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The
oninurri31
nancial
Ft
rtintrie
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 120.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, FEBRUARY 281925.
NO.3114.
At this point the discount portfolio holds a total of
$226,927,000 bills now, as against only $123,416,000
D MAMMY
on Feb. 27 last year. Furthermore, examination
PUBLISHE
tion—Payable in Advance
shows that the New York Clearing House banks are
Terms of Subscrip
12 Mos. 6 Mos.
a pretty extended condiIncluding Postage—
$6.00 finding themselves in
$10.00
Within Continental United States except Alaaka
6.75
11.50
in Dominion of Canada
tion.
7.75
Other foreign countries. U. S. Possessions and territorial_ 13.50
As bearing out this statement, it is only necessary
of exchange,
NOTICE.—On account of the fluctuations In the rates must be made
ts
remittances for European subscriptions and advertisemen
to refer to the increase shown by these Clearing
In New York Funds.
—
Subscription includes following Supplements
House banks in the item designated "Bills payable,
SECTIONS—
COMPENDIUMS-BANK AND QUOTATION(monthly.) rediscounts, acceptances and other liabilities." This
PUBLIC UTILITY (semi-annually.)
RAILWAY EARNINGS (monthly.)
RAILWAY AND INDUSTRIALeml-ann.)
yet one that is genSTATE AND MUNICIPAL(semi-annually.) BANKERS' CONTENTION (yearly.) is a very important item, and
by almost without notice. The total of
ng
erally passed
Terms of Advertisi
45 cents
000,
Transient display matter per agate line
On request that item last Saturday stood at $701,341,
Contract and Card rates
against only $537,537,000 at the beginning of the year
CHICAGO OrrIca—In charge of Fred. H. Gray. Business Representative,
19 South La Salle Street, Telephone State 5594. E.0
on Jan. 3. Finally, the Reserve banks themselves
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens. London.
must be regarded as in somewhat an extended condiB. DANA COMPANY, Publishers,
WILLIAM
Front, Pine and Depeyster Streets, New York
tion. The loss of gold the last three months by reaCOMPANY
son of the heavy gold exports may be treated as of
Published every Saturday morning by WILLIAM B. DANA
D.
Praktens and Editor, Jaoob Seibert; Business Manager, William OfficeRiggs; little consequence, since there is an oversupply of
of Co
all,
•nves.winiam Dana Seibert; See.Herbert D.Seibert. Addresses of
the metal in this country, but the fact that the
n.
amount of Federal Reserve notesin actual circulation
The Financial Situatio
banks combined increased $30,000,000
The event of the week has been the advance from by the twelve
Federal Reserve the past week and is now larger than at any time
2
1
/
3 to 3 % in its discount rate by the
14 cannot be dismissed as being altoBank of New York. Many reasons existed for the since Jan.
nce. If the Reserve banks
advance, and none that could be urged in opposition gether without significa
state they ought to have been
to it. In the first place the rate ought neyer to have were in a wholly easy
moderate increase in
been reduced to 3% last August. In the second place, able to meet the comparatively
demand for accommodation without the putting
the New York Reserve Bank.has been the only Re- the
serve institution carrying the 3% rate. As a matter out of additional notes.
Altogether, the advance in the rate must be reof fact, there are only four other Reserve banks with
at Boston, garded as a wise step. And yet to find these banks
2
1
/
a rate as low even as 3 %,namely those
reducing their
Philadelphia, Cleveland and San Francisco. The adding to their circulation instead of
the idea adremaining seven Reserve banks have not gone below open market purchases rather negatives
s and invest4% in the present era of low rediscount rates. In vanced last year, when these purchase
purpose was to
the third place, borrowing at the Reserve banks by ments were made, namely that the
better to accommodate the
the member banks has shown a sharp increase the enable the Reserve banks
need for borrowing
past week, discount accommodation by the twelve mercantile community when the
should recur by disposing of thlse investments and
banks combined having run up from $342,471,000 to
$433,805,000, and their open market purchasing of purchases.
acceptances having increased from $311,747,000 to
The idea has been conveyed rather emphatically in
$317,246,000.
s that greater progTo be sure, this sudden increase in borrowing is London and Paris cable dispatche
generally known toward
accounted for mainly at New York and is doubtless ress has been made than is
United States of the consent of
due in great measure to preparation for the 1st of the securing by the
France to a second disarmament
March payments, after which date the borrowing will Great Britain and
not distant future. For instance,
in all probability again decrease to some extent. conference in the
representative of the New York "Times"
Nevertheless, if we go back five weeks to the low the London
on Feb. 21 that "the conpoint reached on Jan. 21 we find that in this interval stated in a long dispatch
than doubled, having risen sideration being shown by the British Government
the discounts have more
a second Washington conference
from $202,757,000 to $433,805,000. Moreover, though for the chrysalis of
words, and the strong encouragement
the total of the discounts is even now well below the in the form of
across the Atlantic by the new Secfigures of a year ago, when the twelve Reserve banks now being borne
-designate of the State Department, give justiare considered as a whole, this is not true when the retary
examination of London's motives. For
Reserve Bank of New York is considered by itself. fication for an
gilt
Thronicit.
992
THE CHRONICLE
[voL. 120.
no one who knows it would suspect the British For- conference only after having obtained
recognition of
eign Office of deliberately encouraging an interna- our rights in a preliminary agreement
."
tional conference, or anything else, without pretty
clear-cut ideas that the British Empire would benePresident Coolidge, who is known to be taking the
fit thereby." Continuing to outline what he claimed lead in whatever movement there
has been toward
was the British position, the "Times" representative the holding of a second disarmament conference
, desuggested,"so; why did Austen Chamberlain, British livered an address at the White House
on Feb 23
Foreign Secretary, send Mr. Kellogg on his way full before "more than 100 women representi
ng the Woof enthusiasm for a second meeting in the American men's Conference on National Defense
as Peace Incapital, which Mr. Chamberlain knows is among surance." Washington dispatches stated
that "PresPresident Coolidge's fondest ambitions? An ob- ident Coolidge emphasized the progress
made to preserver, seeking in diversified quarters in London for vent wars and stressed his desire
for the United
an answer to that question, sees that England has States to take the lead for a
further reduction of
several motives. If there is one lesson an English- armaments." The following was
regarded as his
man retains from the World War it is that the sub- most significant statement bearing
directly upon his
marine is a damnable thing. It is the human inven- desire to secure a further substantial
reduction by
tion most dangerous to this important island; it is the nations of the world: "A country
so powerful
the instrument which brought England uncomfort- in numbers and wealth, so fortunate
in its location
ably near to hunger; it is a demon which may one day as our own, can and should set an example
of modbreak the British lines of communication, threaten- eration in armament, and should invite
others to
ing the ties which bind together the Empire, and pursue a similar program. I do not
think we would
without which England is an economic monstrosity set a good example by abolishing our
army and navy,
which cannot live. Therefore, England would like but we can afford to limit our military
and naval
to abolish the submarine." Going still further, he establishments so as to assure that, while
determined
asserted that "there need be no doubt that the British and able to defend ourselves, we have
no intent of
think the whole motif of the new Washington confer- aggression. If every nation would
enforce such a
ence hinges on the submarine. There is not a burn- policy the cost of armaments would be
enormously
ing desire to limit auxiliary craft. Any expert of the lessened and the general welfare of humanity
.
correBritish Admiralty will tell you that Britain is short spondingly promoted." The President
also suggested
of small cruisers now, needs more and hopes to build that "it is not easy to formulate the details
of a prothem. But the Admiralty distinctly dislike sub- gram which would avow before all the
world such a
marines. The second idea in the English mind with national purpose as I am suggesting. Yet
I believe
respect to a new Washington conference related to much can be done to assure other nations that
this is
airplanes. The war left in the English mind a dis- our aim and desire. And whenever a particular
natinct recollection of aircraft, and there exists also tion shall convince its neighbors of such a purpose
an idea that the next war will be fought largely in of moderation without aggression, it would be
the air. If submarines threaten England's security easy for other nations to adopt a similar attias an insular country, aircraft will find no barrier tude."
in the 20-mile Channel. On the Continent, where England's potential enemies lie, there are mighty air
That Great Britain is planning to increase her airfleets being built, and no one who has followed the craft.and forces materially was disclosed
in London
discussions in the London Parliament or the press cable dispatches yesterday morning.
The New York
can fail to have noticed that these have England wor- "Times" representative said that
"the new British
ried. The millions of pounds just added to the war air policy to build up an air force
able to protect
budget for building aircraft indicates the way the England against all comers and
to perfect defenses,
wind is blowing. If, as reported, the Washington which would make any opponent
hesitate before atmeeting would also consider the limitation of air- tacking the country, was
presented to the House of
craft, the move would certainly have whole-hearted Commons to-night by Sir Samuel
Hoare,the Air Minsupport from London."
ister, and was passed. An expenditure of 01,319,300 ($101,479,868 at the present rate of exchange)
In giving the French attitude, "Pertinax," in the is involved. The policy provoked
debate, in which
"Echo de Paris," said: "Between London and Wash- many shafts were directed at
France, the world's
ington conversations have started upon the subject premier air power. The deep
interest shown by the
of a disarmament conference which President Cool- Commons gave evidence of the
basic interest which
idge plans to call in Washington. Originally the England attaches to problems
of air warfare. Sir
plan was that Continental naval and aerial arma- Samuel pointed to unity of
command of the different
ments were all to be regulated. However, the Presi- air forces as a great step forward
and revealed that
dent has reflected and decided to place on the confer- henceforth the equipment used
in the World War
ence program only naval armaments. In Mr. Cool- would no longer be used, but
instead, new and imidge's mind the time has come to add to the network proved engines and planes. In
pointing to an inof treaties signed at Washington on Feb.6 1922. The crease of nearly £2,000,000 in the appropriation for
Americans declare that it would be consistent with the air forces, Sir Samuel said that
the rise was due
the spirit of the first arms conference to extend to both to the depletion of war stocks
and the new air
cruisers and all other types of ships the proportions policy. The basis of the new policy, Sir Samuel said,
which were decided upon for dreadnoughts. It is a was to treble the British air strength
as it stood two
difficult controversy. Let us beware of it, as what years ago, when the nation turned seriously to the
remains of the French Navy is at stake. Let us make 'problem. As -to the need of the new policy, the Minup our minds that at Washington we shall find fac- ister said that the development
of air fighting had
ing us the three great naval Powers in agreement to brought about a revolution."
exercise their supremcay. Let us agree to enter a
•
FEB.28 1925.]
THE CHRONICLE
Plans for the adjustment of inter-Allied war debts
appear to be receiving at least informal and unofficial consideration at London and Paris. In a dispatch on Feb. 21 the Paris correspondent of the New
York "Evening Post" went so far as to claim that
"England and France are not far from a war debt settlement, and the approaching accord is of vital concern to the United States, which has both countries
for debtors." He also asserted that"the Baldwin Government's proposal to France and the other European Allies is that they shall pay England only what
she owes the United States, minus England's share
in German reparations, which she will apply to her
debt to America." Presenting figures to illustrate
how this idea would work out, the "Post" representative said: "In German currency England owes the
United States roughly 18,000,000,000 gold marks.
Under the Dawes plan annuities England is schedulel to receive 8,000,000,000 gold marks, which is approximately the estimate of her German annuities
capitalized. This leaves 10,000,000,000 gold marks
to be drawn from her European Allies under the old
Balfour plan proposal, which is the basis of the
Baldwin Government's negotiations with France."
In outlining what he claimed was the British position and the latest developments in the situation
from that point of view, the Paris correspondent of
the New York "Times" said in a long cablegram to
his paper three days later (Feb. 24) that "the British Government has let the French Government know
that London is now willing to settle the Allied debts
to England without holding the Allies responsible
for German failure to carry out the Dawes plan."
He then explained that"the British position had been
that London expected to collect from friend and foe
on the Continent what England had to pay America,
and this had been construed on both sides of the
Channel as meaning that if Germany did not pay,
the Allies would have to pay more. The new British
position is that London will accept a small payment
from France and the other debtors, fixed in accordance with their ability to pay, independent of German payments, and for the rest will agree to accept
a percentage of German payments to the Allies." He
offered the following figures to show how his information would work out: "In other words, England
is now ready to accept from France an annual payment of, say, £4,000,000 or £5,000,000 plus a part of
France's share of reparations, say 6 or 8% of
France's 52% share of the Dawes annuities. These
two payments, plus whatever England would receive
from her 22% of German payments, would be set
aside to meet the £32,000,000 England pays America
annually. If anything was left over it would be
credited to the Allies." Commenting upon the proposal, the "Times" representative stated that "this
change of policy may seem technical on the face of
it, but it is of immense political importance, for under the original Balfour plan England would have
made an arrangement by which she stood to collect
from the Allies what Germany did not pay, and thus
England would have largely ceased to have a direct
material interest in obliging Germany to pay reparations, which as the French saw it, left them in danger of facing Germany alone in compelling reparations payments."
993
Government circles in that country, but not to the
same extent as last week. According to Paris cable
advices there was general disappointment on the
part of his friends that Joseph Caillaux,in his speech
at a dinner in his honor, did not present more constructive ideas and measures for a solution of the
financial situation. The Paris representative of the
Associated Press said in a cable message on Feb. 20
that "official circles conceded to-day that a capital
levy in some form or other was among the plans the
Government was studying for a solution of France's
financial troubles. This was admitted in those circles to be the proper interpretation of a declaration
made in the Chamber of Deputies yesterday by Finance Minister Clementel, which first came to notice
when the printed sheets on the financial debate were
distributd to the press." He declared that "the discovery caused a sensation in the press gallery. Deputies of the majority, when consulted, appeared somewhat alarmed at the blunt way in which the Finance
Minister announced that 'a capital levy will doubtless become necessary.' The proofs for the 'Journal
Officiel' were consequently modified, the phrase being made to read 'special contribution' instead of
'capital levy.'" The correspondent maintained that
"whether the idea is presented in one form or the
other, the meaning is that those who possess fortunes would be called upon to give part of them to
the State,it was said this morning in official circles."
Commenting upon a recent statement credited to
Finance Minister Clementel in the Chamber of Deputies, "Pertinax," in the "Echo de Paris," said: "'An
unofficial promise.' Surprising words! Surprising
indeed for any one who knows the attitude of the
Washington Government and Congress toward our
financial affairs. An attitude which will not change
until economy has been re-established in our household, and until an accord on the debt problem has
been reached." Continuing, he said: "But the incident carries a lesson with it. Our various Ministerial departments continue the habit contracted during the war of taking up foreign questions directly
without going through the Quai d'Orsay. The old
rule should be recalled to them, i. e., no communications with foreign countries or their citizens, except
through the Foreign Office. And, as for English or
American loans, let us not forget that we cannot
henceforth contraCt any without placing ourselves at
the mercy of London and Washington in the interAllied debt affair."
In a special Paris cablegram to the New York
"Times" on Feb. 22 it was stated that a report had
reached that centre that General Dawes had expressed the opinion that "sooner or later another
Dawes committee will have to be formed to investigate how much France can pay and whether or not
it would be wiser to annul her debt is one which is
shared by many Frenchmen. They do not welcome
it. It would be truer to say they fear it may happen."
In elaborating on the alleged opposition of the
French to such an undertaking, the "Times" correspondent asserted that "voluntary contribution, special taxation and even a capital levy would certainly
be preferred to a Dawes plan which would operate,
for instance, with regard to the French railroads in
the same way as has been done with the German
railroads. There is in this country already a great
The financial position of France and how it can be deal of resentment against the power of foreign
strengthened have continued to receive attention in wealth in the direction of internal affairs. In the
994
THE CHRONICLE
newspapers and Parliament constant criticism is
being made of the extent to which British and American banks have established themselves in Paris, and
a Frenchman would look very differently from a German at a Dawes plan which took control of public
services and administered them." Continuing, he
said that "their attitude toward such an investigation as is suggested is that it would be excellent if
confined to a friendly examination of France's capacity for repayment in the existing circumstances
of the Administration and had for consequence a
reduction of debts to the measure of that capacity.
On the other hand they consider that it would be
disastrous if it had as a consequence the establishment of a plan of repayment which infringes French
sovereignty over finances and treated the country in
any way as a vassal."
Discussing much the same report, the Paris representative of the New York "Herald Tribune" said
in a dispatch to his paper on Feb. 24 that "French
Parliamentary and official circles are awaiting with
great anxiety the coming debates in the United States
Senate on the debt situation and the question of further private loans from America. It is feared that
the reopening of the debate on this side of the Atlantic also may create strained relations between the
two countries, and in that event measures might be
passed in the American Congress disapproving further loans. In that case the French Government
will find itself in an embarrassing position." The
correspondent added that "the financial situation
has been discussed during the last week with the
experts still in the dark as to measures to bring about
relief. It is considered impossible at this time to
make any offers to America more favorable than the
recent Clementel memorandum without the fall of
the Government which sponsored them."
In an "informal talk to the Anglo-American Press
Association" in Paris on Feb. 25, Premier Herriot
"made an appeal for justice for France in considering the question of the repayment of her war debts
and said the restoration of the country must be the
basis of all financial settlements." He was quoted
as saying that "on behalf of this country, which is
trying to re-establish the financial situation with an
admirable will, and whose Parliament for the first
time soon will establish a perfectly balanced budget
of 35,000,000,000 francs,I ask you to understand that
the restoration of France must be the basis of all the
settlements which we must reach."
The illness of King George of England, which at
first was diagnosed as influenza with bronchial complications, was regarded, by the people at least, as
more serious as the days passed until mid-week,
when it became apparent that he was well on the
road to recovery. The physicians announced that as
soon as his condition would permit they recommended a cruise in Mediterranean waters. While
it was stated also in London cable dispatches on
Feb. 23 that the Prince of Wales would officiate in
place of his father at two levees at Buckingham Palace on March 10 and March 19, it was represented
that keen apprehension over the King's condition
did not exist and that the Prince was planning to
start on schedule time, March 28, for his trip to
South America and South Africa. At that time it
was expected that a Privy Council commission would
[VOL. 120.
"carry on the administration in the Sovereign's absence." The London representative of the New York
"Herald Tribune" suggested that "an unusual feature of the situation, however, will be that the King,
the Prince of Wales and the Duke of York, the King's
second son, all will be absent from the country at the
same time, as the Duke of York, who is hunting in
Africa, does not plan to return before April." During the closing days of the week the reports regarding the King's condition were encouraging and reassuring. On Wednesday Prince Henry, the King's
third son, was stricken with influenza. Premier
Mussolini has been confined to his bed all week with
the same ailment. It is expected that King George
will leave London about March 6 for a cruise in the
Mediterranean.
Not only did uneasiness exist in Great Britain because of the illness of King George, but the Cabinet
and people of Germany were anxious when they
learned that President Ebert must submit to an
emergency operation for appendicitis. It was performed in Berlin on the evening of Feb. 23 and was
"declared to have been successful." It was admitted, however, in an Associated Press dispatch under
that date that "grave apprehension was expressed
about the outcome, as Herr Ebert has been suffering
from gallstones for the last fortnight, and his nervous system has been badly shattered by excitement
over the Magdeburg trial and vicious attacks against
him in the Barmat affair." Announcement was made
that "Chancellor Luther assumes the Presidential
duties while Herr Ebert is incapacitated." It was
recalled in the dispatch also that "President Ebert
rounded out the sixth year of his administration of
the Republican Reich on Feb. 11. He was elected
by the National Assembly, which had framed the
Constitution at Weimar in 1919. The Constitution
says that the term of the President shall be for seven
years, but as it also says that the President shall be
elected by popular vote, and as Herr Ebert was not
so elected, the Reichstag undertook to limit the term
to June next." In a message to his paper Tuesday
evening the Berlin correspondent of "The Sun"
stated that "that section of the German people which
is true to the German Republic caught its breath this
morning over the news of Ebert's critical illness.
Public anxiety was not allayed until at noon, when
the papers definitely reported the President entirely
out of danger." He added that "the Republican supporters, however, are wondering now whether the
Republic itself is not more endangered by his malady
than the presidential patient." The Berlin correspondent of the New York "Evening Post" cabled on
Feb.21 that"Dr. Wilhelm Marx's resignation as Premier of Prussia after the refusal of a vote of confidence by the State Diet may have a decisive effect on
his candidacy for the Presidency of the Republic to
succeed Herr Ebert, unless he is able to retrieve his
political fortunes by forming a Prussian Cabinet on
another basis."
President Ebert's condition became extremely
critical on Thursday as a result of the development of
peritonitis. It was gravely feared, according to Berlin advices, that he could not live. The Berlin representative of the New York "Times," in a cable message yesterday morning, said that "the possibility
of political complications if Herr Ebert dies is lessened by the fact that his term of office is almost over
and his candidacy for re-election is doubtful. But,
FEB.281925.].TH Pi
CHRONICLE
995
between the two Ministers will be frank and cordial
as between the two men, now that the Governments
fully appreciate the other's difficulties. There will
be no crisis as in the days when Lord Curzon and Mr.
Lloyd George met M. Millerand and M.Poincare. It
will be weeks, perhaps months, before a decision is
reached and may be the French Government may
change in the process."
The Paris representative of the New York "Herald
Tribune" cabled the next day that, "while the various Allied Governments are studying the report of
the Inter-Allied Military Control Commission, with
its bulky circumstantial conclusions regarding Germany's bad faith in carrying out her disarmament.
pledges, the 'Herald Tribune' is informed that the
Allied military experts are engaged in secret conferences based on the general belief that Germany will
never disarm in accordance with the treaty mandate."
He stated also that "these parleys concern the military view as to the best means of keeping Germany
The loss of a Prime Minister and his Cabinet peaceful—that is, co-ordinated Allied preparations
through political defeat has been a particularly com- adequate to suppress any hostile gesture which Germon occurrence in Europe ever since the World War many may be inclined to make."
ended. Sweden has been so unfortunate as to lose
The defense of the German Government in having
her Premier by illness and death. Hjalmar Branting, who had headed the Cabinet three times, and extended large credits to prominent industrialists in
who resigned only on Jan. 24 on account of a severe the Ruhr area was begun in the Reichstag on Feb. 20.
illness, died "shortly after noon" on Feb.24. Accord- The Berlin representative of the New York "Times"
ing to an Associated Press cablegram from Stock- said in a cablegram to his paper on that date that,
holm on that date, "M. Branting, thrice Premier of "before a Reichstag swept by sudden gusts of exciteSweden and one of the most active of European ment and driving home his words in the face of nustatesmen in the affairs of the League of Nations, merous interruptions, Chancellor Luther to-day fired
was taken seriously ill with inflammation of the the opening gun in the Government's defense of the
lungs about the middle of December. Later phlebitis Ruhr credits. Dr. Luther's speech followed a savage
developed in the left leg." As already stated,"he re- attack by the Socialist Hertz on the Government polsigned the Premiership on Jan. 24, being succeeded icy which entailed paying out to Ruhr industrialists
by M. Sandler, but was retained in the Cabinet as more than $175,000,000." Continuing, the corrreMinister without portfolio." It was added that "M. spondent said: "Foreign Minister Stresemann,
seated on the Ministerial bench during Hertz's onBranting was 64 years old."
slaught, was stung into rage by the speaker's stateGermany is a ques- ments and flung several fiery retorts at him. FolDisarmament on the part of
tion to which the Allies are said to be giving much lowing Luther's speech and a few other exhibitions
consideration. On Feb. 21 the Paris correspondent of oratorical fireworks by friends and foes of the
of the New York "Times" cabled that "the Confer- Government, the question of the Ruhr credits was
ence of Ambassadors to-day decided to postpone ex- referred to a special investigation committee, whereamination of the report of the German Disarmament upon the Reichstag adjourned until March 2."
1
Commission until after Marshal Foch's committee
provides it with an expert opinion of the CommisIt was fully demonstrated some time ago that
sion's findings." He added that "Marshal Foch was Soviet, Socialist and other radical ideas would not
himself present at the Ambassadors' meeting and work when applied to international affairs, although
explained that the highly technical nature of the a certain degree of progress might be made in deal-page document necessitated close interpretation ing with purely domestic problems. The most recent
47
before a general conclusion could be formed. This dispatches from various European capitals, includcourse will, it is anticipated, cause a delay, certainly ing Moscow, have furnished steadily increasing eviof two or three weeks, before any definite decision dence that the Soviet leaders were meeting with sehas to be taken on the report, and during these two rious failure in the handling of affairs in their own
or three weeks many political changes may take country. In a special wireless dispatch from Mosplace." Continuing, he declared that "what to-day's cow to the New York "Times" on Feb. 24 it was
meeting really did was to postpone formal discussion stated that, "although industrial production on the
by the Ambassadors until after the French and Brit- average has reached 65% of the pre-war level, Russia
ish Government's have had time to examine fully the stands now before an approaching trade crisis, as the
situation created by the report and decide their sale of goods in internal markets is decreasing
course of action." The "Times" correspondent also greatly, recent economic statistics show, in Central
reported that "on his way to Geneva it is stated that Russia, the Ukraine and Caucasus. The general sale
Foreign Secretary Austen Chamberlain will spend of goods decreased during January 35, 40 and 50%,
two days in Paris, when he will discuss the situation respectively, in the above markets, in comparison
with the French Premier. That is the real event for with the last two months of last year." The author
which the Ambassadors are waiting and not the tech- of this message also said that, "according to the renical opinion of the military experts on the Commis- port issued on the annual fair held at Kieff, little
sion's report. There is no doubt that the discussion business was done there. Private trade, it is re-
nevertheless, his death would sure be a rude blow to
the German Republic, since he is one of the sanest
Republicans in the country, whose tact and ability
are admitted even by his enemies. Even if not President, the German Republicans realize that Herr
Ebert would be of enormous value to the Republic,
especially because of the favor he enjoys abroad."
Berlin cable advices last evening regarding the
President's condition were rather conflicting. The
Associated Press said that "President Ebert's physicians expressed the opinion this afternoon that he
had successfully passed the crisis of his illness."
According to a message to "The Sun" of this city,
"after several hours of gradual improvement, President Friedrich Ebert suffered a relapse early this
afternoon and a bulletin issued at 2.30 p. m. described his condition as grave. Professor Bier, his
personal physician, said the relapse was due to intestinal activity again being halted."
996
THE CHRONICLE
ported, was entirely unrepresented and even participation of co-operative societies was 'insignificant.'
This approaching crisis in the general sale of goods,
which chiefly affects those consumable by the peasantry, comes quite unexpectedly. Only recently
State trusts and factories were urged by the authorities to increase production and lower prices of commodities in order to bring them within reach of the
peasants. Such a policy the Government regarded
as the best means to effect a junction between the
town and village." Continuing, he said that "the
present unfavorable symptoms therefore are looked
upon with a certain anxiety. Soviet economic observers attribute the decrease in the sale of goods to
two causes: First, the withdrawal of credits from
the co-operative societies by State industrial concerns owing to their own lack of capital for production and inability to create favorable conditions for
return to private trade;second, to the decreased buying capacity of the peasants. The first cause is alleged to be the direct outcome of last year's policy
regarding internal trade and the suppression of private trade."
1
[voL. 120.
tween the trade unions and building material rings."
Another phase of the situation was presented by the
London correspondent of "The Sun" in a cablegram
under date of Feb. 25. He asserted that "not since
1921, Britain's post-war strike year, have the constitutional leaders of organized labor been confronted
with graver issues than they are to-day. MacDonald
is battling to keep the Left Wing of the Parliamentary party in line, with, so far, little perceptible
effect. But of much greater consequence to the
country at large is the insidious plan of the so-called
minority leaders to wrest control of the various big
unions from leaders who are opposed to any violent
move by labor toward the Left. J. H. Thomas, one
of the most astute Laborites as well as one of the
ablest politicians in British public life, uttered last
night a serious warning to the workers regarding
this minority movement."
Still another angle developed on Feb. 25. The London correspondent of the New York "Herald Tribune" cabled that evening that "A. J. Cook, the Communist Secretary of the British Miners' Federation,
and a strong believer in direct action, as opposed to
the political and constitutional methods of the Labor
Party, to-day took the first step in his scheme to
form one big union of all the workers in the vital
industries of the country. This step took the form of
sending letters to the executives of the two big railroad unions, the Engineering Union and the Transport Workers' Union, asking for a meeting here next
week to discuss plans for joint action in future industrial disputes." He explained that "Cook plans
to form a quadruple alliance, including the railroad
men, miners, transport workers and engineers. This
would be even more formidable than the famous
triple alliance of railway men, miners and transport
workers, which fell to pieces in the coal strike two
years ago. Altogether 2,500,000 workers in the key
industries of Great Britain would be banded together in the fight for higher wages and better conditions, if Cook's scheme goes through."
The British Government is experiencing fresh trouble with organized labor. According to London cable advices, the British Building Trade unions have
been "holding up the Government's attempt to deal
with the housing shortage." Lord Birkenhead, in
"expressing his personal views" in a speech, characterized the action as "blackmail." The London representative of the New York "Times" explained that
"Lord Birkenhead was touching upon one of the
most difficult problems before the Stanley Baldwin
Ministry. Solution of the housing problem was one
of the main promises it made at the general election
and it now finds that the nearer it is approached the
more it bristles with difficulties." Continuing to
outline the situation, the correspondent said:"Every
place is crying out for houses, and though the local
authorities have already schemes by which 200,000
are to be erected, it will take at least as many more
before the British nation is reasonably well housed.
In accordance with recent forecasts, the German
At present the search for a house or even rooms is a
heartbreaking task. Cases occur frequently where Reichsbank on Thursday reduced its discount rate
doctors, clergymen and other professional men re- to 9%,from 10%,the rate previously prevailing since
fuse good appointments because it means leaving the middle of 1924. Aside from this change, official
their present quarters and finding homes in new discount rates at leading European centres remain
towns. Young couples by the hundred cannot get at 7% in Paris and Denmark; 612% in Norway;
/
/
1
4
married or are forced to live with their parents be- 5 % in Belgium and Sweden; 5% in Madrid, and
cause there is no separate accommodation for them. 4% in London, Holland and Switzerland. The open
Local authorities condemn slum property as unfit market discount rates in London have been raised
for habitation and cannot turn the people out be- to PA% for short bills and for three months to 43
4@
/
3
cause a leaky roof is better than no roof at all. News- 4 13-16%, against 3r8@311-16% and 3 13-16%, repapers criticize elementary school education and spectively, last week. Call money in London was
/
schoolmasters reply,'How can children be expected strong, and finished at 314%, in comparison with
/
they have to pass all their time in 318% a week ago. In Paris and Switzerland open
to study when
" He pointed out that "the market discounts continue to be quoted at 6 % and
crowded tenements?'
/
1
4
/
1
4
Government dares not suspend the act which for- 2 %, respectively.
bids raising pre-war rents to an economic figure for
The Bank of England in its weekly statement
fear of the wholesale shifting of population which
would follow on a scramble for houses put up to com- showed a gain in gold of £7,927, while reserve was
petitive leasing. Thousands of people who were reduced £563,000 as a result of expansion in note
forced to buy homes at prohibitive rates in order to circulation amounting to £571,000. However, the
have some place of shelter, now find it almost impos- proportion of reserve to liabilities advanced slightly,
sible to carry the heavy mortgages they were obliged moving up to 19.34%, the highest point of the curto sign. To remedy this two things are necessary, rent year, and comparing with 19.28% a week ago,
skilled labor and plentiful building materials, and 18.03% last year and 173
4% in 1923. Public deposthere is a great shortage of both. The Government its increased £2,439,000, but "other" deposits fell
tries to increase both and finds itself whipsawed be- £5,701,000. Loans on both Government securities
T H Ii CHRONICLE
FEB. 2S 1925.]
and other securities decreased—£215,000 and £645,000, respectively. The bank's stock of gold amounts
to £128,587,157, against £128,106,600 last year and
£127,504,283 a year earlier. Reserve aggregates
£23,536,000. This compares with £22,277,130 in 1924
and £23,313,843 the year previous. Note circulation
is now £124,803,000, in comparion with £125,579,195
last year and £123,940,440 in 1923, while loans stand
at £74,398,000, as against £68,221,849 the preceding
year and £79,107,430 in 1923. No change has been
made in the official bank rate from 4%,the rate prevailing heretofore, although the opinion was expressed in London cable advices yesterday afternoon
that it would be advanced next Thursday. Clearings
through the London banks for the week totaled £801,455,000, which compares with £790,605,000 last week
and £735,267,000 a year ago. We append herewith
comparisons of the several items of the Bank of England return for a series of years:
assets, there was a decline in holdings of bills of
exchange and checks of 89,508,000 marks, and 15,699,000 marks in advances. Increases were reported
in gold and bullion of 14,165,000 marks, in deposits
abroad of 2,780,000 marks, in reserve in foreign currencies of 4,720,000 marks, in silver and other coins
of 2,096,000 marks,in notes on other banks of 4,569,000 marks, in investments of 105,000 marks, and in
other assets of 59,539,000 marks. The bank's gold
reserve now stands at 879,955,000 marks. Note circulation now outstanding is 1,682,800,000. The
above figures are expressed in gold marks, a gold
mark being the equivalent in value of a trillion paper
marks.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1924.
1922.
1923.
1925.
March 1. March 2.
Feb. 28.
Feb. 27.
Feb. 25.
124,803,000
Circulation
16,143,000
Publlc deposits
105,544,000
Other deposits
41,926,000
Govt. securities
74,398,000
Other securities
Reserve notes& coin 23,536,000
Coin and bu1lion__ _128,587,157
Proportion of reserve
to liabilities
19.34%
Bank rate
4%
125,579,195
13,106.064
110,436,459
51,197,182
68,221,849
22,277,130
128,106,600
18.03%
4%
123,940,440 123,093,340
20,907,446 17,150,962
110,548,375 118,492,382
47,282,880 47,985,566
79,107.430 81,729,821
23,313,843 24,118,966
127,504,283 128,762,306
129,299,950
18,236.365
124,468,748
44,393.742
98,925,281
17.477,192
128,327,142
175‘%
434%
12.24%
7%
173i%
3%
According to the weekly statement of the Bank
of France, an expansion of 20,404,000 francs occurred
in note circulation during the week. The total
outstanding is now 40,791,722,000 francs, contrasting
with 39,344,769,405 francs at the corresponding date
in 1924 and with 37,434,065,415 francs in 1923.
Just prior to the outbreak of the war, in 1914, the
amount was only 6,683,184,785 francs. A further
small gain of 68,225 francs is shown in the gold item.
This brings the Bank's aggregate gold holdings up
to 5,545,789,825 francs, comparing with 5,541,303,917 francs at this time last year and with 5,535,840,402 francs the year previous; of the foregoing amounts
1,864,320,907 francs were held abroad in both 1925
and 1924 and 1,864,344,927 francs in 1923. During
the week silver gained 379,000 francs, bills discounted were augmented by 100,746,000 francs and
general deposits rose 84,993,000 francs. Advances,
on the other hand, fell off 31,196,000 francs, while
Treasury deposits were reduced 76,000 francs.
Comparisons of the various items in this week's
return with the statement of last week and corresponding dates in both 1924 and 1923 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Feb. 27 1925. Feb. 28 1924. Mar. 11923.
Francs.
Francs.
Gold Holdings—
Francs.
Francs.
Inc.
68,225 3,681,468,918 3,676,983,009 3,671,095.565
In France
No change
Abroad
1,864,320,907 1,864,320,907 1,864,344.927
Inc.
68.225
Total
Inc.
379,000
Silver
Inc. 100,746,000
discounted
Bilis
Dec. 31,196,000
Advances
Note circulation_ _Inc. 20,404,000
76,000
Treasury deposits_Dec.
General deposits_ Inc. 84,993,000
5,545,789.825
305,746,000
5,101,098,000
2,973,736,000
40,791,722,000
13,376,000
2,014,189,000
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
5,535,840.402
290,002,938
3,180,657,885
2,042.107.421
37,434,065,415
16,934.953
2,503,116,732
In its statement, under date of Feb. 23, the Imperial Bank of Germany showed still further curtailment in note circulation, amounting to 77,216,000
marks, although this was again accompanied by expansion in other maturing obligations, totaling 92,383,000 marks. As against this, other liabilities were
reduced 11,583,000 marks and loans from the Rentenbank decreased 23,603,000 marks. With regard to
997
The weekly statements of the Federal Reserve
banks, which were issued at the close of business on
Thursday, were featured by reduction in gold holdings and expansion in bills discounted. The report
of the System indicated a loss in gold of $11,700,000.
Rediscounting of all classes of bills increased $91,300,000, while holdings of bills purchased in the open
market rose $5,400,000. Total bills discounted now
aggregate $433,805,000 and compare with $531,590,000 at this time a year ago. Earning assets expanded
$83,300,000 and deposits $12,500,000. There was also
a large increase in the amount of Federal Reserve
notes in actual circulation, viz.,$30,000,000. At New
York gold reserves decreased $35,900,000. Rediscounts of Government secured paper increased $79,800,000. In "other" bills there was a decrease of
$1,200,000; thus total bills discounted expanded $78,600,000, to $226,927,000, which compares with $123,416,000 last year. Bill buying in the open market
registered expansion of $15,900,000. A large increase was shown in earning assets, namely $91,600,000, while deposits expanded $35,000,000 and Federal
Reserve note circulation $11,500,000. Increases were
shown in member bank reserve accounts—$17,700,000 for the banks as a group and $41,400,000 at New
York. As a result of the material additions to deposits and falling off in gold, reserve ratios were
reduced both locally and nationally. That of the
System declined 1.2%, to 75.8%, while at New York
there was a drop of 5.6%, to 69.6%.
A sharp decrease in surplus reserves, increased
loans and shrinkage in deposits constituted the features of last Saturday's statement of New York
Clearing House banks and trust companies. The
loan item expanded $25,746,000. Net demand deposits were reduced $21,601,000, to $4,504,639,000. This
total is exclusive of $14,449,000 in Government deposits. Time deposits, on the other hand, were
larger, gaining $10,820,000, to $593,545,000. Among
the declines were $945,000 in cash in own vaults of
members of the Federal Reserve Bank, to $47,755,000, which, however, is not counted as reserve; $95,000 in reserves in own vaults of State banks and trust
companies, and $38,262,000 in the reserves of member banks with the Reserve Bank. Reserves of State
banks and trust companies kept in other depositories
increased $835,000. Drawing down of member bank
reserves more than offset the contraction in deposits
and brought about a loss in surplus reserve of $35,$29,370, reducing said excess reserve to $15,616,750,
as compared with $50,646,120 a week earlier. The
figures here given are on the basis of legal reserve
requirements of 13% for member banks of the Federal Reserve System, but do not include cash in vault
998
THE CHRONICLE
[voL. 120.
amounting to U7,755,000 held by these member insti- bills running 60 and 90 days, 34% bid
and 34%
tutions on Saturday last.
asked for bills running 120 days, and 33 0 bid and
47
34% asked for bills running 150 and 180 days.
The outstanding development in the local money Open market quotations follow:
market was the advance Thursday afternoon in the
SPOT DELIVERY.
90 Dam
60 Days.
30 Days
rediscount rate of the New York Federal Reserve Prime eligible Mlle
3H 334
814@5(
34fie3)(
Bank from 3 to 3 %. While it had been rumored
FOR DELIVERY WITHIN THIRTY DAYS.
/
1
2
Eligible member banks
3H big
for weeks, the action finally came as a surprise. We Eligible nor-member banks
334 Ii44
have discussed the step further above, in the opening paragraph of this article. It deserves to be added
The rediscount rate of the Federal Reserve Bank
here that the former New York rate was below that of New York was raised this week from 3% to 34%
of other Reserve institutions. The change did on all classes of paper of all maturities. The change
not have any effect on the early rates for call money was announced by the Bank on Feb. 26 and was made
In the local markets yesterday, as renewals were ar- effective yesterday (Feb. 27). Further reference
ranged at 4 %,the same as the day before. Before thereto is made in our items under "Current Events
/
1
2
the business session was over, however, call money and Discussions." The following is the schedule of
advanced, first to 41 270 and then to 5%. The latter rates now in effect for the various classes of paper at
/
was the closing quotation. These changes might the different Reserve banks:
have taken place irrespective of the action of the DISCOUNT RATES OF FEDERAL
RESERVE BANKS IN EFFECT
New York Federal Reserve Governors, as it was
FEBRUARY 27 1925.
Friday and final preparation had to be made for
Paper Maturing-the March disbursement on next Monday. Earlier
After 90 After a
Days,but
eta
In the week the tendency of both call and time money
Within 90 Days.
Within 0 Within 9
M°nine Mouths.
was toward greater firmness, although the former FEDERAL RESERVE
BANK.
Conerefal Secured
/
1
2
did not get above 4 %. It will be particularly inAprtc't
By U. S. Bankers' Trade Apricut.• Apricot.
Livestock Govern't A ccepAccepand
and
teresting to note the trend of the money market next
Paper
Obliges- tamee
tances. Livestock /Memel
lions.
Paper. Payer.
week after the March 1 disbursements have been Boston
314
314
314
334
314
334
New York
334
334
made.
334
34
33.4
334
Philadelphia
334
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
334
4
4
4
4
4
4
4
314
34
4
4
4
4
334
334
4
334
334
4
4
4
314
331
4
4
4
4
334
334
4
4
4
4
4
4
4
234
4
Referring to money rates in detail, loans on call
4
4
4
have covered a range during the week of 34@5%,
4
4
4
4
a
a
in comparison with 3@4% a week ago. Monday
4
4
4
3%
334
3%
334
was a legal holiday (Washington's Birthday). On
•Including bankers
Tuesday the high was 5% with the low 34%, which by warehouse receipts, acceptances drawn for an agricultural purpose and secured
dm.
was also the rate for renewals. Wednesday only one
rate was named-43(%—at which figure all loans
Movements in sterling exchange this week were
were negotiated. Increased firmness developed on lacking in significance and the market much of the
Thursday and there was an advance to 44% as the time was at a practical standstill with the volume of
high, although the renewal basis continued at 4%%, business passing unusually small. As a result price
and this was also the low. On Friday renewals were fluctuations were relatively narrow. Demand bills
again arranged at 431%,the low, but before the close ranged between 4 744 and 4 764. Last Saturday
a temporary flurry carried the call rate up to 5%. observance of Washington's Birthday (on Monday)
Action of the Reserve Bank in raising its discount as a legal holiday served to intensify the
dulness,
rate was of course responsible for the stiffening. dealers being unwilling to risk commitments over
the
For fixed-date maturities the market was dull and holiday interval. With the resumption of trading on
inactive, but firm, and at the end of the week quota- Tuesday, no semblance of activity developed. Values
tions advanced to 4% for sixty and ninety days, were maintained, largely because of light offerings.
4% for four, five and six Later on, stiffening of the local money market exeragainst 39@)4%, and to 41
months, against 4%. Preparation to meet the cised a depressing effect and demand bills, which had
March 1 payments was also a factor in the advance.
gained a small fraction earlier in the week, sagged off
Mercantile paper rates shared in the firmness and again, losing about 13 c. Local dealers took very
4
four to six months' names of choice character moved little part in the week's operations, values being
up to 394%, against 34@3%%, and names not so governed to a considerable extent by movements at
well known to 4%,against 3%@4% last week. New the principal foreign centres. Speculative interests
England mill paper and the shorter choice names showed no inclination to make contracts under existpassed at 33 %. A brisk demand was noted even ing uncertainties. In a word the market is still a
4
at the higher figures. Country banks were still the waiting one. Rumblings in the Near East were not
principal buyers.
liked, but had no real influence on actual market
•
Banks' and bankers' acceptances reflected the ad- levels. On Friday, rates, after touching 4 744,
vance in the Reserve Bank discount rate by a general rallied to 4 76 on rumors of an increase in the Bank
rise of 4% in both spot and time deliveries on the of England discount rate next week to meet the
open market. A falling off in activity was noted in advance in the New York Federal Reserve rate.
consequence of the flurry in call rates. Offerings
American and British bankers'appear to be more in
were not large. For call loans against bankers' ac- accord in their views on the probable date of the
ceptances the posted rate of the American Acceptance restoration of sterling parity and removal of the gold
Council is now 34%, against 24% last week. The embargo, and the feeling is now quite general that
Acceptance Council makes the discount rate on prime nothing will be done in this direction until the latter
bankers' acceptances eligible for purchase by the part of 1925. There are a few who retain their opFederal Reserve Bank 334% bid and 34% asked for timism and predict a return to par in the late spring.
bills running 30 days, 34% bid and 331% asked for The belief is expressed that the current
depression in
FEB.28 1925.]
THE CHRONICLE
999
volume of French
sterling is a favorable indication since it will act as a against the steady and increasing
position. Meantime it grain imports. Lack of banking support was a faccorrective to an overbought
Renewed talk of enforcement of
would not be surprising, it is thought, if sterling tor in the weakness.
the dreaded capital levy added to the general unprices touched lower levels, before going higher.
from Germany and some
Referring to the more detailed quotations, sterling easiness. Selling emanated
European group, while Paris was also
exchange on Saturday last was easier and demand of the Central
noteworthy that the present
declined to 4 753'@4 76, cable transfers to 4 753%@ a seller of francs. It is
campaign against franc exchange is largely restricted
/
4 763 and sixty days to 4 73@4 731 2; trading was
ns on short turns. Apparently
of a pre-holiday character. Monday was a legal to spot transactio
. Very little in- little is being done in futures. The polical situation
holiday (Washington's Birthiday)
anxiously awaiting some
crease in activity was noted on Tuesday, but prices is not liked and bankers are
higher, mainly on light offerings; the adjustment of existing difficulties. Italian lire came
were a trifle
of a slump to
4
range was 4 75%@4 763' for demand, 4 76@4 763 in for a share of attention by reason
3
the year-4.014—and nearly
for cable transfers and 4 733(4)4 739/2 for sixty the lowest point of
of last week. Heavy
days. On Wesnedsay firmness in the money market 10 points under the low record
arising from Italian wheat purchases
brought about easing in sterling and demand sold off selling pressure
fractionally to 4 75 9-16@4 75 15-16, cable transfers was held responsible for the break. While the auy supported lire exto 4 75 13-16@4 76 3-16, and sixty days to 4 73 1-16 thorities at Milan consistentl
change, political difficulties, speculative attack and
@,4 73 7-16; trading was not active. Increased
than
weakness developed on Thursday, and there was a capital exports, seemed for the time being more
considered possifurther lowering to 4 74%@4 75% for demand, to the market could withstand. It is
although hope is
4
4
4 743 @4 757 for cable transfers and to 4 71%@ ble that the quotation may go lower,
wheat imports are pro4 733/2 for sixty days. Friday's market was dull held out that as soon as the
the season
and irregular and demand ranged between 4 749/2 vided for, pressure will be abated, while
when lire will be in demand to meet
@4 76, cable transfers at 4 7498@4 763', and sixty is close at band
have im4
days at 4 717 @4 73%. Closing quotations were tourists' requirements. Italian finances
3
% for demand and 4 76 proved during the past year or so, but much will
4 733 for sixty days, 4 75
his hold
for cable transfers. Commercial sight bills finished depend upon Mussolini's ability to maintain
upon internal affairs. No changes were noted in
at 4 75%, sixty days at 4 713/2, ninety days at
cur4 71, documents for payment (sixty days) at 4 713% either German or Austrian exchange. Greek
nding
5
and seven-day grain bills at 4 75%. Cotton and rency ruled quiet and fairly steady, notwithsta
unsettling rumors of trouble between Greece and
payment closed at 4 75%.
grain for
operaThelEweek's gold engagements included another Turkey. On the other hand, short covering
advance of a couple of points, to
$2,500,000 by J. P. Morgan for Germany. This tions induced an
the close. The
brings the total shipped for account of the Reichs- 1.60, although this was lost before
minor European exchanges were dull at prebank to $50,000,000 which completes the total con- other
of Rumanian lei,
signment of gold from this centre as arranged by vious levels, with the exception
4
which broke nearly 2 points, to 0.483 , largely as
NewiYork bankers and the Reichsbank from the
a result of nervousness over the reported Kurdish
proceeds of the $110,000,000 German loan floated
last October. The first shipment of gold was made uprising.
The London check rate on Paris finished at 92.50,
on the 5th of December. The Central Union Trust
Co. this week shipped $500,000 to India; the National as compared with 91.18 last week. In New York
CitylBank announced a shipment of $100,000 to sight bills on the French centre closed at 5.14, against
Venezuela and the Farmers' Loan & Trust Co. 5.243/2; cable transfers at 5.15, against 5.253;
$60,000 to the Straits Settlements. It is understood commercial sight bills at 5.13, against 5.23, and
that the National City Bank has $5,000,000 gold commercial sixty days at 5.073%, against 5.183 a
earmarked for shipment to Argentina, the metal to week ago. Antwerp francs, which followed the
be held subject to the order of the Argentine am- course of French exchange, but to a lesser extent,
4for
4
bassador. This gold will be deposited ml the New finished the week at 5.011 for checks and 5.021
and 5.0634
Yorkrederal Reserve Bank, to which will be added cable transfers, as compared with 5.0534
other gold deposits from time to time and will be the preceding week. Final quotations for Berlin
transregarded as part of the Argentina Caja de Conversion marks were 23.81 for both checks and cable
Austrian kronen conand used for the purpose of note issuance. The fers, the same as last week.
at
reason for resorting to the expedient of holding the tinue to be quoted at 0.00143/s. Lire closed
bills and at 4.04% for cable
4
gold here is that while Argentina's trade balance is 4.033 for bankers' sight
at present favorable, the situation is regarded as remittances. A week earlier the close was 4.0934
2
temporary and subject to sudden change; hence the and 4.103/. Exchange on Czechoslovakia finished
,
8
precaution. Friday the Equitable Eastern Banking at 2.97, against 2.963/2; on Bucharest at 0.493/
4
that it will ship $200,000 gold to against 0.503 ; on Poland at 1934 (unchanged), and
Corp. announced
on Finland at 2.53 (unchanged). Greek drachmae
India.
2
closed at 1.59 for checks and at 1.593/ for cable
In the Continental exchanges also a falling off in transfers, the same as the week before.
activity was noted, although irregular fluctuations
The former neutral exchanges were neglected.
in rates continued, with sharp losses in francs and
lire. Trading in the local market was listless and Trading was dull and featureless, while rate fluclight in volume throughout and rate changes reflected tuations were generally narrow, comparatively speak39.94.
in no 'small degree movementiraboad. French ing. Guilders again receded, declining to
and ruled for awhile at/around 5 19 Swiss francs are now around 19.19(4)19.21, as against
francs opened
@5 21, but subsequently broke to 5.11, mainly on a recent high point of 19.31. The Scandinavians,
selling to provide for month-end requirements, alsa however, remained steady and even a trifle higher.
1000
THE CHRONICLE
Spanish pesetas exhibited a sagging tendency,eventually losing 7 points, on a lack of demand.
Bankers' sight on Amsterdam closed at 39.98,
against 40.08; cable transfers at 40.02, against 40.12;
commercial sight bills at 39.92, against 40.02, and
commercial sixty days at 39.56, against 39.66 last
week. Swiss francs finished at 19.203/2 for bankers'
sight bills and at 19.213/i for cable transfers. This
compares with 19.223/ and at 19.233/2 a week ago.
Copenhagen checks closed at 17.78 and cable transfers at 17.82, against 17.77 and 17.81. Checks on
Sweden finished at 26.92 and cable transfers at
26.96, against 26.91 and 26.95, while checks on
Norway closed at 15.18 and cable transfers at 15.22,
against 15.193/i and 15.233/ the previous week.
Spanish pesetas, after declining to 14.12, rallied
and closed at 14.14 for checks and at 14.16 for
cable transfers: Last week the close was 14.193/
and 14.213.'.
FOREIGN EXCHANGE RATES CERTI146.-0 BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
FEB. 21 1925 TO FEB. 27 1925. INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Feb. 21. Feb. 23. ,Feb. 24. Feb. 25, Feb. 26. Feb. 27.
EUROPE$
3
$
$
$
$
Austria, krone
.000014
.000014 .000014 .000014 .000014
Belgium, franc
.0503
.0503
.0500
.0502
.0502
Bulgaria, lev
.007329
.007319 .007281 .007279 .007293
Czechoslovakia, krone .029636
.029626 .029615 .029624 .029626
Denmark, krone
.1779
.1778
.1780
.1783
.1781
England. Pound sterling
4 7588
7618
.7578
.7582
.7589
Finland, markka
.025196
.025198 .025204 .025192 .025209
France,franc
0519
.0519
.0514
.0516
.0516
Germany,reichsmark* .2380
.2380
.2380
.2380
.2380
Greece. drachma
.015916
.016164 .016046 .015898 .015942
Holland, guilder
.4008
.4007
.4005
.4004
.4001
Hungary, krone
.000014
.000014 .000014 .000014 .000014
Italy. lira
.0409
.0405
.0403
.0403
.0406
Norway. krone
.1522
.1521
.1521
.1523
.1522
Poland, zloty
.1918
.1918
.1918
.1920
.1918
Portugal. escudo
.0496
.0496
.0494
.0494
.0496
Rumania.leu
.004990
.004912 .004870 .004879 .004877
Snail). Peseta
.1420
.1418
.1417
.1415
.1415
Sweden,krona
.2694
.2694
.2694
.2694
.2694
Switzerland, franc...._ .1922
HOLI- .1922
.1921
.1921
.1921
Yugoslavia, dinar
.016175
DAY
.016109 .016064 .016054 .016017
ASIAChinaCheefoo, tadl
.7733
.7725
.7725
.7700
.7596
Hankow,tael
.7725
.7716
.7713
.7691
.7619
Shanghai, tadl
.7514
.7502
.7495
.7473
.7481
Tientsin, tael
.7833
.7817
.7817
.7796
.7733
Hong Kong. dollar- .5520
.5529
.5514
.5496
.5513
Mexican, dollar__
.5475
.5473
.5467
.5456
.5508
Tientsin or PelYani.
dollar
.5517
.5500
.5517
.5483
.5446
Yuan, dollar
.5638
.5825
.5638
.5608
.5513
India, rupee
.3567
.3566
.3566
.3565
.3559
Japan, yen
3925
.3935
.3949
.3973
.3970
Eungspore(S.S.),dollar .5513
.5504
.5504
.5513
.5521
NORTH AMER.Canada. dollar
.998759
.998722- .998721 .998865 .998750
Cuba, peso
1.000094
1.000156 1.000156 1.000156 1.000156
Mexico. Peso
.493667
.493333 .493667 .493583 .493167
Newfoundland, dollar .996094
.996250 .996146 .996354 .996250
SOUTH AMER.Argentina, Peso (gold) .8969
.8973
.8990
.9032
.9052
Brazil. milreis
.1109
.1104
.1105
.1099
.1101
Chile, peso (Paper)._ .1091
.1095
.1091
.1094
.1084
Uruguay. nese
.9428
.9435
.9435
9444
9407
[VoL. 120.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,593,921 net in cash as a result of the currency movements for the week ended Feb. 26.
Their receipts from the interior have aggregated
$4,878,082, while the shipments have reached $1,284,161, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ending February 26.
Banks Interior movement
Into
Banks.
Out of
Banks.
$4,878,082
I
Gain or Loss
to Banks.
S1,284,16110aln 53.593 .92
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Feb. 21. Feb. 23.
Tuesday, Wednesd'y, Thursday, Friday,
Feb. 24. Feb. 25. Feb. 26. Feb. 27.
Aggregate
for Week.
$
$
$
$
$
$
70.000.000 Holiday 92,000.000 66.000,000 79,000,000 $
87,000.000 Cr. 394,000,000
Note.
-The foregoing heavy credits reflect the huge mass of
cheeks 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
however, reflect only a part of the Reservescheme. These large credit balances.
Bank's operations with the Clearing
House institutions, as only the items payable in New York
City
the daily balances. The large volume of checks on institutions are represented In
located outside of
New York are not accounted for in arriving at these
balances, as such checks do
not pass through the Clearing House but are deposited
Bank for collection for the account of the local Clearing with the Federal Reserve
House banks.
The following table indicates the amount of bullion in the principal European banks:
Bank: of
I
Feb. 27 1925.
Gold.
Silver.
Feb. 28 1924.
Total.
Gold.
Silver,
Total.
2
England __ I128,587,157
128,587,157 128,106,296
128,106.296
France a _'147,258.757 12.200.000159,458,767 147,078,360 11,880,000158
,968.360
Germany _'c35,419,500 d994,600 36,414,100 28,391,2W
3,475.400 31,866,600
Aus.-Hun. 62,000.000
62,000,000 62.000.000
62,000,000
Spain
101,439,000 26,313,000127,752,000 101,117.000 26,139,000127,256,000
Italy
35,584,000 3,366,000 38,950,000 35,103,000
Nethlands 42,042,000 1.607.000 43,649,000 48.476,000 3.411,000 38,514.000
926,000
Nat.-Belg_ 10.890,000 2.976,000 13,866,000 10,819,000 3,402.000 49,402.000
14,221,000
Switzerl'nd 19,941,000 3,623
23,564,000 21.456,000 3,633,000 25,089,000
Sweden_
13.014,000
13,014,000 15.090,000
15.090,000
Denmark _ 11,638,000 1,025 I 12,663,000 11,643,000
12,111,000
Norway
8.180,000
8,180,000 8,182,000
8,182.000
Total week 555,993,414 52,104,600608,098,014 557,461.856 53,334.400610,796,256
Prey. week 555,991,758 61.005,600607.897.358 557,408.168 52,779,400,610,187,568
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £7,870,000 held abroad. d As of Oct. 7 1924.
468;000
Balancing Production and Consumption.
Called last month before the President's Agricultural Committee, Secretary Hoover is reported as saying
in the course of his testimony: "Moreover, per capita consumption can be still increased by sound
economic policies. There are vast numbers of our
people who, with a larger buying power, could con*The new reichsmark be equivalent to 1 rentenmark or 1 trillion paper
sume more animal products, both dairy and meat;
marks.
As regards South American exchange, the situation more fruit and vegetables. . . . The one sure
way
remains about the same as a week ago. Argentine to increase the living standard
s is to increase the
currency was somewhat steadier, although the quo- effiency and
eliminate the waste out of our whole
tation is still well below the levels of a few weeks
production and distribution system and I mean the
ago. Closing rates were 39.87 for checks and 39.92
for cable transfers, as compared with 39.46 and 39.51 whole system, not the distribution of farm products
last week. Brazilian milreis, on the other hand, alone. If we conduct the nation wisely, our inwere weaker and finished at 11.04 for checks and at creased consumption of agricultural products in ten
11.09 for cable transfers, against 11.21 and 11.26. years should be much larger than is ever ind:cated
Chilean exchange was easier, closing at 10.91, against by the 15,090,000 increase in population.
. . . On
10.98 a week earlier, while Peru finished at 4.19, the side of production, our
easily accessible and culagainst 4.22 the week previous. The volume of tivatable
lands are now for the first time pretty genbusiness in South American exchange was small,
erally under cultivation. Any further production
however, because of the pre-Lenten festivities which
must come from the marginal lands and by more input a stop temporarily to trading.
Notwithstanding activity in the silver market, tensive cultivation. This could not be induced withFar Eastern exchange was not materially changed out a further margin of profit to the existing farmer.
and Hong Kong finished at 553@5532, against . . . Our present margin of exports
is considerably
55%@55%;Shanghai at 75@,76, against 755 g©76%; less than 10% of our total
/
agricultural products.
Yokohama at 40@403, against 39X@40; Manila
.at 50(4)50X (unchanged); Singapore at 553/@563, There are many products of which we export nothing
8
against 563.@.56; Bombay at 363@363/2, against and in the extreme case of wheat, we range as high as
36%@363/ and Calcutta at 36%@36% against 25% and cotton as much as 50%."
,
2
Mr. Hoover would not hesitate to use the protec36@,3634
/
.
tive tariff as a means to bring about a balancing of
FEB.28 1825.]
THE CHRONICLE
production and consumption in agricultural products, but beyond the elimination of waste and increase in efficiency (broad terms) he is not very
specific in his remedies. Since the undertaking is
vast, the ideal extreme, consideration must be upon
the same lines. To harmonize the productive forces
with the distributive, and both these with the consuming forces, in a territory as large and diversified
as that of the United States and under the free activities of 110,000,000 of population is a vision beyond the ken of the ordinary citizen immersed in his
own absorbing affairs. A large number of conferences between representatives of the Department of
Commerce and the principal industrialists and industries of the country brought together in reports to
the Department head may suggest a vision sweeping
and fascinating. But on the plea that domestic
trade is more profitable in price measures than foreign, may it not be asked why the magnificent vision
is not extended, co-ordinated with the world's production and consumption upon the products-measure
of the uplift of all peoples? And, further, if we
could suppose this balancing process perfected and
in operation, what would happen if the weather
should take a hand and bring seven lean years in succession? Is it really desirable to try to impose this
masterly scheme upon the natural laws of supply
and demand?
It is a wonderful program, but where begin? Take
intensive increase. Educational processes are already at work by agricultural colleges and countyemployed instructors. But the talent for farming is
not equable. There are "born" farmers as well as
poets. Thousands of idle, shiftless men are on
farms, and so in every vocation. Can the means of
intensive increase be effectually used without a selective process in those employing it? Here is a link
in the co-ordinative process not mentioned. Then
there is the oft-emphasized trend of farmer boys to
the city. The expanse of marginal lands susceptible
of cultivation must be added, as matters now stand,
to the fallow fields of abandoned farms that have no
tenants or tending. There are some signs that the
43wing of the pendulum will soon return some of this
lost force to agriculture, but how far removed from
the farm acre itself are these influences! Good seed
and improved machinery are factors in intensive increase, but these are to be used by millions of farmers
each in his own way under the law of profit. Total
production is as far from the individual tiller of the
soil as the one farmer on the one farm is from the
vision of the Overseer in the Department of Commerce. And this contrast is not used invidiously.
The desirability of establishing a balance between
domestic production and consumption is far from
being confirmed, if indeed it be deemed possible. To
what end? What is to become of our ideal of savings? To save a little more than we spend, we must
earn a little more, to earn more we should produce
more. It would take infinite acumen and unlimited
force to apply just the right amount of skill and
energy to acres selected according to their productive potentialities in order to set up and maintain
a balance. Soils, climates, men, are constantly
changing. Under the urge of freedom men will always change their vocations. All old things wear
out—unevenly. The pull and push of supply and
demand is the only constant law. It cannot be created by man or magician. It is self-existent—and
tends toward an equilibrium of human effort. Trade
1001
or exchange of goods is dependent upon energy plus
facility. The railroads already get ready to "move
the crops"—some voluntary improvement in procuring and routing and returning cars has been accomplished. But this has nothing to do with co-ordination of consumption with production of foodstuffs.
Nor can plows and reapers be apportioned to susceptible acres. Providence failed to balance things in
the beginning.
Taken as a whole, and the proposition is based on
wholes, not parts, the American people are not underfed or undernourished. Trying to eat more meat
and bread in order to obviate the sale of surpluses
abroad at world prices is a curious way to save—
and according to professional health-lore, might be
destructive of the man-power to produce more.
"Room for 20 to 30% increase in our standard of living to-day" applied to agriculture is a precarious
quantity. Who or what is to control taste? If the
higher standard of living should demand cake instead
of bread and fowl instead of flesh, equilibrium in production would require a new alignment. The trouble
with all balances is they do not stay balanced. Workmen "to-day" may even demand an automobile rather
than a dinner pail full of agricultural delicacies, in
which case manufacture would work against a balanced production of foodstuffs.
In the distribution of generated power by machin.
ery devices change direction and control application.
But there are too many uncontrollable elements in
human production and consumption to repeat the
process by agreement or by eliminating waste and
increasing efficiency. There is no objection to these
means, but they do not naturally tend to balance,
rather the opposite. And the only possible law of
control is the natural law of supply and demand, a
general law made up of countless interacting forces
that tend to distribute the pulls and pushes according to the changes of an advancing civilization. The
original impetus in production of diversified manpower can never by agreements or education or any
artificial process be wholly or approximately harmonized with the ultimate world-demand. Neither
in agriculture nor manufacture. And such equilibrium, were it possible, would hinder progress by destroying profits. Not everybody in the United States
wants to raise wheat or eat hog meat, but practically
everybody wants an automobile, and probably soon
everybody will have one, whether or not they have
anything to eat!
Applying so-called statistics to inchoate conditions
and uncontrollable forces is a dangerous pastime.
It may play hob with each. Left to themselves under
the guiding natural forces of acquisition and profit
they tend toward co-ordination. But the process is
continuous and long. Stirring a mixture with a longhandle ladle may only serve to mix the ingredients
the more. After the "settling-down" succeeding a
world war the balancing of domestic production and
consumption might prevent feeding the orphans in
foreign lands should war again break out "over
there." And above all, as we have said before on
another occasion, all this artificial process which
is in truth outside interference tends to educate the
people to demand that Government put it in force,
our Government. If it appears feasible and agriculture, manufacture and trade refuse to voluntarily •
embrace, then why not compulsion, and maybe the
setting up of a new Joseph over Egypt with unlimited power. The best intensive effort is each man by
1002
THE CHRONICLE
[Vox,. 120.
himself, for himself. Others cannot be deprived of should abandon its claim whenever the necessity that
the benefits, and gain by every surplus.
supported it has disappeared.
There is a good deal to be said for the policy of
Simplicity in Taxationland Government —
getting rid of objectionable or unnecessary taxes one
Mr. Coolidge on itheUnheritaracelTax.
by one, as the condition of the revenue permits, inIn suggesting the abolition of the Federal Inherit- stead of waiting until something larger or more
ance tax, as he did on Feb. 19 in his address before spectacular can be done. Almost any system of taxathe National Conference on Inheritance and Estate tion, when taken as a whole, appears to be so elabTaxation at Washington, Mr. Coolidge departed orate and complicated a structure that the average
somewhat from precedent. Many Presidents have citizen despairs of understanding it. Almost any
discussed the Federal taxing system as a whole, or particular tax, on the other hand, especially if it is
proposed changes of policy or procedure regarding not entangled with others, can be easily understood
some important section of the system, notably the on its merits, and the propriety of retaining or abantariff. Not many, however, have singled out a par- doning it determined without expert knowledge. Mr.
ticular tax for criticism, or submitted their recom- Coolidge seems to have some such view of the situamendations to an unofficial body like the Washing- tion in mind. He is already committed to the reducton conference, instead of to Congress, if Congress tion of the high surtaxes on large incomes. The surwere at the time in session. The near approach of taxes imposed by the present income tax law are certhe end of the present Congress, however, makes it tainly discriminatory, and it is possible that, if the
extremely unlikely that any important change in the question were pressed, the discrimination would be
tax laws would be considered by Congress before found without sufficient constitutional warrant.
adjournment, and the President accordingly took the Whether constitutional or not, there can be no doubt
opportunity of presenting his views elsewhere in a that high surtaxes operate, as do taxes upon inherit- '
way that was certain to bring them before the States ances, to penalize the accumulation of private propand the people, and permit of public discussion be- erty. To that extent they may be said to be,
like the
fore the new Congress assembles.
inheritance tax,"affected" with a Socialistic interest
Mr. Coolidge's indictment of the inheritance tax notwithstanding that they are levied upon income
is particularly interesting because both the Federal and not upon capital. With high surtaxes under
Government and the States are involved. Whether indictment, Mr. Coolidge has now pilloried the
Feda Federal tax on inheritances is constitutional is cer- eral inheritance tax, another hang-over from the
tainly open to question, but the constitutionality of World War, and the argument which he has framed
such a tax when imposed by a State stands on a dif- against it will be difficult for the supporters of
the
ferent footing. It is to the States rather than to the tax to answer. The effect of the President's criticism
Federal Government that the right to levy an in- will be the greater because, thanks primarily to the
heritance tax would seem properly to belong, and policy of rigid economy which he has enforced, there
since the imposition of such a tax by the Federal Gov- is prospect of a considerably larger surplus than was
ernment, although perhaps warranted by the finan- anticipated. The continuance of high or unnecescial necessities of the World War, is no longer jus- sary taxation in the face of an increasing surplus is
tifiable on that ground, there is obvious propriety hardly a policy which any Congressman or Senator
in dropping it, especially when it is after all a pretty will find it easy to defend.
clear encroachment upon the province of the States.
The importance of the issue which Mr. Coolidge
Mr. Coolidge's objections, however, are concerned has raised is evident. Tax reduction and economy
with the nature of the tax and the burden of its prac- in expenditure are the core of the whole question of
tical operation, rather than with the question of its simplifying the operations and lessening the
exacconstitutionality. To all intents and purposes an tions of government which more and more press
for
inheritance tax is the same in effect as the Socialistic attention. We have wandered far from the
principroposal of a capital levy. It is not a tax upon in- ples of the fathers, and it is time that we returned
to
come, but upon wealth, and while in theory it is them. The sudden demand for nation-wide uniformfounded upon the State's right to control the succes- ity and efficiency; occasioned by the purely extraorsion to property it operates as a penalty upon the dinary and temporary conditions of war, has been
accumulation of private property and a discourage- used to enforce the doctrine that elaborate Government to private enterprise. There will be general mental machinery was a permanent necessity of any
agreement with Mr. Coolidge's contention that if we great people, if indeed there were not about it some
are to have Socialism in this country, the issue thing of the character of a virtue, but Mr. Coolidge
ought to be presented squarely and openly, and not has more than once reminded the country that the
disguised, or driven as a wedge, in the form of a tax war is over, and that the conditions now to be dealt
whose principle is Socialistic. Beyond this objection with are those of peace. The multiplication of Fedis the burden arising from double taxation where eral commissions and boards, in an effort to bring
both the Federal Government and the States levy well-nigh everything of much importance under the
upon the same transaction; a burden which, as Mr. control of Federal law or administrative regulation,
Coolidge pointed out, becomes practically confisca- has led people and States to believe that no large
tion when the same property is taxed in several social problem could be solved except at WashingStates because of the peculiarities or injustices of ton, and that the more the Government does of what
State laws. It is perhaps inevitable that, in a Fed- the individual once did for himself, the better off
eral system,some of the things that are taxed by the everybody will be. The theory is wrong, and its conStates should also be taxed by the United States, but sequences are disastrous, and it is against both the
comity as well as sound reason suggests that such theory and its consequences that the Coolidge produplication of authority should be made as tolerable gram of economy is struggling to make headway.
as possible for the taxpayer, who is the party chiefly
What was said at Washington about the Federal
to be considered, and that the Federal Government inheritance tax, however, should make it clear that
FlIB. 28 1925.]
THE CHRONICLE
the gains of economy will be smaller than they might
be if the States themselves do not co-operate. The
financial policies of the States, indeed, are a problem
quite as serious as any which the financial affairs of
the Federal Government present. In some ways they
are a more serious problem because, in matters
which by the Constitution are left to the States,
each State is largely a law to itself. The expansion
of State and local expenditure, progressing now at
the rate of a billion dollars or more each year, represents a burden upon the wealth and productive energy of the people which cannot be carried indefinitely. Double taxation is a growing rather than a
lessening evil, and the flight of capital and its possessors from State to State to escape harsh exactions
does not make for social stability. No practice of
economy, however rigorous, on the part of the Federal Government can wholly offset extravagance on
the part of States and local communities, and the
lopping off of the Federal inheritance tax will not
give to property its rightful protection and freedom
unless the overlapping claims of the States are better adjusted.
The demand for the abolition of the Federal inheritance tax, in short, is a demand for a return to
rationality in government, for a reconsideration by
the States of their mutual obligations as members of
the Union, and for joint action in the removal of
whatever stands in the way of simplicity and freedom
in private and public business. This, we take it, is
the meaning of the often quoted saying that that
government is best which governs least. It is certainly the principle which underlies the efforts of
Mr. Coolidge to reduce Federal taxation and expenditure, while pointing out to the States that their cooperation is necessary if the program is to succeed.
Man and Methods in Business.
Writing in the February number of the "American
Magazine," under the title "Have a Heart," B. J.
Williams, Director of Sales, the Paraffine Corn
panies, Inc., says: "The words 'eficiency,"standardization,"pep' and 'ginger,' have no place in my
scheme of things. I wish they could be put on the
retired list, for they have been badly overworked.
. . . They haven't the power of these old-fashioned
words: 'Sympathy,' reasonableness' and 'humaneness.' These old-timers are my standbys. My theory
of dealing with men is very simple: 'Have a Heart'
is theformula that works best of all. . . . If a man
hasn't enthusiasm, it can't be given him by any such
artificial thing as a pep or ginger letter. If he isn't
efficient, he cannot be made so by any mechanical
methods, such as time-clocks and that sort of thing.
Efficiency comes from within; from the heart and
from wherever the spring of enthusiasm and well.
directed energy is located. . . . Standardization is
an impossibility. No two men are alike. Treat them
all the same, expect them all to perform in the same
manner, and you will be riding for a fall." It is a
far cry to go to Russia for the end of the story of
"standardization," but it happens that a Russian of
to-day from a background of Bolshevism has written
in the form of fiction a description of "The Standardized State." A reviewer has this to say concerning
the theme portrayed: "In this super-State, the
United States of the World, many of the scientific
pursuits and social problems of to-day have been perfected. The human being has been adjusted to the
precision of machinery; reduced to a cog perfectly
1003
manipulated by the dictator, the Well-Doer and the
Bureau of Guardians. The human equation is almost non-existent—a whole people moved to a definite schedule with monotonous regularity en masse.
The question of the individual versus the mob was
submerged; the differences between the city and the
country were obliterated; the countryside was a
wilderness, for science had made the city self-supporting; machinery had triumphed over man. Instead of the State existing for man, man merely existed for the State. All the arts were calculated
scientifically to mathematical formulae. Sex life
was thoroughly regulated. Standardization was complete. Governmental paternalism existed in its logical extremes."
At first thought there may seem to be no connection between standardization by business and that
by the State. It may be said one is economic, the
other political. But the fact is that there is unfortunately a close connection, for business is seeking
the State to enforce standardization by rule and
regulation while the State is presuming to come to
the aid of business by suggesting new modes, exercising supervision, and prescribing fixed forms. Mr.
Williams, quoted above, is a practical man reared
in the school of experience. He believes that too
many rules and regulations in actual business conduce reduce men to automatons. He finds something
hidden in man that cannot be touched by the material measures and machinery of the business—the
human heart! Here he finds the well-spring of all
effort, the incentive to all toil and accomplishment,
he believes "a man's a man for a' that and a' that!"
And so, in practical guidance and mastery of hi§
men, his employees, he puts good-will in the place
of hard and fast rules. In a word, he puts every man
upon his own responsibility to "make good." But—
and it must be interposed at this point, a corps of
salesmen are not in numbers equal to the workers in
factories. Executives have found it necessary to use
certain marks and checks upon a force of men who
cannot be reached by themselves personally. And
yet though this practice of personal contact is not
possible, with thousands employed in one plant, the
spirit of it may well run down from highest to lowest. It is a far different thing to work over men than
to work with men. This kindly interest by those
successively higher than the worker himself will do
much to show the mutual effort in all business. It
is a more direct appeal to friendship and respect
than the factory-maintained gymnasium, library, or
public park. And its chief commendation is that it
tends to obviate the necessity of a system of standardization that dries up the heart, fixes employee and
manager in separate classes, and in the end breeds
class war that may lead to strikes and lockouts.
Turning men into machines does put mind into the
latter, but withdraws it from the former. A golden
mean between man and machine must be set up. Employees cannot be allowed to run wild in the execution of their own ideas. This would be fatal to any
business. And here appears the feasibility of the
union inside the plant.
Somewhere, as matters stand to-day, there must
be a point beyond which the machine must not go in
its encroachment on the mentality and freedom of
the man; a point where the man must be willing to
subserve the general good of the business by conforming to the rules. It is manifest that such a point
will be a variable one, determined by the conditions
1004
TUE CHRONICLE
[Vol.. 120.
and circumstances of the particular work,the special laying a foundation for an appeal to power (Governkind of business. Here is where the masterful ex- ment) to enforce the rules of the game. And in no
ecutive may exercise his genius for management. other way can we so effectually submerge the man in
Unfortunately, the trend of certain organizations the machine, or in the machine-made business.
has been to incite class division and hatred by arbiIn nature we say like produces like. It may be so
trary methods. This applies to employers and em- as to groups, but not so as to individuals. Diversity
ployees alike. The matter of "hiring and firing" is the law. No two leaves, no two trees, no two formen,if controlled by rules laid down by associations ests, alike. Unceasing production here, but conformof one or the other, must destroy the human equa- ity only to the law which is diversity. We have come
tion, harden the heart, introduce the element of out- to the point where in so-called "co-operation" we are
side power between employer and employee. A well- willing to merge all products and all producers.
conducted business cannot run without its own rules, Once we have perfected this law, who is to be alneither can it run well under rules made by those lowed to break the equilibrium? Is the pioneer in
outside. The mutual interest of employer and em- business to be (ultimately) cited before the Governployee is the solvent in which antagonism between ment as a revolutionist? Part of the turmoil of tocapital and labor will disappear. But.
organization day is due to the fact that we are riding two horses
for the purpose of standardization destroys the pos- going in opposite directions. In education, religion,
sibility of bringing the two into harmony through spiritual emprise, there is a huge revolt against
sympathy.
codes, rituals, stereotyped thought. In business the
There is a reflex action to this new principle cry is for a merging of men and interests in co-operabrought forward for business conduct. Broadly, tion and a standardization of methods, customs and
standardized methods make standardized men. The products. Yet the genius of invention that has
"time-clock," for example, may force prompt report- brought forth the machine is essentially a spiritual
ing for work—but it does not record approval of the possession. And unless it can be free we shall
have
foreman or the company on the fidelity and zeal curbed the material advance and at the same time
which causes an employee to report early without the retarded the spiritual. Invention (initiative) cangoading of such a device. We do not minimize its not be free whlie bound in the chains of standards.
convenience, even its necessity, in large enterprises, It is possible to dull the mind by rules. It is possible
but it is to be considered as a mechanical device in- to limit the advance by preordaining the products of
dependent of the otherwise revealed character of the thought. Action and reaction are indeed equal.
The
man. Standardized products make standardized "urge" is for individual expression. And the
busimen and manners. We think largely in terms of en- ness man who can first put forth a method for
savvironment. Thought is our greatest tool in trade. ing, a new product, or a new machine, will win his
The doors of discretion cannot be thrown wide open way.
to salesman or workman, but they can be closed so
It is not an argument for doing away with the
fast that he becomes a walking echo of orders from benefits of mass production and the saving of waste
headquarters. If he has personality he cannot exer- to contend for freedom in business. But it is uncise it. If he has originality he cannot use it. He is doubtedly true that to crystallize endeavor is to limit
compelled to follow the rules and becomes a rule it. Things are thoughts; and thoughts are things.
himself. If all buyers and sellers were standardized To make something better is a natural ambition.
to the same degree all returns of personal effort in Talk of bolts to fit every machine, of uniformity in
business would be alike, easily forecast, and inflexi- the milling sizes of boards, is infinitesimal in imporble in results. Of course, this is the reductio ad tance—to the strength of materials
and the honesty
absurdum, but we need it to realize the limitations of contract deliveries as set forth by the
hard-earned
put upon business by widespread uniformity. The good-will of firms. Going forth in
the morning to
fact is that originality and enterprise in the chief find all houses looking alike would not inspire
the
executive is the only measure of progress in corpo- genius of invention if it spelled revolt against usage
rate conduct. Why deprive the man in the lowest and possibly law. Text books in school, memorizing
round from the right (within bounds) to think for by rote, do not strengthen the mind. All literature
himself?
and art would perish if standardized. Business
There is no objection to quantity production—the would become the drab life of a treadmill if all were
most for the least in labor. The machine and ma- to follow the same methods. Heart and mind tochine methods have given to the world comfort and gether make the man who works for men. And so,
enjoyment in larger measure than under the older while accepting the general good of massed or mamethods of hand-work. And yet—we make bold to chine production we can best preserve the workingsay it—there can come a time when standardization man by regarding him as an individual entitled to
is a brake upon progress. How much do we follow wages according to the quality and quantity of work,
our leaders! How many there are in the toils of cus- as a responsible factor in all production, and the
tom,fashion, opinion, manner, so-called social laws! light of the world according to his endeavor, indusDespite the eternal monotone of life, in face of the try, fidelity and thought.
common thought induced by common surroundings,
The Aeroplane a Commercial Necessity.
pioneers are always brazing the way. New things appear. New machines come out of the old ones. And
American interest in the aeroplane has passed
the very joy of life is in something new—or if yo quite beyond the question of its importance in war
say there is nothing new then something different. to its immediate and rapidly developing relation to
How, you say. What has all this to do with business commercial and private life. This is the consensus
conduct? It has this to do—if we destroy individ- of testimony given in recent discussions participated
uality in business we destroy business itself. And if in by leading officials in the Army and Navy air serwe are continually evolving rules for its conduct we vices, like General Patrick and Commander Kenneth
are not only limiting its possible benefits, but we are Whiting, no less than by heads of important busi-
FEB. 28 1925.]
THE CHRONICLE
ness concerns like W. H. Hays of the Film Producing Moving Picture Co.; President Cowle of the
American Railway Express, and President Lawrence
of the Aeronautical Chamber of Commerce, as well
as by President Keys of the Curtiss Aeroplane Motor
Co. and General Lord Thomson, British Minister of
State for Air.
Under the pressure of the war in the 18 months in
which we were actively engaged we far surpassed
any other country in the number of aeroplanes and
motors we produced as well as in their speed, power
and general excellence. But since them, despite the
continued improvements that have been made and
the rapid extension of air service, because of the lack
of public interest, the manufacturing concerns producing planes or their parts have so shrunk in number that to save the few that remained they have had
to be consolidated with no more than 2,000 employees
left in them of the many thousands that had been previously trained and employed.
Though lack of funds has restricted the Post Office
Department to establishing only a few lines of aerial
mail service we have the longest single line in the
world, which has been operating daily for six months
with uninterrupted regularity and success. It has
had but three fatal casualties and six deaths. While
passenger travel in Europe and transportation of
baggage and freight are increasing beyond bounds
there is so little knowledge of the service here that
the number of passengers and of packages is hardly
noticeable. Of the thousands of passengers carried
between England and France only one is reported as
killed, and on the Continent there has been but a
single casualty in every two million miles traversed.
The aeroplane, both in its structure and its motor,
has reached such perfection that from every standpoint it challenges comparison with other means of
transportation. The line of great guiding lights already established between Wyoming and Chicago
will soon be extended to the East. This in conjunction with the newly-invented radio compass, insures
the safety and direction of the aeroplane in storm
or thick weather and removes the danger of collision
with high objects when flying low. The project of
using the railway lines as lines for the aeroplanes to
follow, and capable of being equipped with all requisite landing stations, has been carefully worked out
and waits only for acceptance by the railways. This
would solve some present difficulties at once. The
1005
aeroplane already challenges the railroad for both
rapid and economical transportation. Lord Thomson says that within ten years he believes men in
America when in a hurry will cross the Atlantic in
an aeroplane, and the American at home with his
present indifference is likely to find himself as far
behind the times as he would be to-day in a hansom
cab beside one of our swift railway trains.
The European Governments are all subsidizing the
aeroplane with a view to its importance in case of
war, except possibly England and France, which are
adopting it for communication with their distant
colonies. Large sections of England's through line
to Australia and New Zealand are already operating,
and France is rapidly developing her lines into
Northern and Central Africa. Of course, these lines
have an important military value, but their civil and
commercial importance is fast coming to the front.
As England has long realized that it is her merchant
marine which through the years made her naval control of the seas possible, so it is now recognized
abroad that any country that looks for progress must
have an established commercial air service. An
adequate service of that kind alone can carry any
nation through the first six months of war. Without
it she would in all probability be overwhelmed in
defeat in less than that time. A mere military or
naval system of air service could not sustain itself
against an enemy with the reserves that a commercial
service would supply.
The prominent question will now be: What is the
duty of the Government? There is with us a strong
feeling of opposition to direct subsidies in any connection. Our settled method is, however, to aid industries and lines of service which are of general
value by increasing through Government agency
their means of operation. We have granted special
privileges, made large land grants, offered or secured
big loans of money, shielded from destructive competition, made rivers readily navigable by continuous
and extensive dredging, have created roomy and safe
harbors, and have built highways to promote transport far and wide throughout the country.
What is needed now is that Government, whatever
may be its policy as to air service in the Army or
Navy, should take steps to ensure the rapid development of aerial navigation and make its adoption so
safe and secure as to commend it for use by the
people. It will necessitate the investment of large
(Continued on page 1023.)
Railroad Gross and Net Earnings for the Calendar Year 1924
Railroad earnings for the calendar year 1924 reflect accurately the trade and business conditions
that prevailed during the twelve months, as also the
varying aspects of the agricultural outlook, with the
wonderful transformation which occurred in the latter during the last half of the year. It is common
knowledge that trade as a whole was poorer in 1924
than in 1923, with a tremendous slump in the middle
of the year, and it follows from this that the roads
had a smaller volume of tonnage to move. In this
state of things a falling off in their gross earnings
was inevitable, especially as in comparing with the
preceding year (1923) comparison is with the best
year, as far as gross revenues and freight traffic are
concerned, in railroad history. In face of this
shrinkage in their gross revenues the railroads as a
whole were able to increase somewhat their net earn-
ings, while in the case of many separate roads and
systems this improvement in net earnings reached
large proportions, correspondingly enhancing the
value of the securities of such companies and furnishing a basis for the rise in the prices of such securities which constituted so conspicuous a feature
of Stock Exchange speculation, particularly in the
closing months of 1924 and more or less all through
the year.
To say that the 1924 net, after the deduction of
operating expenses, was larger than the 1923 net is
to say that the railroads, taking them collectively,
were able to reduce operating costs in the face of a
smaller volume of traffic and the falling off in their
gross receipts. The getting of more net out of
smaller gross was obviously one of the gratifying
features of the year. It indicates still further prog-
1006
THE CHRONICLE
,
[voL. 120.
ress by the carriers (after most noteworthy progress noteworthy that the falling off in gross earnings
in the same direction in the years preceding) in re- from operations was no greater than our tables show
gaining control over their expenditures which had to have been the case. Of course a loss of nearly
been so signally lost to them during the period of $400,000,000 cannot by any means be considered inGovernment operation. The greater economy with significant, but regard must be had for the size and
which the railroads have been administered, year by extent of the total, and the fact that comparison, as
year, since their return to private management, con- already stated, is with the largest and best figures
stitutes the most striking characteristic of post-war of railroad gross revenues in American railroad hisrailroad history. Growing efficiency of operations tory. We never deal with the figures of the counhas been the watchword and the goal throughout. In try's railroad earnings without being deeply im1924 there were in addition, as is nearly always the pressed, afresh and anew, with the magnitude of the
case, certain special circumstances which constituted railroad industry, and the part it, as a result, necesimportant aids in the endeavor to hold expenses sarily plays in itself affecting the course of general
down. Thus it was found possible on many roads trade. Passing that point, however, the fact now to
and many systems to effect material reductions in be recalled is that in 1923 the gross revenues from
the renewal outlays. There was less need for re- transportation of these rail carriers were $6,332,newals in 'many cases because outlays of that sort 874,535, from which there has now been a drop in
had been unusually large in 1923, when railroad in- 1924, as the figures already given show, to $5,961,come was so abundant, at least with the carriers that 349,561, this last being still close to the six-billionserve the great manufacturing eistricts of the Mid- dollar mark.
dle States and the Middle West. As far as outlays
The larger part of the loss in gross revenues ocfor maintenance of equipment are concerned, expen- curred in the first half of the year, and in that peditures not infrequently are controlled by the size of riod of six months the carriers found it impossible
the purse and in even the strongest systems, those to reduce expenses sufficiently to offset the falling
most advantageously situated, the railroad purse in off in the gross, leaving hence a decline in the net.
1924 was much slenderer than in 1923. In the case For the period from Jan. 1 to June 30 the compilaof expenditures for maintenance of way, that is tions published in our issue of Aug. 23 1924 showed a
track, roadbed, etc., weather conditions in Northern shrinkage in gross in amount of $225,987,341, or
climates always constitute an important factor, and 7.31%, with a reduction in expenses of no more than
these weather conditions in the early months of 1924 $171,986,977, or 7.05%, leaving a loss in net, therewere much more favorable than in the early months fore, of $54,000,364, or 8.28%. For the last half of
of the previous year. In discussing these mainte- the year the falling off in the gross foots up $145,nance outlays it is worth noting that the Bureau of 537,633, or 4.49%, and this was met by a reduction in
Railway Economics finds total maintenance ex- expenses of no less than $214,124,551, or 8.62%,
penses in 1924 to have been $2,072,442,480, a reduc- producing hence a gain in net of $68,586,918, or
tion from 1923 of $223,035,260, or nearly 10%. The 9.05%.
—Second Sir:Monthsmaintenance of way expenses, however, considered
First Sir Months
1924.
1923.
1924.
1923.
Gross earnings
by themselves, show a decrease of only $19,590,091, Operating expenses 52.885.947.474 13,091.934.815 53.095.402.087 13,240.939.720
2,288.119.275 2.440.106,252 2,269,210,149 2,483,334.700
or 2.4%, while on the other hand, the expenditure for Net earnings
5597.828,199 5651.828.563 1826.191.938 1757,605.020
maintenance of equipment were reduced $203,445,In the last half there came a favorable de171, or 13.8%.
velopment, entirely lacking in the first half, namely
As will be shown further along in this article, the the great rise in the price of wheat and other grains,
winter of 1923 was unusually severe, particularly in completely transforming the situation and prospects
New England and northern New York, with extreme of the agricultural communities in the western half
cold and heavy snowfalls which seriously impeded of the country. Wheat in Chicago, which had been
railroad operations, while on the other hand the almost continuously rising, beginning with June,
winter of 1924 was marked by an almost complete got close to the $2 00 mark and in January 1925
absence of hindrances of that kind. The same cir- passed it, as against little more than half that figcumstance served in these localities greatly to re- ure the previous May. The buying power and conduce cost of transportation, for while in the early suming capacity bf the farmer, so seriously immonths of 1923 the running of trains and the moving paired before, was now restored as if by magic and
of traffic was difficult and often impossible, in the this acted to offset the continuance of certain unsame period of 1924 the task, for the reason already favorable conditions in other parts of the country,
stated, was comparatively simple and easy.
such as industrial prostration. With bounteous harIn what has been stated we have the explanation vests (all except corn) grain in large volume, parfor the substantial lowering of the expense accounts ticularly wheat, came forward, correspondingly enwhich constitutes the distinctive, as well as the grati- larging the traffic of Western roads, but especially
fying feature, as already stated, of the year's opera- those in the Southwest. At the same time the curtions of our railroads. Stated in brief, gross earn- tailment of the maintenance outlays now became a
ings of the roads in 1924 fell $371,524,974, or 5.87%, more pronounced feature than before. The general
below the total for 1923, and this was met by a reduc- reasous for curtailment have already been indicated
tion of $386,111,528, or 7.85%, in the expenditures, and in addition it should be noted that in certain
leaving hence $14,586,554 gain in the net, or a trifle sections of the country, track repair and other simmore than 1%,as will be seen by the following:
ilar work which in 1923 on account of bad weather
1923.
(Inc.(+)or Dec.(—). in the early months had
Jan.1 to Dee.31 (191 rds.)
1924.
to be deferred until the later
+173 +0.02
234,822
Miles of road
234.795
Gross earnings
15.961.349.561 16.332.874,535 —5371.524,974 —5.87 months, with a corresponding
increase in the outlays
Operating expenses
4,537,329.424 4,923,440,952 —386,111,528 —7.85
Ratio of exp. to earnings---77.74%
76.11%
for those months, could in 1924 be carried on with
Net earnings
11.424.020,137 81.409,433,583 +114,586,554 +1,04
much greater evenness and uniformity, resulting in
Considering the adverse trade conditions prevailing a more even distribution of the maintenance outlays
for so large a part of the year,it must be considered among the different months of the year, and leaving
Fan.28 1925.]
THE CHRONICLE
less to be spent in that way in the last half of 1924,
thereby heightening the contrast with the heavy outlays of that sort crowded into the corresponding
months of 1923.
As showing the steady growth in operating efficiency extended over a series of years, it deserves to
be pointed out that for the calendar year 1924, according to the figures already given, the roads were
operated (not including taxes) for 76.11% of the
gross earnings, as against 77.74% in the calendar
year 1923. Carrying our comparisons still further
back, we find that in 1922 the ratio of expenses to
earnings, not including taxes, was 79.30%; in 1921
82.63%, and in 1920 93.53%. In other words, in
1924 out of every dollar of gross earnings a little
over 76 cents was needed to meet expenses, while in
1920, the last year when the Government had its
clutches on the roads, over 93 cents went to meet expenses. That there is still room for improvement,
however, is evident when we go back to 1917, the last
year before Government operation, when the railroads, under private management, were supposed to
be accomplishing anything but wonders. The ratio
of expenses to gross earnings then was but little
more than 70%,the exact figure for 1917 having been
70.4%, and the ratio for 1915 was still lower. But
those were the days of low wage costs and low fuel
costs.
It seems desirable to point out, before proceeding
further with our analysis, that even under the great
improvement effected in net earnings in recent years,
the railroads fall short of earning the 534% on their
/
investment to which by a ruling of the Inter-State
Commerce Commission they are entitled. Our figures show the net after allowing only for the ordinary operating expenses. The preliminary summary
of the Bureau of Railway Economics at Washington
goes one step further and gives the "net railway operating income," which is what is left of the transportation revenues, not only after the payment of operating expenses, but also after the deduction of taxes
and equipment rentals. It is out of this "net railway operating income" that the carriers must pay
their interest and other fixed charges, and out of
which the money comes for the payment of dividends on the share capital of the roads. The amount
of the "net operating income" for 1924 was $987,
133,650, equal to 4.35% on the tentative valuation of
the roads on their investment in the transportation
business. This compares with a net operating income of $983,736,200 for 1923, or at a rate of return
in that year of 4.49%. In 1922 the amount of the
"net operating income" was only $776,880,592, or a
rate of return in that year of 4.14%. Thus, while
there has been improvement, it is not yet sufficient
for the requirements, and in 1924 the rate of return
again diminished, instead of having increased, since,
of course, the capital investment is all the time expanding. Roads in the Southern district came closest
to earning the 5%% fixed by the Commerce Commission, but even their rate of return for 1924 was only
5.20%, and the roads in the Eastern District, comprising those in New England and the Middle and
Middle Western States, come next in order, with a
percentage, however, of only 4.58%, while the roads
in the Western District, comprising the rest of the
country, or roughly the western half of the United
States, earned no more than 3.87%, as against the
534% which the Commerce Commission has fixed as
a reasonable rate of return.
1007.7
When the returns of earnings for 1924 are examined by months, still more conclusive testimony is
furnished going to show that it was the closing
months of the year that yielded the best results as to
net earnings. In the gross earningm there was a falling off compared with the preceding year in every
month, barring February, except the closing month,
December. The improvement in Febrtery, which
was substantial and extended to the net as well as
the gross—the increase in the gross for that month
having been $31,939,712 and in the net $33,387,370—
belongs in a class by itself and followed largely as
a result of special causes. In the first place, 1921
being a Leap Year, the month had one more day. In
the second place, the temporary revival in business,
which came at the beginning of 1924, but which
proved little more than a flash in the pan, found its
fullest expression in that month, quickly fading
away when the course of Congress regarding pending legislation, and particularly tax legislation,
proved so depressing and when the political uncertainties regarding the Presidential election proved
an additional disturbing element. In the third place
the bad weather of the early months of 1923, to which
reference has already been made, exerted its most
damaging effect in February of that year, both in
holding down gross earnings and in swelling expenses, and therefore acting in a double sense to reduce net earnings. The gain in the gross in December 1924 was of a different character. It was not
large, being no more than $11,292,465, or only a little
over 2%, and it followed a somewhat heavier loss in
December 1923, but it was important as marking a
definite change in the tide for the railroads, following the revival in trade which came with the election
of Mr. Coolidge as his own successor the previous
month. Net earnings kept showing decreases each
month—barring February—until September, when
our compilations began to record improvement, and
improved returns of net were the feature for the remaining months of the year. These gains in net,
however, followed entirely as the result of reduced
expenses, except that in December, as already indicated, a small gain in gross contributed to the same
end. In the following we show the monthly comparisons as to both gross and net:
Gross Earnings.
Nd Earnings.
Month.
1924.
1923.
Increase or
Decrease.
1924.
1923.
Increase or
Decrease.
9
8
8
January 467.887.013501,497,837-33,610,824 83,953.86 93.366,257 —9,412.300
Febr'y__ 477,809,944 445.870.232 + 31.039,712 104.117,276 70.729,908 +33,387.370
March__ 504,010,114534,644,454 30,628.340 114.754,514 117.668,590 —2.614.076
April_ __ 474.094,758 522,336,874
8.242.116 101,680.719 122.974,961 —21.294.242
May ___ 476,458,749 546,934.882 —70.476,133 96.046,087 126.496,1
0
30.448,063
June ___ 464.759.9561540,202.29. 75,442,339 101,527.990124,374,592 22,846.602
48.0.704,944 534.222.102 53.517,15 112,626,896 122.228.4. —9,601,754
July
8
August _ 507,406,01I1563,358,029 55.952,018 134,669,714 136.817,99 —2,148,281
Sept-- _ _ 539,8538601544,970,083 —5.116.223 165.049.184 134.911,897 +30.137,287
October.571.405,13 586,540,88
15.135.757 168.750.421142,540.565 +26,209.836
Nov--504.589,062530.724.5 71--26 135 50 131,435.105 125,084.71 +6.350.391
6
. .
Dec
504.802.106 493.509.641 + 11.292,405 124,466.783 106.452.164 +17.984.624
Nole.—Percentage of Increase or decrease In net for above months has been:
January, 10.08% decrease; February, 47.19% Increase; March. 2.47% decrease.
April, 17.32% decrease: May,24.07% decrease; June, 18.37% decrease; July, 7.86%
decrease; August, 1.57% decrease; September, 22.33% Increase; October, 18.38%
increase; November, 5.08% increase; December, 16.88% increase. In Jarman'
the length of road covered was 238,698 miles in 1924, against 235,886 miles in 1923;
In February, 235.506 miles, against 235,876 miles: in March, 235,715 miles, against
236,520 miles; In April, 235,963 miles, against 235.665 miles; In May, 235,894 miles,
against 234,452 miles; in June, 236,001 miles, against 235.691 miles; In July, 235.145
miles. against 235,407 miles; in August, 235.172 miles, against 235,445 miles; in
September 235.178 miles, against 235,640 12111a9; in October. 235,185 miles. against
235,625 miles; in November. 236,309 miles, against 236,122 nines; In December,
238,196 miles, against 235,875 Intim.
It will be observed from the foregoing that the
heaviest losses in the gross occurred in May, June,
July and August, and this also corresponds with the
period of greatest depression in trade. The ephemeral
revival of trade with which the year started proved
short-lived and came to an end in March—in fact, in
some lines of businesss it did not extend beyond Feb-
1008
THE CHRONICLE
[VOL. 120.
Four.
Wheat.
Corn.
Oats.
Bar ey.
Rye.
ruary. A steady decline in trade then ensued, and
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Detroit
this by the middle of the year had developed into a 1924____
5,000
2,033,000
1,418.000
2,593.000
5,000
48,000
1923-___
14,000
1,921.000
2,065,000
3,745,000
13,000
positive slump. Slow recovery followed, but of grad- Peoria1924____ 2,311,000
1,921,000 16,693,000 11,225,000
986.000
182,000
ually widening extent as uncertainty regarding the 1923---- 1,884,000 2,323,000 20,527,000 14,643,000 1,393,000 281,000
outcome of the Presidential election began to dis- Duluth
1924__
101.418.000 8,663.000 20.260,000 12,068,000 40,256.000
1923__
49.418.000
1,959.000
3,498,000 4,104,000 19,241,000
appear, and this recovery developed into positive Minneapolis
1924____
14,000 101,212,000 13,574,000 46,329,000 19,381.000 9,067,000
trade revival, of a wholesale nature and of general 1923_
122,144,000 11,919,000 27,375,000 16,009,000 12,341,000
Kansas City
character, in November and December after the 1924____ 19,000 90,164,000 23,055,000 8,682,000
7,000
1923____
5,000 68,159,000 17,312,000 13,779,000
3,000
8,000
Presidential election had been definitely settled. All Omaha and Indianapolis37,345.000
1924_
41,858,000 27,047,000
269,000
298,000
1923_
25,302,000 40,089,000 30.403,000
25,000
the trade statistics are in full harmony with this Sioux City
1,935,000
1,000
1924____
8.151.000
5,882,000
157,000
140,000
recital of the facts. The make of pig iron in the 1923__
657.000
2,765,000
1,975,000
37,000
7,000
United States, according to the monthly statistics of St. Joseph
11,216,000 10,736.000
1924___
1,771,000
7,929,000
1923_
7,635,000 2,018,000
the "Iron Age" of this city, which include every- Wichita
12,913,000
154,000
1924__
995,000
thing except the small amount of charcoal pig iron 1923__
31,108,302 gross tons in Total alt
produced, aggregated only
1924_....21.932,000
278,453,000 263,260,000 57,484,000
the calendar year 1924, against 40,059,308 tons in 1923____20.714.000 490,576,000 262.439.000 237.076.000 41,323,000 61,603,000
41,557,000
384.495.000
the calendar year 1923, and the monthly product,
The grain movement at the Seaboard shows simafter increasing from 3,018,890 tons in January to ilar characteristics. For the first 26 weeks the wheat
3,466,086 tons in March, declined in each month receipts were 111,386,000 bushels in 1924, against
thereafter until a minimum of 1,784,899 tons was 122,248,000 bushels in 1923, and total grain receipts
reached in July, after which the output again in- 161,797,000 bushels, against 213,927,000 bushels,
creased, at first slowly and then more rapidly, until while for the full 52 weeks of 1924 the wheat rein December the amount was back to 2,961,702 tons. ceipts stand at 308,910,000 bushels, against 276,343,Steel production followed a closely similar course. 000 bushels in 1923, and total grain receipts at 451,The calculated production of steel ingots for the full 267,000 bushels, against 410,043,000 bushels, showyear 1924 is 36,645,444 tons, against 43,485,665 tons ing a great increase in the last half of the year. Dein 1923. The monthly output, after increasing from tails for the two calendar years follow:
3,633,639 tons in January to 4,187,942 tons in March, GRAIN AND FLOUR RECEIPTS AT SEABOARD PORTS FOR 52 WEEKS.
Receipts
1924.
1923.
1922.
1921.
1920.
thereafter declined, until a low of 1,869,416 tons was Flour of- bbls_ 26,154,000 24,367,000 27,036,000 26,068,000 13,813,000
reached in July, when the output again began to in- Wheat
bush_308.919,000 276,343,000 300,022,000 305,940,000 263,684,000
Corn
18,353.000 39.224,000 145.247,000 101,496,000 20,013,000
crease, so that by December it had again got up to Oats
61,633,000 42,114.000 69,223,000 46,139,000 27,645,000
31,847,000 17,796.000 17.874,000 17,363,000 11,887,000
Barley
3,551,825 tons. The United States Geological Sur- Rye
40,515,000 34,566,000 47,325,000 25,097,000 50,957,000
vey, according to a statement published in our issue Total grain
451,267,000 410,043,000 579,691,000 496,035,000 374.086,000
of Feb. 14 1925, estimates the amount of bituminous
The Western live stock movement, on the other
coal mined in the United States in 1924 at only 483,- hand, was smaller in the first six months and also
280,000 net tons, as against 564,156,917 tons in 1923 appears to have been smaller for the full year. At all
and the anthracite production at 90,000,000 tons, events, at Chicago the receipts of live stock for the
against 93,339,000 tons. Here, too, the output from 12 months of 1924 comprised only 298,966 carloads,
month to month varied considerably, with consider- against 303,228 cars in the 12 months of 1923, and
able revival of activity in the closing months after the receipts at Kansas City only 135,478 cars, against
the Presidential election had been disposed of.
148,503, though on the other hand at Omaha the reIn the Western grain movement, however, there ceipts were 129,798 cars, against 125,583.
was a great change for the better in the last half of
Southern roads, on their part, enjoyed the advanthe year, stimulated by rising prices in the markets tage of a larger cotton movement. This was their
of the world, with large supplies available in this experience as far as the port receipts were concerned
country for export and the outside world an eager even in the first half of the year, and the increase
buyer. At the Western primary,markets the receipts became very pronounced in the last half, when the
for the first 26 weeks of 1924 had fallen very consid- new and much larger crop of 1924 began to come to
erably behind those for the corresponding weeks of market. The gross shipments overland for the first
1923, the wheat receipts having been only 93,864,000 six months of 1924 were only 449,055 bales, against
bushels, against 136,018,000 bushels, and total grain 499,367 bales in 1923, but for the full year were
receipts of all kinds, including wheat, 370,634,000 1,433,140 bales, against 1,364,005 bales. In 1922 the
bushels, against 403,478,000 bushels. For the full gross shipments overland were 1,766,889 bales and
52 weeks now the receipts of wheat for 1924 are in 1921 2,434,077 bales. At the Southern outports,
found to have been 490,576,000 bushels in 1924, where there was an increase in the receipts over 1923
against only 384,495,000 bushels in the 52 weeks of of 264,845 bales in the first six months, the receipts
1923 and total grain receipts no less than 1,151,376,- for the full year at 7,958,171 bales in 1924 compare
000 bushels, against 966,890,000 bushels in 1923, with 6,317,636 bales in 1923. This will be seen from
though comparing with 1,125,033,000 bushels for the the table we now introduce:
52 weeks of 1922. The details of the Western grain RECEIPTS OF COTTON AT SOUTHERN PORTS FROM JANUARY 1 TO
DECEMBER 31 1919 TO 1924. INCLUSIVE.
movement, in our usual form, are set out in the table
we now present:
Full Year.
Ports.
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Jan. 1 to
Wheat.
Flour.
(bush.)
(bush.)
Dec. 27.
(bush.)
(bush.)
(WO
Chicago
1924____12,171.000 68,762,000 99.420.000 81.175,000 12,242.000
1923____14,566,000 52,323.000 106.033,000 75,251,000 9.436,000
Milwaukee
1924____ 2.351.000
8,159,000 13.340,000 18.020,000 11,218,000
1923____ 1,952,000
3.031,000 17.451,000 24,014,000 9.123.000
St. Louis
1924____ 5,060.000 40,375,000 36,526.000 33,192.000 1.099.000
1923____ 4.931,000 36,351,000 31,514,000 35,783.000 1.154.000
Toledo
52,000
1924___
13,123.000
4,024.000 6,930.000
34,000
4,592,000
1923---- 382,000 14,937,000
3.170,000
1924.
Rye.
(bush.)
7,816.00
5,277,000
2,811,000
2,461.000
460.000
978,000
525,000
955,000
1923.
1922.
1921.
1920.
1919.
Galveston
bales 3,346,911 2.742,005 2.795,743 3,074,988 2,544,952 2,272.207
Texas City, Sic
1,308,605 1,011,273 855,873 558,166 518,666 366,873
New Orleans
1,823,223 1,280,304 1,413.518 1,394,039 1,523,320 1,500,728
Mobile
154.160
65,410 148,557 138,581 143,690 252.544
27.769
19,237
Lensaeola
15.003
20.748
11,816
23,023
Savannah
628,998 449,976 627,282 799,640 849.358 1.410,812
76,304 214,030
Brunswick
18,322
4,030
40.075
283
Charleston
195,441 219,118 169,571 106,061 307.827 298,214
99.232 189,687
Wilmington
118.521 135,831 113,386 119,183
Norfolk
367.026 407.873 327,358 474,629 283.872 391,542
2,943
4,014
Newport News
1,695
Total
7,958,171 6,317.636 6,514,386 6,705.692 6,370.372 6,927,349
FEB.28 1925.]
THE CHRONICLE
1009
In addition to the foregoing, certain statistics in the East the last week of the month the Weather
which have just come to hand, prepared by the Bu- Bureau in this city on several days reported the lowreau of Railway Economics at Washington, throw a est March temperature records during its existence.
great deal of light on the course of railway traffic And the cold persisted right up to the close of the
as a whole. The Bureau reports that total freight month. On the night of March 31-April 1, the latter
traffic in 1924 was 429,453,224,000 net ton miles, being Easter, the official thermometer registered a
or 6.2% less than in 1923. Freight traffic temperature of as low as 12 degrees above zero. Prein the Eastern District, however, according to incom- viously the temperature in this city on March 31 had
plete returns, was about 9.8% under that of the pre- never been below 25. Furthermore, dispatches from
vious year. On the other hand, in the Southern Dis- 'Washington, D. C., reported the coldest 1st of April
trict the loss in the freight traffic was no more than ever experienced at many points east of the Missis4%, and in the Western District but 1.5%. The sippi River, with the mercury in Washington down
freight revenue for all the roads in the United States to 15 degreees, 7 degrees under the record set April
in the year 1924 amounted to $4,347,916,000, com- 19 1875, and lower than ever registered after March
pared with $4,625,786,000 in 1923, a decrease of 6%, 21 in any year since the establishment of the Washand passenger revenues were $1,076,615,000, com- ington Weather Bureau in 1870. But the cold was
pared with $1,147,578,000, also a reduction of about not so much a drawback in 1923 as the snowfalls
6%. The falling off in the passenger traffic may be and the snow blockades. Added to the numerous
taken to reflect in part the depression in trade, but snow storms in February which had so seriously inperhaps still more the competition of motor convey- creased operating costs, more particularly in New
ances which have cut deeply into short haul passen- England and northern New York, there were other
ger traffic on many branch lines of different sys- snow storms during March,some of these in the West
tems. The Bureau's figures are on the same basis as attaining the dimensions of blizzards. The result
our own (barring some minor differences), and deal was that virtually everywhere except in the South,
entirely with what are known as Class 1 Railroads, operating costs in 1923 were heavily augmented—
namely the roads with operating revenues of a mil- from all of which an idea can be gained of what an
advantage the complete freedom from such drawlion dollars a year and over.
It was stated above that in one particular large backs and obstructions was in 1924.
It remains to consider the 1924 results, as regards
numbers of the roads had a decided advantage in 1924
both gross and net earnings, in relation to the
as compared with 1923, namely in the much more favorable weather conditions that existed in the early changes in antecedent years. And here the dispart of 1924. This point deserves further elabora- tinctive feature is the reduction in operating costs
tion in an extended review of railroad conditions and to which allusion was made further above. This rerailroad operations like the present. We will re- sulted in very large direct reductions in operating
iterate, therefore, that the winter of 1924 was nearly expenses. In 1924, as we have seen, a loss of $371,everywhere extremely mild, whereas in 1923 the 524,974 was converted into a gain of $14,586,554 in
winter in northern latitudes was of unusual severity. net through a decrease in expenses in the huge sum
This was of great aid in enabling railroad managers of $386,111,528. In 1923 an increase of $733,687,222
to hold down expenses, and made a tremendous dif- in gross earnings, or 13%, was attended by an augference in the case of the New England roads which mentation in expenses of only $483,961,926, or less
in the early months of 1923 failed in many instances than 11%, yielding therefore a gain in net of $249,/
to earn even bare operating expenses because of the 725,296, or 211 2%, to which the further slight gain
extraordinary outlays required at that time to re- in 1924 is, of course, additional. And the part
move snow and keep roads open. In 1924 hardly any played by growing efficiency of operations is still
obstructions of a serious nature over large areas more strongly revealed as we turn further back. In
from snow and ice or from extreme cold was encoun- 1922 our compilations showed only a moderate gain
tered anywhere in the United States. Contrariwise, in gross earnings over 1921, notwithstanding the risin January 1923 all the New England roads, as also ing activity in trade, the reason for this being the
the roads in northern New York, had to contend with hindering effect of those two great labor troubles of
very heavy snowfalls—the heaviest in any winter 1922, that is, the prolonged strike at the unionized
month for a very long time, and in some cases pos- coal mines, and the railway shopmen's strike. The
sibly the heaviest ever experienced, roads like the amount of the 1922 gain in the gross was only $44,Delaware & Hudson suffering very severely as a re- 501,869, or less than 1%. But owing to a further
sult. The storms do not appear to have been in the growth in operating efficiency, this was accomnature of blizzards, but they were very heavy and panied by a reduction in expenses of no less than
numerous, coming repeatedly, so that the aggregate $146,480,163, producing therefore a gain in net of
fall was exceedingly large. And the cost of keep- $190,982,034. The saving in expenses in 1921 was
ing the roads open was enormously increased thereby. even more striking. That was a year of intense busiIn February 1923 New England and northern New ness depression when gross earnings fell off in the
York continued to be affected in the same way, and huge sum of $664,027,980. Nevertheless, there was
the trouble extended to many other sections of the a gain in net in the big sum of $556,503,286, expenses
United States—in fact to practically all parts of the having been cut down in the prodigious amount of
country outside of the South—and railroad trans- $1,240,930,585. As explaining these successive large
portation was as a consequence greatly embarrassed, reductions in the expenses it must be remembered
so much so that for the railroad system of the United that previous to 1921 expenses had been mounting up
States as a whole the augmentation in expenses in a frightful way until in 1920 a point was reached
again overtopped the gain in gross earnings, caus- where even the strongest and best managed roads
ing a loss in the net.In March also in nearly the whole were barely able to meet ordinary running expenses,
of the northern half of the country quite unusual not to mention taxes and fixed charges. And it is
weather conditions were experienced in 1923. Here these enormously inflated expense accounts that
1010
THE CHRONICLE
[VOL. 120.
have furnished the basis for the saving and economies
Gross Earnings.
Na Earnings.
effected in the years since then. As compared with Yr. Year
Year
Year
1
Year
inc. (-1-) or
(+) or
Oren. I Preceding.
Dec.(—).
Given.
Preceding. Dec.(—).
1920, the roads in both 1921 and in 1922 also had
3
1
3
s
$
$
$
the advantage of much more favorable weather '07..2287.501.6052090.595.451 +196.906.154660,753,545665.280.191 —4.526.646
'08_ 2235,164,873 3536.914.597—301.749.724694,999.048 748.370.244 —53,371.196
conditions. In 1921 the winter was exceptionally '09.6605.003.302 2322.3412343 -i- 282.433.959001.726.065 750.685,7:13 +151,040.332
'III.• 8311.7115.091 2597.751.833 +2:19.011.21,8 909.47(1.0599(81.473.211 +8,996.848
'Ii.2805.084.723
mild and much the same remark may be made with '12. 3012.3012295 2835.109.539 —30.024.618883.626.478 907.914.586 —24.288.388
2790,810.236 + 221.579.969 937.968,711 877.617.878 +60.350.833
'13. 3162.451.4343019.929,637 + 142.521.797 9117.022.312 940.509.412 —33.487.100
reference to the winter of 1922. This last, while '14. 2972.614.392
31811.792.337-208.178.035828.522.941 904.448.034 —75.925.113
'15.13160.214.616
perhaps not so extremely mild as the • winter of '16.13702.940.241 3013.674.851 + 152.539.765 1940304 3111 B28,650.4111 +211.653.900
3155.2112.405 +547.647.836,1272639 742 10361i16 315 +236 2323.427
'17.4138.433,2M 3797.754.149
1921, was at all events not of unusual severity— at '18.141100.759.391.14036.888.505 +430.679.120 1215110544 1275190 303 —60.079.749
+863,892,74491(5,794.7(5 1190586 335-284,771,620
'19. 5173,6472154 4915.516.917 +258.1312137764.578.730908.058.338 —143,479.608
least not of such severity in most of the'country as '20_ 6204.875.141 5178.639,216 + 11126235925461.922,776
7155.876.I120-31.13.953.253
+
to entail heavy extra expenses for the removal of '21 _!5552.022.9796216.05(1.959—684.027.9801158,65.5:157402.15(1.071 +556,503,286
22.5522.522.416 5478.828.452 +43.693.98411141598(171 951.4117.925 190.100.148
1161243 340
snow and the clearing of tracks, though the winter '23_ 6342.058.8726008,371,I550 +73:1,687.222 1410988638 14(19433583 +249.72.5,296
24_ 51161,349.561 6332.874,535-371,524.97 01424020 137
+ 14.586.554
Note.—in 1907 the length of nail covered was 173.028 miles, against 171,318 mils* .
Is declared to have been a hard one in.certain special
In 1906: In 1908, 199.726, against 197,237 tallrs: hi
1909. 228.508 nines, against
sections—in Wyoming and Montana, for instance, 225.027 miles; in 1910. 237.554 miles. against 33:1.829 nines: 115 1911. 241.432 mliell.
against 238.275 miles: In 1912, 239.691 lulls. agaliinG 236,000 miles;
In 1913, 241.931
and contiguous territory. In 1920, on the other miles, against 239,625 miles:
In 1914. 240,356 miles. against 343,636 miles: In 1915,
249.031 miles. against 247.936: In 1916. 249.0118
hand, the winter had been exceptionally severe.
miles. against 247.888 miles;(9 1917.
250.193 miles, against
miles:
1918.
it should be noted, furthermore, that the falling In 1919, 233,083 mules, 249.879234.264Inmiles: In233.014 miles. against. 232.639 miles;
against
1930. 235.783 nines. against 234.579
miles; In 1921. 235.690
off in net in 1920 was merely one of a long series of 235,338 miles: In 1923. miles. ea:antis 234.777 miles: In 1922. 233.564 miles. against
235.481 miles, against 233.723 miles; In 1924, 234,795 miles,
losses. in net. In commenting on the results'. for agal.tit 234,622 miles.
Passing now to a consideration of the returns of
1920 and noting the tremendous. increase in operating costs in that year, we took 'occasion to say that the separate roads, it follows as a matter of course
taken in conjunction with the antecedent huge addi- that we have a large body of decreases in the gross
tions to expenses it constituted an unfavorable rec- and that many of the decreases are exceedingly
ord for which no paral:el could be found in Ameri- large. The losses are of exceptional proportions in
can railroad history. As a matter of fact, 1920 con- the case of the great East and West trunk lines, like
stituted the fourth successive year in which the net the Pennsylvania, the New York Central and the
• had fallen off—in each year, too, in face of very sub- Baltimore & Ohio, as is natural, inasmuch as these stantial gains in the gross earnings. As showing systems serve the great manufacturing districts
how extraordinarily poor the results were in 1920, where the influence of business depression would
it is only necessary to say that while there was an obviously be most pronounced. But there are also •
_addition to the gross of no less than $1,026,235,925,, notable losses elsewhere, in part, or in the whole, due
net actually fell off in amount of $303,953,253. In to the same circumstances, since the influence of
1919 the increase in the gross was of only moderate trade depression is nearly always all-pervading, even
extent (5.25%), and yet amounted to $258,130,137. though the,different sections of the country may sufAs it was accompanied, however, by an 'augmenta- fer the effects in unequal degree. Roads like the Dution in expenses of $401,609,745, there was a loss in luth, Missabe & Northern and the Duluth & Iron ,
net of $143,479,608, or 15.80%. For 1918 our com- Range lost heavily by reason of the great shrinkage •
pilation showed an increase in the gross in the im- in the movement of iron ore, while Northwestern.
posing sinn of $863,892,744, or 21.40% (due in no roads had to contend for the greater part of the year
small measure to the advance in .rates made by ,Di- with the effects of the impaired purchasing power of
rector-(Jeneral McAdoo at the close of May in that the agricultural classes because of'the low prices
year), but the addition to the expenses reached $1,- ruling for farm products, the change in that respect
148,664,364, or 40.35%, leaving a loss in the net of not coming until June, and the spring-wheat regions
284,771,620, or 23.92%. The prodigious augmenta- of Minnesota and the Dakotas not being in position
tion in the 1918 expenses was due not merely to the to reap advantage from the higher wheat prices so
general rise in operating costs but yet more to the quickly as those in the winter-wheat country of Kantremendous advances in wages granted by Director- sas, Oklahoma, &c., since they raise spring wheat,
General McAdoo in May 1918, and made retroactive which is harvested much later in the year than winter
to the 1st of January of that year. But even for the wheat. Even in the South, however, business deprescalendar year 1917 our compilations showed that sion was an influence of some importance and most
while gross had increased $430,679,120, or 11.61%, of the Southern systems suffered considerable reducthis was attended by a rise in operating expenses of tions of their traffic and revenues, though in the mat$490,738,869, or over 20%, leaving a loss of $60,079,- ter of the net results these losses were generally off749 in net earnings. There was this qualifying cir- set, and more than offset, by reductions in expendicumstance, however, with reference to the 1917 loss tures. The roads running to Florida, of course,
in net, namely that it followed strikingly good re- belong in a class all by themselves with the trend of
sults, both as regards gross and net, in 1916 and passenger traffic so strongly in that direction. The
1915. On the other hand, it is equally important to roads in the Southwest, however, as a whole, may be
remember that these gains for 1916 and 1915 repre- said to have prospered beyond those of any other section of the ountry. Texas, Arkansas and Oklahoma
sented in part a recovery of previous losses.
In the following we show the yearly comparisons all raised cotton crops of unusual size, and were also
as to both gross and net for each year back to 1907. favored by the great rise in the price of wheat, beFor 1910 and 1909 we take the aggregates of the sides which the whole of the Southwest is undergoing
monthly totals as then published by the Inter-State very extensive development. Low farm prices were
Commerce Commission, but for the preceding years an adverse factor here, as elsewhere in the West. the
we give the results just as registered by our own early part of the year, but the effects were wholly, or
tables each year—a portion of the railroad mileage in great part, overcome the latter part of the year
of the country being then always unrepresented in the when the Great Southwest seemed to have become
totals, owing to the refusal of some of the roads at literally a land of honey. Many of the btg increases in
that time to furnish monthly figures for publication. gross earnings for the year come from that section of
Pm.281925.]
1011
THE CHRONICLE
the country, the Missouri Pacific topping the list sis of the conditions and influences of the year. In
with a gain of $9,039,775, though of course, this does the case of the gross, all the different geographical
not look very striking, as far as mere amount is con- divisions, except the Southern and the Southwestcerned, alongside the prodigious losses for the year ern, show losses, and the loss is particularly heavy
shown by the Pennsylvania, the New York Central in the Eastern and Middle division, where the effects
and the Baltimore & Ohio. In the case of the net, of business depression were most felt. The two exthe losses are much less numerous, but nevertheless ceptions are the Southern division, where the gain
many of these are for large amounts, and they come is trif.ing, and the Southwestern, where the improve-,
from all sections of the country. On the other hand, went is of larger extent and yet moderate in amount.
in not a few instances, losses in gross have been The same two geographical divisions, along with the
turned into gains in net by reduced expenses. Fur- New England group, are also the only ones showing
thermore, some systems, distinguished for improve- improvement in the net. The addition to the net in the,
ment in gross, have been able to carry forward near- New England group follows directly as a result of the.
ly the whole amount of such gains as gains in the net absence in 1924 of the severe winter weather which.
-Southwestern roads being again conspicuous in. added so enormously to operating costs in the early
that respect and the Missouri Pacific standing at tht months of 1923. The gains in net in the Southernt
top of the list, the same as in the case of the increases and Southwestern geographical divisions are of con-that is $19,050,406, or 9.3%, inr
in the gross. Both as regards gross and net, how-. siderable amount
ever, the results as between different roads and sys-.. the former and $27,872,019, or 13.7%, in the latter-tems, often even those in the same section, vary' and follow largely as the result of reduced expenses..
widely. In the fo:lowing we show all changes for Our summary by groups is as follows:
SUMMARY BY GROUPS.
the separate roads for amounts in excess of a milGross Earnino
so.(+)or Dec.(-)
1924. " 1923.
Jan. Ito Dec. 31.
lion dollars, whether increases or decreases, and in
Seaton or Group
272.583,471 -16.541,208- 6.07'
•
254.040.263
Group 1(9 roil, is) New England
both gross and net.
2019851.742 -207901.365 10.06.
PRINCIPAL CHANGES IN CROSS EARNINGS FOR TWELVE
MONTHS ENDLD DEC. 31.
Increnve.
Decrease.
7.181.480
89.939.775 Michigan Central
Missouri Pacific
6.057.651 N Y N II & Hartford_ __ 6.726.558
Chesapeake & Ohlo
Florid t East (0,st
4.982.912 Northern Pacific__... 6.709.656
2.315.171 Buffalo Roch & Pittsb- 6.072.798
N 0 Tex & Mexico ;3)
2.215,105 Elgin Joliet & Eastern... 6.017.511
Norfolk & Western
Colorado Southern (2)
1.1151.245 Bessemer & Lake Erie- 5.560.431
4.167.522
Detroit. Toledo dr. Ironton 1.578.316 Pere Marquette
3.919.473
Missouri-Ran Texas (2). 1.321.127 Western Maryland
Texas & Pacific.
1.192 091 N Y Cnicago & St Louis_ 3.484.914
- 3.224.829
Seaboard Air Line
1.135.043 St Louis Southwest (2)
2.734.1813
:Leo & Alton
Intornat Great Northern 1.094.840 Chic
Atoll Top & Santa Fe (3) 2.386 196
2.336.620
Total (15 roads)
$31,706,927 Chicago & Eastern
Delaware & Hudson___. 2.240.328
1.925.575
0crrease. Union RR
1.9(6.690
n476.1198.232 Central New Jersey
Pennsylvania
651.0114,396 Duluth Se iron Range-- 1.507.819
New York Central
31,275610 Del Lack & Western..._. 1.737.117
Baltimore & Ohio.
11.915.433 Grand Trunk Western_ 1.700.808
'Wools Central
Erie (3)
1:I.881.068 Deny & Rio Grande West 1.575.939
Kansas City Southern.... 1.462.377
RkadIng
& Lake Erie__ 13.245.511 Minneapolis & St Louts. 1.427.8(5
Pittsburgh
Union Pacific (4)
11.852.117 Minn St Paul & S S M.. 1.399.976
1.339.909
Chic Mllw & St Paul._ Ii .261'579 Virginian
1.267.355
.
Southern Pacific (7)..._ 11,057.732 Monongahela
1.220.260
Chicago & Northern._ __ 10.971.381 New On & N East
9.914.668 West Jersey & Sea Shore.. 1.210.152
Great Northern
Chicago Burl & Quincy_ - 8.595.783 Nash Chatt & St Louis.... 1.200.111
Duluth Missahe & North 8.397.455 ('inc New Orl & Tex Pile_ 11197.726
1.013,928
Southern Railway
7.981.471 Maine Central
Boston & Maine
7.996.121
8399.306.829
C C 0 & St Louts
Total (58 roads)
7.229.062
-All ths figures in the above are on the basis of the returns filed
Note.
with the Inter-State Co-n Tierce Commission. Where, however, these
returns do not shlw tha total for any system, we have combined the separate
roads so as to make th)results conform as nearly as possible to those given
In the staterronts furnish3d by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company). the Pennsylvania RR. reporting $76,098.232 decrease. For the entire Pennsylvania System, including all roads owned and
controlled, the result is a decrease in gross of $76,540,938
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New York Central System, the result is a loss of $79.928.502.
PRINCIPAL CHANGES IN NET EARNINGS FOR TWELVE
MONTHS ENDED DECEMBER 31.
Increase.
Decrease.
$8,513.376 Pittsburgh & Lake Erie.- $8.157,790
Missouri Pacific
Central New Jersey
6.980.941 Reading
7.266.821
925.898 Duluth Missabo & North 6.783.020
6,
Lehigh Valley
Chicago Burl & Quincy- 5.735.862 Southern Pacific (7)___
5.373.829
Missouri Kan & Tex (2)- 5.217.712 New York Central
65,147.226
9.966.692 Baltimore & Ohio
Norfolk & Western
4,704.312
Chicago R 1 & Pacific (2) 9.261.016 Bessemer & Lake Erie_
3.299.484
3.816.216 Pennsylvania
Boston & Maine
03,030,875
Delaware Lack & West._ 3,671.276 Elgin Joliet & Eastern..
2,793.278
.
N Y N H & Hartford... 3.603.883 Grand Trunk Western... 2,433.754
3.122.090 Union Railroad
Northern Pacific
1,957.431
0 0& St. Louis
Colorado Southern (2)... 2.645.395
1.812.712
St Louis-San Fran (3)..__ 2.606,122 Chic Milw & St Paul..
1.703,372
Yazoo & Mississippi Val- 2.404.254 Michigan Central
2,165.727 Minneapolis & St Louis
Chesapeake & Ohio
1,686.036
& Nashville..... 1.868.197 Erie (3)
Louisville
1.573,834
1,758.119 Las Angeles & Salt Lake_ 1.538.030
Southern Railway
1.703,707 St Louis Southwest (2)__ 1,262.529
Great Northern
1.584,146 Duluth & Iron Range..
1.238.639
Florida East Coast
1.042,014 Chicago & Alton
1.238,404
Central of Georgia
Total (29 roads)
$73,930.728
864,886,425
Total (24 roads)
a This Is the result for the Pennsylvania RR. (Including the former
Pennsylvania Company. Pittsburgh Cincinnati Chicago & St Louis and
Grand Rapids & Indiana). the Pennsylvania RR. reporting $3,030,875
decrease. For the entire Pennsylvania System, including all roads mned
decrease in net of $2.664.703.
and controlled, the result is a
cover the operations of the New York Central
b These figures merely
the various auxiliary and controlled roads, like the
Itself. Including
Michigan Central, the "Big Four," &c., the result, is a decrease of $17,807,509.
When the roads are arranged in groups, or geographical divisions, according to their location, we
find results just as would be expected from our analy-
Group 11(33 roads) East dr Middie_18549,7377
Group ill (27 roils) Middle West...525.215.605 572,098,884 -46,85L079
Groups IV & V (31 roads) Southern 873,200.110
Groups VI & V11(29 ris.) Northw6d _1201471985
Groups Vfil & IX (49 roals)Southw.932.717,63 I
Group X (10 roads) Pacific Coast-313.326,590
Total (191 roads)
•
• Section or Group.
1921.
7,317
11,646
15,999
Groups IV & V___ - 34.971
572
Groups VI & VII._ 65.
Groups VIII & IX - 55.147
15,693
Group X
Group
Group II
Group 111
Total
8.I9'
+529,003 0
872.571.107
7.37
1297599,951 -95,727,968
917:941,478 414,774.153 '1.61
333,230,102 -19.903412 5.97
or
5.87
598134961 6332871.535 -371524,974
Net Earnings
Inc.(+)Or Dec.(-)'
1923.
1924.
%
$
1923.
7.464 54.112 368 48,035.172 +8,077.196 17.54
1.50
31,503 402.132753 409.151.901 -6.539,148
15.910 133,298.904 149.923.788 -18,824.882 11.10
9.3
111.050.409
3/.019.223,195.1 12, 204,144.736
1.59
66.155 213.178.300.299.102.283 -5.923,983
13.7
55.098 231.805.7711' 203.933.750 +27.h72.q19
15.630 85.818.891 97.141,945 -11,325,054 11.86
231.7,15 231,822 1424020,137 1409433.583 +14456,554
1.041
-Group I includes all of the New Englund States.
NOTE.
Group II includes all of New York and Pennsylvania except that portion weal*
.
of Pittsbur,th and Buffalo. also all of Now Jersey, Delaware and Maryland, sad'
the extreme northern portion of West Virginia.
Group III includes all of Ohio and Indiana, all of Michigan except the northerly
peninsula, and that portion of New York and Pennsylvania wan of Buffalo and
Pittsburgh.
Groups IV and V combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI and VI/ combined Include the northern peninsula of Michigan, an cy
Minnesota, Wisdonsln, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. L01119 and Kansas City, also all of Montana. Wyoming
and Nebraska, to.tether with Colorado north of a line parallel to the State blue
passing through Denver.
Groups VIII and IX combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory. Missouri south of St. Louts and Kansas City, Colorado south
of Denver. the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line rhnning from Santa Fe to El Paso.
Group .V 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.
EARNINGS OF UNITED STATES RAILWAYS, JAN. 1 TO DEC. 33.
Nil
--Gross-Group I.
New Englatut.
1924.
$
1923.
s
1924:
$
/at. or Dee.
1923.
P
$
1.890.028 +135.047
1.825.075
Bangor & Aroostook 6,924,115 6.769,803
Boston & Maine_ ...._ 78,897.297 86.193,418 14,784,741 10.938,525 +3446,218
Canadian National3.149.125 det343.071 de1534.709 +191.814
Atl & St Lawrence 2.436.419
C DC Cr T Jct-See Group HI.
Det Grd Hay A, Mil-See Group III.
950,900 +131.725.
Central Vermont .- 8.380.752 8.627.980 1,082,625
.
181.290
-22.142
159.148
Can Pao Lines In Me 2.608,937 2.736.452
8.349.141 +300.644
3,649.785
20,178.337 21,192,265
Maine Central
N Y N H & Hartf,
_127.213.698 133.940.588 29,733,375 28.124.492 +3,608.888
-80.583.
2,268,318
2,187.635
3.278.056
N Y Connecting-- 3.091.646
-34.132
1,067,187
1,033.055
6,695.788
6,609,062
Rutland
Total(9 roada)..-258.040.263 272,583,471
-------Gros
Group II.
1924.
1923.
$
$
EastMiddle.
4,747.277 4.850.619
Atlantic City
Baltimore & Ohlo 224.318.795 255,594.435
2,780.877
. 1,913418
Buffalo & SUSQ _ _ _
Buff Roth & Plttsb_ 15.951.853 22.024.651
1.488,725
Brooklyn ED Term 1.379,527
7.988.228
Cent New England.. 8,145,477
Central New Jersey.. 55.466.963 57.383.653
Delaware & Hudson 44,954.449 47,194.777
Delaw Lack & West 88.753.529 88.490,646
105.042.224 118,354,531
Erie
Chicago & Erie-See Group III.
1.587.783
1,588.294
NJ&NY
3,117.709
Lehigh & Hod River 3.148,658
5.843.138
5.413.878
Lehigh & New Eng
76.374,805 75,935,153
Lehigh Valley
Monongahela Conn_ 1,949,109 2.869.905
2,368.202
1,650,309
Montour
New York Central_ _369,940.387 421,034.783
54,112,368 48,035,172 +8,077.196
1924.
$
448,181
51,586,162
def26.813
2,500.731
522,782
2.381,570
15.814.308
8,332,013
22.193.487
18.088,216
Nee
1923.
Inc. or Dec..
2
$
560.812 -112.631
58,270.474 -4,704.312
128.833 -155.446
1,849.382 +651.349
-89,859
592.651
1,971.492 +410.079
8433.365 +6.980.941
7.950.840 +375.373
18,522,191 +3.871.278
20,119,057 -2,032.841
+22.393
286,712
264,316
906.560
924.670
-18.110
2,374,891
1,275.155
-99.736
9,180.939 +6,225.898
15,406.837
448.497 -339,993
108,504
228.461,
692,268 -463.807'
89.970,318 95,117.542 -5,147.225
For other auxiliary and controlled lines see Group III
N Y Ont& Western.. 13,686,132 18,937,366 2,652.826
483,454
N Y Swig & Western 4,761,359 4,793,890
1,779.017
398.342
+873,802
+95,112
THE CHRONICLE
Gross
1924.
1923.
1924.
$
Net
1923.
$
Inc. or Dec.
$
[VOL. 120.
1924.
1923.
1924.
Net
1923.
Inc. or Dec.
Penn Lines East and West of Pittsburgh
Pennsylvania _ _ _ _645,299,176 721,397.408 127,848,503 130,879,378 -3,030,875
def86,674 +108,307
21.534
L Balt Ches & Allan 1,519,848 1,570.494
Long Island
35.077,885 34.085,420
8,348,331
8,397.032
+48,701
Monongahela _ _
4,692,826
1,789,835
1,997,399 -207,764
5,980,181
W Jers & Sea Sh_ _ 12.932,368 14,142,520
2,069,938
2,149,954
-80,018
Perkiomen
504,123
1,214.345
1,173,419
474,902
+29,221
Pittsb & Shawmut
79,219 def128.577 +207,798
1,161,390
1,264,602
Pitts Shaw & North_ 1,507,224
def49,128 def207,800 +158,673
1,388,208
Port Reading
2.162,931
1,181,171 -253,159
928,012
2,832.344
Reading Company- 92,088,258 105,807,432 21,781,702 29,048,523 -7,286,821
Staten island It T
41,748
2,768.010
2,550,328
80,490
-18.742
Ulster & Delaware
273.297
1,504,984
294.146
1,742,002
-20.849
Union RR (Penn).- 10.719,728 12,645,303
2,798.767 -1,957,431
839,336
Western Maryland_ 19,135,583 23,055,038
4,970,154
5,338.602 -368.448
Chic Milw & St P_ _158,366,459 169,628,338 32,816,398 34,629,110 -1,812.712
Chic Peoria & St L. 1,300,335
58,738
33.721
1,404,059
+25.017
Chicago River & Ind 6,951,860
2,812,338 -488,733
7,481,482
2,345,605
Chic SIP M & Om_ 27.915,738 28,363,234
5,725,912 4,847,087 +878,825
Chicago Great West 24,726,678 25,723,707 4,488,267
4,292,691
+195,578
Dul & Iron Range__ 5,960,969
7,768,818
1,082,063 2,320,702 -1,238,639
Dul Miss & North__ 13,856,099 22,253,554
6,372,788 13,155,806 -6,783,020
Dui So Shore & AU_ 5,902,129 5,862,548
1,169.195
-53.491
1.115,704
Duluth Winn & Pac 2.178,475
252,072
279,997
-27,925
2,361,757
East St Louis Conn_ 2,230,183 2.391,142
1,300,214 -312.737
987,477
Elgin Joliet & East_ 21,521,787 27,539,298 8,262,488
9,055,784 -2,793,278
Great Northern_ _ _ _110,243,104 120,077,772 35,031,046 33,327,249 +1,703,797
Green Bay & West__ 1,497,887
200,093 +150,483
1,317,718
350.578
Illinois Central
151,711,549 185.628,982 33,868,817 33.197.751
+869.088
Yazoo & Miss Valley see Groups IV and V.
Minn & St Louis... 15,097,126
2,236,170 -1,886,038
550,134
Total (33 roads)..18549473772066851.742 402.812,753 409,151,901 -8,539,148 Minn St P & S S M. 47,945,360 16.524,981
49,345,336 11.131,505 11.730.202 -598,897
N Y Central-See Group II.
Gros
Net
Ind Harbor Belt
10,778,697 11,607,333 2,629,320
3,424.070 -794.750
Group III.
1923.
1924.
1924.
1923.
Inc. or Dec.
Northern Pacific
95,292,404 102,002,060 24,759,340 21,637,250 +3,122,090
Middle West.
5
$
Akron Canton & Y. 2,824,648
2,695,138
1,133,372
1,034,736
+98.830 Pennsylvania LinesTol Peoria & West 1,908,795
1.827.348
154,045 def151,249 +305,294
Ann Arbor
5,602,575
1,241.306
5,532,185
1,059,575 +181,731
For lines East & West of Pittsburgh see Group II.
Bessemer & L Erie.- 14,506,820 20,387,251
3,149,875 6,449,359 -3,299,484
Peoria & Pekin Un._ 1,815,883
1,799,359
418,588
-88,969
329,819
Canadian National
Quincy Om & K C
1,051,805
1,250,380
-16,380
AU & St Lawr-See Group I.
def58,367
def72,727
110,886,388 117,479.918 37,684,460 38,385,852 -701,392
C D C Gr Trk Jct 2,894,546
3,393.578
1.321.425
1,832,432 -511,007 Union Pacific
Oregon Short Line-See Group X.
Det GE & Milw_ 8,451,947
6,935,222
1,534,457
1,750,966 -218,509
Ore Wash fly & Nay-See Group X:
Chic Ind & Loulsv
17,044,000 17,923,548 4,575,259
4,980,090 -404,831
St Joseph & Gr 1st 3,297,466
3.312,148
657,322
Gino Ind & West... 4,520.729 4.629,344
519.387 +137.
955
740,530
759,330
-18,800
Detroit & Mackinac 1,925,509
323,914
1,924,863
154,140 +169,774
Total(29 roads)
..1201871985 1297599.951 293,178.300 299,102,283 -5,923,983
Detroit Toledo So Sh 3,450,187 4,251,253
1,512,297
2,031,850 -519,553
Net
Detroit Tol& Iron
11,995.758 10.417.412 4.373,140
3,650,940 +722,200 Groups VIII & IX. 1924. Gross
1923.
1924.
Inc. or Dec.
1923.
Detroit Terminal_ _ _ 2,269,353
2,148,263
587,507
756,274 -188.677
Southwest.
5
Erie-See Group II.
Atch Top & S Fe._ 194,174,237 203,311.792 53.032,368 57,824,519 -4,592,153
Chicago& Erie.. 14,054,832 14,623,924
5.225,864
4,789,253 +438,811
Gulf Colo & St Fe 30,125,126 25,804,899 8,302,500 5,858,878 +2.643,624
NJ & N Y-Slee Group IL
Panhandle & S Fe_11,111,588 8,880,458
3,781.278
1.910,879 +1,850,399
490,778
Evansv Ind & T H._ 1,915.772
1.762,509
490,111
+8137
Grand Trunk West_ 17,889,156 19,589,964
2,954,889 5.388,643 -2,433,754 Chic R I & Pacific_ _124,187.093 124,628,438 27,622,601 24,355,546 +3,287,055
Chicago R I & Gulf. 6,693,418
5,774,848
2,051,364
1,057.403 +993,981
Hocking Valley_ _ _ _ 17,443,399 17,563,402 4,284.896
3,538.213 +728,883 Colorado
Southern_ 12,834,288 12,875,913 2,708,800
1,521,820 +1.185.180
Lake Superior & Ish 1,804,615
2,280,459
461,104
800,324 -339,220
Ft W &
9,625,851
4,431.437
2,968,222 +1,463,215
Lake Terminal
1.060.848
1,160,060def54.151
45,357
-99,508 Trinity & Den City_ 11,121,721
Dna Vail 2,865,372
3,482,581
288,688
881,142 -814,474
2,142.416
Newburgh & So Sh. 2,017,985
325,040
338,978
-13,938 Wichita
Valley
1,907,319
1,558,456
977.828
870,913 +306.713
New York Central
-See Group II.
Denver &
4,420,101
4,556,827 -138.728
5,174,419
1.861,099
Cincinnati North_ 4,826,932
1,800,421
+60.678 Denver & Rio Gr W. 33,011.558 34,587,497
Salt Lake_ 3,350,614
2,804,172
118,217
-56,085
174,302
C C C St Louis_ 87,712,382 94,941.444 20,971,854 22,828,703 -1,855,049
&
Ft Smith & Western 1,909,118
1,590,871
492,899
220,821
+272,278
-See Groups VI.& VII.
Ind Ear Belt
1,525,828
468,052
450,321
+17.731
Michigan Central 87,814.882 94,798,042 25,455,138 27,158,510 -1,703,372 Galveston Wharf...1.805.787
16,901,448 15,808,608 3,946,208
5,831,001 13,988,791-8,157.790 Internet Gt North
3,283.975 +882,233
Pitts & Lake Erie_ 31,421.149 44,888,890
K C Mex dr Orient_ - 2,362.112
1,848,240
287,035
68,333 +200,702
N Y Chic & St Louts 53,992.435 57.477,379 13,715,479 13,539,217 +176,282
1,815,888
450,888
125,858 +325.230
Pere Marquette_ _ _ 41,797,915 45,985.737 10,834,985 11,094,640 -259,855 K C Mex & Or of T- 2,868,527
4,408,148
+27,042
1,283,408
824,261
+439,145 Kan City Southern_ 18,131,751 19,594,128 4,435,190
Pittsburg & W Va.. 4,184,733 3,844,588
2.892,282,
1,332,294
1,388,140
-35,848
65,780,929 88,617.838 15,482,512 14,584,141 +898,371
Wabash
Kansas Okla & Gulf 2,184.589
2,489,370
280,303
508,412 -248,109
18,332,401 19.211.672 3,922,128
Wheeling & L Erie
4,458.531 -536,403 Loulsv &
Arkansas_ 4.030,319
3,798,300
1,057,947
1,239,754 -181,807 •
4,144.231
3,892,094
435.810
623.603 -187,793
Total(27 roads). _525,245.805 572,098,884 133,298,904 149,923,788-18,824,882 Louis Ry & Nevis
Louis Ry & N of T. 1,345,481
1,019,399
216,892
207.855
+9,237
Gros
Net
Midland Valley....4,535,840 4,500,148
1,543,243
1,485,908
+77.335
Groups IV.& V.
1924.
1923.
1924.
1923.
Inc. or Dec. Missouri & No Ark- 1,587.104
1,509,848
195,510
241.385
-45.875
Southern$
$
$
$
Mo Kansas & Texas.-34,488.364 34,911,504 11,131,897
$
8,168,344 +2,985,553
3,484,104
789,325
Alabama & Woks- 3,601,427
799,923
-10,598 M K & T of Texas_ 22,820,981 21,076,414 8.445,414
4,193,255 +2,252,169
2.950.512
697.596
Atlanta & West--- _ 2,939.380
886.851
+30.945 Missouri Pacific.-123,847.723 114,607,948 25,181,358 18,687.982 +8,513,378
4.810,482 4,638,689
At!Birm & AU
421,371
70.049 +351,322 New Orl Tex & Mex. 3,387.737
2,970.623
1.025,729
849,750 +175,979
Atlantic Coast Line_ 81,785,921 80,882,311 21,450,795 21,013,882 +436,913
Beaum So Sh & W 2,757,928
2,532,907
1,056.157
990,011
+68,148
Caro Clinch & Ohio_ 8,892,524
9,257,319
2,787,540
2,803,927 +183,813
St L Browns & M. 7,841.144 6,147,806
3,284,458
2,558,258 +726,198
27,173,841 28.198,846 6,102.790 5,060,778 +1,042,014 St Louis- San Fran_ 85,989,817 85,627,607 25,417,984 23,088.796 +2.331,188
Central of Georgia
Charles & W Oaro
3,908.781
3.878,508
908,396
851,854
Ft W & Rio Grand 1,547,495
1,562,875
+54.742
177,452
110.328
+67.126
Ches & Ohio
108,033.449 101,975.798 25.251,744 23,088,017 +2.185,727
St 1,31 F of Tex
1,728,718
2,033,807
535,702
327,894 +207,808
Columbus & Greens 1,640,838
1,574.658
191,570
182,005
+29,565 St Louis Southwest_ 18,245,055 20,842,524
5,932.312
7,913,422 -1,981,110
Florida East Coast- 20,106.910 16,023,998 6,836,814
5,252,868 +1,584,148 St Louis W of Tex_ 8,081,238
8,708,598
388,068 de1352,515 +718,581
5,984,812 6,199,048
1,056,930
Georgia
1,395,321 -338,391 St Louis Transfer...
787,275
887,804
127,572
249,314 -121,742
1.780.889
1,785,528
Georgia & Florida
455,196
428,738
+26.458 San Ant& Aran Pass 7,424,448 6.455,495
1.149,541
1,033,897 +115.844
969,450
Gulf& Ship Island
3,582,994
3.319,005
912,951
+58,499 San Ant 1/val & G _ 1,521,348
1,219,654
325,550
280,915 +84,835
Gulf Mobile & Nor- 8.088,028
5,944,548
1,721,741
1,484,596 +237,145 Southern Pacific
-See Group X.
Illinob) Central-See Groups VI. & VII.
Galv Harris & S A 28,354,595 23,982,900
8,748,960
3,677,952 +3.071.008
5,948.394
3.542,140 +2.404,264
Yazoo & Miss Val 22,128.583 21,138,185
Houston Tex Cent 15,627,314 14,693,191
4,004,870
3.250,142 +754,725
Loulsv & Nashv
136,505,677 138,375,673 28,378,780 28,510.583 +1,868,197
Houston E & W T 3,201.870
3,194,943
392.987
395,186
-2,199
3.484,744
811,424
Lou Hend & St Lou_ 3,449,889
918,067 -106,643
La Western
4,197,085
4,683,298
1,200,510
1,302,887 -102,377
Mississippi Central_ 1,855,579
1,798,584
521.508
341,803 +179,705
Morgans La & T. 8,452,981
9,147.418
858,981
1,154,731 -297,770
19,464,381 20,112,417
5,173,980 4.275,357 +898,623
Mobile & Ohio
Texas & New On. 9,282,765 9,068,850
1,183,227
291,006 +892,221
Nashv Chat & St L_ 23,601,648 24.801,787 4,120.677
3,348,740 +771,937 Term RR A'n of St L 5,103,883
5,121,840
1,483,136
1,568,168
-85,032
895,976
New ON on North_ 2,925,031
2,841,010
914,713
St L Mer Edge &T 4,809.469
4,885,640
-18,737
1,037,242
1.481,122 -443,880
Norfolk & Western_ 97,709,793 95.449,687 27,837,580 22.870.888 +4,988,692 Texas dc Pacific... 33,784,580 32,592,489
8,542,256
7,810.831
+931,425
Norfolk & Southern_ 9,291.928 9.386,853 2.359.833 2.261,008
1,590,586
+98,825 Utah
1,657,864
473,441
378,568
+94
.873
Richm Fred & Pot__ 11,838,355 12,077,813 3,941,011
4,141,037 -200,028 Vicksb Shreve & P. 4,259,264
4,460,580
931,790
1.197.376 -285,585
Seaboard Air Line__ 53,384.193 52,249,110 11,996,539 11.908,851
+89.688
Total(49 roads)_ _932,717,631 917,941,478 231,805,779 203,933,760+27,872,019
Southern Ry
142,488,514 150,467,985 39,811,840 38,053,726 +1,758,114
10,093,450 10,853,219 2,758.178 3,138,841 -378,663
-GrossAla Great South
Net
Group .
1924.
CM NO & T PsO. 21,951,887 23,049,393 8,673.855 6,527.108 +148.747
1923.
1924.
1923.
Inc. o Dec.
5,180,128
5,319,344
1,568,288
Pacific Coast.
Ga So & Fla
1,217,157 +351,111
5
$
1,789,483
N 0& Nor East
5,867.589 8,887,849
496.212
456,242
1.803,707 +185,776 Bingham & Garfield
80,847
122,568
-41,721
824,847
Los Aug & Salt Lake 24,383,428 24,829,341
North Alabama
1.478,290
1.737.438
694,053
-69,406
4.438,462
5,976,492 -1,538,030
710.740
2,912,794
3,055,803
Tennessee Central
.651,545
1,030,802
+59,195 Nevada Northern__ 1,084,008
538,743
543,793
-7,050
18.988.439 20,328.348 8.778,992
Virginian
718.927
7,994,091
+82,065 Northwest Pacific__ 7,128,195
1,948,837
2,085,768 -136,931
878,179
3,159,930
3.042.221
Western Ry of Ala
723,327 +152,852 Southern Pacific_ _192,447,845 205,901,389 57,093,355 68,782,795 -9,698,440
For remainder of system see Groups VIII. and IX.
Total(34 roads)_ _873,200,110 872,571,107 223,195,142 204,144,738+19,050,406 Spokane Internat'l_ 1,088,863
1,165,814
247,841
298,820
-51,179
Spok Porti & Seattle 8,562,669 8,704,947
3,277,106
3,150,111
+126,995
Gross
Net
Union Pacific
-See Groups VI. and VII.
1923.
1924.
1924.
1923.
Inc. or Dec.
GroupsVI & VII
Oregon Short Line 34,989,745 38,782,098
9,157,246 10,327,631 1,170,385
$
NorthwestOre-Wash Ry & N 28,775,558 30,227,112 6,143,852 4.379,410 +1,764,442
121,124
3,787.983
508,711 -387,587
B &0 Chic Term_ _ _ 3,542,928
St Jos & Grd Isl-See Groups VI and VII.
7,192,495 2,289,505
2,603,994 -334,489 Western Pacific....14,370,487
Belt By of Chicago_ 6,841,827
14,138,268
2,892,802
3,474,557 -581,755
_ 30,854,030 33,588,193 8.960.581 • 8,198,965 -1,238,404
Chicago &
3,815,532 4,128,298 -510,784
Chicago & East Ili__ 28,068,788 28.405.408
Total(10 roads)_ _313,326.590 333.230,102 85,818,891 97,141,945-11,325,054
Northwest._149,454,584 160,425,965 28,917,939 27,918,434 +999,505
Chic &
Chic Burl & Quincy.162.674,878 171,270,661 42,718,144 38.980,282 +5,735,882 Tot. all (191 roads)_5961349.561 8332874.535 1424020,137 1409433,583+14,588.553
The New Capital Flotatious in January
The appeals to the investment markets for new capital
during January were heavy, as is nearly always the case in
the opening month of the year, this being deemed an opportune period by bankers for bringing out new issues by reason of the large interest and dividend disbursements made
the 1st of January, a considerable portion of which finds its
way into reinvestment channels. The present year, too, the
total was swollen by the bringing out of one issue of unusual magnitude, namely the offering for subscription of
$125,000,000 American Telephone & Telegraph Co. 35-year
5% debentures.
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 1925 reached $685,403,871.
This compares with $557,168,130 in December and $427,218,524 in November, when the amount was relatively small,
even though the $100,000,000 French.loan was brought out
in that month. It also compares with $733,665,611 in October, when the total included the American portion ($110,000,000) of the German loan, with $540,251,949 in September,
with $454,483,973 in August, with $428,299,766 in July, with
$649,602,434 in June, when the magnitude of the awards by
States and municipalities acted to raise the total to unusual
proportions (New York City alone contributing considerably
over $100,000,000 in that month) and with $627,050,947 in
May, when the month's total was swollen by the offering
of $150,000,000 new stock to its shareholders by the American
Telephone & Telegraph Co.
FEB. 28 1925.]
1013
THE CHRONICLE
Industrial issues worthy of special notation were: $50,The awards of bonds by States and municipalities were of
-year 6% notes,
Crude Oil Purchasing Co. 3
exceptional size in January 1925, falling only a trifle below 000,000 Sinclair
4,
series "A," due Feb. 1 1928, offered at 991 yielding about
$125,000,000, at which figure they are far the largest of any
Mid-Continent Petroleum Corp. 1st mtge.
January on record. On the other hand, the foreign Govern- 6.25%; $12,500,000
$10,000,090
2
1
/
1s,
/
light, albeit the offerings on 62 1940, placed at 97 , to yield about 6.75%;
ment issues were extremely
secured cony. Os, 1935, offered
Cuba Co. (N. J.) 10-year
behalf of foreign corporations were quite liberal-this latter The
,
1
/
at 982 yielding about 6.20%; $10,000,000 Union Oil Co. of
one of the new developments in foreign financing.
being
1%,
/
5s, 1935, offered at 96, to yield about 52 and
At $685,403,871 the grand total of all new flotations for Cal. 10-year
6s, 1927-42,
January $8,000,000 Chicago Produce District 1st mtge.
the month, comparison is with only $542,829,345 for
ranging from 100.75 to 98.41, yielding
1924, but with $881,327,395 for January 1923. This latter, brought out at prices
though, as explained by us on many previous occasions, from 5.60% to 6.15%.
Railroad issues were featured by the offering of $16,092,stands in a class all by itself, the total having then been
2
1
/
000 Chicago & Western Indiana RR. 1st & ref. mtge. 5 s
raised to exceptional proportions by the bringing out of sev$6,000,000 Norfolk &
5.70%, and
eral issues of unusual size-the Anaconda Copper Mining Co. "A," 1962, at 97, yielding
2
1s
/ of 1925, due 1926-35. at prices
by its financing having then added $150,000,000 to the Western fly. equip. trust 4
alone
total and Armour & Co. $110,000,000, with the result that yielding from 4% to 4.65%.
Loans to foreign Governments were on a small scale durJanuary of that year breaks all records for new capital floing January, consisting of two small issues for a total of
tations in the United States, and the same high aggregate
only $8,000,000. The loans comprised $5,000,000 State of
has not again been reached in any month since then.
external gold discount Treasury
Financing on behalf of industrials for the fourth succes- Bremen (Germany) 1-year
notes, due Dec. 1 1925, placed privately on a 6.10% basis,
sive month was larger than that for either public utilities
(Saar Basin), Germany, 78, due
or railroads. The totals for January reached $301,881,185, and $3,000,000 Saarbrucken
to yield about 7.55%.
an increase of almost 77 millions over the $225,373,026 re- March 31 1935, offered at 96,
the new year in relatively large
Farm loan issues started
ported fbr December. Public utility offerings were also
issues being offered, totaling
large, reaching $237,724,500 in January, against only $132,- volume, with eight separate
$36,875,000, at prices yielding from 4.30% to 4.75%. The.
907,400 in December. Emissions of new securities by the
from the offering of $30,railroads were light during January, being only $22,992,000, greater part of this total resulted
,
2
/
1935-55, at 1011 yielding
2
1
/
which, however, was an improvement over the December 000.000 Federal Land Bank 4 s,
total of $14,890,000. All corporate offerings iggregated about 4.30%.
Other offerings made during January which did not repre$508,597,685 for January and consisted of $319,797,000 longsent new financing by the company whose securities were
term issues, $118,400,000 short-term obligations and $70,400.offered, and which therefore are not included in our totals.
685 raised by stock issues.
shares of capital stock
The amount of corporate issues used for refunding pur- comprised the following: 68,747
of New York Central RR., sold to employees at
poses in January was $95,193,425, or slightly over 18% of (par $100)
shares of no par value common stock
the total. More than half of this total is accounted for by $110 per share; 50,000
of Oppenheim, Collins & Co., Inc., offered at $45 per share;
-year 6s
the $50,000,000 Sinclair Crude Oil Purchasing Co. 3
of common stock (par $25) of George W.
"A" of 1928, the entire proceeds of which are to be used 24,000 shares
Co. (N. J.), offered at $76% per share; $1,500,000
for refunding purposes. In January of last year only 9%, Helme
4, yielding
Pacific Co. 5s, 1944, offered at 1001
or $27,792,400, out of a total of $304,698,837 was for refund- Southern
about 4.97%; $662,500 Commercial Solvents Corp. 8% cum.
ing purposes. Of the $95,193,425 issued for refunding in
stock, offered at 105, yielding about 7.60%; 27,800
January this year $21,372,425 was new long-term issues to pref.
par value common stock of Harbauer Hotel Co.
refund existing long-term issues, $9,050,000 was new long- shares of no
(Toledo, 0.), offered at $18 per share; 30,000 shares of no
term to refund existing short-term, $400,000 was new shortcommon stock ot Tulip Cup Corp., offered at $15
term to refund existing long-term, $62,000,000 was new par value
per share; 20,060 shares of no par valve capital stock of
short-term to refund existing short-term, $1,563,500 was new
Co., offered at $20 per share;
stock to refund existing long-term obligations and $807,500 Keiner-Williams Stamping
7,000 shares of no par value common stock of Ludlow Valve
was new stock issued to refund existing stock.
2
1
/ per share; $150,000
Foreign corporate issues sold in this country during Mfg. Co. (of N. J.), offered at $49
Queen Dyeing Co. (Providence) 1st mtge. 5s, 1934, offered at
January totaled $50,000,000, of which $15,000,000 was CanaSouthern & Atlantic
,
1
/
dian and $35,000,000 other foreign. The Canadian issue was 952 yielding about 5.62%, and $75,000
5% guar. stock, placed at a price to yield
$15,000,000 Bell Telephone Co. of Canada 1st mtge. 5s "A," Telegraph Co.
1955, sold at 98, to yield about 5.13%. The other foreign about 6%.
The following is a complete summary of the new financing
Issues consisted of $12,000,000 (August) Thyssen Iron &
as well as
Works 5
-year 7s, 1930, offered at 981 to yield about -corporate, State and city, foreign Government,
Steel
,
2
/
month of January. It should be
7,35%; $10,000,000 General Electric Co., Germany, 20-year Farm Loan issues-for the
offerings we subdivide
deb. 79, 1945, placed at 93%, to yield about 7.70%; $10,000,- noted that in the case of the corporate
the figures so as to show the long-term and the short-term
000 Siemens & Halske Siemens Schuckertwerke 3
-year seseparate common stock from
cured 75, 1928, offered at 99, to yield about 7.37%, and 10- Issues separately, and we also
secured 7s, 1935, offered at 962 yielding about 7.64%, preferred stock, besides reporting the Canadian corporate
,
1
/
year
as wholly distinct
and $3,000,000 Rima Steel Corp. (Hungary) 1st (closed) issues and other foreign corporate issues
Items.
mtge. 75, 1955, offered at 88, to yield about 8%.
The largest single corporate issue brought out in January
was the $125,000,000 American Telephone & Telegraph Co.
35-year 5% debs, due 1960, sold at 95, yielding about 5.30%.
Other important public utility issues included the following:
-year
$30,000,000 Edison Electric Illuminating Co. of Boston 3
2
1
/
4 % notes, due Jan. 15 1928. which were placed at 99.31,
yielding about 4.75%; $15,000,000 Public Service Electric &
Gas Co. 6% cum. pref. stock, 1925 series, offered at 95, to
yield about 6.32%; 200,000 shares of no par value class "A"
stock of Associated Gas & Electric Co., offered at $26 per
share and involving $5,200,000, and $5,000,000 Consumers
Power Co. (Mich.) 6.6% cum. pref. stock, sold at par ($100).
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
MONTH OF JANUARY.
New Capital.
Refunding.
Total.
Corparate-Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Other foreign
$
261,424,575
44,000,000
42,917.500
25,112,185
4.950,000
35,000,000
$
20,372.425
62,400.000
1,683,500
687,500
10,050,000
$
281.797,000
106,400,000
44.601.000
25,799,685
15.000,000
35.000.000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian brought out in U.13
U. S. Territories and possessions
413.404,260
8.000,000
36,875,000
95,193,425
508.597,685
8,000,000
36.875,000
122,797,686
4,000,000
3,000,000
2333.500
124,931,186
4,000,000
3,000,000
UM NM GSA
•
•
07 105 005
•
•
505 An., •:•••••
•
n...-A ......1
SUMMARY OF:CORPORATE, FOREI
GN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANC
ING FOR THE MONTH OF JANUARY FOR
FIVE YEARS.
1925.
MONTH OF JANUARY.
1924.
1923.
1922.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateTotal.
New Capital.
$
$
k Long term bonds and notes__
$
281,424.575
$
20.372.425 28111 7,000
$
k., Short term
$
$
9
$
187.194.700
25.942.400 213.137.100 328.512.202 129.982.798 458.495.000
$
44.000.000
$
62.400.000 106.400.000
134.954.265
eferred stocks
45.140,835 180.095.100 118.787.520
19,125.000
19.125.000
42.917.500
17.366.000
9.454.000
1,683.500
26.820.000
28.851.800
44.601,000
Common stocks
11.650.000
15.355.00015.355.000
40.501.800
14.553.166
25.112.185
75.041.120
36.172.266 111.213.386
687.500
' Canadian
7.395.000
25." 99.6 5
400.000
48.731.737
7.795.000
1.8.5- - 0.1500 50.581.737 21.003.640
5,365.400
4.950.000
2.316,760
10.050,000
23.320.400
24.538,400
15.000,000
Other Foreign
24,538.400
59,940.000
35.000.000
2.200,000
2.200.000
35.000,000
6.000.000 .
12.500,000
6,000,000
Total
413.404.260
95.193.425 508.5'7.685 276.906.437
Foreign Government
27.792.400 304.698.837 444.122.962 177.925.824 622.048.
8.000.000
786
195.739.465
Farm Loan Issues
8.000.000
57,190.835 252,930.300 209.146.086
8.490.000
40.000.000
48.490.000
44.000.000
36.875.000
6,000.000
50.000.000
War Finance Corporation
73.500.000
36.875,000
69,000.000
73.500.000
45.000.000
69000.000
94.000.000
94.000.000
11,390.000
Municipal
11,390,000
122.797.686
2,133.500 124.931.186
Canadian brought out in U. S.
93.433.332
840.614
94.273.946
95.863.109
4.000.000
1,132,500
96.995.609
U. S. Territories & Possessions
107.094.662
4.000.000
1.492.537 108.587.199
23,316.562
3,000.000
86.622.655
26.316.562
18,153.000
3.000.000
18,153.000
20.736.000
3,000.000
50.000
20.736.000
50.000
6.722.000
130.000
130.000
. - Grand total
588 076 045
07 595 095
RRA Ann 071
471 105 5/1
71 ARA 1)14 542 820 345
506 250 071
IRA nss 324 881_327.395
408.460.127
58.683.372 467.143.499 347.400.741
CHARACTER AND GROUPING OF NEW CORPO
RATE ISSUES IN THE UNITED STATES FOR THE
MONTH OF JANUARY FOR FIVE YEARS.
1925.
MONTH OF JANUARY.
1924.
1923.
1922.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding. I
Total.
New Capital. Refunding.
Long Term Bonds 8c Notes
Total.
New Capital.
Railroads
17.212.000
5.380.000
22.592.000
Public utilities
45.698.600
45.608.600
50.802.000
4.000.000
152.219.500
54.802.000
10.559.000 162.778.500
84.629.330
Iron, steel, coal, copper, &c
104.802.500
26.374:8156 125.177.000 66 940.000 44.833.000 111.773.000 11.217.500 27,6)3.270 112.272,600 22.846.420
11.700.000
11.700.000
Equipment manufacturers
13,300.000
3.585.000
24.517.500
3.585,000 151.683.139
48.722.000
45.866.861 197..550.0001
1.500.000
Motors and accessories
1.500.000
5.500.000
6.000.000
650.000
6.000 000
350.000
1.000.000
Other industrial & manufacturing_ _
1
2.110.000
30.562.300
1.890.000
4.000000
731.200
1.750.000
31.293.500
Oil
11.174.600
1.730.000
5.567.900
16.742.500
7.326.063
17 500.000
1.873.937
9.200.000
5.625.000
22.500.000
Land. buildings. &c
5.625.000
28.404.100
45.568.000
8.500.000
48.373.000
Rubber
1.250,000
16.574.000
9.750.000
16.574.000
20.100.000
21.385.000
21.383.000
3.150.000
Shipping
3,150.000
1.715.000
684.775
4.315.225
5.000.000
Miscellaneous
1.500.000
1.500.000
13.278.000
1.282.000
14.560.000
10.450.000
10.450.000
24.436.000
31.549.000
55.985.000
18.582.435
Total.
2.947.565
21,530.000
2.000.000
289.374.575
30.422.425 319.797.000
Short Term Bonds & Notes
193.694.700
25.942.400 219.637.100 330.712.202 129.982.798 460.695,
000
134.954.265
Railroads •
45.140.835 180.095.100
1
129.287.520
400.000
400.000
Public utilities
23.650.000
12.000.000
20.951.800
35.650.000
Iron, steel, coal, copper,
20.951.800,
2.570.000
16.400.000
2.570.000
1ti.40C.000
6.050.000
Equipment manufacturers
11.650.000
125.000
17.700.000
125.0001
.2.136.000
1.150.000
1.150.000
Motors and accessories_
1.000.000
-_ _
1.00C.000
Other industrial & manufacturing
1
14.046.000
4.000.000
9.454.000
23.500.000
200.000
4.000.000
Oil
200.000
1
50.000.000
50.000.000
Land. buildings, &c
200.000
16,000,000
200,000
16,000.000
750,000
2.800.000
750.000
2,800.000
Rubber
•
5.000.000
.Shipping
1,450.000
1,450.000
5.000.000
5.000,000
Miscellaneous
3.000.000
3.000.000
2.000.000
2.000 000
Total
7,417.166
56.000.000
62.400,000 118,400.000
Stocks
-19.125.000
19.125.000
17.366.000
9.454.000
26.820.000
28.851.800
Railroads
11.650.000
40,501.800
14,553.166
• Public utilities
26.823.737
26.823.7371
37.732.500
1.563.500
39.296.000
Iron, steel, coal, copper, &c
8.355.00C
8.355.000
31.536.286
4.190.000
31.536.286
12.832.150
4,190.000
Equipment manufacturers
840.000
400.000
13,232.150
3.730,400
840.000
5.933.240
1,066.760
7.000.000
12,406,250
Motors and accessories
12.406,250
_ Other industrial & manufacturing
5.040.000
1'3-1.935
1.335.000
6.375.000
687.500
16.00 .4351
'
. Oil
7.668.000
1.850.000
2.000.000
9.518.000
19.192.734
3.9C0.000
1.487.266
20.680.000
3.900.000
920.000
• Land, buildings. &c
16.200.000
920.000
2,700.000
111,200.000
1.000.000
2.600.000
1.000.000
120,000
2.720.000
Rubber
700.000
56,250.000
700.030
1.175,000
-Shipping
1.175.000
4.000.000
Miscellaneous
4,000.000
4.255.250
4.255.250
3.500.000
3.500.000
33.342.500
34.600.000
67.942.506
600,000
Total
600.000
625.000
63.029.68.5
2.371.000
70.400.68.5
Total- .
64.086.737
1.850.000
65.936.737
96.044.760
38.489.026 134.533.786
31.933.400
Railroads
400.000
32,333.400
65.305.400
17.212.000
5.780.000
22.992.000
Public utilities
72.432.337
72.432.337
50.802.000
213.602.000
4.000.000
54.802.001.
24.122.500 237.724.500
Iron, steel, coal, copper, Sic
113.157.500
26:314:Loo 133.532.000 101.016.286 44.833.000 145.879.28, 105.581.130 27.643.270 133.224.400 22.846.420
32.290.000
32,290.000,
30.099.6E0
Equipment manufacturers
4.550.000
25.350.00
5.449,650
54.588.400
4.550.000
157.616.379
46.933.621 204.550.001.
1.150.000
1.150.000
13.906,250
Motors and accessories
1.000.000
13.906,250
5,500,000
1.000.030
6.000.000
650.000
6.000.001
350.000
1.000.000
Other industrial & manufacturing
21.226.000
49.9 .235
12.649.000
33.875.001
1,418.700
5 ..32.935
1.950.000
Oil
18.842.600
1.950.000
7.417.900
26.260.500
2.000.000
26.518.797
21.400.000
3.361.203
29.880,000
55.000.000
76.400.000
6,743.000
Land, buildings, &c
32.200,000
6.745.000
31.101.100
32.200,000
1.750.000
50.968.000
1.750.00(
2.925.000
53.893.000
.8.50G ,000
1,250.000
17.274.000
Rubber
9,750,000
81.350.000
17.274.000
21,385,000
21.385.000
5,775.000
Shipping
5,775.000
1.715.000
5.684.775
4,315.225
10.000,000
4,000.000
1.500.000
MIsrAlaneous
4.000.000
1.500.000
20.533.250
1.282.000
21.815.250
15.950.000
15.950.000
57.778.500
66.149,000 123.927.500
19.182.435
2,947.565
Total Corporate Securities
22,130,000
10.042.166
413.404.264
95.193.425 508.597.685
276.906.437
27.792.400 304.698.837 444.122.962 177.925.824 622.048.
786 195.739.465
57.190.835 252,930.300 209.146.086
;
.:282:288
1921.
Refunding.
TOtal
.
$
87.317.480
8.100.000
$
184.105.008
22.653.166
5,365.400
59.940.000
12,500.000
75,417,480
284,563.566
45.000.000
427.895
87.050.550
6.722.000
75.845.375
423.336.116
1921.
Refunding.
Total.
50.809.580
3.072.000
5.000.000
73.656.000
51.794,000
10.500,000
5.435.900
3.000.000
33.840.000
23.100.000
1.715.000
67,317.480
196.605.000
8.100.000
10.236.000
2.000.000
5.000.000
7.417.166
8.100.000
22,653.166
3,730.400
2.000,000
2.700.000
56.250,000
625.000
65.305.400
50.809,580
11 .172.000
5.000.000
73.656.000
65.760.400
10,500,000
5,435,900
3,000.000
2.000,000
36.540.000
84.350.000
1,715.000
75.417.480
284.563.564
10.042.166
THE CHRONICLE
FEB.28 1925.]
1015
FLOTATIONS
DETAILS OF NEW CAPITAL(ISSUES MATURINGDURING JANUARY 1925.
LATER THAN FIVE YEARS).
LONG TERM BONDS AND NOTES
Amount.
Purpose of Issue.
Prtce.
Railroads
16,092,000 Refunding; add'ns& betterments
97
6.000.000 New equipment
500.000 Capital expenditures
100
22.592,000
Public Utilities1.25,000,000 Add'na & bettan'ts:0th. corp. purp.
200.0011 General corporate purposes
15,000.000 Refunding: other corp. purp
3,750.000 New equipment
200,01)0 Improvements
95
100
98
Placed
99)4
97
2.500.000 General corporate purposes
2.250.000 Acquisitions: extensions
MIX
911)i
128.50 Requisitions
125,000 New power unit; other corp. pure.
9914
97)4
3,000.000 Refunding: extensions
600.000 Refunding:additions& Rants
4,000.000 Acq. control South. Cos. Gas Co
925,000 Capitalexpenditures
100
100
600,000 Add*as.[mots.& extensions
1,000.000 Capital expenditures
fil
9514
- 100
2,500,000 Additions: other corp. purposes
-1,000.00 Finance Investment In utilities
95
182,778,500
Iron, Steel. Coal. Copper. &c.
99
5,000.000 Acq. Orient Coal & Coke Co
100
100.000 Ad.litional capital
3,000.000 Additions: working capital
8.000.090 Plant.enlargement:corp. purposes.
600.000 Development of properly
9914
88
100
To Yield
About.
Company and Issue and by Whom Offered.
"A," 1932. Offered by J. P. Morgan &
5.70 Chicago & Western Indiana RR. let & Ref. M 545.
Harris, Forbes & Co.
Co Fird National Batik, N. Y.: National City Co and
Offered by Mellon National Bank.
1
Norfolk & Western Ry. Eq Tr. 4 .4e of 1925. due 1926-35
4-4.65
Baltimore.
& Co Philadelphia. and Ilambleton & Co
Pittsburgh: E Lowber Stokes
F. J. Llsman & Co.
by
6.00 Wheeling & Lake Erie RR. Secured 135, 1933. Offered
P. Morgan
-Year Debenture SR. 1930 Offered by J.
5.30 American Telephone 8c Telegraph Co. 35
National Bank. N. V.: National City
& Co.. Kohn. Loeb ,k Co.. Kidder. Peabody & Co.. First
Forbes .'0 Co :till I.e.. Higginom & CO.
CO , II tnicers 'rritst Co. Ouarantv CO. of N. Y.. Harris.
he atitchom T:Illy & en.. San Fran,
'
6.00 Associates Telephone Co. Mtge & Coll. Tr.fls, 1950 Offered
HIV.111114011 Az Co.. Royal Securities
5.13 Bell Telephone Co. of Canada 1st. M 5s. 1955. Offered by 11.1.A.
Ltd . and Harris. Forbes & Co.
Corp..
Offered bv Halsey. Stuart & CO.. Inc.
44.514 The Brooklyn City RR. Co. En Tr. 5,...A." 1923-35
1950. Offered by F. L. Dabney & Co. and
privately Charlestown Gas & Electric Co. tat M. 5s. "B,"
& Sanger
by Peorsone-Taft Co.. Chicago.
