% Interest basis.
-BOND OFFERING.
PALMETTO Manatee County, Fla.
-Sealed
bids will be received until March 17 by E.H.Mason,City Clerk.for $50,000
water works bonds.
987
PASADENA CITY HIGH SCHOOL DISTRICT, Loa Angeles
County, Calif.
-BIDS.
-Following is a list of bids received for the $750,000
43(% school bonds awarded on Feb. 9 to a syndicate composed of Geo. H.
Burr & Co.. B. J. Van Ingen & Co., H.L. Allen & co.and Freeman, Smith
& Camp Co.:
Bidders.
Premium.
First Trust & Savings Bank of Pasadena and Illinois Merchants'
Trust Co
Drake, Riley & Thomas,Estabrook & Co.and Wm.R. Compton523.175 00
Co
Ames, Emerich & Co., Northern Trust Co. of Chicago and 13.792 50
M. H. Lewis Co
11.35000
Harris Trust & Savings Bank
24,027 00
Bank of Italy
17.79800
Citizens' National Co
12.050 00
R. H. Moulton & Co.. Blyth, Witter & Co. and Security Oo
18,46500
California Securities Co., . H. Rollins & Sons. Wm. R. Stoats
Co. First Securities do., Mercantile Securities Co. and California Security Co
A. B. Leach & Co., Inc.. Halsey, Stuart & Co.. Inc.. American 18.307 00
Securities Co., Wm.Cavalier & Co. and Peirce. Fair & Co_ _ _ 19,351 00
National City Co.. California Co. and Banks, Huntley & Co_
Hunter, Dulin & Co.. Dean, Witter & Co.. Heller, Bruce & Co., 19.395 00
Wells Fargo Bank and Union Trust Co
15,087
Anglo-London-Paris Co. First National Bank of New York, De- 22.542 00
00
troit Co., Inc., and Eldredge & Co
PASADENA INDEPENDENT SCHOOL DISTRICT, Harris County,
Tex.
-BOND SALE.
-On Feb. 11 the State Board of Education purchased
$7,500 5% school bonds.
PASCO, Franklin County, Wash.
-BOND OFFERING.
-Sealed bids
were received until 8 p. m. Feb. 17 by E. T. Churchman, City Clerk,
$66.000 water system 1inds to bear int. at a rate not exceeding 6%. for
PAULLINA INDEPENDENT SCHOOL DISTRICT,O'Brien County,
Iowa.
-BOND SALE.
-The 2130.000 434% school bonds offered on Feb.
(V. 120. p. 613) were awarded to the First National Bank of Paullina at 3
premium of $2.170, equal to 101.66. a basis of about 4.35%. Date Feb. a
1
1925. Due Feb. 1 as follows: 35.000. 1931 to 1935 Incl.•. $6,000, 1936 to
1940 incl.: $7,000, 1941 to 1944 incl., and $47.000 In 1945.
PERRIS, Riverside County, Calif.
-PRICE PAID
-DESCRIPTION.
-The 39,500 6% water bonds purchased by the Freeman. Smith & Camp
Co. of Los Angeles
-V.120. p. 237-were purchased at a premium of $100,
equal to 101.05, and are described as follows: Date Jan, 2 1925. Coupon
bonds. Due serially 1930 to 1948.
PERTH AMBOY, Middlesex County, N. .11. BOND SALE.
-B. J.
Van Ingen & Co:rot New York were the successful bidders for the two
Issues of 434% water bonds offered on Feb. 19-y. 120. p 859
-as follows:
$41.000 ($42,000 offered) water bonds, series 'R, 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 1964, incl.. for $42,650, equal
to 104.02, a basis of about 4.40%.
149,000 ($155,000 offered) water bonds, series "S," to be dated March 2
1925 and to mature $3,000 March 2 1927.54.000 March 2 of each
of the years 1928 to 1963, incl., and 22,000 1964 for $155.690.
equal to 104.48, a basis of about 4.36%.
PHILLIPSBURG, Warren County, N. J.
-BOND OFFERING.Sealed bids will be received by Hector R.
and Finance, until 2:30 p. in. Feb. 26 for Britton. Director of Revenue
the following issues of 434%
coupon or registered bonds:
$125,000 permanent sewer bonds. Denom. $500. Date April 1
1925.
Int. A. &O. Due $3.000. 1927 to 1941 incl., and
$4,000, 1942
to 1961 incl.
53.000 permanent sewer bonds. Denom. $500. Date March
15 1925.
Int. M. & S. Due 21.500. 1927 to 1940 incl., and
$2,000, 1941
to 1956 Incl.
77.100 school bonds. Denom. $500 and one for $100.
1924. Int. M. & S. Due $2,500. 1926 to 1934 Date Sept. d
1935 to 1944 incl.; 53.500. 1945 to 1950 Incl., and Inel.: 23.000.
53.600. 1951.
Prin. and semi-ann. int. payable at the Philllpsburg
Phillipsburg. Certified check for 2% of the amount National Bank of
of bonds bid for
required.
PITTSFORD(P.O.Pittsford), Monroe County, N.Y.
-The $7,500 fire bonds offered on Feb. 16-V. 120, n. -BOND SALE.
734
-have
sold to Myron W. Green of Rochester as 4.40s at 100.33. a basis of been
4.31%. Due yearly on April 1 as follows: 5500, 1926, and $1,000, about
1927 to
1933. incl.
PLAIN TOWNSHIP SCHOOL DISTRICT (P. 0. Wilkes-Barre)
,
Luzerne County, Pa.
-BONDS NOT SOLD.
-The $250,000 4)4%
school bond' offered on Dec.8-V. 119, p. 2675
-were not sold.
PLAINVIEW, Pierce County, Neb.-BOND SALE.
-The WhitePhillips Co. of Davenport has purchased an issue of $12,000 5%
refunding
bonds. Date Feb. 11925. Denom. $1,000. Due Feb. 11945.
optional
Feb. 1 1930. Principal and interest (F. & A.) payable at the office
of the
County Treasurer at Pierce. Legality approved by
Chapman, Cutler
& Parker of Chicago.
PLANKINTON INDEPENDENT SCHOOL DISTRICT
NO. 1
Plankinton), Aurora County, So. Dak.-BOND OFFERING. (P.O.
Wllmarth. Secretary of Board of Education, will receive sealed -H. P.
bids
8 p. m. Feb. 24 for $43,000 5% school bonds. Date March 11925. until
and int. payable at the Wells-Dickey Trust Co., Minneapolis. Print
Due
March 1 as follows: $8.000, 1930: $10,006, 1935: $12,000,
$13,000. 1945. Legality approved by Lancaster. Simson. J_nell1940. and
& Dorsey
of Minneapolis. A certified check for 10% of bonds bid for required.
The notice of the above mentioned bonds was given in V. 120,
under the caption "Plankinton Independent School District, Ind."p. 859.
PLAWEVILLE, Weld County, Colo.
-BOND
-The Gray,
Emery, Vanconcelles Co. of Denver has purchased an SALE.
Issue of $20,000 6%
refunding water bonds.
