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41B
VOL. 122.
SATURDAY, FEBRUARY 27 1926
iIu Throtxxcle
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The Financial Situation.
It would be useless to deny that the Tax Reduction bill which the present week has received Congressional and Executive approval, and which in
flaring headlines is heralded in the newspapers as
one of the great achievements of the day, is a distinct disappointment from a business standpoint.
It contains certain good features, such as the abolition of the gift tax and the repeal of the publicity
provision, but on the other hand it denies relief
from onerous income taxes to the very classes of the
population most in need of such relief. The corporation tax is actually increased from 12 % to
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13 % and surtaxes on the individual are reduced
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only very slightly, or not at all, in the so-called
lower brackets. The House bill made no reductions
at all in the surtaxes on amounts of income running
from $10,000 a year to $44,000 a year, comprising
the vast bulk of the business community—the small
proprietors, the great middle class with moderately
large incomes. The bill was somewhat improved in
this particular in its passage through the Senate,
slight reductions from the House surtax rates being
made in a portion of these lower brackets, but not
enough to be of any great consequence or to afford
any substantial relief. We are ret with the reply
that the normal tax rates on individuals have been
reduced, which is correct, and numerous tables are
being given out at Washington to show that as a result of this cut in the normal tax rates even the taxpayers in the lower brackets are given material concessions notwithstanding the surtax rates in those
brackets remain nearly the.same as before.
But comment of that kind entirely overlooks the
fact that the taxpayers in these lower brackets consist very largely of the proprietors of the small private corporations who get no benefits whatever
NO. 3166.
from the lowering of the normal rates on personal
incomes. They are not subject to the normal tax
rates at all, but must pay the very much higher corporation income taxes. The normal rates have been
successively reduced, while the corporation income
tax rate has as successively been increased. Now
we have the gigantic blunder of a further advance of
1% in this corporation tax—from 12 % to 13 %.
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The repeal of the capital stock tax on corporations,
which is the ostensible reason for the advance of 1%
in the corporation tax rate, furnishes a very poor exchange. This capital stock tax worked very unevenly in its relation to the corporation income tax.
In some cases it amounted to a great deal more than
the additional 1% on corporate incomes, but in very
many other cases it amounted to a great deal less,
and the small proprietors in this latter class will
actually find themselves mulcted with a heavier
burden of taxes than before. Imagine the predicament of these unfortunate taxpayers when they
make up their income tax returns and find that the
corporation tax payments are actually larger than
before; and, by the way, the first and second installments of these corporation income tax payments
will the present year be not 25%, but 24% each.
The thing generally overlooked by the Legislature,
and even by the executive departments, is that these
corporation taxes must first be paid before the surtax begins to apply at all. The proprietor of a small
corporation, no less than of a large corporation, can
get only what remains after the corporation taxes
have been paid. And here we are met by the startling fact that the Federal Government exacts a corporation tax of 13 % and the State Government
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VA% more, making 18% together before the small
proprietor can get anything in the shape of dividends out of his enterprise. Now, add to this, surtax rates on what he gets from the corporation just
as high as before, or only a little smaller, and then
picture the misery and grief of the overburdened
small taxpayer who counted on a substantial reduction of his taxes as a result of the overwhelming victory of President Coolidge and his party at the election in November 1924. Remethber, too, that the
maximum surtax rate of 20% under the new law is
reached on incomes beginning with $100,000, where
the previous 40% rate did not apply except on incomes above $500,000. Add the 20% maximum surtax to the 18% corporation income tax and we have
38% for the two combined. Then go a step further
and add the personal income tax of 3% levied by
New York State and we have income taxes altogether
of 41%. And this nearly eight years after the signing of the armistice! Yet Washington advices tell
us that the new revenue law reduces taxes in the
1064
THE CHRONICLE
enormous sum of $387,000,000. The unfortunate feature is that virtually none of the tax reduction accrues to the benefit of the great middle class of the
population. It adds nothing to their satisfaction to
know that by raising the personal exempti4n of an
unmarried person from $1,000 to $1,500 and the
head of a family from $2,500 to $3,500 no less than
2,500,000 persons are relieved from the payment of
any Federal income tax at all, or that, as claimed by
Mr. La Follette in the Senate, that 20 large income
taxpayers will have their income taxes reduced in
the aggregate amount of over $11,000,000. No wonder that business has been slackening of late; no
wonder that the stock market is in the throes of despond. We very much fear that the reduction in the
taxes on automobiles and on tickets of admission
to the theatre will not help to bring about a revival.
As for that monstrosity, the Estate tax,with its
80% rebate to the States, intended to coerce the
State into levying such a tax, there seems little reason to doubt that it will be declared unconstitutional.
[VOL. 122.
Corporation 7% cumulative non-redeemable preferred stock at par, yielding 7%. The issue was immediately taken. In connection with this offering,
it was pointed out that the Bethlehem Steel Corporation now ranks as the second largest producer of
steel in the United States, with a capacity of 7,600,000 tons annually. This in all probability indicates
the second largest steel corporation in the world.
The company is said to produce all lines of commercial steel, excepting pipe, provisions for which are
being made through this issue, so that its line of
products will be as comprehensive as that of the
United States Steel Corporation. It is of interest
to observe that Bethlehem's capacity has increased
from 190,000 tons annually in 1904 to 7,600,000 tons
at present, that the percentage of commercial steel
has increased from 8% to 93%, armament and other
classes having decreased accordingly. The company
owns its own raw materials for many years ahead,
and it is well equipped with all necessary subsidiary
properties, including 5,500,000 tons of vessels and
573 miles of railroad. The company occupies a commanding position in the eastern part of the United
The stock market has been in a state of great tur- States, and has the only large steel plant on tidemoil and prices have declined all around with star- water, that is its Maryland plant at Baltimore, with
tling precipitancy. The penaltyis nowbeing paid for 1,335,000 tons of annual capacity.
the reckless speculation of the last two years, during which everything in the shape of a stock certifiThe controversy as to whether Powers other than
cate was whirled upward wholly without regard to Germany shall be admitted to the Council of the
merit—good, bad and indifferent. The collapse in League of Nations at its session on March 8 has conDevoe & Raynolds stock last week was an eye- tinued in a more or less promiscuous fashion withopener and the statistics regarding brokers' loans on out much definite action. Most of the cable disthe Stock Exchange spoke eloquently as to the ex- patches, particularly from London, indicated that
tent to which banking facilities had been employed the British Government was still in favor of admitto carry on this speculaticn. We fear that there is ting only Germany at that time, while France -fanothing to be done except to let the decline run its vored taking in several other Powers. In doing so
course. At the same time there is no need of losing British newspapers charged that France was trying
one's head, either singly or collectively. Not all to "pack the Council against Germany." According
stocks are without merit, nor does it follow that all to a special Paris dispatch to the New York "Herstocks must be looked upon as having been carried ald Tribune" on Feb. 19, "official circles are seektoo high. Nor should too much significance be at- ing to minimize the passionate preliminary controtached when stocks of high merit suffer sharp re- versy over the campaign of Poland supported by
ductions, the same as the rest of the market. The France for a permanent seat in the Council of the
truth is some of these have also been advancing with League of Nations to counterbalance Germany's
great rapidity and the reaction as a consequence will coming position in that body. The Foreign Office
naturally be proportioned to the previous advance. to-night declined to put an unfavorable interpretaSuch an instance is found in the case of General tion on the British position as outlined in Sir AusElectric stock, which the present week dropped from ten Chamberlain's speech in London yesterday, in
a high figure of 384 to a low figure of 345. To which the British Foreign Secretary said that,
show that undue significar_ce should not be attached while his Government had not yet come to any deto the great drop in this gilt-edge security, it is only cision to take when the Council meets on March 8,
necessary to say that this stock as recently as Jan. 5 this decision would not be dictated by any desire to
sold as low as 323.
build up a majority for this or that view within the
League."
The situation with respect to Poland was further
On Wednesday $40,000,000 Government of the
Dominion of Canada 4 s, 1936, were offered at 98%, discussed by the Paris representative of the New
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yielding 4.65%. These bonds were offered by a syn- York "Herald Tribune" in a cable message on Feb.
dicate headed by Blair & Co., Inc., Cassatt & Co., 22. He said that "diplomatic advices to-night show
The Equitable Trust Co. of New York, the First Na- that a nervously active exchange of views among
tional Corporation, Boston, and others. Simultane- European capitals regarding the enlargement of the
ously, $65,000,000 of internal obligations are being Council of the League to include Poland as well as
sold in Canada. The proceeds of the two issues are Germany on a permanent basis apparently has conbeing used to refund $70,C00,000 one-year notes and siderably weakened the chances of Poland. There
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other maturing obligations. The 4 % bonds of- is still hope in Paris and Great Britain, having once
fered in this market were immediate subscribed for. decided to support the Polish claim, would be able to
In September last the Dominion sold $75,000,000 bring around Sweden, whip has gone on record as
strongly opposed to the permanent inclusion in the
•
4 % 15-year bonds on a 4.75% basis.
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Another important offering during the week was Council of any small nation. Great Britain, howmade by a large syndicate headed by the Guaranty ever, is still in a meditative mood as far as diploTrust Co., comprising $35,000,000 Bethlehem Steel matic information goes, and neither Japan nor Bel•
FEB. 27 1926.]
THE CHRONICLE
glum has indicated that it favors the enlargement
of the Council beyond the inclusion of Germany
when the Council meets at Geneva on March 8 to
act on Berlin's application."
1065
"Herald Tribune" said that "the question of additional memberships in the Council of the League of
Nations has been seriously complicated by Sir Austen Chamberlain's speech at Birmingham last night,
which has burst like a bombshell on British public
Definite announcement was made in an Associated opinion. On its face the Foreign Secretary's speech
Press dispatch from Berlin on Feb. 24 that "the seemed to indicate that the British Government had
Cabinet to-day appointed Chancellor Luther and undergone a complete change at heart and that inForeign Minister Stresemann delegates to the com- stead of opposing permanent seats in the Council of
ing meetings of the League of Nations."
the League for Poland, Spain and Brazil, it would
In a special wireless message from Geneva to the welcome their entry. This construction has been
New York "Evening Post" a day earlier it was placed on the speech, not only in London, but also
stated that "Chancellor Luther and Foreign Min- in Paris and throughout the Continent. Yet in the
ister Stresemann, with officials and secretaries to- House of Commons to-day Sir Austen declared that
taling fifty, are expected to attend the sessions of the Cabinet at its meeting this morning had reached
the Assembly and the Council of the League which no decision on the British attitude in the matter.
will be inaugurated March 8. The Council will be Government officials also said that his declaration
under the presidency of Viscount Ishii of Japan and must not be taken as binding on the Government,
will sit mornings, while the Assembly will meet in but only as an effort to put before the British public
the afternoons. A long provisional agenda has been both sides of the controversy. It is difficult to unmade public, listing twenty-six items to be consid- derstand how so experienced a diplomat as the Forered. It omits certain issues of the greatest inter- eign Secretary could fail to appreciate that his
est, principally the question whether other nations words would be taken as representing the considered
are to be admitted to the Council along with Ger- decision of the Government, and it is felt in London
many; but this is not likely to prevent some of them that he has picked a singularly unfortunate opporfrom coming up in secret, if not at the public ses- tunity to indulge his love of fair play. Diplomats
sions. Immediately after the formalities of admit- here point out that the reception already accorded
ting Germany to the League and a permanent seat Mr. Chamberlain's speech on the Continent shows
in the Council eight or ten German officials will be the interpretation which foreign politicians place
installed by the Secretariat."
upon the public utterances of British Cabinet Ministers. The Paris press to-day jubilantly points to
The attitude of the German Government and nego- the speech as corroborating all that has been claimed
tiations with Great Britain and France that it was about a secret understanding between Sir Austea
said to have in mind were outlined in part as fol- Chamberlain and Premier Briand. Yet there is a
lows in a special wireless message from Berlin to strong reason to believe that the attitude of the
the New York "Times" on Feb. 24: "Subsequent to majority of the British Cabinet and the Conservathe Reich's admission to the Council of the League tive Party has not changed in the slightest. Accordof Nations the German Government is prepared to ing to information reaching the 'Herald Tribune
vote the assignment of a permanent place on that from well-informed sources the British delegatioa
:
body to Spain, provided the Allies agree to the total will go to Geneva determined at all costs io back the
evacuation of the Rhineland within the present entry of Germany.into the League, and
relying on
year. This proposition, of which the New York Sweden as a member of the Council to block
the
'Times' correspondent was apprised in an authorita- granting of a permanent seat in the
Council for
tive official quarter, has been communicated confi- Poland or any other State. Then, as frequently
dentially to London and Paris and may form the predicted in these dispatches,
Great Britain would
subject of negotiations among Sir Austen Chamber- not contemplate opposing an
enlargement of the
lain, M. Briand and Dr. Stresemann at Geneva im- Council at the autumn session by the
inclusion of
mediately preceding Germany's election to League new temporary members."
membership next month. The Luther Cabinet is op.
posed to Poland being made a permanent member of
The following excerpt from a special wireless mesthe Council, either now or in the future. According sage from Berlin to the New York
"Times," under
to the views voiced in Wilhelmstrasse, not even lib- date of Feb. 25, appears to give an
interesting outeration of the Rhine from Allied occupation would line of the
most recent developments with respect to
win for the Warsaw Government the Reich's vote, Poland being admitted to the
Council of the League
without which, since unanimity is required, the of Nations:
"Count Skrzynski's speech, specially
Polish candidacy is doomed. These views, however, wired to
the Wilhelmstrasse from Warsaw, considare to be taken with plenty of salt, since the German erably relieved German
officialdom this evening.
statesmen would go to almost any length consistent The
omission of the Polish Premier to couch his dewith national honor to get the Entente soldiers out mand for a
permanent seat on the League of Naof the Rhineland."
tions' Council as an ultimatum did much to relieve
the tension caused here by Sir Austen Chamberlain's
As the week progressed the British attitude did ambiguous
attitude toward the French proposals for
not appear to have undergone any real change, al- the Council's immediate
expansion in favor of Pothough there was a disposition in some circles to in- land and
possibly Spain. A spokesman for Foreign
terpret a speech of Sir Austen Chamberlain at Bir. Minister
Stresemann said that Count Skrzynski
mingham on the evening of Feb. 23 as indicating eloquently
formulated the Polish thesis, but cast no
that he was in favor of admitting other Powers than fresh light on the Council problem.
Germany's poGermany to the Council of the League next month. sition, it was
added, is not affected by the speech.
Commenting on the speech in a dispatch the next Count
Skrzynski said the treaties of Locarno were
day, the London representative of the New York nothing but an enlargement of the principles of the
1066
THE CHRONICLE
Covenant of the League of Nations and that their
logical consequence must be the entry of Germany
into the League. It was not a case of a contest of
political influences, of grouping associated States
against other associated States or of checking one
political antagonist by another. What was required
was the victory of the great ideal of peace, upon
which the actual existence of the League of Nations
and the salvation of Europe depended."
The French Senate continued to discuss plans to
enable the Government to meet pressing domestic
requirements for funds, but did not make especial
progress early in the week. There was a disposition
on the part of friends of Premier Briand to look
forward with confidence to the action of the Senate
on last Wednesday on its own commission's finance
plan. On Feb. 21 the Commission voted sufficient
new taxes to balance the budget. With this in view,
the Paris correspondent of the New York "Herald
Tribune" cabled on the evening of Feb. 23 that "the
feeling is growing in political circles that the final
enactment of financial legislation is more possible
now than at any time in months." He added that
"the Senate is sure to approve the taxes on which
Premier Briand is placing a question of confidence,
and in the face of such a situation the Chamber,
which will have to consider the bill at the end of the
week, is expected to fall in line." Continuing to outline the situation, the correspondent said: "The attitude of the country is expressed in the press and
in resolutions of various business organizations,
which demand action, and the failure of the Chamber to follow the lead of the Senate, with the inevitable crisis in both the political and financial
spheres, would call down criticism from the entire
French people, whose patience is almost at the breaking point."
A rather gloomy picture was portrayed by the
Paris representative of the New York "Herald Tribune." He said in part that "the tenth anniversary
of the start of the Battle of Verdun gives Frenchmen
a non-escapable opportunity to exhort their fellowcitizens to efforts to win the post-war financial
struggle and make a victory for the franc a sort of
second moral barrier for the Third Republic. If
memory of the famous battle a decade ago brings to
the French a sombre picture of the new battle to be
won in conquering the difficulties of their domestic
finances, it also supplies the Nationalists with food
for sober thought, for the country is not standing on
its own resources, whereas Germany, which met
defeat, now seems to them better off than the victors." The New York "Herald Tribune" correspondent in the French capital went still further and said:
"If France is to face parlous times with an inextricable conflict between the two branches of Parliament and the resultant financial troubles and
civic unrest, a man has been found to whom in the
last analysis the country may look for public order
and national equilibrium. No one can prophesy that
such a situation will arise, but with French finances
at an extremely low ebb and with no assurance that
the Chamber will accept a fiscal rebuke from the
Senate, the situation is admittedly confused. The
man who if called upon will bear the responsibility
for national balance is Marshal Ferdinand Foch.
This old soldier is perhaps in closer touch with the
national pulse and deeper in the hearts of French-
[Vox,. 122.
men than any other figure in France. The 'Herald
Tribune' is able to cast new light on this great personality. Not only do the ills of his country fill his
heart with sorrow, but when he looks back seven
years he cannot hide from himself the fact that these
years have brought about a discouraging sabotage
.of the great victory of 1918, of which he was one of
the authors."
Reference was made in a preceding paragraph to
the existence of more stable conditions in Germany
in some respects than in France. There appeared to
be a growing tendency on the part of American newspaper correspondents in the French capital to make
comparisons between conditions in the two countries, most of which were unfavorable to France.
For instance, the New York "Times" correspondent
cabled on Feb. 20 that "on the eve of the tenth anniversary of the beginning of the Battle of Verdun,
when Germany made her colossal effort to crush
France and failed, the French franc to-day sold for
less than a sixth of the German mark. At noon,
when the Bourse closed, it required 137 francs to buy
a pound sterling and 28.09 francs to purchase a dollar. Blame it on whom you like, those are the facts
and there are the figures." Continuing, he said:
"In the lobbies of the Chamber of Deputies, on whose
performances the Finance Minister yesterday blamed
the fall of the franc, demands were heard that M.
Doumer use the dollar balance the Government holds
in the Bank of France as a result of the Morgan loan
to enter the exchange market and support the franc.
Asked if he would do so, M. Doumer answered:
'That is an indiscreet question to which I cannot
respond. I cannot afford to give a warning to those
who are taking a big chance in speculating against
the franc.'"
Cabling the day before, the Paris representative of
the New York "Herald Tribune" said: "A false interpretation in New York of France's financial situation was held responsible by Finance Minister
Paul Doumer to-day for the slump in the franc,
which struck a lower level than at any time since
the war, except for a brief period in 1924. Reaching
at one time 28.03 to the dollar, it closed at 27.96."
The correspondent further reported that "M. Doumer stated that the growing opinion of the world
that France was unable to agree on any fiscal polisy because of the failure of Parliament to settle its
differences was the fundamental reason for depreciation of the currency, but expressed confidence
that the Senate would complete its financial discussion on Thursday and proof would be given to the
world of the firm purpose on the part of both Parliament and the Government to arrive at a settlement of the whole problem."
Considerable progress appears to have been made
by the French Senate in its discussion on Wednesday of the finance bill. The Paris correspondent of
the New York "Herald Tribune" cabled that, "in
marked contrast to the long debate in the Chamber
of Deputies, the Senate, on taking up the financial
reform bill to-day, declared the general discussion
closed after the report of M. Cheron, the Finance
Commission reporter, and three brief speeches. Consideration of individual articles will begin to-morrow and it is expected that the measure will be
passed Friday, as the temper of the Senate was
clearly indicated in the vote on a Socialist motion
FEB. 27 1926.]
THE CHRONICLE
for postponement of the discussion. This was defeated by 280 to 20." He also said that "while the
Senate was acting with this speed, Premier Briand
continued his parleys with representatives of the
Left groups in the Chamber whom he has been trying to win over to support of the Government project on the ground that the only alternative is a political crisis with new inflation. The Radical-Socialists are still finding it difficult to swallow the sales
tax, and rumors are rife of the possible resignation
of the chairman and reporter of the Chamber Finance Commission if Finance Minister Doumer is
irreconcilable on this vital point."
Still further progress was reported as a result of
deliberations and negotiations the following day.
According to an Associated Press dispatch from
Paris Thursday evening, "the negotiators between
the radical Senators and radical members of the
lower House, who have been endeavoring to reach a
compromise by which the financial measures passed
by the Senate may be so camouflaged that the Chamber can approve the amendments without seriously
stultifying itself, have at last hit upon a plan which
they believe will solve the difficulty." It was added
that "the author of the plan is the radical Senator
Capsal. He proposes to replace the tax on payments
provision in the Government's rehabilitation bill
by a measure requiring that payment of the special
import dues created by the bill passed in June 1920
be made on a gold basis rate to be fixed monthly on
the average rate of the dollar for the preceding
month. This, it is estimated, will bring in nearly
2,000,000,000 francs and make a tax on payments
unnecessary."
Still, in the Senate itself only moderate progress
was made. In a special Paris dispatch to the New
York "Times" late that evening (Feb. 25) it was
stated that, "despite its efforts to hurry the finance
bill through, the Senate to-day did not get further
than voting all the measures which already had been
voted by the Chamber. There remains still to be
voted an increase in the price of tobacco, taxation
of farmers' profits, the creation of a sinking fund
and Finance Minister Doumer's proposal for a tax
on payments. In an effort to compromise between
the desire expressed by the lower House to have all
income tax returns published and the opposition
which has been manifested to this publicity, the Senators voted that the names of all those who pay income tax shall be posted in the town halls of the
districts in which they live but without the amount
paid being given."
1067
.
the Committee on Foreign Relations, of which Senator Borah, the foremost Republican opponent of
ratification, is Chairman. The agreement is now
before the Senate through a favorable report of the
Finance Committee. To take it away from that
friendly body and put it into the hands of the supposedly hostile Foreign Relations Committee, with
the object of having it tucked into a pigeonhole for
the balance of the current legislative session, was
the plan of campaign agreed upon by those responsible for to-day's meetings."
In a special message from the national capital to
the New York "Evening Post" the next day it was
claimed that "President Coolidge is making a fight
to prevent the sidetracking of the Italian debt settlement. White House pressure is being brought to
bear on some of the regular Republican Senators
from Ku Klux Klan States who are trying to dodge
the issue of voting to approve the settlement" The
President regards acceptance of the agreement negotiated between this country and Italy as an essential
part of his foreign policy, being one of the steps toward the restoration of Europe and important to
the business interests of this country. He has been
talking to Representative Crisp of Georgia, one of
the Democratic members of the American Debt Funding Commission, and also with Edward N. Hurley,
another Democratic member, who has been urging
the Democrats in the Senate to vote for the settlement. The opposition to the settlement is evidently
not strong enough to defeat it outright."
According to a Washington dispatch to the New
York "Times" Thursday evening, "opposition to
ratification of the Italian debt agreement in the
Senate is decreasing as the result of the active support given to the compact by President Coolidge and
the personal appeal he is making to Republican Senators. The feeling exists that the argument the
President is making, that settlement of the debts is
a domestic question as much as a foreign one, is
proving effective. He has urged upon Republican
Senators that the settlement of the debt is part of
his economy and tax reduction program and has
pointedly told several of them that failure to ratify
the pending agreement would lead to serious results,
and greatly embarrass the Administration in its
negotiations with France."
The Washington correspondent of the New York
"Herald Tribune" took a less hopeful view in a dispatch the same evening. He said that "while the
Administration leaders have made no complete canvass of the Senate, soundings show the Italian settlement is in a precarious position. The movement
to force the question over to next session undoubtedly is formidable. It is taking the form of support
for the plan to refer the settlement to the Foreign
Relations Committee,instead of to-the Finance Committee, from which it came. Opponents of ratification calculate they can get more votes for referring
the settlement than they could get for the outright
defeat of ratification. With pressure from Administration to ratify and opposition from various quarters, there is every indication of a long and animated
controversy. In fact, the Italian controversy may
block plants for an early adjournment."
The Democrats in the American Senate, and some
insurgent Republicans appear to be doing their utmost to prevent ratification of the Italian war debt
agreement. In a special Washington dispatch to the
New York "Times" on the evening of Feb. 22 the satiation was outlined in part as follows: "Further
conferences to-day between Democratic Senators
resulted in a definite collapse of the proposal to
make a party issue of the Italian debt agreement
with the purpose of defeating its ratification. But
a sort of gentleman's agreement was reached between some of those attending the conferences that,
without acting as a party and by joining forces with
certain Republican Senators, mostly of the insurDiscussion of plans for the meeting of the debts
gent group, they will seek to kill the debt agreement of one nation to another has spread even to France
through the indirect course of having it referred to and Soviet Russia. This appears to be the most dif-
1068
THE CHRONICLE
[Vol.. 122.
ficult situation of its kind taken up since the war, while that of Switzerland has dropped from 3%
because France loaned large sums to the Czarist to 2%.
regime in Russia, and the Soviet Government never
has been inclined to recognize that debt. In an
The Bank of England in its statement for the week
Associated Press dispatch from Paris on Feb. 25 it ending Feb. 24 reported a loss in gold amounting
was stated that "negotiations between Soviet Rus- to £177,088, which contrasts with increases recorded
sia and France with regard to general commercial for the two previous weeks. In addition to this, note
relations, credits and the settlement of debts were circulation increased £690,000, and as a consequence
opened to-day in the Foreign Office, under the the reserve of gold and notes in the banking departchairmanship of Premier Briand. M. Rakovsky, the ment fell £867,000, to £23,106,000, as compared with
Soviet Ambassador, represented his country. M. de £23,534,692 last year and £22,277,130 in 1924. DeMonzie, French Minister of Public Works, in a creases were noted in all of the deposit and loan
speech emphasized that the French Government items; hence the proportion of reserve to liabilities
would not abandon its defense of the rights of the advanced to 18.90%, as against 18.37% a week ago
holders of Russian bonds, and was ready to discuss and 18.32% the week of Feb. 10. At the same time
the methods for liquidating the debts contracted in a year ago the ratio stood at 19%% and the year beFrance under the Czarist regime. France, he said, fore at 18.03%. Public deposits declined £7,518,000
wished to have faith in prompt development of pri- and "other" deposits £741,000. Loans on Governvate Franco-Russian exchanges, operating under a ment securities fell off £5,539,000 and loans on other
statute which would reassure private initiative and securities £1,828,000. The Bank's gold holdings
maintain credit." It was further reported that, stand at £144,493,468, in comparison with £128,"replying, M. Rakovsky said the differences between 587,157 in 1925 (before the transfer to the Bank of
the French and Russian laws and institutions were England of the £27,000,000 gold formerly held by the
not such as to render solutions impossible. He also Redemption Account of the Currency Note issue),
desired to find a satisfactory solution for the Rus- and £128,106,600 a year earlier. Note circulation
sian bondholders. He gathered that the French na- stands at £141,138,000, against £124,803,000 last
tion, like the Russian, was imbued with a desire to year and £125,579,195 in 1924. The loan total is
realize an international order preventing the return £79,056,000. A year ago it aggregated £74,399,631
of war and that France adhered to the principle of and in 1924 £68,221,849. Clearings through the Lonnon-intervention. The accord which the negotiators don banks for the week were £758,155,000, against
aimed to achieve, he concluded, would serve the gen- £744,319,000 a week ago and £801,455,000 last year.
eral peace by facilitating the conclusion of other The official discount rate of the Bank remains at
accords, because the negotiations were not aimed 5%, unchanged. We append herewith comparisons
against any one. During the negotiations it is ex- of the different items of the Bank of England statepected the Russians will ask French credits to aid ment for a series of years:'
in their industrial restoration,in exchange for which
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1925.
1924.
1923.
1922.
they will consider what can be done regarding payFeb. 24.
Feb. 25.
Feb. 27.
Feb. 28.
Marchil.
ment of the 12,000,000,000 gold francs which.France
Circulation
and French investors loaned Russia during the Czar- Public deposits b141,138,000 124.803.000 125,579,195 123,940,440 123,093,340
16,065.000 16,143,995 13,106,084 20,907,446 17,150,962
Other deposits
106,176,000 105,542,658 110,436,459 110,548,375 118,492,382
ist regime."
Governm't securities 38,243,000 41,928,830 51,197,182 47,282,880w 47,985,566
In a later Paris cable message the same evening Other securities_ _ _ _ 79.056,000 74,399,631 68,221,849 79,107,430 81,729,821
Reserve notes & coin 23,106,000 23,534,092 22,277,130 23,313.843
it was stated that, "after the inaugural speeches the Coln and bullion__ a144,493,468 128,587,1571128,106,600 127,504,283 24,118,966
128,762,306
Proportion of reserve
conference decided to divide the questions to be disto liabilities
18.90%
1034%
18.03%
1714% {IC 171(%
cussed into four sections—juridical, economic,finan- Bank rate
4%
5%
4%.11111— 3%
4Si%
cial and political—the last named with the dual ob- a Includes, beginning with April 291192
5X£27,000.0001rgold—coln and bullion
ject of co-ordinating the work of the other sections previously held as security for currencyrnote Issues and which was transferred to the
Bank of England on the British Government's decision to
return to gold standard.
and examining diplomatic problems. The exchange b Beginning with the statement[for April 29 1925, includes £27,000,000 of Bank
of England notes Issued In return for the same arlIOUI1Of gold
coin and bullion held
of preliminaries clearly shows that although M. de up to that time in redemption account of currency
note Issue.
Monzie seemed to express French willingness to accept some arrangement disguising payment of the
The Bank of France the present week reports a
Czarist debts in order to make it palatable to the further small gain in
gold,Knamely110,760 francs.
Russian people, the Russians intend to maintain the Total gold holdings are
thusibroughqup to 5,548,stand that they want credits first and will pay debts 228,810 francs, as
againstI5,545,789,833 ,francs for
only as interest on new loans from France, such as the corresponding date
last year and 5,541,303,917
4% on account of debts plus 7% on account of ser- francs the year previous.
Of these:amountsi1,864,vice for fresh credits granted."
320,907 francs were held abroadlinr,each:ofthe
years
1926, 1925 and 1924. Following theZ contractions
No changes have been noted in official bank rates the previous three
weeks,[note:circulation this week
at leading European centres from 8% in Berlin; 7% increased 29,525,000
francs, bringing:the total notes
in Italy and Belgium; 6% in Paris and Norway; in circulation up to
50,991,063,295 francs. Last year
512% in Denmark; 5% in London and Madrid; at the same:date note in
/
§ circulation stood at 40,791,4 % in Sweden and 3 % in Holland and Switzer- 722,790 francs and the year
/
1
2
/
1
2
before at 39,344,769,405
land. Open market discounts in London turned francs. The French
Government:repaid 100,000,000
weak and declined to 4 346@414% for short bills francs more to the Bank,
/
reducing the total of adagainst 4 9-16@4 11-16% last week, and three vances to the State to
32,700,000,000 francs. In/
months' bills to 478%, against 4 9-16% a week ago. creases occurred during
theIweek in various other
money in London, on the other hand, was firm items as follows: Silver
Call
holdings, 1,617,000 francs;
and closed higher, at 4%, as compared with 334% bills discounted, 234,497,000
/
francs; Treasury dethe previous week. At Paris the open market dis- posits, 44,243,000 francs; general deposits,
91,count rate continues to be quoted at 414%, 422,000 francs. On the other hand,
trade advances
FEB. 27 1926.]
THE CHRONICLE
fell off 34,846,000 francs. Comparison of the different items in this week's return with the figures of
last week and corresponding dates in both 1925 and
1924 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Feb. 24 1926. Feb. 25 1925. Feb. 26 1924.
Holdings—
Gold
Francs.
Francs.
Francs.
Francs.
In France
Inc.
10,760 3,683,907,903 3,861,468,926 3,876,983,009
Abroad
Unchanged
1.864,320.907 1,864.320.907 1,864.320,907
Total
Inc.
10.760 5,548,228,810
Silver
Inc. 1,617,000
338,693,230
Bills discounted _
Inc.234.497.000 3.371,954.306
Trade advances
Dec. 34,846,000 2,462,889.090
Note circulatlonInc. 29,525,000 50,991,063,295
Treasury deposits Inc. 44,243.000
56,233,566
General deposits—Inc. 91,422,000 2,960.298,845
5,545,789,833
305.746.188
5,101,098,672
2,973,735,959
40,791,722,790
13,376.082
2,014,189.589
5,541,303.917
297,527,561
3,888,971,215
2.378,698.077
39,344.769,405
11.398,731
2.319,168,857
The most noteworthy feature of the Federal Reserve banks' weekly statements, issued at the close
of business on Thursday, was a further decline in
gold reserve, both locally and for the banks as a
group. Rediscounting and open market operations
showed only minor changes, viz., small increases.
For the System as a whole, gold fell $22,600,000.
Rediscounting of bills secured by Government obligations declined $4,400,000. In "other" bills an increase of $6,100,000 occurred, hence total bills discounted for the week increased $1,700,000. Holdings of bills purchased in the open market expanded
$2,500,000. Total bills and securities (earning assets) remained almost stationary, increasing less
than $500,000, while deposits were heavily reduced,
no less than $64,300,000. Federal Reserve notes in
actual circulation were increased $18,000,000. Member bank reserve accounts fell $59,400,000. Practically similar conditions prevailed in the New York
bank, where gold holdings fell off $23,800,000. Rediscounts of Government secured paper declined
$6,600,000, but "other" bills expanded $6,900,000,
with the net result an increase in total bills discounted for the week of $300,000. Bill buying in
the open market increased $900,000. Total bills and
securities recorded an expansion of $8,200,000, but
deposits fell $27,200,000. A small increase was
shown in the amount of Federal Reserve notes in
actual circulation, namely $1,400,000. Member bank
reserve accounts declined $23,000,000. However, the
shrinkage in deposits served to offset losses in gold
holdings, so that changes in reserve ratios were
trifling. That of the combined System advanced
slightly, to 74.0, or up 0.3%. At New York a decline of 0.4% took place, to 75.1%.
Last Saturday's statement of New York Clearing
House banks and trust companies revealed a gain
of more than $10,000,000 in surplus, incidental to
an addition of a like amount to the reserves of member banks in the Federal Reserve institution; also
expansion in loans amounting to $28,749,000. Net
demand deposits increased $4,235,000, to $4,408,035,000, which is exclusive of $43,786,000 in Government deposits. On the other hand, time deposits
fell $1,409,000, to $567,247,000. There were also
decreases of $3,138,000 in cash in own vaults of
members of the Federal Reserve Bank, to $48,527,000 (which is not counted as reserve), of $326,000
in reserves of State banks and trust companies in
own vaults and of $15,000 in the reserves of these
institutions kept in other depositories. As already
noted, member banks increased their reserves in
the Federal institution $10,858,000, which led to an
expansion in surplus reserves of $10,077,900, thus
raising the total of excess reserves to $21,958,510,
1069
as against $11,880,610 last week. The figures here
given for surplus are based on legal reserve requirements of 13% against demand deposits for member
banks of the Federal Reserve, but not including $48,527,000 cash in own vault held by these member
banks on Saturday last.
Greater firmness and higher rates have characterized the local market for call money. It may be
said that 5% was the prevailing rate, particularly
during the latter half of the week. Yesterday, however, after renewals were made at 5%, there was an
advance to 51 2%,which held to the close. While this
/
was true and loans were called from day to day, borrowers experienced no difficulty in arranging new
loans at the prevailing rates. By experienced observers more importance was attached to the supply
of loanable funds than to the quotations. In fact,
it was said on Thursday that the amount of money
offered on call was surprisingly large. This was
regarded as the more significant because of rumors
on the same day that the report of the Stock Exchange on brokers' loans as of Feb. 28 might disclose
a surprisingly large total. Yesterday's statement of the New York Federal Reserve Bank
for the week ended February 17 showed an
increase of $1,136,000. New securities were
offered on a good-sized scale in the aggregate and
were reported to have been promptly taken. The
offerings actually made and those in prospect include large amounts for foreign Governments and
industries. Recessions in certain lines of business
are reported, but it is worth noting that the car
loadings of the railroads for the week ended Feb.
13 disclosed an increase of 2,240 cars over the preceding week and of 13,209 cars over the corresponding week of last year. Production and consumption
of steel are going ahead on a good-sized scale. Leaders in the automotive industry continue optimistic
over the outlook for this year.
Referring to money rates in detail, loans on call
were almost motionless this week, although the range
was 5(:)53/2%, as compared with 4V2@5% last week.
Monday was a holiday (Washington's Birthday).
On the three days following, that is, Tuesday, Wednesday and Thursday, a flat rate of 5% was named, this
being the high, the low and the renewal basis for each
of these days. Renewals continued to be negotiated
at 5% on Friday, and this was the low, but before the
close a slight flurry sent the quotation up to 5M%.
In time money also the tendency was toward higher
levels, and toward the latter part of the week fixed
date maturities for all periods from sixty days to
six months were quoted at 4%@,5%, with the bulk
of the business at the inside figure, which was the
trading rate, as against 4%@431% a week ago.
/
The 5% rate is the highest as yet touched this year.
Trading was inactive and the demand light. The
immediate cause of the stiffening was a falling off
in offerings of time funds.
Mercantile paper rates were firmer and four to six
months' names of choice character are now quoted
at 43'@432%,against 4@44% a week ago, although
41 % may be regarded as the trading rate; names
4
less well known now require 4
against 44@)
43 % a week earlier. New England mill paper and
A
the shorter choice names are now passing at 43(%,
against 4%. Trading was moderately active, but
still restricted by light offerings.
_070
THE CHRONICLE
122.
Referring to rates in greater detail, sterling exchange on Saturday last was a shade easier, with
trading virtually at a standstill owing to pre-holiday
inactivity; demand ruled at 4 86 1-16 (one rate),
cable transfers at 4 86 7-16 and sixty days at
4 82 13-16. Monday was a legal holiday (Washington's Birthday). Irregular weakness developed on
Tuesday as a result of lessened buying and quotations declined to 4 85 15-16®4 86 for demand, to
4 86 5-16@4 863 for cable transfers and to 4 82 11-16
%
®4 82% for sixty days. On Wednesday there was
a further fractional drop that carried demand to
4 85%®4 85 15-16, cable transfers to 4 863/s®
4 86 5-16 and sixty days to 4 823' @A 82 11-16;
trading continued dull and featureless. Sterling was
SPOT DELIVERY.
30 Days.
60 Days.
90 Days.
again under pressure on Thursday and quotations
3Mtg314
3(53%
334%3M
Prime eligible bills
%
were lowered to 4 85 21-32@4 853 for demand, to
DAYS.
FOR DELIVERY WITHIN THIRTY
%
3M bid 4 86 1-32©4 861 for cable transfers and to 4 82 13-16
ember banks
3% bid
®4 823 for sixty days;the volume of business passing
non-member banks
was small. Friday's market was a dull, narrow affair,
no changes this week in Federal with the range of prices on demand bills 4 85 11-16®
There have been
le 4 859, cable transfers 4 86 1-16@4 863/i and sixty
Reserve Bank rates. The following is the schedu
paper days 4 82 7-16@4 823/
2
. Closing quotations were
of rates now in effect for the various classes of
4
%
4 823' for sixty days, 4 853 for demand and 4 8631
different Reserve banks:
at the
for cable transfers. Commercial sight bills finished at
RESERVE BANKS IN EFFECT
DISCOUNT RATES OF FEDERAL
FEB. 26 1926.
%
4 855 , sixty days at 4 82, ninety days at 4 813,
documents for payment.(sixty days) at 4 823 and
Paper Maturing—
2
After 90 After 6
seven-day grain bills at 4 843/. Cotton and grain
but •
Days. but
Within 6 Within 9 for payment closed at 4 85/. No gold was engaged
Within 90 Days.
Months. Months
FEDERAL RESERVE
for import or export this week. According to cable
BANK.
Com'rcial Secured
ced that the
by U. S. Bankers' Trade Actricid.• Agricul'i advices from Tokio it was announ
Arts', &
and
and
AccepLivestock Govern't Acceplances. Livestock Livestock Japanese Government in order to stop the rapidly
tances.
Paper. ObtloaPaper.
Paper.
lions.
n.e.s.
growing speculation in yen has suspended all ship4
4
4
4
4
4
Boston
4
4
4
4
4
4
ments of gold to America. Therefore, no more
New York
4
4
4
4
4
4
Philadelphia
4
4
4
4
4
4
Cleveland
shipments of specie will be made during 1926. The
4
4
4
4
4
4
Richmond
4
4
4
4
4
4
Atlanta
4
Bank of England reported sales of gold, mainly to
4
4
4
4
4
Chicago
4
4
4
4
4
4
St. Louis
4
4
India • about £230,000 in gold bars. Purchases
4
4
4
4
4
Minneapolis
4
4
4
4
4
City
4
Kansas
4
e precious metal aggregated approximately
4
4
4
4
4
Dallas
4
4
4
4
4
San Francisco
28,000. According to a London cable dispatch
agricultural purpose and
•Including bankers acceptances drawn for an
yesterday, "the Bank of England released for account
by warehouse receipts. dm.
of crown agent's colonies note issue, in name of the
Hongkong Shanghai Banking Corp., £1,800,000 in
The sterling exchange market this wee was
price sovereigns. There was also exported to Singapore
slightly reactionary in tone, and although
ing £28,000 in sovereigns and £750,000 was set aside for
changes were still insignificant,—in no case exceed
down- account of South African Reserve Bank."
H of 1 cent in either direction—the trend was
th
ward, which contrasts with the persistent streng
Trading in the Continental exchanges was featured
weeks. In the early
that has prevailed during recent
gton's by recovery in French francs and recession in the
dealings, immediately following the Washin
sold currencies that were so sharply advanced last week,
Birthday celebration of last Monday, demand
accumulation namely, Danish, Norwegian and Japanese. The
off Mc.to 4 85 15-16, mainly on a small
anied by strength in francs, which advanced from 3 54 to
of offerings over the double holiday, accomp
a 3 693', was based primarily on apparent improveinactive and spiritless buying. Later on, after
to 4 86, ment in political and financial affairs in France. Cable
temporary lull, when demand moved back
was a advices from Paris to the effect that the outlook for
selling pressure again made itself felt and there
level touched passage of the Briand finance bills is much brighter
further recession to48521-32,the lowest
observers had a decidely stimulating influence. The action of
in some little time. According to market
n, it the Senate Finance Commission in voting sufficient
here, this weakness was not difficult to explai
ointment taxes, in addition to those in the Chamber bill itself,
being regarded as in response to the disapp
far to to balance the 1926 budget is regarded as highly
felt over failure of the Bank of England thus
monetary encouraging, and while the fate of the bills on their
build up its gold reserves, also the fact that
shaped return to the Chamber is still in doubt, it is felt that
conditions at the British centre have not
move- the Government's assurances that the tax on paythemselves as expected a week or so ago. The
erably ments is to be levied for one year only, will do much
consid
ment of funds toward London has fallen
their passage. Another favoring influence
expectations, while the drain upon the Bank's to insure
short of
for gold con- was news that negotiations looking to the settlement
resources to meet the Indian demand
labor situation of France's debt to Great Britain are shortly to be
tinues unabated. Furthermore, the
altogether satisfactory. opened, and the immediate result was a rush of
in England is not regarded as
gs of trading abroad that sent francs up 15 points or more.
Governmental authorities are awaiting the findin
be made public, with Some irregularity prevailed, however, and price
the Coal Commission, soon to
variations were frequent and extensive. Locally,
some anxiety.
new
Banks' and bankers' acceptances presented no
were unchanged,
feature of importance. Quotations
turnover.
with the undertone generally firm on a light
principal buyers. For call
Country banks were the
rate of
loans against bankers' acceptances the posted
Acceptance Council remains at 4%.
the American
rate on
The Acceptance Council makes the discount
purchase by
prime bankers' acceptances eligible for
asked
the Federal Reserve banks 3/% bid and 332%
bid and 3%% asked
for bills running 30 days, 39%
asked for
for 60 and 90 days, 3%% bid and 34%
4% asked for 150 days and
120 days, 43/8% bid and
%
/ asked for 180 days. Open
43% bid and 41 8
are as follows:
market quotations
FEB. 27 1926.]
THE CHRONICLE
dealers continue to hold aloof. Considerable skepticism is displayed concerning the permanence of the
recovery, since it is pointed out that in a very few
months the sum of 6,000,000,000 francs will fall due,
which has yet to be taken care of.
Announcement of the successful conclusion of the
negotiations for the funding of Belgium's war debts
to Great Britain was well received, though actual
market values were not affected, and 'at the close
there was a decline of
to 4 53%. The policy of
the Belgian authorities would seem to be to maintain
present levels, of 4 533 % for checks, a figure that
4
has prevailed with only fractional variations, since
last October. It is expected that this will be made the
permanent stabilization value. Very little difficulty
has been experienced in keeping Antwerp francs at
the level referred to, and official transactions have
at no time attained large proportions and in fact
attracted comparatively slight attention. In sharp
contradistinction to this the Italian Government is
believed to have been in the market a large part of
the time through the Italian Exchange Institute,
buying and selling large quantities of exchange. During the current week the quotation has been held
at about 4.01@4.013 . German and Austrian ex4
changes continue in a rut. Greek exchange opened
weak, then rallied a couple of points to 1.423/ In
2
.
the minor Central European group, trading was quiet
and rate changes narrow in all but Polish zloties
whioh again turned weak and sank to 12.25, recovered
to 12.50, then slumped to 12.00. No specific cause
was assigned for the drop.
The London check rate on Paris closed at 132.25,
as compared with 135.79 a week ago. In New York
sight bills on the French centre finished at 3.67,
against 3.58%; cable transfers at 3.68, against 3.59%;
commercial sight bills at 3.66, against 3.57%,
and
commercial sixty days at 3 613/2, against 3.52%
.
last
week. Antwerp francs closed at 4.535 for checks
%
%
and at 4.545 for cable transfers, in comparison with
4
4.533 and 4.543 the previous week. Final quota4
tions on Berlin marks have not been changed from
23.81 (one rate) for both checks and cable remittances, while Austrian kronen continue to be quoted
nominally at 0.00143/, the same as heretofore.
s
Lire
finished the week at 4.00% for bankers' sight bills
and at 4.01% for cable transfers. Last week the
/
close was 4.013 s and 4.029/ Exchange on Czechos.
slovakia closed at 2.96 8, against 2.963.; on Bucharest at 0.423/2, against 0.43,and on Finland at 2.52, unchanged from last week. Polish zloties finished
at
12.00, against 13.50 a week ago. Greek exchange
closed at 1.42 for checks and at 1.42% for cable
transfers. This compares with 1.403 and
1.409
the week preceding.
In the former neutral exchanges, trading was
generally quieter, and the Scandinavian exchanges
displayed a reactionary tendency. Danish
kronen,
after opening at 26.06, declined to 25.88, although the
movement was regarded as a purely natural
reaction
following a rapid and sustained rise. Norwegian
krona showed decided irregularity and veered from
21.41 to 21.73, then down to 21.34; the range in a
single day having been as much as 19 points, with
a final rally to 21.58. This was interpreted as
the result of governmental efforts to stem speculative activities that have been instrumental in
forcing up the quotation unduly. It is claimed
that Norwegian exchange does not occupy the
1011
.
same position as Danish and all attempts to boom'
price levels will likely be combated by the authorities. Most of the trading was abroad, local
operators being disinclined to risk commitments.
Dutch guilders are still neglected and the quotation
continues to range around 40.04@40.06, with a low
point for the week of 40.023/ Swiss francs also
.
2
moved lower and ruled at close to 19.24. Swedish
exchange was inactive, but firm and closed at a slight
net advance,,due to the transfer of capital to Stock;
holm incidental to some special transaction. Spanish
pesetas showed no improvement, ruling all week at
.
around 14.08.
Bankers' sight on Amsterdam closed at 40.023,against 40.053/2; cable transfers at 40.043, against
40.073/; commercial sight bills at 39.943/2, against
2
39.973/ and commercial sixty days at 39.583/
against 39.613/ last week. Swiss francs' finished at.
19.233 for bankers' sight bills and at 19.25 for cable
4
transfers, which compares with 19.253. and 19.263
a week ago. Copenhagen Checks closed at 25.96 and
cable transfers at 26.00, against 26.09 and 26.13.
Checks on Sweden finished at 26.78 and cable transfers at 26.82, against 26.73 and 26.77, while checks
on Norway closed at 21.58 and cable transfers at
21.62, against 21.18 and 21.22 a week earlier. Closing rates on Spanish pesetas were 14.07 for checks
and 14.09 for cable transfers, which compares with
14.08 and 14.10 the week previous.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVI
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
FEB. 20 1926 TO FEB. 26 1926, INCLUSIVE.
Country and Monetary
_
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Feb. 20. Feb. 22. Feb. 23. Feb. 24. Feb. 25. Feb. 26.
EUROPE$
$
$
$
Austria. Belittling•--. .14070
.14051
.14059
.0454
.0455
Belgium. franc
.0454
Bulgaria, lev
007231
:007188 .007169
Czechoslovakia, kron .029618
.029623 .029616
Denmark, krone
.2604
.2602
.2598
England, pound !ster4.8638
4.8631
ling
4.8620
Finland, markka
.025210
.025207 .025205
.0355
France, franc
.0363
0366
Germany, relchsmark .2381
.2381
.2380
drachma
Greece.
.014098
.014165 .014199
Holland, guilder
.4007
.4006
.4006
Hungary. Peng o
1758
.1756
.1755
.0402
.0402
Italy, lira
.0402
.2140
Norway. krone
.2172
.2142
Poland, zloty
1294
.1269
.1232
Portugal. escudo
.0509
.0510
.0512
RULDIATIla,leu
.004302
.004251 .004229
Spain. Peseta
.1409
.1410
.1410
Sweden,krona
2677
HOLI- .2676
.2677
Switzerland, franc
.1926
DAY
.1925
.1925
yugeslavia, dinar
.017602
.017600 .017600
ASIAChinaChefoo, tael
.7646
.7613
.7629
Hankow,t921
.7588
.7556
.7566
Shanghai, tael
.7314
.7329
.7330
Tientsin, tael
.7742
.7721
.7729
Hong Kong, dollar. .5777
.5761
.5761
Mexican dollar _ _ _ .5395
.
.5352
.5358
Tientsin or Pelyang,
dollar
.5450
.5408
.5417
Yuan. dollar
.5579
.5538
.5546
India, ruPee
.3676
.3670
.3678
Japan, yen
.4632
.4614
.4583
Singapore(S.S.). do
.5671
.5863
.5654
NORTH AMER.Canada, dollar
.996038
.996142 .996166
Cuba, Peso
1.000063
.999563 .999500
Mexico. Mao
.486167
.485667 .485667
Newfoundland. do
.993438
.993750 .993563
SOUTH AMER.Argentina. peso (gold) .9271
.9275
.9278
Brazil, milreis
.1479
.1479
.1477
Chile. peso (paper)
.1211
.1207
.1211
Crummy. peso
1.0322
1 0107
1 nqi17
•One schIlling Is equivalent to 10,000 Dam crowns.
$
.14055
.0454
.007178
.029619
.2594
$
.14054
.0454
.007194
.029618
.2596
4.8604
4.8609
.025208 .025215
.0363
.0369
.2380
.2380
.014180 .014217
.4005
.4004
.1756
.1755
.0402
.0402
.2165
.2173
.1219
.1214
.0511
.0511
.004205 .004226
.1410
.1409
.2680
.2681
.1925
.1924
.017696 .017600
.7642
.7578
.7335
.7742
.5771
.5371
.7592
.7544
.7300
.7692
.5754
.5348
.5442
.5571
.3674
.4545
.5654
.5413
.5542
.3675
.4582
.5654
.996003
.998938
.485667
.993594
.996106
.999063
.485833
.993688
.9280
.1470
.1207
1 wane.
.9279
.1472
.1207
I rinaA
With regard to South American exchange trading
was dull and quoted rates not essentially changed.
Argentine pesos finished at 40.82 for checks and at
40.87 for cable transfers, as against 40.80 and 40.85.
Brazilian milreis were also easier and closed at 14.62
for checks and at 14.67 for cable remittances, in comparison with 14.68 and 14.73 last week. Chilean
exchange was slightly lower and finished at 12.03,
against 12.07; and Peru at 3 83, against 3 84, the
same as last week.
Far Eastern exchange was inactive and featured.,
only by the developments in Japanese yen. Rates
THE CHRONICLE
1072
did not at any time exceed_the-,high:point:ofhlast.week,
but were well maintained. Government officials are
understood to have been approached by Japanese
merchants and asked to take action in reducing the
price of yen. It is claimed that trade and economic
conditions in Japan do not at this time warrant a return to par and the gold standard; consequently
strong efforts have been made to stem the tide of
speculative activity. Cessation of the gold movement to this country resulted, temporarily at least, in
bringing about a decline to 46. It is thought that
possibly the yen will be stabilized eventually at
around 46, and gold shipments resumed later in the
year. Hong Kong closed at 57%@5831, against
5834@58%; Shanghai at 74@74%, against 74%©
;
7532; Yokohama at 46@4634, against 463/2@47
Manila at 49%@49 15-16, against 49%@49%;
Singapore at 56%@57,against 57@573;Bombay at
37@373'; (unchanged), and Calcutta at 364(4)37
(unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,136,135 net in cash as a result of the currency movements for the week ended Feb. 25.
Their receipts from the interior have aggregated
$4,103,635, while the shipments have reached $967,500, as per the following.table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS
Week Ended February 25.
*967.500 Gain *3.136.135
84.103.635
Mink? interior movement
Gain or Lose
to Banks.
Out of
Banks.
Into
Banks.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANS
AT CLEARING HOUSE.
Saturday, Monday,
Feb. 22.
Feb. 20.
Tuesday, Wednead'y. Thursday. Friday,
Feb. 25.
Feb. 26.
Feb. 24.
Feb. 23.
Aorettale
In-week.
I
$
$
8
1
6
$
$
134.000.000 Ffolldty 55 000.000 83,000,000 83.000.000 73 000 000 Cr 418 000 000
Note—The foregoing heavy credits reflect 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
of
the daily balances. The large volume of checks on institutions located outside
New York are not accounted for in arriving at these balances, as such checks do
but are deposited with the Federal Reserve
not pass through the Clearing House
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:
Movement to Feb. 25 1926.
Banks of
Gold.
Silver.
Total.
Movement to Feb. 26 1926.
Gold.
Sifter.
Total.
£
£
£
£
128.587.157
144.493,468128,587.157
England__ 144,493,46
France.a _ 147.356.316 13,120.000160,476,311 147.258,757 12,200,000 159,458.757
994.600 36.414,100
49.731.700 d994,600 50,726,300 35,419.500
Germany
b2.000.000
b2,000.000 b2,000.000
b
-Hun Is2.000.000
Au,.
26,351,000127,826.000 101,439,000 26,313.000127.752 000
101.475.0
Spain
25,679,000 3,410.000 29,089,000 35.584.000 3.366,000 38,950.000
Italy
2.187.000 38.256,1 1 42,012.000 1.1;07 000 43,649.000
Netherrds. 36,019.00
3.652.000 14,603.0'' 10.890.000 2,976,000 13.866,000
Nat. Brig. 10.954.00
SwitzerId 17.070.000 3,715,000 20,794.111 19,941,000 3.623.000 23.564 000
13.014.000
12.758.111 13.014.
Sweden,.. 12,758.000
825 i i 1 12,449.000 11.638.000 1,025,000 12,663.000
Denmark _ 11.624.000
8.180 000
8,180 11 i 8.180.000
-Wity -- 8.180 000
NOI
Total week 567.309.481 54,254,600621.654,081 555,993,414 52,101.600 C08.098.014
Prey. week 577,784,142 54.116.800631.930.742555,991.758 51.905.1300607.897,358
a Gold holdings of he Bank of France this year are exclusive of £74,572,836
this
field abroad. b No recent figures. c Gold holdings of the Bank of Germany
year are exclusive of £13,048,300 held abroad. vi As of Oct. 7 1924.
Investigation and Interpretation.
Other mills than those of the gods grind slow but
exceeding fine. The Senate of the United States
works in sessions Of latter years all the time and
overtime. When it is not engaged in an "investiga-
[VOL. 122.
tion" it is often engaged in making a law that will
.
do for the people what they cannot do for themselves. Nor does it wait for an invitation from the
people to make a law. There are certain Senators,
always on the alert, watching for an opportunity.
They are like forest rangers. Wherever in the arid
regions of liberty left us there is a puff of smoke
they rush to put out the fire. Investigating the
needs of the people is not enough; they must investigate the conduct thereof. Interpreting the will of
the people is not enough; they must put their own
interpretation upon what that will ought to be. The
people may never ask for an investigation into their
business conduct, but it is gratuitously given them.
It drives the Executive by innumerable boards and
commissions and then puts a check rein on the free
exercise of its prerogatives.
Forty-eight States have the rights of property in
their keeping, but one United States Senate can investigate the action of corporations created thereunder and under the vague interpretation of interState commerce put a leash upon their conduct that
strikes at their very life. A half dozen corporations
may consolidate and incorporate under the laws of a
single State and immediately the Senate may, and
often does, start an investigation under the plea of
restraint of trade. It is hard for an ordinary mind
to understand that the mere passage of goods across
a State line constitutes restraint. Monopolies are
the terrible evils of consolidated wealth—and we
have the Clayton Act and the Sherman anti-trust
law. And the "Standard Oil" was segregated because it gathered too much oil together and shipped
it across the borders of States; but a single corporation can gather together as much wheat or cotton
as it may and ship in any quantities it desires without protest. An aluminum company may have trouble with its tax returns (and what company has
not?) and straightway the Senate orders an "investigation." There may be a coal strike of long duration and exceeding cost and waste—and the intrepid
Senate orders the President to stop it.
A progressive Senator modestly admits that all
eyes are on the Senate. And he might have said all
ears, for it is the national sending station for inquiries and debates not on the state of the Union
but upon the conditions and energies of the whole
people. Hundreds of thousands of dollars are consumed in these so-called "investigations." And a
gratuitous committee is proposed to go so far as to
investigate the Department of Justice, an arm of the
Executive. Commissions are created with almost
arbitrary power and then are called to task for the
exercise of that power. Thus this "deliberative
body," this law-making division of a national Government, comes to exercise an espionage over the
everyday affairs of the people independent of the
police power accorded to the Executive division and
to the States. The Supreme Court escapes. Yet,
when the House emerges for a brief spell from the
Senatorial eclipse it has been known to advocate
setting a law of Congress above the findings of even
this independent and august tribunal. Investigations lead to more laws and laws lead to more investigations. And there is no relief in sight. If the
party in power can find a way to put a curb upon
these investigations it will perform a distinct service to business and the people. But no sooner is
the suggestion made than politics cries out "the
Administration is trying to hide something, is trying
FEB. 27 1926.]
THE CHRONICLE
1073
to conceal its motives and acts from the people." ards wrought out of dominating theories and im.
.
And what can the people do? What do they do? posed by national spies and inspectors! Take reliNothing—save read the morning news, for some new gion—is there anything more personal in nature—
sensation to. enliven the monotony of the old mill in a land where it is supposed to be a constitutional
right to worship God according to the dictates of
that grinds exceeding fine.
Senator Walsh of Montana speaks four hours in one's own conscience—and are not States attemptfavor of a resolution to open up by investigation the ing to bar the teaching of evolution by law as conwhole question of the Aluminum Corporation in its trary to reverence and authority as derived from the
relation to the laws and the Government, going over Bible? Text-books are being rewritten and teachers
the head of the Department of Justice which can prosecuted. Not in an alarming degree now, perfind no ground for prosecution. Here is what Sen- haps—but what is to be the end? Take science. We
ator Cummins, one of the best constitutional law- must have more "pure" science in universities that
yers, says in a minority report in regard to this "applied" science may have something to feed upon.
matter: "The majority report in effect demands This applied science that by its own investigations
that the Senate shall disregard this decision (that and discoveries lays the groundwork for "monopof the Attorney-General) and shall substitute the olies" that so threaten our liberties. Is the day comopinion of the majority of the committee for the de- ing when great industries will only be allowed to use
liberate judgment of the executive officials who are that "science" which State-maintained universities
fully acquainted with the facts and who are alone shall permit? What is to be the end?
charged with the responsibility of enforcing the law.
What can become of this "human" side when
. . . It is the judgment of the minority of the com- every right and act is defined by law? Investigamittee that there is no constitutional authority for tion—then enactment of law—then interpretative
the resolution recommended in the majority report enforcement by a horde of paid officials—and these
and that if the course indicated in the proposed reso- possibly immune to removal under a civil service!
lution becomes the settled practice of the Senate, Love thy neighbor as thyself will be as dead as
the overthrow of our form of government is the cer- Moses or King Tut when law prescribes all thought
tain result. .
. The struggle which must ensue and deed. It is snowing hard as we write—and this
will end either in the complete subordination of the we class as an act of Providence. But why did He
executive or judicial branches of the Government to give man free will, that he might be "human" to his
the legislative branch or in subjecting the legislative fellows, who will soon, if .no change comes, be compower to the executive power. Stripping the pro- pelled to ask law and Government for permission to
poE.al to enter upon this inquiry of everything save exercise it? This may not sound serious and digniits bare essentials, it means just this—no more and fied. -But is every petty statute conceived by a petty
no less."
mind bound to a singe idea to be treated with reAre our citizens interested in government? Take spect? Perhaps this explains the "crime wave"!
any morning newspaper and count the number of
Governor Smith's Housing Scheme.
columns devoted to matters of government, foreign
The special message on housing which Governor
and domestic—nation, State and city—and the making, observance, amendment or infraction of laws Smith of New York transmitted to the Legislature
,
relating, to use a broad term, to the conduct of life. on Monday goes no further, in the direction of spe
It is often charged that now is the time when parties cific recommendations, than the proposal of a State
lay the foundation for the coming election cam- Housing Bank as "the key to a solution of the situapaigns. How much of this legislative zeal is due to tion," the bulk of the message being devoted to a repolitics? Much, but there is far more than this. Is cital of the evils of the present housing conditions
it not a fact that through legislative bodies we are as set forth in successive reports of legislative combecoming indurated in the policy of mulling over mittees. For the details of the scheme we must turn
everything that relates to social and commercial to the bill which accompanied the message, and to
affairs? The yearly increase in statute laws is enor- an explanatory statement given out at the same time
mous. As Mr. Grant said recently (he is generally by the State Commission on Housing.
The State Housing Bank, described as "a special
credited with doing much to bring operators and
miners together in the coal strike) the politician bank with limited powers," is to be managed by a
comes forward on every such occasion with a rem- board of directors made up of the President of the
edy drawn from a heart bleeding with zeal for the State Tax Department ex officio, and four other
outraged and wronged people, and only succeeds in members appointed by the Governor from lists submixing things the more. In another ten years at the mitted by the New York State Association of Real
present rate of progress personal rights will be the Estate Boards, the Chamber of Commerce of the
exception rather than the rule. And all to what State of New York, the New York State Bankers
end—since many of these laws born in narrow-track Association, and the State Federation of Labor. The
minds for special classes, sections, interests, cannot bank is to have no capital, but is to be invested by
reasonably be enforced?
the State with the power of eminent domain for the
What interests as free-agent human beings have purpose of acquiring land which it will lease for
we now that do not run toward and into Govern- fifty years to limited building corporations for which
ment?. Take education—a prerogative of States— the proposal provides. The building corporations
and the dearest concern of parents in their duties to are to deposit with the State Housing Bank one-third
children—is it not proposed to have a National De- of the total cost of such building projects as may be
partment of Education? And what must follow— undertaken, to be used, apparently, by the bank in
only an insidious invasion of the rights of States acquiring land, the amount so paid in to constitute
and the rights of citizen-parents as natural guard- a second lien on the property and to be entitled to a
ians of their offspring. And not only this, but rou- return of not more than 6%. The remaining twotine courses of study according to universal stand- thirds of the total cost is to be met by the issuance_
1074
THE CHRONICLE
[VoL. 122.
by the bank, of State housing bonds, bearing interest State and, assumedly,
Federal taxation, and permitat not exceeding 5% (it is "reasonably expected" ting the municipalities to
exempt the properties
that the rate will not exceed 4 %, the statement themselves. Each of these
/
1
2
proposed steps is open to
says) and constituting a first lien on the property. serious objection in principle
as well as in practice.
The bonds, which are treated as State instrumentali- Experience shows that resort
to condemnation proties, will be exempt from State taxation, and, it is ceedings, in the acquisition of
land or other prop-•
believed, from Federal taxation as well, after the erty for public use, does not necessarily
mean that
manner of the Federal Land Bank bonds. A sinking the property will be acquired at
below its market
fund, sufficient to provide for interest and amortiza- price, and legal obstacles are almost
certain to be
tion of 75% of the total cost in fifty years, is to be interposed, with resulting delay, by
property owners
created, while the stockholders of the limited divi- who regard the price offered by the
State as too low
dend corporations will have the option of exchang- or perhaps confiscatory. Practically,
the only ading their stock for 5 % second lien certificates of vantage which condemnation
/
1
2
proceedings offer is
the State Housing Bank, which are also to be exempt that of obtaining, at some price,
property which
from State and Federal taxes.
otherwise could not be obtained at all. It is a safe
The plan further contemplates the approval by a prediction that, if Governor Smith's proposal
is
State Housing Board, to be created as a part of the adopted, the land upon which the limited dividend
State Department of Agriculture, of the building corporations will be invited to build will be
found
plans of the corporations, including the location, be- to have cost the State very nearly as much
as it
fore the State Housing Bank shall proceed to exer- would have cost the same corporations had they gone
cise its right of condemnation, and the Board and ahead without State aid.
the bank together are to supervise the management
In the second place, exemption of property from
of the properties by the corporations under the terms taxation is bookkeeping, not saving. What appears
of the lease. The title to the land is to remain with to be saved,in the case of a particular project, is only
the bank. Municipalities may, if they choose; ex- transferred to the community as a general charge,
empt from local taxation the building projects in to be met by general taxation as other public charges
question. "The right of condemnation," according are met. Paul may be paid, but Peter is robbed.
to the statement of the State Housing Commission, Every piece of property which is withdrawn by the
"enables the economical assemblage of plots large device of tax exemption, from the revenue resources
enough to effectively reduce construction costs. The of the State or municipality, means a diminution of
tax exemption reduces the cost of money to provide taxable resources which must be made good by inadequate housing for two-thirds of the population creased taxes elsewhere. What is true of land and
for whom private enterprise cannot now attempt to buildings is true also of tax exempt bonds. The
build." Rentals in the proposed dwellings are to be whole argument for tax exemption, in such a case
limited to $12 50 a room per month in Manhattan as is now proposed, is devoid of sound foundation.
and Brooklyn, $10 elsewhere in New York City and It rests upon the assumption that the State is justiin Buffalo and Rochester, and $9 in other places.
fied in undertaking, in part at the cost of the whole
Any comprehensive proposal for relieving the people and in part at the cost of the people of parhousing shortage in this State is obviously entitled ticular communities, works from which private capto careful consideration, and the interest of Gover- ital is inclined to draw back, because, by tax exempnor Smith in this particular aspect of public wel- tion, the burden of cost will be distributed instead
fare is on all accounts to be commended. An exam- of benig localized. This is bad economics, and bad
ination of the proposal which has just been placed economics is always bad public policy.
before the Legislature, however, fails to dissipate
The proposed housing scheme appears further to
any of the objections which were urged by the hinge upon the willingness of private capital, whose
"Chronicle" to the proposal, essentially similar in reluctance at present is made a leading ground of
principle, which Governor Smith put forward in his complaint, to invest in large scale construction, to
recent annual message. With the utmost respect the extent of one-third of the cost, for a limited refor those who see in the proposed measure a relief turn of 6%, with security in the form of a second
of what Governor Smith calls "distressing condi- lien on property which the State is to manage, and
tions," we must still insist that the principle of the with the title to the land vested in a State agency.
measure is bad, and that the steps intended to be It is, of course, possible that capital, if appealed to
taken will not bring the benefits that are expected on philanthropic grounds, may respond, but it seems
and desired.
reasonably clear that if enough capital is to be obThe primary reason, as has been repeatedly urged, tained from private sources to support the large
for State aid to housing in New York is the unwill- amount of construction that is declared to be necesingness of private capital to invest in dwellings car- sary (and the plan will be a failure unless it acrying a low rental, because of the high rates of in- tually relieves the housing shortage), it will have to
terest on mortgage loans. It is further urged that, come mainly from certain large corporations, such
irrespective of the interest rate, only large scale as insurance companies, which have large funds for
construction would make such dwellings profitable, investment, and are willing to accept a low rate of
and we are apparently left to infer that the cost of return because of indirect benefits in other direcacquiring the necessary quantity of land in New tions. If the experience of such corporations as have
York or other cities by private negotiation would be engaged in building on a considerable scale, with
prohibitive. It is now proposed to circumvent these the object of providing low rentals for modern acdifficulties, first, by invoking the State's power of commodations, is to be relied upon, it is not at all
eminent domain; second, by putting the State be- clear that a 6% return, under such conditions as the
hind the project to the extent of two-thirds of the State is expected to prescribe, would be attractive.
cost of the proposed construction; and, third, by ex- On the other hand, if sufficient private capital is
empting the bonds of the State Housing Bank from not forthcoming, the scheme apparently falls to the
FEB. 271926.1
THE CHRONICLE
ground, since the State does not begin its operations
until one-third of the estimated total cost has been
assured.
The fundamental objection to the whole plan is
the same as that which rests against all socialistic
undertakings by the State. What Governor Smith
proposes is State interference with what has thus
far been, and ought to remain, a private matter.
Business is not a proper function of the State. The
housing shortage, such as it is, is due to economic
and social causes which have brought congestion of
population in particular localities, and which will
continue to induce the same congestion even though
large scale construction be inaugurated by the mile.
The only sure remedy for the situation, acute as it
undoubtedly is in certain localities, is to let it run
its course and find its own solution, with no other
interference by the State than is involved in the
strict enforcement of sound building and sanitary
laws. The alleged unwillingness of private capital
to invest in dwellings yielding a low rental is an
assumption which needs more convincing proof, and
the number of large private enterprises now actually
in operation, or reported to be under consideration,
suggests that the assumption may be unsound. Until, however, the State can guarantee that State and
municipal taxes will cease to mount and municipal
indebtedness cease to grow, that wage demands will
not rise to destroy every vestige of saving in other
directions, and that costs of service and maintenance
will cease to soar, there can be no assurance that
such low rentals as Governor Smith's scheme contemplates can be continued for long, or that the
public which is to be taxed to launch the project will
not have to be taxed further to meet a deficit. The
intention is good, but the policy is wrong, and the
best way to avoid its inevitable evils will be not to
enter upon the project at all.
Taxation—Some Principles for Its Adjustment.
We recently called attention, in discussing the
business outlook, to some important elements of
prosperity not recorded in statistics. There are certain elements in the problem of taxation that now
occupies the mind of the country which are so involved in the contentious discussion of endless details as to be lost sight of if they are not entirely
ignored.
The scene in Congress when the tax bill is under
debate is only less discreditable and disturbing than
when the tariff is the subject. Introduction of the
tariff in Congress is the signal for the rush to Washington of a crowd of representatives of private interests eager by every form of individual pressure
and mutual bargaining to obtain or protect special
advantage. In the debate on taxation, class interest
and political capital are in constant evidence. On
both occasions thought for the welfare of the nation or search for underlying principles has slight
consideration. When a decision is reached in either
case the country settles down in its accustomed
ways. In a general way it believes that its representatives meant to do well, and in the end time
will set things right. Recurring hard times, however, have usually more or less direct connection
with violation of some economic law, so that public
intelligence is desirable.
Reference to a discussion of the investigations of
the Colwyn Committee on British National Debt
and Taxation, which will be found in the last two
1075
issues of the Journal of the Canadian Bankers
Association, and for the academic view in Prof.
H. W. Peck's "Taxation and Welfare" (Macmillan)
will show how diverse and often opposing are the
views to-day prevalent. The former embraces the
effect of heavy taxation upon the industrial market
for capital and on trade; a contrast of the effects of
external and internal taxation; the effect of income
tax on prices, and the psychology of taxation. The
latter volume covers the scope of public expenditures
and the distribution of the tax burden, with an ample reference to scientific authorities and a wealth
of detail. We can only call attention to these publications, and then venture to indicate a few sufficiently general truths..
As the business of the State is to promote the
welfare of the citizens, the problem of taxation,
which is the problem of expenditure, as indicated by Professor Peck, becomes a problem of public service in public utility. That service
lies in two directions, the wisdom and honesty of
the administration, and the just and anticipatory
recognition of the needs of the community. A wasteful or dishonest use of the large sums in the hands
of the State creates a distrust and antagonism which
threatens the peace of the nation. It gains force in
the class envy which always exists in the minds of
every community in which there are wide differences of wealth or condition. If, on the other hand,
the expenditures of the State are made with manifest regard for the public benefit, beyond the immediate good, is the allaying of private animosity in
its recognition of the fact that the State is caring for
all. If in addition to this the State recognizes that
with civilization comes a steady and worthy advance in the wants of the community, and seeks to
provide for meeting those wants in all that promotes
the growth of the community, as in aiming to introduce and make available for all, means of easy intercourse and education, as waterways, schools, great
museums and libraries, no less than personal safety
to life and property, and the care and development
of the natural resources, be the amount of taxation
what it may, it will be apt to secure approval.
The second truth is that prosperity is the result of
collective action. The great inventor, the astute
business man, the expert manager, may regard the
success he has produced or controls as wholly his
work. The fact is that the public have contributed
to it in no small degree. A multitude of "hands"
are hourly contributing to it; not only that, the
community as a whole has furnished the condition
and in large part the means by which the work has
been done. It has, if all were told, a long inheritance in the life of the nation and really in the civilized progress of the world. No man lives to himself
either in person or in business; and this applies to
every man. Therefore all have a collective interest
in the doings of the State; as all share collective
burdens.
This solidarity of life and interest is a main element of strength and progress in the community, be
it small or large. The ancestral town meeting was
witness to it; and just so far as the private citizen
concerns himself with the conduct of the State and
of his representatives does he exercise his rights
which make return in his own interest in the Government and in his well-being and lead him to accept
his share of public duty and public burdens. He
avails himself daily of such opportunity as the corn-
1076
THE CHRONICLE
munity offers for earning his living, and he will
vote intelligently and pay his taxes cheerfully.
A third truth is that taxes are recognized by all as
a burden. They increase the cost of production,
often directly, always by reducing consumption.
The producer may sometimes pass on the tax in a
higher price for his goods, but that only shifts the
burden to the consumer and so back to the producer
in curtailed sales. Taxation increases an adverse
trade balance and that in turn raises the cost of
imports and adds a burden to export business. It
discourages thrift, it represses expansion, it is a
reduction of what would be productive capital in
private hands and promotes shipment of capital
abroad for unprofitable idleness or for foreign investment and foreign business. The effect Of taxation
is cumulative in almost every direction; and the
income tax is no exception to the general law. It
is a real factor in the cost of production and incidentally causes people both to work and to save less.
[Vol,. 122.
It is asserted by the English authorities that today
the British producer buys his commodities on the
basis of the level of to-day and sells his labor on
the basis of 1913!
It also is to be said that accumulated capital is
essential to adventure and therefore to progress in
which all can share. Whatever interferes with that
accumulation is an evil. This is an underlying factor in taxation by both authorities.
Under ordinary circumstances the community
lacks neither the means nor the sense to save.
Their savings constitute capital and are found
in the form of permanent productive plant
and cash. Obviously, that this may not be impaired,
taxation should be laid upon income and not upon
capital. As capital increases the potentiality of the
community increases for production and therefore
both for the general betterment of the individuals
mid also for providing such sums as may be needed
by the State for its service in public utility.
Railroad Gross and Net Earnings for the Calendar Year 1925.
The calendar year 1925 was on the whole a very
good one for the railroads of the United States. It
was so, however, mainly because of the further advance in operating economy and efficiqncy as a result of which a further very noteworthy addition to
net earnings occurred. Both gross earnings and
net earnings were better than in 1924, but the gain
in the gross was relatively light, and, though considerable in amount, was, after all, merely a partial
recovery of the loss sustained by the roads in 1924
as compared with 1923, while on the other hand the
gain in the net, in amount almost as large as in the
gross, follows, not a loss of 1924, but an actual increase, even if only a small increase. As a matter
of fact, the 1925 addition to the net comes after successive additions, larger or smaller in extent, for a
long series of years past. This further growth in
net earnings is the notable and the gratifying feature of the results, and the development of operating efficiency which it reflects, following the breakdown of railroad administration during the period
of Government control, marks one of the greatest
achievements in the annals of American railroading.
Stated in brief, our compilations for the year,
given in very extended form at the end of this article, show a increase in the gross earnings as compared with the calendar year preceding of $199,359,900, or 3.33%, attended by an augmentation in expenses of no more than $23,674,998, or only 0.52%,
hence yielding an addition to the net earnings (already raised to large proportions by antecedent successive increases, as just stated) of $175,684,902,
or 12.30%. The totals for the two years are as
follows:
Jan. 1 to Dec. 31—
Mlles of road
Grose earnings
Operating expenses
Ratio of exp. to earnings
Net earnings
1924.
1925.
Inc. (+) or Dec. (—)
236,330
236,139
+191 0.80%
$6.175,257,898 55,975,897,996 +$199,359,900 3.33%
4,571,781,784 4,548,108,786
+23,674,998 0.52%
74.03%
78.01%
$1,603,476,112 $1,427,791,210 +5175,684,902 12.30%
Before going at length into a discussion of the
gains in net earnings, it will be desirable to treat
of the changes in the gross earnings, and that obviously involves consideration of the business and
traffic conditions prevailing during the year, as also
the other influences affecting the traffic and the
revenues of the roads. We have already seen that
the increase in the gross earnings was $199,359,900,
or no more than 3.33%, confirming our statement
above that that was merely a recovery, and only a
partial recovery at that, of what was lost in the
year previous, it is necessary only to say that according to our compilations for that year the gross earnings of the roads in 1924 registered a loss of $371,687,892, or 5.87%, from the high totals—the highest in railroad history—reached in 1923. Fortunately, the managers of the roads were able to offset
this heavy loss in gross revenues in that year by a
saving in expenses in the huge sum of $386,494,922,
thus yielding the gain in the net earnings of $14,807,030, or 1.04%, already referred to. That the
railroads, speaking of them collectively, should in
1925 have recovered only a part of the loss in gross
revenues sustained in 1924 may at first thought
seem strange, and it certainly goes counter to the
supposition that the year 1925, from an industrial
standpoint, was of unexampled activity, but is in
strict accord with the facts, as recorded in the various statistics of the year when closely and carefully analyzed.
The year 1923 had been one of great trade and
business activity, the best since 1920 in the post-war
period of inflation, and in some particulars even
better than that year, and the railroads in their
returns then reflected the fact in recording the very
largest gross earnings in American railroad history.
The year 1924, on the other hand, was a different
kind of a period. The activity of 1923 did extend
into the early months of 1924, but soon there came,
first, trade reaction and finally a positive slump in
business, due to disappointing legislation and
anxiety regarding the outcome of the Presidential
election. The railroads naturally suffered a great
loss in traffic as a consequence and their gross revenues shrank accordingly. In the closing months of
that year the situation greatly changed for the better. Trade had been slowly recovering from the
prodigious slump which occurred at midsummer, as
Mr. Coolidge's election became more and more certain and the election itself, when it actually took
place and the vote was announced, led to genuine
trade revival. In addition,in the agricultural world
there then occurred a wonderful transformation. The
Western agricultural classes had been suffering
FEB. 27 1926.]
THE CHRONICLE
1077
from a great decline in the prices of their products—
In other words, in one particular 1925 was just
a decline far in excess of that experienced in any like 1924. Trade lagged in the middle of the year,
other line of the nation's activities. Now there came with this -difference, however, that the slackening
a complete change. The country was blessed with a did not assume the dimensions of an actual slump
bounteous harvest of winter wheat, and all the other in business, as was the case in 1924. Nothing more
grain crops with the exception of corn were also than a reaction from the previous extreme activity
abundant. As it happened, the wheat crops in other occurred, but a reaction nevertheless which left its
parts of the world were heavily reduced, in particu- impress upon affairs. There was a period of hesilar the wheat yield in Canada, and thereupon an tation and doubt, during which the great leaders in
urgent foreign export demand for our wheat and trade were slow about making commitments extendrye and our other grains sprang up which sent prices ing far into the future. In the later months of 1925
here upward in a most sensational fashion until these doubts were resolved and trade again moved
wheat in Chicago at the end of the year got close to ahead with new vigor. The prosperity of the autothe $2 mark (and in January 1925 actually passed mobile trade did much to bring about this renewal
it) as against little more than half that figure the of trade activity. Automobile manufacturers, unprevious May. Out of their abundance the agricul questionably had the very best year in their entire
tural classes of the country were able to meet the history. This is proved by the further increase
extraordinary foreign demand referred to, and to which occurred in the output of cars, notwithstandobtain, as we see, extremely high prices for what ing the large production reached in 1924. Figures
they sent abroad. What followed is known to every- prepared by the Department of Commerce show that
one. The buying power and consuming capacity of the aggregate of motor vehicles turned out in the
the farmer, so seriously impaired before, was now United States and Canada in the twelve months of
restored as if by magic, and this acted to offset the 1925 was 3,817,639 passenger cars, against 3,262,continuance of certain unfavorable conditions in 764 in the twelve months of 1924, and the number
other parts of the country, such as industrial pros- of trucks 497,104, against 377,344. The wonderful
tration, though as a matter of fact, as already noted, power development which is going on all over the
relief in great measure came here, too, in the latter United States also did much to quicken business
part of the year with the revival of industrial activ- activity again the latter part of 1925, as also did the
ity in the way mentioned above. Time, however, almost uninterrupted growth of building operations
was needed for a full fruition of these various bene- in nearly all parts of the United States.
ficial influences and agencies and many of the faThe fact remains, nevertheless, that there was a
vorable effects were projected into the new year lull in business in the middle of the year which pre(1925) instead of being actually realized in 1924. vented production in several leading lines of trade
This, in short, is the explanation of the large loss in from attaining the full volume reached in 1924; and
gross earnings recorded by the railroads of the with the traffic movement over the roads thus reUnited States in 1924.
duced the aggregate of their gross revenues natuWhat is not so clear is why this large loss in 1924 rally also fell short of reaching the 1924 level. The
should have been recovered only in part, instead of various trade statistics all bear out these conclubeing completely regained, when the general belief sions, particularly those relating to the iron and
has been that the year 1925 was one of the most ac- steel industry. The monthly statements of unfilled
tive in the annals of trade. The truth is, this latter orders on the books of the subsidiary corporations
supposition is not entirely in harmony with the of the United States Steel Corporation may be cited
actual facts. The trade revival which assumed such as one evidence of this. On July 31 1924 these had
a pronounced character in the closing months of got down to 3,187,072 tons. From this there was a
1924 with the election of Mr. Coolidge was, it is steady rise, month by month, until on Dec. 31 1924
true, as has already been stated, projected over into the aggregate was up again to 4,816,676 tons, and
the early months of 1925. But unfortunately, the during the first two months of 1925 there was a furpace soon slackened and then there came reaction ther increase, so that on Feb. 28 1925 the aggregate
and a period of uncertaintly during which the vol- stood at 5,284,771 tons. Thereafter, however, there
ume of business diminished. The revival made steady was a constant decline, and by Aug. 31 the total had
headway for three or four months, and then sud- been reduced to 3,512,803 tons. Then the total indenly came to an end. Apparently what happened creased again, at first slowly but then at an accelewas that supplies of goods and manufactures had rated pace, and Dec. 31 saw it up again to 5,033,364
been heavily reduced as a consequence of the slump tons. The monthly figures of iron and steel producin business and curtailment of production which tion each separately tell the same story. According
characterized the second and third quarters of 1924, to the monthly reports of the American Iron & Steel
and the revival of business which came late in 1924 Institute, the calculated production of steel in the
and extended into 1925, as just noted, continued long United States (based on returns from companies
enough to fill the void thus created and thereafter which in 1924 made 94.43% of the steel ingot progradually tapered off, since the normal consuming duction of that year) fell from 4,198,564 tons in
capacity of the country is not large enough to absorb January and 4,198,520 tons in March to 3,087,590
the full output of mill, mine, factory and furnace- tons in June, but thereafter recovered and in Dewhen prosecuted at a high rate. After the void re- cember was up again to 3,975,824 tons. Here the
ferred to had been filled, the influence of the custom average production was far in excess of that of 1924
which has become almost inherent, of buying only and accordingly the total steel ingot production for
from hand to mouth, was quickly felt, and manufac- the year 1925 was 44,186,977 tons, as compared with
turers, responding to a dwindling demand, began only 36,811,157 tons for the twelve months of 1924.
immediately to curtail their production, bringing Not only that, but the 1925 steel production ran in
about that contraction in trade and in business excess of that of any other year even during the
period of the World War, when production was artiwhich marked the summer months.
1078
THE CHRONICLE
[VOL. 122.
ficially stimulated by war requirements. Not so bushels, and Texas 6,552,000 bushels, against 25,252,in the case of iron production. According to the 000 bushels. It unfortunately happened, too, that
statistics of the "Iron Age," which do not include a the export demand for grain dwindled sharply away,
small amount of charcoal pig iron, the make of iron bringing a sharp decline in price, though with a
was at its maximum in 1925 in March, when 3,564,- sharp recovery at the very close of 1925. The fall247 tons were produced, and then fell to 2,664,024 ing off in the export demand followed from the cirtons in July, after which the production again in- cumstance that the rest of the world, particularly
creased and reached 3,250,448 tons in December. Canada, which had suffered more or less of a MortThus far the record runs parallel with that of steel age in yield the previous season, was again having
and for the twelve months of 1925 the make of iron abundant harvests, obviating the need of drawing
on this basis was 36,403,470 tons, as against 31,108,- on supplies in the United States to any great extent.
302 tons for the calendar year 1924. It happens, The situation accordingly was that the farmers had
however, that the 1925 production of iron was far to contend at once with lower prices and reduced
from the best on record. According to the "Age's" yields. This, of course, was a state of things that
figures, the output even in 1923 was 40,059,308 tons. related to all the agricultural communities of the
It is possible that the full amount of the loss in West, and not merely to limited sections of the
gross earnings sustained in 1924 (always speaking Southwest. The corn crop, as it happened, proved
of the railroads of the United States as a whole) far in excess of the short yield of 1924, the 1925 promight have been recovered in 1925 except for two duction of corn in the United States being estiadverse developments which affected unfavorably mated at 2,900,581,000 bushels in 1925, against 2,312,two distinct groups of roads the latter part of the 745,000 bushels in 1924, but in this instance the
year. We have reference to the strike of the miners drop in price was of prodigious proportions, Decemin the anthracite regions of Pennsylvania and to the ber corn at Chicago closing at about 80c. a bushel
reduced crop yield in certain portions of the South- Dec. 31 1925, against $1 27% on Dec. 31 1924, so the
west. The anthracite miners' strike was an event of increased yield of that grain constituted only a
large importance. It began with, the first day of qualified advantage.
September and from that time until the end of the
Coming now to the Western grain movement as
year, or full four months, not a ton of anthracite a whole, which always plays a more or less imporwas mined. As is known, the strike also extended tant part in affecting the revenues of Western roads,
into 1926 and was not settled until the current the statistics for the full twelve months clearly re.
month. The anthracite carriers accordingly lost all flect the sharp contrast between the shortened wheat
their anthracite tonnage, and their revenues, gross crop of 1925 and the bounteous harvest of the same
and net, were heavily reduced one and all. The grain in 1924. For the 26 weeks ending June 27 the
losses on these roads offset to that extent the gains wheat receipts in 1925 at the Western primary marin earnings by the roads in other parts of the coun- kets had footed up 111,576,000 bushels, against 93,try. Anthracite production had been running larger 964,000 bushels in the corresponding 26 weeks of
in anticipation of the strike, but for the full calen- 1924, showing an increase of 17,612,000 bushels. On
dar year is put by the Bureau of lanes at only 62,- the other hand,for the 52 weeks ending Dec. 26 there
120,000 gross tons, against 87,926,000 gross tons for is a decrease of no less than 129,563,000 bushels, notthe twelve months of 1924. On the other hand, soft withstanding the increase noted in the first half of
coal production was increased, and for the calendar the year, the receipts for the 52 weeks of 1925 having
year 1925 is placed at 523,072,000 tons, as against been only 361,013,000 bushels, against 490,576,000
483,687,000 tons in 1924. But in 1923 the bitu- bushels in the 52 weeks of 1924. The increase in the
minous production had reached a total of 564,156,- first six months followed, of course, as a result of
917 tons.
the large crop of 1924, while the shrinkage in the last
With reference to the crop shortage in the South- six months indicates the reduced wheat yield of 1925.
west this had a dual character. It Was due to pro- The grain movement as a whole, however, including
longed drought and in the first instance heavily re- corn, oats, barley and rye, as well as wheat, was
duced the production of winter wheat and in the smaller in both the first half of the year and the lust
second instance operated to reduce the production half. This was due mainly to the fact that the corn
of cotton. This last relates mainly to the State of movement was on a reduced scale all through 1925
Texas, where the yield of cotton was greatly cur- because of the short corn production of 1924; the
tailed; relief from the drought in that State came in 1925 corn crop, as already stated, proved very much
September, but this was too late to be of great bene- larger again, but this did not count in the 1925 refit in most of the drought-stricken sections of Texas, ceipts, since the new crop scarcely ever comes to
which is a State of such vast dimensions as to con- market to any great extent until the beginning of
stitute an empire all by itself. Arkansas and Okla- the new year. It thus happened that the increase of
homa, however, raised 'a very much larger cotton 17,612,000 bushels in the wheat receipts in the first
crop in the season of 1925 than in the season of 1924. 26 weeks was more than offset by a loss of 32,954,000
The Agricultural Department at Washington in bushels in the corn receipts in the same 26 weeks,
December estimated the 1925 yield in Texas at 4,100,- though on the other hand the oats receipts and the
000 bales, against 4,951,059 bales by the Census Gin- rye receipts also fell somewhat below the 1924 figning returns of 1924; the yield in Oklahoma, at ures, while contrariwise, the barley receipts ran con1,550,000 bales, against 1,510,570 bales, and in Ar- siderably larger. The combined receipts of wheat,
corn, oats, barley and rye the first 26 weeks of the
kansas at 1,530,000 bales, against 1,097,985 bales.
The winter wheat yield suffered a great shrinkage year showed a loss of 13,145,000 bushels, while for
in the whole of the Southwest, Kansas having pro- the full 52 weeks the falling off amounts to no less
duced a winter wheat crop of only 74,750,000 bush- than 238,260,000 bushels, the receipts for the 52
els in 1925, against 159,870,000 bushels in 1924; weeks of 1925 having been 913,116,000 bushels,
Oklahoma 28,282,000 bushels, against 56,896,000 against 1,151,376,000 bushels in 1924; 966,890,000
FEB. 27 1926.1
THE CHRONICLE
bushels in 1923 and 1,125,032,000 bushels in the 52
weeks of 1922. The details of the Western grain
movement in our usual form for the 52 weeks of the
two years are set out in the table we now present.
It will be observed that barley alone of the five cereals shows larger receipts at these Western primary markets in the year 1925 than in 1924.
WESTERN FLOUR AND GRAIN RECEIPTS.
Jan. o
Flour.
Wheat.
Corn.
Oats.
Barley.
Bye
Dec 26
(bbis.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chime 1925-__13.017,000 28.188,000 82,843,000 53,828.000 9,841,000
4,824,000
1924____12.171,000 68.762,000 99.420,000 81.175,000
12,242,000 7,816,000
ilitteaukes1925___. 2,220,000
4,532.000 7,947,000 16,528,000 11.734,000
965,000
1924____ 2
,351.000 8,159,000 13,340,000 18,020,000 11.218,000
2,811,000
St. Louis1925_--- ,387.000 34,139,000 25,057,000
31,885,000 1,251,000
227,000
1924-- .060,000 40,375.000 36,526,000 33,192,000
1.099,000
460,000
Toledo
1925_
8,272,000
3,639,000 8,617.000
53.000
113,000
1924_
13,123,000 4,024,000 6.930.000
52,000
525,000
Detroit1925-.
37.000 1,372,000
454.000
1,352,000
52.000
166.000
1924
5.000 2,033,000 1.418,000 2,593,000
48,000
5,000
Peoria1925.- 2,134.000 1,832,000
22,437.000 10,447,000 1180.000
40.000
1924___. 2.311,000 1,921,000
16,693,000 11,225,000
986,000
182,000
Duluth1925..
73,934,000
842,000 23.935.000 16,465.000 12.220,000
1924_
101,418,000 8.663.000 20,260,000 12,068,000 40,256,000
Minneapolis1925_
107,953,000 14,171,000 42.020.000 23,512.000 7.629,000
1924_
14,000 101,212,000 13.574,000 46.329,000 19,381,000 9,067,000
Kansas City
1925.
52,700,000 19,087,000 13,507,000
11,000
1,000
1924____
19,000 90.164,000 23,055,000 8.682,000
7,000
Omaha & Indianapolis1925__-20,894,000 33,131,000 25,963,000
1924.
37,345,000 41,858,000 27,047,000
269,000
298,000
Sioux City1925-1,989,000
4,666,000 4.589,000
12,000
91,000
1924_,___
1,000
1,935,000 8,151,000 5,882.000
140,000
157,000
St. Joseph
1925.....
10,172.000 9,603.000 1,905,000
2,000
1924____
11,216,000 10.736,000 1.771,000
Wichita
15,036.000 2,638.000
723.000
12,913,000
995,000
154.000
Total All
1925____22,795,000 361.013.000 226,415,000
235,299,000 64,192,000 26,197,000
1924-.21,932.000 490,576,000 278,453,000
263,260,000 67,484.000 61,603.000
The grain movement at the seaboard was also
of
smaller proportions in 1925, due, however,
entirely
to the falling off in the last six months, the total
for
the first six months having been a trifle larger
than
in the same six months of 1924. For the full
52
weeks of 1925 the seaboard grain receipts
were 405,327,000 bushels, against 451,267,000 bushels
in the
52 weeks of 1924. The wheat receipts, the corn
receipts and the rye receipts were all on a greatly
reduced scale, while on the other hand the oats
movement and the barley movement ran much heavier
than in 1924, as will be seen from the subjoine
d tabular exhibit covering the last five years:
GRAIN AND FLOUR RECEIPTS AT
SEABOARD PORTS FOR 52 WEEKS.
Receipt" of1925.
1924.
1923.
1922.
1921.
bbla. 24,802,000 26,154,000
Flour
24.367.000 27.036.000 26,068,000
Wheat
Cora
Oats
Barley
Rye
Total graln
bush_242,507,000
11,925.000
76,707,000
44.446.000
29,742.000
308,919.000
18,353,000
51.633,000
31.847,000
40.515,000
276,343,000
39,224,000
42,114,000
17,796,000
34,566,000
300,022.000
145,247,000
69,223,000
17,874,000
47,325,000
305,940,000
101,496,000
46,139,000
17,363.000
25,097,000
405,327,000 451.267,000
410,043,000 579,691,000 496,035,000
In addition to the shrinkage in the grain
movement, Western roads also had to contend
with a
diminished live stock movement. At
Chicago the
receipts for the twelve months of 1925
comprised
only 259,083 carloads, against 298,966 cars in 1924
and 303,228 cars in the twelve months of 1923, while
the receipts at Kansas City were 123,864 cars in
1925, against 135,478 in 1924 and 148,503 cars in
1923, and the receipts at Omaha 111,283 cars in 1925,
against 129,798 cars in 1924 and 125,583 cars in the
twelve months of 1923.
Southern roads had the advantage of another large
increase in the cotton movement following the increase of the previous year. This was the natural
1079
result of two large cotton crops, each very much
larger than its predecessor. As a matter of fact, the
South has been for a number of years enjoying proeperity beyond that of any other section of the country. Great development has been going on there
and the phenomenal growth and expansion in Florida has exercised a stimulating influence on the
whole of the South Atlantic States, as well as those
on the Gulf of Mexico. At the Southern outports
the receipts of cotton for the calendar year 1925 aggregated 9,445,560 bales, against 7,958,171 bales In
1924 and 6,317,636 bales in 1923. This increase oecurred in face of reduced receipts at Galveston, the
Texas crop in 1925 having fallen short of that of
1924, as already noted, because of a prolonged period of drought which was not broken until September 1925. The shipments overland reached 1,646,167
bales in the twelve months of 1925, against 1,433,140
bales in 1924 and 1,364,065 bales in 1923, but comparing with 1,766,889 bales in 1922 and 2,434,077
bales in 1921. The details of the port receipts for
the last six calendar years appear in the table we
now introduce:
RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1920 TO 1925, INCLUSIVE.
Pull Yaw.
Ports.
1925.
1924.
1923.
I
I
1922.
1921.
1920.
Galveston
bales 3.202,321 3,346.911 2,742,005 2.795,743 3.074,988 2.544.952
Texas City. die
2,013.723 1,308,605 1.011,273 85.5,873 558,166 518,6611
New Orleans
2,145.265 1,823,223 1,280,304 1,413,518 1,394,039 1,523,320
Mobile
218,610 154,160
55,410 148,557 1311,581 143,590
Pensacola
28,789
15.003
11.816
23,023
20,748
19.237
Savannah
850,080 628.998 449,976 627.282 799.640 849.358
Brunswick
813
283
4,030
40,075
18,322
76.304
Charleston
340,234 195,441 219,118 169,571
106,061 807.827
Wilmington
139,536 118.521 135,831 113.386 119.183
99.232
Norfolk
506.189 367,026 407,873 827,358 474,629 288.872
Newport News
1,695
4,014
Total
9,445,560 7,958,171 6,317,636 6.514,386l6.705.69216.370.272
In addition to the foregoing, certain statistics
which have just come to hand, prepared by the Bureau of Railway Economics at Washington, throw a
great deal of light on the course of railway traffic
as a whole. The Bureau reports that total freight
traffic in 1925 was 456,264,967,000 net ton miles,
an increase of 26,620,881,000 net ton miles, or 6.2%
over 1924. It was the largest freight traffic ever
handled by the railroads in any one year with the
exception of 1923, which latter exceeded the total
for 1925 by 1,341,693,000 net ton miles, or 3-10 of
1%. Freight traffic in the Eastern District
amounted to 228,541,318,000 net ton miles, an increase of 6.9% over 1924, while in the Southern District it amounted to 64,584,372,000 net ton miles, an
increase of 9.9%. In the Western District freight
traffic amounted to 163,139,277,000 net ton miles, an
increase of only 3.8% over 1924. The freight revenues of all the roads in the United States in the
year 1925 amounted to $4,553,000,000, against
$4,349,000,000 in 1924 and $4,626,000,000 in 1923,
and the passenger revenues were $1,056,000,000 in
1925, against $1,077,000,000 in 1924 and $1,147,000;000 in 1923. The falling off in the passenger traffic
reflects, of course, the competition of motor conveyances which have cut deeply into short haul passenger traffic on many branch lines of different systems. The Bureau's figures are on the same basis as
our own (barring some minor differences), and deal
entirely with what are known as Class 1 railroads,
namely the roads with operating revenues of a million dollars a year and over.
Coming once more to a consideration of the expenses in their relation to the improving net results,
to which we referred at the outset, it deserves to be
noted that the carriers in the early months of 1925
1080
THE CHRONICLE
[VoL. 122.
tad the same advantilge by reason of mild winter expenses to earnings has followed entirely as a reweather that they had enjoyed in 1924. In 1923 the sult of greater efficiency of operations. The rail'winter was one of great rigor and severity, and rail- ways spent $1,269,000,000 for maintenance of equiproad operations in the early months of that year ment in 1925, against $1,271,000,000 in 1924 and
were seriously interfered with (and railroad ex- their expenditures for maintenance of way were
penses enormously increased as a result), particu- $825,000,000, against $803,000,000, while on the other
larly throughout New England and Northern New hand, the transportation expenses, in which effiYork, where snowfalls of unusual extent were en- ciency of operations is most strongly reflected, were
countered, making it difficult in many cases to keep actually somewhat smaller than in the previous
tracks sufficiently clear of snow to admit of the year, notwithstanding the heavier traffic, berunning of trains. In 1924, on the other hand, the ing $2,166,000,000 for 1925, against $2,181,000,000
Weather was nearly everywhere extremely mild, with for 1924.
hardly any obstructions of a serious nature over
It remains to consider, as is our custom, the 1925
large areas from snow or ice or from extreme cold results, as regards both gross and net earnings, in
anywhere in the United States. In. 1925 there was relation to the changes in antecedent years. And
a. repetition of the same favorable meteorological here the distinctive feature is again the reduction in
conditions, with some minor exceptions which, as a operating costs. This resulted in very large absomatter of record, should perhaps be enumerated lute reductions in operating expenses in the years
here. In January 1925 bad weather was somewhat previous to 1925. In 1924, as we have already seen,
of a drawback on certain lines here in the East, a loss of $371,687,892 in gross was converted into a
though not to any great extent for the country as a gain of $14,807,030 in net through a decrease in exwhole: There were repeated snow storms in these penses in the huge sum of $386,494,922. In 1923 an
'parts in the month in 1925, and in New York City increase of $733,687,222 in gross earnings, or 13%,
the fall of snow was the heaviest of any January in was attended by an augmentation in expenses of
the history of the local weather bureau, reaching only $483,961,926, or less than 11%, yielding there26.2 inches. This compares with only 2.6 inches in fore a gain in net of $249,725,296, or 21 %, to
/
1
2
January 1924, but with 21.9 inches in January 1923, which the gains in 1925 and 1924 are, of course, adthis latter having also been a month of very heavy ditional. And the part played by growing efficiency
.snowfalls. A storm which came toward the end of of operations is still more strongly revealed as we
the month—that is Thursday, Jan. 29, and extended turn further back. In 1922 our compilations showed
into Friday, Jan. 30—proved particularly mischiev- only a moderate gain in gross earnings over 1921,
ous in New York State. The New York Central Rail- notwithstanding the rising activity in trade, the rearoad reported it as the worst in its history, especially son for this being the hindering effect of those two
between Albany and Rochester, causing considerable great labor troubles of 1922, that is, the prolonged
delay in the running of trains. The Twentieth strike at the unionized coal mines, and the railway
Century train from Chicago was 16 hours late in shopmen's strike. The amount of the 1922 gain in
reaching the Grand Central Terminal in New York the gross was only $44,501,869, or less than 1%. But
'City. It was due at 9.40 a. m., but did not arrive un- owing to a further growth in operating efficiency,
til 1.18 and 1.33 the following morning (Saturday), this was•accompanied by a reduction in expenses of
'coming in two .
sections. The area of disturbance, no less than $146,480,163, producing therefore a gain
however, in this way was very much circumscribed, in net of $190,982,034. The saving in expenses in
being confined largely, to New York and New Eng- 1921 was even more striking. That was a year of inland, while elsewhere in the northern part of the tense business depression, when gross earpings fell
country the winter was comparatively mild, and lit- off in the huge sum of $664,027,980. Nevertheless,
tle complaint was heard of obstruction because of there was a gain in net in the big sum of $556,503,286,
snow and ice or because of extreme cold. After this expenses having been cut down in the prodigious
heavy snowstorm in New York State the latter part amount of $1,240,930,585. As explaining these sucof January,from which, as noted, other parts of the cessive large reductions in the expenses it must be
country were exempt, mild weather developed in remembered that previous to 1921 expenses had been
'February, and this may be said to have been a con- mounting up in a frightful way until in 1920 a point
dition common to the whole United States and even was reached where even some of the strongest and
'Canada, the winter of 1925 nearly every where hav- best managed roads were barely able to meet ordiing been what is popularly denominated as an open nary running expenses, not to mention taxes and
one and spring having come unusually early vir- fixed charges. And it is these enormously inflated
tually everywhere.
expense accounts that have furnished the basis for
As stated at the outset of this article gross earn- the saving and economies effected in the years since
ings on all the railroads of the United States in 1925 then. As compared with 1920, the roads in both 1921
increased $199,359,900 over the gross for the cale- and 1922 also had the advantage of much more favordar year 1924, being an increase of 3.33%, while ex- able weather conditions. In 1921 the winter was expenses (not including taxes) concurrently increased ceptionally mild and much the same remark may be
/
only $23,674,998, or but little more than 1 2 of 1%, made with reference to the winter of 1922. This last,
consequently, an addition to the net of while perhaps not so extremely mild as the winter of
yielding,
$175,684,902, cr over 12%. In view of this rela- 1921, was at all events not of unusual severity—at
tively small augmentation in expenses, in face of the least not of such severity in most of the country as
larger traffic movement, an examination of the ex- to entail heavy extra expenses for the removal of
pense accounts will be of interest. Certain statis- snow and the clearing of tracks, though the winter
tics prepared by the Bureau of Railway Economics is declared to have been a hard one in certain special
at Washington make this possible. It appears from sections, in Wyoming and Montana, for instance,
these statistics that maintenance expenses were and contiguous territory. In 1920, on the other
maintained and that the reduction in the ratio of hand, the winter had been exceptionally severe.•
1081
THE CHRONICLE
FEB. 27 1926.]
miles,
236,000 miles: in 1913. 241,931
It should be noted, furthermore, that the falling against 238,275 miles; in 1912, 239,691246,356against against 243.636 miles; in 1915.
miles, against 239,625 miles; in 1914,
miles,
1917,
off in net in 1920 was merely one of a long series of 249,081 miles, agahust 247,936;in 1916, 249,098 miles, against 297,868 miles;Inmiles
250,193 miles, against 249,879 miles; In 1918, 233,014 Miles, against 232,639
miles, against
miles;
losses in net. In commenting on the results for In 1919, 233,985 miles, against 234,264234,777in 1920, 235,765235,564 miles,234,579
miles; In 1922,
against
miles; In 1921, 235,690 miles, against
1924.
miles; in
235,461 miles, against
1920 and noting the tremendous increase in operat- 235,338234,622 1923,in 1925, 236,330 miles,235,705 miles; in miles.234,795 miles,
against 236,139
against
miles:
ing costs in that year, we took occasion to say that
It seems important to point out.that even under
taken in conjunction with the antecedent huge addithe great improvement effected in net earnings in
tions to expenses it constituted an unfavorable recstill fall short of earning
ord for which no parallel could be found in Ameri- recent years the railroads
4% on their investment to which by a ruling
the 53
can railroad history. As a matter of fact, 1920 conCommission they are
stituted the fourth successive year in which the net of the Inter-State Commerce
declared to be entitled. Our figures show the net
-in each year, too, in face of very subhad fallen off
operating exstantial gains in the gross earnings. As showing after allowing only for the ordinary
penses. The preliminary summary of the Bureau of
how extraordinarily poor the results were in 1920,
one step
it is only necessary to say that while there was an Railway Economics at Washington goes
further and gives the "net railway operating inaddition to the gross of no less than $1,026,235,925,
transportation
net actually fell off in amount of $303,953,253. In come," which is what is left of the
payment of operating
1919 the increase in the gross was of only moderate revenues, not only after the
and
extent (5.25%), and yet amounted to $258,130,137. expenses, but also after the deduction of taxes
equipment rentals. It is out of this "net railway
As it was accompanied, however, by an augmentatheir
tion in expenses of $401,609,745, there was a loss in operating income" that the carriers must pay
interest and other fixed charges, and out of which
net of $143,479,608, or 15.80%. For 1918 our comdividends on
pilation showed an increase in the gross in the im- the money comes for the payment of
the share capital of the roads. The amount of the
posing sum of $863,892,744, or 21.40% (due in no
$1,136,973,477,
small measure to the advance in rates made by Di- "net operating income" for 1925 was
in that equal to 4.83% on the tentative valuation of the
rector-General McAdoo at the close of May
transportation busiyear), but the addition to the expenses reached $1,- roads on their investment in the
ness. This compares with a net operating income
148,664,364, or 40.35%, leaving a loss in the net of
on the invest$284,771,620, or 23.92%. The prodigious augmenta- of $986,744,996 in 1924, equal to 4.33%
ment. In 1923 the amount of the net operating intion in the 1918 expenses was due not merely to the
In 1922 the
general rise in operating costs but yet more to the come was $983,736,200, or 4.48%.
amount of the"net operating income" was only $776,tremendous advances in wages granted by Directorof 4.14%.
General McAdoo in May 1918, and made retroactive 880,592, or a rate of return in that year
even for the Thus, while there has been improvement, it is not
to the 1st of January of that year. But
calendar year 1917 our compilations showed that yet sufficient for the requirements, and the capital
while gross had increased $430,679,120, or 11.61%, investment is, of course, all the time expanding.
this was attended by a rise in operating expenses of Roads in the Southern district in 1925 earned some/
$490,738,869, or over 20%,leaving a loss of $60,079,- what in excess of the 534% fixed by the Commerce
Commission, their rate of return having been 5.91%.
749 in net earnings. There was this qualifying circumstance, however, with reference to the 1917 loss The roads in the Eastern District, comprising those
in net, namely that it followed strikingly good re- in New England and the Middle and Middle Western
sults, both as regards gross and net, in 1916 and States, comes next in order, with a percentage, how1915. On the other hand, it is equally important to ever, of only 5.20%, while the roads in the Western
remember that these gains for 1916 and 1915 repre- District, comprising the rest of the country, or
roughly the western half of the United States, earned
sented in part a recovery of previous losses.
4% which the
In the following we show the yearly comparisons no more than 4.13%, as against the 53
Commission has fixed as a reasonable
as to both gross and net for each year back to 1907. Commerce
For 1910 and 1909 we take the aggregates of the rate of return.
The bulk of the increase in 1925, as compared with
monthly totals as then published by the Inter-State
1924 in both the gross earnings and the net earnCommerce Commission, but for the preceding years
we give the results just as registered by our own ings, occurred in the last six months. This, of course,
-a portion of the railroad mileage is what was to be expected, inasmuch as it was in
tables each year
of the country being then always unrepresented in the last six months of 1924 (all but December) that•
the totals, owing to the refusal of some of the roads business was especially depressed and the railroads
at that time to furnish monthly figures for publi- suffered their heaviest losses in gross revenues. In
the following we show the comparative results for
cation.
each six months' period separately.
Net Earnings.
Gross Earnings.
Yr
Year
Given,
Year
Preceding.
Inc.(+) or
Dec. (-).
Year
Given.
Year
Inc.(+) or
Preceding. Dec. (-).
I
$
$
$
$
$
$
'07_ 2287,501,805 2090.595,451 +196,906,154 660,753,5451665,280,1911-4.526,646
'08. 2235.164.873 2536.914,59 -301.749,724 694,999,0481748,37o,2441-53,371,196
'09_ 2605,003,302 2322,549,34 +282,453,959 901,726,06 750,685,733 +151,040,332
'10- 2836,795.091 2597,783.83 +239,011,2 909.470,05 900,473.211 +8,996,848
'11 2805,084,723 2835,109.53 -30,024,8161883,626,4781907,914,8661-24,288,388
'12 3012,390,205 2790,810,236 +221,579.969 937,968,711 877.617,87 +60,350.833
4
3121940,509, 121-33.487,100
,
,
'13. 3162,451,434 3010,929,63 +142 521,7971907 022,
'14- 2972,614.302 3180.792.33 -208,178,035 828.522.941 904,448.054 -75.925,113
'15. 3166,214,616 3013,674,851 +152,639,765 1040304 301 828,650,401 +211,653.900
'16_ 3702,940,2413155.292.40 +547.647.83611272639742110360163151+236.623.427
'17. 4138.433,2603707,754.14 +430,679,12 1215110554 1275190303 -60.079.749
284,771,620
'18- 4900,759,3094036,866,56 +863,892,744 905,794.71 119056633
.0 , 3 -143,479,608
'19_ 5173,647,054 4915.516,91 +258,130,137 764,578,73
'20.6204.875.141 5178,639,21 +102623592 461,922,77 765,876,029-303,953,253
402,150.071 +556,503,286
'21.5552,022.979 6216.050,95 -664,027,980 . ,
'22_ 5522.522.4165478,828.45 +43.693,984 1141598071 951,497,925 +190,100,146
3
'23_ 6342,058.872 5608,371,6 S +733,687.222 1410968636 1161243683 +249,725.296
+14,807,030
'24.5961,186,6438332,874,53 -371 87,892 14242406 13 1409433
„ +199.359,9001603476112 14277912101 +175.684.902
25.6175.25 .
Note -In 1907 the length of road covered was 173.028 miles, against 171,316 miles
In 1906: in 1908. 199.726. against 197,237 miles; In 1909, 228,508 miles, against
mites; in 1911, 241.432 milesi
225.027 miles; In 1910, 237,554 miles, against 233,829
First Six Months- -Second Sie Months
1924.
1924.
1925.
1925.
Gross earnings
52,887,608,623 $2,864,512,167 $3,287,649,273 $3,111,385,829
Operating expenses_ 2,230,945,062 2,266,656,334 2,340,836,722 2,281,450,451
Net earnings
5656,663,561
5597,855,833
5946,812,551
$829,935,377
As part of our analysis we also introduce the following statement, affording a comparison of the
earnings, gross and net, for the different months of
the year. In January the monthly totals showed a
gain in both gross and net, the business revival then
recently inaugurated being under full swing at that
time. In February and March there were losses in
both gross and net, the falling off in February at
least being due to the big increase shown in that
month of 1924, when trade in 1924 was still very
1082
THE CHRONICLE
Mt.. 122.
active and when the month,in addition, had an extra article, which
shows the results for each road and
day by reason of the fact that
the year was a Leap
Year. In April 1925 there was a small loss in gross,
with a moderate gain in net. The remaining months
of 1925 all show gains in gross and net alike, these
gains being particularly large in June, July and
August, when trade slumped so badly in 1924 and
when as a consequence the railroads suffered exceptionally heavy losses in earnings. Our summary of
the monthly totals is as follows:
Gross Earnings.
Net Earnings.
Month
1925
1924
Inc. or dec.
1925
1924
Inc. or dec.
$
$
$
$
$
$
Jan_ 483,195.642 467,329,225 +15.866.417 101,022,458 83,680.754
Feb _ 454,009.669 478,451.607 —24.441,938 99.460.389 104,441,895 +17,341,704
—4.981.506
Mar__ 486,498.143 504.362,976 —18,864,833 109,230,080
Apr. 472,591,665 474,281.768 —1.696,103 102,861,475 114,677,751 —5.447.665
97.471.685
May _ 487.664,385 476,549.801 +11,114,584 112,859,524 96,054,494 +5.389,790
June _ 506,002.036 464,774.329 +41,227,707 130,837,324 101,487,318 +16.805.030
July__ 521.538,604 480.943,003 +40.595,601 139.606,752 111.786,887 +29,350.006
Aug_ 554,559,318 507,537,554 +47.021.764 166,558,666 134.737.211 +27,819,865
Sept_ 564,443,591 540,063,587 +24,381.009 177,242,895 159,216,004 +31,821,455
Oct _ 590,161,046 571.576.038 +18,585.008 180.691,428 168,640,671 +18.026.891
+12,054,757
Ncv.... 531,742,071 604,781.775 +26,960.296
+16.775.769
Dee_ _ 923,210,390 504 450 MA 4-15 750 519 148,157,616 131,381,847 -1-10 452 95n
124 694 905 194 non 055
Note.—Percentage of increase or decrease In net for above
January, 20.73% Inc.; February.4.77% dec.; March,4.74% dec.;mon us has been
April, 5.53% Inc.
May. 47.49% me,: June. 18.91% Inc.; July,
24.88% inc.:
0
11.22% Inc.: Opt... 7.14% inc.; Nov., 12.77% Inc.; Dec.,Aug, 23.26% inc.: 8 18.44% Inc.
In Jan. the length of road covered was 236.149
miles In 1924: In Feb.. 236.642 miles, against 236,031 Miles in 1925. against 236,498
against 236,048 miles;In April, 236,664 miles, against miles; In March, 236,559 miles,
miles; In
miles, against 236,098 miles; In June. 236,779 miles, 236,045236,357 May.236,663
against
236,762 miles. against 236,525 miles: In August, 236,750 miles, againstmiles; In July.
In September, 236.752 miles, against 236.587 miles; In October, 236,546 miles:
236,724 miles.
against 236,564 miles; In November,236,726 miles, against 235,917 mlies:
In December. 236,959 mlles.
system separately. In the following table, however,
we indicate all changes for the separate roads for
amounts in excess of $1,000,000, whether increases
or decreases, and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS
FOR TWELVE
MONTHS ENDED DECEMBER 31 1925,
Increase.
Increase.
Pennsylvania
426.837.786 Detroit Toledo & fronton $1.915,613
New York Central
1'16.351,727 Illinois Central
1,791,636
Chesapeake & Ohio
14,043.415 Long Island
1.791,407
Baltimore & Ohio
13,228,145 Minn St Paul &
1.724,904
Atlantic Coast Lines.... 12,211.777 Georgia South S S M
& Florida
Seaboard Air Line
9,480,538 Southern Pacific (7)...... 1.569,174
1.560.287
Florida East Coast
9,025.828 Atch Top & Santa Fe (3) 1,531,577
Norfolk & Western
7.509.198 Texas & Pacific
1,488,319
Missouri Pacific
7.183,938 Cinc New Orl & Tex Pac 1.481,576
Southern Railway
6,827,378 Western Pacific
1,198,578
Louisville & Nashville.- 6,738,630 Richm Fred
N Y N H & Hartford—. 5.052,725 Bessemer & & Potomac_ 1,054,822
Lake Erie
1,039,865
Great Northern
4.681,856 Grand Trunk Western
1,011,219
Cloy Chic Chic & St L
4,348.688
Michigan Central
4.249.715
Total (47 roads)_ 4198,936,409
Duluth Missabe & North 4,198,419
Wabash
4,129.372
Decrease.
St Louis & San Fran (3).. 4,091,146 Chicago Burl
& Quincy__ $3,519.700
Chic Milw & St Paul
3,654,234 Delaware & Hudson_
...... 3,247,908
Elgin Joliet & Eastern
3.485,180 Delaw Lack & Western
3,093,791
Central of Georgia
3.056.199 Lehigh Valley
1,944,232
Northern Pacific
2,572,151 NY
Yazoo & Mississippi Vail 2.539,857 Chic Ontario & Western.. 1,418,621
St Paul M & Om
1,085,803
Hocking Valley
2,216,313
Wheeling & Lake Erie— 2,063,217
Total (6 roads)
$14,289,853
Note.—All the figures in the above are on the
with the Inter-State Commerce Commission. basis of the returns filed
Where, however, these
returns do not show the total for any system, we have
combined the separete
returns so as to make the results conform as nearly
given in the statements furnished by the companies as possible to those
a This is the result for the Pennsylvania RR. themselves.
Pennsylvania Company. the Pittsburgh Cincinnati (including the former
Chicago & St. Louis and
the Grand Rapids & Indiana).
S The New York Central proper shows $16351.727 increase.
Including
the various auxiliary and controlled roads, like the
"Big Four," &c., the whole going to form the NewMichigan Central, the
York Central System,
the result is a gain of 325.917,035.
PRINCIPAL CHANGES IN NET EARNINGS FOR
Passing now to a consideration of the returns of
MONTHS ENDED DECEMBER 31 1925. TWELVE
Increase,
the separate roads, it is noteworthy that in the case
Increase.
Pennsylvania
a$17.149,112 Wheeling & Lake Erie__ $2,072,500
Norfolk &
9,446,595 Erie (3)
of the gross earnings the decreases of large extent ChesapeakeWestern
1.938.075
Ohio
&
9.118,680 Illinois Central
1,732,110
Atch Top & Santa Fe (3)
are found entirely among the anthracite roads and Atlantic Coast Lines.... 8.304,656 Union RR (Penna)
1,727,146
7.580,782 Lehigh Valley
1,590,346
6,881,181 Union Pacific'
a few of the grain carrying roads. Taking merely Baltimore & Ohio
(4)
1.574.783
New York Central
b5,882,619 Long Island
1.500,228
Southern Railway
5,690,100 Elgin Jollut & Eastern.- 1.391,907
the changes for amounts in excess of a million dol- Louisville & Nashville
5,463,271 Central of Georgia
1,389,769
N YN H
lars, the Delaware & Hudson has fallen behind in Michigan & Hartford-- 4,787,666 NY Chicavo & St Louis.. 1,351,237
Central
4.516,200 Western Pacific
1,343,301
Deny & Rio Grande
Minnean & St Louis...,
gross *3,247,906, the Lackawanna $3,093,791, the Seaboard Air Line West 4,415,114 Yazoo ik Mississippi Vall 1.303,971
4,134,808
1,241,777
0 C 0 & St Louis
4.087,934 Pere Mari:plea°
1,150,449
Lehigh Valley $1,944,232 and the Ontario & Western Great Northern
4,066,626 Detroit Toledo & Ironton 1,110,818
Chicago Northwest
3,994,275 Hocking
1,085,419
$1,418,621. These are all anthracite carriers and if Duluth Missabe & North 3,510,441 Reading Valley
1,081,162
Missouri
3,373.804 Duluth & Iron Range...... 1,039,346
we included roads showing losses of less than a mil- Wabash Pacific
3.347.365
Northern Pacific
3,132,738
Total (53 roads)
8159,306,581
lion dollars the list would have to be very much Boston & Maine
3.009,697
Bessemer & Lake Erie.- 2,469,811
Decrease,
Minn St Paul & S S
extended. The only two other systems with losses Florida East Coast M.- 2.463,222 Central New Jersey
$2,110,351
2,368,073 Chic Mllw & St Paul_ _ _- 1,245,337
St Louis San Fran (3)in excess of a million dollars are the Burlington & Chic New Orl dc Tex -- 2,277,583
Pac 2,185,122
Total(2 roads)
Quincy, which reports a loss in gross of $3,519,700 a This is the result for the Pennsylvania RR. (including $3,355,688
Pennsylvania Company, the Pittsburgh Cincinnati Chicago &the former
St. Louis
and the St. Paul & Omaha which has suffered a de- and the Grand Rapids & Indiana).
S These figures merely cover the operations of the New York
crease of $1,065,603. Here, too, the list would have itself. Including the various auxiliary and controlled roads, like theCentral
Michito be extended if we included decreases of less than gan Central, the "Big Four." &c., the result is an Increase of $16.274,628.
When the roads are arranged in groups or geoa million. In the net the only losses for over $1,000,graphical divisions, according to •their location, it is
000 are thew? of the Milwaukee & St. Paul and the
Central of few Jersey, the former falling $1,245,337 found that every geographical division without any
behind in net and the Central of New Jersey $2,110,- exception shows an increase in thezross earnings
351. The Milwaukee & St. Paul, as is known, is in and every division also an increase in the net earnreceiver's hands. The anthracite carriers did well ings. In the previous year, all the different diviin the early part of 1925, before the occurrence of sions had shown losses ,in the gross with two excel).the miners' strike, and were able to offset part of tions, namely the Southwestern group and the
Southern; in the net earnings, then however, the
their losses suffered in the last four months of the
New England group also showed a gain besides the
year by reason of the strike by the gains accumulated
Southern and the Southwestern. The best results
in the early months. Still, the Lackawanna shows
for 1925, that is the largest ratios of gain in net, ap$985,294 loss in net for the year, the Delaware &
Hudson $547,511, the Central New England $564,872, pear in the Middle Western group and in the SouthOur summary by groups is as follows:
the Ontario & Western $724,733 and the Lehigh & ern.
SUMMARY BY GROUPS.
Hudson and the Lehigh & New England smaller
Gross Earnings
Jan. 1 to Dec. 31.
1926.
1924.
Ins.
(+)or Dec.(—)
amounts—all in addition to the big decrease on the Section or GraaP—
Group 1(9 roads) New England.... 261.367.560 256.40.263
g
+5127.297 2.07
7
Central of New Jersey, already mentioned. As far Group 2(33 roads) East Middle_ _1.908,921.149 1.859.149.179 +49.771.970 2.63
Group 3(27 roads) Middle West_ 553.745.172 524,998.9111
+28.746.271 5.47
Groups
gains are concerned, these predominate every- Groups 4& 5(34 roads) Southern_ 953.232.496 874.31)6,717 +78.925.779 0.02
as the
6& 7(29 roads) N'weet___1,219.440,130 1.201.871.985
+17.588.145 1.47
Groups8& 9(48 roads) Southwest 946,591.148
where except in the anthracite group, and very many Group 10(10 roads) Pacific Coast. 331.970.241
1.48
12029:1117 +
4
:
41:0
°
11 1.61
them are for large amounts. The great east and Total (190 roads)
of
8,175.257.896 5,975.897.996
+199,359,900 3.33
west trunk lines are particularly distinguished for
Net Earnfart
—Mileage-1925.
1924.
Jac.
(+)or Dec.(—)
Section or
the magnitude of their gains and the Southern roads Group 1 &OSP. 1925. 1924.
$
7.266 7.363
62.452.020
54.112.368
+8.339.852 le41
Group 2
34.583 34.682 439,014.057 402,506 511
are prominent in the same way, as also are many Group 3
+36.507.546 9.07
15,984 15,982 161.293.165
4 & S...... 38,875 39.029 277.814.141 133.441 692 +27.851.473 20.78
roads in other parts of the country. It seems un- Groups6 & 7 67.251 66.971 318.383 499 223.026.770 +54,787.371 24,56
Groups
Groups 8
31 968 4go +25.274.841
necessary to enumerate these at length in view of the Group 10& 9..._ 55.312 55.142 92.353.485 293.108.658 +20.299.265 8.62
8.76
17,059 16.970 252.165.7452
89.728.731
+2.624.764 2.93
elaborate detailed statement given at the end of this Total
236,330 236,139 1,603.476,112 1
,427.791.210 +175,884,902 12.30
FB13. 27 1926.]
NOTE.--Grosip 1 includes all of the New England States.
Group II includes a.I of New York and Pennsylvania except that portion west
of:Pittsburgh and Buffalo, also al. of New Jersey, Delaware and Maryland, and
the:extreme northern portion of West Virginia.
Group III includes all of Ohio and Indiana, all of Mlrhigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV end V combined Imelda the Southern States south of the Ohio and
east of the Mississippi River.
Group. VI and VII combined Include the northern peninsula cf Michigan. all of
Minnesota. Wisconsin. Iowa and Illinois, all 0. South Dakota and North Dakota
and MIssouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska. together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII and IX combined include all of Kansas, Ok,ahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City Colorado Routh
of Denver. the whole of Texas and the boil of Louisiana and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east 01 a line running from Santa Fe to Li Paso
Group X includes all of Washington. Oregon. Idaho. California. Nevada. Utah
and Arizona. and the western part of New Mexico.
We now add our detailed statement for the last
two calendar years, classified by groups the same
as in the table above, and giving the figures for each
road separately.
Net
--Gross--/tic. or Dec.
1924.
1925.
Group 1.
1925.
1924.
New England.
$
$ .
$
Bangor dr Aroostook 6,862,187 6,924,115
1,825.075 +123.546
1,948,621
Boston & Maine_ _ _ _ 79.689,770 78.697.297 17.794.438 14.784.741 +3.009.697
Canadian National
+326,534
At.& St Lawrence 2.472,239
2,436,419
def16.537 def343.071
C D C Gr 3r Jet
-See Group III.
net Cr Hav & Milw-See Group III.
+23,096
Central Vermont._ 8.463.639
1.082.825
1,105.721
8,380.752
+215,642
159,148
Can Par Lines in Me 2.320.034
-56,494
2,608,937
3,649.785 -753,010
Maine Central
20,070,587 20.178.337
4,402,795
NY N II & Hartf_ _132.266,423 127,213.698 34,521,041 29.733.375 +4.787,668
2.187,635 -425,741
NY Connecting.... 2,782,340
1761 894
3,091,646
-42,514
1.033.055
Rutland
6,410,041
990.541
6,509.062
Total(9 roads)._ 261.367.560 256.040.263 62,452.020 54.112,368 +8,339,652
Net
Gros
Inc. or Dec.
Group H.
1924.
1925.
1924.
1925.
East Middle.
$
8
+451,704
448.181
Atlantic City
5,043,447 4.747,277
902.885
Baltimore & Ohlo_237,546.940 224,318,795 58,447,343 51,566.162 +6.881.181
-19,509
-27.147
Buff & Susquehanna 1.463,315
-46.656
1,914,201
2.500.731
Buff Roth & PIttab. 16.560,781 15.951,853 2,870.052
.325
+3 9
+90.673
522.782
Brooklyn ED Term 1,459,094
613,455
1,379.527
Central New Engl. 7,407,229
8.145,477
1,816,698 2.381.570 -564,872
Central New Jersey. 55.092,100 55.466,963 13.703.955 15.814,306 -2,110.351
8.332,013 -547.511
Deiaware & Hudson 41,706,543 44,954,449
7.784,502
Del Lack & West
83.659.738 813.753.529 21.208,173 22.193.467 -985,294
Erie
104.252,181 105,042,224 19,494,820 18.086,216 +1,408.004
Chicago & Erie-See Group III.
-54.766
NJ&NY
1.626,055
231,046
1.588.294
286,712
Lehigh & Hod River 3,052.598
-90.061
3.146,656
906.560
816.499
Lehigh & New Eng_ 6.295.38/
-50.925
5.413.878
1.275,155
1224.230
Lehigh Valley
74.430.573 76,374.805 16,997.18.3 15,90'1.837 +1. .
590 346
Monongahela Conn_ 2,193,570
349.310
+240.806
1,949,109
108,504
Montour
896,034
1.600.309 def87.380
228,461 -315,841
New York Central_385,958.657 369,606,930 95,519.386 89,636,767 +5,882,619
For other auxiliary and controlled lines see Group III
N Y Ont & West_. 12,247,511 13.666.132
1,928,093
2,652,828 -724.733
NY Simple dr West_ 4,885.304
4.761.359
911,418
+447,964
463.454
Penn I Ines East & West of Pittsburgh
Pennsylvania _ ....672,136.962 645,299.176 144.997,615 127.848.503+17.149.112
1,5111.848
13alt Ches & Ail_ 1.486,831
21,543
de153.087
-74,630
36,869.292 35,077,885
Long Island
9,897.260
8.397,032 +1.500.228
Monongahela.. _ 5.948,448
5.227.703
2,817,855
2,027.476 +7 0 3 9
9. 7
W Jersey & hen Sh 13.451,533 12,932,368
2.538.213
069.936 +468.277
Perkiomen
1,402,134
1.214.345
628,9(3
504.123 +124.840
ShawmUt_ _ 1,324.498
Pittsb &
1161,390
271.037
79.219 +191.818
Pitts Shaw & North_ 1.901,898
1.507.224
273.931
det49,127 +323,058
2.496,231
Port Reading
2.162.931
1,264.545
928.012 +336 533
.
91.498.379 92.088,258 22,862,864 21,781,702 +1,001.162
Reading
Staten Island RT.- 2.981,137
2.766,010
41,748 +150,952
192,700
1.331.587
Ulster & Delaware
1.501,984
-19,717
173.560
273,297
Union RR (Penns). 11454.385 10,719.728
2,566,482
839,336 +1,727.146
Western Maryland_ 19.861,774 19,135,562
+926.063
4,970.154
5,896,217
Total(33 roads)._ 1908921149 1859149.179 439.014.057 402,506.511+36.507.546
--Gross-Net
1925.
1924.
Group Hr.
Inc. or Dec.
1925.
1924.
Middle 1Vest.
$
$
Akron-Can-Youngs. 3.194,729
2.824,646
1,093.372 +154,171
1,247.543
5.867,892
5.532.185
Ann Arbor
1.428.909
1,241306 +187.603
BC:Weiner & L Erie_ 16,546.68.5 14,506,820, 5,819,586
3,199,875 +2,469,811
Canadian National
AO & St Lawr--Soe Group I.
wzsassei.. -se100111111
.
set Grd H 240_ 7 073.872178:488.;3"8
8
.
. r,374.239t 1445,805 +929,086
.
4
_sic Ind & Louisv__ 17,686.040 17.044.000
4,575,259 +241.587
4,816,846
Ind & West__ 4,787,435
Cino
4,520.729
+93,616
834,146
740,530
Detroit & Mackinac 1,697,184
1,925.509
323 914 -134.602
189,312
Det-Tciedo Shore L 4.271.743
3.450.167
2,147.528
1.512,297 +635,231
Ironton _ 13,911,371 11,995.758
Det Tol &
4,373,140 +1.110.818
5.483.958
Detroit Terininal___ 2,622.006
2,269.353
774,288
587,507 +186,781
Erie-See Group II.
chicago& Erie... 14,211,275 14,054.632
5.810.101
5,225.864 +584.237
NJ & N Y-See Group II.
Evans Ind & FT.__ 2,471,268
1,915,772
828.926
490.778 +338.148
Grand Trunk West_ 18.635.062 17.623,843 4,184.413
3,194.088 +990,325
19,669.712 17.443,399
Hacking Valley
4.26.1896 +1,085.419
5.350.315
1804,615
Lake Sup & Ishposs_ 2.262.532
876,932
461,104 +415.828
1.182,481
1.060,848
Lake Terminal
88.682
+142.833
det54,151
Newburgh & So 8. 2.036.098
2.017.985
823.655 +126,851
450,506
New 'York Central-lee Group II.
Chic Northern_ 4.766,220
4,826,932
1.732,152
1,661099
+71 053
.
C C C & St Louis_ 92.061.070 87.712,382 25.059.588 20.971.654 +4.087.934
-See Groats. VI & VII.
Indiana Harbor Belt
Michigan Central 91.364,377 87,614,662 29,971.338 25.455.138 +4.516.200
Pitts& Lake Erie 32,026,689 31421.149 6,571.306
5.831,001
+740.305
NY Chic & St Louts 54,470.917 53.992.435 15.066.716 13,715.179 +1,351.237
pare Marquette..
42.710,690 41,797 915 11,985.434 10.1534,9115 +1.150,449
4.856.382
1.889.114
4.184,733
1.263.406
+625.708
Pitts& West Va
Wabash......
69.910,301 65.780,929 18.829.877 15,482.513 +3,347.365
5.994.628
3.922.128 +2.072.500
Wheel & Lake Erie_ 20,395.618 18332.401
&
Total(27 roads)_ _563,746.172 524.998.901 161293.165 133.441.692+27,851,473
-Gross-Net
1925.
1924.
1925.
1924.
Inc. or Dec.
Groups IV & V.
$
Southern$
. .
998,612
3.601,427
789.325 +207.287
Ala & Vicksburg- 3 593 595
2,930.380
697.596
791.916
+94.320
Atlanta & West Pt_ - 3,184,981
5,448.188
4.810.482
420.022
421.371
-1.349
Ati 1.31rm & Atl
93.997,698 81.785,921 29.031,577 21450,795 +7.5130.782
All Coast Lines
5
3.032.805 2.787,540
+245,215
Clinehtleld .........8.719.8 3 8.692.524
7.491.927 6.102.158 +1389.769
Central of Georgia.- 0.229.408 27.173.209
1.159,093
3.908 781
906.396
+252.697
Charleston & W Car 4,118.309
------123.184.103
Ches 3r Ohio Greenv 1,733.480 109.140.688 34.202.684 25,084.004 +9.118.680
1.640.1336
191.570
271.120
+79.550
Columbus &
0,10
0.010 9.204.887 6,836,814 +2.368.073
Florida East Coast_ 29,132,738 2
Georgia
6,112,663 5.984.812
1,179.430
1056,930 +122.500
1083
THE CHRONICLE
-Gros
1925.
1924.
Georgia & Florida__ 1.893,914
1,780.889
Gulf& Ship Island__ 3.768.812
3,582,994
Gulf Mobile & Nor- 6,321,030 6,088.028
Illinois Central-See Groups VI & VII.
Yazoo & Miss Val 2
0.666,440 22,126.582
Louisville & NaRhv.142.244.307 135,505.677
3.449.889
Lou fiend & St Lou_ 3,838.398
1.855,579
Nlississlpral Central_ 1.655.520
19.255,063 19,464.381
Mobile & Ohio
24,000.010 23,601.646
Nash Chat & St L
2.925,031
New On On North_ 2.905.044
Norfolk dr Western 105,218.991 97,709,793
Norfolk Southern...9.131,878 9.291,928
Rich Fred & Potom _ 12.891.177 11,830.355
82,864,711 53.384.173
Seaboard Air Line
149,313.892 142.488.514
Southern By
10,433.272 10.093.450
Ala Great South
Cine NO & T P
23.433.243 21,951,667
5,180.128
Ga Sou & Fla_
6.799.302
New Orl & N E.. 6.122.252 5,667.589
1,478,290
North'n Alabama. 1,580.416
Tennessee Central 3,197.233 2,912.794
1/3,862,179 18,988,439
Virginian
3.159.930
3.392.382
Weetern Ry of Ala
Net
1924.
551 785
885.416
1982,990
455,196
969,450
1.721741
inc. or Dec.
$
9 90
+ 84
-84.034
+261,249
7,1813.171
33.842.051
1120,681
537.187
5.372.420
4.814,954
914.281
37.284.175
2.445.790
4.736.136
16,131,347
45.601.940
3.482.121
8.858.977
2.333.923
2,379.126
712.761
780.291
7,092,697
1.080,992
5.446.394
28.378.780
811,424
521.508
5.173.980
4,120.677
895.976
27)337.580
2.359.833
3,941011
11.996.539
39.811.840
2,758.178
6,673.855
1.568.268
1769.483
624.697
710.740
6,778.992
876,179
+1.241,777
+5,463.271
+309,257
+15,679
+198.440
+694.277
+58.305
+9.446.595
+85.957
+795.125
+4.134,808
+5.690.100
+723.943
+2.185.122
+765.555
+609.643
+88,114
+69.551
+313.705
4.813
+20
1925.
Total (34 roads). _953.232.496 874,306.717 277.814.141 223.026.770+54.787.371
-Gros
1924.
1925.
Groups VI ch VII. 1925.
Northwest
3,542,926
676.142
6
B &0Chic Term.- 3. 09.954
2,357.560
Belt Ry of Chicago_ 7,054.575 6.841.827
7,660.112
Chicago & Alton- 31.077.084 30,854,030
26,574.508 26.068.788 4.460 868
Chicago & F-aist III
Chicago & N W....148.538.269 149.454.584 32.912.214
Chic Burl & Quincy_159,155,178 162.674.878 42,483.309
Chic MO & St Paul _162.020.693 158.3116.459 31571.061
1.300.335
31.826
Chic Peoria & St L. 1.064,577
2.121.141
6.839,269 6,951.560
Mc River & Ind
5.389.425
Chic St PM dr Om.. 26,850.133 27,915.736
24,502.760 24.720.678 4,690.042
Chic Great West
5,960,969 2.102.711
Dul & Iron Range- 6.813.654
9.8.59.354
Mias & Nor-. 18.054.509 13,856,099
Dui
5,902,129 1,197.900
Dul So Shore & Ati- 5,808.935
65
363.9
2376.475
2.251.163
Dul Winn & Pac
986,774
2,230,183
E St Louis Conn.__ 2.256,957
Elgin Joliet & East_ 25.005,967 21,521.787 7,625,852
Great Northern_ _114,924,960 110,243,104 39,097.672
437.770
1.497,687
Green Bay Western. 1.578.946
153,053,185 151.711549 35,598.927
Illinois Central
Yazoo & Miss Val-See Groups IV & V.
1,8.54,105
Minn & St Louis... 15.074,273 15.097.12/3
Minn St P & 85 M. 49.670.264 47.945.360 13.594.727
New York Central-See Group II.
3,605.837
Indiana Haut Belt 11.210,774 10.778,697
97.8.64,555 95,292.404 27,892,078
Northern Pacific
Pennsylvania Lineedet65.731
1.908,795
Tol Peoria & West 1,617,057
For lines East & West of Pittsburgh see Group II.
457.833
1.815,863
1,869.476
Peoria & Pekin Un
der/32,635
1.051.805
1,010,8.55
Quincy Om & K C
110,131.391 110.886.386 38,521,967
Union Pacific
Ore Short Line-See Group X.
Ore-Wash Ry & Nay-See Group X.
980.663
3.297.466
St Joseph & Gr Is_ 3.505,699
Net
Inc. or Dec.
1924.
$
121,124 +555.018
+88,055
2,269.505
+689,551
6.960.561
3.615.532 +875.366
28.917.939 +3.994.275
42,716.141 -232.835
32.816.398 -1.245.337
-26.912
58.738
2.345.605 -224,464
4.725.912 -356.487
4.488.267 +201.775
1.013.365 +1.039.346
6.348.913 +3.510.441
1,115.704
+82.196
252.072 +111 893
.
-703
987.477
6.233945 +1.391.407
35.031,046 +4.066,626
350.576
+87.194
33,866.817 +1.732.110
5.50,134 +1.303.971
11.131.505 +2,463.222
2.629.320 +976,517
24,759.390 +3,132,738
154,045
-219,776
329.619
def72.727
37.684,460
+128.214
-9.908
+837,507
657.322
+323.341
,
..1219440130 1201871,985 318,383.499 293.103.658+25,274 891
Total (29 roads)
Net
---Gross-.-Inc or Dec.
1924.
1925.
1924.
Groups VIII. & IX. 1925.
SouthwestS Fe-196,439,057 194,174.237 61,641,590 53.032.366 +8.609.224
Atch Top &
8,302.500 -546.214
7.756.286
Gulf Colo & S Fe. 29,252,164 30,125.126
3,761.278 +241.646
Panhandle & S Fe 11251,307 11.111.588 4.002.924
129,187.093 25.158.976 27.622.601 +534.375
Chic II 1 & Pacific...124.398,673
2.051,364 -294,581
1.756.783
Chic R I St Gulf.... 6.284.573 6.693.118
-77,748
2,727,961
2.649.713
Colorado Southern_ 12,365,588 12,866.948
4,349.300 4,470.650 -121.600
Ft W & Deny City 11.504.381 11370.706
266.668 -232,739
33.929
2.6415,372
Trinity & Brazos Val 2.65...732
-73,689
978.152
904.463
1.909.477
1,784.185
ichita Valley
4.420.101 +4,415,114
8,83.5.215
Deny & B0 West._ 33,629.464 33,011.558
118.217 +849.766
767.983
3,350,414
Denver & Salt Lake_ 3.889,321
+20.954
492.899
513.853
1.909,118
Ft Smith & West.- 1,896,725
-16.765
451.287
468.052
1.805.767
Galveston Wherf _ _ 1.580.754
3.565.993 3.946.208 -380,210
Northern_ 17,083.748 16.901.448
Int Great
267.035 -134,935
132,100
2.362.112
2.411,096
IC C Mex & Orient
450.888 +112,040
562.928
2.666.527
CM &0 of Tex_. 3.189,212
4.435.190 +651,365
5,286,555
18,231,458 18.131751
K C Southern
-39.497
2,892,262
1.332.294
1,212.707
Texas & Ft Smith 2,933.697
+20.075
260,303
280.378
2.184.589
Kan Okla & Gulf... 2.539.969
1,057.947 +310,702
1.368.649
4,030.319
1,090,952
Louisiana & Ark
435.810 +238.084
673.899
4,144,231
Louisville Ry & NaV 3.859,607
216.892
+39.595
1.345,481
256.487
Lou Ry & Nav of T.. 1,347,257
+60.964
1.543.243
1.604.207
4,535.840
Midland Valley.... 4.382.168
-82.419
195.510
113.091
1.548,341
1,587.104
Miss & North Ark
+1.331.457
Mo Kan & Texas... 35.325,003 34.488.364 12,463,354 11.131.897 -1,033.982
5,411.432 6,445.414
380K & Tex of Tex. 2.167.911 22.820.981
Missouri Pacific _130.831,661 123.647,723 28.555.162 25.181.358 +3.373.801
1.025.729 -161.889
864.010
3,442.446
3,387.737
NO Tex & Mex
1,056.157 -107,467
948.690
2,757.926
Beaum S L & W.- 2,803.705
3,284.458 -295.019
2,989.437
7,841.144
St L Brownsv & M 8,169.078
90.058.611 85,989.817 27.731,487 25.417.984 +2.313,503
St Louis San Fran
177.452 -126.301
51.151
1.547395
Rio Cr_ 1.399,498
Ft W &
626.083
535.702
+90.381
2.033.807
St L S Fr of Tex_ 2,204,156
-72.261
5,932.312
5,860.051
St Louis-Southwest_ 18.232,233 18,245,055
-19.713
366,016
346,353
7,900.029 8,081.236
-S
St L W of Texas
138.881
127,572
787.275
770,120
+11.289
St Louis Transfer
-6.618
326.650
323,932
1,521348
San Ant Uv & Gulf_ 1,447,849
-See Group X.
Southern Pacific
7,898.501 -1.716.901
Galv Bar & S A_ 29.540,520 33.779.043 6.181.600
4.004.870 -471.527
3,533.343
Houston & Tex C 14,775,907 15.627 314
444,721
392.987 +551. 54
7
Hone E & W Tex_ 3.387.763 3.201.870
-90.803
1,200.510
1109.707
4.197.085
Louisiana West.. 4,274,112
8,452.981
856.961
934.124
+77.463
Morgans La & Tex 8.503.946
1,1133.227 +1,379.091
9.282.765
2.562.318
Tessa k New On. 11,095.852
1,619,295
5.103.883
1.483.156 +138.159
Tenn Ry Assn of StL 5,173,025
4.609.469
1,037,242 +451,900
1,489.142
St L Merch Bdge- 4,966.629
35,272,899 83,784.580 8,819.097 8.542,256 +276.841
Texas & Pacific
1,739.790
604.500
1.590.588
473,441 +131,059
Utah
+168,339
4,259.264
931.791
1.100.129
VickaShrev & Pao_ 4.552.076
Total(48 roads) 9413,581.148 932.801.034 252.165,745 231.886,480+20.299.265
N
GrossGroup X.
Pacific Coast.
+72.050
80.847
601.219
491.212
152.897
Bingham & Garfield
4.438.463 +521.958
4.960.420
Los Angeles & Salt L 24,544.104 24,383.428
536.743 -101.013
435.730
Northern
1,028,415
1.084.008
Nevada
1.948.1437 -106.520
1.842.317
7.128.195
7,045.831
Northwest Pacific
Southern Pacific_ _ _210.374.317 205.850.972 61.667.682 61,005.195 +662.487
For remainder of system see Groups VIII & IX.
+171.490
247,641
419.131
1,088,663
Spokane Internat.. 1.254.9115
3.277.106 -352.934
2.924.172
0,562.669
Spoka Port! & Seatti 8.184,940
-See Groups VI and VII.
Union Pacific
35,491,692 34,989.745 10.298.779 9,157.246 +1.141,533
Ore Short Line
6,143.852 -727.598
5,416,2.54
Ore-Wash Ry & N 27.872.713 26,775,558
St Joseph & Or Isl-See Groups VI and VII.
2.892.802 +1.343.301
15,569.045 14.370.467 • 4.2343.103
Western Pacific
'Petal 110 roads)..331.97t1,241 326.726.917 92.353.485 89.729.731 +2.624.754
5 8 902
Tot. all (190 roads)
.6175257898 5975897.966 1603476,112 1427791,210 +17 6 4
1084
THE CHRONICLE
[Vor.. 122.
RECORD OF PRICES ON THE CLEVELAND STOCK EXCHANGE.
On this and the following page we furnish a complete record of the high and low prices for both stocks
and bonds made on the Cleveland Stock Exchange for each month of the year 1925. The compilation is the
work of the Cleveland Exchange itself and is of course based on actual sales, and covers these and nothing else.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR
1925
January
February
March
April
May
Juhe
July
August September
October
November December
High Low High Low High Low High Low High Law High Law High Law High Low High
Low High Low High Low High Low
BANKS
Central National Bank__ _ _100 270 265 270 270 ------------------------270 270 275 270
Cleveland Trust Co
100 265 252 260 251 252 250 256 256 255 252 253 250 25512 252 258 257
260 2
58 270 ifti 27 276
.5
286
Guardian Savings & Trust_100 235 230 230 228 228 221 227 227 226 225 228 226 229
226 226 230 225 240 235 240 240 236 235
Morris Plan Bank
100--------135 135 --------------------------------146 226 149 149
145
National City Bank
100 170 169 170 169
iiii
168
• ..
_ iiii fici ito 169i ____
__ iiiT2ifiii
Pearl Street Say & Trust.. 100 230 230 230 230 230 230 23018 230, ----------------230 230 23012
8
23012 ----------------235 2-3-5
100 --------180 180 180 180 180 178 178 178 182 182
State Bank & Trust
178 178 --------178 178 173 173 171 170 172 172
- 100 97 96
Union Mortgage
9512 02
92 90
90 80
87 87
89 83
93 00
92 90
92 91
92 89 89 834 86 85
lit preferred
100 86 86
89 87
89 89
90 87
86 85
86 84
86 85
87 86
89 87
89 8412 87 85
87 85
100 82 8112 82 82
2d preferred
82 81
8014 79
8014 8014 80 80
81
81
8012
81
81
81
803 82 82
8
81
80
100 --------1551215512 156 156 -------------------- ---- -------- 81 160
Union Savings &Loan
160
162 162 162 162 1651216512
100 216 210 215 209 208 202 208 206 2084 206 206 2022
Union Trust
---210 20212 215 208 215 210 211 20812 20812 208 210 2 --05
100
United Bank
iga
TRACTION COMPANIES
Cleveland Railway
100 93
Nor Ohio Tr & Lt 6% pref_100 73
8712 93
65
76
90
9212 88
7014 79 73
91
75
88
74
934 90
93 8012 91
8912 914 91
9112 894 8912 8612 8912 88
90 8712
76 723 77 7312 75 733, 75
4
74
7414 73
7512 713 76
4
75
77 75
INDUSTRIALS
American Fork & Hoe
100 98 08
98 98
97 97
95 95
93 93
9412 94 --------06 96
95 95
964 963 -------- 96 06
8
Preferred
100 --------1041210412 -------- -------- 104 104 104 104
104 104
American Multigraph
• 2312 21
2134 21
204 93 204 19
4
20
1012 22
2134 if 213 - - -12 214 1612 2114 1612 - 4i4
20
2212 22
4 2
0
. - - -12
2
American Shipbuilding- — -100 60 55
0
55 50
52 52
50 48 .52 4912 57
61
52
60 57
5712 8314 59
75 75
7712 7334
Preferred
100 8614 8614 --------86 86 --------83 83
90 00 --------100 100 100 100 100 100 ---- ---8814 83
_
_ _ _ -Bishop-Babcock
SO 8
8 ----------------71
612 814 54 1012 64 9
512 8
0
8
7
812 8
84 8
Bond Stores "A"
-9- - ,
20 74 612 612 6
84
6
53
4 5
5
5
412 4
318 3
4
33
8 34 7
33
4 3
34 63
5
4 6
5
"B"
• 318 24 ---- ---- ---- -- 212 2
II, 1
2
112 112 114
118 1
1 18 1
4
114 34 212 212 2
Buckeye Inc
•__ ____
___ ____
_ _ 244 233 26
2412 2412 24
8
25 2338 33 247 3518 3012 3112
8
294
Bulkley Building, pref____100 86 86
8612 86
8618 86
8414 84
84 - - 84 84
84
82 80
82 82
80 80
70 70
71
70
70 6914
Central Steel
* 4814 474 49 474 48 44
46 434 50 46
53 4812 57 4912 56 53
57
73 68
Preferred
100 102 100 102 1004 102410014 102 100 103 101 10312 102 1057 103 10712 105 10618 4912 69 5612 80 68
8
104 1097 106 10812 107 10912 10712
8
•
City Ice & Fuel
253 25
4
2514 25
2518 25
25 2314 247 23
231 1 244 23
25
8
24 234 24 23
25 2338 2514 234
10 4
(F. G.) Clark
312 ____ . _
5
412 ____ __
__ __-_
,
212 218 212 212 2 2 212 3
3
23
4 21
24
Cleveland-Akron Bag
• 13
8 14 212 - ------------------------------------------------ 24 214 3
2
4 212
3
4
1
-4
-7-s
,
14
3
4
4
Cleveland Automatic Mach__50 --------3
3 ------------------------ 41. 212 13
4 13 ---- ---- 4
4
3 —
- 3
3
100
Preferred
4
-30 30
Cleveland Builders
---- - — _ i9i4 - 37 40 3712
Cleveland Cliffs
• 75 6911 69 69
70 70
6612 66
6612 63
64 5
2 56 -- -- ---60
65 60
69 65
Cleveland Electric Illum_100 225 220 250 235 --------250 240 --------250 250 ----------------260 260
100 1031 4 102 10312 1014 10314 1023a 10312 103 104 103 103 103 10312 103 10312 102 103 102 275 265 285 285 285 285
6% preferred
103 103 10312 103 10312 103
Cleveland Stone
100 9978 997 9912 07 125 100 110 110 1124 11212 110 110 1143 113 113 110 113
8
4
111 140 115 135 125 145 130
Cleveland Union Stk Yds 100 122 120 120 1173 119 116 116 1144 112 11114 115 112 113 113 114 11012 112
4
112 114 11212 116 114 116 114
Cleveland Woolen Mills.... _ _100 45 45
46 45
45 4438 42 40
3612 3612 39 374 40 38
35 34
40 37
40 35
40 3912 39 38
Cleveland & Buffalo Tran_ _100 894 8912 92 92
92 92
9212 9212 __ _ __ - ____ ---- 9212 913 92 92
4
1
1
Preferred
100 i
-1
7i
W4 -14 854 - 1- 8i4 - 1- 8t4 8
8
84
84
15i4 1'2 1014 1014 --------1113 1012 16i4 16
-14 ii
17
- -12 18
1714
Dow Chemical
• 613 61
4
60 60
63 62
66 66
68 68
65 6212 68 85
66 59
60 55
6912 69
68 674 68 68
Preferred
100 1003
41003 1001210014 100 100 101 101 102 102 ____
4
101 101 100 100 100 100 1013
4101 --------10014 100,
4
Eaton Axle
• 14
14
124 1212 1512 1412
18
17
15
__ 20
20
1814 22
18
2412 244 27 25
284 287 - - - - --4
(Wm.)Edwards. preferred__100 75 75 --------75 75
70 70
7014 7014 70 70 --------70 68
70
70
65
65
Electric Controller hug
• ------------------------70 -- 6212 62 6212 6034 6034 60 62 58 62 61 --------69 60 68 62
61 60
62
59 58
Electric Vacuum preferred_100 96 95
97 96
9314 9314 95 94
993 97 10014 997 100 984 100 100 100 100 1004 100 101 101 103 103
4
8
Falls Rubber
•
Preferred
25
22 20l 20 20
Faultless Rubber
----------------- ----------------281, - - -12 i§ .
2
6
ii 46 - -7
2 -12 ii i6 41 3912 51 3912 :6 ii 4118 3912
Firestone Tire & Rubber_ _ _10
c 11812 104 116 10512 119 114 120 114 128,8 119 125 120 145 12178 142 134 135 123 12912 120
6% preferred
100 9812 974 9912 9812 10012 994 99 9812 99 9812 10012 984 100 9814 993 994
4
100 9912 10012 100 10012 9912 10214 99
7% preferred
100 99 96
9812 971 9812 98
983 9712 101
973 97
4
4
9812 98
984 993 983 100 99 10012
4
4
Foote Burt preferred
100 75 75 --------70 70 ------------------------------------------------4714 9912 100 991, 9912 9918
4714 47 47
47 47
Gabriel Snubber
--------------------- ----27 257 294 26
283 2612 313 27
4
8
4
327 30
8
General Tire & Rubber
50 233 233 240 35
23712 2374 240 238 239
__ . .
239 280 239 280 265 335 2V 360 :345 46 iiii
Preferred
100 101 101 --------10113 10112 10112 101 _---- 103 102 ---- --- - 103 103 1023 1023 103 1023 105 104
- 4
4
4
105 105
Glidden Co
• 15
13
174 143 1614 1312 207 143 23 -2012 22 19
4
8
2214 2012 234 213 21 204 26 26 --------258, 234
8
Prior preferred
100 854 7614 843 83 85 82
90 85
90 84
4
92 9712 90 893 893 8812 89 87
8514 82
4
4
90 88
91
88
Goodrich Tire & Rubber
• 384 3712 ---------------- 53 53 ----------------5714 571
62 62 69 69 ____ ____ ____
_Preferred
100 95 05
9514 95
8
994 993 ----------------991._
954 943 95 95
6912-------- 99 99 --------97 - 4
97
Goodyear Tire &Rubber
4
• 297 244 344 28
8
2812 32 293 3314 3012 3614 3218 384 31
2514 31
35
38 3512 494 364 4
3534
4
Preferred
100 93 883 93 9212 937 937 95 92
4
964 9614 100 100 --------104 1033 10414 10414 11012 11012 11378 473 41
8
8
8
11314 10314 10314
Prior preferred
100
_ 106410612 10714 10714 1-- 10414 104 104
6414
Grasseill Chemical
100 132 126 132 131 133 127 130 127 132 128 1
.32 136 iiii 116 iii 1/912 Hi 11. 12 iii i'l$i
Preferred
100 104 103 105 10412 106 104 103',103'2 10312 1034 10312 102 103 102 10214 102 103 1013 102 1013 65 12112 lin 116
4
4 16212 1013 111212 101
4
Great Lakes Towing
100 65 53
63 61
6012 6012 61 6012 61
61
62 60
61
61
62 61
6034 603 70 64 --------6814 6814
4
Preferred
100 91
90
90 90
8814 8814 90 90
89 88
90 90
88 88
92 02
92 92
944 91
92 92
96 944
(M. A.) Hanna lit pref
100 88 87
52
5912 53
50 44
63
88 8714 87 844 6914 80
4414 43
61
45
6312 81
63 6212 6014 51
Harbauer
• 213 2012 2214 2112 2214 21
4
1812 194 1912 2014 20
19
21
21
21
203 21
4
204 24 203 2312 21
4
2412 204
Harris Press
• 32 3112 313 3114 3114 3012 30
4
4
4
29 4 30 2812 293 293 2912 2914 2912 2912 2912 29
3
31
2812 33 30
35 304
• No par value.
Prospects Bright in Ohio.
By
LEONARD
P. AYREs, Vice-President Cleveland Trust Co.
When business is good in the iron and steel industry, and automobiles are being produced in large
numbers, the Cleveland district is prosperous. These
conditions have maintained throughout 1925, and
they continue to characterize the business situation
during these early months of 1926. The year just
closed was one of the most prosperous in the history
of this section, and the present one promises to be
very good.
In the Cleveland district business in general is on
a firm basis. Retail trade enjoyed an exceptionally
profitable holiday season, and at present the larger
retail merchants are holding special sales, while
wholesalers and jobbers report a satisfactory volume
of advance orders and inquiries. The paint and
varnish business is showing satisfactory activity,
and reports a gratifying tendency towards wider
margins of profit.
In Akron the rubber plants are doing well. There
have been some curtailments of profit due to the
rapid rise and subsequent declines in the prices of
crude rubber, and several of the manufacturers have
undertaken new financing within the past few
months to provide increased working capital required by the high costs of their raw materials. Last
year the volume and value of output of the tire factories established new high records, and there is
every prospect that still higher figures will be
reached in 1926.
Building has been active in Ohio during the past
year, and there has existed in this district the same
sort of exceptionally rapid development of suburban
areas about the cities that has been noteworthy all
over the country. This section has been fortunate,
however, in escaping anything approaching a boom
in real estate exploitation. There has been little
over-building in Cleveland, Pittsburgh, Akron,
Youngstown, or any of the other larger urban centres. Winter construction is going forward in more
than ordinary volume, and the prospects are that
1926 will be a good building year, and possibly even
a record-breaking one.
The coal business is active. The agricultural situation is generally favorable. Employment conditions continue to improve and labor is generally well
THE CHRONICLE
FEB. 27 1926.]
1085
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR YEAR 1925 (Concluded).
July
June
August September
April
October
November December
March
May
January February
High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
INDUSTRIALS (Concluded).
India T & R
100 _
---- ---- ---- ---- ---- - __ - ---- 172 165 176 172 175 170 168 160
5
1312 914 1218 1118 1113 11
13
94 513 94 8
812 9 8 9
5
Industrial Fibre
* 5t4 434 614 512 53
43
4 7
4 5
4 43
Rayon
Ind
974 94
96 95
99 96
94 93 93 93
94 93
95 95
Interlake Steam Ship
• 9413 9334 94 9312 9812 98 100 99 i55 98
91
8912 903 884
90 87
8
9012 90
92 90
4
90 88 ---- ---- 897 85
90
91
Jordan Motor. preferred__100 93 92
935 9212 93 90
8
Jaeger Machine
6i12 55 1i
66 55 lii 5512 -3
9,5i4 - 9914 itoi 16 ------------------------90 Kaynee preferred
100 _
-1618
Kelley Island
100 10218 100 10218 101 103 101 10312 10312 10312 1024 105 10312 105 104 10714 104 115 109 120 113 117 115 125 1 10
10
10 --------10 10 ------------------------10
11
11
11
(S ) Korach,"A"
• Ills 11 ----------------11
10
94
3
1018 9
8
43
4 9
6
412 --------9
5
7 -------------------------------5
• 7
Lake Erie B & N
98 98
9812 9812
993 99
4
3 93 93 93
9412 9412 100 97
93 93
Locw's Ohio, preferred
100 95 95
2 9
9512 9013 95 8612
90 82
80 78
8012 78
8012 78
Metropolitan Brick
85 8212 84 83 84 8212 8212 8212 78 78
100 85 82
4
Preferred
9614 95 100 100 10013 100 100 98 100 98 101 101 101 1003
9612 9613 95 95
100 964 9412 97 97
96 96
Midland Steel
4
3684 363 44 41
• 40 40 --------40 40
Miller T & R.(old)
100 111 109 12612 1073 130 105 123 112 126 121 169 ifs 187 few 19812 175 245 192 245 195
4
44 16
46 42
,
___ 46 4 46
New
— _ --_- _ _ ____ ____
___ ---- --__ ____
___ -___
__ ____
•___ .. _ ____
Miller, preferred
- -12
100 1051/ 103 10612 102 10314 100 10214 100 103 191 104 10212 10514 103 105 10212 10512 10314 105410312 10511 103 10278 100
- -12
Mohawk T & R
Preferred
100
4
Morgan Lithograph
i
--------------------------------56 ii Lir: 1i 55i2 - 12 --------59 573 5512 584
_
• --r- - _
. 3
34 3 4
3
Murray Ohio
3 --------31
3
3 --------353 312 312 312 ------------------------3
9
• 3
Preferred
93 93 95 95
95 95 --.... _ _ __— _ _
95 95
100 95 95 --------90 90
93 93 ---_' _ - 95 95
National Acme
1212 912
9
73i18 1012 - 4 10
10 74 612 513 44 5
74 712 9
104 7
- -12 714 6
5
4 --------6
4212 41
4312 41
National Refining
4018 38
3714 35
41
374 3812 38
8
8
25 47 42
4014 3912 41 37
38 3712 4012 375 397 39
Preferred
3
100 12714 127 12714 12714 127 127 --------1273 12714 --------128 128 130 130 128 128 1304128 128 128 130 127
Ohio Bell, preferred
8
4
s
10912 10812 1093 1063 108 1064 10711 106 1093 10714 1084108 109 1084 11012 10812
100 10813 10714 108 10714 108 106 10812 107
77 754
Ohio Brass."B"
76
78 7611 81
7012 82 72
80 77
7912 75
• 165 130 205 160 210 185 190 185 19713 135 220
Preferred
8
100 10112 98 102 10112 10112 10114 100 100 100 100 100 987 98 974 99 9714 100 99 100 99 100 99 100 99
12
13
Otis Steel
1214 13 1112 1312 12
14
1514 127 14
8
1253 1412 13
83 1412 10
4
1178 97 10
8
• 117 10
814 11
8
Paragon Refining
75
8 74
814 8
814 73
8
25 618 558 87
9
814 813 8
914 8
3
4 94 7
7 --------10
9
8 6
66 66
6514 65
Preferred
70 68
61 60
7212 703 64 60
4
75 60
67 60
100 45 40
63
63
48 47 65 60
Peerless
40 3514 38 2912 3:34 28
1412 2512 1612 26
2314 2714 2438 3714 27
18
50 2212 19
174 13
153 10
4
2034 13
Richman
9914 114 110 113 108 108 106 113 110 114 11212 114 112 115 114 120 115 180 137 180 168 183 166
* 116
67 65
8
8
River Raisin Paper
8
7
612 61
7
6
6
4
7
63
4 63 6
,
4 64 6
10 712 7 - 8
4 63
4 63
64 -------- 63
,
212 212 314 2 8
2
Robbins-Myers, preferred _ -100 112 112 -------- -2
2
12 212 212 --------------------------------213 2
5 150 125 1647 1647 1012 165
Sandusky Cement
90 88 110 95 110 108 103 103 10612 10512 112 112 112 112
90
90
8
8
Seiberling T & R
98 9512
Preferred
100 ---------------- -------------------------------------100 9912 10014 9913 100 100 10112 98
....
— ---Sheriff Street Market
--------85 812 ----------------8354 791 ____
fi
8
100 --------8414
43
4312 44 -4514 4214 4414 424 39
393 37
4
4212 40
40 34
4213 41
Sherwin-Williams
25 353 3052 35 3414 3512 35
3512 34
Preferred
100 1053 105 10612 1043 10618 10514 10634 10534 107 105 10512 105 10714 106 1074 1053 10714 10614 10714 1061 108410612 106 10512
4
8
4
69 52 11412 .70 120 11112 30 30
8
5712 4912 547 5412 53 52
4
Sparks-Withington
50 395 49 47
37
• 39 35
41
394 38
Preferred
100 ---------------- ----------------------------101 101 --------101 101 101 101
1812 1812
22 22
22 22
20 20
22 22
2212 2212 22 22
20 20
Stahl Prop
30
• ------------------------30
63 61
65 65
61
61
59 59 --------57 57
59 59
55 55
Preferred
100
. __ 60 60
12
8
Standard Textile
100 ii- Ii- -15- 19
17
17 ---------------------- 2132 2112 22 22 ----------------15 147 12
4712 3912
50 47
5712 5713 534 537 5013 50
50 48
8
"A" preferred
100 54 54
45 42 --------55 4512 5712 53
47 45
"B" preferred
100
10
11
15
13
14
• --------------------------------20 18 0 17 ------------------------14
Star Rubber
77 10
2
953 614
6
712 7
8
5
6
2 752 10
953 612 7
8 87
3
Stearns Motor
13 514 9 4 73
.
12
112
• 3
60 56 --------60 60
66 61 --------80 80
65 65
Steel Products
100
60 60 --------60 60
924 9212
91
89
84 84 ____ 88 86
4
783 7712 ___ 83 83
Preferred
773 7712 77 77
4
98 97
100 95 91
294 2912 2612 294 2712 37 --- 40 343 444 3984 46 3812
4
2814
254 2412 2512 231 29 Telling 11 V
*
___
_ ___
__ ____
99 98 100 100 ----------------100 9912 9912 9912 ____
B preferred
100
-34
Toledo Edison Power pref. _100 112 110 1124 112 11212 11012 112 111 11112 109 111 109 110 110 11112 111 111 111 11412 113 114 11- 114 114
9912 1003 9912 10033100
99 99
2
99 9812 9912 99
101 10012 1004 100 101
Trumbull Cliffs preferred_100
1453 104 12
1814 14
18
4
11
6
814 113 1014 104 9
177 19
8
• 21i4 24112 2032 -10 -104 -1£{
Trumbull Steel
17 4
- -184 -1 3- 18
.
6512 63
70 65
87
97 86
71 62
78
58
75
9812 96
Preferred
100 99 9812 9812 9712 9912 9734 98 9712 97 96
49 464
33 2712 45 33
29 26
____
__ 254 23
5312 45
Union Metal
•
__ _
1314 12
14 14
12
19 --------1111 1118 --------13
Van Dorn Iron
11 4
.
1:1- - 3- 15 14
• 14
13
1234 14
13
13
13
924 927
903 9014 93 93
3
8
Preferred
100 88 88 --------88 88 ----------------------------------------92 91
14
14
15 15
-----------------------------------15 15
Wellman-Seaver-Morgan ... _100 .. _..- __... 16
_
-_
16
16
--- 16
57 5312
67 57
5312 53
3 53
58 55
Preferred
100 70 58
70 70 -52- 92
55 5212 68 68 --------56 55
___ ____ -___ 8234 82
___ ____
2
White Motor
7312 7 3 90 90 10014 9018 ____
50 7538 713 7212 683 657 5712 6012 6012 67 66
4
8
4
White Securities preferred-100 10714 10514 1074 107 10812 10712 10812 10712 108 10712 10712 1074 10712 10612 107 107 10712 107 10612 106 1081±107 106 108
6612 6612
Youngstown Sheet & Tube.... 73 70
76
7414
. 6612 654 6512 6512 67 87
4
( 4
Preferred
-1
100 105 1023 106 10412 i.57 114 105 1043 105 103 107 106 10812 107 joi1-2 1 W3- ioii2 11114 ioii2 11E3- i5iis idi iO5 10 12
4
4
iar3 -Ei
BONDS
.93
Canton & Akron 53
.
584 W1 :::: ---- -59i 99t2 ____ ____ ____ ____ _ ,
City Ice gen 6s..._ -.........
.
- ---- ---- ---- - 014
)f4
- 111 16d
Cincinnati 6s
o
—
___
- oi 18 _. -.io5 116____
Canton-Akron Bag 8s
98 98 974
98 98
99 9812 9812 98
4 9 99
96
9914 983 99 984 99 983 98 4 9814 99
4
,
4
_ _
CBE&ODias
4
&
4
Cleve Elyria v vir_i;______
__— _--- ---- 5914 594 614 60 ---- ---- 623 623
52 5184
573 60'2 601,62l 6211
4
Cleve Elyria Div 63
- 12
54
513 513 --------5414 - 14 60 5914 60 60 --------6211 6 ----------------68
4
4
C P & As
Cleveland Ry 5s
tii ini2 "ciii2 984
91 iiii4 91
9
812 5512 - 12 _ _ _ ____ 55 4
---- 55 Ii .___ ___ 9012 I83 983 9912 5514 -4
904
--------90 90
8914 8914 ---- ---- 88 88 ____ ___- 89 89 -___
--------------------------89 89
8918 89
Cuyahoga
0 1 1064 -64
Lake Shore gen 5s
54 ------------ __ _--_ ---_ ___- --_- --_Lorain & Cleveland 58
4
- iii4 883_ --- ---- --- §1;i2 ill/ - Nor Ohio Tr & Lt 58
9512 95 _--- -------- ------ ---- ---ig
_.... ---- - - ii 95 ---61
I/1
514 51-1- - i - -1- - i - -1- --- ---- -15
764 "76
14 7512 751 774 7714
i8
__
Stark RY 53----------------------------------------------- 78 7712 87 -75___
____
W B & A 5s
---9713
ii --------5854 -iii,
9733
904
--_-_- 79
* No par VOUP.
employed. The prospects are that the output of
iron and steel will be exceptionally large in 1926,
and that lake shipping will have a good season. The
automobile industry has started off well, and the
outlook is for a year of large production and keen
competition. There is every reascn to expect that
1926 will be a good year for general business in the
Cleveland district.
Cleveland Stock Exchange Breaks All Records
in 1925—Inauguration of Local Ticker Servicetand Stock Clearing Association.
By FRANCIS J.
of the Cleveland Stock
Exchange.
SMITH, Secretary
Keeping pace with the unprecedented activity in
the security markets of the country transactions on
the Cleveland Stock Exchange in 1925 reached proportions that broke all previous records. It is noteworthy that the Exchange rounded out its first
million-share year. In fact, this mark was nearly
doubled, with sales running to 1,859,390 shares.
This total exceeded that of 1924 by 1,122,000 shares,
or an increase of over 150%. The market value of all
securities sold in 1925 was approximately $60,000,-
000 which, considering the fact that this turnover
represented almost entirely cash transactions, speaks
well of the financial position of this community.
Twenty-two listings and additions were admitted
to the Exchange in 1925, the total market value of
which amounted to over 69 million dollars. Eleven
distinct lines of industry were represented by these
listings, which has aided materially in further diversifying the already very representative trading
list of the Exchange.
A number of constructive advances were made by
the Exchange during the year which have already
borne fruit and which will without question in the
future contribute toward placing the Exchange on
a broader plane of economic value and attract to it
a wider recognition of its growing importance.
Probably the most important achievement of the
year was the inauguration on Sept. 1 1925 of the
Cleveland Stock Clearing Association. The present
clearing house is an outgrowth of plans considered
by the Governors of the Exchange from time to time
during the past three or four years and rejected
owing to their lack of adaptability. Though placed
in operation during one of the most active periods
1086
[VOL. 122.
THE CHRONICLE
RECORD OF PRICES ON CINCINNATI STOCK EXCHANGE.
- We are indebted to Richard Seving, Secretary of the Cincinnati Stock Exchange, for the following
compilation showing the high, the low and the closing prices on that Exchange for each of the last three
calendar years—all based on actual transactions.
-Fa
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1925, 1924 AND 1923.
Calendar Year 1925.
STOCKS.
High.
Low.
Close.
Calendar Year 1924.
High. I
Low. •
Close.
Calendar Year 1923.
High.
Low.
72
161
14236
American Laundry Machine
3834
74
7334
40
118
125%
126
Preferred
117
11736 I 115
125
525
%
5735
American Rolling Mill
3234
5734 J
4734
34%
5734
109
106%
11134
Preferred
108
97%
11034
100
29
31
37
American Seeding Machine
I
25
50
6234
2534
76
75
65
80%
Preferred
68
70
91
J
410
401
410
Atlas National Bank
375
198
214
220
Baldwin Company
iii§u
188
185
--10634
103%
109%
105
6% new preferred
I 101
10434
--Broadway & Newport Bridge, preferred47% ' 47%
47%
Ho
i8
185
130
130
130
Carey (Philip)
He
110
105
113
Preferred
10734 I 101
104
104
140
125
140
125
Champion Coated Paper
I 120
120
108
101
110
Preferred
105
103
105
iiie
103
105
I
102
Champion Fibre, preferred
9934
103
9934
9934
68
4834
89
50
Churngold Corporation
4134
49%
51%
65
65
65
Campbell Manufacturing
.--89
82
-§4
91
Cincinnati Gas & Electric
8234
"§8
.
Transportation
110
113
103
Cincinnati Gas
12634
110
it
11 Y
1
79
94
71
83
Cincinnati & Suburban Telephone
83%
78
74q
84
83%
71%
79
75
Cincinnati Newport & Covington Light & Traction
75
77
63
67
60
6634
Preferred
6234
57
62
3334
Cincinnati Street Railway
3534
32%
3934
32
2634
3534
Cincinnati & Hamilton Traction
----8
.2
32-5§
-8
-§
32
Preferred
32
-iM
700
400
445
500
Cincinnati New Orleans & Texas Pacific
445
700
10234
10134
101%
105
Preferred
10234
9774
Mix
132
160
119
129
160
Cincinnati Union Stock Yards
132
135
85
90
90
Cincinnati Postal Terminal. preferred
89
90
99%
216
193
220
203
225
220
Citizens National Bank
265
25
23
26
105%
City Ice & Fuel
a11934
a102
a11934
38
33
36
36
36
36
Columbia Gas & Electric
37%
89
93
93
89
89
Columbus & Xenia
92%
91
-_9834
Columbus Railway, first preferred
9834
9834
94--94
94
"B"
-18
.
-i5%
-i§%
20
21%
1734
Cooper Corporation (old),"A"
-. .§%
1
__
-__
11%
--1134
10
------___
88
New
8434
6534
--108
117
New preferred
953,4
-§§
102
Crown Overall, preferred
Teti
Ha
101
10534
Mix
62
63
Dalton Adding Machine
65
56
4334
7634
8034
Preferred
10234
10134
95
105
10534
9934
10634
Dayton & Michigan
3134
35
35
35
37
37
37
Preferred
83
82
82
8334
79
8034
83
Douglas (John), preferred
101
109
105
107
104%
10534
110
125
145
250
Dow Drug
174%
145
149
250
Preferred
112
107
102
10734
113
10734
107
28
40
Lady & Daniel
4834
45
3434
3834
345%
Preferred
88
97
100
88
95
102
101
Lagle•Plcher Lead
34
3234
3234
2434
31
--4034
Preferred
111
108
112
5
Lxcelsior Shoe
-io
-iii
5
-i53i
20%
534
Prior preferred_70
70
70
104
"i8
ray & Egan
60
40
"i
80
58
5234
Preferred
89
6834
60
88
80
95
85
77
7enton United
85
75
77
85
6734
61%
95
Preferred
90
96
9534
90
95
953
,
1
?leischmann (old)
95
85
8434
95
4734
84%
4634
53
New
53
53
Preferred
11434
112
118
iii
ii5m
ii5x
iH
300
11th-Third-Union units '
ORO
pxn
320
275
322t4
Ott
a City Ice dr Fuel prices for 1924 are based on $100 par value shares.
26%
11434
28
9634
50
8034
375
-----
iiiix
Close.
3834
117
33
98
50
8034
375
-----
Hom
100
103
D58
108
99%
39%
--_
7834
96%
67
7034
56
25%
___
22%
"9834
120
198
101
43
78%
NH
74
7134
5634
27
___
22%
-i,'
120
HA
a97
30%
8834
---1134
-----
-ii
----
ioo
Ho
a98
35
88%
-__
48
95
3134
79
100
125
105
3034
97%
-__
50
95
3134
79
103
125
105
3834
'100
---
18%
100
35
• 78
55
86
32
20
103
50%
78
6134
94
4434
ip,
iiiix
any year since the inception of the Exchange in
1885,. and surpassed that of 1924 almost two-fold.
Total transactions during 1925 amounted to 873,503
shares, a daily average of almost 3,000 shares, compared with 488,740 shares traded in during 1924.
The fact that the market has expanded to the
point where stocks can be realized on without sacrifice had led to much activity of the Cincinnati Exchange. From an Exchange of approximately 10,000 shares traded in during the first year of its
existence, 41 years ago, the business has grown to
almost 900,000 shares for 1925.
Based on the volume of shares traded in, the Cincinnati Stock Exchange was a "clearing house" for
almost a hundred million dollars' worth of securities during 1925. The membership of the Exchange
has expanded and to-day there are 45 members.
Seats on the Exchange in the early days sold for as
little as $100, while during 1925 they sold up to
$8,500.
When the Stock Exchange was organized in March
1887, the trading list comprised the names of about
thirty industrial, public utility, railroad and bank
stocks, while to-day there are 200 on the trading list.
Therefore, the modern conception of the Stock ExCincinnati Stock Exchange in 1925 Outstrips change is very different from that of olden days,
when an Exchange was considered merely a tradAll Former Years—Ticker Service
ing place. The investing public to-day is better
Established.
By J. NEVIN ROBERTS, President.
posted as to the financial status of listed corporaThe volume of business on the Cincinnati Stock tions. Every corporation of strong financial standExchange during the year 1925 outstripped that of ing, whose securities are widely distributed among
in the annals of the Exchange, the clearing house
functioned with remarkably little friction and the
results attained have exceeded the hopes of even its
most ardent supporters. In the four months of operation in 1925 securities with a value of $18,886,15071 were cleared through the clearing house.
Checks presented to cover balances totaled $7,216,818 70, showing an economy of better than 60% in
the amount of money actually required to handle
deliveries under the old system.
An innovation which gives promise of much merit
was the establishment of a local ticker service. This
service makes possible the rapid transmission of all
sales and quotations from the floor of the Exchange
to outside points of connection. Though it is yet
early in its local development for this service to
have reached its proper range, very commendable
reports have been received concerning it.
Greater familiarity with the functions and purposes of the Stock Exchange even by the many to
whom services are rendered through its operations
would go a long way toward defeating the efforts of
those who make a business of distributing worthless
securities.
FEB. 27 1926.]
THE CHRONICLE
1087
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1925, 1924 & 1923 (Concluded).
STOCKS (Concluded).
Calendar Year 1925.
High.
Low.
Close.
Calendar Year 1924.
High.
Low.
Calmdar Year 1923.
Close.
.High.
—
First National
326
270
326
268
23514
268
245
Fourth & Central Trust
225
202%
225
205
200
200
-- Ftench-Bauer
16
10
15%
18
16
16%
25
Preferred
90
8214
90
90
85
87
101%
Gibson Art
40
35
36%
3834
303
38
32%
Preferred
115%
112
114
11011
10734
11031
106
soap40
Globe
40
40
First preferred
iii
-Ao
-8:1
89%
80
8034
ibi%
Special preferred
80
78
78
-_ -_ _102
Globe-Wernicke
97
82%
97
8934
7534
85
93
Preferred
10234
95Si
95%
100
93
98
102%
Gruen Watch
3934
30
3734
33
30
32%
3234
Preferred
104%
10011
104%
103
100
10134
104
Hatfield-Reliance
22
1614
18
2034
17%
1934
--Preferred
106
100
10134
107
100
105%
--Johnston Paint, preferred
103
97
99
102
98
102
--Kemper-Thomas
80
47
67
49
48
49
60
Preferred
112%
109%
109%
110
104
110
10531
Kodel Radio
2314
17
17
_____
___
__Preferred
22%
20%
22
___
___
Kroger
141%
73%
12634
76%
3514
76%
40
New. preferred
113%
110%
110%
112
107%
11034
109%
Little Miami
95
92
93
9234
8734
9134
93%
Special
41
41
41
---__
-_41
Lincoln National
28034
280
280
280
McLaren Products."A"
1111
1511
14
-i5
11
McLaren Cons. Cone,"A"
2034
20
20
-- -__
__ -__
Monitor Furnace
18
17
1714
18
15
17
--Oglesby Paper, preferred
90
90
90
95
90
95
Ohio Bell Telephone, preferred
110%
106
10934
108%
102
107%
108%
Ohio Traction
5%
15
7%
15
4
13
9
Preferred
85
40
79%
4834
14
41
35
Owens Bottle, preferred109
10611
10611
Paragon Refining
10
i31
7214
8
--534
--;
5
6
Preferred
78%
56
65
55
40
40
80
Printing Machinery
110
105
105
130
130
130
Preferred130
112
130
Procter & Gamble
140
i Hi
i5i334
128%
101
11234
iii
8% preferred
170
156
168
160
152
158
16311
6% preferred
112%
107%
111%
110%
105%
108
109
Pure Oil
28
2931
29%
28
23
23
32
6% preferred
89
85
81
8334
67
8314
76%
8% preferred
103
108
106
104%
94
104%
9934
Putnam Candy
25
22
22
26%
25
25
27
Preferred
100%
90
100
10134
100
101
10114
Richardson
90
160
158
100
100
100
100
Preferred
•
108
102
108
100
10234
10234
100
Second National
195
165
190
154
154
154
-_Standard Drug,"A"
22%
23
24%
Toledo & Bowling Green, preferred
-2 8
1
-i8
'
-i
U. S. Playing Card
.
1715
110
153
lElf
90%
109
-96%
U. S. Printing & Lithographing
3
59
70
84%
81%
54%
60%
65
Preferred
80%
77%
94
98
61
80%
74%
U. S. Can
63
52%
7334
51
40
52%
45
Preferred
105
105
100
102%
100
1031d
100
U. S. Shoe
6%
9%
10%
5%
3
6'3
20%
Preferred
68
64
47
55
30
45
97
Whitaker Paper
59
21
16%
54
12
15%
4536
Preferred
60%
100%
100%
100%
41
4334
85
Western Paper, "A"
38
30
3131
--------Western Bank
29114
291
291
Wurlitzer, 7% preferred
111
iii8
105
108
RIO
ii5i
108
8% preferred
112%
105
104
104%
102
10414
104
BONDS.
American Rolling Mill 6s
101%
101
101%
9934
101%
101
99%
C. N. & C. 1st 6s
104%
101
10014
101
10031
101
9834
Dalton Adding Machine 85
104
10336
104
101
103
103
103
Richardson 6s
9934
99%
9914
99%
9714
99
9911
Whitaker Paper 1st 7s
99%
9934
9934
Wurlitzer del. 6s
100
fig
9711
---------
the public, should undertake to have them listed, as
it affords the investor a more steady market, and
it is less difficult to obtain an immediate and satisfactory purchase or sale.
A rather unique record was made during the year
1925, with only one company passing its dividends,
while on the other hand, numerous companies declared extra dividend disbursements to their shareholders. During the year 1925 14 corporations listed
their securities on the Cincinnati Exchange—a new
record for a single year. The securities listed were
as follows:
Buckeye Incubator Co.
-60,000 shares no par common;
$200,000 8% preferred.
Campbell Creek Coal Co.—$500,000 7% preferred; $300,000 6% 10-year notes.
J. B. Campbell Manufacturing Co.
-10,000 shares no par
common; $500,000 8% preferred.
Formica Insulation Co.
-180,000 shares no par common.
Gallaher Drug Co.
-7,500 shares no par common; $200,000 7% preferred.
Kodel Radio Corporation.
--52,500 shares no par common;
$100,000 7% preferred.
McLaren Consolidated Cone Corporation.
-219,750 shares
no par Class "A."
Standard Drug Products Co.
-35,000 shares Class "A";
35,000 shares Class "B."
Western Paper Goods Co.
-44,100 shares Class "A."
Giant Tire Co.
-15,000 shares no par common.
G. A. Schacht Motor Truck Co.
-4,000 shares no par common; $147,100 7% preferred; $1,000,000 6% 3
-year notes.
Vulcan Last Co.—$460,000 connnon stock; $912,800 7%
preferred.
United States Printing & Lithograph Co.—$2,500,000
serial notes.
Low.
Close.
—
212
245
-i14
96%
28%
103
-Ni
96%
30
10514
-553,1
-6534
95
8731
93
2934
100
------57
103%
---
9534
90
94
31%
104
------57
104
---
30
107
85%
41
280
8
-_ ---
-583i,
108
80
41'
280
9'
-----
ioi
10334
43,4
1%
12
--g14
40
15
--834
40
12234
156
15731
103%
16%
65
86
25
100
92
9731
__ -
1573
10734
24
67
90
27
101
100
100
---
-8814
52
61
3434
100
5%
58%
40
54
---
-1 834
1
59
61
4014
100
734
60
40
5534
---
leo
99
iai
10234
98
98
103
97
9998,
103
97
---
---
Early & Daniel Co.—$170,000 7% serial bonds.
The Cincinnati market has also absorbed a tremendous amount of new securities during the year,
thereby furnishing additional working capital tolocal industries.
The volume of trading from 1915 to 1924, inclusive, was as follows:
1925
1924
1923
1922
1921
1920
873,503
488,740
224,954
168,194
152,841
141,408
1019
1918
1917
1916
1915
101,95631,887
73,959
232,000
68,792
The securities of practically all of the more important local industrial corporations and public
utility enterprises and banking institutions are now
listed and traded in on the Cincinnati Exchange.
In comparing the prices of the various stocks traded
in at the close of 1925 about 120 stocks, out of 130
stocks traded in during the year, were higher thau
the prices that prevailed at the close of 1924.
The Cincinnati Stock Exchange authorized a complete ticker service during the fore part of 1925 and
the investing public is now furnished full information as to market quotations established on the floor
of the Exchange from day to day. The installation
of the tickers in the offices of member firms of the
Exchange has also tended to broaden the scope of
the market considerably.
During the latter part of 1925 the Cincinnati
Stock Exchange moved into its new quarters on the
mezzanine floor of the Dixie Terminal Building, in
THE CHRONICLE
1088
[Vol,. 122.
RECORD OF PRICES ON TOLEDO STOCKS FOR 1925.
There is no Stock Exchange in Toledo, but we have obtained from Bell & Beckwith the following list of
high and low prices for the calendar year 1925 on the stocks which are traded in more or less actively in the
Toledo market. Important Toledo stocks, such as Owens Bottle, common, National Supply, Willys-Overland
and Electric Auto Lite are listed on the New York Stock Exchange and appear regularly in our records for
the New York market.
STOCKS.
Fifty Associates
Preferred
Houghton Elevator, praerred
Harris Automatic Press
Harbauer Company
LaSalle & Koch, pre:erred
Larrowe Milling
Preferred
Woolson Spice, preferred
Libbey Owens
Preferred
National Supply. preferred
Owens Bottle, p.eferred
Dura Company
Ohio Bell Telephone. preferred
Ohio Brass, preferred
Sherwin-Willian:s. Preferred
Toledo Edison. 8% preferred
BONDS.
Secor Hotel 6Y4s, 1932
Toledo Gas. Electric & Heating 5s. 1935
Commonwealth Bui:.:ing 6s, 1938
High.
983
102
89
35
24
105
115
106
100
195
115
110
11431
125
110A
102
10835
11434
1.410.
95A June
Nov
Jan
Nov 100
Jan 82A Jan
28
Jan
18
Dec
Dec
Dec 105
Dec 44A Jan
Dec
Dec 106
Feb
Feb 100
Jan
July 101
Jan
Oct 110
Oct 106A Apr
Feb
Dec 109
125
106
9734
104%
110
Dec 100
100
96
993i Nov
1003 June 100
Dec
Jan
Aug
BANK STOCKS.
First National Bank
City Savings Bank
Commerce-Guardian Trust & Savings
Commercial Savings Bank & Trust
Dime Savings Bank
Home Bank & Trust Company
Ohio Savings Bank & Trust Company
Peoples State Savings Bank
Security Savings Bank & Trust Company
Spitzer-Rorick Trust & Savings Bank
Toledo Trust Company
Union Trust & Savings Bank
Bid Dec. 31
1925.
Bid Dec.31
1924.
336
120
185
330
275
160
360
169
240
220
172
245
336
120
175
290
218
150
300
175
218
220
175
245
Notes.
Libbey Owens Shed Class, common, was admitted to trading on the New York
Curb in July 1925. The records given above on this stock are from Jan. 1 1925
to July 2 1925. The records after that date will be found on the regular New York
Curb list.
common, paid two extra cash dividends of 75c. each in addition
Larrowe
to the regular quarterly dividends of 62Ac. per share.
Harbouer Company, common, also paid extra cash dividend of 45e. per share in
addition to the regular quarterly dividends of 45c. per share.
The year was noticeable and at times exceptional
which quarter.3 there is a floor space of approxiin the flotation of foreign Government, municipal
mately 1,300 square feet.
and corporation bonds, which were well received, as
fully evidenced by prompt oversubscription, excelBond Market in 1925.
By GORDON REIS, of Seasongood & Mayer, Cincinnati, Ohio. lent, thorough distribution, with the inevitable reThe year 1925 provided a large volume of munici- sult that most issues of this character are now sellpal business. During the first six months a con- ing above issue price, and to-day it is almost imstant heavy absorption and a wide general market, possible to buy substantial quantities of any parprices constantly advancing; this condition caused ticular flotation.
There was a large demand for real estate mortby low interest rates prevailing.
gage bonds, where the investor was assured of a
July 1, when money rates advanced and summer
dulness set in, there were rather severe and abrupt proper marginal security.
Public utility corporation and railroad bonds
declines in the high grade municipal issues legal
were in great demand throughout the year, at confor savings banks investments. This particular class
of securities showed the largest declines by reason stantly increasing prices. Common stock flotations
of being the highest priced issues and lowest income were in constant demand, with supply totally inadebearing securities. The low points in the market quate; book values disregarded entirely, market valwere reached in the period from August to October, ues, due to* heavy demand, apparently disrespected
but in November and December there was consider- actual or intrinsic values. Selling values were based
able business produced by the declines in values, largely on earning capacity, which only favorably
with the result that a scarcity prevailed by Dec. 1. exists in exceptionally prosperous times. The situThe usual reaction set in and prices advanced, with ation prevailing at the close of the year, where the
a stable market condition and positive scarcity of yield on common stock was about %% in excess of
the yield on approved bond investments. The slight
prevailing offerings by Jan. 1 1926.
exhibited sta- difference prevailing between common stocks
Municipal bonds of other grades
bility throughout the year, not cnly in respect to and bonds is assuredly a clear indication that
prices, but also in demand. The reaction and de- either stocks are too high, or bonds are too
cline during the summer months were far from low.
The bond dealer can look forward to 1926 with
severe, with also a complete recovery in October and
confident hopes of excellent steady business. GenNovember, but a decided scarcity and marked aderal business in certain basic lines is already showvance in December.
The prevailing money rates were unquestionably ing signs of contraction. Money rates are declinthe entire market factor governing prices and vol- ing, which always superinduces a heavy demand in
•
high grade fixed rate bond investments.
ume of business.
,
The New Capital Flotations in the Month of Januar)
New financing in the opening month of 1925 reached a
total which makes that month one of the very largest on
record. Our tabulations, as always, include the stock, bond
and note issues by corporations and by States and municipalities, foreign and domestic, and also Farm Loan emissions. The grand total of the offerings of new securities
under these various heads during January aggregated $731,844.584, or somewhat larger even than in the month preceding (December), when the amount was $728,179,163.
NovemAt these figures comparison is with $589,119,381 in
October, with $492,022,119 in Sepber, with $506,180,950 in
total
tember and with only $404,015,397 in August, when the
of any month since March 1924, but with
was the smallest
$695,094,335 in July, when the total was the largest of any
month since the previous October, and it compares with
$673,930,001 in June, with $552,708,781 in May, with $609,146,797 in April, when the financing of the purchase of the
Dodge Brothers automobile properties added $160,00000
to the total; with $506,078,256 in March, with $666,634,414
In the short month of February, and with $695,273,797 in
January.
It will be observed that the amount for January is well
in excess of that of any month in the calendar year 1925.
Another fact worth noting is that the corporate offerings
are responsible for the vast preponderating portion of the
whole. Under all the other leading divisions—such as State
and municipal offerings and foreign Government flotations
•—the new capital issues in January were comparatively
FEB. 27 1926.]
THE CHRONICLE
1089
-year deb. 6s, 1936, offered at 98, yieldDaily News, Inc., 10
ing about 6.25%.
The principal public utility issues offered during January
comprised the following: $30,000,000 Florida Power &
Light Co. 1st mtge. 5s, 1954, placed at 93%, to yield about
5.45%; $25,000,000 Lehigh Power Securities Corp. (Del.)
deb. 6s, "A," 2026, offered at 95, yielding about 6.30%;
$22,500,000 Western United Gas & Electric Co. 1st mtge.
5%s, "A," 1955, sold at 99, yielding about 5.55%; $15,000,000 Commonwealth Edison Co. 1st mtge. & coll. 4%s, "0,"
1956, offered at 93, to yield about 4.95%; 300,000 shares of
no par value corn, stock of Northeastern Power Corp., offered at $35 per share and involving $10,500.000; $10,000,000 Cities Service Co. ref. deb. 6s, 1966, offered at 98%,
yielding about 6.45%, and $10,000,000 Pennsylvania Power
& Light Co. 1st & ref. mtge. 5s, "D," 1953, offered at 98%,
yielding about 5.10%.
Among the railroad group two issues by the Baltimore &
Ohio RR. Co. featured the month's activities. The issues
offered were $30,000,000 ref. & gen. mtge. 5s, "D," due 2000,
brought out at 95%, yielding about 5.24%, and $8,370,000
hs, "C," 1927-41, offered on a 4.71% average
equip. trust 41
yield basis.
Three issues of farm loan bonds, totaling only $5,000,000,
were sold during January at prices ranging in yield from
4.40% to 4.60%.
Four foreign Government loans were brought out in this
country during January for a total of $24,972,000. The
loans offered were as follows: $14,472,000 Province of
securities.
Aires (Argentina) external 7%s, 1947, offered at
the $68,706,575 raised for refunding purposes in Jan- Buenos
Of
99, yielding 7.60%; $4,500,000 Consolidated Municipalities
uary this year, $58,780,000 was new long-term maturity to
of Baden (Germany) external 7s, 1951, offered at 93, yieldrefund existing long-term, $3,150,000 was new long-term to ing 7.63%; $4,000,000 City of Oslo (Norway) 5%s, 1946,
refund existing short-term, $1,300,000 was new stock to re- offered at 97, yielding 5.75%, and $2,000,000 Province of
place existing long-term obligations and the remainder, Lower Austria 7%s, 1950, offered at 98%, yielding about
$5,476,575, was new stock issued in place of existing short- 7.60%.
Offerings of various securities during the month which,
term securities.
did not represent new financing by the company whose.
Foreign corporate issues sold in this country during securities were offered and which therefore are not in-,
January amounted to $57,970,000 and comprised the fol- eluded in our totals, consisted of the following: 1,100,000
lowing: Canadian: $5,250,000 Northern Ontario Light & shares of The National Cash Register Co. (Md.) corn. "A"
Power Co., Ltd., 1st mtge. 6s, reries of 1926, due 1946, of- stock, offered at $50 per share, involving $55,000,000; 50,fered at par, and $4,000,000 Powell River Co., Ltd., serial 000 shares of (F. W.) Woolworth Co. corn. stock at a price
$10,000,000; $4,450,000 C. K.
4
1
/
5s, 1928-33, offered at prices to yield from 4% to 5 %. reported to involve more than
Eagle & Co., Inc., 7% cum. pref. at par ($100); $2,500,000
Other foreign: $25,000,000 Rheinelbe Union (Germany)
Curlee Clothing Co. 7% cum. pref. at par ($160); 100,000
20-year mtge. 7s, 1946, brought out at 94, yielding about
shares of Kruskal & Kruskal, Inc., corn. stock, offered at.
7.55%; 100,000 shares of no par value 1st pref. stock (cum. $20 per share; 35,000 shares of (S.) Stroock '& Co., Inc.
$7 per share )of German Credit & Investment Corporation, (N. Y.), capital stock, offered at $40 per share; 40,000'
offered at $100 per share, with a bonus of 1 share of corn. shares of Kawneer Co. (Niles, Mich.) stock at 29% per
N. Y.), 7%
stock; $5,000,000 Saxon State Mortgage Institution 1st share; $1,0000,000 Stein-Block Co. (Rochester,
,
at par ($100), with a bonus of 1 4.
mtge. coll. 7s, 1945, offered at 93%, yielding about 7.63%; cum. 1st pref., offered
•
share of corn. stock, and $479,580 Tri-State Tel. & Tel. Co.
100,000 shares of no par value stock of European Shares,
6% cum. pref., offered at 96, yielding about 6.25%.
Inc., sold at $50 per share and involving $5,000,000; $3,000,The following is a complete summary of the new financing
000 Leonhard Tietz, Inc. (Germany) 1st mtge. 7%s, 1946, -corporate, State and city, foreign Government, as well as
-tor January of the current calendar.
issued at 97, yielding about 7.80%, and $720,000 par amount Farm Loan issues
com, stock of Fajardo Sugar Co. (Porto Rico), offered to year. It will be observed that in the case of the corporate
offerings we subdivide the figures so as to show the longcompany's stockholders at par ($1OO).
the short-term issues separately and we also.
The outstanding feature of the month's domestic cor- term and
separate common stock from preferred stock, besides reportporate issues is found in the $20,000,000 offering of Crown
ing the Canadian corporate issues and other foreign corWillamette Paper Co. 1st mtge. Os, 1951, at 99, yielding porate issues as wholly distinct items.
6.05%, and the sale of 200,000 shares of no par value 1st SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
$7 cum. pref. stock of the same company at $100 per share,
Total.
involving a sum of $20,000,000. There were numeroui
New Capital. Refunding.
MONTH OF JANUARY.
$
other large industrial issues, chief among which were the Corporate$
$
56,680,000 357,498,000
300.818,000
Long term bonds and notes
43,059,195
following: $25,000,000 Barnsdall Corp. 15-year deb. Os,
43,059,195
Short term
82.503,242
4,100,000
78,403,242
Preferred stocks
73,518.802
2,676,575
1940, sold at par, and 227,738 shares of this same company's
70.842,227
Common stocks
9,250,000
5,250,000
4.000,000
Canadian
48,720,000
Class "A" corn. stock, offered to stockholders at $30 per
48,720.000
Other foreign
68,706,575 614.548.239
share, involving $6,832,140; $15,000,000 The B. F. GoodTotal
545,842.664
24,972,000
9,073,000
Foreign government
15,899,000
5,000.000
rich Co. 5s, 1927-29, offered at prices yielding from 5% to Farm Loan Issues
5,000,000
War Finance Corporation
5%%; $15,000,000 Financial & Industrial Securities Corp. Municipal
70,575,345
1,753.550
68.821,795
11,000,000
Canadian brought out in United States
11.000,000
7% cum. pref. stock sold at par ($100); $13,000,000 Chicago
5,748,000
U.S. Territories and Possessions
5,748,000
By-Product Coke Co. 1st & ref. mtge. 58, "A," 1976, offered
.
70821128I 731 R44.584
552 R11 450
Grand total
at 94%, yielding about 5.30%; 101,919 shares of no par
In the elaborate and comprehensive table on the followvalue corn. stock of Mack Tracks, Inc., sold at $100 per
share, involving $10,191,900; $10,000,000 Buffalo General ing page we compare the foregoing figures for 1926 with
Electric Co. gen. & ref. mtge. 5s, "A," 156, placed at 99, the corresponding figures for the four years preceding,
-year thus affording a five-year comparison. We also furnish a
yielding 5.05%; $10,000,000 The Fisk Rubber Co. 5
brought out at 98%, yielding about 5.90; $10,000,- detailed analysis for the five years of the corporate offer5% 1931,
different
000 Paramount Broadway Corp. 1st mtge. 5%s, 1951, offered ings, showing separately the amounts for all the
to yield about 5%%, and $8,000,000 The Chicago classes of corporations.
at 98%,
light. The corporate offerings the present year reached
no less than $614,549,239, against $508,597,685 in January
1925 and only $304,698,837 in January 1924.
The figures on corporate issues sold during January
show that industrial securities dominated the Month's business with a total of $361,632,997. This marked the fifth
successive month in which the total of industrial issues exceeded that of public utilities and railroads. Compared
with December, the January output of industrial issues
shows an increase of over 60 millions and in comparison
with November it reveals a gain of over 113 millions. Public utility issues also increased during January, reaching
$206,246,242, as compared with $182,164,300 in December
Railroad issues
and $121,445,795 during November.
amounted to $46,670,000 during January, as against $35,000,000 for December and only $6,320,000 for November.
Total corporate offerings, as already stated, were $614,549,239, and of this amount $399,748,000 constituted longterm issues, $43,059,195 were short-term, while the remaining $171,742,044 represented .stock issues. The portion
used for refunding purposes was $68,706,575, or slightly
over 11%. In December $43,457,100, or slightly over 8%,
was for refunding, while in January last year $95,193,425,
or almost 19%, was for the purpose of refunding existing
SUMMARY OP colzpoRATE, PoREIIGN GOVERNMENT, FARM LOAN ANO MONtetPAL FINANCiNG
Poit THE MONTH OP .YANOARV Polk FIVE YEARS.
New Capital.
Corporate—
Long term bonds and notes-Short term
Preferred stocks
Common stocks
Canadian
Other foreign
Refunding.
300,818,000
43,059,195
78,403,242
70,842,227
4.000,000
48,720,000
56,680,000
Total
545,842,664
Foreign Government
15,899,000
Farm Loan issues
5,000.000
War Finance Corporation
Municipal
68,821.795
Canadian brought out in U.S.
11,000,000
U.S. Territories & P
ions
5.748,000
Grand total
652.311.459
1925.
Total.
New Capital.
Refunding.
357,498,000
43,059.195
82.503.242
73,518,802
9.250,000
48,720,000
251.424.575
44.000,000
42.917.500
25,112,185
4,950.000
45.000,000
20,372.425
62,400.000
1,683,500
687,500
10,050,000
68,706,575
9,073,000
614,549,239
24.972,000
5.000.000
413,404,260
8.000,000
36,875,000
1,753,550
70.575,345
11,000,000
5,748.000
132,894,622
4.000,000
3,000,000
4,100,000
2,676,575
5.250,000
1924.
Total.
New Capital.
Refunding.
271,797,000
106.400,000
44,601.000
25.799.685
15.000.000
45,000,000
187194,700
19.125,000
15.355.000
48,731.737
95.193,425
508,597,685
8,000,000
36,875,000
276.906,437
8,490.000
69.000.000
27,792,400
40,000,000
2,416,500
135,311,122
4.000.000
3,000,000
98,552.856
23,316.562
50.000
1,072,614
3,000,000
25,942,400
17X50r,066
6,000,000
1923.
Total.
213.637.100
19.125,000
15.355,000
50.581,737
New Capital.
Refunding.
1922.
Total.
Long Term Bonds and Notes—
Railroads
Public Utilities
Iron, steel. coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
'Short Term Bonds and Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, drc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings. &c
Rubber
Shipping
Miscellaneous
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
Total corporate securities
5
31,647.000
136,560,000
26,100,000
39.959.000
24,500.000
51.952.000
1.100.000
Refunding.
s
s
New Capital.
$
Refunding.
458,495,000
26,820.000
111.213,386
23,320,400
2,200,000
134.954,265
28.851,800
7,395.000
24,538,400
45,140.835
11,650,000
400,000
180,095.100
40,501.800
7,795,000
24,538,400
304,698.837
48.490.000
69,000.000
444.122.962
44,000.000
94,000,000
177.925,824
6,000,000
622,048,786
50,000,000
94,000,000
195,739,465
73.500,000
11,390.000
57,190,835
252,930,300
73,500,000
11.390.000
99,625,470
26,316,562
50.000
95,863,109
18,153,000
130,000
1,132,500
96,995,609
18,153.000
130,000
107,094,662
20.736.000
1,492.537
108,587,199
20,736.000
408,460,127
58.683,372
467.143,499
6,000.000
$
1924.
Total.
$
New Capital.
Refunding.
Total.
1923.
Total.
$
1922.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
s
$
s
$
$
Total.
17.212,000
152.219.500
11,700,000
5,380,000
10.559,000
22,592,000
162,778,500
11.700.000
S
45,608,600
104,802,500
3.585,000
650.000
30,562,300
17.500.000
45,568.000
350,000
731,200
5,000,000
2,805,000
1,000,000
31,293,500
22,500.000
48,373,000
11,174,600
16,574,000
16,574.000
26,000,000
684,775
13.278,000
4.315,225
1.282.000
5.000.000
14.560,000
1.500,000
10.450,000
1,500,000
10,450.000
24,436,000
31,549,000
55,985,000
18,582.435
2,947,565
21.530,000
399,748,000
289,374,575
30,422.425
319,797,000
193.694,700
219,637,100
330.712,202
129,982,798
460,695,000
134,954,265
45.140,835
180,095,100
400.000
12,000,000
400,000
35.650,000
16.400,000
1,150.000
125,000
1.000,000
125.000
1,000,000
2.570,000
20,951.800
6.050.000
11.650.000
20,951,800
17.700,000
23.500.000
16.000,000
16,000,000
200.000
200,000
200,000
200,000
1,450,000
1.450,000
15.023,000
25.766.000
900,000
46,670,000
162.326,000
27.000,000
17,366.000
900,000
1,975,000
57,325,000
25,400,000
53,927.000
1,100,000
26,000.000
337.818,000 •
1925.
Total.
t"
-Atel
129.982,798
9,454,000
36.172,266
2.316.760
79.533,125 e 731,844.584
1926.
New Capital.
Refunding.
328,512,202
17,366,000
75,041,120
21,003,640
2,200.000
598.173,882
97.609.925 695,783.807
476.315,855
71,865,014 548,180.869 696,269.071 185.058.324 881.327,395
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
STATES FOR THE MONTH OF JANUARY FOR FIVE YEARS.
MONTH OF JANUARY.
New Capital.
61,930.000
9,750.000
9,750,000
23,650,000
16,400,000
1,150.000
4,000.000
$
20,374,500
45,608,600
125,177,000
3,585.000
5,567,900
16,742,500
25,942,400
50.802.000
66,940,000
151.683,139
6.000.000
2.140,000
7,326,063
4,000,000
44,833,000
45,866,861
1,860.000
1,873,937
21,385,000
21,385.000
2,570.000
14.046,000
54,802.000
111,773.000
197,550.000
6.000.000
4,000.000
9,200.000
9.454,000
$
84,629.330
11.217,500
1.500.000
27,643.270
13,300.000
112,272,600
24,517,500
1.500,000
1,750.000
5,625,000
8,500,000
3.150,000
1,250.000
1,750,000
5.625,000
9,750,000
3.150,000
3.115,000
25.000.000
3.115.000
25.000.000
2.800.000
4,000,000
50.000,000
2.800,000
5,194,195
5,194,195
5,000,000
3.000,000
5.000 000
3,000.000
2,000.000
2.000.000
43.059,195
43,059.195
56,000.000
118,400,000
19,125.000
19,125.000
17,366.000
9.454,000
26,820.000
28.851.800
11,650,000
40,501.800
34,170.242
34.170,242
2,588.500
13.751.900
50,386.135
18.457,140
1.288.500
1.064,537
26.823.737
8,355.000
840.000
31,536,286
5,933.240
1.066.760
31.536,286
7.000.000
12,832,150
12.406,250
400,000
2.588,500
13,751,900
46,409,560
15,657.140
1.288,500
1,064,537
39,296,000
4,190.000
26.823,737
8,355,000
840.000
13.232.150
12,406.250
5,040.000
19,192.734
1,000,000
1,335,000
1.487,266
6.375.000
20,680.000
1,000,000
3.976,575
2,800,000
50,035.090
164,965.469
31,647,000
180.480,242
26,100,000
2.588,500
13,751.900
86.368.560
40,157,140
56.355.500
27.164,537
37.732,500
4,190.000
15,311.935
3.900,000
2,600,000
62.400.000
1.563,500
687,500
120,000
16.039.435
3,900.000
2.720,000
7,668.000
16.200.000
700,000
1.850.000
9.518,000
16,200.000
700.000
750.000
750.000
920,000
920,000
1,175.000
4.000.000
1,175.000
4,000.000
50,035,090
15,023,000
25,766,000
900,000
21,342.575
3.700.000
1,975,000
68,706,575
4,255,250
4,255,250
3.500.000
3.500.000
33,342,500
34.600.000
67,942,500
600.000
171,742,044
68,029,685
2,371,000
70.400,685
64,086,737
1.850,000
65.936,737
96,044,760
38.489.026
134,533,786
31.933.400
400,000
32,333,400
46,670,000
206.246.242
27,000.000
2.588,500
13.751.900
107.711,135
43,857,140
58.330,500
27.164,537
17.212.000
213,602.000
32,290,000
1,150,000
650.000
49,914.235
21.400,000
50,968,000
5,780,000
24,122.500
72,432.337
113.157,500
4.550,000
1,000.000
20,374.500
72.432.337
133,532.000
4.550.000
1.000.000
50,802,000
101,046.286
157.616,379
6,000,000
21,226,000
26,518,797
1,750,000
21,385,000
4,000,000
44,833,000
46,933,621
54,802,000
145,879,286
204,550,000
6,000.000
33,875,000
29,880,000
1,750.000
21.385,000
105.581.130
30,099.650
13,906.250
27,643.270
25,350,000
133,224,400
55,449.650
13,906.250
350.000
1.418.700
55.000.000
2.925.000
22,992.000
237,724,500
32,290,000
1.150.000
1,000.000
51,332,935
76,400,000
53.893,000
1,250.000
5.684,775
20.533,250
4,315,225
1,282,000
10,000,000
21,815,250
1,500,000
15,950,000
1,950,000
6,745,000
8.500,000
5,775,000
4.000.000
1,950.000
6,745,000
9,750.000
5,775,000
4.000,000
81.229.285
6,776,575
81,229,285
545.842,664
50,000,000
614,549.239
413.404.260
95,193.425
508.597.685
276,906.437
18,842,600
32,200.000
17,274.000
7,417.900
26,260.500
32,200.000
17,274,000
12,649,000
3.361,203
600,000
1.500.000
15.950,000
27.792,400
57,778.500
66,149.000
123.927,500
19.182.435
2.947.565
22.130.000
304,698.837
444,122.962
177.925.824
622,048.786
195.739,465
57.190.835
252,930.300
51'101KOZIHO ffHil
1926.
MONTH OF JANUARY.
THE CHRONICLE
FEB. 27 1926.]
1091 '
DETAILS OF NEW CAPITAL FLOTATIONS DURING JANUARY 1926.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Purpose of Issue.
Amount.
To Yield
About.
Price.
Railroads
800,000 Additions dc betterments
6.00 Akron Canton & Youngstown Ry. Gen. & Ref. 510, B, 1945. Offered by Faxon, Gade & Co.,
Inc., Boston, and Stroud & Co., Inc., Philadelphia.
5.24 Baltimore & Ohio RR. Co. Ref. & Gen. 55, D,2000. Offered by Kuhn. Loeb & Co., Speyer & Co.
and the National City Co.
4.71 Baltimore & Ohio RR. Co. Equip. Trust 414s, C. 1927-41. Offered by Kuhn, Loeb & Co., Speyer
& Co. and the National City Co.
5.86 Maine Central RR. 1st & Ref. 6s, D, 1935. Offered by Kidder, Peabody & Co.. arris Trust &
Savings Bank,Chicago; Mitchum,Tully & Co., Blyth, Witter & Co.and Bank Wittily, Los Ang's.
5.03 New York Connecting RR. Co. 1st Mtge. 5s, B, 1953. Offered by .1. P. Morgan dr Co. and Kuhn,
Loeb & Co.
94
30,000,000 Refunding;add'ns & betterments_ _
9535
8,370,000 New equipment
4,000,000 Refunding; improvements
101
3,500,000 Electrify line; construction
Company and Issue, and by Whom Offered.
9914
46.670,000
Public Utilities
1,250,000 Acquisitions; working capital
6.22 American Utilities Co. (Del.) 1st Lien & Ref. Cs, A, 1945. Offered by J. G. White & Co.. Inc..
Parsley Bros. & Co. and Stroud & Co.. Inc.
Co.,
5.05 Buffalo General Electric Co. Gen. & Ref. Mtge. 5s, A, 1956. Offered by Lee, Higginson &
Blair & Co., Inc., and Schoellkopf, Hutton & Pomeroy, Inc.
68, A, 1946. Offered by Thompson, Ross & Co.,
6.09 Central Public Service Co. 1st Lien Coll. Trust
Inc., Chicago, and Robinson-Jenkins-Taylor Co., Minneapolis.
Chas. D.
6.09 Central States Pr. & Lt. Corp. 1st Coll. Lien 6s, 1945. Offered by Bainbridge & Ryan,
Robbins & Co. and Prelster, Quail & Cundy, Inc.
6.30 Chicago Aurora & Elgin RR. Co. 1st & Ref. 6s, A, 1951. Offered by Halsey Stuart & Co., Inc.,
6.50 Cincinnati Suburban Pr. Co. 1st Mtge. 614s, A. 1935. Offered by Chicago Trust Co. Corp.,
6.45 Cities Service Co. Ref. Deb.68, 1966. Offered by A. B. Leach & Co., Inc., Federal Securities
II. M. Byllesby & Co., Inc. Pearsons-Taft Co. and Henry L. Doherty & Co.
Co., Inc.
'
4.95 Commonwealth Edison Co. 1st Mtge. Coll. 414s, C. 1956. Offered by Halsey, Stuart &
Co.,
5.25 Electrical Securities Corp. Coll, Ti', 5s (19th series), due 1956. Offered by Bankers Trust
Parkinson & Burr.
Jackson & Curtis and
Forbes & Co.,
5.45 Florida Pr. & Lt. Co. 1st Mtge. 55, 1954. Offered by Bonbright & Co.. Inc., Harris,
Old Colony Trust Co., J. G. White & Co., Inc., and Tucker, Anthony & Co.
& Sens
6.09 Greenwich (Conn.) Water & Gas Co. Coll. Tr. 68, A, 1946. Offered by E. H. Rollins
and Putnam & Stoner, Inc., Boston.
Southeastern Tel, Co. 1st Mtge. 6s, 1946. Offered by Chicago Trust Co. and Morris F.
6.00 Illinois
Fox & Co., Milwaukee.
Co., Inc.;
5.70 Iowa Southern Utilities Co. 1st & Ref. Mtge.5148, 1950. Offered by Hoagland, Allum &
and W. C. Langley & Co.
Philadelphia.
5.54 Jamaica Water Supply Co. 1st Mtge. 514s, A, 1955. Offered by Janney dc Co.,
Co., Inc., Brown
6.30 Lehigh Power Securities Corp.(Del.) Deb.68, A,2026. Offered by Bonbright &Co., Tucker, AnBros. & Co., Old Colony Trust Co., W. C. Langley & Co., Edw. B. Smith ,k
thony & Co. and R. E. Wilsey & Co., Inc.
and Thompson
6.05 Michigan Water Pr. Co. 1st Mtge,68, 1946. Offered by Wm. L. Ross & Co., Inc.,
Ross & Co., Inc., Chicago.
City Co.
6.75 Northern Ohio Traction & Light Co. Deb. 63.4s, 1941. Offered by the National & Co., Inc.
6.00 Northern Ontario Lt. & Pr. Co., Ltd., 1st Mtge. 68, 1946. Offered by Bcnbright
and W. C. Langley & Co.
Los Angeles.
5.90 Ontario Pr. Co. (Calif.) Gen. & Ref. 68, 1955. Offered by California Securities Co.,
Frederick
6.50 Pennsylvania Gas & Elec. Co. Deb,65, A, 1940. Offered by A.C. Allyn & Co., Inc., and
Peirce & Co.
Co. 1st & Ref. 5s, D, 1953. Offered by Guaranty Co. of N. Y., Harris.
5.10 Pennsylvania Pr. & Lt.
Forbes & Co., Halsey, Stuart & Co., Inc., and Brown Bros. & Co.
dr Co.,Inc.
5.75 Public Service Co.of Colorado 1st Mtge.& Ref.514s, B,1954. Offered by Halsey.Stuart dc Co.
5.70 Roanoke Gas Lt. Co. 1st Mtge. 5s, 1951. Offered by Baker, Young & Co. and Cassatt
6.08 Sioux City Service Co. 1st M.6s, 1951. Offered by Halsey. Stuart dr Co., Inc. & Goodwin dc
Bond
6.00 Southern Counties Gas Co. of Calif. Gen. & Ref. 6s, 1945. Offered by Co. and Mercantile
Tucker, Inc., Blyth, Witter & Co., E. H. Rollins & Sons. Peirce, Fair &
Securities Co. of California.
by Ames, Emerich
6.00 Southwestern Light & Power Co. 1st Mtge. & Coll. Lien 68, A, 1937. Offered
& Co., Kelley, Drayton & Converse and Hambleton & Co. W. Chapman & Co., Inc., First
Pr. Co. 1st Mtge. 68, A, 1946. Offered by P.
6.09 Texas-Louisiana
Illinois co_ Carman, Fox & Snider, Inc.. and Troy & Co.
by Bonbright dc Co.. Inc.
5.75 United Light & Power Co. 1st Lien & Cons. Mtge. 514s, 1959. OfferedBlair dr Co., Inc., Harris;
5.55 Western United Gas & Elec. Co. let M. 514s. A, 1955. Offered by
Co., Spencer Trask &
Forbes & Co., Ilalsey, Stuart & Co., Inc., Marshall Field, Glore, Ward &
Bank, Chicago.
Co., Illinois Merchants Trust Co. and First Trust & Savings
Ref. Mtge. 68. 1955. Offered by Pynchon & Co.
6.15 West Virginia Light & Power Co. 1st &
H. M. Byllesby
5.55 Wisconsin Public Service Corp. 1st Lien dr Ref. Mtge. 514s, B, 1958. Offered by
& Co., Inc., and Halsey, Stuart & Co., Inc.
Wisconsin Co.. Milwaukee.
5.60 Wisconsin Valley Pr. Co. 1st Mtge. 514s, 1950. Offered by First
9714
10,000,000 Additions, extensions. &c
99
500.000 General corporate purposes
99
1,000,000 Acq.bds.of sub.cos.:oth.corp.purp.
99
5,000,000 Refunding: other corporate purl)._ 96
300,000 Acquisitions
100
10,000,000 Refunding
9314
15,000.000 Additions, extensions, &c
1,000,000 Acquire public utility securities...
93
9614
30,000,000 Acquire constituent companies_
9334
1,250,000 Additional construction
99)4
500,000 General corporate purposes
100
1,100,000 Additions, Improvements
97
1,000,000 Retire floating debt; extensions...
25,000,000 Refunding; capital expenditures._
600,000 Capital expenditures
9914
95
9914
2,500.000 Refunding;other corp. purposes
5,250,000 Refunding
9714
100
238,000 Add'ns, exts., betterments, &c_
1,000,000 Capital expenditures
1013.6
95)4
10,000,000 Addris.& bettmts.; other cap. exp.
9814
1,500,000 Capital expenditures
1,300,000 Refunding;capital expenditures
1,350,000 Refunding; add'ns dr !mots
2,500,000 Additions dr extensions
9634
97)4
99
100
1,000,000 Acquisitions, improvements, &c._
100
8,250,000 Capital expenditures
99
1,400,000 Construction; other corp. purp
22,500.000 Acquire constituent companies..._
500,000 Refunding;other corp. purposes
3,938,000 Additions & extensions
9614
99
9814
99
600,000 General corporate purposes
9814
162,326,000
Iron, Steel, Coal, Copper, &c.
1,000,000 Refunding; improvements
Peabody. Houghteling &
Kokomo (Incl.) Steel & Wire Co. 1st Mtge. 68, 1926-41. Offered by
Co., Inc.
-Year Mtge. 78, 1946. Offered by Dillon, Read & CO., J. Henry
7.55 Rheinelbe Union (Germany) 20
Schroeder Banking Corp. and Mendelssohn & Co.
&Sons, Baltimore
7.00 Wakenva Coal Co.,Inc., 1st (Closed) Mtge.78, 1936. Offered by Robert Garrett
Cincinnati.
Spencer Trask & Co., Caldwell & Co., Nashville; Tenn.. and Geo. C. Riley Co.,
5-6
25,000,000 Reduce floating debt; wkg. capital_
94
1,000,000 Acquisitions; working capital, &c
100
27,000,000
Other Industrial & Mfg.
250,000 Acquire predecessor company
,250,000 Working capital
13,000,000 Refunding;other corp. purposes.-4,500,000 Refunding; redeem current debt_ _
500,000 Refunding; retire notes payable_ _
20,000,000 Acquire Crown Willamette Paper
Co.(Me.)
3,000,000 Acquire constituent companies..
375,000 Additions, extensions, &c
2,500.000 Refunding
100,000 General corporate purposes
4,000,000 Acquisitions, additions, &c
1,000,000 Acquire constituent companies_
E. Anderson
6-6.)4 American Finishing Co. of Tennessee 1st Mtge. 6148, 1926-37. Offered by Lorenzo
& Co. and Taussig, Day. Fairbanks & Co., Inc.
Houghteling dr Co.,
6.35 Brown Hoisting Machinery Co. 1st Mtge. 68, 1927-41. Offered by Peabody,
Inc., Philip H. Collins Co., Cleveland, and Cleveland Trust Co.
Pittsburgh,
94%
5.30 Chicago By-Product Coke Co. 1st & Ref. 58 A, 1976. Offered by Union Trust Co. of
Guaranty Co. of N. Y., and Halsey, Stuart & Co.. Inc.
& Savings Bank. Illinois
5-6
Chicago Mill & Lumber Co. Serial 5148, 1927-36. Offered by First Trust
Chicago.
Merchants Trust Co., Hitchcock & Co.and Continental & Commercial Tr.& Says. Bank,
Co., Inc., and
(The) Corno Mills Co. 1st (closed) NI. 6s, 1927-36. Offered by Stifel, Nicolaus &
514-6
Love, Van Riper & Bryan, Inc.
Co..
99
6.05 Crown Willamette Paper Co. 1st Mtge. 6s, 1951. Offered by Blyth, Witter & Co., Blair &
Inc., Continental & Commercial Trust & Savings Bank and Anglo-London-Paris Co. Edw. B.
-Year Cony. Os, 1936. Offered by Prince & Whitely,
9914
6.07 Electric Refrigeration Corp. 10
Smith & Co., Spencer Trask & Co., Noyes & Jackson and Watling. Lerchen & Co.
Co., N.Y.
91.55
7.20 Elmira Cotton Mills (Burlington, N.C.) 1st Mtge.6s, 1936. Offered by R.S. Dickson &
-ComCanal
100
6.00 Gillican-Chipley Co. (New Orleans) 1st Mtge. & Coll. Tr. 68, 1927-32. Offered by Co., InterMarine Bank & Tr.
mercial Tr. & Says. Bank, Whitney-Central Tr. & Says. Bank,
state Tr. & Banking Co., Watson, Williams & Co., Mortgage & Securities Co., Moore. ElYanln
& Co., New Orleans, and Rogers, Green-Jones, Inc., Laurel, Miss.
Price
101.41-100 614-734 Ketchikan Spruce Mills 1st Mtge. 714s, 1927-32. Offered by Marine Nat. Co. and John E.
& Co., Seattle, Wash.
Co.and Wells-Dickey Co.,
110034-983.4
Powell River Co., Ltd.,Serial 5s, 1928-33. Offered by Minneapolis Trust
NI inneapolls.
4.87-5.25f
99)4
7.07 United Clay Products Corp. Deb. 7s, 1936. Offered by Federal Securities Corp., A. B. Leach Az
Co., Inc., and H. NI. Byllesby & Co., Inc.
97)4
6.70 United Clay Products Corp. 1st Mtge.6348, 1946. Offered by Federal Securities Corp., A.B.Leash
dr Co., Inc., and II. M. Byllesby & Co., Inc.
97
-Year Deb. 6s, 1936. Offered by Hemphill, Noyes & Co.. Lag°
6.41 White Sewing Machine Corp. 10
& Co. and Mitchell, Hutchins & Co., Inc.
100-99.69
_
2,850,000 Acquire constituent companies..._
4,000.000 Acquire White Sewing Machine
Co.;other purposes
57,325,000
Oil
25,000.000 Ref.; acq. Waite, Phillips Co
200.000 General corporate purposes
100
100
200,000 Acquisitions, additions, &c
6.00 Ramsdell Corp. Deb. 68, 1940. Offered by Blair dr Co., Inc.
6.00 Kentucky Independent Oil Co. 1st Mtge. 6s, 1927-41. Offered by Provident Savings Bank
Trust Co. and W. II. Silverman Co., Cincinnati.
511-615 Mutual Oil Co. (Mich.) 1st Mtge.614s, 1926-35. Offered by Hayden, Van Atter & Co., Detroit.
25,400.000
Land, Buildings, &c.
3,000,000 Finance construction of apartment
325,000 Finance construction of building. _ 100365,000 Finance construction of hotel
100
950,000 Finance construction of hotel
550,000
Finance
construction of building_ _
100
100
000 Finance construction of hotel
1,700.
72,000 Finance construction of apartment
100
725,000 Finance construction of hotel
170,000 Finance construction of apartment 100
973.4
0
2,247.00 Acquire real estate; improvements_
9934
400,000 Acquisitions, improvements, &c_
550,000 Finance construction of building- - 100
5.80-6.00 (The) Alden (N. Y. City) 1st Mtge. 6s, 1928-41. Offered by S. W.Straus & Co., Inc.
6.50 Allied Building (Chicago) 1st Mtge. 614s, 1927-35. Offered by Shenker, Stuart & Co., Chicago.
6.50 Associated Hotel Co.(Portland, Ore.) 1st (closed) Mtge. 63.48. 1927-41. Offered by Lumbermen"
Trust Co., Portland, Ore., and Ferris & ilardgrove, Spokane, Wash.
7.00 Bankhead Hotel (Co.), Birmingham, Ala., 1st (closed) Mtge. 7s, 1927-40. Offered by Caldwell
& Co., Nashville. Tenn.. and Mark C. Steinberg & Co., St. Louis.
6.00 Bar Building and Annex (White Plains, N. Y.) 1st Nitge. 68, 1927-36. Offered by Empire Bond
& Mtge. Co., New York.
5.50-6.00 Barium Hotel (Detroit) 1st Mtge. 6s. 1929-41. Offered by Federal Bond & Mtge. Co.. Detroit.
6.00-6.50 Beaumont Apts. (Chicago) 1st Mtge. 610, 1927-35. Offered by Straus Bros. Co.. Chicago.
6.50 Bellealre Hotel (Chicago) 1st Siege. 614s. 1927-35. Offered by H. 0. Stone & Co. and Lackner,
Butz & Co., Chicago.
6.50 Burd Gray Apts. (Chicago) 1st Mtge. BYO, 1927-33. Offered by Gerard & Co., Chicago.
5.15 Bush Terminal Bldg. Co. 1st Mtge. 55, 1960. Offered by Dominick & Dominick, Eastman, Dillon
& Co.. Spencer Trask & Co., and F. J. Lisman & Co.
6.05 Carey Properties, Inc. (Ohio) 1st Mtge. 6s, 1938. Offered by Union Trust Co.. Cleveland.
6.50 Central Building (Cumberland, Me.) 1st Mtge. 634s. 1927-37. Offered by G. L. Miller ,k Co.,
Inc., New York.
1092
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
190,000 Finance construction of apartment
1,300.000 Finance construction of hotel
190.000 Finance construction of apartment
400.000 Finance construction of apartment
160,000 Real estate mortgage
1,100.000 Finance construction of apartment
2.000,000 Real estate mortgage
160.000 Finance construction of apartment
650.000 Finance construction of building.._
200.000 Real estate mortgage
275.000 Improvements to property
1425.000 Finance construction of building_;
250,000 Improvements to property
850,000 Acquisition of property
58,000 Real estate mortgage
750.000 Finance construction of apartment
375.000 Finance construction of apartment
120,000 Finance construction of building_ _
175,000 Finance construction of apartment
500,000 Retire mortgage;improvements
139,000 Finance construction of apartment
1,100,000 Finance lease of property
1,500,000 Finance construction of building
10,000,000 Finance construction of building_ _
1,000,000 Finance construction of building
1 650,000 Finance construction of building
.
525,000 Additions to property
265,000 Finance construction of apartment
275.000 Real estate mortgage
1,450.000 Finance construction of hotel3
00.00 Finance construction of building..
0
2.700.000 Finance construction of building_
100.000 Real estate mortgage
1,400.000 Real estate mortgage
1.725.000 Finance construction of apartment.
245.000 Finance construction of apartment
920,000 Real estate mortgage
350.000 Finance construction of apartment
250.000 Finance construction of building
412,000 Finance construction of apartment
700.000 Finance construction of apartment
500,000 Finance construction of apartment
139,000 Finance construction of building
2,500.000 Refunding: other corp. purposes_ _
450.000 Real estate mortgage
53,927,000
Rubber1,100,000 Acq. minority stock interest in co_ _
Miscellaneous
8,000,000 Acquire Chicago Daily News
Company and Issue, and by Whom Offered.
-5.25-6.00
ioo
8.00
600.000 Refunding;other corp. purposes..
125,000 Finance construction of apartment
275,000 Finance construction of building_ _
350,000 Finance lease of property
To Yield
About.
[vol.. 122.
Central Properties,Inc.(Miami, Fla.). 1st & Ref.6s, 1926-35. Offered by First Nat. Co.,St. Louis
Dixie Terrace Apts. 1st Mtge. 88, 1926-35. Offered by Palm Beach Guaranty Co., West Palm Beach, Fla.
6.00-6.50 Franklin Manor (Chicago) 1st Mtge. 834s, 1927-35. Offered by the Straus Bros.
Chicago.
6.20-6.35 Georgian Hotel (Esfanston, Ill.) 1st Mtge. 6)45, 1928-40. Offered by S. W. Straus de Co., Ins.
Co..
100
6.50 Gerald Apts. (Detroit) lot Mtge. 6Ms. 1927-35. Offered by Guaranty 'Tr. Co. of Detroit.
6.00-6.25 Greenwich (Conn.) Lodge Corp. 1st Mtge.6315, 1927-35. Offered by S. W.Straus Is Co.. Inc.
100
Hensley-Stovall Arcade (Tampa, Fla.) let Mtge.634s, 1934. Offered by S. W.Straus & Co., Inc.
6.50
100
7.00 Huntington Hall (Phila.) 1st Mtge. 7s, 1928-36. Offered by F. H. Smith Co.. Wash., D. C.
6.00 Industrial Office Building (Newark, N. J.) let Mtge.6s. 1927-35. Offered by The Prudence Co..
100
Inc., New York.
100
6.50 Ingleside Court Apts. (Chicago) 1st Mtge. 6)45, 1928-33. Offered by Gerard & Co., Chicago.
5.25-6.00 Jewell Realty Co. (Kansas City, Mo.) 1st Mtge. 68, 1927-35. Offered by First National Co.,
St. Louis.
6.50 Keeler Apts.(Chicago) 1st Mtge.6
100
1928-36. Offered by Gerard & Co.. Chicago.
100
6.50 (The) Lansing (Chicago) 1st Mtge. 6345. 1928-35. Offered by Leight. Holzer & Co.. Chicago.
100
6.00 Lehmann Bldg. )Baltimore) 1st Mtge. 6s, 1941. Offered by Century Trust Co.. Baltimore.
100
6.50 Mahon Land Co. 1st Mtge. 634s, A. 1927-40. offered by Watling. Lerchen & Co., Detroit.
100
6.50 Melrose Building (Chicago) 1st Mtge.634s, 1928-38. Offered by Geo. M.Forman & Co.
100
6.50 Mercy Hospital of Bakersfield 1st Mtge. 6345 A, 1929-40. Offered by G. Brashears & Co., Los
Angeles.
100
5.00 Metropolitan Building (St. Louis) let Mtge. 58. 1926-40. Offered by Mercantile Trust Co.. St. L.
100
6.50 Middletown Lodge No. 501, Loyal Order of Moose (Sorg Opera House and Office Building)
1st Mtge. 6349, 1927-41. Offered by the Title Guarantee & Trust Co.. Cincinnati.
6.50 (The)Milburn(N.Y.City) 1st Mtge.6345. 1928-37. Offered by G.L. Miller & Co.,Inc., New York.
100
7.00 Mimeo! Apts.(Tampa. Fla.) lat Mtge. 7s, 1926-35. Offered by G. L. Miller & Co., Inc.. New York.
100
6.00-6.50 (The) Morcella Bldg.(Chicago) 1st Mtge.6 Ma,1927-32. Offered by Lackner, Butz & Co., Chicago. '
ioO
6.50 (The) Murray Arms (Chicago) 1st Mtge.634s, 1928-36. Offered by Gerard & Co., Chicago.
6.50 New Ocean House. Inc. (Swampscott. Mass.) 1st Mtge. 6.34s. 1946. Offered by C. D. Parker
100
& Co., Inc., Boston.
6.50 (The) Oaks (Evantiton, III.) 1st Mtge. 634s, 1928-32. Offered by Baird & Warner, Inc., Chicago.
100
6.50 100 West 58th St. (N. Y.) let Leasehold Mtge. 6345. 1929-41. Offered by G. L. Miller Is Co..
100
Inc., New York.
100
6.50 100 West Monroe Bldg. (Chicago) 1st Leasehold Mtge. 614s, 1945. Offered by De Wolf & Co..
Inc., and A. C. Allyn & Co., hicago.
5.62 Paramount Broadway Corp. ist Mtge. 534s, 1951. Offered by Kuhn. Loeb & Co.: nallger4411
98(
& Co., and Marshall Field. Glore, Ward & Co.
99M
6.03 Penn-Federal Corp. 1st (closed) Mtge. Fee & Leasehold 68, 1946. Offered by Wells, Deane &
Singer; Peoples. Savings Is Trust Co.: Glover & MacGregor. and Gordon & Co.
99M
6.05 Pittsburgh Webster Halt let Mtge (is, 1940. Offered by S. W. Straus & Co., Inc.
100
5.00 The Poor Sisters of St. Frances. Seraph of the Perpetual Adoration of Lafayette, Ind., let
Mtge. 55, 1928-45. Offered by Wm. R. Compton Co., St. Louis, and Lafayette South Side
Bank, Bt. Louis.
6.00-6.50 Roselle Apts. (Chicago) 1st Mtge. 61,4s. 1928-35. Offered by the Straus Bros.. Co., Chicago.
166
6.50 San Francisco Properties. Inc.. 1st Mtge.6 Ms. 1927-41. Offered by Peirce. Fair & Co.. San Fran.
100
6.00 Savoy Hotel Co.(Detroit) let Mtge. 65. 1930-41. Offered by Wm. L. Davis St Co.. Detroit: First
National Co. of Detroit: Win. L Ross & Co., Inc.: Chicago Security Trust Co., and Nicol.
Ford dc Co., Detroit.
6.10-6.35 Sawyer Bldg. (Chicago) 1st Mtge. 6319. 1927-35. Offered by S. W. Straus & Co. Inc.
100
6.00 (H.) Schoenstadt & Sons. Inc. (Chicago), 1st Mtge. 6s, 1928-40. Offered by American Bond
& Mortgage Co., Inc.
6.00 Second Baptist Church (Savannah, Ga.) 1st Mtge.68, 1927 43. Offered by Citizens & Southern
100
Co., Savannah, Ga.
100
5.50 Seneca Holding Corp. 534% Guar. Prudence Ctfs., 1926-36. Offered by the Prudence Co., be..
New York.
6.25-6.50 Sheridan Cornelia Apts.(Chicago) In Mtge. 6)4s. 1928-40. Offered by S. W.Straus & Co., Ina.
100
6.50 622 Gary Place Apts.(Chicago) 1st Mtge 6345. 1927-35. Offered by Leight. Holzer & Co.. Chicago.
100
6.00 1635 to 1645 Boardwalk (Atlantic City, N. J.) 1st Mtge. 6s, 1931. Offered by Bankers Bond &
Mortgage Co.. Philadelphia.
100
6.50 Surf Apt. Bldg. (Chicago) 1st Mtge. 634s. 1927-35. Offered by Lackner, Butz & Co.. Chicago.
100
6.50 Tampa (Fla.) Tribune Publishing Co. 1st Mtge. 630. 1927-35. Offered by Mortgage & Securities Co., New Orleans.
100M-100 63-63.4 Tudor Court Apts. let Mtice. 6345, 1928-41. Offered by Title Guarantee & Trust Co.: Breed.
Elliott & Harrison: The Tillotson & Wolcott Co.: J. R. Edwards & Co.; Floefinghoff-Merg, Inc.:
W. E. Hutton & Co.; Westheimer Is Co.; The Davies-Bertram Co., and Bruner & Reiter CO..
all of Cincinnati.
646)4 Tulsa Sophian Plaza (Tulsa, Okla.) lat Mtge.634s. 1929-41. Offered by S. W.Straus & Co.,Ino.
6.00-6.50 250 Beacon St.(Boston) let Mtge. 654s. 1928-36. Offered by American Bond & Mortgage Co.. Ina.
5.50 University Temple Association, University Lodge No. 649, A. F. & A. M., University City. Mo.
100
1st (closed) Mtge. 534s, 1927-45. Offered by Mark C Steinberg & Co., St. Louis.
5.55 Wardman Park Hotel, Inc. (Washington, D. C.) 1st (closed) mortgage 5345, 1941. Offered-hi
9934
Graham. Parsons & Co.. Philadelphia.
'
SS 44 4
4
6.10-6.15 Westlake Fireproof Bldg. Co. lat Mtge. 135, 1928-41. Offered by Frick, Martin & Co. and Security
Co., Los Angeles.
101.20-100
5-6 (I. B. Kleinert Rubber Co. 6s, 1928-32. Offered by A. G. Becker & Co., New York.
6.25 The Chicago Daily News, Inc., Deb. 6s, 1936. Offered by Halsey, Stuart & Co., Inc., and Kisael.
Kinnieutt & Co.
6.00-6.25 Consolidated Warehouses, Inc. (Chicago) let Mtge. 6s, 1928-41. Offered by Peabody, Houghteling & Co., Inc.
3.000,000 Acquisition of properties
100
6.00 Federal Hygienic Ice Refrigerating Cos. Secured 65, A, 1928-41. Offered by Central Trust Co.of
Illinois and Ames, Emertch & Co.
350.000 Improvements: construction
7.00 Folly Roadway Co. 1st (closed) Mtge. 7s, 1941. Offered by Citizens & Southern Co., Savannah, Ga.
100
3.000,000 Expansion of business: wkg. capital 97
7.80 Leonhard Tietz Aktiengesellschaft (Leonhard Tietz, Inc.) Mtge. 734s. 1946. Offered by
Lehman Bros.: Hallgarten & Co.; Goldman, Sachs & Co.: Halsey. Stuart & Co. Inc., and J. Is
w. Seligman & Co.