7113 Cities Service Co. Series "D" 7% Debentures, 1966. Offered Offered by Spencer Trask &
1950
6.25 Community Pr. & Lt. Co. (111.) let M. Coll. II% "0."and Liberty Central Trust Co.. St. Louie.
& Co.
Wm L. Roes & Co., Inc Chicago: Whitaker
and iSuer Pool & Vivian. Inc.. New York.
by Fidelity Trust. Co.. Portland. Me.
5 25 Eastern Tel. & Tel. Co. of Maine Deb 5s. 190. Offered
by Link. Fetter & CO. and Baektle.
6.30 Gialwin (Mich.) Lt. & Pr. Co. lot M.65. "A." 1944 Offered
Fordon & Co.. Detroit
Janney & Co.. Phila.
Co.(N. Y. City) let M 34s."A." 1955. Offered be
5 55 Jamaica Water Supply
Offered by P. W. Chapman & Co., Inc.,
5.70 Moniinaehele Valley Water Co. 1st NI 514s,"A." 1950.
slow. Amin & Co., Inc.. and W C. Langley & Co.
Bond & Goodwin & Tucker. Inc.. Binh.
8.00 Pacific Lighting Carp. Secured 6e. 1910. Offered by
1
:to, NIN•catitlle Seeitrities Co of California
Miles .t
by M. H. Lewis lc CO.,
Bay Telephone Co. let & Ref 114. 11144. Offered
6.00 Santa Monica (Calif.)
San Franokoo. awl Citizens Natiottal Co., Los A ogoles• 1950. Offered by P. W. ChM/Mall
5.60 South Pittsburgh (Pa.) Water Co. 1st Llen & Ref 5s. "A."
Langley & Co.
& Co.. inn. Halsey Stuart & Co.. Inc.. and W C
Allyn & Co.. Arthur Perry & Co. and
6.40 Southwest Pr. CO. lot M Si. "15," 1944. Offered by A. C.
Woo &
Ref. Si. 1955. Offered by First National
5.00 Spring Brook Water Supply Co.(Wilkes Barre. Pa.) let Graham. Parsons & Co. and Green Ellis
Bank, New York; Marshall Field, Olore. Ward & Co..
& Anderson.
1955. Offered by Jackson & Curtis
5.35 Unite I Electric Securities Co. Coll. Tr. 58 (40th Belles).
and Parkinson & liurr.
First National Bank,Pittsburgh.
6.0A A. M. Byers Co. let. M.6s. 19 t5. Offered by Dillon. Read & Co.and Offered by American Founder"
7.110 Feltenz Coal & Dock Co. (Milwaukee) let M 75, "A." 1926-36.
4ecorities Co.. Milwaukee
Trust Co., PittRhurgh.
6.115 Pittsburgh Steel Pro harts Co. let M. as. 1937. Offered he UnionHungary. let (Closed) M.711.
(14.1msmurenv-Solgotar)an Iron Works. Ltd.1.
8.00 Rims Steel C
Offered by F J. Lisman & Co.
1951
Behibencr-Boenning & CO.. PlinedelPhias
7.00 Soper-Mitchell Coal Co. let M. 7s. 1939. Offered by
• 11.700,000
National
MacAtree & Co.and First
514-6.70 Hayes-lonla Co. let M.8145. 1925-35. Offered by McLaughlin.
Bank. Pittsburgh.
Other Industrial & Mfg.
1926-39. Offered by Mark 0.
5M-7 (Chas. T.) Abeles & Co. (Little Rock. Ark.) 1st (Closed) M. 75,
225,000 Additional wkg.cap.: new plant
St. Louis.
Steinberg &
Trask
SFI. 1935. Offered by Spencer
6.55 American Beet Sugar Co. 10-Year Convertible DebentureYork: and Lane. Piper & JaffraY.
98
3.500,000 Purchaseadditional properties.
& Co.. Red mind & Co.. Maitland Coppell de Co.. New
allimexpons.
1926-35. Offered by Stone & Webster.
5-6 Anderson-Tulley Co.(Memphis. Tenn.) let (Closed) 88.65.
101.12-100
1,000,000 Fundcurrent debt
hoe. awl 1,11...V SerlifIlleS Corp., Chicago.
Offered by Donoghue. Krumsick & CO.. Inc..
6.50 Celotes *Co. let 'M. Convertible 6141, "A, 1919.
100
1.250,000 Additions; working capital
11Iohntan Guaranty Corp. of Grand TRapids. MOM.
Gesellschaft) 20-Year Debenture 7a.
7.70 General Electrl • Co., Germany (Allitemeine Elektricitats
10,000,000 Reduce ourr. debt: add. machinery 931(
1911. Offered by National City Co
1926-39. Offered by Taylor. Ewart & Co.. Inc.
6-7 The Herd/rand Co. let (Closed) M. is,
npany to stockholders.
500.000 Cap, expenditures; wkg.capital...
-Year R.. Offered by coLocke Insulator Carp. 6
Offered by Peabody. Houghteling
1.000.000 Refunding; additional capital
Peerless Portland Cement Co.(Detroit) 151 M.6 Ms, 1927-1940.
169:93-95.40
1,750.000 Capital expenditures
New York.
& Co
-Year 75. 1928
-Year and 10
b. H.) 3
7.37-7.64 Siemens & Halske (A. G.) Siemens Schuckertwerke (G. m.
99-9614
Field. Clore, Ward & Co.. Union Trust CO..
10.000.000 Additional working capital
awl 1935. offered by 011I09. Read & Co. Marshill
Cleveland. and Central Trust Co. of Illinois. Chicago.
6144, 1926-38. Offered by Wells-DickeY Co.,
5.45-6 50 Thane Lumber Co. (Arkansas City. Ark.) let M.National Co.. St. Louis. and Merchants Trust
650,000 Development of property
St. 1.1111: Raker. Fentress At Co.. Chicago: First
& saviors Bank. St. Paul
Chandler & Co..
Dairy Products Corp. Convertible 64s,"B." 1934. Offered by
91
6.90 United S
1.418.500 Acquisitions: working capital
Inc.. Bown & Co.. Inc., and Warren A. Tyson & Co., Philadelphia.
Motors & Accessories
&C.: wkg. cap.
1,000,000 Refunding;
31.293.500
011
12,500,000 Retire bank loans, &o.;corp. purp.
9714
10.000.000 Refunding; working capital
98
Kuhn, Loeb & Co.. Hallgarten
8.75 Mid-Continent Petroleum Corp. let M. 6145. 1940. Offered by
& Co and Cassatt & Co.
Read & Co.. Blair & Co., Inc., and
5.50 Union 011 Co. of Calif. 10-Year 55, 1935. Offered by Dillon.
Union Trust Co.. Cleveland,
22.500.000
Land, Buildings. &c.
325.000 Real estate mortgage
Offered by Bitting
Abou Ben Adhem Shrine Mosque Ass.(Springfield. Mo.) let 88.65, 1927-40.
Louis,
& Co . Real Estate Mortgage Trust Co. and WaldhelM-Platt At Co.. St.
Securities Co. and
6.00 Adams Bldg. (Port Arthur. Tee.) let M. 66, 1927-35. Offered by Mortgage
400.000 Finance oonstruction of building
Whitney Central Banks. New Orleans.
P. W. Chapman
5.75 Allerton Fifty-fifth Street Corp.(N. Y. City) let M. 5148. 1945. Offered by
9714
1,300.000 Real estate mortgage
& Co.. Inc.
D. C.
Offered by the F. H. Smith Co., Wash.. Cleve.
7.00 Al-Roy Apts.(Wash. D. C.) let M.75. 1926-34.
210.00 Finance constructIon of apartment 100
& Sons. Inc..
7.00 Ambassador Bldg.(Clete.) lot. M. Leasehold 79, 1926-32. Offered by S. Ulmer leasehold). 1925-34.
100
82.500 Finance lease of property
and E. Shukert (Kansas City. Mo.) tat M.5145 (part
5.50 Argyle Investment CO.
100
200.001) Addition to building
Offered by Commerce Trust Co., Kansas City. Mo.
Co.. Bond & Goodwin
8.51 Arnold Terminal Properties let M 114e, 1945. Offered by Blyth, Witter &
1,000,000 Finance construction of buildings._ 100
& 'nicker, inc., and Hunter, Dunn & CO.
by Oreenebaum SOUS Inv. Co.
6.50 Bennett Business Block (Chicago) let M.6445. 1926-32. Offered
100,000 Finance construction of building.. 100
Holzer & Co.. Chicago.
7 01 Berkshire Hotel Bldg (Chicago) bit M. is. 1928-34. Offered by I.:eight.
1(10
485.00 Financeconstruction of hotel
Ulmer & Sons. Inc.. Cleve.
7.0 Brant Bldg.(Canton,0.) 1st Leasehold M. 75. 1926-34. Offered by B. 1945. Offered by Hayden,
100
225.00 Real estate mortgage
7.0 Broadway & 38th St. Corp.(N. Y. City) lot (Closed) Leasehold M.75,
2,000.00 Finance construction of building_ LOO
Stone & CO.. Wm. R Compton Co. and Brooke. stokes & Co.
rd & Co., Inc.. Detroit.
6.01 Burnham-Stoepel Land Co. 1st M. Se. 1928-39. Offered by Nicol-Fo & Co., Inc
500,00 Finance construction of building._ 100
5,86-6.911 Butler Hall (N. Y. City) ist M. 8s. 1926-39 Offered by S. W. Straus1927-40. Offered by Cald1,500.00i Finance construction of apartment
La.) let M. 75.
7.00 Caddo Transfer & Warehouse Bldg. (Shreveport.
140.00 Finance construction Of warehouse 100
well A Co.. Nashvilte, Tenn.
Bond & Mortgage CO..
100
6.50 Carilnstone Bldg. (Detroit) 1st ht. 614s. 1927-35. Offered by Federal
350,00 Real estate mortgage
Inc. Detroit
S. W. Straus & Co.. Inc.
6-6.1 ChanIn 'Theatre Bldg.(N. Y. City) let M 65. 1926-37. Offered by
625.00 Real estate mortgage
McCluer Co.. Chicago.
7.0 Chase Manor Apts. (Chicago) 1st M. 78, 1926-34. Offered by Corhran & & Co.. inc.
165.00 Finance construction of apartment 100
5.61 Chicago Produce District let M. 6s, 1927-42. Offered by S. W. Straus
8,000.000 Establish district in new and Im- 1100.75 to
1 98.41
to 8 I.
proved location
-Howard & Sanford & CO., Ina.,
7.00 (Cornelius) Cole Co. tat (Closed) M. is. 1939. Offered by Cass
140,000 Finance construction of apartment 100
Loa Angeles.
1926-34. Offered by S. W. Straits & Co.. Inc.
644-6.00 Colfax Apts. (Chicago) let M.85,
105.000 Finance construction of apartment
& Co.,
100
6.50 Columbia Corp. (Great Falls. Mont.) let M.610. 192(1-34. Offered by Murphey. PIPIT°
65,000 Finance construction of building
Aeatt t ie. Wash.
Offered by Continental Mtge- & Lone CO.,
100
7.00 Comm.Vtoler.
(Seattle) lst M. 78. 1927-35.
175.000 Real estate mortgage
Seattle. Wash.
Sons Investment Co,
100
6.50 Deiwood Apts. (Chicago) let M.6%s. 1926-32 Offered by GreenebaumAmer. Bond & Mtge. Co.
100.000 Finance construction of apartment 100
6.5o normal Apt. Hotel (Chicago) 1st (Closed) M.645. 1927414. Offered by
Mtge Co., Detroit.
225,001 Finance construction of hotel
7.00 Dover Court Apts. (Detroit) 1st M. 7s. 1926-36. Offered by Federal Bond & Federal
of apartment 100
225.00: Finance construction
Offered by
Commeree
5-5.50 Eight Ht h;Strseet.
Co. (St. Louis) 1st M. 5145. 1926-34.
i
.
500.000 Finance construction of building__
eer,otCo..
Louis.
100
650 Eugene Hotel Co. 1st (Closed) M. 6145. 1927-40. Offered by Blyth. Witter & Co. Sons
hotel
Thy,Co.
175.000 Finance construction of
100
8.511 Evanston Hotel Properties (Chicago) let M.6 48. 1926-32. Offered by Greenebaum
275,00 Refunding
100
690 First Baptist Church of New Orleans let M.65. 1923-33. Offered by Mtge.&Secur. Co.. New On.
65.000 Finance construction of building- 100
6.50 Garfslem. Investmentlis1-Wa bash Business Block (Chicago) 1st Mtge. 6)4e. 1925-35. Offered by Greenebaum
c
0
150,00 Finance construction of building
514-6
100
500.000 Realestate mortgage
apartment
400,000 Finance construction of building_ leo
210,090 Finance construction of
Finance construction Of apartment 100
450.000
534-814 Genesee Holding Co. let (Closed) M. 6148. 1925-36. Offered by Fletcher American Co.. Union
Trust Co. and Nicol. Ford & Co., Detroit.
5.80-6.00 Glademore Court Apt. Bldg. (Phila.) let M.68, 1927-37. Offered by S. W. Straus & Co.. Inn.
6.50 Glass Novelty Bldg (Chicago) let M.6148. 1927-35. Offered by Greenebaum Sons Investment CO.
6.50 Grasdon Hall Apts. (Larchmont. N. Y.) let M. 810, 1927-35. Offered by Geo. M. Forman
& Co., Chicago.
•
1016
Amount.
THE CHRONICLE
Purpose of Issue.
To Yield
About.
Price.
Land, Buildings, &c. (Concluded)
325,000 Finance construction of apartment 100
550,000 Finance construction of building_ _ 100
110,000 Finance construction of apartment 100
965,000 Finance construction of hotel _ _
100
525,000 Finance construction of hotel ___
100
1,600,000 Finance construction of apartm'ts. 100
500,000 Finance construction of building-250,000 Finance construction of apartment 100
300,000 Finance acquisition of property- __ 100
300,000 Real estate mortgage
1,250,000 Finance construction of building
_
130,000 Real estate mortgage
ioo
75,000 Finance construction of apartment 100-99
[VOL. 120.
Company and Issue, and by Whom Offered.
6.50 Green Court Garden Apt. (Mt. Vernon,
N. Y.) 1st M. 634s, 1928-34. Offered by Hercules
Mtge. Corp., N. Y.
Hart Bldg. (N. Y. City) 1st M.634s,
1928-39. Offered by G. L. Miller & Co., Inc.
Highland View Apts.(Chicago) 1st M.
Hotel Lafayette (Little Rock, Ark.) 630, 1927-35. Offered by the Straus Bros. Co., Chicago.
1st
Hotel St. Regis (Los Angeles) 1st M. M. 7s, 1925-39. Offered by G. L. Miller dr Co., Inc.
6s,
Jackson Towers (Chicago) 1st M.630, 1920-39. Offered by S. W. Straus dr Co., Inc.
Kosair Temple Assn. Inc.(Louisville. 1927-36. Offered by American Bond & Mtge. Co., Inc.
Ky.) 1st M.65, 1927-39. Offered by First Nat. Co., St. L.
Larchmont Gables (Aamaroneck, N. Y.)
Lewis & Sons Bldg. (Denver, Colo.) 1st 1st M. 7s, 1928-39. Offered by G. L. Miller dr Co., Inc.
tional Co. and Jas. H. Causey & Co., (Closed) M.6s, 1927-40. Offered by United States NaDenver.
53'-6.00 Liberty Bldg. (Joplin, Mo.) 1st
5.85-6.15 Lincoln-Belmont Bldg. (Chicag M. 6s, 1928-34. Offered by First National Co., St. Louis.
o) 1st M. 6s, 1928-40. Offered by S. W. Straus & Co., Inc.
6.50 Lin-Wil Bldg. (Chicago) let M.6345,
1927-35. Offered by the Straus Bros. Co., Chicago.
635-63i Louisiana Apts. (Seattle) 1st (Closed)
M. 634s, 1926-34. Offered by Carstens dr Earles, Inc.,
Seattle, Wash.
120,000 Finance construction of apartment 100
6.50 Lowell Court Apts. (Chicago) 1st M.
150,000 Finance construction of apartment 100
6345, 1927-32. Offered by Gerard & Co., Chicago.
6.50 Maryland Court Apts.(Chicago) 1st M.
8.5,000 Finance construction of building.. 100
8.00 McCampbell Bldg.(West Palm Beach, 6345, 1927-35. Offered by the Straus Bros. Co., Chicago.
Fla.) 1st M.8s. 1928-35. Offered by Palm Beach Guaranty
Co., \Vest Palm Beach, Fla.
58,000 Real estate mortgage
100
6.50 Melish Court Realty Co. 1st M.634s, 1940.
162,500 Finance construction of apartment 100
Offered by the Title Guarantee & Tr. Co., Cincinnati.
8.50 Melway Apts. (Chicago) 1st M. 6345.
100,000 Real estate mortgage
100
6.50 Melrose Apts. (Chicago) 1st M. 6345, Offered by the Straus Bros. Co., Chicago.
200,000 Real estate mortgage
1926-32. Offered by Greenebaum Sons Investment Co.
-100
6.00 Metropolitan Properties Co.(San Francisc
o) 1st (Closed) M.6s, 1939. Offered by Schwabacher
& Co.. San Francisco.
3,500,000 Additions to property
100
6.50 Morrison Hotel (Moir Hotel Co.)(Chicago) 1st
M.
A. C. Allyn & Co., Inc., and Caldwell, Mosser Leasehold & Ref. 634s,"A," 1939. Offered by
175,000 General corporate purposes
& Willaman, Inc.
100
6.50 National Warehouse (Peoria, III.) 1st
425,000 Finance construction of hotel __ _ _ 100
New Albany Hotel (Albany. Ga.) lot NI.634s, 1927-34. Offered by Lackner, Buts & Co., Chicago.
7.00
120,000 Finance construction of apartment 100
M. 7s, 1925-34. Offered by G. L. Miller & Co., Inc.
7.00 Norman Court Apts.(Chicago) 1st M.
150,000 Finance construction of apartment 100
6.50 Oglesby Apts. (Chicago) lot NI. 6345,7s, 1926-33. Offered by Cochran, McCluer & Co., Chicago.
1.400,000 Finance construction of apartment 100
1920-31. Offered by Lackner. Butz dr Co., Chicago.
6.50 100 West 55th St.. Inc., 1st (Closed) M.
630, 1940. Offered by Redmond & Co., Graham, Parsons
& Co. and J. G. White & Co., Inc.
2.500,000 Refunding
963.8
5.26 Palace Hotel Co. of San Francisco 1st M.
Realty Is, 1945. Offered by Mercantile Securities CO.
of San Francisco and Crocker National
325,000 Real estate mortgage
100
6.50 Park-North Gables (Chicago) 1st Mtge. Bank of San Francisco.
600,000 Finance construction of hotel
6345, 1926-34. Offered by the Straus Bros. Co., Chicago.
100
7.00 Poinsett Hotel-Greenville Communtiy
Hotel Corp. 1st Mtge. 7s, 1927-35. Offered by Bank of
Charleston, N. B. A. Charleston, So.
200,000 Finance construction of apartment 100
6.50 Prospect Apt. Bldg. (P;inceton, N. J.) Caro., and Wheat, Williams & Co., Inc., Richmond, Va.
1st M.634s, 1927-35. Offered by Commonwealth Bond
Corp., New York.
115,000 Real estate mortgage
100
7.00 The Prospect-Wilson Bldg. Co.(Cleveland)
1st Mtge. Leasehold 7s, 1926-35. Offered by Stanley
& Bissell, Inc., Cleveland.
160,000 Real estate mortgage
534-6.00 Rappahannock Apts. (St. Louis) 1st
100,000 Refunding, retire other debt
NI. 6s, 1926-32. Offered by Bennett Mtge. Co., St. Louis.
100
6.50 Rogers Hotel (Minneapolis) 1st M.
(Fee & Leasehold) 63413, 1928-37. Offered by Magraw,
Kerfoot & CO., Minneapolis.
380,000 Acquisition of property
100
6.00 Schiro Realty Co., Inc.(New Orleans)
1st
Co. and Interstate Trust Sr Banking Co., Mtge. Os, 1925-39. Offered by Mortgage & Securities
600,000 Finance construction of building_ _ 100
New Orleans
6.00 Scottish-Rite Cathedral Association
of the Valley
Offered by Green, Ellis & Anderson, New York, of New Castle, Pa., 1st Mtge. 68, 1926-37.
200,000 Finance construction of building_ _ 100
and Gordon &
Pittsburg
7.00 Seventh & Hope Sts. Fireproof Bldg.
co. 1st Leasehold Mtge.Co.,1926-39. h.
78,
Offered by Frick,
Martin & Co., Los Angeles.
185,000 Finance construction of apartment 100
6.50 Sherman Apts. (Evanston, III.) 1st Mtge.
775,000 Finance construction of building
634s, 1926-34. Offered by the Straus Bros. Co. Chic.
100
6.00 698 West End Ave. Apts. (N. Y. City) 1st
Mtge. 65, 1927-35. Offered by American Bond dr
Mortgage Co., Inc.
250,000 Real estate mortgage
6-7.00 Spring and Main Street Corp.(Kansas City,
Mo.) 1st Mtge. 7s, 1925-34. Offered by George H.
Burr & Co. and Knight, Gamble & Goddard,
225,000 Real estate mortgage
St. Louis.
100
6.00 Stimson Bldg. (Minneapolis) 1st Mtge.
1,250,000 Acq.land & cons. bldg.; ret. bk.dt. _
4.75-5.60 Stroh Bldg. (Detroit) 1st Mtge. 5345, 6s, 1927-36. Offered by Minneapolis Trust Co.
500,000 Finance lease of property
1926-40. Offered by First National Co., Detroit.
Sun Maid Hotel Corp. (Fresno, Calif.) 1st (Closed)
Mtge. 6345. 1927-39. Offered by the First
Securities Co., Los Angeles.
400,000 Real estate mortgage
100
7.00 The Superior-Payne Co. 1st M. 7s, 1926-36.
180,000 Finance construction of building.. 100
6.50 Sycamore-Hammond Realty Co. 1st Mtge. Offered by Wm. A. Busch & Co., St. Louis.
Leasehold 634s, 1939. Offered by L. It. Ballinger
Co.: Breed, Elliott & Harrison, and Tillotson & Wolcott
600,000 Finance sale of property
Co., Cincinnati.
100
6.50 (B. E.) Taylor (Real Estate), Detroit, 1st
Mtge. 634s. 1934. Offered by Union Trust Co.; Nicol.
Ford & Co., and Harris, Small & Co., Detroit.
490,000 Finance construction of
100
building
7.00 Tennessee-General Office Bldg. (Knoxvil
le, Tenn.) 1st M. 75, 1925-39. Offered by G. L.
Miller & Co., Inc.
1,000,C00 Finance construction of apartment
6-6.50 10-22 E. 97th St. Apt.(N. Y. City)
1st Mtge. 6345, 1927-35. Offered by American Bond & Mtge.
Co., Inc.
160,000 Real estate mortgage
100
6.50 Terrace Apts. (Chicago) 1st M.
1,250,000 Acquisition of properties
5-6.00 Timken Detroit Realty Co. 1st 630, 1927-35. Offered by Geo. NI. Forman dt Co., Chicago.
Mtge. 65, 1925-34. Offered by Folds, Buck & Co., Chicago, and
Union Trust Co., Cleveland.
200,000 Real estate mortgage
100
6.00 24-32 North Dearborn St. Bidgs.
(Chicago) 1st Mtge. Bldg. & Leasehold 13s, 1926-35. Offered
by Greenbaum Sons Investment
500,000 Finance construction of apt. hotel 100
7.50 Venetian Way Apt. Hotel (Miami, Co.
150,000 Finance construction of apartment 100
Fla.) 1st NI. 7 As, 1926-34. Offered by G.L. Miller & Co., Inc.
6.50 Wellington Apts. (Chicago)
105,000 Finance construction of apartment
534-6.00 Windsor Apts. (Chicago) 1st 1st M. 634s. 1926-34. Offered by Lackner, Butz & Co., Chicago.
Mtge. 65, 1926-34. Offered by S. W. Straus & Co., Inc.
100,000 Finance construction of building
ioo
6.50 Yersa-Steves Holding Co., Inc. (Oaklan
d, Calif.) 1st Mtge. Leasehold 6345, 1926-35. Offered
by Mortgage & Securities Co., New Orleans.
48,373,000
Shipping
5,000.000 Refunding; retire other debt
5-6.75 Pacific SS. Co. 1st Pref. Marine Equip.
Mtge. 6345. 1926-45. Offered by Peirce, Fair & Co.;
Gee.
II. Burr & Co.; Conrad dr Broome, Inc.; Carstens
& Earls, Inc.; Anglo-California Trust Co.;
A. B. Leach & Co., Inc.; Anglo-London-Par
is Co.;
First Securities Co.; Hunter, Dulin & Co., and First Bank of Italy; Stevens, Page & Sterling;
MiscellaneousNational Bank of Seattle.
625.000 Acquls. of constituent companies__ 100
7.00 Consumers Co. of Atlanta (Del.) 1st
Mtge. 75, 1928-39. Offered by Citizens &
Southern Co..
Atlanta, Ga.
10,000,000 Acq. portion of Cons.Rita. of Cuba
1The Cuba Co.(N. J.) 10-Year Secured Cony. 65,
Pref, stock; other corp. purposes 9834
1935. Offered by W. A. Harriman & Co., Inc..
6.20 I
and Blair dr Co., Inc.
900.000 Construct bridge
9834
6.87-6.62 Dumbarton Bridge Co.(San Francisc
o) 1st Mtge. 6.345. 1930-49. Offered by
Mercantile Securities Co. of California.
500,000 General corporate purposes
100
7.00 Ft. Worth (Ceres) Elevator Co. 1st M.
75, 1925-38. Offered by Mtge. Sr Securities
350,000 Additions; working capital
100
7.00 McKelvey Bros., Inc., 1st Mtge. 7s, 1925-32.
Co.. New Orleans.
135,000 Plant construction
Offered by P. W. Brooks & Co., New York,
100
6.50 National Ice Co. (Detroit) 1st
450,000 Acquisitions; working capital
10234
6.77 Springfield (Mass.) Ice Co. 1stM.6348, 1927-35. Offered by Harris, Small & Co., Detroit.
Mtge. 75, 1914. Offered by C. D. Parker
1,600,000 Refunding; working capital
100
6.00 United States Cold Storage Co.
dr Co., Inc., Boston.
1st Mtge. Bs.
St. Paul; Minnesota Loan & Trust Co., and 1945. Offered by Stevenson, Perry, Stacy AC CO..
14,560,000
Northwestern Trust Co., St. Paul.
6.50
6.50
7.00
6.00
8.50
53.8-53.8
7.00
6.00
SHORT TERM BONDS AND NOTES (ISSUES
MATURING UP TO AND INCLUDING
FIVE YEARS).
Antos!.
Purpose of Issue.
$
Railroads
400,000 Refunding
Price.
98%
Public Utilities
4.800.000 Acquisitions
To Yield
About.
Company and Issue: and by Whom Offered.
5.80 Georgia & Florida Ry. Secured 5%
Receiver's Ctfs., "AA" Jan. 31
1927. Offered by W. A.
Harriman & Co., Inc., New York.
4X-5% Central Illinois Public Service Co.
4345 and 5s. April 11925
-Jan. 1 1928. Offered by Halsey
Stuart & Co., Inc.
6.50 Chicago Aurora & Elgin RR.2-Yr. See.
mafi
5.50 Coos & Curry Telephone Co. 1st Lien 6348, Dec. 11926, Offered by Halsey, Stuart & Co., Inc.
See. 534s, Jan. 1 1926. Offered by Lumberm
Co. Bank, Portland, Ore,
en's Trust
30,000,000 Refdg.; eats.; retire floating debt.. 99.31
4.75
Edison Electric Ilium. Co. of Boston
3
-Year 434% notes, Jan. 15 1928. offered
Higginson & Co.; Old Colony Trust Co.; F.
by Lee,
S.
35,650,000
& Burr; Harris, Forbes & Co.; First National Moseley & Co.; Kidder, Peabody & Co.; Parkinson
Corp. of Boston, and Blake Bros.(3. Co.
Iron, Steel, Coal, Copper, &c.
400,000 Fund current debt
100 B
6.00 Jib Consolidated Mining Co. 2-Yr.
4,000,000 New construction
100.34-9934 434-534 Republic Iron & Steel Co. Coll. Is,6% notes. Offered by company to stockholders; underwritten.
Jan.
12,000,000 Development;impts.; working Cap. 9834
7.35 (August) Thyssen Iron & Steel Works 2 1926-28. Offered privately by Bankers Tr. Co., N. Y.
Mining and Sales Companies) 5 (August Thysenn-Hutte Gewerkschaft and Affiliated
-Year 7% Mtge. bonds, Jan. 1 1930. Offered by Dillon.
16,400,000
Read si Co.
750,000 Addlis dr !sett's; fund curr. debt
100,000 General corporate purposes
100
100
Equipment Manufacturers
1.150,000 Finance lease of equipment
Other Industrial & mtg.2,500,000 Lig. curr. debt; other corp. purP-- 100
1,000,000 Addns. & extensions to plant
98
500,000 Adds. & bettermts.; wkg. capital 100
4
.000,000
Oil
50,000,000 Refunding
9934
5-6.00 Quaker City Tank Line, Inc., Eq.
Tr. 65, "E," June 1 1925-Dee. 1 1929. Offered by Stix Sr
Co., St. Louis.
6.00 Consolidated Cigar Corp. 3
-Year 68, Jan. 1 1928. Offered by Dillon,
Read & Co., and Hemphill,
Noyes Sr Co.
7.50 Hudson Valley Coke & Products Corp.
5
-Year 7s, 1930. Offered by Potter & Co. and Otis dr Co.
Standard Slag Co.(of Ohio)6 A %
6.25
notes, Jan. 11926-30. Offered by Wick & Co., Youngstown,0.
6.25 Sinclair Crude Oil Purchasing Co. 3
-Year 6s,
Blair & Co., Inc., and First Trust & Savings"A," Feb. 1 1928. Offered by National City Co.:
Bank, Chicago.
Amount.
1017
THE CHRONICLE
FEB. 281925.]
Price.
Purpose of Issue.
Land, Buildings.
105,000 Finance construction of building_ _ 100
100
1,065,000 Real estate mortgage
100,000 Provide funds for loan purposes_
155,000 Real estate mortgage
100
275,000 Finance construction of building_ _
100
500,000 Provide funds for loan purposes__ _ 100
Price
600,000 Real estate mortgage
To Yield
About.
Company and Issue and by Whom Offered.
6.50 Farragut Business Block (Chicago) let M.6%a, 1926-30. Offered by Greenebaum Sons Invest. Co.
5.50 14 E. 60th St.(N. Y. City) 554% Prudence Ctrs., April 11926-29. Offered by The Prudence Co.;
Inc., New York.
5-6.00 Hibernia Mortgage Co., Inc., 1st M. Coll. Tr. 6s, "A," 1926-30. Offered by Hibernia Securities
Co., New Orleans.
6.50 Lincoln Court Apts. (Detroit), let Mtge. 6S4s, 1925-30. Offered by Federal Bond & Mortgage
Co., Inc.. Detroit.
6.50 Milwaukee-Armitage Bldgs. (Chicago) 1st M. 6%s, 1926-30. Offered by Greenebaum Sons
Investment Co.
5.50 Mortgage Co. of Md.. Inc.. 1st M.5%s, 1928-30. Offered by Robert Garrett & Sons and Tucker,
Anthony & Co.
on applicat'n Pelham Terrace Apts. (Phila.) let M. 78, 1926-30. The F. It. Smith Co., Washington, D. C.
2,800,000
Shipping5,000,000 Acq.add'i ships; wkg.capital, &c
Miscellaneous
3,000,000 Acquisitions, extensions, &c
-Year See. Ss, Jan. 1 1928. Offered by Harris, Forbes & Co. and Kidder,
6.37 Munson SS. Line 3
Peabody & Co.
99
100-97.87
5;4-6 Dierks Lumber & Coal Co.(Kansas City, Mo.).5%s. 1927-30. Offered by Blyth, Witter & Co.
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
a Amount Price per
Share.
Inc°iced.
Public Utilities
1,000,000 Capital expenditures
1.000,000
•200.0000he Acquisitions;general corp. purposes
1,500,000 Capital expenditures
92
5,200,000
1,500,000
To Yield
About.
26
95
121,000
55
1,000,000 Acquisitions, extensions, &c
1,000,000
94
5,000,000 Refunding; additions & improve'ts
5,000,000 100
1,500.000 Retire floating debt; other corp.pur
•4,000shs Working capital
1,500,000 103
50c.
200,000
1,000.000 Acquisitions
500,000 Additions; other corporate purposes
1,000,000
500,000
55,000 Capital expenditures
*10,000 she Additions and improvements
275,000 Pay accumulated dividends on pref.
9314
99
990.000 99
275,000 100
3,000.000 100
3,000,000 New construction
15,000,000 Additions; other capital expend'res 15,000,000
95
3,010,000
86
*35,000 shs Am control Cont'l Gas& EI.Corp_
39,296,000
Iron, Steel, Coal, Copper. &c.
2,000,000 Acq.Orient Coal & Dock Co
7.60 American Public Utilities Co. 7% Cum. Prior Preferred. Offered by A. B. Leach &
Co., Inc., and Pearsons-Taft Co., Chicago.
Associated Gas & Electric Co. Class A stock. Offered by John Nickerson & Co., N.Y.
7.36 Calumet Gas & Electric Co. 7% Preferred. Offered by company to employees, customers and other investors.
Cambridge (Mass.) Gas Light Co. Capital stock. Offered by company to customers
and employees.
7.45 Community Power & Light Co. (Illinois) 7% Cum. let Pref. Offered by Spencer
Trask & Co. and Whimker & Co., St. Louis.
6.60 Consumers Power Co. (Mi 211.) 6.6% Cum. Pref. Offered by Bonbright & Co., Inc.;
Hodenpyl. Hardy & Co., Inc., and E. W. Clark dr Co.
6.80 El Paso Electric Co. 7% Cum. Pref. "A". Offered by Stone & Webster, Inc.
Electric Findrice Corp. Corn. Pref. Offered by Parsley Bros. & Co., and Schibener,
8.00
Boenning & Co. Philadelphia.
7.49 Iowa Southern Utilities Co.(Del.) 7% Cum.Pref. Offered by W.C. Langley & Co.
7.07 Knoxville Power & Light Co. 7% Cum. Pref. Offered by Old Colony Trust Co. and
W. C. Langley & Co.
7.07 Memphis Power & Light Co. Pref. Cum.57 per share. Offered by Old Colony Trust Co.
company
7.00 Montpelier & Barre Light & Power Co. 7% Cum. Prior Prof. Offered by
to preferred stockholders.
Ohio Public Service Co.7% Cum. 1st Prof."A." Offered by Dillon, Read & Co.,
7.00 The
A. B. Leach & Co., Inc., and Federal Securities Corp. Chicago.
6.3 Public Service Electric & Gas Co.6% Cum. Prof. 1925 Series. Offered by Drexel &
Co. and Bonbright & Co., Inc.
Per
7.55 The United Light & Power Co.(Maryland) Prof. (Class A, let Series) Corn. $014 and
share. Offered by Otis & Co.; Howe, Snow & Bente., Inc.; Peirce, Fair & Co.,
It. L. Nason & Co., Inc.
7.00 A. M. Byers Co.7% Cum.Pref. Offered by Dillon, Read & Co., and Peoples Savings &
Trust Co., Pittsburgh.
Magma Copper Co. Capital stock. Offered by company to stockholders; underwritten.
2,000,000 100
2,190,000 3614
060,000 shs Retire bank loans
Company and Issue, and by Whom Offered.
4,190,000
Other Industrial & mfg.
200,000 Working capital
1,040,000
26
625,000
25(par)
687,500
50
3,000,000
1,520,000
97
19
*23.543 shs Plant renovation; expansion
1,059,435
45
•150.000she Additional capital
*50,000 she Extensions to plant
3,000,000
1,875,000
20
37%
625,000 Working capital; increased produc_
*13.750 she Refunding
3,000,000 Acquisitions; working capital
*80,000 she Expansion; working capital
'15.000 she Acquisition of predecessor company
1,232,500
14 3.4
•100,000she Reduce floating debt; working can't
2,000,000
20
All America Radio Corp. Class "A" stock. Offered by Paul H. Davis & Co. and
Stein, Alstrin & Co., Chicago.
Apco mfg. Co.(Providence, R. 1.) Class "A" stock. Offered by Throckmorton dr Co.,
and Henry D. Lindsley & Co., Inc.. New York.
Dubilier Condenser & Radio Corp. Common. Offered by company to stockholders;
underwritten.
7.20 Essex Cotton Mills, Inc.,7% Corn. 1st Prof. Offered by Guaranty Co. of New York.
David Grimes Radio &Cameo Record Corp.(Del.) Common. Offered by P. F.Cusick
Sr Co., New York.
Mathieson Alkali Works, Inc., Common. Offered by company to stockholders; underwritten.
Music Master Corp.(Del.) Capital stock. Offered by H.D.Williams & Co., New York.
Pratt & Lambert, Inc.. Capital stock. Offered by Dominick & Dominick; Edw. B.
Smith dr Co., and Chas. D. Barney & Co.
Seagrave Corp.(Columbus,0.) Common. Offered by Lags & Co.; E. E. MacCrone &
Co., and Howe, Snow It Bertles. Inc.
Zellerbach Corp. Common. Offered by J. Barth & Co.; Sutro & Co.; Geo. H. Burr &
Co., and Conrad & Broom, Inc., San Francisco.
16,039,435
Oil
•100,000she Additional capital
3,900,000
Land, Buildings, &c.
120,000 Refunding
850,000 Finance construction of building_ _
1,750,000 Finance construction of building_
Marland 011 Corp. Capital stock. Purchased by J. P. Morgan & Co.
39
5.00 Hatfield Building Co.5% 1st Prof., due 1926-35. Offered by J. F. Wild & Co., Indlis.
5.50 Illinois & Market Realty Co. (Indianapolis) 53.4% Prof. Offered by Meyer-Kiser
Bank, Indianapolis.
6.00 1010 Fifth Ave., Inc.(N. Y.)6% Cum.Prof. Offered by Fred F. French Security Co..
Inc., New York.
120,000 100
850.000 100
1,750.000 100
2,720,000
Miscellaneous•24,900 she Acq. motor transport and bus lines
200,000 Expansion; purchase of equipment
1.706,000 Additional capital
1,000,000 Expansion of business;oth.corp.pur
*20.000 she Acq.cap.stk. Universal Plc. Corp_
809,250 32%
200,000 10(Par)
1,706,000 100
1,000,000 26
540,000
27
Colonial Motor Coach Corp. Common. Offered by Fiscal Service Co., New York.
8.00 (Vincent) Lopez,Inc.,8% Cum.Pref. Offered by Hoshor,Montanye & Co.,Inc..N.Y.
7.00 National Department Stores, Inc., 7% Cum, 1st Pref. Offered by Blair & Co., Ins.
5.77 Standard Publishing Co. 6% Cum. Panic. Class "A" stock. Offered by Chas H.
Jones & Co., New York.
Universal Pictures, Inc., Common. Offered by Shields & Co., New York.
4,255.250
FARM LOAN ISSUES.
Amount.
Issue,
Price.
1,000,000 Atlantic Joint Stock Land Bank of Raleigh
N. C., 5s, 1935-55
102%
30,000,000 Federal Land Bank 4545, 1935-55
101%
1.000.000 First Joint Stock Land Bank of Montgomery. Ala., 5s, 1934-54
102
500,000 New York and New Jersey Joint Stock
Land Bank of Newark, N. J., 55, 1934-54_
1,000.000 New York Joint Stock Land Bank of New
York City 5s, 1935-55
1,500.000 The North Carolina Joint Stock Land
Bank of Durham, N. C., 5s, 1935-55
1,000,000 Ohio-Pennsylvania Joint Stock Land Bank
Is, 1935-55
875,000 Virginia-Carolina Joint Stock Land Bank
5e, 1935-55
36,875,000
Offered by.
Yield
4.67 Wm. R. Compton Co.; Halsey, Stuart dr Co., Inc., and Harris, Forbes & Co.
4.30 Alex Brown & Sons; Harris, Forbes & Co.; Brown Bros. & Co.; Lee, Higginson & CO.:
National City Co., and Guaranty Co. of New York.
4.75 Barr Bros. It Co., Inc.. New York; National Shawmut Bank of Boston; Central Trust Co.
of Illinois, Chicago, and First National Bank, Montgomery, Ala.
102
4.75 J• S. EIPPel & Co.. Newark, N. J. and Remick, Hodges dr Co., New York.
104
4.50 Clark, Williams dr Co., New York.
102
4.75 Dillon, Read & CO.
102%
4.6
Union Trust Co. of Cleveland; R. V. Mitchell & Co.; The Herrick Co., and Otis & Co.
102%
4.7
Tucker, Anthony It Co.; Mercantile Trust & Deposit Co. of Baltimore; Hambleton & Co.;
Trust Co. of Norfolk. Va., and F. E. Notting & Co.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
5,000,000 State of Bremen (Germany) 1-Year External
Gold Discount Treasury Notes, due Dec. 1
1925
Saarbrucken (Saar Basin, Germany) 78,
3,000.000
March 31 1935
8,000,000
Price.
Yield.
6.10 Guaranty Co. of New York.
96
7.5$ Ames, Emerich & Co., and Strupp & Co., New York.
•Shares of no par value.
a Preferred stocks are taken at par, while in the case of common stocks the amount is based on the offering Price.
b With 50 shares of stock accompanying each $100 principal amount of bonds.
c Three shares of no par value common stock given with each 10 shares of preferred.
Offered by.
1018
THE CHRONICLE
[VoL. 120.
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
and bonds made on the Cleveland Stock Exchange for each month of the year 1924. The compilationstocks
is
work of the Cleveland Exchange itself and is of course based on actual sales, and covers these and nothing the
else.
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR YEAR 1924.
April
June
au
July
August ISeptewber Oaober
1924 STOCKSJanuary February March
November December
Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Lou High Low High
BANKS
Central National Bank.._.. 100
265 ----------------285 262 ---- --.- --- 7-,Cleveland Trust Co
100
228 231 226 228 22514 22512 224 2253 22514 227 230
22
4
Guarantee Title &Trust
100 --------------------------------12712 12712 --------125 12712 --------135 233 237 242 247 250 248 jai
135 --------135 135 ---_Guardian Savings & Trust_100 201 204 204
20712 20714 21012 210 211 212 215 212 215 212 212 215 21518 21512220 21714 225 225 225 229 229
Lorain Street Say & Trust 100 ----------------230
230 --------250 250 ----- 24912 24212
Morris Plan
100 --------126 126 --------130 132 130 1301e 130 13
-0 --------------------------------131 121
National City Bank
100 154 156 156 160 160 162 16212 16212 165 165 162 165 165 65 ----------------165
165
Pearl Street Bank
100 22212 224 --------225 225 225 225 --------225 226 ----------------225
State Bank & Trust
100 177 177 177 177 --------178 179 17912 180 ----------------180 180 18012 225
18012 18012 11012 181
183 185
Union Mortgage
100 97 9914 97 10012 104 10612 102 102
97 97
97 99
98 96
96 96
97 9712 96
9712 94 97
96 961s
1st preferred
100 89 91
88 89
89 9114 89 2 93 --------84 87 ----------------88 88
,
8612 90
87 87
87 88
2c1 preferred
100 8212 8512 80 82
773 79
79
79
,2
79 81
80 81
80 8018 7912 82
81
81
78 79
8012 8212 80 82
Union Savings & Loan
100 ____
___ ____ ____ 155 155 155 155 __.
-_ ____
_ _ ---- - - 15518 15618 157 158 160 160 --- -Union Trust
100 17912 18612 18014 190 190 19712 189 195 190- 124 191 19i 190 1- - 19012 192 18812 191 18934 192 122 194- --93
194
United Bank
100 _
__ ____ ---- --TRACTION COMPANIES
Cleveland Railway
100 95 96
9412 957 89 95 89 92
8
86 90
887 90
9012 92 89 91
8
8812 90
883 91
4
86 89
8512 87
Lake Shore Electric Ry..jO0
---- 1st preferred
100 --------------------------------10
2d preferred
100 _
-- ---- ____
-- -___ ---- ---Northern Ohio Electric
•
Nor Ohio Trac & Lt 6% pref 100 6614 7014
66
66 67 6:1i2 66
8
6412 697 22 -
----------------------------------------265
34
191-
26514
-
ii -ell iia "66 oft 69 Oa 6112
INDUSTRIAL CORPORAT'NS
American Fork & Hoe
100 85 85 8614 8614 90 90
90 90 ---------------- 9
0 9014 95 95
Preferred
100 _
American Lace
100 82
American blultigraph
• 21 ii 221, 14 2 23 ii 22 2312 311 - 18 2012 21 14
,
22
Preferred
100 99 100 100 100 100 100 --- 1001210012
_ ---- ---- -American Ship Building .._ _100 62 6212 5
8
5912
5
812 62 --------59 -- - 58 - - -12 59 60 ------- 57 5814
59 69
Preferred
100 8814 90 --------88 90 -------------------------------8512 Ms
_
_Bishop-Babcock
50 612 714 612 7
6
012 514 812 W2 -1 2 --------614 812
10
0
Bond Clothes
218 101
4 914 10
11
11
13
12
1112 13
Bond Stores— 'A".....____ 20 --------------------------------..
------- 10
16 --------7
- 12
1
"B
98 2 100
,
an -ii
-
iii, si iiis -tii
- 97
97
ill, Ilk, ii -21 261: Ills 201: 11- 20i2 163- ioi, 4
if
__-_
___
.
__ _
_-_
1212
Canfield Oil
Preferred
Central Steel
Preferred
Chandler Motor
H. C. Christy Co
Cities Service
City Ice & Fuel
F. G.Clark
Cleveland-Akron Bag
Preferred
190 125 125
loo
• 4212 44
43 44
42 -45
100 90 9112 893 9012 893 95
8
4
--------94 -6.4 ____
:
--
55 56
867 87
8
7
7
514
7
- 14
....,- --4855
___- -55 59
8- -8
8
51. I
iii 1
228
87
__ oi If -------- --------04 if
39,
,
2
2
3812
8
373 4018 387
s
8912 91
8812 91
38 39
883 91
8
41
90
60
60 s
3
814 -10
i
86
711
87
___
-------- ---- -45 -- _-.. -_ 4612 ____
3912 45
4312
4314 45
50
483 49
8
893 95
4
93 96
9414 9612 953 9978 99 10112
4
100 ------------------------60
____
__ ..__
__ ____
100 ___ ____
___ ____
___ ___
_
100 99 100
9812 100
9712 98
96 9
8
-0 95 -9912 10
97
98 100
97 9012 96 98
211 100
901,110 109 - 10 3
3
3
334 2
4
4 ----------------384 3 4 312 312 -------- 3 120
312 3
33
4 312 4
3
3
• 98
4 93
4
100 .
89
iifii, 16-612 ...._ _
Preferred
100 Cleveland Cliffs
• 41 461 4612 70
fib 71
Cleveland Electric Ilium_ _ _100 ---- ---- 150_
150 ----------------150 150 15112 15112 153 153 16412 16412 ---- --- _ . 17212 17212 IRO 200
6% preferred
100 -------------------------------------------------_---- 101 10112 10114 102 - -- - - 1002 103
1011210234
101
4
10134
Cleveland Stone
100 97 100
98 98
99 99 --------08 98 -___ ____
812 99
9812 98t2 99 99
9912 100 100 100
992 9978
8
Cleveland Union Stock Yds100 127 127 125 125 125 125 120 123 ----------------111
III 112 112 --------120 120 122 122 121 122
Cleveland W. Mills
100 6212 65
55 65
49 55
23 58
33 50
44
39 40 --------43 50
43 4512 4812 4712 487 50
8
Cleve. & Buff. Transit
100 Cleve. & San. Br. preft
l
ii4 - -14 --------711 . 7
7
71;
70
76
Dow Chemical
• '7
6112
a 13 513 54
4
4
b31. 13
4
-14 5312 55 — -- - -- - — — _
.
Preferred
100 94 94
94 94
95 95 ----------------98 98 100 10014 --------10034 100 4 1003 1
94 94
1
4 003
4
Eaton Axle
•
24 24
1712 17
838 1214 112 __ _ ____ 1212 1314 9 1012 107 11, II
17 2214
8
2
II
12 -15
(Wm.) Edwards preferred _ A00 7012 7012 75 75
75 75 --------70 70 --------------------------------70 70
70 71
70 70
Electric Controller
-- -Preferred
100 _
Electric Vacuum preferred.100 923 93
9212 89
4
923 94
94 ----------------------------------------------103312l
4
Elyria Iron & Steel pref. _AO° - -- -- -- -- ' Firestone Tire & Rubber
•
'' - 10 ii if
•- - - '95 95
6% preferred
100 9312 94
9312 94
96 9614 9612 9612 9512 96
93 9618 9312 9518 94 96
98 97
95 96
9614 98
98 100
7% preferred
100 8912 91
89 9014 87 8914 85, 87
8512 8812 8512 8612 84 87
2
,2 8614 91
8812 913 9234 9312 92 9414 9412 97
4
Fisher Ohio preferred
100 98 98
2
8
98 98 100 4 102, 9912 9972 ------9872 99, 99 2 993 101 101 - --- ---- 100 2 102 102 105 -,
,
4
,
Foote Burt preferred
-- -100 ------------------------80 84
80 83
79 79
83 83
80 80 --------80 50
... 79 - 79
General Tire & Rubber
50 160 175 -- ---- 155 165 165 165
- - 175 175 1743 180 200 200 220 225 22412
—
4
--.- Preferred
100 100 100 ------------------------ ----- - --------9734 97's 9712 9712 9612 9612 9612 238 230 237 230 235
98 98
9612 -------- 99
Glidden Co
4
8
• 83 13
812 1012 93 1018 9 10
4
812 014 83 10
1152 131 10
4
218
8
1018 1314 Ire 15
1218 14
Prior preferred
gg
100 ----------------62 67
gg
65 70
65 65
60 65
65 68
65 69
65 673 67 76
4
Goodrich Co
763 80
4
•
2412 2412 -------------------- - --------- -22 2212 --------2411 30
30
31
33 _
Preferred
----------------7984 82 - - -- - — 84 30
100 773 775 77 77
8
76 76 -------- 76 -' ..•
, a7 ..14 ..14 itil Of;
4
...... .,.,
Goodyear Tire & Rubber
• 9 1134 1014 1112 10
4 10, 10
8
1014 93 10311 10
4
4
1 3 11
1214 1214 1518 133 15 4 2312 2312 ..,---4 ... 1014
4
3
2112 2714
Preferred
100 40 48
42 43
4213 47 413 4738 3918 43
43 4814 4612 5812 5312 61
8
5714 65 8 63 717 6824 8414
3
8
Prior preferred
83 8 89 8
3
3
100 ------------------------------------ 4
----------------- --953 953 ----------.--- 4
- -.Grasseill Chemical
100 122 123 123 127 121 126 121 12112 121
--------123
23 124 12112 124 1231g 1251
;
Preferred
100 102 10212 1033 104 2 10312 105 10312 10312 10312 10312 102 10312 102 10212 10212 103 102 103
s
,
10212 10212 10212 103 101 103
Great Lakes Towing
100 55 55
5514 5514 -- - 48 483 - - - 55 55
4
-- 58 59
- - -- - - ---- 54 54
_ . 54
54 _
Preferred
100 89 90
0 00
90 90
8014 8514 8514 -- ---------------- ___- 9012
90 -- -------- 9
90
8514
00
8812 90 !II - - 91
Halle 1st Preferred
100
- --____ 10412 10412 104;11041
8,10412 10412 _..... - -- _..-Hanna Furnace
10 ____ ____ ___ - ---- ---- ---- 812 9
10 10 -- —
811
2 821 8
8
8
8 -- -- -- -- 7I2 8
_--- ---- ---- ----
iiis -"iii iii - -2 tii - -4- 64 - 4 041'4 -if ii -7 4 Li 1112 ai V
6 -12
6
6-9"7"
----------------75-4il4
Mfg
.
isi 71
--------53 ii
i5 if tii 6
1712
_ .. ____ -66i 1 iii ef------------------------95 iii
9212
4
io -ii 6 -i6 iii "ill, 06 -ill, Oa "iti ife 011, if) 16 iii: "8"61: aai2 16 ii Ii14 9214 101
99
120" jiff- iin- 1-30-
The Cleveland District—Where Coal and Ircn
Meet—The Outlook Most Promising.
By LEONARD P. AYRES, Vice-President Cleveland Trust Co.
In the Cleveland district coal and iron meet, the
iron ore coining down the Great Lakes from the mines
in Michigan and Minnesota, and the coal being
brought from the mines in Pennsylvania, West Virginia and Ohio, only a short distance south of the
shores of Lake Erie. The furnaces and mills of the district produce nearly half of all the iron and steel
made in the world.
Detroit, Toledo and Cleveland produce automobiles, motor accessories and parts in such vast volume that it is true that most of the automobiles made
in the world are manufactured in this district.
Akron makes most of the world's tires.
These three great industries—,iron and steel, automobiles and tires—are the dominant factors in a
district that is otherwise noteworthy for the extreme
diversity of its manufacturing activity. It is fortunate for the communities of this section that its three
chief industries respond in characteristically differing ways to changes in the activity and volume of
general business.
The iron and steel industry greatly prospers in
times of industrial activity, while in periods of business depression its output and its profits are sharply
curtailed. II is still true, as it was when Andrew
Carnegie used to say it, that the iron and steel industry is either prince or pauper, but it is true now to
a degree that was not the case in former years, that
the firms in these lines have learned to make provision in good times to tide over the intervening periods of reduced returns.
The automotive industries are considerably affected by changes in general business, but to a fir
less degree than are iron and steel. The tire industry
FEB. 28 1925.]
THE
1019
CHRONICLE
MONTHLY RANGE OF PRICES ON CLEVELAND STOCK EXCHANGE FOR YEAR 1924 (Concluded).
November Dace:fiber
May
August September October
June
July
High Low High Low High Low High Low High Low High Low High Low High
March
April
January February
1924 STOCKS(Concl)Low High Low High Low High Low High Low
INDUSTRIAL CORPORATIONS (Concluded).
3
88 8812 82 &ft 86 4 Mt
89 897 895 9018 88 89
2
88 90
89 90
89
_a
100
(M. A.)Hanna 1st pref
31 311
/
4
312
Harris Auto Press
412 624
212
43
4 312 4
5
4
412 5
2
4
512 4 1 -11/ 6
1
4
/ 5
1
4
2 - 312 3
6
/ 41
1
4
Industrial Fibre
9212 9212 9412 9412 9412 -- — --/ 91
1
4
90 903 90 9012 9018 92
4
91
91
94
95 93 95% 903 92
94 95
4
Interlake Steam Ship
---100 210 215
Jordan Motor (old)
---2614
241- 25
2
-- 30 3112
•
---- ---New
93 9458
88 88
85 4 853 85 854
90 90
2
4
90 91
100 93 934 9312 9612
Preferred
---90 9014
90 00
8814 8814
100 89 89
Kaynee preferred
10613
95 105
93 95
94 95
90 97
90 95
97 100
109
Kelley Island Lime & Tran_100 108 109
/ 13
1
4
17% 17%
17
1012 12
---Rights _____________________
11
11
11
19
10
1912
20
---Korach "A"
2034 19 20
---97 9712 9814 9814 ---- ---/
1
4
100
Preferred
4
8
5
5
10 • 11
10
10
11
788
10
Lake Erie B. & N
---- ---89% 96
85 90
85 85
/
1
4
88
100 78 88
85 85
86
88
8414 87
84 84
Loews Ohio 1st pref
---100
---9012 9012
McCaskey 1st pref
--_.--------McGraw Tire & Rubber
_-__
%
4
% %
1
100 1
Preferred
2
8
/
1
4
8
%
77 77
80 83
76
100 75
77 78
84
80 90
Metro Brick
94 954 95 954 943 9623
Preferred
1CO 9612 9712 9712 9712 97% 97
9612 9612 9414 9414 953 95 4 9414 9414 95 95
/ 97 97
1
4
4
3
9612 110%
894 96
84 92
64 68
66 693 61
73
100 6912 75
8212 80 83
70
Miller Tire & Rubber
71
70
6312 64 65
4
70
Preferred
100 92 98
9812 10018 1004 102 1004 103 102 103%.
93 9312 94 97
/
1
9612 9912 964 9732 96 9714 93 98
97 100
/
1
4
3
3
4
• 51 3% 3% 4
4
4
4
Murray Ohio Body
/
4
---92 92
911 9114
/
4
Preferred
100 90 9014
91
90 9014 92 92
91
__
64 74
714 652 6 a ---458
National Acme
10 8
/ 10
1
4
612 612 7I
5 2 512 4
,
812 812 812 814
,
116 116 11614 11614
National Carbon preferred_100 121 121 -„, -. 116 125
2 4
64
387 44
37 39
3624 398
37
34 36
National Refining
25 40 411 37
36 37% 3712 3912 37 39
/
4
,
3512 36% 3713 39
/
1
4
Preferred
100 120 12212 120 121 123 123 123 124 124 125
12414 126
---- 1.2612 1.2612 126 127 12714 1274 127 127
14 2
4
National Toot
50
3
4
---3
10
10
104
Preferred
1063 1081
4
10613 19714 107
4
Ohio Bell preferred
100 10414 10512 104 10514 102 10412 10214 105 104 10514 10412 10512 10414 10614 10512 10612
9612 98
Ohio Brass "B"
• 85 90
97 98
98 100
89 100
98 112 110 117 110 118 114 115 118 125 125 130
9614 99
97 100
97 99
963 98
4
Preferred
100 89 90
4
9212 943 93 9312 9312 9514 953 98
89 92
92% 9334 92 93
9314 95
4
• 912 912 11
3
/ 7 4 1114 912 11
1
4
7
Otis Steel
8 712 7
812 73
/ 712 712
1
4
1114 952 11 14 812 9
,
-71 8 4 8
/
4
7
/
1
4
5 4 612 5
3
6
Paragon Refining
714 54 74 6
25 618 812 7
7
712 7
54 64 5
5
512 5
712
42 43
40 42
40 40
Preferred
40 40
45 50
100 50 60
48 48
55
55 57
55 60
55
7
1912 174 1912 18 23 2
Peerless T. & M
1612 13
72.
2
50 225 2612 20 243 19 223 187 2112 18 20% 1;- 4 I878
1612 193 13
18
8
4
4
4
Perry-Fay
10
12 12
11
Prod. Refiners Corp
50
26
26
94 9358
9412 08
Richman Bros
7613
78
74 7712 76
7512 78% 73 76
• 71 12 7812 75 80
/
1
4
614 7%
7
River Rail Paper
7 14 7
63
4 7
/
4
10 73
/ 81 63
1
4
2 814 7
6
/ 712
1
4
4 8
524 612 614 612 612 64 7
111 111
Robbins-Myers pref
10
1019 1014 1014
100
8
/ 8
1
4
1014 1014
/
1
4
---Sandusky Cement
105's 105'2 108 115 118 120
_
2
• 995 110
101 101 -- ---/
1
4
83 8312 83 83
82 82
Sheriff St. Market
82
8114 81 14
100 80 80
82
801 8012
/
4
/
1
4
4
29 3112 3052 313 30 314
2814 29
2914 3122 291i 2923 2812 2914 2858
Sherwin-Williams
/
1
4
2812 30
25 294 31
30 302
4
Preferred
100 102 103 10112 104
/
1
410512 10234 1053 101 12 10252 10112 104 10214 10434 10312 10512 104 105 104 10612 104 105
104 103
4
33 37
11
30 80
28 30
Sparks-Withi ngton
• 2734 29
2312 24
24 24
25
28 28
2512 273 24 2512 24
4
(H. A.) Stahl preferred__ _100
25
Standard Textile Products.100
25 27's
44
37 38
44
48
46 ii 4
155 55
"A" preferred
100 7212 7212
74% 74% 70 70
75
75
8312 8312 75 75
---47 49 _
"B" preferred
_
100
_
------8
8
8
8
Star Rubber
8
8
9
9
1412 164 13 1614
Stearns Motor
1523 12's 14'8
-144
• 1712 1812 17
15'2 17
17
1634 16
1512 175 14
8
Steel Prolucts
100 15
15
100
7814 79
Preferred
80 80
100 78 7814
78 78
7
10
10
Swinehart Tire & Rubber_ _1011
110 110 110 11114
106
109 111
Toledo Edison Power pref _ _100 10212 10284
_75 75
Troxie Mtg. preferred
100
1713 18
2
174 207 1912 207
4
17
2
18
Trumbud Steel
18'2 198 lOIs
-,
4
• 193 202 2012 2114 193 204 1714 18 4
/
1
4
4
98 99
97 98
12
9714 9724
95 95
93 95
9812 100
9514 98
Preferred
9712 9812 9712 9812 9114 96
97
1011 94
13
13
16
-_
16
17
Van Dorn Iron
17
16
• 162 163 1514 1514 14
4
4
--88 88
90
90 I0 - 88 88
1
1
Preferred
90 90
100
88 88
18 114
2
14
4
hl
4
3
4
4
Is
,
8
Victor Rubber
2
/ 212 21g 214 2
1
4
4
• 2
19 21
23 23
IS
2112 20 20
14
-11 15
6
15
Wellman-Seaver-Morgan _ _ _100 10
15 15
15
5658
60 60
60 65
63 65
55 65
Preferred
100 66 80
---- 4612 76
12
- 52 5312 52 5212 52 14 5432 57 60 65 62 654 62 654 65 684 704 714
White Motor
50 5312 57 ---10412 1054
White Securities pref
100
105 1054
_
20% paid
100
1
1
5
5
84 84
41s 412 8
314 35
3
Winton Motor pref
2
100 2
64 07 6912 71
62 63 -Bi- Bi- 6412 6612 66 70 67
611 65
/
4
67
67
Youngstown Sheet & Tube_ _* 70 70
10412 105 103 105
/
1
4103 1024 102, 103 10412 105 10612 103 103
/
1
/
1
410412 102
4
103 105 102
Preferred
100 102 103 104
No par value.
89
16-
Ii18
If-
-az-
jai_
11 -ii--
-ii- 1i-
-Ai-
7's
1i-
AA- 16-
3
-Li- 1i- -Ai- 1i- -WI 16- -iiis -6/1-
-76- 16-
iiA- 111-
-Li-
1- 66
f6i14
-iLT8
16- -ii- 16-
4
-162- -Ai- -6614
ini- 161-
-56- WI;
10218
-6
6
-Li- 16-
-AA- -66-
82
82
-2512 16- -2424
-2711
-ii-iii4 /it;
1-6i-10822 116 - 10878 166-
-1112
-7814 - 4
/6-
10512 106'2 ioe- 166i;
166-
-16-
-1612
-562 IN
-Ao-
"ii-
"4311 16-
114 -AA- 16'0434 20588
166
1921 BONDS
Aurora Elgin & Chicago 5s 1941
Canton & Akron 5s
1933 8012 8012 82
City Ice gen 65
1933
1st mtge Ci scinnati 65.1932, 98 9814 98
Cleveland-Akron Ban 8s_ _1936 93 97
97
CI. B. El. & Ob. ext. 7s
Div. M. 6s
1954
Cleve. & Elyria Div. M. 69_1954
Cleve. El. & W. ext. 7s ctfa dep
Div. M. Us
1954
Cleveland Ry.5s
1931
C. S. W.& C.ctfs. of dep. 5s 27
G.& C. 5s
1914
Cleve. & San. Brew. 6s.. 194l 88
Cuyahoga Telephone 78_1941
Elyria & Ob. Div. M.65__1954
Hanna Furnace 235
192, 102 10222
Lake Shore general 5s.._1953
N. 0. T. & L. 4s
1933
5s
1933
Stark Electric 5s
192.
U. S. Tel. ext. 78
1941
10512
Wash. Balt. & Annan. 59_ _1941 7014 7012
=.
W. & 0. 1st 5s ctf. of den..
16-
-A15- 16-
10512
82
6697
------76 76
------80 82
-—
-9- T2 1068
- -- -9812 9812 9812 9812
83 8512
85 85
90 94
94 94
45 45
5158 5212
------4824 48 4 483 52
4
3
---62'2 5223 5112
---- ---9814 9524 9812 9812 99 99
9658
---612 612 612 612
1524
16
19
88 88
89 89
88 88
-AA- 164
-fit;
-Ai- 89
11 88
89
89
66
66
34 3414 38
/ 80
1
4
784 78
/
1
8914 8914
-AA- 66464 464
/
1
/
1
55
80
-io- -66162
GOOD PROSPECTS FOR 1925.
As the year 1925 gets under way the prospects for
business in the Cleveland district are distinctly good.
Pig iron production last month was greater than that
of any other January in history. Steel mills are
working at almost full capacity. It seems highly
probable that the output of the industry will rise to
record-making volume during the year. Transportation on the Great Lakes promises to be in large volume and profitable.
53 55
50
80 80
80
8912 8912 894
50
-661;
69
-AO- 66-
69
91
97
5258 52's
5212 5212
-6112
Kos 0813
5253
1458 1434 1214 18
89 89
-Li- -66-
5211 5212
1013 1017 101 1014
4
8
53
50 50
51
544 55
814
9012
61
7112 7111 71
72
50
102 1661- 16112166 102 16i- ioti- fo8
i
is even more stable, and it is becoming increasingly
independent of changes in general business as its output goes in ever-increasing proportion to supply the
needs of old cars, and in less measure to equip new
ones. So long as a car is in use it is wearing out
tires, and its owner can do little to economize in this
regard. As the years go by the tire industry promises to become nearly independent of the business
cycle.
- 2
661-
-AU! 1634
ie
-9512 16-
Hui- 166-
i'ei11634
.
ie14
- 6- -Ai6
86
8114 8114 --- -903 91
4
7124 78 78
55
6088 61
____ ----
-4..64 Wig
The automobile industry has entered upon a year
of the sharpest kind of competition, but of good activity. The output will probably be greater than it
was in 1924, but perhaps not quite so large as that of
1923. The tire companies have concluded a good
year, and production is being maintained at a high
level. Several of the companies have undertaken extensions of plants to provide greater output.
Banking conditions in the district are thoroughly
,sound, and credit is ample in supply, and cheap in
cost. Savings deposits show large recent increases,
and with the expansion of business commercial loans
are growing in volume. Interest rates are beginning
to stiffen, but the investment demand for bonds continues strong. The seasonal decline in building has
been less marked than usual, and there has been in
recent months steady improvemenc in the employ:
ment situation. nte Cleveland district looks forward to 1925 with justifiable confidence.
THE CHRONICLE
[yoL. 120.
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.
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1924, 1923 AND 1922.
INDUSTRIALS.
Calendar Year 1924.
High.
Low.
American Rolling Mill
574
3335
Preferred
110
984
American Laundry Machine
754
38
Preferred
11835
115
American Seeding Machine
50
25
Preferred
80
68
Baldwin Company
185
16231
New 6% preferred
105
101
Carey (Philip)
130
130
Preferred
10734
101
ChampionCoated Paper
125
120
Preferred
105
102
ChampionFibre, preferred
102
9934
Churngold Corporation
50
4134
Cincinnati Union Stock Yards
132
119
Cincinnati Postal Terminal, preferred
90
85
City Ice & Fuel
11034
9534
Cincinnati Tobacco Warehouse
20
20
Cooper Corporation "A"
1834
13
Crown Overall, preferred
102
98
Dalton Adding Machine
63
4331
Preferred
105
95
Douglas(John), preferred
101
10534
Dow Drug
145
125
Preferred
10735
102
Eagle-Picher Lead
3235
2434
Preferred
103
103
Early & Daniel
35
28
Preferred
97
88
Excelsior Shoe
13%
10
Preferred
70
70
Fay & Egan
60
40
Preferred
89
80
Fenton United
85
674
Preferred
954
90
Fleischmann, preferred
11335
112
French Bros.-Bauer
18
164
Preferred
go
85
GibsonArt
3835
3031
Preferred
11034
10734
Globe Soap
40
40
First preferred
894
80
Special preferred_ ___
Globe-Wernicke
89..
4
75
Preferred
100
87
Gruen Watch
3034
3334
Preferred
103
100
Hatfield-Reliance
2035
17%
Preferred
107
1004
Icy-Hot Bottle
34
27
Preferred
9435
88
Kemper-Thomas
49
48
Special preferred
110
105
Johnston Paint, preferred
102
98
Kroger Grocery
764
3531
New preferred
112
IRK%
inn
History of the Cincinnati Stock Exchange—
Organized Forty Years Ago.
By JAMES M. HurroN, President.
Close.
Calendar Year 1923.
High.
Low.
Close.
Calendar Year 1922.
High.
Low.
574
3431
28
3331
374
31
108
100
98
9634
7335
40
26
384
a165
a88-35
116
125
11434
117
120
1024
254
6235
50
50
634
50
70
91
8035
8035
924
86
185
--------------- 1044
_ _-------130
126
1115- 2
116- 4
3
3
104
104
100
103
VW
68—
120
105
166—
168—
VW168—
456- 4
3
9935
103
9935
101
82
103
494
514
43
3934
43
32
132
135
120
120
128
116
89
-11034
16168-O993165
156-20
---174
194
--114
--ii
--16
—18
102
10434
' 100
100
100
9734
62
65
48
50
65
44
1024
1014
95
95
105
107
100
103
-166
-16634
145
1744
125
125
130
100
10734
1074
105
105
107
100
3234
____
__ _------ ---103
--------- ---3431
45
30
5a3i
.
88
101
9734
100
------10
1835
20
2034
21
20
70
104
100
103
106
tog
58
524
35
50
88
85
78
78
75-66-85
6131
55
614
54
50
9534
95
86
94
112
1134
112
112
11§3i
.
9935
164
25
174
20
87
10135
964
964
96-66—
38
3235
28y
30
b100
b90
1104
106
103 4
10535
107
100
40____
804
16i K
ao
9934
• 103
99
- _ -102
95
9534
104
95.
83
93
874
90
94
8951
98
1024
93
94
10235
90
3235
324
2935
3134
3251
254
10031
104
100
101
1044
100
____
1935
____
____
10535
------27
563i
6i-5i;i
90
99
91
91
-- ----48
60
57
57
--- ---108
10534
1034
104
------ 102
100
98
100
------ 40
29
764
3535
c357
c195
110
1094
107
108
110
104
inn
MA
Q7$,
1 no
Close.
3534
1115834
118
58
92R1
------102
105
9934
41
128
116
2
6:
--iem
040
65
-164i
,
106
---------20
106
--- 60
50
11234
.
98
b98
105
103
104
93
10134
3134
10334
--------- —.
---c350
109
to the New York Stock Exchange. The sharp decline in 1918 was due to the shutting down of activity
in stock trading because of the World War. After
the war closed the Exchange began to broaden still
further. As increasing confidence developed in Cincinnati securities the volume of business on the Exchange increased, reflecting the growth in public
confidence in Cincinnati investments and the tendency to make further use of the Exchange as their
trading medium.
The year 1924 saw a spectacular increase in the
volume of trading, and during that year six new companies listed their securities, increasing the volume
over $25,000,000. The securities placed were:
The Cincinnati Stock Exchange originated on
March 7 1885 through an informal meeting of ten
brokers, only one of whom is now living, but whose
membership has been transferred to his son. At this
meeting the memberssigned an agreementto meeteach
day for the purpose of buying and selling local stocks.
A permanent organization was effected on March 25
1887, when a constitution and by-laws were adopted.
The Exchange for many years was a rather small
affair, with a membership growing gradually from
ten to the present number of forty-three. By the be- $225,000 Cincinnati Postal
Terminal & Realty Co. 10
-year
ginning of 1915 the character of the trading on the
first mortgage bonds
Exchange broadened considerably, and an increas- $888,500 Cincinnati Postal Terminal & Realty Co. preferred
ing number of companies were listed. The Exchange 1,000,000 shares Eagle-Picher Lead Co. common
also by this time published a daily sheet which not $917,200 Eagle-Picher Lead Co. preferred
78,500 shares Hatfield-Reliance Coal Co. common
only showed the sales, and bid and asked prices, but $1,000,000 Hatfield-Reliance
Coal Co. preferred
the securities were classified under the various head- $2,000,000 Houston Collieries Co. 6% 10-year serial notes
50,000 shares Monitor Furnace Co. common
ings, like industrials, public utilities, banks, railroads, tractions; and a bond department was also $200,000 Monitor Furnace Co. preferred
$281,700 Printing Machinery common
added by this time.
$406,800 Printing Machinery preferred
The volume of trading on the Exchange from 1915
The officers and members of the Cincinnati Stock
to 1924, inclusive, was as follows:
Exchange are keenly appreciative of their obligations
1915
1920
68,792
141,408
to the investing public and are requiring the listed
1916
1921
152,841
232,000
companies to give more publicity concerning their
1917
73,959
1922
168,194
financial affairs. During this year the Board of Gov1918
1923
224,954
31,887
1919
488,740
1924
101,956
ernors revised its rules so.that listed companies are
The great increase in volume of trading from 1915 now obliged to furnish complete financial stateto 1916 was due to the unprecedented activity of Pure ments, showing both earnings and assets and liabiliOil, which was then Ohio Cities Gas, and Columbia ties. Through the Secretary of the Exchange a manGas & Electric. These stocks were later transferred ual of the Cincinnati listed securities is issued, which
FEB.28 1925.]
1021
THE CHRONICLE
HIGH, LOW AND CLOSING PRICES ON CINCINNATI STOCK EXCHANGE FOR 1924, 1923 & 1922 (Concluded).
Calendar Year 1924.
Calendar Year 1923.
INDUSTRIALS (Concluded).
Calendar Year 1922.
High.
Low.
Close.
High.
Low.
12%
9%
11
17
15
---95---95
110
108%
109
6
5
s
12%
40
40
43
80
130
112
130
112%
101
141
128%
152
163%
158
160
109
108
105%
1104
6%
83%
70
83%
76%
Pure 011, 6% preferred
94%
104%
99%
104%
8% preferred
27
25
25
26%
Putnam Candy
Preferred
101
100
101%
101%
Richardson_92
102.Sli
Preferred
100
166
102%
52%
United States Can
40
45
52%
Preferred
103%
100
100
105
109
United States Playing Card
96%
92
110
United States Printing & Lithographing
60%
65
54%
70
99%
First preferred
100
95
101
Second preferred
80%
61
80
743.4
6%
3
United States Shoe
20%
9%
Preferred
45
97
30
60
Paper
Whitaker
15%
12
21
4534
Preferred
43%
41
85
65 '
Wurlitzer,7% preferred
104
103
100
105
10434
8% preferred
104
103
105
8
----
----------
----------
----- -----
167%
7-i
5%
40
9
---- -110
534
40
18i
ioy;
7535
7535
12%
7534
1523i
157%
103%
65
86
25
100
92
97%
34%
100
85%
52
93%
61
5%
58%
40
54
100
99
125%
;
157%
107%
6534
90
27
101
92
100
40%
100
88%
55
95
61
734
60
40
5534
101
102%
140
163
110
81%
103%
---- -100
102
3534
- 88
51
100
7334
---- 75
75
103
105
124K,
152
101%
74%
96
---- -100
90
27
130%
161
109
7634
9934
---100
9934
27
.
8134
27
83
3935
---- 61
63
96%
100
843i
51
99
72%
- --- -61
75
102
104%
67%
78%
102%
70%
56
101
74
78%
106%
73
56%
104
75
88
117%
85
67%
105%
62%
7534
90
67%
56
9535
68%
83
115
79%
62%
102%
32%
35%
25%
26%
-- -W"
H3
,
22%
32
1%
9
13
4
12
35
44
14
27
52i
41
20
31%
.
18
33%
20
9
39
4
19
gi%
21
High.
McLaren Products"A"
Monitor Furnace
Oglesby Paper, preferred
Owens Bottle, preferred
Paragon Refining
Preferred
Printing Machinery, preferred
Procter & Gamble
8%
PUBLIC UTILITIES.
Cincinnati & Suburban Bell Telephone
Cincinnati Gas & Electric
Cincinnati Gas Transportation
Cincinnati Newport & Covington Light &Traction
Preferred
Ohio Bell Telephone. preferred
TRACTIONS.
Cincinnati Street Railway
Cincinnati & Hamilton Traction
Preferred
Ohio Traction
Preferred
Low.
Close.
13
18
95
109
83
84
110
78%
62%
108%
35%
32
15
48%
71
78
95
72%
57
102%
78%
82%
110
75%
62%
107%
74%
85
111%
77%
62
105%
4%
15,
RAILROADS.
Erlanger
Preferred
Dayton & Michigan
Preferred
Columbus & Xenia
Little Miami
Special
445
10234
35
83
89
92%
400
98
31
80%
88%
88
--
BANKS.
Atlas National
Citizens National
Fifth-Third-Union Units
First National
Fourth & Central Trust
Lincoln National
Second National
vv
c 1
220
300
275
205
____
193
250
239
200
---154
154
215
445215
91
103
95%§
loi- ;
%
102%
..
i-35
35
31%
3134
31%
35
76%
80
79
79
83
79
-8980
95iA
§5- ;
%
91%
§§K
§:$K
.
------41
41
41
---375
375
- -375
220
195
203
195
280
255
240
258
268
245
212%
245
2002$528r
0-2 6-.
8
- -____
____
-_-154
------250
218
---281
169
9711
Close.
215
103
35
80
92%
---•
---____
242
196
___.
---,
245
215
270 150
270
281169
2711
a The prices of American Laundry Machine common as of the year 1922 were based on the $100 par value shares.
b The prices of Gibson Art common as of the year 1922 were based on the $25 par value shares.
c The prices of Kroger common as of the year 1922 were based on the $100 par value shares.
gives detailed financial information and a history of
all of the listed securities.
In the beginning of 1925 the Cincinnati Exchange
has authorized a complete ticker service, which will
give the investing public complete information as to
quotations and sales in the offices of the members of
the Exchange during the daily session.
Municipal Bonds in 1924.
By GORDON Rms, of Seasongood & Mayer, Cincinnati, Ohio.
The year 1924 produced a volume of municipal
bond business far in excess of any previous year in
the history of the United States. There was a continuous and thorough digestion of municipal securities; this became accelerative in its effects as each
successive month passed, apparently superinduced,
to a certain degree, by the ease in money, occasioned
by a widespread business depression which adversely
affected all lines of general business.
The advances in values were likewise constant, an
entire absence of sharp advances and subsequent decline, with one exception, a minor reaction in December on municipal loans eligible for investment by
savings banks. That reaction, however, was of short
duration and general market municipal bonds were
not affected by it. The January 1925 investment demand for bonds eligible for savings banks was very
large, and in consequence, substantially all of the
available offerings were absorbed, and at the present
time prices have completely recovered, with a great
scarcity prevailing.
Generalizing on the subject of advances in values
throughout the year, it is fair to assume the range in
price is represented by an advance of about 3 2% in
/
income basis on bonds of medium and long life, resulting in very substantial appreciations in values.
Short-time bonds, however, exhibited a wider spread,
from a 5% income basis to 3.50-3.75 basis, dependent
upon the character of the securities. The demand for
short-time bonds was at all times far in excess of
supply, representing a true reflection of idle business
capital, which accumulated in bank, necessitating
bank investments in short-time paper in order profitably to employ their funds.
The year 1924 was quite noticeable in respect to
the absence of institutional buying on the part of the
insurance companies in general, probably affected, to
a certain extent, by the opportunity afforded them
to invest their funds very profitably in mortgage investments, bringing high rates of return. Nevertheless, the absence of that large consuming power
passed entirely unnoticed, owing to the large demand from other soures.
The situation prevailing in February 1925 offers
every degree of hopeful expectation that business
will continue in increasing volume during this year.
General business conditions, apparently, have not
improved to the anticipated extent. Money is again
accumulating. Annual redemption of approximately
one billion dollars United States Liberty Loan bonds
provides an annual continuing source of demand for
other investments. The expansion in public inquiry
is a large factor that cannot be disregarded.
The present demand has assumed such proportions
that the available supply by contrast is small indeed,
and we are apparently facing an actual scarcity. The
municipal dealer can therefore look ahead confidently with the idea of accumulating a large supply
THE CHRONICLE
[VoL. 120.
RECORD OF PRICES ON TOLEDO STOCKS FOR 1924.
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 1924 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,and
Willys Overland,are listed on the New York Stock Exchange and appear regularly in our records for
the New York market.
HIGH AND LOW PRICES OF TOLEDO SECURITIES DURING CALENDAR YEAR 1924.
STOCKS.
High.
Low.
13id Dec. 31 Bid Dee. 31
BANK STOCKS.
1924.
1923.
Commonwealth Building stock
50
Sept 50
Sept
Dura Manufacturing Co
Nov 120
120
Nov First National Bank
336
Fifty Associates. common
336
Dec 93
98
Sept City Savings Bank
120
120
Preferred
Nov 994 Jan Commerce-Guardian Trust & Savings
101
175
Haughton Elevator, preferred
168
91
Mar 90
Jan Commercial Savings Bank & Trust
290
Harris Automatic Press. common
270
32
Dec 30
Oct Dime Savings Bank
218
LaSalle & Koch. preferred
205
1054 Dec 1004 Feb (a) Home Bank & Trust Co
150
Larrowe Milling, common
45
Dec 27H Jan Merchants Savings Bank & Trust Co
325
Preferred
106
Dec 106
Dec Ohio Savings Bank & Trust Co
300
Libbey Owens Sheet Glass, common
245
Sept 85
107
May Peoples State Savings Bank
175
Preferred
169
Dec 1074 Jan Security Savings Bank & Trust Co
111
218
National Supply, preferred
210
1054 Dec 102
Jan Spitzer-RorIck Trust & Savings Bank
220
Owens Bottle, preferred
205
112
Mar 1064 June (6) Toledo Trust Co
175
Sherwin-Williams. Preferred
Nov 102
105
Jan Union Trust & Savings Bank
245
245
Toledo Edison, 8% preferred
Nov 102
110
Jan
Woolson Spice, preferred
a Consolidation Citizens Sate Deposit ez Trust Co. and the Home Savings Bank
100
Sept 100
Sept
Horbauee Company,common
Dec
19
18
Dec Into the Home Bank & Trust Co.July 11924.
Consolidation of Northern National Bank, Second National Bank. Summit
BONDS.
Commonwealth Building 6s, 1938
100
Oct, 100
Oct Trust Co. and Toledo Savings Bank into the Toledo Trust Co., completed Oct. 1
Toledo Gas. Electric & Heating 5s, 1935
984 Julyi 92
Feb 1924
NOTE.—LIbbey Owens Sheet Glass common paid a 50% stock dividend on Jan 2 1924. Before the
Was paid, the stock reached a high of about 107. No stock dividend distribution was made in 1924, but dividend the stock sold around 140. After the stock dividend
two extra dividends of 50 cents each on the common shares were
',declared In that year, one payable Nov. 1 1924 and one Jan. 2 1925. This was in addition to the
Larrowe Milling eommon. which is relatively a new stock, being offered in May 1923 at $25 Per regular cash dividends of 5() cents each Quarter.
share. gradually advanced In 1924 to $45, and in 1925 has sold up to $55.
Harbauer Company common, also a new stock, was offered the last few days in 1924 at S18 per share. The
stock has since advanced to about $22.
566
of bonds, and can reasonably expect a heavy demand Union in area, we must conclude that we have good
for them during the year 1925.
farmers and good farms.
The passing period of depression is placing farm'Prominence of Ohio in Agriculture—Farming on ing on the soundest basis
it has ever been; it has
the Soundest Basis It Has Ever Been.
eliminated all fictitious values; has taken the misfits
By JOHN H. KaAFrr, Vice-President and Manager of The and subnormal farmers
off the farms, and has taken
Columbus Joint Stock Land Bank of Columbus, Ohio.
many,acres which could not be profitably cultivated
The average American farmer is a sound thinker. out of cultivation. It is possible to
get much more
Proof of this need not be cited,for we have had many production from a small number of
high-class proevidences of this recently. The trouble is that he has ducers than from a large number of low
-class pronot been represented as much as he has been mis- ducers. We are getting a higher standard
of prorepresented. He knows that his businss is an im- duction from fewer farmers.
portant factor—but also that there are other imporMoney-lending organizations are always an important factors—and that his business is subject to eco- tant factor in determining our type of farmer.
Funds
nomic conditions the same as is other business. In- are being placed principally in the hands of
those
timate contact leads the writer to believe that our who know how to produce and save; we have more
farmers take a broad view of conditions.
constructive lending than at any time in the past.
• Americans live in a walled garden of opulence. A poor farmer on high-class land will either
go into
Our people have developed a standard of living un- bankruptcy or lower the productivity of the
land,
equaled elsewhere in the world, and the wealth and while a high-class farmer will make
good, even
power of the United States is due in no small degree though the land is not of the highest type.
to agriculture and the encouragement of agriculThe producing farmer, to whom our cities look
tural development.'
for food, is not interested in any schemes to artiFor several decades American agriculture has been ficially raise prices, for he can see where it would
undergoing basic changes, and these have been prop- lead. He knows that present discrepancies are
being
erly met. There was a time when the farmer did not met by economic adjustments. He knows that the
have proper financing and marketing facilities, but average wage of industry is still 100% above pre-war,
he now has access to the accumulated capital of in- and the cost of living only 72% above, and that this
vestment markets on equal terms with other business, discrepancy can only be maintained by increased effiand also has proper marketing facilities.
ciency. He feels that foodstuffs are still the cheapFarming has entered the business world, and it is est products we buy, and to him it is immaterial
a good business. It asks for no more or no less than whether the general price level decreases or the
4oes other business, and is not interested in the so- value of his product increases to meet this level.
Called farm leaders and legislators who are insisting With him it is a question of what he can buy with
what he gets, and not of how much he gets.
upon remedies which are unsound.
We will have our soundest business conditions when
The farmer knows that he is emerging from a period of depression such as we have had a number of price levels meet, or when we pay equal returns for
times in the past, and that these periods invariably production, whether it be agricultural or industrial.
The outstanding economic development of recent
follow periods of excess production, and result in a
shrinking market—that he must liquidate debts in- months has been the recovery of agricultural prices
curred on an inflated basis—and that he has an eco- and a decrease in many industrial commodity prices.
nomic ill and needs an economic remedy.
Price levels are meeting. The farmer fully realizes
What applies to Ohio applies to all of our promi- that his business needs personal initiative, good mannent agricultural States. Ohio is considered pri- agement and judgment—but that no one but he can
marily of manufacturing importance, and the stand- give these factors.
ing of its agriculture is often overlooked. Over the
The farming industry generally wants no more or
last ten-year period Ohio stood ninth in the value no less than is necessary to place this business on an
of agricultural wealth and seventh in the value of equal footing with other producers. It is an imporfarm crops—and as the State is thirty-fifth in the tant business, entitled to a position of dignity.
,
THE CHRONICLE
FEB. 28 1925.]
The Aeroplane a Commercial Necessity.
(Concluded iron page 1005.)
amounts of money by private parties both to establish the lines and to produce the machines. A high
degree of intelligence and training will be essential
in the pilots and all employed in the management of
the aeroplanes. Licenses from the Government for
these men would seem to be demanded. At first certainly a large share of the Government's business in
carrying the mails and transporting the Government's supplies and material should be given to these
lines in order to sustain them, and especially to create public confidence in their safety and trustworthiness for the requirements of business, especially in
economy of time and of cost. Even though no direct
subsidy should be contemplated, some sort of moral
guaranty and patronage by the Government will certainly be requisite to insure early and general adoption of the new departure in a realm of human activity hitherto so seldom resorted to and so little valued
as riding the air. From the days of Daedalus and
Phaeton this has been regarded the acme of high en-
1023
deavor, the most perilous in the attempt and the most
unattainable. It now comes to us as suitable and
needful and at the same time the most thrilling and
compelling of all challenges that are addressed to the
human spirit; soaring into the eyes of the sun; defying the winds of Erebus and bringing down from
the empyreum by using the force hitherto hidden in
the bowels of the earth and flashing in the clouds
above our heads the messages or the materials fetched
from the ends of the earth which are to contribute to
man's comfort and needs.
Two high officers of different armies have lately
joined in saying that nothing stirred them more in
the early days of the war than seeing the modest
eagerness, the quiet courage and the pride in the
task entrusted to them which marked the young airmen as they approached their venturesome task. It
is that which has always appealed to the American
spirit when some new task was to be assumed. It
will be not the least of the many contributions that
the development of the air service in civil life will
make to the America of to-morrow.
Indications of Business Activity
the great grain States of the country, and that the future
holds out a promise of better business in the ordinary course
Friday Night, Feb. 27 1925.
A conservative spirit still dominates the trade of the coun- of things. In the West steel production is still reported to
try. There is a rather strict adherence to the policy of buy- be in the neighborhood of 100%, notably in the Chicago dising only to satisfy immediate wants. An exception is seen in trict, with a fair business. Steel output in the country genalthe Northwest. There the buying is on a more confident erally continues on quite a large scale, but trade is not
of the Southwest, notably Texas, beneficial together satisfactory. It seems plain enough that output
scale. In parts
Meanwhile,
rains have fallen and have had a cheering effect, though it considerably exceeds consumption at this time.
the six-day
Is not denied that the drought has not been completely however, some automobile works have resumed
been buying steel on
broken. Textiles have shown more activity in New York week and they have, to all appearances,
Railroad purchases are also of fair size.
and Boston, although in Fall River the transactions in print a larger scale.
that the iron and steel business
cloths are still on a very moderate scale. Within a day or There is no doubt, however,
owing partly might be in much better shape than it is, and prices in that
two, moreover, Worth Street has quiet down
to a more searching test before long.
to the rather erratic fluctuations in raw cotton. Here and line may be subjected
textile industry. Some It is believed that ore prices are tending upward. This may
there improvement is noticed in the
market. As the case stands, this comof the cotton mills are doing a little better , though many stimulate the pig iron
that there is an unsatisfactory margin of profit, modity is quiet, partly under the pressure of steady foreign
complain
owing to the competition with Southern mills. Rather more competition, notably from England, Holland and East India.
cheerful reports come from time to time from the silk and Building materials are selling more readily at the West and
woolen mills, although there can be no blinking the fact that the oil business is looking up, as well as the coal Industry.
there is plenty of room for improvement, especially in the Building is expected to be active and carpenters in Chicago
1
/
2
/
woolen industry. The cotton manufacturing business has are now paid $1 371 per hour, an advance of 122 cents.
been braced somewhat, however, by the recent advance in The demand for labor in the West is increasing. Raw sugar
raw cotton, owing partly to the drought in Texas, and the has advanced to 3 cents for Cuban under the stimulus, eviunabated demand from Europe. The exports of cotton thus dently, of a large consumption.
An advance in wheat has taken place of some 10 to 14
far this season have reached a total far larger than was expected at its beginning. American cotton is competing more cents per bushel, spurred by a big foreign demand and a new
actively than for several years past with Egyptian, East influx of popular speculation. Export buying has been on a
Indian, Brazilian and other growths, for the reason that the larger scale and it is announced that London has just sold
American product is relatively cheap. Just now, it is true, 20,000 tons of wheat and flour to Russia. Russia, to all
the price is the highest for some months past. Whereas at appearances, is badly in need of supplies, but has been
one time it was 10 to 12 cents lower than at the correspond- waiting for lower prices. But wheat has latterly risen
1
/
ing date last year, it is now only about 42 cents lower. This nearly 18 cents a bushel from the recent low level. In a
of itself reflects the imperative nature of the demand, not single day, Thursday, wheat advanced in Chicago 5 to 8
only from Europe but from the Far East. It is noticed cents. Evidently the speculative excitement is not over. It
that of the exports this week Germany has taken some is stimulated by the big European demand. There is an immense quantity of wheat on the ocean bound for Europe,
42%.
The coal trade has been suffering from mild weather. But but for all that new foreign buying persists. It includes next
the comparatively warm weather for three weeks past has crop deliveries. It looks as though the European crops had
been broken within a day or two by a cold wave all over the been over-stated some time back. In any case, not only
country. No doubt it will stimulate trade not only in coal, American, but Argentine and Liverpool markets have rebut in other commodities. Roads which have been bad will cently been advancing sharply. There was an idea that the
get into better shape. Business at the West is gradually farm reserves, not only of wheat, but of corn, oats and other
gaining. It is not moving ahead by leaps and bounds. One grain, are smaller than a year ago. This has also tended to
explanation of the fact that business in this country has not fan speculation into a new flame. America is getting a fair
trade, even though the Continent of EuImproved so much as was expected towards the close of 1924 share of the export be that while farmers are more prosperous than they rope has latterly been buying wheat rather heavily in Ausmay
have been for years past they are paying off old debts, and tralis, and Argentina. For two weeks in succession the
meanwhile buying goods on only a moderate scale. There world's exports of wheat have been some 19,000,000 bushels,
demand continues. Coffee has
may be something in this Idea; there is nothing inherently and yet an almost ravenous
improbable in it. It would mean that the foundations are advanced in response to higher prices in Brazil, although it
hitch in the matter of a loan of some
being strengthened, that people are getting out of debt in appears that there is a
THE STATE OF TRADE—COMMERCIAL EPITOME.
1024
THE CHRONICLE
[you 120.
$30,000,000 to Brazil with a view of strengthening its fi- again, and best
of all, at a profit, although the larger margin
nances. The jewelry business is dull. That is only natural, of profit by
far is coming from the Southern mills.
when purchases of needed articles are on so conservative a
On Tuesday a wage scale signed by union representatives
scale. The lumber business is quiet and prices are some- in the New
York garment industry went into effect. The
what lower. The output of agricultural implements has in- agreement
provides among other things for an increase of
creased somewhat. From some parts of the country in 10 to 15% in
wages, and affects more than 30,000 workers
various lines of business come reports of unemployment. who return
to work.
It would be useless to disguise the fact that business thus far
The sales of 79 leading department stores in the New York
in 1925 has not been up to expectations. But there is still district
averaged 1.4% larger than in January last year. A
plenty of time for improvement. As the case stands, how- gain of 10%
in February sales over the same month last year
ever, the freight traffic on Western roads is approximately is expected
by Sears, Roebuck & Co., judging by reports thus
5% smaller than that of a year ago. It shows some de- far, officials
state. The total for the month last year was
crease from that of January. It is pointed out that passen- $17,877,619.
ger business has also fallen off. That to the Pacific Coast
Detroit reports that the output of automobiles in that disis reported as 12% smaller than that of last year. Car load- trict is
improving. Closed car dominance Is extending to
ings for the middle of February were below those of a year the low
price field and it is estimaed that in these models
ago. Yet, as already intimated, in parts of the Northwest, there is
12 to 15 yards less cloth than in the average open
Southwest and the East trade shows some signs of an in- car.
crease, even though for the country as a whole trade is proLast Sunday the temperature here was up to 63, against
ceeding on the principle of slow but sure. The stock market 24 on the
same day last year and an average on that date for
latterly has been more or less irregular, but in the main 46 years of
32. The parks were full of people, 300,000
steadier. To-day it was still irregular, with money up to flocked to Coney
Island. On Monday it became suddenly
5% and the New York Federal Reserve rediscount rate now cool and
foggy, with the temperature in the 40's, but by
3% instead of 3%, having been out of line with that of 6 p. m. It was
back to 60 degrees; followed by clear, pleasant
other Reserve banks, and the money market in general. For- and cooler weather
on Tuesday. On the night of the 25th
eign exchange has declined, but it was announced that the and the morning
of the 26th it rained here. Later In the day
Bank of England will probably advance its rediscount rate it turned clear
and cold, with a gale blowing at 60 miles an
next week. With this in prospect, both sterling and francs hour and a drop in
the temperature to 35 by 3 o'clock, a fall
made some recovery, not to mention other European curren- of 7 degrees.
To-day it was cold here, with a high wind,
cies. Some are looking for a Bank of England rate of 5% the thermomete
r down to 16 at 8 a. in., rising later to 24.
next Thursday, as against the present rate of 4%, taking its Chicago has been down
to 2 above zero. Detroit to 4, Clevecue from the rise in New York. Idle money is being taken up land and Cincinnati
to 10 and St. Paul to 8 below zero.
In the West. It would seem from this that business and
speculation are beginning to have their natural effect on January Sales of
Department Stores in New York
money rates after a prolonged period of monetary ease.
Federal Reserve District Averaged Slightly Larger
Taking the country in general, there is still an undercurrent
than Year Ago-Decreases Shown in More
of confidence, even though there is no disposition to force
than Half the Reports.
the pace.
The January sales of 79 leading department stores in the
In New England most fine cloth mills are running at
Federal Reserve District of Now York averaged 1.4%
nearly full capacity, it is stated. Other New England mills
larger than a year ago, which is less than the usual year-toare gradually nearing the normal output. Some are running
year increase, says the Federal Reserve Agent at New
night and day. In Boston, in an address on Thursday night.
York in his March 1 "Review," who states that "more than
William Whitman of the Manomet mills, said he was uncerhalf of the reports, especially those from the smaller stores,
tain as to a revival and that New England mills cannot
showed a decrease in sales compared with last year. While
manufacture at a profit as yet in competition with the mills
apparel stores reported a substantial increase, this was due,
in other sections. Boston wired that after operating on a
as in recent months, to store expansion during the year."
50% capacity basis for about two months the entire worsted
The "Review" continues:
division of the Amoskeag Manufacturing Co. with the exDepartment store stocks of merchandise on hand on Feb. 1 showed
ception of a small weaving unit, is being put back on a full- about the same increase over a year ago as did sales. The average amount
time basis. The worsted section of the plant employs some of the individual sales transaction was $2 87, the same as in January 1924.
The following table shows the percentage comparison of sales and
stocks
3,500 operatives and manufactures especially women's and in the various localities in the district
with those of a year ago:
men's suitings, sport skirts, auto lining and Pullman car
Percentage Change Percentage Change
in Sales
in Stocks
seat coverings. At Providence, R. I., orders for the five
January 1925
Feb. 1 1925
from
from
mills of the B. B. & R. Knight, Inc., will keep them working
January 1924.
Feb. 1 1924.
New York
at full capacity for the next 16 weeks and in the case of Buffalo
+0.7
+1.4
+4.6
-6.3
some products, notably Fruit of the Loom, orders are said to Rochester
+4.5
+7.7
Syracuse
-0.2
+2.7
be greater than the possible supply under present conditions. Newark
+2.8
+11.0
Bridgeport
+1.1
+5.6
It is understood that another mill will be opened within a Elsewhere
+1.2
-8.3
Northern New York State
-5.1
week. At Shelton, Conn., workers stopped two days last
Central New York State
-6.3
Southern New York State
week while wages were settled. They said the new piece
+4.4
Hudson River Valley District
-6.8
work scale made it impossible to make a living wage. On a
Capitol District
+9.4
All department
+1.4
+1.5
guarantee of a minimum earning of 63 cents an hour they Apparel stores stores
+13.3
+46.3
+10.7
returned to work to try this for four weeks. Workers in Mall order houses
The chief increases in sales of the various departments of the stores were
cotton mills in eastern Connecticut become dissatisfied as
In shoes, cotton and linen goods, furniture and
trade increases, but most of the plants are operating on full apparel and toilet articles and drugs. Changes home furnishings, women's
in sales and stocks in these
time. At Danielson, Conn., the Paco Co. is operating its and other departments are shown in the table following:
Percentage Change Percentage Change
Putnam plant until 10 o'clock p. in. In Connecticut the genin Sates
in Stoats
January 1925
Feb. 1 1925
eral wage cuts cause complaints here and there. Employees
from
from
In the finishing department at the American Thread Co.
January 1924.
Feb. 11924.
Shoes
+24.7
+1.1
mills at Willimantic have a committee seeking the rescind- Cotton goods
+14.4
-2.7
Furniture
+12.2
-2.9
ing of the 10% cut in wages made in January. Agent Don Women's and misses' ready-to-wear
+10.7
+13.8
+8.8
H. Curtis has informed the committee this cannot be done. Toilet articles and drugs
+5.7
Linens and handkerchiefs
+8.8
-1.6
At Dover, N. H., Edwin Farnham Greene, Treasurer of the Home furnishings
+5.8
+4.7
Men's furnishings
+4.7
+10.7
Pacific mills, in an address before the Rotary Club, said his Women's accessories
+2.9
+7.1
Woolen
+2.1
-15.1
confidence in the outlook for the future of the textile in- Hosiery goods
+0.2
-3.8
-2.0
dustry in New England was increasing. The Dover plant, he Silk goods
-10.4
Silverware and Jewelry
-3.5
reminded his hearers, has been able to show a profit for the Books and stationery
-7.0
+10.7
Men's and boys' wear
-8.9
+11.2
month of January of about $4,000 as a result of the re- Miscellaneous
-3.5
-4.2
arrangement of the work, although operating on print cloths
in direct competition with the South. While this operating January Sales of Chain Stores
in New York Federal
profit is by no means large, it indieates an end of operating
Reserve District Larger than Year Ago.
losses growing out of the readjustment of cotton values since
According to the March 1 "Monthly Review of Credit and
the war. The other properties of the company are under- Business Conditions
in the New York Federal Reserve
stood to be sold well ahead, and are running on full time District," "sales of reporting
chain store systems in January
FEB.28 1925.]
1025
TEE CHRONICLE
as compared with December 1924. The
showed a substantial increase over a year previous, due food in January 1925,
sales by grocery, Index number (1913=100.0) was 151.5 in December and
largely to gains of approximately 20% in
154.3 in January. The Bureau's statement made public Feb.
ten-cent, and dry goods chains." The "Review" adds:
increases 20 says:
Except in the cases of ten-cent and drug chains, however, the
number of stores. This
were largely due to increases during the year in the
made for seasonal
bank's index of chain store sales, in which allowance is
figure
variation, declined from 99 in December to 92 in January, the same
changes in total
as in January a year ago. The following table shows the
1924
sales, stores in operation, and in sales per store, between January
and January 1925.
Percentage Change January 1925from January 1924.
Sales per
Total
Number of
Store.
Sales.
Stores.
+3.1
+20.6
+17.0
Grocery
+11.6
+19.6
+7.1
Ten-cent
+0.1
+19.3
+19.2
Dry goods
+9.0
+7.2
-1.7
Drug
-13.9
+6.9
+24.2
Shoe
-1.0
+2.9
+3.9
Tobacco
-5.3
-0.2
+5.4
Candy
During the month from Dec. 15 1924 to Jan. 15 1925 35 articles on which
monthly prices are secured increased as follows: Cabbage, 15%; storage
eggs and onions, 11%; leg of lamb, 10%; potatoes, 9%; flour, 7%; pork
chops, 5%; hens, corn meal and oranges, 4%; cheese, lard and bread, 3%;
rib roast, plate beef, ham, canned corn and coffee, 2%; sirloin steak, round
steak, chuck roast, bacon, fresh milk, evaporated milk, strictly fresh eggs,
corn flakes, macaroons, rice, navy beans, canned peas, canned tomatoes, tea
and prunes, 1%, and nut margarine and wheat cereal, less than 5-10 of 1%.
Seven articles decreased in price, as follows: Bananas, 10%; granulated
sugar, 8%; oleomargarine, 2%; vegetable lard substitute and baked beans,
1%, and canned salmon and butter, less than 5-10 of 1%. The price of
rolled oats and raisins showed no change in the month.
For the year period Jan. 15 1924 to Jan. 15 1925 the increase in all ar2
/
ticles of food combined was approximately 31%.
For the twelve-year period Jan. 15 1913 to Jan. 15 1925 the increase in
+3.1
+18.1
+14.5
Total
was about 57%.
all articles of food combined
Changes in Retail Prices of Food, by Cities.
Reserve District of New
Wholesale Trade in Federal
During the month from Dec. 15 1924 to Jan. 15 1925 the average family
York in January Below That of Same Month Last Year. expenditure for food increased in 47 cities as follows: Houston, 7%;
Memphis and San Francisco, 5%; Cincinnati, Kansas City, Los Angeles,
In its article on wholesale trade in the Federal Reserve Savannah and Seattle, 4%; Butte, Dallas, Little Rock, Louisville, New OrDistrict of New York during January, the Federal Reserve leans, Omaha, Peoria, Portland, Ore., St. Louis and Salt Lake City, 3%;
Denver, Detroit, Indianapolis,
Baltimore,
Bank of New York in its March 1 "Monthly Review of Credit Atlanta, Pittsburgh, Birmingham, Buffalo, and Springfield, Ill., 2%;
Portland, Me., Scranton
Norfolk,
and Business Conditions" says:
Chicago, Cleveland, Jacksonville, Milwaukee,
Boston, Charleston, S. C.,
January sales in most of the reporting linos of wholesale trade in this dis- Minneapolis, Mobile, Newark, Philadelphia, Richmond, St. Paul and Washtrict fell below those of January 1924. As the aggregate sales last year, ington, D. 0., 1%, and Columbus, New Haven, New York and Rochester, less
however, were fairly large, this bank's index, which allows for price changes than 5-10 of 1%. Four cities decreased: Fall River, 1%, and Bridgeport,
and seasonal variation, advanced 3 points to 96% of the computed trend Manchester and Providence, less than 5-10 of 1%.
or normal.
For the year period January 1924 to January 1925 49 of the 51 cities
Commission house sales of cotton goods, which were unusually low last showed increases: Houston, 11%; Birmingham, Louisville, Norfolk and
and increases occurred also in silk goods, women's Salt Lake City, 8%; Memphis,
year, increased 18%,
; Baltimore, Dallas, Little Rock, New
dresses, men's clothing and paper. Reductions, on the other hand,ranging Orleans, Richmond, San Francisco and Savannah, 6%; Buffalo, Kansas City,
from 4 to 27%. occurred in groceries, women's coats and suits, stationery, Mobile, Peoria, Portland, Ore., Seattle and Washington, D. C., 5%; Atlanta,
machine tools, shoes, and jobbers' sales of cotton goods.
Chicago, Cleveland, St. Louis and Springfield, Ill., 4%; Boston, Butte,
Beginning with January this bank has undertaken the collection of stock Charleston, S. C., Denver, Detroit, Indianapolis, Jacksonville, Los Angeles,
figures in certain lines of wholesale trade, and the following table gives, in Omaha, Philadelphia, Portland, Me., and Rochester, 3%; Columbus, Milconjunction with the sales figures, the comparative merchandise stocks for waukee, New Haven, New York, Pittsburgh, St Paul and Scranton, 2%;
January in 1925 and 1924, in four lines from which a representative number Bridgeport, Cincinnati, Minneapolis, Newark and Providence, 1%. In Fall
of reports was obtained. As indicated in the table, stocks held by cotton River there was no change in the year, and in Manchester there was a dejobbers and shoe dealers are running considerably below last year, while crease of less than 5-10 of 1%.
those of dealers in groceries and jewelry and diamonds are higher than
As compared with the average cost in the year 1913, food in January 1925
a year ago.
was 64% higher in Birmingham and Richmond; 62% in Chicago and
Stocks on
Buffalo; 58% in Dallas
-January 1925 Sales- Jan. 31 '25 Washington, D. 0.; 61% in Baltimore; 60% in
Percentage Percentage Percentage
and Detroit; 57% in Charleston, S. C., New Orleans, New York and ScranChangefrom Changefrom Changefrom ton ; 56% in Boston, Pittsburgh and St. Louis; 55% in Milwaukee, ProviDec. 1924. Jan. 1924. Jan. 31 '24.
dence and San Francisco; 54% in Philadelphia; 53% in Atlanta, Kansas
+18.4
-6•6
Ootton-Commission houses
City and New Haven; 52% in Cleveland, Fall River, Louisville, Memphis
+5.9
I77.0
Women's dresses
+4.9
18.0
and Omaha; 50% in Cincinnati and Little Rock; 49% in Newark; 48% in
Silk goods
+2.6
30.6
Men's clothing
Indianapolis, Manchester and Minneapolis; 47% in Jacksonville, Los An+1.8
Paper
geles and Seattle; 43% in Denver; 42% in Portland, Ore., and 38% in Salt
+6.6
+0 21
-6•5
Diamonds
-0.61
Lake City. Prices were not obtained from Bridgeport, Butte, Columbus,
-54.7
Jewelry
-1.1
+7.6
Drugs
Houston, Mobile, Norfolk, Peoria, Portland, Me., Rochester, St. Paul, Savan-1.8
-14.7
Hardware
nah and Springfield, Ill., in 1913, hence no comparison for the twelve-year
+14.3
-4•4
-6.5
Groceries_
period can be given for those cities.
-5.3
+82.9
Women's coats and suits
-7.4
+3.0
Stationery
The following tables are furnished by the Bureau:
-18.4
-14.9
-19.9
Shoes
-16.3
-15.8
Machine tools
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
-19.9
-26.7
-26.5
Cotton-Jobbers
OF FOOD IN THE UNITED STATES.
-4.9
+6.5
Weighted average
ReilSianRound Rib Chuck Plate Pork
Year
I
and Month. Steak Steak Roast Roast Reef ChopsBacon Ham Lard HeneEggs ter
_
ri
129 110 130 138 166 118 162 1158
128 110 127 136 165 114 165 144
129 110 128 134 164 111 169 101
131 110 137 134 165 109 169 93
133 112 142 134 166 108 172 95
132.5 109.1 143.8134.1 165.8 107.0 168.5 104.6
131.3 108.3 144.3 134.8166.2 108.2 165.7114.2
131.3 08.3 165.7 141.9 173.2 122.2 163.4 29.3
130.6 109.1 170.5145.6 174.3 126.6 165.71150.4
129.4 08.3178.6 148.5 175.1 135.4 164.8,173.0
127.6109.1 150.5 148.5174.7 141.8 162.0;197.4
126.3108.3 139.5 147.8173.2 139. 161. 202 3
51 .
0.'1.".....
Ob...0q60460.4t..A
W.0.13MOIC4NNNCINM
1924
154 149
January
152 148
February
153 148
March
156 151
April
160 155
May
160.2 156.1
June
160.2 155.2
July
160.2 156.1
August
September __ _.168.3 153.8
155.9151.1
October
November ___ _ 152.4 147.5
150.4 145.3
December
Average for yr.155.9151.6 145.5130.0 109.1 146.7 139.6 168.4 120.3 165.71138.6 135.0
1925.
152.4 47.1 143,9 128.1 109.9146.2 149.3177 144. 168.l'204.4 136.6
January
AU Articles
CofPOWCornYear
I
and Month. Che'se MilkIBreadFlourImeal Rice toes Super fee Tea Combined
I g AnA24%X.92
-
Wholesak Trade.
Two-thirds of the wholesalers reporting to this bank showed a smaller
volume of goods sold during January than in the closing month of 1924,
whereas a year ago, with only a third of the dealers reporting declines from
December, the five commodity groups included in this survey averaged
gains.
For about half the drug firms and for the majority of grocery, hardware,
dry goods and shoe dealersjsales comparisons with January 1924 were
unfavorable, while grocery firmslwere the one group to exceed January 1923.
Higher Inventories were reported on Jan. 31 than at the beginning of
the year for all groups except grocerels, which averaged a reduction of 1.6%,
decreases at eight stores more than offsetting increases at thirteen. This
group, nevertheless, maintained its excess over the preceding year: di"'
goods and shoe stocks continued below, while for the two other commodities
trends were varied.
For most of the stores January collections were smaller than during
December. and for 37 out of 69 were under a year ago.
Department Store Trade.
January returns from reporting department stores in this district showed
-a decided drop in sales from December,
the usual seasonal characteristics
an increase in collections and the resultant lowering of accounts outstanding.
For the majority of stores, collections were likewise heavier than a year
ago and accounts outstanding smaller. Sales comparisons, however, are
less uniform, half the stores reporting increases over January 1924 and half
declines similarly, the gain of nearly 8% over January 1923 reflects
.
Individual gains by only half the stores.
Aggregate stocks on Jan. 31 for 36 firms averaged 3% less than at the
beginning of the year, only 12 stores showing increases. The gain over
Jan. 31 1924 was 2.2%•
Unfilled orders at the end of the month for 22 stores amounted to 8.4%
ef the total purchases during 1924.
I
Decrease in Wholesale and Retail Trade in January
in Federal Reserve District of Chicago.
In reporting a smaller volume of wholesale and retail
trade in January, the Federal Reserve Bank of Chicago, in
its "Bulletin on Monthly Business Conditions," made public
to-day (Feb. 28), says:
1924
1147 113 165 185 128 131
169 160 1155
January
1147 113 165 187 130 130
168 157 1155
February
1147 111 165 189 137 130
166 156 1155
March1147 113 165 181 140 131
161 155 1155
April
147 114 171 167 142 131
157 153 155
May
146.7 113.8194.1 150.9 141.9 130.3
155.7 151.71155.4
June
150.0 114.9194.1 152.7 142.3 130.1
155.7 151,71155.4
July
156.7 117.2 152.9149.1 145.6 130.3
155.7 53.9 157.1
August
160.0118.4 152.9 156.4 148.7 130.5
157.1
September ...... 156.6 56.2
166.7 119.5 141.2 160.0 154.7 132.0
157.5 56.2 157.1
October
170.0 120.7 129.4 160.0 164.4 135.1
November..,.157.0155.11158.9
.312l. 135.3 160.0 169.5 135.7
December
157.9155.11158.9
i ilits.sJii.7 116.1 158.8 167.3 145.3 131.4
Avers toryr. 159.7 155.1
1925.
162.4 158. 184. 181. 180 123.0147.1 147.3 173.2 136.4
January
149
147
144
141
141
142.4
143.3
144.2
145.8
148.7
150.1
151.5
145.9
154.3
Industrial Employment Conditions in Federal Reserve
District of Chicago During January.
Employment at industrial plants of the Federal Reserve
District of Chicago experienced another slight advance
during the month ended Jan. 15, the reports for plants
employing close to 380,000 men showing an expansion of
Increase in Retail Food Prices in January.
1.1% from the previous month, says the Federal Reserve
The retail food index issued by the United States Depart- Bank of Chicago in its "Monthly Business Conditions
ment of Labor through the Bureau of Labor Statistics shows Report" issued to-day (Feb. 28). Continuing, the report
that there was an increase of almost 2% in the retail cost of says:
1026
THE CHRONICLE
This expansion, however, was not reflected in pay-rolls which,
affected
by layoffs for repairs and inventory, showed a contraction
of 0.5%. Of
the industries represented In the reports, metals and metal
products continued to make the most definite gains. Other groups to show
increases
in both men and pay-rolls were texales and textile products
and leather
products. While the manufacturers of chemicals, drugs and
paints made
substantial additions to their working forces, the changes
were not yet
apparent In the pay-rolls. Decreases in pay-rolls as well as
employment
were experienced in vehicles, rubber products, meat packing
and other food
products, and in most of the building materials.
Outside of the industries represented in the accompanying
table, the
trend in employment was generally downward. Thus in
building and construction work further curtailments were made, reports
showing 25% out
of a total of 15,000 men being laid off during the month.
Distributive
industries, department stores and mail order houses
also suffered heavy
reductions after the holiday season. In the coal mining
industry, however,
the situation improved, and a large number of miners were
to work. At State employment offices the number of enabled to return
applicants to places
available shows an increase. For Illinois the ratio
increased from 149 at
the close of December to 188 at the close of January.
In Indiana during
the same period the ratio changed from 132 to
139.
EMPLOYMENT AND EARNINGS SEVENTH FEDERAL
RES. DISTRICT.
For.. 120.
at a level almost identical with the ten-year average. These
prices, moreover, had been almost uniformly above the corresponding average
for all
commodities since September 1923. The indicated restoration
of a fair
balance between crop prices and the general price level is not explained
by
the use of ten-year average as bases of comparison. The original
compilation,
on a 1913 base, shows an even wider margin of crop prices above
the general average in 1924 than does the index as presented.
If these values had been a sufficient gauge of the farmers' purchasing
power, we should have had less complaint of unfavorable rural conditions.
But the relatively high crop values were not evenly distributed. Very
low
prices of some important crops were offset in the average by high figures
for others. And now also there are marked disparities between the relative
levels of individual crops. The strength of the influences which have raised
these values is indicated by the fact that of the four groups of raw materials,
crops alone reached last year their highest price average since 1920.
The high prices of corn and other foodstuffs have encouraged reductions
In the supply of food animals. According to estimates of the Department
of
Agriculture, the number of swine in the United States declined about 12,000,000, or 18%, last year. The decline in the number of cattle other than
milk cows was 5%. It is expected that the resulting relative scarcity will
tend to support higher prices for animal products.
The extraordinary demand for building materials has maintained a scale
of values for forest products higher than that for any other class of raw
No. of Wage Earners,
materials. Although this group of prices has risen steadily since August,
Total Earnings,
Week Ended
1Veek Ended
the peak of the urgent demand for new building has apparently been
Industrial Groups.
reached. If this is actually the case, it is reasonable to expect a downward
Jan. Dec. P. C. Jan.
Dec. P. C.
145.
15. Ca'ge
15.
15.
Ch'ge revision of these prices.
It appears likely, therefore, that future movements will result in a
All groups (10)
Metals and metal products 378,045 373,914 +1.1 89,534,959 89,586,278 -0.5 closer approach of the two widely divergent groups of raw materials to a
(other than vehicles)
146,895 142,865 +2.8 3,439,417 3,323,956 +3.5 common relative price level.
Vehicles
43,211 43,341
Textiles and textile products_ _ _ 30,060 28,974 -0.3 1,222,280 1,321,941 -7.6
Some Divergent Trends.
+3.7 716,505 660.032 +8.6
Food and related products
When one turns from the several groups of raw materials to a comparison
Stone, clay and glass products_ _ 50,134 51,745 -3.1 1,361,623 1,424,975 -4.4
11,272 11,730-3.9 319,237 333,885-4.4
Lumber and Its products
36,098 35,448 +1.8 833,758 863,496 -3.4 of the price trends of all commodities classified as to the stage of preparaChemical products
10,267 9,954 +3.1
265,580 269,448 -1.4 tion for consumption, there is noted instead of closer harmony between
Leather products
17,362 17,297 +0.4 389,134 381,737 +1.9 groups a rather sharp divergence of prices.
Rubber products
3,115 3.153 -1.2
81,258
85,321 -4.8
The prices of finished, or consumers', goods turned upward last June, folPaper and printing
29,631 29,407 +0.8 906,167 921,487 -1.7
lowed by the average for raw materials. The latter has advanced irregularly
and not so far as the average for consumers' goods. Meanwhile, the index
for partly manufactured
The Guaranty Trust Co. of New York Sees
Halt in vember. Because of the commodities made no sustained advance until Noresulting changes in relative levels, the spread beBusiness Progress.
tween the highest and the lowest groups in December was three times as wide
as it had been in May.
Business progress in recent weeks has not been so
great or
Apparently the divergent trends of raw materials and partly manufactured
so rapid as the most optimistic had hoped, in
spite of the goods must affect adversely certain classes of manufacturers. Moreover,
notable advance since last summer, comments
the current this spread between groups is characteristic of periods of rapidly rising
prices. This fact suggests the
Issue of the "Guaranty Survey," published by
the Guaranty stable general price level than hasprobability that only with a more nearly
obtained in recent months will an approxiTrust Co. of New York, and proceeds as follows:
mate equality of relative levels for the several groups be re-established. And
Indeed there is now a perceptible pause in the
buying movement which only when prices are rightly co-ordinated can business proceed most satisfacmarked the first two months following the election.
There remain, how- torily. For this reason, among others, a continuation of the present stabilizever, ample reasons for the belief that 1925 will
be a good year for busi- ing tendencies in general prices is more to be desired than further advances.
ness generally, even if the high hopes which many
A period of intensified competition in international markets, it appears,
have entertained are not
fully realized.
will follow the readjustments' now being effected in Europe. Advancing
The experience of the early months of last year,
when a spurt of activity prices in this country would make it all the more difficult for American
was quickly arrested, encourages the belief of a goodly
number of business exporters to hold their place in the foreign markets. Inasmuch as the presmen that the present rate of production is higher than
can be long main- ent outflow of gold may promptly restrain the influences tending to raise
tained. The more optimistic view, that the general volume
the general price level here, and hasten currency reforms in Europe, it
of
continue to expand for some time, is supported by a recognition business will should prove broadly beneficial.
of
differences between underlying conditions now and those of a year important
ago. The
present distribution of purchasing power, the state of the money
markets,
and the political situation here and abroad provide, it is thought,
a substan- Monthly
Labor Review of'United States Bureau of
tial background for further expansion.
Labor Statistics-Settlement of Paterson Strike
Uneven Progress.
Many irregularities persist. In some important industries prices
Purchasing Power of New York Farmers'
of finished goods have not been brought into harmony with the costs
of materials
Income.
and labor. These weaker spots restrict very noticeably the
progress of
general business. In view of the marked revival since last mid-year,
The February issue of the "Monthly Labor Review," issued
it
appears that the maintenance of sound conditions would be furthered
by by the Bureau of Labor Statistics, United States Department
bringing laggard branches of industry up to the levels of the more
prosperous of Labor, includes among
its special features the quarterly
rather than by further stimulation of those industries which are
already
operating at the most satisfactory rates.
report on changes in the cost of living in the United States,
Considerable progress has been made in recent months in the reduction of
stocks of commodities which for various reasons had grown unduly large. covering 32 of the principal cities of the country, a study of
In the copper, coal, petroleum, hide and leather industries, for example, the the purchasing power of farmers' incomes, statistics of
gradual consumption of excess stocks has resulted in more stable bases of wages in the building and printing trades, a
study of co-opcontinuing activity. Production at rates which permit this gradual readerative legislation in the United States, and a statement of
justment to current market conditions is an encouraging feature of the inthe strikes and lockouts occurring during the third quarter
dustrial situation.
Notwithstanding the huge totals of freight car loadings and bank clear- of 1924. In its account of the review, the Bureau
on Feb. 18
ings and other evidences of a greatly enlarged volume of business, the
said:
familiar conservative buying policies still reflect a rather general disposiAn article on the purchasing power of farmers' incomes in the State of
tion to avoid undue risks. Along with this steadying influence is the expectation that the weight of the increased buying power of the farmers as a New York shows that the average labor income was $453 in 1914 and $205
whole will be felt increasingly in the commodity markets, as preparations In 1923. By labor income is meant the amount the farmer receives for his
year's work above all farm expenses, including interest on the capital infor this year's crop advance.
vested, and in addition to the use of his house and farm products. The
Commodity Prices.
difference between the earnings in 1914 and 1923 amounted to a reduction of
The rapid advance in commodity price averages has been checked. The 55% in actual money
and of approximately 70% in the purchasing power
latest index figures of wholesale prices show net advances from the low of the income.
A period of high earnings had prevailed from 1916 to 1919,
points in 1924 ranging from 8% to 13.5%. The rapidity of the upswing which coincided with
the period of price-fixing by the Government, while
since June is comparable to the rise in 1922. The general price level is the later low-income period coincides
with the so-called "period of deflanow practically as high as it has been at any time since the upturn from the tion."
low point reached in 1921.
A study of unemployment in foreign countries shows no new tendency in
After these broad movements a period of greater stability should be wel- the condition of the labor markets
abroad in recent months. Unemployment
comed. Steadiness is especially desirable now in so far as it would repre- had increased in Great
Britain and the countries of northern Europe in the
sent the maintenance of the ordinary relationship between the values of past three or
four months; in Germany and Poland there was a definite imagricultural products on the one hand and industrial commodities on the provement in October; Italy,
Belgium and Czechoslovakia showed no deother.
cided change, although there appeared to be tendencies toward a slightly
For several months after the upturn in prices of farm products last sum- better
condition, while in France there is practically no unemployment.
mer, other prices as a whole continued their decline. Not until November
The progress during the past few years in securing adequate and uniform
did the average for the non-agricultural group record an advance. By
legislation in the different States in the co-operative field is the subject of
that time approximately the usual balance between the two major price
another article. The laws authorizing the formation of credit unions are
groups had been restored.
. The outstanding feature of the movement of raw material prices is the classified and analyzed as are also general co-operative and consumers' laws
and laws governing agricultural associations.
reduced spread in recent months between the relative levels of the highest
During the third quarter of 1924, 270 labor disputes resulting in strikes
and lowest groups, emphasizing the restoration of a better balance in the
and lockouts throughout the country were reported to the Bureau. The strike
price structure. The advances in the latter half of 1924 were greatest for
of 50,000 clothing workers in New York in July was the most important disthe two groups of farm commodities
-but were
-crop and animal products
not confined to these. Forest products began to rise in September and the turbance from the point of numbers involved. A strike of more than 13,000
silk workers in Paterson, N. J., which lasted from Aug. 12 to Dec. 14, and
minerals two months later.
in which the settlement reached was on the basis of a compromise, and a
High Values for Crops.
strike of 12,500 cigar workers in Tampa, Fla., were the only other strikes of
It is significant that the advance in crop values last year, which later large proportions, although there were 23 strikes in which the number inbecame the most conspicuous aspect of the general price movement, began volved NOB 1,000 or more.
Other sections of the "Review" contain articles on the subjects of industrial relations and labor conditions, prices and cost of living, wages and
hours of labor, labor agreements, employment and unemployment, housing,
industrial accidents and hygiene, workmen's compensation, labor legislation,
labor organizations and congresses, co-operation, workers' education, conciliation and arbitration, immigration, and factory inspection.
Automobile Production in January.
The Department of Commerce announces January production of motor vehicles as 212,908 passenger cars and 28,004
trucks, of which 204,607 passenger cars and 26,464 trucks
were made in the United States, and 8,301 passenger cars and
1,540 trucks were produced in Canada. This is a big falling
off from January last year, when the product was 293,822
passenger cars and 30,627 trucks. Production is segregated
for the United States and Canada for each month of 1924,
and the combined total for the production of both United
States and Canada is given from July 1921 to December 1923
segregated figures for this period being not yet available.
The table below is based on figures received from 166
manufacturers for recent months, 69 making passenger cars
and 113 making trucks (16 making both passenger cars and
trucks). Data for earlier months include 56 additional
manufacturers now out of business, while January data for
six small firms were not received in time for inclusion in
this report. Figures on truck-production also include fire
apparatus, street sweepers and busses.
AUTOMOBILE PRODUCTION.
(Number of Machines.)
Passenger Cars.
1921.
Total.
January
February
March
April
May
June
July
August
September
October
November
December
169,622
170,317
147,304
136,573
107,618
72,082
1027
THE CHRONICLE
FEB. 281925.]
1922.
Trucks.
1923.
Total.
Total.
84,189 228.860
112,755 260,320
157,839 327,038
202,567 351,622
238,462 358,646
268,501 , 343,985
303.497
228,456
252,795 318,848
190,867 302,340
219,919 338,469
217,953 288,810
210,692 279,882
1923.
1921.
1922.
Total.
Total.
Total.
20,506
10,005
23.283
13,853
20,631 . 36,619
39.641
23,429
45.677
24,880
42,453
26,962
31,703
22,507
32,195
25,273
29,626
19,905
31,515
22.446
29,168
22,522
28,862
20,911
11,489
13,709
14,293
13,460
10,814
8,950
$2 50 a barrel for the same gravity crude, although the
posted price of the major crude oil purchasing companies for
Tonkawa crude is $2 35 a barrel.
A dispatch from Los Angeles late on Feb. 27 said:
What virtually amounts to a lc. cut in gasoline prices has been made!by
Union Oil Co. of California and Associated Oil Co. through discount of
lc. a gallon offered for cash purchase of $5. $10 and $10 coupon books.
Other big operating companies met or will meet the reduction.
Small Increase in Crude Oil Output.
An increase of 12,500 barrels per day in the estimated
crude oil output of the United States was reported by the
American Petroleum Institute for the week ended Feb. 21,
when production reached 1,947,600 barrels, as compared
with 1,935,100 barrels for the preceding week. When compared with the production during the corresponding week of
1924, the current output is an increase of 59,200 barrels per
day. The daily average production east of California for
the latest week was 1,345,800 barrels, as compared with,
1,337,000 barrels the previous week, an increase of 8,800
barrels. California production was 601,800 barrels, as compared with 598,100 barrels; Santa Fe Springs is reported at
48,000 barrels, no change; Long Beach, 116,500 barrels,
no change; Huntington Beach, 41,500 barrels, against
41,000 barrels; Torrance, 40,000 barrels, no change; Dominguez, 51,800 barrels, no change; and Rosecrans, 14,000 barrels, against 10,800 barrels. The following are estimates
of daily average gross production for the weeks indicated:
DAILY AVERAGE PRODUCTION.
50
32
7:
Feb. 21 '25. Feb. 14 '25. Feb. 7 '25. Feb. 20 34.
8
65
40 .10
478,950
483,250
484.200
Oklahoma
81.900
83.950
85.800
Kansas
88,950
87,400
88.050
North Texas
0 00
4 3
155:200
178.050
167,100
69:0 0
154 000
East Central Texas
150
300
West Central Texas_
51.650
48.'800
49.'400
50.050
North Louisiana
119,450
194,250
104.000
,104,600
Arkansas
Gulf Coast and South94,350
124,650
123.350
122,950
west Texas
102,000
98,500
98,000
98,000
Eastern
and
Wyoming, Montana
130.550
87,900
89.10087,350
Colorado
651.350
595.500
598,100
601.800
California
Total
1.947,600
1.935,100
1,941,690
1,888,400
Factory Earnings in New York State Practically
Unchanged in January.
reductions with the completion of the holiday
Trucks.
Seasonal
Passenger Cars.
business and pauses in production for inventories accounted
Canada.
U.S.
Total.
Canada.
U.S.
Total.
to some extent for the decrease of less than one-half of one
1924.
1,725 per cent in factory payrolls in New York State in January.
28.902
30,827
9,841
293,822 283.981
January
1,855
31,101
32,756
12,072
.
343,444 331.372
February
2,007 However, changes in each direction among the industries
34,263
36,270
15,194
357,006 341,812
March
1,900
35,866
37,766
14,448
331,907
346,355
April
took part in the forward movement begun last summer
1,711 which
33,401
35,112
15.921
286,286 270,975
May
912
27.972
28,884
10,757
also important factors. Average weekly earnings were
225,034 214,277
June
1,070 were
26,227 , 25,157
8,619
244,503 235,884
July
858 $28 30, the same as in December, says Industrial Com27.646
28,503
5,436
255,193 249.757
• August
1,323
30,507
31.829
6,588
De263,468 256,880
September
1,239 missioner James A. Hamilton of the New Yprk State
31,094
32,332
6,357
260,845 254,488
October
1,060 partment of Labor, whose statement, made public to-day
28,707
27.786
5,962
204.316
198,354
November
1,670
25.680
27.324
7,200
182,028 174,828
December_
(Feb. 28) is based on reports received from 1,648 factories
17,130
375,426 358,296
117,765
3,262,280 3,144,515
Total
employing more than a half million people, or 40% of the
1925.
1.540
26.464
28,004
8,301
212.908 204,607
January
industrial workers of the State. This list was originally
chosen to give a proportional representation not only to
typical industries but to industrial localities and has been
New Automobile Model and Price Advance.
1914. In his
The H. H.Franklin Mfg. Co. is introducing new Series 11 maintained, practically without change since
says:
models in seven body types. The price of the sedan and review Industrial Commissioner Hamilton upward swing though
Some of the important basic metals continued their
touring models show advances of $350 and $700. The coupe downward tendencies in the railroad equipment and repair shops tended
shows a reduction of $50. Prices f. o. b. factory compared to offset these. The textile industry continued to improve though there
was a net decrease in the knit goods group. The clothing trades showed
with corresponding Series 10-c models are:
in men's clothing and milliner".
Total
9 221 00k
Q In° 00,
OMQ 191
201 0.111
Old Price. their usual seasonal gains, most marked
in the women's cloak,
$2,850 though wage payments also increased by $32,000
1.950 suit and dress industry.
the
*
A marked curtailment of activity in the brick yards reporting to
in payrolls and
2,750 State resulted in more than the usual seasonal decrease
earnings in the building trades.
*
•
Little Change in „Earnings of Men and Women.
•
,
Men in the reporting factories averaged $31 37 in January as compared
slight
with $31 50 in December and $31 52 a year ago. In spite of this
men in the separate ingeneral decrease there were important gains for
apparatus shops, shoe factories
dustries.
Fewer Changes in Price Occur in Petroleum Markets. and thb The improvement in heating
women's clothing industry resulted in higher earnings for their
With few exceptions quiet prevailed in the markets for men employees. Woolen mills also showed gains. The most serious
where workers averworkers
both crude oil and gasoline during the week ending Feb. 27, decreases came to metal$1 below in the railroad shops
last December.
aged $31 50, more than
no price changes of note taking place. Two small advances,
There was practically no change in the earnings of women in January
Average earnings
the first of lc. per gallon in the tank wagon price of gasoline, though they were nearly 50 cents higher than a year ago. the sewing trades
in
January 1925.
announced by the Continental Oil Co. to take effect through- were $17 14 in seasonal activityIncreases appeared usual reductions at
evident. The
was
where growing
out its territory on Feb. 26, and the second, that of le. per this season occurred in the leather goods trade, and shirt and collar workers
of the
both retail and wholesale, established by the Stand- averaged less. Women employed in brass goods factories, one smaller,
gallon,
importance in the employment of women, received a
metals
ard Oil Co. of Kentucky in Alabama, Georgia, Florida, averageof
wage than in December.
Model.
Sedan
Touring
Sport sedan
Coupe
Sport runabout
Limousine
Cabriolet
* No corresponding model.
New Price.
$3,200
2,650
3,350
2,700
2,800
3,500
4,400
Mississippi and Kentucky on Feb.27, were each in the nature
More Wage Rate Changes.
as
of bringing prices up to the level posted by competitors.
Wage rate changes were in excess of December when there were 12
A single advance in crude oil was noted when on Feb. 27 compared with 33 in January. Over 6,000 workers were affected-4,0b0
increases. Operatives in the tettEe
the Tonkawa Petroleum Corp. of Tulsa, Okla., advanced its by rate reductions and 2.000 by rate given cuts ranging from 8 to-15%
mills, mainly cotton and knitting, were
price of its Tonkawa high-gravity crude to $2 65 a barrel, of their wages. A few metals and -brick yards made reductions. The
which is within 10e. of the highest price paid for this grade chief wage increase was in railroad repair shops and came with a decrease
refineries are paying In employment.
of oil. The Champlin and Tholene
1028
•
THE CHRONICLE
Binghamton, Utica and Rochester Report Varying Gains in Payrolls.
Binghamton reported a 3% increase in total wage payments as the shoe
factories of the district made substantial additions to their payrolls. Earn
tugs rose from $26 05 in December to $26 40 in January. This was more
than $2.50 above a year ago.
There were slight reductions in wood products and metals but tobacco
was the only industry reporting decided curtailment of activity with a 9%
reduction in pay-rolls.
A tise in earnings in the textile mills was responsible for a 3% increase
in payrolls in the Utica district. Copper continued to improve and stamped
Ware and heating apparatus plants made good gains. In the latter industry
workers averaged $2 80 more than last month.
• Increased activity in the men's clothing industry was mainly responsible
for Rochester's gain of over 1% in payrolls. Shoe factories in this district
also made considerable additions to payrolls and average earnings in both
these groups went up over $11. sMetals remained about steady and railroad
repair and equipment shops did not show the losses of other districts. De
tresses were reported by wood manufacturers but chemicals kept even.
[VOL. 120.
AVERAGE WEEKLY EARNINGS JANUARY 1925.
AU Employees Shop Empl.,
Total N. F. Total State.
industry. Men. Women
State. ail/
stone, clay and glass products
$29 37 $37 13 $31 53 $15 49
Miscellaneous stone and mineral products
33 43 49 12 40 42
__
Lime, cement and plaster
31 79 32 64 31 59 1976
_Brick, tile and pottery
24 16 30 56 25 00 1560
Glass
28 48 32 46 31 13 14 01
Metals, machinery and conveyances
30 42 29 44 31 40 17 87
Gold,silver and precious stones
29 05 31 14 32 79 17 35
Brass, copper, aluminum, Ac
28 17 27 39 29 56 17 31
Pig iron and rolling mill products
33 86
__ 34 63 21 19
Structural and architectural ironwork
32 91 3677 30 66
_•
Sheet metal work and hardware
28 54 26 84 31 19 15 95
Firearms, tools and cutlery
25 61
*
26 50 14 54
Cooking, heating and ventilating apparatus
34 32 32 02 34 39 •
Machinery (including electrical apparatus)
30 70 30 04 31 09 18 92
Automobiles, carriages and aeroplanes
31 34 34 72 30 96 19 75
Cars, locomotives and railroad repair shops
31 59 32 78 31 53 22 38
Boat and ship building
30 36 30 73 29 98
Instniments and appliances
26 93 27 20 29 62 16 69
Wood manufactures
28 26 29 10 29 80 15 79
Sawmill and planing mill products
28 14 30 10 27 93 13 19
Furniture and cabinet work
28 74 33 47 29 65 14 86
Pianos, organs and other musical instruments
30 65 32 16 32 42 17 32
Miscellaneous wood and allied products
24 80 22 97 28 92 15 17
Furs, leather and rubber goods
25 78 27 66 26 80 15 98
Leather
24 23 ____ 25 73 14 45
Furs and fur goods
32 77 32 77 32 59 22 84
Boots and sheies
26 01 27 77 25 76 16 47
Miscellaneous leather and canvas goods
25 00 29 42 28 11 13 69
Rubber and gutta percba goods
25 84 25 05 27 77 17 46
Pearl, horn, bone, celluloid, hair, dm,
22 93 24 12 25 95 14 46
Chemicals, oils, paints, As
28 88 27 66 31 88 18 11
Drugs and chemicals
28 61 22 73 31 02 16 04
Paints, dyes and colors
27 02 27 72 27 26 15 55
Animal and mineral oil products
28 29 29 50 31 32 16 19
Miscellaneous chemical products
30 46 29 24 34 29 19 84
Paper
28 98
'
4
28 62 14 76
Printing and paper goods
34 29 36 80 39 79 18 16
Paper boxes and tubes
24 86 26 41 28 15 16 60
Miscellaneous paper goods
26 05 27 64 26 66 16 05
Printing and book making
37 34 39 82 41 72 19 06
Textiles
22 67 23 72 27 43 15 95
Silk and silk goods
20 55 2200 28 57 14 70
Wool manufactures
25 86
*
29 52 16 62
Cotton goods
21 82 ____ 21 80 15 42
Cotton and woolen hosiery and knit goods
19 00
*
26 84 15 67
Other textiles and allied products
24 14 24 92 27 59 17 03
Clothing, millinery, laundering, ea
25 49 29 39 33 20 17 45
Men's clothing
28 18 32 13 29 811 15 77
Men's shirts and furnishings
18 01 26 11 27 97 14 36
Women's clothing
33 93 35 58 46 26 24 97
Women's underwear and furnishings
21 20 21 99 31 76 19 05
Women's headwear
29 66 29 136 36 92 21 85
Miscellaneous sewing
19 58 20 05 28 24 15 28
Laundering, cleaning, dyeing. Ac
19 49 20 32 28 55 14 96
Food, beverages and tobacco
25 98 26 16 30 34 16 91
Flour, feed, and other cereal products
29 56 29 54 29 80 13 89
Fruit and vegetable canning and preserving
25 22 25 00 28 72 11 93
Groceries not elsewhere classified
29 20 30 42 32 18 14 96
Meat and dairy products
3089 33 69 30 54 17 19
25 89 26 20 30 81 14 11
Bread and other bakery products
Confectionery and lee cream
22 03 22 24 25 99 14 73
33 41 38 04 32 02 1101)
Beverages
20 93 22 17 27 97 20 33
Cigars and other tobacco products
34 15 34 28 33 72
•
Water, light and power
.Metals and Clothing Important in Syracuse Gain.
An increase of over $12,000 in payrolls of machinery and automobile
plants in Syracuse accounted for much of its 3% gain over December.
Average earnings in the latter wore $30 30 while they were $29 70 In De•eielnber. Seasonal gainti In the men's and other clothing factories were also
important. Men's clothing workers averaged $2 a week more than they
sdid in December. Shoe factories, differing from the Binghamton district.
reported a marked falling off in payrolls and earnings. Chemicals were
a little above the December level.
Railroad Shop Reductions Affect Capitol District.
Factory payrolls in the Capitol district were 5% lower in January than
in the preceding month. This reduced earnings 75 cents.
The chief reduction was in railroad equipment and repair shops. Earnings rose from $26 80 to $28 40 in the steel mills and other metals held their
'own. Knitting mills were less busy and collar workers earned $1 lass
than the previous month. The average wage in printing was also lower.
Scattered Increases Throughout Metals in Buffalo.
Factory wages in Buffalo district rose slightly although employment
showed little change from December to January. Earnings averaged
$30 85. Payrolls in almost all the metal industries were higher, but the
25% gain in heating apparatus shops followed a heavy reduction the preending month. Railroad equipment and repair shops were Important
exceptions to the increases. Here payrolls dropped 11%.
The drop in household chemicals and wood manufactures was seasonal.
Earnings in meat packing plants were $2 lower than in December.
Decrease After Holidays in New York City.
- The loss of 1% in New York City payrolls paralleled the reduction in
-employment. The end of the Christmas trade sent payrolls down in
Jewelry shops, piano factories, men's and women's furnishings, candy,
paper and leather goods.
-Longer hours in men's and women's clothing shops sent up earnings.
Poor business conditions in the shoe industry caused payrolls to fall off
in most of the factories.
Earnings rose in most packing houses, while they were lower in railroad
repair shops, copper and brass goods factories. The slight decrease in
$28 29 $29 70 $31 38 $17 16
Total
payrolls in machinery shops only equalled the loss in employment.
*Average seem-1 not computed because number of employees too small
"COURSE OF EMPLOYMENT IN REPRESENTATIVE FACTORIESCommissioner Hamilton's review dealing with factory
JANUARY 1925.
-Percentage of Change from
- employment in January appeared in our issue of Feb. 14,
December 1924. January 1924,
page 760.
EmPayEmPay
fndustryNoyes. rolls. ployes. rolls.
Mona. clay and glass products
-4.6 -3.4 -11.9 -12.5
Lumber Industry Stable.
Miscellaneous atone and mineral products
+1.6 -6.1 -4.1
+2.3
Lime, cement and plaster
-5.9 -3.4 -11.6 -112
by telegraph to the National Lumber ManuReports
Brick,tile and potters'
-14.4 -16.3 -20.1 -28.2
Glass
-1-4.7 -7.9 -5.3 facturers' Association from 362 representative softwood saw+2.0
Metals, machinery and conveyances
-0.3 -1.2
-8.7
Gold, sliver and precious stones
-3.1
-6.2
-6.7 mills distributed over all the great lumbering regions of the
Braes. copper. aluminum. &a
+2.2
-2.0
+1.8
Pig iron and rolling mill products
+6.8
+5.7
+3.9
+3.7 United States indicate that the lumber industry is in a
Structural and architectural iron work
+1.1 -2.6 -10.6 -11.7 stamilized condition at slightly below the normal plane.
'Sheet metal work and hardware
+2.6
+3.5 -9.8 -6.2
Alrearms, tools and cutlery
3.3 -22.1 -23.7 Allowing for a smaller number of reporting mills, the volume
<looking, heating and ventilating appliances.- +3.3 +16.5
+1.9
+4.4
'Machinery (Including electrical aPPllances)
+0.7
+0.9
-6.2 of business for the week ending Feb. 21 was about the same
,Automobiles, carriages and aeroplanes
+1.0 -0.2 -21.1 -21.3
,Cars, locomotives and railroad repair shops.- -7.3 -11.9 -9.8 -11.6 as for the preceding week. Making a similar allowance with
Seats and ship building
16.8 -1.8 -3.9 respect to the corresponding week of 1924, the
two weeks
Instruments and appliances
+0.1
-14.9 -15.8
Wood manufactures
were very near to parity.
Saw mill and planing mill products
-0.1 -1.6 -11.2 -12.0
The unfilled orders of 241 Southern Pine and West Coast
Furniture and cabinet work
+0.6
+0.1
*
+4.4
rPlanoe, organs and other musical instruments -1.4 -4.0 -3.7
2 -1.0 -11.6 -10.5 mills at the end of last week amounted to 632,198,898 feet
'Miscellaneous wood and allied products-1.6 -3.1
Ems, leathers and rubber goods
+1.0 as against 640,190,253 feet for 240 mills the previous week.
-0.3
+1.0
+2.8 -2.1
Leather
-8.4 -23.7
Fur and fur goods
-0.9 the 123 identical Southern Pine mills in this group showed
+1.1
+2.9 -2.8
Boots and sht,es
+3.8
-9.5 -12.2 -12.3 -8.2 unfilled orders of 244,655,754 feet at the end of last week
Miscellaneous leather and canvas goods
+0.6 -3.4
+1.9 -4.8
Rubber and gutta percha goods
and 240,558,354 feet for the same number of mills the pre-39 .
6.7 -3.5
+0.4
Pearl. horn, bone, celluloid, hair, dat
-0.8 -1.1
-6.6 -4.4 ceding week. For 118 West Coast mills the unfilled orders
e3heinicals, oils. paints. etc
+1.8
+2.3 -10.6 -7.3
.Drugs and chemicals
-0.2 --0.8
•
were 387,543,144 feet as against 399,631,899 feet for 117
Paints, dyes and colors
,
-2.7 3.7
Animal and mineral oil products
mills a week earlier.
• -0.1
Miscellaneous chemical products
-0. -11.8 -11.3
5
IPaper
Altogether the 362 comparably reporting mills had ship• +0.
4
Minting and paper goods
-2.9 -3.3
-3.6 ments 98% and orders 93% of actual production. For the
Paper boxes and tubes
-2.7
-2.2
Miscellaneous paper goods
+0
4 1.4
.3
Southern Pine mills these percentages were respectively
+2.
4 1.
4
3
_7.6
Printing sad book making
ll'exttiee
+0.9 -20.6 -16.7 95 and 100, and for the West Coast mills 97 and 91.
+1.4
Silk and silk goods
+3.2
+4.2
+0.4
Wool manufactures
Of the comparably reporting mills, 336 (having a normal
+4.5 +6.5
+3.8
+9.0
'Cotton goods
-11.6 -12.3 production for the week of 211,814,605 feet) reported proCotton and woolen hosiery and knit goods
+1.0 -0.5
+t11:1
+3.8
Other textiles and allied products
+3.3
+0.8
-4.1 duction 99% of normal, shipments 96% and orders 93%
Clothing, millinery, laundering, arc
+5.4 -6.3 -1.3
+3.5
- Men's clothing
-2.0 -8.0 -9.9 -6.0 thereof. The following table compares the national lumber
Men's shirts and furnishings
+8.6 -12.2
+0.4
Women's clothing
movement as reflected by the reporting mills of seven
-3.0 -3.1
+1.9
and furnishings
Women's underwear
-6 6
13.
3
regional associations for the three weeks indicated:
+6.4 +16.8 - .
Women's headwear
Past
Miscellaneous sewing
Corresponding Preceding Week
-3.5
+1.4
+1.7
Week.
Laundering, cleaning. dyeing,fro
Week 1924. 1925 (Revise( -4.2 -2.0 -4.6 -2.4 Mills
374
Food, beverages and tobacco
362
387
+0.7
+0.2
+1.0 Production
+1.2
224,46.3,222
Flour, feed and other cereal products
223,115,900
240,012,157
Shipments
217.985,208
Fruit and vegetable canning and preserving
217,680.804
233.278,281
-2.9 -1.0 Orders (new business)
t
215,753,887
Groceries not elsewhere classified
208,050,531
213,053,950
-3.9
Meat and dairy products
The following revised figures compare the lumber moveIS:1
Bread and other bakery products
+2.2
+2.6 ment
-7.9
Confectionery and ice cream
for the first eight weeks of 1925 with the same period
-2.9 -15.2 --12.7
Beverages
-3.2
of 1924:
Cigars and other tobacco products
+2.2
+4.1
+1.2
+1.8
Water,light and power
Orders.
Production.
Shipments.
1925
1,711.222,431 1,732.043,840 1,646,585.856
--5.6 1924
--0.4
-0.5
Total
1 720,225.211 1,812,855,680 1,878,102,287
•Change of less than 0.05%.
1925 decrease
229,516,411
9.002,780
90,811,840
Voices otherwise indicated, all changes are increases.
THE CHRONICLE
FEB. 28 1925.]
The mills of the California White & Sugar Pine Association
make weekly reports, but for a considerable period they were
not comparable in respect to orders with those of other mills.
Consequently the former are not represented in any of the
foregoing figures. Eleven of these mills reported a cut of
5,229,000 feet, shipments 9,558,000 feet and orders 9,895,000
feet. The reported cut represents 36% of the total of the
California Pine region. As compared with the preceding
week, the cut increased almost 2,000,000 feet, shipments
gained a little and new business decreased over 3,000,000 feet.
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and seventeen mills reporting to West Coast
Lumbermen's Association for the week ending Feb. 14 manufactured 95,608,917 feet of lumber; sold 92,786,333 feet, and
shipped 88,646,111 feet. New business was 3% below production. Shipments were 4% below new business.
Forty-four per cent of all new business taken during the week was for
future water delivery. This amounted to 40,930,880 feet, of which 27,700,441 feet was for domestic cargo delivery and 13,230,439 feet export. New
business by rail amounted to 1,561 cars.
Thirty-seven per cent of the lumber shipments moved by water. This
amounted to 82,830,658 feet, of which 28,960,891 feet moved coastwise
and interooastal and 3,880,267 feet export. Rail shipments totaled 1,693
barl
Local auto and team deliveries totaled 5,025,453 feet.
Unfilled domestic cargo orders totaled 135,929,433 feet. Unfilled export
orders, 114,692,460 feet. Unfilled rail trade orders, 4,967 cars.
In the first seven weeks of the year production reported to West Coast
Lumbermen's Association has been 655,228,426 feet; new business, 609,805,397 feet, and shipments 852,876,669 feet.
1029
transportation system. Fresh inquiries appeared for well over 35,000'tona.
including 14,000 tons for the Philadelphia subways, but not counting a.
vehicular tunnel between Oakland and Alameda in California. A Chicago
& North Western bridge will require 3,000 tons and the McKinney,Steelft
Co. is taking bids on some 5,000 tons for mill buildings.
Automobile steel demand is looking upward, the Ford Motor Co., for
-day-a-week schedule.
-day against the recent 5
example, being now on a 6
Tractor companies are reported operating at the limit of capacity and'
largest outputs in several years.
makers of tillage tools have lately enjoyed
Tentative pipe and tank work in the West includes 1.400 tons at Loveland. Cal., 1,500 tons in Utah. 5.000 at Kansas City and 12,000 tons for
401111
40 tanks for the Standard Oil Co. at Whiting, Ind.
Blue annealed sheets, though demand has been relatively heavy, can be.
Pittsburgh, for second quarter, the current
obtained at a basis of 2.70c.,
market price. Orders for galvanized sheets of the lighter gages for early
shipment have been sought at $2 a ton below the general market level.
of
The abandonment by bolt and nut manufacturers of the system /
quoting delivered prices within certain zone limits and the return to the
three basing points, Pittsburgh. Cleveland and Chicago, will be equivalent.
to an advance in prices if present discounts are adhered to, for, instead of
absorbing freight to destination, the various manufacturers will merely
equalize freights with their closest competitors.
The strength of the Chicago situation is reflected in an advance of bar
Iron from 2c. to 2.10c. One rail steel mill is booked for two months ahead
on double turn operations. Mills are falling behind on deliveries of concrete
reinforcing steel.
The pig iron market drags and in some districts increasing difficulty.
experienced in maintaining prices. Importations from Germany, England
and India the past week amounted to 13,000 tons. Agitation in regard to.
the anti-dumping provision of the tariff may result in a general investigation,
as to prices of foreign grades.
Active competition of cast iron pipe imported from France continues and
Interest has been added to the situation by the City of New York's considering foreign bids on 8,000 to 9,000 tons of water and gas pipe to be awarded
next month.
The German Raw Steel Syndicate has decided to operate at 85% of
capacity in March, compared with 90% in January and February.
For the fourth week in succession the "Iron Age" composite
prices are unchanged, that for pig iron being $22 50 per ton
and that for finished steel 2.546o. per lb. Both are lower
-Their Manufacture, Stocks, &c.
Steel Barrels
than they were either one year ago or two years ago. The
The Department of Commerce announces the following usual comparative price table is as follows:
statistics on steel barrels, including production, shipments,
24 1925, Finished Steel, 2.546e. Per 1.9.
stocks and unfilled orders, based on reports received from 30 Based on pricesFeb. bars, beams, tank Feb. 17 1925
2.54ee.
of steel
2.560e.
plates, plain wire, open-hearth rails, Jan. 27 1925
1925, with
establishments, operating 35 plants, for January
2.775e.
black pipe and black sheets,constituting Feb. 26 1924
-year pre-war average, 1.689e.
10
88% of the United States output
comparative figures by months for 1924:
PRODUCTION, SHIPMENTS, STOCKS AND UNFILLED ORDERS.
Year and Month.
1925.
,
Januar)
1924.
December
November
October
September
August
July
June-
May
AprU
Maroh
February
Number
Establishments
Reporting.
MenuStocks
First faaured
During
of
Month. Month.
Shipped
During
Month.
Stocks
End
of
Month.
Unfilled
Orders
End of
Month.
54,190
420,127 415,040
59,277 1,374,247
30
31)
30
30
29
29
29
29
29
46,954
47.826
41,577
45.429
47.629
56.490
46,555
53,571
57.072
57.350
49.109
413,785
391,401
447,900
385,212
396.112
398,397
385.155
418,381
416.628
394.478
370,988
407,474
389,230
441,851
389.064
398.312
407.258
382,550
425.397
420,129
394,756
382.725
20
AS AAR
207 1510
MR AAR
53,265 1,586,034
49,797 1,230.808
47,626 682,533
41,577 905,870
45,429 715,480
47,629 519,034
49,160 • 421.870
46.555 582,022
53.571 614.102
57,072 601,663
57,350 608,660
49.109 615.485
30
80
se
Inamitry
Total unfilled orders on hand at the end of the month
are divided as follows:
-For Delivery
-For Delivery
Beyond
within
Within
Beyond
30 Days.
Year and Month.30 Days.
and Month. 30 Days.
30 Days.
Year
444,107
-October _ _ _238,426
-January __ _345,696
1,028,551 1924
1925
687,040
September. 218,830
1924
-December -312,502
1,273,532
514,349
201.131
August
November._549,188
681,820
Steel Operations Maintained at About Same Level
Pig Iron Market Dull.
Production of steel in the Pittsburgh area continues at
85% of capacity and at Chicago at close to 100%, according
to the survey by the "Iron Age" this week. As the West
can absorb twice the output of the plants of that region, it
is not so surprising that bookings, as, for example, bars,
are in excess of three months' output, but that the East
can maintain its pace when it is making 2% to 3 times as
much steel is indirect evidence of the steady flow of specifications on contracts. There is no evidence of stock accumulation except in jobbers' hands,continues the "Age," adding:
Feb. 24 1925, Pig Iron, $22 50 per Gross Ton.
$22
Based on average of basic and foundry Feb. 17 1925
22
irons, the basic being Valley quotation. Jan. 27 1925
22
the foundry an average of Chicago, Feb. 26 1924
10-year pre-war average, 15
Philadelphia and Birmingham.
Finished Steel.
-High: 1925, 2.560c., Jan. 6; 1924. 2.789c., Jan. 15:
1923. 2.824c., April 24. Low: 1925. 2.546c.. Feb. 3; 1924, Oct. 14; 1923.
2.446c., Jan. 2.
-High: 1925, $22 50, Jan. 13; $22 88, Feb. 26: $30 88. March
Pig Iron.
20. Low:1925.$22 25. Jan.6;1924,$19 21,Nov.3; 1923,$20 77,Nov.20.
Liberal specifications and fair new business sustain the
steel mills at a high level, states the "Iron Trade Review"
in its issue of Feb. 26. Signs of an increase in volume of
spring orders is looked for, as the industry is now more
dependent than usual on incoming week-to-week tonnage,
observes the "Review," giving further detail as follows:
Steel producers generally find difficulty in building up backlogs of business, but a liberal run of specifications plus a fair amount of new tonnage
still is sufficient to keep production in high gear. Fresh buying is beginning to show more signs of stirring as spring approaches and the volume
into which it may develop becomes a matter of immediate importance now
that first-quarter contracts are nearing termination. The position of Chicago mills remains better than the average since they have accumulated
a several months' order book and continue to maintain it in the face of
heavy production. Partially because of the large business of its Chicago.
subsidiary and ether factors, the Steal Corporation is able to make a better
showing on its bookings than the independent companies.
Operations, after having yielded slightly from the recent topmost leveL
are substantially unchanged this week. The Steel Corporation is running
at 9334% of ingot capacity compared with a high rate of 95% two weeks
ago. Independent plants are 80% active, making the average for the genoral industry 88%. Chicago, the strongest point, still is maintaining
100% production. Valley sheet mills are 86% active this week, a gain of
2%. Wage conditions still keep the coke situation confused and buyers
are waiting until the air is cleared. Some producers are putting it up to.
the workmen that insistence on the present scale moans shutdowns. There
is no general sentiment for going back to the 1917 basis.
The railroads are pressing the mills for rails and track fastenings on order.
but are placing new requirements deliberately. The Rock Island bought.
1.600 cars and the week's orders in locomotives total 50. The New York
Central has exercised its full option for rails, taking the total originally
closed last October. 184,650 tons. The Baltimore & Ohio bought 1,000,0(1)
tie plates. The Illinois Central has put out its largest machine tool Use
Generally, some Inroads are being made on unfilled orders. Except in in several years.
The automobile industry, buying in piecemeal fashion and apparently
the case of producers making one class of steel, this is causing little concern.
gather in some tonnage
Early developments are expected to define the course of the market for the gunning for price concessions, has been able to
below the general quotations, especially in sheets. Full finished sheets
next few months.
available freely at
In the East large mills have shown a willingness to enter forward business, quoted at 4.75c., Pittsburgh, for second quarter are
quarter has gone
while in the West neither producer nor consumer has moved much in this 4.60c. for April delivery. At least one lot for second
attractive extras were sold
direction. In the one case, tonnage is sought to maintain satisfactory well under that figure. Black shoots carrying
or lower.
operation*. In the other, the seller sees a good market ahead and the buyer to the automobile trade within the week at 3.40c.. Pittsburgh,
-day week and gains by
Motor Co. going on a 6
a ready supply. It was chiefly in the East that prior to the advance early Detroit reports the Ford
Chevrolet.
this month customers were given an opportunity to get under cover for Studebaker, Buick and
The "Iron Trade Review" composite of 14 leading iron and steel producte
the second quarter.
of railroad business this year are helped by fell again slightly this week to $41 02. Last week it was $41 06 and twe
Expectations of a large share
an option on 31.390 tons additional weeks ago $41 21.
the New York Central's exercising
Bethlehem, Inland, and Carnegie steel
Pig iron remains dull and inactive. A steel-making interest is offering
of rails, placed with the Illinois,
foundry. A sale of basic at Pittsburgh wen*
companies. About 40 locomotives were bought, the Baldwin company Iron at $22. Valley, for No. 2
for the Denver & Rio at $21 50, Valley. New York with 25,000 tons brought the week's strtnito build 20 for the St. Louis-San Francisco and 10
were for the Rock Island. The tural steel lettings to 47.824 tens, which is beyond the 1925 weekly average
(irande. Of 1,800 cars ordered, 1,600
work at New York contributed 8,300 tons for subways
Baltimore & Ohio divided 6,000 tons of tie plates among Pittsburgh and to date. Municipal
and 7,000 tons for a repair station. For Philadelphia subways 14,000 tone
Eastern makers.
pipe lines are more numerous. Four for Western
Expansion in structural steel demand is indicated in reports of bookings additional is up. Riveted
the New York City Points call for 8,200 tons with one Eastern job 1.300 tens awarded.
calling for 40,000 tons. Over 15,000 tons of this is for
1130
THE CHRONICLE
Soriza bttsinekS fs-beitielThit'tt 1;114'higiler"PPIcesi48leca for-plategrAsPes
••• and -bars, but ibis hiet=ireeytoreittablisliecnbelharkeit fed' Diebulleof the
• 40iitiake still is teibitfrratiffr-kirtici.ettdritig'inittr contraota aYe been ex.- -tended through Mardi
jr this adVairee
ITOVeinberNet- and
.bolt prices are annOtificed ag - Unehabged."for.
seeond -qtrarter.' ''NutS and
bolts now are based - at Fittaburgli:'Chicago and Cleveland, the former
.
•Method of the price at Producer's plant with freight allowance, having
-been dropped.
Several large consumers have increased iron ore allotments under long- term contracts, inVOlvfng in all about 500,000 tons. Ore prices still are
.to be named.
7 • Last week's upturn in scrap prices at Chicago was short-lived, being
' Succeeded this week there and in other centres with renewed weakness
and stagnant trading.
in tonnage. Stocks of pig iron anticoke showed increases but supplies of
scrap were smaller than they were in December.
IRON FOUNDRY. OPERATIONS.
Third Federal Reserve District.
'Growing Activity in the Cotton Spinning Industry
The Figures for January 1925.
The Department of Commerce announced on Feb. 21
that, according to preliminary figures compiled by the
-Bureau of the Census, 37,866,066 cotton-spinning spindles
were in place in the United States on Jan. 31 1925, of which
3'3,180,758 were operated at some time during the month,
compared with 32,661,949 for December, 31,789,876 for
November, 31,0T8,804 for October, 30,122,384 for September, 28,945,603 for August, and 33,279,926 for January
1924. The aggregate number of active spindle-hours reported for the month was 8,493,240,466. During January
the normal time of operation was 263' days (allowance being
.made for the observance of New Year's Day in some localities)
compared with 26 days for December, 243 days for November 263 for October, 253/i for September, and 26 for
4
August. Based on activity of 8.78 hours per day, the
average number of spindles operated during January was
36,503,376 or at 96.4% capacity on a single-shift basis.
This percentage compares with 90.4 for December, 87.5 for
November, 85.4 for October, 76.1 for September, 62.8 for
August, and 95.5 for January 1924. The average number
of active spindle-hours per spindle in place for the month
was 224. 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,
iire shown in the following statement:
Spinning Spindles.
State.
In Place
Jan. 31,
Active
During
January.
Active Spindle Hrs. for Jan.
Total.
Average per
Spindle in
Place.
United States
37,866,066 33,180,758 8,493,240,466
224
Cotton-growing States
New England States
All other States
17.406,314 16,965,378 5,230,841,629
18,531,022 14,600,572 2,919,196,044
1.982.730 1,614,803 343,202,793
302
158
178
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhohe Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,399,989
1,270,740
2,822,762
1,134,824
11,740,238
1,448,406
443,618
997,950
5,964,960
192,310
2.792.006
5,295,949
453,184
226,676
707.314
975,140
1,342,052 401,951,810
1,148,442 228.593,374
2,743,666 809,511,875
1,103,954 213,780,994
8,825,996 1,707,627,590
1,061,872 237.927.730
405,078
62,976,530
832,682 197,383,815
5,833,102 1,896,203,852
133,722
27,872,787
2.323.276 507,032,852
5,254.642 1,664,881,524
439,932 123,646,408
212,660
58,483,220
690,354 153,955,561
829.418 201,410,544
287
180
287
'188
145
164
142
198
318
145
182
314
273
258
281
207
Advance Report by Federal Reserve Bank of Philadelphia on Steel and Iron Foundry Operations in
January.
The Department of Statistics and Research of the Federal
.'Reserve Bank of Philadelphia in its usual monthly statement
furnishing an advance report on steel and iron foundry operations in the Federal Reserve District of Philadelphia has
the following to say on Feb. 26:
Owing to the temporary closing of one of the steel plants from which we
receive monthly reports, the following operating data are prepared from the
returns of five identical firms instead of the usual six steel foundries located
In this district. It will be noted in the table below that during January
production declined somewhat. On the other hand, shipments, both in
value and in tonnage, increased. The greatest gain occurred in stocks of
pig iron, while the greatest decline was reported in supplies of coke. The
five reporting foundries have a combined steel-making capacity of 6,050
tons per month.
STEEL FOUNDRY OPERATIONS.
Third Federal Reserve District.
December.
Per Cent
January,
Change.
1924.
1925.
Capacity of furnaces
6.080 tons
0
6.050 tons
Production
4.433 "
-9.7
4,002 "
Shipments
3,130 "
+14.6
3,588 "
Value ofshipments
$491,759
+12.8
$554,882
Unfilled orders
.4,680 tons
+3.6
4,850 tons
Value of unfilled orders
$1,223,924
-2.6
$1,102,593
Raw stock:
Pig iron
1,974 tons +31.0
2.686 tons
Scrap
-1.5
10.102 "
9,952 "
Coke
782 " -27.5
567 "
The table below includes the main operating items of 30 iron foundries in
this district, whose combined iron-making capacity totals 11,665 tons per
month. It will be noted that output of both malleable and gray iron cast,.
lags was somewhat greater during January than in the preceding month.
On the other hand,shipments and unfilled orders declined both in value and
4iiroL. 120.
January.
11,665 tons
5,015 "
574 "
4,441 "
2,754 "
6.687 "
3,568 "
$522,825
2,828 tons
$478,964
December.
11.665 tons
4,711 "
558 "
4,153 "
2,806 "
1,347 "
4,078 "
$612,088
3,078 tons
$558,812
Per Cent
Change.
0%
+6.5
+2.9
+8.9
-1.
9
+25.2
-12.7
-14.6
-8.1
-14.3
6,347 tons
3,023 "
2,071 "
Capacity of furnaces
Production
Malleable iron
Gray iron
Jobbing
For further manufacture
Shipments
Value of shipments
Unfilled orders
Value of unfilled orders
Raw stock:
Pig iron
Scrap
Coke
5.985 tons
3.119 "
1.910 "
+6.0
-3.1
+8.4
Cottonseed Production During January.
On Feb. 20 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand and exported, covering the six months' period ended
Jan. 31 1925 and 1924:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
Received at Mills..
Crushed.
On Hant attifills.
State.
Aug. lie Jan. 31. Aug. 1 to Jan. 31.
Jan. 31.
1925.
1924.
1925.
1924.
1924.
1925.
United States
4,126,1862,974,808 3,242,325 2,402,545
898,871
578,
378
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
206,283 107,411 178,521
287,791 157,780 229,900
341,292 184,596 286,029
145,303 107,283 127,759
399,441 230,037 308,696
238,141 274,048 191,688
422,136 209,819 278,242
192,086 163,211 169,847
241,711 151,640 187,459
1,451,175 1,259,139 1,123,799
200 827 120 R44 inn RAS
29,051
57,941
59,179
17,544
91,497
46,805
144,133
22,870
54,903
331,594
An 1 sA
12,688
19,202
23,119
19,255
44,760
53,542
39,825
21.306
22,148
302,448
on num
95,175
139,162
162,397
88.032
185,775
220,802
170,193
142,544
128,185
964,822
Ins A xsa
•Includes seed destroyed at mills but not 21,711 tons and
2,786 tons on hand
Aug.1,IlOr 78,651 tons and 81,750 tons reshipped for 1925 and 1924, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED
OUT AND ON
HAND.
NOY
ir,
•
Item.
Season.
IF
On Hand
Aug. 1.
Produced
Aug. 1 to
Jan. 31.
Shipped Out
Aug. 1 to
Jan. 31.
On Hand
Jan. 31.
Crude oil (pounds)__ 1924-25 *4,052.703 971,257,902 881,582,300 *120,997,033
1923-24
5,103,348 707.186,043 599.925,651 135,934,532
Refined oil (pounds) 1924-25 al06,799,632 b766,328,973
0303,506,502
1923-24 138,112,489 506,430,300
175,310,671
Cake & meal (tons). 1924-25
41,620
1,480,358
1,327,044
194,934
1923-24
49,766
1,099,755
930,087
219,434
Huns(tons)
1924-25
33,515
924,841
745.509
212,847
1923-24
15,615
682,150
533,238
164,527
Linters(500-II/bales) 1924-25
53,410
619,536
504.170
168,776
1923-24
27,565
487.036
346.311
168,290
Hull fiber (500-1b. 1924-25
49,012
36,894
12,118
1923-24
7,265
bales)
15,614
17,399
5,480
Grabbots, motes,gce. 1924-25
4,644
19,487
15,556
8,575
1 AAA_ M. hola,
10.1R-0A
1 ens
Is cn9
in Q/17
A "MA
* Includes 1,137,689 and 5.890,857 pounds held by refining and manufacturing
establishments and 302,000 and 22,817,560 pounds In transit to refiners and consumers Aug. 1 1924 and Jan. 311925. respectivelY.
a Includes 3,406,674 and 8,683,496 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments
and 7,970,451 and 6,941,460 pounds in transit to manufacturers of lard substitutes,
oleomargarine, soap. 22e.. Aug. 1 1924 and Jan. 311925, respectively.
Produced from 832,984,777 pounds crude oil.
EXPORTS OF COTTONSEED OIL FOR SIX MONTHS ENDING JAN. 31.
/tan1925.
1924.
-Crude
Oil
Pounds.13,778,882
15,790,246
Refined
pounds _18,374,635
7,898,879
Cake and meal
tons_ 320,439
76,753
Linters
running bales_
77,942
35,675
Bituminous Coal Market Weakens
-Anthracite Dull
Prices Decline Slightly.
"Everything, especially the weather, is making it too hot
for the bituminous coal trade. Last week's halt in the downward tendency was only temporaty, for with the almost
general prevalence of unseasonably warm weather the market has again weakened to such an extent that the trade is
in the dumps," declares the "Coal Age" of New York, in
its weekly market review of Feb. 26 which reads as follows:
Selling of distress coal at sacrifice prices is common. Domestic
business
Is so slow in the Middle West that those sizes have backed up all around,
causing a further curtailment in working time. While this has
caused
a nominal improvement in screenings it has not been sufficient to
make
it worth while to crush lump. Steam coal is moving in only moderate
volume and competition is so keen that nobody is making any
money. In
some of the Illinois fields the working time is so curtailed that miners are
leaving for the non-union fields of western Kentucky.
Conditions in Kentucky markets have not improved to any
appreciable
extent, plenty of unsold coal cluttering the tracks at mines, although
production has been cut down. A good deal of coal is being offered in eastern
Kentucky at less than market figures, though screenings are a little stiffer.
Reduced demand and lower prices for smokeless in the West have caused
a decllne in output to about 900,000 tons a week in the smokeless fields.
West Virginia high-volatile coals are in even worse shape, as demand for all
grades is meager in comparison with output.
Trade is quite brisk in Duluth, a taste of cold weather having revived interest. A revised price circular just issued shows strength in quotations,
especially in screenings, and no cuts are expected any time soon. Business
at Milwaukee, on the other hand, is about as dull as in most of the other
markets.
The atmosphere of the Cincinnati trade is of a slightly lighter shade of
blue, for though there are no signs of anything approaching vim in the market, "bargain" sales are less numerous, due to a letup in the volume of
coal
from the mines that threatened to bury everyone. Conditions in Columbus
FEB. 281925.]
1031
THE CHRONICLE
Preliminary telegraphic reports on the number of cars loaded daily show
a loss of nearly 5,900 cars on the first two days of the week of Feb. 16-21
as compared with the corresponding days last week. A corresponding decrease during the remainder of the week would carry the total output down
to about the 9,000,000-ton level.
Estimated United States Production of Bituminous Coal (Net Tons).
(Including Coal Coked.)
1923-1924
1924-1925-Coal Year
Coal Year
to Date.b
Week.
to Dale.
Week.
11,716,000 474,052.000
11,073,000 394,315,000
Jan. 31
expand.
1.852,000
1,953,000
1,537.000
1.846.000
Daily average
temperature has taken all the life out
The continuance of extremely mild
10,910,000 405,225.000 11,891.000 485,943,000
Feb. 7c
1.855.000'
1.982,000
of the hard-coal trade, demand having petered out to hand-to-mouth or1,543,000
1,818,000
Daily average
9,745,000 414,970,000 11,528,000 497.471,000
dering. Chestnut still has the best call, followed by nut, but egg is in fair Feb. 14 d
1,856.000
1.921.000
1.545.000
1,624,000
Daily average
request and occasional orders for broken are coming in. Pea is slow. Steam
a Original estimates corrected for usual error, which in past has averaged
demand, though the one company
edges are in fair shape, barley leading in
b Minus one day's production in April to equalize number of days in
2%.
making birdseyo notes considerable activity in that size on contracts. the two years. c Revised sicne last report. d Subject to revision.
Some of the smaller mines have closed because of lack of orders.
Production of soft coal during the first 269 working days of the coal year
The "Coal Age" index of spot prices of bituminous coal slipped slightly, 1924-1925 was 414,970,000 net tons. In the six preceding years it was as
corresponding price being follows:
standing on Feb. 23 at slightly under 168, the
$2.03.
Years of Depression.
Years of Activity.
428,500,000 net tons
Dumpings of coal for all accounts at Hampton Roads in the week ended 1918-19
503,360,000 net tons 1919-20
375,811,000 net tons
487,395,000 net tons 1921-22
Feb. 19 totaled 424,295 net tons, compared with 324.260 tons in the pre- 1920-21
366,186,000 net tons
497,471,000 net tons 1922-23
1923-24
vious week.
Thus it is seen that with but six weeks remaining the coal year 1924-25
Reports from the various mining and coal consuming stands 81 million tons behind the average of the three years of activity and
centers indicate a further dropping off in production and de- about 25 million tons ahead of the years of depression. Compared with the
million tons behind.
mand with the exception of a few localities. The Superior- average of the six years, it stands about 28
ANTHRACITE.
feeding the Northwest, is still the leader in
Duluth section,
Like soft coal, the production of anthracite declined in the week ended
activity and reports from there indicate that there will be
Feb. 14, but not so sharply. The total output for the week is now estimated
less than a million tons of soft coal left on the docks at the at 1,824,000 net tons, a decrease of 85,000 tons. In the corresponding week
opening of navigation next spring declares the "Coal Trade of 1924 the output was 1,900,000 tons.
Cumulative production during the present coal year to date (April 1 1924Journal" in its market summary issued Feb. 25, portions of
Feb. 14 1925) stands at 77,707,000 tons, as against 80,208,000 tons in the
which we reprint herewith:
corresponding period of the coal year 1923-24. Thus it is seen that with
Large tonnages of Pocahontas are still being received by all-rail route to but six weeks remaining the present coal year stands approximately two and
take care of contracts. Bituminous slack is scarce and prices were raised on a half million tons behind.
Feb 18. Orders have increased during the last few days but these are all
Estimated United States Production of Anthracite (Net Tons).
1923-1924
for spot coal, as contracting does not start in earnest until about May 1st.
1924-1925Coal Year
Coal Year
no improvement in volume of sales or price in bituminous
Buffalo reports
to Date.
Week.
to Date.
Week.