PLEASANT VALLEY, Dutchess County, N. Y.
-BOND
-Sealed bids will be received by Harvey J. Halstead, Vitiate° OFFERING.
Clerk. until
12 m. March 2 for 38.000 fire apparatus coupon bonds. Denom. $1.000
and $600. Date March 1 1925. Int. semi-ann. Due 51.600
March 1
1926 to 1930 incl. Legality approved by Clay & Dillon of New York.
Certified check for $250 required.
POLK COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO.
11
(P. 0. Bartow), Fla.
-PURCHASER.
-The purchaser of the $750,000
534% road bonds sold on Feb. 9-V. 120, p. 860
-was Caldwell & Co. of
Nashville.
111
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.
The United States Trust Co. of Portland purchased the temporary
loan of
$300.000 offered on Feb. 13-V. 120, P. 860
-on a 3.05% discount basis,
plus a $5 premium. Date Feb. 17 1925. Due Oct. 5 1925.
PORTSMOUTH, Norfolk County, Vs.
-BOND
-L. 0.
Brinson. City Clerk, will receive sealed bids until 12 in.OFFERING.
Feb.
434% sewer and garbage incinerator bonds. Date March 1 24 for 2180.000
1925. Denom.
21.000. Coupon bonds, registerable as to both principal and interest or
principal only. Principal and interest (M. & S.) payable in gold coin in
New York City. Bonds to be prepared under the supervision
Mtge.& Trust Co., which will certify as to the genuineness of of the U. S.
of the officials and the seal of the city impressed thereon. the signatures
Legality approved by John C. Thomson, New York City. A certified check for 2%
of bid, payable to H. L. Hudgins. City Treasurer, is required.
PORTSMOUTH, Wortoik -County, Va.-BONDS AUTHORIZED.
The City Council has authorized the issuance of the following 434% bonds
aggregating $180,000:
$150,000 sewer bonds.
30, 0minclnerator bonds.
De0 0 si mo
n0
.
POTTER COUNTY (P.O. Amarillo), Tex.
-WARRANT SALE.
-The
Branch-Middlehaup Co. of Wichita has purchased an issue of $130,000
warrants at 96.50, plus printing and legal expenses.
RACCOON CIVIL TOWNSHIP (P.O. Bridgeton), Parke County,
Ind.
-BOND OFFERING.
-Until 1 p. in. March 6 sealed bids
received by Chas. Alexander, Township Trustee, for $35,000 4)4%will be
school
bonds. Denom. $500. Date March 15 1925. Principal and
semi-annual
Interest (J. & J. 15). payable at the Bridgeton Bank of Bridgeton.
Due
every six months as follows: 21.000 Jan. 15 1935 to July 15
1938. incl.
988
THE CHRONICLE
[VOL. 120.
-The amount of
-CORRECTION.
SEATTLE, King County, Wash.
$2,000 Jan. 15 1935 to Jan. 15 1944, inel., and $2,500 July 15 1944 and the general improvement bonds offered on March 5-V. 120, p. 860
-is
Jan. 15 1945.
$300,000 and not $500.000, as given in the above reference.
RACCOON SCHOOL TOWNSHIP (P.O. Bridgeton), Parke County,
be received until 12 m. Mar. 5 by
BOND OFFERING -Sealed bids will
Trustee, will
Ind.
-BOND OPPERING.-Chas. Alexander, Townsl
H. W. Carroll, City Comptroller, for $430.000 marine boulevard construe
receive sealed bids until 1 p. m. March 6 for $4.000 4% school bonds. Hon and city park repair coupon or registered bonds to bear interest not
Date March 15 1925. Principal and semi-annual interest exceeding 67. Date April 1 1925. Denom. $1,000. Due serially 1927
Denom. $500.
Due $500 every to 1055.
15) payable at the Bridgeton Bank of Bridgeton.
(J. &
Principal and interest payable at the City Treasurer's office or at
six months from Jan. 15 1935 to July 15 1938, inclusiva.
the fiscal agency in N. Y. City, at option of holder. Legality approved by
-BOND John C. Thomson, N. Y. City. The bonds will be delivered in Seattle,
RAMAPO (P. 0. Valley Stream), Rockland County, N. Y.
check for 5% of
-Clark, Williams & Co. of New York have been awarded an issue N. Y. City, Chicago, Boston or Cincinnati. A certified
SALE.
a
of $55,000 415% school bonds at 103.25, a basis of about 4.19%. Denom. bid, payable to above named official, is required.
-The $120.000
SALE.
11925. Int. semi-ann. Due yearly on Feb. 1 as fol$1,000. Date Feb.
-BOND
SEABREEZE, Volusia County, Fla.
lows: $2,000, 1927 to 1953 incl., and $1,000. 1954. Legality approved by 6% street-improvement bonds offered on Feb. 5 (V. 120, p. 615) were
John 0. Thomson of New York.
Co.of Chicago at a premium o $3,061, equal
awarded to the Hanchett Bond
Due $12,000
REDFORD TOWNSHIP UNION SCHOOL DISTRICT NO. 1 (P. 0. to 102.55-a basis of about 5.44%. Date Feb. 1 1925.
-The Detroit Trust yearly 1926 to 1935. inclusive.
-BOND SALE.
Redford), Wayne County, Mich.
-B. J. Van
Co. of Detroit has purchased the $225,000 school bonds offered on Feb. 14
SEA GIRT, Monmouth County, N. J.-130ND SALE.
-at 100.042. a basis of about 4.267%, taking $35,000 as Ingen & Co., of New York, were awarded the following issues of 434% cou-V. 120, p. 860
43s and $190.000 as 4 Voi. Date Feb. 16 1925. Due yearly on Feb. 16 pon or registered bonds offered on Feb. 17 (V. 120. p. 363) for $87,004.
as follows: $25,000, 1951, and $100,000, 1952 and 1953.
equal to 100.004, a basis of about 4.74%:
- $75,000 beach improvement and funding bonds. Denom. $1,000. Due
-BOND SALE.
REDONDO BEACH, Los Angeles County, Calif.
$3.000 March 1 1926 to 1950, inclusive.
The Security Trust & Savings Bank of Los Angeles has purchased an issue
12,000 water tank bonds. Denom. $2,000. Due $2,000 March 1 1926
of $35,000 incinerator bonds at a premium of $489, equal to 101.39.
to 1931. Inclusive,
REYNOLD SPECIAL SCHOOL DISTRICT, Grand Forks and
Date March 1 1925.
-Traill Counties (P. 0. Grand Forks), No. Dak.-BOND ELECTION.
SHAWNEE RURAL SCHOOL DISTRICT (P. 0. Lima R. F. D.
An election will be held on Feb. 26 for the purpose of voting on the question
-The $150.000 5% sehoo)
-BOND SALE.
No. 4), Allen County, Ohio.
of issuing $20.000 4% school bonds.
bonds offered on Feb. 12(V. 120. p. 615) have been awarded to the Detroit
(P. 0.
RICHLAND TOWNSHIP RURAL SCHOOL DISTRICT -Sealed Trust Co. of Detroit and Braun, -Bosworth & Co. of Toledo for $154,017,
-BOND OFFERING.