550,000 Additions to property, &c
100
6.50 Milwaukee Warehouse Co. let (closed) Mtge. 61,4s. 1935. Offered by E. H. Ottman & Co.. Inc.;
Carman. Fox & Snider. Inc.. and First Illinois Co., Chicago.
500,000 Additional capital
9
6.10 Minnesota Valley Canning Co. 1st Mtge. 65, A, 1941. Offered by Lane, Piper elaffray, 1110,
and Kalman. Gates. White & Co., Minneapolis.
325.000 Additions and extensions
6-6)4 National Ice Co. Secured 6s, 1927-34. Offered by Harris, Small & Co.. Detroit.
100-9634
2.000.000 Additions; other corporate purposes
5.50-6.00 Owen Oregon Lumber Co. 1st Mtge.534s. 1928-40. Offered by Baker, Fentress & Co. and First
Wisconsin Co., Milwaukee.
375,000 Consolidation of properties
5.50-7.00 Pike Plato Public Markets, Inc.(Seattle, Wash.) 1st Mtge.& Leasehold 7s, 1926-38. Offered hi
Wm. Harper & Son, Seattle.
400.000 Acquisition of properties
100
7.00 Puritan Ice Co.(Santa Barbara. Calif.) 1st Mtge. 75, 1938. Offered by Stephens diCo.. Los Ans.
5,000,000 Provide funds for loan purposes__ _
7.63 Saxon State Mortgage Institution Mtge. Coll, is. 1945. Offered by the National City Co.
9334
95.000 ono
98
2.500.000 Consolidation of properties
SHORT TERM BONDS ANDINOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Public Utilities
100.000 Retire debt: working capital
2.500,000 Acquisitions
350,000 New equipment
750,000 New construction
5.700,000 New consten; other corp. purposes
350,000 General corporate purposes
Price.
100
98.80
100-97.87
100
98
100
9.750,000
Land, Buildings, &c.300,000 Provide funds for loan purposes_ _ _
100
500,000 Real estate mortgage
100.000 General corporate purposes
120.000 Provide funds for loan purposes_
100,000 Provide funds for loan purposes_ _
100
120,000 Provide funds for loan purposes__ _
225,000 Provide funds for loan purposes_ _
500,000 Provide funds for loan purposes_
100
100
1,000.000 Provide funds for loan purposes_
150,000 Provide funds for loan purposes_ _ _
100
3,115,000
To Yield
About.
Company and Issue, and by Whom Offered,
6.00 Centralia Pr. & Lt. Co. let 6s, 1927-31. Offered by Freeman, Smith Is Camp, Portland, Ore.' 4
4
5.45 Columbus (Ga.) Elea. & Pr. Co. 3-Yr. 5s, Nov. 1 1928. Offered by Estabrook Is Co., Stone:*
Webster, Inc., and Parkinson & Burr.
5M-6 Gary Railways Equip. Tr. 534s. A, 1926-30. offered by Halsey, Stuart Is Co., Inc.
6.00 Greenwich (Conn.) Water & Gas Co. 2-Yr. 6s. Jan. 11928. Offered by Putnam Is Stoner, Die.,
Boston.
7.00 Houston Gulf Gas Co. 1st Mtge. 63.4s, 1931. Offered by Taylor, Ewart Is Co., Inc., P. WYChaps
man Is Co., Inc., and Caldwell Is Co.
"AO*
6.00 Minnesota Electric Lt. & Pr. Co. 1-Year Mtge. 6s, Dec. 1 1926. Offered by Camp. Tborne Is
Co., Inc., Chicago.
6.00 Aetna Mortgage Corp. 1st Mtge. 6s, A, 1928-30. Offered by Frank Rosenburg Is Co.,TJeflklos,
Whedbee Is Poi,. and Colston, Heald Is Trail. Baltimore.
5-6 Baptist General Convention of Texas Direct Oblig. 5s, 1927-31. Offered by Bitting Ss-Co:and
Geo. H. Burr Is Co., St. Louis.
fell NA
6.50 Ferndale Store & Apt. Bidgs.(Dot.) 1st Mtge.6345. 1926-30. Offered by Guaranty Tr. Co.of„Det.
534-7 Grace Securities Corp.(Richmond, Va.) Coll. 'Tr. 7s. C. 1926-29. Offered by company.
Hibernia Mortgage Co., Inc., let Mtge. Coil. 6s, A. 1927-31. Offered by Hibernia Securities:CO.,
5-55i
New Orleans.
5M-7 Industrial Bank of Richmond, Va., Coll. Tr. 7s, 1926-30. Offered by Scott Is Stringfellow
Richmond, Va.
6.00 Seaboard Mortgage Co.(Bait.) 1st Mtge.(is, 1929-31. Offered by M.W.Bradermann Co., N.Y. 1
6.00 Security Bond & Mortgage Co. 1st Coll. Tr. 6s, B, 1927-31. Offered by J. A. W. Iglehart Is
Co., Baltimore.
0
4
al
6.00 Standard Mortgage Co.(Asheville, N. C.) let Mite. Os. D,1926-30. Offered by Baltimore Tr. Co.
5M-7 United States Bond & Mortgage Corp. (Richmond. Va.) Coll. Tr. 7s, C, 1926-29. Offerect.bY
Wheat, Williams Is Co., Richmond, Va.
•
FEB. 27 1926.]
• Amount.
1093
THE CHRONICLE
Purpose of Issue.
Rubber
10,000.000 Working capital
15,000,000 Working capital
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
5.90 The Fisk Rubber Co. 5-Yr. 540, Jan. 1 1931. Offered by Dillon, Read & Co.
5
-544 The B. F. Goodrich Co. 5s, 1927-29. Offered by Bankers Trust Co., Guaranty Co. of N. Y. and
Goldman, Sachs & Co.
9834
100-9844
25,000,000
Miscellaneous4,000.000 Acq. investment securities
5.60 Financial Investing Co. of N. Y., Ltd.. 5-Yr. 5s, Oct. 1 1930. Offered by Russel A. Cowles &
Co., New York.
6.50 Los Angeles Union Stock Yards Co. 1st Mtge. 640, Jan. 2 1931. Offered by Jackson & Curtis
and Pickhardt & Ellis, Boston.
5-544 Lumbermen's Securities Corp. Coll.544s, 1926-28. Offered by Lumbermens Tr. Co.,Portland,Ore.
5-6.30 (W. D.) McRae Lumber Co. 1st Mtge. 6s, 1926-30. Offered by Baker. Fentress dr Co.
9744
100
600,000 Additional capital
219,195 General corporate purposes
375,000 Reduction of current debt
- 5,194,195
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities
175,000 Acquisitions
•1,750 shs. Acquisitions
a Amount
Price
To Yield
Inso red. Per Share. About.
175,0001 5 shs.Pref.1
For
( 1 sh.Com.) $500
2.500,000 Acquisitions
2,500,000 100
*26,722 ohs. Acquisitions
2,672,200 100
7.00
500.000 100
10,500.000 35
3,000,000 95
5.00
500.000 Extension & develop, of facilities
*300.000sh. Acq. public utility securities
3,000.000 Acquisitions; other corp. purposes_
'
5.000,000 Capital expenditures
089,254 abs. Additions, extensions. &c
*35.000 abs. Add'ns, exts.; other corp. purposes
7.00
7
7:57
5,000,000
96
6.25
6,515.542
3.307.500
73
9444
6.85
6.35
Company and Issue, and by Whom Offered.
Cincinnati Suburban Pr. Co. 7% Corn. Pref. Offered by Greene & Brock. Dayton.
Ohio, and Grau, Todd & Co., Cincinnati.
Cincinnati Suburban Pr. Co. Common. Offered by Greene & Brock, Dayton. Ohio,
and Grau, Todd & Co., Cincinnati.
Columbus (Ga.) Elec. & Pr. Co. 7% Cum. Pref., B. Offered by Stone & Webster.
Inc., Estabrook & Co. and Parkinson & Burr.
General Public Service Corp.(Del.) $7 Div. Cony.Pref. Offered by Stone & Webster.
Inc., Estabrook & Co., Biodget & Co. and Tucker. Anthony 6c Co.
Lincoln (Neb.) Tel. & Tel. Co. Special 5% Pref. Panic. Stock. Offered by company.
Northeastern Power Corp. Common. Offered by F. L. Carlisle & Co., Inc:
North West Utilities Co.7% Cum. Pref. Offered by Hill, Joiner & Co., Inc., Tucker,
Anthony & Co. and Central States Securities Corp.
Pacific Lighting Corp.6% Pref. Offered by Bond & Goodwin & Tucker, Inc., Myth.
Witter & Co., Mercantile Securities Co. and Peirce, Fair & Co.
Penn Central Lt. & Pr. Co. Cum. Pref. $5 Div. Series. Offered by A. C. Allyn & Co.
Staten Island Edison Corp. $6 Div. Series 1st Pref. Offered by Marshall Field, Glore.
Ward & Co., Spencer Trask le Co. and Estabrook & Co.
34,170,242
Equipment Manufacturers
*83,500shs. Additional capital
Motors & Accessories
200,000 Working capital
'70,000 abs. Acq.Cleve.Auto.Co.pfd.stk.; expan
•101,919shs Expansion; working capital
31
North American Car Corp. (HI.) Common. Offered by Coffin, Forman & Co. and
Colvin & Co.
200,000 100
7.00 Brockway Motor Truck Corp. 7% Cum. Pref. Offered by E. G. Childs & Co., Ine.;
Syracuse, N. Y.. and Glidden, Morris & Co.. Cortland. N. Y.
Chandler Cleveland Motors Corp. $4 Cony. Pref. Offered by Hornblower & Weeks.
N.Y.
Mack Trucks, Inc., Common. Offered by company to stockholders; underwritten.
2.588,500
3.360,000
48
10,191,900 100
13,751.900
1,500 000
*30.000 ohs.
1,043,000
'360,000shs
Other Industrial & Mfg.
Refunding; working capital
Refunding; working capital
Working capital
Acquisitions, additions, &c
*70.000shs Acquire predecessor company
•48.665shs Refunding
*200.000shs Acquire predecessor company
500,000
.100.000shs
140.000
*59,240shs
750.000
2,000,000
Refunding
Acquisitions
Retire bank loans; working capital _
Add'ns, improv'ts, working capital
Working capital;(WWI equipment_
Working capital: expansion
*70,000shs Additional plant
1,250,000 Acquisitions; working capital
1,084,300 Acquire additional properties
1,700.000 Acquire Alfred H.Smith Co
•17,000shs Acquire Alfred H. Smith Co
*100.000shs Acquire predecessor co.; other cor-1
potato purposes
Oil
*70.000shs Acquisitions; development
4
227,738sha Working capital
4
'300,000shs Bevel. of prop.; gen. corp. purposes
4,000,000 Refunding: corporate purposes
Land, Buildings, &c.'
200,000 Finance construction of building
48,000 Acquire property
2.800.000 40
2,676.575 55
20,000,000 100
500.000
2.750.000
140.000
1,273,660
750.000
2,000,000
101)
2744 b
100
2154
100
10144
7.00
6.00
8:66
_
7.00
6.90
875.000 1244
1,250.000 100
7.00
1,084,300
7.18
9744
1,785,000 11 sh. Pref.1 For
11 oh. Corn.) 10'
so
8.00
5,000,000
f A. P. W.Paper Co.(Albany, N. Y.) 7% Cum.PretiOffered by Taylor. Ewart & CO.
(A. P. W. Paper Co.(Albany. N. Y.) Common stork( and Kidder Peabody & Co.
American La France Fire Engine Co.Common. Offered by companY to stockholders.
Coldak Corp. (Del.) Class A stock. Offered by De Ridder, Mason. McCown & Co.,
J. It. Holmes & Co. and Plimpton & Plimpton.
Congress Cigar Co., Inc., capital stock. Offered by Goldman. Sachs & Co.
Consolidated Cigar Corp. Common. Offered by co. to stockholders underwritten.
Crown Willamette Paper Co. 1st $7 Cum. Pref. Offered by Blyth, Witter & Co.,
Blair & Co., Inc.. and Anglo-London-Parts Co., San Francisco.
Eagle & Phenix Mills(Columbus, Ga 1 6% Cum.Prof. Offered by to. to stockholders.
Family Products Corp. Class A Panic. stock. Offered by B. .1. Baker & Co., Inc.
Fisher Brass Co.8% Corn. Pref. Offered by Frank D. Bush & Co., Columbus. Ohio.
Illinois Pacific Glass Corp. Class A stock. Offerei by J. Barth & Co., San Francisco.
Mallory Hat Co. 7% Cum. Pref. Offered by Bridgeport (Conn.) Trust Co.
Munsingwear Corp. 7% Cum. Pref. Offered by Marshall Field, Glore. Ward & Co..
N. Y., and Lane. Piper & Jaffrey, Inc., Minneapolis.
Pacific Steel Boiler Corp. Common. Offered by Noves & Jackson, New York.
Standard Gas Equipment Corp. 7% Cum. Pref. Offered by Hambleton & Co. and
Union Trust Co. of Maryland.
United States Dairy Products Corp. 7% Cony. 1st Prof. Cum. stock. Offered by
Chandler & Co., N. Y., Wells, Deane & Singer, Pittsburgh, and Samuel McCreerY
& Co., Philadelphia.
(V.) Vivaudou, Inc., 7% Pref. Offered by co. to stockholders; underwritten.
1(V.) Vivaudou, Inc., Common. Offered by co. to stockholders; underwritten.
White Sewing Machine Co. Cony. Pref. stock corn. $4 per share. Offered by Lags &
Co. and Hemphill, Noyes & Co.
50,386.135
1,925,000
6,832,140
2754
30
5,700,000
19
4,000.000 100
Adams Royalty Co. Common. Offered by Farnum Winter & Co.. Chicago.
Ramsdell Corp. Class A Common. Offered by co. to stockholders; underwritten by
Blair dc Co., Inc.
.
Beacon Oil Co. Common. Offered by Jessup & Lamont, Stevenson, Perry. Stem" 1,
Co. and F. S. Smithers & Co.
6.50 Louisiana Oil Refining Corp. 644% Cum. Pref. Offered by company to stockholders; underwritten.
18,457,140
7.00 (O. H.) Berry & Co. Bldg., Inc., 7% Cum. Prof. Offered by Wheat. Williams & CO..
Inc., Richmond, Va.
6.00 Fountain Square Postal Building 6% Prof. Offered by the Peoples State Bank.
Indianapolis.
100 e
6.00 Greenwich (Conn.) Lodge Corp.6% Cum. Pref. Offered by Mahistedt-Stein Securities Corp. New York.
'
100
6.00 Metal Realty Co. 6% Pref. Offered by Peoples State Bank, Indianapolis.
1 sh.lst Pf.
(7% Cum. lot Prof. (Offered by Murphy, Fevre & Co., Spokane,
1 sh.2d Pt.( For (Mortgage Security(7% Cum. 2d Pref.( Wash., and Stein Bros. & Boyce, Bait!'
Corp. of AmericatCommon stock __ __I more.
1 sh. Com.
($20844
6.00 Sheffield Realty Corp. (Indianapolis) 6% Prof. Offered by Meyer-Kiser Bank,
100
Indianapolis.
200,000 100
48,000 100
175,000 Finance construction of apartment
80.000
300.000
300.000
.3,000shs
160,000
2,310,000 11 sh. Pref.1 For
12 shs. Com.($154
1.251,600 12
3,960.000 11
Acquire property
Expansion of business
Expansion of business
Expansion of business
Finance construction of building--
175,000
80,000
625.500(
160.000
1,288,500
Rubber
.85,1133shs Working capital
1,084,537
Miscellaneous
4,114.500 Working capital
1,500.000 Working capital
005.700 Acquisitions. additions, &c
.100,000sh.. Working capital
720,000 Working capital: other corp. purp_
*15,000.000 Acquire investment securities
6,171,750
1,500.000
905.700
5,000.000
720.000
15,000,000
4100.000shs New capital
10,000,000
2,800.000 Capital expenditures
500,000 Expansion of business
2,600.000
500,000
$30,000shs Working capital
4101,305sha Additional capital
400,000 Development of property
600,000
4,862.640
400,000
1,500,000 Acq. constituent cos.; wkg. capital
1,575,000
50,035,090
Lee Rubber & Tire Corp. capital stock. Offered by co. to stockholders; underwritten.
1254
Borden Co. Common. Offered by company to stockholders; underwritten.
Credit Alliance Corp. 7% Corn. Cony. Pref. Offered by Paine. Webber & Co.
Cushman's Sons, Inc., 7% Cum, Pref. Offered by co. to stockholders; underwritten.
European Shares, Inc., stock. Offered by Hayden, Stone & Co.
Fajardo Sugar Co. (Porto Rico) Common. Offered by company to stockholders.
Financial & Industrial Securities Corp. 7% Cum. Pref. Offered by Manufacturers
Trust Co. of N. Y. and Redmond .Se Co., N. Y.
100d
7.00 German Credit & Investment Corp. 1st Pref. Cum.,$7 per share. Offered by Dillon.
Read & Co.
100
7.00 Horn & Hardart Co. (N. Y.) 7% Pref. Offered by company to stockholders.
100
7.00 Merchants Transfer & Storage Co.(Wash.. D. C.) 7% Cum.Pref. Offered by Crane.
Parris & Co., Washington.
20
Motion Picture Capital Corp. Common. Offered by Watson & White. New York.
48Stanley Co. of America capital stock. Offered by co. to stockholders; underwritten.
100
7:66 Withoit Hydro-Ileatth Resort Co. Cum. Panic. 1st 7% Prof. Offered by Northwestern Trust Co.. Portland, Ore.
1044
Yellow & Checker Cab Co.(Consolidated) of San Francisco Class A Series 1 Common
stock. Offered by Geo. D. Roberts & Co., Inc., Geo. H. Burr, Conrad & Broom,
Inc., Bond & Goodwin & Tucker, Inc., Hunter. Dulin & Co. and Anglo-London
Paris Co.
•
75
100
100
50
100
100
___
7.00
7.00
___
___
7.00
FARM LOAN ISSUES.
Amount.
Issue.
Price.
3,000,000 Chicago Joint Stock Land Bank 444s,
1935-65
10034
1,000,000 Denver Joint Stock Land Bank Is, 1938-56_ 10345
1,000,000 New York Joint Stock Land Bank 5s,
1935-55
103
6.000.000
To Yield
About.
Kissel, Kinnicutt & Co.
4.40
4.56 C. F. Childs & Co.
4.60 Clark, Williams & Co., New York.
Offered by.
[Vor.. 122.
THE CHRONICLE
1094
FOREIGN GOVERNMENT LOANS.
Issue.
Amount.
14,472.000 Province of Buenos
External 756s, 1947
Price.
To Yield
About.
Aires (Argentina)
4,500,000 Consolidated Municipalities of Baden (Germany) 7s, 1951
2,000,000 Province of Lower Austria 734s, 1950
4.000,000 City of Oslo (Norway) 5 Ms, 1946
Offered by.
Blair Jr Co., Inc.. Illinois Merchants Trust Co., Chicago; Halsey, Stuart & Co., Inc.;
E.H.Rollins& Sons, Blyth, Witter & Co.,Equitable Trust Co.of N.Y., Continental
& Commercial Trust & Savings Bank and First Trust & Savings Bank, Chicago.
99
7.60
93
98%
97
7.63 Blyth, Witter & Co.
7.60 J. & W.Seligman & Co. and F. J. Litman & Co.
5.75 Kuhn, Loeb & Co.
24,972.000
stock are
* Shares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common with each
common stock given
computed at their offering price. b Bonus of 1 share of common stock given with each 5 shares of class A stock. c Bonus of 1 share of
share of preferred. d Bonus of 1 share of common stock given with each share of 1st preferred.
r
Indications of Business Activity
the market. Coffee prices have shown on the whole a downTHE STATE OF TRADE—COMMERCIAL EPITOME.
ward trend, though at one time covering in March coffee
Friday Night, Feb. 26 1926.
On the whole there is a very fair business in wholesale was a feature that caused a noticeable upturn. The weekly
lines and there are indications of at least some improvement food index prices showed some advance. Copper has deIn retail business. The time is drawing near for spring clined, but some of the minor metals have shown some
goods to attract more attention. A good deal of the buying, upward tendency. Everywhere the tendency to buy in
to be sure, is in small lots for prompt delivery. This in a small lots of merchandise in general is becoming noticeable
way is a tribute to the efficiency of the railroad system of as it waS during much of 1925. Bullish speculations are
this country, which approaches nearer to perfection in the apparently less popular. Merchants note with interest the
judgment of impartial critics than any other system in the downward drift of stock prices. To-day a good many shares,
world. In other words, the buyer relies on the enterprise they observed, were at new low levels for the year, with
of the railroads in this country in making prompt deliveries. considerable liquidation, the transactions to-day rising to
Of course there is also a certain amount of business done 2,409,700 shares, which is a noticeable increase over the
by auto trucks and Some of the railroads are using certain trading on previous days this week and double that of the
auto lines as an accessory to their business. Perhaps there same day last year. But the increase was at the expense of
will be more or less of a tendency in that direction as time prices, and this fact could not but have more or less influgoes on for short hauls and deliveries direct to the home. ence in the commodity markets. In fact, as stocks have
But, apart from this, there is the vast field of long haul declined, Wall Street has been selling cotton if not grain
traffic in which the auto systems cannot compete, of course, just as falling grain markets have also been accompanied
with the railroads. There is plenty of business for both. more or less.by Chicago selling of cotton. Bonds, it is noIn iron and steel, trade cannot be called satisfactory. Yet ticed in mercantile circles, are also declining, coincident
steel production in the case of the United States Steel Cor- with an advance in money rates. At the same time the
porations is now said to be 90%. The output in general London stock market has shown, in spite of some dulness, a
tends to exceed new business. That is a vital point and of somewhat stronger tone, particularly to-day, when it becourtse it is a regrettable one. But prices of steel in the came manifest that the London County loan was successmain hold up very well. Naturally, however,"there is a ten- ful. An exception was a weaker tone in rubber stocks
dency towards some easing of prices for pig iron, as coke there, with a recent tendency towards expanding supplies
has dropped sharply since the settlement of the anthracite of the raw material. Across the water one explanation of
strike. Soft coal has also declined materially and the out- an advance in French francs was a demand from the United
put is not lessening. Stocks of coke and soft coal are be- States. For all that the feeling in this country is confident
lieved, however, to be very large, with the tendency of within conservative bounds. It is not forgotten that trade
after all, is not as large as expected, is still of noticeably
prices still downward.
The grain markets of late have shown something of a greater volume than a year ago. A straw showing which
downward drift, with export demand generally small and way the wind blows is an increase in the sales by departlong liquidation very conspicuous. In fact, grain markets, ment stores during January. It amounts to nearly 4% comboth at home and abroad, have been steadily falling. Sup- pared with those in January last year, although the numplies are not inconsiderable after all, and at this particular ber of selling days in January of the present year was one
time Europe seems less anxious to buy, though for two less than in 1925. The sales of clothing stores were 8%
On the other hand, the
days past export business has been somewhat better. The larger than in January last year.
in altogether satisfactory shape.
flour trade is more active at the Northeast and recently textile industries are not
fact is indisputable. Prices, moreover, are irregular;
50,000 barrels have been sold for export to Germany and That
are nothing to boast of. In some cases quotations
the Levant. One thing noticeable, however, is that prices profits
of corn show independent strength, as the receipts are not have been lower. Spring lines of dress goods are dull.
at all burdensome and the weather at the West has been Broad silks sell less readily. And somewhat weaker in
rather bad, making roads poor. At the same time the de- price. Raw silks, moreover, are dull. In other words, the
mand for the actual grain has increased. Prices of oats situation has its lights and shadows, with an undercurrent
have declined but slightly. Cotton has been steadily de- of cheerfulness, on the whole, predominating. The new tax
clining under the pressure of March liquidation, good bill, providing for a big reduction in income taxes, has
weather at the South and weakening spot markets. The been signed by the President, with the approval of the
exports, too, have been disappointing, although it is true Secretary of the Treasury, Mellon.
New Bedford reports a better tone in the mill share marthey are with the exception of last year the largest thus
far this season for something like ten years past. The ket and more inquiry than for several weeks. At BiddeWorld's spinners' takings of American cotton this year are, ford, Me., the Pepperell Manufacturing Co. is said to have
moreover, large beyond precedent. There is little outside enough orders on hand to permit the running of plant at
speculation. Europe is buying the next crop months on the capacity and possibly provide for night work in the near
N. H., owing to heavy orders for
off chance of something happening to it. But Europe holds future. At Manchester,
division
aloof from spot cotton. And there are stories to the effect rayon fabrics and the fact that the loomage in this
be shipped to New York for is limited, the Amoskeag Manufacturing Co. operated this
that a good deal of cotton may
particular division on Washington's Birthday. Charlotte,
delivery on March contracts.
steadily falling here and in London, N. C., wired that yarn spinners adhere to their quoted
Rubber has been
prices, and no great amount of yarn can be handled for
with a lessening demand. Wool has been quiet and at some
Forstforeign sales prices have detlined. Car loadings prompt delivery. At Passaic, N. J., on Feb. 23 the
of the
mann & Huffman Co. began placing large numbers of its
have increased somewhat. Sugar has declined and the
employees "on call," explaining that this means the eventual
refined product has of late been met with anything but a
the week the refiners bought closing of both plants "until such time as it would be safe
ready sale. In the fore part of
for 'our employees to return to work because of the reign
raw sugar freely, but latterly they have :withdrawn from
FEB. 27 1926.]
THE CHRONICLE
1095
of terrorism." The Garfield plant will be practically at a conditions by the
Federal Reserve Agent at New YorkAt
standstill and the Passaic-Clifton plant will be compelled its item on
wholesale trade, which we quote further as follows:
to follow. The two plants employ a total of 4,000, of whom
Collections were generally larger than in January 1925, except in cotton
2,600 are at the Garfield plant and 1,400 at the Passaic- jobbing and women's coat and suit and shoe trades. Accounts receivable
at the end of the month were considerably larger than a year ago in mosli
Clifton plant. This action will leave a total of 11,500 operalines.
tives of the woolen and worsted mills of Passaic, Clifton
NIP •••••
Garfield idle. Up to noon on the 23d inst. there were
and
Percentage Change
Percentage Change
Jan.1926from Dec. 1925 Jan. 1926from Jan.1925
7,000• men idle, and most of them had been for a month.
Commodity.
Stock
Stock
"Our workers have been faithful throughout the trouble
Net End of Net End of Colley- Accts.
here," said an official of the company in announcing the
Sales. Month Sales. Month. Tlons. &cella,
shutdown, "but for the past two weeks they have been sub- Groceries
-5.6 +0.2 +3.8 -1.0 +2.1 +103
Men's clothing
+41.5
____
+8.0
_-__ +12.6 +19.7
jected to threats and terrorism." It would seem there ought Women's dresses
+8.4
____ +15.5 -33
____ -27.6
Women's coats and suits
+40.7-20.6 .
-20.3 -5.1
to be some means of putting a stop to this without regard Cctton goods-Jobb
ers
-26.0 +12.6-10.4 -- - .5 -8.0 +4.2
9
to politics. And the latest news is that the Passaic police Cotton goods-Commission
--11.5
--19.9
Silk goods
-8
- 2:5 +1 1
2
-+7.7 -1-0fi +7.0 -1-3
4:5 + are taking action at the instance of the Mayor to stop Shoes
-31.0 +22.5 +04 +8.3 -7.7 +7.8'
Drugs
_0.4-16s
+14.7 +17.0
__
picketing at the big woolen and worsted mills there and at Hardware
-28.0 +2
-4:15 -10.9 -1-11.6 +1.7 +22
Clifton and Garfield, N. J., where there has been much Machine tools
-20.7
____ +11.6
Stationery
-8.6
____ +lea
_::: +10:4 +12.6
disorder.
Paper
-0.5
-- _ -2.6
Diamonds
+37.0‘-9.1 +23.0 1 -7.9
----'At Bombay high cost of production, coupled with the Jewelry
-66.9 f
-18.2 j
+8.4 -12.5
Weighted average
+3.6
___. -4.4
severe Japanese competition, forced two Bombay cotton
____
+4.3 +83
mills to close at the end of January, throwing 5,000 hands
out of work. The total number of mills closed up is 11.
Increase in Department Store Sales in New York
At the beginning of January all the working mills in BomFederal Reserve District in January as
bay had reached their normal strength of operatives, followCompared with Year Ago.
ing the termination of the strike, the number employed beAccording to the March 1 Monthly Review of Credit and
ing 136,000.
Business Conditions by the Federal Reserve Agent at New
The Ford Motor Co. will begin erection in April of a
York, "January department store sales in this district averhydro-electric power plant with auxiliary steam power
aged nearly 4% larger than a year ago, although there wasfacilities to operate a $3,000,000 factory for manufact
ure one less selling day this January. Sales of apparel stores
of all upholstery cloth and head lining used in manufact
ur- were 8% larger, and leading mail order houses reported a
ing Ford cars. The plant will be erected on 1,705 acres of gain
of similar amount." The Review also says:
land on Huron River, near Ypsilanti, in the centre of MichiDepartment store collections exceeded those of a year ago, but accounts
receivable at the end of the month remained larger than at the end of
gan's sheep raising section.
Jan. 1925. Stocks of merchandise on hand were 5% larger than a year
There was a moderate snowfall here early in the morning ago, a slightly larger increase
than in sales, so that the rate of stock turnof Feb. 23 and the temperature at 8 a. m. was 20 degrees, over was slightly lower. In apparel stores, however, the increase in stocks
was not so large as in sales, and the turnover was slightly higher than
rising by 4 p. in. to 32, after being 17 degrees on
the 22d. In Jan. 1925.
In Buffalo and Portland, Me., on that
date it was down to
8 degrees, in Chicago to 26, in Cincinnati
Percentage Change Jan 1926 from Jan. 1925.
to 24, in Cleveland and St. Paul to 20, in Pittsburgh
Locality.
to 18 and in Albany
Stock on
to 4, while Tupper Lake, N. Y., on Feb.
Net Sales. Hand End Collections Accounts
23, after a fall of
mom
of Month.
Receivable.
.
80 degrees since noon on Feb. 22, the mercury
registered 30 New York
+2.8
+5.4
+7.8
+6.4
below zero. At Saranac Lake, N. Y., on
+1.3
+3.1
+5.7
Feb. 23 it was from Buffalo
+10.8
Rochester
+14.2
+6.3
22 to 28 degreels below zero, the coldest
o
+24.,
this winter. It Syracus.
+1.8
+1.2
rained all day here on the 25th and at night
+10.0
+11.7
+5.8
+9.4
there was hail Newark
Bridgeport
+8.4
+7.3
and also thunder and lightning. Both fog
+1.8
-3.8
+7.7
+9.5 i
and high winds Elst.where New York State
Northern
-7.1
-15.6
+6.2 .
have prevailed during the week. To-d
Central New York State
ay was clear and
+9.4
1
windy, but the temperature at 3 o'clock
-8.5
Southern New York State
+3.5
+7.0 1
was only 41 degrees.
Hudsm River Valley District
+15.3
+10.8
+12.0 '
The indications pointed to colder
Capital District
+4.0
+7.8
+11.8 1
weather on Saturday with
Westchester District
+4.9
4-4.1
+20.8
strong west winds. Snows or rains
+3.7
0
+7.7
have occurred of late All department stores
+8.1
Apparel Stores
+7.8
at the West. Chicago has been 30 to
+5.1
36 degrees, Cincinnati Mall Order Houses
+7.9
..-.....
36 to 54 and St. Paul 24 to 36.
J. B. Morrow on Investment Possibilit
ies in Florida.
J. B. Morrow, Executive Vice-Presiden
t of the Pensacola,
Florida, Chamber of'Commerce,
who is in New York, estimates that between $750,000,000
and $1,000,000,000 of Northern capital has gone into Florida
during the past twelve
months. Mr. Morrow, who was
formerly managing director of the Mississippi Valley
Association, delivered an
illustrative address in the grand
ball room of the Hotel
McAlpin on Feb. 4 on "The
New South and Its Relationship
to Florida." In discussing,
earlier in the week, the present
situation in Florida, Mr. Morrow
said:
Florida has been criticized
unjustly for the greater part and principally
by those who viewed the
state from the standpoint of one locality.
I am here to state that
Florida offers greater possibilities today, as
safe investment as any
state in the union. West Florida, of which
Pensacola is the metropolis,
has perhaps been less in the public eye
than the rest of Florida, no
doubt because we ourselves have overlooked
the wonderful possibilities
of the West Florida district and the natural
advantages of Pensacola from
the
shipping, and have not capitalized standpoint of commerce, industry and
those assets as we should.
Pensacola and West Florida,
offer at this time a real substantial
opportunity for investment, not
only from the standpoint of investment
in real estate, values of which are
still far from the peak point, either
in farm acreage, or city real estate,
but investment in industrial enterprises which will find in Pensacola and
West Florida opportunity for
success. The situation at Pensacola
and West Florida is basically
sound.
Wholesale Trade In Federal Reserve District
of New
York Smaller In January This Year Than In Same
Month Last Year.
January sales in wholesale lines in 'this district
averaged
4% smaller than in January a year ago, but the number
of
lines reporting gains and losses was almost evenly
divided,
says the March 1 "Monthly Review of Credit and Business
"
Changes in sales and stocks in major departments, compared with those
of a year ago, are shown in the following table:
Net Sales
Stock on Hand
Percentage Change Percentage Change
Jan. 1926
Jan. 31 1926
from
from
Jan. 1925.
Jan. 31 1925.
Toys and sporting goods
.
Luggage and other leather goods
Home furnishings
Toilet articles and drugs
Linens and handkerchiefs
Musical instruments and radio
.
Books and stationery_
Hosiery
.
Silks and velvets
Men's furnishings
Furniture
Women's and Misses' ready-to-wear
Cotton goods
Men's and Boys' wear
Silverware and jewelry
Women's ready-to-wear accessories
Shoes
Woolen goods
Miscellaneous
+48.1
+16.2
+11.8
+11.5
+10.2
+10.2
+9.9
+9.3
+8.8
+8.4
+8.0
+6.7
+5.7
+4.0
+2.4
+2.1
-10.9
-20.5
--0.8
+30.7
+19.0
+2.4
+5.3
-1.8
+10.8
+7.7
-2.6
+4.8.
+18.5
-1.5
-0.5
+3.4
+7.5
-3.5
+5.4
-5.4
-4.6
The average sales check in January was $2 77 compared with $2
68.
year previous.
Increase in Chain Store Sales in Federal Reserve
District of New York.
The Federal Reserve Agent at New York in the March r
"Monthly Review" reports that "the January increases
inchain store sales compared with a year ago were not
so large
as in December, but continued very substantial, averagin
g
11%." Continuing, the Review says:
The opening of new stores continued even more rapidly than a
year ago
and exceeded the increase in total sales, so that sales per store
averaged
smaller than a year ago in four out of seven reporting lines.
Variety stores reported the largest increase in sales over
a year ago,
and the chain drug store business, which a year ago appeared
practically
stationary, showed a substantial increase. The
chain grocery business
continues to expand rapidly.
Percentage Change
January 1926 from January 1925.
Type of Store.
Variety
Drug
Grocery
Ten cent
Tobacco
Shoe
Candy
Total _
p Preliminary.
[VoL. 122.
TIIE CHRONICLE
1096
No. of Stores.
+16.4
+15.8
+20.5(P)
+ 6.0
+15.9
+16.7
+19.8
+18.3
Total Sales.
Sales per Store.
+21.9
+17.1
+11.4(p)
+ 9.4
+ 4.0
+ 1.0
+ 0.4
+4.7
+1.1
- 7.6(P)
+ 3.3
-10.3
-13.5
-16.2
+10.8
were
in 1925. The Pocohontas, Southern and Southwestern Districts 1924.
in
the only ones to report increases over the corresponding weeks
previtwo
Loading of revenue freight this year compared with the
ous years follows:
1924
1925
1926
4,294,270
4,456,949
4432,010
Five weeks in January
906,017
929,130
914,904
Week ended February 6
935,589
903,935
917,144
Week ended February 13
- 6.4
6,264,058
Total
6,290,014
6,135,876
Index Numbers of Retail Food Prices.
The Bureau of Labor Statistics of the United States DeBuilding Activity Shows Upward Trend-Value of Conpartment of Labor furnishes the following index numbers
tracts Let Since First of Year $370,679,000
of retail food prices of the principal articles of food for
Materials Firm.
years 1924
for January of this year, with comparisons for the
Value of contracts let on all classes of construction
and 1925:
last
the entire country continues to show a gain over
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
year, the sum involved from Jan. 1 to date totaling $370,OF FOOD IN THE UNITED STATES.
679,000, "Engineering News-Record" reports. In the.same
StrYn Roma MO Chuc.Plags Pork
Year
to
• time a year ago the value of contracts let amounted
Ham Lard Hens Hue ter
end Month. Steak Steak Roast Roast Beef Chops
$326,162,000. Minimum costs observed in compiling these
' 1924
154 149 144 129 110 130 138 166 118 182 158 160
figures are: $15,000 for water-works and excavations; January
152 148 148 128 110 127 136 165 114 185 144 157
FebruarY
153 148 144 129 Iiio 128 134 1164 111 169 101 151
$25,000 for other public works; $40,000 for industrial March_
158 161 146 131 Iiio 137 184 165 109 169 93 131
operations, and $150,000 for commercial and residential April
160 165 148 133 1112 142 134 166 Lios 172 95 120
May
160.2 136.1 148.5132.5 109.1 143.8 134J1165.8il07.O 168.5104.6 126.9
June
buildings.
. 166.2 108.2 165.7 14.2120.2
180.2 136.2 147.0131.3108.3 144.3
July
160.2 156.1 t47.0131.31108 165.7 141.9 173.2122.2 163.4 29.3126.1
The value of private projects for which contracts have August
168.3 163.8 146.5130.6 109.1 170.6 145.6 174.3 126.6 165.7 50.4126.6
against September_.._ 165.9151.1 144.4,129.4 108.3 178.6 148.51175.1 135.4 164.8173.0125.1
October
been let so far this year totals $248,835,000, as
____ 152.4 147.5 142.4'127.6 109.1 150.5 148. 174.7141.8 162.0197.4 127.7
$209,892,000 in the corresponding period a year ago. Pub- November
160.4 145.3 141.4126.3108.3 139.5 147.81173.2 139.9161.5202.3 137.1
December
for since the first of the year involved
lic jobs contracted
for yr. 155.9 151. 145.611301 109.1 148.7 139.6 168.4 120.3165.7 138.6 135.0
same Average
1925.
a total of $121,844,000, as against $116,270,000 in the
152.9 147.1J143.9128.1 109.9 146.2 149. 177.0 144.3 168.1 204.4 138.0
January
151.6 146.61148.4 127.5 109.1 144.3 150.7178.8 144.3109.6 154.8132.1
year.
period last
February
155.9 150.7 H7.0131.3 111.. 178.1 164.4 190.3 146.2 173.2 113.3144.9
on private and public March
Contracts let in the past week,
• 159.1 155.21150.0135.0 114.1 175.2 172.6 198.9 146.8 177.9 110.4 139.2
April
160.6 157.0160.5 138.1 115.7 171.4 171.9197 143.0177.9 113.91361
May
projects, it is stated, were valued at $37,394,000, as June
.
. 122.6 137.6
.161.4 157.8150.5 136.3 114.0 172.4 173.7 197.0
168.1 163.7 153.5 140.0115.7 186.1 180.4 202.2 148.7 171.8 133.9 138.9
the preceding week, and $35,274,000 July
against $56,488,000 in
138.1 114.9 190.5 182.6204.1 153. 170.0141.7141,2
165.4 182.3153.0
August
in the corresponding week a year ago.
September __ 163.8 159.6 151.5137.5 114.9 192.4 183.0 04.1 161. 171.r 150.4145.7
151.0 137.5 116.5 180.2 183.7 01.9 152. 171.4 174.8 155.1
162.1
severe weather has strengthened prices for October ____ 158.7 158.7 149.0 135.1. 1.16.9 178.4 182.2 198.01147.51168.1 201.2155.9
The recent
154.3
November
158.7 154.3 149.5 134.4116.5170.0 180.0 97.4 143.0,171.4 191.9163.0
weeks the December
both brick and lumber. For three successive
materials market has witnessed an unchanged price level Average for yr. 159.8 155.6 49.51135.0 114.1 174.3173.0195.5 147.5 171.8151.01143.1
1926
160.. 157.0151.5 138.1 119.: 173.: 178.5 198.1 141.1 181.2 156.21144.7
for the principal hot-rolled steel products.
January
Cement mill construction announced in the United
AU Articles
!Cop
Potal
ICort#
Year
and Month. Chest Men Mead Flour onto Mee toes Sum fee Tea Combined
States in the last sixty days involves the expenditure of
rs expect
$16,000,000. Evidently the cement manufacture
1924
149
189 160 155 136 147 113 165 186 128 131
January
the heavy building demand to continue.
147
168 157 155 139 147 113 165 187 130 130
February
March
April
166
161
156
155
155 139 147
155 139 1147
111 165 189 137 130
113 165 181 140 130
157 153 166 139 147 114 171 167 142 131
Loading of Railroad Revenue Freight Again Increasing. May
155.7 161.7 155.4 139.4 146.7 113.8 194.1 50.9 141.9 130.8
June
166.7 151.7 155.4 145.5 160.0 114.9 194.1 152.7 142.3 130.1
• Loading of revenue freight for the week ended on Feb. July
155.7 158.9157.1 154.6 156.7 117.2 152.9 149.1 1451 130 3
August
to reports filed by the September._. 156.6 158.2 157.1 154.5 160.0 18.9 162.9156.4 148.7 130.5
13 totaled 917,144 cars, according
. 157.6 158.2 157.1 160.6 166.7 119.6 141.2 160.0 1M.7 132.0
carriers with the Car Service Division of the American October
157.0 155.1 158.9 163.6 170.0120.7 129.4160.0 164.4135.1
November
169.5 135.7
This was an increase of 13,209 cars December__ 157.9 155.1 158.9 169.71173.3 21.8 135.6160.0
R&Ilway Association.
116.1 158.8187.3 146.3 131.4
over the corresponding week in 1925 but a decrease of Average for yr. 159.7 155.1 157.1 148.5136.7
1925.
162.4 158.2 164.3 181.81160.0 123.0 147.11147.3 173.2 136.4
133,445 cars under the corresponding week in 1924. The January
164.7186.2 169.6 193.9 183.8 124.1 152 9140.0 174.e 1371
2,240 February
total for the week of Feb. 13 also was an increase of
166.2155.1 167.1. 193.9183.3 125.3 147.1140.0 175.6 138.1
March
165.2 155.1167.9 184.8183.3 126.4 141.2 136.4 179.e 138.9
cars over the preceding week, increases being reported in April
164.3153. 187.9 184.8 180.0126.4 158.8 130.9 176.2 189.0
May
165.2 153.9 167.6 184.8 180.0 126.4 405.9 130.9 170.1 139.3
the total loading of all commodities except grain and grain June
105f 155.1 167.8 189 8 180.11128.7 258.8129.1 170.5 139.6
July
166.6 156.2 167.9 184.8180.0 129.9258.8 127.3 170.8 189.3
products, coal and merchandise and less than carload lot August
September ____ 167.4 159.1.187 V 184.8 180.0 129A 41.81127.3 171.1139.3
freight. The following further details are furnished:
168.2 160.7 167.1 178.8 176.7 129.1 J17.0231 1711 139.2
October
Miscellaneous freight loading for the week ended on February 13
totaled 318,696 cars, an increase of 3,087 cars over the week before
and 9,897 cars above the same week in 1925. It also was an increase
of 10,820 cars over the same week in 1924.
Loading of grain and grain products amounted to 43,682 cars, a
decrease of 961 cars under the week before but 2,261 cars over the
same week in 1925. It was, however, a decrease of 9,420 cars below
the same week in 1924. In the western districts alone, grain and
grain products loading totaled 27,585 cars, an increase of 840 cars
over the corresponding week last year.
Coal loading totaled 171,903 cars, a decrease of 4,061 cars under
the week before but 804 cars above the same week in 1925. Compared
with the same week in 1924, it was a decrease of 21,653 cars.
Loading of merchandise and less than carload lot freight amounted
to 247,939 cars, a decrease of 560 cars under the week 'before and 239
cars under the same week in 1925. Compared with the corresponding
week in 1924, it was an increase of 7,477 cars.
Forest products loading totaled 75,936 cars, 4,156 cars above the
week before but 3,621 cars below the same week in 1925. It also
was a decrease of 7,960 cars below the same week in 1924.
Coke loading totaled 18,902 cars, an increase of 198 cars over the
pre.eding week and 5,584 cars above the corresponding week in 1925.
Compared with the same week in 1924, it also was an increase of
5,841 cars.
Live stock loading for the week amounted to 29,901 cars, an increase of 367 cars above the week before but 600 cars below the corresponding week in 1925. It also was 3,940 cars below the same
week in 1924. In the western districts alone, 22,578 cars were loaded
with live stock during the week, 804 cars below the same week last
year.
Ore loading totaled 30,185 cars, an increase of 14 cars above the
preceding week but 877 cars below the corresponding week in 1925.
Compared with the same week in 1924, it was, however, an increase
of 390 cars.
Compared with the preceding week this year, the Pocohontas, Southto show increases in the
ern and Southwestern were the only districts
while all except the Eastern and Alletotal loading of all commodities
compared with the corresponding week
gheny districts showed increases
November...._ 169.2 160.7 167.9 181.8 176.7 131.0 105.9 120.0 171.8 139.2
169.7 160.7 167.9 184.8 1731 1310 305.9 121.8 172.1 139.5
December
'
Average for yr.166.1 157.3167.9 184.8 180.0 127.6 211.8 130.9172.8 138.8
1926
170.1 159 R lf17 A 1570172 3 133 31341 9 191 5179 9120 0
Tanuarv
144
141
141
142.4
14321
144.2
146.8
148.7
150.1
151.6
145.9
154.3
151.4
151.1
150.8
151.6
165.0
159.9
160.4
159.0
161.6
167.1
165.5
157.4
164.5
Factory Earnings in New York State in January Remain
At December's Record Figures.
Although there was a slight slowing up in manufacturing during January the average pay of factory workers
in New York State stayed at December's record figure of
$29.05. This is 75 cents more than a year ago. But
individual classes of workers were affected by seasonal
changes and the end of holiday trade. The outstanding
gain of the month was in the men's clothing shops which
were busy on spring garments, according to the statement just made available by Industrial Commissioner
James A. Hamilton, of the New York State Department
of Labor, which goes on to say:
Textile Workers' Earnings Below 1925.
A comparison with last year shows that practically all industries
are paying a higher average wage than at the beginning of 1925.
The chief exceptions to the general upward movement in earnings are
the textiles, shoes and heating apparatus, but in the last named employment is at an unusually high level. In the textiles silk workers
are receiving more than in January, 1925, but cotton and textile
finishing operatives are averaging less. Woolen mills show a decrease of $1.60 in the earnings of their workers while employment
is 6% lower at present than a year ago.
This statement was derived from the payroll reports of over 1,600
manufacturers who employ almost 40% of the factory workers of
the State. Their payrolls reached almost 15 million dollars. The
FEB. 27 1926.]
THE CHRONICLE
list of firms reporting for men and women is somewhat smaller and
there is a correspondingly greater variation in the representation for
the different industries. To offset this w e have weighted the figures
for each industry according to the number of men and women actually
engaged in it throughout the State.
Almost all the clothing workers were better off this year, particularly those in the men's clothing and shirt factories. The paper and
printing industries were also paying a substantially higher average
and there were smaller gains in the chemicals.
The most important increases in the metals in the machinery and
electrical equipment factories and automobile plants where earnings
rose $1.35 and $1.95, respectively. The gain of over two dollars in
the cutlery division was accompanied by a reduction in employment.
The exception to the general rise in earnings in the building supply
industries was in cement and plaster which, however, are employing
20% more workers than a year ago.
Men and Women Gain Equally Over Year.
Changes from December in the average pay of men and women
were negligible. Men received $32.65 in January, while women earned
$18.40, 8 cents more than in the preceding month. The increase
for men and women over the year was proportionately the same
though in the case of men it amounted to $1.05 and of women to
65 cents.
, The course of earnings, however, was not alike for both sexes as
the average for men reached the lowest point for the year, $30.95,
in April when there was a reduction of over five dollars in the pay
of clothing workers and employees in the heating apparatus shops
along with smaller decreases in other lines. From April on there
was a steady improvement, although industry did not start upward
until August. A peak was established in December and maintained
in January, 1926.
Women's earnings were not so seriously affected by the April
slowing up in the clothing trades and they did not reach the low
point of $17.20 until July. The rise from July on has been steady
with only a slight interruption in November.
The range of average earnings over the year was proportionately
greater for women than for men. This cannot be explained by the
large proportion of women in the highly seasonal clothing trades for
in these industries overtime causes a wider fluctuation in the men's
average pay than in the women's. During the summer months there
was a striking example in the cotton mills of the different effect of
reduced working schedules on the earnings of the two groups. Where
men's earnings dropped from $21.80 to $18.80 from May to June
women's earnings fell almost six dollars to $9.30. Even after a
slight gain in July women still showed a larger actual loss than the
men. Likewise when the biscuit factories were slack in the summer,
It was the women's wages which were reduced the most.
Women metal workers also were more seriously affected by changes
in hours than the men. During the year the pay of the men ran
from $30.75 to $32.75, while women's earnings average from $16.60
to $18.50. There is about the same difference between the highest
and the lowest average for each in spite of the difference in wage
scales. At the beginning of 1926 the average of women in these
trades reached the maximum since 1923 when our figures were begun.
Men's earnings for all the metal trades fell from $32.75 to $32.45
in January. They gained in the textiles, however, while women lost.
Industrial Conditions in
Illinois During January
Considerable Amount of Unemployment.
The fall and winter gains in industrial activity in Illinois
were held through January, says Reuben D. Cahn, Chief of
the Bureau of Industrial Accident and Labor Research of the
Illinois Department of Labor, in his monthly review made
public Feb. 15, in which he further reports as follows:
There was no new expansion, it is true, but the absence of any decline is
seen as a favorable indication. For, two practices of industry regularly
depress employment in the opening month of the year, that of taking the
annual inventory and that of overhauling the plant in preparation for the
active spring producing season. Nor was there an absence of these tendencies during the month of January. But though there were plants temporarily
dosing down for the purposes mentioned, expansion elsewhere was suffident to counteract the tendency.
Nevertheless, a considerable amount of unemployment prevails about the
State. The severely cold weather that prevailed during most of the month,
made necessary the suspension of work on many building projects. Several
mines closed down, and farmers were discouraged from hiring help or
retaining what help they had by the low price of corn. In several of the
downstate cities, the social agencies reported that the winter had
brought
the largest demands upon them of any time in their experience. Nevertheless, taking the state as a whole, employment was well ahead of a year
age. Judging by a sampling of the size of the
payrolls of 40% of the
factories, it is estimated that 1.3% more people were at work than at this
time a year ago. There was also a larger number of men employed on the
ice harvest than in January of 1925.
The survey for the month is based fundamentally upon the signed reports
to the Illinois Department of Labor from approximately 1.200 manufacturers. They had on the payrolls for the middle of January,
284,970
persons, which was exactly 20 more persons than they had a month ago.
Aside from these reports, a quick first hand survey of the plants in 14 of the
principal cities at the close of the month,indicated that a well defined
policy
to increase operations prevailed at many plants.
The first gains in months were reported from the carbuilding industry,
one of the most important in the state. This industry which has been
experiencing the worst depression in years, is now on the road to
recovery
and during the month of January about 6% more employees were added to
the payrolls.
The building materials industries which have quite generally been
operating near capacity took advantage of the lull in building operations
by
reducing their forces. Thus, the brick kilns had 4.5% fewer workmen in
January then they had in December, and the glass factories' payrolls
contained 1.3% fewer names than a month earlier.
The basic iron and steel industry employing the largest number of persons
of any in the metal group, had raised their operating schedules by only a
fraction of 1% by the middle of the month; but as the month was drawing
to a close, the steel mills entered the labor market and hired more freely
than for sometime, of course, taking back their old employees first. Machinery firma also more than maintained their former gains, adding about
1% to the ranks of their employees. The agricultural implement industry
took on an additional 3%bnore employees, bringing the volume of employment to the highest point reached since the war, and affording employment
1097
to about 80% more persons than at the low point in 1924. Automobile and
accessory concerns, however,laid off 7% of their help, a substantial number,
but still leaving the size of the factory personnel at a high point. The
electrical apparatus factories also laid off help, a not Unexpected tendency,
since there are included in the class a number of concerns producing radio
parts and sets, in which the demand is most active at the holidays.
The course of employment in the wood products group shows markedly
the effects of the season. In furniture manufacturing, the most important
industry of the group, employment was down nearly 2%.and in the musical
instruments factories by 3%. Planing mill products being in lesser demand
on account of the cold weather, the mills got along with a working force
3.6% smaller than in December.
Wage earners in the boot and shoe industry enjoyed improved conditions
in January as evidenced by an expansion of 1.8% of their forces.
In chemicals and oils the trend of employment was generally upward. In
this group, the increase over December amounted to 1.1%. The expansion
which has recently characterized oil refining continued through January,
through at a somewhat diminished rate. The increase for January was
9-10 of 1%, compared with 3.7% during the previous month. Manufacturers of paints showed the most marked increase in this group, adding
4.4% to the number of their employes.
Notable during January was the continued expansion in the printing and
paper group. The betterment amounted to 5.9%. Job-printers employed
5.6% more wage earners. On the other hand, there were declines in the
manufacturing of paper boxes and in edition book binding, a natural
falling off from the holiday rush of December.
Manufacturers of men's clothing were taking back some of their employes
previously laid off. About 2% were reemployed in January. the increase
being the usual one that follows the receipts of orders for the wring and
summer product. The growth is about the same as the plants have been
experiencing in Januarys of recent years. The increase in employment in
the women's apparel factories, while calculated to be slightly more than
10%. was less than a year ago. Taking the apparel industries as a whole,
the expansion in the number of persons profitably employed was larger by
3.3%, than in December. This change approximates that of 1925.
The industries in the food, tobacco and beverage group show a mixed
trend in employment conditions, there being a slight reduction of 8-10 of
1% for the entire group. An influential factor in this reduction was the
laying off on the part of meat packing firms of 1.8% of their employeee.
Bakeries, confectioners and beverage manufacturers as well as canneries
and flour and feed mills also reported reductions in employment. But
firms making dairy products and ice cream showed increases.
The January decline in employment was marked among department
stores, the reduction of 17.8% more than off-setting the customary December increase which is necessitated in order to take care of the crowds of
Christmas shoppers. Mail order houses also participated in this decrease,
the reduction in the number on their payrolls amounting to 13.1%, but
unlike at the department stores, this reduction followed upon a slight
decrease during December.
Jobs for building workers became scarcer during January,due to a reduction in employment of 14.8%. This followed a similar reduction of 11.7%
in the previous month. Work for coal miners continued to be more plentiful
as is indicated by an employment expansion during January which aggregated to 3.9%. Due in no small measure to the anthracite coal strike,
Illinois bituminous miners are enjoying steadier work than for a number of
years. Several mines, however, closed down during January.
Of the 14 cities for which separate computations are made on the extent
of manufacturing employment, 7 in January showed improvement over the
previous month while the other 7 showed worse employment conditions.
Chicago was in the latter classification and the decline in the number of
wage earners in that city was 1.4%. Danville suffered the largest relative
decline, the percentage for that city being 4.9. The only other city with a
decline greater than 2% was Bloomington in which 2.5% fewer workers
were employed in January than in December. Decreases in employment In
the manufacturing firms of Joliet and Rock Island were between 1 and 2%
and for Decatur and Quincy, less than 1%. Of the cities with expanding
employment, Cicero took the lead by adding 4% to the number of its wage
earners in manufacturing. Peoria closely followed Cicero with an increase
of 3.7%. Springfield and East St. Louis had increases of between 2 and 3%,
while those for Aurora. Moline and Rockford were less than 2%.
In the manufacturing industries, 1,068 firms made wage disbursements
for the weekly payroll nearest the middle of January totaling $7,810,112.
This was a decrease of 2.3% from the previous month. Average weekly
earning maintained their upward trend; the figure for January was $28.93.
This compares with $28.75 for December, 1925, and $27.64 for January,
1925. The most recent figure sets a new record for she manufacturing
industries of Illinois since the State Department of Labor began to collect
statistics on earnings in July 1922.
In conformity with the slackening of employment throughout the State.
the Illinois free employment offices during January showed increased
registration on the part of those seeking work. The ratio of the number of
persons registered to each 100 jobs open increased from 145.9 in December
to 189.7 in January. This January figure is slightly higher than that for
January, 1925, when the ratio was 187.7. Total placements by the State
free employment offices in 13 cities aggregated 10,125. The number placed
by the same offices in 1925 was 9,514. In January of 1924 placements
numbered 9,938 and in the same month of 1923, the figure was 13,168.
The decline in the value of building authorized which began in December
continued through January. The total for all cities for which the Illinois
Department of Labor collected data amounted to nearly $21,500,000. This
was a decline of nearly $6,000.000 from the December figure and compares
with $25,533,000 in January of 1925. Chicago permits were valued at
$18,500,000. Of the downstate cities, Danville maintained its position of
leadership, although the value of permits for this city declined from $1,526.800 to $227,000. Building fell off materially in the Chicago suburbs, but
Berwyn with 71 permits valued at $610,000 showed a reduction of only
$55,000 from the December figure. The value of authorization in Evanston
decreased from $2,000,000 to $356,700. In practically all of the cities,
authorizations were less in value than a year ago, the most important
exceptions being Berwyn and Springfield.
The following analysis of the industrial situation in Illinois by cities, during January, is furnished by Mr. Cahn
under date of Feb. 18:
-The employment gains of recent months in this city were •held
Aurora.
through January, reports to the State Department of Labor Indicate. Notwithstanding the annual taking of inventory, there were fully as many
workmen engaged in the industries of this city in Illinois as were employed in December. Some of the larger metal plants increased their
working forces to a point higher than at any time in the past four years
and employment is generally well above the level of a year ago. Railroad
shops temporarily laid off some workmen. Their operations now are about
20% below a year ago. Unemployment rose seasonably and some of the
larger construction and improvement projects were suspended for the
1098
period of cold weather. The ratio of applicants to jobs at the free employment office rose to 165 applicants for each 100 jobs. A month ago the
ratio was 152 and a year ago it was 182. New building projects were at
the lowest level for the year, totaling $64,000. The December aggregate
was $523,000.
Bloomingtom-Manufacturing plants in this community laid off some
of their help during January, with the result that the manufacturers' employment index changed adversely. About 2.5% of the total manufactur-some of them being seaing employees were affected by the reductions
sonal. Notwithstanding the fact that the principal industry, the railroad
be working full time, there has been considerable
shops, were reported to
suffering from unemployment during the winter and it has been reported
that the county has been asked to help more people than for several years.
The farmers also have not been experiencing prosperity and fewer farm
bands have been hired than for some time. The free employment office
superintendent who reported one of the worst winters in his experience, submitted a statement showing 223 persons applying for each 100 jobs. The
index figure was 168 per 100 in December and 153 a year ago. Meanwhile,
prospects are said to be good for an active building season. Although eight
new projects were reported to the local building office during January, the
estimated cost of projected work was nearly $87,000-more than double
the December figure and also that for a year ago.
-Employment dropped in the manufacturing plants of this city
Chicago.
during January. The survey of the Illinois Department of Labor, in the
course of which reports were received from 598 employers with aggregate
payrolls exceeding 140,000 employees, shows a falling off of 1.4% in the
80-day period. The decline is chiefly of a seasonal nature, especially in
some of the metal industries, which usually slow down in the opening month
of the year. The wearing apparel plants at the same time were increasing
their forces to turn out the spring product, but their aggregate hirings were
not sufficient to counteract the other tendency. Operations of the free employment offices were at the usual winter level. Registration increased
substantially without a corresponding swell in thg number of available
opportunities to work. There were 197 applications for work for each 100
places open, which was but slightly less than a year ago. The offices placed
240 more persons than in January 1925. Permits for building, as announced by the municipal building office, totaled $18,503,000, which was
the smallest month's aggregate since January 1924.
--Conditions continue to improve in this locality. A number of
Cicero.
the larger firms were in the market for labor, and notwithstanding stocktaking for annual statements, employment rose 4%. The ratio of applicants to jobs open was 175 per 100, which, though comparing unfavorably
with the preceding month, is substantially better than in January 1924,
when there were 250 job-seekers to each 100 chances to work. The free
employment office placed 547 persons, or more than twice as many as in
January 1925. New building projects were at a low level for the winter
16 projects totaling $196,000.
-Employment in the factories of this city is on a decreasing
Danville.
scale for the third consecutive month and the number of workmen in the
factories of this city fell, bringing the number to a point 10% below the
October level. The decline during the past 30 days was about 4.9%. The
Superintendent of the free employment office reported that business was
far below normal. Operations, however, were sustained at the railroad
shops at about the same point as they have been during the past six months.
The labor market was pronouncedly inactive. During the 30-day period only
59 persons were placed in this city. The ratio of applicants to jobs stood
at 187 per 100, the highest for the year.
-There has been very little change in the volume of employDecatur.
ment in this city during the past 30 days. Although there were seasonal
declines in the food industries, the bulk of the metal factories, notwithstanding the inventory-taking, have fully as many employees as they had
change in
a month ago. For 22 of the principal plants of the city, the
smployment for the month was a decline of approximately 1%. This was
employment in
in contrast with an increase of 4% a year ago, although
for
most plants is ahead of January 1925. There was very little demand
.common labor. The ratio of applicants to jobs stood at 248 per 100. In
December the ratio was 195 per 100 and in January 1925 213 per 100. In
with the
the middle of the winter very little building was being recorded
was
municipal building office. A total of $184,000 for 44 permits issued
$60,000 less than January 1925.
-Manufacturing operations are on the upgrade in East
East St. Louis.
this city
St. Louis. During January, reports from the principal plants in
at work,
Indicate, there was an expansion of 2.5% in the number of persons on emDecember. Out of 26 firms reporting
following a smaller gain in
smaller numployment to the State Department of Labor, only five had a
plants showed gains;
ber of workers than they had in December. The metal
the packing plants.
employment also showed a higher tendency to enlarge in
reported the registration
The Illinois free employment office in this city
job opportunities limited to 643.
of 1,358 persons during the month, with
amounted to 211 per 100, a
There was a ratio of applicants to jobs which
either a month ago or
more substantial labor surplus being indicated than
days totaled over
year ago. Building authorizations of the past 30
a
$87,000. A year ago the aggregate was $215,000.
pick-up
-As January was drawing to a close, there was a general
Joliet.
men-the old
in industry in this city. Several of the largest plants were hiring
the month
employees being taken back first of all. However, by the middle of
Some
there was little change in the situation from that of the last report.
moderate expansion begun
of the metal plants were continuing a policy of
earlier. There were also instances of declining employment, but by the
end of the month the improvement was unmistaken. An unusual amount of
building work was in progress for the time of year. Superintendent Rogers
of the free employment office reported that inside work was booming and
outside work was progressing as well as the weather would permit. Free
employment office operations indicate a seasonal falling off in placements
and in the relationship of persons seeking jobs to places open.
-Factory operations in the Tri-Cities were in satisMoline-Rock Island.
factory condition during the opening month of the new year. The auto,
agricultural implement business, three of the principal local
accessory and
Industries, were operating with the largest number of employees for some
taking on
time, and some of the largest plants which have been gradually
peak in
snore employees since the beginning of the year reached a new
plants showing anything more than a seasonal
January. There were no
throughout
decline. Outside work and the farm labor situation were dull
break in winter comes there will be a volume
the month, but as soon as the
a volume of
work to be done in addition to
of street paving and sewer
January, new projects registered with the
private building work. During
totaled $89,000 and the authorizations in Moline
Rock Island building office
$100,000 for the two cities. The free employbring the total up to about
stood at 415 during January, compared with
ment office placement figure
-seekers to jobs is 160 per 100. A year
year ago. The ratio of job
209 a
100 jobs.
it was 258 persons to each
ago
-Notwithstanding the fact that the end of the year is regularly
p
industry, Peoria plants during January were generally
a period of declining
(Vol.. 122.
THE CHRONICLE
adding to their working forces. Included in the expanding industries were
some of the largest Peoria employers. Both the metal industries and the
textiles shared in the gain. Inventory-taking held back the increase somewhat, but based on reports from 35 employers with aggregate payrolls of
4,200 persons, an increase of 3.7% was found by the Department of Labor
in its monthly survey. Inclement weather conditions prevailed throughout
the month and this condition had the tendency to retard building operations
to some extent. Working continued on a number of projects, however, and
there was a vast amount of building work projected. An official report
issued indicated that all building records were shattered during the year
and that approximately $5,600,000 worth of work was laid out Some of
it, of course, was finished during the year and there was a considerable
amount yet to be completed while some of the projects that were registered
had not yet been begun. During January, new authorizations were at a
minimum, totaling about $93,000, in contrast with $867,000 the total for
a year ago. At the free employment office placements were slightly below
a year ago and the ratio of applicants for each job that was open; whereas,
a year ago there were but two for each job.
Quincy.
-Employment was generally on the down-grade in this city, most
of the plants laying off help. Aggregate reports for 18 local manufacturers
showed about 1% fewer people at work than were employed in December
and about 12% fewer than in October. The rate of decline was less in
January, however, than in the two months preceding. The year-end is regularly the time for declining employment in Quincy on account of the composition of the local industries. Twelve new building projects reported to
the city building department during the month were estimated to cost $41,000. This is about the same as in the preceding month, although substantially less than January 1925. With the manufacturing plants continuing
to slow down, only 239 persons were placed in the month by the State free
employment office-fully one-third less than in December and slightly more
than a year ago.
Rockford-The labor market in Rockford was quiet during January,
which is regularly a month of light operations. Such firms as were hiring
were doing so only on a moderate scale. The metal plants, in key with the
trend elsewhere in the State, quite generally expanded their operations during January, but only moderately. Furniture factories, taking them all
in all, were neither expanding nor contracting-being satisfied to replace
persona leaving in most cases, but not actually increasing the numbers at
work. Elsewhere, the changes were only minor. The free employment
office reported placements of 1,046 workers. Although this number is less
than in the month preceding, it is about 25% ahead of a year ago. Building work has slowed down on account of the inclement weather, which
seems to have placed a damper on new projects, for only 42 permits, with an
estimated cost of $116,000 were taken out during the month. The total for
December was $359,000 and that for January 1925 was $130,000.
Springlield.-The local plants, according to the Illinois Department of
Labor, showed a generally improved condition in January over the December reports. Ten of the local manufacturing plants had payrolls that were
2% larger than a month before. Superintendent Lindsey of the free employment office, after a canvass of the factories in this vicinity, reported
that quite generally employment was larger and somewhat improved over
that of a year ago. The mining industry, which is the backbone of the
district, has substantially improved during the year, but local officials are
not optimistic. The free employment office placed 305 workmen-111
more than were placed in January 1925. However, job-seekers were also
larger in number. The ratio of applicants to jobs stood at 123 per 100
about the same as the level a year ago. New building projects totaling
$158,000 were reported to the local building commissioner. This is slightly
ahead of a year ago, but somewhat below the 1926 figure.
Advance Report for January on Electric Power in
Philadelphia Federal Reserve District.
The Department of Statistics and Research of the Federal
Reserve Bank of Philadelphia in its advance report on
electric power in its district, made public this week, says:
Both production of electricity and sales to all classes of buyers showed
substantial increases in January as compared with the same month of the
preceding year. The rated generator capacity of the 13 reporting systems
in January 1926 was 13.5% greater than a year previous, while output and
total sales had increased 12.1 and 14.5%, respectively, during the same
period. January operations, as compared with December, showed a slight
decllne in total generated output and several other items. Consumption
of electric power by industries was smaller in January than in December,
owing to the slackening during inventory period, but as compared with
the previous year, an increase of 14.6% In this item was reported.
Electric Power.
Rated generator capacity
Generated output
Hydro-electric
steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All nth..'nalaa
January
1926.
K.W.
1,103.000
K.W.E.
333.684.000
2,244.000
284.352.000
47,088.000
291.047,000
76.761,000
10,025,000
66.736.000
184,527.000
1,769,000
47,974,000
134,784.000
90 7A0
nnn
Change
Change
from Dec. from Jan.
1925.x
1925-y
+4.7%
-1.4
+19.3
-1.5
-1.5
+3.3
+12.1
+3.3
+13.5
+0.4
-2.2
+1.7
-1.1
-A 9
+13.5%
+12.1
+150.0
+9.2
$28.7
14.5
13.2
+9.5
+13.7
+12.1
+18.2
+9.3
+14.6
a Thirteen systems. y Twelve systems.
Employment and Wages in Pennsylvania, New Jersey
and Delaware-Decline in Operations in New
Jersey and Pennsylvania.
Operations throughout Pennsylvania, and New Jersey
declined noticeably during January,according to the compilations made public on Feb. 16 by the Federal Reserve Bank
of Philadelphia. The Bank's advices state:
The decrease is one to be expected at this season of the year as so many
plants suspend operations for inventory or seasonal repairs. Employment
fell off only slightly in the two states.
In Pennsylvania. electrical machinery and heating appliance plants, Iron
and steel blast furnaces, non-ferrous metal plants, cigar and tobacco
factories, glass plants and novelty and jewelry establishments were most
affected by the decreases. The decrease in the novelty and jewelry industry
FEB. 27 1926.]
1099
THE CHRONICLE
is chiefly due to a slackening of trade after the Christmas rush. The very
EMPLOYMENT AND WAGES IN THE CITIES OF THE PHILADELPHIA
,FEDERAL RESERVE DISTRICT.
large decrease at iron and steel blast furnaces is due to the fact that one
(Compiled by the Department of Statistics and Research of the Federal Reserve
large plant almost entirely closed down. Car construction and repair.
Bank of Philadelphia.)
paint and varnish, leather products, and boot and shoe industries were
-Increase or Decrease
the only ones to report any considerable gains in either employment or wages.
No. of
Jan. 1926 over Dec. 1925.
The largest decreases in New Jersey occurred at plants making automobiles, bodies and parts, foundries, canneries, cigar and tobacco factories.
lumber and p,aning mills and printing and publishing houses. The decrease In printing is usual, following the Christmas rush. The only decided
advances occurred at hat factories and paint and varnish plants.
Employment and wages in Delaware scarely changed, the totals showing
advances of only 0.7%. The printing and publishing and food industries
in this state declined considerably.
Ten out of the fifteen city areas reported decreases in employment and
eleven reported decreases in operations. Reading. Wilkes-Barre, and
Johnstown reported the most decided decreases, whereas Altoona gained
the most. Scranton reported considerable declines in operations but a
slight advance in employment. The compilations follow:
EMPLOYMENT AND WAGES IN NEW JERSEY.
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or Decrease
No. of
Jan. 1926 over Dec. 1925.
Plants EmployTotal
Average
OTOUp and industry-Reporting. mess,
Wages.
Wages.
Al!industries(37)
315
-0.7
-2.0
-1.3
Metal manufactures
89
-0.5
-3.2
-2.6
Automobiles, bodies, and parts
4
-11.8
-11.2
+0.7
Electrical machinery and apparatus
19
-0.1
-0.1
-5.0
Engines, machines and machine tools
15
-2.6
+0.0
Foundries and machine shops
14
-6.1
-1.8
Heating appliances and apparatus
3
+0.9
+3.7
Steel works and rolling Wile
5
+0.1
+0.7
+0.6
Structural iron works
3
+2.2
-1.9
-4.0
Miscellaneous iron and steel products
16
+1.2
+1.3
+0.0
Shipbuilding
4
+1.1
-1.7
-2.7
Non-ferrous metals
6
-0.4
-1.7
Textile products
71
+2.0
-1.9
-3.8
Carpets and rugs
3
+2.3
+5.0
Clothing
8
-6.7
-4.0
Hats, felt and other4
+0.4
+13.2
+12.8
Cotton goods
13
+0.3
-9.3
16
-0.6
Silk goods
-5.8
-5.3
10
+0.1
+2.5
+2.4
Woolens and worsteds
11
+6.5
-1.9
Dyeing and finished textiles
-7.9
8
+0.1
Miscellaneous textile products
-1.4
-1.5
10
-7.6
-5.9
+1.8
Foods and tobacco
6
-6.1
-8.0
Canneries
4
-11.7
+2.7
+16.3
Cigars and tobacco
-3.2
23
Building materials
9
-0.1
-5.7
-5.6
Brick,tile and terra cotta products
-7.4
-6.5
3
+0.9
Glass
11
-0.8
Pottery
42
-0.6
+5.5
+6.1
and allied products
Chemicals
-3.5
-3.2
23
-0.3
Chemicals and drugs
9
-4.5
Explosives
+10.7
+8.0
7
+2.5
Paints and varnishes
+12.2
-0.4
+11.8
3
Petroleum refining
-4.8
-6.3
80
Miscellaneous industries
-6.1
-5.3
+0.9
Lumber andplaning mill products
3
-4.7
-1.4
Furniture
6
-7.0
Musicalinstruments
5
Leather tanning
+4.2
-2.1
-6.1
12
Boots and shoes
-5.7
-4.6
5
-1.2
Paper and pulp products
8
+0.2
+1.1
+0.9
Printing and publishing
7
-20.1
-40.3
-25.3
Novelties and Jewelry
9
+0.1
-3.8
-3.9
Rubber tires and goods
12
-1.4
-2.2
All other industries
13
-0.8
+2.1
+2.9
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
Of Labor and Industry. Commonwealth of Pennsylvania.)
-Increase or Decrease
No. of
Jan. 1926 over Dec. 1925.
Plants EmployTotal
Average
Group and IndustryReporting. men1.
WOO..
Wags .
,
All Industries(43)
871
-0.9
-3.9
Metal manufactures
299
-0.7
-3.4
Automobiles, bodies and parte
21
+0.5
-1.2
-1.7
Car construction and repair
20
+8.7
+5.8
-2.6
Electrical machinery and apparatus
19
-9.9
-15.8
-6.6
Engines, machines and machine tools
39
+1.2
-0.6
Foundries and machine shops
59
-0.2
-4.3
Heating appliances and apparatus
16
-7.2
-13.5
Iron and steel blast furnaces
12
-17.2
-22.6
-6.5
Iron and steel forging@
13
+0.9
+3.3
+2.5
Steel works and rolling mWe
38
+1.7
-0.8
Structural iron works
17
+0.3
-4.9
Miscellaneous Iron and steel products
27
-1.7
-0.0
+1.7
Shipbuilding
3
+1.8
-7.3
-8.9
Hardware
7
+1.4
-2.9
Non-ferrous metals
8
+1.1
Textile products
181
-0.1
-4.8
-4.7
Carpets and rugs
10
+0.9
-4.2
-5.0
Clothing
35
+0.7
-0.2
-0.9
Hats, felt and other
6
-1.0
-6.3
Cotton goods
17
-2.2
Silk goods
45
+2.0
-6.6
Woolens and worsteds!
16
-0.9
-4.5
Knit goods and hosiery
42
-2.1
-6.5
-4.5
Dyeing and finishing textiles
10
-0.8
+0.3
+1.2
Foods and tobacco
117
-4.6
-6.1
Bakeries
39
-1.3
+1.0
Confectionery and ice cream
24
-1.6
-2.2
-0.5
Slaughtering and meat packing
14
-0.1
-2.7
Cigars and tobacco
40
-13.4
-6.2
Building materials
71
-6.6
-5.7
Brick, tile and terra cotta products
28
+1.7
+0.5
-1.2
Cement
14
+3.1
-4.7
-7.6
Glass
25
-6.1
-11.9
-6.2
Pottery
4
+2.6
+1.6
-1.0
Chemicals and allied products
38
+1.2
-3.0
-4.1
Chemicals and drugs
21
-1.8
-0.3
+1.5
Explosives
3
-1.1
Paints and varnisher;
9
+12.6
+4.6
-7.1
Petroleum refining
5
+0.6
-4.5
Miscellaneous industries
165
-0.7
-1.6
-0.9
Lumber and planing mill products
28
-1.6
-2.2
-0.6
Furniture
21
-2.8
-6.3
-3.6
Leather tanning
-3.9
13
Leather products
70:1
Boots and shoes
24
+1.5
+8.8
+7.2
Paper and Pulls Products
19
-1.5
-2.5
printing and publishing
-1.4
39
Rubber tires and goods
3
-0.7
-1.4
-0.7
Novelties and Jewelry
3
-10.5
-10.0
+0.6
EMPLOYMENT AND WAGES IN DELAWARE.
(Compiled by the Federal Reserve Bank of Philadelphia.)
-Increase or Decrease
No. of
Jan. 1926 over Dec. 1925.
Plants EmployTotal
Average
Reporting. men&
Wages.
IndustryWage*.
32
+0.7
+0.7
All industries
+0.1
Foundries and machinery Products
5
+1.4
+7.0
+5.4
5
-0.3
Other metal manufactures
-5.5
-5.3
4
-3.0
Food industries
-0.8
+2.4
Leather tanned and products
5
+3.4
+17.3
+13.5
4
Printing and publishing
+5.6
-2.9
+2.9
Miscellaneous industries
9
+0.1
-1.8
-1.9
t1:2
AreasPhiladelphia
Trenton
Wilmington
Reading
Lancaster
York
Harrisburg
Schuylkill
Allentown
Sunbury
Wilkes-Barre
Scranton
Altoona
Johnstown
Williamsport
Plants EmployReporting. meat.
293
-0.2
26
-1.0
35
+1.6
67
-11.3
-0.6
31
45
-4.2
36
+1.7
-0.9
24
80
+3.4
18
23
-35
+1.8
35
+12.8
14
14
-16.4
27
-0.4
Total
Wages.
-2.6
-2.8
+0.4
-20.2
+0.1
-6.2
+3.5
-6.3
-3.2
-6.5
-4.9
-9.7
-5.8
Average
Wages.
-2.6
-1.8
-1.2
-9.9
+0.7
-2.1
+1.8
-1.2
-5.3
-6.4
-6.2
-8.2
-7.0
+8.1
-54
Preliminary Summary of Agricultural and Business Conditions in Federal Reserve District of Minneapolis.
Under date of Feb. 15 the Federal Reserve Bank of Minneapolis has the following to say in a preliminary summary of agricultural and financial conditions in its Reserve District:
In this district, the total value at terminal markets of the cash grains,
wheat, rye and flax, received during this crop year to date (August 1January 31 inclusive) is 27% less than the total value of the marketings during the same period in the preceding crop year. If the value
at terminals of the live stock marketed during the same period be
added, the decrease in farm income as compared with last year is 17%.
This decline in the aggregate agricultural purchasing power is reflected
in the individual debits at banks in this district during the crop year
to date September 1-January .31), which declined 4.4% as compared
with the same months in the preceding crop year. The fact that debits
do not show as large a decline as that shown in the values of cash
grains and live stock marketed may be accounted for in part by the
holdover of some purchasing power from the preceding crop, and by a
moderate increase which has taken place in the extension of trade
credit in the form of open accounts and otherwise.
During January, practically the same declines are shown as for the
crop year to date. The total value at terminals of the cash grains
marketed was 33% below January of last year. All the cash grains
showed declines, the greatest occuring in flax. If the total value at
terminals of the principal varieties of live stock marketed during January of this year be added, there was a total of $35,000,000 this year,
which indicates a decline of 17% below January a year ago. This is
reflected in the individual debits at banks in this district, which was
5% below a year ago, all reporting cities showing decreases, except
cities in the wheat belt, and cities containing live stock terminals. The
decline in debits during January as compared with December was 18%,
whereas the normal seasonal expectancy is a decrease of but 14%. All
cities registered declines, except Winona and LaCrosse.
The physical volume of business, as indicated by carloadings during
the three weeks ending January 23, as compared with the •same three
weeks of last year declined 6%, and if the less-than-carload-lot shipments, which have a variable tonnage, be excluded, there was a decline
of 10%. The only classification which showed a gain was that of merchandise in less-than-carload lots.
There were declines as compared with last year in sales at retail,
in terminal receipts of all grains and of hogs and in shipments of
linseed products. There were increases in terminal receipts of other
livestock, in flour shipments and in purchases of cattle for feeding
purposes. As compared with a month ago, there were decreases in
January in terminal receipts of all kinds of live stock, in all grains,
except corn, in flour shipments and in shipments of linseed products.
The price situation in January exhibited mixed trends. As compared with a year ago, all live stock medium prices advanced, except
for lambs, and all median grain prices declined. At the same time,
butter and potato prices advanced, and the price of eggs declined. The
present high prices for hogs and low prices for corn are reflected in
a noteworthy increase in the weight of the hogs marketed in January,
which averaged 219 pounds, as compared with an average of 201 pounds
in January a year ago. Although the number of head of hogs marketed
declined 22% as compared with last year, the decline in their total
weight was only 15%.
As to prospective business activity dependent on building operations,
as reflected in the valuation of building permits granted during January, there was a decrease of 13% as compared with last year, but
increases were shown for the four wheat belt cities, for Duluth-Superior,
and for six cities located in mixed farming sections. However, the
decline as compared with December was less than is customarily expected at this season of the year.
Hudson Motor Car Reduces Prices.
A reduction in price by the Hudson Motor Car Co.,
equivalent to the amount of the Federal tax reduction, is
indicated in press dispatches from Detroit under date of
Feb. 26, which say:
Although tax reduction on automobiles does not become effective for
thirty days, the Hudson Motor Car Co. will immediately reduce delivered
prices on Hudson and Essex cars an average of from $15 to $25, the extent
of the tax reduction.
Automobile Production Continues Large.
The Department of Commerce makes the January production of motor vehicles in the United States and Canada as
282,483 passenger cars and 32,511 trucks, against 285,199
and 34,370, respectively, in December, and 212,921 and
28,141, respectively, in January last year.
The table below is based on figures received from 179
manufacturers for recent months, 71 making passenger cars
and 125 making trucks (17 making both passenger cars and
trucks). Data for earlier months include 68 additional
THE CHRONICLE
1100
manufacturers now out of business, while December data
for 24 small firms, mostly truck manufacturers, were not
received in time for inclusion in this report. Figures on
truck production also include fire apparatus, street sweepers
and buses.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
Trucks.
Passenger Can.
1924.
Canada.
Total.
U. S.
Canada.
Total,
January
February
Mardi
April
May
June
July
August
September
October
November
December
Total
1925.
January
February
March..
April
May
June
July
August
September
October
November__
December
Total
1926.
January
•
293.824
343,460
357.045
346.405
286,324
225,079
244,544
255.232
263.528
260.881
204,343
182.099
283.983
331,388
341.851
331.957
271.033
214.322
235.925
249.796
256,940
254,524
198.381
174,899
9.841
12.072
15,194
14,448
15,291
10.757
8,619
5,436
6.588
6.357
5,962
7,200
30.741
32.910
36,444
37,948
35.314
29.067
26,391
28.647
31,960
32.475
27,905
27.542
3.262.764 3.144,909
117.765
377.344
359,863
17.481
204.620
212.921
242.024
252,803
319.140
332.154
375,767
391,302
364,363
382.714
350.557
364.806
347.414
358,554
214,401
221.831
262,053
272.425
392.651
406.572
327,617
336,358
.285.199 '277,701
.
.
•
•
U. S.
8.301
10.779
13.014
15,515
18.351
14,249
11,140
7,430
10.372
13.921
8.741
7,498
28,141
34.410
45,098
47.823
43.307
38,056
•41.9441
.37.770
"60,374
45.914
"39,995
*34,370
26.576
32.717
43.009
46,247
41.419
30.282
39 995
36,284
"57.894
44,220
"37,758
"32,639
1.565
1.693
2,089
1,576
1,888
1.794
*1.845
.1,486
2.480
1.694
"2,237
.1,731
139.311,, .497,104
.475,026
.22.078
32.511
29,601
2.910
.3.817,639 .3,678.328
282.483
271.231
11.252
28,994
31.231
34,404
36.015
33.561
28,117
25,284
27,767
30,609
31.205
26.824
25,852
1.747
1,679
2.040
1,933
1,753
950
1.107
880
1,351
1,270
1,081
1,690
•Revised.
Advance Report for January on the Automobile Trade
•in Philadelphia Federal Reserve District.
Reports from 14 wholesale distributors of automobiles in
Philadelphia show a decided increase in the total number
and value of cars sold at wholesale during January, as compared with the previous month. The Department of Statistics and Research of the Federal Reserve Bank of Philadelphia in indicating this adds:
Retail business reported by those distributors was slightly larger in miniber of cars, but smaller in dollar value, than in December. Used car sales,
both in number and value, were smaller than in the previous month, as
were retail sales on deferred payment. Stocks of all classes of new cars
Showed a usual seasonal increase and stocks of used cars also were larger
than in December, although their value was less.
Jan. 1926 Changefrom
December 1925.
Automobile Trade, Philadelphia Federal
Value.
Number.
Reserve District (14 Distributors)
+14.4
+10.7%
Sales of new cars at wholesale
-4.6%
-4.9 o
Cars selling under 51,000
+55.9%
+37.0%
Cars selling from 51.000 to 52,000
-7.6
Cars selling over 52.000
-3.5
+2.4
cars at retail
Sale:. of new
+7.7%
+8.1 o
Cars selling under $1.000
+16.9
+1.7%
Cars selling from 51.000 to 52.000
-28.7
-37.8%
Cars selling over 52.000
+30.7%
+224%
Stocks of new cars
+22.4%
+19.0 0
Cars selling under 51.000
+9.0%
+16.0%
Cars selling from $1.000 to 52.000
+53.6
+45.8%
Cars selling over $2.000
-13.4%
-02.9%
cars
Sales of used
-3.2%
+6.6%
Stocks of used cars
-17.0%
-24.0%
Retail sales on deferred payment
[VoL. 122.
In Department I fancy weave piece dyes of the Ayer, Wood Worsted,
Washington. Shawsheen and Fulton Mills had a price range of from SI 6734
to 54. Mixture settings of the Ayer. Wood Worsted, Washington and
Fulton Mills ranged from $1 8734 to $3 9234.
Fancy worsteds in Department 2 were priced as follows:
High'
Low
Price.
,
,
P i e.
$4 25
V'50
National and Providence
2 25
2 15
Saranac
3 65
35234
Fulton
3 17%
265
Shawsheen
367Si
2 92Si
Arden
3 2734
2 2234
Champlain _
4 25
"20
Riverside
281)
210
Webster
2 9234
230
Manton
3 00
1 80
Anchor
2224'
215
Chase
2 9734
1 7734
Weyhosset
260
2 1234
Moosup
345
33734
Ayer
The price range in fancy woolens in Department 3 was from $1 for an
all-wool cloth of the Ounegan Mill to 52 65 for a fabric of the Webster Mill.
In Department 7 the wool suitings of the Beoli Mills were priced from
51 8734 to 52 65. with worsted ones ranging from $2 60 to 54 6234. Wool
suttings of the Globe Mill were priced from 51 9234 to $2 6734. and worsteds
from 52 25 to 54 2234. Worsted Killings of the Puritan Mill ranged from
$285 to 546234.
Weekly Lumber Shipments Increase.
The National Lumber Manufacturers Association received
telegraphic reports of the status of the lumber industry, for
the week ended Feb. 20, from 377 of the larger soft wood,
and 125 of the chief hardwood, mills of the country. The
365 comparably reporting softwood mills showed negligible
decreases in production and new business, and a heavy
increase in shipments, in comparison with reports from 368
mills the week earlier. When compared with reports for the
same period a year ago-when 23 more mills reported
gratifying increases in all three items were noted. The
noteworthy change in hardwood operations, when compared
with reports for the previous week, was a 10% decrease in
'new business.
The unfilled orders of 225 Southern Pine and West Coast
mill at the end of last week amounted to 684,472,376 ft., as
against 723,989,439 ft. for 224 mills the previous week.
The 124 identical Southern Pine mills in the group showed
unfilled orders of 294,562,980 ft. last week, as against
288,616,020 ft. for the week before. For the 101 West Coast
mills the unfilled orders were 389,909,396 ft., as against
435,373.419 ft. for 100 mills a week earlier.
Altogether the 365 comparably reporting mills had shipments 112% and orders 108%,of actual production. For the
Southern Pine mills these percentages were respectively 101
and 109; and for the West Coast mills 110 and 95.
Of the reporting mills, the 331 with an established normal
production for the week of 209,873,880 ft., gave actual
production 102%, shipments 108% and orders 105%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of eight regional
associations for the three weeks indicated:
Corresponding Preceding Week
Past
1926 (Revised).
Week.365 Week 1925.
368
383
230.655.273
221.438.222
228.381.341
232.614.868
223.045.708
256.538.748
250.946.057
226.860.867
246.243.155
Mills
Opening of Further Lines of Suitings by American Production
Shipments
Woolen Company.
Orders (new business)
In addition to its fall lines of men's worsted and serge
The following revised figures compare the lumber moveon Feb. 1 (and referred
suitings, and overcoatings, opened
ment of the eight regional associations for the first seven
to in our issue of Feb. 6, page 678) the American Woolen weeks of 1926 with the same period of 1925:
Company on Feb. 22 opened its men's wear lines of fancy
Shipments.
Orders.
Production.
woolen and worsted suitings for the fall of 1926. The New 1926
1.496.944.285 1,635.850.380 1.704,083.247
1,471.091.330 1,560.688.859 1.512,207,604
1925
York "Journal of Commerce" says:
That the opening on a holiday seemed to be warranted, despite the slow
The Southern Cypress Manufacturers Association of New
development of the market, was indicated by the fact that seventy-five
from above tables because only recently
buyers, representing some of the leading clothing manufacturers in the Orleans, (omitted
country, were in the show rooms between 830 a. m. and 12 noon.
reporting) for the week ended Feb. 17, reported from 12
Stating that the prices were on the same basis as those for mills a production of 3,768,408 ft., shipments 4,440,000 and
the lines shown earlier in the month, the New York "Times" orders 3,060,000. In comparison with reports for the
of Feb. 23 said:
previous week, when two more mills reported, this AssociaTaking twenty-eight leading numbers in Department 1, including mixtion showed a slight decrease in production, and considerable
and fancy weave piece dyes, fifty repeated fancy worsteds in Departtures
-ninety-five decreases in shipments and new business.
7
ment 2 and seventeen repeated fancy worsteds in Department
-the average decline from a year ago is 11.4%. This reducfabrics in all
average level on fancy
tion is about what buyers expected and holds the
worsteds to about what it was for the lightweight season. Also opened
yesterday were fancy woolens in Department 3, but no comparative statecompany.
ment of prices of these cloths was made by the
fancy
Buyers were interested to note that the lowest priced all-worsted
The cheapest
suiting in the offering of Department 2 was one at $1 9734.
priced at $1 per yard. Both initial
all-wool fancy in Department 3 was
ago.
levels are substantially lower than a year
is made between six leading numbers in
In the following table comparison
the new price and that of last fall being quoted:
the fancy worsteds,
2
Fa 6
19 lt
Number.
Min.
1F9a51
2 9:
$2 92511 4
7
$2 50
*5180
_
Manton
2 65
DD5085
Shawsheen
325
29234
00
_
Arden
367
325
5103
.Arden _
3 82%
3 5234
5005
National
3 75
32734
5126
Champlain the Figure 3 instead of 5.
* These ranges began last year with
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred mills reporting to West Coast Lumbermen's
Association for the week ending Feb. 13 manufactured 100,275,144 feet of lumber; sold 92,345,017 feet, and shipped
82,790,427 feet. New business was 8% below production.
Shipments were 17% below production.
Forty per cent of all new business taken during the week was for future
water delivery. This amounted to 37,315,909 feet, of which 23,719,626 feet
was for domestic cargo delivery and 13,596,283 feet export. New business
by rail amounted to 1,690 cars.
Thirty-five per cent of the lumber shipments moved by water. This
amounted to 29,201,319 feet, of which 16,819,151 feet moved coastwise
'FEB. 271926.]
THE CHRONICLE
and inter-coastal and 12,382,168 feet export. Rail shipments totaled
1,642 cars.
Local auto and team deliveries totaled 4,329,108 feet.
Unfilled domestic cargo orders totaled 121,480,530 feet. Unfilled export
orders 139,892,889 feet. Unfilled retail trade orders, 5,800 cars.
In the first seven weeks of the year production reported to West Coast
Lumbermen's Association has been 575,625,534 feet; new business, 658,255,447 feet, and shipments, 599,596,929 feet.
Threatened Strike in Garment Industry Averted With
Agreement Reached Through Mediation of
Justice Proskauer.
Through the efforts of Supreme Court Justice Joseph M.
Proskauer, the signing of an agreement was effected on
Feb. 23 which averted a strike which would have involved
22,000 employes in the garment industry in this city.
On Feb. 19, when counsel for the employers and workers
appeared before him to argue an order to show cause
why an injunction should not be issued against the union
to prevent the threatened strike, Justice Proskauer invited
representatives of the workers and employers to meet him
at 4 o'clock on Feb. 23 with a view to discussing measures
, to reconcile their differences. As to these differences the
New York "Journal of Commerce" of Feb. 20 stated:
The trouble arose over alleged failure of the employers to provide
clerks to adjust wage and other shop differences. The employers
complained that the union violated their trade contract by ordering
a strike on January 26 of 3,000 workers, affecting forty-one shops.
Employers held that a conference with the Manufacturers' Association
should have been called before the strike step was taken. Association
members declared that communists were to blame.
Regarding the conference and agreement reached thereat
on Feb. 23, we quote the following from the New York
"Journal of Commerce":
not
Gasoline Markets Show Few Price Changes
Crude Oil None.
In contrast with the changing price schedules of last week,
there were few announcements of revisions made up to a late
hour last night in the gasoline trading centres, and none
at all in the crude oil markets. On Feb. 23 an advance of
1 cent per gallon to 17 cents for gasoline was announced by
the Standard Oil Co. of N. J. in Virginia and North and
South Carolina. In West Virginia the price was advanced
M cent to 163/i cents per gallon. In Denver, Colo., the
Continental Oil Co. on Feb. 25 reduced gasoline at service
stations from 22 cents a gallon to 20 cents in Denver only.
The price was met by the Texas and Sinclair companies.
The cut is credited to independent dealers selling two cents
below the established price.
i
Wholesale gasoline sold at 1031 to 103( cents, a drop of
Mc. from previous quotations, according to advices received
from Tulsa, Okla., on Feb. 20.
Crude Oil Output Remains Unchanged.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended Feb. 20 was 1,902,750 barrels, as compared with 1,902,500 barrels for the preceding week, an
increase of 250 barrels. The daily average production east
of California was 1,299,250 barrels, as compared with 1,296,000 barrels, an increase of 3,250 barrels. The following are
estimates of daily average gross production by districts for
the weeks indicated:
DAILY AVERAGE PRODUCTION.
Justice Proskauer met the representatives of the International Ladies'
Feb. 20 '26. Feb. 13 '26. Feb. 6 '26. Feb. 21 '25.
(In Barrels)Garment Union and the Association of Dress Manufacturers yesterday
484,200
445,750
450,000.
Oklahoma
afternoon and at the end of a four hours' oonference the disputants Iiansas
85,800
100.650
101.250
102.600
88.050
711.850
77,400
signed an agreement which they said was mutually satisfactory.
76.650
North Texas
169.000
60.700
59.850
59,200
Plans for the threatened tie-up of 1,000 shops were abandoned and East Central Texas
54.050
71,350
69,900
69.600
employes on an unauthorized strike West Central Texas
the union announced that the 125
47,900
36,700
37.000
37.650
Southwest Texas
50.050
44.300
in five shops would he ordered back to work today.
43,400
44,600
North Louisiana
104,600
171.650
170,150
169,900
The new agreement provides for the immediate appointment of an Arkansas
75.050
91,530
90.950
90,100
impartial chairman to settle disputes which cannot be settled by Gulf Coast
98.000
99.500
99,000
99.000
Eastern
direct negotiation. This is an arrangement which has long been Wyoming
79.350
75,850
75,350
73,800
7.450
12.150
12.150
sought by the union. If an impartial chairman is not chosen by Montana
14.700
1.950
6,400
7.000
7.150
March 2, Jiistice Proskauer will meet again with the counsel for Colorado
350
4.300
4.150
4.300
New MexteA)
both sides and arrange for the selection of the chairman.
601.800
608.000
606.500
603.500
California
The dress contractors had complained that strikes were called in
1.947.600
1.906.250
1.902.500
1,902,750
violation of the agreement with the union which expires on Dec. 31.
Total
The union retorted that the association refused to furnish a suffiThe estimated daily average gross production of the Midcient number of clerks to accompany union clerks to adjust grievances
Continent field, including Oklahoma, Kansas, north, east
in shops.
Agree To End Strikes.
central, west central and southwest Texas, north Louisiana
The agreement signed yesterday says there shall be no strikes and and Arkansas, for the week ended Feb. 20 was 1,010,200
the contractors shall furnish a sufficient number of men to go with
barrels, as compared with 1,007,400 barrels for the precedthe union representatives to the shops where disputes may arise.
Here is the agreement:
ing week, an increase of 2,800 barrels. The Mid-Continent
1. There shall be no suspension of the adjustment machinery before production, excluding Smackover, Ark., heavy oil, was 869,the Conference Board shall meet to consider any claim or grievairce.
compared with 867,200 barrels, an increase of
The union shall call no stoppages or strikes, except as expressly pro- 800 barrels, as
vided in the agreement, and neither side shall violate any of the 2,600 barrels.
provisions of the agreement with respect to the adjustment machinery
In Oklahoma production of South Braman is reported at
or any other matter.
barrels; Thomas, 9,350 barrels,
2. The association shall furnish a sufficient number of clerks to 8,350 barrels, against 7,950
accompany the union clerks in accordance with Subdivision (b) of against 10,200 barrels; Tonkawa, 41,950 barrels, against
Paragraph Third for the investigation of shops of the employers for
42,350 barrels; Garber, 26,600 barrels, against 27.200 barthe purpose of ascertaining names of jobbers for whom manufacturers
Davwork and whether the provisions of Paragraph Fifteenth are compiled rels; Burbank, 44,750 barrels, against 44,850 barrels;
with.
enport, 21,800 barrels, against 19,850 barrels; Bristow3. In the event that a dispute shall arise as to the sufficiency of Slick, 31,950 barrels, against 32,150 barrels; Cromwell,
the number of clerks prior to the appointment of a permanent impartial
chairman, this dispute shall be promptly arbitrated and settled by 19,600 barrels, against 20,050 barrels, and Papoose, 15,100
Joseph M. Proskauer.
barrels, against 15,350 barrels.
4. The existing disputes in which the clerks of the parties have
The Alexia pool, east central Texas, is reported at 13,150
disagreed shall forthwith and within the next forty-eight hours be
submitted for summary arbitration and decision to Morris Rubinger. barrels, against 13,250 barrels; Corsicana-Powell, 32.200
8. All money which the clerks have found due to workers shall barrels, against 32,100 barrels; Wortham, 10,500 barrels.
be forthwith paid.
against 10,950 barrels; Reagan County, west central Texas.
6. The parties have agreed to recommend to their associations the
immediate appointment of a permanent impartial chairman. To that 28,700 barrels, against 29,300 barrels; Haynesville, north
end each side shall appoint a committee of three for the purpose of Louisiana, 10,350 barrels, against 10,400 barrels; Cotton
choosing such an impartial chairman, and if they have not been able
Valley, 8,100 barrels, against 8,150 barrels, and Smackover,
to agree on a selection on or before March 2, 1926, the two committees
shall meet jointly with Leon M. Prince, Morris Rothenberg and Ark., light, 18,850 barrels, against 19,200 barrels; heavy,
Joseph M. Proskauer. The two committees may by joilit action 140,400 barrels, against 140,200 barrels. In the Gulf Coast
extend this time.
15,450 bar7. The workers who are on strike shall forthwith return to work. field Hull is reported at 15,250 barrels, against
rels; West Columbia, 9,150 barrels, against 9,000 barrels;
MORRIS ,ROTHENBERG,
Attorney for International Ladies' Garment
Orange County, 13,600 barrels, against 13.300 barrels; South
Workers and Joint Board of Cloak, Suit,
Liberty, 7,700 barrels, against 7,750 barrels; Boling, 3,950
Dress and Reefer Makers' Union.
barrels, against 4,250 barrels, and in the southwest Texas
CHARLES S. ZIMMERMAN,
field, Luling is reported at 21,200 barrels, against 20,850
Manager Dress Division of the Joint Board.
barrels; Lytton Springs, 7,150 barrels, against 7,050 barISIDORE A. AGREE,
President Association of Dress Manufacturers.
rels; Piedras Pintas, 700 barrels, against 550 barrels.
LEON M. PRINCE,
In Wyoming, Salt Creek is reported at 53,950 barrels,
of Counsel for Association of Dress Manuagainst 55,350 barrels.
facturers.
In California, Santa Fe Springs is reported at 48,000
Those present in Justice Proskauer's chambers were Morris Sigman,
President of the International Ladies' Garment Workers' Union; barrels, against 47,000 barrels; Long Beach, 111,000 barrels,
Zimmerman; Louis Hyman, General Manager of the Joint
Charles
Beach, 44,500 barrels,
Board of Cloak, Reefer, Skirt, Suit and Dress Makers' Unions; against 112,500 barrels; Huntington
Julius Portnoy, Acting Manager of the Dress Division; A. J. Portenar, no change; Torrance, 28,000 barrels, against 28,500 barrels;
Mediator for the State Labor Department; Hyman Press, Manager Dominguez, 23,000 barrels, no change; Rosecrans, 22,000
• of the Employer? Association, and I. A. Agree.
1102
[VoL. 1.22.
THE CHRONICLE
In sheets, the larger mills have reestablished prices for second
barrels, no change; Inglewood, 55,000 barrels, against 56,000
quarter on the same basis as for the first quarter, with the exception
barrels, and Midway-Sunset, 92,000 barrels, no change.
of recognizing a $2 a ton reduction on automobile sheets. Strip steel,
likewise, have been reaffirmed for second quarter. More influential
Steel Production Continues High-Pig Iron Price Drops. interests seem to be stiffening their position in plates, shapes and bars.
With announcements of forward prices in process and the probNo significant change in rate of operations has recently abilities of advances generally discounted, buyers see no cause to
change their close methods of covering on their needs.
occurred. Production continues at a remarkably high
Automotive interests are taking more
level with shipments averaging probably 5 to 10% more expand. The lower priced car builders, tonnage as their operations
with one exception, are making
than the combined tonnage of specifications and new a quick comeback in production.
The labor situation as it affects tonnage men in the sheet mills is
business, declares the "'Iron Age" this week. The next
forcing recognition. Recent advances of 4 to 8% for men on hourly
two or three weeks are expected to tell the story of the rates by a leading producer and now being followed by some indesecond quarter, now that rolling mills are well scheduled pendents, has left the position of tonnage workers, who are dependent
current sales prices,
up to that period. Most dependable signs point to a onThe spring building out of the line.
program is getting under way and inquiries
continued policy of buying closely according to needs, fears are coming out more freely. Awards this week totalled 33,771 tons,
of scarcity or marked price advances being absent. And the second largest of the year, and for January 179,950 tons, slightly
these needs, so far as direct evidence sheds any light, ahead of the corresponding month of last year.
New car inquiry is notable with 2500 cars for the Southern, along
promise to remain notably heavy, continues the "Age's" with 113 locomotives and 2000 additional for the Union Pacific, 1000
additional for the Missouri Pacific, 500 each for the Santa Fe and
review of conditions in the market.
Burlington and 350 for the Pere Marquette. New orders exceed
Efforts to stiffen prices appear rather general. They are repre4000, including 3400 for the Seaboard Air Line and 500 for the
sented in fewer concessions being obtained, as in sheets and plates,
Northwestern Refrigerator Line.
and in the naming of some present quotations for second quarter
The Magnolia Petroleum Co. has placed 271 miles of 8-inch calling
business. In sheets the American Sheet & Tin Plate Co. continues
its first quarter prices, so that there is some expectation that the for 18,970 tons. One Standard Oil interest plans a large line,
requiring 40,000 tons of 10 and 20-inch and another involves 110 miles
sheet market as a whole will again rise to this level. Several mills
have opened books for hot and cold rolled strip steel on the basis of of 8-inch, or about 9000 tons.
Readjustment of the coke market to post-strike conditions conprices now prevailing.
tinues. Furnace coke has fallen further to $4 ovens with distress
January statistics give some measure of current demand. Sales of
sales at $3.50.
sheets by independent manufacturers, while considerably off from
The "Iron Trade Review's" composite price on fourteen leading
December, were 8% more than in Jan., 1925. Likewise unfilled orders,
products this week is $38.90, the same as last week,
10% lower at the end than at the beginning of the month, were more iron and steel
and $38.98 the previous week.
than they were a year ago.
Bookings of fabricated steel in January fell off 21% from those of
December, but a year ago the drop was 27%, and January a year Advance Report by Federal Reserve
Bank of Philaago did not provide as much business as it did this year.
delphia on Steel and Iron Foundry
Production of automobiles last month was not up to December, but
Operations in January.
was 23% above Jan., 1925. The output of steel barrels exceeded
that of January of last year by nearly 12%. Bookings of comIn its report on Steel Foundry Operations in the Philamercial steel castings also were in excess of those a year ago.
delphia Federal Reserve District the Department of Statistics
Improvement in structural steel is reflected in the week's awards
and Research of the Federal Reserve Bank of Philadelphia
of about 35,000 tons and inquiries for 32,000 tons.
Purchases of 4904 freight cars and 24 locomotives and inquiries states that compared with last month and a year ago,
for 2762 cars and 138 locomotives featured the railroad equipment operations in
steel foundries during January slackened a
market. The Seaboard Air Line bought 3400 cars, while the Southern
little, but unfilled orders showed a slight increase, as is
wants 2250 'cars and 113 locomotives.
An inquiry has appeared for two Lake boats taking 10,000 tons indicated in the following table:
of steel.
STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVE DISTRICT.
Between 60,000 and 70,000 tons of line pipe are wanted for gas
and oil lines by three companies.
Change
Change
With blast furnace coke at $3.75, Connellsville, 25c. a ton below
January
from
January
from
the first quarter contract price, pig iron buyers are waiting the effect
1926 a
Mo. Ago.
1925 b
Year Ago.
on iron prices. At Chicago and in the East a few large buyers are
capacity
11,940 tons
6,050 tons
sounding out the market for second quarter. At Philadelphia small Production
6,293 "
-3.0%
-5.9%
4.002 "
sales for second quarter have been made at $22.50, furnace, a decline Shipments
5,158 "
-0.8
-14.1
3,588 "
Value
8797,405
-1.2
-17.5
8554,882
of 50c. a ton.
Unfilled orders c
6,601 tons
+1.0
+32.6
2.470 tons
Three blast furnaces in the Pittsburgh district which banked to
Value c
$1,023,795
+8.1
+42.6
8343,167
divert coke to the open market have resumed operation, and another, Raw stock:
Pig Iron
1,864 tons
out for the same reason, will go in March 1.
+0.8
2,586 tons -49.9
Scrap
9,995 "
-14.5
9,952 "
-16.2
Pig iron freight rates from the Ironton district to Cincinnati,
Coke
-37.5
1,078 "
-25.9
567 "
Dayton, Springfield, Columbus and intermediate points in Ohio have
. a 10 plants, b 5 plants, c Figures of one plant omit ed.
been reduced. The rate to Cincinnati is now $1.89, a drop of 38c.
a ton, and others are proportionate.
Regarding Iron Foundry Operations the Bank says:
Spot tin was quoted at 64.75c. per lb., New York, on Feb. 23, Operations at thirty representative
iron foundries in this
higher than at any time in 1925, and visible supplies declining, the
district continue somewhat less active than they were four
fact is of interest to the tin plate trade.
An Eastern steel company is negotiating for a quantity of foreign weeks ago and at the same time last year. In January,
iron ore up to 250,000 tons.
however, the output of malleable iron was more than 3%
Uniform prices for export on seamless pipe have been agreed upon
by the five producing nations of Continental Europe. France, Luxem- higher than in December, but 9% lower than in January,
burg and Belgium have established 340 fr. at Antwerp (about $15.40) 1925. January unfilled orders were greater than both in
for foundry iron.
December and January last year. Raw stocks, on the other
Japan is inquiring here for two lots of rails, each of about 3000
hand decreased.
tons. A British mill sold 25,000 tons to Argentina.
IRON FOUNDRY OPERATIONS, THIRD FEDERAL RESERVE DISTRICTS
The "ron Age" pig iron composite
dropped
price
to
$21.46 this week, the first change. since $21.54 was established on Dec. 1. It was $22.50 one year ago, according
to the composite price table which appears herewith:
January
1926.
Change
Change
Mo. Ago. Year Ago.
Capacity
10,234 tons
Production
4,126 "
-6.9%
-2.3%
Malleable iron
521 tons
-9.2
+3.2
Feb. 23 1926, Finished Steel, 2.424c. per Pound.
Gray Iron
3,605 "
-1.3
-8.2
Based on prices of steel bars, beams, tankOne week ago
[
2.424c.
Jobbing
2,787 "
-3.0
-9.5
plates, plain wire, open-hearth rails, One month ago
2.439c.
For further manufacture
818 "
+5.0
-3.3
black pipe and black sheets, constitut- One year ago
2.546c. Shipments
3,653 "
+6.4
-8.2
lug 88.% of the United States output__ _ 10
-year pre-war average 1.689c.
Value
8190,127
,
+6.8
-9.7
Unfilled order!
+17.5
+4.3
3,537 tons
Feb. 23 1926, Pig Iron, $21 46 per Gross Ton.
Value
$529,170
+19.5
+2.1
Based on average of basic and foundry One week ago
$21 54 Raw stock:
Irons, the basic being Valley quotation, One month ago
Pig Iron
21 54
5,401 "
-11.8
-0.2
the foundry an average of Chicago, One year ago
Scrap
22 50
2,854 "
-4.9
-3.1
Philadelphia and Birmingham
10
-year pre-war average__ 15 72
Coke
1,235 "
-11.2
-33.4
1925- -1924-- -1923
Finished steel___High 2.560c. Jan. 6 2.789c. Jan. 15 2.824c. Apr. 24
Low 2.396c. Aug. 18 2.460c. Oct. 14 2.446c. Jan. 2
Bituminous Coal and Coke Markets in Uncertain
High $22 50 Jan. 13 822 88 Feb. 26 $3086 Mar. 20
Pig iron
Low $18 96 July 7 $19 21 Nov. 3 $20 77 Nov. 20
Condition Owing to Sudden End
Anthracite
"Iron Trade Review" today will say: Cleveland, 0.:
-With the approach of the second quarter, price policies
in iron and steel are receiving greater attention and the
attitudes producers on this score have figured more prominently in the week's market news, observes the "Iron Trade
Review" in its weekly summary. Disposition on the part
of the larger producers to hold the situation firmly and,
in fact, to reaffirm price schedules from which there has
been considerable deviation recently, is becoming plainer,
continues the "Review," adding further interesting observations as follows:
of
Strike.
That the sudden termination of the anthracite strike is
in the most part responsible for the unsettled conditions
prevailing in the soft coal markets during this week, is
the opinion of the "Coal Age." The changeable weather
conditions and the uncertainties of the year-end industrial requirements are also strong factors in the market,
continues the "Age" from which we quote further as
follows:
Producers and distributors are trying to adjust themselves to the
conditions created by the sudden termination of the anthracite strike
rE13.
271926.]
1103
THE CHRONICLE
to the
while endeavoring at the same time to accommodate output
fluctuations due to changing weather conditions and the uncertainties
seesawing, as might be
of year-end industrial requirements. This
expected, has been accompanied by some upsets in prices which have
further decreased average realizations on soft coal at the mines.
The most cheering feature of the situation is that the decline has
been more moderate than some of the pessimists predicted. The
"Coal Age" index of spot prices on bituminous coal for Feb. 22 was
170, and the corresponding price was $2.06, as compared with an
index number of 173 and a price of $2.10 on Feb. 15. There were
some sharp losses in going prices on prepared sizes in eastern markets,
both in the high- and the low-volatile grades, and these losses were
reflected back in interior markets. Mine-run, too, was weaker along
the Atlantic seaboard. As forecast last week, prices on slack are
firmer.
In keeping with the changed conditions operators are effecting a
gradual reduction in production. For the second week in the month
the output had been pulled down to 12,008,000 net tons. Part of
this decrease was credited to the holiday in that week, but loadings
on Feb. 15 and 16 gave evidence of the diminished demand for coal.
Nevertheless, unless industrial requirements of the country have been
grossly underestimated, further curtailment will be necessary before
a balance has been struck between supply and demand.
Mining of anthracite was officially resumed last Thursday and some
coal reached the New York harbor the next day. It will be some
time, however, before there will be any accumulation of reserve stocks.
Working forces at the mines have not yet been recruited to full
strength; sonic operations require extra maintenance and repair work
to put them into shape and producers are trying to make the present
output cover as wide an area as possible. From the retailer's standpoint, this is very desirable, as it will be giving him a better chance
to dispose of his yard supplies and rolling tonnage of other fuels.
Price announcements made by the big line companies show schedules on the "normal" wintei basis. The first shipments of independent
coal received at New York sold all the way up to $14 and $15. This
basis, of course, cannot be maintained; on Saturday, for example,
there were middle houses quoting $10 @ $12. Independent prices
after the first rush probably will settle down to levels 50c. @ $1
above company circulars on domestic sizes. Although no official statements have been made, there seems to be little hope that the old line
companies will make any spring reduction in their list prices.
Life has gone out of the Connellsville coke market. For several
days last week there was practically no spot buying. New York quotations were on a $6 @ $6.50 basis, with some reports of offers at
$3.50. Spot furnace coke was as low as $4 and some run-of-oven
tonnage in small lots sold at $4 @ $4.25. Inasmuch as recent coke
output has been at a rate about 100,000 tons weekly above normal
requirements, some drastic readjustments are in order. Certain ovens
will fade out of the picture. Many producers will enter the competitive coal market. There is, too, more than a bare possibility that
there will be a slight revival in domestic buying when the householder
discovers that he cannot get anthracite in unlimited quantities for
some weeks to come.
Estimated United States Production of Anthracite (Net Tons).
1924 25
1925-26Coal Year
Coat Year
to Date.a
Week.
to Date.
Week.
Week Ended
71,987,000
1.730,000
34.000 40.654,000
Jan. 30
73,896,000
1.009,000
40,681.000
27.000
Feb. 6b
75,720,000
1.824,000
40,713.000
32,000
Feb. 13
a Minus one day's production in April to equalize the number of days
in the two years. 1, Revised.
BEEHIVE CORE.
Production of beehive coke during the week ended Feb. 13, as indicated by reports of loadings on the principal coke carriers, amounted to
357,000 net tons a decrease of 10,000 tons, or less than 3% from the
estimate for the preceding week. Total output of beehive during the
calendar year 1926 to Feb. 13 is 2,103,000 tons, an increase, when compared with the record for the corresponding period in 1925, of 26%.
Estimated Production of Beehive Coke (Net Tons).
1925
1926
Week Ended
to
to
Feb. 6 Feb. 14
Feb. 13
Date.a
Date.
1925.
1926.e
1926.b
1,740,000 1,320,000
Pennsylvania and Ohlo_ _295,000 303.000 20.5.000
83.000
103.000
12,000
21,000
19,000
West Virginia
134,000 149.000
30,000
21,000
Ala.. Ky.. Tenn. & Oa_ _ 22.000
62,000
65,000
10,000
12,000
11,000
Virginia
26,000
35,000
4,000
6,000
Colorado & New Mexico. 6,000
29,000
26,000
4,000
4.000
Washington and Utah_ _ _ 4,000
Bituminous Coal and Coke Production Declines
Anthracite Output Gains Slightly.
The production both of bituminous coal and of coke fell
off somewhat during the week ended Feb. 13, the former
showing a loss of about 159,000 tons and the latter 10,000
tons when compared with the preceding week in. each case.
Anthracite output, on the other hand, showed an increase
of 5,000 tons for the week, none of the gain, however, being
attriloted to the ending of the anthracite strike, which
occurred too late in the week to have any bearing on the
rate of output. The United States Bureau of Mines, in its
usual weekly report gives the following data on the production rates of each of these fuels:
357,000 367,000 265,000 2,103.000 1,669,000
44,000
55,000
44,000
61,000
60,000
number of days covered in the two
a Adjusted to make comparable the
years. b Subject to revision. c Revised since last report.
The Connellsville "Courier" reports a production in the Connellsville
region during the week of Feb. 13, of 245,060 tons, as against 250,840
tons in the week of Feb. 6. The net gain in the number of active ovens
was 87, the difference between a gain of 122 at furnace and a loss of 35
at merchant plants.
United States total
Daily average
Coke Production During January.
The production of by-product coke during the month of
January, as reported by the operators, amounted to 3,804,000 net tons, an increase of 44,000 tons, or 11.7%, compared
with the preceding month, declares the United States Bureau of Mines in its production statistics for the month of
January. During January the daily output increased to
122,711 tons, a gain of 1,406 tons, or 1.1%, compared with
the December rate. The coke plants operated at about 92%
of capacity. The total number of by-product plants now in
existence is 80, of which 74 were active during the month.
The current output remains the highest on record for any
month.
According to the "Iron Age," the production of coke pig
Iron for the 31 days in January was 3,316,201 gross tons, or
106,974 tons per day, as compared with 3,250,448 tons, or
104,853 tons per day for the 31 days in December. This is
the third consecutive month that the daily rate has exceeded
100,000 tons since last April, though less than that for
January a year ago, when the total for the month 'was
3,370,336, and the daily average was 108,720 tons.
Beehive coke production continued to increase uring
January, the total being estimated at 1,381,000 net tons, an
increase of 74,000 tons, or 5.7%, compared with the month
of December.
Production of all coke amounted to 5,185,000 tons, the
by-product plants contributing 73%, the beehive plants the
remainder.
Production of soft coal during the week ended Feb. 13, including lignite
and coal coked at the mines, is estimated at 12,008,000 net tons. This is MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
159,000 tons, or 1.3%, less than the revised estimate for the preceding
.a
UNITED STATES (NET TONS)
week.
Estimated United States Production of Bituminous Coal (Net Tons)
.a
Total.
Beehive Coke.
ft-Product Coke.
(Including Coal Coked.)
4,748,000
1,615,000
3,133,000
1923 monthly average__
1925-261924-25
3,639,000
806,000
2,833,000
1924 monthly aventge___
Coal Year
Coal Year
4,225.000
893.000
3,332,000
1925 monthly average-4,408,000
1,006,000
Week.
to Date.
3.402,000
Week.
to Date.b
1925
October
4,770.000
1,213,000
3,557,000
Jan. 30
12,563,000 448,015,000 11.073,000 394,519.000 November 1925
1,307,000
5,067,000
3,760,000
December 1925
Daily average
2,094,000
1.543,000 .Thrmary 1926
1,846.000
1,747,000
1.381.000
5.185.000
3.804.000
12,167,000 4(30.182,000 10,910,000 405,429,000
Feb. 6c
a Excludes screenings and breeze.
Daily average
2,028,000
1,549,000
1.818,000
1,754,000
Feb. 13 d
12,008.000 472,100.000
9,758,009 415,187,000
The total amount of coal consumed in both beehive and
Daily average
2,001,000
1,551,000
1.626,000
1.759,000
a 0riginal estimates corrected for usual error, which in past has averaged
h Minus one day's production first week in April to equalize number
of days in the two years. e Revised. d Subject to revision.
The table of loadings indicates that the holiday observance of Lincoln's
Birthday, Feb. 12, in some sections of the country, undoubtedly accounted
for the decline in output during the week, On the other five days loadings
appear to have been about the same as in the week of Feb. 6.
Production of soft coal during the present coal year (268 days) is now
472,190,000 net tom, approximately 14% greater than during the same
period in the year 1924-25. Production for similar periods in other recent
years is given below:
501630,000 net tons 1921-22
374,768,000 net tons
1918-10
425,823,000 net tons 1923-24
495,998,000 net tons
1910-20
487,762.000 net tons 1924-25
415,187,000 net tons
1920-21
2%.
ANTHRACITE.
As indicated by the number of cars loaded for shipment, anthracite production during the week ended Feb. 13 amounted to 32,000 net tons.
.
Total production of anthracite during the present coal year to Feb. 13
is now 40,713,000 tons, as against 75,720,000 tons during the corresponding
in 1924-25. This represents, to date, a decrease of approximately
period
35,007,000 tons, or 46%, during the present year. At the end of August,
strike, output was about 4.5% greater than in 1924-25.
or beginning of the
by-product coke plants amounted to 7,644,000 tons, 5,466,000
tons being consumed at by-product plants, and 2,178,000
tons at beehive plants. The January total is 614,000 tons
greater than the monthly average for 1923 and 1,486,000
tons greater than that for 1925.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
Consumed in
By-Product Ovens.
1923 monthly average___
1924 monthly average__
1925 monthly average__
October 1925
November 1925
December 1925
lentlarl, 10911
Consumed in
Beehive Ovens.
Total Coal
Consumed.
4,523,000
4,060,000
4,787.000
4,888,000
5,111010
5.403.000
.5466.000
2,507,000
1,272,000
1,371,000
1,587.000
1.913.000
2,062.000
2.178.000
7.030,000
5,332.000
6,158.000
6,475,000
7,024.000
7.465.000
7.644.000
Of the total output of by-product coke during January,
3,153,000 tons, or 82.9%, was made in plants associated with
iron furnaces, and 651,000 tons, or 17.1%, was made at
merchant or other plants.
1104
THE CHRONICLE
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS, 19214926.
1921.
1922.
1923.
1924.
1925.
4k.h,M40,4;12i.,4.,
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
'46
I
eicqe4NeammoicielNei c.4
M
WWWWWWWWWWWW
January__ 83.1 18.9 82.4 17.6
February
. 82.3 17.7 83.3 16.7
March____ 81.3 18.7 83.3 16.7
April
80.3 19.7 83.7 16.3
May
81.1 18.9 85.5 14.5
June
82.6 17.4 85.7 14.3
July
81.2 18.5 86.0 14.0
August
83.0 17.0 80.3 19.7
September 83.8 16.2 82.7 17.3
October
84.0 16.0 83.3 16.7
November 84.2 15.8 83.1 16.8
December. 84.9 15.1 82.9 17.1
82.7 17.7 aa a 111.4
823 177 RR 1
17.2
16.4
16.0
16.4
20.0
19.2
19.2
20.5
18.0
17.1
16.6
15.4
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
82.2
82 3
83.0
82.9
GOLD AND SILVER.
January.
1926.
1926.
FurFurFurFurFurFurnace. Other flees. Other noes. Other noes. Other nom. Othe nate. Other
15.: 82.6 17.1
16.:
16.4
16.4
16.4
16.1
17.4
17.4
17.4
17.7
17.0
17.1
Vol.. 122
Gold.
Exports
Imports
1925.
7 Moe. End no January.
1926.
1925.
Increase (-F)
Decrease(-)
5
$
3
$
3
3,086,870 73,525,943 74.790,201 131.319,182 -56.528,981
19,351,202 5.037,800 106,957,870 98,516.432 +8,441.438
Excess of exports
68,488,143
32.802,750
Excess of impts_ 16,264.332
32,167,669
Slicer.
Exports
Imports
Excess of exports
EXPPRSI of bnnt %I
9.762.969 11.384.799 58,375,520 69,698.492 -11,322.972
5,762.760 7,338.559 38,176,361 46,764,644 -8,588.283
4,000,209
4.046,240 20,199,159 22,933.848
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
180
Gold.
1925-26.
1924-25.
Slicer.
1923-24.
1925-26.
1924-25.
1923-24.
Exports.
$
s
$
$
$
$
The Country's Foreign Trade in January-Imports Ju1y --- - 4,416,452
,
327.178
522,822 8,349,301 9,190,362 6,233.163
August _
2,135,690 2,397,457 2.200,961 8,284,991 8,632,067 7,032,221
Increase and Exports Fall Off.
Sept._
6,784,201 4,579,501
852.697 7,487,317 10,345,205 8,123.460
Octcber. 28,039,190 4,125,268
8,783,376 9,485,023 7.522.845
The Bureau of Statistics of the Department of Commerce Nov__ 24,360,071 6.689.182 1,307,080 8,118.097 9.401,406 8,775.474
746,799
711,529 7,589,470 11.279,630 9.521,083
at Washington on Feb. 13 issued a statement of the foreign Dec__ .... 5,967,727 39,674,653
January
3,086,870 73,525.943
280,727 9,7E2,960 11,381,799 8.208,644
50,599,702
505,13trade of the United States for January and the 7 months Feb.
6,832,647 8,876,713
March...,
25,101,411
817.374
7,916.717 8.355,278
ending with January. The value of merchandise exported April_
21.603,945 1,390,537
9,322,618 7,801,689
May.
13,389,927
593,290
6,535,761 9,886.517
In January 1926 was $399,000,000, as compared with $446,- June _
6,712,480
268.015
2,522,492 8,648.499
443,088 in January 1925. The imports of merchandise are 7 mos.
end.
provisionally computed at $414,000,000 in January 1926, as 12 Jan 74,790,201 131,319,182 6,632,590 58,375,520 69,698,492 55.416,890
mos.
against $346,165,289 in January the previous year, leaving end.June
248,729,698 10,205,941
108.828,727 98,785,588
an unfavorable trade balance against the United States on Imports.
18,834.423 27,929,447 5,238,437 7,127,613
the merchandise movement for the month of January 1926 July__ 10,204,112 18.149,981 32.856,097 7.273,298 7,041,630 10.066,463
August _
4.861,736
6,465,949
4,128,052
of $15,000,000. Last year in January there was a favorable Sept____ 50,740,849 0.856,1o5 27,803,961 4,504,029 7.082,962 8.517,971
October_
19,701,640 29,795,185 5.801,851 5.828,572 6,929,311
Nov___ 10,456,115 19.862,384 39,757.436 4.049,035 4,481,418 5.269,173
trade balance on the merchandise movement of $100,277,799.
Dec..__
7,216,004 10,274,049 32,641,226 5,746,986 5,883,892
Imports for the 7 months of 1925-26 have been $2,577,522,- January 19,351,202 5.037,800 45,135,760 5.762,760 7,338,559 8,172,301
5.879,758
3,602,527 35,111,269
4,928,916 7.900,409
820, as against $2,106,536,977 for the corresponding 7 months Feb.
March_
7,337.322 34,322,375
6,680,750 6,220.934
April.
8,869,883 45,418,115
4,944,807 3,907,745
of 1924-25. The merchandise exports for the 7 months of May _
11,392.837 41,073,650
3,390,180 5,639,582
1925-26 have been $2,945,492,856, against $2,947,704,335, giv- June......4,426,135 25,181,117
4,918,605 4,870,389
ing a favorable trade balance of $367,970,036 in 1925-20, 7 mos.
end. Jan
against $841,167,358 in 1924-25. Gold imports totaled $19,- 12 mos. 106,957,870 98,516,432 235.919,112 38,176,381 46,764,644 51,400,926
134,145,130 417,025,838
71,607.902 79.939.988
351,202 in January 1926, against $5,037,800 in the corre- end.June
sponding month the previous year, and for the 7 months
they were $106,957,870, as against $98,516,432. Gold exDomestic Business Conditions According to the
ports in January 1926 were $3,086,870, against $73,525,943
Government.
In January 1925. For the 7 months of 1925-26 the exports
In its statement regarding domestic business conditions
$74,790.201, against $131,319,182 in the
of the metal foot up
just released for publication the U. S. Department of
7 months of 1924-25. Silver imports for the 7 months of
Commerce says:
1925-26 have been $38,176,361, as against $46,764,644 in
Further figures on January business conditions reported to
1924-25, and silver exports $58,375,520, as against $69,698,- Department of Commerce indicate increases over January, 3925, the
in
492. Some comments on the figures will be found in an the production of automobiles, both passenger cars and trucks, beehive
and by-product coke, western pine lumber, steel barrels and fine
earlier part of our paper in our article on "The Financial cotton goods,
sugar meltings, bookings of fabricated structural steel,
Situation." Following is the complete official report:
and oleomargarine consumption also increased over January,
1925,
TOTAL VALUES OF EXPORTS AND IMPORTS OF TUE UNITED STATES.
(Preliminary figures for 1926. corrected to Feb. 11 19263
MERCHANDISE.
January.
1926.
Exports
Imports
1925.
7 Months Ending Jaxuary.
1926.
1925.
Increase (-I-)
Decrease(-)
8
$
$
$
$
399.000,000 446.443,088 2,945,492,856 2,947,704,335 -2,211.479
414,000.000 346,165,289 2.577,522,820 2,106,536,977 +470,985,843
100,277,799
Excess of expts
w.....g...nt hams 15 non OM
367.970,036
841,167,358
EXPORTS AND IMPORTS OF MERCHANDISE. BY MONTHS.
1925-26.
ExportsJuly
August....
3eptember_
October
November_
December _
January_
February_
March _
April
May
Tune
Si
339,660.368
379.822,746
420,368,140
490,566,814
447,804,082
468,270,706
399,000,000
LIOP
1924-25.
$
276,649,055
330.659,586
427,459.531
527,171,781
493,572,921
445,748,393
446,443,088
370,678,434
453,652,842
398,254,668
370,945,110
323,347,775
.
1923-24.
$
302.186,027
310,965,891
381,433.570
399.199.014
401.483,872
426,665,519
395,172,187
365.781,772
339.755,231
346,935,702
335,088,701
306,959,00e
1922-23.
3
301,157,335
301,774,517
313,196,557
370,718,595
379,999,822
344,327,560
335.416,501.
306,957,419
341,376,664
325,492,175
316,359,470
319,956,953
1921-22.
3
325,181,138
366,887.538
324,863.123
343,330.815
294,092,219
296.198,373
278,848,469
250,619,841
329,979,817
318,469,578
307,568,828
335.116.750
7 mos. end.
January_ 2.945.492,856 2,947.704,335 2,617.106,080 2.346,590,692 2,229,401.675
12 mos.end.
4,864.581,164 4,311.656,491 3.956,733,373 3,771,156,489
June..„.:
•
Import,.
325,648,257 278.593,546 287.433,769 251,771,881 178,159.154
fuly
340,085.628 254.542,143 275,437,993 281,376,403 194.768,751
kugust _
3eptember_ 349,953.880 287.144,334 253,645,380 298,493,403 179,292.165
374.073,914 310,751,608 308,290,809 276,103.979 188,007.629
October
govember. 376,431.290 296.147,998 291.333.341 291,804,826 210,948,036
December. 397.330,051 333.192.059 288.304,761 293,788.573 237.495,505
414.000,000 346,185,282 295,506.2lf 329,253,664 217,185.396
Jarman ,
333.387,369 332,323,121 303,406,932 215.743,282
7ebruary. 385,378,617 320,482.117 397,928,382 256,177,796
darch ...._346,090.956 324,290,966 364.252,544 217,023.142
kpril
327,518.721 302,987,791 372,544,574 252,817,254
day
325,215,737 274,000,684 320,233,792 260,460,898
rune
' mos. end.
January. 2.577,522,820 2,106,536,977 1,999,952,275 2,022.592.729 1.405,856,636
2 mos.end.
3.824.128.375 3,554.036,954 3.780,958.965 2,608.079,005
71.7.
while the production of paving brick, shipments of brass faucets, and
cotton receipts into sight declined. Sales of new paid-for
life, insurance, savings deposits in New York State banks and the number of
real estate transfers in 41 representative cities showed gains
over the
preceding year as did building contracts awarded, measured both in
value and floor space. In comparison with December, 1925, all of
the foregoing items showed declines with the exception of beehive and
by-product coke production, sugar mehings, the production
of steel
barrels and the shipments of brass faucets.
British Rubber Restriction Continues
-New Zealand
Enacts Control of Gum for Paint Supply.
"Motor groups both here and abroad are disturbed by
the continued action of foreign Governments in restricting
raw materials necessary to the manufacture of automobiles," said Alfred Reeves, General Manager, before the
directors of the National Automobile Chamber of Commerce, at its meeting in Chicago early in February. "Now
we learn that New Zealand has just enacted a law controlling the production and price of kauri gum, of which this
country has been the largest buyer. This gum is used in
automobile and other paints." Mr. Reeves added:
This act coming on the heels of the control of rubber presents a 'Rua.
tion demanding serious thought on the part of everyone who uses motor
transportation. Our industry does not object to the high price of rubber
if it is the result of supply and demand, but the industry opposes any plan
which prevents a person from selling his product at a price he thinks is
right. When laws prevent sales of a product in hand, the commodity
becomes the football of speculators, who, in the case of rubber, received
the higher prices instead of the growers.
It must be borne in mind that there is still an arbitrary control of rubber supply in the British possessions. The so-called 100% production now
permitted simply means 100% of the 1920 output which was arbitrarily
taken as the standard. If all rubber on hand were shipped the total would
probably be 120% of the 1920 production. We are hopeful, however, that
the British Government will continue to broaden its policy. The return
to the so-called 100% plan is a step away from restriction even though it
still shuts down on a potential production of 100,000,000 pounds annually.
It is natural that as American citizens we should be distressed at these
arbitrary limitations which would not only raise prices but actually shut
FEB. 271926.]
1105
THE CHRONICLE
"We feel the time has come when the public should be informedi:of the
difficulty, howoff the availability of needed products at any price. This economic hazard consequences already apparent and which must only too unfortunately
be aggravated if the artificial restriction of supplies of raw rubber_is to
ever, is not primarily a dispute between nations, but an
si 4
abroad as continue.
to all users of motor transportation. The burden is felt keenly
commoditheir objec-it is necessary, in the interests of all purchasers and users of of what is
well as here. Motor groups in Great Britain have expressed
a part, to emphasize that the object
ties of which rubber forms
tion to the Stevenson idea. Opposing restriction, these British societies— known as the Stevenson restriction scheme was to create an economic
Royal Automobile Club, Commercial Motors Users Association, Motor price, and its present results, which are accentuated every day, leave no
Union—have doubt whatever that its consequences are to create an uneconomical price
Manufacturers & Traders, Cycle & Motor Cycle & Traders'
for tire equipment for every type of road vehicle."
issued a manifesto saying:
Current Events and Discussions
members were $24,000,000 less than a week
Investments of reporting
The Week with the Federal Reserve Banks.
by
ago, the principal decreases of 89.000,000 and $5,000,000 being reported
The consolidated statement of condition of the Federal banks in the New York and Boston districts, respectively, in holdings of
than Government obligations.
Reserve banks on Feb. 24, made public by the Federal securities otherdeposits were 855.000.000 less than a week ago. Banks in
Net demand
Reserve Board and which deals with the results for the the New York district reported a reduction of 368,000.000 and those in the
twelve Federal Reserve banks combined, shows an increase St. Louis district a reduction of 39.000.000, while banks in the Cleveland
and Kansas City districts reported increases of 314,000.000 and 37,000,000.
of $18,200,000 in Federal Reserve notes in circulation and respectively. Time deposits went up 315.000.000, of which 37,000.000
declines of $59,400,000 in member banks' reserve deposits was in the Chicago district and 35.000.000 in the New York district.
The principal changes in borrowings from the Federal Reserve banks
and $23,600,000 in cash reserves. Total holdings of bills
include increases of 810,000.000 and 37.000.000 in the New York and
and securities remained practically unchanged, holdings of St. Louis districts, respectively, and a reduction of 39.000.000 in the
discounted 1 ills having increased $1,700,000 and of accept- Boston district.
On a subsequent page—that is, on page 1140—we give the
ances purchased in open market $2,500,000, while Government security holdings declined $3,900,000. After noting figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
these facts, the Federal Reserve Board proceeds as follows:
principal items
Discount holdings of the Federal Reserve Bank of Chicago declined furnished a summary of the changes in the
$7.900,000, while those of the Boston bank increased $7.200.000 and as compared with a week ago and with last year:
those of San Francisco $2,900,000. Only relatively small changes are
reported in holdings of acceptances bought in the open market.
A decrease of $9,200,000 in holdings of Treasury certificates of indebtedness was partly offset by increases of $5,100,000 and $200,000, respectively,
in holdings of Treasury notes and U. S. bonds.
The principal changes in Federal Reserve note circulation during the
week were Increases of $8,600,000 and $7,700,000, respectively, reported
by the Cleveland and Boston Reserve banks.
Increase (+) or Decrease (—)
During
Year.
Week.
—345.000.000 +5701.000.000
Loans and discounts, total
—34.000,000
—1,000,000
Secured by U. S. Govt. obligations
—61.000,000 +716.000,000
Secured by stocks and bonds
+109.000.000
+17,000.000
All other
+61.000.000
—24.000,000
Investments, total
+115.000,000
+2.000.000
U. S. bonds
—5,000,000 —177.000,000
U. S. Treasury notes
The statement in full, in comparison with the preceding
+28,000,000
—5.000,000
U. S. Treasury certificates
week and with the corresponding date last year, will be
+95.000,000
—16.000,000
Other bonds, stocks and securities
+38,000,000
found on subsequent pages—namely, pages 1139 and 1140. Reserve balances with Fed. Reserve banks- +21,000,000
—3,000,000
—21.000,000
A summary of changes in the principal assets and liabilities Cash in vault
+23.000,000
—55,000,000
Net demand deposits
of the Reserve banks during the week and the year ending Time deposits
+485,000.000
+15.000.000
+80,000.000
—3.000,000
Feb. 24 1926 follows:
Government deposits
+163.000.000
+10,000.000
Increase (+) or Decrease (—) Total accommodation at Fed. Res. banks
During
Year.
Reek.
—$23.600,000 —$113,000,000 Weekly Digest of Cables Received from Foreign Offices
Total reserves
—22.700,000 —127.000.000
Gold reserves
of the Bureau of Foreign and Domestic Commerce.
+55.300,000
+500,000
Total bills and securities
+106,300,000
+1.700.000
The summary of foreign cablegrams received by the
Bills discounted, total
+28,200.000 Department of Cominerce at Washington, released for
Secured by U. S. Govt. obligations_...- —4,400.000
+78.100.000
+6.100.000
Other bills discounted
Bills bought in open market
—13,100,000 publication today, follows:
+2.500.000
U. 8. Government securities, total
—3.900,000
—34.100.000
ARGENTINA.
Bonds
+200.000
alfalfa crops,
—15,600.000
There has been some local damage to the corn and
Treasury notes
—88,500.000
+5.100.000
Recent rains
but the general weather conditions have been excellent.
Certificates of indebtedness
+70.000.000
—9,200.000
god for a
were beneficial to the corn crop and prospects continue
Federal Reserve notes in circulation
—49.400,000
+18.200,000
been less
large yield. Exports of cereals and animal products have
deposits
—6400,000
—7,400,000
Total
normal and the general price tendency is downward.
—5,500,000 active than
— Members' reserve deposits
—59,400,000
and linseed exports are fully equal to the average, but
Government deposits
+10,000,000 Corn, oats,
—3.300.000
in prospect.
prices are steadily declining due to the abundant supplies
smaller lots
The wool market is quiet. Trading is sustained on
slow. Hide
and the price level is being maintained. Hide sales are
The Week with the Member Banks of the Federal prices declined 5% and the demand is spasmodic. Bank rates are
by the
Reserve System.
steady at from 65/2 to 8% with a tendency to curtail credits
Although imports continue in large volume, importers report
The Federal Reserve Board's statement of condition of 716 banks. demand for foreign goods is generally slow and that collections
that the
reporting member banks in leading cities as of Feb. 17 shows are more difficult. Imports of lumber and automobiles continue in
reductions of $45,000,000 in loans and discounts, $24,000,000 excess of last year.
BRAZIL
in investments and $55,000,000 in net demand deposits,
improvement,
The credit situation in Brazil shows considerable
together with an increase of $15,000,000 in time deposits and especially in Rio de Janeiro, where 90-day loans are now bringing
though
of $10,000,000 in borrowings from the Federal Reserve 6%. In Sao Paulo the situation is still tight, first 19 improved
days of
rate for the
banks. Member banks in New York City reported reduc- over past months. Exchange sight the dollar. The coffee markets
February averaged 6.795 tnilreis to
tions of $37,000,000 in loans and discounts, $11,000,000 in at Santo and Rio are quiet with reduced sales at both ports during
investments and $72,000,000 in net demand deposits, to- February. Prices generally are reduced with Santos spot fours firm,
28 milreis per ten kilos, but
gether with an increase of $16,000,000 in borrowings from averaging from the first to the ninth
The
on the eleventh to 27.50, the rate which now maintains.
Federal Reserve Bank. It should be noted that the falling market weakened during the month. In the import markets
the
sugar
lines indicating exfigures for these member banks are always a week behind generally there is a feeling of optimism in most
change.
pected continued improvement. Iron and steel shows no
those for the Reserve banks themselves.
Agricultural machinery generally is slow except for sugar machinery.
Loans on corporate stocks and bonds fell off $61,000,000, The textile import situation is slightly improved. Automobile sales
is
the larger decline of $72,000,000 reported by banks in the are large and many dealers are without stocks. There is little demand
only slightly
situation
space
New York district being offset in part by relatively small for shipping generalat Rio, and the Santos
considerably improved.
outlook, however, is
better. The
increases in the Boston, Cleveland and Chicago districts.
CHILE.
"All other" loans and discounts went up $17,000,000, the
Slight improvement is apparent in some directions, although sumof $35,000,000 mer dulness continues. The action of the Central Bank in lowering
principal changes in this item being an increase
to the public at 10% has
the rediscount rate to 8%
at banks in the New York district and a reduction of $12,- somewhat relieved the creditand discounts
rates have been
tightness. Private
in the Boston district. Total loans to lowered to 9% on prime commercial paper with bank
000,000 at banks
extreme caution still
brokers and dealers, secured by stocks and bonds, made by being exercised, but several banks report ample funds with little defor
loans. Foreign exchange transactions are small
New York City reporting banks were $1,000,000 larger than mand few first-classbills presented. Commercial collections have imwith
foreign
made by the New proved. Protracted
,
e week ago. The amount of such loans
dullness on the stock exchange has caused a numlower
York City banks for their own account fell off $40,000,000, ber of brokers to liquidate. Stock shares are generally nitrate and
offibonds slightly higher
January. In January 89
while those made for the account of out-of-town banks cinas were operating. than in nitrate exports were 2,480,000 quintals.
January
$13,000,000 and those for the account of others Total sales for present nitrate year are 18,500,000 quintals. Domesincreased
$28,000,000. Further comment regarding the changes tic coal production is somewhat improved. January output smaller
in manufacturing industries.
these member banks is as follows:
shown by
1106
THE CHRONICLE
[VOL. 122.
PERU.
North China, with indications that business in that area will be
General trade conditions have been somewhat slower during Feb— adversely affected at least during the early spring months. Conditions
ruary than in the preceding month as a result of conflicting reports in the Shanghai district have been comparatively quiet recently and
regarding the extent of crop damaged by rains. Reports received hopes are expressed that good spring business may develop. Conin Lima indicate that serious damage has been suffered by the cotton ditions in South China remain unsatisfactory. The deadlock between
crop in the northern section while conditions are better in the Hongkong and Canton remains unbroken. Strikers in Canton intersouthern fields. The exchange rate of the Peruvian pound ranged fere with all cargo movement and the numerous import restrictions
from $3.80 on February 1 to $3.77 on February 19. Slight but are extremely onerous. Trade in Manchuria has suffered during the
persistent decline in exchange is considered due to fear of rains. past month from the trouble between the Chinese and Russian authoriThere is little buying of cotton futures and sugar producers are ties over the Chinese Eastern Railway. With reasonably orderly conwithholding stocks for better prices. Export shipments are slacken- ditions in Manchuria this year considerable activity
in railway
ing. Collections are retarded. Fair stocks of all imported mer- construction work is anticipated.
chandise are reported with new orders slow as a result of general
uneasiness over weather conditions.
INDIA.
Congress convened in extra
session on February 18 and adjourned until February 22. It is beAlthough the position of the cotton textile, jute and coal industries,
lieved that additional loans will be proposed in an attempt to rel;eve and the wheat and the Cotton crops have been unsatisfactory, general
the financial situation.
business conditions continue to show steady improvement, due largely
to the fact that tea, jute and rice have been active at firm prices.
URUGUAY.
Retail business is suffering from between-season stagnation. Fresh Money i easier, with credits less stringent. Imperial Bank rates
stocks of goods for the winter trade are being received. Wool remain unchanged. The Railway budget shows increased earnings
receipts in Montevideo amount to 40,000,000 kilos, with about 15,000,000 and indicates that further reductions in freight and passenger rates
are forthcoming. It is stated that the Indian railway system is now
kilos being held in the interior. Wool stocks moving satisfactoril
y, in better position
prices still high. Trading in short sheepskins has been brisk
to serve the country than ever before in its history.
with It is
expected that the Government budget announcement on March 1
the French the chief takers. The cattle market is slowing
down will be
favorable.
owing to limited offerings during the past fortnight. The
money
market is fairly active with demand steady. Exchange
remains steady
PHILIPPINE ISLANDS.
around 97.
Though somewhat below the average for the first months of the
ECUADOR.
year, Philippine business in January and early February was fair.
The general business atmosphere in Ecuador is pessimistic,
as the Import trade in textiles was disappointing. Indenting, however, is
volume of trade declined materially in January, and
while no failures steadily continuing and substantial orders have been
placed for Ameroccurred some firms are reported to be in financial
difficulties. Short- ican textiles for March and April deliveries. Demand
in imported
age of currency resulting from the efforts of the
Government to foodstuffs is fairly firm for canned goods but slow for flour. The
curtail old issues while the Central Bank of Issue is
being installed automotive market continues excellent. Leading export markets
exhas produced an acute situation, with bank and private
checks circu- perienced good demand and high prices until the latter part of
lating as media of exchange. Exchange declined
during January, January, when the trade in abaca (manila hemp)
began to decline.
opening at 4.50 sucres to the dollar and closing at
4.64. The revised Conditions continue favorable for the growing and milling
national budget for the coming year has been
of sugar.
approved and provides Further decreases are expected in the crop estimate.
The tobacco
for receipts and expenditures of 41,988,000 sucres.
trade is quiet. Rice prices continue high as a result of shortage in
the crop.
MEXICO.
The general level of business seems to be unaltered.
DUTCH EAST INDIES.
February is
expected to show a slight increase in turnover as
Netherlands Indian trade opened the year with import business
compared with
January. Sales of mining, agricultural, and road
construction ma- seasonally low but export trade above the average for the time of
chinery show a gain, but the effect is discounted
by decline of sales the year. Financial and economic conditions of the country are
in other lines. The road construction activity
continues and there fundamentally sound. Preliminary returns show that the *islands'
is considerable talk of carrying out certain irrigation
foreign trade in 1925 was greatly in excess of recent years. Heavy
the year. An increase in freight movement is largely projects within imports of textiles last year resulted in a quiet market in January
attributable to
reaction since the flood period when communicat
ions were badly and early February. Improvement is expected later. Returns are
interrupted. Reserves and deposits are being held
expected to show a record year for automotive imports in 1925.
in bank.
Conditions in the rubber market in January were satisfactory and
GUATEMALA.
the tin market was steady.
The general business situation has improved with
relative ease in
the money market. Substantial coffee shipments were
BRITISH MALAYA.
fairly equally
divided between the United States and Europe. The
January and early February in British Malaya reflected the dullquotations fell
off one:half cent from January in practically all
grades. Compara- ness which generally characterizes the first of the year. Imports and
tively heavy imports of wheat flour, wheat, automobiles
, cement, blast- exports in January both declined. The country's financial position,
ing powder, and newsprint were received from the
however, is strong as a result of recent excellent business
United States.
condition
in leading export products. Rubber and tin prises fell
in January.
COSTA RICA.
The wholesale business has remained better than anticipated
SIAM.
in
view of overstocked conditions in several lines. Coffee
General business improvement continues in Siam.
proceeds have
Exports advanced
entered into retail circulation stimulating local trade. Cash
in January but imports fell fro mthe high figure of
quotathe previous
tions on coffee average about 26 cents. Prices for
other domestic month. Only a small portion of the decline, however, was due to
products remain staple with the exception of sugar which
decreased imports of merchandise. A Supreme Council
has sufof State has
fered further decline. Banks report that collections are
being promptly been created by the new King to serve in an advisory capacity.
met.
INDO-CHINA.
PORTO RICO.
Indo-China trade is quiet but promising. It is in
The business situation is recovering from the post holiday depresbetween crop
seasons and the country's export trade is normally dull.
sion. With firm sugar prices and weather favorable to tobacco
Rice prices,
and in consequence of
the quiet market, fell in January.
minor crops, the general feeling is more optimisic. Collections
have
improved, and bank clearings are larger than they were at
this time
AUSTRALIA.
last year. The automobile trade has been active during
February,
Bush fires which have been sweeping sections of Victoria
but business in other leading lines has been generally quiet. Foreign
during
the past two weeks, causing great damage to property and
competition is active in jute bags and crude oil for the sugar
stock, and
industry the loss of more than 30 lives, are
thought to be now under control.
and in fertilizers and cement.
Minor fires have also been reported from New South
Wales. Wool
HAITI.
sales have been generally satisfactory, bringing
out competition in
The coffee crop seems slightly above the average and prices con- which American buyers have been in
evidence. Wheat has been
tinue favorable. There have been extensive new plantings of sugar inactive with the price fluctuating
around six shillings. Foreign
in spite of low prices which should result in a considerably larger trade during December was well
balanced, as was the trade for the
crop next year. Accumulated stocks of logwood are being liquidated entire year. Imports were only slightly
greater than exports during
with prices favorable and additional stocks inadequate. January
im- the year according to preliminary figures.
ports have shown a healthy decline and the credit situation
is now
satisfactory. Yields in sisal experiments exceed expectations
AUSTRIA.
. Government revenues continue at a high level.
Conditions in Austria are little changed,
according to a cable from
Acting Commercial Attache Elbert Baldwin at
Vienna, but indications
DOMINICAN REPUBLIC.
seem to show that the peak of the winter
The effects of adverse conditions in Poland depression is passing.
The sugar campaign is progressing favorably in
the southern
and Germany and the
provinces with good prospects for the other
crops. General business obstacles to exports to those countries emphasize the importance of
is dull. Importations fell off in January, on
account of the recent accelerating domestic reforms and readjustments. An economic proimport tax law. Collections are slow with money
scarce and credit gram is in process of formation which will probably involve a revision
policy stationary. No public works activity is expected
of some items of the import tariff and a
until March
redistribution of certain
and there is no new private construction work.
In the northern taxes, which are a burden upon industry, especially reduction of the
provinces conditions are unsatisfactory. Continued
social welfare tax compensated by an
increase of some sales taxes,
dry weather has
been harmful to crops and farming has been hindered.
also an increase of tax rebates on exported
Unemployarticles. The number of
ment is increasing and retail business is slow. Imports and
unemployed continues to increase, but at a
greatly reduced rate. The
exports
have decreased. Collections are slow and general banking
number receiving government relief now
amounts to 231,000, indiconditions
are unsatisfactory.
cating a total unemployment of nearly
300,000. Production in the
most important industries is increasing and
HAWAII.
for the year 1925 greatly
exceeded that for 1924 and constituted the
Another year of active building and construction for
peak since the war or
Hawaii
indicated. Buildings in process of construction in Honolulu, is close to it. Savings deposits continue to increase and
the position
the of the National Bank is strong.
principal city of the Territory, aggregate in value $4,000,000.
Highharbor construction is also going ahead steadily.
way and
Territorial
SWEDEN.
finances are in excellent shape. Sugar harvest is well under
way
General betterment continues to feature
with one-quarter of the crop already completed.
Sweden. Major banks are now declaring the economic situation of
paid in 1924, stock exchange quotations dividends equal to those
CHINA.
money market showed greater ease, and showed slight change, the
the basic industries report
No improvement has been noted in business conditions in China general
activity. Prices and foreign exchange
during the past month. Recovery of business is severely handicapped Business
rates remain stable.
failures 'during January, however,
consumption taxes which are increasing steadily, amounting
increased over December,
by interior transit and
to 276 as against 266.
Approximately 25% of the timber
and by the almost complete breakdown of rail transportation north of sales for 1926
have been completed. Approximately 80%
of the pulp
Yangtze River. A resumption of military operations is feared in sales for the coming
year have also been completed. Swedish foreign—
THE CHRONICLE
FEB. 27 1926.]
owing to the
trade during January showed a considerable decline,harbors. It is
d
heavy ice in the Gulf of Finland, and the ice-locke
amount to nearly
feared that the unfavorable trade balance will
30,000,000 crowns.
of
Stock
Money
the
in
Country.
cusThe Treasury Department at Washington issued its
money in
tomary monthly statement showing the stock of
deducting
the country and the amount in circulation after
by Fedthe moneys held in the United States Treasury and
Reserve banks and agents. The figures this time are
eral
at that
for Feb. 1. They show that the money in circulation
vaults of
date (including, of course, what is held in bank
) was
the member banks of the Federal Reserve System
and
$4,739,537,429, as against $5,008,120,908 Jan. 1 1926
427,$4,751,537,649 Feb. 1 1925, and comparing with $5,628,
of the
732 on Nov. 1 1920. Just before the outbreak
only
European war, that is, on July 1 1914, the total was
,015,427. The following is the statement:
$3,402
irxn s E ItPsolcoga
erm
Ei c"
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, il"
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s.
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reemoom90
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Unemployment in Great Britain.
Britain
Unemployment on the whole, in 1925, in Great
e of the
was greater than the previous year. The averag
and
monthly percentages unemployed in Great Britain
the UnNorthern Ireland among workpeople covered by
compared
employment Insurance Acts was 11.3 in 1925, as
ing to advices transmitted to
with 10.3 in 1924,, accord
InBankers Trust Company of New York by its British
increase was mainly due to the
formation Service. This
in which
severe depression in the coal mining industry,
d workers recorded as unemployed
the numbers of insure
in 1924.
averaged 198,000 in 1925 as compared with 72,000
industries, taken as a whole, the usual
Among other
ing of the
seasonal decline in employment at the beginn
followed by a steady improvement in the first
year was
s recorded
half of the year, the numbers of insured worker
oyed falling from 1,190,000 at the end of Janas unempl
some fluctuauary to 1,042,000 at the end of June. After
was
during the second half of the year, the total
tion
of December than at the end
slightly higher at the end
of June.
ges of work
The number of trade disputes causing stoppa
as beginning
d to the British Department of Labor
reporte
directly involved
in 1925, was 601. The number of people
those indirectly
in these disputes was about 398,000; and
is, thrown out of work at the establishments
involved, that
lves parwhere the disputes occurred, though not themse
disputes, numbered 40,000. In addition about
ties to the
be3,000 workpeople were involved in 25 disputes which
r
gan in 1924 and continued into 1925. The total numbe
d in all disputes in progress in 1925
of workpeople involve
the
was therefore about 441,000. These disputes caused
involved a loss of 7,976,000 working days in the
workpeople
aggregate, which is the lowest recorded for any year since
1918.
in
In 1924 710 disputes were reported as having begun
ng
the year in Great Britain and Northern Ireland, involvi
a total loss of time in these disputes
616,000 people, with
of about 8,424,000 days.
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notes are secured by the
of the issuing Federal Reserve bank. Federal Reserve gold or of gold and such
amount of
deposit with Federal Reserve agents of a like
eligible under the terms of the Federal Reserve
discounted or purchased paper as is
reserve of at least 40%,Including
Act. Federal Reserve banks must maintain a gold with the United States Treasurer,
the gold redemption fund which must be deposited n. Lawful money has been deagainst Federal Reserve notes in actual circulatio retirement of all outstanding
for
posited with the Treasurer of the United States
are secured by United States
Federal Reserve bank notes. National bank notes
with the Treasurer of the
bonds except where lawful money has been depositedmaintained in lawful money
for their retirement. A 5% fund is also
United States
for the redemption of national bank notes
with the Treasurer of the United States
secured by Government bonds.
;:,
:al
E.
a
aa
c a.pr
2 a 4"
..
2
A
...,
a
5'
MONEY OUTSIDE OF THE TREASURY.
e204,020,226 6.275,570,230111.536,032.8011
..C44242
WW000.w
ocoot0..w
w.•24.42042
E
.
E
I"
In
Co
7
Held for
Federal
Reserve
Banks
and
Agents.
...
MEE
-.--4-.
..
.
Amt. Held in Reeve against
Trust against United States
Notes
Gold & Silver
Certificates (& (and Treasury
Notes
Treaty Notes
o11890).
11890
0
)•
9-CTI
.8.2.1
ooc000 m
E
....
-4,
8
MONEY HELD IN THE TREASURY.
.
*0
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4. .
.
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, w
t -gts!-g12-4
wwwow,-.
to
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n
s•
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iiP •1:
- c 4 42
la
n In foreign countries and
In
a Includes United States paper currency thecirculatioReserve banks.
Federal
the amount held by the Cuban agencies of coin outside of vaults of the Treasury,
b Does not include gold bullion or foreign
Federal Reserve banks, and Federal Reserve agents.
since the money held In trust against
c These amounts are not included in the total of 1890 is Included under gold coin
es and Treasury notes
gold and silver certificat
and standard silver dollars, respectively.
and bullion
held in trust against gold and silver certificates and
d Tile amount of money
this total before combining It with
Treasury notes of 1890 should be deducted from the stock of money in the United
outside of the Treasury to arrive at
total money
States.
559
on,
notes In process
820,772,0
nits total includesredemption09 ofFederal Reserve of redempti 5142,346,
notes, $7,521,796 deposited
of
for
of gold deposited national bang notes, $4,565 deposited for retirement of additional
redemption of
for
58,576,290 deposited as a reserve against
circulation (act of May 30 1908), and
postal savings deposits. by the Cuban agencies of the Federal Reserve banks of
money held
/Includes
Atlanta.
Boston and
dollar by gold held in the Treasury
---Gold certificates are secured dollar for
Note.
for dollar by standard
redemption; silver certificates are secured dollarUnited States notes are
for their
their redemption;
the Treasury for
This reserve
silver dollars held in
of 5184,188,888 held In
a gold reservethe redemption of Treasurythe Treasury. which are also
notes 01 1890.
secured bY
may also be used for by standard silver dollars, held in the Treasury. Federal
fund
for dollar,
secured, dollarare obligations of the United States and a first lien on all the assets
Reserve notes
1107
Soviet Russia's Currency Circulation.
y 1
Currency in circulation in the Soviet Union Januar
5,000
amounted to $653,688,900, as compared with, $388,82
ing
on January 1, 1925, an increase of 68 per cent, accord
.
to a bulletin received by the Russian Information Bureau
circulation on January 1 showed a slight
The currency
seasonal decrease of $8,953,700, as compared with circula
er 1. During the year the ruble held steady
tion on Decemb
The
at slightly above parity on the European exchanges.
ing were the amounts of various Soviet circulation
follow
media as of January 1, 1926:
$374,219,400
1. Bank Notes of State Bank
2. Treasury Issues:
199,684,700
(a) Treasury Bills
73,100,200
(b) Silver Coin
3,926,200
Coin
(c) Copper
2,758,400
(d) Small Change Paper Tokens
Total
$653,688,900
Credit Fonder of Antwerp (Belgium) Suspends.
Advices from Brussels (Belgium) on Feb. 25 reported the
ted
suspension of the Credit Foncier of Antwerp. The Associa
following to say on that date
Press cablegrams had the
regarding the bank's difficulties:
. one of
The suspension of payments by the Credit Fonder of Antwerp
a scandal to-day.
the largest banks in Belgium, assumed the proportions of
arrested six
when it was announced that the Antwerp authorities had
statements for the
persons, it being charged that the bank issued doctored
official and former
last six years. Those arrested are a director, another
t. The authorities
employees, and additional arrests are said to be imminen
have taken over all of the bank's property.
they will
While the exact figures as to losses are not known,it is believed
about 100
be large. The bank had 10,000,000 francs capital and operated
failure.
branches. Two other banks may be involved in the
York
Antwerp advices on the same date to the New
"Times" (copyright) stated:
1108
THE CHRONICLE
(voL. 122.
The failure this morning of the Credit Fonder, one of the
most important balance of cash at the end of
last month was 84,834,400
banks in Antwerp, has caused a sensation in Belgian financial
circles. The
banks' deficit is estimated at more than 40,000,000
gold malts. The statement follows:
francs, with 23.000
depositors, most of whom are of the working class.
OFFICE OF THE AGENT
-GENERAL FOR REPARATION PAYMENTS—
Several hundred policemen were necessary to keep
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE SECOND
a frantic mob from
trying to enter the institution after the bank failed
ANNUITY YEAR TO JANUARY 31 1926.
to open for business
this morning. The attempted suicide of the
(On cash basis, reduced to gold mark equivalents.)
manager, Maurice Segers
added to the panic of the depositors, who wont
without luncheon and
waited nervously in front of the bank until a late
hour tonight.
Second Annuity
The decision to suspend further payments
Year—Cumulewas taken after an all-night
session of the Board of Directors. Unfortunat
Month of
Hoe Total to
e speculation is said to be
January 1926. Jan.31 1928.
the chief reason for the failure.
Several other banks in Antwerp and a large Brussels
Gold Marks. Gold Marks.
bank are reported A.
Receipts in Second Annuity Year
to be seriously compromised by the failure
of the Credit Fonder, and there
1. Budgetary Contribution
20.000,000.00 110,000,000.00
is a feeling of uneasiness in financial circles,
although conservative bankers
2. Transport Tax
20,249,247.76 120,741,385.59
said that the situation would remain
3. Interest on Railway Reparation Bonds
localized.
50,000,000.00 200,000.000.00
The Credit Fonder was capitalized
4. Interest received
212,514.21 1,067.835.27
for 10,000,000 francs, of which
5. Exchange differences
6,000.000 was paid in.
12.502.41
Cr.41,031.26
A hasty examination of the bank's books,
the police say, showed that a
Total Receipts
90,420,730.71 431.821,723.27
well-known Belgian business man named
Craene owes the bank 14,000,000
B. Balance of Cash at Aug. 31 1925
francs. His arrest is said to be only a matter
107.013,270.89
of hours.
Two other Antwerp financial houses that
are ['volved were expected to
Total Cash Available
538,834,994.16
close their doors to-morrow, but late tonight
it was said they had obtained C. Payments in Second Annuity Tear
-the additional funds necessary to tide them
1. Payments to or for the account of:
over their difficulties.
France
46,453.404.47 222,447,538.18
British Empire
18,648,829.86 88.059.399.05
Italy
Cost of Morgan Credit to Great Britain.
2.359,415.21 23,933.497.72
Belgium
8,212.848.68 43,013,510.68
The New York "Times" is the authority for the following
Serb-Croat-Slovene State
1,859.832.65 14,065,302.79
Rumania
544,589.05 3,274,251.45
contained in a copyright cablegram from London, Feb.
Japan
Dr.179.26
24:
Portugal
The Chancellor of the Exchequer, Winston
727,385.92 2.508,655.50
Churchill, replying to a quesGreece
tion in the Commons to-day, revealed
248,742.92 1,222,351.85
the fact that the cost of the $100,Poland
4%227.34
15.047.54
000.000,000 credit which Britain obtained
from J. P. Morgan & Co. at
time of her return to the gold standard
Total Payments to Powers
79,070,096.30 398,572.555.80
was $1,125,000 to the end of the
2. For Service of German External Loan 1924_ 7,820.242.11 41.801.124.28
first year.
3. For expenses of:
This provokes criticism from the
"Daily News," which points out that
Reparation Commission
289,904.51 1,507,389.60
since Mr. Churchill also indicated that this
Office for Reparation Payments
credit never had been used,
308.350 97 1,541.684.30
J. P. Morgan & Co. must have
Rhineland High Commission
912,068.99 4,590,367.51
obtained 81,125,000 for merely making a
Military Commission of Control
book debt in Britain's behalf. The paper adds:
500,000.00 2,800,600.00
3. Discount on payments made by Deutsche
"The credit has another year to run and in
Reichsbalm Gesellschaft in advance of due
all probability the lower rate
of interest that is to be charged by Messrs.
date
480,273.51 3.387.472.77
Morgan for that year will be
earned just as easily."
Total Payments
89,380,936.39 454,000,593.76
The same paper had the following to say in an item in its
D. Balance of Cash at Jan. 311920
84,834.400.40
issue of yesterda
y (Feb. 26):
Officials of J. P. Morgan & Co. refused to comment
yesterday on the
statement of Winston Churchill, British Chancellor of the
Exchequer, that
the cost of the $100,000.000 credit which Great Britain
obtained from the
Morgan firm at the time of the return to the gold standard,
was $1,125,000
to the end of the first year.
The interest charge in connection with the credit never
has been announced here, but it was said yesterday that it was a matter
of public
record in London and was published there when the
credit was obtained
last April. The Bank of England obtained a 8200.000,0
00 credit from the
New York Federal Reserve Bank at the same time the
British Government
arranged the Morgan credit. Neither credit has been
drawn upon. Both
were obtained as a precaution against exchange pressure
when Great
Britain resumed gold payments.
E1,500,000 Loan Authorized by Peruvian Chamber of
Deputies.
The Chamber of Deputies has authorized the Peruvian
Government to obtain a loan of £1,500,000 with which to
pay off a maturing loan, says an Associated Press cablegram
from Lima (Peru), Feb. 25. The advices also state:
The loan will be issued at 91 and will be payable within
twenty years.
The bonds will carry 5% interest. It will be guaranteed
by the salt
revenue.
538,834,994.16
TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
Month of
Jan. 1926.
1. Occupation Costs—
(a) Reichsmarks to Armies of Occupation
(b) Furnishings under Articles 8-12 of Rhineland
Agreement
Second Annuity
Year—Cm:Adotire Total to
Jan. 311920.
Gold Marks.
Gold Marks.
2,607.464.03 21,662,709.77
5.410,000.00 16,449,225.85
8,017,464.03 38,111,935.62
2. Deliveries in Kind—
(a) Coal, coke and lignite
(b) Transport of coal, coke and lignite
(a) Dyestuffs and pharmaceutical products
(d) Chemical fertilizers
(e) Coal by-products
(U Refractory earths
(g) Agricultural products
(h) Timber
(I) Miscellaneous deliveries
19,389.288.12 114,943,004.24
7.216,995.85 36,997.811.85
538.105 98 3,600.028.05
9.368,217.54 26.468,384.61
556,766.08 1.683,223.56
22,445.53
22,445.53
2,134,466.60 7,819.109.59
1,184,904.57 6,055,373.17
10,869.328.80 59,017,057.71
51,280.519.00 256.606,438.31
3. Reparation Recovery Acts
4. Cash Transfer—In liquidation. of the accounts 19.772,113.27 96.746.635.46
of the Franco-Belgian Railway Regie
5.007,229.01
5. Restoration of Louvain Library
2,100.316.90
Protests on Resale of Loans Abroad—London Times Editor Says American Bankers Defeat the
Total Payments to Powers
79.070.096.30 898,572,555.30
Purpose of Credits.
The following advices (copyright) were reported from
Agreement for Funding of Belgium's War Debt to United
London, Feb. 18, by the New York "Times":
States Approved By Belgium Senate and Chamber—
Protest against the alleged piactice of American bankers
in floating
Belgian Finance Plans Approved.
foreign loans in the United States for the ostensible
purpose of providing dollar credits for stabilizing currencies and
The agreement, signed at Washington last August, prothen offering them
for resale in Europe, and thus defeating this purpose,
is made by the viding for the funding
of Belgium's war debt to the United
financial editor of The London "Times."
The attention of the investing public and incidentally,
States, was ratified by the Belgian Senate on Feb. 24; the
of the Inland
Revenue Department, he says, may be usefully called
once more to vote was 110 to 10, with one abstention.
The Belgian
the bond selling activities of certain American banks
and their sub- Chamber of
Deputies ratified the agreement on Feb. 10.
sidiaries in this country. Owing to the great demand
for capital for
reconstruction purpose in Europe, which has been
impossible is satis- According to the Associated Press advices from Brussels
fy in Europe without the risk of inflation, a large
number of foreign that day ratification was effected by a
minority of the
loans have been floated in the United States.
Chamber, which has 181 deputies. Only 102 deputies
Some have been for the purpose of providing dollar
voted,
credits for stabilizing currencies. But no sooner is the issue made
than it is imme- nine of whom cast ballots against the agreement.
diately offered for resale in Europe.
A cablegram (copyright) from Brussels to the New
Citing the case of a Swedish loan where most
York
if not all of the bonds
"Times" on Feb. 23, stating that the United States
were resold to Swedish investors, the article continues:
was
In cases of this kind the object of the loan,
to provide the borrower bitterly criticized in a sharp debate in the Belgian
Senate
with credit in dollars, is really defeated. It is
much to be doubted that afternoon which
preceded informal approval of the
whether some borrowerers would have contracted
these loans if they
debt settlement with the Washington Governme
had known beforehand that while the American bankers
would take
nt, added:
the commission they would not,
in fact, deliver the goods they were
paid to provide.
The editor appeals to the Inland Revenue Departmen
t to apply to
the sale of such foreign securities the law which
obliges the pay'
meat of a 2 per cent, stamp duty on all foreign bonds
negotiated here.
German
Reparations
Receipts and Payments for
January.
The statement of receipts and payments for the second
annuity year to Jan. 31 1926 of the Agent-General for Reparations Payments shows receipts for the month of 90,420,731 gold marks,and payments of 89,380,936 gold marks. The
At one time the attack on the United
States reached such a point
that M. Vandervelde, Minister of Foreign
Affairs, saw fit to intervene and in a few remarks warmly
defended America and Americans.
The attack began when Senator
Magnette, Liberal, defended the
resolution which be offered yesterday
and which would have had
the effect of canceling that portion of the
Belgian debt to America contracted previous to the Armistice. The
Senate as a whole refused
to consider his resolution, although his
attack was frequently interrupted by cries of approval.
"There are moral engagements to which
a great people would never
fail to grant recognition," Senator
Magnette began. "I demand of the
United States fidelity toward such an
engagement of honor. Every
time that we recall our sacrifices, each
time that we speak of our suffering and our ruins, the Americans'
reply to us in 'dollars.' They reproach us with being militaristic and imperialisti
c, when as a matter
FEB. 27
1926.]
THE CHRONICLE
1109
greater
of fact the Amercan war budget is proportionately very much
Bulgarian Foreign Minister Invited by League of Nations
than ours.
to Discuss Repatriation Loan.
pay us reparations.
"The Americans should have forced Germany to
But not only have they failed to do this but they have released $365,Under date of Feb. 21, Sofia, Bulgaria, Associated Press
000,000 worth of seized property in America which should have been
cablegrams stated:
given over to reparations or accepted in part payment of our debt
The Bulgarian Foreign Minister, M. Bouroff, has been invited by
to America."
M. Vandervelde, replying immediately afterward, said: "Belgium the Secretariat of the League of Nations to proceed to Geneva to
more
wishes to maintain her national pride without question. I wish to pro- discuss a proposed loan which will be utilized for repatriating
Govtest against the bitter and unjust attacks against Americans who even than 50,000 families now refugees in Bulgaria. The Bulgarian
purpose.
today are aiding us to rise from our ruins.- I realize that America ernment thinks that £600,000 will be necessary for this
and possibly will visit London
if
M. Bouroff will proceed to Geneva
was more generous with Italy than with us, but I do not know
this more favorable treatment, based upon the poverty of Italy, would and Paris.
Belgium."
be helpful to
Today's approval of the debt project was by a standing vote, but Offering of $16,000,000 German Consolidated Municipal
tomorrow a formal roll call will be taken. While there was little doubt
Loan—Obligations of German Savings Banks
of favorable action expressed here, it is net unlikely that the request
and Clearing Association.
further debate, some
for formal approval from each member will cause
of which is sure to be critical of the character of America.
Announcement was made on Feb. 21 of the closing of
Senator Magnette's resolution, the adoption of which would have
of American bankers headed
had the effect of rejecting the Washington debt agreement, was re- negotiations, by a syndicate
jected by the narrow margin of 26 votes to 24, a clear indication of by Harris, Forbes & Co., for the purchase of a German Conthe strength of the opposition to American settlement in the Belgian solidated Municipal Loan consisting of $15,000,000 7 %
2
1
/
Senate.
sinking fund secured gold bonds, series of 1926. The bonds
In announcing the ratification of the agreement by the
be the direct obligations of the German Savings Banks
Finance Committee of the Senate on Feb. 22, cablegrams will
& Clearing Association (Deutscher Sparkassen und Giroverfrom Brussels (Associated Press) stated:
through its district associations comprises
The Finance Committee of the Senate today unanimously approved band), which
the financial stabilization measures which already have been adopted over 3,000 cities, towns and municipal districts, including
by the Chamber of Deputies and which include ratification of the re- country districts. It is stated that the association thus
cently negotiated American loan of $150,000,000.
a population estimated at over 56,000,000, or
The measures now go immediately to the Senate with the Gov- embraces
approximately 90% of the total population of Germany. It
ernment's insistence that they be adopted this week.
A proposal to repudiate Belgium's foreign debts contracted before is ids° stated that since the suggestion of the loan was
the Armistice, and to pay post-armistice debts on the rate of the
over a year ago, the Council of Foreign Loans
Dawes plan receipts from Germany, was introduced in Parliament first made,
of the Ministry of Finance of the German Government had
today by Senator Charles Magnette.
We also quote the following from Brussels Feb. 4 (Asso- been negotiating almost continuously with Harris, Forbes
ciated Press), in which the ratification of the settlement & Co. and with the individual States, cities, towns and
municipalities of Germany. It was decided to use the Gerwas urged by Foreign Minister Vandervelde.
"We have settled our accounts and good accounts make good man Savings Banks & Clearing Association, which had been
friends," Foreign Minister Vandervelde told the Chamber of Depu- formed in 1924 as a consolidation of associations of Gerties today, in urging speedy ratification of the Belgo-American debt
man savings banks, as the medium through which the credit
settlement.
"Our war debts now have been reduced by more than nine-tenths," and resources of the different cities in Germany should be
4
/
be added, "and the normal execution of the Dawes plan will suffice consolidated. The bonds were offered on Feb. 23 at 943
to free us of the remainder. Belgium's interests were admirably deby Harris, Forbes & Co., Lee,
fended at Washington, and the conditions obtained were the best and interest, yielding 7%%
that could have been hoped for."
Higginson & Co., the Guaranty Co. of New York, E. H. RolIn conclusion he recalled America's part in the war and the help
lins & Sons and the Equitable Trust Co. of New York.
extended by that country to Belgium in her economic and intellectual
$2,250,000 of bonds were withdrawn for sale simultaneously
restoration.
The signing of the agreement was noted in these col- in Europe by Mendelssohn & Co., Amsterdam; Nederlandsche
Handel Maatschappij; Pierson & Co.; R. Dices & Zoonen,
umns Aug. 22,. 1925, page 926.
Rotterdam, and others. The books were closed by the syndicate here at 10 a. m., Feb. 23; a heavy oversubscription
Agreement Between Belgium and British Governments for is announced. The bonds will be dated Feb. 1 1926 and will
become due Feb. 1 1947. They will not be callable except
Consolidation of Loans.
callable for sinkThe following was reported from Washington Feb. 23 for the sinking fund prior to Feb. 1 1931;
ing fund at 100 and interest but only on Feb. 1 1928 or any
by the New York "Journal of Commerce":
or in part on
An agreement has been reached between the Belgian and British interest date thereafter. Callable as a whole
governments whereby the reconstruction credit of £9,000,000 and the six weeks' notice on Feb. 1 1931, or on any Interest date
Congo credits totaling 13,600,000, are consolidated into a new loan
thereafter through Aug. 1 1935 at 102 and interest, and
bearing 5% interest, amortizable after a moratorium of five years, over
100 and
a period of twenty-five years, according to a cabled dispatch received thereafter on any interest date prior to maturity at
at the Department of Commerce.
They are coupon bonds of $1,000 denomination,
interest.
A syndicate of Belgian banks has signed an agreement to float inas to principal only. Reichskredit Gesellschaft
ternally the first section of the loan, amounting to 300,000,000 paper registerable
bearing a nominal interest of 6%, but actually yielding 7%. Aktiengesellschaft, Berlin, Germany, is trustee, and the
francs,
This loan carries with it participation in the Kilomoto gold mine in Harris Trust & Savings Bank, Chicago, Ill., co-trustee.
the Belgian Congo.
Principal and interest payable (Feb. 1 and Aug. 1) are payable at the office of Harris, Forbes & Co., New York, or at
&
Stabilizing the Norwegian Krone—Report of the Norwe- the option of the holder at the office of the Harris Trust
in United States gold coin. InforSavings Bank, Chicago,
gian Committee.
etc., contained
The following is from the New York "Times" of Feb. 15: mation regarding the purpose of the issue,
letter under date of Feb. 20 addressed to Harris, Forbes
The report of the exchange committee appointed by the Norwegian in a
Government was published in Oslo on Jan. 30. It has been received & Co., and signed by Messrs. Kleiner and Jursch, the Presiwith considerable attention, suggesting as it does the temporary
dent and the Vice-President, respectively, of the German
stabilization of the Norwegian krone.
summarized in
The committee advises an actual stabilization of the currency as Savings Banks & Clearing Association, is
close to the present level as possible and proposes that the Department part as follows:
of the Treasury and the Bank of Norway in common work out the
detailed regulations needed for that policy. The unstable exchange
conditions which have prevailed in Norway since the end of the war,
the committee asserts, have prevented the whole economic life and the
finances from gaining normal conditions, and the most important task
now must be to establish stability in this field. However desirable it
must be to reach parity for the krone, this is not practical politics at
present and may not be so for a long time to come.
The committee recommends that an agreement be made with the
Bank of Norway through which the bank undertakes to keep a stable
rate for dollars, and that this rate be laid as close up to the present
rate as possible. It is recommended also that, if needed, an exchange
loan be raised in order to stabilize the currency, and that the stabilization remain in force until the time has come for a final settlement
of the money affairs of the country.
Finally the committee suggests that the Government as far as
possible take care that the proposals for stabilization of the krone,
as laid down in the report, be fulfilled and that the Government
budget be drawn up accordingly, and that the Government should take
the initiative also to bring about a revision of tariff-regulated, nominal
wages as soon as possible before the end of the tariff period.
The report of the committee is unanimous and is praised by the
Norwegian press for its thoroughness and clearness.
The Consolidated Loan.
conIn the economic reconstruction of Germany the Government has
various
sistently enforced its policy of restricting expenditures by the
improvements.
States and municipalities to the most urgently needed
Issuance of loans payable in foreign moneys is confined with few exceptions to obtaining funds for the construction of or additions to incomeproducing public works. In addition to the comparatively few German
States and cities which have been permitted to contract external obligations, there are many others which need funds for capital expenditures of
this nature, but in amounts too small to justify separate issues. Therefore, the Council of Foreign Loans of the Ministry of Finance of the German Government has authorized the German Savings Banks & Clearing
Association to do the present financing and to be reimbursed by taking
the bonds, payable in dollars, of the communities benefited.
Security.
These bonds, in the opinion of counsel, will be the direct obligations of
the German Savings Banks & Clearing Association. The municipalities
which are members of the district associations are liable with their entire
property rind taxing power for the obligations of the district association
to which they belong and the district associations in turn are liable for
the obligations of the central association. In this manner, these bonds
are in ultimate effect the joint and several obligations of over 3,000
1110
THE CHRONICLE
cities, towns and municipal districts which comprise the membership of the
district associations. The member municipalities in practically all cases,
own their own gas, water, electrical and other public works.
In addition, the bonds of series of 1926, due 1947, are to be specifically
secured by pledge with the trustee of an equal principal amount of bonds
and approximately 120 municipalities located throughout Germany which
are members of the district associations. The pledged bonds are to be
deposited, from time to time, as the proceeds of this loan are distributed
and will correspond in interest rate, sinking fund and maturity to the
bonds of this issue. Interest and sinking fund on the pledged bonds will
be payable in dollars and will provide the funds necessary to satisfy the
interest and sinking fund requirements of the bonds of this issue.
[vol.. 122.
about 7.90% after deducting 10% German tax. The bonds
are dated January 1924. Interest is payable Jan. 2. A
cumulative sinking fund of 2% per annum provides for the
redemption of the loan by Jan. 2 1948, by purchase in the
open market or by drawings by lot at 105%. The City reserves the right to increase the annual sinking fund or to
call the entire loan at any time at 105%. Drawings take
place in the month of September for payment on Jan. 2 following. Payment of principal and interest will be at the
average rate for United States dollar cable transfers as
officially quoted on the Berlin Stock Exchange between the
1st and 14th of the December preceding. The offering circular states:
Purpose of Issue.
According to Government authorization, the proceeds of this loan must
be used only for the construction or improvement of gas and electric properties, water works and other revenue-producing public works. Furthermore, it must be established that there is a public need for the work contemplated and that the income of the properties will be sufficient to proThis loan is the direct obligation of the City of Berlin, and is to be used
vide the interest and amortization requirements of the loan.
expressly for the purpose of making city improvements,for the construction
Sinking Fund,
and reconstruction of railroad stations, schools and hospitals, &c.
MI
The trust agreement will provide for progressively increasing annual
The revenues of the city for the fiscal year ended March 31 1925 were
sinking fund payments commencing Nov. 15 1927, calculated to be suffi- about $107,654.000 and the expenditures were about $105,650,000 for
cient to retire all bonds of this issue by maturity.
the same period.
111.31
•
The recent $15,000,000 issue of 634% municipal external
of 1925
The bonds were offered for delivery when, as and if and other obligations amounting to about $200,000 were, loan July 31
as of
Issued and received and subject to the approval of counsel. 1925, the only external debt of the city. The amount of the Internal
debt of the city, other than this issue of 20.000,000 gold marks internal
It is expected that interim receipts of the Harris Trust &
loan 6% bonds, cannot be determined, until final action is taken by GovSavings Bank will be available for delivery about March 22. ernment authority in regard to the terms of revaluation of municipal obligations heretofore incurred; while no statement can be made at present as
Offering of American Certificates for Capital Stock to the outcome of legislation now pending, it is not anticipated that the
maximum requirements for payment of interest upon and for the amortizaof Copenhagen Handelsbank.
tion (within a period of 20 years, of such obligations, as revalued, will
exceed $4,300,000 per annum.
A limited amount of American certificates for capital
stock of the Copenhagen Handelsbank (Kjobenhavns Handelsbank) was offered on Feb. 24 by Brown Brothers & Co.
and Edward B. Smith & Co. The offering was made on
Feb. 24 at about 32.87, subject to change. The sale of these
American certificates does not represent any increase in
the capital of the bank. The bank's capital and surplus is
reported as follows:
Total capital stockKr.50,000.000 012,500.000)
Surplus di undivided profits(as of Dec.31 1925)aPprox_Kr.38.667.000 ($9,666.750)
Regarding the certificates, it is announced:
The American certificates are designed to permit the American investor
to acquire an interest in the capital of Copenhagen IIandelsbank on a
dollar basis and at prices based upon the Copenhagen Stock Exchange
quotation.
The American certificates will be issued by Brown Brothers & Co., on
terms specified therein, against the actual share certificates of the Copenhagen Handelsbank of denominations of 100 kroner ($25 at rate of 1 Kr.
$0.25) and certain multiples thereof. As provided in the American certificates, the holder, against surrender thereof, will be entitled to delivery of
the corresponding share certificates and meanwhile to receive, by check,
the net dollar equivalent of cash dividends paid on such shares, after
deduction of 1% commission.
The shares of the bank, against which Brown Brothers & Co. certificates
will be issued, carry no personal liability. Dividends thereon are payable,
under present laws, without deduction for any Danish taxes.
Brown Brothers & Co. are transfer agents for the American certificates. Dividends are payable annually in the
early part of each year (usually in March). Information
obtained from official reports and other sources contained in the offering circular says:
The Bank—Copenhagen Handelsbank, established in 1873. is one of the
largest and most conservative banks in Denmark and one of the leading
commercial banking institutions in Scandinavia. It has numerous branches
In Denmark and correspondents in many parts of the world, transacting
a large national and international banking business.
Record—Substantial dividends have been paid on the stock of the bank
In every year since the bank was established. The earnings and dividend
record for the 10
-year period ended Dec. 31 1925 is as follows (kroner converted into dollars at $0.25 to the krone):
Interim certificates of L. F. Rothschild & Co. will be
delivered in lieu of the definitive bonds. The latter will
be delivered as soon as received, which will be about March
15. All conversions from German to United States currency in the above have been made at the rate of 4.20 gold
marks to the dollar.
Offering of Stock of Bayerische-Hypotheken- und
Wechsel-Bank of Munich.
George H. Burr & Co., who, with Hardy & Co., of Berlin,
recently acquired a block of stock of the Bayerische Hypotheken- under Wechsel-Bank, Muenchen (Bavarian Mortgage & Exchange Bank, Munich), offered on Feb. 25 6,000,000 reichsmarks common stock of the bank. The stock
(carrying the 1925 dividend of 8%) was offered at $24 per
100 reichsmarks, equal to 100.80% of par. The price was
subject to change in accordance with quotations on the Berlin Stock Exchange. These shares, it is pointed out, are
part of the outstanding capital stock of the bank and this
offering does not represent new financing; 1,500,000 reichsmarks, principal amount, were withdrawn for sale in Switzerland and Germany. Details of the capital stock and reserves are furnished as follows:
Capital stock*: Authorized,30,019.000 Reischmarks;
outstanding
24.019,000 Reichsmarks
Reserves
6,000,000 Reichsmark
* Includes preferred stock-19,000 Reichsmarks.
The capital stock is fully paid and non-assessable. The
stock is listed on the Berlin and other German Stock Exchanges. Regarding the history, business, etc., of the bank,
we quote the following from the offering circular:
History and Business.
The bank, one of the oldest in Germany, was established in 1835. The
principal office of the bank Is in Munich and it has about 130 branches
located chiefly In Bavaria. The business of the bank comprises two
divisions: (a Mortgage loans and the issue of mortgage bonds;(b general
Surplus dt
banking. The directors of the bank include men prominent In German
Net
Earned
Undivided Dividend
Capital
Earnings
on
banking and industry.
Dec. 31—
Stock.
Profits.
Rate.
for Year.
Stock.*
The bank holds permanent investments in the following banks and
1916
banking firms: Bayerische Disconto-und Wechselbank A. G., Nuremberg;
27.500,000 $2.824,079
10%
$1.338.123 17.84%
1917
10.000.000 3,949.955
10%z
Suddeutsche Treuhand-Gesellschaft A. G., Munich; "Revision" Treuhand
1.274,550 12.75%
1918
10.000.000 5,272.718
12%
2,957,546 29.58%
Aktiengesellschaft, Berlin; Nikolaus Stark, Abensberg; Karl Schmidt, Hof;
1919
12 500.000 7.683,577
12%z
3,079,348 24.63%
Hardy & Co., G. m. b. H., Berlin; Dresdner Handelsbank,
1920
12.500.000 8.963.624
12%
3,271,142 26.17%
Dresden:
1921
12,500.000 9.292,240
Handels-und Verkehrsbank, A. G., Hamburg; Wurttembergische Hypothe1.799,537 14.40%
10%
1922
12.500.000 9,374.010
8%
1.200,927
9.61%
kenbank, Stuttgart; Handelsbank A. G., Berlin; Frischolz & Mayr,Buchloe;
1923
12.500,000 9.452.395
8%
1.196,849
9.57%
Bank fur Handel und Verkehr, Chemnitz; Suddeutsche Festwertbank
1924
12.500.000 9.589.165
A.G.,
8%
1,267,194 10.14%
1095.
19 Ann rim
0 AAA 75I1
act
Stuttgart; Salzburger Kredit-und Wechselbank, Salzburg; Kantner Kredit1 onn 11/111
II IMO>
•Before payment of bonus to management. x Not Inc uding subscription rights ung Wechselbankgeschaft, Ehrfeld .St Co., Klagenfurt; Bank-Kommanditworth about 2.00%. y Preliminary estimates. z Not including subscription rights gesellschaft Ullmann & Co., Vienna; Bank-kommanditgesellschaft Scherworth about 4.50%.
baum & Co., Vienna.
Assets.
In 1917, $2,500,000 stock was subscribed for by stockholders at 140%
The book value of the capital stock outstanding Is equal to about
and In 1919 an additional $2,500,000 was subscribed for at 150%.
125%
of par.
Market Price of Stock.
Offering of City of Berlin Gold Loan of 1924.
The shares of the bank are listed on the exchanges of Berlin, Frankfort
L. F. Rothschild & Co. announced on Feb. 23 an offering on-Main,Leipzig and Munich,and were quoted Feb.18 1926 at 102% of par.
Dividends,
of City of Berlin 6% 24-year sinking fund internal gold loan
During the past sixty years dividends have been paid for every year with
of 1924. The authorized amount of these bonds is 20,000,000
the exception of 1923, a year of extreme post-war depression. For tho ten
gold marks; we learn that 100,000 marks were issued in years preceding the war, dividends for each
year exceeded 12% and for the
January 1924—the rest being held in the Treasury until years 1912, 1913 and 1914, were at the rate of 14%. For the year 1924,
8% was paid and for the year 1925 dividend has been declared at the rate
Feb. 17 1926, when 10,000,000 marks were issued in Ger- of 8%, payable
March 2 1926. The stock herewith offered carries this
many, of which the offering by Rothschild & Co. represents dividend.
Dividends are declared during the first half of the year for the preceding
a part. The issue was offered at 75% (about $893 per M.
calendar year. At present
5,000) and interest, to yield to furthest redemption date 10%, which is withheld by these dividends are subject to a German tax of
the bank.
1
1111.1. k
FHB. 271926.]
THE CHRONICLE
The following is the bank's statement of condition:
Assets.
Cash on hand and in banks
Due from banks and bankers
Notes discounted (Including Treasury certificates of
German and State Governments and acceptances
of the bank)
Securities (including R.M. 8,000,000, par value, of
the bank's treasury stock)
Syndicate participations
Permanent investments in other banks and banking
firms
Loans, current account
Mortgageloans
Bank buildings, dm
Mortgage loans, in former German currency, revalued
(see contra)
Total
Dee.31 1925.
Dec. 31 1924 Approximate.
Retchsmarks. Refchsmarks.
7,564,053 12.500.000
6,750,990 20,500,000
11,987,776
22,500,000
14.751.833
679,099
14.500,000
1,000.000
8,719.552
53,300.478
11,577.966
8,126,000
8.500.000
84.000.000
46,000,000
8,000,000
81,517,582 84,000,000
204,975,129•301,500,000
1111
Institutions, and the two foremost insurance companies
of Italy. The Institute will employ the proceeds of this
new issue for use in advancing loans to six important
groups
Italian utility groups. The properties of the six
25 plants with an aggregate into be mortgaged number
stalled capacity of approximately 361,000 H.P., together
with 2,200 miles of main transmission lines and 76 printhe
cipal sub-stations. In 1925 these plants produced at
rate of more than 920,000,000 K.W.H. Included in the
"Sip"
companies participating in the loan are the so-called
Italy,
group, which is the largest hydro-electric group in
and five other companies which are the most important
in their respective territories.
On this point it is stated (we quote from the offering
•
circular):
Thege Bonds will be direct obligations of The Institute and will
30,019,000 30,000,000 be specifically secured, in opinion of counsel, by closed first mortgage
8,000.000
6,004.752
9,000.000 obligations aggregating $20,000,000 (United States Gold) covering
3.590.007
56,937.802 101.700.000 certain properties of six important Italian groups operating public
8,000,000
10,487.278
the obligations of each group to be given to secure the
2.198.914 16,000.000 utilities,
Institute to such group,
11,503.302 44,000.000 repayment of the loan to be made by The
2,100.000 namely:
2,068,887
First Mortgage
82,167,189 84,000,000
Obligations
Name
$11,170,000
(SIP)
204,975.129•300,800.000 Societa Idroelettrica Piemonte
Total
2,400,000
Elettricita e Gas di Roma
is due to the cabling of balance Societa
•The difference in totals of assets and liabilities
1,000,000
Societa Elettrica del Valdarno
sheet items in round amounts.
2,500,000
Societa Ligure Toscana di Elettricita
930,000
stock by Burr & Co. Societa Italiana di Elettrochimica
Reference to the acquisition of this
2,000,000
was made in these columns Feb. 13, page 824. Last week Societa Acciaierie e Ferriere Lombarde
The
The above-mentioned first mortgage obligations are given to will
(page 948) we reported an offering by the same house of a
is required by the provisions of its charter and
block of the capital stock of the Allgemeine Deutsche Credit Institute which the terms of the Trust Agreement under which these
be required by
aside, and also the
Anstalt (German General Credit Bank) of Leipzig.
Bonds are to be issued, specifically to set them
solely for
proceeds realized from the enforcement thereof, as security
these Bonds.
underlying
The properties to be mortgaged as security for such
Offering of $20,000,000 Bonds of Italian Public Utility
systems
obligations are hydro-electric properties and their transmission
by The Institute and
Credit Institution.
appraised by a commission of experts appointed
200% of the amount of
Announcement that the Italian Public Utility Credit concurred in by Stone & Webster, Inc., at at $40,000,000. The rate
case, and in the aggregate
Credito per le Imprese di Pubblica the loan in each power at which said properties and systems will be
Institute (Istituto di
per installed horse
T.ftilita) had completed arrangements for a loan of $20,- mortgaged will average $55.40 per horse power.
Capitalstock (including R.M.6,000,000 treasury stock)
Reserves
Due to banks and bankers
Deposits
Accounts payable
Acceptances
Mortgage bonds outstanding
Undivided profits
Mortgage bonds, in former German currency, revalued
(see contra)
000,000 in the American Market was made on Feb. 24.
Public offering of the $20,000,000 hydro-electric issue (external 7% secured sinking fund gold bonds) was made on
Feb. 26 by Blair & Co., Inc., Chase Securities Corporation, the Bankers Trust Company, Blyth, Witter & Co.,
E. H. Rollins & Sons, Stone & Webster, Inc., the First
National Corporation of Boston, Bonbright & Co., Inc.,
and Cassatt & Co. The books on the offering closed at
noon yesterday, Feb. 26, the bonds, it is stated, having
The bonds were offered at 93 and
been subscribed.
interest to yield over 7.60%. It is stated that the loan is
the largest ever advanced by the American market to
further the advancement of the Italian Utility industry.
The bonds will be dated Jan. 1, 1926, and will mature
Jan. 1, 1952. They will be Coupon Bonds in denominations of $1,000, $500 and $100, registerable as to principal.
2% per annum, payable
A Cumulative Sinking Fund of 1Y
semi-annually, is provided for, estimated to be sufficient
to retire entire issue by maturity. The authorized issue
$20,000,000. Principal and semi-annual interest, Jan. 1
and July 1, are payable in United States gold coin of the
present standard of weight and fineness in New York
City at the principal office either of The Chase National
Bank of the City of New York or of Blair & Co., Fiscal
Agents of the issue, without deduction for and free from
any present or future taxes of the Kingdom of Italy or
of any taxing authority thereof or therein. The bonds
are redeemable by the operation of the Sinking Fund on
interest dates at 100 and accrued interest; redeemable,
other than for Sinking Fund, in whole at any time or in
part on any interest date on 60 days published notice, at
105 and interest on or before January 1, 1941, the premium
decreasing thereafter lk% for each year or part thereof
elapsed after Jan. 1, 1941 and prior to Jan. 1, 1951: redeemable on and after Jan. 1, 1951 at 100 and interest.
The Chase National Bank of New York is trustee, according to information from Alberto Beneduce, President of
Istituto di Credito per le Imprese di Pubblica Utilita.
• The Italian Public Utility Credit Institute was created
by Royal Decree, ratified by Act of Parliament, April 17,
1925, for the sole purpose of making loans to assist in
The Institute
the development of Italian public utilities.
operates under the supervision of the Minister of Finance
under its charter has
of the Italian Government and
special powers which constitute it in effect a quasi-state
capital stock of
agency. The Institutes' authorized
100,000,000 lire, has all been subscribed by important
Government-controlled savings banks and similar State
It is likewise stated:
The Institute, in addition to the specific first mortgages above
mentioned, will have as security for the amount advanced to each
Company a prior charge on the income from the mortgaged properties
of such Company. This charge is enforceable in the same manner as
taxes are collectible by the State and ranks second only to the claims
of the State for taxes. In addition, in case of default on the part
of any of the borrowing companies, The Institute itself may collect
for its own account the entire proceeds derived from the sale of all
electric energy produced by such companies.
All offerings are made when, as and if issued, accepted and
received and subject to the approval of counsel. It is expected that
delivery in the first instance will be made in the form of Interim
Receipts echangeable for Definitive Bonds when prepared.
Offering of Sterling Bonds of State of San Paulo Coffee
Institute.
Paine, Weber & Co., in announcing last week an offer2
1
/
ing, £50,000 of 7 % Sterling Bonds of the State of San
Paulo Coffee Institute, at $973.75 per 1200 bond to yield
1%,
/
72 gave details of the issue as follows:
(Established under Decree of the Government of San Paulo, Dec.
19, 1924.) Dated Jan. 1, 1926. Repayable at 102% on or before
Jan. 1, 1956. Total Authorized Issue, £10,000,000. Outstanding,
£5,000,000 (£4,000,000 issued in London £500,000 issued in Holland and £500,000 issued in Switzerland).
Coupon bonds in denominations of 11,000, £500 and £100;
principal and interest free from all present and future Brazilian
taxes, payable in Sterling in London or in dollars in New York at
the fixed rate of $4.86 to the Pound; interest payable January 1st and
July 1st. Cumulative Sinking Fund begins operating July 1st, 1926,
and will be applied half-yearly in the purchase of bonds at or under
102 or by drawings at that price. Callable as a whole on or after
Jan. 1, 1926, at 103 on six months' notice.
The State of San Paulo Coffee Institute has been established as a
legal entity managed by a Board consisting of the State Secretary of
Finance as Chairman, State Secretary of Agriculture as Vice-Chairman
and three other members appointed by the President of the State from
among persons of recognized experience in agricultural and commercial
matters, two of whom are to be appointed by the Coffee Industry of the
State of San Paulo and one by the Commercial Association of Santos.
The Institute has been formed with the object of regulating and
furthering the development of the Coffee Industry. The present
issue is being made to provide funds for these purposes.
Secured by
1. A deposit with the trustees in London of an equivalent of
7;4% Sterling Bonds of the Government of the State of San Paulo,
which will be a direct obligation of the State.
2. A 'first specific charge upon the receipts from the transport tax
of one gold milreis upon each bag of coffee.
3. All the assets of the Institute, present and future, including
this issue.
New Issue of Bonds of Virginia-Carolina Joint Stock
Land Bank to Be Offered Next Week.
In an announcement on Feb. 25 that C. F. Childs & Co.
had purchased an issue of bonds of the Virginia-Carolina
Joint Stock Land Bank, figures were made available as to
1112
THE CHRONICLE
[vol.. 122.
the assets of the bank. Assets as of Jan. 31 last totaled
An item
peared in our issue of a week ago (page 949)
$4,691,000, and of this total $4,364,000 consisted of first regardi
e collapse of the pool in the stock.
mortgage farm loans. Capital,surplus and undivided profits
totaled $361,240. Within ten years—from 1910 to 1920—
ry Ittleson on Instalment Selling Under Sound Banking
the total value of farm property in the two old American
Principles.
States increased from $1,163,000,000 to $2,447,000,000,
Speaking at a luncheon of the National Retail Drygoods
111%, while the annual value of farm profits increased om Association at the Hotel Pennsylvan
ia, in New York, on
$220,847,000 to $796,054,000, a gain of 260%. Public Feb. 12, Mr. Henry Ittleson,
President of the Commercial
offering of the Virginia-Carolina Joint Stock Land Bank Investment Trust, Inc., dwelt upon
the soundness of inbonds is planned for next week, on a 4.62% basis.
stalment selling and contended that
the only danger lay
in a possible abuse of its methods.
In discussing the subject Mr. Ittleson said in part:
There are few of us, probably, who have not had occasion to give
thought to this method of selling; fundamentally, I think, we all
of us
have a common interest concerning it; we are all anxious to maintain
an active and a sound market for the output of American industries.
That is my concern as much as yours; that is the concern of the banker,
the manufacturer, the retailer, the finance company. We must inevitably look at the problem from the same point of view.
Fundamentally there is no distinction between saving
for the purpose of making an ultimate purchase in cash, and
making an immediate purchase which is to be paid for over a period representing
the
necessary savings in the first instance. If the acquisition
of the
things that are bought on time contributes to the lessening
of labor
and to the increase of cultural enjoyment, the fact that they are enjoyed at once and paid for at leisure cannot serve to condemn
their
acquisition.
The criticisms of instalment selling reveal the
significant fact that
the unfavorable comment is directed not to the theory of the
plan, but
to its abuse. The critic is afraid that we are buying too
much and
that our purchasing power will be considerably weakened
in the near
future.
It is beyond dispute that the American citizen is in a much better
position now to increase his purchases than ever before.
Since 1913 the number of stockholders in our great corporations
has
increased by 3,500,000 and the bond-holders by 2,500,000. Our
reserve of savings and investments is very large indeed. This is of importance because it demonstrates that our national ability to pay is
large and that in the mass we are entitled to the credit of which we
stand ready to avail ourselves.
In discussing with you very frankly the whole subject of the instal.
ment method, then, I would have you bear in mind these three questions:
(1) Is the theory of instalment selling sound?
Value Sold on Time Payments.
(2) What is the effect upon the individual buyer?
1. Automobiles
$2.182.561.878 5. Furniture (apProx) $765,000,000
(3) What are the practices under which it will flourish and contribute
Washing machines
2.
66,000,000 6. Pianos
40,000,000
to our economic well being?
3. Vacuum cleaners__
44,850,000 7. Jewelry
100.000,000
4. Phonographs
Perhaps the soundness of instalment selling is best indicated by
56,000,000 8. Radio
39,000,000
its
almost universal adoption and its phenomenal development during
the
$3,293,411,878 last five years. The nation's
industries,
Prior to publication, this report was submitted to many particular, have found it both sound and and the automobile industry in
profitable. Extension of credit
of the leading business men of the country, including A. R. to the individual under proper safeguards is just as legitimate as extension of credit to a corporation. The present highly developed
Erskine, President of the Studebaker Corp., General Harbord trial
indusera demands mass consumption, which means that credit must
be
President of the Radio Corp.; B. E. Hutchinson, Vice- available to consumers as well as to producers
and distributors.
The plan has made the automobile industry. Wipe out
President of the Chrysler Corp.; Alvan Macauley, President
deferred payments, and
of the Packard Motor Car Co.; H. B. Tremaine, President 4,000,000 the production of cars in this country would drop from
to 1,000,000. The splendid progress
of the Aeolian Co. These gentlemen and others were asked mobile merchants and manufacturers has been and prosperity of autolargely dependent upon
the facilities for disposing of their motor cars on credit
by Mr. Perkins to consider the facts in the light of an answer
terms.
Renewed indication of this is found in the export field
to the question, Is the practice of installment buying proceed- to be
which appears
the territory for expansion in automobile production. The
agents
ing along sound lines? Is it a normal and healthy develop- for American automobile companies in foreign
lands have discovered
ment? Should it be encouraged or restrained? The views that the market for motor cars is not broad, if available to purchasers
practically
of some of the leading business men in the country on these onThe fact a cash basis alone.
that the instalment plan is indispensable to industry today
points are included in the report.
is the pragmatic test of its soundness. . .
What has been the effect of instalment selling upon the individual
On its own account the Farmers Loan & Trust Co. states
buyer?
as part of its own conclusions:
Much of the criticism of the plan has emanated from
the industries
As we view the situation. installment buying in the final analysis has
as not adapted it. It is felt that the plan has made
the individual a
its basic problem the question of credit extension. The initial transaction
poorer buyer of goods that must be sold for cash.
should never be consummated until the seller has thoroughly satisfied himI doubt if this is true. No one denies the fact
that instalment
self of the buyer's ability to pay. Failure to do this in every case causes
selling has very greatly raised the standards of living in this
the first weakening In the credit structure which follows.
country.
The man who owns a car and a piano raises his other tastes
in proThe dangers in the situation would not seem to be susceptible of any
portion. The instalment plan has not only taught him thrift, but
broad or all-embracing corrective measures. The necessary brakes must
has
given him a new interest in his personal appearance and in his
be applied in individual cases, If not by the dealer or the manufacturer,then
home.
by the finance company or the commercial bank. The careful extension of The American has become, in short, the best customer in the world.
This might be dangerous if it were not accompanied by certain
credit by all of the parties concerned will probably do much toward:keeping
other
influences. I spoke a moment ago of the fact that the instalment
out the evils which are bound to be present In any system so widespread
plan
as teaches thrift. It seems a natural characteristic
installment selling, and if that is not done the disastrous results,
of the average Amerwhich ican citizen, that he saves better
when he goes into debt first. The
are the Inevitable consequence of unwise merchandising, will be
experienced building and loan associations prove
this by the fact that after they
to the extent to which such laxity has been allowed to prevail.
permit a man to build and use his own home, he is both
willing and
able to save the monthly amount necessary to repay
the building and
Information Called for by New York Stock
Exchange loan obligation.
The purchaser of an automobile on credit will pay the
Regarding Transactions by Members in Devoe &
monthly instalment with the car in his possession, whereas he
might never have
Raynolds Co., Inc., Stock.
been able to save the money for a future purchase.
The willingness to
save depens on the incentive to
Under date of Fob. 19 the following communication
was actual use of the article itself. save, and there is no incentive like the
addressed to members of the New York Stock Exchange
by
It is often stated that the instalment buyer also
pays high for his
Secretary E. V. D. Cox:
goods and hence lessens his purchasing power.
This opinion forgets
Gentlemen—I am requested by the Committee on
Business Conduct to that although the instalment method requires that the cost of service
ask you to furnish by noon. Feb. 27 1926, the following information
concern- be included in the price to the consumer, the larger sales made possiing your transactions and position on Feb.9, 10, 11, 13 and 15 1926
in Devoe ble by this method lowers prices. Automobile prices, for example, are
& Raynolds Company, Inc., Class "A" stock:
3 to 40 per cent, lower than in 1913; and it
has been estimated that
1. A list of all transactions had by you, giving the volume, the prices, without the volume of production
permitted by time-buying, autoand the names of the members or firms with whom the transactions
were mobiles would command double their present prices. . .
made and of the persons for whom you acted. Kindly use trade dates
I have intimated that there are certain
and
abuses of the system that are
not blotter dates.
worthy of discussion. The more important
of these have been attacked
2. A statement of all borrowings, and of whom, and of all loans, and to
tom within the industry and very
considerably abated. Intense comwhom, had in this stock.
petition, the rapid growth of the motor
industry and the strong temp3. The long or short position of each person Interested in the stock at the tation constantly to do more in the
morrow than was done in the
close of business on the dates designated.
yesterday induced some interests to sponsor
WSW
loose credit methods.
Please send this Information in a sealed envelope addressed to the ComIn the sound opinion of men experienced
in motor financing, cermittee on Business Conduct, Secretary's Office.
tain fundamentals should be observed.
The purchaser should be reRespectfully,
quired to make an initial payment sufficiently
adequate to afford an
E. V. D. COX, Secretary
incentive to meet the remaining part of the obligation. It is conceded
Survey of Installment Buying by Farmers Loan &
Trust Company.
James H. Perkins, President of the Farmers' Loan and
Trust Co., in announcing on Feb. 25 the result of a survey
of installment buying just completed under his direction,
said that"this type of buying has recently so greatly increased
in volume that it has become not only an important influence
in the distribution of many commodities, but it now constitutes a real factor in banking." The report points out that
along with the development of installment buying and to a
considerable extent preceding it, there have been tremendous
increases in savings bank deposits, life insurance, home
building and security purchases. Savings bank deposits have
increased from $14,672,000,000 in 1920 to $23,134,000,000
in 1925. Life insurance in force increased from $35,091,000,000 in 1920 to an estimated total of $72,000,000,000 at
the end of 1925. Total wages and salaries paid by all
branches of industry increased from $32,000,000,000 to
$40,000,000,000 between 1918 and 1925.
The report points out that it is out of the great reservoir
of income and savings that installment buying is proceeding.
Summarizing the result of the figures collected as to various
industries showing the 1924 value of that part of the product
sold on time payment, the report contains this table:
FEB. 271926.]
THE CHRONICLE
purchase
that this initial payment should be at least one-third of the
price. The maximum of time to be accorded is generally conceded to
regions of mild climate and exbe 12 months with some increase in
tremely good roads.
It is safe to assume that the banks of the country will prudently
control the great reservoir of credit of which they have custody, so
that an uninterrupted flow of credit will be available for finance companies and industries which will adhere to sound credit principles. The
manufacturer who seeks a transitory advantage by the sponsoring of
unsafe plans either as to down payment or as to undue extension, of
time will find that the requisite volume of credit is not available for
the support of unsound practices.
An intelligent discussion of the subject of "Instalment Selling" consequently requires a consideration of the application of the principles
of sound merchandising and credit extension to this type of selling.
There is no doubt that credit increases trade and trade begets the
need for credit. When the earliest pioneers in the extension of credit
trusted to the promises of the first purchasers on credit, I fancy that
some of our ancestral pessimists had misgivings as to what would
happen if all debtors ceased to be able to pay. Somehow or other
there is no historical record of such unanimity of default.
Twenty-fifth Anniversary of United States Steel
Corporation, and of Judge Gary's Connection
With It.
Feb. 25, besides marking the 25th anniversary of the
incorporation of the United States Steel Corporation,was also
the 25th anniversary of Judge Elbert H. Gary's connection
with the corporation. Judge Gary, says the New York
"Evening Post" celebrated the occasion by taking a day off.
No statement bearing on the event has been given out by
the corporation, and we hence make use of a part of the item
which appeared in the "Post:"
1113
The office of the Comptroller of the Currency should be abolished,
and the Bureau of the Currency placed under the direction of the vice
governor of the Federal Reserve Board, as was provided for in some
of the original drafts of the Federal Reserve Act.
It should be made mandatory that the board provide itself with
offices outside of the "Treasury Building to enhance its prestige and in.
dependence of position.
That the monetary system of the United States should be simplified
and improved by providing for the compulsory retirement of the national
bank notes upon the maturing of the bonds bearing the circulation
privilege and by providing for their gradual reduction prior to that
time through mandatory purchases at a specified rate per annum by
the Reserve banks of the circulation bonds. In order to differentiate
clearly between the functions of Federal Reserve notes and Federal
Reserve bank notes, the issuance of the former should be limited to
the amount of commercial paper on hand and of the latter to bonds
bearing the circulation privilege or to gold.
To Segregate Savings.
That the tendency toward departmentalization in national banks
should be recognized in the National Bank Act and adequately safeguarded. To effect this it is suggested that the capital requirement
of national banks be increased and apportioned among the various departments and that special permission from the Federal Reserve Board
be obtained from each function assumed in addition to the purely
commercial banking, and further that the savings deposits be segregated and invested in real estate mortgages (in which broader powers
of investment are given) or in certain approved classes of bonds.
That the language of Sec. 5200 R. S. imposing restrictions and limitations on the loans of national banks should be clarified and made
more 'precise.
That the functions exercised by many national banks in the distribution of securities should be legalized and adequately safeguarded
through the provision for an increase in capital in the case of those
banks assuming this function and for the assumption of the same
liabilities by such bands as are provided for in the case of State banks
by New York banking statutes.
That the reserve balances now required of national banks should be
divided into two parts, the one to serve as a balance to carry the collections made through the Federal Reserve banks and the other to constitute their actual reserves, which in turn should be divided into three
constituent elements, the one a reserve against the deposits, the second
a reserve against individual demand deposits, and the third a reserve
against bankers' balances. Further liquid investments held in trust by
the Reserve banks for member banks should be counted as reserves up
to a certain point.
Liability to Failure.
That national banks should have the same right of establishing
branches as is possessed by State banks in the several States in which
National banks are operated.
The existence of a great number of uncontrolled banking units
whose management is not satisfactory and which are dependent upon
local conditions was in part attributed by Dr. Willis to the peculiar
liability of United States banks to failure. In the United States, he
charged, bank failures have been much more numerous and more severe than elsewhere, the situation comparing unfavorably, particularly,
with that in Canada. This condition, he said, cannot be ascribed "to
some universal or uncontrollable business cycle" or "to panic," since
other countries, organized upon a similar basis or general business, do
not experience such serious disturbances. "We are therefore warranted
in attributing an important part of our own bank failure troubles to
our type of banking organization."
What is needed, among other things, said Dr. Willis, is an improvement in our general individual bank organization designed to
bring about a stronger banking unit, and an improvement in the scope
and management of our central banking system designed to introduce
a better type of credit oversight and control.
Though he had all intentions of making the usual journey from his home
on Fifth Avenue to the corporation's offices at 71 Broadway, Mr. Gary was
detained longer than he had expected in connection with several appointments uptown, and in view of the inclemency of the weather decided to
forego the trip.
While there was little in the atmosphere about the executive offices of the
Steel Corporation to mark the day as that on which the big enterprise
started on its way to the half-century milestone after having its first twenty
years of growth, the chairman's office told the story at a glance.
Huge floral tributes of congratulation from present and former associates
decorated Judge Gary's chambers. The desk from which he has directed
the operations of the vast enterpriee for a quarter of a century was literally
buried under an avalanche of telegrams and other communications felicitating both the man and the corporation on the highly successful manner in
which each had come through the long period since Feb. 25 1901, when the
present United States Steel Corporation was formed under New Jersey
laws.
Growth of Concern Unparalleled.
Many others of our great corporations have kept up with the forward
march of progress, but in no instance is the performance of the great Steel
Corporation equaled.
Nucleus in Carnegie Steel Properties.
The old Carnegie Steel properties formed the nucleus of the corporation,
which in its initial balance sheet, issued as of Dec. 31 1902, showed total
assets of $1,546,544,234. Since that time the growth of the corporation
has been measured in the increase in assets by a gain of approximately
$1,000,000,000, and the total which will be shown in the balance sheet for
1925, due in about a fortnight, will doubtless stand around $2,500,000,000.
While it has thus plowed back into the properties the foregoing amount in
round figures, dividend payments on its stocks have aggregated $1,279,953,785, of which $648,409,784 represents distributions on the preferred
stock, and the balance $631 544,001 on the common. In the same period Amendment to Constitution of New York Clearing
upward of $6,500,000,000 has been paid out in wages to employees.
House Under Which Banks Are to Charge for
Back in 1901 the corporation had fifty subsidiaries, while it now .has 130,
Services on Street Loans.
twenty-seven of which are main operating organizations.
Throughout its long and romantic existence the Steel Corporation has
The following is the new section added to the Constitution
measured its expansion in hundreds of millions, and, unlike most corporations, it has been a large lender of funds, while most others have been of the New York Clearing House Association whereby memborrowing. It was the first billion-dollar corporation formed in the United bers are to charge not less than 5% of the amount received
States and its leadership in American industry has remained unchallenged.
for interest on Street loans:
Employees have shared generously in the prosperity of the company,
Section 3. Every member of this association (and every non-member
many having been on the books of record since early in 1903, when the first
offering of 47,551 shares of preferred stock at $82 50 a share was sub- clearing through a member) making loans for others, secured in whole. or
scribed for by 26,399 workers. Later on the workers got the opportunity in part by collateral other than real estate, customarily referred to as
of acquiring common stock, the first offering of which was made in 1909 "Street Loans," shall charge and retain for its services in so doing not
less than 5% of the amount actually received for interest or discount
and was heavily oversubscribed.
upon any such loan, whether made in its own name or otherwise. (EffecCommon Only to Employees Now.
tive March 1 1926.)
No preferred stock was offered to employees after 1914, but each year
An item regarding the proposed charge appeared in our
they have received the opportunity of acquiring additional common and at
the end of 1924 the books showed 49,152 employees registered as holders issue of a week ago, page 951. Commenting on the new rulof 149,451 shares of preferred and 538,553 shares of common stock.
'
Some idea of the immensity of the corporation may be gleaned from the ing, the New York "Times" of Feb. 20 said:
The new rule attracted considerable attention, coming soon after the
fact that it controls vast mileage of railroad, has a huge fleet of vessels in
on the oceans and the Great Lakes, owns its own coal and publication of official figures showing the large amount of out-of-town
operation, both
ore mines and coke plants, represents a complete organization from the money loaned in Wall Street, but it is not expected to make any difference in the volume of such business. The banks for months have been
production of raw materials to the outturn of finished products.
liscussing the desirability of such a rule for the sake of uniformity and to
,heck certain unfavorable results of competition among New York banks
McFadden Banking Bill—Recommendations of H. Parker for out-of-town accounts which has led to the offering of expensive services
tree of charge.
Willis.
Heretofore the New York banks, in many cases, have made no charge
for placing the money of their out-of-town correspondents or customers in
In our item of a week ago with reference to the hearing
Wall Street collateral loans. Where a fee was charged it depended largely
on the McFadden banking bill before the sub-committee of on thesize of the balance carried by the customer and attractiveness of
the Senate Banking and Currency Committee, we referred his business. There has been no uniformity of charges, but bankers said that
the maximum was about one-quarter of 1% and that the lack of a definite
to the opposition as pressed by Dr. H. Parker Willis as to policy led to somewhat chaotic
conditions.
features of the bill, and recommendations made by
One large trust company, it was said yesterday, had placed as much
certain
Is $150,000,000 of outside money in Wall Street loans and received nothing
him. Lack of space prevented our giving these recom- for the
work.
mendations in our item, and we accordingly present them was unfavorable In addition to the overhead expense involved, the result
for the trust company because it took just that much
now, as given in the New York "Journal of Commerce" of money out of the balances of its correspondents and customers, on which
the trust company otherwise could have earned a profitable return.
Feb. 17.
Competitive conditions were such that no one bank was able to remedy
the admitted abuses, so after long discussion joint action was decided on.
The recommendations of Dr. Willis were as follows:
1114
THE CHRONICLE
It-was said yesterday that demand and time loans placed in \Vali Street
for outside account amount to almost $2,000,000,000. The call loan rate
yesterday was 5%, so if similar conditions should continue over a year
the new charge to be levied by the New York banks would amount to
$5,000,000.
At the 6% rate prevailing yesterday a call loan of $1,000,000 would
yield the out-of-town lending bank at the rate of $50,000 a year, of which
the New York bank which placed the business would receive $2,500. The
new charge, however, merely represents a minimum which the banks must
exact, aad individual banks are permitted to make any arrangements above
that figure that conditions call for.
Supplementary Hearing Before Senate Committee on
McFadden Banking Bill.
At a supplementary hearing on the McFadden Banking
Bill on Feb. 24 before the sub-committee of the Senate
Committee on Banking and Currency the retention in the bill
of the so-called Hull amendments and the acceptance of a
requirement that in future national banks in the process of
creation in the outlying districts of large cities have a
capitalization equal to that demanded of State institutions
was advocated by a delegation of Illinois and Wisconsin
bankers. The foregoing is reported in the special advices
from Washington to the New York "Journal of Commerce,"
the account also stating:
These features were outlined by William J. Rathje ofthe Mid-City Trust
& Savings Bank, Chicago; M. B. Wells, President of the Home Savings
Bank, Milwaukee; G. G. Fisher, Vice-President Merchants & Farmers'
State Bank, Milwaukee, and Isaac N. Powell, of the Washington Park
National Bank and the Southside Trust & Savings Bank, Chicago.
The McFadden bill, as passed by the House,provides that national banks
formed in outlying districts shall have a capitalization of $100.000. and this
delegation asked the addition of the following proviso: "That in States
where the State law requires a greater capitalization for chartered banks, no
national bank may be organized with a lower capitalization than the State
law requires.
Mr. Rath.% pointed out that in the Statesof Wisconsin, Illinois and others
adjacent State banks are required to have a capitalization of $200.000. while
in California the requirement is $350,000. In most of the Eastern States.
he added,there is no specific requirement and a State bank may be organized
under proper regulations with capital to suit its needs.
"If national banks should be permitted to be organized in outlying
districts, for instance, in the City of Chicago, with a capital of $100,000."
said the witness, "we believe that such competition would be injurious
because all the State banks now in existence started with $200,000. There
are 169 outlying banks In the City of Chicago, and those banks do not feel
that the capitalization required Is too much; they do not believe It is large
enough and many have increased their capitalization to $550,000, and even
Si,000kob.
"If national banks were established in close competition with these State
banks the latter could not compete because the former would not have to
pay nearly the same amount of taxes as the State banks with their larger
capitalization. Furthermore. a $100.000 capitalization makes it easier to
pay dividends, to say nothing-of being easier of formation at the start."
A hearing on the bill was referred to in these columns last
week, page 951.
Silver Bill Reported—Senate Committee Endorses
Measure Calling for Purchase of 14,589,730 Ounces
from Mines Under Pittman Act.
The following from Washington was published in the "Wall
Street Journal" of Feb. 24:
The Senate Committee on Banking and Currency has reported favorably
a bill directing the Secretary of the Treasury to purchase in the 'United
States from mines of the United States 14.589.730.13 ounces of fine silver
at Sian ounce,In order to complete the purchases of silver authorized under
the Pittman Act.
The report says that while It Is contended the purchase of this silver bullion would cost the Treasury $5,000.000 over and above the present market
price, "It must not be overlooked that, as the Pittman Act requires it to be
coined into standard silver dollars at 51 29, the actual gain to the Treasury
1929% of the amount Involved, or a total profit of $4,231,021."
The same paper the following day stated:
Secretary Mellon said Treasury administrators believe provisions of the
Pittman Act have already been compiled with and no other purchases of
silver are necessary under that Act.
Expected Treasury Issue—Preliminary Notice of New
York Federal Reserve Bank Regarding Filing of
Subscriptions.
Preliminary to the expected new Treasury issue, the
Federal Reserve Bank of New York has issued to member
institutions a circular relative to the method of filing subscriptions. The circular, issued under date of Feb. 19 says
in part.
From advices received from the Treasury Department of the United
States. we are enabled to transmit to you the following information:
1. That a Treasury offering may be expected shortly.
2. That the subscription books may be closed by the Treasury without
advance notice, and therefore,
3. That each subscribing bank, upon receipt of information as to the
terms of the Treasury offering (either in the press, through the mails or by
telegram) should promptly file with the Federal Reserve Bank any subacriptions for itself and its customers. This is Important, as no guarantee
can be given 88 to the period the subscription books may remain open, and
subscribing banks, even before receipt of official subscription blanks. may
file their subscriptions by telegram or by mall with the Federal Reserve
Bank. Any subscriptions so filed by telegram or mail in advance of receipt
blanks furnished for the particular issue
by subscribing bank or subscription
should be confirmed immediately by mall, and on the blank provided, when
received.
such blank shall have been
[Vor.. 122.
4. That if the terms of the offering when announced provide for both
cash subscriptions and subscriptions for which payment may be tendered
in other securities, the subscribing bank should prepare its subscriptions in
such manner as eo indicate the method by which it proposes to make
payment and the respective par amounts of securities, if any,to be tendered
in payment.
Tax Revision Bill Enacted Into Law—Signed by
President.
Congress disposed of the tax revision bill this week
when both branches accepted the conference report agreed
on by the conferees on Feb. 19, and the bill evolved in
conference was signed at 10:22 A. M. yesterday, Feb. 26,
by President Coolidge. On the previous day, Feb. 25,
Speaker of the House Longworth and Vice-President
Dawes affixed their signature to the bill. In signing the
bill, the President made no comment, verbal or written,
regarding its provisions or probable effect. He used two
pens to affix his signature, one of which he presented to
Representative Green and the other to Senator Smoot.
Regarding an extension of time for the filing of complete
returns, which was announced yesterday, Associated Press
advices state:
The Treasury today, immediately after President Coolidge had signed
the new tax bill, granted a number of extensions of the time when
final tax returns must be made for this year's payments to the Government.
The reductions afforded by the bill become effective immediately on
all provisions except the automobile and theatre admission taxes, which
become effective in thirty days. The income tax provision applies to
last year's earnings.
Extensions were decided upon because of the nearness of March 15,
when the returns ordinarily would be due, and to the fact that the
new tax law was approved only today.
Under the new regulations, citizens and residents of the United
States whose net income exceeds 5,0‘.0 and domestic corporations receive until May 15, or two months' extension, in which to file complete returns.
However, they must make tentative returns on or before March 15,
together with a payment of one-fourth of the estimated amount of tax.
If the estimated tax is less than shown to be due on the completed
return, the difference will bear interest at 6% a year until paid back.
American citizens residing or traveling abroad, including those in
the military and naval service, and all other persons outside the
United States receive until June 15, or three months' extension, to
file their returns.
This order applies to taxpayers in Alaska, Hawaii and other United
States possessions and tentative returns will not be required from them.
However, the return must be accompanied by an affidavit explaining
the cause of the delay, and interest will be charged at the rate of 6%
a year from the due date of the tax until paid.
The Treasury said it was not considered necessary to grant an extension to non-resident alien individuals and foreign corporations having
no office or place of business in the United States, since such returns
are not due until June 15, if filed on the calendar year basis, and not
until the fifteenth day of the sixth month following the closing of the •
taxable year, if filed on a fiscal year basis.
All other returns under the order must be filed on their respective
due dates unless a specific request for an extension is made to the
local Collector of Internal Revenue.
In a special supplement which accompanirs this issue
of our paper we are giving the full text of the newly
enacted measure. The agreement reached by the conferees on the 19th inst. was noted in our item of a week
ago, page 955. Under the bill in its final form the loss
In revenue for 1926 is estimated at $387,811,000, or, as
Senator Smoot indicates, about $69,000,000 less than the
amount under the bill as it passed the Senate on Feb. 12
and about $60,000,000 more than under the bill as it
passed the House on Dec. 18. The task of adjusting the
differences between the House and Senate bills was undertaken by the conferees on Feb. 15, and a summary of the
conference agreement on the points in dispute on the tax
bill was contained, as follows, in Associated Press dispatches from Washington, Feb. 19:
Restoration of the modified inheritance tax rates voted by the House,
including the provision allowing 80% credit on account of State inheritance tax payments.
Increase from $50,000 to $100,000 the exemption from the inheritance
tax.
Retroactive cut in the inheritance tax whereby the increased rates
voted in 1924 would be eliminated in favor of the lower rates in the
1921 act.
Allowance of the increased reductions in the surtax rates applying
on incomes between $26,000 and $100,000 as voted by the Senate.
This involves a saving of $23,000,000 annually to taxpayers in this class.
Repeal of the capital stock tax as voted by the Senate.
Increase of the corporation tax, now 124% to 13% for this year
and 131
4% thereafter.
Restoration of the 10% tax on admissions and dues, but with an
increase in the exemptions to apply on tickets costing 75 cents and
less rather than SO cents and less as voted by the House.
Restoration of the automobile passenger car tax with the rate reduced from 5 to 3%.
Retroactive reduction in the gift tax to make the lower taxes in
effect on inheritances in the 1921 law effective. This tax, as far as
the future is concerned, is repealed by the bill.
Under the newly enacted measure, personal exemptions
are increased from $1000 to $1500 for single persons, and
FEB. 27 1926.]
THE U1:111,U1N
The normal
from $2500 to $3500 for married persons.
reduced from 2 to 1%% on the first $4000 of
rates are
$4000, and
taxable income, from 4 to 3% on the next
had
6 to 5% on the remainder. Surtax rates, which
from
been scaled down so that
ranged upward to 40%, have
of the $387,the new maximum is 20%. It is stated that
n in the Federal tax total, more than
811,000 reductio
income
$200,000,000 will represent a saving to personal
s. Under the new schedule a married man with
taxpayer
he is subtwo children will have to make $4300 before
effected
to income taxation. As to other changes
ject
the following from Associated
under the act, we quote
Press accounts:
final vote was
,mmediately after the Drane motion was defeated the
taken on adoption of the conference report.
conThe vote in the Senate, on Feb. 24, whereby the
was agreed to was 61 to 10, with 25 not
ference report
proceedvoting. According to the account of the Senate
appearing in the New York "Journal of Commerce"
ings,
on of
the situation late in the Senate, during the afterno
of West
the 24th, was rather tense when Senator Neely
ts,
Virginia, representing a small group of Democra
with inmoved to recommit the bill to the conferees
the
structions to resist the demands of the House for
on automobiles and of the tax
retention of the 3% tax
agreed to
on admissions and dues. The conferees had
of exemption on admissions to 75
increase the amount
of 40%. The
g a 50 cents exemption.
The inheritance maximum rate becomes 20% in place
is cents, the present law providin
credit for amounts paid in State inheritance taxes
present 25%
ing the account says:
Continu
increased to 80%.
cent a gallon
Point of Order.
The only new tax in the bill is a levy of 1/10 of a
order against
on cereal beverages.
Senator Robinson, Democratic leader, made a point of
occupational taxes are repealed
adopted the conThese miscellaneous excise and
the proposal on the ground that the House having
conferees, and if the
outright:
cameras ference report had automatically discharged its
Automobile trucks, automobile tires and parts, jewelry,
find itself in the emammunition, Neely proposal be adopted the Senate might
bill back into the
and lenses, photographic films and plates, firearms and
of art, barrassing position of being unable to bring the
except pistols; automatic slot machines, mah jong sets, works
of order was sustained and on an appeal taken
tables, shooting galleries, Senate. The point
8, the latter group
brokers, bowling alleys, pool and billiard
opium by the West Virginia Senator was upheld 62 to
riding academies, automobiles for hire, tobacco manufacturers, stamp consisting of Senators Dill, Frazier, Howell, Neely, Nye, Shipsted,
dispensaries, yachts, except foreign-built hereafter purchased;
Walsh and Wheeler.
opposition to
levies on deeds and various other legal papers.
This vote gave evidence of the futility of further
The tax on admission is amended to exempt tickets costing 75 cents
of the conference report. However, Senator
; varying reductions are the immediate adoption
in place of the present 50-cent maximum
of the report coupled
on Blease of South Carolina moved the rejection
This motion was rather
made in the tax on virtually all grades of cigars and the tax
with the discharge of the Senate conferees.
is reduced from $2.20 to $1.65 per proof gallon.
Senator appealed from
Carolina
alcohol
quickly disposed of when the South
vote showing how
One of the amendments accepted by the conferees was the decision that it was not in order, the viva voce
the Government actuary, the Senate felt on the subject.
that which fixes the salary of
nt,
so long as the position is held by the present incumbe
a year. An amendment embodied in the new
at $10,000
law applying to the payment of the individual tax protaxvides that a debtor corporation having outstanding
the
free covenant bonds shall be required to withhold at
the
/
rate of 11 2% instead of 2% in all cases in which
corporation that his net
bondholder advises the debtor
proIncome for the taxable year in excess of the credits
216 does not exceed $4,000. This provided in section
elimvision, said the conference report, is necessary to
ding
the necessity of the debtor corporation withhol
inate
than the holder of the bonds will
tax at a greater rate
of
have to pay, in view of the fact that the first $4,000
d
taxpayer's net income in excess of his credit provide
a
at the rate of 1%%. The conin section 216 is taxable
and
ference report was accepted by the House on Feb. 23
Senate on Feb. 24. In the House the report was
by the
as
agreed to by a vote of 355 to 28; 48 were recorded
Sixteen Republicans, 8 Democrats and 4
not voting.
inothers voted against adoption of the report. These
cluded:
the report, 36 were
Of the 61 votes for the adoption of
ts; the Repubcast by Republicans, and 35 by Democra
s voting for it were:
lican Senator
Bingham,
Butler,
Cameron,
Capper,
Couzens
Cummins,
Curtis,
Dale,
Ernst,
Fess,
Goff,
Gooding,
Hale,
Harreld,
Jones
(Wash.),
Keyes,
Mc/gary,
Means,
Metcalf,
Ashurst,
Bayard,
Broussard,
Bruce,
Copeland,
Dill,
Ferris,
Gerry,
Harris,
Heflin,
Glass,
Kendrick,
McKellar,
Moses,
Oddie,
Pepper,
Phipps,
Pine,
Reed (Pa.),
Robinson
(Ind.),
Sackett,
Shortridge,
Smoet,
Stanfield,
Wadsworth,
Warren,
Watson,
Weller,
Williams,
Willis.
ed
The following Democratic Senators register
in favor of the report:
votes
Mayfield,
Neely,
Overman,
Pittman,
Ransdell,
Robinson
their
(Ark.)
Sheppard,
Simmons,
Smith,
Stephens,
Swanson,
Tyson.
The ten voting in opposition to the report were composed of 5 Republicans, 4 Democrats and 1 Farmer-Labor
(Senator Shipstead). The Republicans were:
Frazier, Howell, La Follette, Norbeck and Nye.
s Blease, Trammell, Walsh and Wheeler were
Senator
Republicans: Beck, Browne, Lampert, Nelson, Peavey, Schafer,
ts who voted against the report.
and Voigt of Wisconsin; Anthony and Hoch of Kansas; the 4 Democra
Schneider
on
In the Senate, on Feb. 24, a review of the "Coaliti
Christopherson, Johnson and Williamson of South Dakota; Ramseyer
6.
of Iowa; Simmons of Nebraska, and Sinclair of North Dakota-1 and Revenue Bill of 1926; a Bill to Untax Wealth," prepared
Democrats: Allgood and Oliver of Alabama; Drane, Green
People's Legislative Service, was put into the
Sears of Florida; Gilbert of Kentucky, and Howard and Morehead by the
during the debate by Senator La Follette as to
Nebraska-8.
record
of
Others: Cares, Wefald, and Kvale, Farmer-Labor, Minnesota, and which we reprint the following from the New York
La Guardia, Socialist, New York-4.
Representative McDuffie, Democrat, Alabama, voted
present.
Regarding a move, which failed of realization, which
had been planned in the House, on Feb. 23, by Representative Newton of Minnesota, to recommit the bill to
conference with instructions to eliminate the retroactive
provision of the estate tax, we quote the following from
:
the New York "Times"
Representative Newton of Minnesota, who planned to move recommittal of the bill with instructions to eliminate the retroactive feature
of the estate tax, was jockeyed out of this opportunity by a parliamentary manoeuvre and therefore House members were not forced
to go on record on this amendment.
The sidetracking of Mr. Newton this afternoon was brought
about by skillful political tactics by the Democratic and Republican
leaders participating in the coalition on the tax bill, and who were
determined to obtain a direct vote on the report with as little interference as possible.
It was well known that Mr. Newton would move to recommit, with
ative
a demand that the retroactive feature be stricken out. Represent
Garner of Texas had suggested to Representative Drane of Florida
that the latter move to recommit the bill with instructions to repeal
ly
the estate tax, a change for which Florida members have consistent
fought because their State has no inheritance tax. Then Mr. Garner
called Speaker Longvorth's attention to the precedent that on
motion to recommit the minority must always have the preference.
The plan worked neatly. Mr. Newton rose to offer his motion,
n but Mr. Longworth
and Mr. Drane rose. Both sought recognitio
recognized Mr. Drane. The Drane motion was offered, but, as the
he lost on a
House is utterly opposed to repeal on the estate tax,
a few others voted "Aye."
viva voce vote in which only he and
on a bill, and Mr. Newton
Only one motion to recommit is permitted
had no further chance to make a fight.
"Times":
of its chief
"This great drive, headed by Andrew W. Mellon, one
profiteering corbeneficiaries, has already saved multi-millionaires and
review, adding
porations thousands of millions of dollars," read the
in 1921 to
that the bill was the latest stage of a campaign begun
wealth.
destroy a graduated system of taxation and to aid
saved for
The review included a statement "showing the amounts
1924 returns
twenty very wealthy men and women compiled from the
as published in "The New York Times." This table was as follows:
Amount
Saved by
Tax
1926 Bill.
Paid 1925.
Name
$2,762,174
$8,277,669
John D. Rockefeller, Jr
1,147,875
2,608,808
Henry Ford
949,544
2,158,055
Edsel Ford
828,348
1,882,609
Andrew W. Mellon
737,715
1,676,626
Payne Whitney
594,751
1,351,708
Edward S. Harkness
526,940
1,197,605
Marshall Field estate and three heirs
469,355
1,066,716
Clinton H. Crane
467,076
1,061,537
Anna M. Harkness
348,909
792,986
F. W. Vanderbilt
348,513
792,076
George F. Baker, Sr
348,414
791,851
Thomas F. Ryan
344,698
783,406
George F. Baker, Jr
282,744
642,600
Vincent Astor
282,150
641,250
J. B. Duke (deceased)
275.438
625,996
Julius Fleischmann (deceased)
256,903
583,872
S. Curtis
Cyrus
252,726
574,379
Morgan
J. Pierpont Widener
214,766
488,106
oseph E.
211,526
480,741
homas W. Lamont
$26,478,596 $11,650,571
Totals
The statement alleged that the following contributions were made
to the Republican campaign fund of 1924:
Mr. Rockefeller, Mr. Mellon, Mr. Astor and Mr. Fleischmann,
Whit.
$10,000 each; Mr. Widener, $25,000; Mr. Duke, $12,500; Mr. each;
ney, $15,000; Mr. Baker, Jr., and the Field Estate $5,000
THE CHRONICLE
Mr. Curtis and Edsel Ford, $3,000 each, and Mr. Baker, Sr., $7,500.
Mr. Ryan was credited with giving the Democrats $50,000, and
Mr. Lamont with a contribution of $2,500.
In presenting the conference report to the Senate, on
Feb. 24, Senator Smoot stated that there were 206 amendments to the bill as it went into conference, after action
by the Senate. The House conferees agreed to 145 of
those amendments; the Senate conferees receded on 19
of the amendments and the conferees of the Senate and
the House agreed with amendments on 42 of the amendments so adopted by the Senate. He also said:
Copy from Congressional Record Feb. 24, page 4192
[Vol.. 122.
date and just received, is, in round numbers, $196,000,000, and
for
the fiscal year 1927, $309,000,000. The estimated surplus
for the
fiscal year 1927 when the budget estimate was made was $330,307,0
00,
but this does not take into consideration large additions
which will
probably be made to the expenditures listed in the budget.
It may, therefore, be necessary to increase taxation
after the expiration of a year, when it can be determined more accurately
what
our revenues will be. We will not only need all
that the estate tax
will bring, but may be obliged to raise the amount
now provided
for by it and to obtain additional revenues from other
sources.
For this condition the responsibility must rest upon
the Senate.
Tax Reduction Measure Generally Satisfactory,
According to Secretary Mellon.
The two main points of discussion in conference were the amount
of the reduction in taxes and the action to be taken on the estate
Reporting Secretary of the Treasury Mellon as referring
tax. With reference to both matters the conferees were obliged
to to the tax revision bill as "generally satisfactory" to the
agree in a spirit of compromise in order that this important
legisla- Administration, the New
York "Times" had the following
tion might be enacted into law within ample time to permit the
public
to file their returns and to fully benefit by the reduction.
to say in its advices from Washington Feb. 25:
In that spirit the Senate conferees were obliged to yield on
Secretary Mellon had discussed the provisions of the bill informally
the
earlier
repeal of the automobile tax, the tax on admissions and
dues, and the In the day and indicated that it was generally satisfactory to the Administrastamp tax on passage tickets, but were able to maintain many
tion. He thought that the Treasury would not have any serious difficulty
other
of the Senate amendments. The conferees agreed
to the repeal of in keeping the budget balanced at the end of the fiscal year 1926-1927, but
the capital-stock tax and in substance approved the increase
in the stressed the point that any new appropriations by Congress which called for
corporation tax, but the rate to be applied against 1925 income
was considerable expenditures of money not contemplated in the budget estimates
fixed at 13% instead of at 145%, the latter rate to be applied
after would threaten a budget deficit.