Week Endedanthracite or coke. Both Toronto and Montreal report a draggy market
76.402,000
1,893.000
79,974,000
1,730.000
Jan. 31
In all classes of fuels, duo to the continued mild weather and large stocks
78.308,000
1,906.000
75,883,0(0
1,909.000
Feb. 7
80.208,000
1.900,000
being carried locally. Bituminous consumers in Detroit are buying very Feb. 14 b
77,707,000
1.824,000
number of
a Minus one day's production in first week of April to equalize
cautiously and taking no chance of overstocking. Domestic sizes are slow
days covered in the two years. b Subject to revision.
on account of the warm weather.
BEEHIVE COKE.
At Boston and Providence the bituminous tidewater demand is dull and
prices lower, while all-rail bituminous is still dormant. Anthracite is very
The production of beehive coke in the week ended Feb. 14 fell short of the
New York record for the preceding week. The total estimated output is now placed at
inactive and setter in price. The market has disappeared in
for both hard and soft coals and anthracite prices are off about 25c in con- 264,000 net tons, a decrease of 12,000 tons. The principal losses occurred in
sequence. The bituminous market continues quiet in Philadelphia but Pennsylvania and West Virginia. Production in the group of four Southern
anthracite is still in very fair demand. Stove and pea are in less demand States was decidedly improved. According to the Connellsville "Courier,"
making egg and nut the leaders at present. Of course, demand in both do- production in the Connellsville region dropped back to 193,890 tons. The
mestic and steam sizes is slightly off due to the high temperatures prevail- "Courier" attributed the decrease to a curtailment in running time at many
ing. At Baltimore export continues dull with no price changes and nothing ovens and a reduction of 133 in the number of ovens in blast.
of importance to report in hard coal circles. Stocks on the piers are pretty
Estimated Production of Beehive Coke (Net Tons).
1924
1925
Week Ended
well down. At Hampton Roads the movement over the piers last week was
Feb. 7 Feb. 16
Feb. 14
this, stocks have increased
the heaviest in some weeks, but, in spite of
Date.a
Date.
1924.
1925.c
1925.b
movement of vessels, and this situation will take
due to the fog's delaying
Pennsylvania and Ohio_ - _ _204,000 218,000 233.000 1,353.000 1,401,000
99.000
85.000
some time to clear up.
12,000 14,000 17,000
West Virginia
153,000 121,000
Columbus reports that there has been a material dropping off in activity Ala.. Ky., Tenn. & Georgia 30,000 25,000 22,000
58,000
63.000
10.000 10,000 10,000
and the Ohio coal trade is probably experiencing the dullest period In several Virginia
36.000
27,000
4,000 6,000
4,000
Colorado & New Mexico
28,000
years. Prices are irregular. In Cincinnati the market is still stagnant with Washington and Utah
30,000
5.000
5,000
4.000
no demand and large oversupply. Transportation is good but loadings
264,000 276,000 293.000 1.711,000 1.743,000
United States total
small. Prices have softened materially but this seems to make no differ45.000
44,000
44,000 46.000 49,000
ence in the general conditions as consumers are not interested at any price. Daily average make comparable the number of days covered in both years.
a Afjusted to
The market is much depressed and there are large tonnages of distress I, Subject to revision. c Revised from last report.
coal available at Louisville, all of which keeps the prices down. Steam and
Cumulative production of beehive coke during 1925 to Feb. 14 stood at
railroad buying are fairly good but domestic demand is off on account of at 1,711,000 net tons. Figures for similar periods in earlier years are as
the weather. The West Virginia high and low volatile markets are soft on follows:
account of the mild weather and excess stocks in most of the large consum2,410.000 net tons
1.637,000 net tons[1923
ing centers. Kanawha and Logan production is only slightly curtailed but 1921
1,743,000 net tons
839,000 net tons 1924
1922
"no market" losses are increasing. The same is true of the New River and
Winding Gulf territories. In the Upper Potomac and western Maryland
Anthracite During
sections production is slightly in excess of demand so there has been a slight Production of Bituminous Coal and
curtailment, though the production is still running over that of 1924.
Month of January.
The buying is limited to domestic markets as export is light. Virginia rePreliminary estimates by the United States Geological
ports that both market and production are good although car and labor shortage cut down the output somewhat. There is no increase in coke production. Survey place the total output of soft coal in January at
There is no improvement in the Fairmont district. The spot business is
net tons, an increase over the figure for Elecember
limited and prices are unchanged. There have been no new railroad con- 51,914,000
January 1924
tracts put through since that of the N. Y., N. H. & H. some time ago. of 5,686,000 tons. With the single exception of
The district is working more and more nonunion. The general tone in the this is the largest January output on record. The production
central Pennsylvania district is not as good as it was a week ago. "No
was the smallest recorded for Jamrbills" are running higher and prices somewhat lower. Independent Connells- of anthracite, however,
the Surville operators have put back the rate of pay to the former basis on account ary, excepting only that in January 1918, declares
of the lessening in demand.
vey.
The main interest in the Pittsburgh field at present is in the coming lake
In studying these figures it should be remembered that
shipment contracts. Contract shipments continue good but the domestic
market is sluggish on account of the spring weather.
those for the coal years 1923-24 and 1924-25 are estimates
and Eastern Ohio continue to be practically comatose. The Pittsburgh
and Buffalo markets are stagnant.
a
Demand in Now England is holding up sufficiently to maintain prices,
relagradual improvement being noted. The volume of business is still
tively small, however, and there is no immediate likelihood of quotations
going higher. The trade at New York and Philadelphia is quiet,contracting
being on a small scale. Baltimore continues to bewail a season of blasted
hopes. Though mild weather has taken most of the zip out of domestic
business at Birmingham, the steam trade continues slowly but surely to
Decreases in Weekly Production of Bituminous Coal,
Anthracite and Coke.
During the week ended Feb. 14 a large decrease amounting
to nearly 11% occurred in the output of bituminous coal as
reported by the United States Geological Survey. Anthracite and coke production also declined from their levels of
the preceding week. Interesting details regarding the production of these three kinds of fuels are quoted from the
Survey as follows:
The production of soft coal continued to plunge steadily downward in the
second week of February and fell considerably below the 10,000,000-ton
mark. The total output is estimated on the basis of railroad shipments at
9,745,000 net tons, a decrease of 1,165,000 net tons, or nearly 11%. This
was far less than the output in the corresponding week of 1924, appreciably
below that in 1922 and 1923, and about 1,700,000 tons more than that in
1921.
Examination of the railroad reports indicate that the decline was general
showed a sharp decrease in
and each of the seven major railroad regions
loadings, the smallest of which occurred in the Allegheny and Southern districts.
based on preliminary reports of cars loaded and are subject
to revision upon completion of the final annual figures as
reported by the operators. Those for the earlier years have
been revised and now stand as final. The estimates, however, have been adjusted to take care of the error of about
2% that usually has existed.
FIRST TEN MONTHS
PRODUCTION OF COAL IN JANUARY AND IN TONS).
OF LAST TEN COAL YEARS (NET
Bituminous.
Year.
January.
Coal Year
to Jan. 31.
390,903,000
46,593.000
1915-16
414,881.000
47.969,000
1916-17
456.827,000
42,227,000
1917-18
487,462,000
42,193,000
1918-19
407,019,000
49.748,000
1919-20
471,162,000
41,148,000
1920-21
351,126,000
38,930,000
1921-22
340.879,000
51,903,000
1922-23
472,697,000
52,464,000
1923-24.5
394,215,000
51,914,000
1924-25_5
a Years of large wasbery production. b Subject to
Anthracite.
January.
7,649,000
7,672,000
7,270,000
7,819,000
7.459,000
7,681,000
6,566,000
8,521,000
7,924,000
7,400.000
revision.
Coal Year
to Jan. 31.
77,950,000
72.233,000
083,496,000
082,499,000
77,440,000
75,470,000
73,698,000
40,361,000
75.965.000
73,955.000
1032
THE CHRONICLE
Exports of Canned and Dried Foods.
Evaporated fruits show a 4,000,000 pound drop for
January as compared with the same month of 1924, occasioned principally by considerable decreases in shipments of
dried apples, apricots, and peaches, the Department of
Commerce announced on Feb. 21. Prune exports are somewhat in excess of those of last year.
Foreign shipments of canned fruit are holding up well with
the exception of canned peaches, but this loss has been more
than compensated by the increase of pineapples. A falling
off in canned salmon shipments has allowed the canned
sardine to forge to the front once more as the leader of our
canned fish exports.
Condensed milk shipments fell off about 41%, but the
sharpest drop of the month occurred in evaporated milk,
which decreased 76% from the exports of January of the
preceding year. It will be remembered, however, that
January was the banner month in 1924 in evaporated milk
shipments, caused by unusually heavy buying by Germany,
which commenced in Nov. 1923, and reached its peak in
Jan. 1924.
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Month of January.
Total canned meats
lbs.
Value
Total dairy products
lbs.
Value
Total canned vegetables...lbs.
Value
Total dried & evap'd frulta_lbs.
Value
Total canned fruits
lbs.
Value
Beef, canned
Value
Sausage, canned
Value
Milk, condensed
Sweetened
Milk, evaporated
Unsweetened
Salmon, canned
Value
Sardines, canned
Value
Raising
Value
Apples, dried
Value
Apricots, dried
Value
Peaches, dried
Value
Prunes, dried
Value
Apricots,canned
Value
Peaches, canned
Value
Pears, canned
Value
Pineapples,canned
Value
lbs.
1925.
1924.
1925.
1,403,062
$321,998
34.536.289
$3,973,318
3,626,341
$319,987
31.540,250
$2,431,857
15,528,410
51,451,071
1.535,463
$411,188
13,001,541
$1,947,436
3,351,347
3335,628
27,222,348
$2,243,876
16,239,189
31,645,009
8,849,657
$2,613,151
145,889,785
$18,109,852
31.038,908
$3,297,688
174,437,873
515,625,151
105,545.122
$10,562,241
7,866,889
12,229,273
122,982,772
315,478.173
29,894,258
$3,341,124
248,462,460
119,031.714
164,656,261
$17,143,242
340,737
$60,322
353,975
$108.465
lbs. 8.077,438
$1,274,591
lbs. 25,545,982
$2,352,582
lbs. 5,257,487
$729,153
lbs. 5.415,754
5473,391
lbs. 3,884,699
$376,184
lbs. 5,111,888
5.583,614
lbs. 2,424,500
$252,355
lbs. 1,337,965
$92,737
lbs. 17,472.170
$996,683
lbs. 2.250,076
5176,663
lbs. 6,095,284
53,515,761
lbs. 4,287,510
$364,980
lbs.
723,950
$94,735
lbs.
122,746
$33,571
473.196
$125,603
4,701.169
$724.107
5.951,518
$567,517
4,877,580
3696,898
5,760.957
$473.072
4,945,988
$385,072
2,086,946
$274,640
898,385
$151,082
281,834
$29,547
18.044,231
11.288.735
2,959.591
$259,555
4.774,878
5494,939
3,355,098
$416,494
2.156.530
3228,325
Domestic Exports of Meats and Fats.
Domestic exports of meats and meat products for the
seven-month period ended January 1925 declined, amounting
to 413,647,922 lbsas compared with 639,991,957 lbs. of
meat and meat products exported during the seven-month
pd ended January 1924, a decrease of approximately
226,350,000 lbs., according to a report made public by the
Department of Commerce at Washington on Feb. 21, which
continues as follows:
Total animal oils and fats exported for the seven-month period ended
January 1925 were 655,454,412 lbs.. compared with 777,520,650 lbs.
for the same period ended January 1924.
kgiorN 4
,
The decline In meat products was most noticeable in the case of-4411
hams,
shoulders and bacon, whereas the decrease in animal oil
and fats was
almost entirely in the case of lard.
Of the principal neat and fat commodities exported increases for
the
seven-month period ended January 1925 over
the same period 1924 were
noted in the case of pickled beef, oleo oil, neutral
lard and animal fat lard
compound.
it is also of interest to note that cottonseed oll exports for the sevenmonth period ended January 1925 had increased over the similar period
In 1924 by approximately 8,600,000 lbs.
DOMESTIC EXPORTS OF MEATS AND FATS.
Seven Months End,January
1924.
1,022,342
5236,242
1,603,551
$455,836
39,288,553
$5,877.798
100,099,256
$9,831,143
38,356,617
35,705.909
21.240,424
51,885,827
60,712,896
$5,758,523
19,620,094
$1,916,363
20,615,518
$2,252,697
4,628,475
$364,292
57,025,667
54.374.648
14.212,431
31,174,187
29,674,648
82,623.436
28,520,168
$3,111,647
15.082,707
$1,818,771
(Vox. 120.
•
Month of January.
1924.
7 Mos. End. January.
1925.
1924.
1925.
Total meats & meat prods., lbs__ 98,150,485 73,279,836 639,991,957
413,647,923
Value
$13,381,684 $12,534,658 390,000,768 164,472,642
Total animal oils and fats, lbs... 156,113,125 98,082,929 777.520.650655,454.416
Value
820,747.352 515,778,015 597,621,501 593,673,557
Beef, fresh, pounds
285.831
370,138 1,803,234 1,698,796
Value
160,025
$58,769
8297,086
3269,590
Beef, pickled, &c., pounds
1,200,598 1,467,188 13,140,807 13,479,096
Value
$124,315
$156,366 $1,281,986 51,372,899
760,264 Pork fresh, pounds
8,559,163 4,564,130 37,871,527 19,567,169
$184,525
Value
$906,348
3729,613 55,431,520 $3,029,656
2,040,839 Wiltshire sides, pounds.
2,950,899 1,996.128
$522,286
8,658,105
Value
5399,553
3389,896
32,771,015 Cumberland sides, pounds.
51,493.934
3,587,197 3,163,812
$4,764,708
15,237,738
Value
3484,241
5591,710
76,258,167 Hams and shoulders,
52.592,999
pounds-. 30,101,838 29.377,349 222,429,109 157,356.043
88,822,853
Value
$4.458,659 85,258.122 $35,250,309 $26,615,811
45,919,527 Bacon, pounds
42,426,660 21,631,721 281,019,181 138,752,661
$6,868,756
Value
35,507,810 $3,678,539 538,323.441 520,579,120
28,088,498 Pickled pork, pounds
2,755,218 2.538,984 25,417,863 16,012.133
52,343,225
Value
5337,386
5376.528 52.926.668 52.025,946
65,762,213 Oleo oil, pounds
6.512,361 2.266,082 52,698,792 58,865,991
$4,901,567
Value
5913.934
8923,413 56,344,831 89,110,020
16,012,785 Lard, pounds
132,758,311 78,440,345 618,832,184 493.710,824
$1,914,464
Value
818.028,374 813,091,585 $80,933,423 $72,634,100
10,768.968
3,395,547 2.105,430 12,266,458 14,102,334
$1,568,773 Neutral lard, pounds
Value
$487,631
$3378,306 $1,708,596 52,380.263
3.149,564 Lard compounds,
animal fats,lbs..
458,887
645,607 4,016,484 4,677,823
8291.277
Value
$69,827
$97,025
5538,755
8873,916
144,060,946 Margarine, animal fats,
pounds..
56,587
51,941
781.757
426,317
59,313,918
Value
58,852
5124,854
39,430
$71,770
25,548,226 Cottonseed oil,
pounds
4,225,488 8.911,760 25,492,312 34,103.559
52.298.159
Value
$437,190
1914,727 $2,673,874 53,656,837
43,831,221 Lard
compounds vegetable fats,
54,379,012
pounds
498.140
511,594 3,789,967 3,762,653
49,280,125
Value
371.538
377.761
5553.385
3543.440
$65,843,161
19,779,271
•Included in "Hams and shoulders" prior to Jan. 11924.
52.214.892
a Included in "Bacon" prior to Jan. 11924.
I.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Feb. 25, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
of s91,3b0,000 in holdings of discounted bills and of $5,500,000 in acceptances purchased in open market, together
with a decrease of $13,500,000 in Government securities.
As a result, total earning assets went up $83,300,000 to
$1,129,700,000. Federal Reserve note circulation increased
$29,900,000, while cash reserves declined $15,700,000 and
non-reserve cash $4,600,000. After noting these facts, the
Federal Reserve Board proceeds as follows:
The New York Reserve bank shows an Increase of 678,600.000 in holdings
of discounted bills, Boston an increase of *9,000.000, and San Francisco
and Chicago show increases of E28.800.000 and 82.700.000. respectively.
Of the remaining banks, four show a total increase of $1,700,000 and
four a total decline of $3,400,000.
An Increase of $16,000,000 In holdings of acceptances purchased in
open market Is reported by the New York Reserve bank, while Boston
shows a decrease of $7,400,000 In this item and Dallas a decrease of $2.700,000. The System's holdings of Treasury notes went down $0.600,000
and of Treasury certificates $4,700.000, while holdings of United States
bonds increased 8800.000.
The principal changes In Federal Reserve note circulation during the
week comprise an increase of 811,500,000 reported by the New York bank,
$10,700,000 by Cleveland, $5,400,000 by Boston, and $4,200,000 by
Philadelphia. The eight remaining banks show a net decline of 83,000.000.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 1062 and 1063'
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Feb. 25 1925 follows:
Increase (+1 or Decrease (During
Week.
Year.
Total reserves
-$15,700.000 -8200,200,000
Gold reserves
-11.700,000
-229,200,000
Total earning assets
+83.300.000
+178,900,000
Bills discounted, total
+91.300,000
-97.800,000
Secured by U. S. Govt. obligations_
+88.900.000
+19,800.000
Other bills discounted
+4.400.000
-117,600.000
Bills bought In open market
+5.500,000
+53.900.000
U. 8. Government securities, total..._
-13,500.000
+208,900.000
Bonds
+800.000
+57:100,000
Treasury notes
-9,600.000
+157.800,000
Certificates ot indebtedness
-4,700.000
-6,300.000
Federal Reserve notes in circulation_
+29.900,000
-293.000,000
Total deposits
+12,500,000
+283,800.000
Members' reserve deposits
+17,800,000
+281,900.000
Government deposits
+500,000
-11,800,000
Other deposits
-5,800,000
+13.700,000
The Week with the Member Banks of the
Federal
Reserve System.
Increases of $56,000,000 in loans and discounts and decreases of $28,000,000 in investments and 'of $98,000,000
in net demand deposits are shown in the Federal
Reserve
Board's weekly consolidated statement of condition on
Feb. 18 of 739 member banks in leading cities. It should
be noted that the figures for these member bank:3 are always
a week behind those for the Reserve banks themselves.
While loans on corporate securities show a decline of $11,000,000, loans on U. S. Government obligations and "all
other," largely commercial, loans and discounts show increases of $14,000,000 and $53,000,000, respectively.
Holdings of IJ. B. bonds increased by $3,000,000, whereas
holdings of Treasury notes and certificates were reduced
FEB.28 1925.]
THE CHRONICLE
by $20,000,000 and corporate securities by $11,000,000.
Further comment regarding the changes shown by these
member banks is as follows:
Member banks in New York City report an increase of $50.000,000 in
loans and discounts, a decrease of $18,000,000 in loans on corporate securities offsetting in part increases of $11,000,000 in loans on U. S. Government securities and of $57,000,000 in "all other" loans and discounts.
Their holdings of U. S. bonds increased by'$14,000,000, while their holdings
of Treasury' notes and corporate securities declined $19,000,000 and
$6,000,000. respectively.
Net demand deposits show decreases in all districts except Dallas. The
principal decreases are shown for the following districts: New York.
$354,000,000; Boston and Richmond. $11,000,000 each: Cleveland, $10.000,000; St. Louis, $7.000,000, and Atlanta. $6.000,000. Time deposits
went up $12,000,000 and Government deposits $8,000,000.
Reserve balances of all reporting banks were reduced by $4,000,000
and cash in vault by $14,000,000. The Now York City banks report
declines of $12,000,000 in reserve balances and of $8.000,000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
Increased by $11.000.000, of which $4,000,000 was reported by the New
York City members.
1033
at the disposal of the Argentine Ambassador in Washington. There is no
means by which even bankers already interested in this scheme can estimate
the final extent of this gold fund, but it is believed that possibly $30,000,000
will be so earmarked.
,
This operation is not entirely new. During the war Argentina built up
similar currency funds in London and New York. but much more extensive
than the one now being arranged. The Argentine paper peso is worth,
roughly, 44 cents. In other words, the paper currency in Argentina will
be increased in ratio of more than two paper pesos for every dollar of gold
deposited here. This emergency' currency will remain outstanding for not
exceeding six months, but it believed that before the expiration of that
period the new currency will have accomplished its purpose. The currency
famine is due not only to the fact that general business in Argentina is on
a much larger scale, but also the fact that the market value of each unit is
materially higher. Grain prices have risen much during the last year. The
paper peso, therefore, cannot turn over as many units as formerly.
No importation of gold will be involved in this plan. On the contrary,
if there were no currency shortage at this time gold would be flowing toward
the South American Republic.
In addition to what we quoted from Argentine in the
matter last week, we give herewith the following Associated
On a subsequent page—that is, on page 1063—we give the Press dispatch from Buenos Aires Feb. 21: opening in New
authorized the
The Argentine
figures in full contained in this latest weekly return of the York of a liranehGovernment has virtually
°tree of its Caja de Conversion, or treasury where gold
member banks of the Reserve System. In the following is is kept as security fer paper currency and which issues currency in exchange
to bankers, of
furnished a summary of the changes in the principal items for gold. This, in effect, is the significace. accordingbanks to have then
gold
unique scheme which will permit the Buenos Aires
as compared with a week ago and with last year:
deposited in New York earmarked to the account of the Argentine Treasury,
Increase (+) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
+$56.000.000 +$1,244,000,000
Secured by U. B. Govt. obligations
—24.000.000
+14,000,000
Secured by stocks and bonds
—11.000.000
+883,000.000
All other
+385.000.000
+53,000,000
Investments, total
—28.000,000
+910.000.000
U. S. bonds
+3.000,000' +578.000.000
U. S. Treasury notes
—18.000.000 —304,000.000
U. S. Treasury certificates
+14,000.000
—2,000.000
Other bonds, stocks and securities
—11,000,000
+622,000,000
Reserve balances with Federal Res. Banks_ —4.000,000
+249.000.000
Cash in vault
—14,000.000
Net demand deposits
—98.000,000 +1.760,000.000
Time deposits
+760,000,000
+12.000.000
—4.000.000
Government deposits
+8.000.000
Total accommodation at F. R. Banks
—65,000,000
+11,000,000
Senator Shipstead Urges Control By U. S. of Foreign
Credit as Means of Effecting
World Peace.
In advocating control by the Federal Government of all
American banking and investment credit in the international field as a means of promoting world peace Senator
Shipstead of Minnesota, the Farmer-Labor member of the
Foreign Relations Committee in a speech before the Senate
on Feb. 23 is quoted in the New York "American" as saying:
We are in a position to dictate the peace of the world for the next hundred
years, but we have chosen rather to assume an abject. crawling, cringing,
Inferiority complex by salaaming to the opinions of diplomats, bankers and
imperialists of Europe.
The people of Europe want peace. If their Governments want our money
let them pay for it by giving peace.
This is genuine power for peace—greater than all the armies and navies
in the world, greater than all World Courts, Leagues or Nations, all the
holy and unholy alliances that have dispapointed naive humanity.
The United States now holds foreign securities amounting to more than
112.000,000.000. Private investors hold foreign securities in the amount
of $9,500.000,000.
We are the only large nation in the world that is solvent. We control
the gold supply of the world. This is the greatest power for good or evil
ever given any nation.
Power of the People.
It is the property of the American people; it is held only in trust by the
bankers. They have been dissipating this power all over the world by floating foreign loans and peddling foreign securities so American investors.
They have reaped fortunes in commissions.
The American investors hold the paper. The foreign Governments
and corporations hold the money. The bankers have the commissions.
This control of banking credit and investment is used by bankers to get
concessions at the expense of European peoples and the American investor.
It should be controlled by the American Government and used to promote
the peace and welfare of humanity.
America is now in a position to say to the rest of the world that we do
not want to use this tremendous economic power to build up large navies
and armies.
Unlimited for Peace.
We can say to them we will lend you money in unlimited quantities with
which to finance your industries, to build homes for your people, provided
you will disarm, disband your large standing armies, quit building battleships and get down to a peace basis.
against which the Treasury will issue currency to the banks here to relieve
the serious money stringency that has developed in this market.
The g )1c1 will be purchased in New York on behalf of the local banks by
their New York correspondents or, in case of an American branch bank
established here, by the American head offices of that branch.
It is understood that the Federal Reserve Bank of New York will be
selected by the Argentine Embassy as custodian of the gold and that
deposits will begin on Tuesday with at least 15,000.000 each by the National
City Bank of New York and the First National Bank of Boston.
The New York correspondents of the branches of British, Canadian,
Dutch and other foreign banks established here are expected to make
additional deposits which may bring the total to $30,000,000. This gold
may be redeemed within five months by the return to the Argentine Treasury
of the currency issued against it, but if the currency is not returned the gold
will be transferred to Buenos Aires by the Argentine Government and
kept in the Treasury.
The scheme was adopted as an emergency measure to avoid the delay
which would hive been caused if it had been necemary to await actual gold
shipments t) Buenos Aires. The currency shortage which grew out of
U lexpected factors connected with crop financing has been causing serious
redriction of commercial activity.
Polish Senate Ratifies Agreement for Funding of
That Government's Indebtedness to United States.
The agreement providing for the settlement of the indebtedness of Poland to the United States was ratified by the
Polish Senate on Feb. 4. At the same time the Senate
adopted a motion "thanking the great nation of the United
States for its proof of friendship and good-will shown to
Poland and wishing prosperity to the United States for the
happiness and benefit of the human race." The Polish
Chamber of Deputies unanimously ratified the agreement
on Jan. 24. Premier Grabski, addressing the Chamber, referred to the timely assistance offered Poland by American
relief organizations in time of need. He said the funding
of the debt marked an important period in the history of the
relations between Poland and America, and that it would
serve to strengthen the bonds uniting the two countries. The
United States Senate passed the bill approving the settlement of the Polish Government's indebtedness on Dec. 15,
and the following day a similar bill was passed by the
House of Representatives. The latter was brought before
the Senate on Dec. 17 and passed by that body on that date.
The agreement was entered into at Washington on Nov. 14
1924 by representatives of the United States and Poland. It
shows a total indebtedness to be funded into bonds of $178,-
560,000, and provides for the repayment of such indebtedness
over a period of 62 years. The amount of the principal due
to the date of funding, viz. Dec. 15 1922, is $159,666,972, and
4
on that principal interest is computed at 41 % up to the date
of funding, the amount of interest due at that date being
$18,898,054. On Nov. 14 1924 Poland paid $5,026, leaving
the total of the indebtedness at $178,560,000. The interest
to be paid by Poland for the first ten years on the refunding
Deposits of Gold in New York for Account of Argentine bonds is fixed at 3% and at 3%% for the remainder of the
period they are to run. The agreement, the report of the
Government as Basis for Issuance of National
World War Foreign Debt Commission, and the message of
Currency.
Congress transmitting the report and
The setting by banks here of $10,000,000 in gold to the President Coolidge to
agreement, are given herewith:
the Argentine Government was begun this
credit of
week
in pursuance of plans of that Government to permit deposits
of gold in New York to serve as the basis for the issuance of
national currency. The decree authorizing this was referred
to by us last week, page 894. Regarding the initial steps
here the New York "Herald Tribune" of Feb. 25 said:
The first steps were taken yesterday in the plan of the Argentine Government for gathering in New York a gold fund,for which emergency currency
will be issued to supply trade with legal tender during the crop moving
period. The National City Bank and the First National Bank of Boston
apnowlcCd yesterday they had earmarked $5,000,000 gold apiece to be put
To the Congress of the United States:
I am submitting herewith for your consideration a copy of the report
of the World War Foreign Debt Commission, dated Nov. 14 1924. together
with a copy of the agreement referred to therein, providing for the settlement
of the indebtedness of the Government of the Republic of Poland to the
Government of the United States of America. The agreement was executed
on Nov. 14 1924 and was approved by me on that day subject to the approval
of Congress, pursuant to authority conferred by Act of Congress approved
Feb. 9 1922, as amended by Act of Congress approved Feb. 28 1923.
I recommend the approval of this agreement.
CALVIN COOLIDGE,
The White House. Dec. 4 1924
1034
THE CHRONICLE
WORLD WAR FOREIGN DEBT COMMISSION—FUNDING POLISH
DEBT.
[Copies of report and agreement of Nov. 14 1924.1
World War Foreign Debt Commission, Washington Nov. 14 1924.
The President:
The World War Foreign Debt Commission, created under the Act of
Congress approved Feb.9 1922,as amended by the Act of Congress approved
Feb. 28 1923, desires to make the following report regarding the refunding
of the obligations of the Government of the Republic of Poland held by
the United States:
The Government of the Republic of Poland designated as its representative to appear before the Commission Dr. Wiadyslaw Wroblewski,its present
envoy extraordinary and minister plentipotentiary at Washington. Doctor
Wroblewski conferred with representatives of the Commission, stating
that he had been instructed to advise the Commission of the desire of his
Government to effect a refunding of its indebtedness to the United States
upon the same basis as that embodied in the refunding agreement concluded
between Great Britain and the United States as of Dec. 15 1922, subject,
however, to certain modifications. After discussion with the Commission
Doctor Wroblewski agreed to conclude a settlement as of Dec. 15 1922,
substantially on the terms of the settlement concluded by the United
States with Great Britain, except for a provision under which Poland shall
have the option to liquidate amounts due under the agreement prior to
1930 in part by certain semi-annual payments aggregating 810.000,000,
the balance in bonds of Poland similar in terms to those originally issued.
After full consideration, an agreement on the foregoing basis was executed
on behalf of Poland bY its envoy extraordinary and minister plenipotentiary
at Washington, subject to the approval of the President and Council of
Ministers of Poland, and on behalf of the United States by the Secretary
of the Treasury as Chairman of the World War Foreign Debt Commission,
subject to your approval and that of Congress.
I have the honor to hand you herewith for your approval two executed
counterparts of the agreement and one =executed copy thereoffor your files.
If the agreement meets with your approval. I shall appreciate it if you
will sign the two counterparts and return them to me so that I may transmit
one copy to the Minister of Poland and the other to the Treasurer of the
United States, to be held pend ng such action as may be taken by the
President and Council of Ministers of Poland and by Congress.
The Commission believes that the settlement of the debt of the Government of the Republic of Poland to the United States on the basis specified
Is fair and just to both Governments, and recommends that the terms
embodied in the agreement be submitted to Congress for its approval.
Respectfully submitted,
A. W. MELLON, Secretary of the Treasury and
Chairman of the World War Foreign Debt Commission.
The President, The White House.
AGREEMENT made the fourteenth day of November. 1924, at the City
of Washington, District of Columbia, between the Government of
the Republic of Poland, hereinafter called Poland, party of the first
part, and the Government of the United States of America, hereinafter called the United States, party of the second part:
Whereas Poland is indebted to the United States as of Dec. 15 1922
upon obligations in the aggregate principal amount of $159,666,972 39,
together with interest accrued and unpaid thereon: and
Whereas, Poland desires to fund said indebtedness to the United States,
both principal and interest, through the issue of bonds to the United States,
and the United States is prepared to accept bonds from Poland upon the
terms and conditions hereinafter set forth:
Now, therefore, In consideration of the premises and of the mutual
Covenants herein contained, it is agreed as follows:
- 1. Amount of Indebtedness.—The amount of the indebtedness to be
funded, after allowing for cash payments made or to be made by Poland,
Is $178,560,000, which has been computed as follows:
Principal amount of obligations to be funded
S159.666.972 39
Interest accrued and unpaid thereon to Dec. 15 1922, at
the rate of 4%% per annum
18,898,053 60
Total principal and interest accrued and unpaid as of
Dec. 15 1922
178,565.025 99
To be paid in cash by Poland Nov. 14 1924
5,025 99
Total indebtedness to be funded into bonds
$178,560,000 00
2. Repayment of Principal.—In order to provide for the repayment of
the indebtedness thus to be funded, Poland will issue to the United States
at par, as of Dec. 15 1922, bonds of Poland in the aggregate principal
amount of *178,560.000. dated December 15 1922, and maturing serially
on each Dec. 15 in the succeeding years for 62 years, in the amounts and
on the several dates fixed in the following schedule:
Dec. 15.
Dec. 15.
Dec. 15. ' Dec. 15.
Dec. 15.
1923_ $560,000 193641,250,000 1949_81.900,000 196243,200,000 1975_34,800.000
1924_ 925,000 1937_ 1.275,000 1950_ 1,975,000 1963_ 3,300,000 1976_ 5,000,000
1925_ 950,000 1938_ 1,300,000 1951_ 2,075,000 1964_ 3,400,0001977. 5,200,000
1926_ 975,000 1939- 1,325,00011952. 2,200,0001965_ 3,500,000 1978- 5,400,000
1927_ 1,000,000 1940. 1,350,000 1953_ 2,300,000 1966_ 3,600,000 1979- 5,800,000
1928_ 1,025,000 941_ 1,400,000 1954_ 2,400,000 1967_ 3,700,000 980_ 6,200.000
1929_ 1,050,000 942_ 1,450,000 1955- 2,500.000 1968_ 3.800,000 1981- 6.800.000
1930_ 1,075,000 943_ 1,500,000 1956_ 2,600,000 1969_ 3,900,000 1982_ 7.400,000
1931_ 1,100,000 944- 1,550,000 1957- 2,700,000 1970_ 4,000,000 1983_ 8,200,000
1932_ 1,125,000 945_ 1,600.000 1958. 2,800,000 1971_ 4,100,000 1984_ 9,000,000
1933_ 1,150.000 1948. 1,675,
1959. 2,900,000 1972_ 4,200,000
1934_ 1,200,000 947_ 1,750,000 1980_ 3,000,000 1973_ 4,400.000
1935_ 1,225,000 948_ 1,825,000 1961_ 3,100,000 1974_ 4,600,000 Tot 178,560,000
Provided, however, That Poland, at its option, upon not less than ninety
days' advance notice to the United States, may postpone any payment
falling due as hereinabove provided, except those falling due on or before
Dec. 15 1929, hereinafter referred to in paragraph 4 of this Agreement, to
any subsequent June 15 or Dec. 15 not more than two years distant from
Its due date, but only on condition that in case Poland shall at any time
exercise this option as to any payment of principal, the payment falling
due in the next succeeding year can not be postponed to any date more
than one year distant from the date when it becomes due unless and until
the payment previously postponed shall actually have been made, and
the payment falling due in the second succeeding year can not be postponed
at all unless and until the payment of principal due two years previous
thereto shall actually have been made.
All bonds issued or to be issued hereunder to the United States shall be
Payable to the Government of the United States of America, or order,
shall be issued in such denominations as may be requested by the Secretary
of the Treasury of the United States, and shall be substantially in the
form set forth in the exhibit hereto annexed and marked "Exhibit A."
The $178.560,000 principal amount of bonds first to be issued hereunder
shall be issued in 62 pieces, in denominations and with maturities corresponding to the annual payments of principal hereinabove set forth.
3. Payment of Interest.—All bonds issued or to be issued hereunder shall
bear interest, payable semi-annually on June 15 and Dec. 15 in each year,
at the rate of3% per annum from Dec. 15 1922 to Dec. 15 1932, and there-
[Vol.. 120.
after at the rate of 3;4% per annum until the principal thereof shall have
been paid.
4. Method of Payment.—All bonds issued or to be issued hereunder shall
be payable, as to both principal and interest, in United States gold coin
of the present standard of value, or, at the option of Poland, upon not less
than thirty days' advance notice to the United States, in any obligations
of the United States issued after April
6 1917 to be taken at par and accrued
Interest to the date of payment
hereunder: Provided. however, That with
reference to the payments on account of principal and interest falling
due hereunder on or before Dec. 15
1929. Poland, at its option, may pay
the following amounts on the dates.
specified:
June 15 1925
81,250.000
8500,000 June 15 1928
Dec. 15 1925
1,250,000
500,000 Dec. 15 1928
June 15 1926
1,500,000
750,000 June 15 1929
Dec. 15 1926
1,500,000
750,000 Dec. 15 1929
June 15 1927
— —
1,000,000
Dec. 15 1927
$10,000,000
1,000,000
Total
and the balance, Including interest on
all overdue payments at the rate
of 3% per annum from their respective due dates, bonds of Poland dated
in
Dec. 15 1929, bearing interest at the rate of
3% per annum from Dec. 15
1929 to Dec. 15 1932. and thereafter at the rate of
334% per annum until
the principal thereof shall have been paid, such bonds to mature serially
on Dec. 15 of each year up to and including Dec.
15 1984, substantially in
the manner provided in paragraph 2 of this Agreement, and to be substantially similar in other respects to the bonds first to be issued hereunder.
All payments, whether in cash or in obligations
of the United States,
to be made by Poland on account of the principal
or interest of any bonds
issued or to be issued hereunder and held
by the United States, shall be
made at the Treasury of the United States in Washington, or, at the option
of the Secretary of the Treasury of the United States, the Federal Reserve
at
Bank of New York, and if in cash shall be made
in funds immediately
available on the date of payment, or if in obligations of the United States
shall be in form acceptable to the
Secretary of the Treasury of the United
States under the general regulations of the Treasury Department governing
transactions in United States obligations.
5. Exemption from Taxation.—The principal and interest of all bonds
issued or to be issued hereunder shall be
paid without deduction for, and
shall be exempt from, any and
all taxes or other public dues, present or
future, imposed by or under authority of Poland
or any political or local
taxing authority within the Republic of Poland, whenever, so long as, and
to the extent that beneficial ownership
is in (a) the Government of the
United States, (b) a person, firm, or association neither domiciled nor
ordinarily resident in Poland, or (c) a corporation not organized under
the laws of Poland.
6. Payments before Maturity.—Poland, at its option, on any interest
date or dates, upon not less than ninety days' advance notice to the United
States, may make advance payments in amounts of *1,000 or multiples
thereof, on account of the principal of any bonds issued or to be issued
hereunder and held by the United States. Any such advance payments
shall first be applied to the principal of any bonds which shall have been
Issued hereunder en account of principal and I or interest accruing between
Dec. 15 1922 and Dec. 15 1929, and then to the principal of any other
bonds issued hereunder and held by the United States, as may be indicated
by Poland at the time of the payment.
7. Exchange for Marketa.le Obligations.—Poland will issue to the United
States at any time, or from time to time, at the request of the Secretary of
the Treasury of the United States, in exchange for any or all of the bonds
issued or to be issued hereunder and held by the United States, definitive
engraved bonds in form suitable for sale to the public, in such amounts
and denominations as the Secretary of the Treasury of the United States
may request, in bearer form, with provision for registration as to principal,
and or in fully registered form, and otherwise on the same terms and
conditions, as to dates of issue and maturity, rate or rates of interest,
exemption from taxation, payment in obligations of the United States
issued after April 6 1917, and the like, as the bonds surrendered on such
exchange. Poland will deliver definitive engraved bonds to the United
States in accordance herewith within six months of receiving notice of any
such request from the Secretary of the Treasury of the United States, and
pending the delivery of the definitive engraved bonds will deliver, at the
request of the Secretary of the Treasury of the United States, temporary
bonds or interim receipts in form satisfactory to the Secretary of the Treasury
of the United States within thirty days of the receipt of such request, all
without expense to the United States. The United States, before offering
any such bonds or interim receipts for sale in Poland, will first offer them
to Poland for purchase at par and accrued interest, and Poland shall likewise
have the option, in lieu of issuing any such bonds or interim receipts, to
make advance redemption, at par and accrued interest, of a corresponding
principal amount of bonds issued or to be issued hereunder and held by the
United States. Poland agrees that the definitive engraved bonds called
for by this paragraph shall contain all such provisions, and that
it will
cause to be promulgated all such rules, regulations, and orders, as shall
be deemed necessary or desirable by the Secretary of the
Treasury of the
United States in order to facilitate the sale of the bonds
in the United
States, in Poland or elsewhere, and that if requested
by the Secretary of
the Treasury of the United States, it will use its good offices
to secure the
listing of the bonds on the Stock Exchange in Warsaw.
8. Cancellation and Surrender of Obligations.—Upon
the execution of
this Agreement, the payment to the United States
of cash in the sum of
:55,025 99 as provided in paragraph 1 of this Agreement and the delivery
to the United States of the $178,560,000 principal
amount of bonds of
Poland first to be issued hereunder, together with
satisfactory evidence of
authority for the execution of the Agreement and the bonds on behalf of
Poland by its Envoy Extraordinary and Minister Plenipotentiary at
Washington, the United States will cancel and surrender
to Poland, at the
Treasury of the United States in Washington, the obligations of Poland
In the principal amount of E159.666,972
39, described in the preamble
to this Agreement.
9. Notices.—Any notice, request, or consent under the
hand of the
Secretary of the Treasury of the United States, shall
be deemed and taken
as the notice, request, or consent of the United
States, and shall be sufficient
If delivered at the Legation of Poland at
Washington or at the office of the
Minister of Finance in Warsaw: and any notice, request, or election from or
by Poland shall be sufficient if
delivered to the American Legation at
Warsaw or to the Secretary of the Treasury at the Treasury of the United
States in Washington. The United States in its discretion may waive
any notice required hereunder, but any such waiver
shall be in writing and
shall not extend to or affect any subsequent notice or impair any right of
the United States to require notice hereunder.
10. Compliance with Legal Requirements.—Poland represents and agrees
that the execution and delivery of this Agreement and of the bonds issued
or to be issued hereunder have in all respects been duly authorized and
that all acts, conditions, and legal formalities which should have been
completed prior to the making of this Agreement and the issuance of bonds
hereunder have been completed as required by the laws of Poland and in
conformity therewith.
FEB.28 1925.1
TUE CHRONICLE
11. Counterparts.—This Agreement shall be executed in two counterparts,
each of which shall have the force and effect of an original.
In Witness Whereof Poland has caused this Agreement to be executed
on its behalf by its Envoy Extraordinary and Minister Plenipotentiary at
Washington, thereunto duly authorized, and the United States has likewise
caused this Agreement to be executed on its behalf by the Secretary of the
Treasury, as Chairman of the World War Foreign Debt Commission, with
the approval of the President, all on the day and year first above written,
subject, however, to the approval of Congress, pursuant to the Act of
Congress approved Feb.9 1922,as amended by the Act ofCongress approved
Feb. 28 1923, notice of which approval, when given by Congress, will be
transmitted in due course by the Secretary of the Treasury of the United
States to the Legation of Poland at Washington.
THE GOVERNMENT OF THE REPUBLIC OF POLAND,
By WLADYSLAW WROBLEWSKI,Envoy Extraordinary and
Minister Plenipotentiary.
THE GOVERNMENT OF THE
Seal.]
UNITED STATES OF AMERICA,
For the Commission:
By A. W. MELLON, Secretary of the Treasury, and
Seal.]
Chairman of the World War Foreign Debt Commission.
Approved:
CALVIN COOLIDGE, President.
Progress Toward Economic Reconstruction
of Italy.
Supplementing his advices to us under date of Jan. 26 regarding the financial and economic situation in Italy R.
Angelone, Commercial Attache of the Royal Italian Embasy at Washington, furnishes us, in advices dated Feb. 26,
with a summary of a further cablegram from Rome indicating
progress in the balancing of the budget. The earlier communication was referred to in our issue of January 31, page
529. Mr. Angelone reports the latest advices as follows:
Continued
Up to Jan. 31 last the results of the State budget represented in a decisive way a further step toward the actual balancing which we hope will
be attained during the fiscal year. On broad terms, the situation of Italy's
budget during the first seven months of the present fiscal year, show an
Increase of 1,084 million lire in revenues and an increase of 100 millions
In the expenses over the estimates. Considering the effects of the above
variations, we note that on Feb. 1 1924 the deficit stood at only 168 million
lire. During the above said period of seven months the internal public
debt was reduced by 1,397 million lire and now it stands at 90,770 million
lire.
During the month of January 1924 paper circulation was reduced from
20,511 million lire to 20,051 million lire.
A very important index of Italy's commercial rehabilitation is offered
by the navigation and port activities. During 1924 merchandise loaded
and discharged in Ratan ports reached the figure of 39,691,000 tons, an
Increase of 4,195,000 tons over the preceding year. The Italian flag
absorbed 57.55% of the total traffic.
Complete confirmation of the above favorable commercial indices is
offered by the improvement in the merchandise balance of trade. The
adverse balance which in 1923 reached 8.104 million lire, has been reduced
during 1924 to 5,078 million lire.
During 1924 the total net investment in Industrial and commerical
enterprise within the country reached 4,905 million lire, as against 2,124
million lire in 1923. Said increase was, no doubt, due to the fact that
the Treasury, having practically balanced the budget, is no longer in the
market as borrower, and fresh savings are now completely devoted to the
further economic development of the country.
Proposed Subsidy on Sugar and Molasses Manufactured
in Great Britain from Home
Grown Beets.
There is legislation now pending before the British Parliament which, if adopted, will provide for the payment of a
subsidy, for a period of ten years from October 11924, on a
diminishing scale, on sugar and molasses manufactured in
Great Britain from home grown beets. According to advices
received by the Bankers Trust Company of New York from
its British Information Service (made public Feb. 26),
further proposed legislation provides for the re-imposition
of the excise duty from which sugar manufactured from home
grown beets at present is exempt. The net cost of the new
legislation, therefore, to the British Treasury at any time
during the ten-year period, will be represented by the amount
of the subsidy less the prevailing excise duty, e. g., for sugar
exceeding 98 degrees polarisation manufactured this season,
the net cost will be 10s lid per cwt. less the excise duty, which
at present is 9s 8 2-3d, or 9s 1-3d. As yet, says the Bankers
Trust Company, it is not possible to estimate the total cost
to the nation, since that would depend on the number of
factories which are erected during the subsidy period. For
the current financial year, however, with three factories
operating, it is estimated that about £530,000 would be required for subsidy payments. The net cost to the Exchequer, therefore, would be approximately half of this
amount, namely £265,000.
1035..
Several of the leading firms in the silk trade have combined to establish -silk weaving factories in Vienna to serve the highly developed wearing_
•
apparel industry of that city.
Rumanian embargo . on Geinisn imports as a: result of unsatisfactory'
.of
adjustment. .German debts to Rumanian citizens bringing large amount..
of export business.tp. Austri.x.
s
National ban reort to appear to-niorrovr- hOws decrease in note tir-•
culation and bills discounted of 724 and 519 milliarda,.respectively. Monvy
market continues easy with private discount rate 2% under official rate.Iinpioverneht in mid-winter unemployment due to increase in inudstrial
activity.
Canceled with View to
Stabilizing Prices.
The following Inter-Ocean Press cablegram from Lonslon
Feb. 18 appeared in the New York "Journal of Commerce."
Australian Wool Sales
Dispatches from Melbourne announce that Australian brokers in wool
have canceled important wool auctions in the hope of stabilizing prices.
The action was taken at the direction of the Australian Selling Brokers'
Association.
The sale scheduled to take place at Sydney from Feb. 23 to March 5
has been indefinitely postponed and that scheduled to be held at Brisbane
from March 17 to March 19 has been postponed to March 31 to April 2.
Announcement of the postponement of these sales has brought sharp
protests from shipping companies, which declare that their interests will
be severely damaged through the loss of cargoes expected early in March.
Offering of Bonds of Pennsylvania Joint Stock Land
Bank.
Bonds of the Pennsylvania Joint Stock Land Bank to
the amount of $500,000 were offered on Feb. 25 by Martin
& Co. of Philadelphia and Brooke, Stokes & Co. of Philadelphia, Baltimore and Washington. The offering was
made at 104 and accrued interest, to yield 4.50% to 1935,
the earliest redeemable date, and 5% thereafter to maturity. The bonds, which bear 5% and are issued under
the Federal Farm Loan Act, are dated Feb. 1 1925 and will
become due Feb. 1 1955. They are redeemable at the
option of the bank at par and accrued interest on Feb. 1
1935 or on any interest date thereafter. The bonds are in
denominations of $100, $500, $1,000 and $10,000 coupon
bonds, and $1,000 and $10,000 registered bonds. Interest
(Feb. 1 and Aug. 1) will be payable at the offices of the bank,
and arrangements have also been made for the payment
of coupons at the office of the Fidelity Trust Co., Philadelphia. The Pennsylvania Joint Stock Land Bank, which
was organized under Federal charter in 1922, operates in
the States of Pennsylvania and Maryland. Its lean statistics
as of Jan. 31 1925 follow:
Amount loaned
Appraised value of real estate and Improvements
Number of loans
Number of acres of real estate security
Average appraised value per acre
Average amount loaned per acre
Ratio of loans to valuation
$3,262,800
10.035,106
691
85.738
117.05
38.06
32.5%
The following is the statement of the Pennsylvania Joint
Stock Land Bank as of Jan. 31 1925:
Assets.
Mortgage loans (net of amortization payments on account of
$3,278,931 03
principal) and accrued interest
5,095 32
U. S. Government bonds and accrued interest
10,175 00
Certificates of deposit and accrued interest
70,000 00
Farm loan bonds (own) on hand and pledged
583 33
Accrued interest on farm loan bonds (own)
75,652 25
Cash in banks and on hand
6,507 78
Amortization installments in process of collection
3,170 45
Furniture and fixtures, net of reserve for depreciation
24,335 08
Other assets
83,474,450 24
Liabilities and Capital.
Capital stock, paid in
Surplus
Farm loan bonds outstanding
Accrued interest on farm loan bonds
Amortization installments paid in advance
Deferred loans
Notes payable and accrued interest
Accounts payable
Application dep.:Asks
$250,000 00
3.189 10
3.054.000 00
76,475 00
5,551 06
16,550 21
63.072 00
2,434 84
3,178 03
83,474.450 24
Bank.
L. F. Rothschild & Co., New York; West & Co., Philadelphia, and the Guardian Savings & Trust Co., Cleveland,
will offer on Monday next a new issue of 5% farm loan bonds
to the amount of $2,000,000 of the Denver Joint Stock
Land Bank, at 1023/i and interest, yielding about 4.68%
to the optional date and 5% thereafter. A part of the
issue is dated July 1 1924, will become due July 1 1954,
and will be optional July 1 1934, while a portion will be
dated Jan. 1 1925, will mature Jan. 1 1955, and will be
optional Jan. 1 1935. Principal and semi-annual interest
will be payable at the Chase National Bank, New York
Austrian Advices Reported through F. J. Lisman & Co. City, or at the Denver Joint Stock Land Bank at Denver,
The Associated Banks at Vienna, through F. J. Lisman Colo. The bonds will be in coupon form, fully registerable,
& Co., cable the following advices Feb. 26, with reference in denomination of $1,000. They will be redeemable at
par and interest on any interest date after ten years from
to developments in Austria:
Spanish commercial treaty, recently put in operation materially re- date of issue.
products; as a result of this treaty, several importduced duties on Austrain
According to the official statement of the bank as of
ant orders for the textile and metal industries are already in hand for
Feb. 14 1925, the first mortgages on farm lands amounted
Spanish markets.
Offering of Bonds of Denver Joint Stock Land
1036
THE CHRONICLE
-ta $7 470 700 against property appraised at $21,350,000.
there are $7,007,000 of bonds authorized and issued; the
4bank has a capital of $500,000 and a surplus of $51,177.
'The average amount loaned per acre is officially reported
to be about $17.- The following is the statement at the
close of business Feb. 14 1925:
Assets—
Mortgage loans
Accrued interest on mortgage loans
IL EL Government bonds owned
Accrued interest on Government bonds owned
Farm loan bonds owned
Accrued interest on farm loan bonds owned
Furniture and fixtures
Duefrom banks
Certificates, notes and warrants
Other assets
[Wt. 120.
would establish a Federal co-operative marketing board, but the nationally
federated co-operatives therqselves would name the members of this board,
which would have no power to enforce any of its conclusions.
The Capper-Haugen measure, on the other hand, would have enabled
the President to name the members of the Federal board of markets and
that body would have been given certain powers as to Federal supervision
of the co-operative organizations and Federal licensing of them, which
the advocates of the Dickinson bill attacked as excessive.
$7.470,700 00
105.606 42
204,688 74
13,087 86
10.000 00
195 83
2,901 82
192,264 51
31.945 05
8,798 70
Senate Passes Resolution Providing for Examination
and Audit of Cotton Statistics
in Bureau of Census.
A concurrent resolution establishing a joint Congressional
Commission to make an examination and audit of cotton
statistics in the Bureau of the Census was agreed to by the
Total
$8.040.188 93
Senate on Feb. 25. A reference to the resolution, as introLiabilities—
Capital stock
$500.600 00 duced by Senator Smith of South Carolina on Feb. 14, was
Undivided profits and reserve
51,177 37
Farm loan bonds authorized and issued
7,007.000 00 made in these columns last week, page 897. Senator Keyes,
Accrued interest on farm loan bonds
71,766 32
Amortization payments on principal
206,624 73 in reporting it on Feb. 25 from the Senate Committee to
Matured interest on farm loan bonds (not presented)
2.502 50 Audit and Control stated that a new draft with some amendAmortization installments paid in advance
1,357 00
Accounts payable
4.653 69 ments had been prepared, and Senator Smith indicated in
Due borrowers on uncompleted loans
194.907 32
the Senate that the amendments were in accordance with
'Total
$8.040,188 93 suggestions which had been
made. The Congressional
Commission which the resolution creates is to be composed
Charles A. Stoneham, Head of the Former Brokerage
of three Senators, appointed by the President pro tempore
House of Charles A. Stoneham & Co., and Others,
of the Senate, and three members of the House appointed
Acquitted in Mail Fraud Case.
by the Speaker. The resolution says:
owner of the New York
Charles A. Stoneham, principal
The Commission is authorized and directed (1) to make a complete exNational League Baseball Club (New York "Giants"); Ross amination and audit of cotton statistics in the Bureau of the Census.
consumption
R. Robertson, his former partner in the brokerage firm of showing the carry-over, the production, the now on band,and distribution
each year, and the correct amount of cotton
and (2) to make
Charles A. Stoneham tic Co., and Elmore D. Dier, former a report to the Congress as to Its findings, together with recommendations
head of the defunct firm of E. D. Dier Sr Co., were found not for legislation, if any be thought necessary. The Commission shall elect a
members and vacancies occurring
guilty of conspiracy and using the mails to defraud by a chairman from ameng itsshall be filled in the same mannerin the membership of the Commission
as the original
jury in the United States District Court, before Judge appointments.
Francis A. Winslow, yesterday, Feb. 27, after a trial which
lasted seven weeks. The jury retired at 12:20 o'clock Gold Movements Traced By Pierre Jay of Federal Reserve Bank of New York—Reserve Bank
Thursday afternoon, and reached a verdict at 10:30 that
Described as Elastic Link.
night, but was locked up over-night by order of Judge WinsDescribing the Federal Reserve Bank as an elastic link
low because the defendants were not in court and could not
• be located when the agreement was announced. The indict- which eases strain in the credit structure of the country,
ment and trial of Charles A. Stoneham and seven other co- Pierre Jay, Chairman of the Board of Directors of the Feddefendants grew out of the transfer of the brokerage business eral Reserve Bank of New York in addressing the Bond Club
of Charles A. Stoneham & Co. in 1921 to the firm of Budges of New Jersey, at Newark, on Feb. 18, traced the movement
Dier, later changed to E. D. Dier & Co. During the of gold to and from this country and told of the rehabilitation
progress of the trial five of the defendants were ordered of the German currency system as observed by him during
acquitted by Judge Winslow. They were Leo J. Bondy a stay in Berlin. This is learned from the Newark "News"
(Mr. Stoneham's attorney), Bernard A. and Fred Andrews, of Feb. 19(Mr.Jay, we understand,spoke extemporaneously)
Horace Stoneham (Mr. Stoneham's brother), and August which goes on to say:
He placed Germany with a half score of countries in Europe now having
Stroh, and the case went to the jury involving only the three
stabilized currency systems, the others including Russia, Austria, Poland,
men acquitted yesterday. The New York "Sun" of yester- Czecho-Slovakia, Holland and Hungary.
day, in reporting the verdict, said:
Tracing the course of gold newly imported into this country under the
Stoneham in his defense brought out the fact that he had been a broker for
almost twenty years, and believed that Hughes & Dier were a substantial
and recognized brokerage house. They solicited his business when it
became known that he wanted to sell out. Aside from giving $5,000,000
worth of his business to the Dier firm, Stoneham turned almost $4,000.000
worth of his customers' accounts over to brokerage houses. The Dier firm
failed ten months after the transfer. It had liabilities beyond $3,000,000
and assets of $100.000. Subsequently a settlement was made to all of its
customers by the referee in bankruptcy.
House Displaces Haugen Co-Operative Marketing Bill
and Passes Dickinson Farm Bill.
On Feb. 25 the House of Representatives rejected the
• Haugen bill to establish a Federal Co-Operative Marketing
Board along the lines recommended by the President's
Agricultwal Conference, having decided by a vote of 138
to-78 to substitute therefor a bill proposing Federal assistance
to Exi-operatives without Federal control.. On the following
,day. (Feb. 26) this latter'. bill, which had been offered by
Representative Dickinson (Republican of Iowa) was passed
by the House by a vote Of 284 to 95. Prior to this action
: the House. on.a roll call of 203.to 175, approved its course
,
of the previous day in adopting the Dickinson measure
as a substitute for the Haugen measure. As to the adoption
of, the Dickinson bill, the New York "Herald-Tribune"
• advices from Washington Feb. 26 said:
A combination of Democrats and a bloc 'of agricultural Republicans
'forced throukh the • Dickinson measure as a substitute for the Haugen
hill, which had the stipport of the Administration.
To-day's Muse,actien, according to some of the Senate leaders to-night,
means that there will' be no agricultural legislation this session. The
Senate Agricultural Cornmititee will be Informed to-morrow that the
, President would prefer no legislation to the Dicldnson measure, despite
the fact the co-operative organizations and powerful farm organization
Influences favored the Dickinson plan as against the Haugen bill.
Wrecks Administration Plans.
Administration Republicans to-night pronounced the Dickinson bill as
chiefly a device for killing the Administration plan. It would do little
-more than set up a new commission, the function of which woald be mainly
that of "advising" and "assisting" the movement by which the farmers
are organizing themselves into commodity marketing associations. It
federal reserve system Mr. Jay said that, as formerly, the gold goes into
the banks, but it no longer remains there. Instead. it passes promptly
Into the reserve banks because it is only there that under the law the member
bank can count it as reserve. When it reaches the reserve bank it gives the
member bank an equivalent reserve balance.
Under the law every dollar of reserve balance in the reserve bank wlll
serve the member bank as the bash;for the creation of about $10 ofadditional
deposits," Mr. Jay said, adding that if there is a demand for additional
currency which ordinarily accompanies the expansion of deposits this
ratio of $10 of deposits to one of reserves will be reduced to a ratio of more
nearly four to one.
Secondary Expansion Occurs.
Mr. Jay said that credit expansion on the basis of additional gold is
almost exactly the same under present conditions as the expansion which
additional gold used formerly to create. On a given amount of additional
gold, whether held in a bank vault as formerly or held as a balance in a reserve bank as at present, a relative credit expansion occurs automatically,
to expansion. This, he called "primary expansion."
The great change in our credit structure which the reserve system has
created is tho possibility that after primary expansion has taken place
upon a given amount of gold a still further, or secondary, expansion may
take place upon the same gold," Mr. Jay said. "You have noted that primary expansion does not effect the position of the reserve bank. Gold is
merely deposited with it and an equivalent credit given. It Ia simply custodian of the gold. But when secondary expansion begins the position of the
reserve bank is at once affected.
"The member bank wishes to obtain additional reserves without depositing
an equivalent amount of gold. This it can do by borrowing at the reserve
bank on commercial paper or government securities. Such borrowing increases the liabilities of the reserve bank in the shape of deposits or notes
without increasing its gold. This at once reduces the ratio of its gold to
its liabilities.
"This secondary expansion, then, affects the position of the reserve bank.
It also affects the position of the member banks,for it turns them into borrowers. But the new reserves created without new gold under secondary
expansion have Just the same potency to increase the loans and deposits of
member banks as had the new gold itself under primary expansion.
"Just as gold imports tend to enlarge the base upon which the credit structure is built, so gold exports tend to narrow it," Mr. Jay said. "Under the
reserve system as formerly, the effect of gold exports is not felt if at the
time there are surplus gold reserves from which the gold may be drawn
for export. Usually, however, there are not surplus reserves except in the
later stages of business depression when the demand for credit IS diminishing.
"At other times the gold is likely to be pretty fully employed, either during the process of building up business activity or in maintaining it at a high
pitch of prosperity, or in supplying emergency credit in the early stages
of a decline. At such times a considerable outward flow of gold, by oar-
FEB. 28 1925.]
THE CHRONICLE
rowing the base of credit, will probably under the reserve system, as before tend eventually to restrain the growth or maintenance of business activity or hurry the process of decline. But the elastic link in the chain which
the system constitutes may defer the incidence of the restraint and prevent
tension. For a member bank may provide itself with gold to meet a demand
for export by borrowing at the reserve bank.
Can Defer Reduction of Loans.
"The reduction of loans which formerly had to be resorted to when gold
for export was not otherwise available, can, under the reserve system, be
postponed and spread over a long period, in accordance with the willingness
of banks to continue as borrower at the reserve bank. The volume of credit
will, in the long run, probably adjust itself to the volume of gold under the
reserve system just as before. But the process of adjustment may, if the
banks see fit, be very gradual, and the psychological effects of gold exports,
through the removal of the fear of sudden contraction, should be radically
different."
1037
made a marked recovery, not only actually but relative to other prices/Mr
well.
Reflecting the decrease in business activity there was a tendency during
the year for funds to be released from local business employment and tofind their way to the larger money centres. One evidence of this movement is found in the growth of bankers' balances in large cities. Theme
figures are shown in the following diagram. In New York City there was
an increase, largely during the summer, of about $300,000,000 in balances
maintained by out-of-town banks.
The natural result of this tendency for funds to flow to the centres waste
lower money rates and nOtke funds readily available for investment uses.
In the latter part of the year, however, improving business and increased
activity in the security markets led to firmer money conditions.
Foreign Influences.
Influences on the money market from abroad tended for the greater'
part of the year in the same general eirection as domestic influences. For
the first half of the year the inflow of gold continued heavy. In the first din
Federal Reserve Bank of New York Raises Discount months a total of $200,000,000 was imported from abroad, at a rate considerably higher than $1,000,000 a day. During the balance of the year
Rate from 3 to 33'%.
monthly gold imports steadily declined, and in December for the first
The Federal Reserve Bank of New York yesterday in- time since 1920 there was a net outflow of$29,000,000. Total netimports
gold for the year were $258,000,000 as compared with $294,000,000 in 19=
creased its rediscount rate on all classes of paper, of all
The gradual slackening after mid-year in this stream of gold imports me'
maturities,from 3 to'3%%• Announcement of the increase be ascribed to the operation of a number of causes. A principal direct muss
was a decrease in the amount of newly mined gold received by the United/
Governor Strong on Feb. 26:
was made as follows by
States because of larger purchases ofsuch gold by India. More generally the.
FEDERAL RESERVE BANK OF NEW YORK.
Inauguration of the Dawes plan in Germany created in both continents
No. 656, Feb. 26 1926, superseding circular No. 822, dated greater feeling of assurance with regard to European conditions, influenced
Circular
the exchanges favorably, and encouraged Europeans to retain their funds
Aug. 7 1924.
in Europe,and Americans to increase their balances and investments abroadRates ot Discount.
This tendency was facilitated by the fall in interest rates in New York
To All Member Banks in the Second Federal Reserve District:
interest rates in London. This change in rate levels reads
You are advised that, effective from the opening of business on Friday, and the rise in
market less attractive for the investment of European funds.
Feb. 27 1925, until further notice and superseding all existing rates, this the American
Easy credit conditions and low money rates here also stimulated a largebank has established a rate of 3%% for all rediscounts and advances.
amount of new foreign financing in this country which enabled European
Very truly yours,
,
countries during the autumn to purchase goods here and pay for them
BENJ. STRONG. Governor.
without shipping gold. Of the gold exports in December about one-half
dispatches from Washington (Feb. 26) in re- represented a part of the proceeds of the German loan.
The press
porting the change stated:
Money Rates and Security Markets
The action of the New York Federal Reserve Bank increasing from 3 to
Certain net effects of these domestic and foreign influences on the mousy
% its rediscount rate, the application for which was approved to-day
by the Federal Reserve Board, is the first upward movement in rediscount market are shown in the accompanying diagrams, which compare the
rates among Federal Reserve banks in approximately eighteen months figures for 1924 with those for several years preceding.
The principal money rates in 1924 were lower than at any time since 1915.
and the only change of any kind in the rates in about eight months.
With the increase in New York, that bank now will have a rate the same The lowest figures were reached in the late summer. Increases of aboutila.
as the Reserve banks in Boston, Philadelphia, Cleveland and San Francisco, point occurred in the last quarter.
The amount of new financing was larger than in any previous year, if
while all other institutions have had a 4% rate in effect for some months.
Members of the Board, while declining to attempt an analysis of con- we exclude United States Government War financing. Foreign financing
ditions leading to the increase, said they expected no further change in amounted in the agerate to over a billion and a quarter dollars or
rates at this time. The increase in New York was regarded by them as larger than in any year since 1916.
an indication of the end of the easy money market that has prevailed since
In treating of the "Relation of Reserve Bank Loans an
early last summer and which lately had become tighter as a result of an
Investments to Money Market Movements," the report states.
increase in demand for commercial borrowings.
that "the Federal Reserve Bank of New York has two relations to the New York money market." In the first place, it
says "it has certain mechanical relationships" and in the
second place it "is a credit reservoir to which, largely
through the member banks, the New York market has access
in the same way as other money markets have access to the
Federal Reserve banks of their districts." The report also
New York—
Annual Report of Federal Reserve Bank of
discusses the general principle under which open market
Open Market Operations—Weekly Adjustment
operations are now carried on, the weekly adjustment of
of Member Bank Reserves.
member bank reserves, etc., and we give herewith what it.
The Federal Reserve Bank of New York, in its tenth an- has to say under these heads:
nual report for the year ended Dec. 31 1924 refers to credit
Relation of Reserve Bank Loans and Investemnts to Money Market
eonditions in 1924 as "unusual in a number of particulars."
Movements,
As to these, the report, made public Feb. 20, says:
The New York money market is the leading money market of the country..
The action of the Federal Reserve Bank in lowering its
rate from 3M to 3% last August was noted in these columns
Aug. 9 1924, page 652. Prior to the reduction to 3% it
had been lowered from 43/i to 4% on May 1 1924 and from
4 to 33.% on June 12 1924.
Money was cheaper than in any other year since the United States
entered the World War, and rates in New York fell below the level of corresponding rates In London.
New financing and refunding operations by corporations and municipalities were larger than in any preceding year.
Larger amounts of foreign bonds were sold in the United States than
in any year since 1916 when war issues were being floated, greatly facilitating a heavy export movement of farm products at good prices.
Prices of stocks at the end of the year rose to new high averages.
Loans and investments of member banks both in New York City and
throughout the country rose to new high points.
Loans and investments of the Federal Reserve banks reached the lowest
figure since 1917.
Gold imports were unusually heavy during the first half of the year, but
diminished later, and in December were more than offset by the first large
exports since 1920.
All of these occurrences had marked effects on the New York money
market and were reflected in one way or another in the operations of the
Federal Reserve bank of New York.
Discussing "The Year in the Money Market," the report
has the following to say:
The economic conditions giving rise to the year's developments in the
money market were both national and international in scope. The New
York money market is not only the central money market for this country
but it is also the principal point of contact between this country and foreign countries in financial matters, and it is affected by both domestic and
foreign conditions.
Domestic Influences.
The more important domestic influences on credit conditions were the
changes which occurred in business conditions. The early part of the
year 1924 was a period of declining business activity. The index of the
physical volume of trade, prepared by this bank to measure changes in
the production and distribution of goods and other business activity throughout the country, declined from 112 in the early part of the year to 95 in
June. Factory employment likewise declined 12% from January to July,
and in July stood at a point 17% lower than in the spring of 1923. Subsequently, during the second half of the year there was a rapid recovery
from the low point of the summer. Commodity prices followed much the
same course as the volume of trade, declining in the first half of the year
a.ird rising In the second half. In particular, the prices of farm products
the one that is central and national in scope. As such it is the markee
to which gravitates the idle money of other sections in the effort to find
employment and thus it becomes a pool of the country's surplus funds.
A bank with funds on hand which it is likely to need on a day's notice puts
these funds in the New York money market. Many large financial and
indusdial concerns do likewise. In the market these fund are invested
In short term securities, such as short Government securities, short municipal securities, bankers acceptances, or other short obligations, or they are
lent on a day to day basis as call money, either to brokers to carry stocks
and bonds or to dealers in Government securities and bankers acceptances
to carry their portfolios. Such obligations involve a minimum of risk
and can usually be converted into cash immediately. As the funds so invested or lent are needed from time to time, tne securities are sold or the
loans called, thus making possible an immediate withdrawal of the funds.
Banks and industrial concerns all over the country have funds employed
in the New York money market, and there is a constant movement,to and
fro, of these funds. Almost any sudden need for funds in any part of the
country finds reflection in some withdrawal of funds from the New Teak
money market, while any accumulation of funds in any part of the etensigy
is apt to result in an increase in the supply offunds in the New York saarkee.
The New York City banks as the depositaries of out-of-town banks and.
industrial concerns are the principal agencies through which tends reach.
or are withdrawn from the New York money market.
The Federal Reserve bank of New York has two relations to the New'
York money market.
In the first place it has certain mechanical relationships. The Federal.
Reserve bank furnishes the mechanism by which currency.isissued or retired,
Government securities are issued and redeemed, and by which funds aretransferred to and from all parts of the country for the Government arid.
for member banks. Transfers of funds include not only direct telegraphictransfers, but also the daily settlements made between New York and other,
sections for the immense volume of cheeks either deposited in or drawn upon
the banks of this di-trict. In fact, practically all financial transacdons o$
banks, business houses,and the Government,between this district and other
districts, are reflected in wire transfers or settlements made tkrough.thb,
bank.
In the second place the Federal Reserve bank of New -York, is a credits
reservoir to which, largely through the member banks, the New York
money market has access, in the same way as ether money markets have,
access to the Federal Reserve banks of their districts. In a mpirlty chaseing market,like that of New York, which employs surplus funds,thesupply
of funds is never in complete equilibrium with the demand. One week-
1038
THE CHRONICLE
supply of funds will be large and another week unusual needs in some
parts of the country will draw off funds. If all of these temporary fluctuations in the supply of funds were reflected in changes in money rates the
Movement of rates would be wide and irregular. As a matter of fact, any
temporary shortage of funds in the market is usually met by the use of
funds from the Federal Reserve bank. Similarly, when member banks are
borrowing at the Reserve bank, a large excess of funds seldom occurs, because any available funds are generally used to reduce or repay loans at
the Reserve bank.
Funds from the Federal Reserve reservoir reach the market mainly in
four ways:
11.1. Member banks whose reserves have been depleted by withdrawals of
deposits or curreney, or for any other reason, may restore these reserves by
discounting paper at the Reserve bank a.. its established discount rate. In
such transactions the initiative lies with the member bank.
2. Member banks, discount houses, bankers, and others may obtain
funds from the Reserve bank from time to time by selling to it bankers'
acceptances. The immediate inkiative in such transactions lies as a rule not
with the Reserve bank but with the sellers, since the Reserve bank stands
ready to purchase at its established buying rate all offerings of bankers
acceptances that carry not less than two good banking names and .ueet
'certain other eligibility requirements.
3. Dealers in short Government securities and bankers acceptances, in
addition to selllng such securities outright to the Reserve bank, may obtain
funds from time to time by selling them to the Reserve bank, at established
rates for this type oftransaction under agreement to repurchase them within
fifteen days. In these transactions the immediate initiative is taken by
the dealers.
4. The Reserve bank may furnish funds directly to the market by purchasing short Government or municipal securities, or may withdraw funds from
the market either by selling such securities or by not replacing them when
they mature. Transactions of this nature are ordinarily undertaken on the
initiative of the Reserve bank.
These four classes of loans or investments constitute the major earning
assets of the Federal Reseree bank,and changes in money market conditions
are promptly reflected in one or more of them.
The Year's Changes in Loans and Investments
The general movement of the loans and investments, or earning assets,
of the Federal Reserve bank of New York during 1924 reflected mainly the
changes in business and credit conditions which have been referred to in
previous paragraphs. From early in January until the middle of May there
was a decline in earning assets from about 350 millions to 135 millions, which
was the smallest amount of earning assets held by the bank since the year
1917. This decline was due to reductions in member bank discounts and
advances and in holdings of bankers' acceptances. From the middle of
May until the end of the year there was a continuous rise in total earning
assets, which were larger at the end than at the beginning of the year:
Of the increase of about 220 millions between the middle of May and the
end of December,about 100 millions may be accounted for by an increase in
holdings of United States securities and the balance by increases in holdings
of bankers' acceptances and in discounts and advances.
The increase in bankers acceptances was in keeping with the experience
of previous years. The amount of bankers' acceptances in the market is
generally larger in the latter part of the year because they are to a considerable extent the outgrowth of exports of cotton, grain, and other agricultural
products, which are heaviest in the autumn. Since this is the time of year
when the need for funds for other purposes is usually most pressing, not
all of the acceptances created can be readily absorbed by the market and
the Reserve banks are usually called upon to carry a considerable volume
of them. This is particularly true when the period is one of rising money
rates, as in the autumn of 1924. Access of member banks and dealers to
the Reserve banks in this form frequently takes the place of and makes unnecessary borrowing which would otherwise occur in the form of rediscounts
to meet the autumn demand for funds.
Reserve Bank Policy.
The credit policy of the Reserve bank throughout the year was expressed
In its discount rate, in its buying rate for bankers acceptances, and in its
purchases and sales of Government securities, the two latter coming within
the field of open market operations.
The Federal Reserve Act provides that the discount rates of the Federal
Reserve banks shall be fixed
•
.
"with a view of accommodating commerce and business."
In the open market operations of the Federal Reserve System experience
has shown the desirability of coordination between the „twelve Reserve
batiks in both transactions and policy. Coordination has been effected by
the joint execution, through a committee of governors of several of the
Reserve banks, of such open market operations as may be approved from
time to time by the boards of directors of these Reserve batiks which participate and by the Federal Reserve Board. The general principle under which
open market operations are now carried on is.that laid down by the Federal
•
Federal Reserve Board in 1923,—
'that the time, manner, character, and velum° of open market investments purchased by Federal, Reserve banks be governed with . primary
regard to the accommodation of Commerce and business and to the effect of
such purchases or sales upon the general credit situation."
The,adoption of this principle for open market operations has placed the
•critliP Policy of the'Reserve banks, whether expressed through .discomit
rats, buying rates,for bankers' acceptances, or purchases and sales of
..
•Giiv'ertiinent or other.,securities, on a. uniform basis. Consequently, all
of tie methods through. which Federal Reserve funds cementite .use are
:0 commerce and
goVerned by the same object..I.0., the accommodation
the ReserVe
btistness.rather than such considerations ,as the earnings
•
banks.
Market Operations.
Open_
••
The Federal Reserve Bank of New York, in common .with .the other
Reserve banks, and with the approval of the Federal Reserve Board, began
in December 1923 to increase gradually its holdings of short term Governmppt'securities and continded such purchases over a period of about nine
Menths, until September 1924:.. The New York Reserve Bank.increased its
holdings by $190.000,000 and total holdings of all Reserve banks mere-increased- by about $500.000,000. •.11shraugh. the purchase of- theee Government securities the Reserve banks acquired a portfolio ofshort term investments directly under,-their .control,•13y.. means of.which at any time their,
contact with the money market'might beinadeactive and-effective. •
•-• During the first part of 1924 when -moat of these securities -were being
purchased, business was showing a tendency to recede and prices to- tall,
whjle some industrial districts were in a state of depression..The number of
wericers employed in -factories was decreasing. Unfavorable agricultural
cqnilitions in the northwest and sotithwest were being reflected in a series
.ot bank failures. The foreign'eihtia'rigeS.fiad.fallen heavily.and,large transfers offunds were being made to.theWnited. States. Gold Imports were con- • • • -.
tinuing at the rate of more than $1,006,000 a slay;
.
or
[VOL. 120.
The first effect of the security purchases by the Reserve banks was to
lessen the indebtedness of member banks at the Reserve banks. When a
Reserve bank buys securities it pays the bank or dealer from whom the purchase is made with a Federal Reserve check. This check, deposited with a
member bank, and by it redeposited with the Reserve bank, increases the
member bank's reserve. If the member bank is in debt at the Federal
Reserve bank the increase in its reserve is usually applied to reducing its
indebtedness. The usual effect of open market purchases by the Federal
Reserve banks is a prompt decline in the amount of direct loans to member
banks. If the member bank receiving the Federal Reserve check is not
borrowing at the Reserve bank it endeavors to lend or invest the funds,and
In one way or another they eventually reach some bank which is borrowing.
As their indebtedness at the Reserve bank is diminished, banks find themselves in a position to extend credit more freely and money rates tend to
become easier. Just as the purchase of securities usually operates to relieve
member banksfrom their indebtedness at the Reserve banks,so, on the other
hand, the sale of securities tends to increase the indebtedness of member
banks at the Reserve banks and thus to bring them under the influence of
the discount rate, thereby increasing the effectiveness of that rate.
The decline in rediscount and acceptance holdings of the Reserve banks
during the first half of 1924 was accentuated in the New York district
because the first effect of gold imports is felt in New York and because a
substantial proportion of all purchases of securities was made in the New
York market as the principal market for such securities. The result of these
purchases was to accelerate the easing of money which gold imports and
the flow of funds from the interior were bringing about In the New York
market.
Decline in Rates in Spring and Summer.
In the late spring money market rates on bankers' acceptances, short
Government securities, and call loans, which had been above 4% for over
a year, declined below 4%. On May 1 the Federal Reserve Bank of New
York reduced its discount rate, which for over a year had stood at 4%%.
to 4%.
By early June the New York City member banks had almost completely
repaid their indebtedness to the Reserve bank, money market rates had
fallen to about 3%.and the Federal Reserve Bank of New York reduced
its rate on June 12 to 316%. Thereafter gold imports and other additional
,
funds which New York City banks received were used largely as a basis for
increases in their loans and investments and deposits. Rates in he money
market fell to around 2%, and the Federal Reserve Bank of New York on
August 8 reduced its doscotmt rate to 3%. Accompanying these reductions
In discount rates, reductions were also made in the buying rate for bankers'
acceptances in conformity with the course of the market. The other
Reserve banks during the summer or early autumn also reduced their
count rates by either .14% or 1% to 4% or 31'5%•
The last change in the discount rate of the New York Reserve Bank
brought it 1% below the Bank of England rate, while the market rate in
New York was more than 1% lower than in London, thereby reversing the
situation which had existed at the beginning of the year.
Lower money rates in New York than in London facilitated the placing of
foreign loans in the United States instead of in London, tended to slacken
the inflow of gold, and coupled with improving conditions and prospects in
Europe, tended to draw back to Europe some of the funds which had been
sent here from Europe during the preceding year or more.
Changed Conditions in Autumn.
•
In September more active business conditions, and particularly an increasing volume of bankers' acceptances created to finance large exports of
agricultural products at rising prices, were reflected in firmer money conditions and the use of additional Federal Reserve funds. These funds were
made available partly by increased rediscounting and partly by the usual
seasonal increase in the amount of bankers' acceptances offered to the Reserve banks.
As the autumn progressed, with business improving and activity in the
security markets increasing, rates in the money market advanced and the
buying rate of the Reserve bank for bankers' acceptances was adjusted to
market changes by an increase, in several steps, from 2X% to 3%. The
discount rate was maintained at 3%. No appreciable increases in holdings
of Government securities were made after September, and in December
such holdings were somewhat reduced.
At the close of 1924 economic conditions at home and abroad presented an
outlook wholly different from that which prevailed at the beginning of the
year. Business activity was increasing rather than decreasing. In our
agricultural districts conditions were greatly improved. The change in
conditions abroad was even more marked. Sweden resumed gold payments
and the German and Hungarian exchanges had become stabilized. The
Swiss and Dutch exchanges had risen to their gold parity, and the British
pound had risen during the year from $4 21 to $4 73, thereby greatly
Improving the prospect for a return to the gold basis in those countries.
The inflow of gold into the United States had ceased, temporarily at least,
and in December there was a net outflow of $29.000,000.
Many causes together brought about this great improvement in economic
conditions and outlook in both the United States and Europe. The causes
operative in this country include the readjustment in industry which had
taken place earlier in the year and higher prices of farm products due
mainly to a short crop of cereals abroad. Abroad, they include the inauguration of the Dawes plan and other plans for European financial rehabilitation and a gradual increase in world production and trade. Easier money
conditions in this country facilitated the favorable operation of most ofthese
factors. They were a fundamental influence in the placing of about
$1,250,000,000 of foreign loans in the United States during 1924, which
greatly facilitated increased exports of agricultural and other products,
and assisted in the recovery of several of the foreign exchanges. Ease in
money also gave to many domestic borrowers for the first time in many
years a market favorable to the funding of an immense amount of short
borrowings.
Periodic Money Movements Reflected in Reserve Bank Loans.
In addition to the unusual changes in credit conditions and In the volume
or kind of Reserve bank loans which have been discussed in preceding paragraphs, the past year gave interesting illustration of what may be recognized as normal and usual movements of funds in the New York money
market and their relation to Reserve bank operations. Four distinct movements of this type may be recognized:
1. A weekly adjustment of member bank reserves.
2. A monthly money movement.
3. A quarterly money movement at tax periods.
4. A seasonal money movement.
A brief statement concerning these movements and their effect on the
loans of the Federal Reserve bank may be of interest.
Weekly Adjustment of Member Bank Reserves.
New York City banks which are members of the Federal Reserve System
are required by law to maintain reserves at the Reserve Bank equal to 13% of
their net demand deposits and 3% of their time deposits. On Friday of
Fins. 28 1925.]
THE CHRONICLE
1039
banks. When business and agriculeach week the average daily reserves which have been maintained for the banks reduce their loans at the Reserve
interior money is withdrawn from New
week at the Federal Reserve bank are compared with the reserves required tural activity recalls funds to the
more Reserve Bank credit is called into use.
and penalties are assessed for any deficiencies in reserves. The fact that York and
When the present seasonal movement of earning assets of the Reserve
this computation is made for the week ending on Friday. frequently leads
old seasonal swing of interest rates, the
member banks in New York City to make adjustments in their reserve bank is not precisely similar to the
to indicate that seasonal expansion
positions in the last day or two of the period, namely on Thursday or Friday. two movements are sufficiently similar
e loans now takes the place of a seasonal rise in interest
If a bank has been running below its required reserve in the early days of in Federal R
business and agriculture for credit are met by
the period,it usually calls loans or borrows sufficient amounts at the Reserve rates. The seasonal needs of
credit and hence no longer result in any,
bank in the last few days to restore its required average. If it has been run- additional use of Reserve bank
the interest rate.
ning over in the early days of the period, it frequently lends large amounts to considerable seasonal increases in
the market in the last few days to employ funds not needed to maintain
Relations With Foreign Banks of Issue.
other
the required average. These adjustments on Thursday or Friday frequently
During 1924 the Federal Reserve Bank of New York, for itself and
money conditions and show themselves in either tightness or ease
securinfluence
Federal Reserve banks, has continued to carry balances and purchase
of money toward the latter part of the week. Since the operation works
relationships have
ities for foreign banks of issue with whom correspondent
both ways and with no regularity, it cannot be traced clearly in the statistics been
times, bee
established. Considerable amounts of gold have also, at
abroad
but it nevertheless accounts for some of the temporary changes which
earmarked in the bank's vault for foreign account. Transactions
in money rates and in the earning assets of the Reserve bank.
occur
small
the advance of funds against gold and the purchase of a
In the past few years there has developed an informal market for Fed- included
eral Reserve funds, through which a bank having an excess reserve balance amount of sterling bills.
Readjustments in Departmental Organization.
may sell its excess to a bank whose reserves are deficient. New York City
,
banks make frequent use of this market in thus adjusting their reserves
Readjustments in departmental organization have made it possible
among themselves. Any shortage or surplus of reserves in the city banks carry forward the work of the bank with a net decrease of five officers.
from
as a whole, however, cannot be adjusted in this way but is reflected in the
The number of employees of the bank was reduced during the year
money market and in the volume of Reserve bank loans.
2738 to 2653. The latter figure includes the number of additional employees
Monthly Money Movement.
required for the operation and maintenance of the new building.
The accompanying diagram [This we omit.—Ed.]shows the total earning
New Building.
assets of the Federal Reserve Bank of New York by days during 1924. It
During the summer and autumn the bank moved into its new building.
will be seen that they are generally somewhat higher during the first week
in some detail in the annual reports of preceding
of the month than at the middle or end of the month. This swing in earn- which has been described
is the result of a tendency for funds to be transferred away from years.
ing assets
Several months of operation in the building have shown that it is admiraYork in the early part of the month and to be transferred toward
Novi
Reserve bank and that it realizes the main
New York in the middle or latter part of the month. A probable and partial bly adapted to the business of a
erected. These were (1) adequate facilities for
explanation of this movement is that a great many business concerns of objects for which it was
the Treasury, and the public,(2) safety of
national scope distribute large sums throughout the country in the form of the service of the member banks,
economy of operation, and (4) healthful working
dividend checks on New Yolk banks on the first of each month, and when cash and securities, (3)
only the vaults themselves, but the arrangethese checks return for payment the funds they represent are transferred conditions for its staff. Not
securities of the bank during the day's
from New York to the interior. Also, the large amounts of merchandise. ments for protecting the cash and
operations appear to be adequate. The layout of the working floors greatly
farm products, and other goods which New York merchants and others
and economical operation. Absence of
purchase from various parts of the country for export, consumption, or other facilitates effective supervision
ventilation, and well organized cafeteria
purposes are usually paid for in Use first ten days of the month. Later in overcrowding, excellent light and
greatly to the health and comfort of the
the month there appears to be a compensating return flow to New York and medical service, all conduce
proving
staff. Generally speaking, the arrangement of the new building is
for investment or other purposes.
to use it and is expediting the conWhile the amounts involved in these transfers, perhaps 830,000,000 to convenient to those who have occasion
and volume of transactions the bank is called upon
$50,000,000, are small in relation to the immense amount of funds invested duct of the great variety
the Treasury, and the public.
lathe New York money market, they nevertheless have an influence on to perform for the member banks,
the money market. This is indicated not only by a rise or fall in the earning
assets of the Reserve bank, but also by a pronounced tendency for call
Earnings of Federal Reserve Banks in 1924
money rates to rise in the early part of the month and fall in the latter Gross
About 25% Less Than in Two Preceding Years—
part4thLs tendency is particularly noticeable when a gradual change in the
rate level is taking place, as, for example, from August to December 1924.
Earnings of Cleveland and Kansas City
These fluctuations in call money rates and in the use of Reserve bank
Reserve Banks Not Sufficient to Cover
credit show clearly the delicate balance between supply and demand in the
Expenses.
New York money market. The market reflects with precision the slightest
change in money conditions and simultaneously the loans of the Reserve
The gross earnings of the Federal Reserve Banks for
bank show corresponding fluctuations.
1924 amounted to $38,340,000, or about 25% less than for
Quarterly Money Movement at Federal Tax Periods.
1923 and 1922, says the Federal Reserve Board in its FebruAtreachttax,,clate the Treasury receives income tax payments, redeems ary "Bulletin," which continues as follows:
maturing obligations, pays interest on a considerable part of the bonds and
The decrease results from a decline of about one-fifth in the daily average
notes outstanding, and often issues new certificates, notes, or bonds. Largely holdings of earning assets and a decrease in the annual rate of return on
daily
to complete the collection
because of their number, it takes several days
these assets from 4.33% in 1923 to 3.83% in 1924. The average
of all income tax checks. The disbursements of the Treasury on tax day are holdings of each class of earning assets, earnings thereon, and annual
therefore usually in excess of its balances, causing it to secure funds tem- rates of earnings in 1924 as compared with the two preceding years are
porarily from the Reserve bank on a special certificate of indebtedness to shown in the following table:
meetlits disbursements. Thus large amounts of Reserve bank funds are emHOLDINGS OF EARNING ASSETS. EARNINGS THEREFROM. AND
porarily placed on the market and money conditions tend to be come temANNUAL RATES OF EARNINGS.
porarily easier. From day to day, as income tax checks are collected, the
funds they .epresent are withdrawn from tha market, the Treasury reduces
•
Untied
Mils
States
and tinally retires the special certificate of indebtedness, and money tends
Bills Die- Bought in
Total.
the Open Government Other
counted.
to become firmer again.
Mar/tel.
Securities.
While a transaction of this character takes place at most, if not all, of
the Federal Reserve banks on each tax date, it is in New York that the Daily avge. holdings:
$
s
s
$
$
Treasury disbursements are largest and the effect on money market con573,247,000 159,207,000 454.750,000 66,000 1,187,270.0 0
1922
85,000 1,150,570.0
738,114,000 226,548,000 185,823,000
ditions is most noticeable. This is largely due to the fact that amounts paid
1923
374,834,000 172,428,000 401,365,000 1.690,000 950,317,0
1924
to the market to redeem Treasury certificates are larger than income tax
receipts because many short Government securities originally purchased Earnings:
4,000 *48.838,C
26,523,000 5,629,000 16,682.000
1922
4,000 •49.775e
in other districts tend to gravitate toward the central moneymarket and be32,956,000 9.371,000 7,444,000
1923
61,000 .36,40.c
15,943,000 5,710,000 14,712,000
1924
cause New York, being a center for the investment of large amounts of outAverage rates of earnof-town funds, buys more securities than it pays in taxes.
ing (per cent):
While there are certain features common to every tar period money marIl
5.40
3.67
3.54
4.63
1922
I 33
4.50
4.01
there are also marked differences between these periods, due
ket movement,
4.14
4.46
1923
383
3.61
3.67
3.31
4.25
1924
to differences in the amounts of securities to be redeemed by the Treasury,
in the condition of the money market and in the loan position of the Reserve
•Exclusive of miscellaneous earnings amounting to 51.653,000 in 1922, $934,000
bank. The differences in effect are illustrated by differences in the course
n 1923. and $1,914,000 in 1924.
derenewal rate for call loans over the four tax periods of 1924. The loan
of the
Total current expenses in 1924, exclusive of those fiscal agency
rate declined markedly at the March tax period, less in December. and not partment expenses which are reimbursable by the Treasury Department,
about
at all in June and September.
amounted to $28,432,000, a reduction from the total for 1923 of
There was one marked difference between tax day operations of most $1,340,000, or 4%. Salaries paid to the clerical staff, which make up
and those of 1924. In most previous years New York City the largest single operating expense, amounted to $13,289,000 for the
previous years
member banks have been in debt at the. Federal Reserve bank and they have year, as against $14.026,000 for the year before. As a consequence of the
used the temporary excess of funds to reduce this indebtedness. Surplus larger decline in gross earnings than in operating expenses, current net
funds were thus absorbed in the repayment of discounts. But since the earnings declined by more than one-half and amounted to $9,908,000
spring of 1924 member banks in New York City have been more generally in 1924 as against $20,938,000 in 1923. Net deductions from chtrent
out of debt at the Reserve bank, and having little or no indebtedness to net earnings aggregated $6,190,000 and were made chiefly for depreciation
repay with the temporary surplus of funds their tendency was to seek em- allowances on bank premises, for furniture and equipment, and for reserves
ployment for these funds in the money market,thereby creating easier money against probable losses on paper held under discount for member banks.
taxes amounted
conditions.
Net earnings available for dividends, surplus, and franchise
Earnings of
Seasonal Money Movement.
to $3,718,000 for the year as against $12,711,000 for 1923.
A quite regular seasonal fluctuation in the demand for money is a phenom- two of the Reserve banks, Cleveland and Kansas City, were not sufficient
enon familiar to all bankers in the United States. In the early part of the to cover current expenses, depreciation charges, reserves, &c., or any
year money tends to be in small demand; in the early spring demand in- part of the dividends accrued during the year, while earnings of four other
creases with harvesting and autumn trade and continues large throughout banks, Boston, New York, St. Louis. and San Francisco. though in execs
Sm., were not sufthe holiday period with its heavy currency requirements.
of current expenses, depreciation charges, reserves,
Before the Reserve System was established this normal seasonal ficient to meet the full amount of dividend requirements, and as a 'result
fluctuation in the demand for funds usually resulted in a corresponding these six banks withdrew $3,266,000 from their surplus accounts built
seasonal fluctuation in interest rates. The adjustment in the money mar- up in prior years. Of the six Federal Reserve banks whose earnings were
ket between supply and demand could only be made by changes in the sufficient to cover current expenses, depreciation charges, reserves, and
rates for money and by the use of credit from foreign markets. But in the dividends, only four had an excess of earnings remaining after such charges.
last ten years the market has been able to utilize the Federal Reserve Of these, Philadelphia, Richmond and Dallas transferred all of such balance,
reservoir of credit at those times of the year when the supply of funds in the aggregating $175,732, to surplus account, while the Minneapolis bank
money market was not adequate to seasonal requirements.
transferred $12,628 to surplus account and paid $113,646 to the United
The seasonal changes in the credit requirements of business and agricul- States Government as a franchise tax. Total dividend payments of all
ture are reflected in the New York money market and in the earning assets Federal Reserve banks aggregated $6,682.496. The full statement of earnof the Reserve bank. When business or agricultural activity is slack, sur- ings and expenses of the Federal Reserve banks for the year 1924 is-given
plus funds move to New York for temporary employment and member in the following table:
1040
THE CHRONICLE
[VoL. 120.
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1924.
EARNINGS.
Total.
Fialadelyhta.
New
York.
Boston.
Cleveland.
Richmond.
Minn.Atlanta. Chicago, St. Louis. apolts.
4
4
4
4
$
$
4
3
$
15.942,845
783,450 2,613,566 1,290,080 1,361,771 1,905,118 1,532,222 2,044,407 1,140,622
5.709,809 599,172 1,446.693 408,409 670,338
47,787 234,196 705,723 141,778
14,712,593 1,049.841 4,165,856 1,136,303 1,581,943 164,559
85,388 2,121,708 352.652
381,619
4,576
24,974
7.839
16,669
65,026
40,720
39,910
27.441
1,593,583
121,977 318,261
73,215 139,968
27,750
14.595 290,421
25,650
Discounted bills
Purchased bills
United States securities
Deficient reserve penalties
Miscellaneous
Total earninas
25 240 446 2.559 nt6 5.5119.250 2.915.546 2.770 889 2.210.240 1.94)7.121
Kansas
City.
San
Dallas. Francisco.
s
s
s
578,447
84,269
848,070
40,175
58,109
859,534
158,580
947,929
36,380
260,487
$
531,356 1,302,272
830,682 582,182
781,838 1,476,506
25,361
52,548
181,540 101.810
5909 150 1 AAR 142 1 ARO 070 9 959 oln 9 1457 ORA 2 457 021
CURRENT EXPENSES.
Total.
Salaries:
Bank officers
Clerical staff
Special officers and watchmen
All other
Governors'conferences
Federal Reserve Agents'conferences
Federal Advisory Council
Directors' meetings
Traveling expenses.
Assessments for Federal Reserve
Board expenses
Legal fees
Insurance (other than on currency
and security shipments)
Insurance on currency and security
shipments
Taxes on banking house
Light, heat and power
Repairs & alterations, bank'g house
Rent
Office and other supplies
Printing and stationery
Telephone
Telegraph
Postage
Expressage
Federal Reserve currency:
Original cost, including shipping
charges
Cost of redemption, including
shipping charges
Taxes on Federal Reserve banknote circulation
LII other expenses
Total current expenses
Boston.
New
Yorkj
PM adelyhia.
Cleveland.
Richmond.
s
s
3
s
$
$
2.524.709
13,288,720
800,150
1,671,718
5,882
3,474
10,550
158.709
313,625
122.000 479,542
894,000 3,412,141
31,504 166,462
90,512 371,699
288
504
276
98
452
550
6,235
21.460
6,418
27,660
663,240
90,798
48,634
2,014
179,201
7,115
400,199
26,590
561,971
840,761
277,826
157,464
657,624
492,952
585.506
200,436
574,120
1,727.441
37Q,436
72,749
105.593
20.489
2,492
3,913
21,485
47,828
19,609
8,0
8/1
DV" . h
,.
37,6213
1,180,9.52
251.899
815
810,822
129,833 225,000
980,591 1,105.384
59,595 100,178
91,117 231,662
425
267
189
123
745
343
7.669
7,565
22,434
12,875
MinnsAtlanta. Chicago, St. Louis. ayolts.
169,190
718,163
43,628
68,987
310
66
322
7.541
21,684
4
$
208,719 347,478
431,430 1.818,716
37,188 102,906
34,008 271,471
280
383
405
302
848
914
25,290
8,441
20,821
26,222
59.978
5,462
72,332
13.528
58,602
35,062
44,345
23,667
115,656
116,643
47.284
4,640
268,687
111,227
78,258
51,346
C5.413
91,464
87,077
22,538
21,922
15,187
2,774
44.127
51.077
25.741
20,087
133,517
51,836
66,154
163,226
38,536
14.657
47,064
48,047
63,870
14,126
35,802
151,674
25,992
29,887
41.667
9.794
4,869
6,800
26,252
36,663
5,380
38,889
120.384
27.903
164,946
195,550
196.149
99,618
54.606
28,409
27,818
53,328
37,567
26,351
19,532
3,892
39.716
156,113
41,446
45,844
25,053
29.942
:270,178
35,009
1,588
Kansas
City.
Son
Dallas. Francisco
$
4
142.120 258.013
580.902 1,458,193
38,817
82,825
102,323 147,200
746
1,028
345
778
1,047
2,600
23.681
5,607
48,689
28.156
$
164,320
716,421
38,289
41,145
472
379
1.200
9,892
31,741
$
121,350
429,493
25,576
67,148
586
246
1.087
9,052
52.454
$
161,144
743,286
75,182
153,548
613
267
442
26,278
14,473
30.213
1,221
21,867
23,463
27,972
9.348
26.897
ams
91,183
4,711
19,742
39,714
18,178
29,600
38,655
25,539
42,505
28,459
58,859
47,667 230,166
13,402
41,240
9,070
17,941
14,695
48,142
23,848
76,924
29,518
81,128
5,045
26,675
79,427
59,305
98,924 213.546
21,169
50,584
17.311
2,112
3,182
7,562
78,849
21,622
30,310
6,454
43.409
118,221
12,328
16,175
1,580
1.488
426
43.399
20,891
38,063
7,310
23.998
74,683
10,093
17,394
73,662
42,093
69,300
22,986
26,305
34,867
7.760
67,709
140,975
9,531
22,567
32,702
24,892
9,765
1,393
21,404
23,049
11,709
50,062
88,134
21,171
29,683
3.115
13,524
1,575
118,922
50,820
70,875
19,281
81,933
124,494
20,359
225,985
5,295
6.796
43,596
34,215
125,787
36,556
8,785
1.738
8,643
5,769
21,920
66,944
32.437
815
34,121
50,501
23,485
2,717
36,845
52,060
28,431.938 1,073,501 6,350 821 2.153.836 2.664.850 1.537.834 1.247.012 3,948,436
1.441.348 1.065.167 1.866.087 1.221
46,469
10,814
589 2 11A2 2124
PROFIT AND LOSS ACCOUNT.
Total.
Earnings
Current expenses
Current net earnings
Additions to current net earnings:
Withdrawn from reserve for
depreciation on U.S. bonds
Appreciation In foreign exchange
on balances held abroad
All other
Total additions
Boston.
New
Yorkj
S
$
s
Cleveland.
Richmond.
s
s
$
MinnsAtlanta. Chicago. St. Louis. apolis.
$
Kansas
City.
San
Dallas. Francisco
s
a
$
$
s
s
38,340,449 2,559.016 8,569.350 2.915.846 3.770.689 2,210,240 1,007,121 5,202,169 1,688,143 1,609,070
28,431,938 1,973,501 6,350,821 2,153.836 2.664,850 1.537,834 1,247,012 3,946,436 1,441.348 1.085,167 2,262,910 2,157,964 3.487,931
1.866,087 1,331,862 2,853,384
9,908,511
585,515 2,218,529 762,010 1,105,839 672,406 660,109 1,255,733 246,795 543,903 396,823
826,302 634,547
224,795
173,056
175,357
573,208
Deductions from current net earns.:
Depreciation allowances on bank
premises
4,034,782
Reserve for probable losses
1,067,259
Reserve for self-Insurance
105.197
Reserve for depreciation on U.S.
bonds
12,822
Furniture and equipment
1,074,591
All other
468,888
Total deductions
Philadelyhia.
15,870
20,433
21,612
2,067
143,469
168
21.176
4,686
173,056
3,184
1,698
18.385
2,008
12,231
40.879
18,264
27,101
22,524
28,083
536
20,556
176,240
22,131
39,997
2,006
14,298
40,679
16,264
170,570
22,692
47,239
536
122,048
910,440
1,509,445
82,114
100,000
50,000
94,934
285,585
185,197
181,674
4,400
310,862
628,468
79,119
600,000
127,755
102.466
7.078
52,819
9,688
17,321
3,911
12,822
11,818
15.778
25,927
28.795
48.938
25,571
36,408
7,821
9,385
20,013
197.778
59.038
55,197
11,650
1,951
536,776
275,504
23,307
13,742
6,763,539
135,849 1,777,917
37,049 1.818,989
294,621
401,751
387,289
59,122
385,371
672,697
608,517
384,587
Net deductions from current net
earnings
8.190,331
115,093 1.601,677
14,918 1,578,092
292.615
387,453
348.610
42,858
214,801
_
650,005
561.278
384,031
Net earnings available for dividends, surplus & franchise tax
3,718,180
470,422
Dividends paid
6,682,496
Transferred to surplus account__
188,360
Franchise tax paid U.S.Gbvernm't
113,846
Deficit In earnings after payment of
0 dive., charged to surplus account 3.266.322
616,852
477,798 1,798,530
747,092 z473,153
379,791
272,656
909,123
203,937
329.102 z253,182
265,024
250.518
615,135
131,957
351,251
28,540
272,656
909,123
304,976
202,828
12.628
113.646
249,789
15,235
480,5
431
7,376 1,179.678
758,152
1,229.305
101.039
265,697
518,879
230,045
REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT.
Total.
Boston.
s
New
York,
a
Philadelyhta.
s
Cleveland.
s
Richmond.
s
MinneAtlanta. Chicago. St. Louts. ayolis.
s
$
$
s
Kansas
City.
I
San
Dallas. Francisco
Expenditures during 1924:
Salaries
All other
Amounts reimbursable Jan. 11924.
$
376,742
67,125
126,650
16,543
2,775
4,149
38,424
10,045
18,198
19,439
1,712
4.713
48,121
11,848
19,743
22,854
3,100
6,260
24,175
3,630
7,690
54.472
7,354
22,855
28.348
4,531
8,104
41,060
10,171
11,453
37,4301
2,4981
8,416
22,874
3.516
4,068
23,202
6,145
11,201
Total
Reimbursements received dueg '24
570.717
544,890
23,467
22,564
66,667
64.205
25,864
24,676
79,712
77,117
32,214
99,959
35.495
84.478
84,481
81,318
40,983
89,442
62,684
89,448
48,344
44.8161
30,258
28,338
40.548
38.526
3,529
1.922
2.022
2.462
1,188
903
25.827
2.245
2,595
2.019
2,165
1,541
3,238
• Other than those connected with Governors' and Agents' conferences and meetings of directors and of the Advisory Council.
z Deficit In earnings before payment of dividends.
Balance reirnburtutble Jan. 1 1925
Death of Medill McCormick, Senior Senator From
Illinois.
The death of Medill McCormick, senior Senator from
Illinois, occurred while he was in bed in his apartment at
the Hotel Hamilton, Washington, D. C., on Wednesday
morning (Feb. 25). News of his sudden demise came as a big
shock to Washington circles, as the Senator had attended the
previous day's session and also the evening session of the
Senate. Although it was known he was feeling somewhat
indisposed, the seriousness of his sickness was not realized.
He died while alone at 930 a. m. Coroner Nevitt stated that
death was due to myoearditis, the contributory cause of
$
I
s
s
which was acute dilation of the heart. He added that tho
Senator had probably had an attack of vertigo, had fallen
and then had made his way back to bed, where ho died.
Mrs. Medill McCormick, who was in Chicago at the
time, left immediately for Washington. She received the
following message of sympathy on the train, wired from
President Coolidge:
WHITE HOUSE.
Washington, February 25 1925.
Mrs. Medill McCormick, care the Capitol Limited,
Baltimore & Ohio Railroad,
eastbound, which left Chicago at 1 P. M.lo-day:
In common with all his many friends, I was inexpressibly
shocked to learn
of the sudden death of Senator McCormick.
Such a tragic termination
of a career which, despite his comparative youth, had
already marked
1041
THE CHRONICLE
FEB. 28 1925.]
him as a man of brilliant parts and distinguished abilities, is a genuine
loss, both to the State and to the country. Mrs. Coolidge joins me in ettending to you and all others of his family profoundest sympathy and conCALVIN COOLIDGE.
dolences.
Minneapolis and Kansas City districts, in which there were altogether 537
suspensions. The largest number occurring in any one district was 299 in
the Minneapolis District. Bank suspensions for the year are shown, by
districts and by class of banks. In the following table:
President and Mrs. Coolidge, members of the Cabinet and
of both Houses of Congress attended the funeral services in
Washington on Thursday. Thereafter the body was conveyed to Chicago, where services were held yesterday afternoon. On Wednesday, as a mark of respect for their dead
colleague, the Senate adjourned for the day at 12:20 p. m.
Senator McCormick was only forty-eight years of age
and had sat in the Senate for the comparatively short period
of six years. Nevertheless he was well-known as a learned
exponent of foreign affairs, principally European, and he was
a conspicuous opponent of President Wilson's League of
Nations' policy. One of the most noteworthy achievements
of the Senator was the origination of the Federal budget
system, the first budget bill being personally introduced by
him in March 1918. General Dawes calls him the founder
of the budget. His career was summarized as follows on
Thursday in a despatch from the "Herald-Tribune's"
Washington Bureau:
BANKS CLOSED DURING 1924
Member Banks.
Capital
and
Number.*
National.
Surplus.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
NeilNational.
NonMember
Banks.*
1
5
1
8250,000
7,354,000
79,000
1
2
1
___
1,817,000
2,670.000
6,461,000
2,600,000
12,925.000
6,877,000
3,908,000
1,702,000
4
9
31
6
1
50
32
19
10
9
2
9
2
89
Kansas City
Dallas
San Francisco
34
44
104
55
299
134
52
28
___
18
All districts
757
145 542 Ann
129
14
504
Minneapolis
a
"a6
2
52
240
100
31
'Includes three non-member banks In the Chicago District and one in the Richmond District for which no information regarding capital and surplus is available.
In the table which follows the banks closed during 1924 (for which capital
could be ascertained) were classified according to the amount of their
capital. It shows that 490, or 65% of the 753 banks closed, had capital
of $25.000 or less, and that 676 banks, or 90% of the total, had capital
of less than $100,000. leaving only 77 banks with capital of $100.000 or
more, or 10% of the total number of banks closed.
BANKS CLOSED DURING 1924, CLASSIFIED ACCORDING TO AMOUNT
OF CAPITAL.
Dislrias.
625,000 and less a
$25,001 to $49,999
$50,000 to $74,900 b
$75,000 to $99,999 c
$100.000 to $124,999 d
$125,000 to $199,999
$200,000 to 8499,999
$500,000 to $1,000,000
Over $1,000,000
490
57
114
15
48
10
14
3
2
New York
To
tat
Capital.
Philadelphia
Follower of Roosevelt.
Madill McCormick-he let the name Joseph fall into disuse-was born
to Mr. and Mrs. Robert Sanderson McCormick In Chicago on May 16
1877, and was graduated from Yale in 1900. For a number of years he
was the publisher of the Chicago "Tribune," having worked his way up
from a "cub" reportership, and served two terms in the lower House of
the Illinois Legislature as a Republican. He became interested in national
politics as an enthusiastic follower of Theodore Roosevelt. and in the 1912
campaign was Chairman of the Progressive State Committee of Illinois.
In January 1915, however, while a member of the Illinois Legislature, he
announced his return to the regular Republican Party, declaring that the
World War, In which he saw that America was soon to be involved, had
wiped out all differences between the two wings of that organization.
In the fall of 1923 he was a candidate for re-election to the United States
Senate for his second term, making his canvass on his record of opposition
to the League of Nations, disapproval of the economics of the Treaty of
Versailles and his participation in the budget and other legislatiod resulting
in a great decrease of Federal taxation. He was defeated in the primaries,
however, by ex-Governor Deneen.
He married In 1903 Miss Ruth Hanna, daughter of Marcus A. Hanna,
United States Senator from Ohio.
All Banks.
',Luria.
3
1
16 26 58 36 229 89 22 11
5 17 11 8
3 6
7 5 21 10 30 20 9 11
1
1 4 2 2 a
2 _
11 10 8
4 4 11
1 1 2 1 3
1
_
2 3 2 4 1 2
1 1 1
_
3
1
:
2
753 1 5 1 ___ 33 44 101 55 299 134 52 ss
a Banks with capital of $25.000 and less comprise 65% of the tote . b Banks with
less than $75,000 capital comprise 88% of the total. C Banks with less than 8100.000
capital comprise 90% of the total. d Banks with capital of 5100,000 or More
comprise 10% of the total.
Total
Volume of Operations of Federal Reserve Bank of
New York in 1924, Compared with 1923 and 1922.
While we give In another item In this issue a large part
of the report of the Federal Reserve Bank of New York for
1924, we are giving separately the Item relative to the volume of operations of the bank for the years 1922, 1923 and
1924:
The mechanical transactions of the Federal Reserve Bank of New York
have generally continued to increase during the year, as is shown in the following table of the average daily transactions in some of its principal
departments. In number of employees, building area occupied, and expense
ef operation, these mechanical transactions constitute a far larger part of
the bank's activities than the granting of credit. They are necessary adjuncts
to its credit operations because they enable member banks to build up and
maintain the reserve balances which they are required to keep at the
Reserve bank.
BANKS CLOSED DURING DECEMBER 1924.
All Banks.
DAILY AVERAGES.
Member.
Distrias.
1924.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
All districts
10
3
15
5
13
9
2
2
RA
§§§§§§§§
1923.
Number of Pieces Handled
Bills discounted:
Applications
47
58
41
Notes discounted
201
239
130
Bills purchased for own account
187
251
203
Currency received and counted
1,365,387 1,580,320 1,684,529
Coin received and counted
2,653,235 2.702,412 3,017,043
Telegraphic transfers of funds
939
783
942
Checks handled
392,679
425,151
447,914
Collection items handled:
U. S. Government coupons paid
75,115
58,555
46,235
All other
5,766
7,208
7.990
U. S. securities-issues, redemptions, and exchanges by Fiscal Agency department
23,278
27.307
9,826
Amounts Handled
Bills discounted
$30,484,648 $59,443,190 $23,127.772
Bills purchased for own account
2,885,539 3,899.494 3,553,236
Currency received and counted
8,644,693 9,954,580 10,450,748
Coin received and counted
253,921
415.683
375,926
Telegraphic transfers of funds.
83,198,073 92.819,536 115,269,461
Checks handled
206,225,670 216,947,121 224,992,547
Collection items handled:
U. B. Government coupons paid
1,114,133 1,117,032 1,093,319
All other
5,032,762 6.359,997 6,163,628
U. S. securities-Issues, redemptions, and exchanges by Fiscal Agency department
21,366,373 10,426,723 11,587,125
Non-Member.
Capital et
Capital et
Capital ek
Number. Surplus. Number. Surplus. Number. Surplus.
10 Ca •0.44.,
..12<,
•4
CO 00 Cm 00
00IC 0
1922.
According to reports to the Reserve banks 59 banks, with capital and
surplus of $4,454,000, were closed during December. Of these 44, with
capital of $3,051,000, were non-member banks and 15, with capital and
surplus of $1,403,000, were member banks; 7 of the latter wore non-national
Institutions and 8 were national banks. The total number of closed
banks reported for the preceding month was 49.* and their aggregate
capital and surplus was $2,401.000.* In December. 10 banks previously
closed were reported reopened-one in the Atlanta District and 9 in the
Minneapolis District. Although the figures for bank failures represent,
so far as could be determined, banks which were closed by order of supervisory authorities, it is not known how many of these institutions may
ultimately prove to be solvent.
sa 454 000
2
81
c5
dl
e3
$178,000
224,000
456,000
180.000
155,000
210,000
8
2
10
4
10
6
$391,000
58,000
1,722.000
186.000
255,000
2
2
/3
.1 a
51 402000
105,000
58.000
276.000
44
23.031.000
a Eight national banks, capital and surplus $585,150, and seven non-national
members with capital and surplus of 8818,500. b One non-national member with
capital and surplus of $224,000. c Three non-national member with capital and
surplus of $219,500. d One non-national member with capital and surplus of $180.000. e One non-national Member with capital and surplus of $76,000. fOne nonnational member with capital and surplus of $120,000. •Revised to include one
national bank in the Atlanta District which had not been reported previously.
Senate Confirms Nomination of Alanson B. Houghton
As Ambassador to Great Britain.
The nomination of Alanson B. Houghton to be Ambassador to Great Britain in succession to Frank B. Kellogg,
who succeeds Secretary of State Charles E. Hughes on
March 4, was confirmed by the Senate on Feb. 24.
Federal Reserve Board on Bank Failures in 1924.
In its article on bank failures in 1924 the Federal Reserve
President Coolidge Urges Retirement of Federal
Board in its February 1925 "Bulletin" says:
Government from Inheritance Tax Field
During 1924 there were 757 bank suspensions reported to the Federal
Reserve banks; 594 of these, or 79%, were non-member banks and 163, or
Declares Socialism Should Not Be Presented
21%, wore member banks, of which 129 were national banks and 34 were
Under Guise of Law to Collect Revenue.
State banks or trust companies. The capital and surplus of those banks
for which the information could be gotten (all but 4 of the non-member
The gradual retirement of the Federal Government from
banks) aggregated $46.642,985. Of this total $29,624,975. or 64%, was
inheritance taxation was advocated by President
the capital and surplus of non-member banks; the capital and surplus of the field of
closed national banks amounted to $13.713,380 and that of non-national Coolidge in addressing the National Tax Association in conmember banks amounted to $3.304,630. There were 38 banks, previously ference at Washington on Feb. 19. The President
declared
closed, which reopened during the year.
Suspensions occurred in all except the Cleveland District, although there that "the right to inherit property owes its existence, not,to
were only 7 in the Boston, New York and Philadelphia districts together, any Federal law, but to the laws of the States," adding
the greater proportion of the total for the year occurring in the Chicago. that "Federal estate taxation therefore has not the
natural
1042
THE CHRONICLE
[Va.. 120.
determine for themselves the desirability of a particular public policy.
and do not ask to have such policies forced upon them by indirection.
Personally, I do not feel that large fortunes properly managed are necessarily a menace to our institutions and therefore ought to be destroyed.
On the contrary, they havebeen and can be of great value for our development. In approaching the second field of extravagance. I, therefore.
shall not consider inheritance and estate taxes as a social effort, but as
a revenue measure.
Differing from income taxes, which are deductions from what a taxpayer
makes each year, and payment for which presumably can be made without
hardship, inheritance and estate taxes are capital taxes; they take a part
of the accumulated capital of the nation. This capital is not usually
represented by cash or readily marketable securities, but it may be a
business built up by the decedent through his lifetime, or property long
A solution of this problem presents the difficulty of obtaining reciprocal held, for which there is no immediate market.
action on the part of the States. I feel, however, that in fairness to eaclk,
other and to their taxpayers, some way will be found of obviating this
Effects of Excessive Taxation Twofold.
extravagance by giving up entirely the collection of taxes upon personal
In consequence, to pay inheritance and State taxes in cash, executors
of non-resident decedents, or by the imposition upon the transfer must sell the property which comes into their hands at what is equivalent
property
of such property of a tax extremely simple in administration and low in to a forced sale, with the usual consequences of loss in value. I venture to
amount.
say that for executors to pay a 50% tax they would have to realize in cash,
While Representative Ogden L. Mills of New York, a in the ordinary large estate, probably 60% of the appraised value of the
estate.
member of the House Ways and Means Committee, in an
The effects of these excessive taxes are twofold. First, they tend to
address at the conference expressed himself in agreement lower values throughout the country by reason of forcing upon the market
be readily
with the views of President Coolidge, Representative securities which cannot inheritance absorbed, thus lowering the very level
and estate taxes are actually based.
of values upon which
Green, Chairman of the House Ways and Means Committee, Secondly, they take away the inspiration to work in order to build up a
at the conference, disagreed with the President business or create a property.
also speaking
this
It is
over-estimate the
and asserted that without a Federal inheritance tax, "similar countrydifficult tothe man of ability contribution to the progress of to
made by
actuated largely by this motive
taxes imposed by the States would inevitably fail." In protect the future of his family. If America had not been free to any man
another item we refer more at length to these addresses. to make his fortune within the law and within his abilities, we would not
be the great nation we are to-day. To destroy incentive is to lessen the
That of President Coolidge is given herewith:
production and the prosperity of the country.
Acknowledgment is due to the National Tax Association for a real
Let me summarize before passing to the second object of the present
public service in bringing this conference together. The subject of taxation conference. The burden of taxation is one from which relief must be found.
at all times and in all its phases difficult and complex. It may be It touches directly and indirectly all of our citizens. The most obvious
is
doubted if any of its aspects present more difficulty or more sharply chal- field of economy is for the Government to spend less. It is, however,
lenge our practical experience or economic judgments than that which equally desirable that the burden put by the Government on its citizens
concerns taxation of estates of decedents.
be productive of Government revenue and not destructive of the propertf
When on June 2 last I signed the Revenue Act of 1924, I adverted of the taxpayer,for it is what the taxpayer gives rather than what the Govbriefly to this subject of inheritance taxes. By that Act, the highest ernment ultimately spends which measures tho effect of the tax upon the
bracket of Federal estate tax was raised from 25 to 40%. I pointed out citizen. We should, therefore, by a simplification of our method of taxation
then that when the inheritance taxes levied by the States be added to and the imposition of economically sound rates of taxation, make certain
Oils, a substantial confiscation of capital may result; and I suggested the that the Government realizes more nearly the values which the citizen
danger of having the States and the Federal Government thus combining relinquishes.
to get the utmost possible revenue from inheritance taxes.
At the last few annual meetings of the National Tax Association, and at
To take an excessive proportion of estates in this way for the costs of a recent conference of the tax commissioners of several States, the posican only mean that Government will be living off the capital
Government
tion has been taken that the Federal Government should withdraw from
of the community. This we should seek to avoid. Therefore. I sug- the field of estate taxes. This view has much to commend it. Historically
gested that it might be better if the field of inheritance taxation could
the Federal Government has entered this field only on the occasion of war
be left to the States. Realizing, however, the great practical difficulties.
emergency, and in every case, except the present, has withdrawn when
I suggested that a conference of State and Federal taxing authorities
the reason for exceptional taxation ceased. The emergency created by the
be held to consider the whole subject.
war, when last the Federal Government entered the field has ended.
Taxation is the means employed by a State to obtain the revenue with great
The right to inherit property owes its existence, not to any Federal law.
which to conduct its necessary operations. A State may be extravagant
but to the laws of the States. Federal estate taxation, therefore, has not
in the way it spends its revenue. So, too, extravagance may exist in
the natural excuse which is conceded to State inheritance taxation. The
the way it collects its revenue. I have often urged economy in outgo
Federal Government being in the field, however, particularly with rates
of revenue; It is equally as necessary that we establish economy in income
as excessive as those recently adopted, results in a very material decrease
of revenue. The burden of taxation is not what the State takes but
in the amount and value of the property upon which the States levy their
what the taxpayer gives.
inheritance taxes. If the States are to suffer diminution in revenue from
field for the practice of economy in inheritance tax collection
The first
this source, they can make up their losaes only by higher taxes in other
lies in State co-operation. There is competition between States to reach
in inheritance taxes not only the property of its own citizens but the fields.
Already the taxes levied by the States upon land are so high as to menace
property of the citizens of other States which by any construction can be
the prosperity of the farmer. For the sake of the revenue which the Fedthe grasp of the tax gatherer.
brought within
Government receives from this source—being in the last fiscal year only
A share of stock represents a most conspicuous example of multiple eral
$103,000,000 out of 82.700,000,000 total internal revenue taxes for
inheritance taxation. It is possible that the same share of stock, upon only
Government should be careful to see that indite tly
the death of its owner, may be subject to taxation, first, byt he Federal that year—the Federal
persons whom it most wishes to relieve. While we
Government, then by the State where its owner was domiciled; then by it is not taxing the very
absorb so great a loss of revenue in one year, we could
some other State which may also claim him as a citizen; again in the State may not be able to
from the field as our Government expenses
where the certificate of stock was kept; in the State where the certificate provide for gradual retirement
of stock must be transferred on the corporation's books; in the State or decrease.
It is to be hoped that your deliberations will help to arouse interest and
States where is organized the corporation whose capital stock is involved;
lead to popular study of these questions. We seldom need to be very
and,finally, in the State or States where this corporation owns property.
may do in handling questions that the pubAll this means not only an actual amount of tax which may under par- fearful of what the Government
Therefore, conferences and considerations
ticular circumstances exceed 100% of the value of the stock, but the lic thoroughly understands.
must, to enlighten the public mind on those involved
expense, delay and inconvenience of getting clearances of the States who which tend, as yours
community.
right to tax the property is a serious burden to the heir who is to issues, are of greatest value to the whole
claim a
With all confidence that the work of this present conference will prove
receive the stock. Particularly is this expense disproportionate to a
timely and helpful, I extend to you the assurance that the National Govtax paid by a small estate which has but a few shares of stock. In many
ernment will be glad to avail itself of all helpful results that may flow
cases the expense alone must exceed the total value of the shares which
transfer. Looking at it from the standpoint of State revenue, from your work.
it is sought to
I am told it is probable that the full cost of executors of ascertaining the
tax and obtaining the necessary transfers is in the aggregate nearly as Representative Ackerman Proposes 26% Cut in Personal
much as the tax received by the States upon this property of non-resident
Income Taxes Payable This Year—Shows Taxes •
IA.
decedents. Here, indeed, is extravagance in taxation.
Fall Most Heavily on New York, New Jersey,
of Problem.
Solution
Pennsylvania and Ohio.
A solution of this problem presents the difficulty of obtaining reciprocal
in fairness to each
action on the part of the States. I feel, however, that
Under a resolution introduced in the House on Feb. 24 by
other and to their taxpayers some way will be found of obviating this
Representative Ackerman of New Jersey a further reduction
extravagance by giving up entirely the collection of taxes upon personal
upon the transfer of 25% on personal income tax returns is proposed. The prepropercy of non-resident decedents or by the imposition
low in
of such property of a tax extremely simple in administration and
amble to the resolution states that it has "been reported on
amount.
authority that the condition of the Federal Treasury is such
Federal and State Taxation Approaches Confiscation.
extravagance in the collection of taxes— a wrong that more funds are on hand than necessary for all immediate
The second field of
be included also
system—rests, not with the States alone, but there must
needs," and that the 25% allowance on 1923 personal inparticular who levies
the Federal Government. It matters not in this
estimated
the total of all ta.tes collected comes "did not reduce the revenue to the amount
the tax, but the sole question is whether
There are, as I by approximately $100,000,000, thereby.showing that double
is so excessively high as to be economically unsound.
and inheritance
have said, circumstances where the aggregate of estate
possible". The
decedent. This the percentage of deduction would have been
taxes may exceed the value of the property left by the
point of estate and inheritance following is the text of the resolution.
is not unusual, but we have come to a
and perhaps higher
taxation, reaching as it does 40% in the Federal law
JOINT RESOLUTION
approaches, if it is not
in some States, where the total buden closely
To facilitate the payment of personal income taxes and 'further relieve
actually, confiscation.
said taxpayers by authorizing an additional 25 per centum allowance
Revenue.
Socialism Should not be Presented under Guise of Law to Collect
legislation in
as a deduction on all personal incomes.
I do not believe that the Government should seek social
Whereas the present Administration is pledged to a policy of rigid econdirectly where
the guise of taxation. We should approach the questions
be clearly omy: and
may
the arguments for and against the proposed legislation
Whereas all governmental departments and agencies are functioning in
socialism, it
presented and universally understood. If we are to adopt
carrying out of
of this country as socialism, and not strict accordance with provisions created for the effective
should be presented to the people
and
guise of a law to collect revenue. The people are quite able to this policy;
under the
excuse which is conceded to State inheritance taxation."
To take an excessive proportion of estates for the costs of
Government can only mean, said the President, that Government will be living off the capital of the community.
The President also declared that "we have come to a point
of estate and inheritance taxation, reaching as it does 40%
in the Federal law, and perhaps higher in some States,
where the total burden closely approaches, if it is not actually,
confiscation." In expressing his views as to a solution of
the problem, the President said:
FEB.28 1925.]
THE CHRONICLE
Whereas the ultimate purpose of this policy is to further relieve the taxpayers of the nation from the burden of emergency levies; and
Whereas it has just been reported on authority that the condition of the
Federal Treasury is such that more funds are on hand than necessary for
all immediate needs, and it is shown as receiving more funds than required
to meet the maturing future commitments of the Government; and
Whereas the 25 per centum allowance made on 1923 personal incomes,
the taxes on which were paid in 1924, did not reduce the revenue to the
amount estimated by approximately $100000000. thereby showing that
'double the percentage of deduction would have been possible: Now, therefore. be it
Resolved by the Senate and House of Representatives of the United States of
America in Congress assembled, That all persons be, and they are hereby,
notified that in filing their personal income tax returns for 1924, they are
authorized to consider as a further deduction 25 per centum additional,
whether payment Is made in installments or in full when their return is
filed; and be it further
Resolved, That the Secretary of the Treasury is hereby authorized and
directed to instruct income tax collectors to allow the additional 25 per
centum deduction hereby provided for on all personal income tax returns.
- A. year ago Representative Ackerman prepared an analysis
of income tax figuress showing that less than 4% of the population of the country pays individual income taxes, the collection thereof was more or less localized, the States of New
York, New Jersey, Pennsylvania and Ohio paying slightly
over 50%, or more than all the other 44 states and Hawaii,
Alaska and the District of Columbia combined. These figures
were based on the 1921 returns, and in an analysis of those
for 1922, Representative Ackerman finds that while there are
some slight changes from the figures of 1921, "by far the
major portion of the burden is still, I believe, being disproportionately borne by the income tax payers of New York,
New Jersey, Pennsylvania and Ohio." We take the following
from his latest analysis, presented to the House on Jan. 23.
The interest manifested in the analysis of the income tax figures as presented by me last year seems to warrant a further consideration of the
application and collection of personal income taxes. This is undertaken,
therefore, based on the report recently issued of the transactions for 1922,
the latept completed compilation of the Treasury Department.
While there are some slight changes from the figures of 1921, used as the
basis for last year's analysis, by far the major portion of the burden is still,
I believe, being disproportionately borne by the income tax payers of New
York, New Jersey, Pennsylvania and Ohio.
It follows, therefore, as a natural sequence that the people of these individual States who file 2,357,340 personal income tax returns,representing
34.74% of the entire number filed, are carrying on their professional and
commercial activities under a tax load which can not otherwise than be a
brake upon the wheels of permanent progress and a drag on initiative and
enterprise.
The agricultural West is having its burdens alleviated, but the industrial
East is very heavily burdened; its load is inequitable and that it should
have priority consideration by the Congress is strikingly shown in several
ways.
A simple comparison of the wealth of these 4 industrial States with that
of the other 44 States and the amount of taxes collected in each group discloses one phase.
A comparison of the numerical representation of each group in the Congress shows another.
A still further inequality is shown in the returns yielded through Stateaid projects.
A glance at the following table shows these inequities in inescapable
facts and figures:
4 States, New
York, New Jersey, Pennsylvania, Ohio.
The 44 Other
States.
Wealth, Government census 1922
$96,000,000,000 $218,000.000,000
Percentage of wealth paid out for taxes_
a0.0467
0.0191
Personal income taxes paid in 1922
b$447,000,000
$413,000,000
Received as State aid
c$12,000,000
864,000,000
Number of Senators
88
Number of Congressmen
113
322
a Almost 2.36 times the amount paid by 44 States.
,
b $34,000,000 more than the amount paid by 44 States.
c $52,000,000 less than the amount received by 44 States.
On the basis of wealth the four States of New York. New Jersey. Pennsylvania and Ohio should have paid $265,000,000 in personal income taxes.
Compare this with the amount paid—$447.000,000—and you will see that
these States have an overpayment of 70%, because the individuals living
therein have an overassessment to that extent.
On this same basis of wealth the group comprising the 44 States should
have paid $595.000,000 instead of $413,000,000, the amount collected according to the 1922 figures, $182,000,000 less than in proportion to their
wealth by the last census of 1922.
Still considering the wealth of the two groups, we see that the four States
with considerably less than a third of the total wealth of the country, as
Indicated by the census, pay thirty-seven times as much to the Federal
Government in personal income taxes as they receive in "State aid" funds.
Compare this with the "State aid" paid in the 44 States, and it will be seen
that they pay only six and a half times the amount of the "aid" in income
taxes from the residents of all of those States combined. In other words,
they receive nearly six times on the average what the four States—New
York, New Jersey, Ohio and Pennsylvania—receive.
1043
of the resolution followed the address the previous day of
President Coolidge in which he advocated the gradual withdrawal of the Federal Government from the field of inheritance taxation. The resolution of the conference referred
to in the foregoing was adopted as follows:
Whereas inequality and injustice in death taxation necessarily arise from
the present ill-balanced and illogical State and Federal death tax structure;
be it
Resolved, That this conference considers it imperative that death tax laws
be so changed as to result in a rational tax system which will produce the
revenues now so sorely needed by the States, and at the same time do away
with the abuses which are tending to bring this fundamentally sound form
of taxation into disrepute.
Be It Further Resolved, That the Chairman of this conference be asked
to appoint a committee of nine or more members, due consideration being
given to geographical distribution, said committee to undertake the following duties:
(a.) To gather the information and data necessary to formulate definite
plans for the reform of State and Federal death taxation.
(b.) To give special attention to the feasibility of early or gradual retirement of the Federal Government from the field of death taxation.
(c.) Then to formulate such plans, model laws and recommendations as it
sees fit, and present these for consideration to the Congress, the State
Legislatures and committees thereof, and to the proper officials and branches
of Government having in charge the levying and administration of death
taxes.
(d.) To cooperate with such organizations as may be deemed advisable and
to create sub and regional committees wherever necessary, and
(e) To request the proper officers of the National Tax Association to call
a second national conference on inheritance taxation and estate taxation, to
which said committee shall report its findings and activities, or, in the absence of such a second conference, to issue and mail to delegates to this conference a written report.
lie It Further Resolved, That this committee be authorized to raise the funds
necessary to the carrying out of the duties assigned to it and in its report
a full accounting shall be given of how and from what sources such money
was raised and how it was spent.
The Conference, in a fourth resolution, recommended
"for the serious consideration of each of the separate States
the advisability of immediately causing a careful survey to
be made of its laws relating to death duties, to the end that
the multiple and overlapping taxation now existing be
speedily removed." This resolution reads:
Whereas, It has become apparent from the deliberations of this conference that for the avoidance of unnecessary burden and expense in the
settlement of claims of the several States upon the property of decedents,
it is necessary that important readjustments be made in the legislation
of the States relating to the levying of death duties in sundry forms upon the
property of decedents; be it
Resolved, That this conference recommends for the serious consideration of each of the separate States the advisability of immediately causing a
careful survey to be made of its laws relating to death duties, to the end
that the multiple and overlapping taxation now existing be speedily removed.
Be It Further Resolved, That the complete abolition of the non-resident
death tax on property other than real estate is highly desirable, but in the
event that because of legal or other valid objections this is not immediately
possible, the suggestion is advanced that the so-called Matthews flat rate
plan offers an excellent opportunity to at once make some progress without loss of revenue, with the ultimate purpose of establishing the principle
universally that real estate be taxed where situated and all other property
in the State of domicile of the decedent.
Be It Further Resolved, That the National Tax Association be requested
to allot suitable time at its next annual conference for the full discussion of
death taxes.
At the sessions of the Conference on Feb. 19 the speakers,
besides President Coolidge, included Representative William
R. Green, Chairman of the House Ways and Means Committee, Representatives Ogden L. Mills, Cordell Hull,
and Oldfield, all likewise members of the Ways and Means
Committee; Prof. E. R. A. Seligman of Columbia. University, etc. Representative Mills indicated himself in sympathy with the views of President Coolidge and opposed those
of Prof. Seligman. According to the "Washington Post"
the last named took issue with the President, holding that
inheritance taxes no more constitute levy on capital than do
taxes on property. He defended the inheritance tax as a
correct source of Federal revenue and proposed that the Federal government be the only agency to collect such taxes,
subsequently returning a portion of the revenue to each State
in which it was obtained. Representative Green in opposing
the views of President Coolidge asserted that without a
Federal inheritance tax "similar taxes imposed by the States
would inevitably fail."
Representative Hull is reported in the Washington "Post"
as saying:
If the States come with a model uniform law, I will say to them: 'Go
Resolutions Adopted at Conference of National Tax to it and take the inheritance tax for your own." But I am against repealing the national law until they do.
Association—Committee to Work Toward ReRepresentative Mills who urged the conference to adopt
form of State and Federal Inheritance
a resolution in favor of correcting present evils and confining
Laws—Views of Prof. Seligman,
the tax to the States alone is quoted as follows in the New
Representatives Green,
York "Times:"
Mills, Etc.
The sooner the Federal Government repeals a number of the license,
Under a resolution adopted by the National Tax Associa- occupational and sales taxes, the sooner it reduces its income tax rates to a
point sufficiently low as will permit the States to participate to a substantial
tion in conference in Washington on Feb. 20, the appoint- extent in this great source of revenue,
the better it will be for all.
ment of a committee is authorized "to gather the informaIn other words, sound policy based on existing conditions demands a narnecessary to formulate definite plans for the rowing of the Federal base of taxation and a broadening of that allocated to
tion and data
the States and
accordance with this
reform of State and Federal death taxation." The adoption emphatically aslocalities. In the estate tax should conception, I contend as
possible that
not become a
permanent
1044
TELE CHRONICLE
part of our Federal peace-time tax system and that the Increase in rates
adopted last year by this Congress was a move in the wrong direction."
The same paper gave as follows the remarks of Representative Green on the subject of Federal rights in such taxation:
Under the Federal law, as it now stands, a credit of 25% of the amount
if the Federal tax is allowed to cover State inheritance taxes assessed,
thus eliminating the "Islands of refuge" provided by those States which do
not now impose inheritance taxes, and creating a uniform tax throughout
the United States.
The State of Florida, by adopting a constitutional amendment forbidding
the imposition of either an income or inheritance tax, has already issued an
Invitation to wealthy men to take up a residence within its borders. Those
who brought about the adoption of this amendment understood human
nature only too well. The natural inclination of those who pay heavy taxes
is to try and avoid them,and where a legitimate avenue of escape is opened
it is almost invariably used by a large number of people so affected, and
often means which can hardly be called legitimate are practised.
The invitation which Florida has extended will be gladly accepted by
many,but what may we expect if a residence in Florida or some other States,
Which undoubtedly will follow her example, frees the wealthy from all inheritance taxes of every description, as it would if the Federal tax was
abolished? If the Federal inheritance tax was abolished the opportunity
for camping the tax entirely would be complete, and it would only be a few
years until the State taxation of inheritances would break down.
At the outset it seems to me that it ought to be admitted that the estate
tax or inheritance tax, whichever it may be called, is one of the superior, or
perhaps I should say one of the preferable, forms of taxation. It cannot be
said that it operates in any degree to discourage business enterprise, efficiency, or Initiative. It is not complicated or involved, and as a rule it falls
upon persons who have done little or nothing to create the wealth and can
well afford to pay. There is little difficulty in enforcement and appeals are
rare.
In all these respects it Infer superior to our income tax system, and,in my
judgment, what we need to do is to decrease our income taxes and preserve
our estate taxes, but if we abolish the inheritance taxes we would of necessity be compelled to raise the amount thereby lost by and through income
taxes.
From the "Times" likewise we take from its account of
Prof. Seligman's address the following:
Forty-six of the forty-eight States of the American Union levy at present
an inheritance tax, almost all of them a share tax, a few of them also an
estate tax. The continuing need of revenue from this source is undoubted;
the glaring evils arising from the conflicts of tax jurisdiction are daily becoming more unbearable. What practicable methods of dealing with this
situation are in sight?
The most obvious suggestion is the development of a harmonious system
through interstate agreements. This is a consummation devoutly to be
wished. But the difficulties of mutual adjustment are enormous. In the
first place there is the multiplying of numbers. If each of the forty-eight
States wore to make agreements with each of the others we would have no
lees than forty-eight times forty-eight or 2,304 separate agreements. This
In itself is staggering enough.
While the embarrassment would be somewhat relieved by the adoption of
reciprocal arrangements, this presupposes that the interests of all the
States are identical. Unfortunately, however, entirely apart from interstate rivalry, of which we have had not a few recent examples among States
where there might be presumed to be an identity of interests, we cannot
close our eyes to the existence of divergent economic interests. The problem of a suitable criterion to serve as the basis of attempts to avoid double
or multiple taxation is therefore a difficult one.
If the States will not of themselves solve the problem, what alternative
avenues of escape from the present unbearable evils are open? This brings
me to the heart of my subject, namely, the possibility of Federal assistance
in the solution of the problem. If the States cannot or will not help themselves, can the Federal Government do anything to improve the situation?
There are three possible ways in which this help could be afforded. While
none of them is perhaps immediately practicable or desirable, It is nevertheless worth while to consider them.
The first of the three alternatives, although it is found in some Federal
countries, is not very promising. It consists in the passage of a Federal law
designed to regulate the conditions of uniformity under which the separate
States shall be permitted to levy inheritance taxes. Such a method of uniformity through legislative regulation would probably encounter constitutional obstacles here; and the prospect of removing these obstacles through
constitutional amendment would not be very promising. Uniformity
through compulsory national regulation may, therefore, be eliminated at
the present time.
Fortunately, however, there are other methods of achieving uniformity
than by the exercise of legislative compulsion. I refer to the decision of the
Supreme Court. The Supreme Court makes law no less than does Congress,
and in the special field of fiscal legislation the pressure exerted by the
Supreme Court has in not a few instances brought about a largo measure of
uniformity of State action.
Why is this not possible in the inheritance tax? If the victim of some
peculiarly glaring attempt to impose multiple taxation upon an inheritance
were to contest its constitutionality and if the Supreme Court should declare
the legislation of a particular State invalid from this point of view, might
it not be possible for the court to enunciate the principles of an economic and
fiscal character by which It had been guided?
We have many cases of constitutional importance where the court has
been swayed by economic arguments.
Confliding Economic Interests.
A third alternative consists in the frank recognition of the fact that if
every other expedient falls, only a Federal system of taxation can bring about
of the States
the desired uniformity, and that the legitimate fiscal demands
must be met by some adjustment to this Federal system. What I have in
inheritance tax, with a
mind, in other words, Is a comprehensive Federal
division of the yield between the nation and the State.so that the fiscal needs
of each will be satisfied and the crying evils of the present be eliminated.
. . .
It is true that our present estate tax yields only an insignificant revenue:
In 1924 only 6103,000,000; th s year about $115,000,000 plus whatever may
be expected from the gift tax, or say, between $120,000,000 and 6125,000,000 in all. But if we had the right kind of a tax, administered in the right
way,it would not be difficult to secure a revenue of at least several hundred
millions from this source alone—a revenue which would bear a fairly respectable relation to the future revenue from the income tax.
Do not forget that in Great Britain before the war the death duties yielded
considerably more than half as much as the income tax. In fact, the percentage was nearer 60.
In France, in fact, despite the high war income tax, the inheritance tax
even at present forms a still larger share of the total. In 1023 the inheri-
[voL. 120.
tance tax yielded 2,770.000,000 francs, as against 3,790,000,000 from the
Income tax; I. e., the yield of the inheritance tax was 72.8% of that of the
income tax, or almost three-quarters more. These figures show what
fiscal potentialities are contained in the inheritance tax.
Compare them with our American statistics. In 1924 the inheritance tax
yielded $102,000.000 and the income tax 111,842,000,000: 1. e., the inheritance tax yielded only 04% of the sum yielded by the income tax. Evan in
Great Britain at the present time, with the very high income tax, the inheritance tax yields 17%% of the income tax.
While our American ratio of 5%% may not attain the former 60% of
Great Britain or the 70% of France,it can surely be made to reach from 25%
to 50%.
Other Revenues Open to States.
What now are these other sources of revenue upon which our States can
rely? In the first place, we have the whole domain of real and personal
property taxation, upon which the Federal Government cannot encroach.
In the second place we have the new engine of taxation of which advantage
is only beginning to be taken by our States—the field of income taxation,
both personal and business. This is indeed not an exclusive field, for it is
occupied by the Federal Government as well. But the possible limits of a
State income tax system are set only by considerations of taxable capacity.
Compared with these two sources of revenue, real estate and income, the
Inheritance taxes play only a small role in the States. In 1922, out of total
revenues of $1,250.000,000, the State inheritance taxes yielded Only 665.000,000, or about 5%.
It may be conceded, however, that the loss of even this $65,000,000
would be seriously felt In some of our States. From this however, simply
follows the conclusion that whatever arrangement be made in the future,the
fiscal interests of the States must be safeguarded. My suggestion of a
division of the yield will result in at least as much revenue to the States as
accrues to them at present.
If, therefore, we combine these two considerations, on the one hand the
relatively greater future needs of the Federal Government as compared
with those of the States, and on the other hand the guarantee that the fiscal
resources of States must not be impaired, it follows that the argument is
favor of a Federal inheritance tax is by no means a weak one.
And if we add to this fiscal argument the other argument that the imposition of the Federal Inheritance tax will solve the problem of uniformity of
taxation, it seems difficult to resist the conclusion in favor of a Federal
inheritance tax, and this, too, without referring to other arguments such as
the possibility of reaching tax-exempt bonds, which it seems so difficult
to bring into the dragnet of our income taxes, Federal and State.
The trouble with our Federal inheritance tax is not in the ratei, as our
esteemed Secretary of the Treasury thinks. The English rates are higher
and the French rates are much higher than with us; all of which does not
prevent them from raising far and larger and continually increasing revenues.
We have a defective law and a still more defective administration. With
an improved law, with the addition of a right kind of a gift tax, with the
rendering Impossible the evasion of the inheritance tax through our absurd
Incorporation of individuals and with a proper kind of administration, we
should soon find that our revenues would be greatly augmented,even though
the rates were diminished.
With a revenue of several hundreds of millions, it would then be possible
to hand over to the States a portion of the yield, whether it be 25% or 35%.
with the result not only that the Federal Government would get more than
at present, but that the States would secure as much as they now receive,
or could in future secure through independent action.
It is learned from the Washington "Post" that Representatives of more than thirty States attended the conference.
Dr. Thomas W. Page, president of the association opened
the meeting on the 19th. Following the President's address
at the morning session, Russell L. Bradford of New York,
spoke on "Uncertainties and Diversities in Legislation,"
and Roy C. Osgood, of Chicago, spoke on "Practical Difficulties in the Settlement of Decedents' Estates."
Assistant Secretary of the Treasury C. S. Dewey, one of
those who addressed the Conference on Feb. 20, said he
did not believe "these taxes should be levied as a means of
preventing the amassing of large estate or promoting the
more equal distribution of wealth. He declared that through
gifts the estates of many men were reduced in their lifetimes,
thus evading the payment of taxes. The result was, he
argued, that productive capital was the kind that suffered
most under such a system. He declared that the "gift tax"
in the Revenue act of 1924 did not adequately meet this
situation. "A tax system," said Mr. Dewey,"which penalizes the creative spirit and discourages initiative cannot be
the right system for America," and he declared that those
who foster the idea that the inheritance tax will have the
effect of redistributing large estates, shoot very wide of the
mark."
Prof. Thomas S. Adams, of Yale University, formerly
Chief Tax Advisor of the Treasury, and Prof. Charles J.
Bullock, of Harvard University, were also speakers at the
session on the 20th, the former expressing his conviction of
the efficacy and justice of the Federal inheritance tax.
The "Times" says:
He insisted that if the field of death taxation was left to the States, it
would be used as a shibboleth by the demagogue. He favored a system
under which an estate should pay no tax to the Federal Government if
the amount exacted by the State was equal to the tax prescribed by the
Federal law.
According to the Philadelphia "Ledger" of Feb. 22, Franklin Spencer Edmonds, chairman of the Pennsylvania State
Tax Commission, who attended the conference at Washington, declared that the body which he represents is heart and
soul with President Coolidge. The "Ledger" of Feb. 22 said:
In addition to the withdrawal of the Federal Government from the inheritance tax field, he said it is essential that the States repeal their taxes
on the personal property in the estates of nonresidents, because thin 'Is
adding tremendously to the complexity of straightening out estates.'
FEB.28 1925.]
THE CHRONICLE
The same item stated:
Lawyers and trust company officers here joined yesterday in praise of
President Coolidge's plea for elimination of Federal inheritance taxes and
simplification of the State tax systems.
Pennsylvania is to be congratulated, they said, on her 'initiative' in seeking to repeal the tax on securities of estates of nonresidents and in asking the
United States to withdraw its graded tax on inheritances in excess of$50.000.
A memorial introduced by the State Tax Commission was passed last
Tuesday by the Legislature requesting all Pennsylvania representatives and
United States Senators to endeavor to have the Federal tax repealed. It is
a war measure, it was said, and if it continues in force 'the States will have
to revise their fiscal systems.' That was delivered in person to Senators
Pepper and Reed at the tax conference addressed by President Coolidge
Thursday.
From the New York "Journal of Commerce" of Feb. 21
we take the following Washington advices:
The Republican members of the House Ways and Means Committee
today came to an informal agreement to begin consideration of proposals for
the revision of the Internal Revenue laws on October 15. This will give
approximately fifty days within which to prepare the necessary legislation.
In the meantime Treasury officials and tax experts will gather the data upon
'which the committee members will base their conclusions as to revision.
It had originally proposed that the initial meeting be held the first part
of September but it has been figured that the proposed revision will not require the presence of the members of the committee in Washington for so
long a period as that would provide, and upon the suggestion of Representatives Hadley and Hawley, who live on the West Coast, the later date
was agreed upon.
Republicans Are Divided.
Evidences that the Republicans will be split upon many of the suggestions
that will come before the committee are seen in the differences of opinion
voiced by speakers at the opening sessions of the National Inheritance
and
State Tax Conference. The speech of Representative Green, Iowa, chairman of the Ways and Means Committee, showed his views to be opposite
those of President Coolidge, whose views are shared by Representative
Ogden L. Mills, New York, also a member of the committee.
Mr. Mills said today that he would advocate reduction in surtaxes, repeal
of the publicity provisions of existing law, the repeal of the gift
taxes and
Inheritance taxes conditional upon the States adopting a uniform plan
of
assessing and collecting such taxes to be promulgated within a
period of not
to exceed five years, and a revision of certain provisions of the
administrative features of existing law, particularly so that where formal
procedure
interferes with its work the Tax Appeals Board may have wider latitude
and to give the Treasury Department sufficient authority to
permit it to
adjust matters by compromise rather than being compelled
to insist upon
payment of taxes to the last penny, and thus avoid the necessity of keeping
tax controversies open often for four or five
years.
The Democrats have not yet formulated their program.but many of them,
if not all, will join with Chairman Green in his opposidon to
repealing the
inheritance and gift taxes. Mr. Green was very much at odds with Mr.
Mills during the consideration of existing law,and nothing has since occurred
to bring the views of these two men, both active in Ways and Means Committee work, any closer together.
Mills to Get Support.
Mr. Mills will strike a popular chord with his efforts to eliminate as many
of the remaining special taxes as can be accomplished, consideration being
given to the extent to which rate revision may be possible out of the savings
of the Treasury Department.
A number of bills were introduced at this session of Congress seeking
the remodeling of various provisions of the law. The subject matter of
many of those will be considered when the committee meets, although all
bills unacted upon March 4 die with the session. It is believed also that
much of the information on such subjects as amortization, depletion and
depreciation, gathered by the Couzens committee, which is investigating the
affairs of the Internal Revenue Bureau, will be made available to the Ways
and Means Committee.
It is thought probable that the services of A.
W.Gregg, who was assigned
to the Ways and Means Committee
and the Senate Finance Committee as
special assistant to the Secretary of tho Treasury.
may be again sought.
The legislative drafting bureau of the
House will be put to work early in
the proceedings to put into proper legislative
shape various suggestions that
may come up for consideration.
Views of Assistant Secretary Wadsworth on Inheritance
Tax—Should Be Used Only for
Emergency.
A speech in which he coincided with the views of President
Coolidge on the inheritance tax laws, ws delivered by Eliot
Wadsworth, Assistant Secretary of the U. S. Treasury on
Feb. 25. Addressing the Womans' Department of the
National Civic Federation in this city, Mr. Wadsworth
declared that "such a tax has no place in the permanent tax
system of the Federal Government." We quote what he
had to say as reported in the New York "Times" of Feb. 26:
In speaking of inheritance taxes last week, the President pointed out that
when they are levied by the States as well as by the Federal Government
a
substantial confiscation of capital may result, and that taking an
excessive
proportion of estates to pay the regular expenses of Government can only
mean that the Government will be living off the capital of the community.
The only possible excuse for an inheritance tax would be a desperate need
for Income by the Federal Government. This need does not exist, for the
yield of the inheritance tax for the last fiscal year was $103.000,000, which is
less than one-third of the estimated surplus for 1926. Such a tax has no
place in the permanent tax system of the Federal Government. It should
be used only in emergency, and the financial emergency brought about by
the World War is passing rapidly.
There are some who advocate a graduated inheritance tax because it tends
to redistribute great fortunes rather than to allow the owner freedom in
handling of his own property. This idea is. I believe, contrary to the best
traditions of the nation. It is based upon the theory that a man's family
should be penalized on a scale which increases in proportion to the success
which that man has achieved in business.
As for a reduction in surtax rates, the Treasury has been consistently in
favor of it ever since the war, both under Democratic and Republican Administrations. Surtaxes which at their peak were 65%. later 50% and
now 40%, are still excessive and unproductive. Such surtaxes are supposed to extract from the groat estates,the so-called vested interests, a large
proportion of their income for the support of the Federal Government. Of
1045
all the fallacies which have been presented in the discussion of taxes, that
argument in favor of the high surtax is the greatest. The complete failure to
accomplish such a result is clearly shown by a study of the income tax returns
of 1916-22 and the individual income tax payments which were published
last Autumn.
In 1916, with a maximum tax of 15%. incomes returned in excess of
$100,000 were over 29% of the total income reported; in 1921. with
maximum tax of 73%, this figure had fallen below 234%; in 1922, when
the maximum tax was 58%, this figure rose to over 4%. The number of
returns showing a net income in excess of $100,000 fell to 6.600 in 1916:
to 2,300 in 1921. The number of incomes in excess of $300,000 fell from
1.206 in 1916 to 246 in 1921.
Due to Honest Evasion.
This failure of the tax to take away the income of the wealthy is not due
to dishonesty on the part of either the tax collector or taxpayer. The fact is
that there are many ways left open for honestly avoiding the talc the temptation to follow those ways and the obvious self-interest in doing so Is toe
great.
The first and natural way to avoid taxes is to invest in non-taxable securities, of which some $13.000.000,000 are in the market. Congress has repeatedly refused to take any steps which would make new issues of State
and municipal bonds taxable, so that this opportunity for avoiding taxes
Is constantly broadening. A man of large estate may reduce the income
subject to a high surtax by splitting up his property among members of his
family or placing it in trust funds. The holder of securities can take advantage of the right to sell any which may show him a loss in a year when
such loss will help him most to reduce his tax.
None of these methods of avoiding the tax are available to the professional man, the man of high salary or one who risks his all in new business
and succeeds. They face the high surtaxes without relief.
However much the high surtax may appeal to the human desire to see
those pay the most who apparently can best afford to pay, the income
tax as now written is not getting results in that direction.
Every taxpayer who avoids carrying his just share of the expense of Government leaves to others a part of his burden. When the next tax bill is
drawn it should readjust rates of surtax to make it more profitable for people
of large wealth to invest in taxable property and pay the tax, than to take
shelter in non-taxable bonds, or other devices for avoiding payment.
Economies Limited.
Mr. Wadsworth said it was difficult to find any further field for large
saving by Governmental economy. He analyzed the nation's expenditures
as follows:
It is almost impossible,from the layman's point of view, to understand an
expense of $3,600,000.000. The mere thought of such a sum causes consternation. But suppose you are one of a million people, each contributing
$3,600. and then study where your money goes, proportionately. In the
year's expenses a few items stand out at once:
Per Cent.
ofWhole
Interest on the national debt.
24-0
$865
Sinking fund and other debt reduction
13-0
472
Relief of veterans
15-5
559
Pensions
,60
_217
War Department
344
95
Navy Department
_330
90
Treasury Department
_147
40
Customs and tax refunds
40
145
Total
$3.079
85_0
Consider each item in a search for economy. Interest and the sinking fund
on our Liberty bonds and other national debt must go on. So must the relief
of veterans and the payment of pensions, as sacred obligations. These first
four items arc nearly 60% of the whole
The War and Navy Departments must be maintained. They have been
cut already to the lowest point that national safety can permit. The Treasury Department cannot be stopped, and is economically operated. Refunds
on overpayment of customs duties and taxes constitute a liability determined
by law and entirely unavoidable.
You then have left a little over $500 out of your $3,600 to carry on an
other Government activities, including the Departments of State, Justice.
Interior, Commerce, Agriculture and Labor, together with twenty independent establishments such as the Shipping Board, Interstate Commerce
Commission. Railway Labor Board.
Here is your only immediate field for economy. Cut the cost of all thaw
activities to one-half and you save about $250 out of your 13.606. But
practically they cannot be cut. Every possible effort has been made for
four years to reduce expenses, and they are substantially at bedrock.
Postal Salary and Rate Increase Bill Is Approved by
House and Senate—Second-Class Rates Again
Revised.
The House of Representatives on Wednesday (Feb. 25)
and the Senate on Thursday gave their approval to the
Postal Salary and Rate Increase Bill, which provides for
higher salaries for postal clerks and carriers at an additional
cost of $68,000,000 a year, to meet which the bill makes
provision for increased postal rates, estimated to be capable
of raising $60,000,000 more revenue annually. The House
approved the bill by 370 votes to 8, and the Senate by 69
votes to 12. The final text of the bill was agreed to Tuesday
(Feb. 24) in conference between Senate and House repro-.
sentatives, and the rate increases adopted are largely those
embodied in the bill which the House passed after it had
rejected the original Senate bill. It is not yet known if
President Coolidge regards it with favor. Salary increases
would operate as from Jan. 1 1925, but the new rates would
not come into force until April 15,leaving a margin in which,
on paper, the Post Office Department would incur a loss
during the current year of some $22,000,000.
The most important changes wrought in the bill while in
joint conference relate to second class .mail rates—those
dealing with publications. The House conferees agreed
to
accept the Senate prOposal that rates on advertising portions
of publications should be as follows: Two cents a pound in
1046
THE CHRONICLE
For.. 120.
Sun Chuan-fang's troops, who are now in possession of the Lunghua fort
the first and second zones, 3 cents a pound in the third,
Kiangsun
6 cents a pound in the fouth, fifth and sixth zones, and 9 and theover to arsenal, leave to-day, as the arsenal will be closed and
handed
the Chinese Chamber of Commerce.
cents a pound in the seventh and eighth zones. The House
Chang's men will withdraw little by little, as he has still much work to do
bill would have had a 3
the first three zones. in rehabilitating this district and the repatriation of the defeated Chi Hsieh-cent rate on
The conference also agreed to attach as a rider to the bill, yuan's soldiers. intention is to demilitarize
The ultimate
the whole Shanghai'area, to
the Walsh corrupt practices amendment, which would limit which the Peking Government will then appoint a civilian director-general.
Tranquillity and order here are now hoped for.
the expenditure of a candidate for Senator to $10,000 and
A renewal of hostilities was reported in a dispatch from
that of a candidate for Representative to $2,500, and provide
for periodic reports by all election committees, Congressional, Shanghai via Associated Press and dated Feb. 18. It said:
Fighting has again broken out between Sun Yat Sen's followers in
State and national. The bill, as it has just been approved
Kwangtung Province and troops of the Chili General, Chen Chiung-min.
in Congress, makes the following alterations from present
The Sun Yat Sen forces claim the capture of Tamsui, 15 miles south
of Waichow, which is Chen's stronghold and headquarters.
postal rates:
would be charged 2 cents instead of
First Class—Private mailing cards
A press message of the same date from Hong Kong stated
I cent. Letters and other first class mail would remain as at present.
Second Class—Rate per pound in first and second zones would be 2 cents; that the attack made by Chen Chning-min had petered
third zone, 3 cents; fourth, fifth snd sixth zones, 6 cents; seventh and out, leaving Sun Yat Sen's forces in command of strategical
eighth zones, 9 cents. This contrasts with these present rates: First and positions. The damaging effect
the civil war has had upon
second zones, 2 cents; third zone, 3 cents; fourth zone, 5 cents; fifth zone,
6 cents; sixth zone, 7 cents; seventh zone, 9 cents; eighth zone, 10 cents. the Chinese railroad systems was described in Peking adNew rate of 1 cent an ounce would be charged for "transient" second class vices, dated Feb. 21, via the "Evening Post" Foreign
mail. Rate on publications which hitherto enjoyed a preferential rate of Service. They stated:
I% cents a pound such as religious and fraternal journals, would be raised
To such an extent has military control during China's latest "emergency"
to 1% cents, same as rate on second class reading matter.
Third Class—Eight-ounce limit would be placed on this class, charged damaged railways and rolling stock throughout the country that even
seeds the most optimistic foreign observers see no immediate hope of restoring
for at rate of 1% cents for two ounces, except for books, catalogues,
normal conditions.
and plants, on which the rate would be 1 cent.
Locomotives are working at half their usual efficiency or less, cars
Fourth Class—Special service fee of 2 cents would be placed on parcel
post. Also, special expedition charge of 25 cents would be charged for quick of the famous "blue trains" and other special services are scattered, tracks
are torn up and bridges demolished—and all to what end? In order,
delivery of parcel post.
Other services—It is estimated following receipts would accrue from declare those who should know, that the military might operate the railincreased rates on other postal services: Third and fourth class insured ways at less than one-fifth their normal capacity.
Seizure of transportation by the military appears, on the whole. to
service, $3,058,147; C.O.D. service. $1,103,879; money orders, $3,582,490;
loom as the one most glaring of a series of blunders. Like many another
registry, $3,980.000: special delivery. $900,000.
act perpetrated by China's militarists. It dealt the country as a whole a
body blow; and it gave the militarists less service than they could have
obtained by permitting the regular Ministry of Communications to carry on.
Military Rivalry in China—Unrest Follows Renewed
Fighting in Shanghai.
While in a comparative sense peace has reigned in China
this month, the rivalry of various military leaders has given
rise to a condition of unrest, according to Peking reports.
It will be recalled that the victorious generals in the recent
civil war were Chang Tso-lin of Manchuria and Feng YuHsiang, the "Christian General," with the former easily the
most powerful force in the country. Rivalry between those
two was suggested in a "Times" cable (copyright) from Peking, via London, dated Feb. 16. ,It said in part:
No sooner was Than CM-jui established in office than Feng Yu-hsiang
resigned all his positions, giving as the reason that there was now a competent
Government in the capital and no further need of his services, wherefore
he proposed to travel abroad and improve his mind. To emphasize his intentions he left the capital.
Since leaving Peking Feng Yu-hsiang has maintained close touch with his
subordinates. He has in and near the capital 50,000 troops, more than half
of whom constitute a well-disciplined force entirely loyal to him. His associate, Hu Chung-ye, has thrust himself into the position of Military Governor of Ronan Province, where he has 40,000 men under his command.
Sun Yueh is at Paotingfu, capital of Chihli, with 25,000 men. Between
them they control the capital and the Peking-Hankow Railway down to
the Hupeh border, parallel, at a distance of roughly 150 miles, with the
position occupied by Chang Tso-lin's forces.
Twice during January the city of Shanghai was the scene cf
military coups effected by rival factions in China. On Jan.11
Gen. Chi Hsieh-Yuan, former Tuchun of Kiangsu Province,
along with his ally Sun Chuan-Fang, Tuchun of Chekiang
Province, recaptured Shanghai after an engagement with
Anfu forces which resulted in 200 soldiers being killed or
wounded. The attack, according to Associated Press dispatches from Shanghai, was carried out in order to prevent the
return to power in the Shanghai district of Lu Yung-Hsiang,
former Tuchun of Chekiang Province, whom Chi Hsieh-Yuan
defeated in the prolonged battle last fall for possession of
Shanghai. On his defeat then Gen. Lu fled to Japan, to return when the Anfu party assumed power at Peking.
Gen. Chi's reign was shortlived. Gen. Lu Yung-Hsiang, by
the aid of many thousands of soldiers belonging to Gen. Chang
Tso-lin, military ruler of Manchuria (including 1,000 Russian
troops, state press cables), regained possession of Shanghai,
having inflicted several heavy defeats upon General Chi's
troops, who latterly became demoralized. Kiangsu forces
were routed, first at Chiukiang on Jan. 19, next at Wusih,
50 miles from Shanghai, on Jan. 27, and finally at Soochow
next day. Shanghai was occupied without serious fighting,
and with no harm to foreign residents. Every precaution
was taken to guard against any attempt on the part of the
defeated troops to rush the foreign settlements, American,
British, Japanese and French marines co-operating in the
task of defense. Twelve American destroyers were anchored off Shanghai harbor. The position in Shanghai is
outlined in the following copyright wireless despatch to the
New York "Times"from that city, under date of Feb. 4:
General Chang Chun-Chang—Chang Tso-Cin'sleading General—officially
called on the Consuls to-day and informed them that peace had been concluded with Sun Chuan-fang, an adherent of Chi, the defeated Kiang-su
Military Governor, by which both sides withdraw their troops from the
Shanghai area'.
Leon M. Estabrook Appointed Director of World
Agricultural Census.
Leon M. Estabrook of the United States Department of
Agriculture has been appointed by the International Institute of Agriculture at Rome as Director of the World Census
of Agriculture, to be made by the Institute in 1930. This
census, the Department of Agriculture announces, will be
the first effort ever made to inventory the world's agriculture and is expected to yield valuable statistical data that
will enable the leading agricultural countries of the world
to organize their production of food and fibres to meet the
world demand. Mr. Estabrook was formerly Chairman of
the Crop Reporting Board of the Department of Agriculture,
having organized that service in 1913. In 1923 he was loaned
to the Argentine Republic for the purpose of developing a
crop reporting system and statistical methods there. He
then made a statistical survey of agriculture in South America for the Department of Agriculture.
Mr. Estabrook entered the Department of Agriculture in
1904, and in a few months became Secretary to the Chief of
the Bureau of Plant Industry. Later he was made Chief of
the Congressional Seed Distribution. He then became Chief
Clerk of the Department of Agriculture, and in the fall of
1913 was appointed statistician and Chief of the Bureau of
Statistics, which he reorganized as the Bureau of Crop Estimates. Several hundred crop statisticians and agricultural
experts from all over the world were candidates for the position as Director of the World Census of Agriculture, but the
Institute finally went outside the list of candidates, and tendered Mr. Estabrook the directorship, which he accepted.
Mr. Estabrook sails for Rome in the early spring to undertake the preliminary work of the world census.
Valuable Furs Shipped from Alaska.
The value of furs, exclusive of fur seal, shipped out of
Alaska for the calendar year 1924 amounted to $1,707,834,
according to figures just compiled by the Biologocal Survey,
United States Department of Agriculture, which has jurisdiction over land fur-bearing animals in the Territory.
Under date of Feb. 21 the Department says:
These figures are derived from reports received by the bureau from postmasters and express agents in the Territory. Combining this amount
with the value of the skins taken out by other means the total will easily
reach $2,000,000. This makes one of the best records of fur production
for any year, in spite of the fact that the average price of skins for 1924
was lower than for 1923 and that there was a close season on two of the
most valuable fur-bearers—beavers and martens. A total of 286.347
skins were reported shipped. Mink, numbering 39,356, led all others in
value, at $334,526; red fox skins, numbering 13,353, come next, at 8267,060:
others in order were white fox, numbering 5,743 at $229,162; muskrat.
numbering 194,053. at $194,053; marten (trapped 1923). numbering 6.010.
at $150,475; and beaver (trapped 1923), numbering 5,713, at $114,260.
The most notable decrease in skins shipped out during 1924 as compared
with 1923 was in muskrats, which showed a falling off of 25,558. One of
the notable increases was in blue fox skins, which showed a gain of 810:
of skins having a lesser value, mink shipments increased by 18.688 over
last year.
FEB.28 1925.]
THE CHRONICLE
John H. Edwards Named as Assistant Secretary of Interior to Succeed Francis M. Goodwin.
The nomination of John H. Edwards to be Assistant Secretary of the Interior to succeed Francis M. Goodwin,resigned,
was sent to the Senate Feb. 24 by President Coolidge. Mr.
Edwards has been Solicitor of the Interior Department for
almost two years. Before becoming associated with the Interior Department Mr. Edwards was Solicitor of the Post
Office Department serving between June 1921 and April
1923, under the administrations of former Postmaster General Hays and former Postmaster General Work. He
resigned as Solicitor of the Post Office Department to take
a similar post at the Interior Department. Prior to taking
up his duties in Washington, Mr. Edwards was a practicing
lawyer in Indiana. He was elected three times to the lower
house of the Indiana Legislature and was chairman during
the World War of the Conscription Appeal Board of the
Fourth District of Indiana.
1047
Guggenheim; Francis H. Brownell, Vice-President; Carroll A. Wilson;
Charles D. Mlles; Roger W. Straus, and Charles Earl, with Henry Allen
Moe as Secretary and Otto Myers as Treasurer.
The Educational Advisory Board consists at the present time of the
following men and women: President Frank Adyelotte, Swarthmore
College, Chairman; Professor C. F. Tucker Brooke, Yale University;
Chancellor Samuel Paul Capen, University of Buffalo; Professor Edward
Capps, Princeton University; President Ada Louise Comstock, Radcliffe
College; Professor William Emerson, MassachusettsInstitute of Technology;
President Frederick Carlos Ferry, Hamilton College; Dean Guy Stanton
Ford, Graduate School, University of Minnesota; Dean Virginia C. Gildersleeve, Barnard College; Dean Edwin Greenlaw, Graduate School, Ifniverstiy of North Carolina; Professor Charles Homer Haskins, Harvard
University; Professor C. K. Judy, California Institute of Technology;
Dr. Charles Riborg Mann, Director American Council on Education.
Washington, D. C.; Dean Carl Emil Seashore, Graduate School, University
of Iowa; Thomas Whitney Surette, Esq., Concord, Mass.; Dean Marion
Talbot, University of Chicago; Professor Joseph H. Willits, Wharton
School, University of Pennsylvania; Dean Frederick J. E. Woodbridge,
Graduate School, Columbia University, and Henry Allen Moe, Secretary.
The Advisory Board will meet in New York as soon as the formal organization of the Foundation is completed, and once or twice a year thereafter to
give advice and counsel to the Trustees on matters of educational policy.
A sub-committee of the Advisory Board designated by the Trustees will
form the executive committee which will be directly in charge of carrying
out the policies laid down by the board and approved by the Trustees.
This committee will also make the selection of fellows.
The executive office of the Foundation will be maintained in New York
and will be located, after March 1, at 2300 Pershing Square Building.
It will be in charge of Mr. Henry Allen Moe.
Establishment by Simon Guggenheim of $3,000,000
Memorial Foundation Endowing Fellowships.
Simon Guggenheim, former United States Senator from
Colorado, and his wife, announced on Feb. 22 a preliminary
Mr. Guggenheim in a statement relative to his action
gift of $3,000,000 for the endowment of the John Simon says in part:
Guggenheim Memorial Foundation Fellowships for advanced
Ever since Cecil Rhodes founded the Rhodes scholarships I have watched
study abroad. The purposes of the Foundation are: To the development of his plan with unusual interest. It has now been in
operation twenty-one years, has attained its majority, and has more than
improve the quality of education and the practice of the justified the vision of its founder.
I want to supplement the great Rhodes Foundation by providing a similar
arts and professions in the United States, to foster research,
and to provide for the cause of better international under- opportunity for older students of proved ability, and for women as well as
men. Furthermore, I want to make it possible for these persons to carry
standing. A bill for a special charter for the Foundation on their studies in any country in the world where they can work most profitwas introduced in the Legislature at Albany on Feb. 23 by ably.
With the progress of our
should
Senator Courtlandt Nicoll and Assemblyman Phelps Phelps. reach out over the world. country it is inevitable that our interestsparticiMy father and my brothers and I have
The Foundation is a memorial to the son of Senator and Mrs. pated in this modern trend in our business relations. My family came to
Guggenheim, who died on April 26 1922. The Foundation this country originally from Switzerland and were once engaged in business
there. Since
own
in
offers to young men and women world wide opportunities states, but inthen we have had large interests not onlyandmany of ourhave
Alaska, Mexico, South America, Asia
Africa. I
to carry on advanced study and research in any field of been deeply impressed therefore with the importance of a world wide
knowledge, or opportunities for the development of unusual viewpoint and with the necessity of a better international understanding.
It is a matter of satisfaction to me that the income of the Foundation will
talent in any of the fine arts including music. No age limits be spent on men and not on materials. I have noticed that it has always
are prescribed. Appointees, however, must be old enough been an easy matter for educational enterprises to secure money for buildings, but money in the
to have shown marked ability in their particular subject. apparently hard to get. place where this Foundation proposes to use it is
. . .
It is expected that ordinarily they will not be younger than
Is has seemed to me that the educational systems of Europe are superior
to ours in one respect, in that they offer greater opportunities to young men
25 or older than 35 year:. From a statement regarding the
to become and remain productive scholars. It is my hope that this FoundFoundation we also take the following:
ation will do something to provide a similar opportunity for young men and
The fellowships are therefore intended for students somewhat older than
those to whom the Rhodes scholarships are open, including young professors
on sabbatical leave, holders of fellowships from individual colleges and those
who have won distinction in graduate study. Only those candidates will
be appointed who have embarked upon some Important piece of work and
who show exceptional aptitude for research, or who demonstrate ability in
some one of the fine arts.
These fellowships differ from the Rhodes scholarships, furthermore, in
being open to women as well as men and being available for study in any
country in the world.
The amount of money available for each fellowship will be approximately
$2,500 a year, but may be more or less, depending on individual needs.
While appointments will be made ordinarily for one year, plans which
involve two or three years' study will also be considered and in special
cases fellowships will be granted for shorter terms with appropriate stipends.'
The first national awards will be made for the academic year 1926-1927.
It is the purpose of the Foundation after the first year to maintain annually
from forty to fifty fellows abroad. The fellowships will be open to men and
women, married or un-married, of every race, color and creed.
There is no restriction of the subject to be studied or the place where
study is to be pursued. The fellowships are open not only to candidates
engaged in research work along academic or artistic lines but also to those
interested in the workings of foreign systems of government, in the study
of social or business conditions or in productive scholarship in the fields
of the various learned professions, art and music being especially mentioned
as among the subjects contemplated.
The principal obligation imposed on the holders of fellowships is that
they shall produce contributions to knowledge in their special subjects
and, secondly, that they shall make the results of their studies publicly
available. Where necessary and deemed wise the Foundation will give
financial assistance toward publication. . . .
Senator Guggenheim was prompted in the endowment of these fellowships
by the fact that his son, John Simon Guggenheim, who was preparing for
Harvard University, intended later to undertake a course of study abroad.
The Senator fel; that he would like to do something worth while and on a
large scale to aid other men and women who are qualified to profit by study
abroad and to do this in memory of his son. That was the genesis of the
John Simon Guggenheim Memorial Foundation.
With this general purpose in mind, Senator Guggenheim enlisted the aid
of President Frank Aydelotte, of Swarthmore College, who is also Secretary
of the Rhodes Trustees in this country, a Rhodes scholar himself, and
probably the most experienced man in the United States in all matters
pertaining to scholarships for study abroad. Senator Guggenheim told
President Aydelotte what he contemplated and left it to him to work out
the details That was about six months ago
President Aydelotte secured the assistance of Mr. Henry Allen Moe,
a Rhodes scholar, and a graduate of Brasenose College, Oxford, where he
was a lecturer in law last year. President Aydelotte and Mr. Moe consulted a large number of leading educators throughout the country to ascertain their views as to the best possible method for working out Senator
Guggenheim's idea. After those suggestions had been carefully considered,
they worked out a plan embodying the best features of existing plans. This
plan in turn was submitted again to leading educators throughout the
country for their study and comment.
The Board of Trustees of the Foundation will consist of the following
seven persons: Hon. Simon Guggenheim, President; Mrs. Olga Hirsh
ation will do something to provide a similar opportunity for young men
and women in the United States. I hope that the result of this will be to
increase, at least to some degree, the vitality and effectiveness of American
education.
United States Asks French Courts to Examine Witnesses in Teapot Dome Case—$230,000 Liberty
Bonds Now Alleged to Have Been
Traced to Albert B. Fall.
In furtherance of their suit to cancel the Teapot Dome oil
leases to the Sinclair interests, United States Government
counsel on Monday (Feb. 9) obtained from Federal Judge
T. Blake Kennedy of Wyoming, letters rogatory to France,
requesting a French court to examine H. M. Blackmer, former President of the Midwest Refining Co., and James E.
O'Neil, former President of the Prairie Oil & Gas Co., who,
the Government believes, can throw light upon an oil transaction alleged to involve the Sinclair interests, the Continental Trading Co., of Canada, and Albert B. Fall, former
Secretary of the Interior. The two men, whose testimony
is understood to be of great importance to the Government
case, are now resident in France, and have declined to return
to give the necessary evidence in this country. As the date
set for the trial of the Teapot Dome lease annulment suit is
March 9, Government counsel have little time in which to
obtain transcript of their testimony. The letter rogatory in
the case of Mr. Blackmer (identical with that in connection
with Mr. O'Neil) reads:
/n the District Court of the United States for the District Court of
Wyoming.
United States of America, plaintiff, vs. Mammoth Oil Co., a corporation
of the State of Delaware; Sinclair Crude Oil Purchasing Co., a corporation
of the State of Delaware; Sinclair Pipe Line Co., a corporation of the State
of Maine, defendants.