St. Clairsville), Belmont County, Ohio.
equal to 102.67, a basis of about 4.69%. Date Feb. 1 1925. Due $7,509
proposals will be received by A. M. Brown, Clerk Board of Education, Oct. 1 1926 to 1945 incl.
$500.
until 12 m. March 2 for 650,000 5% school bldg. bonds. Denom.at the
-The $20.000
-BOND SALE.
SHELLEY, Bingham County, Idaho.
Date March 1 1925. Prin. and semi-ann. int. (A. & 0.) payable
% refunding bonds offered on Jan. 17 (V. 120, p. 238) were awarded to
office of the above Clerk. Due yearly on Oct. 1 as follows: $4,000, 1926
Certified check for $500 required. the Palmer Bond & Mortgage Co. of Salt Lake City at par and accrued
and 1927, and $3.500. 1928 to 1939 incl.
interest. Date Jan. 1 1925. Due 32.000 1936 to 1945 incl.
RIDGEVILLE TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
SHERBURNE COUNTY SPECIAL SCHOOL DISTRICT NO. 1
-W. L. Slayton &
-BOND SALE.
Ridgeville), Lorain County, Ohio.
-The $20,000 funding bonds
-BOND SALE.
Clear Lake), Minn.
Co. of Toledo have purchased the $9,000 534% coupon school bonds offered (P. 0. op Feb. 13( . 120. p. 735) were awarded to Paine, Webber & Co.
of offered
V
-for $9.220 30. equal to 102.44, a basis
on Feb. 12-V. 120. p. 485
of N. Y. City as 5s at par. Date Feb. 1 1925. Interest payable F. & A.
Date Jan. 1 1925. Due $1,000 Oct. 1 1926 to 1934 incl.
about 4.99%.
Louis Due Feb. 1 1935.
R1TENOUR CONSOLIDATED SCHOOL DISTRICT, St.held on
SILVER CITY, Grant County, N. Mex.-BOND ELECTION.-BOND SALE.
-At the election
County, Mo.-BONDS VOTED
-the voters authorized the issuance of $70,000 An ejection will be held on April 6 for the purpose of voting on the question
Jan. 20--V. 120, p. 362
were then purchased by Stern Bros. & Co. of of issuing /80,000 water bonds.
5% school bonds, which
-Hugh B.
-BOND SALE.
Kansas City.
SILVERTON, Marion County, Ore.
-BOND McGuire & Co. of Portland have purchased an issue of $20,000 5% city
RIVERSIDE (P. 0. River Edge), Bergen County, N. J.
-M. M. Freeman & Co. of Philadelphia have been awarded the hall bonds.
SALE.
issue of 5% coupon or registered street impt. bonds offered on Feb. 17-TEMPORARY LOAN.
SOMERVILLE, Middlesex County, Mass.
-on a bid of 638,297 40. equal to 103.50-a basis of about
V. 120, p. 734
A temporary loan of $300,000 has been sold to the First National Bank of
4.61% for $37,000 bonds ($38,000 offered). Date Dec. 1 1924. Due Boston on a 3.04% discount basis plus a $4 premium. Due Nov.4 1925.
1925 to 1940. incl.; $2,000, 1941 to
yearly on Dec. 1 as follows: $1,500.
Date Feb. 15 1925.
1946, incl., and $1.000, 1947.
-H. L.
-BOND SALE.
SOUTH AMBOY, Middlesex County, N. J.
-The
-BOND SALE.
ROCKY RIVER, Cuyahoga County, Ohio.
Allen & Co., of New York, have been awarded the issue of 5% coupon or
Milliken & York Co. of Cleveland has purchased the $5,137 50 514% registered general improvement bonds offered on Feb. 17 (V. 120, ia. 735)
a premium
-at
coupon fire dept. bonds offered on Feb. 10-V. 120. p. 362
104.18. a basis of about 4.49%.for $57.009
of $112, equal to 102.18, a basis of about 5.04%. Date Oct. 1 1924. Due on a bid of $59,387 73, equal to Dec. 15 1924. Due yearly on Dec. 15 as
bonds ($59.000 offered). Date
$637 50, 1926: $500. 1927 to 1932 incl.: $1,000, 1933, and 9500. 1934.
1928, inclusive; $3,000. 1929 to 1944, inclusive, and
follows: $2.000, 1925 to
-The White-Phillips 31.000, 1945. Bids were as follows'
-BOND SALE.
ROLAND, Story County, Iowa.
Bid.
Co. of Davenport has purchased an issue of $39,000 4%% bonds at a
$90, equal to 100.23.
South Amboy Trust Co .a$59.322 00 Clark Williams & 0o.... a$59.250 00
premium of
a59,387 73
& Co
ROME RURAL SPECIAL SCHOOL DISTRICT (P. 0. Athalla), B. J. Van Ingen & Co...,..b59.906 00 11, L. Allen Wack & Co_ _a59.102 02
-On Feb. 14 the $13,000 First Nat.Bank,S.Amboy /59,261 00 Batchelder,
-BOND SALE.
Lawrence County, Ohio.
a59.148 00 M. M.Freeman & Co__ _a59.014 04
-is R. M. Grant & Co
coupon school bonds offered on that day (V. 120, p. 615) were sold as 43
/954,490 60
& Co. of New York at 100.56, a basis of about 4.18%. Denom. Geo. B. Gibbons & Co_a59,079 00 Outwater & Wells
to Rutter
& 0.) payable at
$650. Date Apr. 1 1925. Prin. and semi-ann. int. (A.
a For $57,000: b for $58,000.
the National Bank of New York. Due $650 yearly on Apr. 1 1926 to 1945
inclusive.
-BOND SALE.
SOUTHAMPTON (Town of), Suffolk County, N. Y.
ROSTRAVER TOWNSHIP SCHOOL DISTRICT (P. 0. Belle -The 630,000 5% highway bonds offered on Feb. 18(V. 120. p. 615) have
-BOND OFFERING.- been sold to E. E. Rollins & Sons of New York at 102.60, a basis of about
Vernon R. F. D. No. 1), Fayette County, Pa.
Sealed bids will be received by J. C. Nichols. Secretary School District, 4.17%. Date Feb. 15 1925. Due $5,000 yearly on Feb. 15 1926 to 1931
$1,000.
,
until 7 p. m. Feb. 18 for $120,000 435% school bonds. Denom.follows: incl.
Date April 1 1925. Int. A. & 0. Due yearly on Oct. 1 as
-BOND OFFERING.
SOUTHPORT,Brunswick County, No. Caro.
1925: $19,000, 1926 and 1927; $21,000. 1928 and 1929, and
$17,000,
p. m. March 3 by J. G. Howe, City
until
$23,000, 1930. Certified check for $1,200. payable to Allen C. Jones, Sealed bids will be received public 1
improvement bonds. Date Dec. 11922.
Treasurer,for $38,000 5;4%
Treasurer, required.
$2,000. 1943 to
- Due Dec. 1 as follows: 91,000, 1925 to 1942, incl.. and gold coin at the
-BOND OFFERING.