The latest estimates by the Treasury put at $195,000,0
1925. The conferees also agreed on the exemption of admissions
00 the loss in
where the charge is 75 cents and under.
revenue during the last six months of the fiscal year 1925-1926
which would
result from the tax cuts, and at $319,000,000 the loss
With reference to the estate tax, the wide difference in action
in revenue during
by the fiscal
year 1926-1927. There will be a budget surplus at the end of
the two bodies of Congress, together with sharp insistence
on the the current
fiscal year, ending June 30, which may reach $350,000,0 or
part of each group of conferees for the maintenance of
00
the position
taken by their respective bodies, made inevitable that no agreement more, despite earlier estimates of a lower amount. The surplus at the
end of the fiscal year 1926-1927, at the present rates. Is estimated
could be reached except by way of a compromise. The final
at $330.result 000,000, but this also might be
exceeded, particularly if industrial prosperity
of the continued discussion was with reference to the future,
to raise continues at present levels.
the exemption from $50,000 to $100,000, to adopt the
rates stated
in the House bill, to approve the 80% credit for taxes paid
Wants Severe Check on Costs.
to the
States, and to make the rates of the 1921 law apply to the estates
Secretary Mellon, however, made it evident that he believed
the surplus
of decedents who died while the 1924 law was effective, with
the at the end of the fiscal year 1926-1927 under the new rates would be a very
application of the 25% credit to such cases.
narrow one, as there are appropriations to be taken care of in
addition to
The recession by the Senate conferees is not as pronounced as, on those in the budget estimate, and that
only the most scrupulous care
first thought, it might appear to be. The repeal of the estate
tax concerning new expenditures would permit the Treasury to finish up
at this time would not have been effective, so fara s a reduction
in without a deficit.
revenue is involved, for from four to five years. Though the
The Public Building Bill, which would call for an expenditure of
repeal
$25.might have been immediate so that no tax would apply to the
estates 000.000 in the fiscal year 1927, is the only one of the additional appropriaof decedents dying hereafter, the revenue collections
tion measures, it has been indicated, which has Administration approval.
would have
continued for some years with reference to the estates
Secretary Mellon indicated that whatever surplus was found at the
of decedents
who died prior to this time. The result is caused by the
fact that end of the present fiscal year would be applied, as in former years, to the
the tax under the present law is not payable until one
year after reduction of the public debt and thus would not be available for other
death, and that the law permits the spreading out of the
payments purposes.
over a period of about five years.
The estimates of receipts from the estate tax take those
facts into
President Coolidge Describes Washington as a Great
account. For example, the estimates for the year 1926
are largely
from estates where the decedent died in 1921 and 1922.
Teacher—Terms His Policies as Those of Peace.
So a repeal
of that tax would not have affected the revenue to any marked
extent
Pointing out that "no figure in America has been the
for several years to come.
Notwithstanding that situation, the House conferees
refused to subject of more memorial tributes and more unstinted
agree to the repeal of the estate tax. Yet they supported
the 80% praise" than George Washington, Presiden
credit provision. It seemed to the Senate conferees that
t Coolidge, in
the only real
an address on Feb. 22 declared that "the larger our exdifference of opinion between the two branches of
Congress was the
favoring of an 80% credit as compared with a 100%
credit. In that perience with affairs of the world, the more familiar we
situation the Senate conferees yielded upon obtaining
the extension become with his life and
of the exemption to $100,000 and the continuation
teachings, the more our admiraof the 1921 rates
with a 25% credit, through the period that the
1924 law was in tion enlarges, and the greater grows our estimation of his
operation.
wisdom." Describing the father of his country as a solThe apparent effect of these provisions is to
accomplish a full repeal dier, a patriot
as to all estates of less than 100,000, to
and a statesman, the President termed him
greatly reduce the taxes
on all estates over 100,000, and with the
application of the 80% in addition, "a great teacher." "We are wont to think
at this time would not have been effective,
so far as a reduction in of him," said President Coolidge, "as a military command
credit when utilized by the States, to
bring the situation very close
er and a civil administrator—as a man of public affairs.
to a 100% repeal of the law. Se both
branches of Congress achieved
their point in controversy.
He was surpassingly great ha all of that. But he was
In 1924 there were 13,769 returns filed
number 6,452 represented gross estates of for estates, and of that very much more. He wished to see his country not only
less than $100,000. The
statistics are substantially the same for
materially prosperous- and politically successful, but bethe year 1923. So it is
apparent that the extension of the exemption
to $100,000 will amount yond that and above it he wished to see the intellectual,
to a full repeal for at least half of the estates
which annually come moral and spiritual life of the people developed.
within the operation of the estate tax.
This is
Chairman Green Says Cut in Taxes May Force
Increased
Taxation Next Year.
A warning that it may become necessary "to
increase
taxation after the expiration of a year, when
it can be
determined more accurately what our revenues
will be,"
was contained in a statement on Feb. 21
by Representative Green, Chairman of the House Ways and Means
Committee, in declaring that the reduction in
revenues (estimated at $387,811,000) involved in the tax revision
bill
is "too large, considering the additional demands
that will
be made on our revenues above the budget
estimates."
Representative Green stated:
As a result of the agreement of the conferees on the
Revenue bill,
the House retains the principles of its bill throughout.
It was well
understood that the vital point of controversy was
the estate tax,
and upon this the Senate yielded. This is even more
important than
was originally anticipated, for reasons which appear when
we examine
the effect of the reductions made by the bill. The bill as
agreed upon
will return over $90,000,000 revenue more than the Senate bill
in the
two items of the automobile taxes and admissions alone, and
when
in full operation the total will be about $100,000,000 more. Even then,
in my judgment, the amount of reductions is too large, considerin
g
the additional demands that will be made on our revenues above the
budget estimates.
The loss from the budget estimates for the fiscal year 1926, ac•
cording to the estimates of the Treasury actuary, corrected to
this
the side of Washington to which too little attention has
been given. He did not fail during his lifetime to give
the most painstaking thought to these subjects. In his
Farewell Address he solemnly warned his countrymen that
these are the foundations on which rest all American institutions. More than that, they are the foundations on
which all civilization must rest. It is as an expounder of
these great principles that he performed the greatest service for the world."
"The mature opinion of Washington upon the importan
ce
of the intellectual, moral and religious forces of the
nation," said President Coolidge, "is not only revealed
by
his actions, but is clearly set forth in his statemen
ts. He
looked upon these attributes as the foundation
which supported the institutions of our Republic." "The
policies of
Washington" he said, "always had a
National outlook.
He warned his country against sectionalism. . .
Believing thoroughly in American ideals
and in the American Union, it early occurred to him that a national university would be beneficial both by the power
it would have
to present the principles on which the Republic
was founded, and the power it would have to resist provincialism,
by
creating a forum for the exchange of ideals through a
student body drawn from all quarters of the nation."
FEB. 27 1926.]
THE CHRONICLE
1117
The President declared that "the country at large has
"" • • it being one chief project of the old deluder Satan to keep
not failed to follow the precepts of Washington." He fur- men from the knowledge of the Scriptures," the preamble recited, the
General Court ordered that each township "after the Lord bath inther observed:
creased them to the number of fifty householders shall then forthwith
From the three institutions of higher learning in existence at the appoint
one within every town to teach all such children to write and
time of his birth the number has grown to 913, with a total enrollment read."
of over 664,000 students and over 56,000 teachers, and an endowment
Towns of 100 families were required to have a grammar school and
a
of nearly $815,000,000 and a property value of over $1,000,000,000. teacher able
to prepare youths for the university. Penalties were
Our elementary and secondary schools have expanded until they pro- fixed for the
violation of this law.
vide for more than 26,000,000 pupils and require over 822,000 teachers.
In 1732 there were already three colleges in America—Harvard.
• • •
William and - Mary, and Yale—with a combined attendance which
is
This represents the result which has been secured by the carrying out estimated
at about 275 students.
of some of the most important policies of our first President. It
The intellectual awakening that went on between that time and the
should be noted that these are the policies of peace. They are based opening of
the Revolutionary War could not be more planly revealed
on a desire for intellectual and moral enlightenment. They are the than by the establishm
ent during that period of only a little over forty
only means by which misunderstandings, suspicions, hatreds and years of no
less than ten additional colleges. Then were laid the bewars can finally be eradicated from the earth. They are the founda- ginnings of such
great institutions as Pennsylvania, Princeton, Columbia,
tion of order, of law and of an advancing civilization. It is these Brown and
Dartmouth. When it is remembered that a knowledge of
elements of domestic tranquility and foreign harmony that Washingthe truth has always been the maker of freedom, this remarkable quickton helped to build into the structure of our institutions. There
ening of the religious and intellectual life of the Colonies in these
is
no other structure on which they can rest.
years just prior to the Declaration of Independence becomes of enormous significance.
The address, which was delivered at Washing
Rightly considered, it would have been an
ton beominous warning to the British Government that America had long
fore the Department of Superintendents of the Nationa
l since begun to think for itself and unless justly
treated would soon
Education Association, follows in full:
begin to act for itself.
Ladies and Gentlemen:
While this intellectual and spiritual awakening was taking place durIt is doubtful if any one outside of certain great religious teachers ing the youth and maturing years of Washington, he benefited by it
not.
ever so thoroughly impressed himself on the heart of humanity
so much from taking part in it as in later directing the results
of
as has
George Washington. No figure in America has been the
Althouih he lived in one of the most populous and perhaps richest itsubject of
of
the Colonies, popular education around him was still undevelop
more memorial tributes and more unstinted praise. And yet the
ed.
sub- Newspape
ject never seems to be exhausted and the public interest
rs were almost unknown in the New World and permanent
never seems
and regular lines of transportation did not exist. About ;the only
to be decreased. The larger our experience with affairs of the
world,
regular visitors to his Colony were foreign tobacco traders,
the more familiar we become with his life and teachings, the
dealers
more in
fur and peddlers. The clergy were almost the only professional
our admiration enlarges, and the greater grows our estimation of
his
wisdow. Ile represented the marvelous combination of
the soldier, class. The people were very largely engaged in agriculture.
At the early age of 3, however, Washington was placed under the
the patriot and the statesman. In the character of each he stands
supreme.
instruction of a tutor, who seems to have confined his teaching to the
most rudimentary subjects. When he was 11 _another man took charge
As a brave soldier he won the Revolutionary War. As an
unselfish patriot he refused to use the results of that victory
for his own of his education and began to instruct him in the fundamentals of
benefit, but bestowed them all on his fellow-countrymen.
the forms of business. Some of his copybooks of that day are still.
As a wise
statesman, gathering around him the best talent of his
in existence. There is evidence that he was taught some Latin, but
time, he created the American Republic. All the increasing
years only reveal to his preliminary education was virtually completed when he was 13
us how universally great he was. If to set a mark
upon the minds years old. Paul Leicester Ford says that "the end of Washington's_
of men which changes the whole course of human
events is teaching, school days left him a good cipherer, a bad speller and a still worse
then Washington ranks as a prince of teachers.
grammarian; but fortunately the termination of instruction did not.
by any means end his education."
World's Changes Since Washington's Birth.
After this he studied surveying and pursued that occupation for,
The world is not the same as that into which he
was born on that several years. This was an exacting calling, training him in accuracy.
February day in 1732. It is a better world. The
stately march of But when he was 15 he came into close contact with Lord Fairfax, a,
civilization which has since advanced so far has
proceeded in a cultured gentleman of 60 years, who had a considerable library. His
course which he marked out. The imposing edifice
of human progress diaries of that period show him reading English history and essays
which has since been raised so high rests to
a large extent upon the in the Spectator. But these early opportunities constituted only the
foundations which he wrought. To those
who wish more civilization beginning of his education, which he continued in one form or another
and more progress there must be a continuin
almost to the end of his days. His experience, his power of obserr
g
that course and to maintain those foundatio determination to hold to
ns. If any doubt what vation and absorption finally overcame this lack of early training, so
benefit there have been, they have but to
compare the present state that in his later days his writings, correct in form and taste, adeof American especially, or even of the rest
of the world, with what it quately revealed the great strength of character which he had dewas when Washington was born.
veloped.
History seems to indicate that he led and
directed a transformation
Perhaps because of his own early experience he was the most solicithat was growing with an increasing strength
over Western,civilization. tous for the members of his family. To one who was charged with the
The fires of the Middle Ages had burned out. The
care of John Washington he wrote as follows:
days of Cromwell had run its course in England. reaction from the
In respect to the kinds and manner of his study. I leave it wholly,
The glory of the
old regime in France was declining. The power
of Spain was shifting to your better judgment. Had he begun, or rather pursued, his study
to other hands. But while the old was passing
of the Greek language, I should have thought it no bad acquisition;
the new had not yet but
begun. Materially and spiritually, things
whether if he acquire this now, he may not forego some useful
were at a
Old World. It has been described as a time "when low ebb in the branches of learning, is a matter worthy of consideration. To be acpoetry sank into quainted with the French tongue is become part of -polite
dull prose; when philosophy rarely soared
education;
above the material or the and to a man who has the prospect of mixing in a large circle
purely logical; when the only earnestne
ss existing took the direction lutely necessary. Without arithmetic the common affairs of lifeabsoare
of greed or self-indulgence; when the public
service was corrupt; when not to be managed with success. The study of geometry and mathepublic morals were licentious and when common
matics (with due regard to
language was profane." The principles of philosoph the limits of it) is equally advantageous.
The finances of the people were in a
y, morals, etc., I should think a very desirdisordered condition. It was able knowledge for a gentleman
.
distinctly a transition period in America.
The early settlers who had
His practical interest in.education in later life was further
come from the old country had passed away.
manifest
A very large proportion by his accepting the position of a Chancellor of
William and Mary.
of the inhabitants of the Colonies, estimated
by some as nearly 90 College in 1788.
per cent, were native born. The pioneer
crusading fervor was gone.
In religion he conformed to the practice of his time.
The new awakening had not come. The
It is related
tions that are represented by an order of attachment to those institu- that he was baptized when 2 months old and probably attended church.
nobility was breaking down. regularly until he was 16. From that time
until 1759 he was largely
Both in the Old World and in the New the
ancient aristocracy was engaged in expeditions. After his marriage and settlement
crumbling; but the modern democrac
at Mount
y had not yet arisen. An era Vernon he was made vestryman
in two parishes, for one of which he
was approaching which was to give less and
less attention to kings and was instrumental in erecting a building. While
he was not a constantmore and more atention to the people. In
that era Washington was church attendant he was a constant contributo
r and always gave reto be the heroic figure.
spectful consideration to the religious beliefs of others.
He was tolerRevival of Religion and
ant in all things.
Educational Movement.
No doubt the most powerful influence which was
Farewell Address.
the new order was the revival of religion. This working to establish
The mature opinion of Washington upon the
movement had been
importance of the
started in England by John Wesley and
George Whitefield in 1729. intellectual, moral and religious forces of the nation is
not only reIt was distinctly an effort to reach the common
people. They went vealed by his actions, but is clearly set forth in his statements.
among those who were not otherwise
He
down
reached, preaching the looked upon these attributes as the foundation which supported
the.
Gospel.
institutions of our Republic. This opinion
was most forcibly exIn America, Jonathan Edwards led two revival
movements, culminating pressed in his farewell address, where he said:
in 1742. Whitefield came to this country and preached
to great conOf all the dispositions
gregations during this period, and the followers
of Wesley sent Bishop religion and morality are and habits which lead to political prosperity.
Asbury here in 1771. These religious activities
man claim the tribute of indispensable supports. In vain would that
were
patriotism who should labor to subvert these
lar movements. They rested on the theory that every distinctly popu- great pillars of human
human soul was men
happiness, these firmest props of the duties of
precious. They resulted in a leveling process; but
it was not a leveling oughtand citizens. The mere politician, equally with the pious man,
to respect and
down, it was a leveling up. They raised every person
that came under their connections withto cherish them. A volume could not trace all
private and public
their influence to a higher conception of life. A new
recognition of askedwhere is the security for property, felicity. Let it simply be.
spiritual worth gave to all humanity an increased
for reputation, for life, it
the sense of religious obligation
importance.
desert the oaths which are the instruAnother very predominating influence, supplementing
ments
religion and indulgeof investigation in courts of justice? And let us with caution
flowing from it, was education. This movement was not
the supposition that morality
new
can be maintained without
Colonies, but it increased in volume after 1732. It has been in the religion.
Whatever may be conceded to
claimed
that the Reformed Dutch Church of New York founded an
the influence of refined education on
academy minds of peculiar structure, reason and
experience both forbid us to
in 1633 and that the Boston Latin School was established in 1635.
expect that national morality
can prevail in exclusion of religious
principle.
In the same year Boston took action in a town meeting to
support spring of 'Tis substantially true that virtue or morality is a necessary
Connecticut and Rhode Island schools
popular government. The rule indeed
a school, and in
were opened or less force to
extends with more
every species
within a few years. In Philadelphia, New Jersey, Maryland,
Virginia cere friend to it can look withof free government. Who that is a sinindifference upon attempts to shake the
and South Carolina, and other Colonies, every action was taken
to foundation of the fabric?
provide schools, but the effort was not followed up so assiduousl
y
The policies of Washington always
as it was in New England, where the clergy were very active
had a national outlook. He
in its warned his .country against
promotion. This influence was seen in the first compulsory
sectionalism. He- promoted internal
school provements calculated to
imAmerica, which was passed in Massachusetts in
bring together different parts of
law in
1647.
the nation.
When he came to the consideration
of the problem of training
the.
1118
THE CHRONICLE
[Vol, 122.
result from following
education for its but discord and disaster at home and abroad can
youth of the country he was not only in favor of
was the antithesis of all this. His writings
it contribute to the national spirit. Be- these policies. Washington
more inspired
own sake, but sought to make
Union, it and teachings breathe a higher, broader purpose, a
lieving thoroughly in American ideals and in the American beneficial leadership. No man clung more tenaciously to what he believed was
occured to him that a national university would be
support. But
early
which the right or was prepared to make greater sacrifices in its
both by the power it would have to present the principles on
to be applied not only
have to resist provin- he viewed the right as a universal principle,
Republic was founded, and the power it would
to the nation,
through a to himself but to others, not only to his own State but
nothing
cialism, by creating a forum for the exchange of ideals
not only to his own countrymen but to foreigners. There was
from all quarters of the nation.
student body drawn
com- about him of the small American.
is said that he expressed this thought soon after he took
It
He believed our own political institutions were superior to those
to it in
mand of the Continental Army at Cambridge. He referred
of all things foreign,
in one of his early of other countries, but he never preached hatred
for the
a general discussion of the subject of education
and he made large concessions in the negotiation of treaties
he said:
messages to the Congress, in which
of disputed questions which were for the advantage of
agree with me in the settlement
mutual; that what
"Nor am I less persuaded that you will
patronage foreign nations. He believed that obligations were
opinion that there is nothing which can better deserve your in every we expected to receive we should be ready to give, both in the field
is,
He
than the promotion of science and literature. Knowledgethe measures
of citizenship and in the larger domain of internation relations.
country, the surest basis of happiness. In one in which
the sense clung to the realities. That was his greatness.
of government receive their impressions so immediately from
To the
Washington has been known as one of the most practical of leaders.
of the community as in ours it is proportionably essential. ways—by
n
security of a free Constitution it contributes in various
He was not emotional. He was possessed of that broad comprehensio
with the public administration
sound. With the
convincing those who are interested
by the en- of a situation which made his judgment eminently
that every valuable end of government is best answeredpeople them- possible exception of the field of Monmouth, when disobedience to
lightened confidence of the people and by teaching the and provide
his orders amounting almost to treachery was losing the day, history
selves to know and to value their own rights; to discern
always knew
oppression and the
against invasions of them; to distinguish betweenbrethren, proceeding always reveals him as calm, cool and collected. He
necessary exercise of lawful authority between
what he was doing. He was not a sentimentalist. But he was a
those resulting from the man capable of deep and abiding affection and of exalted and inspiring
from a disregard to their convenience and
of liberty
inevitable exigencies of society; to discriminate the spirit
avoiding the ideals. He loved his country with an abounding devotion. He
from that of licentiousness, cherishing the first and
encroach- lavished upon it a wealth of genius.
and uniting a speedy but temperate vigilance against
last,
We are wont to think of him as a military commander and a
ments with an inviolate respect for the laws. promoted by affording
civil administrator—as a man of public affairs. He was surpassingly
"Whether this desirable object will be best
by the institution great in all of that. But he was very much more. He wished to
aids to seminaries of learning already established,
will be worthy
of a national university, or by any other expedients,
see his country not only materially prosperous and politically sucof a place in the deliberations of the Legislature."
beyond that, and above it, he wished to see the inteluttered this same thought as cessful, but
And in his farewell address he again
lectual, moral and spiritual life of the people developed. This is
given.
follows:
institutions the side of Washington to which too little attention has been
"Promote, then? as an object of primary importance,
as the structure He did not fail during his lifetime to give the most painstaking
for the general diffusion of knowledge. In proportionis essential that thought to these subjects. In his Farewell Address he solemnly warned
of a government gives force to public opinion, it
his countrymen that these are the foundations on which rest all
public opinion should be enlightened."
Commissioners of the American institutions. More than that, they are the foundations on
He urged it more strongly in a letter to the
"that
declared in his will
which all civilization must rest. It is as an expounder of these great
District of Columbia in 1795, and finally he
with me to see the principles that he performed the greatest service for the world.
as it has always been 'a source of serious regret
foreign countries for the purpose
Our country has prospered, our Government is secure. But that
youth of these United States sent to
formed or they had prosperity and that security flow from the school and the church.
of education, often before their minds were
own, contracting They are the product of the mind and the soul. They are the result
imbibed any adequate ideas of the happiness of their
extravagance but of the character of the American people. Through and through,
too frequently not only habits of dissipation and
true and Washington is the great example of character. He sought to bestow
principles unfriendly to republican government and to the
overcome. that heritage upon his country. We shall fail in our estimation and
genuine liberties of mankind, which thereafter are rarely
devised understanding of him unless we remember that during his lifetime
For these reasons it has been my ardent wish to see a plan
systematic he helped to build a place of religious worship. In his will he
on a liberal scale which would have a tendency to spread
away provided for institutions of learning, and in his Farewell Address he
ideas through all parts of this rising empire, thereby to do
local attachments and State prejudices as far as the nature of things emphasized the spiritual values of life. But what he did was even
councils.
more eloquent than what he said. He was a soldier, a patriot, a
would, or indeed ought to, admit from our national
teacher.
"Looking anxiously forward to the accomplishment of so desirable statesman; but in addition to all these he was a great
able
an object as this is (in my estimation), my mind has not been the
than
to contemplate any plan more likely to effect the measure
establishment of a university in a central part of the United States Investigation of Aluminum Company of America—Subject
might
to which the youth of fortune and talents from all parts thereof
the branches of
of Much Controversy.
be sent for the completion of their education in allknowledge in the
polite literature in arts and sciences—in acquiring
Charges that the Aluminum Company of America, in
and (as a matter of
principles of politics and good government—
other
Infinite importance in my judgment) by associating with each them- which Secretary of the Treasury Andrew W. Mellon and
free
and forming friendships in juvenile years, be enabled to
to
and habitual
selves in a proper degree from those local prejudices when carried his brother Richard B. Mellon of Pittsburgh, are said
jealousies which have just been mentioned and which public mind be large stockholders, has violated the consent decree of
are never-failing sources of disquietude to the
to excess
1912, have been the subject of much controversy between
and pregnant of mischievous consequences to this country."
Government on
And he therefore made a bequest to the National
the Federal Trade Commission, the Department of Justice
for a national
condition that it cooperate in carrying out his wish
and the Senate Judiciary Committee during the past few
university.
His desire for the increase of knowledge was further elaborated months. On November 26 last the Democratic members
for
and reiterated in his will. In that instrument he even provided
of the Federal Trade Commission, viz.: Commissioners
educating the slave children which he set free. He made bequests
national university. Nugent and Huston Thompson, made public their dissent
to two academies besides that for the founding of a
Although the Congress failed to cooperate, so that this wish was never from the majority ruling that withholds from the Departcarried into effect as he had contemplated it, yet the City of Wash- ment of Justice records in its possession voluntarily given
ington has been made the seat of no .less than ten colleges and
Such a
universities, and the larger institutions all over our country are more to its agents by corporations under investigation.
national than local in their precepts and teaching.
ruling was adopted Jan. 16, 1925, and to this the commisWhile there has been agitation lasting almost up to the present day sioners above named
objected. The particular case infor a national university, if the idea ever prevails it will probably
of
be an institution devoted to the regular collegiate courses, but volved is that concerning the Aluminum Company
not
which there
one for post-graduate and original research work, for
America, Commissioners Nugent and Thompson accused
located in the
are such abundant sources and opportunities already
the majority of putting the Commission in the position
capital city. The Federal Government, however, has not been remiss
for of "an accessory after the fact in aiding a possible crimiin the support of advanced learning and of vocational training,
thirtywhich it has appropriated more than $90,000,000 in the last
about nal to evade trial and escape punishment."
five years, while for general educational purposes it has donated
The dissent quotes Attorney General Stone (now a mem95,000,000 acre; of the public lands.
ber of the Supreme Court) as writing to the Commission
Country Follows Precepts of Washington—Policies of Peace.
of
The country at large has ndt failed to follow the precepts
vioin that it was evident that the Aluminum Company had
Washington. From the three institutions of higher learning
then Atexistence at the time of his birth the number has grown to 913, with lated the decree of the Federal courts, and the
a total enrollment of over 664,000 students and over 56,000 teachers, torney General added: "The fair inference is the company
an endowment of nearly $815,000,000 and a property value of over either was indifferent to the
provisions of the decree or
$1,000,000,000. Our elementary and secondary schools have expanded
they provide for more than 26,000,000 pupils and require over knowingly intended that its provisions should be disreuntil
822,000 teachers. In 1912 the total amount expended yearly for all garded with a view to suppressing competition in the
educational purposes was about $706,000,000. This has been increasaluminum industry."
ing with great rapidity, until in 1924 it reached $2,400,000,000. The
conThe majority opinion, filed January, 1925, reversed the
source of this enormous expenditure, so far as public money is
cerned, is almost entirely from the local and State Governments.
rule of the Commission which was to give the Department
This represents the result which has been secured by the carrying
of Justice access to the files because it was the Attorney
out of some of the most important policies of our first President.
are General's duty to prosecute contempt proceedings for vioIt should be noted that these are the policies of peace. They
. They
based on a desire for intellectual and moral enlightenment
Federal Trade
hatreds lation of a court order, a power which the
are the only means by which misunderstandings, suspicions,
wars can finally be eradicated from the earth. They are the Commission lacks.
and
It is
The dissenting Commissioners explain their protests in
foundation of order, of law and of an advancing civilization.
that Washthese elements of domestic tranquility and foreign harmony
structure of our institutions. There this wise:
ington helped to build into the
Assuming that the opinion expressed by the Attorney General !after
rest.
is no other structure on which they can
the Aluminum
uncharitableness, class jealousies race prejudices and examining the commission's report is correct, and that
Envy, malice,
They Company of America has disregarded said decree, Commissioners Nugent
do
international enmities are not realities. They' not abide.
comprehension.. Those who and Thompson do not intend to be placed in such a position that they
are only the fictions of unenlightened
not sound leaders. Nothing can be held responsible, even remotely, for a miscarriage of justice.
preach them are not safe advisers and
FEB. 27 1926.]
THE CHRONICLE
1119
adopted on Feb. 11, hit at the inaction against the company of the Federal authorities and asked for the delivery of evidence withheld by the Federal Trade Commission. Attorney General Sargent at the same time advised
the Senate in an informal opinion that the Department of
Justice was without authority under present law to compel the Federal Trade Commission to furnish evidence in
The affairs of the Aluminum Company of America were first brought the case which the Commission holds to be confidential.
to the attention of the Department of Justice through an investigation Attorney General Sargent's letter cited the law under
which was conducted by its attorneys during the latter part of 1911
which the Federal Trade Commission withheld the perand the early part of 1912.
On May 16, 1912, the Government filed a petition in the United mission to see its evidence, declaring that the Trade ComStates District ourt at Pittsburgh against said company, alleging a
mission act made it discretionary with the Commission
violation of the anti-trust laws. The suit, on June 7, 1912, resulted
in a consent decree in which the defendant was enjoined from at- whether information in its possession shall be disclosed.
tempting to enforce certain provisions in its contracts with the Ms letter in part follows:
On. Jan. 2, 1926, the Department of Justice issued a statement relative to the Aluminum Company of America in
which it was stated that a careful investigation into complaints against the company, not then completed, indicated that charges of violation of the consent decree
entered against the company in 1912 were not supported
by the facts. The Department's statement was as follows:
General Chemical Company and the Norton Company, binding them
not to engage in the production of aluminum and from discriminatory
practices against its competitors.
In 1913, subsequent to the entering of the decree above mentioned,
the Aluminum Company of America sought to acquire certain bauxite
deposits in Arkansas which were owned by the Sawyer-Austin Lumber
Company. This matter was considered by this department, and on July
23, 1913, during the administration of Attorney General McReynolds,
the department notified counsel for the Aluminum company that it
saw no reason to believe that the purchase of the bauxite deposits
would be in violation of the decree.
The Federal Trade Commission, under its organic act, was intended
by Congress to aid in the enforcement of certain provisions of the
anti-trust laws and to supplement the work of the Department of
Justice in the elaborate study and investigation which form a necessary
step in every anti-trust proceeding.
But it is clear that Congress never intended the commission to serve
as a mere adjunct to the Department of Justice or to operate under
the direct commands of the Attorney General.
The commission was intended to form a coordinate administrative
body and to enjoy an independent position similar to that of the
Interstate Commerce Commission.
Cites Southern Company Deal.
Whatever might have been the result bad Section 3 (g) of the
In 1915, under the administration of Attorney General Gregory, Newlands bill been enacted in its original form, it is clear that Section
Southern Aluminum Company, the stock of which was largely held 6 (d) of the act, as it stands, confers upon the Attorney General no
the
by the French interests, submitted to the Department a proposed power to compel the commission to disclose evidence in its possession.
agreement under which the Aluminum Company of America would
Nor is that power conferred by Section 6 (c), or 6 (e), or by any
acquire the property of the Southern Aluminum Company, which other provision of the act. The investigation in this case was not
several million dollars in a plant and water- conducted upon the application of the Attorney General under either
company had expended
power for the manufacture of aluminum in the State of North Caro- Section 6 (c) or 6 (e).
lina. The Southern Company represented that, owing to conditions
And even if it had been so conducted, the duty of the commission
growing out of the World War, it was unable to continue the project. under Section 6 (c) would not have been altered. That section requires
Attorney General Gregory, on Sept. 3, 1915, in a letter to Paul the commission to transmit to the Attorney General only "a report
Fuller, attorney for the Southern Aluminum Company, said that the embodying its findings and recommendations as a result of any such
Department saw nothing in the facts concerning the proposed transac- investigation."
In sharp contrast to Section 3 (g) of the original Newlands bill, it
tion which would call for any action by it under the decree.
Again, in 1921, the Aluminum Company of America sought to does not require the commission to report "the evidence in relation
purchase a one-half interest in the Morsk Aluminum Company of thereto." Resort to a writ of mandamus would, in this case, be plainly
Norway, the object being to acquire a desirable waterpower in that useless. That writ lies only to compel an officer to act in accordance
with some clear ministral duty imposed upon him. Nowhere in the
country, its domestic facilities in that respect being inadequate.
On Oct. 25, 1922, after a careful consideration of the matter, the act can there be found any clause which imposes such a duty upon
decree of 1912 was so modified as to permit the acquisition of the the commission.
interest in question.
If it be assumed that the commission is under a duty to transmit to
In October, 1924, the Federal Trade Commission transmitted to this the Attorney General, under Section 6 (c), "a report embodying its
department the report of its investigation of the aluminum cooking findings and recommendations," the fact remains that the commission
utensil industry, which was Volume 3 of its report on "house furnish- has already transmitted such a report.
ings industry." Later, on Jan. 30, 1925, after examination of the
The contents of the report are within the discretion of the comreport by this department, but before making an investigation of the mission, and mandamus could not be used to control the commission's
supporting data, Attorney General Stone, in a letter to the Chairman discretion by compelling it to embody in its report any particular
of the Federal Trade Commission said:
items of evidence.
"It is apparent, therefore, that during the time covered by your
Nor would a subpoena be available to compel disclosure of the
report the Aluminum Company of America violated several provisions evidence withheld by the commission. A subpoena cannot be issued on
of the decree. That with respect to some of the practices complained behalf of the Attorney General except in a case already pending in
of they were so frequent and long continued a fair inference is the court. No such case as yet exists.
company either was indifferent to the provisions of the decree or
The remedy for the situation, if it exists, is clearly not in the
knowingly intended that its provisions should be disregarded, with a hands of the Attorney General.
view to suppressing competition in the aluminum industry."
Where an investigation is carried on by the commission pursuant
Attorney General Stone directed that a thorough investigation be to the direction of the President or either House of Congress, Section
of the current activities of the Aluminum Company of America. 6 (D) of the act requires the commission to report "the facts" relating
made
Such inquiry was inaugurated and is now nearing completion.
to any alleged violations of law which it discovers.
The department has sought through all available channels to ascerSection 6 (c) requires it to report to the Attorney General only
tain all facts connected therewith, and has embraced in its inquiry "its findings and recommendations" and does not require a disclosure
interviews with customers and competitors of the Aluminum Company or the facts of the evidence upon which those findings are based.
of America, together with interviews with its officials and a careful
The difference in phraseology between the two sections is so marked
examination of its records, particularly such records as would reflect as to suggest that the Senate may have the power, by resolution, to
the truth or falsity of the complaints which have been made. Although compel the commission to transmit to it the evidence—i. e., "the facts"
this inquiry is not yet completed and the report is yet to be prepared, —on which its report is based.
it may be stated that the facts thus far disclosed do not support the
Where, as here, an investigation has been made under the authority
oft-repeated charge that the decree in question has been violated.
of Section 6 (d), it would seem that the proper body to require a
When the investigation is terminated and the final report is received, disclosure of the facts is the body which originally ordered the
which it is expected will be within the next three weeks, the Attorney investigation.
General will finally decide whether the facts disclosed warrant any
It will be recognized, 'however, that the expression of a definite
action either under the decree or by way of a new proceeding, and opinion on that question would be
beyond the purview of Resolution 110.
make known his conclusions. The foregoing statement,
will
Upon these grounds, therefore, I am of the opinion that the refusal
however,
reflects the situation as it appears from the data thus far obtained. of the commission to disclose
the evidence in this case cannot, under
Inquiry into the delay in investigating contempt pro- existing law, be now remedied in any proceeding brought by the
Attorney General.
ceedings against the Aluminum Company for violation of
Federal Court decrees were brought before the Senate
Jan. 5 last, when that body adopted two resolutions offered by Senator Walsh of Montana, one calling on the
Committee on Judiciary to ascertain whether the
Department of Justice has proceeded with due vigilance to determine if the company should be held in contempt for
alleged failure to live up to a Federal court decree, while
the second called on the Attorney-General to inform the
Senate whether the Federal Trade Commission has by its
refusal to submit its evidence to the Department of Justice interfered with a proper conduct of the case.
On Jan. 8 the Senate Judiciary Committee began their
Inquiry into the Department of Justice's handling of the
Aluminum Company and brought the hearing to a close
on Jan. 25 after having examined Attorney General Sargent and several of his assistants and members and officials of the Federal Trade Commission. The majority
report of the Senate Judiciary Committee, written by
Senator Walsh, placed before that body on Feb. 1, and
The Senate on Feb. 5 adopted a resolution directing the
Federal Trade Commission to transmit to it all evidence
in the Commission's files bearing on the question whether
the Aluminum Company of America has violated a consent decree entered against it by a Federal Court in 1912.
The Commission on Feb. 6 transmitted the files containing
all evidence in its possession covered by the resolution.
The minority report of the Senate Judiciary Committee
was submitted Feb. 18 by Chairman Cummins. The minority report opposes the Senate investigation of the company as proposed in the majority report submitted Feb. 1
by Senator Walsh. The minority report also stated that
after careful investigation the Department of Justice has
reached the conclusion that contempt proceedings against
the company cannot by any possibility be successfully
maintained. On the same date Senator Walsh offered a
resolution proposing a Senate investigation of the company. The resolution follows:
Resolved, That the Committee on Judiciary be and it hereby is
directed to secure, as the same shall be transcribed, a copy of the
1120
THE CHRONICLE
testimony taken or that may hereafter be taken, by or under the
direction of the Federal Trade Commission in connection with the
charge made in that certain complaint issued by it on the 24th day of
July, 1925, against the Aluminum Company of America.
That the Attorney-General be directed at the earliest convenient
date to report to the Senate his conclusion as to whether the charge
made against the Aluminum Company of America in the letter of
Attorney-General Stone of date Jan. 30, 1925, to the Chairman of
the Federal Trade Commission and by the said Commission in the
report referred to in said letter is sustained, and that in the event he
finds no warrant for the institution of proceedings upon such charge
that he afford to the said Committee on the Judiciary access to and
leave to take copies of all files, documents and evidence in his denartment relating to such charge; that the said Committee on the Judiciary
having so assembled such evidence and documents be. and it hereby is,
directed to make a study of the same and such other evidence and
documents relating thereto as may heretofore have been transmitted
by the said Commission to the Senate and, considering the same together with any other evidence it may take report to the Senate
whether a proceeding against the Aluminum company of America is
warranted and ought to be undertaken; provided that the said Committee is not hereby authorized or empowered to take any testimony
except such as may be suplementary and not in duplication of any that
may be by it secured as herein provided.
Resolved, Further that to aid it in the discharge of the duties hereby
devolved ujaon the Committee of the Judiciary, it is authorized and
empowered to employ counsel at a cost not to eceed $2,500.
According to a Washington despatch, Feb. 26, at a conference of Democratic Senators it was agreed that Senator
Walsh should net press his resolution proposing an investigation by the Senate Judiciary Committee of the
company. Instead, the Democrats, it is stated, will support a joint resoltition to be introduced by Senator
Robinson of Arkansas for the employment of a special
government counsel to examine all available facts and
to institute prosecution of the company in case such
action is warranted.
On Feb. 19 Attorney-General Sargent, through Senator
Cummins, made public the reasons why contempt proceedings could not be maintained against the Aluminum Company on the charges that it had violated the Consent decree of 1912. The conclusions of the Department of Justice
together with the majority and minority reports of the
Senate Judiciary Committee are given at length below.
Aluminum Control by MeIlona' Denied—Department of
Justice, in Final Report, Says Hall Holdings Are
Largest.
Stock holdings of Secretary Mellon and his brother,
R. B. Mellon, in the Aluminum Co. of America "are far
from sufficient to constitute control of the company," the
Department of Justice announces in its final report of its
investigation as to whether the company has violated
Federal Court decrees. On this point the report says:
As heretofore stated, the Pitsburgh Reduction Company was incorporated in 1888 and the name was changed to its present title in 1907.
According to the records of the company, all of the original stock,
$20,000, was subscribed for by R. J. Scott, H. W. Lash, M. Hunsicker,
A. E. Hunt, G. H. Clapp and W. S. Sample, charter members of the
company.
The control of the company appears to rest in the Hall estate, of
which Davis is one of the trustees and votes the stock; the Hall
family; Mrs. Alfred E. Hunt, the widow of Alfred E. Hunt, one of
the founders; her son, Roy A. Hunt; George H. Clapp, a former partner of Alfred E. Hunt; Arthur V. Davis (President); A. K. Laurie,
the original sales manager of the company, and a few others of Mr.
Hunt's original associates.
An examination of the stock records of the company discloses that
the stock holdings of A. W. Mellon do not constitute a control. Moreover, that the combined holdings of A. W. Mellon and his brother,
R. B. Mellon, are far from sufficient to constitute a control of the
company.
It has been stated many times that A. W. Mellon supplied the
original capital for the company. Such is not a fact. The records
show that his first connection with the company was nearly two years
after formation, when he acquired 60 shares of its stock.
The above statement, according to the New York
"World", will be contrasted by Senators with the following one, said to be contained in the Federal Trade Coramission's report of October, 1924, which formed the complaint investigated by the Department of Justice. This
the "World" says reads:
In discussing the directorship and ownership of the company with
an agent of the commission, Arthur V. Davis (President) made a
statement substantially as follows;
"This company really consists of A. W. Mellon and R. B. Mellon.
Of course, Mr. A. W. Mellon resigned as a member of the Board of
Directors when he went into the Government, and we now have six
directors instead of seven. When he has finished his work in Washington he will again become a member of the Board of Directors."
The Aluminum Company of America has an authorized capitalization of
$20,000,000, all common stock of which there is outstanding $18,729,600.
Of this amount 25% is held by the Charles M. Hall Estate and at least
80% of the remainder, or 60% of the total outstanding, is owned by
the Board of Directors, Maria T. Hunt and A. W. Mellon.
The remaining 15% is held in small amounts by employees of the
company, with the exception of a few shares in the hands of the public.
[The Aluminum Co. of America was re-incorporated
and re-capitalized in July, 1925. The capital stock now
consists of 1,500,000 shares (par 8100) 6% Cumulative
Preferred Stock of which 736,380 shares are outstanding
and 1,500,000 shares (no par value) Comomn Stock of
which 1,472,625 shares are outstanding.—En.]
[VOL. 122.
Majority Report of Senate Judiciary Committee on Aluminum Company of America.
The majority report of the Senate Judiciary Committee
referred to above accuses the .Attorney General and the
Department of Justice of lack of vigor and good faith in
investigating the Aluminum Company of America case and
recommends an inquiry by the committee into charges that
the company violated a Federal Court decree of 1912. The
report characterizes as "senseless" the Trade Commission's
refusal to make public its records in the aluminum case.
Then it reviews the events leading to the present situation.
The first step was on Jan. 4, 1922, when the Senate directed
the commission to conduct an investigation of prices of
house furnishing goods to ascertain whether there had
been "any unfair practices or methods of competition or
restraint of trade, combinations or manipulations out of
harmony with the law or of public interest." Out of this
several reports on nine different subjects, with aluminum cooking utensils the only one under consideration by
the Judiciary Committee. The commission's report dealt
with alleged violation by the Aluminum Company of a decree against it under the Sherman Anti-Trust act in 1912
in the Western District of Pennsylvania. A copy of its
findings went to the Attorney General on Oct. 17, 1924.
On Oct. 20 the Commission advised him that to copy the.
5,000 pages of evidence would require too much time and
money, and invited him to send some one to examine the.
report. An assistant to the Attorney General was instructed to perform this duty, but, according to the report,
It was never done, "even to this day," but "some fourmonths later an investigator, who was not a lawyer, under
the direction from the Department of Justice, made an
examination of the files." The report states that A. T. Seymour, assistant to the Attorney General, sent to John L.
Lott, at Tiffin, Ohio, copies of the volumes of the commissions reports, making arrangements with him to "return"
them to the Department. Lott, it was said, turned the
matter over to a subordinate named Benham, an old employe. In January, 1925, Attorney General Stone wrote
the commission that he had instructed that the investigation be brought "down to date" by the Department of Justice, stating that no interference would be made with any
subsequent inquiry by the Commission. The Walsh report
then reviews the activities of Mr. Dunn and Mr. Benham.
Dunn was neither an attorney, an economist, an accountant nor a
stenographer, though commended highly as an investigator by the
officials of the department referred to herein other than Attorney
General Sargent. He did not present any letters or documents on
file with the Trade Commission, any of the evidence gathered by its
investigators, nor did he take any of it with him in the field.
Dunn contented himself with taking notes of the material before
the commission to which he has access for use in his field work, all
of which he destroyed when they were no longer needed in that
connection.
The Walsh remit asserts that the Commission refused
to give access to its evidence except on permission of the
Aluminum Company. It declares that Dunn, in his reports, made notes that were not of assistance, he having
been unable to tell the name of a "prominent manufacturer" interviewed in one instance, and so designated in
his books. His report, in brief, according to Senator Walsh
was "to the effect that the users of aluminum had no complaints to make and that no evidence had been collected
warranting a belief that the decree had been violated."
Meanwhile, on a complaint from a user of aluminum that
preceded the Dunn report, an investigation was begun by
the Federal Trade Commission after the party was "unable to get action" by the Department of Justice. The field
inquiry was conducted by I. W. Digges, of the legal staff
of the Commission, and upon his report a formal complaint
was issued against the company. The Walsh report says
that in September Colonel W. E. Donovan, assistant to the
Attorney General, requested A. V. Davis, the President of
the Aluminum Company, to visit the Department of Justice, and the latter agreed to permit an examination of
books and records, which was started in November. The
report continues:
This tells the story of the investigation conducted by the department, except that the Attorney General, being examined before your
committee, stated that he had never heard of the report of the Federal
Trade Commission to which reference has been made, or of any
investigation by his department induced by it, until some five, six
or eight months after taking office, when he was interrogated about
it by a group of newspaper men.
The date of the occasion was fixed as Oct. 15, 1925. He had then
no knowledge of the letter of his predecessor of Jan. 30, 1925, to the
Chairman of the Federal Trade Commission, and bad never seen it
until within the last thirty days (speaking as of Jan. 8, 1926).
FEB. 27 1926.]
THE CHRONICLE
He was unaware that A. W. Mellon was in any wise interested
in the Aluminum Company of America, with the character and operations of which he was without any information until he was intert()gated
as above set forth.
1121
mentary or otherwise, before the commission in obedience to a subpoena
issued by it; provided, that no natural person so testifying shall be
exempt from prosecution and punishment for perjury committed in
so testifying."
But obviously the law has no applicability to the case of evidence
Senator Walsh criticized the "delay" alleged to have voluntarily furnished, which comprises all evidence the commission
secured from the Aluminum Company and the very evidence to which
been permitted, saying:
the commission declined access.
If the examination had been promptly entered upon following the
The assistant to the Attorney General told on the stand that as
letter of Attorney General Stone of Oct. 22, it is quite likely that to the charge of cancellation of orders it would be necessary to consult
it could and would have embraced all pertinent files including material the books of the company; so also with the charge of refusal to promise
supplied by the Aluminum Company itself, the long established policy shipments at a definite date; so as to delays in shipments as between
of the commission to give the department free access to its files in seasons; so, too, as to dumping large quantities of metal and as to
such cases not having been reversed until Jan. 16, 1925, when a dumping after the customers had bought foreign metal; so as to
request was made in the matter of the Chicago Retail Lumber discrimination in the price of sheet aluminum.
Dealers' Association, as heretofore stated.
On none of these could a final opinion be ventured from the Dunn
Let attention be directed to the letter of Jan. 30. It asserts that report, on sonic of which it was silent, the sole source of information
inasmuch as "there does not appear to be much in your report being the books and records of the company.
touching the methods of the company since the year 1922," the deIt was in this situation that the department, through the assistant
partment proposes to bring the investigation down to date. Reference to the Attorney General, on Jan. 2, 1925, issued a statement, prepared
is made above to a part of the report showing apparent violation of by Lott & Benham and carried by the press, to the effect that the
the decree as late as August, 1923.
department "has sought through all available channels" to ascertain
But why bring the investigation down to date? Why not proceed if the facts touching the charge made by the Federal Trade Commission
the evidence discloses violations as late as 1922? Why permit the and by Attorney General Stone in a letter prepared, it will be recalled,
statute to run against such by delaying for a year ta see whether there by Lott, and that "the facts thus far disclosed," including such as
have been more recent violations?
were secured through interviews with officials of the Aluminum ComThe resolution under which the committee acts was introduced with- pany, "do not support the oft-repeated charge that the decrees in
opportunity for careful study, in the belief that prompt action question have been violated."
out
was imperative and on the theory that the one-year statute of limitations
It was offered in excuse for the issuance of this statement, so
against the proceedings for contempt, Section 25 of the Clayton act, damaging to the successful prosecution of a charge of contempt should
is applicable.
the inquiry now still in progress lead to the conclusion that a violation
But a study of the whole act leads to the conclusion, in which the had occurred, that it was put out because a metropolitan newspaper
department shares, that it does not apply to such a degree as that had advertised it would the next day begin an attack on the departagainst the Aluminum Company, and that the general statute of three ment because of its delay in the matter. The "attack" having been
years barring criminal proceedings is the applicable law.
launched, it was contended that it in any wise misrepresented the
That being the case, why should the proceedings be deferred to facts in relation to the subject.
bring the investigation down to date, unless, indeed, there was a
It is sufficient to say that no business organization could tolerate
purpose to condone infractions dating from earlier than 1923 if they such procrastination on the part of its legal bureau as has characwere not persisted in thereafter?
terized the action of the Department of Justice in the matter under
This aspect of the case seems to have been completely ignored by inquiry, nor would it be regarded as exculpation on the part of the
the department. It is perfectly obvious that if the company had been head of such bureau to say that he had entrusted the work to subpursuing a course of conduct violative of the decree down to 1923, ordinates in whom he had confidence.
but has desisted since that time, immunity has been granted by the
It is not expected that the Attorney General will be conversant with
delay with which the investigation has been conducted.
the details of all litigation before his Department, and he may well
Benham, to whom the conduct of the proceedings has been imme- be entirely ignorant of some matters having or calling for its attention,
diately committed, expressed himself as seeing no occasion for special but it is not too much to expect that he will at least be informed
expedition and seemed quite unable to understand that the statute was concerning a charge by his predecessor and another branch of the
running daily against possible infractions. He apparently had no Government, in effect, that a fellow member of the Cabinet, at least
thought of the institution of any proceedings based upon acts or a a corporation of which he is the dominant factor, has been guilty of
course of conduct within the period of the statute, but not currently contemptuous disregard of an injunction of a Federal Court.
persisted in.
It has been deemed to be quite outside the scope of the resolution
Nor did he think it at all strange that the conduct of the case under which the Committee acted to inquire whether such a violation
should be entrusted to him while he was for nine months so absorbed has actually occurred or not, that is to say, whether evidence is
in another important litigation as to find himself unable to give to available to establish such a violation.
the matter in hand anything more than the most cursory attention.
In view, however, of the doubts aroused as to the vigor and good
Another feature of the letter of Jan. 30 deserves notice—namely, faith of the Department of Justice, it is recommended that the
the absence of any reference to the likelihood of a refusal by the Senate be asked to Instruct the commIttee to enter upon that inquiry
commission to permit an examination of material secured by it from
and to that end that it direct the commission to transmit to the
the Aluminum Company.
committee for its use any evidence in its possession relating to the
Consideration of the right or wrong, generally speaking, of the
subject of violations by the Aluminum Company of America of the
present policy of the commission as indicated by its refusal to allow
decree against it entered in the District Court for the Western District
the Department of Justice access to so much of its files as related
of Pennsylvania on June 7, 1912.
to supposed infractions of the law by the Lumber Dealers' Association
and the Aluminum Company, secured from them respectively, is avoided
as a collateral issue. Its refusal in the aluminum case is senseless. Minority Report of Senate Judiciary Committee on AlumiIt is charged under the law with the duty of inquiring into violations
num Company of America.
of decrees in anti-trust cases. To what end? It is itself powerless.
The minority report presented to the Senate on Feb, 18
The law necessarily contemplated that any evidence secured by it in
such a quest should be and would be turned over to the Department by Chairman Cummins of the Senate Judiciary Committee
of Justice.
opposes the Senate investigation of the Aluminum ComIt seems likely from the testimony of Comntissioner Van Fleet
before the committee that the majority of the commission were entirely pany of America as proposed in the majority report suboblivious of the provisions of Section 6 (c) of the Trade Commission mitted by Senator Walsh. The minority presentation of
act, as follows:
the views of those on the committee who oppose the further
"Whenever a final decree has been entered against defendant
corporation in any suit brought by the United States to prevent and investigation urged by the majority refers to the Judiciary
restrain any violation of the anti-trust acts, to make investigation,
Committee's investigation last Fall and the statement by
upon its own initiative, of the manner in which the decree
or is being carried out, and upon the application of the has been Colonel William J. Donovan, assistant to Attorney GenAttorney
General, it shall be its duty to make such investigation. It
shall
transmit to the Attorney General a report embodying its
Sargent, that contempt proceedings could not be mainfinding and eral
recommendations as a result of any such investigation,
and
made public in the discretion of the commission." the report tained. The report in part follows:
shall be
The Department seems to have acquiesced in the limitation imposed
Since the inquiry closed, the department has continued its investiby the commission on the inquiry of the former. No effort was made, gation and is in possession of all the information known or believed
as indicated, to get the consent of the Aluminum Company, either to exist, including not only everything that was available to the Federal
directly or through the commission.
Trade Commission, but also many items of information not submitted
The company could scarcely have refused permission. A declination to the commission.
After carefully considering the entire case and exhausting every
from it would subject it to embarrassing suspicion, a circumstance
which would be perhaps not without weight when, in the month of available source of information, the department has reached the conOctober following, it was confronted with such a request from the elusion that contempt proceedings cannot by any possibility be successdepartment.
fully maintained. Its decision upon this matter and the conclusions
The assistant to the Attorney General in charge of trust cases upon which that decision is based are now available. The majority
asserts that the department has no power to compel the commission report in effect demands that the Senate shall disregard this decision
to give it access to the files of the latter, but the Senate has.
and shall substitute the opinion of the majority of the committee for
Inasmuch as the evidence before the commission in the aluminum the deliberate judgment of the executive officials who are fully acmatter was completed pursuant to a resolution of the Senate, it can quainted with the facts and who are alone charged with the responsiundoubtedly require the commission to transmit the evidence so accum- bility of enforcing the law.
It is the judgment of the minority of the committee that there is
ulated upon which its report to the Senate was founded.
It is not open to doubt that the Senate would have required the noconstitutional authority for the resolution recommended in the
transmission to it of such evidence had the Attorney General requested majority report and that if the course indicated in the proposed resoluit to take such action, in which event it would be available for such tion becomes the settled practice of the Senate, the overthrow of our
form of government is the certain result.
use as he cared to make of it.
The struggle which must ensue will end either in the complete
Some attempt was made to excuse the failure on the part of the
department to secure from it the important evidence thus withheld by subordination of the executive or judicial branches of the Government
the commission on the ground that immunity might be gained by its to the. legislative branch or in subjecting the legislative power to the
use under Section 9 of the Federal Trade Commission act, as follows: executive power. Stripping the proposal to enter upon this inquiry
"No person shall be excused from attending and testifying or from of everything save its bare essentials, it means just this—no more
producing documentary evidence before the commission or in obedience and no less. The Senate, because it doubts the conclusion reached
to the subpoena of the commission on the ground or for the reason by the Department of Justice, is to try the Aluminum Company for
that the testimony or evidence, documentary or otherwise, required the alleged violations of the decree. If it finds the defendant guilty,
of him may tend to criminate him or subject him to a penalty or it will then set about discovering a
lawyer who holds the Senate opinion
forfeiture.
"But no natural person shall be prosecuted or subjected to any and direct the President to employ him.
The resolution will then go to the House of Representatives and
or forfeiture for or on account of any transaction, matter or
penalty
thing concerning which he may testify, or produce evidence, docu- that body must try the case again, and if it CorKurs with the Senate
1122
it will pass the resolution. Then the lawyer is employed and he
initiates the proceedings for contempt. If the court agrees with the
Senate and House, the fine or imprisonment will be imposed.
If, however, it should happen that the Court exonerates the defendant, then in order to be logical and pursue the matter to the end,
the Senate and the House would pass another resolution directing the
President to appoint another Judge or other Judges to review the
action of the District Court.
Then would follow a hunt for lawyers who, it may be assumed, if
made Judges, would agree with the Senate and House of Representatives, for it may be taken for granted that the Senate would not
confirm any nomination that would not lead to the result suggested.
But this is not all. If we persist in the practice of reviewing the
conclusions of the Department of Justice with respect to criminal
prosecutions or even civil suits, the Senate will be confronted at
every session with demands for inquiries into alleged crimes against
the United States wherein the Department of Justice has either secured
an indictment or failed to secure an indictment and for failure to
bring civil actions; and the attempts to direct the President to appoint
a lawyer who is known to be in harmony with the view of the Senate
will become so frequent that the execution of the laws will be practically transferred from the President to Congress.
This new conception of the powers and duties of the Senate may
end in a substantial recall of judicial decisions by the vote of both
houses, accompanied, of course, by an effective cooperation of the
Senate in the exercise of its functions to advise and consent to the
appointment of judicial officers.
We deny the right or power of the Senate or any committee of the
Senate to summon and hear witnesses upon the issue of a violation
of this decree.
Attorney General Sargent Says Trade Board's Complaints
Are Not Justified.
Reasons why contempt proceedings could not be maintained against the Aluminum Company of America on the
charges that it violated a consent decree of 1912 were
outlined as stated above in conclusions of the Department
of Justice made public Feb. 19 by Senator Cummins of
Iowa, Chairman of the Senate Judiciary Committee. The
conclusions of the Department of Justice, as presented by
Senator Cummins were as follows:
At page 112, volume 3, of the report of the Federal Trade Commission, dated Oct. 6, 1924, the following language appears:
"A comparison of these provisions of the consent decree with the
methods of competition employed by the Aluminum Company of
America, described above, especially with respect to delaying shipments of material, furnishing known defective material, discriminating
in prices of crude or semi-finished aluminum and hindering competitors from enlarging their business operations, appears to disclose
repeated violations of the decree.
"Moreover, the original decree is obviously insufficient to restore
competitive conditions in harmony with the anti-trust laws, especially,
with respect to the monopolization of bauxite lands."
Hence the major charges of the commission are as follows
1. Delaying shipments of material.
2. Furnishing known defective metal.
3. Discriminating in prices of crude or semi-finished aluminum.
4. Hindering competitors from enlarging their business operations.
With respect to the above charges, the following conclusions have
been reached:
1. Delaying shipments of material.
In order to successfully sustain this charge it must be affirmatively
shown that such delays were intentional on the part of the Aluminum
Company of America and were designed to injure the purchaser.
There is an entire lack of evidence to support such contention. The
evidence on this point fully discloses that such delays as occurred
were not intentional, but weEe caused by conditions beyond the control
of the company.
Although it appears that manufacturers were put to considerable
inconvenience and some extra expense by reason of these delays, there
is no specific complaint alleging injury. Hence the inevitable conclusion arising from all the evidence must be that this charge is not
well founded.
2. Furnishing known defective material.
With respect to this charge, it is true that many deliveries of
defective metal were made during the period in question. Here again
it is required the proof must be conclusive that such shipments were
knowingly and designedly made for the purpose of hindering competitors in their business operations.
The evidence at hand clearly shows that the company made earnest
endeavors to maintain the quality of its product, and when it was
unable to do so it accepted return of defective metal and made proper
adjustment. The evidence further shows that the conditions existing
in 1920 and 1921, which were responsible for delayed deliveries, were
likewise responsible for the difficulties encountered with respect to
defective material. The conclusion with respect to this charge must
be that it is not supported by the evidence.
3. Discriminating in prices of crude or semi-finished aluminum.
To support this charge it would be necessary to show that the company charged higher prices from a competitor "than are charged at
the same time under like or similar conditions from any of the companies in which the defendant is financially interested." The company's price policy as shown by the evidence was to quote the same
price to all buyers where quantity, specification, credit and other
conditions were the same or similar.
Such a policy manifestly does not mean that prices will be identical
without reference to these factors. There are firm grounds for the
conclusion that instances of price variation were amplyjustified by
conditions applicable to each. The conclusion is that this charge is
not warranted by the evidence.
4. Hindering competitors from enlarging their business.
The decree forbids the requiring or compelling the making of agreements by competitors not to engage in any line of business nor to
supply any special order in competition with defendant or with any
company in which it is financially interested as a condition precedent
to the procurement of aluminum metal.
The evidence fails to disclose that any such agreements were made
or sought to be made, nor does it disclose that any lack of expansion
of rolling mill facilities is attributable to any unlawful acts on the
[voL. 122.
THE CHRONICLE
part of the officials of the Aluminum Company of America. All evidence on this point warrants the conclusion that this charge could not
be maintained.
The conclusion of the commission that "the original decree is
obviously insufficient to restore competitive conditions in harmony with
the anti-trust laws, especially with respect to the monopolization of
bauxite lands," is wholly unwarranted.
The evidence is convincing that at the present time the dominant
position in the aluminum industry occupied by the Aluminum Company of America is in no wise related to the admitted fact that the
company owns practically all of the bauxite lands in the United
States. The charge of violation of a decree is criminal in the nature
and requires proof of guilt beyond a reasonable doubt before a conviction can be had.
The.facts developed in this investigation show that it was a wise
precaution on the part of the department to make a further investigation of the charges alleged by the commission to exist. It now appears
that had the department filed a citation for contempt when the report
was received it would have been wholly impossible to sustain the
charges appearing therein.
With reference to the commission's charges as to delays in deliveries
and defective metal shipments above referred to, the evidence is clear
that the principal cooking utensil subsidiary of the Aluminum Company of America and a company in which it has a substantial financial
interest suffered equally with other companies in this regard.
In respect to the charge of discriminations in prices, the evidence
discloses that many customers received as great or greater discounts
as those enjoyed by a company in which the Aluminum Company
owned a substantial interest. In addition to the specific complaints
considered above, the investigation embraced a number of lesser matters
mentioned in the commission's report which have been dealt with in
this report.
It will be recalled that in view of the lack of evidence of domination
of the Aluminum Goods Manufacturing Company by the Aluminum
Company of America it was determined that an independent investigation of the former company be made as to its competitive methods.
This investigation is now in progress.
It will be noted that there has been omitted from this report any
reference to the matters which are at the moment the subject of
hearings being held by the Federal Trade Commission with respect to
its complaint of July 21, 1925, against the Aluminum Company of
America. The major issues involved in these proceedings relate to
the policy of the Aluminum Company of America in connection with
its manufacture and sale of aluminum sand castings and its policy
with regard to the purchase of scrap aluminum.
Much information respecting these matters has been obtained in the
course of the investigation by this department and definite conclusions
arrived at. In view, however, of the pending proceedings it is not
deemed proper to express them here.
By reason of the lack of evidence upon which to pass a citation in
contempt against the Aluminum Company of America or its officers
and agents for violations of the decree of 1912, it is recommended
that no action be taken by the department in this matter.
Monopoly Charges Against Aluminum Co. of America—
Allegations Denied and Dismissal of Complaint
Asked by Company.
Charging practices which are alleged to lessen competition
and tend to create a monopoly in aluminum in the United
States, the Federal Trade Commission on Sept. 24 1925
announced that it had filed a complaint against the Aluminum
Co. of America.
The Aluminum Co. of America, through its counsel,
Gordon, Smith, Buchanan & Scott, answered the complaint, denying that "any or all of the averments set forth in
the complaint disclose any violation of law," or that the
same, if true, "would justify the making or issuing of any
decree" by the Commission against the respondent, and
asking that the complaint be dismissed.
Hearings on the complaint began before the Commission
at Pittsburgh on Feb. 15 last. It was reported in press
dispatches Feb. 18 that the company opened up to the Commission all its contracts with other companies, foreign and
domestic, and that the company officials were giving the
Commission the widest latitude in looking over the contracts.
The company, however, refused to accede to the demand
of the Commission, that it produce the names of persons
owning more than 3% of the stock. Counsel for the company announced it would refuse to produce the list unless
ordered to do so by the court. Hearings ended Feb. 19,
but will be resumed early in May.
The full text of the complaint issued against the company
July 21 1925 follows:
Complaint.
Acting in the public interest, pursuant to the provisions of an Act of
Congress approved Oct. 15 1914 (the Clayton Act) entitled "An Act to
supplement existing laws against unlawful restraints and monopolies.
and for other purposes," the Federal Trade Commission charges that the
Aluminum Co. of America, a corporation, hereinafter referred to as respondent, has been and is violating the provisions of Sec. 2 of said Act,
Issues this compaint and states its charges in that respect, as follows:
Paragraph One.—Respondent, Aluminum Co. of America, is a corporation organized, existing and doing business under and by virtue of the
laws of the State of Pennsylvania, uith its principal or executive offices
in the City of Pittsburgh, in said State. The said respondent owns extensive bauxite deposits from which the aluminum ore is secured in Saline
County, Ark., and in British and Dutch Guiana. South America, and
also owns or has a controlling interest in bauxite deposits in France and
Jugoslavia. Said respondent owns and operates crushing and drying
apparatus in Saline County, Ark., a refining plant in East St. Louis.
Ill., reduction works where aluminum is made at Niagara Falls and Masson°,
FBB. 271926.]
THE CHRONICLE
N. Y., Maryville (Alcoa), Tenn., and /Win, No. Caro.; it owns and
operates a wire and cable mill at Massena, N. Y.; a general fabricating
plant at New Kensington, Pa.; a plant for the manufacture of aluminum
bronze powder and aluminum foil at New Kensington, Pa.; and rolling
mills at Niagara Falls, N. Y., at Maryville (Alcoa), Tenn., and at Edgewater. N. 3.
Respondent is the sole producer of virgin aluminum ingots in the United
States and, since March 1923, has produced over 95% of the virgin sheet
aluminum manufactured in the United States, the present sole competitor
In this branch of the industry,the United States Smelting & Refining
Co. of New Haven, Conn., producing not more than 1% of said virgin
sheet aluminum at higher prices for spot delivery.
Respondent owns 36% of the stock ofthe Aluminum Goods Manufacturing
Co., the largest manufacturer of aluminum cooking utensils in the United
States, and 100% of the stock of the United States Aluminum Co., the
second largest manufacturer of cooking utensils in the United States, these
two companies producing not less than 65% of the total output of said
cooking utensils in the United States; 75% of the stock in the American
Body Co., which manufactures aluminum bodies for automobiles; 64%
of the stock of the Aluminum Manufactures, Inc., which company makes
sand castings for automobile parts; 89% of the stock in the Aluminum
Die Castings Corp.; and 80% of the stock of the Aluminum Screw Machine
Products Co. Respondent owns a 50% stock interest in the Norsk Aluminum Co. of Norway, a one-third interest in Norske-Nitrid Co. of Norway,
and also is the solo owner of the Northern Aluminum Co.. Ltd., of Canada,
the only other manufacturer of virgin aluminum ingots in North America.
The total holdings of respondent on Dec. 1 1922 comprised a 100% stock
ownership in 34 corporations, a greater than 50% stock ownership in
nine corporations, and a less than 59% stock ownership in 17 corporations,
engaged in various enterprises.
The said respondent, Aluminum Co. of America, is now and has been
for more than two years last past, engaged in the manufacture and sale
in Inter-State commerce of pig aluminum ingots and aluminum ingots.
aluminum sheet, tubing, moulding, wire, cable, foil and powder and,
tivough affiliated subsidiaries and (or) leased companies, is engaged in the
manufacture and the sale in inter-State commerce of fabricated aluminum
products, and aluminum alloy products, in particular cooking utensils,
aluminum sand castings, permanent mould castings and die castings,
causing its aforesaid products, when so sold, to be transported from the
place of manufacture in one State to purchasers thereof located in other
States of the United States.
The sole sources of supply of aluminum metal required by foundries and
(or) manufactories engaged in the manufacture and the sale in inter-State
commerce in the United States of fabricated aluminum products, and (or)
products manufactured from aluminum alloy, in particular aluminum
cooking utensils, aluminum automobile bodies, aluminum sand castings
and permanent mould and die castings are (1) respondent, Aluminum Co.
of America, and its subsidiary, the Northern Aluminum Co., Ltd.. of
Canada, the estimated capacity for production of said companies annually
being about 175,000.000 pounds; (2) foreign companies engaged in the
production of aluminum ingots and (or) aluminum sheets, importations
from which during the calendar year 1923 for companies other than respondent and its subsidiaries being about 28,000,000 pounds; and (3)
domestic manufacturers of frabricated aluminum products who have for
disposition scrap aluminum resulting from the aforesaid manufacturing.
In recent years the supply of scrap aluminum available to foundries
sod manufactories in competition with respondent for use in remelting
into secondary ingots and in the production of aluminum cooking utensils
sail aluminum castings has been very extensive. In the year 1922 the
rec.ivery of secondary aluminum as pig aluminum or in alloys amounted to
slightly more than 32,000,000 pounds. Since that time and as a result
of competitive practices of respondent of which complaint is made herein,
practically all of this secondary aluminum has been removed from the
market by respondent, for the purpose and (or) effect of preventing its
competitors from securing this secondary or scrap aluminum and in order
to make respondent's monopoly of the aluminum raw material more certain
and complete.
In the course and conduct of its said business the respondent was at all
times hereinafter mentioned, and still is, in competition with other individuals, firms, partnerships and corporations likewise engaged in interState commerce.
Paragraph Two.—Respondent, Aluminum Co. of America, for more than
two years last past, in the course and conduct of its business
(a) Has adopted and maintained the practice
into contracts
or agreements for the sale and is now selling and of entering
making contracts for the
sale in inter-State commerce of virgin sheet aluminum to manufacturing
foundries at prices less than they have been and are selling said virgin sheet
aluminum to jobbing foundries: and (or)
(b) Has adopted and maintained the practice
into contracts
or agreements for the sale, and are now sellingof entering
and
sale with certain manufacturers of automobile bodies,making contracts of
of cooking utensils,
and (or) of other fabricated aluminum products,
commerce to said manufacturers of virgin sheetfor the sale in Inter-State
aluminum at prices less
than they have been and are selling said virgin sheet aluminum to other
manufacturers of automobile bodies, of cooking utensils, and (or) of other
fabricated aluminum products, on the condition, agreement, understanding
or contract that the said manufacturers to whom the lower selling price is
made shall sell all the aluminum scrap resulting from their manufacturing
operations to the Aluminum CO. of America; and said discrimination in
price between purchasers of virgin sheet aluminum engaged in the manufacture of automobile bodies, of cooking utensils and (or) of other fabricated aluminum products by respondent. Aluminum Co. of America, was
not made on account of differences in the grade, quality or quantity of the
commodities sold, nor did it make only due allowance for difference in the
cost of sale or transportation, nor was it made in good faith to meet competition nor in the selection of customers in bona fide transactions.
The effect of such sales and (or) contracts for sale, and agreements,conditions and understandings may be and is to substantially lessen competition and tends to create a monopoly.
Paragraph Three.—The above alleged acts and things done by respondent,
Aluminum Co. of America, are all in violation of Sec. 2 of the Act of Congress entitled "An Act to supplement existing laws against unlawful restraints and monopolies, and for other purposes," approved Oct. 15 19r4.
1123
One and Two of the First Count are incorporated herein by reference, and
adopted as a part of the allegations of this count.
Paragraph Two.—Respondent, Aluminum Co. of America, for more than
two years last past has employed and still employs, a scheme the effect
of inch was and is to gain a monopoly of the aluminum sand castings
Industry of the United States, and, in order to carry out said scheme,
respondent has adopted, and used, and is now using the following Practices. to-wit:
(al It arbitrarily fixes a differential between the selling price of virgin
alurr inum ingots and the purchase price of scrap aluminum;
(b It pays higher prices for scrap aluminum than it costs the respondent
trsnufacture virgin aluminum ingots;
(c It makes concessions to automobile body manufacturers and (or)
to manufacturers of other fabricated aluminum products in the price of
virgin sheet aluminum to said manufacturers upon the agreement, understanding or contract that said manufacturers sell respondent their total
available supply of scrap aluminum at prices fixed by respondent approximathig the actual cost of manufacture or at prices higher than it cost the
respondent to manufacture the virgin aluminum ingots; and (or) at prices
higher than competing foundries engaged in manufacturing and Jobbing
fabricated aluminum products or aluminum castings or aluminum alloy
products could pay for such metal and more than its intrinsic value when
compared with virgin aluminum metal.
(d) It transfers virgin aluminum metal to its agents and (or) its subsidiaries, at an arbitrary price below the cost of production and below the selling price of said metal to competitors of its said agents or subsidiaries engaged in the manufacture and the sale of aluminum sand castings;
(e) It makes sales of aluminum sand castings to manufacturers of automobiles or automobile products at prices approximating the actual cost
of manufacture or at prices less than it cost the respondent to manufacture
the aforesaid sand castings: and (or) at prices lass than competing foundries
can sell aluminum sand castings at a profit, taking into consideration the
cost to the said competing foundries of virgin aluminum and scrap aluminum.
The practices of respondent as set out in sub-paragraphs "(a)" to
of this paragraph, both inclusive, have been made and are being mada
"
w th the purpose and (or) effect of curtailing the supply of raw material
used by independent and (or) competing jobbing foundries or manufactories and of compelling said independent and (or) jobbing foundries or manufactories to purchase virgin aluminum ingot sand aluminum sheets from
respondentraindependentwith the purpose
n
respondent at prices arbitrarily
ai (oretf
and
s a sourcKof supply
fix
b
and
e (oocompeting jobbing foundries or manufactories he scrap aluminum dretser)
fore available: in that the domestic source of supply of aluminum metal
of the aforesaid independent and (or) competing jobbing foundries or mannfact/ries, with the exception of the aforesaid scrap aluminum, is limited
to aid dependent upon the supply obtainable from respondent; and that
the effect of the aforesaid practices of respondent as herein set out has been
•
and is to suppress competition and to tend to create a monopoly,.
Paragraph Three.—Respondent, Aluminum Company of America, for
conduct of its business as
more than two years last past, in the course and
described in Paragraph One hereof, has employed and is still employing, a
scheme the purpose and (or) effect of which was and is to gain and maintain
a monopoly of aluminum raw material, of aluminum ingots and sheets, of
secondary aluminum, and of aluminum fabricated products and (or)
aluminum alloy products, throughout the United States, and, in order to
carry out such scheme, respondent has adopted and used and is now using,
kk•
the following practices, to-wit:"(a) It arbitrarily neglects or refuses to supply to manuficturers Of
aluminum goods and (or) aluminum fabricated products, and (or) aluminum
castings the aluminum sheet metal or ingots required by said manufacturers,
who are in competition with respondent or its subsidiaries.
(b) It arbitrarily fails to make shipment of aluminum ingots to its competitors or to the competitors of its subsidiaries at the time said products
are ordered, and (or) at the time specified for shipment;
(c) It arbitrarily makes deliveries of aluminum or aluminum ingots to its
competitors or to the competitors of its subsidiaries in insufficient quantity
and In amounts or quantities less than ordered;
(d) It makes deliveries of aluminum sheets, and (or) aluminum ingots to
its competitors or to the competitors of its subsidiaries of quality inferior
to t t reel
(
elaTne
practices of respondent as set out in subparagraphs "(a)" to
uired
"(d)" of this paragraph, both inclusive, have been made and are being made
the competitors of
for the purpose and (or) effect of unfairly harassingeffect of suppressing
respondent or of respondent's subsidiaries and with the
competition between respondent and its competitors and of creating or
tending to create or maintain a monopoly.
Paragraph Four.—The above alleged acts and things done by Respondent
Aluminum Company of America, are all to the prejudice of the public and
of respondent's competitors and constitute unfair methods of competition
In commerce within the intent and meaning of Section 5ofan Act of Congress
entitled "An Act to create a Federal Trade Commission,to define its powers
and duties and for other purposes," approved September 26 1914, and (or)
with the effect of suppressing competition and tending to create a monopoly.
Wherefore, the Premises Considered, The Federal Trade Commission, on
this 21st day of July, 1925, now here issues this its complaint against said
Respondent.
Notice.
Notice is hereby given you, Aluminum Company of America,respondent
herein, that the 9th day of September, 1925, at 10:30 o'clock in the forenoon, is hereby fixed as the time, and the offices of the Federal Trade
Commission, in the City of Washington, D. C., as the place, when and
where a hearing will be had on the charges set forth in this complaint, at
which time and place you shall have the right, under said Act, to appear
and show why an order should not be entered by said Commission requiring
you to Cease and Desist from the violation of the law charged in this
complaint.
/n Witness Whereof, The Federal Trade Commission has caused this complaint to be signed by its Secretary, and its official seal to be hereto affixed
at Washington, D. C., this 21st day of July, 1925.
By the Commission:
OTIS B. JOHNSON, Secretary.
(SEAL)
Answer of the Aluminum Co. of America to the Complaint of the Commission.
Dated July 21 1925.
And now, to wit. Sept. 21 1925, comes the Aluminum Co. of 'America,
the respondent In this case, and makes the following answer to the complaint filed against it by the Federal Trade Commission, dated the 21st
day of July 1925.
First. The respondent denies that any or all of the averments set forth
in the complaint disclose any violation of law, or that the same, if true,
would justify the making and issuance of any decree by the Commission
Acting further in the public interest, pursuant to the provisions of an against the respondent,and therefore prays that the complaint be dismissed.
Congress approved Sept. 26 1914, entitled "An Act to create a FedSecond. In answer to the averments and allegations contained in ComAct of
eral Trade Commission, to define its powers and duties, and for other plaint I. respondent avers:
1. In so far as Paragraph 1 sets up the corporate organization of the
purposes," the Federal Trade Commission charges that the Aluminum Co.
of America, a corporation, hereinafter referred to as respondent, has been respondent and the location of its principal office, the same is admitted.
unfair methods of competition in commerce in violation of the In so far as the complaint avers ownership of bauxite deposits, the same is
and is using
provisions of Sec. 5 of the said Act, issues this complaint and states its admitted. Bauxite is the principal raw or natural material used in the
production of the metal aluminum, and the bauxite owned by respondent is
charges in that respect as follows:
Paragraph One.—Proceeding in the public interest and as a further cause necessary in the reasonable conduct of respondent's business. It is true
violation of Sec. 5 of the Above Act, the Commission charges that the respondent, either directly or through subsidiary corporations, is
of action in
and relies upon the matters and things set forth in Paragraphs One and the owner of bauxite deposits, refining plants, reduction works and fabriTwo under the First Count of this complaint to the same extent as though cating plants as set forth in Paragraph 1 of Complaint I. It is also true
the allegations thereof were set out at length herein and the said Paragraphs that respondent is the sole manufacturer in the United States of aluminum
THE CHRONICLE
1124
ingots made from the ore (bauxite). It is not true that respondent has
since March 1923 produced over 95% of the virgin sheet manufactured in
the United States, neither is the United States Smelting & Refining Co. at
present respondent's sole competitor in the manufacture of such sheet
aluminum.
The statements contained in said paragraph as to the ownership of stock
by respondent in certain manufacturing companies whose names are given
therein, are substantially correct. The United States Aluminum Co. Is
and always has been a hundred per cent subsidiary of the respondent. The
Aluminum Manufacturers, Inc., is not engaged in business; all its plants
are leased to and operated by the United States Aluminum Co. In regard
to the companies referred to whose names are not mentioned, those in
which respondent owns one hundred per cent stock are purely subsidiaries
engaged in the holding of real estate or production of power or raw materials
necessary and useful for the respondent in the conduct of its business or in
the fabrication of the materials manufactured by respondent or in the transportation or sale of said raw materials or finished products. The other
unnamed companies referred to in the complaint are engaged in business
which has a direct relationship to the business conducted by the respondent
and respondent's ownership in the stock thereof is lawful and useful and to
a great degree consists of investments made by respondent in corporations
engaged in the fabrication of materials manufactured by respondent entered
Into for the purpose of promoting the aluminum industry in the United
States and to some degree represent temporary investments of surplus funds.
It is admitted that the respondent is engaged in inter-State commerce.
It is admitted that the supply of aluminum metal in the United States
consists of the primary aluminum manufactured by the rspondent in the
United States, the primary aluminum manufactured by the respondent and
others outside of the United States, and scrap of various kinds, both from
within and without the United States.
As to the annual production of ingots, sheets and scraps available in the
United States, respondent has no precise knowledge. It varies from year
to year, and if said facts are material to the present controversy,respondent
demands proof of same.
It is not true that as a result of any practices, competitive or otherwise.
practically all the secondary aluminum referred to in the said paragraph
has been removed from the market by respondent, nor is it true that any purchases of secondary aluminum that the respondent may have made were
made either for the purpose or had the effect of creating a monopoly or preventing any of its competitors from securing secondary aluminum, or to
make respondent's alleged monopoly of aluminum raw materials more certain or complete.
It is admitted that in the course and conduct of its business the respondent
was at all times and now is in competition with other individuals, firms,
partnerships and corporations engaged in interstate commerce.
2. In answer to Paragraph Two of Complaint I, the averments of subparagraph (a) are denied. The averments of subparagraph (b) are denied.
It is particularly denied that if it had been true (which it is not) that any
such sales or practices as those referred to in this paragraph either had been
in the past or were now in existence, such practices or sales, could, would or
do have any effect upon competition or tend in any way to create a monopoly.
3. Paragraph Three of Complaint I is denied.
Third. In answer to the averments and allegations contained in Complaint
II, respondent avers: '
1. The same answer is made to Paragraph One of Complaint II as is made
to Paragraph One and Two of Complaint I, and with the same force and
effect as though said answers were set forth herein at length.
2. The averments of Paragraph Two of Complaint II as therein stated
are denied; subject, however, to the following explanations:
Respondent admits that it sometimes pays higher prices for certain quali
ties of scrap aluminum than it costa the respondent to manufacture primary
to subaluminum; in so far as respondent may transfer primary aluminum
sidiaries at arbitrary prices, said conduct is purely one of bookkeeping and is
a customary and convenient way of handling such transactions on the books
of a parent company and its subsidiaries.
3. The allegations of Paragraph Three of Complaint II are denied.
4. The allegations of Paragraph Four of Complaint II are denied.
Fourth. In further answer to the complaint filed in this case, respondent
avers that it engaged in the manufacture of aluminum in the year 1888 In
accordance with the methods set forth in certain letters patent of the United
States, which respondent lawfully acquired and respondent had, during the
life of said patents, a lawful monopoly in the manufacture of aluminum by
the methods set forth in said letters patent. The process set forth in said
letters patent and so used by the respondent is the only method by which
aluminum could be manufactured at a cost which made it possible to use the
metal commercially. Although the last of the patents used by the respondent expired in the year 1907 the same processes are the methods still in use
by the respondent and all other manufacturers of aluminum in the world.
At the time when the respondent began the manufacture of aluminum there
was no commercial market for aluminum, and it became necessary for the
respondent, in the development of its business, to fabricate the metals into
shapes in which it could be used and to induce the public to use it as a substitute for other metals. The respondent explicitly avers that since the
expiration of said letters patent thereh has been nothing to prevent any
person who so desired from engaging in the manufacture or fabrication of
aluminum in the United States, and respondent never has done, neither has
it attempted to do, anything which in any way prevented or embarrassed
others from engaging in said business, but, on the contrary, has devoted its
time to producing aluminum in quantities which the public needed and of
the best quality that could be produced, and has encouraged and aided
others to embark in the fabrication and use of articles in which aluminum
is the sole or a constituent part. It has been its policy to give to consumers
of aluminum the lowest possible prices, and respondent avers and charges
that whatever complaints have been made as to respondent's prices and
methods are largely, if not wholly,confined to complaints of middlemen who
naturally have found their profits more or less interfered with by said pollaY
of respondent.
Wherefore respondent prays that the complaint be dismissed.
ALUMINUM COMPANY OF AMERICA.
,
133 Gordon, Smith, Buchanan St Scott, Its Attorneys.
Message of Governor Smith to New York Legislature oni
Need for Housing Relief—Bill Providing For
State Housing Bank.
The subject of permanent housing relief in congested
sections throughout the State, was dealt with by Governor
Smith in a special message sent to both branches of the
New York Legislature on Feb. 22. The Governor reviewed
the treatment of the issues by the State from 1919 to date,
stating that "this whole question has been investigated
[VOL. 122.
and reinvestigated, and investigated all over again until
there are in existence today official records on file in the
Capitol at Albany sufficiently large to fill volumes of books.
One outstanding fact still remains as a result of all the
investigations," he continued, "and that fact is that the
construction of certain types of homes for wage-earners of
small income is unprofitable under the existing system."
In presenting his proposals for the remedying of existing
conditions, Governor Smith said:
After serious thought, study and investigation by the State Housing
Commission and other interested organizations, it seems to be the
opinion that the creation of a State Housing Bank, similar to the
Federal Land Bank organized for the relief of farmers, clothed with
the power of condemnation for suitable projects, to the end that they
may at a low rate of interest loan money to limited dividend corporations organized for the purpose of carrying on these operations
at a reasonable return on the money invested, is the key to a solution
of the situation.
The proposal for the creation of a State Housing Bank
in furtherance of the plans of relief, was embodied in the
annual message of Governor Smith to the Legislature in
January, reference to which was made in these columns
Jan. 16, page 302. Bills to carry out the Governor's program were introduced this week (Feb. 22), by Senator
Bernard Downing and Assemblyman Maurice Bloch, Democratic floor leaders in the Senate and Assembly. Regarding these bills the "Knickerbocker Press" of Albany
says:
•
Under provisions of the Downing-Bloch bill rents in Albany and
other cities in The Capitol District for apartments constructed under
the proposal would be limited to $9 per room per month or less. This
figure is to include heat, hot water and other services, that according
to the estimate of the housing commission make the rate equivalent to
a rental of a dollar less in cold water flats.
The maximum monthly rental per room on Manhattan Island for
apartments constructed under the plan is fixed at $12.50, in Brooklyn
and the Bronx at $11, elsewhere in New York City and in cities of
the first-class throughout the state, except New York City at $10,
and in other areas at $9.
The Housing Commission asserts that under the Governor's bill it
will be possible to reduce rentals below these limits, the figures having
been chosen to give a margin of safety to investors. Profits of
the operating companies in excess of 6%, according to a provision of
the bill, would be returned to the tenant in the form of lower rents.
"If our slums are to be abolished and decent housing provided at
rentals workers can afford to pay," the commission finds, "the state
must aid in the task."
Provisions of Bill.
"The bill provides this aid in two ways: By granting the right of
condemnation, it enables the economical assemblage of plots large
enough to effeCtively reduce construction costs. By permitting taxexemption, it reduces the cost of money."
The report points out that a reduction of 1% in the interest rate
on the cost of a building enables the reduction of rents by more than
one dollar per room per month. The proposed law is drawn to
provide that these economies will be directly passed on to the tenant
by statutory limitation of the profits of the operating company and
of the rentals to be charged.
The State Housing Board proposed in the Governor's bill would be
under the department of architecture and would be made up of the
state architect, ex-officio, and six commissioners appointed for six
years each who would serve without compensation.
This board, it is explained by the commission's report, must approve
the plans of a limited dividend company before the latter may avail
itself of the provisions of the proposed law.
State Housing Bank.
The State Housing Bank will be a special bank with limited powers.
It is a State institution without capital. Its Board of Directors,
serving without compensation, is appointed by the Governor and consists of the President of the Tax Department, ex-officio, and four
others to be appointed by the Governor from lists submitted by the
New York State Association of Real Estate Boards, the Chamber of
Commerce of the State of New York, the New York State Bankers'
Association and the State Federation of Labor. The object of this
method of selection is to assure the appointment of men of high
standing in whom the business community will have confidence.
The bank is charged with the approval of the financial features of
the plan, the conservation of estimated costs, the relationships of
these costs to contemplated rentals and the deposit . of underwriting
of the limited dividend company.
Private capital is enlisted in two ways. One-third of the total
cost of a given project, what is primarily the "equity" in the ordinary
real estate transaction, is supplied through limited dividend housing
companies who are permitted to earn 6% and no more on their
capital. This is met by a second lien on the property. The remaining
two-thirds is raised through the sale by the housing bank of State
housing bonds, at a rate not to exceed 5%, and which it is reasonably
excepted will be not more than 4%.
These bonds will be secured by a first lien on the property. They
are treated in the act as instrumentalities of the State and are accord7
ingly free from both Federal and State taxation. They are analogous
in this respect to the bonds of the Federal Land Bank, whose tax
exemptibility was sustained by the United States Supreme Court.
Investors in limited dividend housing companies are given the option
to exchange their 6% stock for second lien 55-% certificates of the
Housing Bank which similarly will be free from State and Federal
taxation.
The bank now acquires the land by condemnation and leases it for
fifty years to the limited dividend company the company builds. By
the terms of the bill municipalities are empowered to exempt such
projects from local taxation if they see fit.
The management of the property is carried on by the private corporation under the terms of the lease and subject to the supervision
of the board and bank. Both of the latter are represented on the
FEB. 27 1926.]
THE CHRONICLE
1125
Board of Directors of the corporation but do not have controlling
Later in 1922 your committee reported in greater detail the diffipower. In addition they have access to the books of the company. culties of securing money from the usual loaning institutions
for low
The return on the capital investment is limited to a cumulative 6 or cost housing purposes, and pointed out that "the construction
of
depending on whether the equity is represented by stock or buildings continues to be further discouraged
by the difficulties encertificates.
countered by prospective builders in securing loans or other financial
The rate of amortization is fixed to write off 75% of the cost of assistance. Life insurance companies, saving banks and
other lenders
the improvement in fifty years. The gross costs of management are of money have imposed unusual conditions.
restricted in such a manner as to allow current commercial salaries
In the same section of the report your own committee pointed out
and expenses, but at the same time to prevent the payment of salaries the causes for the high cost of money for construction purposes, and
in lieu of dividends.
also stated that in their opinion "the City of New York is in urgent
There are no constitutional difficulties to be overcome. There are need of at least 70,000 healthful and sanitary apartments
of four
no grants of power from the State, save only the grant of power of rooms each that can be rented at not to exceed $9 per month
per room."
eminent domain and the immunity from taxation of securities of the
In the final report of your committee in 1923 they stated:
State Housing Bank. Decisions of the United States Supreme Court
In the very heart of the city great apartment houses offering accommosustain this method of solving a problem which is clearly affected dations to many thousands of families are going up, but most of them
with a public interest.
are beyond the means of the masses. The general result appears to be
that in the higher class apartments
be
space
The following is the message sent to the Legislature by in the city, whilst in the suburbs the there may and superfluous dwellone-family
two-family
ings offer -accommodations to a man of modern means.
Governor on Feb. 22:
the
In the city itself it is apparent that there will continue to be a
State of New York,
scarcity of moderate and cheap priced apartments until the supply
Executive Chamber,
in the higher-priced apartments has had its effect on the price of the
others.
Albany, Feb. 22, 1926.
In other words, there is an abundant supply of apartments renting
To the Legislature:
at upward of $20 a room, but still an alarming scarcity of new apartI am herewith transmitting to you the report of the Commission on ments renting for between
$9 and
Housing and Regional Planning, submitting a proposal for permanent apartments. The apparent reason $12 per room, and of the cheaper
for this is that the prospective
housing relief.
builder, because of the prevailing high cost of material and the unIn my first annual message I referred briefly to the question of certainty of the cost of labor, has been compelled to place his investproper housing in congested sections throughout the State. In order ment in construction that will give him reasonable assurance of the
that the picture may be fully before you, let me here recite the high rentals necessary to pay him an adequate return on the large
investment required.
State's treatment of this important question since 1919 to date.
Evidence of Permanent Housing Problems.
Upon my assumption of office in January, 1919, I called attention to
I quote thus at length from the reports of your own committee to
the then existing housing emergency. Early in 1919, in my message
appointing the reconstruction commission, I called their attention indicate the careful studies which they made, and also desire to point
specifically to housing conditions. Shortly thereafter the Legislature out that no change has come about on the Island of Manhattan which
appointed a Joint Legislative Committee on Housing, and in June of in any way alleviates these distressing conditions.
I could continue to quote from other messages and public' docuthat year, in a report to me, in speaking of the shortage of proper
ments, but they are all in your possession. The reports of the State
housing the Legislative Committee said:
The deterring factor is the difficulty in obtaining building loans, Commission on Housing and Regional Planning repeatedly draw atand pointed out the need for low-cost money for construction of tention to the same conditions, but the report which accompanies this
homes at low rentals. They further said:
message presents conclusive and up-to-date evidence that there is a
We believe the financial institutions such as savings banks, life in- permanent housing problem, which
none of the remedies thus far sugsurance companies, fire, accident, health and casualty insurance com- gested meets.
Tax exemption produced houses, but except for the
panies and other institutions favored by Federal and State tax exnegligible quantity of small houses in the outlying districts made no
emptions can and should meet the sittuation in this State by loaning
impression whatever on the congested areas in the large cities so far as
liberally within the law for housing construction.
In theh same report to me the committee suggested that I, as Gov- relief for moderate income groups is concerned.
ernor of the State, should make an appeal to the leading organizations
This whole question has been investigated and reinvestigated and inof the State "immediately to put forth every possible effort to aid new vestigated all over again until there are in existence today official
construction of dwellings, especially those renting at low rates.
records on file in the Capitol at Albany sufficiently large to fill vol'
As early as May, 1919, I had stated that the only real remedy for umes of books. One outstanding fact still remains as a result of the
the situation was the construction of more houses. In 1920, upon investigations and that fact is that the construction of certain types
receipt of a report from the Reconstruction Commission, I urged
that of homes for wage-earners of small income is unprofitable under the
we should not spend all our efforts on rent legislation,
but should existing system.
undertake constructive effort that would have a
All of the investigations disclose the undisputed fact that the buildpermanent effect.
The facts were carefully presented in a report of the
Reconstruction ing of homes has in the past been looked upon as an enterprise conCommission, and I urged a constructive policy in the
creation of hous- ducted like any other business in which the element of speculative
ing boards and the adoption of the recommendation of the
commis- profit has been the compelling force. Until this situation is changed
sion. Your own committee, in a report made to the
Legislature at it will be impossible to rebuild the tenement areas, which continue
the special session in September, 1920, said:
throughout the years to be a menace to the health and morals of the
The Federal, State and city health authorities direct
the attention country.
of the nation to the overcrowding, especially in the
This report of the State Commission on Housing which I transmit
large
point out that the housing situation presents a potential cities, and
danger and herewith furnishes a list of old-law tenements in New York City still
menace to the public welfare. The old, abandoned,
unsanitary tene- standing and still inhabited, which were condemned as foul, unsaniments are necessarily occupied and the slum
in the cities. The stability and progress of is again raising its head tary and unfit to live in by the Tenement House Committee of 1885.
comfort, healthfulness and security under a people depend upon the
Legislative committees, private agencies, the Reconstruction Commiswhich
is a necessity of life and the home the bulwark of they live. Shelter sion, the State Housing Commission, everybody
the nation.
who has studied the
In the same report the committee indicated
that a survey which subject, is unanimous in the belief that the great obstacle to private
it had received showed a general shortage in the
cities, and that local capital for this class of housing has been the cost of borrowing money,
efforts were being made to stimulate construction
and obtain first and and the present slow and expensive process of acquiring sufficient land
second mortgage money, showing that your
committee was conscious to conduct profitable building operations on a large scale. They are
of the fact that the cost of money was interfering
with building.
also unanimous in the belief that if the apartments in such buildings
The recommendations of the Joint Legislative
offered at a rental within the means of the low scale of wage
gested attempts to relieve mortgages from taxation,Committee all sug- are to be
to make the bonds earners, they must be constructed on a large scale.
of the State Land Bank a legal investment for
State and local sinking
State Housing Bank.
funds, and also recommended the creation of
Thereafter the Joint Legislative Committee local building boards.
After serious thought, study and investigation by the State Housing
directed itself to various
investigations looking to lowering the
cost of construction of houses, Commission and other interested organizations it seems to be the opinncluding investigations of various trade
conditions and other matters ion that the creation of a State Housing Bank similar to the Federal
seemed to increase costs, denoting
whch
that they were entirely con- Land Bank organized for the relief of farmers, clothed with the power
scious of the fact that in some way housing
costs would have to be of condemnation for suitable projects, to the end that they may at a
lowered to meet the needs of a large
low rate of interest loan money to limited dividend corporations orproportion of the population.
ganized for the purpose of carrying on these operations at a reasonEmergency in Housing
Accommodations in New York.
able return on the money invested, is the key to a solution of the
In 1922 your own committee again stated that
situation.
housing accommodations that existed, particularly "the emergency in
Accordingly, there will be before you a bill to accomplish these purin the City of New
York . . . still exists, and with respect to the
cheaper class of tene- poses.
ments and housing . . . the emergency has
While the limited dividend companies which are to construct and
grown and is today
more acute than it was at the time the laws were
operate the buildings yield to the soverign power of the State for their
passed."
The legislative committee further states in
regulation as to cost and rentals, nothing in the plan involves the
the same document:
Your committee further finds that owing
extension of either State or municipal credit and no amendment to the
and materials and other economic conditionsto the high prices of labor Constitution is required, as
all the objects and purposes sought to be
ter last described (low rental apartments) no houses of the characcare in prospect, while, on the other hand, are being constructed or accomplished can be achieved by amendment to statute law.
I strongly urge your honorable bodies to progress this legislation.
ments of this class have become obsolete many of the older tenemany others have been torn down to make and uninhabitable, while Already too much time has been wasted in investigation. Nothing
room for
ings that are encroaching upon these neighborhoods business build- can possibly be discussed that is not already a matter of record,
either
.
The same report also states:
in the committee of your own creation known as the Lockwood
comThe present costs have driven building
mittee, in the reports of the investigations by the Reconstruction
Comtion of business and residential properties activities into the construc- mission, and later
and of the more expensive
by a body of your own creation known as the State
apartment houses to the exclusion of
reasonably priced tenements. Housing Commission.
Meanwhile the congestion among the masses
of people in the great
'Every day's delay prolongs the condition now existing, known
cities, and particularly in the City of New York, is
to
increasing to such
extent that it has become a menace to
an
the lives, health, morals everybody and preessing hard for solution. The State will be compelled
and safety of the entire community.
to pay in impaired health and vitality of a large part of her people for
districts there are from three to
In many
four times as many hu- every week of today. That there is a wide-spread demand for immeman beings housed in the same number of cubic feet
diate relief there can be no doubt, and the people of the State will
as before the war. Your committee is satisfied that as of living space
a
shortage in this class of living accommodations the livesresult of the have just cause to be uneasy about this whole situation. When all the
and health facts are known and a practical, sane, sensible and business solution
of the population of the City of New York are in grave
the results of contagious diseases, apart from the perils danger from is suggested, should there grow into the whole situation any further and
that lurk in unnecessary delay?
the unhealthful surroundings in which the poorer classes of
lation are compelled to live. There is no relief from theour popuThe record disclosed early in this message clearly indicates that the
ordinary
activities of competitive building for the reasons above stated.
State has temporized with this question to the last degree. Nothing of
Your own committee recommended the enlargement of the
a constructive nature looking to a solution of the problem, aside from
powers
of investment of the life insurance companies so as to permit
them the creation of the Bureau of Housing in 1923, has been actually acluring the existence of the emergency to invest a small
proportion complished since I first called it to the attention of the Legislature in
of their capital in the construction of this class of buildings.
January, 1919.
1126
THE CHRONICLE
of
The temporary expedients in the way of amendments to the code
more
civil procedure, commonly referred to as rent laws, are nothing
along. Attempt
or less than stimulants given to the patient to carry it
been sufto stamp out the evil and get at the root of the trouble has
you must
ficiently long delayed. I, therefore, urge upon you, and since
a better one. I
admit the facts, that you seek this remedy or suggest
of this plan. I am satisfied that
have no fear of the ultimate success
upon their
citizens of large means will be satisfied with limited return
contribuinvestment if they can feel that they are making substantial
community. ,
tion to the health, comfort and morals of a great
According to Albany advices to the New York "Times,"
Feb. 23, Republican leaders in the Legislature have decided
to reject as too radical or accept only in part Governor
Smith's plan for permanent housing relief as embodied in
the special message which was read in both branches of
the lawmaking body at last night's session. The "Times"
account stated:
The subject was discussed at conferences held by Republican Senathe
tors and Assemblymen, after the session today. In disposing of
proposal contrary to the Governor's views there is reason to believe
that the leaders will have all the necessary backing from the rank
and file of their party in both branches.
In a joint statement setting forth the Republican attitude the suggestion was again made that what the Governor recommended would be
in confllict with the Constitution on the State, although eminent lawyers
have told him his plan would stand legal test.
"Each of the Governor's proposals," the statement said, "is such a
radical departure from our ordinary conception of the duties of government and involves so many different considerations that final action
should be taken only after mature deliberation. We are not opposed
to some plan which is constitutional and which will encourage the flow
of capital into the construction of tenement houses to _meet any needs.
We promise to give this subject our immediate consideration to the
end that some legislation may be enacted and steps taken to bring
about the ultimate solution of the problem."
From a Republican source it was learned that even if some part of
the Governor's plan should be saved from the discard his proposal of
a State housing bank with powers of eminent domain and the right to
issue tax-exempt bonds to cover three-fourths of the cost of the housing
projects that are in contemplation should the legislation go through
will be rejected.
What the Republicans are most likely to accept is the provision in the
Governor's bill for limited dividend corporations to undertake the construction and operation of low-price model tenements. They are willing to vest in such corporations the power of condemnation in return
for their consent to submit to regulation of rents and the fixing of
This would not
rentals at levels which will restrict profits to 6%.
meet the Governor's views, and even as a compromise could not be
acceptable because it would still leave tenants solely dependent on
private enterprise, which so far has failed to meet the needs of what
the State Housing Commission has declared constitutes in round numbers 70% of the rent payers in New York City.
Lieut.-Gov. Lowman, who did not participate in the Republican
conferences today and who rarely is found in accord with a proposal
from Governor Smith, declared the Governor's housing plan acceptable
to him in principle.
"If the disparity between the industrialists and the industrial workers has grown to such an extent that they cannot have decent homes
without legislation of this sort then we should give it to them," said
the Lieutenant-Governor. "So. far as I can see there are only two
features of the bill which are open to objection. One is a provision
which would make the bonds issued by the housing bank exempt from
local, State and Federal taxation. That would provide a medium
through which our men of great wealth would be able to escape taxes
on further large sums in addition to those on which they are already
tax free.
"The second feature which might be open to objection is that which
provides that the properties to be acquired by the limited dividend corporations shall be exempt from State taxation and, if the municipal
authorities so decree, exempt from local taxation as well. That is unfair to the small home owner, who would thus be compelled to pay
taxes to support the needs of large blocks of tenement property which
would receive services from the city equal to or greater than his own.
"Otherwise, I am in favor of this plan, as I see no other way out of
[VoL. 122.
Increase in Postal Savings Deposits in January.
An increase of $856,000 occurred in postal savings deposits
in January, the amount at the end of that month, at $134,090,867, comparing with $133,234,867 on Dec. 31. The
following is the statement for January issued by the Post
Office Department:
MONTH OF
STATEMENT OF POSTAL SAVINGS BUSINESS FOR THE
JANUARY 1926 AS COMPARED WITH THE MONTH OF
DECEMBER 1925.
$133,234,867
Balance on deposit Dec. 31
856,000
Increase during January
$134,090,867
Balance on deposit Jan. 31
Depositors' Inc. 1+)or
Depositors' Inc.(+1 or
Post OfficeBalances. Dec.(-).
Balances. Dec.(-).
Post Office-1,034
184,715
New York, N.Y.$35,664,849 -$574,032 Memphis, Tenn_
+13,087
184,549
Brooklyn, N. V. 9,143,600 -268,770 Phoenix, Ariz_
+1,084
-62.550 Duluth, Minn__ _
181,504
Boston, Mass..6,243,761
-6,554
176,788
5,095,567 -44,476 Erie, Pa
Chicago, Ill
+3,120
176,442
Pa. 2,909,043 -24,794 Missoula, Mont_
Philadelphia,
2,766,917 -37,982 Thief River Falls,
Seattle, Wash__
+42,105
176,394
Minn
-8,447
Pittsburgh, Pa__ 1,917,806
+19,737
+25.764 Nampa, Idaho
173,622
Kansas City, MO 1,865,384
-1,874
171,499
+1,021 Louisville, KyPortland, Ore___ 1,417,140
+1,015
167.519
+2,782 Hurley, Wis
Tacoma, Wash__ 1,394,372
+64,937 Atlantic City,N..1
167,088
Denver, Colo.__ 1,310,021
+13,909
164,416
Detroit, Mich.__ 1,254,361 -15,348 Boise, Idaho_ __ 077
+6.
+22.955 Dallas, Texas__.
162,402
St. Paul, Minn__ 1,231,999
3 39
-. 0
160,285
-8.044 Flushing, N.Y
Newark. N. J__ _ 1,099,031
+2.727
160,144
+5,925 Baltimore, Md..
Mont _ _ 1,023,244
Butte,
-965
-8,028 Christopher, Ill_
158,995
962,149
St. Louis, Mo___
6 48
+. 8
158.923
945,831 +206,950 Henryetta,Okla_
Miami, Fla
__Fug
:
-8.164 Anchorage, Abu_ .122 g?
873,183
Uniontown,Pa
1
+5.787 Okmuigee, Okla_
798,623
Los Angeles, Cal.
-1,941
+24,606 Birmingham, Ala
155,104
652.958
Great Falls,Mont
-2,206 Perry, Iowa...,
600.865
Ban Francisco,Cal
+73,515 Burley. Idaho__ _
578,066
Sioux Falls, S. D.
-636
152,364
+20,433 San Antonio. Tex
543.208
Des Moines,Ia
+6,451
-10,366 Lawton, Okla.__
151.956
528,270
Milwaukee, Wis.
-392
+1,307 Norwood, Mass_
149,849
M inn 505,307
Minneapolis.
-520
149,434
-4,922 L.I. City. N. V.
481.523
Jersey City, N. J
+4.941
-7,243 Helena, M out _ _
148.425
466,057
Cincinnati. Ohio_
-606
+6.198 Bayonne, N. J...
147,873
430,089
Roundup, Mont_
+6.645
145.974
+29,277 Gallup, N. Mex_
428,181
Pccatello,Idaho_
+3,346
143.020
+2.505 Okla. City, Okla.
413,428
Mich_
Ironwood
-14.506
4
143.019
+3.154 Augusta, Da__412,430
Columbus. Ohio_
+11,525 Camden, N.J___
+408
141,879
388,214
Sioux City, Iowa
+1.629
140,148
364,282 -15,234 Charleston, S. C.
Buffalo, N. V.,_
- . 87
138.142
23
-999 Paterson, N. J__
356,804
Washington,D.C.
138,115
+59.931
-9,948 Prescott, Ariz.__
350,295
Providence. R.I.
+3.738
134.117
+7.770 Spokane, Wash_
346,820
Leadville, Colo
-188
131,744
+10,611 Wilmington.Del.
336,447
Havre, Mont...
+7.524
128,308
+18,126 San Diego, Calif_
334.698
Lewistown. Mont
-.
128,261
3 718
+11,190 Anacortes, Wash
328,975
Mason City.Ia
23
- . 20
128.060
+8.813 New Orleans, La.
316,263
Kansas City,Kan
+7.803
126.132
+27,858 Nokomis, Ill_ 308,404
Jacksonville, Fla.
+3,729
125,913
-2.504 Weiser, Idaho.- 291,372
McKeesRocks,Pa
125,053
0
+8. 03
291,157 -11,584 Wichita, Kan_ ....
Cleveland, Ohio_
+42
12.5,026
+6,986 Dayton, Ohio__
290,332
Billings, Mont
413
+6,
124,476
+7,007 Camegle,Pa_ _
286,377
Cheyenne, Wyo..
-5.393
123,849
-5.301 Jamaica, N. Y..285,926
Aberdeen, Wash+8.090
123.999
-5,508 Woodlawn, Pa_281,490
Astoria, Ore.,,,
+6,190
123,091
-0.467 Benkl,Ill
277,424
Bridgeport, Conn
-3,239
122,362
+6.896 Preckenridge,Tex
270,148
Red Lodge,Mont
+7,256 Salt Lake OILY.
267,263
Omaha, Neb...
-1.405
122.080
Utah
-9.491
266,554
Passaic, N J.. _ _
+6.256
120,302
-10.864 Albuquerque.N.M
260,881
McKeesport,Pa_
+11,388
120.178
-2,685 Payette, Idaho__
255,392
Lowell, Mass.__
+9.500
119,540
+101 Madrid,
254,173
Roslyn, Wash.__
-2,297
117,868
+7.875 Pittsburg, Ban
252,168
Casper, Wyo......
-1,411
112.724
Springfield, Mo
+2.277
249,193
Miles City. Mont
+2,181
112.692
+12,824 Raymond. Wash
245,901
Mitchell. S. D.-2,172
110,885
-4,956 Everett, Wash239.551
El Paso, Texas.+3,011
110,222
-3.206 Indianapolis, Ind
228,127
Toledo, Ohio....
-5,024
109,637
+11,276 St. Cloud, Minn226,536
Huron, S. D____
+13.490
108,924
+9,031 Idaho Falls. Ida_
226,080
Sheridan. Wyo..
+3.023
108,906
+6.926 Centralia. WashFairbanks, Alaska *219,817
-439
108,160
-4.821 Monongahela.Pa
218,905
Pensacola. Fla__
+5.594
106,651
+8,040 Ft. Worth,Texas
218,469
Sterling. Colo.__
-137
105.980
+2,195 Tonopah, Nev__
215,381
Hartford. Conn_
+2,301
104,883
+2,543 Anaconda, Mont
214,941
Pueblo. Cob....
+1,775
103,875
207,755
+24,039 Ladd, Ill
Tampa,Fla
-3,029
103,864
206,165
+2,424 Hartshorne, Okla
Mt.Pleasant, Pa
-3,689
103,458
+10,526 Bessemer, MichAltoona, Pa...,204,110
-2,097
103,172
195,637
-25 Guthrie, Okla...
Bellingham,Wash
-5
103,090
-5,265 Conneaut, Ohio_
187,645
Isrel.N.Y.
Staten
-3,663
101,954
+4,789 Akron, Ohio....
187,346
Oakland, Calif__
-2,604
101,720
+22,509 Shawnee, Okla
186,611
Cleburne,Texas_
-1,626
101,481
Elizabeth, N.J_
Bingham Canyon,
+6,599 New Kensington,
185,555
Utah
-1,000
100,921
Pa
-1,179
185,498
R. I_
Pawtucket,
-7,852
184,907
New Daven,Conn
balances.
*December
-mg
12:317 ta1g2
•
the situation."
Studying InvestWall Street Calls Smith's Housing Bank Socialistic-Finan- Financial Advertisers' Association
ment Advertising-Next Convention in Detroit,
ciers Think Realization Remote, but Doubt
September 21, 22 and 23.
Governor's Plan Would Impair Business.
Something that should be of interest to every investment
New York "Herald-Tribune"
The following is from the
banker in the country happened in Chicago a few weeks
of Feb. 24:
ago-the recently appointed Investment Research CommitBankers and bond dealers yesterday expressed keen interest in
Governor Smith's project for a State Housing Bank, or "urban land
tee of the Financial Advertisers' Association held its first
bank," as one man termed it. Aside from criticisms of the scheme as
A need for a comprehensive study of the potensocialistic and the belief in some quarters that its realization was meeting.
remote, chief attention was directed to the possibility that its operations tialities of investment advertising which would include a
might effect the market both for municipal bonds and for mortgage
market survey has been felt by many investment bankers
bonds.
days.
Housing Bank would be first mortgage ever since the post-war
The securities of the State
bonds, legal for savings banks and similar institutions, and enjoying
One splendid effort in the way of a survey was made by
tax exemption. They would resemble closely the bonds of the Federal Albert Frank & Co. In 1921, the results of which, presented
farm loan banks and the joint stock land banks, of which $1,489,at its
In view of the to the Investment Bankers Association of America
000,000 were outstanding on November 30 last.
amount of the farm loan bonds already outstanding, and of the fact 1921 convention in New Orleans, occasioned widespread
that in 1925 alone about $6,000,000,000 taxable mortgage bonds were favorable comment. The survey relative to unsound securibrought into existence, it was not generally felt that the New York
Lewis H. Haney of the New York University
housing bank, as planned by Governor Smith, would effect an imme- ties made by
Bureau of Business Research for the Better Business Budiate glut of the mortgage bond market, though it might have a depressing influence'.
reaus is a more recent step, even though of a different
would
The tax exemption to be enjoyed by the housing bank bonds
nature, along the same line.
identical with that of all municipal bonds, of which about $15,000,be
each year
Now, after long deliberation and no little study on the
000,000 are now outstanding. As new municipal bonds
output
mount up close to a billion dollars, municipal dealers said the
some of its members, the Financial Advertisers'
their market, es- part of
to break
of the housing bank would hardly suffice
the time has
municipal bond enjoys the backing of the credit Association has come to the conclusion that
pecially since the true
subdivision that issues it. Some • bond dealers who arrived when it can render the investment bankers of the
of the State or
as socialistic declared that its operaopposed the creation of the bank
country an outstanding service by getting the facts that
business for them.
tion would mean profitable
FEB. 27 19261
THE CHRONICLE
investment bankers want regarding the relation of advertising to the distribution of investment securities.
At the Chicago meeting above mentioned the committee
members present mapped out a tentative plan of procedure.
Samuel 0. Rice, Educational Director of the Investment
Bankers Association of America, who was present at the
meeting, was made ex-officio member of the committee.
Sub-committees were appointed as follows:
1127
The United States Mortgage & Trust Co. of this city gave
Its annual dinner and dance at the Hotel Roosevelt Thursday evening, Feb. 25, to officers and employees of the company and those of the United States Safe Deposit Co.
President John W. Platten was toastmaster, and VicePresident H. L. Servoss awarded prizes to the winners of
recent new business contests.
Members of New York Chapter, Inc., American Institute
of Banking, will hold their silver anniversary banquet in
the grand ballroom of the Hotel Astor to-night (Saturday),
at which more than eighteen guests, many of whom are
Sub-Committee on Methods.
prominent in banking and financial circles, will attend.
Paul T. Bollinger, Chairman (Harris, Small & Co., Detroit).
The banquet, which marks the twenty-fifth year since the
Mathew G. Pierce (Harris Trust & Savings Bank, Chicago).
Chapter's organization in 1901, will be presided over by
Horace Towner (Lawrence Stern & Co., Chicago).
Charles E. Wheelock President of the Chapter, as toastSub-Committee on Media.
master. Since its inception the organization has grown in
H. B. Matthews, Chairman (S. W. Straus & Co., New York City).
W. E. Brockman (The Minnesota Loan & Trust Co., Minneapolis).
membership from 109 to over 5,300 members at the present
Eugene Bashore (Blyth, Witter & Co., San Francisco).
time. Principal speakers at the dinner will be Bruce Baird
Sub-Committee on Direct Mail Advertising.
of New Orleans, President of the national organization;
Edmond Moushelle (A. B. Leach & Co., Inc., New York City).
William E. Knox, President of the Bowery Savings Bank,
Ethel B. Scully (Morris Fox & Co., Milwaukee).
E. H. Kittredge (Hornblower & Weeks, Boston).
New York, and William C. Redfield, former Secretary of
The next convention of the association, to be held in Commerce of the United States. E. E. Vincent
is ChairDetroit Sept. 21, 22, 23 1926, will include a session of the man of the Entertainment Committee.
entire Investment Department, similar to that held at the
Julian D. Fairchild, President of the Kings County Trust
last convention, in Columbus, Ohio, and a report of progress from the Research Committee will probably be pre- Co. of Brooklyn for 43 years, died on Feb. 21. Mr. Fairchild
sented then. It is expected that this meeting will be at- retired as President of the company on Jan. 21, becoming at
that time Vice-President, his son, Julian P. Fairchild, who
tended by many investment bankers.
had held the latter office, succeeding him in the presidency. Reference to this appeared in the "Chronicle" of
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Jan. 30, page 569. The late Mr. Fairchild, who was born
The New York Stock Exchange membership of George G. In Stratford, Conn., was one
of the organizers of the Kings
Haven Jr. was reported posted for transfer this week to County Trust Co., establishe in
d
1889. In 1923 he was
Walter M.Weisel, the consideration being stated as $150,000. Treasurer of the Democratic Campaign
Committee of Kings
This is the same as the last preceding sale.
County; he was also a director of the Eagle Warehouse Co.
and Vice-President of the Mortgage Bond Co. of New York.
The American Trust Co. of New York, with main offices
at Broadway and Cedar Street, will open a branch office at
James Ferens, First Vice-President and Treasurer of the
30 Bay Street, St. George, Staten Island. Plans for
this Hudson Trust Co. of Union City and Hoboken, N. J., and
have been in preparation for some time, but definite
an- one of the widely-known bankers in the State of New Jernouncement was made Feb. 11 by President Harry
A. sey, died of heart disease at his home in Union City on Feb.
Kahler, following a meeting of the Executive
Committee of 23 after a few hours' illness. Mr. Ferens had been identhe board of directors. The property has already
been tified with the Hudson Trust Co. as Treasurer since its
secured, with a frontage of 50 feet on Bay Street,
near the organization in 1890, and about a year ago was given the
Richmond Borough Hall, and work will be begun
soon for added title of Vice-President. At the time of his death he
the construction of a modern banking building at
this cite. was, in addition, Prseident of the Northern New Jersey
The New York Title & Mortgage Co., which is
affiliated Clearing House Association and President of the recently
with the American Trust Co., will transfer
offices at 24 organized Hudson County Bankers Association. He was 69
Bay Street to the American Trust Co. building.
The Ameri- years of age.
can Trust Co. has four branches. At the
present time its
William D. Sohier has been elected a Vice-President of
total resources are $57,000,000. The New
York Title & the Old Colony Trust Co. of Boston, and Westmore
Wilcox
Mortgage Co. has main offices at 135 Broadway
, New York Jr. of Boston, who is the resident partner of the firm
of
City, and nine branches. Its capital funds
are over $25,- Dillon, Read & Co. of New York City, has been
made a
000,000.
director of the institution.
Shareholders of the Standard Bank at a special
According to a dispatch from Boston on Feb. 23 to the
meeting
held on Feb. 26 authorized an increase
in capital stock of New York "Journal of Commerce," the directors of the
the institution from 2,000 shares to
2,500 shares, the new Beacon Trost Co. of Boston have voted to increase the
stock to be offered at $600 per share.
Rights to subscribe bank's capital from $1,000,000 to $1,500,000 through the
to the stock will accrue to existing
stockholders in the issuance of 5,000 shares of new stock of the par value of
ratio of one new share for each
four shares now held, and $100 per share at the price of $200 per share. The extra
warrants expiring March 20 next
will be issued to share- $500,000 thus realized, it is stated, will be added to
the
holders of record March 5. The
stock, which has been bank's surplus, which amounted on Feb. 16 to $2,000,622.
underwritten by the board of
directors, is being issued at The purpose of the proposed increase in the institution
's
a price said to be the highest ever paid
for new bank stock capital resources is to expand the bank's business. The
in New York City. The present bid
is 600, with none of- stockholders of the company will vote on. the proposed
infered. The Yorkville office of the
Standard Bank of New crease at a special meeting to be held on March 5.
At the
York, at First Avenue, corner 79th
Street, was opened on same meeting of the directors the following promotion
s
Feb. 20. The bank, which has its main
office at Avenue B were made in the personnel of the institution: Alfred
S.
and 4th Street, will supply at its Yorkville
office a com- Nelson, heretofore Treasurer, elected a Vice-President;
plete banking service, including safe
deposit vaults, for Leverett A. Haskell and Henry H. Pierce, formerly Assistant
which accommodations have been made for over
2,000 boxes. Treasurer, also made Vice-Presidents; Wallace H. Pratt,
This office will be under the personal direction
of Max formerly an Assistant Treasurer, advanced to Treasurer,
Lederer, Vice-President of the bank. On
Monday, Feb. 22, and Arthur H. Dodge, John W. Perry
and Chester L.
the officers, directors and employees of the
bank were Vaughan made Assistant Treasurers.
guests of Richard M. Lederer, its President, at an al
fresco
dinner and dance, held in its new building at 79th
Another important amalgamation of Philadelphia banks
Street
First Avenue.
and
was announced this week. We refer to the proposed consolidation of the Philadelphia National Bank and the Girard
It is announced that on Feb. 24 the Bank of Europe of National Bank, two of
the largest and most influential nathis city became a trust company and will transact baSiness tional banks in that
city, with combined resources of $250,under the name of the Bank of Europe Trust Co. This in- 000,000, making the merger
(if consummated) the largest
stitution is located at First Avenue and 74th Street.
ever to be effected, it is said, by banking institutions in the
State of Pennsylvania. The resulting organization will be
Sub-Committee on Markets.
H. G. Frodapp, Chairman (National City Co., New York City).
H. M.Irenney (First National Co., St. Louis).
George Dock Jr. (Wm. R. Compton Co., New York City).
1128
THE CHRONICLE
known as the Philadelphia-Girard National Bank, and will
be capitalized at $8,000,000, with surplus and undivided
profits of $19,600,000, making the total capital employed
approximately $27,600,000. The new bank will have deposits of approximately $200,000,000 and total assets of upward of $250,000,000. Levi L. Rue, President of the Philadelphia National Bank, will be Chairman of the Board of
directors and Chairman of the execuitve committee, and as
such will head the new organization, while Joseph Wayne
Jr., President of the Girard Natioaal Bank, will be President
and chief executive officer having charge and direction of its
affairs. The board of directors will include the full membership of both boards and arrangements will be made, it is
said, for an executive personnel and staff which "will insure
the continuity of existing sound policies and service under the
unified management." Subject to the approval of the respective stockholders of the institutions, it is expected the
consolidation will go into effect about April 1. The proposed
merger was approved, it is said, by the Comptroller of the
Currency in Washington on Wednesday last, Feb. 24. The
terms of consolidation have yet to be announced. Special
meetings of the shareholders of both institutions have been
called for March 25 to vote on the proposition. In referring
to the proposed consolidation in its issue of yesterday (Feb.
26), the Philadelphia "Ledger" said in part:
Following the merger the Girard National will remove from 3d Street
below Chestnut to the banking house of the Philadelphia National. 421
Chestnut Street. Officers of the Philadelphia National and representatives
of a contracting firm yesterday considered plans for rearranging the interior
of the Chestnut street building to provide sufficient space to accommodate
the increased personnel that will be quartered in the structure.
Several years ago the Philadelphia National received permission from
the Comptroller of the Currency to establish additional offices, one in the
vicinity of Broad and Chestnut Streets and another in Kensington. The
bank has not embraced the right granted to it. In view of the merger, the
expectation in financial circles 18 that upon its completion at least one
additional office will be established.
In recent years there has been k tendency on the part of national banks
in larger cities to establish trust departments. The thought has been
expressed in financial circles that after all the details of the PhiladelphiaGirard merger have been completed the new organization may establish
a trust department. There are a number of the city's business and financial
leaders who will be members of the board of the consolidated bank who also
serve on the directorate of the Philadelphia Trust Company.
According to the Philadelphia "Record" of Feb. 19, the
new home of the Fox Chase Bank & Trust Co. of that city
was formally opened on Feb. 19. The new building is located at the comer of Rising Sun Avenue and Rhawn Street
and is constructed of Indiana limestone and Old English
brick. The former headquarters of the institution at Huntingdon Pike and Fillmore Street had been occupied since
the bank began business 28 years ago.
Arthur Nash, President of the A. Nash Co., clothing manufacturers of Cincinnati, was on Feb. 16 elected President
of the Washington Bank & Savings Co. of that city, to succeed Joel C. Clore, who retired because of 111-health and
was elected Chairman of the board of directors. Mr. Clore,
who is a member of the law firm of Clore, Schwab & McCaslin of Cincinnati, had been President of the bank since
1917, and under his management it has had continuous
growth. In a special press dispatch from Cincinnati on
Feb. 16 to the New York "Times" Mr. Nash was reported
as saying that if Mr. Clore recovered his health he would
be considered head of the bank and declared: "I am resolved fully to carry the same principles into all of the
operations of the bank that we have tried to live in our
industry."
(Vol.. 122.
and 160 employees who devote their time exclusively to
trust work have been brought together in one efficient working unit. All cages at which a customer transacts business
are grouped on one side of the lobby and those which are
used most frequently are placed nearest the entrance. One
large committee room has been provided for meetings which
require the attendance of several persons. Four smaller
conference rooms are reserved for the use of customers and
there are two executive offices. The furnishings were all
designed especially for the new location. The walls are
covered with selected walnut panels, which have been
stained to bring out the natural coloring of the wood. The
new quarters were made necessary by the continued growth
of trust business. The old quarters were inadequate and
were not particularly suited to the efficient handling of
the work, or to the nature of the business itself.
The consolidation of the First National Bank of Richmond and the Merchants National Bank of Richmond will
become effective next Monday morning, March 1, when the
resulting institution, the First & Merchants National Bank
of Richmond, will open for business. The new bank is capitalized at $3,000,000 with surplus of like amount, and has
total resources of approximately $55,000,000. The officers
are those formerly connected with the two banks and are as
follows: John M. Miller Jr., President; Charles R. Burnett,
W. F. Augustine, John C. White, Alex F. Ryland, S. P.
Ryland, S. E. Bates Jr., G. Jeter Jones, Thomas W. Purcell
(and Trust Officer), A. K. Parker, H. B. Cullen and L. B.
Thomas, Vice-Presidents; Harry P. Gillespie, Assistant
Vice-President; James M. Ball Jr., Cashier; H. Hiter Harris, J. E. Tyler Jr., F. C. Lafferty, John S. Haw, J. W.
Boles and Oliver C. White, Assistant Cashiers; J. W. Allison, Assistant Trust Officer, aid C. S. Trevvett, Auditor.
The proposed union of these banks was noted in our Issues
of Dec. 26 1925, page 3092, and Jan. 30 1926, page 571.
A special dispatch from Jellico, Tenn., to the "Wall Street
News" yesterday (Feb. 26) stated that the Jellico Bank &
Trust Co., which has total resources of approximately $300,000, had been placed in the hands of State bank examiners
as a result of $150,000 in notes being at present uncollectible.
Reduction in the par value of the stock of Bancitaly Corporation from $100 per share to $25 was approved at the
adjourned annual stockholders' meeting held in New York
on Feb. 25. This will result in a split-up of the stock on the
basis of four shares for each of the 500,000 now authorized.
Commenting on the proposal, A. P. Giannini, President,
said:
This action does not increase in any way the assets of the corporation,
nor does it add to the actual book value of the stock. Many people have
misunderstood this point, and I feel that it should be cleared up. Reduction in the par value from $100 per share to $25 automatically increases
the total number of shares on the basis of 4 to 1. Our purpose in authorizing this reduction has been to take Bancitaly Corporation out of the socalled "rich man's" class of stocks and put it within the reach of the
pocketbook of the small permanent investor. It is our intention to make It
as easy as possible for these people to become stockholders, and in consequence we will arrange to accept subscriptions at the corporation's office,
at 650 Montgomery Street, in much the same way that organizations such
as the American Telephone & Telegraph Co. and the Pacific Gas & Electric
Co. have handled their "over-the-counter" stock subscriptions.
President Glaninni was empowered by the stockholders
to take such action as he considered advisable in carrying
A new office of the Union Trust Co., Cleveland, will out the new program. After his return from the East, a
shortly be opened at Buckeye Road and East 118th Street. special meeting of the board of directors will be called to
discuss plans for the stock split-up.
This will be the thirteenth office of the Union Trust Co.
R. C. Patterson, of the Travel Department of the Union
Acquisition of the National Bank of Huntington Park,
Trust Co., Clevelaad, has been chosen to act as a special Cal., by the Americommercial Corporation of Los Angeles
representative of the department in connection with tours Is reported in the following telegram from San Francisco,
and steamship passages, officials of the bank have an- printed in the "Wall Street Journal" of Thursday, Feb. 25:
nounced. Mr. Patterson has had 23 years' experience in "Americommercial Corporation, a subsidiary of Bancitaly
selling tickets in Cleveland. For ten years he was City Corporation, has acquired the National
Bank of HuntingTicket Agent of the New York Central and later became ton Park with resources of
$2,800,000. It will combine this
the agent of the Consolidated Ticket Office during the war. bonk with the Huntington Park branch of the Bank of
During his connection with the Union Trust Travel Depart- America, controlled by
Americommercial."
ment he has taken personally-conducted tours through YelThe directors of Lloyds Bank, Ltd., of London, announce
lowstone and Glacier National Parks and up the St. Lawrence River, and has arranged individual tours to all parts that Lambert W. Middleton has been elected to a seat on
the board. He was formerly a partner in the banking firm
of the ,United States and Europe.
of Lambton & Co., Newcastle-upon-Tyne.
The Trust Department of the Continental & Commercial
The annual report of the Bank of New South Wales (head
Bank of Chicago has moved into its new quarters. More
than 22,000 square feet of floor space on the 19th floor of office Sydney) covering the fiscal year ending Sept. 30 1925
the Continental & Commercial Bank Building were required and presented to the proprietors at their ordinary general
hand. In
to house the various divisions which heretofore have been meeting on Nov. 27, has just recently come to
different parts of the bank. The eight officers moving the adoption of the report at the ordinary general
located in
FEB. 271926.1
THE CHRONICLE
meeting, Thomas Buckland, President of the institution,
stated that it was the first time In the history of the institution, covering a period of 108 years, that an annual instead of a half-yearly report of the bank's condition had
been made. The statement shows net profits for the twelve
months, after deducting rebate on current bills, interest on
deposits and paying income, land and other taxes (amounting to £224,790), reducing value of bank premises, providing for bad and doubtful debts, etc., etc., amounted to f979,383 and when added to £151,373, representing the balance to
credit of profit and loss brought forward from the preceding year, made a total of £1,130,756. Out of this amount
1450,000 was appropriated to pay three interim dividends
at the rate of 10% per annum,leaving a balance of £680,756,
which the directors recommended be allocated as follows:
£150,000 to pay the quarterly dividend at the rate of 10%
per annum for three months ending Sept. 30 1925; £150,000
to pay a bonus of 105. per share, and £250,000 added to reserve'fund, leaving a balance of £130,756 to be carried forward to the current year's profit and loss account. Deposits are shown at the record figure of £57,070,095, an increase
during the year of £4,674,000. Total assets are given at
£80,009,403, of which 133,972,945 are liquid assets, or 59%
of the bank's deposits. The paid-up capital of the bank is
£6,000,000 and its reserve fund £4,400,000. During the year
branches of the institution, the report tells us, were opened
at Tallimba (in New South Wales); Eastern Branch, Melbourne (in Victoria); William Street, Perth (in Western
Australia); Karangahape Road Auckland, Newmarket
Auckland, Papakura, Waipukurau and Winton (in New
Zealand), and the branch at Werris Creek (New South
Wales) was closed. The bank's branches and agencies now
number 415.
severe breaks, forcing drastic recessions, characterized the
trading on Friday, many of the more prominent speculative
stocks slipping back from 1 to 11 points. The notable
recessions included such stocks as American Brake Shoe,
11% points; Foundation Company, 6% points; General
Electnc, 6 points; Willys-Overland, 2 points. Practically
every active issue participated in the downward swing at
some time during the session. Union Bag & Paper moved
against the trend and scored a net gain of 2 points.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Week Ended Feb. 26.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
RaEroad.
eke.,
Bonds.
683,910
8,164,560
Sales al
New York Stock
Exchange.
$35.670.500
1926.
5227.100
1,033,500
924.500
791,100
513,000
83.489,200
59.770.600
Week Ended Feb 26.
Stocks
-No. shares_ -Bonds.
Gcvernment bonds_ __
State & foreign bonds
Railroad& misc. bonds
United
States
Bonds.
Stale.
Municipal &
Foreign Bonds.
54,245.000
81.404,000
HOLI DAY
6,605,000
2,151.000
8,379,100
1,963,000
9.009,000
2.414100
7.432.000
1.838.000
1,525,460
1,882.172
1,663,318
2.409,700
Total
Jan. 1 to Feb. 26.
1925.
1924.
1925.
8,164,500
8,429,60r
74,211,858
73.552,893
$3,489,200
9,770100
35,670,500
$5,698,750
9139,700
44,413,000
847.688.900
100,528.850
.383,357.000
875,807.450
108.238,200
494130.300
Total bonds
848.930.300 550.711.450 '8531.174.750
$178,075,950
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
IWeet Ended
Feb. 26 1926
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market suffered a further sharp setback this
week, and many prominent issues broke anywhere from 3 to
30 points. On Saturday and again on Tuesday moderate
strength was manifested in some quarters, but the forward
movement lacked uniformity, advances and recessions occurring simultaneously in various parts of the list. The outstanding feature of the two-hour session on Saturday was the
strength of American Can, which reached a new peak at
3443, though it lost about half of its gain in the downward
reaction of the final hour. Specialties were weak, General
Electric yielding 6 points in the first hour, though some improvement was manifested later in the day. U. S. Rubber
was down 20 points from its recent high level and Baldwin
Locomotive fell off a point to 109. The bright spot in the
railroad group was Baltimore & Ohio stock, which registered a net gain of 1 point for the day. Monday being a national holiday, the New York Stock Exchange and all outside exchanges remained clesed. The market had a bad day
on TuesdaY following the two-day holiday, the avalanche of
selling causing the stock list to break near the close. During the early part of the day prices held up fairly well, though
somewhat irregular, but toward the end the entire list gave
way. American Locomotive broke below 102, and Baldwin
Locomotive slipped back to under 104. The weak
spot
was American Woolen issues, particularly the preferred
stock,
which yielded 5 points to 7432. Motor shares and
oil stocks
followed the general downward trend, and steel issues, copper
stocks and railroad shares were particularly prominent
in
the general recessions. High-priced specialties felt
the recessions most keenly, American Can declining more
than 6
points, and General Electric dropped back more
than 9
points from its high of the morning. The
market was again
confused on Wednesday, many issues surging back and
forth
but showing little net change at the end. In
the final hour
the tone improved somewhat when a vigorous
buying movement carried a number of the stronger stocks
to new high
prices for the day. United States Steel common
was among
the latter but dipped below 128 in the last hour.
Prices
again moved lower on Thursday, the wave of selling
that
came into the market during the late afternoon carrying almost the entire list to lower levels. The strong stock of the
early trading was Hudson Motors, which shot up at 1213
%
at its high for the day, though it fell back just as quickly to
117%. A few stocks moved against the trend and ended
the session somewhat higher, particularly Pan American
"B" stocks, which moved forward 2 points and sold around
67. Special interest was attached to the continued recession
of United States Rubber, which declined more than 2 points
to a new low for the year. Radio Corporation also made a
new low record with a decline of 4 points to 373. Further
1129
Prey, week revised
Boston
Philadelphia.
Shares. Bond Sales. Shares
21,165
312.500
31,693
31,738
32,279
19,631
18,000
53,700
26,000
8.000
Bo thnore.
Bond Sales. Shares
70.425
514,000
HOLI DAY
50,735
62.600
82.939
40,700
66,689
12.500
109,690
13.000
BondSales
.1.386
812,000
*2,590
'2.898
.5,327
.5.491
57,000
15,000
42.200
34,200
136,506
$118,200
380,478
$142,800
17.692
8160.400
220.185
$176.300
269.826
8210.000
23.518
3286.400
•In addition, sales of rights were: Saturday. 389 Tuesday, 392: Wednesday, 315:
Thursday, 111.
COURSE OF BANK CLEARINGS.
Bank clearings the present week will again show an increase as compared with the corresponding week last year,
but this time the ratio of gain is moderate. Preliminary
figures compiled by us, based upon telegraphic advices from
the chief cities of the country, indicate that for the week
ending to-day (Saturday, Feb. 27), bank exchanges for all
the cities of the United States from which it is possible to
obtain weekly returns will aggregate 3.6% more than in
the corresponding week last year. The total stands at
$8,353,851,482, against $8,063,741,535 for the same week in
1925. At this centre there is an increase for the five days of
1.6%. Our comparative summary for the week is as follows:
-Returns by Telegraph.
Clearings
Week Ended February 27.
1926.
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
Bt. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
53,552.000.000
504.400.628
390.000.000
275.000.000
92,229106
108.000.000
129,100,000
121.624100
141.165.131
124.414.288
76.771.501
76.132,469
50.673,102
83,494.760,426
+1.6
474.515.978
+6.3
388.000,000
+0.5
236.000.000
-3.9
93,165.313
-1.0
104.800.000
+3.0
150.400.000 -14.2
107.956.000 +12.7
129.430.427
+9.1
104.191.609 +19.4
69.841.954
+9.9
69.745.758
+9.1
50.186,171
+1.0
Total 13 cities, 5 days
Other cities. 5 days
35.641,110,625
1,153.765,610
85.522.993.636
1,0,55.837.389
+2.1
+8.7
Total all cities, 5 days
All cities, 1 day
$6.794.876,235
1.558.975,247
86.578.831.005
1.484.910.530
+3.3
+5.0
88.353.851.482
89.063.741.535
-1-3.8
Tntril nil r1ttrn fns week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the previous week
-the week ended Feb. 20. For
that week there is an increase of 5.8%, the 1926 aggregate of
the clearings being 810,481,696,670 and the 1925 aggregate
0,908,615,042. Outside of New York City the increase is
10.3%, the bank exchanges at this centre recording a gain
of only 2.5%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the New York Reserve District (including this city) the totals are larger by 2.5% and in the
PhiladelphialReserve District by 12.9%, but in the Boston
Reserve District there is a trifling falling off, namely 0.8%.
In the Cleveland Reserve District there is an improvement
of 11.4%, in the Richmond Reserve District of 5.7%, and in
the Atlanta Reserve District of 11.8%. The Chicago Reserve District has a gain of 11.5%, the St. Louis Reserve
District of 5.7%, and the Minneapolis Reserve District of
3.7%. The Kansas City Reserve District has an increase of
1.1%, and the San Francisco Reserve District of 30.3%, but
the Dallas Reserve District falls 2.2% behind.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Feb. 20 1926.
Federal Reserve Dl
let Boston
2nd New York
3rd Philadelphia
6th Cleveland
5th Richmond
fith Atlanta
7th Chicago
8th St. Louts
6th Minneapolis
10th Kansas City
11th Dallas
12th San Francisco__
12
11
10
8
6
13
20
8
7
12
6
17
1926.
1925.
Inc.0?
Dec.
$
s.
$
cities 503,704,592 513,034,935
" 6,002,102,691 5,853,585,944
664,344,489 588,630,888
"
"
452,667,513 401,397,908
" 203,228,854 192,217,098
260,221,639 232,646,708
"
" 1,075,765,291 964,211,119
256,131,182 242,262,486
"
131,571,000 126,971,146
"
255,236,163 252,476,970
"
85,359,501 87,242,398
"
591,363,755 453,937,392
"
1924.
1923.
$
%
-0.8 360,529,019
+2.5 3,632,966.278
+12.9 452,164,962
+11.4 317,175,058
+5.7 154,182,177
+11.8 180,260,668
+11.5 748,920,720
+5.7 206,761,875
+3.7 98,380,841
+1.1 202,420,723
-2.2 72,141,800
+30.3 414,214,340
$
360,113,003
,920,061,799
461,854,933
323,965,948
144,931,189
163,081,105
736,060,485
66,822,695
96,770,354
209,226,171
50,930,920
372,684,365
129 cities 10481696,670 9,908,615,042 +5.8 7,070,118,461 6,906,502,967
Grand total
4,608,757,9204,175,263,099 +10.33,323,596,444 3,087,224,318
Outside New York City
°amide
29 citlee
299.995.183 280.093.718 +7.1
267.017.056 256.773.462
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended February 20.
Clearings al
1926.
1925.
-Boston
First Federal Reserve Dist net
710,861
589,284
-Bangor__ _ _
Me.
3,135,817
2,875.810
Portland
-Boston _ 446,000,000 458,000,000
Mass.
2.805,882
2,391,677
Fall River_ _
a
a
Holyoke
1,276,000
1.095,061
Lowell
a
a
Lynn
1,732.415
1,228,513
New Bedford_ _
5.573.671
5,926.112
Springfield_ _ _ _
3,197,000
3.302.249
Worcester
15,005,211
18,614,484
Conn.-IIartford
6,959.118
7,527,528
New Haven_ _
13,959.400
13,574,000
-Providence
R.I.
679,560
579.874
N.H.-M'chester
Total(12 cities)
503,704,592
513,034,935
Second Feder al Reserve D istrict-New
6,574.086
7,426,610
-Albany_ _
N Y.
1,086,100
1.082,300
Binghamton_ _ _
57,619,918
d50,510,862
Buffalo
929,537
1,082,940
Elmira
1,475.000
c1.638,214
Jamestown__
New York _ _ _ 5,875.938.750 5,733.331,943
11,557,517
13,774,623
Rochester
5,138,191
5,973.697
Syracuse
2.630,350
c2,890,602
-Stamford
Conn.
453,201
694,147
-Montclair
N. J.
32,790,151
41.089.946
Northern N.J._
Inc. or
Dec.
-17.1
8.3
-2.6
14.8
a
-14.2
a
-19.1
+6.3
+3.3
+23.6
+8.2
2.8
14.7
-0.8
1924.
765,842
*2,800,000
321,000,000
1,946,594
a
951,677
a
1,244,380
4,302,026
2,572,000
10,074,247
5,309,153
9.563,100
522.222
361,051,241
1923.
669,711
2.382.799
321,000,000
2,049,940
a
869.573
a
1,246,923
4,665,667
2.958,000
8.825,807
5,493,783
9,950,800
595,311
360,708,314
York
3,577,501
4,343,686
+13.0
798,100
728,700
-0.4
41,453,452
51,949,543
-12.3
531,699
582,420
+16.5
1.017,243
1,326,358
+11.1
+2.5 3.746,522,017 3,819,278.649
7.881,871
8,065.227
+19.2
3.615,722
3,539,789
+16.3
2,474,526
3,044,764
-9.9
332,081
376,735
+53.2
39,100,955
+25.3
42.487,039
+2.5 3,862,966,278 3,920,061.799
Total(11 cities) 6,002,102,691 5,853,585,994
rict-Ph ilad elphia
Third Federal Reserve Dist
1,089,381
1,001,383
1,417.101 +5 5
1,495,278
-Altoona_ _ _
Pa.
3,432,637
3,277,337
+2.6
4.050,794
4,165.183
Bethlehem _ _ _
1,029,900
1,193,291
1,221,817 +17.0
1.429.894
Chester
2,775,566
2,753,225
4.1
2,453,568 2.352,260
Lancaster
436.000.000
Philadelphia__ _ 623.000,000 560,000,000 +11.2 420,000.000
2,456,645
2,490,462
3.279,930 +24.2
4,074,001
Reading
5.268.336
5,103,583
6,169.075 +6.9
6.594,808
Scranton
2,573.263
2,873,513
3,571,129 -25.0
c2,677,974
Wilkes-Barre_ _
1,248.899
1,218,125
+1.9
1,816,171
1,851,370
York
5,980,306
12,254,044
4,651,300 +259.3
16.703.721
-Trenton _ _
N.J.
a
a
a
a
a
Del.-Wilming'n.
588,630.888 +12.9
453,164.962
461,854,933
elandFourth Feder al Reserve D strict-Clev -4.0
5,311,000
d5,098,000
Ohio-Akron _ _
5,042,779 -14.6
4,304,886
Canton
77,181,104 +14.0
87,987,895
Cincinnati
130,769,304 118,198,751 +10.6
Cleveland
15,334,900 +3.8
15,919,600
Columbus
a
a
a
Dayton
a
a
a
Lima
1,928,327 +6.5
d2,053,836
Mansfield
a
a
a
Springfield _ _
a
a
a
Toledo
5.9
5,028.048 d4,734,329
Youngstown _ _
a
a
a
-Erie
Pa.
173,372.999 +16.4
_ 201,799,663
Pittsburgh
8,533,000
3.853,827
58,419,958
92,078,882
9,864,500
a
a
1,472.779
a
a
3,670,914
.
a
139,281.198
4,680,000
3,686,571
63,558,218
90,827,523
12,836,200
a
a
1,342,019
a
a
2,309,649
a
144,728,768
Total(10 cities)
864,344,489
401,397,908 +11.4
317.175.058
323,965,948
mood
Fifth Federal Reserve Dist rict - Rich
9.8
1,790,365 1.615.582
W.Va.-Hunt'g'n
2.0
8.293.672 d8,132.277
Va.-Norfolk
54,392,000 -5.5
51,419.000
Richmond
20.1
2.651.410 d2,382,625
-Charleston
S.C.
Md.-Baltimore _ 114,559,235 101,876.189 +12.4
+8.2
23,213,462
25.120,135
D.C.-Washing'n
1,648,678
7,345 946
43,793,000
2.565,579
80.221,819
18,607,155
1,860,040
5.711,949
43,570.000
2,098,376
74,344.351
17,346,473
+5.7
154,182.177
144,931,189
7,050,834
2,486,572
17,080,159
47,038.481
6,123,605
2,544,575
16,311,605
43,409,433
1.850.812
1,269,558
a
12,857,409
Total(8 cities)_
Total(6 cities).
452,667,513
203.228,854
192,217,098
Sixth Federal Reserve Dist
d9,062,837
Tenn.-Chatrga
3.245,733
Knoxville
24,593.653
Nashville
76,563.606
Georgia-Atlanta
1,965.756
Augusta
1,589.658
Macon
a
Savannah
37.717.984
20,884,322
Miami
24,996.908
Ala.-Birming'm.
1,888,502
Mobile
2,040.309
-Jackson.
Miss.
383.014
Vicksburg
55,289,357
La.-NewOrleanS
rict-Atlant a7,466,843 +21.4
6.4
3.469,000 23,379.894 +5.2
67.175.758 +14.0
12.7
2.251.619 1,386,951 +14.6
a
a
23,694,609 +59.2
12.388.553 +68.6
9.5
27.598,227 5.1
2,007.298 1,824,000 +11.8
+0.8
380.079
59.623.877 -7.3
260,221,639
232,846.708 +11.8
Total(13 cities)
[VOL. 122.
THE CHRONICLE
1130
4.2,000.000
1,024.315
a
15,634,326
3.663,813
23,550,228
1.558.965
1,144,276
289,800
57,738,899
180,260.668
26,432,355
1,698.998
1.110,118
333.162
49,339,475
163.081,105
Week Ended February 20.
Clearingslat
1926.
1925.
Inc. or
Dec.
1924.
$
Seventh Feder al Reserve D istrict-Chi cago191,440
301,094 -11.7
265,896
Mich.
-Adrian _ _
678,951
969,485
+4.1
1,008,960
Ann Arbor__ __
181,472,030 162,659,231 +11.6 139,414,814
Detroit
5,482,447
7.257,521 +26.8
9,206,888
Grand Rapids.
1,984,065
2,498,629 +7.6
2.687,900
Lansing
1,830,872
2.598,109 +19.9
3,116,730
Ind.
-Ft. Wayne
19,845,000
15,605,000 +38.5
21.612,000
Indianapolis__ _
2,319,000
3,727,200
South Bend__ _
2,647,000 +40.8
4,566,920
5,688,765 -5.5
5,377,321
Terre Ilaute__ _
31,816,198
38,617,305 +3.8
40,102.019
Wis.-Milwaukee
1,846,877
2,334,820 +8.0
2,522,976
Rap,
Iowa-Ced.
9,286,204
10,472,903
+7.1
11,221,752
Des Moines_ _ _
5,964,690
7,277,702 -2.2
7,118,277
Sioux City_ _ _
1,147,434
1,489,234 -21.4
1,167,037
Waterloo
1,043,067
+0.9
1,701,952
1,407,090
10.
-Bloomington
770,906,720 691,050,501 +11.5 512,409,566
Chicago
a
a
a
a
Danville
897,786
1,479,281 +0.01
1,479,399
Decatur
4,189,310
+8.1
5,043,557
5,451,965
Peoria
2,037,838
3,335,454
2,476.558 +34.7
Rockford
1,968,241
2,337,334 +14.8
2,682,815
Springfield _ _ _ _
Total(20 cities) 1,075,765,291 964,211,119 +11.5
Eighth Federa I Reserve Dis trict-St. Lo uis5,159,260 +1.5
d5,237,756
Ind.
-Evansville
Mo.-St. Louis_ _ 164,700,000 154,400,000 +6.7
41,970,935 -2.2
41,032,332
Ky.-Louisville
+3.9
549.293
570,582
Owensboro_ _ _ _
24,576,769 +12.4
27,626,399
Tenn.- Memphis
+8.0
13,817,129
14,920,091
Ark.
-Little Rock
348,769 +17.3
409,183
111.-Jacksonville
1,440,331 +13.5
1,634,839
Quincy
1923.
206,059
612,497
119,119,339
5,351,438
1,628.995
1,893,944
16.342,000
1,862,618
6,238.139
28,818,735
1,916,868
8,119,014
5,304,093
1,292,264
1.246.214
527,948,306
a
1,059,006
3,478.999
1,738,683
1.885.274
748,920.720
738,060,485
4,845.859
144,900,000
26,322,948
567.731
18.857.363
10,117.584
301,044
1,049,346
28,055.436
541,089
21.030.038
10,146,210
240,007
1,323,583
5,486,332
Total(8 cities)_ 256,131,182 242,262,486 +5.7 206.761.875
Ninth Federal Reserve Dis trict - Min neapoi is
6,246,124
7,986,443 -18.1
6.538,254
Minn.
-Duluth
55,397,768
79.734,547 +3.7
82,725,192
Minneapolis_ _
31.885,860
32,341.103 +10.1
35,608,755
St. Paul
1,338,115
1,878,495 -2.2
1,837,023
No. Dak.-Fargo
864,324
1,370,857 +8.1
1,482,273
S. D.
-Aberdeen
393,237
555.853 +0.2
557.022
Mont.
-Billings _
2,255,413
3,103,848 -9.1
2,822,481
Helena
66,822,695
98,380.841
+3.7
Total(7 cities), 131,571.000 126,971.146
Tenth Federal Reserve Dis trict - Kan sae Cit Y345,278
461,687 -25.0
d346,509
Neb.-Fremont
358,019
598,218 +15.7
692,290
Hastings
2,941.379
5,419,110 -13.7
4,674,934
Lincoln
35,381,679
44,413,669 -2.5
43,304,044
Omaha
2,960,085
+0.9
3,251,904
Kan.
d3,281,867
-Topeka _ _
7,151,328
7,563,707 -1.3
d7,466,696
Wichita
+1.5 105,502,034
133,628,878 131,622,096
Mo.-Kan. City
6,974,135
7,721,297 +0.5
d7,761,391
St. Joseph
a
a
a
a
Okla.
-Muskogee
22,090,762
27,445,149 +12.9
Okla. City _ _ _ _ d30,999,505
a
a
a
a
Tulsa
865,765
1,162,015 -8.5
1,086,392
Colo.
-Colo.BPg8
16,983,522
21,591,473 -4.4
20,639,776
Denver
866,737
1,226,645 +10.4
e1,353,881
Pueblo
96.770.354
387.498
465.733
3,380,289
38,270,913
2,522.034
8,588,331
117,135,994
a
18,058,565
a
981,964
18,837.447
597,403
202,420,723
209,228,171
1,466,966
47,527,362
11,447,881
7,187,713
a
4,511,878
1,504.438
28,913,827
9,329,624
6,796,670
a
4,386.361
-2.2
72,141,800
Franc'sco35,090.268
+16.1
8,935,000
+8.5
a
a
998,363
+23.7
31.359,057
+17.6
12,905,981
+12.3
a
a
a
a
3,729,754
+33.1
7.133,656
+10.1
+20.4 136,826,000
13,639,471
+24.9
5,324.804
+13.3
7,798,802
-6.9
3,313,446
+30.8
+60.7 140,000,000
1,659,460
+25.0
941,731
+19.9
1,974,547
+14.7
2,584,000
+2.4
50.930,920
+1.1
Total(12 cities) 255,236,163 252,476,970
Eleventh Fede ral Reserve District-D alias1.821,915 -4.7
Texas
1,737.207
-Austin_
56,501,868 -2.0
55,352,636
Dallas
14.845.938 -3.6
Fort Worth_ _
d14,312,616
8,798,068 -1.2
Galveston
8,692,000
a
a
a
Houston
5,274,609 -0.2
La.
5,265,042
-Shreveport
Total(5 cities) _
87,242.398
85,359,501
Twelfth Feder al Reserve D istrict-San
Wash.
48,992,023
-Seattle _
42,205,201
Spokane
11,366,000
12,335,000
a
a
Tacoma
1,226,344
1,517.132
Yakima
Ore.
43,491,879
36,979,705
-Portland_ _
Utah-S.L. City.
18,332,630
16,316,806
a
a
Nev.-Reno
a
a
Ariz.
-Phoenix
3,882,011
2,917,197
Calif.-Fresno._ _
8,533,910
Long Beach_ _ _
7,751,600
Los Angeles_ _ _ 190.238,000 157,976,000
24,262,333
Oakland
19,418,659
7.360,431
Pasadena
6,493,577
d7,332.861
7,878,239
Sacramento _
6,559,724
San Diego_ _ _ _
5,016.365
San Francisco_ 208,876,000 129,976,750
2,989,431
San Jose
2,391,526
1,592,553
Santa Barbara.
1,328,512
2,415,937
Santa Monica_
2,105,411
2,651,900
Stockton
2,589,500
4,601.858
57,258,299
29,388,883
1,519,552
926,453
392,884
2,704.645
30,207.257
9,243,000
a
940,619
27.837.308
12,927,120
a
a
3,318,263
6,945,489
115,166,000
12,142,695
4,254,754
4,946,994
*2.500.000
136,800.000
1,761,542
1,141.624
2,551.700
Total(17 cities) 591,363,755 453,937,392 +30.3 414,214,340 372,884.385
Grand total (129
10481696,670 9,908,615,042 +5.8 7,070,118,461 8,906,502,967
cities)
Outside NewYork 4,605.757,920 4,175.283,099 +10.3 3,323,596,444 3,087.224,318
Week Ended Feb uary 18.
Clearings at
1926.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat_
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ -Moncton
Kingston
101,055,298
95.389,351
36,617,322
15,133,532
5,840.440
3,579,326
2,492,104
4,274,361
6,968.717
2,633.126
1.803,602
2,247,512
5,712,514
2,584,851
393,552
502,628
1,509.454
013,015
1,029.697
646,939
621,797
229,489
571,701
575.723
994,136
4,180,903
328,392
623,783
541,918
1925.
92,379.438
84,942,111
40,167,466
14,021,000
5,477,478
- 4,550,289
2,816,724
4,090,925
5,818,065
2,432,890
1,984.000
2,454,419
3,739,281
3,069,122
559,693
404,299
1,345,124
961,509
717,124
667,041
571,512
250,139
758,007
751,273
913,574
2,696,789
325,870
657,661
570,897
Inc. or
Dec.
+9.4
+12.3
-8.8
+7.9
+6.0
-21.3
-11.5
+4.5
+19.8
+8.2
-9.1
-8.4
+52.8
-15.8
-29.7
+24.3
+12.2
-5.1
+43.6
-3.0
+8.8
-8.3
-24.6
-23.4
+8.8
+55.0
+0.8
-5.2
-5.1
1924.
86,054.922
81,788,601
34,471,957
14.861.953
5,978,831
4,690,848
2.302,532
4,410,276
6,987.920
2,715,554
2.390,544
2,299,544
3,786,068
3,087,086
496,605
408,624
1,302.613
1,045,066
712,526
657,935
484,631
304,219
677.698
659,077
782,556
2,120,308
354,866
712,649
471,047
1923.
$
87,175,931
82.491,417
28,461,451
12,216,822
5,810,524
*3,900,000
2,305,994
5.847.267
3.861,346
2,623,658
1,702,907
2,540,034
3,763,781
2,568,848
413.461
441,343
1,226,953
897,652
859,581
700,605
424,102
277,217
549,528
828.788
766,355
2,338,259
296,716
1,022,764
460,258
299,995,183 280.093,718
+7.1 267,017,056 266,773.462
c
a No longer report clearings. b Do not respond to requests for figures. Week en
ded Feb. 17. d Week ended Feb 18. e Week ended Feb. 19. •Estimated.
Total(29 cities)
FEB. 27 1926.]
THE CHRONICLE
1131
Feb. 4. Feb. 5. Feb. 6. Feb. 8. Feb. 9. Feb. 10.
Received
£150,000
A study of the utilization of the corn crops of 1923, 1924 Withdrawn _ £21,000 £9,000
/7.000 £89,000
The receipt of £150.000 on the 8th inst. was in the form of bar gold and
and 1925 has been made by the United States Department
was understood to be of South African origin. The destinations of the
of Agriculture to determine how much of the crop is ac- £110,000 sovereigns withdrawn were given as follows: £72,000 to India.
tually husked for grain, cut for silage and hogged down and £21,000 to Argentina and £17,000 to Holland. During the week under
review £24,000 on balance has been
Bank,
cut for forage. Estimates of acreage, yield per acre and Influx since Jan. 1 1926 of £107,000. received by the since making a net
The net efflux
the resumption
production have been made for many years for the corn of an effective gold standard is now reduced to £11,488,000.
The United Kingdom imports and exports of gold during the week ending
crop as a whole, regardless of its utilization, the estimated
the 3rd inst. were:
yield per acre being applied to the total acreage. In stating
ImportsExports
this under date of Jan. 21, the Department adds:
Russia
£480,650 Netherlands
£18.000
1925, of a total corn acreage of 101,631,000 acres, 86,339,000 acres British West'Africa
27,582 France
61.685
In
489.533 Brazil
2.000
were utilized for grain; 3,916,000 acres for silage and 11,376,000 acres British South Africa
4,200
3,055 Kenya
were cut for forage or hogged down. The acreage of corn for grain in Anglo-Egyptian Soudan35,860
325 Straits Settlements
1925 was 1,600,000 acres greater than in 1924, but 400,000 acres less than Other countries
688
Other countries
In 1923. The acreage of corn for silage in 1925 was 400,000 acres less
than in 1924, and almost the same as the acreage in 1923.
Total
£122,428
Total
£1,001,145
The amount of corn estimated to have been husked or snapped in 1925
-about
The fact that India has taken in one calendar year-1925
is 2,416,000,000 bushels, which is 500,000,000 bushels greater than in
1924, but nearly 100,000,000 bushels less than in 1923. Production of £45,500,000 worth of gold, and notwithstanding that a considerable portion
silage was 81,000,000 tons in 1925, which is about a 10% increase above was imported in the form of sovereigns, that large amount was practically
absorbed for industrial purposes and for hoarding, not far currency. renders
the production in both 1924 and 1923.
In 1924 considerable areas of corn went into silos because it was unfit the question of what may be available from the world's output for that
for husking, being immature or frosted. The amount cut for forage was purpose a matter of much interest. Statistics as to industrial use are
also increased materially because of the immaturity of the crop at the difficult to obtain. A serious attempt however is made by the Director of
time of the first killing frost in the fall. The crops of both 1923 and the United States Mint to estimate such consumption in the United States.
The amount of new material thus used in that country is said to have been
1925, on the other hand, were' generally well matured.
Corn for silage in 1923 yielded 7.3 tons per acre, in 1924 6.6 tons and lately about £8,000,000 each year. Hence if the rest of the world, India
excepted, be assumed to absorb only three times that quantity for such
In 1925 8.0 tons.
Corn for grain in 1923 yielded 28.9 bushels per acre, in 1924 the yield purposes. £32,000,000 is accounted for; this added to the Indian consumption of £45.500.000 makes a total of £77,500,000 as compared with a
was 22.7 bushels and in 1925 it was 28.0 bushels per acre.
The quality of the 1925 crop of corn is somewhat above average, but world production in 1925 of £81,000,000. If the estimate for the rest of the
anything like correct, it is obvious that gold required for currency
the moisture content at time of harvest was reported rather high in a world be
number of States because of the wet weather and lack of sunshine. Drying purposes may have to be drawn largely from existing stocks held as gold
reserves, such, for instance, as that held in the United States of America,
out of corn was further retarded by weather conditions during November,
always provided that India continues to absorb gold in such very large
but in December dry, cold weather was helpful.
amounts. The net imports of gold into India during the financial year
1924-5 were larger than in the calendar year 1925. 55 as against 45%
millions sterling. Therefore were the preceding estimate at all near the
THE CURB MARKET.
mark the consumption for industry and hoarding during those particular
A heavy tone prevailed in Curb Market trading through- twelve months must have exceeded the production of fresh metal.
India's gold consumption was dealt
The
out the week, resulting in lower prices generally. Utility man ofquestion of Currency Commission before leavingwith by the Chairthe Indian
India. According
issues were decidedly weak and oil shares also suffered some- to the "Times of India" he stated in the course of his remarks as follows:
"One writer states that the amount of gold required by India, if India
what. United Gas Improvement was conspicuous for a drop
standard, will be /500 millions
from 127 to 106, the close to-day being at 1063'. American goes to a gold meet the Indian demand forduring the next decade. This,
monetary and non-monetary
he states, may
Gas & Electric common declined from 93 to 85%. American purposes, and he takes as his basis for arriving at the above figure the
Power & Light common was off from 72 to 633, the final import of over £50 millions gold in 1924-5. The import of 1924-5 was
by the low price of gold, and cannot
figure to-day being 63%. Electric Bond & Share Securities strongly stimulatedestimate. The estimate also does notbe safely taken for
take into account
the purposes of an
sold down from 81% to 72, and Electric Investors common the great falling off in the imports of gold during periods of deficient monsoons. Such extravagant estimates cannot but frighten the outside world
from 64% to 573 ,the latter closing to-day at 58. Northern
4
extent of Indian requirements in the event of a gold standard
Ohio Power weakened from 21% to 18% and finished to-day about the
being established, and must prejudice the Indian demand for a gold
at 18%. Northern States Power declined from 12634 to standard which has now the support of the Government of India. If the
119. United Light & Power Class A sold down from 1323 writer had estimated the Indian demand for all purposes in 10 years at
£300 millions he would have been nearer the mark, and considering that
to 124% and at 125 finally. Among the oil shares Chese- the world's production in the next ten years is expected to be £800 millions,
brough Manufacturing common was off from 72% to 71. and also that America is glutted with gold, there should be no difficulty for
Humble Oil & Refining lost three points to 89. Ohio Oil India in securing this amount."
It must not be overlooked that some not inconsiderable portion
the
weakened from 64% to 613 and sold finally at 62. Prairie recent large Indian gold imports has been made owing to speculation of the
in
Gas dropped from 583 to 55% and South Penn Oil hope that any re-arrangement of the Indian currency system might enhance
Oil &
from 175 to 169. Standard Oil (California) lost two points the rupee price of gold.
We append another extract from the "Times of India":
s
to 553., the close to-day being at 558,/ Standard Oil
.
"It is stated that the Indian Currency Commission may proceed to
(Indiana) declined from 663 to 643. Vacuum Oil fell America to gather opinion in that country about the establishing of a gold
in India. The question of a gold standard in India no doubt
from 103% to 1003. Carib Syndicate was down from standardto be considered from an international standpoint, but it is feared
requires
1632, the final transaction to-day being at 17. Gulf that America cannot readily agree to such a proposal, considering the vast
19% to
Oil sold down from 88% to 85. Changes in the miscellaneous stake she has in the silver industry. Any falling off in the Indian demand for
silver for currency purposes cannot but be prejudicial
list were narrow. Aluminum Co. common rose from 72 to Interests, and it is not expected that that country willto American silver
favor a proposal
76 and reacted to 7134. Brill Corporation, class A, weak- harmful to one of her main industries. The British Empire at present
Glen Alden Coal lost four points produces enough gold to meet all Indian currency requirements for many
ened from 47 to 433
years to come, and in some quarters this visit to America is considered
to 156. Land Co. of Florida slumped from 41 to 29.
unnecessary."
A complete record of Curb Market transactions for the
SILVER.
Although this week's steamer is timed to arrive for the Bombay Febweek will be found on page 1156.
ruary "settlement" the market has not shown any signs of enthusiasm.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Probably arrangements have gradually been made beforehand for any
necessary transference of silver for the purpose, also conditions there may
STOCKS(No. Shares).
BONDS(Par Value). not indicate any urgency of demand or stringency of supplies. NeverWeek Ended Feb. 26. Ind AMU.
Oa.
Mining. Domestic,. For'n Goet. theless the tone has kept fairly steady, and sellers have held back when
prices had an inclination to droop. On the other hand the market does not
149,110
Saturday
89,590
50.300 81,124,000
546,000 seem to have much power of resilience, and a tired feeling might easily
Monday
HOLI DAY
develop owing to the absence of any potential factors for a rise. China has
250,560
181,920
Tuesday
42.520 1,070,000
332,000 not been actively working this week, and America
has worked both ways.
177.970
183,720
Wednesday
43,560 1,137,000
170,000
292.000
Thursday
102,780
The United Kingdom imports and exports of silver during the week
49,020 1,237,000
324.000
274,000
224,000
127,000 1,330,000
FridaY
282,000 ending the 3rd inst. were:
ImportsExports
1,143,640
782,010
312.400 85.889,000 11,154,000
Total
Mexico
£26,800 Hungary
£45,170
Other countries
1,018 Bengal
10.000
Other countries
21,914
THE ENGLISH GOLD AND SILVER MARKETS.
Total
£27,818
Total
E77,084
Utilization of the Corn Crop.
4
4.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 10 1926:
INDIAN CURRENCY RETURNS.
(In lacs of rupees.)
Jan. 22. Jan. 31. Feb. 7.
Notes in circulation
19071
19083 19118
GOLD.
Silver coin and bullion in India
8228
8275
8240
Bank of England gold reserve against notes on the 3rd inst.amounted Silver coin and bullion out of India
The
£143,091,105 as compared with £142,778,615 on the previous Wednesday. Gold coin and bullion in India
2232
2232
2232
toAbout £900,000 gold came on offer this week in the open
market. Indian Gold coin and bullion out of India
active, and a substantial proportion was taken for the Securities (Indian Government)
5711
5711
5711
i
nquiry was more
2900
2900
Continent, and thus only £150,000 was acquired by the Bank. There was Securities (British Government)
2900
No silver coinage was reported during the week ending the 7th inst.
of demand for Durban shipment. £127,000 will be shipped by the
a revival
steamer leaving on the 15th inst., and some has been sold for shipment by
The stock in Shanghai on the 6th inst. consisted of about 49.500.000
ounces in sycee, 68,700.000 dollars, and 1.590 silver bars, as compared with
the steamer a fortnight later:
The following movements of gold to and from the Bank of England have about 49.300,000 ounces in sycee, 67.500,000 dollars, and 760 silver bars on
letter:
the 30th ultimo.
been announced since our last
[VoL. 122.
THE CHRONICLE
1132
Preliminary Debt Statement of United States
January 31 1926.
The preliminary statement of the public debt of the
United States Jan. 31 1926, as made upon the basis of the
daily Treasury statements, is as follows:
Bonds
Consols of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
-PER CABLE.
ENGLISH FINANCIAL MARKETS
closing quotations for securities, &c., at London,
The daily
:as reported by cable, have been as follows the past week:
Fri.
Thurs.
Wed.
Tues.
Mon.
London.
Sat.
Feb. 20. Feb. 22. Feb. 23. Feb. 24. Feb. 25. Feb. 26.
Week Ended Feb. 26-309-16
90 11-16 303I
d 30%
30%
3031
- Silver, per oz
84.1134 84.1131 84.10
84.1131 84.1131 84.1131
Gold, per fine ounce
55%
55%
--__
55%
5554
5534
. Consols. 234 per cents
101%
101%
101%
10154
British, 5 per cents
10134
3534
9534
9534
9534
British 431 per cents
9531
49.00
49.00
49.45
49.15
49.40
French Rentes(in Paris), fr. _ ____
56.30
56.35
56.20
55.25
55.85
French War Loan (in Paris)fr
The price of silver in New York on thesame days has been:
Silver In N.Y.. per oz. (cts.):
,
Foreign
66%
6631
6631
6634
6631
Jan. 1925.
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
46,968,219
1925-26-7 Mos.-1924-25.
$
$
339,020,356 316,322,201
29,751,436
67.908,337
889.249,840
553,713,653
813,336,487
523,758.123
20
19,497
3,112,334
487.689
25,743,212
80.140.866
24,234.260
19.920,361
23.205,568
79,797,235
114,402.686
4,050,563
2,670,762
22,998,938
,, Expenditures, Ordinary
(Checks & warrants paid, &c.)
151.959,800
• General expenditures
Int. on public debt a
22,098,039
• Refunds of receipts:
1,705,953
. Customs
Internal revenue
2,902,490
907,883
-Postal deficiency
Panama Canal
554,547
Opera. in special accounts
Railroads
8140,105
War Finance Corporation_ 82,140,316
8285,642
• Shipping Board
Alien property funds
21,529
50.013,314
„Adjusted service ctf. fund c
Investment of trust funds:
4,959,831
. Govt. Life Insurance
.Civil Service Retirement_.. 8587,035
,District of Columbia Teach8986
ers' Retirement
Foreign Service Retirement
87.575
, Gen'l Railroad Contingent_
14,096,877 950 00
1763,948.300 00
1,047,088,500 00
8.363,330
14,086,779
12,075,093
14.236,226
2,591,630
15.346.219
15,359,419
103,136.102
17,227,269
104.227,291
1,811,036.800 00
116,673,774,920 00
Total bonds
Treasury Notes
Series A-1926, maturing Mar. 15 1926
3ules B-1926, maturing Sept. 15 1926
.da.
-les A-1927, maturing Dec. 15 1927
Series B-1927, maturing Mar. 15 1927
Adjusted Service Series, maturing Jan 1 1930_
Adjusted Service Series, maturing Jan. 1 1931_
5615,677,900 00
414,922,3W 00
35.5,779,90000
668,201,400 00
50.000,00000
.53,600,000 00
Treasury Certifies/etSeries TJ-1926, maturing June 15 026
Series TJ2-1926, maturing June 15 1926
Series TD-1926, maturing Dec 15 1926
Adjusted Service Series. maturing Jan. 1 1927-
100,259,00o Oil
243,434,000 00
452,879,000 00
37,000.000 00
2,158,081,500 00
823.802,00000
Treasury (War) Savings Securities
Treasury Savings Certificates:
Series 1921, Issue of Dec. 15 1921 b
Series 1922, Issue of Dec. 15 1921 b___
Series 1922, Issue of Sept. 30 1922 0
Series 1923, Issue of Sept.30 1922 b
Series 1923, Issue of Dec. 1 1923 b
Series 1924, Issue of Dec. 1 1923 b
Thrift and Treasury Savings Stampa, unclassified sales, &c
$1,800,888 10
96,019.918 20
14.771,676 50
131,413,472 80
23,898,434 65
96,393,229 85
3,774,626 59
368,072,246 69
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured-Issued prior to Aprll 1 1917
Treasury(War) Savings Certificates:
Series 1921 a
Certificates of indebtedness
Treasury notes
331% Victory notes of 1922-23
4 yi% Victory notes of 1922-23
$20,023,530,686 69
82,369,510 26
1,153,384 30
498.000 00
4,869,600 00
29,550 00
5.243,30000
14,163,34456
Debt Bearing No Interest
United States notes
Lees gold reserve
$346,681,016 00
154.188,886 20
$192.492,129 80
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
51,179,554 50
2.047.732 98
79.034,888
35,225,632
94
151,292,419 1.098.909,066 1,107,311, 6
19,687,517 440.015.125 467,419,032
1,327,364
14,741,748
5,000.000
639.035
18,813.301
82.006,706
27,907,883
5,774,289
14,251,639
73,433,530
5,023,983
5,633,330
81,025.433
83,192.351
1,759.289
8470.560
99.876,249
1,111,931
816,159.206
16.057.708
3.205,083
49,978,932
2,325,137
833,765.984
20.795,997
3,879,378
99,876,249
2,570,894
22.552.469
12,104.833
17.980.089
11,221,368
132.039
119.538
314,430
129.494
91.233
582.269
55,998
43.871
232,056,877
-292,306,040 1,762,844,127 1.796.168.708
245,719,417 28
Total gross debt
a Net cash receipts,
120,283,413,428 53
b Net redemption value of certificates outstandtag.
Public Debt of United States
-Completed Returns
Showing Net Debt as of Nov. 30 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Nov. 30 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1924.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Nov. 301925. Nov. 301924.
Balance end month by daily statement, &c
$142,902,509 3247.633,178
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated items
-3,323,170
+5.524,928
$139,579,339
Deduct outstanding obligations:
Treasury Warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificatss____
Total
.Pub,debt retirements chargeable against ord. receipts:
Sinking fund
,Purchases from foreign repayments
Received from foreign Governments under debt settlements
-Received for estate taxes_
Purchase and retirements
from franchise tax recta.
(Fed. Reserve and Fed.
Intermediate Credit bks.)
•Forfeitures, gifts. Ac
- 214,000
161,171,850
118,374.000
208,600
92,310,000
90,950,000
47,550
567,900
8,050
150,800
567.900
38,350
152,200
183,903
789,950
150,800
254,088,100
209,916,253
•Total expenditures chargeable against ord. receipts 232,8413,827 292,456,839 2,016,932,227 2,008,084.961
Receipts and expenditures for June reaching the Treasury in July are included.
a The figures for the month include 5487.285 15 and for the fiscal year 1926 to
date 52.901.356 64 accrued discount on war-savings certificates of the Series of 1918,
1919 and 1920: and for the corresponding Periods last year the figures Include $833..64756 and 15.464,154,12. respectively, for the series of 1918 and 1919.
b Excess of credits (educt).
c Investments made Jan. 1 1925 for account of the fund were $100,000,000 face
.amount of adjusted service series obligations, of which 54,600,000 were redeemed to
June 30 1925 to provide funds for authorized payments to that date. Investments
.made Jan. 11026 in similar obligations were 160.60000 face amount from the appropriation available on that date and $3.500.000 face amount from annual interest
'payments on investments. 138.200.000 face amounts of one-year Treasury certificates of indebtedness held In the fund matured Ian. 1 1926 and after redemption the
.proceeds of principal were reminded in like obligations maturing Jan. 11927. See
Items of adjusted service series under public debt receipts and expenditures on page 3
.for issues and redemptions-since June 30 1925. The difference between amounts of
balAbove charges and .the amounts appropriated for InveStment Is due to working
ance required for use of Veterans' Bureau in math= authorized payments from the
,fund
1253,158,106
$2,386,808
60,085,086
61,518,556
13.947.058
$2,059.710
62,620,660
53,595.317
21,817,477
5137,937,508
5140,093,164
+51.641,831
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Nov.30 1925.
Title of LoanPayable.
$
28, Consols of 1930
Q.
-J. 599,724,050
Q -F.
4s, Loan of 1925
25 of 1916-1936
Q.
-F.
48,954,180
Q.
-F.
2s of 1918-1938
25,947,400
Q.
3s of 1961
-M.
49,800,000
Q.
-J.
Is Conversion bonds of 1946-1947
28.894,500
Certificates of indebtedness
J.
-J. 594,945,000
J.
-Is
-J. 1,409,993,350
33 First Liberty Loan, 1932-1947
45 First Liberty Loan, converted
J.
-D.
5,157,550
454s First Liberty Loan, converted
J.
-D. 532.873.500
J.
-D.
43Is First Liberty Loan,second converted
3,492.150
46 Second Liberty Loan, 1927-1042
M.
-N.
20,856,600
4548 Second Liberty Loan, converted
3,083,691,850
4318 Third Liberty Loan of 1928
88.-.5. 2.802.473.150
A -O. 6,324,478,300
454s Fourth Liberty Loan of 1933-1938
763.948,300
4318 Treasury bonds of 1947-1952
48 Treasury bonds of 1944-1954
1,047,088,600
4s War Savings and Thrift Stamps
Matured
ed
380,311,318
J.
-J.
234s Postal Savings bonds
12,234,220
J -D. 2,404,241,400
5348 to 53(s Treasury notes
+1113,064,942
Balance,deficit(-)or surplus(+)
$765,860,170 00
18.871,852
753,762
1.990,347
• Excess of ord. rots. over total
expends, chargeable agst.
ordinary receipts
• Excess of tot, expends. chargable agst. ord. receipts over
46,563,411 120,856,587
ordinary receipts
Total
51,943,666,300 00
3,104,537,850 00
2.724.197,05000
6,324,476,750 00
186.283,416 171.600.252 2.095.967.116 2,041,310,594
Total ordinary
Total ordinary
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
6631
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for January 1926
,and 1925 and the seven months of the fiscal years 1925-1926
and 1924-1925.
Jan. 1926.
ReceiptsOrdinary:
46,398,540
Customs
•Internal revenue:
33,510,825
Income and profits tax_
Misc. internal revenue,.,. 65,824.081
-Miscellaneous receipts:
-owned seProceeds Govt.
curities,Foreign obligations
Principal
1.000
Interest
19.500
-Railroad securities
4.693,467
All others
6,482,739
'Trust fund receipts (re-appropriated for invest%) _ - 5,046,420
Proceeds sale of surplus
Property
1,178,315
2,041.302
.Panama Canal tolls, &e_
,Receipts from miscellaneous
sources credited direct to
2,164,892
appropriations
18.922,335
Other miscellaneous
5599,724,050 00
48.954.18000
25,947,400 00
49.800,000 00
28,894.500 00
12,640,040 00
-bearing debt
Aggregate of interest
Bearing no interest
Matured, interest ceased
Me.30 1924
$
599.724,050
118,466,100
48,954,180
25,947,400
49,800,000
28,894,500
1.170,429,000
1,409,998,950
6,793,200
531.239,350
3,492,150
26.808.400
3,077,763,000
2,978,776,250
6,324,489,850
763,948,300
416,115,561
11.903.080
3.357,628,300
20.139,105,318 20,951,171,621
249.605,113
244,715,377
12,621,960
17,070,350
Total debt
020,401,332.391 21,212,957,348
Deduct-Treasury surplus or add Treasury deficit__
+1.641,831 +113,064,942
Net debt
020,399,690,560 21.099,892,406
a The total gross debt Nov.30 1925 on the basis of daily Treasa, y statements was
120,401,347,936.78, and the net amount of public debt redemption and receipts
in transit, Ac., was $15,545.83.
b No reduction is arida on account of obligations of foreign Governments or
other investments.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Jan. 31 1926 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Jan. 31 1926.
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Lia
$
594,852,099 83 Gold ctfs. outstanding_ _1,690,665,979 00
3,105,080,856 64 Gold fund, F. R. Board
'
(Act of Dec. 23 1913
as amended June 21
1,688.894.535 12
1917)
154.188.886 20
Gold reserve
Cold In general fund....:. 166.183.556 15
3 699,932,956 47
Total
3,699.932,956 47
Total
Note -Reserve against 8346.681.016 0 U. S. notes and $1,370,804 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER DOLLARS.
Assets$
Liabilities-$
Silver dollars
456,074,495 00 Silver ctfs. outstanding_ 448,371,624 00
Treasury notes of 1890
outstanding
1,370.804 00
6,332,067 00
Silver dols. in gen. fund_
Total
456,074,495 00
Assets
Gold (see above)
Silver dollars (see above)
United States notes
Federal Reserve notes
F. R bank notes
National bank notes_
Subsidiary silver coin__ _
lvtinor coin
Silver bullion
Unclassi f le d-Colleolions, Arc
Deposits in F. R banks_
Deposlts in special depositaries account of
sales of ars. of indebt _
Deposits in foreign depositaries:
To credit or Treasurer
United States
To credit of other
Govt. officers
Deposits in nat. banks:
To credit of Treasurer
United States
To credit of other
Govt. officers
Deposits in Philippine
treasury:
To credit of Treasurer
United States
1133
THE CHRONICLE
FEB. 27 1926.]
Total
456,074.495 00
GENERAL FUND.
Liabilities
166.183,556 15 Treasurer's checks out6,332.067 00
standing
2,088,934 59
4.286.386 00 Deposits of Government
1,069.927 50
officers:
212.507 00
P. 0. Department _ _ _
17,653,910 37
20.064.163 00
13d. of Trustees Postal
5,871.619 30
Savings System
1.179.212 73
5% reserve, lawful
14,496.588 87
6,576,290 49
money
501,662 56
Other deposits
2.485.383 62
Postmasters, clerks of
47,594,164 62
courts, disbursing of37,382,123 23
ficers, &c
Deposits for:
257,688,000 00
Redemption of F. R.
notes(5% fd., gold). 143,136,014 43
Redentrin of nat. bk.
notes(5% fund, law27,504,343 44
99.100 79
ful money)
Retirement of addl
. 263,335 59
circulating notes, Act
4,56500
May 30 1908
Uncollected items, ex4.124.493 98
7,482.279 45
changes, Ace
238.972,33809
318,178,261 97
20,912,887 16
Net balance
100,000
-The Dearborn National Bank, Dearborn, Mich
Feb. 17
Correspondent. L. W. Ketchum.243W.Michigan Ave.,
Mirth.
Dearborn,
25.000
-The First National Bank of Lynn Haven, Fla
Veb. 19
Corre.spondent, D. J. Bailey, Lynn Haven, Fla.
25,000
-The Martin County National Bank of Salerno. Fla
Feb. 19
Correspondent, E. E. Turner, Salerno. Fla.
APPLICATION TO ORGANIZE APPROVED.
50.000
-The Hillsdale National Bank, Hillsdale, N.J
Feb. 19
Correspondent, henry J. Werner. Hillsdale. N. J.
APPLICATION TO CONVERT RECEIVED.
25,000
-The Lott National Bank, Lott. Tex
Feb. 17
Conversion of the Lott State Bank, Lott, Texas.
CHARTERS ISSUED.
-The Third National Bank of Miami, Fla
-12.887
Feb. 18
President, William G. Just; Cashier, Frank J. McGlinn.
-The Citizens National Bank of Wessington,
-12.888
Feb. 20
30,000
So. Dak
President, E. B. Dinsmore.
VOLUNTARY LIQUIDATION.
250,000
-3,478
-The First National Bank of Hammond.Ind _ _
Feb. 16
Effective Feb 3 1926. Liq. Agent, Charles H. Walters,
Hammond, Ind. Absorbed by the First Trust & Savings Bank of Hammond, Ind.
50,000
-The Seymour National Bank, Seymour, Iowa_
Feb. 16
-11.210
Effective Jan, 2 1926. Liq. Agent, Wm. Wyatt. Seymour, Iowa. Absorbed by the First National Bank of
Seymour. Iowa. No. 8,247. Liability for circulation
will net be assumed under Sec. 5223. IJ. S. H. S.
25.000
Feb. 18
-12.173
-The First National Bank of Ninnokah, Okla
Effective Doc. 311925. Liq. Agent to be appointed by
the board of directors.
500.000
FOREIGN
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York,
Month.
1925.
1924.
1925.
1924.
1925.
1924.
$
$
$
$
$
January.. 156.923.263 130.402.242 156,313,003 146,793.889 26.121,252 24,779.787
February. 160,460.910 155,654,1311 123,210,344139.028.108 26,072,503 28.444,581
Niarch____ 183,494,498149.384.187 175.312.931 133.687,771 27.666.955 27.625,870
April_ _ _ ... 166.694,007163.514.222 171.392,165145,002,767 22.893,230 26.752.166
May ____ 149,170.018 135.620.732 147.545.548 143,742,987 21,933,377 23.179,124
June ____ 160,308,912 131.236,366 123,740,727 118,752,946 23,298.326 23.802.661
154,206.974 134.244.024 135.781.354113.857,700 24,327.006 25.428.495
luly
August... 166,853.232111,766,587 168.713.039139,802.244 26.235.015 24.565.320
8
September 1611.212.020. . . . 137.468.0141 „ 30.186.355 28.765. 65
October_ _ _ 192.479.742 154.424.252 126.701.020168.984.882 29.389.797 28.358.873
November 196.527.068140.605.417136,152.139138,892.97 29.333.221 23.732.263
December. 221,274.0021152.382,564 172.257,373 127.785.237 26.729.182 23.451.575
I
Total__ _ 2074601 646 1690911 368117745876591658175913314,186,219308,884.580
Movement of gold and silver for the twelve months:
929.42128
Silver-New York.
Gold Movement at New York,
Total
557,150.600 06
Total
557,150.600 06
Note.
-The amount to the credit of disbursing officers and agencies to-day was
$366,373,869 71. Book credits for which obligations of foreign Governments are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dee. 23 1913. deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid into
the Treasury as miscellaneous receipts, and these obligations are made under the
Acts mentioned a part of the public debt. The amount of such obligations to-day
was $51.179.554 50.
$789,462 in Federal Reserve notes and $19,982,547 In national bank notes are in
the Treasury In process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Customs Receipts
at New York,
Exports.
Imports.
Month.
Imports.
1925.
January -.
February.
March_ _.
April_ --klay
June _ __July
August _
September
October._ _
November
December_
1924.
$
1.029,134
612,514
3.662.342
5,694.336
7,776,455
948,811
6,489.017
759,804
672.611
42.379.042
3.867.632
947.408
35.558,071
28.514,809
27.968.134
37.018,743
35.003,505
20.402.503
15.222.422
14.279.486
1.028.986
16.070.991
15.798.143
6.827.266
Exports.
1925,
1924.
750
66,002.262
315.11
33.520.792
201.600
21.435,084
740,500
19.899,381
10.304,670
24.880
2.641,349
230.512
2.468.247
1.024.953 1.730,671
5,060.700 2.167,62n
1.395.082 1.710.347
2.969.990 4,452,45
4.597.913 39,070.707
Imports,
Exports.
1925.
1925.
4,070,277
2,289.472
3,705.805
2,396.063
521.974
1,659.578
1.663.473
3,416.707
761.900
1,609.338
638.906
1.299.468
7,604.975
4,556.080
5,254,216
6,922,769
3.812.598
5,873.792
3,684.687
4.645.001
3.439.551.
5.307.958
5.511 426
5.256.28.8
Treasury Money Holdings.
Total_ __ 74.839.105253.603.059171,320.423 50.645.046 24.032.961 61.869.339
The following compilation made up from the daily Government statements sl,ows the money holdings of the Treas-Among other securities, the following,
Auction Sales.
ury at the beginning of business on the first of November and
not actually dealt in at the Stock Exchange, were sold at auction
December 1925 and January and February 1926:
in New York, Boston and Philadelphia on Wednesday of
this week:
Holdings in
Noy. 1 1925. Dec 11925. Jan, 1 1926. Feb. 1 1926.
By Adrian H. Muller & Sons New York:
U.STreasury
$
$
$
$
Net gold coin and bullion.
Net silver coin and bullion
Net Unit& States notes._
Net nation i bank notes._
Net Fed' .teserve notes..
Net Fed'. Ites. bank notes
Net subsidiary silver
Minor coin,&c
,
335,273.877
25,646,266
3,662,285
14,842,459
947,021
142,564
7,203.228
4,345,547
331,612.558
24,810.759
2.854.129
14,451.292
1,000.754
195.979
6,376,833
5,278,474
332.922.543
21.263,843
4,385.075
14.953.851
1,543.974
183.885
5.531,639
2,969,547
Total cash in TreasuryLees gold reserve fund_
392.063.217
153,620,986
386,616.778
153,620.986
383.754.357 *376,370,297
153.620,986 154,188,886
Cash balance In Treasury. 238,442,261
ep in spec'l depositories:
116,982.000
Acct. cUs, of indebt_
Dep. In Fed'I Res. banks_
51,667,803
Dep. In national banks:
7,684.985
To credit Treas. US..
20,820.625
To credit dish. officers.
1,031,195
Cash In Philippine Islands
351.497
Deposits In foreign depts..
Dep.In Fed'i Land banks
232,995.792
230,133.371
222,181,411
61.525,000
60,428.242
7,547.809
290.398,000
38.073.652
7,497.562
257,688,000
47.594.165
7,482,279
20,607.196
788,261
229,331
21,645.172
1,080.934
449,279
20,912,887
929.421
362,437
320,372,442
20,828,656
4,286.386
20,064.163
1,069,927
212.507
5,871.619
3,664,597
Net cash in Treasury
and In banks
Deduct current liabilities.
436.980.366
238,232.170
384,121,631
241,219,122
589.277,970
260.570.037
557,150,600
238,972,338
Available cash balance_
VIR 74A lAR
1490(19•FAG
225 707 0A2
gig 1752 oaq
•Includes Feb. 1,814.498,588 87 silver bullion and $1,179.212 73 minor coin, &c.,
not Included in statement "Stock of Money."
Sommerdal and7Ilisceliancoits giturEs
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
-The Mystic National Bank of Medford, Mass
Feb. I7
Correspondent, Antonio La Frazia, Medford, Mass.
Capital.
$100,000
Shares. Stocks.
$ per sh.
133 Industrial Leaf Tcbacco Go.,
common
$120 lot
100 American Nickel Co., 1,-13, par
$10
$6
600 Greene Gold Silver C u., pref., lot
par $10
Shares. Stocks.
$ per 88.
15 Merklen Soap Co
$6 lot
78 Kentucky Block Cannel Coal Co. 2
1531
20 Texas Land Syndicate
40 Texas Land Syndicate. No. 3...4 lot
75 Stone's Express, Inc., lot pref..
$25 lot
par $10
By Wise, Hobbs, & Arnold Boston:
Shares. Stocks.
$ per sh.
100 National Shawmut Bank
275
10 First National Bank
378K
3 Tremont & Suffolk Mills
38)4
45 West Point Mfg. Co
14934
10 Nashua Mfg. Co., corn
58
1 5 Otls Co
$9 Per 1-5th
5 Nashawena Mills
10334
16 Central Vermont By
114
7 Puget Sound Pow.& Lt., com__5534-56
5 Consolidated Weir Co
40
60 Hood Rubber Co.. pref._ __104K -105
5 Penna. Refiners Assn., corn
50
4 Penna. Refiners' Awn , pref
50
9 First National Stores, Inc , pref _ _10231
100 Springfield Gas Lt. Co.,par $25 61K
2 units First. Peoples Trust
75K
20 Mass. Lighting Cos., 8% pref...120
20 Miss. River Power Co., pref.... 9654
6 Railway & Light Sec., common_ _201
Shares. Stocks.
$ per oh.
15 Railway & Light Securities, Prof. 97
10 Boston Montana Corp., corn.,)
par $25
22 Atlantic Concrete Materials Co-)5134
20 Washington Utilities Co., corn._ I lot
150 East Hampton cev.Co..par5101
22 units First Peoples Trust
75K
2 Puget Sound P. & L.,8% pref.__ 84K
10 Sullivan Machinery Co
5434
30 North Boston Ltg. Prop.. met_ _105
5 Narragansett Elec. Ltg Co.. par
$50
84
2 New England Confectionery Co.
.350
9 U.S. Envelope Co., com_153K.ex-div.
No. Rights,
$ Per right.
16 Atlantic National Bank
1354
105 Atlantic National Bank_..13 15-16
100 North Boston Lighting Prop_ _3 3-16
67 Mass. Bonding & Insur. Co_3034-31K
I
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per eh.
8 Merchants National Bank
37534
5 National Shawmut Bank
275
50 Atlantic National Bank
274K
5 National Shawmut Bank
275
10 Naumkeag Steam Cotton Co...175
5 Farr Alpaca Co
172K
24 Ludlow Mfg. Associates
186K
3 Androscoggin Mills
51K
100 West Point Mfg. Co
148
10 Nat. Fabric & Finishing Co ,com 80
1 West Point Mfg. Co
148
30 Saco Lowell Shops. 2d pref
10
5 Pittsfield & North Adams RR....85
17 Plymouth Cordage Co
145
7 Heywood-Wakefleld Co..com_ 80-)4_
11 New England Power Assn., pref.. 88K
Shares. Stocks.
$ per oh.
10 units First Peoples Trust
7534
10 special units First Peoples Trust 55i
25 Union Twfst Drill, pref. _9734 & dlv.
2,800 Graton & Knight Mfg. Co..
COM
2
1 unit First Peoples Trust
75K
8 special units First Peoples Trust.. 554
1 State Theatre Co., pref
so
1 Columbian National Life Ins. Co.171
8 special units First Peonies Trust
534
No. Rights.
$ per right.
3 Atlantic National Bank
1334
Bonds.
Per cent.
$2,000 Milford Water Co. 7e, July
1936
100K.
1134
By Barnes & Lofland Philadelphia:
Shares. Stocks.
$ per sh.
$ per sh. Shares. Stocks.
4 Tioga Trust Co., par $50
298
170
10 Union National Bank
1 Belling Motor Co., Class A_ __ _1
10 Penn National Bank
595%
1 Belling Motor Co., Class B..--)$9 lot 1 Philadelphia National Bank
556
2 Belling Motor Co., pref
J
19 Philadelphia National Bank- _555
26 Bessemer Am.Mot.Corp.,com.1$15
15 National Bank of Germantown,
16 Bessemer Am.Mot.CorP., preff . lot
392(
par $50
50 units Ford Motor Co.of Canada,
1 Franklin National Bank
675
Ltd
53j 15 Drovers & Merchants Nat. Bank238
10 New York Mortgage Co.. com_k52
10 Drovers & Merchants Nat.Bank.232
10 New York Mortgage Co., pref..1
3 National Bank of Commerce_ _ _ _232
300 Walls, Owen & Stambach(
7 National Bank of Commerce_ __ _226
Co.,common
($30,000 10 Third Nat. Banked Philadelphia 325
272 Walls Owen & Stambach 1
lot 1 Central National Bank
681
Co., pref
10 Central National Bank
681
3 Star Motors Co., Inc
210
434 10 Nat. Bank of North Phila
1 Durant Motors Co., Inc
10
9 Penna. Co. for Ina. on Lives, &e_900
4 Philadelphia Bourse, common
1834 5 Penna. Co.for Ins. on Lives, &c.)396
5 Bank of North Amer.& Trust Co_364
5 Bank of North Amer.& Trust Co_366
10 Republic Trust Co., Par $50
220
15 Phlla. & Sub. Mtge. Guar. Co_ _136
3 Commonwealth Title Ins. & Tr 516
44 Curtis Pub. Co., pref., no par-11234
5 Fidelity Trust Co
700
50 Hare & Chase, Inc., pref
93
59 Aldine Trust Co
272
109 Hare & Chase, Inc., pref
9251
15 Market Street T.& T.. Par $50-435
225 Hare & Chase,Inc.,COM.,110 par 2631
10 Jefferson 'I'. & T. Co., par $50_ _ 6931 2 Central Trust Co
18634
20 Northeastern T.&T.Co.,par $5075
1 Provident Trust Co
701
25 West End Trust Co
313
5 Corn Exchange Nat. Bank
661
69 Metropolitan Tr. Co., par $50...126
10 Oxford Bank & Trust Co
190
5 Vega Trust Co., par 550
162
5 Oxford Bank & Trust Co
18534
5 North Phila. Tr. Co., par 350._ _300
85 Oxford Bank & Trust Co
185
10 Belmont Trust Co., par $50_ _124%
Bonds.
Per cent.
5 Media Title & Tr. Co., par $25_ _117
$27,000 Steel Pier Co.1st 6s(M.&N
37 Media Title & Tr.Co., par $25_..115,i
13). 1935
7534
22 78-100 Pratt Food Co
202
52.500 Chic. Aurora & Elgin Corp.
5 Tacony-Palmyra Ferry Co., par
deb.6s, April 1972(Jan. 1925 and
$50
51
all subsequent coupons attached). 5831
SO South Jersey Farmers Exch.,
$3.000 Municipal Service Co. 1st
par $5
9434
5
coll. 5s, 1942
10 Rochester de Syracuse RR., pref. asi $2,000 Kingston Gas & Elec. Co.
4 Rochester & Syracuse RR., corn. %
9034
1st 55. 1952
12 Farmers& Mechanics Nat. Bank
$4,000 Roanoke Trac. & Light 1st
(in liquidation)
9431
131
coll. 58, 1958
4 Phlla. Bourse, corn.. par $50._ __ 1834
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh.
7 Buff. Niag.& East.Pow., pref._ 25
2.000 Columbus Kirkland
534c.
30 Buff. Mag.& East. Power
3434
1,000 Bunton Kirkland
1534c.
20 Northeastern Power
3234
1,000 Consol. West Dome Lake_ __ _ 23e.
$ Per sh.
Shares. Stocks.
5834
4 Pratt & Lambert
500 Teck Hughes
334
50 Strab Oil
$6 lot
100 Peoria Decatur & Evansville
By. Co
$4.25 lot
By Weilepp Bruton & Co. Baltimore:
Stocks.
Percent.
$persh.
Bonds.
25 Commercial Credit Co. N. 0.
$2,000 Indlahoma Refg. deb. fis,
8% met
24
$3.50 lot
1929, efts. of deposit
$1,000 Manufacturers Finance Co.
97
65, 1935
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Delaware St Hudson Co.(guar.)
'
0234
Fonda Johnstown & Gloversv., pf. (qu.) 134
Gulf Mobile & Northern. pref. (guar.)._ *134
Reading Co., 2d pref.(guar.)
*50o.
Books Closed.
Days Inclusive.
Mar.20 *Holders of rec. Mar. 5
Mar.15 Holders of rec. Mar.10a
Apr. 1 *Holders of rec. Mar. 15
Apr. 8 *Holders of rec. Mar.22
Public Utilities.
Amer. Public CUL,Inc.. class A (qu.)
50e. Mar. 1 Holders of rec. Feb. 15
Arkansas Natural Gas (guar.)
8c. Apr. 1 Holders of rec. Mar. 100
Baton Rouge Elec. Co., common (guar.) 6234c. Mar. 1 Holders of rec. Feb. 23
Bell Telep. of Pa.,634% pref.(guar.)... "134 Apr. 15 'Holders of rec. Mar.20
Bell Telephone of Canada (guar.)
*2
Apr. 15 Holders of rec. Mar.23
Boston Elevated By.,common (quar.)_ '134 Apr. 1 *Holders of rec. Mar. 10
Second preferred
'334 Apr. 1 'Holders of rec. Mar. 10
Brooklyn Union Gas(guar.)
"$1 Apr. I *Holders of rec. Mar.12
Chicago City By.(guar.)
*134 Mar.30 'Holders of rec. Mar.22
City Power & Light. 1st pref. A (guar.). *51.75 Apr. 1 'Holders of rec. Mar. 15
Consolidated Gas, N. Y., pref.(qu.)
"131 May 1 *Holders of rec. Mar.15
Diamond State Telephone.634% Ill.(gu) '134 Apr. 15 *Holders of rec. Mar.20
Elm. Pow. & Light, Pref. (guar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
El Paso Elec. Co., common (guar.)
$1.25 Mar.15 Holders of rec. Mar. 1
Engineers Public Service Co., pref. (qu.) $1.75 Apr. 1 Holders of rec. Mar. 10
Foshay
(W B.)Co.,com.& spec.(m'thly) i1-3 Mar.10 Holders of rec. Feb. 27
Founders stock (monthly)
1 1-3 Mar.10 Holders of rec. Feb. 27
Preferred (monthly)
2-3 Mar.10 Holders of rec. Feb. 27
General Gas & Elec., corn. Cl. A-(quar.)_ 3734c Apr. 1 Holders of rec. Mar. 16
$8 pref. class A (guar.)
$2
Apr. 1 Holders of rec. Mar. 15
$7 pref. class A (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 15
Preferred class B (quar.)
$1.75 Apr. 1 Holders of reo. Mar.lb
Gold & Stock Telegraph (guar.)
*134 Apr. 1 *Holders of reo. Mar.31
*2
Illinois Bell Telephone (quar.)
Mar.31 *Holders of rec. Mar.30
5-6 Mar.10 Holders of rec. Feb. 27
Internat.Pub.Serv. Corp.,corn.(n'thly)
7-12 Mar.10 Holders of reo. Feb. 27
Preferred (guar.)
Interstate Power. pref. (quar.)
'$1.75 Apr. 1 *Holders of rec. Mar.15
Kansas City Pow.& L. prof. A (quar.). $1.75 Apr. 1 Holders of rec. Mar. 16
Minnesota Elec. Distrih., coin.(m'thly). I
Mar.10 Holders of rec. Feb. 27
Preferred A (monthly)
2-3 Mar. 10 Holders of rec. Feb. 27
Preferred B (monthly)
1
Mar.10 Holders of reo. Feb. 27
Preferred C (monthly)
7-12 Mar.10 Holders of reo. Feb. 27
Montana Power, corn. (guar.)
134 Apr. 1 Holders of roe. Mar. 12
Preferred (guar.)
134 Apr. 1 Holders of roe. Mar. 12
Nat.Public Service, Cl. A corn.(qu.)
"40o. Mar.15 *Holders of rec. Feb. 27
North American Co., corn. (guar.)
9234 Apr. 1 Holders of rec. Mar. 5
Preferred (guar.)
750. Apr. 1 Holders of rec. Mar. 5
Ohio Bell Telephone. pref.(guar.)
"151 Apr. 1 *Holders of rec. Mar.20
Pennsylvania Water & Power (guar.).- 2
Apr. 1 Holders of reo. Mar.190
1 1-3 Mar.10 Holders of rec. Feb. 27
Peoples Light & Power,corn
Preferred (monthly)
7-12 Mar.10 Holders of rec. Feb. 27
% Mar. 10 Holders of rec. Feb. 27
Tri-State Utilities. corn. (monthly)
Preferred (monthly)
7-12 Mar. 10 Holders of rec. Feb. 27
Turners Falls Power & Elec.,com.(au.). 2
Mar.31 Holders of rec. Mar.15
20e. Mar.31 Holders of reo. Mar.15
Employees stock (guar.)
Utilities Power & Light. coin., Cl. A (au.) p50c. Apr. 1 Holders of rec. Mar. 5
p250. Apr. 1 Holders of rec. Mar. 5
Common,class B (quar.)
$1.75 Apr. 1 Holders of rec. Mar. 5
Preferred (quar.)
Winnipeg Electric Co., pref.(guar.).- 134 Apr. 1 Holders of reo. Mar.15
Banks.
Commerce, National Bank of (guar.)._
Montauk, Brooklyn (guar.)
4
3
Apr. 1 Holders of roe. Mar.190
Mar. 1 Feb. 26 to Mar. 1
Miscellaneous.
.134 Mar. 1 *Holders of roe. Feb. 18
Acushnet Mills(guar.)
•
$1.50 Mar.31 *Holders of rem Mar.15
Adams Express (guar.)
*75o. Apr. 1 *Holders of rec. Mar. 15
Advance-Rumely Co., pref. (quar.)
Chemical & Dye Corp.. pref.(qu.) IR Apr. 1 Holders of rec. Mar. 15
Allied
American Bank Note, COM. (guar.).- •400. Apr. 1 *Holders of rec. Mar. 15
"750. Apr. 1 *Holders of rec. Mar. 15
Preferred (guar.)
194 Apr. 1 Holders of rec. Mar. 13
hmerican Beet Sugar. pref.(guar.)
[VoL. 122.
THE CHRONICLE
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*IN Apr. 1 *Holders of rec. Mar. 16a
American Can, pref.(guar.)
elm Apr. 1 'Holders of rec. Mar.15
American Chicle,6% Pref.(quar.)
7% preferred (guar.)
Apr. 1 *Holders of roe. Mar. 15
American Coal(guar.)
".$1 May 1 *Holders of rec. Apr. 10
American Felt. preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 17
Amer. Locomotive, common (guar.).
*$2 Mar,31 'Holders of rec. Mar. 12
Preferred (guar.)
"1% Mar. 31 *Holders of rec. Mar. 12
American Manufacturing, corn. (guar.). *1% Mar. 31 *Holders of rec. Mar. 17
Common (extra)
'2
Mar. 31 *Holders of rec. Mar.17
Common (guar.)
July 1 *Holders of rec. June 17
Common (guar.)
Oct. 1 *Holders of rec. Sept. 17
Common (guar.)
Dec. 31 *Holders of rec. Dec. 17
Preferred (guar.)
•1M Mar. 31 *Holders of rec. Mar. 17
Preferred (guar.)
*134 July 1 "Holders of rec. June 17
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 17
4.1y4 Dec. 31 *Holders of rec. Dec. 17
Preferred (guar.)
American Piano, corn. (guar.)
2
Apr. 1 Holders of rec. Mar.15
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar.15
American Safety Razor (guar.)
75e. Apr. 1 Holders of rec. Mar.100
Tobacco, pref. (guar.)
American
1% Apr. 1 Holders of rec. Mar.10
Autocar Company, pref. (guar.)
*2
Mar. 15 'Holders of rec. Mar. 1
Belding-Hemingway Co. (guar.)
*75e. Apr. 1 'Holders of rec. Mar.20
Big Lake 011
'25
Mar.19 *Holders of rec. Mar.20
Borne, Scrymser Co
4
Apr. 15 Mar.28 to Apr. 14
Extra
4
Apr, 15 Mar.28 to Apr. 14
British-American Tobacco, ordinary.... (r) Mar.31 Holders of coup. No.110r
British Columbia Fish & Packing (guar.) 154 Mar,10 Holders of rec. Feb. 28
Quarterly
154 June 10 Holders of rue. May 31
Quarterly
134 Sept. 10 Holders of rec. Aug. 31
Quarterly
154 Dec. 10 Holders of rec. Nov.30
Budd Wheel, common (guar.)
ttOC. Mar,31 Holders of rec. Mar. 10
First preferred (guar.)
14 Mar.31 Holders of rec. Mar. 10a
First preferred (extra)
760. Mar.31 Holders of rec. Mar. 100
Bush Terminal Co. 7% deb.stock (qu.) '134 Apr. 15 "Holders of rec. Apr. 2
Bush Terminal Buildings. prof.(quar.)-- 4.194 Apr. 1 *Holders of rec. Mar.17
Calumet & Arizona Mining (guar.)
"11
Mar.22 *Holders of rec. Mar. 5
Extra
"50c. Mar.22 *Holders of rec. Mar. 5
Canadian Car & Foundry, pref.(guar.). sag Apr. 10 "Holders of roe. Mar.26
Coca Cola Co., corn. (guar.)
*$1.75
*1),( Apr. 1
Chicago Mill & Lumber, pref.(quar.)
*Holders of rec. Mar.2
Commercial Solvents, class A (guar.)._ *El
Apr. 1 *Holders of rue. Mar. 1
Preferred (guar.)
"$2
Apr. 1 *Holders of rec. Mar. 1
Continental Can, pref.(guar.)
194 Apr. 1 Holders of rec. Mar.2
Dominion Glass,com,and pref.(guar.). •194 Apr. 1 "Holders of rec. Mar. 1
Dominion Textile, corn.(guar.)
'51.25 Aln. 1 *Holders of rem Mar. 1
Preferred (guar.)
.
0154 Apr. 15 *Holders of rec. Mar.3
Draper Corporation (guar.)
2
Mar.31 Holders of rec. Feb. 2
East Sugar Loaf Coal
20c. Mar, 1 Holders of rec. Feb. 2
Eastern Rolling Mill (guar.)
3734c. Apr, 1 Mar. 16 to Mar.3
Extra
1234e. Apr. 1 Mar. 16 to Mar. 3
Elgin National Watch (guar.)
*6294c May 1 "Holders of rec. Apr. 1
Federal Motor Truck (guar.)
"30c. Apr. 1 *Holders of rec. Mar.2
FleLschmann Co. new com.(No.1) (qu.) '50e. Apr. 1 *Holders of rec. Mar. 1
Gabriel Snubber Mfg. (guar.)
'
"6234c Apr. 1 'Holders of rec. Mar. 1
Extra
"13234c Apr. '1 *Holders of rec. Mar .1
Galena-Signal Oil, pref.& new pf.(au.). "2
Mar.31 *Holders of rec. Mar. 1
General Baking, Class A (guar.)
$1.25 Apr. I Holders of rec. Mar. 1
General Electric, common (guar.)
*2
Apr. 15 *Holders of reo. Mar.
Special stock (guar.)
*15e. Apr. 15 *Holders of rec. Mar.
General Railway Signal, corn.(quar.)
411
Apr. 1 *Holders of rec. Mar. 1
Preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar. I
Gulf 011 Corporation (guar.)
*37%c Apr. 1 *Holders of rec. Mar.2
Gulf States Steel, corn. (guar.)
•
1% Apr. 1 *Holders of rec. Mar. I
▪ h Apr. 1 *Holders of rec. Mar. 1
Preferred (guar.)
•1% July 1 *Holders of rec. June 1
Preferred (guar.)
Preferred (guar.)
1
.1M Oct. 1 *Holders
Sept. 1
•1,‘ Jan 2'27 'Holders of rec. Dec. 1
Preferred (guar.)
of rec.
Hathaway Manufacturing (quar.)
"$1.50 Ma. 1 *Holders of rem Feb. I
Inspiration Consolidated Copper (qu.).- 50e. Apr. 5 Holders of rec. Mar. 1
Internat. Business Machines(quar.)... •750. Apr. 10 *Holders of rec. Mar.2
Internat. Projector Corp., corn.(Qum.). 250, Apr, 1 Holders of rec. Mar. 1
$7 dividend preferred (guar.)
$1.75 Apr. 1 Holders of rem Mar.1
Johnsen Shoe (guar.)
3734c. Mar. 1 Herders of rec. Feb. 2
Lehigh Valley Coal Sales (quar.)
Apr, 1 *Holders of rec. Mar.1
*
$2
Liggett & Myers Tobacco, pref. (qua?.). •15.4 Apr. 1 *Holders of rec. Mar.1
Long Bell Lumber, cl. A corn. (guar.)._ *El
Mar. 31 'Holders of rec. Mar. 1
Mallinson (H. R.) & Co.. Inc., Pf. (qu.) 134 Apr. 1 Holders of rec. Mar.2
Mathieson Alkali Works, corn.(guar.).- *$1
Apr. 1 *Holders of rec. Mar. 1
Preferred (guar.)
'134 Apr. 1 *Holders of rem Mar.1
Mexican Petroleum, coin. (guar.)
*$3
Apr. 20 *Holders of rec. Mar.3
Preferred (guar.)
Apr. 20 *Holders of rem Mar.3
"$2
Moto Meter, Inc., class A (guar.)
*90c. Apr. 1 *Holders of rec. Mar. 1 a
Motor Wheel Corporation (quar.)
*50e. Mar.20 *Holders of rec. Mar. 1
.g Mar.31 *Holders of rec. Mar. 1
Nat. Enameling & Stamping, Prof. (qu.) rj
National-Standard Co.(quar.)
.62%c Apr. 1 *Holders of rec. Mar.2
Neptune Meter Co.. corn. (guar.)
*50c. Mar.15 *Holders of rec. Mar.
New Jersey Zino-See Note (s) below)
New York Canners, corn. (guar.)
*50e. Mar.15 *Holders of rec. Mar.
New York Transit
$1
Apr. 15 Holders of rec. Mar.1
North American Provision, pref.(qu.)._ .
154 Apr. 1 *Holders of rec. Mar.1
Ogilvie Flour Mills, pref. (quar.)
134 Mar. 1 Holders of rec. Feb. 2
Paige-Detroit Motor, coin. (guar.)
•45e. Apr. 1 *Holders of rec. Mar.1
Preferred (guar.)
•194 Apr. 1 *Holders of rec. Mar.1
Pan Am.Pet.& Transp..com.& com.B (au) 41.50 %pr. 20 'Holders of rec. Mar.3
411
Patchogue Plymouth Mills (guar.)
Mar. 1 *Holden/ of rec. Feb. 2
Pettibone-Milliken, 1st & 2d pref. (au.)_ *131 Apr. 1 *Holders of rec. Mar.2
Phillips Petroleum (guar.)
• "Ise. Apr. 1 *Holders of rec. Mar.1
Pittsburgh Steel Foundry, pref.(quar.)_ *134 Apr. 1 *Holders of reo. Mar.1
Plymouth 011
'50e. Mar.20 *Holders of rec. Mar.2
Extra
'250. Mar. 20 *Holders of rec. Mar.2
Pure 011 Co.,534% pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 1
Six per cent preferred (guar.)
134 Apr. 1 Holders of rec. Mar.1
Eight per cent preferred (guar.)
2
Apr, 1 Holders of rec. Mar. 1
St. Maurice Valley Corp., pref. (guar:). *I.M Apr. I *Holders of rec. Mar. 1
South Penn Oil(quar.)
.$1.50 Mar.31 *Holders of rec. Mar. 1
Standard Milling. COM• (quar.)
154 Mar.31 Holders of rec. Mar. 1
Preferred (guar.)
154 Mar. 31 Holders of roe. Mar. 1
Standard Oil(Kentucky)(guar.)
•$1.
Mar.31 'Mar, 16 to Mar.3
Standard Plate Glass, 7% pref. (quar.). •1,4 Apr. 1 *Holders of rec. Mar.2
Symington Co., Class A (guar.)
50c. Apr. 1 Holders of rec. Mar. 1
*1,4 Apr. 10
Telautograph Co., Prof.(guar.)
*Holders of rem Mar.3
Tide Water Oil (guar.)
•
3734e Mar.31 *Holders of rec. Mar. 1
Timken-Detrolt Axle, corn
•134 Apr. 1 *Holders of rec. Mar.2
Todd Shipyards Corporation (quar.)
*$1
Mar.20 "Holders of roe. Mar.
Tower Manufacturing (guar.)
"3734c Apr. 1 *Holders of roe. Mar. 1
Truscon Steel, corn. (guar.)
.30e. Mar. 15 *Holders of roe, Mar.
Underwood Computing Mach., ILL (qu.) '131 Apr. 1 *Holders of rec. Mar.
Underwood Typewriter. corn.(guar.).
$1
Apr. 1 Holders of rec. Mar.
Preferred (guar.)
134 Apr. 1 Holders of reo. Mar.
Union Carbide & Carbon (quar)
$1.25 Apr. 1 Holders of rec. Mar.
United Dyewood Corp., prof.(guar.)._ $1.75 Am. 1 Holdres of reo. Mar. 1 a
T.T. S. Radiator, new corn.(No. 1)
*35e. Apr. 15 *Holders of rec. Apr.
Preferred (guar.)
•134 Apr. 15 'Holders of rem Apr.
Viau Biscuit Corp. first pref.(guar.)._
154 Mar. 1 Holders of rec. Feb. 1
Second preferred'(guar.)
154 Mar. 1 Holders of rec. Feb. 1
Vulcan Detinning. pref. & pref. A (au.)_
154 Apr. 20 Holders of rec. Apr. 1
Prof. A (account swum.dividends). 52
Apr. 20 Holders of reo. Apr. 1
Waldorf System. corn. (guar.)
31 Mc Apr. 1 Holders of roe. Mar.2
First preferred (guar.)
20e. Apr. 1 Holders of rec. Mar. 1
Preferred (guar.)
20e. Apr. 1 *Holders of rec. Mar.2
Ward Baking, Pref. (guar.)
*1)( Apr. 1 *Holders of rem Mar. 1
West Coast 011 (guar.)
"$1 .50 Apr. 5 *Holders of rem Mar.2
.s5
Extra
Apr. 5 *Holders of tee. Mar.2
Westinghouse Elec.& Mfg.,corn.(guar.) "$1
Apr. 30 *Holders of rem Mar.3
Preferred (guar.)
41
Apr. 15 *Holders of rec. Mar.3
White Motor (payable in stock)
/20
Apr. 10 Holders of rem Mar.2
Worthing'n Pump & Macti.,cLA pf.(qu.) •154 Apr. 1 *Holders of roe. Mar.
Class B preferred (guar.)
*134 Apr. 1 *Holders of rec. Mar.
Wurlitzer (Rudolph) Co., 7% pref.(qu.) 131 Apr, 1 Holders of rec. Mar.2
Woodley Petroleum (guar.)
150. Mar.31 alolders of reo. Mar. 1
Below we give the dividends announced in previous weeks
include dividends anand not yet paid. This list does notin the preceding table.
nounced this week, these being given
Name of Company.
Railroads (Steam).
(guar.).
Ate!'. Topeka & Santa Fe. corn.
Baltimore & Ohio, common (guar.)
Preferred (guar.)
Boston & Albany (guar.)
Canadian Pacific, coin. (guar.)
Preferred
Chestnut Hill (quar.)
_
Cin.N.O.& Texas Pacific, pref.(guar.)
Cleveland & Pittsburgh, guar. (quar.)..
special guaranteed (guar.)
Erie & Pittsburgh (guar.)
Houston & Texas Central
Illinois Central, common (guar.)
Preferred
Maine Central. Pref.(guar.)
preferred (sect. accum. dive.)
New Orleans Texas & Mexico (guar.)._ _
N.Y.Chicago & St. Louis. corn. (lti.)-Preferred (guar.)
Norfolk & Western, common (guar.)...
Pennsylvania (guar.)
Phila. Germantown & Norristown (qu.)_
Pitts. Youngst.& Ashtabula, pref.(qu.)Reading Company,first pref.(guar.) _ _
St. Louis-San Francisco, pref. (guar.)._
Preferred (guar.)
Preferred (guar.)
Southern Pacific Co. (guar.)
Union Pacific. corn. (guar.)
Preferred
. 1135
THE CHRONICLE
FEB. 271926.]
When
Per
CMS. Payable.
Books Closed
Days inclusive.
Name of Company.
•
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
154
West Penn Power Co.,7% pref.(guar.). 151 May 1 Holders of rec. Apr. lba
154 May 1 Holders of rec. Apr.
Six per cent preferred (guar.)
• 114 Mar,15 Holders of rec. Mar. 1
(guar.)
West Penn Rys.,6% prof.
Mar. 1 Holders of rec. Feb. 184
3
Wilmington Gas, preferred
'
Wisconsin Power & Light, pref. (qua?.). $1.75 Mar.15 *Holders of rec. Feb. 28
$1.75 Mar. 1 Holders of rec. Feb. 18
Wisconsin Public Service, pref.(guar.).-
Mar. 1 Holders of me. Jan. 29a
1% Mar. 1 Holders of rec. Jan. 166
Banks.
Mar. 1 Holders of rec. Jan. 160 Chemical National (bi-monthly)
Mar. 1 Holders of roe. Feb. 1941
4
Mar.31 *Holders of rec. Feb. 27a Public National (payable in stock)
2
•1214 Mar.81 *Holders of roe. Mar.lb
*
2% Apr. 1 Holders of rec. Mar. la
Companies.
Trust
Apr. 1 Holders of rec. Mar. I
Mar.31 Holders of reo. Mar.220
3
2
Equitable (guar.)
Mar.31 Holders of rec. Mar.20
4
75e. Mar. 4 Feb. 21 to Mar. 3
Title Guarantee & Trust, extra
•1g Mar. 1 *Holders of rec. Feb. 15
87)4c Mar. 1 Holders of rec. Feb. 106
Miscellaneous.
500. Mar. 1 Holders of rec. Feb. 100 Abbotta Alderney Dairies, let prof.(qu.) 151 Mar. 1 Holders of rec. Feb. 115a
87%c Mar.10 Holders of rec. Feb. 270 American Art Works,corn.& pref.(qu.)_
134 Apr 15 Holders of rec. Mar.81
2% Apr. 10 Holders of rec. Air. 1
American Can Co.
Mar. 1 Holders of rm. Feb. 50
Mar.11 Holders of roe. Mar.10a
In common stock). 50
Common (payable
Mar. 1 Holders of rec. Feb. ba
50e. Apr. 1 Mar. 21 to Mar.31
3
American Chain. Class A (guar.)
1)4 Mar 1 Holders of rec. Feb. 15
33 1-3c Mar, 1 Holders of rec. Feb. 28
American Investment, clam B
6754 Mar. 1 Holders of roe. Feb. 15
144 Apr. 1 Holders of roe. Mar.19a
American Linseed, pref.(guar.)
Mar. 1 Holders of rec. Feb. 184 American Metals, common (guar.)
Mar. 1 Holders or rec. Feb. 1811
$1
154 April 1 Holders of rec. Feb. lba
1% Mar. 1 Holders of rm. Feb. 190
Preferred (guar.)
Apr. 1 Holders of rec. Feb. lba American Multigraph (guar.)
1%
40o. Mar. 1 Holders of rec. Feb. lb
Mar.31 Holders of rec. Mar.15a
151 Mar.19 Holders of rec. Feb. 276 American Radiator.corn.(guar.)
$I
750. Feb. 27 Holders of rm. Feb. is Amer. Railway Express (guar.)
$1.50 Mar.81 Holders of rec. Mar. 15a
4 Feb. 21 to Mar. 3
$1.50 Mar.
500. Feb. 27 Holders of reo. Feb. lba
Amer. Rayon Products (guar.)
1% Mar. 1 Holders of rec. Feb. 20a Amer.Smelting & Refining, pref.(guar.) 1% Mar. 1 Holders of rec. Feb. ba
50c. Mar.11 Holders of rec. Feb. 196 American Stores Corporation (quar)
50c. Apr. 1 Mar. 17 to Apr. I
1% May 1 Holders of rec. Apr. 100
500. July 1 June 16 to July I
Quarterly
1% Aug. 2 Holders of rec. July 150
50o. Oct. 1 Sept. 16 to Oct. 1
Quarterly
154 Nov. 1 Holders of rec. Oct. 150 American Sugar Refining, corn. (quar.)- 1)1 Apr. 2 Holders of rm. Mar. la
260
1% Apr. 2 Holders of rec. Mar. la
1% Apr. 1 Holders or rm. Feb.
Preferred (guar.)
2% Apr. 1 Holders of rec. Feb. 276 American Tobacco, com & corn. B (ern) $2
Mar. 1 Holders of rec. Feb. 10a
Apr. 1 Holders of rec. Feb. 27a Amer. Vitrified Products,
2
Apr. 15 *Holders of rec. Apr. b
$1
com.(quar.)--.
*144 May 1 Holders of rec. Apr. 20
Preferred (guar.)
to Feb. 28
Utilities.
Public
Amer. Window Glass Co., preferred.... 3% Mar. 1 Feb. 19 to Mar. 23
25c. Mar. 1 Holders Of rec. Feb. 15
1% Apr. 15 Mar.11
Amer. Power & Light, corn. (guar.)._
AmericanWoolen, pref.(guar.)
(gu.) *30c. Apr. 1 *Holders of rec. Mar. 1
Superpower Corp.,cl. A & B.
(qua?.). *50c. Apr. 1 Holders of rm. Mar.10
Amer.
Armour & Co.of Ill., cl. A corn.
*$1.50 Apr. 1 *Holders of rec. Mar. 1
First preferred (quar.)
•151 Apr. 1 Holders of rec. Mar. 10
Preferred (guar.)
- 1% Mar, I Holders of rec. Feb. 276 Armour & Co. of Del., pref.(guar.)
•114 Apr. 1 Holder, of rec. Mar.10
American Telegraph & Cable (guar.)
Apr. 15 Holders of roe. Mar. 150 Artloom Corp., pref.(guar.)
& Teleg. (guar.)
234
Amer. Telep.
154 Mar. 1 Holders or rec. Feb. 186
rec. Feb. 130
k$1.50 Mar. 1 Holders of rec. Feb. 10
Associated Gas& El..$6 pref.(gnarl_
Associated Dry Goods, 1st prof.(guar.). 1% Mar. 1 Holders of rec. Feb. 180
k$ 1.6234 Mar. 1 Holders of rec. Feb. 10
$0.50 preferred (guar.)
151 Mar 1 Holders of
Second preferred (guar.)
of rec. Mar 44
Elec.. corn.(qu ) $1.25 Mar. 1 Holders of rec. Feb. 150 Associated Oil (guar.)
Blackstone Val. Gas &
50c. Apr. 28 Holders
1)1 Mar, 1 Holders of roe. Jan. 30
Brazilian Trim. L. & P., ord. (guar.) _ _
Mar.15 *Holders of rec. Mar. 5
*1
Terra Cotta Co., pref.(guar.)
200. Mar. 1 Holders of rec. Feb. 130 Atlantic
((Rua.)
Brooklyn City R. R.
Mar.10 Holders of rec. Feb. 260
$1
of rec. Feb. lla Atlas Powder, common (guar.)
Mar. 1 Holders
Brooklyn Edison Co. (guar.)
151 Apr. 1 Holders of rec. Mar 20
Babcock & Wilcox Co.(guar.)
Bklyn-Manhat. Transit pref.(guar.)... $1.50 Apr. 15 Holders of rec. Apr. la Balaban & Katz, cont.(monthly)
25e. Mar. 1 Holders of rec. Feb. 200
1% Mar. 1 Holder, of rec. Feb. 1156
Central Ark. Ry.& Light, pref. (quar.)_
250. Apr. 1 Holders of rec. mar.200
Monthly
*114 Apr. 15 *Holders of rec. Mar.31
Mar. 150
Central Illinois Pub. Serv., pref. (qu.)_
Barnsdall Corp., class A and B (quar.).. 50e. Apr. 2 Holders of rec. Feb. 13
CentralIndiana Power, Prof.(guar.)... '134 Mar. 1 *Holders of rec. Feb. 20
Mar. 1 'Holders of rec.
$1
•
Bates Manufacturing, corn.(No. 1)
Chic.Rap Tmn prior pref (monthly)._ 650. Mar, 1 Holders of rec. Feb. 160 Belgo-Canadian Paper, corn. (guar.)... I% Apr, 10 Holders of rec. Mar.31
Cleveland Electric Ilium..6% pref.(qu.) 1% Mar. 1 Holders of rec. Feb. 15
1% Apr. 1 Holders ot rec. Mar. 8
Preferred (guar.)
$1.25 Mar. 15 Holders of rec. Feb. 80
Mar. 6a
Consolidated Gas N. Y., corn. (quar.)
Bethlehem Steel, 7% preferred (qua?.).. 1% Apr. 1 Holders of rec. Mar. 6a
Apr. 1 Holders of rec.
Cons. Gas. E. L.& PI, Balt., corn.(qu.) •6214c Apr. 1 *Holders of rec. Mar.15
2
Eight per cent preferred (guar.)
•
2
Apr. 1 *Holders of rec. Mar.15
Eight per cent preferred (guar.)
Mar.31 Holders of rec. Mar. 200
$1
Bingham mines (guar.)
•
151 Apr. 1 *Holders of rec. Mar.15
Seven per cent preferred (guar.)
Mar. 1 Holders of rec. Feb. 166
$1
Borden Company,corn.(guar.)
*154 Apr. 1 *Holders of rm. Mar.15
04% preferred (guar.)
25c. Mar. 1 Holders of rec. Feb. 160
Common (extra)
Mar. 1
'1 34 Apr. 1 *Holders of rec. Mar.15
cent preferred (quar.)
Six per
BOSt011 Woven Hose & Bubb.. com.(gu.) $1.60 Mar.15 Holders ot rec. Mar. 1
Consumers Power (Mich.).6% Pf.(q11.)- 134 AM. 1 Holders of rec. Mar. 15
$1.25 Mar. 1 Feb. 24 to
Brill (J. G.) Co., common (guar.)
1.65 Apr. 1 Holders of rec. Mar. 15
6.6% preferred (guar.)
Mar. 1 *Holders of rec. Feb. 8
(guar.)
*$2
Bristol Manufacturing
Apr. 1 Holders of rec. Mar.15
7% preferred (guar.)
Mar. 1 *Holders of rec. Feb. 8
•711
Extra
Mar. 1 Holders of rec. Feb. 15
6% preferred (monthly)
50o. Mar. 1 Holders of rec. Feb. 20a
Brown Shoe, new corn.(guar.)(No.1)
50c. Apr. 1 Holders of rec. Mar.15
6% preferred (monthly)
((marl.... 1% Mar. 1 Holders of rec. Feb. 200
Common ($100 par value)
55a. Mar. 1 Holders of rec. Feb. 15
6.6% preferred (monthly)
Mar. 15 Holders of rec. Feb. 19
$1
Buckeye Pipe Line (guar.)
550. Apr. 1 Holders of rec. Mar. 15
6.6% preferred (monthly)
50c. Mar. 15 Holders of rec. Feb. 19
Extra
Apr. 20 *Holders of rec. Mar. 15
*2
Detroit Edison (guar.)
950. Mar. 1 Holders of rec. Feb. 15
Mar,15 Holders of rec. Feb. 156 Burdines, Inc.. prof.(guar.)
Duquesne Light, 1st pref., Ser. A (qu.)
141 Apr. 1 Holders of rec. Mar.190
Burns Brothers, preferred (guar.)
Mar. 1 Feb. 16 to Mar. 2
2
of rec. Mar.lba
Eastern Shore Gas & Elec.. pref.(qu.).
Burroughs Add. Mach., no par stk.(en.) 750. Mar.31 Holders of rec. Mar. 15
Empire Gas & Fuel, pref.(monthly).., •66 2-3 Mar. *Holders of rec. Feb. 15
144 Mar.31 Holders
Preferred (guar.)
Federal Light & Turn., common (quar.)_ 20c. Apr, 1 Holders of rec. Mar.lba
Mar.20 Holders of rec. Mar. 1
$1
•
common
1150. Apr, 1 Holders of rec. Mar.lba By-Products Coke,
Common (payable in corn,stock)
*$1.50 Apr. 1 Holders of rec. Mar.31
(No. 1)
134 Mar, 1 Holders of rec. Feb. lba Calamba Sugar Estates
Preferred (guar.)
$1.50 Mar.15 Hrnders of rec. Feb. 270
California Packing (guar.)
Mar. 1 Holders of rm. Feb. 10
$1
Georgia Railway & Power, corn
50c. Mar. 15 Holders of rec. Feb. 270
California Packing Corp.(extra)
Kentucky Hydro-Elec. Co., Prof. (qu.)_ .$1.75 Mar.20 *Holders of rec. Feb. 27
'100% Subject to stocklirs meet. May 18
Stock dividend
Mar. IL Holders of rec. Mar. la
2
Laclede Gas Light Co., corn,(quar.)_
Holders of rec. Feb. 20a
California Petroleum Corp.,corn.(guar.) 50c. Mar, 1 Holders of rec. Mar. 13
1% Mar. 1 Holders of rec. Feb. 15
Prior lien (guar.)
General Electric, pref. (quar.) 1% Apr. 1
Louisville Gas& El.,cl. A & B com.(gu.) 43)115. Mar.25 Holders of rec. Feb. 27a Canadian Locomotive (quar.)
154 Apr. 1 Holders of rec. Mar.20
Apr.
Holders of me. Mar. 6a Canadian
1
Mackay Companies, common (guar.)._
1% Mar.15 Holders of rec. Mar. 10
pref.(quar.)
Holders of rec. Mar. 130 Carter(Wm.)Co..
Apr.
Preferred (guar.)
Holders of rec. Mar. 1511
Case(J. I.) Threshing Mach., pref.(qu.) 1% Apr,
Mar.11 Holders of rm. Feb. 27
MiddleWest Utilities priorlien stk(guar.) 2
Holders of rec. Feb. 6
154 Mar.
prof.(quar,).
Century Ribbon Mills.
250. Mar. 1 Holders of roe. Feb. 15
Municipal Service (guar.)
Holders of rec. Mar. 16a
Apr.
Products Corp.. corn,(en.) $1
100. Mar. 1 Holders of rec. Feb. 180 Certain-teed
National Power & Light, common
Holders of rec. Mar. 165
1% Apr.
First and second preferred (quar.)
$1.75 Apr. 1 Holders of rec. Mar.13
Preferred (guar.)
750. Mar.3 Holders of rec. Mar. 100
Chesebrough Manufacturing (quar.)
Mar. 1 Holders of rec. Feb. 16
Nebraska Power, preferred (guar.)
250. Mar.3 Holders of rec. Mar.106
Extra
Mar.3. Holders of rec. Mar.10
*2
New England Telep.& Teleg.(guar.)
'Holders of rec. Feb. 18
Bfiaft, pref. (quar.,..._ •151 Mar.
50c. Mar.3 Holders of rec. Mar. 150 Chicago Flexible
Niagara Falls Power, common (quar.)
Holders of rec. Mar. 16
6214c Apr.
(guar.)... •
Holders of rec. Mar.31a Chicago Fuse Manufacturing
43%c Apr. 1
Preferred (guar.)
Holders of rec. Feb. 200
33 1-3c Mar.
Cab (monthly)
Chicago Yellow
Mag.,Lockport & Ont.Pow., corn.(qu.) 50c. Apr. , Holders of rec. Mar. 15
Holders of rec. Mar.20
• 33 1-3c Apr.
Monthly
1% Apr. 1 Holders of rec. Mar.156
• 33 1-3c May 1 Holders of rec. Apr. 20
Preferred (guar.)
Monthly
Holders of rec. Feb. 150
North American Edison. pref. (guar.)._ $1.50 Mar.
Holders of rec. May 20
• 33 1-3c June
Monthly
Nor. Amer. Utility,Security, 1st pf.(gu.) $1.50 Mar. 1. Holders of rec. Mar. 1
Mar. 11 Holders of rec. Feb. 260
Childs Co.,corn.,$100 par value (guar.). 3
Holders of rec. Feb. 15
North Carolina Pub. Serv., pref. (guar.) $1.75 Mar.
600. Mar. It Holders of rec. Feb. 260
par value (guar.)
Common, no
Northern Ohio Tract.& Lt.,6% pf.(en.) 1% Apr. . Holders of rec. Mar.15
Apr. 1 Holders of rec. Feb. 2e0
Coln.(extra, pay, in no par corn. stk.) (5)
Seven per cent preferred (guar.)
151 Apr. 1 Holders of rec. Star. 15
of rec. May 280
Com..(extra, pay. in no par corn. stk.) (5) July 1 Holders of roe. Aug. 270
Northern States Power, preferred (guar.) 151 Mar. 1 Holders of me. Feb. 20
Oct. 1 Holders
Com.(extra, pay. in no par corn. stk.) (I)
Mar, 1 Holders of rm. Feb. 190
Northern Texas Elec. Co.. corn.(guar.)- $1
of roe. Nov. 260
Com.„(extra, pay.in no par corn. stk.) (5) Dec 30 Holders of rec. Feb. 260
Preferred
Mar. 1 Holders of rec. Feb. 190
3
1% Mar. 10 Holders
Preferred (guar.)
Northwestern Public Service, pref. (on.) 134 Mar. 1 Holders of rec. Feb. 15
Holders of rec. Mar. 36
6234c Mar.29
Chill Copper (guar.)
Ohio Edison Co.,6% pref.(guar.)
114 Mar. 1 Holders of rec. Feb. 15
% Mar. 1 Holders of rec. Feb. 15
Cities Service, common(monthly)
6.6% preferred (guar.)
1.65 Mar. 1 Holden' of rec. Feb. 15
of rec. Feb. 15
Common (payable In common etock)_ _ f34 Mar. 1 Holders of rec. Mar. 15
7% preferred (guar.)
Mar. I Holders of rec. Feb. 15
%
• Apr. 1 Holders
Common (monthly)
55e, Mar. I Holders of rec. Jan. 15
6.6% preferred (monthly)
stock)._ •f% Apr. 1 Holders of rec. Star. 15
Common (payable in common
Oklahoma Gas& Elec.. pref.(quar.)
1% Mar.15 Holders of rec. Feb. 27
54 Mar. 1 Holders of rec. Feb. 15
141 Mar. 1 Holders of rec. Feb. 19
Preferred and preferred B (monthly)..
Penn-Ohio Edison Co., prior pref.(qu.)
rec. Mar. 15
Preferred and preferred B (monthly)._ .% Apr. 1 Holders of rec. Feb. 9
Penna. Gas & Elec. Corp., CLA (No.1)* ts37%c Mar. 1 *Holders of roe. Feb. 20
500. Mar. 1 Holders of
City Ice & Fuel (Cleveland) (qua?,)
May 1 Holders of reo. Apr. 20
Pennsylvania-Ohio P.& L..8% PL(qL) 2
1% Mar. 1 Holders of rec. Feb. 15
May 1 Holders of roe. Apr. 20
Seven per cent preferred (guar.)
Cleveland Stone (guar.)
Mar. 1 Holders of rec. Feb. 15
1
60e. Mar. 1 Holders of reo. Feb. 23
7.2% preferred (guar.)
Extra
5
70e. Apr. 5 Holders of rec. Apr.
60e. Apr. 1 Holders of rec. Mar.25
Cohn-Hall-Marx Co., com.(guar.)
7.2% preferred (guar.)
70e, July 5 Holders of rec. July 5
600. May 1 Holders of rec. Apr. 20
Common (guar.)
7.2% preferred (guar.)
*Holders of rec. Jan. 18
Feb. 27
$1.25 Mar. 1 Holders of roe. Feb. 10a Commercial Credit, Baltimore, corn.... •120
Philadelphia Company. preferred
50c. Mar.15 Holders of rec. Feb. lba Commercial Investment Trust, com.(gu) 90o. Apr, 1 Holders of rec. Mar. 150
Philadelphia Electric Co.(guar.)
151 Apr, I Holders of rec. Mar.15a
7% first preferred (guar.)
Phila. Suburban Water, pref.(quar.)_. 1% Mar, 1 Holders of rec. Feb. 18a
1% Apr, 1 Holders of rec. Mar. 15a
634% first preferred (guar.)
Portland Electric Power,2d pref.(guar.) 1% Mar, 1 Holders of rec. Feb. 15
1% Mar. 1 Holders of roe. Feb. 15
$1.25 Mar.31 Holders of rec. Mar. ba Constoleum-Nalrn, Inc., pref.(guar.)._ _
Public Service Corp.. common (quar.)
151 Mar. 1 Holders of rec. Feb. 15a
pref.(guar.)
2
Mar.31 Holders of rec. Ma-. 5a Consolidated Cigar Corp.,
Eight per cent preferred (quar,)
151 Mar.31 Holders of rec. Mar. ba Continental 011 (guar.)
*25c. Mar.lb *Holders of rec. Feb. 13
Seven per cent preferred (guar.)
Mar.31 Holders of rec. Mar. 190
$1
1% Mar.31 Holders of rec. Mar. ba Coty,Inc.(guar.)
preferred (guar.)
Biz per cent
1% Mar.15 Holders of rec. Mar. 1
Public Service Elec.& Gas,7% pt.(qu.). 1% Mar.31 Holders of rec. Mar. ba Crane Company,common (guar.)
141 Mar.15 Holders of rec. Mar. 1
Preferred (guar.)
1% Mar.31 Holders of rec. Mar. 5a
per cent preferred (guar.)
Six
•1% Mar. 1 *Holders of rm. Feb. 9
Crows Nest Pass Coal(guar.)
1% Apr. 15 Holders of rec. Mar.31
Quebec Power, common (guar.)
Crucible Steel, preferred (guar.)
4144 Mar.31 Holders of rec. Mar. 156
134 Apr. 15 Holders of rm. Mar.31
Preferred (quar.)
Cuba Company, corn. (guar.)
Mar. 1 *Holders of rec. Feb. 13
$1
Mar. 1 Holders of rec. Feb. asa
Gas & Elec., Pref. B (quar.)_ _
Rochester
13
corn.(guar.)... 50c. Apr. 1 Holders of rec. Mar. 3a
Cuban-American Sugar,
134 Mar. 1 *Holders of rec. Feb.
•
Preferred 13 & E (guar.)
Preferred (guar.)
1% Aim, 1 Holders of rec. Mar. 36
Apr. 10 Holders of rec. Mar.25
Shawinigan Water St Power (guar.)._ 2
Cumberland Pipe Line (guar.)
3
Mar.15 Holders of roe. Feb. 27
141 Mar. 15 Holders of rec. Feb. 27
Southern Colorado Power, pref. (quar.)_
Cuneo Press (guar.)
*al
Mar. 15 *Holders of rec. Mar. 1
Apr. lb *Holders of rec. Mar.31
Southern New England Telep.(guar.)._ *2
Quarterly
June 15 'Holders of rec. June 1
•$1
Mar.15 Holders of rec. Feb427a
& Electric, pref.(guar.)._ 2
Standard Gas
Curtis Aeroplane& Motor. preferred
_
434 Mar. 1 Holders of rec. Feb. 15
of rec. Feb. 13
Mar. 1 Holders
Southwestern Power & Light. Met (qu.)
Cushman's Sons, Inc., corn. (quar.)___
75e. Mar. 1 Holders of rec. Feb. lla
Tennessee Elec. Pow.,6% let pref (en.) $1.50 Apr. 1 Holders of rec. Mar. 15
Seven per cent preferred (guar.)
1% Mar. 1 Holders of rec. Feb. lla
$1.75 Apr. 1 Holders of rec. Mar. 15
7% first preferred (guar.)
Eight dollar Preferred (guar.)
$2
Mar. 1 Holders of rec. Feb. Ila
$1.80 Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (guar.)
Dartmouth Manufacturing. corn.(guar) *
2
Mar. 1 *Holders of rec. Feb. 10
600. Mar. 1 Holders of rec. Feb. 15
preferred (monthly)
6% first
Preferred (guar.)
•134 Mar. 1 *Holders of rec. Feb. 10
Holders of rec. Mar.15
50c. Apr. 1
6% first preferred (monthly)
Decker (Alfred)& Cohn. Inc.,Prof.(g11) 1% Mar. 1 Holders of rec. Feb. 200
600. Mar. 1 Holders of rec. Feb. 15
first preferred (monthly)
7.2%
Deere & Co., preferred (guar.)
1% Mar. 1 Holders of rec. Feb. 150
60c. Apr. 1 Holders of rec. Mar. 15
7.2% first preferred (monthly)
Preferred (acct. accum. dividends)...
34 Mar. 1 Holders of rec. Feb. 150
$3.50 Mar. 1 Holders of roe. Feb. 20
United Utilities. prof
fork Manufacturing, preferred(quarl
Mar.15 Holders of rec. Mar. 1
2
Corp., panic. pref.(No.1) *300. Mar, 1•Holders of rec. Feb. 15
Utility Shares
144
134
151
60o.
151
154
151
•154
141
1136 •
Name of Company.
[voL. 121
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Indy:toe.
Miscellaneous (CarstInfted).
Miscellaneous (Continued).
Diamond Match (guar.)
2
Mar. 15 Holders of rec. Feb. 27n Kirby Lumber (guar.)
'134 Mar. 10 *Holders of rce. Feb. 27
Dictaphone Corp., pref. (guar.)
2
Mar. I Holders of rec. Feb. 20
Quarterly
'134 June 10 "Ho)lers of rec. May 31
Dominion Stores, common (guar.)
.60c. Apr. 1 *Holders of rec. Mar.20
Quarterly
*14 Sept. 10 'Holders of rec. Aug. 31
Douglas-Pectin Co.(guar.)