In Equity-1431—Letters Rogatory—The United States of America—
District of Wyoming, ss.:
The President of the United States of America to any Judge or tribunal
having jurisdiction of civil causes in the Republic of France, and especially
to the President of the Court of First Instance, greeting:
Whereas there is now pending in our District Court of the United States
for the District of Wyoming a certain suit in equity in which the United
States of America is the plaintiff and Mammoth Oil Co., Sinclair Crude Oil
Purchasing Co. and Sinclair Pipe Line Co. are the defendants, and it has
been suggested to us that justice cannot completely be done between the said
parties without the testimony of one H. 11. Blackmer, who is now residing
at Paris, in the Department of the Seine et Oise, within your jurisdiction;
1048
THE CHRONICLE
We therefore request you that, in furtherance of justice, you will, by the
proper and usual process of your court, cause the said H. M. Blackmer, if
within your jurisdiction, to appear before you or some competent person by
you for that purpose to be appointed and authorized r a precise time and
place by you to be named and fixed, then and there to make answer on his
oath or affirmation to such questions as may be tut to said witness by
counsel for either party to the above-entitled suit 1 equity, and that you
will cause his testimony to be taken stenographically, to be afterward reduced to writing, and to be signed by said witne-C, anle.;s otherwise mutually
agreed upon by counsel for both parties; the said ie stimony to be then returned to us under cover, addressed to the Clerk of Cie District Court of the
United States for the District of Wyoming, at the City of Cheyenne, and
State of Wyoming, in the United States of America, duly closed and sealed
up, together with these presents.
And it appearing to us that justice cannot be fully done in the premises
by taking the testimony of said witness by his answers to written interrogatories filed beforehand, we do request of you that you will permit and cause
the examination of said witness to be made orally and viva voce (i. e., such
examination to be by question and answer in the usual manner of direct,
cross and redirect examination), permitting counsel for the respective parties to the above entitled suit in equity to be present to conduct such oral
examination of said witness and to ask such questions as may seem to them
fit, not requiring of you that you shall determine either the relevancy or
competency of such.
We have required of the plaintiff moving for these letters rogatory that
It shall give notice to counsel for the defendants of the time and place of
taking such testimony when you shall have named and fixed the same. And
we shall be ready and willing to do the same for you in a similar case when
required.
Witness, the Honorable T. Blake Kennedy, Judge of the United States
District Court for the District of Wyoming, and the seal of said District
Court, at the City of Cheyenne, in the District of Wyoming, the 7th day of
February, in the year of Our Lord one thousand nine hundred and twenty-five.
Messsrs. Blackmer and O'Neil are required to give testimony In connection with the alleged tracing of a large
amount of Liberty bonds to Albert B Fall from the Sinclair
interests, the bonds, the Government avers, representing
profits arising out of a huge three-cornered oil deal (involving the sale and resale of 33,000,000 barrels of crude oil),
between the Humphreys Mexia and Humphreys Texia companies, the Continental Trading Co. and the Sinclair Crude
Oil Purchasing Co., the latter in conjunction with the Prairie Oil & Gas Co. At first Government counsel claimed that
$90,000 of such funds had been traced to the former Secretary of the Interior. On Feb. 9 it was learned at Washington that a further $140,000—in all $230,000—of bonds have
been .so traced, according to prosecuting counsel. H. S.
Osier, former President of the Continental Trading Co. (now
defunct), is obliged, under a Toronto Supreme Court decision to answer questions before United States Consul Shantz
concerning the company's affairs. Mr. Osier, however, maintained that in acting as President of the company his position was that of an attorney representing a client. He refused to divulge the name of the client, appealed against the
Supreme Court ruling, and is understood to have departed on
a big game shooting expedition in Africa. In petitioning for
letters rogatory, former Senator Atlee Pomerene and Owen
J. Roberts, Government counsel, filed an affidavit with
Judge Kennedy. The New York "Times" (Feb. 10) account
of it, in part, reads:
"Upon definitely ascertaining," the petition reads, "that H. M. Blackmer
and 'James E. O'Neil were interested in the Continental Trading Co., Ltd.,
and had knowledge of the matters pertaining to its affairs and transactions,
steps were immediately taken by special counsel for the United States to
locate them and now allege that James E. O'Neil has leased a villa at Cannes
in the Department of the Alps, Maritimes, France, and is now residing there
with his family, and also allege that H. M. Blackmer has leased apartments
In the City of Paris and is using the same as headquarters while traveling
from time to time by motor in the French Republic."
The affidavit next tells about Mr. Roberts and Senator Pomerene appealing
to Secretary Hughes, who took the matter up with Ambassador Herrick in
Paris and asked him to use his best efforts to persuade the American sojourners to return to their native land and help the Government clear up and
bring to an end the litigation involving the leasing of the Teapot Dome and
the disposition of the Liberty bonds which figured in the resale of the
Mexia oil to the Prairie Oil & Gas Co. and the Sinclair Co.
Accordingly, Ambassador Herrick got in touch with Mr. Blackmer and
Mr. O'Neil, told them of the situation which existed, and urged them to
return immediately to the United States. Mr. O'Neil informed the Ambassador that owing "to the state of his health," he could not promise to return.
Mr. Blackmer told Mr. Herrick he would think the proposition over. Subsequently both sent word by Mr. Battle that they were not going to return.
This was only a short time ago. Mr. Roberts and Senator Pomerene again
sought the assistance of Secretary Hughes, who this time appealed, through
Ambassador Herrick, direct to the French Ministry of Justice and put the
question as to what the attitude of the French authorities would be if this
Government, as it desired to do, asked their assistance in getting the testimony of Blackmer and O'Neil. Secretary Hughes asked if the courts of
France would honor letters rogatory issued by the proper United States
Court calling for the examination in open court of Blackmer and O'Neil.
Ambassador Herrick carried Mr. Hughes's request to the French Ministry
of Justice and assurance was given to him that letters rogatory, if issued,
would be "honored and executed by the courts of France."
Announcement was made Feb. 16 that Colonel Robert W.
Stewart, Chairman of the Board of Standard Oil Co. of
Indiana, has been subpoenaed by the Government to give
testimony when the trial for the annulment of the Teapot
Dome leases is called in the United States Court at Cheyenne,
Wyo., in March. It is understood that Colonel Stewart
took part in a conference in this city, as a result of which the
alleged scheme for the sale and resale of 33,000,000 barrels
[VOL. 120.
of crude oil, involving the companies above-mentioned, was
formulated. Colonel Stewart will be asked to testify as to
the disposal of the profits which accrued from the deal to
the Continental Trading Co., Government counsel alleging
that of these profits $231,000 in the form of United States
33% Liberty bonds have been traced to former Secretary
Albert B. Fall.
Government Counsel Apply for Further Continuance
of Teapot Dome Oil Lease Trial,
Set for March 9.
United States Government counsel in the Teapot Dome
oil lease annulment suit on Tuesday (Feb. 24) filed a motion
in the Federal Court at Cheyene, Wyoming, for further
continuance of the trial scheduled to open March 9.
Judge T.Blake Kennedy announced his decision yesterday
overruling the Government's petition for a continuance.
In asking for continuance for sixty days, Government counsel stated that certain evidence essential to the case could
not be heard in time for the March setting. The evidence
referred to is that of H. S. Osier, H. M. Blackmer and J.
E. O'Neil, all of whom are abroad.
Senate Orders Investigation of General Electric Co.
by Federal Trade Commission—Alleged Leader
of "Power Trust."
By adopting a resolution moved by Senator Norris of
Nebraska, the Senate on Feb. 9 directed the Federal Trade
Commission to conduct an investigation of the General Electric Co., alleged by the Nebraska Senator to be the ring
leader in a so-called "power trust." The Commission is requested to ascertain to what extent the company has acquired a monopoly and control of the industry "In restraint
of trade or commerce in violation of law." The resolution
is worded so that the inquiry shall extend to the individual
shareholders of the General Electric Co., while an amendment to the resolution, also moved by Senator Norris, instructs the Commission to find out whether by the use of
propaganda, the company has influenced public opinion on
the question of public or municipal ownership of utilities.
Following is the resolution as adopted:
Whereas, It has been alleged on the floor of the Senate during the (=roe
of a debate upon a bill relating to the dispesition, operation, management
and control of the water power and steam power plan with their incidental
lands, equipment, fixtures and properties, that a corporation known as the
General Electric Co. has acquired a monopoly or exercises a control in restraint of trade and commerce in violation of law of or over the production
and distribution of electric energy and the manufacture, sale and distribution of electrical equipment and apparatus: Therefore,
Resolved, That the Federal Trade Commission •be, and it is hereby, directed to investigate and report to the Senate to what extent the said General Electric Co., or the stockholders or other security holders thereof, either
directly or through subsidiary companies, stock ownership, or through other
means or instrumentalities, monopolize or control the production, generation,
or transmission of electric energy or power, whether produced by steam, gas,
or water power; and to report to the Senate the manner in which the said
General Electric Co. ha acquired and maintained such monopoly or exercises
such control in restraint of trade or commerce and in violation of law.
• Resolved further, That the President of the United States be, and he is
hereby, requested to direct the Secretary of the Treasury, under such rules
and regulations as the Secretary of the Treasury may prescribe, to permit
the said Federal Trade Commission to have access to official reports and
records pertinent thereto in making such investigation.
The "propaganda" amendment reads:
The Commission shall also ascertain and report what effort, if any, has
been made by the said General Electric Co. or other corporations, companies,
organizations or associations or any one in its behalf or in behalf of any
trade organization of which it is a member through the expenditure of money
or through control of avenues of publicity to influence or control public
opinion on the question of municipal or public ownership of the means by
which power is developed and electric energy is generated and distributed.
When the text of the Norris amendment was made known
on Feb. 4, the General Electric Co., of which Owen D. Young
is Chairman, gave out this statement:
Owen D. Young, the Chairman of the Board of the General Electric Co.,
when asked this afternoon about the resolution of inquiry proposed in the
United States Senate into General Electric activities, said the General Electric Co. had no objection to such an inquiry being made into its affairs.
Burdensome and expensive as it is to a business organization, it is better
than unfounded charges based on misinformation.
The proposed resolution, however, not only directs an inquiry into the
share holdings of the General Electric Co. and its subsidiaries, but also into
the holdings in other companies of its individual shareholders and bondholders. One would think that such a Governmental inquisition into the
private affairs of more than 30,000 persons was not only unnecessary for the
purposes of the resolution, but unjustified in principle and undesirable as
a precedent.
The controversy arose out of discussion on Muscle Shoals,
it being said that the General Electric Co. was anxious to
secure the lease for its development. Senator Norris, it is
stated, conceived the plan to investigate the company as a
means of obstructing the Muscle Shoals bill, to which he
was opposed. On Feb.9, by 55 votes to 25, his resolution was
adopted in the Senate, and added as a rider to the Ernst
resolution providing for an investigation of the American
FEB.28 1925.]
THE CHRONICLE
Tobacco Co. and the Imperial Tobacco Co. of Great Britain.
The latter resolution was carried by the Senate without
record vote on the same day. Describing its provisions, the
New York "Times" said:
By its terms the Federal Trade Commission is directed to make its investigation and report to the President by July 1 1925, on the present degree of
Inter-relation through interlocking directorates or holding companies or
stock ownership and also particularly to investigate the methods alleged to
be followed by the American Tobacco Co. and the Imperial Tobacco Co. in
their alleged fight against co-operative marketing associations and any
boycott thereof and any arrangements or agreements made by the companies to embarrass the co-operatives.
The main debate on the resolution in the Senate centred
around an amendment, proposed by Senator Watson on
Feb. 9, under which the company would be investigated as a
corporation and individual shareholders would not be subject to any examination. The amendment, vigorously opposed by Senator Norris, was defeated by 32 votes to 43.
Senator Fess of Ohio was one of the principal speakers in
favor of the amendment. He outlined the growth of "industrial concentration," as seen in the gradual displacement of
individual manufacturers by corporations. The "Herald
Tribune" gave the following account of his address:
1049
nity Trust's central Distribution Committee, a majority of
which is appointed from public sources. In some instances
donors minutely specify the purposes for which the Distribution Committee may authorize the trustee to spend income.
tees' Committee of the Community Trust, said on Feb. 9:
In other cases the question of distribution is left wholly
within the discretion of the committee. Rut always the committee is empowered to make such amendments as are
needed if original directions become impossible or impractical of execution. Alvin W. Krech, Chairman of the TrusWhen donors of permanent funds for public purposes die, there frequently
dies also the power to adjust to changing conditions the operation of their
gifts, without onerous litigation. In a constantly altering world a factor
of flexibility is needed to preserve endowment funds from becoming antiquated. As the State Board points out, the Community Trust contains a
happy combination of specialized financial responsibility for the principal
of these funds and sound social supervision over the use of their income.
Frederick H. Ecker, President of the Chamber of Commerce of the State of New York, has reappointed Clarence
H. Kelsey, Chairman of the Title Guarantee & Trust Co., a
member of the Distribution Committee of the New York
Community Trust to serve a six-year term. The Trustees'
Committee of the Community Trust has named Ralph Hayes,
Senator Simeon D. Fees, of Ohio, discussed the trust problem and
the Director
tendencies of modern-day business in this country. Ile
of the Trust, a member of the Distribution Commitreferred to the history of anti-trust movements and anti-trust legislation, and held
that a tee to fill a temporary vacancy.
(banged view
prevails. Ile said "the people now have come to know that
a
business is not necessarily dangerous because it is big."
"They also are inclined to take the Rooseveltian view,"
he said, "that
there are good trusts and bad trusts."
Mr. Fees held the movement of industrial concentration
was inevitable
and that it had come to stay.
"The movement of industrial concentration," he said, "was
an
result of modern industry as affected by invention and discovery inevitable
as applied
to natural resources. Business development was first
individual and then
corporate, and finally concentration with fewer and larger
units of production."
Senator Fees traced the growth of modern industrialism for
the last 40
years.
"The growth of corporations after the anti-trust law
was passed," he said,
"is suggested by the fact that in 1919 the individual or
independent manufacturers, numbering about 140,000, employing 600,000 laborers, produced
less than $4,000,000,000 worth of commodities, while
over 90,000 corporations produced $55,000,000,000 and employed 8,000,000 laborers.
In other
words, about half the number of corporations employ twelve times as many
laborers and produce fourteen times the amount of commodities.
"To-day it is safe to assert that not more than 10% of all the production
of the country is by individuals, while fully 90% is produced by corporate
organizations. This will include manufacturing, mining, banking and
transportation enterprises as well as public utilities."
Re said the public had come to realize "not only the tendency toward
concentration, but its importance to the public if held within bounds of the
public good."
New York State Board of Charities Urges Use of Plan
of New York Community Trust in Administration
of Charitable Funds.
The State Board of Charities, in order to obviate obsolescence as a danger threatening endowments established for
public and philanthropic purposes, has taken action urging
the use of the plan of the New York Community Trust in the
administration of charitable funds. A resolution adopted
by the board at its Albany headquarters states:
The Board has carefully examined and earnestly commends the
purposes
of the New York Community Trust, an association established to simplify
and popularize the establishment of funds placed in trust for the
benefit
of the community; to safeguard the principal of these benefactions by permanent and specialized trustees; and to provide for the effective distribution
of income from such funds under the supervision of a distribution committee
representative of both the trustees and the community.
Various national
banks and trust companies have agreed by a common resolution to serve
as trustees and to assume responsibility for the investment and administration
of the principal of gifts made under the Community Trust plan. The presiding judge of the United States Circuit Court, the President of the Association of the Bar of New York City, the President of the New York State
Chamber of Commerce, and other similarly placed individuals join
with the
several trustees in naming the Distribution Committeee. This Committee
acts as the representative of the donor in carrying out his instructions as
to the expenditure of income or principal for charitable purposes, and in
changed future conditions it should become impossible or impractical to
each case is authorized by the donor to make such amendments as may be
changed future conditions it should become impossisble or impractical to
execute exactly the instructions originally given. The Board views this
plan as an effective method of preventing the obsolescence of bequests, and
recommends its general use.
Compilation By Farmers' Loan 8c Trust Company of
Foreign Loans Offered in U. S.
1919-1924.
A detailed compilation of foreign loans offered in this
country during 1924 and a summary of the period 1919-1923
will be issued by The Farmers' Loan and Trust Company
to-day (Feb. 28). It shows that the total of these loans
to the beginning of this year was $4,412,715,000, of which
$3,284,269,000 was new capital. In 1924 the total was $1,243,185,000, of which $1,007,269,000 was new capital.
A summary of the statistics presented in the pamphlet says:
Details of our foreign financing during 1924 shows that Canada is by far
the largest borrower, having placed securities here last year in the amount
of $264,350,000 (of which $233,184,000 was now capital). Next in order
are: Japan,$187,000,000 (of which 8112,000,000 was new capital): France.
8159.000.000 (ail new capital); Germany, 3145,000.000 (all new capital);
Belgium, $90.000.000 (of which 853,000,000 was new capital); Argentina.
$78,490.000(of which $23,490,000 was new capital).
The items of corporate financing for Europe show that the total In 1924.
$138,150,000 (of which $110,400,000 was new capital, was within $26,933.000 of the total for the previous five years.
Among the foreign industries which have received capital aid from the
United States in the period under review are trading companies, motor
works, oil, mines, drugs, railroads, margerine, banks, matches, power
companies, hydro
-electric undertakings, steam plants. steamship lines.
sugar producers and lumber.
Private credits advanced to European industries in 1924 include $50,000,000 in known credits to Germany. The total private loans and credits
to Germany by the United States from the adoption of the Dawes Plan until
the end of 1924 is estimated at $100,000.000.
For the third class of foreign financing, direct investments, the following
are listed as some of the more important operations during 1924: Great
Britain (Goodrich Rubber Co.),$1.125,000; Spain (International Telephone
& Telegraph Co.). $4,233,000; Chile (Nitrate Fields). $16.500.000; Bolivia
(LIallagua & Uncle tin mines), $27,000,000; Australia (Ford plant), $5.000,000.
Discussing the effect of the tremendous volume of foreign
financing in this country, The Farmers' Loan and Trust
Company says:
Although it is still too early to see any of the marked results of the
development of industrial enterprises with the aid of American capital.
enough has gone on to make it seem probable that the United States is, to a
considerable extent, going to take the place that was occupied by the
countries of Europe in this respect before the war. In view of the fact
that a very considerable amount of the money so loaned has been expended
in this country, it is obvious that the present effect of this loaning has been
to increase the purchasing power for American goods of some of the foreign
countries.
Of the total amount of foreign financing done by this country in 1924,
approximately four-fifths is new capital and the remainder represents refunding. A large although indeterminable portion of the money and credits
raised here has been and is being used within our own country, either In the
purchase of American-made goods or in the maintenance of a balance for
stabilization of international exchange.
The low rate for money prevailing in the American market during 1924
has undoubtedly stimulated the investor to look to other fields in which
he can receive higher return on investments, and it may well be that the
The State Board of Charities, composed of twelve Commissioners appointed by the Governor, passes upon applications investor of the United States, following in the footsteps of the European,in
the future will place his money—or some of it—in that part of the world
'of charitable organizations for certificates of incorporation, where the return seems best."
and has general supervision over charitable and correctional
institutions in New York, excepting certain prisons, hospitals
and asylums. Its last annual report showed an over-abundance of institutions for orphans in the State and insufficient facilities for crippled, mentally deficient and tubercular children.
Eleven banks and trust companies in Manhattan and
Brooklyn have qualified as trustees of the Community Trust
by the passage of a uniform resolution. These trustees have
eustody of the principal of charitable gifts but disburse inoome therefrom only upon the certification of the Commu-
American Bankers' Association Launches National
Campaign Against Fradulent Check
Operations.
Enormous losses suffered by business and the public
through forgeries have led the American Bankers' Association to launch a national campaign of instruction for bankers
and their depositors in methods for thwarting fraudulent
operations, it was announced in New York on Feb. 23 by
William E Knox,President of the organization. The 22,000
members of the association, with millions of
customerson
1050
THE CHRONICLE
their hooks, have been provided with a code of precautions
for themselves and their depositors in the use of checks and
the protection of their bank signatures to combat the activities of "paperhangers," as check crooks are known in the
underworld. "Forgeries, check alterations and the negotiation of bogus paper are primarily crimes of opportunity,"
Mr. Knox said. "The criminal's opportunity arises from
incautious practices by bank customers and bank people.
We are aiming to do away with such practices. A great
proportion of loss is preventable. Greater attention to
seemingly unimportant details and strict adherence to rules
against honoring checks for strangers without proper identification are imperative."
James E. Baum, Deputy Manager, in charge of the Association's protective activities, stated that of the $100,000,000
annually lost through fradulent check operations it is estimated 99% falls upon individuals and firms. He pointed
out that the willingness, especially of hotels and merchants,
to accept "scraps of paper" from strangers and rely on insurance to avoid loss is an act of contributory negligence.
"Reports to the Protective Department from its investigators
and bank members of the association indicate an increasing
activity of check operators," Mr. Baum said. "The association is urging bankers to drill their depositors in the preventive measures we have drawn up. Banks throughout the
country have responded and are issuing warnings and instructions to their depositors. Several hundred thousand
have been reached by this plan which amounts to mustering
a great citizen army against the crooks."
[VOL. 120.
began business on Feb. 2. Oscar H. Merz is President of the
institution. Saul Cohn is Vice-President and Charles W.
Holweg is Cashier. The institution has a capital of $200,000 and surplus of $100,000. The stock, par $100 per share,
was sold at $160.
The Liberty Trust Co., at Central Avenue and Warren
Street, Newark, experienced a mild "run" last week by depositors in its savings department. At the request of the
institution the Clearing House Committee of Newark made
an examination of the bank and late on Feb. 18 issued the
following statement:
At the request of the Liberty Trust Co. the Clearing House Committee of
Newark appointed a sub-committee to examine the affairs of said company
on Feb. 17, which said committee reported to the Clearing House Committee that in its opinion the affairs of said company are sound and solvent. "
Gottlob Kautzmann, President of the Liberty Trust Co.,
In a statement immediately following that of the Clearing
House Committee (according to the Newark "News" of Feb.
19) said that the abnormal withdrawals by savings depositors had slowed down so that in the last banking hours of
that day (Feb. 18) business was back to normal. Mr. Kautzmann further stated that the "run" was the result of published reports that Jesse L. Conger, who prior to last July
was Treasurer of the trust company, was involved in bankruptcy proceedings through the failure of the Morgan Construction Co., a contracting business with which Mr. Conger
became identified upon leaving the bank.
At a meeting of the directors of the Wilber National Bank
of Oneonta, N. Y., on Feb. 16 Robert Hall was elected a director of the bank to succeed the late 0. C. McCrum. Mr.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Hall has been connected with the institution for more than
William C. Potter, President of the Guaranty Trust Co. of 20 years, first as bookkeeper, then as teller and then as
New York, announced on Feb. 20 that the Executive Commit- assistant cashier. He has also been a trust officer of the
tee of the board of directors had appointed Robert F. Loree bank since June 5 1923.
Vice-President in charge of the foreign department of the
The Atlantic National Bank of Boston on Tuesday of this
trust company. Mr. Loree recently resigned from the presiweek (Feb. 24) opened for business in its new home—said to
dency of the Bank of Central and South America when the
great financial establishments of
stock of that institution was purchased by the Royal Bank be one of the finest of the
the country. The building, which is 14 stories high, is on
of Canada.
Post Office Square in the heart of Boston and is of Indiana
Henry S. Sturgis has -made Assistant to George F. limestone with handsome carvings and bronze work. The
been
Baker, Chairman of the Board of the First National Bank of main entrance is on Post Office Square and there also are
New York. Mr. Sturgis, who is thirty-one years of age, had entrances on Milk Street and Kilby Street, these latter being
been in the employ of Spencer Trask & Co.for several years. especially to serve the bank's customers in the insurance,
shipping and market districts. From a description of the
Lewis L. Strauss of Kuhn, L- oeb & Co., returned to his desk building contained in the Boston "Transcript" of Feb. 24
on Feb. 21 following a trip to the Mediterranean.
we quote in part as follows:
Philip G. Birckhead has been appointed Assistant VicePresident of the Bank of America, in charge of the bank's
office at Madison Avenue and 40th Street. Mr. Birckhead
was formerly Manager of the office. E. H. Wetsel,formerly
Assistant Manager, has been made an Assistant Cashier of
the Bank of America.
The Equitable Trust Co. of New York announces the appointment of Nathaniel Wm. Niles and Kenneth M. Bostwick
as its Boston representatives, with offices at 60 Congress
Street.
William H. Leupp, formerly Vice-President of the Trust
Company of America preceding its merger into the Equitable
Trust Co. of New York in 1912, died suddenly on Feb. 22, in
the Middlesex General Hospital, New Brunswick, of which
he was President. Mr. Leupp was also formerly President
of the Trust Company of America preceding its merger into
the North American Trust Co. in 1905 and Secretary of the
Farmers' Loan & Trust Co. He was 70 years of age.
The main vestibule or lobby is finished in foreign marbles, gray sienna,
Blanco P., black and gold and Pavanazzo. The floor is laid in variegated
marble in panels. The ceiling is of ornamental plaster. The effect is
striking. A few steps up takes the visitor to the main banking room and a
flight of stairs leads down to the safe deposit vaults and the trust and transfer department. This arrangement makes it possible to use the basement
quarters after the main banking room has closed.
Tile public space in the banking room, with its travertine floor and walls,
Its bronze check desks and grille work of the counterscreen, is impressive.
The room ;Ei two stories high and occupies practically the entire Post Office
Square length of the building. The floors and walls are carried out in a
simple design in Italian Travertine, with a base course of imported Red of
Levanto marble. The ceiling is of decorative plaster work and presents a
dignified background for the bronze electric chandeliers.
Four bronze and marble check desks are in the centre of this room and
one check desk is located against the wall. At the right of the entrance is
a marble and bronze stairway leading directly to the safe deposit department and up to the various floors occupied for banking rooms above. Next
beyond is the junior officers' space, opening directly from the main public
space, and separated by a low marble railing.
The tellers' spaces fill the rest of the west side, the entire south side, and
extend along the east side of the public space to the broad corridor leading
to the savings department, statement department and the foreign department.
At the left of the main entrance, and occupying the remainder of the west
side and the north side of the public space, are spaces for the senior of
readily available to customers.
The hazardous task of removing the bank's valuables
At the annual meeting last week of the directors of the to the new building was accomplished on Monday (Feb. 23),
Equitable Life Assurance Society of the United States the when cash and securities estimated by the officials at $1,000,•
officers were re-elected, and Thomas I. Parkinson was 000,000, were safely transferred through the 'streets.
elected a Vice-President of the society.
Former Governor of Mass- achusetts Channing Cox, asThe Morris Plan Co. of Ne- w York opened its new main sumed his new duties as a Vice-President of the First National
great
office, 469 Fifth Avenue at 40th Street, opposite the Public Bank of Boston on Tuesday of this week. Flowers in
Library, on March 2. It is announced that reports to the quantities were sent to his office in the bank by friends, and
letters
Industrial Finance Corporation, New York, indicate that he was also the recipient of numerous telegrams and
loans on the Morris Plan in 1924 numbered 510,500, being of congratulation from all parts of New England.
27,000 more than in 1923. The amount lent by the 108 banks
According to newspaper ad- vices from Gloucester, Mass.,
and branches throughout the country is reported as $121,- Horace A. Smith, for many years Treasurer of the Glouces650,000, or $17.000,000 more than in the preceding year. In ter Safe Deposit & Trust Co., resigned on Feb. 18 when coneleven years $610,500,000 has been lent to 3,040,000 small fronted with a shortage of $10,000 in bonds valued at $28,borrowers on the Morris Plan.
000, which he had given as collateral for a personal loan of
& Trust Co. $22,000. In addition, it is said, the bank has Smith's check
The newly-formed Citizens' National Bank
Smith, who
of Newark. N. J., located at Clinton and Chadwick avenues. for $1,000. not covered by money on deposit.
FEB.28 1925.]
THE CHRONICLE
1051
Wearea trust company and lend money only on improved real estate. A
-also was Treasurer of the Addison Gilbert Hospital' a
Gloucester, fuinished the bank with blanket mortgages for number of Incidents, such as requests for loans on domestic appliances,
illustrate how the name "American Loan & Trust" misled some people.
$5,000 on two houses and other Gloucester property worth
Commenting upon the appointment of Mr. Race to the
$7,500, thus covering the shortage.
presidency and Mr. Lambert's elevation to the chairmanship,
Mr. Wisner said:
A special meeting of the stockholders of the Colonial Trust
Mr. Lambrecht's appointment comes as a fitting reward to more than 18
Co. of Philadelphia will be held at the office of the company years of loyal service with this company. He will continue to act as apon April 14 to take action on the approval or disapproval of praiser for us. The confidence realtors have in his ability along these lines
is
a proposed increase of the capital stock of the company from of evidenced by his position on the Detroit Real Estate Board as Chairman
the Appraisal Committee.
$500,000 to $1,000,000, pursuant to a resolution of the board
We are highly elated at Mr. Race's acceptance of the presidency. He has
of directors adopted at a special meeting held on Feb. 4. the confidence, not only of our own organization, but of bankers and real
The stockholders are given the right to subscribe for the estate men throughout the city. His is the judicial type of mind that is so
essential to the development of a trust company.
same number of new shares as they now hold,at$100per share,
A trust company develops through the inherent integrity of its personnel
with underwriting guaranteeing the purchase of rights at —not because of its location or amount of capital. Mr. Race has poise,
balance and breadth of view that have won universal respect and admiration.
not less than $15. The stock is in shares of $50 each.
He is also a director of the Wayne County & Home Savings Bank, and senior
member of the firm of
Haas &
attorneys.
Allen,
Race,
F. H. Schutte, a Vice-President of the Erie Trust Co.,
Other officers of the American Trust Co. are J. C. Shaw,
Erie, Pa., and one of the leading bankers of northwestern
Vice-President, Trust Department; H. C. Jolly, Secretary,
Pennsylvania, died on Feb. 12 after a prolonged illness. Mr.
and John K. Fitzsimmons, Treasurer.
Schutte had been connected with the Erie Trust Co. for 45
years, entering its employ as a messenger boy. He was 73
Negotiations were closed o- n Feb. 11 whereby the Union
years of age.
Trust Co. of Detroit for a consideration of $1,320,000 acOn Feb. 14 the Farmers & Merchants National Bank of quired the Huron Building at the corner of Griswold and
Baltimore opened temporary quarters at 721 East Baltimore Congress streets, that city, together with the Butler, Burns
Street, that city, pending completion of a permanent loca- and Lewis buildings adjoining on the south, comprising a
don for their East Baltimore office, at Baltimore and Lloyd 220-foot frontage on Griswold Street, at $6,000 a front foot,
according to the Detroit "Free Press" of Feb. 12. Frank W.
streets.
Blair, President of the Union Trust Co., was reported as
The following changes occu- rred recently in the officials saying when asked what disposition was to be made of the
of the First National Bank of Mt. Sterling, Ohio, according acquired property, that the transaction meant a new home
to the "Ohio State Journal" of Feb. 17: E. Quinby Smith, for the trust company,"and it will be a big one." For a long
for several years Cashier of the institution, was made Presi- time, Mr. Blair stated, the Union Trust Co. has found its
dent to succeed J. Earl Wightman, who died suddenly on building (which was completed in 1896) entirely inadequate
Feb. 6, and H. B. Rice, heretofore Vice-President, was ap- for its present needs in housing 730 employees and carrying
pointed Cashier in lieu of Mr. Smith, while continuing as on its rapidly growing business. On Nov. 15 last the comVice-President. Robert H. Schryver, President of the Citi- pany found it necessary to rent the lower floor of the Huron
zen's Trust & Savings Bank of Columbus, has been elected Building (included in the purchase concluded on Feb. 11),
a member of the directorate of the Mt. Sterling institution. which has since been known as the Union Trust Co. annex.
Mr. Smith, the new President, was at one time a national Possession of the purchased property, it was said, is immebank examiner stationed at Columbus.
diate, subject to unexpired leases.
The First Trust & Saving- s Bank of Akron, Ohio, anThe directors of the Reliance State Bank of Chicago on
nounces the election of W. A. M. Vaughan to the position of Feb. 19 approved a proposed increase in the bank's capital
Vice-President and Treasurer.
from $500,000 to $750,000, the new stock to be offered to
The death occurred in Shelbyville, Ind., on Feb. 18 of present stockholders in the ratio of one new share for every
Thomas W. Fleming, President of the Shelby National Bank two shares now held. A special meeting of the stockholders
of that place, at the age of 77 years. Mr. Fleming was con- will be held on March 19 to pass upon the proposed increase.
nected with the Shelby National Bank for 56 years and was
The resignation of Edgar A. Newlon as a Vice-President
widely known in banking circles throughout Indiana.
and Cashier of the Great Falls National Bank, Great Falls,
To make provision for adequate administration of expand- Mont., was reported in a special press dispatch from that
ing business in various new channels of banking activity, the place on Feb. 4 to the "Montana Record-Herald." Mr.
directors of the Fletcher Savings & Trust Co., of Indianap- Newlon, it is understood, has retired from active business.
olis, Ind., have just increased the list of officers of the insti- He entered the employ of the Great Falls National Bank in
tution in a manner somewhat unusual. Development of the 1894 and remained with the institution until 1907, when he
commercial phases of the company's business and growing left to accept an executive position with the First National
totals in the older elements of the business, such as savings, Bank of Missoula, Mont. In 1915 he returned to Great Falls
bond and trust departments, has resulted in the working to become Cashier of his old institution, and subsequently
out of an enlarged officers' list by President Evans Woollen, was given the additional position of Vice-President.
and the grouping of parts of this list in such fashion that inA special press dispatch fro- m Eureka, Kan., en Feb. 11 to
creased activities will be readily possible. Three new vicepresidents were added to the company's list. Donald S. the Topeka "Capital" stated that at a meeting of the stockMorris, formerly Trust Officer, was named Vice-President holders of the Pioneer Trust Co. of Eureka on that date
and Trust Officer; William B. Schiltges, forMerly Loan Offi- (Feb. 11) it was decided to discontinue business as a trust
cer, was made Vice-President, and the loan business of the company. The dispatch went on to say:
D. O. Johnson, President and Manager of the company, shot and killed
company was grouped under his supervision; H. F. Cliphimself six weeks ago to-day (Feb. 11). An examination of the company's
pinger, formerly Manager of the Bond Department, was books by the State Banking Department revealed the fact that Johnson was
made Vice-President, remaining at the head of the Bond over $18,000 short in his accounts. The company was organized five years
Department, with Harold B. Tharp, formerly Assistant Man- ago by Mr. Johnson and other business men here. It had a capital of $100,000. The institution never was a paying proposition. The State Banking
ager of the department, elevated to Manager. L. Albert Department has ordered an assessment of 25% on the stockholders to take
Buennagel, formerly Manager of the Service Department care of the loss. The trust company has been under the supervision of the
of the company, was named Secretary; Leland Crawford, State Banking Department for the past six weeks.
former Auditor, was named Treasurer, and Mrs. Orpha
The People's Trust Co. of Chillicothe, Mo., was closed by
Runge was made Chief Accountant.
Its directors on Feb. 20 and placed in the hands of the State
The name of the American Loan & Trust Co. of Detroit Finance Department. Slow assets and recent heavy withhas been changed to the American Trust Co. and U. Grant drawals of deposits are responsible for the bank's embarRace, one of the organizers of the company, has assumed rassment, it is understood. According to its statement as of
the presidency of the institution, succeeding Richard G. Dec. 31 1924, it is said, the bank had a combined capital and
Lambrecht, who has been made Chairman of the board of surplus of $150,000, deposits of $699,293 and total resources
directors. In announcing the change in the bank's title, of $1,026,270.
Vice-President Carl Wisner was reported in the Detroit
Following approval on Feb. 17 by the stockholders of the
"Free Press" of Feb. 22 as saying:
Grace Street Bank & Trust Co. of Richmond of the plans
We have contemplated this step for some time, and the action was taken
at a recent meeting of the board of directors. Our former name was not under which the American National Bank of that city
truly indicative of the business we are engaged in.
has absorbed the general banking business of the Grace
1052
lath CHRONICLE
Street institution, and the latter has become the Grace Street
Securities Corporation (referred to in the "Chronicle" of
Feb. 14, page 791), announcement was made that Ralph C.
Eaton, Secretary and Treasurer of the Grace Street Bank
& Trust Co., had been appointed Assistant Manager of the
Grace Street branch of the American National Bank, according to the Richmond "Dispatch" of Feb. 18. Stafford H.
Parker, it was stated, would continue as Manager of the
Grace Street branch of the American National Bank, which
position he has held since the branch was opened some
months ago. The "Dispatch" further went on to say:
[VoL. 120.
The merging of the Consolidated and Arizona national banks gives Tucson
one of the strongest financial institutions of the Southwest, with resources
of more than $5,000,000. It was accomplished through the efforts of
Charles F. Solomon, President of the Arizona bank, who, with a 'lumber of
local associates, for several months has held as option on 750 shares of Consolidated stock held by Albert Sternfeld, a Tucson pioneer merchant, and
President of the Consolidated.
This option was taken up on the 9th inst., and is said to have represented
a transfer of about $300,000 in cash. That Los Angeles interests are included is shown by the election as head of the directorate of Arthur 0.
Garrett, Vice-President of the Continental National Bank of the Coast
metropolis.
It is proposed that the institution hereafter bear the name of the Arizona
Consolidated National Bank. Its business is being done in the quarters of
the Consolidated. Under the new order the officers will be President,
Charles F. Solomon; Vice-Presidents, Darold Steinfeld, Andrew P. Martin,
George A. Stonecypher, F. H. Thorpe, i. .1. Hermes, H. S. Corbett; Assistant Vice-President, Phil H. Clarke • Cashier, R. E. Butler; Assistant Cashiers, H. H. Holbert, John C. Etchls, II. W. Gill, George D. Bedell, A. H.
Ferrin, Robert Bookman. The directors are: Chairman, Arthur 0. Garrett, Harold Steinfeld, Julius Kruttsehnitt Jr., Andrew P. Martin, Dr. I. H.
Solomon, George If. Stonecypher, J. C.
'
Huffman, H. S. Corbett, Charles F. ,
McClure, J. C. Kinney, Nathan Kendall. Mr. Garrett is to spend part of
126
his time in Tucson in the future. The stockholders include about
to
business men of the city and county. Oapitalization is to be rained
$250,000.
The negotiations which were approved yesterday (Feb. 17) by the stockholders of the Grace Street Bank & Trust Co., and which already had been
indorsed by the boards of directors of the two institutions involved, are said
to provide for payment by the American National Bank of approximately
$20,000 for the $603,382 91 of deposits of the Grace Street Bank & Trust
Co. and $100,000 with which the capital stock of the new Grace Street Securities Corporation will be increased from $200,000 to $300,000. Under
the agreement with the stockholders of the Grace Street Bank k Trust Co.,
says a statement issued by the American National Bank, the banking business
and good-will of the first-named institution is now transferred to the Grace
Street branch of the Main Street banking house. Mr. Eaton begat* his
banking career with the Broad Street Bank (Richmond), now the Broad
Street branch of the State & City Bank & Trust Co., in 1010. He resigned
A. P. Giannini, President of the Bancitaly Corporation, the
as Assistant Cashier in 1919 to accept the position of Bank Examiner for
along the lines of a
post he held for about one year. Be went with affairs of which company are conducted
the State of Virginia, which
Street Bank & Trust Co., as Secretary and Treasurer, when that conservative English investment trust, has issued the folthe Grace
Institution was organized in September 1922.
lowing statement concerning this type of business:
I am anxious to give to the email investor who has not enough funds to
The Bank of Zebulon, Zebulon, N. C., and the Citizens spread over many types of securities, or the time and information required
Bank of that place have reorganized and consolidated under to invest in such a manner, an opportunity for safe, profitable and diversified
the title of the Zebulon Banking & Trust Co. The new insti- investment.
The English have found a way to meet the problems of the small inverter,
tution occupies the former quarters of the Bank of Zebulon or, as a matter of fact, any investor who would like to have his money handled in the most scientific manner by men trained in security analysis and
and will do a general banking business.
investment of money. This is the use of the investment trust.
Investment trusts have existed in England and Scotland for some 50 years,
At a meeting of the directors of the National Bank of
and have had an excellent record. It has been particularly noteworthy that
Commerce, Houston, on Feb. 10, N. E. Meador was elected during the last ten years, in spite of a great war and disorganized conditions
active Vice-President of the institution to succeed Ewing in Europe since, a great many of them were in 1922 paying higher dividends
Norwood, who recently resigned after serving the bank In than in 1913. are much like banks, except that they deal entirely in securiThese trusts
that capacity for two years, according to the Houston "Post- ties rather than liquid capital. They buy stocks or bonds in any part of the
11. The directors at the same meeting world, after a most careful investigation. They expect to make a business
Dispatch" of Feb.
profit in their investments, as well as to receive an income. The income
promoted I. C. Griffith, L. B. Wootters and R. P. Doherty, received comes from the interest and dividends collected on the securities
heretofore Assistant Cashiers, to Assistant Vice-Presidents, owned, and from the profits made by buying either stocks or bonds which
value.
selling
and Clark 0. Williams, formerly Head Bookkeeper, to an their investigations show to be stock ofbelow intrinsic trust holds only one
an investment
The Investor who owns the
Assistant Cashier. Mr. Meador, the new active Vice-Presi- security, but that one certificate represents an interest in many securities
dent, is well known in business and financial circles In' purchased after careful investigation. It represents an interest in a fund
approved lines.
Houston and throughout Texas. He is President of the Rice which is managed along the most
Hotel Co., Vice-President of the Bankers Mortgage Co., and
Vice-President of Jesse H. Jones & Co. Mr. Norwood, it is
said, resigned the Vice-Presidency of the National Bank of
Commerce in order to return to his former home in Navasota,
Tex., where, previous to his going to Houston, he was VicePresident and Managing Officer of the First National Bank
of that place for over 20 years. Having retained his investments and Interests in Navasota and vicinity, Mr. Norwood
will resume his former post with the bank there.
Announcement was made in Los Angeles on Feb. 3 that
interests Identified with the California Bank of that city
had purchased control of the Bank of Alhambra, Cal., and
the Bank of San Gabriel, Cal., including the latter's branch
In East San Gabriel, according to the Los Angeles "Times"
of Feb. 4. The acquired institutions, which were formerly
controlled by W. R. Fee, who died recently under mysterious circumstances, will not be operated, it is stated, as
branches of the California Bank, but will have the resources
of that institution available for the development of business
and industry in their respective territories. As part of the
deal four officers of the California Bank, namely A. N.
Kemp, George A. J. Howard, A. E. Huntington and Gordon
C. Smith, on Feb. 3 were elected members of the directorates
of the acquired banks. The only change made in the personnels of the institutions, it is understood, is the addition
of A. E. Huntington as Vice-President of both the Bank of
Alhambra and the Bank of San Gabriel. F. M. Townsend is
President of both institutions. A. W. Hyberg remains as
Manager of the East San Gabriel branch of the Bank of San
Gabriel with the title of Assistant Cashier. The California
Bank, it is said, whose present resources are more than
$75,000,000, was the pioneer in the establishment of branch
banks in California under the leadership of President A. M.
Chaffey, and now has 38 branches in and around Los Angeles. The institution also controls the Pomona Commercial
& Savings Bank of Pomona.
On Feb. 11 Prospero Frazzini, former President of the
Italian-American Bank of Denver, which failed on Jan. 29,
pleaded "guilty" to embezzlement and grand larceny, "but
without malicious intent," in the West Side Criminal Court
In Denver and was sentenced by Judge Charles C. Sackman
to not less than five nor more than seven years in the State
Penitentiary at Canon City, according to the "Rocky Mountain News" of the following day (Feb. 12). Following Frazzlnl's plea of "guilty," a letter from former District Attorney Philip S. Van Cise, of counsel for the bank examiners,
was read by District Attorney Cline. The letter fixed the
total shortage found in the bank, alleged to be due to Frazzini's embezzlements and withdrawals, at $217,477 and included $131,927 in forged notes. Alleged abstracted deposits
totaling $28,200 also were mentioned. The letter, as printed
in the "News," was as follows:
At your request, and as attorneys for the State Bank Commissioner in the
liquidation of the Italian-American Bank, we submit to you herewith statement as to the shortages of a criminal nature in said bank, due to the
criminal actions of its President and chief stockholder, Prospero Frazzini:
$131,928 58
Forged notes
28,200 00
Abstracted deposits
20,000 00
Forged certificates of deposit
2,000 00
racovetta abstraction
900 00
Embezzled safekeeping papers
1,850 00
Pasqua abstracted deposit
32,000 00
Deposits with P. Frazzini and Brothers
800 00
Carlini and Stainer' lira transactions
$217,478 6e
Total
The forged notes were in one bunch, a list of these being in FrazzinPs
desk and represented money put into the International Fuel Co., for which
the company's notes were taken but not placed in the bank, as it had
loaned its full legal quota to the company.
The abstracted deposits were represented by deposit tickets, found in his
desk, and identified by him as an effort on his part to balance the hooka at
the last minute.
The forged certificate of deposit was an alleged deposit within the Banoo
Populari Romano for 504,100 lira, which the bank had at one time, but had
sold for some $20,000 and the money put in the fuel company. The Iacovetta
matter came to light yesterday when claims were being presented, and three
forged checks by Frazzini took a net total of $2,000 from the account of
Iacovetta. On the safekeeping papers, an item of a $500 Liberty bond and
papers
$400 in Italian bonds given to Frazzini, to place in the safekeeping
In a dispatch from Tucson, Ariz., on Feb. 12 to the Los of the bank, were embezzled and sold, and the money used by him.
not
The Pasqua matter was an abstraction from his account of $1,650 The
Angeles "Times," it was reported that a merger of the Arideveloped yesterday.
zona National Bank and the Consolidated National Bank, listed in the deposit slips above, and which just
amount of indiitem of $32,000 is stated by Frazzini as the approximate
both of Tucson, had been effected. The dispatch read in vidual deposits with P. Frazzini and Brothers, a corporation, and not the
part as follows:
bank's liability, and embezzled by him.
FEB.28 1925.]
THE CHRONICLE
The Carlini and Staffieri transactions were respectively 8,800 and 11,000
lira deposits for remittance to Italy and embezzled.
As far as we can tell at this time, the above is about a correct statement
on Frazzies crookedness. He has worked with us two afternoons, has been
very frank and fair in his statements, and I believe has made a clean breast
of the whole matter. He has transferred or will, by to-night, all of his
known property to the Commissioner, and claims that all of the stolen money
went to the fuel company.
I request that he be retained in the county jail for at least two weeks after
sentence, as we need his assistance in checking up claims with depositors and
If you can make an arrangement with the judge to withhold the mittimus
to the Sheriff for that length of time, it would be very much appreciated.
Yours very truly,
VAN OISE & ROBINSON.
By Philip S. Van Cise.
Before sentence was imposed Frazzini thus addressed the
Court:
I will say, Judge, that the people who deposited money in my bank will
be paid dollar for dollar as soon as the Moffat tunnel is completed. The
completion of this project will so materially increase the value of our coal
holdings that the depositors should be paid in full.
In imposing sentence Judge Sackman said:
Mr. Frazzini, you have lived in this country for a long time. Your people,
your fellow-countrymen have trusted you and you have thus squandered their
money. For the sake of a few paltry dirty dollars you have thrown down in
a moment a structure which required years in the making. You have brought
ahame and sorrow to your innocent wife and children.
Your conduct in this matter is nothing short of despicable.
It is the will and judgment of this court that you be taken from the bar
of this court to the common jail of the county and that you then be transported with all convenient speed to the State Penitentiary and that you be
there confined for a period of not less than five nor more than seven years.
The "News" further stated that S. Nigro, former Cashier
of the defunct bank, would be arraigned on Feb. 28. Reference to the failure of the Italian-American Bank was made
In these columns in our issue of Jan. 31 and Feb. 7.
___•___
The Banque de Bruxelles, Bruxelles, sends us the following
advices, under date of Feb. 9:
The board of directors of the Banque de Bruxelles after examining the
report for the year 1924 decided at a meeting held on Feb. 4 1924 to distribute to the shareholders a dividend of 11%, as against 10% for the
previous year.
The gross profits shown in the profit and loss account amount to Fr. 48,491,919 58, as against Fr. 33.290 A94 75, leaving a net profit of Fr. 26,039,870.55 as against Fr. 18,661,099.35 for the previous years.
The distribution of the aforesaid profits contemplates besides the dividend of 11% an increase of the reserve funds by Fr. 4,280,000 as compared
with Fr. 2.315,000 for 1923.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
It has been a week of rising prices on the Stock Exchange,
but with trading interrupted on Monday by the observance
of Washington's Birthday holiday the market has displayed much less activity. In the short period of trading
on Saturday, speculation centred largely in industrial
specialties, American Locomotive leading with an upward
spurt of four points to 1273/2. Railroad shares also participated in the improvement, Missouri-Kansas-Texas, St.
Louis Southwestern, and several others of this group recording new high levels for the day. The New York Stock
Exchange, Curb Market, and other exchanges were closed
on Monday in observance of Washington's Birthday. On
the whole, the stock market was fairly strong as trading
was resumed on Tuesday, though some irregularity was
apparent as the day progressed. American Locomotive
continued in the foreground and closed the day with a
substantial gain to its credit. Railroad stocks also improved,
New Haven reaching its highest price since 1920. St. Paul
preferred was in strong demand at improving prices, and
Nickel Plate common, old stock, recorded a new top with a
gain of nearly five points. American Locomotive continued
its record-breaking advance on Wednesday with a net
gain of four points, bringing that stock to a new high at
134. In the late afternoon, railroad shares were particularly
prominent, net gains of a point or more being recorded by
numerous individual issues in that group. These advances
included Atchison, which cross 124 to a new high, Louisville
& Nashville, which advanced a point to 109. Norfolk &
Western and Lehigh Valley were also strong for a while,
but the advance in these stocks was not maintained. Numerous stocks displayed decided .
improvement in the last
hourz notably Mack Trucks, which advanced more than
points to 139, and General Motors, which improved one
2
point to 74. The market continued strong on Thursday,
motor shares again coming to the front and advancing to the
highest prices of the season. Railroad shares were also
prominent, Atchison crossing 125, Union Pacific advancing
to 152 and Norfolk .& Western made a further gain of 2
points to 131%. Oil shares also improved,.following the
publication of the weekly figures on crude oil production.
'The market opened strong on Friday, but sagged somewhat
around mid-day, though most of the recessions were unimtent
por• The publication of a number of favorable January
traffic statements, stimulated the railroad group in the
final hour, Atchison, Atlantic Coast Line, and Missouri
Pacific moving forward to new levels. The final tone was
good.
1053
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended Feb. 27.
Stocks,
No. Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
912,875
1.272,979
1334.700
1.534,455
1,574,600
Total
6A29609
Sales at
New York Stock
Exchange.
Railroad,
eke..
Bonds.
State,
Municipal db
Foreign Bonds.
United
States
Bonds.
36,819.000
81.451,000
HOLI DAY
2,214,000
8.730,000
2,255.000
9.816.000
1,887,700
10,494,000
8.554,000
1,842,000
844.413.000
8827,100
2.097,200
832.350
1,087.100
1.065.000
39.629.700
85.698.760
Jan. 1 to Feb. 27.
Week Ended Feb. 27.
1925.
1924.
1925.
1924.
8,429,609
4,215,367
73,552.893
47,578.918
85,698.750 810.323,000
6,733,000
9,629,700
44.413,000 37,739.000
$75,807,450
108.238,200
494.030.300
8147.498,600
84.342,000
295,682,000
359,741,450 854.795,000
$678,075,950
8507,520,000
Stocks
-No. shares_ _Bonds.
Government bonds__ _
State & foreign bonds..
Railroad & misc. bonds
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Baltimore.
Philadelphia.
Boston.
Week Ended
Feb. 27.
.
Shares. Bond Sales Shares. Bond Sales. Shares. Bond Saks.
16,836
577,550
20,222
18.786
23,013
14,742
68,300
47,500
35,400
48,000
93,599
8276,750
152 254
glen inn
832,900
7,757
HOLI DAY
137,100
22,550
92.900
34,184
148,500
53,845
71,000
37,214
1,593
810.000
2,878
2.686
2,292
3,677
18,000
21,000
36,500
6,000
155.550
8482,400
13,126
391.500
00 135
2344.600
18.073
8298.300
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole the present
week will show a small decrease as compared with a year
ago. This is due to the fact that the present year a holiday,
Washington's Birthday, fell in this week, while in 1924 it
fell in the previous week. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Feb. 28), aggregate bank exchanges for all the
cities of the United States from which it is possible to obtain
weekly returns will register a decrease of 4.5% under the
corresponding week last year. The total stands at $7,759,470,137, against $8,128,848,803 for the same week in 1924.
At this centre there is a loss of 3.9%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph..
Week Ending February 28.
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
83.493,000,000
474,515.978
388.000,000
286,000,000
93,155,313
104,800,000
150,400.000
107,956,000
129,430,427
104.191,609
69,841,954
69,745,758
50,186,171
$3,633,671.900
484,225,949
403.000,000
318,000,000
102,879,618
95,400,000
133,600,000
128,196.000
139.557,325
113,686,169
82,362,499
79,274.307
52,114,139
-3.9
-2.0
-3.7
-10.1
-9.4
+9.8
+12.6
-15.8
-7.3
-8.4
-15.2
-12.0
-3.7
Thirteen cities,5 days
Other cities, 5 days
85.521,233,210
944,091,904
85,765,967.906
1.008,072,847
-4.2
-8.3
Total all cities, 5 days
All cities, 1 day
86.466,225,114
1,293,245,023
86,774,040,753
1,354,808,150
-4.5
-4.5
29 720 470 129
IR 1212 R4R sea
-421
Total all cities for 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. 21. For
that week there is an increase of 40.0%, the 1925 aggregate
of the clearings being $9,892,077,541, and the 1924 aggregate
$7,063,968,076. Outside of New York City the increase
is only 25.4%, the bank exchanges at this centre having
recorded a gain of 53.0%. This large increase is due mainly,
as noted above, to the fact that last year Washington's
Birthday, a holiday, fell in this week, while the present year
it comes in the succeeding week. We group the cities now
according to the Federal Reserve districts in which they are
located and from this it appears that in the Boston Reserve
District there is an expansion of 42.1%, in the New York
Reserve District (including this city) of 51.5% and in the
Philadelphia Reserve District of 30.2%. In the Cleveland
Reserve District the totals are larger by 26.6%, in the
Richmond Reserve District by 24.7% and in the Atlanta
[VOL. 120.
THE CHRONICLE
1054
Reserve District by 24.5%. The Chicago Reserve District
has an improvement of 28.7%,the St. Louis Reserve District
of 17.2% and the Minneapolis Reserve District of 29.0%.
In the Kansas City Reserve District there is a gain of 24.7%,
in the Dallas Reserve District of 20.9% and in the San
Francisco Reserve District of 9.6%. It should be noted
that without a single exception every one of these Federal
Reserve Districts records an increase as compared with the
corresponding period last year.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
V7sek Ending Feb. 21 1925.
1925.
1924.
3
S
Federal Reserve Districts.
11 cities 512,355,375 360,529,019
(1st) Boston
11 " 6,853,585,994 3,862,966,278
(2nd) New York
588,630,888 452,164,962
(3rd) Philadelphia...-10 "
401,397,908 317,175,058
8"
(4th) Cleveland
192,217,098 154,182,177
6 "
(5th) Richmond
218,789,155 174,110,283
11 "
(8th) Atlanta
964,211,119 748,920,720
20 "
(7th) Chicago
242,262,098 208,761,875
8 "
(8th) St. Louis
126,971,146 98,380,851
(9th) Minneapolis.... 7 "
252,476,970 202,420,723
City....12 "
(10th) Kansas
87,242,398 72,141,800
5 "
(11th) Dallas
453,937,392 414,214,340
(12th) San Francisco...17 "
Inc.°,
Dec.
1923.
1922.
$
S
%
+42.1 360,113,003 274,997,841
+51.5 3,920,061,799 3,675,065,759
+30.2 461,854,933 394,476,405
+26.6 323,965,948 209,602,476
+24.7 144,931,189 108,805,172
+24.5 160,536,530 120,409,977
+28.7 736,060,485 584,314,525
+17.2 66,822,695 47,688,173
+29.0 96,770,354 80,714,744
+24.7 209,226,171 196,182,771
+20.9 50,930,920 44,612,127
+9.6 372,684,365 280,275,173
126 cities 9,892,077,541 7,063,978,076 +40.0 6,903,958,392 6,017,145,143
Grand total
4,158,745,598 3,317,446,069 +25.4 3,084,679,743 2,425,566,564
Outside New York City
..
.
.
'
••••• -...-- - -. ,.." ".... SC. -S'.. '‘... ..... ..^ ^^ ......
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week ending February 21.
Clearings at
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
$
$
%
$
First Federal Reserve Dist rict-Boston491,725
710,861
669,711
765,842 -7.2
Maine-Bangor _
es.soomo +12.0 2,382,799 4.2.600,0o0
3,135,817
Portland
.
Mass -Boston. 458,000,000 321,000,000 +42.7 321.000,000 243,000,080
1,135,74
2,049,940
1.046.504 +44. 1
2,805,882
Fall River_ _ _ _
a
a
a
a
a
_
Holyoke
869,573
951,677 +34.0
863.710
1,276,000
Lowell
a
a
a
a
a
Lynn
1,263,491
1,246,923
1,244,380 +39.2
1,732,415
New Bedford_ _
4,665,667
3,243,528
5,573,671
.
4,302,026 +29.6
Springfield...
2,958.000
2,392,825
3,197.000
2,572,000 +24.3
Worcester_ _ _ _
6,855,227
8,825,807
10,074,247 +48.9
15,005.211
Conn.-IIartfor
4,422,488
5.493,783
5,309,153 +31.1
6,959,118
Haven... _
New
8,729,100
9,950,800
9,563,100 +45.9
13,959,400
R.1.-Providenc e
Total(11 cid 6) 512,355,37 5 360,529,01 9 +42. 1 160,113,003
-New
Second Fede r al Reserve D strict
6,574,086
4,343,686
.
-Albany.
N. Y.
728,700
1,086,100
Binghamton__ .
51,949,543
• 057,619,918
Buffalo
929.537
582.420
Elmira
1,326,358
1.475.000
Jamestown......
.
New York.... 5,733,331,943 3,746,522,017
8,065,227
11,557,517
Rochester.....
3,539,789
5,138,191
.
Syracuse
c2,630,350
Conn.-Stamfor I
3,044,764
453,201
376,735
N. J.-Montcla r
32,790,151
Northern N.J.
42,487,039
274,997,841
York.2,879,224
3,577,501
+51.3
798.100
735,900
+49.0
41,453,452
31,301,042
+10.9
531,699
+59.6
783,576
1,017,243
+11.2
+53.0 3,819,278,649 3,591,578.639
5,991,721
7,881,871
+43.3
2,575,523
3,615,722
+45.2
1,721,245
2,474,526
-13.6
278,222
332,081
+20.3
37,220,667
39,100,955
-22.8
Total(11 cities I 5,853,585,994 3,862,966,278 +51.5 3,920,061,799 3,675,065,759
Third Federa Reserve Dist rict-Philad elphia1,089,381
1,417,104
1,001,383 +41.5
-Altoona....
Pa.
3,432,637
4,050,794
Bethlehem _ .
3,277,337 +23.6
1,221,817
1,029,900
1,193,291 +2.4
Chester
2,775,566
2,453,568
_.
2,753,225 -10.9
Lancaster__Philadelphia _ . 560,000,000 420,000,000 +33.3 436,000,000
3,279,930
2,456,645
2.490,462 +31.7
Reading
5,268,336
6,169,075
.
5,103,582 +20.9
Scranton
2,573,263
2,873,513 +24.3
Wilkes-Barre.. 03,571,129
1,248,899
1,218,125 +49.7
1,816,171
York
5,980,306
4,651,300
12,254,044 -62.0
-Trenton_ .
N.J.
a
a
a
a
Del.-Wllmlon
878,473
2,213,222
713,86
2,181,278
377,000,000
1,812,123
3,841,638
1,760,000
976,154
3,099.650
a
461,854,933
Week ending February 21.
Clearing., as1925.
1924.
Inc. or
Dec.
1923.
1922.
s
$
$
8
%
Seventh Fede ral Reserve District- C hicago165,192
Mich.
206,059
-Adrian __
301.094
191,440 +57.2
654,619
612,497
Ann Arbor__ __
969,485
678,951 +42.8
80,961,000
Detroit
162,659,231 139,414,814 +16.7 119,119,339
4,815,019
5,351,438
Grand Rapids_
7,257,521
5,482,447 +32.4
1,320,937
1,628,995
Lansing
1,984,065 +25.9
2,498.629
1,708,962
Ind.
1,893.944
-Ft.Wayne.
2.598,109
1,830,872 +41.9
12,347,000
16,342,000
Indianapolis_ _ _
19,845,000 -21.4
15,605,000
1,624,239
South Bend_ _ _
1,862,618
2,647,000
2,319,000 +14.1
6,238,139
Terre Haute_
5,688,765
4,566,920 +24.6
21,344,888
Wis.-Milwaukee
28,818,735
38,617,305
31,816,198 +21.4
1,590,034
Ia.-Ced. Rapids
1,916,868
2,334,820
1,846,877 +26.4
7,438,729
Des Moines_ _ _
8,119,014
10,472,903
9,286,204 +12.7
4,854,685
Sioux City_.._
5,304,093
7,277,702
5,964,690 +22.0
976,789
Waterloo
1,489,234
1,292,264
1,147,434 +29.8
III-Bloomington
1,081,620
1,407,090
1,246,214
1,043.067 +34.9
Chicago
691,050,501 512,409,566 +34.9 527,948,306 436,379,958
a
a
a
Danville
a
a
863,565
Decatur
1,479,281
897,786 +64.7
1,059,006
Peoria
5,043,557
3,476,999
4,189,310 +20.4
3,090,315
Rockford
2,476,558
2,037,838 +21.5
1,738,683
1,300.000
Springfield....
2,337,334
1,885,274
1,968,241 +18.8
1,796.975
Total(20 cities)
964,211,119
584,314,525
748,920,720 +28.7
736,060,485
Eighth Federa I Reserve Dia trict-St. L mils
Ind.
-Evansville_
05,159,260
4,845,859 +6.5
Mo.-St. Louis_ 154,900,000 144,900,000 +6.6
Ky.-Louisville _
41,970,935
26,322,948 +59.4
Owensboro_._.
549,293
587,731 -3.2
Tenn.-Memphis
24,576,769
18,657,363 +31.7
Ark-Little Rock
13,817,129
10,117,584 +36.6
111-Jacksonville_
348,381
301,044 +15.7
Quincy
1,440,331
1,049,346 +37.3
5,486,332
3,666,431
28,055,436
541,089
21,030,038
10,146,210
240,007
1,323,583
21,430,800
489,977
13,517,053
7,286,555
237,269
1,060,088
Total(8 cities)- 242,262,098 206,761,875 +17.2
66,822,695
Ninth Federal Reserve Dis trict-M i n n eapolisMinn.
-Duluth_
07,986,443
4,601.858
6,246,124 +27.9
Minneapolis... 79,734,547
57,256.299
55,397,768 +43.9
St. Paul
32.341.103
29.368.683
31,885,860 +1.4
No. Dak.-Fargo
1,878,495
1,519,552
1,338,115 +40.4
S. D.
-Aberdeen.
1,370,857
926,453
864,324 +58.6
Mont -Billings.
555,853
302,864
393,237 +41.4
Helena
3,103,848
2,704,645
2,255,413 +37.6
47,688,173
Total(7 eities)Tenth Federal
Neb.-Fremont.
Hastings
Lincoln
Omaha
-Topeka _ _
Kan.
Wichita
Mo.-Kan. City_
St. Joseph__
Dkia.-Muskogee
Oklahoma City
Tulsa
Dol.-Col. Spgs_
Denver
Pueblo
80,714,744
126,971,146
96,770,354
98,380,841 +29.0
Reserve Die trict-K a no as City0461,687
387,498
345,278 +33.7
598,218
465,733
358,019 +67.1
5,419,110
3,380,289
2,941,379 +84.2
44.413,669
38.270,913
35,381,679 +25.5
2,960,085 +9.9
03,251,904
2,522,034
07,563,707
8,588,331
7,151,328 +5.8
131,622,096 105,502,034 +24.8 117,135,994
07,721,297
6,974,135 +10.7
a
a
a
a
027,445,149
22,090,762 +24.2
18,058,565
a
a
a
a
865.765 +34.2
1,162,015
981,964
18,837,447
21.591,473
16,983,522 +27.1
597,403
866,737 +41.5
e1,226,645
Total(12 cities) 252.476,970 202.420.723
-Da
Eleventh Fede rat Reserve District
1,466,966
1,821,915
l'exas-Austin
47,527,362
56,501,868
Dallas
11,447,881
Fort Worth.... 014,845,938
7,187,713
8,708,068
Galveston
a
a
Houston
4,511,878
5,274,609
La -Shreveport_
+24.7 209,226,171
las1,504,438
+24.2
28,913,827
+18.9
0,329,624
+29.7
+22.4
6,790,670
a
a
4,386,361
+16.9
72,141.800
87.242,398
Total(5 cities).
Twelfth Feder al Reserve D istrict-San
35,090,268
42,205,201
iVash.-Seattle
8,935.000
11,366,000
Spokane
a
a
Tacoma
998,363
1,226,344
Yakima
36,979,705
31,359,057
-Portland. _
)re.
12,905,981
16,316,806
Utah-S. L. City
a
a
STev.-Reno __.a
a
kriz.-Phoenix2,917,197
3,729,754
Dalif.-Fresno.7,133,656
7,751.600
Long Beach
Los Angeles... 157,976,000 136,826,000
13,639,471
19,418,659
Oakland
6,493,577
5,324,804
Pasadena
7,798,802
Sacramento.... 07,878,239
5,016.365
3,313,446
San Diego_ _ _ _
San Francisco_ 129,976,750 140,000,000
2,301,526
1,659,460
San Jose
1,328,512
941,731
Santa Barbara_
2,105,411
1,974.547
Santa Monica_
c2,589,500
2,584,000
Stockton
50,930,920
+20.9
Franc Irmo30,207,257
+20.3
9,243,000
+27.2
a
a
+22.8
940,619
+17.9
27,837,308
+26.4
12,927,120
a
a
a
a
-21.8
3,318,263
+8.7
6,945,489
+15.5 115,166,000
+42.4
12,142,695
+22.0
4,254,754
+1.0
4,946,994
+51.4
*2,500.000
-7.2 136,800,000
+44.1
1,761,542
+41.0
1,141,624
+6.6
2,551,700
+0.2
*4,500,000
48,874,967
22,553,325
1,064.473
774,757
481,376
2,465,846
264,599
515,009
2,993,448
34,721,862
2,386,208
9,286,358
111,224,984
a
17,420,949
a
802,026
15,995,173
572,155
196,182,771
1,216,878
22,328,091
11,920,637
5,282,361
a
3,864,160
44,612,127
27,563,262
a
1,270,056
22,885,082
9,661,295
a
a
3,405,269
3.476,279
79,186,000
8,605,030
3,117,671
4,382,368
2,554,141
110,000,000
1,758,085
761,535
394,476,405
Total(10 cities
588,630,888
452.164,962 +30.2
Fourth Fede al Reserve D Istrict-Clev eland 4,680,000
8,533,000 -37.8
05,311,000
Ohio-Akron.
3,688,571
3,853,827 +30.9
5,042,779
Canton
63,555,218
58,419,958 +32.1
77,181,104
Cincinnati _ _
90,827,523
92,078,882 +28.2
118,198,751
Cleveland
12,836,200
9.864,500 +55.4
15,334,900
Columbus
a
a
a
a
Dayton
a
a
a
a
Lima
1,342,019
1,472.779 +30.9
01,928,327
Mansfield
a
a
a
a
Springfield _ -a
a
a
a
Toledo
2,309,649
3,670,914 +37.0
5,028,048
Youngstown _
a
a
a
a
-Erie
Pa.
Pittsburgh _ _ _ 173,372.999 139,281,198 +24.5 144,728,768
323,965,948
Total(8 citles). 401,397,908 317,175,058 +26.6
Fifth Federal Reserve Dist rict-Richm ond1,860,040
1,648,678 +8.6
1,790,365
W.Va.-Hunt'g'
5,711,949
7,345,946 +12.9
08,293,672
Norfolk
43,793,000 +24.2 43,570,000
54,392.000
_
Richmond2,098.376
2,565,579 +3.3
02,651,410
-Charleston
S.C.
74,344,351
80,221,819 +26.9
Md.-Baltimore. 101,876,189
17,346,473
18,607.155 +24.8
23.213,462
D.C.-Washing'
144,931,189
Total(6 cities). 192,217,098 154,182,177 +24.7
4,151,000
2,469,579
46,942,438
64,978,536
10,136,200
a
a
987,840
a
a
3,246,883
a
76,690.000
209,602,476
1,141,411
4,923,951
32,175,367
55,721,658
14,842,785
108,805,172
Sixth Federal Reserve Dist rict-Atlant a7.050,834 +5.9
Tenn.-Chatt'ga. 07,466,843
b
b
b
Knoxville
17,080,159 +36.9
23,379,894
Nashville
47,038,481 +42.8
67,175,758
Georgia-Atlanta
.2,000,000 +12.6
2,251,619
Augusta
1.024,315 +35.4
1,386,951
Macon
a
a
a
Savannah
15,634,326 +51.6
Fla.-Jack'nvWe. 23,694,609
23,550.228 +17.2
27.598,227
Ala.-Birming'm.
1,558,965 +28.8
2,007,298
Mobile
1,144,276 +59.4
1,824,000
Miss.
-Jackson_ 289.800 +31.2
380,079
Vicksburg
57,738.899 +3.3
59,623,877
La.-NewOrleans
6,123,605
b
16,311,605
43,409,433
1,850,812
1.269,558
a
12,657,409
26,432,355
1,698,998
1,110,118
333,162
49,339,475
4,354,017
b
14,573,563
32,476,017
1,157,483
840,453
a
9,084,145
15,006.663
1,450,200
899,457
251,637
40,316,342
174,110,283 +24.5
160,536,530
120,409,977
Total(11 cities)
216,789,155
1,649,100
Total(17 cities) 453,937,392 414,214,340 +9.6 372.684.365 280,275,173
Iran d total (126
9,892,077,541 7,063,968,076 +40.0 6,903,958,392 6,017,145,143
clties)
DutsideNew York 4,158,745,598 3.317,446,059 +25.4 3,084,679,743 2,425,566,504
Week ending February 19.
Clearings as
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat
Peterborough.....
Sherbrooke
Kitchener
Windsor
Prince Albert__ -Moncton
Kingston
3
82,379,438
84,942,111
40,167.466
14,021.000
5,477,476
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
1924.
Inc.or
Dec.
$
%
86,054,922 -4.3
81,788,601 +3.9
34,471,957 +16.5
14,861,953 -5.7
5,978,831 -8.4
4,690,848 -3.0
2,302,532 +22.3
4,410,276 -7.2
6,987,920 -16.7
2,715,554 -10.4
2,390,544 -17.0
2,299,544 +6.7
3,786,068 -1.2
3,087,086 -0.6
496,605 +12.7
408,624 -1.1
1,302,613 +3.3
1,045,066 -8.0
712,526 +0.6
657,935 +1.4
484,631 +17.9
304,219 -17.8
.677.698 +11.8
659,077 +14.0
782,556 • +16.7
2,120,308 - +27.2
354,866 -8.2
1:27
712 6 9
471:047 4727
1923.
3
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
2,623,558
1,702,907
2,540.034
3,763,781
2,568,848
413,461
441,343
1,226.9.53
897,652
859,581
700,605
424,102
277,217
549,528
828,788
766,355
2,338,259
296,716
42
0 0 50
1, 02:27 64
1922.
$
83,476,080
86,313.
353
46,298,325
12,083.618
5,339,348
4,431,951
2,538,408
4,950.375
4,762,955
2.390,988
1,952,952
2,484,423
3,524,147
2,343,076
467,449
393,090
1,379.234
1,153,140
865,915
639,701
500,928
311.457
585,013
742,011
829,651
2,648,475
283,313
1,128.500
970 CM 718 967 nus nail -I-0 R 25R 771.482 274.716,879
Week
a No longer report clearings. b Do not respond to requests for figures. c
ended Feb. 18. d Week ended Feb. 19. a Week ended Feb. 20. • Estimated.
rmm n.,..a.t9cA
FEB.28 1925.]
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 4 1925:
GOLD.
The Bank of England gold reserve against its note issue on the 28th ultimo
amounted to E126.745.740, as compared with E126.744,260 on the previous
Wednesday.
The small amount of gold available in the market this week was nearly
all absorbed by trade demand, and orders have been received here to ship
gold direct from America to India.
During the week gold to the value of $49,914,000 has been announced as
engaged for shipment from New York. as follows:
To Berlin
$5.000,0001To Europe
$2,800,000
" India
17,775,0001 " Europe and the Far
" Australia
17,989,0001
East
4,700,000
" Holland
1.500.0001 " Venezuela
150.000
In addition, New York reported on 30th ult. that a shipment
of $400,000
gold had been arranged from Philadelphia to an unknown
destination.
The return to an effective use of the gold standard in this
country is not
of interest to experts alone, for in our complex modern civilization
the working of the currency, though out of sight and unknown to the
majority of
its users, exerts far-reaching influences upon their success
and happiness.
Changes made in connection with it demand deep
and anxious consideration and cannot be disposed of by easy platitudes.
A statement recently appeared in the press that "the
real factor which
determines the state of the nation's currency is its
willingness to work and
its readiness to be taxed." The phrase sounds well,
but does not ring true
when applied to the currency of Great Britain.
In the first place, as the Chancellor of the Exchequer
pointed out when he
referred at the Pilgrims' Dinner last Friday to the greatness
of the sacrifice
made by Great Britain in the Battleship Agreement,
this is a crowded
island dependent for four-fifths of its food upon supplies
from other parts
of the globe. This fact also applies to our
currency, for imported food
and necessary raw material must be paid for
in goods or money.
In the next place, we have incurred an
enormous external debt in our
whole-hearted and successful attempt in
helping to save European, and we
may fairly add, Western civilization from
destruction.
Hence no amount of work and no amount
of taxation can avail to provide
the necessary food or to pay foreign debts unless
we possess sufficient balance of seen and unseen exports in our
favor.
In other words, the ultimate decisive
factor as to the currency of Great
Britain is foreign trade. We have on occasion
mentioned this fact, but now
that the United States exchange has so nearly
approximated the gold par,
and that the removal of the prohibition against
may become ere long
a question for decision, the grave importance of goldposition held by trade
the
needs particular emphasis.
The laws of the universe-such as
the survival of the fittest and the working of supply and demand-may be
temporarily suspended by artificial
expedients, but sooner or later nature exacts
the penalty. In similar
fashion, loans, bank rates and friendly pacts can
only restrain for a while
such adverse forces as may confront the return
of this country to normal
currency conditions. The vital question is the moment
when the external
trade of Great Britain can be considered robust enough to stand the strain.
Work, and good, visible results therefrom, are of little avail to form
the
basis of successful trade unless the goods produced are cheap
enough to
suit foreign buyers. Hence, humane and friendly
relations between capital
and labor, employer and employed, are
of extreme imporzance when Great
Britain reopens a free gold market in London.
For gold cannot be acquired
for the purchase offood and payment of foreign
debt unless there is a mutual
understanding at home by which a cheap and plentiful
supply of goods is
made available for exchange abroad.
Without this, the change would merely
introduce a new and dangerous
feature in financial affairs. Grave
trade disputes in recent years have
moved the United States exchange
some points against this country. This
circumstance, in the condition then existing,
was but of passing inconvenience. If, however, gold possesses
again the right of free exit from this
country before a body of trade has
been built up sufficient to give stability
and a reserve of strength, and if a
serious industrial crisis occur, the balance
of the foreign exchanges might be
swayed to such an extent that the point
of gold export might be touched,
and the financial operations of the country seriously incommoded by
heavy withdrawals of gold.
We hold no pessimistic views of
the future; we have faith and confidence
in the sanity of the British people,
but we hold no illusions as to the inability
of Groat Britain to cope with her
limitations and liabilities unless she can
compete successfully in ")reign markets.
On this issue absolutely depends
the effecOve use of the gold standard,
and also the period to be set for its
release from legislative control.
In connection with the above, we
insert details as to gold imports and
exports in relation to the United
States exchange. The points when free
gold movements become practical by
the removal of the prohibition upon
exports of gold will be as follows: (allowing
for freight and insurance rates
now ruling and for ten days' loss of
interest at 4% while in transit, and for
petty expenses):
London to New York
New York to London
$4.8567 per £
$4.8981 per £
The price above Calculated as paid for gold
to New York is 77s. 94. the
standard ounce-round about which figure
gold used to be obtainable in
knos. As. however, it is possible that
gold might not, in the new
.Anditions, be readily obtainable, excep.,
at about the equivalent of tbe bullion value of sovereigns (paid out by the Bank
of England against notes).
and as these coins would probably be not new
but of current weight, say
two or three per mile under the mint weight, their
cost as bullion would be
equal to about 78s.0d.per standard ounce,
and the gold point for London
to New York would in that event be about
$4.837.
SILVER.
During the week the silver market has been a little
more active owing to
China's re-entry into the field. Continental sales have
rendered the filling
of Indian and other buyibg orders compare Avely easy. Some
orders on
the part of China to sell coused a fall of 3.164. on the 2d inst., and
imparted
ss lonfic cm tone. America is not an active factor at the
moment.
4 'DIo applications were received yesterday
by the Bank of England for
India Council bills and telegraphic transfers, and no fresh Indian
currency
returns have come to hand.
The stock in Shanghai on the 31st ultimo consisted of about 72.306,000
ounces in sycee, 36,000,000 dollars and 6,010 silver bars, as compared with
65,400,000 ounces in sycee. 36.000,000 dollars and 8,420 silver bars on
the
17th ult.
Statistics for the month of January 1925 are appended:
1055
-Bar Silver per Or. Std.Bar Gold
Cash
2 Mos.
per Or Fine.
32 9-164.
32 7-164.
875. 94.
31d.
31 13.164.
86s. 9d.
32.196d.
32.0554.
87s.2.3d.
-Bar Silver per Or. Std.Bar Gold
Cash.
2 Mos.
per Oz. Std.
Jan. 29
327-164.
32 3-164.
87s. Od.
Jan. 30
32 7-164.
32 3-164.
87s. Id.
Jan. 31
323id.
325-164.
Feb. 2
32 5-164.
32Hd.
86s. 11d.
Feb. 3
32;id.
32 1-16d.
87s. Od.
Feb. 4
0
325 .
,
32Hd.
87s. id.
Average
32.364d.
32.166d.
878.0.2d.
The silver quotation to-day for cash is 1-16d. below and for two
months'
delivery 116d. above those fixed for a week ago for the respective
deliveries.
Highest price
Lowest price
Average price
We have also received this week the circular written under
date of Feb. 11 1925:
GOLD.
The Bank of England gold reserve against its note issue on the
4th inst.
amounted to £126,746,880 as compared with £126,745,740 on the
previous
Wednesday. Most of the small amount of African gold available this
week
was taken by the trade. The price of gold to-day was
fixed at about 44.
above the gold par with America instead of 9d. the day before.
During
the week gold to the value of $39,390.000 has been announced
as engaged
for shipment from New York as follows: $6,750,000 to India,
$2.500,000
to Berlin. 81,000.000 to Holland, $27,300,000 to various European
countries, $110.000 to Egypt. 81.730,000 to various unknown destinations
.
In addition, $1,000,000 gold has been engaged for shipment from Boston
to Australia. and a total of $1,100,000 gold from Philadelphia to
various
unknown countries. It was reported from New York on the 4th inst.
that
Japan was arranging a shipment of $5,000,000 gold to that city
in order
to stabilize the yen exchange. The output of gold in the Transvaal
for
January 1925 amounted to 823,692 fine ounces against 825,273 ounces
for
December 1924 (a decrease of 1,581 ounces) and against 796,768 fine
ounces
for January 1924 (an increase of 26.924 ounces).
CURRENCY.
It is stated that this month Norwegian one and two kroner notes are
being withdrawn from circulation and replaced by nickel coinage. During
the British occupation Palestine has used Egyptian currency. A new coinage is to be introduced, decimally based on the pound sterling. The denominations are being settled by a compromise between the Arab
and
Jewish members of the committee, to whom the fixing of the names
was
submitted. The unit is to be styled a dinar (derived from
the Greek
"denarion"). This was the name of the chief gold coin in
the Palestine
Arab period following the reform of the coinage by Abd el Melek
(A.D.696).
A tenth of the dinar will be called a sheqel (Arabic "Mithqa1")
; a twentieth
will be a "mahatzith" (half) sheqel in Hebrew (a "flues" (half)
mithqal in
Arabic): a fortieth part a dirhem in Arabic or drakhmon in
Hebrew; both
of these words are derived from the Greek "drachme." The
only coin for
which a suitable name has not been agreed upon is the two-hundre
dth part
of the dinar (or about 130.), which the Jews wish to call "Ilamesh
Prutoth" (five P'rutas-a P'ruta being a thousandth part of the
dinar), whilst
the Arabs prefer the word "Fels" (from the Latin "follls"-a money
bag).
The P'ruta would, therefore, correspond to the "Widow's Mite."
SILVER.
During the week the silver market has not been very active. India
has
made purchases for cash delivery, keeping the market fairly
steady and
absorbing some selling from the Continent. China and
America were
disposed to support the market at falling rates, but any tendency
to rise
was checked by offerings from America. It is stated that the
customs revenue for 1924 in China amounted to about 69,550.000 Haikuan
taels. This
is a record over all former years, being 6,050,000 taels more
than the previous highest total in 1923. Tenders were received at the Bank
of England
yesterday for 100,00,000 Rs. in bills and telegraphic transfers
on India.
Applications amounted to 25,00,000 Rs., and this amount was
allotted in
immediate telegraphic transfers at Is. 6d. as follows:
10,00,000 Rs. on
Madras and 15,00,000 Rs. on Karachi. Next week
100.00,000 Rs. will
again be offered.
INDIA CURRENCY RETURNS.
(In Lacs of Rupees.)
Jan. 15. Jan. 22. Jan. 31.
Notes in circulation
18075
18189
18111
Silver coin and bullion India
7931
7845
7767
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
---2232
Gold coin and bullion out of India
Securities (Indian Government)
5713
5713
---Securities (British Government)
1999
1999
1999
Bills of exchange
200
400
400
No silver coinage was reported during the week ending 31st ult.
The stocks in Shanghai on the 7th inst. consisted of about 70,800.000
ounces in Sycee, $36,000,000 and 6,120 silver bars, compared with 72,300,000 ounces in sycee, $36,000,000 and 6,010 silver bars on the 31st ult.
-Bar Silver per or. std.Bar Gold
QuotationsCash.
Two Mos.
per or. fine.
Feb. 5
3230.
323id.
87s. id.
Feb. 6
32Hd.
32d.
87s. 2d.
Feb. 7
32 3-164.
321-16d.
Feb. 9
32Md.
323d.
87s. 44.
Feb. 10
323.id.
32d.
87s. 24.
Feb. 11
323d.
32nd.
86s.10d.
Average
32.197d.
32.0724.
878.1.4d.
The silver quotations to-day for cash and two months' delivery are each
the same as those fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations fo7 securities, &c., at London,
as reported by cable, have been as follows the past week:
Feb. 21. Feb. 23. Feb. 24. Feb. 25 Feb. 26. Feb. 27.
London,
.
Week Ending Feb. 27.
Sat.
Mon. Tues.
Wed. Thurs, Frt.
Silver, per oz
d 32%
32 5-16 32%
3234
32%
Gold, per fine ounce
868.11d.
868.11d. 87s.
87s.id. 878. 3d.
Consols, 2%, per cents
58%
---5814
57%
5834
British, 5 per cents
101% 101%
101%
101%
British,4% per cents
- HOLI- 9734 9711
97%
97%
French Rentes (in Paris), fr. ____
DAY. 48.15
48.15
48.10
48.10
French WarLoan(lnParis)
57.50
5730
57.30
57.25
The price of silver in New York on the same days has been
Sliverin N.Y., per oz.(eta,):
Foreign
6834
6834
6834
6814
6834
[VoL. 120.
TH l CHRONICLE
1056
Rye.
Barley.
Oats.
Receipts atFlour.
Corn.
Wheat.
THE CURB MARKET.
bbts.196Ibs.bush.60 lbs.bush.56 lbs.bush. 32 Os. us3.481bs. bush.56R,*.
504,000
222,000
Trading in the Curb Market this week was quiet with a Chicago
712,000
294,000
316,000 1,346,'''
43,000
386,'''
481,000
770,000
Minneapolis.
1,157.000
tendency to firmness in a few issues though generally prices Duluth
157,000
48,000
41.000
15,000
705,000
28,000
248,000
202.111
52,000
213,000
Milwaukee...
20.000
moved about irregularly. Continental Baking, Class B, Toledo
3,000
109.000
57.000
127,0001
8,000
33,000
was a feature, advancing from 24% to 28% and reacting Detroit
2,000
46,000
88,001
228,000
Indianapolis_
55,000
%
finally to 273 . Borden Co. corn. rose from 145 to 147% St. Louis_ _
21.000
342,000
108,1 s i
318,000
557.000
2,000
12.0''
39,, t I
142,000
9,
373,000
and closed to-day at 146%. Childs Co. coin. sold up from Peoria City.
Kansas
156,000
511,000
600,000
Omaha
64.000
176.000
254,0001
47 to 553.4 and ends the week at 553's, ex-dividend. The St. Joseph_
18.000
120,000
154,000
6% notes advanced from 116 to 136 and closed to-day at 135. Wichita
22,000
87,000
222,0001
18,000
63,000
27,0001
bonds were also strong, moving up from Sioux City.
Childs Bldgs. 6%
295,000
Total wk.
2.428,000
110 to 129 and finishing to-day at 128. Glen Alden Coal Same wk. '25 481.000 4,281.000h9,000 4,088.000 937,000 393,000
875,001
'24
382,000 4,478.0001 11,081,001
declined from 134 to 130. Kelvinator Corp. was a feature, Same wk. '23 380,000 5.i35,000J 7,444,000 3,292,000 632,000 895,000
advancing from 20 to 27. Dubilier Condenser & Reio Since Aug.11924
14,078.000 11,739,000 160.987,000 197,084.000 49,647,00049,254,000
weakened from 27 to 25 with the final transaction to-day at
1923
13,544,000 150.460,000 182.492,000 155,737,00029,398.00020,479,000
1922
15.005 oil 312.883.000208.011.000 1411 734 00026.987.000 36.638.000
fell from 19% to 16. Hazeltine Co.
26. Freed-Eiseman
to-day at 313. In
%
broke from 373/i to 303 and closed
Total receipts of flour and grain at the seaboard ports for
public utilities Amer. Gas & Elec. corn. was off from 743/i to the week ended Saturday, Feb. 211925, follow:
being at 623. Commonwealth Power
72, the close to-day
Rye.
%
Wheat.
Barley.
Corn.
- Flour.
Oats.
corn. lost over three points to 1123 . Nat. Power & Light Receipts at
coin. weakened from 201 to 193, with the close to-day at
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
Bushels.
60,000
23.000
240.000
172,000
194%. Oil stocks were quiet. Buckeye Pipe Line lost two Neu York__ 355,000, 808,000
2,000
51,000
27,000
points to 66 and recovered finally to 663. Galena-Signal Philadelphia.. 59.004 1.454,000
222,000
193,000
14.000
24.000
de- Baltimore.... 50,000 246.000
N'port News.
2,000
Oil corn. was off from 64% to 6234. Prairie Oil & Gas
New Orleans•
25.000
clined from 62 to 5934,the close to-day being at 593/8. South Galveston.... 72,000' 213,000 129,000
272,000
11,000
1,000
43.000
30,000
363.000
Penn Oil lost five points to 176 but recovered to 179. Stan- Montreal _
160,000
100,000
19.000
dard Oil (Indiana) sold down from 67% to 653/2, the close St.John, N.B. 69,000. 782,000
Boston
9,000
24,000
27,000
to-day being at 65%. Elsewhere changes were narrow.
444,000
Total wk. '25
664,000 4,147,000
544,000
194,000
358,000
A complete record of Curb Market transactions for the Since Jan.1'25 4,489,000, 24,075,000 1,272,000 4,068,000 4,013,000 4,737,000
week will be found on page. 1078.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS (Par Value).
STOCKS(No. Shares).
Week Ended Feb. 27.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.ekhfis.
Oil.
Mining.
Domestic. For'n Govt.
88,740
80,510 $509,000
HOLI DAY
159,120 $807,000
95,710
183,230 1,375,000
98,380
188,650 1,336,000
113,910
135,300
871,000
105,520
$8,000
133.567
219,711
165,211
177,163
757.839
502.260
746.810 14.898.000
$223,000
62,185
39,000
44,000
86,000
46,000
Same wk. '24
596,000; 2.675.000
Since Jan.1'24 4.132,000 23,285,000
677,000
4,497.000
143.000
833,000
5,814,000 2.137.000
44.000
490.000
• 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. 21 1925, are shown in the annexed
statement:
Exportsfrom-
Corn.
Wheat.
Four.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
203.705 164,768 510,908260,442
1 279,191
New York
12,000
47,000 120,000
127,000
Boston
5,000
1,563,000
Philadelphia
51,000 71,000
4,000 54,000
489,000
Baltimore
2,000
Newport News__
36,000
66,000 84,000
New Orleans..__ 174.000
27,000
96,000
Galveston
19,000 160,000 100.000
69.000
St. John, N.B._ 782.000
Public Debt of United States-Completed Return
Showing Net Debt as of Nov. 30 1924.
The statement of the public debt and Treasury cash hold
ings of the United States, as officially issued Nov. 30 1924,
70.000456,705
Total week 1025.
delayed in publication, has now been received, and as inter- Romp sopek 1924 4,510.191 801.636290.660 266,768 850,908 431,442
234.000 115.502 113.736
3.30401111
est attaches to the details of available cash and the gross and
debt on that date, we append a summary thereof, maknet
The destination of these exports for the week and since
ing comparisons with the same date in 1923.
July 1 1924 is as below:
MATURING OBLIGATIONS.
AVAILABLE TO PAY
CASH
Nov. 30 1924. Nov. 30 1923.
3247.633,178 $155,773,847
Balance end month by daily statement.&c
-Excess or deficiency of receipts over
Add or Deduct
+871,571
+5.524,928
items
or under disbursementson belated
$253,158,106
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Total
$154,902,276
32.059,710
62.620,660
53,595,317
21,817,477
$1,408.547
64,604,086
50,773,488
37,706,803
3140,093,164
$154,492,922
+8409.354
+3113,064.942
Balance,deficit(-)or surplus1+)
INTEREST-BEARING DEBT OUTSTANDING.
Interest Nov. 30 1924. Nov. 30 1923
Payable
Title of Loan599,724.050
599,724,050
Q J
Is, Consols of 1930
118,489,900
-F. 118,466,100
O.
At, Loan of 1925
48,954,180
48,954,180
-F.
Q.
1916-1936
24 of
25,947,400
25,947.400
-F.
Q.
Is of 1918-1938
-M.
49,800,000
Q.
49,800,000
3e of 1961
28,894,500
28,894,500
-J.
Q.
of 1946-1947
8s, Conversion bonds
.1 -J 1,170,429,000
940,843,500
Certificates of indebtedness
J.J. 1,409,998.950 1,409,999,000
Liberty Loan 1932-1947
3j.4e, First
8,063,000
4s, First Liberty Loan, converted
J.
-D. 531239350
530,088,200
::
49(a. First Liberty Loan. converted
3,492,150
-D.
3,492,150
Loan,second converted- _J.
Aka, First Liberty
26,808,400
33,734,550
-N.
M.
Is Second Liberty Loan, 1927-1942
3,077,763,000 3,165,192,400
Liberty Loan, converted
&Me, Second
M.-B. 2,978,776,250 3,304,246,800
4Me,Third Liberty Loan of 1928
A -0. 6.324,489,850 6,326,243.950
4)4s. Fourth Liberty Loan of 1933-1938
763,952,300
763,948,300
1947-1952
4Me,Treasury bonds of
360,214,354
Matured 416,115,561
de, War Savings and Thrift Stamps
11,903,080
11,877,900
J.4.
Savings bonds
231e, Postal
J -D. 3,357.628,300 4.050,432,000
5k.to Sks,Treasury notes
Aggregate of interest-beating debt
Bearing no Interest
Matured,Interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
Netdebt
20,951,171,621 21,779,190,134
239,876,058
244.715,377
35,622,770
17.070,350
621,212,957,348 22,054,688,962
+113,064.942
-1-409,354
021,099.892,406 22,054,279.608
daily Treasury statements was
a The total gross debt Nov.30 1924 on the basis of debt redemption and receipts
$21.213,065,266 93 and the net amount of public
In transit. &c., was 397,91904.
of foreign Governments or
b No deduction Is made on account of obligations
other investments.
(Commercial andAitscellaneonsItews
-The
Breadstuffs figures brought from page 1114.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Since
July 1
1924.
Week
Feb. 21
1925.
Corn.
Wheat.
Flour.
Exportsfor Week
and Since
July 1 to--
Week
Feb. 21
1925.
Since
July 1
1924.
Since
July 1
1924.
Week
Feb. 21
1925.
Bushels.
Bushels. Bushels.
Bushels.
Barrels. Barrels.
United Kingdom 81,966 3,185,722 1,477.939 77.706,734
4,000
74,961
325,310 6,361,263 3,026,662 141,456.824
Continent
688,808
574,300
913,830
So.& Cent. Amer. 4,679
5.600
971,262
112.950
66,000 1,026,810
30,065
West Indies
6.135
21,000
13rit.No.Am.Cols431,474
3,900
1,168.052
Other Countries__ 14,685
Total 1925
Total 1924
456.705 11.644.664 4,510.191 221,018,860
290.560 10.192.761 3.364.966 165.442 108
70,000 2.040,501
fuil 635 5 426 AM
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Feb. 20, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924-25.
Week
Feb. 20.
North Amer.
Black Sea..
Argentina...
Australia India
0th. countr
Total
Since
July 1.
Corn.
1923-24.
Since
July 1.
Bushels. I Bushels.
Bushels.
7.576.000 312.982,000296,627,000
3,088,000; 34,978,000
5,842,000 83,529,000. 74,970,000
4,000.000 48,516,000 38,072,000
1,584,000 31,176,0001 12,416,000
l,584,sis
19,002,000479,291,000458,647.
1923-24.
1924-25.
Week
Feb. 20.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
801,000 6,917,000
21,095,000 18,534,000
137,174,000 72,578,000
962,000 14,755,000
1,892,000160,032.
112,784.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Feb. 21 1925, were as follows:
United States
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
afloat
Detroit
Chit go
afloat
GRAIN STOCKS.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
449,000
123.000
1,791,000
14,000
188.000
1,234,000
143,000
274,000
77,000
3,188.000
114,000
603,000
553.000
1,414,000
1.315,000
5,126.000 1,619,000 1.335,000
3,843,000
6,641,000
667.000
310,000
1,554,000
540.000
807,000
275.000
20.000
260.000
5,629.000 12,040,000 20.364.000
900.000 1,164.000 1.513,000
Rye.
bush.
1,834,000
445,000
175,000
7,017,000
Barley.
bush.
145.000
250.000
3,000
36.000
101,000
582.000
1,767,000
88,000
671.000
18.000
2.205.000
81.000
207,000
1,000
FEB. 28 1925.]
Milwaukee
" afloat
Duluth
" afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St.Joseph, Mo
Peoria
Indianapolis
Omaha
1057
THE CHRONICLE
Wheat.
bush,
219,000
11 161,000
1,009,000
13.708.000
375,000
1,757,000
9,258,000
2,121,000
848,000
446,000
1,833,000
Rye.
Corn.
Barley.
Oats.
bush,
bush,
bush.
bush.
104,000
558,000
801,000 2,592,000
149,000
101.000
237,000
100,000 12,372,000 5,265,000
1,383,000
887,000 22,351.000 1,163,000 2,182,000
533,000
397,000
12,000
8,000
1.666,000
411,000
17.000
11,000
6,968,000 2,574,000
156,000
8,000
17,000
758,000
223,000
1,000
7,000
337.000
836,000
880,000
284,000
46,000
2,473.000 1,761,000
306,000
8,000
Total Feb. 21 1925- _72,592,000 31,620,000 73,980,000 23,363,000 3,839,000
Total Feb. 14 1925__ _ _75.686.000 31,048,000 74,999,000 23,570,000 3,651,000
Total Feb. 22 1924
64,454,000 15,246,000 17.588,000 20,714,000 1,854,000
Note -Bonded grain not included above: Oats, New York, 399,000 bushels;
Boston, 87,000; Buffalo, 594,000; Duluth, 81,000; total, 1,161,000 bushels, against
1,939,000 bushels in 1924. Barley, New York, 658,000 bushels; Boston, 154,000;
Baltimore. 78.000; Buffalo, 366,000; Buffalo afloat, 68.000: Duluth. 32,000; total,
1,296,000 bushels, against 230,000 bushels in 1924. Wheat, New York, 2,588,000
bushels; Boston, 66,000; Philadelphia, 1,139,000; Baltimore, 296,000; Buffalo,
2,755.000; Buffalo afloat, 5,150,000; Duluth.432,000; Toledo,68,000; Toledo afloat,
549,000; Erie afloat, 762,000;total, 13,805,000 bushels, against 18,898,000 bushels in
1924.
Canadian
Montreal
1,445,000
227,000 2,955,000
134,000
692,000
Ft. William & Pt. Arthur-22,178,000
10,230,000 1,521,000 4,475,000
" afloat
1,388,000
127,000
680,000
Other Canadian
6,847,000
3,691,000
406,000 1,217.000
Total Feb. 21 1925-31,858,000
227,000 17,556,000
Total Feb. 14 1925____31,801.000
235,000 17,464,000
Total Feb. 23 1924-52,707,000
15,000 8,827.000
Summary
American
72,592,000 31,620,000 73,980,000
Canadian
31,858,000
227,000 17,556,000
2,061,000 6,511,000
2,028,000 6,257,000
2,111,000 1,818,000
23,363,000 3,839,000
2,061,000 6,511,000
Total Feb. 21 1925-.104,450,000 31,847,000 91,536,000 25,424,000 10,350,000
Total Feb. 14 1925_ _107,487.000 31,283,000 92,463,000 25,598,000 9,908,000
Total Feb. 23 1924._ .117,161,000 15,261,000 26,415,000 22,825,000 3,670,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange t were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per oh.
$1,000 Blythebourne Water 1st(
65, 1929, reg
I
10 Estates of Long Beach
{$16 lot
10 Blythebourne-West Brooklyni
Water Co
500 Dello Ink Corp., corn. tr. ctf.,
Par $10
$10 lot
Shares. Stocks.
$ per oh
7,000 Baltimore Mining, Par $2_5100 lot
128 Brown Spin Wright Co., Inc,
no par
$27 lot
60 Internat. Abrasive Corp.lst pfd.$1 lot
60 Internat. Abrasive Corp., corn.,
2
$1 lot
454 Kinney Coastal 011, par $l_$34 lot
By Messrs. R. L. Day & Co., Boston:
Shares Stocks.
$ per sit.
4 National Shawmut Bank
206
20 First National Bank, Boston__ _30534
8 National Shawmut Bank
206
50 Second Natioi2alliank, Bostoh_36834
3 Abington(Mass.) National Bank_11534
7 Whitman (Mass.) National Bank.150
1 Boston Mfg. Co., common
110
1 Hill Manufacturing Co
4134
1 Waltham Bleachery & Dye Works 60
1 Merrimack Mfg.Co.,com_10434,ex-div
5 Boston Elevated RR.,corn
7634
4 Boston & Albany RR
15834
8 Old Colony RR
100
16 Worcester Sub. El.Co.. par $25- 4634
2 Nashua & Lowell RR
10734
50 United Shoe Mach. Co., pref.,
par $25
2634
21 United Shoe Mach. Co., corn.,
Par $25
•
4334
7 Nor. Texas Elec. Co., corn_ _80, ex-div.
100 Hedlund Shoe Co.. par $10_ --310 lot
1 Boston Athenaeum, par $300----650
6 units First Peoples Trust(regular) 7534
Shares, Stocks.
Per oh.
35 Sullivan Machinery Co---5834-5814
7 Queens Run Refrac.Co.,Inc.. pf140 per
7 Queens Run Refr. Co., Inc.,com.j unit
5 units First Peoples Trust(regular) 7534
3 special units First Peoples Trust__ 5
10 Bird dr Sons, prior preference
10934-10934 & dlv.
48
OF. H.Roberts Co.,6% Prof
1 Columbian Natl. Life Insur Co_ _1 1-16
3 Massachusetts Ltg.Cos.,8% pf...112%
34 Wm, Whitman Co., preferred
9734-9754 & div.
197 Amer.Shoe Mach. Co., pref.- 5
88 New Bedford Gas& Edison Light
5334
Co., par $25
70 Springfield Gas Lt. Co., par $25_ 5334
Massachusetts Ltg.Cos.,6% pref. 90
125
2 Plymouth Cordage Co
100 Beacon Chocolate Co., let pref.
$I% lot
Par $10
1 Union Twist Drill, pref _87% & div.
No. Rights.
$ per right.
220 First National Bank, Boston.34 5-16
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ Per oh.
5 First National Bank, Boston_ _ _34 5-16
50 National Shawmut Bank
206
10 Ipswich Mills, prof
81
11 Old Colony Woolen Mills, corn.,
par $10
250.
110 Old Colony Woolen Mills, pref.,
par $10
1%
10 Otis Co
66
3 United Elec. Ry. of Providence
22
12 Georgia Ry. dr Elec. Co., pref
78
4 Hood Rubber Co., pref
9734
50 American Glue Co., corn
5034
12 Butte Water Co., par $25
25
Shares. Stocks.
$ per share.
1 Massachusetts Baking Co., Cora-- 42
1 Howes Bros. Co.,6% pref
6134
1 Thomas G. Plant Co., 1st pre
4834
1 Greenfield Tap & Die Corp., pref. 94
4 Puget Sound Power & Light Co.,
prior preference
1053.(
8 Walter M. Lowney Co
9-934
58. D. Warren Co.. prior pref.,
Series"A"
10434 & div.
5PkgeMach.Co.,com.,par350,9011ex-dlv.
12 Champion-International Co.,pf _100%
No. Rights.
$ per right.
35 First National Bank, Boston_ _34 5-16
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per share.
20 Elmira & Williamsport RR.,com. 4034
74 Elmira & Williamsport RR.,pref. 5334
284
2 West End Trust Co
53034
5 Central National Bank
20 Producers & Consumers Bank,
par $10
10
20 National Bank of Commerce_ 175
.
2 National Bank of Commerce_ _ _174
206
5 Quaker City National Bank
4 Northwestern National Bank_ _591
63834
3 Provident Trust Co
25 COntinental-Equitable Title &
Trust Co par 350
241
480
8 Integrity Trust Co.. par 350
565
4 Fidelity Trust Co
561
7 Fidelity Trust Co
318
2 Columbia Avenue Trust Co
1 Peoples Bank & Trust Co.,par $50 92
360
5 Aldine Trust Co
23 Broad Street Trust Co., par $50- 7034
5 Guarantee Trust & Safe Dep.C0_163
5 Commonwealth T. I. & Tr. Co_41034
20 Merlon Title & Trust Co. (Ardmore), par 850
20034
2 Marine Nat. Bank of Wildwood,
450
N. J
5 Phila. Sub. Co., pref., no par_ _ _. 9934
13 2-3 Eastern Fire Ins. Co.(A.C.).140
258
5 Fire Assn. of Phila.. Par $50
256
10 Fire Assn. of Plilla., Par $50
18 John B.Stetson Co.,com.,no par 92
4 John B.Stetson Co., pf., par $25. 3734
Shares. Stocks.
$ per share.
10 American Adademy of Music.
with tickets
872
163 H.K.Mulford Co., par $50- _ 40
169 Hare & Chase, Inc., pref
90
200 Hare & Chase,Inc., com.,no par 2334
17 Hare & Chase,Inc:,com.,no par- 23
12 Phila. Bourse, corn., Par $50---- 2334
50 American Dredging Co
110
21 Victory Insur. Co., par $50
10534
25 Victory Ins. Co., par $50
105
25 Reliance Ins. Co., par $50
105
2 Phila. Sub. Gas& Elec. Co., pref. 9934
3 Welsbach Co., corn
$0
7 Phila, Life Ins. Co., par 810
1134
20 Geo. B. Newton Coal Co., 1st pf. 72
.
5 Rockhill Coal & Iron Co., pref.__ 52
2 Tacony-Palmyra Ferry Co.,par$51142
10 United N.J. RR. dr Canal Co_ _201%
21 13th dr 15th Sta.Passenger Ry.-175 A
10 Philadelphia Traction Co
6234
15 Fairmount Park & Haddington
Passenger Ry
4034
Bonds.
Per cent.
$1,000 Albany Southern RR.1st s.f
.
5s, 1939
9034
$2,000 St. Louis Transit Co. !rapt.
55. 1924. certif. of deposit
7334
32,000 Wilkes-Barre & Hazleton RR
1st coll. 55, 1951
4634
81,000 Phila.& West Chester Trac.
Co. gen. mtge. 4s, 1954
7034
---The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currenty, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The Peoples National Bank of Newark, N.J
Feb. 17
$200,000
Correspondent, Fred Herrigel, Jr., 31 Clinton St.,
Newark, N. J.
Feb 17
-The West End National Bank of Shamokin. Pa
125,000
Correspondent, Abe L. Snyder, Esq., Shamokin. Pa.
Feb. 17
-The First National Bank of Thompson. Pa
25.000
Correspondent. Frank 13. Brundage, Thompson, Pa.
Feb. 17
-The Salem National Bank,Salem, So,Dak
25.000
Correspondent, C. H. McCay, Salem. So. flak.
Feb. 18
-The Labor Co-operative National Bank of Newark.N.J_ 500,000
Correspondent, Henry F. Hilfers, Newark, N. J.
Feb. 20
25,000
-The Hempstead National Bank, Hempstead, Tex
Correspondent, Keet McDade, Hempstead, Tex.
APPLICATIONS TO ORGANIZE APPROVED.
Feb. 17
-The Bala-Cynwyd National Bank, Bala-Cynwyd, Pa - - $50.000
Correspondent, David L. Philips. Cynwyd, Pa.
Feb. 17
-The First National Bank of Oglesby. Tex
25,000
Correspondent, W. R. Cavitt, Oglesby, Tex.
Feb. 18
-The Graham National Bank, Graham, Calif
50,000
Correspondent, Adolph Ott. 928 S. Burlington Ave..
Los Angeles, Calif.
Feb. 21-The Peoples National Bank of Hayward. Wis
25,000
Correspondent. Alvin M. Johnson, Hayward, Wis,
APPLICATION TO CONVERT RECEIVED.
Feb. 20
-The State National Bank of Lockhart, Tex
$125,000
Conversion of the Lockhart State Bank, Lockhart, Tex.
CHARTERS ISSUED.
Feb. 20-12640 First National Bank in San Rafael, Calif
$100,000
.
President, M.J. Pedrotti; Cashier, W.P. Murray.
Succeeds Banks of San Rafael, San Rafael, Calif.
Feb. 21-12641 The First National Bank of Weslaco. Tex
25.000
President, H. B. Seay.
CHANGE OF TITLE.
Feb. 17-11830 The Farmers and Miners National Bank of Hartford. Ark.,to"New First National Bank of Hartford."
VOLUNTARY LIQUIDATIONS.
Feb. 16-11681 The First National Bank of Elbert, Colo
$25,000
Effective Jan, 15 1925. Liq. Comm.; Board of Directors of the liquidating bank. Absorbed by the Elbert
County Bank Elbert, Colo.
Feb. 17-12040 The Security National Bank of Blackwell, Okla_ 100,000
Effective close of business Dec. 22 1921. Liq. Agent:
Arthur Tarbet, Blackwell, Okla. Succeeded by
Security State Bank of Blackwell, Okla.
Feb. 18-12237 The Farmers National Bank of Hollis, Okla.
- 25,000
Effective Jan. 27 1925. Lig. Agent: Verne Hostutler,
Hollis, Okla. Absorbed by the National Bank of
Commerce of Hollis, Okla., No. 10240.
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.
Books Closed.
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, com.(guar.)
•75c. Apr. 1 *Holders of rec. Mar.15
'134 Apr. 1 *Holders of rec. Mar.15
Preferred (guar.)
Buffalo & Susquehanna. corn.(guar.)._ _ "134 Mar.31 *Holders of rec. Mar.14
Erie & Pittsburgh (guar.)
87340. Mar. 10 Holders of rec. Feb. 284
Lackawanna RR.of New Jersey (guar.). 1
Apr. 1 Holders of rec. Mar. 7a
Maine Central, preferred
•1% Mar. 2 *Holders of rec. Feb. 20
Newark & Bloomfield
3
Apr. 1 Holders of rec. Mar.240
N. Y. Lackawanna & Western (quar.)
134 Apr. 1 Holders of rec. Mar.14a
Reading Company, 2d pref. (guar.).
*50c. Apr. 9 *Holders of rec. Mar.23
St. Louis Southwestern, pref. (guar.)._ _
134 Mar.31 Holders of rec. Mar. 144
Warren Railroad
334 Apr. 1 Holders of rec. Apr. 40
Public Utilities.
Bell Telephone of Canada (guar.)
*2
Apr. 15 *Holders of rec. Mar.23
Bell Telep. of Penna.. pref.(guar.)
154 Apr, 15 Holders of rec. Mar.206
Boston Elevated Ry., coin.(guar.)
'134 Apr. 1 *Holders of rec. Mar. 17
Second preferred
*334 Apr. 1 'Holders of rec. Mar.17
Brooklyn Unlo Gas(guar.)
Apr. 1 *Holders of rec. Mar.14
*81
Central Illinois Pub. Serv. pref.(guar.)_ •$1.50 Apr. 15 *Holders of rec. Mar.31
Frankford & Southwark Pass. Ry.(guar) $4.50 Apr. 1 Mar. 1 to Apr. 1
Freeport Gas, preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 24
Grafton County Elec. Lt.& P.. pf.(qu.) 2
.
Mar. 2 Holders of rec. Feb. 20
General Gas & Elec. Corp., pl. A (guar.) 2
Apr. 1 Holders of rec. Mar.14
Preferred B (guar.)
134 Apr. 1 Holders of rec. Mar.14
Illinois Bell Telephone (guar.)
•2
Mar.31 *Holders of rec. Mar.30
Mississippi River Power, pref. (guar.)._
134 Apr. 1 Holders of rec. Mar.124
Montana Power, corn. (guar.)
Apr, 1 Holders of rec. Mar.12
1
Preferred (guar.)
134 Apr, 1 Holders of rec. Mar. 12
New York Telephone, pref. (quar.)
*134 Apr. 15 *Holders of rec. Mar.20
North American Utility Securities (au.). $1.50 Mar.18 Holders of rec. Feb. 28
Northwestern Public Service, pref. (qu.) 134 Mar, 1 Holders of rec. Feb. 20
Ohio Bell Telephone, pref. (quer.)
*134 Apr. 1 *Holders of rec. Mar. 15
Pennsylvania Water & Power (quar.)
2
Apr. 1 Holders of rec. Mar.31
Public Service Co. of Okla.,com.(guar.) 2
Apr, 1 Mar.24 to Mar.31
Prior lien stock (guar.)
134 Apr, 1 Mar.24 to Mar.31
Preferred (guar.)
134 Apr. 1 Mar.24 to Mar.31
Second & Third Sts.Pass.Ry.,Phila.(qu.) $3
Apr. 1 Mar. 1 to Apr. 1
Winnipeg Electric Co., pref.(guar.)._
134 Apr. 1 Holders of rec. Mar.16.
Banks.
Commerce, National Bank of (guar.)._ 4
Apr. 1 Holders of rec. Mar. 13a
Montauk (Brooklyn) (guar.)
134 Mar. 1 Holders of rec. Feb. 28a
Yorkville (guar.)
•
734 Mar.31 *Holders of rec. Mar.20
Trust Companies.
Fulton (guar.) (in adjustment)
Quarterly (in adjustment)
Manufacturers (Brooklyn) (quer.)
$1.89 Apr. 1 Holders of rec. Mar. 6
610. Apr'. 1 Holders of rec. Mar.23
Apr. 1 Holders of rec. Feb. 28
4
Miscellaneous.
Adams Express (guar.)
*31.50 Mar.31 *Holders of rec. Mar. 16
Advance-Rumely Co., pref. (quar.)__
*Mc. Apr. 1 *Holders of rec. Mar.16
Ahumada Lead Co. (guar.)
*284. Apr. 1 *Holders of rec. Mar. 15
Allied Chemical & Dye Corp., pref.(qu.) 134 Apr. 1 Holders of rec. Mar. 13
American Can, pref.(guar.)
134 Apr. 1 Holders of rec. Mar.17
American Druggist Syndicate
*30c. Apr. 15 *Holders of rec. Mar. 10,
American Piano, common (guar.)
2
Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
lA Apr. 1 Holders of rec. Mar.15
American Safety Razor
*31.50 Apr. 1 *Holders of rec. Mar.10
American Tobacco, Pref. 0Plar3
134 Apr. 1 Holders of rec. Mar. 7
Autocar Co.. pref.(guar.)
2
Mar.15 Holders of rec. Mar. 5
Bingham Mines (guar.)
50c. Mar,31 Holders of rec. Mar.204
Borne, Scrymser Co
4
Apr. 15 Mar.22 to Apr. 14
Extra
2
Apr. 15 Mar.22 to Apr. 14
British-American Tobacco, wet
254 Mar.31 Holders of coup. No.43
Chicago Mill & Lumber, pref.(quar.)
•134 Apr. 1 Holders of rec. Mar.23
Childs Company,corn.($100 par)(qu.)_ 3
Mar.10 Holders of rec. Feb. 28e
Common (no par value) (quer.)
600. Mar.10 Holders of rec. Feb. 28a
(o) Apr. 1 Holders of rec. Feb. 28a
Common (no par value)(extra)
Common (no par value) (extra)
(o) July 1 Holders of roe. May 29a
(o) Oct. 1 Holders of rec. Aug. 284
Common (no par value) (extra)
Common (no par value)(extra)
(o) Dec. 30 Holders of rec. Nov.284
Preferred (guar.,
134 Mar. 10 Holders of rec. Feb. 28a
Name of Company.
Boots Cooed.
When
Per
Cent. Payable.
• Days =lustre.
esz•
Miscellaneous (Concluded).
Mar. 16 *Holders of rec. Mar. 10
Cllachfleld Coal, common (guar.)
Mar. 160
Holders of rec.
Apr.
Comml Investment Trust, lot pref.(gu.)
Holders of rec. Mar. 200
Apr.
Continental Can, preferred (guar.)
Mar.3 *Holders of rec. Mar. 17
Cramp(Wm.)& Sons S.& E. Bldg.(01.)
Mar.3
Dold (Jacob) Packing, pref. (guar.).Holders of rec. Mar. 20
Apr.
Dolese & Shepard Co.(Chicago)
Holders of rec. Mar. 16
Apr.
Dominion Glass, cora, and pref. (guar.).
Mar. 16 to Apr. 1
Apr.
Eastern Rolling Mill. COm• (quan)
Mar. 16 to Apr. 1
Apr.
Preferred (guar.)
•15i
'Holders of rec. Mar. 20
Apr.
Eisenlohr (Otto) es Bros.. pref.(guar.)
Feb. 2 Holders of rec. Feb. 18
Electric Controller & Mfg.,corn.(extra)- $3
Holders of rec. Feb. 19
250. Mar.
Ely-Walker Dry Goods, common
"20o. Apr. I 'Holders of rec. Mar. 15
Eruption Mining Co. (guar.)
30o. Apr. 1 'Holders of rec. Mar. 21
.
Federal Motor Truck (guar.)
Mar. 1 Holders of rec. Feb. 20
2
Fulton Iron Works (guar.)
Apr. 2 *Holders of rec. Mar. 14
Great Western Sugar,common (guar.) '82
Apr. 2 Holders of rec. Mar. 14
13(
Preferred (guar.)
Mar.31 'Holders of rec. Mar. 16
*2
Graaseill Chemical, common (guar.)
•U.4
Mar.31 'Holders of rec. Mar. 16
Preferred (guar.)
250. Mar. 1 Holders of rec. Feb. 21
Hamilton-Brown Shoe (monthly)
Mar. 2 Feb. 22 to Mar. 1
2
Higbee Company,2d pref.(guar.)
Apr. 10 Holders of rec. Mar. 236
International Business Machines (guar.) $2
Internat. Buttonhole Sewing Mach.(qu.) •15o. Apr.
corn.(guar.)_ 60e. Mar. 1 Holders of rec. Feb. 19
intermit.Securities Trust,
81.75 Mar. 1 Holders of rec. Feb. 19
Preferred, Series A (guar.)
$1.50 Mar. 1 Holders of rec. Feb. 19
Preferred, Series B (guar.)
3714c. Mar. 1 Holders of rec. Feb. 20
Johansen Shoe, common
11.4 Mar. I Feb. 22 to Feb. 28
Karach (S.) Co.. preferred (quar.)
May. 1 Holders of rec. AU r. 20
Kaufmann Dept. Stores. corn. (Oust.). $2
14 Apr. 1 Holders of rec. Mar 20
Preferred (guar.)
234 Mar. 2 Holders of rec. Feb. 25
Lancaster Mills, common (guar.)
Apr. I Holders of rec. Mar. 12
$2
.
Lehigh Valley Coal Sales (guar.)
Holders of rec. Mar. 10
Liggett & Myers Tobacco, pref. (guar.). '11.4 Apr. 1 Holders of rec. Mar. 20
Apr. 1
Mathicson Alkali Works, pref. (guar.)
Mar. 2 Feb. 15 to Feb. 28
2
Metropolitan Paving Brick, corn.(guar.)
.$1.50 Mar. 15 Holders of rec. Feb. 28
Michigan Sugar, preferred (guar.)
Holders of rec. Mar. 5
New York Canners, common (quar.)_ "50c. Mar. 16 Holders of rec. Mar. 15
New York Steam Corp.. pref.(guar.).- - •134 Apr. 1 Holders of rec. Mar. 31
Apr.
Pan Amer.Petrol.& Tramp. A & B (au.) "31.50 Apr. 20 'Holders of rec. Mar. 21
•1%
Pettibone-Mulliken Co..1st & 2d pf.(gu.)
'Holders of rec. Mar. 16
.50c. Apr.
Phillips Petroleum (guar.)
'holders of rec. Mar. 14
Apr.
ow Motor Car, prior pref.(qu.) .$2
Pierce-Arr
•
'Holders of rec. Mar. 10
Apr.
Pure 011,51.4% preferred (quar.)
'Holders of rec. Mar. 10
•14 Apr.
Six per oent preferred (guar )
'Holders of rec. Mar. 10
Apr.
2
.
preferred (quar.)
Eight per cent
Apr. 15 'holders of rec. Apr.
Quaker Oats, common (guar.)
Apr. 15 'Holders of rec. Apr. 1
•10
Common (special)
•114 May 29 'Holders of rec. May 3
Preferred (guar.)
Mar.31 'Holders of rec. Mar. 17
Railway Steel-Spring, common (guar.)._ "2
et% Mar.20 *Holders of rec. Mar. 7
(guar.)
Preferred
'35c. Apr.
Reece Button Hole Machine (quar.).....
28
Sherwin-Williams Co.. Can.. corn.(qu.). 134 Mar.3 Holders of rec. Feb. 28
13.4 Mar.3 Holders of rec. Feb.
Preferred (quar.)
Holders of rec. Feb 24
134 Mar.
Sits (House of A.). preferred (guar.)___ _
Holders of rec. Mar 10
South Porto Rico Sugar. corn.(guar.)... 14 Apr.
Holders of rec Mar. 10
2
Apr.
Preferred (quar.)
500. Mar.3 *Holders of rec. Mar. 13
Symington (T. H.) Co.. Class A (guar.) •
(for period Dec. 17 to 31 1924) .80. Mar.3 •11elders of rec. Mar. 13
Class A
Feb. 28 to Mar. 15
Steel Products Co., pt.(Dec. 1924 guar.) 14 Mar. 1
14 Mar. 16 Feb. 28 to Mar. 15
1, Quarterly (March 1925 quarter)
Mar. 15
Mar. 16 Feb. 28 to
payable in prig tk _ m21
z. Acct.accum.dive.
Mar.31 'Holders of rec. Mar. 17
$1
•
Tide-Water Oil (guar.)
•$1.50 Mar.20 "Holders of rec. Mar. 2
Todd Shipyards Corp. (guar.)
Sc. Apr. I 'holders of rec. Mar. 15
'
evelopment
Tonopah-Belmont I)
7
Underwood Typewriter, corn. (quar.)...._ 75c. Apr. 1 Holders of rec. Mar. 7
14 Apr. 1 Holders of rec. Mar.
Preferred (guar.)
Mar. 23 'holders of rec. Mar. 2
Union Oil Associates (stock dividend)._ •e80
874c May 1 'Holders of rec. Apr. 15
.
United Drug. 1st preferred (guar.)
13.4 Mar. 2 Holders of rec. Feb. 25
United States Stores Corp., con. pf.(qu.)
of rec. Apr. 16a
Vulcan DetinnIng, preferred (guar.).- -. 114 Apr. 20 Holders of rec. Apr. 16a
Apr. 20 Holders
(account accum. dividends). hl
L Preferred
20 Holders of rec. Apr. 160
13( Apr.
I. Preferred A (guar.)
314c Apr. 1 Holders of rec. Mar. 20
Waldorf System. common (guar.)
20c. Apr. 1 Holders of rec. Mar. 20
First preferred (guar.)
20c. Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
'Si 50 Apr. 6 'Helders of rec. Mar. 23
West Coast Oil (guar.)
•1% Apr 1 'Holders of rec. Mar 10
Worthington Pump & Mach., pt. A (qu.)
•135 Apr. 1 'Holders of rec. Mar. 10
Preferred It (guar.)
Apr. 1 Holders of rec. Feb. 26
Yale & Towne Manufacturing (guar.) _ _ St
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding t
Name of Company.
Railroads (Steam).
Atch. Topeka & Santa Fe. corn.
(quar.)Bltimoe
& Ohio,common (guar.)
Preferred (guar.)
Boston & Albany (guar.)
Canadian Pacific, common (guar.)
Preferred
Chestnut Hill (guar.)
Cincinnati Northern
Cleveland & Pittsburgh, guar. (guar.)._
Special guaranteed (guar.)
Cripple Creek Central, pref. (guar.)._
Delaware & Hudson Co. (guar.)
Houston & Texas Central
Illinois Central, common (guar.)
Preferred
New Orleans Texas & Mexico (g
N.Y.Chicago & St. Louis, corn.(qu.)
Preferred, series "A'(guar.)
Norfolk az Western, corn.(quar.)
Pennsylvania (guar.)
Phila. Germantown & Norristown (qu.).
Pittsburgh & West Virginia. pref.(guar
Pitts!). Youngs. & Ashtabula. Pref.(gu.)
Reading Company. tat pref.(quar.)
St. Louis es San Francisco- •
Preferred, Series A (quar.)
Preferred, Series A (guar.)
Preferred, Series A (guar.)
Southern Pacific (guar.)
Union Pacific, common (quar.)
Preferred (guar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Mar. 2 Holders of rec. Jan. 80.
Mar. 2 Holders of rec. Jan. 10.
Mar. 2 Holders of rec. Jan 10a
Mar. 31 'Holders of rec. Feb. 28
Apr. 1 Holders of rec. Feb. 270
Apr. 1 Holders of rec. Feb 27
Mar. 3
Mar. 4 Feb 21 to
Mar. 2 Holders of rec. Feb. 21
Mar. 2 Holders of rec. Feb 100
Mar. 2 Holders of rec. Feb. 10.
Feb. 28 Holders of rec. Feb. 14
Mar.20 Holders of rec. Feb. 260
July 10
ig Mar. 2 Holders of rec. Feb. 60
Mar. 2 Holders of rec. Feb. (la
3
11( Mar. 2 'folders of rec. Feb. 20a
14 Apr, 1 Holders of rec. Feb. 16a
14 Apr. 1 Holders of rec. Feb. lea
134 Mar. 19 Holders of rec. Feb. 280
75c. Feb. 28 Holders of rec. Feb. 20
$1.50 Mar. 4 Feb. 21 to Mar. 3
134 Feb. 28 Holders of rec. Feb. 20
114 Mar. 2 Holders of rec. Feb. 20a
500. Mar.12 Holders of rec. Feb. 20.
134
14
1
.2
24
2
134
5
874c
50c.
1
21.4
*3
14
134
14
134
24
2
Public Utilities.
Amer.Power & Light,common (quar.). 25o.
American Telegraph & Cable(guar.)---- 14
2%
Amer. Telephone & Telegraph (guar.)
874c
Associated Gas & Elea., pref. (guar.)
124c
(extra)
Preferred
1240.
Preferred (extra)
1240.
Preferred (extra)
124o
Preferred (extra)
Blackstone Val. Gas & Elec., corn.(qu.)- $1.25
1
Brazilian Tr. Lt.& Pr., corn,(Gear.)
.50c.
Brooklyn Borough Gas, corn. (quar.)
•14
Preferred (guar.)
20c.
Brooklyn City RR.(guar.)
2
Brooklyn Edison (guar.)
Central Ark Ry. & Light, pref. (guar.). 14
.14
pref. (quar.)
Central Indiana Power.
Cent. Miss. Val. Elms. Prop., pref.(au.). 14
Cleveland Elec. III.. 6% Pref.(quar.).., 14
[Vol.. 120.
THE CHRONICLE
1058
May
Aug.
Nov.
Apr.
Apr.
Apr.
1
1
2
I
1
1
Holders of rec. Apr. 150
Holders of reo. July 15a
Holders of rec. Oct. 15a
Holders of rec. Feb. 270
Holders of rec. Feb. 28a
Holders of rec. Feb. 28a
Mar. 2 Holders of rec. Feb. 14
Mar. 2 Holders of rec. Feb. 28a
Apr. 15 Mar. 18 to Mar. 31
Apr. 1 Holders of rec. Mar. 10
April 1 Holders of rec. mar. 15
July 1 Holders of rec. June 15
Oct. I Holders of rec. Sept. 15
Jan 1'26 Holders of rec. Dec. 15
Mar. 2 Holders of rec. Feb. 166
Mar. 2 Holders of rec. Jan. 31.
Apr. 11 'Holders of rec. Mar. 31
Apr. 1
Mar. 2 Holders of rec. Feb. 14a
Mar. 2 Holders of rec. Feb. 13.
Mar. 2 Holders of rec. Feb. 160
Mar. 1 "Holders of roe. Feb. 20
Mar, 2 Holders of rec. Feb. 140
Mar. 2 Holders of roe. Feb. 16
Name of Company.
When
Per
Cent. Payable
Books Closed,
Days Inclusive.
Public Utilities (Concluded).
Cons. Gas. E. L.& P., Balt., corn.(qu.) .500. Apr. 1 'Holders of rec. Mar. 14
Apr. 1 *Holders of rec. Mar.14
.2
Preferred A (guar.)
"134 Apr. 1 'Holders of rec. Mar. 14
Preferred B (guar.)
•1% Apr. 1 'Holders of rec. Mar. 14
Preferred C (guar.)
Consolidated Gas(N. Y.), corn,(guar.). $1.25 Mar.16 Holders of rec. Feb. ha
$1.66 Apr. 1 Holders of rec. Mar.16
Consumers Power Co.6% pref.(qpuir.)
14 Apr. 1 Holders of rec. Mar. 16
Six per cent preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 16
cent preferred (guar.)
Seven per
134 Mar. 10 Holders of rec. Feb. 14a
Duquesne Light, pref. (quar.)
F.notern Mass. St. Ry.Mar. 2 Holders of rec. Feb. 14a
(guar.)
Eastern Shore Gas & Elec.
Apr. 1 Holders of rec. Mar. 14a
Si
Federal Light & Trite.. corn. (quar.)
m75c. Apr. 1 Holders of rec. Mar. 14a
Common (extra pay in pref.stock)
1 3.4 Feb. 28 Holders of rec. Feb. 14a
Preferred (guar.)
Feb. 21 to Mar. 1
Mar,
Georgia Ry. az Power, corn
Holders of rec. Mar. 10
Apr.
2
cent 1st pref. (guar.)
Eight per
Holders of rec. Mar. 10
11.1 Apr.
Seven per cent let pref. (guar.)
Feb. 21 to Mar. 1
Mar.
Second preferred (guar.)
Holders of rec. May 20
June
Second preferred (quar.)
Holders of rec. Aug. 20
Sept.
1
Second preferred (guar.)
Holders of rec. Nov.20
Dec.
1
Second preferred (guar.)
•1% Mar. 20 "Holders of rec. Feb. 28
Kentucky Hydro-Elec., pref. (guar.)...
Mar. 2 •liniders of rec. Feb. 14
'El
Keystone Telephone. Wet (guar.)
Mar, 16 Holders of rec. Mar. 2,
2
Laclede Gae Light, corn. (guar.)
Apr. 1 Holders of rec. Mar. 70
Mackay Companies, corn.(guar.)
Apr. 1 Holders of rec. Mar. 70
1
Preferred (quar.)
Mar, 2 Holders of roe. Feb. 17
Maseotna Light & Power, Corn. (guar.). $2
134 Mar. 2 Holders of rec. Feb. 17
Preferred (guar.)
Middle Weer Utilities. prior lien stk•(111.) 134 Mar. 16 Holaers of rec. Feb. 28
National Power & Light. corn.(guar.)._ $1.50 Mar. 2 Holders of rec. Feb. 14
14 Mar. 2 Holders of rec. Feb. 13
Nebraska Power. preferred (guar.)
Mar. 31 'holders of rec. Mar. 10
New Englund Telep. & Teleg. (guar.)._ '2
Niagara Falls Power, common (guar.)._ 50c. Mar. 16 Holders of rec. Feb. 28.
4314c Apr. 15 Holders of rec. Mar.310
Prefer red (guar.)
North. Ohio Trac. & Light,6% pt. (qu.) 134 Apr. 1 Holders of rec. Mar. 14
114 Apr. 1 Holders of rec. Mar. 14
Seven per cent preferred (guar.)
Nor. Stales Power of Wisc., pref. (qu.). 14 Mar. 2 'folders of rec. Feb. 20
Mar. 2 Holders of rec. Feb. 180
Northern Texas Elec. Co.. corn.(guar.). 2
3
Mar. 2 Holders of rec. Feb. 18a
Preferred
81.50 Mar, 1 Holders of rec. Feb. 15
preferred (guar.)
Ohio Edison, 6%
$1.65 Mar. 1 Holders of rec. Feb. 18
6.6% preferred (guar.)
81 .76 Mar. 1 Holders of rec. Feb. 15
Seven per cent preferred (guar.)
134
Oklahoma Gas & Electric. pref. (guar.) •1% Mar. 14 Holders of rce. Feb. 28
Pennsylvania-Ohio Elec. Co., pref.(qu ) •14. Mar. 2 'Holders of rec, Feb. 18
4 May 1 •Holdere of rec. Apr. 21
Power & Lt.. 7% pref.(qu.)
Penn-Ohlo
Mar. 16 *fielders of rec. Feb. 16
Philadelphia Company, corn.(guar.)._ '$I
$1.25 Mar, 2 Holders of rec. Feb. 10
5% prelezred lunar.)
Philadelphia Elec., corn. az pref. (quar.)_ 50c. Mar. 16 II olders of rec. Feb. 16a
14 Mar. 2 Holders of rec Feb 16
Port land Electric Power. 2d pref. (qu.)._
Mar. 31 "Holders of rec. Feb. 28
Public Sort. Elec. & Gas.0% pref (qu.)_
Rochester Gas & El. Corp.,5% pt (go.) '13.4 Mar, 2 'Holders of rec. Feb. 16
'134 Mar. 2 'Holders of rec. Feb. 10
Six per cent preferred (guar.)
'134 Mar. 2 'Holders of rec. Feb. 16
Seven per cent preferred (guar.)
134 Apr. 10 Holders of rec. afar. 26
Shawinigan Water es Power (quar.)..
Southern Calif. Edison. 7% pref.(guar.) •134 Mar. 15 'Holders of rec. Feb. 20
134 Mar. 15 'Holders of rec. Feb. 20
'
(guar.)
Six per cent preferred
Southern Colorado Power. pref. (guar.). 114 Mar. 16 Holders of rec. Feb. 28
Southwestern Power & Light, pref. (ati.) 134 Mar. 2 Holders of rec. Feb. 14
Mar. 16 Holders of rec. Feb. 28a
Standard Gus & Elec.. 8% pref.(guar.). 2
1
Mar. 1 Holders of rec. Feb. 15
rPX,1•1 Electric Ry.. corn. (guar.)
*24 Apr, 1 "Holders of rec. Mar.20
Light. corn.
'Fri-City Ry. &
.24 July 1 •11elders of rec. June 20
Common (quar.)
' Oct. 1 'Holders of rec. Sept.20
234
Common (guar.)
' Jan 1'26 'Holders of rec. Dec. 20
254
Common (guar.)
United Gas Improvement, pref.(guar.) 8740. Mar. 14 Holders of reo. Feb. 28,
•$3.50 Mar. 2 'Holders of rec. Feb. 20
United Utilities, preferred
50c. Apr 1 Holders of rec. Mar.15
Utilities Power & Light, clam A (No. D
afar. 31 Holders of rec. Mar. 16a
SI
West Penn Company, corn. Privar.)
14 May 1 Holders of rec. Apr. 150
West Penn Power, pref. (guar.)
134 Mar. 16 Holders of reo. Mar. 2
Weer Penn Rye.. pref. (guar.)
Mar. 1 Feb. 18 to Mar. 1
3
Wilmington Gas. preferred
4.1% Mar.16 "Holders of roe. Feb. 28
Wisconsin Power az Light, pref.(guar.).
Banks.
Mar. 2 Holders of rec. Feb. 210
4
Chemical National (A-monthly)
Apr. 1 "Holders of rec. Mar.22
'2
Standard (guar.)
Standard National Corp..corn.(guar.)... .50c. Apr, 1 'Holders of rec, alar. 22
•1% Apr, 1 'Holders of rec. Mar.22
Preferred (guar )
Trust Companies.
3
Mar. 31 Holders of rec. Mar.20,
Equitable (guar.)
2
Mar, 2 Holders of roe. Feb. 21.
Farmers Loan & Trust(interim)
Miscellaneous.
Abbott's Alderney Dairies, let pt.(qu.). 14 Mar. 1 Holders of rec. Feb. 14.
Apr. 15
American Art Works, corn. & Prat• (gu.)
•50a
Mar. 31 Mar. 22 to Mar.31
American Chain, Class A (guar.)
Laundry Machinery. corn.(guar ) 760. Mar. 2 Feb. 22 to mar. 2
Amer.
14 Mar.31 Mar. 16 to Mar.30
Amer. alanufac tering. corn.(guar.)._
134 July 1 June 16 to June 30
Common (guar.)
14 Oct. 1 Sept. 16 to Sept.30
Common (quar.)
14 Dec. 31 Dec. 16 to Dec. 30
Common (guar.)
14 Mar. 31 Mar. 16 to Mar. 30
Preferred (guar.)
134 July 1 June 16 to June 30
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept. 30
Preferred (guar.)
134 Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
750. Mar, 2 Holders of rec. Feb. 180
American Metal, common (guar.)
14 Mar. 2 Holders of rec. Feb. 190
Preferred (guar.)
40c. Mar, 1 Holders of rec. Feb. 14
Amer. Multigraph,eommon (quar.)
$1
Mar. 31 Holden of reo. Mar. 140
American Radiator. corn. (guar.)
134 Mar. 31 Holders of roe Mar. 161
American Railway Express (guar.)
2
May 1 Holders of rec. Apr. 15
American Shipbuilding, corn. (guar.)
2
Holders of rec. July 15
Common tuner./
Aug.
Amer. Smelting & Refining, pref.(guar.) 14 Mar. 2 Holders of reo. Feb. 60
40c, Apr. 1 Mar. 22 to Apr. 1
American Stores (guar.)
14 Apr. 2 Holders of rec. Mar. 20
American Sugar Ref., pref. (guar.)
Amer.Tobacco,corn.& corn. B (guar.)._ 81.75 Mar. 2 Holders of roe. Feb. 100
34 Mar. 2 'Holders of rec. Feb. 25
.
Amer. Window Glass Co., pre(
•134 Apr.
•Holders of reo. Mar. 19
Armstrong Cork,common (guar.)
'134 Apr.
•11elders of roe. Mar. 19
Preferred (guar.)
50c. Apr.
•Iiolders of rec. Mar. 14
& Co. (Ills.), corn., Class A____.
Armour
•14 Apr.
'Holders of rec. Mar. 14
I referred (quar.)
•134 Apr.
'Holders of rec. Mar. 14
Armour & Co. of Del., pref. (quar.)._
Holders of rec. Feb. 140
Associated Dry Goods, let pref.(guar.). 114 Mar,
1 h Mar.
Holders of rec. Feb. 140
Second preferred (guar.)
Holders of rec. Mar. 6
Mar. 1
Atlantic Terra Cella Co.. pref.(goar.)... 1
1
Holden of re0. Feb. 275
Mar. 1
Atlas Powder, common (guar.)
5,4 Apr,
Holders of reo. Mar.200
Babcock & Wilcox Co. (quarterly)
250. Mar, 'Holders of rec. Feb. 26
•
Balaban & Kats. corn.(monthly)
'Holders of rec. Mar.20
.250. Apr.
Common (monthly)
'134 Apr.
Holders of rec. Mar.20
Preferred (Guar.)
Holders of roe. Mar. 250
600. Apr. 1
Beeeb-Nut Packing, corn. (guar.)
Holders of reo. Aor. la
14 Apr. 1
Preferred, Class B (guar.)
Holders of rec. Feb. 28
134 Mar.1
Belding Corticelli, Ltd., pref. (guar.)._
Holders of roe. Feb. 20
Mar.
4
Bell (Fred P.) Stores Co., pref
"Holders of rec. Mar. 16
Bendix Corporation, eines A (No. I)._ .50c. Apr.
Holders of reo. Mar. 70
134 Apr.
Bethlehem Steel, 7% pref.(guar.)
Holders of rec. Mar. 70
Apr.
Eight per cent preferred (guar.)
Holders of roe. Feb. 160
Mar.
2
Borden Company,common (guar.)
Holders of roe. Mar. 20
134 Mar. 1
Preferred (guar.)
'Holders of roe. Mar.20
Apr.
.50c
Borg & Beck (guar.)
Holders of rec. Mar. 2
Boston Woven Hose & Rub., corn, Wei $1.50 Mar. 1
50o. Apr.
Boyd-Welsh Shoe (guar.)
Feb. 22 to Mar. 2
134 Mar.
Brill (J. G.) Co., common (guar.)
No. 1051
British Amer.Tob.,ordinary (interim)._ (s) Mar.3 Hold, of coup. Feb. 200
Holders of rec.
Mar.
1
Brown Shoe, corn.(guar.)
Holders of roe. Feb. 20
1
Mar.
$I
Buckeye Pipe Line (guar.)
rec. Mard14
Burroughs Adding Mach., corn.(guar.). 750. Mar.3 Holders of rec. Mard14
14 Mar.3 Holders of
Preferred (guar.)
Holders of roe. Feb. 280
$1.50 Mar.1
•
California Packing Co.(guar.)
Holders of roe. Feb. 200
4c. Mar.
433
California Petroleum,tam.(guar.)
Holders of rec. Mar.18
134 Apr.
Preferred (quar.)
FEB.28 1925.3
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
50c. Mar 23 Holders of rec. Mar. 6a
Calumet & Arizona Mining (quar.)
50e. Mar. 4 Holders of rec. Jan. 30a
Calumet & Heels Consol. Copper
1% Mar. 1 Holders of res. Feb. 14
Campbell Soup, pref.(quar.)
lat Apr. 11 Holders of rec. Mar. 26
Canadian Car & Fdy., pref. (quar.)
1S4 Mar.15 Holders of rec. Mar.10
Carter (William) Co.. pref. (quar.)
131 Mar. 2 Hoidens of rec. Feo. 160
Century Ribbon Mills, Prof.(quar.)
62)4c Mar.31 Holders of rec. Mar. Ba
Chesebrough Mfg., com.(quar.)
1)4 Mar.31 Holders of rec Mar. 6a
Preferred (quar.)
33 1-3c Mar I Holders of rem Feb. 20a
Chicago Yellow Cab (monthly)
623.4c Mar.30 Holders of rec. Mar. 3a
Chili Copper Co.(quar.)
Cities Service Co.
M Mar. 1 Holders of rec. Feb. 15
Common (monthly)
Common (payable in common stock). 134 Mar. 1 Holders of rec. Feb. 15
34 Mar. 1 Holders of rec. Feb. 15
Preferred and preferred B (monthly).
aa Apr. 1 Holders of rem Mar. 15
Common (monthly)
Jai Apr. 1 Holders of rec. Mar. 15
Common (payable in common stock)....
M Apr. 1 Holders of rec. Mar. 15
Preferred and preferred B (monthly)
City Ice & Fuel of Cleveland. corn,(qua 50c. Mar. 1 Holders of rem Feb. 9
Common (quar.)
50c. June 1 Holders of rec. May 12
Common (quar.)
50e. Sept. 1 Holders of rec. Aug. 12
50e. Dec. 1 Holders of rem Nov. 11
Common (guar.)
Cleveland Stone (quar.)
11.4 Mar. 1 Holders of rec. Feb. 150
Mar. 1 Holders of rec. Feb. 15
1
Extra
Quarterly
134 June 1 Holders of rec. May 150
1)4 Sept. 1 Holders of rem Aug. 150
Quarterly
Coca Cola Company. corn. (quar.)
$1.75 Apr. 1 Holders of rec. Mar.140
Colorado Fuel & Iron, Prof.(aura__
2
Feb. 28 Holders of rec. Feb. 16a
Congoleuru-Nalrn Co., preferred (quar.). 1% Mar, 1 Holders of rec. Feb. 160
Connor (John T.) Co.. coin. (quar.)____ *50c. Apr. 1 'Holders of rec. Mar. 20
Consolidated Cigar, pref.(quar.)
Mar. I Holders of rec. Feb. 160
Consolidation Coal, pref. (guar.)
Mar. '2 Holders of rem Feb. 200
Continental 011 (quar.)
•25e. Mar. 16 *Holders of rec. Feb. 14
Conden & Co., pref. (guar.)
1% Mar. 2 Holders of rec. Feb. 14a
Crane Company, corm (guar.)
1M Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
1)4 Mar. 1.5 Holders of reo. Feb. 28
Crucible Steel, pref. (quar.)
1% Mar.31 Holners of rec. Mar. 16a
Cuba Company, common (quar.)
$I
Mar. 2 Holders of rec. Feb 16
Cuban-Amer. Sugar. corn.(quar.)
75e. Apr. 1 Holders of rec. Mar. 4a
Preferred (quar.)
154 Apr. 1 Holders of rec. Mar. 4a
Cudahy Packing, corn.(quar.)
138 Apr, 15 Apr. 7 to Apr. 15
Common (quar.)
1M July 15 July 7 to July 5
Common (quar.)
1)4 Oct. 15 Oct. 6 to Oct. 15
Cumberland Pipe Line
Mar. 16 Holders of roc. Feb. 28
3
Curtiss Aeroplane & Motor. prof
3M Mar. 2 Holders of rec. Feb. 150
Curannan & Sons. Inc.. corn (puma_
75e. Mar, 2 Feb. 15 to Feb. 24
Seven per cent pref.(quar)
1M Mar. 2 Feb. 15 to Feb. 24
flight per cent pref.(guar.)
2
Mar. 2 Feb. 15 to Feb. 24
0134 Mar.21 'Holders of rec. Mar. 7
Davis Mills(quar.)
Decker (Alfred) & Cohn. inc., pf. (qua..
1)4 Mar. 2 Holders of rec. Feb. 20n
Deere & Co.. pref. (quar.)
1
Mar. 2 Holders of rec. Feb. 140
Diamond Match (quar.)
Mar, 16 Holders of rec. Feb. 280
2
Dictaphone Corp.. preferred (quar.)
'2
Mar. 2 'Holders of rec. Feb. 20
Douglas-Pectin Co.(guar.)
25e. Mar.31 Holders of rec. Mar. 20
duPont(El.) de Now.& Co..com.(qu.) 234 Mar. 16 Holders of rec. Mar. 5a
Debenture stock (quar.)
1)4 Apr. 25 Holders of rec. 5Apr.10
Se Pont de Netnours Powder, corn.(qu.) '1)4 May 1 *Holdera of rec. Apr. 20
Preferred (guar.)
'1)4 May 1 'Holders of rec. Apr. 20
Eagle-Picher Lead (quar.)
*2
Mar. 1 •Holoets of rec. Feb. 20
Eastman Kodak, common (quar.)
$1.25 Apr. 1 Holders of rec. Feb. 28a
Common (extra)
75c. Apr. 1 Holders of rec. Feb. 28a
Preferred (quar.)
11.4 Apr. 1 Holders of rec. Feb. 28
Edmunds & Jones Corp.. corn,(puma
*50c. Apr. 1 'Holders of rec. Mar. 15
Common (extra)
•500. Apr. 1 "Holders of rec. Mar. 15
Preferred (quar.)
"1M Apr. 1 'Holders of rec. Mar. 15
Fairbanka, Morse az Co., corn. (guar.)._ '65c. Mar.31 Holders of rec. Mar. 140
Preferred (guar.)
Mar. 2 Holders of rec. Feb. 14
Famous Players Can. Corp., lot pf.(qua 2
Mar. 1 Holders of rec. Jan. 31
Famous Players-Lasky Corp., corn.(qu.) 82
Apr. 1 Holders of rec. Mar. 1130
Federal Mining & Smelting. pref.(qua
Mar. 15 Holders of rec. Feb. 260
Fifth Avenue Bus Securities (guar.). _ _ 16c. Apr. 16 Holders of rec. Apr. 2a
Fleischmann Co., corn. (guar.)
Apr. 1 Holders of rec. Mar. 160
$1
Foundation Co.. common (quar.)
$2 Mar. 16 Holders of rec. Mar. 2a
Preferred (quar.)
$1.75 Mar.16
Francisco Sugar (quar.)
61 .64 Apr. 1 Holders of rec. Mar. 210
Quarterly
$1.50 July 1 Holders of rat, June 200
Quarterly
51.50 Oct. 1 Holders of rec Sept Ill
Franklin Simon & Co.. pref.(quar.)
lit Mar. 2 Holders of rec. Feb. 180
Gamewell Co., corn. (quar.)
$1.25 Mar. 16 Holders of rec. Mar. 5
Preferred (guar.)
1% Mar, I Holders of rec. Feb. 21
General Asphalt, pref. (quar.)
1)4 Mar. 2 Holders of rec. Feb. 130
General Cigar, preferred (quar.)
1)4 Mar. 2 Holders of rec. Feb. 20a
Debenture preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 240
General Electric (quar.)
Apr, 15 Holders of rec. Mar. 9a
2
Special stock
15c. Apr. 15 Holders of rec. Mar. 90
General Motors Corp.. COM.(quer.).
$1.50 Mar. 12 Holders of rec. Feb. I9a
Preferred (quar.)
1M May 1 Holders of rec. Apr. 66
6% debenture stock (quar.)
I% May 1 Holders of rec. Apr. 60
7% debenture stock (quar.)
11.4 May 1 Holders of rec. Apr. 6a
General Petroleum Corp., corn.(quar.),... 50e, Mar. 15 Holders of rec. Feb. 28
Gillette Safety Razor (quar.)(No. 1)
6234c Mar. 2 Holders of rec. Feb. 2
Extra
12 M c Mar. 2 Holders of rec. Feb. 2
Glidden Company, prior Prof.(quar.). _
gat Apr. 1 'Holders of rec. Mar. 16
Globe Soap, first, second and special
preferred stock (quar.)
to Mar. 16
134 Mar. 16 Mar.3
Goodrich (B. F.) Co., Prof.(quar.)
1)4 Apr. 1 Holders of rec. Mar. 160
Preferred (quar.)
July 1 Holders of rec. June 150
134
Goodyear Tire & Rubber, prior p1.(qu.). "2
Apr. 1 'Holders of tee. Mar.20
Gossard (H. W.) Co..common (mthly.). 250. Mar. 2 Holders of rec. Feb. 20
Greenfield Tap & Dle Corp..6% pf.(qu) '134 Apr. 1 'Holders of rec. Mar. 14
Eight per cent preferred (quar.)
Apr. 1 *Holders of rec Mar. 14
*2
Guantanamo Sugaapref.(quar.)
2
Apr. 1 Holders of rec. Mar. 160
Guenther Publishing Co.. pref
5
Aug. 17 Holders of rev. July 17
Gulf States Steel, corn.(quar.)
1)4 Apr. 1 Holders of rec. Mar.200
Corn.(payable in common stock)
111 34 Mar. 13 Holders of rec. Mar. 20
First preferred (quar.)
1% Apr. 1 Holders of rec. Mar.200
First preferred (quar.)
1)4 July 1 Holders of rec. June 15a
First preferred (quar.)
1)4 Oct. 1 Holders of rec. Sept. 15a
(quar.)
First preferred
lit Jan 326 Holders of rec. Dec. 150
1)4
I%
1)4
M
Hanna(M. A.) Co.. 1st pref. A (guar.). 134 Mar.20 Holders of rec. Mar. 6a
Harbison-Walker Refract.,coin.(au.)
1M Mar. 2 Holders of rem Feb. 20s
Preferred (quar.)
114 Apr. 20 Holders of roe. Apr. 10
Hartman Corp.(quar.)
6234c Mar, 2 Holders of rec. Feb. 16a
Hart,Schaffner & Marx, Inc., com.(qua '134 Feb. 28 "Holders of rec. Feb. 16
•25e. Mar.25 *Holders of rec. Mar. 5
Hawaiian Corn. az Sugar (quar.)
550c, Mar.25 "Holders of rec. Mar. 5
Extra
75e, Mar,16 Holders of rec. Feb. 28a
Hayes Wheel (quar.)
.50c. Mar. 15 *Holders of rec. Feb. 15
Hecla Mining (guar.)
Ilibbard.SPencer.Bartlett & Co.(mthlY.) 35e. Mar. 27 Holders of rem Mar. 20
20e. Mar. 27 Holders of rec. Mar.20
Extra
•81
Mar.31 *Holders of rec. Mar 20
Hood Rubber, corn. (quar.)
1M Mar. 1 Feb. 21 to Mar. 1
Hood Rubber Products, pref.(quara_
75c. Mar, 2 Holders of rec. Feb. 140
Household Products (quar.)
75e. Apr. 1 Holders of rec. Mar. 16a
Hudson Motor Car (guar.)
2.40 Apr, 15 Apr. 4 to
Denote Brick (quar.)
Apr. 16
02.40 July 15 "Holders of roe. July 3
Quarterly
•2.40 Oct. 15 *Holders of rec. Oct. 3
Quarterly
n25c. Mar. 2 Feb. 15 to Mar 1
Imperial 011, Ltd
*25e. Mar.31 'Holders of rec. Mar. 14
Independent 011 & Gas (quar.)
2
Mar. 2 Holders of rec. Feb. lla
Ingersoll-Rand Co., corn. (quar,)
6234e Mar. 2 Holders of rec. Feb. 140
Inland Steel,common (quar.)
1M Apr. 1 Holders of rec. Mar.14a
Preferred (altar.)
$1.25 Apr. 1 Holders of rec. Mar.18
Interlake Steamship (guar.)
134 Apr. 15 Holders of rec. Mar. 25a
International Harvester, corn. (quar.)
154 Mar. 2 Holders of rec. Feb. 10e
Preferred (quar.)
International Match, Mlle. pref.(Cala - 65o. Apr. 15 Holders of rec. Mar.25
13.4 Apr. 1 Holders of rec. Mar. 16a
International Salt (quar.)
50c. Mar. 1 Holders of rec. Feb 14a
Internat. Shoe. pref.(monthly)
51 34 Apr, 1 Holders of rec. Mar. 16a
International Silver. pref. (quar.)
hk Apr. 1 Holders of rec. Mar.lea
Preferred (acct. accumulated divs.)
. 1M Mar. 1 *Holders of rec. Feb. 14
.
1
Interstate Iron & Steel. pref. (allar.)
Name of Corn pony.
1059
Per
When
Cent. Payable.
Books Closed,
Days Dianna.
Miscellaneous (Continued).
.1M Apr. 1 "Holders of rec. Mar.20
Jewel Tea, pref. (quar.)
05214 Apr, 1 'Holders of rem Mar.20
Preferred (acc't accum. diva.)
Mar. 1 Holders of rem Feb. 14
Johnson-Stephens-ShInkle Shoe (quer.). 81
Jones & Laughlin Steel, pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 16s
Apr. I Holders of rec. Mar. 25a
2
Kayaer (Julius) az Co., pref. (quar.)
Mar. 15 Mar. 1 to Mar. 15
Keeley Silver Mines Ltd
8
4
Bonus
Mar. 15 Mar. 1 to Mar. 15
Holders of rec. Mar. 60
75e. Apr.
Kennecott Copper Corp.(guar.)
Holders of rec. Feb. 20a
Mar.
2
Kinney (G. R.) Co.. pref.(quar,)
Holders of rec. Mar. 18
371.4c. Apr.
Kraft Cheese Co., com.(quar.)
Holders of rec. Mar. 18
Apr.
2
Preferred (quar.)
Apr.
2
Kreage (S. fil.) & Co.. corn. (quar.)
Holders of rec. Mar.19a
Holders of rec. Mar.16a
Common (payable in corn. stock)____ f50e. Apr.
Holders of rec. Mar. 19a
Preferred (quar.)
134 Apr.
Holders of rec. Feb. 21a
1% Mar.
Kuppenheimer (13.) Co.. pref. (quar.)
Lake of the Woods Milling, corn.(qua
Holders of rec. Feb. 21
Mar.
3
Holders of roe. Feb. 21
Preferred (quar.)
134 Mar.
Holders of rec. Mar. 2
Lake Shore Mines. Ltd.(guar.)
Mar. 1
5
Lanston Monotype Machine(quar.)_
11.4 Feb. 2 Holders of rec. Feb. 180
-Holders of rec. Jan. 310
Feb. 2
81
Lehigh Coal & Navigation (qear.)
Mar. 'Holders of rec. Feb. 28
Lehigh & Wilkes-Barre Corp., cool.(qu ) .2
*Holders of rec. Feb. 28
•750. Mar.
Preferred (quar.)
Mar. 1 "Holders of rec. Feb. 28
Lehigh & Wilkes-Barre Coal Co. (quar.) 53
•873.4c Mar. 1 'Holders of rec. Feb. 28
Preferred (quar.)
Libbey-Owens Sheet Glass, corn.(quar.) *50o. Mar. •Holders of rec. Feb. 20
Preferred ((mar.)
'1)4 Mar. 'Holders of rec. Feb. 20
Liggett & Myers Tobacco. common and
Holders of rec. Feb. 113a
750, Mar,
common B (quar.)
Holders of rec. Feb. 16s
Mar.
Common & common B (extra)
$I
Holders of rec. Feb. 14a
Mar.
Lima Locomotive Works, corn. (attar.). 51
Long Bell Lumber. -A" corn.(No. 1)..... 81
Mar.3 Holders of rec. Mar. 17a
Holders of rec. Mar. 19
2)4 Apr.
Lord& Taylor, corn. (quar.)
Holders of rec. Feb. 200
134 Mar.
let Prof. (quar.)
Lowell Shope. 20 pref. (guar.)
'134 Mar. 'Holders of rec. Feb. 20
Ludlow Manatee. Associates(guar.)._
21.4 Mar.' Holders of rec. Feb. 4
S1.50 Mar.3 Holders of rec. Mar 14a
Muck Trucks, Inc., corn.(quar.)
1st and 20 preferred (quar.)
11.4 Mar.3 Holders of rec. Mar 14a
Holders of rec. Feb. 24
$1.50 Mar.
Mahoning Investment
Holders of rem Feb 140
M Mar,
Marrati Sugar, common (quar.)
Holders of rem May lfra
Common(quar.)
134 June
Holders of ree. Aug. 15a
1(4 Sept.
Connuou(quar.)
Holders of rec. Feb. 160
Manhattan Shirt,corn.(quar.)
37)4c Mar.
Holders of rec. Feb. 160
Mar.
Martin Parry Corp. (quar.)
51
Holders of rec. Feb. I6a
May Department Stores, corn, (quar.).... $1.25 Mar.
Holders of rec. Mar.16a
Preferred (quar.)
1)4 Apr.
Holders of rec. Feb. 1841
alcCahan Sag.. Ref.& Molasses, pf.(qu) 134 Mar.
Holders of rec. Feb. 20a
McCrory Stores Corp., cora.(quar.).__ _ 40c. Mar.
Holders of rec. Feb. 200
Common, Class B (guar.)
40c. Mar.
Preferred (quar.)
Holders of rec. Apr. 20a
134 May
Holders of rec. July 204
Preferred (quar.)
13.4 Aug.
Holders of rec. Oct. 200
Preferred (quar.)
I% Nov.
McIntyre Porcuulne Mines, Ltd
Ilmders of rec. Feb. 2
25c. Mar.
Mengel Company, pref.(quar.)
Holders of rem Feb. 28
134 Mar.
Mergenthaler Linotype (quar.)
234 Mar.3 Holders of rec. Mar. 4a
Extra
1)4 Mar.3 Holders of rec. Mar. 40
Merrimac Mfg., corn.(quar.)
134 Feb. 2 Holders of rec. Feb. 6
Preferred
214 Feb. 2 Holders of roe. Feb. 6
Metro-Goldwyn Pictures Corp., pf.(qu.) 154 Mar. 1
Holders of rec. Feb. 28a
Miller Rubber, pref.(quar.)
Holders of rec. Feb. 10
Mar.
2
52
Preferred (acct. accum. dive.)
Holders of rec. Feb. 10
Mar.
Mohawk Mining
81 Mar.' Holders of rec. Jan. 310
Monitor Furnace Co.. pref. (quar.)
Holders of rec. Feb. 24
134 Mar.
Montgomery Warn & Co., of.& c.A(qu) 81.75 Apr.
Holders of rec. Mar. 210
1)4 Mar. 1
Montreal Cottons. corn.(quar.)
Holders of rec. Feb. 28
Preferred (quar.)
Holders of rec. Feb. 28
134 Mar. 1
•30c. afar. 2 'Holders of rec. Mar. 10
Motor Wheel Corp., corn. (guar.)
75e. Mar.
Holders of rec. Feb. 16s
alunsIngwear. Inc. (Czar.)
Holders of rec. Mar. 310
750. Apr. 1
National Biscuit, common (quar.)
134 Feb. 2 Holders of rec. Feb. 140
Preferred (quar.)
3)4 Mar. I
Holders of rec. Feb. 17
National Candy, common
334 Mar. 11 Holders of rec. Feb. 17
First and second preferred
1% Mar. 2 Holders of rec. Feb. 210
National Cloak & Suit, pref. (quar.)._
Nat Dept. Stores, 2d pref.(quar.)
'134 Mar. 2 "Holders of rec. Feb. 15
Nat. Enameling & Stamping, pref. (qu.) 134 Mar.31 Holders of rec. Mar. 11
134 June 30 Holders of rec. June 10
Preferred (quar.)
Preferred (quar.)
134 Sept.30 Holders of rec. Seet.10
1% Dec. 31 Holders of rec. Dec. 11
Preferred (quar.)
National Fireproofing. preferred
11.4 Apr. 15 Holders of rec. Apr. 1
National Lead Co., corn. (quar.)
2
Mar. 31 Holders of rec. Mar. 130
134 Mar. 14 Holders of rec. Feb. 200
referred Mara
Nat. Radiator az Mfg., pref.(quara_ _ '134 Aor. 1 *Holders of rec. Apr. 1
National Sugar Refilling (quay.)
13.4 Apr. 2 Holders of rem Mar. Si
National Surety (quar.)
234 Apr. 1 Holders of rec. Mar.20a
National Transit (extra)
"25c. Mar.16 'Holders of rec. Feb. 28
New York Alr Brake. class A (Otter.)
81
Apr. I Holders of rec. Mar. 1041
New York Shipbuilding (quar.)
Si
Mar. 10 Holders of rec. Feb. 270
New York Transit (quar.)
75e. Apr. 15 Holders of rec. Mar.20
North American Co., corn. (quar.)
(z) Apr. I Holders of rec. Mar. 50
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 50
North American Provision, pref.(qua
'1% Apr. 1 *Holders of rec. Mar. 14
Ogilvie Flour Mills, old & new pf. (qua $1.75 Mar. 2 Holders of rec. Feb. 23
Ohio 011 (quar.)
*50c. Mar.31 *Meiners of rec. Feb. 24
1% Mar. 2 Holders of rec. Feb. 19a
Onyx Hosiery. Prof. (quar.)
Urptieurn Circuit, common (monthly)._ 150. Mar. 2 Holders of rec. Feb. 206
Common (monthly)
154i. April 1 Holders of roe. Mar. 201
Owens Bottle, corn. (quar.)
75e. Apr. 1 Holders of rec. Mar. 160
Common (guar.)
750. July 1 Holders of rec. June 150
Preterred (guar.)
1)4 Apr. 1 Holders of rec. Mar. 160
Preferred (quar.)
134 July 1 Holders of rec. June 150
1)4 Mar.14 Holders of roe. Feb. 28a
Packard Motor, Prof.(quar.)
Paige-Detroit Motor Car (quar.)
•30c. Apr. 1 'Holders of rec. Mar.14
Common (payable In common stock)... .1214 Apr. 1 "Holders of rec. Mar. 16
Paraffin Companies, corn. (quar.)
Mar. 27 'Hoidens of rec. Mar. 17
*$1
Preferred (guar.)
'134 Mar. 27 'Holders of rec. Mar. 17
Pottle Exchange, Inc.. pref. (quar.)...
"2
Mar. 2 'Holders of rec. Feb. 9
Pemberthy Injector (quar.)
"2
Mar.31 "Holders of rec. Mar.25
Penman. Ltd., corn. (bonus)
2
Feb. 28 Holders of rec. Feb. 21
Pennok Oil Corp. (No. 1)
*3734c Mar.26 *Holders of rec. Mar. 16
Phoenix Hosiery, 1st & 20 pref. (quar.). 1% Mar. 2 Holders of rec. Feb. 17a
Pittsburgh Plate Glass (quar.)
Apr. 1 'Holders of rec. Feb. 15
*2
Extra
Apr. 1 *Holders of rec. Feb. 15
*5
Pittsburgh Steel, Prof. (quar.)
134 Mar. 1 Holders of rec. Feb. 140
Pittsburgh Term. Coal Corp.. pf.(No.1) 1(4 Mar. 1 Feb. 19 to Mar. 2
Pressed Steel Car, pref.(quar.)
1% June 9 Holders of rec. May 19a
Preferred (quar.)
154 Sept. 8 Holders of rec. Aug. 180
Preferred (quar.)
154 Dec. 8 Holders of rec. Nov. I70
Procter & Gamble 6% pref. (quar.)_...._ '134 Mar. 14 'Holders of rec. Feb. 25
Provincial Paper Mills. corn,(quar.)---- 134 Apr. 1 Holders of rec. Mar. 15
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Pure Oil. corn. (guar.)
3734c Mar, 1 Holders of rec. Feb. 10
Radio Corp. of America, pref. (quar.)
1% Apr. 1 Holders of rec. Mar. 20
Real Silk Hosiery (Czar.)
Apr. 1 'Holders of rec. Mar.20
*75c
Stock dividend
"e331 Mar. 11 *Holders of rec. Feb. 25
,
Reid Ice Cream, pref.(quar.)
lit Mar. 1 Holders of rec. Feb. 18
134 Apr. 1 Mar.21 to Apr. 1
Remington Typewriter, 1st pref. (qu.).
/14
Secondpref. (acct. accum. divs.)
Mar.25 Mar. 15 to Mar.25
Repoolle Iron & Steel, pref. (quar.)
134 Apr. 1 Mar. 10 to Apr. 8
Richmond Radiator, preferred (guar.)._
134 Apr. 15 Holders of rec. Mar.310
1% July 15 Holders of rem June 300
Preferred (guar.)
lat Oct. 15 Holders of rem Sept.30a
Preferred (attar.)
154 Jan1526 Holders of rec. Dec. 310
Preferred (quar.)
50e. Mar.20 Mar. 10 to Mar.20
St.Joseph Lead (quar.)
50e. June 20 June 10 to June 21
Quarterly
50e. Sept.21 Sept. 10 to Sept.21
Quarterly
50o. Dee. 21 Dec.10'2610 Dec.21'25
Quarterly
*I.M Apr. 2 "Holders of rec. Mar.16
Savage Arms, 1st pref.(quar.)
*1.54 May 15 *Holders of rec. May 1
Second preferred (quar.)
ma Mar. 2 Holders of rec. Feb. 160
Schulte Retail Stores, corn.(quar.)
2
Apr. 1 Holders of ree. Mard140
Preferred (quar.)
Selberling Rubber
4
.52
Mar.16 Holden; Of rec. Mar. 6
Preferred (amt,accumulated diva.)
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*1K Mar.31 *Holders of rec. Mar. 20
Shawmut Mfg., corn. (guar.)
•14i Mar.31 *Holders of rec. Mar. 20
Preferred (guar.)
35e. Mar.31 Holders of rec. Mar. 2a
Shell Union Oil, corn.(guar.)
Sherwin-Williams Co., prof. (quar.)---- 1( Mar. 2 Holders of rec. Feb. 14a
Sloss-Sheffield Steel & Iron, corn. (qu.).. 1 K Mar.20 Holders of rec. Mar. 10a
Apr. 2 Holders of rec. Mar.20a
1
Preferred (guar.)
Mar. 2 Holders of rec. Feb. 14
1
Southern Pipe Line (guar.)
Mar. 2 Holders of rec. Feb. 21
2
Spalding(A. G.)& Bros., pref.(guar.)
Mar. 2 Holders of rec. Feb. 21
2
Second preferred (guar.)
13 Feb. 28 Holders of rec. Feb. 183
Standard Milling, corn. (guar.)
13 Feb. 28 Holders of rec. Feb. 18a
Preferred (guar.)
250. Feb. 28 Holders of rec. Feb. 2
Standard Motor Construction
50c. Mar. 16 Holders of rec. Feb. 160
Standard 011(Calif.)(guar.)
°623e Mar. 16 *Holders of rec. Feb. 163
Standard Oil (Indiana)(guar.)
Mar.31 *01ar. 17 to Mar. 31
5$1
Standard Oil (Ky.) (quar.)
Mar.16 Holders of rec. Feb. 26a
Standard Oil of N.J.,corn.,$100 par(qu) 1
25c. Mar. 16 Holders of rec. Feb. 26a
Common,$25 par (guar.)
1) Mar. 16 Holders of rec. Feb. 26a
Preferred (guar.)
*35c. Mar. 16 *Holders of rec. Feb. 20
Standard 011 of N. Y.(guar.)
$2.50 Apr. 1 Holders of rec. Feb. 27
Standard 011 (Ohio), corn.(guar.)
14 Mar. 2 Holders of rec. Jan. 30
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 16
$1
Stern Brothers, corn, (guar.)
Apr. 1 *Holders of rec. Mar. 16
*51
Common (extra)
Mar. 1 Holders of rec. Feb. 160
2
Preferred (guar.)
Mar. 2 Holders of rec. Feb. 10a
$1
Studebaker Corp.,corn.(guar.)
15( Mar. 2 Holders of rei. Feb. 10a
Preferred (guar.)
75c. Mar.31 Holders of rec. Mar. 6
Texas Co.(guar.)
$1.75 Mar. 14 Holders of rec. Mar. 2a
Texas Gulf Sulphur (guar.)
Thompson (J. R.) Co., corn.(monthly). 25e. Mar. 2 Holders of rec. Feb. 23a
4
Apr. 1 Holders of rec. Mar.20
Thonapson-Starrett Co., preferred
15( Mar. 1 Feb. 21 to Mar. 1
Timken-Detroit Axle, pref.(guar.)
75e. Mar. 5 Holders of rec. Feb. 17a
Timken Roller Bearing (guar.)
25c Mar. 5 Holders of rec. Feb. 170
Extra
5c. Apr. 1 Holders of rec. Mar. 11
Tonopah Extension Mining (quar.)_.._ _
7Sic Apr. 21 Apr. 1 to Apr. 7
Tonopah Mining of Nevada
•30c. Mar.15 *Holders of rec. Mar. 5
Truscon Steel, common (guar.)
•1734c Mar. 1 *Holders of rec. Feb. 18
Preferred (guar.)
Underwood Computing Mach., pref.(qu) 1K Apr. 1 Holders of rec. Mar. 14
-- $1.25 Apr. 1 Holders of rec. Mar. 6
Carbon (guar.)
Union Carbide &
*51.50 Mar. 2 *Holders of rec. Feb. 16
Union Mills, common (guar.)
*1
Mar. 2 *Holders of rec. Feb. 16
Preferred (guar.)
23-i May 11 Holders of rec. May 1
Union Storage (quar.)
23-i Aug. 11 Holders of rec. Aug. 1
Quarterly
23-i Nov.11 Holders of rec. Nov. 1
Quarterly
13-i Mar, 2 Holders of rec. Feb. 100
Union Tank Car, corn. (guar.)
1 Si Mar. 2 Holders of rec. Feb. 100
Preferred (guar.)
500. Mar.31 Holders of rec. Mar.16a
United Cigar Stores, corn.(quar.)
Common (payable in common stock).. 113-i Mar.31 Holders of rec. Mar.160
15( Mar.16 Holders of rec. Mar. 2a
Preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 140
United Drug,common (guar.)
134 Mar. 2 Holders of res. Feb. 160
Second preferred (guar.)
15i Apr, 1 Holders of rec. Mar. 13a
Dyewood. pref.(guar.)
United
134 July 1 Holders of rec. June 150
Preferred (guar.)
13i Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
134J an 1'26 Holders of rec. Dec. 15a
Preferred (guar.)
234 Apr. 1 Holders of rec. Mar. 60
United Fruit (guar.)
234 July 1 Holders of rec. June fla
Quarterly
234 Oct. 1 Holders of reo. Sept. 50
Quarterly
234 Jan 2'26 Holders of rec. Dec. 50
Quarterly
15
Apr. 1 Holders of rec. Mar. ha
United Profit Sharing, common
134 Mar. 16 Holders of rec. Mar. 2a
U.S.Cast Iron Pipe & Fdy., pref.(qu.)_
23-i Mar. 16 Holders of rec. Mar. 2a
Preferred (extra)
134 June 15 Holders of rec. June la
Preferred (guar.)
2.511 June 15 Holders of rec. June la
Preferred (extra)
13-1 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. la
Preferred (quar.)
*4
Mar. 2
U.S. Envelope, common
*334 Mar. 2
Preferred
540e. Mar.31 *Holders of rec. Mar. 14
U.S. Gypsum,common (guar.)
*13-j Mar.31 *Holders of rec. Mar. 14
Preferred (guar.)
50c. Mar. 1 Holders of rec. Feb. 203
U.S. Hoffman Mach., corn.(quar.)
*134 Mar. 1 *Holders of rec. Feb. 20
Preferred (guar.)
Apr. 15 Apr. 1 to Apr. 15
1
U. S. Radiator, corn. (guar.)
134 Apr. 15 Apr. 1 to Apr. 15
Preferred (guar.)
Mar.16 Holders of rec. Mar. 5a
Realty dr Impt.,common (guar.)_ _ 2
U.S.
134 May 1 Holders of rec. Mar. 50
Preferred (guar.)
134 Mar.30 Feb. 28 to Mar. 3
United States Steel Corp., corn.(quar.)_
Si Mar.30 Feb. 28 to Mar. 3
Common (extra)
U.S. Title Guaranty (guar.)
234 Mar. 10 Holders of rec. Feb. 28
50c. Mar.20 Holders of rec. Feb. 28
Vacuum 011 (guar.)
50e. Mar.20 Holders of rec. Feb. 28
Extra
Valvoline 011, common (guar.)
134 Mar. 17 Holders of rec. Mar. 13
Van Raalte Co., lot prof. (guar.)
134 Mar. 1 Holders of rec. Feb. 160
•
13j Mar. 1 *Holders of rec. Feb. 13
Vesta Battery, pref. (guar.)
Apr. 2 Holders of rec. Mar. 15
$1
Wabasso Cotton (guar.)
*1% Apr. 1 *Holders of rec. Mar.26
Wahl Co., pref. (guar.)
$1
Mar.30 Holders of rec. Mar. 163
Weber & Hellbroner.corn.(guar.)
Apr. 30 Holders of rec. Apr. 15a
Common (payable in common stock)_ _ 12
$1
June 30 Holders of rec. June 15a
Common (guar.)
Sept.30 Holders of rec. Sept.15a
$1
Common (guar.)
$1
Dec. 30 Holders of rec. Dec. 15
Common (quar.)
134 Mar. 1 Holders of rec. Feb. 160
Preferred (guar.)
134 June 1 Holders of rec. May 15
Preferred (guar.)
1K Sept. 1 Holders of rec. Aug. 17
Preferred (guar.)
13-( Dec. 1 Holders of rec. Nov. 16
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. 20
Juice Co., pref. (quar.)_._
Welch Grape
533-i July 1 *Holders of rec. June 21
Western Grocer, preferred
*334 Jan1'26 *Holderso f rec. Dec. 21
Preferred
Apr. 30 Holders of rec. Mar. 310
Westinghouse Elec. & Mfg., com. (gy.) $1
$1 Apr. 15 Holders of rec. Mar. 310
Preferred (guar.)
134 Mar. 1 Holders of rec. Feb. 15
Co., Inc., pref.(guar.)_
White (J. G.),k
134 Mar. 2 Holders of rec. Feb. 10
White(1.0.) Engineering, pref.(guar.)_
White(J. G.) Managem't Corp., pf.(qu) 134 Mar. 2 Holders of rec. Feb. 16
$1
Mar.31 Holders of rec. Mar.200
White Motor (Ouar.)
134 Apr. 1 Holders of rec. Mar.23
Woods Mtg., pref. (quar.)
750. Mar. 1 Holders of rec. Feb. 10a
Woolworth (F. W.) Co.(guar.)
25e. Feb. 28 Holders of rec. Feb. 130
Wright Aeronautical Corp.(guar.)