RUSH COUNTY (P. 0. Rushville), Ind.
in
1952, incl. Principal and interest (J. &
Howard W. Clawson. County Treasurer, will receive sealed bids until Hanover National Bank, New York City. Legality approved by John C.
Laverne Dunn et al. highway bonds.
2 p. m. Feb. 24 for $9,500 434%
Thomson, New York City. A certified check, drawn upon an incorporated
Denom. $237 50. Date Feb. 15 1925. Int. M. & N. 15. Due $475 bank or trust company, for 2% of bid, payable to the order of the City
every six months from May 15 1926 to Nov. 15 1935 Incl.
Treasurer, is required.
RUSK COUNTY COMMON SCHOOL DISTRICT NO. 46 (P. 0.
-BOND
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
-On Feb. 11 the State Board of Edu-BOND SALE.
Henderson), Tex.
-Sealed bids will be received until 11 a. m. Feb. 27 by J. J.
OFFERING.
cation purchased $8.000 5% school bonds.
Vernon, County Supervisor, for $216.000 434% highway. bonds. Date
ST. CLA1RSVILLE, Belmont County, Ohio -BOND OFFERING.- April 11923. Coupon bonds. Due as follows: $8,000 1925, $9,000 1929
Sealed proposals until 12 m. March 16 will be received by Buena Nikolaus. and 1927. $10,000 1928, $9,500 1929, $10,000 1930. $11,000 1931, $10,500
Village Clerk, for $11,801 82 6% coupon Newell Ave. special assessment 1932, $11,000 1933 and 1934. $12.000 1935. $11,500 1936, 812,000 1937,
bonds. Denom. $1,000, $400 and one for $601 82. Date Jan. 1 1925. 513.000 1938 to 1939, 314.000 1940, 813,500 1941, and 814,000 1942
Int. A. & 0. Due yearly on Oct. 1 as follows: $1,400, 1926 to 1932 and 1943. Principal and interest (J. & J.) payable at the Hanover National
incl.. and $601 82, 1933. Certified check ftr 10% of the amount of bonds Bank, New York City. Legality approved by Storey, Thorndike, Palmer
& Dodge of Boston. A certified check for 207 of bid, payable to the order
bid for, payable to the Village Treasurer, required.
-At the same time sealed bids will be received for of the Supervisor of the County of Spartanburg,is required. These are
BOND OFFERING.
Denom. $1,000, the bonds offered on Jan. 9 on which all bids were rejected-V. 120, 1). 363.
$11.146 75 6% No. Market St. street impt. bonds. 0. Due yearly
$300. and one for $746 75. Date Jan. 11925. Int. A.&
SPRINGFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Certi-BOND SALE.-Bumpus & Co. of
on Oct. 1 as follows: $1,300. 1925 to 1932. incl., and $746 75,1933. Village Springfield), Clark County, Ohio.
fied check for 10% of the amount of bonds bid for, payable to the
Detroit have purchased the $32,000 5% school bonds offered on Feb. 13required.
premium of $451 20, equal to 101.41, a basis of about
-at a
Treasurer.
V. 120, p. 615
-Curtis & Sanger of 4.74%. Date Feb. 1 1925. Due yearly on Sept. 1 as follows: $3,000
-BOND SALE.
SALEM, Essex County, Mass.
inclusive, and 32,000 1936.
100.515, a
Boston purchased $25,000 4% tuberculosis hospital bonds at Prin. and 1928 to 1935,
Date Jan. 1 1925.
Denom.
The following is a list of the other bidders for the bonds:
basis of about 3.79%. payable in $1.000. or at the office of the City TreasPremium Bid.
Boston
Premium Bid.,
semi-ann. int. (J. & J.)
$10880
1930 incl. Legality approved by Storey, Well. Roth & Irving
$33600 Ryan, Bowman & Co
urer. Due 35.000 Jan. 1 1926 toBoston.
244 00
261 00 The Herrick Co
Dodge of
Seasongood & Mayer
Thorndike. Palmer &
166 52
- Title Guarantee & Trust Co__ 273 60W. H.Silverman & Co
-BOND OFFERING.
Salt Lake County, Utah.
SALT LAKE CITY,
356 00 Provident Say.Bk.&'fr. Co.. 172 80
$850,000 A. T. Bell & Co
the City Clerk for
21761)
Sealed bids will be received until April 1 by
Otis & Co
Slayton & Co
380 00
W. L.
1
- 440 00
refunding water bonds.
Stranahan, Harris & Oatis..-- 361 60 Emery, Peck & Rockwood
-The $57, Braun, Bosworth & Co
326 72
Neb.-BOND SALE.
413 00 David Robison & Co
SARPY COUNTY (P. 0. Papillion),
427 20
Precincts road coupon bonds offered on Guardian Say. Bk.& Tr. Co.. 406 40 Davies-Bertram Co
000 5% Forest City and Richland to the Omaha Trust Co..at a premium
p. 362) were awarded
Feb.9(V. 120,
Date Mar. 1 1925. Due serially 1938 to 1944.
* And blank bonds.
of $2,600, equal to 104.56. S.) payable at the County Treasurer's office.
Principal and interest(M.&
-BOND OFFERINO.SPRINGWELLS, Gogebic County, Mich.
-Following is a Bernard P. Esper, City Clerk, will receive sealed bids until 7 p. m. Feb. 24
-DESCRIPTION.
SAVANNA, Carroll County, Ill.
City Hospital bonds sold to the Hanchett for the following issues of coupon or registered grade separation bonds:
description of the $10.000 5%
119, p.766). Denom. $500. Date $560.000 Mulkey Ave. bonds. Certified check for $5,000 required.
Bond Co. of Chicago at 102.12 (see V. Jan. 2.
on
170.000 Schaefer Road bonds. Certified check for 93,000 required. in
July 2 1924. Int. payable annually
Dated on or about March 2 1925. Interest semi-annually. Due
-Sealed
-BOND OFFERING.
SAVANNAH, Hardin County, Tenn. J. P. Atkins for $5,000 6% 30 years. Bids to ba conditioned only on approval as to legality by John 0.
Mayor
bids will be received until Feb. 25 by 11924. Denom.$500. Due Nov. Thomson of New York.
street improvement bonds. Date Nov.
-The
inclusive.
-BONDS REGISTERED.
SPUR DICKENS COUNTY, Texas.
1 as follows: $1,000, 1925 to 1929,
-The
-BOND SALE.
N. Y.
Feb. 12 registered $25,000 6% water works
SCARSDALE, Westchester County, been awarded the three issues State Comptroller of Texas on bonds. Due serially.
bonds and $33,000,6% sewer
has
Scarsdale National Bank of Scarsdale 17-V. 120. p. 860
-as follows:
-BOND OFFEBINO.-L. E.
STARKE COUNTY (P. 0. Knox), Ind.
of 434% coupon bonds offered on Feb. at 101.03, a oasis of about 4.29%.
bids until 1 p. m. Feb. 21
$24,444 48 pavement bonds, Series "B,"
$1.944 48, 1926, and $2,500, Mosher. County Treasurer, will receive sealedroad bonds. Denom.$430.