25c. Mar.31 Holders of rec. Mar. la
Quarterly
•14 Dec. 10 "Holders of rec. Nov. 30
du Pont(E. I.) de Nem.& Co.(quar.)__
234 Mar.15 Holders of rec. Mar. la Kresge (S. S.) Co., new common (guar.) .30c. Mar. 31 'Holders of rec. Mar. 31
Debenture stock (guar.)
14 Apr. 26 Holders of rec. Apr. 10a
Preferred (guar.)
"14 Mar. 31 "Holders of rec. Mar. 15
du Pont (El.) deNem.Powd.,com.(qu.) '134 May 1 'Holders of rec. Apr. 20
Kuppenheimer (B.) & Co., pref. (quar.) 14 Mar. 1 Holders of rec. Feb d240
Preferred (guar.)
May 1 *Holders of rec. Apr. 20
"I
Lake of the Woods Milling, corn.(quar.) 3
Mar. 1 Holders of rem Feb. 13
Eagle-Picher Lead, common (quar.).... 400. Mar. 1 Holders of rec. Feb. 15
Preferred (quar.)
14 Mar. 1 Holders of rec. Feb 13
Common (guar.)
.40c. lune 1 'Holders of rec. May 15
Lake Shore Mines, Ltd.(guar.)
10
Mar. 15 Holders of rec. Mar. 1
Common (guar.)
.40e. Sept. 1 'Holders of rec. Aug. 15
Lanston Monotype Machine (guard-13.4 Feb. 27 Holders of rec. Feb. 17a
Common (guar.)
.400. Dec. I 'Holders of rec. Nov. 15
Lehigh Coal & Navigation (guar.)
51
Feb. 27 Holders of rec. Jan. 305
Eastman Kodak, common (guar.)
El .25 Apr. 1 Holders of rec. Feb. 27a Lehn & Fink (guar.)
75e. Mar.
Holders of roe Feb. 15a
Common (extra)
75c. Apr. 1 Holders of rec. Feb. 270 Liggett & Myers Tob ,com&com.B(qu.) 750. Mar.
Holders of rec. Feb. 10a
Preferred (guard
Corn. At coin. 13 (extra)
1 4 Apr. 1 Holders of rec. Feb. 27a
$1
Mar.
Holders of rec. Feb. 100
Electrical Research Laboratory(guard__ *50e. Apr. 1 *Holders of rec. Mar. 20
Corn & corn B (in corn B stock).
10
Mar.
Holders of rec. Feb. 10a
Ely-Walker Dry Goods, corn.(guar.)... 25c. Mar. 1 Holders of rec. Feb. 18
Lima Locomotive Works.common (qu.). $1
Mar.
Holders of rec. Feb. 156
Emporium Corp. (No. I)
50e. Mar. 24 Holders of rec. Mar. 4
Lord & Taylor. common (guar.)
Holders of rec. Mar. 170
234 Apr.
Estey-Welte Corporation
1st pref. (guar.)
14 Mar.
Holders of rec. Feb. 170
Class A (payable in Class A stock)__
2
Ludlow Mfg. Associates (quar.)
Mar. 1 Holders of rec. Feb. 15
$2.50 Mar.
Holders of rec. Feb. 3
•
Class B (payable in Class A stock)._ 2
Extra
Mar. 1 Holders of rec. Feb. 15
$2
Mar.
Holders of rec. Feb. 3
Euclid 011 (monthly)
1 4 Mar. 25 Holders of rec. Star. 10
Mack Trucks. Inc., corn. (guar.)
$1.50 Mar.3 Holders of rec. Mar. 15a
Falr (The), coin.(monthly)
20c. Mar. 1 Holders of rec. Feb. 18a
First and second preferred (quar.).._ _ _
14 Mar.3 Holders of rec. Mar. 150
Common (monthly)
20c. Apr. 1 Holders of rec. Mar 20a
Mager Car Corporation, common (qu.)_ 25
Mar.3 Holders of rec. Mar.24
Common (monthly)
20c. May 1 Holders of rec. Apr.'20a
Preferred (guar.)
14 Mar.3 Holders of rec. Mar.24
Fairbanks-Morse & Co.. COM. (guard-- 75c. Mar. 31 Holders of rec. Mar. 15
Mahoning Investment (guar.)
$1.50 Mar.
Holders of rec. Feb. 20
Common (guar.)
75c. June 30 Holders of rec. dlunel5
37 sic. Mar.
Manhattan Shirt, common (guar.)
Holders of rec. Feb. 190
Common (guar.)
75c. Sept.30 Holders of rec. d 3eo 15
Marland 011 (guar.)
$I
Mar. 3 Holders of rec. Star d200
Common (guar.)
75c. Dec. 31 Holders of rec. dOct.15
Martin Parry Corp. (guar.)
500. Mar.
Holders of rec. Feb. 150
Preferred (guar.)
14 Mar. 1 Holders of rec. Feb 15a May Department Stores, tom.(quar.).. $1.21 Mar.
Holders of rec. Feb. 150
Famous Players Can. Corp., 1st pf. baud $2
Mar. 1 Holders of rec. Jan. 30
Preferred (guar.)
14 %pr.
Holders of rec. Mar. 150
Famous Players-Lasky Corp., comdqu.) $2
Apr. I Holders of rec. Mar. 15a Maytag Co.(guar.)
50e. Mar.
Holders of rec. Feb. 150
Federal Mining & Smelting, corn
10
Mar. it Holders of rec. Feb. 25a
Quarterly
'Holders of rec. May 15
•50c. June
Preferred (account accum. dividends). 574 Mar. 9 Holders of rec. Feb. 25a
Quarterly
'50e. 3ept
. •Holders of rec. Aug. 15
Preferred (guar.)
14 Mar. 15 Holders of rec. Feb. 25n
Quarterly
'Holders of roe. Nov. 15
'50c. Dec.
First National Pictures, lot pref. (guar.) $2
Apr. 1 Holders of rec. Mar. 15a
MeCahan(W.J.) Sugar Refining &
Fisk Rubber. 1st p1. (acct. accum. diva.) hi.% May 1 Holders cf rec. Apr. 150
Molasses Co., pref. (guard
14 Mar.
Holders of rec. Feb. 15a
Convertible preferred (No. I)
.14 May 1 'Holders of rec. Apr. 15
McCrory Stores Corp.. corn. A and B._ 400. Mar.
Holders of rec. Feb. 200
Foote Bros. Gear & Mach., prof. Wed
"14 Apr. 1 'Holders of rec. Mar.20
McCrory Stores, pref. (guar.)
14 slay
Holders of rec. Apr. 200
Preferred (guar.)
.14 July 1 'Holders of rec. June 20
Preferred (guar.)
14 %ug.
Holders of rec. July 200
Preferred (guar.)
.14 Oct. 1 'Holders of rec. Sept. 20
Preferred (guard
Holders of rem Oct. 200
134 'by.
Forhan Co., common (guar.)
.25e. Apr. 1 'Holders of rec. Feb. 28
McIntyre Porcupine Mines. Ltd
25c Mar.
Holders of rec. Feb. Its
Class.40c Apr. 1 "Holders of rec. Feb. 28
Mengel Co., pref. (guar.)
14 Mar.
Holders of rec. Feb. 23
Foundation Company (guar.)
$2 Mar. 15 Holders of rec. Mar. la
Mergenthaler Linotype (guard
2(4 Mar. 3 Holders of rec. Mar. 60
Fulton Iron Works, pref.(guar.)
Mar, 1 Holders of rec. Feb. 20
2
Merrimac ManufacturIng. corn. (quar.). 14 Mar.
Holders of rec. Feb. 4
Gamewell Company, common (guar.)._ $1.25 Mar. 15 Holdersof rec. Mar. 5
Preferred
234 Mar.
Holders of rec. Feb. 4
Preferred (guar.)
$1.75 Mar. 1 Holders of rec. Feb. 19
Metre-Goldwyn Pictures.Asphalt, preferred (guar.)
General
I
Mar. 1 Holders of rem Feb . 130
Preferred (g tow.)
Holders of rec. Feb. 270
473.4e Mar. 1
General Cigar. pref (quar.)
14 Mar. 1 Holders of rec. Feb. 20a Metropolitan Paving Brick, corn.(guar.) 2
Mar.
Feb. 16 to Feb. 28
General Motors Corp., coin. (guar.)..._ $1.75 Mar. 12 Holders of rec. Feb. 23
5tH continent Petrol. Corp.. pref. (qu.) 14 Mar.
Holders of rec. Feb. 154
Seven per cent preferred (guar.)
14 May 1 Holders of rec. Apr. 50 Miller Rubber. pref. (guar.)
2
Mar.
Holders of rec. Feb. 10
Six per cent debentures(guar.)
14 May 1 Holders of rec. Apr. 5a Mohawk Mining.
$1
Mar.
Holders of rec. Jan. 30
Six per cent preferred (guar.)
14 May 1 Holders of rec. Apr. 56
*Holders of rec. Mar. 20
Montgomery Ward & Co.. ClassA (au.) '$1.75 Apr.
General Petroleum Corp corn.(guar.). 75c. Mar. 15 Holders of rec. Feb. 15a
Preferred (guard
Holders of rec Mar. 206
134 Apr
Gillette Safety Razor (guar.)
75c. Mar. 1 Holders of rec Feb. 1
Munsingwear, Inc. (guar.)
750. Mar.
Holden of rec. Feb. 16a
Extra
25o. Mar. 1 Holders of rec. Feb. 1
National Biscuit. corn. (qual.).
The. Apr. 15 Holders of rem Mar. 310
Great Atlantic & Pacific Tea, corn.(qu.) "60e. Mar. 1 'Holders of rec. Feb. 27
Preferred (guar.)
14 Feb. 27 Holders of roe. Feb. 110
•11.4
,
Preferred (quar.)
Mar. 1 'Holders of rec. Feb. 27
National Candy, common
334 Mar. 10 Holders of rec. Feb. 18
Glidden Co., common (guar.)
.50e. Apr. I "Holders of rec. Mar. 20
First and second preferred
3(4 Mar. 10 Holders of rec. Feb. litt
.1% Apr. 1 'Holders
Prior preferred (guar.)
Natlonal Cloak & Suit, pref.(guard-- 14 Mar, 1 Holders of rec. Feb. 240
of rec. Mar. 20
Goodrich(B. F.) Co., common (guard_ _ $1
Mar. 1 Holders of rec. Feb. 15n Nat. Dept. Stores. pref.(guar.)
'1(4 Mar. 1 *Holders of rec. Feb. 15
Preferred (guar.)
14 Apr. 1 Holdersof rec. Mar. 150
2d pref. (guar.)
Mar. 1 *Holders of rec. Feb. 15
Preferred (guard
14 July I Holders of rec. June 150 Nattered Grocer, common
.2
Mar. I 'Holders of rec. Feb. 9
Goodyear Tire & Rubber, pref. (quar.)_
14 Apr, 1 Holders of rec. Mar I
Preferred
'3
July 1 *Holders of rec. June 20
Prior preferred (guard
2
Apr. 1 Holders of rec. Mar 15
Preferred
'3
Jan1'27 *Holders of rem Dec. 20
Gossard
W.) Co., corn. (monthly)_ 33 1-3e Mar, 1 Holders of rec. Feb. 18a
National Lead.common (quar.)
2
Mar. 31 Holders of rec. Mar. 120
Gotham Silk Hosiery. 1st & 2d pf.(qua. 14 May 1 Holders of rec. April 15n
Preferred (guar.)
14 Mar, 15 Holders of rec. Feb. 19a
Gould Coupler, class A (guar.)
50c. Mar. 15 Holders of rec. Mar. la National Sugar Refining (guar.)
14 Apr, 2 Holders of roe Star. 8.
Greenfield 'lap & Die Corp.,6% Pt.(go.) '13.4 Apr. 1 'Holders of rec. Mar. 15
National Surety (guar.)
23.4 Apr. 1 Holders of rec. Mar. 19a
Eight per cent preferred (guar.)
.2
-Extra
Apr. 1 *Holders of rec. Mar. 15
2
Mar, 1 Holders of rem Feb. 150
Guantanamo Sugar. pref. (guar.)
2
Apr. 1 Holders of rec. Mar. 150 National Transit (extra)
.25e. Mar. 15 'Holders of rec. Feb. 27
Guenther Publisher, pref. (gear.)
24 May 16 Holders of rec. Apr. 16
New Jersey Zinc-See Note (s) below)7124 May 16 Holders of rec. Apr. 16
Sea York Air lirakc rims A Omar
Preferred (sect accumulated dived
St
(Pr. 1 Holders of rec. Mar. 100
24 Aug. 16 Holders of rec. July 16
Preferred (guar.)
N.Y. Auction Co., class A & B (guar.) _ 373ic Mar. 15 Holders of rec. Mar. 1
112
Preferred (acct. accumulated dived_
Aug. 16 Holders of roe.. July 16
New York Canners. Inc., pref.(guard-- $1.50 Mar.
Holders of rec. Feb. 22
24 Nov. 16 Holders of rec. Oct. 16
Preferred (quar.)
North Central Texas 011 (guar.)
10e. Mar.
Holders of rem Feb. 110.
Preferred (acct. accumulated dived-- 11234 Nov. 16 Holders of rec. Oct. 16
01110 011 (guar.)
"50e. Mar.3 "Feb. 28 to Mar.21
Hamilton-Brown Shoe (monthly)
25e. Mar. 1 Holders of rec. Feb. 23
Extra
"250. Mar.3 'Feb. 28 to Mar. 21
Harbison-Walker Refrao.. corn. (guard. 14 Mar. 1 Holders of rec. Feb. 19a
Oil (Veil Supply (guar.)
.50e. Apr.
'Holders of rec. Mar. 15
Preferred (quar)
134 Apr. 20 Holders of rec. Apr. 100 Onyx Hosiery, preferred (guar.)
14 Mar.
Holders of rec. Feb. 19a
Hare & Chase, Inc., common
50c. Mar. 1 Holders of rec. Feb. 18
Orprieum Circuit, corn. (monthly)
162 Sr Mar.
Holders of rec. Feb. 200
4
Preferred
Common (monthly)
Mar. 1 Holders of rec. Feb. 18
16 2-3c Apr.
Holders of roe. Mar. 200
Hartman Corporation (quar)
6234c Mar. 1 Holders of rec. Feb 170
Preferred (guard
2
Apr.
Hoidens of rec. Mar. 15a
14 Feb. 27 Holders of rec. F43. 13
Hail, Schaffner Oz Marx (guar.)
Owens Bottle, coin.(extra)
75c. Apr.
Holders of rec. Mar. 160
2
Extra
Feb. 27 Holders of rec. Feb. 13
Preferred (guar.)
14 Apr.
Holders of rec. Mar. 160
75c. Mar.11 Holders of rec. Feb. 230 Pacific Oil
Hayes Wheel. common (quar.)
$3
Mar. 6 Holders of roe. Jan. 28a
25c. Mar. 11 Holders of rec. Feb. 230
Common (extra)
Special (two-fifths share Awed Oil stk.)
Mar. 6 Holders of rec. Jan. 28a
14 Mar. 11 Holders of res. Feb. 23a Pan American Petroleum of California_
74% preferred (guar.)
2(4 Apr. 1 Holders of rec. Dec. 20a
Hecht Mining (guar.)
*50c. Mar. 15 'Holders of rec. Feb. 15
Paraffine Companies, corn,(guard
.51.50 Mari 27 'Holders of rec. Mar. 17
Hibbard.Spencer, Bartlett& Co.(nirthly) 35e
Mar.26 Holders of rec. Mar. 19
Preferred (guar.)
•134 Mar.27 'Holders of rec. Mar. 17
20c. al ar. 26 Holders of rec. Mar. 19
Pathe Exchange, preferred (guar.)
Extra
2
Mar. I Holders of rec. Feb. 8
2
Peabody Coal, pref.(monthly)
Mar. 1 Feb. 19 to Mar. 1
Higbee Co., 2d pref. (guar.)
•580. Mar. 1 *Holders of rec. Feb. 18
.50e. Mar. 1 'Holders of rec. Feb. 15
Preferred (monthly)
. Hires (Chas. E.). Class A (guar.)
•58e. Apr. 1 'Holders of reo. Mar 20
•150
Mar 1 *Holders of rec. Feb. 15
Penmans. Ltd.. corn. (extra)
Class B (guar.)
'52
Feb. 27 'Holders of rec. Feb. 25
Pennok Oil (guar.)
Honolulu Consol. 011E10 par stk.(No. 1) *50c. Mar. 11 *Holders of rec. Mar. 5
.50c. Mar. 25 'Holders of rec. Mar. 15
*El
Phillips-Jones Corp., corn.(guar.)
Mar.31 'Holders or rec. Mar.19
21
Mar. I Holders of rec. Feb.
Phoenix Hosiery, 1st & 2d pref (quar.). 14 Mar. I Holdere of rem Feb. 200
134 Mar. I Feb. 20 to mar. 1
pref. (guard_
Hood Rubber Products.
170
Pines Winterfront Co.. A and B (quar.)_ .50e. Mar. 1 •Holders of rec.
Household Products Corp.(quar.)..... 75c. Mar. 1 Feb. 12 to Mar. 8
Feb. 15
75c. April 1 Holders of rec. Mar. 15
Pittsburgh Plate Glass (guar.)
Hudson Motor Car (guar.)
•
Apr. 1 *Holders of rem Mar. 15
Pit tsburgh Steel, pref. (guar.)
*2.4 Apr. 15 'Holders of rec. Apr. a
134 Nter. I Holders of rec. Feb. 150
Illinois Brick (guar.)
.2.4 July 15 'Holders of rec. July 5
Pitts. Term. Coal. pref. (guar.)
Quarterly
13.4 Mar, 1 Feb. 19 to Mar. 1
.2.4 Oct. 15 *Holders of rec. Oct. 5
Polar Wave I. & F., class A
Quarterly
6240. Mar, 1 Holders of rec. Feb. 15
Pratt & Lambert Co., common (guar.). .75e. Apr. 1 *Holders
25c. Mar. 1 Feb. 16 to Feb.127
Imperial 011, Canada (guar.)
of ree. Mar. 15
25c. Apr. 12 Holders of rec. Mar. 31a Pressed Steel Car. preferred (guard-Independent Oil & Gas (guar.)
134 Mar. 17 Holders of rec. Feb. 246
Indian Motocycle, corn.(guar.)
Procter & Gamble,6% pref. (quar.)....
50e. Mar. 1 Holders of rec. Feb. 15
Mar. 15 *Holders of rec. Feb. 25
Pro-phy-lac-tic Brush, corn. (extra).- .50e
Mar. 1 Holders of rec. Jan. 30
Ingersoll-Rand Co., new corn.(No. 1).. 75e
Mar. 1 *Holders of rem Feb. 15
InlandSteel, common (guar.)
623.4c Mar. 1 Holders of rec. Feb. 15a Provincial Paver Mills, common (guar.) _
14 Apr, 1 Holders of rec. Mar. 15
Preferred (guar.)
Preferred (guar.)
•134 Apr. 1 'Holders of rec. Mar. 15
14 Apr. 1 Holders of rec. Mar. 15
Internat. Agricultural Corp., prior pref. 14 Mar. 1 Holders of rec. Feb. 15a Pure Oil, common (guar.)
374e Mar, 1 Holders of ree. Feb. 10a
Common (extra)
International Cement, common (guar.). $1
124e Mar. 1 Holders of rec. Feb. 10a
Mar. 31 Holders of rec. Mar.d15a
Preferred (guar.)
,
'75e. Mar. 1 'Holders of rem Feb. 15
134 Mar. 31 Holders of rec. NI ar.d15a Purity Bakeries, class A (quar.)
Internat. Combustion Eng. (quar.)____ 500. Feb. 28 Holders of rec. Feb. 15a
Preferred (guar.)
•134 Mar. I 'Holders of rec. Feb. 15
Internat. Harvester Prof. (guar.)
14 Mar, 1 Holders of roe Feb. 105 Quaker Oats, common (guar.)
.75c. Apr. 15 *Holders of roe. Apr. 1
International Salt (guar.)
Common (extra)
"52.50 Apr. 15 'Holders of rem Apr.
13.4 Apr. 1 Holders of rec. Mar. 150
1
Internat. Securities Trust, corn.(guard_ '95c. Mar. 1 'Holders of rec. Feb. 15
Preferred (quar.)
14 Feb. 27
•13i May 29 Holders of rec. Feb. lo
International Shoe, corn.(quar)
Preferred (guar.)
$1.50 Apr. 1 Holders of rec. Mar. 150
'Holders of rec. MaY
Common (guar.)
$1.50 July 1 Holders of rec. June 15a Radio Corporation, original pref.(guar.) 14 Apr, I Holders of rec. Mar. 1
1
Common (quar)
$1.50 Oct. 1 Holders of rec. June 15a Radio Corp., pref. A (guar.)
14 Apr, 1 Holders of rec. Mar. la
Internat. Sliver. common (No. 1)
13.4 Apr. 1 Holders of rec. Mar. 17a Railway Steel Spr.,new com.(qu.)(No.1) $1
Mar.31 Holders of roe. Mar.d150
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 170
Preferred (guar.)
14 Mar. 20 Holders of rec. Mar. 56
Interstate Iron & Steel, pref. (quar.)._ _ •134 Mar. 1 *Holders of rec. Feb. 11
Reid Ice Cream Corp.. COM.(quar.)
.75e. Apr. 1 *Holders of rec. Mar.20
Preferred (account accum. dividends) •h3
Mar. 1 'Holders of rec. Feb. 11
Preferred (guar.)
14 Mar, I Holders Of rec. Feb. 20
Jaeger Machine, common
624c. Mar. 1 Holders of rec. Feb. 19a Reis(Robert)& Co., first preferred
14 Apr, 1 Holders of rec. Mar. 100Jewel Tea. preferred (guar.)
.14 Apr. 1 'Holders of rec. Mar. 18
Remington Typewriter Co.•
Preferred (account accum. dividends). .h2
Apr. 1 •HcIders of rec. Mar. 18
First pref. and Series Slat pref.(guar.) 154 Apr. 1 Mar. 16 to Apr. 1
Johnston-Stephene-Shinkle Shoe (au.)... 50c. Mar. 1 Holders of rem Feb. 15
Second preferred (guard
2
Apr. 1 Mar. 16 to Apr. I
Mar, 1 'Holders of roe. Feb. 15
Jones & Laughlin Steel, corn.(No. 1)
Republic Iron & Steel. pref. (guard
14 Apr. I
Apr. 14
14 Apr. 1 Holders of roe,. Mar. 155 Reynolds Spring. pref. A & B (guar.)... *14 Apr, 1 Mar 16 to Mar. 15
Preferred(emir.)
*Holders of roe.
,i
Kaufmann Dept Stores. pref. (guar.)._ •15 Apr. 1 "Holders of roe. Mar. 20
St. Joseph Lead Co.(guar.)
50c. Mar. 20 Mar. 10 to Mar.21
yi July 1 *Holders of rec.
Preferred (quar.)
Extra
June
250. Mar. 20 Mar. 10 to Mar.21
•15 Oct. 1 'Holders of rec. Sept 21
4
Preferred (guar.)
Quarterly
20
50e. June 21 June 10 to June 21
•1".1 Jana 27 *Holders of roe, Dec 20
Preferred (guar.)
Extra
25c. June 21 June 10 to June 21
Apr. 1 Holders of roe. Mar. 186
Kayser (Julius) & Co.. pref. (quar.)____ 22
Quarterly
50c. Sept.20 Sept. 10 to Sept 20
8
Mar. 15 Mar. 2 to Mar. 14
Keeley Silver Mines. Ltd
Extra
25e. Sept.20 Sept. 10 to Sept.20
4
Mar. 15 Mar. 2 to Mar. 14
Extra
Quarterly
50c. Dec. 20 Dec. 10 to Dec. 20
El
Apr. 1 Holders of rect. Mar. 5a
Kennecott Copper Corp. (guar.)
Extra
25c, Dec. 20 Dec. 10 to Dee. 20
41
Apr. 1 Holders of rec. Mar. 22a Savage Arms Corp., common
Kinney (G. R.) Co. common
Mar. 1 Holders of roe. Feb 156,
21
2
Mar. 1 Holders of roe,. Feb. 19a
First preferred (guar.)
Preferred (guar.;
'154 Apr. 1 'Holders of rem Mar. 15
'3734c Apr. 1 'Holders of rec. Mar. 18
Second preferred (gust.)
Kraft Cheese, common(OW.)
•134 May 15 'Holders of rem May 1
fl
Schulte Retail Stores,com.(In COM.elk.) 12
Common (payable in common stock)._ • 34 Apr. 1 'Holders of rec Mar. 18
Mar. 1 Holders of rem Feb. 150.
•
Name of Company.
1137
THE CHEONICLE
FRB. 27 1926.]
When
*
Per
Cent. Payable.
Books Closed
Days Ineustre.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Feb. 20. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded)
In
350 Mar. 31 Holders of rec. Mar. la
Shell Union 011, common (guar.)
134 Mar.31 Holders of rec. Mar.15
Sherwin Williams Co.(Can.), co m.(1111.)
1% Mar.31 Holders of rec. Mar. 15
Preferred (guar.)
- 1% Mar. 1 Holders of rec. Feb. 15a
Co., pref. (guar.).
Sherwin Williams
.234 Mar.31 'Holders of rec. Mar. 21
Shredded Wheat Co.(guar.)
1.34 Mar. 1 Holders of rec. Feb. 180
Simon (Franklin), Inc., pref. (guar.)._
500. Mar.15 Holders of rec. Feb. 15
Skelly 011 (guar.)
130 Apr. 1 Holders of rec. Mar.100
South Porto Rico Sugar, corn. (quar.)
Apr. 1 Holders of rec. Mar. 10a
2
Preferred (guar.)
RETURNS.
NEW YORK WEEKLY CLEARING HOUSE
75c. Mar.15 Holders of rec. Mar. 10
Southern Acid & Sulphur, corn
ciphers omitted)
Mar. 1 Holders of rec. Feb. 15
$1
Southern Pipe Line (guar.)
(Stated in thousands of dollars-Mai is, three (000)
Apr. 15 Holders of rec. Apr. 3
2
corn.(guar.)
Spalding(A.G.)& Bros.,
134 Mar. 1 Holders of rec. Feb. 134
First preferred (guar.)
134 June 1 Holders of rec. May I5a
New
First preferred (guar.)
•
Resort
Mar. 1 Holders of rec. Feb. 13
2
Second preferred (guar.)
CapitalProfits. Loans,
Time Bank
Net
with
June 1 Holders of rec. May 15
2
Discount Cash
Second preferred (guar.)
Week Ending
De- Circe
Legal Demand
in
134 Mar. 1 Holders of rec. Feb. 15a
InvestCo., pref.(guar.)
Spear &
Feb. 20 1926. Nat'l, Dec.31
laMar. 15 Holders of rec. Feb. 200
50c
Standard 011 (California) (quar.)
State. Nov.14 mods. Vault. Deposi- Deposits. posits. Nos.
tortes.
•6234c Mar. 15 "Holders of rec. Feb 15
de.
Standard 011 (Indiana) (guar.)
(000 omitted.) Tr.Cos. Nov.14
•25o. Mar 15 *Holders of rec. Feb. 15
Extra
MVO
Aver
Mar. 15 Holders of rec. Feb. 25
Standard Oil(New Jersey).$100 par(qu.) 1
Members of Fed. Res. Bank. Average. Average Averag Average. $
8
$
5
250. Mar.15 Holders of rec. Feb. 250 Bank of N.Y.&
$
$25 par stock (guar.)
$
$
$
9,'
57.72
15 Holders of rec. Feb. 25a
1% Mar.
499 7.911
Preferred (guar.)
75,945
Trust Co_ __ 4,11 f 12,80
131,811 25.482 -.35c. Mar.15 'Holders of rec. Feb. 19
Standard 01101 N.Y.(guar.)
10,000 14.732 160.671 3,186 18,15:
Bk of Manhal'n
546
173.419 11,043
$2.50 Apr. 1 Holders of rec. Feb. 26
3.526 23,07
Standard 011(Ohio), corn.(guar.)
Mach& Met Nat 10.000 16.134 183.86
:
87.975 4, I I
1% Mar 1 Holders of rec. Jan. 29
Preferred (guar.)
1.686 11.671
75,78
Bank of America 6.500 5.223
63.3
1% Mar. 1 Holders of rec. Feb. 20
*630,917 70.43
Steel Products, preferred (quar.)
592.031 5.375 63.94
National City_ 50,000 65,032
348
3734c. Mar. 1 Holders of rec. Feb. 15
122.00. 3.86
Stlx-Baer dc Fuller,corn
Chemical Nat. 4,i i 18,050 133.545 1,360 16.153
8125Mar. 1 Holden of rec. Feb. 100 Am Ex-Pac Nat 7.501 12,547 166.7
155.671 113 I 4.934
Studebaker Corporation, corn. (quar.)
2,074 20.66
134 Mar. 1 Holders of rec Feb 10a Nat Bk of Com. 25,000 40.93. 347.641 1.039 37.41$
284,69: 12.52
Preferred (guar.)
25c. Mar.15 Holders of rec. Feb.d25a
169.33' 41.59 5,930
Sun 011 (guar.)
Chat Ph NB&T 13,500 12.571 215,311 2,6071 25.07
---- ...107,456
575' 14.48
Tennessee Copper dr Chemical (quar.). 25c. Mar.15 Holders of rec. Feb. 27a Hanover Nat__ 5,111 25,50
120.543
--75e. Mar.31 Holders of rec. Mar. 5
177.977 31.27
Texas Company(guar.)
Exchange 10 f I o 14,5 : 201.771 6.7741 25.15
$2.50 Mar.15 Holders of rec. Mar. 16 Corn
147.371 9.61 3,484
Texas Gulf Sulphur (guar.)
National Park 10,011 23.843 191,709 1,0611 19.441
995
33.91' 14.996
1,408 4,84.•
Thompson (J. R.) Co., corn.(monthly). 300. Mar. 1 Holders of rec. Feb. 23a Bow'y&EastRiv 3.000 3.071
50,326
Apr. 1 *Holders of reo. Mar.20
*4
183.76' 17.658 4,810
Thompson Starrett. preferred
607 24.42
First National_ 10,1,1 73,804 315.167
el% Mar. 1 'Holders of rec. Feb. 22
266.424 29.633 - Tidal Osage Oil. preferred (guar.)
287.239 2,7371 35.56.
13,73
IrvingBk-ColT) 17.
•im Mar. 1 *Holders of rec. Feb. 20
423 -7..
6.649
Axle, pref.(guar.)
Timken-Detroit
123, 1.019
8.036
l,ui 1.161
986
750. Mar. 5 Holders of rec. Feb 206 Continental_... 20,000 27.184 382.073 4,475 45,3
•360.91 16.093
Timken Roller Bearing (guar.)
National
-250. Mar. 5 Holders of rec. Feb. 20a Chase Avenue_
25.783
Extra
7771 3.40
26.87
Fifth
.11 2.90
4,581 -•134 Mar. 1 'Holders of rec. Feb. 19
10.60
Truscon Steel, preferred (guar.)
4771 1,55
14.19
6'' 1,08.
100 Commonwealth
--42
134 Mar. 1 Holders of rec. Feb.
17.66'
Union Tank Car, common (guar.)
4521 2.70
1 Ii 1,731
17.704
Garfield Nat'l_
41
134 Mar. 1 Holders of rec. Feb. 100 Seaboard Nat'l
112,68? 2.71:'
Preferred (quar.)
1,185 14,78
6 f 1 1 9,764 113.
12
Mar. 1 'Holders of rec. Feb. 10
"51
16.809 1.891
United Biscuit. Class A (No. 1)
298 2.365
I. II 1,543
19.80
Coal & Iron Na
Mar.31 Holders of rec. Mar.100
2
---United Cigar Stores, corn.(guar.)
800 36,132 *298.60: 43.54
334.333
Bankers Trust 20.1,1 30,391
--in common stock)_. 11 34 Mar.31 Holders of rec. Mar. 10a U S Mtge & Tr
54.582 6.86
Common (payable
790 7.29
3.111 4.7 •
62.518
134 Mar.15 Holders of rec. Mar. la Guaranty Trus 25.000 21,538 418.412 1.385 45.612 *397.558 55.16. - Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15a
19.550 1.81:
United Drug, COM.(guar.)
454' 2.603
2,11, 2,209
22.088
234 Apr. 1 Holders of tea. Mar. 5a Fidelity-InterT 10.000 20.01: 176.050:
149.171 18.18 -United Fruit quar.)
533 19.989
Trus•
Apr. 1 Holders of rec. Mar. 5a New York & T. 10.000 18.520 144.843;
2
Extra
488 14.022 '107.582 25.07 -L
la Farmers
-United Paperboard, common (quar.)_.,.. 50c. Apr. 15 Holders of rec. Apr. 15
Equitable True 23 1 if 12,852 262,033 1,566 29.946 '287.711 28.06
Apr. 1 *Holders of rec. Mar.
so
Preferred (guar.)
100
United Profit Sharing, no par corn.(qu.) 30c. Apr. 1 Holders of rec. Mar.10a Total of 008,005. 310,100508,21, 5.120.792 48.308574.771c4.257.76:'498.205 22,939
15c. Apr. 1 Holders of rec. Mar.
Common Si par (guar.)
Mar. la
497,94? 23.071
U.S.Cast Iron Pipe & Fdy., corn.(qu.). 234 Mar. 15 Holders of rec.
Totals, actual co ndition Feb. 205.141.247 48.527593.071 c4.280,50.
234 June 15 Holders of rec. June la Totals. artful)condition Feb. 135,111.066 51,60 .582.212c4.'274.18 499.3 22,964
Common (guar.)
of rec. Sept. la
234 Sept. 15 Holders
Common (guar.)
Totals, actual co nditIon Feb. 65.130.619 48.267616.33. c4,325.43 502,91123.063
234 Dec. 15 Holders of rec. Dec. la
Common (guar.)
State Banks Not Me mbers of Fed'i Res've Bank.
1.877 -134 Mar, 15 Holders of rec. Mar. la Greenwich Bankl 1.0001 2,594
22.96
23.585 2.033 2,24'
Preferred (guar.)
134 June 15 Holden of rec. June la State Bank _ _
39.251 84.';
Preferred (guar.)
.6OO15.867 107,323 4.875 2.39
134 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
134 Dec. 15 Holders of rec. Dec. la Total of averages 4.500 8,462 130.913 6.90: 4.644
62.21 65.93 -Preferred (guar.)
U.S. Dairy Products, first pref.(guar.). 134 Mar. 1 Holders of rec. Feb. 19
Mar. 1 Holders of rec. Feb. 19
2
, 62.461 66.01. -Second preferred (guar.)
Totals, actual condition Feb. 20 131,572: 6.70. 4.60
-Mar. 1 *Holders of rec. Feb. 15
'4
63.36 65.86
4.803
U.S.Envelope,common
Totals. actual condition Feb. 13 131.8381 6.85
Mar. 1 'Holders of rec. Feb. 15
•2
63,88 65,76 -Common (extra)
Totals actual condition Feb. 6 132.234' 6,786 4.85.
•330 Mar. 1 'Holders of rec. Feb. 15
Preferred
Trust Compan ins Not Members of Fed 'I Res',e Ban •- 39,891 2,31
--•40c. Mar.31 *Holders of rec. Mar.15
4.341
U. S. Gypsum, common (guar.)
Title Guar & Tr. 10.000 17.233 63.732 135
---•134 Mar.31 *Holders of rec. Mar. 15
,
26.07' 1.09
Preferred (guar.)
3.02
92
29,5111
Trust_ 3,000 3,204
75c. Mar. 1 Holders of rec. Feb. 18a Lawyers
U.S. Iloffman Machinery, corn.(qu.)
--134 Mar. 1 Holden of rec. Feb. 18a
65,96' 3,40
Preferred (oust.)
93,243: 2,582 7.637
Total of averages 13,000 20.437
U.S. Printing & Lithog'g, corn.(guar.)_ •134 Apr. 1 "Holders of me. Mar.20
*134 Apr. 1 'Holders of rec. Mar.20
65.071 3.28, -Preferred (guar.)
92.345' 2.414 7,571
actual condition Feb. 2
Mar. 15 Holders of rec. Mar. 5a Totals, actual condition Feb. 13
66.272 3.43
Realty & Impt., new corn.(No.1) $1
U.S.
93.5111 2,586 7,391
Totals.
63.861 3,474
134 Mar. 30 Feb. 27 to Mar. 2
U. S. Steel Corp., common (guar.)
91.419 2,531 7.046
actual condition Feb. 6
Totals.
34 Mar. 30 Feb. 27 to Mar. 2
Common (extra)
134 Feb. 27 Jan. 31 to Feb. 3
4,384.949 567,60 22.939
Preferred (guar.)
Gr'd aggr.,aver.327.600537,1155,344,948 57,79:588.782 -41.581 -7
-85
134 Mar. 1 Holders of rec. Feb. 181 Comparison with prey. week_
U.S.Stores corn ori oref.(guar.)_
.-10,357-2.522-4,31
234 Mar. 15 Holders of rec. Feb. 27
U.S.Title Guaranty (guar.)
567.24 23.071
50c. Mar.20 Holders of roe Feb. 27
Vacuum 011 (quar)
aggr., aelcond'n Feb. 205.365.164 57.644605.249 4.408.035
Or'd
+107
+4.2351-1.
50c. Mar.20 Holders of rec. Feb. 27
Extra
.
Comparison with prey. week_ +28.749-3364 +1084
134 Mar. 17 Holders of rec. Mar. 13
Valvoline 011, corn.(guar.)
.22,964
134 Mar. 1 Holders of rec. Feb. ISO
Van Raalte, Inc.. pref. guar.)
ace'cond'n Feb. 135.336.415 61.10'594.40 4.403.8001568.6 23.063
Gr'd aggr.,
572.1
•134 Mar. 1 *Holders of rec. Feb. 15
Vesta Battery, pref. (guar.)
Ord aggr., acricond'n Feb. 65.363.272 57.584628.232 4.453.177 579.20.23.299
4.436.308
Apr. 1 *Holders of rec. Mar. 15
*$1
Wabasso Cotton (guar.)
Gr'd aggr., Gelcond'n Jan. 305.364.081 57,059592,821 4,455.271573.02' 23.131
134 Mar.15 Holders of rec. Feb. 9
Wannutta Mills (guar.)
57,904615 682
Gr'd agrr., act'lcond'n Jan. 235.326,540
'Holders of rec. Mar. 1
4.487.670 577.8 23.154
$300
Washington 011 (stock dividend)
Ord aggr., oat cond'n Jan. 165,381.261 58,776619.006
Mar.3 Holders of rec. Mar. 16a fled rum._ act'lenntrn Jan, 95,437.814 61.50 564.147 4.486.817578,5:23.198
Weber & Helihroner. common (guar.)._ SI
Holders of rec. Feb. 16
134 Mar
Preferred (guar.)
25c. Feb 2 Holders of rec. Feb. 20
general total"
Welch Grape Juice, corn.(guar.)
-C. S. deposits deducted from net demand deposits in thetotals Feb. 20,
Note.
134 Feb. 2 Holders of rec. Feb. 20
Preferred (guar.)
20, $43.786.000. Actual
Holders of rec. Feb. I50 above were as follows: Average total Feb.
Jan.23.
134 Mar.
Wesson Oil dc Snowdrift, pref. (quar.)
Fob. 13,543.781.000; Feb.6,543,787,000; Jan.30.$43,786.000: average
$43,788,000;
Holders of too. Feb. 15
134 Mar.
White(J. O.)& Co.. pref (guar.)
liabilities,
$43,786,000. Bilis payable, rediscounts, acceptances and other
Holders of reo. Feb. 15
White(J.(3.) Engineering, pref. (guar.). 134 Mar.
$636.401.000: Jan. 13
for week Feb. 20.8686.672.000; Feb 13, $671,156,000: Feb.6.
Holders of rec. Feb. 15
Feb. 13.
White U.0.1Manalet Corp., pref.(qu.) 134 Mar.
totals Feb. 20, $697.005,000:
Mar.3 Holders of rec. Mar. 100 $629,687,000: Jan. 23,8042.189.000. Actual $838,007,000: Jan. 23, 5636,620.000.
$1
White Motor (quar)
$6679,475,000: Feb. 6, 5688,129,000; Jan. 30,
Holders of rec. Mar.20
Woods Manufacturing, pref.(quar.)
134 Apr.
included In total footings as follows:
Holders of reo. Feb. 10rt
Mar.
Woolworth (F. W.) Co.,corn.(quar.)--- $1
•Includes deposits in foreign branches not
513,045.000: Bankers
Holders of rec. Feb. 100 National City Bank, $158,437,000: Chase National Bank.
Mar.
$1
Common (extra)
$63.203,000: Farmers' Loan & Trust
25c. Feb. 2 Holders of rec. Feb. 15
Wright Aeronautical Co.(guar.)
Trust Co. $31.977,000: Guaranty Trust Co.,
Balances carried in banks In
Holders of rec. Feb. 20a Co , $8,610.000: Equitable Trust Co., $66,398,000.
25e. Mar.
Wrigley(Wm.)Jr.& Co.(monthly)Bank. $20.566.000:
Holders of rec. Mar.20a foreign countries as reserve for such deposits were: National City
25c. Apr.
Monthly
54,016,000: Guaranty Trust
'Holders of rec. Apr. 20
"250. May
Monthly
Chase National Bank, $1,794,000: Bankers Trust Co.
$6.610,000: Equitable Trust Co..
'Holders of rec. May 20
'250. June
Monthly
Co., $1,689.000: Farmers' Loan & Trust Co.,
'Holders of rec. June 19
"25c. July
57,732.000.
Monthly
Holders of rec Feb. 21)
Mar.
Wurlitser (Rud.) Co., 8% Pref. (quar.). 2
c Deposits In foreign branches not included.
Feb. 24 to Mar. 11
Apr.
$1
Yale & Towne Mfg.(guar.)
Mar. I5a
Mar.3 Holders of rec.
Youngstown Sheet & Tube, corn.(qtr.)._ $1
Hi Mar. 3 Holders of tee. Mar. 15
Preferred (quar.)
position of the different groups of institutions
•From unofficial sources. f The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 1 The
New York Curb Market Association has ruled that stock will not be quoted ex
dividend on this date and not until further notice.
a Transfer books not closed for this dividend. 0 Correction. e Payable In stock.
'Payable In common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable In preferred stock. n Payable in Canadian funds
Payable to holders of record Jan. 31.
/ Childs Co. stock dividends are one share of no par value common stock for
each 100 shares held.
k Dividend payable either In cash or In Class A stock at rate of 534 hundredths
and alx onethundredths of
of one share of Class A stock for each share Of $6 pref.
Class A stock for each share of $6 50 preferred.
payabln to holders of coupon No. 5.
ex the last div.on Feb.23.
m N.Y.Stock Exch. rules Nash Motors shall be quoted
n Payable In cash or in Class A stock at the rate of one-fortieth of a share for each
Share held.
of a share for each share held.
o Payable in common stock at the rate of one-fortieth
in cash or in stock: on class A,
p stockholders have option of taking the dividend 13, one-fortieth of a share of
one-fortieth of a share of class A stock and on class
class B stock.
March 3 will be in time for payr All transfers received in London on or before
ment of dividend to transferees.
Jersey Zinc Co. quarterly dividend reported in these columns as
.me New
was an error. The last quarterly
payable Feb. 28 to holders of record Feb. 10
dividend was paid Feb. 10.
stockholders' meeting on March 19.
Stook dividend subject to approval at
The reserve
the
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in
following two tables'.
BANKS
STATEMENT OF RESERVE POSITION OF CLBARING HOUSE
AND TRUST COMPANIES.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositories
Members Federal
Reserve Bank_ _
State banks"
Trust companies •_.
Total
Total
Total
Total
Feb. 20
Feb. 13...._
Feb. II
Jan. 30_ __ _
Total
Reserve.
Reserve
Sefuired.
Efwvius
Reserve.
$
$
574,771,000 574,771,000 568.327.790
4.644.000 11.552.000 11.199.240
7.367,000 9,949,000 9,894,450
6,443.210
352.760
54,550
9,490.000 586.782,000 596.272.000 589,421,480
9,582.000 591.095,000 600,677.000 594.835.590
9.180.000 597,165,000 601,345.000 602.006.310
9.058,000 590.171.000 599.229.000 596,419,800
6,850.520
8.841,410
4,338.690
2.809.200
6.908,000
2,582,000
•Not members of Federal Reserve Bank.
b This is the reserve required on the net demand deposits n the case of State banks
Reserve Bank
and trust companies, but in the case of members of the Federal was as
follows:
includes also amount in reserve required on net time deposits, which
815,140.460;Jan.30,815,201,540:
Feb.20,$14,947,950:Feb. 13,$14.972,460:Feb.6.
Jan. 23, $15,104,220.
1138
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies *__
6.703,000
2.414,000
Total
Reserve.
$
593.070,000
4,608,000
7,571,000
a
Reserve
Required.
[VoL. 122.
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
571,403,860 21,666.140
11,242,980
68,020
224.350
9.760,650
Total Feb. 20.___
Total Feb. 13____
Total Feb. a__
Total Jan. 30__
9,117.000 605,249,000
592.407,490 21,958,510
9,443,000 594,406.000 603,849,000 591.968,390 11.880,610
9,317,000 628,232,000 637,549.000 598,471,710 39,077,290
8,930.000 592.821,000 601,751,000 596,470.820 5,280,180
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Feb.20,$14,938,470;Feb. 13. $14,980,800;Feb.6,$15,087,330: Jan. 30,$15,297,450
Jan. 23, $15,106,830.
Feb. 24
1926.
Changes from
previous week.
Feb. 17
1926.
Feb. 10
1926.
i
8
$
$
Capital
68.000,000 Inc. 2,000,000 66.000,000 66,000,000
Surplus and profits
89,058,000 Unchanged
89.058.000 89,058,000
Loans, disets St investments_ 101.036.000 Dec. 3,652,000 1014018000 1010181000
Individual deposits
671,562.000 Dec. 10,921,000 682,483,000 677,067,000
Due to banks
132,631,000 Dec. 5,433,000 138.074.000 136,866.000
Timedeposits
217.182,000 Inc. 3.280.000 213,902,000 212,429,000
United States deposits
19,671,000 Inc.
6,000 19,665.000 19,655,000
Exchanges for Clearing House 26,915,000 Dec. 2,279,000 29.194.000 27,490,000
Due from other banks
75.559,000 Dec.
563,000 76,122,000 70,619,000
Reserve in legal depositaries_ 79,296,000 Dec. 1,312,000 80,608.000 80,254,000
Cash in bank
10,098,000 Dec.
387,000 10,485,000 10,265,000
Reserve excess in F.R. Bk_ _ _
682.000 Inc.
240.000
442000
265.000
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust comPhiladelphia Banks.—The Philadelphia Clearing House
panies in New York City not in the Clearing House as follows:
return for the week ending Feb. 20, with comparative figures
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER for the two weeks preceding,
is given below. Reserve
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from to be kept with the Federal Reserve
Bank. "Cash in vaults"
Previous Week.
Feb. 20.
Loans and investments
81,194,250.100 Dec.$1,517,400 is not a part of legal reserve. For trust companies not memGold
4,310,700 Dec.
46.000 bers of the Federal Reserve System the reserve
required is
Currency notes
23,499,900 Dec. 1.021,600 10% on demand
deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
104,984,100 Inc. 5,644,700
Total deposits
1,260,336,500 Dec. 2,077.500 depositaries" and "Cash in vaults."
Deposits eliminating amounts due from reserve de-
positaries and from other banks and trust companies in N.Y. City, exchange & U.S.deposits... 1.187,447,500 Dec. 3.046,600
Reserve on deposits
173,659.600 Inc. 3,633,700
Percentage of reserve, 20.2%.
RESERVE.
State Banks—
—Trust Companies
Cash in vault
537.980,400 16.25%
894,814,300 15.15%
Deposits in banks and trust cos
12,388,800 5.30%
28,476,100 4.55%
Total
850.369.200 21.55%
$123,290,400 19.70%
•Includes deposits with the Federal Reserve Bank of New York, which for
the
State banks and trust companies combined on Feb. 20 was $104,984.100.
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. 24
Oct. 31
Nov. 7
Nov.14
Nov.21
Nov.28
Dec. 6
Dec. 12
Dec. 19
Dec. 26
Ian
2
9
Tan
Tan. 16
Jan. 23
Ian 30
Feb. 6
Feb. 13
Wah 20
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
s
$
8
5
83.765.400
83,583,400
88.517,800
88.814.300
84,741.300
88,401,000
88.462,600
91,125,200
98,884,300
105,692,300
99,811,300
95,988,600
90,893,800
87,033.900
87,174,800
84,220,500
89.198.200
88 nnst son
733,612,200
735,006,800
745,155,200
743.772,000
746,115,600
734,901.500
738,833,300
732,709,200
746,673,400
734.118,200
764,938.500
764,899,000
762,604.500
746,110,700
732.989,600
740,775,600
732,243.100
722 R21 ORM
6.481.864,200
6,502,188.400
6.556,239,300
6,531,007,500
6,520.077.500
6,522.283,800
6,504.882.200
6,498,683.600
6,539.445.800
6.584,447,000
6,688,745.000
6,713,047.300
6,614,199.500
6.557.007,300
6,538,928.200
6,583.367.000
6,841.072,500
R 520.1AR.100
5.576.689.600
5,629.110.200
5.696.831.900
5.682,852,100
5,665,239.800
5.625.087,400
5.615.024.900
5,602.113,700
5,638,893.200
5,619.923,800
5,740,772,300
5.770.909,300
5.711,092,600
5.657,830.000
5.628.105,200
5.669,834,300
5,617,024,100
5.572_208.500
New York City Non-Member Banks and Trust Cornparties.—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:
ILETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thermos& of dollars—that it, three ciphers 10001 mated.)
CLEARING
SON-MEMBERS
Week Ending
Feb. 20 1920.
Members of
Iled'i Res've Bank.
Grace Nat Bank__.
Capital
Net
Profits
Loan*.
DUcounts,
Investments.
etc.
Reserve
Net
with
Net
Legal Demand Time
Deposi- Deposits. Deposits
tories.
1.000
200
1,200
604
2,787
8,671
31,800
762
3.411
374
1,568
6,237
27,400
2,652
4,768
1,400
3.392
40,471
4,173
1,942
33,637
7,420
589
9,322
445
1041
3,460
5,998
500
589
9.322
445
104
3.460
5,998
Grand aggregate--2.
Comparison with pr ev. week
5.838
62,225
—27
4,654
+148
3.056 1143,447
—150
,
+16
17,317
+101
2.900
2,900
2,900
2.900
5.838
5.838
5.838
5,736
62.252
61.491
61,492
62,769
4,506
4,380
4,360
4,433
3,206
3.042
3,076
3,149
17,216
17,127
17.039
17,012
Total_
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash. HO_
Colonial Bank
Total
Trust Company
Not Member of the
Federal Reserve Bank
Idech Tr, Bayonne.
Total
Cir'd agar.,
are ages..
Gr'd aggr..
Geri aggr.,
Feb. 13
Feb. 6
Jan. 30
Jan. 23
843,431
a42,633
.42,767
a43,508
a United States deposits deducted $47,000.
Bills payable. redisreunts. acceptances and other liabilities $2,781,000.
Excess reserve. $1,810 Increase.
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits (not incl.)._
Res've with legal deporeles
Reserve with F. R. Bank_
Cash in vault •
Total reserve & cash held
Reserve required
Excess res. dr cash In vault
Wed Ended February 201926,
AIembersof
Trutt
P.R.System Companies
542,275,0
129,436,0
844,932,0
38,258,0
116,560,0
143,228,0
585,977,0
126.889.0
856,094,0
$5,000.0
17.137,0
49,905.0
630.0
15,0
856,0
30,902,0
2,168,0
33,926,0
3,848.0
63,044,0
10,161,0
73,205,0
63.676,0
9,529,0
1,591,0
5,439,0
4,774,0
665,0
1925
Total.
$47,275.0
146,573,0
894,837,0
38,888.0
116,575,0
144,084,0
616,879,0
129,057,0
890,020,0
13,996,0
3,848,0
63,044,0
11.752,0
78,644.0
68.450,0
10,194,0
Feb 13
1926.
Feb. 6
1926
847,275,0
146,573,0
900,254.0
36,638,0
107,945.0
$47,275.0
146,573,0.
897,613.0
37.743,0.
107,539.0,
147,619,0
620,326.0
128,020.0.
895,965.0
14,461,0
4,552,0
65,497.0
11.279,0
81,328,0
69.655,0
11,673,0
890,734,0
14,461,0
4,845,0
64.144,0
12,277.0
80,786,0
68,147,0
12,619,0
•Cash In vault not counted as swerve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Feb. 24 1926 in
comparison with the previous week and the corresponding
date last year:
Feb. 24 1926 Feb. 17 1926. Feb. 231925.
Gold with Federal Reserve Agent
299,433,000
Gold redemp. fund with U. S. Treasury.. 12,913,000
299,535,000
13.935,000
342,006,000
10,453,000
Gold held exclusively agst.F.R.notes- 312,346,000
Gold settlement fund with F. R. Board- 205,661,000
Gold and gold certificates held by bank— 368,325,000
313,470.000
212.787,000
383,885.000
352,459,000
187,348,000
317,804,000
Total gold reserves
Reserves other than gold
886.332,000
40,558,000
910,142,000
40,882.000
857,611,000
28,351,000
Total reserves
Non-reserve cash
BIBB discounted—
Secured by U. B. Govt. obligations
Other bills discounted
926,890,000
23,568,000
951,024,000
24.363,000
855,962,000
18,058,000
159,628,000
41,332,000
186,223,000
34,392,000
184,206,000
42,721,000
Total bills discounted
Bills bought in open market
U. B. Government securities—
Bonds
Treasur7 notes
Certificates of Indebtedness
200,960,000
73,420,000
200,615,000
72,502,000
226,927,000
80,070,000
1,934,000
43,314,000
15,398,000
1,934,000
37,695,000
14,120.000
12,461,000
89,909,000
3,987,000
60,646,000
1,917,000
53.749.000 106,357,000
1,890,000
3,055,000
Total U.S. Government securities..
Foreign loans on gold
Total bills and securities (Bee MM.-- 336,943,000
Cash
in
Average. Ave age Average. Average I Average
$
$
$
S
1,856 12,432
sa 1.010 6.3501 3,899
1.856 12,432
36
1,010
6,350
3,899
1,
Two Ciphers (00)
omitted.
328.756,000
416,409,000
Due from foreign banks (Bee Note).—
Uncollected items
Bank premises
All other resources
725,000
182,161,000
16.666,000
4.240,000
642,000
138,811,000
16,304,000
7,431,000
Total resources
780,000
156,025,000
16,666,000
4,473,000
1,465,345,000 1,507,935,000 1.483,617,000
Liabilities—
Ferri Reserve notes In actual circulation. 366,888,000
Deposits—Member bank, reserve aco't-- 853,125.000 365,473,000 357,857,000
878,182,000 884,895,000
Government
3,833.000
6,630.000
6,028,000
Foreign bank (See Note)
1,640,000
3.456.000
13,840,000
Other deposits
8,431.000
7,940.000
9,496,000
Total deposits
867,035.000 894,208,000 914,259,000
Deferred availability items
135.334,000 162,507,000 119,551,000
Capital paid in
33,559,000
30,576,000
33,405.000
Surplus
59,964.000
58,749,000
59.964.000
All other liabilities
2,565,000
2,625,000
2,378,000
Totalliabliities
1.465,345,000 1.507,935,000 1,483.617,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
75.1%
69.6%
75.5%
Contingent liability on bills purchased
for foreign correspondents
22,153.000
21,202,000
12,880.000
NOTE.—Beginning with the statement of Oct. 7 two
new items were added in
order to show separately the amount of balances held
abroad and amounts due to
foreign correspondents. In addition, the caption,
"All other earning assets," now
made up of Federal Intermediate credit bank debentures,
has been changed to
"Other securities." and the caption, "Total earning
assets" to "Total bills and securities." The latter term has been adopted as a more
accurate description of the
total of the discounts, acceptances and securities
acquired under the provis!ons of
Sections 13 and 14 of the Federal Reserve Act, which
are the only Recur included
herein.
1139
THE CHRONICLE
FEB. 27 1926.]
Weekly Return of the Federal Reserve Board.
25, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb.
for the system
the close of business on Wednesday. In the first table we present the resultsweek last year.
of the twelve Reserve banks at
for the seven preceding weeks and with those of the corresponding
as a whole in comparison with the figures
of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each Federal Reserve notes between the Comptroller and
details regarding transactions in
Accounts (third table following) gives
comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Discussions."
the first item in our department of "Current Events and
latest week appears on page 1105, being
AT THE CLOSE OF BUSINESS FEB.241926.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
20 1926. Jan. 13 1926 Jan.81926. Feb.25 1925.
Feb. 24 1926. Feb. 17 1926. Feb. 10 1926. Feb. 3 1926. Jan. 27 1926. Jan.
$
8
$
$
$
$
$
$
RESOURCES.
3
1,517,010,000 1,472,351,000 1.424,4733300 1,603,443,000
44,486,000
1,406,149,000 1.397.967,000 1333.149,000 1.450.287.000 1,511.514,000
Gold with Federal Reserve agents
58.526,000
49,711,000
49,159.000
49.604,000
46,135.000
51,702,000
45.009,000
46,334,000
Gold redemption fund with U. B. Tress.
1,647,929,000
1.561,118,000 1,566,169.000 1,522,062,000 1,482,099.000
Gold held exclusively eget. F. R.notes 1352,483.000 1.442,976.000 1,484,851.000 1.496.422,000 578.327,000 573,852,000 608,492,000 638,643,000 668,619,000
577,029,000
674,072,000 688,126.000 650.384,000 633,596,000
Gold settlement fund with F.IL Board
661,709.000 674,762.000 668.479.000 622,378,000
4,000 659.638.000 661.914.000
Gold and gold certificates held by banks_ 640,048,000 658.19
.
2.814,783,000 2,799,033,000 2.744,020,000 2,893.577 000
Total gold reserves
2,766,603.000 2,789,296.000 2,794,873,000 2,791,932,000 2,801.154,000 152,069,000 150.846.000 138,048,000 135.968,000
149,907,000 150,860.000 144,422,000 147,328,000 152,053,000
Reserves other than gold
2,966,852,000 2.949.879.000 2,882.066,000 3,029.545.000
55,533,000
2,916.510.000 2,940.156,000 2,939,295,000 2,939,260,000 2,953,207,000
Total reserves
74,481,000
86,990.000
83.920.000
81,250,000
71.056,000
64,425.000
69,032.000
66,298,000
Non-reserve cash
283,332,000
Bills discounted:
258.227.000 251,872.000 305.962,000 363.832.000 150,473,000
311.570.000 315,972,000 310,096.000 298,089,000
Secured by U.S. Govt. obligations
201,310,000 199.801.000 229,635.000
228,513.000 222,386,000 223,276,000 189,707.000 190,330.000
Other bills discounted
453,182.000 505.763.000 593,467,000 433,805,000
Total bills discounted
540.083,000 538,358,000 533,372,000 487,796,000 448,557,000 305.850.000 327,402,000 344.783,000 317,246,000
304.128,000 301.641,000 300.519.000 302.264,000 295,417.000
Bilis bought in open market
75,780,000
U. S. Government securities:
58,391,000
59,410.000
60,801.000
59,733,000
59,738,000
59.639,000
59,978,000
60,213,000
Bonds
183.595,000 184,022.000 185.906.000 263,445,000
25,469,000
Treasury notes
174.954.000 169.863.000 168,673,000 184,435.000 183,873,000 125,570,000 125.363,000 125,124.000
122,457.000
Certificates of indebtedness
95,418.000 104,605,000 104,842,000 105,590.000
364,694,000
349.763,000 365,063.000 369.986.000 368.795.000 369.421.000
3,452,000
Total U. B. Government securities
330,585,000 334,446,000 333.154.000
3,205,000
3.158,000
3.150.000
3,150.000
3,150,000
3,150.000
3,150.000
10,500,000
3,150.000
Other securities (see note)
7,502.000
7.000,000
6.500,000
6,500,000
6,399,000
7.299.000
7.000.000
7,100,000
Foreign loans on gold
1,129,697,000
1,118.687,000 1,138,648,000 1,212,118.000 1,318,378,000
642,000
Total bills and securities (see note)---- 1,185,046.000 1,184,595,000 1.177,494.000 1,149.372,000
642,000
642.000
642.000
642,000
660.000
660.000
725,000
644,454.000
780,000
Due from foreign banks (see note)
635.749.000 719,719,000 750,502.000 787.184,000
58.332,000
697,428,000 759,089,000 613.554.000 628.838.000
Uncollected Items
59.239,000
59.308,000
59,323,000
59.308,000
59,322,000
59,366,000
59,368,000
23,808,000
59.368,000
Bank premises
16.860,000
16,456,000
16,507.000
17,071,000
16,995,000
16.893,000
16.786,000
17,008,000
All other resources
4,942.011,000
4,865.503.000 4,865.929.000 4.985,596,000 5.075,895,000 5,138.850.000
Total resources
4,942,438;000 5.029.751,000 4.871.687.000
LIABILITIES.
1,733,284,000 1,777,628,000 1,728,752,000
1.661,143.000 1.667,844.000 1,662,520.000 1,667,266.000 1.692.021,000
1,679,362,000
F.R. notes in actual circulation
Deposits—
2,216,882,000 2,242,730,000 2,279,741.000 2,278.123,000 2,208,405,000
2.215,193.000
26,673,000
2,202,879,000 2,262.258,000 2,239,050.000
Member banks—reserve account
17,516.000
17,117,000
28,935,000
27,628.000
43,356.000
29.151,000
39.929,000
15,759,000
36,670,000
Government
8.097,000
7,763.000
8.397.000
8.796.000
4,991,000
9,252,000
6.851.000
18.799,000
5.450.000
Foreign bank (see note)
25.482.000
20.369.000
17,623,000
19.560.000
18,952.000
18.648,000
17.480,000
17,232,000
Other deposits
2,269,636,000
2,282,492.000 2,272,236.000 2.298.315.000 2,324,990,000 2.329.218.000 601,041,000
2,262,231,000 2.326,518,000 2,296.101,000 570.721.000 576.385.000 644.929.000 669.225,000 683.994,000
Total deposits
645,557,000 690,860,000 556.961,000
Deferred availability items
118.251.000 118.211.000 117,277.000 117.287.000 113.596,000
119,312,000 118,934,000 118,411,000 118,121,000 220,310,000 220,310.000 220,310,000 220.310.000 217,837,000
Capital paid in
11.149,000
220.310,000 220.310,000 220,310,000 220.310,000
Surplus
10,413,000
10,809,000
11,810.000
11,481,000
11,339,000
12,060,000
11.980.000
12.666,000
All other liabilities
5.075.895,000 5.138,850,000 4,942,011,000
4
4,942,438,000 5,029.751.000 4,871,687,000 4,865,503.000 4.865,929.000 .985.596.000
Total liabilities
72.3%
Ratio of gold reserves to deposits and
66.8%
689%
70.5%
71.1%
70.7%
70.5%
69.9%
70.1%
F. R. note liabilities combined
75.8%
Ratio of total reserves to deposit and
70.2%
74.4%
75.0%
727%
74.5%
74.2%
73.7%
74.0%
F.It. note liabilities combined
45,494,00
Contingent liability on bills purchased
79.063.000
81,042,000
83.756.000
83.647,000
83,543,000
84,656.000
82.666.000
82.168.000
for foreign correspondents
3
g
$
$
$
$
$
$
Distrlbutton by Maturities—
87.201.000 105,423.000 118.339.000 133,777,000
86,940,000
96,785.000
$. 104.685.000
1-15 days bills bought in open market_ 122,574.000 113.254,000 424,195,000 373,858,000 332.309.000 338,215.000 393,008.000 463.256.000 353.789.000
440,813.000 430.065.000
200,000
1-15 days bills discounted
397,000
36.000
21,000
80,000
74,000
2,000
55,000
1-15 days U. S. certif. of indebtedness_
8.000
55,785,000
1-15 days municipal warrants
64.797,000
59.292.000
63,107,000
55,640,000
55,073,000
72.459,000
68.537.000
59,878.000
17,440,000
days bills bought in open market_
16-30
34,030.000
26.942,000
29,941,000
31,428,000
32,329.000
32,047.000
29,362.000
25,324,000
482,000
16-30 days bills discounted
1.505,000
16-30 days U. S. certif. of Indebtedness.
days municipal warrants
74,827,000
16-30
87.951,000
94.319,000
90,439,000
89,620.000
86,264.000
81,930.000
83,832,000
87,880,000
31,629.000
31-60 days bills bought in open market
52,215.000
50.266.000
48.595.000
49,668.000
46,564.000
42,821,000
42.991,000
42,022,000
81-60 days bills discounted
81 60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
48,277,000
62,753,000
57,779.000
52,939,000
56,862,000
57,182,000
36,847,000
32.343,000
29,952,000
20,620,000
61-90 days bills bought in open market
33,536.000
25.194,000
25.779.000
26,772.000
26.306.000
25,469,000
26,649,000
22,463,000
61-90 days bills discounted
476.000
61-90 days U. S. certif. of indebtedness.
municipal warrants
4,580,000
61-90 days
10.943.000
10.589,000
9,060.000
9.459.000
6,690,000
4,598,000
3.675.000
3,844.000
16.327,000
Over 90 days bills bought in open market
10.430.000
10.355,000
9,579,000
9.453,000
8,739.000
8.840.000
9.291.000
9,461,000
Over 90 days bills discounted
24,787,000
104,821,000 105,590.000 122,457,000 125.058.000 125,363.000 124.727,000
93,839.000 104.525.000
Over 90 days certif. of indebtedness....
Over 90 days municipal warrants
139.401304
2,884353,000 2,898,753,000 2,922,541,000 2,944.910.000 2.969.043.000 3.
ir. it. notes received from Comptroller 2,845,899,000 2.850,750,000 2,860,336,000 863.051.000 850.030.000 846,131.000 821.435.000 797,325,000 986.788311
834.530,000 846.950.000 851.949.000
F.It. notes held by F.R.Agent
2.171.718.000 2,052,673,000
2,011,369,000 2.003,800,000 2,008,387,000 2,021,402,000 2,048,723,000 2,076,410,000 2,123,475.000
Issued to Federal Reserve Banks
-How Secured—
302.431.000 278316,000
311,246,000 311,245,000 310,000.000 309,961,000 309,121,000 308,260,000 302,636.000 104,883.000 101,566,000
By gold and gold certificates
98.181.000
95.989.000 102,619.000
100,489,000 102,647.000 114.853,000 106,916.000
Gold redemption fund
1,071,534.000 1,017.159,000 1,223.861,000
994,414.000 984.075.000 1,008.296,000 1,033,410.000 1,106.404,000 1,106.131.000
Gold fund—Federal Reserve Board
892.390.000 716,703,000
802,364,000 797.417,000 791.025.000 740,300,000 692.387,000 711,401,000 789.051.000
By eligible paper
al 1 nnn 9 0e/ 1ri9 (inn 2 318 583.000 2.320.146.000
2.208.513_000 2.195.384.000 2 224 174 non 2.190 507.000 2 203 ant non 9 990
'meal
abroad and amounts due
NOTE.—Beginning with the statement of Oct. 7 1925 two new items were added in order to show separately the amount of balances held
has been changed to
to foreign eorrespondenta. In addition, the caption,"All other earning assets", now made up of Federal Intermediate Credit Bank debentures. description of the total
and securities." The latter term has been adopted as a more accurate
'Other securities." and the caption. "Total earning assets" to "Total bills
and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which are the only items included therein.
acceptances
of the discounts,
OF BUSINESS FEB. 24 1926
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
im ciphers (00) omitted.
r
Total.
Boston. New York. Ma. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Kan. City Dallas. San Fran.
Federal Reserve Bank of—
—
$
$
$
$
$
$
$
$
$
$
$
$
RESOURCES.
5
191,117,0 58,411,0 131,308,0 129,509,0 16,593,0 61,071,0 48,634,0 24.998,0216.207,0 1,406,149,0
Gold with Federal Reserve Agents 104,350,0 299,433,0 124,518,0 1,359,0 2,716,0 2,619,0 4,493,0
46,334,0
326,0 1,010,0 3,419,0 1,854.0 1.066,0
12,913,0 6,294,0
Gold red'n fund with U.S.Treas. 8,265,0
Gold held excl. agst• F.R.notes 112,615,0
Gold Benetfund with F.R.Board 48,324,0
42,323.0
Gold and gold certificates
Total gold reserves
Reserves other than gold
203,262,0
20,442,0
223,704,0
Total reserves
4,679,0
Non-reserve cash
discounted:
Bills
Govt. obligations 13,796,0
sec. by u• It•
30,743,0
Other bills discounted
312.346,0 130,812.0 192.476,0 61.127.0 133.927.0 134.002,0 16,919,0 62,081,0
205,661,0 42,612.0 64.523,0 28,824,0 34322.0 152.175.0 11.899,0 23,633,0
368,325,0 28.135,0 48,346,0 4,365,0 3,333,0 66,234,0 17,407,0 7,059,0
-886.332,0 201,559,0 305,345,0 94,316,0 171,682,0 352,411,0 46,225,0 92,773,0
40,558,0 5.018,0 7,445.0 7,252,0 9,206,0 21,544,0 17,132,0 2,670,0
52,053,0 26,852,0 217,273.0 1,452,483.0
22,692,0 15,172,0 19,135,0 674.072.0
4,624,0 10.005,0 39,892,0 640,048.0
84,369,0 52.029,0 276.300,0 2,766.603,0
4,584,0 6,341,0 7.715.0 149.907.0
926,890,0 206,577,0 312,790.0 101,568,0 180,888,0 373.955,0 63,357,0 95,443,0 88.953,0 58.370.0 284.015,0 2,916,510,0
66,298.0
971,0 2.434,0 2.924,0 3,312,0
23,568,0 2,444,0 2,926,0 4,805,0 4.218,0 10,375.0 3,642,0
159,628,0 34,241.0 22,586,0 14,159,0 7,035,0 27,561,0 10.676.0
41,332,0 22.156,0 20,151,0 21,855,0 18,366.0 27,270,0 13,429,0
2,484,0 10,302,0
3,340,0 7,784,0
474,0 8.628,0
5,256,0 16.831,0
311,570,0
228,513.0
200,960,0 56,397,0 42,737,0 36.014.0 25,401.0 54,831,0 24,105.0
73.420,0 19,754,0 18,025,0 9.634,0 26,269.0 31,376.0 16,458,0
5,824.0 18,086,0 5,730,0 25,459,0
7,120,0 15,274,0 16,596,0 22,886,0
540.083,0
304,128,0
959,0 20.190,0 2,035,0
9,163.0 15,906,0 13,420,0
5.043.0 6.256.0 8,452,0
Total bills discounted
open market
Bills bought in
Government securities:
U B.
Bonds
Treasury notes ebtedneea
Certificates of ind
44.539,0
47,316,0
572,0
2,154,0
5,312,0
604,0 8,103,0
1,934,0
43,314.0 3.637.0 18,655.0
15,39E0 14,822,0 4,801,0
1,240,0
3,067,0
1,136,0
472.0
7,665,0 8,388.0 8,051.0
6,415,0 16.946,0 15.898,0 26.379,0
2,498,0 8,126,0 6.483,0 17.091,0
60,213,0
174,954,0
95,418.0
securities
8,035,0
0
648, 19,063,0 31,559,0
00,
5,443,0 15,165,0 42,352,0 23,907.0 16.578.0 33.460.0 30,462,0 43.942,0
330,585,0
Total U. S. Govt.
THE CHriONICLE
RESOURCES (Coneluded)Two Ciphers (00) omitted.
Boston.
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
New York.
$
Other securities
Foreign loans on gold
$
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneay. Kan. City DaUas. San Fran.
Phila.
$
3,050,0
1,917.0
660.0
525.0
100,418,0
(Vol.. 122.
$
$
$
5
$
$
760,0
376,0
291,0
980,0
327,0
234,0
5
100.0
284,0
249,0
Total.
$
3.150.0
7.100,0
$
'
497,0
5
336.943.0 98,924,0 93,081,0 51,467.0 67,126,0 129.539.0 64.797,0 29,756,0 67,204.0 53,007.0 92.784,0 1,185.046,0
780,0
780.0
156.025.0 63,220.0 69.282,0 55,013.0 43.001.0 90,963,0 38.331,0 12.396,0 40.422.0 28,796,0 37,091,0 697,428.0
16,666.0 1.480,0 7,409.0 2,364.1
2,748.0 7,93:1.0 4,111,0 2,943.0 4,636.0 1,793,0 3.217.0
59.308.0
4.473,0
362.0 1,180.0
375,0 1.129,0 2,220.0
433.0 2,381,0
17,008.0
451,0
456.0 3,456,0
62.888.0
4.068.0
92,0
Total resources
395,849,0 1.465.345.0 373,007,0 486.668,0 215.592.0 299,110,0 814,985,0 174,671,0 143.890.0
204,100.0 145,346,0 423,875,0 4,942.438.0
LIABILITIES.
F. R. notes in actual circulation_ 161.577,0 368.888,0 148.131,0 208,223,0
78,179,0 159,518.0 162,381,0 36,988.0 64,312,0 85,629,0 39,435,0 188,103,0 1,679,362,0
Deposits:
Member bank-reserve acct.. 139.932,0 853.125.0 130,849.0 172.405.0 65,055.0 79,208.0 317.159.0 81,521,0
54,146.0 86,305.0 61.400.0 161.774,0 2,202,879,0
Government
6,885.0
3.833,0
750.0 1,393.0 4,741,0 6,715,0 1,804,0 2.380,0 1,540.0
36.670,0
680.0 1.589.0 4,560,0
Foreign bank
398.0
1.846,0
498,0
561,0
278.0
225.0
718.0
209.0
168.0
5,450,0
204.0
362.0
183.0
Other deposits
323.0
8,431,0
231,0
820,0
142.0
42,0
437,0
822.0
165.0
17,232,0
163.0
39.0 5,617,0
Total deposits
147.338.0 867,035.0 132.328.0 175.179,0 70.216,0 86,174,0 320.593,0 84,563.0 56,019.0 87,352.0 63,211.0 172.313.0 2.262.231,0
Deferred availability Items
60.656,0 135,334,0 59,728.0 65,794.0 48,450,0 39.398.0 83.512.0 37,700.0 11,960,0 37.301.0 30.306.0 38,418.0 648,557.0
Capital paid In
8,614,0
33,559,0 11,908.0 13.460.0 6.048,0 4.822,0 15,852.0 5,137,0 3.158,0 4,227,0 4.270.0 8.257.0 119,312,0
Surplus
17,020.0
59,964,0 20,464.0 22.894,0 11,919,0 8.700.0 30,613,0 9,570.0 7,501,0 8,979.0 7,615.0 15,071,0 220,310.0
All other liabilities
644,0
448.0 1,118.0
2,565,0
498.0 2,124.0
780,0
715,0
940,0
12.666,0
612.0
509,0 1.713.0
Total liabilities
395,849,0 1,465,345.0 373,007.0 486,668.0 215,592,0 299,110,0 614,985,0 174,671,0 143,890,0 204,100,0 145,346.0 423.875,0 4,942,438,0
Memoranda.
Reserve ratio (per cent)
72.4
75.1
81.6
68.4
73.7
77.4
73.6
52.1
79.3
74.0
58.1
78.8
56.9
Contingent liability on bills purchased for foreign correspond'ts 6,283,0
22,153,0 7,853,0 8,845,0 4,381.0 3,307,0 11,325.0 3,555,0 2,645,0 3,224.0 2,893,0 5,704,0
82,168,0
F. it. notes on hand (notes recd
from F. R. Agent less notes in
rtIn•Ill.tlf...
17 nail n
1AK An, n 51 ',An in Inn n In nal n 91 709n
In/Ulf:In
A 7R7 n
9 R77 n
A ono n
A ',An
A.1 AAO n
.2,0 nn7 n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS FEB.
24 1926,
Federal Reserve Agent al-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. 'St. Louis. Mtnneay. Kan. City Dallas. San Fran
Total.
(Two Ciphers (00) Omitted.)
$
F.R.notes reed from Comptroller 230,037.0
F.R.notes held by F. 11 Agent_ 51.400,0
$
$
$
$
$
$
3
$
$
s
5
5
738.655.0 208.945.0 276.689.0 121,420.0 227.932,0 415.837,0 67.333,0 87.412,0 120,711.0 59,697.0 291.251.0 2.845,899.0
228,380.0 29,640,0 52,340.0 26,550,0 46,622,0 236,838.0 24,580,0 20.223.0 48.790,0 15.687.0 55.500,0 834,530.0
F.R.notes Issued to P.R. Bank 178.637,0
Collateral held as security for
F.it. notes Wiled to F. R. Bk.:
Gold and Old certificated__
35.300
Gold redemption fund
10,050.0
Gold fund-F.R.Board
59,000.0
Eligible paper
91,855,0
512.295.0 179,305,0 224,329,0 94,870.0 181,310,0 178,999,0 42,753,0 67.189,0 71.921,0 44,010,0 235,751,0 2,011,369,0
TntaIonIlratarld
Ina 20n
186.698,0 1,600,0 8,780.0 24,890,0 12,655.0
11,045,0 13.052.0
311,246.0
17.226,0
28,735.0 11,529.0 12,337.0 2.021,0 6.653,0 3.8650 1,348,0 1.019,0 3.274,0 2.772,0 18.888.0 100,489.0
86,000.0 111.389.0 170,000,0 31.500,0 112.000.0 125,644.0 4,200,0 47,000.0 45.360.0 5.000,0 197.321.0 994,414.0
253.619,0 62.331.0 59,424.0 41.883.0 51.148,0 86.040.0 40.287,0 12.723.0 33,244,0 21,901.0 47.911,0 802.364,0
AAR nn9 n lea sun it 9R11 All n inn 204 n 162 454.0 2158400 56.8110.0 73.794.0 81.678 0 en 8000 904 lig
0 9 mg alSO
n
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
and Liabilities of the 716 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917. published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 1105.
I. Data for all reporting member banks In each Federal Reserve District at close of business Feb. 17 1926. (Three ciphers
(000) omitted.)
Federal Reserve DUBUC
(umber of reporting banks
..oans and discounts. gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and dLscounte
Boston. New York
40
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts Minneap. Kan. City
99
54
75
8
5
8.997
58,005
342,981 2,378,804
649,764 2,592,895
$
10,512
405,584
363.358
$
21.379
514.560
752,671
Total loans and discounts
1,001,742 5,029.704
nvestmenur
U.S. pre-war bonds
9.684
39,312
U. S. Liberty bonds
86,752 608,180
U.S.Treasury bonds
17.784 209.712
U.S. Treasury bonds
3.996 158.604
U. S. Treasury certlflcates
17.770
42.042
Other bonds, stocks and securities 212.258 1.110.240
779,454 1,288,610
9.486
50,340
18,032
7,343
6,793
252.103
33,363
163,696
35,528
24.635
19,368
341,491
71
36
Dallas. San Fran
Total.
100
33
$
$
$
5,192
7.605
22.443
145.429
98,720 823,502
370.227 417,673 1,241,918
24
69
S
11.980
209.054
313.296
49
$
2.436
69.631
178.506
5
4.026
116.183
323.138
5
3.407
79,046
238,977
520,848
534,330
250,573
443,347
321,430 1,179,062 13,980.961
12,957
22.786
13.079
7,333
4.253
107.750
7.071
26,950
14.904
15,490
6 923
42.314
8.783
57.472
17.993
15.694
4.743
75.827
223,629
24,750
17.439
20.640 142,497 1,400,162
451,073
52,571
4,810
321,386
19,986
4.682
144.791
20,229
4,688
23,379 209.056 2.924,382
25.274
31.503
6.802
1,768
2.696
63.097
523,998 2,087,863
14,882
15,253
5,769
2,034
5.229
52,155
20.528
174.093
54.289
59.823
10,059
434,712
Total Investments
348,244 2.168,090 344.097 618.081 131,138
95,322 753,504 163,158 113,652 180,512
Total loans and Investments
1,349,986 7,197,794 1.123.551 1.906.691 651.986 619.320 2.841.367 702.488 384.225
623,859
teserve balances with F. R. Bank
95,040 779.178
41,796
80,476 127,095
44.619 233,210
47.006
27.288
58.188
)ash in vault
20.246
79.485
13.491
30,009
17.088
12,309
48.129
7,581
5.573
12.520
let demand deposits
804.0065.604,464 757.674 1.021.770 377,326 369,085 1,754.482 423.354 228,848
Ime deposits
395,476 1.198,207 222.903 762,319 204,286 215.564 1,037,243 221,662 113.134 499.398
144.046
kivernment deposits
19,598
56,627
18,901
19,765
6,125
10,006
25,659
5,864
3,065
1,851
11115 pay. & redisc. with F. R Bk.:
Smured by U.S. Gov't obligations
2,090 147.603
9.176
1,829
10.442
3,204
26,955
6.120
4,450
7,240
All other
16,775
23,799
14,221
16,144
17,828
15,151
14,782
8,673
1,719
tankers balances of reporting member banks in F. R. Bank cities:
Due to banks
128.261 1,077,668 180,619
48,244
37,270
20,788 374.270
91,919
54,692 103,198
Due from banks
33.827
99,554
64.259
27.962
19.211
13.592 161.187
30.447
42.461
10.750
2. Data of reporting member banks In New York City. Chicago, and for the
whole country.
AU Reporting Member Banks.
Reporting Member Banks in N. Y. City.
75,438
716
$
$
163.973
7.991
263.441 5,446.935
907.630 8,350.053
66
469,089 5.465.323
396.866 1,648.151 19.428,284
33.573 118.988 1,684,457
277.176
20.855
9.890
282.525 804.444 13.017,378
99.157 807.388 5,421,383
201,291
26,265
7,565
544
3,277
31.466
27.033
9,560
8.162
229,213
138,511
107.430 2.255,823
588,816
52.533
Reporting Member Banks to Chicago.
Feb. 17 1926. Feb. 10 1926. Feb. 18 1925. Feb. 17 1926. Feb. 10 1926. Feb. 18 1925 Feb: 17 1928. Feb. 10 1926. Feb. 18 1925.
Number of reporting banks
718
67
716
739
61
81
Loans and discounts, gross:
$
$
8
$
$
$
.
Secured by U. S. Gov't obligations
163.973.000
76,876.000
165.165.000
53.725.000
198,160,000 53.390,000
Secured by stocks and bonds
5.446,935.000 5.507.578.000 4.731,442,000 2,103.820,000 2,178,785,000 1.932,059,000
All other loans and discounts
8.350,053,000 8,333,451,000 8.240,899.000 2.271.999,000 2,233,938.000 2.297,676.000
46
$
15.913.000
620.505.000
684,757,000
46
$
16.784.000
616.151,000
896.662.000
48
$
23.936.000
521,085.000
694.680,000
Total loam and discounts
13,960,961,000 14,006,194.000 13,170,501.000 4,429,209,0004,468,446.000 4,308.811.000 1,321.175.000 1,329.597,000 1,230,701,000
Investments:
U.S. pre-war bonds
29.555.000
29,571,000
27,047.000
4.884.000
218,764,000
223.529.000
223.914.000
4.884.000
1,938.000
U. S. Liberty bonds
1,400,162,000 1,403,184.000 1,385.104.000 524,318.000 526.760,000 533,971.000 102.340.000
09,152.000
82,732.000
U. S. Treasury bonds
451,073,000
355,438,000 192,414.000 189,625,000 138,039,000
445,717,000
17,161.000
19.240.000
26.833.000
U. S. Treasury notes
498,452,000 152,255,000 151.947,000 202.533.000
321,386,000
326.252,000
46.449.000
49,314.000
71.001,000
U.S. Treasury certificates
144.791,000
40.308,000
40.240,000
54.909,000
116,945.000
150.158.000
1,963,000
2.539,000
8.022,000
Other bonds, stocks and securities_ 2.924.382.000 2.940.485.000 2.829.864,000 812.148.000 823,348.000 800,855.000 198.286,000 199,295,000 223.122,000
:
Total Investments
5.465.323,000 5,489,710,000 5,404,567,000 1.750.944,000 1,761,543,000 1.757,354,000
'Total loans and investments
Reserve balances with F. ft. RanksCash in vault
t' et demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with
Federal Reserve Banks:
Secured by U. S. Govt. obligations
All other
Total borrowings from F. R. bits..
-
..
374,424,000
413,648,000
229.213,000
138,511,000
228,478,000
129,399.000
133.061,000
71.697,000
125,892,000
19,304.000
111,022,000
17,690,000
76.400.000
35,154,000
11,780,000
9.758,000
12,898,000
8,401,000
970,000
270,000
367,724,000
357.877.000
204.758.000
145,196,000
128,712,000
111,554.000
21.538,000
21,299,000
1,240,000
Loans to brokers and dealers (secured by stocks and bonds) made by 81 reporting
member banks In New York City:
1,158,905.000 1,199.307.000
For own account
1,354,170.000 1,340,433,000
For account of out-Of-town banks
625,849,000 597,848,000
Others
For amount of
0
371.083.001)
19,428,284,000 19,495,904.000 18,575,068.000 8.180.153,000 6.227.989,000 6,063.965 000 1.692.258,000 1,704,021.000 1,653.349.000
1.684 457.000 1.863.508,000 1.648,849,000 722,107,000 709.104,000 708,392.000 160.627.000 182.691,000 162.576.000
.
64,023,000
277.176,000
78,674,000
280,719,000
298.445.000
63,776.000
26,759,000
21.009.000
21,272,090
13,017,376,000 13.072.587.000 12.994,807,000 5.034.377.000 5.105.980,000 5.104,187.000 1149,963,000 1,162,630,000 1,169.269.000
5,421.383.000 5.406,181,000 4,936.315.000 799,987,000 801,509,000 702.309,000 518.788.000 511,961.000 , 457,829.000
201,291,000
204,288,000
121,238,000
49,995,000
49,095,000
16,279,000
14,343,000
12.947,000
12,947,000
2 112 791 Mil '2 1'17 SO2 11All
.
1141
THE CHRONICLE
FEB. 27 1926.]
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
=kers' Ganitts
Maturity.
Psi.
Rate.
86ar. 15 1926_ _ 434%
Bid.
Asked.
Maturity.
Rate.
100.32 June 151926... 334%
100
7
.
100 12 1001 32 Dec. 15 1927... 4% 1 0
,
Mar.15 1927_ _ - 434%
99"12 100
100
100.12
Bid. Asked
-99.
1.2
101%
101h11
101 32
,
101
BePt. 15 1926._ 454%
Wall Street, Friday Night, Feb. 26 1926.
Ju ne 15 1926._ _
3%
Pe 15 1026._
302 7,
of the
Railroad and Miscellaneous Stocks.
-The review
Stock Market is given this week on page 1129.
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this
-Below
Certificates on the New York Stock Exchange.
week of shares not represented in our detailed list on the
we furnish a daily record of the transactions in Liberty Loan
pages which follow:
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
STOCKS.
Sales
Range Since Jan. 1.
Range for Week.
for
Week Ended Feb. 26.
in a footnote at the end of the tabulation.
Week.
Lowest.
Highest.
Par.Share: $ per share.
Railroads.
Albany & Susquell._ _100
41 03 Feb
Buff Roch & Pitts pf _100
31 95 Feb
Buff & Susquehanna_100
100 65 Feb
Cleve & Pittsburgh- -150
121 70% Feb
Minn & St Louis ctIs_ 100
600 234 Feb
Nat Rye Mex 1st pref 100
300 5% Feb
N Y Chic & St L r etf100
200 9334 Feb
50
N Y & Harlem
75 190 Feb
Pacific Coast lot pf _ _101
100 73 Feb
Pitts Ft W & Chicago 100
2 13434 Feb
Reading rights
3,500 1934 Feb
Rensselaer & Sara__ A00
4 122 Feb
Seaboar Air Line rights_ 73,500
% Feb
Twi CIt Rap Tr 01_100
100 102% Feb
Vicksb Shrev & Pac_.J00
100 92 Feb
Industrial & Misc.
American Can Co._ _106 47,300325% Feb
Amer Chicle prior ref..
105 91 Feb
Am-La Fr Fire Eng 7% pi
105 4934 Feb
Abraham & Straus
• 101 96 Feb
Am Radiator pref_ _ _106
101 129 Feb
Barnet Leather
701 5534 Feb
Bayuk Bros lot ref_100
105 1003-4 Feb
Brown Shoe Co
105
700 12534 Feb
Chandler-Clev Motor... 1,401 2234 Feb
Preferred
• 4,161 4134 Feb
Cushman'sSonspf7%100
101 101 Feb
Comm Cred 1st pf6 As 105 2,901 99 Feb
Com Inv Tr 6%% of 105 1,401 58 Feb
Continental Can pref 105
101 119 Feb
Durham Hosiery pf _106
101 6234 Feb
Eisenlohr & Bros
25 4,1301 16 Feb
Elm Auto-Lite Co
3.901 72 Feb
Elec Boat
• 3 201
5 Feb
Elk Horn Coal Corp_ _55
204
9 Feb
First Nat Pic lot pr. _105 1,404 1053-4 Feb
Fisk Rub 1st pf stamped.
801 8334 Feb
General Cigar new
101 5534 Feb
Gen Motors Pr 6%._ 100
101 393-4 Feb
Indian Motorcycle PrICK, 17,701 99 Feb
Ingersoll Rand pref _ A00
11 102 Feb
Intercont Rub ctfs_
10( 19 Feb
•
Iron Products
10
101 5034 Feb
Jones & L Steel pref_ 100
101 117 Feb
Life Savers
• 2,401 193-4 Feb
Manati Sugar
10
301 43 Feb
Preferred
201 81 Feb
100
Miller Rubber Mrs
6,001 42% Feb
Npt News & H Ry _ _ 100
10( 110 Feb
Preferred
10( 110 Feb
100
011 Well Supply pref_100
201 107 Feb
Omnibus Corp
•36,601 19% Feb
Preferred
401 96 Feb
100
Pacific Gas & El R & S.. 3,701 2% Feb
Panhandle P & K pf _100
901 74 Feb
Porto-Rican Am Tob 100
801 70 Feb
P Sof New Jersey Eta_ _ 75,071
% Feb
Rem Type IstPrSerS 100
101 106 Feb
Spalding Bros 1st pf.100
101 104% Feb
Thompson (J R)
2' 1,301 46% Feb
Vicksburg Chemical_ _ 4,305 47% Feb
Vivaudou pref
100
101 100 Feb
White Motors Eta
4,700 4% Feb
Wilson & Co ctfs
25
100 5 Feb
100
6% Preferred
200 97 Feb
•No par value.
Lowest.
Highest.
per share. $ per share.$ per share.
25 203 Feb
26 95 Feb
26 65 Feb
25 70% Feb
26 234 Feb
24 6 Feb
24 9434 Feb
25 195 Feb
20 73 Feb
21 13434 Feb
26 2034 Feb
24 122 Feb
20 334 Feb
20102% Feb
25 92 Feb
25 203
26 93
26 65
25 70
26 234
25 5%
24 93%
25 190
20 72%
24 134%
20 19
24 122
23
201 101
25, 90
1
26 34434 Feb 20 275%
23 91 Feb 23 91
25 4934 Feb 25 49%
26 96 Feb 26 96
23 129 Feb 23 129
26 5734 Feb 23, 52%
21 1003.4 Feb 201 100
26128% Feb 26,125%
23 23 Feb 201 22
26 4434 Feb 23 41%
.
25 101 Feb 25 99%
21 9934 Feb 26 99
21 99 Feb 20 97
23 119 Feb 23 117%
2:: 6234 Feb 23 60%
2C 1834 Feb 20 16
21 79 Feb 23 72
a 6% Feb 23 5
21 9 Feb 25 9
21 106 Feb 23 102
21 84 Feb 26 83%
21 58 Feb 20 55%
21 9974 Feb 20 99
23 99 Feb 23 99
24 102 Feb 24 -102
26 2134 Feb 20 19
2:: 503-4 Feb 23 50%
24 117 Feb 24 114
25 2034 Feb 23 19%
26 45 Feb 26 41
23 81 Feb 23 80
23 44% Feb 25 52%
2411(5 Feb24 108
26 110 Feb 26 108
20 107 Feb 20 105%
26 2234 Feb 23 17
24 973-4 Feb 25 94
25 2% Feb 23
26 85 Feb 20 51
26 71 Feb 20 60
24
% Feb 20
24 106 Feb 24 106
26 10434 Feb 26 101
26 473-4 Feb 25 46%
25 4934 Feb 20 47%
25 100 Feb 25 94%
26 og Feb 23
2
5 Feb 24
24 99 Feb 26 97
Feb 203
Feb
Feb 95% Feb
Feb 65
Feb
Jan 70% Feb
Feb
Feb
Feb 8
Jan
Jan 94% Feb
Jan 205
Jan
Feb 73
Feb
Feb 134% Feb
Jan 22% Feb
Feb 122
Feb
Feb 3% Feb
Jan 102% Feb
Jan 92
Feb
Jan 344%
Feb 91
Feb 49%
Feb 98
Feb 129
Jan 57%
Jan 100%
Feb 143%
Feb 26
Feb 45%
Feb 101
Feb 99%
Feb 100
Jan 119
Feb 67
Feb 20%
Feb 8234
Feb 8%
Feb 12%
Jan 107
Feb 84
Feb 59%
Feb 99%
Feb 100
Feb 102
Feb 21%
Feb 50%
Jan 117
Feb 21%
Jan 50%
Jan 82
Pet 44%
Jan 115
Jar 115
Feb 107
Jan 22%
Jan 98%
Feb
Jan 85
Jan 81%
Feb 1
Jan 106
Jan 104%
Feb 4734
Feb 51%
Jan 103%
Feb
Jan 5
Feb 100%
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
New York City Banks and Trust Companies.
AU prices dollars per share.
Ban ks-N Y Bid. Ask.
Banks.
Bid. Ask,
America•_
360 400 Flanditon _ _
195 205
Amer Ex Pac 475 482 Hanover
1120 1135
Amer Unions_ 215 230 Harriman__ 520
_
BowerYEast R 390 410 Manhattan. . 245 250
Broadway Con 350 390 Medi & Met. 460 467
Bronx Bona._ 1350 1437 Mutual.
___
Bronx Nat_ _ _ 450 500 Nat American 00 210
Bryant Park. 210 230 National City 637 645
Butch & Drov 185
1£5 New Neth•_. 275
.._
Capitol Nat.. 240 243 Park
535 542
Cent Mercan. 340 350 Penn Exch._ 124
134
Chase
640 650 Port Mortis_ 215
_
Chath Phenix
Public
700 710
Nat Bk &Tr 370 377 Seaboard_ _ _ _ 675 685
anima Exch. 230 240 Seventh
185 195
Chemical -- 840 860 Standard_ _
___
680
Coal & Iron
285 310 State.
_
635
Colonial._
MO
150 160
Trade*
Commerce_ .. 387 390 United
215 230
Com'nwealth. 315 325 United States. 336 345
Continental _ _ 275 285 Wash'u
725 •
Corn Exch.-. 600 610
Brooklyn
Cosmoplan._ 225
Coney Island. 215 230
Fifth Avenue 2.300
450
First
2800 2136 Mechanics'._ 320 330
First
Franklin
180 200 Montauk._ _ 305
400 410 Nassau
Garfield
390
270
People's
Grace
525
Greenwich._ 540 575 Queensboro* 175
_
• Banks marked (•) are State banks
Ex-rights
rust Cos.
New York.
Bid
Ask
Bank of N
American_& Trust Co 650 660
Bankers Trust 670 680
Bronx Co Tr_ 300
Central Union 695 902
Empire
392 397
Equitable Tr_ 296 300
Farm L & Tr. 560 570
Fidelity Inter
Fulton
aio
Guaranty Tr. 380 385
Irving BankColumbia Tr 328 333
Lawyers Tr_ _
Manufacturer 552 558
Mutual(West
cheater)._. 220 230
N Y Trust_ _ 570 580
Title Gu & Tr 660 670
US Mtg & Tr 405 412
United State, 1660 1885
Westches Tr.
Brooklyn.
Brooklyn Tr 885 895
Kings County 16(1 1250
Midwood__
£290 300
People's
840 850
(t) New stock.
(s) Es-divide.,,
New York City Realty and Surety Companies.
All prices doUars per share.
Bid.
Alliance R'Ity 170
Amer Surety_ 181
Bond & M G 320
Lawyers Mtge 240
Lawyers Title
& Guarantee y315
Ask.
190 Mtge Bond..
184 Nat Surety..
330 N Y Title &
Mortgage..
247
U S Casualty.
320 U S Title Gua
Bid. Ask.
Bid.
143 147 Realty Assoc,
(Bklyn)corn £120
219 222
let pref.
92
26 Prof.... go
470 480
390 410 Westchester
Title & Tr_ 450
325 332
Ask
130
96
95
Daily Record of U. S. Bond Prices. Feb.20. Feb. 22. Feb.23. Feb.24. Feb. 25 Feb.26
.2 101.01.
1n 1001
1003,22 100.
(High 100.532
First Liberty Loan
,132 100213 100wr
100,732 100
33-4% bonds of 1932 17-i Lew- 100".,
,,
100.'32 100"32 100 s 101.01.
(Close 1002.32
(First 3iis)
911
4
63
49
21
Total sales in $1,000 units__
------•
---------Converted 4% bonds of (High
-----------____
1932-47 (First 4s)_ ___( Low_
(Close
---•
--- ---Total sales in $1.000 units_ __
- ----102 12
,
,
,
102.32 102 22 102 22
Converted 4Si% bonds (High 102.22
,
102.00 102.00 102.00 102 n
of 1932-47 (First 43(s)( Low_ 102.00
,
102.00 10242 102 32 102.n
(Close 102.00
4
10
12
35
8
Total salts in $1.000 units...
---•
---------____
Second Converted 4%%(High
---•
---------bonds of 1932-47 (First( Low_
---------•
---__
--(Close
Second 434s
------•
------Total sales in 51,000 units__.
____
------------100.01
Second Liberty Loan
(High 1430.°33 Hell___ 100.0(
____
____
4% bonds of 1927-42__(Low. 100.31 day
------------100.01
(Second 4s)
(Close 100".
2
Total sales in $1,000 Sails...
1
,,
.r
0 3:
1r
10 -42 10t3:: 10 . 100,..
00 -, 00
- 70
Converted 434% bonds (High 100"32
of 1927-42 (Second (Low_ 100,.3
100"n 100",, 100", 100"r
434s)
(Close 100",
71
91
68
327
Total sales in $1.000 units._ _
39
,
101 32 101.32 101 22 1014n
,
Third Liberty Loan
(High 10142
101.00 101.00 101.32 101.12
434% bonds of 1928_ _ ..; Low_ 100..3
101.00 101.32 101.32 101.22
(Third 4145)
(Close 101.00
61
20
151
155
72
Total sales in $1,000 units...
nn 102n, 102ne
Fourth Liberty Loan
(High 102.3
e
11
102i , , 02: 102r
2 . , 2.
" , 10 .: 02 :
. .3
.
4%% bonds of 1933-38._I Low_ 102.3
1 21'
:
1 82:
(Fourth 434*)
(Close 10214
18:
152
102
192
Total sales ift $1,000 units..
49
,
,
1072, 107"s 107 .3 107 .2
22
(High 107,03
Treasury
,
1073.32 107"n 107", 107 4
'Low. 107:4,
4348, 1947-52
2
107"n 107"n 1071, 107..3
Clone 1072.3
14
35
21
16
16
Total sales in $1,000 units...
104in
___
,
104 32 104 32
,
(High 104.32
48, 1944-1954
____ 104.21
104 32 104.32
,
(Low. 104.32
____ 104*n
104.. 104.n
,
1Close 104 32
4;
26
II
Total sales is 51.000 units__ _
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 3149
6 1st 4345
4 26 43.4s
100"a, to 100"n1 9 3d 4364
101",, to 101"n 21 4th 434s
100
,132 to 100,122
100"ss to 101.00
1027st to 1020:4
Foreign Exchange.
-Sterling exchange ruled dull and
slightly easier, with quotations once more below the 4 86
mark, as a result of a slackening in buying demand. Continental exchange was less active, with francs strong and
Scandinavian and Japanese exchanges reactionary.
To-clay's (Friday's) actual rates for sterling exchange were 4 85 11-16@
4
485% for sixty days, 486 1-1611134 86 1 for checks and 482 7-1604 823-4
for cables. Commercial on banks.sight, I 85 9-16@l4 8534; sixty days.
4 81 15-1604 82; ninety days, 4 81 3-1604 8134. and documents for
payment (sixty days). 482 3-1604 8234. Cotton for payment, 485 2-16
@48534. and grain for payment, 4 S5 9-1604 85%•
To-day's (Friday's) actual rates for Paris bankers francs were 3.60%@
3.64 for long and 3
.65e1 3.614% for short. German bankers' marks are net
yet quoted for long and short bills. Amsterdam bankers' guilders Were
39.58% for long and 39.943-4 for shcrt.
Exchange at Paris on London, 132.25 francs; week's range, 132.25
francs high and 135.18 francs low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling Act,,at4 86 7-16
4 86 1-16
High for the week
4 82 13-16
4 86 1-32
4 85 21-32
for the week
13-32
Low
4 82
Parts Bankers' Francs
3.7034
3.6934
3.64
High for the week
3.55
3.54
Low for the week
3.4834
Germany Bankers' Marks
23.81
23.81
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders
40.08
40.06
High for the week
39.62
40.0434
40.023-4
Low for the week
39.58%
000
Domestic Exchange.- Chicago, par. St. Louis, 15@25C• Per 21.
discount. Boston, par. San Francisco, par. Montreal. 63 75 per $1,000
discount. Cincinnati, par.
,
The Curb Market.
-The review of the Curb Market is
given this week on page 1131.
A complete record of Curb Market transaPtions for the
week will be found on page 1156.
CURRENT
NOTICES.
-Edmund Seymour & Co., Inc., 45 Wall St., New York announce that
they will continue the business heretofore conducted by the co-partnership
of Edmund Seymour & Co.
-The Anglo London Paris Co. of San Francisco announces that John
Miles Thompson, their New York representative, has been elected a VicePresident of the company.
-Edward B. Smith & Co., members New York Stock Exchange, 5
Nassau Street, have prepared a survey of present tendencies in the railroad
situation.
-Irving Bank-Columbia Trust Company has been appointed Registrar
of the 7% Cumulative Preferred Stock of the Shippers' Car Line Corporation.
-Andrew J. Raymond, formerly with Illodget & Company of Boston,
has become associated with the Boston Office of Eldredge and Company.
-E. W. Clucas & Co., of New York City, announce that EL L. Meltzer
has become associated with them in theft. Sales Department.
-The New York Trust Co. has been appointed depository of the BrownieCorp. Class B common stock.
1142
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive, see preceding page.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
I' Feb. 20.
$ per share
Monday,
Feb. 22.
Tuesday,
Feb. 23.
Wednesday, Thursday,
Feb. 24.
Feb. 25.
Friday,
Feb. 26.
IS per share $ per share $ per share $ per share $ per share
*44
47
*6932 ---1311g 1313
4
7
95 4 95 k
3
8
4 83
73
231% 23112
913 93
4
*6914 8912
*43
/ 45
1
4
0100 101
66
6612
85
85
1214 1214
081
85
•57
63
158 15914
"285 295
11814 1187
*
4
*1223 12412
102 1138
15 4 161
3
*190 200
*34
36
*4713 48
10 8 12
7
25 8 26 8
5
5
133 137
4
121* 1318
194 19 4
3
*1914 193*
73
7314
*120 12112
5114 5112
3
*99 100
88% 8818
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
PER SHARE
Range Since Jan. 1 1928.
On basis of 100
-share lots
Lowest
Highest
$ Per share
$ per Mars
Railroads.
Par
*44
45
*44
47
*44
45
100
*44
Ann Arbor
*6912 ____ *6912
100
____
*8912 ____ *6912 ____
Do pre(
1,304 1313 1293 1303 12918 13018 12712 12938 15,000 Atch Topeka & Santa Fe 100
4
8
4
9514 9514 *95
100
954 95
1,030 Do pref
9512 95
95
713 8
312 8%
2
2 14 206,600 Atlanta Ilirm & Atlantic_ I00
13
4 24
229 229
225 22913 225 227
2,600 Atlantic Coast Line 3tR-100
220 225
91
100
923
4 901 923
8 9013 9218 894 91
41,600 Baltimore & Ohio
*
6914 6912 6914 8914 6914 6914 683* 683*
100
700 Do pref
43% 4334 43% 4312 43
4318 41
50
4313 1.700 Bangor & Aroostook
10018 10018 *90 10112 *99
100
____ *99
100 Do pref
65 8 664 6414 6513 8312 65
7
6112 634 49,300 Bkin Manh Tr v t a- _No par
*85
No par
86
400 Do pref v t 0
*8412 8518 8412 8412 8112 8412
9% 912 4.000 Brunswick Term & Ry See_100
1078
1138 1112 1014 1138 10
*81
___. Buffalo Rochester & Pitts_100
85
85
*81
85
85 .81
*81
100
_ _ _ _Canada Southern
*57
63
63
63
63
•57
•57
*57
100
15813 1597e 157 1584 156 15712 15513 156
9,700 CanadIan Pacific
200 Central RR of New Jersey_100
281 281
"285 290 *284 290 *280 290
100
118 11814 115 120
4
11314 1163 1123 1143 58,700 Chesapeako& Ohio
4
8
100
*12234 12413 123 123
300 Do pref
1223 1224
4
123 123
100
1013 113
1014
71$ 73 78,800 Chicago & Alton
8
618 8
4
6
93 123
100
78,900 Do pref
16
1018 11
1714
1118 153
4
100
____ C C C & St Louts
•190 200 *190 200 *190 200 *190 200
_-_ Chic & East Illinois RR.._ 100
*333 35
4
333
*3312 38 0 4 35
*34
36
7 48
100
800 Do pref
46
4612 *44
47
44
*4613 48
1012 10
1114 1113
1014 14.600 Chicago Great Western-100
913 1113 10
100
243
4 22% 2318 19,300 Do prof
8 23
25% 287
2814 23
100
1213 137
1312 137
3
13
1314 1212 133 13,700 Chicago Milw & St Paul
4 12
*1218 123
1214 9,860 Certificates
1214 13
1234 13
100
100
1913 1812 19
11.800 Do pref
4 187 2014 19
8
195 193
100
19
194 1814 1914
/
1
4
18
/ 183* 173 1818 7.800 Preferred certificates
1
4
6.100 Chicago & North Western_100
72 7212 713 72
4
6912 71
7112 717
100
1,300 Do pref
120 1205* *119 120
120 121 •120 4 121
3
11,200 Chicago Rock !al & Pacitio_100
8 493 513* 48% 4934 471 49
50 8 517
3
*9913 100
*9913 100
100
1,400 Do 7% preferred
9911 9913 99
997
100
8812 8813 88'3 88
88
88
873 873
4
4 1,000 Do 8% preferred
44 Jan 19
64% Jan 21
12713 Feb 26
943 Jan 2
8
13 Feb 25
4
21514 Feb 15
8813 Jan 22
87 Jan 8
/
1
4
41 Feb 26
977 Feb 8
8
55% Jan 21
81 Jan 5
914 Feb 9
7812 Feb 9
58 Jan 15
14612 Jan 9
281 Feb 26
1123 Feb 26
4
119 Jan 20
6 Feb 24
93 Feb 25
8
195 Jan 25
34% Jan 9
44 Feb 25
913 Feb 24
2212 Feb 26
103* Jan 2
10 Jan 2
1814 Jan 22
173 Feb 26
4
69% Feb 26
11812 Jan 4
4713 Feb 26
99 Jan 5
86 Jan 11
____ Chic St Paul Minn & Om 100
100
200 Do pref
100
700 Colorado & Southern
100
100 Do let pref
100
Do 2d pre(
____
100
7.800 Delaware & Hudson
7,000 Delaware Lack & We8tern_ 50
1,300 Deny Rio Or & West pref_ _100
___ _ Dthuth Sou Shore & AU--.100
100
500 Preferred
32.200 Erie
100
100
33.300 Do let pref
100
1,800 Do 2d pref
7,100 Great Northern pre
100
4,700 Iron Ore Properties...No Par
400 Guff Mobile & Northern_100
100
1.700 Do pref
100
3,900 Hudson & Manhattan
100
200 Do pref
2,800 Illinois Central
100
400 Do pref
100
10 Railroad Sec Series A-1000
500 Int Rya of Cent America-100
Do pref
_-__
100
10,200 Interboro Rap Tran v t 0_100
500 Iowa Central
100
6,300 Kansas City Southern
100
100 Do pref
100
6,400 Lehigh Valley
50
2,700 Louisville& Nashville
100
500 Manhattan Elevated guar_100
6,400 Do modified guar
100
____ Market Street Ry
100
Do pref
____
100
500 Do prior pref
100
100 Do 2d pref
100
4,100 MInneap &St Louis
100
____ Minn St Paul & SS Marle_100
____
Do pref
100
300 Leased lines
100
10,300 Mo-Kan-Texas RR____No par
3,100 Do prof
100
9,400 Missouri Pacific
100
7,600 Do pret
100
100 Nashv Chatt & St Louis_ _100
100
900 Nat Rys of Mex 2d pret
100
100 New On Tex & Mexico
41,000 New York Central
100
2,600 NY Chic & St Louis Co
100
1,000 Do pref
100
21,200 N Y N II dr Hartford
100
2.100 NY Ontario & Western_ _ _100
86 N Y Railways part ctts_No par
2,100 Preferred certificates_No par
____ New York State Railways.100
600 Norfolk Southern
100
21,400 Norfolk dr Western
100
200 Do pref
100
11,100 Northern Pacific
100
500 Pacific Coast
100
20,400 Pennsylvania
50
1,300 Peoria & Eastern
100
1,500 Pere Marquette
100
600 Do prior pre(
100
400 Do pref
100
____ Pitts Ft Wm th & ago 91_100
2,200 Pittsburgh & West Va
100
10,000 Reading
50
800 Do let pref
50
1,500 Do 2d pref
40
100
____ Rutland RR prof
-San Francisco_._100
11,70051 Louis
100
300 Do pret A
4.200 St Louis Southwestern_. 100
100
100 Do Prof
22,400 Seaboard Air Line
100
2,500 Do pref
100
100
14.600 Southern Pacific Co
12,400 Southern Railway
100
100
1,900 Do pref
100
16,500 Texas & Pacific
27,600 Third Avenue
100
600 Twin City Rapid Transit_ _100
10,200 Union Pacific
100
100
1,200 Do prof
200 United Railways Invest._ _100
100
200 Do prof
100
63.200 Wabash
100
6,300 Do pref A
100
Do pref B
____
11,500 Western Maryland
100
100
2.100 Do 2d pref
53 Jan 26
10514 Feb 26
58 Feb 26
65 Feb 1
59 Jan 11
15313 Jan 20
143 Jan 20
42 Jan 20
5 Jan 12
7% Feb 24
34% Jan 20
4112 Jan 20
39 Jan 16
71% Feb 26
254 Jan 18
31 Feb 24
1003 Feb 15
8
348 Jan 22
7014 Jan 4
1163 Feb 16
4
1183 Feb 8
*
7114 Jan 6
283 Jan 22
4
64 Jan 27
2413 Jan 15
214 Feb 25
4114 Feb 26
618 Jan 22
80 Jan 20
1273 Jan 22
4
85 Jan 15
3814 Jan 26
7 Feb 1
2514 Jan 5
42 Jan 21
1313 Jan 18
212 Feb 26
474 Jan 20
/
1
70 Jan 23
84 Jan 13
3914 Feb 26
891 Feb 28
33 Feb 26
80 Feb 26
1743 Feb 26
4
213 Feb 25
124 Feb 25
128 Feb 26
16114 Feb 26
967 Jan 9
3818 Feb 26
25 Jan 20
298 Jan 4
8 Jan 25
2412 Jan 17
35 Feb 26
1453 Feb 26
4
84 Jan 7
7014 Feb 26
311 Jan 4
/
4
5012 Feb 26
193 Feb 24
81 Feb 17
85 Feb 5
764 Feb 9
14212 Jan 2
109 Feb 26
84 Jan 20
40 Jan 5
4018 Jan 8
65 Jan 14
93% Feb 26
85 Jan 27
64 Jan 20
747 Jan 22
40 Feb 26
4112 Feb 26
99 Feb 26
1114 Feb 26
9018 Feb 10
4913 Feb 26
1313 Jan 8
7413 Feb 20
144 Jan 22
744 Jan 6
20 Jan 28
743 Feb 24
4
8
425 Feb 26
7212 Feb 26
80 Jan 4
13% Feb 26
20 Feb 26
56
*48
*50
50
58
*50
56 .50
*50
56
•103 106 *102 110 *105 110
10514 10514
*105 110
59 5914 59
59
*59
59
62
58
58
51 3
34
*64
*64
66
66
.64
85
65
66
*64
66
*55
60
60
*55
*55
60
*55
60
60 .55
16214 16418 160 16213 160 16112 15614 18014
1644 16414
146 14614 145 1487 145% 147
14714 14814
144 14514
*48
*4513 464 4512 451
44
44
43
43
4612
*414 5
*44 5
/
1
*414 5
*414 5
"414 43
4
•718 8
*718 8
718 7'
*83
4 714 •612 7
38, 3712
3
3614 3714 35 4 371
3
3812 37
3818 371
4214 4418
4212 45
4213 451
423 437
4
42% 4312
Stock
4112 4112
*40
41
4113 427 "41
423 •293 41
4
4
743 7412
3
73 $ 743* 7314 741
3
73
7314 713* 7212
•2618 2614 Exchange
25 4 2614 2538 26
3
3
2513 253
4 25% 25 8
*32
323
*3113 3212 31
31
31
31
31
31
Closed;
101 101
*10112 102
101 10134 1003 10214 1013 1013
4
4
4
3814
38
373 373
4
37
4 373 371
3712 36
3714
7512 7512 Washing7312 7312 *73
741 *74
7413
75
*73
11734 11838 11718 118
*118 11812
117 1173 1163 117
8
4
ton's
119 119 *117 119 *11612 118 *116 119
11812 119
•7213 73
7213 722 7212 73
•7213 73
*7212 73
/ 31
1
4
Birthday •29
*29
/ 31
1
4
*29 4 31
3
29
30
*28
52 30%
*624 68
*8214 68
*8214 68
66
"62
•6214 66
3514 374 3513 361
35 3 3533
3
3518 383* 35
3512
*214 3 4 *214 334
3
214 214 *13
4 213
2 312
44
45
4
44
46
*443 45
44
4412 414 4314
*62
6213 831 631 *62
*8214 63
6313
64
*62
9314 834
8212 8212 82
831
813 83
82
4
81
130 13214 13012 13234 1323 1328 129 13014
1337 13414
3
8
•85
92
*85
92
8812 8812
86
86
863 8612
8
5014 517
5018 50 4
504 51
/
1
471 4934 443 473
3
4
4
*7% 9
*7
10
10
*7
*712 10
*712 97
*30
35
*30
35
*28
35
*28
33
32
*28
"463 49
8
*4838 47
4612 463
45
*4412 45
4 45
*1714 20
*17
20
17
17
•17
20
*17
20
*34 33
8
314 33
314 3 8
3
2
7
318
2% 28
*45
49
'58
*46
50
49
*48
49
49
*46
*74
SO
*72
78
*70
78
*70
76
78 .68
6818 8618
*66
6812 667 667 *883 6712 *6612 6713
4
43
413 431
4314
42
43
41
421g 3914 4118
9218 9212
92
92
92
92
90
913
4 8913 90
35 8 36
3
3514 357
8 343 363
35
4
8 34
33
3412
8412 843
4
833 843
8
8134 8314 80
4 83% 84
82
*175 185
*175 185 "175 185 .175 185
1743 1744
4
2 4 24
3
23
4 24
3
2 3 2%
3
212 3% *212 24
.12333 130 *12334 129
*585* 5912
124 124 *12112 12812
12912 13014
127 12918 12714 12914 1277 1293 126 128
3
s
168 168
168 168
168 17434 165 170
16114 163
981 99
*9812 9914
988 9938 9813 981
975* 98
411 417
4134 4214
8 4012 42's 3934 41
3818 40
26% 264 263 277
"27% 273
*
4
2612 2518 26
8 26
352 35712 347 350 *345 355 *347 350
352 352
1612 17
1813 1612 16
16
16
167
8 15
15
*22
28
•22
28
*22
*22
28
28
*22
28
3518 3518
*35
36
*35
36
*35
36
35 35
e
1493 1511 14913 15013 714534 14713
14934 151
15011 150 4
3
*83
86
*83
86
*8412 85%
85
85
*83
86
7214 71
7113 724 71
72
7214
7112 704 71%
*38
*35
41
*35
42
42
37
37
*35
45
517 521*
5113 5218 5113 518 50 4 5112 5013 51
8
3
*21
194 20
20
20
*20
22
21
*19
24
*80
83
82 * 83
7
8214 83
83
83
82
83
8718 8712 8712 *87
*85
87
8713
8812 4187
8813
*77
79
78
773 78
78
4
*77
79
*7714 79
*14214 145 *11214 145 *14214 14413 *14214 145
*1421 145
/
4
112 113
*III 114
*111 114
11012 1117 109 1093
*
4
85 8 863
7
4 85 4 8713 85% 86% 843* 8514
3
8714 87%
*403 4114 *403 41
8
404 41
8
40% 40% 4013 40%
4114 41
41
41
*414 4114
41
41
4034 4114
*40
55
*48
55
1340
55
*40
55
*40
50
9513 9813 95
963
8 9412 9512 9312 944
9614 963
3
8.8512 87
*86
87
8713 87
*86
87
*85
883
4
6714 6812 6878 71
88% 6933 654 663
89
8912
4
*76
*7612 77
77
"76
77
77
.76
77
77
4712 494 84412 4618 42
4812
47
4314
445* 40
8 484
48
4612 4538 454 4112 43
483 *44
4
47
8
10078 10138 101 10112 101 1013 799 100
8
10112 1018
11318 11518 11318 11413 11114 11338
11418 115
11453 11514
3
90 8 90 4 *9013 903* 9013 902
3
9013 91
k *907 91
8
4 501g 5314 4912 5114
5434 5112 543
54
555*
55
7
3712 36
35
38 8 344 35
3
37
33
3212 33
*74% 76
*75% 76
76
7513 7612 .75
7413 75
14712 14812 14713 14814 z144 14514
14734 149
14812 14912
*7614 763
777g 78
4
7713 7812 775 78
7818 73'8
2013 2013 2014 2014 *2012 25
27
*21
*2112 25
7413
*70
75
4
4
743 743 *70
7513 7512
8
,75t2 7712
1
3
8 441 4618 42% 45 8
44
/ 467
1
4
4514 47
4714
47
7212 73 8
3
/
1
7314 7418 734 748 7314 74
74 1 7414
*64
69
70
•64
70
70 .64
*65
*85 1 70
1318 145*
145* 15
1412 1514
153
15
1518 1538
20%
2114 20
20 4 2114 21
3
*213 22
8
*2134 22
'Bid and asked prices. z Ex-div dend. b Ex-rights.
Sales
for
the
Week.
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
g Per share $ Iler Man
45 Jan 6
22 Feb 48 Dee
6934 Jan 27
40 Mar 67 Dee
139 Jan 5 11614 Jan 1401 Dee
98 Jan 27
98 Dec
9212 Feb
4
10 Jan 2
113 Dec
Jan
3
26212 Jan 2 1474 Jan 268 Dec
95 4 Jan 11
3
71 Mar 9412 Dec
69 Feb 10
/
1
4
627 Apr 6734 Nov
8
46 Feb 1
3514 Mar 5612 Nov
10018 Jan 20
Oct
89 June 100
691 Feb 5
35% Jan 64 Nov
864 Jan 29
727 Jan 83% Dec
8
13 Feb 17
17% Nov
3 Feb
84 Jan 4
48 Apr 925 Ma)
5814 Jan 21
56
Jan 59 May
162 Feb 3 13812 Mar 15238 Jan
305 Jan 11 265 Mar 321
Jan
12813 Jan 2
/
1
4
8914 Mar 130 Dee
127 Jan 4 10514 Apr 130 Deo
1112 Feb 13
33* Apr 103* Feb
1814 Feb 13
51$ Apr 191 Feb
200 Jan 12 140 May 200 Dee
37 Feb 10
2934 Mar 3814 Aug
513 Feb 10
4
/
4
40 Mar 571 Jan
12 Feb 20
15 Feb
9 Jan
28 Jan 2
1914 Mar 323* Feb
14% Jan 6
*
314 Apr 163 Jan
14 Jan 8
7 Sept 11 Nov
2214 Jan 9
7 Apr 2813 Jan
217 Jan 5
8
127 Oct 22 Nov
8
*
817 Jan 2
8
47
Apr 807 Dee
12113 Feb 19 1013 Apr 120 Dee
4
603 Jan 15
4
4
4018 Mar 587 Dee
100 Jan 2
92
Jan 100 Dee
90 Jan 29
82 Mar 89% Mar
53 Jan 26
3318 Apr 5913 Jan
114 Jan 9
7314 Apr 12018 Dec
65 Jan 13
44% Jan 7012 Sept
67 Jan 11
60 Mar 665 Dec
59 Jan 11
54 Jan 6213 Aug
18913 Feb 13 13312 Mar 155 Apr
153% Jan 12 125 Mar 1473 June
4
47 Jan 2
Jan
343* Oct 60
518 Jan 23
23* Apr
513 Dee
814 Jan 18
3 4 Apr
3
818 Dec
3 Dee
40 Jan 2
2834 May 39
455 Jan 4
35 June 467 Jan
43 Jan 2
34 June 43
/ Jan
1
4
783 Jan 4
8
60 Apr 823 Dee
8
25 Dec 408 Jan
2714 Feb 15
3
23 Mar 363 Sept
354 Jan 7
8
1024 Jan 28
8913 Mar 10914 Sept
3913 Feb 9
213 Mar 383 Aug
4
8
7512 Feb 20
6413 Feb 72 July
124 Jan 2 111 Mar 12512 Dec
12313 Jan 2 11213 Apr 12514 Dee
75 Feb 15
8814 Aug 7414 Deo
31 Feb 13
Jan 3312 Sept
18
134 Jan 27
5912 Jan 8812 July
1312 Mar 3413 Feb
393* Feb 5
31 Mar
312 Jan 15
112 Jan
493 Jan 13
2853 Mar 51 Dee
57
6312 Feb 24
Jan 6314 Deo
87 Feb 13
69 Mar 8812 Dee
143 Jan 4 106
Jan 148 Deo
64 May 11912 Sept
8914 Feb 5
533 Feb 15
3218 Mar 5114 Feb
12 Sept
10 Feb 9
Nov
6
/
4
40 Feb 9
Jan 461 Sept
20
513 Feb 10
3
4214 Nov 6514 Sept
2213 Feb 10
15 Dec 3514 Sept
4 Mar
3% Jan 11
214 Oct
5213 Feb 3
3
05* Apr 57 Nov
79 Feb 3
40 Mar 8614 Nov
687 Feb 24
4
5713 June 63 Feb
/
1
4
474 Feb 9
2814 Jan 45 Sept
/
1
95 Jan 4
743 Jan 924 Dee
4
305 Jan 413 Deo
4
404 Jan 14
/
1
891 Jan 4
/
4
71 Mar 9113 Deo
188 Jan 14 143 Apr 192 Deo
314 Deo
44 Jan 7
11 June
/
4
13212 Jan 9 113 June 13713 Dec
/
1
4
/
1
1353 Jan 2 1134 June 13712 Dee
8
1815 Jan 11 118 June 183 Deo
4
997 Feb 11
$
8812 Jan 987 Nov
28 Mar 47 Deo
454 Jan 2
4
2038 Apr 343 Aug
287 Feb 13
Oct
359 Feb 17 262 Aug 310
12 June
5 Dec
204 Feb 5
/
1
21 Deo 38 July
2812 Jan 14
217 Apr 45 Sent
37 Jan 13
3
15714 Jan 19 12312 Mar 151 Deo
85 Jan 7
7513 Jan 86 Dec
5814 Apr 7814 Dec
7812 Jan 2
/
4
48 Jan 6
20 Aug 401 Dec
4212 Apr 553 Dec
55% Jan 2
133 Apr 213* Deo
4
284 Jan 14
4
613 June 8513 Dee
88 Jan 4
4
78 July 893 'Dee
8712 Feb 24
8812 Apr 793* Deo
8013 Jan 13
Jan 144 Nov
1431 Jan 11 139
/
4
63 Mar 123 Dec
3
119 8 Jan 11
694 Mar 9114 June
9014 Jan 11
2
357 Mar 41 June
413 Feb 17
8
3June
361 Mar 443
4112 Jan 11
/
4
42 Apr 627 Jan
57 Jan 7
*
5712 Jan 10214 Aug
10114 Jan 21
76
Jan 92% July
8818 Jan 22
434 June 6914 Dee
74 Feb 9
4
701* June 783 Deo
77% Feb 5
203$ Jan 5414 Nov
51 Jan 2
35 Mar 5111 Aug
48% Feb 18
96
10414 Jan 2
Oct1083 Jan
775 Jan 120% Deo
119 4 Jan 4
3
Jan 95% Sept
83
9212 Jan 2
434 Jan 59 Dec
613 Jan 13
8
712 Apr 158 Sept
4112 Feb 5
38 Jan 7814 Dee
783 Jan 4
4
/
4
150 Jan 2 1331 Apr 1531 Jan
/
4
72 Jan 7714 July
7813 Feb 23
18 Aug 334 May
24% Jan 4
/
1
4812 Mar 837 Dec
814 Jan 4
k
1913 Ma
52 Jan 12
471 Aug
/
4
55
783 Jan 13
/ Jan 737 Deo
1
4
4
3812 Jan 8012 Aug
72 Jan 29
11 Mar 18% Aug
164 Jan 4
16 Mar 2614 Jan
24 Jan 4
New York Stock Record-Continued-Page 2
1143
For .ales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 20.
Monday,
Feb. 22.
Tuesday,
Feb. 23.
Wednesday, Thursday,
Feb. 24.
Feb. 25.
Friday,
Feb. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
Railroads (Con.)
*37
38
3718 38
3714 38
374 3712 3634 374 3,900 Western Pacific new
8014 8014
80
1,800 Do pref new
8 80
4 8012 807
804 79
8
04 803
2634 27$4 2514 273
*2714 28
8
8 2518 264 233 253 13,900 Wheeling & Lake Erie Ry
8
464 464 454 484 44
463 464
8
46
434 44
4,100 Do pref
PER SHARE
Range Since Jan. 1 1926.
On basis of 106-s1Iare lots
Lowest
Lowest
Par $ per share $ per share $ per share $
1934 July
100 3512 Feb 15 3914 Jan 2
72 July
100 7712 Jan 15 803 Feb 18
4
103 Mar
4
100 804 Feb 24 32 Jan 2
22 Apr
100 434 Feb26 5012 Jan 4
Indust.MI S. 31Iacellane us
,
8014 82
7814 7912 774 783
80
80
8 2,700 Abitibi Power & Paper_No par
139 140 *138 140
100
138 • 138 .133 138
450 All American Cables
105 105 *104 106
102 102
100
104 104
500 Adams Express
164 1612 1612 1612 16
100
1612 16
16
1,600 Advance Rumeiy
58
5312 577 58
1,200 Do pref
8
*5712 58
100
*5712 58
8
818
1
8
8 18
77
8 8
77
8 74 3,000 Ahumada Lead
11312 1157 1114 11478 113 1163 11312 1154 16,200 Air Reduction, 1ne____No par
8
8
12
13
114 1218 1112 12
No par
113 1212 16,500 Ajax Rubber, Inc
4
*112 134 .112 13
4
14
13
8 *112 13
4
200 Alaska Juneau Gold Min__ 10
13214 13612 1314 13412 120 1343 124 13012 97,900 Allied Chemical & Dye_No par
4
121 121 *121 12114 12118 12118 121 12118 1,700 Do pref
100
8812 89
8812 884 8312 88
8514 8614 6,100 Allis-Chalmers Mfg
100
•10912 1097 *10912 1097 •10912 1097 10912 10912
8
8
8
100
200 Do pref
294 30
29
30
274 29
2638 28
8,600 Amer Agricultural Chem_100
87
87
8612 88
8314 861
82
84
6,800 Do pref
100
*4014 41
40
384 39
4014 4014 39
1,200 Amer Bank Note, new
10
*54
56
*54
*54
56 '
354
56
56
Preferred
50
35
35
34
3414 3312 337
8 33
100
333a 2,500 American Beet Sugar
*70 83
83
83
*SO
83
*80
8312
100 Do pref
100
2812 287a 274 2814 277 28
25
2612 5,600 Amer Bosch Magneto_No par
8
1711 1794 171 173
/
4
1714 17478 158 17112 22.400 Am Brake Shoe & F___No par
•115 124 *115 124 *115 124
115 116
1,900 Do pref
100
4012 41
4034 42
41
4212 393 41
4
8,000 Amer Brown Boverl El_No par
*9512 96
9512 9512 9412 9514 93 4 9412 1,500 Preferred
3
100
5618 574 55
564 5512 5714 5412 584 270,600 American Can w 1
25
12412 1244 125 125 .12512 _ - 1251a 12512 1,000 Do pref
10
100 4 1053 1004 102
3
4
102 16312 101 10212 13,700 American Car & Fdy__No par
*12612 12714 12612 12612 *127 12812 12714 12714
200 Do pref
100
247 2478 2478 2478 2478 2478 243 244 1,800 American Chain, class A
8
4
25
4412 4412 41
44
4312 4312 4112 4312 1.500 American Chicle
No par
*41
43
41
4114 *40
42
40
4012
500 Do certificates
No par
5
5
*434 5
5
5
54 54
1,900 Amer Druggists Syndicate_ 10
130 13112 131 132
13112 132
130 131
2,000 American Express
100
3514 3534 3378 358 2912 34
1
3014 3112 23,300 Amer & Fora Pow new_No par
954 954 *95
95 4 94
8
3
9514 943 944 1,300 Do pest
No par
---- ___. *125 132 .125 135 *125 155
Do 25% paid
1534 1534 1514 1514
1518 1518 15
15 8 1,600 American Hide & Leather_100
3
*60
611
6138 6112 '
361
6112 5918 59'o
300 Do pref
100
12514 128
125 126
121 1223
12212 125
4 2,500 American Ice
100
.83
85
83
83
8318 8318 8314 83'z
400 Do pref
100
4212 44
43
4334 433 443
4
4 4112 437g 29,200 Amer International Corp_ _100
1412 14a 1418 143, 1414 143
1434 4,900 American La France F E
8 14
10
43 43
4112 42
367 404 354 3614 2,500 American Linseed
8
100
*82
831 •82
8112 8111
8334 8138 82
400 Do pref
100
10112 10234 101 10352 103 108
46,300 American Locom new_No par
103 105
120 120
120 120 *118 120 *11812 120 4
3
300 Do pest
100
531
533 544 53
4
5318 533
8 523 53's 6,800 American Metals
4
No par
119 119 *117 120 *112 119 •116 119
100 Preferred
100
116 118
11434 116
113 115
5,000 American Radiator
1123 113
4
25
400 Amer Railway Express -100
771s 77'z
78
*78
*7712 78
80
78
.
69
*60
70
*59
American Repubiles___No par
*56
76
•60
71
5534 5218 53
52
55
58
5512 5712 14,900 American Safety
_ _100
7 4 l'z
718 7i
712 778
738 73
8 9,500 Amer Ship & Comm___Nc par
Razor-,
131 13514 68.300 Amer Smelting & Refining_100
132 137
1323 13414 133 134
4
11512 1151 115 11514 114 11434 *114 115
800 Do pref
100
139 1431 *140 1401 •141 142
141 14114 3,500 American Snuff
100
44
447
4 423 4312 7,900 Amer Steel Foundries__No par
4
4312 43 8 434 433
7
115 115 *113
__ •113
_ •113 115
100 Do pref
100
7812 79
3
7818 -773 774 7,400 American Sugar Refining_100
79
8
78 --79
*10414 105
10478 1047 *104 105 *1047 105
8
8
1047 105
8
400
Do pref
100
12
12
1218 114 1178 1138 1134 4,900 Amer Sumatra Tobacco
1238 1,338 12
100
*8012 120
*8912 120
*8912 120 '
38912 120 *8912 120
Do pref
100
*40
42
411 *40
040
41
*40
41
*40
42
Amer Telegraph & Cable_100
149 14918
14312 1491 14838 1487 14814 1484 14778 14614 7,100 Amer Telep & Teieg
8
100
116 11612 11514 1157 11518 1161 11418 11518 4,300 American Tobacco
1173 1173
2
4
8
50
*10712 10812
10812 1081 10812 1081 10812 1097 108 108
1,500 Do pref
100
11614 11612
11434 1161 11418 11424 11418 1147 11318 11478 6,300 Do common crass B.__ 50
8
•125 133
'12424132 •12434 132
132 132 *1243 132
4
100 American Type Founders_ _100
66 4 674
3
66
67
60 8 66
3
61
623
8 58
6014 17,300 Am Water Works & Elm_ 20
•103 105
104 104 *104 105 *103 105 *101 105
100 Do 1st pest (7%)
100
323 334 •
8
293 3214 2912 32
8
31
321s 3112 324 56,400 American Woolen
100
80
82
80
7412 784 79
81
82
8012 8214 13,600 Do Pre
100
314 3 8
3
*318 3 8 *318 338
3
3
3 18 *3
314
500 Amer Writing Paper pref 100
•2 s 3
3
*23
8 3
*24 3
*23
s
8 3
100 Preferred certificates
2 s 23
3
100
*94 10
9
9
2,800 Amer Zinc. Lead & Smelt
918
25
9
94 914
912 94
*404 41
4012 41
3818 3514 3712 1,800 Do pref
3912 4012 38
25
4814 494
4778 4838 4714 47 8 47
4734 4612 474 14,100 Anaconda Copper Mining_ 50
7
*4214 4212
42
42
41
4118 4118 41
4214 42
/ 1,000 Archer, Mails MidI'd_No par
1
4
•100 1043
•102 104 4 *102 10412 *102 10412 *102 104
4
3
100
Do pref
9712 977
8 9712 9738 9712 9712 9712 9712 1,700 Armour & Co (Del) pref
9712 9712
100
25
2514
25
254 2478 2514 244 2518 2412 2478 25,600 Armour of Illinois class A
25
16.2 1612
1618 1612 16
;la8s B
1614 153 1614 153 16
25
8
4
16,800
9212 9212
92
9214 9212 9212 *9112 9212 92 92
100
600 Preferred
•254 28
*26
28
*26
28
24
26
400 Arnold,Consle&Co new No par
2418 2418
- ---Certificates
No par
702212 223
2218 2218 2218 2218 *2012 2212 *2012 2212
4
200 Art Metal Construction____10
•59
5912
5812 59
5812 5812 58
54
5778 4,000 Artloom
59
No par
0109 112
•109 112 *109 112 .109 110''108 110
Do pref
100
52
•513
4
*51
5112 49,2 501/ 4734 50
4712 4818 9,900 Associated Dry Goods
100
•10012 102
•100 102 *100 101
•9912 101
*99 101
Do 1st pref
100
110612 109
•107 109 .106 108 *10514 108 *10514 108
Do 2d prat
100
584 5834
25
8
5834 5873 584 5838 534 5 4 5812 5812 22,300 Associated Oil
51
5112
4914 5l7
8 48
494 46
493
4 4314 47
16,500 At Gulf & W I SS Line-- --100
52
*50
'
350
52
*50
52
483 50
4
48
100
4811
500 Do pest
106 106
10512 106
1054 106
104 105
102 1037
8 8,600 Atlantic Refining
100
*11612 1164
•11612 1163 11612 11612'11612 1163 *11612 1163
4
4
100 Do met
100
4
*my 57
*5612 57
57
57
*5612 57 :5512 5512
200 Atlas Powder
No par
944
*93
*93
9438 •93
954 3
,03
9512 ,
3034 0512
Preferred
100
15
15
15
15
1434 15
1412 1412 133 1412 1,600 Atlas Tack
4
No par
25
2514 2514
2514 237a 2412 234 24
2314 24
2,400 Austln,Nichola&Co vto No par
91
89
*89
89
*89 *91
*89
91
8812 8812
100
400 Do pest
112 112
13
8 112
114
114
1
114
1
1
2,200 Auto Knitter Hosiery_ _No par
10412 110
109 11012
1034 10614 10514 10714 105 1077 89,100 Baldwin Locomotive Wks_100
8
10612 107
106 106
106 106 *106 108
108 108
800 Do pref
100
2918 293
294 30
4 2812 2914 2734 2812 2612 273 16,500 Barnsdall Corp class A
4
25
2612 2612 2614 27
*2612 27
2614 2614 2534 2614 2,300 Do class 13
25
4312 4312 4312 4312 4214 4214 41
*4312 44
4112
No par
500 13ayuk Cigars, Inc
6218 65
6514
•65
6218 63
6I18 63
614 63
15,700 Beech Nut Packing
20
37
3714
•37
3712 37
37
37
37
37
37
4,500 Belding Bros
No par
4114 4378 41
4318 4418
4212 42
434 4112 4234 46,500 Bethlehem Steel Corp
100
117 11712
11614 117
8
1l512 11618 1157 11614 11618 11612 2,500
1014 1024 10111 1013 10112 1013 10114 10112 7,000 Do cum cony 8% pref _100
1027 103
8
4
4
Do pref 7%
100
* 4 712
63
634 67
8
714 714
634 7
6
/ 63
1
4
4 3,000 fic oth Fisheries
No par
4514 4514 4514 4514 40
14514 48
40
*35
45
600 First preferred
100
13712 39
*3712 39
*3712 3812 *3712 39
3712 3712
200 Botany Cons Mills claw A- 50
34
3313 34
344 334 334 324 3378 3112 323 10,700 BriggsManufacturing_No par
8
.238 212
24 23
8 *2
*23
4 3
238 •24 23
4
100 British Empire Steel
100
*2412 2712 *2934 30
*2412 30
.2412 30
*24
30
First preferred
100
4,7
012
*7
83
4 *7
912 *7
2d preferred
912 *611 9
100
143 144
1423 1424
4
143 144
14114 142
141 1414 1,600 Brooklyn Edison, Inc
100
76
77
743 76
8
7612
•76
73
7414 73
7312 5,500 Bklyn Union Gas
No par
4312 45 8 *43
3
4412 44
4412
44
44
4112 4212 3,200 Brown Shoe Inc w 1
100
109 110 .106 115 *109 113 *109 115
4,106 110
200 Do pref
100
*2814 283
4 284 2812 2814 2814 2714 2714
8
*283 2834
500 Brunswick-Balke-Coirr No par
•135 140
13612 13612 132 1347 133 1334
.035 139
8
800 Burns Brothers
No par
*4012 43
*40
43
40 40
*4212 43
3812 397
8
900 Do new class B corn No par
*9912 10014 *9612 10014 *9912 10014 *9912 10014
*9912 1004
Preferred
100
•88
883
4 88 4 89
3
•88
8912
8714 AS
87
8714
1,100 Burroughs Add Mach_ _No par
•Bid and asked prlOew no sales on this day. a Ex rights. s Ex•clividend
•81
8212
*139 140
•105 106
17
17
59
59
8
8
114 114
1212 13
14 112
13412 1363
s
•121 12114
8914 8914
*10912 109 /
73
30
30
87
87
*4012 4112
*594 55 4
3
35
35
90
•78
2814 2812
17412 17512
'115 129
413
8
41
*9512 97
5,57 58
8
•124 1244
10512 1064
*12612 12714
4.2478 2518
145
48
•41
43 a
7
54 51
113112 134
35
36'z
95 95
3
---- --•1514 1614
*61
63
128 128
*83
85
43
43
3
1414 141
•43
44
*8218 84
10214 104
120 120
5412 547
8
•115 119
1174 11834
Stock
*78
80
•65
70 Exchange
55
55
74 74 Closed:
1363 1373
8
4
11512 11512 Washing145 149 4
3
*4412 45
ton's
'113___
Birthday
80
80
Highest
PER SHARE
Range for Previous
Year 1925.
7114 Jan 12
131 Jan 6
102 Feb26
16 Jan 27
5512 Jan 21
7 8 Jan 23
3
1077 Jan 16
8
4
93 Jan 20
112 Feb 1
112 Jan 6
120 Jan 2
8312 Feb 25
109 Jan 2
844 Feb 1
14112 Feb 18
109 Jan 6
183 Jan 29
4
6318 Jan 28
94 Jan 4
11638 Feb 25
16 Feb 10
2 Jan 4
142 Feb 13
1217 Feb 15
s
944 Jan 14
110 Jan 4
264 Feb26
80 Jan 2
383 Feb26
4
55 Jan 15
313 Jan 15
4
76 Feb 2
25 Feb26
150 Jan 5
4
1123 Jan 12
393 Feb 17
4
4
933 Feb26
4634 Jan 15
121 Jan 4
10014 Feb 24
124 Jan 7
2414 Jan 28
4112 Feb26
40 Feb26
44 Jan 5
130 Feb 23
294 Feb 25
914 Jan 2
1274 Jan 22
123 Jan 22
8
5918 Feb 26
121 Feb26
8212 Jan 13
4112 Feb26
134 Feb 1
354 Feb26
8112 Feb26
101 Feb 24
11812 Jan 7
5118 Jan 20
115 Jan 29
10914 Jan 29
7712 Jan 21
69 Jan 8
52 Feb 23
513 Jan 2
13014 Jan 20
113 Jan 4
139 Feb 23
424 Feb26
113 Jan 7
733 Jan 21
4
102 Jan 6
11 Jan 2
34 8 Jan 14
3
9612 Jan 14
43 8 Jan 8
7
57 Jan 9
384 Feb 5
83 Feb 24
343 Jan 4
8
180 Feb 2
12814 Feb 18
484 Jan 9
9718 Jan 16
58 Feb 20
1254 Feb26
1144 Jan 12
12712 Jan 30
25 Jan 2
51 Jan 4
4714 Jan 7
512 Jan 15
140 Jan 6
423 Jan 2
8
98 Feb 13
131 Jan 2
40 Jan 16
14212 Jan 2
11418 Feb26
10618 Jan 9
11318 Feb26
114 Jan 22
58 Feb26
10212 Jan 6
293 Feb 23
8
7412 Feb '..3
13 Jan 4
4
1 Jan 4
84 Jan 4
3514 Feb26
464 Jan 16
3912 Jan 22
102 Jan 27
97 Jan 6
234 Feb 9
154 Jan 25
904 Jan 11
24 Feb 25
14 Jan 5
1918 Jan 2
54 Feb26
110 Jan 14
4712 Feb26
10114 Jan 14
10712 Jan 4
443 Jan 6
4
4314 Feb26
48 Feb26
102 Feb26
11612 Jan 18
5512 Feb26
94 Jan 8
133 Feb26
4
2314 Feb26
8812 Feb 26
34 Jan 2
1033 Feb 24
8
106 Feb 23
2612 Feb26
25 8 Jan 22
3
41 Feb26
614 Feb 25
37 Feb 15
41 Feb 24
115 Jan 2
100 Jan 5
3a
614 Feb26
4514 Feb 23
3712 Feb 26
3112 Feb26
214 Jan 13
27 Jan 28
84 Feb 13
/
1
13312 Jan 8
73 Feb 25
4112 Feb26
109 Jan 18
27 Feb 1
1293 Jan 8
4
38 Jan 19
98 Jan 7
85 Feb 17
17 Feb 9
12
674 Feb 9
135 4 Jan 7
3
85 Feb 5
463 Feb 16
8
157 Jan 4
8
7
52 8 Jan 4
87 Jan 4
1194 Jan 4
12014 Feb 11
573 Feb 16
8
120 Feb 6
120 4 Feb 13
3
7814 Feb 8
74 Jan 5
63 Jan 8
814 Feb 18
1443 Jan 7
4
1174 Feb 30
165 Feb 9
467 Feb 1
8
115 Feb 23
823 Feb 5
4
105 Feb26
1438 Jan 11
62
119
90
13
47
74
864
938
1
80
117
7112
1034
Highest
Per share
3912 Dec
81 Dec
32 Dec
537 Dec
8
Jan
Jan
Apr
Apr
Feb
Oct
Jan
Dec
Jan
Mar
Jan
Jan
Jan
764 Dec
1333 Oct
4
11714 Oct
20
Oct
6214 Oct
124 May
1173 Dec
8
157 Jun
8
213 Oct
1164 Dec
12114 Nov
9714 Dec
109 Dec
8
1312 Mar 207 Oct
3612 Mar 8212 Dec
3912 Dec 443 Dec
s
5312 Jan 5812 Sept
2938 Oct43 Jan
78 Dec 8778 June
261a Mar 5
44 Jan
9014 Mar 156 Dec
10713 Jan 1144 Dec
474 Dec 5378 Oct
9018 Nov 98 Dec
4714 Dec 493 Dec
4
115
Jan 1217 Sept
8
9712 Apr 115 4 Sent
3
12034 Apr 128 July
2212 Oct 27 Feb
37
Jan 82 Apr
37 Jan 5812 Apr
414 Dec
64 Jan
125 Apr 166
Jan
2714 Apr 513 Sept
8
Feb
87
Jan 94
1143 Apr 142 Sept
8
813 Mar 1438 Dec
7
5812 Sept75 8 Jam
83 Mar 139 Dec
7412 Mar 86 July
3218 Mar 4678 Nov
114 Jan 20 Nos
20 Mar 5914 Nos
Oct
53 Jan 89
1044 Jan 14478 ma]
115 Aug124 Fet
4534 Mar 57 8 Oct
3
111 Mar 119 Nos
897 Jan 12212 Nos
8
Jar
s76 Sept84
48
Jan 793 Dec
4
3678 Jan 763 Nos
4
1412 Fat
518 Dec
9038 Mar 14912 Dix
10512 Jan 11514 Ocl
13814 Apr 154 Nos
8
3V3 June 4712 Da
Jan 11318 Oa
108
4
47 8 Jan 771 DOI
3
9114 Jan 10414 No
8 May 244 Fet
28 Apr 1204 Oct
4
4118 Feb 10
373 June 47 Fet
3
15(3 Feb 15 130 8 Jan 145 Del
4
85 Feb 1214 Oct
1214 Feb 6
1097 Feb 25 1044 Jan 110 Nos
8
844 Feb 11912 Oct
12012 Feb 6
135 Feb 13 103 Apr 1353 Nos
8
34 8 Jan 7614 Deo
3
74 Jan 4
10814 Jan 27
97 Au 103 Fet
14
427 Jan 13
8
343 May 643 Jar
4
4
4
6912 May 9618 Jar
893 Jan 4
5 8 Jan 13
3
112 Dec
74 Jar
44 Jan 13
4 Dec
4 Jar
1218 Feb 4
7 May
1212 Jar
4818 Feb 4
24-8 May 444 Da
51 Feb 9
354 Apr 5314 Noi
443 Jan 2
4
26
Jan 4612 De,
105 Jan 4
9012 Jan 105
Oc
97 8 Jan 13
7
9018 Mar 100 Oc
2511 Feb 13
20 Mar 274 Oc
17 Jan 4
16 Dec 20 4 Oa
3
93 Feb 11
90 Dec 93 Noi
14
30 Jan 11
8
Jan 174 Oc
154 Jan 6
27 Dec 30 De,
15
Jan 204 N01
2312 Jan 26
39 June 6034 De
634 Jan 21
1113 Feb 1 1014 Aug 110 De
4
8
4612 Aug 614 No
547 Jan 9
10212 Jan 6
Jan 102
94
Oa
108 Jan 28 101
Jan 10814 Fel
32 Mar 474 De
594 Feb 6
20
Jan 77 Sep
68 8 Jan 6
3
31
Jan 60 Sep
5614 Jan 13
9512 Jan 11712 Fel
110 Jan 30
117 J/03 21 113 Sept 1173 Jun
4
45 June 65 De
59 Jan 6
9012 Oct 94
941/ Jan 9
Jig
1712 Jan 30
94 Feb 21 De
28 Jan 29
22 July 324 Jig
93 Jan 6
873 Jan 95 Au
8
24 Feb 11
12 Dec
414 Mai
1364 Jan 4 107 Mar 146 Fel
114 Feb 6 107 Aug 1164 JA
3312 Jan 2
1834 Aug 3312 De
2912 Jan 2
16 Aug 30 De
494 Jan 4
14
384 Sept53 Fe
717 Feb 4
8
60 Mar 774 Au
3934 Jan 4
37 Sept4138 De
37 Jun
5014 Jan 7
5312 Ja
120 Jan 26 109 Mar 1164 Fel
105 Feb 2
Jai
9314 June 102
94 Jan 11
418 May
87 Oc
8
5112 Jan 7
25 June 52
Oc
4118 Jan 4
4038 Aug 46 Jul:
Oct444 ma:
3712 Jan 4
27
Ps May
3 Jan 18
5 Oc
Oe
22 July 36
27 Jan 28
63 July
8
1018 Jan 11
14
Oa
1464 Feb 1 12038 Jan 15612 No
7318 Dec 10014 Na
783 Jan 11
4
46 Dec 4614 De
4814 Jan 9
Oa
96 Mar 109
10912 Jan 7
3
24 June 49 2 Jai
307 Jan 4
8
9212 Feb 136 De
14114 Feb 13
17 Mar 39 De
44 Feb 13
Oa
914 July 99
1004 Jan 11
65 Jan 103 Ser.
93 Jan 4
New York Stock Record-Continued-Page 3
1144
For sales during the week of stocks usually Inactive, see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Feb. 20.
I Per share
214 2114
*8918 9018
.100 _
*5 8 7
6
22
22
1412 1412
334 334
---.12
5
8
141 14178
347 3514
8
218 218
.60
6012
*143 1514
4
8012 8312
•10212 10512
1812 1914
6514 674
2012 20 4
3
•8514 90
66
6612
4712 473
4
*1044 105
4414 4414
.iiiii- 1071;
60
60 4
3
35
35
*2018 22
5613 5612
4812 487
8
*105 10512
674 6718
*1073 109
4
150 150
•100 103
3514 35 5
3
6712 687
8
843 8478
8
.11412 1143
4
3358 335
8
•25
26
*2613 2712
98
99
.102 103
137 13712
135 136
195 20
8
*3
4 1
6618 67
1014 1017
8
.3 4 34
3
10212 103
• .3
318
8
843 85
138 138
117 12
g
40
40
•12312 125
53
53 e
3
45
.42
7414 747
8
100 4 1004
3
48 4 48 4
3
3
*1012 10 8
7
454 4614
8
2914 293
•103 104
318 318
•19
203
4
.9112 9412
873 873
4
4
•4612 47
4
*3
4
4318 4414
*2614 29
13.538 135 8
5
4712 483
4
4158 42
87 873
3
1938
19
22
22
•113 1133
4
110 4 1114
3
313
8
31
22312 22714
10218 10218
3012 31
Monday:
Feb. 22.
Tuesday,
Feb. 23.
Wednesday
Feb. 24.
Thursday,
Feb. 25.
Friday,
Feb. 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ Per share $ Per Share $ per share $ per share $ per share Shares. Indus. & Miscell.(Con.) Par $ per share $ per share $ Per Share 5 Per share
193 Feb 26 227 Jan 4
4
8
145 June 26 Dee
8
4
, 900 Bush Terminal new... _No par
20 2018 193 193
4
8
203 20 8 197 201,
8
3
8
4
80 May 897 June
Do debenture ---------100 873 Jan 22 90 Feb 10
.893 90
4
90
*89
90 .894 90 .89
_-_ ___
9612 Jan 103 Dee
Bush Term Bidgs. pref.._.-100 9912 Jan 20 10112 Jan 30
.100 _ __ .100 _ __ *100 _ _ .100
83 Jan
4
512 Jan 9
414 Mar
ioo Butte Copper & Zinc
5
64 Feb 10
4
6
53
4 53
4 -57
8 54 *53
54 3
54
4
8
4
17 May 283 Jan
100 213 Feb25 233 Jan 4
8
2112 2112 213 2112 2138 2112 1.200 Butterlck Co
.2112 22
612 May 2414 Jan
1314 1312 2,600 Butte & Superior Mining_ 10 1314 Feb 26 1614 Jan 11
14
14
1414 1312 1378
14
8
33 Feb 24 3818 Feb 2
Oct 447 Oct
23
34
1,100 Byers & Co
No par
35
*30
.33
34
3318 334 33
Oct
8
9512 Oct 100
Preferred
1,00 9912 Jan 12 995 Feb 18
100 Caddo Cent Oil & Ref__No par
14 Jan 2
7 Jan 8
8
23 Jan
8
4 Dec
*12
5
8
12 . ,
, z- -. 5
8
12
*12
16.800 California Packing ___No par 1294 Jan 5 17912 Feb 4 10012 Jan 3612 NOV
140
137 140 513312 136
- -12
13634 14112 137
8
2378 Jan 343 Deo
25 304 Jan 20 384 Feb 10
3212 3312 39,200 California Petroleum
8 3312 34
3458 3518 337 347
8
4
43 Feb
25 Jan 15
8
2 Jan 4
2
3.600 Caliahan Zinc-Lead
10
114 Oct
2
2
2
2
2
.2
218
6138 2,500 Calumet Arizona Mining
5812 Jan 20 6414 Jan 8
45 Apr 6118 flea
6158 60
10
61
61
6158 .60
60
1512 Jan 6
1214 May
2' 1414 Jan 21
4 1,000 Calumet & Recta
184 Jan
154 *1412 143
1434 15
143 143
4
4 15
8114 12,900 Case Thresh Machine
4
24 Mar 6812 Dec
100 6212 Jan 4 903 Feb 13
8312 80
80
817
8 797 8014 81
8
60 Mar 10712 Dec
800
Do prof
100 96 Jan 5 1054 Feb23
10414 105
105 1054 105 105 .10414 105
143 Mar 2358 Oct
4
6,400 Central Leather
100 1712 Feb 2 2012 Jan 5
4
187 193
8
4 173 1814 173 18
4
8 184 183
Oct
4
4914 Mar 71
11,900
Do pref
100 603 Feb 1 6834 Jan 5
96
6512 94
8 64
6512 677
8 654 665
8
2,000 Century Ribbon Mills_ _No par 20 Jan 20 327 Jan 8
303 Sept 4712 Mar
4
21
2012 2012 21
2014 20 4 2018 21
3
94 Dec 9834 Jan
Do pref
100 83 Jan 26 90 Jan 21
.8514 90
*8514 90 ,•8514 90 .8514 894
4318 Mar 643 Nov
8
645 6614 16,800 Cerro de Pasco Copper _No par 5712 Jan 22 694 Feb 11
8
664 67
6612 677
8 6614 67
4
8
403 Mar 583 SelM
4
4 4,200 Certain-Teed Products_No par 457 Jan 20 4912 Jan 5
463
4612 4712 47
4718 463 467
4
8 46
8912 Jan 110 Sept
1st preferred
100 10212 Jan 2 10512 Jan 21
.1043 105 *1043 105 *1043 105 .1043g 10512
--4
2712 Aug 52 Oct
---100 Chandler Motor Car_ _No par 433 Feb 18 4914 Feb 10
8
No par 45 Feb 6 487 Jan 7--Certificates
111e43
8014 'Mar 128 106 106 .105 107 .105 107
102 10518 1,400 Chicago Pneumatic Tool__100 102 Feb 26 120 Jan 2 4978 Mar 744 Oct
4
6,303 Childs Co
No par 573 Feb25 6638 Jan 4
595 61
8
4
583 601s 59'. 6012 2573 59
4
8
8
3012 Mar 373 Jan
25 33 Jan 22 363 Jan 6
3434 353
8 3458 344 31, 343
2
4 3414 3112 8,200 Chile Copper
19 Apr 284 Feb
4
100 Chino Copper
5 163 Jan 27 2112 Feb 17
*2018 22
20
*2018 22
2018 2018 *18
523 Dec 6412 Deo
4
4
3.800 Christie-Brown certifs_No par 130 Feb 25 633 Jan 4
51
5212 50
52
50
55
56
52
8
464 115,600 Chrysler Corp new___ _No par 44 Feb 23 547 Jan 9
47
4314 44
4714 4
4818 4714
84
h
No par 1014 Feb 1 108 Jan 2 10018 July niT "NOV
1,003 Do pref
10512 10.512 10518 10518 .105 106
1013 105
4
5812 Mar 7134 Jan
500 Cruett. Peabody & Co......100 65 Jan 27 6812 Jan 7
67
67
*63 6858 .68
4
6814 673 63
Preferred
10314 Jan 13 110 Feb25 10312 Jan 109 Sept
500
100
109 109 .10784 110
110 110 .109_
4
80
Jan 1773 NOV
No par 13712 Feb 25 16112 Feb 4
-- -58 26,200 Coca Cola Co
148 15178 14538 1484 14314 143
13712 144
99
Jan 10112 Mar
100 99 Jan 14 99 Jan 14
Preferred
•100 103 *100 103 .100 103 *100 103
3214 Apr 4814 Jan
Feb 11
100 3012 Feb 23 3814
3458 3518 3412 34 4 31
3412 3012 3214 10,900 Cororado Fuel & Iron
3
4
45 Mar 623 flee
555 Jan 26 697 Feb 23
8
8
4
6612 694 6612 6414 6518 6738 6414 653 22,933 ."olumblan Carbon v to No par
Oct
4534 Jan 86
4
No par 793 Feb 23 90 Jan 9
793 8218 25,900 Col Gas& Elec
4
833 844 8212 83 8 81.14 83
4
7
100 113 Feb 4 115 Jan 12 10414 Jan 11412 Dee
930 Preferred
11412 11412 11412 11412 11412 11412 11412 1114
3812 Sept 5518 Des
4
6.500 Commercial Credit____No par 313 Feb 23 4712 Jan 14
4,
3358 3438 3314 3414 33
3314 313 33
2514 Sept 2712 Oet
25 25 Jan 20 2614 Jan 13
Preferred •
.25
26
26 .25
26
.25
26 .25
2614 Sept 2734 Dee
4
25 26 Feb 8 273 Jan 11
100 Preferred B
8
4
*264 2712 .265 2712 2634 263 .2614 2712
50
Jan 8412 Nov
2,503 Comm Invest Trust___No par 6318 Jan 23 72 Jan 11
693
4 go
69
634 635
8 6312 69
.68
100 9918 Jan 18 101 Jan 28 100 Nov 10712 Nov
7% preferred
102 103 .102 103 .102 103 .102 103
Jan
80 May 190
8
2.600 Commercial Solvents A No par 1203 Jan 4 12412 Feb 13
133 138
134 1353 13514 13512 13,514 141
4
Jan
76 May 189
No par 11814 Jan 4 146 Feb 13
B
Do
2.700
13212 137
131 131
13012 13012 .13112 132
7
4
13 8 Nov 4312 Jan
1618 Jan 6 213 Feb 4
No par
Congoieum Co new _
19 8 1978 1912 1934 19
5
194 1918 134 8.700
17 Feb
78 Jan 30
12 May
34 Jan 13
*3
4 1
Conley Tin Foil stpd_ __No par
*3
4 1
*5
4 1
*
4 1
4
2612 Jan 633 Deo
6534 66
6112 6612 65
6612 6312 6512 21,603 Consolidated Cigar____No par 5814 Jan 22 67 Feb 20
96 flea
793 Jan
4
100 9412 Jan 11 10212 Feb 11
Do pref
500
4
3
100 101
.993 102
4
903 993
4
*99 4 101
318 Jan
93 Feb
8
612 Jan 7
312 Feb 23
34 3
3
38 3 4
5
3
38 35
5
8
312 3'8 2.703 Consolidated Distrib'rs No par
Feb
7418 Mar 97 Dec
103 10412 101 104
8
983 1013
4
4 9618 933 77.203 Consolidated Gas(NY) No par 9412 Jan 5 10112 Jan 23
334
18
23 June
4
514 Jan
278 Jan 2
.No par
3'8 3.200 Consolidated Textile..
3
3
3
3
3
3
3'a
6012 Mar 9312 Deo
2
Stock
8 8012 8314 8,003 C intinental Can. Ino_No par 8 112 Feb25 9212 Jan 9 103
8414 8514 83
8212 841
813
4
Jan 140 Dee
4
25 1303 Jan 5 1443 Jan
4
Continental Insurance
1,000
13712 133
13712 13712 13612 13712 136 136
1512 Oct
814 Jan
1114 Feb 23 13 Jan 5
1118 1134
Exchange
1134 12
1114 1112 15.000 Conn M non; tern ctfs_No par
1134 1134
8
323 May 423 Dec
8
8
25 373 Feb 26 433 Jan 13
4
22,203 Corn Products Refin wl
4
40
3978 373 39
4038 3934 4038 39
8
100 12212 Jan 6 1217 Feb 18 11818 Jan 127 July
Do prat
405
Closed; .124 125
124 12412 *123 12312 12314 12314
48 - Aug 6012 Deo
4
No par 52 Feb 15 603 Jan 4
1,100 Coty. Inc
54
53
53
53
53
52
52 .52
36 Mar 6418 Dee
100 40 Feb 15 63 Jan 2
Cres Carpet.
45
Washing- .42
*41
45 .42
45 .42
45
6412 Mar 845 Nov
8
713
4 9.803 Crucible Steel of America__100 67 Feb25 8112 Jan 4
67
73
74
72
725
8 71
74
4
92 May 102 flee
100 99 Jan 2 1003 Feb 20
Do pref
500
4
ton's
100 100 4 100 100
3
100 100 .100 1003
4414 Dec 544 Oct
No par 4512 Jan 20 53 Feb 4
Cuba Co
8,103
48
483
4 4718 4818 4612 474 4612 47
94 Jan 4 1112 Jan 29
8
73 Oct 145 Feb
4
No par
8
97 104 2,700 Cuba Cane Sugar
Birthday
1012 104 1018 103
1018
8 10
8
8
374 Oct625 Feb
100 434 Jan 15 495 Feb 4
8 7,420 Do pref
4438 445
4512 4618 4418 4512 444 4538
20 Oct3312 Mar
_10 244 Jan 2 3038 Jan 28
4,100 Cuban-American Sugar
2814 2712 2312 273 28
8
2812 2938 28
Do pref
937 Nov 101 Mar
8
100 973 Jan 5 104 Feb 5
4
.102 104 .101 104 .101 104 .101 104
3
212 Oct6 8 Feb
27 Feb 1
8
34 Feb 8
4,900 Cuban Dominican Sug_No par
3
3
3
3
2 11 315
7
28 3
7
16 Dec 4412 Jan
Do pref
100 17 Jan 5 2238 Feb 6
400
203 *1812 19
.19
18
1812 1714 177
OcIl
9312 Dec 107
700 Cudahy Packing
100 9614 Feb 25 97 Jan 4
904 92
92
92
92 92
.9312 94
Oct
62 Mar 104
No par 82 Feb 24 98 Jan 12
3.300 Cushman'e Sons
84
82
88
82
86
8212 83
87
No par 4514 Feb 23 51 Jan 14
44 Nov 59 May
2,200 Cuyarnel Fruit
4
4514 461
4614 4614 4618 4618 453 46
I Jan 4
3 Feb 16
4
74 Jan
300 Daniel Boone Woolen Mills_25
7
3 Dec
4
3
4
7
8
53
4
554
7
*3
4
7
2778 Apr 493 Jan
4
4418 4212 4414 21,800 Davison Chemical v t c_No par 3818 Jan 20 464 Feb 17
4318 45'2 43
44'z 42
204 Mar 29 Deo
De Beers Cons Mines_.No par 28 Jan 9 29 Jan 8
.263 291 *2612 287 .2614 283 .2612 28
8
4
100 133 Jan 7 14118 Feb 1 110
Jan 15912 Sept
3,600 Detroit Edison
135 135
13412 1343 134 1343 133 134
4
4
53
Oct 9014 Deo
4112 15,000 Devoe & Raynoids A_ _No par 40 Feb 26 10418 Feb 10
4412 46
41
4512 40
46
48
4714 Jan 2
Class A___No par 374
483
4
3.738 40 66.000 Dodge Bros certifs....No par 8518 Feb 23 884 Jan 8 2134 June 9112 Nov
4118 4214 407 417
8
8 40
413
4
Jan 25
7312 May
Oct
89
78 4.300 Preferred
8714 863 8718 8612
4
867 8712 87
8
16 Jan 6 197 Feb 19
8
123 Apr
4
No par
1818 Nov
6,200 Dome Mines, Ltd
8
185 19
1918 197
8 19
194 19
19
1912 Jan 5 2512 Jan 30
14 Feb
No par
2312 Aug
700 Douglas Pectin
23
.2212 23
.22
24 .2212 23.2 23
Jan 11314 Deo
1,100 Duquesne Light lat prof ___100 11212 Jan 4 111 Feb 11 105
8
11358 11358 .11314 1134 11312 1135 11212 113
8
No par 10814 Jan 20 1123 Jan 5 10434 July 118
Jan
111 1113 110 s 111
8
3
1104 111 310814 10812 3,500 Eastman Kodak Co
4
1012 Feb
3012 Dee
3038 2812 2952 14,800 Eaton Axle & Spring_ _No par 2612 Jan 11 323 Feb 13
3118 2912 3018 2918
30
8
Co..100 21618 Jan 20 2387 Jan 4 1344 Jan 27114 Nov
10,600 E 1 du Pont de Nem 5
22314 22812 22212 220 8 222 22634 21612 223
100 101 Feb25 10412 Jan 18
94
Jan 10412 Nov
Do pref 6%
1,100
101 101
103 103
10212 10212 101 102
173 Apr 4018 July
8
59,300 Elec Pow & Lt etts____No par 2712 Feb 23 3412 Feb 10
2712 29
29
3114 287 30
8
3012 31
10512 Jan 12 115 Feb 11 100 Mar 110 June
700 40% pr pd
4
4
10912 1091 1083 1093
.110 1117 10934 110
8
, J 11 18 11012 Feb 21 18 18 Mar 1103 June
107 Janrt 4 97 F 16
114
4
0 2 Au
,
07
,484 De)8
300 Prof full paid
109 11012
.109 114 *109 114 *109 114
955 9614 9512 9578 1,700 Do pref ctfs
8
9614 95 4 96
3
96
603 Mar 80 Dee
4
7618 8,200 Elec Storage Battery_No par 73 Jan 4 794 Feb 11
75
77
7712 76
7718 7612 77
2 Feb 20
4 Feb 1
14 May
53 July
8
212 212 1,900 Emerson-BrantIngham Co_100
214 214
214 212
21g 214
10 II b 2) 7224584 Feb 29
) ,
en 0
100
Jsn 8
Preferred
634 M a r 27467384
8 A py
ug
o
1712 1712 1,300
1714 171
17
17
1212 14
50 6718
4,300 Endicott-Johnson Corp
Se
6834 6914 6818 69
6912 703
4 1384 99
100 114 Jan 7 118 Feb 2 111 May 1183 Oct
Do prof
100
4
*116 11614 .116 11714
11634 11634 .116 11714
4812 Nov 5712 Dee
1,000 Eureka Vacuum Clean_No par 47 Feb 15 534 Jan 8
5018 4812 49
49
49
49
51
51
16 Jan 29 1612 Jan 2
100 Exchange Buffet Corp_No par
1312 July
194 Jan
17
171 .16
.16
16
3
*16
17 8 16
25
23 Feb 10
4
312 Feb25
100 Fairbanks Co
214 Mar
454 Aug
*314 4
312 312
312
312 *2
*2
No par 51 Jan 4 593 Feb 10
4
3214 Jan 545 Oct
8
5118 5214 4,400 Fairbanks Morse
5118 531
51
53 8 5412 53
5
100 10812 Jan 6 115 Feb 9 10612 June 11018 NOV
Preferred
.111 115 *110 115 .110 115
•110 115
Players-Laaky_No par 1034 Jan 19 12212 Feb 24
4
9014 Feb 1143 July
8
11712 12112 11812 12212 118 12138 117 1193 63,100 Famous
100 11612 Jan 7 12312 Feb 2 10378 Feb 120 July
500 Do pref (8%)
12034 12078 *119 12212 12114 12218 121 121
15 354 Jan 28 3938 Feb 3
Oct 3714 Dee
26
3634 3514 3614 9.300 Federal Light & Traci
4 36
373 3814 3612 373
4
No par 87 Feb 11 89 Jan 4
Preferred
8212 Sept 89 Dee
91
91
*86
*86
91
.86
.36
91
4
100 Federal Mining & Srnelt'g_100 90 Jan 22 1113 Jan 5
1514 Mar 9512 De0
91
91
.91
92
92
*91
*90
03
100 75 Feb26 105 Jan 6
4912 Mar 944 Dec
1,200 Do pref
79
89
37512 7612 75
9058 9058 87
200 Fidel Phen Fire Ins of N Y..25 176 Jan 2 20014 Jan 23 14712 Jan 179 Dec
190 190 .185 190
•190 195 .193 195
ctfs_No par
147 Jan 2 2153 Feb 9
8
1734 July
12
Jan
8
21
2112 2012 2012 203 204 2012 2012 2,200 Fifth Ave Bus tern
No par 39 Jan 15 404 Feb 5
9,400 First Nat'l Stores
3812 Dec 40 Dee
423
4 4014 42
434 44
4214 4318 42
25 933 Jan 21 10534 Jan 4
4
8.700 Fisher Body Corp
6014 Feb 125 Nov
97
97
9812 964 9812 95
9712 99
No par
1912 Feb 26 264 Jan 13
4
1012 Mar 283 Oct
2112 22
1912 2112 31,000 Fisk Rubber
2134 2238 214 22
100 1103 Feb 23 115 Jan 2
4
1,000 Do 181 prof
7512 Jan 11612 Nov
11034 11214 11112 11112 .110 112 .109 111
474 5112 4714 494 169.600 Fleischman Co new __No par 4718 Feb25 5612 Feb 1___
52
52
534 50
No par 152 Feb 11 1794 Jan 29 - - -Jan 1834 NOV
90
8
16134 16618 16238 1637 16218 16312 153 16238 61,400 Foundation Co
No par 6612 Feb 19 85 Jan 2
6812 Sept 85 Dee
4 674 6912 17,200 Fox Film Class A
6712 71
68
794 6714 703
No par
1958 Jan 13 283 Feb 0
4
8
8 Mar 247 Oct
26
2334 25
225* 243
2218 2312 30,800 Freeport Texas Co
25
4
8
284 Aug 397 NoV
3912 8,900 Gabriel Snubber A__ _No par 3712 Jan 20 42 Feb 11
4012 3918 4014 39
3912 4012 40
No par
8 Jan 19
9 4 Jan 4
3
1,100 Gardner Motor
418 Jan
1614 Mar
8
812
8
8
8
.8
84 812
100 485 Feb 19 553 Jan 2
8
Oct
8
4412 Aug 60
4914 4912 4834 4914 3,800 Gen Amer Tank Car
4912 597
3 5912 5982
100 101 Feb 10 104 Jan 15
Do pref
933 Feb 104 Nov
4
*102 104 .102 103 .102 103 .102 103
100 513 Feb 26 73 Jan 11
4
20,700 General Asphalt
4212 Mar 70 De43
8 544 59
6118 6212 5714 6112 5712 603
100 9912 Feb 26 11384 Jan 11
1,700 Do pref
8612 Mar 100 Dec
9912 100
10212 10212 10012 10112 10014 101
100 1094 Feb 26 1164 Jan 4
1,800 General Cigar, Inc
8412 May 1154 Dee
10918 110
111 111
11212 11314 111 111
100 109 Jan 11 11512 Feb 18 105
Preferred (7)
Jan 11114 Mar
.11214 11512 .11214 11512
.11214 120 .11214 120
200 Debenture preferred (7).100 114 Jan 27 11812 Feb 10 104 July 116 Dee
11512 11512 114 114
•11518 118 .11518 118
100 323 Jan 5 38512 Feb 19 22714 Feb 33714 Aug
345 36212 102,800 General Electric
371 3753 35312 375
4
375 384
10 11 Jan 5 11:4 Feb 8
8
137 Oct 117 July
8
1114 1114 6,900 Do special
1114 114 1114 1138 1114 114
8
587 Dec 613 Dec
8
8 9,700 General Gas & Elec A__No par 4612 Feb 26 59 Jan 2
4612 485
484 51
52
.5118 547
8 51
No par 973 Feb 10 9914 Jan 4
100 Preferred A (7)
99 Dec 100 Deo
9812 .9712 9812 9812 9812
*9712 9812 *9712
3
No par 10812 Jan 29 11014 Jan 15 110 Dec 110 Dec
100 Preferred A (8)
4
110 110 *10312 1093 10812 1093
4
*10812 110
No par 9512 Feb 3 96 Jan 4
Preferred B (7)
84 .9514 9734
*9512 98 .9514 97
.9512 98
No par 5218 Jan 16 554 Feb 4
-5900 Gen Outdoor Adv A
45(8 Aug 14 4 Sept
5412 547
8 5414 544 5418 5418 534 54
264 Aug 344 Dee
31,„ ..1,
-•
ql 1, 1111
3,700 Trust certificates_ _ _ _No ear 2Q18 Jan 2') .33 Jan 6
3114 31 . 701v 311s
,
.11158 1115
8
109 114
"
8
954 957
7712 7712
2
2
11
10
•69
6912
.116 11712
•4812 513
4
*16
173
8
*2
312
5312 5312
*110 115
11718 1177
8
•119 126
5
3818 38 8
91
.86
•90
93
.90
0012
193 193
213
8
21
44
44
974 994
2178 223
8
*11214 1123
4
5318
53
162 16358
67 6812
25 4 2612
3
4018 4018
514 83
8
494 50
.102 104
63 3 6
7
414
.10312 104
113 113
*113 120
.11512 118
377 383
1114 1114
5118 5118
*9712 9812
90812 110
*9512 98
*5412 55
313 3134
4
•Bid and asked prima; no rale, on this day
it Ex-dividend. a Et-rignte.
New York Stock Record-Continued-Page 4
For pro" d „ding tne
1145
n1 51015 "snail) in 'ed.,. glee fourth parte preceding.
,
-PER SHARE, NOT PER CENT.1 Sales
HIGH AND LOW SALE PRICES
for
the
Friday,
Wednesday, Thursday,
Tuesday,
Monday,
Ikaurday,
Week.
Feb. 26.
Feb. 25.
Feb. 24.
Feb. 23.
Feb. 22.
Feb. 20.
STOCKS
NEW YORK STOOK
EXCHANGE
rnn on Ann
Range Since Jan. 1 1928.
-share tots
On basis of I00
Lowest
Highest
r5lt WI AK6
Range for Presnous
Year 1925.
Lowest
Highest
share $ per share $ Per sharp $ LW Mara
5 per share $ per share $ Per share 5 per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per
4
1
/ Jan 1493 Nov
64
4
4
1
124 12618 12114 12412 139,800 General Motors Corp__No par 115 Jilt 16 131 14 Feb 11
£12412 12718 1233 126
4
125n 12612
Jan 115 Dec
102
100 un Feb 3 11513 Jan
1,600 Do 7% pref
3
11414 11414 114 4 115
11538 1153 1144 115
*
11514 11512
5a12 Apr 9912 Nov
100 9813 Jan 28 100 Jan 11
500 Deb 6% prat
_
*97
9912 9912 99 4 100 0100
3
99% 99%
Jan 5918 Deo
42
25 5214 Feb26 5912 Jan 2
53 4
5418 5214 - -3- 25.500 General Petroleum
5412 5511 5312 5412 5312 - 3
554 55 8
68 Nov 804 Oct
3
3
4
774 7914 7612 7738 7514 77s8 703 7314 18,500 Gently Signal new-_No par 76 4 Feb26 84 5 Jan 7
7534 763
3
9013 July BM% Nov
100 1013 Feb 11 101 Jan 18
5
Do pre(
*103 105 8103 105 *103 105 *103 105
0103 105
Oct 581: Jan
42
800 General Refractories_No par 46 Jan 18 49 Jan 4
47
4812 46
*47
50
048
48
48
49
48
0
47 Mar 83 Dec
No par 8913 Feb 26 787 Jan 4
0 6818 6812 67 6718 6418 6518 4.000 Gimbel Bros
3
68 4 687
7
68 8 69
17 11134 Jan 19 10214 Mar 11412 Nov
100 1083 Feb
Do pref
4
0107 10812 *10714 109 *107 109 *107 109
4
41083 10912
4
223 Feb 53 Dec
4
Ginter Co temp ctfs___No par 40 Jan 2 443 Jan 4
1212 Mar 2615 Dee
4
No par 1212 Feb26 253 Jan 7
6,900 Glidden Co
2212 23
4
2314 233
4 223 2314 223 23
4
5
234 23
Oct
37 Mar 51
4
49
4 9.600 Gold Dust Corp v t o No par 413 Jan 22 66% Feb 4
5014 52
513
5214 53
5113 5214 5118 52
4
36:4 Jan 743 Nov
4
1
/
No par 6014 Feb26 70 Feb 3
0312 6412 6318 6312 6212 6312 6014 6213 9,300 Goodrich Co (B F)
8
643
64
Jan 102 Nov
92
Jan 22 100 Feb 9
100 9613
400 Do pref
4
993 *9813 99
•98
4
4 993 100
99 100
0
3
99 4 993
8613 Jan 11434 Oct
4
8
10734 10778 107 10758 108 10834 1051 10315 1,800 Goodyear T dr Rub pf v t 0.100 10318 Jan 27 1093 Feb 4
1071z 10713
3
100 1053 Jan 22 10734 Feb 19 103 Apr 109 Dec
200 Do prior pref
8
103% 1087
0107 108
107 107 *106 103
0107 108
39 Dee 42 Dee
8 3,800 Gotham Silk Hosiery_No par 3634 Feb26 417 Jan 11
8 384 3914 3634 393
3938 3938 3914 393
3
3
39 8 39 4
:
991 Der 1024 Dee
4
• 100 993 Jan 29 10312 Jan 11
400 Preferred
0101 102
10134 10134 10118 10118 101 101
0101 10112
8
187 Dec 23 Sept
194 Jan 8 2112 Jan 23
No par
2014197 2018 1.000 Gould Coupler A
2014 2012 2014 2014 20
2012 2012
8
13 Mar 217 Dec
13
2012 2,700 Granby Cons M Sm & Pr_100 1813 Jan 21 23 Feb 5
3
2114 2034 2114 2014 20 4 20
21
4
2134 213
Jan 11318 June
91
5,000 Great Western Sugar tern ctf25 95 Jan 2 10614 Feb 2
1014 10212 10034 10138 101 1013 100 101
4
103 103
100 114 Jan 5 116 Jan 14 107 Apr 11512 Dee
Preferred
4
4
*11514 1153 *11514 1153 •11514 1153 *11514 1153
4
4
3
011514 115 4
4
113 Mar 1914 Jan
8
100 107 Jan 26 1414 Feb 10
800 Greene Cananea Copper
1214 114 1218 1112 1112
1213 121 *12
*1218 13
8
37 Sept612 Jan
7
54 Jan 5 10 8 Feb 1
3,000 Guantanamo Sugar.___No par
7
7
7
7
712 81/
812 81
84 812
8718 Mar 9534 Nov
100 794 Feb26 9334 Jan 4
7914 8018 8,100 Gulf States Steel
82
80
804 8378 7938 81
83 83
424 July 89 Feb
100 Hanna lot prat class A.__100 55 Jan 12 57 Feb26
57 57
611
00
054
6112 .57
*57
56
54
0
2534 Apr 374 Jan
2.700 Elartmarz Corporation_ _No par 30 Feb26 35 Jan 6
31
30
31
314 3113 31
3112 31
3112 32
30 Mar 494 Nov
No par 424 Jan 25 48 Jan 14
3
4
24312 3'8 44
433 44 4 11,300 Hayes Wheel
4438 4434 46
44
44
66 May 773 Jan
7
25 88 8 Jan 23 744 Feb 11
4
200 Helme(OW)
8
738
74
72% 727 •70
74
*73
73 73
1172
27 Dec 4878 Jan
600 Hoe (RI & Co two etts_No par 301s Jan 2 35 Jan 6
324
030
8 3112 32
3038 31
3034 303
6
*30 8 3112
Jan
Jan 53
43
100 4712 Jan 4 62 Feb 23
1,400 Homestake Mining
53
62
61
60
594 5514 5712 52
59
61
4718 Nov
8
344 Jan
4 427 4314 3.100 Househ Prodinctem ctiNo par 428 Feb26 483 Jan 8
8
4334 4414 4334 433
441: 441
4412 494
Jan
Apr 85
59
654 3,300 Houston 01106 Tex tens ctf8100 84 Jan 20 71 Jan 5
654 6512 6858 6534 6512 664 64
3
65 4
65
3118 Nov
1612 Jun
No par 27 Jan 8 35'8 Feb 25
4
1
/ 18,800 Howe Sound
3278 3384 334 3518 3312 34
33 333
3213 3334
4
No par 10612 Jan 20 12314 Jan 4
333 Jan 13913 Nov
11634 120 259,300 Hudson motor Car
e
3
1153 11838 1157 11814 1177 12134
8
11634 11714
1414 Mar 31 Nov
2514 244 254 9.800 Hupp Motor Car Corp.__ 10 2414 Feb 26 2838 Jan 4
2512 25
2514 2518 25
2514 2512
4
1312 Jan 413 June
8
273 304 2318 2912 14,600 Independent Oil& Gas_No par 2412 Jan 16 34 Jan 2
2718 28
8
277 281
284 2813
13 Mar 24 Aug
18 Jan 6 2414 Feb 9
No par
2,200 Indian Motocycle
234
23 * 2312 23
3
2338 2218 23
23
*2214 2314
1414 Dec
54 Jan
912 Jan 20 1334 Feb 13
10
3
4 10 4 1114 3.200 Indian Refining
1118 113
1214 124 113 12
4
3
123 1212
6 Sept
913 Jan 20 1212 Feb 13
1234 Dec
10
300 Certificates
1113 1112 1113 1112 1012 1012
•1113 12
1112 114
77 Mar 110 Dee
100 104 Jan 7 104 Jan 7
Preferred
7 1075 101 *1024,
8
075 1037 *75 103
8
•90 1037
77 Nov 10712 Dec
400 Ingersoll Rand new__No par 90 Jan 26 104 Jan 5
95
95
98
97
98
•96
98
•95
98
.95
4
383 May 50 Feb
No par 38 Feb 19 4312 Jan 7
2.600 Inland Steel
38
3814 38
3812 3814 384 38
•38
88
3814
100 111 Feb26 115 Feb 9 10413 Apr 112 Sept
300 Do pref
111 111
4
4
•112 1143 0112 1143 112 112
0112 1143
4
2214 Apr 3234 Jan
2414 2.000 1119Plration Dans Conner.- 20 2314 Jan 20 28% Feb 10
244 2518 2418 2118 2418 2434 024
254 2514
74 Jan 244 Nov
No par 19 Jan 6 2814 Jan 22
4,700 laternat Agricul
7
2312 23 8 2318 2312 2234 2318 2212 23 .
4
1
/ 2334
23
40 Apr 85 Nov
100 8312 Jan 12 95 Jan 27
400 Prior preferred
4
9133 9134 *9114 917 *913 918 9114 9114
917 9214
8
700 Int Business Machlnes_No par 138 Feb 16 15112 Feb 6 110 Mar 1764 Nov
4
140 1423
143 143
14312 145
145 145
014412 1454
52 Jan 811 Sept
:
4,900 International Cement_No par 65 Jan 13 717 Jan 21
6612 654 66
66
6618 67
6714 673
6718 6734
100 10312 Jan 7 106 Jan 26 10212 Nov 107 Aug
300 Preferred
104 105
•108 106 •105 107 *105 108
0105 106
4
313 Jan 6912 Dee
4
533 52,900 Inter Combus Engine__No par 5014 Feb 15 8412 Jan 5
3 5118
4 5212 543
5113 523
54
52
534 54
9618 Mar 13814 Sept
International Harvester_100 124 Jan 20 13112 Feb 10
3
128 1311 12618 12812 125114 128's 12514 1263 25,200
12912 131%
8
100 118 Jan 5 1223 Feb 20 114 Mar 121 Nov
500 Do pref
4
12214 122'i 12214 12214 12214 12214 *1213 12214
12238 12238
8
100
718 June 147 Feb
9 Feb 23 123 Feb 17
Int Mercantile Marine
04 2.500
9
04 94 *93
2 911
10
10
934 1018
4
27 Aug 523 Feb
8
100 347 Feb 24 463 Feb 16
3612 31,100 Do pref
35
4
353 371
3838
Stock
3512 38'a 34
38
7e 36
3
3
563 Dec 60% Dee
18,200 International Match pref_35 5514 Jan 28 663 Feb 23
60% 6218
8
627 637
8 6318 66
8114 663
63
65
2414 Mar 4813 Nov
International Nickel (The).25 3913 Feb26 4614 Jan 5
3
3
41
413* 4234 Exchange
42'4 4018 4112 39 4 414 3913 403 69,930
94 Jan 102 Nov
100 10118 „horn 10312 Jan 28
100 Do Pref
__
__ *102
_ . 10218 10218 •102
*102•10I
Oct
100 52 Feb V, 6338 Jan 9
4814 Mar 76
7 56
534 9,500 International Paper
58
1
544
.
5312 - / 52 .57
Closed:
55 - -13 53
*5612 71 Mar 88 Dee
100 85 Jan 14 86 Jan 8
Do stamped pre(
87
83
0
87
•83
87
•83
•83
87
87
•83
86 July 991 Oct
100 9.184 Feb 2 9812 Jan 2
Do pref (7)
96
.94
96
4
953 •94
3
95 4 Washing- .95
*95
4
953 .95
International Shoe_ __No par 16612 Feb 18 175 Jan 11 108 Feb 199:4 July
•165 167 *165 167 *165 167 •165 167
•164 165
8712 Apr 144 Aug
8,600 Internal Telep & Teleg_100 11712 Jan 6 133 Jan 25
118 122
ton's
12434 1263 1233* 125
12012 124
4
0125 126
3
293 Oct
18 July
No par 24:8 Feb 26 29 Jan 7
100 Intertype Corp
2438 243*
8
*293 25
*2438 25
8
•243 25
*
11240 25
8
1613 July
263 Dec
100 25 Jan 4 3314 Feb 10
33 3313 333 3512 3318 3412 5.900 Jewel Tea, Inc
4
3212 33
Birthday
313 32
100 11512 Jan 29 125 Feb 9 10212 Jan 11512 Dem
Do pref
•122 124 *122 124 *121 124 *123 124
•122 124
4
8
113 Dec 217 Feb
.
8
1
/
1618 164 1,600 Jones Bros Tea,Inc, And _ 100 143 Jan 22 1913 Feb 5
1718 1614 17
164 16's
17
1714
017
8
353 Aug 65 Nov
No par 46:4 J.tn 16 66 Feb 19
Car
6484 59
6318 79,500 Jordan Motor
82 6518 623* 647e 63
3
63% 65 4
14 June
14 May
34 Jan 8
% Jan 11
10
1:
12
500 Kansas Gulf
*12
1
4
12
•12
3
5
8
3
*13
8
Jan 1093 Sept
99
400 Kan City Lt & P lot pf_No par 1074 Jan 8 11034 Feb23
110 110 *10912 10978
110 1103 110 -110
*
*110 _ _....
4
183 Mar 4218 Dec
.._No par 404 Jan 6 4734 Jan 14
6,000 Kayser (J) Co v 1. 0..
411 42
41
43
4314 44
43
42
4314 4412
83 Mar 10312 Dec
No par 103 Jan 21 105 Jan 15
100 Do 1st prat
10438 10438 •102 1051 0102 105 8103 105
‘51045* 1054
1214 Mar 214 July
25 17 Jan 23 2112 Feb 6
4.300 Kelly-Springfield Tires
1818 1812 177 1814 1715 18
1813 19
7
•1838 18 8
41 Mar 74 July
4
100 88 Feb26 743 Feb 5
200 Do 8% pref
64
70
73
70
68
*70
73
•70
73
•70
43 Mar 72 July
4
100 883 Jan 23 7314 Feb 5
prof
200 Do 6%
•70
6912 6912
75
75
*70
70
70
75
•70
87 Aug 124 Dec
100 108 Jan 23 126 Feb 4
800 Kelsey Wheel,Inc
116 116
115 11514
11412 1151 *115 119
0116 119
4611 Mar 5914 Nov
7
No par 54 Jan 16 58 8 Feb 10
4
561 5712 5534 563* 553 5634 55
e
563 18,800 Kennecott Copper
4
4
563 574
34 July
14 Sept
218 Jan 2
112 Feb 12
Rubb_No par
132
8 132
13
132
112 112 3,400 Keystone The &
112 132
4
4 13
18
75 Mar 100 Oct
No par 68 Feb 26 8218 Jan 7
700 Kinney Co
07311 75
69
73's 72
68
•72
72
75
'
11 72
10 644 Feb26 - 82 Jan 29
Kresge (68) Co new
714 745
8 ash 72
68 694 6414 6812 45,600
7314 75%
Oct
4
100 113 Feb 18 1143 Feb26 1.1014 Mar
200 Preferred
0-__ 113 •____ 113 *__ 114
4
113 1143
•___ 113
3
2812 Dec 45 4 Jam
28
600 Kresge Dept Stores_ _ __No par 2634 Feb25 333* Jan 14
3
28 s •-_ 2811 263 263 *---- 2812
4
8
*283 294
4
Jan 9734 June
88
100 911: Feb 11 9314 Feb 1
Preferred
*88
911z '
92
88
33.8
92
91
•90
3
164 164
165 106 *165 .
1,600 Laclede Gas L (St Loub0_ _100 1603 Feb 15 168 Jan 14 11014 Jan 178 Mat
8
16
165 165
3
185 167 4
19 Oci
115 Feb
*
11 Feb 25 14 Jan 4
1212 1234 111 12
11
12
11
1114 3,000 Lee Rubber 4: Tire____No par
8
1
12 3 127
374 Dec 4411 Oct
No par 35 Feb 19 4118 Jan 2
1
, 3555
3512 3512 35
2,400 Lehn & Fink35
354 35
3514 35
35
3
57 Mar 92 Dec
7
80
80
78
78
78
*76
7512 764 1,600 Liggett & Myers Tab new_25 7512 Feb26 947 Jan 25
79% 79
1612 Jan 124 Dec
4
100 1194 Jan 18 1233 Jan 22
*122 124
Do pref
200
8
1227 1227 *121 123 0121 123
8
122 122
.
1
25 7513 Feb 25 f4 Feb iii 551k Mar 89 De4
757 7912 7512 777
Do "B" new
8
793 80
753* 76 4 6,500
3
795 80
80 June 7434 Jaz
No par 60 Feb26 694 Jan 4
61% 81
6112 6112
61
1,600 Lima Loc Wks
6112 61
6111 60
61
4
3913 3813 38 4 374 3834 9.800 Loew's Incorporated_No par 3713 Jan 19 403 Jan 9M 22 Feb 448 Nov
7
3814 38 3 383*
3
384 38's
94 Api
6 Jan
7 Jan 28 114 Feb 10
No par
818 16,100 Loft Incorporated
8
84 85
8% 84
312 98
3
8 5 Pe
14 Mar 43 Sep'
No par 47 Jan 20 501/ Feb 3
4912 494 *49
600 Long Bell Lumber A
50
50
049
4934 4934
*494 50
18 1404 Jan 4lI 77 Feb 1434 Dec
100 11012 Feb
118 1194 0117 119
1174 11712
900 Loose-Wiles Biscuit
115 115
115 118
100 130 Feb 1 1434 Jan 6f 104 Feb 148 Dec
•130 140 *120 135 •120 190 *115 135
2d preferred
0123 140
25 354 Jan 2 4214 Feb 311 3014 Jan 3934 Sepl
40
3
40 4 3913 4014 394 4013 39
18,400 Lorillard
4012
40
40
100 11213 Jan 14 1164 Feb 811 1084 Feb 116 Alb
100 Do pref
0111 115
113 113 0112 113
_-_ 3
3
1612 16% 1612 167
1634 163* 18
1638 10.100 Louisiana 011 temp ctts_No par 16 Feb 16 19 8 Jan 4Il 133 Ong 23 4 Pet
1612 16%
7
25
2512 22412 2472 5,400 Louisville CV & El A_---No par 22 8 Jan 2 268. Feb 1011 23 Dec 2838 Jul)
254 248 254 25
2518 2518
1
3
No par 483* Jan 20 5814 Feb 411 31:4 Feb 60 Dec
524 543* 5234 534 5218 53
5,800 Ludlum Steel
52
51
7
52 8 53
100 134 Feb 15 138 Feb 911 114 Mar 141 Sege
136 136
300 Mackay Companies
135 135 *134 136 *13414 1363
4
*134 140
100 714 Feb 23 7318 Feb 911 66 Mar 78 4 Fa
3
714 7112 7134 7154 071
300 Preferred
72
74
3
*70 4 73
071
Jan 242 Not
No par 12711 Feb26 159 Jan 4fl 117
138 1363
32,200 Mack Trucks, Inc
13114 13534 12711 134
4
135 13712 13114 137
Jan 113 Atli
4
lat pref
100 1093 Jan 4 11112 Jan 2011 104
1311018 Ill *110 111 0110 1103 10934 11012
400 Do
4
*11014 1104
Jan 106 8 Atli
1
100 10412 Jan 2 10612 Feb 1711 99
•10513 10614 *10512 10612 *10513 1064 105 4 1053
100 Do 20 prof
4
4
3
0106 1063
Oc
*100 1024 101 101
1.300 MacY(R H)& Co,Inc_No par 95 Jan 27 106 Feb 1011 6912 Jan 112
994 101
99
98
*101 10212
100 117 Jan 23 11834 Jan 1411 11434 Jan 118 AIM
Preferred
*11512 1174 *11512 1174 011512 1174 •11511 1174
•1154 11712
No par 404 Jan 22 448 Feb 1011 34 Mar 46 Not
42
3,800 Magma Copper
427
4214 4214 424 4212 413 42
4238 434
•2312 24
2312 234 23
1,700 MallInson (H R) & C9-No par 22% Feb262818 Jan 5i1 2114 Dec 3712 Jaz
8
4 2234 22%
233
235 237
*
32 Mar 59 Mal
687 723
4 87 8 695
10.700 Manh Elea Snap tem ctfsNo par 56 Jan 4 764 Feb 11
±
7
68
4
674 6914 64
723
72
8
347 Nol
2014 Mar
25 273* Feb 25 32% Jan 4
2814 28 3 2818 2818 27 8 274 27% 28
1.300 Manhattan Shirt
3
02834 29
3
3311 35
2812 Mar 494 Ap
*31
4
30 *31
400 Manila Electric Corp ..No par 30 Feb 2G 35 Feb 23
35
*31
344
30
30
2038 Sept 354 Jaz
241/ 24 s 2414 2434 24
4
3
2438 3,400 Maracaibo 011 Expl___No par 24 Feb 15 28 Feb 2
244 24
4
243 243
No par 55 Jan 18 604 Jan 29
3234 Mar 604 De
7
4
8
667 44,400 Marland 011
8 560 5734 56
577
8 57
5718 683
57 5512
103 Mar 3278 Oc
No par 28 Jan 4 317 Feb 25
028
2834 28 4 2918 2913 317
6.300 Marlin-Rockwell
3
2912 30
284 284
19 Dec 3718 Jaz
1914 Jan 4 2112 Feb 3
20
No par
20
400 Martin-Parry Corp
*194 20
4
193 197
4
*193 20
2012
020
Jan 1074 De
51
4
914 8334 8634 10,800 MathiesonAlkaliWks tem ctf50 833 Feb26 10618 Jan 2
904 9214 9018 9012 85
9212
90
.50 12018 Feb26 13713 Jan 2 101 Mar 13912 De
5,800 May Department Stores..
12018 124
124 126
4
1253 12612 12613 127
138 12518
100 122% Feb 2 12412 Jan 18 11612 Mar 124 Jun,
*12212 130 *120 127 •123 124
123 123
100 Preferred
130
012212
2178 Nov 264 Oa
No par 2114 Feb 19 2318 Feb 13
214 22
4 214 217
213 213
4,700 Maytag Co
4 2112 213
4
214 2112
79 Mar 139
4
1
/ Oc
105 10912 99 10478 9912 102
984 102
3,700 McCroryStoresclassBNopar 984 Feb26 121 Jan 11
•10912 112
16
Jan 22$4 Oc
8
27
274 27
2612 1,800 McIntyre Porcupine Mines_ _5 223 Jan 2 30 Feb 15
26 8 27
27
26
,
0274 2712
18 Jan 241: Nce
8
8 2312 231: .2314 233
4
233 2334 4,234 237
4
500 Metro-Goldwyn Pictures p1.27 2214 Jan 8 23 4 Feb 13
1231
' : 2314
9 Dec 224 Jai
73
8 Feb 25 1218 Jan 4
71j 12,500 Mexican Seaboard 011 No par
7
8
3
83 9
94
9
914 94
8 May 2434 Jai
8
5 113 Jan 25 1318 Feb 11
123 123
4
8 124 123
4 1253 125
8
5.100 Miami Copper
* 123 123
3
12 8 123
3
25 4 Aug 38 Not
*
344 343
323 3334 15,200 Mid-Continent Petro__No par 325 Feb26 37 Jan 2
335, 344
3334 3412 3312 337
8314 Apr 9414 Op
100 1E4 Jan 8 97 Feb 18
*9514 97
200 Preferred
8
967 97
•9514 97
*9514 97
*034 97
212 Jan 8
8
3 Apr
314 Jun,
14 Jan 2
Middle States 011 Corp____10
138
134
138
112 112 6,300
113 14
13*
1% 1%
113 Feb
113 Pet
115 Jan 8
8
7 Jan 7
10
llg
8
112
*7
Certificates
1.78
118
*72
*4 11,3
4
1
/ 118
*
96
Jan 147 Aui
12734 128
1,900 Midland Steel Prod Fret_ _ _100 121% Jan 19 13312 Feb 23
1324 13312 130 130
128 129
132 132
64 Apr 9914 Aui
8
100 787 Feb26 834 Jan 14
Power
7912 76 8 78 8 9,800 Montana
3
4
773 79
7
3
7734 80 4 78
7812 7812
41 Mar 894 Not
754 7812 7534 7634 754 76 4 73
3
4
1
/ 49,500 Mcmtg Ward & Co ni oorp-10 7114 Jan 20 82 Jan 2
75
774 785o
224 Mar 42 Do
No par 3112 Jan 19 37% Feb 10
35
34
3412 331: 344 7.400 Moon Motors
334 3412 34
35
35
74 Feb 8
4
87 Jan 26
8 May
3
9 * .1111
7
7"
,
7i,
y
74 4,600 Mr.ther!Me Coallt1011.3/0 var
7
71,
7
11712 7%
a Ex-new rights. a NO Par.
Bld and asked prime; no sake on thla day. s Ex-dividend.
•
iiti
a
1146
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 20.
Monday,
Feb. 22.
Tuesday,
Feb. 23.
Wednesday, Thursday,
Feb. 25.
Feb. 24.
Friday,
Feb. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
rffit OH AKE
Range Since Jan. 11926.
On basis of 100
-share tots
Lowest
Highest
PISA OtIlliGIS
Range for Previous
Year 1925.
Lowest
Highest
$ Per share $ per share $ per share $ per share $ per share $ per share Week. Indus. & Miscall. (Con.) Par $ per share
$ per share $ per share 4 per am
203 21
4
2112 2212 223 2314 2214 23
2078 22
8
15,600 Motion Picture
No par 19 Jan 26 2314 Feb25
.
1958 Dec 201- Dee
4812 4912
4712 491 467 477
8
8 463 48 4 423 4612 17,400 Motor Meter A
8
3
4
3
No par 40 s Jan 20 533 Feb 10
8
40 Nov 441 Oct
3212 323
4
32 8 327
5
8 3238 325
8 32
323
4 304 32
6,600 Motor Wheel
/
1
No par 3014 Jan 2 337 Feb 15
s
18 Apr 35 June
18
18
1734 173 .17
4
18
1812 173 173
18
4
4
4
600 Mullins Body Corp
No par 163 Jan 25 193 Feb 1
4
13 Aug 2112 Feb
*35
36
*3512 36
*3512 36
*3512 36
*3512 36
Munsingwear Co
/
1
4
No par 34 Jan 25 38 Jan 2
3018 Apr 39 Deo
15 8 151
5
15
15 8 1412 15
5
135 145
8
8 131 135 16,700 Murray Body
/
4
8
1012 Jan 2 157 Feb20
No par
8
514 Dec 4212 Mar
63514 645
662
66
562
63
6338 66114 6318 N31
55,200 Nash Motors Co
No par 551 Feb26 645 Feb20 19312 Jan 488
Oot
____
Do prat
100 10618 Jan 4 10618 Jan 4 10334 Jan 107 July
;ii- -- -111 2
1014 If •11)14 4054 *10
1612 •10 -1- -12 500 National Acme stamped_100 1014 Feb 23 1278 Jan 9 44 Mar 1258 Deo
0
851 86
8538 87
8518 86
845 8614 8314 85
8
9,300 National Biscuit
25 74 Jan 8 9314 Jan 29
65 Apr 79 Deo
*127 _
*128
*128
___ 127 128 *12314 12814
300 DO prat
100 126 Jan 27 128 Feb25 1231 Mar 12812M51
47
4714
4634 47 48
47
15,800 Nat Cash Register A w I No par 4614 Feb 26 54 Jan 5
4612 4718 4614 47
4612 4612
4638 4638 4512 46
45
38
43
43
5,600 National Cloak & Sult
100 38 Feb26 57 Jan 2 1912 84
Dec - 74 Oct
*90 '924
*881 8912 *8812 89
9012 92
*8814 89
200 Do prat
/
1
4
Jan
100 90 Jan 21 92 Jan 8
8734 Dec 104
673 685s
4
6814 687
8 6712 6814 67
/ 683
1
4
8 6614 6712 13,000 Nat Dairy Prod tem ctfallo par 6212 Feb 15 80 Jan 2
8
42 Jan 817 Nov
39
39
39
39
39
39
39
381 381 1,800 Nat Department Stores No par 387 Feb26 423 Jan 7
39
g
8
3812 Jan 45 May
*9514 9612
9514 9514 *9514 96
*95
9514 95
200
95
Do pref
100 95 Feb26 97 Jan 19
Jan
96 Apr 102
2412 2412
2412 2412 2318 2414 2318 2312 23
2312 2,400 Nat Distill Products_No par 23 Feb26 34 Jan 4
295 Dec 431g Oct
8
611
*60
6014 6014 60
60
60 6018 583 595g
900 NatDistilProdpf tem ctfNopar 58 Feb 17 7318 Jan 4
4
Oct
5212 Jan 81
3412
*34
34
34
*3312 34
33
/ 3312 32
1
4
334
900 Nat Enam & Stamping
/
1
4
100 32 Feb26 40 Jan 2
25 Apr 4158 Deo
*87
2.8
*86
88
*8512 88
*854 88
/
1
*851 871
Do pref
4
4
100 87 Feb 16 893 Jan 4
75 June 893 Jan
*164 16612
16134 167
162 163
16112 16312 1553 161
4
6,6011 National Lead
4
4
100 1553 Feb26 1743 Jan 5 13812 Apr 1743 Nov
4
116 116
•11614 11614 *116 11614 116 116
116 117
800 Do prat
100 116 Jan 16 11712 Feb 10 11412 Sept 119 Sept
3118 3112
3012 3112 2838 31
2714 295
3
8 261 28 8 54,200 National Pr & Lt ctfa__No par 2612 Feb26 383 Jan21-8
6014 6012
*6112 6312 62
63
61
613
4 60
/ 6112 2,700 National Supply
1
4
50 5512 Jan 4 03 'Feb 24
1438 Dee if Jan
*106 112
*106 112 *108 112 *106 112 *106 112
Preferred
100 106 Jan 13 110 Jan 26 10438 Jan 110 Apr
--------217 217 *213 227
*217 223
17 National Surety
Oct
100 215 Jan 6 227 Jan 20 206
Jan 222
oiii" iiE*215 225
210 223
200 200 *183 195
600 National Tea Co
No par 200 Feb25 238 Jan 4 201 Dec 250 Dee
133 133
4
4
1358 131 1312 1312 1312 135
8 1312 1312 3,900 Nevada Consol Copper__ 5 125 Jan 16 14 Feb 15
8
8
163 Jan
113 Apr
4
43
43
4234 4314 4134 4258 4134 43
4178 42
/ 5,500 NY Air Brake tern ctfa_No par 3612 Jan 2 441 Feb 10
1
4
311 Oct 5612 Jan
*5914 5912
59
*583 591s 59
3
583* 591g 59
59
1,600 Do Class A
No par 5514 Jan 6 .0 Feb 3
Jan
50 Sept 67
6312 647
60
6312 554 5912 5614 58 4 49
8
/
1
3
58
/ 36,500 N Y Canners temp etts_No par 49 Feb26 843 Jan 29
1
4
313 Mar tills DOG
4
4
387 40
2
41
*37
39
3918 3918 41
37
4014 3,400 New York Dock
100 34 Jan 19 457 Feb 5
18 Mar 4514 Nov
8
*72
75
*72
*72
75
78
*72
74
.72
74
Do pref
100 711 Jan 9 74 Feb 5
5218 Jan 76 Dee
0101
•101
*101
.•101
_ *101
__ . _
_
N Y Steam let
_No par 101 Jan 12 101 Jan 12
Jan 102 June
97
281g - 2
818
*28 2814 2814 - 14 27 8 2818 28 -21
7
28
1,200 Niagara Falls Power pf new_25 271 Feb25 285 Jan 22
/
4
Jan
pref__8
27 8 Oct 29
5
6314 63 4
3
6212 6312 60 4 6212 60 8 62
3
3
5914 60 4 64,800 North American Co
3
Oct
10 5914 Feb26 67 Jan 14
4112 Jan 75
49
/ 49
1
4
/
1
4
50
50
50
50
50
50
50 50
1,000 Do pref
50 49 Jan 2 5012 Jan 11
465 Jan 501 Sept
8
*94
9512
*94
944 941 941 *94
/
4
94
/ 943 943
1
4
4
4
300 No Amer Edison pref__No par 9212 Jan 22 954 Jan 2
9412 Dec 9612 DOS
13
13
1314 13
13
131 123 13
4
1258 123
4 2,200 Norwalk Tire & Rubber
10 125 Jan 4 154 Jan 14
8
1212 Sept 1814 Aug
/
1
*15
*15
15
1512 15
16
144 141 14
/
1
14
400 Nunnally Co (The)____No par 14 Feb26 17 Jan 7
181 Nov
/
1
4
8 Jan
*3312 34
3214 3312 3214 3212 33
33
3214 3212 1,600 011 Well Supply
25 31 Jan 16 36 Feb 5
334 Dee 38 Nov
Ontario Silver Min new No par 10 Jan 8 104 Jan 14
/
1
11
5t± Jan
Oct
•
-54" itiiii" "iii- -55T2 - - 1- ;54 ------300 Onyx Hosiery
3 2
i
No par 3114 Feb 2 36 Jan 12
1858 Jan 39 Deo
*971 9712
/
4
971 974 . 9718 9738 9718 9712 6,800 Preferred
971 98
/
4
100 96 Feb 5 99 Jan 12
7814 Mar 97 Nov
59 4 59 4
3
58 4 604 59
3
3
5912 583 5978 58 58
4
4,600 Oppenheim Collins& CoNo par 47 Jan 12 601 Feb 18
4118 Sept 53 Deo
293 29 8
8
2912 29
/ *29
1
4
3
30
291 291 *29
/
4
/
4
8
500 Orpheum Circuit. Inc
291
I 285 Feb 16 301a Jan 14
2534 Jan 327 July
8
*10214
*1021
*10214
_ *1021/4 103 *10214
-100 101 Jan 13 1021 Feb 19
. _ _ - Preferred
/
4
98 Jan 107 Sept
124 I243q 12314 12412 1221 1243 12012 12212 3.300 Otis Elevator (1)
12414 1243
4- 8
--4
--50 12012 Feb26 1293 Feb 5
4
875 Feb 14012 Aug
8
*104 109
•l0212 109 *10212 109 *10212 109 •10212 109
100 1023 Jan 13 107 Feb 8 101 Feb 112 July
Preferred
4
134 131
1278 134 123 13
4
123 134 121z 13
4
6,900 Otis Steel
113 Jan 8 1412 Jan 19
4
No par
8 Mar 154 Aug
104 104
10412 10512 10412 10412 10412 105
504 Mar 9712 Aug
2,000 Do prof
/
1
100 90 Jan 7 1074 Feb 17
104 104
67
*65
643 65
8
6438 644 6412 643
25 6212 Jan 15 6814 Feb 8
4 6414 6412 3,100 Owens Bottle
423 Mar 693 Nov
8
4
*48
50
4934 494 *48
50
4712 48
400 Outlet Co
No par 4712 Feb25 513 Jan 29
4
49 Nov 57 Nov
4954 493
4
/
1
4
Stock
*100 10012
•100 10012 100 100
99
/ 994 *994 10012
1
4
/
1
200 Preferred
100 994 Jan 22 10114 Jan 16
98 Nov 1007 Dee
g
a12912 12912 12812 12914 1283 129
1304 1303
4
4
100 1261 Jan 21 13214 Jan 29 10212 Jan 13718 Nov
12612 12612 1,100 Pacific Gas as Electrio
8214 Exchange
813 8212 8118 813
82
8
4 8018 81314 79
No par 7414 Jan 5 8318 Feb 13
8
/ 805 40,900 Pacific 011
1
4
5158 Aug 781 Dec
/
4
3918
3812 391g 38
39
387
8 3818 387
8 3718 3818 23,000 Packard Motor Car
10 371 Feb26 433 Jan 4
8
15
Jan 4812 Nov
2418 2412 Closed;
2412 247
8 2418 2412 24
2412 23
6,200 Paige Get Motor Car__No par 22 Feb 15 281s Jan 4
24
173 May 32
8
Oct
6112 65 4 6214 63 4 6312 6814 63 8 65
6514 651
3
3
11.900 Pan-Amer Petr & Trans__ _50 6112 Feb 23 764 Jan 2
5
/
1
5911 Sept 83 Mar
/
1
4
6212 661 6318 6512 65
6612 6714 Washing671 6514 6612 28,600 Do Glass B
/
4
50 6212 Feb 23 783 Jan 4
8
6018 Aug 8412 Mar
4018 4114 4018 41
41
41
4012 414 4014 404 8,000 Pan-Am \Visit Petrol B_No par 401 Jan 15 46 Jan 2
374 Oct 493 Del
4
ton's
1012 1134
1012 1078
8
10 4
3
83 10
4
83
4 914 14,300 Panhandle Prod & Ref_No par
412 Jan 21
113 Feb 23
4
614 Deo
214 Aug
*25
25 2518 25
25
25 8
5
24
2412 2334 2412 4,100 Park St Tilford tem ctfa_No par 233 Feb26 281 Jan 4
4
25 Sept 3512 Jan
75
8 73
74 73* Birthday
4
7 8 74
5
3,700 Park Utah CM
7
7
1
4
75 Jan 26
8
74 7g
3
53 73
812 Feb5-71
7112 72
7212 691 72
694 73
693 714 6,800 Pathe Exchange A
No par 69 Feb 19 83 Jan 7
8
70 Nov 90 1 Oct
1
1814 1814 18 4 1914 19
*1814 18 4
3
4,600 Penick & Ford
3
1914
1834 19
167 Jan 28 203 Jan30
8
No par
8
17 Dec 28 Apr
14 4 144 1412 1412 *1412 1612 14
*1512 16
3
SOO Penn Coal & Coke
14
50 14 Feb26 17 Feb 8
123 Apr 263 Jan
4
8
112 158
113 15
112 158
8
112
15
8
112 158 20,500 Penn-Seaboard St'l vte No par
112 Feb 17
214 Jan 4
I Aug
3 Jan
4
1224 12214 1223 124
*127 128
122 12312 118 12112 4,200 People's 0 L & C (Chic)__100 117 Jan 4 130 Feb II 112 Jan 123
Oct
67
68
67
65 8 67
5
10,100 Philadelphia Co (PIttab)
68 8
3
65
5g 6618 63 4 6534
3
50 83 Jan 15 7014 Jan 2
511 Mar 6714 Dec
50
*4914 50
50
*4912 50
200 6% preferred
50
50
*4912 50
50 473 Jan 4 50 Feb19
4
4512 Jan 49 July
4358 44 4 4314 4414 4258 43'2 4112 43
441 4518
3
16,200 Phila & Read C ds 1.....No par 4112 Jan 20 484 Feb13
373
4May 5218 Jaa
46
*43
*44
45
*42
44
*41
45
Certificates of Int___No par 444 Jan 9 464 Jan 11
*41
43
/
1
38 July 5012 Jan
*54
*54
5712 *54
5712
100 Phillips-Jones Corp_ _ _No par 64 Jan 22 553 Jan 29
56
*54
55
54
54
4
51 Nov 904 Jan
/
1
*18 4 1912
3
1912 20 8 20
7
5,200 Phillip Morris& Co.. Ltd
2012 20 2018 20
20
185 Jan 0 207 Feb23
8
10
8
123 Mar 254 Sept
4
4658 47
4614 4714 46
NO par 4234 Jan 22 49 Feb 13
48 4 4512 463
3
4
8 4412 453 55,900 Phillips Petroleum
/
1
4
3614 Mar 471 June
40
*39 4 42
3
4018 40
4114 39
/ 4014 39
1
4
3912 1,500 Phoenix Hosiery
5 3612 Jan 4 44 Jan 9
/
1
4
18 Apr 42 July
/
1
4
*95 100
*96 100
Preferred
*96
"9614 100
100 98 Jan 9 9918 Jan 21
99
*96
99
84 Apr 99 Des
364 364
/
1
35 4 373
3
8 354 361 351 367
8
8
8 343 357 33,500 Pierce-Arrow Mot Car No par 343 Feb26 434 Jan 9
/
1
8
10 Mar 473 Oot
/
1
4
4
10114 1021 100 10118 99 1013
10212 10212
/ 9312 3,400 Do pref
1
4
100 94 Jan 2 1087 Jan 11
8 95
43 Mar 100 Nov
8
134 14
112 14
158
15
11 Jan 2
8
15
8 158
25
178 Jag 30
11 158 2,700 Pierce 011 Corporation
/
4
14 Nov
3 Feb
/
1
4
25
25
*25
27
700 Do pref
25
*25
25
27
25
100 24 Jan 5 271 Jan 30
25
2014 Dec 40 Feb
512 57
2
5.4 512
514 512
6 Jan 2
5
512 5,400 Pierce Petroi'm tern ctfallo par
7 Jan 30
54 51
41 Dec
8 Feb
/
1
4
40
*40
40
42
40 40
4,000 Pittsburgh Coal of Pa
40
3912 40
40
/
1
4
100 3912 Jan 21 42 Jan 5
3714 May 541 Jan
/
4
*80
83
80
85
80
*78
*78
85
*78
500 Do pref
100 79 Jan 22 85 Jan 5
80
80 May 99 Jan
98
*96
*96
98
98
*96
*96
Pittsburgh Steel prof
98
.92
100 96 Jan 8 98 Feb 1
94 Mar 10212 Jan
564 5612 *561 565
8 5514 5612 541 543
561 5612
4 1,300 Pitts Term Coal
100 5412 Feb26 637 Jan 9
8
30 Apr 63 4 Jan
3
*88
89 89
89
.86
600 Preferred
88 88
*89
88
90
100 88 Jan 6 9214 Feb 5
79 July 884 Nov
8
*154 154 1512 155
800 pIttaburgh Utilities pref____10 1512 Jan 18 161 Jan 7
*1538 '16
*1512 16
•1512 16
/
4
127 Mar 177 June
8
8
*14
151 *14
1512 .14
1512 *14
Do prof certificates
*141 15
10 1512 Jan 7 154 Jan 7
1512
/
1
123 Mar 16 June
4
151 *14
*14
Preferred othi new
1512 *14
1512 *14
*1412 15
10
15 Jan 22 1512 Feb 6
1512
124 Nov
1518 July
8
95 4 10338 9412 9938 945 9738 9218 964 54,700 Post'm Car Co Inc new-No par 921 Feb26 1247 Feb 3
3
103 1054
8
645 Nov 121 Dee
8
634 641 63
66
2,700 Pressed Steel Car
6512 6814 631 65
100 61 Feb 15 7934 Jan 7
68
68
45 June 7614 Dec
90 90
s89
4
89
91
9 00 Do pre(
*873 90
91
100 89 Feb 18 95 4 Jan 7
90 90
3
7612 Jury 921z Jan
141 1418 134 14
1,200 Producers & Refiners Corp_50 135 Feb 2 3
8
144 1412 144 144
*1412 15
/
1
, 1712 Jan 2
1212 Aug 32 8 Feb
5
*33
*33
34
34
Preferred
34
*33
*33
50 3214 Jan 15 35 Feb 11
/ 34
1
4
34
*33
27 Sept 475 Feb
8
84 4 813 834 8114 823 23,500 PubServCOrp Of NJ neWNo par 793 Jan 7 92Ig Jan 19
3
8
81
4
86
86
854 86
4
625 Mar 871 Aug
8
108 108
108 10818 •10518 10818
108 108
108 108
100 1031g Jan 12 110 Feb25
500 Do 7% prof
99
Jan 106 Nov
400 Do 8% pref
*118 11812
3
*118 11812 118 118 *118 1181 *115 118
100 115 4 Jan 12 119 Jan 28 1085 Apr 119
8
Oot
99
99
994 9914 98 g 9912 9812 985
7
8 9812 9812 1,400 Pub Serv Elec St Gas pfd_100 97 Jan 22 9912 Jan 11
99 Jan 106 Nov
•108
*108Pub Service Elea Pr pref _100 106 Jan 18 109 Feb 16
_ *10814
__ •10814
__ *1084
9212 May 10018 Dec
663
165 1-13i
166 4- 4
165 163 116
11,200 Pullman Company
100 158 Feb26 174 Jan 14 129 Mar 17312 Sept
-- 12 1642
158 163
42 8 43
7
*42
42
/ 43
1
4
50 39 Jan 2 47 Feb 4
4112 2,500 Punta Alegre Sugar
40
4212 40
40
33 July 4714 Jan
25 2712 Feb26 31 Jan 4
28 8 287
5
283* 281
8 283g 283
4
4 273 2814 2712 273 16,900 Pure Oil (The)
4
2518 Aug 333 Feb
4
*109 110
110 110 *110 11012
*109 110 *109 110
100 107 Jan 5 110 Feb25 10212 Jan 10812 Sept
Do 8% pref
500
41
4112
4014 4112 3938 42
8
3714 413* 363 391 50,800 Radio Corp of Amer___No par 393 Feb26 465 Jan 12
8
8
394 Nov 771 Jan
*4614 463 *4614 47
4
463 463
4
4
50 451 Jan 20 475 Feb 1
/
1
4
400 Do pref
467 467 *4614 47
8
8
8
45 Dec 54 Feb
5512 5612 551 551 543 551 5512 564 7,500 Railway Steel Spring new
50 54 Feb 16 584 Feb 19
564 561
/
1
4
123 123 *120 124 *120 124 *120 124
123 123
100 1194 Jan 7 123 Feb20 1444 Mar 122 Deo
/
1
200 Preferred
- *3318 373 *331 373 *323 374 "323 371
8
8
/
4
*33 8 373
Rand Mines, Ltd
7
8
No par 331 Jan 18 315 Feb 5
4
4
8
334 Nov 3912 Aug
1214 1212 1214 1212 121 1212 113 12
1212 1212
5,700 Ray Consolidated Copper_10 111 Jan 13 127 Feb 9
4
8
1138 Apr 171 Feb
4.5112 53
*523 5312 5112 5112 515 514 5111 52
4
No par 5112 Feb 15 56 Jan 4
8
500 Reid Ice Cream
43
Oct 6014 Dec
1812 183
4 18
18
17
17
No par
1712 18
15 Feb26 183 Feb 23
2.000 Reis(Robt)& Co
15
15
4
10 May 2814 July
10918 11112 10858 1113 1093 113
4
4
8
107 10912 11,900 Remington Typewriter----100 105 Feb 16 127 Feb 2
1127 1121
463 Jan 1174 Dee
4
*107 10814 10814 10814 10814 10814 *107 110
10814
1st pref
100 107 Jan 20 10814 Jan 2 100 Jan 10912 Oct
300 Do
*107
10812 10812'108 109 *108 109 *108 109
100 Do 2d prof
100 10611 Jan 20 111 Jan 5 103 Sept 11312 Apr
110812 109
•1212 12 8 1212 1212 121 121 1214 1212 2,400 Replogle Steel
7
8
No par 1214 Feb26 157 Jan 4
127 127
8
8
125 June 2314 Jan
8
5412 554 5338 5414 5212 5414 52
5512 56
100 52 Feb26 635 Jan 7
5314 14,200 Republic Iron & Steel
8
8
4218 Apr 643 Jan
9412 9412 94
"9412 95
94
400 Do pref
944 944
100 923 Jan 2 95 Feb 3
4
6412 95
4
8414Ju1y 95 Jan
513 757
8
8
74
3
65
8 l'z 6,800 Reynolds Spring
par
512 Feb 24 105g Jan 5
No
Jan
814 81
8 July 18
95
9512 9412 95
941 9514 9412 9484 10,500 Reynolds (RJ) Tob Class B 25 94 Feb 15 9812 Jan 5
/
4
9512
95
721 Mar 9534 Nov
/
4
9512 9512 9512 9512 94
94
951 94
900 Rossia Insurance Co
25 90 Jan 4 100 Jan 20
*9512 96
85 June 9712 Feb
5218 5258 3,200 Royal Dutch Co(NY shares)_
*5314 533
4 5318 5318 5318 534
5212 Feb26 573* Jan 9
53 a 5373
7
/
4
481 Mar 5738 Jan
4512 4558 45
4578 46
4552 437 4454 7,100 St Joseph Lead
8
10 428* Jan 26 4818 Feb 10
45 8 4534
5
4
353 July 5212 May
50
5034 51
5018 493 50
4
4914 495* 1.900 Safety Cable
No par 4812 Jan 2 54 Jan 14
5012 501
48 Dec 5012 Deo
3
90 8 94 8 894 9138 9012 924 863 903 21.000 Savage Arms Corporation_100 8.5 Feb 15 10212 Feb 10
7
4
4
8
9212 931
4812July 1083 Mar
8
*8
8
812
*77
8 814
500 Seneca Copper
73
4 7e
73 Feb26 104 Jan 4
4
No par
11 Nov
*8
81
9 Nov
2412 5518 54
*5434 5612 5434 56
/ 55
1
4
1,200 Shubert Theatre Corp_No par 5312 Jan 2 6012 Jan 28
5612
*56
511 Dec 5512 Dec
1314 132
130 1301g 127 130
1253 128
4
4,800 Schulte Retail Stores._ _No par 1253 Feb26 13812 Jan 23 10134 Sept 1347g Dec
4
4
11313 134
4.1154 117 *116 117 *116 117 *116 117
Do prat
100 11212 Jan 6 118 Jan 12 11J
Jan 118 Aug
111514 117_
*1314 1312 134 1312 1312 134 131 131 1,500 Seagrave Corp
No par 13 Jan 22 14 Jan 7
•134 131
4
183 June
131 Nov
214 2157 212 21612 209 21212 9,300 Sears, Roebuck &Co
8
215 217
100 209 Feb26 2417 Jan 4 1471 Mar 2361 Dec
8
218 219
59
594 55
53
59
554 551 5614 7,300 Shattuck (F CI)
No par 53 Feb25 695 Jan 4
4018 Mar 92 Aug
8
salli 6114
b After payment of 900% stock dividend.
-rights.
Ex-50% stook dividend.
•Bid and asked prices; no sales on this day. s Ex-dividend. a Es
New York Stock Record-Continued-Page 6
1147 3
For sales during the week of stocks usually Inactive, see sixth page preceding.
-PER SHARE, NOT PER CENT.
IIlUll AND LOW SALE PRICES
Saturday,
Feb. 20.
Monday,
Feb. 22.
Tuesday,
Feb. 23.
weanesaay, Tnursaay,
Feb. 24.
Feb. 25.
,Tway.
Feb. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share $ per share 8 per share Shares. Indus. & Miseell. (Con.) Par
*44
4512 *4334 4514 *4412 45
*44
45
Shell Transport & Tradirxg_f.2
2614 265
8 2618 2614 2534 2614 2518 254 16:66 Shell Union Oil
No par
104 4 1043 *104 10412 *103 1043 *10314 10412
3
4
4
200 Do pref
100
25 8 26
3
2514 2534 244 2514 2418 25
16,300 Simms Petroleum
10
4778 5012 48
50
4914 49
4918 50
28,000 Simmons Co
No par
*10714 10918 *10714 10918 *10714 10818 1075 1075
8
100 Preferred
8
100
24
247
8 234 2412 233 2414 2314 24 125,300 Sinclair Cons Oil Corp_No par
4
94 8 95
7
9478 947
8 9414 9414 9338 94
1,100 Do pref
100
3038 3114 3018 305
8 30
3012 295 30
8
11,300 Skelly Oil Co
25
1263 1263 *123 125
4
4
117 122
117 120
4,100 Sloss-Sheffield Steel & Iron 100
128 130 *124 129
126 12618 11612 120
1.100 South Porto Rico Sugar_ _ _100
*11714 11914 *11714 11914 *117 11914 *117 11914
____
Preferred
100
•17
1712 *1512 1712 *1512 17
*154 164
Spear & Co
No par
*81
83
*8111 82
8112 80
81
80
-4015 Do pref
100
28
2812 275 2812 ,
8
29
28
28
29
6,000 Spicer Mfg Co
No pa
"101 1053 *10138 1053 *1013 1053 *101 105
4
4
4
8
Do pref
__ __
100
62
6438 617 6318 613 627
8
4
8 6014 6112 27,700 Standard Gas & El Co_No pa
5718 5712 *5714 5712 5714 5714 '5614 5714
700
Preferred
50
8112 8112 793 80
4
76
783
4 7712 7812 2,100 Standard Milling
100
*86
90
*86
90
*86
90
*86
90
Do pre!
100
5714 583
4 567 573
8
4 5614 574 5514 5638 29.300 Standard Oil of California_ 2
44
4414 4318 4418 423 43 8 4214 43
4
3
58,400 Standard 011 of New Jersey 25
11818 11838 11818 11818 211614 1165 1165 1163
8
8
4 2,600 Do pref non-voting _ _ _ _10
814 814
814 814
814 814
8
2,800 Stand Plate Glass Co__No pa
8
8114 8114 *8138 82
8114 8112 81
81
1,300 Sterling Products
No pa
8414 8612 84
844 8312 84 4 8238 8338 11,500 Stewart
3
-Warn Sp Corp_No pa
7212 73 '7212 73
7212 74
7212 721
900 Stromberg Carburetor_No pa
58 8 6138 5958 613
7
8 5934 6118 58
6014 152,000 Studebl•Corp(The) newNo pa
11412 119 *120 12214 "120 12214 *118 123
200 Do pref
100
3
3
3
3
3
318
3
3 14 5,400 Submarine Boat
No par
*3734 383
8 374 373 z367 367
4
8
8 363 37
8
1,100 Sun Oil
No pa
3
318
27
8 3
23
4 3
23
4 24 4,000 Superior Oil
No pa
'24
25
*24
25
24
24
2318 2318
200 Superior Steel
100
•11
12
81114 1112 11
11
*10
11
100 Sweets Co of America
50
*1238 1212 1214 123
8 1214 1214 11
1214 3,100 Symington temp ctfs__No pa
1913 1934 1912 193
4 1912 1913 193 1912 1,200 Class A temp Ws_ _ _ _No pa
8
•13
4 13
133
13
*1212 131 *1212 1312
100 Telautograph Corp._ _..No pa
1458 1478
1412 147
8 1412 143 2137 145 10,000 Tenn Copp & C
4
8
8
No pa
513 523
2 5112 52
4
5143 52
514 5218 21,000 Texas Company (The)____ 2
1374 13912 136 1374 1364 1373 13412 138
4
26,200 Texas Gulf Sulphur
10
1514 153
4 144 1514 1412 153
4
1418 144 14,300 Texas Pacific Coal & Oil.
10
610 610 '580 650 *580 650 "580 650
35 Texas Pacific Land Trust_100
327 3312 *32
8
323
4 311z 3112 3034 3138 2,400 The Fair
No par
364 38
3612 374 3612 37
3618 3612 22,700 Tidewater 011
100
9912 1004 99 100
98
99
3,000 Preferred
973 98
4
100
5218 5312 5212 5312 524 53
8
513 525 12,700 Timken Roller Bearing_No par
8
107 11038 1063 10912 1063 109'z 1054 108
4
63,800 Tobacco Products Corp_.i00
4
11112 11258 11114 112
111 1124 111 11173 4,900 Do Class A
100
4
4 18
38 4
7
37
8 34
33
4 37 17,800 TranscT1011temetfnew No par
8
*2412 2614 2413 2614 *2414 2612 '2412 2614
_ Transue dc Williams St'l No par
6014 62 8 593 60
4
7
59
4 58
593
25
593
4 8,700 Underwood Typewriter
52
55 4 55
3
564 55
5614 55
.
5814 14,500 Union Bag & Paper Corp_ 100
4218 4378 4158 425
8
8 415 4212 4118 42
37,300 Union 011, California
25
*8918 90
8918 8918 88
86
100
8814 85
2,100 Union Tan_ Car
Stock
11414 11478 1133 1133 1133 1133 1133 1133
4
4
4
100
4
4
700 Do pref
4
2858 2912 2858 2918 283 29
4
No par
283 294 13,800 United Alloy Steel
4
Exchange
9334 963
8 934 95 4 9414 964 9212 9514 60,200 United Cigar Stores
3
25
*116 118 *11612
__ '11612
_ •11612
Preferred
100
_
Closed;
15412 157
152 15512 15312 155
-- _150 155
- 100
8,200 United Drug
5738 574 573 573
8
8 573 5752 574 574 1,000 Do 1st pref
8
50
Washing12
12 '10
123 •10
8
125 '10
8
12
100
100 United Dyewood
27612 280
272 27612 27314 276
278 279
2.300 United Fruit
100
ton's
.3212 35
"3212 35
"3212 35
3312 3312
100
200 United Paperboard
"93
94
'92
94
*92
94 '92
94
___ Universal Pictures 1st pfd 100
Birthday
245 2614 2412 25
8
2412 25
24
244 17.900 Universal Pipe & Rad_ _No par
743 7612 *741z 75 '74
4
73 3 75
7
7478 7114 72
100
3,500 Do pref
197 201
199 200
195 197
19214 197
190 195
8.700 US Cast Iron Pipe & Fdy_100
103 103 '10234 10312 *10212 10312 10314 10311
"103 105
100
500 Do pref
5612 57
543 565
4
8 54
554 5014 544 4914 517 14,100 US Distrib Corp tern ctf No par
8
*15012 _ _ *15012 _ _ *15012
.
•15012,
Do pref
100
55 5512 551
554 534 - -12 53 - - 7
54
53 8 5312 - 534
3;i6O US Hoff Mach Corp v tc No par
5412 5812 54 4 57
5814 58'z
3
5612 5714 56
574 15,700 U S Industrial Alcohol_ .
_ _100
102 102
8
1027 1027
1027 1027 "102 10218 '102 10278
8
8
100
300 Do pref
63
63
624 63
6212 63 8 61
5
62
58
614
8,200 USRealty&Improv't newno pa
7714 79
7714 783
7812 7953
4 7614 793
3 7514 771, 94,100 United States Rubber
100
10634 107
*10714 108
1063 1063 10612 1063 106 106
4
4
4
1,400 Do 1s1 pref
100
46
46 8 4512 47
5
4672 46s
4512 4618 45
50
451
: 2.900 US Smelting, Ref dr Min
"4812 493 *4812 494 *4812 49 2 4812
4
*4912 50
3
100 Do pre:
484
50
12778 130
12912 129's
12734 1284 12712 1283 212334 1261 182,200 United States Steel Corp_ _100
4
,
126 12614 126 12614 126 12614 125
12618 1265,3
5 126
8
3,200 Do pref
100
"62
6512 6112 6112 *61
651
*64
6511
6512 '61
No pa
100 U 8 Tobacco
"114
.*114
•114
_ *114
. 11418 1141,
100 Preferred
100
*100 icii goo foil goo itii goo 105
"100 kW
Utah Copper
1
3578 364 3534 363
3534 354
8 35
353
4 3418 35
8:4645 Utilities Pow & Lt A__ _No pa
51
32
325
8 30
3218
32
315
8 3014 3114 31
314
5,800 Vanadium Corp
No pa
*21
23
23
"21
*21
23
*22
23
*1514
Van Raalte
No pa
no 75 *70 75 .70 75 •70 23
*70
75
75
Do 1st pref
100
13
8 14
112 112
112 112 •114
112
4 11
,
"tioO Virginia-Caro Chem _ _ _No par
2212 233
8 224 227
225 2338
8 22
8
2212 2018 22
8.700 New
par
*114 13
4 138 132 *114
•138 158
*114
200 Certificates
N par
No loo
no 1122 *1024 11 *1014 112 *1014 DI
•ioi2 1112
Do pref
*10 1112 *1034 11 *1014 11 *1014 11
. 4 1114
10
11
Pref ctfs
No par
•114 134
4.1
134 *114 112 *114 112 *114 11
111
Do "B"
No par
63 4 63 4 6314 65
3
3
644 6512
6314 6378 60
63
1,500
pref w I
9714 9738 9718 9718 974 973
974 9714
8 9512 9671
1,700
pref w I
100
•44
50 '44
50
50
"44
*44
50
"44
50
Virginia Iron Coal & Coke_100
30 8 3114 3018 304 3018 3014 291z 301,
3
3012 3058
7.666 Vivaudou (V) new
No par
19
1938 •1834 19
my 1912
19
19
1814 188
2,700 Waldorf System
No par
2112 2158 2114 2138 2112 2112
*2114 2112
2014 211,
2,200 Walworth & Co
No par
170 170
170 170 '170 172
*170 175
170 170
400 Ward Ba_ing Class A_ _No par
3
3
634 65464 65 8 63 4 644 6414 6512 63 8 647 58.400 Class B
5
No par
•10912 110
10912 10912 10912 10912 10912 10912
151094 110
600 Preferred (100)
No
153 1614
4
1553 16
1512 1512 1518 151 2 3,400 Warner Bros Pictures A. _l r
16
16
1 paCI
._o
49
49
*48
49
*4778 4812 465 47
4914 494
8
600 Warren Bros
par
6412 644 6412 65
595 6418 61
8
61
*6412 67
2,600 Weber & Hellbr, new_c No
N
1444 14414 142 14318 141 1425 1393 140
8
14414 14414
4
3
2,500 Western Union Telegraph.100
119 121
11812 121
11718 11912 11614 118
120
120
5,600 Westinghouse Air Brake_ _ _ 50
744 753
4 74
747
8 733 743
7538 7534
4
8 724 73
3 23,000 Westinghouse Else & Mfg_ 50
18
1814
1712 175
8 18
1814 1712 173
184 1814
2,800 West Elm Instrument
3131 3118 3118 3112 3118 3118 *3112 311
18
304
2 1,800 Class A
•125 150 *125 150 *125 150 *125 150
•125 ---West Penn Co
No par
____ ___
Certificates
•100 103
1004 10018 •100 103
100 100
100 100
"Ea Do 7% pf tern et! new_100
*95
963
4 95 95
953 953 '95
9512 9512
4
4
9612
600 West Penn Electric A __No par
•100 101
100 100
"99 100 '99 100
200 Preferred
*100 101
100
109 109 "10912 110 *108 110 *108 110
100 West Penn Power pref _ _ _100
"109 11012
2814 2812 28
283
8 28
284 274 28
2,200 White Eagle Oil
2812 2812
No par
8414 8518 8312 845
8 8212 8414 80
821 21,400 White Motor
845 8512
8
50
*357 36
8
35
3512 3518 3518 35
3512 1,200 White RR, NI & S ctts_No par
36
364
25
8 28
5
2 8 25
5
8
24 2 8
5
212 25
2,000 Wickwire Spencer Steel ett___
8 24
"25
3014 31
2918 305
8 295 3014 273 2918 121.400 Willys-Overland (The)
8
8
3012 31
5
977g 9812 9712 9818 974 974 97
9718 3,800 Do pref
9818 984
100
*434 6
*5
6
'5
5
*512 6
10 Wilson & Co, Inc
*43
4 6
No par
•17
20
"17
20
"17
20
*17
20
•17
Do pref
20
100
198 202
196 19912 19518 19914 194 197
20.50 Woolworth Co (F W)
8
2023 20212
25
39
39
38 8 393
5
4 38
3812 3712 38
2,300 Worthington P & M
3812 3812
100
*77
78
*77
80 '77
80
"77
80
Do prof A
*77
80
100
64
"63
64
65 '63
65
63
63
-550 Do pref B
1
64
•63
3012 3118 3018 3012 293 3012 2912 3018 6,30 Wright Aeronautical__.No 100
4
313
8
31
par
*543 5452 *543 5438 5418 5414 5414 5414
8
8
50 Wrigley(Wm Jr)
543 5412
8
No par
4,6112 64
*613 64
4
*6212 64
"6212 64
Yale & Towne
64
*63
25
314 3012 313
31
8 3012 3118 293 301 11- 266 Yellow Truck & Coach_
4
314 3178
.
100
9514 9514 9514 951
9512 9614 9612 961
1,61)0 Preferred
*9514 9512
100
804 803
8014 82
4 79
8012 7614 781
6,000 Youngstown Sheet & T No par
al& 823
s
•Did and sulked Prices DO Sales on this day. x Ex-dividend. a Ex-righ,a.
$ per share
*4412 4572
2614 2633
*104 105
26
26
5058 51
*10714 10918
2414 245
8
947 95
3
31
31
•123 127
129 129
:
011714 11914
17:2
"7
83
*81
284 2812
"103 1053
4
6212 63
574 5738
814
80
90
*86
574 58
4414 4412
1173 11814
4
8
8 18
814 8158
4
843 85
73
73
583 5958
4
4
*1133 12214
3
3
4 3712 3814
,
"3
318
25
*24
12
*11
1214 1214
4
,1912 20
1312
•13
4
143 15
5214
52
1355 1404
8
155 16
8
580 650
3112 3314
375 3814
6
101 10138
5312 54
10814 10912
112 113
4
4
*2412 2614
63
6314
5112 52
43
4338
"8918 91
•11414 11478
287 2912
8
933 9638
4
*1163 118
4
*157 159
573 573
8
3
12
•10
281 284
*3214 35
94
"92
25
52 27
PER SHARE
Range Since Jan. 1 1926.
-share lots
On basis of 100
Lowest
Highest
Per share
455' Feb 4
2518 Feb26
10312 Jan 30
233 Jan 20
4
477 Feb 23
8
10714 Jan 29
2012 Jan 20
91 Jan 5
294 Jan 19
117 Feb 25
1084 Jan 2
113 Jan 8
15 Jan 5
80 Feb26
25 Jan 19
101 Jan 12
553 Jan 2
4
5412 Jan 5
76 Feb 25
85 Jan 15
5512 Jan 20
4214 Feb26
11614 Feb 25
634 Jan 2
8014 Jan 22
8218 Feb 15
7212 Feb 23
5514 Jan 16
11412 Feb 23
3 Jan 13
3643 Feb26
23 Feb 25
4
2318 Feb26
11 Feb 25
11 Feb 2e
194 Feb 15
13 Feb 24
133 Jan 16
8
503 Jan 20
4
11912 Jan 12
1418 Feb26
610 Feb 23
3014 Feb 8
3414 Jan 12
97 Feb 15
513 Feb26
8
953 Feb 16
4
1063 Feb 16
4
33 Feb26
4
26 Feb 19
56 Jan 2
50 Feb 19
3714 Jan 20
85 Feb25
1133 Feb 24
4
2512 Jan 21
834 Feb 4
117 Jan 11
150 Feb26
56 Jan 6
1014 Feb 8
236 Jan 7
3112 Jan 6
93 Feb 1
2012 Jan 27
70 Jan 26
188 Jan 20
100 8 Jan 5
3
4914 Feb26
PER SHARE
Range for PreotouS
Year 1925.