Wrigley (Wm.) Jr., & Co.
250. Mar. 1 Holders of roe. Feb. 203
Monthly
250. Apr. 1 Holders of rec. Mar.200
Monthly
50e. Apr. 1 Holders of rec. Mar.20a
Extra
25e. May 1 Holders of rec. Apr. 200
Monthly
25c. June 1 Holders of rec. May 203
Monthly
250. July 1 Holders of rec. June 200
Monthly
2
Mar. 1 Holders of rec. Feb. 20
Wurlitzer (Rudolph) Co.. pref.(guar.)
210. Mar. 1 Holders of tee. Feb. 20
Yellow Cab Mfg.. class B (monthly)
$1
Mar. 31 Holders of rec. Mar. 15
corn.(qu.)
Youngstown Sheet & Tube,
131 Mar.31 Holders of roe. Mar. 15
Preferred (guar.)
•From unofficial sources. I The New Yon Stock Exchange has ruled that stock
The
Mil not be Quoted ex-dividend on this date and not until further notice.
New York Curb Market Association has ruled that stook will not be quoted exdividend on this date and not until further notice.
a Transfer books not slaved for this dividend. d Correction. e Payable In stook.
scrip. S On account of accumulated
IPayable in common stock. g Payable in
dividends. as Payable in preferred stock. a Payable in Canadian funds.
S Dividend is one share of $100 par value preferred stock for two shares of no-par
value common stock.
s Dividend is 10d. per share. All transfers received in order in London on or
before March 2 will be in time for payment Of dividend to transferees.
2610 Dec. 31 1924.
t Dividend is at rate of 5%per annum for period from May
s Payable to holders of record Jan. 31.
value common stock
o Childs company stock dividends are one share of no par
held.
for each 100 shares no par value common stock
of holder either in cash at the rate of 850. a share or one
z Payable at option
ortieth of a share of common stock for each share held.
Payable to holders if Coupon No.7.
[VoL. 120.
THE CHRONICLE
1060
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. 21. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS
(Slated in *Amends of dollars -that is. three ciphers (0001 omitted,)
New
Reserve
Capital Profits Loans,
with
Net
Time Bask
Discount, Cash
Week Ending
In
Legal Demand
DeFeb. 21 1925 Nat'l, Dec. 31 InvestState, Nov. 15 ments. Vault. Deposi- Deposits. Posits.is&c.
tortes.
Ras.
(000 omitted.) Tr.Cos.Nov.15
Members of Fed. Res
Bank of N Y &
Trust Co_ --- 4,000
Bk of Manhat'n 10,000
Meth & Met Bk 10,000
6,500
Bank of Ameri
Nat City Bank_ 40,000
Chem Nat Bank 4,500
Nat Butch & Dr 1,000
5,000
Amer Each Na
Nat Bk of Corn. 25,000
Pacific Bank___ 1,000
Chat&Phen Nat 10,500
Hanover Nat Bk 5,000
Corn Each Bank 10,000
Nat Park Bank. 10,000
East River Nat_ 2,100
First National._ 10,000
Irving Bk-ColTr 17,500
Continental Bk_ 1,000
Chase National_ 20,000
500
Fifth Ave Bank
600
Commonwealth.
Garfield Nat_ _ _ 1,000
Fifth National_ 1,200
Seaboard Nat_ _ 5,000
1,500
Coal & Iron Na
Bankers Trust_ 20,000
U Mtge & Tr_ 3,000
25,000
Guaranty Tr
2,000
Fidel-In
NY Trust Co._ 10,000
Metropolitan Tr 2,000
Farm Loan &'Tr 5,000
Equitable Trust 23,000
Bank. Average Average Average Average
12,462
13,874
15.970
5,412
55,297
17,024
277
8,246
39,761
1,708
9,318
23,519
13,493
23,743
1,942
66,060
12,417
1,066
25,461
2,704
1,099
1,656
1,344
8,159
1,375
26,514
4,619
19,180
2,117
19,147
4,129
17,370
11,262
73,853
148,872
182,021
82,131
602,365
128,396
8,533
108,238
347,026
32,438
166,926
125,801
204,190
179,058
31,549
331,683
267,846
7,736
402,465
25,333
13,434
16,574
20,401
109,105
20,183
333,736
58,184
450,387
21,621
175,440
47,554
146,233
260,297
831
2,532
3,393
1,707
4,587
1,27
103
894
1,279
1,104
4,215
569
6,330
1,249
1,192
474
2,869
151
4,339
697
452
477
151
973
232
938
682
1,317
382
654
328
470
1,449
7,029
16,490
22,717
12,147
71,032
15,931
905
12,403
39,854
4,484
18,718
16,313
25,424
18,494
3,299
27.972
35,243
962
51,762
3,452
1,422
2,296
2,429
13,297,
2,195
37,471
7,043
47,725
2,551
20,235
5,712
15,481
31,363
52,161
120,546
170,672
90,934
*664,883
116,743
6,858
95,849
302,433
29,780
125,944
114,884
183,702
138,821
23,300
208,192
263,845
6,479
*405,085
26,000
10,206
16,050
18,242
100,608
16,555
*290,692
52,416
*433,054
18,984
143,709
43,126
•118,568
*287,693
Average Aro.
9,082
23,899
10,877
548
4,362
60,869
4,572
347
292
494
7,585 4,936
19,119
3,281
35,938 5,960
28,546
10,529 3,478
7,714
497
30,618 1,941
27,464
378
22,042 1:6603,
2,672
118
1,117
3,768
1,997
52,697
6,271
53,256
1,911
26,268
3,418
25,826
36.950
556
249.
40.
411
Total of averages 292,900467,738 5,129,609 48,290593,851 4,397,716 523.436 21,141
Totals, actual c ndition Feb. 21 5,149,771 47,755601,103,c4,392,332525,226 21,378
Totals, actual to ndition Feb. 14 5,123,129 48,700 639,365'c4,412,884 514.75520,920'
Totals, actual to ndition Feb. 75,151,484 49,413573,5161 4,445,641 512.596 20,727
State Banks Not Members of Fed'I Res've Bank.
21,707 1,951 2,368
21,969 1,043
Greenwich Bank 1,000 2,434
294
414
250
897
5,400
2,693 1.988 -Bowery Bank...
98,453 4,008 2,251
34,041 61,427
StateBank... 3,500 5,134
6,253
5,033
58,703 64,458
Totals, actual to ndition Feb. 21 125,787 6.349 .5,297
Totals, actual to ndition Feb. 14 125,584 6,358 4,426
Totals, actual to ndition Feb. 7 125,954 6,407 4,492
Trust Compan es Not Members of Fed 'I Res's.e Bank
59,604 1,505 4,100
Title Guar de Tr 10,000, 15,908
910 1,731
27,887
LawyersTit&Tr 6,000 6,311
59,142 64.562
58.397 64,276
59,145 64,135
Total of averages
4,750
8,467
125,566
37,211
16,620
2,605
1,143
Total of averages 16,000 22,220
87,491
2,415
5,831
53,831
3,748
Totals, actual c ndition Feb. 21
Totals, actual c ndition Feb. 14
Totals, actual c ndition1Feb. 7
86,659
87,758
87,987
2,336
2,422
2,475
5,912
5,948
6,055
53,165
54,959
55,290
3,757
3,694
3,325
Gr'd aggr., asp 312.650498.4265,342,666 56.958604,715 4,510,250591,64221,141
Comparison with prev.1week _ _ +6,437-1,6311--5,555 -47,494 +9,107 +365.
Gr'd aggr., act' cond'n 1Feb. 21 5,362,217 56,440'612,312 4,504,639593,54521.378
Comparison with prev.1week_ _ +25,746-1,040-37427 -21,601 +10820 +458
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., act'l
aggr., act
'f
aggr., act'l
aggr., eat
aggr., act'l
aggr., aa'l
cond'n
condo
cond'n
cond'n
cond'n
cond'n
Feb. 14 5,336.471
Febl 71,385,425
Jan. 31 5,404,854
Jan. 24 5,434,369
Jan. 175,420.715
Jan. 105,515,994
57.480049,739 4,526,240,582,72520,920
58,295 584,063 4,560,076'580,056 20.727
54,544661,699 4.602,6751591,47232,604
50,666
,
4,644,6131605,60232,394
50,
468694,2094,713,535'591.19432,269
62,313606,837 4,764,730592,387 32,247
Note
.-U. S. deposits deducted from net demand deposits in the genera totals
above were as follows: Average total, Feb. 21, 514,450,000; actual totals, Feb. 21,
$14,449,000;Feb. 14,$14,448,000; Feb.7,$15,835,000;Jan.31,$18,111,000;Jan.24,
$18,111,000. Bills payable, rediscounts, acceptances and other liabilities, average
for week Feb.21.5061,427,000; Feb. 14, $633,922,000; Feb.7,
$630,579,000; Jan.31.
5630,274,000; Jan. 24. 5597,260,000. Actual totals Feb. 21. $701,341,000; Feb. 14,
5716,395,000; Feb. 7, $638,763,000; Jan. 31, 5701,859,000; Jan. 24, 3651,085,000.
•Includes deposits in foreign branches not included in total footings, as follows:
National City Bank. $128,195,000; Chase National Bank, $10,713,000; Bankers
Trust Co., $15,640,000; Guaranty Trust Co., $80,876.000; Farmers' Loan & Trust
Co., $6,054,000; Equitable Trust Co., $57,820,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank,517,719,000:
Chase National Bank, $2,671,000; Bankers Trust Co., 51,476,000; Guaranty Trust
Co., $4,790,000; Farmers' Loan & Trust Co., $6,054,000; Equitable Trust Co..
$8,142,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
In
in Vault. Depositories
Members Federal
Reserve Bank.
State banks*
Trust companies S._
Total Feb. 21._
Total Feb. 14.......
Total Feb. 7_ _.
Total Jan. 31.....
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
593,851,000 593,851,000 587,406,160
5,033,000 11,286,000 10,566,540
5,831,000 8,246,000 8,074.650
6,444,840
719,460
171,350
8,668,000 604,715,000 613,383,000 606,047,350
8,826,000 610,270,000619,096,000 611,977.520
8,565,000 618,386,000 626,951,000 618,651,500
8,568,000 614.744.000623,312,000 619,185,440
7,335.650
7,118.480
8,299.500
4,126.560
6,253,000
2,415,000
•Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits it the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which WAS as follows:
Feb.21,$15.703,080;Feb.14,515,441,450;Feb.7,$15,326,880;Jan.31.516,006,896.
FEB. 28 1925.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
in
Reserve
in Vault. Depositories
Members Federal
Reserve Bank
State banks•
Trust companies •
Total
Reserve.
Reserve
Refutred.
Surplus
Reserve.
1061
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
601.103,000 601,103,000 586,759,940 14,343,060
6,349,000 5,297.000 11,646.000 10.645.560 1.000,440
2,336,000 5.912,000 8,248,000 7,794,750
273,250
8,685,000 612.312,000 620,997.000 605,380.250 15,616,750
Total Feb.
8,780,000 649,739,000 658,519,000 607,872,880 50,646,120
Total Feb. 14
Total Feb. 7_ - 8,882,000 584,063,000 592,945,000 612,250.810 19,305.810
8.460,000 661,699.000 870,159.000 618.129.900 52.029.100
Total Jan. 3L
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies,butin the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Feb. 21,
$15,756,780; Feb. 14, $15,442,650; Feb. 7, 815,377,880; Jan. 31, $15,722,460.
Changesfrom
previous week.
Feb. 25
1925
Feb. 18
1925.
Feb. 11
1925.
$
Capital
60,300,000 Unchanged
57,300,000 57,300,000
Surplus and profits
13,000 78,580,000 78.987,000
78,567,000 Dec.
Loans,(noels & Investments_ 906,569,000 Dec. 6,267,000 912.836.000 894,160,000
Individual deposits. Incl. U.S.642,059,000 Dec. 12,792,000 654.851,000 640.628.000
Due to banks
132,359,000 Dec. 11,695.000 144.054,000 145,287,000
Time deposits
179,550.000 Inc.
470,000 179,080.000 178.692,000
United States deposits
22,899,000 Dec.
24.000 22,923,000 24,306.000
Exchanges for Clearing House 24,223,000 Dec. 2,445,000 26,668.000 32,097,000
Due from other banks
78,367,000 Dee. 4.639,000 83.006,000 77,720,000
Reserve in Fed. Rm. Bank
75,737,000 Dec. 2,225,000 77,962,000 76,996.000
Cash In bank and F.R. Bank _ 10,153,000 Dec. 215,000 10,368,000 10,569,000
Reserve excess in bank and
Federal Reserve Bank__ 939,000
535,000 Dec. 559.000 1,094.000
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.21, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
,
Differences from to be kept with the Federal Reserve Bank. "Cash in vaults"
Feb. 21.
previous week.
is not a part of legal reserve. For trust companies not memLoans and investments
$1.014,172,800 Dec. $829,900
Gold
4,271,800 Dec.
47,800 bers of the Federal Reserve System the reserve required is
Currency notes
21,870,200 Dee. 442,400 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
87,270,300 Dec. 1,879,900
Total deposits
1,070,706,700 Dec. 1,406,600 depositaries" and "Cash in vaults."
Deposits,
eliminating amounts due from reserve
depositaries and from other banks and trust
companies in N. Y. City, exchange and U. S.
Week Ended Feb. 21 1925.
deposits
Two Ciphers (00)
1,015,079,800 Dec. 271.600
Reserve on deposits
omitted.
1925
Membersof Trust
153,401,800 Dec. 3,871,500
Percentage of reserve, 20.7%.
.R.System Companies Total.
RESERVE.
Capital
$41,839,0 65,000,0 846,839,0
State Banks
-Trust Companies
Cash in vault
123,927,0 16,739,0 140,666.0
634,134,500 16.49%
$79,277,800 14.92% Surplus and profits
Loans,disets & invest'ts. _ 801,719,0 44,502,0 846,221.0
Deposits in banks and trust cos_ _ _
12.378.200 5.97%
27.611,300 5.17% Exchanges
for Clear.House 33,486,0
754,0 34,240,0
Due from banks
Total
27.0 113,511.0
113,484,0
$46,512,700 22.46%
$106,889,100 20.09% Bank deposits
973,0 150.022,0
149,049,0
Individual deposits
*Includes deposits with the Federal Reserve Bank of New York, which for
584,377,0 25,997,0 610,374.0
the Time deposits
State banks and trust companies combined on Feb. 14 was $89,150,200.
1,675,0 102,134.0
100,459,0
Total dePosirs
833,885.0 28,645,0 862,530.0
U. S. deposits (not incl.)
9,173,0
Res've with legal deposles.
3,800,0
3,800,0
Reserve with F.R.Bank.,.. 64,990,0
64,990,0
Banks and Trust Companies in New York City.
-The Cash
•
10,318.0
1,308,0 11,628,0
averages of the New York City Clearing House Banks and Totalin vault& cash held
reserve
75,308,0
5,108.0 80.416.0
4,011,0 67,821,0
63,810,0
trust companies combined with those for the State banks and Reserve required
trust companies in Greater New York City outside of the Excess res. & cash in vault.. 11,498,0 1,097.0 12,595,0
• Cash In vault not counted as reserve for Federal Reserve
Clearing
House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedOct. 25
Nov. 1
Nov. 8
Nov.15
Nov.22
Nov.29
Dee. 6
Dec. 13
Dec. 20
Dec. 27
Jan. 3
Jan. 10
Jan 17
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Demand
Deposits.
•Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,455,020.500
6,471,127,800
6.426,927,200
6,433,204,400
6,474,249,900
6,518,724.600
6,528,299.100
6,511.329,700
6,467,071,000
6.499,441,100
6.517,941,600
6,534,475,500
6,502,799,000
6,449,153,600
6,400,877.800
6.382,661,100
6,349,571,900
6,356,838,800
$
5,649,960,400
5,627,593,900
5,591,046,400
5,663,989.100
5,684,532,300
5.708.357,400
5.760,687,300
5,757,800,800
5.767,935,500
5.745,656,500
5.790,937,000
5,819,488,500
5.781,126,500
5,693,929,300
5.605,108,000
5.612.344.600
5,573,095.200
5,525.329.600
$
83,921,000
83,783.000
84,099.700
88,084.800
8.5,378,900
87,856.300
89,895,100
93.756,200
98,888,600
104,910,200
102,032.000
94,214,000
87.350,900
82,585,000
82,041,200
81,537,700
85,221.200
83.100.100
$
762,706,000
750,335,800
751,018,300
773,766,400
761.712,200
750.645.500
775.979.000
764.010.000
785,101.000
766.067.800
783.386,400
783,368,300
773,115.400
752,408,400
737.862,600
746,868,900
740.911,100
731.974.800
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated In thousands of dollars
-chat is, three ciphers MOM omitted.)
,
N et
Loans.
CLEARING
capital.1 Profits.
DisReserve
Net
Na
NON-MEMBERS
counts. Cash
with Demons Time
Nat. bke. Dee.31 Investin
Legal
Week Ending State bks. Nov.15 most*, Vasat Depot Deposits Deposits
Feb. 21 1925
Tr. cos Deo. 81 ‘te.
series
Members of
Average Average Average Average Average
$
Fed'I Res've Bank
$
$
S
$
8
Grace Nat Bank...._
1,000
1.748 10,117
49
645
3,349
4,722
Total
1.000
1.748 10.117
49
645
3,349
4,722
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash. Hts_
200
481
7,651
849
377
6,301
2,140
Colonial Bank
1,000
2,541
2.600
3,092
1,489 24,850
3,490
Total
1,200
3,022 35,251
3,941
1,866 31,110
5,549
Trust Company
Not Members of
Fed'I Res've Bank
Mech.Tr.,Bayonne
508
447
8,914
500
36
3.122
6,060
500
508
8,914
447
Total
31
3,122
6,060
S
Grand aggregate__
2.700
Comparison with prey. week
5,279
54,282
-743
4,437
+84
2,542 a37,622
+30 -521
16.331
+51
Gr'd aggr., Feb. 14
Ord aggr., Feb. 7
Gr'd aggr.,Jan. 31
fled agar.. Jan. 24
5,279 55,025
5.279 54,001
5,279 53,520
5.279 53.512
4,353
4,166
4,208
4.118
2.512
2,734
2,476
2,829
16,200
16,141
16,081
16.133
2.700
2.700
2,700
2.700
238,143
1437.140
.36.316
a36.771
a United States deposits deducted. $168.000.
Bills payable, rediscounts. emeptanses a514 giber ils0llitles, 61,087,000
Excess reserve. 8191,780 increase.
Feb. 14
1925.
Feb. 7
1925.
$46,839,0
140,666,0
844,381,0
35.538.0
115,837.0
151,511.0
609,605.0
98,935,0
860.151,0
9.218,0
3,430,0
82.335,0
11,843,0
77,608.0
67,711,0
9.897,0
members.
$46,839,0
140.666,0
841,939,0
32,790.0
108.243,0
146,482,0
602.559,0
99.227,0
848,268,0
10.400,0
3,695.0
64,588.0
10,887,0
79,170,0
67,506.0
11,664,0
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. 26 1925 in
comparison with the previous week and the corresponding
date last year:
Feb. 25 1925. Feb. 18 1925. Feb. 27 1924.
Resources
342,006.000 442,080,000 583.104,000
Gold with Federal Reserve Agent
7.327,000
6.342.000
10,453.000
Gold redemp. fund with U. S. Treasury_
Gold held exclusively agst. F.R. notes. 352,459,000
Gold settlement fund with F. R. Board.. 187.348.000
Gold and gold certificates held by bank__ 317,804,000
448,402,000
137.428.000
307,725,000
590,431,000
168,515,000
179,821,000
Total gold reserves
Reserves other than gold
857,611.000
28,351,000
893,555,000
28,202,000
938,767,000
30,131,000
Total reserves
885,962.000
Non-reserve cash
18,058,000
Bills discounted
Secured by U. S. Govt. obligations__ 184,206,000
Other bills discounted
42,721.000
921.757,000
19,073,000
968,898,000
11,772,000
104.388,000
43,958,000
106.840,000
16,576,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
226,927,000
80,070,000
148,346,000
64,114,000
123,416.000
$6,264,000
12,461,000
89,909,000
3.987.000
12.461,000
91,089,000
5.648,000
1.202,000
14,687,000
7,963,000
Total U. S. Government securities__ 106.357.000
Foreign loans on gold
3,055,000
All other earning assets
109,198,000
3.055.000
23,852,000
Total earning assets
Uncollected items
Bank premisee
All other resources
324,713,000
152.482.000
16,304.000
8,108.000
203,632,000
123,107,000
13,980,000
2,893,000
416,409,000
138,811.000
18,304,000
8,073,000
Total resource!,
100,000
1 483,617,000 1,442,437.000 1,324,282,000
Liabilities
Fed. Res. notes in actual circulation
357.857,000 346,315,000 370,592.000
Deposits
-Member bank, reserve acol... 884,895,000 843,450,000 737.496,000
Government
5.945,000
6.028,000
7,495.000
Other deposits
11,326,000
29,818,000
23.336,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabIllitiee
Total liabilities
914,259,000
119,551,000
30,576,000
58.749.000
2,625,000
879,213.000 756,317,000
125.278,000 105,538,000
29,727,000
30,531,000
59,929,000
58,749,000
2,179,000
2,351,000
1,483,617,000 1,442,437,004)1.324,282,000
Ratio of total reserve* to deposit and
Fed. Res not. liabilities combined......
Contingent liability on bills purchased
for foreign oorrespondents
CURRENT
69.6%
75.2%
86.0%
12,880,000
12,860.000
5,563,000
NOTICES.
-Milliken & Pell, specialists in Standard Oil securities, of Newark,
N.J., are distributing an analysis of Standard 011 Pipe Line stocks, based
upon the annual statements and balance sheets which have recently been
made public. Some of the more prominent points considered are: A
Comparison of the northern and southern groups, a statistical comparison
of oil deliveries by companies for the past five months, and the general
outlook for the coming year. Copies of this analysis will be sent free
on request.
-Carleton & Mott have moved to 170 Broadway, New York.
[Voi... 120.
THE CHRONICLE
1062
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Feb.26,and showing the conditiob
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
is a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Rcserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 1032, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS FEB. 25 1925.
Feb. 25 1925. Feb. 18 1925. Feb. 11 1925. Feb. 4 1925. Jan. 28 1925. Jan. 21 1925. Jan. 14 1925. Jan. 7 1925 Feb. 271924..
$
$
$
$
RESOURCBS.
1,603,443.000 1,701.939.000 1,712,410.000 1,726,231,000 1,730,679.000 1,744,722,000 1,744.250,000 1.729.267,000 2,109,124,000
Gold with Federal Reserve agente
42.069,000
50,590,000
48.298,000
51,637,000
53.660.000
45.703.000
45,854.000
44.486,0001 50,139.000
Gold redemption fund with U. B. Treats_
Gold held exclusively agst. F. R. notes 1.647,929,000 1.752.078,000 1.760,708.000 1,777,868,000 1,784,339,000 1,795,312,000 1.789.953,000 1,775.121.000 2,151.193,000
668.619,0001 578,550.000 576.593.000 570.035.000 590.815,000 592.394,000 603.544.000 637.330,000 600,085,000
Gehl settlement fund with F. R. Board_
577.029,000 574,847,000 559,039.000 572.987.000 564,232,000 557.014.000 559.538.000 538.493,000 371,469,000
Gold and gold certificates held by banks_
Total gold reserves
Reserves other than gold
2,893,577,009 2,905.275.000 2.898.340,000 2.920.890,000 2.939.386,000 2.944.720.000 2,953.035.000 2.950.944.000 3,122,747.000
135,968,000, 139.929.000 144.693.000 143.704.000 143,160.000 138.715,000 138.664.000 124,397,000 106,993,000
Total reserves
Non-reserve can)
Bills discounted:
Secured by U S Govt. obligations
Other bills discounted
3,029,545,000 3.045.201.000 3,041.033.000 3,064.594.000 3,082.546.0003,083,435.000 3.091.699.000 3,075.341,000 3,229,740,000
51,091,000
77,322.000
78.642.000
73.479,000
74,371.000
60,160.000
58,045,000
62,930,000
55,533,000
196.460.000
146,011.000
190,515.000
141.291,000
207.325.000
115.042.000
164.892.000
108.800.000
101.946.000
100.811 000
141,281,000
120.478,000
146.698,000
117.710.000
263,512,000
268,078,000
Total bills discounted
Bills bought In open market
U 5 Government securities:
Bonds
Treasury notes
Certificates of indebtedness
433,805,00e 342.471,000
317,246,000, 311,747,000
331,800.000
324,647.000
322.367.000
308.004.000
273.692.000 202.757.000
307.767.0001 306,176,000
261.759.000
323,901,000
264,408.000
340,978.000
531,590,000
263,310,000
74,945,000
75.780.0001
263,445,000 273,082,000
25,469,000
30,178.000
74,965.000
274,539.000
40,592.000
75.216.000
273.252.000
40,360.000
74.347,000
76.174.000
279,665.000 292.307.000
38,225.0001 56,210.000
78.540,000
332.168.000
76,214.000
75,505,000
342.533.000
77,991.000
18,347,000
105,677,000
31,777,000
Total U. B. Government securities
Foreign loans on gold
All other earning assets
364.691,000
10,503,000
3,452,000
390.096.000
10.5(10.000
2.559,0()0
388.828.000 394.064 000 423.464,000
'
10.500.000
10.500.000
10.500.000
2.559.000
2.559.000
2.559.0001
486.922.000
6.000.000
2.559.000
496.020.000
6.000.000
2,550,000
155,801,000
988,582.000 945,456,000 1,081.141,000 1,109.965.000
1
572.000.000 626.914.000 697.611.000 702.909.000
57,902,000
57.66P.000
57,595.000
57.939,000
24.61)4.000
25.010.000
24.049.000
24.831.000
950,801,000
28.000
581,438,000
58,169,000
21,623.000
283,332,000
150,473.003
378.205,000
10.500,000
3.458.000
1.129,697,000 1.046,381.000 1,059.608.00(1 1.032.258.000
Total earning meets
5% redemp fund agst. F. R. bank notes
641,454,000 682,314.000 589.040.000 567.815.000
Uncollected Items
58.323,000
58,332.000
58.057.000
58.004,000
Bank premises
24.450,000
24.50).000
24,399.000
24,317.000
All other resources
100,000
Total resources
LIABIL1TINS.
F. R notes In actual circulation
F R bank notes In circulation-net__
DepositsMember banks-reserve amount
Government
Other deposits
4.942,011,000 4.916.882,000 4.830.182,000 4,809,918.000 4,800.269,000 4,815,633.000 5.031,772,000 5,043,338,000 4.889,890,000
Total deposite
Deferred availability items
Capital paid In
Surplus
All other liablittfes
2,269,636.000 2,257.121,000 2,242.455,000 2.267.569.000 2,265,216.000 2,216.096.000 2,330.340.000 2.316.533.000 1,985.831,000
601.011,000 619.074,000 533.3118,0(10 511.833,000 510.336.000 561,045.000 623.681.000 581,799,000 535.818.000
113,593,0001 113,466,000 112,3211.000 112.316.000 112,246.0(10 - 112.187.0)10 112 193.000 112.228,001: 110.880,000
220,915.000
217.337.0001 217.837.000 217.837.000 217.837,000 217.837.000 217.837.000, 217.837.000 217.837.001
13,740,000
9,744,000
11,149.000
9.840.000
9,558.000
10.494.000
10.502.000
10.323.000
9.978.000
1,728,752,000 1,698,890.000 1.713,662.000 1,690,385,000 1,684,311.000 1.698.628,000 1.737,977,000 1.805,383,000 2,022,301.000
405,000
1
2,208,405.000 2,190,651,000 2374.546,000 2.193,624.000 2,171,723.000 2.140,611.000 2.256.491,0002.247,745.000 1,926,514,000
38.441,000
20.673,000
26,129 000
31.146,0110
30.563.000
26.040,000
27.601.000
29.049.000
52.114.000
20,876,000
31,558,000
40.341.009
44.339.000
40,308.000
43.286.000
42.748.000
44,896.000
41.379.000
Total liabilltles
4,942,011,000 4.916,882,000 4,830.182.000 4.809,918.000 4,800,269.000 4.815,633,000 5,031,772,000 5.043,338,000 4,889,890,000
Ratio of gold reserves to deposit and
77,8%
72.5%
71.8%
73.4%
75.2%
F. R. note liabilities combined
72.3%
74.4%
73.0%
73.8%
Ratio of total reserves to deposit and
80.6%
74681
76.0%
75.8%
77.0%
78.8%
76.9%
F. R note liabilities combined
77.4%
78.0%
Contingent liability on bills Purchased
12.366,000
44.720.000
49,817,000
47,332,000
45,404,000
44,581.000
43,210.000
47.174.000
45.157,000
for foreign correspondents
$
$
Distribution by Matur1ties88.656.000 109,311,000
92.896.000 100.717.000
90.251.000
133.777.000 107.286.000 108.570.000
93.789.000
145 days bills bought in open market_
353,789,000 264,345.000 264.095,000 253.097.000 202.035.000 133.962.000 188.207.000 185.841.000 319,479,000
1-15 days bills discounted
102.000
1,485,000
14.000
14,(881
617.000
200.000
14.000
1-15 days U. S certlf of indebtedness
9.000
2.000
8.000
8,000
1-15 days municipal warrants
55.786,000
66.104.000
64.478.000
76.288000
78,374.000
55,785,000
71.762,000
83.785.000
85,541.000
16-30 days bills bought In open market__
46,390,000
18,385,000
20.220.000
17,691.000
16.734,000
17,440.1100
18,292.000
20.229.000
18,976.000
16-30 days bills discounted
11,010,000
196.000
196.000
482,000
491,000
16-30 days U. S. certlf of indebtedness.
9.000
9.000
9.000
1.000
16-80 days municipal warrants
55,047,000
96,502.000 108,240.000 116.6311,000 114.313.000
74,827.000
75,660.000
75.542.000 83.259.000
111-60 days bills bought In open market
28,531.0110
26.849,000
64,879,000
28,381,000
24,611.000
26,847.000
29.211,000
31,629.000
27,716,000
31-130 days bills discounted
62.000
296.000
302.000
286,000
285.000
31-80 days U.8 certif. of indebtedness.
31-60 days municipal warrants
34.973.0001 31.355.000
31,931.000
33,237.000
40.048.000
51.830.000
48,277.000
52,551.000
52.488.000
51-90 days bills bought in open market__
14,931.0(10
41,515,000
15.069,000
18.789 000
16,501.000
20,620,000
20.213,000
14,345 000
14.393.000
51-90 days bills discounted
240.000
2,772.000
51-90 days U. S certif. of indebtedness
51-90 days municipal warrants
7.581.000
7.667.000,
8.833.000
1,401.000
4.580,000
5.367,000
4,488,000
4.262.000
0,891.000
Over 90 days bills bought in open market
10.281.000
10,366.000
23,863,000
10.327.030
10,285,000
9,968,000
9.779.000
9.738.000
10.347.000
Over 90 days bills discounted
. M.908,000
74.427,000
16,758,000
24.787,000
29,673.000
39,690.000
39.864.000
75.219.000
Over 90 days certif. of indebtedness._
Over 90 days municipal warrants
37'719.0001
Nava Reseros Notes
2,052.673.000 2,057,731,000 2.055,638.000 2,055.967,000 2.073.168.000 2.099,962,000 2.144,712.000 2.202.002.000 2,555,412.000
Outstanding
323 921.000 358,841,000 341.976,000 365.582.000 388.857.000 401.334.000, 406.735.000, 3911.619.000 531,629,000
Held by banks
in actual circulation
1,728,752.000 1,698,890,000 1.713,662.000 1,690.385,000 1.884,311,000,1.698.628,000 1.737.977 000/1,805.383.000 2.023.783,000
Amount chargeable to Fed Res. Agent 3.039.461,090 3.053.445.000 3.043.551.000 3.063.692.000 3,098.368,0003.113.354.000 3.131.216.000 3,165.660.0481 3.513,669,000
986,788.000 995.714.000 993,913,0W 1,007.725,000 1.015.200.000 1.013.392.0001 986.504.000 963,658,000 958,257,000
In bands of Federal Reserve Agent
Retied to Federal Reserve Banks.... 2.052,673.000 2,057,731.000 2.055,638.000 2.055.967.000 2.073.168.000 2.099,962.000 2,144,712.000 2.202J0u12.000 2,555,412,000
How Secured
278,016.000 282.516.000 281,516,000 281,564.090 281.849.000 281,449,000 281.449.000 280.494.000 328,184.000
By gold and gold certificates
449.230,000 355.792.000 343.228,000 329.736.0110 342.489.000 357,552.000 402.5911,000 472.735.000 441,494,000
By eligible paper
101.566,000 105,841.000 108.767.000 102.970,000 107,412.000 107,198.000 107.875.000 117.533,000 121,925,000
Gold redemption fund
1,223.861,000 1,313.582,000 1.322,127.000 1.341.697.000 1.341.418.000 1.356,077.000 1,354.926.000 1.331,249.000 1.666,553.000
With Federal Reserve Board
Total
2,052.673.000 2.057.731.000 2,055,638.000 2.055.967.000 2,073.168.000'2.102,274.000 2.146.848,000 2,292.1102,001 2.558.156,000
716,703,000 625,203.000 621,313,000 506.028.000 557,310.000 485 48601)0 51111.738 non 504 2in 9110 717.005,000
Eligible muter delivered to F R. Agent
• 111131008 Victory notes.
RESOURCES AND LIABILITIES OF RACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FF13. 25 1925
WEEKLY STATEMENT OP
Two ciphers (00) milled.
Federal Reserve Bank Ol
-
Boston.
5
RESOURCES
Bold with Federa Reserve Agents 157,531.0
5.225.0
Bold red'n fund with US.Trees
New York.
Phila.
s
$
Cleveland. !Helmond Adatua. Chicaso
$
$
$
$
If Louis ifinneap Iran. City
s
s
352,459,0 154,416,0 173,073,01 69,231,0 146,263.0 169.826,0 55,308,0 68,289,0 62,465,0
187,348,01 48.968,0 63,845,0 16,075,0 21,274,0 104.799,0 27,484.0 27.476.0 48.887.0
317,804,01 22,712,0 26,247,0 23,311,0 8,668,0 95,321,0 8,992.0 6,513.0 3.576,0
857,611.0 226,096,0 263,165,0 108,620,0 176,205,0 369.946,0 91,784.0 102,278.0 114.928,0
28,351,0 7,368,0 8,632.0 6,135,0 13.028,0 18,264,0 18,448,0 2,024,0 4,024,0
257,912.0 885,982,0 233,464,0 271,797,0 114,755,0 189,233,0 388,210,0 110.232,0 101,302,0 118,952,0
3,936,0 - 18,058,0 1,907,0 2,681,0 2,812,0 5,132,0 8,180,0 3.747,0
749,0 2,040,0
26,678,0
1 Tota (bills discounted
41.961,0
5111s bought In open market
H. S. Government securities:
2,662.0
Bonds
•
18,161,0
Treasury notes
3,737.0
Certificates of indebtedness_
Tots If S Govt eecurittes
22.560.0
San Fran.
TOM.
$
$
342,006,0 146,613,0 170,594,0 68,682,0 143,947,0 165,678,0 51,510,0 67,077,0 60,167.0 35,669.0 1113.969.0 1,603,443,0
10,453,01 7,803.0 2,479.0
552,0 2,316,0 4,148,0 3,798,0 1,212,0 2,298.0 2.003,0 2.199,0
44,486,0
Gold held exci agst.F.R.notes 162,756,0
Bold settle't fund with F R.B'rd 55,795,0
Bold and gold ctfe. held by banks 25,040.0
•
243.591.0
Total gold reserves
14,321.0
Reserves other than gold
Total reserves
Non-reserve cash
Bills dlsoounted: '
, Sec. by U. S. Govt. obligations 13,983,0
10,695.0
Other bills discounted
Dallas
$
$
525,0 10,474,0 2.978,0
184,206,0 18,271,0 32,714,0 8,156,0
42,721,0 9.572,0 9,940,0 20,532.0 11,220,0 15,811.0 7,780,0
--226,927.0 27.843,0 42.654,0 28,688,0 11,745,0 26,285.0 10,758,0
80,070,0 20,231,0 34,105,0 4,975.0 5,550,0 40,492,0 17,450,0
12,460.0 1,415,0 10.948,0
89,910.0 23,163,0 -25,018,0
327.0 6,359,0
3,987,0
101,357.0,
1,407,0
1,802,0
73.0
42.1)29.11,
•0
1,550,0 19,649,0
1,121,0 35,049,0
790,0 1,427.0
1,277,0
7,787,0
345,0
3.461,0 56,125.09.409,0
37.672,0 196.168.0 1,647,920.0
27.819,0 38.849.0 668,619,0
8.872.0 29.973,0 577,029.0
74,363.0 284.090,0 2,893,577,0
9,478,0 5,895.0 135,968.0
83,811,0 270,885,0 3,029,545,0
55,533,0
2,422,0 3.869,0
283,332.0
150,473,0
1.234,0 . 351,0 8,122,0
4,007,0 1.936,0 12,455,0
4,122,0 5,241,0 2,287,0 20577,0
2,638,0 11,635,0 16,132,0 42,007,0
433,805,0
317,246,0
8,824,0 8,1122,0 4,350,0 3,116,0
9,206,0 13,846.0 12.203,0 28,179,0
541,0 5.566,0
408,0 1.909.0
75,780,0
263,445,0
25,469,0
318.0
3,804,0
,
.
17.0114,0„
„
FEB.28 1925.]
1063
THE CHRONICLE
ltlISOURCES (Concluded)
Two aspassg (00) muted.
Boston.
New York.
$
$
3,055,0
libeelifn Ioans on gold
Another earning assets
8
1,220,0
1,032,0
2,950,0
Atlanta.
$
$
603,0
462,0
Chicago. St. Louis. Minneap. Kan. City
$
1,584,0
Dallas. San Fran
S
474,0
500,0
$
519,0
$
374,0
2,0
S
399,0
Tarot.
5
798,0
$
10,500.0
3,452,0
416.409,0 76,961,0 120,304.0 37,548,0 21,218,0 124,466,0 38,136,0 25,574,0 41,727,0 35,912,0 100,243,0 1,129,697,0
138.811,0 63,276,0 60,057,0 49,099,0 30.694,0 86,448,0 36,450,0 12,799,0 41,313,0 31,037.0 37,007,0 644,454,0
16,304,0 1,114.0 7,573,0 2.446,0 2.780.0 8,099,0 3.619,0 3,039,0 4,067,0 1.833,0 3.268,.
58,332,0
368,0
8,073,0
433,0
24,450,0
515,0 2.071,0 2.086,0
708,0 1.825.0 4.758,0
323,0 3,125,0
91,199,0
67,463.0
4,100.0
167,0
Totalearning asseta
Uneollecteditems
Bank premises
AR other resources
Cleveland. Richmond
Phila.
$
414,867,0 1.483,817,0 377,090,0 462,846.0 207.175,0 251,128,0 617,489,0 192,507,0 149,588,0 208,807.0 156,870,0 420.028,0 4.942,011,0
Totalresources
LIABILITIES.
F.R.notesin actual circulation.. 199,079,0
Deposits:
Member bank-reserveaca... 132,277.0
2,731,0
Government
159,0
Other deposits
357,857,0 160,281,0 191,600.0 75,275.0 140,647.0 177.538.0 52.699.0 66,966,0 86,551,0 45,586,0 194,873,0 1,728,752.0
884,895,0 121,952,0 174,631.0 66,799.0 71.490,0308.336.0 83.877,0 55,919,0 87,217,0 64.229.0 156,883,0 2,208,405,0
6,028.0 3,968.0
598,0 2,530,0 1,668,0
26,873.0
646,0 1,864,0 1,772,0 1,510,0 1.629,0 1.729.0
23.336,0
653,0 1.182.0
181.0
213,0 1,818,0
34.558.0
246,0 5,006,0
697.0
767.0
300,0
914,259,0
119,551,0
30.576,0
58,749,0
2,625,0
135,167,0
55,770,0
8.069,0
16,382.0
400,0
Totaideposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Totalliabilities
126,573,0
58.822,0
11.068,0
20,059,0
287,0
176,311,0 69,510.0 73,371.0 310.800.0 86.508.0 57.991,0 89,424,0 66,104.0 163 618.0 2,269,636,0
58.593,0 44,140.0 22.957.0 81,646.0 37,721.0 12.928.0 39.082.0 32,662,0 37,169,0 601.041,0
12,957,0 5,932,0 4,594.0 15.473,0 5,110,0 3,268.0 4,318,0 4,127.0 8.104.0 113.596.0
22.462,0 11,701.0 8,950,0 30.426,0 9,971,0 7,497.0 8,977.0 7,592.0 15,071.0 217.837.0
922,0
617,0
609.0 1.608,0
11,149,0
799.0 1,393,0
455,0
498,0
938,0
414,867,0 1,483,617,0 377.090,0 462,845.0 207.175,0 251,128,0 617,489,0 192,507,0 149,588,0 208,807,0 156,870,0 420,023,0 4,942,011,0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills pur...e......trnr foreign corrrannnerta
77.2
69.6
81.4
73.9
79.3
19 66(10
4 anti n
A 900 n
9 ruut n
88.4
9 094
n
79.5
79.2
83.5
78.3
75.1
75.8
75.8
R 1164 n
9 000(1
1 frui n
9 09, n
t
1748.0
RAMA
46.494.0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEB 25 1925.
Federal
Reserve Agent al
-
Boston New York
(In Thousands of Dollars)
$
Federal Reserve notes on hand
52,550
Federal Reserve notes outstanding
218,668
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
30,300
Gold redemption fund
10,231
Gold Fund-Federal Reserve Board
117,003
Eilglbie paper!Amount required
61.137
lExcees amount held
7.502
Phila.
Cleve. Rtchni'd Atlanta
Si. L.
Minn.
K.City
S
Chicago.
S
S
Dallas San Fr.
Total.
S
8
$
$
260,037 25.660 18.441 29,423 19,937 64.100 986,788
183,092 60,119 69.438 73,360 62,466243.873 2,052,673
188.6981 6,000 8.780
5.000
29.308, 13.221 11.814 2,687 2.947
126,030 127,369 150.000 65.795 136.000
155,557 40,425 37,512 23.674 16,644
126.063 2.7471 38.591 8,849
194
278,016
16.011
12,175 13,052
5.034 3.335 1.525 3.807 3,858 13,796 101,566
160.644 36,000 52.500 56.360 16090180.1731.223,861
23,414 8,609 2.361 13.193 16.797 49.904 449.230
1.563 12.161 267.473
43,012 19.242 3.988 3.531
497,388 1.447.129 428,629 506,703 219,005 382.932
Total
5
$
$
$
$
325.910 51,800 51,900 25,444 61,556
497,563 187.011 208,106 92,356 160.591
681.263 165,140 161.305 179.674 126,432604.007 5.359,607
--
Liabilities
-
let amount of Federal Reserve notes received from
Comptroller of tbe Currency
271,218
Casters] rece'ved from I Gold
157,531
Federal Reserve Bank !Eligible paper
88.639
1
1
441.123 85,779 87.879 102.783 72.403 307,973 3,039.461
165,678 51,510 67,077 60.167 35.669 193.969 1,603.443
68.456 27.851 6,349 16.724 18.360 62.065 716,703
497,388 1.447,129 428.629 508.703 219.015382.932
681.263 165,140 181.305 179,674 128.432 584.007 5,359,807
218,668
19,589
497.563 187,011 204.106 92.356 160.591
139.706 28,780, 16.5061 17.0811 19.944
189.092 80.119 89.438 73.360 52,468 243,873 2.052,673
11,554 7,420 2,472 6,809 8.8801 49.2001 323.921
100 070
Total
Federal Reserve notes outstanding
Federal Reserve notes bald by banks
823.503 238.841 280.006 117.800 222,147
342,036 146.613 170.591 68.682 143,947
281,620 43,175, 76.103 32.523, 16.838
257 657 160 221 191.600
177 626 69 090
Federal Reserve notes In actual circulation
75.275140 647
AR OAR
RA AA1
46 664 104572 1 726.762
'
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources'
the liabilities of the 739 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve hanks 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 1032.
1. Dare for all reporting member banks In each Federal Reserve District at close of business Feb 18 19k5. Three ciphers (000) omitted.
Federal Reserve District.
Number of reporting banks
Loans and discounts, 51'028'
Secured by U.S. Gov't obligations
Secured by Stocks and bonds
All other loans and discounts-.
Boston.
42
$
New York
3
108
Nara.
5
65
Cleveland. Richmond
S
70
74
$
Atlanta.
3
Chicago. St. Louis. Minneap. Kan. City
30
100
$
3
33
25
Dallas.
71
3
19
S
$
SassPran.
Total.
739
I
S
9.737
205,299
217.283 4,731,442
846,780 8.233.760
70
8,542
18,854
304.447 2,155,424
854.502 2.597.509
17.535
310.697
352,488
19.285
425.112
737.070
8.902
124.774
347.273
7.519
31.628
73.759 693.090
377.944 1,218.741
11,758
191,534
312.798
2,725
59,471
204.928
4,285
104,706
338.847
3.529
71.145
237,880
971,491 4,834,787
680,720 1,181.467
478,949
459,222 1.943.459
518,090
267,124
447,838
312,554 1,076.800 13.170.501
10,683
37,474
79,591 626.857
16.724 163.873
8,552 220.475
1.753
56,522
191,926 1,063.731
9.588
51,750
15.894
20.486
7.443
256.731
31.536
170,753
29.315
56.413
7,049
349,487
25,180
37,879
5,126
2.358
381
61,766
13,275
24.724
8.792
12,942
639
100,805
7,246
25.974
9.953
18.410
5,720
37.268
9,336
43,125
13.247
21.107
3.828
71.731
309.229 2,158,932
361,872
644,593
132.690
Total loans and inventments
1,280.720 6.993.719 1.042.592 1,826.060
Reserve balances with F. R. Bank_
82,187 127,790
91.265 762.438
Gash In vault
16.571
21,268
29,693
79,301
Net demand deposits
874.586 5.647.701 749.076 1,012.802
Time deposits
336,420 1,141,669 183.080 713.773
Government deposits
22,514
1.3,130
11,439
25,096
Bills pay'le & redlse. with F R. Bk.:
Secured by U S Gov't obligations
1.385
92,635
2.500
21,401
All other
3,065
36,274
2.685
7,389
611.639
41,604
13.484
365.546
188,070
2.136
Total loans and discounts
Investments:
0.8. pre war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U. S. Treasury notes
U. S. Treasury certificates
Other bonds,stocks and securities
Totalinvestments
130,418 1.215.374
26 290 10516(1
17.357
167.593
49.396
98.602
13,545
439,868
72.918
786.381
161,177
104,571
162.174
532,14(r 2.729.820
39,572 231.379
10.755
52.006
321.072 1.765.102
190,848 928,616
2,941
21,000
677,267
50.319
7.288
417,316
210.776
6,713
371,695
25,957
5,855
247,246
105,080
1,602
810.012
55,466
11.943
498,641
136,980
657
17.554
14,272
5.878
9.246
2.008
20.507
213,764
24.637
133.120 1,385,104
355.438
44.432
26.589
498.452
17.148
110,945
194,869 2,829,884
59.455
440.595 5,404,587
382.009 1.517,395 18,575.088
33,447 105.427 1.846,849
280,719
21.909
10.688
293,366 804,353 12.994,807
95.565 705,458 4,936,315
121,238
7,363
1,647
2,852
7.721
51
3,109
4.170
579
210
4.919
45
192
837
143
200
1,756
416,825
100.012
66.306
128,203
45,276
Bankers' Balances of Reporting Me mber Ban Its in Fede ral Revert e Bank Cities.
Due to banks
nem frnm h4nk•
14.928
9.426
2,808
3.272
1.109
41,375
194.355
51.864
37.399
60 620
91675
20,241
IS A.,
19 OK.
ton nges
.,1 [On
n....
At ...
on floc
6.975
3,865
133,081
71.697
118.978 2,525,251
..,,n,A1
'lel ion
2. Data of reporting member banks in New York City. Chicago, and for whole
country.
AU Reporting Member Banks,
Feb.
18 1925.
Feb. 111925.
Feb. 20
Reporting Member Banks
1924.
Feb.
18 1925. Feb.
11
in
N.
Y. City.
1925. Feb 20 1924
Number of reporting banks
739
739
758
67
67
67
Loans and discounts. gross:
$
3
Secured by U B Govt. obligations
205,299.000
190,981.000
229,228,000
76.876.000
85,949,000
80,522.000
Secured by stocks and bonds
4,731,442,000 4.742,220.000 3.848,826,000 1,932.059.000 1,950.125,000
1.432,528,000
8,233,760,000 8.181.533,100 7.848.887.000 2,297,678,000
All other loans and discounts
2.241,079,000 2,217,575.000
s
$
Reporting
Feb.
Member Banks
in
Chicago.
18 1925. Feb. 11 1925. Feb. 20 1924.
46
46
23.936,000
521,085,000
694.680.000
25.931.000
524,221.000
705.918.000
48
$
28,803,000
435,516,000
836,099,000
Total loans and discounts
13,170,501,000 13,114.734,000 11,928,521,000 4,308,611,000
4,257,193,000 3.730.625,000 1,239,701,000 1,256,070,000 1,100,418,000
Investments:
218.764.000
U. S. pre-war bonds
224.879.000
272.730,000
27.047,000
27,147.000
38,257,000
1,938,000
3,838.000
4,232.000
1,385,104,000 1,381,615,000 1.031,141.000 533.971.000
U. S. Liberty bonds
527,048,000 410,620,000
82,732,000
83.1117,000
40,924,000
355,438.000
U. B. Treasury bonds
349,133,000
77.538,000 138.039,000 131.301.000
15,369,000
26,833.000
27,800.000
5,104,000
498,452.000
516,875,000
U. S. Treasury bonds
802,706,000 202,533.000 221.247,000 405,934.000
71,001.000
80,861,090
71.360.000
116.915,000
118.562,000
102,512,000
U. B. Treasury certificates
54.909,000
22,468.000
54.988.000
8.022.000
8.552,000
15.074,000
Other bonds,stocks and securities 2.829,864,000 2,841,013.000 2,207,640,000 800.855,000 808,548,000 562.561,000 223,122,000 220,861,000 156,559,000
Totalinvestments
5,404,567,000 5,432,077,000 4.494.287,000 1.757,354,000
1,768,277.000 1.455.209.090 413,648.000 415.598.000 302.744,000
Total loans and Investments_ 18,575.068,000 18.518.811.000 16,420.788.000 6,063,965.000 6.025.470.000 5,185,834.000 1,653.349.000 1,671.668,000 1.403,182,000
with F. R. banks.. 1,846,849,000 1,851,126,000 1,398,030,000 708.392,000 720,061.000 580.947.000
Reserve balances
162,576.000 158,473,000 150.723,000
280,719,000. .
80.659.000
Cash In vault
63.776,00072.241,000
88,667,000
26.759.000
27.320.000
27,486,000
12,994,807,000 13,093,391,000 11,235,478,000 5,1(14.187.000 5.153.810,000 4,329.927,000
Net demand deposits
1,169,289,000 1,171,996,000 1,002,672,000
4,936,315,000 4,924,543,000 4,175,980,000 792,309.000 791.012,000 610,267.000
Time deposits
457,829.000 460,354.000 373,970,000
121,238,000
113,437,000
124,918,000
Government deposits
16.27P,000
33,974,000
16.279,000
14,343,000
6,241,000
14,343.000
Bills payable & rediscounts with
Federal Reserve Banks:
Govt.obligations
133,081.000
129,933,000
135,737,000
Secured by U.S.
77,300.000
76,400,000
59,600,000
1,420.000
970.000
2,100,000
71,697,000
63,651,000
134,355,000
35,154,000
30,277,000
5,532,000
All other
270,000
100,000
989,000
204,758,000
from F. it bits
193.584.000
270.092,000 111.554,000 107,577.000
Total borrowings
65,132,000
1,240,009
1,520.000
3,069,000
[Vol,. 120.
THE CHRONICLE
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
Can kers' Gazzitt
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Wall Street, Friday Night, Feb. 27 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 1053.
in a footnote at the end of the tabulation.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
Daily Record of U. S. Bond Prices. Feb.21. Feb.23. Feb.24. Feb. 25. Feb.26. Feb.27.
pages which follow:
STOCKS.
Week Ended Feb. 27.
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range Since Jan,1.
Lowest.
Highest.
$pershare. $ per share. $ per share.$ per share.
Par. Shere
Railroads.
9
10
Chic & Alton ctfs_ _ _ _100
2
10
Iowa Central
100
M St P & 5 5 M leased
10 62
line certificates_ _ _ _100
30 101
NY Lack dr Western..100
20 31
10
Pacific Coast
43
6
2d preferred
10
3,30 2134
Reading rights
Industrial & Misc.
X
19,600
Ajax Rubber rights
100 55%
Amer Bank Note, pref.51
-La France FireEng
Amer
10 9514
100
7% cum pref
10 9334
Amer Plano, pref....100
100 128
Amer Radiator, pref_100
300145%
100
American Snuff
Amer Type Found, pref. 200 106
200 15%
Art Metal Construe— _10
15
1
5
Auto Sales, pref
Bapuk Bros, 1st pref..100 200 97
• 8,20 3734
Briggs Mfg
Brunsw-Balke-Collend_ • 1.500 42%
100 117
Burns Bros, prior pref100
Bush Terminal Go.._ _100 500 86
400 97
Bush Term Bldg, p1.100
90%
2
Cert-Teed Prod. lstpf100
100 108
Cluett,Peab & Co,pf_100
90
7
Deere & Co, pref____1
12
2
Emerson-Brant, pref_ 1
• 2,6''6014
Fisher Body, new
Body Ohio, pf_ 100 300 106
Fisher
4%
15,4
Foundation Co rights
300 109
Great West Bug. pref.1 t
500103%
_ _100
Hayes Wheel, pref.
300 103
Internat Paper, pref.111
100 74
International Salt_100
2,300 434
Int Telco & Teleg, rIgh
100 113
Jones & L Steel. pref _100
300 9134
KresgeDeptStores,pf.1
Liggett & Myers, rights_ 6.900 8%
1,10010634
Loose-WilesBis,lst pfl
20010731
100
2d preferred
Long Bell Lumber A _ _ _• 800 4734
500 6814
Mackay Cos, pref _ _ 100
%
Magma Copper, rights__ 16,174
%
Martin Parry, rights_ _ _ 3,400
100 8234
Mullitur Body, pref.._ 1
200 4134
Murray Body
NN&HRy,G&E100 200 52
• 200 2531
N Y Shipbuilding
100 107
Niag L &0row, pt._100
100 7914
Onyx Hosiery, pref_ _1
Orpheum Circ,Ino,p1.100 1,500 9834
100100
Pacific Telep & Teleg.1
100 9634
1
Preferred
200 6034
PanhandleP&R,pLltu
100 20
•
Phoenix Hosiery
20 4534
Prod dr Ref Corp, pref_ S
100 25
P S Corp of N J rights _
X
1,800
New rights
200 118
Ry Steel Spring, pre!_1
100 11
Reis(Robt)dr Co
100 102
Simmons Co, pref_ _ _1
500101%
So Porto Rico Bug, pf.1I
300 5334
Standard G & E, pref_ S
Symington. temp ars_ _• 3,200 1434
2,000 2131
Class
A*
United Cigar Stores_ _ _2 57,700 7594
100 203.4
United PaperboardCol
200 4
1
1J 5 Express
500108%
S Tobacco, peeL....1I
300 134
Virginia-Carolina certifs_
100 77
Va Coal dr Coke, pf 1
Ward Baking, Class A_• 800 12131
•22,70 42
Class B
3.400 9634
1
Preferred
200 52%
Weber & Hellbroner___
West Elec Instrument_' 1,000 12
21
• 8
Class A
3.1
Wickwire Steel rights.. _ _ 39,6
6,000 734
Preferred rights
Feb 21
Feb 25
9
2
Feb 25 62
Feb 26 101
Feb 24 31
Feb 24 44
Feb 26 22%
Feb 21
Feb 25
Feb
9
13.1 Jan
Feb 25 60%
Feb 26 100
Feb 24 25
Feb 27 34%
Feb 25 21%
9
2
Ja 63
Jan 101
Jan 31
Jan 44
Feb 24%
Feb
Feb
Feb
Feb
Feb
Feb
Jan
% Feb
34 Feb
94 Feb 24
Feb 21
Feb
Feb 27 55% Feb 27 5314 Jan 56
Feb 27 953.4 Feb 27 9534
Feb 26 9334 Feb 26 9334
Feb 26 126%
Feb 26 28
Feb 26 144
Feb 25 148
Feb 26 106
Feb 26 106
Feb 25 15% Feb 25 15
Feb 24 15
Feb 24 15
Feb 26 9734 Feb 25 97
Feb 25 36
Feb 25 38
Feb 21 4334 Feb 24 40
Feb 24 113
Feb 24 117
Feb 26 90 Feb 27 86
Feb 27 96%
Feb 24 98
Feb 21 9314 Feb 27 89%
Feb 21 103%
Feb 21 108
Feb 24 91% Feb 21 82%
Feb 24 11
Feb 24 12
Feb 21 60%
Feb 27 64
Feb 24 104%
Feb 24 106
Feb 27 2 Feb 24 1%
Feb 2711134 Feb 25 109
Feb 27 10434 Feb 26 100
Feb 26 11034 Feb 27 103
Feb 26 72
Feb 26 74
Feb 25 494 Feb 24 234
Feb 24 111%
Feb 24 113
Feb 25 88
Feb 24 92
Feb 24 9 Feb 21 7%
Feb 25 10431
Feb 24 108
Feb 27 04
Feb 21 110
Feb 27 48% Feb 21 47%
Feb 27 68% Feb 26 67
94
% Feb 21
Feb 24
34
Feb 24
44 Feb 21
Feb 26 82% Feb 26 82%
Feb 27 41%
Feb 27 42
Feb 25 52% Feb 27 52
Feb 25 17
Feb 25 27
Feb 25 107
Feb 25 107
Feb 27 7934 Feb 27 79
Feb 24100g Feb 26 98
Feb 27 94
Feb 27100
Feb 21 96% Feb 21 9231
Feb 26 60% Feb 26 43
Feb 28 20
Feb 26 20
Feb 24 4534 Feb 21 43%
Feb 24 25 Feb 24 24%
g Feb 21 34
Feb 21
Feb 27118% Feb 26 117
Feb 26 11
Feb 26 11
Feb 27 100%
Feb 27102
Feb 26 102% Feb 26 99%
Feb 25 5394 Feb 26 53
Feb 26 15% Feb 21 10%
Feb 27 22% Feb 24 21%
Feb 21 7994 Feb 26 60%
Feb 25 20% Feb 25 2014
Feb 25 434 Feb 25 434
Feb 25 108%
Feb 25 110
Feb 25 131 Feb 27 1%
Feb 26 77 Feb 26 77
Feb 25 119%
Feb 21 126
Feb 24 4534 Feb 26 42
Feb 27 94%
Feb 21 98
Feb 24 52%
Feb 26 53
Feb 26 1234 Feb 24 12
Feb 24 2031
Feb 24 21
X
Feb 24 I% Feb 25
Feb 25 5
Feb 25 9
Feb 97
Feb 95
Jan1128
Jan 150%
Feb 110
Jan 15%
Feb 16%
Jan 98%
Feb 40%
Feb 46
Jan 117
Feb 90
Jan 98
Jan 93%
Jan 108
Jan 92
Feb 15
Feb 68%
Jan 106
Feb 2
Feb,111%
Jan 104%
Feb 11031
Feb 77
Feb 4%
Feb 11314
Jan 93
Jan 9%
Feb 108
Feb 110
Feb 51
Feb 6831
Feb 194
%
Feb
Feb 87
Feb 42
Feb 5434
Feb 28%
Feb 107%
Ja 82
Ja 10034
Ja 112%
Ja 9631
Jan 60%
Feb 23
Ja 47%
Jan 2731
Ja
94
Jan 120
Ja 11
Ja 102
Jan 102%
Feb 53%
Ja 16%
Ja 23%
Jan 7934
Feb 23
Feb 4%
Feb 110
Feb 2
Feb 7934
Feb 126
Feb 45%
Feb 98
Feb 57%
Feb 14
Feb 23
Jan 2
Jan 17
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
•No par value.
—
Foreign Exchange. Stering exchange was dull and inactive with a tendency toward lower levels, though actual
losses were confined to about 2 cents on the pound. The
weak, with sharp
Continental exchanges were irregular and
breaks recorded in francs and lire, as a result of lack of
demand.
To-day's (Friday's) actual rates for sterling exchange were 4 713404 7314
for sixty days, 4 74%04 76 for cheques and 4 74%04 7614 for cables.
Commercial on banks, sight 4 743404 7534, sixty days 4 70%04 7134.
ninety days 4 69%04 7131, and documents for payment (sixty days)
for pay4 70%04 72. Cotton for payment 4 74%04 75%, and grain
ment 4 741404 7534.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.04% ®
5.09 for long and 5.1005.1414 for short. German bankers' marks are not
yet quoted for long and short bills. Amsterdam bankers' guilders were
39.52039.58 for long and 39.88039.94 for short.
Exchange at Paris on London 92.50 francs; week's range 91.45 francs
high and low 92.60 francs. low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days. Cheques.
Sterling Actual—
473%
High for the week
4 74%
4 74%
4 71%
Low for the week
Paris Bankers' Francs—
5.22%
5.21%
5.15
High for the week
5.12
5.11
5.04%
Low for the week
Germany Bankers' Marks—
23.81
23.81
High for the week
23.81
23.81
Low for the week
Amsterdam Bankers' Guilders—
40.08
40.04
39.62
High for the week
39.97
39.93
39.51
Low for the week
Domestic Exchange.—Chicago. par. St. Louis, 15@25c. per 81,000
discount. Boston. par. San Francisco. par. Montreal, 30.9375 per
21.000 discount. Oiscinnati, par.
Exchange.
The transactions in registered bonds are given
First Liberty Loan
(High
334% bonds of 1932-47—(Low_
(First3%s)
(Close
Total sales in $1,000 units__
Converted 4% bonds of (High
1932-47 (First 40)----i Low(Close
Total sales in $1,000 unite_
Converted 434% bonds (High
of 1932-47 (First 4M21)( Low_
(Close
Total sales in 21,000 units-Second Converted 4A(%(High
bonds of 1932-47(FirlitiLowSecond 4Ms)
Total sales in 91,000 units___
Second Liberty Loan
(High
4% bonds of 1927-L2
(Low_
(Second 4s)
Total sales in $1.000 units__ _
Converted 432% bonds (High
of 1927-42 (Second (Low..
(Close
,
434 )
Total sales M $1.000 units__
Third Liberty Loan
(High
434% bonds of 1928......_( Low_
(Third 4gs)
(Close
Total sales fn $1,000 units__
Fourth Liberty Loan
(High
4id % bonds of 1933-38_ -(Low.
(Fourth 43(S)
(Close
Total mitt in $1,000 units__
Treasury
(Hlgb
434e, 1947-52
(Low_
(Close
Total sales in $1000 units_
45 1944-1954
(111gh
(Low_
(Close
Tani .as,,0.51 n1111 *teal.
Note.—The
bonds.
1014422 1011422 101"22 1014482
1014432 1014422 1014422 10114n
1014182 101"n 101242 101"s2
161
122
251
83
10124,2
1011•82
1014482
133
----
------- -------_
--- ss
---------1011•22 1012422 1014022 101W1012128
1012422 101"ss 1012421 10140ss
101"st
1014122 101"21 1011112 10114n
101"ss
38
40
57
13
12
— - _101.00
--101.00
_ -- ---____ HOLI
----
-- --
----
1E66
1001814
10038
::
291
1011421
-..-10031,2
1002arr
1002hr
215
1011122
1011331
1011,22
71
10111,2
101"31
101442
82
104•122
1041022
1041122
23
0
100 ,2
1004422
10014s2
----
0
- 10 -1;11
1002311
1005.01
124
1011182
101.00
1002hr
100"s4
209
1011482
100uu
1001M1
,
100 ln
275
101"os
100,4
,2
1010
103
101"ss
10144s,
101"s2
342
1044121
104"ss
1041112
9
100"n
10025ss
100"n
101122,
101"3, 1011132
10112
,2
110
10111,2
1014482
1014482
667
105.00
1042421
1042482
167
10031,2
1004482
1004422
10110,2
63
1011021
1012/ss
1011422
267
1041022
1041422
104212,
8
100ahr
1001021
1001422
10111,2
110
1014122
1014182
1014122
333
1041022
1041422
1044422
23
1001122
1001122
1001422
above table includes only sales of coupon
Transactions in registered bonds were:
%
10017,1 to 1011 i 76 3d 434.
01
100,1 to 100torr, 17 4th ois
174 1,1434s
43 2d 434s
to 101"22
10122n to 101"n
101"31
Quotations for U. S. Treas. Ctfs. of Indebtedness &c.
Maturity.
Bid.
Rate.
Mier. 15 1925___ 434% :00
Mar.15 1926... 453% 10134
Dec. 15 1925___
100%
4e91.15 1926_ 414% 100%
lone 15 1925_
100%
100%
101%
101
101
100%
Int.
Rate.
Maturity.
Asked.
Geo. 15 1927___ 414% 10134
Mar.15 1927...... 4%% 101,4
4%
100
Mar.15 1925_
sent. 15 1925-% 99%
New York City Banks and Trust
All prices dollars per skull
Ask
Sacks—N.Y. Bid
250 255
&merles*
&mei Exch.. 360 370
Amer Union* 165
6f0 850
Bowery •_
Broadway Can 155
Bronx Boos' 550 700
Bronx Nat__.
Bryant Park • 190 210
Butch & Drov 160 170
Capitol Nat.. 180 190
Cent Moreau- 217 222
418 422
chase
Chat & Fhen_ 298 303
Chelsea Exch. 170 180
Chemical ... 655 685
Coal dr Iron. 285
Colonial *... 450
363 388
lommerce _
Jonftwealth• 300 310
220
lontinental
Corn Exch.. 460 470
Closmoplan• 130 160
Taut River._ 223
Fifth Aveno •1750
270 285
rine.
2500 2700
First
airfield --- 335
135 145
Gotham
400
Greenwich S
990 1020
Hanover
Banks
Merriman_ _
Manhattan'..
Mesh & Met_
Mutual•- -_ Nat American
National City
New Neth •- _
Park
Penn Exch.._
Port Morris—
Public
Seaboard -Seventh Ave
Standard ._.
State._
Trade•
United States.
WasIrn
Brooklyn
Coney Island*
First
Mechanics' S.
°Insult•
Nassau
People's ....
Queensboree.
Bid
490
177
395
415
165
440
170
450
110
178
470
458
110
300
420
Zoo
270
180
450
210
190
825
275
166
Asked.
102%
101%
10048
100
Companies.
Ask Tenet Co.'. Bid
510
New York
181 American_
399 Bank of N Y
& Trust Co 565
Bankers True 447
448 Bronx Co Tr_ 185
Central Union 725
300
460 Empire
126 Equitable 'Fr_ 257
Farm L & Tr.. 432
480 Fidelity Inter 245
260
465 Fulton
125 Guaranty Tr. 332
Irving Bankiio
Columbia Tr 248
147 Law Tit & Tr 250
210 Metropolitan_ 436
Mutual (West
cheater) __ 180
N Y Trust__ 422
Title Cu & Tr 525
1:3 Mtg & Tr 360
United States 1725
Weetches Tr_ 275
Brooklyn
Brooklyn Tr. 725
iie Kings County 2200
Manufacturer 350
675
People's
Ask
575
455
200
735
310
261
438
254
270
335
253
260
443
427
535
370
750
750
500
360
700
• Banks marked with In are State banks. (s) Ex-dividend. (0 New stook.
p Es-rights.
New York
City Realty and Surety Companies.
AU prices dollars per share.
Abstain R'ItY
Amer Surety..
Bo id & MO..
City investing
Preferred _Lawyers Mtge
Bid
115
122
240
104
101
205
Ask
127
250
109
iio
Mtge Bond...
NatSurety-N Y Title &
Mortgage
US Casualty_
S Title Guar
Bid
125
208
Ask
135
215
300
320
232
310
335
242
BI4
Ad
Realty AAmoo
(liklyn)wm 190
let pref....__ 9012 93
8312
2d pref._
81
Westchester
Title & Tr- 260
I New stock.
The Curb Market.—The review of the Curb Market is
given this week on page 1056.
A complete record of C urb Market transactions for the
week will be found on page 1078.
CURRENT
NOTICES.
—The New York Stock Exchange firm of Block, Maloney At Co. announce the opening ofa new uptown office in the Adler Building,550 Seventh
Ave., at 39th St., under the management of Peter J. Maloney, Jr.
—Guaranty Trust Co. of New York has been appointed registrar for
the 6% cumulative preferred stock, 1925 series, of the Public Service
Electric & Gas Co.. consisting of 150,000 shares of the par value of 2100.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
1065
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SASE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 21.
Monday,
Feb. 23.
Tuesday,
Feb.24.
Wednesday
Feb. 25.
Thursday,
Feb. 26.
Friday,
Feb. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
FISK MIAXIL
Range for Year 1925.
On basis of 100-share lots.
FISK ZitAKS
Range for Previous
Year 1924,
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per s Are $ per share $ per share Shares.
$ per share 8 Per share 8 per share $ Per there
Railroads.
Par
24
*22
*22
24
*22
24
.22
24
*22
24
Ann Arbor
100 22 Feb 17 2712 Jan 12
12 Apr 227 Dee
5 453
45
*44
46 .444 46
4
*4312 46
*4412 46
100 Do prat
100 4212 Feb 17 46 Jan 6
25 Mar 464 Dec
12118 1227
122 1233 1223 12412 1235 12514 123 125
4
8
,
69,700 Atch Topeka & Santa Fe-100 11614 Jan 16 12514 Feb 26
974 Jan 1203 Dee
4
94
9312 9312
9412 944 9418 943 9412 *94
9414 1,200 Do pref
100 9212 Feb 17 9518 Jan 31
8611 Jan 963 Dec
8
37
414
4
37
37
44
4
4
4
4
5,400 Atlantc firm & Atlantlo
43 Feb 18
100
3 Jan 14
1% Feb
5 Dec
*151 152
15012 15212 15114 15314 153 1547 153 156
7,400 Atlantic Coast Line RR
100 14714 Jan 16 156 Feb 27 112
Jan 15214 Dec
783 7914
783 793
4
8 785 795
8
79
80
7834 79% 17,300 Baltimore & Ohio
100 76 Feb 17 8212 Jan 8
5212 Apr 847 Dec
8
*647 6514
8
65
6512 654 6514 65 65
/
1
65
6512 2,700 Do pref
100 65 Jan 2 6612 Jan 6
5614 Apr 664 Dec
.398 40
393 4014 3918 395 .3912 393
4
394 3912 1,200 Bangor & Aroostook
50 3918 Feb 25 4214 Jan 15
394 Dec 444 Dec
*90
94
•90
94
*90
91
*90
94
*90
94
Do pre
100 90 Feb 19 9412 Jan 5
Jan 95 Nov
86
4112 4134
4114 42
4112 4212 413 423
4
4 4115 4134 13,500 Bklyn Manh Tr v t c___No par
354 Jan 5 45 Feb 10
1312 Jan 417 Dec
8
•78
80
794 793
/
1
8 793 793
8
4 80
SO
'80
82
600 Do pref v t o
No par
s
727 Jan 2 8053 Feb 14
483 Jan 753 Dec
4
4
*57
65
*57
65
*57
65
*57
65
57
57
81 Buffalo Rochester & Pltts_100 66 Feb 2 77 Jan 28
40 May 6812 Dec
15038 15012
15012 1514 1505 151
15114 1517 114714 1488 7,000 Canadian Pacific
8
100 14714 Feb 27 1523 Jan 8 1425 Mar 15612 Nov
.290 300
*292 300 *290 300 *293 300 *290 300
Central RR of New Jersey-100 290 Feb 20 321 Jan 3 199 Mar 295 Dec
944 948
95
968 954 9618 9512 96% 9453 957
8 9,900 Chesapeake & Ohio
100 92 Feb 17 983 Jan 15
4
673 Feb 9814 Dec
4
10812 10812
109 109 *10712 109
10814 10814 10812 10812
800
Do pref
100 10614 Jan 6 109 Feb 24
9912 Jan 10918 July
97g 1014
1018 1012
934 10
95 10
8
94 9 4 9,200 Chicago & Alton
3
100
7 Jan 16 10% Feb 9
314 Apr 1012 Dec
1812 1911
18
1914 1738 1812 173 1814 17
4
18
30,300
Do prat
100 1318 Jan 16 1912 Feb 21
818 May 197 Dec
2
•152 163
*153 160 '152 160 *152 160 *152 160
C C C St Louis
&
100 148 Jan 5 16412 Feb 11 100 Apr 15014 Nov
.33
35
34
344 34
35
35
35
343 35
4
3.200 Chtc & East.Ill RR
21 May 38 Dec
100 32 Jan 21 3512 Jan 2
52
52
52 527
5112 5218 523 523
8
51
51
2,000
Do pref
100 4912 Jan 21 574 Jan 2
37 May 627 Dec
2
133 14
133 14
8
135 14
8
1312 1414 135 1453 27,500 Chicago Great Western
8
100
9 Jan 2 15 Feb 7
4 Apr 117 Nov
8
29
304
30
30% 30
313
8 31
3112 3014 3112 38,600
Do pref
100 253 Jan 14 323 Feb 6
4
2
1012 June 313 Nov
8
1112 13
1218 13
1212 13
124 138 1212 13% 45,000 Chicago Milw & St Paul
163 Jan 7
8
100 1112 Feb 21
10% Oct 183 Nov
135 2112
8
4
193 22
4
2112 2212 2012 2312 211 2353 102,900
/
4
Do pre(
100 1953 Feb 21 2812 Jan 7
1814 Oct 3218 Nov
6853 70
6812 6914 683 69
687 6953 68% 6912 4,400 Chicago & North WesternA00 6814 Feb 16 753 Jan
8
2
12
494 Jan 75 4 Dec
•115 116
3
•115 116
11512 11512 11512 11512 115 115
900
Do pref
100 11114 Jan 2 116 Jan 17 100 Jan 1143 Dec
4
518 53
5012 5214 5012 5114 5118 513
4 4912 5153 96,300 Chicago Rock Isl & PacIfic_100 44 Feb 17 53 Feb 21
2112 Feb 50 Nov
9853 9914
98 4 99
3
98
99
*9814 99
9814 9814 2,400
Do 7% preferred
100 92 Jan 2 9914 Feb 21
4
763 Feb 973 Dec
4
88
8814
88
8812 88 88
8818 8818 88
8814 2.000
Do 6% preferred
100 83 Jan 2 8812 Feb 24
65 8 Jan 8712 Nov
5
4912 50
*491 50
*4912 50
50
50 '4912 50
500 Chic St Paul Minn & Om 100 4912 Feb 21 5912 Jan 13
Jan 5712 Dec
29
102 102
*10012 10212 *100 10212 *100 102
10014 101
400
Do pref
100 94 Jan 7 108 Jail 13
684 Apr 94 Dec
*58
5852
2
58
2 58
577 58
8
57
577
2,200 Colorado & Southern
100 4418 Jan 6 59 Feb 18
Jan 49 Nov
"63
20
6412
*6314 6412 *6212 64
"62
64
*6212 64
Do 1st pref
100 61 Jan 6 64 Feb 9
Jan 651 Dec
50
4
*56
58
___ *56
5712 *56
8712
5712 *56
Do 25 pref
1443 1447
100 54 Jan 2
58 Feb 2
45 Jan 59 Nov
8
*56144 144
14414 14412 x142 142
14012 1413
4 1,800 Delaware & Hudson
100 13612 Jan 8 14512 Feb 10 10412 Mar 1393 Dec
8
139 141
13912 13912 13812 14012 1394 140
13912 13912 5.600 Delaware Lack & Western- 50 13514 Feb 17 144 8 Jan 13 1103 Feb 14953 Dee
46
5
4
46
*46
47
463
46
467 4678 4612 4612
8
900 Denver Rio Or & West pref 100 42 Jan 2 60 Jan 12
42 Dec 4312 Dec
3212 323
3252 34
3314 333
3318 333
8 3253 33
25,000 Erie
100 30% Jan 27 34 Feb 24
4218 4314
203 Jan 358 14111
4
*
4212 4514 433 45
437 4453 43
4414 37,900
Do 1st pref100 39 Feb 16 46% Jan 2
4112 4112
285 Feb 494 Dec
8
4153 4253 413 42
4
42
*4118 4253 3,300
42
Do 2d pref
100 3918 Feb 17 433 Jan 5
69 695
2518 Jan 464 Dec
8
6853 683
6812 69
687 6914 6812 687
8
8 4,100 Great Northern pref
100 6618 Feb 17 713 Jan 8
365 3714
8
8
5334 Mar 75 Dec
363 3714 3612 363
4
Iron Ore Properties_ _No par 353 Jan 2 4053 Jan 19
3653 3753 368 3712 12,200
8
26
26 May 398 Nov
26
26
273
8 263 27
4
27
2714 2614 2714 3.700 Gulf Mob & Nor tr ctfs
100 24 Jan 30 2812 Jan 7
97
97
llk Apr 2912 Dec
97
977 *9612 97
8
*9512 96
*9512 9812
500
Do prat
100 91 Jan 6 10112 Jan 10
243 243
4
50 Jan 99 Dec
4
237 248
8
24
24'l 238 2412 2338 24
5,709 Hudson & Manhattan
,
238 Feb 17 267 Jan 30
8
65
65
2052 Nov 2914 Dec
Stock
4412 6512 654 85'8 65% 65% '65
6512
400
Do pref
100 6412 Feb 18 6614 Feb 2
.115 116
5714 Oct 64% Dec
115 11512 11434 1143 1147
100 1138 Jan 16 119% Jan 7 10014 Mar 117 8 Dec
•115 11512 Exchange *11312 115 *11312 114'2 114 8 116% 11512 11612 4,800 Illinois Central
7
11512 *11512 11612
700
Do pref
100 114 Feb 26 119 Jan 7 104 Mar 11714 Dec
7112 7112
7112 73
"74
76
*7112 73
*7112 73
200
Do RR Sec, Series A 100 7052 Jan 6 713 Jan 8
Jan 73 Dec
64
•1812 19
Closed
185 183
8
4 183 191 *1914 1912 187 19
4
1.000 Int Rye of Cent America_ _100 18 Jan 8 1953 Jan 29
8
11k July 1812 Nov
*60
6118
•60
6118 *60
611 *6014 6118 6118 6118
100
Do pref
100 5912 Jan 2 62 Jan 20
444 May 63 Nov
/
1
31
31
Washing31
31
3034 31
3078 3072 30
307
1,500 Interboro Rapid Transit_100 2814 Feb 4 3412 Feb 9
123 Jan 3914 July
4
3812 4012
39
40
3814 391
3812 39
37
3853 34,801 Kansas City Southern
100 33 Jan 16 4012 Feb 21
4
173 Mar 415 Dec
8
.58
5812
ton's
5912 5953 "58
583
5918 5918 5918 5918
700
Do pre(
100 57 Jan 15 595 Feb 24
7712 7814
5114 Mar 5912 Dec
77
7814 775 783
78
14,500 Lehigh Valley
785* 76% 78
50 7452 Jan 26 82% Jan 10 b3912 Apr 85 Dec
107 107 Birthday. 1073, 1077 108 1091 1093 1118 1093 11112 8,000
8
8
4
Louisville & Nashville
100 106 Jan 16 1127 Jan 14
8
8
875 Jan 109 Dec
*90
99
*90
99
*90
*9014 99
99 .90
99
Manhattan Elevated guar 100 85 Jan 2 100 Jan 14
42 Jan 85 Dec
4912 5053
495 50
493 493
4
Do modified guar
493 493 '4914 4912 1,000
4
4
100 468 Jan 5 514 Feb 9
3012 Jan 517 July
2
"8
83
8
8
*712 812
8
*712 8
8
300 Market Street R3/
100
8 Feb 17 1012 Jan 2
63 Mar 1312 Jac
4
.27
31
•27
31
"27
31
27
*27
27
31
100
Do pref
100 20 Jan 13 28 Feb 14
34ct 42 Dec
20
.44
50
*47
49
47
*48
47
47
47
47
300
Do prior pref
100 47 Feb 25 52 Jan 3
41 Nov 7112 Jam
•18
23
*18
22
*18
*18
23
*18
22
23
Do 2d pref
100 20 Jan 14 2212 Jan 7
14 Mar 30
Jam
.2 4 3
3
*23* 278
'25
25* 23
8 23
'23
200 Minneap & St L (new)___ _100
8 27
212 Jan 5
.42
312 Feb 6
4
Jam
48
153 Jan
*42
50 .42
50
*42
50 .42
Minn St Paul & 58 Marie_100 47 Jan 30 564 Jan 14
50
.60
2814 Mar 5312 Dec
70
*60
70
*60
70
65
*60
*60
70
Do pref
100 68 Feb 18 71 Jan 9
3712 3812
50 June 75 Dec
3714 384 37
375* 37
3814 363 373 44,700 Mo-Kan-Texas RR____No par 2814 Jan 2 385 Feb 16
4
4
85
8
85
1011 May 348 Dec
8418 847
84
84% 84
8312 84
84'
5,900
Do pref
100 743 Jan 2 8734 Feb 5
3914 40
4
293 Feb 753 Dec
4
4
3912 40
393 40
393 40
4
3912 397 17.100 Missouri Pacific corn
100 30% Jan 5 41 Feb 6
8112 8253
93 Jan 344 Nov
4
813 8212 80
817
, 803 823* 22,400
808 813
4
Do pref
100 7212 Jan 2 8314 Feb 9
'24 212
/
1
29
Jan 74 Dec
218 214
21g
21
2
2
.2
214 1,400 Nat Rys of Mex 2d pref.....100
2 Jan 3
1134 11314
28 Jan 12
118 July
3 Dec
1133 11334 11414 115 *11412 1153 115 115
4
1,000 New On Tex & Met
4
100 1134 Feb 21 1163 Jan 7
1217 1223
8
4
8
9312 Feb 12112 MaI
12134 12212 12112 12214 1215, 12214 12012 1213 25,200 New York
4
Central
100 11712 Jan 2 1242 Jan 13
131 133
994 Feb 11934 Dec
1327 13714 13614 1361 13518 136
135 135
5,700 NY C & St L new co
100 124 Jan 6 1371 Feb 24
*90
9014
/
4
7212 Feb 128 Dec
9014 913
4 918 913
915 92
8
4
913 918 2,800
Do pref
5 343
100 8812 Jan 6 92 Feb 5
33
8
3412 36
83 May 937 Sep'
8
3514 3614 3514 353
4 343* 3512 154.600 NY N H & Hartford
100 2912 Jan 19
227 227
8
8
1418 Jan 334 Dee
*234 24
"2212 24
228 2514 243* 253
8 7,400 NY Ontario & Western.--100 2112 Feb 17 3614 Feb 25
2314 243
274 Jan 7
16 May 284 Nov
247 25
8
2412 267
8 243 2614 "244 25
9,200 Norfolk
• 100 22 Feb 17 267 Feb 25
1273 1283
4
4
1212 Apr 29 Nov
8
12712 1277 129 1303 1293 1313 1273 12912 25,450 Norfolk Southern
8
& Western
100 1253, Feb 17 1325 Jan 10 10212 Jan 13314 Dec
76
76
,
•76
7612 7612 761 *77
80
*76
7712
200
Do pref
100 7512 Jan 8 7712 Jan 29
723 Feb 8012 Jim
4
69
7012
6918 6912 685* 691
8 4,800 Northern Pacific
687s 6912 6812 693
100 674 Feb 17 7112 Feb 2
474 4714
/
1
47% Mar 73 Er
47
,
4714 47
471
47
4714 .47
474 7,700 Pennsylvania
.17
19
50 47 Feb 18 487 Jan 5
"16
424 Jan 50
8
18
*16
18
*1612 18
•1612 18
Peoria & Eastern
100 18 Jan 5 207 Jan 12
6912 693
934 Mar 22 Nov
/
1
4
4
8
70
717
8 7112 72
713 713
4
70k 713
5,600 Pere Marquette
*8214 8314
100 67 Jan 16 72 Feb 25
84
4012 Mar 73 Dec
84
*83
84
*83
•83
84
84
200
Do prior pre(
74
74
100 80 Jan 12 84 Jan 16
711 Apr 8512 Aug
/
4
*7212 75 .74
75 .7312 75
*735 75
100
Do pref
6912 7012
100 72 Feb 19 753 Jan 10
Jan 77 Atli
60
4
7014 6934 707
Ms 71
697
8
8 693 708
4
5.300 Pittsburgh & West Ya_.....100 6718 Feb
774 771
4
Jan 754 Dec
38
763 7714 77
8
17 73% Jan 2
78'4 773 78% 774 7814 20,300 Reading
363 361
4
50 741s Feb 17 8214 Jan 6
4
51% May 794 Dec
363 3614 .36
4
363
3614 36, 3612 3612 5,800
Do 1st prat
3
539 4 40
50 364 Feb 26 393 Jan 20
Oct 66q Jaz
34
4
3
914 397 "40
4014 40 4018 40 40
1,000
Do 25 prat
*53
57
50 3912 Feb 20 433 Jan 6 b3318 Jan 56
Jac
561 5614 '50
,
567 *50
563
53
63
200 Rutland RR prat
7114 72%
100 53 Feb 27 627 Jan 9
32 Jan 66 Nov
8
705 72
7014 711
7012 7112 7018 7112 34,600 St Louis-San Francleco
83
83
100 5712 Jan 16 728 Feb 21
1918 Apr 65 Dec
83
8312 83
83
83
83
83
831g
1.800
Do prat A
52 8
52
7
100 76 Jan 20 8312 Feb 24
8
425 Jan 8212 Dec
501 5212 50
/
4
5112 517 5214 503 52
4
7,300 St Louis 8outhwestern
72
•71
100 47 Feb 17 533* Feb 5
33 Jan 557 Dec
'71
8
72 '71
72
*71
72
717 73
8
1.000
Do pre(
233 2453
4
100 704 Jan 19 73 Feb 5
24
577 Jan 74 Nov
2512 243 255* 245* 2514 24
4
243 37.600 Seaboard Air Line
4
4
413 423
4
42
100 208* Jan 16 258 Feb 25
614 Jan 2418 Dec
433
425 433
8
4258 43
41%
Do pref
8
105 1053,
1043* 10514 1045 1051 105 1063 1034 4212 20,600
100 37 Jan 16 437 Feb 5
144 Jan 45 Dec
8
/
1
4
,
8
1013 39,700 Southern Pacific Co
2
10 011
4
/
4
100 102 Jan 5 1083* Jan 9
8512 Mar 1054 Nov
90
913
4 90
/ 917
1
4
9012 913
2 904 913 37,900 Southern Railway
*
89
2
/ 903
1
4
89
100 775 Jan 2 92 Feb 5
3812 Jan 791 Dec
8
4
9012 90
923
91
9212 90
90% 12,700
Do pref
100 83 Jan 2 923 Feb 25
567 5811
4
8
55
663 Jan 85 Dec
4
563
4 5512 5614 5512 565
8
2
117 117
8
2
•1114 1212 .111 121z 113 Ilk 54% 557 22,600 Texas & Pacific
100 4314 Jan 27 5812 Feb 21
19
Jan 48% Dec
4
11% 115
8
500 Third Avenue
6412 654
100 1112 Jan 28 143 Jan 12
8 May 1812 J1113
4
1
658 66% "6512 6653 64
66
"64
66
800 Twin City Rapid Transit...100 58 Jan 22 6653 Feb 24
4ct 66
3912 1
Jas
150 8 1504
1
15012 151
15014 152
15114 15212 14812 150
16,100 Union Pacific
.75
100 1473 Jan 5 1534 Jan 10 1265 Mar 15112 Dec
7512
8
75
8
3
7512 7532 75
75 4 76
3
7412 7512 1,200
Do pref
21
21
24
100 72 Jan 30 76 Feb 26
24
70 Mar 7612 An(
*21
231 .224 23 '20
/
1
4
2312
500 United Railways Invest
•5312 85
100 19 Jan 27 2634 Jan 2
7% 14pr 41 Dec
'54
55
5312 54
*5312 5412 *5312
300
Do pref
75
753
100 534
4
754 7514 7614 794 7912 8014 801 5412
2612 149r 647 De
2
/ 82 4 4.000 Virginia Railway & Power_100 6412 Feb 2 61 Jan 3
4
3
254 2538
Jan 14 83 Feb 13
2412 253
38 Feb 723 Jult
4
243 2434 2412 25
8
2418 25
11,600 Wabash
100 208 Jan 21 255 Feb 21
644 647
634 6412 627 637e 633 643
103 Jan 24% Dec
*
8
4
g
4
8 6278 64
20,900
Do pref A
•444 45
100 553 Jan 20 653* Feb 11
4
3
34
453* 45 8 *4414 45 '4414 45 .4414 45
Jan 60 4 Dec
1
300
Do prat B
100 3812 Jan 21 4512 Feb 11
1518 153
1514
15
2212 Jan 423* Dec
1518 153
8 1512 1512 1514 15% 9.000 Western
Maryland
100 1414 Feb 17 173 Jan 9
23
234 2312 2212 221 .223 24 '23
234
838 June 1614 Dec
2
4
2312 1,500
Do 2d pref
100 2114 Feb 17 2614 Jan 9
3612 3712 363 38
154 May 2614 De
3314 3712
4
363 37% 37
4
38 4 33.000 Western Pacific,
3
100 211 Feb 17 391 Jan 13
/
4
917 93
/
4
923 93
1414 Jan 367 De
8
4
92
8
947
934 9314 93
947
8 7,700
Do prat
100 844 Jan 6 947 Feb 25
1412 1538 15
15
58
1514 145 145* 1412 145
Jan 8612 Dec
15
8 2,800 Wheeling & Lake Erie Ry-.100 1314 Feb 17 1612 Jan
712 Jan 174 De
7
*2812 2912 2812 2853 2812 293 02812 29
28
28
8
700
Do pref
100 26% Feb 17 311 Jan 7
8
144 Jan 3212 Dec
Industrial & Miscellaneous
26412 6612
•120 125
100 100
14
14%
'47
49
'6312 65
*6318
*120 125 *124
99 100
14
100
1412 1412 14
*48
49
48
• 1316 and asked prizes.
643
125
10053
141
48
x Ex-dividend.
*6314
124
100
1412
• 47%
6612 *6312 6612
124 '120 125
1001 100 100
/
4
1512 .1434 1512
50% .5014 504
Ex-rIghts,
Abitibi Power & Paper-No par 62 Jan 6 67 Jan 10
100 All American Cables
100 119 Jan 6 125 Feb 4
3,900 Adams Express
100 91 Jan 5 10314 Jan 9
2.000 Advance RumelY
100 1312 Feb 20 1512 Feb 26
2,000
Do pref
100 47 Feb 18 51 Jan 5
61 Dec 64 De
9612 May 12212 De
734 Jan 9312 De
8 June 163 De
2
2814 June 54 De
a
New York Stock Record -Continued-Page 2
1066
For sales during the week of stocks usually insictiee. see second page preceding.
HIGH AND LOW SALE PRICES
--PER SHARE. NOT PER CENT.
Saturday.
Feb.21.
8 per share
104 106
3
113 117
3
---- ---•112 14
4
1
/
89
88
*11814 1183
4
78
7613
*104 106
1
/
204 204
5234 53
40
40
*824 8412
3
40 4 411
4
/
10112 1034
*108 119
1734 1751
3
11812 11)318
2034 205,
2
125 125
Monday.
Feb.23.
Tuesday,
Feb.21.
Wednesday, Thursday.
Feb.26.
Feb.25.
Friday.
Feb.27.
Sales
for
the
Week.
3 per share $ per shire $ Per share $ per share $ per share Shyer
43.303
4
/
4
1
/
10114 10712 10514 11012 103 11112 1031 110
8
121 15.303
8 12
8 1213 123
s
4
113 1212 123 127
______ ____ ____ ____ ____ ____
112
112
112
112 1.100
112
112
112
112
4
1
/ 81'8 27.31,1
8913 87
874 87
4
1
/ 87
874 89
1.90)
11914 11914
4
11813 11812 11812 11813 1183 120
7812 7.010
4 71
7513 773
741s 75
76
75
*101 103 *101 10314 *105 105 •I03 105
4
/ 4.503
4
2012 193 1914 1.311 1914 194 111 20
4
3 51, 5212 5113 522 5912 51,3 2.3.13
5218 531
7,10)
8
4 437 41
413
4 0.3 40
4
/
4
393 401 333 4
I))
8112
8112 *83
1383
83
*8212 8112 83
4 3113 4314 7.93)
40,
4
/
3934 4134 401 414 40
7.103
101 101
101 106
103 10 3
101 101
2))
-._
103_ •103
110 110
103 103
113.7))
17214 174
171 17612 17112 17314 17113 Ili
911
1
4
/
11313 11812 11814 11314 113 11312 11918 1191
14.0)0
233 211
213 211
12
205 20) 206 201
333
121 125
121 125
125 125 .124 125
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
I ndu.. & Mlicell. (Con.) Par $ per share
4
/
Air fteramtion. inc....No par 861 Jan 30
Si)11 Jan 21
Alas Wilmer. Inc
.15 Jan 2
11)
alu,ku (1,.1,1 Minus
1 Jan 6
Manta Iiineau Gold MM._ 10
4
/
811 Jan 16
Allied Chemical ite Oye.No par
00 pre
100 117 Jan 9
193 71 12 Jan 5
Allis-Chalmers Mfg
103 103,4 Jan 3
Do wet
1.34 Jan 5
Amer Agricultural Chem 103
Ira prat _ . _. .___ 103 4014 Jan 5
...
11/0 39 Feb 58
Arnerlean Beet Sugar
103 80,4 Jan 19
00 pref.
Amer Bosch Magrieto__No par 33 Jan 2
Am Brake Shoe A F.......No par 9912 Jan 27
110 ore'
MO 10712 .lan 12
100 15818 J in IS
Amin-limn Can
101) 11.5 Jan 29
00 'ref.
Atomacan Car A Roundry_ 100 192 Jan 5
Do ore)
101) 12112 Jan 9
25
4
/
4
2114 213 211 1,393 Amerlean Chain. class A
No par
533 American Chicle
44,4
414 43
lie)
1/0 pref
91's
93's .90
00 rertlfic arts
NO par
5))
438
0
4
42
612 8's 13.13 )1 Amer Drugglits Syndicate_ 10
614
103
,
'
,
155 4 15114 15314 4.'11) American Plumes
4 3313 312 3.111 Amer .t Foreign Pow...No par
313
No par
00 pref
924 9214 921 5.311
4
/
00 25% paid
1.3;))
120 126
126
Do hill 011,1.
.....
_
_._
12 2
;
4
8 11
-127 - 7 ;i214 I 4 -123 Ili -1212 . 7 1111 aiwirlean 11111e ,A beather,100
23100
00 pn)f
1.31.)
8
617 724 7014 71
70
70
•6312 70 .69
70
100
2))American Ice
.81.2 902 .382 91,2 8312 8312
91
01
*89
91
1)0 wet
101
61
7712
77
77
77
7712 7714 771 1
78
*77
78
6.201 Amer interliarional Coro...100
35's 3712
4 334 33
8 3312 373
3812 377
8713 373
4
1.1)11 American La France F E. 10
114 12
1214 124
121 1
12
12
12
•12
1214
103
1,81) Am 0.1can Linseed
27
4
/
*2512 234 2714 271 23
*2734 23
2712 273
4
0 i oref
7,))
100
65
61 .63
363
61 '
*63
61
•62
63
64
4
/
4
/
123 13112 130 1311 1311 1314 13214 133 123.131) Amedean Lorton new__No par
124 12713
1)0 ,ref1011
,
7.111
1222 123
123 123
1224 123
123 123
1223 12314
8
No par
4
/
411 53
4
411 4114 1.313 ern-dean Metals
4 4914 51
41134 491
*49
4112
1)0 ore?
1011
111 115
•114 116 11111 115 •114 11.5
•114 116
25
3.533 Amerman Radiator
93 9314 95
97
99
9914 10312 99
*100 101
I Am er Railway Rtpreas_.....10ii
8
83, ___
8
807 .80
8
807 .80
8
807 •80
*80
*8112 8212
If)), Amerielt0 Repurales... no par
63
61
*55
63
•513
*52
57
57
57
*55
14.31 ' American -lame Razor._ .100
41
,
41 2 44
4313 4312 44
46
44
461
45
1
/
8
1212 117 12
114 124 114 134 21.01. Amer smo t Camel _,No par
12
4
/
1l1 123
3
,2 914 15.31 Amer smelting A Renning 1110
4
1
/ 9113 9314 917
8 93
9413 10013 93
100 101
100
2))Ira pre
10918 101 4
109 101 *105 110
•109 110
*109 110
4
/
5114 511 10.31 Amer 41eel Foundrien„.33 1-3
4
/
5213 534 524 5314 511 53
3
523 51
100
Ira 'wet
9).
._ 110 110 *110 11313'110 1103
•110
110 110
6513 6714 6112 67
6814 55.721 American Sager Refining 101
65
WO
81
6312 6113
100
Ira pref
2.111)
9911 9914 *9912 10) 103 1034 101 101
9913 991
100
4 4.3)1 Amer 4,,,> ttra Tobacco
174 131
•1712 18
174 184
13
13
8
187
18
1011
1),' pre(
Illi
43
4312 •40
*40
47
47
49
347
.
•47
50
2)) Amer Telegraph A Cable. 11)0
47
•45 . 43
47
*11
4 47
4
463 463
Stock
47
•46
1011
1
/
1334 13118 1334 1314 131 1314 13314 1314 8.211 Amer Trapp At Teleg
3
1333 134
50
4,1.11 Amerlean Tobacco
4
/
871 83
8
8 873 83
877
8713 1334 87
88's Exchange
88
1119
19) 00 pref
10118 101'2 10112 105 106
105 105 *1054
*1004 105
1)0 common Clan B....50
8614 8718 8814 874 7,101
2 8312 87
8614 873
3 Closed
8718 873
American TePe Frainders..100
•105 103 .101 103 •105 110 •103 110
*105..,
4
/
4 3714 334 3718 371 6.011 Am Mit Wks It 1.19 et c....20
3714 334 3718 373
4
1
/ 377 Washing37 Go 14t pref (71) v t 0.11111
10)
103 103 *101 10314
•102 101 *103 101
0102 1021
110 0 vale p1(6%) etc 100
41))
101 101
101 101
101 101
4
/
*1001 101
ton's
8
•1003 101
100
27.23) Aru-riean Woolen
4912 5112 504 5112 5918 51
4)4 51
5034 Slis
100
110 pre)
9018 1,833
8) 90 1 93
8814 93
90
89
89 Birthday.
89
A.ner Writing Paper pref__101)
8
4
1
/ *Vs 41
*412 4
•414 414 *44 5
3 5
•43
1.011 Amtr Zinc. Lead &Smelt__ 25
10
39
'
1
/
914 94 .913 10
7
•912 98
7
*912 9 8
25
Do ore).
731
314 31
32
32
*31 12 33'72 •3112 33
2
03112 337
4
/
4214 421 9,3)) An Loma' Copper 741nIng_.50
1
/
1
/
424 434 4414 4314 424 43
8
427 4312
334 3114 3.1)) Archer, I)rals Miell'd.No par
8
33. 3313 3318 3312 3312 34
3313 34
100
G I pro).
31)
9512
*98
93
98
96
*9512 9812 •95
97
*96
1,511 Arrow at Co (Del) pref.11N1
1
/
4 934 91
4
931 931
4
/
9414 9'11 91
91
1
4
933 913
,
4
/
914 11', 101 10 8 9311 Amara ConitletCoete No par
*912 10
10
10
94 1513
6.01) Asraehtell Dry Goods...AO.)
18234 19212 18512 193
4
17112 1713 173 130
•171 173
1110
I)) 00 lit prof
*91 103
39)
. 12 100
•99 101
1
. ) 100
. 91
9912 991
1011
00 2,1 Pr's?,
111
•10113 106 0101 105 •101 193 •101 103
4
4
1043 1013
25
364 8,51) Alsocksterl Gil. new.
35
3612 3518 37
3512
3618 37
3712
36
4
/
3118 324 301 324 3218 351S Ws 352 33.3)0 All 0.11? A WI SS Llae-100
324
30
4
43'e 431 4112 8.81) 01 pre100
4
/
4112 421 4114 4112 42
4313
42
103
1,53.) AU ratio Refining
III 112
112 113
11012 112
•111 113
113 113
103
0., lire).
4
•I133 11412'114 11112 *11112 11412'111 11 112
4
•1133 1141
No par
103 Atlas Fowler
51's
. 50
531
4
/
511 *51
*51
5213 5212
5212
*50
100
Do pref
912
•92
95
*92
95
9112 *92
*92
9412
*93
No Par
6)) Atlas Titek
912 912 *94 913
3 94
93
4
1
/
3
94 9
09% 934
4
273 2312 4.31) Auttln. Nichols A Co No par
2712 2312
27
27 •25
•26
7
4
273 27 8
100
1)0 pref
5))
12
8912 8)
8
897 91)
90
*83
90
*89
90
.89
5)) /tato Knitter Hosiery. _Alo par
3
212 212 •21 1
212 212
212 212
*212 3
1
/
1104 114 174.153 Baldwin Laeninotive Wks_ 100
14012 14314 14312 145
14012 145
142 14513
100
Do pref
MG
11414 1141 11314 114
•1144 115 *11412 115
*11412 11513
2612 2714 20.103 Berusdall Corp, Class A... 25
8 2018 2614 2614 271
8
263 267
2
254 267
25
Du Class 13
1.6)3
4
203 2014
4 204 21
4
203 201
4
1
/ 21
20
*2013 211
No par
1.203 Barnet Leather
41
40
42
*37
42
*39
42
*39
42
*39
No par
1.401 Bayuk Cigars. Inc
4914
49
4 4918 491
8
4 493 493
493
49
up 511
: /
4
211
9.3113 Beech Nut Packing
69
69
71
69
69
6914 .63
63
3
703 717
100
4634 4712 17,703 Bethlehem Steel Corp
4718 4618 46 12 4613 43
46
4713 48*2
Co cum cone 8% pref 100
403
114 114 *114 11412
4
1
/ 114 114
113$4 113
4
•113 1143
190
Do pref new
601
991 *93 100
9912 99
4
,
99 4 993 •98
1399 100
No par
403 Booth Fisheries
51
,
,
54 54
51
512 *5
*514
514 514 *5
100
British Empire Steel
101
313 312
8
4
1
/ *312 33
8 *312 3
*314 37
*34 4
100
Do lit pref
403
*3012 33
33
333 •31
3
321 3313 33
*304 32
1110
Do 2d Pref.
903
11
4
/
4
103 101 *10
11
1012 1114 11
3
*9 4 10
100
1,803 Brooklyn Fdllson, Inc
8
12718 12713 1267 12712 12712 12814 12314 129
4
*12714 1273
4
/
801 7.303 Bklyn Union Gas new..No par
78
78
77
77
8 77
8
767 767
7712 774
100
2,400 Brown Shoe Inc
7012 71
72
7312 734 7312 72
71
72
170
100
Do pref
309
14
•9113 10)12 100 10) *9912 10)4 *93 109
.9913 100'
100
8
9914 967 9712 2.101 Burns Brothers
9912 9978 97
100 100
,
99 2 10011
Do new Class B corn
2,10)
20
2012 .19
20
21
•20
21
21
2113 22
100
Do pref.
10)
*9612 93
1k
93
*96
97
.9613 9714 97
.9613 97
784 7812 7912 1,200 Barroughs Arld'g Mach-No par
7812 7812 7812 *78
78
47718 784
5
713 712 2,8)) Botta Copper A Zinc
712 712
74 74
4
1
/
712 7
Vs 7%
100
693 Materiel' Co
21
2112. 21
21
22
4 22
223
*22
224 2212
1914 2.030 Butte & SuPerlor Mining...10
3
193 *19
1913 1933 1914 1912 1914
1914 1911
3333 Caddo Cent Oil et Itet..No par
8
17
8
17
/
4
/ 1 71
11
•14 2
2
2
8 2
•17
No par
1O6l2 1054 2,339 California Packing
109 109
103 103
103 109
4
1
/
108 110
27,4 274 23.20) California Petroleum, new_ 25
8
s 267 28
2634 2714 264 267
2711 271/4
Do pref._
100
400
10112 10513 10512 105'2
•101 105 *102 105
105 105.
10
7,000 Callihan ZIne-Lead
8 4
37
44
4
414
4
414 412
413 413
10
630 Calrauet Arizona Mining
5214 *5112 524
5112 5113
524 *514 5214 .51
*51
No par
Case (.1 I) Plow.
_-- _ -....
25
157
1iol) DtIMACt A Herta
7
4
;153 11:3 ..it Iii ..iit - 8 j&ii 11 4
16
18
2312
Case Thresh Machine...Ns par
2312 *27
29 .27
294 *27
*27
291/4
•27
Do pre?
*6212 65
100
399
65
61
65
65 •63
064
65
•64
8 2,63) Central Leather
100
4
1
/ 204 2010 2018 194 197
8
203 204 19
4
193 1934
100
no pre?
9,333
62
6234 6212 6312 60
62
63
6212
4
1
/
6218 62
334
703 Century Ribbon Mills...No par
3878 3914 38
*374 39
38
38
4
*373 39
93
Do oraL
100
93 .94
*94
98
391
98 '
•94
*944 98
514 42
5.0)3 Cerro de Pasco Conner_No Par
4 5112 52
8
514 5212 513 513
s
523 5212
7
25.900 Certain-Teed Products_No par
4414 444 454 44 8 43
1
/
424 434 43
*4218 421/4
8
334 317 22,103 Chandler Motor Car...No par
3
4
4 313 3314 343 35
313
31
4
/
311 3134
630 Chicago Pneurn Me Tool._100
*8514 90
*8514 89
*8514 90
*8712 90
884 8913
52
6)0 Chicago Yellow Cab__.No par
52
52
5112 5112 *51
5114 52
311: 514
25
1
/
4
1
/ 354 354 3512 3614 18,309 Chile Copper
3511 3513 354 35
3518 353
s
5
254
70) Chino Copper..
254 25
4 25
2512 2512 *2112 253
32512 27
.
6514
100
401 Cluett. Peabody dr Co
,
65 4 6514 65
84
64
.6313 64
64
.63
-_--_-__.
-_-_-_
• .
-rtna.5.
sales on
• Bid and sated paean no
4
/
8
243 241
*44
4412
*98
9518
.41
4212
612 61
2
156 1561
4
/
327 33 8
8
,
93
,4
933
124 12414
,
4
4 213 2134 21 2
2412 213
*4312 4113 •4313 4112 4314
1s
9) *90
9918 •90
•90
4112 4112 040
42
•41
612
612 614
612 612
155
155 155
1514 155
4
/
4
1
/ 311 324 31
3213 32
924
934 914 93
93
124 125 •123 126 •120
PER ti -t88
Ranoe for Year 1925.
On barb of 100-share tots
2234 Jan 2
37 Jan 27
93 Jan 5
37 inh 7
5,3 Jan 2
14712 Feb 3
29 Feb 16
87 Jan 6
121) Rah 17
125 Jan 11
4
1
11/ Jan 27
67 Feb 17
8.5 Jan 21
77 Jan 28
33 Jan 11
11 14 J.V1 2
2514 Jan 30
53 Jan 2
lf1113 Jan 5
111114 Jan 7
4418 F .1) 17
11112 Feb 3
894 Jan 3
7813 Jan' 6
43 Jan 8
8
367 Jan 2
11,4 Fel) 2
92.2 F ib 17
2
105, Jan 5
46 Jan 30
1033 Jan 7
4
/
471 .1,4,113
91 14 Jall 18
I0.4 Jan 20
37.3 Feb 5
4013 Jan 8
12313 Jan 15
85 Feb17
101,2 Jan 5
8112 Feb 17
4
103, Jan III
2
343 Jan 13
100 Jan 9
3
95, Jan 2
4
/
481 Feb 133
8513 Jan 26
8
43 Jan 31
9 Feb 17
31 Jan 23
41 Feb 17
26 Jan 7
934 Jan 5
91 Jan 29
8 Jan 5
128 Jan 5
91 Jan 7
101 Jan 2
33 Jan 6
20 Jan 5
31 Jan 5
9512 Jan 2
11312 Jan 6
50 Fab 16
92 Jan 14
918 Feb 15
2518 Feb17
8
87, Jan 27
178 Jan 7
12614 Feb17
1.134 Feb27
214 Jan 21
1712 Jau 2
35 Jan 5
4514 Jan 29
6312 Feb17
454 Feb 17
11012 Jan 7
9512 Jan 5
5 Jan 6
3 Jan 5
30 Jan 5
814 Jan 21
2
1203 Jan 2
7512 Feb17
69 Feb17
4
1
/
98 Jan 6
9212 Feb II
184 Feb 11
934 Jan 10
65 Jan 3
618 Feb 18
21 Feb 17
18
118
10012
2378
100
312
51
Feb17
Jan 8
Jan 27
Jan 2
Jan 2
Feb 4
Feb 16
1512 Feb 19
2714 Feb17
82 Jan 8
1812 Jan 27
55 Jan 8
3113 Jan 5
97 Jan 13
5013 Feb17
414 Jan 8
2812 Jan 22
85 Feb17
SO Feb16
314 Feb17
2413 Jan 27
6012 Jan 2
fflontat
$ per
111 13
14
8
3
I4
90
120
4
/
821
107
8
217
514
43
8712
51,3
UM
ili)
4
1773
11918
211
125's
PiriC SHANE
Ranee for Preston,
Year 1924.
Lowest
MOMS
share $ per share $ per Mari
4
67, Jan 93 Dee
Feb25
41 2 May 1413 Del
Jan 3
14 Feb
.05 Deo
Jan 14
112 Ma!
78 Jan
Feb 11
65 Mar 8713 Del
Feb II
3
3pr 1183 Dal
Feb 25 110
8
8
413 May 733 Dec
Jan 17
8
Apr 1047 Dee
90
Jan 29
1718 July
74 Apr
Feb II
4
/
181 %pr 494 Jas
Feb 10
36 Mar 4912 Feb
Jan 7
6812 Oct 83 Dec
Jan 6
8
22,4 Apr 387 Jac
Jan 3
Apr 102 Dee
711
F .1326
Jan 3 101,4 July 110 Mat
4
957 Apr 16312 Dec
Feb 14
Oct
Jan 119
Feb27 109
F 31) 23 15312 Apr 20014 Dee
Feb 1S 11814 Apr 125 JUIY
21 18 Mar 25 BelB
27 Feb 11
8
4
/
111 % yr 407 De
4512 Feb la
9313 Dee
51 12 Fe)
93 Feb 13
39 Del
23 Sept
42,2 Feb I)
001
7
634 Ian 22
312 Jane
Apr 16434 Dec
88
166 lari 2
31 Feb 19
4
/
911 Feb 21-..,.-Mar 13214 thel
924 1274 Jan 7
91 13 3pr 133 Dee
128 Jan 7
1452 Del
714 Apr
11 Jan 11
50.2 Jan
724 Dec
8
757 Jan II
Feb
Ana 98
93,3 141112
72
73.2 Nov 83 Feb
3314 Jan 7
8
4
/
171 Mar 353 Nov
41 Feb 5
1214 Jan
13 May
II Jan 15
4
1314 May 283 Dee
,
21 3 Feb 3
Apr 534 Dec
33
63 1 Fen 23
7.118 Apr 10934 Dee
1334 Feb 23
124 Fel' 16 11614 Apr 12012 Sent
1
/
334.I.ine 54 Dee
4
/
531 Jan 2
11612 Ian .3 107,4 %pr 11512 Dec
9114 Apr 136 De4
1051 Jan 17
Oat
83
7712 Nov
8) Jae 13
1134 -Ian II
Jan 48 Dee
25
1014 Nov
13,2 1. 31, 21
54 Apr
3
104 Oct 154 Feb
114 Feb 27
8
lira / Reb 10
57.2 Jan 1003 Dee
4
1
96
4
/
Jan 1074 Dec
1101 Vnil 5
33,3 Apr 49 Dee
51, Fel. 21
1104 .1311 15 191 ,4 Apr 1094 Nov
'19, Feb 21
Oct 6134 Feb
331
8
Oct 997 Feb
77
11)1 F 0'27
2
21, Feb li
4
/
61 Joie 2812 Jets
2212 Sept 69
Jan
56 Feb 13
334 Dec 4312 Jan
47 Feb 25
4
/
1331 .1,3.1 3 1214 Jona 1343 Del
4
1
/
1
/
91 18 Feb 9 13134 Mar 1694 Nov
3or 10613 July
106 Feb 17 101
2
4117 Feb 9 13514 Mar 16838 Nov
112,4 Jan 2 1118 Sept 115 Sept
394 Jan 2
Feb 144 Dee
40
Dee
8112 Mar 101
103 Feb IS
Feb 102 Nov
6/1
1014 Feb II
1
/
51 14 Sept 784 Jan
4
/
611 .1:111 8
1
/
Oct 1024 Jan
90
96,8 Jan 211
7 July
113 Apr
712 Jan 3
1214 Dec
7 Mar
12,2 Jan 9
8
24 June 367 Dee
39 Jan 9
23,3 Amy 4814 Dee
4(4 Jan 3
3514 Feb 13, 28,2 Deo 29 Dec
90
Deo 9113 Dee
9614 Feb 13
8314 June 944 Dee
97 Feb 14
Jan
Oct 15
6
12,2 Jan 28
Jan 10412 NO,
79
19112 Feb 25
9912 Feb 21
8312 May 94 No7
4
Jan 1023 Dee
89
1033.4 Feb 7
2712 July 344 Feb
39.2 Feb 2
1014 Mar 23 Dee
354 Fe 21
12,2 Jan 31 13 Dee
431 Feb 26
4
/
11712 Feb 5
7312 July 140, Jan
8
Feb
Oct 118
1 1 134 Jan 9 103
Apr 54*4 Feb
47
52's Feb 21
94 Jan 9
8213 Feb 93 Dee
1014 Jan 10
5 June Ills Jan
3212 Jan 12
1812 Mar 3312 Del
79
'.pr 91 Nov
91 F 3) 7
813 Jan
1,2 Nov
314 Feb 26
3
145 Rob 23 1013 May 1344 Dee
URN Jan 31 111113 June 11712 Nov
Feb 2312 Dee
14
4
283 Feb 13
Jar) 1712 Dee
10
23 Feb .1
2312 Nov 39 Dee
44 Feb27
Jan
3912 MaY 59
534 Vet) 14
4414 Apr 724 Des
1
/
2
74, Jan 10
4
1
/
5312 ii.,, 1337 Oct 6213 Feb
11613 Feb 8 101 14 Apr 11014 Feb
8912 June 97 Feb
102 Jan 31
74 Jan
8
33 June
7 Jan 10
8 An
1 14 Nov
4
1
/
3 Jan 26
30 Aug 54 Mat
3314 Feb 2.5
4
1
/ Jan
15
5 Nov
11 14 Feb 21
133 Jan 7 10714 June 12414 Dee
4
8
563 Apr 823 Dee
1
/
834 Jan 22
39 May 7612 Dee
7814 Jan 10
4
84 June 993 Dec
4
/
1001 Jan 19
95 Dec 11212 JUne
8
1033 Jail 12
194 Feb 29 Nov
2111 Jan 14
9518 Mar 991a May
97 Feb 25
4
623 Nov 6712 Oct
81 12 Jan 211
914 Dee
3
33 June
4
83 Jan 2
17
2834 Jan 3
Apr 25% Dee
14 May 2513 Dee
2414 Jan 9
414 Jan
1 Nov
1
/
24 Jan 12
Apr 10614 Dec
80
110 Fab 21
1912 July 2914 Feb
30 Feb 6
Jan
9213 2.11Y 107
10.114 Feb 5
212 May
7
5 4 Jan
4
43 Feb 19
4
4
413 Mar 583 Dee
58 Jan 7
134 July
le Mar
1912 Dee
1318 May
3
183 Jan 5
14 Mar 35 Des
s
301 Jan 23
Jan
41 14 May 77
6712 Jan 14
4
/
1
/
94 Mar 211 Deo
21 14 Feb 7
2914 Mar 5814 Del
66 Feb 7
4
2.53 Apr 3514 Nov
42 Jan 13
Jan 954 July
91
4
983 Jan 14
4
4
403 Mar 563 Dec
5512 Jan 2
, June 4412 Deo
24,
48 Feb27
2678 Nov 664 Jen
8
367 Jan 3
8
797 May 1004 Dec
3
983 Jan 3
39 May 6113 143t
55 Jan 3
*
254 Mar 383 Dee
3
373 .lan 2
15 Mar 29 Dee
Ms Feb 9
Oct 7512 Jan
55
4
/
711 Jan 12
New York Stock Record-Continued--Page 3
106'1
For sales during the week of stocks usually inactive, see third page preceding.
ifION A.VD LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 21.
Monday,
Feb. 23.
Tuesday,
Feb. 21.
Wednesday. Thursday,
Feb. 25.
Feb. 26.
Friday,
Feb. 27.
$ Per share $ per share $ per share $ per share $ per share $ per share
91
9034 902 90% 91 18 903 91
9114
4
9012 91
433 455
4
44
451$ 44
4514 4414 45
4312 4414
.48
•
48
4814
48
.4712 43
47
4712 4714 48
47
473 4914 4918 503
4712
4 50, Slit 501 5214
4
4
14
10614 106
10513 10512 1061s 10614 10614 10612 106 10612
64
*62
.62
65
.62
66
65
65
63
63
•10412 105
105 105
105 105
10112 10112 .10212 10112
171 17312
167 170
16012 161
167 170
167 16714
1683 1693
4
166 16312 1803 16512 165 170
4
4
165 16712
40% 403
s
3912 1012 393 3912 39
3912 39
391z
33
314
312 313
31g
318
3
3
.23
4 3
•30
31
31
31
.30
303
4 30
303
4 2918 2918
.87
881$
8718 8718 .80
8712 .84
86
.81
92
814 813
713 812
7
73
4
8
714
73
4
7
7614 783
4
75% 76% 7512 763
8
s 76
763
8 757 77
41
414
4
418
4
418
418
418
4
418
6412
64
8114 647
8 6414 617
8 65
8512 6153 651
III 111
11012 113
112 112
112 112 *110 112
88 9
7
93
87
8 9
87
8 9
9
93
9%
39% 40
3912 41
407 411$ 401 4112 101s 41
4
•I1912 12012
120 120 .122 123 .12134 123 .122 123
3412
33
33
3118 33
31
3312 311
3312 3118
.8718 89
8913 8912 .863 893 .8634 89% *36% 8)
4
4
14
7312 743
4
7212 74
7112 73
73
76% 7514 773
4
9412 9412
95
•
91
*9312 9112 91, 9114 .9112 95
4
1314 131$
1318 1334 1318 1312 1312 14
1312 1314
59% 601$
593 61% 6014 61 14 61
4
62113 6314 8218
318 313
4
311 33
313 3214 321g 33
4
'n
321$ 33
*9814 10212
.9312 10212 .9314 10213 .9314 10212 .93 102,
1
*51$ 51
512 512
514 514
6
6 15
51$
51
40
40
40
40
41
41
41% 4112 41
42%
.6912 71
8912 6912 .6312 71
63
63
63
83
5214 54
541 5512 5112 55
5313 517
5312
2 53
234 3
318
3% 314
3
•234 314
21$ 3
44
4114
43
44
43
4314 4114 457
8 41
4114
.213 2312
4
*2114 2312 .2113 23
.21 14 22% *21 14 22%
•11412 115
115 115
115 11514 11514 115,4 115 115
1.53 154
4
1514 16
16
1614
16
154
157 16
8
.14% 143
4
1418 1414 147 147
8
15
15
15
15
•10518 10618
•10534 I0818 106 106
10 112 10512 1057 105's
8
1131$ 11418
1133 I1418 114 1113 11114 115 s112 11312
4
4
113 113
4
4
*113 13
12
12
4
1234 121
4 12% 124
148 1433
4
14714 14312 11718 148
14312 150
147 4 14911
,
963 9634
4
*96
963
4 9612 0812 957 95'12
963 .
4 96
643 613
4
4
64
6514 6118 6112 61% 64% 804 65
.8
10
.8
10
.9
10
.9
10
.9
10
•112 2
•112 2
.112 2
•112 2
17
8
11
69
69
69
69% 6918 6918 6918 8918 .67
6912
115 115
•112 116 *11212 116 8112,2 115 *11212 115
•1812 19
.1812 19
.1812 19 .1812 19
18
1812
*214 11
•214 3
.214 3
.214 3
*214 3
33
35
347 3504 .3112 35
8
31
3114 31
3112
96% 9112
95
9914 96
9712 9312 9012 9312 1011$
106 1067
8
107 107
106 106
10912 10712 105 103
13514 13514
Stock
•134 1357g 132 1317 .132% 137
8
131 135
.21
23
.21
23 .2012 23 .20
23
*2012 23
.8114 617 Exchange
8
4
6114 63
6118 6118 .25114 5314 5314 531
•I54 157
•154 157
154 154
151 151 *151 15312
14
14
Closed
133 14 .13% 14
4
14
14
133 13%
iii.,
-1253
.
83
83
7913 791
1071$ 10314
97
9%
1018 107
8
5214 525
8
.9712 99
57
577
8
.9512 97
•I20 121
10018 1001$
•10614 110
•110 113
23712 239
1118 11 18
741s 742
91
91
91
91
108 108
5412 553
4
53
53
8
4904 495
103 103
2312 2312
157 16
39
39,8
48
465
8
*943 953
4
973 975
4
1067 1067
8
8
194 19,
4
•514 510
9312 933
1612 16%
*5% 5%
8914 907
8
3218
32
363 37,
4
4
.4714 1814
*4312 45
3514 3512
7912 807/1
40 4012
•15% 15%
• *714 7
,3
27% 2812
51614 17
812 918
90
.85
4612 4612
108
.10712
2812 2812
123 12%
8
124 125
5612 567
8
8
4013 425
105 105
.114 115
1314
13
404 48
2818 2714
97
97
5653 575
•7512 76
sit(pz 118
.11912 12012
97i2 9712
24% 2512
.10
.109
fno -"1912
110
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
1-87t JI-1,11tZ'
Range for Year 1925.
On basis of 1.00-share lots.
Lowest
Highest
Shares. Indus. & Nliscell. (Con.) Par $ per share $ per share
4,700 Coca Cola Co v t c
No par 80 Jan 6 9214 Feb 10
100 41 Feb 16 4814 Jan 13
8.600 Colorado Fuel & Iron
800 Columbian Carbon v t o No par 47 Feb 26 5134 Jan 8
59.000 Col Gas & Else new_ _ _ _No par 4514 Jan 21 5214 Fob 27
100 10414 Jan 5 107 Jan 26
1.700
Do Prot _
200 Cornml Inveet Trust__No par 50 Jan 2 67 Feb 16
Do pref
300
100 103 Jan 5 10612 Jan 19
2.400 Commercial Solvents A No par 10912 Jan 9 131 Jan 29
Do "14"
8,000
No par 10712 Jan 9 189 Jan 29
5,700 Congoieum Co.
8
No par 335 Feb 16 4312 Jan 2
3,400 Conley Tin Foll
4
No par
23 Fob 16 17 Feb 10
1,100 Consolidated Clisas
No par 2612 Jan 2 3214 Feb 19
Do prof
8
100
4
100 793 Jan 2 897 Feb 14
20,700 Con,olidated DIstrIb'rs No par
318 Jan 7
93 Feb 19
8
20,230 Consolidated Gas(NY) No par 74% Feb 17 78% Feb 10
7,100 Consolidated Textlle___No par
514 Jan 7
4 Feb 19
11.400 Continental Can, Inc
100 62 Feb 17 69% Jan 2
1,400 Continental Insurance
25 103 Jan 5 121112 Jan 21
21.533 Continental Motors_No par
814 Jan 2 10% Jan 13
41,9)3 "jam Products Refln vi 1.._25 3818 Feb 17 411$ Feb 25 1
Do poet
1.19)
100 11814 Jan 7 123 Feb 6
No par 2634 Jan 2 351w Feb 2
45,3)) Colden di Co
Do prof
103
100 83 Jan 2 901 Feb 10
50.2)) Crucible Steel of Amerloa1110 6314 Feb 17 794 .1an 17
Do pref
2)9
100 93 Jan 2 95 Jan 15
1214 Jan 12 145 Feb 5
9,313 Cuba Cane Sugar
No par
8
Do prof
33,2))
1011 5618 Jan 14 6218 Feb 23
18.79) Cuban-American Sugar____10 2912 Jan 2 33 Fab 25
Do prof.
100 98 Jan 9 10314 Feb 111
10.93) Cuban Dominican Sug_No par
813 Feb 27
514 Feb 17
Do pref
1.23)
4
100 39 , Jan 3 1 44,2 Jan 6
333 CuMman's Sons
No par 65 Jan 8 73 Jan 19
12,933 Ciavamel Fruit
No par 50 Feb 17 5513 Feb 24
7% Jan 9j
2.5)) Daniel Boone Woolen Mills.25
212 Feb 19
10.3)3 Davison Chemical 01 c_No par 41511 Feb 19 49% Jan 23
De Beers Cons Mines No par 211$ Feb 17 2418 Jan 28
1,3)) Detroit Edison
WO Du Jan 5 115 8 Feb II
,
No par
MI Jan 19
3.10) 0>me Mines. Ltd
1413 Jan 13
1.6)) Douglas Pectin
1672 Jan 12
14 Feb 16
3)) Daquosne Light lot pref _MO 105 Jan 7 10718 Fell 9
6,3)) Histnrin Kodak Co____No par 11018 Jan 5 118 Jan 19
6)3 E'ton Atte & Spring.__No par 102 Feb13
16 Jan 3
13.6)3 El du Pont de Nero & Co...100 13414 Jan 51 15018 Feb 14
33)
lin) 91 Jan 23 9378 Feb 27
Do Prof 6%
5,2)3 Elec Storage B ittery__No par 62% Feb 17 703 Jan 3
Elk Horn Coal Corp
50
71$ Feb 17 1012 .1 in 22
2)3 Emerson-Brantingham Co.100
212 Jan 3
1% Feb 4
50 67 Feb 17 72 Jan 9
1.703 En ileott-Johnson Corp
103
Do pre(
IMO 11211 Jan 21 116 14 Feb 16
233 Exchange Buffet Corp_No par
18 Feb 27 19% Jan 3
Falrb inks Co
212 Jan 10
25
3 Jan 5
5,53) Fairbanks Morse
1(10 3214 Jan 2 357 Jan 7
8
87.0)3 Famous Players-Lasky_No par 9014 Feb 17 10153 Feb 27
Do pref (8%)
2,2)3
101) 10304 Feb 17 110 Jan 8
.
800 Federal Light & Trac__Nopar.
11412 Jan 3 140 Feb 5
Federal Mining & Smeit'ic_101) 2014 Feb 18 25 Jan 19
Do prof
1.030
100 5314 Feb 27 6414 Jan 15
333 Mel Phen Fire Ins of N Y._25 14712 Jan 6 18814 Jan 12
1,033 Fifth Avenue Bus
12 Jan 8 14 Feb 14
No par
Fisher Body Corp
No par 239 Jan 2 280 Jan 12
Washing- -121-3 -124 -i.2T8 -I2; -12- 12 - -ii- 12;.
;3:993 Fisk Rubber
II Jan 23 14 Feb 14
No par
- -1
-1
-14
Do 1st pre(
.8212 8334 82
100 751s Jan 16 8512 Jan 14
70)
8114 811$
8212 82
82
ton's
7712 7912 77
76 Feb 19 861s Jan 2
5.633 Fleischman Co
No par
771s 7712 73
771$ 73
1067 103
8
No par 90 Jan 6 109,4 Feb 11
106 10704 106% 1071$ 106 10604 7,23) Foundation Co
Birthday.
No par
9 4 9%
3
912 9%
904 Feb 27 11% Jan 2
912 9%
91$ • 912 3,403 FreeportTexas Co
418 Jan 2 1404 Feb 27
No par
11
12% 1134 1218 12
4 121$ 143 36,9)0 Gardner Motor.
123
No par 4912 Feb 18 5812 Jan 10
5214 5218 513 51% 5l78 521g 52
527
8 2.700 Gen Amer Tank Car
Do pref
•9712 99
100 93% Feb 16 99 Jan 19
*9712 93
.9712 99 .9712 99
8 55
5712 4,233 General Asphalt
57% 535
565 5758 56% 57
100 5314 Feb 16 633 Jan 2
8
Do pref
•96
11)9 93,2 Feb 17 100 Jan 2
95
07
830
95
97
96
98 .98
General Baking
•130 135 .120 140 .120 110 .120 140
No par 130 Feb 18 1473 Jan 2
99 10) 4 9318 937
100 9112 Feb 17 101,4 Feb 20
3.930 General Cigar. Inc
99 100
3
8 931$ 99
•10614 110
Do Prof
100 105 Jan 3 110 Feb25
- 3.933
110 110 *110
- *199
Do debenture pref....190 107 Jan 5 10912 Feb25
103
10912 10312 .109 iii *no Ili
*110 113
236 239
100 22714 Feb 17 320 Jan 2
4
2367 239
231 2113 16,23) General Electric
8
237 210
Do special
Ills 1113 1118 1114
10
11 Jan 2 1114 Jan 3
1114 1114
1114 1114 3,703
7334 7412 73
74t2 7304 7418 7304 7418 57.6)) General Motors Corp__No par 641$ Jan 5 79 Feb 10
100
Do pref.
9212
921: •91
*91
100 90 Feb 13 9413 Jan 21
9) *9012 9212 .91
12
*91
10)
Do deb stock (6%).-100 91 Feb21 94 Jan 13
921z
9212 .9012 9212 .91
9212 .91
108 103
Do 7% prof
2,030
103 10312 103 10318 103 103
100 102 Jan 5 1087 Feb 2
8
523 55
4
53
25 42 Jan 16 5504 Feb 19
54
5312 5514 x531s 517 53.33) General Petroleum
5212 53
.52
5312 5312 51
53
5314 1,40) General Refractorles___No par 5211 Feb 19 5812 Jan 14
481$ 491$ 48
13.8)0 Gimbel Bros
4912 51
49
49
52
No Par 48 Feb25 57 Jan 13
•103 10312 103 103
8
Do pref
303
100 103 Jan 29 10514 Jan 21)
103 103 .1027 10312
2304 2434 243 253
2514 5,103 Ginter Co
2514 25
No par
25
221$ Feb 13 2534 Feb25
16
1614 155, 1614 1514 16
5,10) Glidden Co
1518 18
No par
13 Jan 19 1712 Feb 13
387 337
8
33
3312 33% 33
371$ 371$ 2.23) Gold Dil9t Corp
No par 371$ Feb 27 423 Jan 2
2
451$ 48% 4504 463
447 4614 15,33) Goodrich Co (13 F)
461
4 46
No Dar 365, Jan 5 4914 Feb 6
Do pref
*90 9512 9512 9513 9434 9114 .913 95
4
4
203
100 92 Jan 3 96 Jan 10
9714 98
9712 98 I 971 93
9712 977
2,9)3 Goodyear T & Rub pt v t c_100 8513 Jan 8 9378 Feb 18
•10
6,2 10504 •10514 1063 .10618 406% 106 10614
Do orlor pref
4
300
1011 10314 Jan 5 107 Jan 22
1804 183
4 183 19
4
183 18114 18% 18% 1.210 Granby Cons Min Sm & P0_100 18 Jan 30 2114 Jan 14
4
514 512 .514 512 ____
-103 Gray di Davis. Inc. __No par
*5%
52
414 Jan 2
718 Jan 3
91
9514 95
9612 9612 - ; 971$ 937 15,0)0 Great Western Sugar
937
25 91 Jan 16 93 8 Feb 26
•16
16% 1818 Ms 16
700 Greene Cananea Conner...A(10 16 Feb 2i
16
16
1914 Jan 2
1618
10) Guantanamo Sugar----No Ow
612 Jan 5
%
51s Feb 16
6
511 5
6
*5
*5,1 581 *6
1393 903
4
4 89
9014 90
9114 897 9112 12,039 Gulf States Steel
100 84 Jan 16 947 Feb 5
32
3212 32
32
31% 315, 3153 3178 1,630 Hinman CorPoration__No par 3018 Feb 4 3712 Jan 7
37
37 4 37
3
37
s3614 37
3712 33
2,803 Hayes Wheel.,
100 3534 Feb 17 4314 Jan 3
048
4812 48
4812 *43
4814
4812 *48
203 Hoe(R) it Co Class A_ -No Par 17 Jan 13 487 Jan 9
4313 4311 4334 431
43,2 4414 *4312 145
4)9 Homestake Mining.
4
100 43 Jan 2 50 Jan 12J
3_12 3512 35 4 3512 3513 3514 3518 3512 1,903 Household Prod Ine.__No par 3412 Jan 5 37% Jan 20
_5
,
" 80's 79
80% 7918 80
70% 79
4,20) Houston 011 of Tessa
100 77 Feb 17 85 Jan 29
401$ 41
4014 4014 401$ 411$ 4012 4115 23,209 Hudson Motor Car......No par 333 Jan 5 41 14 Feb II
4
1513 18
1514 157e
1578 1612 15 8 164 10.200 Hupp Motor Car Corp._ _ 10 1413 Feb 5 1914 Jan 5
,
_ .......
,..._
_ _ _. _ __,_ . . ...... Hydraulic Steel
1 Jan 5
No par
14 Jan 3
•7'
71z *7 4 -114
/12
,
IN •
71.1 Do prof
914 •
714 -914
712 Feb 18
6 Jan 5
1110
2618 23
2614 27% 2555 2714 26
2812 43,409 Independent DU & Gas.No par
1312 Jan 5 2914 Feb 11
16, 1614
2
16
16
16
16,
4
16
16
690 Indian Motocycle
No par 153 Feb 19 21) Jan 3
4
84
4 9
83
84
3
8% 812
8% 812 2.030 Indian Refining
512 Jan 2 103 Feb 5
10
*85
91
.85
90
*85
00
*85
Do pref.
90
100 80 Jan 5 95 Jan 7
463 463
8 4512 46
46
46
*45% 4612 1,300 Inland Steel
No par
4513 Feb 251 50 Feb 2
,
10712 10712 108 103 •107 1071s .107 10712
200
Do pref
No par 107 Jan 31 110 Jan 22
2812 233
4 2818 2314 28% 2314 273 277
1,500 Inspiration Cons Copper.. 20 26,2 Feb 17 3234 Jan 12
1214 1214
1118 12
.1112 12
*1113 12
1,500 Internet Agrlcui nes .__No par
s
7% Jan 7 1312 Feb 5
120 1211$ 12014 1223 12012 120% 11804 120
4
2.200 Int Business NIachilies.No par 112 Jan 27 125 Feb 9
56
5612 5534 56
56
56
5572 5518
1,400 International Cement.,No par
52 Jan 5 577 Feb 4
4004 4204 397 4lr4 40% 417
8 39% 402 109,200 Inter Colublis Engine .No par 313 Jan 21 4253 Feb 21
•104 105
105 105% 106 1063 10418 105
8
2,900 International Harvester...100 102 Feb 14 1107 Jan 23
s
•114 1143 .
4
113 1113 *113 1143 *113 1141
4
Do prof
4
100 11413 Jan 21 11.514 Feb 13
1214 1214
1314
121$ 1212 12
128 22.100 Int Mercantile Marine____100 11 13 Fob 16
4
12
14% Feb 5
46
4712 46
4778 46
481$ 453 4714 46.100
Do mei
100 427 Feb 17 52% Feb 5
8
27
8 2718 2712 27
2704 2738 277
2714 23,030 International Nickel (The).25 2514 Jan 15 281$ Jan 31
49712 99 .98
99
•98
99
*98
99
100
Do pref
100 94 Jan 6 99% Feb 6
513 5704 553 56
4
567 11,800 International Paper
55
5704 55
100 531$ Feb 17 62 Jan 13
75
753
4 75
75
7514 7514 757 7612 2.030
8
Do stainped prof
100 73 Jan 8 765 Feb II
8
118 118
•11614 113 .118, 118 .11614 118
4
100 International Shoe
No par 103 Feb 2 118 Feb 24
91913 12012.11912 12012 11912 11912.11912 12012
100
Do pref
100 1191g Jan 8 12012 Feb 3
a93
935, 9258 93
93
94
94
91
1.600 Internal Telma di Tales...10(
90 Jan 5 973 Feb 19
*25
26
2513 2512 253 253 .2512 26
4
4
600 intertype Corp
No par 24% Jan 15 2612 Jan 5
---- ---- ----- ---- ---- ---- ---- ----.. Invincible Oil Corp.... No par
1512 Jan 2 2204 Jan 0
.96
9818 97 97
.90
97
.88
97
100 Iron Products Corp__No par 82 Jan 27 105 Feb 10
99
20
20
2004 21, 217
8
* 2012 21
4.300 Jewel Tea. Inc
1812 Jan 21
100
217s Feb 26
108 110
1093 110 .109 112 *109 112
4
200
Do nref
inn 1021. Jan 19 110 Feb 2A
I"Kit .'1H AK&
I At(
Range for Previous
Year 1924.
Lowest
1
Highest
$ per share; per share
61
Apr 8318 Deo
247 Feb 5414 Aug
8
393 Sept 553 Jan
33 Mar 48
Dec
10314 Dec 105
Dee
30% May 58 Nov
93 May 103 Nov
4312 Jan 131 14 Dec
33
Jan 12912 Dee
32% May 6684 Feb
73 May 14% Dee
4
113 Mar 30 Nos
s
5912 Apr 84
Jan
33 Dec
18 Jan
60% Jan 797 Dee
8
2% Apr
8
Jan
4312 Apr 8953 Dec
8918 Apr 1091g Dec
87 Dec
6
Apr
3112 Jan 4334 Nov
115,8 Apr 1233 Aug
4
223 Sept 40, Feb
4
Dec 95
80
Feb
48 May 76 Dee
86 May 98 Dee
10,1 Oet '18
FM.
3
53% 1pr 717 Feb
2814 Nov
387s Feb
Jan 10014 Nov
96
812 Feb
418 June
38
Dec 52
Feb
5612 Aug 7614 Sept
74% Jan
45% Nov
6 Nov 3214 Mar
3313 Nov 691$ Jan
1814 Jan 2214 Dec
101 14 Jan 1153 Dec
4
4
113 Nov 2014 Jan
918 June 19
Dee
100,2 Mar 10414 Sept
,
10418 Apr 114 8 Nos
8% Sept 2418 Jan
112 M iy 142 Dee
85
Apr 96 Dec
5012 May 66 Dec
Dec
141$ July
II
3,2 July
% June
5572 May 7304 Dec
Jan
105,2 June 115
18
Dec 2412 14ug
412 Jan
2 Dec
Dec
:
251 May 34
61
Jan 9811 Dec
877 Jan 10812 Dee
8
7412 May 122,3 Dec
518 Apr 243 Dee
41 12 Jan 8413 Dee
Dec
118 Mar 146
133 Jan
3
913 Jan
163
Jan 240 Dec
13% Dec
512 June
3818 July 88 Dec
4414 Jan 9014 Nov
66,2 Jan 9418 Dec
712 Sept 137 Jito
314 Oct
7
Jan
3512 May 53 Dec
92
Feb 9912 Dee
8
311$ Apr 633 Deg
7l 13 Apr 100 Dee
93
Jan 160 Sept
82% a pr 985 Dec
8
101 14 Mar 106 Dee
Apr 109 Dec
100
19312 Jan 322 Dec
1012 Apr
11 12 July
55% Oct 687s Dec
80 June 93 Dee
8018 June 9312 Dee
9518 July 10312 Dee
3804 June 45 Aug
Jan
31 June 55
471s June 6l7 Dee
Jan 107 Sept
99
Dec
21
2718 Nos
8 June 15 Nos
2812 Apr 437 Nov
17 June 38 Dec
70% May 92 Dee
Jan 903 Dec
8
39
8814 Jan 103,8 Dec
8
121 Apr 217 Dec
:
918 Jan
2,2 Oct
83% Oct 967 Dec
10 May 217s Dee
47 Nov
1012 Feb
82 May 8914 Feb
31 Sept
445 Feb
3214 May
Ws Feb
4814 Dec 517 Dee
35 July 5612 Jan
311$ Apr 38 NOV
Apr 8212 Feb
61
20,2 May
35 Dec
11 1s May
18
Jan
12 Jan
204 Dee
3% May
10 Dec
544 Sept 1614 Dec
15,8 June 2514 Feb
35 %pi.
713 June
60 Mar 75
Dee
3112 May 41334 Nos
101 14 Jan 10734 Dec
221s Feb 335, Dec
904 Jail
3 June
83
A Pr 1137s De(
4
403 Apr 5912 Nos
22 Mar 39 Dot
Jan 1101 Del
78
,
Feb 11512 Nos
106
6% Jan
1504 Dec
26,2 Mar 471$ Dec
11,3 May 27% Deg
7512 May 95 Nos
34,2 1nr 60 Dec
6212 Mar 747 Oct
a pr 119 Nos
73
11514 May 119, Dec
8
66
Feb 94
Deg
2412 Dee 3212 Maz
1012 July
16% Jar
39% Apr 1 0004 Dec
1604 Apr 2314 Jar
78 Marl toe
r...
• Old and asked Prim: no 511100 on Ude day. g Ex-dividend. 8 Par value changed from 4100 to $50 and prices on that bads
3
beginning June 3. a Ex-rights,
New York Stock Record-Continued-Page 4
1068
FsrI lea during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Feb. 21.
$ per share
*1812 19
4858 4912
3
4
*5
8
52312 24
8912
*87
1614 1614
463 463
4
4
*49
53
98
*94
5353 5459
258 2 8
5
78
78
*492 500
3214 3612
•131 135
127 127
8
8
*60
6012
1173 118
4
603 603
4
4
6914 71
225 23
718 714
•79
81
34 34
109 100
207 2114
37
3814
•116 1173
4
14012 142
•108 110
*10314 10412
*136 141
*74 4 7512
3
3914 395
8
30
30 2
3
*80
87
*49
5212
84
*80
*4312 44
2612 2659
2912 2912
303 3159
4
4218 4318
*105 1114
8
32
32
8712 6712
8114 82
4258 4358
10514 10514
87
*85
173 18
4
•100 1004
*20
2014
1512 15%
2114 2112
138
112
*9712 10018
*26
29
69
69
50
5012
233 24
4
78 8
7
8
203 205
8
*3214 3312
.255 265
105 105
57
57
68 8 69 4
7
3
•125
*671 683
4
•100 102
*4514 4512
417 42%
•100 10012
681s 6814
3412 35
*83
86
•160 16112
____
•116
68
*66
•1412 15
5114 5114
*55% 55 8
3
327 3278
8
2814 2814
58
58
*57 _ __
2812 2812
4612 4758
48 48
*9
1012
*512 7
245
8
'
322
28
28
897 897
s
1014 1014
59
5912
7 46
45
107 4 1073
3
4
*97 1014
6012 6214
1714 1712
•10712 108
7618 7712
76% 7712
5
.47
•15s 13
4
s
32
327
19
19
212 2 8
5
•11612 117
ss
55
*453 4612
4
48
483
4
.4712 4812
*65
70
•1412 15
425 4314
8
1318 1358
50
5014
8812 8812
23
4 27
8
3412 3458
714
755
3
5054 50 4
9712 9712
*99 100
*5512 57
' 3 8712
385 8
• 8 14
135
1359 13%
108% 107
•114 116
Monday,
Feb. 23.
$ per share
•
Stock
Exchange
Closed
Washington's
Birthday.
Tuesday,
Feb.24.
Wednesday
Feb.25.
Thursday,
Feb.26.
Friday,
Feb. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
$ per share $ per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par
100
4 1814 1812 1,400 Jones Bros Tea. Inc
4
1812 1834 *1814 19
183 183
No par
4
54% 5314 563 32,100 Jordan Motor Car
4914 5112 50 503
4 51
10
3
4 1,000 Kansas & Gulf
*513
%
%
*5
8
3
4
%
%
800 Kayser (J) Co v t c____No par
2312
2312 2312 2312 23
*2312 24
23
Do 1st pref
No par
8912 •87
891 *87
8912
*87
8912 *87
25
16
1718 1612 163
4 6,100 Kelly-Springfield Tire
16
16
1618 18
100
Do 8% pref
4812 4812
800
4712 48
4612 4612 *4612 48
100
100
Do 6% pref
51
*49
55
51
*49
54
*49
55
100
100 Kelsey Wheel, Inc
96
9312 9312
*93
96
*93
96
*93
No par
8
535 538 19,400 Kennecott Copper
535 537
8
5353 54
5312 541
500 Keystone Tire & Rubber__ 10
23
8 232
3 212
23
s 259
25
25
8 *23
No par
400 Kinney Co
79
*76
79
*76
79
783 *76
4
77
100
125 Kresge (SS) Co
*49134 50014 *492 50014 50114 50114 *493 510
4
3712 383
4 6,900 Kresge Dept Stores_ _ __No par
4
373 4014 383 39
41
39
4 2,000 Laclede Gas L (St Louis) _ _100
1483
1433
4
14
0 145
132 132
133 133
300 Lee Rubber & Tire_ __No par
*1212 1314 *1212 1312 *1212 1312
13
13
25
700 Liggett & Myers Tob new
4
*5914 60
615 6159 6 3 6112 *6012 603
8
04
Do pref
100
4
300
1 3 1183 123
'
*118 120 *118 120 *118 120
Do "B" new
25
4,700
81 61
61
e
8 607 613
4 5859 605
597 603
60% 7112 8912 705
8 69% 7012 685 6912 19,200 Lima Loo Wks torn ctf _No par
8
8
231 12,800 Loew's Incorporated___No par
233
4 23
2314 24
2312 23% 23
No par
7
7%
714
734
8
759 77
718 759 7,000 Loft Incorporated
100
6,800 Loose-Wiles Biscuit
4 8414 86
823 833
4
84
8514 83
81
341
25
34
7,800 Lorillard new
34
4
34% 333 3412 34
34
Do pret
100
400
10812 10812 10818 10818
*108 110 *10314 109
No par
19,200 Louisiana 011
203 21
8
8 2059 217
2112 2014 207
203
8
*3559 3659 3614 37
No par
345 3614 2,900 Ludlum Steel
8
37
37
100
Mackay Companies
•114 117 *114 117 *115 117 *114 117
No par
1384 14 8 13612 1403 22,500 Mack Trucks, Inc
4
03
1383 1418 136% 13914
4
Do 1st prat
100
•108 112 *103 112 *108 112 *108 110
100
Do 24 pref
101 101
100
4
*10314 10112 *10314 10112 *1033 04
Do 24 paid
100
136 136 *135 139 *13712 13812
*134 139
77
7512 787
8 2,800 Macy(R H)& Co, Inc..No par
7559 75
*743 7512 75
4
No par
4018 40
4014 3914 393 11,100 Magma Copper
4
8 39
38% 395
2938 1,900 MallInson (H R) & Co_No par
4 2914 2958 29
28% 293
*293 30
4
Do pref
100
100
*82
83
*82
8212
83
86% 83
'
383
No par
400 Manatl Sugar
52
*48
5212 *5012 5212 5212 5312 *50
Do pref
100
*81
83
*81
83
84
84
*80
*80
4312 4553 4512 4512 *45% 4534 4514 46% 1,700 Manhattan Elec SupplyNo par
25
7001 Manhattan Shirt
267 267
8
26% 268 2612 2612 *2612 27
*2914 2912 *2914 2912 *2812 2912 *2812 2912 1,000 Manila Electric Corp __No par
4,600 Maracaibo 011 Expl___No par
293 30
4
297 31
8
8
3058 293 30
30
No par
4 41
4134 423
4 408 413
4259 4114 4178 62,200 Mariand 011
No par
900 Marlin-Rockwell
1114 117 '
311
12
11
*1012 1112 11
1,800 Martin-Parry Corp___ _No par
3112 32
313 32
4
313 317
4
8 317 32
8
70% 6812 7012 5,100 Mathie,son Alkali Works__ 50
67
663 67
4
66
67
8112 8258 82
84
8412 8559 8312 8612 32,400 Maxwell Motor Class A__100
4514 4434 4534
4434 4738 73,200 Maxwell Motor Class B No par
4234 4412 43
106 1063 105 105
4
10512 107
105 10512 3,800 May Department Stores___100
McCrory Stores Class B No par
88
*86
83
*86
88
8712 .86
*86
1812 2,400 McIntyre Porcupine Mines__
1818 1818 18
1818 18
1818 *18
100 Metro Edison Power___No par
3100 -- -- *100 ___
10018 10018 *100 101 '
700 Metro-Goldwyn Pictures pf_27
8
4
4 205 203 *2014 21
2018 2018 2014 203
4 5,100 Mexican Seaboard 011__No par
153 16
8
155 16
8
153 16
4
1512 153
5
2114 21
2114 8,800 Miami Copper
2114 2112 21
2158 21
10
114
1% 5,900 Middle States 011 Corp__
114
114
114
114
114
114
100
900 Midland Steel Prod pret
10214 10214 10212 10212 102 10218
10018 102
50
____ ____ ____ ____ ______ Midvale Steel
*26
29
*26
29
100
6812 6812 6814 6814 1,100 Montana Power
83 8 69
5
*6812 69
4958 5053 4812 4958 4912 5034 4858 497 29,200 Monts Ward & Co Ill corp__10
No par
24,600 Moon Motors
27
26
2614 27
4
24
233 26
24
8
6,400 Mother Lode Coalition_No par
Mg
4 818
73
4 77
7 8 818
7
73
No par
1,600 Mullins Body Corp
194 *1712 19
19
2014 2014 1914 20
No par
200 Munsingwear Co
33
33
32
32
33
*3214 3314 *32
No par
900 Nash Motors Co
264 264
265 263
*255 265 •254 260
100
Do prat
100
4
31053 106
4
__ *1053 106 '
•105 107 *105
50
3,200 National Acme
5
5
518 6
458 512
48 47
25
6814 2,100 National Biscuit
8 68
4
3
69
693
4 683 63 4 6814 683
100
Do pref
100
____ 125 125
*124
*12412 ____ *124
200 National Cloak & Suit_ _ _ _100
6812 6812 *6712 69
68
*68
683
4 68
100
Do pref
*100 10212 *100 10212 *100 10212 *100 10212
4512 4512 4512 2,700 Nat Dairy Prod tern ctfmNo par
4538 4512 443 4514 45
4
3,300 Nat Department Stores No par
4
4214 413 42
4238 42
4214 42
42
100
Do pref
300
100 100
*9912 10012 *9912 10012 *9912 10012
8 6514 6612 2,000 Nat Distil Prod prat __No par
*68% 69
68
6814 6712 677
100
347
8 2,600 Nat Enam & Stamping
3434 3559 3412 353
343 347 *34
4
100
Do prat
*82
85
*82
85
*82
85
*83
86
100
1,300 National Lead
•159 161 *158 160
158 16014 158 159
100
Do prat
300
11712 11712
11712 11712 11712 11712 *1164 119
50
1,000 National Supply
68
66
66% *66
6812 86% 665 66%
8
8
4 2,100 Nevada Consol Copper__ __ 5
8 1414 1412 1418 1418 143 143
1412 145
5112 1,300 NY Air Brake tern ctts_No par
51
51
503 504 503 51
4
4
51
No par
Do Class A
400
4
5514 5514 *55
55% 5514 5514 553 5514
33 33
3314 33
3312 1,900 New York Canners_ _ No par
3358 3314 33
100
300 New York Dock
2812
327
2814 2814 '
2812 *27
2012 *27
100
100
Do pref
58
557
58
*57
58
*57
*57
58
100
100 Niagara Falls Power
*55
58
58
*55
60
*55
53
58
25
Do prat
200
2812 2812 *2818 2812 •281s 2812 •28% 2812
10
19,400 North American Co
463 463
8
4 4658 467
8 4614 47
4638 47
.50
Do pref
477 48
477 4814 4818 4818 48 4818 1,900
Nunnally Co (The)____No par
10
10
10
*912
*912 10
*912 10
100
712 1,500 Ontario Silver Mining
67
8 714 57
67
3 68
*512 7
No par
Onyx Hosiery
25
*23
25
*22
25
*22
25
*22
I
2914 29
29
293
8 7,900 Orpheum Circuit, Ins
2812 2814 29
28
50
875 90
8
1.400 Otis Elevator (8)
874 88
8812 8812 *8812 90
No par
97
97
2,100 Otis Steel
10
10
9 4 10
3
10
101s
100
200
Do pref
4
*5612 593 *5812 593 *5812 5912 *5812 5912
4
25
475
8 4614 47
47
8,700 Owens Bottle
473
47
4658 47
100
1,000 Pacific Gas & Electric
4
1074 1074 1064 1063 10712 10712 10612 107
200 Pacific Mail Steamship...-. 5
*1018 1014 *1918 1014 1018 101g
10
10
4
80% 0118 50,400 Pacific Oil
603 62
80% 8114 5912 81
10
8 19
1912 94,200 Packard Motor Car
8
8 1818 1812 185 197
1759 183
100
Do prat
10818 10818 *10612 108
200
108 108
•10712 108
50
7 753
8
4 763 7814 32,500 Pan-Amer Petr & Trans
7558 773
4
4 74
75% 763
50
Do Class B
8 76% 7812 175,800
8 755 783
8
3
75 4 7714 751 763
55
*47
512 3,400 Panhandle Prod & Ret_No par
5
478 47
*47
5
Parish & Bing stamped_No par
3152 13
4 *15
8
13 '
4
8 17
*18
*15
8 12
No par
3214 313 313
4
4 6,900 Park & Tiltord
8
325 *32
*32
3212 33
4
4 1,000 Penn Coal & Coke
50
1914 *184 1958 183 183
19
19
19
214
212 47,000 Penn-Seaboard SO vtc No par
8
24 25
8
2 8 25
3
8
212 25
1185 1173
8
4 2,100 People's0 L & 0(Chic)
-100
11612 11612 117 118
11612 11812
5412 5458 1,600 Philadelphia Co (PIttsb)- 50
4 545 547
5412 5412 543 543
4612
4612 *46
100
Do pref
50
•46
47
*46
46
46
477
4 8,500 phlia & Reed D & 1w 1..No par
4
4814 473 4812 4758 4812 47%
48
Do prat
No par
8
*4712 4814 *475 4814 *4714 484 *474 4814
79
200 Phillips-Jones Corp__ No par
*68
74
7212 7212 •68
70
70
*133 14
4
14
1,100 Phillip Morris & Co. Ltd__100
14
14
14
1458 143
4218 43
44,400 Phillips Petroleum
43
No Par
4158 4212 42
4214 43
4 6,800 Pierce-Arrow Mot Car_No par
4
1314 1359 123 1318 1318 13% 1358 133
4
Do prat
8 493 50% 8,100
100
5014 513
493 504 49% 50
4
9212 3,400
*91
92
Do prior pref
No par
91
8912 8912 894 90
4 1,600 Pierce Oil Corporation
25
8 23
212 212
25
212 212
4
212 23
383 3912 1.200
4
40
Do pre!
100
35
35
*33
35
*34
8
718 73 15,100 Pierce Petroleum
No par
7
7%
7
718
7% 714
8
5212 523 5212 2,500 Pittsburgh Coal of Pa
100
52
51
51
51
51
9812
100
9812 *97
Do pref
100
9812 *97
9812 *91
.97
100 Pittsburgh Steel pref
9912 *95 100
100
*97
*97 100
*99 100
55
300 Pitts Term Coal recta
55
57
100
57
*5512 57
57
*55
*853 87
8
Do pref receipts
100
8
*853 87
*851* 8712 *8538 87
1,100 Pittsburgh Utilities pref.-100
*133 14
4
4
133 14
4
133 14
14 - 14
14
300
Do prat certificates
10
8
135 1352 •13
*135 14
8
8
•137 14
4
4
104 1053 1033 1044 10414 10414 4,100 Postum Cereal Co Ino_No par
10412 106
10
Do 8% pref
511512 117 •11512 117 *11512 117 *11512 117
•Bld and asked prloaa no salsa
On
this day.
z Ex-dividend.
a Ex•new rights
n
r- cri. ors.1.
rCIL Ott litiZ
Range for Year 1925.Range for Previous
Year 1924.
-share lots.
On basis of 100
a No par
$ per share
18% Jan 19
42 Jan 27
5 Jan 5
8
22 Jan 30
8612 Feb 16
145 Jan 21
8
413 Feb 18
4
50 Feb 9
92 Feb 17
517 Feb 17
17 Jan 9
75 Feb 14
481 Jan 28
31 12 Jan 21
11014 Jan 5
115 Feb 20
8
5912 Feb 18
11612 Jan 16
58 Feb 17
6414 Feb 17
22 Feb 17
6 Jan 28
77 Feb 17
3014 Jan 24
103% Feb 27
1634 Jan 7
313 Feb 17
4
115 Jan 15
117 Jan 18
104 Jan 27
99 Jan 2
116 Jan 5
8912 Jan 3
3818 Feb 17
27 Feb 2
82 Feb 9
50 Jan 5
797 Jan 31
4218 Feb 16
2518 Jan 20
29 Jan 28
2714 Feb 17
3814 Jan 2
1034 Jan 14
3112 Feb 27
51 Jan 6
745 Jan 27
8
3314 Jan 27
1023 Feb 17
4
85 Feb 10
16 Jan 2
98 Jan 7
18 Jan 3
4
143 Feb 17
21 Feb 25
118 Jan 2
96 Jan 2
29 Feb 2
6714 Feb 17
461s Feb 17
23 Jan 30
73 Feb 25
4
143 Feb 2
4
32 Feb 26
19312 Jan 5
10314 Jan 21
45 Feb 24
8
66 Feb 16
12414 Feb 20
66 Jan 20
99 Jan 13
42 Jan 2
3812 Jan 2
99 Feb 17
5212 Jan 8
33 Jan 2
811s Jan 7
15512 Feb 17
116 Jan 5
4
613 Jan 2
1418 Feb 17
4912 Feb 17
5412 Jan 31
3234 Feb 17
253 Jan 28
4
5218 Jan 14
4518 Jan 5
28 Jan 5
41% Jan
463 Jan
8
8 Jan 1
512 Jan 2
183 Jan
8
253 Jan 1
4
8759 Feb 2
912 Jan
56 Feb 2
44% Feb 1
10212 Jan
9 Jan
59% Feb 1
15 Jan 1
10214 Jan
64 Jan
633 Jan
2
3 Jan
1% Jan 1
30 Feb 1
183 Feb 2
4
13 Jan
4
112 Jan 1
5212 Feb 17
4512 Jan 5
4614 Feb 17
4859 Feb 13
65 Feb 20
1314 Feb 3
365 Jan 5
8
117 Feb 17
8
4512 Feb 5
86 Feb 17
15 Jan 2
2512 Jan 2
534 Jan 2
487 Jan 5
8
971k Jan 28
10012 Feb 10
55 Feb 27
85% Jan 2
1353 Feb 9
8
135 Feb 21
9314 Feb 16
11512 Feb 3
a Ex-right,.
Highest
Lowest
Highest
$ per share $ per share i Per share
143 Sept 2712 Jan
4
217 Feb 3
s
8
563 Feb 27 • 2134 May 525 Dec
4
14 May
1
Jan
114 Jan 28
1614 Aug 3859 Jan
2734 Jan 5
77 Aug 10212 Feb
90 Jan 13
Jan
934 June 35
173 Jan 3
4
Jan
33 June 88
51 Jan 5
40 June 7812 Jan
53 Feb 4
76 May 104 Dee
101 Jan 13
4
341 Jan 573 Dee
673 Jan 13
4
8
43 Jan
112 Oct
314 Feb 5
.5214 May 8614 Dec
87 Jan 3
510 Jan 29 2871 Jan 47514 Deo
4212 Nov 627 June
453 Jan 7
4
Jan 113 Nov
79
1483 Feb 27
4
8 May 17% Jan
15 Feb 5
4
7112 Feb 6
50 Mar 683 Dec
8
11812 Feb 9 1147 July 121 June
8
487 Mar 8812 Dee
4
703 Feb 6
Dec
743 Jan 14
56 June 71
25 Jan 12
1518 June 25 Dec
834 Jan
8 Feb 19
512 Apr
88 Feb 10
50 Mar 84 Nov
377 Jan 13
3358 Dec 4014 July
112 Jan 12 112 Nov 117 Feb
233 Feb 3 ___. ---- ---- ---4
Oct 3814 Dee
4012 Jan 19
17
11712 Jan 24 107
Jan 119 Aug
8
1483 Feb 10
4
753 Apr 1187 Dee
4
109% Feb 18
95% Jan 10714 Deo
104 Feb 27
87 Apr 10114 Dec
137 Feb 9
93 Oct 115 Dee
8412 Jan 10
59 May 7112 Deo
4414 Jan 2
2618 June 455 Dec
3712 Jan 23
18 Mar 4112 Dec
Dee
86 Jan 16
4
783 July 93
45 July 894 Mar
5312 Feb 28
82 Feb 9
78
Oct 87 Mar
4
54 Jan 3
3314 Mar 493 July
Jan
4
2812 Dec 44
303 Jan 3
30 Jan 3
283 Dec 3153 Dec
4
24% Oct 3712 Jan
3512 Jan 31
4614 Jan 31
29 May 42 Feb
1734 Mar
Jan
1214 Jan 22
8
3718 Jan 7
3118 Nov 3759 Jan
295 May 5834 Dec
8
733 Feb 11
4
38 Apr 8418 Dec
8112 Feb 27
473 Feb 27
1018 Apr 393 Dec
4
1113 Jan 2
4
821 Apr 115 Dec
9412 Jan 13
86
Oct 1083 July
4
1818 Feb 24
145 Dee 1814 Jan
8
9014 Apr 101
Dec
10012 Feb 16
2214 Feb 5
15 Sept 19 Dec
2212 Jan 6
1418 Jan 253 Sept
4
2434 Jan 13
20 May 25 Aug
158 Jan 13
1 Aug
67 Jan
104 Jan 14
9112 June 98 Nov
30% Jan 10
2312 Oct344 Feb
72 Jan 3
6114 June 743 Dec
4
8
2134 May 4812 Dec
555 Jan 13
1712 Oct2712 Feb
27 Feb 26
91 Jan 2
6 May
914 Feb
9 Mar 1814 Dee
2112 Feb 20
34 Jan 23
2918 July 3914 Jan
9612 Apr 204 Dec
290 Jan 19
9814 July 10459 Nov
10512 Jan 18
77 Jan 13
334 Oct1018 Jan
75 Jan 2
5014 Mar 7714 Sept
1263 Feb 10 12012 Jan 12634 Dee
4
78 Jan 26
44 June 707 Dec
8
104 Jan 29
9112 Mar 100% Dec
4858 Jan 28
3018 Apr 4414 Dec
4214 Feb 11
3614 Oct43
Jan
102 Jan 2
9258 June 101 Dee
684 Feb 21
3012 Aug 54 Des
367 Jan 21
8
1812 Sept4478 Jan
8934 Jan 12
67 Sept 89
Jan
1667 Jan 9 12312 Apr 16914 Aug
8
1171 Feb 13 11112May 118 Sept
71 Jan 29
5412 Oct 7212 Feb
117 Jan 1634 Dee
8
1659 Jan 7
5812 Jan 3
3618 Apr 67 Dec
67 Jan 7
4714 Jan 57 Dec
3518 Jan 8
32 June 37 Dec
30% Jan 5
19
Jan 3718 May
583 Feb 20
4
4118 Feb 5514 May
58 Feb 24
42 Sept 47 May
29 Jan 2
27 June 29 Sept
487 Feb 11
8
22
Jan 45 Dec
4814 Feb 25
437 Jan 5014 July
1018 Jan 30
912 Dec
7 Apr
714 Feb 26
434 Mar
83 Oct
8
Jan
22 Feb 19
18 May 30
293 Feb 27
8
18 Feb 29 Dec
9212 Jan 10
8
685 June 92 Dec
117 Jan 31
8
614 Nov
117 Jan
s
683 Feb 2
44
Oct 743 Mar
4
507 Jan 3
3914 May 4714 Jan
10812 Feb 11
90% Jan 105 Dec
1014 Feb 5
7 Apr 10% Jan
6514 Jan 31
45 Apr 5814 Feb
19% Feb 26
97 May 1612 Dec
8
10818 Feb 26
8912 Apr 10214 Dec
7814 Feb 27
4414 Feb 65 Deo
7812 Feb 27
4114 Feb 8459 Dec
41s Jan
112 Sept
55 Feb 26
8
134 Dec
17 Feb 11
8
5 July
4
351 Jan 10
4
24 Sept353 Dec
Jan 2
1814 Nov 30% „tan
2659
11* Oct414 Jan
3 Jan 9
121 Feb 11
92% Apr 11915 Dec
5712 Jan 7
427 May 5712 Dec
8
Jan
4214 Jan 47
47 Jan 13
5212 Jan 9
3412 Mar 544 Dec
501 Jan 23
35 Mar 525s July
44 May 88 Jul)
9018 Jan 12
11 July 235 Jan
1614 Jan 5
2812 Oct4212 Ap3
4635 Feb 2
618 May 16 Dec
15 Jan 13
1818 May 54 Dec
5134 Feb 13
5 Dec
5912 June 9
92 Feb 26
412 Jar
112 Apr
312 Feb 5
Jan
20 Mar 36
40 Feb 28
54 Dec
459 Oct
814 Feb 5
4
477 Dec 633 mat
8
5412 Jan 13
9478 Aug 100 API
99 Jan 5
Jan 103 Aul
95
10212 Jan 8
,
8
587 Dec 63 4 Dec
6334 Jan 17
4
Dec 873 De(
83
88 Jan 8
8
167 De(
978 Jan
1512 Jan 2
1118 Feb 1612 Dec
15 Jan 15
4811 Apr 103% Do(
10752 Feb 19
117 Jan 13 110 Feb 117 001
New York Stock Record-Continued-Page 5
1069
For sales during the week of stocks usually Inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb.21.
Monday,
Feb. 23.
Tuesday,
Feb. 24.
Wednesday. Thursday,
Feb.25.
Feb. 26.
Friday,
Feb. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per Share 5 per share 5 per share Shares. Indus. & Miscell.(Con.) Par
57
4 5812 59
58 .5612 5712 1,700 Pressed Steel Car
5912 593
100
*87
89
8912 *86
86
86
Do pref
200
.85
88
100
*2812 283
3,100 Producers dr Refiners Corn. 50
4 2812 2812 2814 29
/ 283 29
1
4
4
6914 70
7012 70
693 693
4
3,100 PubServCorp of NJ nowNo par
4 70
70
•101 10212 *101 10212 *101 1024 *101 102
Do 7% pref
100
.111 112
111 111 *110 118
112 112
Do 8% pref
200
100
141 142
14112 143
14114 1427 141 14112 8,900 Pullman Company
2
100
4312 4412 433 444 444 454 443 4512 16.800 Punta Alegre Sugar
4
/
1
/
1
/
1
4
50
301 311 304 30
/
4
/
4
/ 3012 31
1
4
303 30
2
/ 19,100 Pure Oil (The)
1
4
25
•10514 106 *10514 106
10512 10514 1053* 1055
Do 8% pref
900
8
100
6314 6612 65
6714 643 665g 6318 663 177,600 Radlo Corp of Amer___No par
4
2
513 513
4
4 513 52
*511 52
/
4
4
511 511
/
4
Do pref
/
4
500
50
13414 13612 132 13312 133 13414 132 13334 4,300 Railway Steel Spring
100
•313 3412 *32
4
34
*3212 3412 *3212 3412
Rand Mines, Ltd
No par
154 157
/
1
2 1514 1512 1514 1512 154 154 8,100 Ray Consolidated Copper_ 10
/
1
5112 533
4 524 533
/ 5712 564 5912 33,700 Remington Typewriter____100
1
4
4 53
/
1
•983 10114 *984 100
4
/
1
*99 100
Do 1st pref
*983 100
4
100
*110 11014 11014 112 *112 11218 112 11214
Do 2d prat
200
100
17
/ 1814 171 173
1
4
/
4
4 173 1812 173 18
4
4
6,600 Replogle Steel
No par
52
/ 54
1
4
5214 52 4 543 5612 534 6514 18,500 Republic Iron & Steel
3
/
1
4
100
*90
92
901g 9018 90
/ 91
1
4
*91
Do pref
92
300
100
1512 15
/ 153 15
1
4
8
/ 1512 1$12 3,600 Reynolds Spring
1
4
/ 1518 15
1
4
No par
7614 76
/ 75
1
4
/ 76
1
4
78
7612 76
7612 3,500 Reynolds(RJ)Tob Class B 25
121 121
1214 1211 •121
/
4
12112 12112
Do 7% pre
300
100
96
/ 97
1
4
96
/ 963
1
4
4 963 - 4 963 963
4 963700 Rossi& Insurance Co
4
4
25
5512 55
/ 543 551s 55
1
4
4
56
/
1
544 544 17,700 Royal Dutch Co(NY shares).
/
1
42
43
/ 42
1
4
/ 434 *4214 423
1
4
4 42
8,300 StJoseph Lead
/ 43
1
4
10
99 103
/ 101 102
1
4
/ 1011 10514 10418 10714 70,700 Savage Arms CorporatIon_100
1
4
/
4
11134 1121 11112 11211 1127 1127 1111 112
/
4
8
2
/
4
/ 2,300 Schulte Retail Storee__No par
1
4
•1144 115
/
1
11414 11414 11414 *11212 115
11414
200
Do pref
100
156 1593 1564 158
4
/
1
/ 158 1611 15912 1611 24,900 Sears, Roebuck & Co
1
4
/
4
/
4
100
.- _
_
_
_.
_ . _
_ _
...... Seneca Copper
No par
•13
_i
6 if
iT2 112 ;618 i
600 Shattuck Arizona Copper_ 10
•4314 44
*43
44
4312 4312 *43
44
100 Shell Transport & Trading. £2
25
/ 264 254 26
1
4
/
1
25
/ 264 2512 2615 41,900 Shell Union OU
1
4
No par
101 101 •1007 102 *10114 1015 10114 10114
2
8
Do pref
300
100
211 223
/
4
s 22
22
/ 2212 22
1
4
/ 2134 22
1
4
/ 12,800 Simms Petroleum
1
4
10
35
3514 347 3514 35
2
3518 3412 353
8 6,000 Simmons Co
No par
2114 221s 204 2112 2115 22
/
1
2118 22
47,070 Sinclair Cons 011 Corp-No par
.88
89 *100 102
89
89
•88
Do pref
89
100
100
28
283
4 27
/ 2812 2814 283
1
4
4 277 2812 16,800 Skelly 011 Co
s
25
89
/ 9214 90
1
4
9012 90
911 8912 90
/
4
/ 4,100 Sloss-Sheffield Steel & Iron 100
1
4
67
67
68
69
70
711 703 713
/
4
3.000 South Porto Rico Sugar. 100
4
4
1714 1714 1612 1612 1714 1714 1714 1714
400 Spicer Mfg Co
No par
•94
96 .94
*9412 96
9512 *94
Do prat
96
100
4212 434 4212 434 434 43
/ 4312 43
1
4
/ 10,300 Standard Gas & El Co_No par
1
4
*66
70
•66
70
69
/ 69
1
4
/ 69
1
4
69
/
1
4
600 Standard Milling
100
.80
85
*80
85
*80
85
*80
Do prat
85
100
62
/ 64
1
4
62
/ 63 2 63
1
4
3
63
/ 62
1
4
/ 6314 18.900 Standard 011 of California- 25
1
4
4415 44
/ 44
1
4
444 4312 444 4372 444 26,100 Standard Oil of New Jersey 25
/
1
/
1
/
1
119 119
119 119 *11752 11814 117 1173
Do pref non-voting_ ___100
/
1
4
4 1,100
1214 1212 1214 1212 1212 13
2,300 Stand Plate Glass Co__No par
13
13
6312 6312 63
/ 6312 6312 6312 6312 634 1.300 Sterling Products
1
4
No par
/
1
7012 72
69
/ 703
1
4
4 704 714 70
-Warn Sp Corp_No par
/
1
714 13.400 Stewart
Stock
*68
71
*68
71
*6812 71
300 Stromberg Carburetor_No par
4
6812 683
433* 4372 4312 4412 441 44
/
4
/ 434 444 36,200 StudebrCorP(The)n w I No par
1
4
/
1
/
1
Exchange 114 114 *11014 114 *11014 114 *11014 114
Do pref
100
100
8
/ 1014
1
4
9
/ 10
1
4
93
4 9
5
/
1
4
9
/ 9 2 5,200 Submarine Boat
1
4
No par
512 $
/
1
4
Closed
514 512
512
512
512 512 3,400 Superior Oil
No par
*3012 33
Superior Steel
*31
33
*31
33
*31
33
No par
Washing.912 10
*912 10
•912 10
Sweets Co of America
.9
/ 10
1
4
50
14
14
14
600 Telautograph Corp....No par
14
*1312 133 *1312 1412
4
ton's
8
/ 8
1
4
/
1
4
4 1,700 Tenn Copp & C
812 8
/ *812 83
1
4
/
1
4
812 8
No par
474 471 467 4714 47
/
4
4712 16,200 Texas Company ('ilia).- 25
47
2
/ 47
1
4
Birthday. 10012 1014 10012 1014 100 1023 1011 10312 3,300 Texas Gulf Sulphur
/
1
/
4
2
/
1
4
10
193 22,700 Texas Pacific Coal & 011
194 197
19
8 1812 193
8 18
/ 20
1
4
10
1444 146
15,700 Tidewater Oil
/
1
14412 14812 1464 1513 14914 152
4
100
/
1
4112 42
/ 411 42
1
4
/
4
414 414 10,700 Timken Roller Bearing_No Par
/
1
411 42
/
4
773 7912 77
4
8012 55,000 Tobacco Products Corp...100
/ 7912 77
1
4
/ 783
1
4
4 78
98
981g 9812 9812 98
Do Class A
98
/ 9812 98's 2,200
1
4
100
412 434
/ 13,700 Transcontinenta1011___No par
1
4
412 4
/
1
4
412 4
412 434
*2712 28
400 Transue ee Williams St'l No par
2712 2712 2714 271 *2714 30
4,100 Underwood Typewriter
39
/ 41
1
4
25
3912 3912 *3914 3912 3914 40
40 40
41
2,800 Union Bag & Paper Corp_ _100
413
4 4212 44
42
/ 41
1
4
.32 .32
.40 .44 17,100 Union Oil
.32 .40
No par
.38 .40
41
4112 40
/ 41
1
4
/
4
41
411 401 4114 23.000 Union 011, California
/
4
25
123 125 *123 126 .122 125
124 128'4 1,500 Union Tank Car
100
*113 116 *114 116 *114 116 *114 116
Do pref
100
2912 291
2812 2914 29
No par
284 1.900 United Alloy Steel
/
1
29
28
11612 117
117 117
117 11814 117 11712 1,500 United Drug
100
5212 52's 52
/ 5212 5214 5214 •52
1
4
52
/
1
4
800
Do lot pre
50
216 216
216 216
21612 2173 215 215
1,200 United Fruit
4
100
43
/ 453
1
4
43
21,800 Universal Pipe & Rad__No par
/
1
443
4 4312 444 42
43's
86
/ 8713 86
1
4
2,500
871
. 8612 88
85
Do pref
86
100
220 225
218 220
223 2264 2193 224's 5,900 US Cast Iron Pipe & Fdy 100
4
*110 11012 11014 1105 111 112
11214 1121
4
1,400
Do pref
100
334 34'3 3312 3412 3314 35
/
1
3318 341
4.300 U S Distill) Corp
No par
•125 160 .125 160 *125 160 .125 160
Do pref
100
*24
2414 241 2412 *241s 241 *24
2412
/
4
200 U S Hormel Mach Corp_No par
8112 8232 8114 811 82
29,100 U S Industrial Alcohol.--10
/
4
85
844 83
/
1
•10512 107 *10512 107 *10512 107
10512 10512
100
Do pref
100
12514 12614 126 1267 12672 1283 126 126
3,900 H S Realty & Impreg.t___ _100
4
s
-- - - -- - - -__
_.