Due yearly on Feb. 1 as follows: are issued to pay a portion of for $8,600 5% John B. Newtson et al. coupon
1935 incl. These bonds paving certain highways in Date Jan. 15 1925. Int. M. & N. 15. Due $430 every six months front
1927 to
the cost of grading, draining and
May 15 1926 to Nov. 15 1935 incl.
the village.
100.72, a basis of about 4.21%.
SYLVANIA SCHOOL DISTRICT (P. 0. Sylvania), Lucas County,
Education
22,083 84 pavement bonds, Series "B" at
follows: $4483 84, 1926, and $4,400, Ohio.
-Edward G.Jacobs, Clerk Board of
-BOND OFFERING.
Due yearly on Feb. 1 as bonds are issued to raise the amount
bonds.
will receive sealed bids until 1 p. m. March 3 for $30,000 5% school
1930 incl. These
yearly on
1927 to
abutting on certain highways in the village Denom. $1,000. Date April 1 1925. Int. semi-ann. Due
assessed against lands
to 1950
paving the roads.
and $2.000, 1946 payable
April 1 as follows: $1.006, 1926 to 1945 incl.,
to pay cost of grading, draining and
101.67, a basis of about 4.24%. incl. Certified check for 10% of the amount of bonds bid for,
15,000 00 sewer bonds, 1925, Series "A"at
from 1926 to 1940 incl. These
Due $1.000 yearly on Feb. 1extensions to the sanitary sewer to the Board of Education, required.
DISTRICT NO. 37 of
bonds are issued to pay for
TAMMS COMMUNITY HIGH SCHOOL
-ADDITIONAL.
syste in Sewer District No. 1, Town of Scarsdale.
Alexander and Pulaski Counties (P. 0. Cairo), III.
Date Feb. 1 m1925.
FEB. 21 1925.1
THE CHRONICLE
INFORMATION.
-We are now in receipt of the following additional
information in connection with the $35,000 coupon school bldg. bonds sold
at 100.78 to H. C. Speer & Co. of Chicago (see V. 120, p. 230). Denom.
$1.000• Date Jan. 1 1924. Int. J. & J. Due 1924 to 1941 incl.
TAUNTON, Bristol County, Mass.
-BOND SALE.
-Curtis & Sanger
of Boston have purchased the following two issues of 4% bonds offered on
Feb. 17 at 103.03. a basis of about 3.86%:
130.000 sewer bonds. Date Dec. 1 1924. Int. J. & D. Due $1,000
Dec. 1 1925 to 1954 incl.
15,000 water bonds. Date Jan. 11925. Int. J. & J. Due $3,000 Jan. 1
1926 to 1930 incl.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
-BONDS PURCHASED BY THE STATE BOARD
TEXAS (State of).
-he State Board of Education purchased the following
OF EDUCATION.
bonds, aggregating 116.500, on Feb. 11:
NameInt.
Amount.
Mount Sylvan Indep. School District
6'
$2,000
$2,000
Scurry County Common School District No.26
5 .
2,000
Titus County Common School District No. 30
5%
2000
Wilbarger County Common School District No. 47
67
4.800
Wllbarger County Common School District No. 49
4.500
Atascosa County Common Scheel District No. 19
6%
1,200
THERMOPOLIS, Hot springs County, Wyo.-PRE-ELECTION
-The International Trust Co. of Denver has purchased an issue
SALE.
of$200,000 534% water works bonds prior to the election to be held soon.
TOLEDO CITY SCHOOL DISTRICT (Toledo), Lucas County,
-BOND OFFERING.-Sealed bids will be received until 12 m. March
Ohio.
16 by May F. Foster, Clerk Board of Education, for $1,500,000 4ti%
coupon school bonds. Denom. 11.000. Date April 1 1925. Principal
and semi-annual Interest (A. & 0.) payable at the office of the U. S. Mtge.
& Trust Co. of New York. Due $60,000 Oct. 1 1926 to 1950, incl. Cert.
check on one of the banks doing regular business in Toledo or a New
_a
York bank draft, payable to the Treasurer for 1% of the amount of bonds
bid for, required.
TONKAWA, Kay County, Okla.
-BONDS VOTED.
-At an election
held recently the voters authorized the issuance of $80,000 water and light
bonds.
TOOLE COUNTY SCHOOL DISTRICT (P. 0. Toole), Utah.ELECTION HELD JAN. 31 WAS TO VOTE ON TAX LEVY AND NOT
-We reported in V. 120. p. 735, that $150.000 bonds had been
BONDS.
voted on Jan. 31. We now learn, however, that this election was not to
vote bonds but to have the people empower the Board of Education to levy
and collect a special tax of eight mills, four to be collected in 1925
in 1926 for the purpose of raising an amount aggregating 1150,000,and four
$75,000
in 1925 and $75,000 in 1926.
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND SALE.
-J. S.
Rippel & Co. of Newark have purchased the issue of coupon
park bonds offered on Feb. 18-V. 120. p. 861-one a laid or registered
of $250,489.
equal to 101, a basis of about 4.177,for $248.000 bonds as 4(s
($250,000
offered). Date March 1 1925. Due yearly on March
$5,000, 1927 to 1970 incl.; $6,009, 1971 to 1974 incl., and 1 a sfollows:
14,000, 1975.
Other bids were as follows:
BidderBid.
National City Co
$250,055 92 for $248,000
National State Bank, Elizabeth
250,389 00 for 249,000
Hillside National Bank, Hillside
250,750 00 for 250,000
Union Trust Co., Elizabeth
250,177 77 for 249,000
Westfield Trust Co., Westfield
250,052 00 for 249,000
H. L. Allen & Co
250,043 06 for 249.000
Prendergast & Co
250,759 00 for 250,000
George B. Gibbons & Co
250.697 50 for 250.000
Harris, Forbes & Co
250.797 50 for 250.000
A. M.Lamport & Co
250.009 00 for 249.000
Batchelder & Wit& & Co
250,427 50 for 250.000
VAN WERT, Van Wert County, Ohio.
-BOND OFFERING.
Sealed proposals will be received until 12 m. March 2 by Sella Carey, City
Auditor, for 17,000 5% Elm Street bonds. Denom. $700. Date Feb. 20
1925. Int. semi-ann. Due $700, Feb. 20 1926 to 1935 incl. Certified
check for 5% of the amount of bonds bid for rrquired.
VERMILLION VILLAGE SCHOOL DISTRICT (P. G. Vermillion)
Erie County, Ohio.
-BOND OFFERING.
-Sealed proposals until 12 m.
Mar. 12 will be received by C. A. Trinter, Clerk, Board of Education, for
$142,000 5% coupon school bonds. Denom. 11,000. Date Mar. 1 1925.