$ per share
4852 Jan 4
2812 Jan 4
10612 Jan 25
285 Jan 2
8
5412 Jan 4
109 Jan 14
247 Feb 23
8
95 Jan 29
327 Jan 25
g
13612 Jan 4
14712 Feb 2
11718 Feb 8
173 Feb 19
4
8212 Jan 13
313 Feb 5
8
10112 Jan 18
69 Feb 8
575 Feb 91
8
9212 Feb 4
90 Feb 5
6214 Jan 2
463 Jan 2
8
1183 Feb 23
8
107 Feb 10
2
8812 Jan 7
92 8 Jan 2
7
7714 Jan 4
613 Feb 23
8
121 Feb I
3 Feb I
54
415 Jan 4
8
414 Jan 8
2534 Jan 12
13 Jan 7
1412 Jan 4
207 Feb 4
8
147 Jan 19
8
16 Feb 5
544 Jan 2
1424 Feb 19
1912 Jan 7
785 Jan 13
34 Jan 14
3914 Jan 25
103 Jan 25
5612 Feb 10
1103 Feb 23
8
113 Feb 20
434 Jan 4
27 Jan 28
633 Jan 7
4
714 Jan 5
46 Feb 5
94 Jan 15
11612 Feb 8
2912 Feb 20
977 Jan 5
8
121 Jan 21
167 Feb 4
574 Feb 25
12 Jan 11
297 Feb 16
3614 Feb 10
95 Jan 6
285 Jan 5
4
7812 Jan 5
21014 Jan 4
104 Feb 2
6112 Feb 13
Lowest
Highut
5 Per share $ per share
3912 Sept 49 Dec
215 Aug 2812 Dec
8
9912 Jan 10614 Nov
173 Sept 263 Jan
4
4
3114 Mar 545 Nov
8
10018 Jan 10618 Des
17
Jan 247 Feb
8
783 Jan 9418 Feb
4
213 Mar 3212 Nov
4
8014 Mar 14312 Dec
62 Jan 10918 Dee
4
995 Jan 1134 Dee
1312 Dec 24 May
784 Dec 92 May
1512 Feb 364 Sept
92 Apr 108 July
4014 Jan 61
Oct
5012 Mar 5612 Nov
62 May 88 Dec
Jan 863 Dee
81
4
514 Aug 674 Feb
474 Feb
383 Ma
8
11614 July 119 Feb
558 Aug
Jan
16
624 Mar 82 Dee
55 Ma
9612 Dec
61 Mar 895 Oct
8
4114 Jan 685 Nov
8
112 Mar 125 Sept
3
Oct 12 Mar
3818 Nov 434 Nov
2 Dec
618 Feb
20 May 4138 Jan
57 Ma
8
1512 Oct
1012 Jan 2078 Sept
1934 Dec 2618 Sept
11 Aug 164 Nov
75 Apr 16 Deo
8
423 Jan 55 Deo
4
974 Fe
8
1217 Dec
107 Aug 233 Feb
8
8
255 Apr 657 Des
3214 Sept 394 Oct
3014 Sept 3678 Dec
99 Nov 101
Oct
373 Mar 593 Oct
4
8
70
Jan 1013 Nov
4
031s Jan 1103 Nov
8
312 Sept
54 May
2412 Sept 35 Jan
384 Mar 6514 Nov
Apr 86
36
Oct
33
Oct434 Feb
94 Dec 134 June
1134 June 1171s May
24 May 367 Mar
8
6014 Jan 1154 Nov
115 Dec 1334 Dec
1107 Feb 16212 Oct
6
52
Jan 5818 Nov.
9 Dec 20 Mar
2047 Mar 248 Sept
8
1814 Apr 334 Dec
947 Dec 10312 Gel
8
26 Dec 507 Feb
g
65 July 94 Feb
1314 AD 250 Feb
91 July 113 Aug
304 Feb 6314 Dec
130 Mar 250 Dec
457 Jan 2 5938 Feb 4
8
23
Jan 4918 Oct
5412 Feb 23 75 Jan 13
12
7014 Dec 98
Oct
1014 Jan 18 10434 Jan 13 102 Dec 115 June
58 Feb 26 717 Jan 4
8
7514 Feb 26 8814 Jan 23 --- -12
3
3
-V712 Nov
106 Feb26 109 Jan 19
924 Ma 1087 Nov
8
45 Feb26 4978 Jan 2
Feb 51 Doe
30
4818 Jan 12 50 Jan 4
44
Apr 494 Dec
1233 Feb 26 13812 Jan 4 1123 Mar 13914 Nov
4
8
1253 Jan 29 12718 Jan 28 12218 May 138 Nov
8
564 Jan 4 63 Feb 19
6112 Mar 594 Nov
113 Jan 12 11418 Feb26 1055 Apr 114 Sept
8
98 Jan 28 105 Feb 11
82 Mar 111 Nov
324 Feb 8 37 Feb 15
34 Aug 38 Aug
30 Feb 24 323 Feb 16
4
254 May 343 July
4
20 Jan 4 22 Feb 8
1514 Aug 267 Nov
8
70 Jan 13 75 Feb 11
Apr 80 Nov
60
38 Feb 26
17 Jan 15
2
112 Sep
104 July
1938 Jan 2 254 Feb 3
177 Dec 2174 Dee
8
14 Jan 4
15 Feb 1S
78 Dec
8
5 July
10 Jan 30 11 Feb 3
812 Jan 2312 J5117
94 Jan 2 1112 Jan 7
4 Mar 20 Nov
8
15 Jan 8
13 Jan 15
8
44 July
7 Aug
8
564 Nov 637 Dec
60 Feb26 69 Jan 4
8
9512 Feb26 981s Jan 6
924 Nov 954 Dee
41 Jan 12 4312 Feb 19
30 June 46 Dec
2712 Jan 23 325 Feb 10
8
4
74 Jan 283 Deo
1412 Aug
17 Jan 12 197 Feb 11
8
197 Jan
8
2014 Feb2623 Jan 4
2114 Dec 2414 Dee
163 Feb 11 195 Jan 2 116 AD 198 Dec
55 Feb IC 853 Feb 1
374 Ma
8
9512 Oct
108 Feb 10 1104 Jan 15
9412 Feb 112 Dec
123 Jan 21
8
1714 Dec
1838 Jan 6
27 Oct
8
4514 Jan 20 5018 Feb 18
43 Jun
Olz July
595 Feb 25 8512 Jan 13
8
51
Apr 10012 Dec
1344 Jan 11 1474 Feb 4 11614 Jan 14478 Sept
116 Jan 21 12814 Feb 9
97 AD 144 Aug
72 Jan 22 794 Feb 10
6614 Ma
Jan
84
1512 Jan 21 19 Feb 16
914 Apr 2012 Aug
2714 Jan 4 3112 Feb 24
195 Mar 287 Dec
8
8
123 Jan 11 130 Jan 27
974 Sept 145 May
1224 Jan 13 12414 Jan 5 107
Oct 1255 Dec
8
9612 Jan 8 1004 Feb 24
94 Apr 100 July
884 Jan 6 97 Feb 11
9612 Jan 8 10018 Feb 19
10814 Feb 10 112 Jan 16 icTi" Jan
July
2614 Jan 22 294 Feb 10
2512 Aug 313 Feb
4
783 Jan 20 99 Feb 11
4
5718 Mar 10412 Aug
345 Jan 23 384 Feb 3
8
3312 Dec 493 Aug
8
212 Jan 28
3 8 Jan 6
3
2 Dec
538 May
2738 Feb26 34 Jan 4
91s Jan 3478 Nov
9118 Jan 19 99 Feb 4
7214 Jan 1237 Dec
8
458 Jan 4
512 Feb 10
458 Dec 133 Mar
4
17 Jan 7 1718 Feb 2
17 Sept 60 Mar
191 Feb 26 222 Jan 4 1124 Jan 220
Oct
3718 Jan 22 444 Jan 6
3514 Aug 793 Jan
8
77 Jan 7 80 Feb 2
76 Nov 88
Jan
60 Jan 6 65 Feb 24
4
58 Aug 763 Feb.
2614 Feb 4 33 Feb 18
16 Mar 323 July
8
54 Jan 11 693 Feb 11
4
4512 Mar 5714 Oct
624 Jan 11 644 Jan 5
62 Sept 7014 July
2814 Jan 22 327 Feb 9
8
227 Oct 4034 Oct
8
934 Jan 2 961z Feb26
Oct
Oct 100
90
7614 Feb 26 897 Jan 4
8
63 Mar 9212 Nov
1)7,7-
1148
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. I 1909 the &Osame method of quoting Pond. was cnanged and prim. are now "and interesi"-excern far OWOMe Owl aslant:eel bonds
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 28.
11
Pries
Friday.
Feb. 26.
Week's
Range or
Last Sale
13
R
4:1,
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 26.
z
Price
Friday,
Feb. 26.
Rama
Since
Jan. I
Week's
Range or
L491 Sale
Bid
High NO.
,Ask Low
High
High No. Low
Ask Zang
IBUJ
I
U. S. Government.
1094 33
Netherlands Os (fiat prices)..1972 M S 10912 Sale 10914
First Liberty Loan
57
104
226 99111n 101
-year external es (fiat) 1954 A 0 1035 Sale 10314
30
Bale 10025n101
s
1.11 0'101
334% of 1932-1947
4
4
101% 1015
'
944 Panama (Rep) 5448 tr rcts-1953 A 0 11040158
00
100
4
/
.1 D 100 101114 100 Feb'26
Cony 4% of 1932-47
Sale 1034 1044 16
4
4
/
69 10111 021113 Peru (Rep of) external Els__ _1944
102542
• D 1013941 Sale 102
Cony 4 g% of 1932-47
6
4
685
4
101.48 011544 Poland (Rep of) gold 65____1940 AO 883 Bale 6812
D.1011/42102 1011542.1an'26
J
% of 1932-47
20 cony
286
91
Ext'l s f g Be interim recta 1950 J J 90% Sale 8912
Second Liberty Loan
1 00
2
6
10012
4
4 99111. 0010, Porto Alegre (City of) 8s___1961 J D 1003 108 10012
100153
Sale 100
N1
30
4e of 1927-1942
11314 70
Queensland (State) ext 9 f 76_1941 A 0 11212 Sale 112
N 1001442 Bale 100542100373 602 100112, 101
Cony 434% of 1927-1942
8
F A 10512 1053 10518
10514
4
25
-year 68
Third Liberty Loan
1
100% 25
1 947 A 0 10034 Sale 100%
948
101142 Sale Mau 101534 474 1001151 01344 Rio Grande do Sul 88
M S
414% of 1928
92
101
Rio de Janeiro 25-yr a f 85...1948 A 0 10014 Bale 10014
Fourth Liberty Loan
101% 65
25-yr ext.! 8s
1947 A 0 101 Sale 10014
IA 0 1021242 Bale 10215381021142 677! 0111as 02"13
4)i% of 1933-1938
,
1
/
N 1043 105 104% 10514
4
5
1947-1952 A 0 1075541 Sale 10721421071544 100 101139, 084 Rotterdam (City) extl 88_1964
Treasury 4348
52 1021%1147w El Salvador (Rep) 88
10614 36
104542 Sale 104542 104544
1948 J J 10512 Sale 105%
1944-19542
Treasury 4s
103
10312 13
1952
Sao Paulo (City) s f 8e
State and City Securities.
53
100 101
1N4 J
2 N 1014 Sa e 1033
4
105
le
Bal
San Paulo (State) ext s f 88._1936
-434s Corp stock_1960 M 8 1004 1005 1004 Feb'26
NY City
10012 tolls
1034 31
8
External 8 f 88 int rects 1950 J J .103 Sale 1034
1984 M S 1007 ---- 10118 Feb'26
434a Corporate stock
1
/
71
10012 1014 Seine (France) extl 75
90
8
8
1942 J J 894 Sale 8914
1986 A 0 1007 -___ 1015 Feb'26
412s Corporate stock
1014 Serbs, Croats dr Slovenes 811_1962
,
100 4
N 9314 Sale 9314
_ _ 1014 Jan'26
3
93 4 55
1972 A 0
434s Corporate stock
10511 1054 Solssons(City) 68
7
8314
8314
5
105 4 106 8
1936
19712 D 101- -3 10512 Jan'26
434s Corporate stock
8
M N 054 9412
10512
105 10515 Sweden 20-year es
4
5
1939 .1 D 184 Sa1e 10514
Cie Corporate stock _July 1967 J 2 105 8 1057 10518 Jan'26
5
104 4 10512
103% 99
3 105 8
External loan 5348
1954 M N 10214 Sale 10218
19652 D 10514 105 1053 Jan'26
3
4448 Corporate stock
108
10412 105% Swiss Confed'n 20-yr•f 85..1940
11878 32
4
1 1164 Sale 165
Feb'26
4
3
1963 M 8 1054
444s Corporate stock
4 40
1033
4
973 9811 Switzerland Govt ext 5146._1946 A 0 10312 Sale 0318
9812 9818 Feb'26
19.59 M N 98
4% Corporate stock
98
7012 28
Ul
984 98 Feb'26
Tokyo City 55 loan of 1912..1952 M S 7014 Sale 8814
1958 MN 98
Corporate stock
4%
2
2 100 10012 001
4
98 98
10011
9812 98 Feb'26
Trondhjem (City) extl 6)48_1944
1957 M N 98
4% Corporate stock
1
/
3 1094 12
Dec'25
Uruguay (Republic) ext 88._1946 F A 109% Sale 055
19.58 M N 9714
4% Corporate stock
18
r12 Oct'25
9814
1945 A 0 108 Sale 0712 108
1
Zurich (City of) a f 88
4% Corporate stock
1955 M N
- 11- - 511;i 4 1044
8
A
1stle
Ra lroon d 88....1943
4
1957 MN 1047 10512 1043 Jan'26
434% Corporate stock
1
JO 1017 10212 01%
101%
8
4
1043 111512 Ala Gt Sou
8
cons
44% Corporate stock1957 M N ---- 10539 1053 Feb'26
Feb'26
01
4
1
/ Ala Mid 1st guar gold 5e
88
4
873
1928 MN 100% 102
4
325% Corporate stk.May 1954 M N 8814 ____ 883 Jan'26
1
85
85
8
4 Alb & Sus(' cony 3)45
1
/
884 88
1946 A 0 845 86
334% Corporate stk_Nov 1954 M N 8814 ---- 8834 Jan'26
Oct'25
84
5
1
/
1014 1019 Alleg & West 1st g 48 gu
199e A0 82-.
Jan'26
New York State Canal Im_451961 J J
2
94
93
9312 94
1942 M
Alleg Val gen guar g 48
---- 10118 Mar'25
19422 J
48 Canal
2
7812
4
7812
1101- 11014 Ann Arbor 1st g 4s
July 1995 Q J 7812 79
11014 Jan'26
19642 J
impt
4345 Canal
A0 904 Bale 9012
8 72
913
Ateh Top & S Fe
-Gen g 411-1995
102% JulY'95
es Highway impt register'd1958
2
40 89 4 Sale 89%
894
5
Registered
10812 Oct'25
Highway Improv't 434s_.1963 M S
4
Adjustment gold 413._July 1995 Nov 8514 8512 853 Feb'26
.
1991.2 J 6414 ---- 764 Feb 25
Virginia 2-344
2
8612
-1
July 1995 MN 8612 Sale 86
Stamped
Foreig n.Go yernment.
MN 82's-.
10214
8314 Jan'26
Registered
4
/
Argentine (Nat Govt of) 78_1927 F A 1002 Sale 1011 101/
4 36 101h
3
87
8
- 865
99
96
Cony gold 48 1909
1955 J D 864 87
201
4
1
/
4
1
/
99
f 68 of June 1925 temp 1959 J D 98 Sale 98
12
87
95% 99
1955 J D 87 Sale 8614
Cony 4e 1905
200
1
/
99
Esti sf68 of Oct'25 temp 1959 A 0 984 Sale 9812
D 84
2
85%
4
964 993
4
8614 857
1981
Cony g 48 issue of 1910
126
984 Sale 9812
9918
1957 I M S
Sinking fund 6a Ser A
B 9912 9934 993
5
4
993
4
East Okla Div let g 45..._1928
95% 99
81
4
99
External Os Series B__Dec 19582 D 983 Sale 9812
s
863 88
5
8712
8712
1985 J J 8712 90
Rocky Mtn Div let 48
13
8714 Sale 8714
88
M
Argentine Treasury 56
J 89
9518 98
8912 Feb'26
90
Trans-Con Short L let 46.195e
k
977 144 lima 1023
Australia 30-yr 5s__ July 15 1955 J J 975 Sale 97%
4
95% Feb'26
95%
Cal-Ariz let & ref 414.3 A_1962 M
1943 J D 101 12 Sale 10112 10212 87
Austrian (Govt) s f 75
I
9114
9114
4
,
34 109 8 11114 Ati Knox / & CM Div 4s_ _1955 MN
D 11012 Sale 11014
11114
Belgium 25-yr eats f 7148 g_1945 J
103 Dec'25
,
"
108 11 Atl Knox / & Nor 1st g 55_1948 J O 10239
28 107
20
1941 F A 10714 Sale 10712 108
-years f 88
9718 Feb'26
964
, AtI & Charl A List A 4348..1944 J
3
4
1949 M S 9414 Sale 935
-year ext 6)in
25
8
945 100, 92 4 95
3
103
1944 J J 103 Sale 103
1st 30
-year 58 Series B
3
4 '
19552 J 8712 Sale 87%
Exti a f 65 inter rcts
873 217, 853 87 4
954 973 Atlantic Clty let cons 48
1951 ii 854 _ 8512 July'25 - Eat! a f 75 inter ctfs
1955 .1 D 9712 Sale 97
97% 160
7
9312
93 Sale 93
Atl Coast Line 1st cone 413_81952 M
14 11314 115
1945 M N 114 Sale 114
Bergen (Norway) e f 8.8
11439
88 10012
35
106
-year secured 7s
10
1930 MN 106 Sale 10534
25-year sinking fund 6e:_1949 A 0 9914 10012 10012 Feb'26
1
96
4
4
50 b74
8
1904 J D 953 9618 96
General unified '4148
1950 A 0 87'. Sale 8714
Berlin (Germany) 640
8754 97,
2
93
L & N coll gold 4s____Oct 1952 MN 93 Sale 9214
15 107 105
1945 M N 10712 Sale 0712
10712
Berne (City of) s f 8e
13.23, 100
78 12 25
1948 ii 78 Sale 78
,
Atl & Dant 1st g 48
100
Bogota (City) ext'l s f 85_1945 A 0 9914 Bale 9914
961 wits
,
1
6914
6014
1941- ii 684 69
2d 48
1947 M N 10018 Sale 100
100% 81
Bolivia (Republic of) 8s
4
783 18 Feb'26
1949 A0 78
104 Atl & Tad let g guar 4s
8212 e'
Bordeaux (City of) I5-yr 63.1934 MN 8614 Sale 854
864
J J 10018 101 10012
8
100 104
10012 15
A & N W 1st gu g 5e
4
1941 J D 1035 Sale 10284 1037
4
Brazil U 8, external 8s
7
4 53
913
94 1
Balt & Ohio let g 45___July 194e * 0 91% Bale 93 8
8915 94
85
7
93
1952 J D 92 8 Bale 9212
7s (Central RY)
Q J 873 _ _ _ 8912 Jan'26
4
Registered
197
9, 10512 , ,
107
7401(coffee secur) L (flat) 1952 A 0 107 Sale 106
9714 all.,
M
95% 144
95% Sale 95
-year cony 414i)
10
9 100 i00,1
8
1004
Buenos Aires (City) extl 614519552 J 1003 Sale 993
953 109
4
Refund & gen 5.8 Seriee A 19 J o 953 Sale 9512
jaly_ 193
1
99
6
10018
Canada (Dominion of) g 58_1928 A 0 100 10018 100
4 39
1033
1948 40 10314 Sale l034
let g 5e Int etre
2
.
)
8 bOl5g !! ,
8
1017
1931 A 0 10118 102 1017
56
J 103 Sale 103
10314 60
112
10-year 68
1921!
10238 63 102% 1114
1929 F A 10218 Bale 102
10-year 5%8
10
4 84
Ref & gen 88 Ser C temp 1995 JO 105% Sale 10512 1063
9
2
1952 M N 103 Sale 10214 103 4 31
9
Se
8
9118
4
PLE&W Va Bye ref 48_1941 MN 903 9114 90%
10278 15
19542 2 10212 10314 lO27s
Carlsbad (City) s f 85
2 994 Sale 9834
994 185
00
9
0
Southw Div 1st 56
1951
6 107: 111.4::
_1941 F A 10814 Sale 10814 109
Chile (Republic) extl s f 88_
774 36
Tol &
"
Div let ref 48 A-1959 J J 77% Sale 77%
1 102 11 34
External 5-year a f 8s___ _1926 A 0 10112 Sale 0112 1014
J o 6114
1
6214
6214
Battle Cr & Blur let gu 35..1989
. 35
1942 M N 1004 Sale lOOss 1012
-year extl 78
20
22 935 5
94
04
9
, Beech Creek 1st gu g
4 95
4
1946 M N 1083 109 lOSlz 1084 14 108 19
-year sf88
25
Jo 92
4
903 Nov'25
948 ,
t,
/
95
Registered
132
98
Chile Mtge Bk 6545 June 30'1957 J D 9712 Sale 97
454 '`.. Beech Cr Ext 1st g 3145____ 1954 * 0 80
8
__ 774 Dec'25 _4
19 1
487
8 23
Chinese (Hukuang Hy) 55_19512 D 4512 Sale 4512
S D 804 -:_ 9018
112
2
9018
'
11211 15 1103, 101 2 Big Sandy 1st 4.3
1945;A 0 11212 Sale 110
Christiana (Oslo) s f 844
99
B & N V Air Line let 451955 FA 7512 /6
2
7612
7612
Feb'26
100 10114 101
1954'
-year s f es
30
987, 11)
.• 1 93% 95
Brune & W let gu gold 551199537h
9312 Jan'28
26 10
3
4
1955 MN 994 Sale 99 4 1003
0 19919
-year s f es
30
, B_ 1937 MS 10112 102
R & P gen gold48.ufalo
0214 Feb'26
8
8
Colombia(Republic)8 ga_ _ _1927 AO 100 1003 100
10012
MN 8854 Sale 884
3
98 5 1U"
C011130i 4)0
4 29
897
9912 42
-year s f 5gs_1944 22 98% Sale 9812
Copenhagen 25
MN
8714 Feb'26
88
54
9 / 119
Registered
13
99
1942 J J 9712 Sale 9712
Cordoba (Proy) Argen 7e
,
4
993 1.00 3 Burl C R & Nor let 5.3
10114 10
1934 * 0
- 0114
1
1944 MB 100 10012 10012 1004
Cuba 5s of 1904
9814 itaPa Canada Sou cons gu A 58.-1962 40 104
_ 03% Feb'28
8
99
External 58 of 1914 Bet A_1949• A 99 Sale 987
94
°'
8834 9 3 Canadian Nat 434e_Sept 15 1954 MS 93 894
3
Feb'26 _ _ 2
1949 P A 8914 903 904
4
9012
External loan 414s
8
46
99
-year gold 434s Feb 15 1930 FA 98% Sale 987
5
4 23 10034 11/4
1953 J J 10212 Sale 10212 1025
5144
Jo
7
11714
4
'
12 100% 19412 Canadian North deb s f 79._1940 Ii 115% Sale 155
4
1025
Czechoslovak (Repub of) 88.1951 AO 10218 Sale 102l
10012 102
4
11758 Sale 175
8 11739
-year 5 1 deb (3145
20
1946
10239 17
Sink fund Ss Ber B Int 018_1952 AO 102 Sale 102
P A 97 Sale 97
954
4
997
• 974 13
10-yr gold 4Ms_ _ _Feb 15 1935
127 1104 112
AO 9812 Sale 9818
1945
9914
Ext'l a f 714s Ser A
8
8214 79
Canadian Pao Ry 4% deb stock. J J 82 Bale 817
5
Danish Con Municip 134 AI946 FA 111 Sale 1018 111
934 Oct'25 8
93
1932 MB
Carb & Shaw 1st gold 45
2 110 112
110
1946 FA 1101/ Sale 110
Series B s f 8s
D 813
4
8215 Jan'26
Caro Cent let con g 4s
8
097 Oct'25
Denmark external s f 86._ _1945 AO
- -3162 4 1i031-1 Caro Clinch dc 0 1st 3-yr is_19 2 S D 10218 Sale 0215
102h
5
5
1938
10312 59 10112 103
1942 J J 16214 Sale 103
-year 65
20
J O 1075 108 1075, 108
4
1st & con g 68 Ser A
7
3
103
Con Adm sf 5558 FA 101%__ 103
Dominican Rep
3
937 99 4 Cart 24 Ad 1st gu g 45
8
1981 J O 817 Sale 817
4
8
8
817
5
31
9758 Sile 97
8
987
Custom A dminIstr 5gs_ _ _1942 M
3D
8212 824
104 1904
2
8212
10412 67 104 104 Cent Branch U P 1st g 4s-1948 J 2 80
Dutch East Indies extl es_ 1947 J 2 10414 Bale 1044
-„ Cent New Eng 1st gu 48
1961
4
715 Sale 71%. 73
_5
3
10439 38
8
1962 MS 1043 Sale 10414
-year 65
40
1930 MS 98%
8
977 Oct'25
34 1014 !,..!!',5 Central Ohio Reorg 4H5
1025
1025 Sale 1024
I
s
1953 M
P A 19414
-year extl 5245
30
-- 10312 Feb'213
10239 73 102 5.„!!:5 Central of Ga 1st gold 58__..p1945 MN
-year eta' 53.481953 MN 10214 10212 10214
30
5 .1
100 8 19'
1945
5
10318 sale
Consol gold 58
2
1035
4
4
MN 10112 __ 10318
French Repub 25-Yr extl 85-1945 MS 1023 Bale 10212 10314 156
974 9934
Registered
10154 Feb'26
3
99 4 334
20-yr external loan 7348._1941 J D 984 Sale 9814
884 91
103 Sale 1027
10
-year semi 138__June 1929 J
8
7
103
9039 208
8
1949 J o 90 Sale 897
1959A 0 104 Bale
External 75 of 1924
924
sio
Ref & gen 5Hs Ser B
104
1044 16
10
92
Finnish Mun Ln 610 A..-1954 AO 92 Sale 912
9212
90
J
Chatt Div pur money g 48_1951 ,
8712 Sale 8712
3
8712
1
92
92
4
_ _ _1954 AO 913 92
External 6g5 Series B_
3
87% 90
Mac & Nor Div 1st g 55_1946•
99 --_ 100 Dec'25
9
90
4
8
1945 MS 883 883 8854
Finland (Rep) exti 6s
1948 LI
Mobile Division 58
9612 98
101
____ 99 Dec'25
4 42 loth lOsh
973
4
4
1950 M
963 Sale 963
Externals f 75
Cent RR at 11 of Ga coil g 58_1937
98% 18
7
987 9912 98 8
AO 10214 Sale 1024
4
1023 424
German external loan 7s__1949
97
94
Central of N J gen gold 58_1987
10914 Sale 10914
4
10914
232
97
German Cent Agrie Bk 7s_1950 MS 9612 Sale 9612
41987
106
10839 1094 1083 Feb'26
Registered
4
156 10412 ,_12
106
8
01 Brit & Irel(UK et) 534 -51937 FA 104% Sale 1047
5
l
96209
- 949 2 A 905 Bale 9014
m t80 c lstgo 3 g ,
Cent Pa8uar r dgu i818_.-8119 :
45
46 117 4 159
9114
119
8
-year cony 5145
10
1929 P A 1185 Sale 11839
_
7
93 8 99,
96% 97
3
4
963
96%
17
99
1952 MN 987 Sale 9812
Greater Prague 7145
854 81'3
_
Through Bt L 1st gu 431954 A 0
Feb'26
5
87
1964 MN 868 Sale 8612
Greek Govt 7s
A 98% Sale 88
384
Guaranteed it 51
3
9912 103
4
987
4
4
984 43
1952 AO 975 Sale 975
Haiti (Republic )es
9
94 5 98
Charleston & Savannah 75_1936 J
_
116
11212 Feb'25
12
97
Hungary (Kingd of) if 7104_1944 FA 97 Bale 9654
4
992 1007 Chet & Ohio fund & impt 56_1939
5
9
192
100% 101 101
Feb'26
10014 54
Ind Bank of Japan 6% notes1927 P A 10014 Bale 100
/
1/4 5
94
10314 104 1034 1033
1st comet gold 58
5
4
1951 • 0 9412 Sale 9412
9412 702
Italy (Kingd of) ext'l 78
1939
3
83 s 417
Registered
10118 Nov'25
21
1931 J J 864 Sale 8614
Govt £ loan 4a
Japanese
86%
.
8283 9412
8 935 94
1992
General gold 4148
93% Feb'26
941 244
-year s f(igs
30
1954 P A 94 Sale 0384
8
8914
55
1992
Registered
B 884 Sale 8811
38
904 21117'25
89
Oriental Development 138_1953
822, 8614
1930 P A 983 Sale 98%
-year cony 434s
20
4
4 88
983
-year 65..1934 MN 8514 Sale 854
864 28
Lyons (City of) 15
4
1
/ 854
82
-year cony secured 514_1946 AO 1244 Sale 124
30
475
131
35
88
Marseilles (City of) 15-yr 68_1934 MN 854 Sale 854
A0
31
31
Registered
_
130 Feb'26 —
Jan'26
Irrigation 434s
1943 MN 3018 3112 31
Mexican
1940 25 98%
2994 34l
Craig Valley 1st g 55
9812 Dec'25
1943
311 Feb'26
_
Assenting 8 f 434a
J J 81
4212 457
4
Potts Creek Branch let 48_1946
85 83
Oct'25
; 70
'33 - - 4212 Feb'26
Mexico(US)extl 5s of'99 £_1945 Q
J
39% 43
5
R & A Div 1st con g 48_ _1989 J
874 Sale 874
874
384 36
4
1945
4
...13 3814 375
Assenting 50 of 1899
1989 J
4
373 404
20 consol gold 48
8414 90 8412 Feb'26
4011 Jan'26
Assenting 58 large
MS 9612 100
Warm Springs V let g 58..1941
I. Nlay'25
98% Oct'25
55 small
Assenting
Chic & Alton RR ref g 35. 1949 A0 6814 Sale 68
I, Jan'26
6814 35
59542 P 24
2454
Gold deb 48 of 1904
2312 2912
Certif dep stmpd Apr 1925 int
8
625 Nov'25
7
23
24 Sale 2 12
244 136
Assenting 4e of 1904
8
Ctf dep stpd Oct 1925 int
67%
67
67
Aug'25
234
Assenting 48 of 1904 small
_ _1950
Railway first lien
56 Sale 55
4
575 703
264 214
-3- 25% Oct'25
Assenting 4s of 1910
27 - 327k
Ctfis dep Jan '23 & sub coup.
5612 20
5412
28% 45
45 of 1910 large..,..
Assenting
2414 2912 Chic Burl & Q-III Div 3345_1949 ii R412 85% 86
_
Feb'26
2414 Sale 244
9512 75
Assenting 48 of 1910 small_
47
43
1
1949 2 .1 9218 Sale 924
Illinois Division 45
921$
10
43
Tress 68 of '31 assent (large)'33 JJ 4239 454 43
4214 47
1927 MN 994 Bale 99%
Nebraska Extension 4s
4 18
993
30
43
4214
Small
MN
96
Registered
4
983 Sept'25
3.5 1004 100
997
1952 JD 99 Sale 99
Montevideo 7s
28
1958 MS 9238 Sale 9238
General 45
93
29 INA 102
1943 P A 10112 102 10112 102
-year eat'(3s
Norway 20
102%
1971 FA 103% Sale 103% 10414
8
1st & ref 55
1944
10139 Sale 10139
1014 761 101 1024
40 51
-year external 68
20
Chic City & Conn Rya 58-1927
4
519
4
52% 511
91
10214 49
4
1952 A 0 1013 Sale 1015
4
es
-year external
30
,
95 974
07
J D 9612 Sale 9614
0
4 -Year a f 5448 temP-1965
a Option sale.
S5=t. a Due Jan, 5 Due July. 4 Due Aug. p Due Nov.
652
551
58291
boil: um
9544
211- 4
J--i
Low
High
108 1094
10314 104%
1004 102
1024 106
4
671s 683
88 91
5
98 s 10015
11115 114
10412 106
984s 101
1
97h 1011
4
1
/
97 101
104 10614
10512 1085
4
101 1037
5
1024 1061
1
10118 1044
8511
94
91
83 85
4
1047 10514
10112 103
4
1
/
116/4 11714
103 104 4
9
67
7012
994 101
7
108 1 111
10712 11014
1
/
1(14 1011
4
/
101 1014
844 85
Wsi 94
7573 7511
8912
88%
854
85
8314
9
84 4
8412
834
84
9/
8612
88
7
94 5
904
103
914
90
38
864
834
87
87
MA
9
109 4
1011
90
7
95•
4
913
1034
924 93I
1054 107
4
94 964
914 94 4
1
/
9
774 7818
4
1
/
6214 89
77 s 78
7
1004 1004
439
3 ,
89 4 9
8838 894
94 95
4
1
/
934 97
103 104
4
1029 1034
10412 107
8 / 911
4
/
95
98 99 4
3
4
1
/ 78
74
61
6214
93 94
89s 90's
734 764
9314 931s
1024 1024
8712 90
871 874
4
3
10014 io114
1027 104
s
9314 94
4
1
/ 9914
98
1147 1174
4
117 11841
961k 974
801s 824
4
Ili 12
102 2837a
1073 10814
2
8
817 554
794 83
73
613
- 7
163 8 11014
10212 1034
8
1015 wits
BY"1034
1
/
1014 10412
8614 ItN
.
2157
- -5
1083 109 4
s
3
10839 108 4
8
8
89 s am
4
963 9675
4
1
/ 88
87
9715 99 11
5
10 511 loS
.
-6
102 104
4
1
/
92 WWI; W1421
124 130 4
130
86'4
8739
82% 8412
1
11- - 93,
if:67 4
5a-s 578
5612
81
8394 88
4
/
911 tali
991/ 100
3
7-4
103, loft
49is 543
4
New York Bond Record-Continued-Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 26.
I 45ri
Price
Friday,
Feb. 26.
Week's
Range or
Last Sale
"
111
22
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 26.
.
6
2
,11
r
at
1149
1rice
3
Friday,
Feb. 26.
Week's
Range or
Last Sale
.3
_el
I 64
Range
Bince
Jas. 1
!Bid
AsiLow
HighN 0 Low
.
High
Bid
High N o Low
Ask Loss
Mob
Chicago & East Ill Is 68-1934 A 0
10612 Jan'26
10612 106% Erie & Pitts au g 3%s B
89 86
Jan'2111 ---19403 .1 88
86 86 C & E III RR(new co) gen 56-1951 MN 7612 Sale 76'2
7784 123
7514 7812
Series C
J J 83
845* Aug'25
ChM & Erle lst gold be
1982 M N 1023 __
4
10214 Feb'26 ____ 10128 10212 Fla Cent & Penn let ext g 55_1930 J
100
1 100 fa100 Sale 100
Chicago Great West lot 4s 1959 M S 668 Sale 663
4
6812 375
10018
1
641s 6812
Consol gold 59
1943
9814 1005s
J 10018 gale 1001
Chic Ind & Loulsv-Rel 615_1947 J J 1115 ____ 11184 Feb'26
8
9S3 961g
1112 1117 Florida East Coast 1st 4;0_1959 J
8
8
9618 9612 9614 Feb'26
Refunding gold be
1947.3 J 10012 ___ 10112 Feb'26 ___- 101 10112
86
98
97% Sale 9738
1st & ref 58 Series A
9712 9972
1974M
Refunding 4.2 Series 0_1947 J J 84%
80
Jan'26 -- -795 80
8
178 Nov'25 -Fla West & Nor 75 Series A 1934 M N
General be A
1966 M N 958 ____ 948 Feb'26 92
9514 Fonda Johns & Glov 4S2s.„1952 M N 6018 - 2- 6014
6188 13
iff7i
668
May 1966.3 J 107 Sale 107
General (Se B
107
4 10314 10714 Fort St U D Co 1st g 432e__ _1941 J J 903
4
_ 9014 Dec'25 -Ind & Louisville 1st gu 4
8-1956 J
793
4 15
fa- fali
10512 Jan'26
795*
7934 79 4
W & Den C 1st g 5%s
1961 J D 105%
3
50-year 4
Chic Ind & Sou
9-1956 J
893 ____ 9012
2
9012
5
97
10
897a 9012 Ft Worth & Rio Grist g 4e_ _1928 J J 97 Sale 97
96 97%
13
Chic L S & East 1st 454s__.1969 .1 13 947 96
9414 Nov'25
_
4
Frem Elk cic Mo Val 1st 68_ _1933 A 0 1083
8
- 10814 Feb'26 ____ 107 1081
C M & Puget Sd 1st gu 411-1949 J
503 Sale 503
4
4
51
18 - -3- - 4 GII&SAM&Plet5s
50 4 5233
4 1003
4 10 10012 100 4
8 - -14
1931 MN 1003 161 1008
Certificates of deposit
5014 5114 5172 Feb'26
5114 5212
8
2d extens 58 guar
1931.3 J 100% 101 1003 Feb'26 -- 10018 101
Ch M & St P gen g 4s Ser A-e1989 J
83 Sale 83
8312 18
8134 8312 Galv Hous & Hend let 58_4933 A 0 9418 Bale 9414
9412 25
9312 95
General gold 312s Ser B--e1989 J J 728 7312 7112 Feb'26
8 10414 106
10514
7014 7112 Genesee River 1st s f
105
-1957 J
Gen 412e Series C___May 19893 J 9134 92
913
4
6
96
971
6
9134
9034 9212 Ga & Ala Ry let cons be_ _ _01945 J J -571. Sale 9712
97
12
2
Gen & ref Series A 4%8-62014 A 0 5118 Sale 51
52
48
51
537 Ga Caro & Nor 1st gU g 56-1929 J
2
12
10018 100% 10018 10018 20 10018 100
Certificates of deposit
5114 Sale 503
4
5214 52
50 4 5
3
63 7214
4
1945 A 0 713 7214 7214 Feb'26
312 Georgia Midland let 30
Gea ref cony Ser B 59-62014 F A 51 Sale 5114
5112 12
5114 5314 Gr R & ext 1st gu g 4%8_1941 J J 9512 97
95 4 97
3
97
97
2
Certificates of deposit __
503 Sale 503
4
4
5118 '32
4
4503 53
4
Grand Trunk of Can deb 78_1940 A 0 11512 Sale 11514
115% 10 1143 116
let sec 6s
ie5i
10414 1043 10414
10414
7 104 106
10712 12 10678 107%
15 year s f 613
1936 MS 107% Sale 10718
Debenture 4;25
1932 J D 51 Sale 502
52
90
4
503 5352 Great Nor gen 7s Series A
2
1122 128 1093 113
8
1936 J J 11212 Bale 11214
Certificates of deposit ___ I __
5014 Sale 503
4
51
46
11214 Feb'26 _- 11214 11214
50 4 5314
3
Registered
J J
Debenture 4$
J i5 51 Sale 5014
94% Feb'26
5(14 5312
513
4 12
9314 94
12
lst & ref 4,11a Series A__ __1961 J
94'z 95
Certificates of deposit__
50 Sale 50
5112 84
51
53
8
52
General 5%s Series B
1952
.1 1042 Bale 104
104% 24 102 105
25
-year deben ure 48
1924 J
bl Sale 503
4
513
4 29
9914 Sale 9914
50
5384
9912 46
General bs Series C
19733
974 99 2
1
5
Certificates of deposit
49 4 Sale 493
3
4
5212 44
49 4 53
3
7812 791
2
7914 Feb'26I -Green Bay & West deb etts A__ __ Feb 7614 85
19273 j 9912 995* 9912 • 9912 10
Chic & Mo Riv Div 56
9812 995*
1614 19 2
2
17% Feb'26
Debentures ctfs 13
Feb 1612 17
Chic & N'west Ext4s-__1886-1925 F A 9
934 997 9912 Feb'26 --__
99 8 995* Greenbrier Ry 1st gu 4s
3
885 Jan'26
1940 M N 8812
__
88% 88%
Registered
1886-1926 F A 9912 100
99% Gulf Mob & Nor lst bAs
9938 Jan'26
4
4
e
9934
1950 A 0 1033 6;1-- 10334
1033
4'
5 1031 1041
4
General gold 33413
1987 M N 7814 7912 7812 Feb'26 ---74% 7812 Gulf & S 1st ref & t g be_ _81952 J J 1043 10512 104% Feb'26 _- 104 105
4
Registered
F 71
____ 7212 July'25
8614 Feb'26 -_ _Harlem R & Pt Chee let 48_1954 M N 86%
843 8 2
4 °1
General 45
1987M N 8812 Sale 8784
1
8812 ---5
9112 934
2
85; - 1- Hocking Val 1st eons g 4548_1999 J J 9214 ..2 876 2
931; 93
Stamped 4s
1987 M N 88
8812 88
Feb'26
19993 J
9012 May'25 _ _
85 s 8
5
Registered
9
General 5s stamped
1987 M N 106 10612 106
106
9 104 107
19373 .1 10114 10214 0114 Feb'25
1011- 1017i
4
H &T C 1st g Int guar
fund 65
Sinking
1879-1929 A 0 104 105 1057 Feb'26 .___ 104 1057 Houston Belt & Term let be_1937 J J
8
9612 9834
9812 Feb'26
8
9512 98
Registered
IA 0 1033 10412 1033 Feb'26
4
4
1033 1038 Houston E & W Tex 1st 858.1933 M N 100
4
10018 Oct'25
4
Sinking fund 58
1879-1929 A 0 10034 102 102
101- 100
102
1 10012 102
1933 M N 100
100 Feb'26
1st guar be red
Registered
1879-1929 A 0
9512 951*
96
10012 Jan'26 ___ 10012 10012 Housatonic Ry cons g 50.-1937 MN 94
9512 Feb'26
Sinking fund deb 58
1933 M N, 10012 1017 10012 Feb'26 --._ 100 10114 Hod & Manhat 52 Series A_ _1957 F A 94 Sale 94
9212 961
4
40
8
95
Registered
M /91
Registered
F A
9114 June'25
10014 Dec'25
-10-year secured 78 g
1930 J
10758 Sale 10734
Adjustment income Ss _1957 A 0 79 6;11 79
8012 113
1073
4 28 107 - 108
15-year secured 654s g _ _ _1938 122
11214 Sale 112
9312 Feb'26
11234
2 11114 113
Illinois Central 1st gold 4s-__1951 J .1 95
1st & ref g 5s
MaY 2037 J 13 101 Sale 1003
995 10112
Registered
1951 J J
933 July'25
8
10118 20
4
Chic R I & P-Railway gen 4519883 y 86
87
1951 J J
84
Feb'M
1
85 87
let gold 3%13
86
86
Registered
IJ J 8334 8438 83 Nov'25
J .7
Registered
823 Jan'25
4
Refunding gold 48
831 - i;
8912
1934 A 0 89 Sale 883
i
Extended 1st gold 3%IL_ _1951 A 0
88
8312 Jan'26
4
8912 213
Registered
A 0
71
8814 8814
71
1951 M S 71
71
Feb'26
_
let gold 3s sterling
8814 Jan'26
N 0gold 58----1951 J D joiis
Chic 82.
2
Collateral trust gold 4s_ _1952 A 0 88% £1;1; 883
4
89% 11- 8912 895
2 104 10512
Registered
J D 10118 ___ 1045814 Junle°4'21/45
868 Nov'25
4
A0 _
Registered
_
°
2
Gold 3146
1951 J
9134 6;1; 913
79
1955 M N
4
921
12
90s 93
8112 7812 Feb'26
lot refunding 4e
-- 2 7812
7ilMemphis Div let g4s
1951 J 11 857 868 87
1952 J J 83%
815s 83 4
Purchased lines MO
83 Feb'26 _ _
3
2
4
Jan'26 ____/ 87 87
C St L & P let cony g 59_4932 A 0 101%
12
J .1
Registered
8414 July'25
1013 02
_
102 Feb'26
2 10 4 104
Chic St P M & 0 cons 69-1930 J D 10418 10412 10434
Collateral trust gold 45_1953 M N 87 Sale 8612
87
37 11" 87
10412
Cons 135 reduced to 3;28_1930 .1 D 9334 ___ 9354 Oct'25
MN
Registered
833 Dec'25 _ __
4
Debenture 56
1930 M S 995 Sale 9912
1955 M N 10(15.
0
1062 Feb'26
8
1 ;
- - Refunding be
a3
4
__
991
4 44
Stamped
1934
9811 9912
103 Sale 103
104 , 25 10214 104
993 __-- 9914
2
9912 25
15-year secured 5540
Chic T H & So East 116 59_1960 J D 8814 Bale 88
113
3 111% 11312
15-year secured 654° g_ _ _1936 J J 113 114 11234
883
4
8
87 90
Deo 1 1960,M 8 81
Inc gu 58
19503 D 9114 92
3
903 Jan'26
814
811 8112 Feb'26 ____
_ • 90% 90 8
79
Cairo Bridge gold 4s
Cale Un Sten ist gu 4%2 A -19631J ..11 9412 9434 9412
9414 96%
6
74
94%
74
74
Jan'26
Litchfield Div 1st gold 38_1951 J J 74%
80% 8112
1st 68 Series B
1963J .1 103 Sale 10234
8
4
103
6 10258 10314
Loulsv Div & Term g 33481953 J J 807 813 811s Feb'26
Guaranteed g 5e
1940 0 101 Sale 101
73% 73%
gold 3s___ _1951 F A 7312
73% Jan'26
°malls Div
10112
5 100 1023
4
let 6122 Series C
19633 J 11712 1173 118
.1 7414
74% 7438
7414 Feb'26
4
11812 1_1 11514 115 2
0
7 0814
S Louis Div & Term g 38_1951
Chic & West ind gen g 68_81932 Q M 10512 10612 10514 Jan'26
8218 8234
1951 J
827
8
823 Jan'26
4
Gold 3545
-year 412
Consol 50
19524 J 833 Sale 833
8212 82%
4
8212 Feb'26
81
85
4
85 -MO
Springfield Div Is g 320.1951 J J 82%
1962IM S 10314 Sale 1023
let ref 5129 ger A
-1951 F A 893 6;1; 893
89 4 89 4
3
3
4
4
Western Lines 1st g
4
10312 72 10012 10312
8%
Chola Okla & Gulf eons 5s_ _1952 M N 103
____
1951 F A _
Registered
84 Aug'25
Jan'26
10234 10312
19371J J 9614 98
an H & 13 2d gold 4120
9652
963
2
1
96
96% III Central & Chic St L & NO
C I St L & C let g 4s___Aug 19361Q F
9978 10182
10112 55
9414 Feb'26
93 8 9414
3
Joint 1st ref be Series A _ _ _1963 J D 101 Sale 101
Registered
Aug 1936 Q F 9234 9312 9214 Dec'25
9028 95
8814 Aug'25 _ __
Ind Bloom & West let ext 412.1940 A
1942 MN 897 ____ 90
Cin Leb & Nor gu 4s g
.
19503 J 92
89S 9l5
93
913 Feb'26 __ _ _
4
Jan'26
& Iowa 1st g 48
Iti
.- Ind 111
11
1928 J J 10012 101 100% Jan'26
Cth & Cl cons let g 5
10012 10014 Ind Union Ry gen 5s Ser A4965 J J 101% 10212 10212 Feb'26 __
100% 1021i
Cleve(An Cb & St L gen 411-1993 J o 853 86
10078 1007
1965 1 J 10114 __
a
2
8512
1007 Jan'26
853
85 853
4 12
4
Ged& ref be Series B
1931• J 9812 983 9812
-year deb 452e
20
8
4
105
13 10314 10555
8
98%
1
9714 99
Int & Grt Nor 1st 132 Ser A..1952 J J 1047 Sale 1047
General be Series B
1993 3D 10212
72
73%
Adjustment 6e. Series A._1952 Aprl 727 Sale 7212
10238 Feb'26
73
27
102% 1023
4
Ref & impt 6e Series A---1929 33 103 Sale 1027
74
7434 Dec'25 __ _
Stamped
10314 --14 102% 10318
1941 J J 106 10612 107
Se Series C
77 Viz;
7718
9
107
1 106 107
Int Rys Cent Amer let 52_4972 M N 77 6;1-e- 77
1961 33 101 Sale 101
Ss Series 13
D 633 Sale 633
63 65%
99% 102
4
4
64
20
102
Iowa Central let gold be_ _1938
32
Cairo Div let gold 49_ -1939ii 9084 ____ 91
6312 6412 643 Feb'26 __ _
9118
60% 65
4
91
Certs of Deposit
Feb'26 _ _
Cln W & M Div lot g 4e 1991 3, 8284 85
88
1951 M
22 Sale 22
2014 23is
2318 77
Refunding gold 4s
83
813 8314
4
1
St L Div 1st coil tr g g 411.-1990 MN 8412 ---- 8512
D 897 9012 8912 Feb'26 __ _ _
88ss 891i
8512
8212 8512 James Frank & Clear 1st 42.1959
2
Registered
MN
y 100%
i938
,
Nov'25
8314 8314 Ka A & G R le gu g be
8314
8314
spr & Col Div lot g 49.._ _1940 MS
893 ___ 89 Feb'26
1990 A 0 82%
4
8383
et) Kati & M Istgug 48
89
Jan'26 _-_
W W Val Div let g 48--1940ii
873 873
4
1927J
100% 10012 101
873 Jan'26
4
Feb'26 __ _ _ 10082 1014
4
2d 20-year 56
I gen cons g 611----1934 a, 1073
CA
N 10212 103 10012 1027
4
10734 107 4 KCFIS&Mconeg 6e192
8
8 12 Hog 1033s
1073 Jan'26 4
Clev Lor & W coo let g 58-1933 A0 1013
4
8912 91114
10112 10112 K C Ft S & M Ry ref g 4s_ -1936 A 0 9114 Sale 1 9114
101% Jan'26
9112 16
1935 MN 9
Cl & mar let gu g 434s
KC&MR&B lstgu 58_1929 A 0 99% 9934 9934 Feb'26 ._ _ _
614 973 953 Dec'25
4
995g 993i
4
.• 1 9934
Cleve & Mahon Val g 512-1938
7514
,
74
9
_
Kansas C1.3 Sou let gold 33_1950 A 0 75% Sale 75
7518 12
85* Dec'25 _
& P gen gu 4;43 Set A-1942 33 9918 ____ 99
Apr 1950
J 96 Sale I 958
__93% 9712
Fef & impt 58
9712 78
May'25 _ _
1948 MN 817 85
gerles C 3411
8
____
85
Kansas City Term 1st 414_4960 J J 8534 Sale 853
8512
86%
4
8612 62
FA 817 853 833 Sept'25
1950
Series D Mis
J 86
8
Kentucky Central gold 4o__1987
86
87
4 Nov'25
Feb'26
Cleve Shor Line let gu Cie 1961 AO 983 Sale 983
8312 5312
9754 995 Kentucky & Ind Term 449.1961 J J 89% ____ 8312 Feb'26 ___ _
4
4
983
4
Cleve Union Term 6148....i972 AO 10612 Sale 1063
Knoxville & Ohio let g 68._ .1925.3
8
100 June'25 ____
1061
2 1051* 108
1973 AO 102% 103 10212
let s f 58 Ser B
-- ;
0
3
_3 10 -1 filag
10132
10334 13 100 4 103% Lake Erie & West 1st g 5s-1937 J J joi88 tiiie 10114
Coal River Ry let gu 48
.-1945 3D 8 8 --- 863
19413 J 10014 _ _ 9912 Feb'26 _
67
98% 991
i
4 Feb'26
87
14 87%
2d gold So
Colorado & South let g 8.4929 FA 9812 99
Lake Shore gold 334s
78 8112
.
5
1997/3 D 80 9814
9814 99
81-12 8112
8112
i
9814 53
Refunding & eaten 4%8-.1935 M N 96% 961
77
80
Registered
19973
9618
9512 9612
752 79
8
7912
7912
9614
12
1
1948 A 0
Col & H V Mt ext g 4e
874 871s
98 s 99
1
Debenture gold 431
1928 M S if:5714 sale 973
8718 Jan'26
2 4S
8
24
8
9 84 3
2 14 8
7
8
7
3
1955 F A 8
Col & Tol let eat 45
_.
612 90
1931 M N
9614 97 2
3
25-year gold 4s
8411 Apr'25
Conn & Possum Rio let 44.-1943 A () 8
Registered
1931 M N
If 821z
3
- _ 82% Jan'26
96 Dec'25 _ __ _
Cuba RR lot 50-year 5s 6...1952 J
913 Sale 91%
fa- 104
Leh Val Harbor Term 521_1954 F A
88% 9
2
04 Feb 2
6
92
20
19363 I) 1063 Sale 1063
lit ref 7340
9513 988
g 4328_1940 J
4
2,
Leh Val N Y 1st
4
89 01 9 8 Feb"26 -- -107
83
55 105 107
Cuba Northern Ry let 6e _ _1966 J
96 Sale 96
Registered
1940 J J
9214 963
8
9312 Dec'25 - -- 96% 40
__ _ _
Day & Mich let COIL 4 Ms.....1931 J
9818
N - .8 6;1- - 8314
97 8 98% Lehigh Val (Pa) cons g 46_2003
7
983 Feb'26
8234 84
2217
e
83 4 20
3
Del & Hudson let & ref 4s_ _.1943 M N 92 Sale 92
go% 93
Registered
M N
80
80 4
4
9234 23
Feb'26._ _
80
1935 A 0 1103 Sale 11034
30 year cony 56
4
General cons 4120
3
2003 M N
92
941s
11234 132 109 8 115
9314
93%
5
1937 M N 103 Sale 103
15-year 5
2
3
10314
7 103 104% Lehigh Val RR gen 58 Series_2003 M N lei% Sale 1023
4
1027
8
3 100 4 1027
1930 J D 108 10814
-year secured 7s
I0
110
108
Leh V Term Ry let gu g 5s_ 1941 A 0 10314
10212 104
10818
104
Feb'26
1931AF A 937 9512 9414 Feb'26
13 RR & Bdge let gu 45 g
9414 1,414 Leh & N Y let guar gold 4s.. _1945 M S
8852 905s
Feb'26
.1
-1st COM g 411-1936
Den & 0
8734 Sale 875*
85as 884 Lex & East le' 50-yr be gu 1965 A 0 1075a Sale 107
,
885 119
90
9
9°5' 1075' 13 10612 10762
99
5
Consul gold 412s
19363 J
917 Little Miami 4s
s
89
9178 917 Feb'26
1952 M N 843 ____ 8712 Jan'26 _ _ _ _
80 5712
2
8
4
I m provement gold 50_1928 1) 91
9888 9834 9834
98 98% Long Dock wowl 868
1935 A 0 10918 ____ 10912 Feb'26
9878 20
109 10912
Den & G West gen 5e.Aug 1955 MN 6712 Sale 6712
662 7014 Long hid lot COO gold 56_51931 Q J
2
6812 151
__
10012 10012
1 10014 10012
M & Ft D 1st gu 48._ _1935 J
Dee
44
4712
47
44
let consul gold 40
44
h1931 Q J
Feb'26
9412 95
941. Sale 9412
9412
1
Temporary ette of deposit......... 4212 4512 46
47
General gold 4s
44
1938
LI 91
90% 91
Feb'26
9112 91
91
4
Des Plaines Val let 4;29_4947 M N 9
Gold 4s
1932
13 9314
3% -___ 9312 Feb'25
9312 Aug'25 _ _ _lien g 41L-1995 J D 70
flit & Mack-let
'id- /6- Unified gold 4a
72
1949 M S 8512
70
Jan'26
144843
843 Jan'26 _ _ _ _
4
1995 J D 65
Gold 411
Debenture gold be
70
D 983
65
1934
Feb'25
g7as 9918
4 _
99% Feb'26 _ _ _
1961 M N 95
Det Riv Tun 4340
948 96'C
4
20-year p m deb be
953 95
1937 M N 95
9612
9518 16
95
96 - 9514 Feb'26 __ _ _
h4b226 2 & Nor gen 5s._1941
6
J 10214 ____ 103
Guar refunding gold 4e_.4949 M
Oct'25
81,34
8.5
8514 861 85%
85%
2
1911 & Iron Range lit be_ _ _1937 A 0 10218 1025* 102 Feb'26
5e.01932 Q
8
102 I02
NOT Sh B let eon g
10014 Sale 10011
10014
1 150 1001 1
All g 59._ _1937 J J 87
Dul Sou Shore 6c
85
87
Louisiana & Ark lot g 5e. _ .1927 M S 1001g Sale 1001g
8714 87 Feb'26
10012
9 1001s 1111
East Ry Minn Not Div lot 411248 A 0 903 92
& Jeff Bdge Co gli g 46_1945 M
Lou
90% Dec'25
862 9914
8
865 8812 89% Feb'26._ _ _
8
1938 M
East Tenn reorg lien g 58
9117 100
Louisville & Nashville 56_1937 111 N 10212
1_141; 100
Feb'26
102% 1°
1025* Feb'26
4
F,not T Va & Ga Div g 5e _ _1930 J J 10014
Unified gold 4s
10012 100%
1940
.1 9412 Sale 9412
2 100% loose
93% 95
6
9434
1956 M N
Cons Mt gold 5e
1024 10312
1931, m % 102
103%
Collateral trust gold 59
10312
3
101 104
-----104
Feb'26
g 5s 1941 M N 10234 105
,
Elgin Joliet & East Is
s
1930
lova 1023
15
-year secured 7s
N 1057 Sale 105%
10234 Feb'26
10572
7 10514 107
1965 A 0 103 Bale 103
El Paso & W Ist 5s
let refund 512s Series A._2003 A 0 108 110 1093
103
3 102% 102
's
4
1093
4
9 107 10114
consol gold 70 ext-1930 M 5 1073 Sale 1073
Ere
4
180 & ref 59 Series B
812
4
8 107% 10
2003 A 0 101114 Sale 106
1073
4
10814
10 1044 10814
1996
J 7712 Sale 7718
1st eons g 48 prior
7412 78
let & ref 4140 Series C_2003 A 0 972 Sale 978
116
78
96
98 4
3
98
21
1997 J
Registered
72
75
7112 Dee'25
N & M let gold 62
1930
7
.1 1047 107 104% Feb'26. _ _ 104 8 107
8
_
lot conaol gen lien g 45.-1996 .1 J 703 Sale 7034
4
7112 210
67 - 7l7
s
26 gold 6s
8
19303 J 104 10434 1035* Feb:2 __ __: 1032 103%
F 2
6 ...
1996 J .1
Registered
65
6814
Paducah & Mem Div 4e_ _1948 F A
6814 Feb'26
PIN 91%
9134 _ _ _ 9133
1951 F A 967 Sale 967
Penn col, trust gold 4s
967 9812
8
St Louis Div 26 gold 3;1980 M S 6512 Sale 6512
2
9672 32
6512 6612
RR . 21
1953 A 0 73 Sale 73
60 year cony 4s ger A
737
69
L&N&M&M Istgatie 1945 M
73%
99
86
987 99
2
99
1
1953 A 0 7212 Sale 7212
do Series 11
69
7414
LA N South joint M 4s. _.1962 J .1 go% 8612 86
1
7414 45,
851s 87
Feb'26 _ _ _ _
1953 A 0 82% Sale 827
Gen cony 42 Series D
Louisa Cfn & Lex gold 4%1.1932 M N 9912 ____ 9912 Feb'26 _ _ _
8
8378 2111 8214 85
9914 99st
19563
Erie & Jersey 1st s Ele
1052 Sale 1055
8
Mahon Coal RR lot
8
107 I 12 104 107
_ _ _1934
J 102
4
1018 10I34
10184 Jan'26 ____
a Gus Jan. 5 Duo Feb. c Due June. •Due May, A Due July. a Due Sept. •Due Oct. p Due D7o.
Option sale.
1150
New York Bond Record-Continued-Page 3
tr,
BONDS
N.Y STOCK EXCHANGE
.
Week Ended Feb. 26.
Week's
1 11
Range or
Ng., Feb. 26.
Last Sale
5 3
31,
High No.
Bid
Ask Low
Manila RR (South L nee) 43.1939W N 6112 6314 6314
1
6314
In 48
1959 M N 641 663 6213
/
4
4
6212
Man lobs Colon sat on Se....1934 .1 D 99
/ ____ 9938 Dec'25
1
4
Man GB & NW let 3448.._1941 1 J 815 ____ 81 Nov'25
3
Michigan Central 58
1931 M S 1005
1003 Dec'25
8
8
Registered
8
M El 995 ____ 10014 Dec'25
1940 .3 J 9312 95
933 Feb'26
4
J L & 8 1st gold 3448
1951 M 5 784 ____ 8038 Feb'26
/
1
1st gold 3545
1952 M N 8313 8512 83
Jan'26
20 Year debenture 444..___ 1929 A 0 9814 Sale 9818
12
9814
Mid of N J let ext 58
20
1940 A 0 92
9314
95
15111w 1.8 & West ImP g ba .1929 F A 10018 ____,10018 Jan'26
WU & Nor 182 ext 440(blue)1934 1 D 934 9413 9413 Dec'25
/
1
CORR eat 440 (brown)
2
94
1934 J D 9313 95
94
MU Spar & N W tet gu 48_.1947 M S 90
4
907 903
8
4
903
4
,Milw & State L lat. gu 350_1941 .1 J 8218 87
815 Dec'25
8
Minn & St Louis let 75
1927 J D 993
103 Nov'25
4
• let consol gold 55
4
1934 M N 62
6312 634
/
1
634
/
1
Temp ctfu of deposit
3
61
M N 61 Sale 61
let dr refunding gold 48. _1949 M 8 2218 2313 2218
8
2254
Ref & ext 50-yr be Sat A__1962 Q F
Feb'26
1518 16
16
let guar e 78
102 102 Sept'25
1927 .1 D
,,M St P & 8 13 M con g 43 Int gu'38 J .11 8914 Sale 89
8918 39
1st cons be
5
1938 .1 J 987 Sale 9814
8
984
/
1
10
-year roll trust 640_1931 M S 103 Sale 1021 103
8
/
4
let & ref 68 Serlea A
2
4
1013
4
1946,3 1 10112 10134 1013
25
-year 540
4
19491W 8 913 9234 9213
4
927
8
let Chicago Term a f 45._ _1941 M N 9212 93
9212 Dec'25
MS S M & A let g 48 lot gu_1926 J J --------998 Dec'
25
4511/8181311191 Central let 58. I949 J 1 9318 ____ 933 Feb'26
3
4
Mo Kan & Tex-let gold 4.1990.3 D 8614 Sale 8614
8612 26
4o-K-T RR-Pr 1 58 Sec A_1962 J .1 9814 Sale 9812
987
8 90
4
40
-Year 4e Series B
8
84
1962.3 .1 84 Sale 833
5
10
-year 6e Series C
103
1932 J J 103 10314 103
Cum adjust Si See A Jan-1967 A 0 937 Sale 933
4
944 244
/
1
3
9.613110011 Pacific (roars Co)
,
1st & retUndIng 5a Ser A....1965 F A 9313 Sale 9312
9414 140
56
let & refunding 68 See D 1949 F A 10412 Sale 10414
105
118
lot & refund 65 See E int_1955 IN N 10412 Sale 10412 105
General Is
/
1
4
1975 M 13 67 Sale 675
3
68
/ 156
1
4
4
Mo Pee 3d 78 ext at 4%
4
1938 MN 883 8913 883 Feb'26
Mob & Bir prior lien g ba
9812 ____ 09 Sept'25
1945 J J
811 811 Jan'26
/
4
/
4
1945.3 J 80
Mortgage gold 4s
Mobile & Ohio new gold 68_ _1927 J D 102 10258 102
Feb'26
8
/
4
' let extended gold 61
51927 (../ J 1013 102 1021 Feb'26
1
903
8
903
3
3
General gold 48
1938 M S 903 92
Jan'26
4
Montgomery Div let g 55_1947 F A 993 ____ 100
St Louis Divinion bs
1927 J D 100 10012 993 Feb'26
4
8
4
Jan'26 --- Mob & Mar 1st gu gold la_ _ _1991 M S 877 883 87
Mont C let gu g 6a
1937 J .1 10912 11212 10912 Oct'25 --1937 .1 J 10312
_ 1017 Feb'26
8
let guar gold 55
M & E 1st au g 340
8114 8114 Feb'26
2000 J D 80
Nashv Chatt er St 1. let 58_1928 A 0 101 10112 10114 Feb'26 ---1
N Fla & S 1st gu g 58
1013
4
10134
4
1937 F A 1013
_
Nat Ry of let ex pr den 440-1957 J J --------30 Sept'24
July 1914 coupon on
19 Apr'25
Assents f red June coupon on ____
16
183 171
4
/
4
1813 20
8712 July'24
Guar 70
-years t46
1977 A 0
215 Feb'26 - - - 8
Gen s 2 48 assenting redeem_ _._ ____
1812 22
Nat RR Ielex prior lien 4543_1926 1 J --------3813 July'24 --_24 Sept'25 -- - .
July 1914 coupon on
29
32
3114 F0'26 -Assent with July '24 coup on ____
28
Apr'25
1951 A 0
let consol 4,3
5
Assent with Apr 1924 coup on ____ . 1514 17- 1613
1612
94 Dec'25 _
1945 J J 9
New England eons be
/ 835 8212 Feb'26
1
4
8
1945 J J 82
Consol is
____ 8414 Dec'25
N J June RR guar 1st 43_ _1986 F A 84
9413
NO tit NE Isr refdrimp 440A '52 1 J 9453 9514 9413
2
4
4
8612
New Orleans Term let 4(4_ _1953 J .1 853 Sale 853
9934 100 Sept'25
NO Texas & Mex 1st 68.0c1 1925 J D 99
995
8 20
/
1
/
1
4
Non-cum income 58. Oct 1935 A 0 99 Sale 984
984 132
/
1
1954 A 0 9858 Sale 98'
let 58 Series B
46
104
1954 A 0 10312 Sale 10314
let 5448 Series A
4
943 Feb'26
N & C Bdge gen guar 450 1945 J J 9514 96
8
0 10014 10012 995 Oct'25
N Y B & M 11 let con g 55_ _1935 A
/
1
4
kg Y Cent RR cony deb 68_1935 M N 10713 107 10712 10812 13
10612 Jan'26
Registered
875
8 11
1998 F A 8612 8712 8712
Consol 4, Scrim A
943
8 24
8
2913 A 0 943 Sale , 94
Ref & bout 440"A"
4 10314 122
4
0 1023 Sale 1023
2013 A
Ref & impt 0 Series C
4
A 0 --------1003 Aug'25
Registered
pl Y Central & Hudson River- ,
.
7
7912
795
8
3
1997.3 1 793 80
Mortgage 3 40
8
84
765 Jan'26 --78
1997 .1 J
Registered
9512 66
9514 Sale 9518
48
1934 IN N
Debenture gold
9418 Jan'26 ---al N
Reglatered
9212 Dec'25 -1942.3 J 93
30-year debenture 48
-------- 93 Feb'25 -Registered
17
78
--- 11 773
777
4
RegisteredLake Shore con gold 3445_1998 F A
75
78
75 Dec'25
1998 F A
Registered
1
77
77
80
79
Mich Cent coil gold 340.._1998 F A
79 Dec'25
7612 89
1998 F A
Registered
4
933
4
9313 Sale 9312
1937 A 0
N Y Chic & St L let g 48
____ 9218 Feb'25
1937 A 0 82
Reglatered
5
97
8
8
4
1931 M N 943 967 967
25 year debenture 45
1034 31
/
1
1931 M N 10314 Sale 103
2d 68 Series A B C
1013 216
3
Refunding 550 Series A 1974 A 0 10012 Sale 10012
/ 94
1
4
Feb'26
9314 93
N Y Connect let gu 440 A...1953 F A
8
8
N Y at Erie let ext gold 48_ _1947 M N 887 90 4 8912 Feb'26
1933 M S 9512 ____ 94 Nov'25
3,1 ext gold 4445
1930 A 0 10012 ____ 10018 Jan'26
4th ext gold 5$
8
5th ext gold 451928 1 D 977 __ _ 9712 Sept'25
97 Feb'26
/
4
1946 1111 N 941 100
NY & Greenw L au g 5e
81
79 Nov'25
NY & Harlem gold 340_ _2000 IN N 79
Lack & W let & ref be_ _1973 M N --------80 July'24
NY
4
1973 PA N 993 10013 993* Jan'26
let & ref 4445
NY L 13 & W let 73 ext
1930 M S 10653 108 1e7 Dec'25
10213
1913 J 1 10218 Bale 10213
Dock & Imat Si
4
8
/
1
NY & Jersey let 5a
1932 F A 1004 Sale 10053 1005
911 June'25
/
4
8
NY & Long Branch gene 45_1941 M 9 907
__-_ 7012 Jan'26
/
1
V Y N H & Hart n-c deb 44_1947 M la 724
60 June'25
M 8
Registered
1
15611
Non-cony debenture 3 Aa_1947 M El 6618 Sale 6618
6312 21
Non-cons debeetnre 3%2..1964 A 0 6212 Sale 6212
,
2
70
70 Sale 70
Non-cony debenture 48...1955 J J
6
2
69
/
1
4
Non-cony debenture 0-1956 M N 697s Sale 697
5
4
624
/
1
1956 J J 63 6312 623
Cony debenture 340
9953 69
Cony debenture 6431948 J J 99 Sale 1 99
_I 97
Jan'26
J J
Registered
7
4
4
983 983
984
/
1
1940 A 0 98
Collateral trust 68
6
623 6253
4
623
4
1957 IN N 61
Debenture te
Cone By non-cony 4a
1954 J 1 __-- _ _ - -i 6718 Jan'26
7
Non-cony debenture is. 1955 J J
Non-cony debenture 48.1956 J J ---------70 Feb'26
/
1
10014 Feb'26
N Y & Northern let e ea._ 1927 A 0 1004
3
7012
_41 Y O& W ref tat g 4s_June 1992 M 8 70 Sale 1 70
2
643
4
645 641
5
/
4
Igo J D 64
General es
Apr'25
1 D ____ ____ 65
Reglatered
8612 Feb'25
0 8518
N Y Providence lir Boston 48 1942 A
4
833 Nov'25
8
8
N Y & Putnam let con ifu 45.1993 A 0 8514 - Jan'26
100
1927 M S 99 4 N Y& R B let gold 58
82
/ 21
1
4
3
NY 51551 & West let ref 53_1937. J 82 Sale 82
695 Feb'26
8
70
1937 F A 68
gold 4 425
2d
5
76
7313
7112
7312
1940 F A
General gold 58
5
9814
9814
1943 IN N 9712
Terminal let gold 5a
28
75
/
1
440'46 J J 734 Sale 7314
WY W'rhes & B 1st See I
/ 8014
1
4
813
4 14
1950 A 0 8014 80
Noir! Ry esti I f 640
8212 17
8
8
Norfolk South 182 & ref ASS 1961 F A 813 Sale 813
3
Sale 983
4
4
983
4
Norfolk & South let gold 55.1941 M N 983
..,
a Due Jan
5 Due July.
p DU. Nov. *Option sale.
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 26.
t
a.
Price
Friday,
Feb. 26,
Week's !,
1
Range or
1,
Last Sale
ai
Range
Since
Jan. 1
High N o .' Low
I
Bid
High
Ask Low
High
Noel & West gen gold 65____1931 M N 10612 107 10612 Dec'25
3
64
Improvement & ext 68___1934 F A 1091 ____ 1083 Apr'25 ----1
__
663
4
8
/
4
New River 1st gold
1932 A 0 107
__ 107:4 Feb'26 ____ 107 - 107 3
- 1---N & W By 1 13t. COM g 48_ 1996 A 0 91 Sale 91
8
9014 93
9212
---1996 A 0 8712 ____ 89
89 I
1.' 89 89
Registered
DWI 1st lien & gen g 45_1944 J j 911 Sale 911
/
4
/
4
91141
li 907 911
8
/
4
10
-year cony Oa
1929 M 9 149 Sale 149
15012 16 148 1561
4
9113 9253
Focal]C & C joint 48_1941 2 D 92
___ 92 Feb'26 ___7318- - 8
i- 9 80
i5-34
1974 pg s 1033 ____ 1033 Feb'26 -_ _- 1033 103
2
Nor Cent gen & ref iSs A
4
83 83
/
1
4
1945 A 0 9112
9012 Feb'26 ---88
9012
973 9814 North Ohio let guar g 58
4
9012 95
Nor Pacific prior lien 4a
3 31
8618 88 3
1997 Q 3 88 Sale 873
4
881
7
1997 Q j 8653 _ _ 8614 Feb'26 ---86
8614
10018 10013Registered
6413 26
General ed gold 35 ____52047,Q F 6413 Sale 6378
Rm
613 6413
4
82047Q F 6018 6214 60
Jan'26 -60 60
-. 5- -9-8
9 8
:3
-54
8918 903
4
9012 40
87
Ref & impt 4445 see A____2047,J 1 9012 Sale 90
91
4
Registered
1J J 8414 -___ 853 Feb'26 ---Ref &Impt Os aer B
/
4
8
11112 189 108'4 1il'2
2047 J .1 1111 Sale 1103
j j --------10338 May'25 __;
63
64
Registered
100 I
7,
Ref & hunt ba ser C
2047 .1 .1 997 ____ 100
8
1- -10 4
0
60 633
4
11, 9814 100
100
4
Ref & !rapt 58 ser D
20471.1 j 100 Sale 991
4
215 223
8
1614
St Paul & Duluth let 5a 19311Q F 1007 __
8
9914 Mar'24 -15
I- 1-- -let consol gold 45
196813 D 8718 8812 89 P8426 ----; 87 2 89
Nor Pac Term Co 1st g 68.1933J j 1093 ___ 1091 Feb'26 --__' 1093 109
4
4
/
4
/
1
4
857 90
8
73
00
1021 2 ____ 10113 Jan'26 ____' 10112 173 3
1
975 9914 No of Cal guar g 58
8
4
__ _ 10258 Jan'26 -- -- 10253 1025
1027 104
8
North Wisconsin let 6a_
0
193 J 0.1
90 A
3
8
7518 15
10038 1035 Og & L Cham 1st gu 48 g
8
75
1948 j J 7414 75
/
1
8
8912 924 Ohio River RR 15t g58
1936 1 o 1015 10212 10013 Feb'26 -.-- 10012 102
General gold 58
1937 A 0 10012 10134 100 Dec'25 --r:
.
Ore & C1 1 1st guar g 5s... 1927
/
1
j 10013 1004 10012 1004 12 100"z 10114
/
1
905 9113
8
- .-1- - .34 Oro RR & Nav con g 48
9 4 93
3
911 91
/
4
Feb'26 -1946 1 o 91
84 3 861 Ore Short Line
5
/
4
Feb'26 ---- 1043 107
4
-1t cons g 5s:46
j 1053 10613 107
4
10612 10 10513 10611
967 99
3
Guar cons 58
1053 Sale 1053
4
1946
Guar refund 45
9713 12
967e 975
8012 84
8
8
8
1929
D 973 Sale 973
1023 10414 Oregon-Wash let & ref 0_1961 J J 855 Sale 854
4
8
/
1
853
4 25
833 86
4
8
923 955 Pacific Coast Co let g 5a_ _1946 J D 923 96
4
94
96
2
923 96
4
4
Pac RR of l'efo let ext g 48
9214 92
925
8 10
/
1
4
1938 F A 9212 Sale 9212
/
1
2d extended gold ba
894 9414
8
/
1
/
4
2 100 1003
1938 J j 1003 ____ 1004 1001
5
1013 105
4
Paducah & 1118 let a f 440_1955 J .1 9614 97
9 e
53
10134 105
78
70
76
7812
Paris-Lyons-Med RR 68___A958 F A 771z Sale 77
65 4 68
3
/
1
4
8 f external 75
82
/ 875
1
4
871 35
/
4
1958 M S 8613 Sale 8612
8
88
883 Parts-Orleans RR a f 712
4
87 I 28
84
88
1954 m 9 87 Sale 86
Patillsta By 78
10112
1942 M B 10112 Sale 10112
6 1003 102
4
81
16C2 - -58 Pennsylvania RR-cone g 48 1943 M N 93
____ 9412 Feb'26 ---- I 94
9411
1015 10313
8
3 1 9112 9352
8
Consol gold 48
8
934
/
1
19481W N 963 Sale 935
48 stamped
10112 1021,
9313
1 I 9114 9312
May 1 1048 M N 9312 Sale 9312
Consul 4448
10114 65
90
903
8
1960 F A 10018 Sale 100
98 10114
/
1
4
9714 75 ; 9414 9714
/
4
9914 100
General 440
1965 J D 961 Sale 9612
993 10013
4
General bs
1968 J D 10414 Sale 10414
10514 51 102,1 10513
/
4
1_6171 co
87 %
10-year secured 7s
1930 A 0 10712 Sale 10712
1073
4 62 111713 1084
/
1
15-year secured 640
11213 49 1113 1127
1936 F A 11218 Sale 11218
3
3
4
Registered.
F A 1093 ____ 10913 June'25
100 Sale 9978
10014 151
79
811
/
4
40-year gold Si
1964 MN
983 100 1
5
1
10034 1015 Pa Co
8
-On 340 coll tr le reg 1937 M 5 861e - -_ _86's Oct'25
4
4
Guar 340 coil trust Ser 11_1941 F A 823 8313 8314 Fett'26 ----1 83 8314
1013 1C13
4
.
__ _ _
Guar 3448 trust ctfe C
194. J D
Guar 3448 trust Ws D
1944 J 0 82
9812
71
1/13 -- -119 2
Guar 15-25-year gold 48_1931 A 0 Me Sale got%
9614 9143
88
Jan'26 --.Guar 4s Ser E
861 88
/
4
,
/
4
Peohla m as 1st cons 48...A952 M N 8632 -- -- 811
t rcodseE4st
811
20
22
/
4
8
9 A O 8 1 1 1 82
40
7953 83
3818
39 1 45
361s 4112
102
3 10014 102
---- --_-- Peo & Pekin tin let 540_ _ _1994 A 9r, 10381% Sale10 34 102
197° A 0
,
/
4
25 10118 103
0 - -12 Pere Marquette 1st Ser A 0.1956 J .1 102 8 Sale 1021 103
- - 33
4
861 Feb'26 --__11 853 864
/
4
1st rs Ser B
1956 J J
8
/
1
9312 ____ 934 Feb'26 ---4
/
1
15
1(33- Phil(' Bait & W let g 48
1943 M N
9312 9312
/
4
_ 1075 Jan'26 ---- , 10613 10753
8
Gen 58 Series B
1974 F A 1071
433g.- - - 44
4413
44
8212 Philippine By 181.30-ye 8 f4a 1937-i J
2
81
4012 4412
/
1
_ Pine Creek retond Os
__
1934,1 D 1054 ____ 10512 Mar'25 --__
____ 9718 Jan'26 ---9234 9-312 P C Cdr St I. gu 440 A
1940'A 0 97
91C 3 - 7 9713
97 I
1
Series Ii 440 guar
84
8612
1942 A 0 97 Sale 97
9653 97
941
9212 Dec'25 __-Series C 440 guar
1942 NI N
-7
9
613 - - -53
9
5
Series D 48 guar
I945'M N
,
'
9 s I ec 16
2
9314
3
104
90
Series E 3 40 guar gold_ 1949 F A 92 4 -_ -_ -_ -_ 9 :4 Deb: 5 -_ -_ -_ .: 92 4 IA
-18
__
927 Feb'26 - --Series F 48 guar gold
109281/4
1953,J D 93
927 93
e
9412 943
/
1
4
Series G 0 guar
1957 M N 934 _--- 93'8 F00.26 ---- , 93 9318
Series H 48
1960F A
4 S426 -_-_-_-_
1 1:25
e,
8
93318
9
6
- 4 - - -"
sigi- 9 14
106 1138
- -13
6
-73
Series I cons guar 440_ _1963 F A 963 __
8
Feb'26 -10612 10613
Series J 4 48
1964 M N 963 ____ 96
10112
5 100 10112
85
/ 8814
1
4
General M 53 Series A
1970 J 0 10112 Sale 10118
10172' 20
9214 95
Gen mtge SR &elm B
1975:A 0 10114 Sale 10118
9913 1064
96
91/
1
101 101
Dec'25 -___
1011 10312 Pitts & I. Erie 2d g 55
/
4
al928fA 0
____ ......
Pitts leIcK & Y let au 10-1932,3 J 111554 -- 106 Aug'25
Pitts Ste & L E 181K 58
Jan'26:-.. 101 101
1940 A 0 10118 -- 101
---/
4
7612 793
4
la consol gold Ss
1943.3 J 1001 ___ 10018 Oct'25;--__
8918 ____ 9114 May'251---12 Pitts Vs & Char 1st 48
1913 M N
7652 77
99
/ __ 10114 Dec'25,---1
4
941 95
/
4
/ Pitts Y & Ash 1st cone 58___1927M N
1
4
/
4
941 9413
/
4
Jan'26
let gen 45 series A
1948 J D 911 ____ 91
3
1st gen 50 series B
1962 F A nu% ____ 1027 Jan'26---- 10212 102
/
1
4
---- ---6018 Dec'25'---_
Providence Secur deb 45
1957 IN N 63
.
- 7 71• 8
71
;
Providence Term 1st 48
195 M S 8358 ____ 8318 Doc'251---971 Fob'26
/
4
1997 J J
_
- Reading Co gen gold 48
'1 J
- _ 944 May'25 -- r: ---- -/
1
li Wiz
Registered
91
Jersey Central coil g 4a___1951 A 0 91 - -32 9136
91341 19
90
913
6
4
iii1; "if.- Gen & ref 440 Set. A
1997 J J 953 Sale 9512
9618 32
9414 9
615
/
4
RIchm & Dana deb 5a stpd 1927 A 0 991 100 100 Feb'26 --- 100
00
i7 4
1948 M N 7612 7713 75 Dec'25
Iii - -3- Rich & Meek tat g 48
10234 105
RIchm Term By let gu 58_,...1952 1 J 10158 10213 1C:":
gall 1013 Rio Grande June 1st gu 5s-1939 J D 97
_
8
98
5
7
512 Dec'25'---- •
92
94
Rio Grande Sou let gold 45__1940 J J
_
IJ 1
Guaranteed
8911 8912
Rio Grande West let gold 48_1939 J J 8953 89
/ 89
1
4
/
1
4
89341 25
867 96
$
9934
7 13
/
4
10 -13 16• 0 -0 - -1
Mtge& coil trust 48 A._....1949 A 0 980114
80,41 102 04
92
92
7918
Sale
R I Ark & Louis let 4448_1934 IN S
.
lii 97
Rut-Canada 1st gu g 45
194 1 J 751 --- 77
9
/
4
753 77
4
1941 J J 8853 90
Rutland let con g 440
87
Jaa'26 ----, 87 87
St
---- ----_ St Jos& Grand lal let g 4a_ _1947 1 J 79
79
Feb'28 ____
7814 79
/
1
/
1
1996 J 1 974 __ 97 Feb'241 _..I 973, 974
/
1
4
Ili - -33 St Lawr & Adir 182K 55
•
£39
1996 A 0 101.4 _-- 101 Sept'25 ---:
2d gold 68
___ _
1931 .1 J 96 Bale 96
St. L & Cairo guar g 42
/
1
10033 10113 St L Ir M & S gen cons 88-1931 A 0 10012 1004 10012
109% 13 10014 1007
2
unwed & ref gold &I
.e 9 1/
1929 J 1 n 8ale 961
4
97
110
95 4 97
3
J J --------92 gept'21 _
Registered
YOIi - iiiii
1933 IN N
Riv & G Div let g 4a
913 iii Ili IR
4
/
1
131 2 i• tils St LM Bridge Ter gu g 55.-1930 A 0 10012 1004 10014 F•14'241 ---- 10014 1004
1/
4
$312 261
St L& San Fran (reorg co) 481950 J J 7912 Sale 791
98
611 64
4
7712 8012
6834 71
Prior Ilen See B 58
1937
,.21 8181
: 023
195°; j 1955 821 1984 10
928
J
2
9
:4
6812 71
Prior lien Ser C 541
:S9992353:44
1004 Sale 10012
/
1
1942 J J
10112 79
Prior lien 540 See D
613 64
6
11
09996961:
973 997
4
1
Cum adjust Sett A 68-51955 A 0 9313 Sale 9312
Sale 87'j
96 9912
9
712 9
7
Income Salim A 65
51960 Oct
96 I _2_8!
1". 4429238;7 2
41
StLoule & San Fran Sty gen 68 '31 J J 18057114s
10712 1•88
85 g 7 8 21
'
'
10513
89694
__ 1001
611 623
/
4
1931 1 .1
/ 1003
4
4
General gold be
4
9 10018 10114
____ 10212 Jan'26 ---1 10212 10312
6512 70
St 1. Peo & NW let gu 55
1948 J J 101
654 7014 St Louis Sou let gu g 46
/
1
1931 M 9 9413 9512 9412 Feb'26 --9412 9
413
/
4
6512 70
St L S W 1st, g 4it bond ctfe 1989 M N 841 Sale 8478
853
4 20
10016 10016
2d g 48 Income bond ctfe_p1989 J J 76
7734 76
Feb'26 ----I 85 8531$
74's 7
6
677 7013
4
Consol gold 4a
1932 J D 9212 Sale 9212
921 94
/
4
913 93
2
633 6512
2
let terminal & unifying 56.1952 J J 9112 Sale 9112
9214
3
8912 923
4
---- --- St Paul & K C 4th I. let 4444 1941 F A 8753 8933 8914
go
90 I 16
---.... St Paul E Gr Trunk 4445.-1947 J J 91
--__ 91
Jan'26 ---9012 91
St Pau. Minn & Man con 45_1933 J D 97
____ 97 Feb'26 ---.
96
97
166- 166
J D --_ ____ 9214 July'25 --- 1
Registered
_ _
78
841
/
4
lot consol g 4a
1933 .1 D 109 Sale 109
109 I
2 10771 109- .
64
701
/
4
J 1 --------106
Registered
Oct'25 __-63
7412
(is redarea to gold 440_1933
J 99
/ ____ 993 Feb'26 ___
1
4
4
-9953 193;
98
99
1933 J J -_-- ____ 9812
Registered
9812
1
9812 9812
693 76
3
Mont ext 1st gold 4s
1937 J D 9312 ____ 955 Jan'2.6 -- --I 9333 98,.
8
7812 8214
Registered
J D -___ ____ 90 4 Sept'25
77
/ 82
1
4
/
1
4
Paring ext guar 48
1940 3 J 8912 Sale 8912
891
/
4
2
8912 8912
98 981 St Paul Union Depot 5a
/
4
1972 J J 103
____ 102 Feb'26 ....- 1011 111314
/
1
4
/
4
Low
6012
6212
------
83
fo-fi; fiiiis
.
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Feb. 26.
Price
Friaag.
Feb. 26.
Week's
Range or
Last Sate
Range
Since
Jan.
BONDS
N.Y.STOCK EXCFIANGE
Week Ended Feb. 26.
.?..I
Price
4
Friday,
W eee s
Rang k.
or
II!' R nge
aSince
Z,ri., Feb. 26.
Last Sale
en I
Jan. 1
Bid
Ask Low
High N o . Low
High
Bid
HIM NO L.so
Ask Low
High
S A & A Pass Ist gu g 48-.194312 .1 854 Sale 85
8512 10
84
8512 Armour &Co 1st real est 43581939 J D 913 Sale 9112
8
91% 67
904 9 4
2
Santa Fe Pres & Phen 58_ _1942 M S 10012 ---- 10012 Jan'26
10012 10012 Armour & Co of Del 535s___1943 2 .1 95 Sale 95
9483 954
9%3
8 32
193 4A 0
Oar Fla & West 1st g 68____19 4 A 0 109
____ 110
Jan'26 ____ 110 110
Associated 0116% gold notes 1935 M S 1023 Sale 102%
6 ' 1024 1034
3
10234
late 58
10212 _
10134 Dec'25
Atlanta Gas L 1st 55
1947 J D 995 ____ 9838 May'25 ---8
oak
"& N
-- - 152 gu g 48_ _1989 M N
89
89
1
87% 89
Atlantic Frtut 75 ctls dep___1934 J D
21
Jan'26 ---21 1950 A 0 8838- -- - 82 Feb'26
1950 A
Seaboard Air Lille g 48
81
8134
82
79
Stamped ctfs of deposit
2314 39% 2014 Jan 28 ---2055 Me
Gold 4s stamped
8012 Sale 8012
8114 11
79 82
Atlantic Refg deb 56
1937 2 2 10012 Sale 13012 10012 13., 993 101
4
Oct 1949 F A 8314 Sale 8314
Adjustment ba
8514 220
8314 877 Baldw Loco Works 1st 58
13318 21 103 105 4
1940 M N 1334 Sale 103
8
Refunding 48
4
1959 A 0 723 Sale 723
7134 74
4
723
4
6
Baragua (Coup Az)
5 105 10615
.1937 J J 10514 Sale 105
111512
I945 M S 955 Sale 9558
1st & cons 68 Series A_
8
8
963 133
9412 963 Barnsdall Corp s f cony 8%_1931 .1 .7 --------10514 Feb'26 __ _ _1 105 107
8
735s_Atl & Birm 30-yr let g 95_41933 m
9014 903 9018
4
9012
884 91
1
Bell Telephone of Pa 58
1948 j J 10234 Sale 10234
1034 15 10038 10314
1 96 F J
2
Seaboard At Roan let 56.....-193 .I A 10014 ____ 19038 Feb 26 ____ 100 1003
8
3
lot & ref 58 Ser C
1 926 J 13 10212 Sale 10212 De2 25 _224_ , 100______ 1034
1980 A .1
10314
& N Ala eons gu g ba
10312 Sale 10312 10312 . 2 10312 10312 Betb Steel let ext s f 5s
Gen cons guar 50-yr 5s1963 A 0 10612 10814 107
107
2 1054 107
1st & ref 58 guar A
1992 its N 987 Sale 973
95 5 - 44
988 10 - 3 1663
So Pac Col 45(Cent Par co1)11949 J D 87
873 863
8
4
873
8 11
8614 87%
30-yr pm & Imps f 58___.1936j J 95 Sale 95
953
4 32
93
964
9
Registered
J D
85 Sept'25_
Cons 30-year 65 Series A _ _1948 F A 98 Sale 973
9518 993
4
9812 272
4
-year cony 48
June 1929 m 9 973 Sale 9712
20
4
66- 6i4
973
4 55 - 78 Cons 30
-year 5Ss Series B 1953 F A
874 934
9114 Sale 9114
130
92
20
-year cony 55
10114 Sale 10114
10112
5 100 10112 Bing & Bing deb 635s
8814 Feb0 94
9 26
'
61 8
95 97
3 95
-year g 5s
20
1944
D 99 100714 1014 Feb'26 ____ 100 1017s Booth Fisheries deb 8 f 6a
N
1959 M 0 8212 8995
1926 A 8 9
5
San Fran Terml 1st 48......1950 A 0 9814 89
88 Feb'26 ____
87
90
Botany Cons Mills 83451934 A C 9912 Sale 92
93
17
92
9519
Registered
A 0
95
85
85
Jan'26
Brier Hill Steel 1st 535s
942 J D 17312 8aie 173
9 3 A O 02 Sa
4
l
0212 1023
4 22 101 103
1927 M N 104
SO Pac of Cal-Gu g 56
____ 104
-_ I3'way & 7th Av let c g 58_ 1
1937 J J
So Pao Coast 1st gu g 45
9418 ____ 9414 Aug'25Jan'26
_
9414 9414
CBs of dep strand June '25 int ____
_6
_
9412 7334 Jan3 4 _ 151, 9 4 961
74 9 1
7 ,4 :
7
94
7.2:6
0
3
773
So Pao RR 1st ref 48
1955 J J 914 Sale 91
9218 Brooklyn City RR 56
90
9112 31
Southern-1st cons g 58
1994
105 Sale 105
10578 25 104 1057 Bklyn Edison Inc gen 56 A 1 949 j .1 10414 Sale 1033
8
9 1 .j j 973
4
10412 18 103 1054
Registered
J D
- 1024 Feb'26 ____ 10218 10218
General 68 Series B
1930 J J 1053 10612 10612 10612
1 1038 10612
4
Develop & gen 48 Ser A__1956 A 0 823 Sale 923
4
4
8114 84
84
103
Bklyn-Man It Tr Sec es__ _1968 2 J 943 Sale 9412
9212 9611
4
954 216
Develop & gen (Is
1956 A 0 10812 Sale 10812 10953 22 10718 1095 Bklyn Qu Co & Sub con gtd ba
8
'41 M N 61 12 Sale 6112
61
811.
1
627
8
DeveloP & gen 6355
1959 A o 11314 Sale 113
114
50 112 114
1st 58
1941 2 2 753 79 1 7712 Feb'26 ---8
mem Div 1st g 4358-56
774 77
4
1996 j
10318 Sale 10318
10318
1 10134 1034 Brooklyn It Tr let cony is 48_2002 J J 88
____ 92 June'25 --- ---- ---1951
St Louis Div 1st g 46
883 89
4
8812 Feb'26
884 884
3-yr 7% secured notes_
1921 2 2
Mob & Ohio roll tr 45
1938 M S
9114 Feb'26
8713 92
Ctfs of deposit stamped
_
__ 12314 May'25 ---- - 130 Car & Ga 1st ext 53581929 M N 10114 161 4 1018
- -34
914 Bklyn Un El let g 4-5s
1013 ---1 10114 1
4
i -iiio 0 8818 - 92
. - (1.
iiii gi;le 917
8
92
Spokane Internet 1st g 58 1055J
8212 8314 824 Feb'26
8218
81
Stamped guar 4-5a
1652 181 N _9112 Sale 9112
90 F A
3
92 1
7
8813 92
Term Assn of St I. late 4(.55_1939 A 0 973 --__ 9714
3
9613 974 13klyn Un Gas lot cense 58-.1945 M N 10234 Sale 1023
9712
9
4
10312
9 10212 10311
1st cons gold 58
1949 F
103 Sale 103
10312
8 10118 10312
10-yr cony deb 78
___ ____ 18512 Nov'25
1
-- _-_-.Gen refund a f g 45
1953 .1 J 86
8612 86
844 87
8612 11
let den & ref 68 Series A I947 NI N 11218 ____ 11218
1124
2 110 I124
Tex & N 0 con gold ba
1943j .1' 9814
91 1
70'26
_
Buff & Soul Irons f bs
1932 1 D 92
. 92 Dec'25 ---_ _
-Texas & Pat 1st gold 5s
2000 J D 1035 104 1035
8
8 1035
8
3
1952 A 0 878 1 88 -1i
4 91 88
1 11
8213
8
!:
1 00 1100099
La Div B L 1st g 6a
9918
00
1931 J
10012 1003 10084 Feb'26
4
Consul 55
1985 J J 92
924 9211
Tex Pac-Mo Pat Ter 535s 1964
S, 10112 Sale 10118
10112 11
Building 58 guar tax ex_ _.1960 A 0 9518 958 967
8
97 ,
2
963 100
4
Tol & Ohio Cent 1st gu 58_1935 J 2' 14118 10112 10018 Feb'28
9
11 100 1014
Cal G & E Corp unit Sr ref 58_1937 M N 1005 101 101
91
:
93
8
101 1
Western Div let g 5a
1935 A 0 10088 ___ 10012 Jan'26
10012 10012 Cal Petroleum s I g 6 30._ 1933 A 0 104 Sale 104
10414 10 10312 1044
General gold Se
1935 J D 98 9753 984 Camaguey SuR let s f g 78_1942 A 0 984
99 1 9812 Feb'26
Sale 973
4
9012 9914
994 Si
Toledo Peoria & West 46._1917 J J
34
3
333 375 Jan'26
7% Canada SS Lines 1st toil s f 70'42 M N 10353 Sale 1034
4
8
9 101 13 10 9
33
1033
2
To St L & W pr lien g 3358_1925 J J
997 May'25
8
Cent Dist Tel 1st 30-yr 58
1943 J 0 10218 Sale 10218
1024 13 10134 1024
-year gold 45
59
1950 A 0 888 87s, -8-8-1- Cent Foundry 1st 8 f 6s
1
2 81;82 888
1
4
883
8
9
1931 F A
97
98
9712 Feb'26 ..-,..., 97
/ 99
1
4
4
Tol W V & 0 gu 4358 A1931 J J 9712 9914 975 Jan'26
11755 98
8
Cent Leather 1st lien 51 6s._1945 .1 J 1014 Sale 101
0155
1014 30 10016'
Series B 4348
1933 J
965 9834 9658 Dec'25
8
__-- ---: Central Steel 1st gel 88
1941 MN 1164 Sale 11614
11514 1164
1164
&vim C 48
1942 M S 91
- Ch G I. cit Coke 1st gu g bs_ _1937 J .1 13214 Sale 10218
90 Nov'25
10213
Tor Ham & Buff 1st g 4s
1996 J 1) 8712 18
8712
8712
5:t
2 17 1712 Chicago Rys 1st 55
1927 F A 7412 Sale 7412
7612 1:g
Ulster & Del 1st eons g 55
1928 J I) 773 Sale 763
7712 Chile Copper 65 Ser A
13
76
1091
4
7712 18
1932 A 0 108 Sale 1074
0
1084 75
let refunding g 4s
1952 A 0 47 Sale 47
4414 48
Cincin Gas & Else let & ref .5a '56 A 0 1034 Sale 10312
4712
4
10312
2 102 le 11
Union Pacific 1st g 48
1947 J J 9312 Sale 9314
9213 9912
94
5.35s 8ri' II due Jan 1
1961 A 0 10412 Sale 10413
18
10411 15 10212 1044
9514 Clearfield Bit Coal lot 4s
Registered
.1 .1 9212 ____ 934 Feb'26
923
4
/
1
1940 J J 9218 Sale 824
9218 8218
3
8218
20
-year cony 45
1927 J J 993 Sale 993
9914 100
4
93%
3
Colo F & 1 Co gen a 1 58_1943 F A 9314 Sale 9314
993
4 37
91
9314
2
let & refunding 45
e2908 M S 8812 Sale 8812
86
893 Col Indus 1st & coll 55 gu_ _1934 F A 8418 Sale 84
8
8084
9
844 18
834 85
let lien & ref 58
063
1
e2008 M
2 ColumbiaG & E 1st 5a
10714 108 108
10812
1927 2 J 101 Sale 10014
1014
4 102:
100%
3 100
10
-year perm secured 61_1928 J .1 103 Sale 1024
103
11003814Stamped
1927 2 J 10014 Sale 10014
6
10014
1 1004 101
N J RR & Can gen 4a_ _1944 M
913
4
_ 9212 Dec'25
Co.& Oil, As let gu g se_ _ _ .1993 en s
Utah & Nor gold 55
1926 J
IGO 10 - 100
- - 14
0
166- iCid s Columbus Gas let gold 58
Jan'26
1932 J J
- 4 -- 9914 100
911- 9tii.4
9914 Jan'26 ---1st extended 45
1933 J J1 94
___ 93% Sept'25 _ _
Commercial Cable 1st g 4s 2397 Q J
7412 7612 78 Feb'26 ____
75
78
Vandalla cone g 45 Ser
F Al 885 8 89
993 Sale
88 Feb'26
18 - -8-5 - Commerctal Credits f 68._1934 NI N
Sale 993
4 10020 '993 1004
Consol 98 Scrim B
1957 131 N 881s
873 Dec'25
8
____ ---- Commonwealth Power 6s
1947 M N 104 Sale 103%
104 I 13 10234 105
Vera Cruz & P 1st gu 434s_ _1934 J J,
__ 70 Sept'25
Computing-Tab-Rec 14 I 63_ _1941 J .1 8413 8534 1044
1051831. 1043 106
8
Assenting let 4358
1939
2514 257 Jan'26
4
ii- id- Conn Ry & L 18t & ref g 4 35s 1951 J J 87
____ 9112 Feb'26 ---- ; 9112 --_
92
Verdi V I & W 1st g 58
1926 M B 997 100
8
993 Feb'26
4
993 993
4
4
stamped guar 435s
1951 .1 J 9112 Sale 9112
913
4
5 1 9112 33
4
Virginia Mid Series E 58.
1926 M 9 100 10014 10014 Jan'26
1001a 1004 Cons Coal of kld 1st &ref 58_1950 J D 853 Sale 847
814 86
8
8512 49
8
1931 J J 10014
Ni Series le
100 Dec'25
Coruaol Gas(NY)deb 5358_1945 F A 105 Sale 105
10513 771 10414 1053
9
General bs
1936 M 1`.1. 10118
_ 102
161- 162
-- Cowed Pr & Ltg 1st 635s1943 M El 1047 ____ 104
102
1
173 10
0478 8t14
0 1%1
184
Fe & geuthw'n 1st gu Ea
2003 .1 J. 100 103
- - - 994 Feb'26
881z 9913 Cent Pap & Bag Mills 630._1944 F A 81 Sale 76710
2
10'1
1
1958 A 0 92 Sale 92
1st cons 50-year ba
9214
11
Consumens Gas of Chic gu 58 1936 J J 101
____ 10014
1111 984 101
101
Virginian 1st 58 Series A
1961 M N 10112 Sale 1013
0114
3
:
8 1017
8 96 12 100IP Consumers Power let 5s
1952 M N 1004 Sale 100 Feb'26
8
2 ' 3712 100 4
1939 M N 10212 10234 1025
Wabash 1st gold 58
8 1023
4 47
21
5153,
g .58
99, 100,2 Corn 2
s 1 234
1931 M N 10014
905 July'24 ----11 ---- ---8
2d gold Eis
19311 F A' 993a Sale 994
993
4 21
1934 M N 10114 10212 1013 Feb'26 ---_ 10012 10134
4
-year
1975 M S 10012 Sale 10012 10212 124
Ref 8 f 5356 ser A
98% 10212 Crown Cork & Seal let s f 60_1943 F A 8412 Sale 8418
822 85
943 961
: 8
8511 18
95
9
Debenture 13 fla registered_1939 M
933 Feb'26 _ _
4
Cuba Co cony a I 8s
1935 J J 95 Sale 95
Bit lien 50-yr g term 45_ _ _1954 11 J 8438 _
84% Feb'26
IV -iii8 Cuba Cane Sugar cony
_1930 J J 943 Sale 9483
4
9555 33, 934 96
1941 J .1 102 162 102 Feb'26 _
Det & Chi ext let g 55_
14
85
10114 102
84
Cony deben stamped78.8%_1930 J .11 993 Sale 993
4
9718 100
4 100
63
Dee Moines Div let g 4s1939
J 85
____ 85
Feb'26 ____
Cuban Am Sugar let coil 88.1931
10834 Sale 108%
109 I 101 108 10913
1941 A 0 7084
Om Div 1st g 33.s
78 Feb'26,___
771s 78
Cuban Dom Sue 1st 7355_ _1944 M N 97 Sale 97
973
4 81
9114 983
8
1941 M S 873 ____ 89 Feb'26, __
Tol & Cb Div a 4s
8
87 89
Climb T & T lot dr gen 6s.. 1937 1 J 10112 Sale 10112 10112
6 10014 1014
76
Warren 1st ref gu g 33.48-----000 F A
_ 77
Oct'25
95 ,
---- ---- Cuyamel Fruit let 6s int Ws '40 A 0 95 Sale 95
9
937 9512
8
1948 Q M 8414 - - -14 8312 Dec'25
Wash Cent 1st gold 45
8
8
Deny City Tramw let con 58 1933 A 0 --__ ____ 924 Aug'25 ___4
_ - z.,-Wash Term ist gu 3358
1945 F A 834 ____ 8414 Feb'213
- 5 - -7 Den Gas& E L 1st & ref a f g 53'51 MN 9512 Sale 95
ET.ii g£1;
64
VO
9513 36 - - 1945 F A
91
stamped
181 40-year guar 48
9118 Feb'26:
9118
83
M N 943 953 9412
4
4
9534 231 9312 9534
985 985 Jan'26
8
8
W Mm W & NW let gu 56-1930 F A 97
9684 98% Deny Corp(D G) 1st a f 7s__1992 M S 90 Sale 90
91 i 24
6
85
West Maryland 1.t g 45-..i052 A () 6853 Sale 6858
70331 69
674
Detroit Edison lot coil tr 68_1933 J J 10112 10112 1023
ll
8
102%
11 101: 10 3
1
0 4
8
19371J J 1007 _ 101
West N Y & Pa 1iF g 5s
8
Feb'26
18 4 185014
07
38
0
1st & ref 58 Series A.July 1940 M 9 1024 1024 1017
8
1021
14
1043 A 0 8534 - - -14 85 Feb'28
8
6
Gen gold 45
Gen & ref 5s Serial A
1949 A 0 101 Sale 101
9
101 1
21 100 1023
Apr 1 1943, Nov 4472 ____ 45 Feb'26 _ _ _
Income g 68
1st & ref 6s Series B,July 1940 M S 10712 Sale 1074 1077
8
9, 1074 1084
Western Pat 1st Ser A 55_ .1946 M
98 Sale 98
987
8! 43 1&7; 99
Gen & ref 5s ser 13
1955.8 D 101 10112 10118
10114
2; 10018 1014
1946 M S 104
1st gold 66 Series B
. 1037 Feb'28'
8
10314 10414 Det United 151. cons g 4358
923
4
1932 J J 903 Sale 9054
4
51 90
904
1st 46 guar
2361.1 J 833 85
4
Welt Shore
8352 85
85
4
8438
Dodge Bros deb (is
1941 M N 9612 Sale 957
957 971
8
97
788
2361J J 8314 84
Registered
8312
8312
83 85
4
Dold (Jacob) Pack let 68„..1942 M N 7712 7813 78
787
8
g
72
83
1926 A 0 100
'Wheeling & LE Ist 58
100
100
2 100 100
Dominion Iron & Steel
6014 61
6014 Feb'26 __-60
Wheeling Div let gold 58_1928.3 J 1024 ____ 10218
10212 11 10014 111212 Donner Steel 1st ref 75 68_1939 J J
1942 J .1 94 Sale 94
94
3
92 3 04
7
8
E22.13 & impt gold ba
1930 F A 981
_ 9513 Dec'25
du Pont (El)
___ 9914 Jan'26 ____
9914 994
Refunding 4358 Series A1966 M S 833 8612 8512
861- Duquesne Lt Powder 4355_1936 J D 105
4
2867i
8512 10 2
181 dr coil 68 ,.1949J J 10614 Sale 106
106% 43 10,583 107
_
1949 131 S. 833 85
4
84 Feb'26 _ _ _ _
81
8412
RR 1st consol
1st roll tnist 5358 S6013813_1949 J J 1055 10538105¼
8
105%
1 105 101355
8
69
644 7314 East Cuba Sufi
693
Wilk & East lat gu g &IL...1942 J D 695 70
s 32
15-yr
g
4
3
8
10812 65 1043 1083
19384 1) 10214 _
024 Jan'26
10288 10212 Ed El Ill Bkn 1st conat45735s'37 M S 1973 Sale 10712
Will & F 1st gold 58
g
93
997
$
1939 J J 9412 ____ 997 Feb'26 ___
3
Winston-Salem 8 B 1st 4s.... 19131)1J .1 8612 87
8812
861s 874 Ed Else III 1st cons 5s
8812
4
g
.,.l995 J J 1037 _ _ _ 1043 Feb'28 ____ 103 1044
4
s
1949 J
los Cent 50-yr let gen 4,s
8314 Sale 8314
83141
804 89
6
Elm Pow
2
857 894
8912 107
8812 8973 Elkhorn Corp(Germany)6%s'50 M S 89% Sale 884
8912 893 Feb'26
4
SUP & Dul div & term lit 45'38 M N 89
Coal 6% notes
1925 J D ____ ____ 99%
993
3
3
99
993
4
743 7814 8213 Dec'25
4
---- ---- Empire Gas & Fuel 735s
Woe dc Con East let 435s-184312
1937 114 N 10212 Sale 1024
10212 35 102 1024
INDUSTRIALS
Equit Gas Light lit con 5s 1932 NI 13 1003 ____ 1003 Feb'28 ____
8
9978 1004
3
85 Sale 85
8514
85 88
4
Adains Express coil tr g 48..1948 M
Federal Light dr Tr lat 58_1942 M 9 9412 Sale 9412
9774
7
9314 97%
105 Sale 104
105
14 10214 105
Ajax Rubber 1st 15-yr II 38_1936 J
let lien 68 stamped
1942 IN 8 10414 Sale 104
10914
7 1017 19 9
5 41
1925 M
41$ 413
44 Feb'28 _
5
4
Alaska Gold M deb 61 A
30-year deb 6s Ser B
1954.8 D 944 Sale 9414
944
4
9
92
944
412
1926 M
4 Sale
4
412 23
Cony deb 65 Series B
Federated Metals a f 78
1939 .1 D: 947 Sale 9474
8
11512 Se
847 97
5
1955 M
9115 Sale 9114
9133 37
Steel 78
Alpine-Montan
:: 510212 L
1
2
u 31)
eas ,a I n 52._.111 - /3:11;18 Sale 1418
4 r ige
13 3 2
141A.1
a le
1164 19 11312 1164
10314
1928 A
103
91:4
103
3 102 11 1039111:
Ara Auk Chem it. 5s
77
1
7514 75
1941 F
1348 Sale 10458 105
81 1034 105
eric Ind & Dev 20-yr 735842 .1 J 924 Sale 921s
let ref 5 f 73511R
92
8814 92
13
98% 10113 Francisco
99% Sale 99%
10
Amer Beet Sue cony deb 88.1935F
Sugar lit of 7356_1942 NI N 108 107
10014 Sale 100
0 14 , Grn
9
6 1014 irrava
8
7
1212 34
American Chain deb f f3s_ _19334
bs Berg y o conag 531949 J D 100 4 ____ 1
ofli mn C 68
j, 10
10
g:
3
11girl; 2;12
9518
9611 Feb'26
_
&AsEpl
tam Cot Oil debenture 58_1931 M N 1055 96
1939,A 0 1043 Sale 10434
4
1044
1, 10415 1064
19384 J
8 10612 10612 10812
4
9 1053 10612 General Baking let 25-yr 69.19313:J
Am Dock dr Impt gu tis
1047 Nov'25 ____1
2
124 13413 Gen Electric deb g 3
123 132 133 Feb'28
75_ _Ju.y 15 1939:
358
Amer Ice deb
19421 F A 87
91
87
88 I
2 ii- 4
- 1,5
1939
1024 Sale 10212 10212
2 10083 103
Gen Refr 181 s f g (38 See A 19521F A 102 Sale 102
Am Mach & FdY 6 f 65 68_1937 A 0 9014 0914 0618
102
1 10012 10255
98
994 German
Ain Republic Corp deb ser A1947 A 0 993 Sale 9912 I g131: 71
99 10114 GoodrichGen Else 75.Jan 15 1945 J J 98 Sale 974
984 94
4
3
95
9619
.
Co 648
194711 J 106
Am Elm & gist 30-yr Si
106 1 32 104 106.11
1947 A 0 10784 Sale 1070
4 1073
4
7 106 10834 Goodyear Tire & Rub 1st 8 f 1941 M N 121 Sale 10512
let M Ca Series B
Sale 121
12112 28 121 122
6a-1937 .1 J 1044 Sale 1037
10414 82 103 10412
10
-year s f deb g 88
A 191 Sale 191
Amer Sugar Ref 15-Yr 45_19211J J 973 Sale 975
12 13al
12
11134 31 1094 11134
4
8
974 71
98% 977 Gould Coupler 1st 8 I Os_ __!119943011FF
11
tr
'Am Telep & Teleg coil
9112 9213
921
45
92
1938 M S 92
9253 927
2
927
8
1
927 Granby Cons MS & Peon 65 A'28 M N
11
Convertible 43
100 10012 100
Feb'28
6 100 101
9714 9814
1933 M S 9712 ____ 98
Stamped
1928 M N 100 10112 10012 Jan.26 ____ 10012 101
-year cony 4355
20
10075 1024 Gray & Davis 1st cony,
1946 J D 10212 Sale 10214 Fe2
11 55
3
sr 76_19321F A 103 Bale '103
-year coil tr 56
30
103 I 16
9814 103
9755 9912 Gt cons El Power(Japan)7e44_19 F
1960 .1 J 9914 Sale 9914
9912 265
A
9213 Sale 9212
35-yr s I deb 58
934' 52
91
934
10412 119 10312 1044 Great Falls Power ist s f 5s 1940 MN
20..year a f 5A
,
1943 MN 104 Sale 104
10312 Sale 10212
2
954 9782 Hackensack Water 1st 45
6
97% 39
5
Wks & Elea .. --..1934 A 0 9718 Sale 97
1952 J J 8813 ____ 88
Am Wat
Feb'26 ___8 124 1 34
1031
2_
2
4812 56
2
39 J J 493 Sale 4953
5012 25
Hartford St Ry lot 95
1930 M 5
Am Writ Paper e I 7-68-19 _ _
4918 5012 4914
484 5412 Havana El Ry L & P gen 68 A'54 M S 8612 ____ 8512 Aug'25 _-__,5012 36
etre den.
934 948 9312
93%
2 - 2 -- TemP Interchangeable
921- 103
4
F A 1033 Sale 1034 104
4
155 10114 1044 Havana Elec eonsol g 58
1952 F A 95
____ 95
Anaconda Cop Min let 68-1953 F A 1055 Sale 1053
95
8
104% 1074 IIershey Choc Ist 8 f ges
8
10614 184
1938
1942 M N 10012 101 10418 Oct'25 __ __.
-year cony deb 7s _
I
94'4 96'4
.
15
967 102
8
10112 145
1st M & coll 5 iis 184etf 1990 3 J 1007 Sale 1005
deb 7850% pd'43 .1 J 10018 Sale 100
8
8
Andes Cop Mtn
1013
4 58 - -1- 162
99 s - -N 99 Sale 99
9818 10018 Hoe (It) & Co 1st 635 a temp.1934 A 0 9812 Sale
99 12 68
Anglo-Chilean Nitrate 79-1945
9812
99
7955 9914
15
2
8113 .24 Holland-Amer Line fie (f1a)_1947 MN 80
913
4
7358..1939 J J 9112 Sale 9112
814 7.3
804 43 17 02 10
0(
9 854
Antlila (Comp -rue)
944 9714 1r•••1. , ,, rIg• It g 58
07
,
,
1940 M N 1 on4
n 1608,In.
Ter 58_19(14 M S 97 Sale 97
ai Feb•76
Ark & Mem Bridge &
Due Aug. 8 Option gale
Due July.
a Due May. s Due June. It
1a
In
a
MI
: :4 113:
11 11
2,7,11
Hi
New York Bond Record-Continued-Page 5
1152
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 26.
ti
Price
Friday,
Feb. 26.
Week's
Range or
Last Sate
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Feb. 26.
V•
:2Price
Friday,
t
Feb. 26.
r
'
I:Inge or
Last Sate
ft
Range
Bince
Jan. 1
Hit.
High No. Low
Ask'Low
Bid
High
High No. Low
Ask Low
Bid
4
1 1018 103
10278
5
1021 50 10112 1021 Pillsbury Fl Mills 20-yr 6e 1943 A 0 10212 10318 102%
4
/
Humble Oil & Refining 5%8-19321J J 102 Sale 102
4
1
/ 9813
98
4
1
/ _ _ 9813 Feb'26
4
8 84 1003 1034 Pleasant Val Coal 1st gal 58_1928 J J 98
8
5s---1958 J D 1025 Sale 10253 1033
1.1110018 Bell Telephone
1
/
901e 904
_
9018 Jan'26
92
4
5
943 98 8 Pocah Con Collieries let s 1581957 J J 91
8 29
4
1
/
963
1940 A 0 95 Sale 9514
Illinois Steel deb 434s
2
10212 Feb'26
_ _ 102 1025
9118 917 Port Arthur Can & Dk 63A.1953 F A 103
8
917 Feb'26
3
1936 M N 93 8
Ind Nat Gas& 011 5s
1002 103
29 10113 103
1953 F A 103
1st M 68 Series B
5 1024 1041s
8 10418
1952 M N 10258 Sale 1025
Indiana Steel 1st bs
4
/
99 1011
4
/
4 1011 19
let 63 13.1947 M N 102 Bale 1003
---- ---- Portland Else Pow
9934 Dec'25
1935 J J
Ingersoll-Rand 1st be
9933 10018
-- 10118 Feb'26
____ ---- Portland Gen Elm let 58_1935 J J 10053
11
Apr'25
20
Interboro Metrop coil 4348._1956 A ()
92% 9518
8
1
/
95%
954 9413
Portland Ry lot & ref fo._ _1930 M N 95
413 Aug'25
13
Guaranty Tr Co ctfs dep
4
883 93
12
93
9112 Bale 9113
- Portland Ry Lt dr P lat ref 581942 F A
101 Mar 25
.
4
/
Ctf dep stpd asetd 16% sub99 101
6
101
100%
1947 M N 10012
1st I & ref 68 Ser B
- 1- 7312
7012 176 ‘12 69 Sale 6912
Interboro Rap Tran lot 5s-1966
4
8
let & refund 734s Ser A_.1946 M N 1073 Sale 10738 10712 13 1063 108
62
7214
7014 290
69 Bale 69
Stamped
4
2 1053 10614
10618
1
/
764 Porto Rican Am Tob fie__1931 M N 10618 Bale 10618
64
4 56
743
1932 A 0 71 Sale 71
-year 68
10
9453 9818
96
9612 30
1933 J J 9618 97
8534 94
Pressed Steel Car 59
59
92
-year cony 7% notes -1932 M S 9112 Sale 9114
10
4
11012 1123
11114 Feb'26
J D 111
.
8814 9513 Prod dr Ref a f 8s0vith war'nts) 31
4
9514 10
Int Agile Corp 1st 20-yr tis_ A932 M N 90 Sale 943
10934 11012
4
1
/ 90
82
Without warrants attached_ _ .1 D 11012 -- 110 Feb'26
90
32
8
Stamped extended to 0142.- M N 891 Sale 8912
4
8
857 893 Pub Serv Corp of N J gen 58_1959 A 0 1043 Sale 1043
4
4
3 1043 105
4 1043
8
8614 280
Inter Mercan Marines I 68._1941 A 0 85 Sale 85
4
1
/
1944 F A 10212 Sale 10212 103% 29 100 103
941s 95
4
1
/
Secured g (18
9412 28
19473 J 9412 Sale 94%
Internationsi Paper 58
7
10512 24 103 8 10551S
97 100
Pub Berv Elm & Gas lot 5%31959 A 0 105 Sale 10514
8 58
997
4
1
/
1955 M S 99 Sale 9938
Ref f 6sSer A
8
8
4 105
23 1037 105
1964 A 0 1047 Sale 1043
1
/
let & ref 5345
10812 1164
113
168
let Telep & Teleg cony 5345 1945 M S 11018 Sale 112
3
9 106 1083 1078
2
8
1113 302 100 1113 Pub Sery El Pow & Ltg 6s 1948 A 0 1073 Sale 1073
3
Jurigens Works63 Wed Drice).1947 J .1 109 109 4 108
4
3 106 111
1937 J .1 1073 109 1084 10912
8
1023 131 10014 1024 Punta Alegre Sugar 7s
4
4
1952 M S 1013 Sale 1013
Kansas City Pow & Lt 53
824 88
15
86
1043* Remington Arms 68
M N 86 Sale 85
1937
1
/
8 16 1014
1045
3
1045 Sale 10312
Kansas Gas dr Electie 6e_ -1952 M
14
97 100
4
/
991 35
1 10612 10712 Repub IA S 10-30-yr be e f-1940 A 0 9912 Sale 9814
10718
1942 F A 10718 10712 10718
7s
Kayser & Co
9212 9412
9412 39
10318 109
Ref & gen 5348 Set A.-1953 J J 9212 Sale 9212
4
1932 M N 10512 Sale 10512 1063 114
Kelly-Springfield Tire 8s
4
1
/
9012 90
1955 F A
9012 21
Me Bale 90%
90
9012 Rims Steel 1st 78
4
/
Keystone Telep Co let Is......1936 J J 911 ____ 90 Feb'26
60 6612
4 10
4
19623 D 631s 653 613
633
4
Robbins & Myers is f 78
Kings County El & P g be-- _1937 A 0 103% ____ 103 Feb'26
2 11212 114
2 8 03
207 123 Rochester Gas & El 73 Seri:1_1946 M S 11212 113 11212 11212
5 10
123
1997 A 0 123 Sale 123
Purobase money 63
4
1
/
8 10558 11 105 106
1055
Gen Mtge 5%is Series C1948 M S 105%
9
7714 7
1
79
3
79 4 79
68 731a
Kings County El let g 45_ _1949 F A 78
8
7312
78 80
Rogers
-Brown Iron Co 78_1942 M N 7214 7312 7218
Feb'26
5
1949 F A 78% 79 8 80
Stamped guar 48
9114 97
4
1
/
9512 931
98 100 8 St Jos Ry Lt Ht & Pr bs
2
1937 MN 9318
3
9314
4
/
9913 9934 100 Feb'26
Kings County Lighting 58_1954 J J
6
3
95 4 9
96
98
Jan'26
106 10812 St Joseph Stk Yds 1st 4345-1930 J J 97
19543 1 108 10812 10818 Feb'26
6%0
s.
817
73
8114 11
St L Rock Mt & P55 stmpd.1955 J J 81 Sale 81
1
05
10134
19363 D 105 Sale 10534
Kinney Co 7348
7012 7012.
7012 Feb'26
1924 A 0 7012 _
St Loulel remit 59
98
25
3
1950 M S 973 Sale 97
Steel 58 A
Lackawanna
4
66n
9514 9
9514 Feb'26
1937 1 J 953 100
0
960 4 098704 St Paul City Cable bs
2 10 354 110
3
Lac Gas L of St L ref&ext bs-1934 A 0 1013 Sale 101
9234 96
4
6
96
8
5
4
104% 33 102 8 1047 Saxon Pub Wks(Germany) 75'45 F A 9513 Bale 943
1953 F A 1043 Sale 10414
Coll & ref 534s Series C
4
1042M B 1093 1097 10912 1093
4
8
3 10712 110
98 98
Bake Co 7s
Jan'26
4
1ahighC&Navaf4)4eA..l954J J 973 ____ 98
8
103
1 10132 10314
Ban Antonio Pub Serv fie__.1952 J J 103 1033 103
10014 101
1
4
10012 1003 10012 10012
Lehigh Valley Coal 1st g 58_1933
2
13 1075* 107%.
31. g 4012 Sharon Steel Hoop lot 85 Sec A'4I 111 S 10712 Sale 10712 1077
4012 Feb'26
Lex Ave & P F tat gu g 52)._1993 M S 3914
5
4
/
1942 A 0 10818 ____ 1071 Feb'26 ___ 1067 109%
4 118 12612 Sheffield Farms 634s
120
Liggett & Myers Tobacco 75_1944 A 0 11814 120 120
9112 95
7
5
8
943
4
4
:
3
2r2 1 2 &errs & San Fran Power 58_1949 F A 943 Sale 945
g
12
.
Jan'26
122
A o
Registered
934 9714.
1
/
97
113
,Ethicist'. Cons Oil 15
-year 75_1937 M S 9612 Sale 964
101
26 100 103
1951 F A 10012 gide 100
58
4
1
/
1st In col tr 69 C with warr 1927 J D 11014 Sale 1104 11314 867 10718 113
F A 9818 ____ 98 Oct'25
Registered
87 9O44
1938 J D 90% Sale 90
903 143
lot lien 634e Ber B
5
8
8
11812
1944 A 0 11814 1187 1183
Lorillard Co(P) 78
100 10014 101
Sinclair Crude Oil 3-yr 68 A_1928 F A 101 Bale 0053 101
4
1153 Oct'25
0
A
Registered
0034 101
46 10012 101
3-yr 6% notes B Feb 15_1926 F A
8 Ws;1(10i
9914 Sale 9914
10018
1951 F A
55
1942 A 0 90 Bale ao
87 91
3
90 4 123
Sinclair Pipe Line 5s
_964 Oct'25
9914 100
F A
Registered
123% 54 120 131
8 914
1927 A 0 121 Sale 21
90 - 1- Skelly 011 6)4% notes
2 20
4
1
/
997
Louisville Gas & Electric 53_1952 M N 99 Sale 99
4
/
10212
2 1011 10212
4
/
9018 941 Smith (A 0) Corp let 6%8_1933 M N 102 Sale 02
4
4
943 90%
9018
19303 J 93
Loulsv fly lst con be
4
9 107 108%
,,,... South Porto Rico Sugar 73_1941 J D 1073 Sale 0712 108
Lower Austrian Hydro-Elee Co
4
4
1023
7 10118 1023
4
/
051 South Bell Tel & Tel let 8 f 581941 J J 103 Sale 0218
4
1
/
87
8712 24
1944 F A 8712 Sale 8712
100 1034
lets'8348
4
1
/
1
/
,
103
8
28 10() 103 fewest Bell Tel let es ref 53 1954 F A 10218 Sale 0213 10314 155
8
1942 A 0 1025 Sale 023
Menial Sugar 7348
9812
99
13
9
97 9914
1947 J J
594 60
Southern Colo Power 63
6414 73
6218 Sale 6218
Manhat fly(NY)cons g 48_1990 A 0
_ _ 9978 Dec'25
53 60
1948 M N 9758
Spring Val Water g bs
60
46
20133 D 5734 587 5812
2d48
99
5 - 5- 101 99
g1s
1930 M N 99 100
.. Standard Milling mat be
4
14 102 103
103
1942 M N 103 Sale 023
Manila Electric 78
10814 17 10734 109
J 10814 Sale 08
4
/
8913 951 Steel Az Tube gen s f 75 See C 1951
2
4
4
903
903
4
Manila Elee Ry & Lt f 53-1953 M S 903 91
8913 9914
9914 58
99 Sale 98
9912 Sugar Estates (Oriente) 7s__1942
98
„
4
9873 21
Market St Ry 78 Series A_ _1940 Q J 983 Sale 9812
95 9712
1929 FA-1 96% --- 9712 Feb'26
4
104 1061 Superior 011 1st s f 7s
__/
0612 Feb'26
4
/
Metr Ed 1st & ref g (is Ber B_1952 F A 106 107
4
_ _ 1001 100%
003 Jan'26
D 100 101
3
96 4 Yv1 Syracuse Lighting let g 5(1_1951
4
/
9912
19533 J 9912 Sale 9912
lst&refSsSeriesC
4
1
/
4
1
/
103 103
J 105 Bale 0318 Feb'26
10213 1041 Tenn Coal Iron & RR gen 56_1951
4
/
1953 J D 10433 ____ 04% Feb'26 _
Metropolitan Power 61
105
4
17 102% 106
D 1043 Sale 104
703 74
Tennessee Elm Power let 69_1947
Feb'26
75
74
Met West Side El (Chic) 49_1938 F A 73
15.
13
55 65
617 220
8
J 61 Sale 61
10114 10414 Third Ave let ref 48
1960
8 66
1
/
1940 M S 1024 Sale 0212 1035
Mid-Cont Petr ist 6148
401 61573
62
277
4
4
923 95
Adj Inc Is tax-ex N Y___51960 A 0 59 Sale 5812
8.5
95
Midvale Steel & cony s f 5s 1936 M S 9412 Sale 9413
7
93 8 98
95
4
1
/ 96
957
8 10
J 95
4
1
/ 97
99 9 3 Third Ave fly let g 55
1937
99% Jan'26 _
Milw Elec Ry & Lt cons g 58_1926 F A
8
8
10918 24 10853 10914
1941 M S 1085 Sale 1085
98 99
Toledo Edison let 78
8
Refunding & exten 43.48_1931 .1 J 9512 9812 985 Feb'26
98 99
3
8
s
983 9975 Toledo Tr L & P 5%% notes 1930 J .1 983 987 9812 Feb'26 _
5
1951 J D 0912 993 9914
4
0914
General be A
1
/
_ _ 1004 101
10058
100% Jan'26
91% Trenton 0& El 1st g 58
9012
98
11 4 rt1 13
/4
63
1961 J D 9414 Sale 94%
947
4
let be 13
9612 963
1004 16418 Trumbull Steel deb 68
4
2
963
963 Bale 00q
4
102
Serial C__ -1953 M B 102 Sale 102
1st & ref g
704,
61
% Twenty-third St fly ref 58..1962 J J 683 70
99 99
70
4
704 15
8
1927 MN 9914 993 9914
3 15
995
Milwaukee Gas Lt 1st 45
g
4
1
/
997 10112 Undergr'd of London 4%8_1933 J J 9414
94 95
_
95 Feb'26 _
10112 12
Montana Power list 58 A -1943 J J 101% Sale 101%
4
4
923 923
_
4
-- 923 Feb'26
4
963 9758
1948 J J 9218
Income 6e
8
2
973
3
Montreal Tram let & ref 5e-1941 J J 9738 9712 973
4
1
/
7
9 104 3 105
105
8
847 88
Union Bag & Paper let M 68_1942 M N 105 Sale 105
8734 19
Morrie & Co let f 434s--1939 J .1 8714 Sale 8714
4
/
ao 81- Union Elee Lt & Pr 1st g 58_1932 M S 10034 -- 10034 10034 1 100% 1021
2
80
80
Co 48 Ser 2_1966 A 0
Mortgage-Bond
4 10018 101
8 101
8
4
seq 98
1933 M N 1005 1003 1005
Ref es eat be
4
20
/
98
971
1932 J J 9712 98
4 9312
9
-year be Series 3
10-25
5 10012 10212
1013
4
10153 Sale 101%
1954
lot g 514s Series A
9212 45
19343 D 91 Bale 91
Murray Body let 6348
4
ggs 9912 Union Elev Ry (Chic) 58-1945 A 0 7912 7953 80 Feb'26 _ _ _
7713 80
9914
3
9914
-1947 M N 9914
3
Mu Fuel Gas 1st gu g 5
1015g 10212 Union 011 lot lien s f 58... _l931 J J 1003 -.- 10114 Feb'26 _ _- 10012 10112
4
8
8
Mut Un gtd bonds ext 4%_ _1941 MN 1013 10212 1015 Feb'26 _ _ _ 584 6434
2 10412 10514,
10514
1
/
May 1942 F A 10514 -- 10514
30-yr 6s Ser A
6414 93
gy
guar gold 48_1951 J 3 63 Sale 63
Nassau Elec
8 13
967
4
101 103
1935 F A 963 Sale 9634
let Hen s f 58 Ser C
101
Net Enam & Stampg let 53_1929 J D 101 10514 101
4
1
/
98 10014 Union Tank Car equip 78-1930 F A
101 Aug'25
_
79
997
1931 1 D 99% Sale 9814
1131; 1013 1- -4
National Acme 7148
8
995 10012 United Drug 20-yr tls_Oct 16 1944 A 0 iais Sale 1051e
4
/
1061 22
10012 --- 10012 Jan'26
-year deb 58-1930 J
s
Nat Starch 20
10314 17 10112 1033
8 12 1014 103% United Fuel Gas lets f 63-1936 1 J 10314 Bale 103
1037
1952 M N 103 10312 103
National Tube let 58
9934 1001s,
4
1
/
% United Rye Inv 58 Pitts issue 1926 M N 9972 10018 99 Feb'26 _ _
_ _ 100% 190
4
3
19483 D 100 4 10112 1003 Feb'26
Consol Gas be
Newark
99% 100 ,
a
1
9972 100
3
997
%
99
/Damped
4 14 1997 10318
1023
D 10012 Sale 10212
7413 78
New England Tel & Tel 58..1962 J
3
101 1023 United Rye St L Ist g 4s__ -1934 J J 77
4
773 78 Feb'26 _
Feb'26
9415 95
N Y Air Brake 1st cony 68_1928 M N 101 10212 101
5
4
943
4
1937 M N 943 Sale 943
412
3
90 4 9
4
, United BS Co 15-yr 6s
9412 35
New Oil Pub Serv let be A..1952 A 0 9414 Sale 93
7 103 1044.
10418
9014 9.
14 United Stores Realty 20-yr 68 '42 A 0 104 10412 104
3
9414 54
19653 D 9414 Sale 925
4
1
/
914 94
let & ref 58 ser B
9414 95
8113 8314 US Rubber let & ref Is Ser A1947 J J 9324 Sale 9312
._._
9
8
827
4
3
-year let g 48_1951 F A 82 4 Sale 823
3
N Y Dock 50
s
8 1077
19 106 4 108%
1930F A 10752 Sale 1073
h.";
1
4
-0-Yr 734% see notes
11612 27 11514 1033
1
/
4
1
/
99 1004
8 US Smelt Ref & M cony 65_1926 F A
NY Edison 1st & ref 6%s A_1941 A 0 1184 sale 1153
99% Jan'26
102
3 36
1033
1944 A 0 1033 Sale 103
8
4
1
/
Ist lien & ref 5s B
1
/
10612 69 105 1064
U B Steel Corp ceoupon__ _ _d196.3 M N 106 fiZe" 106
8 104 105
5
4
1
/
105 s 105
NY Gas El Lt & Pow g 5s_ _1948 J D 10412 Sale 10412 10412
_
4
1
/ Jan'26
105
891s 9053 e f 10-60-yr 58 registered _d1963,111N
5 10012 10012
3
903
1949 F A 9014 Sale 9014
go% 8914
Purchase money g 48
Sale 8814
8 II
885
2 1004 1033 Utah Lt& Tree let & ref 58._1944'A 0
1034 10012 10012
1
/
95 97
N Y L Eds West C &RR 5%8 1942 M N
4 Utah Power & Lt 1st 541_1944 F A 9612 Sale 9638
1
/
4 22
983
F A 10012 10212 0212 Feb'26 _ _ _
N Y Q El LA P 1st ess_ _ _1930
60
4
1013 Jan'26
_ 100% 101%
52
Utica Else L & P 1st be_ _ _1950 .1 1 1013*
__
8118 60
Feb'26
NY Rye 1st RE & ref 48_ _ _1942 J J .59
4 100% 1021z:
60
4
-- 1013
10212
46 ., Utica Gas & Else ref & ext be 1957 J J
597 60
2
60
48
at 104 Victor Fuel lots 158
Certificates of deposit
5314 62
62
62 Feb'26
55
1953 J J 10134- s,
,
1
/
84
0
4
1
/
1
7
712
4
1
/ hi,' Vr-Caro Chem 1st 78
-year ad) Inc 513___ _Jan 1942 A
3
4
30
1947 .1 D 107_
107
_ 10814 1073
107
712 918 712 Feb'26
-Certificates of deposit
4
4
22
343
Certificates of deposit ______,---- 107 10812 1043 Dec'25 _ -3414 487
Bale 3012
NY Rye Corp Inc 6s_ _ __Jen 1965 ---- 3012
4
101 1025
Certificates of deposit stmpd ---- 10712 107% 1023* Oct'25
6
10212
1951 M N 10212 10312 0212
Y & Rich Gas let 68
5624 593
4
(Mid as to payt 40% of prin
5814 58
5812 16
1
/
784 82
NY State Rye 1st cons 4348_1962 M N 88
107 Sale
1947 10 10552 108
lot 73
2
82
85
82
1962 M N 80
1st con 650 series 13
100q Sale 061 101;2 78 105 10954
71
0
10214 103
2
Ctf of deposit
3
4
1023
0212
10672 10812
9812
NY Steam 1st 25-yr 68 Ser A 1947 M N 102%107
97
074 Jan'26
Ctf of deposit etpd
9814 71 10978 11034
4%5_1939 MN 08 Sale 977
N Y Telep let & gene f
107 11012,
10 Feb'26
73-4e with & without war_ _1937 Ili 16ii2 109
11012 17
5
.
-year debens f 6e_ Feb 1949 F A 11014 sale 1018
30
105 Sale 105
of dep without
26 103 2 11111
10713 109
3
Certafs
109 8
4
/
29 1004 102%
4
1
( -1941 A 0 1081 sale 10812 109
-year refunding gold /
107 107
20
wary.Cetifs
____ 107
of dep with warrants.....
Jan'26
4
/
__
J 1011
e
1023 Feb'26
Niagara Fall Power 1st 54-1932
9114 9214
935 9214 Feb'26
105 10612 Va Iron Coal & Coke ist ft be 1949 1
1
10518
Jan 1932 A 0 10518 10511 1051e
Ref & gen 65
s
977 99
99 101
1943 3 J 9812 Sale 084
Vs Ry Pow 1st & ref 5.3
98
4
1
/ 53
22
Meg Lock & 0 pr 1st 5s A1955 A 0 101 Sale 10012 101
4
1
/ 9938.
90
D 99 Sale 973
4
993* 131
9814 100
Vertientes Sugar lot ref 70...1942
994 33
99 Sale 99
No Amer Cement deb 610A 1940 M
95 100
D 9812 Sale 9712
10114 10412 Warner Sugar Refin lot 75_1941
11
99
10412 46
,
1952 M S 103 3 Sale 10353
Nor Amer Edison 68
7
8112 88 8
J 86 Sale 855*
12
Warner Sugar Corp let 78.-_1939
86
4
/
1051 sale 10512
8 103% 106
10514
Secured e f g 634e Ser 13_1948 M
1014 1021z
J 1013
4
4
923 9512 Wash Wat Powers f 58._ _1939
1024 Feb'26
35
94
_1947 M S 94 Sale 94
Nor Ohio Trac & Light
D 10212 103 10212 10212
4
973 100
1 1021s 10312
Westchee Lte g bs stmpd gtd 1950
34
58 A...1941 A 0 9912 Sale 9912 100
Nor Striae Pow 25-yr
1944 M N 101 Sale 101
2 100 101
101
West Ky Coal let 73
A 0
_ 9314 Jan'26 _ _ _
Registered
1
997 102
-1
_1946 M
- 4 116;
8
1015 Sale 101
14
102
10 1651- 9612 West Penn Power Ser A 5s_
1057e
1
/
let a, ref 25-yr 6s Ser B___1941 A 0 1054 Sale 10512
4
1
/
4
1
/
98
1946 M
4
1083 Sale 1061 1083
9 1051s 108 .
lot 78 Series D
4
/
_ 11218 11313
9712 9612 Jan'26
9712
North W T 1st fd e 4345 04_1934
3
99 4 102
1963 M
102 Sale 101%
26
ist 5e Series E
102
1
8
1123
8
8
Ohio Public Service 7.30 A__1948 A 0 1123 Sale 1123
1 emporary &Series E 1983 IS
4
983 Sept'25
7 11012 111%
1
/
1947 F A 1111/4 Sale 1104 11153
75 series B
1st &ref
- 7
104
1953 A
let 548 Series
8938
We" 105% 105% 4 164;106 .4 102
4
/
1031
Ohio River Edison 1st 681(548 J J 10273 Sale 102%
91
81
1950
9653 971 West Va C & C let 62
4
/
1
80
88
1
/
3
97
1944 F A 964 97
96%
Old Ben Coal 1st 65
9933 101
19 10012 101
86114 Sale 1001
Western Electric deb 58. _1944 A 0 10
101
4
/
3
4
1001
58_1943 F A 994 sale 993
Ontario Power N F let
12
J 1023 ___ 103
8
4
/
59 102 108
9911 995 Western Union coil tr cur 58.1938
4
103
3
6
9952
1945 M N 993 Sale 99%
Ontario Transmission be
12
9614 97
4
1083
Fund ds real estate g 4%5_1950 MN 9712 Bale 97
9712 38 111 11252.
10812 69 10514
*
1941 F A 10838 Sale 1085
Otis Steel 88
1936 F A 11211234 112
10084 /E812 15-year 1334s g
5
1124
10312 83
12
let 25-yr f g 7348 Ber B._1947 F A 10314 Sale 10314
4
1
/
1931 MN 10552 Sale 105 8
97 010
24 105 10614
E &M 73
Westinghouse
5
4
1053
8 40
997
8
12
87 704
Pacific G & El gen & ref Is. _1942 J .1 9914 Sale 987
99% 10012 Wickwire Spen Steel let 78..1935 .1 .1 66
44
70
6812
68
4
100
3
4
Pac Pow & Lt Ist&ref 20-yr 56'30 F A 993 Sale 99 4
Certificates of deposit
7512 Oct'25
5 10112 10213
10218
1937
10212 102% 10218
70l 703*
Pacific Tel & Tel 1st 5e
4
1
/
98 10214
MN --- 70
Certificates of deposit stamped
7012 Jan'26
10214 112 10512 107
1952 MN 1013 Sale 10133
8
eals 681iRef M 56 series A
4
1
/ Wickwire Sp Steel Co 7e Jan 1935 MN -635 Sale 634
4
2
643
10614 60
10214 i0314
Pan-Amer P dc T 1st 10-yr 70 1930 F A 106 Sale 10534
5
4
08
0 4 10
4 13 1053 1123 Willys-()veriand e f 6348__ __1933 M S 10212 Sale 10212 1023
1063
4
1934 M N 106 Sale 1053
1
98 101
,
Cony s f de
46
8513 92
Wilson & Co lot 25-yr of 68_1941 A 0 1004 Sale 1004
ale 8814
1
/
el s
319
92
Park-Lox at leasehold 630_.19533 J
Registered
93 Feb'26
_ _ 0012 Feb'26
8
1003
_ 100 100%
63
71
Paties Passaic G & El cons 58 1949 M
111
D 53
111
1928 J
69 Feb'26
-year cony s f 135
10
68
11114 111
Feb'26
67 72
Peep Gas & C 1st cone 8136_ 1943 A 0 11072
15
9812 101
Certificates of deposit ______
5
69
67% Sale 67 s
4 43
1003
10012 Sale 100
1947 M
68
7212
Refunding gold 55
3
10312 105
683*
1.-p1931 1 4
7%s
10-yr cony e f
6833
11
105
4
4
8713 72
Philadelphia Co coll tr 131 A.1944 F A 1043 105 1043
98 10012
52
Certificates of deposit
6613 Sale 67
'
4
1
/
67 1 11 1015 1023
7508
10012 26
8
4.
-year cony deb 53.411.-1938 M 13 100 Sale 9978
15
4
1
/ 15
102
9972 102
1941 A 0 10112 1024 102
1
/
Winchester Arms 7149
10012 Sale 10012 1001 11
4
/
4
/
Phlia & Reading C & I ref 58 1973'5
1023* 116 1011 102/s
9 106 10814 Younen Sheet AT 20-yr 60_1943 J J 1023* Sale 10218
10712
Pierce-Arrow Mot Car deb 811943 M 8 106 Sale 106
4
1
/
103 107%
3
8
1055 1065 10553 Feb'26
Pierce 011 s 8s____Dee 15-1931 .7
a Due Jan. it Due April,
Du Dee. s Option aide.
1153
BOSTON STOCK EXCHANGE-Stock RecordSeeTerSPage
-PER 811,15E, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb. 20.
Monday.
Feb. 22.
Tuesday,
Feb. 23.
TWednesday. Thursday,
Feb. 25.
Feb. 24.
Friday.
Feb. 26.
Sales
for
the
TWeek.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHARE
Range for Previews
Year 1925.
Range Since Jan. 1 1926.
Lowest
Lamest
Highest
Highest
Railroads
100 159 Jan 9 175 Feb 13 156 Feb 16444 Jan
63 Boston & Albany
170 170 *168 170
170 170
*170 173
Jan
7514 Mar 86
100 78 Jan 28 82% Jan 11
475 Boston Elevated
82
8212 82
82
81
801
80
82
8012 82
Jan 104% Dec
92
100 96 Jan 21 100 Jan 5
Do pref
169
99
9934 100
99
100 100
98
---98
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dee
49 Do 1st pref
4
1
/
11612 11612 115 Mt 11512 1151 ---- ---*11612 117
94 Mar 116 Dee
100 9813 Jan 9 112 Jan 2
152 Do 2d preferred
____
•107 109
107 107
108 109
10718 108
10 Apr 4913 Dec
100 42 Jan 29 4814 Jan 7
905 Boston & Maine
43
4312
4312 44
45
44
44
45
1118 Apr 46 Dee
4
1
/
100 40 Jan 28 47 Jan 6
...... Do pref
41
;54" :::: *39
.39
_ *39
17 Apr 65 Dec
875 Do series A 1st pref-100 5912 Jan 2 68 Feb 4
63
6212 63
*6213 631 .63
*6212 6312
621± 62's
29 Apr 8713 Dec
Feb 20
100 85 Jan 29 95
150 Do series B 1st pref
92
91
92
93 93
*91
:
921 95
93
92
25 Apr 7913 Dee
25 Do series C 1s1 pref-100 75 Jan 4 85 Feb 20
"83 _ _ _
*83
*83 _ _
85 85
:
351 Apr 116 Dec
30 Do series D 151 pref.-100 105 Jan 29 120 Feb 20
*115 120 *115
117 120
*11212 ---96 Dec 99 Nov
95 Jan 20 9811 Jan 4
73 Prior preferred
9712 9712 9712 971 --May
100 179 Jan 8 182 Jan 29 167 Feb 180
Boston & Providence
*180
•180
*180
4
1
/
28 Sept 62 Nov
3
7
..
54 ---1 i, East Mass Street Ry Co_ 100 53 Feb 28 61 Jan 6
53
57
56
*55
56
5412 55 •____ 55
60 July 73 Dee
Do 1st pref
100 6418 Feb 10 71 Jan 2
65
*65
•65
66
66
*65
65
66
51 Aug 70 Dec
100 62 Feb 15 69 Jan 13
35 Do pref B
63
•62
*6212 63
6212 6212 •____ 62
35 Sept 50 Dee
100 43 Feb 25 4914 Jan 29
837 Do adjustment
4414 441
44
:
441: 44
43
43
44
•---- 4412
23 May 56 Dec
5078
100 40 Feb 10 60 Feb 3
253 Maine Central
59
,
59 1‘
59
*58
5811 5813 5812 58 8 58
3
59 4
,
1
/
28 Mar 464 Dec
Jan 4
Jan 20 4514
100
400 N Y N H & Hartford
*411 4214
413 414 42
1
/
4
4
1
*40 4 4114
42
90 Dee
70 Feb
4
1
/
54 Northern New Hampshire_100 85 Jan 12 88 Jan 6
88
*8512 86
88
8512 86 .86
*86
Jan 125 Oct
39 Norwich & Worcester pret_100 121 Jan 71 123 Jan 28 100
122 122
0122
122 122 •122
_Oct
Jan 113
96
100 111 Jan 6 120 Jan 29
16 Old Colony
118 118
118 118
118 118 •118 120
87 Feb 101 Dee
10 Vermont & Massachusetts 100 100 Jan 8 10314 Feb 4
*102 103
•-- - 103 •____ 103
101 101
Miscellaneous
I
5 Dec
212 Mar
41 Jan 15
5 Jan 7
41: 435 1,185 Amer Pneumatic Servlce_25
3
4 4 434
418 458
412 412
412 458
1618 Mar 2413 Dec
3
415 Do pref
50 22 4 Feb 23 24 Jan 29
23
*2212 23 •
2234 23
1
/
234
4
2234 223 •223 23
8
4
4
1
/
100 142 Jan 4 1501 Feb 15 1303 Jan 145 Dee
14834 149
4
14812 14878 148 14834 148 14812 1473 14814 1,537 Amer Telephone & Teleg
6118 May 87 Aug
No par 63 Feb261 71 Jan 2
560 Amoskeag Mfg
63
6418 643
4
631s 6418 63 8 63
7
, 6314 6312 63
1
/
4
/
701 May 864 Aug
No par 7318 Jan 27, 78 Feb 23
28 Do pref
*2718 _
78
78
*7514
75 75
16 Aug
Jan
14
23
:
Art Metal Construe), Inc- 10 20 Jan 16 211 Jan
22
•21
•21
22
22
*20
22
*21
4618. Aug 6713 Dec
4
1
/
60 Jan 211 63 Jan 19
160 Atlas Plywood to
62 62
61
61
60
60
*6012 62
613 Aug 21 Dec
14
No par 16 Feb 15 17 Jan 2
Atlas Tack Corp
16
'15
*15
16
16
*15
16
•15
18 Feb 23 2018 Jan 14
1,150 Beacon 011 Co corn T C
18
18
•1841 1812
18
1818 18
18
18
18
9713 Nov 1191; Oct
4
1
/
77 Bigelow-Hartf Carpet_ -No par 93 Feb 8 98 Jan 2
94
*93
94
95
93
93
94
93
Jan 10814 Aug
30 Boston Cons Gas pref6%%100 10518 Jan 25 10818 Feb 18 103
---108 108
107 107 •._ _ 107
.
•1071g
Oct
2814 Jan 74
10 Dominion Stores, Ltd__No par 65 Jan 8 6818 Feb 1
6612 6612
*66
6612 ____ ---4 66
663 "
6612 *66
99 June 100 Dee
Do pref A
100 104 Jan 5 112 Jan 25
*108
---_ _ •112 114 *112 114
*108
4
1
/
6 Sept
1
/
14 Apr
312 Jan 21
4
1
/
2 Feb 2.
10
300 East Boston Land
1
•2 4 3
4 3
*23
4 3
•23
212 3
4
63 Jan
3 July
412 Jan 19
4 Jan 12
415 Eastern Manufacturing_ 5
S412 412
*414 5
412 412
41: 412
8
42 Mar 897 Dee
25 80 Feb26 8812 Jan 22
: 1.345 Eastern 88 Lines, Inc
821
7
80
84
*83
8314 84 8
4
81 4 823 84
83
Jan 4614 Oct
35
Do prof
No par 43% Feb 30 45 Jan 6
*43
4
433
44
*43
44
*4314 4334 *43
Jan 100 July
89
:
100 981 Jan 12 991 Jan 9
:
107 1st prof
99
•98
99
99
.98
99
99
•98
99
99
18 Aug 2313 Sep
4
/
201 Jan 2 26 Feb 5
205 Economy Grocery Stores
25
25
7
25 8 261
4
25
25 4 25 4 *25
3
25 4 25
3
,
Jan 213 May
100 4207 Jan 15 250 Feb 11 200
717 Edison Electric alum
232 232
233 235
233 23412 23218 23312 T232 233
3
5 4 Oct
2 Dec
213 Jan 8
4
1
/
2 Jan 11
10
Elder Mfg Co (v t c)
---2
•--_3
3
•
•__-Jan
Oct 38
17
Feb 25
:
iii Galveston-Houston Elee100 22 Jan 7 251
•24 _ _
2512 ---25
;tii
12 Jan 26 17 Jan 22
200 General Pub Ser Corp eon._ _
1512
*1514 1512
1512 1512 1512 1512 *15
4
4)
-r
781;1 - 111 Sept
Georgia Ry & Eleo 5% prat 100
3234 Aug 43 July
4
1
/
No par 373 Feb 21 40 Jan 12
4
39l
1.- 6
_ - .26- Gilchrist Co
3915 -5iT± 3914
*39
;39- IA 39
:
5713 Jan 1151 Dee
109 110
10712 10814 10512 10712 3.548 Carlette Safety Razor_ _No par 10512 Feb 26 11312 Feb 6
10812 1095, 10712 109
4
1
/
15 June
11 May
4
1
/
& Die
25 101 Jan 12 12 Feb 11
:
65 Greenfield Tap
•12
1212
•12
•12
12
12
1212
121
Oct
72
52 May
No par 60 Feb 9 683 Feb 4
4
313 Hood Rubber
841z 643
4
65 .65
4
*6412 651
6413 643
Oct
5213 Jan 80
:
50 1nternat Cement Corp-No par 661 Jan 7 6814 Feb 9
.67
6614 6614
67
68
•67
*66
68
Jan
2
19 .05 Dec
International Producta-No par .10 Jan 2 .15 Feb
"JO .50
•.10 .50 •.10 .50
•.10 .5
100 .55 Jan 5 .55 Jan 5 .10 Dec 1018 Jan
Do pref
•.30 1
1
'.30
1
•.30
•.30 1
Kidder, Peabody Acceptance
Stock
1
/
824 Jan 95% Nov
100 9414 Jan 5 9514 Jan 9
55 Corp Class A pref
*9514 _9514 951 .9514 _ _- 9514 9514
4
1
/
9 Jan
614 Apr
4
1
/
9 Feb 1
10
714 Feb 18
67 Libby, McNeill & Libby
5
s 88
83
5
3
8 5 8 8 *83
,
3
3
8 4 8 4 Exchange
3
84 8 4
4 914
1378 Jan
1114 Aug
1
/
4
/
111 Jan 12 124 Jan 18
25
5 Loew's Theatres
-•1134 1178
4
•111 12
1134 1114 *111 11 8
,
4
/
68 Feb 85 Dec
414 Massachusetts Gas Cos_ -.100 28318 Jan 5 8512 Feb 26
Closed,
86
86
86
*84
8612
85
1
85 4 85
85 4 85
3
Oct
6313 Jan 70
100 65 Jan 6 7013 Feb 20
116 Do prat
68
68
68
7018 701
70
68 6814 68
,
70
Oct
Jan 197
4
1
/
100 193 Jan 6 218 Jan 26 167
45 Mergenthaler Linotype
4212 215
212 212 .212 215
Washing- 213 213
210 210
4
7% Sept163 Jan
813 Jan 29 103 Jan 7
4
Mexican Investment. Inc__ 10
Oct
Jan 124
36
River Power._ _100 85 Jan 6 85 Jan 6
Mississippi
ton's
8712 Jan 9614 Nov
100 95 Jan 2 96 Jan 4
60 Do stamped prat
96
;61 96
95 95
.95
95 95
4
63 Jan
8
3 4 Dee
414 434
414 414 1)I rthday
4
1
/
4 Jan 5
4
1
/
3 Jan 4
10
954 National Leather
411 4
414 414
41s 4111
4
1
/
1138 Dee 17 Dec
5 1512 Jan 9 2814 Feb 19
25
2618 2714
3,403 Nelson (Herman) Corp
26
271: 28
2814
4
273 28
28
2 June
New Eng Oil Ref Co tr Ws__ .20 Jan 2 .50 Feb 9 .10 Dec
•.30 .40 •.30 .40 •.30 .55
•.30 .41
4
1
/
5 Apr 12 Sept
8 Feb 25 1012 Jan 6
100
5 Do prof (tr Ws)
---8
*8
8
101
1012 *8
1012
•8
England Pub Serv prior pf 98 Jan 4 100 Jan 6
130 New
•98
---99
•99 100
98 98
98 100
Feb
We;
8 Feb 18
4
1
/
4 Jan 28
New Eng South Mills-No par
•41!
*412 8
---.412, 8
.412 --Jan
20 Dec 55
100 25 Jan 16 28 Jan 29
25
25
45 Do prof
*2412 _
•25
*25
:
Apr 1221 Nov
99
4
11712 11734 117 117
11712 118
914 New Engl'd Telep & Teleg_100 115 Jan 11 1181 Feb 17
11712 118
i
-- 3
117 1 1-4
4
1
/
214 Oct 323 July
1 2934 Jan 9 30 Jan 14
Orpheum Circuit. Inc
30 *49
30
•s29
30 •s29
30
•z28
50 Dec 8118 Jan
100 42 Jan 26 55 Jars 2
45
47
635 Pacific Mills
47
47
45
47
47
471
:
461
*45
Oct
32 Aug 75
100 5112 Feb 8 6814 Jan 12
40 Plant (Tilos 0). 1st pref
60
*52
52
80
*52
52
60
*52
Apr
1514 Aug 18
10 15 Feb 8 17 Jan 12
121 Reece Button Hole
1512 1512 1512 151
1512 1512
•1512 1614
4
1
/
2 Jan
4
/
11 Nov
112 Jan 19
11 Jan 19
10
4
/
Reece Folding Machine
4 •112 184 *Ds
'112 13
4
*11: 13
4
13
100 11213 Jan 2 117 Feb 20 10914 Apr 120 Feb
452 Swift & Co
'.1612 1163 11612 117
116 116
1l5l 116
4
1163 117
4
4
1
/
4518 -Apr 73 Dee
25 65 Feb 9 70 Jan 4
*66
67 "6512 661
70 Torrington Co
6512 6512
67
67
711 Jan
3 Oct
5
7 Jan 5 1512 Feb 11
8
133 1318 12
870 Union Twist Drill
13
11 18 113
12
4
12
4
403 July 50 Nov
25 48 Jan 5 52 Feb 20
4
1
/
51
52
4.999 United Shoe Mach Corp
51
5018 5112 51
511
5114
4
521
52
Oct
2613 Jan 29
25 28 Jan 2 2818 Jan 25
Do
•28
2812 •281g 281
2814 2814 2814 2814
2812
28
3
1413 Aug 19 4 Jan
up 1853 2.538 WaclorfSys.Inc,newshNo par 17 Jan 6 20 Feb 11
a
oPreyf
19
:
1918 1834 19
75
1812 19
3
1914 19 8
Jan 34 Dee
5
40 Feb 5
37
38
37
668 Walth Watch al B corn-No par 29 Jan 1
3912
3912 38
33
381
:
371
•37
4
171 Jan 57 Dee
59 Feb 10
100 52 Jan 2
.56
435 Do prof trust Ws
57
59
57
5614 57
57
*55
59
*56
Jan 105 Dee
65
100 102 Jan 29 108 Jan 4
Do prior pref
.10514
*106
_
$106
•10514
-4
163 June 27 July
14
21
20 21 Jan 21 23 Jan 27
21
867 Walworth Company
1(-E..
2112
211s ICI
211 1
21
Jan 5018 July
37
4812 4912 4814 49
1,210 Warren Bros
50 45 Jan 21 5018 Feb 18
4814 4812 4712 4814
4912 4912
-ir
.40
46
•15
41
47
4
153
•.08 .25
•.10 .25
•.50 .o5
1214
*12
51
*50
4
4
143 147
•.40 .45
1
/
184 1818
4w, 4
*a.75 114
4..80 1
6 1834 1914
112
•1
170 171
4
1
/
•100 100
4
/
•1112 121
.60 .75
•
4
/
•118 11
138
slis
3
28
.50
•
8
•a13
34
2014
•.05
•____
'161
8
•63
3
•.55
•18
*1314
1
20 4
3412
.8
-.6f.
• 75
9%
114
.60
•.20
*a
8
23
.75
112
34
2014
.10
25
65
61/
3
.75
1812
14
1
20 4
35
,
31
.75
I
3
94
114
.60
.25
50
41
•40
40
4014 41
'4512 47
*4512 .47
47
3
15 4 •15
•15
,
15 4 •15
40
47
3
15 4
•
.08 .25 ..08 .25
•.10 .25 •.10 .25
.50 .65 •.50 .65
•
•11 8 1214 12
,
1214
50
50
50 50
143 15
4
5
14 8 143
4
•.40 .45 •.40 .30
1812 183
4 181* 183
4
311 4
•3
8 4
•35
•a.75 114 •a.80 114
1
•.80
.80 1
•
•181 1918 , 4 1914
4
1811
112
112 *I
•1
17214 175
172 174
4
10012 1003 •10012 _ _
•1112 12
,
1112 11 8
.70 .70
•.70 1
111 nig
11/
8
18
Da 114 •Ds
41
41
...OR .25 •.10 .20
•.10 .25 •.10 .20
.45 .45 •.40 .60
*1114 113
12
12
4
50
50
4712 491
15
1412 141
15
4
•.25 .10 '%25 .40
1812 1812 18
18's
.312 4
31/ 31
'a.80 114 •.2.80
114
.80 1
.50 .50 •
*1812 1918 •I818 1918
112
1
1
"1
171 172
172 174
101 101 •10034 ---1112 1112 •1114 1112
114
•118
•.70
1
1
'II
4
/
11
112
us
118
•1 15
2%
5 .2
, 23
•21s 212 •218 212 •21
.3,5 .40
.60 .F0 •.50 .75 •.50 .75
4
/
11 138
138
138
Ds
Ds
8 118
13
33
4
333 333
3312 34
4 33
34
34
,
21
,
20
.20
2014 19 3 2014 19 11 20
•.05 .10 •.05 .10 •.05 .10
25
- 25
25
25
6112 611 •____ 62
62 62 .26112 64
612
.6
6
6
612 61
*614 65s
7
,
2s 28
, 2s
27
,
4 3
23
,
3
24 28
•.55 .75
.55 .55 •.55 .77 •.55 .85
4
*18
173 173
4 1712 1712
1818 1712 18
1314
1314 1314 •1314 14
1314 1314 *13
2314
2212 23 8 22
,
3
20 4 221s 2114 23
3412 3514 3412 3412
3
34 4 351
4
313 35
812
*8
81
81
.8
812 *8
*8
.50 .50
.60 .75
•
.55 .55
.80 .80
.80 .85
.75 1
•
SO .80
915 912
3
912 9 4
14
912 9
3
912 9 4
114
8
Ph Ills
114
1.4 13
114
.75 .75 *.75 .95
.75 .75 •.50 .75
.20 .20 •.18 .25
•.20 .25
.20 .20
.50 •a____ .50
'a.....
"a __ 50 *a__
•mead asked prices n sales on tLis day. s Ex-rights.
Do 1st pref
50
Do 2d pref
50
WUI & Baumer Candle coin_
Mining
25
Adventure Consolidated
25
Algomah Mining
25
100 Arcadian Consolidated..
5
290 Arizona Commercial
10
565 Bingham Mines
25
771 Calumet de Heels
Carson Hill Gold
1
25
595 Copper Range Co.
100 East Butte Copper Mining- 10
Franklin
25
22 Hancock Consolidated
25
Hardy Coal Co
1
300 Helvetia
25
995 Island Creek Coal
1
60 Do pref
1
175 Isle Royale Copper
25
15 Keweenaw Copper
25
20 Lake Copper Co
25
300 La Salle Copper
25
100 Mason Valley Mine
400 Mass Consolidated
25
260 Mayflower-Old Colony
2
298 Mohawk
25
5
290 New Cornelia Copper
New Dominion Copper
New River Company
100
95 Do pref
100
5
120 Nipisalng Mines
15
820 North Butte Mining
25
13 Ojibway Mining
25
331 Old Dominion Co
200 Pd Cr'k Pocahontas CoNo par
25
3.865 Quincy
457 St Mary's Mineral Land__ 25
Seneca Mining
10
250 Shannon
250 Superior & Boston Copper_ _10
5
4,385 Utah-Apex Mining
1
8,130 Utah Metal 84 Tunnel
25
350 Victoria
25
390 Winona
25
Wyandot
145
60
b Ex-dlytdend and rights. s Ea-dividend.
40
46
15
Feb 25
Jan
Feb 10
42 Feb 4
47 Feb 10
1712 Jan 2
.20 Feb
.10 Feb
.90 Jan
7
15 : Jan
3
55 4 Jan
1
2
4
2
7
4
.20 Feb 1
.10 Feb 2
.45 Jan 2
11 Jan 2
4718 Feb 26
4
1
/
13 Jan
.3.5 Jan 18
18 Jan 18
4
1
/
3 Jan 27.
.50 Jan 4!
.50 Feb 25
19 Jan 20
1 Feb 25
150 Jan 15
9918 Jan 4
11 Jan 21i
.50 Jan 2
1 Jan 14
1 Feb 1
.50 Jan 2
20 Jan 4
4 Feb 3
114 Jan 29
.80 Feb 13
2114 Jan 4
2 Jan 11
175 Feb 8
10212 Jan 26
4
/
131 Feb 10
.70 Feb 24
114 Jan 4
118 Jan 2
4
13 Jan 26
.35 Feb 28
114 Jan 4
3118 Jan 18
4
1
/
19 Jan 2
.05 Jan 30
25 Feb 4
50 Jan 4
6 Feb 25
4
23 Jan 27
.50 Jan 4
1612 Jan 20
13 Feb 15
4
183 Jan 22
3318 Jan 22
4
1
/
8 Jan 16
.50 Jan 13
.65 Jan 26
6 Jan 8
.50 Jan 8
.45 Jan 12
.15 Jan 23
.40 Feb 1
8
23 Feb 20
.70 Feb 13
113 Jan 5
37 Feb 10
2114 Feb 13
.10 Jan 7
25 Feb 4
72 Feb 11
4
1
/
7 Jan 27
4
1
/
3 Jan 9
.60 Jan 6
191: Feb 10
15 Jan 2
7
23 8 Feb 25
3812 Feb 10
4
1
/
9 Jan 4
.80 Jan 5
1 Jan 16
4
111 Feb 5
4
/
11 Feb 5
.75 Feb 23
.25 Feb 9
.40 Feb 1
4
1
/ Jan
37
4012 Jan
11 Mar
.05 Dee
.10 Mar
.50 Dec
913 Mar
2814 July
4
1
/
12 June
.20 May
18 Dec
3 June
Jan
.04
.50 June'
1518 July
1 Dee
121 Mar,
94% May
7
9 s Apr
.50 June
Apr
1
1 Dec
.95 Sept
.40 May
.50 Nov
2518 June
18 Mar
.10 July
25 Apr
40 June
4
1
/
4 July
.89 June
.15 Nov
1634 Dee
1012 June
19 Apr
2813 Apr
4
1
/
7 Nov
.50 May
.70 May
4
1
/
3 Jan
.40 July
.22 Nov
.10 Dec
.05 Apr
b Ex-stock dividend. a Assessmen' paid.
431: July
48 Dee
217s Dee
.25
.25
3
4
1
/
15
6014
1
/
184
.90
33
4
1
/
6
4
/
11
134
23
Jan
Jan
Jan
Feb
Oct
Jan
Aug
Jan
Jan
Jan
Feb
Jan
165: Deb
D
0
03 2 Fe o
w
uan
113 l
201 j ne
Jan
33341: j n
an
a
:
3
41
25
.8.5
Jan
Jan
Jan
Feb
3
61
5
A88
ug
Jan
av
Jan
27
Jan
187 Sept
8
391: Jan
48
Jan
11 Nov
118 Jan
Jan
2
ins Jan
.98
Jan
37
83117s4
.4814 j
Jan
.21
F..
Price on es
1154
THE CHRONICLE
Quotations of Sundry Securities
All bond prices are"and Interest" except where marked "E"
(Pot.. 122.
Outside Stock Exchanges
Boston Bond Record. Transactions
Standard Oil Stocks Par. MC I Ask.
in bonds at Boston
'
Railroad Equipments Per Ct. Basis
Anglo-Amer 011 vol st___El *1634 168 Atlantic Coast Line 68
8
5.10 5.00 Stock Exchange Feb. 20 to Feb. 26, both inclusive: •
Bonus stock
*1714 178
8
Equipment6 As
4.90 4.75
Atlantic Refining
Friday
100 103121104 Baltimore & Ohio 61;
5.15 5.00
Preferred
Last Week's Range Sales
100 11612 1163
4
Equipment 4348 & 58.--- 4.90 4/0
Range Since Jan. 1.
Borne Scrymeer Co
100 240 248 Buff Roch & Pitts equip 65. 5.15 5.00
Sale
ofPrices.
for
Bonds
Buc_eye Pipe Line Co-- 50 •3311 3612 CanadianPacific 4345 & 65. 4.95
Price. Low. High. Week.
High.
Low.
4.70
Ohesebrough Mfg new
25 *70
72 CentralRR of N J 815
5.10 5.00 Am Ag Chem 78
Preferred
1941
100 •
104% 10414 81,000 104% Feb 104% Feb
Chesapeake & Ohio 68
5.15 5.00 AtIG&WISSL
Continental 011 new__ 10 *223 2212
58...1959 73
8
73
Equipment 6148
7314 4.000 73
Jan
5.00 4.80 Chic Jet Ry & U S
Jan 74
Rights
Y 48'40
585c. 85c.
87
Equipment 58
87
1,000 88
4.90
Jan 8731 Feb
ba
Crescent Pipe Line Co__ 50 *1512 1612 Chicago Burl & Quincy 68._ 5.12 4.70
1003410034 2.000 99
Jan 100)4 Feb
5.00 Delaware & Hudson 1940
Cumberhuad Pipe Line_ 100 13012 13112 Chicago& North West(is- 5.15
112% 112)4 5,000 112% Feb 112% Feb
5.00 E Maas St RR ser B 551935
Eureka Pipe Line Co-- _100 57
551948 68
60
68
Equipment634s
69
2.000 67
5.00 4.75
Jan
Jan 70
Series D 8s
Galena Signal 011com100 *2612 27 Chic RI dr Pac 445& 58
1948
76
76
1.000 76
4.90 4.70 Germ SB & C
Jan
Feb 80
Preferred old
Aetna 78 46
100 9212 95
94% 94% 10,000 9434• Feb 9431 Feb
Equipmente5
5.30 5.05 Hood Rubber 75
Preferred new
1937
100
104% 104% 1.000 1044 Jan 105
Colorado & Southern 68
-- 5.15 5.00 Ital Utility
Feb
C I 78_ _1952
Humble 011 & Ref
25 58812 89 Delaware & Hudson 611
93
93
20,000 93
5.12 6.00 KCM&B Inc
Feb
Feb 93
New
*6312 5512 Erie 414s & bs
98
98
5.000 98
5.00 4.80 Manufact Fin 58_ _ _1934
Jan
Jan 98
Rights
nat. 26
99% 99% 25,000 994 Feb 99% Feb
Equipment68
5.30 5.10 Mass Gas 414sCo 65..1931
Illinois Pipe Line
100 135% 13812 Great Northern 6s
1929
994 99% 4.000 9814 Jan 99% Feb
5.25 500
4168
Imperial 011
25 •13412 135
1931
97
Egli]prr ent 58
97
1,000 96
4.90 4.75 Miss River Power
Feb
Jan 97
New when issued
t 3412 343 Hocking Valley be
994 100
4
3.000 9914 Jan 100% Jan
4.90 4.70 New Engi Tel & 59_ _1951 100
Indiana Pipe Line Co.__ 50 156512 6612
Tel 55 1932 101
Equipment 65
10014 101
11,000 1004 Feb 101)4 Feb
International Petroleum. t *3214 32% Illinois Central 414s & 58... 5.20 5.00 P C Pocah 7s deb
1935
110% 110%
1.000 109
4.80 4.65 Swift & Co 58
Feb 111
Feb
National Transit Co .12.50 *1814 19
1944 100% 1004 10014 5,000
Equipment6s
5.10 5.00
99)4 Jan 10014 Jan
New York Transit Co_ _ _100 40
48
1004 100% 9.000 100
Equipment 78 & 8355--- 4.95 4.75 Western Tel & Tel 5s. _1932
Jan 10114 Jan
Northern Pipe Line Co_ _100. 77
78 Kenna ba & Michigan 68
5.25 5.00
Ohio Oil new
25 6114 6212
Philadelphia Stock Exchange.
Equipment4158
5.00 4.80
Record of transactions
Penn Mex Fuel Co
25 *18
1912 Kansas City Southern 5348. 5.35 5.00 at Philadelphia
Stock Exchange, Feo. 20 to
Prairie Oil& Gas new_
25 *5518 5512 Louisville& Nashville 68
Feb. 26, both
-- 5.10 5.00
Prairie Pipe Line new
inclusive, compilId from offic.al
100 12514 126
Equipment6As
4.95 4.75
sales lists:
Solar Refining
100 201
03 Michigan Central 5s & 68.5.15 4.75
Southern Pipe Line Co_ _100 62 83 Minn St P&1313M 4148& 5
Friday
8 5.10 4.85
Sales
South Penn 011
100 167
69
Last Week's Range for
Equipment 6145 & 7 -8
Range Since Jan. 1.
Southwest Pa Pipe Lines.100 *5312 54 Missouri Kansas& Texas(is. 5.20 4.90
Sale
of Prices.
Week.
Standard Oil (California) 25 *5418 5412 Missouri Pacific 65 & 6348-- 5.35 5.10
StocksPar. Price. Low. High. Shares.
5.25 5.00
Low.
High.
Standard Oil(Indiana) 25 *66 663 Mobile & Ohio 43.481 588
Standard 011 (Kansas)._ 25 *3112 318 New York Central 4348155 5.00 4.70 Abbotts Al Dairy pret_100
8
102 102
4.80 4.65
26 10034 Jan 1023.4 Feb
Standard 011(Kentucky) 25 *120
21
10 55
Equipment6s
55
55
5.10 5.00 Alliance Insurance
16 36
Jan 59
Jan
Standard 011(Nebraska).100 338 341
Equipment 78
103 103
4.95 4.75 American Elec Pow Co_ _50 103
50
Feb
Jan
Standard 011 of New Jer_ 25 *4214 4212 Norfolk & Western 4%8
• 8134 803.4 8934 17,874 1013.4 Feb 105
4.75 4.62 American Stores
804
9414 Jan
Preferred
100 11612 1163 Northern Pacific 711
4
5.00 4.80 Bell Tel Co of Penn pref._ 11116 111 1114
108 1104 Feb 112
Jan
Standard 011 of New York 25 *34
Buff dr Bugg Corp pfd vte 100
3414 Pacific Fruit Express 7....
51
51
10 51
Feb 53
Jan
Standard Oil (Ohio)....100 1335 340 Pennsylvania RR eq 5,168 4.95 4.80 Cambria Iron
50 39
3834 39
5.10 4.70
139 3834 Jan 3914 Jan
Preferred
100 117% 119 pitta & Lake Erie 83.48
Catawissa 1st preferred.50
4234 424
5.00 4.80
12 4234 Feb 43
Feb
Swan dr Finch
100 19
21
Equipment 65
40
40
5.30 5.05 Cramp(Wm)dr Sons_ -100
100 40
Feb 40
Feb
Union Tan.. Car Co..
.100 8414 88 Reading Co 43418 & bs
East Shore G & E 8% pf-25
2614 2834
5.80
40 2514 Jan 2614 Feb
Preferred
100 1133 1144 St Louis dr San Francisco 55. 4.95 4.60 Electric Storage Batt'y _100
4
7
63.4 7634
100 73
Jan 774 Feb
Vacuum 011 new
25 210014 101 SeaboardAir Line 53481 65- 5.40 4.75 Flre Association new_ _ _10 60
60
6434
5.15
85 60
Feb 68
Jan
Washington Oil
10 555
65 Southern Pacific Co 4%a
45
45
4.85 4.70 Giant Portland Cement.50
50 37
Jan 60
Feb
Other 011 Stocks
Preferred
50
Equipment is
4714 473.4
4.95 4.80
25 3434 Jan 4834 Feb
Atlantic Lobos 011
t .2
218 Southern Ry 44a & 6e----- 4.95 4.70 Insurance Co of N A _ _ _ AO 5834 584 604 1,759
584 Feb 6434 Jan
Preferred
50 *4
438
Equipment68
70
70
5.15 5.00 Keystone Watch Case-100
58 62
Jan 70
Feb
Gulf 011 new
25 •85
8512 Toledo & Ohio Central 68.. 5.30 5.05 Lake Superior Corp_ ___100
3
3
34
635
3
Feb
434 Jan
Mountain Producers
10 *2414 2413 UnionPacific 78
50 11014 11034 11416 6,935 11034 Jan 1204 Feb
4.95 4.80 Lehigh Navigation
Mexican Eagle 011
5* _..
.
Lit Brothers
10 2834 264 3014
1,930 2614 Feb 3314 Jan
National Fuel Gas
100 143 147
North Pennsylvania_ _50
Tobacco Stocks
8134 814
5 8134 Jan 8214 Feb
Salt Creek Cons 011
10 *912 9 4 American Cigar common 100 113 115
Penn Cent Lt dr Pr cum pf•
3
7234 73
89 7236 Jan 7314 Jan
Salt Creek Producers
10 3118 3112
Pennsylvania RR
100 97 100
Preferred
50
5134 524 20,738 5136 Feb 5534 Jan
Pennsylvania Salt M fg_ _50
Amer Machine & Fdy -100 205 215
77
80
325 71
Jan 91
Feb
Pu Nig Utilities
Penn Traffic
British-Amer Tobac ord. £1 s26
215
27
116
114
50
134 Feb
PA Feb
Amer Pas & Elec
t •8512 8613
Phila Co (Pitts) pf
Bearer_
(5%)
-50
*26
38
27
38
30 374 Jan 38
Jan
6% pref new
t .93
95 Imperial Tob of0B dr treed .24
Preferred (cumul6%)_50
4914 4914
25
5 48
Jan 494
Deb 68 2014
M&N *99 100 Int Cigar Machinery.--100 95
25 554 5534 8534 278,207 5434 Jan 874 Feb
110 Plilla Electric of Pa
Amer Light at Tree corn_100 238 240 Johnson Tin Foil & Met 100 60
Jan
Phila Insulated Wire
5 52
75
52
52
10 50
Jan 55
Feb
Preferred
100 *112 114
Plaits Rapid Transit_ -50 57
MacAndrews & Forbes__ luu 45
47
58
5734
2,083 51
Jan 5774 Feb
Amer Power & Lt common_. 6312 65
100
Philadelphia Traction. _50
referred
04
P
62
6214
150 5634 Jan 65
Feb
Preferred
100 9212 95 Mengel Co
Pialla & Western
50 134
45
1334 1434
685 13
Jan
Deb 613 2018
1434 Jan
M&S 97
98 Porto Rican-Amer Tob_.100 70
Preferred
50 3534 3534 354
75
100 3434 Jan 354 Feb
Amer Public Utli com_ -100 77
80 Universal Leaf Tob com.100 68
Reading Company
50
70
854 854
10 8534 Feb 8534 Feb
7% prior preferred._ _ _100 88
8912
Scott Paper Co pref. _100
Preferred
1_ 98
00
00
101 101
10 89
Jan 101
Feb
4% partic pref
100 88
91
Tono-Belmont Devel_ ._I
Young (J 8) Co
100 128
35
31514 4
3,880
2911 Jan
Associated Gas & El pf
434 Jan
*50
51
Tonopah Milne
Preferred
100 105
10
1
634 74 2,854
41194 Jan
Secured g 6%a 1954J&J 10112 10212
73.4 Feb
Union Traction
50 41
41
414
828 38
Blackstone Val G&E corn 50 *98 102 Rubber Stocks (Cleveland)
Jan 4334 Jan
United Gas Impt
50 1054 1054 127
48,939 1053.4 Feb 1444 Jan
Cities Service common__ 20 54114 413 Firestone 1 ire & Rub corn 10 •
_ 1912 West Jersey & Sea Shore_50 4334
4
4334 44
200 4314 Feb 47
Jan
Preferred
100 8314 8384
Westmoreland Coal
6% preferred
100 102
- -18
50
53
534
61 52
Feb 58
Jan
Preferred B
10
100 9918 998
7% preferred
712 73
4
50
8 York Railways pref
3734 3734
5 364 Jan 3816 Feb
Preferred B
-B
100
General Tire & Rub Man. 25 •
_ 185
Cities Service Bankers Shares *2012 -Bonds100
Preferred
Com'w'ith Pow Corp new_ t •3714 37 Goodyear Tire R corn-100 106
Adv Bag & Paper 73_1943
.
12
&
34
10334 10334 81,000 10014 Jan 10334 Feb
35
Preferred
100 86
Amer Gas & Elec 5s..2007
87 Goody'r T & Rot Can p1100 t95
90
96
9414
4,900 894 Feb 99
Elm Bond dr Share pref.100 105 106 India Tire & Rubber_ _100
Feb
Consol Trac N J 1st 581932
61
160
61
3,000 58
Jan 6931 Feb
Mee Bond & Sh Secur
Elec & Peoples tr ctfs 4845 65
7112 72
Preferred
Vti 100
624 654 8.600 583.4 Jan 6534 Feb
Elec Ry Securities
t 5
612 8 Mason Tire dt Rub cam.
(t)
564 5834 10.000 56
18
4 Inter-State Rys coil 48 1943
114
Jan 5634 Feb
Lehigh Power Securities-t *17
Keystone Telep 1st 58_1935
100 11
18
Preferred
13
9134 9234 4.000 91
Jan 9256 Feb
Mississippi Ely Pow corn 100 60
Lehigh Val Coal 1st 581933
75 Miller Rubber corn new_100 42
43
10034 1004 1.000 10034 Feb 10034 Feb
Preferred
100 •95
Market St Elev 1st 48.1955
97
100 102
Preferred
8614 8634 2.000 86
Feb 87
First mtge 55 1951___3&J 100 10012 Mohawk Rubber
Feb
100
_1960
1024 1024 19,000 1024 Feb 10214 Feb
16
" Fiala Co 1st ref 5s
S F g deb 7, 1935__M
102
Phlia Elec 1st s f 4s.. _1966
Preferred
80
8534 8534
1.000 84
Feb 8534 Feb
Nat Pow & Lt pret
•10018 102 Selberling Tire dr Rubber (t)
58
1960 10214 10234 1023.4 4,000 102
5- 2
412 2512
Jan 103
Income 78 1972
Jan
J&J 10212 10313
100
Preferred
1st 55
1986 10334 103 104
97
22,100 10234 Jan 10434 Feb
North States Pow cow_.100 118 119 Swinehart Tire & R com -100 95
5.48
1947 1074 107 10734
1,500 10534 Jan 1074 Jan
Preferred
100 10012 102
100
Preferred
1953 10734 10734 10734 5,000 106
534s
Nor Texas Elec Co corn. 100
Jan
42
gs
1941 1084 10714 1084 14,000 10734 Jan 1074 Jan
Preferred
1084 Feb
_
58
Sugar Stocks
United Rya gold tr et(48'40
62
62
10.000 5914 Jan 65
Pacific Gas & El let pref-100-- - 9912 Caracas Sugar
Jan
100 9812
50 *112 3
*No par value.
Power Securities corn
t *12
15 Cent Aguirre Sugar com_ 20 84
88
Second preferred
t •22
26 Fajardo Sugar
100 151 153
Baltimore Stock Exchange. Record of
Coll trust 6s 1949_ _J&D 5.88
91 Federal Sugar Ref COM_ _100 50 55
transactions at
Incomes June 1949_ _F&A 578 81
100 60
Preferred
Baltimore Stock Exchange Feb. 20 to
75
Feb. 26, both inPuget Sound Pow & Lt_ _ 100 52
54 Godchaux Sugar, Inc. -(t) s3
clusive, compiled from official sales lists:
6% preferred
100 84
86
Preferred
100 25
35
7% preferred
100 d107 109 Holly Sugar Corp corn_.
(t) *39
43
Friday
1st & ref 5348 1949...J&D 101 102
Sales
Preferred
100 83 87
Last Week's Range for
Republic Ry & Light._100 94
Range Since Jan. 1.
97 Juncos Central Sugar__ _100
Sale
ofPrices.
Preferred
Week.
100 107 111
National Sugar Rettning.100 115 If/StocksPar. Price. Low. High. Shares.
South Calif Edison com_100 12712 128 New Niquero Sugar.- _A00
Low.
High.
65 80
8% preferred
100 135 140 Santa Cecilia Sue Corp p1100
1
4
Amer Wholesale pref _100
1004 1004
Standard OdrEl 7% pr pf 100 101 10212 Savannah Sugar com___411
15 100
Jan 101
Feb
*160 185
Arundel Corp new stock _ 5
.
Tenn Rice Power 1st pf 7% 101 102
3334 34
3,020 333.4 Jan 36
Preferred
100 128 132
Jan
Baltimore Trust Co_ _50 150
150 1524
Western Pow Corp pf _100 96
148 147
99 Sugar Estates Oriente p1.100 70 85
Jan 154
Feb
Baltimore Tube pref_ _ _100 52
52
52
West Missouri Pr 7% Pref.- 94
10 50
97
Feb 55
Feb
Central Fire Ins
10
2734 274
Indus. & Miscellaneous
3 2034 Jan
21354 Feb
Century Trust
50 18214 175 18234
Short Tern Sea-urities
American Hardware
33 15534 Jan 18234 Feb
25 *90
92
Ches & Po Tel of Balt pf100 113
11234 113
Anaconda Cop Min 6829 J&J 10318 10312 Babcock & Wilcox
14 1103.4 Jan 113
100 144 147
Feb
Commerce Trust
100
60
Chic It I & Pan 59 1929_J13 100 1003 Blise(E NV) Co new
6034
07 5734 Feb 604 Feb
8
(t) 525
27
Commercial Credit
* 3314 3314 34
Federal Sue Ref 63'33 Mdr N 93
175 3314 Feb 4714 Jan
Preferred
06
50
Preferred
25
2514 254
Missouri Pacific Is '27.J13 10318 10038 Borden Company com..(t) *55
20 2514 Jan 2634 Jan
Preferred 13
25
264 2614
Sloes-Shefr 511 68 '29..Fdra 1021 1 103 Celluloid Company ...Ale) •103 105
95 26
Jan
2734 Jan
19
Corn Credit614% pfd_ _100 99
99
99
W18 Cent 54s Apr 15 '27_ _ 1001 1003
:
1,010 90
Preferred
Feb
4
100 59 62
Feb 99
Consul Gas. E L dr Pow..' 524 524 54
Childs Company pref..
35 45
.100 117 119
Jan 5734 Feb
634% preferred
100 10934 1094 1095.4
Joint Stk 1.and Bk Bonds
Hercules Powder
22 10814 Jan 110
100 144
Jan
100 11554 11434 11534
7% preferred
Chic Jt St_ I.d B_ 58_1951 10012 10112
Preferred
28 11034 Jan I 15)4 Feb
100 112 114
8% preferred
100 128
128 128
bs 1952 opt 1932
10014 10214 International Silver pre? 100 103 107
33 124
Jan 1284 Feb
Consolidation Coal_ _ _ .100
45
4516
58 1963 opt 1933
101 103 Lehigh Valley Coal Sales 50 87
Jan
75 45
Fob 53
89
Preferred
100
9436 944
514s 1951 opt 1931
102 10412 Phelps Dodge Corp
100 132 135
20 944 Feb 974 Jan
Continental Trust
100 252
252 252
4%8 1952 opt 1932
10013 10112 Royal Baking Pow com..100 190 200
Jan 252
Feb
50 241
Eastern Roll Mill new stk.* 47
37
48
445 1952 opt 1932
9912 1003
Preferred
1,493 37
100 101 103
Felt 48
Feb
4
Fidelity & Deposit
50 121
121 123
6345 1964 opt 1934
100 1008 Singer Manufacturing---100 368 373
112 118
Jan 124
Feb
4
Finance Co of Amer A....• 1134
114 1134
4340 1963 opt 1933
10018 102
12
330 11
Jan
Jan
Finance Service, Class A 10
214 2136
ySs 1965 opt 1935
100 1003
2134 Feb
45 204 Jan
4
Ga So & Fla com
100
93
93
Pac Coast of Portland. Ore
Feb 9314 Jan
1 93
Houston 011 pref tr ctts..100
8534 8534
50 1955 opt 1935___M&N
Feb 89
Jan
20 85
Manufacturers Finance.25 654 8514 6814
54 1954 opt 1934 ___M&N
701 63
Jan 6814 Feb
ist preferred
25 22
22
2214
557 2134 Feb 23
Jan
2d preferred
25 24
24
2434 1,204 2234 Jan 2414 Feb
Blocks
10934 10934 11134
•Per share. t No par value. b Basis d Purchaser also pays accrued dividend.
Jan 1114 Feb
68 105
Trust preferred
25
1 New stock. f Flat price. k Last sale. n Nominal. z Ex-dtvIdend.
Ea-rights. itsr....s.na r....o.
2114 214
22 2034 Jan 23
Jan
r., OK 1A9
innt, Inn
off"
no iz 12,1. 1,19
dividend. s Sale price r Canadian quotation.
Tan
.Ex-stock
1.0,g
FEB. 27 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares
•
Maryland Mortgage
• 48
Merch & Miners new
Mortgage & Accept corn _ _• 18
50
Preferred
Mtge See Coot Amer_ _100
•
Common
100
Preferred
Mt V-Woodb Mills v t r 100 16
100 80
Preferred v t r
New Amsterd'm Cas Co _10 534
50
Northern Central
Penne Water & Power_100 158
•
Silica Gel Corp
50
Union Trust
United fly & Electric_ _50 184
ITS Fidelity dr Guar____50 205
Rights
Wash Balt & Annan pref 50 2544
West Md Dairy, Inc, corn • 105
50
Preferred
BondsBernheimer-Leader 78_1943
Commercial Credit 65_1934
Consol Gas gen 4 44s_ _1054 954
Cons G EL& P 445_1935 973.4
534% notes ser E_ _1952
6% notes series A_ _1949 107
64% notes series D.1951
Consol Coal ref 43.4s_1934
Elkhorn Corp 6445_ _ _1932
Fairmont Coal 55_ _ _ _1921
Fla Cent & Pen cons 551943
Houston 0116445
1935 100
Mary'd Elec fly 646_1952
Monon Vail Tree 5s_ _1942 9154
Norf dr Ports Trac 5s. _1936 97
Titusville Iron Wks 78.1929
United fly & Elm 48.1949 6954
Income 4s
1949 484
Funding 55
1936
5% notes
6944
68, when Issued _ _._1949 9334
Wash Bait & Annap 55 1941
19
19
48
52
18
19
45
46
33
33
37
37
914 9144
16
1634
80
81
5334 54
80
80
158 160
1744 18
220 222
1844 1844
204 21244
19
2334
2544 2544
101 110
53
53
low, 10244
100 100
9544 9544
9734 974
1054 10544
1063.4 107
1094 10944
93
93
9944 9954
984 99
100 100
100 100
9354 94
9134 9134
97
97
100 100
6934 894
4844 49
6974 70
5234 6974
934 94
72
7254
Range Since Jan. 1.
Low.
45 19
2,862 4444
40 18
139 4244
10 33
24 37
20 914
41 16
110 80
115 5234
85 784
35 158
125 12
9 220
267 17
211 19744
1,188 18
1,814 2544
450 94
4 53
$1,000
2,000
11,000
11,000
1,000
3,000
8
1,000
22,000
10,000
1,000
6,000
8,000
2,000
10,000
1.000
35,000
8.000
2,200
1,200
3.000
15,800
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
High.
19
534
2354
46
33
37
93
1644
83
5634
814
171
22
222
1834
2193.4
2344
254
11434
5444
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
10034 Jan 1024 Feb
994 Jan 10034 Feb
943.4 Jan 9534 Feb
Feb
9544 Feb 98
10454 Jan 10534 Feb
Feb
10534 Jan 107
10934 Feb 10944 Feb
Jan 9344 Jan
91
99
Jan 994 Feb
Feb
9844 Jan 99
Feb
100
Feb 100
Jan
100
Jan 100
Feb
914 Jan 94
873.4 Jan 914 Feb
Feb 994 Jan
97
Jan
Jan 100
100
6634 Jan 6934 Feb
Feb
Jan 49
48
674 Jan 704 Feb
6944 Feb 6934 Feb
Feb
914 Jan 94
7334 Feb
7134 Jan
• No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb. 20 to Feb. 26, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Adams Royalty Co corn._•
All America Radio cl A.5
American Pub Serv pref 100
Amer Pub Utll pref _ _ _ _100
American Shipbuilding.100
Amer States Sec Corp
Class B
•
Warrants
Armour & Co (Del) pref 100
Armour & Co pref
100
Common cl A v t e...25
Common cl B v t c_25
15
Armour Leather
Auburn Auto Co oom_ _ _25
Rights
Balaban & Katz v t e_ _25
Beaver Board v t e 13_ _ _ _•
Preferred certificates_100
10
Bendix Corp cl A
•
Borg dr 13eck
Brach & Sons(E J) com *
10
Bunte Bros
Central III Pub Serv pre!_•
Central Ind Power pref_100
Central S W 7% pref._ _*
•
Prior lien pref
Warrants
100
Chicago City fly
•
Chic C & ConRY pt sh pt.
Chic Nipple Mfg class A.15
Chic N S & Milw, com.100
Prior lien Preferred-100
100
Preferred
Commonwealth Edlison.100
5
Consumers Co, new
100
Preferred
•
Continental Motors
25
Crane Co
100
Preferred
.100
Cudahy Packing Co..
Crown(Wm)Pap, let pf_*
50
Cuneo Press A
Daniel Boone Wool M ills 25
Decker (Alf) dr Cohn, Inc.•
100
Deere & Co, pref
100
Diamond Match
Eddy Paper Corp (The) *
Househ'd Util Corp.10
Elec
Elec Research Laboratory •
Evans dr Co, Inc, class A_5
•
Fair Co (The)
100
Preferred
Simons & Connell
Fitz
Dock & Dredge Co_
Foote Bros(0 & M)Co •
Gill Nitic Co
•
Godchaux Sugar
•
Gossard Co(H W)
Great Lakes D dr D_ _100
Grief Bros Coop'ge A corn *
Hammerbill Paper Co_ 10
100
Preferred
Hart,Schaffner & Marx 100
Hibbard, S encer, Bartlett
& Co
2510
Hupp Motor
100
Illinois Brick
Illinois Nor utilities pf_ 100
_ _•
Indep Pneumatic Tool_ _25
Kellogg Switehboard _ _
Hydro-Elec pref....l00
fly
25
Kraft Cheese Co
Kup'heimer & Co(B) Inc-5
_10
,
La Salle Ext LIMA HID_
Libby,h1eN & Libby,newl0
McCord Radiator Mfg A.
•
McQuay-Norris Mfg----Maytn.g Co-----------7
_ _•
Middle West Utilities_ 100
Preferred----------Prior lien preferred_ _100
Midland Steel products..
Midland Util prior lien.100
Preferred A --------- 100
35%
14
9634
90
72
7%
5
2,4
9244
244
1554
64
6434
6844
4
39
274
32,4
37%
90
91
9344
98
1534
544
42
53
100
141
845
77%
114
11744
50
Si
30
127
22
21%
29
31)4
30%
14
44
434
3734
157%
404
32
109
116
2454 2554
41
43%
91
91
58
58
35
354
94
95
8134 8444
34
34
11
124
8% 9
40
4044
19 • 19
214 22
11944 11854 12744
107 109%
107
11854 11834 12034
46
4844
46
9944 994 9934
9644 97
97
Low.
High.
334 3744 8,950 2744 Jan 3744 Feb
14
Feb
11
1534
1,125
1944 Jan
96,4 9644
300 9634 Jan 9734 Jan
88
Feb
Jan 91
90
50 82
72
Jan 7534 Jan
7244
472 72
7% 834 5.900
744 Jan
8,1 Feb
454 Jan
5
5% 2,000
5% Feb
24 3
24 Feb
5,300
34 Feb
974 974
565 964 Feb 9734 Feb
92
9244
Jan 9244 Feb
817 90
2434 254 15,325 2344 Feb 25% Feb
15% 164 3,910 15% Jan
17
Feb
54 644 2,270
Jan
4
634 Feb
64
65% 24.000 4844 Jan 66
Feb
Si
44 5,300
44 Feb
34 Feb
67% 7044
3,745 664 Jan 72% Jan
4
494
320
4% Jan
334 Jan
38
39
465 3544 Jan 40
Feb
274 2844
325 2644 Jan 31% Jan
3244 3434 3,870 28
Jan 344 Feb
3734 374 2,175 3744 Feb 37% Feb
16
16
60 15% Jan
16% Jan
894 90
132 8744 Jan
91
Jan
91
92%
415 89
Jan 93
Jan
93% 9334
1,125 894 Jan 94
Jan
9744 9834
240 91334 Feb 100
Feb
154 1954
485 1044 Jan 22% Feb
5144 51)4
10 5144 Feb 524 Jan
544 6
200
5
Jan
7
Jan
42
42
10 42
Feb 42
Feb
53
57
210 49
Jan 6134 Feb
9934 100
180 9944 Jan 100
Jan
80
8034
110 7944 Feb 83
Jan
140 1414
1,250 1394 Jan 144
Jan
84 9
8,360
1044 Feb
534 Jan
7744 82
340 7744 Feb 93
Feb
1144 12
470 1134 Feb
134 Jan
58
5844
60 56% Jan 60
Jan
117 11734
320 11644 Jan 117% Jan
93
93
100 92
Jan 9544 Jan
1004 1004
340 100
Jan 10044 Jan
49
337 47
50
Jan 50
Feb
ft
125
34
1
44 Feb
Jan
30
30%
260 28
Jan 31
Feb
108 108
510 106
Feb 109% Feb
127 1294
185 125
Jan 1294 Feb
20
204
300 20
Feb 25
Jan
22
224
1,300 21
Feb 25
Jan
2144 23%
525 21% Feb 324 Jan
27
29
1,120 2644 Jan 3034 Feb
3134 3354
1,330 31
Feb 334 Jan
1064 10645
30 105
Jan 107
Feb
• 28
1354
434
4
4
37
37
150
150
40% 40
32
109
116
116
78
24%
41
91
58
3534
1;5
8245
34
11
834
Range Since Jan. 1.
70 26
655 134
344
25
4
325
600 36
490 150
2,650 40
100 32
100 10834
165 11444
Jan 3034
Feb
1544
Jan
5
Feb
7
Jan 39
Feb 171
Feb 4034
Jan
3244
Feb 109
Jan 125
25 76
Jan
250 244 Feb
Jan
2,325 37
121 9054 Feb
Jan
100 58
Jan
330 25
Jan
60 92
Jan
730 81
150 2944 Jan
Jan
4,050 10
510
844 Jan
Feb
45 40
10 1644 Jan
130 2144 Feb
4,855 1154 Jan
1,855 9744 Jan
970 106% Jan
Jan
325 45
486 99
Jan
Jan
190 96
78
284
4444
91
61
38
95
9034
35
14%
10
42
1944
23
13444
11134
12344
4934
100
97
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
1155
Safes
Friday
Last Week's Range for
Sale
of Prices. , Week.
Stocks (Concluded) Par Price. Low. High Shares.
Morgan Lithograph Co..
.•
Nat Carbon pref new.._100
Nat Elec Pow A w I
Preferred
100
National Leather
10
North Amer Car class A....5
Nor West UM pr in pref'100
7% preferred
100
Omnibus v t ctfs w I a__ _*
Penn Gas & Elec w I
•
Pick Barth & Co pref A...
Pines Winterfront A
5
Pub Serv of Nor III
Pub Serv of Nor Ill pref 100
7% preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills_ _ 10
Reo Motor
10
So Colo Pow El"A"corn.25
Stewart
-Warner S eedom_•
Swift & Co
100
Swift International
15
Thompson (J R)
25
Union Carbide & Carbon_•
United Biscuit class "A"..*
United Iron Works v t c_50
"A" WI new
Common class A w a._*
Common class B WI a _*
Preferred class A wia__*
Preferred class, WI a __*
United Paper Board _ _ _100
S Gypsum
20
Univ Theatres Cone cl A..5
Utilities Pow dr Lt class A•
Class B
Vesta Battery Corp
Wahl Co
•
Ward (Montg) dr Co, pf 100
Class A
•
Williams011-0
-Mat,corn 6
.
Wolff Mfg Corp
Voting trust certificates•
Wolverine Portl Cement.10
Wrigley Jr
•
Yates Machine part preL•
Yellow Cab Mfg class B..10
Preferred
100
Yellow Cab Co.Inc (Chic)•
Bonds
Chic City dr Con Rys 5s 27
Chicago Rys 58 Ser A _1927
1927
4s Series B
Adjust income 48.. _1927
HousG 0 Costa 645 1931
Northwestern Elev 55_1941
Swift & Co Ists f g 55_1944
Range Since Jan. 1.
Low.
614 6444 2,050 564
62
175 125
126 127
127
530 224
2234
2234 24
490 93
94
94
94
444
444 444 4,850
434
350 29
314
2944 29
212 93
9344 9844
320 9344
95
95
95
2
034 2044 214 2,900 15
22
2134 2244
1,000 21
2274
200 22
22
38
2,160 35
354
35
135 130
134
134 135
10144 101 10144
330 10044
11644 116 11634
120 112
297 128
130
130 132
115 105
106
106 107
56
574 2,150 54
450 224
2344 2394 237-4
65 2444
2544 2544
824 824 8644 8,170 8144
2,430 113
1154 11534117
2034 2044 2144 3,750 194
46
46
48
4,010 444
82
8154 8436 18,670 7244
4,550 46
46
46
50
144 14
500
144
27
3,050 25
2534 25
126
126 133
65 125
155 155
580 150
8934 8844 8954
625 8844
4944 4954 5034
475 474
34
33
34
825 3144
1474 14744 150
975 138
434
434 5
135
4
36
36
3634
500 36
1734 164 184
975 16
1944
375 16
16
130
9
134 134
117 117
60 115
110
110 110
375 109
2054 2044 2134 4,225 164
94
94 944
844
250
94 934
60
84
74 754
25
534
5444 5454 5444
790 544
31
3,700 2944
3054 32
294 294 314 2,270 2844
95
9544
110 93
48
4734 4944 2.910 47
513.4
37
98
5154
52
37
18
97
82
100
52
$9,000
52
3,000
373-4 4.000
18
2,000
98
16,000
82
1,000
10034 11.000
4944
52
37
16
97
80
9974
High.
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
65
12734
26
9644
444
32
99
954
2134
24
2254
5944
137
10234
1164
134
107
5844
2534
25%
93
117
2234
48
8534
594
134
2844
144
155
9174
51
36
16144
7
3644
1844
25
144
117
11034
2334
104
1034
944
5544
32
33
953-4
504
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan 564
Feb 564
Jan 40
Jan
18
Feb 99
Jan 82
Jan 1004
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Feb
• No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Feb. 20 to Feb. 26, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
Range
since Jas. 1.
Low.
High.
Bank Stocks
100
Boatmen's Bank
Nat Bank of Commerce 100 170
160
167
160
171
40 153
174 155
Jan 16()
Jan 171
Feb
Feb
Trust Company Stocks
100
Mercantile Trust
St Lords Union Trust_ _100 321
417
321
417
321
35 410
35 321
Jan 417
Feb 321
4
1
Feb
Feb
Street Railway Stocks
United Rys pref ctf dep_100
Miscellaneous StocksAmer Credit Indernnity_25
Baer,Sternb & Cohen corn •
Best Clymer Co
•
Boyd-Welsh Shoe
*
Certain-teed Prod com
•
1st preferred
100
Chicago Ry Equip corn _ _25
E L Bruce com
*
Preferred
100
Ely & Walker D Gds com25
1st preferred
100
Fred Medan Mfg corn... 6
.
Fulton Iron Works corn.•
Preferred
10
-0
Hamilton-Brown Shoe_ _25
Hussman Refr corn
•
Huttig S & D corn
•
Hydraulic Press Bk com100
Preferred
100
Independent Packing corn •
International Shoe com_ •
Preferred
foci
Johansen Shoe
•
Johnson-S dr S Shoe
•
McQuay-Norris
*
Mo-Ills Stores corn
•
Preferred
100
Mo Portland Cement__ .25
Nat Candy corn
100
Pedigo-Weber Shoe
•
Polar Wave I & F A
•
Rice-Stix Dry Goods com_•
155 preferred
100
20 preferred
100
Scruggs-V-B D G corn _ _100
Sheffield Steel corn
•
Sieloff Packing corn
•
Skouras Bros A
*
So Acid Sr Sulphur corn_ __*
Southwest Bell Tel pref _100
St LouLs'Amusement A_ •
St Louis Car com
10
Stlx-Baer & Fuller co m _ _ .*
Wagner Electric corn
•
Preferred
100
Waltke & Co com
•
Preferred
100
Street Railway Bonds
St. L & Sub 8s
1923
United Railways 4s....1934
48 ct fof dep
1934
Miscellaneous Bonds
Kinloch Long Dist 58_1929
•No par value.
9
50
--6234
101
3194
484
38
40
165
63
1645
6134
36
37
2444
10136
30
21
51
11334
3374
934
220
50
50
2834 2834
6244 65
41% 4274
95
9544
105 105
38
38
52
524
101
101
314 3144
108 108
334
33
28
29
98
98
48
4944
374 38
40
41
54 534
904
90
284
28
164 164
110 11044
38
38
60
64
19
1936
1634 17
110 110
6056 614
81
82
36
3644
37
3734
244 2434
108 108
10144 10144
30
30
263.4 264
21
21
4()
494
51
51
11334 114
52
52
1644 164
3334 3334
26
29
80
80
43
4334
105 105.4
2
200
215
265
35
5
35
150
80
20
5
50
435
5
225
30
135
140
145
100
434
56
5
125
65
65
10
147
100
110
215
550
10
46
795
45
20
55
75
158
15
100
240
365
30
65
16
74 Jan
50
28
60
4134
92
1024
38
52
100
314
10744
324
28
96
46
374
3544
544
90
26
169
110
35
60
1644
16
110
6034
75
36
37
2434
108
100
30
26
21
4644
.50
11234
52
16
3344
26
80
42
10444
115 115
3.000 115
774 7744 24,000 75
7734 774 14,000 74
9934 9974
1,000
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
10
55
294
65
44
9544
105
35
534
101
334
109
34
35
99
Si
41
44
654
97
29
175
1114
45
9844
1944
174
110
67
92
39
374
2544
109
10234
30
2934
22
59
5234
114
5944
1644
353-4
3434
85
444
106
MI
(Jan
61.
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb 115
Feb
Jan 78
Feb
Jan
7744 Feb
9874 Feb 100
Feb
THE CHRONICLE
[Vol.. 122.
Pittsburgh Stock Exchange.
New York Curb Market.
-Record of transactions
-Below is a record of the
at Pittsburgh Stock Exchange Feb. 20 to Feb. 26, both transactions in the New York Curb Market from Feb. 20 to
Feb. 26, both inclusive, as compiled from the official lists.
inclusive, compiled from officials sales lists:
As noted in our issue of July 2 1921, the Now York Curb
Friday
Sales
Market Association on June 27 1921 transferred its activities
Last Week's Range for
Range Since Jan. 1.
Sale
from the Broad Street curb to its new building on Trinity
of Prices.
Week.
StocksPar. Price. Low. High Shares.
Low.
High.
Place, and the Association is now issuing an official sheet
Am Vitrified Prod com_ _50
960 31
3234 33
Jan
333.4 Jan which forms the basis of the compilations below.
77
6
9931
2031
1534
C=0.040000==.
00.
00AMAG= 00R.L2 P0
Q
,
9
c% d ell .
. del.00.3,0p ed.3 c.,3 , dpsgS 4. d !.., G. es
04
253.4
159
18
6734
11
2654
1331
21
22
4634
10954
375
10831
86
2254
7454
10
0034
94
32
2934
104
1043-4
28
1031
169
3531
1734
4534
22
754
x
xxx
xx xxxx
x
xx
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Fet
Fet
Fet
Fet
Fet
Fel
Pet
Fet
Fet
27% Jaa
3434 Jan
Jan
64
315-4 Feb
5074 Feb
237-4 Jan
1051 Jan
1013-4 Feb
x
Feb9831
Feb10031
Feb10131
Feb 101
Feb 10031
Feb 100
Feb 100
Feb 99
Feb 9834
Feb 101
Feb 101
Feb 101
Feb 10114
Feb 1013.4
Feb 102
Feb 102
Feb 10031
0000000=
.
.61C,q o5 0, Vd
9834
10031
10151
101
10034
100
100
99
983-4
101
101
101
1013.4
10134
102
102
10036
4231
88
76
44
53.4
58
2854
10
12134
303.4
101
.C CA NVO 0
.
00V 00
0.1
.
..00000 .0MGC00V.C.00VN.M
0400NWN V
00.0 ..........mWm0
0 t"..,
"""" L"" "
m
•No par value.
9834 9834 510,000
10031 10034 5,000
10134 10134 5,000
101
101
5.000
5,000
10031 10034
100 100
5,000
5,000
100 100
99
99
5,000
9834 9834 .5,000
5,000
101 101
5,000
101 101
101 101
5,000
10134 10134 5,000
10134 1013.4 5,000
5,000
102 102
5,000
102 102
10054 10054 5.000
9234 Feb94% Feb
6434
10834
14
10834
110
331
138
76
113
4654
47
96
1154
2434
9914
953.4
113-4
2734
263
7934
96
8531
5934
335
3734
39
2654
75c
3534
3554
234
5134
66
6934
53.4
3934
0831
11834
3154
29
634
1731
25c
116
131
97
1534
5734
33
2754
63.4
335
3854
107
4934
2
23
68
95
3434
pg
7454
27
934
4314
27
423-4
84
734
76
20
30
33%
334
xxxx
983,4
10034
10134
101
10054
100
100
99
9834
101
101
101
10134
10134
102
102
10034
28
2434 25
151 155
1534 16
66
6634
63-4 734
231i 24
1054 1134
17
19
16
18
37
40%
105 10954
3634 3634
10531 10531
72
8134
2134 22
5734 6454
514 634
7334 7734
9134 94
293-4 293.4
2634 293,4
10234 10354
1023.4 1033-4
26 4 27%
*
754 854
148 155
32
3234
1434 15
40
4431
20
20
531
R
—
9231 9434
27
3234
60
3134
49
23
634
4754
.
9234
3334 Feb
843.4 Jan
26
3234
60
26
49
21
63-1
47
N
60
Bonds
Baldwin notes 554s.._1926
1926
Houston Col 8s
1927
65
1928
68
1929
65
1930
68
1931
lls
1932
68
1933
68
U 13 Print & Litho 68_1928
1929
6s
68
1930
1931
68
1932
65
1933
tis
1934
68
1935
65
323-4 Feb
78
Jan
4134
87
7254
44
534
5434
26
8
1103.4
21
98
CO
.
Railroads
Little Miami, guar
193
45
37
86
623.4
4114
43.4
5131
2454
8
10631
1834
97
gi aivcq
3234 33
81
81
Feb
Feb
Feb
Feb
Feb
Feb
734
75
20
2554
32
3
•-•
3234
,
81
JIM 8434
Ill 83
266 89
Jan 9234
5 112
Jan 114
95 8134 Jan 86
150 6434 Jan 6634
97 10934 Jan 11034
Jan
Feb
sssi 8331
794
75
1934
2451
303-4
234
ClO
Tractions
Cincinnati Street Ity_ _ _50
.
Ohio Traction, pref_ _ _ _100
Jan 325
Jan 330
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
WNCIC.MN.....N.NOCN
8334
9131
11334
86
66
11054
High.
145
125
5934
110
2731
106
3354
180
114
158
110
70
2531
108
103
3354
45
SO
2631
17
40
101
98
105
10054
2134
13531
112
21
934
160
163
11234
9634
158
23
63
10331
14434
93
100
5634
100
102
.
.
Public Utilities
Cincinnati & Sub Tel---50 8331 833,4
100 9154 9134
Chic Gas & Elec
Cinc Gas Traasport'n_ _100 113
113
86
C N & C Lt & Tr, com.1 i i
8534
Preferred
100 66
66
Ohio Bell Tel. pref....100 11031 11054
325
330
7 321
9 321
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Cl
324
330
Low.
115
124
51
10831
2634
105
30
175
110
155
110
6531
2431
10531
103
30
41
65
21
16
3634
9634
9034
10434
99
203.1
12031
112
20
8
13931
160
11031
8531
155
2231
62
10334
139
8131
9134
51
100
102
V
BanksFlfth-Third-Unlon units100 324
100 330
First National
530
40
1.737
231
532
10
225
10
10
10
50
58
134
45
10
1,732
29
5
50
45
1,901
72
30
5
112
150
534
74
105
190
1.220
50
29
264
55
30
135
3
418
24
45
90
20
5
M
12534 12534 127
125
125 125
4
553.4 5 31 5531
110
1093.4 110
2731 2731
106
106 106
33
3231 3334
180
180 180
11334 11354 11355
158
158 158
110
110 110
653-4 653,4 66
243.4 2431 25
10531 1053.4 10631
103
103 103
3131
3131 31
41
41
41
80
80
80
2334 2334 233.4
17
17
17
393.4 3934 40
0834 97
9855
9034 9031 9034
10431 10434 10431
10034 100 looq
21
21
2131
123
12234 123
112
112 112
20
20
20
834
834 834
157
15634 158
16034 16034 16034
112
112 112
95
95
9694
158
155 158
23
23
23
62
63
63
10331 10331 10334
14334 14334 144
93
9234 93
100
100 100
5234
5234 51
100 100
100
102
102 102
N
Amer Laund Mach,oom_25
Preferred
100
Amer Rolling Mill, com _25
Preferred
100
Amn Products
Baldwin, new pref
100
100
Buckeye, Inc
Carey (Philip), cont._ _100
100
Preferred
ChampCoatedPap,com.100
100
Champ Fibre, pref
Churngold Corporation_ _•
•
City Ice & Fuel
Cooper Corp, new pref _100
Crown Overall, pref_100
Eagle-Picher Lead, com _20
100
Fay & Egan,com
100
Preferred
•
Formica Insulation
French Bros-Bauer, corn'
Gibson Art, com
•
Globe Wernicke, com100
Preferred
100
Gruen Watch, pref _ _ _ _100
Johnston Paint, pref. 100
20
Kodel Radio, pref
10
Kroger, corn
100
New preferred
•
McLaren Cons
Paragon Refining, com_ _25
Procter & Gamble, com_20
100
8% preferred
100
6% preferred
100
Pure 011, 6% pref
100
Richardson, corn
100
Standard Drug
•
U S Can,common
100
Preferred
20
U S Playing Card
U 13 Print & Litho,com_100
100
Preferred
100
U S Shoe, pref
Vulcan Last
Whitaker Paper, pref__100
Range Since Jan. 1.
00 Q0
0. 0000 0 0
W
.. ... .
.
.
v.
.0. V0. Cl
Ci
. 0
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
49
49
10734 10731
113.4 1134
100 105
10154 10234
3
3
134 135
7154 76
97
97
46
46
46
463-4
93
96
103.4 1131
2334 2431
85% 93
943.4 95
10
1031
2634 2734
239 246
6354 72
9334 94
30
30
5434 553.4
300 310
31% 34
3214 3534
2534 2634
680 70c
33
33
2834 3134
13,4
134
4934 5
034
6431 66
693-4 693-4
3% 534
3934 3974
93
9314
993.4 10334
2554 2534
25
27
5
5
1631
16
250 25c
103 10654
940
134
97
97
1234 14
4334 47
26
2754
2634 2634
754
734
210 235
3294 34
106 107
4694 4834
13-4
131
19
19
60% 6134
83
8534
32
32
943.4 9434
69
70
2254 24
8
934
4231 4234
2634 2674
395-4 423.4
High.
Low.
.007.0.0000C=00
.
OS... el 61 QV .0
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange Feb. 20 to Feb. 26, both inclusive, compiled from official lists:
Indus. & Miscellaneous.
Abraham & Straus
•
Preferred
100
Aero Supply Mfg class B__. 1134
Ala Gt Southern.corn__ -50 100
Preferred
50 10154
•
Allied Packers corn
Alpha Portland Cement 100
Aluminum Co com new_ • 7154
American Cigar, com_100 97
Amer Cyanamid class A w 1
46
Class B, w I
Preferred
95
Amer Elec Corp v to
1031
'25 2351
Class A
American Gas& Elec com • 8534
Preferred
Amer Hawaiian SS
10
American Home Products.* 2
654
Amer Lt & Trac corn_ _100 239
Amer Pow & Lt corn ---• 6334
NO 94
Preferred
Amer Rayon Products-- -* 34)
Amer Rolling Mill, com_25
American Seating Co 100 300
Am Superpow Corp Cl A_• 32
Class 13
• 323.4
25 2534
Prior preferred
Amer Writ Paper corn_ _100
Arundel Corporation
• 33
Assoc Gas & Elec Class A_• 2834
Atlantic Fruit & Sugar.--•
134
Atlas Portland Cement. • 5034
Auburn Automobile, com25 6434
Balaban & Katz com v t c 25
Barnsdall Corp warrants__ ......
Beaver Board Cos pref 10
0
•
Bigelow-Hartf Carpet corn
Blackstone V G&E,corn_50 9954
Bliss (E W)& Co corn---'
Common certif of dep.... 25
10
Illy,' Shoes Inc com
Bohn Aluminum & Brass_. 16
•
13oissonnault (G) Co
50 103
Borden Co new
Bradley Fireproof Prod-1 94c
Brazilian Tr, L & Prod _100
Bridgeport Mach com _.• 1234
Brill Corp (new) Class A _• 4334
Class B
• 26
Brit
-Amer Tob ord bear_il z2654
Brooklyn City RR
le
754
100 210
Bucyrus Co. cum
Fluff Meg & E Pow com --• 3214
Burroughs Add M,pt. _11111
Can Dry Ginger Ale .-- • 4734
Car Ltg & Power, com_ _25
154
Celluloid Co corn
100
Preferred
100
Central Aguirre Sugar_ 50
Central States Elec new WI
8% preferred
100
Central Steel corn------69
Centrifugal Pipe Corp-.-• 23
Checker Cab Mfg class A..•
8
Chic Nipple Mfg CIA-50 423.4
Class B
50 2
654
Cities Service com
.20 41%
Preferred
.100 8354
10
Preferred B
Preferred B B
100
Bankers sbares
Cleveland Automobile cow• 2434
Cohn-Hall-Marx Co
• 32
Colombian Syndicate
254
Com'wealth Power Corp
Common
• 3754
Preferred
100 86
Warrants ._ ... ....--. 62%
Congress Cigar Cow 1• 413.4
Cousol Dairy Products..-•
45-4
Con Gas, E L&P Balt Com* 5134
Control Laundries. w I --• 25
Consumers Co, tom_ _ _ _20
8
Continental Baking,comA• 109
Common B
• 20
8% preferred _.. 100 9734
_
Copeland Products, Inc
26
Class A with warrants_
Courtaulds Ltd
£1
Cuban Tobacco v to
• 60
Cuneo Press corn
• 30
50
Class A
Curtiss Aeropl & M.com _• 21
De Forest Radio Corp_ _•
.
634
Devoe & Ray cl B new_ •
Dinkier Hotels Co
Class A with purch warr•
Dixon (Jos) Crucible_ _ _100 151
•
Doehler Die Casting
Dominion Stores, Ltd..--• 6634
Dubiller Condenser & Rad.
63i
Dunhill International__ --* 2334
Durant Motors, Inc
• 11
Dui Co, Class A•
.
Class A v t c
Eastern Rolling M111. corn.
Eastern Texas Elec Co__ •
•
Eitingon-SchIld Co
Elec Bond & Share, pf 100. 10531
Elec Bond & Share See--• 72
Elec Household UM Corp__
• 53
Eiec Inv est ors without war
•
6
Electric Ry Secure
Electric Refrigeration_ ---• 75
*
El Paso Elec Co,com
Empire Power Corp
• 293-4
Engineerti Public Sery com• 263.4
...
Preferred (full paid) • 10234
Preferred (60% paid)._• 103
Estey-Welte Corp class A.•
Fano' Motors Co. com _10
754
100 153
Fajardo Sugar
Federal Finance Corp el A• 32
• 1454
Class B
Federal Motor Truck_ _10
Federated Metals
•
Film Inspection Mach _ _ -•
Range Since Jan. 1.
00. 00000.00000.00GC00.00.0000.0.0C.0.00.00.0.0000000.0.0004==0.000AC00.0.004C0.00.0.0.0.0.04CA.00
0
,, d
,
GS
4, 0, a 4 .
0
C3 050c0 0.0. OS 4 a) cp C.. OrD4 ce Woogoty 4 0,o4,, ,c,, ,,,,, a ps .00
c1><J4 aSWO3 all c0Cd. af.a1 aIWOCDOC“, OC:4000
•No par value.
Note.
--Sold last week and not reported: 885 Amer. Vitrified Prod,corn. at 32%0
33; 220 A. M. Byers Co. pref at 99340100; 104 Colonial Trust Co. at 2700275;
21 West Penn RyS. pref. at 91; 10 Westinghouse Air Brake at 121.
Stocks-
xxxxxxxxx
10831
9
1834
11731
Friday
Sales
Last TVeek's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended Feb. 26.
0
934
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
"cm
Ci.
0.
. ..
1
C.iNC.i . ki
.
.
N .
301
80
9134
7
100
21
280
17
105
10
47-4
8
116
5614
183.4
39
363.4
34
5
15
4131
833.4
134
6
310
225
10
4c
85
11831
10
1931
12731
Al
Cl
80
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
'km
rx:.
35
313-4
431
77
89
6
99
16
220
1531
105
9
231
534
114
5144
14
34
35
313.4
3
11
40
79
2c
5
298
220
9
3c
80
10831
9
1831
11731
0nS4
XXX
X XX XX X
.XX XX X
cX. XX XX
0 XXXX XX
XX
u
XX
000004000. .
WMOM 0 000000 0
.
0 ,,1
0000000
0
M
0.M000VC.000.
0
NM0001 .0. 0.0^00000 00C
..
0
.000.00 C.ON.VVV 00,30
0
.
V0.00 .00MMW NW0.00=CON00MMN0MMW.00 MOONN
.C4000.v0N 1...M0V
.400000. VNMW
,
C..00
000. VN
0.0
116
52
115
83
5,255
60
4,625
132
575
16
400
20
150
75
1,629
515
2,355
2,469
1,147
275
100
40
343
5,900
253
300
53
208
1,500
40
299
10
1,030
797
45
5
888R88P+9888888§8U8g8',2?88888§8p888S88"8"8§"8"8S8'88"S"""8"8"8888§" 8cgr'8"8" 00 0 0 8a8n88889 1RMS8§888888888888§8
0. .
0
00 0 00 '88'8'8
00
4
77
78
90
90
6
631
9931 9934
2034 21
270 280
1534 1531
105 105
93,4 934
4
4
734
754
11534 116
513-4 5451
1531 163,4
3434 3831
35
353-4
313,4 32
434 5
14
14
40
40
80
81
13.4
134
5
534
301 305
220 220
934 10
3c
4c
81
81
1083110931
9
9
1831 1834
11731 120
91
91
. Cl
7
Am Wind Glass Mach_ _100
Preferred
100
Arkansas Nat Gas com_ _10
Byers(AM)Co pref__ _100
Carnegie Metals
10
Colonial Trust Co
100
Devonian Oil
10
Harb-Walk Refrac pref_100
Houston Gulf Gas
Indep Brewing com
50
Preferred
50
Jones & Laughlin pre/_ _100
Lone Star Gas
25
Nat Fireproofing com_ _50
Preferred
so
Ohio Fuel Corp
25
Oklahoma Natural Gas_ _25
Pittsburgh Brew com... _50
Preferred
50
Pittsburgh Coal corn_ _100
Preferred
100
Pittsb & Mt Shasta Cop_ _1
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_100
Pittsburgh Trust Co_ _ _100
Salt Creek Consol 011_ _ _10
San Toy Mining
I
Stand P1 Glass pr pref _100
Stand Sanitary Mfg com 25
Tidal Osage 011
10
If S Glass
10
West'house Air Brake_ _ _50
West Penn Rys nref_ 100
JIB
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jam
Feb
Jar
Jar
Jar
Fet
Fet
Jar
Feb
Fet
Jar
Jar
Fet
Jar
Jal
Fel
Jar
Jar
FEB. 27 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. how. High. Shares.
Firestone T & R 7% 111-100 99
Flak Rubber let pref
New cony 1st pref.-10i
Ford Motor Co of Can_lte 612
Forhan Co. clars A
Foundation Co
• 31
Foreign shares Class A.
Franklin (1-1 H)Mfg.corn ' 31
100 84
Preferred
253(
Fox Theatres Cl A rom
Freed-Eisemann Radio_ __•
63(
• 21%
Freshman (Chas, co
Galv-Houston Elec corn 100
Gamewell Corp common'
Garod Corporation
General Baking class A_ _.• 65%
• 10%
Class 13_
Gen Gas &Elea of Del cl B* 45
• 53
Gen', lee Cream Curt, .
General Public Berv w
16%
7% preferred
• 10534
Gillette Safety Razor
Glen Alden Coal
156
Goodyear Tire.* R rom144,
34
Grand(FW)5-10-25C St_ _* 69
Great Atl & Pac Tea pf_100
Grimes Its A Can, See_
4
Hablehaw Cable & Wire_ •
Happiness Candy St el A.•
734
•
Founders shares
6%
Havana Elec UtH v t o_ •
• 69%
Preferred
Hazeltine Corporation_..• 14
Hellman (Rich). Inc,
•
Frei with warrants_
Hercules Powder, com_Int)
Preferred
100
Heyden Chemical
Hires(Chas E)Co
• 2514
Class A common
Hollander(A) A non,corn •
Hood Rubber Co corn.. •
•
Horn & Hardarl co
54134
Hunt Bros Pack class A _ ......
Imperial'rob of Canada_ _5
6
Imperial'rob of G B & I_El 24
Industrial Rayon Class A.
• 16%
Int Concrete Ind Fm sh_10
73(
Internal Projector Corp '
Internet Utilities, Class A• 35
Class B_
7
Johns-Manville. Inc
• 142%
Jones(Jos ev) Radio Mfg •
Jones& Laughlin Stcorn 100
Keiner Williams Stamp. •
Relvinator Cornoration •
Keystone Solether
Kraft Cheese
21
Kruskal & Kruskal Inc_ •
Lang Co of Florida .
• 29
Landay Bros. Inc. CI A.
• 36%
Landover Hold'arnrnel A I
3334
La Salle Extension Univ_10 11%
Lehigh Coal at Nay
50 11034
Lehigh Power Securities_ _•
New Cons Corp
16%
Lehigh Valley Coal &ans.&
87
Lehigh 'all Coal et ts new
4034
Libby, McNeil & Libby-10
Libby Owens SheetGlass
163
100
Preferred
Liberty Radio Ch Store/. •
MacAndrews & Forbe•
New common
Marconi Wireless of Can.!
Marconi WIrel Tel. Lend El
McCord Had A al fg V IC.' 23%
120
Melville Shoe pref
100 40
Mengel Co
Mercantile Stores Co_ 1011
Mesabi Iron
Metro 5&60c St, pref....100 4
034
Mstropol, Chain stores •......
Middle West Utilities.com • 118
104
Prior lien stook
. .104 108
Preferred..
Midland Steel Prodacts,
24%
Midvale Co
Miller Rubber pref _ _100 10134
Mohawk & Fluid Pow com_• 27%
104
First preferred
'
,
•
Mohawk Vane Co.
Moore Drop&Forge. Cl A * 66
• 13
Municipal Sere Corp
•
134
Music Master Corp
Narragansett Else Ltg__50 7534
•
Nat Casket new corn
Nat Eleo Power. Class A.* 23
4%
10
National Leather
•
Nat Pow & Lt pref
Nat Pub fiery CI A corn • 52034
• 15
Class B common
Neptune Meter Class A • 24%
Nev-Calif Mee rom_ -100
60
New England Co
New Eng Co, new pref _100 88
New Eng Tel & Teleg_ -100 ......
I
14
New Men & Ariz land
New On Grt Nor RR_ -100 16
......
N Y Merchandise Co__ _.•
NY Tele')63-4% pref-100 112
Nickel Plate corn new w 1_ 108
Preferred new w
28
Northeast Power, w I
Northern Ohio Power Co_• 1834
Nor Ont Lt & Pr com ..100 54
100 Preferred
Nor States P Corp com.100 119
Preferred. _.
Ohio Traction common_100
..
Oppenhelm Collins v t
1354
Pacific Steel 11011Pr
Groc class A ..•
Fender(D)
• 32
Claes B
Penn Power & Light pref_•
Penne Water & Power.PIO 15134
-Dodge Corp_ _..100
Phelps
Philadelphia Else com_25 56
Pillsbury Flour Mills_ _ _50 36
Pitts & 1. E RR.Coin.--fiti 150
Portland Else Power, 100
Power Corp of N V corn •
•
Power Securities common.
Pratt At Lambert. Inc.. • 60
Procter & Gamble corn. 20 155
Puget Sound P & Lcom 100 5234
Purity Bakeries Class A.26 41
Claw B__ ._ ..-.
-- * 36
PYrene Manufacturing-.10
• 42%
Rand-Kardez Bit new w1.
Rem Noiseless Ty pew A _• 40%
99
99%
84% 84%
108% 109%
611 612
16% 16%
31
31
83%
25
6
21%
24
59%
334
Range Since Jan 1
Low.
270 9834
340 84%
4 I 108
70 611
200 1634
38
5,000
32
1,100
86%
250
2633 15,600
6% 1,700
23% 14,300
24
100
59%
25
34
200
19,800
1034 11% 41,900
45
45
100
53
54% 1,900
500
15% 16%
104% 104%
25
105% 110
9,100
156 160
2,900
34
3534 12,400
69
300
72
11734 117%
50
53( 7,600
4
13% 13%
100
6% 7% 2,600
644 631
400
43
43% 1,300
69% 70%
700
14
15
500
High.
100
86%
113
629
20
31
31
82
25
6
1734
24
59
234
64
10%
4334
5034
13%
103
105%
138%
33
69
11734
3%
13%
6%
6
43
68%
14
55
33
g
34%
834
25%
24
5934
7
7934
17%
49
56%
16%
106%
114
166
38%
85
11734
7
15
834
7%
44%
71%
17%
190 3334
10 14034
10 110
2
600
36%
152
114%
234
24% 25% 2,100 24%
31% 31%
200 31
57
57%
100 57
5434 57
2,200 54;4
25% 26%
500 26
6
6
6
10e
24
24
200 24
16% 19
25,200 15%
734 7%
7
200
11
13
900 11
35
36
1,200 3b
7
7
734 2,900
142% 146
200 142;4
50c 5043
500 500
72
72
25 70%
17
17
100 16
76
76
200 76
20o 200
1,000 20c
82
82
100 81%
19% 19%
100 19%
29
41
3,900 29
36% 36%
300 33%
3334 3434 2,500 2834
11% 12
934
700
900 110
11034 11234
26
3634
68%
62%
26%
6
25
1914
8%
15%
39
914
159
134
80
18%
8934
450
88%
20%
47%
37
35
13
12034
16%
86
4034
834
163
116
35o
1934 63,300 164
88%
1,075 89%
42% 11.000 37%
100
834
8%
169%
1.921) 103
116
10 115
350
3,300 350
22
8334
4531
9%
219
116
3%
46
46
100 46
1
400
114,
1
5% 5%
600
534
23% 23%
300 23%
120 126
30 120
42%
4
0
650 40
140 140
100 140
134 1%
600
1%
4034 40%
38%
40% 41%
500 40
118 12734 6.200 114%
11934 120%
190 98
107% 109%
340 97
47
48%
500 44
2434 24%
600 23%
101% 102
170 100
25% 28% 11,100 23
104 104
200 104
33% 34
500 3334
66
66
(8) 65
13
13%
700 13
134 1% 3,300
1%
75
8434
700 75
5634 56%
100 5534
22% 2434
800 22%
4% 4%
4
200
100 100%
325 100
520% 22% 2,200 X2034
15
15%
400 13%
2434 25%
800 2434
30
30
100 29
60
60
100 60
88
88
300 86
118 118
10 115
1534 6,000 12%
1334
16
16
100 14%
24
24
200 23%
112 112%
150 111%
106 109
3.000 106
92% 93%
500 914
2734 3334 39,700 27,‘
18% 21% 34,600 1534
58
54
600 49
80
80
60 78
119 126% 8,900 hg
100% 100%
25 100
10
10
834
200
32
32
100 32
1334 15
2.900 1334
47
50
1,700 47
32
33% 2,100 30
10534 106
300 1004
15134 16035
260 1 134
135 135
10 120
56
65% 2,000 5434
36
39
200 36
150 157
230 150
44
4434
600 44
79
81
200 77%
11% 11%
100 10
60
60
400 53
155 15634
250 14234
52
56% 2.500 51%
41
42
1,700 3034
36
37%
800 35%
10% 10%
100 10%
42% 45
3,200 41
40% 4
300 40
034
46%
134
634
25%
128
52
145
, 24
49
49%
135
12234
1114
48%
24%
103
28%
104
3734
67
1334
3%
8634
58%
26%
4%
102%
24
17%
2534
4434
60
88
118
17
16%
26
1134
11314
94%
36%
26%
67%
84%
1364
10134
10%
34
16%
50%
36%
106
174
135
67
48
162%
48%
90%
12
60%
163
6634
42
3934
11
48
5234
3534 3536
14034 140%
114 114
2
234
1157
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price, Low. High. Shares.
Reo Motor Car
10
Republic Mot Truck v t c •
Richmond Radiator
•
Preferred
100
R1ckenbacker Motor
•
Safety Car Heat & Ltg_100
At Regis paper corn
•
Scbulte Retail St new w I _.*
Sears, Roebuck, new com_•
Servel Corporation A__ _ •
Sherwin Wme Co com_25
Shredded Wheat Co_..100
Sierra Pae Elee Co com.100
Silica Gel Corp corn v t o_ •
Silver (Isaac)& Bros
Singer Mfg Ltd
El
Sleeper Radio v t
Snla Viscose, ord_(200 lire)
Sou Calif Edison corn.. _100
25
New common
7% preferred series A.100
100
6% pref series B
South'n Cities Util v t c 100
,south Dairies Claw A. .•
_
•
Class B
Southern 0 it? Class A_ •
Southern Ice & Utilities A•
s eastern Pr it Lt. Cool."'
Common new w 1
Preferred
Warrants
Southwest Bell Tel
100
Sparks-Withington Co__.•
Splielorf Beth Else Co.....
Stand Motor ConstrucAN
25
Stand Pow & Lt A
.nand Publishing Cl A...25
•
Stand Tank Car com_
Stand Text Prod pref A 100
100
Preferred 13
25
Stromberg-Carlson
Strook (S.) & Co. Inc____•
•
Stutz Motor Car
100
Swift & Co
15
Swift International
Tampa Electric Co____100
Therrniodyne Radio_ _ _. •
Thompson (John R) Co.25
Thompson(RE)Radio vte •
Timken-Detroit Axle_ _10
Fob Prod Exports Corp •
Todd Shipyards Corp _ _ _ _*
Tower M anufacturing...-6
-Lux Day Piet Screen
Trans
•
Class A corn
23%
8
1934
6%
76%
5134
5234
2334
42%
24
34
1434
12734
3234
109%
9734
50
35
26%
2934
31%
33
63
11
113
2534
38
23
18%
30
45
31
2034
321
1
10
4%
30%
13%
51c
2534
.51c 750
2534 2734
Former Standard 011
Subsidiaries.
Anglo-Amer 011 (vot eh).E1
17% 17% 17%
Non-voting shares ...El
17% 17%
Non-vot she ctfs dep._El
1634 1734
Borne Serymser & Co_ _100 245
233 246
50 .56%
Buckeye Pipe Line
5634 5634
25 71
Chesebrougb Mfg
71
73%
it
Continental Oil v t o
22% 22% 2334
Crescent Pipe Lines_. _25 1534
1534 1534
Cumberland Pipe Line_1(30
132 13634
Galena-Signal Oil, corn 101) 2734 27% 28%
New preferred
100 83
84
83
Humble 011 & Refining_ _25 89
89
92
Illinois Pipe Line
100 13634 13534 13634
Imperial 011 (Can)
• 3434 3434 3634
Indiana Pipe Line
50 66
64% 66
National Transit_
18% 1834 1834
Northern Pipe Line.......100
7734 7734
Ohio Oil
25 62
61% 6434
Penn Me* Fuel
25
18
20
Prairie Oil& Gas
25 55% 55% 58%
Prairie Pipe 1.1ne
10( 12534 12334 126
Solar Refining
100 20134 26135 204%
South Penn Oil
101 169
169 175
New rv
211
43% 43%
Southern Pipe Line_ __.100 63
6214 63
So West Pa Pipe Lines_100
8334 53%
Standard 011 Calif new to,. 5534 55% 57%
Standard 011 (Incilana)._25 64% 6434 66%
Standard Oil (Kansaa)...2.5 3134 3134 32%
Standard Oil(Ky)
25 120% 119 124
Standard Oil(Neb)_
240
240 247
Standard Oil of N V. _25 34
34
3534
Standard 011(0)oom_100 5337 5337 345
Vacuum 011
28 51004 510035 103%
Other 011 Stock*.
Amerada Corp
•
Amer Conti. Oil Field. .5
26
6
Low.
3,200 2334
2334 24
8
834
400
8
1834 2034 1,500 15
40
4134 1,100 3634
634 734 15,200
654
125 126
100 123
1,800 7654
7634 81
700 5134
5134 5434
5234 5634 3,100 5234
237 2634 5,700 233-4
%
4234 43
300 42
202 202
50 202
24
2534 1,100 24
18
18
300 18
34
42
300 34
100
634 634
634
24c 34c
240
4,000
1434 15
800 1434
12734 133
6,150 12734
3234 34
2,900 32%
10954 10954
50 10934
50 9734
9734 9734
2634 27
404) 2634
50
5234 3,200 48
3454 3634 23,200 2634
263.4 27
3,200 2534
2934 30
1.400 2434
3136 39
33,700 3134
33
39
4.600 33
63
6434 3,300 61
11
1334 4,800 11
113 11334
140 11134
2534 2654
500 2134
38
40
800 38
231 234 1,100
234
23
24
300 20%
18
1834 2,400 1634
113.4 117
4
300 1134
29
29
100 27
29
50 2634
29
30
30
100 30
45
600 4034
4534
30
3234 9.100 29
116 11634
150 113
2034 2134 3,900 1934
31454 321
180 292
1
1
13.4 1,300
500 4534
4734 4854
334 334
800
334
10
11
2,600
934
434 434 1,800
434
3034 3034
100 29
12
1234
700
7
1034 1034 1134
1234 1234 1334
Trumbull gteel, COM.- _2R
10 25% 2434 2534
Truscon Steel
rublze Artif Silk CI B __• 21234 21234 226
834
'rung Sol Lamp Works.,.•
834 834
• 19% 1934 20
Class A
82
8434
Union Carbide & Carbon_• 82
United Fier Coal Cos v t c* 3834 3834 4034
11034 114
United Fruit Cow I
•
6034 6034
United G & E com
United Gas Improvem1.50 106% 106 127
12434 13234
United Lt & Pow corn A • 126
• 2534 2534 27
Common A new
I
1334 1334
Fruited Profit sharing.
5
United Shoe Mach'y corn 25 51
034 52
20
US Dairy Prod class B__•
2034
(18 Light St Heat coin.--10 2134 2134 2234
10
Preferred _.
634 65.4
42
4234
lj(3 Radiator Corp new w
• 18
1734 Isg
S Rubber Reclaiming.,
25
25
1J S Stores Corp class A- _• 25
• 3734 3734 38
Universal Pictures
Utilities Power & Lt B. • 1734 1634 18
12
1234
Utility Share Corp w 1 • 12
1834 1834
Preferred non-voting...*
434
Option warrants_
43.4 5
24
25
Van Camp Packing Pref.50 24
857 87
%
Victor Talk Machine_ _100 87
•
500 50c
Ware Radio Corp
1134 1134
Warner Bros Pictures...26
26
Warner Quinlan Cow _
2734
Western Auto Supp panic
• 2634 2634 2634
pref with warrants
Western Md Ry 1st pfd 100 75)4 73
7534
Western Power, pref... _100 98% 9834 9854
6234 62
6534
White Motor Co new
50
White Sewing Mach, pref_• 50
5054
1234 1234 13
Melon & Co (new) w I. _
26
26
Claes A
27
Preferred
66
66
6734
90 100
Woodward Iron corn- _100 90
Yellow Taxi Corp. N V. • 1034 1034 1034
Rights
Horn & Hardart
Humble Oil & Ref
Range Since Jan. 1.
26
6
2634
634
2554
5654
23
4154
954
12834
90
5634
5714
3034
43
210
2834
2234
42
9
254
18
142
35
112
9934
3334
57
3934
2734
3054
4634
4134
6534
1551
1133-4
2834
4334
234
24
19
143.4
29
2934
30
4534
3734
11034
2234
32134
234
4854
531
1134
434
31%
1334
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
14
1334
30%
240
104
2034
8534
4434
11734
65
14434
14334
28
1434
52
2234
2254
734
4234
14,600
7,800
400
400
500
3,800
8,600
1,200
900
200
72,200
23,900
58,500
400
600
200
1.594)
300
200
700
100
200
4,901)
400
100
2,700
100
800
200
100
1,200
1054
83-a
2434
21234
834
1934
7734
35
11034
NA
106
12434
253.4
11
48
20
18
531
4034
1434
25
37
1534
1034
16
234
24
8574
500
934
2434
200
50
60
500
2,600
300
300
1,200
30
700
26
73
66
62
50
1234
26
68
77
10
7.800
1,000
Jan
50e
2534 Feb
2,200 1734
100 1734
700 1634
190 226
100 5634
900 65
22,900 2234
100 1534
50 132
3'
2754
50 83
14,500 863.4
60 13434
8,900 3434
250 68
200 18
100 7054
1,100 el%
400 1634
15,300 55
600 12354
70 20134
230 169
1
4334
200 6134
50 5234
25,900 5434
25,450 6434
1,200 3134
2,100 119
100 23934
14,500 34
40 337
8,200 510034
4,300
7,200
26
6
High.