_ .... _
Do pref
411 4212 413 - -7
/
4
8 41 8 411 127
/
4
8 4112 li 18,200 United States Rubber
100
95
953
4 954 9512 95
954 944 9512 1,700
/
1
Do 1st pref
100
331 333
/
4
4 323 3314 34
4
34
*3312 34
1,900 US Smelting, Ref &Min
50
4514 4514 *45
96
45
45
•45
46
300
Do pref
50
1237 125
8
12312 12412 1243 12514 12214 12312 125,400 United States Steel Corp..100
2
12212 123
/ 123 12314 12314 12312 12312 1233
1
4
4 2,600
Do pref
100
*59
's 91
8912 90
*8912 91
90
90
400 Utah Copper
10
4912 5114 4834 493
4 50
2
511 5014 523 24,500 Utah Securities
/
4
100
27
27
2614 2614 28
28
/ 273 28
1
4
2
1.600 Vanadium Corn
No par
•15
21
•15
21
•15
•15
21
21
Van Raft°
100
*60
67 .60
67
*60
67
*60
67
Do 1st pref
100
•272 3
2
/ 3
1
4
3
3
900 VIrginia-Carolina Chem„..100
*27
2 3
13
/ 13
1
4
/ 1212 123
1
4
4 1112 12
12
12
4,700
Do pref
101)
*114
13
4 *114
13 .
4
114
13
4
13
4 .114
Do "B"
No par
11
1112 *11
1114
1052 11
103 1114 7,000 Vivadou (V)
4
No par
1712 17's
1612 1712 1612 161 164 165
/
4
/
1
8 1,700 Waldorf System
No par
Weber & Helibroner___No par
2 13
*1212 13
;1121 - -- *1212 13
*1212 13
.124 13
/
1
Wells Fargo
1
•114 116
*114 116
11572 118 .114 11514 11614 11514
390 Western Eleo 7% pref
100
12012 121
*121 122
12014 1217 12112 1223 121 1211 3,700 Western Union Telegraph100
2
8
/
4
106 106
106 106
105 10512 106 108
10512 10512 1,800 Westinghouse Air Brake
50
7212 731k
724 7312 7214 7314 724 73
/
1
/ 7212 72
1
4
/ 14.000 Westinghouse Elec & Mfg_ 50
1
4
*80
*8212 85
85
*80
85
*80
85
*80
85
Do 1st pref
100
*115 11712 *115 118 *110 118 *115 118
116 1161
300 West Penn Co
No par
•96
9614 96
9614 9614 9614 9614 9614 1,100
i 9578 957
Do 7% pref
100
294
283 29
4
29
285 2852 283 29
2
4
283 29
4
2,800 White Eagle 011
No par
671
66
67 4 65% 66 2 66 6612 643 65
,
66
,
4
5,400 White Motor
50
12
1, 12
52
3
12
12
.12
52
I.
12 3,200 Wickwire Spencer Steel
-5
18
/ 18 .20
1
4
/
1
4
25 .20
25
*20
25
100
Do pref
100
10
- -Pig 16
1012 1014 1012 1012 111 1112 111 84,800 Willys-Overland (The)....._ 25
/
4
/
4
783 76
8
/ 7614 77
1
4
/ 7812 8112 793 8112 32,600
1
4
753 781
8
4
100
Do pref
*712 8
•73
2 8
73
2 814
7
/ 7
1
4
/ *712 8
1
4
1,200 Wilson & Co, Ins
No par
2314 237
2 24
244 23
/
1
234 223 223
/
1
/ 23s
1
4
4
23
4 2,300
Do pref
100
117 11772 116 118
11612 119
/ 11512 11618 13,000 Woolworth Co(F W)n wt. 25
1
4
11614 1161
g 6912 733 56,800 Worthington
6814 7112 6812 7312 7214 747
731
71
4
100
P & 15
*88
87
87
87
.84
863
4 8612 8612
*86
87
300
100
Do pref A
.73
75 .73
75
75
75 , 75
75
75
•73
200
100
Do pref B
1812 21
193 2012 2014 2032 19
4
1734 1814
20
11,700 Wright Aeronautical___No par
*4912 50
49
/ 4912 49
1
4
/ 49
1
4
/ 4912 49
1
4
/
1
4
•4912 50
300 Wrigley(Wm Jr)
No par
38
38
.35
37
*35
36
3514 3514 1.200 Yellow Cab Mfg tern Mrs_ 10
38
38
*724 73
/
1
*7212 723
4 724 723
/
1
4 7212 7312 1,400 Youngstown Sheet & T No par
7232 723
•Bid and asked prime: no sales on this day. z Er-dividend.
L$ per share
6012 6012
8934
*85
•285 29
8
6912 6912
*1003 102
4
*111 112
14014 14112
/
1
4
4312 43
314
/
1
31
106 106
/
4
611 6412
52
.51
4
135 1363
*333 3412
8
153 16
4
5312 5412
*983 10114
4
*110 112
17 2 18
7
53 533
4
*91
93
4
153* 153
*763 77
4
121 121
*963 9712
4
555 56
8
4114 4114
98 4 100 3
3
3
11212 113
*1123 115
4
158 1603*
---- --- *6
7
*4312 44
26
264
/
1
0101 102
214 2214
/
1
35
3514
215 223
8
8
*88
90
2814 29
*89
90
/
1
4
*64
68
31714 1712
*9414 96
42
/ 43
1
4
*68
70
*80
85
/
1
4
633* 64
4412 444
/
1
*11814 11814
121s 1212
*6314 63
/
1
4
714 72
*67
70
483 44
8
*11414 115
83
4 9
514 514
*31
3212
ei912 10
•14
1414
8
/ 88
1
4
5
47
/ 47
1
4
/
1
4
10114 102
/
1
4
194 20
144 145
414 42
/
1
/
1
4
7814 70
/
1
4
98
458 984
43
4
*2712 28
.3912 40
*40
42
.32 .32
4135 411
/
4
123 123
*113 116
2912 295s
*116 11814
5212 5212
21312 21514
44
45
8612 864
/
1
220 226
*110 11012
333
4
33
*125 160
25
25
813 813
2
4
•105 107
12518 1264
/
1
*124 126
411 433*
/
4
943 951
4
34
341s
•45
48
124 1243
*12212 123
90
90
/ 511
1
4
50
28
28
•I514 21
67
*60
3
3
12
/ 1312
1
4
4
•11 13
/
4
1114 113
2
1714 1714
I"EU all.r1K5
Range for Year 1925.
-share tots
On basis of 100
Lowest
$ per share
5612 Feb 16
85 Feb 16
2712 Feb 16
6712 Jan 14
99 Jan 7
110 Jan 5
1354 Feb 17
3912 Jan 2
2914 Jan 6
10212 Jan 5
5714 Feb 17
493 Jan 5
4
12212 Feb 17
33 Jan 7
/
1
4
1438 Jan 30
4634 Jan 27
100 Jan 2
109 Jan 21
16 Feb 16
493 Feb 17
4
9018 Feb 25
15 Feb 17
727 Jan 29
2
1197 Jan 8
2
92 Jan 19
5112 Jan 21
3934 Feb 17
83 Jan 14
110 Feb 17
110 Jan 6
148 Jan 6
Is Feb 20
6 Feb 25
41 Jan 16
2212 Jan 8
9912 Jan 2
2014 Feb 16
/
1
4
32 Jan 16
17 Jan 8
783 Jan 2
4
2412 Jan 6
82 Jan 5
82 Jan 6
1512 Feb 17
94 Jan 21
404 Jan 2
6612 Feb 17
81 Jan 20
611 Feb 16
/
4
404 Jan 2
1181 Jan 31
/
4
10 Feb 11
624 Jan 17
/
1
6712 Feb 17
6514 Jan 12
41.14 Jan 28
114 Jan 29
8 Feb 21
/
1
4
4 Jan 17
/
1
4
31 Feb 18
9 Jan 23
111 Jan 15
/
4
8 Jan 28
/
1
4
423 Jan 5
4
9712 Feb 17
1113 Jan 5
130 Jan 2
3812 Jan 30
70 Jan 2
9312 Jan 2
3 Jan 2
/
1
4
2714 Feb 4
39 Feb 2
38 Feb 2
.21 Jan 3
374 Jan 16
11812 Jan 17
1133 Feb 18
s
284 Feb 13
1107 Feb 4
8
52 Jan 16
207 Jan 12
3712 Jan 27
734 Jan 16
160 Jan 5
10312 Jan 9
3012 Feb 17
140 Feb 16
23 Jan 3
77 Feb 17
/
1
4
105 Jan 29
120 Jan 14
12214 Jan 2
393 Feb 17
5
9414 Jan 16
30 Feb 17
45 Feb 26
1191 Jan 2
/
4
1221 Feb 16
/
4
86 Jan 8
4112 Feb 17
Ms Feb 17
20 Jan 28
6412 Jan 27
214 Jan 2
812 Jan 5
1 Jan 17
714 Jan 13
1612 Feb 17
1712 Jan 15
124 Jan 5
/
1
113 Jan 9
/
1
4
11814 Jan 2
103 Feb 17
694 Feb 17
/
1
83 Jan 26
110 Jan 14
944 Jan 6
/
1
28 Jan 2
617 Feb 17
2
12 Jan 29
187 Feb 24
s
912 Jan 26
7214 Jan 28
634 Jan 5
19 Jan 5
11214 Jan 28
6214 Jan 29
85 Jan 30
70 Jan 29
/
1
4
1614 Feb 17
/
1
4
45 Jan 2
3312 Feb 18
70 Jan 2
Highest
l'ISK WY A KZ
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ per share $ per share
69 Jan 23
39 Aug 62 Jan
87 Aug 90 Feb
9212 Jan 3
223 Apr 4312 Jan
324 Feb 3
4
/
1
39 Mar 70 Deo
72 Jan 23
/
4
9612 Mar 1011 Dee
102 Jan 27
1124 Jan 28
9914 Apr 115 Dee
1513 Jan 3 11312 Apr 1513 Dec
4
s
3732 Dec 67 Mar
/
1
4
4714 Jan 7
20 June 3014 Dec
333 Feb 4
4
92 Jan 10514 Dee
10814 Feb 2
/
1
4
77 Jan 2
25
/ Oct66 Dec
1
4
/
1
4
54 Feb 4
/
1
4
45 Oct50 Dec
1413 Jan 5 106
4
Jan 13712 Dec
3534 Jan 22
Jan 3312 Nov
30
17 Feb 9
/
1
4
1711 Dee
9 Mar
5912 Feb 27
/
1
3214 Jan 544 Dec
/
1
4
9014 July 99 Dec
100 Jan 2
901: May 110 Dec
112 Feb 2
714 Jun
2314 Jan 13
2314 Nov
/
1
4
42 June 633* Dec
64 Jan 3
82 June 95 Mat
95 Jan 13
9 May 22
/
1
4
/ Jan
1
4
18 Jan 5
611 Mar 79 Dec
/
4
/
1
4
783 Feb 10
2
12118 Feb 25 11514 Mar 121 June
88 Mar 96 Sept
9712 Feb 20
403* Sept5912 Feb
573* Jan 31
22
Jan 45 Dec
/
1
4
4812 Jan 21
325 Jan 88 Dec
8
/
1
4
10714 Feb 27
964 'apr 12914 Aug
/
1
1163* Feb 9
4
115 Feb 19 105 May 1123 Dec
78 May 155 Dec
172 Jan 13
/
1
4
/
1
4
12 May
614 Jam
153 Jan 5
8 July
4 APr
7 8 Jan 3
7
33
Jan 42 Dec
45 Jan 30
/
1
4
15 4 July 2212 Dec
3
283 Feb 4
2
9112 Jan 9912 Dec
10112 Jan 24
10 2 Jan 24 Dec
3
4
263 Jan 12
22 Apr 37 Dec
3812 Feb 6
15 July 274 J11.11
247 Feb 2
8
75 Oct90 Jag
944 Feb 3
174 July 29 Feb
3012 Feb 3
/
1
4
52 May 84 Dec
97 Feb 5
7
58 Oct95 s M111
4
713 Feb 26
732 June 20 Dec
s
197 Jan 7
78 July 9814 Dec
96 Jan 6
0
3112 May 411 Dee
46 Jan 10
/
1
4
3912 May 73 Dec
7112 Jan 5
70 July 85 Mai
84 Feb 18
5512 Apr 6811 Jar
6714 Feb 2
33 May 424 Jar
4712 Feb 3
4
119 Feb 24 1153 Mar 1191s Atil
134 Oct 3514 June
16 Jan 16
5512 Apr 6512 Nog
65 Jan 23
/ Jar
1
4
4812 July 100
77 Jan 3
/
1
4
5412 May 8472 Jar
79 Jan 3
/
1
4
464 Jan 2
/
1
3012 May 4614 Del
Jas
1144 Jan 19 1097 Nov 115
8
/
1
4
8 Nov
11 Jan 13
12 De
23 Jan
filg Feb 9
2
84 Aui
23 July 35 Deo
411 Jan 10
/
4
111 Jan 7
/
4
3 Jar
13 Sept
4
614 June 1432 Da
15 Feb 7
6 Mar
/
1
4
9 Jai
/
1
4
9 Jan 31
/
1
4
373 June 4532 Jae
49 Feb 2
4
5714 Apr 110 De,
10914 Jan 23
23 Feb 6
/
1
4
8 Oct15 Fel
14
152 Feb 27 1164 Oct151 Fel
Jai
441 Feb 13
/
4
31': May 41
52 Apr 73 Do
8012 Feb 27
/
1
4
98 Feb 27
/
1
4
8314 Mar 9312 Oe
512 Jan 12
3 Apr
/
1
4
64 J111
35 Jan 10
/
1
4
284 Oct35 Jai
/
1
42 Jan 15
3618 Sept43 Jai
4512 Jan 2
3312 Sept843* Fel
.44 Feb 27
18 Feb
/ Ap
1
4
434 Feb 5
/
1
35 Nov 39 No
,
12814 Feb 27
94
Jan 1327 Sep
s
11612 Jan 13 1084 Feb1163 Jul:
4
34 Jan 17
/
1
4
20 Oct37 Fel
12034 Jan 6
71 May 1211 De
/
4
5412 Jan 12
48 May 53 De
/
1
4
231 Jan 3 182
/
1
Jan 2244 Au
13 July 48 De
sn Feb 11
94 Feb 11
4712 Oct79 De
/
1
4
250 Feb 11
64 Feb169 De
11212 Feb 27
2
817 Jan 10414 Or
2112 May 42 De
39 4 Jan 17
3
98 July 188 De
154 Jan 8
2512 Jan 9
/
1
/ Or
1
4
164 Mar 24
614 May 8714 De
88 Jan 2
/
1
98 Jan 1064 De
106 Jan 27
90 June 14312 De
1313 Feb 10
4
13012 Feb 9 100 June 143 De
2
2212 May 427 Ja
44 Feb 5
/
1
4
6612 May 9572 De
97 Jan 13
/
1
4
1812 Mar 4112 De
39 Jan 7
/
1
3712 Mar 464 De
4612 Jan 5
944 June 121 De
1294 Jan 23
/
1
/
1
4
1264 Jan 26 118 Feb 123 Jul
/
1
64
Jan 88 De
/
1
4
92 Jan 15
16
/ Jan 46 De
1
4
53 Jan 22
1912 June 3312 Fe
313 Jan 3
4
153 Oct 334 Ja
4
/
1
2112 Jan 3
53 Sept 80
Ja
6512 Jan 5
3 June 10
4
/ Ja
1
4
34 Jan 27
/ Ja
1
4
212 June 34
143 Feb 5
3
7 Ja
/June
1
4
Vs Jan 27
434 July 1512 Ja
1152 Jan 29
14
Apr 20 No
/
1
194 Jan 3
1412 Nov 1912 Ms
193 Jan 31
s
13 Jan 31
5 Oct 1212 No
1161 Feb 10 1111 Apr 117 Jul
/
4
/
4
/
1
1245 Jan 13 105 May 1184 De
8
113 Jan 7
/
1
4
Jan 111 De
84
84 Jan 3
5512 May 75 Ma
Jan 82 De
72
86 Jan 5
120 Feb 7
4712 Jan 127 De
97 Feb 1
8712 Apr 97 De
/
1
4
234 May 29 Fe
313 Feb 2
4
5012 Apr 7212 De
76 Jan 13
34 Oct
11 Jan 10
/
4
5 Ja
24 Dec 24 De
32 Jan 19
144 Ja
6 May
1152 Feb 26
/
1
4
6112 May 88
80 Jan 5
Ja
418 May 28
8 Jan 9
/
1
4
Ja
2512 Jan 9
11 Aug 7212 Ja
1257 Jan 7
2
/
1
4
7212 Apr 126 De
79 Jan 2
/
1
4
2314 June 81 De
88 Jan 9
68 July 8912 De
763 Feb 11
4
5812 Jan 753 De
4
23 Jan 2
/
1
4
9 May 23 De
/
1
4
/
1
4
52 Feb 7
/
1
4
35 Apr 463 De
4
42 Jan 3
32 Nov 85 Me
/
1
4
7812 Feb 13
593 Ott 72 De
4
1070
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting hands
BONDS
N. Y. STOCK EXCHANGE
Week Ending 'Feb. 27.
"d
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
mu.
chewed and prices are now "and interest"-except for income and defaulted bonds.
eac.
Range
Since
Jon. 1.
High
High No. Low
U. S. Government.
Bid
Ask low
First Liberty Loan•
314% of 1932 1947
J D 10112,1 Sale 11011731101"st 760
Cone 4% of 1932-47
J 0 0117.4101"n 101"n Jan'25
Cone 444 % of 1932-47
.2 0 1011332 Sale 1101i4s2 101134s 160
1
2d cony 44% of 1932-47
101
J D 0014:1014ln 101
Second Liberty Loan
48 of 1927-1942
101
M N 100,734 Sale 101
1114 1130.42 101'n
Cony 434% of 1927-1942
MN 1001741 Sale 100"33 101
Third Libiriy Loan
101141 101 144 457 101trt 0111n
434% of '945
M 5 1011n Sale
Fourth Liberty I man
m1.444 10241
44% of 1933-1938
A 0 014331 Sale 101142101"n 1691
236 1041, 0
4 5142
Treasury 444
:1105
1947-1952 A 0 10434,Sale 10441
Treasury 48
1944-11)5.4.1 0 1004141 Sale le011”10(111.. 953 1901.4. 101
Se consird emipon
1023 Mar'24
8
d1930 @ .1
..„
Panama Canal 3a gold
1961 Q M
9712 Oct'24
State and City Securities. I
N Y City-4.4,10Mo stock _1960 M
Registered
'M
434s Corporate stock
1964 M
434o Corporate stock
1966 A
4140 Corporme stock
19714
440 Corporate stock _July 196711,
444s Corporate 8415.k _ _1965
1963 M
4340 Comorate[dock
4% Corporate stock
1959
Registered
M1M
4% C.orporate stock
1958 51
4% Corporate stork --------..5710
4% Corporate stock reg 1956151
4% Corporate steel: reg _ .1935 M
434% Corporate stock _ 19571M
444% Corporate stock _1957 M
Registered ,
IM
% Corporate stock_ .1954 al
New York State Can Imp 4- 19611.1
5
Highway improv't 440._1963 m
Virginia 2-39
1991.1
1
1003 ___ 101
4
10014
1017 ____ 10218
8
1017
4
'10114
1064 ____1106%
10613
_ 107
10613 10718 10612
- 10612 __ 10612
_r_
9914 983
4
99 9938, 99
98
983 994. 9
4
84
_I 98
161114 168 1063
- -34
4
10614 Sale 10614
105
893
4
10212
1123
4
7612
Feb'25 -- 10058 101
.Ian 25 ---- Iwo. 10014
10114 10218
Feb'25
101,, 10114
Jan'25
1 116%
1 106% 106%
Feb'25 ---- 105% 1117
Feb'25 ---- 10E0y 1001r
Feb'25 ---- 105% 10013
98
99.4
Feb'25 ---9814 98.4
Jan'25 ---98% 98
Feb'25 -98
99
99 I
1
9818 9514
Jan'25 ---98
98.4
Jan'25 - 8
1063
4 18 1063 lob%
10634 14 10518 11164
5
Feb'25 ---- 105 10
8912 90
Feb'25 ---Aug'24
Feb'25 --7612 764
Feb'25
1
Foreign Government
117
4
Argentine (Oovt) 75
1927 F A 1023 Sale 1025$ 103
8414
1
8414
Argentine Treasory 54.
_1945 M S 84
8
Slaking hind to Ser A__ .19571M S 963 Sale 9
96% 163
614
9614 Sale 9534
96% 197
Exil 68 ser It temp..1er 11158
962 142
4
953 Sale 945$
4
Austrian (Govt.'s f 7a -. 1943
109% 72
Belgium 25-yr exi s 17 145 2_1045 j it 10912 Sale 10914
10713 411
1941.F A 10714 Sale 10714
20-year s 88
94
77
25-yr ext 6 W31,001'1171 rata 19491 5.1 S 9313 Sale 9313
612
4
Esti s f 65 Muer rile
88
19.55 I( 1 863 Sale 8612
11114
6
Bergen (Norway) s t Rs__ 1945 M N 111178 Sale 11018
97
7
98
963
4
25 year s f fie temp
19491k 0 97
Berne (City of) f 814
1945!51 N 10912 Sale 109l3 111. 44
9314 Sale 9 4
9313 84
Bolivia (Republic of) Rs__ 1947 m
24
8412 Sale 84
843
4 54
Bordeaux (rite of) I5-yr 68.1934 51 N
9718 Sale 97
t' 8. pulcroai 85
.973
4 99
3
91141)D 83 Sale 82 4
1 52
8318 48
le (Central Ry)
;I
107 I 40
740(eoffee seem.) (flat) 11152 A 0 107 Sale 11684
9712 29
Buenas Alms (City) ex 16401955 .1 1 9714 Sale 9714
4
Canada (Dominion of) g 5a..111211 A 0 101 Sale 1003
101 I 88
[
10212 11
So
1931 A 0 10214 Sale l021s
s
10318 103
4
10-year 544s
10291 F A 1027 Sale 1027
• 11 52,M N 10312 Sale 103
1037
8 96
54
4
Carlsbad 'City) s f As
98 I 33
963 9714 973
4
19543 ,
1075 Sale 10712 10813 113
Chile (Reptiblie) cxii sf )38_1941
5
External 5-year 5 t 8s
1926 A 0 111714 Sale 10212 103
39
101
20-year collie
1942 rti N 101 Sale 1005$
10812 41
25-year s f 85
1946 M N 111712 Sale 1071
444 11
Chinese (Hillmans Ry)'5s_1951 .1' ii 44 Sale 1 4312
7
11012
Christiania (City) of 88
1945 A 0 11018 Sale 11()
97% 40
8
30-year $
Int rets
1951 M S 975 977 974
4
Colombia (Rep:Mile)6 40_ ,
100
1927 A 0 100 10012 100
43
97
Copenhagen 25-year a( 5%5.1944 .1
.1 97 Sale 9612
10
98
973
4
Cuba 58 of 1904.
1944 M S 97
Ester debt So 1914 Rel A 1949 F A
94% Feb'25 ---1
.
1
External loan 4148
853 _ _ _ 86
4
1949 F A
861
983 127
4
9814 Sale 97%
1953 1 .1
540
Czechoslovak (Repot) of) 84_1951 A 0 100 Sale 9912 100% 38
Sink fund 89 Ser IA lilt etfs.1952 A 0 100 Sale 9913 10012 54
110% 41
Danish Con Munielp "A".11)413 F A 110 Sale 110
SentesB.f9s
110 I 11
1948 F A 10914 110 110
Denmark external e f 84
111 I 42
4
1945 A 0 1108 Sale 11084
8
-year 68
1942
20
.1 1003 Sale 10012 10113 75
____ 101
Dominican Rep Con Adm e f M'58 F A 102
Feb'25.1
9438 §0
CUSIOITI Adminletr .5348-..1314910 S
9313 Sale 9313
Dutch Eest Indies ex, 64.__ _1947.j j 10184 Sale 10184 103 i 141
8 10212 183
1962 10 P 1015$ Sale 1013
40
-year 68
9914 145
1953 M S 99 Sale 984
30
-year ext 5)
-is
984 Sale 9814
9914 97
19531 M N
30 year ext 540
10312 294
French Repel, 25-yr ext 88. _1945 M S 10212 Sale 10214
4
9913 233
20-yr external loan 7348_19411J I) 99 Sale 983
908 487
External laid 1924 temp _1949 J D 90 Sale 90
9034 51
Finnish Mon I,'n 44)) A------.1)14 A 0 9012 Sale 90
91
26
640 Series B interim etfs_1954 A 0 9084 Sale 994
85 13 13
1945 M S 85 Sale 85
Finland (Rep) exl 65
4
9518 602
4
ext'1 limn law I.__ _1949 A 0 947 Sale 943
German
3 10618 125
(It Brit & Iret MK of) 5%5.19371F A 10618 Sale 1057
4
11612 99
1929 F A 116 Sale 1153
10-year eonv 54
0
92 I 48
92 Sale 9112
1952 M N
1
Greater Prague 7 40
45
87 Sale 87
88
1964 NI N
Greek Govt 72 Int rets
933
4
8
3
1952 A 0 9312 93 4 934
Halll (Republic) ae
894 Sale 894
89
4 104
Hungary (Kingd of) s f 7444 1944 F A
9912 232
9913 Sale 9914
Ind Bank of Japan 6% mem 1927 F A
993 Feb'25
4
Italy (KIngd of) Ser A 6 444_192.5 F A
4
834 171
82% Sale 823
Japanese Gov/ loan 46... _1931 I .1
8
92 I 557
9113 Sale 913
1954 F A
30-years f 1140
8512 17
4
8518 Sale 843
Oriental Development 6s 19.53 fel S
4%
85 I 35
Lyons (Cfty of) 15
-year es_ .1934 M N 844 Sale 8
844 46
844 Sale 84
N
Marseilles (City of) I5-yr 68.1934 5.1
Jan'25
24
Mexican Irrigation 440._1943 MN
Jan'25
24
1943
Assenting at 4 140
,
Mexico(US) extt 5 2 of'99 1945 Q J -42 ____ 45 Feb'25
39
16
38 Sale 38
1945
Assenting 5e of 18(19
21
1
21
24
1954 J
Gold deb 48 of 1904
1
214
2113
23
21
Assenting0of 1904
2612 Jan'25
Assenting 45 of 1904 large
Jan'25
24
Assenting 45 of 1904 small
1
24
2712 24
Assenting 4s of 1910
55
28
4
27 Sale 263
Assenting 44 of 1910 large
2512 39
243 Sale 2484
8
Assenting 45 of 1910 email
4
___ 413 Feb'25
41
Trees 6s of '31 aasent(large)'33
39 Feb'25
Small
iS
93
1952• D 9212 Sale 91
Montevideo 7s
1063
4 54
4
Netherlands lig (flat prices)..1972 MS 1063 Sale 106
204
104
4
30
-year external 64(flat)_1954 * 0 10384 Sale 1027
11112 26
4
4
Norway external 8188
1940 AO 1103 Sale 1103
44
100
8
995$ Sale 993
20
1943 FA
-year exti Ss
120
9 10
0
9984 Sale 998
20
1944 P A
-year external (44
997
8 32
3
3
30
1952 AO 99 4 Sale 99 8
-year ex t164
7.5=5. a Due Jan, 5 Due July. 2 Due
Aug.
V DUO Nov.
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb. 27.
t
Ott
Price
Friday
Feb. 27.
Week',
Range 01
.
Last Sale
High No
Bid
Ask Lora
101% 11
Panama (Rep) 5345 tr rects.1953 .1 D ---- -- 101
Peru (Rep id) ext1 88
1944 A 0 100 Sale 100
10114 50
18
Poland (Rep of) g 68
73
1940 A 0 7212 Sale 724
9518 126
External s f g 8s w I
1950 3 j 95 Sale 95
17
Porto Alegre (City of) 88_ _1961 .1 0 96 Sale 943
4
96
1103
4 26
Queensland (State) ext. at 75 1941 1 A 0 11012 Sale 111)14
25-year 6s
10413 37
1947,F A 10412 Sale 104
19
Rio Grande do Sul 88
1916,A 0 96% Sale 9638
97
Rio de Janeiro 25-yr s f 88_1946'A 0 9112 Sale 95
957
8 24
46
25-yr ex@ 88
19471A 0 9312 Sale 9312
94
Itottenlam (City) external 641964 M N 10212 Sale 102
1023
4 36
El Salvador (Rep) 85
1948IJ j 104 Sale 104
1041
8 22
2
SUil .
1 111110 (City) e f 84
99
1952,5.1 N 984 9
884 99
San Paulo (State) ext s I 8.8 1;:36 I . 18142
34
101
1113
13 12 J
58
Seine (Pruned ext 7e
Sale 89
91)
118
Serbs. Croats & Slovenes 84.1 1:621111 N 8 13 Auie 81
1116 m N A6
86
4
ss
solasons (City) 68
8412 Feb'25
17
Sweden 20-year 65
04
1939 I it 10312 104
11)4
External loan 5448 inter cite '54 M N 995$ Sale 9912
9914 127
Swiss Conteder'n 20-yr 8 198 19411..) J 11412 Sale 117
8
1143
4 22
Switzerland Govt exl 5448_1946 A 0 1014 Sale 01%
10134 61
Tokyo City 58 loan 01 11)12
6714 Sale 6612
99
m
6714 26
Trotaltdem (City) extl 640.1944.IJ
1
99
NI S
99
lirtiguay (Republic) ext 814_1946 F A 10
21
8 Sale 118
109
Zurich (City of) s 188
1945 A 0 110 Sale 10
1103
4 19
Railroad.
Ala Gt Sou Ist cons A 5s_1943 .1 0 100120034 10034
2
Ala Mid let guar gold 59_110 A o 1004 161 101
2
- -8
1 1:48 M N
101
2
Alb & 51151) cony 33-40
824 8312 82
8212 11
Alleg At West 181 g 48 gu
1111)8 A 0 813 8313 8112 Feb'25
8
Alleg Val gen guar g 0
1942 M S 91 14 Sale 91 14
914
Ann Arbor 1st g 45....Ittly 1995 Q J 613 Sale 61
4
653
8 10
Atch Top & S Fe
8914 193
-Gen g 48_199.5 A 0 8884 Sale 1 883
8
Registered
8818 Feb'25 ---A 0
Adjustment gold 44__July 1995 Nov 8312 Sale 821
8312
9
Stamped
July 11:115 j I) 83 Sale 81
5 5M N
83
17
Conv gold 48 1909
8212 8412 8212 Feb'25
Cony 48191)5
8212 Sale 8212
83
22
1955 1 I)
Cony g 4s Issue of 1910...1960 J 11 83
8112 Feb'25
%
East Okla Div let g 48_1928 POI S 9914 sale 99
9914 23
Rocky Mtn Div 1st 414._ 1965 J J 8414-_ 84
10134 1034
8414
6
Trans-Con Short I. let 45 1958 .1 J 867 81% /2414
87
2
13712 87
91)..
Cal-Arlz 1st & ref 440"A"I962 M 8 9334 Sale 9334
95
9334
1
9434 .
1 .
Regisiered
_ 11144 Jan'25 - 'm s
ALI Knoxv A Cln Div 45. _1955 M N 89 - -3 89
9414 97
89 4
894 22
107 11104 All KIIOXY , Nor 151 g
2
8
10212 Nov'24 - - 0 1017
1063 I o1/3 Ati A Chart A I. 1st A 4(0_1944 .1
4
4
93 8.96
95
95
2
let 311 year 5s Series II...,11I44 .1
1025 Sale 10212
92% 94.2
3
102%
All Coate Line 1st Mil 48.51952 M S 92 Sale 91 14
9212 87
86, e5
10-year secured 78
11108 1 12
1930 M N 107 Sale 107
107% 6.5
1154
8
General unified 440
1964 J 1) 913 Sale 9114 .91% 30
109 2 111 12
LA N roll gold 44____Oct 1951M N 8612 Sale 8614
12
86I
7712 78
923 931z Ail & Danv Istgds
8
1
1948 .1
78
78
8504
2d 4s
68
61
84
Feb'25 19415.1 J 65
96
98
773
4
2
All & Yarl 1st g guar 45-1949 A 0 7618 Sale 765$
82
843 A & N W 1st gu g 513
4
10108 A ug'24 19411.1 J 9812
997 100 1110
104 107
Balt & Ohlo prior 3448
Feh'21 ---11125,1
_
9944 Jan'25 --9512 971X
Peeistered
88 Sale 8712
161184 i02-4
SR% 71
1st 50-year gold 4EL 1 1'15' 19 11 2
11 1y 194 '
2
inii2 10213
- 8612
July1948 Q .1
Registered
8612 111
102 111314
181
93
10-year cony 440
1933 M S 9234 Sale 92%
1014 104
4
1
Refund A gen 58 Series A 1.91).1 D 8918 Sale 88, 8115$ 74
1:2 ;J J
5
8
96
98.4
1013 186
let g 53 int etfs
4
11148IA 0 1613 Sete lillIg
10614 10612
10318 Sale 1113
10112 51
10-year 68
155
1112 103 .
1113
Ref & gen fis ger C temp_ _19951.1 I) 10214 Sale 111214
984 104
4
4
991 Jan'25
4
P Jet & 51 Div 110 113145.192.5 M N 997 100
44
4
4
107 '
,
ROY
P1. E & W Vs Sys ref 48_19411M N 853 Sale 853
87
8
8
41% 44.,
99% 22
Southw Div let gold 3448,1925 J .1 997 Sale 997
5
11193 11114
4
& Cln Div 1st ref 48 A.1951111 J 6914 Sale 6918
6914
9512 98
61
int tle Cr & Stur let gu 3a_ .1989 .1 D 6114 63
Feb'25
9914 100.2 leech Creek 181 gu It 45._1936 _I
_ 9312 Feb'25
944 97
7814 80
_
leech Cr Ext 181 g 3448-_.1951 A 0 93- - 7814 Feb'25
9512 98
hg Sandy 181 45
11)44-I I) 814 86
8518 Feb'25 _
72
& N Y Air Line 1st 44. _ _1955 F A
7412 7014
7218 22
9314 9514
8
86.2 irons & W Ist et' gold 45-1938 1 .
92 Nov'24
84
_
1 917 93
964 99, iliffalo It & P gen gold 54_1937 51 S 191 18 Sale 111114
4
2
10118
Como! 434
l9%7,M N 8614 Sale 8614
9814 101 5714 22
973 100 _ turf C R & Nor let 58
4
l934
'A 0 9914 Sale 997 Feb'25
8
4
10934 1103 Canada Sou eons go A 54..._11162 A 0 10114 1112 10114
111 , 14
1
4
1 9 6J I
4
11193 1104 Canadian North deb ;t 78)....1940i J D 1163 1 164 I 111%
4
1167
4 211
118 Sale 11612 118
20-year s f deb 6448
109 Ill
82
794 Sale 7938
Canadian Poe Ry deb 45 stork_ _1.I J
99'2 103
279
89
101 1,12
9212 ...._ 93 .lan'25
Cart)& Shaw 181 gold
M
9113 Caro Cent 1st eon g 43
1938 J I) 7812
92
81
_
Feb'25
Caro Clinch & 0 1st 3-yr 55 1938 J It 11012 Sale 19012
984 103
5
1.118
I952'J D 107 Sale I al%
68
9874 10212
1073 262
8
191411.1 D 821
_ 84
9314 99 . Cart & Ad 1st gu g 49
Jan'25 _
3. -12 7613
Cent Branch U P 1st g 4s_1948 J I) 7612 713
923 99
4
8
76.
4
102 104% Cent New Eng lot gu 45_ ___1961,1 .1 6714 68 6712
8
6812
984 101 12 Central Ohio Reorg 4448_1930 M S 973 9912 9714 Jan'25 _
4
8
88 14 92% Central of Ga let gold 58_7)1945F A 1017 _.. 1023 Feb'21
4
1945 M N 100 Sale MO
Consul gold .51;
8912 91
1111138 28
8
10-year secur fig
June 1929 .1 I) 1037 Sale 103%
5
8912 91
104
1959,A 0 100 Sale 101)
87,
2
Ref & gen 540 ser 13
19044
7
8.5
93% 9512
84
83 84
Chatt Div pur money g 40_1951 J
1
84
10474 10644
____ 993 Feb'21 -Mae & Nor Div 1st g 513_ _1946
J 100
4
3
1946 J J 10018 _ _ 190 Dee'24 115 4 11712
Mobile Divfsion 5s
90
92% Cent RR A 11 01 Ga roil g 58.1937 M N 9718 Sale 9714
974
8812 Central of NJ gen gold 5s
1987 J J 1075$ Sale 11173
8 1 1)818 13
86
1
91 14 9412
21987 @ .1 1,)6t2063
Registered
8 106%
3
8914 904 Cent Pao 1st ref gu g 45___11149 F A 88 dale 863
8
84 31
951 9913
1164 96
Mtge guar gold 344/L
21929 J D 96
Feb'25
4
4
8
9318 993
Through St L 1st gu 49_1954 A 0 853 863 88% Feb'25 -82
834 Charleston & Savannah 75_1936 1 J 11818 ____ 1212 Feb'25
4
91138 92
Ches & Ohio fund & lmpt 56_1929 1 J 1001
10084 Feb'25 -- 8
1025$
2
84
86%
1939 M N 10214 1023 025$
let eonsol gold 55
8418 8612
Registered
1939 M N 10012 l(l11 101 Nov'24 -85%
90
60
84
General gold 440
1992 M 8 8912 Sale 89
24
21
1992 M S 8684 8818 8618 Jan'25
Registered
24
4
23
20-year convertible 440_1930 F A 963 Sale 963
4
97
74
4512
45
10613 444
30-year ,
'
one secured 54_1946 A 0 105 Sale 10484
3274 41
0334 Feb'25
Retlatered
A0
25
21
Craig Valley 1st g 55
1940 .1 1 98 10012 99
Jan'25
1978 2612
Potts Creek Branch 1st 0_1946 .1 J 824 83
824
4
8212
2613 2613
R 212 A Div 1st con g 48..1989 J J 84
8412 843
8
843
8
5
24
24
2d cowl gold 42
19811 1 J
___ 80
Jan'2524
23
Warm Springs V 1st g 5s....1941 M
93
78%9812 97% Jan'25
2218 30
Chle & Alton RR ref g 35
1949 A 0 633 Sale 635$
8
64
11
4
8
213 707
Registered
A 0
_
6012 Jan'25
_
3612 43
62 4
Certffs dep stpd Oct 1924 bit______ -88i2 - 1- 624
623
4
4
36
43
Centf dep earned Apr 1924 list
624 Feb'25
93
88
577 206
Railway first lien 340__-.1950 -3 5614 Sale 563
104 1064
Ctfet dep Jan '23&sub coup...... 5312 54 54
5412 21
10018 11)4
Chic Burl & Q-111 Div 340.1949
81% 85 8213 Feb'25 _110% 11312
Illinois Division 48
1949 J J 9012 91
9012
90%
4
9712 10014
Nebraska Extension 40„...1927 M N 9912 9989 993
8
9912
8
9712 1003
4
General 48
1958 M S 887 Sale 8878
8
904 15
9713 1004
1st dr ref 5s
1013 Sale 101% 10134 39
8
Chic City & Conn Rys 55
1927 A 0 574 58
57
58
6
Chicago & East III let 68_1934 A 0 107 Sale 107
107
1
C & E III RR (Bete co) gen 58.1951 MN 774 sale 7714
178
79
8 OVUM] sale.
Range
strum
Jan. 1.
11105
Lots
10014 1014
9913 102%
79
72
95 95%
944 9811.
1119 11084.
101 12 1044
94% 9714
934 97
4
9312 98
11103 103
4
1113 105 i
9812 1111
100/4 1034
91.
89
87
85
8312 853
4
1023 1045 •
4
4
044 1004
8117
1137
9812 1(13
4
6618 673
994
97
111614 109
110 11111
181,2 10114
002 181 1
4 :
11
0 4
11)1 181
82
91
9114
8
6 11
84.2 8712
61
88 :
81
8 18
899862 1,48
;
81%
814
89178
3 1;
;1,42.
8333 •
894,8 7.,14
8414
83
84
8414
913 91%,
4
t
"ii" "Wi
89
91) 10
7
8618
7689
623
4
75
1402995$11:
1 818
92 •
874
78114.
65
7734,
9614,
gwi 864
8, 8312
m 9904
89:4 9
8 4 6
5
111trA 1112
8
90
1023 10311
4
l l: 4 10318.
u 5/ 9 /
9
1
4
68,2 67
83 8 8 44
, 9
9218 931t
68:4:
7 4'1701
697
72
;
8
85
8514'
14
1819116. 1 8:28
1( 11% 110112
9 :48
2
115 1174
11614 118
79
80
93
93
81
834
1
1004 1011
/
4
184 I871*
"
")
14
67 4 98
94: 679
74'a 7
e
4
1394 1100 ,t
1 1 4. 9434,
04% 1°2
89 84
9
00
4
95
9734,
10988961c 1118980%63768
117 1488 lot's714
91156 4:
1
11212 11711e.
'tiffs Ws;
85378 8714
9 4 9
4
1027y 10914
1035 10814
4
974 904
8214 83
87: 9 5e
93 8 84 7s.
y 7
80 80
02
66
6% 6241
6 12 6
0
61)14 824
45 55
44 844
814 834
1
884 91
99 100
884 901
4
100Iss 1023,54
58
1054 1074.
74
/ 79$4.
1
4
New York Bond Record-Continued-Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week Ending Feb 27.
Ey
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
el A
Range
Since
Jan. I.
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb. 27.
iTS
.44
1071
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
cci A
Range
Macs
Jan, I.
High
High No. Low
Ask Low
Bid
Bid
Ask Low
High No. Low
Htob9914 100 4 Erie & Pitts go g 340 13-1940 J
1982 M N 9912 10018 100
100 s 12
1
84
____ 84
ChIc & Erie let gold 58
Jan'25 ..-.
84
84
59 4 65%
3
Series C
6412 131
___ 84
Chicago Great West let 45_1959 M S 6319 Sale I 6343
J J 84
Oct•24
1091 Ill
:
Fla Cent & Pen 1st ext g 55.1933 .1 ) 994 ___ MO
Loulsv-Ref 68__1947
2
.1 1107 1111 11012 Feb'25
8
1240 J 2
Chic Ind at
Jan'25 ____ 100 100
994 1110
1947 .1
_ 100
Coo] gold Se
m
10014
Feb'25
9812 Sale 9812
RefundIng gold Se
981:
2
1183 997
s
2
853 8612 Florida East Coast 1st 440_ 1979 Ji D 927 Sale 9218
4
J 864 87
864 Jan'25
Refunding 48 Series C____1947
8
954 s s
927
3
3
9214 93
1966 M N 88 Sale 87%
let & ref 55 Smits A
88
2 874 88.4
General 55 A
945 Sale 945
954 22
93% 95
/
1
4
4
4
May 1966.3 J 1023 Bale 1024 103
11 1013 103, Fla West & Nor 7s Series A-1934 M N 113 Sale 11313
4
General 68 n
11413 10 102
4
/ 11511.
1
4
/
4
5
2nd & Louisville 181 go 48.1956 .1 J 773 M4 773 Feb'25
774 78% Fonda Johns & Glov 4345_1952 M N 663 Bale 663
4
4
4
. 67
19
0412 6812
86, 8714 Fort St U
8
_ 8712 Feb'25'
Co let g 4 As 1941 .1 J 891e ----. 8812 Nov'24
Chic Ind & Soll so-year 411_1956 J J 8612
9312 931 1.1 W & Den C Is? g 5443_1961 .1 D
3 9312
_
10478 Feh'25
Chic L S & East 181 4348..1969.3 D 9312 93 4 643 Feb'25
s
1114-3, 1047
4
563 sale
8
„I
533ti 57, Ft Wort & Itio Or lei it 413_1928 J
4
564 47
Ilil: 95
CM & Puget Sd let in] 49_1949
95
9218 9,134
2
704 74
Freni Elk & Mo Val 1st 6a....1933 A 0
71 18 10
10/112 Feb'25
Oh M & St P gen it 4s Ser A,e1989,2 J 71 13 Sale. 7012
108 10813
General gold 3148 Sec B..e1989 J .1 6312 Sale 6312
011.44SA
6312
& P 1st
7 6318 05
16(i% 10914 Feb'25 __
MN 10191:0944!
100 100%
79
82.
4
191492 .1 793 Sale 79
24 miens 58 guar
7912 18
Gen 4445 Series C
1931 J .1 11014 ..--- 1004
10014
I 1041 lodes
604 54
Gale nous & !lend 1st 5.1_1933 A 0 9212 Sale 9139
5314 438
Oen & ref Series A 444s_a2014 J J 53 Sale 514
9212 18
904 9314
544 58% Genesee River let e f 58
4
5812 268
ref cony Ser B 5a_a2014 F A 5713 Sale 5514
Gen
4
1957 J J 10343 It.1414 1033
11143
8
8 111014 111439.
9812 Itiola 0a & Ala RI' let C0118 5s.....01945 J J 94% 95
19342 J 984 Sale 9813
9914 108
1st sec 65
115% Feb'25 ___
93 96
5514 131114 Ga Caro & • or Ist gu g 55 _ 192 .I 0 9912 Sale 9939
1932.3 13 5739 Sale 5514
Debenture 440
5814 534
1 946 A .1
9
9912
3
991s 99 4
3
654 7244 Georgia Alid1and let 35
1925.3
Debenture 48
6912 Sale 6512
72 1925
64% 654 65 Feb'25
6414 664
5014 (ills Val 0 & N Ist gu g 56_1924)I
51
1939 J i 523 Sale 523
5.412 51)
4
.25-year debenture 4s
OcE24 .......
M ) 98% ___. 100
N
95
97 (m
1926 J J 9519 Sale 95
(mite & Oswegate h he
Chic & kb o lily Div fa
9614 18
99%
983 Feb 24
1942
4
.
9912 19.', Or 11*- 1 exi let gti R 444s
997
s
4
Chic & Sweet Ext 48_1886-1926 F A 997 Sale 997
-1Thi- 9412 Jan'25,. _
1941 .1
W•
I
98% 99% °rand Trunk of Can deb 65 1940 A 0 116% Sale 11639
1886-1926 F A 9814 993 91152
3
Registered
994s 17
116% 17 115ly 11672
7314 74%
1987 M N 7414 Sale 7414
General gold 3149
15
743
-year. 16.
4
I
10755 Sale 10712
1077
80 111632 111772
72
Registered •
72
Oreai Nor gen 7s Series A 193 J S 1103 Sale 11012
72
2
Q
8
1197 135 10912 111
8
194 M J
:6
(
8313 86
1987 M N 85 Sale 8413
General 4e
86
I, & ref 4448 Series A
,
60
11112 Sale 91 12
9134 30
9112 9211
1961 IJ
84
85
1987 M N 8414 85
Stamped 48
8412
General 544s Series B._ _11152 1 J 1007 Sale lull%
8413
I
1021, 36 10014 1921
8
/
4
4
1987,1,1 N 104 1047 104
General 58 stamped
4
General 5e series C
104
3 102. 11.143
95
9232 9334
1973 J .1 9439 Sale 9412
122
1879-1929 A 0 194 10513 10 ,
Sinking fund 68
10414
6 104 104.4 Oreen Bay & West deb etre "A"_. Feb 70
44
75
76
lant26 .....
76
76
104 104
Registered
A 0 10312 _
_
113
Jan'25
IMitenttarea et Is "B"
143 Sale 14
4
143
1213 16
4 51
1.803 lot)
1879-1029I A 0 10039
Sinking fund ts
Oreenbrier Ity 1st gu 4a____1940 Mlt 8 :3 _oil; 96 t: 5 ..........
I0 3 Jan'25
04
8
8854 F 52
Feh 96 2
86
86
Registered
1U0 141014 Gulf& S 1 Is' ref & I it 50_51952 1 .1
1879-1929 A 0 97
____ 10012 Jan'25
9812 101
1933 m N 10214 Sale 102 2
Sinking fund deb 53
10212
Harlem It & Pt Ohm 1st 45..1954 M N 823 8:112 823
1 10013 1.13
,
4
4
8234
4
Bo
82%
, Registered
1933 M N 10039
101
1 101 101
Hocking Val let cons g 444s 19911j
101
00 Sale 90
90
11
8912 907
4
1930 J 13 109 Sale 1084
-year secured 7s it
10
10914 17 105 114114
Registered
9912 Jan'25
1999 J J ..... ___
/
1
4
991 99 •
/
4
-year eecured 6 443 g____1936 M S 11212 Sale 1124
15
11212 10 11139 112:: H & TC 1st g Int guar..
991 1007$
/
4
1937 J J 985 ..-- 10014 Feb'25
6203712 D 101 18 Sale 101 1s
1st & ref g 514
10114
7 100 101.% Housion Bell & Term 131, 1937 .1 J 963 973 98
4
3
58
Feb'25
96
98
13414 Houston K & W Tex 18t g 58 1933 M N 10014 .... 1110
Chic It 1 & P-Raflway gen 4.1988.3 JI 83
8412 833
4
3 83
833
4
Jan'26
99 100
/
1
4
8218
Registered
82
Ii J 815 8312 82 Feb'25
8
lei guar 55 red
___ 911% Jan'25
99
/ 9973
1
4
1933 M N 111117
87
1934A 0 864 Sale 8639
Refunding gold 4e
Hoesatonle Ity eons g 5
87
467
834
9212 96
8.1
92% Jan'25 ____
1937 hi N
021 924
/
4
/
1
Chic 51 1, & N 0 gold 5s____1951 J
4
1013 103 j10278
102%
Hurl & Manhat 5s Series A_ _1957 F A 887 Sale 88
3 loll: 103
8
887 102
8012 89
79% • 793
8
1951 J 13, 7813 ---1 7 39 Jan'25
Gold 340
Atibuitment
9
7212 Sale 7218
5s....1'157 A
67% 7372
7:41
80
Memphis 1)1v Is? g 48.-1951,J 01 824 8539 8512
8414 85% Illinois Central let gold 49_ _ 1,21 )0 91112
85%
8
Dec'24 .-1 1 2 )
2
10012 10014
1932 A 0 lot la 103 101113 Feb'25
Bt L & P 181 cons g he
Registered
87
____ 89 July'24
Registered
101, 3 100%
3
IA 0 10014
.1003 Jan'25
3
MI gold 3 14s
4
1951 J J 823 ____ 8312 Feb'23 ...... 'ill; ill;
1944 11Ib,
,
Chic St P H & 0 cons 6s.....1930
D 10514 10813 10514
10514
1
Extendml Mt gold 344s
25
81
82%
11 51 A 0 8234 ____ 8212 Feb15
1
9214 1.14:
1
Cons as reduced to 315.1301
21 Feb'25
'
8014
Registered
n
-8012 Jue'24
1163 99%
Debeni ure 5e
4
1930 M 8 .9812 Sale 9814
.1st gold ae sterling
9812
3
7
62 "a' •
1951 M S 6014 1 - 412
F'eh'25
98
99
Stam p•-d
99 Sale I 99
99
Collateral trust gold 4a_..197,2 m
864 Sale 146%
861. 8712
867e
2
7612 79
Chic T Ii .& So East lat 58_16160
D 7713 Sale I 77
78
29
1st refunding 4e
1955 NI N 895 Sale 89
R944 -88
893
4
48
50,2 604
Dee I 1960 M 8 59 Sale Ws
Inc at, 5a
Purchased line 3 44s
6014 25
81
8o
19132.3 J 80
Feb'25
78st 80
9134 93
Chic Un Stan 151 gu 4348 A I963
J 92
921 921
Regis ered
92% 17
79
79
Jan'25 ---,
.1 J
79
let 58 Series Ii
1963 .1 J 10014 Sale 10012 100 4 29 100 11.41,
3
Collateral trust gold 411_1953 M N "ii- Fi/;1- - 84
e
83 85
85
16
1st 64411 Series C
1963.3 J 11614 117 11614
117
10 116', 1174
Reghtere I
. .... RI
.
N
81
81
Feb'25 .._.
97i2 9.4%
Guaranteed it 5e
1944 .1 D 98 Sale I 9712
9812 53
Refunding Is
1955 hi N j11412 Sale 1044
1043
4 16 10312 10414
_
Chic & West Ind gen g 14,421932 Q M 10514
10514 Nov'24 ____t
15-year secured 544s
1934 J J 11124 Sale 10218
103
38 1112 11138$
Consul 50-year 4s
764 811
19522
7918 793 7918
3
15-year secured 634s g___1939
79% 25
3
J 1108 111 14 1105, 1103
1 101112 11los
-year sr 714s
1024 104
1935 M S
15
102 10212 Feb'25 _
Cairo Bridge gold 45
____ 8814 Feb'25
1950 J D 89
8814 884
97% 9814
let A ref 5128 ser A temp_11162 M S 984 Sale 98
0814 230
Lliclifield Div let gold 34 1951
__ 7012
7012
J 7039
70
7012
2
993 100
4
Choc Okla & Gulf cons 5e
1952 M
9914 100 10014 Jan'25
I noisy Div & Term it 344e 1953 J 1 80 12
_
77, 80
2
1
24 gold 4448
93.8 9412
CM H &
1937 .1 J
Feb'25 ...Ornalie Div 1st gold 3a... _1951 F A 7012 7212 71112
7012
7012 72
1
914 91
01 St & C let 1145
Q F 91% .
9_3_ 8972 Feb'25
9318
13
4
St Louis I)Iv & Term it 38.1951 .1 .1 7172 Jan'25 .....
71% 72
9012
Registered
egistered
9012 9012
*1136
k1936'Q F 90
9012
0014 334e
1
1951 1 J 81118 If - 80
Feb'25
79
82
)471, /41.11,
1
CM Lel,& Nor gu 4s g
111421M N
Feb'25
Stwingfield Div 1st it 3 445 1951 1 J 783 82 82 July'24
3
.
-,
Cth S & Cl cone 1st It 16--------281 J 99% Sale 997
8
Western 1.Inm 1st is 4s____1951 ' A 8614 88
99%
4, 99% 99 o
87 Feb'25
F
.
97
87
Cleve Cin Ch & St I. gen 4.1993.1 0 8139 831s 8134
•
6
813 84.4
4
84
Registered
____ 87 Feb'25
1951
87
87
9.4 Ili Central & Chic St L & N 0- F A
-year del) 4149
96
1, J J
131
20
97
9714 97 Feb'25
99% 10148
, General fis Series 11
1993 J........10139 Jan'25
I!!! . . 9814 jime183 .
Sa±et 2 0t
Jolet.let ref S.Series A _ _1963 J D :
1 24 103
4. . 9614 99
Ref & Imp) 68 Series A
1929 J J 10312 Sale 10339
1033
3 38 103 104
Do Series B
1963 J
4
6e Series C
10512 1073 Ind Ill & Iowa 1st g 48
J J 10414
1073 Feb'25
4
8512 Feb'25'____ "ail; WI;
19541.1 J 87% 911
9412 913
58 Series 0
19632 J 965 Sale I 963
.
3
led Union Ry gen 5s Ser A-1965 I J 1011 10034 100
96% 271
1110 101 Feb'25
Cairo Inv 1st gold 46
1939
J 893 9014 89
8914 9
0
4
Gen & ref 56 Serie:14
893
4'
1
4
1965
Feb'25
J 100 10072 100
100 leo%
Div Ist g 411_1991 J J 81
811
81.8 Int & Ort Nor let Os Ser A 1952 J
Cin W &
4
82 t 803
803 1
4,
3
10314 Sale 103
10312 51
10313
8112 83 4
,
St L I)Iv 181 ,,,it tr it it 48_1990 M N 813 8214 81 12
s
Adjustment 6s, Series A-1952 4prl 75 Sale 7439
8112!
I
68
78
757 437
8
Spr & Col Div let it 4s____1940 M $ 883 9113 8812 Jan'25
884 87/1 lot Rye Cent Anier 181 55_1972 M N 7939 Sale 7613
8
5
13012 173
7612 8011187% 874 lowa Central let gold 58
W W Val Div 1st a 4a____1940 J J 8614
873 Jan'25
4
3
1938J D 62 4 Sale 6139
625
37
63
41
10734 11.744
CC & I gen cons g 65
1934
J 1073 ____'10734 Feb'25
4
Cer tlflra tea of deposit......
66
_ 57
1112 1112.4
Olev 14n• & W con 1st it 541_1933 A 0 1003 1017e 1024 Feb'25
8
Refunding gold 4s
1951 M 8 2312 Sale 23l
24's 31
-261;
96
/ 964 James Frank & Clear 1st 48.1959 J D 877 Sale 877
1
4
1935 M N
CI & Mar Ist en it 4 44s
9433 ____ 95% Jan'25
8
k
877
1
87
88
55 Feb'25
1938
J 9814 ---- 99
Cleve & Mahon Vail it 58
983 99% Ka A & 0 It lat btu it 5e.___1938 J J IOU
4
1041 Nov'24
01 h P gen go 440 Ser B___19421 A 0 9734 99
8412 Aug'24
Kan &
1st itu g 4s
84
89
1990 A 0 82 -1(1 - 82
82
194212 J 98% 99
Series A
01 Nov'24
24 20-year 56
100 11104 10015
3
1927 J
10011
9914 10012
19501 F A 81
Series D 3348
863 8712 Dec'24
4
K C Ft R M (.0T18 g Re_ _..1928 M N 10314 1944 1034 10314
/
1
/
1
4 10212 10312
9718 971: K C Ft S & M Ry ref g 45_1936 A 0 84 Sale 84
Cleve Shur Line let au 4 410 1961IA 0 9739 Sale , 9718
97% 15
85
81.42 85
75
18 K C & NI It & Il 181 en 55_1929
Union Term 51,4e
A 0 10512 Sale 10512
Cleve
1072
4
1053
4 10 1043 106
A 0 99 UM
9.339
9913
Its
5
994
/
1
9912 101
to 1st f Se Ser B
111731 A 0 10039 Sale 100
10012 51
Kansas City Sou 1st gold 38.1950 A 0 71 18 Sale 71
701 72
713
s 15
/
4
19452 D 84% 86
Coal River RV 1st gli 4a
834 MP:
85
Ref & impt 55
85
1
Apr 11)50.3 J 8912 Sale 8939
904 134
SS% 91
Colorado & South lel it 45_1929 F A 9714 98
967 984 Kansas City Term 1st 43.
8
9714
98
20
8412 Sale 8412
..1960J
8539 29
84
85%
Refunding & extet) 4441_1935 M N
90% 93% Kentucky Central gold 46_1987 J .1 8418
927 Sale 92 4
3
3
93
21
8414
J
85
84 85
16
1948 A 0 8612 -- 8612 Feb'25
8612 8614 Keok & Des NI 5s ctf dep_1934 A 0 84
Col & II V let ext g 4s
____ 86 Nov'24
19.55 F A
941 Dec'24
Col & Tol 191 ext 48
Knoxville & Ohio 1st g 65_1925 J .1 1003
100%
100 8
4
1 1003.10034
19431A 0 8139 83 4 81118 Jan'25
145;
Conn & Pussitni Ric let 4
3
ake Erie & West 1st g 58..1937J J 993 100
4
9954 99
2/
1
4
9934 Feb'25
Cuba RR Is? 511-year hs 6_1952 J J 864 Sale 857
87 j 59
8 4 87
3
24 gold 5a
9512 9512 9614 Feb'25
1941 J
954 964
/
1
19312
10412 1048g 104
let ref 744s
104341 17 10212 1116
Lake Shore gold 34413
1997) I)
79
7814 79
/
1
4
934, 89 89
_
Cuba Northern RY Ist 591966 J J 9212 Bale 92
93',
Registered
19 8 im D 781927 J s 76% 78
9
767 Feb'25 19
76
/ 76%
1
4
Gay & Mich 1st eons 4%6_1931 J J 9614
9712 Jan'25 .___
96
97''
Debenture gold 48
9814 Bale 981
/
4
9712 98 .
984 84
/
1
/
1
4
90
91
8812 9014
Del & Hudson let & ref 411_1943 M N 8914 Sale 8914
25-year gold 45
/
1
4
1931 M N 96 Bale 964
/
1
4
/
1
9714 57
951 97
/
4
1931,IA 0 10512 Sale 10512 10714 122 101 14 1 1173
8
30-year cony 50
Registered
92 _.__ 957 Jan'25
957 99%
8
e
103 I 13 1111 103
1937 M N 10218 103 10214
Leh Val Harbor Term 5e
15$ year 5348
1931 M N
1154F A
1011114 10212
1930, D 10913 110 10912 10912
12
10-year secured 78
1 10
84 lit,
Leh Vai N Y let gu g 440 1940 J J
1i- 196'8 Fe •22
9213
ll321
"5
9612 97
I
49 g___11)3(i'F A
D RR & Mee let
Registered
9611 93
1940.3 J 94
93
93
Jan'25
-let cons 11 40._1936 J J 84 Sale 84
8514 Lehigh Val (Pa) eons
82
843 160
4
Den & R 0
82
93584
g 48_2003 M N 80
94
804
8012 13
79 81
11139 J J 884 894 8812 Feb'25
Gensol gold 414a
8812
86
Genera? COM 414e
8912 Sale 8912
91112
88 9013
8
19211
D 9812 Sale 9812
Improvement gold 5e
93 99
99 I 44
Mewl, Val RR gen 5s Seri_2993 M N 997 Bale 994
997
3
ee 2
003h1
52
9/4 997
1
3
1955 F A 984 9513 5812 Jan'25
58
67
_
Lob V Term Ry 1st gu g ISs__1941 A 0 10213
1st & refunding 58
10239 Feb'25
1011s 10212
Registered
4614 Nov'24 _
Registered
1941 A 0 9913 ____ 9934 Nov'24
Farmers I. & T del) rots for
Leb dfiN l' dlat guar gold 46_1945 M S 89
871s Feb'25
8511 .
1/1;
_
Aug I 1955
6112 Feb'241 ____
70
Les. & East 151 50-yr &
lst &ref 55
59
10418
I 19312 105
gU-.1963 & 0 10418 Sale lO4i8
Bankers Tr Co ctfe dep
Llt Ile Miami 48
_
8314 Feb'25
8314 831
4
47
60 60
Asset to June 15 '23 agree
Jan'25!..._
69% 6912 Long Dock eonsol g Se
4
19 5 M O 1077 1083 1077 Feb'25
932 A N 84- 5
3
107% 108
47
Stamped
70 623
4
62141
1
5.', 71.1., Long leld 1st con gold 5a..51931 Q J 993
._ 10012 Jan'25
997 10012
3
47
70
60% Feb'25'
60% 807
8
Am Ex Nat Bk (Ifs Feb '22
let consol gold 4114
9313 9412 10218 Aug'24
s51931 Q J
597 Dee241,....
8
Am Ex Nat Ilk et% Aug '22
General gold 48
1938 .1 D 894 ____ 8913 Feb'25
WI;
1955.7 -6014 gide- 5914
1
Welt f.a
57', 6612
3
60 s' 539
Gold 48
Den & R
89 July'24
1932 J D 895
43391 15
1k 45
J
43
4313
3912 43%
Unified gold 4e
& Ft I) 1st au 4s____1935
Des M
821s - - 8 8312
837
1949 M
8313
I
8214 WI;
934
9312 Feb'25:___.
1st 4148... _1947 M N
934 931:
Debenture gold 55
Des Plaines Val
1934 .1 D 964 98
97
97
2
95% 97 e1
D 73
74
73
Jan'25'
73
73
20-year p m deb 5$
8918 8912 89 Feb'25 _Del & Mack-18t lien it 4s 1995
8712 89
6712 Feb'25'
1995) D 6614 70
8112 67,
2
Guar refunding gold 4s
Gold 45
5
1947 i" N 824 8312 82
9 9 mS
3
2
82 83
8239
9112
1961 MN 9112 92
911s 92
Nor Sh B 1st eon g go 55_01932 Q J 994 Sale 993
Pet Ftiv Thin 4148
4 100
11
99% 100%J
102 Feb'25',, 9 102 102
.--_
Louisiana & Ark let it
10010112 10112
Dul Miesabe & Nor gen 50_1941 J 0 102
991 Mlle
/
4
M
2
_ 101% Feb'25'
1937 A
10012 101% Lou &Jeff Bdge Co all g 48..1945 M S 841 1512 87 Feb'25
/
4
Dul & Iron Range let 5s
83 87
1937.
1
8813 88
8812'
101%- 12 8814
3 85% 90
Louisville & Nashville 5s__.1937 M N 1(134 ___ 1034 Feb'25
Dut Sou Shore & All it 58
1023 104
3
Jan'25'
88
89
Minn Nor Div let 413.'48 A 0 8839... 89
Unified gold 4a
94 Sale 934
10402 J
East RI'
94
28
91% 94
993
4
991
_ 9912
3
994 9113
4
Registered
1940 J J 9112 92% 913 Dec'24
East Tenn reorg lien it 53_1938 M
4
_
997 16112 10014 Feb'25
2
1001 1 100,
4
Collateral trust gold 5s
1931 M N 1007s 111114 1014
EMIT Va & On Div it 5e_. 1930 J J 10034
10114
6 l0OI 103
101
101
1956 M N
4 100% 101
10-year secured 70
10612 Sale 105 4 1064 18 105 10713
3
Cone 1st gold 58
/
1
4
10133
1 101 101%
53-1941 M N 10139 Sale 101%
1st refund 5449 Series A 2 3 M O 106
___ 10614 10612
1009 A N
93
7 10414 11171s
Elgin Joliet & East let it
1965 A 0 9 4 ---- 9912 Feb'25
99% 100
93
1st & ref 5s Series B
/ 1034 36 10134 1031s
3
4
2003 A 0 1034 Sale 102
El Paso & W 1st 5s ext_11130 M S 10814 Sale 10814
10839
3 107 1083
8
1st & ref 444s Series C.--2003 A 0 93 Sale 925
931 139
92
93%
Erie 1st consul gold 7s
J
7114 Sale 7114
74
1996
70
7212
717
N 2d & M lst gold 5s
0 20ld s
1930 J .1 10412 10778 10412 Feb'25
a
10412 10412
1st cons g 45 prior
/ 70 674 Dec'24
1
4
/
1
4
4
_
J 67
1996
3
1930 J J 105 ___ 1033 Dec'24
Registered
6618 105
J 65 Sale 65
63I 6139
48-1996 J
Paducah & Mem Div 49_1946 F A 8914 Sale 8914
894
1 111 4 -Ws
1let consol gen Hen it
67
Jan'25 - _
J
664 67
1996
St Louis Div 2d gold 3s._1980 M S 624 633 6212
3
6212
Registered
3
6212 63
964
2
964 9612
954 98
F A 96
L&N&M&Mlatg434e.1945 M S 964 9712 96%
964
6
ga
97
Penn coll trust gold 4s__1951 A 0 68% Sale 684
110
64
69
69
L & Alt.
Reg Sohut joint M 46._ _1952 J J 83% Sale 8339
tored
84
12
-year cony 4. Ser A 1953 0 674 6834 6813
8113 844
50
69
22
63 s 69
7
1953 A
7639
__ 77
July 1952 Q
Jan'24
do SerIes B
754 299
74 Sale 7312
728 75 4 Loulav Cln & Lex gold 440_1932 M N 9839 -3
13-1953 A10
9912 9839 Felr28
jig 98
Gen cony 43Se es
2
4 10112 104
1955
104 10412 10412 1044
/
1
4
Brie & Jersey let is 1 611
I
Feb. it Due June, 4 Due May. •Due May. S Due July. k Due Aug. n Due Sept. o Due Oct. p Due Dee, 8 Option sale.
•Due Jan. 8 Doe
1072
New York Bond Record-Continued-Page 3
E ts
.e.',8
Range
Week's
Price
Range
BONDS
.a_
Price
Week's
t•S
t•S
Since
b
Range or
Friday
ut
Since
N. Y. STOCK EXCHANGE
gi
Range or
Friday
t
Jan. 1.
ait
Last Sale
.74o, Feb. 27.
Week Ending Feb.27.
Jan. 1.
go ee
Last Sale
Feb. 27.
n. a.
High
High No. Low
Ask Low
High
Bid
High No. Low
Ask Low
Bid
597 704
7014 393
Mahon Coal RR 1st 58
s
99 10114 NY W'ches & B 1st Ser I 4%8246 J J 673 Sale 6718
/
4
1934 J .1 10114 1011 10114 Feb'25 _4
803 8434
8214 60
4
1950 A 0 82 Sale 813
60 004 Nord Rye f 6%5 WI
4
Manila RR (Southern Lines) 1939 M N 5858 597 60
603
8
24
703 733
8
4
_ _ _ _ Norfolk Sou 1st & ref A 58_1961 F A 73 Sale 7212
__
73
let 48
641 68 Nov'24 _ _
/
4
1959 m N 62
9518 96
2
96
Norfolk de Sou let gold 58_ _A941 M N 96
____ 96
9/-4 100
3
5
Manitoba Colonization 5s
9912
1934 2 D 9918 Sale 9918
s
3 1063 1074
4
1067
Norf & West gen gold 6s_ _ 1931 m N 10634 Sale 1063
84
s
84
GB de NW let 3)48.._ _1941 j J 824 ____ 84
Jan'25 ---Man
r
.
Improvement & ext 6s..._1934 F A 108
10712 Oct'24 ___--Feb'25 ____ 10078 101
Michigan Central 58
____ 101
1931 m s 101
New River let gold
1067
8
8 1932 A 0 1067 10812 106
4 106 ,,,1067
s
99 Dec'24
4
Registered
1931 Q NI 993 _
8958
88
N & W By let cons g 4s
9612 973
8
9
8914
/
4
1996 A 0 891 Sale 89
48
9714
9714 12
1940 j j 91
88
86
Jan'25 _,_
Registered
1996 A 0 --------86
9312 8612 Sept'24
Registered
1940 j j 89
8812 904
Div'l let lien & gen g 48.194 4J J 8812 8914 89
8914 175
.7 L & 51st gold 3%5
1951 m s 7712 _ _ 7718 Apr'24 ____ - _ 10-year cony Os
5
i- g2-8
l
181 gold 314s
8
1929 M S 129 Sale 12812 13112 173 127 13312
828
1952 m N 8012 - 5 825 Feb'25
934
91
Poeah C & C Joint 4s
97
97
1941 .1 D 9114 9178 91% Feb'25 ___
9712 97 Feb'25 ____
20
-year debenture 48
1929 A (3 97
4
91
9312 Nor Cent gen & ref is A
10214
7 10112 102,
9112 Feb'25 ____
93
Mid of N J let ext 55
1974 M S 10214 Sale 102
1940 a e3 90
87
87%
1
875
8
8712 87%
8
M.1Iw L S.8 West imp g 5s-1929 F A 1003 ____ 10014 Jan'25 ____ 10014 10014 North Ohio 1st guar g 5s_ _1945 A 0 87
84
8612
8612 58
8514 Sale 85
8
Ashland Div let g Os
1925 m s 997 ____ 10014 Jan'25 ---- 100 10014 Nor Pacific prior lien 4s___ _1997 Q .1
8314 844
Jan'25 ___
Registered
8812 8812
_ _ 8812 Feb'25 ____
Mil & Nor let ext 4)45(blue)1934 2 D
1997 Q J --------84
604 62
General lien gold 35
4 13
8818 9112
613
4
4
Cons ext 4148 (brown)
4
a2047 Q F 613 Sale 61
883 90
1934 2 D 89- - 883 Feb'25 ____
4
593 593
4
4
Registered
8634 89
a2047 Q F --------593 Feb'25 ___
89 Feb'25 ___
Mil Spar & NW 1st gu 45._ _1947 m 8 8812 90
__ _ ____
8512 874
Ref & impt 4)4s ser A__2047 J J 86% 8712 8658
26
87
8 _ _ 8612 july'24 ____
Milw & State L 1st gu 3%5_1941 j 2 815
853 853
4
9i58 101
84
4
Registered
4
- 101
J i --------85 Feb'25 ___
Minn &St Louis 1st 78
1927 2 D 100 101 101
Ref & impt Os ser B
101 10614 10812
5134 5914
18
59
2047 J 2 108 Sale 10712 108
let oonsol gold 542
1934 m N 59 Sale 5812
9758
Ref & impt 58 ser C
86
26
21
97% 46
24 18
2047.1 J 971 Sale 974
181 & refunding gold 45._1949 m s 2314 2458 24
/
4
8
Ref de inapt 58 ser D
953 977
4
1658 2114
51
977
9
4
2047 J J 9714 97% 9714
184 1858
/
1
Ref & ext 50-yr Set A_ ....1902 Q F 17
183
St Paul & Duluth 1st is _1931 Q F 10012 ____ 9914 Mar'24 ---- --- -8612 90
8
M StP & S8 M eon g 48 intgu'38 J 2 877 Sale 873
4
8814 43
1st consol gold 48
9814 995
8
2
994
995
8
1968 J I) 8414 -- __ 8414 Jan'23 ---1st cons 58
1938 2 2 9912 100
- .14
8
10412 32 10211 1045 Nor Pac Term Co let g (83_ _ _193 3J J 10912 ____ 10914 Jan'25 --, i09 jail'
10-year coil trust 694e_....1931 m s 104 Sale 104
No of Cal guar g 58
6 102 102
____ 102
102
4 100 103
1938 A. 0 103
let & ref 68 Series A
1946 J 2 10112 Sale 10112 102
8434 9012 North Wisconsin let 6s
__
100 June'24 ----------4
884 12
1930 J J 104
25
-year 634s
1949 m 8 8812 Sale 883
12 234
Og & L Cham let gu 48 g_1948 1 .t 717 Sale 72
8
____
8
1st Chicago Term $ t 4s.__1941 m N 925 ____ 9212 Dec'24 ____
,
9912 ---- Ohio Conn Ry 45
99 4
3
4
9958
4
4
1943 M S 903 ____ 903 Dec'24 ------------„
8
813M & A let g 411 lot gu_ _1926 j 2 995 Sale 9912
M
91
92
/ Ohio River RR 1st g 55
1
4
8 ___ 9258 Feb'25 ____
9914 99
1936 J D 100 --__ 99 Feb'25 ---Miasissippi Central let 58
1949.y .8 927
99
99
General gold is
803 823
4
4
82% 82
99
Jan'25 -___
8
5
823
8
1937 A 0 985 100
Mo Kan & Tex
-1st gold 48_1990 .1 D 814 8
s
Ore & Cal let guar g 58
4
86
92
4 10114 59 1003 1017
92 95
1927 J J 1003 10118 1003
Mo-K-T RR-Pr I 58 Set A_1962 2 2 91% Sale 91
8814 89
7114 7512 Ore RR & Nay con g 48
30
7538 18
89
8
1946 1 D 887 8912 887
7514 Sale 75
1962 j j
40
-year 48 Series B
Ore Short Line-let cons g 58246 J J 1043 Sale 10434 1043
4 103% 105
1035
4
4
8 15 10112 104
1932 j .1 103 Sale 103
10
-year 65 Series C
5
8
4
3 1035 1053
105
4
Guar cons 58
763 89
386
87
1946 .1 .1 1043 107 105
Cum adjust 58 Ser A Jan 1967 A 0 85 Sale 85
k
963 977
8
Guar refund 4s
8
9718 48
1929 .1 D 967 Sale 963
4
Missouri Pacific (reorg Co)
8812 137
83
8812 Oregon-Wash 1st & ref 48_1961 .1 J 823 Sale 8212
813 834
4
84
83
4
1st & refunding 5s Ser A 1965 F A 8814 Sale 88
94
Pacific Coast Co 1st g is
82
5
94
____ 9312
.1946 J D 94
4
1st & refunding is Set C I926 F A 1003 Sale 10058 1004 14 100 101
,
9018 985
s
99 102 8 Pan RR of Mo let ext g 414._ _1938 F A 9014
9018 Jan'25 __
1017
8 72
1st & refunding 68 Set D 1949 F A 102 Sale 101
2d extended gold 55
6278 6612
9814 983
s
1938.1 J 994 ._ _ _ 9814 Jan'25 ____
s
6614 398
1975 M 8 65% Sale 853
General 48
9412 9418
4
944
843 89% Paducah & Ills 1st 8 f 434s..1955.1 2 9412 Sale 9412
4
,
Mo Pao 3d 75 ext at 4% _ _ _1938 MN 85 4 874 8958 Feb'25 ---_ __ __ _ _ Paris-Lyons-Med RR 68.-1958 F A 7714 Sale 767
765 805
4
s
4
7734 226
j 9712 ___ 084 Dec'24 _ _ _ _
Mob & BD prior lien g
1945,388514 89
S f external 78 lot raiz- _1958 M S • 853 Sale 8512
7718
8618 201
16
4
1945 J 2 76%
-- 774 Feb'25 ---Mortgage gold 4s
85 90
-4 10234 1034 Paris-Orleans RR 5 I 7s
103
8
8534 86
1954 M S 854 Sale 853
Mobile & Ohio new gold Ils 1937 J D 102% 103 103
97 100
8
1
98
4 1023
Paulista By 75
4
1942 M S 9714 983 98
4
1 102 103
1st extended gold 65____M927 Q j 1325 104 1023
917 95
8112 871s Pennsylvania RR-cons g 481943 M N 913
89
6
4
87
917
92
Jan'25 -_
1938 m s 87
General gold 48
Consol gold 48
9778 98%
8618 913
4
1948M N 864 Sale 864
5
98%
983
8
3
913
4
Montgomery Div 1st g 59_1947 F A 9853 99
8
48 stamped
913 Feb'25 ____
4
8
8 10038
904 913
4
May 1 1948 MN 913 93
1927 2 O 10014 10012 1003
5 100 1005
St LOUD Div is
Consol 4348
1906 F A 9914 Sale 99
843 85
4
9912 18
85 Feb'25 _
1991 M s 8418
98 4 100
,
Mob & Mar 1st gu g 48
93
95
General 434a
19652 D 9414 Sale 94
1103 1107
4
4
9412 83
4
s
1937 j 2 1103 113 1108 Feb'25 _
Mont C let gu g 68
10112 103
10334 34 10118 1033
4
1968 J D 10338 Sale 10314
_ 102 Feb'25 1937j 2 10112
General 58
Da guar gold 54
10912 41 108 110
10-year secured 711
1930 A 0 1094 Sale 109
763 8112
4
2000,1 p 7718 Sale 7714
7814 17
If & E let gu 3145
8
3
1936 F A 1107 Sale 1103
81 109 4 111
4 111
15
4
-year secured 6345
2 10018 1013
Nashy Chatt & St List 5s-1928 A 0 10112 .___ 10112 10112
4
975 983
4
1964 M N 973 Sale 973
4
981 168
/
4
4
1937 W A 1007
40-year gold 56 temp
8
_ 1007
1 100% 100%
1007
)1 Fla & 8 let gu g 55
e
30 Sept'23 ____
_- ---- Pennsylvania Co
Nat Ry of Mex pr lien 4)45_1957 j 2 ---___ .....
843 Dec'24 __._
4
Guar 334s coil trust reg A_I937 M S 8512
____ ---267
8
_ _ _ ____ ---- 153 July'24 ____
4
July 1914 coupon on
84
___ ____ 1918 Feb'25 ____
834 Feb'25 ___83
884
Guar 3%5 coil trust Ser 13.1941 F A 83 1918 913
4
Ament sired June coup on
___ _ _ _ _
8418 Sept'24 _ _
84
1942 J D 82
___---Guar 334s trust etD C
0
Guaranteed 70
-year 1143-1977 I- ---- ---- 874 July'23 __
_ _ 82 Feb'25 ____
82
0214
. 18 May'24 -___
____
Guar 3Ms trust etfs D_ 1944 J D 82
__---April 1914 coupon on
95 14
95
9414 95 s
3
2
1618 194
Guar 15 -year gold 48_1931 A 0 9414 - 12 95
-25
8
____-- 4
_ ---- 183 177 Feb'25 ____
Gen s f 45 assenting red ___
85 854
6
853
8
/
4
1952 M N 851 Sale 8514
Guar 48 Ser E
_-Nat RR Mex prior lien 4)0_1926.1J --------3858 June'23 ____ - _ _ - ---79
78
9
7812
couponon25 July'24 _ _ _ --_- ---- Peoria & East let con 44o_1940 A 0 7812 Sale 7812
July 1914
- _
3418 36%
10
35
1990 Apr. 344 Sale 344
3014 3212
26 __ 32
Income 4s
Jan'25 ____
Assent with July '24 coup on
993
8 78
8
974 9935
-- - ---- Pere Marquette let Ser A 58_1956 J J 985 Sale 984
:
1951 it ------- 28 Apr'24 __
1st coniiol 45
8112 834
8
8
83
1956.1 J 83 Sale 823
1st 48 Ser B
36
Jan'24 ____ --- - --- April 1914 coupon on ______ ____ ___
8
9214 Dec'24 --- _ -___ --1943 MN 925 100
Phila Balt & W lat g 45
173 20
8
Jan'25 ___
18 -2212 20
Assent with Apr 1924 coupon
1974 F A 105 10534 10418 Feb'25 _-__ 104 106
Gen 58 Series 13
66 May'23 Naugatuck RR let 45
1954 Iii14 73
4178 444
14
44
2
0512
9512 9512 Philippine Ry let 30-yr s f 48 1937 .3 J 4312 Sale 434
New England cons 58
1945 J .1 95 _ _ _ _ 0512
964
96
Jan'25 ____
1940 A 0 964 9712 96
P C C& St L gu 4348 A
787 Dee'23 8
Como!48
1945 J .1 7958
96
96
Jan'25 ____
963 96
4
1942 A 0 96
Series B 434s guar
---8
83 Sept'24 ____ --8 J June RR guar let 45_ _1986 F A 823 86
--.
1942 MN 9618 ____ 9412 Aug'24 --__
86
89Is
9
Series C 434s guar
8878
8
8
1 Ott N E 1st ref&imp 4%BA'52 1 J 887 Sale 883
___- 91
893
4
Feb'25 ____
8
1945 M N 905 ____ 91
Series D 48 guar
8014 84
8312 21
'New Orleans Term let 4s
1953 J J 8312 Sale 823
9012 91
8
1949 F A 905 ____ 904 Jan'25 --__
Series E 3345 guar gold
4
3 10012 1013
8
80 Texas & Mexico let 6e....1925J D 10012 Sale 10012 1015
____ -- 1953 J D 904 ____ 8912 Nov'24 .___
9238 943
4
Series F guar 46 gold
12
943
4
Non-cum income 58
1935 A 0 94 Sale 933
904 9112
8
1957 MN 905 ____ 9012 Feb'25 --__
8
Series G 45 guar
904 925
8
925 181
8
1954 A 0 923 Sale 92
1st 50 Series B temp
91
91
891 Feb'25 ____
1960 F A 905
Series 11.4s
4
98 1003
79
4
8 100
1st 5)is Series A temp_ _1954 A 0 993 Sale 995
e
95 954
Series I cons guar 434e.__1963 F A 9434 967 95 Feb'25 --__
934 933
8
1 & C Bdge gen gu 414s
1945 J .1 9314 944 934 Feb'25 -___
„.. r
1964 MN 0414 954 9412 Dec'24 ____
7 100
Series J 434s
99
____ 100
Jan'25 ____
11(B & MB let con g 55.._ _1935 A 0 100
1970 J D 10018 10012 1004 10018
1 ...._. 101
997
3
General 55 Series A
8 Y Cent RR cony deb 68_1935 M N 114 Sale 1133
4 1155 888 11114 11712
8
101
1 11314 11612 Pitts & L Erie 2d g 58
a1928 A 0 10114 Sale 101
8 101 101
Registered
115
115
M N
____ _
Pitts McK & Y let go 68._ _ _1932 J J 10412 ____ 105 Dec'24 ____
823 85
4
Consol 4s Series A
1998 F A 8312 8412 84
8412 12
8
_ _ 983 Aug'24 ____
1934 J J
_ ___ - - - 2d guaranteed 68
887 9114
8
4
2013 A 0 903 Sale 903
Ref & impt 434s"A"
4
9114 27
10118 1014
1940 A 0 10212- - 101 Feb'25 __-_ 10012 10112
99 10112 Pitts Sh & L E lot g 59
Ref &impt 58
2013 A 0 100 Sale 10012 10112 323
1943 J J 98 10014 101
Jan'25 __ 101 101
let consol gold is
9912 997
Registered
997 Jan'25 _
8
A 0
Jan'25 ____ 100 100
Pitts Y& Ash let cons 58-1927,M N 10018 _-__ 100
/Y Central.8 Hudson River194811 1) 8614 ---___ --_ ____
1st gen 4s series A
78
75
1997 J .1 7612 Sale 7612
21
77
Mortgage 3345
1962 F A 10012 Sale 10011
---- 12- 114
3 10012 102
1st gen 5s series B
7412 76
1997 J .1 7512 77
4
76
Registered
76
9314 953
4
1st gen is series C
1934 M N 94 Sale 94
Debenture gold 4s
944 47
.
8
911 925 providence &cur deb 4s__ _ _1957 M N L5E8 _ _ _ K1 Feb'25 ---/
4
4
1942 .1 .1 913 92
92 Feb'25 ____
-year debenture 48
- -1 -511i
53 2
30
__
1956 M El 814 ____ 80 Sept'24 _ _ _
93
Providence Term let 43
93
93 Feb'25.
Registered
____ 9478
19972 J 95
954
4
8 ___- Reading Co gen gold 4es
743 76
4
3
4
733
4
Lake Shore coil gold 3)48_1998 F A 743 Sale 743
94's 94
9514 Nov'24 ..-- _ ---- --Certificates of deposit
1998 F A 7312 7512 735 Dec'24 _
8
Registered
89
95
4
763
4
3
903
4
Jersey Central coil g 4s___1951 A 0 9014 9112 903
75
7612 763
1
4
763
4
Mich Cent coil gold 3Ss_ _1998 F A 76
8
924 9412
9412 154
1997 1 J 937 Sale 9234
Gen de ref 4348 Ser A
1998 F A 7318 80
733 Dec'24 _
8
Registered
100
9414 Rich & Dan M
9934 100
1927 A 0 10014
91
8
100
15
,I y Chic es St L 1st g 4s___ _1937 A 0 9118 925 924 Feb'25 ____
. 7514 Feb'25 ____
1948 M N
7412 7514
Rich & Meek 1st g 58
89
89
89
1937 A 0 89
Jan'25.
Registered
758
944 9412
1952 J J 1003 101 1003 Feb'25 _-_ 100% 10113
9278 96
8
5
944
Rich Ter 55
1931 M N 94
25
-year debenture 4s
8
4
4
1931 M N 1023 Sale 1023
953
4
4 10312 32 10212 1037 Rio Grande June let gu 5s 1939 J D 9314 9534 953
924 9058
1
Series ABC
2d Os
9378 9618 Rio Grande Sou let gold 48.._1940 J 1
5
9618 154
54 Jan'25 ---7
1974 A 0 9514 Sale 9514
5
54
Ref 5448 Series A
9212
6
1940 J J
90
_ _ 7 Dec'24
Guaranteed
93
9214 20
9112
4 Y Connect 1st gu 4345 A_1953 F A 92
____ - - _ Rio Grande West 1st gold 48_1939 J J 8512 Sale 8512
Oct'24 ____
.
92
89
8712
8
8314 88
I Y& Erie 1st ext g 48___ 1947 MN 89
737
4
714 75
8
1933 M s 915 ____ 96 May'24 ____ ---- ---2
737
Mtge & coil trust 49 A_ _ _1949 A 0 733 74
3d ext gold 434s
___ 9714 Dec'24 ___ ---- ---- II I Ark .8 Louis let 4)43. _1934 M S 863 Sale 8612
4
1930 A 0 99
8778 69
85
8812
4th ext gold 58
9714 Dec'24.
1949 1 J 7212 74
--- - Rut-Canada 1st gu g 45
737 Dec'24 -----------8
_ _ _ ---1928 .1 D 9714
5th ext gold 48
92
2
9212
0212 Rutland 1st con g 4348
9212 9212
1941 J .1 855 8612 8514 Jan'25 ___.8514 854
8
1946 M N 91
I Y & Green L gu g 59
754 7812 St Jos & Grand 131 g 4s
1947 2 J 77
7912 757 Feb'25 _
8
773 77
4
2000 M N 79
1
77
7512 77
4 Y a, Harlem g 3358
St Lawr & Adir let g 55
1996 J .1 954 ___ 9518
94
9513
1
9518
/ Y Lack & W 1st & ref 53_1973 M N --------9858 Nov'24 _.- _ r 4
1996 A 0 10112 102 101
10012 10012
3 10014 1093
2d gold 68
-4
1973 M N 9912 __
Jan'25 -_ _ 101 101
151.8 ref 434s
1931 J J 95 Sale 95
1043 ____ 10712 Jan'25 ____ 10712 10712 St L.8 Cairo guar g 45
8
94
2
95
95
I Y L E & W 1st 7s eat__ _1930 M S
993 998 St L Or M & Seen con g 53_1931 A 0 100 Sale 100
4
4
4
21
100
9914 1005
1
1943.1 .1 10012 ____ 993 Feb'25 ___
Dock & inapt is
995 100
8
2
9934
4
Unified & ref gold 48
1929.1 .1 9414 Sale 9414
4
4
913 95
1932 F A 993 Sale 993
943
4 61
41Y & Jersey let is
-___
J .1 93
Registered
9112 9214
9412 0214 Jan'25 --__
49Y& Long Branch gen g 4s1941 M S 9014 ____ 9014 Dec'24 ____ -.- _
Riv & G Div 1st g 48
1933 M N 874 Sale 863
4
8712 182
834 87%
4/Y N H & Hartford68
61
20
4
68
St L M Bridge Ter gu g is _1930 A 0 100 10014 10014
1947 M S 673 ____ 68
994 1004
10014 10
Non-cony deben 45
7114 7458
6558 6018 St L& San Fran (reorg co) 48 1950 J .1 733 Sale 7334
Non-cony deben 3)48._ _1947 M S 6018 Sale 604
743 378
8
4
1
6018
555 60
8
18
60
e
Prior lien Ser B 5.9
63
5914
1950 J J 8818 Sale 8814
8514 897
893
8 68
Non-cony deben 3)4s___ _1954 A 0 60
60
65
6
65
Prior lien Ser C 5s
1055.1 J 65 Sale 6412
8
1928 J J 103 Sale 1023
27 1017 10314
4 103
Non-cony deben 48
60
s
653
4
653
8 70
Prior lien 534e Set D
1956 M N 65 Sale 643
1942 1 J
9712 Sale 97
933 9
8 8
9758 132
Non-cony deben 48
5012 35
555 .5912
8
4
Cum adjust Ser A 68..___h1955 A 0 885 Sale 8814
8
Cony debenture 334s___ _1956 1 .1 583 Sale 58
843 8958
4
8914 341
87
92
216
s
92
1948 .1 J 907 Sale 91
Income Series A 138
764 824
4
h1960 Oct. 813 Sale 813
Cony debenture Os
8
823 469
4
10014 34
97 10014 StLouls de San Fran By gen Os'31 J J 1043 1057 10512 Jan'25 ___ 10512 1054
4
8
78 European loan dollars.1925 A 0 10018 sale 1004
96 100%
8
10018 353
franes_1925 A 0 100 10018 997
General gold M
1931 J .1 1003 10034 1004 Feb'25 _-__ 1003 101
8
8
75 European loan
54
6058
6012 1184
1957 MN 6012 Sale 59%
_-__ -_ -St Louis & S F RR cons 48.1996 J 2 903 ____ 8412 Dec'24 ____
Debenture 48
8
____ ____
Southw Div 1st g Es_ _ _ _1947 A 0 9814 ____ 973 Dec'24 ____
__-- ---8
0088 By non-cony 48_ _ _ _1930 F A --------44 Apr'23 ____
7
55
64
64
19542 .1 64 Sale 6312
St L Peo & N W 1st gu U._ _1948 J J 1023 Sale 1023
Non-conv 48
4
1027
8 15 10212 10312
4
62 65
34
65
9218 937
a
8
Non-cony deben 4s_ ......1955J J 64 Sale 6312
8
St Louis Son let gu g 48
1931 M S 923 ____ 937 Feb'25 ___._
6
6312
62
634 St L SW 1st g 93 bond etfs.-1989 M N 8012 Sale 8012
Non-cony deben 48-1956 1 J 6312 Sale 6312
80
803
4 23
8175
_ _ _ 100 100
100
Jan'25
735 74
8
20 g 45 income bond etfs_p1989 J J 725g 74
Feb'25 ____
74
I Y & Northern let g 5s_ _ _.1927 A 0 10012_
095
8 21
623
4
65 693
4
85 14 8958
3
19322 D 883 Sale 883
894 52
Consol gold 48
4
4
f Y 0& W ref let g 45-June 1992 M 8 69 - - 65
2
6912
6318 6912
8
813 85
1955.3 D 69 Sale 6912
let terminal & unifying 58_1952 J J 843 Sale 8414
38
General 48
85
4
8618 8612 St Paul &K C Sh L let 4345_1941 F A 825 Sale 83
843
4
80
8 -__ 8612 Feb'25 ____
1942 A 0 863
58
84
8
I Y Prov de Boston 48
8214 83
4
83
83
83
St Paul E Or Trunk 4348.-1947
8
, J 905 ____ 88 Sept'24 ____ ---- ---1' Y& Putnam let con gu 48.93 A 0 82 2 100 100
100
____ 100
1927 M S 100
f Y & R B let gold 68
667 76
8
5
75
I Y Susq et W let ref 58......1937 J J 75 Sale 737
6112 68
68 Feb'25 ____
1937 F A 63 101
20 gold 4345
6018 66
60
66
1940 F A 6512 Sale 6512
General gold 511
93 94
9712 93 Feb'25 ____
1943 M N 93
Terminal let gold 55
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 27.
-
a Due Jan. S Due July. p Due Nov. 1 Option sale.
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ending Feb. 27.
3.
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 27.
1073
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
ce 53
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Higb
Bid
Ask Low
High No, Low
St Paul Minn & Man 48____1933 J J
945 Sale 945
3
8
Am Wat Wks & Elec 5s____1934 A0 96 Sale 95
1
945
8
9414 95
92 2 963
,
4
96
55
1st consol g 68
1933 J J 10814 10912 10812 Feb'25 _
10814 1083 Am Writ Paper s f 7-6s
4
1939 J J 49
45% 55
50% 51
52
5
6s reduced to gold 434s
1933• J
983 9914 983
8
9814 99
Temp interchangeable etre dep_
8
983
s
3
43% 503
4614 Feb'25 __
4
Registered
1933• J 97
9812 9738 Feb'25 _
973 973 Anaconda Copper 65
8
8
1953
10012 Sale 10038 101 236 9912 10114
Mont ext 1st gold 4s
1937 J D 923 94
.1
93 Feb'25 _
9234 931
,
7s
1938 F A 10212 Sale 10212 103
255 10212 104
Pacific ext guar 45
1940 J.1- 895 Feb'25
_
8
895 895 Andes Cop Min deb 75 int.ctts.'43• J 9914 Sale 99
8
8
99 10012
100
639
St Paul Union Depot 5s
1972 J J
16- 10114
- 112
10112 11 100 102
Antilla (Comp Azuc) 734s _A939
2
9112 937
8
J 933 Sale 933
8
937
8
3
SIA & A Pass 1st gu g 4s---1943 J J 833 Sale 835
4
21
84
8
81
84% Ark & Mem Bridge 8,Ter 55_19(14 MS
92
92
92
92
7
Santa Fe Pres & Phen 58_1942 Si S 10014
1003 Feb'25
4
100% 101
Armour & Co 1st realest 4301939 ▪ D 88 Sale 88%
85
887
s
/
1
4
887
8 99
Say Fla & West 65
1934 A 0 10718 ____ 10712 Jan'25
1071 10712 Armour & Coot Del 532s
/
4
9112 94
94
116
1943 J J 9312 Sale 9312
55
1934 A 0 10118
10114 Nov'24 _
_
Associated Oil temp 6s
1935 Si S 1027 Sale 1023
4 1027s 17 10134 103
8
Scioto V & N E 1st gu g 4s 1989 M N 877 894 877 Feb'25
8
8
Atlanta Gas L 1st Is
_
873 90
4
977........ 97% Jan'25
1947 J D
973 9734
4
Seaboard Air Line g 4s
1950 AO 78- 80
1
80
80
74
Atlantic Fruit 78 ctfs dep
24
18
1934 J
20 Feb'25
19 lE
Gold 4s stamped
1950 AO 78 - -i8
78
80
7
79
5
Stamped ctfe of deposit
74
22
22
Jan'25
397 22
Adjustment 58
Oct 1949 F A
77 Sale 76%
277
78
7412 79
Atlantic Refg deb Is
1937 J--.1 993 Sale 991
973 9912
4
8
/
4
9912 45
Refunding 45
1959 A 0 66 Sale 66
6612 239
5912 6612 Baldw Loco Works let 5s
102 103
1940 M N 1021 103 103 Feb'25
/
4
1st & cons Os Series A__1945 51 S 9012 Sale 9012
92
215
2
843 9212 Baragua (Coup Az)7 As
1937 J 3 10318 1033 103
10312
5 103 104
All & firm 30-Yr 18t g 45-d1933 M S 8612 Sale 8618
34
87
837 87
2
Ramsdell Corps f cony 8% A1931 J J 1043 Sale 104% 1043
4
4
6 10212 105
Seaboard & Roan 1st 5s
1926 J .1 10018 10112 10014
10014
4
8
4
993 1003 Bell Telephone of Pa 58
1948 .1 J 1003 Sale 10012
101
52 10012 10114
4
13 & N Ala cons gu g 5s
1936 F A 1025
8
10218 10212 Beth Steel 1st ext s f 5s
- 10218 Jan'25
1926 J
8
10012 100% 1003
100% 13 100% 10114
Gen cons guar 50-yr 58_ 1963 A 0 10412 ____ 1045
8
8 1045
2
2 103 1043
1st & ref 55 guar A
9312 9612
1942 M N 9612 Sale 957
9612 41
So Pac Col 48(Cent Pac col)11949 J D 847 Sale 8512
8
4
853 115
863
4
30-yr pm & imps f 5s1936 J J 92
84
2
9014 927
9212 15
9212 913
Registered
Jan'25
J D 81
81
8312 81
81
Cons 30-year 6s Series A 1948 F A 9518 Sale 9518
933 9712
4
9638 145
20-year cony 48
June 1929 St 5 96% Sale 9634
9612 9718
97
59
991s my
Cons 30-year 5;0 Series B 1953 F A 8812 Sale 8812
58
89
-year cony 58
20
1934 .1 D 101 1017 102
8
102
10
993 10218 Booth Fisheries deb s 1 6s_..1926 A0 827 87
4
827 85
8
8
5
83
827
8
Ban Fran Terml 1st 19_1950 A 0 8512 8512 853
8
857
8 19
8414 8614 Brier Hill Steel 1st 51-8
97 100
1942 A 0 9912 Sale 9912 100
85
Registered
A 0 8514 Sale 8514
83
8514 11
13'way & 7th Ay isle g 5s_ 1943 J D 74 Sale 74
83
7212 7514
74
3
So Pac of Cal
-Cu g 5s
1927
8
N 1035 ____ 10314 Feb'25 27 103 10314
Ctfs of dep stmpd Dec '24 Int
7214 7515
2
73
8
717 731 7214
Bo Pac Coast let gu g 48_ __ _1937 J j 941 ____ 9412 Jan'25
/
4
94% 9412 Brooklyn City RR 55
_
90% 93
9212 Sale 9212
923
4
2
So Pac RR let ref 45
1955 J J 873 Sale 887
4
90
8
56
8818 90
13klyn Edison Inc gen 58 A 1040 J J
9918 100
99
931
148
100
993 Sale 9918
Southern
-let cons g 5s
1994• j 10114 Sale 10034
10134 33 10014 102
General 68 Series B
4
.1 J 10412 1047 10412 1043
5 10414 105
Develop & gen 4s Ser A 1956 A 0 7712 Sale 763
7714 159
4
73% 78
General 78 Series D
1940 J O
8
---- 1075 Feb'25
Develop & gen 65
1956 A 0 106 Sale 10514
61 103 10612 Bklyn-Man It Tr Sec 6s
106
1968 J J 87 Sale 8612
E4
205 - 1- 8834
87
Develop 8: gen 650
1956 A 0 1093 Salo 10918
s
110
77 106% 110
Bklyn Qu Co & Sub con gtd 55'41 Si N 6812 693 69% Feb'25
6612 71
4
Mom Div let g 4 Sis-8s
1996 ▪ J
99 100
9912-___ 100
/
1
4
Jan'25
_
1st Is
80
80
1941.93 7618
80
_ SO
2
St Louis Div 1st g 48
1951 J J 85%86' 8512
8
863
8 28
8514 863 Brooklyn Rapid Trans g 5s_ A945 A 0
19 1
90 Nov'24
Mob & Ohio coil tr g 4s
193S M S 85 Sale 85
85
10
8
823 85
Trust certificates
96 June'24
So Car & Ga 1st ext 53is
1929 M N 10118 1013 101%
4
1017
s
2 10012 102
1st refund cony gold 4s___2002 J 3 5618
- 81 Dec'24
Spokane Internet 1st g 58 1955
86 Sale 86
8614
8312 8712
8
3-yr 7% secured notes____1921 J J
10912 Sept'24
Sunbury & Lew 48
1936
91
Oct'2
Certificates of deposit _
120 Nov'24
Superior Short L 1st Is g
e1930 M S 9912-.. 95 Slay'18
-Ctfs of deposit stamped
17718 Dec'24
_
Term Assn of St List g 4348_1939 A 0 9612 97
Feb'25
964
iEfi"97 Bklyn Un El let g4-Ss
83 -£434
844
1950 1- A 8414 Sale 8414
5
8412
.
1st cons gold 55
1944 F A 100% Sale 10014
8
1005
2 100 101
Stamped guar 4-5s
85
83
84% 15
1950 F A 841 Sale 84%
/
4
Can refund 8 f g 45
1953
84 Sale 8312
8414 54
9914 101%
8212 8414 Bklyn Un Gas 1st cons g 58_1945 M N 997 Sale 997
10014
4
Tex & N 0 con gold Is
1943
J 9618 99 99 Dec'24
2
75
1932 MN 135
_ _ 158 163%
1633 Jan'25
4
Texas & Pao 1st gold 5s__2000 J D 1007 Sale 1003
s
99% 101
4 101
14
1st lien & ref Os Series A 1947 M N 1093 Sale 1093
16 10714 11012
8 1097
8
2d gold Income 5s
2000 Mar 88
90 Dec'24
Buff & Susq Iron ef 55
91% 93%
1932 J D 9218
935 Jan'25
8
La Div 13 L 1st g 5s
1931
J
9912 Sale 9914
9912
1
9812 9912 Bush Terminal let 45
8714
84
1952 AO 85s---- 8714
6
8714
Tex Pac-Mo Pac Ter 5;0_1964 M S 9814 993 993
4
4 100
10
0 3 10114
9 14 00
02
8
Canso! 5s
8618 8914
1955 J J 881 89
1
884
/
1
/
4
8814
Tol & Ohio Cent 1st gu 5s 1935
.1 993
___ 993
4
10012 10
Building 55 guar tax ex
933 9534
2
953
4 44
1960 A 0 943 951 94%
4
Western Div 1st g Is
1935 A 0 9912 100
4957 Jan'25 _
8
955 957 Cal G & E Corp Is
8
8
1937 36 N
98 100
991 99
99
99
1
General gold 55
1935 J D 98 100
9812 Jan'25
9638 9812 Cal Petroleum 63.45 temp _1933 A 0 103 Sale 10214
4
39 1003 10312
103
Toledo Peoria & West 4s_ _1917 J J
29
22
3712 Dec'24
Camaguey Sug 1st 51 g 78_ _1942 AO 94
93 94
971 933
1
933
4
Tol St L dcW pr lien g 3 As_ _1925 J J 993 100
4
993 Feb'25
4
_
661- -66.7; Canada SS Lines 1st coil s f 78'42 36 N 9812 991 9811 99 36 9634 9914
2
/
4
50-year gold 45
1950 A 0 833 Sale 83%
8
84
36
Canada Gen Elec Co 6s
8218 84
1942 F A 10712 10738 10712 10711 11 10712 1077
2
Tol W V &0 gu 4;is A
1931 J J 9512 ___
995 Jan'25
99%9938 Cent Dist Tel 1st 30-yr 68_ 1943 J D 10012 1003 10012 10012
99%
2
42
2 10014 1007
4
Series B 4;6s
1933 J .1 957
8
Jan'25 _
97
Cent Foundry 1st s f 65
97 97
97
1931 FA 97 Sale 9612
95
5
97
Series C 4s
1942 Si S 89'2898 Jan'25
89% 89% Cent Leather 20-year g 511--1925 A 0 100 Sale 100
lOOis 37 100 10012
Tor Ham & Buff 1st g 4s
1946 .1 D 85% 851 843 Feb'25 _--4
Registered
4
843 8612
9914 9914
AO
99% Feb'25
Ulster & Del 1st cons g 58
Ws 921e Central Steel 8s
1928 J D 90 Sale 90
90
4
• N 112 ifi 11212 Feb'25
- 111 114
1st refunding g 48
1952 A 0 503 Sale 503
503
s
8
Ch G L& Coke 1st gu g 58_1 9 1 J J
503 62
s 20
194
37
9814 99
993 9912 9914
8
/
1
4
99
/
1
4
7
Union Pacific 1st g 45
1947
903 93
9212 Sale 9218
4
93
75
Chicago Rya 1st 55
1927 FA 85 Sale 83
82% 86%
8614 434
20
-year cony 48
9914 99% Chile Copper 68 Ser A
1927
99% Sale 99
998 29
AO 1084 Sale 108
/
1
1085 160 107% 11112
Registered
98 98
____ 98
Jan'25
Cincin Gas & Elec 1st & ref 58'52 AO 993 Sale 99
1936
9812 100%
8
4
9912
1st 8, refunding 45
e2008 M S 8614 Sale 857
8612 94
8
841 8612
/
4
53.45 Ser B due Jan 1
_ 102
AO 102
102
2 10012 102
1st lien & ref 55
e2008 M S 105 10614 10512 Feb'25
1041s 10512 Clearfield Bit Coal 1st 45_ 1940 J J
91
6
79 If
10-year perm secured 68_1928 3 J 1037 Sale 1037
4
10414 27 1933 104% Colo F & I Co gen s f 5s
8
8
1943 FA 91
93
91
92
93 Feb'25
U N J RR & Can gen 48____1944 M s 92%
/
1
92% Feb'25
924 9212 Col Indus 1st & coil 58 gu_ -1934 FA 81% 8214 817
80
2
821s
8314
8
Utah & Nor gold Is
/
4
-38
1926 J j 10018 101 10118 Jan'25
Registered
10118 1011
82
82
FA
82 Feb'25
let extended 45
1933 .1 .2 933 _
4
93 Aug'24 ___Columbia G & E 1st 53
1927
J
Sale 10012 101 11 10012 10118
Vandalla cons g 45 Ser A_A955 F A 865 --- 865 Feb'25'__.8
8
8 i65- Stamped
1927 .1 3 1012 Dm 1001 101
8
/
4
78 100 10112
Consol 4s Series B
_
914 12
Col & 9th Ay let gu g 5s_
1957 M N 8612
8612 Dec'24
1993 M 5
812 14
12
Jan'25
Vera Cruz & P 1st gu 434s
Act'24
1934 J J
Columbus Gas 1st gold 5s
20
9812 9912
1932 J J 99
993 991 Feb'25
/
4
July 1914 coupon on
13
Commercial Cable let g 4s- -2397 Q J
20 Dec'24
7318
721g 7312
7312 11
76
73
Assenting 1st 4548
1934
2412 Jan'25
24'z 24'2 Commercial Credits f 6s__ 1934 MN
9912
99
991 99
99
99
3
Verdi V I & W 1st g 55
1926 M 5 100
Jan'25 ______ 100
Commonwealth Power 6s
9938 100
1947 MN 1005 Sale 100
9732 101
8
1005
8 54
Virginia Mid Series E 5s
10018
3 10018 10018 Computing-Tab-Roe s f 6s 1941
1926 M S 10018 Sale 10018
J 1033 104 10312
8
104
2 10114 10412
General 58
1 100 10012 Conn Ry & L 1st & ref g 4;is 1951 J
1936 M N 10018 _-_ 10012
1001
8
901g 9012
903 921 9018 Feb'25 -Va & Southw'n 1st gu 58
2003 .1 J 99___ 9914 Feb'25- 9312 9914
Stamped guar 4;is
1951 J J 9214 93 9212 Feb'25 -- _
9212
89
1st cons 50-year .5s
1958 A 0 89 2
903
9012
90
4
Cons Coal of Md 1st & ref 58_1950 JO 873 Sale 87
8414 91
8612 90
4
88
36
Virginian 1st 58 Series A_
1961 M N
394
95
96 Sale 963
97
Consol Gas(NY)deb 5348_1945 FA 1011 Sale 10114
97
8
/
4
4
1015 1057 10114 1013
4
Wabash let gold 53
1939 M N 1003 Sale 10012 101
14 10014 10112 Cons'd Pr & Ltg 1st 634s,..,1943 MS 102% Sale 10214
4
103
13 10012 103
2d gold 55
1939 F A 9614 ---- 96
96i2 29
9412 9612 Cont Pap & Bag Mills 63.0_1944 FA 8812 88% 8812
8712 89
88% 14
1st lien 50-yr g term 48_ _A954
76i4-- _ 784 Feb'25
4
7712 783 Consumers Gas of Chic gu 5s 1936
9812 Sale 9812
943 9812
4
9812
1
Del & Ch ext 1st g 5s_
1941 J J 100 101 10012 Feb'25 _--9912 10012 Consumers Power 1st 58
902 9512
4
1952 MN
935 Sale 93%
8
121
95
Des Moines Div 1st g 48_1939 J J 8414 Sale 844
4
8434
813 844 Corn Prod Refg s f g 5s
4
1931 M N 100%
905 July'24
8
_
Om Div 1st g 3545
1941 A 0 7518 Sale 7518
7512
6
74
1st 25-year s f 5s
76
1934 M N 10012 1037 101
1 i.0012 1011*
lot
To! & Ch Div g 4s
1941 M S 8412 8512 8514 Feb'25 _
8412 8512 Crown Cork & Seal 6s
1943 F A
74% 77
74% Sale 74%
75
9
Warren 1st ref gu g 354s_2000 F A
8
773 Oct'24
771s-_
Cuba Cane Sugar cony 7s_ 1930 J
973 Sale 964
8
93% 973
Wash Gent 1st gold 9s
8
973
8 55
1948 Q M
84% 8418 Jan'25 ___8415 841s
82
Cony deben stamped 81 _1930 J J 10112 Sale 101
9914 102
4
102
45
Wash Term 18t gu 3548
1945 F A 8112 8214 8114
8114
3
8118 8212 Cuban Am Sugar 1st coil 88_1931 MS 10814 1081 107
0734 100
0
% 17 10712 10812
1st 40-year guar 4s
1945 F A 8912 ---- 84 JUly'24
Cuban Dom Sug lot 754s,...1944
9812 Sale
N
184
9654 9812
W Min W & N W 1st gu 58_1930 F A
9612 ____ 9638 Feb'25 _- -45E4 -663- Cumb T & T let & gen 08_1937 J J 9812 99
4
987
97
2
987
983
2 21
8
West Maryland 1st g 4s
1952 A 0 653 Sale 6538
4
6318 6714 Den Gas 8,EL Ist&ref s f g 5551 MN
6614 35
9212 94 4
,
9414 19
94 Sale 94
West N Y & Pa 1st g 58
1937 J J 100
100 Feb'25
100 10012 Dory Corp(D G)78
1942 M
75 82
79 Sale 78
11
797
Gen gold 4s
1943 A 0 8038 8114 81
Feb'25
8218 Detroit Edison 1st coll tr 58_1933 J J 10118 Sale 10112 101;
81
25 100 10214
5
04
0
00
Income g 5s
Apr 1 1943 Nov
343 ____ 45 Feb'25
4
45
45
1st 8, ref 53 Series A_July 1940 MS 9912 Sale
9912 10152
Western Pac let Ser A 58___1946
5 9312 Sale 9314
142
94
9014 94
1st & ref 68 Series B_ _July 1940 MS 1071 Sale
10712
9 10632 108
/
4
13 68
1946 M S 10212 Sale 103
10312 11 1004 10312 Lot United 1st cons g 4;is_ _1932 JJ 91% Sale 10714
/
1
9012 92
32
913
9118
West Shore 1st 45 guar
2361 J J 83 Sale 83
83181 24
8134 8318 Dold (Jacob) Pack 1st 6s_ 1942 MN
82
881
/
4
863 88
4
Registered
2361 J J 803 Sale 81
4
10
81
79% 81
Dominion Iron & Steel 58..A939 J J 8612 Sale 67
68%
14
15 65
6
8 1
:
067
81
0
6
Wheeling & L E 1st g 58__ -1926 A 0 10012 Sale 1003
4 100% 10118 Donner Steel 78
8
4 1007
883 91%
4
1942
9118 Sale
Wheeling Div 1st gold 58_1928 J J
991
-- 10034 Jan'25
2
993 101
du Pont(El) Powder 43.4s 19313 3D 92 Sale 91%
9012 92
11
92
Exton & impt gold 55_ -(193 OF
973 993 9612 Nov'24
42
/
4
duPontdeNemours&Co 7148 1931 MN 1073 Sale 107
107e 150 106% 1081
4
Refunding 430 Series A..1966 M S 6938 71
7014 Feb'25 -68 -if3;
Registered
10718 1071s
MN
_ 10712
RR 1st consol 45
1949 Al 5 73
741 73 4
74
3
2
7412 Duquesne Lt let & coil 68_1499 Ji
72
13 105 10612
106
g;le- 105
Wilk & East 18t gu g 55
1942 J D 6512 663 6614
8
6712 11
6314 6712
1st coil trust 5545 Series B_1949 ii 105 Sale 105
10 104 108
105
Will & 8 F 1st gold 58
1938 J D 1013 102 10038 Dec'24
8
East Cuba Sug 15-yr f g 7;613'37 M S 10612 Sale 10512 1063 223 104 106%
1
011
01
Winston-Salem S 141st 4s
1960 J J 823 Sale 823
8
8
823
8
6 "823; "8712 Ed El III Bkn let con g 4s___1939 J J
90% 93
9112 Sale
Wis Cent 50-yr 1st gen 4s
1949 .1 J 81 Sale 803
4
81
26
Ed Elec III 1st cons g 58____1095 J J 10218 ____ 1013 Fe0 2
7938 81
101% 10112
j'
00
9914
& Dul div & term 1st 48'36 M N 8212 Salo 823
Sup
8
8212
1
8238 8714 Elkhorn Coal 6% notes
99% 100
1925 JO 100 Sale
97% 103
Empire Gas & Fuel 7;is
103
416
8
1 937 MN 1025 Sale 101%
26
INDUSTRIALS
Equit Gas Light 55
100 10014
-- 100
1932 MS 9912
Jan'25
Adams Express coil tr g 4s_ A948 MS 85 Sale 85
85
29
8712 Federal Light & Tr 1st 5s
85
9412
88
32
9212 19
1942 MS 92 gle 915
Ajax Rubber 88
1936 JO 993 Sale 9914
8
993
4 19
9412 993
4
1st lien 68 stamped
9614 102
11,9342, MS 10018 Sale 10018
28
101
Alaska Gold M deb 68 A
1925 MS
4
5
4 Feb'25
312 5
Cony deb 78 Ser A
1953 MS 11114
130
129
2 116 136
Cony deb 6s Series B
4
1926 MS
47
5
Jan'25
5
5
Federated Metals 8
3D 106% Sale 103% 1065 127 10314 106%
8
Am Agric Chem 18t 55
1928 AO 997 100
993
4
100
98% 1003 Fisk Rubber let 1 f 78
24
8
8
111 Sale 1104 1111 22 108 1115
Si
8.9
/
4
/
1
1941 FA 10012 Sale 10018
1st ref s f 7 Ms g
101
97
4
943 101
Ft Smith Lt & Tr 1st g 5s
7612 7812
1931 MS 775 _ _ _ _ 78
96
4
78
3
American Chain 6s
9914 55
1933 AO 99 Sale 99
065 993 Frameric Ind 8, Dev 20-yr 7;0'42'.9 93% Sale 935
4
8
9214 95
8
15
94
9318 933 9312 Feb'25
8
Am Cot 011 debenture 58_1931 MN
9118 9312 Francisco Sugar 7348
4
1942 MN 104 10412 105 Feb'25 _ - 1043 106
1936 Ji 10612 1073 108
4
Am Dock & Impt gu 68
Feb'25
108 108
Gas & El of Berg Co cons g 551949 3D 9812
981 9812
/
4
1 2
9812 Feb'25 _1939 AO 995 10038 9912 100
Am Mach &}Ay 8 f 65
6
98 100
Gen Asphalt cony 65
1039 A0 10218
_ 10212 10212
3 101 10212
Am Republic Corp deb 68_ _1937 AO 9512 96
96
9612 13
9112 967 General Baking 1st 25-yr 68_1939 3D 10514 37654 10512 10512
8
8
1 3
I 104% 105%
4
Am Sm & It 1st 30-yr 58 8erA 1947 AO 963 Sale 963
97
s
97
954 973 Gen Electric deb g 33.4s
/
1
4
1942 P A 8218
1105422
84 Feb'25
83
84
1947 AO 10614 Sale 10614
10612 11 103% 10818
68 B
Debenture 58
M
1023 10312 103 Feb'25
4 10112 10514
J 103 Sale 102% 103
Amer Sugar Refining 68_1937
77
9912 103
Gen Refr 1st s f g 65 Ser A
1952 P A 100% 101 101
Feb'25
10014 10138
8
Am Telep & Teleg coil tr 48.1929 J J 987 Sale 0638
183
97
961 97
/
4
German Gen Elm 75 w 1
1945 J J 933 Sale 933
4
4
937
54
93% 9418
4
Convertible 4s
1938 MS 903 917 9114 Feb'25
905 9114 Goodrich Co 63.4s
8
1035 Sale 10312 104
8
1947 J
72 1003 104
2
8
1933 MS 1117 Sale 11112 11218 131 11012 115
20-year cony 43.4s
Goodyear Tire & Rub 1st s 1941 MN 102 Sale 120
12014 42 119 12014
1946 JO 10014 Sale 100
10038 116 100 10112
30-year coil tr 58
10-years f deb g Se
d1931 FA 1091 Sale 109
/
4
1093
8 99 1083 1093
8
8
4
1960'.9 953 Sale 9514
057 695
35-yr s f deb 58 temp
95
9818 Granby Cons M S & P con 6s A'28 MN 94% 99
96
Jan'25
95
96
1943
N 1017 Sale 10138 10218 161 101 10212
s
20-year 81 510
Stamped
11092258 MN 9414 9712 96 Feb'25
9312 96
7-yearsonvertible 65
1925 JA 12618 Sale 125
1281 20 125 13012
/
4
Cony debenture 8s
MN 9912 Sale 99
/
1
4
99% 42
95 100
Gray & Davis 78
1932 P A
93
9514 93
93
4
92
95
Gt Cons El Power(Japan)7s_1944 FA
90% Sale 9018
903
8 80
4
893 9112
Great Falls Power 1st 8 f 5s 1040• N 101 Sale 101
101
4
99% 10112
Hackensack Water 45
1952 J J 8418 _
837 Jan'25
8
835 85
8
Havana El Ry L & P gen 5s A '54 NI
86% 87
863
4
87
18
8512 87
B Due Slay. is Due Jun.. b Due July. k Due Aug. a Option sale.
---
----
----
--
1074
New York Bond Record-Continued-Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Feb 27.
h5
'a h
Price
Friday
Feb. 27.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 27.
a;
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
63
Range
Mee
Jan. 1.
Mph
Ask Law
Bid
High No Low
High
Bid
Ask Low
Mph No. Low
Havana Elec consol g 5s__1952 FA 933 941 931 Feb'25
9212 94
Pat &Pass..1cG dr El cons 58 1949 M Si 99 ----9834 Feb'25
9713 9843
_
4
4
4
Hershey Choc lst f g (18___ _1942 MN 1044 Sale 104
8
2
10414 17 1037 104, Peop Gas & C let cone g 8s_ 1943 A 01 10714 1077 10814 Feb'25
2 107 loaki
8
Hoe (11.) & Co 1st
temp.1914 AO 1011 Sale 110112 1017
8
941 97
4
Refunding gold 5s
8 38 1001 10212
4
1947 M S 961 Sale 96
4
963
4 lb
Holland-Amer Line Os (fial)_1947 MN 8612 Sale 8614
79
8714 Philadelphia Co Cs A
8
8714 28
104% 19 1015 105
F A 1043* Sale 104
Hudson Co Gas let g 5a____1940 MN
9314 96%
9818 9912
981 9912 987
8
99
14
534s
M 5 954 Sale 951
4
984 71
Humble Oil & Refining 5)48.1932 j
9912 101
PhDs& Reading C & Fret 58.1 99'13
53
4
101 Sale 10014 101
19784
4
J 101 Sale 19012 101
35 991 10114
Illinois Bell Telephone 55.„1958 J o 97 4 Sale 1 9714
97
9824 Pierce-Arrow Mot Car deb 8219 13 M 5 9818 9812 9514
98
9414 97
1
68
9812 36
Illinois Steel deb 4148
92 4 95
1
Plerce011ef 138
1940 A 0 9418 Sale 94
95
21
8
1931 I D 10312 Sale 10312 10334 11 1025 105
Ind Nat Gas &011 58
87's 91
4
Pillablry Ft Mills 20-yr 881 1 A 0 101 Sale 101
1938
:
Feb'25
99% 102
N 9111 911 91
_ 1943
1(113
4 10
Indiana Steel 1st 58
1021
58 10114 10212 Pleasant Val Coal 1st ge f 58_1924
1952 M N 10214 1021 1017
4
8
97
9714
9712 Jan'25
J 9814 _ _ _
Ingersoll-Rand 1st 51
9914 Feb'25.- 9914 9914 Pocah Con Collieries 1st s 581957
1935 J J 994
934 94
J 925 9412 9318 Feb'25
8
Interboro Metrop colt 4348...1958 A 0 11
10
11
Port Arthur Canal & Dk Se _1953 F A
13
10 Feb'25
991: 1004
9914 100
9912 101
15
Interboro Rap Tran let 53_1988 J J 7114 Sale 71
68
7414 Portland Gen Elee 1st 5E1_1935
711 128
4
98% 99
J 99
99
__
99
1
Stamped
8712 7312 Portland Ry let & ref &L.__ _1930 MN 95 Sale 94
7014 Sale 7014
707 307
8
924 95
95
10
10
72 80
-year 138
Portland fly Lt & Plat ref 581942 F A
7812 46
1932 --A 42 78 Sale 78
.
844 8912
1
8912 Sale 87 4
8912 75,
78
13s B
941 1171 9214 95
8
1932 M S 94 Sale 94
99%
1947 MN 99 Sale 99
99% 69, 94
Int AgrIc Corp 1st 20-yr 5s_.1932
694 73
let & refund 7345 Ser A...1948 MN 10612 Sale 10612 1064
OA 731 70 Feb'25
N
4 10518 107
8314 70% Porto Rican Am Tub 85_1931 MN _
Stamped extended to 1942
70
70
70
1
M N 88
108 108
1054 106 Feb'25
Inter Mercan Marine s 58_1941 AO 894 Sale 8914
88
91 12 Pressed Steel Car 58
90
69
9:444 96
96
1933 J J 9514 Sale 95
77
International Paper 53
8754 90% Prod & Rate f &Swab witentar31 1 I) 114 115 114 Feb'25
1947 J J 89% Sale 8912
9034 128
_ 104 11514
1st & ref 58 B
84 Mar'24
Without warrants attached._ • D 110 111 110
J J
11018
5 110 111
Jorge's; Works(is (flat Prke)-11949477 J J 96 Sale 933
88
964 Pub Sere Corp of N J gen 58.1959 A0 10411 1041 10412 Feb'25 _ 10412 1047
8
9818152
1
4
Kansas City Pow & Lt 513_1952 MS 98% Sale 9634
97
511 9534 9734
Secured g Se
1944 FA 973 Sale 971
95 98
8
9712 100
Kansas Gas & Electric 88_1952 MS 10018 Sale 10018
8
98% 10213
1001
271 9314 1015 Pub Sem' Elec & Gas let 53451959 AO 102 Sale '102
10218 83
:
Kayser & Co 7s
10314
7 1011 10314 Pub Sery El Pow & I.tg 83_1948 AO 104% Sale 104% 1047
1942 F A 103 19314 103
14, 10213 10513
97 1001 Punta Alegre Sugar 721
4
Kelly-Springfield Tire 85_1932 M N 981 Sale 984
:
98% 54
1937 21 1064 Sale 10512 10712 871 10244 10713
82 8412 Remington Arms Se
Keystone Telep Co let 58_1938 j j 8412 Sale 8412
8441
1937 MN 9012 Sale 90
91
10, 884 92
s
101% Feb'25,____I 10012 1011 Repot' &8 10-30-yr bee f_1 37 A0 9414 9413 9413
1
4
Kings County El & P g 59.„1937 A 0 10I5
4
194
0
043
3 171 9312 953
Purchase money Se
5345
1997 A 0 1141/ Sale 11412 114%! 8 11412 118
9134 94
1953 12 934 Sale I 93
94
100
75
777 Rime Steel let 7e
Kings County El 1st g 4a
8
777 777 Feb'25'
1949 F A 76
8878 13913
1959 FA 887 Sale I 88%
8
89% 29
747 774 Robbins & Myers of
Stamped guar 4e
77
1949 F A 784 Sale 784
4
734
1952
55
I) 70 Sale 70
70
11 67
92
Kings County Lighting 58_1954
92
3 89
J 92 Sale 92
!tech & Pitts Coal & Iron 58_1948 MN 91
___ 90 Aug'24
10512 Sale 10518 1055
8345
1954 j
4 103% 1055 Rogers-Brown Iron Co 78_1942 MN 82 8
821* 13
;
-1
83 83
83
2
107
2 107 1087 St Joe Ry Lt Ht & Pr 5e
Kinney Co 734s
1938 J D 10612 107 107
8
mis 86%
1937 MN 88
- 864 Feb'25
89% 934 St Joseph 81k Ycle let 4%811930 J J 954 71 _
Lackawanna Steel be A
1950 M S 93 Sale 93
9314 15
984 994 St L Rook Mt & P 58 stmix1 1955 J J soh 81*4 81
9918' 24
Lae Gas Lot St L ref&ext 68 1934 A 0 9918 Sale 99
Wig . -111 2
81
9514 981 St Louts Transit 58
9814 121
Coll& ref 5%s Series C-1953 F A 9818 Sale 973
4
1924 A 0 81 Sale 81
74 814
Feb'25
4
974
9712 Jan'25
Lehigh C & Nay 5 f 4,0 A1(154 j
_I 953 974 St Paul City Cable Eat
4
95
95
1937 J 3 951 964 95 Jan'25
1933 j
10014 10012 10014
Lehigh Valley Coal 56
10014
3 100 101
Saxon Pub Wks(Germany) 78'45 F A
92 Sale 92
92 924
92
lb
J
895 Sept'24
8
4s
1933
I
Saks Co 713
M 8 1084 Sale 107
107
8 104 1071s
-if- -ii- San Antonio Pub Ser 8s_111. 2 J .1 1013* Sale 1014 1014 16 9912 10112
Lox Ave & P F let go g 56._1993 MS 35
43 43
Feb'25
1912
5
11812
Liggett & Myers Tobacco 78_1944 A 42 11818 Sale 11818
4 11712 1184 Sharon Steel Hoop let 8seer A '41 M 5 107 10712 10814
1071: 38 1054 10713
9754 100
58
100
38
1951 F A 9914 Sale 991g
Sheffield Farms 834e
1942 A 0 105 10554 10514
8 105 1064
105
1944 A 0 115 11514 11518 1151a
Lorillard Co (1)78
5
4
1 11414 1151 Sierra & San Fran Power 58 1919 F A
921
1
9114 Sale 9114
90
9114
5
1951 F
98
9(112 0718 987
8
66
9712 Sinclair Cons 0111.9
97
16
88 954
-year 7e 1937 M S 9318 Sale 93
94
81
93 8 Sale 934
5
Louisville 0S8 & Electrle 58.1952 M N
905 94
*
937
52
let in coil tr8s C with warr 1927 J 0 11314 Sale 1124 11512 460 10514 117
Lower Austrian Hydro-Elec Co
let lien S346 Ser B
4
1934 J II 881 Sale 8812
825 90 4
5
3
891
4 73
854 8812 (41n.lair Cru o
1st 16349Int et%
1944 F A 851 Sale 851
4
88
31
3 yr 6%te2A pur 54 1925 A0
e
nde011
99ig 1004
10012 Feb'25
9 A o
3
s
8
Magma Cop 10-yr conv g 70_1942 J D 1247 Sale 12314
12512 25 122 1327
1928 F A Hoe- 41; 100
1005 289
9914 101
s
99 102
101 14 Sale 10014
Mallet' Sugar 7348
10112 22
3-yr 6% notes B_Feb 15 19211 F
A 101
_ .1 994 1011
4
Feb'25
82
Manhat Ry(NY)co s g 4s 1990 A 0 13318 6312 6314
n
84
83% 43
Sinclair Pipe Line 58
8514
1942 A0 1815512
82 864
8554 106
2,12 1
1 3 121
01
5418 Sale 545
544 58
2d 48
55
4
Skelly 011 634% notes
Sale 114
1927 A0
111314 237 1064 1204
9714 10012 South Porto Rico Sugar 78_1941 J
100 Sale 9912 100
Manila Electric 7s
3
10218 Sale 1024
10212 13 102 102%
s f 5S 1953 M
85 881 South Bell Tel & Tel let e f 581941 • J 8914 Sale 00% 100 I 28
995 109
8
Manila Elee Ry &
861 Feb'25
4
4
99 100
9914 Sale 99
Market St Ry 78 Series A...1940 Q J
99% Sweet Bell Tel 1st & ref 58_1954 FA 97% Sale 9712
9914 511 98
964 98%
981 246
4
Oil a f 8s with warets'31 A 0 128 131 128
126 140
Marland
128
11
9314 974
Southern Colo Power Ss._ _1947 3 J 9818 Sale 9614
97
Without warrant attached_ __. A 0 1055 1084 1055
8
s 105%
8 105 10812 Spring Val Water g 55
9712 9714 Feb'25
1948 MN 97
972
3
97
130 130
734s Series B
____ 130
Jan'25
1931 F A 125
8
Stand Gas & El deb g 6%8 1933 MS 11414 Sale 1117
116
122 10613 12011
do without warrants
105 105% Standard Milling let 88-----1930 MN 100 Sale 100
1051 105
:
Jan'25
0013 10034
100
3
Maxwell Motor f 7e
1934 as 8
105 10514 Steel & Tube gen 5 f 78 Ser C 1951 J J 1083 Sale 110133
105
Jan'25
4
8
107
4
22 105 1071
* 103141 12 10118 10318 Sugar Estates (Oriente) 73-19/2 MS 981 97
IVIetr Ed 1st & ref 4131 Ser 13 1952 F A lar4 Sale 1021
981
9
9
964 9
74
1st & ref 55 Series C
9153J J 93 Sale 93
9118 954 Superior 011 let e 175
98
9912 99 Feb'25
95% 13
FA98 99
Metropolitan Power 138
1953 J D 1014 102 1011
8
4
4 1011
4
11 1001 1011 Syracuse Lighting let g 56_1 9 • D 984 98% 9814
8914
974 9814
1
1951
29
Met West Side El (Chic) 48 1938 F A
704 72
1 101 14 102 102 Feb'25
72 Feb'25
1004 10244
Tenn Coal Iron & RR gen 58.1951
Midvale Steel &0cony s f be 1936 M S 907 Sale 9018
874 914 Tennessee Cop 1st cony 14_1925 MN
9114' 120
1004 102
1.411w Elee Ry & Lt eons g 58.1928 F A 101
102
81
_--- 101
101's'18 100 101 1s Tennessee Else Power let 85.1947 ID 1094 Sale 1013
3914 10173
8
1
953
41 13
95
Refunding & exten 4)45_1931 .1 J 9512 95 4 953k
J 551 Sale 5514
4
54% 5813
95 4 Third Ave 1st ref 45
3
58,
2 42
3
1960
957 9812
8
4543
General be A
98 14 18
40
1951 J D 9814 Sale 98
45% 92
Ad) int 513 Lec-ex N Y_al980 AO 41 Sale 40
847 8914 Third Ave Ry 1st a 58
let 5e B
945 Sale 95
8
4
94% 96
19131 1 D 88 Sale 8712
8914 45
J J
95
4120
let & ref g Os Series C_1953 M
4
104
8
991 Sale 9912 100% 17, 99 1005 Tide Water 011 10-yr 8)0 1 931 F A 10314 Sale 10354
25 10214 104%
1937
Milwaukee Gas Lt let 4s...1927 M N 983 99
9614 9912 Toledo Edison 1st is
4
:
4 110
984
9914 14
35 1081 110
1941 M S 110 Sale 1091
97% 9914 Toledo Trae Li & Pr 6% notes'25 1" A 10012 Sale 10012
Montana Power Ist be A.__1943 J J 9914 Sale 9914
9944 50
10034 11 10018 10014
94
Montreal Tram 181 & ref 56.1941 .1 J
9814 Trenton G & El let a 58.....11149 MS 97% ___
9814 Sale 957
8
91314 23
98
98
6513 70
78% 8414 Twenty-third St Ry ref 55_1982 J J 64
Morris & Co 1st f 4348_.1939 J J 84 Kale 84
8512
841
4 27
9014
9018
8808 r eb 55
918
9
Mortgage-Bond Co 48 Ser 2.1986 A 0 7718
F ,i5
7412 June'24
il
89
955*Undergr'd of London 4)48..1933 j
864 8618
10 -year be Series 3._._1932 J J
-25
8
_
9634
98 Sale 95%
98
21
884 Feb'25
Income (Is
1948• .1 873
97
Murray Body let 63413
1934 J D 9812 Sale 973
: 96
981 Union Bag & Paper let M 68.1942 M N 9512 Sale 951
4
4
9812 44
9412 97
11
964 9612 Union MSC 1.1 & Pr lot g 58_1932 MS 101 12 Sale 997
N 95% Sale 9534
H)17
N111 Fuel Gas let gu g 55
9934 10012
8 100
4
95
5
08t4 9912
Mut Un gtd bonds ext 4%_1941 M N 99
977 99
8
9914 99 Feb'25
981
4
Ref & ext 5a
99
21
11S8Sall Flee guar gold 4e
,
83
94
1951
6
82
10
J 62 Sale 62
Union V
Vey Ry (Chic) 59193: M O 98'8 Sale ,7814
75
7
781
4
7
11 1
6%
- 1413 A N 7 14
99 99
Nat Enam & Stamm 1st 56_1929
D 997 99
977
98
2
100
Union Olt let lien s f 5s_ _1931 J J 100 10014 100
4
993 10014
National Acme 730
8
1931 J D 8512 Sale 83
8
897
8 19; 907 94
30-yr lie See A
May 1942 F A 1027 10314 10218 1023
9 102% 10312
4
994 101% Union Tank Car equip 7E1_1930 F A --------10434 104%
Nat Starch 20-year deb 58._1930 J J 984
991 Feb'25
4
7 2034 10514
National Tube let bs
1952 M N 101 Sale 101
1014
2 le 102
3 101 101 12 United Drug (is tempy
10258 65 10014 104
1944 A 01
Newark Consol Gas 59
1948 J D 9814 9912 99 Feb'25
99 99 14 United Fuel 0:1,8 let af 58
94 10012
11)36 J .1 10018 Sale 100
10012 16
4
991
4
100 I 32, 993 100% United Rye Inv 58 Pitts Issue 1926 M N 1033 Sale 10014
8
New England Tel & Tel 518_1952 J 0 9914 100
10034 11 100 10012
104 104
004 1004
997 Sale 997
4
N Y Air Brake let cony 6s._1924 M N 104 10414 104 Feb'25
8
8 100
Stamped
15
7714 8012 United Rys St L let 4t.,_.1934 J 1 723 Sale 7212
80121 12
N Y Dock 50-year 1st g 45 1951 F A 80 Sale 78
4
73
17 .
3
7212 744
8
A I941 A 0 11413 Sale 11412 1141
M N
4 89 11214 115
N Y Edison lat & ref 8
94is Sale 944
91
95%
United SS Co 15 yr 68
95
28
10015 208 100 10018 United Stores Realty 20-yr Ile '42 A 0 10312 Sale 10312
let lien & ref 55 B w _ _1944 A 0 100 Sale 100
103% 32 10212 104%
1011: 34 1004 10212 U S Rubber let & ref Sneer A 1917 .1 J 85214 Sale 8534
N Y Gee El Lt & Pow g 55_1948 J D 10112 Sale 10034
87
85 871s
169
1949 F
86 874
8812 87
881g
87
19
Purchase money g 46
: 1087
19-yr 734% sec notes
1930 F A 10814 Sale 1081
8 56 1044 10712
NY L E&WestC&RR534111942 MN 100 10112
US Smelt Ref & M cony 68.1928 F A 101 14 Sale 101 14
101%
3 1001 .
8 122
814 Apr'24
8
NY Monte Ry lets f 58 A..1980 .1 J 8034
U S Steel Corp(coupon_ _di963 M N 1055 Sale 1054 106 I 124 10414 too
119 2lOOta
10018
6 . -1.
N Y Q El L & P Ist g 58_ -1930 F A 10018 Sale 9912
a f Ill-SO-yr 55)registered.01953 MN --------10514
10512'
8 1034 10512
45
58
544 Feb'25
5412 Utah Lt & Tree let & ref 58_ _1944 A 0 86 Sale 8814
_
N Y Rye let R E & ref 48_1942 J J 49
87 I 18
8318 88
42% 54
503 Sale 5034
511
4 28
94 Sale
Certificates of deposit
95
944 48
Utah Power & Lt let 5s___ _1944 F A
91
b Sale
44 6
5
6
1
994 Dee'24
Utica Elec LA Pow 1st 8151E1950 J J 994 _
-year ad) Inc 59..,,Jan 1942 A 0
30
512 Sale
512
37
8 5 4 Utica Gat;& Flee ref & ext 5s 1957 J J 9812 1
512
5
99
984
9812
Certificates of deposit
2
98'4 99
0912 100
9912 13
J J 5512 011 53
8
Jan'25
Victor Fuel 1st f 5s
53 53
Rich Gas 1st 65.....1951 MN 9912 Sale 9912
NY
65% 8814 Va-Caro Chem 1st 78
881
4 22
8712 1813
1 9 7 J D 86 Sale 86
93
4
5
73 881
:
NY State Rye Ist cons 4%6_1962 MN 6534 Sale 8534
88
90%
4
8111
4
5
85 Sale 8414
nt, 864
1962 M N 8618 904 891
8514' 18
Certificates of deposit
634e
9712 100
99% 100
4
81%
82
83
88 823
s
814' 8
Certificates of deposit stilled
NY Steam let 25-yr Se Ser A 1947 M N 9912 100
k
96
98%
981: 45
6 4914 Sale 4914 49781 55 44 49%
%
983 Sale 9634
734s with & without war..1931 J-NY Telep 1st & gen f 4%6.1939 MN
4914
8
22 1077 109
4
47 Feb'25
Certita of dee with warrants_
43
481a
30-year deben f 68._ _Feb 1949 F A 1081 Sale 1084 109
1074 92 10814 10734
45 Feb'25
484
41
Certlfs of dep without ware/
20-year refunding gold 88.1941 A 0 107 Sale 107
10114
9 10018 10214 Va iron Coal &Coke 1st g 55 1949 MS
9134 9114
911 Jan'25'.,...
4
Niagara Falls Power tat 58..1912 J J 101 Sale 101
9414
10511 11 103% 10512 Va Ry Pow 1st & ref 58
954 18
9314 954
Jan 1932 A 0 10512 Sale 105
1943 31
Ref & gen 8s
:
9 1041 106
105
1051
4
4
Nig 944
933
4
95
Vertlentes Sugar let ref 76 1942 3D
21
Nlag Lock & 0 Pow let 58_1954 M N 1051
3 104% 10912 Warner Sugar Refit; let 75_1941 ID
98
9714
897 9912
8
7
Refunding 8s SeriesA____1958 F A 10812 Sale 1084 10812
967 10014 Warner Sugar Corp let 7s
10014 62
8
Sale 8318
1952 M 8 1004 Sale 100
843* 20
1939 ii
774 87%
Nor Amer Edison 85
4 10312 38 10014 1041 Wash Wat Power e f 58___1939 J J 9934
8
991 Feb'25
4
993 10012
4
lie Ser B_ _1948 M 8 103 Sale 1021
Securedg 6
9218 9412 Westchee Ltg g 55stmed gtd 1950 J o
21
94
3
9912 102
%
1
Nor Ohio Tray & Light (36 __I947 M S 94 Sale 93 4
964 51
93
9612 West KY Coal let 7e
014 10212 14 1004 10212
MN
4
Nor States Pow 25-yr 55 A1941 A 0 964 Sale 953
2 103 10512 West Penn Power Ser A 56..1941 MS
8 1054
9818
:
94
961
9812 34
948
lat & ref 25-yr as Ser B__19 A 0 105 ---- 1047
9314 9314
9314 Jan'25
let 40-year (us Series C.......1954 J O 1081154 Sa
905 4 A 0 -_-0514
10512
7 104% 106
Registered
107% 107%
1074 Jan'25
let 7s Series D
1946 MS 10714 Sale 0712 1074
5 1054 1074
Northwfflen Bell T 1st 7a A _1941 A A
Jan'25
94% 95
95
631i 961a
let ba Series E
984 35
gtd.1934 J J
1963 MS 95% Sale 95%
North W T let fd g 4
21 108 11214
112
1st 5348 Series F
102
3
12 100 4 102
1953 AO 102 Sale 02
Ohio Public Service 7)0-1948 A 0 112 11314 111
4
108 1093 10914 1094
3 107% 11014 Western Electric deb bs
4
1947F A
994 123
9814 994
1944 AO 98% Sale 981
75
10
981 103
:
Western Union coil it cur 58.1938
994 102
J 10012 101% 01/
1948 J J 10212 Sale 10212 103
4 10114
7
Ohio River Edison let 88
37
974 99
99
Fund & real estate g 434e.1950 MN
92%
1944 F A 984 Sale 9814
924 941
4
94
13
Old Ben Coal 1st 8e
98
99%
99% 99
9914
2
I5
10 2 11 0
-year 6%8 g
1
11014 11111
1938 FA 1931'2 811e5s 11012 111
Ontario Power N F let 5e1943 F A 99
9814 31
97
4
994 Westinghouse E dr M 7s._ ._1931 MN 108 Sale 1074 107% as 1074 1081
4
M N 943 Sale 98
Ontario Tranamission
99%
5
981 10012 Wickwire Spen Steel let 76..1935 J 3 87 Sale 86
4
g
99 Sale 985
1941 F A
881
4
9 78 91
Otis Steel 8s
7
941: 38
914 9514
88 Sale 86
Certlficates of deposit
764 864
8818
7
1st 25-yr e f g 734e Ser 13_1947 F A 94 Sale 93
931, 96
913
59
99% 10013
4
Willys-Overland s I 83414_1933 M S 991 Sale 99% 100% 38
Pacific & El gen & ref 56_1942 J J 951 Sale 954
98
983
4
7
99% Wilson & Co 1st 25-yr 5 1 83_1941 A 0 9412 Sale 9418
9834
983
4
915 9471
8
947
18
Pee Pow & Lt Ist&ref 20-yr 58'30 F A
991e 10018
93
93
93 Feb'25 -- Registered
1937 J J 100 Sale 994 10018 20
Pugh:1Tel & Tel let 56
924 94%
944 91
55 69
.6
10-year cony s f Se
67
Jo 67 Bale 66
M N 94 Sale 94
Si
1952
1928
10534 34 10412 108
53 1354
67 -.- 854 Jan'25
Pan-Amer P & T let 10-yr 7s 1930 F A 10514 Sale 1051a
Certificates of deposit______
534 68
10-yr cony e f 734e
MN 1124 Sale 11112 1134 1089 103 11314
8714 66
p1931 FA 67 Sale 67
Cony s 13s 1934 temp
954
4 95
599 67
11
Ms
4
4
67
4
874 Sale 881
Certificates of deposit
Park-Lea it leasehold 630-.1953 J .1 951 Sale 954
4
10 1018 102
3 102
4
W1neheeter Arms 73411
1941 A0 1013 Sale 1014
9514 99
122
99
4
Younen Sheet & T 20
J J 99 Sale 983
-Yr 611-1943
raz
11
a Due January.
d Due April.
p Due December. s Optler. sale.
1075
BOSTON STOCK EXCHANGE-Stock Record se::::Le
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Feb.21.
Monday.
Feb.23.
Tuesday.
Feb. 24.
Wednesaay, Thursday.
Feb. 25.
Feb. 26.
Friday,
Feb.27.
Sales
for
ghe
Week,
STOCKS
BOSTON sTocK
EXCHANGE
Range for Year 1925.
FISK 0I1 Arc&
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
100 156 Feb 18 16434 Jan 7 1451 Mar 164 Dec
39 Boston & Albany
159 15912 159 159
159 159
•,...... 159
159 159
7134 Aug 85 Dec
100 76 Feb 7 80 Jan 2
77
741 Boston Elevated
77
7713 77
7712'78
78
78
77
7714
8714 Dec 9614 May
.6212 __„ •93 ____ 59314
100 92 Jan 16 97 Jan 3
_ 93
93
2 Do pre(
.9212_
100 110 Feb 9 11412 Jan 16 107 Dec 11614 Jan
--17 Do 1st pref
11212 11212
_ _ 11212 113
-_- •112
.112
•112 1-1-392 Sept 10114 Dec
:
100 971 Feb 21 102 Jan 9
99
99
222 Do 20 pref
9812 9812
9814 99
98 98
9712 9712
812 Jan 2514 Nov
100 15 Jan 7 2018 Feb 26
18% 2018 183 19
18
20
4,997 Boston& Maine
4
18
18
1712 1814
8
12
Jan 267 Nov
100 18 Jan 21 20 Feb 23
--------123 Do pref
20
20
20
20
•193 20
4
4
•193 20
13 June 3714 Nov
2934 29
--------693 Do Series A lot pref_100 25 Jan 3 30 Feb 26
30
28
28
28
29
•28
1712 Jan 48 Nov
39
3912 --------86 Do Series B jut pref_100 32 Jan 27 3912 Feb 23
3612 37
•____ 37
37
37
16 Feb 41 Nov
100 26 Jan 21 36 Feb 25
-------103 Do Series C 1st pref
•36
37
35
36
35
*33
35
•33
23
Jan 62 Nov
100 50 Jan 21 55 Feb 26
14 Do Series D 1st pref
___- ____
52
55
_
•51 ---- *5114
52
*51
43
Jan 172 Nov
100 187 Fsb 23 172 Jan 16
167 187
15 Boston & Providence
___. ____ '
____ ____ •____ ifii
168 168
18 May 3812 Dec
--------878 East MBAS Street Ry Co 100 32 Jan 20 39 Feb 11
36
36
369 36
37
3
8
37
37
5810 Jan 71 Dec
100 65 Feb 2 89 Jan 6
*66
68
MG
68
*66
68
1 Do lot prof
66
66
48 Slay 614 Nov
100 57 Jan 23 6212 Jan 12
6012
4 6012 6012 6012 125 Do pref B
6012 614 *6013 603
•6012 61
28 May 4614 Des
100 41 Jan 27 4612 Feb 11
4514 46
697 Do adjustment
4514 453
4 4512 454 45 4512
454 4514
25 June 3711 Apr
100 30 Jan 23 371: Jan 29
____ ____
31
31
*31
32 •____ 31
30 Maine Central
32
•31
14
Jan 3314 Dec
100 29% Jan 20 364 Feb 25
35% 3614 3513 3512 --------4.570 N Y N H & Hartford
343 38
344 3412
82 Jan 81 Nov
____ ___ ______ Northern New liampshlre_100 70 Feb 18 77 Jan 14
*72
74
74
.72
74 .72
74
•72
80
Jan 108 Nov
.102 ____ *102 ____ *102 ____ ____ ____ ______ Norwieh dr Worcester pref_100 100 Jan 13 105 Jan 15
*102 --721: Jan 98 Nov
100 98 Jan 2 100 Feb 19
100 100
33 Old Colony
____ -_
100 100
100 100
0100- 34 Mar 64 Nov
100 56 Feb 21 6312 Jan 2
80 Rutland pref
56
56 - .
Jan 9318 Nov
71
9 Vermont & Massachusetta_100 87 Feb 24 93 Jan 16
____ ____
92
. il: - i •8i12 -- g
0 12
.
87 87
•____ 90
MI(cellaneous
1 Nov
414 Dec
414 Jan 7
23 Feb 16
4
470 Amer Pneumatic Service_25
314 •24 314 ---- ---34 34 *3
3
34
12
Jan 2014 Dec
50 1714 Jan 23 1912 Jan 7
181 183
:
4 183 183 *18
181 --------453 Do pref
4
4
4
184 183
4
8
1,843 Amer Telephone & Teleg-100 1303 Jan 2 135% Jan 5 121 June 134% Dec
13334 13414 1334 13414 13334 134
1333 134
4
13314 1334
Jan
5712 Oct 83
No par 68 Feb 27 77 Jan 13
487 Amoskeag bug
70
70
70
70
63
70
6912 70
70
70
69
Oct 79 Aug
76 Jan 15
No par 73 Feb II
.74
__ .74
9 Do pref
74
74
__
__ *74
*74-13 Aug 16 Feb
15 .1412 151
:
15 .141 1512 --------50 Art Metal Construe, Inc__ 10 14 Jan 16 15 Feb 25
1412 -1-413
6 June 1014 Jan
94 Jan 6 1014 Jan 2
No par
-- ---- --- _____ _ Atlas Tank Corp
-- ------- --- ---•105 1013 *105 198 *105 198
6 Boston Cons Gas Co pref__100 103 Jan 17 107 Jan 9 100 Dec 108 July
105 fos
•ioL" 116
Jan
.05 Dec .20
Boston Me: Pet TrusNo par
.10 ____ ____ ___
.10 *____
•---.10 *--__
.10
*____
204 Dec 28's Mar
10 20 Jan 28 23 Jan 23
2112 2112 2112 214 22
2212 --------151 Connor (John T)
2112 22
2412 May 35 Sept
•30% 35
25 Dominion Stores, Ltd No par 2814 Jan 30 35 Feb 13
*303 35
4
*303 35
4
34 34
4
•323 36
Jan 8812 Dee
84
100
•974 - _ _ *9712 _ _ _ 59712 _ __ --- ---Do pref A
•9712 --.,- 2 Sept
3 Feb
3 Jan 2
:
.212 3
21 Feb 2
East Boston Land
10
.213 3
_---- ___
*24 3
*212
808 Feb
4 Oct
5 Jan 7
814 Jan 24
5
335 Eastern Manufacturing
8
511 512
459 6
,
: .512 -512 512
512 51
38 Jan 5514 Mar
48
48
25 48 Feb 17 55 Feb 13
*47
49
49 49
48
50
80 Eastern SS Lines, Inc
49
49
344 Jan 40 Feb
37
37
37
No par 35 Jan 15 3712 Jan 22
190 Do pref
37
36
3712 37
37
37
37
8513 Jan 93 Mar
100 89 Jan 3 9113 Feb 7
93
•91
93 .91
91
91
*91
93
9 1st preferred
93
*91
:
100 200 Jan 5 208 Jan 2 1631 Jan 2044 Dee
836 Edimn Electric Ilium
200% 200% 20014 20112 201 20112 2013 202
20014 20012
5 Dec
213 Jan
4 Jan 8
*314 4
*314 4
314 Feb 2
10
.3% 33
4 *33
Eider Mfg Co (v t c)
3 39 ---- ---13 Jan 41 Dec
33 Feb 20 38 Jan 7
100
*33
583
35
10 Galveston-Houston Elea
•33 35_
35
33
33
33 Sept61: Jan
4
4 Jan 8 14 Feb 27
No par
250 Gardner Motor
114 14
---- ------ --4
100 115% Feb 27 1153 Feb 27 11314 Mar 11812 Sept
•1153 .-__ •11514 _-_- •1153 ____ 1153 1153
4
25 Georgia Ry & Elec
4
4
4
---_Jan
79 Aug 80
7104 Feb 27
Jan 28
..100 79
20 Do 5% non-cum pref.
*97%,..- *9714
4
_- *973 ,-.-- 793 793
4
5512 OctWs Oct
:
926 Gillette safety Razor_No par 571 Jan 2 677 Feb 16
6612 8534 613
89% 66 66% - - 3 66 -6
07
-. 36 4
9
157 Jan
2
121s Nov
1514 Jan 24
1212 Feb 25
12% 123
1212 13
25
4 123 123
215 Greenfield Tap az Die
4
4 1212 1212
•128 13
46 Mar 60 Dec
No par 54 Feb 3 581: Jan 8
*5512 58% 5814 5814 56
80 Hood Rubber
56
58
56
56
*55
Apr 59 Nov
41
lnternat Cement Corp_No par 521: Jan 5 63 Jan 7
.5512 584 *551 5612 ____ _-_*56
57
:
57
*56
3 Dec
2 Jan 3 .10 Feb
1% Jan 3
International Producta_No par
17 ____ ____
17
8 •1
•1
18 •1
7
•1
17
•51: 7
*5
712 •5
712 ____ ____
:
7 Feb 9 101 Jan 9 .25 Feb 14 De0
Do pref
100
*6
712
Kidd r, Peabody Acceptance
884 Dec
80
Jo
90 Feb25
100 824 Jan
•891 9012 90
:
90 •90
*894 9012
..
904 --------19 Corp Class A pref
812 Dee
4 June
9% Jan 7
8
Stock
71 Feb 17
381 Libby, McNeill lc Libby__ 10
77
s 818
73
4 8
8
IS
814 814
*75
018
Jan 71 Nov
70
Lincoln Fire insurance
20
•70
7014 *70
I..... 69
7014 *70
7014 ---- ---- ____
13 Dec
9 Ma
His 1314 12
25 1112 Feb 17 13% Jan 5
49 Loew's Theatres
12
____
_
12
12
1112 1112 Exchange
68 Nov81
:
Feb
100 68 Feb 3 741 Feb 13
73
73
73
555 Massachusetts Gas Cos
7412 7312 7412 7212 -- 12
7
i
73
7314
82 June 70
Closed
Jan
:
100 6312 Jan 9 671 Feb 14
256 Do Prof
68
8614 60
68
66 661
:
68
8614 66
66
Ioa 167 Jan 7 182 Feb 27 150 Apr172 Dec
105 Mergenthaler unotypo
180 180
1793 180
4
180 182
180 180
180 1804
1834 Jan 15
811 Jan 17% Feb
12 Jan 10
133 .12
4
215 Mexican Investment, Inc_ 10
12
1214
13
133
4 13
*134 131 Washing- •12
19 Feb3614 Dec
1
100 36 Jan 2 41:Feb 7
426 Mississippi River Power
38% 38% 38
38 381
: 381: 3918
39
39
39
80 Jan90 Sept
100 874 Jan 10 902 Feb 213
ton's
220 Do stamped pref
_.
90
9012____
90
90
*89
91
90
90
43 Jan 2
2 Apr
63 Jan 13
4
5% Nov
10
567 National Leather
5
_5
5
5
513 54
513 518
5
5
17 Jan 8 .60 Dec54 Apr
820 New England Oil Corp tr ctfs_ .20 Feb 9
.40 .55
.55 .55
•.40 .80 Birthday. •.35 .60 •.30 .80
6 Dec 3114 Mar
81 Jan 8
:
8 Feb 26
100
620 Do pref (tr otfs)
.6
8 •____
*6
7
614 63
4
6
6
7
98 Dec 11512 Jan
1033 10412 1,069 New England Telephone 10 10018 Jan 2 105 Feb 3
4
10314 104
103 104
10313 104
10312 104
4
214 Dee 22% Dec
221: 227
8 2212 2212 2212 2212 2214 2214 1.160 Olympia Theaires.'Inc_No par 2014 Jan 6 253 Jan 16
2212 221
Jan 281: Dec
14
253 Jan 16 28 Feb 25
4
1
•x28
200 Orpheum Circuit, Inc
..
28 *22812 2912 ____
283
4 28
4
*2273 281
6918 Oct 87 Feb
100 70 Feb 20 814 Jan 13
516 Pacific
70
703 71
4
71
704 - _7112
71
71
704 707
17 July
10 1514 Feb 24 16% Feb 6
113 Jan
4
Mills__-.
1514 18
8
16
1612 183 16% --------133 Reece Button Hole
16
113
21: Jan 2
10
23 Jan 8
4
3
Jan
24 May
Reece Folding Machine
4 *212 23 ____ _-__
•21: 23
4 *212 23
4
•212 23
5
10
Oct 40 Feb
Simms Magneto
_
.20
.20 •
•
_
.2 •
• _
.20
loo 1141: Jan 12 120 Feb 6 100 June 118 Dec
Hi 1161, iiii. 11618 ii5T2 118 iii1, iiii, 349 swift & co
iii 116
:
25 471 Jan 6 51 Jan 14
4812 481
351 June 52 Dec
:
45 Torrington
49
49
____ ____
*4712 49
484 48o
.71
71: Jan 23
712 Jan 23
5 Dec 10 Feb
35 Union Twist Drill
2711 7'2
•712 81
2
43
44
34
1,918 United Shoe Mach Corp.__ 25 414 Jan 5 45 Feb 14
iii4 --44
433 4418 4334 44
4
Jan 433 Deo
4 441
433
25 2612 Jan 13 28 Jan 18
24% Feb 2814 Nov
407 Do pref
26% 263
27
27
27
263 263
4
4 27
26% 27
1912 Jan 3 25 Feb 21
5
2412 243
2412 25
Jan
1914 Oct27
4 2412 243
4
4 2413 243 11.765 Ventura Consol Oil Fields
23% 247
13% Apr 20 Nov
193 Jan 3
4
370 WaldorfSys.ine,new eh No par 1612 Feb 26
1613 1612 1612 1612
4
1714 174 163 1714
174 l7ie
8 Jan 6 16 Feb 19
16
16
, 16
101: Feb
958 Walth Watch Cl B com_No par
16
16
10
16
18
812 Jan
16
16
273 28
4
•2712 29
100 174 Jan 3 28% Feb 20
221 Do pref trust etfs
28
23
*28
23
29
14 June 231: Feb
*27
.73
75 .71
100 65 Jan 6 744 Feb 13
82 Do prior pref
72
74
74
74
6212 Dec 73 Feb
72
*72
75
204 20% 2014 2014 20
19 Jan 27 204 Jan 3
15':June 22 Feb
2014 2014 2014 2,220 Waiworth Manufacturing_ 20
204 201
44
443
8 4334 4412 4313 457
8 447 46% 13,355 Warren Bros
443
4
29% Jan 391 Nov
50 37 Jan 2 46% Feb 27
44
43
43
*42
43
42
42
42
42
Jan
50 37% Jan 10 43 Feb 7
100 Do lot prof
43
343 Apr 41
4
*42
43
4514 4512 4518 4512 459 --------246 Do 20 pref
Jaa
:
38 Mar 42
50 401 Jan 17 4512 Feb 28
45
*44
Mining
Adventure Consolidated.- 25 .15 Feb 16 .25 Jan 26 .15 Dec.51 Dec
.
3.25 .50 *.25 .60 *.25 .50 ..25 .50
•.25 .50
•.10 .25 *.10 .20 '
.25 Dec
Algomah Mining
25 .23 Jan 2 .25 Jan 2 .10 Jun
•.10 .20
3.10 .2
•.10 .25
13
4 134
134 13
34 Dec
5 Jun
3 Jan 10
11: Jan 26
25
325 Arcadian Consolidated
.13
4 2
•13
4 2
17
8 2
1312 131
18 Dec
Jan
13
8
263 Arizona Commercial
13
13
1212 13
13
5 12 Jan 28 1514 Feb 6
1312 1312
3412 347
341: 35
34% 351
14 June 31% Dec
3,145 Bingham Mines
10 303 Jan 7 3614 Feb 11
s
3414 35
3518
3412
1513 193
157 16
8
13% May 194 Jan
4 15% 153
15 4 15%
4 1512 15% 1,021 Calumet & Hecht
8
25 153 Feb 10 184 Jan 2
3 Feb
5.45 .6
..45 .60 ..45 .50 •
Carson Hill Gold
.45 .50
1 .40 Feb 17 .70 Jan 5 .37 Nov
.
3.45 .60
2814 281
18': June 33% Dec
271 28
:
467 Copper Ranee Co
273
4
2714 2714 27
25 26% Feb 17 33 Jan 10
2812 2818
Davis-Daly Copper
'
3.05 .10 •.05 .10 •.05 .10
'
3.05 .1
1 .50 Feb 9 .78 Feb 6 .30 Dec .70 Mar
•.05 .10
.5
512 *5
5
614
8% Dec
314 July
512 1,095 East Butte Copper Mining_ 10
5
5
5
5
614 Jan 2
434 Jan 23
•alls
11 'al's
1
Jan
114 *cilia
Franklin
114 *alts
114 Jan 24 .40 May
25 .40 Jan 7
114
114
•allg
13 Feb 6 .30
*114
13
Oct2 Jan
*114
13
4 'l4
Hancock Consolidated
114 Jan 7
134 *114
25
13
4
19
•1 14
:
2212 221 .2112 224 *2112 22
191 Dec284 Jan
150 Hardy Coal Co
*2112 22
20 Jan 10 23 Jan 24
1
2214 2214
3
23 Dec
5212 3
.211 3
3
125 Helvetia
*213 3
31: Feb 5 .30 May
112 Jan 0
25
29 234
137 138
138 13612 13413 136
9414 A,r 142 Nov
133 134
.385 Island Creek Coal
:
1 1311 Jan 14 140 Feb 5
1369 1369
597
*97
99 .97
99
90 June 100 Sept
25 Do pref
97
99
98
9514 Jan 5 9314 Feb 11
1
4/97
99
*1812 1712 16
*163 18
4
224 Dec
12 Jun
1612 16
1612 1,270 Isle Royal Copper
25 16 Feb 17 2012 Jan 7
169 1612
.1 12 154 *112
*112 13
11 Mar
:
24 Feb
Kerr Lake
13
4 *112 17
112 Jan 14 113,4 Feb 4
5
8
*14 19
Jan
3
.75 .75
..75 1
115 Keweenaw Copper
1
.90 .90 *.90
114 Nov
114 Jan le) .50
25 .75 Jan 2)
•.75 1
21: 212 .21
4 23e •21e 23e
4 213 •21
Apr
25 Lake Copper Co
314 Dec
3 Jan 2 .90
2 Jan 21
25
3
•213 3
214 214 .214 212
3 Dec
170 La Salle Copper
214 24 *214 212
23 Jan 10 .70 June
2 Feb 4
25
234 Dec
.13
4 2
513
4 2
.18
4 2
*13
4 2
114 Oct
Mason Valley Mine
23 Jan 13
4
14 Feb 14
5
-;i3 --i,4
Jan
•.90
3.85
1
114 '
•.90
114 *.90
13 Aug
4
Mass Consolidated
114 Jan 2 .50
25 .90 Jan 28
14
•,75 1)4
2
214
2
2
212
5 July
80
Apr
590 Mayflower-Old Colony
24 218 •2
3 Jan 2
2 Feb 6
25
.2
2'I
364 354 354 3512 36
*z35
361 *z35
:
Dec
234 June 41
20 Mohawk
25 3412 Feb 18 41 Jan 13
36
36
217 217
8
1612 Jan 25% Dec
365 New Cornelia Copper
217 2214
8
*213 224 217 22
4
5 214 Feb 17 25 Jan 2
23
•z22
.43 .43 --------242 New Dominion Copper
.45 .45
*.50 .65
23 Apr
4
.30 Feb 11 85 Feb 18 .40 Dec
•.40 .86
3
. _ 30
_ 30 '
_ _ 30 *
_ 30 •
New River Company
35 June 40 Mar
100
• _ 30
5712 Dec 75 Mar
Do Prof
t3o .Pii 60 ;Li _ _ *Li 60
;ii
100 54 Jan 12 60 Jan 3
;Li;
Bo
64 6'4 .612 614
618 - -18 *618 614
6
155 NipIssing Mines
Oh Deo
534 Jan
63 Jan 10
4
818 Jan 2
5
*64 63
21 21
4 4 1,045 North Butte
2 `.,f4 214
.
17 Oct
2 Jan 10
2`44 2,e
8% July
314 Jan 14
15
21 6 214
/
214 29
80
80
•.80 .90
1 Nov
110 0.11bway Mining
114 Jan 10 .40 June
25 .75 Feb 11
.75 .75 •80 .
•.80 4)
103 Old Dominion Co
244 244 *2312 2412 2312 2312
15
Jan 281 Deo
:
24
25 23 Jan 20 27 Jan 10
24
234 24
4
59 Feb 19
225 Park City Mining & Smelt_ 5
5 2 512 *We 53
,
31: Jan
4% Jan 13
514 54
*514 53
4
518 Feb
*59 53
*1314 1414 *13
14
Pd Crk Pocahontas Co_No par 12 Jan 6 1412 Jan 24
108 July 154 July
1314
1314 •13
•13
•13i2 141
3014 3014
304 31
192 Quincy
31
14 June 341 Dee
25 29 Jan 8 3912 Jan 10
4
314 3114 31
324 33
4212 4114 4114
*41
42
42
26 June 49 Dee
105 St Mary's Mineral Land- 25 4012 Jan 28 48 Jan 12
43
*42
42
421
.97 .97
.99 .99
1
•1
112
1
112 Jan 9 .30 Apr
760 Shannon
112 Sept
10 .97 Feb 27
l's
.1
3.25 .75
.25 .75 •.25 .75 '
.25 July .75 Deo
South Lake
25
•.25 .75 •
____ ____ --__
•.25 .
7
214 Jan 27 .90
Jan
2 Jan 3
Superior
25
214 Dec
--Ns - y,, -;ii, 'II, .112 114 .112 118
,
100 Superior & Boston Copper_ 10
2 Jan 5 .25 Aug
112 Jan 6
21s Dec
•112 134
812 6% 5,915 Utah-Apex Mining
4
5
378 Jan 2 874. Jan 23
812 83
178 June
4
37 Dec
8% 63
4
8% 83
63 6%
4
.80 .80 •.70 .90 1,500 Utah Metal & Tunnel
.80 .85
1 .43 Jan 43 .98 Jan 29 .14 June 70 July
.80 .85
1
.90 .90 •.90
680 Victoria
.85 .86
114 Jan 31 .15 Apr
25 60 Feb 20
1.75 1
.95 '
1 Aug
•.75
250 Winona
.70 .90
25 .15 Jan 30 .48 Jan 7 .13 Feb .71 July
.20 .20 •.25 .50 *.30 .40
.20 .20
.20 .30
•.20 .40
wvandot
25 .10 Feb 5 .21 Feb 11 .10 July 25
.20 .30 .1.20 .30 •
•
.20 .30 •
July
•00
'40
v. and rIghts.
Ex--43.1v. e Ex-stock dlv. I Aasegament paid. o Price on new baits
prices; no Wee OD LIDDALY.
am and asked
1076
THE CHRONICLE
Quotations of Sundry Securities
All bond prices are* and nterest" except where marked
'
[VeL. 120.
Outside Stock Exchanges
Standard Oil Stocks Par Bid. Ask.
Boston Bond Record.
Railroad Equipments Per Ct. Basis
-Transactions in bonds at Boston
Anglo-American Oil new_Ll *1914 1938 Atlantic Coast Line 138
5.25 5.00 Stock Exchange Feb.
21 to Feb. 27, both inclusive.
Atlantic Refining
100 110 111
Equipment 6348
5.00 4.75
Preferred
100 114 11412 Baltimore & Ohio 68
5.35 5.05
v may
Borne Serymt3er Co
Equipment 4345 & 55___ 5.00 4.80
100 210 218
Last Week's Range Sales
Range Since Jan. I.
Buckeye Pipe Line Co_
50 *6612 6712 Buff Roch & Pitts equip 68. 5.00 4.75
Sale
ofPrices.
for
Chesebrough Mfg new
25 *5612 6012 Canadian Pacific 43.48 & 68_ 5.05 4.80
BondsPrice. Low. High. Week.
Low.
High.
Preferred
100 110 114 Central RR of N J 138
5.25 5.00
Continental Oil new____ 25 "2718 2714 Chesapeake & Ohio 68
5.35 5.05 AU Gulf & W I SS L 58 1959 69
Jan 70
6735 6934 $16,000 63
Feb
Crescent Pipe Line Co_- 50 '13
Equipment 635s
14
5.10 4.85 Chic June Ry & U 8 Y 433'40 __
85
85
Feb
Feb 85
4,000 84
Cumberland Pipe Line. 100 13212 133
Equipment 58
55
5.00 4.75
1940 9735 9734 9734 18,000 96
Feb 9734 Feb
Eureka Pipe Line Co_..100 83
85 Chicago Burl & Quincy 6s.._ 5.30 5.05 Cudahy Packing 5s_ _ _1946
5,000 93
93
93
Feb 93
Feb
Galena Signal 011 com__ _100 62
64 Chicago & Eastern Ill 535s. 4.50 4.10 East Mass Street RR
Preferred old
5.35 5.05
100 110 113 Chicago & North West 68_
Series A 435s
1948
6934 72
Jan 72
51,000 64
Feb
Preferred new
Equipment 635s
5.15 4.90
100 105 107
Series B 5s
1948 76
75
Jan 7734 Feb
7734 43,250 70
Humble Oil & Ref new__ 25 *453 4614 Chic RI & Pac 4348 & 55... 5.15 4.90
4
Series C 65
1948
8734 8734
Feb 8734 Feb
1,000 85
Illinois Pipe Line
Equipment 65
5.55 5.25
100 147 148
Series D 65
1948 __ _ 86
8834 6,100 8035 Jan 8834 Feb
Imperial 011
25 145 147 Colorado & Southern 65.... 5.45 5.20 Fla Pub Ser A 834e...1949
10134 10134 3,000 10134 Feb 10134 Feb
New when issued
s
*303 307 Delaware & Hudson 08
8
5.25 5.00 Hood Rubber 75
1936 103
10234 103
Jan
6,000 10134 Jan 103
Indiana Pipe Line Co._ - 50 *7812 80 Erie 43.5s & 58
5.35 5.05 K C Clin & Spr 1st 58.1925
9934 9934 22,000 9835 Jan 9935 Jan
International Petroleum_(I) 2612 263
4
Equipment 68
5.50 5.20 Mass Gas 434s
1931
96
96
1,000 9434 Jan 9655 Jan
Magnolia Petroleum__ _ _100 14512 146 Great Northern 68
5.35 5.10 Miss River Power 5s_ _1951
9834 9851 8,000 9634 Jan 9834 Feb
National Transit Co__12.50 *2234 23
Equipment 5s
5.00 4.75 New England Tel 58_1932 10031 10034
Jan
10034 15,000 9931 Jan 101
New York Transit Co..
75 Hocking Valley 5s
.100 73
5.05 4.85 Old Colony 48
1925
9834 9837
Feb 9834 Feb
1,000 98
Northern Pipe Line Co_ _100 8412 85
Equipment(is
5.40 5.10 Sioux City Ser C 5348_1950
97
97
5,000 97
Feb
Feb 97
Ohio Oil new
25 *7014 71 Illinois Central 4348 & 58
4.95 4.70 Swift & Co 55
1944
98
9835 3,000 9734 Jan 9934 Feb
Penn Mex Fuel Co
42
Equipment 68
25 •40
5.25 5.00 Warren Bros 7348_ __ _1937 149
149 149
Jan 149
1,000 123
Feb
Prairie 011 & Gas new___100 247 249
Equipment 78 & 6348
5.05 4.80 Western Tel & Tel 531_1932
100 100
5,000 9934 Jan 10034 Feb
Prairie Pipe Line new.._100 12112 122 Kanawha & Michigan 6s
5.45 5.20 Wickwire Spencer St 781935 75
7434 75
9,000 7431 Feb 75
Feb
Solar Refining
Equipment 430
5.20 5.00
100 235 240
Southern Pipe Line Co_ _100 84
86 Kansas City Southern 53.4s_ 5.35 5.05
Baltimore Stock Exchange.
-Record of transactions at
South Penn Oil
100 178 179 Louisville dr Nashville 68... 5.25 5.00
Equipment 6348
Southwest Pa Pipe Lines 100 74
77
5.00 4.80 Baltimore Stock Exchange Feb. 21 to Feb. 27, both inStandard 011 (California) 25 623 6318 Michigan Central 58 dr 68._ 5.20 4.95 clusive, compiled
4
from official lists:
Standard Oil (Indiana)._ 25 *653 857 Minn St P &SSM 434s&5s 5.30 5.00
8
8
Equipment 6348 & 78.... 5.40 5.05
Standard 011 (Kansas)__ 25 *40
4012
rrulay
sates
Standard Oil (Kentucky) 25 11712 11812 Missouri Kansas & Texas 68 5.65 5.35
Last Week's Range for
Range Since Jan. 1.