Prin. and semi-ann. Int. (M. & S.) payable at the Erie County
Banking
NEW LOANS
NEW LOANS
,
ft•Totimr••••7
We Specialize In
City of Philadelphia
Ss
3%.
dis
41 48
/
41 2e
/
58
51/ 3
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51 2s
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104 South Fifth Street
Philadelphia
Priests Pare to New York
Cell canal 11437
emm•••••=1,111,1•1••••
BALLARD & COMPANY
Members New York Meek Exelionge
HARTFORD
Connecticut Securities
Inquiries to Buy or Sell Solicited
Calvin 0.Sm Ith Co.
MUNICIPAL BONDS
101 SO. LA SALLE STREET
CHICAGO
SEALED PROPOSALS
$400,000
CITY OF NEW ORLEANS, LA.
SERIAL GOLD BONDS
Biddle & Henry
.411111.1.1111m%
989
Co. of Vermillion. Due yearly on Sept. 1 as follows: 15.000. 1926: se.00co.
1927; $5,000, 1928; $6,009, 1929 and 1930: 85.000, 1931; 16.000. 1932 and
1933; $5,000, 1934: 16.000. 1935 and 1936; $5,000, 1937; $6,000, 1938 te
1940 incl.: $5,000, 1941; 16.000, 1942 to 1944 incl.: $5,000, 1945: 16,000.
1946 to 1948 incl.; $5,000, 1949. and $6,000, 1950. Certified check for 5%
of the face value of bonds bid for, payable to the above Clerk, required.
VERNON PARISH ROAD DISTRICT NO.6 (P. 0. Leesville), La.
BOND SALE.
-An issue of 167,000 67 road bonds was purchased by Caldwell & Co. and the Whitney-Central Banks, jointly, both of New Orleans.
Date Feb. 1 1925. Denom. $1.000. Due Feb. 1 as follows: $12,000,
1926: 113.000, 1927 and 1928; $14,000, 1929 and 815.000, 1930. Principal and interest (F. & A.) payable at the Chase National Bank, N. Y.
City, or at the County Treasurer's office In Leesville, at option of holder.
Legality approved by Wood & Oakley of Chicago.
Financial Statement.
Estimated actual valuation
815.000,000
Assessed valuation, 1924
8,500.000
Total bonded debt, including this issue
397,000
Population, officially estimated, 6.500.
VERO, St. Lucie County, Fla.
-BOND OFFERING.
-Sealed bids will
be received until 8 p. m. March 6 by H. G. Redstone, City Clerk. for
8126.000 65' bonds. Date March 2 1925. Denom. $1,000 and $600.
Due $12,600 March 2 1926 to 1935. Inclusive. Principal and interest
(M. & S.) payable at the office of the City Clerk or at the United States
Mortgage.& Trust Co., New York City. Legality approved by John C.
Thomson, New
'York City. A certified check for 81.203 Is required.
WARREN, Trumbull County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received by Frank S. Watters, City Auditor, until 12 m.
(central standard time) March 16 for the following issues of 5% coupon
bonds:
$23,000 city's share South Austin Ave. paving bonds. Denom. $1,000.
Date April 1 1925. Due yearly on Oct. 1 as follows: $2,000,
1926 and 1927:$3.000, 1928 to 1932 incl..and $2,000, 1933 and 1934
22,000 property share sewer construction bonds. Denom. $1,000. Date •
March 1 1925. Due on Sept. 1 as follows: $12,000, 1926, and
810.000, 1927.
157,000 property share paving bonds. Denom. $1,000. Date April 1
1925. Billie yearly on Oct. 1 as follows: $17,000. 1925 to 1928
incl.: $19,000. 1929 and 1930, and $17.000. 1931 to 1933 incl.
4.350 city's share sewer bonds. Denom. $1.000 and one for $1.350.
Date Jan. 1 1925. Due 12,350 Jan. 1 1927, and 82.000. 1928.
6.000 property share sewer construction bonds. Denom. 81.000. Date
April 1 1925. Due $3,000 April 1 1926 and 1927.
28.500 city's share paving bonds. Denom. 81.000 and one for $1,500.
Date April 1 1925. Due yearly on Oct. 1 as follows: 63,500
1926: $3,000, 1927 to 1933 incl., and $3,000, 1934.
Prin. and semi-ann. int. payable at the office of the City Treasurer.
Certified check for $500. payable to the City Treasurer, required.
WASHINGTON, Fayette County, Ohio.
-Well.
-BOND SALE.
Roth & Irving of Cincinnati have purchased the four issues of 53.i% coupon
street impt. bonds offered on Feb. 14-V. 120. p. 735
-at par and accrued
interest plus a premium of $232, equal to 101.76, a basis of about 5.13%.
$4.000 Hickory St. bonds. Due $400 Feb. 15 1926 to 1935 inclusive.
6.730 Third St. bonds. Due $673 Feb. 15 1926 to 1935 inclusive.
1.200 Broadway St. bonds. Due $120 Feb. 15 1926 to 1935 inclusive.
1,250 Market St. bonds. Due $125 Feb. 15 1926 to 1935 inclusive.
Date Feb. 15 1925.
WAYNE COUNTY DRAINAGE DISTRICT NO.1(P.O. Goldsboro),
-BOND SALE.
No. Caro.
-The $29,104 52 6% drainage bonds offered
unsuccessfully on Sept. 13 (V. 119, p. 1430) have been awarded locally.
Date Aug. 25 1924.
WAYNESBURG, Stark County, Ohio.
-The Well.
-BOND SALE.
Roth & Irving Co. of Cincinnati has purchased the $10.000 6% coupon
water works bonds offered on Feb. 9 (V. 120, p. 486) at 104.06, a basis of
about 5.10%. Date Jan. 1 1925. Due $1,000 Jan. 1 1926 to 1935 incl.
WESLACO, Hidalgo County, Tex.
-BOND OFFERING.
-Until Feb.
25 sealed bids will be received by the City Secretary for the following 6%
bonds, aggregating $45.000:
$25,000 sewer system bonds
1120.000 water works bonds.
WINSLOW, Navajo County, Ariz.
-BOND OFFERING.
-Until
8 p. m. Mar. 23 sealed bids will be received by C. L. Murphy, City Clerk,
for $50,000 54% improvement and city gas plant extension coupon bonds.
Date April 1 1925. Denom. $1,000. Due April 1 as follows: $3,000,
1940 to 1954 incl., and $5,000 in 1955. Prin. and int. (A. & 0.) payable
at the Chase National Bank, N.Y.City. Legality approved by Pershing.
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
Hundred Thousand ($400,000) Dollars of Four
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
issue of Nine Million ($9,000,000) Dollarsserial
(Six
Million Nine Hundred Thousand (66,900,000)
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
are of the following maturities: offered for sale
1930----$6,000
1949_ - __$11,000
1931____ 6.000
1950___11,000
1932.-- 7.000
- 11,000
1933____7,000
1952_..__ 11.000
1934__,, 7,000
1953_..__ 11,000
1935-- 8,000
1954.,..__ 11,000
1936---- 8.000
1955--- 12.000
1937---- 8,000
1956_...._12.000
1938____ 8,000
1957....., 11,000
1939---- 7,000
1958-- 12,000
1940-- - 8,000
1959--.._ 12,000
194L___ 8,000
1960-- 13,000
1942-- 8.000
196L_._14.000
1943---- 8.000
1962__....14.000
1944---- 9,000
1963____15,000
9.000
1964---- 15.000
1946-- 9.000
1965---- 17,000
1947---- 9,000
1966-- 22,000
1948..,._..1j,000
1967- _ 14,000
1400.000
All of the bonds are of the denominationof
81.000 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.