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
2134
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
27
41
18
1434
1834
6
25
9634
134
1434
29
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan.
Jan
Feb
Jan 28
Feb 79
Jan 99
Feb 6534
Jan 5034
Feb
1434
Feb 3034
Feb 7334
Jan 118
Feb 13
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
154
Jan
2734 IFeb•
1934
1834
1734
246
5934
7334
2834
16
137
3234
Ng
9934
142
3854
66
2034
8034
6734
23
6034
127
212
197
60
6654
6434
5854
7034
304
13434
254
4734
382
10934
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan.
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jab
Feb
Jan
Jan
Jan
FebJan
Jan
Jan
2634 Feb.
634 Feb
1158
Friday
Sales
Last Week's Range for
Other Oil Stocks .
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
(Concluded)
Range Since Jan. 1.
Low.
Sigh.
Amer Maracaibo Co
•
834 9%
834
6
635
Arkansas Natural Gas__10
635
2
2%
2
Atlantic Lobos Oil corn__ •
•
4
434
435
Preferred
5% 535
Barnsdall Corp warrants..
18
1831
18
BeaconOil Co corn
Cardinal Petroleum CorP10
235
134 235
1635 19%
17
Carib Syndicate
9% 1035
1
Consol Royalties
12
5 12
12%
Creole Syndicate
334 4%
3%
Crown Cent Petrol Corp.'
, 2
2
234
Derby 01146 Refg com
1
1% 235
2
Euclid 011
1
435 6%
4%
Gibson 00 Corp
1
1
Gilliland 011 Co cora v t c_.
55o 590
10
Granada 011 Corp
25 85
85
88%
Gulf Oil Corp of Pa
334
3% 3%
Honolulu Conan] Oil
• 3234 32% 3435
International Petroleum _.
•
254 2%
Kirby Petroleum
Lego 011 & Tr Corp ol A--• 20% 19% 23
1031 1135
Lego Petroleum Corp-. 1031
Leonard 011 Developm1-25 1034 1035 12
• 24
24
Lion Oil& Refining
2534
780 99c
Livingston Petroleum _ _ _ _• 990
1%
134 1%
Margay Oil Corporation-.
435
Mexican Panuco 011.-10
434 5
10
Mexico Oil Corp
10c 100
1
Mountain& Gulf 011
1% 135
1%
Mountain Producers._--10 24% 2434 25
National Fuel Gas
100 145
145 147
5
New Bradford 011
635 6%
New England Fuel 011____
5
4
4%
25 12% 12% 13%
New York 011
1
70
7c
Noble Oil & Gas com_
North Central Tex 011---• 10% 1034 11
Peer 011 Corp
•
134
134
135
•
Pennock 011 Corp
2031 21
25 1631 16% 1631
Red Bank Oil
48
Reiter-Foster Oil Corp- __
1734 1834
Mc 41c
Royal-Can 011 Syndicate_•
, 854
Ryan CO12801 Petroleum634 6%
9% 10
935
Salt Creek Consol Oil _.i0
Salt Creek Producers- _ _10 3131 3131 32%
7
Venezuelan Petroleum._ _5
73.'
7%
25% 2535 2631
Wilcox Oil& Gas new _
6
6
..8
6
Woodley Petroleum CO.
1435
8
Jan
8,000
Feb
631
6
1,100
Jan
235
2
900
4%
831 Jan
400
535
3% Feb
300
Feb 19%
4,900 18
331
1
Jan
5,100
Jan 22%
112,500 10
8% Jan 10%
1,600
Feb 15%
3,800 12
335 Feb
2,500
734
2
Feb
3
400
2,000
11116 Jan
234'
435 Feb
23,700
635
1
Feb
2
100
1
Jan
300 480
Feb 9351
4,400 85
3%
331 Jan
100
Jan 3734
19,700 32
331
234 Jan
1,200
67,300 1935 Feb 2535
10,000 1034 Feb 13
1231
9% Jan
30,000
2,100 2334 Feb 25%
Jan
1,600 750
134
1%
1,000
134 Jan
535
3% Jan
11,400
12o
Jan
5,000 10o
134
1% Jan
1,500
7,000 23% Jan 26
Jan 159
100 135
3,700
634
6 • Jan
4
Feb
5
400
17
400 11% Jan
go
Jan
70
3,000
2.400 1031 Jan
1234
234
5,900
134 Feb
500 20% Feb 2234
631 Feb 20%
100
1,400 14% Jan 24%
Jan 66c
9,000 320
7%
5% Feb
2,800
Jan
1,200
10
9
4,900 31% Feb 36
731
39,100
434 Jan
Jan 27%
400 25
6
5% Jan
200
Mining Stocks
16c 20c
Arizona Globe Copper---1 160
1
3%
Calaveras Copper
3% 3%
10 2035 2035 21%
'Carnegie Metals
1% 134
Consul Copper Mines..
Sc
Cortez Silver Mines Co__1
60
2% 235
Cresson ConsGold M & M-1
235
1
30
Divide Extension
3c
30
60c 680
Dolores Esperanza Corp 2
Engineer Gold Mines,Ltd.5 14% 14% 1531
1
Eureka Croesua
Sc
Elc
Sc
First Thought Gold Min_ _1
7c
9c
8c
1
Forty-nine Mining Co_
60
60
135 2
Golden Centre Mines ___5
1%
7.3
70
Goldfield Consol Mines 1
1 15c
15e 18c
Goldfield Florence
18c 24c
Hawthorne Mines. Inc__ _1
18c
25c
1731 1731
Heels Mining
Hollinger Consol G M. _5 18% 1834 19%
1116 1%
Jerome Verde De,elnp_50e
1114
2o
40
Jumbo Extension Mining.1
1
1% 2
2
Kay Copper Co
_5
1% 134
13.4
Kerr Lake
134 1%
Kirkland Lake G M Ltd..1
2% 234
2%
Mason Valley MIllea
6
50c
5o
Sc
60
National Tin Corp
5
20
20%
New Cornelia Copper_
100 200
200 203
New Jersey Zinc
53
65
Newmont Mining Corri_ 10 53
14
14
NY dr Honduras Rosario_
Nipleaing Mines
6% 654
• 15
14% 16
Nomnda Mines Ltd
15
2% 234
North Butte
620
62c 670
Ohio Copper
28c 300
Parmac Porcupine Min_ I
100 10c
Plymouth Lead Mines _1
2% 235
Premier Gold Min. Ltd_ _1
235
27o 340
1 30c
Red Warrior Mining
120 120
Shaw Mines
435 4%
South Amer Gold & Plat. _1
30
Spearhead Gold Mining 1
Sc
134
3116 3
3/.6
Teck Hughes
33(
Tonopah Belmont Havel_ 1
33.4 4
1
520 59c
513c
Tonopah Extension
1
6% 735
6%
Tonopah Mining
United Verde Extens _ _500 29% 2931 3035
7c
80
U S Continental Mines_ _5
5
935 931
93
Utah Apex
1% 1%
Utah Metal & Tunnel__ _1
234 334
234
Wenden Copper Mining_ 1
259 25c
West End Consolidated. 5
20
20
20
Yukon Alaska trust certif. _
450 450
5
Yukon Gold Co
6,000 110
334
1,200
4,400 2035
1,300
134
Sc
1,000
234
700
1,000
3c
1,200 Mc
900 12
Sc
18,000
Sc
19,000
1,000
50
135
8,600
4c
6.000
90
35,000
11,000 160
600 17%
500 17%
3,300 910
5,000
2c
24,200
1%
3,500
1
100 95c
1%
500
9.000
Sc
200 193(
160 200
500 46%
100 14
2.800
634
6,500 13%
100
23(
4.600 / Go
2,000 288
1,001)
80
23.4
9,100
10,000 20c
1,000 120
2,200
354
20
13,000
1,600
21116
235
600
10,000 520
5
1,900
1,400 2734
2,000
7c
8.900
654
100
131
1.100
234
4.000 20c
100 20
1,000 45c
Bonds
Allied Pack, deb 85_1939
1939
Debenture 6s
Aluminum Co of Am 781933
Amer G & E deb 6s..2014
American Power & Light
68 old without warr_2016
Amer Rolling Mill68._1933.
American Thread 68_ _192S
Amer W Wks & El 69.1975
Anaconda Cop M11169_1929
Assoc Gas & Elec 65.-1955
Assoc'd Sim Hardw 51411'
33
1949
Atlantic Fruit Ss
Atl G & W I SR I- 55_ _I 95!
Bait & Ohio RR 55-2000
_1933
Beaver Board Co 88. .l933
Beigo Canadian Pap 681943
Bell Telep of Can 55_1955
Beth Steel equip 79_ _ _1935
Boston OC Maine RR 681933
Brunner Turb & Eq 735555
Buffalo Gen Elec 58_ -1956
Canadian Nat Rya 75_1931
Chic RI & Pat 534s..1926
1969
Cities Service 68
New w I
Cities Serv 78, Sec B-_1966
Cities Serv 78. Ser C .196n
Cities Serv 760 Fier D..19116
Cities Serv 86 Ser E..1966
Cities Serv Pr & Lt 68_1944
Cons G. E L & P 6s A.1949
1941
Consol Textile 8s
Cosg-Meeh Coal 6359_1954
Will Paper 6359 '51
Crown
Cuban Telep 7348._ 1941
Cudahy Pack deb 5355.1937
1946
58
[VOL. 122.
THE CHRONICLE
85 228,000 77
77
77
75
8,000 72
72
72
0,000 10634
10734 10735 10754 3
9931 9934 100 123.000 98
9731
10231
9434
10334
93
9534
27
73)5
97
10031
100%
104
11134
9331
93%
12934
103%
94%
106%
90
94
94%
9734
102%
10235
94
103%
93
95%
2631
73%
9535
96
100%
100%
104
9534
95%
101%
11054
100%
9335
9331
18235
127%
102%
109
94%
10631
90
94
99
109
94%
9534
98
10231
10234
9434
103%
93%
9534
28
74
9554
98
10034
100%
10435
96
95%
101%
11134
100%
9335
9331
185
130
103%
109%
9435
10634
9035
94
99
10935
9435
9534
117,000
1,000
23,1)00
61.000
10.000
43,000
32,000
42,000
33,000
35,000
25,000
10,000
24,000
21,001)
11,000
1,000
102,000
20.000
1,000
142,000
57,000
7.000
211,000
114,000
11,000
268,000
2,000
5,000
10.000
13,000
7,000
45,000
3,000
96
101
10235
93%
10234
93
95
20
7231
9534
9334
100
99%
10331
9431
95%
99%
110
10034
9254
9335
178
125%
10135
109
933'
10535
85
94
99
10835
92%
9434
Jan 210
4
Feb
Feb 2134
Jan
2%
70
Jan
2%
Feb
50
Feb
Jan 840
Jan 1854
70
Jan
Jan 10c
85
Feb
Feb
235
Feb
70
Jan 180
Feb 32o
Feb 18%
Jan 19%
Jan
Feb
40
Jam
2
Jan
134
Jan
1%
Jan
Feb
70
Jan 2134
Feb 210
Jan 5735
Feb
14
Feb
73.'
Jan
1835
Feb
3%
Feb 750
Jan 350
Jan 13c
2116
Jan
Jan 350
Feb 120
535
Feb
Sc
Feb
33(
Jan
Jan
43.4
Feb
131
73.4
Jan
Jan 33
Jan 10c
Feb 11%
154
Feb
331
Feb
Jan 300
Feb 23%
Feb 740
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
reb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb 89.
Jan
Feb 80
Jan 107% Feb
Feb
Jan 100
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
98
102% Feb
10335 Jan
9434 Jan
103% Jan
953' Jan
9634 Feb
3335 Jan
Feb
70
95% Jan
98 IFeb
10035 Feb
10034 Jan
104% Jan
Jan
96
97% Jan
101% Feb
11135 Feb
100% Feb
9334 Feb
93% Feb
Feb
185
Feb
130
10334 Feb
109% Jan
9434 Feb
Jan
107
Feb
92
9634 Jan
0934 Feb
10935 Feb
95% Jan
955i Feb
Bonds (Concluded)
-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Detroit City Gas 616_1947 106%
Detroit Edison 78_ _ _ _1929 130
Eitingon-Schild Co 66_1935 9835
Elec Refrigeration 6s-_1936 103
Est RR of France 78...1954 83
Europ'n Mtg & Inv 731850
Federal Sugar 65
1933
Fisk Rubber 5355- _1931
Florida Pow & Lt 55_1954 9334
Galena-Signal 011 75_1930 10235
General Petroleum 6s,1928 10134
1st 58
Aug 15 1940 9431
German Gen Elec 6345.1940 9835
Goodyear T & R 5s._ _1928 9834
Grand Trunk Ry 63.4s.1936 108%
Great Cons Elec 6355_1950 85%
Gulf 011 of Pa 65
1937 99%
1928
Serial 5359
Hamburg Elec Co 78_ _1935 95%
Hood Rubber 79
1936
Indep Oil & Gas6 35s_ _1931
Inland Steel deb 5358_1945 98%
Kansas City Term 48_1960
Keystone Telep 5365._1955
Krupp (Fried), Ltd, 751929 9235
Laclede Gas L 534s...1935
Lehigh Pow Scour 139_ _2026 • 953.4
Leonard Tietz Inc 73.48'46
with stock purcb warets 97
Libby, MoN & Lib 79_1931 104%
Liggett Winchester 79_1942 10735
Long Island Ltg Co 68_1945
Manitoba Power 75._ _1941 10535
1951
53.48
Maas Gas Cos 5355_..1940 10135
Missouri Pacific RR 551927
Morrie & Co 7%a _ _ 1930 105
Nat Dist Prod 6%5---19 6 97%
4
Nor States Pow 6%11.-1933 116%
1933
634s gold notes
Ohio Power 56 Ser B..1952 95%
1941
Otis Steel 58
Pan Amer Petrol(is w 11940 1023(
Penn-Ohio Edison 68-1950 105
Penn Pow & Light 5s.195'2
1953 9835
58 Series D
Phila Electric 534s.._.1947
1953
5358
1960
58
Phila Rapid Transit 6s 1962 99%
Phillips Petrol 7358- -1931
1933 103%
Pure Oil Co 63.45
Rand-Kardex Bur 5348 '31 109
Rhine-Main-Danube Corp
1950
78 Series "A"
Rhine-Westphal El P 7s 50 9531
Sauda Falls Co 55-1955 95%
Schulte RE Co 69.__ .1935 98
68 without corn stock1935 8534
Shawsheen Mills 75- _ _1931 10034
Siemens at Halske is .1923. 9934
1935 9734
7s
Sioas-Sheff Steel & 165 1929
_1934 10334
Solvay & Cie 6s_ _
Southeast P & L 6s_ __2025
104
With 10 warrants
11535
With 20 warrants
92
Without warrants
Sou Calif Edison 58...1944 99%
Stand Oil of N V 6 %ii..1933 10834
Stutz Motor of Am 7355'37 112%
1939 9934
Sun 011534*
Swift & Co 5s._Oct 15 1932 98
97
Thyssen (Aug)'AS 78 1931
Tidal-Osage 011 78_ ....1931 104%
Trans Continental 011 79'30
Trumbull Steel 65. _ _ _1940 97
United Elec Westph Power
Corp (Germany) Otis'50 8731
United 011 Producers 8s'31
United Rya of Hay 730'31 110
178 Rub Set 6%9 _ __1926
Serial 634%notes..1927
Serial 634% notes _ _192S 102%
Serial 634% notes_ _ 1929
Serial 654% notes _193( 102
Serial 834% notes _ _1931 102
Serial 635% notes-1932
Serial 634% notes_ _1933 10231
Serial 6 35% notes_ _1934 10131
Serial 6 34% notes_ _1935
Serial 6 35% notes_ _ 1939 102
Serial 6%% notes...1937
Serial 6 35% notes _ _1938 102
Serial 635% notes _1939 101%
Serial 635% notes _ _1940 10231
US Smelt & Ref 5348-1935
Vacuum Oil 78
1936 10434
Walworth Co6%9--- -1935 9734
69
1945 95%
Webster M1.i• 6%a_. 1933
White Sewing Mach 891936 97
Foreign Government
and Municipalities.
Baden (Germany)75_1951
Buenos A ires(Prov17 54847
Canada (Dorn of) 4345 1936
Cologne (City) 6359_1950
Columbia (Rep of) Dept of
1945
Antioquia 78
Danish Cons Muni°5349'55
Denmark(Kg)5 358 ..i955
1970
69
Dresden (City) 7s.._1945
French Nat Mali SS 79 194.,
German Cons Munlc 78'47
Gratz (City) Austria 89 '54
Heidelberg (City) 73.4s1950
Hungarian Cons Mun
1945
Loan 7568
Indust Mtge Bk of Finland
1st M coll s f 7s_ _ _1944
Medellin (Colom) 88_1948
Netheeds (Kingd) 68 B '72
.
Rhinelbe Union 75_ _ _1946
Russian Govt 634s____1919
1910
634s certifs
1921
535s
534a certificates_ _..1921
SantaFe(A rgentina)78 1942
Sarre Basin con 7s_ _ _1935
Saxon State Mtge Inv 79'45
Switzerland Govt 535 1929
Upper Austria (Prov) 78'45
Range Since Jan. 1.
Low.
High.
10631 10631 30,000
130 130
1,000
9834 9834 33,000
103 10334 90,000
83
84
60,000
95
9531 8,000
9554 9534 2,000
0834 9834 8,000
9335 94
45,000
10234 103
4.000
10135 10134 78,000
94
9435 81,000
9834 9931 271.000
9834 9854 80,000
10834 10935 17,000
8531 86
45,000
9935 100
7,000
10154 10134 2,000
9535 96
24,000
105 105
1,000
100 10054 162,000
9874 9934 68.000
8554 8535 44,000
8535 8531 6.000
9234 937-4 112,000
100 100
8,000
95
9535 57,000
104%
130
98%
103
8134
92%
90%
9831
9335
102
10135
933i
93%
98
107%
85%
98%
10031
94
10434
100
9831
8434
84%
9034
98
95
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
106%
130
98%
107
8434
953'
9835
98%
94
103
10234
9435
993.'
99%
109%
86
101
101%
96%
105
10034
9931
85%
8634
937'
10035
9532
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
97
97
10434 105
10735 108
10035 101
105 10535
96
96
10154 10235
10034 10035
105 105
9731 9734
11635 12434
103 10335
95
96
9835 9854
10235 103
105 10534
9835 9834
98
9834
10734 10734
10735 1073.4
10234 1023.4
9935 9934
10334 10334
103 10334
109 11135
97
104%
10735
100
10334
96
993.'
10034
10434
0634
11635
103
94
9835
10134
98%
98
98
10634
107%
10134
97%
10334
102%
107
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
9731
105
1083.4
10134
105%
96
10254
100%
105
99
131
1043.4
96
98%
104%
106
99
99
107%
10734
10254
993(
104%
10334
115
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
97
98
9554 96
9535 96
9774 9854
8534 8635
993.4 101
99
9934
9635 9735
10234 103
10335 10334
104
11535
92
99
10635
11235
9934
9734
9634
104
95
96
25,000
8,000
11,000
19,000
10,III
10.000
75,000
5.000
8.000
50,000
175,000
26,000
12.000
10,000
97,000
54.000
2,000
15,000
5,000
6,000
10.000
20.000
1,000
41,000
33,000
29.000 94
93.000 93%
35.000 9435
16,000 97
26,000 85
46,000 993.4
92,000 15635
93,000 94
31,000 102
6,000 103%
Jan 98
Feb
Jan 96
Feb
Jan 96
Feb
Jan 9834 Jan
Jan 8635 Jan
Feb 10254 Jan
Jan 993.4 Jan
Jan 97% Feb
Jan 103
Feb
Jaa 104
Feb
10531
11935
93
9956
1063.4
115%
9934
98
97
10454
9531
97
288,000
90,000
442,000
14.000
14,000
30.000
49,000
76,000
195,000
8,000
31,000
118,000
103%
115
9131
96%
106%
Ill
973'
96%
93
103%
94
9514
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10831
12434
93
9935
10734
120
993(
98
97
105
98
97
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Feb
8634 87%
44% 45
110 110
100 100
101% 10131
102 10234
10234 10235
102 10254
102 10234
101% 102%
102 10254
10154 10234
102 102%
101% 102
102 102
102 102
101% 102
102 102%
10135 10134
10434 10434
97% 9731
95% 9534
9735 99
97
9734
108,000
7.000
4,000
1,000
5,000
14,000
15,000
31.000
4,000
14.000
19,000
24.000
13.000
10,000
2,000
5,000
8,000
36,000
36,000
57,000
19,000
18,000
21,000
24.000
85
30%
10954
100
10134
102
102
101%
101%
10131
10131
10135
10134
10134
10135
101%
10135
10135
100
10434
95
9434
9734
97
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
8735
45
110
?1035
2%
0254
102%
10235
10254
102%
10234
102%
10234
10236
102%
102
10234
5023.4
102
104%
98
97
101
99
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
$5,000
161,000
10.000
42,000
93
9934
99
85
Feb 93% Feb
Jan 10135 Feb
Feb 99
Feb
Jan 8835 Feb
90% 90% 90% 18,000
98% 98
9834 144,000
9935 99
9934 109.000
1003.4 10034 10031
1,000
93
92% 93
62.000
81
81
8235 28,000
9535 9535 • 95% 65,000
9631 9635 97
15.000
9835 98% 15,000
90
98
98%
9934
92
78%
9535
96
98%
Jan 90% Jan
Feb 9935 Feb
Jan 9935 Jan
Jan 10134 Jan
Jan 94
Jan
Jan 8235 Feb
Feb 9535 Feb
Jan 98
Jan
Jan 98% Jan
87% 88% 30,000
86%
Jan
93
100% 100%
99
87
8635
93
101%
99
87
98% 98% 99
100 100
100
109% 109%
94
94
11434
1535 1535 15%
1535 15% 16
15
14% 16%
1435
1435 14%
94
94
94%
9634 911%
9331 933.1 9454
102
101% 102%
9034 90
9034
43.000 963.4
8,000 98
13.000 108
94,000 94
4,000 15%
12.000 1454
15,000 1431
2,000 1435
38,000 9254
2,000 94
64,000 9354
31,000 101%
26,000 90
8835 Jan
Jan 99
Jan 100
Jan 10934
Jan 9455
Jan
1735
Jan
17
Feb 17%
Jan
17
Jan 9454
Jan 96%
Jan 9454
Jan 10235
Jan 91
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
•No par value. k Correction. II kited on the Stock Exchange this week, where
additional transactions will be found. o New stock. a ption sale. a Ex-cash and
Stock dividends. ic When Issued. z Ex-dividend. y Ex-rights. z Ex-stock oily.
Snustment aiut
13 ;ilrolul
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of February. The table covers 4 roads and shows 0.96%
increase over the same week last year:
Third week of February.
1926.
1925.
Increase. Decrease.
$
$
344,461
319,679
Buffalo Rochester & Pittsburgh_
Canadian Pacific
2,911,000 2.735,000
1,653,000 1,673,559
Great Northern
1,720,971 1,838,315
St Louis-San Francisco
$
$
24,782
176,000
20,559
117,344
Total (4 roads)
Net increase(0.96%)
200,782
62,879
6,629,432 6,566,553
137.903
In the table which follows we also complete our summary
of the earnings for the second week of February:
Second week of February.
1926.
1925.
Increase. Decrease.
$
S
S
Previously reported (5 roads)_-- 9,885.105 9,594,535 323,179
Duluth So Shore & Atl
109,332
96,803
Georgia & Florida
33,300
36,300
3,000
Great Northern
1,624,000 1,689,460
Mineral Range
12,223
6,717
Mobile & Ohio
6.055
377,999
384,054
Nevada-California-Oregon
3,428
5,071
1.643
St Louis Southwestern
534,399
507.600
Southern Ry System
4,069,855 3,881,979 187.876
Texas & Pacific
24.069
651,698
' 675,767
Western Maryland
476,372
375,402 100.970
Total (15 roads)
17,767,644 17,263,755 646,792
Netincrease(2.91%)
xnn age
$
32,609
12,529
65,460
5,506
26,799
142.903
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week
Zd week
3d week
4th week
1st week
2d week
ad week
4th week
lit week
2d week
Bd week
Dec. (16 roads__,.
Dec. (16 roads)____
Dec. (15 roads___
Dec. (14 roads____
Jan. (15 roads --Jan. (15 roads
__
Jan. (15 roads)...
Jan. (15 roads)___Feb. (15 roads)____
Feb. (15 roads)____
Feb.( 4 roads)_.....
Previous
Year.
Increase or
Decrease.
%
$$
21,257,393 19.712.037 +1.475,356 7.46
21,115,174 18,890,134 +2,225,040 11.78
21,370,089 18.249,323 +3.120,766 17.10
19,905,020 17,955,644 +1,949,376 10.91
16,483,387 15,221,149 +1,262.238 8.29
16.801,718 15.778.084 +1,023.634 6.50
17,314,742 16,076.124 +1.238.618 7.71
23,422,685 23,465,449
-42,764 0.18
17,503,007 16,641,621
+861,386 5.17
17,767,644 17.263 755
+503.889 2.91
6,629,432 6.566.553
+62.879 0.96
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Month
1925.
1924.
Increase or
Decrease.
Na Earnings.
1925.
1924.
Increase or
Decrease.
3
$
3
$
3
$
Jan..- 483,195,643 467,329,225 +15,866,417 101.022,458 83,680,754 +17.341,704
libb -- 454.009.669 478.451,607 -24,441,938 99,460,389 104,441,895 -4,981,506
Mar.,. 485,498,143 504,362,976 -18,864,833 109,230.088 114,677,751 -5.447,665
April- 472.591,665 474,287,768 -1,646,103 102.861,475 97,471,685 +5,389,790
May - 487,664,385 476,549,801 +11,114,584 112,859,524 96.054,494 +16.805.030
June - 506,002.036 464.774,329 +41.227,707 130,837,324 101,487,318 +29.350,006
July__ 521,538,604 480,943,003 +40,595,601 139,606,752 111,786,887
+27,819,865
Aug.. 554,559,318 507,537.554 +47,021,764 166,558,666
Sept- 584,443,591 540,063.587 +24,381.004 177,242,895 134.737,211 +31.821.455
Oct.. 590,161.046 571,576,038 +18.585 008 180,895,428 159,216,004 +18.026.891
Nov__ 531,742,071 504,781.775 +26.960,296 148,157,616 168,640,671 +12,054,757
+16.775,789
Dec... 523,041,764 504,450.580 +18.591.184 134.445.634 131,381.847 4
124 nen exit -in ASI 6711
Note.
-Percentage of increase or decrease in net for above mon 128 has been.
January, 20.73% Inc.; February, 4.77% deo.; March,4.74% dec.; April. 5.53% Inc.'
May, 17.49% Inc.; June, 18.91% Inc.; July. 24.88% Ina.; Aug., 23.26% inc.; Sept.,
11.32% Inc.; Oct.. 7.14% Inc.: Nov., 12.77% inc.; Dec., 3.69% Inc.
In January the length of road covered was 236,149 miles in 1925, against 235,498
mllee In 1924; in February, 236,642 miles, against 236.031 miles; In March. 236,559
miles, against 238,048 miles; In April. 236.664 miles. against 236,045 miles; In May,
236,663 miles, against 236.098 miles: In June, 236.779 miles. against 236,357
July, 236,782 miles, against 236,525 miles; in August, 236,750 miles. againstmiles; In
236.546
stiles; in September, 236.752 miles, against 236.587 miles; in October, 236,724 miles.
itgaInst 236,564 miles; In November, 238,726 miles, against 235.917 miles; in December, 236,959 miles, against 236,057 miles.
intelligent&
1159
-G; oes from Railway- -Net from Railway -Net after Tares
r2 .
98
1925.
1926.
1925.
1925.
1926.
$
Erie System
•-204,216 *202,569
January ___ 8,054,777 8,627,698
Illinois Central System
.2,627,800 *2,503.507
January __ A5,394.173 14,978.739
Int Rye of Cent America
269,203
290,025
January ___ 624,653
607,416
Kan City Southern (Inel Texarkana di Ft Smith)
504,721
398,977
508,310
January ___ 1,796,757 1,708.556
630,525
Lehigh Valley
. -487,290 *369,167
1,
January ___ 4,208,191 5,752,777
Maine Central
440,340 a-24,656
January ___ 1,666,342 1,625.193
Midland Valley
128,744
143.485
160,256
145,619
368,988
January -__ 321.657
Minneapolis & St Louis
245,458
January ___ 1,129,643 1,382,296
117.105
Minneapolis St Paul & S S Marie
107,871
98,573
265.524
252,667
January ___ 1,913,795 1,998,442
Wisconsin Central
125.117
75,908
218,691
169,334
January ___ 1,389,577 1,500,202
Missouri Kansas Texas Lines
January ___ 4,537,965 4,901,322 1,329,522 1,475,261
Monongahela Connecting
24,009
69,624
28.999
65.137
January ___ 237.120
226,252
Montour
8.825
15,881 -19.973
49,959
126,329 -18.056
January ___
New York Central
_30,356,997 29,673,975 6,314,712 5,648.211 *4,272,811 "3,685,469
January
New York Chicago & St Louis
913.602
946,004
January ___ 4,515,456 4,610,535 1.197,801 1,163,378
New York Ontario & Western
-195,487 -49.991
-3.961
906,692 -145,388
January
480.736
Norfolk & Western
January ___ 8,976,052 8,267,106 3,183,205 2.557,292 2.432,225 1,958,887
Pennsylvania Co
January _54,351,128 53,318,275 9,029,426 8,137,010 7,032,827 6.311,834
West Jersey & Bea Shore
808,225 -38,041 -34,174 -38,116 -34,231
January _ 785,565
Pere Marquette
"447.547 *549.708
January..._ 3,217,291 3,208,126
Pittsburgh & W ye
*223,130 *164.470
January..... 430,970
381,019
Reading
688,366 1.420,658
January __ 6,576,955 7,659,615 1,057,245 1,794,300
St Louis San Francisco System
*1,746,698 *1,858,260
January ___ 7,607,826 7,747,300
St Louts Southwestern
*307,000 *340,531
January _-- 1,574,000 1,602,395
Southern Pacific System
"2.667,555 *1,958,554
January _ _22.141,911 22,004,720
Union Pacific System
January _14,330,565 14,356,857 3,394.694 3.620.760 2,162,490 2,380.190
Wabash
*989,257 1327.542
January ___ 5,413.704 5,406,261
Western Maryland
423,018
470,772
1,855,002 1,675,310
545,772
483,018
January ___
z Figures corrected. • After rents. a After charges.
Income.
Charges. Balance.
3
31.597
"28,025
Jan'26
-3 572
1 218
:
31.735
*32,953
'25
6.376
Jan'26 *1.835,765 1,829,389
New York New Haven & Hartford
388,235
'25 '2.302.786 1,914,550
116.893 -312,225
Jan'28 "-195,332
New York Ontario & Western
116,571 -173,095
'25 *-56,524
210,425
250,597
Jan'26 "461,022
Western Maryland
145,442
255,506
'25 "400,948
-Grosefrom Railway- -Available for Int.- -Surplus after Ches.1925.
1925.
1926.
1926.
1925.
1926.
$
$
$
$
$
$
Francisco (Incl subsid lines)
St Louis San
603,683
481,119
January ___ 7,607,826 7.747,300 1,734,423 1,866,245
Fonda Johnstown & Gloversville
* Inctudes other income.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
420.968
605.642
842,648
Jan 1,054,671
Alabama Power Co
Net Earnings Monthly to Latest Dates.
12 mos ended Jan 31_ _ __11,936.140 9,081.935 5,457,754 4,414.818
-The table
following shows the gross and net Iarnings for STEAM Cent Me Pr Co System_ _Jan 450,493 431.969 5211,557 5147,160
4,921,470 4.686,516 52,103.114 51.803.822
12 mos ended Jan
railroads reported this week:
Phila. Co & Affil Corp's_Jan 6,377,795 6,263.100 52,404,344 52,340,440
-Gross from Railway- -Net from Railway- -Net after
55.819
83,980
Tares
- So Canada Pr Co Ltd_ Jan
101,955
122,139
1926.
1925.
1926.
1925.
1926.
388,989
318,676
210,885
1925.
469,347
4 mos ended Jan 31
5
5
$
5
5
$
Ann Arbor
b After depreciation and taxes.
January- 477,012
443.255
129,814
88,616
106,612
68,552
Balance,
Fixed
Net after
Gross
tBrooklyn E D Terminal
Charges.
Surflus.
Taxes
Earnings.
December. 125,738
102.215
62,638
26,454
55.443
24,023
From Jan 1_ 1,459.094 1,379,527
Companies.
610,955
522,782
520,165
445.087
k238,470 b101.081
Buffalo & Susquehanna
Atl G&WIS B Lines Dec'25 3,540,805 5339,551
January _ _
95,875
and subsid S S Cos '24 2,616,668 5523,299 k228,419 5204,880
195,642
-8,675
23,433 -11,825
13,233
12 mos ended Dec 31 '25 33.504.300 54,432.849 k2,529,699 51.903,150
Canadian National Rye
'24 27,294,361 53,775.698 k2,412,993 51,362,705
January _ _.18,055,92l 16,716.468 1,637,641 1,364,838
Central Illinois Lt Co Jan'26
174,454
388,554
Atlantic & St Lawrence
184,029
'25
376,891
January ___ 255.274
253,213
52,348
41,939
38,698
27.308
12 mos ended Jan 31 '26 3,921,782 1,556,997
741,839 c815,158
Central Vermont
790,199 c843,514
'25 3,623,898 1,633,713
January ___ 622.897
576,395
86,507
-2,257
67,464 -21,944 Commonwealth Pr
Jan'26 4,371,753 2,152.966
Chesapeake & Ohio
Corp & Subs Cos
'25 3,838,394 1,742.833
January ___10,211,116 9,302.569 2,705.831 2,156.677 2,146.545 1,708.171
12'mos euded Jan 31 '26 44,708.222 19,662,431 11,224,025 8,438,406
Chicago & Alton
'25 39,473,993 17,488,767 9,974,013 7,514,754
___ 2,504,095 2,690,324
January
469,925
601.611
361,903
502.157 Consumers Power Co Jan'26 2,100,581 1,080,604
Chicago Great Western
'25 1,788,457
850,344
12 mos ended Jan 31 '26 20,997.097 9,777,374 3.874,480 c5.902.894
January __ 1,897.208 1,992,693
*111,444 *137,747
'25 18,371,716 8,776,187 3,975,515 c4,800,672
Chicago Milwaukee & St Paul
January A2,222,832 12,953.572
•781,293 *1,376,069 Eastern Mass St Ry Jan. 26
c81,742
104,030
847,883
185.772
c83,703
25
879,289
110.159
Chicago Indianapolis & Louisville
193,862
January ___ 1.455,000 1,438,029
•167,000 *160,586 Illinois Power Co
Jan'26
260,974
91,077
25
242,729
74,495
CUnchtleld12 mos ended Jan 31 *26 2,510,046
781,780
398,962
788,331
January ___ 711,430
"327,213 *304,294
25 2,358,448
376.180
698.971
3
Delaware & Hudson
New York Dock Co Jan'56
34,271
247,690
87.159
121,430
January __ 2.134,579 3,508.737 -437,695
378,837 -525,968
266,032
'25
42,091
267.087
100.773
142,864
Delaware Lackawanna & Western
Northern Ohio
Jan'26 1,072,998
110.468
5,223,642 6,890,131
528,263 1,388,912
300,939
1190,171
January ___
113,324
857.643
Pr Co & Subs Cos '25 1,001,372
88.484
269,721
1181,237
Duluth Winnipeg di Pacific
12 mos ended Jan 31 '26 11,568,324 3.108.624 12,200,740
907,884
210,792
34,115
January _ 195,202
43,255
24,355
32,715
'25 10,202,280 2,260.799 12.089,565
171.234
32:38?
THE CHRONICLE
1160
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
$
$4.206,236,or 4.6%,and net railway operating income increased $1,249,214.
or 5.9%.
Revenue freight loaded on line and received from connections increased
67,653 cars over previous year, 35.8% of the increase representing high
revenue-producing commodities, such as automobiles, oil and iron pipe.
537.624 Average earnings per car during 1925 was approximately $71. per train
Gross tons per train mile for August 1925 were 1,345; net tons
466.962
mile were 552, both establishing new high records.
18.599
Company had a net credit of 1765.526 for per diem on freight cars inter-65,005 changed during the year, as compared with a credit of $1,077,338 for the
1,568.665 year 1924. After providing for payments for mileage of tank, refrigerator
711.166 and other private line cars, there remained a net charge to hire of equip10,852,824 ment for 1925 of $1.128,850. as compared with $439.322 for 1924 and
7,822,378 $479.997 for 1923. Payments for mileage of tank, refrigerator and private
164,247 line cars increased $360,121 over 1924 and $611,860 over 1923. due to
106,257 handling 30,000 more cars of oil and 1.250 more cars of fruit and vegetables.
1,141,769 Decrease in per diem is due to increase in cars loaded on lino and received
712.763 from connections.
The campaign inaugurated during 1924 to secure greater economy in fuel
810,170
service was con35,619 consumption, accident and claim prevention and Setter
10,740.885 tinued throughout the year.during the year per thousand gross ton miles
Pounds of fuel consumed
3.438,049
were 187, compared with 201 for the year 1924.
Payments for loss and damage to freight, damage to live stock on right of
way, damage to property and personal injuries, substantially decreased
687.493 compared with 1924. Loss and damage claim payments per $100 of
589,591 freight revenue for 1925 were 67c., for 1924 880.
[The regular detailed annual report will be prepared as usual and will be
ready about June 1 1926.1
2,911.009
INCOME ACCOUNT FOR CALENDAR YEARS.
2,609,073
1
925.
1924.
8
10 2
3
19 3
-19,128 Total operating revenue..$94.715,375 $90,509,139 $89.632,1'52 $83.092,623
expenses_ 65,928.946 64.092,011 63.934,620 62,631,732
-72,017 Railway oper.
51,940
-114,494
Net oper. revenue__ _ _328,786,428 $26,417.127 $23.698,532 $20,376,291
3,726,684
5.093,124
4.631,330 4.289337
277.906 Taxes
1,287,773
755.313
712,907
Other operating charges.. 1,371,199
231.220
Balance,
Surplus.
Companies.
Ohio Edison Co
83.837
Jan'26
169.830
53,849
150,570
'25
12 mos ended Jan 31 '26 1.584,217
109,691
647,315
112,543
'25 1,493.651
579,505
g43.395
Pennsylvania Coal & Jan'26
*61,994
660,503
Coke Corp k Subs '25
g47,121
566,735 *-17,884
Public. Service Corp Jan'26 9.441,066
of N J
'25 8.594,657
12 mos ended Jan 31 '26 95,561.935
'25 88,468.903
296.629
Republic By & Lt Co Jan'26 1,079.786
460,876
217,026
323.283
'25 1,067,453
12 mos ended Jan 31 '26 11.326.856 4.319,273 3.177,504
'25 10,652,582 3,521,931 2,809,168
Southern California Doc'25 2,046.454 1,423,508
613,338
Edison Oo
441,741
'24 1,749,703
477,360
12 mos ended Dec 31 '25 24,832.402 16.560,699 5.819,813
'24 21,389,500 8,395.720 4,957,671
Southern Indiana
129.696
Jan'26
263.588
& Elec Co
'25
100,625
250,733
12 mos ended Jan 31 '26 2,684.852 1,088,610
401,117
438.532
'25 2,660.601 1.028.123
Tennessee Elec
515.037
Jan'26 1,066,971
Pr Co dz Sub Cos
'25
454.846
907.609
12
• mos ended Jan 31 '26 11,641,625 5.146.576 2.235.566
'25 9,680,515 4,571,430 1,962,357
Third Avenue
Jan'26 1,210,308
1
'205,855 e221.98.3
fly System
'25 1.144,6'16 *152,880 '224,697
12 mos ended Jan 31 '26 8,898,132 *1,626.898 e1,574,958
'25 8.479.813 *1,461,913 e1,576,407
Wash WO Pr Co Jan'26
48,317
326,223
537,987
51,693
'25
282,913
483,716
York Utilities Co
-1.788
/z3,806
'Pj2,018
Jan'2b
19,296
-1,295
34,027
17.822
)2.732
4
'25
* Includes other income. e Includes amortization of debt discount and
expenses. g Includes depreciation. s Before taxes. k Includes taxes;
Includes dividend on outstanding preferred stock of subsidiary companies.
FINANCIAL REPORTS.
Ry. (Incl. Subsidiary Lines),
(Condensed Report-Year Ended Dec. 31 1925.)
The joint remarks of Chairman E. N. Brown and President J. M.Kurn,Feb.20,in substance follows:
St. Louis
-San Francisco
Securities Issued. Sold or Pledged.
-During the year there were authenticated $2.699.700 prior lien mortgage 51.6% gold bonds, Series D. in partial reimbursement of the company's treasury for capital expenditures
made between Jan. 1 and Dec. 31 1924. All these bonds are held in the
company's treasury.
On Nov. 5 1925 there were authenticated $1,750,000 prior lien mortgage
gold bonds, Series D. of which $1,741,000 were Issued to purchase
the%
entire capital stock of Jonesboro Lake City & Eastern RR. (6.000
shares, par $100) and all outstanding first mortgage bonds ($674,000)
all other indebtedness of said railroad company was assumed by the vendor.
The remaining $9,000 of prior lien mortgage bonds are held in the company's
treasury. The company pledged no securities of its own issue during the
year.
Securities Purchased and Paid.
-During the year company acquired $2.170,000 of first mortgage 5% bonds of Kansas City Clinton St Springfield
By., which matured Oct. 11925, and at Dec. 311925. held all but $14,000
of the entire issue ($3,274,000) of those bonds.
The consolidated mortgage of St. Louis & San Francisco RR. and the
collateral trust mortgage of 1887 of St. Louis & San Francisco By. have been
released. Company has deposited with the respective trustees of those
mortgages United States bonds to secure the payment of the outstanding
$8,000 of consolidated mortgage bonds and $18,000 trust mortgage bonds.
and those trustees are prepared to pay upon presentation of any of said
bonds, the principal amount thereof, with interest to date of payment.
In accordance with terms of the mortgage securing the Southwestern
Division first mortgage gold bonds of St. Louis & San Francisco RR., the
remaining 1379.000 of outstanding bonds were called for redemption Oct. 1
1925. All but $86,000 thereof had been presented and paid at close of the
year.
During the year $1,354,000 equipment trust obligations matured and
were paid.
Dividends.
-The full dividend of 6% on the pref. stock for the year 1925
was paid in quarterly installments.
Dividends on common stock were paid for the first three quarters of 1925
at the rate of 5% per annum. The dividend for the last quarter, paid
Oct. 1 1925, was at the rate of 7%•
The full dividend of6% for the year 1926 on the preferred stock has been
declared payable in quarterly installments. A quarterly dividend at the
rate of 7% per annum on the common stock was declared payable Jan. 2
1926 to holders of record Dec. 15 1925.
Lease of Jonesboro Lake City et Eastern RE.
-Company leased the entire
property of Jonesboro Lake City & Eastern RR., and began its operation
as of Nov. 1 1925. The line extends from Jonesboro to Barfield and from
Wilson Junction to Wilson, all in Arkansas, a total of approximately 8634
miles. and is now consolidated with the company's River Division. The
country served by this property has developed rapidly agriculturally and is
susceptible of much larger growth. Under unified operation, the gross
earnings of the company should be substantially increased.
Acquisition of Capital Stock of the Muscle Shoals Birmingham & Pensacola
RR.
-On Dec. 1 1925 the company purchased the entire capital stock,
consisting of 3,050 shares, of Muscle Shoals Birmingham & Pensacola RR..
for $305,000. The Muscle Shoals company owns and operates a line of
railroad extending from Pensacola, Fla., to Kimbrough, Ala.. 142.94 miles,
together with branches of 16.03 miles. also docks at Pensacola, Fla., and is
free of all debt, other than current liabilities. Through this acquisition the
company will ultimately obtain for its business a gulf outlet at Pensacola.
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 improvements to existing equipment, was
$2,433,426.
Contracts were let during the year for the following new equipment.
deliveries to begin early in 1926: 10 mountain type locomotives, 15 Mikado
type locomotives, 14 passenger coaches, 500 55
-ton gondola cars, 1,000
-ton automobile cars, 2,500 50
50
-ton box cars. Arrangements have been
practically concluded to finance the purchase of this equipment through an
equipment trust.
During the year 1.158 new freight cars were built in the company's shops,
881 reconstructed and 5.736 given heavy repairs. A total of 1,551 freight
cars. 26 locomotives, 15 passenger cars and 145 work cars were retired.
entailing a charge to operating expenses of $965,793.
Maintenance.
-During the year the property was fully maintained and
generally improved.
Traffic and Industrial Derelopment.-A total of 401 new industries were
located en the line during the year, consisting of 18 compresses and gins.
30 canning factories, 51 warehouses,86 oil distributing plants, 10 oil loading
racks, 9 oil refineries. 59 oil well supply houses, 56 material yards. 6 wholesale houses, 40 miscellaneous manufacturing plants, 6 grain elevators. 4
meat packing plants, 4 rock crushers, and 22 miscellaneous industries.
The agricultural development for the year in the territory served by the
company's lines was very satisfactory. Despite unfavorable weather conditions, resulting in serious damage to fruit and vegetables, the tonnage
derived from this source increased considerably over the previous year.
The decrease in passenger traffic is due to completion of hard roads,
resulting in increased use of motor-driven vehicles principally for short
distance travel. There was an increase over the previous year in long
distance travel.
Results of Operation and Economies Effected During the Year.-During the
year the company handled a substantial increase in freight tonnage, with a
corresponding Increase in revenue. Gross operating revenues increased
[Vox.. 122.
Operating income_ _ _ _522,322,105 $21.072.890 $18,653.881 $15,361,834
494,650
451,827
516,209
611.063
Other income
122,838.314 121.683,954 119,105.708 $15,856,484
Gross income
672,272
766.241
574.158
671,579
Deductions
Bal,for bond int., &c_$22.264.156 $21.012.374 $18.339,467 $15,184,212
Interest on
110.559,076 110.439.740 $10,039,232 $9.887,795
Fixed charges
2.431,884
2,427.656
2,432,112
Cum.adjustm't bonds 2.432.207
2,111,520
2,109.720
2.110,320
2.110,320
Income bonds
Preferred dividend_ _ _ _ (6%)420,932(1;4)104.628
Common dividend_(534 %)2,489,140
$753,013
Balance of income_ _ _ _ 34.252.480 15.925.574 33.762.859
GENERAL BALANCE SHEET DEC 31 (INCL. SUBSIDIARY LINES).
19r.
1925.
1924.
1925.
3
Liabilities3
3
AssetsCommon stock_ 50.447.028 50,447,026
In r'd & eq.:
Inv.
314,188,927 307.991.483 Preferred stock_ 7,557,500 7,557.500
Road
15.694,000
Equipment_ 8.5,401,275 83,843,961 Equip. tr. oblig. 14,340.000 200,179,740
815 Mtge.bds.outlx.201.318,265
128.755
Sink.fds.-Cash
Coll, trust bonds 3,026,000 3,018,000
Deposited in lieu
Inc. mtge. bonds
of mortgaged
74
: 2 of tistIndir g ...
.
40 051 Tratir, anser 80,159,473 80,628,798
13,933
property sold_
904
757,464
Miso.phys.prop_
974,401
966,741
ed acep i
e bal. taz
1,486.102
488,961
Inv.In affit. cos.
vie
202,837 Audlt
Other investmla
172,500
,
sc. es syp by
8,637,032 9,217,130 mraga 4a aa le 6,345.263 6,415,054
Cash
490,593
Time drafts and
000
94:
4,000 ,39 3,800,000 Int. mat'd unpd. 3,983.209 3,975,450
deposits
32937;217898
60.103 Divs. mat'd unp.
Special deposits_
1,500.000 Funded debt maU.S. Govt.notes
9
0
8 0
1:02
101,000
tured unpaid_
1,040
4.911
Loans & bills rec.
ruu
n ma int acc9
nmat.red.ren4r 3,273,028 3,325,363
Traffic dc car serU
vice bal. recle 1,448,296 1,302,006 jj
41,507
58
acced
Net bal. rec.from
490,485
608.221
agts.& cond'rs
748,502 Other curr. Habit
651,276
21,130
62,511
Misc. accts rec. 2,182,063 2,007,040 Deferred habit's.
Material& supp. 5,512.641 4,950,047 Tax liability_ _ _ 2,799,240 2,422,898
431.889
515,404
recve
res e
42,905844
2,464
Int. 4. diva. rec.
Operating
904
Rents receivable
58365312
643,306
0th. cuff. assets
177,613 Accr. deer.,road
158,762
261.643 Accr. depr.. eq't 24,943,842 23,994,909
Deferred . pai
R ferred assetsd
&c, . 358,313
0th. unadj. creel3,000,387 2,204,932
3,614,232
4,009,672
47,824 Approp'd sure
50,081
.
in advance_ _
Oth.unadj.debit 2,444,160 2,883,077 Profit and loss 18,131,911 14,080,355
426.653,051 421.480,507
426,653,051 421,469,507 Total
Total
-V. 122, p. 754.880.
Northern Pacific Railway.
(Preliminary Report-Year Ended Dec. 31 1925.)
RESULTS FOR CALENDAR YEARS.
1924.
1925.
$76,301,308 $73,422.540
freight transportation
Revenue from
13,201,179 13.167.942
Revenue from passenger transportation
Revenue from mail, expresses & other railway oper 8,362.067 8,701,922
97,864,554 95.292,404
Total railway operating revenues
69,972,476 70,533.064
a Railway operating expenses
ratio
ra
Tnsportation ratio
Net revenue from railway operations
Taxes
74.02?
71.50%
35.88%
34.27'1L
27.892,07$ 24,759,3 0
9,372,270 8,563,154
Equipment and joint facility rents
$18.519.808 $16.196,186
3,664,891
3,707,511
Net railway operating income
Other income
22,227.319 19.861.077
b11,079,164 1311,483.432
133.306,483 $31,344,508
Total income
Deductions from income interest
c15.025,329 a15.065,078
309.186
336,866
Other deductions
dividends and other corp. purposes_ _$17,944.288 $15,970,244
Balance for
12.400,000 12,400.000
Dividends declared
Surplus
15.544.288 $3,570,244
a Includes depreciation of equipment charged at 4% and amounting in
$3,987,072. This is a harge in the accounts and does not represent
1925 to
actual cash spent. b Includes $8,301.790 dividends from C. B. & Q.stock.
c Includes 16.852.691 interest on bonds issued for account C.B.& Q.stock.
The complete annual report will be mailed when ready to those stockholders who indicate their desire to receive it.
-V. 121. p. 1457.
Delaware Lackawanna & Western RR.
(Preliminary Report for Year Ended Dec. 311925.)
The company on Feb. 23 issued a preliminary statement
of earnings and statistics for the year 1925, which compares
with previous years as follows:
STATISTICS OF OPERATION.
1922.
1923.
1925.
1924.
$9.28
$9.99
$8.95
Earn,per fght. train mile
$9.54
$2.86
$2.90
$2.70
$2.71
Earn, per pass. train mile
693.41
754.54
686.15
722.82
Avge. train load (tons)_ _
(tons)_ 26.397.447 28.139,260 29.574,608 21.794,416
Rev. fgt. carried
Net revenue ton mile_ _ _4587676567 4809172.405 4852525,642 3851275,043
1.34c.
1.32c.
1.30c.
1.32c.
Avge.rev, per ton mile- 29.237,690 28.918,623 29,231.693 28,512,723
Passengers carried
Pass, carried one mile__ _670,929,835 660.825.635 667,289.802 652.061.940
2.14c.
Rate:per pass. per mile_ _ ja.110.03c.111.11k2.06c.asaille.2.13c.
•
FEB. 27 1926.]
THE CHRONICLE
1161
Lighting & RR.; National Coke & Coal Co.; Municipal Lighting Co.; and
STATEMENT OF OPERATIONS FOR CALENDAR YEARS.
Tarrytown Terminal Corporation.
1922.
1923.
1925.
1924.
Revenues—
Capital Chanpes.—During the early part of 1925 there were sold $50.000,$17,757,554 $23,576,425 $25,151,010 $14,294,191 000 20
Coal
-year 536% gold debenture bonds, dated Feb. 1 1925: and also
42,091,064 39,874,878 39,085,364 37.262,516 $30,000.000 New York Edison Co. 20
Merchandise freight
-year 5% first lien and ref. mtge.
13,960,681
13,628.673 13,600,454 14,185,914
Passenger
bonds, dated Oct. 1 1924.
159
878,106,'
.
920.428
Mail
There was outstanding at the end of the year the full amount of author1,652.802
1,834.068
1,983,339
1,642.370
Express
of the
1.963,564 ized capital stockstock (noConsolidated Gas Co.. consisting of 3.600.000
2,183.334
2,259,422
2.302,113
Milk
par value), held by approximately 26.200 stockcommon
3,396,778 3,209,846 shares ofand 300,000 shares ($15,000.000) of cumul. particip.
3.478,925
3.365,153
Other revenue
pref. stock
1.545.586 holders, approximately 35,400 stockholders, comprising
1.611,115
1,515,652
1.489,685
Incidental revenue
owned by
employees and
customers of the affiliated gas and electric companies and
$86,727,184 $88,236,974 $74,622,344 of approximately 61,600 stockholders as of Dec. 31 1925.making a total
$83,635.056
Total
These stockExpenses—
holders reside in practically every State of the Union and in many foreign
Maint.of way and struc- $8,331,770 $7,745,720 $7,663,064 $7.882,540 countries. They represent virtually every business and profession and
Maint. of equipment— 17.262,144 18.699,630 21,239,075 18.683,608 every social and economic station in life. Widows, orphans, guardians.
1,349.689 trustees and estates are represented in large numbers.
1,308,121
1,406.168
1,495,111
Traffic expenses
Transportation expenses 32,707.387 34,091.817 36,750.177 33,242.097
Quarterly dividends were maintained during the year on both classes of
680.770 stock, the rate on the common being $5 per share per annum, and on the
681.739
656,537
671.604
Miscellaneous operations
1.872.164 curnul. particip. pref. 7% per annum.
1.853.903
1.924.510
1.989.772
General expenses
Cr.28.224 0%39,221
Transportation invest't- Cr.67.179
Cr.38,473
Capital Eznenditures.—The aggregate gross capital expenditures of the
company and its affiliated gas and electric companies, for land, plant and
Total expenses
$62,390,610 $64,485,909 $69.467,853 $63,671,647 equipment during 1925, amounted to $57,364 858.
Net revenue from oper_321.244,447 $22,241,275 $18,769,120 $10,950,697
Credits to capital account, due to the retirements of plant and equipment
5,995,698 4,894.466 from service and the sale of real estate. aggregated 311.883,909, leaving a
Railway tax accruals_..6,832,653 6,900,102
9.944 net increase in the investment in land, plant and equipment for the year of
Uncollectible ry. revs
22,253
9,772
12,510
$45.480,948.
Operating income_ _ _ _314,402,022 $15,328,663 $12,751,170 $6.046.287
Tax Burden.—one of the largest single items entering into the cost, and
hence into the selling price of gas and electric service in the city of New
Additional Income—
$143,112 York and Westchester County. is that of the taxes assessed by Federal.
$139,070
$145,592
Joint facility rent income $143,803
752,237 State, county and municipal authorities. The aMilated gas and electric
852.759
388,174
451,707
Hire of equip.—Cr. balcompanies are thus compelled to act as a collecting agency for the tax deIncome from unfunded
535,116 partments, making such collections from their customers in the necessarily
83.967
securities & accounts_
151,963
229.447
276.652 resulting prices charged for gas and electricity.
281.084
Miscall. rent income_ _ _ _
294.039
267,213
105.522
The Federal, State, county and municipal taxes charged as a part of the
64.765
Misc.non-op. phys. prop
63.716
63,854
453.086 operating costs of the company and its affiliated gas and elect-ic companies
571,665
Dividend income
1,508.662
505,566
3,611,792 during 1925 amounted to $14,467,744, as compared with $13,812.992 during
3,973,793
Income from funded secs 4,017.898 4.050,105
2.100 the preceding year.
Miscellaneous income_ _ _
4,755
30,577
11,081
The effect of this heavy burden of taxation upon the rates necessarily
Income from sinking and
1,038 charged for gas and electricity is apt to be lost sight of by the customers.
1,468
other reserve funds_ _ _
4,310
1.972
'9.224 who do not appreciate its magnitude as they would if the taxes were paid
16,143
Inc.from lease of road
5,389
11,265
43.847 directly by themselves.
418
Earnings coal departm't
Dr.164
The taxes thus paid on account of gas and electric properties and operaAdj. of settlement. U.S.
4.699.064 tions comprised nearly 15% of the entire operatin expenses and amounted
RR. Administration..
Sundry add'n.s & deduc_
Dr.33,295 Cr.331,409 Cr.168.984 to 11.70 cents per 1.000 cu. ft. of gas sold in 1925 by the attidated companies, and to more than ,J4 a cent per kilowatt hour of e:ectric current sold
Gross income
$21,010.552 $21,029,006 319.072,466 $16,848,062 by the affiliated companies.
Gas Rate Litigation.—Early in 1925 the trial of all gas rate litigation in
Deductions—
were
Rentals of leased road
$6,143.557 $5,967.749 $5,714,374 $5,273,169 which the comnany and its affiliated gas companies an involved, came to
enorrnuus burden of
5,914 a close. The litigation, while it continued, placed
5,856
Int. from funded debt
5,856
5.856
349.089 expense and exhausting labor upon the companies and their customers.
348,284
Rental New York piers.
389.966
348.156
732.537 The direct additional outlay by the companies has been more than 31,133.503,136
Additions & betterments
914,876
569.808
11,425 000. which takes no account of lives and health sacrificed and time and
122.814
Int. on unfunded debt
40.78
38.377
energies diverted from productive tasks. Throughout the year 1925, for
time in
years,.there was no taking
$13.515,318 $14,093.060 $12,378.001 $10.475.929 the first as to anyseveralsystem gas companies. At, a of rate testimony in
progress
of the
result, the executive,
Dividends declared
11.821,754 11,821.754 10.132.932 10.132,932 engineering and accounting staffs of the gas companies
were enabled to
$342.997 turn their energies again to the carrying on of the business of the companies
Balance, surplus
$1,693,564 $2,277,306 $2,245.069
and the rendering of good service to the public: and this re-soite from the
onerous labors of rate litigation is reflected in the year's operating results.
GENERAL BALANCE SHEET DECEMBER 31.
The statute of June 2 1923, which caused all this trouble and expense,
1924.
1925.
1924.
1925.
prescribed the same rate of $1 per 1.000 Cu. ft. for every company in every
Liabilities—
Assets—
$
$
one of the five boroughs of New York City, without regard to the varying
47,422.710 Common stock_ 87,277,000 87,277,000 costs of operation and the widely different conditions in the several terriInvest't In road_ 48,889.932
do In equIp't 53,632.208 48,379.676 Prem. on capital
and it also adopted a standard of gas which had been rejected as
70,720 tories; and dangerous by the Public Service Commission and by every
stock
70.720
lmpts, on leased
wasteful
320,000
320.000 engineer who testified on the subject, including the eity's own expert.
railway orop'y 16,391,264 15,968.761 Fund. dt. unmet
Misc. phys. prop 2,279.712 2.263,027 Non-negot, debt
This indefensible ydece of hasty legislation, passed without any investiga170.011
213,634 tion and in utter disregard of what the Commission had shortly before
to attn. cos.__
Inv.in MM.cos.:
9,557,540 10.857,089 Loans & bills pay 3,000,000
Stocks
prescribed in the way of rates and quality of gas, was immediately attacked
2.370,333 23310.992 Traffic & car serBonds
even> gas company in the city; and it has been denlared void in the case
vice bal. pay_ 2,085,351 3,110.770 byevery company in which a final decision has been reached be the courts.
3,824.710 4.053.288
Notes
of
Advances-- 2,127,639 2,447.020 Audited acc'ts &
In the case of the New York & Queens Gas Co.. an appeal taken by the
wages payable 4,594,687 4,719.754 Attorney-General of the State of New York to the U. S. Sunrerne Court has
Other inviln'ts:
10.70-0
1,251,404 1,251.002 Misc. accts. pay.
9.398 been dismissed for want of prosecution: and an ordo- of dismissal will also
Stocks
103,790.673 95,8'0,382 Int. mat'd unpd.
3.138
3,003 probably be entered shortly in the case of Bronx Gas & Electric Co.
Bonds
691,936 4.803.874 Divs.mat'd unpd
15.115
15,417
Notes
An appeal has been taken by the Attorney-General of the State
8.733.803 Unmat.divs.dec. 4,222,055 4,222.055 York from the final decree of the U. S. District .lourt, de•laring theof New
6,681,443
Advances
statute
3,153.118 2,262.162 Unmat.rents ace 1.405,641 1,329,802 void as to the Consolidated Gas Co.: and a stipulation has been entered into
Cash
Other cnrr. liabll
176,587
and bills
162,397 with the Attorney-General by which the actions brouT.ht by Standard Gas
Loans
549
260 Def'd liabilities_
66,610
receivabie
62.019
Co., New Amsterdam Gas Co.. East River Gas Co. of Loren
1,352.621 Tax liability.
3,234,748 3,804,271 Light and Northern Union and Central Union Gas companies, willIsland
Traffic, &c., bal. 1,215,381
City,
abide
Ins., dte., res'ves
490,518 the event of the appeal in the Consolidated case.
556,546
Net bal. reefrore
936,034
937.449 Oper'g reserves_
76,602
62,652
agts.& eonduc
The Public Service Commission has not appealed from the decree of the
Misc. accts. rec. 1,719,778 2,923.789 Accr. depreen
S. District Court in the Consolidated case, the appeal being prosecuted
equipment
28,813,714 27,424,881 U.
Materials& stiPP 4,297.274 4,871.979
Attorney-General alone. The record has n••t yet been printed; and
133.309
79.832 0th. unadj.cred. 1,694,138 1.158.7t0 by the
Deferred assets.
while the appeal may be argued before the close of the present term of the
deb. 4.433,471 4.470,505 Add'ris to prop.
Unadjusted
Supreme Court in June, it is possible that the case may not be reached or
thro.lne.& stir, 5,894.333 4,952.823 decided before the latter part of the present sear.
Profit and loss 123,706,986 121.826.407
Gas Plant Extension.—During the spring of 1925 contracts were placed for
the construction of a coal-gas plant of the by-product
267,386,344 261 250,230
Total
Total
267,386,344 261,250,230 the Hunts Point property in the Borough of The Bronx,coke-oven type, on
which was acquired
—v.122, p. 02.
In 1923. The first unit will have sufficient caoacity to produce 20.000,000
Cu. ft. of gas per day; and the residual coke from the plant will be used for
General Motors Corporation.
making water-gas at our other plants and sold for domestic and other
purposes.
(17th Annual Report—Year Ended Dec. 31 1925.)
It is expected that the plant will be placed in operation in the early fall
The joint remarks of Chairman Pierre S. du Pont and of this year.and,including the land, will represent an investment of approximately $15,000,000.
President Alfred P. Sloan Jr., together with a comparative
A new type of waterless gas holder of 3.000.010 cu. ft. capacity was
income account and balance sheet, and other tables, will placed in operation in February 1925 at the Flushing works of the New
The
York & Queens Gas
be found under "Reports and Documents" on subsequent additional holders ofCo. type results have been so satisfactory that three
this
are to be installed during 1926.
new
pages. Tbe report also contains the balance sheet of Gen- holders will be located at East 21st St., West 44th St. and at The new
the
eral Motors Acceptance Corporation as of Dec. 31 1925.— Hunts Point station in The Bronx.
Affiliated Electric Companies.
V. 122, p. 1034, 891.
Complaint Concerning Electric Rates.—Hearings were continued before the
Public Service Commission during 1925 and are still in progress, upon the
Consolidated Gas Company of New York.
complaint filed by the City of New York in 1923. for a suostantial reduction
in the electric rates charged by New York Edis m Co.. and the presentation
(Statement Presented at Annual Meeting Feb. 24 1926.)
of the direct case in behalf of that company is approaching completian.
Whatever may have been the reasons or maives which actuated the atAt the annual meeting Feb. 24 President George B. Corin this complaint, it may c mfidently be asserted that it
telyou stated in substance: i,,piligabwmaiimmia,
*
•, tack embodied been preceded by any preliminary examination into the facts
could not have
.—The following is a combined statement of the assets concerning the value of that company's property used and useful in the
'iJi n,mett statement
and liabilities of the Consolidated Gas Co. of New York, and its affiliated service of its consumers or into the revenues and expenses of such service.
gas and electric companies, as of Dec. 31 1925, together with a combined No fair inference from the facts could have been found to justify a charge
statement of the revenues and expenses of these companies, for the calendar that the return earned by that company through its rates was exorbitant.
year 1925, with all inter-company items eliminated. To these statements
No testimony whatever has yet been presented in behalf of the comhave been added a combined surplus account and a combined summary of plainant to justify its initiation of the p-oceeding• but, under the construcfinancial transactions for that year.
tion placed by the Commission upon the provision of the Public Service
Financial Condition.—Attention is directed to the evidence presented by Commission law, which is deemed to cast upon the utility the burden of
the balance sheet, confirming the strength and stability of the company's showing the reasonableness of its rates, the Edis sn c ompany proceeded to
financial condition. This is attributable, not only to the fact that much of demonstrate by proof that not only are its earnings up to the value of its
this company's capital stock was issued, in earlier years, at substantial property not excessive, but that such earnings are unreasonably low.
premiums, but also to the conservative policy which for many years has
For the purposes of this case, the Edison c nnpany has been compelled
governed the matter of dividend distribution, as well as the accumulation, to make thorough and detailed inventories and apwaisels of all its p-operty.
which were
out of earnings,property, of within the limits of a reasonable return upon During 1925 the company presented elab erste evidence to the Commission
substantial but prudent reserves as safeguards to prove such inventories and appraisals, the pros lot valu 3 of and investthe value of the
against uninsurable hazards and vicissitudes. The investment of these meat in its properties, its revenues and expenses of the electic business and
resources in gas and electric properties gives assurance of the company's other pertinent data.
least its
The extent and detail of this demonstration by the c empony entailed an
ability to maintain atfrom the present earning capacity.
It will be observed, total combined balance sheet, showing the assets enormous outlay for the services of engineers, appraisers, acceuntants,
and liabilities, that the of theamount of the capital stock of the affiliated counsel, clerical forces and supplies.
public amounts to less than 34 of 1% of the
In addition, the conduct of this proceeding abs mbloeci time and energy of
companies in the hands
outstanding.
executive officers and staff of the company, which have been given largely
tots of their capital stock as follows: Astoria Light, Heat & Power
Co.; during periods of time outside the hours of labor devoted to the conduct of
Affiliated Companies are
1.New Amsterdam Gas Co.: East River Gas Co. of Long Island City; Central the company's normal business.
Union
Light Co. of the
The proofs
presented have demonstrated that the present rates of
Union Gas Co.; NorthernYork & Gas Co.; Standard GasYork Edison Co.: the company so farno excess of revenues.
yield
During 1321 the t As] revenues
City of New York; Now Power Queens Gas Co.; NewPower
Cie.; Edison Light &
Installation from the sales of electric energy were sh own to have boa I $51,294,870. while
Yonkers Electric Light &
United Electric the total net cost of production, transmission and distriontIon was $40.Co.; Consolidated Telegraph & Electrical Subway Co.;New York:
of
Light ezjPower Co.; Brush Electric Illuminating Co.Gas & Electric New 560,984. leaving net earnings of $12.733,886. As of Dec. 31 1924 the comCo' pany's total investment in physical property used and useful In its electric
York & Queens Electric Light & Power Co.: Bronx
Westchester Lighting Co.; Northern Westchester Lighting Co.; Pasisalaill lousiness was shown to have been $202,482,696, plus $16,509.613 for working
1162
THE CHRONICLE
capital, making a total of $218,992,309, exclusive of going value built up
by the present company, and exclusive of certain undistributed structural
costs incurred but not charged to fixed capital.
The proofs of the total present value of the same properties as of the
years 1924 and 1925 have not been completed before the Commission, but a
figure approaching 5275,000,000 is indicated. Even on the investment,
exclusive of going value and other items properly includible, the 1924 net
earnings of 312.733,886 amounted to an annual return of not more than
5.81%. and the electric business in 1924 has been proved to have fallen
short, to the extent of 55,878,552, of having yielded an 8% return on even
the actual investment, exclusive of going value.
The operating results for 1925 have not yet been proved in evidence
before the Commission, but will show net earnings amounting to not more
than 5.37% upon the investment as of Dec. 31 1925, and a return at a
correspondingly smaller rate upon the 1925 present value of the same properties.
The company believes that it is constitutionally entitled to earn a return
of at least 8% upon the present value of its properties. including going value
and undistributed structural costs. It is certain, however, that there is
no Just ground for complaing against rates which yield less than 6% upon
the actual investment, exclusive of going value and some of the undistributed costs.
In the report to stockholders of the Consolidated Gas Co. a year ago, it
was pointed out that the fundamental principles applicable to rate litigation
of this character have been established by the U. S. Supreme Court, in substantial part in litigation brought by other companies of the Consolidated
Gas Co. system, and that it was hoped that some understanding might be
reached through the intelligent co-operation of the municipal authorities,
that would result in fair and acceptable findings, thereby saving the enormous expense which would be inflicted on both the company and the public
if this fruitless proceeding were continued on a formal basis throughout the
year.
The reasonable hope has not yet been realized; but the demonstrated
futility and waste of this proceeding may at least lead the present and
future municipal administrations to deal with rate problems in a more
direct and business-like fashion.
Construction.
-Work on the new East River generating station of New
York Edison Co. at 14th St., occupying the site of the former 14th St.,
coal-gas station of the Consolidated Gas Co.. is progressing rapidly.
The foundation for the first section is completed, and the structural steel is
being erected. The roof trusses over the turbine-room and the steel for
the electrical galleries are already in position.
This power station, when completed, will have a capacity of 1,080,000
h. p. It LS expected that this latest addition to the electric generating
resources of the affiliated electric companies will go into operation during
the fall of 1926.
In co-operation with United Electric Light & Power Co.. New York
Edison Co. purchased cable for a 132,000-volt feeder from the Hell Gate
station to Dunwoodie. to be placed in service during 1926. This voltage
Is twice that ever before used on any underground cable installation in the
world, and will give a single feeder, when fully loaded, a capacity of 91.000
kilowatts. The cable will be of a special design, developed by the Pirelli
Co., of Milan. Italy, and part of it will be made by it and the remainder by
the General Electric Co., manufacturing under the Pirelli patents. This
cable marks a new epoch in the underground transmission of high tension
current in electric public utility service.
Gas Sales.
-The sales of the Consolidated Gas Co.. and its affiliated gas
companies, for the year 1925 amounted to 41,772.241.100 cu. ft., an increase
over 1924 of 160,156.700 cu. ft., or 0.38%.
Electric Sales.
-The affiliated electric companies sold 1,828,792,601 kilowatt hours of electric current, an increase over 1924 of 167,686,478 kilowatt
hours, or 10.09%•
The Bronx Gas & Electric Co. obtained the greatest percentage of increased gas sales, its increase being 19.35% over 1924. The Northern
Westchester Lighting Co. obtdined the greatest percentage of increased
electric sales, its increase being 48.86% over 1924.
-The total number of gas meters of the Consolidated Gas Co.
Meters.
and its affiliated companies in use at the end of 1925 was 1.064,281. The
total number of electric meters of the affiliated companies in use at the end
of 1925 was 1,044,377.
The municipal street lamps on the lines of the Consolidated Gas Co. and
Its affiliated gas and electric companies, on Dec. 31 1925. consisted of
5,029 incandescent gas lamps, 430 electric arc lamps and 81,998 electric
Incandescent lamps, a total of 87,457 street lamps.
'
At a cost of 512.180,897 for repairs and $4,387,719 for renewals, or a total
cost of $16,588,616, all of these gas and electric properties have been maintained in excellent repair and at the highest possible point of operating
efficiency, thus insuring a uniformly satisfactory quality of gas and elec
tricity and their economical production and distribution.
[VOL. 122.
COMBINED BALANCE SHEET DECEMBER 31.
[Consolidated Gas Co.of New York and Affiliated Gas and Electric Cos
1925,
Inc. or Dee
1924.
Assets$
$
$
Land, plant and equipment
601,388,798 555.907.849 +45,480,948
Investments
6,608,318
5,988,783
+619,535
Cash
10,504.935 10,637,173
-132,238
Accounts receivable
19.288.183 17,449,797 +1,838,386
Deferred charges
5,621,089
+5.621.089
Materials and supplies
17,632,296 17,169.472
+462,824
Total
661.043.619 607,153,075 +53.890,544
Liabilities
Common stock
a217,999,236 217,999,236
Preferred stock
615,000,000 15.000,000
Stock of affiliated companies
cl 013 521
964,350
+49,171
Funded debt
200,497.790 120,497,790 +80,000,000
Unfunded debt
d10.296,374 50,307,207 -40,010,834
Accounts payable & accrued charges 19.680,198 18,676.658 +1,003,540
Reserve for insurance
3,330.614 3.097.702
+232,911
Reserve for retirement
5,384,992 4,399,446
+985.546
Reserve for contingencies
55,016.202 55.016,202
Gas sales suspense
511,457,952 7,333,164 +4,124,788
Surplus
121.366,741 113,861,320 +7,505,421
Total
661.043.619 607,153.075 +53.890,544
a 3.600,000 shares no par value. b 300,000 shares, par $50
c 7.0693i shares par $100 each, and 6,131 shares of no par value. each.
d Includes consumers' deposits of $7,246,720, and disputed taxes of $2,870,054.
e Revenues from gas sales within the City of New York, by the Consolidated Gas Co. and its affiliated gas companies, in excess of the statutory
rate of $1 per 1.000 cu ft. of gas sold. Under the authorization of the U.
S.
District Court,the rates fixed by the Public Service Commission on
Aug.30
1922 remain in force. Pending the final determination of the proceedings
in court, these collections in excess of the statutory rate are not
as earnings of the companies. Because the U. S. Supreme Courtincluded
has dismissed the appeal taken to that court by the defendant
of the State of New York, from the decree adjudging theAttorney-General
61
tory as to the New York & Queens Gas Co.. and because a rate confiscalikewise final
result has been reached as to Bronx Gas & Electric Co.,
those two companies, in excess of $1 per 1.000 cu,ft. of gasthe collections of
sold
1923 to Dec. 31 1924. inclusive, have been transferred from from June 1
"suspense"
account to "surplus," while the full revenues collected
during the year 1925
have been included in the earnings of that year.
-The figures shown above as of Dec. 31 1924 vary
Note.
from those
shown for that date in the last annual report, to the minor
extent that In
the above figures there have been allocated and included, in
accounts, the assets and liabilities of two small non-operating the various
companies.
In previous statements the cost of acquiring their entire
stock had appeared only in the "investment account." outstanding capital
-V. 121, p, 1460.
Quaker Oats Co., Chicago.
(Annual Report
-Year Ended Dec. 31 1925.)
President John Stuart, Feb. 20, says in part:
In Nov. 1925 we purchased for 54.202,077 the business and
properties
of the Aunt Jemima Mills Co., of which approximately one-half was
sented in inventories and accounts receivable, and ono-half in plants, repretrademarks and goodwill. The final payment on this purchase, of
$1,000,000.
was made in January.
This purchase we believe will prove a profitable one for our
company.
There is a well-established volume of business on the Aunt Jemima
package
brands of pancake flour. We had no package pancake flour: therefore,
we
are acquiring a line that does not compete with any of our established
business. The Aunt Jemima products are sold through practically
the same
channels of trade and to the same people that are the buyers a
our
products. On this account we are satisfied that the additional cereal
can be handled by our present sales organization with practically volume
no
tional expense. It will take some time to satisfactorily consolidate additheir
business with ours, but we are making steady progress and arc
pleased with
the possibilities that we now see.
A decrease of approximately $3.000.000 in inventories reflects
reduced
stocks of grains and other commodities and somewhat lower values
compared with a year ago. We show an increase of approximately
$1,000,000
In Government securities, and $2,000,000 in cash, with no notes payable.
We have further increased our reserves by approximately
$500,000,
because we believe it is proper and desirable from the stockholder's
standpoint to set up reserves to protect the company against possible losses on
contracts and materials on which tho speculative risks cannot entirely
be
SUBSIDIARY eliminated.
COMBINED EARNINGS STATEMENT (INCLUDING
The volume of export business Is satisfactory and the outlook seems to be
AND AFFILIATED COMPANIES), CALENDAR YEARS.
encouraging. In all lines in the domestic and foreign fields competition
continued to be keen throughout the year, and the indications are that has
1925.
1923.
1924.
this
41,772.241,100 41,612,084,400 41,448,991,500 condition will continue.
Gas sales (en ft.)
We have again been fortunate in having an oats crop of good milling qualElectricity sold (k. w. h.)-- 1,828,792.601 1 M61,106,123 1,543,732,692
$134,397,692
126,459,961 $123,741,998 ity, and our mills have shown good production and efficiency throughout
a Gross earnings
87,933,228 the year.
97,345.842
90,963.272
b Oper. & non-oper. expense
INCOME ACCOUNT FOR CALENDAR YEARS,
$35,808,770
537.051,850
535,496.689
Netearnings
1925.
1924.
1923.
1922.
7,555,521 Profit for year
10,855,717
Int.on fund.& unfimd.debt
7,521.772
Not stated. Not stated. 44,992.005 45,222,274
Depreciation
Not stated. Not stated.
602,699
588,995
earnings
$28,253,250
526,196,134
$27,974,917
Surplus
14,883,785 Net income
18,000,000
Common dividends
17,933,442
y$5,502,748 y$5,286.923
508,153 Divs. on preferred--(6%)1,080,000(6)1,080.000 $4,389,306 54.633,279
1,050,267
Preferred dividends
1,001.970
(6)1,080.000(7)01350000
47,813 Divs. on common_ _ _ 412,475,000z )4) ,206
50,653
Divs. paid on affil. co.'s stk.
40,681
(28 3
.250(II)4)1293750 )4)731.250
(6
surp.acct.
37,095.213
$12,813,499
.
Balance carr.to
$8,998,823
Balance, surplus
$1,947,748 51.000,672 52,015.556 52,552,029
a Includes two regular quarterly dividends of 3% each, and one
a Including miscellaneous operating and non-operating revenue but excluding "gas sales suspense." b Operating and non-operating expenses, cash dividend of 10%, paid on the old common stock of $100 par special
and two regular quarterly dividends of 75c. per share paid on the value,
including retirement expense and taxes.
new no
-The collections of New York & Queens Gas Co. and Bronx Gas par value common stock.
Note.
x After reserve appropriations. y After provision for depreciation
& Electric Co. for gas sales, in excess of $1 per 1,000 cu. ft., have been
and
included in the net operating revenues of those companies for 1925. For taxes. z Total dividend of 28)4%, including special dividend of 18)4%
1924 the sums thus collected but temporarily carried in "suspense" by paid out April 15 1924.
those two companies amounted to 5404,927. During the period from
BALANCE SHEET DECEMBER 31.
June 1 1923 to Dec. 31 1924 the sums thus set forth in "suspense" aggre1925.
$
1924.
$
1926.
gated $577,984, which amount was transferred to "surplus."
Anus
Heal estate, plants,
Prettrred stock....18,000,000
I ibaities
1 17
0
COMBINED SURPLUS ACCOUNT FOR THE CALENDAR YEAR 1925.
trade mks., &e.a20,256,368 18,172,474 Common stock_11,250,000 18, 9 0 0.
11,250,000
450,371 Due to subsidiary
Credit balance Dec.31 1924
$113,861,320 Stocks or sub. cos_ 508,827
companies
Balance of earnings carried to surplus account
7,095,213 Gov't securities_ _ 6,465,908 6,447.210
356,486
256,471
Misc. investments.
61,074
60,447 Div. declared pay_
Gas sales suspense accrued during 1923-1924, transferred to
•
607 500
:
Due from sub.cos_ 2,210,770 2,326,605 BNaoltaeancpeayabl _ n 607,500 1.000m
surplus by New York & Queens Gas Co. and Bronx Gas &
payablee
Inventory, matis
Electric Co
577,984
and supplies_ __ _12,258,712 15,538,357
purch. of Aunt
Total
$121,534,518 Accts. receivable_ 3,979,506 4,022,892 Jemima Mills Co 1,000,000
3,347,913 1,124,871 Accounts payable_ 2,196,674
Miscellaneous items (net debit)
167,777 Cash
Deferred charges._ 316,298
272,995 Taxes and accruals 41:572344.17101 2,480,583
41:266787:61439.4
Credit balance Dec.31 1925
Reserves
$121,366,741
Total(each side)...49,495,376 47,416,223 Surplus
9,825,035 7,877,887
COMBINED SUMMARY OF FINANCIAL TRANSACTIONS FOR THE
a Includes real estate, plants, trade marks, trade rights,
CALENDAR YEAR 1925.
patents and
Resources
glx) otwiILTlie company's contingent liability
N e- Iess
d .
Cash on hand Dec. 31 1924
510,637,173 discounted Dec. 31 1925 was $452.860.-V.with respect to foreign dmfta
122, p. 895. 623.
Balance of earnings carried to surplus account
7,095,213
Amount charged for gas under restraining orders above statuPostum Cereal Co., Inc.
tory rate
4,702,773
(Annual Report-Year Ended Dec. 31 1925.)
Reserved for retirements and insurance
1,218,457
Proceeds of issue of capital stock of affiliated companies
49.171
President C. M. Chester, Jr., says in part:
Proceeds of issue of securities, viz. Consolidated Gas Co. 20
-year
year 53 % debs.,$50,000.000; New York Edison Co.20
In January 1925 the company offered to the public in
80,000,000 new product under the name "Post's Bran Chocolate."selected markets, a
55, 530,000,000
consisting of highgrade milk chocolate combined with Post's Bran
Flakes, and selling at 5
$103,702,788 cents per bar. The product was well received in these
Total
markets and IE now
Appropriation of Resources
being sold and advertised nationally.
545,480.948
In Dec. 1925 the company also offered to
Invested in land, plant and equipment
thepublic in test markets a
40,010.834 new hot cereal named.
Decrease in unfunded debt
"ost's Wheat
619.535 whole wheat and specially processed, soMeal." This product Is made of
Invested in miscellaneous securities
that the user can prepare it for
167,777 table in less than three minutes. It is too early
the
Miscellaneous profit and loss debits (net)
to determine as yet any
6,918.758 definite results from these tests.
Variation in current assets and liabilities
Tneso developments are in line with the
------------------------------------ $93,197,853 Its own research laboratories, new products company's policy of creating, in
Totaland submitting them to
110.504,935 market tests and then aggressively promoting them
thorough
Cash balifije Dec. 5i i925
If conditions warrant.
FEB. 27 1926.]
THE CHRONICLE
1163
The most important event of the year occurred en Dec. 31 when the com- to the companies a return of 7H% on the agreed value as of Jan. 1 1925.
pany exchanged 570,000 shares of its common stock for all the capital stock Stipulations were entered into with the cities of Minneapolis and St. Paul
-0
of the Jell Co., Inc., of Le Roy, N. Y. The latter company's sales and in accordance with this settlement and were confirmed by an order of the
net profits have shown a steady and consistent increase. Its principal U. S. District Court and the matter duly submitted to the Commission.
A hearing was had on Nov. 25 1925, and on Dec. 22 1925 the Commission
product Is "Je11-0." The company also manufactures "Je11-0 Ice Cream
Powder" and "D-Zerta." the latter being a special preparation for diabetics. filed its order fixing a fare of 8 cents cash, and requiring the companies to
sell 6 tickets or tokens, each good for one ride, for 40 cents, effective Jan. 1
INCOME ACCOUNT FOR CALENDAR YEARS.
CONSOLIDATED
1926, being an average rate of fare of about 6.77 cents per revenue passenger.
Y1925.
1024.
1923.
1922.
None of the parties to the above compromise settlement has appealed from
$27,386,919 524,217,940 522,205,410 417,877,365
Sales to customers
the order of the Commission and the compauy will proceed to operate therex Cost of sales & expenses 22,062.809 13,555,863 18,923,948 14,587.967 under and render to the public the best possible service, and the manageincome taxes
630,948
586.720
399.996
410.675 ment believes with careful and
Prov. for
economical operation the companies will be
Proportion accrued to
earn
predecessor companies
382.184 able toand a return of 734% on the valuation of the properties in Minneapolis
St. Paul as fixed by the Commission.
The valuation of the properties of the Minneapolis Street Ry. and the
54,684.162 $4,105.357 52,881,466 42.496,538
Net profit
St. Paul City Ry. does not include the property of the Minneapolis & St.
3.810,047
1,799,831
1,403,338
Previous surplus
Paul Suburban RR.. operating electric railroads outside of the corporate
$8,494,209 $5.905.189 • 44,284,804 $2,496,538 limits of the cities of Minneapolis and St. Paul, all of the capital stock of
Total surplus
which company (except directors' qualifying shares) is owned by your comPrem.on pref. stock purpany, nor the amount invested by your company in the stock of the Twin
711.355
chased for retire't, &c_
183.970
31,522
c
93.767
325,375
357,200
343,200 City Motor Bus Co. During Dec. 1925 the larger of two bus companies
Divs, on pref. stock(8‘,")
Divs.on corn.stock__ (44)1,596,057(54)1585,296(44)1096,250(53.75)750000 was purchased by the Twin City Motor Bus Co. for 5285.000. The money
necessary for this purpose will be secured from the sale of additional capital
1,000,000
do stock (100%)stock of the Twin City Motor Bus Co. to the Twin City Rapid Transit Co.
Surplus at Dec. 31- _ _ $6,093,030 $3,810.048 $1,799,832 81,403,338 Negotiations are now pending for the purchase of the third and last competx Including all manufacturing, selling, administrative and general expen- ing bus line in the Twin Cities. With the purchase of these competing bus
lines all of the transportation in the Twin Cities, except taxicabs and private
ses (less miscellaneous income). but before providing for income taxes.
y Not including results of the Jello-O Co., Inc., which was acquired on automobiles, will be operated through subsidiaries of your company. and
the bus company has entered into an agreement with your subsidiary street
Dec. 31 1s125.
railway companies under which the railway companies will not oppose the
CONSOLIDATED BALANCE SHEET DECEMBER 31.
issuance of the necessary certificates of convenience and necessity by the
61925.
1924.
b1925.
1924.
Minnesota RR. & Warehouse Commission to the Twin City Motor Bus
5
AssetsLiabilities3
Co., in consideration of which the bus company will pay to the railway
Preferred stock_
Land, bldgs.. ma5,402,400 companies all of its earnings in excess of a return of 7;i% on the cash inchinery, &c_ .x4,743,880 4.223,088 Common stock_ __a5,925,805 2.000,000 vested by the Twin City Rapid Transit Co. In the Twin City Motor Bus
Initial surplus_
xTrade marks, pat1,566,273 1,566,273 Co., as the interests of the subsidiary street railway companies may appear.
1
1 Accounts payable_ 595,2641 457,381 Any such payment to the subsidiary street railway companies will increase
ents & goodwill_
Inventories
4,450,206 2,188,971 Accrued accounts_ 141,3161
their net earnings by that amount.
Customers' acc'ts,
Reserve for income
A piece of downtown real estate in the City of Minneapolis which was
1,384,716
606,334
taxes
less reserve
1.311,620
586,720 no longer useful for street railway purposes was sold under contract during
132,647 Res've for exch'ge_
Misc.accts. reedy. 213,073
22,869 1925 for a consideration of 31,000.000, of which amount 8600.009 has been
Due from officers
Reserve for contin,
paid, leaving a balance of $400,000 which is amply secured under the con10,724
11,068
gencies
and employees__
300,000
tract.
Loans & notes rec_ y194,233
184,067 Current surplus_ _ 6,093,030 3,810,048
INCOME STATEMENT FOR CALENDAR YEARS.
419,818
Marketable secure.
584,923
1922.
1925.
1924.
1923.
750,000 1,200,000
Call loans
Rev, passengers carried_200,783,106 209,202,818 221.542,298 226,543.924
2,711,228 1,076,238
Cash
Rev. from transporta'n_412,269,156 $12,593,799 413,351,233 413,659,955
Inv.in pref. stock_
2,681,686
Other revenue
109,196
110,771
111,878
112,693
64,349
Other investments.
571,436
121,302
Stock pur.for emp.
Total oper. revenue_ _412,378,352 412,704,570 413,463,112 413,772,647
Deferred charges__ 991,082
263,929 Total(each side)...15.933,308 13,845.692 Way and structures._...
1,197,373
1,303,587
1,215,796
1,175.456
x After deducting 53.659,212 reserve for depreciation. y Including Equipment
1.129.066
1,039,109
1,137,929
1,240,967
$30,214 due from employees,secured by deposit of company's stock. z The Power
1,270,698
1,336,671
1,421,156
1,446.542
trade marks, patents and goodwill carried upon the books at a substantial Conduct'g transports'n_ 4,391,692 4,308.179
4,514,533
4,558,838.
amount are, for tee purpose of the published accounts, taken at the value Traffic
36.233
5,1021
30.362
46.480
of $1. a 1,370,000 shares of no par value (including $3.925,805, equivalent General & miscellaneous 1,190,602
1,280,033
1,216,729
1.334,027'
to book value of net tangible assets of the Jell-O Co., Inc., and its subsidiary
at date of acquisition Dec. 31 1925). b Giving effect to the acquisition of
Total oper. expenses
49,234%089 49,185.928 $9,537,841 49.914.324
the Jell-O Co., Inc., and subsidiary company at that date.
Net operating revenue
43.144,263 43,518,642 83.925.270 43.848,323
Taxes
1,291,138
1.265,982
1.373,069
1,251,925
See also statement for the three months ended Dec. 31
under "General Investment News" on a following page.
V. 122, p. 1039.
Loose-Wiles Biscuit Co.
(Annual Report-Year Ended Dec. 31 1925.)
RESULTS FOR CALENDAR YEARS.
1925.
1924.
1923.
income.x
Net
41.413,095 41,177,205
4914,325
First pref. div.(7%)---291,585
293.204
304,500
Second preferred div_ _ _ _
140,000
420,000
420,000
Rate on 2d pref. stock
(7%)
(21%)
(21%)
Sink,fund of 1st pf. stk_
150,000
150,000
150,000
Prem.on 1st pf. redeem_
3,281
10.217
1292.
4820,967
308,630
245.000
(123(d7)
150,000
Operating income__ - _ 41,853,126 $2,252,659 $2,552,201 $2.606,398
Non-oper. income
184,631
101,026
116.936
69.242
Gross income
42,037.757 $2,353,721 $2,669,137 82,675.640.
Interest on funded debt_
988,955
1,072.968
1,087,626
1,091,255
Miscellaneous
11,375
11.744
11,444
19,183
Pref. dividends (7%)--210,000
210.000
210,000
210.000
Common dividends_ _- -(4%)880,000 (4)880.000(6)1,320,000 (4)880.000.
Balance, surplus
def$52,572
4179.009
$40.067
$475.201
CONSOLIDATED BALANCE SHEET DEC.31.
1925,
1924.
1923.
1924.
Liabilities
$
AssetsRoad and equipl_57,138,007 56,808,929 Common stock_ _22,000,000 22,000.000.
Preferred stock_ __ 3,000.000 3,000,000.
Mlscell. Physical
11,699
property
905.592 Funded debt unmatured
Other investments 1,669,598 1,071,272
19,388,000 19,388,000
513,197
347,338 Audited acc'ts and
Cash
wages payable__
37,872
92,386
56,789
Loans & notes rec_
106,434
5,500
Misc. acc'ts pay__
3.491
Mtged. prop. sold_
368.
13,432
Accr.int.(not due) 266.548
Int., diva. receivle
381,393
Misc. acc'ts receiv.
78,015
139,075 Tax liability
1,257,254 1.256,308
Material & suppl's 845,091
691,100 Injury & damage
reserve
198,212
Rents and insur218,000.
32,408
3;1,511 Deprec'n reserve_ _12,211,510 11,848,582
ance paid in adv.
Unadjust credits_
168,931
15,100
Profit and loss_ _ _ _ 1,794.133 1,876,038
Balance, surplus
$831,510
4310.720
$29,608
$117.337
Profit and loss surplus
45.015,809 44.184,298 $3.873.578 $3,843,970
x Net profits from operations after deducting all expenses, interest.
charges, depreciation and maintenance and Federal taxes.
BALANCE SHEET DECEMBER 31.
1925.
1924.
1925.
1924.
Assets$
$
Liabiltttes$
$
Real estate, bldgs.,
1st pref.. 7% cum_ 4,165,500 4,165,500
plant, goodwill,
2d pref., 7% cum_ 2,000,000 2,000,000
&c
a13,371,528 13,376,548 Common
8,000,000 8,000,000
Inventories
3,422,831 3,198,885 Purch. money oblig 183,900
183,900
Accounts receiv'le
Notes payable_
:330,650
(lees reserve) _ _ _ 2,689,330 2,409,918 Acc'ts payable and
Total
60.344,870 60,090,204
Total
60,344,870 60,090,204.
Marketable secur_
88,265
290,100
acced liabilities. 721,706
963,476 -V.122, p. 613,95.
Investments
1,150,303
995,637 Div. on 2d pf. stk. 135,000
135,000
Cash on hand. &e_ 1,080,092
772,073 Prov. for Fed. tax,
Prepaid insur., &e. . 384,377
510.108
&c
789.812
565.445 Stewart-Warner Speedometer Corp. (& Subsidiaries.)
Res.for redemp.of
(Annual Report
-Year Ended Dec. 31 1925.)
first pref. stock_ 1,275.000 1.125,000
Total(each side)._22,186,727 21.553,270 Unapprop. surplus 5,015,809 4,184,298
[Including Stweart Manufacturing Corp. Bassick Alemite Corp. Bassick
a After deducting reserve for depreciation. x Obligations incurred to Manufacturing Co. Bassick Co.1
acquire real estate and carry investments in securities of companies owning
properties leased by this company. y Payable Feb. 1 of following year.
Pres. C. B. Smith, Chicago, Feb. 15, wrote in substance:
V. 120, p. 1083.
Radio,
-After much laboratory research a thorough survey of the patent
situation was made by the very best patent counsel, a license covering the
Twin City Rapid Transit Co.
patents controlled by the United States Navy Department was obtained,
and manufacture and assembly in substantial volume were started in the
(Annual Report-Year Ended Dec. 31 1925.)
last half of the year.
In view of the fact that a large dealer organization had to be built up.
President Horace Lowry Jan. 26 says in substance:
and sales consummated before all the models were ready for distribution,
On July 3 1925 the Minnesota RR, Sz Warehouse Commission filed its the results obtained both in manufacturing and marketing have been
order fixing the fair value of the properties of Minneapolis Street Ry. and highly. With an organization thoroughly trained in fabricating
satisfactory.
the St. Paul City Ry.,the rate of return thereon, and the fare to be collected and assembling high grade instruments, with a large, completely equipped
on the cars at Scents cash, and requiring the companies to sell 10 tickets or plant, with distributive facilities well established for years in 60 of the.
• tokens each good for one ride for 60 cents, being an average rate of fare of
largest cities in the United States and Canada, this corporation was
about 6.20 cents per revenue passenger. All parties were dissatisfied with mediately recognized as one of the most important manufacturers in imthe
the Commission's order, and the cities of Minneapolis and St. Paul appealed radio industry, and we expect to maintain and constantly improve this
courts on the ground that the valuation was too high and the rate of position by keeping abreast of the developments, improvements
to the
and refinereturn and rate of fare excessive. The management, believing that the manta in the art.
rate of fare as ordered by the Commission would not result In earning a reaAutomobile Accessories.-Corporation's position
sonable return on the fair value of the property, commenced an action to facturer of automobile accessories is unquestioned,as the largest manuand no opportunities
enjoin the enforcement of the Commission s order and alleged confiscation. for further profitable business are being overlooked. New devices are
hearing arguments, the Court denied the injunction sought by your being constantly considered, exhaustively tested, carefully
Upon
subsidiaries. and ordered a 6 months' trial of the Commissions rate of fare, the market for them thoroughly surveyed before they aredeveloped and
retaining, however, complete jurisdiction of the case and appointing a Spe- line. This policy will be adhered to most consistently. added to the
cial Master in Chancery to take testimony and report findings to the Court.
The purchase of the Bassick-Alemite Corp. with its
has,
The Special Master set Oct. 12 1925 as the date when the taking of tes- proven very profitable. Both the lubricating lines andsubsidiaries, and
the caster
timony before him would commence. In the meantime the representatives hardware lines have greatly increased in demand and the profit showing
of the cities of Minneapolis and St. Paul had made overtures to the company on all of these new lines is beyond our expectations. Similarly the Stewart
looking to a compromise settlement of the entire valuation and rate proceed- Manufacturing Corp., manufacturing die castings, has shown a most satisings. The four years during which the valuation and rate proceedings had factory profit for the year. All the subsidiaries have, therefore, shown
been pending had cost the cities and your subsidiaries a large sum of money an increase in earnings in similar ratio to that of the parent corporation.
for valuation and legal expenses, and the management believed it in the inFinancial.
-The financial condition of the allied corporations is excellent.
terest of your property as well as the cities to enter into negotiations with The book value of the stock is gradually but steadily increasing. The
the two cities in the hope that a fair settlement of the entire controversy net earnings, after taxes, for 1925 are 412.57 per sharo. The average net
about. Negotiations were entered into and a settlement earnings after taxes, for the past four years equals
could be brought
$11.33 per share.
At the recent Jan, meeting of the
'
arrived at on terms which your management believes fair to the properties
regular quarterly dividend
was increased from $1.25 to 41.50 directors, theThe Judgment of directors
as well as the cities of Minneapolis and St. Paul.
per share.
Briefly, the conditions of this settlement are that the companies and the is that the earnings justified this increase.
Patents Sz Goodwill.
cities agree to accept the valuation of the properties as of Jan. 1 1925 as
-The item of patents and good will has been written
fixed and determined by the Railroad & Warehouse Commission, being down to $1, following the custom of all successful corporations. This does
$26,787,228 for the Minneapolis Street Ry.and $16,196.090 for the St. Paul not mean, of course, that there has been any loss of good will or that patent
The parties agreed that a rate of return of 7;i% upon the fair values have been exhausted. The corporation still has a tremendous InCity Ry.
value or the property was fair and reasonable and should be allowed. It was vestment in both patents and goodwill. Our good will is being constantly
agreed by the cities and the companies that the matters upon which agree- built up as have neon our sales. Our lines are protected by patents, and
ment had been reached should be referred back to the Commission so that all new products are being constantly covered by the broadest patents.
it might after a hearing establish and order a rate of fare which would yield possible to obtain.
1164
THE CHRONICLE
INCOME ACCOUNT CALENDAR YEARS(INCL. SUBSIDIARY COS.).
1925.
1924.
1923.
1922.
Profit & inc. (see note)- 48.469.089 $3,898.164 $7,586.499 $6,019,725
Federal taxes
925.000
397,057
858,380
684.563
Dividends paid
3,642.999
3,463,413 4,244,233
1.875,085
Surplus net income--- $3,901.090
$37,694 $2,483,886 $3,460,077
Prem,on pref.stock red
25,374
Adjustments
Cr.1,000
Apprec'n from appraisal
2.613,488
Good-will.&c.,written off 11.507,428 3.525,434
Previous surplus
12,709,677 1_3.583,929 11.098,312 7,637,235
Total surplus
$5,103,339 $12,709,677 $13.556.824 $11.098.312
Note.
-"Profits and income" are shown. "after deducting all manufacturing, selling and administrative expenses, including adequate provisions
for discounts and losses on doubtful accounts, depreciation on plant equipment.
CONSOLIDATED BALANCE SHEET DEC. 31.
1925.
1924.
1925.
1924.
Assaf
Liabitt.tiesLand, buildings,
Capital stock____y19,155.459 19,155,459
machinery. &c.x13.521.364 16.194.649 Basslck Co. pref__ 879,800
Pats.,goodwill,&c.
1 8,291.569 Sass.-Alemite 7%
Cash
2,298.950
notes
730.474
1.125.000
If. S. Govt.secure. .1.546.721 1,499.396 Accts. & vouchers
Inv.in m'k't'le sec. 615.880
954.697
Payable
433.462
1.066,613
Accta.& notes tee_ 4.379.973 2,589,454 Tasea. royalties,
Inventories
5.887.990 2,750.088
&c., accrued_ 778.068
406,857
Deferred charges
784.789
138.748 Fed. Inc tax prov_ 927.390
443,621
Surplus
5.103,339 12.709.677
Total
29.035.668 33.149.076
Total
29.0-5.668 33.149.076
x Land, buildings, machinery and equipment. Dec. 311924. $19.034,912.
less depreciation, $5.513,548. y Representing 599,990 shares of no par
value.
-V. 122, p. 625.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
[Vor. 122.
No provision is made for participation by stockholders of the Atlanta Bir
mingham & Atlantic Ry. It is understood that the Atlantic Coast Line
will operate the properties as an independent corporation.
An introductory statement to the reorganization plan says
in part:
Due to the insufficient earnings of the properties, it has not been feasible
to work out a plan for the independent reorganization of the properties
that could be financed. No proposition has been received by the committees that seemed as satisfactory as the one contained in the agreement
between the committees and the railroad company.
$4,090,000 of first mortgage bonds are outstanding In the hands of the
public.
$4,543,907 of income bonds (or scrip representing the same) are outstanding in the hands of the public (exclusive of $400,000 held by the U. S.
Government as collateral for a loan made to the old company, and $256,093
held in the treasury of the old company).
The mortgages securing the income bonds and the first mortgage bonds
are in process of foreclosure.
It is proposed that the plan be accomplished through the formation of a
new company to acquire the properties of the old company, including
prop-ty held by the receiver, so that the new company shall acquire all
mortga Ted and unmortgaged assets of the old company and the receiver.
AL ziaims admittedly having or adjudged to have priority over any of the
mortgages of the old company, loans of the old company for which bonds
of the old com.pany have been pledged. equipment obligations of the old
company held by the U. S. Government (if it is necessary to pay off the
same) and obligations of the receiver, are to be paid In cash by the railroad
company upon the acquisition of the properties by the new company,except
that obligations of the old company and of the receiver which have not
matured at the time of the acquisition of the properties by the new company
may be assumed by the new company instead of being paid In cash.
Digest of Reorganization Plan.
Capitalization of New Company.
.-Preferred as to div(1)Preferred Stock(Authorized,85.201031 par $100)
idends over common stock;entitled and limited to5% cumulative dividends,
payable semi-annually accruing from one year after date on which possession
of properties shall be vested in the new company: preferred stock entitled
and limited in the event of any liquidation, dissolution or winding up.
voluntary or involuntary, to $1001 and dividends per share before any assets
shall be distributed to the common stock; redeemable as a whole only, at
103 and dividends on any dividend date after Jan. 1 1935. upon three
months' notice: non-voting except in case of continuing default in the
payment of two semi-annual dividends, in which case it is to have exclusive
voting power so long as any default continues.
Dividends at the above rate and the redemption of the preferred stock
guaranteed by the Atlantic Coast Line RR. The preferred stock shall be
prepared In form for listing upon the New York Stock Exchange.
(2) Common Stock-Authorized. 150.000 shares, no par nalue.-To have
sole voting power except as above provided with respect to the voting
power of the preferred stock.
-Total cash requirements are estimated to be $3,677.Cash Requirements.
500 (in addition to cash payments which the court having jurisdiction may
require to be made under the bids), and provision is made in the agreement
between the committees and the railroad company whereby the railroad
company is to provide such cash in the amounts and unon the conditions
In the agreement set forth. The railroad company shall be entitled to receive the entire issue of 150,000 shares without par value of common stock
of the new company in exchange for the cash which the railroad company
shall provide.
-Each holder of income bonds and each holder of
Treatment of Bonds.
first morteage bonds and each holder of a certificate of deposit representing
any of the bonds who assents to and becomes a party to the plan shall. upon
completion of the reorganization. be entitled to receive in exchange for his
bonds or certificates of deposit $60 of preferred stock cf the new company
for each $100 of bonds (with coupons appertaining thereto).
No provision Is made in the plan for any holder of income bonds or ef
first mot:tr.:age bonds or of certificates of deposit representing either therof
who shall not participate in the plan. Any preferred stock of the new
comnany which would have been issued to such bondholders' had they so
particinated in the plan, shall be issued to the railroad company.
-V.121,
P• 1673
.
Norfolk & Western RR. Grants Shopmen Wage Increase of Two Cents Per
Hour.
-Only road to date which has granted increase demanded in Feb.
"Times" Feb. 20. p. 22.
Eastern Roads Oppose Wage Increase for Conductors and Trainmen.
Managers will so Inform men on March 2
-"Sun" Feb. 25. D• 35.
Car Surplus.
-Class I railroads on Feb. 15 had 232.031 surplus freight
cars in good repair and immediately available for service. according to
reports filed by the carriers with the Car Service Disivion of the American
Railway Association. This was a decrease of 8,393 cars under the number
reported on Feb. 7. Surplus coal cars in good repair on Feb. 15 totaled
90,604. a decrease of 2.603 within approximately a week, while surplus
box cars In good repair totaled 95,450. a decrease of 6.264 during the same
period. Reports as,showed 24.332 surplus stock cars, an increase of 841
over the number reported on Feb. 7 while surplus refrigerator cars totaled
12,112, a decrease of 156 compared with the previous period.
Car Shortage.
-Practically no car shortage is being reported.
Repair of Locomotives.
-Locomotives In need of repair on Feb. 1 totaled
10.087 or 16% 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 649 loc omotives compared with the number in need of
repair on Jan. 15. at which time there were 10,736 or 17% It also was a
,decrease of 1.227 locomotives compared with the number In need of repair •
on the same date last year. at which time there were 11,314 or 17.6'1. Of
the total number in need of repair. 5.299 or 8.4% were in need of classified
repairs on Feb. 1, a decrease of 296 compared with Jan. 15 while 4.788 or
7.6% were in need of runniog repairs, a decrease of 353 within the same
period. Class I railroads on Feb. 1 had 5,048 serviceable locomotives la
storage, a decrease of 73 compared with the number of such locamutives
on Jan. 15.
Atlantic City RR.
-Tentative Valuation.
-Freight cars in need of repair on Feb. 1 totaled
Repair of Freight Cars.
158.160 or 6.8% of the number on line, according to reports filed by the onThe 1.-S. C. Commission has placed a tentative valuation of $7,801,500
the owned and used property of the company, as of June 30 1917.
carriers with the Car Service Division of the American Railway Associatiln.
. ..
.
This was an increase of 2.397 cars over the number reported on Jaa. 15 at
there were 155,763 or 6.8%. It was, however, a decrease of
which time
Atlantic Coast Line RR.
-Equipment Trusts Sold.
28,379 cars compared with the same date last year. Freight cars in need of
.
heavy rerir on eb. 1 totaled 115.605 or 5%, a decrease of 2.013 cars J. P. .Morgan & Co. have sold at prices to yield 4.70
e
for all
with Jan. 15. Freight cars in need of light repair totaled 42.555 maturities, $5,085,000 434% equipment trust goldcertificompar
or 1.8%, an increase of 4.410 compared with Jan''15.
Matters Corered in Chronicle Feb. 20: (a) Rise in pay denied to railway cates, series E. Issued under the Philaielphia plan.
Dated Feb. 1 1926; serial maturities of $339.000 per annum Feb. 1 1927
clerks. Western roads refuse to grant increases of 6 to 10 cents an hour.
to Feb. 1 1941, both inclusive. Denom. $1.000. Safe Deposit & Trust
-p. 963.
Co. of Baltimore, trustee. Dividends payable F. & A. Certificates and
Atchison Topeka & Santa Fe Ry.-Acquisition.dividends payable at office of J. P. Morgan & Co. in New York City.
Issuance.
-Authorized by the Inter-State Commerce Commission.
The I.
-S. C. Commission on Feb. 11 authorized the acquisition by the
The certificates are to be issued to provide for a part (not exceeding
company of control by lease of the railroad of the Rocky Mountain &
Santa Fe Ry. The Santa Fe controls Rocky Mountain through ownership 80%) of the cost of the standard new railway equipment mentioned below.
of its entire capital stock, except directors' qualifying shares, and operates The title to the equipment is to be vested in the trustee, which is to lease
its lines under a lease which expired July 1 1925. The Rocky Mountain the equipment to the company' at a rental sufficient to pay the par value
proposes to lease its railroad to the Santa Fe for a further term of 10 years of the certificates and the dividend warrants and other charges as they
from July 1 1925. and thereafter from year to year, subject to the right of mature.
The equipment to be vested in the trustee is as follows: 5 heavy type
either party to terminate the lease at any time by giving to the other party
90 days' notice in writing of its election so to do. Tne lease provides that Santa Fe locomotives. 30 Pacific type locomotives, 10 switching locomothe lessee shall maintain and operate the railroad and shall pay as rental tives,73 all-steel passenger train cars. 500 all-steel gondola cars, 300 all-steel
$120,000 a year: all iaterest which accrues during the term upon any in- coal cars, 500 steel underframe box cars. 100 all-steel ballast cars.
debtedness incurred by the lessor with the written consent of the lessee and
To Acquire Atlanta Birmingham & Atlantic Properties in
-V.
owned by parties other than the lessee: all taxes, assessments. &c.
?ktlanta Birmingham & Atlantic Ry.
Reorganization.
-See .
122. p. 744. 477.
(
-V. 122 Di 41521, 606.
Atlanta Birmingham & Atlantic Ry.-Reorganization' above.
..to
-To Retire $9,000,000 Note Issue.
Baltimore &S...f.- RR.
A plan of reorganization. dated Feb.231926. has been prepared and adopt
ed by the committee reiresenting the income bonds and the committee
The company has agreed to deposit with the Central Union Trust Co.
representing the first mortgage 5% 5-30 gold coupon bonds of Atlantic & of New York, as trustee, on Mar. 1 1926, funds for the payment on said
Birmingham Ry. The plan is based upon and promulgated pursuant to date of the principal of and then maturing installment or interest on the
an agreement dated Feb. 23 1926 between the committees and AVantic $9.000.000 6% secured gold notes, dated Mar. 1 1920. due Mar. 1 1930,
Coast Line RR. Under the plan the bondholders will receive 60% of their in favor of the Director General of Railroads, The trust company will
bonds in 5% pref. stock of the new company. No provision is made in apply said funds when received to the redemption of Participation Conic
the plan for the stockholders.
!cotes at par and int. to Mar. 11926. upon surrender of the certificates at
its office, 80 Broadway, N. Y. City. (See V. 122, p. 606.)-V. 122. P•
with Irving Bank-Columbia Trust Co.,
to the plan by depositing their bonds
'
60 Broadway, New York City. Bonds must bear coupon No. 9 and subsequent coupons.
Boston & Maine RR.-Urderwriters Relinquish ComHolders of first mortgage bonds not heretofore deposited become parties
-Relinquishment of compersation and commissions
to the plan by depositing their bonds with Old Colony Trust Co.. 17 Court mission.
St.. Boston, Mass., or Farmers' Loan & Trust Co., 22 William St., New aggregating $300,000 by the syndicate managers associated
York City. Bonds must bear the coupon due July 1 1921 and all subsewith the workd of reorganizirg the road, and by the New
quent coupons.
Deposit of bo:331s must be made before April 28 1926.
York, New Haven & Hartford RR. as a member of the
-Francis R. Hart, George E. Warren, George
Reorganization Committee.
underwriting syndicate, is annour.ced by the general readE. Roosevelt and James H. Perkins.
-George E. Warren, Joseph P. Bradshaw, justment committee. The statement issued by the reor1 Committee for Income Bonds.
,
Edwin P. Maynard. C. F. Ayer, George E. Roosevelt. with Arthur W. garlvation Committee follows:
Hutchins, Sec..
"The general readjustment committee has received from the syndicate
Committee for First Mortgage Bonds of Atlantic & Birmingham Ry.Francis R. Hart. James H. Perkins. Percy H. Pyne 2d, George Bramwell managers who are associated with the work of reorganizatioa-gldder,
Peabody & Co., Lee, Higginson & Co. and Harris. Forbes & Co.. Inc.
Baker. F. J. Lisman, with Walter F. Wyeth, Sec.
an offer to relinquish all compensation due
services and
Col. B. L. Bugg, receiver, issued the following statement: agreements in assisting to carry out the plan.then for their to compen. This applies
A plan of reorganization has been adopted by the bondholders' committee.; Hon due them both as syndicate managers and as member of the underand an agreement has been entered into by both of these committees with writing syndicate.
"The obligation of the underwriting syndicate to purchase any unthe Atlantic Coast Line under the terms of which, subject to the approval
-S. C. Commission and a substantial amount of the bondholders of subscribed balance of the proposed issue of $13,000.000 of prior preference
of the I.
stock remaias unaffected.
company will be organized without bonded debt,
each issue, a
member of
"The New York, New Haven &
I" The Atlantic Coast Line is to assume the obligations of the receivership the underwriting syndicate to the Hartford RR., which is a to the new
exteat of its subscription
now existing prior to the outstanding bonds and to guaranty dividends at
member of the
the rate of 5% on an issue of preferred stock of the new company,said divi- issue, has also offered to surrender its commissions as
dends commencing one year from the date of acquisition, which stock Is to syndicate.
"The compensation to which the syndicate managers and the NewHaven
be issued in exchange for the outstanding bonds at the rate of $60 face would be entitled under the
syndicate agreenteat is approximately $300,000.
value of stock for each $100 in bonds.
"Both the syndicate managers and the New Haven Railroad are repro
common stock of the new company is to be held by the Atlantic
All of the
sented on the general readjustment committee. In their opinion and In
Coast Line.
FEB. 27 1926.]
THE CHRONICLE
that of the general readjustment committee, the carrying out of the plan
is of supreme importance both to the securities holders of the road and
to the public interest, and therefore they have decided to waive the compensation to whicn they are entitled in the belief that it will facilitate
the carrying out of the plan."
The general readjustment committee says that It "has accepted with
satisfaction the offers which represent such a substantial contribution to
the reorganization, to the assets of the Boston & Maine RR., and to the
transportation resource of that great section of northern New England
which the railroad serves."
Request for Deposit of Bonds.
-
The general readjustment committee believing that a sufficient amount
of stock has now been deposited to justify the expectation that tne plan
can be declared operative as soon as the bonds have been deposited, has
voted to request the bondholders to deposit their bonds not later than
April 11926.
The bonds which are to be refunded in accordance with the plan and
agreement and of which the deposit is now requested are the outstanding
issues maturing in the years 1925 to 1932. inclusive. of Boston & Maine
RR. Fitchburg RR., Boston & Lowell RR. Corp. and Worcester, Nashua
& Rochester RR., excluuing only the bonds of the Boston & Maine RR.
held by the U. S. Government. Deposit should be made with the First
National Bank of Boston, 67 Milk Street, Boston, Mass., the depositary
under the plan.
The act of depositing bonds will constitute an assent by the bondholders
to the exchange of their bonds for new bonds and no further assent will
be required.
Bondholders are earnestly requested to deposit their bonds promptly.
and not to delay such action until at or near the expiration of the period
allowed for that purpose, since by this means the number of those to whom
further appeals may have to be made will be minimized and the %cork
of the committee will be made easier.
Interest on all deposited bonds, including overdue bonds, will be paid
regularly as it comes due during the period of deposit. On all overdue
bonds, whether in coupon or fully registered form, and on all bonds in
fully registered form not yet due payments will be made by check of the
Boston & Maine RR. In the case of coupon bonds not yet due the coupons
falling due will be detached by the depositary and sent to the depositors
by registered mail. It is suggested that coupons due Mar. 1 1926. and
April 1 1926. be detached and retained by the depositors and deposited at
once for collection.
-V. 122, p. 1022.
Buffalo & Susquehanna RR.
-Omits Common dividend.
-The directors on Feb. 26 voted to omit the quarterly
dividend on the outstanding $3,000,000 common stock, par
$100, at this time. Three months ago the dividend was
reduced from 14% to 3 of 1%. For record of dividends
A
paid since 1916, see V. 121, p. 2748.
Central Argentine Railway.
-Obituary.
Sir Joseph White
1165
Louisville & Nashville RR.
-New Office Created.
-
George E. Evans has been elected Executive Vice-President, a newly
created office. Mr. Evans will also perform the duties of the President
during the vacancy in that office.
-V. 121, p. 1457.
Mahoning Coal RR.
-Stock Offering.
-Adams & Peck
have purchased and resold 1,000 shares (par $50) common
stock at the present market price of $950. The figure
represents an appreciation of 1,900%, making it the highest
priced railroad stock in the world.
The block was the largest transaction in this stock in many years. and
represents almost 10% of the stock neld by the public. The company has a
surplus of about 600% and a dividend rate of 100% annually.
A circular issued by the bankers affords the following:
capitalization.
Bonded debt
51.500.000
Preferred 5% stock (par $50)
661.367
Common stock (par $50)
1,500.000
Hi tary.-Chartered in Ohio in 1871, company affords the New York
,
Central the major portion of its through line from Ashtabula Harbor on
Lake Erie to Youngstown, 0., and is controlled by it through majority
sta.ck ownership. The road handles an enormous tonnage. Coal is carried
north, for shipment from Ashtabula Harbor via the Great Lakes, to the
Northwest. Iron ore from the Northwest is brought to Ashtabula Harbor
and carried in these same cars to Youngstown and Pittsburgh.' As these two
great steel centers have grown, the freight density of the road has increased,
and this increased earning capacity has been directly reflected in dividends
paid, since under the terms of the lease to the New York Central the road
receives 40% of its gross revenues.
Dioidends.-Continuous dividends have been paid at increasing rates for
many years. Recent dividends have been as follows: 1920. 110'7
a;
50%; 1922. 90%; 1923. 80%; 1924, 100%; and for the first quarter in 1921.
1925.
254; and annual average of 86 2-3% for the 555 year period.
Income Account for Calendar Years.
Rental & Exps..Int.et
Common
Year.
Misc. Inc. Pref. Dies. Fed. Taxes. Balance. Dirs.Pd%
1924
51,873,356 $115,824 5553,49951,237,190
100
1923
2,797,019
115.182
574,845 2,096,992
80
1922
1,834.760
114.702
219,140 1.500,918
90
1921
1,248.748
114,824
232,837
901,087
50
1920
a2,384.683
113,786 c480,425 1.790,477
110
1919
b1,375,579
112,992
1 262,587
50
a Income for 8 months received under Federal guaranty. b Rental
received under U. S. RR. Administration. C Paid from 1921 income.
V. 120, p. 3063.
Mexican Ry. Co., Ltd.
-Report Half
-Year End. June
30.
(Mexican currency.)
1925.
1924.
1923.
1922.
Pass.rev.(incl. baggage)
Todd,Chairman of the Board,died at London last week. Goods & livestock rev__ $2,180,581 $3,165,043 82,166.129 12.223,040
_ 4.165,969 6.595,036
-V. 120. p. 2397.
4,319.327
4,067.493
Express, pulque and sundry earnings
933.413
1,861.079
Chicago & Illinois Midland Ry.-Acquisition,
956.509
984,052
See Springfield liavana .5: Peoria RR. below.
-V. 121, p. 1456.
Total revenue
$7.279,963 $11,621,158 $7,441,965 $7,274,585
Maint.of way & struct
772,348
1.098.492
Chicago, Milwaukee & St. Paul Railway.
870,575
898,062
2,914,616
1,629,615
Economic factors beyond the control of the management were responsible Maint. of equipment_ _ _ 1,937,158
1,555,162
for the receivership instituted on the company, according to a review pub- Conducting transport'n_ 3.364,490 6.643,939
3,020.167 2,902.635
General expenses
485.595
785.777
lished Feb. 20 by Dominick & Dominick.
429,908
396,820
"In 1925 bond maturities were due amounting to nearly 150.000.000,"
Balance, surplus
$720,372
$178,334 $1,491,700 $1,521,905
says the report. "Altogether, some $200,000.000 in bonds were due during
The net revenue account as of June 30 1925 shows: Balance for 1st half
the ten years beginning 1925. Refunding of this amount would constitute
year of 1925, $720,372, which at 24d. equals £72,037: less differences in
one of the largest operations in the history of railroad financing.
"The company would probably be unable for several years to earn its exchange of £1,865: add transfer fees, £103: total. £70.275. Deduct:
present interest charges and those which must be assumed in providing Previous deficit, £631.444: int. on debentures, £82,696: general int., £5,215:
deficiency carried to balance sheet, £649,080.-V. 122, p. 92.
for future needs."
Dominick & Dominick point out that certain economic conditions
lay
Northern Pacific Ry.-Large Equipment Order.
behind the financial difficulties of the company. A shift of the population
L. R. Capron, freight traffic manager, announced that authority from
away from the Northwest had been reflected in the meagre revenues of the
the executive department had been secured for the purchase of 1,000 50
Northwestern railroads.
-ft.
"Net earnings were inadequate, also, due to the fact that freight rates automobile cars. The cost of these cars will be about $2,600.000. They
of the
will be of
in that region were about 15% below those in other sections. Revenue developed50-ton capacity andPacificsame pattern and type which has been
by the Northern
freight and mechanical departments
of the St. Paul would have been increased about $12,750,000 per year had
-V. 121, p. 1457.
within the last few years.
this rate depression not existed."
It is pointed out that the effort of the railway management for years
Panhandle & Santa Fe Ry.-Acquires Control.
had been to restore the company to a basis where at least fixed charges
The L-S. C.Commission on Feb. 13 approved acquisition by the company
would be earned regularly. In Jan. 1925 a statement prepared by the
company's officers, however,showed that a net cash deficit of approximately of control, by lease, of the railroad of the South Plains & Santa Fe By.
The report of the Commission says in part:
$28,000,000 would probably result in 5 years.
The Panhandle and the South Plains are both controlled by the Atchison.
The company's financial difficulties took place despite the introduction
of substantial economies in operation. Figures show that the operating Topeka & Santa Fe By. through ownership of all of their capital stock,
ratio of the St. Paul had been reduced from 87.2 in 1921 to 79.3 in 1924: excepting directors' qualifying shares. The South Plains owns 166 miles
and transportation costs per 100 gross ton-miles had been decreased from of railroad, with principal termini at Crosbyton. Seagraves and Bledsoe,
Tex. The points of interchange with the Panhandle's lines are Seagraves
-V. 122, p.92.
21.12 cents to 15.07 cents.
Junction. Doud and Lubbock, Tex.
Chicago & North Western Ry.-To Pay Bonds.
On July 1917. the railroad of the South Paling was leased to the PanThe $2,125,000 ,3Y5% bonds of the Peoria & North Western By. due handle for a term of 10 years. By certificate issued we authorized the
Mar. 11926, will be paid off at office of Chicago & North Western Railway South Plains to construct a line of railroad from Doud westerly to a point
near the west line of Cochrane County, Tex., approximately 65 miles. It
Co., Ill Broadway, N. Y. City.
is represented that this line is practically completed. Because
Control of Omaha Approved by 1.-S. C. Commission.
termination of the present lease, the applicants deemed it of the early
advisable to
-S. C. Commission has authorized the company to acquire further make a new lease of the railroad of the South Plains, which would
The I.
include
control of Chicago, St. Paul, Minneapolis & Omaha Ry by purchase of the line recently constructed.
its capital stock. At the same time, authority was granted to the Chicago
By the terms of the proposed lease the South Plains demises its railroad
North Western to issue $15,259.450 of common stock in exchange for to the Panhandle for a term of 10 years from Oct. 1 1925, and
&
thereafter
common and preferred stock of the Chicago, St. Paul, Minneapolis & from year to year, subject to the right of either party to
terminate the
Omaha.
lease at any time upon 90 days' written notice to the other party. The
authorized capital stock of the Omaha is
The total
$50.000,000, of which lessee agrees to maintain and operate the railroad and to pay as rental
there is outstanding $18,556.700 common and $11,259.300 preferred, a $206.400 a year; all interest which shall accrue during the term upon any
total of $29,816,000. Since 1882, the North Western has owned $9,540.000 indebtedness incurred by the lessor with the written consent of the
lessee:
common and $5,380,000 preferred of the Omaha, a total of
$14,920,000. all taxes, assessments and governmental charges, &c. The proposed lease
or slightly more than 50%. Both classes of Omaha stock have voting rights. cancels the lease of July 11917,and a supplement thereto dated Jan.29 1918.
basis of exchange of stock is 5 shares of North Western common
The
for The South Plains has outstanding 8550.000 capital stock. It is
7 shares of Omaha and 3 shares of North Western common for 2 shares of to the Santa Fe for advances to the amount of $2,680,087. It indebted
is stated
Omaha preferred. Should the entire outstanding stock of the Omaha, that the rental payment was fixed at $206,400 to enable the
South Plains
other than that now held by the North Western, be exchanged at these to pay the interest due on its indebtedness to the Santa Fe.
-V.121. p.975.
ratios the result will be an increase in the aggregate capital stock held by
the public of $360,504.-V. 122, p. 744.
Pennsylvania RR.
-Control of Western Allegheny.
See Western Allegheny RR. below.
Chicago Peoria & St. Louis Ry.-V. 122, p. 880.
see Springfield Havana & Peoria RR. below.
-V. 121. p. 2153.
St. Louis, El Reno & Western RR.
-Sale.
Delaware Lackawanna & Western RR.
The road was
El Reno, Feb. 15,
-New Directors. Oaskill of Tulsa, sold at auction atbidder. The sale for $61.000. M.E.
was the highest
Clarence M. Wcioley, President of the American Radiator Co.,
was under direction
Lowell R.
-V.•121, p.975.
Burch. Vice-President of the Atlas Cement Co., and Horace Havemeyer of B. F. David.
-y. 122, p. 92.
have been elected directors.
St. Paul & Kansas City Short Line RR.
-Listing.
Kansas City Terminal Railway.
The New York Stock Exchange has authorized the listing of
-Listing.
56,041.000
The New York Stock Exchange has authorized the listing of $16,906,000 additional 1st mtge. 434% gold bonds, due Feb. 11941, making the total
amount applied for 116,041.000.-V. 119. p. 2408.
additional let mtge. 4% gold bonds due Jan. 1 1960, making the
total
amount applied for $50.000,000 (total auth. issue).
Southern Ry.-Dividend Suit.
The company sold the bonds for cash at 84 31 and int. and the proceeds
The Insurance Co. of the State of Pennsylvania has filed a
g
are to be applied in redeeming 110.000.000 3
-year 555% secured gold notes and equity
petition
court at Richmond, Va., asking to be made a party in in law
-year 655% secured gold notes on
Nov. 15 1925. $2,000,000 10
the suit
Jan. 1 of Arthur Lyman against the company. The
petitioner avers its owns
71
126. to retire $580.000 6% note to the Secretary of the Treasury,$516,840 1.000 shares
of preferred stock and enters the suit asking that the preferred
the Santa Fe Land Improvement Co., $250.000 6% notes
5% note to
to stockholders be paid dividends upon grounds
similar to those upon which
the Atchison. Topeka & Santa Fe By., Chicago, Burlington & Quincy RR.
and Union Pacific RR. and for the liquidation of other capital obligations such dividends are awarded common stockholders.
An order permitting the insurance company to become a
-V. 121, P. 1566.
and future capital needs.
party complainant has been entered by Judge Beverley 'I'. Crump.
Mr. Lyman, a preferred stockholder of the Southern, is
Lehigh & Hudson River Ry.-Tentative Valuation.
an injunction restraining the company from paying common petitioning for
The L-S. C. Commission has placed a tentative valuation of 15.090.000
stock dividends
on the owned and used property of the company as of June 30 1918.- in excess of 5% per annum until the preferred shareholders shall have
participated equally /13 any excess profits aboN e that percentage.
V. 120, p. 2008.
-V. 122.
p. 1024, 880.
Los Angeles Junction Ry.-Operation of Line.
-
The L-e. c. Commission on Feb. 11 issued a certificate authorizing the
company to operate, under trackage rights, over that portion of the so-called
Vernon spur of the Los Angeles & Salt Lake RR., extending in a westerly
direction from Downey Boulevard to a point immediately west of Boyle
Ave.. a distance of 4,810 ft., all in Los Angeles County, Calif.
-V. 121.
p. 2517.
Springfield Havana & Peoria RR.
-Securities,
&c.
The L-S. C. Commission on Feb. 13 issued a
the acquisition and operation by the company ofcertificate (1) authorizing
a line
well, Mason, Menard and Sangamon counties, Ill.; of railroad in Taze(2)
Chicago & Illinois Midland By. to operate under trackage authorized the
rights
Illinois Central RR. between Pawnee Junction and Springfield, over the
granted authority to the Chicago & Illinois Midland Ry. to acquireIll.; (3)
centre;
1166
THE CHRONICLE
of the Springfield Havana & Peoria RR. by purchase of capital stock; (4)
granted authority to the Springfield Havana & Peoria RR. to issue not to
exceed 31.960,000 first mortgage bonds and not to exceed 3500.000 of common capital stock; (5) granted authority to the Chicago & Illinois Midland
By. to issue not to exceed 34.600.000 of firsh mortgage bonds and not to
exceed $600,000 of common capital stock.
Consideration of that part of the application of the Chicago & Illinois
Midland Ry. for authority to acquire control of the Springfield Havana &
Peoria RR. by lease of the properties of that company was deferred.
The report of the Commission says in part:
The Springfield Havana & Peoria RR. on Sept. 4 1925 filed an application for authority to issue $1,960.000 first mortgage bonds and $1,000,000
common stock, and on the same date filed an application for a certificate
that the present and future public convenience and necessity require the
acquisition and operation by it of a line of railroad (called the Pekin line),
extending from Springfield in a northwesterly direction to Havana and then
thence northeasterly to Pekin, a distance of 77.02 miles, all in Tazewell.
Mason, Menard and Sangamon counties, Ill.
The Chicago & Illinois Midland Ry. on Sept. 4 1925 filed applications:
(1) for a certificate that the present and future public convenience and
necessity require the operation by it, under trackage rights, over the railroad
of the Illinois Central RR., between Pawnee Junctionand Springfield, a
distance of approximately 17 miles. all in Sangamon County. Ill.; (2) for
authority to Issue $4,700,000 first mortgage bonds and $1,00000 common
stock: and (3) for authority to acquire control of the Springfield by purchase
of capital stock and by lease of the properties of that company.
The Pekin line is a part of the main line of the Chicago Peoria & St. Louis
RR.(the abandonment of which was authorized by the Commission). No
part of the C.P.& St. L. has been abandoned. The Pekin line is now being
operated by a receiver. That part of the C. P. & St. L. between Grafton
and East St. Louis is being operated by the Alton & Eastern RR.
By its order issued Dec. 21 1925 the Commission authorized the Jacksonville & Havana RR. to acquire and operate that part of the C. P. & St. L.
between Havana and Jacksonville. and authorized the Chicago Springfield
& St. Louis Ry. to acquire and operate the part between Springfield and
•
Lock Haven.
The C. P.& St. L. was sold in separate parcels on Nov. 20 1924 at a foreclosure sale. The five parcels comprising the Pekin line were sold to individual purchasers for a total of $583,000. The sale was duly confirmed by
the court, but the actual transfer of title has not yet been made. It is
represented that these individual purchasers will convey the five parcels
to the Springfield after the authority sought in these proceedings is granted.
The Springfield was incorporated in Illinois on May 27 1925 at the instance of the Commonwealth Edison Co., for the purpose of acquiring title
to the Pekin use. The Midland was incorporated in Illinois in 1905. It
operates a line of railroad extending from Compro through Pawnee Junction
to Taylorsville. a distance of about 28 miles. all in Illinois. The outstanding
capital stock of the Midland is held by certain individual stockholders for
the benefit of the Edison. The Springfield may acquire the Pekin line.
including certain additional right of way, for approximately $625,000 cash.
or for $337.500 cash and $337,500 in bonds of the Midland. It was testified, however, that the present plan is to pay all cash. The purchase price
is to be advanced to the Springfield by the Edison.
The Midland proposes to operate the Pekin line under a lease to be
executed after the approval of these applications. By the terms of the
proposed lease the Springfield leases its line of railroad,rights,and franchises
to the Midland for the term of 30 years from the date of execution of the
lease. The Midland agrees to pay all taxes, assessments, and other charges
that may be lawfully assessed or imposed against the Springfield's capital
stock, property, earnings, contracts, rights and franchises; to insure the
demised properties against loss or damage by fire; to keep the demised
lto
l peran
properties in good and efficierditioandto payan annutlrenal;f
%
upoalleendirsma
:
sum
the Springfield for additions, extensions, betterments, or improvements
ety
to the demised properties, and for after-acquired property, such rental to
be paid in semi-annual installments on May 31 and Nov.30 of each year.
The Midland agrees to accept the demised properties in the condition In
which they are St the date of the execution of the lease, subject to the
following conditions as to rehabilitation: The proceeds from the sale to the
Midland of $3325.000 of the Springfield's first mortgage bonds shall be used
for rehabilitation of the Pekin line and an additional $960.000 of such
bonds shall be sold by the Springfield to the Midland and the proceeds
used for further rehabilitation, or for additions, extensions, betterments
and improvements to the demised properties. The Midland may from time
to time request the Springfield to make further expenditures for additional
property and for additions, betterments or improvements to the demised
properties. Funds for such purposes will be advanced by the Midland,and
the Springfield at the option and written request of the Midland may
reimburse the Midland either by drawing down bonds under its first mortgage (or under any renewal or refunding mortgage and delivering them to
the Midland, or by issuing to the Midland additional shares of its capital
stock and (or) its debentures, notes or other evidences of indebtedness to an
aggregate par and principal amount not exceeding the advances so made.
The Midland is given the right to assign, pledge or mortgage the leasehold estate and is required to notify the Springfield that such assignment.
pledge or mortgage has been made.
The lease may be terminated at the option of the Springfield if the Midland shall default in the payment of any sum required to be paid by it
under the lease, or shall fail to perform or observe any other covenant or
condition contained in the lease obligatory upon it, and such default or
failure shall continue for 60 days after written notice and demand by the
Springfield.
In order to connect its railroad with the Pekin line the Midland proposes
to enter into a contract with the Illinois Central for the use of the latter's
line between Pawnee Junction and Springfield for a period of 30 years and
thereafter until the expiration of one year after notice in writing shall have
been given by one party to the other of its intention to terminate the contract. The agreed rental is to be a sum equal to 3% per annum of 31.153.564, and is to be paid by the Midland in equal monthly installments. The
latter figure represents the value agreed between the parties of the Illinois
Central's properties which shall or may be used by the Midland. A proportionate part of the expenses incurred by the Illinois Central for maintenance. taxes and certain other expenses applicable to the jointly used
properties is to be borne by the Midland. The rights of the Midland under
the contract may be terminated at the election of the Illinois Central if the
Midland shall default in any of the payments agreed to be made by it and
such default shall continue for 60 days after the amount payable shall
become due, or if the Midland shall fall to perform any required covenant
of the contract and such default shall continue for 60 days after the Illinois
Central has demanded, in writing, the performance of such covenant.
The annual operating revenues of the Midland for the first year after
rehabilitation of the Pekin line, to be derived from the combined operation
of the Midland's railroad and the Pekin line, are estimated at $1.827,500.
This estimate includes revenue from freight, $1,673,500: passengers,
$110.000; mail. $10,000; express. $10,000: milk, $4,000; and switching,
320.000. It is estimated that about 90% of the total freight revenue will
come from coal, and that this revenue should increase at the rate of 10%
per annum. Operating expenses for the first year are estimated at 31.294.250. The foregoing estimates are based upon actual results of operation
for 1924 of the Midland and of the Pekin line, to which have been added
estimated amounts to represent the transportation of through coal tonnage
over the Pekin line and additional business from connecting carriers. The
Midland's operating revenues for 1924 were $889,309 and its operating
expenses $581,015. Its net income for 1921 was $37,738; 1922 (def.)
3300.135; 1923, $254,721; and 1924, $76,934.
The Springfield proposes to increase its capital stock from $1,000 to
$1,000,000 (par $100). The Midland has an authorized capital stock of
$2,000,000, (par $100) of which 10,000 shares are outstanding. It also has
outstanding $2.500,000 of first mortgage bonds.
The financing plans of the Springfield and the Midland are as follows:
The Springfield proposes to issue $1.000,000 common stock and 31,960,000
-year bonds; $1,000 of the stock to be sold at par for
first mortgage 6% 30
cash, and the remaining 3999,000 to be used as part purchase price of the
property to be acquired. Of the proposed bonds. $625,000 will represent
the balance of the purchase price of the property,and the proceeds from the
remainder will be used for rehabilitation of the road and for working capital.
The stock and bonds representing the purchase price of the property will be
held by a trustee pending completion of the plans, and all of the stock and
bonds, except directors' qualifying shares, will eventually be delivered to
the Midland for pledge under its proposed mortgage.
The Midland proposes to issue $1,000,000 common stock and $44,700,000
-year bonds. Of the proposed stock, 5 shares will be
first mortgage 6% 30
purchased by the Edison for cash and the remaining 9,995 shares will be
like amount of the Springfield stock. Of the proposed
used to acquire a
bonds,$2.500,000 will be used for the redemption of the outstanding bonds
[VOL. 122.
$240.000 for the purchase of equipment, and the remaining 31.960,000 will
either be sold to the Edison for cash and the proceeds used to acquire a
like amount of Springfield bonds, or $1,622,500 will be so disposed of and
the remaining $3337.500 exchanged for a like amount of Springfield bonds.
In the event the purchase price of the Pekin line is paid in cash, the
amount will be approximately 3625.000. while if it is paid in cash and bonds
it will be $675,000. equally divided. It is alleged that the difference is to •
take care of discount on the bonds. If the bonds are to be used in part
payment such use should be on basis of par.
Upon completion of the proposed plan. the disposition of the securities
of the two companies will be as follows:9.995 shares of the Springfield stock.
and 31.960,000 of its bonds will be delivered to the Midland for pledge under
its proposed mortgage. The remaining 5 shares of stock will be used as
directors qualifying shares. Upon receipt of the Springfield stock, the
Midland will issue 9,995 shares of its stock in respect thereof for delivery to
the Edison, which company will also purchase the remaining 5 shares.
Upon receipt of the Springfield bonds, the Midland will issue a like amount
of its bonds in respect thereof for delivery to the Edison at par, of which
$625,000 will represent the purchase price of the Pekin line advanced by
the Edison and the remainder will be paid for in cash, the proceeds to be
used for rehabilitation of the road and working capital.
The property to be acquired by the Springfield is part of a bankrupt railroad , the abandonment of which has been authorized. The price to be
paid apparently does not exceed scrap value. An appraisal of the property,
exclusive of land, made in behalf of the company as of Oct. 1 1925, shows
cost of reproduction new less depreciation as 32,596,509. The land included in the original right of way is appraised -at $448,403, and the land
for the additional right of way is appraised at $216,225, a total of $664,628. •
The applicants allege that by making proper adjustments to cover excess
cost of acquisition, &c., the land included in the original right of way should
be valued at approximately 3550.000, and the land for the additional right
of way should be valued at approximately $500,000.
The applicants base their contention that tbey should be allowed to
capitalize the additional right of way acquired without cost on the ground
that this land is to be used in connection with the electrification of the
Pekin line, and a letter from a vice-president of the Edison is submitted in
which it is stated that that company proposes to electrify the line as soon
as the necessary engineering and financial plans can be arranged, "which,
it is believed, will be within a period of not exceeding two or three years
from this date." For the purpose of this case the applicants will be authorized to capitalize the additional right of way at $290,000. We have made
no ascertainment of final value of the property.
From the facts of record we are of the opinion that the securities of the •
Springfield should be authorized on the basis of the actual investment in the
property plus $290,000 for the additional right of way—that is to say, an
aggregate of approximately 32,235.000—and plus reasonable amounts for
working capital and organization expenses. For the purposes of this case
$150.000 will be allowed for working capital, including materials and supplies, and $75.000 will be allowed for organization expenses, a grand total
of $2,460,000. of which $500,000 will be represented by stock and 31.960,000
by bonds. The proposed bonds will be issued under a first mortgage to be
dated as of June 1 1925. to the Continental & Commercial Trust & Savings
Bank; they will be dated June 1 1925, will bear interest at rate of 6.% Per
annum, and will mature June 1 1955: all of the stock, except directors'
qualifying shares, and all of the bonds to be delivered to the Midland for
pledge under its proposed mortgage.
In pursuance of the above the Midland will be authorized to issue $500.000
of stock and $1.960.000 of bonds, and to sell said stock and $970.000 of said
bonds to the Edison at par, the proceeds to be used for rehabilitation of the
Pekin line and tor working capital; also to deliver the remaining $990,000
of bonds to the same company in reimbursement of money advanced for
the purchase of the Pekin line, for organization expenses, and in respect of
the additional right of way. The Midland will also be authorized to issue
$2,500,000 of bonds for the redemption of a like amount of bonds now outstanding. The issue of bonds for the purchase of second-hand equipment to
the extent of 100%
_of the cost of such equipment does not appear to be
sound financing. We shall further authorize the Midland to issue $140,000
of bonds and $100,000 of stock, both to be sold to the Edison at par and the
proceeds used for the acquisition of equipment valued at 3240,000. Upon
the foregoing basis the Midland will be authorized to issue an aggregate of
$600,000 of steck and 34,600.000 of bonds. The proposed bonds will be
issued under a first mortgage to be dated as cf June 1 1925. to the Continental & Commercial Trust & Savings Bank; they will be dated June 1 1925,
will bear interest at rate of 6% per annum,and will mature June 1 1955.
The financial structure L. far from ideal. However, no :Iternative plan
for continuing this railroad in service has been suggested. No one can see
anything but ultimate abandonment of operation if the present plan is not
accepted. -Division cf the property into small segments for individual
operation can not be permanently successful and may be impossible of attainment even temporarily. Approval of the plan in this report has the
substantial merit of insuring adequate service to the people on the line.
The rental of 3200,000. which would be paid by the Midland to the
Springfield under the terms of the proposed lease, represents a sum sufficient
to cover interest requirements on the Springfield's proposed $1,960,000 of
bonds and in addition a sum equal to a return of 8.24% per annum on the
Springfield's proposed 31,000.000 of stock. As the authority herein granted
provides for the issue by the Springfield of $1.960,000 of bonds and $500,000
of capital stock, it would seem that the rental under the lease should be
ratably reduced, and the lease changed to accord with such authority. We
will defer consideration of that part of the application of the Midland for
authority to acquire control of the Springfield, by lease of the properties
of that company, until a revised lease has been submitted which accords
with the authority herein granted.
Chairman Eastman, dissenting, said in substance:
This case has points of considerable public interest. It illustrates a
species of business greed which at least we ought not to abet. The facts,
as I understand them, are these:
The Chicago Peoria & St. Louis is a railroad whose abandonment we
have authorized. It has since been operated by the receiver, at great
burden upon the bondholders, pending its sale, in sections. to such carriers
as might have use for and be willing to operate portions of the line. The
bondholders have shown solicitude, at considerable cost to themselves, for
the public served by the line. Their attitude has been characterized by the
reverse of the quality mentioned above.
The Chicago & Illinois Midland is a small railroad controlled by the
Commonwealth Edison Co. of Chicago, which serves principally coal mines
from which the Edison obtains much of its fuel supply. Its earnings have
been large enough so that a proceeding is now pending before us to determine the extent, if any. to which they are subject to recapture. At present
the Midland moves the coal which it originates comparatively short distances to connections with other lines, which haul it to Chicago. BY
securing trackage rights for 17 miles over a line of the Illinois Central and
acquiring the portion of the line of the Chicago Peoria & St. Louis extending
from Springfield to Peldn, the Midland can haul the coal a much longer
distance toward Chicago.
In pursuance of this plan the Edison has driven a hard bargain with the
bondholders of the Chicago Peoria & St. Louis, agreeing to buy the Springfield-Pekin line for a price which the majority say "apparently does not
exceed scrap value." Before it would agree to do even this. however, the
Edison insisted that owners of property along the line donate enough land
to make the right of way 200 feet wide. It is represented that this additional land may at some future time be needed for double tracking and
electrification. Whether it will also be useful for transmission lines of the
Edison or allied electric interests does not appear.
To acquire the Springfield-Pekin line, the Edison proposes to organize
the Springfield Havana & Peoria. This company, according to its plan. is
to issue $1,960,000 of 6% bonds and $1.000,000 par value of stock. All of
these securities, when the transaction is completed, will be owned by the
Midland and pledged under its mortgage. In turn the Midland will issue
a like amount of Its stock and 6% bonds, which will be owned, for the
present at least, by the Edison. The effect of the transaction will be that
the Edison will pay par for the bonds and substantially nothing for the
stock. Part of the proceeds of the bonds will go to pay the purchase price
for the Springfield-Pekin line and the remainder will be used for the rehabilitation of that line.
A further part of the plan is that the Springfield shall be leased to the
Midland at a rental which will cover the interest on the former's proposed
bonds and 8.24% upon its proposed stock. It is estimated that the earnings
of the combined property during the first year of operation will be ample
to support this rental and leave at least a fair return for the Midland. If
the earnings eventuate as anticipated, the Edison Co. will ultimately be able
to sell the 6% bonds at a profit and reap upon the stock, for which it will
have paid substantially not a cent, a return of 8% or more on par vrAue.
FEB. 271926.]
THE CHRONICLE
In support of the issue of the $1,000,000 of stock, it is urged that the
fair value for rate-making purposes of the Springfield-Pekin line, including
the donated land,is much more than the purchase price and ample to cover
this stock. In estimating this value the Edison figures that, judged by
adjoining property, the donated land is worth $216,225 and that, if condemnation had been necessary, the cost to the carrier would have been
$500.000. This latter figure it deems the value for rate-making purposes.
It is obvious that the Edison does not propose to use the Shylock bargain
which it has been able to drive with the distressed bondholders of the
Chicago Peoria & St. Louie and landholders along the line as a means of
reducing the cost of electricity in Chicago. Instead it proposes to use it as
a means of reaping a most handsome side profit in an investment in the
securities of a common carrier.
Whether or not the courts will eventually recognize a rate-making value
for the property of the enlarged Midland system in accordance, or even
partially in accordance, with the pleasant anticipations of the Edison I do
not know. I sincerely trust that they will at least disappoint its expectations in the matter of donated land. Upon this point I refer to the views
which I expressed in San Pedro Los Angeles & Salt Lake RR.Co.,751. C.C.
463. 561-3. However, whatever the constitutional rights of the Midland
to a "fair return" may ultimately prove to be,it clearly has no constitutional
right to have any rate-making value, actual or fictitious, translated into
capitalization. It may only issue such securities as we find "reasonably
necessary and appropriate" for a lawful object and "compatible with the
It should be borne in mind that the amount of its capi
public interest.
talization has no bearing whatever upon its opportunity to pay to its
security holders in interest and dividends such return as it may be able
and entitled to earn.
It seems to me clear that neither the securities sought nor those approved
in the majority report are "reasonable necessary or appropriate" for the
.
acquisition of the line in question, and that they are not 'compatible with
the public interest." The securities issued should, instead, be held to the
amount of the actual cash investment in this property, in order that the
actual profits ultimately realized upon the transaction may in no way be
disguised, but, on the contrary, may plainly appear so that he who runs
may read. What is more, the Commission can not sanction the capitalization of the value of donated land and in good conscience later question the
right to a return upon such value. As for working capital, the company is
apparently well supplied and no issue of securities for the purpose of obtaining such capital is now necessary. or even sought.
Tennessee & North Carolina Ry.-Tentative Valuation.
-S. C. Commission has placed a final valuation of $431,322 on the
The I.
owned and used property of the company as of June 30 1916.-V.113, p.72.
•
Union Terminal Co. of Dallas, Tex.
-Tentative Value.
-
-S. C. Commission has placed a tentative valuation of
The L
$4. 7.3
66
on the property of the company, as of June 30 1917.-V. 119, p. 199. 00
Wellington & Powellsville RR.
-Sale.
-
William C. Everett, of Norfolk, was the high bidder Feb. 16 at the sale
of this road, a narrow gantre line running from Ahoskis to Windsor, approximately 22 miles. The purchase price was $55,700. The sale was conducted
by W. It. Johnson appointed special master by Judge Isaac Meeldns.V. 122, p. 740.
Western Allegheny RR.
-Control by Pennsylvania RR.
-
1167
Income Account for Year ended December 31 1925 (not incl. Sub. Cos.)
Company's proportion of the net income of sub, water cos
$1,456.508
Dividends on stocks of West Penn companies
983,630
Dividends on stock of Potomac Edison Co
225.000
Interest on bonds, notes and advances to subsidiary companies
483.970
Other income
776.023
Gross earnings
Expenses and taxes
Interest on collateral trust 20
-year 5% bonds
Other interest and amortization
$3.925,130
495.842
5641.802
194,789
Net income
Balance Jan. 1 1925
82.592,697
$3.369.742
Total
Sundry debit adjustments
Dividends on 7% 1st Pref stock
Dividends on 6% Participating Pref. stock
Dividends on Common stock paid in cash
Dividends on Common stock paid in stock
$5,962,439
$35,320
792.499
320.157
638.138
549.930
Balance at Dec.31 1925
53.626.394
Balance Sheet as of December 31 1925 (Company proper.) .
AssetsLiabilities
Stocks. bonds. d‘c
345,086,738 First preferred stack
$14,050,000
Cash
1,072,661 Common stock
11.949,350
Secured call loans
1,000,000 Collateral trust bonds
12,691,300
Notes & accounts receivable
6% gold debentures
8.000,000
-Due from subsidiaries. __ 4,617,774 Loans payable
Notes & acc'ts receiv.-Mise.
53,723 Accounts payable
2"0 9
54r
°
8
Accr. profits due from subMatured interest payable.267.633
sidiary water companies_
839.356 Acci.int .taxes & trills. fees
269,751
Accr. Int.& diva. receivabm162,910 Accr. div. on first pref stock172,112
Materials and supplies
4.324 Reserve for holders of certifa.
Deferred charges
1,102,940
for participating pref. stock
.
148.365
Sundry reserves
711,022
special saving fund
461,656
553.940.426 General surplus
Total (each side)
3,164,738
The foregoing statements are the only information available at the
present time, but a complete consolidated report will be submitted to the
stockholders on or before Ari! 11926.
See also West Penn Co. below.
-V,122, p. 1024. 607.
Bell Telephone Co. of Canada.
-Annual Report.
Calendar Years1923.
1922.
Telephone revenues____$26.168.977 5241204
1925.9 8..411 522.225.714 520.245.823
. 2
Oper. exp.. taxes, &c___ 21.476.773 19.812.753 18.044.455 16.484.983
Operating income____ 84.692.204
Net non-oper. rev
787.904
54,395 657
719.482
$4.181.258
695.876
$3.760.840
208.472
Total gross income_ _ $5.480.108
Interest, rent, &c
1.599.654
Dividends (8%)
3.889.166
Employees benefit fund..
55.115.139
1.348.043
3.215.039
54.877.135
1.067.176
3,135.931
200.000
83.969,312
1.035.644
2,457.740
Balance to surplus.._- def$8.712
The I.
-S. C. Commission on Feb. 12 authorized the acquisition by the
5552.057
5474.038
8475,928
Pennsylvania RR. of control of the Western Allegheny by purchase of
Balance Sheet December 31.
capital stock. The report of the Commission says in part:
1925.
1924.
1925,
1924.
"The Allegheny was incorporated in Pennsylvania April 2 1902. It
Assets$
$
Liabilities-$
$
operates a line of railroad extending from West Pittsburgh to Brady's Land, bldgs., &e 9,310,747
8.029.692
Bend, a distance of 47.89 miles. The Allegheny is controlled through Teter,. plant, •kc 92.351.177 80.448.087 Capital stock.- 48.694.600 46,684,294
Bonds
30.000.000 16,750,000
capital stock ownership by the North Penn Coal Co., which owns certain General equip__ 1,631,236
1,485.320 Real est. mtges_
8.491
bituminous coal mines, not now operated, along the Allegheny's line. The Cash & deposits
458.827
543,374 Accts. payable.. 1.807.174
1.611,741
coal company is controlled by the Manor Real Estate & Trust Co.. which Dom. Govt. bds 1.679,963
417,267 Accr. liabilities- 1.710.774
2,389.232
in turn is controlled by the Pennsylvania. The record indicates that the Bills & accts. ree 2,634,139
1,051.513 Empl.stk. plan_ 1.089.217
trust company acquired control a the coal company early in 1925.
Mat'ls & supra. 1,364.571
1,656.327 Empl. ben. fund
847,229
798.256
"The Allegheny s outstanding capital stock consists of 30.222 shares Accr.inc.not due
25,516
15.005 Other dot cred.
3.108
4.144
ar 850). The Pennsylvania has heretofore purchased 12.000 of these Prepayments __
161.257
112.893 Prem.on cap.stk 1.840,548
1.836.378
ares at par for cash and now desires authority to acquire control of the Unamort.dt. die 1,419.969
17.834 Res. for deprec_ 23.295.999 21,872.253
Allegheny by purchase of the remaining 18.222 shares, of an aggregate par Other def.
Items
414.368
287.098 Res. amort. cap.
32.720
value of $911.100. The Pennsylvania proposes to purchase the latter Investment secs 2.836.997
2.817.197 Surplus
4,927,944
4,966,365
shares from the coal company at par. Funds for this purpose will be
taken from the Pennsylvania's treasury and no securities are to be issued
Total
114,288.770 96,881.699
Total
114,288,770 96,881,699
in connection with the proposed acquisition.
-V. 122. p. 746.
"There is no physical connection with the Pennsylvania's railroad at
present. The Pennsylvania plans, however, to construct two lines of
Bell Telephone Co. of Pa.-Listina.railroad connecting the easterly and westerly segments of the Allegheny's
The New York Stock Exchange
line with the Pennsylvania RR. It proposes to construct one of these 1st & Ref. Mtge. 5% gold bonds, has authorized the listing of $50,000,000
series 0.-V. 122. p. 607. 212.
lines commencing at a point about 2 miles north of Red Bank. Pa., a
station on its so-called low grade division about 5 miles east of Brady's
Calumet Gas & Electric Co.
-Annual Report.
extending westerly about 24 miles to a point on the Allegheny's
Bend, and
Calendar Years1925.
1924.
line about 2 miles east of Queen Junction. The estimated cost of this Operating revenue
51.495.361
8541.641
proposed line is $8.000.000. The other line, estimated to cost $1.150.000. Operating
expenses
953.824
388.620
Is projected to extend from a point on the Allegheny's line near West Other charges, including taxes
98.1.28
76.445
Pittsburgh about 2 miles westerly to a connection with the Pennsylvania's
Erie and Ashtabula division at a point south of Lawrence Junction, Pa.
Net operating income
5443.408
876.576
-mentioned line would parallel the Allegheny's railroad.
Most of the first
Other income
111.539
29,636
but it is not planned to remove any of the Allegheny's line, as that railroad
will continue to serve the industries located on it.
Total income
$554.947
8106.212
"The Pennsylvania intends to utilize part of the Allegheny's line as a Interest on
funded debt
221.669
36.094
portion of a proposed through route north of Pittsburgh by which freight Preferred
dividends declared
111.786
.
26.250
and, if necessary, passenger traffic can be kept out of the Pittsburgh Common dividends declared
165.605
39.000
gateway. The Pennsylvania claims that its traffic will be thus expedited
and that by offering quicker movement and better facilities both its eastBalance to surplus
555.886
84.868
bound and westbound traffic will be increased."
-V. 121, p. 837.
Balance Sheet December 31.
1925.
1924.
1924,
1925.
Assets
LiabilitiesS
$
Investment
PUBLIC UTILITIES.
8.862.767 4,664.568 Capital stock
4,429,000 2.460,000
Sinking funds_
Funded debt
5,207.700 2,500.000
Deferred charges__
American Electric Power Co.
516,849
304,788 Retire., Oa.. res.__ 300,145
-Annual Report.
190,179
Special deposits___ 413,257
131.858 Current liabilities_ 441,587
Years Ended Dec. 31- 1925.
737,452
1924.
1923.
1922.
824.707 Surplus
Gross income, all sources $2,626.980 $2.317.338 82.826.167 $2.475.896 Current assets_ _ _ 650.523
64,964
38,300
Interest, taxes. &e- ---673.381
949.580
1,117.809
1,341.377
Total
10,443,396 5,925.931
Total
10,443,396 5,925.931
The name of this company was recently changed to Northern Indiana
$1.953,599 $1.367.758 51.708,358 81,134.520
Net income
Public Service Co. It is one of the operating subsidiaries of the Midland
344.676
Preferred dividends-343,855
287.053
Utilities Co., and furnishes electric and gas sem ice In 84 communities
in
$1,608.922 $1,023,903 $1.421,306 $1,134.520 Northern Indiana. A petition asking approval of the merger of the Northern
Surplus
Indiana Gas & Electric Co. into the Northern Indiana Public Service Co.
Combined Earnings -of Controlled Companies.
is
pending before the Indiana P. S. Commission. If this merger is
Calendar.Years
1925.
•
1924.
1923.
1922.
the Northern Indiana Public Service Company will have an completed,
annual gross
$13,684.625 $19.906,901 $20.803,892 $19.342,698 business in excess
operating revenues
of $10.000,000.
1 et inc. aft, fixed chges_ 2,152.631
,,r
2,477,959
2,837.148
2.424.888
Sales of electricity in 1925 totaled 37,137.197
k.h. and sales of gas
A number of properties were disposed of early in 1925 after the acquisition amounted to 254.624,800 Cu. ft.
of control of the company by the American Gas & Electric interests which close of the year was 16.183 and The number of electric customers at the
gas customers numbered 8.672.
accounts for the difference in gross revenue of subsidiary companies as
The company acquired, during the year, the
properties of 7 utility
compared with 1924.-V. 121, p. 1675.
companies in northern Indiana, including a 132.000
volt superpower line
extending from the Indiana-Illinois state line
to Michigan City, Ind.
Brooklyn Edison Co.. Inc.
-New Director.
V. 122, p. 1024.
Edward W. Hells, Secretary of the company has been elected a director
Central Illinois Public Service Co.
-Capital Increased
to succeed the late Charles A. Doody.
John C. Parker. electrical engineer, and Walter P. Holcombe, pin. -Annual Report.
-V.122. p.876.
chasing agent, have been elected Vice-Presidents.
The stockholders will vote Feb. 24 on
increasing the authorized no par
value preferred stock by 50.000 shares and
the common stock of no par
American Water Works & Electric Co., Inc.
-Acquires value by 50.000 snares.
Calendar YearsWater Co.
-Power Output.
Texarkana
1925.
1924.
x1923.
Gross earnings
.34 905
1 2
The company has acquired the Texarkana Water Corp. The City of Oper.expenses & taxes....511.591.262 $8.862.901 58.057.238 $6 9 2,.
7.938.292
6.166.101
5.478.267
4,496,884
Texarkana is located on the border line between the States of Texas and
Arkansas in the agriculturally rich Red River Valley, The Texarkana
Operating income..__- 83.652.969
52,696,800 $2.578.971 51.846,021
comoration has approximately 4.200 consumers.
Other income
35.356
39.067
133.115
12.136
Including this water company. the American Water Works & Electric Co.
now controls 31 water works properties operating in 15 States.
Gross income
83.688.326 82.735.867 52.712.086 81.858.158
The net power output of the electric properties of the American com- Interest charges, &c
1.298.390
1.314.013
1,221.380
pany for Jan. 1926 was 126,306.362 k.w.h., comparing with 113,397.965 Preferred dividends...-. 1,997.503
Jam 1925, a gain of 12.908.397 k.w.h., or 11.4%•
898.574
660.366
469,925
265,874
Common dividends
752.417
648.465
524.132
156.158
Miscellaneous credits..
716
11.404
Listing, etc.
The New York Stock Exchange has authorized the listing of $54.220
Balance. surplus
$40.548
5140.050
8214.746
$404.016
Common stock (par $20), making the total amount of common stock apx On Sept. 1 1923 the present corporation
was formed in Illinois through
960
the consolidation of the Central Illinois
plied for $12,850, .
Public Service Co. and the Middle
if
THE CHRONICLE
1168
[Vou 122.
West Power Co. The earnings and expenses for 1923 are those of the for-Annual Retort.Cleveland (Electric) Railway.
mer Central Illinois Public Service Co.and its subsidiaries for the first eight
.
Calendar Yearsmonths and of the consolidated corporation and its subsidiaries for the last Gross earnings
$17.214,g28 $17,313,648 $16,342304 $16,893,634
four months of 1923.
Net earnings
2,498,002 3,052,068 2,018,380 4,810.624
Company purchased as of Jan. 5 1925 all of the outstanding capital Other income
Cr.164,654 Cr.146.666 Cr.152.208 Cr.189.360
stock, except directors' qualifying shares, of the companies serving the Int. and taxes
3.462,654 3,302,212 3.100.606 3,398.829
City of Quincy. Ill., with electricity, gas and heat and furnishing street Obsolete property
466,495
217.141
railway service in Joliet, Ill., and interurban railroad service from Joliet
also purchased during the year the physical properto Chicago. Company
Balance, deficit
$799,998
$153,478 $1,147.159sur$1134,655
ties of Payson Electric Co., Cullom Electric Co., Kinderhook Electric -V.119, p. 1952.
Light Co., Loraine Electric Light & Power plant, Marshall Ice & Power
Co.,Palmyra Light, Heat & Power Co.,Polar Ice Co.,the electric properties
-Dividend Rate
Coast Counties Gas & Electric Co.
at Gorham. Galatia, and Industry and the municipal electric property
serving Thebes. Electric service was also furnished during the year to 17 Increased on 2nd Preferred Stock.
-V.121, p. 2873.
other communities heretofore not enjoying such service.
The dividend rate on the 2nd preferred stock was increased from 4%
a meeting
18. The regular
board of
- to 6% atdividend of of the was also directors on Feb.preferred stock.
Central Arkansas Ry. & Light Corp. (& Subs.).
1 %
quarterly
declared on the 1st
1924.
1925.
Earns. 12 Months Ended Dec. 31The company proposes to increase its authorized capital stock, which
$938,219 is now $4,000,000 divided into 20,000 shares of 1st preferred, 10.000 shares
$1,000,901
Gross earnings (ail sources)
639.8.38 of 2nd preferred and 10.000 shares of common stock, to $7.000.000. the
666.504
Operating expenses and taxes
86.873 increase being 30.000 shares of 1st preferred stock, par $100. It has
89.789
Interest charges
9.694 applied to the California RR. Commission for permission to issue 5.000
15.531
Maintenance reserve
105.000 shares of 1st preferred capital stock at not less than 92, and to use the
105.000
Preferred stock dividends
proceeds to reimburse its treasury and finance additions and betterments.
$96,813 -V. 121. p. 2037.
Surplus
$124,075
-v.120. P. 328..
-To Retire Notes & Bonds.
Chicago Aurora & Elgin RR.
-Acquires Line al
Commonwealth Edison Co., Chicago.
-year 6;5% secured gold notes, dated Dec. 1 Railroad of Former Chicago Peoria & St. Louis Ry.All of the outstanding 2
1924, have been called for redemption March 27 at par and int. at the
See Springfield Havana & Peoria RR. above.
Wilmington Trust Co.. Wilmington, Del.
Bolance Sheet Dec. 1925.
The company has also called for redemption on April 1 next all of its
1924.
1924.
1925.
1925.
outstanding series A ref. & impt. mtge. gold bonds, dated April 1 1922.
$
$
Assetswill be made at the Girard Trust Co. at Philadelphia, Pa., at
Payment
Fixed capital_ __195,304.629 181.858.418 Capital stock___ 96.748.500 84,971,800
101 and int.
10.091,307 7.216.799 Cap. stk., subs°.
Cash
994,500 1.486.100
1922.
1924.
1925.
1923.
Calendar Years20,915 Funded debt.._ 89,774.000 89,774,000
5.769
$2.707.617 $2.315.638 $2,184,122 $1.910.472 Notes receivable
Operating revenues
Acc'ts receivable 7,899,522 7,553,373 Acc'ts payable__ 1,972.305 2,080.234
Ry.op. exp.,1ncl. maint.,
645,322
169.218
61,830 Consumers'dep_
636,731
& gen. taxes- 2,061,442 1,813,374 1,722.795 1.569 197 Int. & diva. rec.
rentals
910.830
628.238
Mat. & supplies 2,503.753 2,462,499 Misc, curr. liab_
$341.275 Fuel(coalIn st'ge) 1,833.507 1,759,843 Taxes accrued__ 6,259.719 4,940.000
$461,327
$502,264
Net ry. oper. rev_ ._ _ $646 175
498,774 Munic.comp.accr 1.139,344 1,039,023
378,669
Prepayments_
Net oper. rev, from sale
301,421 Interest accrued 1,492,260 1.492,689`
179.448
Subs.to cap.stk.
of power (excl.of power
226.787
355,271 Retirement res_ 24,708.828 22,415,932'
Misc.Curr.assets
sold to Chicago Sub.P.
Inv.in Mill. cos_ 13.815,121 14.287,756 Insurance res_ _ _ 2.047.154 1,814,304
107,179
94.823
1,356
& L.Co..incl.above)_
8,382.132 6.463.056 Unamor.prem on
281 Misc.invest_
30,445
8,704
16,820
Other income
17,610
Insurance fund_ 2,047,154 1,814.304 debt
16.654
972,717'
972,717 Service ann. res_ 1,024.781
$448,735 Serv. ann fund_ 1,024,781
$676,619
$564,854
$520,441
Total income
9,046
8,828 Amortization res. 1,767.300 1.62
Special deposits_
'
0.025
Int. on bonds, &c., &
785,279
Misc. unad. cr__ 1,018,999
126,382 Unam.debt disc.
165,414
191.653
203,839
deductions
3.472.886 3,687,099 Surplus
& expense_
19,153,536 15,563,361
205,312
Jobbing amounts 125.050
Approp. to renewal &
97,604
91.661
121,925 Work In progress
165,000
165,000
165,000
replacement reserve
909,451)
Misc, def. debits 1,816,516
$200,428
$234,440
$151,602
$319,966
Balance
249.382,900 230,529,327 Total
249.382.900 230,529,327
Total
-V.122, p. 1025. 607.
Company acquired an interest in the Chicago & Illinois Western
-Earnings assumed a guarantee of the principal and interest on $196,333,6% RR,and
Chicago North Shore & Milwaukee RR.
bonds of
.
the railroad due July 11947.
(Including Chicago & Milwaukee Electric Railway).
The usual comparative income account was given in V. 122, p. 1025.
1922.
1923.
1924.
1925.
YearsCalendar
$6,850.165 $6,198,987 $5,946,272 $5,007,951
Operating revenues
Community Power & Light Co.(& Subs.).-Earnings
3,777,592
5,066,956 4,650.030 4,464.421
Operating expenses
1924.
Twelve Afonths Ended Dec. 311925.
Grass revenues
$2,854.307 $3,522,531
Net rev, railway oper_ $1,783,209 $1,548,957 $1,480,851 $1.230,359 Operating expenses, maint., taxes and insurance
1,752,125 2,150.633
8,731
11,444
800
86,994
Net auxiliary oper. revNet earnings
$1.102,182
Net revenue from oper $1,870,203 $1,549,757 $1,492,295 $1,239,090 Annual interest on $8,125,000 funded debt, $513,125: on $1,371.898
248,937
279,448
298,609
408,255
Taxes
$240,000 funded debt, New Mexico Util. Co., outstanding.
527.525
$14,400
$990.153
Operating income.__.. $1,481,948 51,251,148 $1,212,847
14,560
26,626
60,155
151,673
Non-operating incomeBal, avail, for other lot., Fed, taxes, res'ves, dive, and surp-- $844.373
41.613.621 $1.311,303 $1,239,473 81,004.713 -V. 122, p. 748.
Gross income
486,784
552,608
610,583
832.991
Fixed charges
,
Electric Power Corp. (Elektrowerke Aktiengesellz90.000
y158,267
x393,301
x525,360
Dividends
$427,927
$528,598
Net income$307,419
$350,237 $2,390.811
S640.216
Profit and loss. surplus_ _ $733,594
y Reprex Being 6% on the pref. stock and 7% on theirior lien stock.pref. stock
sents 3% dividend on the 6% pref. stock and 1 % on the prior
old stock outstanding before
outstanding. z Represents dividends on the
,
financial reorganization accomplished early in 1923.-V. 120, P.3309 3185
-Annual Report.
Chicago Rapid Transit Co.
Calendar YearsGross operating revenue
Non-operating revenue
Total earnings
Total operating expenses..
Taxes, city compensation, &c
Rentals
Int. on mtge. debt & equip. Wig._
Interest, other
Amortization of discount
Dividends on prior pref. stock
x1923.
1924.
1925.
$19,031,813 $18,565,185 $17,990,782
155.524
210,747
250,075
$19,281.888 $18,775,932 $18,146,306
a13.345.195 13.759,650 12,953,493
1,406.132
1,407,459
1,622,315
449,549
467,714
881,282
2,277,380 2,244,1671 2.184.549
69.6101
55.498
25,955
56,816
74,733
308,530
The New York Stock Exchange has authorized the listing of $7.500.000
1st mtge. sinking fund gold bonds 6)4% series due 1950 (guaranteed)
Income Account 6 Months Ending June 30 1925 (in Marks.)
(Subject to revision and adjustment, and to deductions and
appropriations for reserves, dm.)
16,149,354
Operating revenues
7,869.616
Operating expenses and taxes
Income from operations
8.279.738
556,515
Other income (including excess of int. received over int. paid)._
8,836.253
Surplus
Compare also V. 120. p. 1457: V. 121, p. 1568.
El Paso Electric Co. (Del.).
-Offer Made to Common
Stockholders.
See Engineers Public Service Co. below.
-V. 120. p. 453.
Empire Power Corp.-Pref. Stock Offered.
-W.C.Langley
$726,642 $1,152.581
& Co. and Bonbright & Co., Inc., are offering at 93M and
232,030
div., to yield over 6.40%, 74,000 shares 56 cumul. pref.
$958,672
credited to retirement stock (no par value).
$734.871
Surplus for year
38,169
Other profit and loss credits
Balance,surplus, unappropriated_ - $773,040
a Total operating expenses includes $241,907
Results
reserve. b No interest declared or paid on Adj. Deb. bonds. x
of operations of predecessor companies.
Comparative Balance Sheet.
1924.
1925.
1924.
1925.
$
$
Assets88.713,595 Prior pref. stock__ 5,000,000 3,362,086
Road & equip_ _91,675,511
stock--20.329,500
Misc. phys. prop_ _ 2,101,917 2,002,504 Commondebt__ _ _x46,611,400 20,329,500
45,528.000
181 Funded
378
Sinking fund
Adj. deb. bonds__18,563,000 18,563.000
Depos. In lieu of
593,195 Current liabilities_ 1,705,701 1,839,143
mtg. prop, sold_ 684.967
519.471
653 Accr. int. & rents_ 509,931
655
Adv. to MM.cos
317.351 Accr. tax liability_ 1,378,228 1,260,202
Sundry sec. owned 491,285
582.236
521,136
1,266.094 2,144.077 Def'd liabilities_ _
Cash
3.395,082 3,375,746
94,149 Reserves
514,335
Special deposits_
300,588
52,571 Other unadl. cred_ 198,839
13,650
Loans & notes rec.
958,672
848,559 Corporate surplus_ 1,731,713
Misc. accts. rec__ 1.098,032
597,228
Mans & supplies_ 638,547
32,413
2,905
assetsOther curr.
73,227
27,806
Prepd. rents & ins_
Discount, exp. on
1.224,858 1,048.826
funded debt_ _ _ _
100.114 Tot.(each side)_99,944.531 96,618,649
0th. unadj. debits 203.590
debt above stated, $4,245,000 of divisional
x In addition to the funded of equipment obligations are pledged under
mortgage bonds and $383.000
company's mortgages: $1,487,000 divisional mortgage bonds are held
the
$387,000 divisional mortgage bonds and $164,000
in a sinking fund, and are held in the company's treasury.
-V. 121. IL
equipment obligations
3129.
-Increase.
Cincinnati & Suburban Bell Telephone Co.
capital stock from
The stockholders on Feb. 17 increased the authorized
increase was
that
$20,000,000 to $30,000,000. Pres. Kilgour statedof thethe
company in the
provide for the growth and development
made to
828.
-V.120. p.
next 5 years.
-Buys Sixth Tanker.
Service Co.
Cities
Co. has purchased from the Atlantic
The Cities Service Transportation the tanker Agwisea. The ship will
Lines
Gulf & West Indies Steamship company's colors and put into service as
renamed, repainted with the of oil tankers. The Agwisea is 485 feet
be
line
the sixth in the Cities Service
12,623 deadweight tons, with a maximum cargo
long and has a tonnage of
Shipbuilding
barrels. It was built by the
capacity of 100,000
1025.
Corp. In 1920.-V. 122, p.
-Listing.
schaft), Germany.
Preferred as to assets and dividends. Red., all or part, after Jan. 1
-J.
1929 on any clic. date at 110 per share and dive. Divs. payable Q.
Transfer agent, American Exchange-pacific National Bank, New York.
Registrar, New York Trust Co., New York. Under the present Federal
income tax law dividends on this stock are exempt from the normal at
and are entirely exempt from all Federal income taxes when the stock is
held by an individual whose net income is $10,000 or less. Dividends
when received by corporations are entirely exempt from all Federal income
taxes. Corporation agrees to refund, upon application within 30 days
after payment,the Penna. and Conn. personal property taxes not exceeding •
four mills per annum, and the Mass, income tax not exceeding 6% per
annum on dividends derived from this preferred stock.
Data from Letter of E. L. Phillips, President of the Corporation.
Corporation.
-Incorporated in New York Nov. 1 1924. Will control.
upon completion of present financing, companies serving, directly or
indirectly, 70 communities in the central part of the State of New York
and six communities in Illinois, Indiana and Texas. Electric power and
light service is furnished in 70 communities and gas service in 21 communities. Among the principal communities supplied with electric power
and light and gas service in the central part of the State of New York are
Lockport, Auburn. Geneva. Elmira, Newark, Seneca Falls, Dansville
and Lyons, and with electric power and light service. Corning, Hornell,
Perry and Warsaw. Gas service is furnished in Houston. Texas; Terre
Haute, West Terre Haute, and Richmond, Ind., and Bloomington and
Normal. Ill.; also electric railway service is furnished in Elmira and vicinity,
and steam-heating service in Lockport and Hornell. Total population in
territory served estimated to exceed 630.000.
The principal companies controlled, now or upon completion of present
financing, either directly or indirectly, through stock ownership are as
follows:
(a) New York Central Electric Corp., all of the common stock of which
is owned by Empire Power Corp.
(b) Empire Gas & Electric Co., all of the common stock of which is
owned by New York Central Electric Corp.
(c) The United Gas & Electric Corp., over 90% of the common stock of
which will, upon completion of present financing, be owned by Empire
Power Corp. Controls Lockport Light, Heat & Power Co., Elmira Water,
Light & RR., Houston Gas & Fuel Co., Citizens Gas & Fuel Co., Union
Gas & Electric Co., and Richmond Light, Heat & Power Co. United
Gas & Electric Corp. also now owns 130,000 shares of $6 cumul. pref. stock
of Lehigh Power Securities Corp.and,upon completion of present financing,
will own 27,000 shares of Long Island Lighting Co. common stock.
Outstanding.
Authorized.
Capitalization74.000 shs.
100.000 shs.
cumulative preferred stock (no par)
400,000 shs.
600.000 shs.
articipating stock (no par)
400.000 shs.
600,000 shs.
ommon stock (no par)
-Proceeds will be used in connection with the acquisition of
Purpose.
ot less than 90% of the common stock of United Gas & Electric Corp.
-12 Months Ended Nov. 30 1925.
Consolidated Statement of Earnings
$9,506.168
roes earnings of operating subsidiaries
6.137.781
perating expenses, maintenance and taxes
53.368.387
Net earnings of operating subsidiaries
Net earnings (after retirement reserves) available for dividends
1,365.457
on Empire Power Corp. $6 cum. pref. stocks
444.000
Annual diva. on 74,000 shs. Empire Pow.Corp.$6 cum.pref. stk_
*After giving effect to present financing and acquisition of Lehigh Power
Securities Corp. $6 preferred stock.
-V. 122. p. 610.
See also United Gas & Electric Corp. below.
Engineers Public Service Co.
-Offer Made to El Paso
Electric Co. Common Stockholders.
President C. W. Kellogg announces that the directors of this company
aye authorized an offer to the common stockholders of the El Paso Electrc
,
Co. to exchange 51 share of $7 dividend preferred stock and one share of
common stock of Engineers company for each share of common stock of
El Paso Electric Co. The offer of Engineers company is contingent on a
majority of the voting stock availing itself of the offer, but as it has been
approved by the directors of El Paso Electric Co. and assented to by the
holders of a large proportion of the El Paso Electric Co. stock, it is expected
-V. 122. p. 347.
that the plan will be consummated.
Federal Light & Traction Co.(and Subs.).
-Earnings.
Calendar Years1925.
1922.
1923.
1924.
55.888,708 $5,665.828 $5,510,877 55,012.490
roes earnings
per., adm.exp. & taxes 3,685,072 3,504.242
3.425,936 3,284,150
Total income
$2,203,636 $2,161,586 $2,084,941 51,728.340
Interest and discount_749.349
681,039
721,199
802,413
Net income
$1,454,287 $1,440,387 $1,282,528 $1.047.301
Cent. Ark. R.& Light
Corp. pref. dividends_
85.522
91,806
87.343
88,713
Springfield Ry. & Light
54.113
Co. pref. dividends..
64.164
63,695
64,052
Federal Light & Trac.Pref. dividends ($6)..250.500
235.379
224,975
216,211
Corn. dive., cash-.($1 60)310.706 (54)248.459 (53)143,182
In 6% Pref.stock_ - (75c.)57.757 (53)186,401 (53)143,182
In corn, stock
(45c.)175.273
Balance, surplus
$657,166
$519,202
$628,920
$627,788
Consolidated Balance Sheet Dec. 31.
[Eliminating securities and accounts between companies.1
1924.
1925.
1924.
1925.
Assets$
$
L1.abilitiesPlant, prop., fran6% Preferred stockx3,937,400 3,879,683
chises, &c
29,779,737 28,441,539 Common stock___y5.959,647 5,588.650
Inv. in other cos
50,417
315,755 Cent. Ark. Ry. Sc
Cash (Incl. special
Lt. Corp., pref_ 1,343.700 1.295.700
deposits)
1,130,764 2,357.966 Springt. Ry.& Lt.
913.900
Notes & accts. rec. 1,046,772 1.099,227
Co. preferred_ __ 919,700
Material & suppl's 538.019
464,395 Tucson R. T. Co.. •
81.800
81,050
Unamort.dlsct. on
Common
debt
1,263.435 1,192.713 Bonds outstand'g_13,577.100 14.286.600
627.987
196,691
Unadiust. debits
168.275 Accounts payable_ 594.889
Notes payable__
415.000
Acer'd int & taxes 663.055
588.221
Depr. Sc sund. res. 3.320,286 3.399.312
Total(each side)34.005.836 34.039,869 Surplus
3,609.009 2.963.015
gRepresented by 39,374 shares of no par value. pRepresented by 397.shares (par $15).-V. 122, p. 748.
309.8
Gary Railways Co.
-Annual Report.
Calendar YearsOperating revenue
Operating expenses
Other charges, including taxes
Interest on funded debt
Dividends declared
1925.
51.204.729
927.693
88.177
73.796
92,632
1924.
5998.418
773.290
73,813
69,523
Balance to surplus
522.432
581.792
Condensed Balance Sheet Dec. 31.
1925.
1924.
LiabilitiesAssets-1925.
1924.
$4,673,871 $2,988,247 Capital stock....-43,278,420 $730,500
Investment
20,369
Funded debt
Sinking funds...
1.426,500 1.885460
230,578
170,664 Current liabilities_ 227,874
Deferred charges
355,920
167.142 Retirem't,&c ,res. 156.299
Current assets.._.. 373.345
84,752
Surplus
209.071
269.422
--$5.298.163 $3,326.053
Total
Total
$5 298.163 53.326.053
a consisting of $178.900 class A pref. stock (par $100), 5471.500 pref.
stock class B.5246.800 class A stock subscribed for and 52.381,220 common
stock (238.122 shares, no par value).
The name of the company was changed from Gary Street R.to Gary
Railways in Aug. 1925. and the properties of the Gary & Valparaiso Ry..
Gary Connecting RR. and Gary & Hobart Traction Co. were purchased
and all merged into one system. Company is a subsidiary of Midland
-V. 122. P. 213. 94.
Utilities Co.
General Fuel Corp.
-Financial Readjustment Plan.
-
The Mechanics & Metals National Bank, New tork. is receiving deposits
of all the present outstanding securities of the corporation under a financial
readjustment plan dated Jan. 7 1926.
The plan calls for the exchange of all the old securities, including past
due interest, into new bonds and bond scrip, to be dated March 1 1926
-See details in V. 122. p. 479.
and to bear interest from that date.
General Gas & Electric Corp.
-Dividends.
Regular quarterly dividends on the following stocks of this corporation
have been declared payable on April 1 to holders of
dividends being the quarter ending Mar. 31 1926: record Mar. 15, said
$2 per share on the
$8 cumul. preferred stock. class A: $1 75 per share on the $7 cumul. preferred stock, class A:$1 75 per share on the cumul._preferred stock, class B;
per share on the common stock. class A. Like amounts were paid
37
on an I last.
Secretary 0. Clement Swenson says: "Subject in all respects to the
decision of the court in the suit now pending, holders of common stock.
class A, are given the right to subscribe to additional shares of common
class A. at $25 per share to the extent of the dividends payable to
stock'on April 1. provided that a favorable decision shall have been renthem
dered in that suit prior to April 1." (See also V. 122, p. 213.)-V. 122.
p. 882.
Greenfield (Mass.) Elec. Lt. & Pow. Co.-Ann'l Report.
Calendar YearsNet sales-----------------------Oper. exp. & taxes (excl. Federal)___
Net operating profit
Other income
1925.
$616.495
396.188
1924.
$582.822
368.411
1923.
5530.356
327.714
5220.306
2.336
5214.411
5.512
$202.642
3,554
Total income
Interest
Reserve for depreciation
Other charges
Federal income tax
Dividend paid
$222.643
5213,923
8.7071.580
80,000
4.051
1.594
17,500
17.000
171.381
116.017
5206.196
13.613
64.626
890
15.021
89.477
Balance,surplus
--Ir. 120. p. 2814.
20,000
def43,996
$3.730
$22,570
-Offer Made
Houghton County (Mich.) Traction Co.
Bondholders.
1169
THE CHRONICLE
FEB. 27 1926.]
The Public Service Engineering Co. (Ill.), pursuant to an agreement
with Stone & Webster, Inc.. dated Feb. 3 1926. has offered to purchase
1st consolidated mtge. 5% gold bonds, dated Oct. 1 1008. at 50% flat of
their face value.
Stone & Webster, Inc., and the bondholders' protective committee.
owning and representing a large amount of these bonds, recommend the
acceptance of this offer.
In order for bondholders to avail themselves of this offer, their bonds,
with the July 1 1924 and all subsequent coupons attached, should be dedepositary.
posited on or before April 1 with the Old Colony Trust Co. when the sale
The committee announces that notice will be given if and
Is consummated, whereupon a check for the purchase price..le.ss a proportionate share of toe expenses (rot to exceed 2% of the face value of the
bonds deposited) of the depositary and the committee, will be mailed or
delivered.
Frank B. Bemis, Ernest B. Dane and Nathaniel H. Stone constitute the
-V. 117. p. 2652.
bondholders' protective committee.
-Annual Report.
Indiana Service Corp.
Calendar YearsOperating revenue
Operating expenses
Other charges, including taxes
1924.
1925.
$3,855,889 $3,639,424
2,577.997
2,537.961
245,659
263.588
Net operating income
Other income
$1,054,339
13.844
5815.768
Total income
Interest on funded debt
Dividends declared
51,068.184
719,799
168.444
$815,768
661.145
5179.940
5154,622
Balance to surplus
-V.122. p. 348.
-Annual Report.
Illinois Northern Utilities Co.
1922.
1923.
1924.
1925.
Calendar Years$2.763,428 32,507.112 52,344.643 32,129,276
Gross earnings
1.421.591
1,489,623
1,540,352
Oper. exp., taxes, &c..... x1,632.463
315,381
333,058
339,076
359,615
Interest on bonds
34,203
9,301
15,459
23.670
Int. on notes and accts._
Rent of leased lines and
40.343
42.151
42,030
42.024
plants
16.922
22,547
21,32'3
24.056
Amort.ofdebtdisc.& exp.
5.521
6,480
Miscell. amortization
Net loss from oper. of
19.388
Sterl.Dix.& E.El.Ry.
5543.412
407,248
5447.963
403.038
1300.837
291,564
$1,221.912 $1,040.660
Total surplus
223,147
222,161
Preferred dividends_
3,750
2d pref. dividends_
3,332
22.709
Junior pref. dividends
244,250
244,250
Common dividends
Adj. to bring dirs, to
81,934
acc'd basis
3.259
Miscellaneous credits._ _
$851,001
199,703
15,000
$592,401
174.363
15.000
Net income
Previous surplus
5655.731
566.181
139,050
$403,038
$497,248
$566.181
$654,116
Surplus Dec. 31 .
x Includes $102,057 retirement reserve and $132,000 taxes.
Balance Sheet Dee. 31.
1924.
1925.
1924.
1925.
Assets
16.557.770 15.750,62( 6% cum. pref. stk_ 3,735,000 3,763,700
Fixed capital
178,750 $7 per share junior
215,644
Cash
230.688
cum. pref. stock 602.808
318.958
351,599
Accts. receivable
supplies_ 106,159 • 110.92e Common stock... 4,885.000 4,885,000
Mat'is Sc
91.392
18,500
53.708 Prof. stock subscr_
54,348
Fuel
41.001
13.000 Jun.pf. stk. &Mee_
10,996
Prepayments
7,475,000 6,845.000
56.849 Funded debt
36,817
Subser.to cap.stk.
278.424
96,930
114,553 Notes payable _
33,775
Investments
132.664
7.325 Accts. payable _ _ 158,880
45,000
Special deposits_ _ _
26,688
29,364
Consumers depos_
Unamort. dt. disc.
60.844
15,812
653.558 Misc. current Ilab_
736.199
and expense_
250,941
166,494 Accr.tax.,int..3sc. 338,116
140,850
Misc. def. debits129.934
Adv.from affil.cos.
163.387
Res.for retientsAe 238.630
566,181
654.116
side)_18,289.157 17,424,843 Surplus
Total (each
At the close of 1925, the company had on its books 3,903 stockholders
an increase of 254 over 1924.-V. 121. p. 3131.
Illinois Power 8c Light Corp.-Pref. Stock Sold.Blyth, Witter & Co. have sold at 100 and div. $2,000,000
7% cumul. pref. (a & d) stock.
Data From Letter of Pres. Clement Studebaker, Jr., Chicago,Feb. 17s.
-Organized in Illinois to acquire and merge an extensive group
Company.
of old established and successful public service enterprises. Directly owns
and operates or controls electric power and light, gas heat and city railway
properties in a large number of the most populous and prosperous municipalities in north central, central and southern Illinois. Also controls,
-which
through ownership of the entire capital stock, Illinois Traction. Inc.
owns an extensive and profitable system of trunk line electric railroads in
-and other utilities of which the most important are Des Moines
Illinois
electric Light Co. and Kansas Public Service Co.
Company operates without competition in the richest agricultural sections,
the most important coal areas, and many of the most intensively developed
industrial centers of Illinois, including more than half of the cities of over
10.000 population, outside of Cook County: and furthermore includes the
districts centering in Des Moines. the largest and most important city of
Iowa, and in Topeka, the capital and principal city of Kansas. The business
includes service rendered to more than 440 municipalities.
The power and light properties of the corporation comprise electric
generating stations with an aggregate capacity of 390.820 h p. Installed or
in process of installation, and distributing systems furnishing electricity
without competition to over 232,000 customers in a business field of more
than 800.000 population. The gas properties have an installed daily
generating capacity of over 26.925.000 cu ft. of artificial gas. and distributing systems serving over 83,750 customers in a business field of more
than 390.000 population.
The city railway properties comprise over 235 miles of track. Bus
service is furnished also in most of the cities served. The electric trunk line
railroad comprising over 550 miles of mail line modern standard gauge
railroad is largely equipped with automatic block signal systems, repair
shops, car barns, and 1.223 freight and passenger cars.
Capitalization Outstanding (As of Dec. 311925.)
327.761,050
7% cumulative preferred stock
1.824,950
Participating preferred stock 6% cumulative
2,501.600
Underlying preferred stock 7%
400,000 shs.
Common stock (no par value)
34.568.600
Divisional bonds (closed for issuance to public)
40,200.000
let & refunding mortgage gold bonds series A
10.000.000
1st Sc refunding mortgage gold bonds series B
-year 7% sinking fund debenture gold bonds (closed issue)... 9,731,800
30
Iowa Power & Light Co., Kansas Power & Light Co.. and sub4.344,000
sidiary bonds
Valuation.-The properties, based on an appraisal as of Dec. 31 1922,
with allowance for subsequent additions and development, less deductions
and depreciation, are conservatively estimated to have a value, exclusive of
working capital and other assets, of $155.468.014 as of Dec. 311925.
Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
1924.
1925.
Gross earnings from operations
$31.648.399 528.683.703
Operating expenses, maintenance Sc taxes
21.039.059 19.576.322
Net earnings from operations
Other income
510.609.339 59,107.380
500.586
203.445
Net earnings
$10.812,785 $9,607.966
Int. on bonds &c., indebtedness and dividends on
underlying preferred stock
5.409.484 4,986.866
Balance for bond discount, depreciation Sc dive- 15,403.301 $4.621.100
-V. 122, p. 748. 94.
1170
THE CHRONICLE
[VOL. 122.
Indianapolis Street Railway Co.
-Earnings.
-
Calendar YearsGross earnings
Operating expenses
Taxes
Fixed charges
Net revenue
-V. 122. P. 94.
Laclede Gas
Calendar YearsOperating revenues
Operating expenses
Taxes
Retirement reserve
Treasurer Robert Sealy Feb. 19 says: "The company will arrange, upon
request of any stockholder, for either the sale of dividend stock, the purchase of fractional scrip to complete a full share or the sale of fractional
scrip. A sale of the dividend stock in the market at the present price would
realize approximately $1 60 for each share held on March 5 1926. Unless
we hear from common stockholders to the contrary by March 13 1926.
certificates for shares of common stock or scrip representing fractions of
$487.742
$484,965
$434.116
$426,105 shares of common stock to which they will be entitled in payment of such
dividend will be mailed to them."
While the annual report of the company is not yet available, reports of
three of its large subsidiaries indicate that the report when issued will show
--Annual Report.
Light Co.
substantially increased gross and net earnings over last year, which were
1925.
1924.
3923.
$8.278,406 $8.135.867 $7,967,661 high records up to that time.
Chas. A. Stone, of Stone & Webster, Inc., has been elected a director.
3,394,295
3,388,864
3,314,806
803.349
881.701
787.705 -V.122. p. 1026.
721,283
536,282
536,282
1924.
1925.
1923.
1922.
$5.536.370 $5.588.177 $5,527,131 $5.545.164
4.032.821
4.083.749
4.034.360
4,057.361
386,624
384,355
419.868
414,355
629,183
635.108
638.787
647.343
Operating profit
Non-operating revenues
North Boston Lighting Properties.
-Rights, &c.
-
$3.353.479 $3,329,020 $3,328,867
35.742
10,999
16.689
Total revenue
$3.395,221 $3,340.013 $3,345,556
Interest on funded debt
$1,523.000 $1.462,500 $1,475,625
Interest on unfunded debt
7,393
31.431
23,085
Amortization of debt discount & exp.
76.500
69.829
68.445
Miscellaneous charges
18.142
9.323
17.488
Preferred dividends
125.000
125.000 125.000
Common dividends
1.070.000
882.750
1.498.000
Balance, surplus
$575.185
$759.186
Balance Sheet December 31.
1924.
1925.
1925.
Assets$
Liabilities$
$
Plant Jr equipm•t_44.811.043 42,031.305 Preferred stock___ 2,500,000
Other investments
42 701
43.401 Common stock_ _ _10,700.000
Cash
840.769
434.178 Funded debt
30,500,000
Special deposits.._
18.183
21.630 Notes payable__
Acc'ts receivable__ 1.301.180 1,165.471 Accounts payable_ 475,933
Materials & supp_ 255,499
302,834 Customers' depos_ 166,095
Coal, oil, fuel, dm.,
Misc. curr. Habil
19,959
In storage
858.316
550.774 Matured bonds rk
Misc. curr. assets_ 123.416
Interest payable.
104 008
26,744
Cash with trustee_
26.744
31.994 Accrued interest__ 645.996
Prepaid accounts64,981 Accrued taxes_ ___ 755,887
88.073
P.S.Comm expense 137,051
103,215 Surplus to common
Unarnortized bond
stock div. fund_ 1,863,533
disc. Jr expense_ 2,047.127 1,961.162 Retirement reserve 1,781,769
Misc.derd charges
34,000
34,694 Reserve for service
annuity
Other reserves
988.256
Total(each side). _50,586,102 46,849,646 Surplus
161,930
-V. 121. p. 2402.
$137,912
1924.
$
2.500.000
10,700.000
27,500.000
324,503
236.140
22,961
31.994
588.461
837,078
1,288.347
1,308,924
55.000
1,134,537
121,701
Los Angeles Gas & Electric Corporation.-Earnings.-
catpedar Years1925.
1924.
1923.
1922.
Gross earnings
$17.049.593 $16.056,722 $12.717,442 $11,915.365
Oper. expenses & taxes.._ 9,848,989
9.446,604
8.065,436
7,888,135
Bond interest
2,549.146
2.157,713
1.579,478
1,170.637
Balance for doprec'n,
dividends & surplus $4,651,458 $4,452.405 33,249,829 $2,679.292
Depreciation amounted to $1,682,910 in 1925 against $1,338,879 in 1921
and $1,100,819 in 1923.-V. 122, p. 748.
Market Street Ry., San Francisco.
-Wage Increase.
-
A wage Increase of 2 cents per hour to all motormen and conductors in
Its employ was announced recently by Samuel Kahn. Executive Vico-Pres.
The new schedule became effective Feb. 21, and an increase in all other
departments of the company, Including the men in the shops, sub-stations
anti track repair department, will be made on March 1. The increase will
cost the company approximately A220.000 annually. it is estimated.
Under the new schedule, the maximum pay for employees will be 56
Cents per hour. Approximately 3.000 men are affected.
-V. 122. p. 611.
Milwaukee Electric Ry.& Light Co.-Bal. Sheet Dec.31.
The trustees. In a letter to the shareholders in connection with the
offering of 48,104 additional common shares at $80 per share, state that
the new stock will cover subscriptions by the trust for 20.345 shares of
Salem Electric Lighting Co. and 6.973 shares of Beverly Gas & Electric
Co., and also in part will be used to pay off loans made for the purpose of
retiring $705,000 of 5y4% notes which matured and were paid Jan. 15
1926. Subscriptions to the new stock, which is offered to present shareholders on the basis of one new share for each four of common or preferred
now held, are payable in four instalments of $20 each, due April 20, July 20,
Oct. 20 1926. and Jan. 20 1927. Right to subscribe expires Mar. 15.V. 122, p. 883.
Northern Indiana Public Service Co.
-Annual Report.
See Calumet Gas & Electric Co. above.
-V. 122, p. 1026, 612.
Pacific Gas & Electric Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $4,813,400
(par $100). on official notice of issuance and payment In full, making the
total amount applied for $52.945.800. This additional stock is offered to
common stockholders of record Feb. 23 at par, to an amount equal to 10%
of holdings. The right to subscribe will terminate Mar. 31 1926. (stockholders of record with registered addresses outside of the United States.
Canada and Mexico may subscribe up to and including May 1 1926)•
Payment for stock must be made either in full with the subscription, or
in two equal installments of $50 per share each, first payment to accompany the subscription, and the second tofbe made on or before
f
03
1 1926.
fagrnts e to racmoadt6atvyaograt.ny I eo
;office,245 Market St.,Elan. igd s
w
5
an
:
,
arkers
or
•
- Consolidated Balance Sheet Dec. 31.
1924.
1925.
1924. 1
1025.
Assets
Liabilities$
15 ,s
Plants dr props_273,815,668 249,178,252 Common stock_ 48,130,848 42,805,932
Disct. Sr exp. on
Preferred stock
Capital stock_ 9,001,485 9,104.812
outstanding_ 54,916,532 54,464,412
Investments
194,725 1,355,850 Stock of subsid.
.II
Trustees of sinkcos. not owned
18,775
16,304
ing funds....
380.356
228,507 Funded debt_ _161,852,800 153,357,300
1,538,865 8.779,321 Cur. liabilities_ 9,300,857 8,541,541
Cash
Other cur. assets 13,591,773 12,909,163 Res.for renewals
Def. charges... 8,831,645 8,446,732
Jr replaceMts 20.035,580 17,062,384
Other reserves__ 2,521,315 3,991.333
Surplus
10,580,281 9,670,960
s
MR:
----NI
,
307.354.518 290.002.638
Total
Total
307.354,518 290,002,638
A preliminary statement of earnings for 1925 was given In V.121, p. 1027.
Pacific Lighting Corp., San Francisco.
-Annual Report
Consolidated Income Account for Calendar Years,
Including Pacific Lighting Corp. and Los Angeles Gas & Electric Corp.]
1925.
1924.
1923.
1922.
Total gross income
$21,948,161 $16,204,334 812,849,632 $12,037,727
Oper. expenses, taxes, interest, depreen.
19,022,927 $13,567,740 $10,977.217 $10,398,408
Preferred dirs. (5%)
208.100
208,100
208,100
208,100
Common dividends.-(10%)949.998 (16)844,800(1434)765479 (14)672,000
Surplus for year
-V. 122, p. 612. 482.
81,767,136 $1,583,694
$898,836
$759,219
4115.
24
i
Preferred stock_14,546.891 12,898 196
Pennsylvania Power & Light Co.
-Bonds Ready.- 0 41
Common atock_ __11,250.000 11,250,000
Definitive first and refunding mortgage gold bonds,
Funded debt
47,045.900 47,194.800 now ready for delivery at the Guaranty Trust Co., in series D, 5%, are
exchange for outAccounts payable_ 702.956
661,034 standing temporary bonds. See V. 122, p. 348.
Notes dr bills pay_ 545.000
Inter-co accounts 4,231.713 2,991.032
Peoples Gas Light & Coke Co.
-Stock Increased.
Misc. current liab_ 836,792
655,175
The stockholders on Feb. 23 increased the authorized capital stock
Taxes accrued_ _ _ _ 695.085
469,008 from $50.000,000 to $60.000.000.
Unmard Int. accr_ 475.515
628.255
President Samuel Insult said the $10.000.000 capital
probably
Dividends accrued 105.070
95,396 would not be offered to stockholders this year, althoughincreasepossible a
It
Misc. liab. accrued
735 part of it would be disposed of before the end of 1926. The was
1.128
purpose of the
Reserves
15,967.732 14,531.254 action was to put the company in a position to acquire the Chicago By
Open accounts__
433,353 Products Coke Co. when it was so disposed, he said.
412,167
Surplus
2,755,834 2,212,373
The directors plan to continue the policy of issuing additional stock at
Total(each side)99,571.784 94,020,614
par from time to time and to continue the 8% annual cash dividend.
A comparative income account was given In V. 122, p. 883.
V. 122, p. 877, 482.
1924.
1925.
Assets
-S
Property & plant_83.689.426 79.152.773
10,986
Treaa'y securities.
Sundry Investm'ts 2,359,399 1,490,699
Reserve, sinking &
spec. fund assets 584.078
329.239
Cash
771.799
813.455
Notes alr bills rec._
11.109
41.222
Accts. receivable 2,075.313 1.819,242
Inter-co. accounts 3.411.858 3,606.140
Material & suppl... 2,582,279 2,788.993
Prepaid accounts_
22.970
18.670
Open accounts..._ 881,026
585,176
Bond & note disc_ 3.182,527 3,364.020
1925.
1%24.
Montana Power Co.-Dtvidend on Common Stock Increased.
-The directors on Feb. 24 declared a quarterly
dividend of 1i%% on the outstanding common stock, par
$100, payable April 1 to holders of record March 12. From
July 1923 to Jan. 1926, incl.,quarterly divs. of 1% each were
paid on this issue.
-V. 122, p. 213.
Narragansett Electric Lighting Co.
-Annual Report.
Calendar Years1925.
1924.
1922.
1923.
Total rev.(all sources).- $6,842.500 $6.736,432 $6.636,601 $5,574,826
Operating expenses
4,336.199
4,408,818
3.503.438
4,383.314
Depr.,obsolescence. &c..
631.545
520,917
560,068
496,719
Int., &c., deductions...
105.336
91.160
160,719
230,806
Dividends (8%)
1.566.720
1.501,440
1,302,456
1.234.440
Philadelphia Rapid Transit Co.-Listing-Acquis.-
The New York Stock Exchange has authorized the listing of $30,000,000
common stock (par $50) on official notice of issuance in exchange, share for
share, for present outstanding 600.000 shares of capital stock (par $50)•
See Yellow Taxi Corp., New York City, under "Industrials" below,
V. 122, p. 1027.
Pittsburgh Utilities Corp. & Subs.
-Annual Report.EarningsforTotal income
Expenses, taxes, &c
Interest on bonds
Preferred dividends
Common dividends
-Calendar Years- Mar. 28 to
1925.
1924. Dec. 31 *23.
$2,183,307 $1,983,627 $1,481.314
82,735
65.427
58.031
497.564
400,820
598,374
859.333
231,000
462,000
336,250
855.000
672.500
Balance
defS111,325 sur$192,723 sur$457,817
Consolidated General Balance Sheet Dec. 31.
$202,700
$85,225
$174.946
$293,393
1925.
1924.
Condensed Balance Sheet Dec. 31.
1924.
1925,
Assets3
$
Liabilities$
1925.
1924.
1924.
1925.
$
Phila.Co.com. stk.24.575,000 24,575,000 Pref. stk.(par $10) 7,500,000 5,500,000
Ands
-$
$
Property & plant,
Corn. stk.(240,000
Capital stock.._x20,730,948 19,584,000 Duet] Lt. stock_ 2,675.000
26.689 1,532,665
less deprec'n_22,829.392 18,211,449 Accounts payable_ 535,519
no par shares,.. 1,200,000 1,200,000
718.240 Cash
14,921
18,736 U. Ry. Inv. bds__ 9,824.000 11.19a,000
Mat'Is & supplies_ 845.320
907.994 Notes payable.... 3,365.000
200.000 Special deposits
491,500
Securities owned__ 1,075.616 1,225.616 Due to subsid.cos_ 263.333
491,500 Coupons duo7,969
9,667
263.333 Phila. Co. dive
Cash
100,194
469,461
Accrued accounts_
233.784 Taxes dc Int. accr'd 258,088
88,920
227,805
Due from sub. cos_
Acc'ts payable_
38.926 Div. pay. Jan. 2.. 391,680
84,505
391.680
Notes receivable
116.416
Capital surplus... 8,510,500 7,962.500
263.905 Misc. reserves....395,919
335.000
Tot.(each 81(10_27,783.109 26,617.901 Earned surplus- 539,215
Accts. receivable
650.540
1,388,351 1,500,817 Misc.unadj.credits
13,272
29,515
Prepaid taxes, InSurplus
884,699 -V. 121, p. 1570.
1,087,400
surance, Int., &a 330,847
235,541
Power
Balance, surplus
Corporation of New York.
-Stock Deposits.
Total
27,055.402 22,618,031
Total
27,055,402 22,618,031
x Includes $1,146,948 subscriptions paid.
-V. 122, p. 612.
New York & Long Island Traction Co.
-Sale.
The property, franchises, &c., were sold for $308,100 in Mineola, Long
Island. Feb. 25. by Jeremiah Woods. referee,to a committee of bondholders.
The committee bought the entire property with the exception of five
franchises which went for $285 to the II. Si. Salyberg Co., 50 Church St.,
N. Y. CIty.-V. 122, p. 1026.
North American Co.
-Dividend of 2
Shares Payable in Stock-New Director.
on Common
The directors have declared the regular quarterly dividends of 1 h%
on the preferred stock and 23..5%; on the common stock, both payable
April l to holders of record March 5. The dividend on the common stock
will be paid, as had been the custom,in common stock atpar,or at the rate
of 1-40th of one share for each share held.
The time for depositing common stock in exchange for stock of the
Northeastern Power Corp. expired on Feb. 20.
said that nearly 90%
of the Power Corporation stock was deposited,It is
mostly under the option
which gives 234 shares of Northeastern common stock for each share of
Power Corp. common stock. See V. 122, p. 612.
Public Service Co. of No. Illinois.
-Stock Increased.
The stockholders on Feb. 23 increased the authorized 7%
stock from $10,000,000 to $17,500.000, par $100, and approvedPreferred
the sale
to the employees, through the agency of the employees savlizig fund of
the company, of 10,000 shares of common stock (no par value), eretofore
authorized but unissued, at $100 per share.
-V. 122. p. 1027. 613.
Rapid Transit in New York City.
-Bus Plan Would
Abolish Trolley Cars.
A Joint petition for an exclusive franchise to operate an extensive bus
system in Manhattan on which 5 cents would be charged on crosstown lines
and 10 cents on longitudinal lines was presented Feb. 24 to the Secretary
FEB. 27 1926.]
1171
THE CHRONICLE
2 modern, well equipped gas producing plants, complete with gas
of the Board of Estimate by the Fifth Avenue Bus Co. and the New York operates which are supplemented by 2 additional holder stations located at
Railways Corp. The two companies announced an amalgamation for the holders,
comand offered in return for the franchise to eliminate advantageous points. The total holder capacity is 5.700.000 Cu. ft. A
purpose of bus operation
more than 670 miles of mains affords
distribution
25 miles of street car tracks, remove 200 cars and to give up perpetual prehensive all principal system with the city, as well as to the suburban
portions of
service to
franchises owned by the street car companies.
in service. The rated
Through John A. Ritchie of the Fifth Avenue Coach Co. as spokesman, districts. Company has more than 60.000 meters
of gas per 24 hours,
II was disclosed that controlling interests of that corporation and of the capacity of the combined plants is 11,000,000 cu. ft. ft.
Railways Corp. has effected the amalgamation through the with an average daily working capacity of 6.400.000 cu.
Now York
Effect to Present Financing).
formation of a company fust incorporated as the New York City Omnibus Capitalization as of Feb. I 1926 (After Giving
Corp., of which Mr. Ritchie is Pres. and J. M. McCarthy, Sec. The 1st mtge. bonds and ref. mtge. bonds, due 1944 and 1949----47.991.500
1.500.000
consolidated company withdrew the previous applications made by the Debenture bonds,6%,due 1936 (this issue)
2.000.000
Fifth Avenue Coach Co. and the New York Railways Co., and submitted Cumulative preferred stock, 7%
3.000.000
its new joint plan.
Common stock (present dividend rate, 4%)
The corporation also makes provision for recapture in the interest of
a These bonds all carry 5% interest coupons. $622,000 of ref. mtge.
municipal operation by the city after 5 years of private operation, if the city bonds carry additional 3% interest coupons not secured by a mortgage.
should so elect.
-Entire proceeds of this issue, together with a part of the
Purpose.
It was stated Feb. 26 that Mayor Walker and his colleagues on the proceeds of preferred stock concurrently issued, are being used to retire
Board of Estimate are not inclined to grant a franchise to the new company, $2,099.500 funded debt bearing 7% interest coupons, thus reducing the
unless the corporation submits terms more favorable to the City. Appli- company's interest charges.
cations of all bus companies for franchises will come up for hearing Mar. 11.
-The depreciated value of the physical property of the comValuation.
A summary of the main points of the new petition, made public. from the pany as of June 30 1923, appraised by Hagenah & Erickson, Chicago, inoffices of the Fifth Avenue Coach Co. is as follows:
cluding capital additions to Dec. 31 1925, is $12,851,219.
(a) Marks first move toward the in.stallation of a comprehensive motor
Earnings Year Ended Dec. 31 1925.
coach service through co-operation of effort and co-ordination of facilities Gross earnings
$2,365,627
of existing surface car companies.
941,537
Net earnings after maint. & taxes, avail, for int., diva. & res....
(b) Diicontinuance of the use of 25 miles of street car tracks.
508.235
Int. on 1st mtge. and ref. mtge. bonds and debentures
(c) Surrender of perpetual franchises to operate street cars on those
tracks._
5433.302
Balance
Removal of over 200 street cars from the congested city streets.
(d)
Earnings available for interest on total funded debt were over 1.85 times
(e) Operation of tne 10 crosstown motor coach lines-23.96 miles of
such aggregate interest charges.
routo-for a 5 cent fare.
-Provision is made for an annual sinking fund to become
Sinking Fund.
of
(f) Operation of three longitudinal motor coach Rnes-24.58 miles
effective Feb. 1 1927, equal to 2% of the face value of the debentures out-at 10 cent fare.
route
the retirement of the 6% debentures.
be used
A universal transfer system, under which by means of transfer and standing. This fund is to rates forfor are such that the operations of the
(g)
gas
-The
Rates.
re-transfer for a single fare of 10 cents a person may ride from any point company yield authorized
The Department of Public Works of
an equitable profit.
on the system to any other point thereon.
regulatory body, upheld the present rates
(h) A modern inotor coach system covering about 50 miles of routes in the State of Washington, the rate
as reasonable in an order dated Aug. 2 1924.
Manhattan.
Management -Company is operated and controlled by the Dawes
(1) Service to be inaugurated at once on certain lines and full service to
-V. 119, p. 1745.
interests and their associates.
be in operation in 90 days on the remainder of the system.
(j) Provision made for recapture by the city after 5 years for the purpose
-A. C. Allyn &
-Bonds Offered.
Southwest Power Co.
of municipal ownership and operation.
(k) Efficiency of service guaranteed by a staff of men experienced in Co., Inc., Arthur Perry & Co. and West & Co. recently
omnibus operation and familiar with local transportation conditions in
offered $200,000 1st mtge. gold bonds, Series B,6% sinkManhattan.
The sponsors for the new application made the following statement ing fund, dated Nov. 1 1924, due May 1 1944, at par
their proposal, which provided, in effect, they said, a "twoconcerning
and interest.
borough" system:
-Authorized by the Arkansas Railroad Commission.
Issuance.
"Under this plan presented by the New York City Omnibus Corp.
immediate
-Owns and operates public utility properties serving directly
Company.
headed by John A. Ritchie, the new system can be put into
McAlester,
operation, first, because the new corporation has available the unique at retail, without competition, electric light and power toSprings and
Eureka
facilities of the Fifth Avenue Coach Co., including buses, equipment, Alva and Hartshorne, Okla.; Fayetteville, Rogers, States. In addition.
other communities in these
personnel and organization, to put such a system into immediate operation, Harrison, Ark., and to 24
involved company supplies electricity at wholesale to the Public Service Co. of
and, second, because all danger of litigation between the interestswould be at once eliminated, and the city would moreover, without expendi- Oklahoma for distribution in Atoka, Coaigate, Lehigh and Phillips, Okla.
ture, regain control of many of the streets its use of which is now restricted Through a subsidiary, company furnishes street railway service in McAlester, and interurban and freight service to Krebs. Alderson, Hartshorne and
by existing perpetual franchise grants.
"Traffic all through the Borough of Manhattan would be vastly speeded Haileyville, Okla. Territory served has a total population estimated at
up; congestion due to unnecessary duplication of routes would be eliminated, 80.000.
Security.-Secured by a direct first mortgage on all the fixed property
and the transit facilities of the borough would be placed in a more plastic
now outstanding on a Part
state, whereby the city would mold them more nearly to meet the needs of subject only to $150.000 of divisional 6% bonds secured by a pledge with
of the property only. Bonds are also further
the changing conditions.
street car the trustee of all outstanding bonds and stock (less directors qualifying
"The new company proposes that as soon as practical other
lines.of the New I ode fly. Corp. shall be motorized and the street-car track shares) of the Pittsburgh County Ky.
taken out. The ultimate object of the new company is to extend this plan Consolidated Earnings of Properties Owned 12 Months Ended Nov. 30 1925.
$1.155,661
to all .treet-car operation in Manhattan when and as soon as possible and Gross earnings
686,150
practicable.
(incl. current maint. & taxes other than Fed. taxes)
"Sixth, Seventh and Columbus Avenues, three of the traffic arteries, Oper. exps.
$469.511
would be immediately freed of street-car tracks under the plan, and Eighth Net earnings
Street and 116th Street for the most part would be immediately similarly Annual interest requirement.; on total funded debt
241.500
cleared of inflexible street railway lines.
-Company covenants to provide an annual sinking fund Sinking Fund.
The crosstown routes, 10 in number, would be operated at a 5 cent fare. for the Series B bonds, beginning Nov. 1 1926, equivalent to 1% of the
The longitudinal lines would be operated at a 10 cent fare. Free transfers principal amount of Series B bonds outstanding, to be used exclusively
would be issued from the 10 cent lines to the 5 cent lines and to the other
purchase or redemption of bonds of this series.
10 cent lines, and a 5 cent transfer would be sold on the 5 cent lines for use for the
Giving Effect to This Issue).
on the 10 cent lines. The transfer privilege would allow a person by use of Capitalization Outstanding as of Nov. 30'25 (After
$2.100,000
a transfer and retransfer to ride, from any point on the system to any other First mortgage gold bonds Series A 63.1% sinking fund
1,600.000
the system for a single fare of 10 cents. This is the most corn- First mtge. gold bonds Series B 6% sling fund (this issue)
point on
150.000
prenensive transfer arrangement which has been submitted with the pro- Divisional 6% bonds
960.500
prosals for motor-bus operation in the Borough of Manhattan.
7% cumulative preferred stock
provides for the recapture by the city for municipal Common stock of no par value (owned by Nat. El. Pow. Co.) 21.000 she.
"The proposal
operation after 5 years at a valuation to be agreed upon by arbitration.
-v.121, p. 332.
"The routes proposed not only include substantially all of those laid out
-Earnings.
Southwestern Bell Telephone Co.
by the City Board of Transportation, but also additional routes provided
1924.
1925.
for by the surrender of part of the perpetual franchise routes of the New
12 Months Ended Dec. 31$49,854.941 $44.618.858
Rallways-that is, Sixth, Seventh and Columbus Avenues and other Gross revenues
York
$12,797,026 $10,311,027
thoroughfares. Service on some of these routes can be inaugurated im- Operating income
mediately and the entire system can be completed and placed in operation -V. 121, p. 2275.
within 90 days.
Terre Haute, Indianapolis & Eastern Traction Co.
"Approximately 200 surface cars would be eliminated by the plan and the
1923.
passenger-carrying capacity of the borough's surface lines would be increased
1924.
1925.
Calendar Yearsvastly by tne installation of 210 double-deck and 202 single-deck motor Gross earnings
$5.058,804 $5.197.922 $5,499,428
coaches on the superseded 'electric lines and the additional new lines con- Operating expenses and taxes
4.000,623 4,040,502 4,178,203
templated, widen buses would be of the finest and most modern type and Rentals &c., deductions sub. cos628,279
614,951
626.233
practically noiseless.
45.970
47,049
48.263
Sinking funds, sub. cos
"Consideration was given in the plan of the system to the elimination of Interest on T. H. I. & E. bonds
271.490
267,599
263,316
inconveniences of unnecessary transferring by making provisions for the Sinking fund on T. H. I. & E. bonds..
160,175
164,076
168,359
through routing of vehicles between extreme points in the borough at a
$215.312
maximum cost of 10 cents to the passenger.
$63.745
def$47,991
Balance surplus
"The street car railway operation which the New York Railways Co. -V. 121, p. 751.
would immediately abandon under the plan are as follows: (a) Sixth
Avenue, (b) Seventh Avenue, (r) Columbus Avenue, (d) Eighth Street
-New Control.
Texarkana (Tex.) Water Co.
Crosstown, (e) 116th Street Crosstown, (f) Manhattan Avenue, (g) 109th
-V.97.P. 1360.
See American Water Works & Electric Co.. Inc.. above.
Street. (h) 108th Street, (I) Delancey Street and (j) Spring Street.
The new routes to be operated ender the plan are: (1) Seventh Avenue.
-New Directors.
Texas Power & Light Co.
Madison Streets,
Sixth Avenue. (3) Park Avenue.(4) Chambers4
l neest(6),hi3ree'()1an2seets8.ranc
Everett S. Owens, President of the North Texas National Bank of
Streets,
Dallas, Tex., and E. L. Ashcroft, President of the First National Bank
Street. of Sulphur Springs, Tex., have been elected directors.
eentral & Wet 23rd Street Perry,(9)49th & 50th Streets. (10)
-V. 121, p. 2158.
(11) 86th Street, (12) 96th Steet and (13) 116th Street.'-V. 122, p.340.
Rockford & Interurban Ry.-Receiver.-
-V. 121. p. 2877.
See Rockford City Traction Co. above.
---Receiver.
Rockford City Traction Co.
Adam Gschwindt, Gen. Mgr. of the Rockford Electric Co., has been
appointed receiver for the Rockford City Traction Co. and the Rockford &
-V. 115. p. 2047.
Interurban Railway.
-Stock Increased.
Southeastern Power & Light Co.
The stockholders on Feb. 19 increased the authorized capital stock
$7
from 3.600.000 no par shares (divided into 100.000 shares of no cum. pref.
par shares
stock and 3.500.000 shares of common stock) to 4,850.000
of
to be divided into 100,000 sharesof $7 preferred stock, 100,000 shares of
$6 preferred stock, 650,000 shares panic. pref.stock and 4,000,000 shares
of common stock.
Percival Cowan and Oswald Johnson, both of New York, have been
-V. 122.
elected directors, increasing the board from 12 to 14 members.
P. 483. 613.
-A. B. Leach
-Bonds Offered.
Seattle Lighting Co.
& Co., Inc., are offering at 98 and interest, yielding about
1%,
W $1,500,000 6% sinking fund gold debenture bonds.
in
Dated Feb. 1 1926, due Feb. 11936. Principal and interest payable
& A., without deduction for
New York and Chicago. Interest payable F. 2%. Central Trust Co. of
normal Federal income tax, not in excess ofc*. Callable all or part on
Illinois. trustee. Denom. $1,000 and e500 and interest. Penn. 4 mills
days' notice at 10264
any interest date on 30
not exceeding 4 mills, Ky. 5
tax. Conn. and Calif. personal property tax
Kansas 264 mills tax and Mass, income tax on interest not exmills tax.
ceeding 6% per annum, refunded.
Rufus C. Dawes, Seattle Feb. 20.
Data From Letter of V.-Pres.
-Is the exclusive manufacturer and distributor of artificia
Company.
district. Present company was incorp. in 1904;
gas in the greater Seattleof the company date back to 1873. Owns and
the original components
--11 4%
Third Ave. Ry., N. Y. City. / Int. on Adj. Bonds.
The directors have declared an interest payment of 1)1% on the Adjust-year mortgage 5% income gold bonds, payable April 1. A like
ment 50
amount was paid on April 1 and Oct. 1 last. On April 1 and Oct. 1 1924
interest payments of 261% each were made on the adjustment bonds.
V. 121, p. 2515. 2275.
-Annual Report.
Toledo Edison Co.
1922.
1923.
1924.
1925.
Cal. YearsElec. k.w.h.sold_ 293,499,070 235.441,088 234.878,220 182,358,530
Sales (gas) ceft_2,231,140,000 1.916.450.000 1.812.573.000 1.615,672.000
Gross earnings_ _
Op.exp.Si maint_
Federal taxes.. _ _
$9.231,218
5,143,923
236,711
$8,015.230
4,682.881
159.115
17.491.800
4,311.270
160.487
$6,585,960
3,869.150
1g8,322
Net oper. inc_
Other income___
$3,850.584
173.450
$3.173,234 -. $3,020.134
111,048
63,308
$2,588,488
81.198
Total income_
Interest
Res. for replace_
Preferred divs
Common divs_
$4,024,034
1,389,821
947,157
609.083
832,500
$3,284.282
1.338,033
855.433
408.395
1,248.750
$2,669,686
1,137.630
686.738
302.500
69,375
Balance
$245,473
-V.121. p. 1910. 1680.
$.3.083.442
1,220,174
730.294
307,271
277.500
def$566.330 sur.$548,203 sur.$473,443
-Dividend
Turners Falls (Mass.) Power & Electric Co.
Rate Increased-Annual Report.
The directors have declared a quarterly dividend of 2% on the outstanding $10,000,000 capital stock, par $100, payable March 31 to holders
of record March 15. In 1925 the company paid four quarterly dividends
of 1,4%.
The directors also declared a dividend of 20c. per share on the employees'
stock, payable as of the same dates. Previously 1764c. per share was paid.
1172
THE CHRONICLE
Results for Calendar YearsNet sales
Operating expenses
1925.
1924.
1923.
32,689,405 32,200,677 52,193,812
1,244,211
1,006,271
1,187,768
Net operating profit
Other income
$1,445,194 $1,194.406 $1,006,044
72,652
37,374
51,667
Total earnings
Interest
Federal income tax
Dividends
31.517,846 $1,231,780 31,057.711
$191,453
3203,790
5158.502
85.016
x67,563
49.000
704,134
580,643
579,695
nalance, Surplus
Profit and loss surplus Dec. 31
$776.013
3524,376
$352,340
x Including franchise tax amounting to 519.163.-V.
121, P. 1910.
United Gas & Electric Corp.
-Deposit
of Stock.
E. L. Phillips, President of the Empire Power
Corp.. announced on
Feb. 20 that holders of more than 90%
Gas & Electric Co. had deposited theirof the common stock of the United
stock under a
The time for depositing shares under the offer expiredmerger agreement.
Feb. 18. See V.
122. p. 613.
Bonds Called.
AU of the outstanding 30
-year collateral trust sinking fund gold bonds.
series A,dated April 1 1915, have been called for payment
and int. at the Guaranty Trust Co., 140 Broadway, N. April 1 at 102.%
Y. City.
The corporation announces that it will purchase
presented at the Guaranty Trust Co. before Aprll 1 any or all of the bonds
1926, at 10234 and int.
to the date of presentation.
-V. 122, p.613.
United Railways Co! of St. Louis.
-
Federal Judge Fans at St. Louis has ordered
Co., trustee for the general 4s, to issue to thethe St. Louis Union Trust
reorganization committee
36.000,000 additional bonds for $4.100.000 underlying bonds
and $1,900,000
cash. The unissued general 4s, amounting to 33.700,000, remaining
in the
trustee's hand, will be canceled.
Receiver Wells will use the $1.900,000 cash thus obtained and
$2,300.000
otner funds on hand to pay off 34,200,000 receivers' certificates, clearing
away the last legal obstacle to the reorganization of the
-V. 122.
system.
p. 1028, 483.
Utilities Power & Light Corp.-Divs. Payable
Stock.
The directors have declared the regular quarterly dividend in50c.
per
of
share on the class "A" stock, payable April 1 to holders of
record March 5.
The holders of class A stock have the right and option to accept,
in lieu
of their cash dividend, additional class A stock
for each share of class A stock standing in their at the rate of 1-40 of a share
names on March
by the close of business March 5, the stockholder advises the 5. Unless
that he desires his dividend in cash, the corporation will sendcorporation
to him on
April 1 the additional stock (or scrip for fractional shares) to which
he is
entitled.
A quarterly dividend of 25c. per share was also
B
stock, payable April 1 to holders of record March 5.declared on the class B
The holders
stock, or voting trust certificates representing such stock, have of class
and option to accept in lieu of their cash dividend, voting trust the right
certificates
for additional class B stock at the rate of 1-40 of a share for
class B stock standing of record in their respective names each share of
on March
Unless by the close of business March 5, the stockholder advises the 5.
corporation that he desires his dividend in cash, the corpbration will send
to
him on April 1 the additional stock (or scrip for
he is entitled. (Compare V. 101. P. 2754•) fractional shares) to which
The directors have also declared the regular quarterly cash dividend
of
$1 75 per share on the outstanding preferred stock, payable
April 1 to holders of record March 5.
The directors also voted to set aside a sum sufficient to pay the next three
quarterly dividends on the class A stock.
-V. 122. p. 349.
West Ohio Gas Co.
-Earnings for Year 1925.
-
Operating revenue
Operating expenses (incl. charge for retirement,
Uncoil. oper. rev.. $3.343: taxes, $42,358; total $34,846)
Deductions from income
Interest on funded debt
Class A pref. dividends declared
Class B pref. dividends declared
3672.165
479.437
45.701
23.376
60.000
21,000
31.500
Balance to surplus
$11
Chairman Samuel Insull says in part: This is the
of the company, which was incorporated late in 1924 first annualrea
in Ohio. In Dec.
1924. this company purchased the properties of the Lima Gas Light Co.
the Lima Natural Gas Co., the St. Mary's Gas Co. the Wapakoneta
Natural Gas Co. and the Celina Gas Co. On Jan. 23 1925 the company
'
purchased the gas property of the Hardin-Wyandot Lighting Co. at Kenton.
Ohio, for $110.000. Kenton and the other communities served by the
company are interconnected with gas transmission lines.
At the close of the year the company was furnishing gas service to 15.969
customers. Sales of gas during the year totaled 548,250,500 cubic feet.
V. 120. p. 2685.
Washington Water Power Co.
-Annual Report
-New
Financing.
The 36th annual report for the year ended Dec. 311925, says in part:
On June 30 1925, the company purchased the Nine Mile power plant
from the Spokane & Eastern Ry. & Power Co., together with its Spokane
substation, transmission lines to Spokane and the electric power business
which it had been supplying. The power plant has an installation of 16,000
h.p. and is located on the Spokane river, 13 miles northwest of the center of
Spokane. At the same time, contracts were made whereby the Washington
Water Power Co. will supply the power necessary to the vendor for the
operation of its lines of electric railway. With the purchase of this plant the
company now owns and operates 6 power stations on the Spokane river and
one on the Similkameen river with a combined installed capacity of 187.300
h.p. These stations supply energy to 1.264 miles of transmission lines and
an additional 1.273 miles of service lines.
During the year contracts were negotiated with the Great Northern Ry.
whereby the Washington Water Power Co. acquires the ownership of the
Chelan Electric Co.. a subsidiary of the Great Northern Ry., owning a
power site on the Chelan river in central Washington and certain storage
rights on Lake Chelan. Application has been made to the Federal Power
commission under the Federal Water Power act to authorize the construction of this project, together with the use of government lands on Lake
Chelan for the storage of an amount of water of approximately 640.000
acre feet. It is hoped that this license will be granted and construction
commenced early in 1926 upon the first 30.000 h.p. unit of this plant. It
is expected that the first unit will be placed in operation in the summer of
1927, by which time it will be needed to take care of the growth in the
company's power business. The ultimate installation, when complete
some years hence, will probably be 120.000 h.p. Coincident with the
arrangements for the purchase of the Chelan Electric Co.. contracts
were
made with the Great Northern Ry., whereby the power
the
future electrification of the railway between Wenatchee,necessary for and
Washington
Troy. Mont., when and if undertaken, will be provided by the Washington
Water Power Co.
In view of the present undertaking of the development of power at Chelan,
the construction of the first power installation at Kettle Falls may be postponed for some years.
At the close of the year 1925 the company had 5,042 stockholders,
including those purchasing stock on deferred payments.
The progress in the extension of customer-ownership of the stock of the
company was linterfered with by the changed
opplied generally 1.11 oo the so te tr1,st market egifp
public utilities stocks. 0wiz to gleconditions which
s
a
market price
seto
selling stock under the customer-ownership plan at that time and
not
since been resumed. In order to continue the customer-ownershipit hasand
plan
to supply the local demand for an investment in the company paying
return and having very ample security, the trustees are submitting a good
to the
annual meeting of the stockholders on March 8 a proposal for the issue
of
$5,000,000 of preferred stock.
A new general mortgage has been authorized by the trustees and its
approval by the stockholders is recommended. This general mortgage will
provide a means for economical financing of a considerable part of the cost
of the construction and development program of the company in future
years. It is proposed to secure further this issue of 5% bonds by canceling
the unissued balance now in the treasury of the company ($7,600.000) of
the 5% bonds due in 1939. A sufficient amount of the new general mortgage
[Vol.. 122.
bonds will be reserved to retire, at or before maturity, the underlying bonds
outstanding.
It is proposed to sell in 1926 a sufficient amount of
mortgage bonds to refund the short term indebtednessthese 5% general
of the company
amounting, Dec. 31 1925, to $4,400.000 and to provide in part for the
capital expenditures of 1926. including payments on account of the construction of the new power plant at Chelan and thereafter to provide for the cost
of additions to the property either by the sale of these bonds or
of capitol
stock as may appear desirable at the time.
It is expected that the present annual dividend rate of $8 per share can
be maintained through 1926.
Balance Sheet, December 31.
1920.
1924.
1925.
AssetsLiabilities$
Plant & equipment34,611,293 31,828,493 Capital stock
23,001,500 20,0 4 300
1 73
5 '
.
Invest. in 0th. cos_ 4,537.480 4,629,328 Prem. on cap. stk_
32,461
73,620
Cash
839.510
219,258 Cap. stock sitbs__
243,526
84,878
Mater.& supplies_ 550,183
509.464 5% coll. tr. bonds_ 215,000
227,000
Notes & Reels rec _ 1,135.143 1.071.601 5% 1st ref. mtge.
Prepaid accounts_
20,514
4,b99
bonds
Subsc, to cap. stk_
60,738
278,993 3-4-5% debentures 5,40
0
1 41
1 310%09 5,461,070
Suspended Imola__ 745,094
323,176 Okan. Val.Pr. bds. 247.700
298,000
2-yr. 6% notes
3.600,000 3,600,000
Notes payable__
200,000
800,000
Accounts payable_ 202,498
208,091
Divs. pay. Jan. 15 409.272
408.884
Accrued accounts_ 645,628
595,231
Unadjusted credits
199,699
73,079
Surplus, retirement
Total (ea. side).42,499,964 38,817,809 and damage res_ 8,380,790 5,510,618
The usual comparative income account was given in V. 122, p. 885.
West Penn Co.-Unifiration Plan Adopted.
-
The stockholders have adopted the offer of the West Penn Electric Co.,
which will result in the consolidation of all the subsidiary electric companies
of the American Water Works & Electric Co.,
into the new West
Penn Electric Co.. all of whose common stock will be owned by American
Inc.,
Water Works Jr Electric Co.(see that company in V. 121. p.2873 and 1458)•
These properties consist of the West Penn Co., the Potomac Edison Co.
and the Keystone Power & Light Co.
-V. 121, p. 2878.
West Penn Electric Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of $1.223,600
preferred stock (par $100), of a series of preferred stock designated "7%
cumulative preferred stock"; and 5,422 shares class A stock without par
value, on official notice of issuance, making the total amount applied for
322.124.7007% cumulative preferred stock; and 59,258 shares class A
stock (no par value)
.-V. 122, P. 215.
Western United Corporation.
-Notes Called.
-
The company will redeem all of the following collateral gold notes, dated
Aug. 1 1921, at the Northern Trust Co.. trustee, Chicago. Ill.: The series
B and C 634s at 101 and int. on Aug. 11926: the series D 6s at 102 and int.
on July 1 1926, and the series E 534s at 10034 and int. on June 1 1926.
The noteholders may deposit the notes for payment any time prior to
date of redemption and receive par plus premium and interest to date of
call, discounted on a 434% bank discount basis. See also V. 122,9. 885•
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-On Feb. 19 Arbuckle Bros. reduced price 10 pts.
to 5.15c. per pound. On Feb. 24 Federal Refining reduced price 5 ph.
to 5.I5c. per pound.
Garment Stri:re in Boston. Mass.
-About 4.000 workers employed In
200 cloak and dressmaking establishments went on strike for following
demands: (a) 5
-clay, 42
-hour week in dress industry and 534 day. 44-hour
in'cloak industry; (b) minimum wage scales of $1 45 per hour for pressers,
65c. for finishers and $1 for piece workers; (c) time-and-a-half for overtime
for week workers and $1 an hour for overtime for piece workers. "Times"
Feb. 26. p. 2.
Contemplated Strike of 22,000 Employees in 1.000 Dress Shops Averted
by Mediating Efforts of Su'Ireme Court Justice Joseph M. Proskatter.Impartial chairman to settle disputes which cannot be settled by direct
negotiation. New York "Times' Feb. 24.
Coal Price Placed at $15 25 per Ton.
-Burns Bros. announce price of
$15 25 for chestnut ana egg: 315 75 for stove and $11 for pea. "Wall
Street Journal" Feb. 25. p. 1.
Maters Covered in "Chronicle" Feb. 20.-(a) Trust companies in New
York and elsewhere, p. 933. (b) Collapse of pool in Devoe & Reynolds
common stock, p. 949. (c) Failed brokerage firm of Jones & Baker pays
final dividend. p. 950. (d) Consolidated Stock Exchange gets stay of
hearing in temporary injunction proceedings until Feb. 26
-New officers
elected-Plans reorganization, p. 950. (e) Rubber Exchange of New
York, Inc., begins operations, p. 950. (f) Government sues to halt
formation of National Food Products Corp.
-Defendants accused of
reaching out for control of milk, ice cream and chain groceries
-monopoly
alleged aim, p. 957. (g) Signing of agreement at Philadelphia for settlement of anthracite coal strike-Mining resumed, p. 959.
Abraham & Straus, Inc.
-Listing.
The New York Stock Exchange has authorized the listing of 34,250.000
7% cumul. pref. stock (par $100) and 155.000 shares of common stock
(vritnout par value). Compare V. 121, p. 2878; V. 122, p. 216.
Adams Royalty'Co.
-Initial Quarterly Dividend.
-
The directors have declared an initial quarterly dividend of 50 cents a
share, payable April 1 to holders of record March 10. See offering in V.
122, p. 349.
Ajax Rubber Co., Inc.
-Annual Report.
-
Calendar YearsGross sales
Cost of sales, &c
1925.
1924.
1922.
1923.
$19,868,825 316,516,716 316.068,710 312,189.938
18,303.063 x15,401.842 x15,632.742 x11.632,651
Net earnings
$1.565.762 31,114,874
Miscellaneous income.. _ _
198,804
169.412
3435,968
116,917
5557.287
108,537
Net profits
$1,764,566 31,284,286
Federal taxes
118,177
Depreciation, int., &c__
641.321
620,158
Extraordinary adj
5552.885
See x
569,322
y543,953
8665,824
639.287
Balance. surplus.....-. 31.005,069
3664.128 def$560,390
$26,537
xlncludes Federal taxes. y Includes loss from liquidation of certain
subsidiary companies and inventory adjustment. &c.
-V. 121, p. 710.
-Listing.
Amerada Corp.
The New York Stock Exchange has authorized tho listing of 713,300
shares of common stock (without par value) on official notice of issuance
In exchange for present outstanding common stock, par $10 per share at
the rate of one share without nominal or par value for cacti, share of the
par value of 310 each, or upon official notice of issuance in exchange for
outstanding interim receipts of Dillon, Read & Co.
Consolidated Income Account Calendar Tears(Incl. Subsidiaries).
1924.
1925.
Operating income
35.690,388 $8,173,685
Purchascs, oper. and adm. exp. (excl. Fed. taxes). 1,950.685
2,727,434
abandoned, &c
Leases
547,933
939,991
Other income
53.191.770 34,506.261
192,914
103.330
Net profit
Depreciation
Depletion
Federal taxes (estimated)
Net profit
Balance, Jan. 1
Adjustments relating to prior years
Transferred to special reserve
Dividends paid
33,295.100 $4,699,175
937,938
732,147
1,153,618
1,363,413
89,442
2,518.177
1.199,539
986,738
1,471,638
Dr.356,635
500,000
879,750
827,805
Balance, Dec. 31
$086,738 32,625,165
FEB. 27
1926.]
THE CHRONICLE
Consolidated Balance Sheet
-Dec. 31.
1924.
1925.
1924.
Assets$
$
Mobilities$
Cash
$338,654 $1,433.974 Accounts payable_ 744,475
receivable_ 532.340
Acc'ts
487,417 Notes pay. & int.
Notes receivable
12,931
4,931
accrued
200,778
Stun,. accts. def.
Res've for Fed.ta x
charges, &c.--13.546
28,380 General reserves._ 500,000
Stocks of oil and
Special reserves... 1,000.000
gasoline
1,265,196
616,683 Capital stock
5,856,000
Investment
42,300 Surplus
986,738
Properties, plant &
equipment
7,125.322 8,596,723
Total
9,287,991 11,210,410
See also V. 122, p. 752, 885.
Total
1925.
1,112,802
89,442
500,000
1,000,000
5,883,000
2,625,165
9,287,991 11,210,410
Advance Bag & Paper Co., Inc.
-Creates New Issue of
Preferred Stock-Offer Made Present Holders of 7% Pref. Stock.
The stockholders on Feb. 17 authorized a new issue
preferred stock. This stock is to be issued only in exchangeof $6 dividend
preferred stock on the basis of 7 shares of the new $6 stock for present 7%
and 3,ti
of :A% prior lien preferred stock for each 10 shares of 7% preferred shares
stock.
The company was authorized to offer additional 8% stock at par for accumulated dividends thereon.
-V. 121, p. 2158.
American Bank Note Co.
-Combined Income Account.
Calendar YearsNet Profits
Depreciation
1925.
1924.
1923.
1922.
41,927.510 $2,199,388 $2.280,713 81,992,861
294.381
289,010
292,024
289.102
Balance
$1,633,129 $1,910.378 $1.988,689 $1,703.759
Miscellaneous income_ _ 168,342
y305,874
155,370
200,346
Total
$1,801.471 $2,216,252 $2,144,059 $1,904,104
Misc.int.& sundry deduc
14.057
25.520
37,031
36.904
Pension fund.,
40.000
40.000
40,000
40,000
Profit-sharing plan
z147,473,
193.233
. 50
Pref. dividends (6%)269.739
269.739
269.739
269.739
Common dividends. _ a(20%)989.050(25)1236.312(19;4)9134101
(30)1348,710
Divs.pf.stk.for'n sub.cos
35.400
21,797
4.476
Balance surplus
9305,752
$414,914
$618,461
$16.019
Previous surplus
5,917,299
5,502,385
5,109,211
5,542.763
Val. of bldgs. & mach_
Dr.225.289
Total surplus
Corn. thy., stock (10%)- 86,223,051 85.917,299 85,502,385 85.558.782
449.570
Profit & loss, surplus_ 86.223.051 $5.917,299
85.502.385 85.109.211
a 10% regular and 6% extra on stock $50
par value, and 40c. regular on
$10 par value stock. x Profits of the manufacturing and commercial
business, after deducting repairs and provisions for bad debts, and for all
taxes accrued, including income taxes, but
combefore providing
pensation or for depreciation. y Includes dividends on for specialstock
Common
held for resale to employees. z Sr ecial compensation of 15% of combined
net profits of American Bank Note Co. and subsidiaries in excess of fixed
minimum of $764,264 distributable under profit-sharing plan.-V. 121.
P. 2879.
American Can Co.
-Balance Sheet Dec. 31.-
1173
certificates representing 175,000 shares of common stock, announcement
was made of the election as President of the company of Arthur E. Swanson, formerly Vice-President of the American Radiator Co. Brinton F.
Hall and R. H. Hall, formerly respectively President and Vice-President of
Belding Hall Co.. were elected Vice-Presidents. See also V. 122. p. 753.
American Safety Razor Corp.
-Earnings.
Calendar Years1924.
1923.
1925.
Net after all charges, deprec. & Federal taxes_ $1,080,216 81,020,972 $ 684,317
1922.
$680,720
Tax Board Decision Relieves Company of Liability of
$1,000,000.