Missouri Pacific 6s & 6345.. 5.65 5.25
Standard Oil(Nebraska) 100 258 260
Sale
ofPrices.
Ilreek.
8
Standard 011 of New Jer_ 25 *437 44 Mobile & Ohio 434s & 58... 5.10 4.90
StocksPar. Price. Low. High. Shares.
Low.
117 1173 New York Central 430 & 58 4.90 4.70
High.
Preferred
4
100
4514
Equipment68
Standard Oil of New York 25 *45
5.25 5.00 Arundel Corporation____50 11434
109 115
792 8331 Jan 118
Feb
Equipment 7s
Standard 011 (Ohio) _ __I00 349 351
5.00 4.80
New stock
•
2134 2334
1,880 2134 Feb 2334 Feb
Norfolk & Western 434s___
Preferred
4.80 4.65 Atlan Coast L (Conn)__ _50 23
100 118 121
161
160 16235
215 160
Jan 16234 Feb
24 Northern Pacific 7s
Swan & Finch
5.15 4.90 Baltimore Trust Co
100 23
50 115
115 116
142 11134 Feb 117
Feb
Union Tank Car Co____100 126 128 Pacific Fruit Express 78.... 5.10 4.90 Baltimore Tube
2234 2235
20 2235 Feb 32
Jan
Preferred
100 114 116 Pennsylvania RR eq 55 & fis 4.90 4.75 Bart -tt Hayward pref 100
_100 118
118 118
37 116
4
Feb 118
Feb
Vacuum 011 new
5.15 4.90 Benesch (I) pref
25 893 9014 Pitts Sc Lake Erie 63.58
113 2634 Feb 2654 Jan
2634 2634
35
Equipment 68
Washington 011
5.60 5.20 Boston Sand Sc Gravel 25
10 30
_100 75
74
75
117 54
Reading Co 4348 & 5s
Feb
Jan 75
Other Oil Stocks
4.75 4.50 Central
10
2
2
100
134 Jan
*234 3 St Louts dr San Francisco 58. 5.15 4.90 CenturyTeresa Sug pref 50
2
Jan
Atlantic Lobos 011
Trust
1 106
678 11 Seaboard Air Line 5348 & 6$. 5.60 5.25 Ches Sc Po Tel of Bait_ _100 112 112 112
Jan 112
Feb
Preferred
50
112 11234
94 11034 pan 11234 Feb
Southern Pacific Co 4348.. 4.85 4.50
Gulf 011 new
25
Commercial Credit
• 2454 2434 2434
681 2434 Feb 26
Jan
Mexican Eagle 011
Equipment 7$
4
5.00 4.80
5 *33
Preferred
25 25
25
2534
405 25
8
Jan 2534 Jan
Mutual 011
4
5 *193 193 Southern Ry 4358 &
5.05 4.80
Preferred 13
25 26
194 2534 Feb 2634 Jan
2534 26
National Fuel Gas
Equipment 68
100 120 122
5.40 5.10 Consol Gas EL Sc Power.* 35
34
3534
623 32
8
Salt Creek Producers__ 10 *2412 245 Toledo & Ohio Central 68.... 5.35 5.10
Jan 3534 Feb
655% preferred
100 107
10634 107
92 10555 Jan 10734 Jan
Sapulpa Refining
Union Pacific 7s
5
5.00 4.80
7% preferred
100
11035 11035
2 1094 Jan 11034 Jan
Public Utilities
8% preferred
100
12331 12334
183 12234 Feb 12334 Jan
Amer Gas & Mee new ..G) "72
74
Tobacco Stocks
Consolidation Coal_ _100
61
62
45 60
Feb 72
Preferred
American Cigar common 100 76
Jan
50 *4412 46
78
Continental Trust
100
205 205
20 201
Jan 205
Deb 6s 2014
Preferred
Jan
M&N 9812 9712
00
100 98
Cosden Sc Co
• 3334 3234 3431 , 264 3031 Feb 3531 Feb
Amer Light & Trao com_100 147 149 Amer Machine & Fdry_ _100 16712 85
Preferred
100
10 8734 Feb 8734 Feb
8734 8735
Preferred
96 British-Amer Tobac ord. El *2612 2712
100 94
*
11435 11434
20 107
Jan 115
Amer Power & Lt common_ _ 5312 5412
Bearer
Feb
El *2612 2712 Eastern Rolling Mill
100
8% preferred
118 120
105 11231 Jan 120
Jan
Preferred
100 8712 8912 Imperial Tob of GB & Irel'd 21
2112
Fidelity & Deposit
9334 94
50
125 89
Jan 9434 Feb
Deb 68 2016
M&S 95 96 Jot Cigar Machinery_ _100 7712 85
Finance Co of Amer pref 25
2634 2635
200 2635 Jan 2634 Jan
Amer Public ULU corn.._100
80 Johnson Tin Foil dr Met_100 70
80
Finance Service Class A_10
19
44 19
19
Jan 1934 Jan
7% prior preferred__ __100 88
90
MacAndrews & Forbes_ _100 150
58
Preferred
10
35
9
9
931
Jan
4% partic pref
75
934 Feb
Preferred
04
100 72
100 101
Houston 011 pref tr ctfs.100
92
85 92
9235
Feb 97 IJan
Associated Gas & El pi__(3) 50
52 Mengel Co
39
100 37
335
Lorraine Pet Co__ lc shares
334 4
4,140
434 Feb
33-4 Feb
Secured gold 635s'54..J&J 9812 100 Porto Rican-Amer Tob_ _100 52
57
Manufacturers Finance_25 5531 5531 5535
92 55 IJan -563/ Feb
Blackstone VaIG&E corn 50 79
81
Universal Leaf Tob com_100 38
42
24
25
24
1st preferred
116 24
Feb 25
Jai?
Carolina Pow dc Lt com_100 295 305
Preferred
92
100 90
Maryland Casualty Co...25
84
84
46 84
Feb 8634 Jan
Cities Service Co com___100 204 206 Young (J S) Co
26
100 121
14134 14134
Maryland Trust
100
1 140
Jan 14134 Feb
New stock
4
Preferred
20 "4014 403
100 100 05
284 284
Mercantile Trust Co_ _ _ _50
10 284
Feb 284
Feb
Preferred
4
8
100 823 827
Merch Sc Min Tr Co...100 128
126 130
199 115
Jan 132
Feb
Preferred B
8
10 *73, 73 Rubber Stocks (Cleveland)
2134 2134
Monon Vail True pref._ _25
50 2034 Jan 2255 Jan
Preferred B-B
7812 Am Tire & Rub corn
10
100 •78
15
Mtge Sc Accept Corp__ __•
15
50 1354 Jan
15
Cities Service Bankers Shares *203 2078
8
Jan
Preferred
40
64
Mt V-Wood M pf v t r-100 64
64
50 64
Colorado Power common 100 34
Feb 68
Jan
3512 Firestone Tire & Rub corn 10 *115 120
4434 45
46 4235 Jan 45
Preferred
Feb
100 93
6% Preferred
100 98
99 4 New Amsterd'm Cas Co_10
3
50
77
77
50 7655 Jan 7734 Feb
Com'w'ith Pow Corp com(D *112 114
7% preferred
9812 Northern Central
100 98
Penns Water Sc Power_100 13135 131 13134
Preferred
72 12635 Jan 13335 Feb
82 General Tire & Rub com- 50 *235 245
100 81
1731 173-4
United Ry Sc Electric _50
780 1734 Feb 1934 Jan
Consumers Power pref.
Preferred
.100
100 100
US Fidelity & Guar_ _50 19235 19235 193
Mee Bond & Share pref-100 103 - 104 Goodyear Tire & R com_100 3014
27 179 IJan 19834 Ilan
Amami_ _50
Wash Bait Sc
634 731
Elec Ry Securities
14 Goody'r T & R of Can p1100 96
160
6
Van
854 Feb
97
()) *12
50 15
Preferred
15
15
Lehigh Power Securities-(3) 95 98 Mason Tire & Rub corn_(3) *3
85 15 Fan 1934 Jan
314
Mississippi Rlv Pow corn 100 38
40
Preferred
25
100 22
Bonds
Preferred
100 8e12 3112 Miller Rubber
100 126 140
Bait Spar P & E 4348_1953
8734 8734 $4,000 8734 Feb 8834 Feb
99
Preferred
First mtge 58 1951.._J&J 98
100 10318 104
Cent States TJtil ds
9834 9834 5,000 98
Mohawk Rubber
F g deb 7s 1935__M&N 10212
Jan 9834 Feb
100 30
Preferred
9934 9934 5,000 9934 Feb 9934 Jan
Nat Power & Lt com___(3) 193 fii
75 16" Commercial Credit 68_1934
98 Selberling Tire & Rubber (3) •20
Preferred
L000 loosi Jan 10055 Jan
10034 10035
2112 Consolidated Gas 58..1939
(3) 97
1954 9334 93
General 4 As
9334 3,000 9234 Jan 9434 Feb
Preferred
J&J 99 100
Income 78 1972
99
100 97
Consol GEL Sc P4348 1935
9634 97
9,000 9534 Jan 97
North States Pow corn._100 103 166_ Swinehart Tire & R com-100
Feb
10631 10634 5,000 10434 Jan 10631 Feb
1949
Series A 68
Preferred
Preferred
16100 97
100
10934 10934
1951
65
Series D 6348
1,000 109
Nor Texas Elec Co com_100 60
Jan 10934 Feb
9434 9431 3,000 9434 Jan 98
Consol Coal ref 4%8_ _1934
73
Sugar Stocks
100 70
Feb
Preferred
100 100
96 Caracas Sugar
se *2 4 Elkhorn Coal Corp 68_1925
13,000 9931 Jan 100
Jan
Pacific Gas & El list pref.100 95
21 Cent Aguirre Sugar com_ 20 "8212 84
Fair Sc Clarks True 58_1938
9434 9434
1,000 9434 Jan 95
Jan
Power Securities corn__ _(3) '19
1931
Fairmont Coal 5s
98
*48
51 Fajardo Sugar
98
100 129 133
3,000 98
Second preferred
Jan 9834 Jab
(3)
Macon Dub & Sav 58_1947
96 Federal Sugar Ref corn_ _100 46
81
81
51
11,000 7534 Jan 8134 Feb
Coll trust 643 1949___J&D 91
Preferred
Macon Ry & Lt 5s_ _ _ _1953 8734 8734 8734
90
100 80
1,000 8734 Feb 8734 Feb
Incomes June 1949__F&A 83 86
Mil Electric Ry 1st 58_1931
(3) *2
9634 9634
5
1,000 9634 Feb 9634 Feb
Puget Sound Pow & Lt__100 5112 5312 Godchaux Sugar, Inc
Preferred
Penna Vat Sc Pow 58_1940 10035 10034 10034 3,000 100
86
25
100 20
100 83
6% preferred
Jan 10034 Feb
Holly Sugar Corp corn_ _fl) *32
Pub Service Bldg 58_1940 10035 10034 10035 1,000 10034 Feb 10034 Feb
36
100 103 106
7% preferred
Preferred
United Ry Sc E 4s_ _ _1949
99
.
70
94
100 91
70
let & ref 53513 1949_ _J&D 98
9,000 70
Feb 7034 Jan
51 Juncos Central Sugar__ _100 75 125
Income 45
1949
5131 5134 13,000 51
.100 48
Republic Ry & Light..
Feb 5234 Jars
Funding 5s
77 National Sugar Refining_100 9612 98
1936
7134 7154
Jan
Preferred
1,000 7135 Feb 74
100 75
68
1927
95
South Calif Edison com_100 104 106 New Niquero Sugar..._100 93
9934 9934 2,000 99
Feb 9934 Jan
Santa Cecilia Sug Corp pf100
68
2
1949
5
96
9634 2,000 96
8% preferred
100 117
Jan 9634 Jan
Savannah Sugar com_ _(3) "80
Va Mid 5th series 5s_ _1926
85
100 10034
Standard G&EI 7% Pr of 100 97
1,500 9934 Jan 10034 Jan
Preferred
100 90
Wash Balt & Annan 581941
95
6534 66
Tennessee Elec Power.. (3) 5112 531
2,000 63
Jan 6635 Feb
_100 95
99
76 Sugar Estates Oriente pf.
Second preferred
(I) *74
35
Philadelphia Stock Exchange.
Western Power Corp.._100 33
-Record of transactions
8612 8712 Industrial&MIscellaneous
Preferred
100
at Philadelphia Stock Exchange, Feb. 21 to Feb. 1;27, both
97
94 American Hardware----100 95
92
West Missouri Pr 7% pfr
Babcock & Wilcox
100 13212 134
Short Term Securities
inclusive, compiled from official sales lists:
Bliss(E W)Co new
(2) *1312 15
4
Anaconda Cop Min 68'29Jdr..J 1023 10314
Preferred
50 "50
55
4
Anglo-Amer Oil 730'25A&O 10018 1003
Friday
Sates
(3) *146 147
Federal Sug Ref 68'33 _M&N 9714 98 Borden Company corn-.
Last Week's Range for
Range Since Jan. 1.
Preferred
100 105 107
4
Hocking Valley 58 1926 M&S 10012 1003
Sale
OfPrices.
Week.
100 47
Celluloid Company
50
C Term Ry 6348 '31 J&J
Stocks-.
Par. Price. LOW. High. Shares.
High.
Low.
100 94
Preferred
98
4
5348
1926 f6f3 102
5012 Alliance Insurance _ _ 10 4731 43% 4731
(3) '50
8
Lehigh Pow Sec 6s '27_F&A 10114 1013 Childs Company corn
270 3735 Jan 47% Feb
100 114 116
Preferred
Sloss-Sheff Sda 65 '25_F&A 10114 10112
Jan
Amer Rice Pr Co pref _ _100
Jan 99
97
97
60 96
100 104 107
Feb
U S Rubber 7358 1930 F&A 1.0614 1083 Hercules Powder
4
American Gas of N J__.100 195
Jan 198
149% 198
26,591 135
100 106 108
Preferred
Feb
Joint Stk Land Bk Bonds
American Stores
• 4931 48% 50
15,165 4531 Jan 50
103 International Silver pref-100 107 110
Chic Jt Stk Ld Bk 58_1951 102
Baldwin Locomotive pf 100
11434 11435
10 11434 Feb 11434 Feb
84
10214 10314 Lehigh Valley Coal Sales 50 *82
Jan
58 1952 opt 1932
Bell Tel Co of Pa pref
Jan 109
10834 10834
39 108
100 117 120
10212 10312 Phelps Dodge Corp
Jan
5i3 1963 opt 1933
Brill(J G) Co
Feb 109
100 104
40 100
100
Baking Pow com-100 148 151
10412 10514 Royal
Feb.
5358 1951 opt 1931
Jan 100
Preferred
100
99
99
7 96
100 100 101
Preferred
8
Jan
10114 1023
431s 1952 opt 1932
Cambria Iron
50 3935 39% 40
76 39% Jan 40
100 209 212
Jan
435s 1952 opt 1932
8
993 1003 Singer Manufacturing
4
Feb 55
Cramp(Wm)Sc Sons _100
10 52
52
52
10112 10212
434s 1963 opt 1933
Feb 2655 Feb
East Shore G Sc E8% p1_25 2635 25
75 25
2634
Pan Coast of Portland, Ore..
Jan 4155 Jan
Eisenlohr (Otto)
105 36
37
36
100
58 1954 opt 1934
J&J 102 103
Feb 85% Feb
135 85
85%
Preferred
85
100 85
Jan
Jan 247
Fire Association
246 247
150 227
50
Jan
52 17% Jan 21
1931
19
Giant Portland Cement_50
*Per share. :No par value. b Basis d Purchaser also pays waned divIdenp
40 46 Jan 4955 Feb
Preferred
4935
50 49% 49
1New stock. f Flat price. It Last sale. n Nomnal. x Ex-dlv1dend. V Ex-rlabta
'No par value.
oRi-stock dividend.
Sale pries. r Canadian' Quotation.
FEB. 28 1925.]
THE CHRONICLE
Friday
awes
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High, Shares.
Insurance Co of N A_ _ _ _10
Warrants
Keystone Telephone_ _50
Keystone Watch Case_ _100
Lake Superior Corp_ _100
Lehigh Navigation_ _ _ 50
Lehigh Valley
50
10
Lit Brothers
Minehill & Schuyl Hay_ _50
50
Northern Central
Penn Cent Light & Pow. *
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50
Philadelphia Co(Pitts)
Preferred (cumul6%)
-50
Phila.& Reading C & I___*
25
PhIla Electric of Pa
25
Preferred
plias Rapid Transit__ ..50
Philadelphia Traction_ _ _50
50
Phlia & Western
Preferred
50
50
Reading Traction
Scott Paper Co, pref._ _100
Tono-Belmont Devel__ _1
1
Tonopah Milling
50 •
Union Traction
United Gas Impt
50
Preferred
50
Warwick Iron & Stee1-10
50
Westmoreland Coal
York Railways pref
50
2,427
8,635
100
190
151
1,130
356
310
95
50
56
2,861
55
46/4
3414
6
65
7
4%
87
7434
22M
51
7694
60
47
80
Feb 70
Feb 4034
Jan
7
Jan 66
Jan
734
Feb 100
Jan 81
Feb' 2334
Jan 5294
Feb 77
Jan 64
Feb 4834
Feb 8514
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
4614
142
4835
15
4534 44,942
45
1,896
45
8,215
394
6234
1634
417
42
3614
200
2634
10
9714
14 2,350
134
375
42% 3,37
95
32,433
30
5734
125
794
73
5314
25
36
4534
47%
4034
40
40
62
15%
3514
24
96
14
1%
39%
8634
57
714
52
3534
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
46%
52
7
454
45
45
6334
1834
36%
2614
9714
14
214
42M
95
58
7%
57
36M
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jar
Jar
Jan
Jan
88
9114 8,200
150 19714 308,500
101 101
5,000
6414 6334 64)4 25,500
1024 10234 5,000
55
55
2,000
8414 8414 86
9,000
98
98
1,000
78
78
1,000
9434 95
3,000
9934 9934 9934 20,000
101
10094 101M 21,200
10434 105
14,000
105 105% 12,000
107
107 107
10,000
104
104 104
2,000
67 67
8,000
100 100
2,000
88
136
101
60
100
5034
8234
96
75
9334
9914
100)4
1034
104%
106
104
63
100
nn
Feb 92%
Jan 197M
Jan 10134
Feb 6434
Jan 10214
Jan 56
Jan 85
Jan 9834
Jan 7834
Jan 95
Feb100
Jan 102
Jan 105
Feb 106
Jan 107
Feb 104
Jan 67
Jan 100
Jar
Feb
Feb
Feb
Feb
Jar
Feb
Jar
Fe)
Fe)
Fe)
Jar
Fe)
Jai
Fe)
Fel
Fel
Sal
52
3814
4914
37
634
65
65
514
9114 90
7714
2234
52
52
77
64
6394
47
8234 82/4
4434
44
4434
6234
3614
42
9434
5734
46
4835
4134
41
42
6234
16
3514
2614
9714
%
134
4
034
8834
57%
7M
52
36
5394
4014
6%
65
6
92
78M
23
5214
77
64
4734
83
195
05
Cid
as
0 nnn
T.
nA
.c.
,
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Feb. 21 to Feb. 27, both inclusive,
compiled from official sales lists:
All American Radio
5
Amer Pub Serv pref _100
.
American Shipbuilding_100
Armour ,Sr Co "A"
2714
88
1
137%
914
64
10634
2%
91
1154
33
2714
107%
15
334
2
894
11334
1534
4894
64%
2
42
9034
55
8
2
4034
88
94
10094
40
54
95
1694
2134
6994
115
70
3035
High.
3014 3314 4,025 2834 Feb 3614 Feb
Jan
Jan 91
55 90
90
90
Jan
Feb 60
115 50
50
51
Feb
Feb 24
23
2334 10,237 23
Feb
Feb 15
14M
1,370 14
14
874 91M Feb 9615 Feb
9314 9454
Feb
Jan 94
92
3,530 86
90
190
4% 5
3% Jan
5% Jan
60 5034 Feb 5134 Jan
50)4 5114
Jan
Jan 100
50 95
100 100
Jan
7
Feb
5
5
7
330
Feb 394 Jan
435 31
3714
37
Jan
2934 31
455 29% Feb 36
27
2714 1,425 25% Feb 2814 Feb
Feb
Jan 88
419 84
8634 88
Feb
Feb 90
250 89
89
90
935 Jan
Jan
4
54 634 1.575
Jan 3214 Jan
29% 30
150 29
1% Jan
Feb
1
212
1
194
Jan
137 13714
525 13434 Jan 139
24 Jan
% Jan
450
214
2
35
Jan 4914 Jan
36
75 35
8% 934 3,550
814 Jan 1034 Jan
Jan
62
Feb 70
64
554 62
106 107
Jan 108% Feb
5,300 79
735 Jan
235 3
235 Feb
1,325
91
Jan 9134 Feb
91M
80 83
11514 11734
Feb
55 11594 Feb 120
32
Feb 3714 Jan
34
3,850 28
2634 28
1,950 2634 Feb 3034 Jan
10434 108% 1,822 10434 Feb 10834 Feb
15
Jan 16
Jan
300 15
1534
4
Jan
6
6
6
Feb
100
Jan
3% 314
425
3
334 Feb
28
Feb
545 2614 Jan 30
29
10234 114
Feb
2,855 94% Jan 114
7414 7434
Jan 7414 Feb
10 68
1535 1634 4,370 14% Feb 1994 Jan
4834 50
Feb 56
Jan
799 47
122 124
415 11694 Jan 12934 Jan
89
90
Feb
50 85
Jan 90
6414 65
240 6434 Feb 70
Jan
2
244 2,065
3
Jan
2
Feb
40
42M
Jan
650 40
Jan 48
9094 9234
45 8534 Jan 9214 Feb
4694 5514 18.900 3534 Jan 5594 Feb
7% 834 1,112
714 Feb
914 Jan
2
214 1,225
1% Feb
294 Feb
614 614
25
6
Jan
634 Feb
100 100
160 100
Feb 1054 Feb
4014 4
600 40
Jan 42
034
Feb
60 1414 Feb 1734 Jan
1434 144
8734 9034 2,700 8234 Feb 90M Feb
94
380 9134 Jan 9434 Jan
9434
10094 10294 1.255 98
Jan
Jan 103
40
38
7,240 3214 Jan 40
Jan
4534 46
180 45
Feb 47
Feb
120 120
65 120
Feb 124
Jan
5
554 1,820
434 Jan
634 Jan
2794 2714
50 27
Jan 29
Jan
106 106
10 106
Feb 107
Jan
70 93
93
95
Feb 95
Feb
93
120 90
9434
Jan 9594 Feb
1,60
1694 1614
15% Feb 1714 Jan
2,300
1
M
31 Jan
194 Jan
220 2114 Jan 2334 Jan
2134 2134
69
7214 4,400 64
Jan 74
Jan
11434 115
193 10735 Jan 116
Feb
95 108
115 11535
Jan 11534 Feb
50 92
9435 9435
Jan 9494 Jan
63 1043.4 Jan 106
105/4 106
Jan
100 350
365 365
Jan 370
Feb
105 10214 Jan 105
104 105
Feb
70
7234 4.700 59
Jan 7534 Feb
550 179.4 Jan 1834 Feb
1894 1834
635 3035 Feb 33
3035 3194
Jan
4694
86
453.4
50
112
24
22%
114
4835
11735
935
9
4935
35
51M
4735
86
4635
52
120
24
2314
114
5034
11734
10
9
50
3894
52
8134
5735 5434
'
4134
10014
93
83
83
OR
OR
640 46
275 83
1,170 42
2,675 45
2,060 112
60 24
1,720 15
15 11334
4,625 46
50 11634
1,000
534
25
6
2,230 4635
1,870 3234
5,435 4934
High.
Jan
Jan 46
Jan 5374 Feb
Feb 7744 Jan
Jan 12054 Feb
Jan
Feb 36
Jan 47
Jan
Jan 73g Feb
Jan
5
Feb
Jan 51
Jan 8634
Jan 47
Jan 53
Feb 3135
Feb 26
Jan 2314
Jan 115
Feb 5535
Jan 123
Jan 30%
Jan 10
Jan 5234
Feb 43
Feb 5535
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
$2,000 8034 Feb 83
Jan
82
5734 24,000 5435 Feb 5834 Jan
Jan
Jan 44
4114 2,000 40
10034 2,000 10034 Jan 100% Jan
2,000 9135 Jan 9335 Feb
93
Jan 8414 Feb
8434 3,000 80
Jan 9834 Jan
QS ii 3.000 98
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange Feb. 21 to Feb. 27, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. price. Low. High. Shares.
Range Since Jan. 1.
Bonds
}Pittsburgh Brew 68_1940
90
-See(I) bel ow
tWest Penn Trac 5s
90
$9,000
High.
Low.
50 87
Am Vitrified Prod pref._50
8735 8735
Am Wind Glass Mach_ _100
50 88
9734 98
10 95
Preferred
100
100 100
Am Wind Glass Co p1.100
25 11314
115 115
7
Arkansas Nat Gas com_ _10
534
634 794 1,450
4
Carnegie Lead & Zinc_ _ _ _ 5
10,915
734
634 8
tColonial Trust Co_ - _ _100
100 190
199 199
Commonwealth Trust_ _100
5 200
210 210
Duquesne Li. pref7% _ _100
100 10534
106 10635
Federated Metals
660 36
3735 40
• 39
tFidelity Title & Trust_100
10 390
390 390
Barb-Walk Refrac corn 100
25 140
140 140
Indep Brewing pref
4
44
200
4
50
210 1113.4
Jones-Laughlin pref.._ _100
11294 113
545 32
Lone Star Gas
3814 3911
25 39
Merchants Savings& Trus t Co- See (1) below
310 1134
Nat Fireproofing corn_ .50
1414 1434
Preferred
160 3134
50 3414 3414 34%
3,058 32
Ohio Fuel Corp
25 33% 33% 34
585 1334
Ohio Fuel 011
1534 16
1
511 26
Oklahoma Natural Gas_ _25 2914 29
30
20
2
Pittsburgh Brew com_ __50
2
2
6c
7c 6,000
70
Pittsb & Mt Shasta Cop_ _1
70
7%
8
814
300
Pittsburgh Oil & Gas_ _5
8
715 257
Pittsburgh Plate Glass.100 288
284 288
38
425 3714
Rich & Boyn part pref__
3894
255
714 734
Salt Creek Con 011
714
10
73.4
40
7c
Sc 3,200
San Toy Mining
Sc
1
10 9414
9414 9414
Stand Plate Glass pr pref_
10 74
74
74
16
Preferred
367 102
Stand Sanitary Mfg com 25 106
10414 10614
84
150
10
Tidal Osage Oil
1134 13
96 17
1735 1734
25 1714
U S Glass
275 10335
West'house Air Brake__ _50 10834 10535 10835
88
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Fe
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Fe
Jan
Jan
Jan
Fe
Fe
Fe
Fe
Fe
Fe
Jan
Jan
Fe
Jan
N
6
Low.
4334
390 4014
5314
445 50
13,300 6814
72
2.835 114
117
3134 1,790 30.11
135 45
47
7034 6,090 6614
334
534 4,100
.,
Armour & Co.(Del.)pref100
Armour & Co pref
100
Armour Leather
15
Balaban & Katz v t c__ _25
Preferred
100
Beaver Board v t 0"B" •
Pref certificates
100
Bendix Corp
10
Borg & Beck
*
Central 111 Pub Ser pref _0
-•
Cent Ind Pow Co pref_ _100
Chic City & C RY pt sh pf•
Chicago Fuse Mfg Co_ _ _ _•
Chicago Rye pt ctf ser 2...
Commonwealth Edison_100
Consumers Co common_20
Preferred
100
Continental Motors
•
Crane Co common
25
Cudahy Pack Co com_100
Dan Boone Wool Mills_ -25
Deere & Co pref
100
Diamond Match
100
Elec Research Lab
•
Evans & Co Inc el" _ _5
A"
Fair Corp(The) pref __ _100
Foote Bros(GM)Co._ _.•
•
Gill Mfg Co
Godchaux Sugar com.....
*
Gossard (H W) corn
Great Lakes D & D.._ _100
Hib Spenc Bartlett& Co_25
10
Hupp Motor
•
Hurley Machine Co
100
Illinois Brick
Illinois Nor Utils pref_ _100
Indep Pneumatic Tool._ _•
.
Internet Lamp Corp_ _ _ 25
.
Kellogg Switchboard _ _ _25
Kentucky Hydro-Elec_100
25
Kraft Cheese
Libby, McN & L, new _10
10
Lindsay Light
10
Preferred
Lyon & Healy, Inc, PL 100
McCord Rad Mfg "A"...•
•
McQuay-Norris Mfg
.
Mid West Utilities corn. 0
100
Preferred
Prior lien preferred_ _100
Midland Steel Products_.•
Morgan Lithograph
Nat Carbon pref (new)..100
10
National Leather
•
Nor American Car Co_
Northern States Power_100
Northw URI Dr lien pf.100
Omnibus pref"A" w 1_ _100
Vot trust °Us w 1 a_ _ __*
PhIlipsborn's Inc tr ctf __1
10
Pick (Albert) dr Co
.
Pines Winterfront"A"_ _5
Pub Serv of Nor Ill com__•
Pub Serv of Nor III com 100
100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
Real Silk Hosiery Mills. _10
10
Reo Motor
Ryan Car Co (The)_ _ _ _25
•No par value.
33
90
50
2335
14
94
9015
Range Since Jan. 1.
Bonds
Chicago City Rys 5s_ _1927
Chic City & Con Rys 5s'27
Chicago Rys 58 ser "B"_'27
Commonw Edison 58._1943
Cudahy Pack 1st Mg 58'46
Northwestern Elev'd 5s'41
Swift & en tat a t Er an 1044
Low.
4234
53
6914
11534
3034
47
69
4
40,P44,
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Standard Gas& Elec Co_ _• 43%
Preferred
50 5214
Stewart
-Warner Speed cm• 69%
Swift dr Co
100 116
Swift International
15 3114
Thompson,J R,com_ _25
Union Carbide dr Carbon_• 6914
United Iron Works v 10_50
434
United Light & Power
Common "A" w I a_
• 47%
Preferred "A" w 1 a_ _ _ _• 86
Preferred "B" w I a_• 4635
Universal Theatre Co_ _ _ _5 51
U S Gypsum
20 115
Utilities Pr & Lt Co "A",'
Wahl Co
•
Ward, Montgomery pfd100
Common
10 49
Class "A"
•
Wolff Mfg Corp
• 10
Certificates
9
Wrigley, Jr. coin
• 4934
Yellow Cab Mfg,ci "B"_10 3534
Yellow Cab Co Inc (Chic)
'52
Range Since Jan. 1.
NWW..;144,4,144.0-0,44
1 027
High.
2.2.25tittlgtig52 252.22N2t2t2ilttNtNN
44.44.,NWG.44.+4....s
Vnplr Rya 1 at Act
Low.
.X
XXX XX.X
=
X
X
8
OMP4WW001-..0CMMC .V4VO.NOW400WVOMMOM
MV.
0.0V.0.V .,P .MM.M
CONC.
.
.
N
.. N N. m. .
Bonds
Amer Gas& Elec 53-2007
Amer Gas of N J 7s_ _1928
BellTel 1st 59
1948
Elec & Peoples tr ctfs 4s'45
General Asphalt 68_ _ _1939
Inter-State Rye coil 4s 1943
Keystone Tel 1st 5s_ _ _1935
Leh C & Nay eons 4145'54
New Jersey Traction 58--_
Phila Co cons 58
1951
Phila Elec 58 w 1
1960
1966
1st 58
1947
534s
1953
5148
(is
1941
Phila & Read Term 58-1941
United Rye g tr ctfs 45 1949
United Ry Invest 5&.1926
Range Since Jan. 1.
1077
rriaay
zares
Last Week's Range for
Week.
Sate
ofPrices.
Stocks (Concluded) Par. Price. Low. High Shares.
tSold last week and not reported: Colonial Trust Co., 10(4)200; Fidelity Title
A, Trust Co., 10(5390; Merchants Savings & Trust, 18(565; Pittsburgh Brewing
65, 510,000(590: West Penn Trust 5s, 51,000(588.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange Feb. 21 to Feb. 27, both inclusive, compiled from official sales lists:
Stocks-
Friaay
bates
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Boatmen's Bank
100 143
First National Bank_ _100
Nat Bank of Commerce 100
Mercantile Trust
100 398
St Louis Union Trust..100
United Rys common.. -100
Preferred
7
100
Preferred C D
6%
•
Best Clymer Co
Certain
-teed Prod 1st pf 100
2d preferred
100
Chicago Ry Equip pref_ _25 2694
Emerson Electric pref_100
Fulton Iron Wks pref_ _100
Hamilton-Brown Shoe_ _25 47
Hydraulic PressBrickpf100 85
Common
100
7
Internet Shoe common_ •
100
Preferred
Mo Portland Cement_ _ _25
National Candy cam_ _100
2d preferred
100
Rice-Stix Dry Gds 20 pf 100 103
Scruggs
-V-B D G com_100
Bouthw Bell Tel pref_ _100
• 39
Wagner Electric corn
Preferred
100 8534
Boyd Welch Scorn
• 4314
Pedigo Weber*
• 42 •
Securities Inv corn
F Medart
common* 3335
Huttig S & 13 Co corn
100
Preferred
Bonds
Alt Granite & St L Tr 58'44
East St L & Sub Co 58_1932
St L & Sub Ry gen M .5a'23
United Railways 4s_ _ _1934
4s C D
St L & Sub C D
•
Berry Mfrs
•
810181111111 ref
enllen Iran nrat
100
143 144
210 210
149 149
398 398
290 290
200 200
7
7
6M
7
44
44
9034 9134
82
82
2634 2634
9935 9934
101 101
47
473.4
85 10514
7
734
11754 11834
11934 120
42
14
3814
98
103 103
103 103
110 110
10834 109
41
36
87
84
43/4 44
4134 42%
42
42
32% 3214
3335
33
10014 101
6434
8535
82
723.4
71
82
2334 2314
4114 41
102
6434
•
7
43
25
1
15
200
41
210
25
120
35
360
15
15
215
666
305
424
61
295
125
85
85
9
76
1,397
128
110
35
30
28
260
15
Range Since Jan. 1.
Low.
6434 $5,000 6434
8535 1,000 8594
5.000 82
82
2,000 7214
_-_
7134 15.000 71
2,000 82
82
44 2394
24
45
2,074 19
10294
120 102
High.
147
210
15014
400
290
250
7M
7
46
9135
82
2634
101
101
4914
95
835
11814
12034
48
107
103
103
110
109)4
50
91
44
4415
45
3434
40
102
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Van
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Pan
Feb
Feb
Feb
Feb
Jar
Pet
Feb
Fet
Feb 6735
Feb 86
Feb 84
Feb. 74
Feb 7314
Feb 8334
Feb 34
Feb 45
Feb 102if
Pet
Feb
Jul]
Jar
Jar
Jar
Fe)
Fe)
Psi
Jan
143
Jan
205
14214 Jan
Jan
398
Jan
256
8c Feb
4%Fan
an
414
Feb
44
an
87
77 IfJan
Jan
26
Jan
96
Jan
100
Feb
47
1.Tan
81
6 1Jan
Feb
115
11914 Feb
4114 Feb
Feb
98
Jan
101
10134 'Jan
Feb
104
10714 Jan
2614 Jan
Feb
85
4334 Feb
4114 Feb
Feb
42
Feb
32
Feb
33
10094 Feb
1078
THE CHRONICLE
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from Feb. 21 to
Feb. 27, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week Ended Feb. 27.
Stocks—
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. moll. Shares.
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Adirondack P & L. cum _100 37% 35
3754
1,600 33
Feb 3714
7% preferred
99% 100
100
70 90
Jan 100
Allied Packers.corn
8
600
935 931
Jan
10
Prior preferred
100 64
64
64
100 57
Jan 67
Amer Gas & Electric
•
Common (ex stock dig)
7414 2,400 6835 Feb 82%
.• 7234 72
Preferred
50
45
45
100 45
Jan 48%
Amer Hawaiian SS
10 10
9% 10
93( Feb 13%
500
Amer Lt & Trio,corn_.100 147% 14734 14954
1,150 137
Jan 153
Preferred
100
05
9514
350 94
Jan 96
Warrants
25
25
25
8 16
Jan 40
Amer Pow & Lt tom new.
54% 54
5831 14.400 48% Feb 6731
Preferred
100 88
88
89
250 87
Jan 89
Am Sr perpow Corp,CIA.' 3035 30% 31
500 20% Feb 38
Class B
• 31
31% 1,100 29% Feb 3614
31
411,
American Thread pref
5
Ors 4%
1,400
3% Jan
43-4
A pco Mfg class A
25
2634
25
700 2454 Jan 26%
Appalachian Pow,aom_100 76% 7614 7614
50 73
Feb 83
Arizona Power corn__ _100
2431
22
900 17% Jan 24%
Armour & Co (Ills) eomA25 23% 23
2331 37,300 23
Feb 24
Common,class B
25 14
1431
14
5,800 14
Feb 15
Preferred
100
9054 92
210 87
Jan 94%
Assoc G & E Class A
2634 27
2635
1.000 26
Jan 27
Atlantic Fruit & Sug___-• 90c
86c 97e
1,100 800 Jan
1
Boissonnault(0) Co
234
234 6,900 131
2
Jan
314
Borden Co common. :1110 146% 145 147%
720 133
Jan 149%
Botany Cons Mills CI A 50 46
45% 4614 3.800 45% Feb 4031
Brit
-Am 'rob ord bear_ _ El 27% 27
2715
1.600 2534 Jan
2714
Ordinary registered. El
2631 2734
1.200 21% Feb 27%
Brooklyn City RR
835 9
834
1,000
8
Jan
93.6
Brown & Will Tob el B _10
10
10
100 10
Jan 10
104 105
Burroughs Add M 0(1.100 10.5
270 103
Jan 105%
111 111
Campbell Soup pref _ _ _100 111
190 110% Jan 111
Car Ltg & Power. corn_ _ 25
334 17,100
311
334
1% Jan
314
Celluloid Co corn
100
4731 4731
30 39
Jan 5011
55e 55c
Cent Teresa Sugar corn..10
200 550 Feb 61c
Centrifugal Cast Iron Pipe. 1934
19
20
1,700 18% Feb 2734
Chapin-Sacits Inc-' 19
15
19
12,200 16% Jan
19
Chatterton & Son
0
12
1231
400 12
Feb 1311
Checker Cab Mfg cl
_* 2354
193-4 2315 1,600 19% Feb 24%
A_Chicago Nipple Mfg el A50
3214 3214
100 30% Jan 33%
50
Class 13
1554 15%
100 14
Jan
1615
Childs Co new stock
• z5.5% 47 x5511 31,800 40% Jae 7553-4
Preferred new
110
117 117
10 11334 Jan 117
Cities Service, corn_ _ _ lr
203 209
204
2.250 17654 Jan 212
New when Issued___ _.20 4054 40
42
5.200 38% Jan 43
Preferred
100 8231 82
8211
1.350 80% Jan 8211
Stock scrip
208 208
94.000 125
Jan 215
Cash scrip
9954 9915 58.000 95
Jan 100
Bankers' shares
• 20% 2051 2031 2.300 1734 Jan
2134
Cleve Automobile. corn..• 20
21
20
3,100 1934 Feb 21
Colombian Syndicate
134
1% 2% 85,600 60c
Jan
211
Com•wealth Pow Corp. • 11231 11231 116
575 10414 Feb 126%
Preferred
1110 81% 81% 81%
475 79% Jan 82
Warranti
30
30
50 25% Feb 50
Cons Gas,E L&P Bait new• 34% 34
35% 18.200 3154 Jan 3534
Continental Baking,comA• 12231 11815 12214 12,600 108
Jan 122%
Common B
• 2731 2434 28% 155,600 21% Jan 28%
8% preferr-s1
1110 95% 94
95% 4,900 91% Jan 9534
Continenial Tobacco•
22
23
Feb 26%
700 22
Cuba Company
• 38% 3635 3831 1,800 3634 Feb 30%
Cuban Tobacco v t c
10
10
1.100
10
631 Jar
114
Cudahy Packing
100
106 106
100 80
Jan 0834
earths Aero&I31. new corn• 1431
1415 1434
900 13
Feb
it)
Preferred
100
81
81
100 57
Jan 66
De Forest Radio Corp....• 2731 2734 2931 6,000 26% Jan 31
Del Lack & West Coal.
.50 129
12815 130
4f0 1211% Jar, 130
Doehler Die-Casting
• 1734
17
1731 2.500 1634 Jan 2031
DubillerCondsr& Rid new' 28
25
27
8,600 25
Feb 35%
Dunhill International_
•
2931 30
1,100 2854 Jan 31
Duplex Cond & Rad v to.'
8%
+514 1011
900
8% Feb
17
Du Pont Motors. lac__ _.• 000
90c 99c
680
90c Feb
1%
Durant Motors. Inc
• 17
17
18
3.800 15
Feb 21
Duz & Co. Inc. Class A..* 29%
2951 3131
400 26
Jan 33
Elec BOW & Share.pref 1041 10231 102% 103%
510 102
Jan 10331
Eke Invest without warts* 44
42
44
2.200 40
Jan 48%
• 14
Elec Ry Securities
14
14
200 13
Feb 15%
Federated Metals Corp_ _ • 4031 3634 41
5.400 36
Jan 41
Film Inspection Machine.•
9
9
1.200
631 Jan
1134
Firestone Tire dr R.com _10
120 120
100 98
Jan 120
100
7% preferred
9734 97%
10 97% Feb 97%
516 524
Ford Motor Co of Can _ 100 516
110 491
Jan 524
Freed-Eisemann Radio_ .
• 16
16
19% 6.600 16
Feb 33%
• 21
2014 2214 6.000 2014 Feb 28
Freshman (Chat!) Co
•
731
1,500
Gam' Corp
73' 9
6% Feb 17%
Gen't Outdoor Adver'g Inc
22
24
Common v t c w 1_ _• 24
1,200 22
Feb 24
• 4614 4634 46% 1,700 4614 Feb 46%
Class A w
66% 2,300 5734 Jan 67%
Gillette Safety Razor.. • 66% 88
• 130
130 134
2.700 117
Glen Alden Coal
Feb 13514
30% 32% 8,600 2434 Jan 31%
Goodyear Tire & R.com100 31
3,100 15% Feb 1711
17
°minim Bakeries to....' 1634 16
100 75e
1%
Jan
134
Griffith(D W)cl A
•
135
Grimes(D)Ra & Cam flee' 1534 15% 1634 1,700 1534 Feb 19%
431 5
200
431
354 Jan
Hall Switch & Sig com.100
534
611 Jan
Happiness Candy St el A _•
634 731 3,300
711
731
16,800 30% Feb 5131
Hazeltine Corp
• 31% 30% 38
2
1,100
2
2
Jan
231
Hayden Chemical
a
•
20 6451 Feb 6415
6434 64%
Ida (Geo P) & Co pref.100
1,200 21
Jan 22%
2131 2231
Imperial 'rob of (it B & I. 22%
600
Intercontinental Rubb.100
531 Jan
531 5%
554
634
4134 42% 2.300 37% Jan 4334
42
Inter Match non-vol pf _—
200 45% Jan 4611
Internet Utilities, Class A.
4634
4834 46
Feb
12
Class B
17
11% 12% 1,400 10
4
400
Feb 14
Inter-Ocean Radio Corp..'
4
434
314 Feb
Jones(Jos W)Radio 51fg.•
334 431 2,500
9
314
17,300 18% Feb 27
20
27
Kelvinator Corp
• 27
Jan
Keystone Solet her
134 90c
10
154
134 6,400 49c
Landover Holding Corp A 1
100
855 Jan
955 9%
934
300 9035 Feb 91
Lehigh Coal & Nay
50 9035 9034 9034
Feb 117
Lehigh Power Securities..' 97
900 82
97
9934
Jan 87
Lehigh Valley Coal Sales 50
400 81
8331
82
Leh Vail Coal ctfe sew _
4534 4414 4631 14,200 4331 Feb 5034
Libby McNeil & Libby...16
300
734 Feb
931
7% 8%
734 Jan
6.600
Liberty Radio Ch Stores..•
9
9
8
834
914 Feb
Marconi Wirel Tel of hood
100
10
9% 9%
McCrory Stores warrants..
46% 4634
100 46% Feb 55
Mengel Co
Jan 4311
230 30
39
37
100 37
Mesabi Iron Co
434
3% Feb
300
334 334
Middle West Utilities corn• 8754 8754 9015 4,550 8134 Feb 90%
Prior lien stock
10234 10234
100
60 9834 Jan 103
Midvale Co
Jan 28%
24
24
200 24
Feb 66%
Moore Drop Forging el A.• 66
66
600 66
6834
Motor Products Corp._ __• 95
Feb 110
95
235 94
94
Motor Wheel Corp new WI' 15% 1534 1534
1,900 15% Feb 16
Murray Body Corp w I..'
Feb 4831
42
4235
700 41
'No par value.
[VoL. 120.
Yriauy
OW.
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
of Prices.
Week.
(Concluded).
Par, Price. Low. High. Shares.
Music Master Corp w 1....• 1534
Nat Distillers Producers_ •
National Leather
10
Nat Power & Light, corn.' 194%
National Tea
• 236
New Corp when issued—
(El Bond & Sh Hold Co) 62%
New Mex & Ariz Land...1
9%
N YTetep614% pref _100 113%
Nickel Plate corn, new, w I. 89
Preferred, new, w I
86%
No State Pr Corp com_100
Preferred
96
Nor States Pow Del waents
Omnibus Corp v t C• 1631
Series A preferred...i00
Oppenhelm, Collins & Co.'
Paige-Detroit Mot Car_ _10
Pathe Exchange Inc cl A_•
Power Corp of N Y. corn_• 36%
Power Securities corn_
•
Pratt & Lambert. Inc_
•
ero-phy-lac-tic Br, com_ •
Pyreno Manufacturing. _10 11%
Reid Ice Cream Corp cora • 37
Preferred
flea Motor Car
1(1 1814
Repetti. Inc
5 51c
Rosenb'm Grain Corp pf 50 4931
Rove Radio Corn tr ctfs • 12
Seagrave Corp. corn
• 14%
Shattuck (Frank G) corn.' 35
Singer Menufacturing_ _100 206
Sleeper Radio v t c
•
815
Sou Celli Edison corn...100
pref se" B
100
Southern Coal & Iron.....
7o
S•eastern Pr & Lt corn..' 54%
Spear & Co when Issued _.• 27%
Standard Motor Constr 10
Stand Publishing CI A..25 27
Stutz Motor Car
•
734
Swift & Co
100
Swift International
10 31%
Tenn Elec Power, corn...'
Second preferred
•
Thermiodyne Radio
• 15
Thompson(RE)Radio vtc• 1231
Tob Prod Export Corp ' 4
Tower Mfg Corp
5 14%
Tulip Cup Corp. corn_..• 15
UTII0I1 Carbide & Carbon.'
6931
United G& E corn new._10 30%
United Gas Impr corn_ _50 93
United Lt & Pow corn A • 47
United Profit sharing ...1
8%
United Shoe Mach'y com25
US Gypsum, corn
20
US Lt & Ht Corp, com.10
Preferred
234
10
Universal Pictures
Utilities Pr & Lt el A ._.
24%
Victor Talking Machine100 92
• 21%
Ware Radio Corp_ ......
Warner Bros Pictures.. _ _*
CI A when. as & it iss_10 16
Western Pr Corp, com_100 3315
ino 87
Preferred
White Rock Min Spas corn' 17%
Vat tr ctts for corn stock. 16%
Wirkwire-Spencer St eom _5
534
1631
Yellow Taxi Corp N
Rights—
Western Power
15
31
5
193
236
1531
3234
511
205
240
Range Since Jan. I.
Low.
High.
4.100 1351 Feb 2135 "'Jan
700 1651 Jan 3914 Feb
4% Jan
800
634,1Jan
1,160 18414 Feb 240
Jan
80 230
Jan 247
Jan
18,900 5634 Feb 9134 Jan
61% 66
931 931 4,300
651 Jan 1134 Feb
113 11334
125 11035 Jan 114
Feb
87
Jan 9015 Feb
90% 18.200 84
86
8735 5,200 84% Jan 8734 Jan
108 106
10 102% Jan 107
Feb
96
90
20 94% Feb 99
Feb
6
6
1
Feb
9 I Jan
6
16
16% 1,500 15% Jan 17% Jan
92
Jan 96
93%
200 90
Feb
42
42%
Feb 46
300 42
Feb
16% 1854 6,000 1654 Feb 19
Jan
43
43
Feb 49% Jan
50 43
3:514 3834
1,700 3334 Jan 38
Feb
20
20
Jan 26
100 16
Jan
40% 41
Feb 43
300 40
Jan
40
40
100 40
Feb 44
rJan
11% 113( 1.700 10% Jan
1131 Feb
3654 37% 1,100 35
Jan 43
Jan
945( 95%
200 94% Feb 101
Feb
185( 1814
1,200 17% Jan
1835 Jan
51c Sic
Jan 52e
100 51c
Jan
48% 4934
400 47% Feb 4034 Feb
1154 1234 1,800 1034 Jan
1411 Jan
14% 1434 1,900 14% Jan 14% Jan
3435 3514 3,000 3134 Jan 35% Jan
205 210
120 19234 Jan 20731 Feb
7% 11% 3.600 11
Feb
19% Jan
10454 105
560 101% Jan 1(15
Feb
90
92
Jan 92
190 88
Feb
7e 54.000
60
6e
Jan
Jan
10e
5415 5414
300 5235 Feb 66
Jan
27% 2811
1.700 2735 Feb 283( Feb
4% 4%
1,400
33 Jan
,
1
4% Feb
2631 2731 2.100 26
Jan 2731 Feb
8
7
1,200
634 Jan
10
Jan
115% 11614
160 114
Jan 120
Feb
31
31%
900 30% Feb 3551 Jan
52% 5314
500 48% Feb 60% Jan
75
75%
275 73
Jan 76-1 Feb
1434 15% 6,400 13
Feb 2211 Jan
12
1354 2,300 10
Feb 25
Jan
434
4
500
Jan
555 Jan
1431 17% 2.500 1431 Feb 2414 Jan
15
15
2.300 14% Feb 153( Feb
6954 7034 4,200 onq Jan 7334 Feb
3014 31
500 25
Feb 313
Jan
90% 93
200 90% Feb 93
Feb
4654 47
1,000 4614 Feb 50% Jan
834 934 12,900
5% Jan
9% Feb
4331 433(
100 42% Jan 45% Jan
116 117
20 115
Feb 125
Feb
1% 1%
1.100 75e
Jan
14 Jan
2%
2
900
Jan
2% Jan
27
27
300 27
Jan 2814 Feb
24
24% 2,200 23% Feb 25% Jan
92
99%
90 90
Feb 105
Jan
2134 2431
700 2134 Feb 40% Jan
15
1634 6.000 14
Feb 1614 Feb
15% 1634 5,100 15% Feb 16% Feb
3315 31%
700 33% Feb 3851 Jan
87
87
210 8514 Jan 8735 Jan
16% 17
Feb 1714 Jan
900 18
1634 1634
900 16
Jan 17% Jan
4
531 48,000
334 Feb
734 Jan
16
17
Feb 22
700 18
Jan
100
150
3,000
100
Feb
30e
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
20%
239
72
6434
3155
150
96
6814
105
113
47%
154%
333(
84
159
2535
79
88
7511
44
6514
126
254
197
103
84
70
46
12414
270
4854
389
120
27
9611
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Former Standard 011
Subsidiaries
Anglo-American 011_
El
1954
Borne Scrymser Co_ _ _ _100 21235
50 6635
Buckeye Pipe Line
Chesebrough Mfg new 25
Continental Olt view L._
2751
Cumberland Pipe Line 100 13255
100
Eureka Pipe Line
Galena-Signal Oil. corn,100 6253
100
New preferred
100 Ill
Old preferred
Humble Oil & Refining-.25 48
100 148
Illinois Pipe Line
303
4
Imperial 011 (Can) new
50
Indiana Pipe 1.1ne
Magnolia Petroleum. 100, 14431
National Transit....12 50
100
New York Transit
Northern Pipe Line_ _ _100 8434
Ohio 011
25 7054
25 4135
Penn Men Fuel
Prairie 00 & Gas new...25 5934
100 12154
Prairie Pipe Line
Solar Refining
100 235
100 179
South Penn Oil
Southern Pipe Line_ _..100 84
South West Pa Pipe L._100
Standard Oil (Indianal_ _25 6534
Standard 011 (Kansas)._25 4034
Standard Oil (Ky.)
25 11834
Standard 011 (Neb)____100 259
Standard 011 of N Y__..25 4531
.100 z350
Stand GB (Ohio) corn.
Preferred
100
Swan & Finch
100
Vacuum 011
25 z90
19% 1934 5,400 18
212% 21214
10 212%
66
68
370 62
5931 5931
100 4014
27
2834 3
0,300 25%
13214 138
30 13234
84
84
10 83
6214 6431
500 5631
105 105
90 100
112 112
30 110
41)
47% 6,600 42%
146 148
120 127
3014 3134 0,100 3034
79
30
180 75
14431 146
260 137
23
231( 1,100 23
73
74
30 6514
8414 85%
60 81%
7055 72
5,200 64
41
43
1,000 3531
5934 62
7,000 5231
121 122
860 106
235 235
10 202
176 181
680 139
84
8635
150 84
76
78
10 73
6534 6734 44.100 6234
4034 41% 3,000 37
117% 11835 1,200 117
255 260
380 244
45
48% 9,700 441(
350 352%
90 338
iissi 120
40 117%
2414 2414
40 21
z89% 91% 6,100 80%
Other Oil Stocks
Amer Maracaibo Co
334
Arkansas Nat. Gas
10
Atlantic Lobos Oil corn. •
Carib Syndicate
334
Creole Syndicate
1051
Derby 011 & Refg cora. •
Engineers Petroleum
1
50
Federal 011
5
Glision MCorp
:334
1
Gilliland Oil corny
_
•
Granada Oil Corp
10
Gulf 011 Corp of Pa
25 6614
International Petroleum_ _• 2631
Kirby Petroleum
• z431
Lago Petroleum Corp.. •
531
Lance Creek Royalties...1
Latin American 011
Lone Star Gas
25 39
Mersey 011 Corp
•
Marine 011
1
Marland 011 of Mexico.
..1
Mexican Panne° 011._ _ _10 800
Mexico 011 Corp
10
Mountain & Gulf Oil....1
Pis
334
735
3
334
935
5%
40
22c
2%
254
38o
65%
26
434
331
734
33(
1015
6
50
230
335
23-4
38o
8734
27%
4%
534
2o
20
2o
30
39
39
660 66c
2
2
334
314
800 890
100 10c
Iris 154
1,300
100
400
1,700
22,100
600
16.000
3,000
25,300
500
1,000
5,100
36.500
8,700
18.900
8,000
22,000
5,000
100
100
500
700
1,000
400
2% Jan
534 Jan
211 Jan
314 Feb
83.4 Jan
Jan
40
Jan
20e Feb
1% Jan
234 Feb
250 Feb
65% Jar
Jan
23
231 Jan
Feb
5
Jan
IC
Jan
2o
32% Jan
Jan
50c
Feb
2
131 Jan
Jan
61e
100 Feb
1% Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
200 Feb
131 Feb
4
834
4
4%
10%
631
80
230
335
334
500
71
2854
5%
6%
30
40
39%
660
3
451
FEB.28 1925.]
THE CHRONICLE
Friday
Sales
Other 011 Stocks.
Last Week's Range for
of Prices.
Week.
Sale
(Concluded)
Par Price. Low. High. Shares.
Mountain Producers_ --10
New Bradford 011
5
New England Fuel 011...5
New York Oil
25
Noble(C F) Oil& com.1
1
Preferred
25
Ohio Fuel Corp
Oklahoma Natural GasPeer Oil Corp
•
Pennock 011 Corp(new)._•
Pittsburgh Oil& Gas
25
Red Bang Oil
Royal Can 011 Syndicate.*
Ryan Consol Petroleum_ _•
Salt Creek Consol 011._10
Salt Creek Producers
Tidal Osage Oil voting stk •
Non-voting stock
United Cent Oil Corp......'
Venezuelan Petroleum__
Western States Oil & GasA
Wilcox 011 di Gas
Woodley Petroleum Co- •
l'Y" 011 & Gas
1
1934
44
1931
120
35c
333(
28
24
8%
731
5%
2434
11
5
331
1130
634
60
194
435
1935
83(
lie
350
333.(
28
1
2334
854
2431
7
5%
73(
2435
11
855
5
34
160
64
534
60
1934
435
1994
935
12c
35c
3338
28
14
2435
834
25
731
74
24%
12
835
54
331
16c
634
634
7c
6,000
700
100
800
9.000
1,000
500
100
500
2,000
4.300
600
14,600
3,600
400
38,900
900
100
700
3,600
100
7,400
1,500
5,000
Range since Jan., 1.
Low.
High.
1834 Jan
331 Jan
19
Feb
838 Feb
Jan
10o
35o
Jan
3134 Jan
28
Feb
1 [Feb
17% Jan
835 Feb
2235 Jan
634 Jan
335 Jan
634 Jan
24
Jan
Feb
9
835 Jan
234 Jan
331 Jan
140
Jan
53( Jan
Jan
50
Jan
204
5
2434
935
130
500
3434
30
155
25
835
324
731
64
8
26
154
104
534
4
200
73(
6%
70
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Mining Stocks
Alvarado Mtn dr Mill_ _20
AEBOAA Globe Copper...!
1
Beaver Consolidated
Booth Reorganized
Butte & Western
1
Calaveras Copper
5
()snarl° Copper
10
Cash Boy Consol
1
Chief Consol Mining
1
Chino Extension
Consol Copper Mines..._1
Consol Nevada Utah Cop_3
Cortes Silver Mines
1
Cresson Cons Gold M&M 1
Diamond 131 Butte ReorgA
Dolores Esperanza Corp_.2
Emma Sliver
1
Engineer Gold MInes,Ltd
Eureka Croesus
1
First Thought Gold Mines_
Forty-Nine Mining
1
Golden State Mining.
Goldfield Deep Mines .5c
Goldfield Development_.Sc
Gold Zone Divide
10c
Green Monster Mining.50c
Gyre) Queen
,
Hai/mill Divide
Ilk
Hawthorne Mines Inc...1
Recta Mining
Hilltop New da
1
Hollinger 0010010 M.--.5
Howe Sound Co
1
New vol tr etfs
•
Independence Lead Min..1
Jerome Verde Devel
Jib Consol Mining
1
Kay Copper Co
1
Kerr Lake
5
Lone Star Consol
Lorrain Sliet r Sy(idlest° _.1
Macnamara Min .S, Mill _ _1
Mason valley Ml ea
5
National Tin Corp
50c
Nevada Hills Reorganized
New Cornelia Com Co__ _5
New Jersey Zino
100
Nipissing Mines
North Butte
Ohio Copper
1
Parma° Porcupine Mlles.!
Plymouth Lead Milan_ I
Premier Gold Mining, Ltd!
Red Bile Florence
10e
Red Warrior Mining
1
Elan Toy Mining
1
Silver Dale Mining
South Amer Gold & Plat_ I
Spearhead Gold Mining_l
Standard Silver-Lea/1 1
Buo.ess Mining
Teok Hughes
1
Tintie Standard
Tonopah Belmont D151de 1
Tonopah Extension
Tonopah Mining
Tonopah North Star
Tr -Bullion S & D
10c
United Eastern Mining..1
United Verde Extent__ -50,3
United Zinc
U 13 Continental Mines_ .5
Unity Gold Mines
5
Utah Apex
Walker Mining
1
Wenden Copper Mining_ _1
West End Consolidated.
.5
West End Extension
1
Western Utah Copper....
White Cape Mining_ ..100
Yukon Gold Co
5
14
300
14
23o
320
30
15o
134
4
135
310
350
30
150
134
33.' 4
40
40
3% 31(
51 e 510
371
50
250
331 3%
Sc
7c
600 700
5t)
(3o
30
42
180 20c
220 230
8o 120
9c 100
30
30
30
40
30
30
So
Sc
90 130
8o 130
Sc 17c
14
1434
20
2c
144 15
3%
1935 204
150 19c
1
134
230 300
234 211
14 134
3c
Sc
5e
Sc.
2c
Sc
134 2
7e
80
310 33e
22
22
190 19055
654 6 4(
23( 2)4
1
110
250 30c
79c 84e
2)4 2 1
,
lo
le
22o 25c
7c
7e
2o
30
3
3
40
50
140 19c
100 11c
14 13e
83( 934
59e 80o
234 31,,
134 134
2c
2o
10o 10e
50o 54e
28
264
40o 40o
110 12o
53e 60e
635 6%
334
3
4
§ 44
270 31c
70
To
20o 22o
7o
70
350 35o
50
16c
335
5c
70e
50
31
170
120
Sc
9c
15c
14%
1434
20
18e
230
234
4c
2c
31c
22
190
6%
1
29e
84e
234
lc
70
3e
3
4c
190
10c
8%
78c
,
luz
100
500
284
40e
120
550
6%
435
200
65,000
2.000
1,000
1,000
30
12,900
1,000
300
400
2,100
1,000
22,000
2,000
40,000
3,000
24,000
8,900
24.00
2.003
5.000
2,000
2.0ut)
4,000
10.000
1.000
2.out,
33,000
37.000
1,400
1,000
1.200
11.700
3,800
44,000
700
35.000
44,900
30
40,200
1,000
4.00
20
2,00
9,0J0
100
61
1,00
200
10.600
4,00
49,90/..
3,901
1.00
3 000
33.00L
24,00
20
13 001.
14,000
4.000
1,50
60
6,600
1,91t
300
1,000
1,00
3,000
1.200
100
5.000
2,100
1.800
1,700
28,400
3,000
4.000
4.000
1.000
1.000
70
240
30
140
135
335
40
335
40o
3
Sc
100
33,'
Sc
350
3c
144
7e
190
Sc
7c
lo
3c
3o
5o
30
8o
8c
1234
lc
143(
3
1935
1lo
9/10
23.)
1%
135
30
5c
2c
14
70
20c
21%
189
654
2h
1
15c
720
2
10
20e
ge
lo
3
40
Se
60
1)4
83(
540
235
134
20
10c
39c
28
400
Sc
530
43(
33(
2
250
70
15s
30
350
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Pea
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Fel
Jai,
Pet
Feb
Jari
Jar
Feb
134 Jan
36o Feb
350 Feb
3c Feb
190 Feb
2
Feb
435 Jan
Sc Feb
3/he Feb
52c Feb
4
Feb
50 Feb
250 Feb
4
Feb
80 Jan
750 Feb
60 Feb
424 Feb
23e Feb
580
Jan
120 Feb
100 Jan
3o Feb
90 Jan
Jan
8o
Sc Feb
13c Feb
160 Jan
18c Feb
16% Feb
2o Feb
153( Jan
435 Feb
2031 Feb
Jan
230
134 Feb
610 Jan
24 Jan
114 Feb
80 Jan
50 Feb
30 Feb
254 Jan
Jan
1013
730 Feb
24% Jan
199
Jan
698 Jan
234 Feb
134 Jan
Jan
52e
840 Feb
235 Jan
30 Jan
480 Jan
70 Feb
40 Feb
33( Jan
90
Jan
19c Feb
13o Feb
198 Feb
935 Feb
80e Feb
3", Feb
24 Feb
2o Feb
13c
Jan
610 Feb
29% Jan
400 Feb
14e Feb
77o
Jan
83' Jan
391 Feb
435 Feb
310 Feb
170 Jan
250 Feb
70 Feb
500 Feb
Bonds
Allied Pack cony deb 68'39
1939
85,Series B
Aluminum Co of Am 751933
1925
7s
Amer Beet S,gar65-1935
Amer G & E deb 68-.2014
New WI
American Ice 7s
American Power & Light
65 old without warr 2012
Amer Rolling Mill (is A938
Amer Sumat Tob 734a.1925
American Thread 68_1928
Anaconda Cop Min 68_1929
Angio-Amer Oil 714e 1929
Assoe'd Simmons Hardware
1935
6348
Atlantic Fruit Sc
AO 0 Ar %V I SS L 56_1959
Beaver Board Co 88-193.5
Bell Telco of Can 58..1955
Beth Steel &lull)78-1935
Canadian Nat RY8 70 1935
1954
434s
Central Leather(is_ _1945
Ohio R I & Pac 548- _1926
Childs Bldg & Imp 68.1935
Childs Co 8% notee -1929
82%
9334
101%
10031
983(
97%
106%
9555
8254 83
933( 943
10735 1073.4
10135 101%
99 10035
96% 97
97
973.(
1084 108%
9535 9531
10138 10134
983(
98
10334 1034 1033(
10334 1034 10335
100% 10035 1003(
6935
9435
98
103%
11034
94
9854
10154
128
135
1079
$10,000 8034 Jan 84)4 Feb
116,000 88
Jan 94% Feb
15,000 1065( Jan 10735 Jan
5.000 10151 Feb 102% Jan
197,000 9634 Jan 101% Feb
150,000 95
Jan 9735 Feb
5,000 97
Feb 9751 Feb
9.000 105
Jan 107
Jan
102,000
11,000
25,000
3.000
13,000
7,000
eag
ioo
943'
1023(
1023(
10035
Jan
Jan
Jan
Jan
Jan
Feb
95%
101%
98%
104
103%
100%
Feb
Feb
Feb
Feb
Jan
Jan
81
814 22,000
2034 20% 1.000
6835 6934 109.000
04
9454 56,000
9734 9834 50,000
10334 103% 28,000
11035 111
36.000
9338 94
40,000
98
984 179,000
10135 10135 5,000
110 129 109,000
116 136 526,000
81
1834
82
88
97%
1034
10)4%
92%
9534
10014
109%
107
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
83%
24%
70%
96
9835
104%
111
943(
993(
1013(
129
138
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Feb
Feb
Bonds (Concluded)Cities Service 7a,Ser B1966
7a, Series C
1966
75 Series D
19613
78 Series E
1966
Cities Serv Pr & Lt 88_1944
Cons GEL & P Balt 65'49
631s Series D
1951
5358 Series E
1952
Consol Textile fIs
1941
Cuban Telephone 734a 1941
Cudahy Pk deb 548_1937
5s
1946
Deere & Co 734s
1931
Det City Gaa 6s
1947
Detroit Edison 68_ _ -.1932
55
1949
Dunlop T&R of Am 78 1942
Est RR of France 7s __1954
Federal Sugar 6s
1933
Gain (Robert) Co 78....1937
General Pe.roleum 66_1928
Grand Trunk Ry 843_1936
Gulf Oil of Pa 58
1937
Hood Rubber 7s
1936
Italian Power6358_ _ _ _1928
Kan City Term Ry 548'26
Krupp(Fried) Ltd 78 w 1'29
Lehigh Pow Secur 68 1927
!Abby, MeN & Lib 78_1931
Liggett Winchester 78_1942
Manitoba Power 78_ _ _1941
Mid-Cont Petrol 6%8_1940
Morris& Co 7358
1930
Nat Distillers Prod 75_1930
National Leather 8s_1925
New Orl Pub Serv 53_1952
Nor States Pow 635s_ _1933
63.4% gold notes__1933
Ohlo Power 53 Fier B_ _1952
Pennok 011 Corp 6s_ _ _1927
Penn Power & Light 58 '52
Phila Electricals
1941
5348
1947
Pub Serv El & Gas 5345'64
Pure 011 Co 6 hs
1933
Shawsheen Mills 7s.._1931
Siemens & Halske 7s_.1928
713
1935
Sloss-Sheff St & 1 65_1929
Solvay & Cie 88
1934
South Calif Edison 58_1944
Stand Gas & El° 46_1954
Stand 011 of N Y 648.1933
Sun Oil 53.48
1939
Swift & Co 5a. _Oct 15 1932
Thyssen(Aug)l&SW 78 '30
Tidal-Osage 01178._ _ _1931
BA100 EL L dr P of 11153554
Union 011 Ca ScI
193.5
68
1926
United 011 Prod 85_1931
Un Rye of Havana 7451.'36
U S Rubber 6 358 w 1_1928
6 hswi
1932
Vacuum 011 78
1938
Valvoline 01168
1937
Wabash Rv 535s
1975
Webster Mills 6348_ 1933
r r mug
Last Week's Range Sales
Sale.
for
ofPrices.
Price. Lew. High. Week.
12334
10334
9334
106
8934
94
10434
104
11334
103
8735
10135
10834
99h
10235
102
9434
10134
10234
10754
9734
10335
10134
894
106
10135
914
994
95
9954
101
99
9635
1014
10155
94
115
1074
9634
9834
96
10935
10235
9954
903.4
10154
177 177
1.000
12334 12434 31.000
10335 105 214,000
111 1124 2.000
92
9434 543,000
23.000
106 106
1094 10934 5.000
1,000
10234 10235
89
8974 16,000
10634 10631 6,000
933( 9434 51,000
92
92
2.000
28.000
104)4 105
104 1044 20.000
5.000
11334 115
9834 9854 17,000
103 1034 54,000
8734 8755 63.000
98
9834 16.000
10135 10135 3.000
10195 1013.4 13.000
10734 10831 38.000
9935 12.000
99
3.000
10234 103
9854 984 2,000
3.000
10135 102
9434 9534 59.000
10154 10134 31,000
1024 1024 3.000
10734 10734 2.000
1014 102
18.000
974 9735 17,000
1034 1044 25.000
10034 10035 2.000
101% 10135 15.000
8854 8935 49.000
1054 10634 45.000
10135 102
43.000
9134 92
16.000
14.000
9854 99
9535 131.000
95
10631 107
2,000
10431 10454 2.000
993.4100 143.000
100 h 101
68.000
10234 10314 31,000
99
9914 83,000
9634 9634 70.000
101% 10135 11.000
10134 10234 43.000
94
6.000
95
11234 1151( 271.000
10755 107% 10.000
9635 97
56.000
9635 964 203.000
9835 9831 18.000
104 10431
5,000
101 10134 9.000
96
96
26,000
1004 1004 7.000
33
33
5.000
109)4109)4 10,000
1024 10214
1.000
991i 9914 4.000
10631 10734 30.000
1.000
10434 1043(
96
9635 13.000
101 102
31,000
Range rims -fan. 1.
Lew.
15034
111
9835
109
92
10434
1083.8
1013(
88
108
8934
92
104
10234
1104
9735
10035
8735
96
9934
1003.4
10534
9835
102
9734
10118
9335
10035
102
1074
9834
9735
9834
100
10134
8635
10534
9934
89
97
93
106
104
9834
9774
10234
99
9635
101
100
92
10638
1063.4
9555
94
9835
103
9938
96
10035
28
10018
10254
9934
10634
104
96
101
High.
Jan 17835
Jan 128
Jan 1063.4
Jan 11235
Feb 9435
Jan 106
Jan 110
Jan 102%
Jan 95
Jan 107
Jan 95
Feb 92
Jan 105
Jan 10434
Jan 115
Jan 99
Jan 10434
Feb 883.4
Jan 98%
Jan 10234
Jan 10131
Jan 1084
Jan 9935
Jan 103
Jan 9834
Jan 10234
Feb 9934
Jan 10134
Jan 10235
Jan 10834
Jan 10234
Jan 9754
Jan 10434
Jan 10135
Jan 102
Jan 8934
Jan 10814
Jan 102
Jan 92
Jan 99
Jan 9534
Jan 107
Jan 1043.4
Jan 100
Jan 101
Feb 104
Feb 9934
Feb 9634
Jan 102
Jan 103
Jan 95
Jan 12134
Jan 108
Jan 97
Jan 9654
Feb 9931
Jan 1(143.4
Jan 10135
Jan 964
Feb102
Jan 353.4
Jan 110
Feb 10234
Feb 9938
Jan 10758
Jan 1043'
Feb 9654
Feb 10338
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
JAM
Fell
Feb
Jan
Feb
Jan
Feb
Feb
Jail
Fell
Jail
Jan
Jar
Jan
Fell
Pet
Jae
Jar
Pet
Jam
Foreign Government
and Municipalities
Bogota (Colombla)8s.1945 9535 95
0534 $53.000 95
Cuba(Rep of)88 _ _ _ _1935
9834 9854 13,000 98
Denmark (King)68_1970 994 99
9934 20,000 99
French Nat Mail SS 7s 1949 8551 85
86 145,000 8.5
Indust Mtge Bk of Finland
let M coils is. _1944 95
. .
9455 95
49,000 9335
Netherlands(Killed)thiB'72 10614 106 107
11,000 104
Peru (Republic of) 88_1932 9954 995-410034 14.000 99
Russian Govt6 48____1919 184
1655 17
15,000 134
• 64a certificates_ _ _1919
134 1434 15.000 1335
535s certificates__ _1921 1435
143-4 1434 2.000 13
Switserland Govt 534s 1929 10131 10131 102
27,000 101
t•yr A‘ n n
,
7
too
10911
11105.‘ innu linen Inn.
Feb 97g Jaz
Feb 9834 Jail
Feb 100
Feb
Jan
Feb 91
Jan 95
Jan 107
Jan 1003.4
Jan 1735
Feb 17
Jan 1538
Jan 102
T....
ll11 U
Jan
Feb
Feb
Pet
Pet
Jan
Jar
lay
•No par value. k Correction. !Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. sOption sale. w When
Issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
CURRENT NOTICES.
-A remarkable broadening in the market In railway equipment trust
certificates since the war indicates a growing appreciation on the part of
the investment public of the country of the importance of this particular
type of security, according to Freeman & Co. Figures Just compiled by
Freeman lk Co. for the past fifteen years show a pronounced increase in
the aggregate of equipment trust issues sold in the United States. The
largest aggregate ofsuch flotations was In 1920, when a total of$521.632.000
was sold. The Government was still directing the railroads through the
Director-General in that year. It Is the opinion of the bankers that 1925
will show another large aggregate of railway equipment trust flotations.
The figures covering equipment trust issues beginning with 1910 and running through 1924 follow;
1924
$260,682,000 1919
$32,500.000 1914
$63,448,000
1923
318,343.000 1918
20,920.000 1913
149,121,000
1922
191,894,000 1917
76,635,000 1912
96,181,000
1921
62.221,000 1916
64,7:17,000 1911
47.601,000
1920
521.632,000 1915
44,703.000 1910
77.626.000
-McCown & Co. of New York and Philadelphia, who have recently
opened a bank and insurance stock department under the management
of Herbert A. Mansfield, formerly of the firm of Carruthers & Mansfield.
have prepared a circular showing the Capitalization, dividends, surplus
and undivided profits, deposits and market) quotations of the banks and
trust companies, the realty, surety and title companies in New York and
Philadelphia. and the statements of the New York and Hartford Insurance
companies.
-Welton Stallsmith announces the organization of Welton Stallamith
& Co. to deal in municipal and corporation securities, with offices in the
Illinois Merchants Bank Bldg., Chicago. Through an arrangement with
the Mississippi Valley Trust Co. of St. Louis, Mo., Mr. Stallamith
will
act as correspondent of their bond department.
-Bankers Trust Co. has been appointed registrar for Class "A"
and
Class "B" preferred stock and common stock of the Merton Corp.
-W. Hall Headington, formerly of West & Co., has become
associated
with Hallgarten & Co.as manager of their retail sales departmet.
1080
JI,txuestutent an gailitazul intellignuto
IP Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of February. The table covers 8 roads and shows 1.77%
decrease from the same week last year.
-Grossfrom Rai way- -Net from Railway- -Net after Taxes
1925.
1924.
1924.
1925.
1924.
1925.
$
$
$
$
$
$
Chicago & Northwestern
January __ _11,495,033 11,516,292
a982,549 a606,867
Chicago Milwaukee & St Paul
January --.12.953,572 12,394,833
896,722
1,767,350
Third Week of February.
1924.
Increase. Decrease. Chicago Great Western
1925.
January __ 1,992,693 1,842,035
al1.911
al37,747
$
$
$
$
Colorado Southern
Ann Arbot
95,206
103,707
8,501
*Trinity & Brazos Valley
Buffalo Rochester & Pittsburgh_
337,167
388.805
51.638
December_ _
245,521 -35,971
561,161
249,503
257,149 -33,125
Canadian Pacific
2,735,000 2,919.000
184,000
From Jan I. 2,665,372 3.482,581
798,995
174,049
881,142
266,668
Great Northern
1,687,000 1,674,475
12.525
Delaware Lackawanna & Western
Mobile & Ohio
430,231
365.140
65,091
January ___ 6,890,131 6,992,984 1,388,912 1,385,802
898.283
857,643
St Louis San Francisco
1,730,674 1,704,117
26,557
St Louis Southwestern
511,800
518,769
6,969 East St Louis Connecting
January ___
90,112
Southern Ry System
242,437
3,808,577 3,735,328
225,333
119,633
124,350
100,803
73,249
Erie Railroad
Total (8 roads)
11,270.564 11,474,432 112,331 316.199
January ___ 7.546,959 8,265,671
578,286
49,797
927,284
381,097
Net decrease (1.770
z.)
203 _Ftfig
Chicago & Erie
January ___ 1,080,739 1,118,191
296.732
302,457
349,580
349,478
In the table which follows we also complete for summary
New Jersey & New York
of the earnings for the second week of February.
January ___
126,761
8,553
125,417
-4,122
-797
12,220
Galveston Wharf
January... 211,293
22,262
128,099
Second Week of February.
76,591
1925.
93,614
1924.
39.262
Increase. Decrease.
Green Bay & Western
January ___
131,804
20,676
125,043
30,647
38,147
28,176
Previously reported (10 roads)_ _ 16.056,375 16,450,620 187,796 582.041 Illinois Central System
Duluth South Shore & Atlantic.
107,424
108,984
1,560
January _ _ _14,978,738 15,111,227
2.503,506 2,548,923
Georgia& Florida
400 Lake Terminal
11.522
Mineral Range
12.408
886
January ___
92,847
71,438
404 -24,957
6,638 -18,552
Nevada California & Oregon-2.783
4.413
1,630
Lehigh Valley
651.698
Texas & Pacific
649.614
2,084
January
Western Maryland
382.383
5,752,777 5,971,120
369,990
411.529
529,293
785,865
29,146
604,808
Maine Central
Total (16 roads)
17,244.485 17,670,268 189,880 615,663
January _
1,625,193 1,608,119
D-24.656 -115,754
Net decrease (2.40%)
425.783 Midland Valley
January ___ 368,988
128.430
384,314
143,485
160,256
144.702
In the following we show the weekly earnings for a number Missouri-Kansas-Texas
of weeks past:
January ___ 4.901,323 4,298,639
a1,039,986 a720,274
Mobile & Ohio
January
1,541,215 1,618,591
307.964
363.483
275,727
389,792
Current
Previous Increase or
Minneapolis St Paul & Sault Ste Marie System
Year.
Week.
Year.
Decrease.
%
January ___ 3,498,644 3,168,102
30,346
484,215
271,434
232,988
Wisconsin Central
20,743,925 22.525.076 -1,781,151 7.90
1st week October 116 roads)
January ___ 1,500,202 1,432,192
80,832
218,691
169.404
125,117
2d week October 16 roads)
20,567.810-1.868,121 8.32 Montour
3d week October 16 roads)
23.294.670 21,936,283 -1,358,387 6.19
January ___
126,329
133,217
15.881
7,958
14,185
8,825
31.627,038 35,092.977 -3,465,938 10.95
4th week October 16 roads)
1st week November 116 roads .._ 21,523,466 22,971,811 -1,415,345 6.16 New Orleans Great Northern
January _ _
243.704
232,430
77,786
49,353
66,076
20,905.122 23,411,584 -2,506,462 10.70
57,736
2d week November 16 roads
20,734,931 22,588,666 -1,833,735 8.84 New York Central
3d week November 16 roads
4th week November 16 roads
January __ _29,623,654 29,576,517
, 70. 36 27,366,760 -2,896,524 10.58
a3,716,368 a4,005,999
1st week December 116 roads __ _ 19,379.076 20.782.125-1,403.049 6.75 New York Chicago & St Louis
2d week December 16 roads
18.620.438 20.042,471 -1,422,033 7.09
January ___ 4,610,535 4,369,904 1.163,378
517,720
166,473
913,602
3d week December 16 roads
18,038.076 19,648,054 -1,609,978 8.29
4th week December 15 roads __ _ 19,030,914 20,177,845 -1,146,931 5.70 New York Connecting
January ___ 266,665
228,323
192,935
160,102
153.435
120,102
roads)
1st week January (16
15,139,517 15,542,805 -343,288 2.20
2d week January (16 roads)
15.731.346 16,308,703 -577,357 3.54 NYNH& Hartford
January __ _10,132,455 10,021,174 2,213,550 1,852,717 1,704,833 1,437,042
3d week January (16 roads)
16,863.185 17,375.859 -512.674 2.91
4th week January (16 roads)
22.784.700 23,080,725 -296.025 1.29 N Y Ontario & Western
1st week February (16 roads)---- 16,669,351„ 85 -536,234 3.11
906,692
889,912
January
-3,961 -21,965 -49,991 -70,033
2d week February (16 roads),_ _ _ 17,244,485 17,670,268 -425,783 2.40
N Y Susq & Western
3d week February (8 roads)
11,270,564 11,474,432 -203,868 1.77
376,815
381,907
January ___
22,861
-4.264
-3,708 -33,431
We also give the following comparisons of the monthly Norfolk & Western
January ___ 8,267.106 7,510,543 2,557.293 1,393,153 1,956,888
818,121
totals of railroad earnings, both gross and net (the net before Norfolk & Southern
142,039
69,465
114,630
98,703
734,672
January ___ 633,243
the deduction of taxes), these being very comprehensive, they
including all the Class A roads in the country, with a total Pennsylvania Co
6,185.458 6,730,690
January ...53,318,275 50,067,393
mileage each month as stated in the footnote to the table.
West Jersey & Sea Shore
34,231
42.009
773.737
808,225
January ___
Pere Marquette
Gross Earnings.
Net Earnings.
a549,708 0226,775
3,208,126 3,096,779
January _
Month
PerklomenIncrease or
Increase or
1924.
1923.
41,243
102,578
49,176
54,343
116,606
46,029
Decrease.
1924.
January ___
1923.
Decrease.
Pittsburgh & Shawmut96.492
107,361
-4,404
14,012
13,856
-4,265
January ___
Jan __ 467.887,013 501.497,83733,610.824 83.953,867 93,366,257 -9.412.390
Feb .._ 477.809.944 445,870,232 +31,939.712 104,117,278 70,729,908 +33,387.370 Port Reading
177,861
39,607'
106,424
121,786
57,038
January... 229,583
Mar__ 504.016,114 534.644,454 -30,628,340 114,754,514 117,668,590 -2,914,076
April 474,094,758 522,336,874 -48.242,116 101,680,719 122,974,961 -21,204,242 Reading Co
May _ 476,458,749 546,934.882961,746
January... 7,659,615 7,632,619 1,794,300 1,331,479 1,420,658
70,476,133 96,048,087 126,496,150 -30,448,063
June _ 464,759.956 540,202,29575.442,339 101,527,990 124,374,592 -22,846,602 RutlandJuly__ 480.704.944 534,222,10253.517,158 112,626,696 122,228,450 -9,601.754
502,662
485,000
a34,111
January __
a8,000
Aug__ 507,406,011 563,358,02955,952,018 134,669.714 136,817.995 -2,148,281
-San Francisco System
Sot 539,853,860 544,970,083 -5,116.223 165,049,184 134,911,897 +30,137,287 St Louis
January ___ 7,747.300 7.156.917
1,858.260 1,615,084
Oct _- 571,405,130 586.540,88715.135,757 168.750,421 142,540,585 +26.209.836
Nov.. 504,589,062 530,724,567 -26,135,505 131,435,105 125,084,714 +6,350,391 St Louis Transfer
98,307
13,552
87,069
21,827
13,962
21,433
January...
Dec- - 504,818,559 493,509.651 +11,308,918 124,480,894 106,482,164 +17,998,730
Southern Pacific Co
-Percentage of increase or decrease In net for above months has been
Note.
January _21,500,067 22.022,353 3.781.329 3.623,618 2,260,208 2.033.043
January. 10.08% decrease; February. 47.19% increase; March, 2.47% decrease;
Southern Railway System
April, 17.32% decrease; May,24.07% decrease; June, 18.37% decrease; July, 7.86%
Southern Ry Co
decrease; August, 1.57% decrease; September. 22.33% increase; October. 18.38%
January __ _11,655,343 11,342,193 2,856,413 2,437.696 2,234,941 1,952.117
Increase; November. 5.08% increase; December. 16.90% increase. In January the
Ala Great Southern
length of road covered was 238,698 miles In 1924, against 235,886 miles in 1923; In
790,599
125,078
803,362
January ___
175,740
124,202
159,004
February, 235.506 miles, against 235,876 miles; in March, 235,715 miles, against
Cincinnati N 0 & Tex Pac236,520 miles; in April, 235,963 miles. against 235,665 miles; in May, 235,894 miles,
miles, against 235.691 miles; in July, 235,145
390,254
January
1,875,754 1.769,666
against 234,452 miles; in June, 236,001
541.456
635,495
453,772
miles, against 235,407 miles; in August, 235,172 miles, against 235,445 miles; in
Georgia South & Florida
September, 235,178 miles, against 235,640 miles; in October, 235,189 miles, against
91,876
January .._ _ 495,428
420,771
175,291
111,948
150,843
235.625 miles; in November, 236.309 miles, against 236,122 miles; In December,
New Orl & Northeastern
236,196 miles. against 235.875 miles.
100,808
January .__
459,394
503,260
136.128
137,986
90,646
Northern Alabama
-The table
Net Earnings Monthly to Latest Dates.
January
117.092
70,263
132,693
41,453
75,294
37,328
following shows the gross and net earnings for STEAM Terminal RR Assn of St Louis
470,918
170.098
January ___
426,659
railroads reported this week:
179.860
80,783
119,934
St Louis Merchants Bridge Term
-Grossfrom Railway- -Net from Railway- -Net after Taxes
January ___
82.120
465,974
450,344
152,459
110,261
129,184
1924.
1925.
1925.
1924.
1924.
1925.
Union Pacific System
$
January __ _14,356,857 15,072,490 3,620,760 4,040,334 2,380,190 2,806,281
Akron Canton & Youngstown
81,163
78,559
66,163
66,757 Union Railroad
206,417
226,852
January
January ___
907.879
825,514
50,408
3.020
-7,980
61.408
Atchison Topeka & S Fe System
a3,716,488 a2.210,482 Wabash
January _..18,618,258 17,416,626
January
5,406,261 5,002,363 1,097.156
585,072
864,112
806,134
Atlantic City
246,704
226,588 -134,279 -96.715 -156,975 -116,675 Western Maryland
January
January _ _ - 1,675,310 1,680.210
351,874
483,018
423.018
441,874
Baltimore dr Ohio
_18,077,973 18,449,738 3,144.939 2,570,462 2,299,399 1,692,840
January
* Figures corrected. a After rents. b After charges.
Bangor & Aroostook
--Grossfrom Railway- -Available for Int.- -Surplus aft. Chas.
0139,213 0140,191
637,924
January ___ 613,573
1925.
1924.
1924.
1925.
1924.
1925.
Bellefonte Central
$
$
$
$
$
764
333
163
964
7.333
8,842
January
St Louis-San Francisco (Mel sub linea)Boston dr Maine-358,766
January __ _ 7,747,300 7,156,917 1,865,245 1,592,127
603,683
0349,354
a92,027
January --_ 6,284,491 6,315,673
--GrossfromRailway- -Available for Int.- ---Net Income
Buffalo & Susquehanna
1924.
1924.
1925.
1925.
1925.
1924.
13,233
17,313
6,813
23,433
218,643
January _
195,642
$
$
$
$
-Kansas
-Texas Lines
Missouri
Central of Georgia
86,084
215,325
January ___ 4,901,323 4,298,639 1,039,986
288,877
386,438
417,823
720.274
304,169
January ___ 2,178,853 2,090,165
Balance.
Charges.
Income.
Central New England109,615
8388.235
167.287 N Y N H & Hartford____Jan 1925_ $2,302,786 $1,914.550
193.035
135,127
595,944
111January ___
659,143
Interest & Balance.
Gross
Net
Chicago & Alton
Surplus.
502,157
Taxes.
535.922
620,673
Earnings. Earnings.
January
601,611
2,690,324 2,722.438
6764
Bellefonte Central__Jan '25
$200
$8,642
$964
Chicago & Eastern Illinois-163
'24
170
7,333
333
0257.514 0265,925
January
2.481,738 2.571,632
FEB. 281925.]
THE CHRONICLE
Income.
Western MarylandJanuary 1925
January 1924
* Includes other incomes.
*408948
,
*341,291
Charges.
$
255,506
261,313
Balance.
$
145.442
79,978
1081
FINANCIAL REPORTS.
Annual, &c., Reports.—The following is an index to all
annual and other reports of steam railroads, public utilities,
industrial and
Electric Railway and Other Public Utility Net including Jan. miscellaneous companies published since and
31 1924.
Earnings.—The following table gives the returns of
This index, which is given monthly, does not include
ELECTRIC railway and other public utility gross and net reports in to-day's "Chronicle."
Boldface figures indicate reports published at length.
earnings with charges and surplus reported this week:
—Gross Earnings— —NetEarnings—
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Alabama Power Co_ _January 842,648
756,533 *420,968 *331,332
12 mos ended Jan 31____ 9.081.935 8,087,681 *4,414,818 *3,687.063
Ga By & Pr Co & Atl No By Co—
January
1.514.569 1,439,486 *538,609 *437.408
Philo, Co & affil corp____Jan 6,263.100 5,662,369 *2.340,439 *2201 557
aSouthw Pow & L t subs_Dec 1.148,884 1.063.600 *724,280 *661.809
12 mos ended Dec 31
12.617,472 11,535,558 *5,960,877 *5.355.239
Western Union. -December 10.324,000 9,168,000 1,749,000 1,438,000
12 mos ended Dec 31
112862000 111734,000 17,416,000 17,517,000
Companies.
*After taxes.
a Earnings from operation of tne properties of subsidiary companies and
not the earnings of the Southwestern Power & Light Co.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges. Surplus.
$
Adirondack Pr & Lt Jan'25
757,544 d220.161
135,943
84.218
Corp
'24
661,921 d264.543
112.853
151,690
12 mos ended Jan 31 '25 7,474,125 d2,390,079 1,493,995
896.084
'24 6,942,050 d2,073,846 1,156,708
917.137
Boston Elevated By Jan'25 *3.130,996
944,625
674.976
269,649
'24 *3,047.706
783.174
657,415
125.759
Brooklyn City RR Jan '25 *956,041
128.954
49,785
79.169
'24 *1.006,295
198.433
43,787
154.646
7 mos ended Jan 31 '25 *6.857.375 1.094.975
275,868
819.107
'24 *7,147,146 1.498,288
354.417 1.143.871
B M T System
Jan'25 3,613.674 *992,353
652,738
339.615
'24 3,320,803 *853,475
646,014
207,461
7 mos ended Jan 31 '25 25.062,625 *7,484,157 4,546,024 2.938,133
'24 22.897.701 *6,570.959 4,526.786 2,044.173
Columbia Gas & El Jan'25 2.777,7278c1,587,665 1570,218 1,017.447
Co & subsid cos
'24 2.976,7735c1,409,821
1563,872
845,949
12 mos ended Jan 31 '25 26,492,630*c13897,976 17,067,122 6.830.854
'24 21.887.608*c11659,926 16,014,750 5,645.176
East Penn Elec Co Jan'25
294,435
1127,177
37,913
89.264
'24
309,281
1124,006
39.195
84,811
12 mos ended Jan 31 '25 3,164.513 11,091.941
460.300
631,641
'24 2,999.081
1959.076
338,187
620.889
East St Louis & Dec '24
130,637
*28,397
18,536
9.861
Sub Co Alton Cos
'23
124.183
*13,709
15,664
—1.955
12 mos ended Dec 31'24 1.391,159 *184.647
190.802
6,155
'23 1,423,236 *218.864
187.105
31.759
East St Louts &
Dec '24
339.151 *120.093
59.994
60.099
Sub Co excl Alton Cos '23
384,085 *107.486
55,905
51.581
12 mos ended Dec 31'24 3.931,883 *964,630
692,099
272,531
'23 4,411,317 *1,181,682
539.025
642,657
Fort Worth Power Dec'24
252,723 *103,284
86.483
16.801
& Light Co
'23
*96.556
267,538
77.847
18,709
12 mos ended Dec 31 '24 3.070.510 *1,424,409
208,415 1,215.994
'23 3,000,224 *1,318,235
224,422 1,093.813
Havana El Ry, Lt Dec '24 1,313,550 *669,262
579.393
89,869
& Power Co
430,702
'23 1,212,415 *522,839
92,137
12 mos ended Dec 31'24 14,357,901 *7,264,002 1,088,950 6.175,052
'23 13,458,065 *7,171,310 1,117.219 6.054.091
International Rys
Jan'25
202.350
73,000
275.650
553,950
of Central Amer
'24
185.042
65.726
482.503
250,768
Kansas Gas &
Dec'24
103,920
107,111
565,192 *211,031
Electric Co
'23
82,376
91,927
531,541 *174.303
12 mos ended Dec 31 '24 5,651.591 *2,058,908 1.137,682
921.226
'23 5,558,121 *1,771,167
782,005
989,162
Milwaukee Elec Ry Dec'24 2,117,244
577,650
229.917
807,568
& Light Co
'23 1,966,877
473,282
195,235
668,519
12 mos ended Dec 31'24 22.559,912 6.881,246 2.494,262 4,386.983
'23 22,206.801 6,378,943 2.342,509 4,036.434
Mississippi River
Dec'24
246,811
97,779
168,766
70.987
Power Co
'23
239.344
99,327
175,288
75.961
12 mos ended Dec 31 '24 3,191,911 2,367.473 1.183.645 1,183.828
'23 3,017,582 2,254,245 1,201.946 1,052,299
Nebraska Power Co Dec'24
378,633 *196,970
61,546
135.424
'23
359.996 *155,095
55,378
99.719
12 mos ended Dec 31 '24 3.939.010 *1,975,597
687,002 1.298,595
'23 3.807.567 *1.710,754
657.830 1,052.924
New England Co
Jan'25
736,897
227,268
117,681
109.587
Power System
'24
606,435
199,724
106.206
934.518
12 mos ended Jan 31 '25 7,303.857 2.539,855 1,394,287 1.145.568
'24 7,465,670 2.101,417 1,065,062 1,036,355
New York Dock Co Jan'25
267,087 1142.864 k100,773
42,091
.662
145,054 k105,866
39.188
North Amer Co & Dec '24 8.123.188 *4,147,128 11,026,222 3,120.906
& Sub Cos
'23 6,987,054 *3.220.800 11.041,978 2.178.822
12 mos ended Dec 31 '24 8
0,117,255*31.840,823113.462,247 18.378.576
'23 75,465,2674,27.907,057111,653,603 16,253,454
North Amer Edison
Cos
& Sub
Dec '24 6,342,742 2,706,598 1,045,187 *1.661,411
12 mos ended Dec 31'24 66,315.449 25,396.469 11,414,180r13.982,289
Pacific Power &
Dec'24
262.617 *121,723
71,634
50,089
Light Co
23
277,024 *149,126
59,370
89.756
12 mos ended Dec 31 '24 3,181,736 *1.450,330
732,878
717,452
'23 3,127.068 *1,507,728
689,773
817,955
Penn Central Lt & Dec'24
356.782
195.200
69,375
125,825
Power Co
'23
316,618
139,796
65,789
74.007
mos ended Dec 31 '24 3,689,337 1,840,705
12
809,090 1,031.615
'23 3,329,354 1,466,499
403,644 1,062.855
Pennsylvania Coal & Jan'25
566,735 —•28.732
a36,274 —65,006
Coke Corp & Subs '24
621,587
*54.680
a35.653
19.027
Portland Gas &
Dec'24
385.252 *169,300
39.508
129,792
Coke Co
'23
317,647 *154.220
38.183
116,037
mos ended Dec 31 '24 3,748.510 *1,367,025
12
467,088
899,937
'23 3,402,192 *1,222,922
449.086
773.836
Texas Power &
Dec'24
604,573 *365,022
73,605
291,417
Light Co
'23
535.963 *348,293
59,939
288,354
mos ended Dec 31 '24 6,446,693 *2,843.823
12
829,458 2,014,365
'23 5.604,125 *2.336.299
735.847 1.630.452
Jan '25 1,144,635 *152,879
Third Ave By
224.895 —72,016
System
'24 1,211,708 *199,619
226.391 —26.772
7 mos ended Jan 31 '25 8,479,812 *1,461,913 1,576,407 —114.494
'24 8,484.253 *1,608.510 1.570,123
38,387
Washington Water Jan '25
483,715
282.913
51.694
231,219
'24
472,461
Power Co
271.982
49,399
222,583
12 mos ended Jan 31 '25 5,311,181 3.105,089 1.429,711 c1,675,378
'24 5,112,038 2,982,397 1.339.043 c1.643.354
17.823
*.f2.732
—1,296
k4,027
York Utilities Co Jan '25
'24
20,060
*12,605
34,087
—1.482
•Includes other income. a Includes depreciation. c After depreciation.
d After deducting credit to reserve for depreciation. I Includes preferred
dividends of subsidiaries. 5 Before taxes. k Includes taxes. 1 After rentals, renewals and replacements. r After preferred dividends.
Steam Roads—
Page,
Page.
Ann Arbor RR
950
952 Baldwin Locomotive Works
962
Boston It Maine RR
579 Barnhart Bros. & Spindler
Buffalo Rochester & Pittsburgh Ry...698 Belding-Corticelli, Ltd
586
Canadian National Rys
952 Bigelow-Hartford Carpet Co
962
Chicago dr Alton RR
698 (Daniel) Boone Woolen Mills, Inc 832
Chicago Milwaukee & St Paul Ry 953 Booth Mfg. Co.. New Bedford
982
Chicago & Northwestern By
586,708
827 Boston Wharf Co
Chicago Rock Island & Pacific By.
Briggs Mfg. Co
586
Chicago St Paul Minn & Omaha Ry_827 (3. G.) Brill Co.(& subs.)
832
Denver & Rio Grande Western RR_953 Buckeye Pipe Line Co
962
Detroit Toledo & Ironton RR
953 Butler Bros., Chicago
708
Great Northern By Co
586
576 Butte Copper & Zinc Co
Kansas City Southern By
962
580 Butte & Superior Mining Co
N Y N H & Hartford RR_ _ _581. 827 By-Products Coke Corp
962
New York Ontario & Western Ry 581 Cabot Mfg.Co
962
Norfolk Southern By
827 Calumet & Heels Consol. Copper Co-587
Norfolk & Western Ry
708
581, 828 Canada Cement Co
Northern Pacific By
587
581
Paris-Orleans RR
962
828 Central Coal & Coke Co
St Louis-San Francisco By
708
581, 948 Century Ribbon Mills,Inc
Southern By
963
577 Champion Paper Corp
Public Utilities—
833
Charlton Mills
Adirondack Power dr Light Corp_581, 700 Chicago Nipple Mfg. Co
587
American Electric Power Co
963
954 Clinchfield Coal Corp
American Gas & Electric Co
954 Cluett, Peabody & Co., Inc----708, 824
American Light dr Traction Co
587,833,963
697 Coca-Cola Co
Bell Telephone Coot Canada__ _581, 954 Commercial Solvents Corp
833
Bell Telephone Co of Pa
963
581 Consolidated Cigar Corp
Boston Elevated By Co
320
700 Continental Can Co.. Inc
Brooklyn City RR
833,963
581 Crescent Pipe Line Co
Brooklyn Edison Co
587
701,825 Cuba Company
Brooklyn Union Gas Co
701 Cuban-Dominican Sugar Co--5138. 833
Buffalo General Electric Co_ _ —701,954 Cudahy Packing Co
834
Chicago City & Connect Rys Coll Tr-822 Cumberland Pipe Line Co
709,833
Chicago Rapid Transit Co
834
954 Cushman's Sons,Inc
Cleveland Electric Illuminating Co_ _582 Davison Chemical Co
833
Commonwealth Edison Co
709
955 Deere & Company
Commonwealth Power Corp
823
701 (Alfred) Decker & Cohn.Inc
Consolidated Gas Co of N Y._ _577, 701 Devoe & Reynolds Co., Inc_ —588.963
Cumberland Tel & Tel Co,Inc
828 Detroit & Cleveland Navigation Co-709
East Bay Water Co
588
955 Dierks Lumber & Coal Co
Eastern New York Utilities Corp.---702 Dome Mines, Ltd
709
Edison Elec Ilium Co of Boston
709
701 Dominion Stores, Ltd
Federal Light & Traction Co
588
955 (W. L.) Douglas Shoe Co
Great Western Power Co
582,956 (E. I.) du Pont de Nemours & Co.,
Hartford Electric Light Co
588, 696
956
Illinois Bell Telephone Co
833,963
702, 826 Edmunds & Jones Corp
Indian dr Michigan Electric Co
963
956 (Otto) Eisenlohr & Bros., Inc
Indianapolis Street By
828 Electrical Research Laboratories,Inc. 709
Interborough Rapid Transit Co
589
582 Ely & Walker Dry Goods Co
International Tel dr Tel Co
829, 956 Emerson-Brantingham Co
963
Kansas City Power & Light Co
702 Essex Cotton Mills, Inc
589
Laclede Gas Light Co
829, 957 Eureka Pipe Line Co
709
Lockhart Power Co (So Caro)
957 Exchange Buffet Corp
964
Lone Star Gas Co
957 Fairhaven Mills
834
Los Angeles Gas & Electric Corp_- 703 Federal Mining & Smelting Co-834,964
Mackay Companies
957 Federal Motor Truck Co
834
Michigan Electric Power Co
957 Fleischmann Co
964
Middlesex dr Boston St By
703 General American Tank Car Corp__ 709
Mohawk Valley Co
709,820,644
957 General Baking Co
Montreal Lt Heat & Power Consol 582 General Cigar Co., Inc
822
New England Co Power System__ _829 General Electric Co. (Allgemelne
New England Telep & Teleg Co _703, 824 Elektricltats Gesellschaft), GerNew York Edison Co
703 many
589
New York State RY8
590, 964
958 General Fireproofing Co
North American Co
958 General Motors Acceptance Corp--836
North Boston Lighting Properties— —704 General Motors Corp
590
Pacific Lighting Corp
583 General Outdoor Advertising Co.,Inc.833
Pacific Telephone & Telegraph Co— -958 General By. Signal Co
964
Pennsylvania Water & Power Co.820, 843 General Tire & Rubber Co
710
Peoples Gas Light & Coke Co_ _705. 824 Giant Portland Cement Co
835. 964
Phila Suburban Gas & Electric Co 958 Gillette Safety Razor Co
819
Portland Electric Power Co
705 Ginter Co., Boston
83.5
Public Service Co of Northern Tilinols-959 Glidden Co
964
Puget Sound Power & Light Co.. 705 (B. F.) Goodrich Co
590
San Diego Consol Gas & Elea Co..
..959 Goodyear Tire & Rubber Co
821
Saxon Public Works Inc(Germany)-706 Gosnold Mills of New Bedford
836
Shawinigan Water & Power Co
959 (H. W.) Gossard Co., Inc
590
Southern New England Telephone 00.706 Granby Consol. Mining, Smelting &
Southern Power & Light Co
836
959 Power Co
Southwestern Bell Telephone Co
830 (F.& W.) Grand 5-10-25 Cent Stores, '
Spring Brook Water Supply Co,
Inc
836
Wilkes-Barre
835
583 (W. T.) Grant Co. Mass./
Standard Gas & Electric Co
965
,
830 Greenfield Tap & Die Corp
Tennessee Electric Power Co
590,965
706 Gulf States Steel Co
Terre Haute Ind & East Tree Co_ _830 Hamilton Brown Shoe Co
590
Texas Power & Light Co
590
830 Hamilton Woolen Co
Third Ave By
833
584 Harmony Mills, Inc
Toledo Edison Co
822
959 Hart,Schaffner & Marx
Turners Falls (Mass) Pr & Elec Co-959 Hercules Powder Co
710. 823
Twin City Rapid Transit Co
584 Hibbard, Spencer, Bartlett & Co_---590
United Gas dr Electric Corp
823
584 (Geo. W.) Helme Co., Inc
United Gas Improvement Co
965831 Holmes Mfg.Co
Virginia Railway & Power Co
836
584 Hotel Sherman Co
691
Washington Gas Light CO
707 Howes Brothers Co
Washington By & Electric Co
710.
584 Hudson Motor Car Co
Washington Water Power Co
707 Huttig Sash & Door Co.,St.Louis---836
West Penn Co
710
707 Illinois Brick Co
Western Union Telegraph Co
719
960 Independent Oil & Gas Co
Western United Corp
965
960 Indiana Pipe Line Co
Wisconsin Public Service Co
710
960 Ingersoll Rand Co
Inland Steel Co
501
Industrial.—
International Nickel CO
710
Acadia Mills. Lawrence,Mass
591
707 International Salt Co
Acme Steel Goods Co
591, 886
707 Jewel Tea Co., Inc
Air Reduction Co
965
951, 960 Johns-Manville, Inc
Ajax Rubber Co. Inc
707 (1I.. F.) Johnston Paint Co., Cinc.--836
Allezton Fifty-Fifth St.Corp.,N.Y...585 Jones & Laughlin Steel Corp
591
Allis-Chalmers Mfg, Co., Inc
711
707 Jordan Motor Car Co., Inc
Alpha Portland Cement Co
960 Kaufman Department Stores,Inc
965
American Beet Sugar Co
585 Kelly-Springfield Tire Co
950
American Can Co
831 (8.8.) Kresge Co
591,711,836
American Chicle Co
824 (S. H.) Kress & Co
591,711
A erican Druggists
American
c
960 Lehigh Coal & Navigation Co
930.
820 Library Bureau
Locomotive Co
836
American Metal Co., Ltd
960 Liggett & Meyers Tobacco Co
578
American Multigraph Co.(& suba.)-961 Lima Locomotive Works, Inc
966
American Republics Corp
Lindsay Light Co
rican
711
588. 101 Lion Oil Refining Co.,Ark
Steel Foundries
966
949 Lord & Taylor(N.Y.City)
American Woolen Co
968
Archer-Daniels Midland Co
708 (P.) Lorillard Co
697
708 Lyman Mills
Arlington Mills, Mass
711
961 McCall Corporation
Armour & Co.(IIL)
966
586, 961 McCord Radiator & Mfg.Co
Arundel Corp., Baltimore
966
961 McCrory Stores Corp
Asbestos Corp. of Canada. Ltd
711
West Indies El. 8. Linee 586 Magnolia Petroleum Corp
co
712
Atlas
Ati. GPuolfw&Wr
822 Mallinson (H. R.) & Co.,Inc__ _592.988
de
Atlas Tack Corp
832 Manufacturers' Finance Co. (BaltiAutosales Corp., N.Y.City
961
more) & Manufacturers' Finance
(Walter) Baker & Co., Ltd
708 Trust, Chicago
837
Baldwin Company
962 Massey-Harris Co., Ltd
966
[Vol.. 120.
THE CHRONICLE
1082
Page.
Page.
Industrials (Concluded)839
Mathieson Alkali Works(Inc.)__592,966 (Robt) Reis & Co (Js Subs)
714
966 Renfrew Mfg Co
(C. R.) Miller Mfg. Co., Texas
714
Replogle Steel Co
Monsanto Chemical Works.St. Louis.
819 841
712 Republic Iron & Steel
Mo
714
Richmond Radiator Co
Montgomery Ward & Co., Inc._ 579. 712
968
Richmond Cedar Works
Moore Drop Forging Co., Springfield,
714
837 Sagamore Mfg Co
Mass
595
Morgan Lithograph Co., Cleveland_712 Savage Arms Corp
968
covill Mfg Co
Mortgage & Acceptance Corp. (of
578
837 Sears Roebuck & Co
.,
968
966 Sharon (Pa) Steel Hoop Co
Motor Producta Corp
968
712, 966 Shredded Wheat Co
Motor Wheel Corp
713 Shreveport El Dorado Pipe L Co Inc _969
Mullins Body Corp
821 Siemens & Halske (A 0) Siemens
Nash Motors Co
595
Sehuckertwerke (31 m b H)
838
National Acme Co
839
838,967 Silver Brook Anthracite Co
National Candy Co
715, 839
823 Southern Pipe Line Co
National Cloak & Suit Co
715
South West Penn Pipe Lines
National Enameling & Stamping Co.,
969
949, 971 Spear & Co. Pittsburgh, Pa
Inc
596
967 Standard Publishing Co •
National Fireproofing Co
969
967 Standard Sanitary Mfg Co
National Lock Co.,Ill
840
593 Sterling Products (Inc) & Subs
National Surety Co
715, 840
593 Superior Steel Corp
Naumkeag Steam Cotton Co
697
Nevada Consolidated Copper Co-- _-967 Texas Gulf Sulphur Co
596, 715
huitir. Co_593 (John R)Thompson Co
New England Mutual Life
713 Transue & Williams Steel Forg Corp_ 715
New Jersey Zinc Co
715
593 Trumbull Steel Co
New York Air Brake Co
840
967 Truscon Steel Co
New York Transit Co
820
713 Underwood Typewriter Co, Inc
Newton Steel Co
596, 840, 951
713.834 Union Oil Co of Calif
Niles-Bement
-Pond Co
840
838.967 Union Storage Co
Northern Pipe Line Co
949
593, 822 United Drug Co, Boston
Nunnally Co
696
713 United Fruit Co
Oppenhelm, Collins & Co, Inc
598
967 United 011 Co, Los Angeles
Orpheum Circuit. Inc (& Subs)
969
593 United Profit Sharing Corp
Owl Drug Co. San Francisco
969
Pacific Mills, Lawrence. Mass_593,713 U S Distributing Corp
970
Pacific S 8 Co ("Admiral Une")._ _ _593 U S Envelope Co
840
834 United States Gypsum Co
Palge-Detroit Motor Car Co
597
714, 9(17 U S Hoffman Machinery Corp
Parke Davis & Co
840
714 U S Realty & Improvement Co
(J C) Penney Co, Inc
378
United States Steel Corp
594
Pennsylvania Coal & Coke Co
822
823 United States Tobacco Co
PhIllips-Jones Corp (& Subs)
967 United Verde Extension Mining Co-970
Phoenix Hosiery Co
970
839 Utah Copper Co
Pierce-Arrow Motor Car Co
716
594 Wahl Co. Chicago
Pittsburgh Steel Products Co
840
839 Waldorf System,Inc
Pittsburgh Steel Co
714 Ward Baking Corp (.1c Subs)._567, 640
Pocasset Mfg Co
.71
714, 967 We.ismoe(Cotton) Mills, Fall RIver6
Postum Cereal Co, hie
594 weaton Electrical Instrument Corp--597
Pratt & Lambert, Inc
970
714 White Eagle Oil & Refining Co
Pressed Steel Car Co
716
839 1i1 bite Motor Co
QuIssett Mill
594 (F W)Woolworth Co(5& 100 Stores).579
Radio Corp of America
597, 716
068 (Wm) Wrigley Jr & Co
Ray Consol Copper Co
970
714 Yellow Taxi Corp
Real Silk Hosiery Mills, Inc
GENERAL BALANCE SHEET DEC. 31.
1923.
1924.
1923.
1924.
$
$
LiabilUtesAssets$
$
Inv.in road._ _ 47,422.710 48,361,825 Common stock_ 87,277,000 87,277,000
do in equip_ 48.379.676 44,847,284 Prem.on capital
70,720
70,720
stock
Impte. on leased
320,000
320,000
railway prop'y 15,968,761 15,589,031 Fund.dt. unmet
Misc. phys. prop 2,263,027 2,263,546 Non-negot. debt
230.523
213,634
to Mill. cos......
Inv.In Mill. cos.:
Stocks
10.857.089 10.856.649 Traffic & car service bal. pay_ 8310,770 2,997.930
Bonds
2,310.992 2.304,973
Notes
4,053.288 3,849,549 Aud. accts. and
wages payable 4,719.754 4,532,795
Advances_ _ ._ 2.447,020 1,987,644
8.094
9,398
Misc,accts. pay.
Other invest'ta:
3,212
3,003
Stocks
1.251.002 1351.003 Int. mat'd unpd.
17,329
15.417
Bonds
95,860.382 95.788.864 Divs.mat'd unpd
4.222,055 2.533.233
Notes
4,803,874 4,888,224 Unmet. divs.dec
1,366,173
8,733,806 5.272363 Unmatrents ace 1.329.802
Advances
4.629
162.397
Cash
2,262,162 2,552,530 Other cum Habil
50.164
62.019
260
Loans& bills rec.
203,864 nerd liabilities_
2,994,514
Traffic,&c.. bal. 1,352,621
864,529 Tax Habil!ty_ __ 3,804,271
390.051
490,518
Ins., &c.. rea'ves
Net bal.rec.from
90,121
76,602
937.449
agts. & cond.
991,439 Oper'g reserves_
Miso,accts. rec. 2,923,789 3,167,005 Accr. deprec'nMani & supp
4.871,979 5,889,272
equipment.. _ - 27.424,881 25,478,724
79.832
78.819 Oth, unadj. cred 1,158.760 1,154,901
Deferred asset:.
Unadjusted deb. 4370,505 4,442.379 Add'ne to prop.
thro.inc.&sur 4.952,823 4,362,181
Profit and loss.,.121.828,407 119,549,101
261,250,230 253,431,394
Total
-V. 110, p. 3006.
Total
261,250,230 253,431,894
Shawinigan Water & Power Co.
(Annual Report-Year Ended Dec. 31 1924.)
The remarks of President J. E. Aldred, together with the
profit and loss account for the year 1924 and balance sheet
of Dec. 31 last, will be found on a subsequent page. Our
usual comparative income account table was given in
V. 120, p. 959.
BALANCE SHEET DECEMBER 31.
1924.
1924.
1923.
$
LiabilitiesAssets$
$
22,000,000
16,814,888 16,637,163 Capital stock
Property
22,246.500
Machinery
6,290.604 6,210.390 Bonds
Linea
7,247,133 6,993.644 Accounts payable.. 512,638
Equipment
690.003
653,093 Int. & dlr. payable 805,255
Prepaid charges
159,302
125,926 SInking fund, &c. 2,090,385
17,245396 14.243,171 Depreciation, reInvestments
3,255,550
Accts.receivable.. 1.974,988 1,678,754
serve. &c
55,000
Pension fund
Call loan:
300,000
:449,969
Cash
692.883
552,545 Surplus
1923.
$
20,000.000
20,738,000
361,983
764,1811
2,081,499
2,783,205
50,000
:315,813
Total
51,415.297 47,094,681
51.415.297 47,094,686
Total
Delaware Lackawanna & Western RR.
x Subject to deduction for Income tax.
--v. 120, p. 959.
(Preliminary Report for Year Ended Dec. 31 1924.)
The Fleischmann Company.
The company on Feb. 24 issued a preliminary statement
(Annual Report-Year Ended Dec. 31 1924.)
statistics for the year 1924, which compare
orearnings and
The remarks of Joseph Wilshire, Acting President, towith previous years as follows:
gether with the income account and balance sheet as of Dec.
31 1924, will be found in the advertising pages of this issue.
STATISTICS OF OPERATION.
1921.
1922.
1923.
1924.
$10.54
$9.28
$0.99
$9.54
Earn. per freight tr. mile
$2.94
$2.86
62.00
$2.71
Earn. per pass. train mile
738.66
693.41
754.54
722.82
Average train load (tons)
24.673.802
Rev, freight car'd (tons) 28.139,260 29.574.608 21,794,416 4454205,652
Net revenue ton mile_ _ _4809172.405 4852525.642 3851275.943
1.43c.
1.34c.
1.32c.
1.32c.
Aver.rev. per ton mile__
Passenger Traffic
28.916323 23,231,693 28,512.723 28,991.888
Passengers carried
656.097,874
Pass.carried one mile _ _ _660,825.635 667,289,802 652,061.940
2.200.
2.14c.
2.13c.
2.06c.
Rate per pass. per mile
STATEMENT OF OPERATIONS FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Revenues$23,576,425 $25,151.010 $14,294,191 $26,606,299
Coal
37,262,516 36,970,445
39,874,878 39.085.364
Merchandise freight...
13,600,454 14.185.914 13,460,681 14,438,161
Passenger
733
. ,
159
.
Mail
1.009,055
..
1.652:892
1,834:b68
1.642.370
Express
1.963.564' 1,974,035
2,163.334
2.302,113
Milk
2,944,928
3,209,846
3.396.778
3.365.153
Other revenue
1.447.159
1,545.586
1.611,115
1,489.685
Incidental revenue
$86,727.184
Total
Expenses-$7,745,720
Maint. of way & struc
Maint. of equipment.-- 18.699,630
1.406368
Traffic expenses
Transportation expenses 34.091.817
666.637
Miscellaneous operations
1,924,510
General expenses
Cr.38.473
Transportation invest
$88,236,974 $74,622,344 $85,977,815
$7,663,064 57.882.540 $10,022.415
21.239,075 18.683.608 19,053.845
1.305,321
1349.689
1.308.121
36.750.177 33.242.097 34,819.694
685,098
660,770
661.739
2.039.185
1.872.164
1.853,903
Cr.53.500
Cr.39,221
Cr.28.224
164.485.909 569.467.853 $63,671,647 $67,872,058
Total expenses
Net revenue from oper $22.241.275 $18.769,120 $10.950,697 518.105,7.57
5,312.066
4,894.466
9
5,995.6 8
Railway tax accruals--.. 6,900,102
12.295
9.944
22,253
12,510
Uncollectible ry. revs..
Operating income----$15,328,663 512.751.170 $6,046,287 $12,781,395
Addilional Income
$138,900
$143,112
$139,070
Joint facility rent income $145,592
364,136
752.237
852.759
451,707
equip.-Cr. bah
Hire of
699.208
535,116
83.967
229,447
Inc.fr. unfd.sec. & sects
251,418
276,652
281,084
267,213
Miscellaneous rent Inc_ _
94.190
105.522
64,765
63,854
Misc.non-op. ph.prop
453,086
571,665
444,065
505,566
Dividend income
771,650
3,611.792
3,973,793
from funded secs 4.050.105
Income
2,100
392
4,755
11,081
Miscellaneous income.._ _
Income from sinking &
1,038
1,038
1,468
1.972
funds_
other reserve
9,224
442,443
16.143
11.265
Inc.from lease of road _
Dr.4,656
Rev, prior to Jan. 1 1918
1.648.955
Deplet, of coal deposits_
43.847
6.626.405
418
Dr.164
Earnings coal dent
2.000,000
Guaranty period income
Adj. of settlement. U. S.
4,699,064
,
RR. AdminIstra ion _
Sundry add'ns dc deducts Dr.37.295 Cr.331,409 Cr.168,984 Dr.268,789
521,029.005 519.072,466 516,848,062 525,990,749
Gross Income
Deductions
$5,967.749 55,714.374 55,273.169 55.356.540
Rentals of leased road
5,914
6.142
5.856
5.856
Int. from funded debt
349.089
351,121
348.284
348.156
Rental New York piers_
732,537
503.136
1,105,555
560,808
Add'ns & betterments
11.425
16,857
122,814
38,377
Int. on unfunded debt_ Cr.3,869
Exp. prior to Jan. 1 1918
Dividends declared
Balance, surplus
$14.099.060 512.378,001 $10,475,929 $19,158,403
11.821754 10.132.932 10,132,932 13,510,576
$2.277.306 $2,245,069
5342.997 85.647.827
-YEARS
CONSOLIDATED INCOME AND PROFIT &LOSS ACCOUNT
ENDED DEC. 31.
1923.
1924.
546.442.692 541,232.783
Net sales
17,258.161 15,197.708
*Deduct cost of sales
Gross profit
*Deduct selling, administrative and general =pa
529.184.531 526.035.075
18.575.475 16.863.155
Net _profit
Add-Other income credits
$10,609,056 $9.171.919
796,434
840.633
Gross I ncome
-Income charges
Dedu 1
Federal and Canadian taxes
811.449.689 59,968.353
171.518
229.615
1.166,269
1.376,840
Net income
Profit and loss credits
59.843.233 $8,630,566
18.627
147,785
Gross surplus
59.861.860 58,778.351
Dedu 1 Profit and Loss ChargesPrem. on Prof. stock purchased
5110.956
$8,300
211.983
General Insurance fund set aside
300,858
Adj. of prop. values-addl amort. of war time fact!
90.880
Miscellaneous profit and loss charges
115.202
64.383
Total profit and loss charges
Net surplus before dividends
-Preferred dividends
Deduct
Common dividends
Surplus for the year
Surplus at beginning of year
6464,420
9,397.440
76.679
6.000.000
$438.141
8,340.210
82.743
4,875.000
53.320.761
23.429,029
$3.382.467
20,046,563
Surplus at end of year
nia2l3pAro2p9arty
• Depreciation has been charged off on plants
ts
32
under these headings. aggregating $2,214.143.
CONSOLIDATED GENERAL BALANCE SHEET, DEC. 31.
(Fleischmann Co. and Subsidiary Companies.)
1924.
1923.
1924.
$
Assets$
S
Liabilities$
Mfg. plants and
.
Preferred stock _ _61,246,900 1,309,700
equipment
21,426.124 20,945.573 Common stocke7,500,000 7, 923
500.
1 ,000
Other real estate_ 2.438,632 2,490,220
Cure. Liabils.Furn., fixtures, &c 4,118,563 3,572.995 Notes payable_ _ _ _
49,498
1,595,733
992,733 Accounts Payable.. 1,578,101 1,650,650
Patpn.tax.,Ins.,&e 331,542
Preedts
.
269.927 Accr. Int., payroll.
Gen.
[mu,.Fundtaxes (0th. than
U.S. Liberty bds. 721.037
649,544
Fed. & Can.) &
:
296 92
Other bonds
1,620695:614205 1.329 085
1,038,080
826.143
expenses
Stocks
29300
29,800 Accr. Fed. taxes_
46,438
Coll, loans rec........ 200,000
30,363
200,000 Accr. Can.taxes__
Accts. receivable..
Reserves
67
Accrued interest._
25,698
Depree, plants and
Cash
9,458.865 8.755,751
14,994
24,879
equipment
175,017
Secs.Depr.0th,real est. 218,541
Bonds
1,414,567
383,643 Depr.fur., fixt.,&c 1,770.687 1,316,732
74,928
Stocks
ks
828.395
832.395 Amort.cost of pats 181,368
175,250 Uncoil. accts. &
Real estate mtgea. 206,902
357.549
360,034
Policy of life Ins._
23,551
21,394
loans
225.993
Current Assets
lisciosses
ire e11. reserves.... 216,304
64,436
Cash
3,436,588 2,901,196 Fr'
U. S. Treas. COI_ 3,264,612 3,729318 Gen. Ins, td. acct_a2,029,610 1,730,432
d26,322.040 23,001.278
.
NoS i crtly ods_
U. tesLpeo t.lbane 2,652,426 2,095,698 Surplus
189,643
453,185
receivable
Accts.receivable__ 3,484,371 3,197,350
Awn int. & diva.
79,402
90,563
receivable
Inventories at cost 5,305,255 3364,093
52,837.075 47.834.905
Total
52.837.075 47,834,905
Total
a Appropriated surplus set aside to meet contingencies. b Authorized
in treasury, 17,531 shares; out
and Issued: 30.000 shares of $100 each:
standing, 12,469 shares. a Authorized and outatanoUng, 1,500.000 Bharat
FEB. 281925.]
THE CHRONICLE
at declared value of $5 each. d Surplus at Dec. 31 1924. 126,749.791.
less excess of book value over par value of stocks of sub. cos., $427.751.
Note.
-At Dec. 31 1924 company had contingent liabilities of $128.185
as guarantor of notes, of which 138.185 represents a loan of the Guaranty
Trust Co., New York. on balances due from employees on Common mac&
-V. 120. IL 064.
purchases, under which the stock is held as collateral.
American Safety Razor Corp.
(Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Joseph Kaufman, together with
consolidated balance sheet as of Dec. 31 1924, are given in
the advertising pages of this issue.
INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
a$1.170.972
1906.394
150,000
100.000
See a
122,077
400.000
Net profit
Federal tax reserve
Depreciation
Dividends
Balance, surplus
$620.972
a After all depreciation and necessary reserves.
$684.317
1922.
1917.664
120.000
116.944
1680,720
CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets
Liabilities
Plant. mach'y.dec_ 1,988,121 2,020,143 Capital stock_ _ _ _x10.800,000 10,800.000
Cap.stk.Mill. cos. 271,600
271,600 Mortgage on real
Other investments 174,359
estate
350.000
400,000
Good-will, patents
Accounts payable
and trade-marks 7.468,001 7,463.001
and accruals
77,543
110,241
49,111
Sundry accts. rec_
143,446 Installments on real
Invest,in securities
4,688
estate mortgage
50.000
50,000
Deferred charges__
112.716
177,301 Federal, &e.. taxes 150.000
104,166
Prepaid int., &a_
9,867 Rents receivable_
1,017
Cash res. for conSurplus
2,426,974 1,782,084
tingent liability_ 1,000.000 1,000,000
Cash
947,319
380,437
Accts.& notes rec. 749,424
680.443
Inventories
1,024.294 1.056,158
Due from affil. cos.
70,588
39,406
Total
13.855.634 13.248,493
Total
13.855.534 13,246.493
F x Capital stock authorized and Issued, 200,000 shares (par $100). issued
under the laws of Virginia as fully paid and non-assessable and carried at
$10.800.090.
Contingent Liability.
-fn purchasing good-will on Sept. 22 1919. the corporation assumed a contingent obligation expiring Sept. 22 1925. to make
additional payments up to but not exceeding $1.600,000. against which
cash reserve fund of $1,000,000.-V. 119, p. 2289.
there Ls a
Loose-Wiles Biscuit Co.
(Annual Report
-Year Ended Dec. 31 1924.)
Pres. B. L. Hupp, Feb. 20, wrote in brief:
r The sum of 1750,000 was expended during the year for plant and laborsaving machinery. This sum includes expenditures for the completion
and equipment of a seven-story addition to the plant in 13111as. Texas.
There was ;raid during 1924 all arrears in dividends on 2d Prof. stock.
amounting to 1,350,000, bringing dividends on this issue up to Aug. 11924,
since which date It has been restored to regular quarterly dividend basis.
RESULTS FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
Net profits*
11.177.205
$914.325
1820.967
1208.773
First Prof. div.(7%)
293,204
304,500
311.826
308.630
Pref. div
Second
420.000
420,000
245,000
175.000
Rate on 2d Pref. stk
(21%)
(2107) (12w%)
(8q 7.)
Skg. fd. of 1st Pt. stock_
150.000
150,000
150.000
150,000
Prem.on 1st Pf.redeem_
3.281
10,217
Balance, surplus
$310.720
$29,608
1117.337
Profit & loss surplus_ __ _ 14.184.298 $3.873.578 $3.843.970 def$428.053
$3,726.633
• Net profits from operations after deducting all expenses, interest.
charges, depreciation and maintenance and Federal taxes.
BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets
Liabilities
Real estate. bldgs.,
1st pref. 7% cum_ 4.165.500 4.238.000
plant, good-will.
2d pref.7% cum-- 2,000,000 c2,000,000
&c
n13,376,548 12,994,121 Common
8,000.000 8,000.000
Inventories
3,198,885 3,405,805 Fur, money °DIU. 183,900
214,550
Acc'ts receivable
Notes payable_ _ _ x330,850
(less reserve),.. 2,409,918 2,034,278 Acc'ts pay. & aces.
Marketable occur- 290.100
100,000
liabilities
963.476 6603,271
investments
995.637
660.900 Div.on 2d pfd.stk. y35.000
Cash on hand, &c. 772.073 1,003,672 Prey.for Fed. tax_ 565.445
530,155
Prepaid lows.,&c_ 510.108
235.779 Res for redemp of
lot pref. stock__ 1,125.000
975,000
Total(each side) 21.553.270 20,434.555 Surplus
4,184.298 3,873.579
a After deducting reserve for depreciation. b Accounts payable for merchandise, &c., not subject to discount and accrued items. x Obligations
Incurred to acquire real estate and carry investments in securities of companies owning properties leased by this company. y Payable Feb. 1
1925.
-V.119, p. 1289.
Central Leather Co.
(Annual Report-Year Ended Dec. 31 1924.)
Pres. Hiram S. Brown, Feb. 17, wrote in substance:
For the year 1924 the usual practice was followed of charging bond interest, aggregating $1,838,208, on the entire $36,764,150 of 1st Mtge. 5%
bonds due April 1 1925. thus producing a deficit in the company's operations for the year 1924 of $484,307.
It will be recalled that, beginning with the year 1913, company Inaugurated a policy of annually setting aside a fund, taken principally from the
proceeds of the timber operations, which fund has been used in the acquisition for the treasury of the let Mtge.5% bonds. As a result of this
policy.
$18.128,100 of bonds was acquired up to and including
Interest on these bonds has been set aside in a "special Dec. 311024. The
depreciation fund,"
which aggregated a net amount of $2,687,599 as of Dec. 31 1924. The
"special depreciation fund" has been and will be used to offset the
capital
depreciation resulting from the abandonment of certain surplus tanning
and extract plants of the company.
President Child's letter of Feb. 19 1924, accompanying the annual report for 1923, summarized the difficulties with which the tanning industry
of the United States was contending. Some of these difficulties still exist,
but, during the year 1924 a material improvement in the general
took place and the company not only did its share in the effort to situation
re-establish the industry on a fundamentally sound basis, but also took certain
necessary action in the readjustment of its own affairs, for example:
The tremendous surplus supply of leather was reduced during the
(1)
year to practically a normal basis.
(2) The entire tanning industry of the United States suffered from an
over-capacity in tanning plants. In order to relieve itself of the burden of
carrying excessive tanning capacity, for which no possible use exists now or
prospectively, company has arranged to abandon plants having an aggregate tanning capacity of 4,000 hides per day.
(3) In Dec. of 1924, after several months of negotiations, a contract was
signed with Kuhn. Loeb & Co. and Bankers Trust Co.for the sale of anew
-Year 6% First Lien Sinking Fund Gold bonds to
Issue of $15,000,000 20
provide the necessary cash to refund the company's 5% issue maturing
.April 1 1925. The new bond issue was offered for public subscription
Dec. 15 1924 and the interim rertificates were actually delivered to the subscribers on Jan. 19 1925 (see offering in V. 119. p. 2884)•
The new bond issue is secured by a trust indenture which specifically
pledges the proceeds of the timber operations of the company for the
payment of the sinking fund and interest tequirements. and the timber
1083
properties will be so operated that the net receipts therefrom should completely retire the $15,000,000 6% First Lien Sinking Fund Gold bonds well
within the date of their maturity.
The sinking fund and interest requirements of the company having been
provided for as above described, the expectation of dividends on the capital
stock of the company must be realized from profits resulting from the
operation of the company's leather business and lucerne from its investments.
It is the opinion of the officers that the heavy leather industry of the
United States has turned the corner. Company's organization has been,
and is continuing to be, reconstructed to as economical an operating basis
as possible so that it may be in a position to share in the reasonable profits
which it is earnestly hoped the heavy leather industry will realize.
CONSOLIDATED RESULTS FOR YEARS ENDING DEC. 31.
1923.
1922.
1924.
1921.
$
Volume of business
41,483,792 52,826,920 55,249.114 43.119.552
xEarns.after oper.exps.,
repairs, maintenance,
and all taxes
6,294,267 def3.832,733
4,206,887 def2,588.969
Exp.&losses of all cos
3.291,390
2,962,995
3.311.310
5.737.156
1.243.892 def5,880,359
110,008
446.323
2.982,956 def9,569.888
339.402
383,460
Total
1,353.901 def5.434,036
Deduct-Int.on jet M.84 1.838,208
1.838.208
Cent. Leath. Pref. diva.
3,366,417 def9.230.486
1,838.208
1.838.208
(150582.733
Net income
Income from investqs
Balance, surplus
1,528.209 dfl1,651,426
def484.307 def7.272,243
x Expenses include yearly also provisions for plant abandonment and
stumpages, repair and maintenance (approximately $1,365.656 in 1924.
$2,228.452 in 1923, $1.845.952 in 1922, and $1,812,936 in 1921).
CONSOLIDATED BALANCE SHEET DEC. 31.
1924,
1924.
1923.
1923.
Assets
Property set-x.34,386,411 36,477,304 Preferred stock_y33.299.050 33,299,050
Investments.- __ 7,559,540 6,742,435 Common stock. 39.701.030 39,701,031
Leath. in stores.
1st M.5% bds..a18,636.050 22,392,450
lumber, fin'd
Bills payable_
4,500,000
Products. &e_ 12,941,670 16,117,754 Foreign drafts__
492.867
10.025
Hides & leather.
1,010.222
A cc'ts payable__ 1,364.464
raw & in pro459,552
Accrued interest
459.552
cess, &c
20,075,049 23,922,816 Reserves,fire inAcc'ts receivable 5,193,607 5.696.664
875,000
875.000
suranee
Bills receivable100,000
100.000
129.099 1,256.333
Marine inns_
Liberty bonds__
24,124
100.000
Liabil. twins._
100.000
24.124
Cash in bank,&cs 6.821,401
Special depre4,278.989
Deferred charges
87.917
2,687.599 2.635.000
elation
117.495
Deficit
13.122,159 12.637,852
Miscellaneous 2,605.364 2.189.436
Total
100.320,976 107.271.767
100,320.978 107,271.767
Total
x Including timber lands, railroads, tannery plants and plants engaged
in lumber, glue and other allied industrial operations. y Cumulative dividends are in arrears since April 1 1921. = First Mtge.5% bonds. $36.763.150. less $13,937.000 acquired out of stumpage moneys pursuant to plan
adopted by the directors in 1913 for the partial retirement of the outstanding bonds of the company at the date of maturity, April 11925,and $4.191.100 in general treasury.
-V. 120, p. 335.
Stewart-Warner Speedometer Corp. (and Sub. Cos.).
Annual Report-Year Ended Dec. 31 1924.
Pres. C. B. Smith, Chicago, Ill., Feb. 16, wrote in sub.:
The profit for the year before deduction of Federal income tax is $3,898,164. after deduction of Federal income tax $3,501.107, or equivalent to
$7 37 per share, on 474,990 shares outstanding before acquisition of the
Bassick-Alemite Companies.
The cash position of the corporation continues to be very satisfactory.
Also there are no bonds, bank loans or indebtedness other than current bills.
It has been the practice to make very liberal allowances for depreciation
on plant and equipment,and as no appraisal had been made of the corporation's capital assets since 1916 it was decided that at this time a new
appraisal would be justified. The appraisal has been made by Coate &
Burchard Co. The report appraised value on the land, buildings, machinery
and equipment of 82.613,488 in excess of the amount carried as capital
assets on books and which amount are, therefore, included in the statement
and setting up on the books. The account of patents, good-will, &c., has
been reduced to the extent of $3.525,434. This lathe equivalent of amortization of patents for 7 years.
The corporation has taken over the Bassick-Alemite Corp. on the basis
of exchange of stock. 7 shares of Stewart
-Warner stock for 10 shares of
Bassick-Alemite stock. This was a very favorable deal and has greatly
strengthened the position of the Stewart
-Warner by adding a strongly intrenched money-making business, which comprises not only additional
automobile accessories, such as the Alemite lubrication system. Gas
-Co
Lator, &c., but also the castors and furniture hardware, with plants in
Chicago. Cleveland, Newark, Bridgeport and Meriden and active service
stations in 50 cities.
The figures shown do not cover the Bassick-Alemite Corp. or any of its
subsidiaries.
The profit of the Bassick-Aleirdte Corp. and subsidiary companies for
the year 1924 is 81.037,906, after charging off very liberal allowances on
Inventories, new lines in experimental stages, &c., placing the company's
affairs in an excellent position and insuring a handsome profit showing
for 1925.
The corporation has decided to market radio receiving sets. The first
model, listing at $125. without equipment, is nearly ready for market. It
Is expected that a very large business will be done in this line. It is also
the intent to have in the line of lower priced model and some De Luxe
models. With the very largo selling organization of this corporation, its
tremendous plant facilities, its knowledge of manufacturing of small parts
and its financial soundness, aided by its service stations, places it In an ideal
position to become a leader in this line.
INCOME ACCOUNT CALENDAR YEARS (INCL. SUBSIDIARY COS.).
1921.
1922.
1923.
1924.
Profit & Inc.(see note)-- $3,898,164 $7.586.499 $6,019,725 $1,106.573
684,563
Federal taxes
858.380
67,000
397.057
1.875.085
Dividends paid
4,244,233
y3,463,413
1.172,105
Surplus net income.-137.694 $2,483.886 $3,460,077 def$132,532
Prem.on Prof.stock red.
25.374
Cr.1,000 Dr.410,079
Adjustments
Apprec'n from appraisal 2.613.488
137,908
Good-will written off_ _ _ 3,525,434
Previous surplus
7.637.235
13.583.929 11,098,312
8,041,938
Total surplus
812,709,677 113,556.824 $11,098,312 17.637,235
Note.
-"Profits and income" are shown, "after deducting all manufacturing, selling and administrative exoenses, including adequate provisions
for discounts and losses on doubtful accounts, depreciation on plant equipment,&c." y Of which $2,308,602 paid from 1924 earnings and $1,154.810
from 1923 earnings.
CONSOLIDATED BALANCE SHEET DEC. 31.
1923.
1924.
1924.
1923.
LlobtlUtesAssets
Land, buildings,
Capital stock_ _ y19,155,459 12.487,610
machinery.&c_x16.194,849 6,229 802 Accts. & vouchers
Pats.,goodw111.&c. 8,291,569 10,805,557
payable
433,482
557,855
955,495 Taxes, royalties,
Cash
730,474
U.S. Govt.secure. 1,499,396 2,910,180
&c.. accrued_ __ 406,857
741.997
Inv.In m'k't'le sec. 954,697 1.222,268 Fed.Inc.tax pray_ 443,621
913.440
Accts.& notes rec_ 2,589.454 2,843,323 Surplus
12.709,677 13.556,824
2,750,088 2,843,176
Inventories
Deterred charges.. 138,748
427,935 Total(each side).._33,149,076 28,237,756
x Land, buildings, machinery and equipment, $12.744.264. less depreciation,83.428,799:investment in Bassick-Alemite Corp. valued at $7,149.185.
y Representing 509.990 shares of no par value.
-V. 120. p. 463.
THE CHRONICLE
1084
The Adams Express Company.
-Year Ended Dec. 31 1924.)
(Annual Report
President W. M.Barrett, New York, Feb. 16, wrote in part
James McCreery & Co
Hahne & Co
The William Hengerer Co
J. N.Adam & Co
Powers Mercantile Co
Stewart & Co
The Stewart Dry Goods Co
[VoL. 120.
Tangible Assets. Liabilities. Net Assets.
$7,537,479 $1,678,823 $5,858,656
1,179,372 6,829,572
8.008,944
685.930 2,458.158
3,144,088
2,871,566
571,601
3,443,168
869,889 1,820,073
2.689,962
580,181 3,055,222
3,635,402
248,619 1.477.823
1,726,442
Progress continued during the year in the disposal of o d suits against the
company's account of transportation operations which were discontinued
June 30 1918. The reserves set up in the statement (be'ow) are be eyed to
be ample to provide for all contingencies.
830,185,486 85,814,415 824,371,071
Total
The current net income for the year was at the rate of $9 61 per share.
The above tangible
retail dry goods stores wholly owned are
out of which dividends amounting to $6 per share were paid, and the balance analyzed as follows: assets of
of current income, viz.: $361,140, was transferred to surplus account.
Cash and U. S. Treasury notes and certificates, 85,382,097:
The business of Adams Express Armored Car Co. (whose entire Capital
accounts receivable, after deducting $363.448 reserves,
stock is owned) has shown a steady growth throughout the year, both in
$6,803,521; notes receivable, $3,985: inventories of mdse., at
earnings and number of customers, and its operations have resulted in a
$7.807,536-$19,997,139
cost or
employed therein. It is reasonab y Prepaid less, aster deducting $583,049 special res., $529,827;
satisfactory return on the capital
and deferred charges, incl. insur. deposits,
certain that the business will continue to ncrease, as It is believed there is
loans to affiliated cos., $63,985; land, bidgs. and impts., less
still a large field for development among financial nst tut ons and other
res., 81,813,779; fixtures, delivery equip., &c., less res.,
lines of business that wit eventually apprec ate the advantages to be ob$2,243,582: invest. in real estate holding cos, owning store
tained by the use of the service afforded by that company.
10,188,347
premises (net of mortgages of $4,530,000), $5.537,263
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
$30,185,486
Total
The above liabilities of retail dry goods stores wholly owned are
(Adams Express Co.and Southern Express Co.)
analyzed as follows: Accounts payable, $3,164,473; accrued
1921.
1922.
1923.
1924.
Revenue-expenses, $687,308; reserve for contingencies, incl. Federal
$2,650
$5,085
$5,968
89,703
5,814,415
Interest on balances_ _ _ _
taxes, $1,922,633; mortgages on real estate, $40,000
189,157
206,093
193,540
199,595
Int. on securities owned_
709,478
967,981
714,486
770,671
$24,371,071
Divs,on securities owned
Balance
689,424
632,800
639,006
592,819
Inc.from collat. pledged
68,679
93,326
Miscellaneous incomey Includes interest accrued on income note of $350,052.
z Capital (amount stated in certificate filed with State Corporation
$1,572,788 $1,646,325 $1,880,637 $1,590,708 Commission of Virginia, representing properties as against which the capital
Total
Expenses
issued as full paid and non-assessable and which is the full amount
$69,466 stock was
$9,605
Interest on loans
against which there has been issued 1st
now
644,182 Pref.outstanding), $16.001,000,
621,614
8579,881
$545,918
Interest on bonds
stock, $13,818,700; 2d Pref. stock, $6,725,500; Common stock,
72,536 814,985,000.-V. 118. p. 1133.
160,828
151,605
65,730
Salaries, exp. & taxes._
(6%)600,000 (5)500,000 (1)100,000
Dividends
Balance, surplus
Profit and loss surplus.. _
$361,141
5,369,628
$414,838
3,600,107
$988,590
3,074,502
$804,524
383.096
The Pullman Company, Chicago.
(Results from Operating Cars for Year ended Dec. 311924.)
A statement filed with the I.-S. C. Commission shows:
STATEMENT OF ASSETS AND LIABILITIES, DEC. 31.
CARS AND AUXILIARY OPERATIONS.
(Adams Express Co.and Southern Express Co.)
-Month of December
-Calendar Yea
1922.
1924.
1923.
Assets1923.
1924.
1924.
1923.
Investments:
Berth revenue
870,440,298 869,390.125 $5.508,239 85.431,109
Securities at market value held by
800,441
777,939
Seat revenue
9.610.519 9.614,602
trustees for Adams Express Co.
67,201
51.676
1,141,548
Charter of cars
944,287
Collateral Trust 49:
11,924
13,447
145,188
245.107
Miscellaneous revenue_
Guaranty Trust Co.,trustee for
(a)
149,221
Car mileage revenue_ _ _ _
84,577
692.887
739.996
$6,543,113 $6,044,247 86,444355 Contract revenue-Dr.._ 9,075.343 8,555,144
bonds due 1947
407,469
548,552
(b) Bankers Trust Co., trustee for
6.004,068 5.899,214 6.503.421
bonds due 1948
Total revenue
$72,757,838 $72,576.235 $5,887,327 86.052,427
Adams Exp.Co.Coll.Pr. bonds due
Maintenance of cars.._ _ _$28,273.600 $28.205.726 $2,630,322 $2.025,281
800 All other
18,400
73,950
1948, held in treasury)at market)
34,249 Cr2.688,137
maintenance
464,951 Cr2,322.318
due
Adams Exp.Co.Coll. Tr.bonds
4.485 Conducting car oper'n.s_ 30,022.662 27.385,168 2.539,780 2,176,822
33.248
1947.held in treasury(at market)
204,703
General expenses
265,190
2.847.983 2,638.521
market value deposited
Securities at
10,986
10,780
10,615
with N.Y.State Indus. Conun'n
261,609,196 $55,885,099 $5,469,541 $1,738,468
Total expenses
2d Mtge. bonds Adams Exp. Bldg.
2,160,000 2,180,000 2,200,000
Co., unpledged, at par
$11,148,640 516,691,135
Net revenue
$417,786 $4,313,958
864,309
1,203.143
Misc,securities at market value_ _ _ 1,426,564
Auxiliary operations
Capital stock of the American Rail$94,918
$91,848
$1.142.772 81,107.091
11,904,300 Total revenues
11,914,300 11,904,300
way Express Co.at par
1,033,511
89,881
93.301
1,075,913
518,013 Total expenses
308,036
108,040
Securities of sub. cos, at fair value
Car Co.
Adams Express Armoured
$73,580
8.5,237
$66,859
def$1,455
Net revenue
500,000
500,000
capital stock at par
$423,023 $4,312,503
$11,215,499 816,764.716
Total net revenue
210.340
85,709
4.475.308
3,460,131
$28,740,814 $28,101,203 $28,450,670 Taxes accrued
Total investments
858,886
81.3387
$8,278
Land,buildings and equipment
$212,683 34.226.794
Operating income_ __ _ 87.755.369 812,289,408
528,983
273,128
730,076
Treasury cash
.Statistics of Car Oper
154,344
114,152
86,701
Accounts receivable and accrued_ ___ _
No. of rev. passengers__ 34,085,756 34,249,445 2,719,093 2,816,878
Interest collected and accrued from
943,334,475 890,719.336 80,398,486 76,638,141
No.of car miles
collateral trust securities (for pay11.53
12.91
12.60
12.25
417,365 Rev.pass.per car per day
411,969
422,641
ment ofinterest on Adams bonds)_ _
$3.23
$3.10
83.23
$3.29
12,421 Rev, per berth pass...
Other assets
$0.76
$0.75
$0.75
50.76
Rev, per seat passenger_
$0.07323
80.07897
$0.07713
car mile_ _
$29,986,511 828,913,639 829,622,668 Revenue perreports the_railway mileage $0.08148 it was operating Oct. 31
Total
on which
Company
Liabilities
128,496 miles, compared with 124,494 miles on Oct. 31 1923.$10,000,000 $10,000,000 $10,000,000 1924 as
Capital stock
7,689,000 8,012,000 8,405,500 V. 119, p. 1965.
Collateral Trust 4s, 1947
5,793,5006.062,0006.697,500
Collateral Trust 4s. 1948
17,195 Republic Railway & Light Co. (and Subsidiaries).
7.573
6,882
Accounts payable and accrued
Interest payable accrued on Adams
-Year Ended Dec. 31 1924.)
274,440
(Annual Report
267,720
267,810
Express Co.Coll. Trust bonds
Reserve for loss and damage claims,
President R. P. Stevens reports in substance:
express privileges, unpaid money
.-A saving in fixed charges of underlying companies,
964,239 1.153,531
859,691
New Financing
orders and contingencies
5.389,628 3.600,107 3,074,502 amounting to more than $150,000 annually, has been made by refunding
Profit and losssurplus
6
,
the 73 % bonds and 8% notes of Pennsylvania-Ohio Power & Light Co.
$29.986.511 $28,913,639 829,622,668 This refunding was accomplished by selling $19.000,000 30
-year 1st & Ref.
Total
-year 6% Debentures of Pennsylvania-Ohio
Mtge. 514s and 82.700.000 15
-V. 118, D. 737
.
Power & Light Co.. dated July 1 1924. the proceeds of which were used to
pay off $12,664,000 1st & Ref. 734% bonds, 12,711.900 10
-year 8% notes
-year 6% notes. and provide necessary new money for
and $2,000,000 3
Associated Dry Goods Corporation.
extensions and additions to property.
(Annual Report-Year Ended Dec. 31 1924.)
As a result of this refunding, Pennsylvania-Ohio Power & Light Co.
now has no interest-bearing obligations carrying a higher rate than 6%.
INCOME ACCOUNT FOR CALENDAR YEARS.
The Pennsylvania-Ohio Electric ,
Co. issued and sold in April $500,000
1921.
1st & Coll. Trust 6s. Series "B,' dated Sept. 1 1923, to reimburse the
1922.
1923.
1924.
83.816,133 83,668.407 $3,213,077 $3,105,758 treasury for capital expenditures and for additions and improvements
a Profit
396.194 to the property.
907,932 1.021,876
1,123.830
Other inc. of parent co
The Pennsylvania-Ohio Power & Light has authorized an issue of$500,000
S4_,939,963 $4,576,339 84,234,953 $3,501,952 Pref. stock bearing a 7.2% dividend, payable monthly at the rate of 60c.
Total
$73,287 per share per month. This issue was arranged to meet the requirements
$46,929
$120,932
Deduct exp.of parent co. $187,098
1.100 for local distribution to customers and to employees of the company.
1,329
Int. paid by parent co-Over 810,000,000 has been spent for addiAdditions and Extensions.
Reserve for Federal taxes
tions and extensions to the properties during 1924.
of the parent co. and
The Electric Railway and Motor Bus Business.
592.000
426,000
-The officials were among
480,000
490,000
wholly owned stores_ the first to realize that except in a few isolated cases successful operating
$4,262,865 $3,975,406 $3,760,695 $2,835,565 of electric railway lines was possible only when the existing electric railway
profit
Net current
8829.122 company recognized that it was not only in the electric railway business,
$829,122
$829,122
First Pref. diva. (6%) - 8829,122
470,785 but In addition must assume the responsibility for the entire local trans470,785
470,785
470,785
Second Pref. diva.(7%)
(4)599,400 (4)599.400 (4)599,400 portation business in the territory it serves.
Common dividends- -(5%)749,250
Street railways and so-called "jitney buses" in local competition is ruinous
Cr.2,721
Cr.2,721
Cr.2,721
Cr.2.821
Divs, on treasury stock_
and the transporthtion requirements of the community can best be served
$938,979 by a co-ordination of these two facilities under one head.
$1,864,109
$2,216,529 $2,078,820
Balance, surplus
To date, electric railways provide the cheapest and only practical method
transportation and
after deducting from
take their
a Profits of retail dry goods stores wholly owned,general expenses, and of mass this class of service,nothing has yet been provided to a place for
place in
but the motor bus has established
their sales the cost of merchandise sold, selling and
itself in co-ordination with electric rail transportation, and its place must
other adjustments except reserves for Federal taxes.
all
be recognized.
CONSOLIDATED BALANCE SHEET AS OF DEC. 31.
Notwithstanding the recognition of this principle long ago, at which time
the competitive operations in Pennsylvania were eliminated, the Ohio laws
1923.
1924.
1923.
1924.
favorable to competitive bus operation delayed the time when relief could
Liabilities
Assets
Stated capital___x16,001,000 16,001,000 be obtained in that territory and jitney competition with the railway lines
Net tangible assets
Capital reserve_-_ 4,543,200 4,543.200 in the city of Youngstown has continued to a large extent up to the last
of retail stores
94,688
80.888 part of the past year. In Sept. 1923 the Common Council of the city of
x24,371,071 22,566,638 Reserve for exps__
owned
Youngstown passed an ordinance restricting the operating of jitneys in
Addeo Realty Co_y1,950,052 1,881,799 Contingent reserve,
the congested business centre of the city. This was a serious blow to the
Fed200,000 including
Surety Coupon Co. 200,000
166,967
166,993 jitney operators and they circulated a petition obtaining sufficient signers
eral taxes
Dry Goods
Assoc.
31,327
28,592 to submit to the voters at the spring election a referendum ordinance to
25,000 Reserve for divs
Corp. of N. Y. 25,000
give them authority to operate through the business district.
Amt. depos. with
Lord & Taylor CapThis ordinance was defeated at the polls. The jitney operators then
1,514
1,520
co. by trustees._
3,569,951
3,673,487
ital stock
10,920,394 8,703,885 appealed to the Ohio courts on the ground that the city had no authority
Surplus
C. G. Gunthers
to change or interfere with operation over routes that had been approved
105,000
Sons Corn,stock 105,000
by the Ohio Public Utilities Commission.
1,212,946 1,157,490
Cash
This raised the issue as to whether the city or the State had control of
U.S.Treas.nerds_ 201,354
the jitneys. The trial court decided that the city had no authority to re20,180
20,180
Treasury stock_
strict the jitney operation and the city of Youngstown has taken an appeal
31,759,090 29,506,057 to the Ohio Court of Appeals. The case has been argued, but decision
31,759,090 29,506.057 Total
Total
has not yet been given by that court.
In the meantime, upon application of the city of Youngstown, the Ohio
x Capital securities of retail dry goods stores wholly owned, the values
them from
of which are based on the net tangible assets of the respective corporations P. U. Commission amended the routes of the jitneys removing
the central business district.
(no good-will or other intangible assets included):
FEB.28 1925.]
THE CHRONICLE
The Commission's order became effective about Nov. 1, and resulted
in a substantial increase in the earnings of the railway lines in the city of
Youngstown for the months of Nov. and Dec. It is doubtful if many of
the jitneys will continue to operate under these new restrictions.
It is of great interest to note that the City Council through an ordinance,
the people through a referendum vote and the State Utilities Commission
through an order, have all expressed themselves to the effect that after
years of experience they have determined that bus transportation in congested streets in competition with electric railways is undesirable.
Hubbard Rate Case.
-In the so-called "Hubbard Case" which has been
pending for several years, the U. S. Supreme Court has recently given a
decision that Is of such importance to all electric railways operating in two
or more States that a summary is here given.
The Pennsylvania-Ohio Power & Light Co. operates the electric railway
from Youngstown, 0. through the village of Hubbard in Ohio to Sharon,
Pa. The franchise in Hubbard fixed the rates of fare between Youngstown
'
and Hubbard and Hubbard and Sharon. In 1920, with the consent of
the I.
-S. C. Commission, the fare was raised between Hubbard, 0., and
Sharon, Pa. the right of the I.
-S. C. Commission to permit this increase
between points in different States not being questioned. Later, when
tariffs for a similar increase were filed between Hubbard, 0., and Youngstown, p., they were rejected by the Ohio P. U. Commission. After a
hearing upon a complaint filed by the company, the I.
-S. C. Commission
decided that the lower rates in the State of Ohio were discriminatory against
inter-State commerce and ordered the increase. The village of Hubbard
obtained an injunction in the Federal Court for the Northern District of
Ohio, and that court in an opinion in 1922 decided that the I.
-S. C. Commission had no jurisdiction over an electric road of the character of the
Youngstown-Sharon line.
The U. S. Government, the I.
-S. C. Commission and Pennsylvania-Ohio
Power & Light Co. took an appeal to the U. S. Supreme Court,and the final
decision of this court, rendered Jan. 5 1925. written by Justice Brandeis
and concurred in by all members of the Court except Justice McReynolds,
held that the I.
-S. C. Commission had jurisdiction over roads of this character and made effective the increase in fares.
Taxes.
-The conteibution to the Government in the form of taxes paid
by the company.and its subsidiaries continues to increase, and for the past
year this accrual was $619,899 as compared with $585,630 the previous year.
"Customer Ownership."
-The company and its subsidiaries now have
2,544 customer stockholders and 955 employee stockholders. An organization for the local distribution of securities has been established as a permanent department of the company's activities.
INCOME ACCOUNT, INCL. SUBSIDIARY COS.. FOR CAL. YEARS.
1924.
1923.
1922.
1921.
Gross earnings
$10.280,746 89.808.760 $8,125.792 87,321.680
Oper. exp. and taxes
6,993,632 6.655.552
5.726.102
5.391,370
Net earnings
Other income
Gross income
Deduct
-Interest
Discount on bonds- _ _
Contingent reserve_
Divs. on pref. stock of
sub,in hands of pub.
$3.287.113 $3,153,207 $2.399,689 $1,930,310
265,522
127.165
280,091
372,378
u:,98s135
32
303,678
$3,280,372 $2,679.780 $2.302,688
81,806,517 $1,502,936 $1,419,249
167,351
128,592
101,112
135,211
836,882
608,557
490.889
434.335
Bal.for dep.,divs.& sur. $702.543
$697.947
$347,992
$422,151
CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1923.
1924.
1923.
Assets$
$
Liabilities$
$
Prop.,fran.&inv_x54,574.433 43,974,853 6% Pref. stock__ 5,191,400 5,191.400
Sp.Ids. by trusteesy1,490,919 9,412,675 Common stock_ _ _ 6,206,000 6.206.000
Investments
33,431
34,004 Pref. stk. of subs.11,888,900 11.433,500
Advances
341,390
473,068 Fund,debt of subs.38,349,400 34,041.400
Dint.on securities 6,589.127 3,871,527 Matured bds. and
Suspense accounts 1849.842
894,042 coupon interest_ 277,694
111.169
Deferred charges
122,715 Deferred liabilities 841,518
118,780
890,304
Cash & work. Ms_ 896,311 1,011,765 Car trust & coach
Accts.& notes rec. 1,052,509
124,870
purchase notes.
79,368
686,852
Subscrips. to Pref.
76,737
Notes payable....
5,000
01 stook ofsub.cos. 154,174
616,947
58,642 Accounts payable_ 585,932
Int. received on
513,663
Accrued taxes__ _ _ 567,866
bond & stk. fds_
293,252
40,165 Accrued interest_
91,009
Material & suPpl. 943,362 1,132,231 Accrued diva. on
77.340
Pref.stk.of subs. 80,605
78,445
75.769
Sundry creditors._
Res. for depree___ 1,342,189 1,123,071
66,939
Sundry reserves__ 201,636
867,502
1,261,991
Surplus
Total
67.044,278 61,712,538
67.044,278 61.712.538
Total
x Incl. cost of acquisition of securities of sub. cos., stated at cost, and.
n so far as paid in securities, stated at par value of such securities.
y Proceeds from sale of bonds by Ohio River Edison Co. to be expended
for construction of new power plant, $979,606: deposits to meet matured
bonds and coupon interest. $277.694: deposits in lieu of construction for
withdrawal of bonds. $164,991; sinking funds. incl. int. accrued, $65.475;
sundry, $3,151.
z Arising from operation of Youngstown City Lines under service-at
cost franchise: Oper. expenses plus stipulated return on agreed valuation
in excess of revenues prior to Dec. 31 1921, to be offset against future earnings, $649,455; repaving assessments chargeable to future operating costs,
$200.387.-V. 120, p. 705.
Twin City Rapid Transit Co.
(Annual Report-Year Ended Dec. 31 1924.)
1085
Virginia Iron, Coal & Coke Co.
(22d Annual Report-Year Ended Dec. 31 1924.)
President John B. Newton, Roanoke, Va., Feb. 2, wrote
in substance:
1924 Not Profitable Year.
-The year 1924 was not a profitable one for
the company. On account of the market conditions prevailing throughout
the year, prices obtainable on coal mined were so near the cost of production that the profit was necessarily very scant, this condition being
brought about by over-production. We, however, were able to operate
coal mines at an average of about 65% capacity throughout the year.
Pig Iron.
-The situation in the pig iron market was very similar to
that of coal
-with the company even worse-in that it did not feel justified
In running but one furnace out of six and that furnace only for five months
during the year.
Company has endeavored to practice economy and conserve as far as
possible its resources and,in this effort, has met with fair success.
Coal Mine.
-The coal mines are in condition to produce more coal
per day than ever before in the history of the company and the equipment
is in good condition: Through the practice of strict economy the cost of
coal production has been substantially reduced during the year and expenditures kept down to the minimum.
Improvements.
-The amount expended for equipment and permanent
imorovements was $75,346.
Funded Debt.
-Directors authorized the purchase during the year of
$155.000 bonds, bringing the total amount of bonds in the treasury to
$878.000 and, on account of sales of certain property covered by the
mortgage,$37,000 of bonds were cancelled during the year,leaving $841,000
bonds in treasury at the end of the year.
Purchase of Stock.
-At a meet of the directors Dec. 18 1924, a resolution
was adopted authorizing the officers to buy from stockholders of record
as of Dec. 31 1924 and to hold in the treasury of the company up to $2.500,000 outstanding 5% Preferred stock and to pay $80 per share therefor:
each holder of the company's outstanding Preferred stock as of Dec. 31
1924 to be given the privilege until Feb. 2 1925 of selling to the company
at that price 50% of his holdings; but in the event $2,500,000 of such stock
is not sold under this 50 offer, then the officers may buy at not exceeding
$80 per share, when and as available, enough of the stock to bring the
total purchase to 62,500,000 (V. 119. p. 2892)•
It appears at this date (Feb. 2) that the entire 50% of outstanding
Preferred stock will be acquired by the company under the above terms
and thus reduce the annual interest requirements by 8125,000.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Gross earnings
$3.602,442 $7,918.766 $4,354,846 $3,699,842
Net earnings
641,827
912,128
692.230
173,618
143.040
176.681
Other income
186,464
176.485
Total income
Bond interest
Federal taxes
Rentals, expenses, &c
Preferred diva. (5%)
Common diva
8784.867
$878,694 $1,088,809
$142.414
$137.638
$121,937
24,110
72,369
61,589
282,885
303,409
238,503
294.542
249,810
249,810
249.875
(6)599.866
(314)350,000
$350.103
$109,065
Balance, surplus
$325,584 def$264,428
def$303.379 def$143.146
GENERAL BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
1923.
Assets$
Liabilities$
$
$
Real estate, plant
Preferred stock... 5,000.000 5,000.000
& equipment__ 9,732,193 10,111.712 Common stock_ _10,000.000 10,000,000
Securities owned__ 6,735,495 6,637,229 1st Mtge. bonds__ 2.952.000 2,989,000
Sales ledger, &e.,
Unpaid vouchers__ 169.375
192,139
balances
387,576
65,353
496.660 Unpaid payrolls.96,663
B lis receivable_ _ _ 539.138
475,504 Accounts payable7,760
8,696
Accts. receivable
23,772
33,378 Bills payable
2,500
Adv. to cashiers &
Res.for workmen's
superintendents.
compens'n liab_
4,701
57,146
3,162
56,023
Cash
141,633
150,693 Res.for Fed.tax.
61,589
Accr. int. rec.Bond int. accrued_
35,167
87,750
U. S. bonds....
18,954
18,926 Div. pay. Jan. 2__ 124,938
274,910
Inventories
1,107,189 1.416,854 Profit and loss__ _ 274,877
628,889
Total
18,689,114 19,345,659
-V.119. p.2892.
Total
18,689,114 19,345,659
American Can Co.
(Annual Report
-Year Ended Dec. 31 1924.)
President H. W. Phelps wrote in substance:
The net earnings for 1924 were $15,906,757. After reserves for taxes
interest on debentures, depreciation, and regular dividends paid of 7%
on the Preferred and 5% on the Common stock, there was left a balance
of $6,393,936. After deducting from this balance an extra dividend of
207 on the Common stock, declared in December and payable Feb. 16
1925, amounting to 8824,666, there was carried to surplus $5.569,270.
The annual retirement of debenture bonds was made as usual, and
at the end of the year there were in the treasury $3.003,000 debentures,
which cost the company $2,979,637. This left in the hands of the public
85.125.000 debentures. By action of the directors on Nov. 25 1924. and
In accordance with the indenture under which the debentures were issued,
the entire remaining issue was called for payment on Feb. 1 1925 at 10254.
The inventory has been carefully taken and shows a material decrease
from that at the close of 1923. All liabilities are fully shown. Accounts
payable are all current and there are no loans outstanding.
Appropriations for new construction were somewhat larger than in
1923, of which 83.995,365 have been expended, and work now in progress
will be completed and paid for in 1925. This, together with other additions
to buildings and machinery that are made necessary by expanding business,
will call for expenditures in 1925 that will probably exceed the actual
disbursements in 1924.
Conditions in the canned foods trade are again favorable and there
seems reason to believe that the business of 1925 should at least equal
that done by the company in 1924.
INCOME STATEMENT FOR CALENDAR YEARS.
1924.
1923.1921.
Rev. passengers carried-209,202,818 221,542,298 2261542
93
2 :924 227,727.748
Rev. from transport'n_ _$12,593,799 $13,351,233 $13,659,955 $13,734,117
Other revenue
•-er 110,771
111,878
112,693
131.464
Total oper. revenue_.412.704.570 -- 3,112 $13,772.647 $13,865.582
-$13.46
- Way and structures..
$1.175.456 $1.197.373 $1,303,587 $1,389.612
Equipment
1.039.109
1,137.029
1.495,920
1.240,967
Power
The usual comparative income account was published[in
1.336.671
1.421,156
1,395.174
1,446,542
Conducting transport'n_ 4,308.179 4.514.533 4,558.838
5,330,539 V. 120, p. 831.
Traffic
46,480
51.02141,851
BALANCE SHEET DECEMBER 31.
General & miscellaneous 1,280,033
1,216.729
1,334,027
1.337.439
1924.
1923.
1924.
1923.
Total oper.expenses $U.F35.8 $9,537,841 $9,914,324 810.990,535
Assets
Liabilities
Net operating revelue
$3,518,642 $3.925,270 $3,858,323 $2,875,046 Plant, real
est.,
Preferred stock_ 41,233,300 41,233,300
Taxes
1.265.982
1,373.069
1,251.925
1.139.637
Incl. new conCommon stock_ 41,233.300 41,233,300
Operating income
$2,252,659 $2,552,201 $2,606,398 $1,735.409
struction
99,178,628 97.173.805 Debenture bds_ 78,128,000 8,633.500
Non-operating income
101,062
116.936
69,242
179,865
169,333
55,732 Other inv. items
382,420 1,591,347 Accr. bond int__
P Gross income
$2,353.721 82,669,137 $2,675,640 $1.791,142 Deb.bds.owned 2,979.637 3,102,113 Acc'ts& bills pay 5,271.827 6,354.421
Interest on funded debt_ $1.072,968 $1,087.626 $1,091,255 $1,073,229 U.S. Govt.secur
252,656
100.590 3,010,860 Res. for empl'sMiscellaneous
721,583
721,583
Pref. My.(Jan.)
,
510,028
11744
11.444
19,183
20,608 Invest,for empl.
21,564,841 13,173,329 Corn. div. pay.
Pref. dividends (7%)..-210,000
210,000
210.000
210,000 Cash
927,749
Common dividends-1,340,082
February_ _ _
(4%)880.000(6)1.320.000 (4)880.000 (2)440.000 Accounts & bills
receivable_ _ _ _ 6,829,721 7,601,207 Conting. funds_x10,981.625 14.426.692
Balance, surplus
$179,009
$40.067
$475,201
$47,305 Materials and
Res.for Fed.tax 2.150.000 2.000.000
CONSOLIDATED BALANCE SHEET DEC. 31.
products
23,075,893 27,628,469 Surplus
43,140.050 37,570,781
1924.
1923.
1924.
1923.
Total
154,621,757 153,281,190 Total
154,621,757 153.281,190
Assets
Common stock-22.000,000 22,000.000
Road and equipx Consists of 33,529,989 insurance reserve, $4.059,731 inventory reserve.
56,808,929 56,202,301 Preferred stock... 3,000,000 3,000,000
ment
$2.292,850 Federal tax reserve. and $1,099,055 miscellaneous reserve.
Funded debt sinMiscellaneous PbY.-V. 120. p. 831, 456.
9 Called for payment Feb. 1 1925 (see text)
905,592
989,173
matured
sisal property
19,388,000 19,888,000
Otherinvestments. 1.071,272 1,630,755 Audited accts. and
189,449
347.338
wages payable__ 106,434
Cash
27.923
Misc. accts. pay'le
368
Loans and notes
16,131
44,894 Accr.int.(not due) 381,393
92,386
receivable
389.726
Tax liability
1,256,308 1,366,776
Miscell's accounts
139,075
67,117 Injury and damage
receivable
STEAM RAILROADS.
reserve
836,715
218,000
264,717
Material& supplies 691,100
Deprec'n reserve 11,848,562 11,270,963
U. S. RR. Labor Board Rules Pennsylvania RR. Telegraphers Will Go On
Rents and MaurUnadjust. credits_
15,100
Eight-Hour Day Basis on March 1.
ad-"Wail Street Journal" Feb. 24, p. 10.
16,763
ante paid in
34,511
54,686 Profit and loss_ _ _ 1,876,038 1,774,093
-S. C. Commission To Go Into Effect
New Express Rates Instituted by I.
vance
March 1.
-The rates in the territory north of the Ohio and Potomac and
60.090,204 60,015,093
60,090,204 60,015,093 east of the Mississippi are to remain unchanged or will be slightly
Total
Total
between other sections of the country vrill be reduced, and rates from
increasd.Rt
-V. 120, p. 830. 584.
GENERAL INVESTMENT NEWS.
1086
THE CHRONICLE
the first-named territory to points south of the Ohio and Potomac and west
of the Mississippi Rivers are reduced. The new rates will apply on any
shipments made after midnight Feb. 28. New York "Times"
25, p. 29.
Feb'
Engineers and Firemen of Chicago Rock Island et. Pacific RR. Win Wage
Increases.
-Rock Island lines granted firemen a 5% increase, amounting
to 24c a day in passenger service, 36 in freight service and 32 in yard service.
This is the same increase as granted engineers about two weeks ago. There
was some minor revision of rules. "Wall St. Journal" Feb. 27. p. 14.
Surplus Cars.
-Class I roads on Feb. 14 had 220,798 surplus freight cars
in good repair and immediately available for service, according to reports
filed by the carriers with the Car Service Division of the American Railway
Association, an increase, due to the observance of Lincoln's Birthday, of
21,588 cars over the number reported on Feb. 7. Surplus coal cars in good
repair on Feb. 14 totaled 84.602, an increase of 21.041 within a week while
surplus box cars in good repair totaled 94.795, a decrease of 991 during the
same period. Reports showed 19.325 surplus stock cars, an increase of
1,022 over the number reported on Feb. 7, while there also was an increase
during the same period of 328 in the number of surplus refrigerator cars,
which brought the total for that class of equipment to 13,393.
-Practically no car shortage is being reported.
Car Shortage.
[VoL. 120.
Chesapeake & Ohio Ry.-Stockholders' Protective Committee Formed to Oppose Merger.
-
At the request of a large number of stockholders the committee (below)
has been formed for the purpose of protecting the Interests of its stockholders in respect of the proposal by 0. P. and M.J. Van Sweringen for the
unified control and operation of its properties with those of New York Chicago & St. Louis RR.. the Hocking Valley Ry., Erie RR., and the Pere
Marquette Ry.,through lease of all of the property and assets of Chesapeake
& Ohio Ry. to New York Chicago & St. Louis Ry., for a term of 999 years,
and if necessary, in the opinion of the committee, to oppose such plan of
unification and proposed lease in such manner as the committee may
determine to be for the best interests of the stockholders.
The committee has caused to be made by competent statisticians and
analysts a thorough analysis of the proposed plan of unified control and
operation and is satisfied that it does not offer to stockholders of the company fair and reasonable considerations for the proposed exchange of their
stock for stock in New York Chicago & St. Louis Ry. On the contrary.
after full consideration of the effect and operation of such proposed Plan of
unified control, the committee is convinced that its terms and conditions.
large
stockholders of the
-Equip. Trusts Offered.
Ann Arbor RR.
-J. A. W. If made effective, will denrive the their present right tocompany ofin the
property values and greatly impair
participate
Iglehart & Co., Baltimore, are offering at prices to yield future earnings of the property upon a dividend basis which they now have
receive.
from 4
to 5.65%, according to maturity, $176,000 every reasonable right to espet to that the proposed
The
also of opinion
Equip. Trust 6% gold notes (stamped subordinate in lien for or committee isnon-assenting stockholders of thelease does not provide
conserve to
company any fair or
Just return upon their interests in the property, assets and potential earning
to $351.000 rotes of the same issue).
power
Dated Jan. 15 1920: due $17.600 annually Jan. 15 1926-35. Int. payable term of their company, and will, if made effective because of the extended
of such proposed lease, substantially accomplish the alienation of the
J. & J. Denom. $1,000 and $100. Red., as a whole only, at 103 and int.
company's properties with no assurance or guarantee to such non-assenting
Guaranty Trust Co., New York, trustee.
company, are stockholders that they will receive a just and reasonable return upon their
These notes, which constitute a direct obligation of
-year term of such lease.
issued under an equipment trust agreement between the Director-General stock in the way of rental during the 9e0
The members of this committee are free from any connection with the
of Railroads,the trustee and the company. The original issue was $792,500.
have matured and been paid. These notes are secured present or past management of your company and will act without compenof which $263.500
by the following standard railroad equipment: 4 Santa Fe locomotives sation. It is the purnose of the cammittee to take prompt and vigorous
action for the promction of the Interests or the stockholders of your comand 200 standard steel underframe box cars.
pany and to proceed with diligence and dispatch. under the advice of
Comparative General Balance Sheet Dec. 31.
counsel, to prevent. If possible, the consummation of what your committee
1923.
1924.
1924.
1923.
believes to be an unwarranted plan for acquiring possession and control
8
Assetsof the property of your company.
7,250.000 7,250,000
The cammittee is having prepared a stockholders' protective deposit
Inv.un rd.&equip.22,594,233 19,634,121 Capitalstock
5,463 Govt. grants
25,813
8.675 agreement, under which the Irving Bank-Columbia Trust Co. will act as
Mae.phys. prop__
8.675
Long term debt_
Inv. In MM.cos.8,910.875 7.202,500 depositary for all stock lodged with it.
Oblig.toU.S.Govt. 1,454.700 1,587,400
Ann Ar.BoatCo. 467,291
The committee invitee pro'Ins from stockholders authorizing it to oppose
38,501 Loans & bills pay- 160,614
23,566
Stocks (other)__
66.397 therproNnsed lease, which will be acted upon at the stockholders' meeting
ma ch o
370.000 Traffic & car serv.
Bonds
65,939
bats. payable__ 108.510
6.500
249,298
Advances
-Gen,Cole Scott, Chairman; John Stewart Bryan,Richmond.
Committee.
246,777 Audited accts. and
277.319
Va.: Lindsey Hopkins, Atalnta. Ga.: George S. Kemn and Berkeley WilCash
,
63,292
wages payable_ _ 1,301.094 1.229.730 liams, Richmond. Va., with Berkeley Williams, Sec.. 705 Richmond Trust
Other Investments
144,241 Misc. accts. parle
72,070
67,445
57,452 Bldg., Richmond. Va., and Munford. Minton, Williams & Anderson,
Special deposits. _ _
Int. mat'd unpaid_
Traffic & car eery.
75,350
75.210 counsel. Richmond, Va.-V. 120, p. 827, 580.