Said bonds shall bear interest at the rate of
Four and One-half (414%) Per cent per annum,
evidenced by interest coupons attached, payabin
in January and July, respectively, in each year.
Said proposals shall be received under and
subject to the following additional conditions:
(1) Each bid shall be for the full amount of
Four Hundred Thousand ($400,000) Dollars In
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 es'
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)Thlark all bids "Proposals for the purchase
of City of New Orleans Serial Gold Bonds."
Further particulars and Information will be
furnished upon application to
BERNARD C. SHIELDS, Secretary.
Board of Liquidation, City Debt,
Room 207 City Hall Annex,
New Orleans, La.
[Wm. 120.
THE CHRONICLE
990
Nye, Fry & Tallmadge of Denver. A certified check for 5% of bid is required.
-F. S.
-TEMPORARY LOAN.
WOBURN, Middlesex County, Mass.
Moseley & Co. of Boston have purchased a temporary loan of $200,000 on a
3.02% discount basis. Due Nov. 14 1925
WOOSTER CITY SCHOOL DISTRICT (P. 0. Wooster), Wayne
-The sale of the
-BOND SALE NOT COMPLETED.
County, Ohio.
$53.000 5% coupon equipment bonds to the Detroit Trust Co. of Detroit
at 104.54-a basis of about 4.12%, on July 10 (see V. 119, p. 3042) was
not completed.
,
The bonds were re-offered as 535s on Aug. 11 and were again bought by
the Detrot Trust Co. of Detroit at 105.91-a basis of about 4.29%. Notice
of this sale appeared in V. 120, p. 617.
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
The First National Bank of Boston has purchased the temporary loan of
p. 861) on a 2.93% discount basis.
$1.000.000 offered on Feb. 16 (V. 120.
Date Nov. 111925.
WYOMING VILLAGE SCHOOL DISTRICT, Hamilton County,
-Sealed bids will be received until 12 m. March
-BOND OFFERING.
Ohio.
11 by Geo. Eversman, Clerk Board of Education, for $25,000 5% coupon
school bonds. Denom. $500. Principal and semi-annual interest (J. & J.)
payable at the First National Bank of Lockland. Due yearly on Jan. 1
as follows: $1.500 1927 and 1928 and $1.030 1929 to 1950. Inclusive.
Certified check for 5% of the par value of bonds bid for, payable to the
Clerk. required.
YOLO COUNTY RECLAMATION DISTRICT NO. 1600 (P. 0.
-Roy E. Cole, County Treas-BOND OFFERING.
Woodland), Calif.
urer, received sealed bids until 2 p. m. Feb. 20 for $78,000 6% reclamation
district bonds. Date Jan. 1 1924. Denom. $1.000. Due Jan. 1 as
follows: $18,000 in 1945 and $30,000 in 1946 and 1947.
-The $5.200 7%
ZAP, Mercer County, No. Dak.-BOND SALE.
-were awarded to the First State
bonds offered on Feb. 9-1. 120, p. 736
Bank of Zap at par. Date Feb. 2 1925. Denom. $500 except one for
$200. Due Feb. 2 1935.
CANADA, its Provinces and Municipalities.
Toronto
-A. Ames
SALE.
ALBERTA (Province of).-BOND road bonds E.99.63.& Co. ofof about
at
-year
a basis
$750.000 5% 15
have purchased
5.06%. The Toronto "Globe" of Feb. 17 says: "A feature of this Provincial bond issue is that provision is made for the establishment of a sinking
fund that will retire the loonds at maturity. This reflects favorably upon
the Province, and It is a procedure that would undoubtedly be well regarded
If followed by other Government borrowers." The bids included the
following: Wood, Gundy & Co.. 99.61: McLeod, Young Weir & Co..
Bell. Gouinlock & Co.. Gairdner, Clarke & Co., 99.572: Dominion Securities
Corp., 99.271: Matthews & Co., R. A. Daly & Co., Cochran, Hay & Co.,
99.19; Royal Financial Corp., 99.11; Fry, Mills, Spencer & Co., Dyment,
Anderson & Co.. 99.09.
-The school
BOURGET TOWNSHIP, Que.-BOND OFFERING.
municipality of the township of Bourget will receive bids up to 7 p. m.
Feb. 23 for the purchase of $11,000 5l % bonds. Principal and interest
payable at La Banque Nationale at St. Ambroise. Chicoutimi and Quebec.
A. E. Asselln. Secretary-Treasurer, St. Ambroise.
BRACEBRIDGE, Ont.-BIDS.-The following bids were received for
,
% 30-installment school bonds sold to Goss, Forgie & Co.
the $85,000
of Toronto, at 103.08, which is equal to a cost basis of 5.23% (see V. 120,
p• 862):
Rate Bd.i
Rate Bid.
102.24
103.08 Stewart, Scully & Co
Goss, Forgie & Co
102.132
103.07 Gairdner. Clarke & Co
Hanson Bros
101.62
103.043 C. H. Burgess & Co
R. M. Bird & Co
McLeod, Young, Weir & Co.,102.89 Toronto Bond Exchange,Ltd_101.40
101.00
102.864 MacKay-MacKay
Harris, McKeon & Co
100.95
102.77 11. R. Bain & Co
Municipal Bankers Corp_
100.57
102.72 G. A. Stimson & Co
McCoo, Padmore & Co
102.63 Dominion Development Corp.100.13
Wood. Gundy & Co
99.58
102.33 Dyment. Anderson & Co_
Bell, Goulnlock & Co
99.54
102.31 Matthews & Co
It. A. Daly & Co
99.323
102.31 Wm. C. Brent & Co
Doherty-Easson Co
98.11
102.261 Macneill, Graham & Co
Fry, Mills. Spence & Co_
NEW LOANS
$67.000
Columbia County, N.Y.
BONDS.
Sealed proposals will be received by the Treasurer of Columbia County at his office in the Court
House in the city of Hudson, New York, until
MARCH 2, 1925, AT 2 O'CLOCK P. M., for
the purchase of registered bonds of the county
of Columbia amounting to $67,000.
The bonds are in two issues, $42,000 Highway
bonds and $25,000 County Home bonds. The
bonds will be of the denomination of $1,000, will
be dated March 1st, 1925, and will bear interest
at the rate of 4X per centum per annum, payable
semi-annually on March 1 and September 1.
Both principal and interest will be payable at the
office of the County Treasurer in the city of
Hudson, N. Y.. in New York exchange, and will
-$2,000
mature as follows: Highway bonds
March 1. 1945; $10,000 March 1 1946; $10,000
March 1. 1957; $20,000 March 11948. County
-$5.000 March 1 1945; $10,000
Home bonds
March 1 1946; $10,000 March 1 1947.