By a decision of the U. S. Board of Tax Appeals, the company is relieved
of a liability of $1,000,000, against which ft has a contingent reserve set
aside for some years. Frederick H. Hoffman, Arthur Zinn and Martin
Zinn won their appeal against the decision of the Commissioner of Internal
Revenue that gifts of stock to their wives were not bona fide gifts. They
gave stock in their razor business to their wives who in turn sold such stock
to the company and the board held the transaction provided no taxable
gain to the men. The company while not a direct party to the case, had
agreed to pay $1,000,000 of the amount asked by the government in case
these three men lost their suit.
-V. 121, p. 2640.
American Snuff Co.
-Balance Sheet Dec. 31.1925.
Assets
Real estate, machinery & flxt.,
trade-mks., &c.12,331,762
Supplies, dtc
8,921,384
Securities
1,042.826
Cash
1,610,835
Bills & accts. rec.. 1,021.685
1924.
1925.
Preferred stock__ 3,952.800
Common stock_ _ _11,000.000
59,292
12,262.709 Pref. div. payable.
6,385,597 Corn. div. payable 330,000
830,949 Taxes, ins., adv.,
2.164,804
disc'ts. &c.. res. 890.568
1,086,149 Depreciation res.. 1,687,111
98,08.5
Accounts payable_
Total (each side)_22,928,492 22.730.208 Undivided profits. 4,910.639
The usual income account was published in V. 122, p. 1029.
1924.
3,952,800
11,000,000
59,292
3 000
30.
875,464
1,557,845
127,158
4,827,649
American Stores Co., Phila.-Change in Div. Date.
The transfer books of the company will be closed from the clo3e of business
Feb. 24 until the beginning of business April 2 for the annual meeting to be
held March 17. According:y the stock will sell ex-dividend of 50 cents per
share on Feb. 24 instead of March 16. as previously announced. Bee
V. 121. p. 2276.
American Surety Co.
-New Member of Board.
The company has announced the election as a member of its board of
trustees of F. 1'. Small. President of the American Express Co.
-V.122, D.
613.
American Window Glass Co.
-Opens Plant.
The company has resumed operations at its Kane, Pa., plant, employing
-V. 121, p. 2160.
250 workers.
American Woolen Co.
-President Pierce Denies Report
of Unauthorized Stock Issue.
Commenting on rumors of a supposed unauthorized issue of stock or other
securities by the company. Andrew G. Pierce, Pres., says: "I have no word
of anything of the sort and think it must be bear speculators trying to
depress the stock. The company is as sound as a rock. No securities have
been issued by anybody without authority. Today the surplus of the
-nearly $25.0W,000. -V. 121. I)
company is more than $24,000.000
2405, 333.
•
1925.
1924.
1924.
1925.
Assets$
$
$
$
Plants, real est.,
Preferred stock_ 41,233,300 41,233,300
&c., incl, new
Anglo-American Corp. of South Africa. Ltd.
Common stock_ 41,233,300 41,233,300
construction .103,189,718 99,178,628 Deb. bonds and
The following are the results of operations for Jan. 1926:
Other investmla
372,170
382,420
accrued int.
Tons. Total Yield Estimated rsstinletted
8,297,333
Investments for
Accts.& bins nay 7.317,537 5.271,827
Crushed. (Ozs. Pine). Value.
Profit,
employees'anRes. for employ.
£54,094
30,284
80,000
£128,042
Brakpan Mines, Ltd
nuity fund...._
561,397
510,028
annuity fund.
519,312
30,064
£60.380
67,600
E127.206
252,856 Spring Mines, Ltd
Deb. bds. owned
2,979.637 Res.for Fed.tax. 3,000,000 2,150.000 'West Springs, Ltd
/29,
47,600
£73,797
17,455
U.S.Gov.secur. 5,028,906
100,590 Pref. diva. pay.
721.583
See also V. 122, p. 1029,614.
721,583
Cash
15,270.325 21.564.841 Com. diva. pay_ 1,752.415 1,340,082
Accts.&billsrec. 8.426,490 6,829,721 Contingent Ms_ x9,880,509 10.981,625
-Bonds
Arnold Print Works, North Adams, Mass.
Marls & prod._ 26,154,043 23,075,893 Surplus
53.345,092 43,140.050 Offered.
-Ames, Emerich & Co., New York, are offering at
Total
159,003,048 154,621,757
Total
159,003,048 154,821,757 99 and int., to yield about 6.10% $2,750,000 1st mtge. 6%
x Consists of insurance reserve, $3.831,170; Federal tax reserve,
$1.018.- sinking fund gold bonds. Dated Feb. 1 1926; due Feb. 1
678: inventory reserve. $4.059.731: miscellaneous reserve. $970.930.
1941. Full details in V. 122, p. 1029.
The usual comparative income account was published in V. 122.
p. 885.
American Colloid Chemical Corp.
-Transfer
Agent.
The Equitable Trust Co. of New York has been appointed transfer
agent
for the voting trust certificates of the above corporation.
American Mfg. Co.(Mass.).
-2% Extra Dividend.
-
The directors have declared an extra dividend of 2% on the common
stock. payable March 31 to holders of record March 17.
The directors also declared four regular quarterly dividends of
1 X %,
each on the preferred stock and 153% each on the common stock. payable
March 31,July 1, Oct. 1 and Dec.31 to holders of record two weeks previous.
Calendar Years1923.
1924.
1925.
Sales of goods (approximately)
$13.500,000 $14.500,000 $21,000,000
Earnings, after int., taxes and deprec_
1,522,960
Addition to surp. after exps. & divs
795,272
Balance Sheet Dec. 31.
1925.
1024.
1925.
1924.
$
Assets
$
Liabilities$
$
Plants, water powCommon stock__ 8,800,000 8,800.000
ers, warehouses
Preferred stock__ 4.000.000 4.000.000
13.454.817 13.320.954 All debts and tax
and lands
1,411,215 1,783,580
Cash
reserves
5.330,340 5,621.859
Salable securities_ 269,520
218 974 Surplus funds_ _ _ _ 6.906,652 6.111,380
Ace'ts & notes rec. 2,703,833 2,131,820
Wise & material. 6,531,400 6.740,793
Supplies & undistributed charges 686,201
337,117
Total(each side)25,036,992 24,533,239
-V. 120, P. 1092
.
American Rolling Mills Co.
-Annual Report.
-
Associated Oil Co.
-Listing, &c.
The New York Stock Exchange has authorized the listing of $4,000,000
additional capital stock (par $251, on official notice of issuance, making
the total amount applied for $60,000,000 (total authorized issue).
-51.000 shares on official notice of issuance to Pacific
Purpose of Issue.
Oil Co., to complete payment for certain assets, properties and rights acquired from the latter company. Any excess of less than 600 shares not
applied to this payment to be used for any lawful purpose approved by
board of directors.
109.000 shares (a) in exchange for stock of subsidiary companies, and
(b) for sale of stock to the employees of the corporation.
The Associated Oil Co. has acquired (and desires to complete payment
tnerefor by delivery of 170,424.46 snares of its own capital stock) the
interests of the Pacific Oil Co. in lands and companies in which both Associated Oil Co. and Pacific Oil Co. have ownership. viz.: (a) Associated
Supply Co. (an oil well supplies concern) the capital stock of which is
owned in equal proportions; (1)) certain oil properties and lands in California.
Texas and Alaska, Jointly owned in undivided half interests; and (c) the
Miley-Keck Co. (an oil company) of Calif., the capital stock of which is
owned 43.39% by the Pacific Oil Co.,and 56.61% by the Associated 0110o.
The acquisition arises from a separation of interests of the Pacific Oil
Co. and the Associated Oil Co. through the consolidation of the former
with the Standard Oil Co. of California, prior to which consolidation the
stock of the Associated Oil Co. held by the Pacific Oil Co. will be distributed to tho shareholders of the latter. As the Pacific Oil Co. will then
retire as an operating company, it becomes desirable that the joint interests
named he acquired by the Associated Oil Co.
Payment in Associated Oil Co. stock is proposed at average market price
as of Jan. 1 on New York Stock Exchange; the value of the properties sold
as of Jan. 1 1926 by the Pacific Oil Co. is now being tentatively determined
by appraisal, following which final value will be given by agreement or
arbitration.
Of the 170,425.46 shares required for the purpose only about 120,000
shares are now available In the treasury of the corporation; and it is desired
to apply 51.000 shares additional to complete the matter.
Earnings of Associated Oil Company and Proprietary Companies.
Income
Per Share
Depreciation and Excess
Common
Net
Cal. Yrs.- Earnings.
Stock.
Prorts.
and Dep.. Profit Taxes.
1920
812.459.446
82.257,270 $1,394,457
88.807,718
85.54
1921
11,182,085
5 13
8,157,952
303.249
2.720,882
1922
7,350,778
264
298.385
2,861,825
4,190,567
1923
10.944,395
4,712,334
a5,950,682
281.377
2 66
1924
11,589.856
4,650,524
2 86
6.4.05,329
534,001
1925b
3.707,298
3.817.831
4
9.071.668
817.798
a Includes earnings of the Amalgamated Oil Co., which company was
merged with Associated Oil Co. Dec. 28 1923. Is 10 months ended Oct. 31.
Calendar Years1925.
1924.
1.123.
1922.
834,257,812 $28.679.818 426.691,235 520,294.205
Net sales
$2,..212,308 $21,745,416 818.402,878 $13,823,555
Cost of sales
Maint.& repairs to plant 2,665,143
1,720.069
2.047.139
1,685,721
Depreciation reserve... 1,283.162
1,073.614
1,066.3'75
301.329
Idle time expenses
120,764
Grossprofitfronloper. /5097.192 54,140.719 $5,174,843 83.762,836
Other operating income_
11,011
32,750
46,622
85,097.199 84,151,730 55.207.593 33.809,458
Total income
750,437
Advtg. & selling expense
737.047
603.602
1.276.532 . 1,083,063
Admin. & general exp.. 2,057.502
788.298
$3,039,697 $2,124,761 83.387,483 82,417,557
Net profit
income
667.781
1,617,502
463,529
Other
304,148
Gross inc. (all sources) 83.707,479 $3,742,263 $3,851,012 $2,721.705
491,708
568,408
158,381
Interest paid
290,340
Sub. Co. Dividend.
329.460
328,800
219.733
Federal taxes
175,000 $5The West Coast Oil Co., a subsidiary, has declared an extra dividend of
Prov.for inv. adjustm't_
a share and the regular quarterly dividend of 81.50 a share, both payable
1,320
1,320
1.620
3,501 April 5
Cash divs.-On 6% pref.
holders of recorel March 22. On Dec. 211925. the West
89.301
481,800 April paid
On 7% deb. pref.stock
Oil Co.
an extra dividend of $10 a share.
819,401
826,948
-V.122. P.886.
807,671
On 7% cum. pref. stk.
1,639.622
1.514,712
1,428.204
Atlantic Gulf & West Indies SS. Lines.
On cOmmon stock__ -- 1.721.186
Results for Month of Dec. and 12 Months Ending Dec. 31.
$344,335
8377,165 81,059.595
Balance, surplus
5392,861
surplusx$12,123.727412,810,516 813,314,328 $12,156.644
1925--Dee.--1924.
1925--12 Mos.-1924.
Final
stock dividend of $1,049,644 on the common stock Operating revenue
83.540.805 $2,616.668 $33,504.299 927.294.361
x After parent of a in
Net after deprec
000.000
1924.-V. 120. p. 2151.
3,330.
3,988,933
432,254
198,836
in 1925 and
Gross income
3,775.698
4,432.849
523,299
339,551
-Listing-Officers.
American Electric Corp.
Int.,rents & taxes
2,412,993
238.470
228,420 2,529,698
Simultaneous with the listing by the New York Curb Market Association Net income
1,362,705
1.903.150
101,081
294,879
5 .9/3 sa tr of zits A ca nalitive coavart,ola st.)ca ant votiag trust -V. 122, p. 614.
1174
THE CHRONICLE
Auburn Automobile Co.
-Business Increasing.
It is announced that January was the biggest month in the history of
the company, shipments exceeding by 20% those of June 1925 which
established the previous record. Auburn dealers have no stock of cars
on hand and deliveries are being made to retail buyers as rapidly as cars
are received.
Theannouncement further states that orders on file are running far ahead
of production and schedules are being arranged for an increased number of
Auburn cars as rapidly as possible. V. 122, P. 1030.
Baltimore Tube Co.
-Annual Report.
Calendar Years1925.
Operating profit
$156,975
Depreciation
173,492
Amort.of def'd chge., &c.
11,019
Balance, deficit
-V. 120. p. 2405.
$27,536
1924.
$145,482
169.574
14,360
1922.
1923.
$327,734 loss$251,077
169,849
168,998
29,371
9.360
$38,452 sur$149,376
$450,296
Bankers' Indemnity Insurance Co., Newark, N. J.
Stock Sold.
-Milliken & Pell, Newark, N. J., have sold at
$15 per share 100,000 shares capital stock (par $51.
[vol.. 122.
in 1925, and more than twice total preferred dividend requirement upon
completion of this financing.
Consolidated Balance Sheet Dec. 31.
•
1924.
1925.
1924.
1925.
AssetsLiabilities
•
b
.
Property acc't_ _448,228,470 430,078,228 7% cum. pf stk. 48,661,645 45,143,910
8% cony. pf.stk. 11,229.700 14,288,600
Funds for mtge.,
&c.,redemp__ 1,159,778 1,183,671 Common stock_180,151,900 180,151,900
Cambria Ir. Co.
Contingent Instock
8.465,625 8,465.625
surance fund_ 6,170,461 4,750,301
Investments __ _ 3,285,221 4,689,616 Funded&secured
226,489,944 237,142,264
debt
Inventories _ 69,178,536 79,850,021
1,055,000
Notes payable
Inv.in & adv. to
affiliated cos_ 9,198,880 9,140,970 Acc'ts pay.(Incl.
adv. pay. on
Acc'ts and notes
receivable__ __ 36,331,441 35,419,950 contracts, dm.; 25,343,867 24.373,961
Bond in accr'd 3,408,408 3,563,968
Pref, stock held
1,075,770 1,075,230
for employees 3,973,097 2,354,625 Divs. payable
Contingent,&c.,
Marketable sec., .
reserves
9.247,830 8,358,116
incl. Lib. bds.
& Treas. ctfs_ 17,162,641 33,070,280 Appr.for & Inv l
in additions I
Cash in banks,
to property &)103,100,166f 88,000,000
22,227,883 16,535,070
&c •
549,720
working cap_
258,447
Deferred charges
6,003,878
Unappro.surp_
Company.
-Has been formed to transact a regular casualty business along
customary agency lines. It will give particular attention, however, to
automobile liability and property damage insurance. In this connection it
is the purpose of the company to immediately place in operation a highly
617,174,855 617.622,452
Total
Total
617,174,855 617,622,452
competent organization to properly underwrite its business and to speedily
To Increase Authorized 7% Pref. Stock to $100,000,000
and equitably adjust claims. As a matter of course, it will bend its efforts
to the selection of preferred risks.
Common Stockholders' Rights.
-The stockholders will vote
The operation of the company will be under the direct supervision of
from
its V.-Pres. and Gen. Mgr. Frederick E. Wilkens, of Newark, who comes April 6 on increasing the authorized 7% preferred stock
to the organization from the Globe Indemnity Co. of Newark.
877,000,000 to $100,000,000. If the increase is authorized,
Capital- Stork. $500,000. Surplus. $1.000,000.
Officers are: Pres., John L. Conover; Vice-Pres. and Mgr., Frederick E. $35,000,000 additional 7% pref. stock will be offered at
Secy., Alfred D. Way; par to common stockholders (see below). A letter to the
Wilkens; Vice-Free, and Treas. Frank V. Kelly;
and Counsel, Charles H. Pilgrim.
'
says in substance:
Directors.
-John E. Ackerman, Francis L. Bittles. John H. Conover. stockholders
Corporation has been engaged in a construction program, the principal
Alfred De Cozen, M. Munn Dodd, Frank V. Kelly, August C. Linde,
Oscar H. Merz, Thorold W. Pell, Charles H. Pilgrim, Jacob L. Schwarz, features of which were the modernization of the Lackawanna. Cambria
Joseph H. Senior, B. J. Van Ingen, Alfred D. Way. and George V. S. and Midvale properties acquired in 1922 and 1923, and additions to the
Maryland plant. This work is now virtually completed and has resulted
in very substantial reductions in manufacturing costs and in considerable
-Consolidated Earnings.
increases in plant capacity, the benefits of which have just begun to be reaBarnsdall Corp.
1922.
1923.
lized. The increasing demand, however, for certain products has proven
1924.
1925.
Calendar Years$3,094,001 $1,255.908 $181,848 $260,125 to be greater than the corporation can meet even with its present manufacNet after Federal taxes
turing facilities. It is, therefore, important for the corporation to round
-V. 122, p. 1030.
its facilities in certain lines in order
this demand. Based
-Stock.
- outactual results of present operations, theto satisfy are confident that the
Baugh Machine Tool Co., Springfield, Mass.
on
directors
The company has canceled 1.123 shares of preferred stock, par $100. additional production can be sold at a satisfactory profit, and, therefore,
purchased for the sinking fund, thus reducing the outstanding capital that the proposed plant extensions will result in a profitable increase in the
stock to $387,700 preferred and 50,000 shares of common stock, no par corporation's business.
The funds required for the construction and rebuilding program above revalue.
-V. 121, p. 3134.
ferred to were provided partly from earnings and partly from the sale of
-Annual Report.
Bayuk Cigars, Inc.
bonds. In the opinion of the directors the proposed extensions should
1922.
be financed principally by the sale of stock rather than out of earnings, for
1924.
1923.
1925.
Calendar Years.Gross earnings
$2,122,188 $2,225.991 $2,227,995 $2,346,775 two reasons. In the first place, this will insure the prompt conunencement
40.553 and completion of the work. In the second place, the directors believe
58,323
111,805
45,193
Other income
that it would be unfair to the holders of the common stock to appropriate
Total income
$2.180,511 $2,337,796 $2,273,188 $2,387,328 for such purposes its entire earnings, thus depriving them of any participaExpenses, interest, &c.._ $1,453,236 $1,346,123 $1.233,936 $1,102,842 tion therein through dividends when the resumption of dividends would
160.560 otherwise be warranted.
Federal taxes
93,224
129.388
136,920
91,280
129,717
Fortunately, the corporation is able to secure the necessary funds for the
First preferred dividends
136.064
95.418
Second preferred divs_
102,440 proposed extensions by the sale of its 7% cumulative preferred stock. Ac86,963
87,190
98,868
cordingly, the directors have, subject to the authorization of its stockholdSurplus
$930.206 ers, approved an agreement with its bankers whereby they are to effect the
$417,371
$639,030
$708,046
sale for the corporation at par, plus accrued dividends, of $35,000,000 7%
-Z.121, p. 2043.
cumulative preferred stock. Part of this stock is already authorized and it
Beech-Nut Packing Co.
-Earnings.
is proposed to provide the remainder by an increase in the amount of the
Calendar Years1922.
1925.
1924.
authorized 7% preferred stock from $77,000,000 to $100,000,000.
1923.
The proceeds of this sale of 7% imeferred stock will provide funds for the
Net profits, less estimated
$2,099,243 $2.187,600 $2.013.695 $1.937,480 proposed extensions and also for the retirement by purchase or redemption
Federal taxes
The sales of the company and its affiliated companies for the year 1925 of such of the 8% muntlative convertible preferred stock as shall not be
exchanged for the 7% preferred stock.
showed an increase of 13.7% over the year 1924.--V. 121. P. 2043.
The retirement of the 8% preferred stock will be the final step in the con--Usual Quarterly Dividend.
Belding Heminway Co.
summation of the plan which the corporation adopted in 1922 for the simThe directors have declared a regular quarterly dividend of 75 cents plification of its financial structure by consolidating its outstanding stocks
per share on the Common stock, no par value, payable April 1 to holders into two classes, viz., the 7% cumulative preferred stock and the common
of record Mar. 20. This is the same rate as was paid on the stock of the stock, both with full voting rights. To that end the holders of the 8%
Belding Bros.& Co., which recently changed its name to fielding Hemlnway preferred stock were given the right, subject to termination by the directors,
to exchange their stock for the 7% Preferred stock. More than $22,000.000
Co.
-V.122, p. 887, 351.
of the 8% preferred stock out of $30,000,000 originally issued have been
-Guaranty exchanged and exchanges of additional amounts are being made daily.
Bethlehem Steel Corp.-Pref. Stock Offered.
Directors
Co. of New York, Bankers Trust Co., National City Co., stock not believe that the comparatively small balance of the 8% preferred
so exchanged should be retired by purchase or redemption, and
J. & W. Seligman & Co., Lee, Higginson & Co. and Chas. in the agreement with the bankers the corporation has agreed to so retire
the unexchanged balance of the 8% preferred stock on or before April 1
D. Barney & Co. are offering at 100 and div. (from Jan. 1 1928. As a result of the retirement of the 8% preferred stock, the 7%
preferred stock will become the only class of pref. stock outstanding.
1926)$35,000,0007% cumul. pref. stock (not redeemable).
In order that the holders of the common stock may have full opportunity
This stock is offered subject to ratification by the stockholders. Pursuant to an agreement with the corporation, holders of record of common to participate pro rata in the purchase of the 835,000,000 7% .Preferred
preference in the allotment upon stock, the directors have provided in the agreement with the banners that
stock on Mar. 6 1926 are to be given a
orders received from them for this preferred stock prior to that time to an they will receive subscriptions by the holders of the common stock until
amount equal to one share thereof for each five shares of common stock the close of business on March 6. the time at which the books for the transfer thereof will close for the meetings of the stockholders and that in allotthen held.
Seven per cent preferred stock authorized to be $100.000,000. Pre- ting subscriptions they will give preference to the holders of the common
ferred stock now outstanding is divided into two classes: 8% cumulative stock to the extent of one share of 7% preferred stock for each 5 shares of
convertible preferred stock and 7% cumulative preferred stock. As con- the common stock held. Owners of common stock, whether or not of record.
versions of 8% preferred into 7% preferred are being made continually, who desire to subscribe for the 7% eferred stock should immediately send
Co.
the relative outstanding amounts of the two stocks change daily. Based their subscriptions to Guaranty C of New York, syndicate manager.
140 Broadway, New York
on figures for Feb. 20 1926, and giving effect to issuance of this $35,000,000 is not held of record, they City, and. If the common stock owned by them
should have such stock transferred of record into
preferred, amounts outstanding are $7,799.300 8% preferred their names
additional 7%
on or before Mar.6.-V. 122. p. 754, 603.
and $87,606,605 7% preferred. 7% preferred stock is entitled to cumu-J.
lative dividends payable Q. out of surplus or net profits remaining after
Bendix Corp. (111.).
-Earnings in 1925.
preferred
Payment of dividends on 8% preferred. Both the 8% and 7%
Net earnings of the corporation in 1925 more than covered dividend
stocks rank equally as to assets and in case of voluntary or involuntary requirements of $130,000 on the
65,000 shares of class A stock, according
dissolution are entitled to payment of $100 per share and divs. 7% pre- to President Vincent
Bendix.-V. 120. p. 962.
ferred stock has full voting power. Dividends exempt from present normal
Federal income tax. Transfer agent. Equitable Trust Co., New York;
(E. W.) Bliss & Co.
-Reorganization Plan Approved.
registrar, Guaranty Trust Co., New York.
The stockholders have approved the plan of reorganization as outlined
Data from Letter of E. G. Grace, President of I he Corporation.
In V. 122, p. 887.
President James W. Lane states: "The situation in the machinery busiCorporation.
-Through its subsidiaries, is the second largest producer
of steel in the United States, having a present steel capacity of 7.800,000 ness is quite satisfactory. We are still over 4 months behind in the bulk
gross tons per annum. It has as wide a range of activities and products of our lines, although the eastern and western plants are running full.
as any other steel company in the world. Its properties are thoroughly some operating two shifts. The Brooklyn (N. Y.) plant, except the
Integrated. Its reserves of raw materials are sufficient to supply its re- torpedo section, is going 100%."-V. 122. p. 887.
quirements for many years.
(Sidney) Blumenthal & Co., Inc.(The Shelton Looms)
Construction Program-Extensive construction program for modernizing and developing Lackawanna. Cambria and Midvale properties and
adding further finishing capacities is now virtually completed and results -Consolidated Income Account for Calendar Years.
(Including South River Spinning Co., Inc.]
have entirely justified expenditure involved. Increasing demand for certain products in territory served exceeds present capacity and necessitates
1923.
.
additional facilities in certain lines.
Net income
$324,601 loss1562;338 $1,449,915
279,410
-Proceeds of this issue will provide funds for these addi- Depreciation reserve
Purpose of Issue.
1 313,723 j 281,247
26,702
tional facilities and also for retirement by purchase or redemption of 8% Provision for doubtful accounts
39,444
1
preferred stock to extent that latter shall not be converted into 7% pre- Interest charges, etc '
220,216
82.074
ferred. Corporation agrees to retire such unconverted balance of 8% Federal tax reserve
preferred on or before April 1 1928.
Inventory written off
651,177
Listing.
-Outstanding preferred stock is listed on New York Stock ExNet loss
change, and application is to be made to list the additional stock now
$883,029 sr$1,061,730
1860,515
-V. 121, p. 2524.
offered.
-Consolidated earnings of corporation, including results from
Earnings.
Booth Mfg. Co., New Bedford, Mass.-Bal. Sheet Dec.31.
operation of Lackawanna. Midvale and Cambria properties only from
1924.
date of acquisition, have been as follows:
Assets1925.
1924.
1925.
LiabilitiesDepreeia. Amortize.
Net Available Real estate St maPreferred stock_ __ $344,100 $344,100
852,800
for Dividends.
and Depreciation.
Gross Sales.
$1,777,325 $1,759,912 Common stock._ _ 852,800
chinery
Year.
,
14 ,
59,000
$216,284.556
$ , ,
Merchandise
380,341
59,000
360,726 Bonds
1916
24,183
15,930.390 Cash and accounts
29,217
31.510.366
448,410,808
Anounts payable_
1918
667,820
14,458.836
13,941,514
receivable
202,227
263,429 Depreciation res've 733,456
274,431.236
1920
59,000
4,605,331 Prepaid Insurance_
6,499,189
7,795
59,000
131,866,111
3,265 Reserve for bonds_
1922
8,916,181 Treasury stock
11,846,891
9,600
243,904,266
Prem. acct. (com1924
88,200
88,200
13,858,196
12,004,984
273,025.320
mon stock)
1925
292,229
Total(each side)_$2.377,290 $2,387,331 Profit and loss...., 211.517
Net income ($13.858,196) available for dividends for year ended Dec. 31 -V. 122, p. 614.
3.22 times dividends paid on all preferred stock
1925 amounted to more than
FEB. 27 1926.]
1175
THE CHRONICLE
per share on the no par common stock, and the regular quarterly dividend
Borne-Scrymser Company.
-Extra Dividend of $4.
of 1.
,
4% on the first pref. stock, all payable March 31 to holders of record
An extra dividend of $1 per share has been declared on the stock in March 10. In the previous two quarters the company paid regular diviaddition to the regular semi-annual dividend of $4 per share, both payable dends of 50c. per share on the common stock, while on June 30 last a quarApril 15 to holders of record March 27. Extras of $2 per share were paid terly distribution of 25c, was made.
-V. 122, p. 352.
April 15 and Oct. 15 1924 and on April 15 1925, while an extra distribution
o($4 per share was made on Oct. 15 1925.
By-Products Coke Corp.
-Par of Common Changed.
Balance Sheet Dec. 31.
The stockholders on Feb. 23 increased the common stock from 100,000
1924.
shares, par $100, to 200,000 shares of no par value, each old share to be
1925.
1925.
1924.
LiabilitiesAssets$1,000,000 $1,000,000 exchanged for two new shares.
Plant, equip't, &c_ $363,521 $365,713 Capital stock
63,666
61.576
471,431
The stockholders also voted to decrease the preferred stock from 50,000
391,726 Accounts payable_
Merchandise
1,391 shares to 20,000 shares, par $100. The number of directors was increased
756
226,451 Accrued expenses_
Notes & wets rec. 197,348
77,538 to 15 from 14 by the election of Edward W. C. Borer of Philadelphia.
78,000
126,881
98,766 Reserves
Cash
539,722 -V. 122, p. 888.
629,671
599,420 Surplus
Other investments 610,158
664
240
Prepaid items
-Off List.
Caddo Central Oil & -Refining Corp.
$1,770,003 $1,682,317
Total
-V.121, p. 1230.
Total
$1,770,003 $1.682,317
(E. J.) Brach & Sons, Chicago.
-Stock Sold .-Taylor,
Ewart & Co., Inc. and Folds, Buck & Co. have sold at
$37.50 per share 80,000 shares common stock (no par value).
This offering does not represent new financing by the co.
The New York Stock Exchange has stricken from its list the common
-V.121, p. 2880.
stock of no par value of the Caddo Oil & Refining Corp.
-Preliminary Earnings.
California Petroleum Corp.
The preliminary statement for year ended Dec. 31 1925 of the corporation and its subsidiaries, including Mohawk Oil Co. and Ventura Consolidated Oil Fields, acquired during 1925, shows net profit of approximately $7,361,000 after depreciation, depletion. Federal taxes, &c. In
1924 the company reported a net profit of 32,894,462.-V. 122, p. 217.
Listed on the Chicago Stock Exchange. Exempt from personal property
-Extra Dividend.
Calumet & Arizona Mining Co.(Del.).
tax in Illinois. Transfer Agent: Continental & Commercial Trust &
Savings Bank, Chicago. Registrar: First Trust & Savings Bank, Chicago.
The directors have declared an extra dividend of 50c. per share on the
-Common stock authorized and outstanding, 200,000 shs. outstanding $6,427,570 capital stock (par $10) in addition to the regular
Capitalization.
quarterly dividend of $1 per share, both payable March 22 to holders of
Data From Letter to Bankers, Dated Feb. 19.
-Is the largest manufacturer of popular priced candies in the record March 5. See also V..122, p. 353, 888.
Company.
world. Business was founded by Emil J. Brach in 1904 with an original
-Merger Denial.Canada Steamship Lines, Ltd.
paid in capital of $1,000. No outside capital has ever been invested in the
Pres. W. H. Coverdele has confirmed through the Associated Press his
company, its growth having been financed solely from earnings. Business
conducted as co-partnership until 1917, when company was incorp. denial of a merger of his line with the Great Lakes Transportation Co.
was
His statement followed a denial made
Montreal by T. R. Enderby,
in Illinois. At five different times during the past 22 years the business general manager of the Canadian line. in 120, p.
-V.
2405.
has outgrown its plant and at present the company owns and operates one
largest and most modern candy factories in the United States, with
of the
-Earnings.
Central Coal & Coke Co.(& Subsidiaries).
a weekly capacity of over 2,000,000 pounds. Products are regularly sold
Consolidated Income Account for Year Ended Dec. 31 1925.
to over 62,000 dealers in 46 states. Sales are made direct to the retailer and
the customers of the company include confectionery, drug, variety, depart- Profit for the year
$2,618,083
ment, grocery and general stores.
1,359.123
Depletion
633,572
Earnings After all Charges, Including pepreciation and Fed. Income Taxes. Depreciation
Operating interest charges
491,244
9618,86611924
3725,336
1921
60,000
548.090 1925
1,028,532 Income taxes (estimated)
1922
*397,069
1923
Net profit
$74,144
*In 1923 the company incurred extraordinary expenses in moving into Surplus Dec. 31 1924
13,040,864
its new plant and these were charged to current operations.
Income taxes for prior years
89,154
Dividends.
-Up to the present time, all of the common stock has been
owned by members of the Brach family and from time to time substantial
Surplus Dec. 31 1925
313.025.854
being paid on this stock at -V. 120, p. 962.
dividends have been paid. Dividends are now
the rate of $2.80 per share per annum, payable Q-M 1, and it is expected
Century Ribbon Mills, Inc.
-Earnings.
that this rate will be maintained.
Calendar Years1924.
1925.
1923.
Balance Sheet Jan. 311926.
Net inc. after depr., Fed,taxes, drc..- $309,467
$338,670
$491.039
Liabilities
AssetsPreferred dividends
127.547
131.362
140,000
Cash
$231,751 Trade creditors, comm. pay150,000
200,000
$178,040 Common dividends
Marketable securities
,
1.061,457
able and accrued
186,000
Accounts receivable
861,290 Reserve for Fed. taxes
Balance
def.$18,080 stir.357.308sur4351.039
Inventories
411,049 Net worth (represented by
Profit and loss surplus
1,220,873
1.236,152
1,173.402
Land, bidgs., mach., do_ _ _ 1,771,837
200,000 shares of corn. stk.) 4,018,963 -V. 121, p. 591, 2161.
Other assets
34,522
81,413.003
Certain-teed Products Corp.
-Retires Preferred Stock.
Deferred charges
41,098
Total (each side)
The corporation has retired $190.000 of its first preferred stock as of Feb.8
Management and control of the company remains in the hands of: Emil J.
Brach, Pres.; Edwin J. Brach, V.-Pres. St Treas. and Frank V. Brach. under operation of the sinking fund, leaving $4,300,000 now outstanding.
V.-I'res. & Sec.
This makes a total of $1,360,000 retired since the sinking fund commenced
in 1918.
British American Oil Co.
-Div. Rate Increased.
January sales are understood to show an increase of about 20% over
The company announces an increase in the dividend basis to 10% per December and were ahead of January 1925.-V. 122, p. 1031.
annum on the stock (par $25). Since 1922 the regular dividend basis has
Chandler-Cleveland Motors Corp.
-Deposits.
been 8%, bonuses bringing the payments to 10% a year.
It was announced on Feb. 23 that there have been deposited 252.206
George W. Allan, of kVinnipeg, has been elected a director to succeed the
shares of Chandler Motor Car Co. stock out of 280.000 shares issued.
late Sir Augustus Nanton.
The company reports the best operating year in its history, with the and 265.115 shares of Cleveland Automobile Co. out of 280.000 shares
-V. 122, p. 889.
western division making a satisfactory showing for the first time in years. Issued, for the merger plan of the two companies.
-V. 121; P. 3007.
Chicago Fuse Manufacturing Co.
-Report.
1923.
1924.
Year Ended Dec. 311925.
British Columbia Fishing & Packing Co., Ltd.
-Re- Net sales
82.237,284 $1,878.147 $1,913,507
sumes Dividends at the Rate of5% per Annum.
1,631.412
1,693,263
1,987,842
Cost of sales and expenses
The directors have declared four quarterly dividends of 1 4% each for the
current year. These will be the first dividends paid since May 1 1921,
$282.095
$249,442
8184.884
Net profit
,
when a distribution of 135% was made. Record of dividends paid since Other income (net)
84
incorporation in 1914 is as follows:
35,000
31,800
23,700
Federal taxes
1915.
1914.
1916-17.
1918.
1919.
1920.
1921.
1, %
,
4
33•5%
4% P. a.
5%
$247.179
$217,642
$161,184
6%
Net earnings
55i%
3%
The dividends, just declared, are payable on the 10th day of March,
4
Note.-Invidends at the rate of $2 50 per annum (621 cents quarterly)
June, September and December, to holders of record on the last day of the have been paid on the outstanding 60,000 shares of capital stock since
-V. 120. P. 2405.
preceding months.
July 1 1924.-V. 121, p. 982.
(The)Brooklyn (N. Y.) Daily Eagle.
-To Recapitalize.
-
A plan for the recapitalization of corporation has been formulated according to a letter to the stockholders, "such a recapitalization is advisable,
owing to the fact that large blocks of the stock of the corporation are held
by estates and other stockholders, who have expressed a desire to
their holdings, so that these holdings shall be represented by rearrange
preferred
stocks with fixed cumulative dividend rates and rights in the assets of the
corporation prior to the rights of the common stock, while at the same time
retaining a substantial participating interest in the earning power over and
above the amount of the preferred dividends."
The underwriters of the plan who consist of the persons now in charge of
the operation of the business of the Brooklyn Daily Eagle. say, "they are
willing to undertake the burdens resulting from the issue of preferred stock
and to assume substantially all the future risks of the business, provided
they are accorded the opportunity to subscribe, at a fair price, for the
common stock to result from the recapitalization."
The plan contemplates the formation of a new holding corporation with
an authorized capital stock as follows: $1,500,000 7% 1st pref. stock;
$750.000 6% partic. 2nd pref. stock; 25,000 shares of common stock of no
par value and $750,000 of 6% notes a which $250,000 shall become due
payable at the expiration of the first year. $250,000 at the expiration ofand
the
second year and the remaining $250,000 at the expiration of the third year
after the date when the plan shall become effective.
Under the plan the stockholders will receive for each share of stock now
owned one share of 1st pref. stock, one-half share of 2nd pref. stock and $50
of notes of the new corporation. The underwriters have limited the time
within which the stockholders of the present corporation may accept this
plan to March 31 1926, unless further extended by the underwriters for an
additional eriod not exceeding 60 days. The Brooklyn Trust Co. will act
as temporary depositary for the stock and also for the underwriters.
In case at least 51% of the stockholders of the Brooklyn Daily Eagle
shall accept the plan, the underwriters of the plan will subscribe for shares
of common stock of the new corporation at $10 per share in the same
proportion, that is to say, that if 51% or a greater percentage of the holders
of the stock of the Brooklyn Daily Eagle accept the plan, the underwriters
will subscribe and pay for 51% or such greater percentage of the common
stock of the new corporation at $10 per share.
Herbert F. Gunnison, Raymond NI. Gunnison, William V. Hester and
Harris M. Crist are underwriters of the plan.
Pres. 11. F. Gunnison announced on Feb. 25 that considerably more than
a majority of the stockholders have approved the recapitalization plan.
V. 119, p. 2883, 459.
Buckeye Pipe Line Co.
-Annual Report.
-
1925.
Calendar YearsNet income, all sources_ $1,047,686
800.000
Dividends
(8%)
Rate of dividends
1924.
1923.
1922.
3938,000 31.041,571 $1,744,396
800.000
1.350,000
7,000.000
(8%)
(13%%)
(70%)
Balance, sur. or def_-sur$247.686 sur$138,000 def$308,429df$5,255,604
-V. 122. p. 614.
(Edward G.) Budd Mfg. Co., Phila.-Sub. Co. Dive
The directors of the Budd Wheel Co., a subsidiary, have declared the
regular quarterly dividend of 50c. per share and an extra dividend of 75c.
-Balance Sheet.City Manufacturing Corp.
Dec.31'25. Dec.27'24. Liabilities- Dec.31'25. Dec.27'24.
Assets-
$750,000
Real est.,b1dgs.,&c31,404,796 $1,298,507 Capital stock
611,774 Accounts payable_
6,605
Inventory
600,812
13,300
11,800 Federal tax reserve 473,073
City Mfg Corp.stk
Accounts receivle-1
1 28,793 Reserve for depre754,023
elation
Notes receivable_ _) 592,032 1 99,311
627,238
Cash
1624,770 Profit s.nd loss__
j
Total
$2,610,940 $2,674,955
-V. 121, p. 1682.
Total
$750,000
122,502
491,160
689,942
621.351
$2,610,940 $2,674,955
-Sales.
City of Paris Dry Goods Co. (Calif.).
Calendar YearsSales (approximate)
-V. 112, p. 747.
1924.
1925.
$6.56J,000 $5.751.000
-Annual Report.
Commercial Credit Co.(Baltimore).
Annual Summary of Consolidated Operations and Earnings Applicable to the
Capital Stock of Commercial Credit Co.
1924.
1923.
1922.
1925.
$
Calendar Years$
i
i
Gross receivables purch_262,838,157 162,789,744 170.384,600 111.826,475
Avge. cash employed-- 84,030,861 57.266,091 58,858,572 28,120,842
Net earns, for int. chgs.
prior to Federal taxes- 4,875,887
2,994.187
3,668,539
2.513,169
Int.and discount charges 1,663,666
839,124
1,203,213
766,138
Net inc.on capital stock,
1,999,148 2,301,524
(after Federal taxes)_ _ 3,000,704
1,581,117
Divs. on pref. stock_ __600,000
591.667
450,000
285,398
Net inc. on cam,shares_ 2,400,704
1.407,481
1,851,520
1,295.719
Consolidated Balance Sheet of company and Subsidiaries as of Dec. 31.
81925.
1924.
a1925.
1924.
AssetsLiabilities$
8
$
$
Furn. & fixtures__
4 Pref.stk.(affil.cos.) 3,064,700 2,250,000
z4
Cash
27.276,549 13,391,475 1st pref. stock ......12,000.000
Open noels, notes.
Preferred stock
4,000.000
..x22,265,332 13,576,435 Pref. stk., Class II 4,000,000 4,000,000
accept. &c.
Motor lien retail
Corn.stk.(no par)c12.163,445 4,000,000
time sales notesy79,463.601 37,622,165 Coll. tr. notes pay_69,590,000 29,731,000
Sundry accounts &
Notes pay., sec_ __ 4,372,500 2,099,900
notes rec
997,358
574.370 Notes pay.. unsee_17,146.000 10,172,000
Repossessed ears
571,724
416.112 Accounts payable_ 974.949
493.509
Investments
3,000
1,000 Accrued taxes__ .._
25.286
23,082
Sinking fund
385,972
Res.for Fed.tne.tax 442.370
302:300
Customers Habil__
33,672
Contingent res___ 2,958.429 2.589,599
Deferred charges__ 1,232,470
535,827 Res,for poss.l088eS 1.383,979
Let. of cr. outat___
33,672
Def.int. di elves__ 4,076,555 2,563,102
b 3,890,694
Sur.& undiv. prof.
Total
132.229,682 66,117,389 Total
132,229.682 66.117,389
Note -Contingent liability on guaranteed motor lien retail time sales
notes. $1,000,000.
1176
[voL. 122.
THE CHRONICLE
Unused credit lines on Dec. 311925, with depository banks in the U. S.,•
$5,075,000 and in Canada $2,672500 for Canadian business. The proceeds
of the new stock issue aggregating about $10,800,000 will be utilized to
retire present bank loans for an equal amount, thereby increasing the available unused credit lines in the U. S. to 815,875,000.
x Of this amount only $199,499 were over 60 days past due. y Of this
figure only 8383,057 according to original terms were over 60 days past due.
z Cost $846.030.
a After giving effect to refinancing. b Included in total for common stock
c Represented by 680.000 shares.
-V.122, p. 615.
-Balance Sheet Dec. 31.Craddock-Terry Co.
1925.
1924.
1925.
1924.
$
$
Liabilities$
Assets$
Real estate, &c___ 2,409,819 2,250.995 Common stock__ 3,296,700 3,300,000
cum_ 1,250,000 1,250,000
937.285 1st pref.,6%
Cash
736,584
Accts. receivable 3,326,793 3,503,391 2d pref.. 6% cum_ 1,250,000 1,250,000
833,900
91.921
68,253 Cl. C pfd. 7% cons 789,100
Notes receivable
Mdse.Inventories_ 5,089.493 4.923,022 Notes payable____ 2,062,500 1,865,500
45,000
40.000
132,036 Real estate mtge.Other assets
180,609
391,382
Stocks of affiliated
Accts. parable__ 714.620
24,505
15.218
196,967 Accrued accounts_
&c., companies. 224,439
-New Director.
Commercial Investment Trust Corp.
72,500
36,829
59.921 Federal income tax
106,747
William A. Read of Dillon, Read & Co. has been elected a director, suc- Deferred charges
185,294
169,538
Res. for coating's_
ceeding E. G. Wilmer of that firm.
2,541,900 2,853,789
Total (each side,12,166,405 12,071,870 Surplus
James H. McMahan has been elected a Vice-President. Mr. McMahon
The aggregate sales for the year, including income from investments,
was until recently Vice-President of General Motors Acceptance Corp.
of a long-time lease for new premises to be occupied by the amount to $17.560.731, which is a slight increase over corresponding figures
The execution
-V.122. p. 615. for the previous year.
corporation at No. 1 Park Ave., N. Y. City, was reported.
By reason of rather extensive reorganization in a number of the company's
- manufacturing plants, to meet changing demands, and other unfavorable
-Stock Offered.
Consolidated Lead & Zinc Co. (Del.)
net profits of the year were abnormally reduced and were
conditions,
Knight, Dysart & Gamble, St. Louis, are offering at $27 50 insufficient the cover dividend disbursements for the period. In view,
to
its
per share 50,000 shares Class A (non-voting) capital stock however, of the company's unbroken dividend record of 28 years sincethe
incorporation, directors felt that it was both wise and proper, that
(no par val.).
usual dividend of 12% on the company's common stock be paid, although
Authorized. 275,000 shares; issued, 175,000 shares. Registrar and trans- in doing so it resulted in a slight reduction of the surplus, which remains
fer agent, American Trust Co., St. Louis, Mo.
at close of business for 1925 at 82,541.899.-V. 121. p. 982.
-It is the Intention of the directors to place this stock on an
Dividends.
annual dividend basis of 82 50 per share, payable in equal quarterly install-Annual Report.
(William) Davies Co., Inc. (ec Subs.).
ments.
Year EndedDec. 28 '25. Dec. 27 '24.
Company.-Incorp. in Delaware Feb. 3 1926. Formed to purchase with
$687.677
$656.470
former Consoli- xGross profits
its stock the assets of the Underwriters Land Co. and the
8282,278
8250,577
Res. for depree. of Wigs., plant & equipment
dated Lead & Zinc Co.
195,109
186.189
is engaged in the business of mining and milling lead and zinc labrest and discounts on bonds
Company
ore and sells the resultant product, known as concentrates, to the large buy$210,290
Net profits
$219.704
ers in its district, its principal customer being the Eagle-Picher Lead Co.
x After charging all manufacturing,selling and general expenses (including
Properties located in the northeast section of Oldahoma and the southeast repairs and maintenance expenditures) and
interest on bank loans, but
section of Kansas, in the heart of the great zinc and lead mining district before charging depreciation of buildings, plant and equipment.
known as the Picher Field.
be used to
Purpose.
-Money received from the sale of this stock will
Consolidated Balance Sheet.
acquire additional producing mining properties upon which an extensive
Dec.26'25. Dec.27'24.
Dec.26'25. Dec.27'24.
drilling campaign has been conducted.
8
$
LiabilitiesAssetsControl -Voting control of the company will be vested in the Eagle- Properties
6,201,358 6,401,111 Cl. A cumul. stockx2,329.900 2,329.900
Picher Lead Co. through ownership of a majority of the 25.000 shares of Inv. Intl. Ashares,Class B stock
x1,536,100 1,536,100
11
Class B stock, which have sole voting privileges, Class A and Class
866,481 Bonded debt
2.721,000 3,013,500
held by Can. Co. 978,551
shares being alike in all other respects.
Bank leans
483,210 1,555,000
Good-will. trade-Consolidated net earnings of the companies which will form
Earnings.
1 Acceptances
1
395,200 1,096,857
marks, Ate
the new Consolidated Lead & Zinc Co., including properties to be purchased Secs, with trustees
635,793
Accounts payable_ 515,405
from the proceeds of this financing, for the year ended Dec. 31 1925. after
288.664 Accrued Interest,
65.349
for bondholders_
Federal taxes bub before depreciation and depletion, were $1,097,498, Inventories
90.858
92,629
2,528,360 3,298.682
taxes, Ac
equivalent to $5 48 per share of capital stock.
24,875
18.044
Other liabilities_ _ _
Consigns. & alas.
-Company agrees to make application to list this stock on the
Listing.
86.217
3.512,103 3,292,899
681,576 Surplus
in Men countries
St. Louis Stock 'Exchange.
66,444
100,855
Inv.in assoc. cos__
-John B. Swift, A. E. Bendelari, Dr. John A. Schaeffer and Other investments.
Directors.
47,684
40.974
Geo. W. Potter, Fred N. Bendelari, T. C. Curry and Thos. N. Dysart.
Accts. & notes rec.
reserves)__ 1,121.090 1,114.631
Balance Sheet of New Company as of Dec. 311925.
(less
63.781
[After giving effect to the proposed financing and the acquisition of Mtge3. receivable. 158,171
373,179
59.929
Cash
additional properties.]
333,137
.
Total(each side)11.603.593 13.574.782
299.149
Deferred charges
Liabilities
Assets
8103.202
x Represents 91,000 class A no par value shares and 60,000 class B no
$903,367 Accounts payable
Current assets
68.737 par value shares.
10,000 Accrued Fed. taxes, 1925U.S. Liberty bonds
--(a) Contingent liability under guarantee up to $78,000 given to
15,000
Note.
Notes & aec'ts receivable.. 110,606 Other accr. Fed. taxes_
425,000 bank in respect of the Ontario Fertilizer Co., Ltd., an affiliated company.
44,908 Notes payable
Inventories
25,913 Capital stock (200,000 shs.)2.393,216 (b) Dividends on class A cumulative shares have been paid to June 15
Deferred charges
1921.-V. 120. p. 3070.
1.910.362
Fixed assets
$3,005,157
Total
$3.005.157
Total
The directors have decided that the first dividend of 62.34 cents a share
on the new class A stock shall be paid on or about April I.
Stock Exchange Plan.
Terms for exchange of stock in the old Consolidated Lead 5c Zinc Co.,
following its merger with the Underwriters Land Co.. were recently announced. One-third of a share of class 13 stock and 1 2-3 shares of class A
stock of the new corporation will be issued in exchange for each share of
stock of the old Consolidated Lead Co. Opportunity to purchase or sell
fractional shares was given all stockholders on the basis of $27 50 per share
for both classes of stock.
The total authorized amount of class A stock is 275.000 shares, of which
but 175,000 are to be issued at this time. The total of class B stock is 25.000
shares, all of which is to be issued and the majority held by the Eagle-Picher
Lead Co. The class A stock has no voting power, all authority being
vested in the class B stock. Both classes of stock are without par value.
V. 122. p. 755.
-Capital Stock Increased.
Continental Can Co.
The stockholders on Feb. 23 increased the authorized common stock
from 500,000 shares to 750,000 shares, no par value. This additional
stock will be used for the purpose of providing funds for the expansion of
the company's facilities, for distribution among the stockholders, for sale
-V. 122, P. 889, 879.
to employees, or for other corporate purposes.
-To Increase Capital.
Davison Chemical Co.
The stockholders will shortly vote on increasing the authorized capital
stock (no par value) from 235,000 shares to 400,000 shares. It is said
-V. 121.
that none of the additional stock will be offered to the public.
p. 3136.
-Information on Collapse of Pool
Devoe & Raynolds Co.
in Common Stocks Asked by New York Stock Exchange.
the
The New York Stock Exchange is asking member firms to furnish to
Committee on Business Conduct by noon, Feb. 27, the following information concerning transactions and position on Feb. 9, 10. 11, 13 and 15
Devoe & Reynolds Co. class A stock:
(1) A list of all transactions giving the volume, the prices, and the
names of the members of firms with whom the transactions were made and
of the persons for whom the broker acted.
(2) A statement of all borrowings, and of whom, and of all loans, and to
whom, had in this stock.
(3) The long or short position of each person interested in the stock at
the close of business on the dates designated.
For details of the collapse of pool see under "Current Events" of issue of
Feb. 20. p. 949.-V. 122, p. 889. 756.
-Sales, &c.
Dictaphone Corp., New York.
Sales figures for 1926 show an increase of 35% over Jan. 1925,it is stated.
The report for the year 1925 will show earnings of about $1 20 a share on
93,533 shares of common stock, compared with 39c.a share for 1924 and 36c.
for 1923. The net profit for 1925 will be about 509' in excess of 1924.
-Acquires Texhoma Co.
Continental Oil Co.
The net current assets at the end of December 1925 were approximately
The company, it is announced, has acquired the Texhoma Oil & Refinof oil a day, $1,283,000. against current liabilities of 8102.000. leaving an available
ing Co.. including a refinery with a capacity of 5,000 barrels
5325,000. V. 120.
in addition to large producing acreage. It is understood that the price working capital of 31,181,000. Cash on hand totaled
paid for the majority stock interest in Texhoma company was approxi- p. 3070.
than
mately 8125 a share. The Continental Oil Co. is now producing more
Dominion Canners, Ltd.
-Capitalization Reduced.
-V. 122, p. 354.
25.000 barrels of crude oil daily, it is stated.
Supplementary letters patent have been issued under the seal of the Secretary of State of Canada dated Jan. 10 1296, reducing the capital stock
-To Retire Debentures.
Copeland Products, Inc.
of the company from 810,000,000 to $50.000, such decrease being effected
All of the outstanding one-year 6% gold debentures dated Oct. 15 1925 by the cancellation of 22.806 issued preference shares and 27.586 issued
-V.122. p.755.
have been called for redemption on or before Mar. 1 next.
common shares, also 27,094 unissued preference shares and 22.014 unissued
common shares of the company, all of the par value of $100 each. See also
-Annual Report.
Corn Products Refining Co.
V. 122. p. 219.
1922.
1923.
1924.
1925.
Calendar Years-Annual Report.
Donner Steel Co., Inc.
Profits from operation.. 89.758.174 $14,510,015 $13,978,966 $13,826,118
532,227
1922.
688,736
1924.
1925.
1923.
241,445
Calendar Years448,518
Int. on dep., loans, &c__
864.929 Profit from operations__ $2.257,312 $1,639,172 52,251,083 loss$227.670
914,305
1.269,610
Int. & diva. on secure--- 1,068.992
415,589
406,000
416,812
819,606
Depreciation
885.260
Inc. affiliated cos
230.644 Interest charges
662,708
729,436
679.584
526,570
122,401
134.078
346,704
Profit on secure. sold118.000
Federal taxes
Total income
$12,507.648 $16.155,149 815,704,408 $15,453.918
$113.920
647df$1.305,967
$542,776 $1.115,
$793.136
$136,190
$127.301
Int. on bonded debt_ --- $124,959
Net profit
1,990.292 l 355.837 -V. 121. p. 2045.
1.908,064
General, &c., taxes_ ---I 1.599.031
11,400.000
Federal taxes
-To Retire Bonds-Earnings.
Douglas-Pectin Corp.
191,450
199.101
263.118
Insurance
231,723
President Robert Douglas Feb. 20 says: "The directors have decided
1,737.890
1,750,000 1,737,890
...
Preferred dive• (7%) - 1,750.000
as of April 1 1926 which will leave
Common dive
(83' %)5.060.000(83b)5030000(9)4,480.560 (9)4,480,560 to retire all outstanding debentures This will
eliminate all interest charges
2,976,138 nothing ahead of the capital stock.
2,907.265
2,957.369
2,989,186
Depreciation
on these obligations in the future. Revenues from the company's GovernSurplus
$752,749 $4.119.295 $4,253,110 $4,198,123 ment bonds and bank balances will exceed expense of any temporary loans
9,343,658 17,574,363 29,321,254 45,123,132 the company may require to finance its yearly production.
Previous surplus
"During the last quarter the directors decided to maintain the regular
20.000,000
Plant readjustment_
dividend rate and declared an extra dividend from increased earnings.
xpatents, goodwill. &c.,
earnings during
The outlook is very favorable for increased business and ea
charged off
16,000.000
1926."
150.000
Prem.from sale of stock_
(Ina Packing Co., Ltd. and Oil Emulsion Corp.)
12.500,000
Com.stock div.(25%)_
Income Accountsfor Cal. Yrs.
1923.
1924.
1925.
Profit & loss surplus- -$10,096.408 $9,343,658 $17,574,364 $29,321,254 Sales, less returns, &c
$2.885,812 $2,895.410 $2,463.459
x Patents, processes, trade-marks and good-will, &c., charged off, as Manufacturing cost
1,004,435
1,528,398
1,390,209
-V. 121. p. 2044.
authorized by the board directors.
743,049
799,787
Selling and administrative expenses
870.670
Courtaulds Ltd.-Dividend.-
'
Brown Brothers& Co., New York. in an advertisement say: "The directors of Courtaulds. Ltd. have proposed a dividend of 3s. 6d. on their
ordinary shares, payable In London Mar. 9. Holders of record Mar. 17
next of our transferrable certificates for ordinary shares of Courtaulds.
Ltd. will be entitled to receive the dollar equivalent of such dvidend as
-V.122,
is paid, less our commission, in due course after its receipt by us."
p. 1032.
-1926 Year Book.
Cudahy Packing Co.
The company has issued its year book for 1926 in which it reviews briefly
some of the developments of the year bearing on conditions of the packing
ndustry.-V. 122, p. 354.
Balance
Miscellaneous Income
Total income
Depreciation
Interest
x Tax provision
Dividends paid
8624,933
38,327
8567,225
33,824
$715,974
8715.974
8601,048
$663,260
88.695
92.021
97.564
34,463
63,615
43.748
78,584
61,642
64,567
(81.25)375,000 (51)300,000(75c)225,000
8289,232
$83,771
Profit for year ending Dec. 31
$82.381
x Including United States, Canadian and British Government income
-V.122, p. 1032.
taxes.
-Annual Report.
Eastern Manufacturing Co.
(Including Katandin Pulp & Paper Co., Liberty Paper Co., Lincoln Pulp
Wood Co. and South Brewer Pulp Wood Co.]
1923.
1924.
1925.
$10,649.017 $10,066.381 810,907,968
Gross revenue
364.630
375.259
479.617
Freight, discount and charges to sales
8,444.4818,752.670
8.819.487
Operating expenses
481,374
512.914
669.904
Administrative & selling expenses.__
Cr.7.167
Dr.28.203 Dr.33,433
Other charges and income (net)
289,131
257.067
244.513
Interest
352,485
349.374
290.519
Depreciation
$93.853
2,355.812
124.243
8116.774
2.325,422
184.065
.
Net income
Previous surplus
Surplus adjustments Dr.
Profit and loss surplus
-V.120. p. 1095.
$2,258,131
$2,325,422 $2,355,812
Eastern Rolling Mill Co.
-Extra Dividend.
Exchange Buffet Corp.-Earnings.-
Surplus
-V. 21. p. 2645.
-Quer. End. Jan. 31- -9 Mos.End. Jan. 311925.
1926.
1926.
1925.
8464.512
8387,154
8175,606
$148.920
82.143
72,315
27.381
22.760
47.796
37,168
15.771
18,528
374,739
281,250
93.750
125,000
$16,639
$4.697
def.$3,579
Set.s40.166
Fairbanks Co.(& Subs.).
-Earnings.
Calendar Years
Net sales
Allowance and costs_ _
Gross profit
Other income
1925.
Not
stated
Tire & Rubber Co., San Francisco; Standard Tire & Rubber Co.Boston;
Phineas Jones & Co.. Newark; Eastern Wheel & Rim Co., Philadelphia.
and R. W. Morris & Sons Co., Baltimore.
-Listing.
Fisk Rubber Co.
The New York Stock Exchange has authorired the listing of(a) $18,520,900 1st pref. stock, stamped (of a total authorized issue of 820,070,400).
Par $100 each, on official notice of is.uance in exchange for outstanding
unstamped certificates for 1st pref. stock, and with authority to substitute unstamped certificates on official notice of issuance in exchange for
outstanding stamped certificates; (10 temporary certificates for a total authorized issue of 84.630.300 1st pref. convertible stock (par 8100). upon
of issuance to 1st pref. stockholders in lien of accumulated
$674.845 official notice (c) 85.272 additional shares of common stock (without
dividends; and
1.828.463 par value). Compare V. 121. p. 2757.-V. 122, p. 890. 743, 617.
147.496
The directors have declared a quarterly dividend of 3734c. a share and an
extra dividend of 125c. a share on the common stock, payable April 1
to holders of record March 15. On Jan. 2 last an extra dividend of 50c.
a share was paid on this issue.
-V. 121. p. 2882.
PeriodGross profits
Depreciation
Federal Saxes
Dividends
1177
THE CHRONICLE
FEB. 271926.]
1922.
1923.
1924.
84.416.479 85,680.564 47.693.380
4.381,765 6.355.539
3.264.102
$1,152.378 $1,298.799 $1,337.841
71.754
77,445
75.766
Total income
$1,341,955 81.228,143 81.376.244 $1,409,595
1,260,768 2,033,302
Expenses- - - -- . 835.658
946.891
& miscel. charges_
157,117
60.507
Cr8.703
Cr27.497
Interest, reserve, &c_
473.204
260,333
177.426
205.944
Depreciation
220.726
189.097
181,159
132.532
Balance
sur$205,041 def$78,354 def$394.461 dfil.474,754
a Gross sales.
Statement of Earnings
-Fourth Quarter 1925 and 1924.
1924.
1925.
Operating gross profit
$332.897
$353,885
Operating expenses
233,067
224.153
Interest paid on bank loans
44.166
36.371
Depreciation, &c., charges
46,050
36,340
-Sales.First National Stores, Inc.
1928.
6
192 ..248
34.342.479 54,15 5
Month of JanuarySales
-V. 122, p. 756, 488.
Increase.
8186,231
-New Common Stock Put on a $2 Annual
Fleischmann Co.
Dividend Basis-Earnings.
The directors have declared a quarterly dividend of 50c. a share on the
new common stock, no par value, payable April 1 to holders of record Mar.
15. This is equivalent to $6 a share per annum on the old common stock,
-for-1 basis, and on which regular diviwhich was recently split up on a 3
dends at the rate of 84 a share per annum were paid.
-Quer. end. Dec. 31- -Year end. Dec. 31
1925.
1924.
1924.
1925.
Results for514.986,737 812,925,401 556.645.813 346.442,691
Net sales
5,056,763 4,845,061 20.820.924 17.258.161
Cost of sales
4,995,366 20.587.306 18,575.475
5.382.532
Gen. exps., &c
Net oper. income---- $4,547.442 $3,084.970 815,237,583 810.609.055
823.698
840,633
216.582
70.150
Other income
$4.617,592 83,301.852 $16,061.281 $11.449,688
Gross income
75.907
229.615
15.387
179,208
Income charges
389,457
1.959,968
534,724
1,376.840
Fed.& Canadian taxes.18,750
74.274
76,678
18,522
Preferred dividends.--1,375,000 7.500.000 6,000,090
1,500,000
Common dividends
176,944
4.027
18.627
12,840
Profit & loss credits
270.821
464,420
177,478
76.918
Profit & loss charges_ --Surplus._-_.
Excess book value
82.484.880
$769,284 86.253,954 33.320,762
:4)18.480
86.692.434 83.320.762
Total surplus
a Excess book value over cost of capital stock of the American Diamalt
Co. and Canadian Diamalt Co., Ltd., which became fully owned during the
-V. 122, p. 617.
period.
-Earnings.
Fox Film Corp.
Jack G. Leo, Vice-President. has Issued the following statement in
connection with rumors concerning the earnings of the company:
"In the first 11 months of 1925 company earned $2,527,241 after taxes,
or $5 05 a share on all stock now outstanding. On account of the increase
in common stock during 1925 to provide working capital for the further exNet income
$9.614 pansion of the business, the earnings for 11amonths on the average amount
857.020
of steck outstanding were more than 88 33 share. When the earnings for
-V. 121, p. 2408.
Dec. 1925 are available, company wll!show earnings for the year of between
on
Farmer & Ochs Co. of New York.
-Bonds Sold.
- $9 50 and $10 a share nowthe avelate amount outstanding, and $5 50 to
outstanding.
$6 a share on the total
Love, Macomber & Co. New York,'have sold at 100 and
earnings have
"Since the beginning of the new theatrical season in
Sept..
int. $1,000,000 guaranteed collateral trust 53% gold bonds increased rapidly. Net income for Sept.. Oct. and Nov. 1925 (the latest
months available) was $964.652. compared with $400.422 in 1924, an in(Series A).
of the company in the United States and
Dated Mar. 1 1926; due Mar. 1 1931. Payment of both prin. and int. crease of 140%. Grass business
has been 39% greater than in
unconditionally guaranteed jointly and severally by the National Surety Canada from Sept. 1 1925 to Feb. 13 1926
corresponding period of the previous year. Gross business in foreign
Co. and United States Fidelity & Guaranty Co. Int. payable M. & S. the
Sept., compared to same
Red, all or part at any time on 30 days' notice at 103 and int, during first countries has shown an increase of 19.3% since
Total current and working assets are now more than
year and at 102 during second year. and at A of 1% less during each suc- period last year. total assets of the company, and are 1831 times current
ceeding year to maturity. Denom.$1,000 and $500 c*. Int, payable with- three-fifths of the
out deduction for normal Federal income taxes not in excess of 2% per an- liabilities.'-V. 122, p. 890.
num. company will refund the usual Conn. and Penn. taxes not in excess
-Extra Dividend.
Gabriel Snubber Mfg. Co.
of 4 mills per annum and the Maryland securities tax not in excess of 455
The directors on Feb. 23 declared a regular quarterly dividend of 62 Ac.
mills per annum. Seaboard National Bank, New York. trustee.
dividend of 62 Ac. per sh tre. both payable April 1 to holders
and an extra
Data from Letter of Henry Farmer, President of the Company.
-V. 122. P.
of record Mar. 15. Like amounts ware paid on Jan. 1 last.
-Organized as a joint stock association under the laws of the 890. 488.
Company.
of New York Nov. 30 1923. Was formed to acquire from large
State
General Baking Corporation.-Ditridend No. 2.motor truck manufacturers notes given by purchasers and endorsed by sellers
of motor vehicles, which are secured by lien obligations evidenced by conTho directors have declared a regular quarterly dividend (No. 2) of 31 25
ditional sales contracts, leases or chattel mortgages on trucks sold on the per share on the class A stock, payable April 1 to holders of record Mar. 15.
deferred payment plan. Payment of each such promissory note is guar- An initial.quarterly dividend of like amount was paid on Jan. 2 last.
anteed by one of the largest surety companies in the United States.
V. 122, p. 1018, 1034.
-Bonds are a direct obligation of the company. These bonds
Security.
will be secured by a trust indenture under which will be pledged $1.100.000
-Rights.
Grasselli Chemical Co., Cleveland, 0.
in principal amount of guaranteed notes of Farmer & Ochs Co. (which are
The company will offer to common stockholders of record March 1 next
also guaranteed unconditionally at maturity by the National Surety Co. the right to subscribe for additional common stock to the extent of 10%
.
and United States Fidelity & Guaranty Co.) and (or) cash. Any cash in of their holdings In common stock at par.
-V. 122, p. 891.
the hands of the trustee at any time may be invested in obligations of the
s. Govt., subject to restrictions as contained in the indenture.
-Notes Offered.
General Furniture Co., Chicago, 111.
As of Dec. 31 1925 the company had issued and sold guaranteed notes in
the principal amount of $23,387,000, of which 816.681,500 has been paid Hoagland, Allum & Co., Inc., New York, are offering at
Promptly at maturity of each guaranteed note, leaving a balance outstandto 100M and int., to yield
prices ranging from 100 and i
of unmatured guaranteed notes in the amount of 86,705.500.
urpose.-To fund at a fixed rate of interest a portion of the company's from 6% to 63%, according to maturity, $1,250,000
normal borrowings which heretofore has been accomplished through the collateral trust 63/% serial gold notes.
sale in the open market of guaranteed notes identical with the guaranteed
Dated Feb. 1 1926, due serially (F. & A.) from Feb. 1927 to Feb. 1936.
notes placed as security to this bond issue.
-Company has consistently maintained a policy of charging Interest payable F. & A. in New York or Chicago. Denom. $1,000, $500
Earnings.
for its services rates which yield a reasonable but not excessive banking and $100 c*. Red. all or part at any time on 30 days notice at 10134
profit on the capital employed. The earnings after providing for the com- and interest. Interest payable without deduction for normal Federal
pany's operating expenses and interest.on its indebtedness, have been suf- income tax not in excess of 2%. Company will pay the Penn., Conn. and
ficient to show a consistent profit to the company on the capital stock out- Calif. 4 mills tax: Maryland 434 mills tax, District of Columbia. Kentucky
and Michigan 5 mills tax; Virginia 5)4 mills tax; Mass. 6% income tar.
standing. in addition to building up a surplus since organization in 1923.
National Bank of the Republic, trustee.
Federal Mining & Smelting Co.
-An Illinois corporation. Owns one of the largest chain of
Company.
-Dividend Ruling.
N. Y. Stock Exchange, having received notice that the Chancellor retail house furnishings stores in Chicago. Has been in successful operation
The
of the State of Delaware has issued a temporary order enjoining and re- since 1898 and has made a profit each year since its establishment. From
straining the company from paying the special dividend of 810 a share on an original Investment of $5,000 in capital stock, it has a present net worth
the common stock on Mar. 16 to holders of record Feb. 25, rules that the of over $5.000,000 (exclusive of this issue) without the addition of outside
stock shall not be quoted ex that dividend, on Feb. 25. and not until further capital. From one original store, company has extended its business to
notice. See also V. 122, p. 488. 220.
11 stores and a warehouse for storage and distributing, all located in well
developed business sections. With one exception, the company owns the
Federated Metals Corp.
-Earnings.
land and buildings at all of its locations.
Period Ended Nov. 30 1925-Secured by the following collateral to be held as specific security
Security.
11 Mos.
6 Months.
Net sales
851.651.350 827,569,440 for this issue: (a) Customers' notes secured by chattel mortgages, conditional sales contracts, or other instruments which are issued against merCost of sales
48.973.152 25,708,629
selling, administrative & general expense('
2,192,224
1.146,720 chandise sold in the ordinary course of business at the rate of $150 of each
such customers' installment notes against the issuance of each $100 note
operating profit
-$105 of market
$485,974
Net
8714.092 of this issue, and (or) (b) U. S. Government obligations
58,319
Int. and divs. received & miscell. income
32,934 value against the issuance of each $100 note of this issue, and (or)(c) cash
$100 against the issuance of each $100 note of this issue.
income
Company shall have the right to substitute collateral, provided the above
8544.293
Total
$747.025
256.667
Interest on bonds
140,000 mentioned ratio is maintained.
There is an original cash payment against each sale of merchandise and
153,754
86.841
Other interest
scounts, &c., on bonds written off
Di
15,889
8,667 the average balance due from individual customers average less than $150
each, with over 25,000 active customers on the books of the company.
$511,518 These customers' installment notes are practically self-liquidating and the
$117.984
Net income before depreciation
losses sustained have averaged less than 134%•
-V.120, p. 2275.
Earns. Cat. Years1925.
1922.
1924.
1923.
Firestone Steel Products Co., Akron, 0.
-Complaint. Gross profit
$971,953 31,390,040 31.400.356 81,833.303
Federal Trade Commission has dismissed its compalint against the Oper. exp. (incl. bad
The
debts & int. on mtges.)
1,091,128
580,772
805,227
924,351
company and others for the reason that the respondents abandoned the
practices charged in the complaint after the decision of the U. S. Supreme
Net profit
8542.175
$391,181
3476.005
$584,813
of Federal Trade Commission v. Beech Nut Packing
ourt in the matter
earnings
536
5,351
28,502
3,997
Co. These charges had to do with the alleged maintenance of a system of Other
prices and trade discounts mutually agreed upon among the
fixed retail
Bal. avail, for int.,
respondents.
Federal taxes, &c_- $419,683
8517,611
3481,356
$588.810
Company Is a manufacturer of automobile wheel rims and rim parts1 Maximum annual interest charges on this entire issue
81,250
and the following dealers in their products are also named in the proceedPurpose.
-Proceeds will be used to reduce current loans and provide
Jacob Mattern & Sons, Inc., New York' Motor Rim Manufacturers
ing:
Motor Rim 8c Wheel Manufacturing Co., Chicago; Keaton funds for the purpose of extending its operations.
Co., Cleveland;
mt.
1178
[VoL. 122.
THE CHRONICLE
Balance Sheet Dec. 31 1925 (After This Financing).
AssetsLiabilities
Cash
$237,118 Notes payable-Banks_ _ _ 8300,000
Installment accts. receiv_ 3,389,078 Mdse. accts. pay. & accr.
Sundry notes, accts. &
expenses
443.386
claims
18.994 Provision for Fed. taxes__
65,000
Inventories
1.065,364 Coll. trust 6%% notes__ _ 1.250,000
Inv. in life ins. policies, &c
23,229 Real estate encumbrances 812,000
Land & buildings
2,344,345 Res.for Fed.tax (deferred) 142,241
Furniture, fixtures & eq...
63,546 Net worth
4,303.722
Prepd. exp. & def. chges_
174,674
Total (each side)
$7,316,348
Great Lakes Dredge & Dock Co.
-Earnings.
Calendar YearsNet operating profit
Other income
1925.
1924.
1923.
a$1,587,268 82.183,940 81,476,358
185,309
169,315
132,827
Gross income
Federal taxes
Sundry deductions
Dividends (10%)
$1,772,577 $2,353,255 $1,609,185
245,000
285.000
235,000
534
142,193
83,331
690,150
690,150
690.150
shall first be called. Free of present Penna. personal property tax. Fidelity Trust Co., Philadelphia, trustee.
Data from Letter of Otis Mouser, Vice-President of the Company.
Capitalization Outstanding (on Completion of Present Financing).
6% notee due 1933
$400.400
6 serial gold notes (this issue)
.000,000
Preferred stock, class A
900,000
Preferred stock, class B
Common stock
3,000:000
Company.
-A Delaware corporation. Operates 7 anthracite collieries
under favorable leases covering a total of about 8,913 acres of well-located
coal lands in Schuylkill County near Pottsville, Luzern° County near
Ifazleton, and in Columbia and Northumberland counties, Pa. Over
one-third of the coal produced is mined by modern stripping methods.
The company also owns 5 breakers of modern design with all necessary
equipment, and has begun the erection of a new breaker which will increase
its productive capacity to 1.525,000 tons per annum. It. V. Norris,
mining engineer, estimates that the properties contain over 20,000,000
tons of recoverable coal.
Purpose.
-Proceeds will provide funds for the erection of the new breaker
with hnprovement>, for the retirement fo all mortgage indebtedness and
for other corporate rsirposes.
Earnings.
-Company's net earnings available for interest, depreciation,
depletion and.
ederal taxes in the 2 years and S months ended Aug. 31 1925
averaged $717,014 per annum or over 2 1-3 times the $299,624 average
annual charges for principal and interest on this issue of 6% serial gold
notes and interest on the 6% notes due 1933.
Net income
8836,893 81,235.912
$600,706
xNet profit after depreciation of physical property of $325,506.
Balance Sheet Dec. 31.
Assets1925.
1924.
Liabilities1924.
1925.
Plant,tools, equipCapital stock
6,901,500 $6,901,500
Holmes Manufacturing Co.
ment, &c
$3,873,638 $3.641,973 Accts. payable, &c 284,013
158,604
-Balance Sheet Dec. 31.Investment securs. 120,734
120.734 Subsidiary co
5,729
Assets1925.
1924.
1925.
U. S. securities__ 3,416.014 2.705,044 Accrued wages_
34,820 Land, buildings,
Capital stock
00
19 .000'
$1,200.000 11,2 24
Cash
1,089,965 1,064,341 Reserve for Fed'l
machinery,&c_12,315.991 $2,313,861 Cotton acceptances 102.804 •219,134
Notes rec. & accr.
&c., taxes
420,618 Inventory
275,000
623,017
854.109 Depreciation
979,126
998,874
interest
12,177
10,735 Surplus
2,965,286 2,128,392 Cash & accts. rec_ 312,607
207,239 Surplus
976,949
949,936
Acc'ts receivable__ 1,645,493 1,537.496
153,439
Inventories
180.917
Total
$3,251,614 13,375,209
Total
$33,251,614 $3.375,209
Other curr. assets_
41,446
362.565
-V. 120, p. 965.
Deferred asseta
45,415
53,334 Total(each side)_110,425,799 $9,649,663
Honolulu Plantation Co.
-To Omit Dividends.
-V. 122, p. 489, 99.
-Presi-
dent John A. Buck, Jr., says:
Gulf States Steel Co.
-Annual Report.
Calendar Years1924.
1925.
1922.
1923.
Gross profits
81,571.441 $1,493,972 $2,169,863 $1,406,083
Depr., taxes, &c., res'ves 534.663
514.657
593.342
447,876
First pref. diva.(7%).....
140.000
140.000
140,000
140,000
Second prf.diva.(6%).
f.
123 •
2,194
Common dividends
625,000
560.663
448,520
Balance, surplus
$271,778
8278,530
8985,807
$818,207
A stock dividend of 11 3 %,amounting to $1,289,231, was paid March 2
1925 on the common stock.
Balance Sheet Dec. 31.
1925.
1924:
1924.
1925.
Assets$
Liabilities$
$
let preferred stock 2,000.000 2,000,000
Works and properties
19,055,221 17,623.371 Common stock_ _12,500.000 11,214,000
Cash
754,628 1,242,154 Accounts payable_ 464,012
252,559
U. S. Government
Wages,accr. taxes,
securities
408,598
378,016
&c
153,850
141,265
Accounts and notes
Dividends payable 191,250
175.175
•receivable
985,616
962,799 Reserves
Inventories
2,406,631 2,429,719
Deprec.& exting 2,923,201 2,598,102
Prepaid insurance
Replace.& Bond. 376,595
302,146
and taxes
23,288
34,269
Special res. agst.
1,579,534 1,594,367
property
Contingencies
107,605
160,493
146.384
Federal taxes_ _ _ 163.865
Total (each side)23,633,983 22,670,329 Surplus
3.121.182 4 138.635
have declared the regular quarterly cash dividend of 1 I%
The directors
on the common stock, payable Apri 1 to holders of record March 15.
On the 7% preferred stock. the directors declared the full dividend for
the current year. Quarterly payments of 1 % each will bo distributed
on April 1, July 1, Oct. 1 1926 and Jan.2 1927 to holders of record March 15.
June 15, Sept. 15 and Dec. 15 1926, respectively.
-V. 122. p. 489.
Hare & Chase, Inc., Phila.-Dividend Increased.
The directors have declared a semi-annual dividend of 50 cents per share
on the common stock and the regular semi-annual dividend of 45' on the
preferred stock, both payable March 1 to holders of record Feb. 18. Previously semi-annual dividend of 25 cents per share were paid on the common
-V. 121, p. 1467.
stock.
-Annual Report.
Harbison-Walker Refractories Co.
1922.
Calendar Years1925.
1924.
1923.
Net earnings
44,551,620 $4,171,398 84,358,708 83,037,333
557,794
y704,127
Deprec., deple'n, &e_ __ _
675,285
707.126
167,832
Preferred dividends---(6%)164,435(6%)159,576
160.723
1,508,136
Common dividends_ _(8%)2,444.131 (6)1,524,849
1,522,761
Balance, surplus
81,238,927 81,811,688 $1,968,098
Previous surplus
11,526,814
7,715,126
5,747,028
Adj. of res. (pi'or yrs.)_
Cr2,000,000
Corn. stk. div.(33 I-3%) 9,000,000
8803.571
4.943.457
Profit & loss surplus- $3,765,741 511,526.814 87,715,126 $5747,028
x After deducting 81,159,666 expenditures for ordinary repairs, also
Federal taxes. y $550,000 charged off for depreciation of plants and equipment; $114,485 charged off for depreciation of mining and tram outfits;
839,642 charged off for depletion of clay, coal and ganister properties.
V. 122. P. 357.
-Annual Report.
Hayes Wheel Co.
Calendar YearsSales
Cost of sales, &c
Gross profit
Other income
1922.
1925.
1924.
1923.
$16,484,833 $15,366,492 819.737,725 813,483,915
14,540,532 14.456,538 18,234,201 12,380,442
$1,944,301
141,761
8909,954 81,503,524 81,103,473
82.051
10,038
110,297
On account of the recent discovery of irregularities in the accounts of our
Secretary (Walter J. Matson), the directors have considered it advisable to
temporarily discontinue the payment of dividends. As soon as possible a
complete statement will be made, both as to the nature and extent of these
losses. While the losses appear to be large in the aggregate, they amount
to but a few dollars per share.
-V. 121, p. 847.
Hotel Bernard, Chicago.
-Bonds Offered.-Garard &
Co. Chicago are offering at par and int. $400,000 1st mtge.
13 1 ;
634. golb.;9ds due serially (semi-annually) from Feb. 1928 to Feb.
Datee Fe d 1 on 26
1936. Chicago Title & Trust Co., Chicago, trustee. Principal and
interest (F. & A.) payable at office of Garard & Co., or Chicago Title &
Trust Co. Registerable as to principal. Callable in inverse order by
number on any interest payment date after two years upon 30 days noticeat 102. Denom. $500 and 81,000 O. Borrower pays normal Federal
income tax up to 2%.
Bonds will be secured by a closed first mortgage on both land and building, the actual value of which is appraised at about $700,000. The operation of the hotel Bernard, it is conservatively estimated, will produce an
annual net income of 585.000-31 times the greatest annual interest
4
charge, and ample for all requirements of the mortgage, with a substantial
margin for the owner.
Hudson Navigation Co.
-Sale Confirmed.
Federal Judge Knox confirmed on Feb. 20 the sale of the assets of the
company to the Assets Purchasing Corp., whose bid of $4,200,200 was the
highest. Counsel for the company,its stockholders and creditors, protested
against the approval of the sale on the ground that the bid was "grossly
inadequate." The Court said:
"If the stockholders and creditors thought this property so valuable it is
strange that they failed to make some effort to bid at the auction sale held
by the master. It is pretty late in the day for them to come in after the
decree of sale has issued. A bid has been accepted and the property is
about to change hands."
Testimony offered by witnesses for the company indicated that the
property, including the $1.500,000 in cash, was worth about 86.000.000.
An appeal is pending in Circuit Court from the decision of the District
Court, including the cash in the assets to be sold. It is contended that the
cash should be distributed among creditors and stockholders.
The purchasing corporation had until Feb. 24 to deposit $200,000 ID
addition te the $100,000 already deposited on the purchase price, and forty
-V. 122, p. 757, 490.
days thereafter to pay the remainder.
Independent Oil & Gas Co.
-Annual Report.
(Including Owned Companies.]
Calendar Years1925.
1924.
Oil and gas sales, &c
$6,213,120 $2,275.119
Sales of leases and equipment
545,816
39.952
Total
86.253.072 52,820,934
Cost of crude oil refined
8489.620
Operating, general and administrative expenses_ _ 1,080,409
8536,307
Taxes, dry holes, abandoned wells & expired leases
458.290
752.732
Interest and discounts (net)
4,183
21.807
Depreciation and depletion
1,183.985
1,271,839
Estimated reserve for Federal taxes
75.030
Net income
$638,171
$2.561,664
Surplus account, Dec. 31 1925. shows: Earned surplus, Dec. 31 1924.
8622.286; net income, year 1925, 82.561.664; total, $3,183,949. Cash dividends paid and declared during 1925. $474,750: total earned surplus,82.709.199; Appreciation resulting from appraisal of producing leases, $4.403,622,•
stock dividends paid. $2,043.824; total capital surplus, $2,359,797; total
surplus er balance sheet. 85,068,997.-V. 122, p. 757.
Indiana Pipe Line Co.
-Report for Years Ended Dec. 31.
1925.
Total income
82,086,062 81,009.992 81,613.821 $1,185,524 Net income
5919,801
72,281 Dividends
Interest charges, &c_ _
87.057
138,099
121,755
400.000
Profits of cos. acquired_ _
Dr.71,629
Federal taxes
280,000
85,000
190,000
140,000
Balance,sur. or def___stu1519,801
Preferred dividends_
137,867
91.910
Dividends
689,654
591.132
591,132
393,819 -V. 122, p. 619.
Surplus
-V. 122, p. 618.
$891,484
$32,222
$710.934
8579,424
Hazeltine Corporation.
-Earnings.
Calendar YearsRoyalties
Other income
1925.
8594,768
3,597
1924.
$550,887
4,800
Totalincome
Expenses and taxes
Reserve amortization of patents
$598,364
$162,305
258,376
$555,687
$111,109
210,420
Net profit
$177.683
$234,158
The company paid dividends during 1925 amounting to $306,250. It also
-V.122. p.757.
paid 8275,000 in cash out of earnings to acquire new patents.
-Notes Offered.
-Brown Brothers
Hazle Brook Coal Co.
& Co. and Edward B. Smith & Co. are offering at prices
ranging from 96.63 and int. to 100.48 and int., to yield
to 63/2%, according to maturity, $2,000,000
from 5
6% serial gold notes.
1924.
8599,433
600,000
1922.
1923.
8965,944 $1,532,856
3.000.000
800,000
def$567
surs1e5,944da1.467,144
International Business Machines Corp.
-New Common Stock Put on $3 Annual Dividend Basis-Listing.
-
The directors have declared a quarterly dividend of 75 cents per share on
the now common stock of no par value, payable April 10 to holders of
record March 23. This is equivalent to $9 per share per annum on the old
common stock which was split up on a 3 for 1 basis, and on a hich dividends
at the rate of 88 per share had been paid. The company also paid a 20%
stock dividend on the old stock on Dec. 15 last. See also V. 122, p. 1035.
The New York Stock Exchange has authorized the listing on or after
Feb. 27 of 385,762 additional shares of capital stock (without par value)
on official notice of issuance, making the total amount applied for 578.643
shares of capital stock (see also V. 122, p. 1035)•
Consolidated Income Account, 11 Months Ended Nov. 30 1925.
Net profit of sub. cos., after deducting maintenance and repairs
of plants and equipment, provision for doubtful accounts.
the proportion of net profit applicable to unacquired shares,
and expenses of I. B. M. Corp ____ _ _______ $4,399,925
Depreciation of plants, equipment and rental machines
984.604
Development and patent expenses _
__ __
301,018
Interest on bonded indebiess and borrovieimone y
320,384
Dividends
944.246
Balance
$1,849,672
Dated March 1 1926; due semi-annually March 1 1927-1936. Int. pay- 1,000.000
able M. & S. without deduction of normal Federal income tax up to 2%. Amount received from sale of 10.046 shares of cap. stock (net)
21,647,086
Denom. $1,000 c*. Red. all or part on any Int. date on 30 days notice at Capital and surplus Jan. 1 1925
,
par and int., plus a premium of 3i of 1% for each year or fraction of year
$24,496,759
of unexpired life of the notes redeemed. If less than all outstanding notes *Capital and surplus Nov. 30 1925
* Subject to Federal taxes for 11 months of 1925.-V. 122, p. 1035.
are redeemed those of the latest maturity or maturities then outstanding
THE CHRONICLE
FEB. 27 1926.]
-Annual Report.
Intertype Corp.
1922.
1923.
1925.
1924.
Calendar YearsProfits
$1,185,185 $1,217,653 $1.317,383 21.318.497
$209.192
$213,291
$127,232
$204,503
Depreciation
161,000
142.000
160,000
185.000
Reserve for taxes
83.134
85,152
86,470
01,146
1st pref. dividends (8%)
34,750
1,370
321
318
2d pref. dividends (ft%)_
88,817
154,885
298,643
271.511
Common dividends
30,000
30.000
30,000
30.000
1st pref. stk. red. appro_
61,875
Diset. on 7% deb. notes
$707,505
$694.783
2452,826
2402.973
Balance, surplus
Tile company paid a stock dividend of 10% on the common stock Nov.
17 1924. A stock dividend of like amount was paid in 1922.-V. 122. p. 358
-Production-Earnings.
Iron Cap Copper Co.
During the fourth quarter of 1925 the production was 776,011 pounds of
copper. 32,421 ounces of silver and 22.2 ounces of gold.
Earnings Quarter Ended Dec. 31.
1922.
1923.
1924.
1925.
$182,481
$138,249
$160,498
$104.557
Income
151.207
139,407
139,215
54.120
Expense
$31,274
def$1.158
221,283
Gain
$50,437
.
Pres. Frank P. Knight says "Our attorneys advise that the suit of
Arizona Commercial Mining Co. against the International Smelting Co.
was dismissed on Feb. S. This suit had to do with the treatment of Iron
Cap ores and its effect was to cause us to close our mill on June 29 last.
-V.122. p. 892. 358.
The mill is now being made ready to resume work."
-Sales.
Jewel Tea Co.
First Four Weeks ofSales
Average number of sales routes
-V. 122. p. 1036, 892.
1925.
1926.
$1,115,701 $1,059,583
1.028
1,059
1924.
$990,729
999
-Committee to Be ApLehigh Coal & Navigation Co.
pointed to Review Capital Structure.
At the annual meeting Feb. 23 W. L. Haehnlen offered a resolution
which was adopted, calling for the appointment of a committee of 3 stockholders and 3 managers to review the capital structure of the company
and report to the board of managers their recommendations.
The resolution presented by Mr. Haehnlen was as follows:
"Whereas. The recent suspension of operations of the anthracite coal
mining companies has resulted in bringing to public notice so-called earnings
figures of the large producers; said figures as applied to the Lehigh Coal &
Navigation Co. are misleading, as the actual earnings and the total net
assets, apart from the coal lands and improvements, are far in excess of
earnings and actual value of raid coal lands and improvements, and further.
in ,,iew of the value of the capital assets of this company apart from said
coal lands and improvements; be it
"Resolved, Tne President appoint a committee of 3 stockholders and 3
managers to review the capital structure of this company, and report
to the board of directors their recommendations."
The Baehrlen proposal for a committee to be appointed is construed as
bringing to a head the question of some form of distribution to the stockholders.
The only change on the ticket for the board of managers is the name of
Walter C. Janney to succeed the late Col. Daniel B. Wentz.
an answer to question of George Stephenson, a stockholder. President
Warriner said no definite conclusion had been reached by the board of
managers as to the disposal of the company's holdings of 610,000 shares
(split up number of shares) of Lehigh Power Securities Corp. stock. A
distribution to stockholders might mean heavy tax payments by some large
holders of Lehigh Navigation and there were some aril antages in keeping
the Lehigh Power block intact on account of relations with other companies.
The meeting VMS attended in person and by proxy by stockholders
holding 360.405 shares of the capital stock, or 61.6% of the total shares
outstanding.
The number of stockholders of the company as of the date of record for
the annual meeting was 6.419, a decrease of 877 as compared with last
year. 5.155 stockholders owned less than 100 shares each; 1.078 owned
from 100 to 500 shares, and 186 owned more than 500 shares each; the
average number of shares held per stockholder was 91. Of the total number
of stockholders 5,287 resided in Pennsylvania, 510 in New Jersey. 226 in
New York and 396 wore scattered through 32 States and 2 foreign countries.
-V. 122, p. 1019.
412 employees of the company are stockholders.
1179
The North Louisiana fields are now being intensively tested for deep
sand production. Deep sand at Pine Island has been proven and operations
are now under way to test this sand at Cotton Valley and Haynesville. In
all three of these fields the corporation owns considerable well-located
acreage from which it is expected that deep sand oil will be produced in the
near future.
During 1925, the cracking plant at Bossier City (Shreveport) was completed and is now operating very profitably.
-Corporation has recently acquired a subInvestment in Beacon Oil Co.
stantial interest in the common stock of the Beacon Oil Co., a refining and
marketing concern with a large refinery at Everett, Mass., and retail distribution throughout New England. Both as an outlet for surplus petroleum products and a.s a profitable investment, this acquisition of an interest
in the Beacon Oil Co. should prove of considerable value to Louisiana Oil
Refining Corporation.
-Proceeds will be used to retire the outstanding 22.800,000
Purpose.
53 % serial debenture bonds and for general corporate purposes.
Earnings Years Ended Dec. 31 (Incl. Subs.).
(After eliminating from 1924 and 1925 int. and discount on 5%% serial
debenture gold bonds so as to give effect to retirement of that issue with
part of proceeds from sale of 24,000,000 634% cumul. cony. pref. stock,and
after deducting Federal taxes computed for all years on the basis of current
rate of 12 %.)
Net After
Net Profit
Fed. Tares
After Misc. Depletion &
Charges.
Depreciation.
at 124%
Net Sales.
85,670.306
27,157.669
8677.320
$12,330,429
1920
227.932
956,397
695,903
4,227,917
1921
1.950.737
3,237.983
1,008.569
7.550,783
1922
1,529,621
756,281
676.672
5,929.546
1923
361,144
1,264.193
851,457
8,663.371
1924
2,232.743
1.033.705
1,051,366
11.395.856
1925
$1.653,416
22.729.768
$840.149
$8,349,650
Annual aver_ _ _
$260.000
Annual dividend requirements of 63i% cumulative pref. stk_
The above'statement of earnings does not take into consideration the
properties of the Arkansas-Invincible Oil Corp.. Inc., and the Gladstone
Oil & Refining Co. to Aug. 31 1924. although the oparations of these
properties, which are now an integral part of the Louisiana Oil Refining
Corp., are included subsequent to that date.
Balance Sheet Dec. 31 1925 (After Present Financing).
Liabilities
Assets
54.000.000
Producing leases, less dept.__ $1,592,130 514% pref. stock
Common (1,140,033 abs. of no
Apprec. cf peed. leases due to
4,969,095
par value)
5,687,704
appraisal
4,631,555
475,656 Surplus-earned
Undeveloped leases, at cost__
5,687,704
8,607,288 Capital reserve
Other capital assets
Construction In process
412,533 Tank car equip. notes & pur747.616
chase money obllgat1ons__
417,603
Warehouse supplies
364,485
27,055 Notes payable
Sinking fund
497,204
1,450,852 Short term purch.money oblig
Cash
680.917
830,259 Accounts payable
Notes & Reels rec., less res
175,254
72,884 Accr. taxes, int., wages, dtc.._
Uncollected judgment
250,000
1,633,184 Res. for conting
Inventories
15.781
60,183 Res. for comp. insurance_ _ _ _
Capital stock of other cos.._
89,276
Prepaid expenses ,ke
663,000
Paid-up cracking process my_
$22.019,610
Total
$22,019,610
Total
-The New York Stock Exchange has authorized the listing of
Listing.
84,000.000 63-i 51, cumul. cony. pref. stock and 1,140,063 shares of common
stock (without par value) on official notice of issuance in exchange for, or
in lieu of, a like number of sham of capital stock without par value, with
authority to add 160,000 shares of such common stock without par value
on official notice of issuance in exchange for, and upon conversion of out-V. 122. p. 893, 759.
standing preferred stock.
McCrory Stores Corp.(& Subs.).-Bal. Sheet Dec. 31.-
1924.
1925.
1924.
1925.
$
$
LiabilitiesAssets
2,917,500 8,000,000
27,319,400 4,669,878 Pref. stock
Real estate
400
300
Furn ,fixtures,dtc_b7,566.775 5,845,508 Corn,stock (old)
4,443,478 4,785,055 Corn. stk. (new).c13,085,240 11,515,280
Inventories
856.250
Bills payable
Invest. in Mill co. 318,325
160.563 Mtge. & purchase
Empl. stk. subset'. 115.869
money ohne_ _ _ _ 4,560.017 2,791.571
27.315
23.031
Due from empl's
893,138
162.500 Accts. payable,&c. 836.886
73,639
Claimsagst.Ins.co.
30,022
43,108
211,130 Deposits of empl
97.037
-Notes Purchased.
Lockwood, Greene & Co., Inc.
Accts. receivable
316,999
135.000 Federal tax reserve 435,000
136,000
All offerings under 95 for the sale of the company's 7% collateral trust Liberty bonds_ _
3,532,963 1,631,550
4,439
2,661 Surplus
notes have been accepted. Three weeks ago the company deposited Life insur. policies_
620,417
827,280
$1,888.964 with Lee. Higginson & Co. and instructed the bankers to pur- Cash
419,467
481.457
chase as many as possible of the $6,000,000 notes. Slightly over $2,000,000 Prepaid Items_
4,000.000 4.000.000 Total(each side)_25,411.014 21,035,210
Goodwill
were purchased with this sum. See also V. 122. p. 758, 1036.
depreciation of 2201.987. b After depreciation of $1.592.153.
a After
Loft, Inc.
-Report for Calendar Years.
c Represented by 372.979 shares of common and 77,675 shares of class B
1922.
1924.
1923.
1925.
stock of no par value.
Net sales
$8,169,673 $7,720,589 $7,406,292 $6,738,262
The usual comparative income account was given in V. 122, p. 893.
Raw materials, labor,
&c.,expenses
5.768.779
6,713.215
1 8.036.4471 7,045,474
-Obituary.
Magnolia Petroleum Co.
Depreciation
377,957
360,634
379.062
1
Chairman John Sealy, of Galveston, Tex., died in Paris, France, on
Feb. 18.-V. 121. p. 3139.
Operating income__ _
$315,120
$608,849
$296,052
$133,226
-Notes Offered
Miscellaneous income_ _ _
90,079
55,184
161,334
123.617
Manufacturers' Finance Co., Baltimore.
Profit for year
Federal taxes
Dividends paid
Balance, surplus
Previous surplus
$294,560
39,600
$419,669
52.303
$254,960 - $367,366
2.065,331
1,697,965
Profit and loss surplus $2.320,291
-V. 122, p. 359.
$2.065,331
$405,199
50,477
$664,033
82.208
(81)645,00B
$354,722 def$63.174
1.343.242
1,406.416
$1,697.965 $1.343,242
Louisiana Oil Refining Corp.-Pref. Stock Offered.
Spencer Trask & Co., F. S. Smithers & Co., Stevenson,
Perry, Stacy & Co., and J. S. Bache & Co. are offering at
100 per share the unsold portion of $4,000,000 63. % cumul.
convertible pref. (a & d) stock (par $100).
•
-F. Preferred as to assets to extent of $105 per
Dividends payable Q
share and diva, in event of any dissolution, liquidation or winding-up,
whether voluntary or involuntary. Transfer Agent: Equitable Trust Co.,
New York. Registrar: Central Union Trust Co., New York. Red. all or
part on or after the expiration of 3 years from date of issue, or earlier if
hereafter authorized by statute, upon any div. date. at option of the
corporation, upon 30 days' notice, at 105 and diva.
Convertible.
-Convertible up to and incl. Feb. 15 1929, into common
stock at rate of 4 shares of common for each share of preferred, whether or
not called for redemption, but in no event after the date fixed for redemption.
CapitalizationAuthorized. Outstanding.
24.000.000
$4.000.000
6i cumul. convertible pref. stk. (par $100)_ _
Common stock (without par value)
1.360,000 shs. 1,140,063 shs.
3459.000
Tank car equipment notes
Purchase money obligations
288,616
From Letter of Pres. R. B. Kahle, New York, Feb. 12.
Data
Compang.-Incorp.in Virginia in April 1917. Is engaged in the producing,
transporting._ and marketing of petroleum and its products. principally in
Oklahoma,TaXas, Arkansas. Louisiana and Mississippi. Corporation has
approximately 85,000 acres of land-15,000 acres fee and 70,000 acres lease
land. It has production in the Louann, Smackover, Eldorado, Haynesville,
Homer, Bellevue, Caddo, Urania and Cotton Valley fields in Arkansas and
Louisiana and in the Humble field in Texas. The total daily production is
approximately 7,000 barrels settled production. Corporation has 2refineries
in Shreveport. La., with a total daily refining capacity of 17.000 barrels.
Corporation also has over 1,600,000 barrels of steel field storage in addition
to 750,000 barrels of earthen storage pits, exclusive of storage for refined
products at refineries, service stations, &c.
Corporation has leases totaling over 6.400 acres in the new Urania field,
La Salle Parish, La., and is now engaged in intensive drilling operations on
this property. Corporation is also actively drilling on its acreage in the new
field north of Stephens, Ark. Considerable production is expected from
these two operations.
-Baker, Watts & Co.; Redmond & Co.; Illinois Merchants
Trust Co.; Hambleton & Co.; Brokaw & Co.; The Shawmut
.
Corporation of Boston, and The National Republic Co., are
%
offering at 993 and interest, to yield over 6.05%,$7,500,000
five-year 6% collateral trust convertible gold notes, series A.
Dated March 1 1926; due March 1 1931.
Interest payable M.& S., without deduction for normal Federal income
at Commerce
tax not in excess.of 2%. Principal and interest payable Company will
Trust Co., Baltimore, or Equitable Trust Co.. New York.
agree to reimburse the resident holders of these notes if requested within
sixty days after payment and within six months after date, when such
tax is legally payable, in the manner provided in the trust agreement for the
Conn.4 mill tax. Penn.4 mill tax, Maryland 414 mill tax, Dist. of Colum.
5 mill tax, and Mass. income tax not in excess of 6%. Denom. $1,000 c*.
Redeemable, all or part, on any interest date on 60 days' notice at 100 and
interest plus a premium of 1% for each year prior to maturity. Baltimore
Trust Co., Maryland, trustee; Wells Fargo Bank & Union Trust Co., San
Francisco, additional trustee.
-Each 21.000 conConversion Privilege and Stock Purchase Warrants.
vertible note, series A, shall be convertible at any time prior to redemption
or maturity, at the option of the holder, into $500 of 7% cumul. pref. stock
and $500 of8% cumul.second pref. stock. Upon exercise of this conversion
privilege, the converting noteholder will also receive a warrant entitling him
to buy from the company five shares of common stock (voting trust certificates) at $70 per share, good until the maturity date of the notes.
Listed.
-These notes listed on the Boston Stock Exchange.
Data from Letter of V. G. Dunnington, President of the Company.
-Is one of the oldest of the so-called non-notification commerCompany.
cial banking companies in the United States, and has been in succesful
operation since its inception in 1910. Company owns all the common
beneficial interest shares of the Manufacturers' Finance Trust which conducts a similar business in the State of Illionis and surrounding territory,
with headquarters in Chicago.
About 65% of the volume of business of the company and the trust for
1925 consisted of the purchase of open accounts, acceptances, drafts and
notes receivable from reliable manufacturers, wholesalers and Jobbers
representing widely diversified industries. The balance of the volume
consisted of automobile and installment liens and mortgage notes. The
seller of the accounts receivable guarantees the payment of same for 100%
of the face value, although advances are made to the seller of not more
than 80% of the net face value of the accounts so purchased. Settlement
for the balance is made as and when accounts are collected. The percentage
of loss since organization has averaged less than 1-5 of 1% of the accounts.
&c., purchased.
-The outstanding collateral trust notes of the company. includSecurity.
ing this issue, are direct obligations of the company,secured equally, ratably
and without preference by the identical revolving self-liquidating open
commercial accounts, acceptances, draft,s notes or installment or motor lien.
1180
THE CHRONICLE
or mortgage obligations deposited with or assigned to the trustee or trustees
at the rate of $120 of such open commercial accounts. acceptances, drafts,
notes or installment or motor lein or mortgage obligations and (or) $100 ef
cash or bank certificates of deposit, for each $100 of the total of the collateral trust notes then outstanding.
The security behind these notes will, therefore, be as follows: (1) A margin of 20% in the face value of the collateral (other than cash and (or) bank
certificates of deposit) over and above the amount of notes outstanding.
(2) The collateral will consist of the obligations of many purchasers in diversified industries. (3) Open accounts purchased in turn generally bear
the endorsement or guarantee or contain a repurchase agreement of the
customers from whom the obligations were purchased.
Earnings.
-The volume of business and net earnings of the Manufacturers' Finance Co. and subsidiaries, including business of the Manufacturers'
Finance Trust and the earnings of the trust accruing to the parent company,
are as follows:
Volume of Business. Net Before Interest.
$65.590.438
$749,800
00
1920
534.876
1919
42,929.025
510.574
1918
40.312,691
381.674
1917
24,882.739
1916
-Proceeds will be used to fund at a fixed raet of interest a porPurpose.
tion or the company's normal borrowings and to provide for the increased
volume of business being offered.
Outstanding Capital Stocks.
7% cumulative preferred stock (par $25)
$2.250,000
2.000.000
7-10% second preferred stock (par $25)
Common stock (par $25)
2,000,000
Ditridends.-Dividends have been paid as follows:
'25. '24. '23. '22. '21. '20. '19. '18. '17. '18. '15. '14.
7 7 7 7 7 7
7 preferred (%) - 7 7 7 7 7 7
2df. ). 8 8 7 10 7 7 -None outstanding
7%-10% pal. (7.
Common(%
17 17 16 *37 16 16 10 10 10 x60 1054 10
1254% in stock. x 10% regular and 50% extra in cash (extra
* Also
dividend applied against purchase ofcommon stock at par).
-V.122, p. 1036
Maryland Mortgage Co.
-Listing.
--
(Vol- 122.
Earnings.
-The average annual net Income available for interest payments during the probable life of these bonds, based on estimates of Ford,
Bacon & Davis, Inc., engineers, should equal 4.6 times the maximum
annual interest charges on this issue.
CapitalizationAuthorized. Outstanding.
7
let mtge.70 sinking fund gold bonds (this issue)_- $1,420.000 $1,420,000
2d mtge. 7% sinking fund gold bonds
1,280.000
1.280.000
Debenture certificates (non-interest bearing)
71,000
71.000
Capital stock (par $100)
1,000
2.000
The proceeds of the first mortgage 7% sinking fund gold bends to be
outstanding will represent two-thirds or less of the cost of construction
of the bridge as defined in the mortgage and (or) unexpended cash in the
hands of the trustee, and the balance of such cost plus organization expense
will be provided through the sale of 2d mtge. 7% sinking fund gold bonds.
The 2d mtge. bonds have been underwritten by local banks and responsible
Investors. The principal of the non-interest
-bearing debenture certificates
shall not be paid until all of the first and second mortgage bonds are retired.
Morgan Lithograph Co.
-A nnual Report.
-
President P. J. Morgan In the annual report for the year ended June 30
1925 says In part:
On June 25 1925 the company purchased the assets, subject to the liabilities, of Richey Lithographing Corp. and Butts Litho., Inc.. and its
subsidiary, the J. H. Tooker Printing Co., which companies were located
In and about New York. In acquiring these properties and moving their
plants under one roof, the company not only increased its capacity to
approximately 2.000.000 impressions per day but the addition of the New
York plant places it in an even more strategic location with regard to Its
market.
The acquisition of these properties was financed through the increase of
the authorized common stock from 60.000 to 100,000 shares and the issuance of 30,000 additional shares.
Income Account for Year Ended June 30 1925.
Net sales, 12,024,567: cost of sales, $1,287.813: mfg. profit
Selling exp., $125.231; gen. & administrative exp., $85,649; total 2736.764
Int. paid.$10,291:donations,$6.352: miscellaneous.810,474:total- 210,880
Profit on sale of securities, $7,002:interest earned,$2.402:dividends 27,117
received, 22,313: miscellaneous, $658.: total
Cr.12.375
Net profit (New York plants) 4 days
Cr.962
Provision for Federal taxes and contingencies
65,000
Preferred dividends (cash)
26,974
Common dividends (cash)
225,000
The Baltimore Stock Exchange has authorized the listing of $650.000
prior pref. stock (par $100). $650.000 pref. stock (par $100) and 23,020
shares of common stock (no par value).
Company was incorp. Oct. 1 1921, In Delaware, for prupose of making
loans secured by mortgages on real estate. It operates through its wholly
owned subsidiary, the Mortgage Co. of Maryland, Inc. Its authorized
Balance, surplus
$195.120
capital consists of $1.000,000 prior pref. stock, 21,000,000 pref. stock and -V. 121, p. 83.
25.000 shares no par value common stock.
1924.
Monarch Knittin g Co., Ltd.
1925.
-Annual Report.Gross consolidated earnings
$354.987
$181,433
Calendar
1925.
1924.
1923.
6.
$19 .531
1822
Net,after divs. on prior pref. & pref. stock
39.236 Net profitsYears
21,756
$2,302
$17,675
$184,888
122. p. 893.
-V.
Res. for depreciation_
70,000
70,000
70,000
Preferred dividends- _ - _
v4,375
Massachusetts Cotton Mills.-Bal. Sheet Jan. 2.(7)52,500
(7)52.500
(7)52.500
1926,
Liabilities1925.
Assets1925.
1926.
Balance
108822,073 loss$104.825 sur$82,388 sur$64,031
$5,790,123 $5.819,666 Capital stock-- $5,000,000 85,000,000 Previous surplus
Plant
504,867
609,49.2
547,104
483,073
4,341,271 4,988,464 Accounts& notes
Merchandise
xSpecial reserve account
150,000
payable
Accts.& bilis ree. 2,749,3561 3,253.719
3,628,240 3,700,357
Profit and loss__ 4,915,374 5,361,492
662.865!
Cash
P.& L.surp. Dec.31- $352,594
$501,667
$809,492
2547.104
x Special reserve account to
$13,543,615 $14,061.849
Total
Total
$13,543,615 $14,061,849 of the Buffalo plant. v Beingprovide for the losses incidental to the closing
one month's proportion of div. on pref. stock
Operating loss for the year ended Dec. 31 1925 amounted to $27,590, as paid Feb. 1 1925. No diva. have since been paid.
compared with a loss of $421,000 in the previous year. After charges and
The Buffalo, N. Y., plant, which has been idle since the failure of the
payment of $225.000 dividends the 1925 deficft totaled $446,118. No Famous Fain Co., Inc.. of New York. which occupied the property for a
depreciation was charged in 1925 due to heavy...Charges made in previous short time, has been sold to the Spencer Lens Co., Inc., for, It is said.
years. The company's Southern mill made an operating profit of $446,448 $250,000. In order to take care of the losses incidental to the closing out
last year which was wiped out by a $474.038 loss at the Lowell plant. and sale of the Buffalo business, the directors of the Monarch Co. have
-1r, 121, p. 2167.
found it necessary to transfer 8150.000 from profit and loss acocunt, leaving
the balance $352,594 carried forward to 1926.-V. 120. p. 3075.
Metropolitan Chain Stores, Inc.
-Consolidated Balance
Montreal Cottons, Ltd.
-Annual Report.
-
Sheet Dec. 31 1925.
(Including Metropolitan Stores, Ltd.)
Liabilities
Assets
$1,794,714 Accounts payable
Fixed assets
$430,089
In 59,779 Commissions payable
72,526
Cash
22,136 Accr,taxes, int., &c., payable.
Notes and accounts receivable_
37,692
19,064 Res. for Fed. St Can. taxes_
Claims receivable
75,578
1,633,112 Deferred income (rents)
Inventories
15,000
307,035 7% cony. let pref. stock
Other assets
1,200,000
22,376 7% cony. 2d pref. stock
Organization expenses
555.000
Common stock
1,772,331
Calendar YearsProfits
Other income
1925.
$446,330
63,627
1924.
$275,631
176.403
1923.
$405,113
130.438
1922.
$412.995
121,446
Total income
Bond interest
Other charges
Preferred divs. (7%).....
Common divs.(6%)._
$509957
$452.034
30.003
5.974
210.000
180.000
1535,551
30,003
52,707
210.000
180,000
8534,441
Balance, surplus
220%00
1 998
54
180,000
23530 0
10, 1483
:8
80
180,000
289,016
126.057
$63,410
$62.841
Balance Sheet Dec. 31.
1924.
1924.
1925.
Assets
$
Land, buildings &
Midland Steel Products Corp.
-January Earnings.
Common stock _ 3,000,000 3,000,000
machinery
4,779,969 4,785,937 Preferred stock _ _ 3,000,000 3.000,000
Earnings for the month of January, it is stated, totaled $262,792 after
70,332
53,783 Bonds
depreciation and other charges, a considerable increase over the corres- Cash
604,928
602,981
Open accounts_ _ _ 875,388
942,884 Open accounts &c. 915,699
ponding month in 1925.-V. 122, p. 621, 490.
803,006
Stock manufact'd
Bond reserve
18,635
18,761
and in process. _ 2,338,143 2,187,843 rtes've for pensions
-Bonds Sold.
Mobile Bay Bridge Co.
-Peabody, Rough55,967
62,000
Unexpired
5,450
6,803 Surplus
1,214,851 1.144,712
teling & Co., Inc., Watson, Williams & Co., Lorenzo E. Loans & Invinsur
745,000
650,000
Anderson & Co. and Reilly, Brock & Co. have sold at 100
Total
8,814,293 8,627,249 Total
8,814,293 8,627.249
and int. $1,420.000 1st mtge. 7% sinking fund gold bonds.
-V. 120, p. 1213.
Dated Jan. 2 1926: due Jan. 1 1951. Principal and int. (J. & .1.) payable
at Chatham Phenix National Bank & Trust Co., New York, N.'Y, and
Motor Wheel Corp.(& Sub.).
-Annual Report.
trustee. Denom. CLOW and $500 c*.
First National Bank, Mobile.
Calendar Years1925.
1923.
1924.
Ala..
Red. all or part on any int. date at 105 and int. Interest payable without Sale of wheels, stampings, &c
for any Federal income tax not in excess of 2%. Company Int. earned and income from invest'ts $4,234,974 $3,408,445 $2,499,813
deduction
83.891
53,645
39,033
agrees to refund to resident holders upon proper application certain State
taxes as defined in the mortgage.
Total income
$4.318,865 $3,447,478 12.553,458
Data from Letter of John T. Cochrane, President of the Company. Selling. adv., gen., admin. exp., &c.._
$839,376
$852,073
2733,512
Company.-Incorp. in Alabama in 1925 for the purpose of constructing Interest paid and accrued
156,190
169.543
197.835
and operating a highway bridge across the rivers, delta lands and shallow Miscellaneous losses, incl. machinery
sold and scrapped
Bay. The bridge will consist of a series of
waters at the head of Mobile
.199
58,559
165,279
Depreciation
highway bridges and trestles which will be connected by causeways con356,072
289,759
structed on embankments. It is expected that the construction work Provision for Federal taxes
360,000
181,000
261.000
Dividends on preferred stock
will be completed and that the bridge will be opened for traffic about
121,204
160,302
147.968
Dividends on common stock
Jan. 1 1927.
355.712
1.081,837
440,371
The bridge will be located on the most direct highway route from New
Balance, surplus
Orleans, La.. to Pensacola, Fla., and in addition, will be the main artery
$1,298,986 $1,211,755
8776,268
for all traffic from the North and West which passes through Mobile to Profit and loss surplus
15.778,918 84,099,565 12,887,810
Florida points over the Gulf Shore routes. The Old Spanish Trail and the -V. 121, p. 2648.
Florida Mid-West Highway will cross the bridge.
National Cash Register Co.(Md.).-Listing.In addition to providing greatly increased facilities for the attraction and
The New York Stock Exchange has authorized the
handling of through automobile traffic from all directions, the bridge full-paid shares of common
listing of 1,100,000
should fill a real economic need in bringing the rich agricultural section of Issuance in exchange for theA stock, without par value on official notice of
outstanding interim receipts of Dillon, Read &
Baldwin County into close contact with the shipping and manufacturing Co. Compare also V.
122, p. 223.
Industries In Mobile County.
-Company has entered into a favorable contract with Mobile and
Lease.
National Cash Register Co., Dayton,0.
-Loses Suit.
Baldwin counties whereby said counties agree to lease the bridge, when
See Remington Arms Co., Inc. below.
--V. 122, p. 223, 101.
constructed, for a period expiring 30 years after Oct. 3 1925.
the terms of this contract Mobile County agrees to operate and
Under
National Food Products Corp.
-Depositary.
maintain the bridge in a proper and efficient manner, to pay all costs of
The Empire Trust Co.
operation (including collection of tolls) and maintenance, and to deposit company's class A and Bhas been appointed depositary for the above
stock and warrants for class B stock. See
daily (Sundays and banking holidays excepted) to the credit of the com- V. 122. p. 760, 1037.
pany the gross amount of tolls collected. Mobile County has the right to
purchase the bridge at any time during the continuance of the lease at a
National Standard Co. (Mich.).
-7'o Offer 110,000
sum which shall be sufficient to pay all bonds and debentures of the comShares.
pany then outstanding at their respective call prices.
lien on the rights of the company under this
Public offering of 110.000 shares of no par value common stock of the
Security.
-Secured by a first
contract and on all of the fixed assets of the company now owned or here- company is expected to be made next week by Shields & Co. and John
after acquired. The property will be adequately insured against fire, Burnham & Co., Inc., of Chicago.
This company is the largest manufacturer in the world of wire braid
storm, lighting, collision, tornado, earthquake and other casualties.
-Mortgage requires that after the pay- used by manufacturers of automobile tires as an Integral part of the bead
Redemption and Sinking Funds.
ment of all taxes, the deposit with the respective trustees of amounts or edge of casings to give them the rigidity necessary to firmly hold the
sufficient to pay the next maturing semi-annual installments of interest on tire on the rim.
This offering involves no new financing, hut is reported to have been
the then outstanding first mortgage 7% sinking fund gold bonds and
second mortgage 7% sinking fund gold bonds and the making of certain purchased from individuals. Company has 150,000 shares of no par value
expenditures provided for by the mortgage, 60% of the balance of all common stock authorized and outstanding and has no bonded indebtedness,
other
lease rentals received from Mobile County in each year shall be applied to bank debt or preferred stock. Tnis stock will be offered at $28.50 per
the purchase by the company of first mortgage 7% sinking fund gold bonds s'aare. Dividends are being paid at the rate of $2 50 per share; the next
below the call price and (or) to their redemption by the trustee by lot at quarterly dividend of 62 tic. per share is payable April 1 to stockholders
cf record, Mar. 22.
said call price of 105 and interest.
Total
-V.122. P. 1036. 893
.
$4,158,216
Total
$4,158,216
1925.
FEB. 27 1926.]
THE CHRONICLE
National Tea Co., Chicago.
-January Sales.-
Month of January-Sales
-V. 122, p.491, 360.
1925.
1924.
1926.
$4,544,995 $3,929,127 $3,249,138
New York Air Brake Co.
-To Redeem Class A Stock and
Issue Common Stock.
The stockholders will vote at the annual meeting, April 16, on a proposal
to redeem on July 1 next the entire issue of class A stock outstanding.
The stockholders will also be asked to take action on a proposed underwriting on the offering to common stockholders after the redemption of
the class A stock, of tne unissued common stock. The class A stock is
callable at $60 per share.
Of the 100,000 shares of authorized class A stock there were oustanding
85.600 shares at the close of last year. There were 200,0(9 shares of
common stock outstanding, out of 300,000 authorized.
-V. 122, p. 894.
New York Evening Journal, Inc.
-Earnings.10 Mos. E'nd. Year End.
Oct. 31 '25. Dec.31 '24.
$3.804,601 $4,723,177
7.223,230 8,471,897
PeriodNet circulation sales
Net advertising sales
Gross income
News expense
Mechanical production costa
Paper and ink costs
Paper distribution costs
Promotion of circulation
Promotion of advertising
General and administrative expenses
Net operating profit
Other income
$11,027,831 $13,195,074
1,179,468
1,050,069
1.747,230 2,065.725
3,931,064 4.764,059
1,269,234
1,386,767
337,933
453,104
805,244
580,721
700,531
825,452
$1,295,878 $1,810,426
67,517
70,779
Total profit
Miscellaneous charges and depreciation
Federal taxes
1181
Consolidated Balance Sheet
-Dee.31.
1925.
1924.
Assets
Land
4,501,802 4,397,189
SIdgs. and equip_14,992,348 15,253,412
Furn. and fixtures 2,242,594 2,206,009
Leasehold rights.. 8,446,499 9,021,727
Lease deposits_ 254,000
260.000
Goodwill. contr. &
book'g agreemla18,230,474 18,230,474
Invest. In & adv.
MM. cos
537,444
Loans for constr.
of theatres under
lease
800,000
800,000
Scour. purch, for
empl. bonus fel_
23,620
9.889
Trea.s. scour. purch.
for redemption _ 281.026
Other spec. funds115
Cash
1,311,165 1,715,402
Marketable secur_ 246,992
308,777
Notes rec.(securedi 900,0001 1,471,095
Accts. receivable_ _ 203,017f
Accr. int. rec
114,647
Sundry working
adv. & deposits60,167
35,202
Prep'd insur., &c. 138,841
113,398
Loans to empl. for
purchase of stk.
65,271
72,268
Contr.onthest.sold 571,500
Supplies
11,759
U. S. Tress. ctts.
101,453
Disc, on bds., &c_ 155,663
178,329
Deferred taxes._
170,977
117,639
Other def. charges_
30,468
92,301
1925.
1924.
LiabilitiesPref. stock
6,580,000 6,700.000
Corn. stk. (par $1) 549,170
549,170
Capital surplus._10.653.041 31,251,099
Gold notes
1,240,200 1,500.000
Mtge,on real eat
150,000
Serial bds. of subs. 5,353,000 5,841,080
Accounts payable.
88.695
81.620
Ten'ts rental deps_
18,095
22,337
Accrued expenses.
30.224
40.084
Accrued interest
95.331
108,947
Accr. local taxes
198.913
193,996
Eat, income taxes. 217.293
426,002
Res, for depree___ 4,130.15213.590.638
Res. for amort. of PI
leaseholds
1,146.544 1[975.647
Res. for bonus to
I
I ell
employee
39,542'L .10,634
....T
Earned surplus._ 3,787.71413,105.185
Total (each side)54,278,516 54,396.440
81.363,395 $1,881,205
184,023 -V.122. p. 360.
182,293
17,947
83,654
Otis Steel Co.
-Listing.
Net income
The New York Stock Exchange has authorized the listing on
$1.097.448 $1,679,235
-V.121, p. 2887.
Feb. 25, of 100,000 shares additional common stock (no par value),or after
making
the total amount applied for 841,002 shares.
New York Transit Co.
-Larger Dividend.
Calendar Years1925.
1924.
1923.
1922.
The directors have declared a quarterly dividend of - share, pay- Operating profits
$1 per
82,881,337
8151,473 12,110.756
able April 15 to holders of record, Mar. 19. in
882.057
Depreciation
the
720.000
763,355
350,000
company paid dividends of 75 cents each per share. last 4 quarters, the
Operating profit
Balance Sheet Dec. 31.
82,161.337 loss$611,882 $1,760,756
$82,057
Other income
Assets1925.
175,158
114,753
1924.
100,399
Liabilities1924.
1925.
Pipe line plant.._ $0.972.229 $6,942,560 Capital
stock
$5,000,C00 85 000 000
Gross profit
. .
Material & suppl's
$2,161,337 loss$436,724 81,875.509
72,772
103,333 xAccts. payable.. 838.818
$182,456
903,609 Other deductions
Cash, other invest.
756,949
1.042.417
514,616
610,115
Deprec'n reserve 2,343,096 2,217,087
& accts. reedy__ 2,486.920 2,381,017 Profit and loss_
1,350,007 1,306,214
Net income
$1,404,388 df$1.479,141 81.360.893 def$427.659
Profit and loss surplus $2.679,474 $1,340.341 82,876,757
Total
$9,531,921 $9.426,910
Total
$1.173,440
The pro-forma balance sheet as of Doc. 31
:
Accounts payable, including reserves for taxes, $9,b31921 $9,426,910
fire insurance and issuance of 811,612.300 prior pref. stock and 1925, after giving effect to
annuities and death benefits.
$12,000.000 1st mtge bonds
was given in V. 122, p. 1037.
The usual comparative income account was given in V. 122, p. 1037.
Last year the agaieadto output by the company of all products
to 1,885.310 tons, a gain of 46% over 1924. At the same time amounted
Northern Pipe Line Co.
-Balance Sheet Dec. 31.there was
a decrease of 5% in the number of employees on the payroll in 1925 against
Assets1925.
1924.
MU/fifes1924.
1925.
1924. In 1925 the company employed 2,968 men.
Pipe line plant_.....$3,015,664 $2,984,397 Capital stock
Earnings for Jan.1926,after all charges,except depreciation,are
$4,000,000 $4,000,000
Mat'ls & supplies$311,000.
28,973
39.088 Accts. pay. & tax
-v.122, p. 1037.
Cash, 0th. Invest's
reserve, fire Ins.
& accts. receiv__ 3.351.706 3,212.187
annuities, &c._ _ 488,067
458,455
Accr. depr. reserve 1,653,410 1,568,095
Tot.(each M(10_36,396,343 $6,235,669 Profit and loss_ _ _
- 254,867
209,118
A comparative income account was published in V.
122, p. 1037.
Norton Co., Worcester, Mass.
-Balance Sheet Dec. 31.AssetsReal est.,mach.,,to
Notes & accts. rec.
Cash & Govt. sec_
InventorY
Investments
Miscell. assets_ .
_ _
1925.
$
5,817,331
1,573.454
1,654,595
4,996,271
2,571,779
1924.
$
5,840,054
1,008,121
1,641,975
4,913,073
2,931,727
719,931
469,722
LiabilitiesPreferred stock_
Common stock._
Notes payable_ _ _
Acc'ts payable__
Accrued charges_
Profit and loss surplus
1925.
$
1924.
$
3,536,100
8,982,000 8,982,000
1,000,000
418,287
1546,391
289,960
6,386,683 3,996,613
Total
17,333,361 16,804,672
Total
17,333,361 16,804,672
n Expenses accrued but not due, including
reserve for Federal income
-V. 122.
taxes.
P. 101.
Norwalk Tire & Rubber Co.
-Earnings.
-
Period Ended Dec. 31 1925
Gross profit
Expenses
Quarter.
$277,571
146,591
Operating profit
Other income
$130,980
8,584
Total income
Depreciation, discount, &c
Tax reserve
$139,564
30,381
13,761
Net income
___.y 121, p. 2649.
.
O'Gara Coal Co.
-Bonds Called.
-
$95,422
Pacific Mail Steamship Co.
-$5 Dividend.
-
The directors have declared a dividend of $5 per share on the
ing common stock, par $5. payable March 12 to holders of rocord outstandMarch 9.
A similar distribution was made on Jan. 21.
The stockholders will vote March 30 on dissolving the corporation.
V. 122, p. 360.
Pacific Oil Co.
-Merger Ratified.
-
The stockholders on Feb. 26 approved the merger with the Standard
Oil Co. (California) on basis of one share of new Standard Oil Co. of Califfornia stock for each share of Pacific Oil. Stockholders also authorized the
reduction in the capital stock from $52,500,000 to $1,750,000. such decrease
to be effected by reducing the par value of the stock from $15 to 50 cents a
share, the consideration for which such
stock was issued. Directors were
authorized to distribute in whole or in part to stockholders any surplus
in
excess of the amount to which the capital stock is reduced.
-V.122, p. 1038
Paige-Detroit Motor Car Co.(& Subs.).
-Ann. Report.
Calendar Years1925.
1924.
1923.
Sales, less returns-cars, parts, &c.,
Including inter-company sales_ .....$62,763,787 $57,679,259 $63.401.420
Cost of sales, incl. inter-co. costs____ 55,208,061 50,473,773 55.123.106
12 Months.
$1,139,434
Gross profit
586,063 Selling, administrative & general exp- 87,555,726 67,205,486 88.278,314
4.705,853 4.714,861 4.611,861
Miscellaneous (net)
Dr.67,007
Cr.1,305 Cr.108,588
$553,371 Interest
x
300,320
33.932 Depreciation
149.414
x
357,058
304.978
Reserve for Federal
345,000
246,467
$587.303 Preferred dividends income tax
434.912
153,014
162,856
132,113 Common dividends
185.024
905,357
720,000
41,761
480,000
Balance, surplus
81,379,492
8705.229 $2,220.713
$413,429
:Not shown separately, included in expenses.
-V. 121, p. 2040.
Fort -seven ($47,000) first mtge.
-year sinking fund gold bonds
dated Sept. 1 1905, have been called 5% 50
for
at the Equitabls Trust Co., trustee, 37payment March 1 at 105 and bit.
1Va1l St., N. Y. City.
-V. 121.
p. 3014.
Pan American Petroleum & Transport Co.
-Preliminary Results for 1925.
-
Following the meeting of the directors on Feb. 25, Chairman
H.
Wickett, said in substance "The preliminary statement indicatesF.net
a
profit in 1925 of approximately 827,000,000, representing an increase of
(S.) Oppenheimer & Co.(& Subs.).
about $12,000,000, or 80%, over 1924. These 1925 profits include no
-Balance Sheet.
California operations, as the Pan American Petroleum Co. of California
Dec. 31'25. June 30'25.
Dee. 25'25. June 30'25. was sold by the parent company as of Jan. 1 1925. The preliminary
Assets8
Liabilitiesbalance sheet as of 1925 showed current assets of about $54,000,000 com8
Plant, equip., &o.
40.547
41,628 Pref. stock
715.000
725,000 pared with current liabilities of about 317,000.000. Cash was in excess
Inventory
565,641
725,971 Corn, stock
1550,000
550,000 of 822.000.000 while oil inventories at cost, aggregate about $12,000,000.'
Adv. on purch_ ___ 189,500
193,161 Notes payable_
-V.122. p. 102.
Acc'ts receivableCash
Invest, at cost.-Deferred charges
Total
926,758
281.771
45,846
2,768
897.246
304,136
46,446
34,516
Trade accept
Accounts Payable_
Prov, for taxes_ _ _
Accrued comm.,eke
Pur. moo,oblig.
Surplus
48,039
71.183
24,217
644,392
150,000
31,400
163.696
36,900
13,892
99,189
473.028
2,052,831
2,243,107 Total
z Represented by 75.000 shares of no par value. See 2,052,831 2,243.107
also V. 122, p. 1037
Otis Co., Boston.
-Merger Effective.
The Columbian Manufacturin
g Co., with
and at New Ipswich, Mass., the Otis Co., withmills at Greenville. N. H.,
plants at Palmer and Ware,
Mass., and the Boston Duck Co., with a 25.000-spindle mill
and bleacherY
at 13ondsville, Mass., will be operated henceforth under the
Otis Co., it was announced on Feb. 19. See also V. 121, p. name of the
3014.
Orpheum Circuit Inc.(& Subsids.).-Annual
Report.
-
Paraffine Companies, Inc.
-Earnings.
-
The company reports for the 6 month ended Dec. 311925. net
$847.636 after depreciation and charges, dividends paid $486,442income of
leaving a
balance surplus of $398.194.
Balance Sheet Dee. 311925.
Assets
Land, bldg., mach.. &e.. leas
Liabilities
7% cum. pref
$5,907,900
depreciation
87,685,272 Common stock (93,222 she.).
36.081
Patents& trademarks
145,552 let mtge. bonds
3,395,000
Invest in stooks other co's-355.194 Accounts payable
679,038
Inventories
3,630,913 Prov. for Fed. taxes
226,548
Notes & accts. rec
2,270,541 Reserve for guarantees, &c__
114,332
Cash
788,183 Surplus
5,032,927
Bond discount
175,941
Prepaid ins. & taxes
340,229
Total
815.391.825
Total
Calendar Year
815,391.825
1925.
1924.
-V.122,P. 1038.
1923.
1922.
Gross income
418,205,789 $19,136,233 $16,759,001
Expenses
14,900.283 14.683,049 13.836,965 $14,405,058
Park Mtge. & Ground Rent Co., Balt.-Rights, &c.
12,797,334
Amortiz. of leaseholds
212,357
207,426
220,066
232.840
The stockholders on Feb.17 increased the authorized capital stock from
Depr. of bldgs. & equip7
01.035
922.433
907,645
740,447 $500,000 to 81.000,000, Par $50.
Canadian taxes (est.).-} 217,293{
4,350
The stockholders of record Feb. 17 have been given the right to subscribe
Federal taxes
1
421,652
225,630
80,000 on or before March 15 for $250,000 of the new stock, at $70 per
Preferred dividends_ --..
510,832
531.960
542,308
543.008 ($50 to be credited to capital account and $20 to surplus account). share
.
Common dividends_ - 984.199
Any
822.358
or the 5,000 shares not subscribed to by the stockholders are to be
offered
for sale at not less than $75 per share (of which $25 will be credited to surplus
Balance, surplus
8679,790 81,542,996 81,026.386
_$11.428 account).
Total surplus
$3.787,714 $3.105,185 81,536,683
During 1925 the total resources of the company increased over
1607,588
j
andodes $64,951 profit on sale of property.
$734.000
and it paid dividends at the rate of8% on the capital stock.
-V.122, p.894.
1182
THE CHRONICLE
-To Increase Capital Stock.Pathe Exchange, Inc.
The New York Stock Exchange has received a notice from the company
of a proposed increase in the authorized class A common stock from190.000
-V. 122, p. 622.
shares to 290.000 shares, no par value.
[voL. 122.
to
The company reserves the right at the end of the four-year term
return the full amount of the deposit in cash plus the 25% premium.
-V.122, p.623.
is the company's fifth sale of stock to its employees.
This
-Annual Report.
(Robert) Reis & Co.
1922.
1923.
1924.
1925.
$337,838
1499,686
3170,061
1438,149
192237.199
1923.
60,439
1924.
1925.
35.716
35,304
Calendar Years13,930
55.500
19,117
16,431,153 15,314.107 16,847,877 16,224,740
54.093
Sales
731,434
751,002
570,078
618,099
Profits
100,000
$286.709
100,000
50,000
$383,747
100,000
_
1115,228
3348,752
Deduct-Depreciation_ _ _
Balance,
100.000 -V. 122, p. 1039, 623.
100.000
100.000
100.000
Bond interest
surplus_64,500
64.500
64,500
64,500
Pref. dividends (6%)-Wins Cash Register Suit.
(10%)215,060 (10)215.060 (10)215,060 (8)172,048
Remington Arms Co., Inc.
Common dividends40,000
50.000
com25,000
30,000
Income taxes
The Court of Appeals in a decision Feb. 24 upheld the right of the Co.
59,703
68.051
43.706
25.068
Bad debts, dm., writ. off
by the National Cash Register
pany to cash register patents claimed
chief
The decision, which is final, establishes the Remington company as the
$195,184
$153,391
$71,812
$83,471
Balance, surplus
of the National Cash Register Co.
_ _ $1,384,737 $1,301,267 11,229.456 11,076,065 competitor
the Remington
Total profit and loss_
The National Cash Register Co. had sought to compel
invenBalance Sheet Dec. 31.
Arms Co. to make an assignment of cash register patents covering Co. to
1924.
1925.
Liabilitiestions of Frederick F. Fuller. who left the National Cash Register
1924.
1925.
AssetsFuller is known as
&c
33,739.951 $3,731,801 Preferred stock_ __$1.075.000 $1,075,000 take employment with the Remington Arms Co. Mr.
Plant,
1 Common stock__ 2,150,600 2,150.600 the oldest cash register inventor in the United States.
1
Good-will. &c......
a
2,000,000 2,000,000
The National Cash Register employed Mr. Fuller at 85,000 a year under
419.938 Bonds
435,557
Cash
742,046 contract for a year beginning Feb. 17 1909. The decision reviews that con742,048
753,027 Reserve account
Accts.receivable_ _ 958.917
191,784 tract as follows:
188.102
77,288 Accounts payable78.077
Bills receivable_
made
81
8,882
"Fuller agreed to transfer to plaintiff all cash register mechanisms
28.750 Bills payable
5,488
Deferred charges
28,822 by him during his employment, and if at the end of the contract he left
38,382
2,385,884 2,302.027 Wages
Inventories
173 plaintiff's employ, plaintiff being willing to retain him at the then existing
173
204,100 Unclaimed divs_....
10,050
Investments
25,000 salary, not to enter the service of any other casn register company for the
30,000
Res. for Inc. tax
1.384.737 1,301,287 year immediately following the severance of his connection with plaintiff.
Surplus
and to assign to plaintiff any invention in cash registers which he might make
$7,813,904 $7,514,734 during such one-year period.
Total
87,813,904 87,514,734
Total
"He continued in plaintiff's employ until Sept. 1917, when he left and
-V. 122, p. 1038.
of
went into the employment of the defendant, which was fully informed
-Earns.- Fuller's contract with plaintiff. Within a year he perfected the invention
Corp.(& Subs.).
Pennsylvania Coal & Coke
to the defendant."
1923.
1924.
of a new cash register, which was assigned
1925.
1926.
Month of January-$814,014
$621,587
The opinion, written by Justice Pound. with the concurrence of all
1566,735
1660,502
Gross earnings
157,911 other members of the Court except Justice Benjamin N. Cardozo, who was
36,590
41,496 def.35,399
Profit after ord. taxes
172,009 absent on account of illness, cites the opinion of the Appellate Division,
54,680
61,994 def.17,884
Gross income
151,273 which by 3 to 2 reversed Justice Joseph M. Proskauer, who had rendered
19.027
18,599 def.65.005
xSurplus
-V.122, p.622. a decision in favor of the National Cash Register Co. The opinion says in
x After depredation and depletion, but before Fed.taxes.
part:
-Annual Report."Shortly after the expiration of the term of the original contract. Fuller
Pittsburgh Oil & Gas Co.(& Subs.).
his
1922.
_ 1923.
1924.
applied to Muzzy,a representative of the plaintiff who was in charge ofwas
1925.
Calendar Years/896,377 employment, with the request for a new term contract, which request
$743,701 ''I•$871,117
1679,063
Gross sales and earnings_
437,195 refused. It is not mentioned that Fuller was when he left plaintiff employed
427,590
438,545
465,807
Produc. & oper. expenses
264,813 at will, even though his employment for the second year might have been
251,046
176.801
176,862
Deprec., depletion, &c..
21.595 held to be under the old contract had the question then arisen. Nothing
607
Interest & bond discount
Dr6,852 was said about the abrogation of the original contract, except as to its term.
Disposition of cap. assets Cr43,543
Fuller was free to go when and where he pleased.
23,008
12.000
9,500
Federal taxes
"Plaintiff was not bound to keep him for a definite time. In Sept. 1917.
$165.922 some 6 years after the new arrangement was made. Fuller was hired away
$168.867
1116,356
$70.436
Net income
302,463 from plaintiff by defendant by the allurement of an increased salary and a
439.776
495.059
545,780
Previous surplus
Dr28,609 large bonus, in the event of success, to invent a new cash register for it.
Cr11,416
Dr4.715
Dr6,191
Adjust. of prior Bur
This he succeeded in doing within the year.
in
1439,777
"The inference that he was free to do this must be found, if at al,
8620.059
1606.700
8610.025
Total surplus
was
one significant fact. After the new arrangement was made, Fuller
(5%)121.840 (23)60.920 (5)125,000
,Dividends paid
to
called upon to execute and did execute an assignment in a form annexed
3439.777 the 1909 contract, but not executed with it. presumably because not perti$495,059
$545,780
Undivided surplus_ _ _ $488,186
in
nent to its term, of all cash register inventions made or to be made while
-V. 121, p. 2888.
the employ of plaintiff. This instrument did not include inventions made
after leaving such employment. The in-Annual Report.by Fuller for the period of a year
Portland Gold Mining Co.
it
ference is reasonable and permissible. from all the circumstances, that
1922.
1923.
1924.
1925.
Calendar YearsFuller should give up his definite term
135,496 loss$90,602 was the intention of the parties that at will, and that plaintiff voluntarily
$246,418
$273.308
Met profit from oper_ _ _
5,550 of employment for an employment
7.503
6.442
Interest paid (net)
relinquished its claim on him for inventions made after leaving the employ1,946
Bills collec. chgd. off, &c
Cr.123 ment.
Cr.230
Cr.876
Cr.4,165
Disc., regist., fees, &c
127,629
"The learned trial Justice took the view that this was merely a confirma133,309
96,435
138.591
Depreciation
33,229 tory assignment. The Appellate Division took the contrary view of its
76,047
82,221
84.335
Depletion
effect. It is confirmatory only in part. The conclusion is sustained that
the old employment, that the old
$56,661
$58,136 def3181,136 def$256,888 the new employment was to supersede
Net profit to surplus....
contract was to this extent, at least, no longer in effect, and that the assign-V. 121. p. 339.
ment was thereafter the measure of Fuller's duties to plaintiff."
At the executive offices of the Remington Arms Co. it was said that the
-Quarterly Report.
Postum Cereal Company, Inc.
decision marks the end of all the suits brought by the National Co. against
Period End Dec. 31- 1925-3 Mos.-1924. 1925-12 Mos.-1924.
it. The statement said:
$6,064,908 $5,145,548 327,386,919 124,247,940
Sales to customers
"These suits were brought shortly after we entered the cash register busi3,989.221 22,062,809 19,555,862 ness in 1921. The final outcome of all the suits has been in favor of the
All exp. (less misc. Inc.)- 5,080.559
586,720
639,948
91,495
147,967
Res. for inc. taxes
Remington company.
suits against this company has always
"The bringing of these
$892,854 11.008.360 $44,684,162 $4,105.358 been regarded by us as unsuccessful
Net profit
an unwarranted attempt to force us out of the
Add profits of the Je11-0 Co., Inc. and subs. acq.
tactics have been employed against us in
3,054,748 cash register business. Similar
4,696.185
Dec. 31 1925
the sales field. This has gone on to such an extent that the Department of
matter, with the result that some 90 salesmen have
$9,380.347 17,160,105 Justice investigated the of court by the U. S. District Court in Cincinnati
Total
been cited in contempt
See also report for the year ended Dec. 31 1925 under "Financial Reports" for alleged violation of an injunction, against the National Company and
-V. 122, p. 1039.
on a preceding page.
its officers, and employees, obtained by the Government in 1916. held in
"The hearings on the charges against these 90 men are to be
Pressed Steel Car Co.-Consol. Bal. Sheet Dec. 31.Cincinnati. Their activities embraced the entire United States, extending
1924.
1925.
1924.
1925.
to the Pacific Coast.
$
$
$
$
"The only litigation now pending is a suit brought by the Remington Co.
AssetsPlant, equip.,&c x38.820,497 32,519.339 Common stock_ _ _12,571,250 12.571,250 and W. S. Gubelmann against the National Co. in Cincinnati. This was
2,942.018 Preferred stock. _12.500,000 12,500,000 decided in favor of Remington and Gubelmann. The Court held that the
Secur.dratks.owned 3,064.345
195,298 National Co. had known for many years of Gubelmann's application and
195,298
1.039.677 1,050.807 Mortgages
Cash
Secured loans_ ___ 3.900.000 2,200,000 5% bonds, 1933_ _ 6,000.000 8,000.000 had been instrumental in holding his application locked up in the Patent
411,000
411,000
Notes receivable__ 2,390.589 2,583,828 III. car. & eq. bds_ 1,096,000 1,318,000 Office.
"Having found the National Class 2000 and Class 1700 machines infringeMete receivable__ 8,728.433 5,228.481 Eq. gold notes
4,778.857 7,828.071 Accounts payable_ 4,119.230 4,014.228 merits, the Court entered an injunction against the continued manufacture
Inventories
115.812 by the National Co. of these machines. The injunction was stayed to give
885.808 Notes payable_
Prepaid expenses_ 828,929
442,288 the National Co. a chance to appeal the case to the Circuit Court of Appeals
Payrolls current_ _ 308,868
Unclaimed wages,
-V. 121. to• 86.
appeal is now pending in that Court."
41,572 here, and the
40.832
&c
858.250
Res. for pref. Wive 875,000
-Earnings.
Replogle Steel Co. (8z Subs.).
880,388
_ 808,174
1924.
Res. for conting_
1925.
Calendar YearsWorking cap., sur.
/5,334,754 17,232,312
dales and railway operating revenue
20,419,480 15,852.688 General expenses, Scc
6.053,415
& profits
4,366,820
Total (ea. ffide)_59,345,127 54,798,529
equip. Jan. 1 1925;
x Includes $37,117,823 for plant, land, bldgs. Sr
during 1925.
$967,934 $1,178,897
Net operating income
franchises on Jan. 1 1925, $1; add tions and bettermentscharged off at
182,760
138,639
&c.,
Miscellaneous income
1297.189; less 1594.515 for depreciation, obolescence,
close of year.
$1,106,623 $1,361,657
1039.
Total income
The comparative income account was given in V. 122, p. 762, Russell, Miscellaneous charges
218,734
219,239
H.
J. S. Skelly has been elected a director, succeeding George
550,454
237,881
have ac- Depreciation & Federal taxes
President F. N. Roffstot announced that the Skelly interests 1039.
-V. 122, p.
Interest
quired a large holding in Pressed Steel Car Co. stock.
1592,469
1649,503
-Circular.
Net profit
Procter & Gamble Co., Cincinnati.
have
The co”soldated income account for 3 months ended Dec. 31, 1925
The Irwin-Ballmann Co. (investment securities), Cincinnati,of the
producfollows: Sales and railway operating revenues, 41,380.410: costs ofincome,
history and growth
issued a special circular covering the financial
the tion and expenses,$1,112,814; net earnings,1267,596: miscellaneous
Procter & Gamble Co. The circular pays particular attention to
Interest.
giving a detailed statement of all dividends, 170,366; total income. 8337.962; miscellaneous charges, including 2285.
dividends paid by the company,
196,320; nepreciation, 144,631; net income, $197.011.-V. 121. p.
both cash and stock, since 1891.-V. 122. p. 1039.
Calendar YearsNet profit from opera'ns
Int. paid, net received__
Federal tax reserve
-Annual Report.Penmans, Ltd., Montreal.
-Annual Report.Provincial Paper Mills, Ltd.
1922.
1923.
1924.
1925.
Calendar Years1763,961
$503,323
1886,768
11.060,304
Total income
7505:000787
92,639
97,963
83,905
Interest paid
20,000
50,000
70.000
Res. for taxes, &c
150,000
230,000
280,000
300,000
Res. for depreciation- -21,049
20,100
Written off bd. disc., &e
119,000
119,000
119,000
119,000
Preferred dividend (7%)
Common dividend_ _ _ _ (7%)245.000 (6)210,000 (6)210,000 (7)245.000
1222,299
Balance, surplus
-p. 122, p. 1037; V. 121, p. 3016.
$108,756 def$168,317
-Stock Offered to Employees.
Oil Co.
8124,173
Pure
stock to
The company has announced an offering of its 6% preferred
employees, who are permitted to subscribe to not less than 5% nor more
equal to four times their present yearly salaries.
than 25% of an amount
Payment will be made by salary deductions only in 96 equal semi-monthly
installments over a four-year period. Subscribers will receive 8% interest
will pay 6% on the
yearly on entire amount of their subscriptions and
of the four-year
unpaid balance. When payments are completed at the end of 25% of the
will pay an additional cash bonus
period, the company
amount of stock subscribed for.
-Guaranty of Bonds
Rio Grande Oil Co. of Del.
Exchange of Stock for Texas Company.
See Rio Grande Oil Co. (Texas) below.
-Alvin H.
-Bonds Offered.
Rio Grande Oil Co.(Texas).
Frank & Co., Howard N. Martin & Co., Cass. Howard &
Sanford, Inc., G.Brashears & Co., Leo G. MacLaughlin Co.
and Knight, Lacoe & Co., Los Angeles, are offering at 100
and int. $2,000,000 1st mtge. & collateral trust convertible
sinking fund 7% gold bonds.
payable
Dated Nov. 11025; due Nov. 11935. Principal and int. M.& N.at Hellat United States National Bank, Denver, trustee; interest payable Fargo
Calif.: Wells
man Commercial Trust & Savings Bank, Los Angeles,
El Paso,
Bank & Union Trust Co. San Francisco; First National Bank. Denom.
without deduction for normal Federal income tax not to exceed 2%. 60 days'
date on
31.000. 3500 and 3100 c*. Red, all or part on any int. bondholders for
notice at 105 and int. Company agrees to reimburse the
mills, the
the Penn. personal property tax at the rate not exceeding 4 the Mass.
mills,
1%1 arylard personal property tax at rate not exceeding 4Si
1
FEB. 27
1926.]
Income tax at rate not exceeding 6% per annum, and the Calif. personal
property tax not to exceed 4 mills.
-Direct obligation of the Rio Grande Oil Co. of Texas, guarSecurity.
anteed by the Delaware Company, and will be secured by a first lien upon;
1. All the real property and interest in real property now owned or hereafter
acquired by the company. 2. As collateral security ownership in the following subsidiary companies representing their entire capitalization: (a) 50.000
shares no par value, Lockhart & Co. of Delaware. (b) $100,000 capital
stock, Reservoir 11111 Gasoline Co. of California and (c) $25.000 capital
stock Rio Grande Oil Co. of Mexico.
-An annual sinking fund of 20% of the net earnings, with
Sinking Fund.
a minimum requirement of 4% of the largest amount of bonds outstanding
any time, should retire this issue well before maturity. The sinking fund
at
Is to commence operating May 1 1927.
-Bonds will be convertible into the common stock of the Rio
Conversion.
Grande Oil Company of Delaware as follows: From Nov. 1 1926, to Nov. 1
1927, at $25 per share; from Nov. 1 1927. to Nov. 1 1929, at $30 per share;
from Nov. 1 1929. to Nov. 1 1931, at $35 per share; from Nov. 1 1931 to
Nov. 1 1933, at $40 per share; from Nov. 1 1933. to Nov. 1 1935, at $50
per share. These bonds may be converted into the common stock up to
within 10 days prior to the date the bonds are called, at the then prevailing
conversion price.
-Company will make application to list the stock of the Rio
Listing.
Grande Oil Co. of Delaware on the an Irancisco Stock & Bond Exchange
and the Los Angeles Stock Exchange.
Data From Letter of Pres. L. E. Lockhart, El Paso, Texas, Feb. 9.
-Organized in Oct. 1915, and incorp. in Jan., 1916. This
Company.
'
company began business with a retail filling station in El Paso, Texas,
branching from that beginning, step by step, to wholesale distribution,
refintrs and complete marketing units. At the present time the company
owns and operates 5 refineries having a combined capacity of 10,000
barrels per day, one of which Is a lubricating plant and 2 casing head
gasoline plants. Has just purchased production of approximately 3,000
barrels daily at Signal Hill, Calif., the other refineries being supplied with
crude oil by long term contracts with producers. Has distributing plants
and bulk stations located at central distributing points in West Texas,
New Mexico, Arizona. Old Mexico and California. The refined products
are marketed under the name "SPEEDENE" and are distributed through
stations owned or leased and to approximately 1.000 dealers. Owns a fleet
of tank cars ample for its refineries for the long hauls, the shorter hauls being
made by its own trucks.
Rio Grande Oil Company of Delaware.
-In order to properly finance the
business at this time it has been deemed wise to form the Rio Grande Oil
Co. of Delaware with an authorized capital stock issue of $10.000,000
..ar $251 This company will presently offer the stockholders of the Rio
Grande Oil Co. of Texas 4 shares of the Delaware company stock for each
share of $100 par value of the Texas company.
-To acquire settled crude production and to augment the present
Purpose.
working capital.
Earnings -Earnings of the Rio Grande Oil Co.of TeICUS and the properties
just acquired by it after depreciation, depletion and all taxes except Federal
taxes, are as follows:
a1925.
1924.
1923.
Operating profit
$495,530 $1,470,668 $1,356,473
419.726
Less depreciation and depletion
525,359
204,937
$906,748
Net income available for interest-- $290.593
$945,308
a 1925 three months eatimated.
Dividends.
-Company advises that at a meeting to be held in the near
future it is expected that a dividend will be declared on the Rio Grande 011
Co. of Delaware stock for the quarter ending April 1 1926.
Officers.
-L. E. Lockhart, Prft...: A. M. Lockhart, V.-Pres.; H. L.
Lockhart, V.-Pres.; L. M. Lockhart, Sec.; Charles S. Jones, Treas. and
C. 0. Gaylord, Asst. Sec. & Treas.
-Stock Offered.Ross Stores Inc., Jersey City, N. J.
L. Sherman Adams, Boston, recently offered a block of
common stock at $22.50 per share. Offering represents no
new financing by the company.
-A New Jersey corporation. Started with one store in Feb.,
Company.
Company has developed and expanded;
1920,located in Jersey City, N.
J.
and atthe present time is operating18 stores. This expansion has been accomplished with little public financing. Stores are located as follows Pittsfield,
Mass.: Canton and East Liverpool, O.; Lancaster, So. Bethlehem, WilkesBarre, Scranton, Reading, Allentown and Bethlehem, Pa.; Elizabeth,
Orange, Bayonne, Perth Amboy and Jersey City, N. J.; Niagara Falls.
Kingston, N. Y. and Sixth Ave. at 19th St., N. Y. City. Other locations
are under option.
Merchandise sold consists of popular priced men's, women's and children's
wearing apparel, domestic and imported piece goods, millinery, footwear,
household articles and furnishings, fancy goods and novelties, moderately
priced, or standard quality.
Capitalization
Authorized. Outstanding.
7.500 shs.
6,235 she.
8% 1st convertible preferred stock (par $100)-10.000
V cumulative, 2nd pref. stock (no par)
5.000
Common stock (no par)
100,000
85.000
-Sales for the year ended Jan.31, are as follows:
Sales.
V.521,70711923
$5,064,404
$3,967.170 1925
1921
1922--------3,305.49211924
4.809.187 1926- --- --- 5.304.490
Dec.----- sales $924,244; Dec., 1925. net profit $55.454.
-Earningsfor the calendar year 1925. which ends Jan. 31, are
Earnings.
at the rate of approximately $2 per share on the common stock after all
charges, including depreciation and taxes. They, however, do not reflect
the earnings of the new store at Canton, 0., as this store was not added to
the chain until Nov. An annual gross of $2,000.000 is expected from this
one store.
-L. W. Rosskopf, Pres.; Benjamin Backrack, Treas. and
Management.
Robert Jackson.
-Application has been made to list all classes of stock on the
Listing.
-V. 120. p. 2560.
Boston Stock Exchange.
Russ Building Co., San Francisco.
-Certificates Offered.
-E.H. Rollins & Sons and Blyth, Witter & Co. are offering
a new issue of $3,750,000 6% certificates representing pref.
and corn. stocks of the company. The certificates are priced
at 100 and int.
Dated Feb. 11926, bearing interest for two years, payable semi-annually
F. & A. at rate of 6% per annum, and will be exchanged Feb. 1 1928 for
100% in par value of 6% cumulative preferred stock and 100% in par value
of voting trust certificates for common stock of the company. The certificates in denom. of $100 and multiples thereof will be issued in the names of
the holders, and semi-annual interest payments will be made by check.
-Incorporated in California. Has acquired a 99
Company.
-year lease
-on more than half a city block in the heart of
with an option to purchase
the financial district in San Francisco. On this property the company will
-story office building, the tallest in San Francisco and the largest
erect a 30
on the Pacific Coast.
The building with a frontage of one full block on Montgomery St., will
have approximately 350.000 sq. ft. of rentable office space, about 573 ft,
of ground floor frontage on three streets and a 400
-car garage for use of its
tenants.
is estimated that to pay the cost of the lease, to construct the building
It
and to pay interest, ground rent and taxes during construction, there will be
required about $6,500,000. A reasonable allowance for contingencies over
and above this amount will be provided through the sale of the company's
stock and bonds. Any surplus remaining after the completion of the 'mildjag will be held in the treasury of the company to be used in retiring bonds
as the board of directors may deem advisable.
or for such other purposes Blyth, Witter & Co. who conceived this
and
project
E. H. Rollins & Sonsit except to
the extent of a merchandising profit on
profit through
will not
stock to the
public. They are
the sale of the bonds and opportunityinvesting in large or small offering
an
to own,
amounts.
to the investing public
the entire equityIn this outstanding real estate holding in San Francisco.
Authorized.
Issued.
Capitalization$5,500,000 $3,500,000
First mortgage bonds
Pref. stock, 6% (cumul. from Feb. 1 1928 par
4,500,000
3,750,000
value $100-------g
4,500,000
3,750,000
Common stock, par value
-Company has leased this land from the Russ Estate Co. for
Lease.
in
at a rental of $120,000 a year, and there is embodied forthe lease
99 years
Russ Building Co. may purchase the fee
$2,400,an option whereby the
1183
THE CHRONICLE
000 during the 6th to 10th years. inclusive, of the lease; after which the
price increases at the rate of $50,000 annually until the 20 year, when the
price will be $2.900,000, and after which the option to purchase expires.
These option prices are to be net to the Russ Estate Co. after payment of
Federal income tax.
Occupancy.-Present average percentage of occupancy in 14 office
buildings within two blocks of the Russ Building site is about 98Si%
despite the fact that within the past 3A years. 1,250,000 sq. ft. of office
space,3Yi times, that of the Russ Building, has been made available by new
construction in San Francisco. Garage facilities, unobtainable in any other
building in the financial district, should materially accelerate complete
occupancy of the Russ Building.
-It is estimated that when fully occupied, the Russ
Estimated Earnings.
Building,exclusive of its garage,should have annual net earnings of $800.000
after payment of operating expenses, maintenance, insurance and taxes
(exclusive of Federal income taxes) but before ground rent and bond
interest. To this sum should be added $50,000 of estimated net earnings
from the garage,making total annual net earnings of $860,000. After payment of $120,000 ground rent, $260.000 of bond interest and sinking fund
charges and $60,000 of Federal income taxes, it is estimated that there
should remain a balance of about $420,000 or the equivalent of 6% on
$3,750,000 pref. stock and about 57,, on $3,750.000 common stock. It is
conservatively estimated that the building will be rented to sufficient
capacity within a year after its completion to warrant payment of preferred
dividends possibly prior to Feb. 1 1928.
-Common stock will be held in a voting trust until Feb. 1
Voting Trust.
1933. in order to insure the continuity of management. The present board
of directors will be the voting trustees.
-Earnings.
St. Joseph Lead Co.(& Subs.).
1922.
1923.
1924.
1925.
Calendar Years$14,355,305 $11,212,433 46.654.318 $5,972,333
Income a
1,378.394
1,537,324
2,384,163
2,855,461
Depletion, &c
500,000
689,470
1.030,941
1,926.696
Federal taxes
99,614
47,670
237,983
146.773
Miscellaneous charges
2,781,894
3,263,069
5.563,586
8.497,506
Dividends (cash)
1928.868 $1.995.759 $1.116,785 $1,212,431
Balance, surplus
a After providing for depreciation of plant and equipment. z Including
-V.121, p. 3016.
received from IL 8. Govt. to settle claims.
$269.491
-Annual Report.
St. Mary's Mineral Land Co.
Receipts for 1925 totaled $655,498 and expenses. $755.587. Cash on
hand Dec. 31 1925 was $34,336.-V. 120. p. 2022.
Sears Roebuck & Co., hicago.-Shares Split Up.-
'
ckholders
The stockholders on Feb. 23 changed the authorized common stock
from 1,050.000 shares, par $100, to 4,200.000 shares of no par value.
four new shares to be issued in exchange for each share of common now
held.
R.E. Wood has been elected a director. See V. 122. p.624,762.
-Annual Report.
Seiberling Rubber Co.
1922.
1923.
1924.
1925.
$10,569.523 $7.352,137 45.782,321 $3,845,780
Net sales
Net profit after all exps.,
$56,879
$12.527
taxes. int., &c.,chgs_ *1,465.998 $1.013,022
z557.150
221,030
Depreciation charges
y16,336
232.833
Dividends paid
$56.879
$12,527
$439.536
$1,012.135
Balance
$1.532,126 4519,991 14812,466 b$806.879
Profit and loss,surplus
*After deducting Federal income taxes of $155,610. z Gross sales.
y Being in 1924 dividends in full to July 1 1922 on preferred capital stock
and in 1925 dividends in full to Oct. 1 1925. z Being $349.865 depreciation
charges for years 1922 and 1923 and $207.285 for 1924. a After deducting
$771,736 organization expenses and deferred charges incurred in 1922 and
$24,685 patents written down to a book value of $1. b Capital surplus of
-V. 121, p. 3142.
$750,000 included.
-Backus, Fordon dr
-Bonds Offered.
Shannon Land Co.
Co., Detroit, and Fenton, Davis & Boyle, Grand Rapids,
are offering at par and int. $200,000 1st mtge. 63.% serial
gold bonds.
Dated Feb. 11926; due serially Feb. 1 1927-36. Int. payable F. & A
at office of Fidelity Trust Co. Detroit. trustee without deduction for
normal Federal income tax not exceeding 2%. Denom.$1,000 and $500 O.
Red. at 102 and int. on any int. date.
-Direct obligation of the company and secured by an absolute
Security.
first mortgage on 451 lots, in which sewer and water are being installed,
owned in fee simple,located at the southeast corner of Telegraph and Townline, Dearborn. The property covered by this mortgage has been appraised
at S416,550.
At the present time 372 lots are under contract and the balance of the
property is under purchase options. The unpaid balance on contracts is
$407.052from original sales price of $494,900. The purchase options amount
to $93,500 additional. These contracts have been deposited with the
trustee. Collections at the present time are running at the rate of approximately $60.000 a year or 4 2-3 times the greatest annual interest charges.
-Company agrees to set aside 45% of collections for the
Sinking Fund.
first three years. and 75% for the last seven years for the service of this
loan. The serial maturities and interest are the minimum amounts which
must be paid to the trustee and the percentages set aside are designed to
create a sinking fund from which additional bonds may be retired.
-Payment of principal and interest guaranteed by R. L.
Guaranty.
Shannon.
-Earnings.Sheffield Farms Co. Inc.(& Subs.).
.
.
-Qar.Ended.Dec 31- -Year Ended Dec. 31PeriodNet sales
Cost and expenses
1924.
1925.
1924.
1925.
$13,841,570 $12.119.740 $53,180.886 $44.666,750
12,831,627 11,588.426 49,901,528 42.175,747
Balance
Other income
$1,009,943
58,884
$531,314 $3,279,357 $2,491,003
172,544
199.704
43,409
Total income
Federal taxes (est.)
$1,068.827
144,291
$574,723 $3,479,061 $2,663,547
444.818
120,000
70,586
$924,536
$504,137 $3.034,243 $2,543,547
Net profit before depr_
-V.121, p. 2533.
-Annual Report.
Silver King Coalition Mines Co.
1922.
1924.
1923.
1925.
$4.076,875 $3,409,075 $2,352,671 $1,415.278
51,099
58,124
33.333
77,975
Calendar Years
Ore sales
Other earnings
Total earnings
Mining, milling,
expenses
Depreciation
Tax reserve
Dividends paid
Balance, surialus
-V. 121, p. 2650.
$4.154,850 $3,460.174 $2,410.795 $1,448,611
&c.,
1,488,129
56.437
394,477
1,276,905
1,407,545
49,595
214.078
790.465
1,124,323
47,146
122,388
851,270
653.440
48.978
58.881
364.830
$938.901
$998,491
$265,668
$322,483
-Bonds Of666 West End Avenue Bldg., N. Y. City.
-S.W.Straus & Co., Inc., are offering at 100 and int.
fered.
$2,750,000 1st mtge. fee 6% sinking fund gold bonds.
Dated Jan. 25 1926: due serially Jan. 25 1929-1941. Interest payable
J. & J. without deduction for Federal income tax up to 2%. Denom.
$1.000, $500 and $100 c.*. Red. for sinking fund at 101 and int. Callable
except for sinking fund at 103 and kit. up to and incl. Jan. 25 1931: at 102%
and int. after Jan. 25 1931, and on or before Jan. 25 1936; and at 102 and
int. after Jan. 25 1936 and before Jan. 25 1941. Penn. 4 mills tax and
Mass. State income tax not to exceed 6% of the interest per annum refunded.
Security.
-The security is a direct closed first mortgage on land owned in
-story fireproof apartment hotel to be erected immediately on the
fee and a 22
northeast corner of West End Ave. and 92d St. The plot fronts 100 ft.
on West End Ave. and 160 ft. on West 92d St.
The building will contain 369 apartments divided into suites of one, two
and three rooms, each suite having a private serving pantry and bath.
1184
[voL. 122.
THE CHRONICLE
On the main floor, in addition to the entrance hall, there will be a large
dining room for guests of the hotel. Five elevators will serve the building,
and complete hotel service including maid and linen supply will be available
to the tenants.
Valuation.-Land and completed building have been valued at $3,610,250
giving a margin of security above the amount of this bond issue of $860,250.
Earnings.
-Based on a conservative rental schedule lower than is actually
expected to be obtained, and after deducting taxes, all operating expenses,
including insurance, and with a liberal allowance for vacancies, net annual
earnings estimated at $330.500.
-Borrowing corporation is 666 West End Avenue Corp., of
Borrowers.
which Luigi Gerbino is President and controlling stockholder.
-Annual Report.
Simmons Co.(and Subs.)
Years Ended Nov. 301925.
1924.
1923.
Net sales
$32,684,279 $31,667,742 $34,557,259
Cost of sales, incl. selling, adm. and
25,149.517 26,362,078 30,995,244•
adv. expenses
Balance
Other deductions, &c
Reserve for depreciation
Maintenance of properties
Reserve for Federal. &c.taxes
Preferred dividends
Common dividends (cash)
$7,534,762 $5,305,664 $3,562,015
400,614
1,039,027
807,612
1,241,480 1,110,763
756.207
956,966
388,400
341,000
437,692
446,974
458,675
1,932.485
902,781
1.095,675
Balance, surplus
Previous surplus (adjusted)
$1,809,318 $1,417,718
$859,052
3,550,621
2,900,307 x2,063,499
Total
Stock div. on common stock
$5,359,939 $4,318,025 $2,922,551
(8%)1,458,562 (4)701,232
Data from Letter of Pres. Samuel Summerfield, Detroit, Jan. 30.
Company.
-Organized in Delaware and has taken over the assets, business and goodwill of Summerfield Sr Hecht of Detroit and Summerfield &
Hecht of Delray, Mich. This business had its inception 23 years ago and
during this period business has steadily increased and has shown a profit
In every year. The business of these stores consists of the sale at retail of
furniture. carpets, rugs, pianos, phonographs, radios and household goods
In general. While a small portion of this merchandise is sold for cash, the
majority of the business Is on the credit plan, whereby the customer pays
a certain percentage at the time of purchase and the balance is extended over
a period of time ranging from 30 to 60 days up to about 20 months.
Earnings-Net earnings after depreciation, available for interest and Federal taxes, for 6 years prior to Dec. 31 1925, averaged $293,616 per annum,
equivalent to 454 times interest charges on these notes. The earnings for
the year ending Dec. 31 1925 were $339,890, equivalent to over 5 times
such annual interest charges and 34% of the entire principal amount of
these notes.
Sinking Fund.
-Indenture will provide for a minimum sinking fund of
$9,750 per month beginning immediately and to be applied as payment
against interest and principal. In addition, whenever in any one year
the realized profits of the company shall exceed the sum of $235.000, 25%
of any excess over said sum shall be paid into the sinking fund as additional
payments and used for the retirement of notes in the same manner as the
other sinking fund payments.
Sunnyside Mining Co.
-Foreclosure Asked.
-
The Chicago Title & Trust Co. has sued to foreclose a mortgage against the company, amounting to $450,000. The mine has been closed since
Jan., 1925.
Swift & Co. Chicago.
-Year Book.-
The co. has issued the 1926 edition of its 56
-page year book to th
-V. 122, p. 743, 625
Profit and loss surplus Dec. 3133,901,377 $3,616,793 $2,922,551 shareholders covering the activities of the year I925.
xAfter deducting adjustments for prior years of $1,339,559 for depreciaTelautograph Corp.
-Annual Report.
tion on patents and plant property. &c., arising from basis of tax settleCalendar Years1925.
1922.
1924.
1923.
ment and after an appreciation of $1,903,367 resulting from appraisal of Rentals
$518,976
$405,648
$584,935
$453,432
fixed assets at Elizabeth, N. J., Atlanta, Ga. and Canada.
Paper sales
5,116
5.589
6.670
5,716
Consolidated Balance Sheet Nov. 30.
Miscellaneous income__ _
9,741
9.721
4,066
10,508
1925.
1924.
1925.
1924.
Total income
$599,792
Assets$534,286
$416,384
$ '
$469,656
$
$40,076
$39,325
335,026
338,225
Prop, and plant ...24,468,013 22,698,110 Preferred stock___ 6,106,200 6,301,600 Expenses-Adminis_ _ _
Selling
89.876
75,891
62,373
Pate., goodwill, a‘c 1,597,127 1,688,163 Common stock....:20,082,065 18,232,020
72.067
Installation
33,517
30,296
24,611
Investments
126,328
28.267
450,718 Mortgage bonds._ 308,000
428,000
Maintenance
138,889
132.681
111,148
115,179
Cash
1,113,506 1,000,086 Accounts payable_ 960,231
564.555
Engineering
15.316
15,463
13,923
14.423
Accts. & notes rec. 6,504,796 4,548,048 Fed., &c.tax (est.) 869,432
685,230
Depreciation
91,377
89,963
79,991
81.286
Inventories
7,217,234 5,169,147 Notes payable._ 2,500,000
Experimental
6,982
9,198
12,428
7,634
Prepaid ins., &c.._ 186,148
204.615 Res. for depr., &c.. 7,253,137 6.383,084
Legal
1,880
4,245
3,652
2,174
Deferred charges.- 767,289
452,395 Burping
3,901,377 3,616,793
Special
3,629
9,574
4.249
3,288
6,576
3,343
8,762
3,701
Total
41,980.442 36,211,282 Total
41,980,442 36,211,282 Miscellaneous taxes_ _ _ _
Interest
3,120
27,192
28.040
xRepresented by 1,000.000 no par shares.
-V. 121, p. 2889.
Prof. before Fed.taxes $171,675
$121,185
$76,220
$32,183
South Penn Oil Co.
-Dividend of 1(o.
7.
paid or accr__
21,459
15,023
9,419
3,799
The directors have declared a dividend of 134% on the present out- Fed. taxesdividends.52,500
52.920
standing $20,000,000 capital stock, par $100, payable March 31 to holders Preferred dividends
Common
96.000
of record March 15. A similar distribution was made on Dec. 31 last,
when dividends were resumed. The new stock, which will be issued in
Net profit
$1.715
$28,383
$53,242
$66,800
exchange for the present stock on a 4 for 1 basis, will be distributed in -V. 122, p. 2287.
about 30 days. See also V. 122, p. 895, 493.
South West Pennsylvania Pipe Lines.
-Balance Sheet
Dec. 31.Assets1924.
1925.
Liabilities1924.
1925.
Plant
$4.205,417 $4,222.912 Capital stock
$3,500,000 $3,500,000
Other investments 1,500,766 1,338,391 Depreciation
2,066,737 1,599,196
Acc'ts receivable._ 394,231
168,942 Acc'ts payable_
81.940
52,924
Profit and loss_ __ _ 566,856
Oil purchased and
607,577
16,696
sale contingen's_
86,104
41,772 Total(each side) $6,186,518 55,788,713
Cash
President Forrest M.Towlsays: "In making the settlement with the U.S.
Income Tax Bureau for taxes which accrued prior to 1925. the oil purchase
and sale contingent account was abolished and adjustments were made
decreasing the profit and loss account and increasing the depreciation account and the accounts receivable.
"The last dividend was paid after the adjustments were made. Our
books show that of dividends paid during the year. $35.000 were from earnings prior to 1913."
The usual comparative income account was given in V. 122, p. 1039.
Spear & Co.
-Annual Report.
Calendar YearsSales to customers
Gross profit on sales
Miscellaneous income
1925.
1923.
1924.
Not reported $12,988,197 $13,097,602
35.623.961 $5,752,601 $6,086,480
31,686
73,926
57,915
Total income
$5,655,647 $5,810,516 $6,160,407
xSelling, general, &c. expenses
4,605,846 3,998,383 3,854,899
Deprec'n, amort. of leasehold, &c-_ _
97,046
78,808
57,034
Interest
58,314
82,823
129,368
Federal taxes
111,805
120,000
124,698
Net profit
Previous balance
3782.636 31,483,957 32,040,953
1,107,649 8,544,114 6,695,661
Total
$1,890,285 $10,028,071 38,736.614
Cr.9,800
Discount on preferred stock purchased
67,603
Exps. of recapitalization charged off_
231,000
Preferred dividends(534%)
(75)412,500 (35)192.500
Common dividends
450,000
Reserve for contingencies
31.601482 $9,165,571 38,544.114
Balance, surplus
x Including bad and doubtful accounts receivable charged off, or reserved
-V. 121, p. 720.
for, less recoveries.
--Regular Dividends.
Standard Milling Co.
The directors have declared the regular quarterly dividends of 11.i%
on the common and 134% on the preferred stocks, both payable March 31
to holders of record March 19. See also V. 121, p. 2889.
-Annual Report.
Standard Sanitary Manufacturing Co.
1924.
1922.
Calendar Years1925.
1923.
Sales
$79.291,682 372,225,591 $69,043,094 $55,200;647
Net profit
$11,270,255 $11,193,073 $9,921,087 $8,574,007
Contingent fund
300,000
300,000
300,000
200,000
Federal taxes
1,345,349
1,333.437
1.196.437 1,058,505
Extra compensation to
executive committee
396,542
404,894
343,058
305,057
Pension fund & bad acc'ts
25,000
25,000
25.000
125,000
Obsol. & asset shrinkage
150,000
Expans.of mfg.&fad..
1,000,000
Prov.for pref.dive.(70
7) 328.636
326,599
323,858
319,102
Common dive. paid..
(2%)5,984,569(25)50/8.512(20)3980,325(13)1802,070
Balance, surplus
$2,890,160 $3,724,631 $3.752,409 $3,614,274
Surplus and reserves ._$14,395,956 $13,947,086 $9.087,844 45,094,454
x 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 1925 amounted to $1.162,487, as against
$805.970 in 1924 and $599.899 for 1923.-V. 122, p.624.
Summerfield & Hecht, Inc., Detroit, Mich.
-Notes
-Benjamin Dansard & Co., Union Trust Co. DeOffered.
troit, and Wm. L. Ross & Co. Inc., Chicago, are offering
$1,000,000 15-year 6M% sinking fund gold debenture notes
at 100 & interest.
1941. Denom. $1,000. $500 and $100.
Dated Feb. 15 1926; due Feb. 15at Union
Trust Co., trustee. Red. on
Prin. and int. payable in Detroit
any int. date at 10134 and int. Interest payable F.& A. without deduction
for normal Federal income tax not exceeding 2%.
Texas Co.
-Annual Report for Calendar Years.
-
1925.
1922.
1924.
1923.
$
$$
Gross earnings
159,396,627 139,613,622 118,1,367 130,996,907
Oper., admin., &c., exp. 89,392.824 89,065,054 87,546,576 80,576,902
Net earnings
Deduct
Depreciation & Fed. tax.
Prov. for bad, &c., accts
Inventory adjustment
Cash dividends (12%)
70,003,803 50,548,568 30,875,791 60,420,005
22,084,402 19,228.321
8,314,322
19,734,000
16,182,727 16,428,514
4,861,972 6,495.482 7,402,518
19,734.000 19,734,000 19,734,000
Balance to surplus... 19,871,078 6,724,275df11,536,418 6, 54,972
Previous surplus
95,201,709 88,477,435 94,476,397 83, 19.181
Prey. surp. of sub. cos_
3,176
Adjustments
DrI.606,765
Cr5,537,456 Cr2,779,067
Profit & loss, surplu.s..113.466.022 95,201,709 88,477,435 94,476.397
-V. 122, D. 103.
(John R.) Thompson Co.
-Listing.
-
The New York Stock Exchange has authorized the listing off $6,000,000
common stock (par $25).-V. 122, p. 896, 1040.
Tide Water Oil Co.
-Dividend Increased an Common
Stock.
-The directors on Feb. 23 declared a quarterly
dividend of 373/i cents per share on the common stock, no
par value, payable March 31 to holders of record March 18.
In the previous two quarters distributions of 25 cents each
were made.
-V. 122, p. 103.
Timken Detroit Axle Co.
-Resumes Dividends.
The directors on Feb. 23 declared a quarterly dividend of 134% on the
common stock, payable
April 1 to holders of record March 20. This will be
the first cash paymention the issue since Jan. 15 1921,
a disbursement
of2% was made. On Dec.11922.the company paid a when stock dividend
150%
on the common stock.
The company reports for the year ended Dec. 31 1925 a net profit of
$1,382.065 after depreciation and Federal taxes, compared with a net loss
of $203,319 in 1924.-V. 121. p. 989.
Tower Mfg. Corp., Boston.
-Larger Dividend.
-
The directors have declared a quarterly dividend of 3734 cents Per share
on the common stock, par $5. payable April 1 to holders of record March
15. On Jan. 1 last, a quarterly dividend of 25 cents per share was paid on
this issue.
-V.122, p. 495.
Truscon Steel Co., Youngstown,0.
-Increases Common
and Preferred Stocks.
The stockholders on Jan. 21 increased the authorized capital stock by
the creation of an additional $2,500,000 of common stock, par $10. The
purpose of the increase of common stock is to provide for stock dividends
and possibly for capital expenditures from time to time. Pres. Julius
Kahn says in substance: "1925 was a prosperous year and there is every
indication that the new year will also be a prosperous one. The company
feels, however, in view of the large additional cash expenditures required
on account of the growth of the capital assets of the company and the
further fact that stockholders are entitled to a larger return than the
present cash dividends, that it should pay a stock dividend at once, and
If the profits of the company warrant it, pay further stock dividends in
the future.
"The directors have decided to pay a stock dividend of 6% on all outstanding shares of common stock at the close of business on Jan. 30 1926.
The stock books will not be closed. Only certificates for full shares will
be issued by the company, but warrants for fractional shares will be issued
for any fractional shares that stockholders may be entitled to. The right
to present warrants for fractional shares in exchange for full shares will be
open to stockholders until Aug. 11926, after which time the warrants will
be of no further value." [Authorized common stock now amounts to
37.000,000, par $10.1
The stockholders on Feb. 23 increased the authorized preferred stock
from $3,500,000 ($2,500.000 outstanding) to 35,000.000 par $100. The
unissued preferred stock will be held in the treasury to finance future
expansion and improvement.
-V.122, p. 896.
247 West 27th Street Building (Estey Construction
Corp.).
-Bonds Offered.
-Peabody, Houghteling & Co.,
Inc., New York, are offering at 98% and int., to yield about
FEB. 27 1926.]
THE CHRONICLE
6.15% $650,000 1st mtge. 15-year 6% sinking fund gold
loan.
1185
and R. C. Dunn,special masters, will receive a check from Ira L. Houghton
for $116,464, the price paid for the property. In addition to this amount,
bonds and mortgages totaling $302,467 will be assumed by the new company, bringing the entire purchase price to $418,931.
The new company will be known as the Peerless Malleable Castings Co.
Dated Feb. 1 1926;due Feb. 1 1941. Interest payable F.& A.at Chatham
Phenix National Bank & Trust Co.. New York, trustee. Denom. $1,000
and $500 Cs.Red. all or part by lot on any int. date at 103 and int. to and
incl. Feb. 1 931: 102 and int. to and incl. Feb. 1 1936, and 101 and int. to
United States Radiator Co.
-New Common Stock Put
and incl. Aug. 1 1940. Interest payable without deduction for any Federal on a $1 40 ,Annual Dividend Basis.
-The directors on
Income tax up to 2% per annum.
Seettrity.-Loan will be secured by a closed first mortgage on the land and Feb. 25 declared a quarterly dividend of 35e. per share on the
building owned in fee. The land contains approximately 7,400 sq. ft., new no par value common stock, payable April 15 to holders
about 75 ft. on West 27th St. by 98.9 ft. deep on which has Just been com-story fireproof, steel and brick mercantile building. Mortgage of record April 1. This is equivalent to the quarterly
pleted a 14
will provide that the company will carry, in favor of the trustee, adequate dividend of 1% ($1 75 per share) paid on Jan. 15 last
fire and other insurance for the protection of this loan.
The land and buildings have been independently appraised as follows: on the old common stock of $100 par value, which was
J. Romaine Brown & Co.. New York. $1,058,000 and William Kennelly, recently exchanged for new common stock of no par value
Inc., New York, 81,050,000 or an average of appraisal of $1,054,000. On
S
5et
(
the basis of these appraisals, the total loan Is less than 62% of the value of on the basis of 5 new for 1 old. 192 . V. 122, p. 104.)
the property. Through operation of the sinking fund, the amount of the
Years Ended Jan. 31- 1926.
1924.
1923.
loan will be reduced by maturity to less than 33% of the appraisal.
Net prof.aft.chges.& tax 81,386,092 $1,521,477 $1,450,947 $1,208,582
Earnings.
-Building was completed on Dec. 1 1925, and to date 87% of -V. 122, p. 625, 362.
the building has been leased. Annual gross income receivable from leases
actually signed to date is: Gross income, $110,025; operating expenses,
United States lubber Co.
-To Retire Notes.
Insurance and taxes (est.), 831,690; net income available for interest and
The $2,000,000 6)"., °/ serial gold notes, Series A, maturing Mar. 11926,
0
sinldng fund, $78,335; maximum annual interest 'charges, $39,000.
will be paid at the office of the National Bank of Commerce in New York.
Sinking Fund.
-Mortgage will provide for semi-annual sinking fund pay- The interest will be payable at the office of the company in New York.
ments, commencing Feb. 1 1927, which will be sufficient to retire at least -V. 122, p. 362; V. 121. p. 3144.
$305.000, or 47% of the loan, by maturity through purchase in the open
market or through call by lot at the call price.
U. S. Steel Corp.
-25th Anniversary.
The 25th anniversary of the organization of the corporation. the world's
Trumbull Steel Co.
-Balance Sheet Dec. 31.pioneer "billion dollar corporation," was observed Feb. 25. The day also
Assetsmarked the 25tn anniversary of Judge Elbert H. Gary's service as chief
1025.
1925.
LiabilitiesPermanent assets
1435,079.749 Accts. payable & accruals $2,203,792 executive of the organization. The growth of the company under the
Cash
606,595 15-yr. 1st M. s. I. 6s.... 13.000.000 guidance of Judge Gary and his associates is one of the outstanding developU.S. Gov't Sec.and accr.
-year gold debs__ 5,000,000 ments in the history of American corporations and business. Banks of
7% 10
interest
1,001,563 General contingencies res
445,284 flowers and stacks of letters and telegrams of congratulations covered the
Notes & acceptances rec_
111,263 7% cumul. pref. stock__ 9,998,700 long,flat desk of Judge H. Gary at his office, 71 Broadway,on the event.
Trustee account (bal.)...
750,263 Common stock & surplusc18,177,782 V. 122, p. 896.
Accts. rec. less doubtful
Vacuum Oil Co.
-To Retire 7% Gold Bonds.
accounts
2,245.310
Merchandise inventory
All of the outstanding 15
-year 7% gold bonds, dated April 1 1921, have
4.390,495
Capital stock owned
been called for payment April 1 at 104 and int. at the Equitable Trust Co.,
a2,813,262
Deferred charges
-V. 122, p. 764.
1.827.060
Total (each side)
$48,825,559 trustee, 37 Wall St., N.Y. City.
a In and advances to affiliated companies, other investments, &c., less
-Preferred Dividends.
Viau Biscuit Corp., Ltd.
allowance for possible shrinkage in book value. b Sound value as appraised
Quarterly dividends of 1 % each have been declared on the 1st pref.
by the American Appraisal Co.as of July 31 1925 with subsequent additions,
less depreciation to Dec. 31 1925. c Represented by 574,108 shares of no stock and on the 2d pref. stock for the quarter ending Feb. 28 1926, payable
-See also V. 121, p. 2767; V. 122,
on Mar. 1 to holders of record Feb. 15.
par value-book value of common stock-per share. $31 66.
p. 897.
The income account was published In V. 122. P. 763.-V. 122, p. 896.
Underwood Typewriter Co.
-The
-Dividend Increased.
directors on Feb. 25 declared a quarterly dividend of 4%
($1 per share) on the outstanding $10,000,000 common stock,
par $25, payable April 1 to holders of record March 6.
From October 1923 to January 1926 incl. quarterly dividends
of 3% each were paid on the common; also an extra dividend
of 4% on Dec. 23 1925 -V 122, p. 877
Union Carbide & Carbon Corp.
-Listing.The New York Stock Exchange has authorized the listing of 2,827.470
shares of capital stock (no par value). Of the 2,827,470 shares, 6.160
shares are owned by Union Carbide & Carbon Corp. and 161,577 shares
are owned by subsidiaries of Union Carbide & Carbon Corp., leaving
2,659,733 shares issued and outstanding after elimination of inter-comapny
ownership.
-V. 121. p. 2053.
United Cigar Stores of America.
-Annual Report.-
Years1925.
1924. '
1923.
1922.
Net
Net profit
a$9,989,676 47,751,997 $5,817,027 $5,059,806
Federal taxes (est.)
825,000
700,000
700,000
700.000
___
Interest- 351,448
355,298
359.100
Preferred dividends_ _ _
286,377
301,808
316.890
316,890
Common dividends.. _
2,780,431
3,968,002
2,957,234
1,642,836
Surplus
$5,746,420 $2,426,889 $1,483,803 $2,400,080
Previous surplus
9,108,965
8,001,874
6.518.071
4,117,991
Total surplus
$14,855,385 $10,428,763 $8,001,874 86.518,071
Stock dividend
1,737,770
1,247,788
Prem. pref. stock
72,009
Prof.& loss surplus__ 413,117,615 $9.108,966 $8,001.874 $6,518,071
aIncludes 81,295,197 enhancement of leasehold values in 1925 and
$1,247,729 in 1924.-V. 122, p. 1040, 103.
United Profit-Sharing Corp.
-Annual Report.
-
Calendar YearsNet Profit
Preferred dividends
Common dividends
Balance, surplus
Previous surplus_ __
1925.
$396,992
19,814
245,616
__
1924.
$339,799
12,337
245,722
1923.
$496.980
$ 72
122 ..650
90
245.722
245,722
8131,562
481,062
$ 81.740
533,507
3251.258
478,833
$24,928
453,905
8615.247
8730,091
(25)102,385 (25)102,385
31,800
94.200
8478,833
Total surplus
Stock div. (preferred)_ _ _
Federal taxes accrued_ _ _
$612,624
Profit & loss surplus- 121, p. 88.
8563.924
48.700
$481,062
8533.506
8478.833
United States Distributing Corp. & Subs.
-Earnings.
The corporation (including subsidiaries) reports total receipts of $6,965,944 for the quarter ended Dec. 311925. Net earnings for the quarter were
$808,249 after deductions for expenses, depreciation and depletion and
after taxes. The total receipts for the year were $36,761,038 and
earnings for the same period were $1,529,169 after taxes, etc., as the net
against
$1,191,986 for the same period last year.
-page illustrated booklet has loeen issued by the company, in which
A 40
It reviews the activities of its subsidiaries.-V. 122, p. 104.
•
• United States Hoffman Machinery Corp.
-Balance
Sheet Dec. 31.Assets1925.
Plant proPerty-- - a$785,337
Patents
62,396.092
1
dood will
403,529
Cash
Notes & bills rec_ _x2,719,182
Acets rec.,less res. 559,379
45,825
Prep. & def. chgs_
1,035.675
Inventories
Deposits on leases,
2,023
contracts, &c
71.563
Dep. in pref. stock
601
Investments
1924.
5855,131
2,603,816
1
422,470
2,177,821
581,156
39,809
1,063,976
Liabilities1925.
1924.
7% Preferred stock 1177,500 1,300,000
Common stock___d4,454,682 3,366,082
Notes payable_ ___ 325.000
875.000
Accounts payable_ c388.195
342,638
Def. ace'ts pay_
125,000
Deposits on acc't of
uncompl.sales__
19,985
18,609
Reserves for taxes
& royalties
373,039
255.046
2,132 Pref. stock prem.6,614
3,050
13,500 Sur. for red. of pref.
101
stock
71,563
13,500
Unappr. surplus 2,206,195 1,457,424
18,019.209 17,759,913
Total
Total
$8,019,209 17,759,913
x Includes $2,697,633 customers' notes receivable secured by chattel
equivalent liens. It does not include interest accrued on
mortgages or
customers' notes receivable. a After deducting reserves of $554,667.
b After deducting reserves of $851.588. c Accounts payable within one
year and accrued accounts, including Federal tax not assessed or due but
estimated to become payable within one year. d 216,286 2-3 shares of no
par value.
The income account was given in V. 122, p. 896.
-Sale ConfirmedUnited States Malleable Co.
Final confirmation of the sale of the company was recently signed by
Federal Judge John M. Killits to take effect Feb. 20. Tom P. Manton
-Sale Ordered.
Virginia Carolina Chemical Co.
George Bryan, special master will sell the properties of the company
March 26 at the office of the company, 11 South 12th St., Richmond, Va.
The upset price of the property in its entirety has been fixed at 318,498.810
by the court.
-V. 122, p. 897. 104.
-Acquisition.
(V.) Vivaudou, Inc.
This corporation on Feb. 10 took possession of the A. H. Smith Co.,
owners of the Djer-Kiss brands of toilet preparations. Thomas McHugh,
President of V. Vivaudou, Inc., was elected President of the A. H. Smith
Co. (See V. 122, p. 104.)-V. 122, p. 495.
-2% Back Dividend.
Vulcan Detinning Co.
The directors have declared a dividend of 2% on the preferred stock on
account of accumulations in addition to the regular quarterly dividends of
1U% on the preferred and preferred stock A,all payable Apr. 20 to holders
of record April 15. On Jan. 20 last like amounts were paid. In Oct.
1925 a distribution of 1% was made on account of back dividends, in
July 5% andin April 1925 1%.-V.121,p.2767.
-To Retire Part of 1st Pref. Stock.Waldorf System Inc.
The directors have voted to call for retirement 19,500 shares of 1st preferred stock, par $10, On April 1 1926 at $11 per share and accrued diva.
The stock to be retired will be drawn by lot from stock of record Mar. 10
1926. This action, coupled with 1st preferred stock retired through operation of the sinking fund, will reduce the par value of shares outstanding
from 3481,600 at Dec. 31 1925 to $195,130 at April 1.1926.-V. 122.
p. 897. 495.
-S. M.
-Stock Offered.
Waverly Oil Works Co. (Pa.).
Vockel & Co. and Dinkey & Todd Co., Pittsburgh are
offering at $42 per share 40,000 shares class A stock.
This issue of class A (no par) stock is limited to 40,000 shares, entitled to
cumulative dividends of $3 per share per annum, prior to divs, on any other
class of stock, with the right to participate equally in any other diva, after
$3 per share have been paid on class B stock. Dividends payable Q-J, the
first dividend to be adjusted to date of issuance of bearer certificates.
Class A stock shall be callable at any time at 850 per share and in event of
liquidation shall have preference on all assets over any other class of stock
to the extent of $50 per share. Union Trust Co. of Pittsburgh, transfer
agent. Fidelity Title & Trust Co., Pittsburgh, registrar. Free of the
Penn. 4 mill tax.
-Application will be made to list this stock on the Pittsburgh
Listing.
Stock Exchange.
Data From Letter of Thomas .1. Hilliard Pres. of the Company.
-Established in 1880 by S. M. Willock at Pittsburgh, Pa. In
Company.
1908 the business was incorp. in Penn. The plant, covering 5 acres, is
located at Pittsburgh, and has most modern and up-to-date equipment.
In 1920. in association with several other refiners, the company erected at
Carteret, N. J. a water front plant for barreling and casing "Waverly products" for the export trade.
During the present month the company has acquired the plant and
business of the -Pittsburgh Oil & Refining Co., Pittsburgh, Pa. The latter
company's plant is located at Coraopolis. Pa., occupying 15 acres, and has
a capacity of 70,000 barrels per month. The combined operations of the
two companies for the year 1925 show that 1310,000 barrels of crude oil
were refined.
Earnings.
-Earnings of the Waverly Oil Works Co.for the past 10 years,
before deducting extraordinary cost of management and before Federal
taxes, aggregated 32.637.133. After deducting taxes at the present rate
thereon, these earnings have approximated $2.351,242, which is an average
of $235.124 per year. Pittsburgh Oil & Refining Co. during the past three
years has shown a profit in each year except 1923.
The 10 year average annual earnings of the combined companies (Pittsburgh Oil & Refining Co.for 3 years) has been at the rate of over $6,25 per
share on the class A stock. A conservative estimate of the earnings of both
companies for 1926 after taxes and a liberal allowance for depreciation is
$285,000.
Annual dividends have been paid by the Waverly 011 Works Co. in the
years 1915. 1925, inclusive.
CapitalizationAuthorized. Outstanding.
Class A stock (no par)
40,000 she. 40,000 shs.
Class 11 stock (no par)
40,000 shs. 30.000 shs.
The new management will continue to produce and sell only the highest
quality products, a policy for which the Waverly Oil Works Company is
known throughout this country.
Directors.
-C. Dudley Armstrong; H. R. Hilliard (V.
-Free. & Treas.);
Thomas J. Hilliard (Pres.); S. M.Vockel (S. M.Vockel & Co.); and George
Willock.
Consolidated Balance Sheet Dec. 31 1925 (After Financing)•
LIabilitiesCash
1100,744 Notes payable
$245,000
04000
5
4:337
Trade accept. & notes
10,450 Accounts payable
Accounts receivable
413,200 Accrued expenses
41125:5282
0
Inventory
696,288 Mortgage loans
Misc.& current assets
18,539 Reserve for Fed. taxes
23,900
Investments
101,638 Cap., surplus and undivided
Plant, equip. & tank ears__ _
a2,474,281
profits
1,903,876
Trade mark
5
Deferred charges
$3,265,220
20,480
Total (each side)
a Represented by class A and class B stocks.
For other Investment News, see page 1191.
THE CHRONICLE
1186
[Vim,. 122
Pparts and Pornments.
P0111.111/il A. AINVRTISIBIltIln
GENERAL MOTORS CORPORATION
ANNUAL REPORT FOR THE SEVENTEENTH YEAR—ENDED DECEMBER 31 1925.
was $100,484,756, or 71.56% in excess of the previous high
February 24 1926.
To the Stockholders:
record of 1923, when the net income was $62,067,526. FurThe consolidated balance sheet and income account of ther comparison with previous reports will demonstrate
General Motors Corporation and subsidiary companies are that the financial position of the Corporation likewise has
submitted herewith. Attention is called to the fact that never before been equaled.
the operations of certain subsidiaries, of which the followAN OPERATING REVIEW OF THE YEAR.
ing are the most important, are not consolidated in the acDuring the year there were manufactured and sold at
counts of the Corporation:
retail to consumers at home and abroad, through the CorFisher Body Corporation
General Motors Acceptance Corporation
poration's own branches, distributors and dealer organizaYellow Truck & Coach Manufacturing Co.
tions, 827,056 cars. This exceeded all previous records by
Ethyl Gasoline Corporation
The Corporation's interest in these subsidiaries is car- 95,775 cars, representing an increase of 13.10%. The Corried at cost under the title, Investment in Affiliated and poration's sales, excluding all inter-company items,
Miscellaneous Companies, the various items of which are amounted to $734,592,592. Stocks of cars in the hands of
the Corporation and its dealers and distributors at the close
displayed on page 19 [pamphlet report].
General Motors Corporation net earnings for the year of the year were of moderate amount and no more than
1925 were $116,016,277. There is included therein $9,531,521, sufficient to meet the current retail demand. The policy
which is the Corporation's proportion of the earnings of of the Corporation dealt with in the previous annual report
subsidiary operations not consolidated but accruing to Gen- regarding stocking dealers with cars, has been rigidly aderal Motors Corporation in excess of dividends received. hered to with profit both to the Corporation's dealer organiThere results, therefore, $106,484,756 reflected directly in zation as well as to the Corporation itself.
During the year practically a complete new line of cars
General Motors consolidated income account and balance
was offered to the public. Particular regard was given to
sheet.
After paying the regular quarterly dividends on preferred the trend toward closed cars. Your officers believe that
and debenture stocks requiring $7,639,991 for the year from this line represents the greatest values that the Corporathe net earnings of $116,016,277, there remained $108,376,- tion has ever been able to offer. It was made possible to a
286, equal to $21.00 per share of common stock, a new high very large degree by the capitalization of many construcrecord for the Corporation. Excluding General Motors tive developments which have been under way for some time
share of the equity earned by subsidiary operations not in- past. Public approval was most gratifying. There resulted
cluded in General Motors consolidated statement and men- a demand which has taxed the capacity of practically all
tioned above, there remained $98,844,765 earned on common the motor cars divisions. In the month of October there
;
stock or $19.15 per share, which in turn is included in Gen were manufactured and sold to dealers 96,364 cars—a record
in excess of any previous month that the Corporation has
eral Motors earnings statement presented herewith.
Regular quarterly dividends of $1.50 per share at the ever enjoyed, notwithstanding the fact that October, on
rate of $6.00 per annum paid on the common stock required account of the season of the year, is usually not a month
$30,967,516. In addition, extra dividends were declared of large volume.
Since August first, when the new line was introduced, to
totaling $6.00 per share and aggregating $30,967,705. There
results a total declaration of common dividends for the year the end of December, retail sales of cars and trucks to the
of $12.00 per share, or $61,935,221. This includes the $5.00 public total 364,824, compared with 216,424 in the same five
extra dividend, amounting to $25,806,432, to stockholders months of the previous year, an increase of 69%; and represent an increase of 41% over retail sales to consumers durof record November 23 1925, but payable January 71926.
Cash in banks, Government securities, temporary loans ing this same period of 1923, the previous record year.
Aside from those operations relating to the direct manuand marketable securities, at the close of the year amounted
$145,142,088. This compares with $88,059,016 at the close facture and sale of the Corporation's car products, the busito
of the previous year. Sight drafts were $8,195,348; inven- ness enjoyed by the accessory and parts operations was
tories $112,091,659; total current assets $290,869,088; cur- equally gratifying. Naturally, such operations reflect, to
rent liabilities $109,042,207. This leaves an excess of cur- a material degree, the progress of the Corporation's car
rent assets over current liabilities of $181,826,881 and com- manufacturing divisions, but they also reflect to an imporpares with $161,105,281 as of December 31 1924, an increase tant degree, the prosperity of the industry as a whole on
of $20,721,600. Surplus increased $36,909,544 and now account of the fact that they enjoy valuable business from
other manufacturers.
amounts to $119,020,473.
An operating review of the year would not be complete
Total real estate, plants and equipment accounts show
substantially the same as last year. This means that ex- without specific reference to the following:
penditures on account of additions and improvements were
THE PONTIAC SIX.
a
of comparatively small amount, and have been offset by
The Corporation has established the fundamental policy
against operations. Such ex- of building a car for every purse
liquidation and charge-offs
and purpose and in line
penditures as have been made in the line of additions and with that policy added during the year to its car line, a new
improvements, have been in accordance with the previously six-cylinder car—the Pontiac Six. It is built and marketed
stated policy of the Corporation, of increasing plant effi- by the Oakland organization as a companion car to the
ciency and effecting better co-ordination whenever possible. Oakland Six and has a distinct field of its own—quite different from the place now so well Occupied by the Oakland
Reserves for depreciation of real estate, plants and equip- Six. The Corporation
was convinced that there is an enorment show a net increase of $8,766,361 as a result of the mous potential market for a car of quality at a price beyear's operations, so that the net balance in the real estate, tween that of the Chevrolet and the Oldsmobile. There are
plants and equipment accounts after depreciation shows a many who require more than the four-cylinder Chevrolet
reduction of $10,438,523 from last year. This latter figure affords yet do not need what the Oldsmobile six-cylinder
offers. All the Corporation's accumulated experience was
reflects the transfer of the real estate, plants and equip- built into this new
product and it is believed that such a
ment of the former General Motors Truck Division, amount- car at this price will add greatly
to the position of the
$4,714,285 net after depreciation, to the Yellow Truck Corporation and its dealer organization and will enable the
ing to
& Coach Manufacturing Co. referred to elsewhere in this Corporation to materially increase its volume.
report, which is now otherwise reflected in General Motors
DELCO-LIGHT COMPANY.
balance sheets.
The development of the business of this subsidiary during
Comparison of the above stated earnings with the record the year was
outstanding. This was due to the fact that
of earnings of previous years displayed on page 21 [pam- for some years past there has been under development the
phlet report] indicates that 1925 was by far the most suc- Frigidaire, an electric refrigerating machine for both housecessful year the Corporation has yet enjoyed. Net income hold and commercial use, the business in which expanded
FEB. 271926.]
THE CHRONICLE
very greatly. There are at the present time over 100,000
Frigidaires in use, the great majority of which represent
1925 sales. It is estimated that there are 14,000,000 electrically equipped homes, each and every one of which is a
potential customer for Frigidaire. The commercial field
Is also promising. This apparatus lends itself both from
the standpoint of type of manufacture as well as market
possibilities to quantity production. The Corporation believes that through its broad experience in quantity manufacture, its research activities and through its purchasing
ability on account of the large volume of its operations, it
can more than maintain the dominating position that
Frigidaire now enjoys. It is believed further that the market possibilities largely parallel those of the motor car. By
this is meant the volume to be reached is largely a matter
of the price that can be set. The Corporation proposes,
therefore, to pass on to the consumer, economies resulting
from increasing volume and improved methods of manufacture and engineering, feeling assured that it will be more
than recompensed through continually expanding volume.
Approximately $6,000,000 additional capital was invested
In Frigidaire during the year. Further capital will he made
available as the business expands.
GENERAL MOTORS OVERSEAS.
The Corporation's business in all overseas countries continued to progress in a very satisfactory manner. As will
be noted from detailed comparisons shown elsewhere in this
report, sales both in number of units and in values were
not only the largest in the history of the Corporation, but
showed a healthy and steady increase over previous years.
In line with the Corporation's policy of intensive development of overseas markets through subsidiary operations,
two new assembly plants have been established, at Wellington, New Zealand, and at Port Elizabeth, South Africa; and
merchandising and stocking plants at Malaga and Bilbao,
Spain, Hamburg, Germany, and Le Havre, France. Studies
and plans for operations at several other locations are complete, and these should be in effect during the current year.
Exclusive of the numerous field offices of General Motors
Export Company, merchandising or assembly operations are
now being conducted at the following overseas locations:
London, England; Copenhagen, Denmark; Antwerp, Belgium; Buenos Aires, Argentina; Sao Paulo, Brazil; Malaga
and Bilbao, Spain; Hamburg, Germany; Le Havre, France;
Port Elizabeth, South Africa, and Wellington, New Zealand.
The Corporation will continue the policy of development
of its overseas business by building in the most substantial
manner possible and endeavoring to make itself a real factor in the industrial life of each country served. As has
been stated In previous reports, the economic advantages of
the motor car, in fact, its necessity in everyday life, is
being more and more recognized in all overseas countries.
Improved roads are being developed very generally. The
Corporation looks forward to a very large and continued expansion of this very valuable part of its activities.
GENERAL MOTORS ACCEPTANCE CORPORATION.
The Acceptance Corporation has increased its capital and
surplus during the year to $16,875,000 in order to care for
Its increased business. As has been stated in previous reports, General Motors Acceptance Corporation was organized in 1919 under the banking law of the State of New
York for the purpose of assisting General Motors dealers
and customers in the financing of cars purchased on credit.
This activity is assuming an Increasingly important part
In the operation of General Motors. At the present time
Its importance can hardly be overestimated. In view of the
magnitude of its operations as well as those of other institutions conducting a similar business, a few comments on
the general subject of time payments and the Corporation's
policy regarding this, might be constructive.
Your officers firmly believe that proper credit merchandising results in an important economic gain to society. It
develops a demand that otherwise would not arise and provides an incentive to work, thereby turning idle into productive hours, and acts as a stimulant in the creation of
additional wealth. On the other hand, consideration must
at all times be given to maintaining the credit structure on
a firm foundation. If, through intense competition, low
cost of money or for any other reason, departure is made
from sound principles, there must inevitably come at some
time, in some way, a day of reckoning. It is the policy of
General Motors in dealing with time sales, to have due regard at all times for the soundness of the operation. Consideration must be had for the ability of the purchaser to
complete the payments. The initial payment must be sufficient to establish proper equity to support the credit structure. The cost of the financing operation to the consumer
must be fair, which means that credit must not be unreasonably extended.
The importance of this whole subject from the standpoint
the commercial activity of the country, as well as from its
credit structure, can hardly be overestimated.
FISHER BODY CORPORATION.
The Corporation's investment in Fisher Body Corporation
Is carried at its original cost, $32,151,825, as shown elsewhere in this report. This is now represented by 1,441,920
shares of $25.00 par value common stock. The pro rata
1187
amount of earnings of Fisher Body Corporation accruing to
General Motors Corporation during the year 1925 amounted
to $15,954,703, of which $7,209,600 represented dividends
received and $8,745,103 was reinvested by Fisher Body Corporation on account of its constantly increasing business.
The Corporation's initial investment in Fisher Body Corporation was made on September 25 1919. From that time
through the year of 1925 the Corporation has received from
Fisher Body Corporation a total of $23,130,800 in dividends
which has been reflected in General Motors income account.
In addition to this, however, there remains $25,217,000 representing the General Motors equity in the undivided profits
of Fisher Body, which have been reinvested in the business
of Fisher Body Corporation. This amount is not reflected
in General Motors income account or balance sheet and, as
a matter of fact, is reflected nowhere in General Motors
accounts for the reason that investments in subsidiary operations, as already stated, are carried at original cost.
The activities of Fisher Body Corporation continue to
assume increasing importance in General Motors operations.
The trend from the open to the closed car increased even
more rapidly during 1925 than in 1924. It is believed that
dealing with the Corporation's entire line, over 75% of cars
built during the year 1926 will be closed and eliminating the
lowest-priced line, over 90% likewise. This naturally refleets increased demand on Fisher Body Corporation.
Reference has been previously made to the new line of
cars announced by the Corporation during the year. Fisher
Body Corporation's contribution in the way of attractive
closed bodies of superior design and quality of manufacture
was a very important one.
YELLOW TRUCK & COACH MANUFACTURING CO.
The Corporation has recognized for a long time past the
future possibilities in motor transportation in the form of
the so-called motor bus. It has also fully recognized it
should take a much more important part than heretofore in
the manufacture and sales of vehicles for the transportation
of merchandise.
During the year an opportunity was developed whereby
the Corporation was enabled to make a substantial investment in the Yellow Cab Manufacturing Co.
The capital structure of that organization was changed
to consist of three classes of stock, namely, 7% Cumulative
Preferred of a par value of $100 per share, Class B of a par
value of $10 per share, having a dividend preference of 75
cents per share for three years, and common of a par value
of $10 per share, the Class B and the Common having voting
power. The former stockholders received 150,000 shares of
the Preferred, amounting to $15,000,000, and 600,000 shares
of the Class B, amounting to $6,000,000; General Motors
acquired the entire issue of 800,000 shares of common stock,
amounting to $8,000,000, or 57% of the total voting stock of
the company. In payment for this controlling interest, General Motors contributed the plant and other assets of General Motors Truck Division, valued at about $11,000,000,
and sufficient additional cash to make a total of $16,000,000
of tangible values.
In this manner there has been concentrated in this organization, to a large degree, such activities as deal with
the commercial transportation of both passengers and
freight. The name of the organization was changed to
Yellow Truck & Coach Manufacturing Co. An excellent
operating organization has been added to the General
Motors group. Sales demands at present are far in excess
of production facilities. Plant extensions will be necessary
to take care of the expanding business. The possibilities
both at home and abroad appear to be almost unlimited.
ETHYL GASOLINE CORPORATION.
For some years past the Corporation, through its research
activities, has been investigating the relationship between
the internal combustion engine and present day fuels in the
hope of improving such relationship. As a result the material known as tetra-ethyl lead was developed which, when
added to ordinary gasoline substantially one part in twelve
hundred, produced what has been commercially termed
Ethylized Gasoline. This material greatly improves the
relationship of the motor and the fuel and will make possible very substantial economies in the use of gasoline, thus
operating most importantly toward the conservation of our
natural resources. Tetra-ethyl lead in its concentrated form
has strong toxic properties. In the development of its
manufacture, several much to be regretted accidents occurred. Unfortunate as these were, it must be appreciated
that they had nothing to do with ethylized gasoline, the commercial product, which, as before stated, uses tetra-ethyl
lead only in the diluted form specified above. On account
of these accidents, however, a considerable agitation arose
as a result of which Ethyl Gasoline Corporation withdrew
ethylized gasoline from sale and asked for a study by the
Surgeon-General of the United States to determine whether
there might be any possible hazard to public health. This
study has now been completed and the report published with
the result that ethylized gasoline has been found entirely
safe for public use.
Ethyl Gasoline Corporation was formed for the commercial development of ethyl gasoline and is owned jointly by
the Standard 011 Company of New Jersey and General
Motors Corporation, each having a one-half interest.
1188
THE CHRONICLE
BONUS PLAN.
• The Corporation awarded 46,043 shares of its common
stock as bonus awards to 943 employees for conspicuous
service during the year. Bonus stock was purchased in the
open market and the cost charged against earnings under
the terms of the plan. Bonus awards from the inception of
the plan, including the distribution for 1925, are displayed
in detail on page 24 [pamphlet report].
EMPLOYEES SAVINGS AND INVESTMENT FUNDS.
This plan was adopted in 1919. It now provides that
employees may make monthly or semi-monthly payments
to the Employees Savings Fund, not to exceed 10% of their
wages and not to exceed a yearly total of $300. For each
dollar put into this Fund, the Corporation puts fifty cents
into an Employees Investment Fund, which is credited to
the employee over a period of five years. Employees have
the right to withdraw their savings from the Savings Fund,
plus interest, but if they withdraw before the end of five
years they forfeit the unmatured portion of the money
placed by the Corporation in the Employees Investment
Fund for their benefit. However, any employee may apply
his savings to make payment for a home without losing any
of the benefits of the plan. Since this plan has been established, over 7,000 employees have utilized it to assist them
in buying and building homes.
At the end of 1925 the second Class, which was the Class
of 1920, matured and as a result there was paid to the employees:
On account of their savings
$1.208,380
On account of 6% interest on savings
456,953
On account of amount accumulated in the Investment Fund,
representing accumulation on account of contributions made
by the Corporation five years ago (this amount is represented
by 75,484 shares of common stock of the Corporation at
market value at the time of distribution plus an extra dividend of $5.00 per share paid Jan. 7 1926)
*9,248,843
This makes a total of
$10,912,176
[VOL. 122.
CONDENSED CONSOLIDATED INCOME ACCOUNT.
Year Ended
Year Ended
Dec. 31 1925. Dec. 31 1924.
Profit from operations and investments,
after all expenses incident thereto, but
before depreciation of real estate,
plants and equipment
$149,296,499 43 $71,802,424 77
Provision for depreciation of real estate,
plants and equipment
17,236.506 84 16,078,548 98
Net Profitfrom operations and investments$132,059.992 59 $55,723,875 79
Less: Provision for:
Employees' bonus
53.969.226 98
Amount due Managers Securities Co_
4.633,535 16
Employees' savings and investment
fund
2.355,52409
Special payment to employees under
stock subscription plan
17,19000
Interest on notes payable
101,984 47
$11,077,460 70
$785,615 82
1,140,189 50
1,991,989 59
343,902 12
$4,261,697 03
$51,462,178 76
Less: Provision for United States and$120,982,531 89
foreign income taxes
5,727,000 00
13,912,000 00
Net Income
$107,070,531 89 $45,735,178 76
General Motors Corporation proportion of
net income
$106,484,756 18 $45,330,887 63
Seven per cent preferred stock dividends $7,315,222 21 54.743,606 89
Six per cent preferred stock dividends
611,380 50
135,540 50
Six per cent debenture stock dividends1,917,649 50
189.228 50
57.639,991 21
$7,272,636 89
n98,844,764 97 *538,058,250 74
Amount Earned on Common Stock
•NOTE: If the General Motors Corporation's equity in the undivided profits of
Fisher Body Corporation (60%). General
Motors Acceptance Corporation (100%).
Yellow Truck & Coach Manufacturing
Co. (57%), and Ethyl Gasoline Corporation (50%) were included, the amount
earned on the common stock would be ---$108,376,286 44 $44.350,853 21
SURPLUS ACCOUNT.
which 8,300 employees of the Corporation received on acYear Ended
Year Ended
count of $1,208,380 of net payments which they made in
Dec. 31 1925.
Dec. 311924.
the Savings and Investment Fund Class of 1920. A sum- Surplus at beginning of period
$82,110,929 08 5120.699.299 66
mary of the results of the Savings and Investment Fund General lviotars Corporation proportion of
Net Income,as per Income Account106,484,756 18 45.330,887 63
from inception to date is shown elsewhere in this
Deduct surplus capitalized in connection
report.
•Note:—Thls amount is not the same as shown
and Investment statement on page 25 [pamphlet on Employees Savings
report], because that
statement shows cost of ;stock to Corporation, whereas this amount represents the market value of said stock at time of distribution
as stated.
with the issuance of new common stock *
Capital surplus arising through exchange
of6% debenture and 6% preferred stock
for 7% preferred stack
This amount transferred to reserve for
• sundry contingencies by order of the
Board of Directors
51,615,990 00
272.075 00
6,931,920 00
272,075 00
6,931,920 00
MANAGERS SECURITIES COMPANY.
• As will be noted from the previous Annual Report, a plan
Total
5188,595.685 26 5114,414,197 29
was developed in 1923 enabling the more important execu- Less
cash dividends paid on:
tives of the Corporation to acquire a substantial interest in
7% preferred stock
$4,743,606 89
57.315,222 21
the Corporation's common stock. Managers Securities Com6% preferred stock
611,380 50
135,540 50
6% debenture stock
1.917,649 50
189,228 50
pany, which was organized to facilitate the operation of the
plan, has more than justified its existence. The impor$7.639,991 21 $7,272,63689
tance to the stockholders of having an operating organizaCommon stock:
tion consisting of loyal, able and aggressive personnel, can
Mar. 12 ($1.50 on 5.161,201 shares in
1925)
$7,741,802 19 $6,193,073 70
hardly be overestimated. Problems of policy and adminisJuno 12 ($1 50 on 5,161.248 shares in
tration involving large amounts, must be dealt with daily.
1925)
6,193.090 50
7,741,871 25
Sept. 12 ($1.50 on 5.161,272 shares in
Not only the success or failure of the Corporation's activi1925)
6.193,11660
7,741,911 06
ties from the profit standpoint, but the position of its capSept. 12 ($1.00 extra on 5.161,272
shares in 1925)
5.161,272 25
ital, is involved. The principle of making those dealing
Dec. 12 ($1 50 on 5.161,286 shares in
with such problems, partners in the enterprise, is certainly
1925)
7,741,931 96
6.451.350 52
($5 00 extra on 5,161.286
sound. It cannot help but result in substantial benefit to
shares payable Jan.7 1926) 25.806.432 50
the stockholders.
•
HOUSING FOR EMPLOYEES.
Previous reports have from time to time dealt with this
subject. The situation has not particularly changed except
that sales of properties to employees continued during the
year through the following activities, conducted for the
purpose:
Modern Housing Corporation
Modern Dwellings, Limited
Bristol Realty Company
New Departure Realty Company
$61.935,221 21 $25,030,631 32
Total dividends paid
$89.575.212 42 832,303.268 21
Surplus at end of period
5119,020,472 84 582.110.92908
•In recapitalizing common stock issued under charter amendments
adopted in June 1924, $51,615,990 of Surplus Account was capitalized,
thus reducing Surplus Account and increasing Common Stock Account by
this amount.
GENERAL MOTORS CORPORATION.
CONDENSED CONSOLIDATED BALANCE SHEET AS OF
DECEMBER 31 1925 AND 1924.
The operations of these subsidiaries are not included in,
the balance sheet of General Motors Corporation, but the
ASSETS.
Corporation's equity is represented as an investment and
Current and Working Assets—
Dec. 311925.
Dec. 311924.
shown elsewhere in this report. The Corporation's invest- Cash in banks and on hand
$108,290,770 02 588.059.015 92
ment in this class of properties is being gradually liqui- United States Government securities
25,141,317 68
securities
dated and the present outlook does not indicate any neces- Temporary loans and marketableattached, 11.710,000 00
Sight drafts with bills of lading
sity for further investment of this character.
and C. 0. D.items
4.217.684 11
8,195,347 90
Notes receivable
2,764,005 41
3,015.084 34
Accounts receivable and trade acceptances,
GOOD-WILL AND PATENTS.
less reserve for doubtful accounts (in
Previous reports have called attention to the compara$1,798.693 65; in 1924, 51,231,1925,
988 31)
20.817,403 47 13,807.434 43
tively small amount at which this important item is being Inventories
*112.091,659 13 97,201,686 02
carried in the balance sheet. There has been practically Prepaid expenses
1,878,349 04
1,858.584 43
no change in this account during the year.
Total Current and Working Assets
$ 90,869,088 04 $208,179,253 86
9
IN GENERAL.
Fixed Assets—
Your officers feel that the position of the Corporation as Investment in affiliated and miscellaneous
companies not consolidated
judged by the character of its products, the personnel of its General Motors Corporation stocks held in 586,183,747 07 $61,513,125 72
treasury (in 1925. 77,415 shares comorganization, the strength of its financial position and the
mon, 56.524.178 35; 50,273 shares 7%
public regard in which it is held, was never before equaled
preferred, 55,439.400 03)
5.000,923 71
11.963.578 38
Real estate, plants and equipment
In its history.
287,268.286 41 288,940,448 53
Deferred expenses
6,522,848 75
5,119,837 95
It is not the purpose of this report to forecast or discuss Goodwill, patents, &c
22.382,127 00 22,414,317 60
prospects for the year 1926 but rather to record such imTotal Fixed Assets
5412.917,57881 5384,391,664 31
portant events occurring during 1925 as it is believed will
Total Assets
be of interest to the stockholders.
5703,786,664 85 $592,570,918 17
By order of the Board of Directors,
• Valued at cost, which is lower than market. At some plants demand for
product precluded shut-down for taking physical inventory. At such
PIERRE S. DU PONT, Chairman.
points book values are used, careful scrutiny having led to the conclusion
ALFRED P. SLOAN, Jr., Proident.
that thesejvalues are conservative,
FEB. 27
LIABILITIES, RESERVES AND CAPITAL.
Current LiabilitiesDec. 311924.
Dec. 31 1925.
Accounts payable
$44.829,843 16 $22,974,631 06
Taxes, payrolls and sundries accrued not
due
16,994,826 94
23,657,818 70
United States and foreign income taxes
13,912,000 00
5,866,310 56
Accrued dividends on preferred and debenture stock
1,238.204 28
1,214,872 84
Extra dividend on common stock, payable
Jan. 7 1926
25,427.672 50
Total Current Liabilities
$109,042,207 20 $47,073,972 84
Reserves
Depreciation of real estate, plants and
equipment
*$91.625,429 38 $76,901,026 26
Employees' investment fund
1.853.460 00
1.411,607 50
Sundry contingencies
*8,305,945 55
14,520,350 19
Bonus to employees
3.981,38223
899,102 43
Total Reserves
$105,766,217 16 $93,732,086 38
Capital Stock
7 preferred stockx
$104,619,200 00 $102,250,800 00
6 ptock
referred stock
2,175,700 00
2,795,300 00
6 ,, debenture stock
3.121,100 00
4,869.900 00
Common stock, no par value (5.161.599
shares)
258,079,950 00 258,079,950 00
Total Capital Stock
$367,995,950 00 $367,995,950 00
Interest of minority stockholders in subsidiary companies with respect to capital
and surplus
1,961,817 6
1,657,979 87
Surplus
1190204728'4 82,110.929 08
Total Capital Stock and Surplus
5488.978,240 49 $451,764,858 95
•
1189
THE CHRONICLE
1926.]
Total Liabilities, Reserves and Capita13703.786,664 85 $592,570,918 17
* There has been transferred from Reserve for sundry contingencies,
set aside from capital surplus in 1924. to Reserve for depreciation of real
estate, plants and equipments, $5,958.042 13.
x The 7% Preferred Stock is preferred as to assets and dividends over all
other stocks of the Corporation under ch.uter amendments adopted June
16 1924.
DETAIL OF INVESTMENT IN AFFILIATED AND
MISCELLANEOUS COMPANIES.
In the condensed consolidated balance sheet of General
Motors Corporation, there is an item, investment in affiliated and miscellaneous companies, not consolidated, carried
at $86,183,747.07 as of December 31 1925. This consists of
securities of companies not consolidated in the accounts of
the Corporation.
A schedule of these investments and the value at which
they are carried on the books of the Corporation follows:
December 31
Number
1925.
Shares.
Fisher Body Corp
532,151,82500
Common 1,441,920
General Motors Acceptance Corp
16,875.000 00
Common 135.000
Yellow Truck & Coach
Manufacturing Co
16,000.000 00
Common 800,000
Ethyl Gasoline Corn..
750,000 00
Common
7,500
General Motors Bulldiag Corp_ -7,342,332 85
General Exchange Insurance Corporation_ __ _Common
600,000 00
2,000
Vauxhall motors, Ltd _Ordinary 300,000
2,575,290 90
Investments in Housing Facilities:
Bristol Realty Co
Common
5.693 $567,300 00
House Financing Corn
200,000 00
Modern Dwellings, Ltd
124,203 02
Modern Housing Corp
7,284.684 53
New Departure Realty
Company
Common
203.367 44
2,500
8,379,554 99
Miscellaneous
1,509,743 33
Total Investment in Affiliated and Miscellaneous Companies
not consolidated
586,183.747 07
GENERAL MOTORS ACCEPTANCE CORPORATION:
BALANCE SHEET AS OF DECEMBER 31 1925.
ASSETS.
Atlanta
Baltimore
• Birmingham
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Dallas
Denver
HASKINS & SELLS
Certified Public Accountants
37 West 39th Street
New York
Detroit
Newark
Pittsburgh
Kansas City New Orleans Portland
Los Angeles New York
Providence
Minneapolis Philadelphia Saint Louis
Canada-Cuba-Mexico
Deloitto, Plender, HasIdns bz Sells
Salt Lake City
San Diego
San Francisco
Seattle
Tulsa
Watertown
Berlin
London
Paris
Shanghai
Cash:
In banks and on band
In trust
$13,870,952 22
7.944,944 35
Notes and Bills Receivable:
United States and Canada
Foreign
821.815,89857
$104,575,200 32
11,711,559 20
Accounts Receivable
Furniture and Equipment, less depreciation
Investments
Deferred Charges
116,286.759 52
328.343 68
353,410 53
906,000 00
767,640 39
Total Assets
-,-4140.458,050 69
•
February 18 1926.
General Motors Corporation„
LIABILITIES.
224 West 57th Street, New York.
Capital Stock
E13,500,000 00
3.375.000 00
We have audited your general accounts and those of your tncfi icied Profits:
ur lls
subsidiary manufacturing companies for the year ended
Balance as of December 311024
32,368,261 78
Net profit for year ended Dec. 31 19252,356,736 12
December 31 1925 and have satisfied ourselves as to the
correctness of the accounts of foreign assembly plants as of
$44,724,997 90
Less dividends
November 30 1925, or other dates as of which they have
1.350,000 00 "
3.374,997 00
been included in the Corporation's consolidated statements,
our audits of such foreign units not yet having been com320.249.997 90
and Bills Payable:
Notes
pleted to December 31 1925.
Collateral gold notes
$91,500,000 00
Other secured notes
We have verified your provision for current Federal tax
8,424.594.27
Bankers acceptances discounted
7.855,000 00
liability, but have made no study of the reserves which you
Bills of exchange discounted
2,196,104 15
have established as sufficient to meet any tax adjustments
109,97.5.698 42
Accounts
3,423.810 05
applicable to prior years, since the Corporation has a special Unearned Payable
Income
4.505,166 66
department to handle such Federal tax matters.
Reserves
2,303.377 66
We have not examined the minutes of your governing
Total Liabilities
$140,458,050 69
bodies.
We Hereby Certify that, subject to the above, the accompanying Condensed Consolidated Balance Sheet, December
'RECORD OF EARNINGS: •
31 1925, and related Summaries of Income and Surplus
for
Net sales, net income, amount paid in diVidends and the
the year ended that date, in our opinion, are correct.
amount reinvested in the business since the beginning of
HASKINS & SELLS.
General Motors are shown in the following table:
Years Ended
Dec. 31I009v
1910v
1911y
19I2z
1913z
1914z
1915z
1916z
1917z
I917x
1918
1919
1920
1921
1922
1923
1924
1925
Net Sales.
$29,029,875
49,430,179
42,733,303
64,744.496
85,603,920
85,373,303
94,424,841
156.900,296
172,677.499
96,295,741
264,796.829
599,676.694
567,320,603
304,487,243
463.706,733
698,038,947
568,007,459
734,592.592
Net Income
After
Federal Taxes.
$9,114,498
10,225,367
3,316,251
3.896,293
7,459.471
7,249.734
14,457,803
28,789,560
24,780,916
14.294.482
14,825,530
60,005,484
37,750,375
*38,680,770
51,446,135
62,067.526
45.330.888
106.484.756
Preferred
Dividends.
3417,621
642,947
842,074
1,040,211
1,048.5.34
1,048,679
1,048.964
1.048,964
1.048,964
491,890
1,920,467
4,212,513
5,620,426
6,310,010
6,429,228
6.887.371
7,272,637
7,639,991
Balance
Available
for Common
Stock.
38.696,877
9.582,420
2,474,177
2,856,082
6,201,055
13,408,839
27,740,596
23,731,952
13,802,592
12,905,063
55.792,971
32,129.949
*44,990,780
45,066.907
55380.155
38,055,251
98,844.765
Cash
Per Cent Cash DiviIncome
Dividends
dcnds Paid to
Re-invested
Amount Available
Paid on
in the
Common Stock. for Common.
Business.
58,696,877
9,582,420
2.474,177
2,856,082
. 6.410,937
•6.410,937
6.201,055
13,408,839
810,'730f.186
38.68%
17.010,437
7.430,302
31.31%
16.301,650
16.62%
2,294,199
11.508.393
11,237.310
87.08%
1,667.753
31.05%
17,324,541
38,468,430
17,893.289
55.69%
•
14.236,660
20,468,276
*65459055
10.177,117
22.58%
34,889.790
24,772,026
44.89%
30,408.129
25,030.632
65.77%
13,027.619
61,935.221
62.66% •
36,909,544
Total
$4,992.840,553 3462.864,299
354,971.491
8407,892,808
5209,293.072
51.31%
8198.599,736
Noies.-General Motors Corporation was incorporated October 13 1916.
succeeding General Motors Company,organized September 16 1908. v
Fiscal years ended October 1st. y 10 months ended July 31 1911. z Years 1912-1917. inclusive, are
fiscal years ended July 31st. x 5 months
-August 1
to December 31, 1917. *Deficit.
The payments by years since the organization of General
RECORD OF DIVIDEND PAYMENTS.
Motors
A detailed record of the dividends declared by quarters follow: Corporation of Delaware, the present Corporation,
during the year ended December 31 1925, together with the
*7%
6%
6%
Common
dates of payment, is as follows:
Preferred. Debenture. Preferred.
Date
7%* 6% • 6%
of
Pie!. Deb. Pref.
Periods. Stock. Stock. Stock. Paym't.
1st Quar. $1.75 $1.50- $1.50 Feb. 1
20 Quar. 1.75 1.50 1.50 May 1
3d Quar. 1.75 1.50 1.50 Aug. 1
4thQuar. 1.75
1.50
Stock
of
Record.
Jan. 7
Apr. 6
July13
Corn.
Date
Stock
of
Stock
of
No Par. Payment.
Record.
$1.50 Mar. 12 '25 Feb. 19 '25
1.50 June 12 '25 May 18 '25
1.50 Sept.12 '25 Aug. 24 '25
x1.00 Sept. 12 '25 Aug. 24 '25
1.50 Nov.2 Oct. 5 1.50 Dec. 12 '25. Nov.23 '25
x5.00 Jan. 7 '26 Nov. 23 '25
x Extra dividend. See footnote No. 11.
$100 Par.
No Par.
1917
•
(4)310.00
(1)56.00
1418
6.00
•
12.00
1919
(2)66.00
6.00
•
12.00
1920._ _. ___(3)35.25
6.00
6.00
(5) 5.50
(6)30.75
1921
7.00
6.00
6.00
(7) 1.00
'
1922
7.00
6.00
1923
7.00
6.00
6.00
1 .r0
g)
6"
1924
(a) 7.00
6.00
(10) 2.15
6.00
1925
•
7.00
6.00
(11)32.00
6.00
* At a special meeting of stockholders in June 1924 the name of this stock
was changed from 7% Debenture to 7% Preferred and the initial dividend
of 31.75 on the new i% Preferred was paid November 11924.
[you 122.
THE CHRONICLE
1190
(1) Initial $1.50 quarterly paid February 1 1917.
(2) Initial $1.50 quarterly paid February 1 1919.
(3) Initial $1.75 quarterly paid May 11920.
(4) Initial $1.00 quarterly paid February 1 1917, and thereafter $3.00
quarterly to and including February 1 1920.
(5) Final $2.50 cash and common stock dividend of ;€ share common
no par value paid May 1 1920. On and after March 1 1920, ten shares
no par value common exchanged for each one share $100 par value.
(6) Initial 25 cents quarterly cash and stock dividend of 1-40th share
common paid May 1 1920, which rate was paid August 2 1920 and November 1 1920.
(7) During 1921 on February, May, August and November first business
.
day, each quarterly dividend of 25 cents cash. Quarterly dividend due
February 1 1922 was passed at meeting held January 4 1922.
(8) "Special" dividend of 50 cents a share paid December 20 1922. stock
of record November 27 1922.
(9) During 1923, on March 15, June 12. September 12 and December 12,
a dividend of 30 cents cash was paid: and this rate was continued during
1924 by a payment of 30 cents a share March 12, June 12 and September 12.
on the no par common capitalized at $10 a share.
(10) On account of charter changes, the number of shares of common
stock was reduced in 1924, through the exchange of four shares of old stock
for one share of new no par value common stock, resulting in reducing the
common shares outstanding to one-quarter of the number theretofore outstanding. An initial dividend of $1 25 a share on this new stock was paid
December 12 1924; this was increased to $1.50, payable March 12 1925,
and was continued through the year.
(11) In addition to quarterly dividends of $1.50 a share, an extra cash
dividend of $1.00 a share was paid September 12 1925. to stock of record
August 24 1925: also a special cash dividend of $5.00 a share to be paid
January 7 1926.
Passenger
1923.
Cars
1924.
1925.
Buick
208,575 166,952 218,286
Cadillac
22.773 17,905 22.201
Chevrolet
466,485 295,456 464,800
Oakland
45,380 36,512 35.974
Oldsmobile
43,935 45.728 33.356
Commercial
Cars
45,824 19,277 15.326
Chevrolet
Totals
Passenger Cars 787,148 562,553 774.617
Coming Cars 45,824 19,277 15.326
8.612
5.511
Miscellaneous* 2,930
1922.
138,501
22.021
240,390
20,853
21.216
1921.
83,888
11,130
75,667
12,661
20,245
1920.
116,213
19,790
144,502
37.244
26,241
1919.
119,853
19.851
132,710
54,451
33,345
2.932
1,489
4,938
2.682
442.981 203.591 343,990 360,210
2,682
4,938
1,489
2.932
9,719 44,147 28,846
10.850
Grand Total 835,902 587,341 798,555 456,763 214,799 393,075 391,738
*Includes G M C Trucks to end of April, 1925, when G M C Truck Division was transferred to Yellow Truck & Coach Manufacturing Co., the
operations of which are not consolidated in the accounts of General Motors
Corporation; also cars, trucks and tractors not now manufactured.
OVERSEAS SALES.
Sales of cars and trucks overseas by the Export organizations of General Motors follow:
-Cars and Trucks
Value
Number
Wholesale.
of Units
819,875,015
21,872
39,193,869
45,000
50.929,322
64.845
77,109,696
100.894
Year Ended
December 31,
1922
1923
1924
1925
General Motors overseas assembly plants are located in
Copenhagen, Denmark; Antwerp, Belgium; London, England; Buenos Aires, Argentina, and Sao Paulo, Brazil;
SALES OF CARS AND TRUCKS.
Wellington, New Zealand; Port Elizabeth, South Africa.
shows sales of General Motors Warehousing operations are located in Malaga and Bilbao,
The following tabulation
Spain; Hamburg, Germany, and Le Havre, France.
cars by dealers to ultimate consumers, as well as sales by
BONUS AWARDS.
manufacturing divisions of General Motors to their dealers:
January
February
March
April
May
June
July
August.
September
October
November
December
-Dealers Sales to Users--Divisions Sales to Dealers
1925.
1923.
1923.
1924.
1924.
1925.
31,437
61,398 49,162
30,642
25,593 33,574
33,627
49,146
55,427
78.668
39,579 50.007
71.669
74.632 75,527.
57,205
70.594
75,822
58,600
89.583 105.778
85,583
97.242
75,393
90,327
77.223 45,965
87,488 84.715
69,708
32.984
65,224
75.864
75,423 71,088
51,634
57.358 40.563
65.872 60,836 62,209
76,462 48,614
65.999
56,846
54.842
78.638
51.955 69.081
48.565 60.111
89.018
83.519
58,173
46.003
96,364 49,552 86,936
86,281
23,631
33,095 47,009
73,374
60,257
66,256
56,129
61.468
35,709 54,117
19,927
33,919
Grand Total _827,056 657,568 731.281
835,902 587.341
798,555
The sales by makes of cars by General Motors divisions to
dealers for the year ended December 31 1925, compared
with the sales of preceding years, follow:
Number of
Shares of Common
Number
Stock Awarded
Shares of
Number of (on basis present no 7% Preferred
Bonus Awards,par value common stock.) Stock Awarded.
3.884
65,365
6,453
14,191
53.665
6.578
6,339
21,241
1918
1919
1920
1921
1922
1923
1924
1925
550
647
676
943
19,731
Total
23.964
30.170
15.370
46,043
255.818
20,530
EMPLOYEES' SAVINGS AND INVESTMENT FUNDS.
A summary of the results of Employees' Savings and Investment Funds by Classes as at December 31 1925, since
establishment of the plan in 1919, follows:
Net amount paid in by employees
Interest credited by Corporation
Class
Class
Total
1925
1924
$
$
$
2,249.945 4,488.970 2.173,990 2,288,480 3,052.415 2,823.260 3.706,920 20,783,980
2,450,935
368,127
85.564
624.154
215,442
342,890
439,903
374.855
Total
Withdrawals by employees
2,618,072 5,113,124 2,613.893 2,663.335 3,395,305 3,038,702 3.792.484
1 586,415 3.447,790 1,097,110
621,716
994,570 1.264,565
23.234,915
9,012,166
Balance to credit of employees
1,031,657
14,222,749
Employees' Investment Fund
Amount paid in and invested by Corporation
Income received
2,249.945 4.488,970 2,173,990 1,144,240 1,526,207 1.411.630
487.877 2,049.688
616.060
231,184
155,871
286,632
Total
Withdrawals by employees
2.737,822 6,538,658 2,790.050 1.375.424 1,812,839 1,567.501 1.853,460
503.502
302,622
23.372
285,741
82.382
111.238
Balance
Amount guaranteed to employees
2.435,200 6,035,156 2,504.309 1,264,186 1,730.457 1,544,129 1,853,460 17,386,897
9,218,262
1,031,657 1,665,334 1,516,783
834.383 1,065,370 1,208,493 1.896,242
Class
1919
Employees' Savings Fund-
Class
1920
Class
1921
1.665.334
1.516,783
Class
1922
1.668,765 2,130,740 2,416.986
429.803
Balance reverting to Corporation
Class
1923
665.087
3,792,484
1,853,460 14.848.442
3,827,312
18,675,754
1,308,857
335.636
Note:
-Under the 1919. 1920 and 1921 Plan the Corporation guaranteed to the employees in the Investment Fund an amount equal to one hundred
per cent of their credits in the Savings Fund. Forfeitures in the Investment Fund on account of withdrawals did not revert to the Corporation. Beginning with the Class of 1922, the Plan was amended to provide that thereafter f3rfeltures in the Investment Fund revert to the Corporation and that
the Corporation guarantee that the Investment Fund at maturity shall equal an amount equivalent to fifty per cent of the Savings Fund credits. The
amount paid into the 1925 Investment Fund Class was not invested until 1926.
NUMBER OF EMPLOYEES.
During 1925 the payrolls of General Motors Corporation,
not including certain affiliated companies, such as Fisher
Body, totaled $136,747,178, compared with $110,478,000 in
1924, $138,290,734 in 1923, $95,128,435 in 1922 and $66,020,481 in 1921.
The number of employees of the Corporation not including certain affiliated companies, for 1925 and prior years
has been as follows:
1909-.14.250 1912- _16,584
1910-10.000 1913_20.042
1911--11,474 1914__14,141
191521.599
* Beginning with the year
for the year.
1916-25.666 1919.-85.980 1923__91,265
1917--25,427 *1920-80,612 1924-73,642
1918_-49,118 1921-45,965 1925-83,278
1922-65.345
1920 figures shown in this table are averages
NUMBER OF STOCKHOLDERS.
The total number of stockholders, all classes, by quarters,
follows:
Year Ended
Dec. 31-
1917
1918
1919
1920
1921
1922
1923
1924
1925
First
Quarter.
1,927
3,918
8.012
24,148
49.035
70.504
67,115
70.009
60,458
Second
Quarter.
2,525
3,737
12.523
*26.136
59,059
72.665
67,417
71,382
60.414
Third
Quarter.
2,689
3,615
12.358
31,029
65.324
71.331
68,281
69.428
58,118
Fourth
Quarter.
2,920
4,739
18,214
36,894
66.837
65,665
68,063
x66,097
50,917
* In January 1920 stockholders authorized the exchange of one share of
common stock, par value $100. for 10 shares of common stock without
1920.
par value, the first exchange having been made March 1of 4 shares of no
x In June 1924 stockholders authorized the exchange
common
par value common (capitalized at $10)for one share of no par value for 7%
(capitalized at $50); also the exchange of 7% Debenture stock
share: and the exchange of 6% Debenture and
Preferred stock, share for
6% Preferred stock for 7% Preferred.
DIVISIONS, AFFILIATED AND MISCELLANEOUS
COMPANIES.
General Motors Corporation is primarily an operating
concern owning the plants, properties and other assets of
its manufacturing operations which are designated in this
list as Divisions. It is also a holding company owning part
or all of the capital stock of other companies connected with
its activities. These relations are indicated by numerals
appended after the name of the companies:
1. Assets owned by General Motors Corporation,
2. All stock owned by General Motors Corporation,
3. All common stock owned by General Motors Corporation.
4. Majority of stock owned by General Motors Corporation.
5. One-half interest owned by General Motors Corporation.
6. Assets owned by General Motors of Canada, Limited.
7. All stock owned by General Motors of Canada, Limited.
8. All stock owned by Delco-Light Company.
9. All stock owned by General Motors Export Company.
10. All stock owned by New Departure Manufacturing Co.
11. Majority of stock owned by New Departure Manufacturing Co
PASSENGER AND COMMERCIAL CAR GROUP.
Flint, Mich.
Buick Motor Division (1)
Buick passenger cars.
Detroit, Mich.
Division (1)
Cadillac Motor Car
Cadillac passenger cars.
Detroit, Mich.
Chevrolet Manufacturing Companies (1 or 21
Chevrolet passenger and commercial cars produced in the
manufacturing and assembly plants located as follows:
Flint, Mich., motors and assembly: Detroit. Mich..
forgings, gears, axles, and differentials; Bay City.
Mich., small parts; Toledo, Ohio, transmissions; assembly plants in these cities: St. Louis, Mo., Janesville,
Wis., Oakland, Calif., Buffalo and Tarrytown, N. Y.,
Bloomfield. N.J.. and Cincinnati. Ohio.
Pontiac. bitch.
Oakland Motor Car Division (1)
Oakland and Pontiac passenger cars.
Lansing, Mich.
Olds Motor Works DiyWion (1)
FEB. 27
1926.]
THE CHRONICLE
Oldsmobile passenger cars.
General Motors of Canada. Limited (2)
Oshawa, Ont.
Manufacture and sale in the Dominion of Canada of the
Cadillac, Chevrolet, Oakland, Pontiac, Oldsmobile and
McLaughlin-Buick passenger and commercial cars and
GMC trucks; also cars marketed in Great Britain, Ireland and other overseas markets; plants at Oshawa and
Walkerville, Out.
Yellow Truck & Coach Manufacturing Co.(4)
Chicago,
Coaches,GMC Heavit-Duly Trucks,Light Delivery Trucks,
Cabs, and Hertz Drivurself Cars. Plants at Chicago,
East Moline. Ill., Pontiac and Detroit, Mich., and
Orillia, Ontario, Canada.
Fisher Body Corporation (4)
Detroit, Mich.
Owns and controls through stock ownership, Fisher Body
Ohio Company; Fisher Body St. Louis Company; Fisher
Body Company of Canada; National Plate Glass Company; Ternstedt Manufacturing Company and FisherHurd Lumber Company; plants in Detroit, Flint,
Lansing Pontiac and Saginaw. Mich.. Cleveland and
Cincinnati, Ohio; Buffalo and Tarrytown, N. Y.; Blairsville, Penna.; Ottawa, Ill.; St. Louis, Mo.; Oakland,
Calif.; Janesville, Wis.; Mernphis, Tenn.; Walkerville,
Out., Canada.
ACCESSORY AND PARTS GROUP.
AC Spark Plug Co.(4)
Flint, Mich.
. AC spark plugs, speedometers, air cleaners, oil filters,
mufflers and decorative tile.
Armstrong Spring Division (1)
Flint, Mich.
Springsfor passenger cars and trucks.
Brown-Lipe-Chapin Division (1)
Syracuse, N. Y.
Differential gears for passenger cars and trucks.
Dayton Engineering Laboratories Company (2)
Dayton. Ohio
elco starting, lighting and ignition systems for cars and
trucks.
Delco-Light Company (2)
Dayton, Ohio
Frigidaire, the electric refrigerator and Delco-Light farm
lighting and power plants; washing machines; water
pumps.
Harrison Radiator Corporation (2)
Lockport. N. Y.
Radiators for passenger cars and trucks.
Hyatt Bearings Division (1)
Newark, N. J.
Hyatt anti-friction bearings.
Inland Manufacturing Company (2)
Dayton, Ohio.
Steering wheels and wood parts.
Jaxon Steel Products Division (1)
Jackson, Mich.
Wheels, rims, tire carriers and rim parts.
Lancaster Steel Products Corporation (2)
Lancaster, Pa.
Cold drawn steels.
Muncie Products Division (1)
Muncie, Ind.
Transmissions, steering gears and chassis parts.
New Departure Manufacturing Company (3)
Bristol, Conn.
Ball bearings. coaVer brakes, bells and bicycle hubs.
Remy Electric Division (1)
Anderson, Ind.
Starting motors, lighting generators, ignition systems and
Klaxon Horns.
Saginaw Products Division (1)
Saginaw, Mich.
Jacox steering gears for passenger cars and trucks; machining, grinding and balancing crank shafts; gray
Iron castings.
United Motors Service, Inc.(2)
Detroit, Mich.
Provides authorized national service for Delco. Remy.
Klaxon. Jason, Harrison Radiator, New Departure
Ball Bearings, Hyatt Roller Bearings, AC Speedometers.
1191
Distribution of cars and trucks in France, Algeria and
Tunisia; warehouse at Le Havre.
General Motors, G.m.b.H.(2)
Hamburg,
Distribution of cars and trucks in Germany, CzechosloGermany
vakia, Danzig and Poland; warehouse at Hamburg.
General Motors International, A. S.(2)
Copenhagen.
Distribution of cars and trucks in Scandinavian countries.
'Denmark
Finland, Northern Russia. Latvia, Lithuania and
Esthonia; assembly plant at Copenhagen.
General Motors Limited (2)
London, England
Distribution of cars and trucks in Great Britain; assembly
plant at Hendon.
General Motors (Ireland) Limited
Dublin, Ireland
Distribution of cars and trucks in Ireland.
General Motors(New Zealand), Ltd.(2)
Wellington,
Distribution of cars and trucks in Dominion of New ZeaNew Zealand
land and adjacent islands; assembly plant at Wellington.
General Motors Peninsular. S. A.(2)
Malaga, Spain
Distribution of cars and trucks in Spain. Portugal. Morocco. and adjacent islands; warehouses at Malaga and
Bilbao.
General Motors South African, Ltd.(2)
Port Elizabeth,
Distribution of cars and trucks in Union of South Africa
South Africa
and adjacent terriories; assembly plan at Port Elizabeth.
Delco-Remy & Hyatt. Ltd.(3)
London, England
Sales and Service on Delco. Remy and Hyatt products in
Great Britain and Ireland; technical and service headquarters in London.
Overseas Motor Service Corporation (9)
New York, N. Y.
Sales and service overseas on General Motors and other
accessory lines, including electrical equipment, bearings. etc.
Vauxhall Motors. Ltd.(3)
Luton, England
Manufacture of Vauxhall motor cars and sale in Great
Britain and Ireland,'factory at Luton.
MISCELLANEOUS GROUP.
General Motors Acceptance Corporation (2)
New York, N. Y.
Finances distribution of General Motors products.
General Exchange Insurance Corporation (2)
New York, N. Y.
Insurance for General Motors dealers and purchasers of
General Motors cars.
General Motors Building Corporation (2)
Detroit, Mich.
Owns and operates central ice building in Detroit.
Modn Dwellings, Limited 7)
er
Oshawa, Ont.
Housing for employees at Oshawa.
Modern Housing Corporation (2)
Detroit, Mich.
Housing for employees in Flint, Pontiac and Janesville.
Bristol Realty Company (11)
Bristol, Conn.
Housing for employees in Bristol.
New Departure Realty Company (10)
Bristol, Conn.
Housing for employees in Bristol.
SALES COMPANIES.
The following sales organizations sell the products of the
manufacturing units. The capital stock of these selling
companies is owned by the General Motors Corporation, except in the cases noted:
Buick Motor Company
Flint, Mich.
Brown-Lipe-Chapin Company
Syracuse, N.Y.
Cadillac Motor Car Company
Detroit, Mich.
Chevrolet Sales Companies
Detroit. Mich.
EXPORT AND OVERSEAS GROUP.
Ethyl Gasoline Corporation (5)
New York, N. Y.
General Motors Export Company (2)
New York, N. Y. Hyatt Roller Bearing Company
Newark, N. J.
Overseas distribution of car and truck lines; branch offices
Jason Steel Products Company
Jackson, Mich.
in important cities abroad.
Company
Klaxon
Anderson, Ind.
General Motors Argentina, S. A.(2)
Buenos Aires,
Oakland Motor Car Company
Pontiac, Mich.
Distribution of car and truck lines in Argentine Republic,
Argentina Olds Motor Works
Lansing, Mich.
Chile, Uruguay and Paraguay; assembly plant at Buenos
Remy Electric Company
Anderson. Ind.
Aires.
Cadillac Motor Car Company of Canada,Limited (7)--_ _Oshawa, Ont.
'General Motors of Brazil, S. A.(2)
Sao Paulo, Brazil Canadian Products, Limited (7)
Oshawa,Ont.
Distribution of cars and trucks in Brazil; assembly plant
Chevrolet Motor Company of Canada,Limited (7)
Oshawa,Ont.
at Sao Paulo.
General Motors Truck Company of Canada,Limited (7)_Oshawa. Ont.
General Motors Continental S. A.(2)
McLaughlin Motor Car Company, Limited (7)
Oshawa,Ont.
Distribution of cars and trucks in Belgium, Holland and Antwerp, Belgium Oakland
Motor Car Company of Canada, Limited (7)_ _ _Oshawa. Ont.
Switzerland; assembly plant at Antwerp.
Olds Motor Works of Canada, Limited (7)
Oshawa, Ont.
General Motors France, S. A.(2)
Paris, France
Delco-Light Company of Canada, Limited (8)
Oshawa, Ont.
(Wm.) Whitman Co., Inc.—Annual Report.—
one-half billions, in exact figures $1,574,762,023. The new insurance paid
President William Whitman, Jr.. in the annual report for 1925,
says In for during the past year, issued, increased and revived, aggregated $2,952.part:
The preferred stock has been reduced as of Dec. 31 1925 from $6,500,000 142.629. consisting of Ordinary. $1.113,877.977; Industrial, $1.344.380,095
to $6,000,000 by the cancellation of 5,000 shares, which were in the sinking and Group. $493.884,557. During the year the company paid to its policyfund investment account or in the treasury for retirement and cancellation. holders $180,161.780.
The earnings for the past year, after providing for Federal taxes, were
—Benjamin W. Benson, for many years with the Guaranty Company.
1.77 times the preferred dividend requirements as compared with 1.46 for
the year previous. The ratio of net current assets and net total assets to the Is now connected with the National American Company, Incorporated.
preferred stock outstanding on Dec. 31 1925, in comparison with the ratio 8 West 40th Street, New York, as cashier. William H. Anderson, formerly
of Dec. 31 1924. were.
with Wood. Gundy & Company, has also joined the sales organization of
Dec. 31 '25. Dec. 31 '24.
Preferred stock outstanding
$6,000,000 $6,500,000 the National American Company.
Net current assets per share
—Adams & Peck, specialists in guaranteed stocks, 2.0 Exchange Place.
259
258
Net total assets per share
431
420 New York. have prepared an analysis of the preferred stock of the Curtiss
121, p. 1473.
Aeroplane & Motor Co. with special reference to the future of the company
Wilson & Co., Inc.—Properties Sold.—
in view of the proposed five-year Naval aviation building program to cost
The properties and business of the company were sold at public
auction $100.000,000.
in the stockyards Feb. 23 to a purchasing committee representing the
reorganization committee formed by stockholders and creditors.
—Chatham Phenix National Bank and Trust Co. has been appointed
The
price was $23.150.000.
Trustee under Mortgage and Deed of Trust of the Great Northern Fur
The companr is to be reorganized with Thomas E. Wilson as President
Dyeing & Dressing Corp., securing an issue of $500,000 first mortgage 7%
and the execut ve personnel unchanged.
The stockholders at a special meeting Feb. 26 approved the sale of all convertible serial gold bonds, due serially from Jan. 1 1927 to Jan. 1 1940.
the properties, assets, rights, and franchises of the company, including
—John Greenman, Manager of the Bond Department of the Minnesota
good-will and the right to use the corporate name, pursuant to a decree
of sale made by the U. S. District Court. Stockholders also authorized Loan & Trust Co., Minneapolis, has resigned to accept a position with
officers to deliver all instruments of conveyance, assignments,
the
transfer Ames, Emerich & Co.,Investment bankers, of New York and Chicago. He
and release, which they may deem necessary, to purchasers at the sale.
Change of the name of the company to the name was also authorized will be associated with the foreign department of that firm.
stockholders.—V. 122. p. 765. 627.
—The Equitable Trust Co. of New York has been appointed Transfer
by
Agent for the common
Yellow Taxi Corp., N. Y. City.—Ratifies Sale of Yellow Co. It has also been and preferred stocks of the Furnace Engineering
appointed Registrar for the preferred and common
Cab Co. of Philadelphia.—
stocks of the Heyden Chemical Corp.
The stockholders have ratified the sale of the company's investment in
—John Miles Thompson, New York representative of the Anglo-Londonthe Yellow Cab Co. of Philadelphia to the Philadelphia Rapid Transit Co.
—V. 120. 17- 970.
Paris Company of San Francisco, has been elected Vice-President of that
institution. Mr. Thompson will remain in charge of the company's office
(J. S.) Young Co., Baltimore.—Annual Report.—
at 2 Wall Street.
Calendar Years—
1925.
1924.
1923.
— Rogers Caldwell & Co., Inc.. 150 Broadway, New York, affiliated
profit
$276.825
z Net
$305,880
$344,925
$3 2 ;176
19 0
72
Preferred dividends(7%)
70.000
70,000
70.000
70.000 with Caldwell & Co., Nashville, Tenn., announce the election of William
Common dividends_ _ _(10%)149,948 (10)149.940 (10)149,923 (10)149,878 T. Hocart as Secretary and Francis
J. King, Jr.. as Assistant Treasurer.
Balance, surplus
—The First National Co. of Detroit. Inc.. announce that Charles C.
$56,877
$85.940
$125.002
$150.298
surplus
Mickle Jr.. formerly associated with the Guaranty Co.. has joined the
785,539
Previous
699.599
574.597
424,299
sales department of their New York office, 59 Wall St.
& L.surp. Dec.31--- $842.416
$699.599
$785.539
—Announcement is made of the formation of the firm of Murfey,Blossom,
deducting estimated Federal taxes.—V. 120. p. 1103. $574.597
After
Morris & Co. as of March 1 1926 with offices in the Guardian Building,
Cleveland. Ohio also branch office at Akron, Ohio.
CURRENT NOTICES.
—Haskins & Sells, certified public accountants, announce the opening on
March 1 1926 of an office in the Atlantic National Bank Annex.Jacnville,
—The annual statement of the Metropolitan Life Insurance Co., published Fla. under the management of Gordon Hill.
assets as of Dec. 31 1925 in the huge sum of $1,854,657,to-day, shows total
—E. F. Gillespie & Company, Inc., Stock Exchange Building. Phila482, said to be larger than any other Life Insurance Company in the world. delphia, announce the opening of an office at 111 Broadway, New York. to
The gain in assets over the year 1924 amounted to $226,483.134. The transact a general investment business.
outstanding insurance passed the twelve billion mark, now standing at
—Worthington. Murfey Co.. Cleveland, Ohio announce the dissolution
$12,097,246,792, or a gain over the preceding year of more than one and of their firm as of Feb. 28 1926.
[VOL. 122.
THE CHRONICI:
1192
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
.
L PETROLEUM -RUBBER-HIDES-METALS-DRY GOODS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter,_ in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Feb. 26 1926.
COFFEE on the spot was dull and more or less nominal
4c.; Santos 4s, 23%,
for a time. Rio 7s were 19%c. to 191
to 24c. Cost and freight offers were 10 to 15 points lower
on the 23rd inst. Santos 2s, 23.75c.; 2-3s, 23.85c.; 3s,
22.90 to 23.65c.; 3s-4s, 23.75c.; 4s, 22.50 to 23c.; 4s-5s,
22.65 to 23.25c.; 6s, 22.35c. Victoria 7s-8s to New Orleans
18%c. Rio 7s to Baltimore 18.95c. and to New York 19
4c. in contrast with 18.90 to 19c. last Friday. Fair
to 191
Ac.; Medellin
. to good Cucuta 26 to 26%c.; Honda 30 to 301
4
/
3014 to 31%c.; Robusta 211 to 21%c. Santos cabled:
"Spot very irregular, according to description. Undescribed somewhat easier; reluctant sellers of everything
desirable, especially high grades." Havre cabled: "Market
quiet; demand somewhat better end of week." Later
prompt shipment bourbons 3s were here at 23.35 to
23.50c.; 3s-4s at 22.60 to 23.30c.; 3s-5s at 22.50 to 22.90c.;
/
4s-5s at 211a to 22.60c. Part bourbon or flat bean 2s-3s
18 screen 24.10c.; 2s-3s at 23%c.; 3s at 22.60 to 23.35c.;
3s-4s at 22.80c.; 3s-5s at 22.50 to 22.75c.; 4s-5s at 2214
%c. Santos pea'to 22.85c.; 4s-6s at 22.60c.; 6s-7s at 221
berry 3s-4s at 22.55c.; 3s-5s at 22.10 to 22.75c.; 4s-5s at
22.40c.; 5s-6s at 22c. Rio 7s, 18.80c. Spot coffee quiet
and nominal with Santos 4s at 23% to 24%c. and Rio 2s
4c. Cost and freight offers Bourbon 3s-4s 22.80c.;
at 191
2c.;
/
Bourbon 7s 211 grinders 6s 22.20 to 22.35c. No. 7 Rio
about 19c. in a dull and nominal market. FUTURES on
the 23rd inst. were 14 to 22 points net lower on depressed
Brazilian markets and liquidation of March. The sales
on that day were 51,000 bags. Some think that no great
decline is to be expected. Not for years has the world's
visible supply been below 5,000,000 bags as it is now.
The Institute, some think, can prevent any marked or
permanent decline. Deliveries for the first 5 months of
the season are smaller than in the same time last season
but that is not supposed to indicate a decreased consumption. Rather it is attributed to buying from hand to
• mouth by importers. It is pointed out that the visible
supply is about 10 per cent less than even the low total
of a year ago. The Santos crop of about 9,000,000 bags
• for 1925-26 to some does not suggest larger interior supplies in Sao Paulo. Two successive years of drought,
some maintain, do not point to a large Santos crop for
the season of 1926-27. Futures advanced 18 to 40 points
net on the 25th with sales of 28,000 bags. March shorts
covered. That was the secret of the rise. They were
plainly nervous with Cables higher and offerings small.
Santos term prices advanced 200 to 875 reis with exchange
held at 7%d. and the dollar rate at an advance of 10
reis. February on the Rio Bolsa was 25$600 and prompt
March and April 50 to 150 refs net higher. Today futures
ended 22 to 30 points lower with sales of 32,000 bags.
Santos fell 75 to 200 reis and exchange was off to 7%d.
with the dollar rate 10 reis up. Rio was 150 to 400 reis
lower, with exchange 7%d. and the dollar 10 reis off. The
present Santos crop is estimated at 8,250,000 to 8,500,000
bags and the next at 9,000,000 to 10,000,000 bags. The
idea of the Rio crop is about 3,000,000 bags. Bulls still
stressed the fact that world supplies are under 5,000,000
bags. Prices for the week show a decline of 33 to 38
points.
17.92a17.94 I September- -17.02a17.03
Spot unofficial
17.48a ---- !December - -16.70016.71
.14a 18 Vgn
March
-Of Cuban raw the sales last week of not
. SUGAR.
• very far from half a million bags at 2 13/32 to 2 15/32c.
This week opened with trade quieter and prices lower on
the basis of 2%c. for Cuban in port and Porto Rico at
4.14c. Refined was quiet at 5.15 to 5.25c. with reported
sales at 5.10c. Trade was quiet; preferential sugars sold
at lie. 6d., c.i.f. Cubas were held at 11s. 7%d. The
first sale of new crop Mauritius was reported; 10,000
tons, August-September shipment, sold at 16s. 4%d. to
the United Kingdom. Futures here on the 23rd inst.
closed unchanged to 3 points lower with sales of 91,000
tons. Cuban raws late in the week were quiet at 2%c.
after sales of some 300,000 bags. Refined was slow at
5.15 to 5.25c. Cuban production to February 13th is
estimated by Willett & Gray at 1,570,361 compared with
1,572,118 long tons to same date last year and by the
Cuba Sugar Club of Havana to February 15th at 1,668,000 against 1,597,000 long tons to same date last
year. The estimate of the National City Bank to February 15th last year was 1,572,000 long tons. Even if
Cuban production approximates 71,000 long tons in excess of last year, says the United States Sugar Association, this is practically discounted by an increase of
50,000 long tons in meltings and deliveries at Atlantic and
Gulf ports over last year. Some maintain that before
long Europe will have to buy Cuban sugar in New York.
In some quarters the Cuban crop in 1926 will increase
about 250,000, and that of Europe 345,000, while that
of the United States and its insular possessions is expected to decrease 300,000 tops. ,This would indicate a
net increase of about 295,000 tons as against an increase
of 3,670,000 tons'last year, a difference of 3,375,000 tons.
Moreover, it is figured by some that the American consumption may remain this year nearly stationary, but in
Europe an increase of 300,000 tons is expected by some.
The Cuban crop estimate of 5,373,714 tons is regarded as
the top. No oversupply this year is likely, some maintain. Increased receipts at the Atlantic ports have had
a depressing effect for the time being. Operators have
bought more than refiners. The drop to 2%c. was not
unexpected. Whatever may be the world's total supply
and consumption, the crop of Cuban has been increasing.
The season for increased consumption in the United
States is approaching. As to the crop, it is not selling
at a remunerative price. That is something that is considered worth keeping in mind. Such a condition is
bound to be corrected in the course of time. Total exports of raw sugar from Cuba for the week ending February 23rd were placed by H. A. Himely at 80,864 tons,
including 49,242 tons North of Hatteras, 8,787 tons to
New Orleans, 4,317 tons to Galveston, 4,285 to Savannah,
654 to interior and 13,579 to England. Today raw sugar
was dull at 2%c., though on the other hand offerings were
reported moderate. British prices were declining. Cuba,
us. 3d., c.i.f. British stocks are said to be 450,000 tons,
of which less than 50% is said to be owned by refiners.
Futures today ended unchanged to 1 point lower here
with sales of 59,000 tons. Refined was 5.15 to 5.23. For
the week there is a net decline in futures of 3 points.
Cuban raws closed at 2%c., a decline for the week of
1/16c.
scot unofficial
(May
2.49a ___ I September_ _ _ 2.71a%
arch
2.37a _
IJuly
2.600 ___ December _ - _2.79a
TEA-In London, on Feb. 22nd, of Indian teas, 30,400
packages offered and 29,000 sold. Medium pekoe, is. 8d.
to is. 101
4d.; fine pekoe, is. 11d. to 2s. 9%d.; medium
orange pekoe, is. 8%d. to is. 101
4d.;
/ fine orange pekoe,
is. 111
4d. to 2s. 9%d. In London, on the 23rd inst,
offerings of Ceylon tea were 20,500 and 19,000 packages
sold. Medium pekoe, is. 8%d. to is. 101
2d.;
/ fine pekoe,
is. 11d. to 2s. 4%d.; medium orange pekoe, is. 8%d. to
is. 1164 fine orange pekoe, is. 11%d. to 2s. 6d. On the
24th inst., offering of Indian teas, 23,300 packages of
which 21,000 sold at unchanged prices. Less demand.
LARD on the spot advanced with a fair demand.
Prime Western, 15.40 to 15.50c.; Middle Western, 15.30
to 15.40c.; city, in tierces, 15c.; city, in tubs, 151
4c.;
Compound carlots, in tierces, 1314 to 131 1 c.; Refined
/
4c.; South America, 17c.; Brazil, 18c. ToContinent, 157
day prices were firm with a fair demand; prime western,
15.15c.; Refined Continent, 15%c.; South America, 17c.;
Brazil, 18c. Futures were higher with firm prices for
hog products generally. Strong prices for cotton oil
INID. 271926.]
,
THE CHRONICLE
also counted. At times a higher grain market was not
without its effect, though this was in a measure neutralized by a decline in hogs with Chicago $11.50 to
$13.80. Prices fell on the 24th some 20 to 22 points
with hogs lower and cash demand unsatisfactory. Firmness of corn and cotton seed oil were ignored. Packers
sold for hedge account. That capped the climax. Today
futures were some 7 to 10 points higher with hogs
firmer and shorts covering. Commission houses generally were buying. The cash demand was moderate but
seaboard exports of lard were on a considerable scale.
Hogs moreover closed 15 to 25 points higher with the
top $13.65. Western hog receipts were only 75,000
against 112,000 a year ago. Prices show a decline for
the week, however, on futures of 23 to 27 points.
-c1-.OAILY SING PRICES OF LARD FUTURES
Sat.
Mon. Tues.
Wed.
Hon- 14.82
14.62
March dettvery----cts_14.75
15.05
day 15.12
14.90
May delivery
15.27
15.32
15.10
July delivery
D
IN CHICAGO.
Thurs.
Fri.
14.45 14.52
14.75
14.80
14.97
15.07
PORK weaker at one time; mess, $36.25; family, $38
to $40; fat back pork, $33 to $37. Ribs higher early in
the week; cash, 16.12c.; basis, 40 to 60 lbs. average.
Beef firm; mess, $24 to $26; packet, $24 to $26; family,
$26 to $28; extra India mess, $45 to $47; No. 1 canned
corned beef, $3; No. 2, $5.25; 6 lbs. $18.50; pickled
tongues, $55 to 60 nominal. Meats in moderate demand. Pickled hams, 10 to 20 lbs., 22% to 24%c.;
pickled bellies 6 to 12 lbs. 22 to 23c.; butter, lower
grades to high scoring, 40 to 45c.; cheese, fiats, 26 to
29c.; eggs, medium, to extras, 27 to 34c.
OILS-Linseed has been quiet with prices virtually
-April raw oil in carlots, cooperage
unchanged. Spot
basis, 11.3c., while May-forward was 11.5c. There was
a good inquiry from paint makers, but there was very
little actual buying reported. Cocoanut oil, Ceylon,
f.o.b. coast, tanks, 9%c.; Manila, tanks, coast spot, 9%c.;
China, wood, N. Y. spot bbls., 12% to 12%c.; Corn,
crude tanks, plant,- 10c.; Olive, den., $1.20 to $1.25;
Soya bean, coast tanks, 10%c.; lard, prime, 17%c.; extra
winter, N. Y., 14%c.; cod, domestic, 63 to 64c.; Newfoundland, 65 to 67c. Turpentine, 95 to $1. Rosin,
$12.25 to $16.70.
COTTON SEED OIL sales today including switches,
5,400 bbls. P. Crude S. E. 10%. Prices closed as follows:
1193
25%d. On the same day at the Rubber Exchange here
March was 55 to 56 and May 54.50c. At the Cocoa and
Rubber Exchange March was 56c. asked and May 55c.
Outside closing prices were with first latex spot and Feb.
56% to 57c.; March 56 to 57c.• April-June 56 to 56%c.•
'
'
July-Sept. 55 to 55%c.; Ribbed smoked, spot and Feb.
55% to 56%c.; March 55 to 56c.; brown crepe, thin, clean
55c.; Amber No. 2 56c. Para, Up-river fine spot 53c.
The stock in London decreased last week 453 tons but idea
seemed to be that this was only temporary. Its stock is
now 9,118 tons against 9,571 a week ago, 9,554 on Feb.
8th, 9,943 on February 1st and 6,129 on Jan. 4th, showing
that after all there has been an increase since the beginning of Jan. of some 3,000 tons. On the 25th inst. London was off 1%d. under further selling pressureu. Spot
and March were 25% to 261
/
2d.; April-June 25% to 26d.
Singapore was weaker in response to the decline in Lon-March
don. It fell 1 to 114d.; spot was 241
/
/
4d.• Feb.
24%d.• April-June 241
/ Later prices fell further. That
4d.
caused increased buying here. First latex outside spot
'
55% to 56c. Feb. 55 to 56c. March 54 to 55c.; ribbed
spot and Feb. 54 to 55c. Mch. 53 to 54c. London fell to
27 to 27%d. for spot Mch. and 26% to 271
4d. for AprilJune. World's output was estimated there at 626,000
tons in 1926 and consumption 603,000. At the New York
Rubber Exchange today smoked ribbed was 48c. early in
the day and July 47c. This afternoon there was considerable covering. May at one time reached 50.50c. and July
49.50c. London rallied late in the day and ended unchanged from the previous closing.
HIDES has been steady but quiet; 4,000 Swift Rosario
Steers sold at $37 or 16 13/16 c. & f. and 5,000 Artigas at
$39 or 17 7/16 c. & f. Packer hides. were 12c per native
and 11% butt brands and 11c. for Colorados. Frigerifico
steers were generally quoted at 16%c. Common hides
were dull and unsettled. Orinoco 20c. Antioquias 25c.
Savannilla 22%c. Calf skins $1.70 to $3.05.
OCEAN FREIGHTS-Grain bookings were light. Atlantic to Havre to Hamburg was is. 9d. at .one time.
Sugar continued to move.
CHARTERS included grain from Atlantic range to Havre-Hamburg
Is. 9d., March; from Atlantic range to Antwerp or Rotterdam 10c.,
early March; sugar from Cuba or Santo Domingo to United Kingdom.
Continent 15s.., option Marseilles 16s. 6d.. March; from Cuba to United
Kingdom-Continent •15s., end March early April; from one port north
side Cuba to north of Hatteras 12c., prompt; from West Indies to St.
John or Halifax 16Y2c., prompt loading; coal from Rotterdam to North
of Hatteras 1 ls., March 1-15th; time charters 1068 net round trip
West Indies $1.25, delivery New York prompt loading; 1447 net, round
trip West Indies trade 90c. delivery north of Hatteras, prompt loading:
810 net, round trip West Indies $1.35, prompt loading; tankers: 5045
net, from Gulf to North of Hatteras, heavy crude 394c. option Tampico Panuco 44c., early March; 10,360 tons, dirty, 12 months time
charter, continuation 6s.; 4000 tons clean from Gulf Norway, 32s. 6d.
three ports, prompt loading; 5200 tons clean from Gulf to United
11.701May
11.87a ___ August _---11.82a11.85 Kingdom-Continent 27s. 6d., Feb.
ft•ok .
a ii -----March loading; coal from Hampton
11.73a11.74 June
11.71a11.74 September -11.83 --- Roads to Rio de Janeiro 15s. or 13s. 9d., March loading; from Hampton
11.65a11.80 July
11.75a11.77 October - _11.14 ____ Roads to Rio de Janeiro $3.50, February loading; from Atlantic range
April
Italy $2.50 one port, $2.60 two
March; from Wales to
PETROLEUM-Gasoline has been rather firm of late. to West 22s., prompt; time charter, 1194 ports.round trip West Indies
Rosario
net
trade $1.15 delivery north of Hatteras, prompt loading; 905 net, 6
There were rumors of an impending advance in the tank months Canadian-West Indies trade. $1.65 April loading; lumber from
wagon market. U. S. Motor at New York Harbor refin- Gulf to Buenos Aires $15 with option. March loading; grain from
Greece Is. 10 y2d., February loading.
eries was 12%c. and in tank cars delivered to trade 13%c. Atlantic range to 4,259 net, grain, British Columbia to Japan, early
Steam (Jap.),
In the Gulf section U. S. Motor was 11% to 12c. and 64-66 March loading.
•
TIME CHARTERS.
from 14% to 15c. Kerosene was firmer at 9%c. for water
Steamer (Dan.) 2,354 net, trip up, delivery Cuba $1, prompt loading.
white at refinery and 10%c. in tank cars, delivered to
Steamer (Nor.) 993 net, round trip West Indies trade, deliver
jobbing trade. Prime white was quoted at 8%c. Tile north of Hatteras, prompt loading.
Steamer (Nor.). 3,246 net, round trip intercoastal lumber trade,
tank wagon price was 16c. In the Gulf section 8c. was delivery Baltimore, 80c., March 10 cancelling (H. R. McMillan).
asked for water white and 7 to 7%c. for prime. Gas oil
was in better demand. There was a more active export
inquiry. At local refineries 36-40 was held at 6%c. while
28-34 was quoted at 5%c. Bunker oil quiet; Grade C
$1.75 a bbl. f.o.b. refinery. Diesel oil steady but quiet at
$2.20 refinery. New York refined export prices: 'Gasoline, cases, cargo lots U. S. Motor specifications, deodorized 28.15c.; U. S. Motor, bulk, refinery 12%c.; Kerosene,
cargo lots, cases 18.40c.; Petroleum, refined, tanks, wagon
to store 16c.; kerosene, bulk, 45-46-150 W.W., delivered,
New York, tank cars 10%c. Motor gasoline, garages
(steel bbls.) 18c.; Up-State 18c.
Oklahoma, Kansas and Texas28-28.9
51.40
32-32.9
1.72
2.28
39 and above
Louisiana
1.70
1.85
35-37.9
2.00
38 and above
Elk Basin
$2.15
Big Muddy
2.00
Lance Creek
2.15
Homer 35 and above
1.95
Caddo
Below 32 deg
1.85
32-34.9
2.00
38 and above
2.20
$3.85 Buckeye
Pennsylvania
$3.65 Eureka
$3.75
2.25 Bradford
Corning
3.90 Illinois
2.12
2.20 Lima
2.23 Crichton
Cabell
1.85
Somerset,light-- 2.45 Indiana
2.00 Plymouth
1.85
2.00 Princeton
Gaines
2.12
Rock Creek
3.20
;
Smackover,271 deg. 1.40 Canadian
2.83 Gulf Coastal A
1.50
•Rosecrans, deg_ 2.30 Torrance. 28 deg__ 1.38
42
RUBBER has drifted downward during the week with
a noticeable slackening in the demand. On the 23rd inst.
/
4
/
2d.
London dropped 11 to 11 after a small decline on
Monday when New York was closed. The tendency has
been to sell short in London, fearing the. increasing supplies. On the 23rd inst. spot February and March there
/
2d.; July-Sept.
were 27% to 28d.; April-June 27 to 271
-Dec. 25% to 26d. Singapore was weak
26 to 26%d.; Oct.
with prices off % to %d. on the 23rd. Spot then was
-March 27d.; April-June 261
/
4d.; July-Sept.
275/ d.; Feb.
4
TANKERS.
Steamer (Ger.). 3,800 tons, lubricating oil, Gulf to one port of Continent 30s., two ports 31s. 6d., May loading.
LUMBER.
Steamer West Keats (Am.), 3,539 net. North Pacific to north of
Hatteras, April loading.
Steamer Castlemoor (Br.), 4,078 net, Columbia River to Australia,
middle March loading.
SULFUR.
Motorship (Swed.). 3,108 net. Gulf to Hamburg, $2.60. March loading.
COAL has declined. Coke, run of oven, was $3.50 to
$4. Hard coal was $10 to $12 for domestic sizes later.
Coke at retail, $19; soft coal, run of mine, $8 to $8.75.
It is stated that 12,000 carloads of bituminous coal are
in New Jersey yards awaiting dumping, and that some
New York dealers are dubious about the possibility of
disposing of stocks in the metropolitan area, estimated
at 700,000 tons, except at a heavy loss. The settlement
of the anthracite strike caught the bituminous trade unawares. Retailers quote hard coal, beginning March 1st,
at $11 for pea, $15.25 for egg and chestnut and $15.75
for stove. Run of mine soft coal to householders is
quoted at $7.75. Coke has latterly been quiet, with furnace $3.50 to $4 and foundry $5.50 to $6.50.
TOBACCO.
-Leaf has been in fair demand, especially for
Java and Sumatra. Cigar factories are said to be doing a
good business in some cases and a fair trade in others for
this time of year. Prices are called steady in the main,
though there are hints that they are eased now and then.
Binder, 23c.; Northern, 38 to 50c.; Southern, 25 to 35c.;
New York State, seconds, 35 to 40c.; Ohio, Gebhardt, 20c.;
1194
THE CHRONICLE
(Vol.. 122.
Little Dutch, 20 to 25c.; Zimmer Spanish, 25 to 28c.; Ha- 45 to 46c. Michigan and New York fleeces: delaine unwashed. 48c.:
to
vana, 1st Remedios, $1 to $1 10; 2nd, 80 to 85c.; Pennnsyl- • blood combing, 49 fine50c.; h blood combing. 51 to 52c.; ?A, bloo4
combing, 51 to 52c.;
46c. Wisconsin,
vania broad leaf filler, 8 to 13c.; broadleaf binder, 13 to and average New England, unwashed, 45 to 47c.; h blood. 48 Missouri
half blood, 46 to
to 49c.:
20c.; Porto Rico, 65c. to $1 10; Connecticut, top leaf, 18 to Vs blood, 48c. Scoured basis: Texas, fine 12 months (selected), $1.20
22c.; No. 1 sec., 60 to 75c.; seed fillers, 15c.; medium wrap- to $1.25; fine 8 months, $1.10; California, Northren. $1.20 to $1.22:
middle County. $1.05 to $1.10; Southern, $1.
pers, 65 to 75c.; dark wrappers, 35 to 45c.; light wrappers,
The rail and water shipments of wool from Boston
90c. to $1 25.
from Jan. 1, 1926, to Feb. 18, 1926, inclusive, were
COPPER in the main has been quiet at 141
/
2c. A few 32,417,000 lbs. against 27,725,000 lbs. for the same period
producers, however, reported that business was good and last year. The receipts from Jan. 1, 1926, to Feb. 18,
that they were turning away orders. Export sales were 1926, inclusive, were 54,958,400 lbs. against 56,560,800
said to have been made at 14.171 for prompt and lbs. for the same period last year. At Auckland, N. Z.,
/
2c.
14.25c. for April. Some producers said the best they on Feb. 19th, 19,500 bales offered and 18,500 sold. Seleccould get for foreign sales was 14.20c. f.a.s. New York. tion fair. Prices, % to / higher than the Wanganui
1
2d.
Standard, which declined on the 24th inst., dropped 5s. sales of Feb. 16th. At Sydney, Australia, on Feb. 24th,
to £59 12s. 6d. and 160 12s. 6d. for futures; electrolytic sales closed in all sections bought. Compared with openwas unchanged at £66 10s. for spot and /67 for futures. ing levels, prices on superfine, merinos were par, superior
TIN has been quiet and lower. Spot and February, greasy wools, 5% lower; faulty sorts, par to 5% lower;
Straits, sold at 6414c. March at 6314c. and June at good and average, 5% higher, and comback greasy and
62%c. London on the 24th inst. dropped 11 2s. 6d. to crossbreds firm. The 18th and 19th series are scheduled
£293 5s. for spot, and futures declined 10s. to 1283 5s.
to open for March getting to March 12th with offerings
LEAD was reduced to from 9c. to 8.80c. per lb. East will be 120,000 bales. At Napier on the 24th, 22,000 bales
St. Louis, by the St. Joseph Lead Co. on the 24th inst. were offered and 90% sold. Attendance large; demand
Other principal producers in the Middle West made good; closed firm. At Geelong, Australia, on Feb. 25th,
similar reductions. The American Smelting & Refining America bought freely and also local mills. For super
Co. was quoting 9.15c., New York. Acording to govern- styled firm best 64-70s being $1.03 to $1.05 clean basis,
ment reports, imports of lead in January were 6715 delivered Boston in bond; extra super combing 70s wools
tons. In London, on the 24th inst., prices were un- about $1.09; super 64s combing, 99s, 60-64s, 97c.; 60-58s
changed at £33 15s. for spot and 133 18s. 6d. for futures. 91c. and 56-58s about 83c., with exchange at $4.86 at sight.
Zinc was quiet but steady at 7.75c., East St. Louis. At Napier, N. Z., on Feb. 25th offering of 20,000 bales all
Galvanizers were buying a little, however. At London, held. Yorkshire and the house bought readily; prices firm.
on the 24th inst., prices were unchanged at £35 15s. for America took top making wools on about the following
spot and 135 16s. 3d. for futures. One estimate of the basis: For 40-44s, about 30c., clean basis, landed in
world stocks of zinc as at Feb. 1st is as follows: United bond; 32c. for 44-46s and 34c. for 46-48s. At the WellStates, 12,900 metric tons; Germany and Poland, 7,200 ington, Feb. 27, there will be offered 25,000 bales. Perth
metric tons; Canada, 1,600; Great Britain, 500; Belgium, announced the next sale of wool will take place March
1,900; France, 1,000; Scandinavia, 200; Australia (in- 16, offering about 18,500 bales.
cluding unsold shipments afloat), 2,000; Far East, 500;
elsewhere, 500; total, 28,300 metric tons.
COTTON.
STEEL.output is very large and shipments on old
Friday Night, Feb. 26 1926.
orders make a good showing. Sheets and plates are
THE MOVEMENT OF THE CROP, as indicated by
steadier. There are said to be fewer instances of prices
our telegrams from the South to-night, is given below.
being eased to procure orders. The tendency is to buy For the
week ending this evening the total receipts have
in small lots. Buyers count on a good supply. They do reached 120,512
bales, against 148,404 bales last week and
not apprehend a material rise of prices. The needs may 148,354
bales the previous week, making the total receipts
be rather large as some believe but there is no hurry since Aug. 1 1925, 7,874,332
bales, against 7,750,349 bales
to buy. One big company continues its first quarter for the tame period of 1924-25,
showing an increase since
prices on sheets. The U. S. Steel Corporation is operat- Aug. 1 1925 of 123,983 bales.
ing at 90% as against 88% ten days ago. Later in the
week there was a fair demand for moderate sized lots
Receipts alSat.
Mon. Tues. Wed. Thurs. Fri. Total.
of fabricated structural steel from various parts of the
Galveston
3.569 6,105 8,378 5.006 5374
country, including New Jersey, Pennsylvania and Texas City
40 30,472
------------------ ---10
10
Florida and this city. Railroads have been buying on a Houston
1,150
------------1,637 22,760 25.547
9
moderate scale, partly for bridges. The American Sheet New Orleans_ - 4,631 5,528 12639 ,1 2 4,213 4,277 39.480
Mobile
681
435
6
624 1,188
428 3,362
and Tin Plate Co. makes no change in its prices for the Savannah
1.228
---- 1,169 2,524 2,741 1.471 9,133
695
---- 1,271
962 1,054
second quarter except on full finished sheets. These Charleston
731 4,713
Wilmington
645
353
480
598
580
533 3,189
are off $2 per ton at $4.40c. per lb., Pitsburgh. Blue Norfolk
642
---352
965
584
50
New York
-------------50
annealed sheets are 2.50c. Blacks sheets, 2.35c. and Boston
50
92
--------372
oiii
galvanized 4.60c. The demand for locomotives is said Baltimore232 1,274
232
to be increasing. Plates are reported firm at 1.80c. Totals this week_ 13.333 12.421 24.345 10.242 17
oin RR,
on, 1 on c v no
Cast iron pipe sells more readily.
The following table shows the week's total receipts, the
PIG IRON has been in moderate demand only and withsince
out much change. Sales 1st week were estimated at total last Aug. 1 1925 and the stocks to-night, compared
year:
5,000 tons. Foreign sold rather freely. Eastern Penn- with
sylvania was quoted at one time at $22.50 to $23.,
1925-26.
1924-25.
Stock.
Buffalo at $21 to $22, Chicago, $22.50 to $23, Virginia,
Receipts to
Feb. 26.
This Since Aug This SinceAug
$23 to $24. At Philadelphia small lots sold at $22.50 at
Week. 11925. Week. 1 1924.
1926.
1925.
furnace, a decline of 50 cents. East Indian, $22 duty
Galveston
30,472 2,694,428 56,627 3,298,967 588,006 473.834
paid, a decline in recent weeks of $1, Dutch $22; German Texas City
10
18,094
706
62.126
18,935
14,275
fell to $20. In general, buyers hold aloof with coke, Houston
25,547 1,398,090 32,644 1,418,918
......
$3.40 to $4. The composite prices of pig iron is down to Port Arthur, &c
New Orleans
39.480 1.934,008 29,838 1,602,191 483,600 310,671
$21.54 after remaining stationary in nearly three Gulfport
3,362 196,042 4,245 127,188
months. It is $1.04 below the composite quotation of a Mobile
12,253
19.446
Pensacola
__15,470
105
9,320
year ago. A somewhat better demand was reported in Jacksonville
12,961
2.960
862
578
some quarters, though there was no real activity and Savannah
9,133 746,107 13.596 528,485
60,204
73.775
Brunswick
400
539
prices are to all appearance wavering. It is said that Charleston
130
4,713 252,538 6,420 203,214
49,871
54,178
transactions involving 10,000 tons in all are pending Georgetown
Wilmington
3,189 105.391 2,175 108.617
in most cases for moderate lots. The foreign iron Norfolk
34,231
34,276
3,050
supply is increasing, especially at Boston. Some of it N'port News, &c_ _ --- 402,895 10,057 317,682 132,492 98,169
New York
50 37,401
104
is being sold, it is surmised, at a loss. No. 1 has sold, Boston
20.220
39,522 222,611
1,274
20,194 2,114
27,779
1,955
2,598
it is said, at as low as $20, duty paid. Indian, however, Baltimore
232
30,807
787
21,165
1,325
1,126
Philadelphia
9,506
said to have brought as high as $22.
is
978
3,325
6,756
Totals
120,512 7,874,332 159,418 7,750.349 1.450.5831.288,422
WOOL has been dull and lower. Here Ohio and Penn.
In order that comparison may be made with other years,
1
2
fine delaine, 52c.; / blood, 51 to 52c.; % blood, 51 to
blood, 50 to 51c.; territory clean basis, fine we give below the totals at leading ports for six seasons:
52c.;
staple, $1.22 to $1.25; medium, French combing, $1.18
to $1.20; medium, clothing, $1.10 to $1.12; % blood staple, Receipts al- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
$1.15 to $1.18;% blood, 95 to $1.00; IA blood, 90 to 93c.; Galveston- _ __ 30,472 56,627 20,701 25.105 34,194 40,669
Houston, &c_
Texas, clean basis, fine 12 months $1.25 to $1.28; fine New Orleans_ 25,547 32,644
9.249
6,327
472
24.129
39.480
29,838
21,738
19.849
17,563
26376
10 months, $1.20 to $1.22; fine 6 io 8 months, $1.10 to Mobile
3.362
4.245
414
1,382
2,673
135
Savannah
9,133
13,596
$1.12; pulled, scoured basis, A super, $1.05 to $1.10; B, Brunswick
10,452
7,600
13,734
8,108
_
965
85 to 90c.• C, 70 to 75c. Domestic, mohair, best comb- Charleston_
4.713
6,420
1,184
2,464
533
3,034
Wilmington._
3,189
'
2,175
ing, 75 to 80c. Early sales of Arizona wools are re- Norfolk
1,149
759
550
2.422
3,050
10,057
4,466
6,795
4,038
2.894
ported at $1.02 to $1.12, clean landed, Boston, according N'port N.,&c.
37
1,566
3.816
2,604
4.544
to the wool. The western situation to some looks weak. All others__ _ _
4.123
1,616
Boston nominal. Prices:
Total this wk_ 120,512 159,418
88,116
Domestic: Ohio and Pennsylvania fleeces: delaine unwashed, 52 to
53c.; 54 blood combing, 52c.; 3i blood combing. 52c.: fine unwashed
Shire. Ana 1
86,817
69.338
96,326
7 R74 2:12 7 7AQ 240 c non IA K A cal 070 A ion a33 4 474 R2A
Fun.
271926.]
THE CHRONICLE
The exports for the week ending this evening reach a total
of 118,254 hales, of which 37,185 were to Great Britain,
10,275 to France, 19,193 to Germany, 8,105 to Italy,
30,378 to Japan and China and 13,118 to other destinations.
In the corresponding week last year total exports were
117,802 bales. For the season to date aggregate exports
have been 5,776,099 bales, against 6,017,188 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
Great
GerFeb. 26 1926.
Experts from
- Britain. France. many.
Japan&
Italy. Russia. China. Other.
2,650
Galveston
Houston
New Orleans_
Savannah
Charleston
Norfolk
New York
Loa Angeles
12,510
18,871
3,100
6,654
5,175
8,602
3,051
4,994
1,442
2,603
351
1,408
521
4,791
625
60
Total
37,185 10,275 19,193
8,105
Total 1925
Total 1924
34,293
7,296
449
1,375
1,025 12,545
7,143 9,070
4
From
Aug.1 192510
GerFeb. 26 1926. Great
Exportsfrom- Britain. France. many.
Galveston_ _ _
Itouston.. _ _ _
New Orleans
Mobile
Jacksonville_
Pensacola_
Savannah _
Brunswick
Charleston_ _
Wilmington _
Norfolk
New York
Boston
Baltimore_
Philadelphia
Los Angeles_
San Diego_ _
SanFranelsco
Seattle
Total
14.911
4,200
8.617
Total.
5,837 8,487
1,150 24,986
4,581 58,613
50 4,250
1.442
.
1- E66 4,103
14,340
2,033
30,378 13.118 118,254
10,830
11.725
8,660 117,802
8,556 85,165
Exported to
Japan&
Italy. Russia. China. Other.
Total.
479,715 254,653 321,548 149,042 6,000 147,990 230,583 1,589,531
389,275 247,380 316,203 99,691 97,573 96,611 125,086 1,371,819
238,018 146,706 1.283,738
407,498 145,340 203,233 142,903
72,284 8,357 28,326
1,500 4,536 115,703
700
1,924
6,046
12.370
4,400
4::11113
436
449
7,447
15,470
758 1,980
103,606 45,172 584,140
164,620 11,861 252,089 6,792
400
400
35,iLZ1 15.241 181,197
72,739
57,967
61.670
3.400
25,770 28;866
4,000
9.950 7,578 193.858
92,075
100 84,155
200 29,344 36,108 186,026
40,531 17,154 41,918 20,771
6,958
4,168
311
2,489
5,993
---2,388
3.605
2,047
802
____
1,275
470
33,110
3.312
836
500
16,087 2:ioo 9,775
1,500
3.700
2,200
71,649
30.688
86
100
775
300
56,720
56,420
1,743,479 691,808 1362947 453,011 103,773 797,089 623,992 5,776,099
Tota11924-25 2,105,006 704,965 1372587 475,398 77,345 692,726 589,161 6,017,188
Tota11923-24 1,443,419 560.840 880.657 386,401 9,958 457,757 433,838 4,172.770
NOTE.
-It has never been our practice to include in the
-Exports to Canada.
above tables 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 In coming to hand. In view, however,
of the numberous 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 32.172 bales. In the corresponding month of the preceding season the exports
were 20,696 bales. For the six months ended Jan. 31 1926, there were 148,255
bales exported, as against 111,653 bales for the corresponding six months of 1024.
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:
On Shipboard, Not Cleared for
Feb. 26 at-
Great
GerOther CoastBritain. France. many. Foreign wise.
Total.
Leaving
Stock.
Galveston
14,500 11.000 12,000 33,000 4,500 75,000 513,006
8.454 5.593 8,312 14,361
New Orleans
625 37,345 446.255
Savannah
3,500
---1.000
100
500 5.100
68.675
Charleston --------------------956
956
53,222
700
Mobile
800
---900
130 2,530
16.916
Norfolk
- -- --- - 132.492
Other Ports*-- 4,000 2,000 2,666 3 800
.
500 12,000
87,086
31.154 19.393 23,312 51,861 7,211 132,931 1,317,652
Total 1926
42,440 23.837 25,730 64,234 11.676 167.917 1.120,505
Total 1925
20.417 10.104 27,176 40,006 7.318 105.021 689.973
Total 1924
•Estimated.
Speculation in cotton for future delivery has been more
active at lower prices. March liquidation has been an outstanding feature. Large spot interests here issued practically no March notices on the 23d Inst., but liquidation had
quite as noticeable an effect as if they had been numerous
instead of only eight. Besides, spot markets were dull and
declining. The basis, it was said, eased further. Fears
were expressed that the spot holder at the South, discouraged by slowness of business at this level of prices, might
let go. He often does before preparing to pitch another
crop. Also, exports have been either small or only moderate. They have still been running about 200,000 bales
behind the total of last year at this period. Stocks at the
ports were the largest for some ten years. At the interior
towns they are the largest on record. Textile reports have
not been favorable. Worth Street has been slow. Fall
River and New Bedford have sent nothing cheering. Even
Manchester, so far as new business is concerned, seems to
be less active. Liverpool has been depressed. The Continent sold in Liverpool and there was steady Selling there
also for hedge account. The fear of an engineering crisis
in Great Britain on March 1 has clouded the outlook for
London and Liverpool. Liverpool has latterly sold here.
In New York there have been persistent reports that 15,000
bales or more would come here for delivery on March contracts. Though trading in March cotton will cease on March
10 deliveries may be made during the rest of the month.
1195
As March was sold out recently by spot interests, May or
December was bought. There has latterly been less buying
of May by such interests and more of December. Whether
the idea of carrying the March deal into May has been
abandoned or not time must determine. May, however, has.
beequite as depressed as March. New York and New Orleans have sold May freely here, more particularly New
prleans. That market has at times been even weaker than
New York, with "spots" dull and fears of spot liquidation.
The higher grades appear to have been accumulating, as
the mills in not a few cases have turned to the lower grades
at their tempting discounts of 5 to 6c. Goods from such
cotton are, it is understood, being sold by sample. In Germany the mills are running at only 50%. Bremen is overstocked with raw cotton. The weather moreover hals been
in the main good. The weekly report on Wednesday emphasized the favorable soil conditions in Texas, Oklahoma
and Arkansas. It is true that western Texas and Oklahoma
need more rain. But, taking the Southwest as a whole,
field work has been expedited by generally excellent weather
for that purpose. The South in the main is believed to have
a good "season" in the ground. Little or no reduction in
acreage is expected. Cotton is said to be up to a good stand
in the Rio Grande Valley. Liverpool at one time was buying here to undo straddles, but later became a seller. The
South, including New Orleans, was a persistent seller. Declines in stocks and grain were accompanied by Wall Street
and Chicago selling of cotton. Declines failed to enlist the
interest of the outside public. In truth, bull speculation
seemed to be less popular. The idea prevailed in some quarters that the big operators in most cases were out of the
markets. The horse acted a trifle winded after a long,
hard run. The technical position had been weakened.
On the other hand the mills continued to call cotton on
a scale down. If large spot interests sold the old crop, they
bought the new. It is too early to determine the acreage.
Much may yet happen. The elements, not farmers, fix the
acreage. The weevil hibernation is well known to have
been heavy. In parts of the South the winter has been
mild. The survival and emergence of the pest may be
formidable, for aught anybody knows to the contrary.
Some people think the chances are that the summer of 1926
will be less favorable for the crop than that of 1925 and
1924. Conditions then were such as to keep down the
weevil. A wet summer, in contrast with two dry ones in
1924 and 1925, might be a serious matter. In any case, the
discounts of 185 to 220 points on the new crop in contrast
with premiums on it a year ago of some 5 to 35 points appeal to some home and Continental spinners and merchants;
also to some of the speculative element. Moreover, some
things in the statistical position are not inimical to bullish
interests. The consumption in this country is, with the exception of that in 1922-23, the largest for many seasons past.
Nor do exports make so bad a showing as might be inferred
from the fact that they are well below those of a year ago.
With that exception, they are the largest in some ten years.
The world's spinners' takings this season have never before
been equaled. The price is some 4 to 10e. lower than in
recent years. The New York certificated stock is only
12,630 bales, or 178,800 less than a year ago. The licensed
warehouse stock is only 31,805 bales, against 210,628 a year
ago. It is the smallest for half a dozen years at least. And
some are not so sure that bull movements in the old crop
have been abandoned. The weather this spring may have
a bearing on that question. And as pretty much everybody
is bearish, the unavoidable inference is that the short interest is increasing. Weather and crop scares are inevitable
incidents of every cotton year. March clung to a premium
of 56 to 58 points over May during the week.
On Thursday, however, prices again declined some 15 to
20 points on the new crop and 30 to 36 on the old. March
liquidation was again well to the fore. Reports of a weaker
basis and a lack of spot demand were outstanding features.
Southern spot markets dropped 25 to 40 points, the latter at
New Orleans. Exports were small. Cotton goods sales
were far from stimulating. Liverpool prices came lower
than due. Manchester advices were rather contradictory.
Some were rather favorable as regards cloths; others told
of lessened business. Yet March closed at a premium of
58 points over May, though rumors persisted that considerable cotton would be shipped to New York for tender on
contracts, from Texas, Alabama and other States. But
some question whether the quantity will be large, owing to
the recent very sharp decline.
To-day there was a further decline of 21 to 30 points, the
latter on March, but the new crop for the first time showed
almost as much weakness as the old. The cables were disappointing. Spot markets continued to fall.
Dry goods reports were but little better. Spinners'
takings decreased. There were some reports that mill buying was falling off; that in fact some mills had withdrawn
from the market. Liverpool and Wall Street sold. A decline in the stock market had some effect. Stop orders
were caught. Still, in the afternoon there was something
of a rally on covering of shorts after a decline of late of
1196
nearly $6 a hale. Some think the market is.becoming very
short. There is a decline, however, for the week of 50 to
86 points. Spot cotton wound up at 19.90c. for middling,
showing a decline for the week of 85 points.
Protests by the Houston and Galveston Cotton Exchanges
against an order issued by the Department of Agriculture
on Saturday requiring that reviews of cotton classings be
referred to Washington for action by the Appeals Board
of the Department, have been wired to A. W. Palmer, Chief
of the Marketing Bureau.
The following averages of the differences between grades,
as figured from the Feb. 25 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on March 4:
1.53 on
Middling fair
1.24 on
Strict good middling
91 on
Good middling
.65 on
Strict middling
Divis
Middling
Strict low middling
1.33 off
Low middling
3.10 off
4.88 off
*Strict good ordinary
*Good ordinary
6.23 off
Strict good mid."yellow" tinged.0.11 off
Good middling "yellow" tinged__ .55 off
Strict middling "yellow" tinged__1.03 off
*Middling "yellow" tinged
2.35 off
*Strict low mid."yellow" tinged_4.03 off
*Low middling yellow tinged_ _5.40 off
Good middling "yellow" stained_2.10 off
*Strict middling "yellow" stained.2.63 off
*Middling "yellow" stained
3.35 off
*Good middling "blue" stained_ _2.13 off
Strict middling "blue" stained_ _2.85 off
*Middling "blue" stained
3.80 of
Good middling spotted
15 on
Strict middling spotted
.18 off
Middling spotted
1.00 off
*Strict low middling spooted
2.55 off
*Low middling spotted
4.28 off
Good mid, light yellow stained_ _1.33 off
*Strict mid,light yellow stained_ _1.85 off
*Middling light yellow stained_ _2.83 off
Good middling "gray"
.98 off
1.48 off
*Strict middling "gray"
2.20 off
*Middling "gray"
* Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 20 to Feb. 26Middling upland
Sat, Mon. Tugs. Wed. Thurs. Fri.
20.75 HoUday 20.60 20.3.5 20.10 19.90
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Feb. 26 for each of the past 32 years have been as follows:
1926
1925
1924
1923
1922
1921
1920
1919
[vol.. 122.
THE CHRONICLE
19.90c.
25.35c,
29.00c.
29.85c.
18.80c.
11.80c.
39.85c.
26.60c.
1918
1917
1916
1915
1914
1913
1912
1911
32.25c.
16.55c.
11.20c.
8.35c.
13.00c.
12.60c.
10.35c.
14.10c.
1910
1909
1908
1907
1906
1905
1904
1903
14.65c.
65g.
11.45c.
11.05c.
10.80c.
7.75c.
14.75c.
10.25c.
1902
1901
1900
1899
1818
1897
1896
1895
8.75c•
9.25c.
9.19c.
6.50c.
6.31c.
7.31c.
7.88c.
5.56c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed,
Spot Market
Closed,
SALES.
Spot.
Contr'cl Total.
Saturday___ Steady, unchanged_ Barely steady_ _
Monday__ _
HOLI DAY
Quiet, 15 pts. dec... Barely steady._
Tuesday
Wednesday _ Met. 25 pts. dec_ _ Barely steady.
__
Thursday _ _ uiet, 25 pts. dec.. Steady
Friday
Met, 20 pts. dec.. Barely steady
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. 26Stock at Liverpool
Stock at London
Stock at Manchester
1923.
948.000
2,000
132,000
1924.
733,000
1,000
119,000
1923.
797,000
5,000
66,000
980,000 1,082,000
4,000
301,000 238,000
226.000 220.000
4.000
11.000
90,000
88.000
46,000
36,000
5,000
20,000
2,000
853,000
4,000
108,000
151,000
14,000
61,000
40,000
7,000
2,000
868,000
_S 888
:
0
163,000
11,000
108.000
28,000
2,000
3,000,
1926.
bales_ 888.000
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
92,000
Total Continental stocks
687,000 604.000 387,000 386,000
Total European stocks
1.667,000 1,686,000 1.240,000 1,254.000
India cotton afloat for Europe... 163,000 145,000 304,000 190,000
American cotton afloat for Europe 311,000 478.000 304,000 285,000
Egypt,Brazil,&c.,afloatforEurope 105.000
73,000 122,000
87.000
Stock in Alexandria,Egypt
309,000. 215,000 225,000 292.000
Stock in Bombay.India
771,000 612,000 848,000 812,000.
Stock in U. S.Ports
1,450,583 1,288,422 794,994 721,583
Stock in U. S. interior towns
1,866,224 1.130,368 789,313 876.938
U.S. exports to-day
4,250
3.100
5,901
Total visible supply
6.642,807 5,644,890 4,584,208 4.557.781
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales- 610,000 777,000 492,000 463,000
Manchester stock
71,000 110,000
45,000
90.000
Continental stock
621,000 541,000 309,000 338,000
American afloat for Europe
311.000 478.000 304.000 285.000
U. S. port stocks
1,450,583 1,288,422 794,994 721.583
U. S. interior stocks
1,866,224 1,130.368 789,313 876,948
U. S. exports to-day
3,100
5,901
4,250
Total American
East Indian, Brazil, &C.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Bran!, &c., afloat
Stock M Alexandria, Egypt
Stock in Bombay,India
Total East India, &c
Total American
4,929,807 4,327,890 2,785.208 2,733,781
278.000
21,000
66,000
163,000
105.000
309.000
771,000
17,000
2,000
22.000
63,000
145.000
87.000
215,000
612.000
241,000
1,000
29,000
78,000
304.000
73,000
225.000
848,000
334,000
5,000
21,000
48.000
190.000
122,000
292,000
812,000 .
1,713.000 1,37,000 1,799,000 1,824,000
4,929.807 4,327.890 2.785,208 2,733,781
Total visible supply
6.642,807 5,644.890 4,584.208 4,557,781
Middling uplands,-Liverpool
10.33d. 13.94d.
17.18d. 16.44d.
Middling uplands, New York
19.90c.
25.35c.
29.20c.
30.75c.
Egypt,good Sakel, Liverpool
18.80d. 37.15d. 21.20d. 18.90d.
Peruvian, rough good, Liverpool- 21.00-1. 20.75d. 24.00d. 18.75d.
Broach, fine, Liverpool
8.90d. 12.25d. 15.00d. 13.60d.
Tinnevelly, good, Liverpool
9.304. 13.00d. 15.90d. 14.75d.
Continental imports for past week have been 171,000 bales.
The above figures for 1926 show a decrease from last
week of 87,497 bales, a gain of 997,917 over 1925, an
increase of 2,058,599 bales over 1924, and an increase of
2,085,026 bales over 1923.
nil
AT THE INTERIOR TOWNS the movement
nil
nil
-that is,
the receipts for the week
FUTURES.
-The highest, lowest and closing prices at the week and the stocks and since Aug. 1, the shipments for
to-night,and the same items for the
New York for the past week have been as follows:
corresponding periods of the previous year, is set out in detail
below:
Saturday,
Total_
Feb. 20.
Monday,
Feb. 22.
Tuesday, Wednesday. Thursday,
Feb. 23.
Feb. 24.
Feb. 25.
Friday,
Feb. 26.
17 711 .-17 FA 17 •19-17 el0 17 0,17 97
Range Since Beginning of Optino.
-,6.
.
Range for Week.
19.68 Nov. 11 1925 24.70 July 30 1925
Feb. 1926
Mar.1926._ 19.27 Feb. 26 20.32 Feb. 20 18.34 Oct. 31 1925 25.40 Apr. 27 1925
Apr. 1926_ 19.10 Feb. 28 19.10 Feb. 26 19.10 Feb. 26 1926 19.89 Nov. 12 1925
May 1926.... 18.72 Feb. 26 19.75 Feb. 20 18.50 Oct. 31 1925 25.63 July 27 1925
18.84 Oct. 31 1925 21.20 Sept.12 1925
June 1926.._
July 1926 18.18 Feb. 26 19.11 Feb. 20 18.13 Oct. 31 1925 24.72 Aug. 17 1925
18.38 Dec. 11 1925 22.00 Oct. 8 1925
Aug. 1926
Sept. 1926.. 17.86 Feb. 26 18.21 Feb. 24 17.86 Feb. 26 1926 20.97 Oct. 14 1925
Oct. 1926_ 17.61 Feb. 26 18.25 Feb. 20 17.61 Feb. 26 1926 19.70 Nov. 6 1925
18.15 Feb. 2 1926 18.20 Feb. 5 1926
Nov.1926
Dec. 1926 17.27 Feb. 26 17.88 Feb. 20 17.27 Feb. 26 1926 18.50 Jan. 4 1926
1927.. 17.25 Feb. 26 17.82 Feb. 20 17.25 Feb. 26 1926 17 94 Feb. 5 1926
Jan.
Ship- Stocks
meats. Feb.
Week. Season. Week. 26,
aa
- ....e.:—.
e,
7 77-
Range of future prices at New York for week ending
Feb. 26 1926 and since trading began on each option:
Ala„Birming'm
Eufaula
Montgomery
Selma
Ark., Helena
Little Rock
Pine Bluff....
Ga., Albany...
Athens
Atlanta
Augusta
Columbus _
Macon
Rome
La., ShrevepOrt
Miss„Columbus
Clarksda1e
Greenwood
Meridian......
Natchez
Vicksburg__.
Yazoo City
Mo., St. LouisH.C..Greensb'ro
Raleigh
Okla., Altus
ChIcks.--ha
Oklahoma...
S.C ,Greenville
Greenwood ..J
Tenn.,Memphi
Nashville
]
Tex., Abilene
Brenham
Austin
I
Dallas
I
Houston _ _ _ -I
Paris
I
San Antonio_I
Fort Worth..I
Receipts.
.aa a....;.. .
l'Inalno
Movement to Feb. 26 1926.
TOID7U+.
Cr3CON ,
...,WCOPMCOM1
.0MCOMtD..,401M.MNOI,NNNW
000,,IMONV
C00000M0,
2000NC..Wipm,-It.044Wr...a.
I . OVGIV.
,
..0a.somo
.
..atmooRetmt.,.moNcReocico .cs cq
Feb.
Range__ClosingMarch
Range__ 20.25-20.32
20.07-20.25 19.81-20.05 19.47-19.80 19.27-19.48
Closing_ 20.25-20.27
20.07-20.09 19.83-19.85 19.57-19.58 19.40-19.41
April
Range__19.10-19.10
Closing_ 19.96 --19.7919.5419.28-19.12May
Range.. 19:68-19.75
19.51-19.68 19.25-19.48 18.92-19.20 18.72-18.90
Closing_ 19.68-19.71
19.51-19.53 19.25-19.28 18.99-19.01 18.83-18.84
June
Range....
19.2018.97Closing_ 19.3718.72-18.54 -JulyRange.... 9.03-19.11 HOLIDAY 18.90-19.00 18.67-18.89 18.40-18.63 18.18-18.38
Closing_ 9.06-19.08
18.90-18.91 18.7018.44-18.46 18.26-18.27
August
Range_ .
18.51 ---- 18.31 ---- 18.05 ---- 17.87 ---Closing- 18.67Sept.Range__18.20-18.21
17.86-17.86
Closing_ 18.3218.27 ---- 18.10 ---- 17.96 ---- 17.74 ---OctoberRange__ 8.16-18.25
18.11-18.16 17.98-18.14 17.81-17.97 17.61-17.83
Closing_ 18.1618.11 17.99-18.00 17.85-17.86 17.67-17.70
Nov.RangeClosing_ 17.99 -17.9317.8217.6717.50Dec.
Range.,. 7.82-17.88
17.75-17.79 17.62-17.77 17.44-17.61 17.27-17.45
Closing_ 7.82-17.84
17.75-17.76 17.6317.48-17.49 17.33-17.34
January
Range_ 7.79-17.82
17.71-17.74 17.57-17.73 17.43-17.60 17.25-27.45
Movement to Feb. 27 1925.
Receipts.
Week, Season.
Ship- Stocks
meats. Feb.
Week. 27.
85,505 1,252 7.764
633 6.846
715 58,344
21,119
12: 6,351
290 4,717
145 18.479
93,740 1,844 22,720
828 78,640 2,111 15,499
85,594 1,027 21,163
284 61,951 2,311 11,410
92,243 1.527 35,048
160 62,876 1,100 9,592
216,877 4,361 63,084 1,541 198,903 4,441 23,754
166,749 3,675 65,408
575 101,993 1,034 21,834
7,871
83 2,287
_ _ _ 2,582
___ .3,87,
25,954
575 12,997 1.000
43,542 1,000 15.761
185,262 4,59' 51,808 4,303 192,056 4,655 40,627
315,162 7,328 95,927 3,761 199,851 6,274 57,226
71,861 1,924 5,447 1,821
65,416 2,430 7,842
62,920 2,290 23,038
771
39,106 1,410 8,565
49,126 1,050 14,420
419 41,423 1,000 11,897
170,647 2,678 24,392
700 96.111 2,701 15,000
43,819
321 7,876
____
35,510
--- - 6-679
205,756 3,139 75,146
479 108,951 1,845 18,966
206,098 2,000 66,896
500 133,808 2,500 20,922
63,312
725 16,447
849 10,644
36.198
1
56,231
967 13.883
766 40,384 1,0081 4,780
51,576
751 17,984
3771 5,666
420 30,908
52,024
191 16,796
4,297
19 32.943
561,001 12,520 15,753 22.041 612.611 21.5201 4,369
53,959 1,147 19,128 1,123 49,284 2,63 14,999
15,936
20' 12,378
679
238
200
0,601
133,605 3,05 17.614 4,487 195.241 5,7141 17,201
176,387 4,594 18.605 4,886 142,403 5,357 11.891
160,749 1.604 27,682 2,702 137,940 3,192 16.142
239,124 3,630 63,862 8,185 170.807 6,479 47,033
4.912
____ 3,705
-___
____ 5,269
12,585
1,546,590 38,053 294,487 29.202 1,088,637 34,60 86,031
3,310
47
209
746
____
___
828
82,875
125
963
941
69,116
5704 1,618
5,633
280 4,137
9451 5,019
773 20.763
11,866
118
906
904
381
899j
32,313
144,675 2.393 19,316 2.134 185.394 4,7191 13,764
4,375,266 65,496 682,272 81.622 4,393,820 88,229 566.267
110,847
093 3,598
54: 92,633 1,318 3 358
'
25,308
48 1,610
575 1.866
478 82,386
86,943 1,584 12,847 1,692 153,099 5,388 8.720
Total, 40 town 151,354 10069 422 178.0351866224 lgfl.7o70.1n7 016221.0231130368
The above total shows that the interior stocks have decreased during the week 26,825 bales and are to-night
735,856 bales more than at the same time last year. The
.
receipts at all the towns have been 29,443 bales less than the
same week last year.
THE CHRONICLE
FEB. 27 1926.]
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
----1925-26---Stnce
Week. Aug. 1.
12,520 557,763
7,450 241,222
34,756
792
48,949
1,088
4,415 155,931
8,733 315,120
----1924 25---Since
Week. Aug. 1.
21.520 568,512
5.980 207.280
29,681
1.803
41,539
1,085
6,494 160.004
7.358 379,129
Total gross overland
34,998 1,353,741
Deduct Shipments
98,543
Overland. to N. Y., Boston, &c__ _ 1,556
16,889
Between interior towns
550
24,342 466,956
Inland, &c.,from South
1197
ber, 83.8 for September, 80.5 for August, and 97.1 for January 1925. The average number of active spindle hours per
spindle in place for the month was 221. The total number
of cotton spinning spindles in place, the number active, the
number of active spindle hours and the average spindle
hours per spindle in place, by States, are shown in the following statement:
44,240 1,386,145
Feb. 26
Shipped
St. Louis
Via
Via Mounds, Ste
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
3,005
601
26,638
71,792
17,864
430.664
26,448
Leaving total net overland *
582,388
30,244
520,320
8,550
Total to be deducted
771.353
13,996
865.825
* Including movement by rail to Canada..
The foregoing shows the week's net overland movement
this year has been 8,550 bales, against 13,996 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 94,472 bales.
-----1924-25-----1925-26
Since
Since
In Sight and Spinners'
Week.
Aug. 1.
Aug. 1.
Week.
Takings.
7,750,349
120,512 7,874,332 159,418
Receipts at ports to Feb.26
13,996
865,825
771,353
8,550
Net overland to Feb. 26
Southern consumption to Feb 26_110,000 2,660,000 80,000 2,547,000
239.062 11,305,685 253,414 11.163,174
Total marketed
955,614
Interior stocks in excess
*26,825 1,710.802 *40,487
Excess of Southern mill takings
552,573
___702,398
over consumption to Jan. 30._
Came into sight during week.__212,237
13,718,885
Total in sight Feb.26
212,927
North.spinners'takings to Feb.26 37,480 1,429,906
53,557
12,671,361
1.394,259
* Decrease.
Movement into sight in previous years:
Bales.
9,742,011
9,287,461
Bales. 1 Since Aug. 1143,359 1923-24107,557 1922-23-
Week1924
-Feb. 29
1923
-Mar. 1
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Spinning Spindles.
In Place
Jan. 31.
r et,. zu.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth_ _ _ _
otuuruay• mammy. auesuay. iv ea any. A nursa y. r mai
1.
20.40
19.72
19.30
19.47
19.75
19.50
20.00
20.10
19.50
19.35
____
20.20
19.66
19.10
19.30
Holiday 19.56
20.00
19.25
20.00
19.90
19.00
19.20
19.15
19.90
19.30
18.75
19.03
19.31
20.00
19.00
19.75
19.65
18.50
18.90
18.90
19.50
18.95
18.35
18.76
19.00
19.90
18.69
19.50
19.40
18.25
18.65
18.65
19.25
18.83
18.20
18.58
18.88
19.50
18.50
19.25
19.15
18.10
18.50
18.45
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. 20.
Monday,
Feb. 22.
Tuesday, Wednesday, Thursday,
Feb. 23.
Feb. 24.
Feb. 25.
Friday.
Feb. 28.
February -
Active During
January.
Total.
Avge.per Spied.
in Place..
Cotton growing States_ _
New England States_ _ _ _
All other States
17,755,888
18,182,826
1,905,330
17,176,666 5,291,505,547
13,977,168 2,716,134,078
1,649,322 351,173,995
298
149
184
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,439,634
1,196,548
2,878,386
1,128,672
11.598,430
1,445,734
489,764
973,118
6.059,614
149,596
2,668,634
5,329,376
552,130
239,340
711,314
983,554
1,408,426 417,816,252
1,070,390 219,532,029
2,782,630 836,880,652
879,088 160,171,144
8,619,142 1,636,230,457
1,026,998 209,143,148
479,004
91,789,674
773,438 172,761,211
5,773,544 1,849,456,820
133.902
25,726,391
2,278,434 472,211,524
5,299,692 1,689,782,656
525,906 143,586,309
225,468
70.335,560
891,594 161.102.940
835,520 202,285,953
290
183
291
142
141.
145
187
178
305
172
177
317
260
294
226
206
United States
37,843,844
32,803.156 8,358,813.620
221
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that in the southern and
eastern sections of the Cotton Belt the weather durinathe
week as a whole has been favorable for outdoor work. Plowing and preparation of land in these parts has made satisfactory progress. Some seed has been planted in southern
Texas.
Mobile, Ala.
-Farm work is well under way. Shipments
of fertilizer are larger than last year.
Galveston, Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
C osing Quotations for Middling Cotton onWeekded
Active Spindle Hours for Jan.
Stale.
New Orleans
Shreveport
Mobile, Ala
Savannah,Ga
Charleston, S.C
Charlotte, N. C
Rain. Rainfall.
dry
dry
dry
dry
1 day 0.04 in.
dry
1 day 0.46 in.
dry
dry
2 days 0.43 in.
1 day 0.63 in.
3 days 1.10 in.
Thermometer
high 69 low 46 mean 58
high 72 low 34 mean 53
high 78 low 44 mean 61
high 80 low 42 mean 61
high 72 low 38 mean 55
low 40
high 74 low 42 mean 58
high 80 low 42 mean 61
low 36
mean 60
high 74 low 33 mean 54
high 72 low 33 mean 57
2 days 1.37 in. high 78 low 38 mean 58
1 day 0.54 in. high 72 low 38 mean 55
? days 2.55 in. high 66 low 30 mean 51
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feb. 26 1926. Feb. 27 1925.
Feet.
Feet.
8.9
5.2
Above zero of gauge_
2.6
28.3
Above zero of gauge_
16.5
15.0
Above zero of gauge_
13.7
7.5
Above zero of gauge_
28.3
28.5
Above zero of gauge_
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures .do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
19.45-19.47
19.41-19.42 19.03-19.05 18.80-18.82 18- .67 -----18.93-18.94 18.83-18.64 18.38-18.38 18.24-18.26
19.06-19.07
-June
18.61-18.52
18.37-1838 18.14-18.15 17.91-17.92 17.78 ---July
Receipts at Ports.
Stocks at Interior Towns. Receiptsfrom Plantations
August _Week
HOLIDAY
September
laded 1925. I 1924. 1923.
1924.
1925.
1923.
1925. 1924. 1923.
October__ _ 17.58-17.60
17.48-17.50 17.33-17.37 17.18-17.19 17.06
November.
- Nov.
17.44-17.46 17.31-17.35 17.17-17.19 17.03-17.05
December_ 17.54-17.56
27_ _ 311,3841370.024 298,211 1,784,34 1.545,801 1.251,755 418,287429.233 305.223
17.40-17.42 17.28-17.31 17.15-17.18 17.01-17.03 Dec.
January - 17.61-17.54
Tone
4_ 396.275 370.762 265,509 1,836,52 1,583,955 1,225,801 448,455 409.106239,525
Quiet
Steady
Quiet
Quiet
Quiet
Spot 330.550 333,821 284.183 1,902.018 1,565,764 1,178,745 396,043 315,630 217,127
Easy
Steady
Steady
Options_ Steady
Steady
•
18_ _ 351,485 330.647 214.353 1,924,002 1,558,379
323.262 168.625
24 _ _ 224.398 232,346 199,767 2,000.037 1,577,997 1,119,113299.871 251,964 185,963
213.200 306,967 134,224 2,034.905 1,514,45 1.087,013247,971 246,11: 82,124
ACTIVITY IN THE COTTON SPINNING INDUSTRY Jan. 1928. 1925. 1924. 1926. 1925. 1924. 1926. 1925. 1924.
8-- 181,454 234,091 136,603 2,023,364 1,474,156 1,043,974180,090 198,591 123,554
FOR JANUARY 1926.
15.. 178,734 231,584169,44; 1,999,693 1.441,041 996,316155.091 198,469121,830
The Department of Commerce announced on Feb. 19 that 22_ _ 203,160201.802110,351 1,979,161 1,383,626 977,263 182,628 144,187 91,258
29-_ 171.158 200,371 116,104 1,956.783 1,306,792 944.868168,778 123,537 83,709
according to preliminary figures compiled by the Bureau of Feb.
173.227 179,89. 104.22 1,930,2871,248,011 898,190 138,731 121,11 57,548
the Census, 37,843,844 cotton spinning spindles were in place
148.354 204,982 101,244 1,912,997 1,199,953 884.918131.064 156.924 87,972
148,404 167,066 78,924 1.893,776 1,170,855 823,836 128,456 137,968 17,842
in the United States on Jan. 31 1926, of which 32,803,156
26_ 120,512 159,41: 69,33: 1,866,224 1,130,368 789,313 93,687 118,931 34,815
March_ _
April
May
were operated at some time during the month, compared
with 33,000,874 for December, 32,892,324 for November, 32,425,206 for October, 31,551,630 for September, 31,269,774
for August, and 33,320,558 for January 1925. The aggregate number of active spindle hours reported for the month
was 8,358,813,620. During January the normal time of
/
2
operation was 251 days (allowance being made for the
observance of New Year's Day in some localities), compared
with 25 for December, 24% for November, 26% for October,
25% for September, and 26 for August. Based on an activity of 8.78 hours per day, the average number of spindles
operated during January was 37,334,466, or at 98.7% capacity on a single shift basis. This percentage compares
with 99.5 for December, 06.0 for November, 89.4 for Octo-
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1925 are 9,513,514 bales;
in 1924 were 8,693,920 bales, and in 1923 were 6,146,136
bales. (2) That although the receipts at the outports the
past week were 120,512 bales, the actual movement from
plantations was 93,687 bales, stocks at interior towns
having decreased 26,825 bales during the week. Last year
receipts from the plantations for the week were 118,931
bales and for 1924 they were 34,815 bales.
RAWORLD SUPPLY AND TAKINGSIOF COTTON.
The following brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
at a
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.
1198
THE CHRONICLE
[VOL. 122.
Bales.
HOUSTON
-To Liverpool-Feb. 25
-Cripple Creek, 6,784....
Feb.25
-Gloria de Larrinaga, 4,076
10,860
To Manchester
-Feb. 25
-Cripple Creek, 100; Gloria de LarVisible supply Feb. 19
rinaga, 1,550
5,689.322
6,730.304
1.650
Visible supply Aug. 1
To Gothenburg-Feb. 19
2,190,493
2,342,887
-Delaware, 1,150
1.150
American in sight Co Feb.
To Genoa-Feb.25-Collingsworth, 1,076; Marina Odero, 1.975 3.051
212.237 13.718.885 212.327 12.671.361
Bombay receipts to Feb. 25___
To Havre
-Feb. 25
141.000 2.088.000 148,000 1.805,000
-Louvain. 3.100
3.100
Other India shipm'ts to Feb. 25..
To Bremen-Feb. 25-Tenbergen, 5.175
20,000
205.000
27,000
376.000
5.175
Alexandriareceipts to Feb. 24...
-To Liverpool-Feb. 17
40,000 1.288,200
22.000 1,304.800 NEW ORLEANS
-Duquesne, 5,493....
Othersupply to Feb. 24 * b..
Feb. 19
-Discoverer, 10,181
10,000
545.000
261,000
16,000
15,674
To Manchester-Feb. 17
-Duquesne, 2,274.... Feb. 19
-DisTotal supply
coverer, 923
7,153,541 20,358.972 6.115.249 18.437,654
3,197
To Havre
Deduct
-Feb, 17-Meanticut, 6,654
6,654
To Antwerp-Feb. 17-Meanticut, 500
Visible supply
6,642.807 6,642,807 5,644,890 5,644.890
500
To Ghent
-Feb. 17-Meanticut. 1.920
1.920
To Rotterdam-Feb. 15
Total takings to Feb.26 a
510.734 13,716,165 470.359 12.792.764
-Aquarius, 1,361
1,361
To Bremen-Feb. 15
Of which American
331,734 9.831,965 331.359 9.276.964
-Aquarius,8,602
8,602
To Vera Cruz
Of which other
179.000 3.884.200 139.000 3.515.800
-Feb. 19
-Sinaloa,800
800
ToJapan-Feb. 20
-Edenton, 1,693- Feb. 25
-Elkton,
• Embraces receipts in Europe from Brazil. Smyrna. West Indies, &c.
3.618; Kronstad. 7,400
12.711
I' a This total embraces since Aug. 1 the total estimated consumption by
To China-Feb. 23
-Edenton, 1,300; Elkton, 900
2,200
Southern mills, 2.660.000 bales in 1925-26 and 2,547,000 bales in 1924-25
To Genoa-Feb. 23-Monginevro, 4.994
4,994
takings not being available-and the aggregate amounts taken by Northern
-Delaware. 1,112
and foreign spinners. 11.056,165 bales in 1925-26 and 10,245.764 bales in GALVESTON-To Gothenburg-Feb. 20
Feb•
.300
1,412
1924-25, of which 7,171.985 bales and 6,729.964 bales American.
To Barcelona-Feb. 20
-Mar Adtiatico, 4.425
4:425
b Estimated.
To Japan-Feb. 23
-Steel Voyager, 2,650
2.650
NORFOLK
-To Liverpool-Feb. 23-Rexmore, 2,603
INDIA COTTON MOVEMENT FROM ALL PORTS.
2,603
To Copenhagen-Feb. 23-Sagaporack, 500
500
The receipts of India cotton at Bombay and the shipments
To Rotterdam-Feb. 23
-Sac City, 1.000
1.000
from all India ports for the week and for the season from SAVANNAH-To Japan-Feb. 20-Hofuku Maru, 4,200
4,200
To Ghent
-Feb.22-Newaster,50
50
Aug. 1, as cabled, for three years have been as follows:
CHARLESTON-To Liverpool-Feb. 23
189
-Marken, 189
To Manchester-Feb. 23
-Marken, 1,253
1,253
SAN PEDRO-To Bremen-Feb. I9
1925-26.
1924-25.
-Justin,625
1923-24.
625
To Liverpool-Feb, 22-Lochgoil, 1.308
February 25.
1,308
. To Manchester-Feb,22
Receipts at-Northwestern Miller, 100
Since
Since
Since
100
Week. Aug. 1. Week.! Aug. 1. Week. Aug. 1.
Total
118.254
Bombay
141.0002.088.000 148.000 1.805.000 116,0002.195,000
COTTON
Cotton Takings.
Week and Season.
Season.
Week.
Season.
For the Week.
Exports
purrs-
1924-25.
1925-26.
Week.
FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
Since January 1.
Great Conti- Japandc
Great
Britain. neat. China. Total. Britain.
Contineat.
Japan .9
China.
Total.
Bombay
-26_ 4,000 10.000 82,000 96.000 28.000 301.000 968,0001,297.000
1925
1924-25.... 3,000 17.000 11.000 31.000 30,000 246,000 919.0001,195,000
1923-24__
25,000 72.000 97.000 101,000 552,000 904,0001,557.000
Other India
1925-26__ 4.00 16.000
20,000 66.000 310,000
376.000
18.o 1 i
27,000 33,000 172.000
1924-25.... 9,
205,000
24,000 81,000 296,000
23,00'
1923-24_ .. 1,
377,000
Total all
1925
-28- 8,000 26.001 82,000116.000 94,000 611.000 968,0001,673,000
1924-25.- 12.000 35.00 11,000 58,000 63,000 418,000 919.0001,400,000
1923-24_ 1.000 48.000 72.000121,000 182.000 818,000 904.000 1,934,000
High Stand
Density. ard.
Liverpool .300. .45o. Oslo
Manchester.300. .45o. Stockholm
Antwerp .350. .50e. Trieste
Ghent
.42340. .5734e. Flume
Havre
.350. .50c. Lisbon
Rotterdam .450. .600. Oporto
Genoa
.400. .55e. Barcelona
High. StandDensity. ord.
.50e. .60c. Japan
.50c. .65o. Shanghai
.450. .60c. Bombay
.450. .60c. Bremen
.50e. .65c. Hamburg
.75c., .90o. Piraeus
.30o. .46o. Salonlca
High Stand.
aril.
62340. .77140.
.65e. .80o
.600.
.660.
.40c. .55e.
.350. .500.
.60o. .75e.
.75e. .000.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Feb. 5. Feb. 12. Feb. 19. Feb. 26.
43,000
33,000
31,000
36,000
30,000
22.000
20,000
23.000
5.000
2.000
1.000
1.000
73.000
71,000
68,000
59,000
863.000 878.000 853,000 888.000
592,000 614,000 589,000 610 000
54,000
94,000
40,000
121,000
35,000
70,000
28.000
78,000
264,000 230.000 253.000 207.000
161.000 119,000 137,000
99.000
Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
According to the foregoing, Bombay appears to sh.,w a
decrease compared with last year in the week's receipts of
7,000 bales. Exports from all India portsrecord an increase
01 58,000 bales during the week, and since Aug. 1 show an
increase of 273,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
The tone of the Liverpool market for spots and futons
now receive weekly a cable of the movements of cotton at each day of the past week and the daily
closing prices d
Alexandria, Egypt. The following are the receipts and spot cotton have been as
follows:
shipments for the past week and for the corresponding week
Spot.
of the previous two years.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
110.000
6.600.617
100.000
5.834.187
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)To Liverpool
To Manchester,&c
To Continent & India
To America
6.000 138,661
6.003 138.034
4.000226,261
1,000 106.219
This Since
Week. Aug. 1.
5,250 156.459 6,000
7.000 [77,039 5.500
8.250 264.830 12.251
8,750 106.029 8.756
171,260
i54.746
363 CP 3
89.081
17.000 607.17.1 29,251 704.357 35,500 ;78770
Total exports
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending Feb. 24 were
200,000 canters and the foreign shipments 17,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarnsis steady. Demand for India is good.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison.
1924-25.
• 1925-28.
814 Lbs. Shin Couon
814 Lbs. Shirt- Cotton
328 Coy tags. Common Middle 32s Cop lags, Common M1d4.6
Cyr&
to Mat.
Upt'cla Twist.
Twist.
to Finest.
November
20
27
December
4
11
18
24
31
January8
15
1734a1811 14 2 014 6
17 01834 142 a146
10.60 233(02554 174 018 0
10.74 235402534 174 .180
13.83
13.69
163(0183( 14 2 014 6
163.4018 0 14 1 017 4
16 a173.4 14 0 a14 4
16 0173.4 14 1 614 6
18 4071.1 14 3 014 7
1926
1926
16340171‘ 14 3 614 6
163401734 14 3 014 5
173401834 14 4 014 6
161401794 14 4 014 8
10.42
10.17
9.81
9.92
10.27
1926
10.64
10.84
10.76
10.63
23 02454 16 5 a17 1
23 02434 16 5 017 0
23 02454 16 4 016 7
23 02454 16 5 017 0
231(025 18 7 a17 1
1925
1926
2354625 18 7 017 1
2254a241( 16 5 017 0
2234024 16 5 017 0
22 02354 16 5 017 0
12.98
13.11
13.28
13.24
13.47
1925
13.03
13.08
12.87
12.92
Market, I
12:15 I
P.M. L
-Quiet.
Good
demand,
Quiet.
More
demand.
A fair
business
doing.
Quiet.
Mid.Upfds
10.60
10.55
10.56
10.43
10.38
10.33
Sales
4,000
6.000
6,000
7.000
7,000
6,000
Futures.
Quiet,
Quiet, Quiet,5 pts. Quiet,
Quiet but Quiet, unMarket 1 1 to 3 pts 2 to 4 pts. decline to 7 to 10 pts. st'dy, 10 to changed to
opened I advance.
decline. 2 pm. adv. decline. 11 pts. dec. 2 pts. dec.
Market,1 Steady.
4
3 points
P. M.
Masora
Quiet, 1 Steady,un- Steady, Barely sty, Barely sty,
pt. adv, to enau ed to 4 to a tits. 1.4 to 16pts. 12 to 16p.
ts
•• ft. d•s •
,,,, a-,.
r
, ,-,,. a..,
Prices of iutures at Liverpool for each clay are given below:
Sat.
Tues,
Mon.
Wed.
Thurs.
Frt.
1234 1234 1234 4:00 1234 4:00 1234 4:00 1234 4:00 1234 4:00
p. m.p. m.p. M.P. nt. P. te P. m P. In. P. m.P. ni.P. M.D. m P. M.
d. d. d. d. d. d. d,
d.
d. d.
February..... ____ 10.11 ____ 10.0610.0610.03 9.93
9.88
9.83 9.88
March....... ____ 10.11 ____ 10.0610.0510.01 9.911
9.85
9.80 9.65
April
10.02 ____ 9.981 9.97 9.93 9.83
9.77
9.72 9.68
May
10.02 ____ 9.9 9.98 9.94 9.84
9.78
9.72 9.59
June
9.
___ 9.921 9.91 9.88 9.7
9.72
9.6t 9.52
July
9.91 ____ 9.8111 9
9.85 9.7
9.6
9.63 9.49
August
---- 9.80 ____ 9.78 9.78 9.74 9.64
9.57
9.52 9.39
September
____ 9.64 ____ 9.63 9.64 9.61 9.54
9.42 9.30
9.45
October
_-__ 9.56 ___ 9.56 9.57 9.54 9.47
9.35 9.23
9.38
November_ _ _ _ ____ 9.48 ___ 9.48 9.49 9.47 9.40
9.27 9.15
9.30
December
____ 9 4: ___ 9.48 9.49 9.47 9.40
9.27 9.15
9.3C
January __ a
____ 9.47 ____ 9.48 9.49 9.47 9.40
9.27 9.15
9.31
Feb. 20
to
Feb. 26.
ocopcomoceomeopd
1923-24.
.4-Aatawo•coww.-,0
200.000
6.431.759
1924-25.
5F002,
,
000002CCH
Receipts (cantors)
This week
Since Aug. 1
1925-26.
1
hv
Alexandria, Egypt,
Feb. 24.
BREADSTUFFS
Friday Night, Feb. 26 1926.
Flour was firmer with wheat higher early in the week,
but there were no signs of buying for requirements far
ahead. Some are purchasing what they need for a month
72
29
or two. Minneapolis has done a somewhat larger business.
February
13.7.s
181401714 140 014 4
10.80 223(023 16 5 017 0
5
So has the Southwest. But no great improvement is dis10.52 2254a2434 16 7 017 2
13.28
11
1634a173( 14 0 014 3
cernible. Everywhere the demand keeps within very con10.57 223(a2434 17 2 017 4
13.66
163.401754 14 0 al4 3
19
13.94
10.33 23 024;4 17 2 017 5
16 01734 14 0 014 3
26
servative bounds. Export demand was not brisk, either.
-As shown on a previous page, the Over the holiday the exports from New York were 64,125
SHIPPING NEWS.
exports of cotton from the United States the past week have sacks, of which 40,000 sacks were bound for China on pur)
reached 118 254 bales. The shipments in detail, as made chases some months ago. Last week the exports from New
York were 161,134 sacks, or 51,000 more than in the previous
up from mail and telegraphic returns, are as follows:
Bales. week. Prices later fell 10 to
25c. Rye flour dropped 25c.
76
-To Liverpool-Feb. 19-Aurania, 76
NEW YORK
For export recent sales are reported of 50,000 to 80,000
-President Roosevelt, 2.471___Feb. 24To Bremen-Feb. 19
4,791 bbls. to the Continent, mostly to Germany.
Muenchen, 2,320
Some of it
-Bordeaux. 3,117---Feb. 24
-City of
To Japan-Feb. 19
8,617 was for Czechoslovakia. On the 25th inst. freight room
Tokio, 5,500
-De Grasse, 521
521 was engaged for 30,000 bbls. for Levant ports. Actual clear-Feb. 24
To Havre
-Dante Alighleri, 60
60
To Genoa-Feb. 24
275 ances from New York were 42,334 bbis., of which 18,964 bbls.
To Manchester-Feb. 19-Davblan, 275
FEL. 27 1926.]
THE CHRONICLE
were for Greek ports. This business is said to have been
done about 30 days ago. St. Louis reports very good sales
of late. At Toledo they have been small.
Wheat has broken sharply the last few days, but on the
23d inst. advanced owing to a rise of % to 1%d. in Liverpool and a better demand for Plate and Manitoba wheat,
reports of poor grading in Argentina and the smallness of
contract stocks at Chicago. Moreover, it was predicted that
the Government report of farm reserves on March 1 would
be bullish. And export duties on wheat have been imposed
In Holland and Poland. That was suggestive. Italy has
bought Brazilian wheat. World's shipments last week fell
to 13,254,000 bushels. North American shipments were
6,188,000 bushels. Australia complains of very dry weather.
But later came a reaction. Reports from the winter wheat
belt were in the main satisfactory. India had beneficial
rains. The East sold in Chicago. The American visible
supply decreased last week only 1,010,000 bushels, against
3,094,000 in the same week last year. The total now, however, is only 41,821,000 bushels, against 72,592,000 a year
ago. After an advance early on the 24th inst. of 22 to Sc.,
/
1
the latter on May, prices dropped, and ended at 1% to 2 c.
/
1
2
net decline. Foreign markets after opening firm declined
later. Liverpool fell 124c. Buenos Aires after a rise of
/
/
2
1% to 11c., reacted /
1c. Chicago made less response to
2
the rise in Liverpool than had been expected. Export demand was disappointing. The cables were called steady in
the main from Europe, Australia, Argentina and India.
On the 25th prices advanced / to %c. early and then fell 2c.
1
2
towards the close. The relatively good Liverpool cables,
showing a decline of only % to 12 had no lasting effect.
/
1d.,
Kansas reported the snow covering as inadequate. Farm
reserves are said to be depleted in Australia. India complained of dry weather. Germany withdrew offerings for
export. Germany bought Manitoba wheat. Argentine exports for the week were 3,885,000 bushels. That was 1,250,000 bushels larger than on the previous week, but fell considerably below the total for the same week last year of
5,145,000 bushels. The Kansas Weekly Crop Report said:
"The fall of snow totaled from 5 to 10 inches in many north
central and the northeastern counties, but was much lighter
In the extreme western and southern parts of the State,
where the totals were not generally more than an inch. In
the western counties it drifted so badly that many fields
were left bare. Roads were blocked by drifts for two or
three days. Where the heavy amounts fell it melted unusually rapidly and the ground was bare over practically all
the State when the week closed. It was a favorable week
for wheat, which was greatly benefited by the added moisture." Contract stocks of wheat in public elevators in
Chicago were 288,000 bushels, a decrease of 104,000 bushels
for the week. Last year they were 1,464,000 bushels. To1
2
day wheat closed / to 2%c. lower. Winnipeg wound up
1
2
c. Export sales were 500,000
at a net decline of only /
bushels. That is not so bad as they were recently. The
demand was scattered, but mostly from the Continent. England, it is said, was inquiring for hard winter wheat to-day,
though no business was done. The fact is not forgotten that
prices are now nearly 25c. under the high of the season.
Bulls say that discounts a good deal. There was some further long liquidation. Nobody pretends that there is any
aggressive support. The weather for the winter wheat crop
was considered favorable. The indications pointed to more
rain. But Liverpool was stronger than due. Argentine
markets advanced at first and only receded when American
prices fell. Opinion is divided as to the future of prices.
On the decline, however, the demand expanded from the
West. Northwestern advices said there was a better business in flour at the recent decline. World shipments are
not expected to exceed 13,000,000 bushels. Australia's remaining surplus is put at 24,000,000 bushels. Last prices at
Chicago show a decline for the week of 3 to 6c. A bill
/
1
2
has been introduced in Congress calling for the limitation
of individual operation to 1,000,000 bushels each day. That
was an outstanding feature in the decline of 2 to nearly 4c.
on the 25th. That is a rather ironical commentary on efforts to help the farmer. Winnipeg fell 22 to 2%c. Liqui/
1
dation was very evident. Stop orders were caught. It
be an excellent thing if the Government would stop
would
nagging the grain markets. Economists recognize the utility of speculation. It helps carry the crop, whatever may
be said to the contrary. Liverpool has latterly declined.
Loadings at Argentine ports have been large. Germany,
on the other hand, was said to have bought a cargo of No. 2
Manitoba wheat. Export sales on the 25th inst. were 600,000 bushels, including about 80,000 bbls. of flour, of which
50,000 bbls. were sold in the last week or two, mostly to
Germany, but with some apparently for the Levant ports.
1199
Indian corn declined for a time, but in the end advanced,
despite an increase in the American visible supply last week
of 961,000 bushels, against an increase in the same week
last year of 572,000 bushels. The total is now 32,141,000
bushels, against 31,620,000 a year ago. On the 24th inst.
prices rose, owing to reports of a larger cash,demand from
outside interests. A decided decrease is expected in the
receipts of low grade corn. The feeding demand is expected to increase. At one time prices were % to %c. lower,
later 1% to 14c. higher. Again on the 25th corn made its
/
1
own way upward regardless of the weakness of other grains.
The reasons were that the weather at the West was bad
and that the East demand was better. Yet it reacted towards the close. The "Price Current & Grain Reporter"
said: "When corn is marketed through the feed lot it
makes but little difference whether it is too wet or too dry
to meet the established marketing standard, and while it
is too late now, perhaps, to remedy the situation, in so far
as the 1925 crop is concerned it is felt by most close students of the situation that the experience in the marketing
of the wet grain will have been sufficiently impressive to
insure not only the future growth of more live stock in the
corn belt, but also the selection of better seed. A better
balance in agriculture would have been of the greater assistance in the solution of corn farming's present problem."
Contract stocks of corn in public elevators in Chicago were
6,537,000 bushels, an increase of 403,000 bushels, as compared with last week. Last year the stock was 4,707,000
bushels. Chicago receipts fell off later. On the 24th inst.
they were only 159 cars. Cash demand increased somewhat.
To-day corn wound up practically unchanged. Some months
were unaltered; others %c. lower. At one times prices were
/ higher. Later they dropped lc. from the high of the
1c.
2
day, after which they rallied % to %c. The outstanding
factor was that the market was comparatively steady. It
is making friends for itself. Commission houses buy on
declines. Receipts were moderate. That fact was stressed.
Cash markets were firmer. The outlook was for bad
weather. The reaction was due merely to profit-taking and
some slight sympathy with the decline in other grain.
There was no big pressure to sell at any time. Argentine
crop advices were favorable, but nobody paid any attention
to that fact. Final prices show a net advance for the week
3 That is not much, but it differentiates corn
4c.
of % to /
from all the other grain markets, which were lower, be
it much or little. Smaller receipts and decreased interior
offerings tended to brace corn prices. Speculative buying
has been on a larger scale. This is based on the idea that
corn receipts have passed their peak.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
eta_ 90% Holiday 8934 9034 91% 91%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 79% Holt- 78
79% 79% 7934
July delivery in elevator
82% day 82
8234 82% 82%
September delivery in elevator83
, 83% 84% 84
84%
Oats declined for the same reason as corn, namely a substantial increase last week in the American visible supply.
In other words, It moved up 1,216,000 bushels, against 1,019,000 in the same week last year. The total is now up to
60,279,000 bushels, against 73,980,000 a year ago. The Kansas State report said that oats sowing is well under way
in the southeastern counties and preparation for sowing
has begun in other parts of the State. As soon as the
ground has dried out, sowing will be general in all parts.
Decreased receipts at Chicago had a steadying effect on the
24th inst. Contract stocks of oats in public elevators in
Chicago were 3,611,000 bushels, or a decrease for the week
of 49,000 bushels. Last year the stock was 6,918,000 bushels at this time. To-day prices closed practically unchanged,
with a slight leaning toward lower levels. Trading was
light. Fluctuations were irregular but very narrow. It is
a professional affair. Receipts were moderate. Cash demand was only fair. Neverthelesss, cash prices were, if
anything, firmer. The troubles with the oats market so
far as speculation is concerned, is that the outside public
cares nothing about it. Yet final prices show a net decline
for the week of only % to %c. The upward turn of corn
has been of benefit to oats.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
ct,s_ 5034 Holiday 5034 50% 50% 5034
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta.. 42% Roll- 41% 41% 41% 41%
July delivery in elevator
425i day 42% 42% 42% 42%
September delivery in elevator
43%
42% 42% 42% 42%
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 4734 ---- 46% 46% 46% 46%
glib?' delivery in elevator
48
---- 47)4 47)4 4754 47%
October delivery in elevator
46% 46% 4634A 4634
No.2 white
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_197% Hol. 198% 196 193% 191%
No. 2 red
Rye prices advanced on the 25th with those
for wheat,
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. for a time, but later on
reacted. No• export demand apSat. Mon. Tues. Wed. Thurs. Fri. peared.
Speculation was sluggish. The lack of any
ets_167/ Hon- 161 165 164 46131
May delivery in elevator
ticular stimulus was felt. In a word, the conditions par1487 day 147 145 143% 142
July delivery in elevator
which
14?
140 138 136% 1357
September delivery in elevator
have been noticeable for some weeks past
were still very
CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. apparent throughout the
DAILY
week. In general the drift has
Sat. Mon. Tues. Wed. Thurs. Fri. been downward, as
Europe seemed indifferent and supeta_155% ____ 154% 152% 150 149%
May delivery in elevator
plies, to say the least, were ample for the very
153% ---- 152% 150% 148
147%
July delivery in elevator
contracted
136% ---- 135 133% 131% 131% market which is now, and
October delivery In elevator
has been, noticeable for so
pro-
1200
[VOL. 122.
THE CHRONICLE
longed a period. To
-day prices closed 1 to 12 lower
/
1c.
The world's shipments of wheat and corn, as furnished by
after irregular fluctuations. The start was at some ad- Broomhall to the New York Produce Exchange, for the week
vance; in fact prices rose 1 to 12 at one time in the early ending Friday, Feb. 19, and since July 1 1925 and 1924,
/
1c.
trading on scattered buying and not a little covering. are shown in the following:
Later, however, when wheat weakened, rye followed suit.
Wheat.
Corn.
Liquidation, became heavy. Stop orders were met. Still
later there was some recovery from the lowest prices of the
1925-26.
1924-25.
1924-25.
1925-26.
day, amounting, indeed, to / to 11
1
2
4c. Export business,
Since
Since
Since
Week
Week
Since
however, did not appear. That is one of the chief drawFeb. 19.
Judy 1.
July 1.
July 1.
Feb. 19.
July 1.
backs. Final prices show a decline for the week of 4 to 4 c.
/
1
2
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
A little barley was taken for export.
801,000
North Amer_ 6,188,000 261,846.000 312,982,000
288,000 7.600,000
168,000 18.184.000 3,088,000 1,318,000 19.265.000 21.095,000
Black Sea _
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat.
Mon.tTues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 96% Bolt 95
-4
933 9235 90%
July delivery in elevator
9835 day, 96
95
9335 91%
September delivery in elevator..
974
94u 9434 9235 9134
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
,. No.2 red f.o.b
5035
1.914 No. 2 white
No. I Northern
None No. 3 white
4935
Rye, New York
No. 2 hard winter,
Corn, New York
No. 2. f.o.b
1.0134
Barley, New York
t No.2 mixed
No.2 yellow (new)
9154 Malting
823(a8334
FLOUR.
S ring' atents
$8 65a$9 00 Rye flour, patents
85 3545 85
Clears,'first spring
7 50a 8 00 Semolina No.2.lb
5
Soft winter straights
8 25a 8 75 Oats goods
2 70a 280
Hard winter straights- 8 65a 9 00 Corn [lour
2 30a 2 40
Hard winter patents
9 00a 9 50 Barley goods
Bard winter clears
7 500 8 00 Nos. 2, 3 and 4
425
sx
Fancy Minn. patents
10 25a10 90 Fancy e arl No. 2, 3
City mills
10 40a10 90
725
The statements of the movements of breadstuffs to market
indicated 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 threeyears have been:
Wheat.
Flour.
Receipts at-
Corn.
Oats.
Barley.
Rile.
bbls.11)filbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4Slbs bush.58158.
345,000 3,518,011
246,000
Chicago
564,000
142,000
26,000
Minneapolis_
2,118.000
373,000
492.111
101,000
268,000
Duluth
367,000
79,011
14,000
105,000
34,000
16,000
Milwaukee_ _ _
268,001
378,111
28,000
140,000
211,000
Toledo
171,001
10,000
54,000
1,000
Detroit
22,000
39,001
26,001
8,000
Indianapolis_
61,000
494,011
76.000
98.000
536,000
.
608,000
St. Louis- _ _
13,000
726,000
2,000
58.000
Peoria
8,000
801,000
233,000
33,000
801,000
Kansas City_
593.000
68,000
201,000
427,001
Omaha
174, t I
.
123,000
207,000
St. Joseph_
40,001
185,000
Wichita
48,000
6,000
48,000
44,000
Sioux City_
54,00
436,000
481,000
382,000
Total wk. '2
Same wk. '2
Same wk. '24
Since Aug. 1
1925
1924
1092
5,042,000 7,591,0 t
.
4,281,000 4,279,00.
4.478,000 11,081,000
2,970,000
2,428,1 i t
4.086.001
291,000
295,000
393,000
600,000
937,000
875,000
13,337,000252,819,000 147,134.001 157,353.000 57,463,000 18,161,000
14,078,000411,739,000 160,987.00. 197,084,00049.647,001J149,254,000
In 544 000150.460.000182.492.00 15A 727 am 90 205 nnaan 470 ono
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Feb. 20, follow:
Wheat.
Flour.
Receipts at-
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
265,000
969,000
47,000
159,000
106,000
20,000
1,000
48,000
23.000
14.000
227,000
74,000
536,000
21,000
4,000
Bushels.
24.001
22,001
14,000
490,000 2,024,000
Total wk. '26
Since Jan.I'26 3,614,000 23,595.000
203,000
4.872.111
667,000
393,000
150,000
4,570,000 4,179,000 1,008.000
664,000 4.147,000
Week 1925_
Since Jan.1'25 4,489,000 24,075,000
194,000
1,272,000
444,000
358,000
544.000
4,068,000 4.013.000 4,737,000
New York_
Ph1ladelphia__
Baltimore-Norfolk
New Orleans *
Galveston_
Montreal
St. John,NB.
Boston
Bushels,
Bushels. Bushels.
135,000
446,000
146,000
34,000
14,000
13,000
76,000
25,000
135,000
21,000
5.000
78,000
47.000
16.000
3,011
25,000
100,000
32,000
2,000
* Receipts do not include grain passing through New Orleans for foreign port
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Feb. 20 1926, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,274,089
115,384 190,997
25,730 842.325
289,000
34,000
5,000
63.000
112,000 155.000
25,000
1,000
2,000
2.000 123,000
12,000
11,000
3,000
536,000
74,000
100,000
47,000
New York
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
St. John, N.B
Total week 1926_ _ 2,213,089
Same week 1925____ 4.510_101
312.000
70.000
210,384
4511 705
336,997
255765
25,730
850 008
944,325
431.442
The destination of these exports for the week and since
July 1 1925 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
Feb. 20
1926.
Since
July 1
1925.
Wheat,
Week
Feb. 20
1926.
Since
July 1
1925.
Corn.
Week
Feb. 20
1926.
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
51,000
United Kingdom_ 93.322 2,412,558 1,106,922 69,274,051
66,482 3.624.475 1,104,167 89,592,010 209,000
Continent
247,467
2,394,726
3.000
9,000
So. & Cent. Amer_
562,529
2,000
136,925
43,000
8,000
West Indies
Brit.No.Am.Cols.
623,046
1,536,234
Other countries- 39.580
Total 1926
m..t.I 1095
210,384 7.470,075 2,213,089 162,933,946
450.705 11.644.664 4.510.191 221.018.860
Since
July 1
1925.
Bushels.
1.748,204
4.537.752
1,670,000
1,287,900
2.355
312,000 9,246,211
70.000 2 040 501
Argentina.._
Australia_
India
0th. countr'
Total
2,634,000 46,405,000 83,529,000 1,472,000 104,020,000 137,174,000
3,784,000 44,431,000 48,516,000
5,768,000 31,176,000
480,000
480,000
962.000
8,000 33,850,000
13,254,000 377,114,000 479,291,000 3.086,000 164.735,000 160,032,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 20, were as follows:
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
GRAIN STOCKS.
Wheat,
Corn,
Barley.
Oats.
Rye.
bush,
bush,
bush,
bush.
bush.
574,000
74,000
65,000
137.000
732,000
26,000
61,000
3,000
693,000
327,000
102,000
160,000
16,000
757.000
858,000
30.000
103,000
73.000
31,000
239,000
519,000
95,000
374.000
14,000
3,815,000 1,509,000 2,242,000
261,000
89,000
521,000
1,586,000
267,000
661,000
1,029,000
443.000
397,000
2,000
25,000
968.000
586,000
150,000
60,000
160,000
30,000
2,983,000 16.400,000 7,371,000 2,969.000
430,000
736,000 1,858.000
186,000
93,000
366,000 1,395,000 1.486,000
167,000
127,000
205,000
92,000
128,000
166,000
8.498,000
10,834,000 5.277,000
625,000
150,000
63,000
8,877,000
481,000 20,284,000 3,510,000 4,237,000
209,000
249.000
569,000
8,000
27,000
1,243,000 1,487.000
861.000
22.000
54,000
4,838,000 4,803,000 4,872,000
139,000
72,000
2,298,000
61,000
177,000
1,484.000
442,000
53.000
6,000
3,000
3,000
92,000 1,350,000
363,000
750,000
495,000
1,184,000 1.337,000 1,788,000
404,000
30,000
Total Feb. 20 l926._41,821,000 32.141,000 60,279,000 13,965,000 6,425,000
Total Feb. 13 1926_ _42.831,000 31,180,000 61,495,000 13,790,000 6,398,000
Total Feb. 21 1925_ _72,592,000 31,620,000 73,980,000 23,363,000 3,839,000
-Bonded grain not included above: Oats, New York, 410,000 bushels
Note.
Baltimore, 55.000; Buffalo, 488,000; Buffalo afloat, 372,000: Duluth, 104,000; total,
1,429.000 bushels, against 1,161,000 bushels in 1925. Barley, New York, 434,000
bushels; Boston, 256,000; Baltimore, 39,000; Buffalo, 1,126,000; Duluth, 164,000
total, 2,019,000 bushels, against 1,296,000 bushels in 1925. Wheat, New York
1,880,000 bushels; Boston, 34,000; Philadelphia, 792,000; Baltimore, 799,000
Buffalo, 6,140,000; Buffalo afloat, 1,557,000; Duluth, 343,000; Toledo, 100.000
Chicago, 84,000; Fairport. 955,000; total, 12.684,000 bushels, against 13,805,000
bushels in 1925.
Canadian
150,000 1,211,000
177,000
3,604,000
995,000
Montreal
6,561,000 1,736,000 6,102,000
Ft. William & Pt. Arthur_40,463,000
511,000
5.818,000
127,000
" afloat
2,692,000
48,000 1,321,000
7,954,000
Other Canadian
150,000 10,975,000
Total Feb. 20 1926._ _57,839,000
156,000 11,015,000
Total Feb. 13 1926..,...58,008,000
227,000 17,556,000
Total Feb. 21 1925_ _ _31,858.000
Summary
41,821,000 32,141,000 60,279,000
American
57,839,000
150,000 10,975,000
Canadian
1,961,000 8,545,000
1,960,000 8,531,000
2,061,000 6,511,000
13.965,000 6,425,000
1,961,000 8,545.000
Total Feb. 20 1926- 99.660,000 32,291,000 71,254,000 15,926,000 14,970,000
Total Feb. 21 1925-104.450,000 31,847,000 91,536,000 25,424,000 10,350,000
Total Feb. 13 1926_100,839,000 31,336,000 72,510,000 15,750,000 14,929,000
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
FEB. 93.
Issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Feb. 23, follows:
In general, the week was characterized, as has been the case for
several weeks past, by moderate temperatures to abnormally warm
weather over much the greater portion of the country. The temperature changes were rather marked from time to time during the week
but no unusually low readings were reported. Early in the period
high pressure and moderately cool weather prevailed in the more
eastern States, but at the same time it had become much warmer
in the interior valleys and in the Southwest. In the East there was
a rapid reaction to warmer weather, with abnormally high temperatures
prevailing in the Atlantic Coast States and the Southeast by the
morning of the 19th. On the following day, however, another high
pressure area overspread the Southeastern States, attended by a sharp
drop in temperature, which carried the line of freezing as far south
as points along the east Gulf Coast. In the meantime it had become
warmer in the interior valley States.
Chart I shows that the week, as a whole, was warmer than normal
in all sections of the country, except in a small area from the Lake
region eastward and at a few points in the South and Southwest.
In most of New England, New York and Michigan the weekly mean
temperatures were from 20 to as much as 90 below normal, and there
were subnormal values of from 10 to 20 in southern Alabama, southwestern Arizona, southwestern Utah, and the interior of northern
California. In practically all other sections the week was from 3°
to as much as 170 warmer than normal, the greatest plus departures
appearing in the North-Central and Northwestern States. This makes
the fourth consecutive week with temperatures much above normal in
the area between the Mississippi River and Lake region and the
Rocky Mountains.
The first part of the week had considerable storm activity. A 51e"
pression that was central over the western Plateau at the beginning
moved southeastward to the low Great Plains and thence eastward to
the Atlantic Coast States by the morning of the 19th, where it appeared
as a storm of wide extent, and was attended by rain or snow over
most of the trans-Rocky Mountain States, and also in practically, all
sections east of the Rockies, except some central-northern districts.
Rainfall was heavy in much of the Southeast, with local reports of
as much as 5.0 inches in 48 hours. During the latter part of the
week precipitation was more of a local character, though light snow
had overspread considerable of the middle Atlantic and Appalachian
areas at the close.
Chart II shows that the total precipitation for the week was
moderate to rather heavy quite generally east of the Mississippi Elver
FEB. 271926.]
THE CHRONICLE
and also in the lower Missouri Valley. The heaviest falls were in
the Southeast where some stations reported from 2.0 to more than
5.0 inches. There was also widespread and, in most sections, substantial precipitation in Central-Northern States west of the Rocky
Mountains. OVer the northern Great Plains and the Southwest there
was very little, especially from western Texas westward where most
stations reported no rain during the week. There was considerable
cloudy weather from the Mississippi Valley eastward, but much
sunshine in the Southwest, including nearly all of California.
The mild, pleasant weather during much of the week over nearly
all of the country favored seasonal outdoor operations, but further
rain and wet soil caused interruption over considerable areas, especially from the Ohio Valley eastward and southward. There was
some plowing for corn and cotton in a few sections of the eastern
Cotton Belt, mostly in Mississippi, Florida, and South Carolina, but
in the other States progress was generally slow. Cereal crops, grass
and early-planted gardens advanced favorably in the Southeast, and
there were some further plantings of gardens and truck crops.
In that portion of the Cotton Belt west of the Mississippi River
the week, in general, was favorable and the preparation of much land
was accomplished. Some corn and truck were planted in eastern
Texas and in Louisiana, and some cotton was put out in southern
Texas. Cereals and grass made generally good progress in this area,
but more moisture is needed in a few sections, principally in northern
and western Texas and northwestern Oklahoma. The warm weather
has prematurely advanced fruit buds, with some early varieties about
ready to open as far north as southern Arkansas.
Because of further rain or snow, conditions were unfavorable for
field work from the lower Missouri 'Valley eastward, and there remains
a fairly heavy covering of snow in the Lake region and Northeastern
States. Over the central and northern Great Plains the springlike
weather and absence of severe storms were favorable for grazing interests, and the rain and snow in the central Plains were very beneficial for winter grain crops, particularly in Kansas and southern
Nebraska. Precipitation was helpful also in the western Plateau
region, and the mild weather favored the livestock industry quite
generally from the Rocky Mountains westward. The season is
unusually advanced in the Pacific Northwest.
SMALL GRAINS.—In Ohio, Pennsylvania, Michigan and Wisconsin
winter grains were mostly well protected and
generally in fair to
good condition. In Indiana, Kentucky and are
Tennessee early-seeded
wheat is generally good and making some progress but that sown late
is mostly poor. The condition of wheat is still uncertain in Illinois,
but the crop has been benefited by snow and rain in Iowa, thought
there are some reports of prior smothering in the latter State. In
Nebraska and Kansas wheat has been benefited by rain and melting
snow; it is stooling in the central counties of Kansas. Wheat is
generally good to excellent in Arkansas, Oklahoma and Texas, except
that rain is needed in the western portions of the latter States.
Seeding oats is making good progress in the Southwest, but has been
delayed in Georgia and is progressing slowly in Alabama. Conditions
are favorable for winter grains in the far Northwest.
The Weather Bureau also furnishes the following resume of conditions in the different States:
Virginia.—Richmond: Temperature considerably above normal most
of week; rainfall moderate. Too wet for plowing in most sections,
but some preparation of ground for tobacco beds and early potatoes
on eastern shore. Week favorable for winter grains, but warm
weather generally unfavorable for early fruit.
North Carolina.—Raleigh: Weather mild; rains middle of
generally favorable, except making soil too wet to plow in some week
,
sections and delaying potato planting in east. Beets and carrots planted;
cabbage and lettuce in good condition. Wheat and rye looking good;
oats fair.
South Carolina.—Columbia: Considerable rain early in week and
ample soil moisture. Winter cereals, truck, and gardens about normal
development. Potatoes, beets, peas, and carrots being planted, and
cabbage and lettuce on coast doing well. Considerable spring plowing;
stray peach and plum blooms central •and south.
Georgia.—Atlanta: Farm work interrupted by
heavy
rains; soil too wet to plow. Marked rise in streamsgeneral andflooding
with some
of lowlands in south. Week mostly warm, but colder on 20th with
heavy frosts to southern border. Cereal crops and pastures made good
growth. Planting spring oats delayed. Some tobacco
and early-planted potatoes coming up in southern portion. beds seeded
Florida.—Jacksonville: Although land is still cold and
and unfavorable for quick germination, the week as a much is wet
whole, was
favorable, except in west where washing rains on several days delayed
work. Oats fair to good. Berries and truck improved. Planting corn
melons on peninsula advanced; some progress made in
and
west.
Bedding sweet potatoes and cane planting finished in
Groves good condition; much fruit still to be shipped. some districts.
Alabama—Montgomery: Temperature averaged much
above, though
near freezing to coast on 20th; general, locally heavy rains on 17th
and 18th. Wet soil somewhat retarded farm work, though preparation
of cotton land made good progress in some sections of south. Planting
gardens, truck, potatoes, and spring oats generally progressed slowly.
Pastures reviving slowly in scattered areas. Peach and plum trees
budding and blossoming in south and central portions;
uninjured by
recent freeze.
Mississinn.—Vicksburg: Moderate rains in north and moderate to
heavy in south; sharp fall in temperature Friday and Saturday with
little resultant damage. Pastures and truck fair to good progress.
Farm operations fair progress.
Louisiana.—New Orleans: Rains at beginning of week
delayed farm
work, but plowing resumed latter half and work well
Some
corn being planted in south. Spring truck plantingadvanced. winter
general;
harvested and shipped. Strawberry plants
truck being
in excellent
condition.
Texas.—Houston: Plowing made excellent progress.
Some corn
and truck planting in eastern half; spring oat seeding continued.
Cotton planting started in extreme south. Progress and condition of
wheat, oats, and pastures good to very good, but
north and west. Fruit buds prematurely advancedneeding rain in
in north and
west.
Oklahoma.—Oklahoma City: Mostly warm, clear, and
favorable for
farm activities; light to moderate precipitation in north and east,
but little or none in southwest. Preparation of ground for spring
planting well advanced. Seeding oats progressed rapidly; planting
potatoes begun. Winter grains good to excellent, except fair to poor
in extreme northwest portion where needing rain badly.
Arkansas.—Little Rock: Work progressed rapidly, except
middle of
week when delayed hy snow and frozen ground in north, and wet
soil due to heavy rains; elsewhere much plowing. Considerable oats
planting potatoes and early gardens. Wheat, winter oats,
sown;
rye,
meadows, and pastures good. Fruit buds swelling, except in extreme
north; nearly open in south.
Tennessee.—Nashville: Variable temperatures with some
heavy
frosts, each followed by rapid thermal rise, bringing prevailing temperatures well above normal; about equal number of clear and cloudy
days with snow and rains during middle of week. Early wheat made
considerable Progress; later not so good. Oats in some sections winterkilled. Pastures dry and fruit trees dormant. Some plowing and
planting.
Kentucky.—Louisville: Temperatures moderate to warm. Wheat,
ye, and pastures beginning to grow; early wheat looks well, but late
tither poor. Heavy precipitation and saturated soil prevented plowing. Favorable for handling tobacco; deliveries being completed
rapidly.
;
1201
THE DRY GOODS TRADE.
Friday Night, Feb. 26 1926.
With the exception of silks, conditions in the markets for
textiles remained about unchanged during the past week.
Undoubtedly the most interesting development was the
appearance of easiness in certain silk prices. Heretofore
silks have been the outstanding prosperous fabrics. The
easing was believed due to the fact that certain prints had
been produced in excess of actual consumptive requirements. Thus, some in the trade were liquidating their
surplus holdings, while others did not care to accumulate.
ahead of demand. Incidentally raw silk eased off, owing
to a decline in Japanese exchange. In the woolen division,
the American Woolen Co. opened their men's wear fancy
woolen and worsted suitings for fall. This completed
their offerings of heavy weight goods. Prices showed an
average decline of 11.4% compared with last year. Although the lines were conceded to be at attractive levels
and in line with buyers' expectations, incoming orders were
disappointing. In regard to burlaps, prices continued their
decline, following advices that Calcutta mills were unable
to agree on a curtailment plan to work off accumulated surplus stocks. It was expected that the mills will resume
their four-day-a-week working schedules. On the other
hand, contrasting with the conditions presented in the
above-mentioned section, rayons displayed stability of
prices, operations and consumption. During the week the
Viscose Co., the largest producer, opened their books for
second quarter deliveries at prices unchanged from the
first quarter. Other large producers also accepted orders
for delivery up to July 1 at the same basis. Despite rumors
of price cutting and adverse conditions in the industry, domestic producers reported that business was continuing
satisfactorily, that mill activity was maintaining an even
keel, and that there was no let-up in consumption or decline in prices in sight.
DOMESTIC COTTON GOODS: The character of buying in the domestic cotton goods market showed little or
no change during the week. To sum up, orders have continued to be confined to small lots, covering immediate
needs. And, although repeat orders have been frequent, it
was not believed that sales totaled as large a volume as during the previous week. As to prices, these showed a somewhat irregular trend. For example, while concessions were
available on certain items, particularly goods in the gray,
a number of finished goods, for instance, rayon mixtures
which have been selling well, commanded full prices, and
in some cases a small premium for prompt delivery. One of
the bright spots of the week was the growing popularity of
smocks for general use. As a result, cutters-up all over the
country purchased liberal quantities of various kinds of
fabrics used in their manufacture. Ginghams figured
largely in these calls. The improvement in demand for the
latter has virtually cleared up all the left-over stocks from
last year. Thus, much of the recent pessimism in this section has been removed. While nothing much has been said
concerning the new fall lines, it was considered probable
that at least one of the leading producers would tentatively
show their goods within the next fortnight. Printers have
likewise been doing a steady business, with sales of percales
and other novelty prints which come under the heading of
wash goods, totaling satisfactorily. A large business was
received in sheetings, particularly in the light and medium
weights. Print cloths, 28-inch, 64 x 64's construction, are
quoted at 6%c., and 27-inch, 64 x 60's, at 5%c. Gray goods
-inch, 68 x 72's construction, are quoted at 10c., and
in the 39
39-inch, 80 x 80's, at 13c.
WOOLEN GOODS: Last Monday the American Woolen
Co. opened its men's wear fancy woolen and worsted suitings for fall. Prices, which were comparatively on the
same basis as those named several weeks ago for heavy
weight staples and overcoatings, showed an average decline
of 11.4% from those of a year ago. This was about in line
with buyers' expectations and was considered a bid for business. However, the bid was not successful, as forward
orders were said to be below par with no change in sight in
the character of close buying. It was admitted that buyers
were operating cautiously and were displaying reluctance
to commit themselves on more than an average of 25% of
their probable requirements. Many independents followed
the showing with their lines and others will probably do
likewise during the next two or three weeks.
FOREIGN DRY GOODS: Total sales in the markets for
linens continued of satisfactory proportions. A better volume of orders was received on a number of lines and on a
more profitable basis. It was noticeable that buyers were
less inclined to haggle over prices asked. For instance,
damasks in fine, medium and cheap grades found ,a ready
market. Likewise a good business was received on household linens. A large number of repeat orders were booked
for knicker and suiting linens. On the other hand, the
volume of dress linen stocks has not been reduced sufficiently to bring this section entirely out of its difficulties.
Burlaps ruled easy. Upon receipt of advices that mills were
unable to agree upon a curtailment program, buyers were
unwilling to operate. Light weights are quoted at 7.207.25c., and heavies at 10.10-10.15c.
THE CHRONICLE
1202
jtate anti Titg glevartuxent
[VOL. 122.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
AKRON, Summit County, Ohio.
-On Feb. 23 the
-BOND SALE.
following four issues of coupon or registered bonds. aggregating $1,650,000
offered on that date (V. 122. p. 642) were awarded to the Title Guarantee
ez Trust Co. of Cincinnati, Lehman Bros., Kean, Taylor & Co. and W.A.
-State Harriman & Co. at 101.41, a basis of about 4.44%:
East St. Louis Levee and Sanitary District, Ill.
water
-The Illinois $500,000 434%to 1951works impt. bonds. Due $20,000 yearly from Oct. 1
Supreme Court Holds Bond Issue Illegal.
1927
incl.
on Feb. 19 affirmed a decision made last 150,000 4%% sewage disposal bonds. Due $6,000 yearly from Oct.1 1927
Supreme Court
to 1951 incl.
Crow of the Circuit Court of St. Clair 300,000 4)4% street impt. bonds. Due $30,000 yearly from Oct. 1 1927
spring by Judge
to 1936 Ind.
County, holding that this district may not proceed with
each six months as
plans for the completion of what is known as Project 12, 700,000 4N % trunk sewers bonds. Due1936 incl.; and $18,000follows:
March
$17,000 March 1 1927 to Sept. 1
let in 1920, as the district is declared to be
1 1937 to Sept. 1 1946 incl.
under contracts
Dated April 1 1926. Other bidders were:
the limit specified by law. We quote the
indebted beyond
BiddersRate Bid.
following from the St. Louis "Globe-Democrat" of Feb. 19 Halsey, Stuart & Co.; Wm.R.Compton Co.;and Stevenson,Peru.
Stacy & Co
101.315
the matter:
with regard to
Harris, Forbes & Co.; National City Co.; Curtis & Sanger and
The East Side Levee and Sanitary District may not proceed with plans
Hayden,
101.097
in 1920, the Illinois Prudden & Mffler&Co
for the completion of Project 12, under contracts let
Co
101.083
Supreme Court ruled yesterday in a decision which affirmed the effect A. B. Leach & Co.; Illinois Merchants Trust Co.; Second Ward
spring by Judge Crow of the Circuit Court of St. Clair
of a ruling last
Securities Co.; Watling, Lerchen & Co.; and Minnesota Loan &
County.
Trust Co
100.893
While reversing Judge Crow's decision in part, the court held that the Bankers Trust Co.; Estabrook & Co.: Detroit Co.: Hannahs, Bailin
district did not permit the total additional inlegal indebtedness of the
& Lee,and Tillotson & Wolcott Co
100.709
debtedness required under the contracts, and that, therefore, $331,152 Eldredge & Co
100.34
was paid out in excess of the highest possible legal indebtedness.
AKRON, Summit County, Ohio.
-Sealed bids
-BOND OFFERING.
Long Litigation.
will be received until 12 m. Mar. 15 by B. J. Hill, Director of Finance, for
A year and a half of litigation initiated by taxpayers is ended by the $750.000
% sewage disposal bonds. Denom. $1.000. Dated Apr. 1
decision, which forbids completion of the $8,000,000 "Baby Panama" 1926. Prin. and semi-ann. int. (A. & 0.) payable at the National -Park
canal at the foot of the bluffs under contracts let by the 1920 Bank, New York. Due $30,000 Oct. 1 1927 to 1951 incl. Certified check
drainage
is contingent for 2% of the amount of bonds
Levee Board. Whether or not the project is completed
bid for, payable to the
of Finance,
upon whether or not the present Levee Board acts to let new contracts for required. Bids to be made subject to the approval Director attorney;
finishing the work. This board was elected on a platform opposed to approving opinion to be paid for by the purchaser. of bidders'
completing the project and did not join with the East Side Construction
Co. in the appeal of Judge Crow's decision to the Supreme Court.
ALBUQUERQUE, Bernalillo County, N.
ELECTION.
"We have no immediate plans for undertaking further work on Project -An election will be held on April 6 for theMex.-BOND
purpose of voting on_the
12," John D. Johns, President of the Levee Board, said last night, "al- question of issuing the following bonds, aggregating $405,099;
undebtedness now would permit us to let contracts
though the limit of our
bonds.
$30,000 sewer bonds.
for its completion. The board's financial condition is much improved. $100,000 reservoirwater works
185.000 sewer &
bonds. 25,000 fire station bonds.
A large number of bonds were retired last year, and the tax rate for the
40,000 park bonds.
25,000 street improvement bonds.
district was reduced 12 cents."
--=q1
A total expenditure of $900,000 was involved in the contracts declared
ALICE,Jim Wells County,Tex.
-BOND OFFERING.-117ntll 7.30 p.m.
the Supreme Court, according to P. K. Johnson, who repreillegal by
sented J. C. Wade and other taxpayers in the case. "Of this amount Mar. 3 sealed bids will be received by P. S. Anderson, City Clerk, for
% sewer bonds. Due $1,500, 1935 to 1964 incl. Prin. and
$518.836 had been spent, notwithstanding the fact that the limit of the $50,000
semi-ann. int. payable in New York City. A certified check for 2% of
district's legal indebtedness was $187,684."
bid payable to Mayor F. W. Hobbs, is required.
Effect of Decision.
Financial Statement.
Rudolph Kramer, who represented the East Side Construction Co.,
this issue and $62,500 refunding and
appellants before the Supreme Court, said the effect of the decision as to the Total bonded debt (incl.
$50,000 street impt. bonds voted at the election on Jan. 21)-- $181.500
canal was the same as the decision of Judge
completion of the drainage
Assessed valuation
1,256,395
Crow of the Circuit Court.
3,000,000
The Supreme Court found the district's Indebtedness was $1,842,184 93, Actual value (estimated)
the taxable
and the legal limit of indebtedness, based on 5% of the value of
AMARILLO INDEPENDENT SCHOOL DISTRICT, Potter County,
property in the district at $2.029,869 16.
-BOND ELECTIOA.-An election will be held on Mar.9 for the pur"The difference between these two items," the court said, "is $187,- Tex.
bonds.
864 23, which is the sum for which the district could legally have con- pose of voting on the question of issuing $240,000 school building
tracted additional indebtedness.
AMSTERDAM VILLAGE SCHOOL DISTRICT (P. 0. Amsterdam)
in the decree, showing the Indebtedness
"A revision of the figures given
-BOND SALE.
-On Feb. 19 the $60,000 5%
of the district and the limit of additional indebtedness permissible at the Jefferson County, Ohio.
time of the execution of the two improvement contracts in project 12, non-fireproof schoolhouse bonds offered on that date (V. 122, p 776) were
should be made, although these alterations do not materially affect the awarded. to W. L. Slayton & Co. of Toledo at a premium of V798. equal to
result; otherwise the decree of the Circuit Court is affirmed. The decree 101.33, a basis of about 4.79%. Dated Jan. 11926. Due $2,000 each six
is reversed in part and the cause remanded to the Circuit Court with in- months from Mar. 1 1927 to Sept. 1 1941,inclusive. Other bidders were:
Premium.
Bidderstructions to revise the decree in accordance with the views herein ex$604 00
Ryan, Sutherland & Co., Toledo
pressed."
760 50
First Citizens Corp., Columbus
667 00
The Herrick Co., Cleveland
-$15,000 Bonds Hanchett Bond Co. Inc., Chicago
German Consolidated Municipal Loan.
777 00
792 00
-On Tuesday, Feb. 23,a syndicate composed Otis & Co., Cleveland
Offered in U. S.
760 00
Ohio State Teachers' Retirement Fund, Columbus
of Harris, Forbes & Co., Lee Higginson & Co., Guaranty Co. Guardian Trust Co., Cleveland
534 00
237 77
of New York, E. H. Rollins & Sons and the Equitable Trust W. K. Terry & Co., Toledo
531 00
Co. of New York, all of New York, offered and quickly sold Durfee, Niles & Co., Toledo
330 00
Branchett Thronbough Brownman, Toledo
485 00
(books having closed shortly after 10 a. m.) at 94.75 and Well, Roth & Irving Co., Cincinnati
426 00
accrued interest, to yield 73/2%, $15,000,000 7% sinking Breed, Elliott &&Harrison, Cincinnati
480 00
Trust Co., Cincinnati
Title Guarantee
557 41)
fund secured gold bonds, denominated "German Consoli- Stranahan, Harris & Oatis, Inc., Toledo
531 00
Co., Toledo
Spitzer,
dated Municipal Loan." Dated Feb. 1 1926. Bonds are N. S. Rorick &Cincinnati
501 00
& Co.,
coupon bonds (registerable as to principal only). Denom. Seasongood & Mayer, Cincinnati
733 00
156 00
$1,000. Due Feb. 11947. Prin. and int. F. & A. payable Braun, Bosworth &Co., Toledo
NEWS ITEMS
at Harris, Forbes (St Co., New York, or at the option of the
holder at the Harris Trust & Savings Bank, Chicago, in
United States gold coin. The trust agreement will provide
for progressively increasing annual sinking fund payments
commencing No. 15 1927, calculated to retire all bonds of
this issue by maturity. Not callable except for sinking fund
prior to Feb. 1 1931. Callable for sinking fund at 100
and int. but only on Feb. 1 1928, or any int. date thereafter.
Callable as a whole or in part on six weeks' notice on Feb. 1
1931, or on any int. date thereafter through Aug. 1 1935,
at 102 and int. and thereafter on any int. date prior to
maturity at 100 and int. Reichskredit Gesellschaft Aktiengesellschaft, Berlin, Germany, Trustee, and Harris Trust &
Savings Bank, Chicago, co-trustee. Further information
regarding this loan may be found in our "Department of
Current Events and Discussions," on a preceding page.
-$15,000,000 Parks Bill Passed by
New York (State of).
-On Feb. 24
Assembly-Now Goes Before Governor Smith.
the Assembly passed, with only one dissenting vote, the
Thayer bill, which provides for the use of all of the $15,000,000 park bond issue for the improvement of State parks and
parkways. The Senate passes a similar measure on Monday
and the bill is now before Governor Smith for his signature.
Under the measure adopted a committee, composed of the
Governor and the Republican Chairman of the Fiscal Committees of the Legislature, will have supervision over the
expenditure of the $15,000,000, although the State Council
of Parks will actually spend the money.
With the passage of the Thayer bill by the Assembly on
Wednesday the fight between the Governor and the Repub-who insisted that the State Land Board should
lican leaders
have supervision and control over the park authorities
and their program in the matter of making all purchases
of lands and in condemnations and appropriations, and
which resulted last year in a special session of the Legislature,
at which time the bill was vetoed (V. 121, p. 103) was
brought to a close.
ANTLERS SCHOOL DISTRICT (P. 0. Antlers), Pushmataha
-Calvert & Canfield of Oklahoma City
-BOND SALE.
County, Okla.
purchased on Sept. 1 an Issue of $29,633 6% school bonds at par. Date
Oct. 15 1925. Denom. $1,000, except 1 for $633. Due Oct. 15 1945.
Interest payable A. & 0. 15.
ARAPAHOE COUNTYS CHOOL DISTRICT NO.1(P.O.Englewood),
-An election will be held on March 23 for the
-BOND ELECTION.
Colo.
.
purpose of voting on the question of issuing $85.000 school bonds
These are the bonds purchased by Gray. Emery, Vasconcells & Co._of
Denver, subject to their being voi..W at this election.
-V. 122, p. 776.
ARMADA, Macomb County, Mich.
-BONDS DEFEATED.
-At a
recent election the proposition to issue $125,000 new high school bonds,
submitted to a vote of the people, met with defeat, by a vote of 106for to
165 against.
ATTLEBORO, Bristol County, Mass.
-Sealed
-BONDS OFFERED.
bids were received until 11 a. m. Feb. 26 by Alberta F. Remington, City
.
Treasurer, for $55,000 4% "Water Loan Act of 1925 bonds.' Denom.
$1,000. Prin. and semi-ann. int. (J. & D.) payable at the First National
Bank, Boston. Due on Dec. 1 as follows: $4,000, 1926 to 1935 incl. and
$3,000, 1936 to 1940 incl. Bonds are engraved under the supervision of
and certified as to genuineness by the First National Bank of Boston; their
legality will be approved by Storey, Thorndike, Palmer & Dodge, whose
opinion will be furnished the purchaser. All legal papers incident to this
issue will be filed with the above bank, where they may be inspected at
any time. Bonds will be delivered to the purchaser on or about March 3
1926 at theFirst National Bank, Boston,
Financial Statement Jan. 1 1926.
Net valuation for year 1925
$22,895,325 19
Average net valuation for years 1923. 1924, 1925
22,776,069 30
Debt limit 234% of average valuation
569,401 74
Total gross debt, including this issue
1,267,250 00
Exempted Debt,
Water bonds, Including this issue
$429,000 00
Sewer bonds
253,000 00
A. B. C. Street railway bonds and notes_ __
6,750 00
Norton, Taunton & Attleboro Street Railway
bonds and notes
22,000 00
Bristol County Tuberculosis Hospital bonds
25,000 00
910,750 00
So. Attleboro school house
175,000 00
Net debt
Borrowing capacity
$212,901 74
Sinking funds for debts outside debt limit
-water
Sewer
$356,500 00
$146,010 32
126.710 27
.-On
ATLANTIC CITY, Atlantic County, N. J.
-BOND SALE
Feb. 25 the following four issues of coupon (with privilege of registration as
to principal only or as to both principal and interest) bonds offered on that
date V. 122, p. 1054) were awarded to a syndicate composed of the Chase
Securities Corp., B.J. Van Ingen & Co., H.L. Allen & Co.and Batchelder,
FEB. 271926.]
THE CHRONICLE
Wack & Co., all of New York,and Outwater & Wells of Jersey City, paying
61,333.671 78 for $1,315,000 ($1,333,000 offered), equal to 101.419, a basis
of about 4.00%.
s738,000 general impt. bonds. Due on March 1 as follows: 622,000,
1927
to 1935, incl.: 821.000, 1936 to 1939; 829.000. 1940 to 1953;
$22,000. 1954 and 1955, and 66.000. 1956.
250.000 water bonds. Due on March 1 as follows: $6.000. 1927 to 1953,
incl.. and 88.000. 1954 to 1964, incl.
250,000 school bonds. Due on March 1 as follows: $10,000, 1927
to
1942, incl., and 615.000, 1943 to 1948. incl.
95,000 city impt. bonds. Due on March 1 as follows: $7,000, 1927 to
1935. incl., and $8,000, 1936 to 1939, incl.
Dated March 1, 1926.
1203
CAREY RURAL SEPARATE SCHOOL DISTRICT (P. 0. Carey),
Sharkey County, Miss.
-BOND OFFERING.-E.L.
Board of Trustees, will receive sealed bids until 12 WeLssinger, President
m. to-day (Feb. 27)
for $25.000 6% school bonds.
CASS SCHOOL DISTRICT NO.5(P.O.Cass City),Tuscola County,
Mich.
-BONDS VOTED.
-At an election held recently the voters
the issuance of $175,000 new school building bonds by a vote ofauthorized
288 for to
100 against.
CENTRAL CITY SCHOOL DISTRICT, Merrill County, Neb.BOND SALE.
-The $100,000 grade school building bonds offered on
Feb. 17-V. 122. p. 777
-were awarded to the Peters Trust
Omaha
as 4;is, at a premium of $1,240, equal to 101.24. DateCo., of1 1926.
BELOIT UNION SCHOOL DISTRICT No. 2, Rock County,
Mar.
Wis.BOND OFFERING.
-J. F. Cameron, Business Manager will receive sealed Denom. 61.000. Due serially 1932 to 1952 mud. Int. payable J. & J.
bids until 8 p. m. Mar. 1 for $80,_000
CENTRALIA TOWNSHIP SCHOOL DISTRICT (P. 0. Centralia),
Feb. 1 1926. Denom. $1,000. Due 434% coupon school bonds. Date
85.000 1927 to
1932 to 1934 incl.; $10.000. 1936 to 1938 incl.; and 1930 incl; 65.000, Marion County, Ill. -BOND OFFERING.
-Sealed bids will be received
615,000. 1939. A until May 15 by the Clerk Board of Education
certified check for 8100 is required. Successful
for $135.000 not exceeding
bidder will be required to 5% school erection bonds. Denom.
furnish the printed form of bonds ready for
$1,000. Date June 1 1926. Prin.
signatures.
and semi-ann. int. (J. & D.) payable in Chicago. Due June 1 1946.
Certified check for 5% of bid required. Legality approved by Chapman,
BENTON COUNTY P. 0. Kentland)
-BOND SALE.
-On Cutler & Parker of Chicago.
Feb. 20 the $3,300 434% coupon highway , Ind.
122. p.915) were awarded to B. C. Neary bonds offered on that date
CHARLOT
4, equal to 101.33, a basis of about 4.23%.of Goodland at a premium of
Dated Feb. 15 1926. Due Gorda), Fla. TE COUNTY SCHOOL DISTRICT No. 2 (P. 0. Punta
65 May and Nov. 15 1927 to 1936 incl.
-BOND OFFERING.
-W.E. Bell, Superintendent Board of
•
Public Instruction, will receive sealed bids until March 15 for $200,000
6% school bonds. Date Jan. 1 1926. Due 58,000, 1927 to 1951 incl.
BIRMINGHAM,Oakland County,
Mich.
-BOND SALE.
-On Feb. 23
the following two issues of 5% coupon
water-works bonds. aggregating
CHESAPEAKE RURAL SCHOOL DISTRICT (P. 0. Chesapeake),
699.700. offered on that date (V. 122,
P. 1054) were awarded to the Fidelity Lawrence County, Ohio.
Trust Co. of Detroit at 102.42, a
-BOND ELECTION.
-An election will be held
basis of about 4.78%;
on March 16 for the purpose of voting on the question of issuing $20.000
$68,200 new well bonds. Due on
Jan. 1
1928 to 1943 incl.: $3.000 1944 as follows: 82,200, 1927: 62.000. fireproof school-house bonds.
to 1953 incl.; and $2,000, 1954
amd 1955.
CHULA VISTA UNION SCHOOL DISTRICT, San Diego County,
31,500 elevated tank bonds. Due
on
-BONDS VOTED.
-At a recent election the voters authorized the
V .000. 1928 to 1944 lad.; and Jan. 1 as follows: $500. 1927: Calif.
$2,000, 1945 to 1951 incl.
issuance of $25,000 school building bonds.
Date Jan. 1 1926.
F1.
BOSTON,Suffolk
-On Feb.26
the National Bank of County,Mass.-TLMPORARY LOAN.
Boston
3.89% discount basis, plus a purchased a $3,000,000 temporary loan on
premium of $52. Dated Mar. 1 1926. Due
Oct. 5 1926.
BOULDER, Boulder
-BOND SALE.
-Henry Wilcox &
Son of Denver recently County, Colo.
purchased an issue of $125,000 43% refunding
water bonds at a premium of
81.500, equal to 101.20.
BOWLING GREEN, Wood
-BOND SALE.
-On
Jan. 12 the following six issues of County, Ohio.
offered on that date (V. 122, p. 5% coupon bonds, aggregating 862,200,
of Toledo at a premium of $858 241) were awarded to W.L. Slayton & Co.
50, equal to 101.38. a basis of about 4.73%:
$10.000 Paving and sewer (City's
portion) bonds. Denom. $1,000. Date
Dec. 1, 1925. Due $1,000
5,200 Hixon St. impt. bonds. yearly from Sept. 1 1927 to 1936 incl.
Denom. 8500. Dated Dec. 1 1925.
Due $520 yearly from Sept.
7,350 Haskins St. impt. bonds. 1 1927 to 1936 incl.
Denom. $735. Date Feb. 3, 1926.
Due 8735 yearly from Sept. 1
1927 to 1936 incl.
18,300 South Summit St. impt. bonds.
Date Dec. 11925. Due each six Denom.$1,000 except 1 for $300.
and $1,000. Sept. 1 1927; and months as follows: noo,Mar.1:
81,000, Mar. 1 and Sept. 1 1928
to Mar. 1,1936 incl.
18,700 East Wooster St. impt. bonds.
Denom. $1,000, except 1 for
8700. Dated Dec. 1 1925. Due each six
months as follows: $700,
Mar. 1; and $1,000. Sept.
$1.000, Mar. 1 and Sept. 1 1, 1927; and $1,000, Sept. 1 1927: and
2,650 East Wooster St. sanitary1928 to Mar. 1 1936 incl.
sewer bonds. Denom. $265. Date
Dec. 11625. Due $265 yearly from
Sept. 1 1927 to 1936 incl.
BRADENTON, Manatee County,
Fla.
-BOND OFFERING.
Rine, City Clerk, will receive
-L. L.
8% water front improvementsealed bids until 2 p. m. Mar. 23 for $265,000
follows: $50,000 In 1936 and bonds. Dated Jan. 2 1926. Due Jan. 2 as
1941
Prin. and semi-ann. int. payable and 955.000 in 1946, 1951 and 1956.
N. Y. City. A certified check for at the National Bank of Commerce,
815,000 payable to George B. Wallace,
Mayor, is required.
CINCINNATI SCHOOL DISTRICT, Hamilton County, Ohio.
NOTE SALE.
-On Feb. 23 the $86.000 434% school notes offered on that
date (V. 122. p. 915) were awarded to the Illinois Merchants Trust Co. of
Chicago at a premium of $18, equal to 100.02-a basis of about 4.38%.
Dated March 1 1926. Due June 1 1926.
CLAREMONT,Brown County,So. Dak.-BONDS OFFERED.
-B. W.
Lloyd, Town Clerk received sealed bids until 12 in. Feb. 25 for $8,000 6%
electric light bonds.
CLAY COUNTY DRAINAGE DISTRICT No. 5 (P. 0. Spencer),
Iowa.
-BOND OFFERING.
-H. E. Pitcher, County Treasurer will receive sealed bids until 3 p. in. Mar. 1. for $17,000 drainage bonds. Date
Mar. 1 1926. Due serially 1930 to 1936 incl.
CLAYTON SCHOOL DISTRICT, Rabun County, Ga.-BONDS
VOTED.
-At an election held recently, the voters authorized the issuance
of $25,000 school bonds.
CLEAR LAKE INDEPENDENT SCHOOL DISTRICT, Cerro Gordo
County, Iowa.
-BOND ELECTION.
-An election will be held on Mar. 1
for the purpose of voting on the question of issuing 850,000 school bonds.
CLINTON COUNTY (P. 0. St. Johns), Mich.
-BOND OFFERING.
Sealed bids will be received until 1 P. m. Mar. 2 by W. G. Conklin, Chairman Board of County Road Commissioners, for 837,000 not exceeding 6%
Assessment District Road No. 19 bonds. Due in 1 to
5 years. Certified
check for 1% of bid, required.
COCOA BEACH (P. 0. Cocoa), Brevard County, Fla.-730ND NOT
SOLD.
-The $300,000 6% town bonds offered on Jan. 20-V. 122. P. 375
have not as year been sold.
COPAKE FIRE DISTRICT (P. 0. Copake), Columbia County,
-BOND OFFERING.
N. Y.
-Sealed bids will be received until 2
in.
(to-day), Feb. 27. by Stepnen A. McIntyre, Clerk Board of Fire p•
Commissioners, for 81,200 6% coupon fire bonds. Date Mar. 3 1926. Prin.
semi-ann. int. (M. & S.) payable at the Hudson River Trust Co.,
and
BRADENTON, Manatee County, Fla.
-The $169.000 Hudson. Due Mar.3 1927 to 1930. Certified check for 2% of the amount
536% coupon special assessment paving -BOND SALE.
p.642
-were awarded to the Hanchett bonds offered on Feb. 23-V. 122, bid, payable to Albert C. Bristol. City Treasurer, required.
Bond Co. of Chicago and Provident
Savings Bank & Trust Co. of
CORINTH, Alcorn County, Miss.
6.17%. Date Feb. 11926. Cincinnati, Jointly, at 95.07. a basis of about
-BOND SALE.
-A. K. Tigrett &
Due Feb.
furnish blank bonds and legal opinion. 1 1936. Purchaser also agreed to Co., of Memphis. have purchased an issue of $120.000 534% street improvement bonds. Date March 1 1926. Due serially 1927 to 1936 incl.
BREITUNG TOWNSHIP
CORNING INDEPENDENT SCHOOL DISTRICT, Adams County
tain), Dickinson County, SCHOOL DISTRICT (P. 0, Iron Moun-BOND OFFERING.
-BOND DESCRIPTION.
be received until Mar. 2 hyMich.
-Sealed bids will Iowa.
-The 6160.000 school bonds purchased
Roth,
5600,000 534% school bonds.J.Date Secretary Board of Education, for by the lea a National Bank of Des Moines at 100.21-V. 122. p. 1055
Mar. 1 1926. Due in 1 to 25 years. bear interest at the rate of 434% ana are described as follows: Date March
I 1926. Denom. $1,000. Due serially, 1932 to 1946, incl. Legality
BURKE COUNTY,(P. 0.
Waynesboro), Ga.-BOND OFFERING.
Joseph Saw. Clerk Board of County
- "V'redbaVhtinal(SParker of Chicago.
Vnowantatte Ballard,iatt Co. of Des Moines and Wheelock
Commissioners, will receive sealed bids
until 12 m. Mar. 9, for $100,000 4;4
ones
1926. Denom. $1.000. Due Jan. % coupon road bonds. Dated Jan. 1 & Co. of Davenport were in joint account with the above named firm.
11935. Prin. and int. (J. & D.) payable at the National Bank of
Commerce, New York City. A certified
Finarcial Statement.
check for $1,000 is required.
Total assessed value of all property, excl. of moneys and credits_ 31.782,940
Moneys and crec.its
CALLOWAY COUNTY (P.
1.677,407
Northern Trust Co. of Chicago 0. Murray), Ky.-BOND SALE -The
road bonds. Due serially 1931 tohas purchased an issue of 5150.000 5%
$3.460.347
1956 incl.
Total bonded indebtedness including this issue
160,000
CAMBRIDGE, Middlesex
Population, 2,178.
-LOAN OFFERED.
bids were received until 12 in.County Mass.
-Sealed
for the purchase on a discountFeb. 26'by Henry F. Gehan, City Treasurer,
CORNING INDEPENDENT SCHOOL DISTRICT, Adams County,
basis of a $250,000 temporary loan issued in
anticipation of revenue for the
Iowa.
-BOND SALE CORRECTION.
-The 6160.000 school bonds offered
year 1926. Notes will be dated Mar.
1926 and payable Sept. 29
1
-were awarded to the Iowa National Bank of
or at the Chase National 1926 at the National Shawmut Bank of Boston, on Feb. 13-V. 122, p. 778
Des Moines as 4545 at a premium of 83040, equal to 101.90.
Bank, New York, at the option of the
and will be ready for delivery
holder.
The above corrects the report given in V. 122, p. 1055.
on
tified as to the genuineness of theor about Mar. 1 1926. Notes will be cersignatures thereon by the National Shawmut Bank, Boston. Legality
CROSBY, Divide County, No. Dak.-BOND ELECTION.
-An
approved by Ropes, Gray, Boyden & Perkins of Boston. All legal
papers incident to the issue will be filed with the election will be held on Apr. 5 for the purpose of voting on the question of
National Shawmut Bank of Boston,
where they may be inspected. Bidder issuing 540.000 water works bonds.
to state denomination of notes
desired.
LOAN OFFERING.
CUSTER COUNTY (P. 0. Miles City), Mont.
-BOND OFFERING.
by Henry F. Lehan,-Sealed bids will be received until 12 m.Mar. 1 1926 -F. F. Bohling, County Clerk, will receive sealed bids until 10 a. m.
City Treasurer, for the following 4%
bonds:
coupon serial Mar. 25. for $50,000 not exceeding 6% bridge bonds. Date April 11926.
$10.500 land for playground loan
Denominations to be named by purchaser. Int. payable J. & J.
bonds. Denom. $1,000. Due $500
yearly from Mar. 1 1927 to 1947
incl.
45,000 sewer separate system loan
CUYAHOGA COUNTY(P.O.Cleveland), Ohio.
-BOND SALE.
-On
bonds. Denom. $1,000 and $500.
Due $1,500 yearly from
Feb. 20 the following seven issues of 434% coupon (special assessment
Dated Mar. 1 1926. Bonds Mar. 1 1927 to 1956 incl.
bonds aggregating
offered on that date (V. 122. p. 978) were
tional Shawmut Bank of Boston are issued under the supervision of the Na- awarded to Halsey.$423,000 Co. of Chicago at
Stuart &
a premium of $3,553, equal
Boyden & Perkins of Boston. and their legality approved by Ropes, Gray. to 100.83, a basis of about 4.37%:
Bids for the entire lot only will be considered.
sewer district No. 1 sewer impt. bonds. Due on Oct. 1, as
Financial Statement Jan, 1
$110,000
1926.
Funded city debt
follows: 67,000. 1927 and 1928; 68,000, 1929; $7.000, 1930 and
Sinking fund for funded city
$4,678,550 00
1931; 88.000. 1932; 67,000. 1933 and 1934; 68.000. 1935: 67.000.
debt
3,102.366 33
1936 and 1937; $8,000. 1938; 87.000, 1939 and 1049 an 68,000.
Netfunded city debt
1941.
$1,576.183 67
30.000 sewer district No. 1, water supply impt. bonds. Due 63.000
Serial city debt
yearly from Oct. 1 1927 to 1936 incl.
3,423.000 00
38,000 sewer district No. 2, water supply impt. bonds.
Net city debt
Due on Oct. 1.
$4.999.183 67
Funded water debt
as follows: $4,000. 1927; 83,000. 1928: 64.000, 1929 to 1931 Md.;
427,500 00
Sinking fund for funded water debt
$3.000. 1932 and 84.000. 1933 to 1936 Md.;
373,713 70
44,000 sewer district No. 2, water supply impt. bonds. Due on Oct. I.
as follows: $4.000. 1927 and 1928; $5.000. 1929; $4.000. 19301
Net funded water debt
$53,786 30
85.000, 1931; 84.000. 1932 and 1933; 65.000, 1934; $4,000. 1935
Serial water debt
589,500 00
and 85.000. 1936.
146.000 sewer district No. 3. sewer impt. bonds. Due Oct. 1, as follows:
Net water debt
$643,286 30
Assessed valuation
610,000. 1927:89.000. 1928:810.000. 1929:$9,000, 1930:810,000.
9166,483,200 00
1931 to 1933 incl.; 99,000, 1934:610,000. 1935 to 1937 incl.; $9.000
Population 1920 Census, 109,456; 1925 Census,
119,667.
1938; 810.0)0. 1939 to 1941 lad.
35,000 sewer district No. 3 sewer impt. bonds. Due on Oct. 1, as
CANON CITY, Fremont County, Colo.
-BOND OFFERING.
follows: 62.000. 1927 and 1928; $3,000. 1929: 62.000. 1930 and
-R.H.
Kellogg, city Clerk, will receive sealed bids
until 7.30 p. m. March 15 for
848,707 10 6% Paving District No. 4 bonds.
1931; $3,000. 1932; 62.000. 1933 and 1934; 63.000. 1935; $2,000.
1936 and 1937; $3,000, 1938; $2,000, 1939 and 1940; and $3,000.
n 20 years. A certified check for 3% of bid is Date April 1 1926. Due
required.
1941.
1204
THE CHRONICLE
[Vol,. 122.
EWING1PARK INDEPENDENT SCHOOL DISTRICT(P.O.Ellwood
20,000 sewer district No. 3 water supply bonds. Due $2,000 yearly
-On Feb. 15 the $21,000
-BOND SALE.
City), Lawrence County, Pa.
from Oct. 1 1927 to 1936 incl.
p. 778.) were
44% coupon school bonds offered on that date (V. 122, Dated Mar.1
Date Mar 1 1926. Other bidders were:
of Ellwood City at par.
Premium. awarded to the First National Bank 1 1932 to 1952 mud.
Bidders1926. Due $1,000 yearly from Mar.
$2,940 00
A. B. Leach & Co
2,852 00
Herrick & Co
FAYETTE COUNTY ROAD DISTRICT NO. 10 (P. 0. Flatonia),
2,789 00
Hayden-Miller & Co
-At the election held on Feb. 9-V. 122. p. 508
-BONDS VOTED.
2,788 00 Tex.
Northern Trust Co
road bonds.
2,500 93 the oters authorized the issuance of $12,000
Stranahan, Harris & Oatis, Inc
2,408 99
Howe, Snow & Bertles
-W. A. Cox, City
-BONDS OFFERED.
FERRIS, Ellis County, Tex.
2,284 20
Otis & Co
25 for $130,000 535%
2,274 74 Secretary, received sealed bids until 2 p. m. Feb.
Provident Say. Bank & Trust Co
bonds. Dated Feb. 10 1926. Due April 10 as follows:
1,392 90 street improvement
Tillotson & Wolcott
$4,000, 1947 to
1.14500 $2,000, 1927 to 1936 incl.: $3,000, 1937 to 1946 incl.; and
The Guardian Trust Co
1.143 00 1966 incl. Int. payable A. & 0. 10.
Seasongood & Mayer
Financial Statement.
$980,000
-The following Assessed valuation for 1925
-BOND SALE.
DADE COUNTY (P. 0. Miami), Fla.
1,635,000
5% bonds, aggregating $800.000, offered on Feb. 23-V. 122, p. 778
estimated
Real valuation,
51,000
Co. of Cincinnati Total amount of bonds outstanding not including this issue_
were awarded to the Provident Savings Bank & Trust
at 97.07,0 basis of about 5.21%:
Population, 2,000.
$300,000 Causeway Bridge bonds. Due $3,000 1930 to 1939, incl.: $4,000
-Park
-BOND OFFERING.
1940 to 1944, bid.; $5,000 1945 to 1954, incl., and $10,000 1955
FRANKLIN, Williamson County, Tenn.
to 1974 incl.
Marshall, Mayor, will receive sealed bids until 2 p. m.March 15 for $25.000
March 1 1926.
147.000 West Dixie Highway bonds. Due $1,000 1930 and 1931; $2.000 not exceeding 5% high school gymnasium bonds. Dated
1932 to 1942,incl.; $3,000 1943 to 1954, incl.: $5.000 1955 to 1957. Denom. $1,000. Due March 1 as follows: $1,000, 1936 to 1950 incl.:
incl.; $4.000 1958 to 1967, incl.: $5,000 1968 to 1971, incl., and $2,000, 1951 to 1955 incl. Prin. and semi-annual int. payable at the
of bid
$4.000 1972 to 1974, incl.
Chemical National Bank, New York City. A certified checic for 2%
53,000 General Highway bonds. Due $2,000 1930 to 1939, incl.; $3.000 is required.
1945 to 1954,
1940 and 1941; $4.000 1942 to 1944, incl.: $5.000
-BONDS VOTED.
incl.; $9,000 1955 to 1959, incl.. and $8,000 1960 to 1974, incl.
FRANKLIN TOWNSHIP, Warren County, Ohio.
100,000 Armory bonds. Due $1,000 1930 to 1949, incl.; $2,000 1950 to -At an election held recently the voters authorized the issuance of $95,000
1954,incl.;$3,000 1955 to 1964,incl.. and $4,000 1965 to 1974 incl. high-school bonds by a vote of 227 for to 55 against.
Dated Oct. 1 1924.
FRANKLIN TOWNSHIP LAKE BRADY RURAL SCHOOL DISFinancial Statement.
-BOND OFFER,Ohio.
$4,903,000 00 TRICT (P. 0. Brady Lake) Portage County, be opened at 7:30 p.
Total bonded indebtedness (including this issue)
$407,843 38 ING.-Sealed bids will be received until 10 a. m. Ro
Cash on hand in interest and sinking funds
March 5 by Edith M. Keller, Clerk Board of Education, for $3,9010 5%
9,000 00
County bonds in sinking fund
coupon school bands. Denom. $500. except 1 for $400. Dated Feb. 1
Broward County's pro rata of Dade County bonds assumed
Second National
96,539 26 1926. Prin. and semi-ann. int. (A. & 0.) payable at the to 1933 incl. and
at time of division of Dade County
$500, 1927
4,389,617 36 Bank, Ravenna. Due on Oct. 1 as follows: amount of bonds required.
Net bonded indebtedness
for 5% of the
57,958,857 00 $400, 1934. A certified check
Assessed value of real and personal property for 1925
579,588,570 00
Actual value (estimated)
-On Jan. 5
-BOND SALE.
FREMONT, Newaygo County, Mich.
Population, 1920 Census, 42,731.
the Guardian Trust Co. of Detroit purchased an issue of $200,000 454%
Population, 1925 Census, 111,332.
school bonds at a premium of $1,086 11, equal to 100.54.
DEARBORN TOWNSHIP (P. 0. Dearborn), Wayne CoEnty, Mich.
FRESNO CITY SCHOOL DISTRICTS (P. 0. Fresno) Fresno
-On Feb. 19 the $440,000 coupon bridge bonds offered County, Calif
-BOND SALE.
.-BIDS.-The following is a list of other bids for the two
on that date (V. 122, p. 1055) were awarded to the American State Bank of issues of school district bonds, aggregating $600,000 awarded on Feb. 13
equal to 100.66, a basis of about to the National City Co. of New York-V. 122, p. 1056
Dearborn as 44s at a premium of $267,
-which company,
4.39%. Dated March 11926. Due on March 1 as follows: $2,000 1927 we now learn, was in joint account with the Anglo-California Trust Co. of
to 1931, incl., and $5,000 1932 to 1937, incl.
San Francisco:
For Grammar For High
-BOND OFFERING.
DE FUN1AK SPRINGS, Walton County, Fla.
School District School District
Duncan Gillis, Town Clerk, will receive sealed bids until 12 m. March 2
Bonds.
Bonds.
for the following bonds, aggregating $92,000:
Premium.
Premium.
Bidder$63,000 street paving bonds. Due Jan. 11966.
and 1941. William R. Stoats Co.: First Securities Co.:
24,000 town hall bonds. Due Jan. 1 as follows: $5.000 in 1936
California Securities Co.: and Citizens Na$4.000 in 1946 and $10,000 in 1966.
$9,759
$12,225
tional Co., all of Los Angeles
5,000 park impt. bonds. Due Jan. 1 1966.
11,644
14,395
by E. H. Rollins & Sons. Boston
Date Jan. 1 1926. Interest payable J. & J. Legality approved
San Francisco and First
Co.,
Caldwell & Raymond, New York City. A certified check for 5% of bid Peirce Fair & Fresno
11,490
13,650
National Bank,
payable to the town is required.
H.S. Boone & Co., San Francisco and American
11,165
Securities Co., San Francisco
-An election
I DENISON, Grayson County, Tex.-130ND ELECTION.
12,148
14,798
Italy, an Francisco
will be held on April 6 for the purpose of voting on the question of issuing Bank of
11,550
14.434
R. H. Moulton & Co., Los Angeles
the following bonds, aggregating $200,000:
Anglo-London-Paris Co.,San Francisco; Hunter,
$150,000 school building bonds.
Dunn & Co., Los Anveles Schwabacher & Co.,
50.000 paving bonds.
San Francisco and Wm.Cavalier & Co.. San
10,560
13,000
Francisco
-The First
-BOND SALE.
DE RIDDER, Beauregard Parish, La.
We are also in receipt of the following financial statement of the two
National Bank of De Bidder has purchased an issue of $33,000 paving bonds. districts:
Financial Statement (Officially Reported).
DOUGLAS COUNTY SCHOOL DISTRICT No. 77(P. 0. Glendale,)
High
City
-Hugh B. McGuire & Co.of Portland have purchased
-BOND SALE.
Ore.
School Dist. School Dist.
an issue of $35,000 5% school bonds.
351,579.919 $52,374,874
Assessed valuation
1,405,000
1.650.000
EAGLE GROVE INDEPENDENT SCHOOL DISTRICT, Wright Total bonded debt
-The $440,000 school refunding bonds
-BOND SALE.
County, Iowa.
-James H. Causey &
-BOND SALE.
Goo. M. Bechtel &
FRUITA, Mesa County, Colo.
-were awarded to
offered on Feb. 8-V. 122. p. 778
% water extension
Co. of Davenport as 44s at _par. Date April 1 19261 Due April 1 as Co. of Denver have purchased an issue of $40,000
bonds.
follows: $20,000 in 1927 and $4,000 1928 to 1932, incl.
-Sealed
-H. C.
-LOAN OFFERED.
GARDNER, Worcester County, Mass.
-BOND SALE.
EAGLE LAKE, Colorado County, Tex.
for the
Burt & Co., of Houston, has purchased an issue of $50,000 6% improve- bids were received until 11 a. m. Feb. 25 by the City Treasurer$50,000
purchase on a discount basis of a $250,000 temporary loan. Duo
ment bonds at par. Due serially 1932 to 1951, inclusive.
Oct. 28 and $50,000 Nov. 4, 11. 18 and 24.
EARLVILLE COMMUNITY HIGH SCHOOL DISTRICT (P. 0.
GEYSERVILLE UNION ELEMENTARY SCHOOL DISTRICT (P.()-The Harris Trust &
-BOND SALE.
Earlville) La Salle County, III.
-The 330,000 6%
-BOND SALE.
% coupon Santa Rosa), Sonoma County, Calif.
Savings Bank of Chicago purchased an issue of $52,000
offered
-were awarded to II. S.
(registered as to principal) school building bonds. Denom.$1,000. Dated school bonds of San on Feb. 9-V. 122, p. 643
Francisco, at a premium of 32.336, equal to 107.78
(J.& J.) payable at the First National Boone & Co.
Jan. 11926. Prin. and semi-ann.int.
Due
Bank, Earlville. Due on July 1 as follows $4,000. 1935 and 1936; $2,000. a basis of about 4.89%. Date Mar. 1 1926. Denom. $1,000. incl.
Mar. 1 as follows: $2,000, 1927 to 1936, incl., and $1,000, 1937 to 1946
1937; $5,000. 1938 to 1943 incl., and $6,000, 1944 and 1945.
Financial Statement.
Financial,Statement (As Officially Reported).
$3,996,276 Bonded dent (this issue only)
=value of taxable property, estimated
1,998,138 ss
Assessed valuation, 1925
Assessed valuation for taxation
75,000
Total debt (this issue included)
7$31 30 70 .
:0 -The $15 208
Population, estimated, 3,200.
-BOND SALE.
GILES COUNTY (P. 0. Pulaski), Tenn.
5% coupon highway bonds offered on Feb. 19-V. 122, 11• 778 were
-On 000
-NOTE SALE.
EASTHAMPTON, Hampshire County, Mass.
awarded to The American National Co. of Nashville at a premium of
Feb. 24 Salomon Bros. & Hutzler. of Boston, purchased $30,000 notes at $4,572, equal to 103.04, a basis of about 4.61%. Date Jan. 11926. Due
Jan. 1 as follows: $8,000, 1927 to 1941 incl., and 36,000. 1942 to 1946,incl.
3.89%. Due Nov. 26 1926.
-The $15.000 coupon
ELGIN, Antelope County, Neb.-BOND SALE.
GLADES COUNTY ROAD & BRIDGE DISTRICT (P. 0. Moore
water bonds offered on Feb. 1.5 (V. 122, p. 916) were awarded to the Peters Haven), Fla.
-The W. T. Taylor Co. has purchased an
-BOND SALE.
Trust Co. of Omaha as 5s at a premium of $160, equal to 101.06, a basis of issue of $767,000 coupon 6% road and bridge bonds at 95, a basis of about
basis of about 4.92% if allowed to run
about 4.76% to optional date and a
Jan. 1 1926. Denom. $1,000. Int. payable J. & J.
6.37%. Dated
full term of years. Date Feb. 11926. Denom. $500. Due Feb. 1 1946. Due Jan. 11956.
• IMO
optional Feb. 11931. Int. payable F. & A.
GLENDALE CITY SCHOOL DISTRICT, Los Angeles County,
-Sea cZ•MTs
-BOND OFFERING.
I ELYRIA, Lorain County, Ohio.
-L. E. Lampton, Clerk Board of County
-BOND OFFERING.
City Calif.
will be received until 12 m.(central time) Mar.9 by A.C. Schilleman,"T" Supervisors, will receive sealed bids until 2 p. m. March 8 for $264,000
general
4
Auditor, for $50,000 5% negotiable coupon genal paving Series Int. 5% school bonds. Date July 1 1925. Denom. $1.000. Principal and
Dated Jan. 1 1026. Prin. and semi-ann.
bonds. Denom. $1.000.
Due $5,000 semi-annual interest payable at the County Treasurer's office. Due
(J• & JO payable at the U. S. Mtge.& Trust Co., N.Y.City. Elyria bank July 1 as follows: $6,000 1947 and 1948. $16,000 1949 to 1951. incl.:
yearly from Jan. 1 1928 to 1937 ind. Certified check on any of bonds bid $15,000 1952 to 1958, incl.; $13,000 1959, $15,000 1960 and 1961 and
city for 2% of the amount
or any national bank outside of said
314.000 1962 to 1965, incl. A certified check for 3% of the amount of
for. payable to the City Treasurer, required.
bonds, payable to the Chairman of Board of County Supervisors is required.
The assessed valuation of the taxable property for 1925 is $56,391,275, and
Financialytatement.
of bonds previously issued and now outstanding is $1,729,000.
rnated)
$441,171.138 00 the amount
-7taxargiii•opertifasti
e
tt
rei=r o population is 46,000._
41.171,138 00 Estimated
Assessed valuation for taxation (last appraisal)
2,808,424 80
Total bonded debt, including this issue
GLENDALE UNION HIGH SCHOOL DISTRICT, Los Angeles
1,794,500 00
Water works bonds, included in above
-An election will be held on Mar. 9
229,111 80 County, Calif.-130ND ELECTION.
assessment bonds, included in above
high school
Special
299,902 80 for the purpose of voting on the question of issuing $350,000
for redemption
Cash value of sinking fund held
site purchase bonds.
Floating debt in addition to bonded debt(special asssment)_ _rate. 6,903 00
$24.80.
Population, 1900 emuns. g.791* 1920, 20,474. 1925 tax
GLENDIVE, Dawson County, Mont.-BOND DESCRIPTION. The
Land Board
-Sealed $34,000 5% refunding bonds awarded on Feb. 15 to the State
-NOTES OFFERED.
COUNTY (P. 0. Salem), Mass.
ESSEX
-are described as follows: Date Jan. 11926. Denom.
-V.122, p. 1056
26 by Harold E. Thurston. County at par
bids were received until 11 a. m. Feb.
$1,000. Due Jan. 1 1946. Prin. and int. J. & S. payable at the City
Agricultural
Treasurer, for $50.000 47,,, coupon "Essex County Data March 1School Treasurer's office or at the fiscal agency of the State of Montana in New
1926.
Denom. $1,000.
Loan No. 2, Act of 1925' notes.S.) payable at the Merchants National York City, at option of holder.
Prin. and semi-ann. int. (M. &
Boston.
First
-On
Bank, Salem, or at holder's option at the Notes National Bank,
-TEMPORARY LOAN.
GLOUCESTER, Essex County, Mass.
are engraved under the
incl.
Due $10.000 March 1 1927 to 1931
Bank of Feb. 17 the Cape Ann National Bank of Gloucester purchased a $200,000
supervision of and certified as to genuineness by the First National Perkins, temporary loan offered on that date (V. 122, p. 1056) on a 3.83% discount
&
Boston; their legality will be approved by Ropes, Gray, Boyden incident to basis, plus a premium of $7 50.
All legal papers
whose opinion will be furnished the purchaser.
filed with the above bank where they may be inspected
this issue will be
GRAND FORKS INDEPENDENT SCHOOL DISTRICT NO. 1(P.O.
delivered to the purchaser on or about March 1
-At
at any time. Notes to beBank, Boston.
Grand Forks), Grand Forks County, No. Dak.-BONDS VOTED.
the First National
1926 at
FEB. 271926.]
THE CHRONICLE
1205
JACKSONVILLE SCHOOL DISTRICT (P. O. Jacksonville) Athens
an election held on Feb. 19 the voters authorized the issuance of $150,000
-BOND SALE.
-On Jan.22 the $15,000
% school bonds
school bonds by a count of 1,991 for to 405 against. W.P. Rognlle, Secre- Count,Ohio.
offered on that date (V. 122, 13. 376) were awarded to Seasongood & Mayer
tary Board of Education.
of Cincinnati at a premium 0(
•
8371, equal to 102.47, a basis of about 4.94%
-BOND DESCRIP- Dated Jan. 1 1926. Due $1,000 each six months from March 1 1926 to
GRAND JUNCTION, Greene County, Iowa.
-The $5,000 484% coupon water works bonds purchased on Jan. Sept. 1 1930 and $500 yearly from Sept. 1 1931 to 1940 incl.
TION.
-are described
28 by the Grand Junction Bank at 101.12-V. 122, p. 916
JERSEY CITY, Hudson County, N. J.
-BOND SALE.
-On Feb. 19
as follows: Date Feb. 1 1926. Denom. $500. Due $500 1927 to 1936,
the following two issues of coupon (with privilege of registration as to
Inclusive. Interest payable M.& N.
principal only or as to both prin. and hit.) tax revenue bonds, aggregating
-V. 122, p. 916
-were awarded to a
GRAPEVINE, Torrent County, Tex.
-BOND ELECTION.
-On Mar. $4,000,000, offered on that date
10 an election will be held for the purpose of voting on the question of issuing syndicate composed of the First National Bank, Eldredge & Co.. and
Kinnicutt & Co., all of New York. at par. taking $1,375,000 bonds
$30,000 sewer disposal bonds.
as 4s and $2.625,000 bonds as4Hs. Date March 11926. Due Aug.11929.
GRAPEVINE, Tarrant County, Tex.
-An
-WARRANT ELECTION.
JOHNSON COUNTY (P. 0. Iowa City), Iowa.
-BONDS VOTED.
election will be held on Mar. 10 for the purpose of voting on the question of
At an election held on Feb.9 the voters authorized the issuance of$1,500,000
issuing $30,000 6% warrants.
bonds by a count of 9,156 for to 1,286 against.
GRAVES COUNTY (P. 0. Mayfield), Ky.-BOND OFFERING.
JOHNSTOWN, Lebanon County, Pa.
-BOND DESCRIPTION.
Sealed bids will be received until 1 p. m. March 4 bye.C. Wyatt, county
Treasurer, for $150,000 5% road -bonds. Date Sept. 1 1925. Denom. The $250,000 43 % coupon (with privilege of registration) impt. bonds
$1.000. Prin. and hat.(M.& S.) payable at the Chemical National Bank, purchased on Feb. 8 by M. M. Freeman & Co. of Philadelphia at par
N. Y. City. Purchaser to pay for cost of printing bonds and all other (V. 122, p. 916) are described as follows: Denom. $1,000. Dated Jan. 2
charges incidental to the sale, except cost of advertising. A certified 1926. Prin. and semi-ann. int. (J. & J. 2) payable at the office of the City
check on some bank in Graves County for 1% of the par value of the Treasurer. Due on Jan. 2 as follows: $17,000, 1927 to 1936 incl., and
bonds is required.
$16,000, 1937 to 1941 incl. Legality approved by Saul, Ewing, Remick
and Saul of Philadelphia.
GREEN COUNTY (P. 0. Monroe), Wis.-BOND OFFERING.Financial Statement.
B. L. Campbell, County Treasurer, will receive sealed bids until 2 p. m. Estimated true valuation
$100,000,000.00
March 10 for $450,000 5% coupon highway bonds. Date April 1 1920. Assessed valuation, 1925
80.223,000.00
Duo April 1 as follows: $75,000 in 1938 and $125,000, Total bonded debt, incl. this issue
Denom. $500.
4.392,500.00
1939 to 1941, inclusive. Tnese bonds are part of an authorized issue of
Less: Cash in sinking fund
480,708.15
83.000,000. Principal and interest (A. & O.) payable at County Treas- Net indebtedness
3,911,791.85
urer's office. Legality approved by Chapman, Cutler & Parker, of Chicago. Value of property owned by municipality for 1925
3,638,550.00
A certified check for $4,500, payable to County Treasurer, is required.
Population, 1925 census. 75,743.
GREENE COUNTY (P. 0. Greenville), Tenn.
-BOND SALE.
-The
$170,000 5% coupon road and bridge bonds offered on Feb. 20 (V. 122, p.
916) were awarded to the First National Bank of Greenville at a premium
of $9,375, equal to 105.51. a basis of about 4.62%. Due $20,000, 1946 to
1953, inclusive, and $10,000 in 1954.
-BOND ELECTION.
KEOTA, KEOKUK COUNTY, Iowa.
-An election will be held on Mar. 8 for the purpose of voting on the question of
Issuing $60.000 school bonds.
-BONDS OFFERED.
KEY WEST, Monroe County, Fla.
-Wallace
Pinder, City Clerk, received sealeoi bids until Feb. 25 for 5225.000 6%
coupon public improvement bonds. Date Jan. 1 1926. Denom. $1,000.
Due Jan. 1 as follows: $10.000, 1932 to 1940 incl.; and $15,000. 1941 to
1949 incl. Prin. and semi-annual int. payable in gold at the United States
Mortgage & Trust Co., New York City. Legality approved by Thomson.
Wood & Hoffman, New York City.
-but all bids
These are the bonds offered on Feb. 18-V. 122, p. 916
were rejected.
GROVE CITY, Franklin County, Ohio.
-BOND OFFERING.
Sealed bids will be received until 1 p. m.(Eastern standard time) March 20
by the Finance Committee for $2,694 91 5% Woodlawn Ave.street improvement bonds. Denom. $500, except 1 for $694 91. Dated Jan. 1 1926.
Principal and serabannual interest (M. & S.) payable at the Grove City
Savings Bank, Grove City. Due $500 yearly from Sept. 1 1927 to 1930,
inclusive, and $694 91 Sept. 1 1931. Certified chock for 2% of the amount
of bonds bid for, payable to the Village Treasurer required. Bonds to be
KINGSTON, Ulster County, N. Y.
-BOND OFFERING.
-Sealed bids
delivered and paid for within 30 days from time of award.
will be received until 10 a. m.Mar. 1, by Harry S. Jacobs, City Treasurer,
Denom. $1,000. Int.
$10,000 4J5% registered
GULFPORT, Pinellas County, Fla.
-W. W. for & 0. Due April 1 1929. street impt. bonds. liable to the purchaser
-BOND OFFERING.
The city will not be
Swift, Town Clerk, will receive sealed bids until March 2 for $350,000 6% A.
or to any other person for attorney's fees in relation to the bonds or for
improvement bonds.
investigating the validity thereof.
GUNNISON, Gunnison County, Colo.
-BOND SALE.
-James H.
LAKE COUNTY
O. Crown Point), Ind.
-On
Causey & Co. of Denver have purchased an Issue of $25,000 4H % refunding Feb. 16 the $96,000 (P. Calumet Township road -BOND SALE.
5%
bonds offered on that
bonds. Due $1,000, 1927 to 1936 incl., and $1,500, 1937 to 1946 incl.
date (V. 122. p. 916) were awarded to the Myer-Kiser Bank of Indianapolis
at a premium of $3,200, equal to 103.33. Date Jan. 15 1926. Due saWly
HAMILTON COUNTY (P.O.Cincinnati), Ohio
.-BIDSRETURNED
1936 incl.
UNOPENED.
-All bids received for the six issues of 5% bonds aggregating 1927 to
$342.113 79, offered on Feb. 23-V. 122, p. 778
-were returned unopened
LAKE VICTOR, Burnet County Tex.-BONDS VOTED.
-At a
as the maturities were not in conformity with Section 2295-12, 1925 Law recent election the voters authorized the issuance of $15,000
school bonds.
of Ohio.
LAKE WORTH INLET DISTRICT (P. 0. West Palm Beach), Palm
HAMLET,Richmond County, No. Caro.
-BOND SALE.
-The follow-BOND OFFERING.
-C. H. Ellis, Secretary Board
ing coupon bonds, aggregating $65,000, offered on Feb. 24-V.122. p. 1057 Beach County, Fla.
of Commissioners, will receive sealed bids until 11 a. m. March 9 for
-were awarded to W. L. Slayton & Co. of Toledo as 55 at a premium of
$250.000 5J4% Inlet bonds. Date Jan. 1 1926. Interest payable J. & J.
$444, equal to 100.68, a basis of about 4.93%.
Due Jan. 1 as follows: $5,000. 1931 to 1940 incl.; 510.000, 1941 to 1945
$25.000 sewer bonds. Due $1,000 Jan. 1 1929 to 1953 incl.
incl.; $14,000, 1946 to 1950 incl.; and 816,000, 1951 to 1955 incl. Legality
40.000 sidewalk bonds. Due $2,000 Jan. 1 1928 to 1947 incl.
approved by Caldwell & Raymond, New York City. A certified check for
Date Jan. 11926.
5% of the bonds, payable to the District, is required.
HARDIN COUNTY (P. 0. Kenton), Ohio BOND SALE.
-On
LAVALETTE, Ocean County, N. J.
-BOND OFFERING.
-Sealed
Feb. 19 the 83.008 6% Elsasser County Ditch No. 628 coupon bonds,
-V.122, p. 1057
offered on that date
-were awarded to the State Teachers' bids will be received until 7.30 p.m. Mar.2, by H. A. Whitelock, Borough
Retirement System of Columbus at 103.80, a basis of about 4.37%. Date Clerk, for an issue of 6% coupon (registered as to principal only at the
option of the purchaser) water supply bonds, not to exceed $10,000, no
Jan. 1 1926. Due $752 yearly from Sept. 1 1927 to 1930 Ind.
more bonds to be awarded than will produce a premium of $1,000 over
$10,000. Denom. $1.000. Prin, and semi-ann. int. (M. & S.) payable
HAVERHILL, Essex County, Mass.
-LOAN OFFERED.
-Sealed bids
River. Due on Sept. 1 as follows:
were received until 11 a. m. Feb. 25 by Arthur T. Jacobs, City Treasurer, at the First National Bank, Toms1960 incl. Certified check on an in$1,000. 1957 and
for the purchase on a discount basis of a $100.000 temporary loan. Denom. corporated bank or $3,000, 1958 to
trust company for 2% of the amount of bonds bid for.
to suit purchaser. Dated Feb. 26 1926. Due Oct. 7 1926. Notes will be payable to the Borough Treasurer, required. Legality approved by Caldcertified as to genuineness by the First National Bank, Boston. Payable
New York.
at the First National Bank, Boston. Legality approved by Ropes, Gray, well & Raymond of
Boyden & Perkins, of Boston.
-LOAN OFFERING.
LEOMINSTER, Worcester County, Mass.
Sealed bids will be received until 11 a. m. March 3 by the City Treasurer,
HEBRON, Licking County, Ohio.
-BOND SALE.
-On Jan. 16 the
discount basis of a 5300.000 temporary loan. Due
$2,000 5H% fire department bonds offered on that date (V. 122, p. 242) for the purchase on a
were awarded to the First Citizens Corporation of Columbus at a premium Nov. 15 1926.
of $3 50. equal to 100.17-a basis of about 4.40%. Dated Dec. 20 1925.
LINCOLN COUNTY (P. 0. Stanford), Ky.-BOND OFFERING.Due $500 each six months from March 1 1927 to Sept. 1 1928. inclusive.
-On Feb. 15 the $3,800 5Ji% coupon fire department Sealed bids will be received until March 1 by the Clerk Fiscal Court for
BOND SALE.
bonds offered on that date (V. 122, p. 916) were sold at a premium of ‘69. $125.0004H% coupon road and bridge bonds. Date April 1 1926. Denom
equal to 101.81-a basis of about 5.05%• Dated March 1 1926. hue $1,000. Due $5.000, April 1 1931 to 1955 incl. Prin. and bat. A. & 0.
each six months as follows: $500 March 1 1929 to March 1 1932, inclusive, payable at the County Treasurer's office.
and $300 Sept. 1 1932.
Financial Statement.
•
$150.000
Total bonded debt (including this issue)
HIGHLAND COUNTY (P. 0. Sebring), Fla.
-BOND OFFERING.
15,013,801
Saunders, Clerk Board of County Commissioners, will receive sealed Assessed valuation for taxation, 1925
0. F.
20.000,000
Real value of taxable property (estimated)
bids until March 2 for the following bonds, aggregating $554,000:
$287,000 road bonds. Due Jan. 1 as follows: $4,000, 1927 to 1931, inclusLONG BEACH CITY HIGH SCHOOL DISTRICT, Los Angeles
ive: $11,000. 1932 to 1953, inclusive; $12,000, 1954, and $13,000
County, Calif.
-BIDS.
-Following is a list of other bidders for the
in 1955.
$250,000 59 high school bonds awarded on Feb. 15 to Banks. Huntley &
court house bonds. Due Jan. 1 1956.
212,000
Co. of Los Angeles at 104.34, a basis of about 4.61%:
55,000 funding bonds. Due $11,000 Jan. 1 1927 to 1931, inclusive.
Premium.
BidderDated Jan. 1 1926.
Anglo-Landon-Paris Co., San Francisco
810,203 00
These arc the bonds mentioned in V. 122, p. 1057.
California Securities Co., Los Angeles
9,809 00
10,512 00
HILLSBOROUGH COUNTY SCHOOL DISTRICT NO. 10 (P. 0. R. H. Moulton Co., Los Angeles
10,169 55
-J. G. Anderson, Jr.. Chairman National City Co., New York
Tampa) Fla.-BOND OFFERING.
.
Aronson Co., Los Angeles
8,222 00
Public Instruction, will receive sealed bids until March 17 for First Securities Co., Los
Board
Angeles
10.253 00
$48,000 school bonds.
Security Co., Los Angeles
9,16900
9,35700
HILLSBOROUGH COUNTY SCHOOL DISTRICT NO. 00 (P. 0. Heller, Bruce & Co., San Francisco
-Sealed bids will be received until
-BOND OFFERING.
Tama*, Fla.
LUCAS COUNTY (P.O. Toledo), Ohio.
-BONDS OFFERED.
-Sealed
11 by J. G. Anderson, Jr., Chairman Board of Public Instruction.
7
Mar
bids were received until 10 a. m. Feb. 25 by Adelaide C. Schmitt, Clerk
for $100.000 school bonds.
of County Commissioners, for the following 5% bonds, aggregating
$445, :
Board394
Phelps County, Neb.-BOND OFFERING.
HOLDREDGE
-I. Ander- $10,477 Washington Township stone road improvement No. 269 bonds.
son,City Clerk, will receive sealed bids until 7.30 p.m.March 8for $100,000
Denom. $1,000. except 1 for $1.477. Due as follows: $1,477.
paving districts Nos. 21 and 22 bonds.
1927; $2,000, 1928 to 1931 hid., and $1,000, 1932.
62,344 Washington Township stone road improvement No. 280 bonds.
HOPKINS COUNTY ROAD DISTRICT NO. 10 (P. 0. Sulphur
Denom.$1.000, except 1 for 81,344. Due as follows: 56,344, 1927.
-BONDS VOTED.
-At the election held on Feb. 16Springs), Tex.
and 39,000. 1928 to 1935 incl.
-the voters authorized the issuance of $50.00 road bonds.
114,846 Washington and Sylvania Townships stone road improvement
1
V. 122, p. 779
No. 264 bonds. Denom. $1,000. except 1 for $846. Due as fol-BOND ELECTION.
-An
Fr HUDSON,Lenawee County, Mich. voting on the question election
lows: $37,846, 1927: $38.000, 1928, and $39,000, 1929.
April for the purpose of
of issuing
will be held inMemorial Hospital bonds.
40.760 Adams and Washington Townships stone road improvement No.
Thorn
$8,000
287 bonds. Denom, $1.000. except 1 for $760. Due as follows:
54.760. 1927; $5,000, 1928 to 1933 incl., and 86,000, 1934.
HUNTINGTON INDEPENDENT SCHOOL DISTRICT, Cabell
21,093 Adams Township stone road improvement No. 295 bonds. De-W. H. Lyons, Auditor Board of
W. Va.-BOND OFFERING.
County,
nom. $1.000, except 1 for si,09g. Due as follows: $1,093, 1927:
Education, will receive sealed bids until March 8 for $272,000 5% school
$2,000, 1928: 53.000, 1929 to 1934 incl.
bonds.
195.874 Washington Township stone road improvement No. 283 bonds.
Denom. $1,000, except 1 for.$874. Due as follows: $18.874, 1927:
HUNTINGTON PARK CITY SCHOOL DISTRICT, Los Angeles
$19,000, 1928 to 1930 hid- and $20,000, 1931 to 1936 fad.
-BONDS VOTED.
-At the election held on Feb. 15County, Calif.
Prin. and int, payable at the office of the County Treasurer.
the voters authorized the issuance of $370,000 school bonds
V. 122, P. 916
for to 74 against.
by a count of 181
LYNCHBURG, Campbell County, Va.-BOND OFFERING.
-John
INDEPENDENT SCHOOL DISTRICT, Beadle County, M. Otey, City Auditor, will receive sealed bids until 11 a. m. March 22
HURON
-At the election held on Feb. 10-V. 122, p. for the following 4H % coupon (registerable as to principal only) bonds,
BONDS VOTED.
aggregating $1,200,000:
'voters authorized the issuance of $135,000 school bonds.
3 6- e
S.
•7
°
1206
THE CHRONICLE
$470,000 00 bonds for reconstruction of Beck Memorial Bridge.
133,476 00 bonds for purchase of school houses from Campbell County.
87,500 00 bonds for payment to Campbell County for public impts.
28.122 60 bonds for retirement of Campbell County bonds assumed
by City of Lynchburg.
480,901 40 bonds for street construction and other public improvements
in annexed territory.
Date April 1 1926. Due April 1 1960. Prin. and int.(A.& 0.) payable
In gold at the Equitable Trust Co., N.Y. City. Legality to be approved
by John C. Thomson of N. Y. City. A certified check, payable to the
City Treasurer, for 2% of amount bid, required.
Financial Statement.
Total bonded debt Dec. 31 1925
14,062,800
Water debt (included in above)
1,603,000
Sinking fund (water)
500,469
Sinking fund (general)
870,980
Total assessed valuation 1925
53,823,523
Tax rate (per $1.000) 1925
$2100
Population, 1920 Census, 30,070; 1926 (est.), 45,000. Incorporated as
a village Oct. 1 1786; as a town, Jan. 10 1805; and as a city May 20 1852.
LYON COUNTY (P. 0. Emporia), Kan.
-BOND SALE.
-The
$46,500 4 % road bonds offered on Jan.25-V.122. p.510
.4
-were awarded
to Stern Bros. & Co. of Kansas City at a premium of $201, equal to 100.43.
Date Feb. 1 1926. Due serially. 1927 to 1946 incl.
[VOL. 122.
MONROE UNION FREE SCHOOL DISTRICT NO. (P. 0. Monroe), Orange County, N. Y.
-BOND SALE.
-On Feb. 23 the $175.000
434% coupon school bonds offered on that date (V. 122, p 1058) were
awarded to Geo. B. Gibbons & Co.. Inc., of New York, at 101.46, a basis
of about 4.39%. Dated Apr. 1 1926. Due on Oct. 1 as follows: $1,000,
1927 to 1929 incl.; $2,000. 1930 to 1932 incl.; $3,000, 1933 to 1935 incl.:
$4,000, 1936 to 1938 incl.; 55,000. 1939 to 1941 incl.; $6,000. 1942 to 1944
incl.; $7,000, 1945 to 1947 incl.; $8,000, 1948 to 1950 incl.: 89,000. 1951 to
1953 incl., and $10,000, 1954 to 1957 incl.
-Doris
MONTROSE, Montrose County, Colo.
-BONDS OFFERED.
Wittmeyer, City Clerk, received sealed bids until Feb. 25 for $30,000 city
hall and library bonds. Due $1,000 in 6 to 20 years. These are the bonds
originally offered on Feb.18(V.122, p. 1058)•
MOUNT MORRISON, Jefferson County, Colo.
-BOND SALE.
Donald F. Brown & Co. of Denver have purchased an issue of $15,000 5%
water extension bonds. Dated Apr. 1 1925. Due serially.
MOUNT PLEASANT SCHOOL DISTRICT, Titus County, Tex.
BOND ELECTION.
-An election will be held on Mar. 9 for the purpose of
voting on the question of issuing $100,000 school bonds.
MULTNOMAH COUNTY (P. 0. Portland), Ore.
-BOND SALE.The following coupon bridge bonds, aggregating $1,000,000. offered on
Feb. 19 (V. 122, p. 780) were awarded to a syndicate composed of A. B.
Leach & Co. of Ckicago, Peirce, Fair & Co. of Portland, the Minnesota
LYON COUNTY SCHOOL DISTRICT NO. 30 (P. 0. Tracy), Minn. Loan & Trust Co. of Minneapolis, and Second Ward Securities Co. of Milwaukee,
of about
-BONDS VOTED.
-At the election held on Feb. 18 (V. 122, p. 917) the $500,000at 101.32. a basis Series D 4.39%:
Burnside Street
bridge bonds as 4345. Due $20,000
voters authorized the issuance of 845,000 434% school bonds by a count of
Mar. 1 1932 to 1956 incl.
371 for to 38 against.
500,000 4%% Ross Island bridge bonds. Due $20,000 Mar. 1 1932 to
1956 inclusive.
LYONS INDEPENDENT SCHOOL DISTRICT, Clinton County,
Date Mar.11926.
Iowa.
-BONDS VOTED.
-At an election held recently the voters authorFinancial Statement.
ized the issuance of $97,500 school bonds.
Assessed valuation, 1925
$351,528,865
McDONALD SCHOOL DISTRICT (P. 0. McDonald), Washington Total bonded debt, this issue included
6,200,000
County, Pa.
-BOND SALE.
-On Feb. 5 a Philadelphia firm purchased an
Population, 1920 census, 275,898.
Issue of $50,000 high school building bonds at a premium of $2,260, equal to
104.52.
MULTNOMAH COUNTY DRAINAGE DISTRICT NO. 1 (P. 0.
Portland), Ore.
-BOND SALE.
-The 810.0006% drainage bonds offered
McMILLAN TOWNSHIP SCHOOL DISTRICT (P. 0. Newberry), on Jan. 20 (V. 121, p. 3159) were awarded to the Ralph Schneelock Co.
Luce County, Mich.
-BIDS REJECTED.
-All bids for the $300.000 434% and the Security Savings & Trust Co..both of Portland,jointly at a premium
school bonds offered on Feb. 16 (V. 122, p. 917) were rejected.
of $55, equal to 100.55, a basis of about 5.85%. Date Dec. 1 1921. Due
Dec. 1 as follows: $1,000, 1929, and $9,000. 1930.
MAHNOMEN COUNTY (P. 0. Mahnomen), Minn.
-BOND SALE.
The Wells-Dickey Co. of Minneapolis purchased on Jan. 29 an issue of
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port-BOND OFFERING.
130,0005% drainage bonds at a premium of $435, equal to 101.45.
land), Ore.
-E. T. Stretcher, District Clerk, will
receive sealed bids until 12 m. Mar. 15 for $1,500,000 not exceeding 6%
MANHEIM (P. 0. Dolgeville), Herkimer County, N. Y.
-BOND Series D school bonds. Dated Mar. 25 1926. Denom. $1,000. Due
SALE.
-On Feb. 11 the First National Bank of Dolgevllle purchased an Mar. 25 as follows: 183,000, 1929 to 1940 incl., and $84,000. 1941 to 1948
issue of $11,000 6% highway bonds at a premium of $550, equal to 105, incl. Prin. and semi-ann. int. payable at the County Treasurer's office
a basis of about 4.76%. Due on March 1 as follows: $2,000 1929, $3,000 or at the fiscal agent of the State in N. Y. City, at option of holder. Le1930 to 1932, inclusive.
gality approved by Storey, Thorndike, Palmer & Dodge, Boston. A certified check for 5% of the bid, payable to the District Clerk, is required.
MARICOPA COUNTY SCHOOL DISTRICT No. 1 (P. 0. Phoenix),
Ariz.
-BOND ELECTION.
-On Feb. 25 an election was held for the purNACOGDOCHES, Nacogdoches County, Tex.
-BONDS VOTED.
pose of voting on the question of issuing $20,000 school building bonds.
At the election held on Feb. 16-V. 122, p. 510
-the voters authorized the
issuance of $50,000 water bonds by a count of 141 for, to 65 against.
MARION COUNTY (P. 0. Marion), Ohio.
-BOND SALE.
-On Feb.
25 the $29,100 5% coupon Marion-Marysville I. C. H. No. 115, Section
-LOAN OFFERING.
NASHUA, Hillsborough County, N. H.
-Sealed
"1.-2," improvement bonds, offered on that date (V. 122, p. 917), were
awarded to W. K. Terry & Co. of Toledo at a premium of $447 77, equal bids were received until 10 a. m. Feb. 26 by the City Treasurer, for the
to 101.53. a basis of about 4.62%. Dated Dec. 10 1925. Due $1.100 purchase on a discount basis of a $100,000 temporary loan. Due Dec. 2
Mar. 1 1927 and $2,000 each six months from Sept. 1 1927 to Mar. 1 1934 1926.
inclusive.
NEW BEDFORD, Bristol County, Mass.
-LOAN OFFERING.
MARSHALL COUNTY
0. Plymouth) Ind.
-BOND SALE.
-On Sealed bids will be received until 12 m. Mar. 4 by the City Treasurer for
Jan. 27 the $20.700
% highway bonds offered on that date (V._122, p. the purchase on a discount basis of a $1.000,000 temporary loan. Due
510) were awarded to the Fletcher Savings & Trust Co. of Indi.&apolis Nov.8 1926.
at a premium of $178.80, equal to 100.86, a basis of about 4.34%. Dated
NEWPORT FIRST RURAL SCHOOL DISTRICT (P. 0. Newport)'
Jan. 5 1926. Due $1,035 each six months from May 15 1927 to Nov. 15
-BOND OFFERING.
Washington County, Ohio.
-Sealed bids were
1936 incl.
received until 12 m. Mar. 13 by F. J. Kerr, Clerk Board of Education, for
Denom. $1.000. Dated Mar. 15
MASSILLON, Stark County, Ohio.
-BOND SALE.
20 tha $38.000 534% school bonds. S.) payable at the office of the Clerk. 1926.
-On Feb.
Board
$40,000 5% coupon garbage disposal plant bonds offered on that date Prin. and semi-ann. int.(M.&
(V. 122. p. 917) were awarded to Halsey Stuart & Co. of Cincinnati at a, of Education. Due on Sept. 15 as follows: $3,000. 1927 to 1944 incl.,
check for 5%
premium of $1.328, equal to 103.32. Denom. $1,000. Date Jan. 1 1926. and $2,000, 1945 and 1946. CertifiedSchool District, of the amount of
bonds bid for, payable to the Clerk of
required.
F.& A. Due serially from Oct. 1 1927 to 1941 incl.
-BOND SALE.
NEWTON COUNTY(P.O. Fowler),Ind.
-On Feb.20
MEDFORD, Middlesex County, Mass.
-On
-TEMPORARY LOAN.
offered on that date (V. 122, p.
Feb.19 the Old Colony Trust Co.of Boston purchased a $200.000 temporary the $3,300 434% coupon highway bondsKentland, for
917) were awarded to R. T. Coughlin of
$3,336 20, equal to
loan offered on that date (V. 122, p. 1058) on a 3.83% discount basis plus 101.09, a basis of about 4.28%. Dated Feb. 15
1926. Due $165 May and
a premium of $1 75. Due Dec. 15 1926.
Nov. 15 1927 to 1936 incl.
BOND SALE.
-On Feb. 19 the $100.000 4% water main bonds offered
on that date (V. 122.p. 1058) were awarded to R. L. Day & Co. of Boston,
NEW WATERFORD, Columbiana County, Ohio.
-BOND SALE.
at 100.269, a basis of about 4.46%. Date Feb. 11926. Due on Feb. 1,
On Feb.19 the $20,000 534% coupon (village's portion) street impt. bonds,
as follows: $7,000, 1927 to 1936 incl. and $6,000. 1937 to 1941 incl.
offered on that date (V. 122. p. 646) were awarded to Stranahan, Harris &
Oatis, Inc., of Toledo, at a premium of $602, equal to 103.01. a basis of
MEDICINE LODGE,Barber County, Kan.
-BOND SALE.
-An !SSW about 4.82%. Dated April 1 1926. Due 51.000 each
Of $10,000 434% coupon electric light bonds was purchased during Sep- April 1 1927 to Oct. 1 1936 incl. Other bidders were: six months from
tember by the State School Fund Commission at par. Date Sept. 1 1925.
Bidders.
Denom. $1,000. Due $1.000 1926 to 1935, inclusive.
Amount of bid.
Spitzer-Rorick & Co., Toledo
820,067 00
MERCED IRRIGATION DISTRICT (P.O. Merced),Merced County, Teachers Retirement Ilystem, Columbus
20,495 00
Calif.
-BOND OFFERING.
20,506 00
-H.P. Sargent, Secretary Board of Directors, A.E. Aub & Co., Cincinnati
will receive sealed bids until 11 a. m. March 2 for the following irrigation The Guardian Trust Co.. Cleveland
20.378 00
W.K.Terry & Co., Toledo
bonds aggregating $463,000:
20,257 77
The Well, Roth & Irving Co., Cincinnati
$363.000 5% Third Division of First Issue bonds. Due in 1955.
20,465 00
Seasongood & Mayer, Cincinnati
100,000 6% Fourth Division of First Issue bonds. Due in 1956.
20,555 00
Dated Jan. 11922. Denom.$1,000. Interest payable J. & J. Legality W.L. Slayton & Co., Toledo
20,274 00
Toledo
approved by Goodfellow, Bells, Moore & Orrick of San Francisco. A. Ryan, Sutherland & Co.,
20,472 00
The First Citizens Corp., Columbus
certified check for 2% of amount bid, required.
20,460 00
The Herrick Co., Cleveland
20,422 00
Otis &
20,532 00
MESA COUNTY SCHOOL DISTRICT NO. 10 (P. 0. De Beque), Durfee Co., Cleveland
Niles & Co.,Toledo
20.342 00
Colo.
-PRE
-ELECTION SALE.
-Peek-Brown & Co.Inc., of Denver
have purchased an issue of $11,000 4%% refunding bonils, subject to their
NORWICH, New London County, Conn.
-BOND SALE.
being voted at a coming election. Dated May 1 1926. Due serially.
-On
the $525,000 434% coupon water bonds offered on that date (V. 122.
p. 1059) were awarded to a syndicate composed of H. T. Allen & Co..
MIDDLETOWN, Butler County, Ohio.
-BOND SALE.
-On Feb'. 19 Gibson & Leefe, and G. L. Austin &
the $20,430 5% (special assessment, curb and gutter bonds) offered on that 4.17%. Dated March 11926. Due Co. at 101.2198, a basis of about
$15,000 yearly from Mar. 1 1931 to
date
-V. 122. p. 645
-were awarded to Seasongood & Mayer of Cincinnati 1965 incl. Other bidders were:
at a premium of $354, equal to 101.73, a basis of about 4.64%. Dated
Bidders.
Rate Bid. Bidders.
Rate Bid.
Jan. 1 1926. Due $2,270 yearly from Sept. 1 1927 to 1935. inclusive.
Eldredge & Co., Boston
100.94 R.L.Day & Co., Boston...... _ 100.79
Other bidders were:
Estabrook & Co., Boston__ --101.04 E. H. Rollins & Sons, Boston.100.53
Bidders
Premium. Redmond & Co.,New York--100.387 Norwich Savings Society_ --100.00
Breed, Elliott & Harrison, Cincinnati
$351 39 R.M.Grant & Co.,Boston--100.788
A. E. Aub & Co., Cincinnati
333 00
Assel, Goetz & Moerlein. Inc., Cincinnati
322 79
OAK PARK SCHOOL DISTRICT, Hillsborough County (P. o.
The Herrick Co., Cleveland
298 00 Tampa), Fla.
-BOND OFFERING.
-Sealed bids will be received until
Stranahan, Harris & Oatis, Inc.. Toledo
291 00 Mar. 17 by W. D. Snipes. Secretary Board of Public Instruction, for 148.
Ryan, Sutherland & Co., Toledo
267 00 000 6% school bonds. Date Feb. 1 1926. Due $2,000 Feb. 1-1928 to
Provident Savings Bank & Trust Co., Cincinnati
251 29 1951 incl. These are the bonds originally scheduled to be of ered on
Otis & Co., Cleveland
232 90 Feb. 19-V. 122. p. 646.
Title Guarantee & Trust Co., Cincinnati
206 34
MIDLAND, Beaver County, Pa.
-BOND OFFERING.
-Sealed bids
OKALOOSA COUNTY
No. 5,
will be received until 7.30 p. m. March 10 by Homer Coffin, Borough (P. 0. Crestview), Fla. SPECIAL TAX SCHOOL DISTRICT Chair-BOND OFFERING.
-B. F. Eddentield,
Treasurer,for 8206.000 435% coupon borough bonds. Dated Sept. 1 1925. man Board of Public Instruction, will
receive sealed bids until 12 m. Mar.8.
for $30,000 6% school bonds. Date Dec. 7 1925. Int. J. & D. Due
MONMOUTH COUNTY (P. 0. Freehold), N. J.
-BOND OFFERING. Dec. 7 1955. A certified check for $500 is required.
-Sealed bids will be received until 11 a. m. Mar. 17 by C. Asa Francis.
OPELIKA, Lee County, Ala.
County Treasurer, for the following two issues of 434% coupon or registered
-BOND SALE.
-An issue of $40,000 6%
coupon street paving bonds was purchased on Jan. 18 by Judge Lum Duke
bonds, aggregating 1315,000:
$292,000 road bonds. Due on Mar. 15 as follows: 110,000, 1928 to 1940 of Ophelia at 104, a basis of about 5.12%. Date Feb. 1 1926. Denom.
incl.: $12,000, 1941. and 815.000, 1942 to 1951 incl.
$1,000. Due $4,000 yearly 1927 to 1936 incl. Interest laayable F. & A.
23,000 bridge bonds. Due $1,000 yearly from Mar. 15 1928 to 1950 incl.
Denom. $1,000. Dated Mar. 15 1926. Prin. and semi-ann. int.
OPELOUSAS, St. Landry County, La.
--The 324.000
-BOND SALE.
(M.& S.) payable at the County Treasurer's office in New York exchange. 6% fire department equipment bonds offered on Feb. 9-V. 122. p. 510
No more bonds to be awarded than will produce a premium of 81.000 over were awarded to 0. F. Boagni of Opelousas, at a premium of $1,048, equal
each of the above issues. Certified check for 2% of the bonds bid for, to 104.27, a basis of about 5.17%. Date Dec. 15 1925. Due Dec. 15
payable to the County Treasurer, required. Legality approved by Caldwell as follows: $1.500, 1926:82,000, 1927 and 1928;$2,500, 1929 to 1932 incl..
and 13,000. 1933 to 1935 incl.
a Raymond of New York.
FEB. 27 1926.]
THE CHRONTCLE
1207
PADUCAH, McCracken County, Ky.-BOND OFFERING.
-F. N.
RUSSELL INDEPENDENT SCHOOL DISTRICT, Lucas County,
Bailey. Mayor, will receive sealed bids until Mar. 8 for the following three Iowa.
-BOND OFFERING.
-John W. Platt, Secretary Board of Educaissues of 4, 43.1, 434 or 434% bonds, aggregating $210,000:
tion, will receive sealed bids until 2 p. m.Mar. 11 for $18,000 coupon school
$120,000 road bonds.
bonds. Dated Mar. 1 1926. Denom. $1,000. Int. payable semi-ann.
50,000 sewer bonds.
40,000 Island Creek Bridge bonds.
ST. LOUIS PARK INDEPENDENT SCHOOL DISTRICT, Hennepin
PALMER, Hampden County, Mass.
-TEMPORARY LOAN.
-BOND SALE.
-On County, Minn.
-The $35,000 coupon school bonds offered
Feb. 24 the Old Colony Trust Co. of Boston was the successful bidder for on Feb. 24 (V. 122, p. 1060) were awarded to the Minneapolis Trust Co. of
the $75,00 temporary loan offered on that date (V. 122. p. 1059) on a Minneapolis as 430 at a premium of $701, equal to 102, a basis of about
3.85% discount basis plus a $2 25 premium. Due Nov. 26 1926.
4.28%. Date Mar. 1 1926. Due Sept. 1 as follows: $2,000. 1933 to 1935
incl.; $3,000, 1936 and 1937; $4,000, 1938, and $19,000 in 1939.
PALMER TOWNSHIP SCHOOL DISTRICT (P. 0. Easton), Northampton County, Pa.
-BOND SALE.
SANFORD, Seminole County, Fla.
-BOND SALE.
-On Feb. 17 the $25,000 534%
-The $232,000
coupon school bonds offered on that date (V. 122. P. 1509) were awarded street improvement bonds offered on Feb. 19-V. 122. p. 918
-were
to M.M.Freeman & Co. of Philadelphia at 106.62,a basis of about 4.88%• awarded to the W. H. Silverman Co. of Cincinnati as 6s at a premium of
to optional date and a basis of about 4.98% if allowed to run full term of $50, equal to 100.02. a basis of about 5.99%. Date Jan. 1 1926. Due
years,. Due Jan. 15 1946, optional Jan. 15 1941.
Jan. 1, as follows: 323,000, 1927 to 1935 incl. and $25.000 in 1936.
PARNASSUS, Westmoreland County, Pa.
SANFORD, Lee County, No. Caro.
-On Feb.
-Harvey
-BOND SALE.
-BOND OFFERING.
18 the $93,000 434% coupon borough bonds offered on that date (V. 122, Kennedy, Town Clerk, will receive sealed bids until Mar. 9 for $100,000
p. 781) were awarded to the Mellon National Bank of Pittsburgh at a 6% water works bonds. Denom. $1,000.
premium of $2.217 93, equal to 102.38, a basis of about 4.35%. Date
Jan. 1 1926. Due on Jan. 1, as follows: $33,000. 1946 and $30,000.
SAN GABRIEL, Los Angeles County, Calif.
-BOND SALE.
-The
1951 and 1956.
First Securities Co., of Los Angeles, has purchased the following (5%)
bonds aggregating $32,566:
PERRY, Lake County, Ohio.
-Sealed bids will $20,000 bridge bonds.
-BOND OFFERING.
be received until 12 m. March 13 by W. E. Salkeld, Village Clerk, for
12.500 fire department and site purchase bonds.
$8,400 6% coupon sidewalk bonds. Denom. $900, except 1 for $300.
Due serially, 1937 to 1946 incl.
Dated Feb. 1 1926. Int. payable A. & 0. Due each six months as follows:
$900 April 1 and Oct 1 1927 to 1930 and $900 April 1 1931 and $300 Oct .1
SCOTCH PLAINS, Union County, N. J.
-BOND OFFERING.
1931. A certified check for 10% of the amount of bonds bid for, payable to Sealed bids will be received until 8 p. m. Mar. 2 by T. J. Nicholl, District
the Village Treasurer, required.
Clerk, for an issue of 434%. 434% or 434% coupon (with privilege of registration as to principal only or as to both principal and interest) school
PERRY, Taylor County, Fla.
-The following 6% district bonds, not to exceed $260,000, no more bonds to be awarded than
-BOND SALE.
bonds, aggregating $50,000, offered on Feb. 18-V. 122, P. 781-were will produce a premium of $1,000 over $260.000. Denom. $1.000. Date
awarded to the Perry Banking Co. and the First National Bank, both of Mar. 11926. Prin. and semi-ann. int.(M.& S.) payable in lawful money
Perry, at 98,a basis of about 6.26%
of the United States of America at the Westfield Trust Co., Westfield.
$25,000 sewerage bonds. Duo $1.000. 1927 to 1951 incl.
Due on Mar. 1, as follows: $6,000, 1927 to 1956 incl. and $8,000, 1957
25,000 water works bonds. Due $1,000, 1927 to 1951 incl.
to 1966 incl. Certified check on an incorporated bank or trust company,
Date Feb. 1 1926.
for 2% of the amount of bonds bid for, payable to the Custodian of School
Moneys. required. Bonds will be prepared under the supervision of the
PHENIX CITY, Lee CountyAla.-BOND OFFERING.
-The CitY United States Mortgage & Trust Co., which will certify as to the genuineness
Clerk will receive sealed bids until' Mar. 5 for 9130,000 6% paving bonds. of the signatures of the officials and the seal impressed thereon. Legality approved by Hawkins, Delafield & Longfellow of New York.
PHILADELPHIA, Neshoba County, Miss.
-BOND OFFERING.J. V. Welsh, City Clerk, will receive sealed bids until March 2 for the
SEAGOVILLE, Dallas County, Tex.
-BONDS VOTED.
-At the elecfollowing bonds, aggregating $42,000:
tion held on Feb. 13 (V. 122, p. 918) the voters authorized the issuance of
i
.ft„stpl
$26,000 paving bonds.
$30.000 water bonds. tea
16,000 sidewalk bonds.
SELMA, Dallas County, Ala.
-BOND SALE.
-Ward. Sterne & Co. of
PLANT CITY, Hillsborough County, Fla.
Birmingham have purchased an issue of $9,000 street bonds.
-W.
-BOND OFFERING.
H. Durrance, City Clerk, will receive sealed bids until 8 p. m. March 11
for the following 5)4% improvement bonds, aggregating $410,000:
SHONGALOO SCHOOL DISTRICT NO.19(P.O. Minden), Webster
$160,000 water works bonds.
-BOND DESCRIPTION.
Parish, La.
-The $65.000 school bonds awarded
250.000 general improvement bonds.
on Feb. 16 to the City Savings Bank & Trust Co. of Shreveport and the
Dated Oct. 11925. Denom. $1,000. Due Oct. 1 1945. Prin. and semi- Interstate Trust & Banking Co. of New Orleans, Jointly, as 53(s at 100.96ann. int. A. & 0. payable at the National City Bank. New York City. A V. 122. p. 1061-are described as follows: Date Feb. 15 1926. Denom.
certified check for $2,000, payable to the City, required. These are the 91,000. Due serially Feb. 15 1927 to 1949, inclusive. Interest payable
bonds originally offered for sale on Feb. 15-V. 122, p. 511.
F. & A. 15.
Financial Statement.
----as
SILVERTON, Marion County, Ore.
-BOND DESCRIPTI07.-The
True value (estimated) of all taxable property
$10,040,330
7, coupon sewer refunding bonds awarded to the First National
Assessed valuation of real and personal
- 5,020.165 925,000 51
Silverton on Feb. 9 at 101.05-V. 122. p. 1061-a basis of about
Total bonded debt (including this issue)
847,000 Bank ofare described as follows: Dated March 1 1926. Denom. $500.
Floating debt in addition to bonded debt
28,000 4.90%.
Due 5 ,500, March 1 1936 to 1945 Incl. Int, payable semi-ann. M.& S.
9
Amount of bonds outstanding for water works (not included in
this issue)
66,000
-BOND OFFERING.
SLATON, Lubbock County, Tex.
-S. F. King,
Sinking fund (general, incl. sinking fund for water works bonds)
20,000
Value of property owned by municipality
will receive sealed bids until 8 p. m. Mar. 15 for $100,000 5)4%
46,000 Mayor,paving bonds. Dated Jan. 11926.
Population 1920 (est.) at 4,500; 1925, 7.000.
Denom. 91,000. Due $2,000
coupon
1927 to 1946 incl.; and 33.000 1947 to 1966 incl. Prin. and semi-annual
PORTLAND, Cumberland County, Me.
-TEMPORARY LOAN.- int. payable at the Hanover National Bank, New York City. A certified
On Feb. 23 Salomon Bros. & Hutzler a Boston were awarded a $300,000 check for $2,000 payable to the city is required.
temporary loan offered on that date (V. 122, p. 1060) on a 3.84% discount
-BOND OFFERING.
SMITHFIELD, Johnston County, No. Caro.
basis plus a premium of $12.75. Dated Feb. 26 1926. Due Oct. 4 1926.
W. L. Fuller, Town Clerk, will receive sealed bids until 8 p. in. March 15
PULASKI COUNTY (P. 0. Winamac), Ind.
6% street improvement bonds. Denom. 51,000. Due
-BONDS OFFERED.
- for $120,000 1927 to 1946. inclusive. Principal and semi-annual interest
Sealed bids were received until 3 p. m. Feb. 24 by L. E.
36,000 April 1
Treasurer, for $8,200 434% Van Buren Township road Campbell, County payable at the National Bank of Commerce. New York City. Legality
bonds.
approved by Reed. Dougherty & Hoyt. New York City. A certified check
PUNTA GORDA, Charlotte County, Fla.
for 2% of bid is required.
-BOND OFFERING.
Sealed bids will be received by the City Clerk until May 4 for $50,000 6%
city hall bonds. Denom. $1,000. Due in 30 years. Prin. and int, payaSNYDER INDEPENDENT SCHOOL DISTRICT, Scurry County,
-The following 5% bonds, aggregating $74,500,
ble in New York. A certified check for $1,000 required.
-BOND SALE.
Tex.
offered on Feb. 23-V. 122,13 781-were awarded to John Nu veen & Co.
Financial Statenzent Feb. 1 1926.
ata premium of 9510, equal to 100.67, a basis of about 4.95°!:
.
of Chicago
Assessed valuation 1925
92,636,975 00 $65,000 building and equipment bonds. Due Apr. 1 as follows: $1,000;
Bonded debt (including this issue)
1927 to 1946 incl.. $2,000, 1947 to 1956 incl.: $3,000. 1957 to
231,000 00
Floating debt
1963, and $4,000 1111964.
.
30.256 17
Sinking fund
9,500 refunding bonds. Due $500 Apr. 1 1927 to 1945 inclusive.
9,817 59
Population estimated, 3,000.
Dated Dec. 1 1925.
QUAIL, Collingsworth County, Tex.
-BOND ELECTION.
-An
election will be held on March 20 for the purpose of voting on the question
of issuing $17,000 school bonds.
SOUTH GREENSBURG SCHOOL DISTRICT (P. 0. Greensburg),
-BOND SALE.
Westmoreland County, Pa.
-On Feb. 23 the $97.000
434% coupon school bonds offered on that date (V. 122. p. 1061) were
awarded to J. H. Holmes & Co. of Pittsburgh for $98.030, equal to 101.0a;
RALEIGH TOWNSHIP (P. 0. Raleigh) Wake County No. Caro. a basis of about 3.95%. Dated Mar. 1 1926. Due Mar. 1 as follows:
-An election will be held early in April'for
-BOND ELECTION.
$32.000, 1936 and 1946, and $33.000 in 1956. Int. payable M.& S.
pose of voting on the question of issuing $1,300,000 school bonds. the purSOUTHWEST GREENSBURG (P. 0. Greensburg), Westmoreland
RAYMONDVILLE RURAL INDEPENDENT SCHOOL
-BOND OFFERING.
-Sealed bids were received until
DISTRICT, County, Pa.
Willacy County, Tex.
-BONDS VOTED.
-At a recent election the voters 8 p. m. Feb. 23 by J. Clarence Shroder, Borough Secretary. for $45.000
authorized the Nsuance of $50,000 school bonds.
4349' borough bonds. Denom. $1,000. Dated Dec. 1 1925. Interest
J. &D. Due on Dec. 1 as follows: $5,000 1929 and $10.000 1935, 1939.
ROCHESTER, N. Y.
-NOTE SALE.
-S. M.Bond & Co. of New York 1942 and 1945. Certified check for $450, payable to Weber A. Arter,
were awarded the following six issues of notes, aggregating $1,550,00 Borough Treasurer, required.
offered on Feb. 19(V. 122. p. 1060) at 3.89% interest, plus a
$17 Premium.
-Sealed
$600,000 general revenue, as per ordinance of the Common Council
-LOAN OFFERING.
STAMFORD, Fairfield County, Conn.
Feb. 9 bids will be received until 12 n. March I,by Harold S.Nichols,town,treas1926.
500,000 local improvement, as per ordinance of the Common Council
loan. Denoms. 525.000,
Jan. urer, for the purchase of a $300.000 temporarywill be engraved under the
12 1926.
$10,000 and $2,000. Due Sept. 11926. Notes
200,000 subway railroad construction, as per ordinance of the
Common supervision of the Old Colony Trust Co., Boston. Legality approved by
Council Mar. 24 1925.
Ropes, Gray, Boyden & Perkins of Boston. All bids must Include interest
100,000 municipal hospital, as per ordinance of the Common Council to date of delivery. Interest is payable at maturity and no offers to disSept. 8 1925.
count said loan will be considered.
municipal building construction, as per ordinance of
75,000
•••••
the Common
Counc.il Aug. 25 1925.
-TEMPORARY LOAN.
STAMFORD, Fairfield County, Conn.
75,000 municipal building construction, as per ordinance of the
Common Arthur Perry & Co. of New York purchased a $200,000 temporary loan on
Council Feb. 9 1926.
a 3.82% discount basis plus a premium of $1 25.
General revenue notes will be made payable three months from
Feb.
1926; other five issues of notes will be payable eight months from Feb. 25
STANLEY SCHOOL DISTRICT, Mountrail County, No. Dak.25
1926. Other bidders were:
BONDS VOTED.
-At a recent election the voters authorized the issuance
Bidders:
of$65.000 high school building bonds by a count of 212 for to 146 against.
Interest. Premium.
R. W. Pressprich & Co.. New York
3.89
Genesee Valley Trust Co., Rochester
STANTON, Montgomery County, Iowa.
3.90V
-BOND SALE.
-The $7,000
$4.00
Robert Winthrop & Co., New York
3.90
improvement fund bonds offered on Feb. 17-V.122, p.647
-were awarded
Salomon Bros. & Hutzler, New York
to the Carlton D. Beh Co. of Des Moines.
3.91V
11.00
of Rochester
National Bank
3.92%
12.00
STEPHENS COUNTY (P.O. Toccoa), Ga.-BONDS VOTED -At the
ROCKY FORD, Otero County, Colo.
-BOND SALE.
-Boettcher & election held on Feb.20-V.122. p. 919
-the voters authorized the issuance
Co.of Denver has purchased an issue of $30,000 434% water extension bonds of $200,000 road bonds by a count of 1.414 for to 128 against.
Due in 15 years.
S.4LE.-Beettcher & Co. and Donald F. Brown & Co., both of
BOND
SYLVANIA SCHOOL DISTRICT (P. 0. Sylvania) Screven County,
Denver,jointly, purchased an issue of $15,000 434% refunding water bonds. Ga.-BOND SALE.
-J.
Hilsman & Co.,Inc.of Atlanta have purchased
an issue of $8,000 534% school bonds. Dated Nov. 1 1925. Denom.31.000.
Due serially In 1 to 10 years.
Due Nov. 11955. Prin. and int. M.& N. payable at the Hanover National
RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.
ROCKY
- Bank, New York City. Legality approved by A. A. & E. L. Meyer of
Sealed bids will be received until 12 m. March 23 by Frank Mitchell, Village Atlanta.
Clerk, for $33,137 5% street impt. assessment bonds. Denom. $1.000,
Financial Statement.
Dated March 11926. Int. payable A. & 0. Due on Actual values
except 1 for $137.50.
$2.696,148
Oct. 1 as follows: 53,137.50, 1927: $3.000, 1928 and 1929, and $4,000. 1930 Assessed values, 1923
674.037
A certified check for 10% of the amount of bonds bid for, Total bonded debt, (including this Issue)
to 1935 incl.
49.000
payable to the Village Treasurer, required.
Population (est.), 3,000.
THE CHRONICLE
1208
[Von. 122.
-BOND OFFERING.
WHITE PLAINS, Westchester County, N.Y.
Sealed bids will be received until 11 a. m. 11/larch 8 by Eugene S. Martin,
Commissioner of Finance, for the following three Issues of 434% registered
bonds, aggregating $300,000.
incl.
TAVARES SCHOOL DISTRICT (P.O. Tavares) Lake County, Fla. $100,000 sewer bonds. Due $5,000 yearly from Feb. 1 1936 to 1955
100,000 storm water drain bonds. Due on Feb. 1 as follows: $14,000,
offered on
-BOND SALE.
-The $150.000 534% coupon school bonds
1929 to 1935 incl. and $2,000. 1936.
Jan. 18-V. 121, p. 2667
-were awarded to the Brown-Crummer Co. of
100,000 street impt. bonds. Due on Feb. 1 as follows: $14,000, 1929 to
Wichita at 93.50, a basis of about 6.15%. Date Jan. 1 1926. Due Jan. 1
1935 incl. and $2,000, 1936.
asfollows: $5,000. 1929 to 1946 incl.and $6,000,1947 to 1956 Incl.
Denom. $1,000. Dated Feb. 11926. Prin. and semi-ann. int. (F. & A.)
exchange at the
the United
payable
TILLMAN COUNTY CONSOLIDATED SCHOOL DISTRICT NO.11 office ofin lawful money ofof Finance.States in New York cashiers check
the Commissioner
A certified check or
-The County of Tillman has
-BOND SALE.
Okla.
(P. 0. Frederick),
on an incorporated bank or trust company for 2% of the amount of bonds
purchased an issue of $20.000 5% school bonds at par. Due serially 1927 payable to the City of White Plains, required. Legality approved by Clay
to 1946 incl.
& Dillon of New York.
TIPPAH COUNTY SEPARATE ROAD DISTRICT (P. 0. Ripley),
WINTERS INDEPENDENT SCHOOL DISTRICT, Runnels County,
-A. M. Young, Clerk Board of Supervisors, Tex.
Miss.
-BOND OFFERING.
-At the election held
-BONDS VOTED.
will receive sealed bids until March 2 for 375.000 534% road bonds. Date the voters authorized the issuance of $110,000on Feb. 15 (V. 122, p. 648)
school bonds.
1 as follows: $1,500 1926 to
Sept. 1 1925. Denom. $500. Due March
1929, incl.; $2,000 1930. $3.000 1931 to 1934, incl.; $3,500 1935; $4.000,
$4,500 1937 to 1939, $5.000 1940 and 1941. and $6,000 1942 to 1945,
1936,
WOODBURY HEIGHTS SCHOOL DISTRICT (P. 0. Woodbury
Inclusive. Principal and interest (M. & S.) payable at the National Bank Heights) Gloucester County, N. J.
-BOND OFFERING.
-Sealed bids
of Commerce, St. Louis. Legality approved by Charles & Rutherford of will be received until 8 p. m. March 5 by Andrew J. Stuart. District Clerk,
Louis. Bonds to be lithographed at the expense of the purchaser and for the following three issues of 434%.45i% or 5% coupon (with privilege
St.
delivered as soon as lithographed. A certified check for $2,500, payable of registration as to principal only or as to both principal and interest)
-named Clerk, is required.
to the above
school bonds aggregating $882,000:
$65,000 school series A bonds. Due on Oct. 1 as follows: $2,000, 1927 to
Financial Statement.
1942 incl.: 23,000, 1943 to 1952 incl. and $1,000 1953 to 1955 incl.
$87.100
Bonded debt (including this issue)
2,000 school series B bonds. Due $100 yearly from Oct. 1 1927 to 1946
592,279
Amessed valuation
inclusive.
These are the bonds scheduled for sale on Feb. 2-V. 122 p. 512.
15,000 school series C bonds. Due $1,000 yearly from Oct. 1927 to 1941
inclusive.
-BOND OFFERTOM GREEN COUNTY (P. 0. San Angelo), Tex.
Denom.
O.)
ING.
-The County Judge will receive sealed bids until Mar.8 for $500,000 payable in$1,000. Dated Oct. 1 1925. Prin. and semi-ann. int.(A. & the
gold coin of the United States of America of or equal to
road bonds.
present standard of weight and fineness at the office of the Farmers &
Mechanics National Bank, Woodbury. No more bonds to be awarded than
TULARE SCHOOL DISTRICT (P. 0. Tulare), Tulare County, will produce a premium of 21.000 over each of the above issues. A certified
Calif.
-BONDS VOTED.
-At an election held on Feb. 17 the voters au- check drawn upon an incorporated bank or trust company, for 2% of the
thorized the issuance of $100,000 school bonds by a count of 712 for to 124 amount of bonds bid for, payable to the Custodian of School Moneys of the
against.
Board of Education, required. Legality will be approved by Hawkins.
Delafield Sr Longfellow, of New York. Bonds will be prepared under the
-BOND SALE.
-The $125.000 supervision of the United States Mortgage & Trust Co., which will certify
VICKSBURG, Warren County, Miss.
5% coupon debt liquidating bonds offered on Feb. 23 (V. 122, p. 919) as to the genuineness of the signatures of the officials and the seal impressed
were awarded to I. B. Tigrett & Co. of Jackson at a premium of $2,755, thereon.
equal to 102.20, a basis of about 4.79%. Dated Mar. 1 1926. Due
WORCESTER, Worcester County, Mass.
-NOTE SALE.
Mar. 1 as follows: $3,000. 1927 to 1931 incl.; $5,000, 1932 to 1941 incl.,
-On Feb.
17 Salomon Bros. & Hutzler of Boston purchased $1,000,000 revenue notes
5
and $6.000. 1942 to 1951 incl.1
on a 3.79% discount basis plus a premium of $11. Denom. $50,000.
OFFERING.
-Mayor $25,000 and $10,000. Dated Feb. 18 1926. Due Nov. 11 1926. Notes
to the genuineness
Philip Hough will receive sealed bids until 10 a. m. Mar. 16 for $10,000 5% will be certified asapproved by Storey,by the Old Colony Trust Co. of
.
Legality
Thorndike, Palmer & Dodge of
bonds. Denom. $1,000. Due $1.000 Apr. 1 1927 to Boston. Payable at the Old Colony
public improvement
Trust Company or by arrangement at
1936 incl. Int. payable annually. A certified check for $300, payable to Boston.
1111 the Bankers Trust Company, N. Y.
the town, required.
TAHOKA INDEPENDENT SCHOOL DISTRICT, Lynn County,
Tex.
-BOND ELECTION.
-An election will be held on March 6 for the
purpose of voting on the question of issuing $100,000 school bldg. bonds.
FV-IBIr=eMicorclit,
-BOND
171.a.
YATES COUNTY (P. 0. Penn. Yan), N. Y.
-BOND SALE.
-On
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 39
bonds offered on that date
(P.0. De Land), Fla.
-BOND OFFERINO.-Geo. W. Marks. Sec. Board Feb. 20 the $60,000 434% coupon highway Co. of New
to Pulleyn &
York at 103.52,
of Public Instruction, will receive sealed bids until 10 a. m. March 16 for (V. 122, p. 782) were awarded March 11926. Due on
March 1 as follows:
0,000 60 oischool bonds. Date July 1 1925. Deem. $1,000. Due a basis of about 4.44%. Dated and 1942.
z
ncl
Ctted $12,000. 1940 and $24,000, 1941
,a(?0 y
rr d ?
tioff r
(f .1r3 i
o
l
WOod
,
314
ilg5
A
1 1 11
;3
9
check for $
v1,500. payable to the Board of Public Instruction.
A
required.
Z___ iref4.04713;m!,1
14LI
I
&T)
WALTON COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 2
-BOND SALE.
-The $15,000 6% school
(P.O. De Funiak Springs), Fla.
bonds offered on Feb. 1 (V. 122, p. 379) were awarded to local bankers.
Date Oct. 1 1925. Due $1.000 Oct. 1 1928 to 1942 Incl.
CANADA, Provinces
BARRIE,
and its Municipalities.
-On Feb. 15 Dyment, Anderson & Co.
Ont.-BOND SALE.
-year installment bonds, offered on that date
were awarded $113,000 5% 15
-BOND ELECTION. (V. 122, p. 1062) at 100.091. Other bidders were:
WAPPELO COUNTY (P. O. Ottumwa), Iowa.
Rate Bid. BiddersBiddersRate Bid.
-An election will be held on Mar. 16 for the purpose of voting on the ques100.03 Brouse, Mitchell & Co
A. E. Ames & Co
99.99
tion of Issuing road bonds in the amount not exceeding $1.000,000.
99.95 McCoo, Padmore & Co
R. A. Daly & Co
99.89
McDonagh, Somers & Co--. 99.877 H.P. Bain & Co
99.86
-BOND SALE.
-On Royal Securities
WARRICK COUNTY (P. 0. Boonville), Ind.
99.82 Gairdner & Co.. Ltd
99.812
Feb. 20 the $16.400 434% highway bonds offered on that date (V. 122, p. Matthews & Co.,Ltd
99.81 MacNeill, Graham & Co---- 99.792
919) were awarded to the Meyer-Kiser Bank of Indianapolis at a premium McLeod,Young, Weir & Co_ 99.73 Wood, Gundy & Co
99.70
a basis of about 4.31%. Dated Feb. 20 1926. Harris MacKeen &Co
of $262 75, equal to 101.60.
99.69 Aird, McLeod & Co
99.67
Due $820 yearly from May 15 1927 to 1946 incl.
Municipal Bankers Corp.--- 99.67 Roberts. Cameron & Co
99.64
Cochran, Hay & Co., Ltd_ 99.63 C. H. Burgess
99.61
99.61 J. A.G.Clarke & Co
99.577
WASHINGTON SCHOOL DISTRICT (P. 0. Woodland) Yolo Hanson Bros
99.52
-The County Clerk will receive Fry, Mills, Spence & Co___.. 99.54 Bell, Gouinlock & Co
-BOND OFFERING.
County, Calif.
99.50 Toronto Bond Exchange---- 98.66
sealed bids until March 1, for $20,000 school bonds. Due serially 1927 to MacKay & MacKay
IN
1946 incl.
...taabeladdi
Who
-BOND SALE.
-A syndicate composed of
CANADA (Government of).
WAYNESBORO SCHOOL DISTRICT, Burke County, Ga.-BOND the Chase Securities Corp., Blair dr Co., Equitable Trust Co., and Cassatt
SALE.
-The $75,000 (not $175,000) 5% coupon school bonds offered on & Co., all of New York, First National Corp. of Boston, Illinois Merchants
Feb. 20-V. 122. p. 782-were awarded to Bell, Speas & Co.. of Atlanta Trust Co., First Trust & Savings Bank and Continental & Commercial
at a premium of $2,352.11, equal to 103.13, a basis of about 4.73%.ylDue Trust & Savings Bank, all of Chicago, Union Trust Co. of Pittsburgh,
First National Bank of Los Angeles, Mercantile Securities Co. and Bank of
taa)0, 1931. 1936, 1941, 1946. 1951 and 1956.
Italy. both of San Francisco, Citizens National Bank of Los Angeles,
Anglo-London Paris Co. of San Francisco,
-An Boston and Mississippi Valley Trust Co. a National Shawmut Bank of
-BOND ELECTION.
WEBER COUNTY (P. 0. Ogden), Utah.
St. Louis has purchased an
election will be held on March 2 for the purpose of voting on the question of issue of 110.000.000 434% coupon (registerable as to principal
only)
issuing $320,000 high school bonds.
refunding bonds. Denom. $1,000. Dated Feb. 11926. Prin. and semiann. int. (F. & A.) payable in United States gold at the Chase National
- Bank of New York or at the Agency of the Bank of Montreal in New York.
COUNTY SCHOOL DISTRICT NO.121 (P.O. Erie), Colo.
liwWELD
BOND ELECTION.
-An election will be held on Mar. 1 for the purpose of Due Feb. 1 1936. The bankers are reoffering the bonds at 9831 and interest
to yield 4.65%.
voting on the question of issuing $70,000 5% school bonds.
These are the bonds purchased by Geo. W. Vallery & Co. and Peck,
Brown & Co., both of Denver. jointly, subject to their being voted at this
LA SARRE,Que.-BOND SALE.
-On Jan.4 the $10.000 534% bonds
election.
hl
offered on that date (V. 122, p. 123) were awarded to the Provincial
Securities Corporation of Toronto at 96.90. Due 1936 to 1945 Incl.
WEST READING SCHOOL DISTRICT (P. 0. Reading), Berke
-Sealed bids will be received until
-BOND OFFERING.
County, Pa.
FORT FRANCIS, Ont.-BOND SALE.
-On Feb. 19 the $75,000
8 p. m. Mar. 10 by Charles S. Merkel, Secretary Board of Directors, for
coupon or registered public school bonds offered on that date (V. 122.
$60.000 434 coupon school bonds. Denom.$1,000. Dated May 1 1926. 5
Int. M. & N. Due on May 1 as follows: $5,000, 1927: $4,000, 1928 to p. 83) were awarded to the Bond and Debenture Corporation of Canada
1931 incl.: $3,000, 1932 to 1934 incl.; $2,000, 1935 to 1939 incl.; $3,000. Ltd., of Winnipeg, at par. Denom. $1,000. Date Feb. 1926. Due in
1940 to 1945 incl., and 22.000, 1946. Certified check for $1,500, payable 1946.
to the School District, required.
GALT, Ont.-BOND SALE.
-On Feb. 15 the following two Issues of
-The $56,000 5% coupon installment bonds, aggregating $46,460 offered on that date
-BOND SALE.
WETUMPKA, Elmore County, Ala.
6% street improvement bonds offered on Feb. 8 (V. 122, p. 647) were (V. 122.?. 1062) were awarded to the Dominion Securities Corporation,
ronto at 100.07:
awarded to Caldwell & Co. of Nashville at 92.05, a basis of about 7.13%• Ltd. of
-year sewer and collegiate bonds. Due Dec.15 1926 to 1945 Incl.
$19,460 40
Due Jan. 11936.
27.000 20 installment bonds. Due Dec. 15 1965,
-At the
Denom. $1,000 and odd amounts. Dated Dec. 15 1925. Int. J. & D. .
WEWOKA, Seminole County, Okla.
-BONDS VOTED.
election held on Feb. 19-V. 122. p.782
-the voters authorized the issuance
of $125.000 school building bonds.
GREENFIELD PARK, Que.-BOND SALE.
-On Feb. 11 the $63,000
51¢% registered impt. bonds offered on that date (V. 122, p.
-BOND OFFERING -Mayor awarded to L. G. Beaubien & Co., Ltd., of Montreal at 98.66.783) were
WHARTON, Wharton County, Tex.
Denom.
Herring will receive sealed bids until March 10 for the following 531% $100 and $500. Date Oct. 1 1925. Int. J. & J. Due serially 1 to 10
J. H.
improvement bonds, aggregating $85,000:
years.
.000 paving bonds. Due Feb. 10 as follows: $2,000 1927 to 1936.
Incl.: $3.000 1937 to 1946, incl.; $1,000 1947 to 1956, incl., and
LA SALLE, Ont.-BOND OFFERING.
-Sealed bids will be received
$7.000 1957 to 1966, incl.
18,000 water main bonds. Due Feb. 10 as follows: $500 1927 to 1946, until 5 p. m. March 4 by P. N. Monforton, Town Clerk, for $15.500 8%
Town bonds.
incl., and $400 1947 to 1966. incl.
Dated Feb. 10 1926.
WELLAND, Ont.-BOND SALE.
e_water
-On Feb. 16 the $285,000 57
Financial Statement.
works filtration and chlorination plant
date (V. 122,
$1,310,230 p. 920) were awarded to the Royal bonds offered on thatof Toronto at
-Real
Assessed valuation 1925
635,310 99.91, a basis of about 5.01%. Date Securities Corporation
Personal
July 11925. Due $9,500 yearly from
31,945,540 July 1 1926 to 1955 incl. Other bidders were:
Total
Bidders:
Rate Bid.
Rate Bid. Bidders$3,800,000
Estimated actual of taxable property
Brom). Mitchell & Co
99.73
99.98 A. E. Ames & Co
Total bonded indebtedness, including this issue, and water works
99.631
99.88 Dyment, Anderson & Co
bonds being sold at same time, latter amounting to 318,000._ $193,495 Wood. Gundy & Co
99.53
$13,495 Fry, Mills, Spence & Co_
99.82 Gairdner & Co
Water works bonds outstanding, old issues
99.51
$22,499 R. A. Daly & Co
99.79 C. H. Burgess & Co
Cash value of sinking funds
99.47
$2,500 Matthews & Co
99.77 Macneil, Graham & Co
Current floating debt
99.056
3.000 McLeod, Young, Weir & Co.. 99.626 Dominion Securities
Population (estimated)
@FedFRASER