Proposals will be received for the whole or part
provide for
of said bonds. All proposals must
the purthe payment of the accrued interest by
of
chaser from the date of the bonds to the date
certified
delivery, and must be accompanied by a
trust comcheck upon an incorporated bank or
County
pany payable to Clyde H. De Witt,
of the amount of bonds
Treasurer, for two per cent
credited
bid for, the amount of said check to be
upon the bid, if accepted, and to be retained forthwith if not accepted.
The Treasurer reserves the right to reject any
and all bids.
These bonds are exempt from taxation in the
State of New York.
Columbia
)), Assessed valuation of real property in
County is $31,217,703.
issue,
) Total bonded indebtedness, including this
$529.000.
will be approved by
The validity of the bonds
John C. Thomson, Esq.. attorney, of New York
City, whose opinion will be furnished to the successful bidder.
Dated. February 14, 1925.
CLYDE H. DE WITT,
County Treasurer.
-The 266,000
-BOND SALE.
BURNABY SCHOOL DISTRICT, B. C.
-were sold to
5% 20-year school bonds offered on Feb. 16-V. 120. p. 862
Pemberton & Sons of Vancouver at 96.36, a basis of about 5.29%.
HULL, Que.-BIDS.-Following were the bids received for the $267,000
5% bonds sold to Credit Anglo-Francais, Ltd., at a prise of 98.05 (see
V. 120, p. 862):
Rate Bid.
Rate Bid.I
Credit Anglo-Francais, Ltd98.05 'Municipal Debentures Corp-97.77
96.31
Wood, Gundy & Co
97.38 L. G. Beaubien & Co
97.09
Municipal Bankers Corp
97.30 A. E. Ames & Co
97.19
Harris, MacKeen & Co
97.88 Matthews & Co
97.78
Gairdner, Clarke St Co
97.52 Mead & Co
McLeod, Young, Weir & Co__97.46 Dominion Securities Corp_ _97.219
96.59
Dyment, Anderson & Co
97.833 Greenshields & Co
C. H. Burgess & Co
97.13
.
NEW BRUNSWICK (Province of).
-BOND OFFERING -Until
3 p. m. Feb. 26 sealed bids will be received by J. E. Hetherington, Provincial Secretary-Treasurer, for the following issues of 4 h% coupon bonds:
$550,000 permanent road bonds.
2E8,000 St. John & Quebec Ry. bonds.
Denom.$1,000. Date March 2 1925. Due March 2 1945. Alternative
bids are requested for 10
-year bonds payable in Canada and N. Y. City.
Prin. and semi-ann. int. (M. & S.) payable in gold at the office of the
Provincial Treasurer or at the Bank of Montreal. St. John, Montreal or
Toronto. All bids to be made in Fredericton funds, and to be accompanied by a certified check for $1,000.
NEWFOUNDLAND (Government of).
-$4,000.000 BOND ISSUE
AWARDED TO BRITISH BANKERS.
-The Government of Newfoundland
on Feb. 16 awarded the $4,000,000 59' 25-year gold bonds, offered on
Feb. 3(V. 120. p. 862) to a syndicate of British bankers at a price reported
to be 97.35% sterling basis. The deal was handled through the London
office of the Dominion Securities Corporation.
NORTH BAY, Ont.-BOND SALE.
-An Issue of $435.000 534% street
paving bonds has been sold to McNeill, Graham & Co.of Toronto at 102.17.
a basis of about 5.21%.
QUEBEC Province of).
-A syndicate composed of
-BOND SALE.
Paine, Webber & Co., Rutter & Co., Redmond & Co., W. A. Harriman &
Co., Hornblower & Weeks, Greenshields & Co., Blodget & Co., The Detroit
Co., A. G. Becker & Co., Remick, Hodges &
and McDonagh, Somers
& Co., on Feb. 19 purchased $10,000.000 Co.. 25-year sinking fund
45i%
coupon (registerable as to principal only) refunding bonds at 06.149, a basis
of about 4.77%. Denoms. $1,000 and $500 .Date March 2 1925. Principal and semi-annual interest (M. & S. 2) payable at the Agency of the
Bank of Montreal in New York or at the Bank of Montreal, Montreal,
Quebec and Toronto. Due March 2 1950, optional March 2 1945. Legality approved by E. G. Long. of Toronto. The New York "Times" in its
issue of Feb. 27 says in part: "In several respects, bankers said, the award
to an American group was noteworthy. It showed, for one thing, that
American banks were now in better position to complete with Canadian
banks in their own territory than they were a month or more ago. It also
established a higher value on the credit of the Province of Quebec than!:
has held for more than ten years. Six bids were entered for the issue, the
three highest having been made by American syndicates headed by Paine,
Webber & Co., the First National Bank, and Lee, Iligginson & (Jo. Three
Canadian syndicates also tendered bids, these being grouped so closely
-cent margin on each $100 bond separated the high bid from
that only a 30
the low. The new issue, it is believed, will be the only large new financing
to be offered publicly until next Tuesday or Wednesday.
In the last year Canadian accounts have been able to get American loans
at attractive rates. The new Quebec loan was obtained at an interest rate
comparable with those at which some of the stronger American States have
gotten money. On the basis of the 96.149 bid, the interest charge to the
Province on the $10,000,000 loan was, roughly, 4.77%•"
SANDWICH, Ont.-BOND OFFERINO.-Blds will be received up to
-installment, $5,038 6%
8 p. m. Feb. 23 for the purchase of $69.447 6% 15
-installment, local improvement; and $33,000
10-Installment, $11,279 6% 20
5J•6% 20-installment hydro-electric bonds. E. It. North, Clerk.
-TEMPORARY LOAN.-Tho province, IC;
SASKATCHEWAN, Can.
stated, has sold an issue of $3,515,000 six months treasury bills at a discount
of 2% to the Equitable Trust Co. of New York.
electric Rantoul) engineers
THE
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New York City
Raymond F. Bacon
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t r,
SLEVata
RAYMOND F. BACON
CHEMICAL ENC1SEER
Reports on Projects for Financing
Advice
Investigations
Research
Patent
valuations
Bond Salesmanship
"The awn= Side af Business and The
Art of Sating Bonds are the best books
on this subject ever written." Price,
each, cash with order. Descriptive airsulars free. Published and for sale
ars
DY
Frederick Peirce 8c Co.
60 Wall Street, Now York
207 So. Fifteenth Street, Philadelphia
High Grade Investment Securities
Commercial Paper
Bankers ,Acceptances
Hibernia Securities Co., Inc.
Hibernia Bank Building, New Orleans
liqtabation
NOTICE OF LIQUIDATION.
The First National Bank of Drumright, located
at Druraright, in the County of Creek and State
of Oklahoma, is closing its affairs. All note
holders and other creditors of the association
are hereby notified to present notes and other
claims for payment.
Dated this 6th day of December. 1924.
P. M. SKOUBY,
Cashier of the First National Bank
of Drumright.
New York
Atlanta
Dallas
B. W. Strassbnrger
SOUTHERN INVESTMENT SECURITIES
M magnifier,. Al.,
@FedFRASER