192.230 Unmat. int. accr'd
39.624
bats. receivable_
36,743
17,519 Other def'd Habil..
Chicago & North Western Ry.-Faus Bonds.
20,221
20,461
Agts.& cond. bale20.043
232.556 Tax liability
255.884
The 51.000.000 Milwaukee Lake Shore & Western Ry. 1st Mtge. bonds
Misc. accts. reele. 251,000
232,382
503,382 Accr.depr.,equip- 843,760
778,799 (Ashland Division) due March 1 1925. will be paid at maturity at the
Material & supplies 511.053
40.000
62,000 Other unadj. cred_ 125,692
Other curr. assets45,326 office of the Chicago & North Western Ry.-V. 120. p. 827, 449.
1,370
1,370 Addlis to property
Work,fund advs__
Chicago & Western Indiana RR.
through Income
-Ron.
Rents & Ins. prem.
23,017
and surplus_ _ _
68,099
prepaid
The 1.-S. C. Commission on Feb. 12 authorized the proprietary tenants
133,095
133,095
Prof.& loss Cr. bal. 3.742,976 2.627.443 of Chicago Sc Western Indiana RR. to assume obligation and liability
Exp.on Am.Loco.
503
Co.6% notes_
In respect of 527.755.000 of that company's 1st & Ref. Mtge. bonds,
Tot.(each sIde).24,498,336 21.600,913 Series 'A." by entering into a joint supplemental lease.
Other unadj.deb& 139,801
A comparative income account was given in V. 120, p. 952.
The proprietary tenants are the Chicago & Eastern Illinois By., the
-S. C. Commission on Feb. 12 authorized the company to procure Chicago & Erie RR the Wabash Ry., the Grand Trunk Western Ry..
The I.
the authentication and delivery of $1.530,000 6% Impt. & Extension and the Chicago Indianapolis & Louisville Ry.
-V. 120. p. 952.
Mtge. bonds.
Each company owns one-fifth of the outstanding capital stock of the
Western Indiana company, which has leased certain of its properties to
Arizona Eastern RR.-Construrtion, &c.
these companies, severally orin common,for a term of 999 years.
-V. 120.
The I.
-S. 0. Commission on Feb. 13 Issued an amended certificate authorizing the company to construct a line of railroad from Hassavamoa, D. 580, 698.
County, to Dome, Yuma County, Ariz.
Maricopa
-V. 119. p. 1842.
Chicago Milwaukee & St. Paul Ry.-Cost of Electrical
Birmingham & Northwestern Ry.-Final Valuation.
- and Steam Operation Cornpared.-A report covering the comparative cost of electrical and steam operation and embracing the main line of the Rocky Mountain and Missoula diviCambria & Indiana RR.
-Construction of Extension.
sions, extending from Harlowton to Avery, and the main
-S. C. Commission on Feb. 11 issued a certificate authorizing
The I.
Division, extending from Othello to Tathe company to construct and operate an extension of its line of railroad line of the Coast
from the town of Revloc in a general southerly direction to a point about coma, has been issued by the company. President H. E.
north of a bridge crossing the north branch of the Little Conemaugh Bvram says:
230 ft.
River, a distance of 5.08 miles, all in Cambria County, Pa.
-V.
The I.
-S. 0. Commission has placed a final valuation of $722.847 on the
owned and used property of the company as ofJune 30 1917.-V. 115,p.1209.
p. 2636.
116,
Canadian Northern Ry.-To Pay Notes.
The $11.000.000 issue of notes due March 1 will be paid off at maturity.
-V. 119, p. 2562.
Carolina Clinchfield & Ohio Ry.-Listino-Earninos.The New York Stock Exchange has authorized the )(sting of temporary
certificates of Common stock. $8.286.500 par value plain and $4.781.500
par value stamped, making a total of $13,068.000 Common stock, which
have been issued and are outstanding in the hands of the public, with
authority to add 511.905.400 Common stock, plain or stamped, on official
notice of distribution by the Clinchfield Railway Syndicate organized
under a syndicate agreement dated July 1 1920. which is now the owner
thereof: with further authority to add $26,600 Common stock. plain or
stamped, upon official notice of Issuance in exchange for a like amount
now in hands of the public in old form of certificate: making the total
amount applied for 525.000.000 Common stock, plain or stamped.
On May 11 1923. pursuant to authority conferred by resolutions of its
board of directors adopted May 10 1924, the railway entered into an agreement for the lease to Atlantic Coast Line RR. and Louisville & Nashville
RR. of all the railroads and other property owned by it and by its subsidiaries, Clinchfield Northern Ry. of Kentucky and Carolina Clinchfield
& Ohio Ry. of South Carolina. for a term of 999 years from said date.
The agreement was approved and ratified by its board of directors and
stockholders on June 14 and 18 1923. respectively.
The lease provides for an annual money rental to be paid by the lessees
to the railway as follows: 3% on 525.000.000 capital stock. or $750,000
or annum, for three years, from Jan. I 1925 to Dec. 31 1927 4% on
25,000.000 capital stock, or $1,000.000 per annum. for ten years. from
an. 1 1928 to Dec. 31 1937:5% on $25.000.000 capital stock, or $1.250.000
per annum for the balance of the term, from Jan. 1 1938 to May 10 2922.
The payment of this annual money rental is to be made in equal quarterly installments, beginning April 1 1925 to enable the railway to pay
dividends upon its 525.000,000 capital stock at the rates specified, which
dividends will be payable quarterly, January, &c., commencing April 1
1925 on dates to be determined by the directors.
In addition to the foregoing money rentals, the lessees have agreed to
pay all interest charges on the outstanding funded or guaranteed debt of
the railway and on any obligations that may be issued to refund the same;
all charges and other expenses in connection with the payment of interest:
all taxes upon the franchises, the leased property and the income thereof:
and a sum equal to the corporate expenses of the lessors, not in excess of
$12.000 per annum.
All rental payments under the lease are the joint and several obligations
of the Atlantic Coast Line RR.Co.and the Louisville & Nashville RR.Co.
Income Account for Ten Months Ended Oct. 311924.
$7,137.944
Railway operating revenues
4,882,780
Railway operating expenses
520,000
Railway tax accruals
367
revenues
Uncollectible railway
!
Railway operating income
Equipment rents (net credit)
Joint facility rent
$1,734,797
484.233
Dr.16,422
Net railway operating income
Total non-operating income
$2,202,607
142.497
Gross income
Total deductions
$2,345,104
$1.332,687
Net income
See also V. 120. p. 2406, 2282
51,012,417
The electric operation of the company on its Western Extension over the
mountain ranges in Montana. Idaho and Washington, because it is by far the
most extensive operation of this kind ever undertaken-consisting of a total
of 630 miles of main line railway where all the train movements, freight,
passenger, switching. &c. are performed exclusively by electric power
has attracted world-wide attention from those who are interested In the development and use of hydro-electric power as a substitute for steam power
in railway transportation. Therefore this electric installation has been
visited and studied by Individuals, groups of engineers, committees and other
delegations who are interested in the subject from England, France, Italy,
Russia. Czechoslovakia, South Africa, Brazil, Japan, China, Java and other
parts
T ae mechworia.features of the electrification and their advantages over
or the anicdi
steam operation are readily available by an inspection of the plant, but
the vital inquiry of all these investigators, as well as those financially interested in the company, has been whether and to what extent there are
economic advantages in electric operation versus steam operation.
A careful study of the cost of operation under steam on the identical
districts which were afterwards electrified has been Made and is a comparison of the cost of steam versus electric operation included in the report.
It is based on an actual calculation of all the costs involved in both methods
of operation and we believe It reflects accurately the relative costs of each.
Only the direct advantages of electric operation have been taken into account. There are many incidental advantages and economies in electric
operation which have not been enumerated because of the difficulty in arriving at an accurate measurement of their values.
For those merely interested in the results of the study, the table below
gives a concise summary, although there are many interesting features in
the other pages bearing on the subject of electrification.
-An analysis of the report shows:
Analysis of Report.
The report shows that the total investment in the electrification has been
less than has been widely believed. For 650 miles it has amounted in
round figures to $23,000,000. The net investment, which is arrived at
by deducting the investment in steam power which has been replaced and
retired, amounts to 516,000.000, or slightly less than 525,000 Per mile.
The total net savings computed for electrical as compared with steam operation from 1916 to 1924 incl. amount to $12.400,000, or slightly more than
three-fourths of the net cost of the electrification. The net savings per
year as reported range from a minimum of 5871,014 in 1921-a year of Tow
traffic-to $1,928.626 in 1920. a year of fairly heavy traffic. The maximum traffic handled over this line was in 1919, and it is estimated that If
the present installation had all been in existence In that year the not saving
would have amounted to 52.355,199.
The net savings secured by electrification have been computed by deducting the charges for interest and depreciation on the additional investment required from the savings effected in operating expenses. The figures
were arrived at after an exhaustive analysis of the cost of steam operation
before electrification and of electrical operation on the same sections of
line, the relative costs for different years being brought to the same basis
by allowances for changes in the wages oflabor and the prices of materials.
No savings have been credited to electrical operation which are not susceptible of direct ascertainment. For example, the possible increased
revenue earned owing to the release of equipment used in the transportation
of coal when these divisions were under steam operation: the better utilization of freight equipment due to faster movement; the reduction of wear
and tear on road and equipment: the reduction of station and similar expenses effected by reduction of the number of trains required to handle a
given tonnage. and the increase in passenger revenue due to the attractivenew and greater comfort of travel under electrified operation, have not been
allowed for since it was not possible to do so accurately,
hen 44))
fr
operation on the St. Paul's lines was begun in 1916, wh from
miles of road from Harlowton, Mont.. to Avery, Idaho, was changedBitter
Rocky and
steam to electrical power. This section traverses the
Root Mountain ranges. In 1920 there was opened to electrical operation
FEB. 281925.]
1087
THE CHRONICLE
. •_
The New York Chicago & St. Louis Ry., the new corporation created by
209 additional miles from Othello to Tacoma, Wash. This section traverses
0.P. and M.J. Van Sweringen, of Cleveland. and their associates, to take
the Cascade Mountains.
Huge electric locomotives of different types for freight and passenger over the present Nickel Plate, Chesapeake & Ohio, Erie, Pere Marquette
service take the power from the trolley through pantograph collectors. and Hocking Valley systems, was the chief applicant, but officials of each
Each of these locomotives weighs apprmdmately 600.000 lbs., or 300 tons, of the constituent companies Joined with them in instituting the proceedings.
The Virginia Corporation Commission has granted to the New York Chiand has a rating of approximately 4,000 h.p., or sufficient power to haul a
2,500
-ton freight train up a 1% grade at 15 miles per hour or the company's cago & St. Louis Railway Co. (Nickel Plate) a charter in connection with
heavy transcontinental trains, the Olympian and Columbian, up the the unification of the Chesapeake & Ohio the Hocking Valley, the Erie and
the Pere Marquette systems under the Nickel Plate merger -V.120, p.699.
steepest mountain grades at 25 miles per hour.
The electrical current used is purchased from independent producing
Northern Central Ry.-Listing.plants are located at water power sites within efficient
companies whose
The
Exchange has authorized the listing of 18.300m0
transmitting distances. The type of electrification used is that known Gen. &New York Stock Gold bonds. Series "A." due March 11974.
Ref. Mtge.5%
as the direct current system in distinction from the alternating current
Income Statement for the Year Ended Dec. 31 1923.
other roads. Direct current at 3,000 volts is dissystem used by some
Rental received from lease of road
82.566,698
tributed over all the tracks on an overhead trolley, return being made
through the bonded rails of the track. The current is delivered at 100,000 Interest on funded debt. $381.972: interest on mortgages and
ground rents payable, $14,121; organization exp.. $4,236_ _ _ _
400.329
volts a.c. 3-pha.se to the railway company's high-tension line, which parallels
2,166.172
the track throughout the electrification. This high-tension current is Dividends paid
-mile intervals, where it
led into substation buildings at approximately 30
Balance
$196
is stepped down to a working vo'tage of 2,300 ac. and thence converted
through motor generators to 3.000 volts d.c. for distribution on the trolley. -V.120, p. 953.
The locomotives are designed to stand overloading and can develop a
Par's-Lyons
-Mediterranean RR.-Listino-Earninas.very high starting effort for one hour. They are consequently well adapted
The New York Stock Exchange has authorized the listing of $20,000,000
for work on divisions of varying gradients. On dcreending grades the motors
are reversed to act as generators and. In popular parlance, they "pump 7% External Sinking Fund Gold bonds, due Sept. 15 1958.
juice" back into the trolley where it can be used by other locomotives
Income Account for Year Ended Dec. 311923.
ascending grades. This feature, in addition to the saving of power, has
Receipts (after taxes)Francs.
another use of importance in that with the motors working on descending Passengers
493.970,596
grades the speed of the trains can be held under perfect control and mechan- Freight
1 419.506.100
ical braking is unnecessary except for stopping. Incidentally this effects Miscellaneous
42.493.098
a considerable saving in brake shoes.
The St. Paul selected its mountain divisions for its first electrification
Total
1,955,969,794
for various reasons. Steam power is very expensive on heavy grade lines.
Expenditures (after Taxes)
It is also comparatively inefficient in extreme cold weather such as is General expenses. pensions, &c
268.011.607
experienced in mountainous country. Steam power units lack the dual Operating expenses
1.167.739.898
ability possessed by electric power to exert maximum power on long heavy Maintenance
224.763,446
grades and maximum speed on the intervening light grades. Local avail- Miscellaneous
12.036.113
ability of hydro-electric power at low cost in the territory of the lines
electrified was also a consideration of importance.
Total
1.672,551.064
Savings Resulting From Electrical Operation-Cost Level of 1923.
Net
283,418,730
The table below shows for the years since the beginning of electrical operation the net savings from electrical operation, using for steam operation -V.119, p. 1625.
the actual costs for the last 12 months of such operation-adjusted to the
Pennsylvania RR.
-Replacing Hand Cars with Motors.
costs obtaining in 1923: and for electrical operation, the actual costs as deStudies are being made by the company with a view to motorizing,
termined for the year 1923.
net savings shown are obtained by deducting from the savings in as far as possible, all the forces engaged in the maintenance and repair of
The
expenses
carrying charges ofof ic ri st
eleratez ca
d i
I rgiation on the tracks.
g
amo
According to data just compiled in connection with this investigation,
electrification which
unts to
:Kriging]
the use of motors cars instead of hand cars for transporting section gangs
$15,625,739.
From this table it will be seen that for the year 1923, with its compara- from place to place has proved so successful on the road that about 1,000
tively low tonnage, the net savings from electrical operation of the two sec- motor cars are now in service and about 1.500 hand cars formerly used
tions amounted to $1,271.793. For the minimum tonnage so tar experi- have been withdrawn.
The purpose of the road's study of the subject Is to determine the most
enced, which was in the year 1921, the savings amounted to $671014.
The maximum tonnage so far experienced was in the year 1919. Had the efficient and economical length of track under varying conditions which
section Othello to Tacoma been under electrical operation during that year. can be maintained by section gangs which themselves vary from 6 to 15
men in charge of a track foreman. Among the factors to be considered
the savings for the two sections would have amounted to $2,355,199.
are the number of tracks, sidings. switches. &c. It is realized, of course,
that owing to the frequency of trains on 4, 6, and S track portions of main
Harlowton to Avery.
Othello to Tacoma.
lines, there are limitations to the use of motor cars on these subdivisions
Electrical Operation
Electrical Operation
All Electrified Sections.
which must necessarily be short in order that they may be maintained
began April & Nov. 1916. began March 1920.
at a high standard.
Years.
The motorizing of track
on the
Volume of
Net sat , hut it is only recently that forces beganextended road several years ago.
Volume of
Net SaoVolume of Net Satit has been
over the entire system.
Traffic-Gross
trios by Traffic-Gross Otos by Traffic-Gross inos by
The advantages to be gained are that men are employed in larger gangs,
Ton Miles, Electrifi- Ton Miles, Meal- Ton Miles, Electrifiwhich enables them to handle the heavy materials used in railway repairs
Frt. & Pass.
cation. Frt. de Pass. fication. Frt. & Pass. cation.
with less effort and inconvenience. It economizes in time and I.:bor by
getting the men to and from work in better physical condition than they
$
$
$
would be after pumping a hand car for a considerable distance against
1,639,054,000 1.098,166 adverse winds and grades. It has also been found popular with laboring
191&.._ a1,639,054,000 a1,098,166
2,677,097.000 1.641,369 men and has assisted in recruiting better men for track work on sections
1917._ _ 2,677,097,000 1,641,369
2,759,178.000 1.734.687 which are motorized.
1918...... 2,759,178,000 1,734,687
2,894.063,000 1.888,037
1919_ 2,894,063,000 1,888,037
Thus far the road has reduced the number of sections by 215. combining
1920_ 2,710,745,000 1,679.623 .691.674,000 1449,003 3,402,419,000 1,928,626 them with other sections into longer subdivisions. In the eastern region
1921_ _ 1,812,714,000 658,651 664,238,000 12,363 2,476,952,000 671,014 117 subdivisions have been eliminated: in the central region 34; in the
.
1922___ 2,109,868,000
996,485 734,121,000 103.301 2,843,989,000 1.099.786 southwestern region 80, and in the northwestern region 41.
1923___ 2,247,102.000 1,152,508 746,405,000 119,285 2,993,507,000 1,271,793
In addition to substituting motor cars for hand cars for track maintenance,
1924_ 2,129,426,000 1.018.721 691,476,000 47,808 2,820,902,000 1,066,529 motor cars are also being assigned to extra gangs, telegraph and signal
maintainers, bridge inspectors and supervisors, thus enabling them to
12.400.007 cover a greater territory.
Total__
11.868,247
531.760
-V. 120. p. 953, 581.
a Tonnage and savings for 63.5 months. b Tonnage and savings for 9 months.
St. Louis-San Francisco Ry.-Outlook for 1925.
-V. 120, p.953. 326.
President J. M.Kurn says in substance: "We are figuring on at least 10'?
larger gross revenues and 15% higher net income for Frisco this year, with
Cumberland & Pennsylvania RR.
-Tentative Valuation. traffic maintaining its present gain over last year and no sharp increases
The I. C. Commission has placed a tentative valuation of $4.109.950 on in wages,fuel and supplies. Everything in this part of the country looks the
-S.
the total owned property and $4,110.200 on the total used property of the best in five years. Wheat is in better condition In Kansas and Oklahoma
company, as of June 30 1918.-V. 113, p. 2311.
than a year ago, and reports are that cotton and earn acreage will exceed
last year's. Movement of vegetables and fruits is greater every year. The
Federal Valley RR.
-Notes.
southwest may before long supplant coastal states.
The I.
-S. C. Commission on Feb. 14 authorized the company to issue
"Ordinarily, first
earnings are
but this year started differ$24,940 of promissory notes; said notes to be exchanged for a like amount ently. Merchandisequarteris 12% above low,year.
traffic
last
of promissory notes which matured Dec. 22 1923.-V. 119, p. 1063.
"Our budget for additions and betterments will be about 15,000,000 this
year.
17.7tre Champlain ic Moriah RR.
- .
- of two Shop facilities are now adequate for several years, since completion
-Tentative Valuation.
-S. C. Commission has placed a tentative valuation of $700,000 on ham. $1,000,000 roundhouse and machine shops at St. Louis and BirmingThe I.
the wholly-owned and used property of the company, as of June 30 1916.
"We hope to reduce our transportation ratio still further. In January
-V. 115. P. 759.
we got it three points below Jan. 1924, and think we will be able to do still
better. Additional power will aid our efforts. About 23% of our locoMissouri Pacific RR.
-Notes Sold.
-The Equitable Trust motives are oil-burning and the number is Increasing. Our operating ratio
Co. of New York and Edward Lowber Stokes & Co., have was 70.96% in 1924 but this year we expect to get it down to between 67
sold at 100.7335 and int. to yield 43% to Sept. 1 1925 and 70% of gross." See also V. 120. p. 948.
and 6% thereafter, $3,00d,000 65 Secured Gold notes. due
Mar.11930,Participation Certificates of Chatham & Phenix
National Bank, New York, trustee. The note represents
indebtedness of the company purchased from the U. S.
RR. Administration.
Principal and int. (M. & S.) payable in New York. Redeemable. al
or part, on any int. date at par. Certificates in $10,000 denomination
with interest warrants.
Security -The participation certificates represent shares in a promissory
note of the Missouri Pacific RR. of the principal amount of 83.000.000
dated Aug. 18 1921, due March 11930. bearing int. at the rate of 6% per
annum, and secued by pledge of 14,000,000 1st & Ref. Mtge. 6% Gold
bonds, Series "D," due Feb. 1 1949.
The note and the collateral securing the same will be held by the trustee
for the benefit of certificate holders under a trust agreement, dated March 2
1925, providing that if part of the deposited note is called for redemption,
the trustee will call a corresponding principal amount of certificates by
lot for redemption at par. The railroad may redeem the note in whole
or in part on any int. date. Whenever a part of the note is redeemed,
a pro rata amount of the pledged collateral must be released to the railroad
company.
-Gross income for the year ended Dec. 31 1924, amounted
Earnings.
to $19,384,445, or over 1% times all charges. In 1924 the freight traffic
handled on the lines of the company was the largest ever recorded, and
as the result of new policies and a program of additions and betterments,
the heavy traffic was handled with very substantially increased efficiency.
-Junior to the let & Ref. Mtge. bonds pledged as collateral
Equity.
there are outstanding $51.350.000 Gen. Mtge.
to the above described note Cumul. Prof. stock, and
$82,839,500 Common
bonds, 871.800,100 5%
4%
at present quoted prices have an indicated market value of
stock, which
over 3120,000,000. V. 120, P. 827.
New York Chicago 8c St. Louis RR.-Sweringens Apply
to Inter-State Commerce Commission for Authority to Complete
the Nickel Plate Operation.
Another step toward consummation of the Van Sweringen plan for consolidation of Eastern trunk line railroads was taken Feb.21 with application
-S. C. Commission by its promoters for authority to proceed with
to the I.
the issue and exchange of securities and the unification of operations for the
railroads concerned.
St. Louis Southwestern Ry.-Equipment Trusts.
-
The I.
-S. C. Commission on Feb. 14 authorized the company to assume
obligation and liability in respect of $1,530.000 Equip. Trust certificates,
Series "5," to be issued by the Coal & Iron National Bank. New York.
under an agreement to be dated M arch 1 1925, and to be sold at not less
than 98.8 and accrued dividends in connection with the procurement of
certain equipment. See offering in V. 120, p. 700.
All of the outstanding $700.000 6% Secured Gold Note Partic. Ctfs., due
March 1 1930, have been called for payment March 1 at par and int., at
the120ntr 170 nion Trust Co., trustee (see V. 119. p. 326 for offering).v Ce. pa U
.
. 0
Texas Pacific-Mo. Pacific Terminal RR. of New Orl.-
The Guaranty Trust Co., 140 Broadway, N. Y. City, is now prepared
to deliver definitive 1st Mtge. 5%% bonds, due 1964, in exchange for the
outstanding temporary bonds. (For offering of bonds,see V. 119. p. 1283.
-V. 119, p. 2065.
Vicksburg Shreveport & Pacific Ry.-To Lease Road.
The stockholders will vote April 1 on approving a proposal to lease
the road to the Yazoo & Mississippi Valley RR., owned by the Illinois
Central RE.
-V. 120, p. 84.
PUBLIC UTILITIES.
Fare Raise Asked by New York t% Stamford. Conn., Ry.-The company on
Feb. 26, petitioned the Public Service Commission for authority to put into
effect, on 3 days' notice, a new fare rate schedule. It is proposed to charge
7c. fare in five of the six zones in which the railway operates, retaining
the present Sc, fare in the city of New Rochelle. New York "Times"
Feb. 27, p. 5.
-Conversion.
American Telephone 8c Telegraph Co.
The company in an advertisement says: "The holders of Convertible
4%% Gold bonds due March 1 1933 are entitled to convert their bonds
Into stock of the company up to March 1 1925. March 1 being Sunday,
the bonds will be accepted for conversion up to the close of business on
March 2 at the Bankers Trust Co., N. Y. City, or at the Old Colony Trust
Co., Boston, Mass."
-V. 120, p. 954.
-Leases Plant.
Arkansas Light & Power Co.
The company has leased from the city of Monticello, Ark., the city's
municipally owned electric system.
THE CHRONICLE
1088
The company is also said to be constructing a 100,000 h.p. generating
station at Sterlington, La., in the natural gas field. This station will also
be tied in with the system of the Mississippi Power & Light Co.In Mississippi.
-V.119. p.2758.
-United Light & Power
American Light & Traction Co.
Co. (Md.) Owns Large Amount of Common Stock.
-V. 120, P. 697.
See American Light & Traction Co.
Bell Telephone Co. of Canada. Bal. Sheet Dec. 31.1924.
1923.
1924.
1923.
Assets
Land, bldgs.,&c__ 8,029,692 5,841,545
Teleph. plant, &c.80,448,087 70,549,572
General equipm't_ 1,485,320 3,013,845
654,036
Cash & deposits__ 543,374
Domin.Govt Nis. 417,267 3,088.820
Bills & accts. rec.- 1,051,513 2,184,077
Materials & supp- 1,656,327
Accr.inc. not due_
15,095
148,548
Prepayments
112.893
89,169
Unamort. dt. disc_
17,834
Other def. Items
287,098
Investment secur- 2.817,197 2,797,718
Liabilities46,684,294
Capital stock
16,750,000
Bonds
8,491
Real estate mtges_
Accounts payable_ 1,611,741
Accrued liabilities. 2,389,232
Unearned revenue
Empl.benefit fund 798,256
3,108
Other def. credits..
prem.on cap.stk. 1,836.378
Res.for depr., &c_21,872,253
4,927,944
Surplus
$
39,929,400
16,750,000
2,317,726
1,850,638
18,854
722,752
20,614,893
6,163,069
96.881,699 88,367,332
Total
Total
96,881,699 88,367,332
A comparative income account was given in V. 120, p. 954.
-New Directors.
Brooklyn Edison Co., Inc.
[VOL. 120.
dered in 1924 shows a gain of 17.67% over 1923. The average for 1924 was
201,409.
A total of 434,839,750.k. w. h.sold in 1924, an increase of 7.1% over 1923
The income perk. w. h. increased 1.82% to 4.47 cents. This brought the
aggregate income from the sale of electricity to $19.454,033, against $17.822,189 in 1923. While income from the sale of electricity gained 9.16%
during 1924, the grand total of expenses increased but 4.1%. V. 120. P.
701, 329.
-Balance Sheet Dec. 31.
Federal Light & Traction Co.
[Eliminating securities and accounts between companies.]
1923.
1924.
1924.
1923.
Assets
Plant, prop., fran6% Preferredstock 3,879,683 3,693,283
chises, &c
28,441,539 27,602,623 Common stock_ __x5,588,650 3,783,700
Inv.in other cos
315,755
85,554 Cent, Ark. RY. &
Cash (incl. special
Lt. Corp., pref_ 1,295,700 1.254,100
deposits)
2,357,966
787,251 Spring!. Ry. & Lt.
918,000
Notes & accts. rec. 1,099,227
674,799
Co. Preferred__ 913,900
Material & supers 464,395
453,886 Tucson R. T. Co.,
86,050
81,800
Common
Unamort. disct. on
debt
1,192,713 1,104,091 Bonds outstand'g.14,286,600 13,567,100
554,661
Unadjust.debits
168,275
136,522 Accounts payable_ 627,987
Notes payable__ _ _ 415,000
623,826
Accr'd int. & taxes 588,221
Depr.& sund. res_ 3,399,312 3,765,131
Total(each side)34,039,869 30,844.728 Surplus
2,963,015 2,598,878
x Represented by 73,485 shares of no par value.
A comparative income account was pitWished in V. 120. p• 955.
-
Gatineau River Power Co., Ltd.
-Bonds Offered.
Browne, Urquhart & Co., Ltd., Montreal, are offering at
-East Line Subway. 99 and int., to yield 6.60%, carrying a bonus a 2 shares of
Brooklyn-Manhattan Transit Corp.
George McAneny, Chairman of the Transit Commission, has executed Common stock of no par value with each $1,000 bond,
on behalf of the City of New York an agreement with the corporation $350,000
63/2% 1st Mtge. 15-Year Sinking Fund gold bonds.
modifying the dual system contract by substituting a subway for an elevated
-Eastern line, from its present terminus at Montrosse Dated Jan. 2 1925; due Jan. 2 1940.
line on the 14th St.
Brooklyn, to East New York. The agreeThomas E. Murray and E. W. Kens have been elected directors, succeed-V. 120, p. 825.
ing H. L. Bridgman and Harry Bronner, respectively.
Ave.,in the Bushwick section of
Issued.
CapitalizationAuthorized.
ment was delivered to the company Feb. 24, and cepies were sent to Comp8350,000
Sinking Fund gold bonds (closed)_ $1,000,000
troller Craig and the Board of Transportation. This agreement settles a 6 % 1st Mtge.Preferred shares (fully paid)
Cumulative 7%
150,000
150,000
long-standing dispute between the city authorities and the company. Common stock shares (no par value)
4,400 shs. 4,400 shs.
-V. 120, p. 451.
Company was incorporated in Jan. 1925 in Quebec to take over the Maniwaki Electric Co., Ltd., in successful operation since 1905. Company's
Butte Electric Ry.-To Pay Bonds.
water power
on the Gatineau River, owned in fee simple.
The $700,000 5% bonds due Mar. 1 will be paid off at maturity at office is capable ofat Corbeau Falls,conservation
developing with
over 16,000 h.p. When addi-V. 113, p. 530.'18
of W. A. Clark & Bro., Butte, Mont.
tions and extensions are completed, the company will own 67 miles of high- tension lines and will have 2,500 h.p. developed. In addition the company
Chicago City & Connecting Rys. Collateral Trust.
owns a telephone system of about 200 miles of telephone lines of the most
-V. 120. p. 822, 582.
Samuel Insull has withdrawn from the board.
modern type, which serves the district and connects the Gatineau Valley
-Acquires Dayton Power & with Ottawa. financing the
Columbia Gas & Electric Co.
After present
company's assets will amount to approxi-Earnings.
Light Co.
mately $600,000. Based on the earnings of the past 19 years, the engineers
The purchase of the Dayton (0.) Power & Light Co. by the Columbia estimate that the net earnings will be sufficient to meet the interest charges
Gas & Electric Co. was announced by President Philip O.Gossler on Feb.25. on the present issue three times over.
Control of the Dayton company will be acquired largely through an exGeneral Gas & Electric Corp.
-Stock Sold.-Pynchon
change of securities and marks the consummation of negotiations which
have been in progress for some time past. The acquisition will result in & Co. and Jackson & Curtis have sold at $95 per share, to
the centralization of all the electric light, power and gas facilities throughout the large industrial district located in the Miami Valley from Cincinnati yield 7.37%, 20,000 shares Cumulative Preferred Stock,
north through Dayton to Piqua, Ohio, a distance of 90 miles, a district in Class "B"(no par value) fully participating and non-callable.
which industrial activities are more diversified than in any other part of
A circular shows:
Ohio.
-J. As provided in the
Annual dividends 87 per share, payable Q.
The Dayton company supplies electric light and power service throughout a large part of the Miami Valley. operating in 12 counties and serving Federal income tax law of 1924, dividends are exempt from normal Federal
more than 90 cities, towns and villages. It has four steam generating sta- income tax. They are exempt also from all Federal income taxes when
tions,at Dayton,Piqua and Wilmington, with aggregate capacity of 130.000 received by an individual whose net income, after all allowable deductions,
h. p. Its high-tension lines, radiating from the main generating station in does not exceed $10.000. Dividends are not subject to Federal income
Dayton,consist of 479 miles of lines serving 67,000 customers out of a popu- tax when received by a domestic corporation. Equitable Trust Co. of
lation of 325.000. With the Columbia company's power plants, including New York, transfer agent. Irving Bank-Columbia Trust Co., New York,
two units of the new Miami Fort generating station, the grouped proper- registrar.
Class"B"Preferred stock is preferred in liquidation or dissolution equally
ties will have a generating capacity of 434,000 h. p. and 211,000 electric
with Class "A" Preferred stock over all other stock to the amount of $100
and 229.000 gas consumers.
per share and diva. Subject to the prior rights as to diva. of Class "A"
Earnings 12 Months Ended Jan. 311925.
1924.
Pref. stock is preferred as to cumul. dive.
Gross earnings
$26,492,630 $21,887,608 Cumul. Prof. stock, Class "B" annum over all other stocks (now Cony.
Operating expenses, taxes and depreciation
15,053,978 12.266.611 at the rate of $7 per share per "B" Prof. stock also has a participating
Pref. and Corn. stocks). Class
whenever in any calendar year there shall have been
privilege in
Net operating earnings
$11,438,652 $9.620,997 declared the that
prescribed divs. on the Class "A" and Class "B" Pref. stocks
Other income
2,459.323
2,038,928 and on the Cony. Pref. stock, and $6 per share on the Com, stock, any
declared as diva, during the same calendar year shall
Totalincome
$13,897.976 $11.659,926 additional amount between each class then outstanding.
divided pro
Lease rentals, &c
5,384,763
5,145.377 beCapitalizationrata 6 1925Atdhorized. Outstanding.
Feb.
Int. charges and Pref. dividends of subsidiaries
571.558
54.186
shs.
62,650 shs.
Pref. stock. Class "A"(div. 88 per
Interest charges (Columbia Gas & Electric Co.).... 1,110,800
815,187 Cumul. Pref.,stock, Class "B"(this issue) sh)_-130,000 shs.
32,500 shs.
70,000
Cumul.
40,259 shs.
100.000 81113.
Convertible Preferred stock
Surplus available for dividends
$6,830,854 $5,645,178 Common stock
150,000 shs. 45,274 shs.
-V. 120, p. 452.
$4,338,350
Total funded debt outstanding
-Controls, direct or through subsidiaries, by stock ownership
Company.
Commonwealth Edison Co., Chicago.
-Stock Increased.
The stockholders on Feb. 24 increased the authorized capital stock from and long term leases, 49 public utility companies, serving important com$100,000,000 to 8125,000,000, the new stock to be issued from time to munities in the eastern and southeastern sections of the United States
time in the future as and when the directors may decide that new capital with electric light and power, gas and (or) interurban and street electric
railway service. The properties controlled are mainly electric light and
is necessary for corporate purposes.
-V. 120, p. 828. 955.
power about 75% of the gross revenue originating in this department. All
Consumers Power Co. (Mich.).
the principal franchises are unlimited as to time and contain no burdensome
-Earnings.
restrictions. The plants and distribution systems are located in 8 States:
12 Months Ending Dec. 311924.
1923.
1922.
Gross earnings
$18,328,151 816,877,422 814,201,202 Pennsylvania, New Jersey, New York, Vermont, New Hampshire, North
Open exp., incl. taxes & maintenance 9.611,030 9,108,074 7,437,075 Carolina South Carolina and Florida, the population served being over
Fixed charges
2,605,394
2,237,631
2,486,011 1,900.006.
The combined physical properties include 46 electric generating stations,
with an installed capacity of M1,930 k.w. ,of which 185.000 k.w. is steam
Net available for dividends, replacements and depreciation_ _
$6,111,727 $5,531,718 $4,278,117 generation and 66,930 k.w. Is hydro generation. There are 1,535 miles of
Dividend on Preferred stock
1.532,706
1,172,558
970,778 high-tension transmission lines and 3,579 miles of distribution lines; also
about
having annual
Provision for replacements & deprec'n 1,320,000
1,116,000
1,082,078 10 gas properties, with 385 miles of mains,properties havesales of
294 miles of
907,000.000 cu. ft. The electric railway
$3,259,022 $3,243,160 82,225.260 track. The number of individual customers of the subsidiary companies
Balance
controlled in 1917 was 27,361 and their electric sales for that year were
The co.is a subsidiary of Commonwealth Power Corp.
-V.120. p.328.
53.494.535 k.w.h. As of Dec. 1 1924, the companies now owned or controlled had 178,122 customers, and their sales of electricity for the 12 months
Dayton (0.) Power & Light Co.
-Sale.
ended on that date were 536,880,976 k.w.h. Of this total 52% was generat-V. 120, p. 955.
Columbia Gas & Electric Co. above.
See
ed by steam plants in the General Gas & Electric System and 37% by hydroelectric plants. The balance of 11% was purchased from other companies
Eastern Massachusetts Street Ry.-Earnings.upon favorable terms.
1924.
Calendar Years1923.
1922.
Valuations.
-Valuations of the physical properties of the subsidiary
Railway operating revenue
$9.745.761 $10,673,273 $10,572.386
companies show these properties to have an aggregate value substantially
Operating expenses and taxes
6.877.245
7,738,174
7,612,897 in excess of the combined book value and
over $22,9 6,018 in excess of
Net operating revenue
$2.868.516 $2,935,099 $2,959.489 the total of subsidiary companies' securities, and bonds of General Gas
& Electric Corp. held by the public. This balance of 822.956,018 is at the
Other income
282,836
353,442
413,578 rate of over $241 per share for the outstanding shares of Cumulative Prof.
Total income
$3,151,352 $3,288,541 $3.373,067 stocks, Class "A" and Class "B."
debt in hands of public 1.278,483
Tentative Consolidated Income Statement Year Ended Dec. 31 1924.
Int. on funded
1,312.869
1,411,598
Of companies owned or controlled on Dec. 31 1924.1
Times earned
2.4
2.5
2.3
Blodget & Co. and Paine, Webber & Co. are offering a block of Ref. Operating revenue
$19.569,675
13,452.202
Mtge. bonds 43i% Series "A" and 5% Series "B" due Jan. 1 1948 atprices Oper. exp.. taxes, rentals, maint. & depreciation
to yield 7%. The offering does not represent new financing.
-V.119,p.3009
$6.117.473
Operating income
Eastern Shore Gas & Electric Co.
-To Increase Stock.
537,452
- Other income
The stockholders will vote March 2 on increasing the authorized capital
$6.654,924
Total income
stock from $1,150,000 (consisting of $400,000 Common and 8750,000
,
Preferred. par 825) to 40.000 shares of Pref. stock, par $25, and 60,000 Deductions from income of sub. cos., incl. int, on funded debt
and dive. on stocks held by public, as well as proportion of
shares of Common stock of no par value. If the increase is approved, it is
4,635,072
surplus earnings applicable to minority holdings
proposed to issue two shares of no par Common stock in exchange for each
share of Common now outstanding.
-V. 118, p. 2309.
$2,019,852
Ralance
Edison Electric Illuminating Co. of Boston.
-Sales,etc.
General Gas & Electric Corporation.
$66.715
In 1924 the company consumed 834,188,743 pounds of coal in the pro- Expenses and taxes
272.963
duction of electricity as against 805,857.948 pounds in 1923, an increase of Annual int. on funded debt outstanding Feb.6 1925
3.5%. Fuel costs last year, however, represented a saving of $500.000. Requirement for annual div. of 88 per share on 62,650 shs.
501,200
The Edison fuel bill for 1924 was 82,207,134,against 82,730,319 the previous
Cumul. Pref. stock, Class "A"
year. In consequence the per kilowatt hour costs were cut from 2.16 cents
81,178,973
Balance
in 1923 to 2.10 cents.
In 1924 the gain in sales caused the company to manufacture and pur- Annual div. at $7 per sit, on 32,500 shs. Cumul. Pref. stock,
$227.500
Class"B"
chase 564,459,887 k. w. h. of electricity, against 526.465.178 k. w. h. the
Management.
-Corporation is under the management of W. S. Barstow
year before, a gain of 7.2%. In the developments of new business the
-V.120, p. 86.
company expended last year $333,506. The average number of bills ren- & Co., Inc.
FEB. 28 1925.]
THE CHRONICLE
Harlem Valley Electric Corp.
-Proposed Merger.
The Cannel (N. Y.) Light & Power Co. and the Cold Spring (N. Y.)
Light, Heat & Power Co. have applied to the New York Public Service
Commission for permission to transfer their franchises and property to the
Harlem Valley Electric corp.
Applications to transfer their franchises, works and systems to the Harlem -Valley Electric Corp. have also been filed by the Morgan & Wyman
Electric Light & Power Co. of Dover, N. Y., the Lebanon Valley Lighting
Co. of Canaan, N. Y., and the Chatham Electric Light & Power Co. of
Chatham, N. Y. These 3 latter companies operate in the eastern section
of the State near the Connecticut and Massachusetts State lines.
A petition was also made by the Consumers' Electric Service Corp., a
Delaware corporation, for permission to acquire and hold the capital stock
of the Harlem Valley Electric Corp.
-V.116, p. 302.
Huntington (W. Va.) Water Corp.-Pref. Stock Offered.
-Security Trust Co., Lexington, Ky., is offering at 100 and
div. $375,000 7% Cum. Pref. (a. & d.) stock.
Dividends payable Q.
-M. Red. all or part on any div. date on 30 days
notice at 105 and diva. Exempt from personal property tax in West Virginia. Dividends exempt from normal Federal income tax. Transfer
agent, Union Bank & Trust Co., Huntington. W. Va. Registrar, First
Huntington National Bank, Huntington, W. Va.
Company.-Incorp. in 1917, acquiring the properties of Huntington
Water Co. and Guyandotte Water Works Co.. which had served cities of
Huntington and Guyandotte (now a part of Huntington) in W. Va. since
1886 and 1888, respectively. These properteis have always been a part
of the group of water works properties which are now owned and controlled
by American Water Works & Electric Co., Incr: Supplies water for domestic and public use without competition to Huntington and vicinity. Population over 70,000.
CapitalizationAuthorized.
Issued.
First Mtge.6% gold bonds, Series "A"
$1,300,000
7% Cumulative Pref. stock (this issue)
51.000,000
375,000
Common stock (no par value) •
10.000 shs. 10.000 shs.
-The value of the corporation's property
Equity.
p.S. Commission as of June 30 1924, plus actual costas fixed by the W. Va.
ofimprovements made
subsequent thereto was $2.299.975 on Nov. 30 1924.
Income Account Year Ended Dec. 31 1924 and Estimated for 1925
(assuming this issue of$375,0007% Cum.Pref.stock had been outstanding).
1924 Actual.
1925 Est.
Gross earnings
$330.792
$369,000
Operating expenses, maintenance and taxes
151,837
168,500
Interest, &c., fixed charges
97,089
98,000
Reserve for renewals and replacements
20.000
22,000
1089
Narragansett Electric Lighting Co.
-Annual Report.
-
Calendar Years1924.
1923.
1922.
1921. "wl
X.W.H. generated
278,187.870 359,746.610 277.993,260
Total rev. (all sources).- $6,736,432 $6.636,601 $5,574,826 299,667,600
$5,049.066
Operating expenses
4,408.818
4.383.314
3.503.4383,237,058
Depr., obsolescence, &c560.068
496.719
520,917
553,592
Int.. &c., deductions.. _ _
91,160
160,719
230.806
235,849
Dividends (8%)
1,501,440
1,302,456
1.234.440
984,975
Ba/ance, surplus
$174,946
$293.393
$85,225
$37.593
Condensed Balance Sheet Dec. 31.
1924.
1923.
1924. '`'"7 1923.
Assets
Liabilities
Property & plant,
Capital stk. (391,leas deprec'n_ _ _18,211,449 16,190,891
680 shares)_ _ _ _19.584.000 16,320.000
Mans 6s supplies_ 907,994
796,869 Accounts payable_ 718,240
480,331
Securities owned.. 1,225,616 1,071.531 Notes payable_ _ _ _
200,000 1.310,000
Cash
233,784
206,307 Due to subsid.cos. 263,333
263,333
Due from sub. cos_
38,926
27,593 Taxes & int. accr'd 227,805
257,979
Notes receivable_ _ 263,905
249,170 Div. pay. Jan. 2.. 391.680
326,400
Accts.receivable.. 1,500,817 1,346,223 Misc. reserves_ _ _ _ 335,000
460,000
Prepaid taxes, inMisc.unaclj.credits
13,272
6,870
surance,int.,&c. 235,541
246,082 Surplus
884,699
709,753
Total
22,618,031 20,134,666
-V. 120, p.454.
Total
22,618,031 20,134,666
,
New York State Gas & Elec. Corp.
-Acquisitions.
-
The Windham Valley Electric Co. of Windham. Greene County. N. It.,
and the Berholme Power Co. of South New Berlin, Chenango County,
N. Y., have applied to the New York P. S. Commission for consent to
transfer their franchises and property to the New York State Gas & Electric Corp.
-V. 119, p. 2762.
Niagara Lockport & Ontario Power Co.
-Notes Called.
The directors have elected to redeem and pay off in cash on June 1 1925
all of the 3
-Year 6% Convertible gold notes heretofore issued and now
outstanding at 101 and int.
The directors on Jan. 29 elected to waive the limitation "that not more
than $1,000,000 of 3
-Year 6% Cony, gold notes (exclusive of notes called
for redemption) shall be converted prior to June 1 1925."-V. 120, p.829.
Norfolk & Portsmouth (Va.) Traction Co.
-Listing.
-
The Phila. Stock Exchange has authorized the llsting of $500.000 additional 1st Mtge. 5% Gold bonds, due 1936, being part of $504,000 of said
bonds applied for in company's application dated Feb. 10 1925, to be listed
upon official notice of issuance, said bonds having been issued into the treasury of the company for
Net income available for dividends
$60.966
880.500 extent for expenditures the purpose of reimbursing the treasury to that
made under the terms of the mortgage for additions.
7%_ div. on $375,000 Cum. Pref. stock (this is.sue)_
26.250
26,250
Franchise.
-The franchise situation is, in the opinion of cuonsel, satis- extensions, improvements and betterments to the property, the proceeds
factory and the corporation's relationship with the city is most favorable. thereof to be applied for that purpose, making the total amount listed at
Purpose.
-To partially reimburse the company for additions, improve- Feb. 21 $7,447.000.-V. 92, p. 1436.
ments and extensions made to its properties.
-V. 118, p. 2709.
North American Co.
-Dividend
Illinois Bell Telephone Cc.
-New Director.
-
Walter S. Gifford succeeds H. B. Thayer as a director.
-V.120, p. 828,
826.
Illinois Northern Utilities Co.
-Annual Report.
Calendar Years
-
Gross earnings
$2,507,1'12 $2,344.643 $2,129,i76
Operating expenses, taxes, &c
x1,540,352
1,421,591
1,489,623
Interest on bonds
339.076
333,058
315,381
Interest on notes and accounts
15,459
34,203
9,301
Rent of leases lines and plants
42,030
40,343
42,151
Amort'n of bond disc. & Pref.stk.exp.
21,323
16.922
22,547
Miscellaneous amortization
5,521
Net income
$300,837
$447.963
$543,412
Previous surplus
403,038
497,248
291.564
Total surplus
$1.040,660
$592,401
$851.001
Dividends paid: Preferred stock
223,147
174,363
199.703
do
Second Preferred stock_ _ _
3.750
15,000
15.000
do
Junior Preferred stock_ _ _
3,332
do
Common stock
244,250
139,050
Surplus Dec. 31
$497,248
$566,181
$403,038
x Includes $93,747 retirement reserve and $135,420 taxes.
-V.118. p.3197
Indiana Service Corp.
-New Control-Sale.
-
See Midland Utilities Co. below.
-V. 119. p. 1395.
•
Kansas City Kaw Valley & Western Ry.-Status &C.
,
The protective committee (Geo. W. York,
Feb. 23 to the depositing bondholders of the Chairman) in a letter dated
company says:
The authorized amount of bonds
amount of bonds, on Jan. 1 1924 thereoutstanding is 31,070.000. Of this
were
company. When the property went into the$846,000 in the treasury of the
hands of
had been converted for the purpose of paying claims the receiver,$224.000
which, in
of the committee's counsel, was without adequate authority. the opinion
On motion
of the committee, the status of these bonds is now
being
same Court as that in which the receiver was appointed. determined in the
At the request of
the committee the trustee has begun foreclosure
proceedings.
There is deposited with the depositaries $790,200
of bonds, being 74%
of the total issue of $1,070,000, or 93% of the
$846,000 of undisputed bonds.
The committee has been receiving from time
to time the receiver's statements touching the operation of the property. The
months of November
and December have shown considerable falling off
with the corresponding months in the preceding in earnings as compared
year. It is
to determine whether or not this is due to temporary causes, yet too early
but has given
the committee some little concern.
The committee is doing all that it can towards
the determination of the
suit to test the validity of the issue of the
disputed
this shall have been accomplished will push with bonds, and as soon as
vigor the foreclosure
proceedings.
-V. 119. p. 2761.
Mexico Tramways Co.
-Interest.
-
On and after March 2 coupon No. 24, dated Sept.
1 1918, detached
from the Consol. 1st Mtge. 50
-Year 5% Gold bonds, will be paid at the
Bank of Montreal, Toronto, Montreal or London, England,
or at the
agency of the Bank of Montreal, New York, N. Y., at
the holder's option.
-V. 119.9. 811.
Midland Utilities Co.
-Acquisition.
-
Policy.
-In an announcement to stockholders Pres. F. L. Dame says in part:
The dividend declared Feb. 20 on the Common stock marks the beginning
of the third year since the present Common stock dividend policy was
originated by the company. Since this dividend policy was inaugurated
the number of holders of Common stock has increased from less than 3.000
to over 13.000 and the market price of the Common stock has increased
from $22 to around $48 per share.
Many of those who have sold stock have not realized that our dividend
policy is really a combination of dividends and rights,
that the amount of cash realized by them on the dividendand. therefore,
bears no
direct relation to earnings. The company might, of course,stockdividends
pay
in cash and at longer intervals otter to Common stockholders a considerably
larger proportion of Common stock, for subscription at par, with about
the same result for such stockholders, except the possible inconvenience
to them of either having to provide a large amount of cash
time
to take up the Common stock so offered for subscription, or at one their
to
subscription riths. The stockholder would then pay a tax on sell
his cash
dividend and if he did not find it convenient to exercise his subscription
rights the proceeds of their sale would also be taxable. Under the present
dividend policy there is no present tax liability unless a sale of the
stock is effected and then a tax applies only on the difference dividend
between
the sale prige of the stock disposed of and the average cost of his entire
holdings, including the dividend stock.
For 1924 dividends on the Common stock amounted to approximately
$2.816,000. During that year the balance, after reserves for depreciation
and dividends on Preferred stock, was $9,237,823, or 31.06% of
Common
stock outstanding. The amount expended for additional facilities
of the
subsidiary companies was approximately $30.000.000, while for
the year
1925 the budgets indicate expenditures aggregating more than
With these large requirements it is necessary to increase the$41,000,000.
investments
of-the company in the equities of its subsdianes. These
subsidiaries
large and important industrial centres which grow at least twice serve
as fast
as the average for the country as a whcle, and our business
much greater proportion under progressive management increases in a
tinual new applications of electricity. Our study of the and with consituation leads
to the conclusion that the dividend policy is
furnishes a fair proportion of the capital conservative and automatically
that is needed. $10,000.000
additional Preferred stock was sold in 1924.
With the increased amount of stock outstanding,
earnings
of Common stock for 1923, during the early months thewhich the per share
dividend
policy was inaugurated, were greater than for the yearof
1922 and
per share for the year 1924 were greater than those for 1923. the earnings
Because of the general experience that it is more profitable to sell
dividend stock when received, if cash is desired, such stockholdersthe
as
have taken the underwriting offers on recent dividends have been chiefly
those receiving fractional scrip only. Frankly we do not expect the stockholders to accept this offer as we feel that they can obtain trotter results
In the open market for full shares and through the office of the company
for fractional scrip.
See also V. 120, p. 958.
North American Utility Securities Corp.
-Initial Div.
An initial quarterly dividend of $1 50 per share has been declared on
1st Pref,stock, no par value, payable March 16 to holders of record Feb.the
28.
See offering in V. 119. p. 2878. 2648.
Ohio Public Service Co.
-Permanent Bonds Ready.
-
Halsey, Stuart &
Inc.. announce that permanent 1st Mtge. & Ref.
5% Gold bonds, Series "13," due Sept. 1 1954, are now ready and exchangeCo..
able for the temporary bonds origWally issued. (See offering in V.
119.
p. 1744.)-V. 120, p. 454. 88.
This company, an Insull company', has acquired
the
Corp., which owns electric light and power properties Indiana Service
Olean Bradford & Salamanca Ry.-Abandonment.Ind., and serves many smaller communities along its in Ft. Wayne,
interurban lines.
The New York P.8. Commission has
The Indiana company also owns the city street railways
and about 200 operation of its Little Valley Division, authorized the company to abandon
miles of interurban trolley lines.
-V. 119. p. 1625.
remove its tracks and dispose of its.
right-of-way. This branch line runs between Salamanca and Little Valley,
N. Y., about 9 miles.
-V. 119. p• 1396.
Midwest Power Co.
-Bonds Called.
Two hundred forty of the outstanding 1st Mtge,8% Gold
Pacific Gas & Electric Co.
-Stock Increase Sought.
bonds, Series
"A." due Nov. 11941. have been called for payment May 1 at
The company has applied to the California RR. Commission for author105 and int.
ar• the Merchants Trust & Savings Bank. St. Paul, Minn.
--V. 119. p.3010. ity to issue $2,500,000 additional Common stock. Part of the issue will
used to meet an
Mountain States Telephone & Telegraph Co.-Purch. beThe California oversubscription on past authorizations.
RR. Commission has granted the company an increase
-S. C. Commission on Feb. 12 approved the acquirittion
The I.
In the gas rate
company of the telephone properties of J. E. Allen, doing business by the in crude oil of 5 to 8 cents per 1,000 cu. ft., to meet the recent increase
as the
price of 25 cents a barrel. As a result, the San Francisco
Lorth.hurg & Duncan Telephone Co.,for $20,000 in cash.
-V.119. p. 1403. basic rate becomes $1 05 per 1,000 cu. ft. up 5 cents. The increase is
in line with the schedule adopted by the California RR. Commission.
'
Municipal Gas Co. Albany, N. Y.
-To Offer Stock.automatically adjusting the gas rate to the price of oil.
-V. 120. p. 958.
It was recently announced that the company proposes to offer $1,500,000
additional capital stock at par ($100) to present stockholders on the
Pennsylvania Power & Light Co.
basis
-Bonds Sold.
of one new share for each four shares now owned. The proceeds are to
be Guaranty Co. of New York, Harris, Forbes & Co.,
-V. 119. p. 2179.
used to fund loans at banks, &c.
Halsey,.
Stuart & Co. and
New England Co., Boston.
-To Change Par of Common and int., to yield Brown Brothers & Co. have sold at 95
over 5.30%, $8,000,000 1st & Ref. Mtge.
Shares-Stock Increased.
Gold bonds, Series "D," 5%, due Sept. 1 1953.
shareholders have voted to change
the company's Common shares
The
First & Ref. Mtge. Gold bonds outstanding, $8,000.000 Series "A," 7%;
from a par value of $100 to no par value, effective April 15.
$7,000,000
The shareholders also approved an increase in the number of Common "D, 5% Series 'B, 5%; $4,000,000 Series "C, 6%; $8.000.000 Series
"
,
(this issue). Denom. cs $1,000 and $500. and r*
shares from 71.500 to 100,000 shares.
-V. 120. p. 829.
$1,000 and
$5,000. Principal and interest payable in N. Y. City.
Interest payable
THE CHRONICLE
1090
2%. PayM.& S. without deduction for normal Federal income tax up to on any int.
or part
able without deduction of Penn. 4-mill tax. Red. allSept. 1 1928, 104 in
int. on or before
date upon 30 days' notice at 105 and
101 in
the next 5 years, 103 in the next 5 years, 102 in the next 5 years,
Guaranty
the next 5 years, and at 1003 thereafter prior to maturity.
Trust Co. of New York. trustee.
Allentown,
Data from Letter of P. B.Sawyer, Vice-Pres.& Gen. Mgr.,
Pa., Feb. 21.
through consolidation and merger
Company was incorporated June 4 1920
light and gas propof a number of companies operating electric power and . Since that time,
erties in an extensive territory in eastern Pennsylvania most important of
the
it has acquired the properties of other companies, all the capital stock,
which was Wilkes-Barre Co. In addition it owns
& Heat Co.
except directors' qualifying shares, of the Hagerstown Light
Md. Company
of Washington County, which supplies gas to Hagerstown,
by the
(subject to the approval of such acquisition of East
expects to acquire
shares of stock
P. S. Commission) 90% of the total outstanding may be deposited under
as
Penn Electric Co., plus such additional shares19 1925 (see V. 120, p. 454)•
the terms of a letter to stockholders dated Jan.
Electrical and Gas Output and Customers.
-CustOrlierS---Outpultor YearDecember 31.
Gas.
Electricity.
Gas.
M Cu. Ft. Electric.
Kwh.
Calendar Years15,921
64,332
483,319
411,640,000
1920
16,163
71,162
453,023
442.508,000
1921
28,528
92.353
857,417
495.344,612
1922
29,629
124.962
886.070
602,691,800
1923
.
1924
companies.
* Including power purchased, mainly from affiliated
the company in part for
-Proceeds will be used to reimburse
11,-Purpose.
defray part of the cost of the
capital expenditures heretofore incurred, to and betterments, and for other
new hydro-electric plant and other additions
corporate purposes.
(After Present
Capitalization Outstanding with Public as of Dec. 31 1924
Financing).
$16,583,100
Underlying (closed) mortgage bonds 7s.
8,000,000
A
1st & Ref. Mtge. Gold bonds: Series B. 5 due 1951
7,000.000
, due 1952
Series
do
do
4,000,000
Series C,6",due 1953
do
do
Series D,5 o,due 1953(this issue) 8,000.000
do
do
Preferred stock (no par value), entitled to $7 cumulative divi- 229,377 sh.
dends per share per annum
• 466,877 sh.
Common stock (no par)
Earnings for Calendar Years.
Net Earnings
Oper. Expenses
Gross Earnings
(Before Renewals
and Taxes.
& Other Income.
& Replacements).
$2,611,129
$5,813,340
$8,424,469
1920
3,242,186
6,811.697
10.053.883
1921
4,326.475
,
7,966.651
12,293,126
1922
14.667.0168,597.623. .
1923
6,714.541
9,926.818
16.641,359
1924
-V. 120, p. 454.
-Electric Bond & Share Co.
Supervision.
[VOL. 120.
"P. R. T. property has been valued by the Pennsylvania P. S. Commission and the courts at substantially upwards of $200,000,C00, on which it
is entitled to 7% per annum, or more than $14,000,000. Rentals, bond
interest and dividends are now but $12.000,000, leaving a margin of $2,000,000.
"$140,000,000 value is required to meet all underlying claims against
the property, so that with a property valuation of $200,000,000 upwards
already allowed, $60,000,000 Is the P. R. T. stockholders' leasehold equity,
upon which this $3,000,000 of Preferred stock, now to be sold to the car
-V. 120, p. 705.
riders, will have first claim."
-Suit.
Telephone & Telegraph Co.
Pacific
the
Federal Judge Bourquin has handed down an injunction restraining on
stock,
company from offering to stockholders $35,000,000 additional
the petition of H. H. Hoffeld, a stockholder.
In his bill of complaint Hoffeld charges that the provisions of the articles
of any Common stock
ofincorporation of the company prohibit the issuanceincrease the stock is a
and that the attempt on the part of the company to
violation of those articles.
Comparative Balance Sheet December 31.
[Includes Southern California Telephone Co., Home Telephone & Tele,
graph Co. of Spokane, Bell Telephone Co. of Nevada.]
1923.
1924.
1923.
1924.
$
$
Liabilities$
$
Assetsstock_ 18,000,000 18,000,000
Fixed capital_ _a238,594,022 201,957,684 Common stock_ 82,000,000 57,000,000
9,342,269 Preferred
Other investmls 11,257,701
869,033 Funded debt__ 71,993.900 72,948,100
935,812
Cash & deposits
275,992 Adv.from syst'm
Bills receivable_ __ 399,481
corporations _ 45,287,500 31,400,000
Accts.receivable 3,785,454 3,568,229
10,000
Mat'l & supplies 3,311,665 3,515,102 Bills payable_
2,228 Accts. payable_ 6,812,661 5,373,689
0th. curr. assets
140,981 Accr. liabilities_ 3,456,218 3,045,598
107,117
Accr.inc.not due
875,704
836,875
Deferred debits_ 11,838,970 8,715,103 Def. credits_ __ _ 39,901,120 37,927,374
Res. for deprec_
Res, for amort.
102,280
124,496
of intang.cap.
1.703.878
61,817,451
Total (ca. side) 270,230,223 228,386,622 Surplus
b Of which $550,000 appropriated.
a Incl.construction work in progress.
A comparative income account was published in V. 120, p. 958.
-Earns.
(& Sub.Cos.).
Pennsylvania-Ohio Electric Co.
1923
1924
Twelve Months Ended Dec. 31$5,074.908 $4,812,500
Gross earnings
4,290.376 3.998.394
Operating expenses and taxes
238,355
266,702
Interest on funded debt
53,877
38.759
Other interest and discount
296,564
296,919
Preferred dividends
-Listing-Sells 200,000 Shs.
Pittsburgh Utilities Corp.
of Pref. Stock-Annual Report.
The New York Stock Exchange has authorized the listing of temporary
voting trust certificates issued under voting trust agreement dated Jan. 17
1925. for $5,000,570 (v, t. c.) 77, Cumul. Prof. stock (par $10) which
are issued and outstanding in the hands of the public, with authority to
add $2,499.430 v. t. c. qp official notice of issuance in exchange for an
equal par value of 7% Cumul. Prof. stock (or v. t. c. therefor issued under
the voting trust agreement dated March 30,1923).
a voting trust agreement
The voting trust certificates are issued nder
dated Jan. 17 1925, under which Moritz Rosenthal. Everett B. Sweezy.
H. Wiggin, Benjamin Guictess, James H. Reed, Leonor F. Loree
Albert
and Mason B. Starring are named as voting trustees. Under the provisions of the agreement, voting trust certificates may be issued against
the deposit of certificates for an equivalent number of shares of 7% Cumul.
Pref. stock, or of old voting trust certificates therefor Issued under the
voting trust agreement of March 30 1923, Which have been listed on the
New York Stock Exchange. Of the $1.606.190 of such old voting trust
certificates now listed on the New York Stock Exchange, the holders of
trust
$775,250 have deposited their certificates under the new voting of all
dated Jan. 17 1925. A notice has been addressed to the holders
all the old voting trust certificates advising them of their right to deposit
the same under the new voting trust dated Jan. 17 1925.
The voting trust agreement is dated Jan. 17 1925, and extends for a
period of ten years from that date, unless sooner terminated by the action
of all the voting trustees and of 98% in amount of the holders of voting
trust certificates. The old voting trust agreement is dated March 30
1923 and extends for a period of five years from that date.
Pres. Mason B. Starring, in the annual report, says: "Provision for
payment of the $12.000.000 Coll. Trust Sinking Fund 5% Gold bonds of
United Railways Inv. Co., assumed by Pittsbrugh Utilities Corp., has
been the subject of continued consideration, various plans have been discussed, and some adopted in part. In this connection, in November, the
corporation sold 165,000 shares of its Prof. stock theretofore authorized
to be sold at the discretion of the directors, and caused the proceeds to
be applied to the purchase of bonds, having on Dec. 19 1924, commenced
publishing advertisements offering to purchase a stated amount thereof.
.A total of $805,000 such bonds had been acquired at Dec. 31 and purchases
thereof are being continued. '
"The sale of the above-mentioned 165,000 shares of stock at a premium
resulted in an increase in the "capital surplus (not earned)" amounting
to $412,500.
"Since Dec. 31 1924 an additional 200.000 shares of Prof. stock have
been sold, also theretofore duly authorized to be sold, bringing the total
amount of such stock, now outstanding, up to 750,000 shares: this stock
also was sold at a substantial premium.
Income Account for Statid-Periods.
Year End. Mar. 26 to
Dec. 31 '24. Dec. 31 '23.
$1,983,627 $1,481,314
Income
Total
$55,427
$58,031
Expenses, taxes, &c
400,820
598,374
Interest on bonis
231,000
462.000
Preferred dividends
336.250
672,500
Common dividends
$192.723
General Balance Sheet Dec. 31.
1924.
1923.
1924.
I LiabtlatesAssetsPref.stk.(par 210) 5,500,000
Phlla. Co. Corn.
24,575,000 24,600,000 Corn.stk.(240,000
stock'
65,248 I no par shares)__ 1,200,000
1,532,665
Cash
13,930 U. By. Inv. bds_ _11,195,000
18,736
Special deposits
9,687
492,000 Coupons due
491,500
Phila. Co. diva
lAccrued accounts_ 100,194
Capital surplus__ 7,962,500
Tot.(each slde)_26,617,901 25,171,178 Earned surplus_ __ 650,540
-V.120. p. 829, 331.
Surplus
$457,817
1923.
3,850,000
1,200,000
12,000,000
9,430
103,931
7,550,000
457.817
-Bonds Ready.-Public Service Co. of Colorado.
Mtge. & Ref.
Halsey Stuart & Co., Inc., announce that permanent 1stready and ex53i% Gold bonds, Series "B," due Sept. 1 1954, are now
see
changeable for the temporary bonds originally issued. (For offering
V. 119, p. 1291.)-V. 119, p. 3011.
-Stock Increase.
Public Service Co.of Northern Illinois.
stock of
The stockholders on Feb. 25 increased the authorized Common Dec. 31
no par value from 150,000 to 200,000 shares. The balance sheet of
-V. 120. p. 959.
shares of this issue outstanding.
1924 shows 97,130
-Annual Report.
Corporation of America.
Radio
furnishes
The annual report for 1924, which was made public Feb. 27,
$225,310 adequate proof that the radio industry is fast becoming a major industry
$182,152
Balance for depreciation and Common diva
than
for comparison with 1924, to reflect operating results of Penn- in America. The report shows that the gross income for 1924 is more
x Revised
-V.118. p. 3198. ..... , 100% in excess of the gross Income for the year 1923. It shows a total of
sylvania-Ohio Electric Co. as now constituted.
1923. The
$54,848,131 in gross income for 1924, as against $26.394.789 for $4,737,773
-Earns. net income for 1924 is given as $9,503,442, as compared with
(& Subs.).
Pennsylvania-Ohio Power &Lt. Co.
1922.
1923.
1924.
Twelve Months Ended Dec. 31for 1923 and $2,974,579 for 1922.
during
$5,078.419 $5,059,702 $4.284,097
The corporation's financial position has been further strengthened
Gross earnings
2.488.390 1924. Current assets have Increased 511.788.631 and exceed the current
2,931,250 2,962,898
Operating expenses and taxes
$8,629.927,
liabilities by $15.377,403. The current liabilities,amounting toincome tax.
$2.147,168 $2,096,804 $1.795,707 represent indebtedness for merchandise, materials and Federal
Net income
458,458 The corporation has no bonded debt or outstanding notes.
518,293
563.446
Other income
columns
The comparative income account was already published in these
$2,710,614 $2,615,098 $2,254,165 in V. 120, p. 594.
Total
$1,333,759 $1.343,198 $1,295,320
Interest on funded debt
-Halsey,
-Bonds Sold.
4.665
Cr.49,381
Cr.18,452
Sioux City Gas & Electric Co.
Other interest
112,089
127,312
145,885
sold at 97 and int. yielding about
Discount on bonds
201,395 Stuart & Co., Inc.,have
295,387
332,449
Preferred dividends
gold bonds,
Balance for depred. & Com. divs
-V. 119, p. 3011.
$916,973
$844.535
$694,741
Philadelphia & Western Ry.-Annual Report.
1922.
Calendar YearsOperating revenue
Operating expenses
1924.
$895.943
479,828
1923.
$870.854
478,354
$825.459
440,517
1921.
$812,240
486,647
Net operating incomeInt. and tax accruals_ _ _
$416,115
x168,034
$392,500
166,008
$384,942
163,626
$325,593
166,201
Net incotne
Federal taxes
Fret dividends (5%)
$248.081
22,100
100,000
8226,492
20,500
100.000
$221.316
19,800
100,000
$159,392
14.780
100,000
$44,612
$101.516
$105,992
$125,981
Balance, surplus
tax accruals, $32,500;
x Interest on bonds in 1924 amounts to $131.500; funded debt, $2,384.
$177; amortization of discount on
hire of equipment.
-V. 119, p. 456.
-Offers Preferred Stock.
Philadelphia Rapid Transit Co. employees $3,000,000 7%
and
The company is offering to its patrons approval of the stockholders on
stock at par, $50, subject to
Cumul. Pref.
full or on the partial payment
March 18. The stock may be paid for inmay be made for from 1 to 10
-51 per share weekly. Application
plan
share. It Is announced that
shares. The stock will be callable at $55 per Philadelphia and New York
application will be made for listing on the
The proceeds will be used to finance extensions and
stock exchanges.
prior obligations.
additions to property, and for retiring or acquiring says in part: "The
Talks,'
The company, in its publication "Service
the Preferred dividends for 1925 look to be more
earnings applicable to
them. Conservative bankers
than 15 times the sum necessary to pay
where the dividend is but
consider a Preferred stock a good investment
3 times earned
5.75%, $2,300,000 1st Mtge. 25-Year 5A%
Series "C."
at the office
Dated Feb. 1 1925; due Feb. 1 1950. Int. payable F. & A. New York
company in
of the trustee in Chicago or at the agency of the for the normal Federal
deduction
(Halsey, Stuart & Co., Inc.), without
c*. Red.
income tax not in excess of 2%. Denom. $1,000, $500 and $100on or prior
all or part upon 60 days' notice on Feb. 1 1935, and thereafter 11943, at
to Feb. 1 1938 at 105 and int., and thereafter on or prior to Feb. int.. and
103 and int., and thereafter on or prior to Aug. 1 1947 at 101 and
rethereafter at 100 and int. For sinking fund purposes, bonds are also
deemable, either by call from Feb. 11929, to and incl. Feb. 11935. at 105
at the existing redemption prices, as above set
and int. and thereafter
prime.
'
forth, or by purchase in the market at or below said redemption Penna.
Company agrees to reimburse the holders of Series "C" bonds for the
property tax not exceeding 4 mills, and
4 mill tax, for the Conn. personal
for the Mass, income tax not exceeding 6% per annum on tho Interest.
Feb. 19.
Data from Letter of President L. L. Kellogg,Sioux City, Iowa,
business in
-Does the entire electric light and power and gas the Sioux
Company.
of
Sioux City. Iowa. Owns all of the outstanding capital stock and heating
City Service Co., which owns and operates the street railway Sioux City
the
business in Sioux City. Company sells power and steam tofor distribution
Service Co. and, in addition, sells electric current wholesale of 25 miles of
communities within a radius
to consumers in 31 towns and
Sioux City.
Authorized. Outstanding.
Capitalization$4,000,000 42,178,500
7% Preferred stock
4,000.000
4,000,000
Common stock
3,500,000
-Series "A,"6%,due 1947-1
1st Mtge. gold bonds
2,550,000
b
Series "B," 6%,due 1949
2,300,000
Series "C," 5%% duo 1950
subscribed for by custoor
a Includes approximately $400,000 sold to plan and is not yet fully paid
$70.000 of-which was on the installment restrictions of the mtge.
mers,
for and Issued. b Auth. amount limited by the
FEB.28 1925.]
THE CHRONICLE
1091
-Proceeds will be applied on account of the completion of a $100,000. This is in addition to the 12% of its gross receipts, which the
Purpose.
modern steam generating station on the Big Sioux River with an initial company pays in taxes to State and city.
Under these circumstances, the directors feel that it is to the best interest
installation of two 11,250 kw, units, and three 1,120 h.p. boilers and a
proposed ultimate capacity of 67,500 kw., for other additions, extensions, of the security holders of the company to take steps to conserve the com-V. 120, p. 584.
betterments and improvements to the company's plants and distribution pany's cash position.
systems and for other capital purposes.
Tonawanda (N. Y.) Power Co.
-Stock Chanced.
Security.
-Secured by a first mortgage on all of the electric light and power
The company has filed a certificate with the Secretary of State at Albany,
and gas properties, rights and franchises now or hereafter owned, including
the new electric generating station nearing completion, subject to prior lien N. Y., changing its authorized capital stock from 25,000 shares. par $106,
to 80.000 shares of no par value.
bonds, if any, on hereafter acquired property.
-V.88. P. 629.
There are also pledged under the mortgage all of the 82,000.000 capital
Union Electric Light & Power Co.(of
stock of the Sioux City S3rvice Co., together with a note of that-company
The New York Stock Exchange has authorized the listing of $9,750.000
of $1,000,000, with the provision that upon payment of the note, the
pledged capital stock may be released.
1st Mtge. Gold bonds. 5%%,Series "A." (See offering in V. 118. p. 442.)
Earnings 12 Months Ended Jan. 311924.
Income Account for 12 Months Ended Dec. 31 1924.
1925.
Gross income
82,292,568 $2.673,044 Gross earnings
81,715.135
Operating expenses, incl, maintenance and taxes_ _ _ _ 1,426,632 1,660,301 Operating expenses and taxes
$6,244
Interest charges
802.212
Net earnings
,
8865,936 11,012,743 Appropriations for depreciation reserves
434,053
Annual int, charges on total bonded debt. incl. present issue_ _ - *$489.500
* The net earnings as above do not reflect any of the economies which
Balance
$472.627
will be obtained from the operation of the new generating plant. The Surplus Jan. 1 1924
45.000
annual interest charges of $489,500 include the interest on 83,850.000
First Mortgage gold bonds, the proceeds of which have been and will be
Total
$517,627
applied to the construction of the new plant.
Deduct: Prof. diva., $240,000; Common diva., $254.880
494.880
Managemen .-United Gas Improvement Co. Is largely interested in the
Sioux City Gas & Electric Co. through ownership of a majority of its issued
Surplus Dec. 31 1924
$22,747
and outstandihg capital stock.
-V. 120. P. 959.
-V. 118, p. 442.
San Antonio Public Service Co.
-Stock Increased.
-
The stockholders have increased the authorized Common stock from
$5,000,000 (all outstanding) to 57,000,000.-V. 119. p. 199.
United Power & Light Corp. of Kan.
-Bonds Called.
All of the outstanding 1st Mtge. 10-Year 6% gold bonds, due March 1
1931, of the Junction City Gas Co.. have been called for payment March 2
at 103 and int. at the Fidelity National Bank & Trust Co., Kansas City,
Mo.-V. 119, p. 952.
Southwestern Light & Power Co.
-Bonds Sold.
Ames, Emerich & Co., Hambleton & Co., Kelley, Drayton
Power Co. (Md.).-Notes Offered.United Light
& Converse have sold at 973 and in, yielding 6.30%, Bonbright & Co., &
Inc., are
$2,100,000 1st Mtge. & Coll. Lien 6% Gold Bonds, Ser."A." about 5.80%, $5,000,000 offering at 99 and int., to yield
Gold notes.
5
Dated March 1 1925. Due March 1 1937.
Prin. and int. (M. & S.)
payable at New York Trust Co., N. Y. City, trustee, without deduction
of the normal Federal income tax not exceeding 2%. Red. on any int.
date on 30 days' notice on or before March 1 1932 at 105 and int., the
premium decreasing thereafter 1% in each succeeding year or fraction
thereof until March 1 1936: thereafter the redemption price is 100 and int.
Denom.51,000. 5500 and $100 c*. Company agrees to refund the following
taxes: Penna. 4 mill tax, Maryland security tax not exceeding 4 mills,
Conn. personal property tax not exceeding 4 mills, District of Columbia
5 mill tax, Rhode Island tax not exceeding 4 mills, Mass, income tax on
int. not exceeding 6%.
Data From Letter of Pres. Earl R. Ernsberger, Oklahoma City, Feb.21.
Company.
-Will supply electric light and power either directly or through
its subsidiaries to 19 communities in Oklahoma and Texas, by means of a
central station at Lawton, Okla., together with 218 miles of high tension
transmission lines and a reserve station at Quanah. Texas. Cities and
towns served include Lawton, Duncan, Temple, Snyder, Tipton, Mountain
Park, Olustee, Eldorado, Frederick, Walters, Fort Sill, Post Field. Richards
Spur, Manitou and Cache Oklahoma, and Quanah, Chillicothe, Agatite
and Acme, Texas, in addition to various industrial plants in both States,
Including the United States Gypsum Co., the Certain Teed Products Co.
and the Beaver Products Co., Inc.
Company will also own artificial ice plants in Lawton and Duncan. Okla.,
and in Quanah and Chillicothe, Texas, with a total daily capacity of 110
tons. It will also distribute natural gas in Lawton and Temple. Communities served have a total population estimated at 38,000.
The electric plant and equipment include a modern central station at
Lawton, Okla., a reserve station at Quanah. Tex., and 218 miles of high
tension transmission lines, together with the necessary distribution systems.
Total power generated in 1924 was in excess of 10,000,000 k.w.h. The
principal transmission lines are operated at 66,000 and 33.000 volts.
Capitalization Outstanding Upon Completion of This Financing.
1st Mtge. & Coll. Lien 6% Gold bonds, Series "A"(this issue):. 82300,000
6% Cumulative Preferred stock
n950,000
Common stock, Class "A,"6% Cumul. after Jan. 1 1928
12,000 shs.
Common stock, Class "13," no par value
22,936 shs.
* This amount includes Preferred stock to be issued in exchange for outstanding debentures of one of the companies whose property is to be acquired
Security.
-Secured by a first mortgage on all the electric and ice properties
owned or controlled in Oklahoma and will be further collaterally secured
by the pledge of all the bonds and stocks of the Quanah Light & Ice Co.
(Texas) and the Lawton Gas Co. The mortgage will contain proper
provisions regarding hereafter acquired property.
Earns. Derived from Properties to be Owned or Controlled 12 Mos.End.Dec. 31.
1923.
1924.
Gross revenues
$655,277
$599,382
Oper. exp., maint. & taxes
386,252
383,383
Dated March 1 1925, due Sept. 1 1928. Int. payable M. & S. at the
twypart on
Chicago. durftring.
meigy not ce gnaalcin New ;ZorkyorrC
3
;pf ti co
t ea .
tie
d
g
next ear and
thereafter at 100 and
Denom. 81.000 and $500 c*. Company will
pay the normal Federal income tax, deductible at the source, up to 2%.
and will refund Penna. personal property tax of 4 mills and the Mass.
income tax, not exceeding 6% per annum on income derived from the
notes. New York Trust Co., New York, trustee.
Data From Letter of Frank T. Hulswit, President of the Co.
Company.
-Controls and operates a group of properties furnishing a
diversified public utility service in 97 prosperous and growing communities
In the heart of the Middle West, mostly situated in Iowa and Illinois.
Company also Owns the entire Common stock of United Light & Rys. Co.
(Del.), which has acquired a controlling interest in Continental Gas &
Electric Corp.. which controls Kansas City Power & Light Co.and Columbus
Ry., Power & Light Co. The communities served by the combined
properties total 289. and the aggregate population served is in excess of
1,750,000. Company also owns a large amount of Common stock of
American Light & Traction Co.
-Proceeds will be used to pay indebtedness incurred in the
Purpose.
purchase of the interest in American Light & Traction Co. Common stock.
Consolidated Earnings Statement 12 Months Ended Nov. 30 1924.
Gross earnings, all sources
$34,344,338
Operating expenses, maintenance and taxes
19.974.111
at.
Net earnings
314.370.227
*Int. & divs, payable to public, & minority stockholders' share
of undistributed earnings of controlled companies
*6,522,141
Earnings applicable to funded debt of company
Annual int. on funded debt and prior charges
87,848,086
2,902,762
Balance for depreciation, dividends, &c
$4.945,324
* Estimated as at close of current financing. Includes $590,804 annual
dividend requirements on $8,797,200 Prior Pref. stock of United Light
& Railways Co. (of Del.).
The a ove figures are exclusive of any earnings from American Light &
Traction Co. stock.
-Company will covenant that it will deposit on March 1
Sinking Fund.
of each year as a sinking fund with the trustee the sum of $750,000. Moneys
in this fund are to be used for the purchase of notes of this issue at not
to exceed 100 and int. Notes so purchased are to be retired and cancelled.
Combined Capitalization Outstanding With Public.
[Not including Continental, Kansas City and Columbus Group.]
% Gold notes, 1928 (this issue)
$5,000,000
Gold debentures, 6% and 634
8,750.000
8% Convertible Debentures, 1926
1,988.000
Net earnings available for bond interest
Ref. Mtge. 5s, 1932
ali.000.000
$271,894
$213,130 1st &
The annual interest charges on the 1st Mtge. & Coll. Lien 6% Gold 1st Lien & Cons. Mtge. Gold bonds, Os and 5345
16.510,000
Bonds. Series"A"(this issue) amounts to $126,000. Net earnings available Divisional bonds and securities on portions of property
b8,221.998
for bond interest for the calendar year 1924 were therefore equal to more Prior Preferred, 634% and 7% Cumul. (Del. Co.)
$8,797,200
than 2.1 times interest charges on the entire funded debt to be outstanding Pref. stock, Class A, $6 50 Cumul
128,700 shs.
upon completion of this financing.
Pref.stock,Class"B."$3 50 Cumul.Particip.(now paying $4)_ 81,000 shs.
Franchises.
-All franchises under which the properties are operated are Com.stock. Class"A"and "B"(now paying $1. 60 and extras)
.346.275 shs.
In satisfactory form.
a Not including bonds pledged as collateral to 1st Lien & Consol. Mtge.
Gold bonds. b Not including bonds and securities pledged with the
Texas Power & Light Co.-Pref. Stock Offered.
-Hall, trustee of 1st & Ref. Mtge.or underlying mortgages.
-V.120, p.455.
Waters & Co., Boston, are offering a block of 7% Cumulative
Pref. (a. & d.) stock (par $100), at a price to yield 6.93%.
A circular shows:
Redeemable at 115 and diva. Dividends payable Q.
-F. Transfer
agents: Old Colony Trust Co., Boston, and Dallas Union Trust Co., Dallas,
Tex. Registrars: State Street Trust Co., Boston, and Southwest National
Bank, Dallas, Texas. Exempt from present normal Federal income tax.
Company.-Incorp. May 27 1912 in Texas. Does the
electric power and light business in 110 communities.entire commercial
including Waco,
Denison, Paris, Sherman, Cleburne, Tyler, Palestine, Temple, Gainesville,
Brownwood, Waxahachie, Ennis, Hillsboro and McKinney, and also a gas
Waco and Paris. It also supplies at wholesale electrical energy
business in
for the electric power and light companies in Corsicana and Terrell and
eleven other communities. See V. 120. p. 830.
Third Avenue Ry., N. Y. City.
-Reduces Interest on
Adjustment Bonds.
-The directors on Feb. 24 declared an
interest payment of 1 % on the $22,536,000 5% Adjustment bonds, payable April 1. This compares with 2%%
paid in April and October last, or a total of 5% in 1924.
President S. W. Huff issued the following statement:
The company did not earn enough to pay 2%% interest on
Adjustment bonds for the 6 months period ending Dec. 31 1924, the 5%
and because of the necessity for setting aside moneys for proper maintenance and
depreciation, the directors decided to declare an interest payment of 1 3
%
on these bonds, payable April 1.
Since the company resumed payment upon its 5% Adjustment bonds
April 11922, it has paid out in interest practically the entire amount earned
during each six months' period. During these periods, it has been necessary for it to draw upon the funds heretofore set aside for the purposes of
the company and its subsidiaries, and also the funds for depreciation and
contingencies, to meet the expenditures for capital account made necessary
by the purchase of new equipment and to pay the expenses of new paving
in existing tracks. To have taken care of these capital expenses by the sale
of securities under present conditions would have resulted in a serious
sacrifice.
The result of this draft upon these funds has been to very substantially decrease them. and they have been further reduced by reason of the fact that
it was necessary, during the last year, to pay paving bills to the amount of
approximately $750,000 that had been in litigation for years, and which
was finally decided against the company or was compromised. The present
severe winter has also been a heavy drain upon the company's cash, the
removal of snow alone for the month of January having cost approximately
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-On Feb. 26 Arbuckle and Revere advanced price
10 pts. to 6c., American 10 pts. to 6.10c. and Warner withdrew from
market temporarily.
On Feb. 27, McCahan, National and Revere companies advanced price
10 pts. to 6.10c. each.
American Thread Co., Willimantic. Conn., Declines to Cancel 10% Woes
Cut.
-Possibility of strike arises. "New York News Bureau Association"
Feb. 26.
-Agreement affecting 30,000
New York City Garment Contract Signed.
workers in 2.000 shops does not apply to 15,000 white goods workers now
on strike. Provides 10 to 15% wage increases, sanitary labels on garments
-hour week. New
made in union shops, minimum wage and reaffirms 44
York "Times" Feb. 24, p. 8.
-American Brass Co. reduced prices 34 cent a
Brass Prices Reduced.
pound on sheet brass, seamless brass tubes and sheet copper. "Wall St.
Journal" Feb. 27, p. 14.
Matters Covered in "Chronicle" Feb. 21.-(a) Newsprint production in
the United States and Canada compared, p. 884. (6) Developments in
-Threatened walk-out in
textile strike situation-Pawtucket plant reopens
American Thread Co.'s mills at Willimantic, Conn.. p. 884. (c)American
Woolen Co. opens fall lines of men's wear, fancy worsteds, at 6 1-3%
price advance over last year. p. 885. (d) 16,000 garment workers on
strike in New York City. p. 886.
-Receiver Asked.
Acceptance & Finance Corp.
The appointment of a receiver for the company, with offices in the
Franklin Trust Bldg., Phila., is asked in a bill in equity filed in Common
Pleas Court No. 5 by Constant De Me Jr. and Walter .Sullivan, stockholders and former officers. John P. Cranston, Pres., is joint defendant
with the company, which is a Delaware concern, organized in 1920. for the
financing of automobiles. The bill charge; mismanagement.
Ambassador Business Block & Theatre, Chicago.
Bonds Offered.-Gara.rd & Co., Chicago, are offering at par
and int., $350,000 1st Mtge.6M%_Gold bonds, due serially,
Feb. 1 and Aug. 1 1927-1934 and Feb. 1 1935.
The Ambassador Business Block and Theatre is located one-half block
south of the busy transfer corner of Archer Ave. and 35th St.,running south
to Leavitt St., and covering a lot 380 x 100 feet, to a 16
-foot alley. The
-room kitchenette apartbuilding, 3 stories high, will contain 11 stores, 202
ments, and a theatre with a seating capacity of over 2,000.
1092
THE CHRONICLE
Income Account.
1921.
1922.
1923.
1924.
$2.280,713 $1.992,861 81,523,496
x$2.199,388
189,754
289,102
292.024
289.010
$1,988.689 $1,703,759 $1,333.742
81.910,378
Balance
451,940
200,346
155,370
y305.874
Miscellaneous income_ _ _
-Combined
American Bank Note Co.
Calendar YearsNet profits
Depreciation
[Vol.. 120.
-Dividend Increased.
American Safety Razor Corp.
The directors on Feb. 24 declared a semi-annual dividend of 1;4 %Iron
MO.payable April 1 to holders
the new 200.000 shares of Capital stock. par
of record March 10. This places the new stock on a 83-a-year dividend
basis, compared with semi-annual dividends of 25 cents per share which
were paid on the old 800.000 shares of 825 par value stock from Oct. 1922.
to Oct. 1924 incl. The latter rate is equivalent to 82 per share on the new
-V.119, p. 2289.
8100 par value stock.
-J. G. White
-Stock Sold.
American Salamandra Corp.
& Co., Inc., have sold at $55 per share 20,000 General
82,216,252 82.144.059 81,904,104 $1.785,682
Total
819,036
$36,404
$37.031
$25.520
Misc.int& sundry deduc.
40,000
40.000
40,000
Pension fund40,000
166.825
193,233
z210,250
207,970
Profit-sharing plan
269.739 shares (par $50).
269,739
269,739
269.739
(6%)_
Prof. dividends
Registrar, Bank of America, New York. Transfer agent, Bank of
(193j)964101(30)1348,710 (8)359,656
Common dividends_(25%)1,236,312
75,000 New York & Trust Co.
Res. for contingencies_
-Has acquired through a subsidiary (North Star Insurance
Company.
4,476
21,797
Divs.pf.stk.for'n sub.cos.
Co.) a substantial interest in the going business of the United States Branch
$855,427 of the Reinsurance Company Salamandra of Copenhagen, Denmark.
$16,019
$618,461
$414.914
Balance, surplus
5,542,763 4,687.336 'This latter company or its predecessor has been in successful operation since
5.109,211
5.502.385
Previous surplus
1846 and is recognized as one of the strongest reinsurance companies in
Dr.225,289
Val. of bldgs. & mach..
Europe. Its business is world wide. The United States Branch, engaged
$5,558,782 $5,542.763 in the business of reinsuring fire and allied classes of risk, was established
$5,917,299 $5,502,385
Total surplus
and licensed by the New York Insurance Department in 1899.
449,570
Corn. thy., stock (10%)
-The expansion of the American business of the
North Star Insurance Co.
$5,542,763 Reinsurance Company Salamandra in recent years has been limited only
Profit & loss, surplus_ 85,917,299 $5,502,385 $5.109,211
by that company's ability to finance its commitments here on a sound unx Profits of the manufacturing and commercial business, after deducting derwriting basis. Furthermore, it is inconsistent with the company's
repairs and provisions for bad debts, and for all taxes accrued, including policy as an international organization to expand its business in any one
depreciaIncome taxes, but before providing for special compensation or for
country out of proportion to its world wide business. To meet the demand
tion. y Includes dividends on Common stock held for resale to employees. for constantly increasing reinsurance facilities required by American incompensation of 15% of combined net profits of American Bank surance companies, therefore, it has seemed advisable to form a new AmeriZ Special
distributNote Co. and subsidiaries in excess of fixed minimum of $665,359
can reinsurance company, largely financed in the United States but closely
-V. 119. p. 2649.
able under profit-sharing plan.
allied to the Reinsurance Company Salamandra. This has been done
the North Star
Foundry Co.-Ezport Co. Officers. the through the organization of Co. has acquired Ihsurance Co. business of
American Car &
an interest in the
The North Star Insurance
of
Oscar B. Cintas has been elected a director and Vice-President
the United States Branch of the Reinsurance Company Salamandra by the
Export Co., succeeding the late Charles S. transfer of 30% of the latter's portfolio as of Jan. 1 1925. A contract is
American Car & Foundry
as President of the
Gawthrop. Ile has also succeeded Mr. Gawthrop Export Company. also executed by the two companies providing that a similar portion of the
Railway Equipment Co. of Cuba, a subsidiary of the
business written by each company after Jan. 11925. will be transferred to
-V. 120, p. 960.
the other at cost.
-The earnings of the Reinsurance Company are derived from
Earnings.
-Resumes Dividends.
American Druggists Syndicate.
two independent sources-its underwriting (insurance operations), and the
on Feb. 24 declared a semi-annual dividend of income received from its investments. In the experience of the Reinsurance
The directors
over a period of years, approximately 40% of the
3% on the outstanding $6,783,980 Capital stock, par $10, Company Salamandra, from the former and 60% from the latter source.
earnings have been derived
Even assuming that no profit should be realized from its underwriting
April 15 to holders of record March 10. A distribupayable
-V. 120, operations, the return from the investments of the North Star Insurance Co.
tion of 4% was made on Sept. 15 1920; none since.
will provide a substantial income. These investments already amount to
831.
$1,778,000, par value, with an annual income of 388,055, exclusive of the
p. 960,
discounts. Approximately 80% of this income.
Dom. Cos.). amortization of bond the business or distributed as dividends, will accrue
-Ann.Rept.(Ind. Contr.
American Glue Co.
whether reinvested in
1921.
1922.
1923.
1924.
to the American Salamandra Corporation general stock.
Calendar Years$920,859
$586,478
8602.723
$687,229
-Proceeds of the sale of this General shares have been used
Purpose.
Net after all expenses_ _ _
154.456 to acquire all of the stock of the N9rth Star Insurance Co., except quali110,959
86,446
36,611
Dividends received
73.694 fying directors' shares.
154,020
64.991
192.918
Int. on notearec.. &c.._ _
Stock Issue.
-The authorized capital stock of the American Salamandra
$851,457 $1,149,009 Corp. consists of 40,000 shares of General stock of $50 par value each and
$754,159
$916,758
Total income
8235,141 400 shares of Management stock without par value. There are now out8247,795
$235,135
$213,964
Depreciation
standing 20,000 shares of General stock and 400 shares of Management
Int. & disct. on notes
367,758 stock. It is provided that of all dividends declared 80% will be distributed
335.852
307,113
294.613
payable, debs., &c_ _ _
50,000 pro rata to the holders of General stock and 20% to the holders of Man30,000
20,000
55,000
Fed. inc. & proft taxes_ _
110,644 agement stock. In the event of liquidation, the General shareholders must
110,632
110,532
110,632
Preferred divs. (8%)- _ _
(1%)43,677 (6)262.062 (8)349,416 first receive $50 per share,after which they will receive 809' of the remaining
Corrunon diva. (cash)
836,050 assets and the Management shareholders will receive 20%. Voting power
837,702 loss$134,884
8242,550
Balance, surplus
943.004 is equally divided between the two classes of stock, each General share
979,054
844,170
881,872
Previous surplus
to one vote and the Management shares in the aggregate
$979,054 being entitled to one vote for each share of General stock outstanding.
$844,170
8881,872
$1,124,422
Total surplus
being entitled
125,000
Prem. on capital stock
-Annual Report.
8979,054
8844,170
American Snuff Co.
8881,872
8999,422
Profit & loss surplus__
1922.
1923.
1921.
1924.
Calendar Years-V. 120. p. 585.
82,082,520 82,193,955 81,811.680
Net
- Pref.earnings (6%)_ _ _ 51.858.588
-Report.
237,168
237,168
237,168
237.168
dividends
American-La France Fire Engine Co., Inc.
Common dividends_(12%)1,320.000(14)1540.000(12)1320,000(12)1320.000
1924.
Calendar Years$897,800
8937,424 $1,007,646
$1,045,499
•
Net profits
$254.512
8636.787
318,846
8305,352
$301,420
271,001
234.884
Balance, surplus
250.025
Federal, &c.. taxes
166.444
182.623
192.221
x After deducting all charges and expenses of management, including
205.697
Preferred dividends(7%)
248,148 provisions for income taxes.
286,451
290,115
dividends(10%) 328,425
Common
Balance Sheet December 31.
5164.363
8267,870
$220.204
$261,353
1924.
1923.
Balance, surplus
1923.
1924.
-41,443,417 y$1.429,257 $1,413,342 41.145,472
$
LiabilitiesProfit and loss surphis_
$
Assetsa 15% Preferred
Preferred stock.... 3,952,800 3,952,800
x After deducting 8423,900 distributed June 1 1921 as y After deducting Rosiest., mach&y,
1743).
stock dividend on the Common shares (V. 112, p.and engineering expenses.
Common stock_ _ _11,000.000 11,000,000
& fist., tr.-mks.,
on gold notes
59,292
59,292
$204.289 discount and expenses
good-will. &c_ _A2,262,709 12,137,203 Pref. div. payable.
Common stock,
550,000
z After deducting 8121.149 expenses on sale of Preferred and
6,385,597 6,735,940 Corn. div. payable 330,000
Supplies, &c
and $126,043 engineering expenses.
901,244 Taxes, Ins., adv'g.
830,949
Securities
898,851
disc., &c., prov. 875,464
2,164,804 1,538,009
Consolidated Balance Sheet December 31.
Cash
1923.
1924.
Bills & sects rec_ 1,086,149 1,214,057 Depreen res., &c 1,557,845 1,424,904
1923.
1924.
3
$
114,378
Accounts payable_ 127,158
Liabilities$
3
Assets7% Cum.Fret. stk. 4.000,000 2,845,500 Total(each side) _22.730,207 22,526,454 Undivided profits_ 4,827,649 4,526,229
Land,bldgs.,mach.
2,904,000 -V. 118. p. 1014.
& good-will. &c_ 5,420,935 5,247,105 Common stock. _ _ 3,450,000
60.709
499,555 Pref, stock subscr_
494,529
Cash
2,000,000 2,000,000
Armour & Co. (Mo.-Federal Trade Commission Recom-Year notes
100,000 3
Call loans
536,806
434,760 Accounts payable_ 511,199
from Control of ReNotes & warr'ts rec 1,113,839
30,460 mends Divorcing Packing Companies
30.000
1,133,208 Interest accrued_ _
Accounts receiv'te. 1,083,171
46,000 frigerator Cars.
3,454,526 2,573,072 10-year notes
Inventory
8,163 Res. for Fed _State
Federal Trade Commission submitted to the Senate Feb. 19 a report
6,784
Int.& ins.(xl.in adv
142,423 onThe Packer Consent Decree in which it recommended the divorce ofthe
& Can'n taxes_ _ 129,050
the
Capital stock in
14.874 Reserve for Federal
Big Five packing companies from their control of meat refrigerator cars.
treasury at cost
15,582 The Commission suggests the formation of a single company, similar to the
.
excise taxes_ _ . 10,118
1,443,417 1,429,258 Pullman Co., independent of the control of the packers, both in law and in
Total(each side)_ _11.573.784 10.010,737 Surplus
fact, to take over the ownership, operation, and routing of these cars and
-V. 119, p. 2534.
make them available on equal terms to all meat packers and other food
-Dividends &c.
report,
American Mfg. Co., Brooklyn, N. Y. dividends of , X %- distributors. The the large which was made in reply to a Senate resoon lution, declared that
1
packing companies have a practical monopoly
declared the regular quarterly
The directors have
the Common stock for the entire year, of all the meat refrigerator cars operated on the railroads.
the Preferred stock and 1 Si% on 1, Oct. land Dec. 31.
The Commission also recommends that steps be taken, either by the
nayable Mar. 31, July
same to be
1923.
1924.
courts or by Congress, finally to separate the Big Five packers from their
Calendar ears• 814.500,000 813,500,000 ownership of stock yards through sale either to already existing agencies,
Sales of goods (approximately)
590.180 such as the principal connecting railroads, or to separate companies, entirely
305,925
and additions
Spent for new property
621,773 independent in law and fact,
575.055
Charged off for depreciation of plant
727,594
727,750
It is further held by the Commission that although five years have elapsed
Dividends paid
since the Big Five packers were ordered, under the Packer Consent Decree
Balance Sheet Dec. 31.
in 1920. to dispose of their stock yard holdings, they have in fact disposed
1923.
1924.
1923.
1924.
of only 22.7%, of the par value of these holdings. Armour & Co. and Swift
Liabilities
still holding large interests in
Assets
Common stock_ _ _ 8,800,000 8,800,000 & Co., it is held, are the principal packers
cars
Plants, water pow4,000,000 4,000,000 stock yard companies. Stock yards and refrigerator such are in fact adstock_
Preferred
their operation
juncts of transportation, the Commission says, and as
ers, warehouses
13,320,954 13,590,084 All debts and tax 5.621,859 5,727,760 should be subjected to regulation of the 1.-S. C. Commission.
and lands
reserves
1,783,580 1,673.866
Although the report shows that the independent packers during the last
Cash
6,111,380 5,942,662
219,614 Surplus funds_ _ _ _
six years have increased their proportion of the total inspected slaughter over
Salable securities_ 218,974 1,908,641
the old Big Five group, it is pointed out that the merger of Armour & Co.
Acc'ts & notes rec_ 2,131.820
and Morris & Co. has resulted in strengthening the dominant position of
Mdse. & material_ 6,740,793 6.788,316
Armour and Swift, who now constitute a Big Two among the packers.
Supplies. prepaid
o
These two companies in 1924 slaughtered 47.77 of the total inspected
ins., Int, and
289,901
-V. 120. p•
taxes
slaughter and 7.8.7% of the total of the old Big Flve group.
Supplies & undisside) 24,533,239 24,470,422 961, 586.
Total(each
tributed charges 337,117
Atlantic Gulf & West Indies SS. Lines (&Subs.).-V. 116. p. 938. 825.
- Earnings.
-Ann. Report.
American Multigraph Co. (8c Subs.).
December 12 mos.end.
for Years Ended Dec. 31.
Consolidated Income and Profit & Loss Account
Dec. 31 '24.
1924.
1923,
1924.
Period1923.
1924.
$2.616,213 $27,293.906
4perating revenues
1
9
3
i
431,799 3,329.973
42,640
tax_ 42,232
et revenue from operations (after deprec.)
4 412,494 4,878,253 Prov.for Income
8522,844 83,775,243
Sales
37,668 Gross income
disc. on notes_
2,412,993
228,419
Operating profit_ _ 432,315 671,167 Int.& charges
46,033 Interest, rents and taxes
66,786
58,480 Other
64,774
Depreciation
36,129
27.216
72,441 Divs. on Pref. stock_ 190,536 133,422
84,545
$294,424 51.362.250
Taxes
Net income (after depreciation)
stock_
Divs. on Com.
50,000 -V. 120, p. 586, 90.
pat'ts 40,000
Net oper.profit_ _ _ 282,996 540,246 Amort.otcostof
45,503
70,204
0 her income
-New Financing.
Artloom Corp.
def.13.571 sr.239,858
Balance
large issue of
Offering by Lehman Brothers is shortly to be made of a
Previous surplus.... 941,794 701,936
the assets
securities of this corporation, organized in Pennsylvania to acquire
of thefoldest rug and fabric manufacturing organizations
941,704 and business of one
of 83,000.000
353,200 585,749 Prot&loassur.Dec.31 928,223
Gross income
in the country. The new company will have a capitalization
-V. 119, p. 961.
FEB.28 1925.]
7% Cumulative Preferred stock and 200,000 hares of no par value Common
stock. It is planned to make application to list both issues of stock on the
New York and Philadelphia stock exchanges.
-To Pay Bonds.
Atlas Portland Cement Co.
The $3,100,000 8% 1st Mtge. Sinking Fund Gold bonds due Mar. 1 will
he paid upon presentation to the First National Bank, New York, which is
acting as company's agency for the payment of the bonds, and the coupons
appertaining thereto. There will be no refunding of this issue. Compare
V. 119. p. 2535.
Autocar
1093
THE CHRONICLE
-Balance Sheet Dec. 31.Co., Ardmore, Pa.
total of approximately $613.300 which has been paid to retired employees
In the past two years -V. 120, p. 708, 446.
Bigelow-Hartford Carpet Co.-Bal. Sheet Dec. 31.1924.
1923.
1923.
1924.
Assets
Land, buildings,
&c.(less res've)_10,578,120
Cash
1,507.795
U.S.Govt.sec's_ _ L 483,999
Accts. & notes rec.
(less reserves) _ _ 2,684,827
Inventories
6,966,909
Sundry invest m'to.
11,000
Deferred charges
120,345
Liabilities$
$
$
6% Pref. stock__ 2,724,300 3.407,300
9,335,916 Corn.stk.& stir. _x17,526,397 17,331,759
72,949
1,182,932 Draft payable__
3,017,762 Accounts payable_ 427.934 1,053,262
Res.for Fed'i taxes 524,659 1.264,574
4,514,158 Res've for conting_ 1,076.758 1,076,758
6,012.795
11,000
59.090 Total(each side)_ _22,352,996 24,133.653
1923.
1924.
1924.
1923.
LiabilUies$
Assets
Preferred stock
600.000
Real estate, ma596,800
chinery. &c_ _ 3,803,595 4,142,047 Employees'subscr.
3,015
9,532
Investments
125.884
92,600 Common stock__ _ 5,072.800 5,072,800
x Represented by 241,500 shares Common stock, no par value.
-V.120.
Unamortized disc.,
M tges. on real est_ 380,500
439,000 13• 962.
249,895 18t M.sk. fund 7s_ 2,179,000 2,310,000
expenses, &c_ _ _ 299,397
Bingham Mines Co.
-Dividend of 50c.
496
Cash in sink. fund_
942 Notes payable_ _ _ _ 2,243,400 2,415,500
Good-will,sub.cos. 590,250
The directors have declared a dividend of 50 cents per share, payable
590,250 Trade&sund.cred. 809.845
697,284
228,849
Cash
285,604 Dep.accts.duecus.
33,044 March 31 to holders of record March 20. A similar payment was made
25,665
Notes & accts. rec.
Jan. 2 last, the first since Sept. 30 1919. It is stated that there are now
Accrued liabilities,
(net of reserves) 1.628,295 1,690,669
incl. taxes, &c__ 447,691
529,325 58,750 shares outstanding, contrasted with 65.000 shares at the end of 1924.
Inventories
5,750,109 5,663,917 Federal, &c., taxes
the company having bought 1,250 shares of stock for treasury account.
Prepaid int., unex& oth.cont.res_
59,411
118,240 -V. 120, p. 457.
pired insur., &c.. 375.279
413,491 Surplus
980,827
907,889
Total
12,802,155 13,129,413 Total
12,802.155 13.129.413
Note.
-The company has a contingent liability as endorser or guarantor
notes sold and outstanding Dec. 31 1924. to the amount of $5.299,217.
of
These notes are secured by the trucks purchased by the customers. The
loss sustained by the company in these transactions up to date has been
-V. 119, p. 1067.
negligible.
Bankstocks Corp.
-Stock Offered.
-Shields & Co., New
York, are offering at 825 per share 25,000 shares Common
stock (no par value). It is expected that this offering will
shortly be followed by an issue of notes.
Transfer agent, Metropolitan National Bank & Trust Co., New York.
Registrar, Chase National Bank, New York.
CapitalizationAuthorized. Outstanding
Five-Year 5% Secured gold notes
$5,000.000 $1,000,000
Common stock (no par value)
*150,000shs. 25,000 shs.
* Of the unissued shares 87,500 will be reserved for future financing and
37,500 to apply against Common stock purchase warrants to be issued with
5
-Year 5% Secured gold notes, to be presently issued under and in accordance with the restrictive provisions of an agreement with Chase National
Bank, New York, as trustee.
Company.-Has been incorp. in Delaware to invest in the capital stocks of
the leading banks and trust companies in the United States and Canada.
Corporation's investments are restricted to a selected list of the more
prominent banks and trust companies (together with, in certain instances,
capital stock of affiliated securities companies managed by or in conjunction with such institutions). Included in the list are such institutions as
National City Bank, New York, Chase National Bank, New York, Equtable Trust Co.New York, Guaranty Trust Co., New York, Bank of
New York & Trust Co., New York, Chemical National Bank. New York,
and the Greenwich Bank, New York.
The company's by-laws contain restrictive provisions governing investments, which, among other things, provide for the careful diversification
of such investments.
Earnings -Earnings from investments based on the records of the various
stocks for the past ten years, not only from regular dividend receipts but
from profits upon sale accruing from enhancement in value of stocks owned
and extra disbursements which in the past have aggregated substantial
amounts and have been disbursed at frequent intervals, should ba stiff dent to yield an attractive return on this Common stock.
Depontary.-Metropolitan National Bank & Trust Co., New York,
has agreed to act as depositary and, as such, will be the custodian of the
securities of the company and will act un,.er the direction of the directors
of the company in the purchasa and sale or other disposition of the investments in accordance with the deposit agreement.
Barnhart Bros. & Spindler, Chicago.
-Notes Called.
All of the outstanding 8% Serial Gold notes dated Mar. 1 1921 have been
called for payment April 1 at 101 and int. at the Illinois Merchants' Trust
Co., Chicago, Ill. See also V. 120. P• 9 .
62
Bastrop (La.) Pulp 8c Paper Co.
-Bonds Offered.
Wm. L. Ross & Co., Inc., Chicago, and Whitaker & Co.,
St. Louis, are offering at 100 and int. $800,000 1st Mtge.
63/2% Sinking Fund Gold bonds.
Dated Feb. 1 1925: due Fib. 1 1940. Minimum annual sinking fund of
30%, of net earnings, beginning with earnings for the calendar year 1926,
to be applied to the purchase of bonds available below the call price, or
their redemption at the current call price, is estimated to retire the entire
issue prior to maturity. Illinois Merchants Trust Co. and Frank F.
Taylor, Chicago, trustees. Principal and int. (F. & A.). free of Federal
income tax not exceeding 2%, payable at Illinois Merchants Trust Co.
Red.on any int. date at 105 and int. up to and incl. Feb. 11930. thereafter
at 102M and int. up to and incl. Feb. 1 1935, and thereafter at a premium
of ,54% for each year or part thereof prior to maturity. Denom. $1,000,
$500 and $100 c*.
Capitalization Outstanding Upon Completion of Present Financing.
First Mortgage 61i% bonds (this issue)
$800,000
Capital stock, par $100
800.000
Capital stock (no par value)
2,000 shs.
companv.-Now owns and operates at Bastrop, La., a complete sulphate
pulp and paper mill with a daily capacity of upwards of 60 tons of sulphate
pulp and upwards of 50 tons of kraft paper.
Securitg.-This issue, which refunds the original 7 % bond issue, and
provides added working capital, will be the only funded debt and will be
secured by closed first mortgage on all the property,'including mills, timber
holdings and various rights, contracts and easements. The mill site,
sidings, buildings and equipment alone have been appraised at $1,750,000
after depreciation, to which should be added upwards of $50,000 for timber
lands and timber rights acquired, giving a total physical value of over
$1,800.000.
Earnings -Prior to the completion of the paper mill in the fall of 1923,
the company had produced only pulp. Net earnings after depreciation
available for bond interest in 1923 were $150,227 and in the year 1924 were
$223.665, as against maximum interest charges on this bond issue of $52,000
per annum. These earnings have been made at a time when many kraft
paper operations have been unprofitable due to forced foreign liquidation.
Earnings are now running substantially larger.
Ownership.
-Control is owned by L. H. Fox, Kansas City, Mo., principal
owner of the Kansas City Packing Box Co. and the Kansas City Fibre Box
Co. Associated with Mr. Fox are Richard J. Cullen, V.-Pres., A. L.
Berger, Kansas City, Kan., W. L. Rock, Kansas City. Mo., and J. F.
Cleary of Kansas City, Mo.-V. 115, p. 2050.
(Sidney) Blumenthal & Co., Inc.(The Shelton Looms)
-Consolidated Income Account for Calendar Years
[Including South River Spinning Co., Inc.]
1923.
1924.
loss$562.338 $1,449,915
279,410
281,247
26.702
39.444
82,074
Netincome
Depreciation reserve
Provision for doubtful accounts
Federal tax reserve
Net balance of income for the
-V. 119, p. 2413.
year
loss$883.029 $1.061,730
-Receiver's Certifs.
(Daniel) Boone Woolen Mills, Inc.
Federal Judge Wilkerson at Chicago has authorized Edward J. Brundage
receiver, to issue $75,000 receiver's certificates. These may be issued
from time to time in sums of $5,000 each, carrying 5% interest and to
mature six months after date. Certificates become a first lien on all the
property of the company.
-V.120, p. 962.
Borne-Scrymser Co.
-Extra Dividend of 152-Report.
An extra dividend of $2 per share has been declared on the stock in addition to the regular semi-annual dividend of $4 per share, both payable Apr.
15 to holders of record Mar. 21. Like amounts were paid Apr. 15 and Oct.
15last. An extra distribution of $3 per share was made on Oct. 15 1923,and
one of$1 on Apr. 161923.
Comparative Balan-e Sheet De-ember 31.
1923.
Assets1924.
1924.
Liabilities1923.
Plant,equip't,&c $365.713 $377,643 Capitalstock
$1,000.000 El,000.000
Merchandise
51,108
391,726
63,666
346,796 Accounts payable_
Notes & acc'ts rec. 226,451
1,391
1,391
219,740 Accrued expenses..
Cash
69,689
98,766
77.538
39.270 Reserves
Otherinvestments. 599,420
512,007
539,722
649,420 Surplus
.
Prepaid items_ _ _
240
1,326
Total
$1,682,317 $1,634,195
-V. 119. p. 1175.
Total
$1,682,317 $1,634,195
Boston-Montana Mining Corp.
-Personnel.
A. K. Merrill, Chief Accountant for the United States Steel Corp., has
been elected President of the Boston-Montana Mining Corp. William R.
Allen has been made Chairman of the Board. Other executive officers
elected include: T. V. L. Johnson. Vice-President; Donald M. Hill, Secretary, and Louis M. Hannum, Treasurer.
The directors are W. R. Allen, T. V. L. Johnson, Donald M. Hill, Louis
M."{annum, Robert M.Currier, W. W. Wulf and A. K. Merrill.
-V.120.
p. 586.
Brentano's, Inc.(Publishing House).
-Arranges Financinq.Taylor, Ewart & Co., Inc., plan to offer shortly an issue of $350,000
5
-year 6% sinking fund gold notes of this well-known publishing and bookselling house. The proceeds from the sale of notes are to be used in part to
reimburse the company for expenditures incurred in the purchase of the
Chicago store,to finance the equipment for and the moving of the New York
stock to its new location and for additional working capital.
British America Nickel Corp. Ltd.
-Sale.
-
Judicial auction sale of the mines, plants and equipment of the company
will be held at Toronto, Canada. March 20 1925. [For information apply
to National Trust Co., Ltd., receiver, 20 King St. East, Torontoi-V.
119. p. 2290.
Broadway Building (Argyle Co.), Lorain, Ohio.
Bonds Offered.
-The Finley-Smith-Gentsch Co., Cleveland,
are offering at 100 and int. $350,000 1st Mtge. (Fee) 7%
Gold bonds.
The bonds are dated Jan. 1 1925 and are due serially (J. & J.) July 1
1926 to July 1 1939. State Banking & Trust Co., trustee.
These bonds will be secured by a closed first mortgage on land and building
to be constructed thereon at the corner of Broadway and Erie Ave.. Lorain,
0. The building will be a 4-story, steel constructed, fireproof structure.
It will contain 11 stores, and 78 offices, and will be the only modern office
and store building in Lorain. The land and building have been appraised
at $669,000.
Broadway Properties Corp., Los Angeles.
-Bonds
Offered.
-Stephens & Co.; Drake, Riley & Thomas; California Co.; Stephens, Page & Sterling, and Mississippi
Valley Trust Co. are offering at 100 and int. 81,750,000
1st (Closed) Mtge. 63/2% Sinking Fund Gold bonds.
Dated Jan. 2 1925. Due Jan. 2 1944. Denom. $1.000 and $500 c*.
Int. payable J. & J. at Hellman Commercial Trust & Savings Bank, Los
Angeles, Calif., trustee, or Mississippi Valley Trust Co., St. Louis. Mo.,
without deduction for the normal Federal income tax up to 2%. Red. on
any int, date on 30 days' notice, in part for sinking fund at 102 and int.,
or as a whole at 103 and int.
-Incorporated in California in 1924 with an authorized capital
Company.
of 15,000 shares of 7% Cumul. Prof. stocj(par $50) and 35.000 shares of
Corn, stock (par $50). The present purpose of the corporation is the
acquisition of certain downtown "Broadway" property in the city of Los
Angeles and the erection thereon of a modern, fireproof, steel-frame, height
limit theatre, store and office-loft building.
The building to be immediately erected will be a height limit, Class A,
Beacon Mfg. Co.(New Bedford, Mass.).
-Stock Increase. steel-frame and concrete theatre, store and office-loft building, containing
The company has increased its authorized Preferred stock from $1,200.000 12 floors and basement. It will be of the highest type of construction, with
to $1,800,000, par $100. The company also has an authorized issue of front exterior of architectural terra cotta and marble finished lobbies.
The cubical content of the building will be approximately 2,355,688 cu. ft.
$1.200,000 Common stock (par $100), all of which is outstanding.
The stores will have a frontage of 60 ft. on Broadway and will be of a
V. 115, p. 2270.
height to permit a mezzanine floor, with basement space of approximately
the size of stores.
Beech-Nut Packing Co.
-Earnings.
The upper 11 floors, containing an approximate net rental area of 54.540
Calendar Years1924.
1923.
1922.
1921.
sq. ft. will be served by three high speed passenger elevators and by one
Net profits, loss estimated
freight elevator from the alley. The basement, with the exception of such
'
$2,187,600 $2,013,695 $1.937,480
Federal taxes
$669.444 space as is used for heating, elevator, electrical,
The sales of the company and its affiliated companies for the year 1924 equipment, will be mainly devoted to storage roomair cooling and other
for the stores and to
showed an increase of 7.5% over the year 1923.-V. 119, p. 2182.
cloak and lounge rooms for the theatre.
The theatre has been especially designed by the architect
Bethlehem Steel Corp.
-Payments Under Pension Plan.- the Orpheum and will be the finest in the Orpheum Circuit.for the use of
It will have
, A report covering the pension plan operations for 1924shows that 8358,803 a total seating capacity of 2,300.
in pensions was paid to former employees by the corporation last year.
Theatre Lease.
-The Orpheum Theatre & Realty Co., the principal
The corporation had 895 active pensioners at the end of 1924, of whom bolding corporation of the Orpheum Circuit, Inc., has entered realty
240 were newly added to the list during the year. The pensions averaged contract with Broadway Properties Corp. to lease the theatre with into a
its apnearly $36 a month. Bethlehem's pension plan was inaugurated at the purtenant lobbies for a period of 25 years, at an annual net
rental of $112,beginning of 1923, in which year the pension cost was $254,675. making a 000. In accordance With the terms of this agreement
the Orpheum will
1094
UTE CHRONICLE
[VOL. 120.
Consolidated Income Account.
[Including Childs Dining Hall Co. and Childs Co. of Providence.)
-Calendar Years- -Year Ended Nov. 30-1920-21.
1921-22.
1923.
1924.
-Dividends.
an Tobacco Co., Ltd.
12,396.598 $2,244,381 $2,067,648 $2,139.523
British-Americ
Gross profits
$525.993
the Ordinary
$533.200
$681,712
1587.629
The directors have declared a second interim dividend on per share free Depreciation
307,091
311,149
350,000
350,000
Dividends, Pref. (7%).shares for the year from Oct. 1 1924 to Sept. 30 1925, of 10d.
319,992
319,992
of share warrants to bearer
350,441
557,678
do
Common
of income tax, payable on March 31. Holders
408
interim dividend on or
for Ordinary shares will be entitled to be paid the York, 32 Lombard St., Dividends sub. cos
Trust Co. of New
$986,039
after March 31 at the Guaranty
1862.228 • $903,307
$901,291
Balance, surplus
London, E. C. 3. An interim dividend of 10d. was paid on the Ordinary Total surplus
$5.782,250 $5,028,910 $3,927,480 $3.420,959
shares on Jan. 19 last.
of 5% per annum -V. 119, p. 3014.
The directors have also declared a dividend at the rate to March 311925.
-Bonds Called.
on the Preference shares for the half year from Oct. 1 1924 1925. Holders of
Clayton & Lambert Mfg. Co., Detroit.
income tax) is payable on March 31
This dividend (less
AU of the outstanding 1st Mtge. 6% Serial Gold Coupon bonds dated
entitled to be paid
share warrants to bearer for Preference shares will be Bank, Ltd., Savoy May 1 1920 have been called for payment May 1 at 101 and int. at the
this dividend at the office of the National Provincial
-V.120. p. 963.
American Loan & Trust Co., Detroit, Mich.
Court. Strand, London. W.C. 2.-V. 120, p. 324, 90.
which
pay all taxes on fixtures, alterations and improvements,in taxesit may
on the
place on the property, in addition to 40% of any increase
land.
-Balance Sheet Dec. 31.Buckeye Pipe Line Co.
1924.
1923.
1924.
$
Assets10,000,000
Pipe line plant_ _ _ _18,949,066 18,380,664 Capitalstock
388,388 Acc'tspayable,&c_x1,801,252
Materials & supp- 271,377
Res. accr. deprec_ 7,864,653
Cash, other inv. &
acc'tsreceivle._ 4,249,328 4,536,040 Profit and loss____ 3.803,866
23,469,771
Total
23,469,771 23,305,092
Total
-Dividend of $1 50.
Clinchfield Coal Corp.
1923.
10,000,000
1,954,522
7,534,705
3,815,866
23,305.092
x Accounts payable, including tax reserves, fire insurance, annuities, and
death benefits.
The comparative income account for the calendar year 1924 and preceding
years was published in V. 120, p. 962.
-Fails.
Canadian Northern Montreal Land Co.
The directors have declared a dividend of $1 50 per share on the Common
stock, payable March 16 to holders of record March 10. A similar dividend
was paid on Nov. 15 1924, the first distribution on the Common stock since
May 15 1923.-V. 120, p. 963.
Cluett, Peabody & Co., Inc.-Acguisition-Increase.-
The stockholders on Feb. 25 approved the acquisition of the Earl &
Wilson Co.
The stockholders also increased the number of Common shares from
180,000, par $100, to 250.000 shares of no par value. (See details in
V. 120, p. 833.)
E. H. Betts, formerly President of Earl & Wilson, has been elected a
-V. 120.
director and Vice-President of Cluett, Peabody & Co., Inc.
p. 824, 833.
Commercial Station Post Office, St. Paul, Minn.
A Montreal dispatch of Feb. 6 stated: Creditors' claims of nearly 115.- Bonds Offered.
-P. W. Chapman & Co., Inc., are offering
creditors of the com000.000 were laid on the table at the first meeting ofThe company was put
Gold
pany, held Feb.6. under the new Bankruptcy Law. James B. Taylor, and at 100 and int. $850,000 1st Mtge. 6% Sinking Fund
Into liquidation on petition of one of the creditors,
bonds.
Guarantee & Trust Co. was named Provincial trustee. Bros. &
the Title
Dated Jan. 15 1925, due July 15 1941. Prin. and int. (J. & J.) payable
A long list of creditors' claims contains the following: Lazare
at Chicago Title dr Trust Co., trustee. Denom. $1.000. $500 and $100. c*
Co., Ltd., $8,552,159; Canadian Bank of Commerce, 11,100,000; Mac- Red. in part for sinking fund purposes on any int. date upon 30 days'
$2,126.530; balance due some 50 land vendors notice, to but not incl. July 15 1930. at 103 and int.; on and after July 15
kenzie. Mann & Co., Ltd.,
for land sold by them, $1,074,155, and Canadian Land & Investment Co., 1930 to but not incl. July 15 1935 at 102 and int., and thereafter to but
Ltd., 1860,348.
not incl. July 15 1941 at 101 and int. Red. as a whole on any int. date
As no statement of assets and liabilities is produced in such procedures, upon 30 days' notice, at 102 and int. Int, payable without deduction for
it was impossible to ascertain the company's holdings.
that portion of Federal income tax not in excess of 2%. Refund of the
474 mills tax. Kentucky and
mills
-Donoghue, Krumsick & Co., Penna. and Conn. 45 millstax, Maryland 5 mills exemption tax, Virginia
-Bonds Sold.
Celotex Co.
tax. Michigan
District of Columbia
Inc., Chicago, and Hayden, Van Ater & Co., Detroit, 5% mills tax and Massachusetts income tax not to exceed 6)i% to resident
holders upon
have sold at 100 and int. $1,250,000 1st Mtge. Cony. 15-Yr. $1.200.000. proper application. Abel Davis, co-trustee. Authorized.
Location.
-Commercial Station Post Office, designed as a modern post
6% Sinking Fund Gold bonds, Series "A." Dated Dec. 1
office of the
1924; due Dec.1 1939. See description in V. 120, p.587,214. is located atcharacter used by the United States Post Office Department,
the southwest corner of Third and Sibley streets, St. Paul.
diagonally across the street from and connected through its own subway
-New Directors.
Central Leather Co.
have been with the new Union Station, which affords unusually convenient facilities
Boylston A.Tompkins.Lewis L.Strausefand Madison .7. Beach
mails. The building consists of 3 stories, basement
elected directors, succeeding Lewis H. Lapham, Arthur W. Wellington and for the handling of modern concrete, steel and brick fireproof construction
and sub-basement, of
-V. 120, p. 335.
Arthur T. Lynch.
This structure is the main Post Office in St. Paul and has been occupied by
the U. S. Government for post office purposes since Nov. 6 1921.
-Earnings.
Certain-teed Products Corp.
-Entire building is under lease to the U. S. Government for
Earnings.
1021.
1922.
1923.
1924.
Calendar Yearspurposes for a period extending beyond the maturity of these
xGross operating profit- $5,255,679 $4,996.154 $3,439.869 $3,620,091 post office net income to the property for the year ending Nov. 30 1924.
21,960 bonds. The
24,455
62,321
32,587
Inc. from other sources_
after the payment of operating expenses, maintenance and taxes, was
the maximum interest charges on
15,288,266 $5,058,475 13.464.324 $3,642,051 $99,332. or at the rate of about 2 times
Gross income
2,694.308 2,885,056 this issue of bonds.
3,889,309
Sell., &c.. exp. & int _ - _ _ 3,836,944
315,598
Inventory losses
-New Contracts Closed.
Continental Motors Corp.
43,000
98,000
82,000
174,000
Federal taxes
President R. W.Judson says in part: "Taking the business of ContinenCr.16,717
Dr.220
cr.10,163 Dr.270,008
Sundry surplus adjust
basis for my deduction, I am firmly convinced that auto211,750 tal Motors as a
249,900
321,650
330,925
1st Pref. dive. (75')
187.250 motive manufacturers will do a record business during 1925.
187,250
187,250
187,250
2d Pref. dive.(7%)
"During the last week we have closed contracts with three passenger
$16,114 car manufacturers and one bus manufacturer to furnish Red Seal Conti1234,646
1308.258
3769,310
Balance, surplus
current year. These
-V.120, p.587. nental Motors for their entire production during themotors, and represent
x After deducting repairs, maintenance and depreciation.
four contracts call for a total of more than 100,000
entirely new business for us. During January and February our produc-Annual Report.
Mill & Lumber Co.
Chicago
tion was slightly above normal, and these new contracts will considerably
1921.
1922.
1923.
1924.
Calendar Yearsincrease our present schedules. The new work will be assigned to our
Profits from operation_ - $2,038,552 x$1,439.316 x$710,179 4259,384 Muskegon plant."
-V. 120, p. 458, 324.
282,208
301,177
364,380
Depreciation
551,785
Inventory loss
-Receiver's Report.
Continental Clay Co., Canton, 0.
138.373
148,497
166,121
160,496
Taxes
Alleged irregularities in the operation and financing of the company in
290,799
289,937
368,216
897,325
Admin. expense
33. years before the appointment of a receiver were revealed Feb. 10 at a
100,000
Reserves
meeting of stockholders by Cletus V. Wolfe, receiver for the company since
See x
See x
See x
282,303
Int. on borrowed money
140,000 Jan. 19 1924. The receiver in his report charged:
140,000
140,000
140,000
Pref. dividends (7%)....
(a) That the public paid $3,247.305 for under 50,000 shares of stock.
(3%)127,314
(2%)92,398(35%)23,099
Common dividends_
(b) That commissions paid for sale of this stock amounted to $986,567.
company is
of
$340,704 def.$150,463 def.$988,887 although the laws notOhio permit only 15%. (c) That the 81 cents on
1101.650
Surplus for year
to exceed 140.090. making a return of
earning
it After deducting expenses incident to operations, charging off doubtful capable ofpaid in. (d) That officers of the company made profits in cash of
each $100
-V. 120, p. 214.
accounts and interest on borrowed money.
over $325,000, although none of them ever invested a dollar in stock.
Profits ore on deals and in dividends. (e) That dividends aggregating
-Annual Report.
Chicago Ry. Equipment Co.
1388.147 were paid during the private operation of the plant despite audits
1921.
1922.
1923.
1924.
Calendar Years$350,699 which showed a profit of but $5,000 in one year and losses of more than
$211,752
$663,334 11.097,321
Net profit
$350.000 on sale of products in the subsequent years, which losses did not
209.776
209.775
Pref. dividends (7%)_ _ _
expenses. (f) That
is refinanced
(13)179.808 (13)179,808 ($8)239,744 (38)239.744 include heavy organization under conservative the company drawn from
Common dividends
management
and completely reorganized
stockholders, and with an entirely new personnel of directors and
$110,955 among
$707,737 def$27,992
$273,751
Balance, surplus
$313.243 officers is planning to have the receivership lifted.
y786,851
Profit & loss, surplus__ _ 11.479,138 11,494,587
B. B. Putnam (First National Bank), Marietta, is President of the reorganized company; George Bentel (Chairman of stockholders' protective
y After payment of a 50% stock dividend amounting to 11,498,400. committee). Cincinnati. V.-Pres.: Robert A. Ward (Pure Oil Co.), ColumBalance Sheet Dec. 31.
bus, Sec., and C. R. Briggs, Marietta, Gen. Mgr. and Treas.-V. 119.
Liabilities1923.
1924.
1923.
p. 2183.
1924.
Assets77,, cum.Pref,stk.$2,996,800 82,996,800
Properties, bldiss..
-Annual Report.
Corn Products Refining Co.
equipment, &c_81,653,448 $1,662,434 Common stock___ 1,498,400 1,498,400
1921.
1924.
1922.
1923.
Calendar Years28.481 Acets pay.& misc. 169,683
239,896
28,481
Patterns, &c
Profits from operation_ _$14.510,015 13,978,966 113,828,118 19,451,410
766,757 Dividends unpaid
Goodwill de pat'ts. 766.757
584,220
532.227
241,445
661 Int. on dep.,loans, &c_ _
688.736
596
Dec.31
2,089.397 2,058,871
Inventories
627.450
_
864,929
303,020 Int. dr diva, on
303,021
1.269,610
914.305
5,776 Reserves
1,176
Investments
1.093
secursprofits. 1,479,138 1,494,588 Rents,real est, not in op.
Undivided
Acc'ts & bills reek)
78,201
230,644
122.401
134,078
Profit on secur. sold_ ___
1,905,118 2,009,586
and cash
3,461
3,261
Deferred charges...
Total income
116.155,149 115,704,408 115.453,918 $10,742,374
$120.694
1113,920
$127,301
86,447,638 $6,533,367 Int. on bonded debt_
$136.190
Total
$6,447,638 $8.533,367
Total
332,409
} 1,908,064
General, &c.. taxes_
1.990,292 j 355,837
-V. 118, p. 1016.
825,000
11,400,000
Federal taxes
192.268
191,450
203,118
199.101
-Declares 4% Stock Insurance
Co., N. Y.
Childs (Restaurant)
1,737,890
1,737,890
diva. (7%)_
1,750,000
1,737,890
-The directors Preferred dividends(8% %)5,030,000(9)4,480,560(9)4,480,560(6)2,987.040
-Annual Report.
Dividend on Common Shares
Common
Depreciation
on Feb. 25 declared a 4% stock dividend on the Common Special & extraord.losses 2,957,369 2.907.265 2,976,138 2,440,261
505,385
stock, no par value, payable in four installments of 1%
$4,198,123 $1,601,428
Dec. 30, to holders of
Surplus
$4,119,295 14.253.110
each on April 1, July 1, Oct. 1 and
surplus
17,574,363 29,321.254 45,123,132 43.521,704
record Feb. 28, May 29, Aug. 28 and Nov. 28, respectively. Previous
20,000,000
Plant readjustment_
cash dividends payable March 10 xPatents. good-will, &c.,
The directors also declared the following
of
a quarterly
16,000.000
charged off
to holders of record Feb. 28: On the l'ref. stock dividend of dividendthe
$3; on
150.000
Prem.from sale ofstock_
%; on the $100 par value Common stock a
Corn. stock div_ (25%)12.500,000
no par value Common stock a dividend of 60c. per share.
Secretary Charles L. Roberts says:
Profit & loss surplus.... 19.343.658 $17.574,364 129,321,254 $45,123,132
withhold payment
Patents, processes, trade-marks and good-will, &c., charged off, as
The proper officers of the company are authorized todeclared in respect
-V. 120, p. 215.
aforesdaid dividends in so far as said dividends are
authorized by the board of directors.
of
Common stock certificates and any
to any outstanding $100 par value
-Changes Name to Mid-Continent
Cosden & Co. (Del.).
outstanding old Prof. stock certificates until such $100 par Common
no par Common
stock certificates shall have been surrendered in exchange for
-Earnings.
Petroleum Corp.
stock certificates and old Prof. stock certificates shall have been surrendered
The stockholders on Feb. 21 changed the name of the company to Midexchange for new Pref. stock certificates.
-V. 120, p. 458.
in
Continent Petroleum Corp. See that company below.
the company says:
In reference to the stock distribution,to conserve cash, and,
(Wm.) Cramp & Sons Ship & Engine Building Co.
The officers and directors feel that it is wise
Reported
therefore, instead of increasing the cash payment to stockholders at this Right to Johnson Patent Upheld-Swiss Interests
payable quarterly during
time, a stock dividend of 4% has been declared,
Seeking Control.the year.
FEB. 281925.]
TH l
CHRONICLE
The U. S. Circuit Court of Appeals for the 6th Circuit, at Phila., has
affirmed the decision of Judge Westenhaver in the U. S. District Court
for the Northern District of Ohio, upholding the Johnson patent, No.
1.030,890, owned by the company, and holding that the patent is infringed
by the balanced valve manufactured by the Wellman Seaver Morgan Co.
of Cleveland. The type of valve involved was that installed by the I. P.
Morris department of the Cramp company at Niagara Falls and many
other hydraulic power plants throughout the country, for controlling the
flow of penstock water to the turbines. The defendant's valve was alleged
to differ from the valve of the Johnson patent in exhausting a large part
of the pressure to atmosphere instead of into the conduit, and in other particulars. The District Court held these differences to be immaterial.
It is reported that Brown-Bouveri Co.. electrical manufacturers of Switzerland, is negotiating for ownership of the company. The Cramp company
is a subsidiary of the American Ship & Commerce Corp., which is controlled by W. A. Harriman interests. (See also Wagner Electric Corp.
in V. 120, p. 970.)-V. 119, p. 202.
Cromwell Steel Co., Lorain, 0.
-To Dismantle.-
1095
Combined Condensed Balance Sheet.
(Eastern Mfg. Co., Lincoln Pulp Wood Co., Liberty Paper Co., Katandin
Pulp & Paper Co., South Brewer Pulp Wood Co.)
Dec.27'24. Dec.29'23.
Dec.27'24. Dec.29'23.
AssetsLiabilities$
$
$
Timberlands (less
Pref. stock
40.000
40,000
reserve)
2,256,675 2.256,471 1st Pref.stock...... 3,014,000 3.014,000
Plant account(less
2d Pref. stock_ __ _ 1,000.000 1,000,000
reserve)
5,136,466 5,456,369 Common stock_ _ _ 785.450
780,450
Cash
286,445 Mtge. notes & bds. 2.837,650 2,891.750
550,441
Accts. receivable
Accounts payable_ 155,137
147.992
(less reserve)... 685,230
623,799 Notes payable_ _ _ 937,704 1,096.842
.
NotesrecAlessres.)
92,422
22,406
88,074 Accrued expenses_
28,243
Inventory
1.345,717 1,496.837 Res. for coating__ 100,000
100,000
Pulpwood & adv 1,971,398 2,259,294 Reserve for plant
Treasury stock
.
apprec' (net). _ 1,609,103 1,788,313
9,958
9,958
MLscell.(less res.). 481,704
2,325,422 2.355,811
451,519 Surplus
Prepaid expenses_ 296,860
314.634
Buildings, machinery and equipment of the company are to be dismantled
Total
12,826,872 13,243,402
Total
12,826,872 13,243,402
and sold, the buildings to be converted for use as a cement plant. Charles
F. Bruggemeir, Asst. Treas. of Guardian Savings & Trust Co., Cleveland, -V. 118, p. 1525.
took over the plant in 1920 as chief creditor. Many attempts have been
Eastern Rolling Mill Co.
-Annual Report.
made to sell the properties as a unit. Arrangements have been made with
Results for Calendar Years1924.
1923.
the Lorain Brass & Bronze Co.and the Universal Bearings Co , Lorain. O.,
;
86,217.975 $8,171,257
to purchase some of the equipment. "Iron Trade Review."
-V. 115. P• Gross sales
Cost of goods sold, incl. admin. & gen. exp., &c
4,950,014
6,139.634
2051, 2586.
Profitfrom operations
Cuban Dominican Sugar Co.
$1,267,961 $2,031,623
-Listing.
61,103
36.004
The New York Stock Exchange has authorized the listing of $15,000,000 Income credits, incl. int. & cash discount earned
-Year Sinking Fund 734% Gold bonds due Nov. 1 1944.
let Lien 20
Gross income for year
L
$1,329,070 52.067,626
The proceeds of the issue of $15,000,000 1st Lien 20
-Year Sinking Fund Income charges,
incl. cash discount on sales, int.,
73 % Gold bonds due Nov. 1 1944 have been used for the following purexp., rental of leased land, prov. for doubtful
poses: (a) $1,902,355 to retire at a premium of 10% $1.729.413 of 8%
accounts and inventory adjustments
178,219
136.217
Purchase Money Mtge. notes of the Compania Azucarera Dominicana,
178,331
172.400
0. por A., due 1932: (b) $525,000 to retire at a premium of 5% $500.000 Provision for depreciation
125,779
mortgage on part of the properties of Compania Azucarera Dominicans,. Provision for Federal income taxes
201,347
C. por A.; (c) $2,700,000 as part payment for 600,000 shares of Common
Net income for year
$888,743 81,515,660
stock, without par value, of Sugar Estates of Oriente, Inc.. (d) the
11,981
balance of the proceeds: (1) in payment for $2.000,000 1st Mtge. Deduct-Profit and loss adjustments
24,299
207,639
8% Gold bonds and all of the capital stock of Compania Central Altagracia, Extraordinary charges to surplus
43.220
Preferred dividends(8%)
owning Central Altagracia (formerly Central Oriente) in Cuba, and in part
222,910
x600,000
119.147
payment of $8,500,000 1st Mtge.7;i% Gold bonds of Compania Azucarera Common dividends ($4 per share)
Dominicans, C. por A., which company in turn used the proceeds of its
Surplus for year
bonds to acquire Central Las Pities and Quisqueya in the Dominican Re$327,066
$848.141
x Includes 12% ($360,000) accumulated dividends paid during the year.
public; (2) to increase the working capital.
-V. 120, p. 588, 833.
V. 1.1.8,ip. 2955.
Delaware Lackawanna & Western Coal Co.
-Director.
Vice-President H. A. Smith has been elected a director, increasing the
board to nine members.
-V. 120. P. 91.
Dolese & Shepard Co., Chicago.
-Reduces Capital Stock
by Changing Par Value of Shares-Resumes Dividend.
The stockholders have voted to reduce the capital stock from
to $1,000,000 by changing the par value from $100 to $50. By $2,000.000
this action
a deficit of $840.559 is wiped out and a surplus of $159,441 created. Net
earnings for 1924, after charges, were $180.873. A dividend of $1 50
was declared, being the first payment since 1908.-V. 91, p. 156.
Donner Steel Co., Inc.
-Annual Report.
-
Calendar Years1924.
1923.
1921.
1922.
Profit from operations_ $1,639,172 $2,251,083 loss$227,670loss$1064.743
Depreciation provision__
416,812
255,682
406,000
415,589
Interest charges
679,584
902,893
729,436
662,708
Net profit
$542,776 $1.115,647df$1..305,967df$2.223,318
-V.119, p. 1961.
Empire Baking Co.
-Organized.
This company has been organized, it is reported, by interests formerly
connected with the Continental Baking Co. and Ward Baking Co. The
company,it is said. is a combination of the Consumers' Bread Co.of Kansas
City, with 9 plants; Gordon Pagel Co. of Detroit, with 4 plants, and the
New England Baking Co.. which embraces 9 plants. Some bakeries in
Canada will be taken in and 25 plants eventually will go into the deal.
Authorized Capital stock of the company, according to reports, will
consist of 500,000 shares of 8% participating Class A stock and 500,000
shares Class B common stock.
(The) Fair (Department Store), Chicago.
-New Interests Acquire Control.
-
The "Journal of Commerce" Feb. 23 says: "Plans have been completed
for the sale, at a cash consideration, of the total interest held in the Fair
by the heirs of E. J. Lehmann, according to an announcement by E. J.
and Otto W. Lehmann. The purchaser, it is announced, is a syndicate
headed by S. S. Kresge of New York, and including Hornblower & Weeks
and Merrill, Lynch & Co., investment bankers.
"The total assets figuring in the transaction were not announced. The
Douglas-Pectin Corp.
Subsids.).-Annual Report.
- Lehmann family, it is understood, held 250,000 shares of the Common
stock of the store, believed to be valued at close to $3,000.000.
[Includes Packing Co., Ltd., and Oil Emulsion Corp.]
"The new owners of the Fair Common stock, of whom S. S. Kresge
Calendar Years1923.
1924.
is the largest holder, it was learned, will increase the issue from the
Sales, less returns and allowances
$2,895.410 $2,463,459 authorized 250,000 shares, all of which are outstanding. to 400,000 present
Manufacturing cost
$1,528,398 $1,004,435 Only a part of the 150,000 shares of additional stock will be issued shares.
at this
Selling and administrative expenses
743.049 time, the balance remaining in the treasury. A public offering of a portion
799,787
of the Common stock will be made probably next month, but it is likely
Balance
$715,974 that a substantial part of it will be transferred to the Kresge Department
$567,225
Miscellaneous income
33.824
Stores, Inc., of which Mr. Kresge is President."
-V.118, p. 1398.
Total income
$715,974
$601.048
Famous Players
-Lasky Corp.
-Earnings
Depreciation
$92,021
$88.695
Interest
-Quarter Ended- -Calendar Years
34.463
63,615
Provision for U. S. and Can. Govt. income taxes
Dec. 31 '24. Sept. 30 '24.
1924.
1923.
78,584
61.642
Dividends paid
Net after all digs, and
(El)300,000(75c)225,000
Fed. tax
$2,478,158 $1.571,040 85,402.500 84.245.784
Profit for year ending Dec. 31
3289,232 -V.119, p.2537.
383.771
-V. 119, p. 2069.
(&
First National Pictures, Inc.-Pref. Stock Offered.(E. I.) du Pont de Nemours & Co.
-To Retire $8,000,- Hayden Stone & Co., are offering at 100 and divs. $2,000 73% Gold Bonds.
-Certain 10-Year ni% Gold bonds, 500,000 Cumul. 8% Partic. 1st Pref. (a. & d.) stock.
'
dated May 1 1921 (aggregating $8,000,000) have been called
Divs. payable Q.
-J. Red., all or part,
Cumulative
for payment May 1 at 106 and interest at the Bankers Trust annual retirement out of surplus of 3% ofat 115 and div. of let Pref.
greatest amount
Co., trustee, 16 Wall St., N. Y. City. (For list of serial stock at any time outstanding. Equitable Trust Co.of New York, transfer
numbers and designation of bonds to be redeemed, see the agent. Corporation Trust Co., registrar.Financing
Capitalization upon Completion of this
(no Funded Debt).
New York "Times" of Feb. 27, pages 24 and 25.)-V. Cumul. 8% Partic. 1st Prof. stock, par $100, authorized,
$4.000.000; outstanding
120, p. 963.
82.500.000
Cumul. 7% 2d Pref. Class "A" stock, par $100 (excluding
455 shares in treasury)
Eagle-Picher Lead Co.
1,142,600
-Annual Report.
Cumul.7% 2d Pref Class "B"
Consolidated Income Account Year Ended Dec. 31 1924.
Gross income from operation
$5,949,501
Selling expenses
1,158.532
General and administrative expenses
366,517
Depreciation and depletion
935,200
Reserved for income tax
436,157
Net profit
83,053,096
Condensed Balance Sheet at Dec. 31 1924.
LiabijUiesPlants,leases & ore reserves_ _329,964,952 Preferred stock
$865,600
8
797.127 Common stock
Cash
Accounts & notes receivable_ 3.504,572 Notes and accounts payable_ 20,000.000
2,299,158
Inventories
8,348,899 Accrued expenses
37,936
319,677 Res've for deprec'n & depl'n_ 9,253.817
Stocks and bonds owned....
prepaid expenses
107,476 Reserve for income tax
436,156
37,489 Reeve for depr'n of Invent's_
Notes receivable (Corn,stock)
500,000
Goodwill. pat'te & trade-mks.
1 Reserve for miscellaneous_ _
112,614
Surplus
9,574,911
$43,080,192
Total
Total
$43,080,192
A. It. Bendelari has been elected Vice-President & Treasurer, succeeding
-V. 120, p...963.
T. S. Brown, Jr.
Ely & Walker Dry Goods Co., St. Louis.
-New Pres.-
Charles M. Lawson has been elected President to succeed the late David
-V. 120, p. 589.
R. Calhoun.
Eastern Manufacturing Co.(of Mass.).
-Earnings.
-
Calendar YearsSales
Cost of goods sold
Administrative and selling expenses
Other items
Interest
Depreciation
Dividends
1924.1923.
1922.
$9,691,122 $10,543,337 $9,312,198
8,444,481
8,752.670
7,749,204
512,914
481.374
468.242
33,433
Cr.7,167 deb.223,810
257,067
289.131
370,279
349,374
352,485
348,675
106,061
Balance, surplus
Previous surplus
Surplus adjustments
$93,853
$674,845
2,355.812
1,828,463
Dr.124,243 Dr.147,496
Profit and loss surplus
845,927
1,782.536
82,325.422 82,355.812 $1,828,463
443.400
stock, par $100
Common stock (v. t. c.), no par value
60.000 shs.
Data from Letter of Robert Lieber, President of the Company.
Company.-Incorporated in November 1919 in Delaware. Succeeded
the organization founded in 1917. Company was established by 26 owners
and operators of theatres in more than 26 key cities. Business consists
of the production and distribution of its own pictures and the distribution
of pictures made by independent producers. The distributing organization
consists of a countrywide system of exchanges in the United States and
in a constantly enlarging foreign field. Since organization, the business
has grown until in 1924 the volume was over $23,500,000.
Company distributes the greater portion of its pictures largely under
franchises which carry the right and obligation to exhibit such pictures
for a definite time. Such franchises are held by the owners of stock of
companies which collectively own all the Common stock of this company.
The theatres controlled by such franchise holders constitute the largest
and most important group of motion picture theatres in the United States.
Because of this exhibitor ownership and franchise system the company
is assured that its pictures will be exhibited at first
-run theatres in substantially all of the key cities in the United States. Company has found
it unnecessary to invest in any theatres, thus keeping its resources free
for production and distribution purposes.
Earnings -For the two fiscal years ending Dec. 27 1924 annual net
earnings of the comjoany after all charges, taken from quarterly statements
averaged $1.500,390, or 7M times the annual 8% dividend requirements
on this issue of 1st Prof. stock. For the fiscal year ending Dec. 27 1924
the net earnings were $1,868,457,or over 9 times such dividend requirements.
No dividends have ever been paid on the Common stock, all net earnings
applicable thereto having been retained in the business.
-Beginning April 1 1926 the 1st Pref.
Participation in Net Earnings.
stock will be entitled to receive in addition to its regular 8% dividend a
participation in the amount by which the net earnings of the company
for the previous fiscal year are in excess of $1.500,000 and not in excess
of 82.500,000, this participation consisting of 8% of such excess so long
as the outstanding amount of 1st Prof. stock remains at $2,500,000. If
the amount of outstanding stock varies, the proportion of excess earnings
to which it is entitled is adjusted, so that the number of dollars of additional
distribution per share will not be changed.
On the basis of net earnings for 1924 the 1st Pref, stock would have
been entitled to an extra distribution of $117. making total dividend
payments for the year of $9 17.
-On or before July I 1926 and annually
Retirement of 1st Pref. Stock.
thereafter the company agrees to retire out of surplus 3% of the greatest
amount of the 1st Prof. stock at any time outstanding, such stock to be
acquired at not over $115 and div. by purchase or by call.
1096
[VOL. 120.
THE CHRONICLE
Great Lakes Dredge & Dock Co.-Bal. Sheet Dec. 31.-Proceeds are to be used to ncrease working capital, to take
Purpose.
rtgl •.08
1923.
1924.
Liabilities1923.
care of the enlarging business of the company.
4ssets1924.
86,901,500 86,901,500
Capital stock
Listing.
-Application will be made to list these shares on the]NewlYork Plant,toots,equip188,720
Iosel
Accounts payable_ 158,604
Stock Exchange.
ment &a
83,641,973 $4,006,482
3.023
5.729
120,889 Subsidiary co
Investment secure. 120.734
57,892
-Earnings.34,820
IL Fisher Body Corp. (Incl. Sub. Cos.).
2,705,044 1.826.018 Accrued wages_ _ U. S. securities
-9 Mos. Ended- Cash In banks. dm.. 1,064,341
Fed'I,
-3 Months Ended823,599 Reserve for
297,344
420,818
Ac.,taxes
Jan. 31 '25 Jan. 31 '24 Jan. 31 '25 Jan. 31 '24 Notes rec. & accr.
Period2,128,392 1,484,861
15,041 Surplus
*Net earnings & income- $2.957,548 $6,775.205 $9,056,173 $18,857.721
10,735
Interest
971,220 Acc'ts receivable 1,537,496 1,523,810
813.938
306,526
288,826
Deduc -Int. charges_ _ Prov. for Fed'I income
180,238
Materials on hand 153,439
& profits taxes &
360,553
cutr. assets_ 382,565
2.203,729 Other
1.060.676
801.501
361,533
Total(each side) $9,649,683 88,913,342
Can'n income taxes.
56.712
53,334
Deferred assets._
-V. 120, p. 459.
$7.181,558 $15,682,769
$2,307,188 $5,667,176
Balance. surplus
*From all sources after deducting all expenses of the business, including
Hatfield-Reliance Coal Co. New President &c.expenditures for repairs and maintenance of properties and an adequate
J. T. Hatfield, Vice-President, has been elected President to succeed the
-V. 120. p. 336, 91.
allowance for accruing renewals and depreciation.
late Julius Fleischmann. Julius Fleischmann Jr. has been elected VicePresident, succeeding Mr. Hatfield. J. Forrest Butts of Madison. Ind..
-Earnings.Fisher Body Ohio Co.
-V. 118, p. 2445.
has been elected a director.
-3Months Ended--9Months Ended-Extra Dividend.
Jan. 31 '25. Jan. 31 '24. Jan. 31 '25. Jan. 31 '24.
PeriodHawaiian Commercial & Sugar Co.
$3,433,125
$637.569
Net earn.aft.exp.,&c__*loss$129,401 $1,151,495
50 cents per share has been declared in addition to
An extra dividend
897,291 the regular quarterly of
$375
$23,625
$375
Interest charges
dividend of 25 cents per share, both payable Mar. 25
416.987 to holders of record Mar.5. The company in 1924 paid four extra dividends
103,371
140,983
Prov. for Fed'1,&c.,taxes
-V. 119, p. 2415.
of 75 cents per share.
$533,823 $2.918,855
$986.887
def$129.776
Balance, surplus
-Sale.
Haynes Automobile Co., Kokomo, Ind.
x Net loss from operations after considering all ordinary expenses of the
business, including expenditures for repairs and maintenance of the properThe assets of the company were bid in Feb. 19 for the bond holders. The
- Fletcher Trust & Savings Co., Indianapolis, bought the mortgaged property
ties and an adequate allowance for accruing renewals and depreciation.
V. 119. p. 2415.
as trustee for the bondholders, while a committee bought service and production inventories. The bid on the mortgaged property was $750,000 and on
-January Sales.
Ford Motor Co., Detroit.
the unmortgaged $125,000.
January sales of the company totaled 103,022 cars and trucks, 4.156
A definite plan of reorganization is expected to be promulgated in the near
were
Fordson tractors, and 395 Lincoln cars. Domestic retail deliveries cars. future.
-V. 120, 590. 92.
Fordsons and 371 Lincoln
76,062 Ford cars. 13,790 trucks. 3,384
-Lorenzo E.
-Bonds Offered.
Henderson Plantation Co.
Foreign sales figures in the total do not include those of Canada or British
are served by the Ford Motor Co. of Canada, Ltd.
possessions which
Co. Inc.,
last year all plants of Anderson & Co. and Taussig, Day, Fairbanks &
It is announced that for the first time since early
'
-V.120. St. Louis, are offering at 100 and int. $300,000 1st Mtge.
the company are now running on a full six-day-a-week schedule.
p.964.91.
Serial 6M% bonds.
1946. Denom. $1,000.
Dated Jan. 1 1925; due serially Jan. 1 1927 to
-New Factory.
Freed-Eisemann Radio Corp.
and $100. Prin. and int. (J. & J.) payable at Merchants-Laclede
The corporation plans to erect a large radio factory near Long Island City, $500
National Bank, St. Louis, Mo. Red. at 102 and int. on any int, date upon
-V.120. p.964. 589.
N. Y.
60 days' notice. Union & Planters Bank & Trust Co., Memphis, and
Oliver J. Anderson, St. Louis, Mo.. trustees.
-New Director.Galena Signal Oil Co.
-Organized in Delaware. Is one of the largest planting comCompany.
. C. Tyston has been elected a director, succeeding H. S. Skinner.
panies in Louisiana. Owns and operates 9,306 acres of land in East Carroll
V. 118. p. 3203.
and Madison parishes, La., over 6,500 of which are cleared, tillable lands.
The President of the company is L. K. Salsbury of Memphis. Tenn.. one
General Asphalt Co., Phila.-Trinidad Concession.
the leading cotton plantation operators in the United States, and PresiThe company on Feb. 20 received cable information that negotiations of of a group of companies known as the "English Syndicate," which owns
British dent
have been concluded and a mining lease signed by which a new Asphalt one of the largest cotton plantations in the world.
corporation, Trinidad Lake Asphalt Ltd., a subsidiary of General
Valuation.-An inspection of the property has recently been made by
Co.,is granted the right to operate the Asphalt Lake in Trinidad for a period an expert in Southern land values, who has placed upon it the following
of 21 years, beginning Feb. 1 1930. the date of expiration of the present valuation: Cleared and tillable land. 8368,750: timber land. $72,660: immining lease differs in form from the present concesconcession. The new
provements. residences, &c., $159.000; total valuation. $600,410. A recent
sion but not in essentials. In operating under the new lease from 1930 the appraisal by Coast & Burchard placed the depreciated value of the property
charges for royalties and export duties to be borne by the industry will not at $674.377.
under the existing concession.
exceed such charges while operating
In connection with the above, the company also acquires oil rights be(Henry A.) Hitner's Sons Co., Phila.-Reorganized.-longing to the Crown on approximately 1.850 acres of land adjacent to the
The business of the company has passed from a creditors' committee which
Asphalt Lake, which rights run for the same length of time as the new lease has been conducting its affairs for the last 18 months to the stockholders.
-V. 120. p. 336.
to the Lake.
The following officers have been elected: Pres., J. G. Hitner; V. Pres.,
A. MacMullan;
-Blair & Co., Edward L. Lupton; Sec., H.F. R. Johnson. Treas. W.Perry E.Hitner, and
Gould Coupler Co. (Md.).-Stock Sold.
Asst. Sec. and Asst. Treas.,
Inc., Hambleton & Co. and New York Empire Co., Inc.,
The company is a large dealer in second-hand machinery and scrap metals.
i
have sold at $25 per share (together with W Common -V.116. p. 622.
share) 175,000 shares Participating Class A shares.
Class A shares are entitled to preferential cumulative dividends at the
rate of $2 per share per annum, accruing from the date of issue, payable
-M. 15, and are also entitled (on the basis of the shares to be presently
Q.
outstanding) to additional dividends equivalent to 25% of that proportion
of each dividend on the Common shares which the Class A shares bear to
the Common shares. Class A shares will participate on liquidation to the
extent of 830 per share before any distribution to the Common shares.
Class A shares are red., all or part, on any div. date at 830 per share and
divs., after 30 days' prior notice. Class A shares are to have exclusive
voting power In case of default in the payment thereon of 4 quarterly dividends, until all divs, due and unpaid shall be paid. Without the consent
of holders of at least 66 2-3% of the Class A shares then outstanding, no
other stock ranking prior to or on a parity with the Class A shares may be
created nor may the authorized number of Class A shares be increased.
Registrar, Chase National Bank, New York. Transfer agent, Central
Union Trust Co., New York.
Data from Letter of Chairman Charles J. Symington, N. Y., Feb. 19.
Company.-Incorp. in Maryland. Has acquired the plants, equipment.
patents, trade names, &c., of Gould Coupler Co. of New York as a going
concern. Business was started 43 years ago under the title of Gould &
Stimson. In 1890 Gould Coupler Co. was incorp. in W. Va. and was succeeded in 1903 by the New York corporation. Except for a small initial
Investment, the business has been built up entirely out of earnings.
Company manufactures standard equipment for freight and passenger
railway cars and locomotives. The capacity of the company's works at
Depew, N. Y., is about 65,000 tons annually, and the principal products
are: (a) Cast Steel Department: Couplers, side frames, bolsters, end sills for
(b)
freight cars and locomotives, miscellaneous car castings.slack Malleable
adjusters,
Department: Journal boxes, friction draft, gears, air brake
(c) Electrical Department: Generators
miscellaneous malleable castings.
for lighting passenger cars, locomotive headlights, &c.
, Co.,
Company owns the entire capital stock of Gould Storage Battery
engaged in the manufacture
Inc., which is a separately operated company lighting plants, submarines,
of batteries for automobiles, house
and sale
company has leased to Gould
and for radio "A" and "B" circuits. The for a guaranteed rental.
Storage Battery Co., Inc., certain property
Authorized. Outstanding,
Capitalization$4,000,000
-Year Sinking Fund Gold bonds_$4,000.000
First Lien 6% 15
175.000 shs. 175,000 shs.
Class A shares (no par value)
350.000 shs, x300,000 abs.
Common shares(no par value)
x The Symington Co. is acquiring a majority of the Common shares.diviwill provide that
The certificate of incorporation as to be amended
of surplus accrued
dends on the Contmon shares may only be paid out
after Jan. 1 1925.
for items
-Net earnings of the business acquired, adjusted
Earnings.
including interest on the
not applicable to the company, after all charges,
Sinking Fund Gold bonds to be presently
$4.000.000 1st Lien 6% 15-Year present rates, depreciation, repairs, mainoutstanding, Federal taxes at the
Battery Co., Inc., but after giving
tenance. &c.(exclusive of Gould Storage property leased to Gould Storage
effect to guaranteed rentals from certain follows:
have been certified as
Battery CO., Inc.).
Annual Aver- If Applied to
age per Year. Class A Shares
$3.78
$661,869
Year ended Dec.31 1924
4.07
713,243
inclusive)
8 years(1917 to 1924,
4.70
824.045
2 years(1923 and 1924)
business in prospect indicate
Orders now on the books of the company andanticipated that the requireis
satisfactory earnings for the year 1925. Itduring the current year should
ments of the railroads for new equipment
to Class A shares for 1925 exceeding simiLr
result in earnings applicable
earnings for 1924.
interruption since
The business has been conducted at a profit without
p. 1213.
1890, with the exception of the year 1914.-V. 105,
-Gen. Mgr.
Min., Smelt. & Pow. Co.
Granby Consol.
of Butte & Superior
Charles Brocking has resigned as general managerGranby Consolidated
Mining Co. and has become General Manager of the
succeeds Mr. Brocking as
Mining, Smelting Si Power Co. E. V. Daveler
6
-V.120. p.83 .
general manager of Butte & Superior Co.
-May Retire Pref.Co., Chicago.
Griffin Wheel
Foundries, is
This company, which is controlled by the American Steel Aug. 1 next.
reported to be planning the retirement of its Preferred stock on115, p. 1539.
-V.
diva. on 60 days' notice.
This stock is callable at 115 and
-Par Value of Shares Changed.
Howe Sound Co.
Stockholders and holders of voting trust certificates have been notified
stock
that by action of the stockholders on Oct. 22 1924 the shares of capital into
of the company of the par value of 81 per share have been changed
value on the basis of one share of no par value
shares without par or face
stock for 5 shares of the old $1 par value stock. The stockholders have
been requested to promptly forward their certificates to the Bankers
Trust Co., N. Y. City, for exchange.
certificates for
While the company has announced that it will not issue Bankers Trust
fractional shares, arrangements have been made with the stock.
-V.118,
Co.to buy or sell at the rate of $15 for a full share of the new
p. 3084.
-Annual Report.
Houston Oil Co. (of Texas).
1921.
1922.
1923.
1924.
Calendar Years$3,887,983 $3,480.144 82,401,584 $2,216,158
011 sales
28.360
Premiums on oil runs....
164.391
103,675
62,336
49,630
Royalties received
22,794
87,244
79,224
Misc.sales, oil trans...Ste.
450,251
112.071
194.146
445.619
in inventory of oil_
Incr,
84,462.466 83,852,230 $2,640.124 $2,830,800
Total income
Oper. exp., depreciation,
2.118,825
1,457,877
2.320,693
depletion, taxes. &c_ _ 2.933.397
Cr.54,878
Cr.57,374
Cr.70,374
Cr.28,618
Income credits
16.302
80,641
30.986
Income charges
536,856
536,856
536.856
Preferred dividends(6%)
Balance, surplus
Previous surplus (adJ.)- -
8981,936
3,358,447
8992,313
2.346.258
$766.853
y892.942
$686,463
x1.659,795
Profit and loss surplus $4.340.383 $3,338.571 $2.346,258 81,659.795
x Surplus Jan. I 1922. $3.109.795; less capital surplus arising through
appreciation of property written off, $1,450.000. y Balance of undivided
profits accounts for 2 years and 3 months ended Dec.31 1920.8906,200: less
adjustment of depreciation reserve for 1920. 813,258.-V. 120, p. 459.
-New Director. &c.
Humble Oil & Refining Co.
Wallace Pratt has been elected a director, succeeding R. S. Sterling.
The stockholders of the Humble Pipe Line Co. a subsidiary, have
from 312,000,000 to
Increased the company's authorized capital stock *
324.000,000. V. 120, p. 710.
Imperial Tnitecco Cn. (of Great Britain & Ireland).
1922-23.
Ann. Rept. Oa.31 Yrs, 1923-24.
£8,369,061 £7,474.6'7
Net after deprec.. &c_
200,000
250,000
Pensions
479.039
500,000
To general reserves
Amt,acct.freehold bidgs
Dividends on272,759
272,759
Pref."A"shares(5 %)
315,628
315,628
Prof. "B"shares (6%)
263,822
263,822
Pref"C"shares(10%)
5,990.340
6,739.132
Ordinary shares
(15%)
(15%)
Ord. divs.-Regular
(5%)
(735%)
Extra
x
Bonus to customers_ _ _ _
1921-22.
L-7,199,077
200,000
225,67
500,000
1920-21.
£6.927.641
100,000
500.000
500,000
272,759
315,628
263,822
5,056,348
(15%)
(7%%)
272.758
315,628
263,822
3,932,715
(15
(2Si
352,9
£8,341,341 £7.52l ,'387 £6,834,234 £6,237,834
Total
689.807
364,843
def4 ;,911
27,720
Surplus for year
-V. 120, p. 459.
Bonus to customers deducted before showing profit.
x
-Sale.
International Coat Co.
The property of the company will be sold at sheriff's sale March 18 at the
courthouse Red Lodge, Carbon County, Mont.
-Orders.
International General Electric Co.
Orders for two 35.0.10 kw. 11,000-volt. 50-cycle turbine generators
-volt, 50-cycle house turbines have been placed
and two 1,000 kw.. 3.303
with the company by the Hayakawa Electric Power Co. of Kawasaki,
Japan. The Hayakawa company will use the apparatus in parallel with
power
its hydro-electric station in the Hamamatsu district for furnishing
to Tokyo.
costs, was received
The order, involving $2,000,000 in construction in
Co.
by the Tokyo office of the International General Electric Toho through
Electric
Mitsui & Co. The Hayakawa company is a subsidiary of the
FEB.28 1925.]
THE CHRONICLE
Power Co., which holds a controlling interest in the Daido Electric
Power
Co.
The Toho company recently received from the Internatio
nal company
a 35.000 kw., 60
-cycle steam turbine generator for use in the City of
Nagoya, in the southern part of Japan.
-V. 118. p. 3205.
1097
Kaufmann Department Stores Securities Corp.
Notes Sold.
-Dillon, Read & Co., New York; First
National Bank, Pittsburgh; Peoples Savings & Trust Co.,
Pittsburgh, and Ladenburg, Thalmann & Co., New York,
have sold at 963/ and int., to yield about6%%,$3,200,000
10-Year 6% Secured Gold notes, with stock purchase warrants entitling the purchaser of each $1,000 note to receive
a warrant for the purchase of three shares of stock.
Dated
Indiana Pipe Line Co.-Balance Sheet Dec. 31.Assets1924.
1923.
1922.
1921.
Pipe line plant
$5,126,038 $5,097,2%5 $5,088,422 $5,381,373
Materials and supplies
66.647
110,592
125,737
131,547
Cash,othin v.& accts.rec 4,941,566
4.982,731
4,867.295
6,253,402
Total
$10,134,251 $10,190,577 $10,081.454 $11,766,321
Feb. 1 1925; due Feb. 1 1935. Principal and int. (F. & A.)
Liabilities
payable in N. Y. City and in Pittsburgh without
Capital stock
$5,000,000 $5,000,000 $5,000,000 $5,000,000 normal income tax up to 2%. Penna. 4-mill tax deduction for Federal
refundable. Denom.
Accts. pay., incl. res. for
$1.000c5 Red., all or part, by lot on any int. date after 30 days' notice
.
tax.,fire ins.,annult,&c
899,187
1,040.710
1,159,690
1,108,299 at 102 and int. Peoples Savings & Trust Co., Pittsburgh, trustee.
Res. acct. for accr. depr_ 2,363.832
2,278,068
Sinking Fund.
-A sinking fund is provided available semi-annually
2,165.910
2,275,023
Profit and loss
1.871.232
1,871.799
1,755.854
3,382,999 beginning Feb. 1 1926, to retire each year a minimum of $110,000 of these
notes by purchase at or below 102 and int., or if not so obtainable
by
Total
$10,134,252 $10,190.577 $10,081,454
call by lot at that price.
The usual comparative income account was given in V. 120,$11.766,321
p. 965.
Data from Letter of Edgar J. Kaufmann, President,
International Securities Trust of America.
Company.
-Incorporated Feb. 25
-Common a majority interest in the Common 1925 in Delaware. Corporation owns
stock of Kaufmann Department Stores,
Stock Placed on a $2 40 Annual Basis.
Inc., conducting the largest department store business in
the City of
Quarterly dividends of $1 75 a share on the Preferred shares,
Series "A," Pittsburgh, established as a co-partnership in 1871 and with present
and $1 50 per share on Preferred shares, Series
annual net sales in
60 cents per share on the Common shares have-B." and a dividend of block in the heart excess of $27,400,000. This store, covering an entire
of the retail district, ranks high among the leading
been declared. payable
March 1 1925 to holders of record Feb. 19. The dividend
departmentstores in the United States, both in volume ofsales and efficiency
Common stock is equivalent to 57 20 per annum on the old on the present of management.
outstanding before distribution ofthe 200% stock dividend Common stock
Security.
-These notes will be
in
Cash dividends of $1 50 ner share were naid in September December last. (par $100) of the Common stock secured by the pledge of 38.000 shares
of Kaufmann Department
and December
1924 on the old stock -V. 119. p. 2888.
out of a total of 75,000 shares of such stock authorized and Stores, Inc.,
outstanding.
The stock pledged constitutes a majority of the entire Common
stock
International Silver Co.
authorized and outstanding, and represents a present market
-Stockholders' Suit.
about 35.700,000, and a book value, as shown by balance sheet ofvalue of
A suit has been filed in the New York Supreme.Court
Dec. 31
against the officials 1924 of more than
and directors of the company, who it is alleged transferre
$6,400,000 (exclusive of good-will) or 200% of these
Common stock to certain officers for $50 a share when the d 2.500 shares of notes. The indenture will provide that all dividends received on the
stock was actually stock pledged (less taxes,
worth at least $635 a share. Issac W.Cokefair, V. Pres.,
other expenses not exceeding $10,000 per annum
is named in par- and interest on these
ticular as receiving 500 shares of the stock at the price
notes) shall be applied to the purcha.se or redemption
stated.
of the notes
The complaint was filed by Cook, Nathan & Lehman
that
as attorneys for of a majorityandthe the notes at all times will be secured by the pledge
Raymond B. McGrath (of Lazard Freres).Sidney C.
of
outstanding Common stock of Kaufmann Department
Borg
man (of Lehman Brothers), as a Stockholders' Protectiveand Arthur Leh- Stores, Inc.
Committee, appointed under an agreement of Jan. 11. 1924, and
Income.
-Kaufmann Department Stores business since organization in
Sidney C.and Myron R. 1871 has never
Borg, as members of Simon Borg & Co.
had an unprofitable year, and since incorporation in
stock transferred to Mr. Cokefair on JuneIt demands judgment that the has in every year made substantial profits available for Common 1913
6, 1923, be held
stock
to be stock which had been, or should have been, retired, by the court dividends. For the six-year period ended Dec. 31 1924 average annual
and could not net sales were in excess
be transferred, and that the transfer be set aside
of $26,400,000 and for the year ended Dec. 31
as unlawful.
The complaint also asks that Mr. Cokefair be directed
1924 such sales were in excess of $27,400,000.
to deliver the stock
for cancellation and that the International Silver
Consolidated Net Earnings of Kaufmann Department
Co.
Stores, Inc.. Available
him for the consideration of the transfer. If this make restitution to
for Common Stock Dividends.
cannot be done, the
plaintiffs ask that Mr. Cokefair be compelled to
pay "the amount which (After deducting all charges incl. interest. Fed, taxes and Prof.
in equity and good conscience he should have
stock divs.
Cal. Yrs. aNet Earns. bNet Earns.
complaint alleges that the plaintiffs own or paid for the stock." The
Cal. Yrs. aNet Earns. bNet Earns.
represent more than 5,000 1919
$1,902.880
of the 6,854 shares of Common stock of the company,
8964,125 1922
31.486.154
3752,984
issued and outstand- 1920
ing. They say they acquired their stock between
1,372,149
695.222 1923
2,145,795
1,087,202
1910 and 1912.
1921
654,488
331,607 1924
1,578,391
799,718
Pres. Geo. H. Wilcox, in connection with the
a Avail. for Common stock diva b Avail. for Common
foregoing
stock pledged.
suit, says:
Dividends.
-Dividends on the Common stock of Kaufmann Departme
nt
Stores, Inc., are now being declared at the rate of $8
The action appears to involve the same
per share annually.
tions as a similar action brought by Sidney transaction and the same ques- equivalent on the stock pledged to more than the interest and sinking
C.
company and certain other directors in the Borg and others against the fund requirements of these notes.
U.
Capitalization.
-The total capitalization of Kaufmann Departme
Southern District of New York in June 1924. S. District Court for the
nt
Stores Securities Corp. to be outstanding
The transaction involving the purchase of
the Colt Arms property at will be this issue of $3.200,000 notes and on completion of this financing
Meriden. Conn.,for 2,500 shares of the
100,000 shares of no par value
Common stock of the company then Common stock.
held in its treasury, was authorized and
approved by a quorum of directors
Purchase Warrants.
-Warrants will be issued entitling the holders to
who had no personal interest in the
transaction and were of the opinion purchase a specified number of shares of the Common
that the value of the Colt Arms property
exceeded materially the value of Department Stores Securities Corp. at $30 per share stock of Kaufmann
the 2,500 shares of stock and that the terms
at
of the purchase were not only ten years from the date of issue of the warrants, subject,any time within
fair but were highly advantageous to
however, to the
the company. The Colt Arms termination of such right on notice after five years
property has been improved and equipped
from such date, if all
by the company and is now in these notes shall have been retired and Kaufmann Departme
actual operation.
nt Stores
Securities Corp. shall have received in dividends on the
The claim of the plaintiffs that the Common stock
stock pledged,
held in the treasury paid from surplus or net profits of Kaufmann
of the company had been retired or should
have been retired and could not accrued after Jan. 1 1925 an amount equal to atDepartment Stores, Inc.,
be transferred or sold, has been rejected
least $3,200.000 in excess
in a
Federal Judge Henry W. Goddard in anotherdecision rendered recently by of all charges and expenses and applicable to dividends on the stock of
action brought by Sidney C. Kaufmann Department Stores Securities Corp.
Borg and others against the Silver company,
Average annual earnings of Kaufmann Department Stores,
company from selling or otherwise disposing in an effort to prevent the for
of any shares of such stock.
dividends on the stock pledged, for the six years endedInc.,available
This decision held in effect that the stock
Dec. 31 1924
and that the directors of the company in question had not been retired and earnings for the year ended that date each equalled more than 35 60
dispose of it as they deemed best in the had the right to sell or otherwise per share on the stock of Kaufmann Department Stores Securities Corp.,
interests of the company.
-V. 120. after deducting interest requirements on these notes and after
p. 965.
givWgeffect to present Federal tax laws.
Interstate Iron & Steel Co.
Consolid. Balance Sheet of Kaufmann Department Stores,
-Annual Report.
Inc., Dec. 31 1924
Calendar Years1924.
Assets.
1923.
1922. .
1921.
Liabilities.
Gross earnings
Total fixed
$1.296,210 $1,251,940 $1,083,304
a$5,618,453 Common stock
$479,127 Leaseholds assets
Deprec., taxes, int., &c_
$7,500,000
865.043
1,705,542 Preferred stock
900,880
851,730
823,851 Good-will, tr.
Preferred dividends__
1,500,000
36,053
names,&c_ 5,500,000 Real estate mortgages_
144,214 Cash
657,500
541.553 Accounts payable, incl.
Balance, surplus
Accts. & notes rec. (less
$395,114
$351,060
res. for Federal taxes_ - 1,971,759
$231.574 def$488,938
-V.119, p. 2071.
reserve)
3,970.806 Surplus
10,702,189
Inventories
4,771,288
Intertyne Corp.
-Annual Report.
Prepd.rent.ins.,taxes,&c
70,906
Calendar Years1924.
Outside investments__ -1923.
152,899
1922.
Total (each side)
1921.
Profits
$22,331,448
31.217,653 81.317,383 $1.318,497
$600,745
Depreciation
Kraft Cheese Co., Chicago.
$209,192
-Sub. Co. Stock Increase.
$213,291
$203,891
Taxes, including Federal $204,503
Supplementary letters patent have been issued under
160,000
142.000
161,000
90.000 Secretary
the seal of the
1st Prof. dividends (8
86,470
85.152
83.134
83,107 stock of of State of Canada, dated Feb. 12 1925, increasing the capital
2d Prof. dividends
(6%)1,370
Kraft
34,750
60.000 to $2,000,000 MacLaren Cheese Co., Ltd. a subsidiary, from 81.000.000
Common dividends
271,511
, such increase to consist of 40,000 Common shares of
154,885
88.817
'
1st Pref. stk. red. approp
$25
30.000
-V. 119. p. 2888.
30,000
30,000
30.000 each.
Disct. 00 7% Deb. notes
61,875
Library Bureau, Boston.
-Par of Common Changed
Balance, surplus
$402,973
$694,783
3707.505
8133,747 Die. of 50e. per Share on New No Par Common Stock.
The company paid a stock dividend of
10% on
The stockholders on Feb. 19 changed the authorized Common
ov. 17 1924. A stock dividend of like amount the Common stock
stock
was paid in 1922.- from 20.000 shares, par COO (15.000
120, P. 216
shares outstanding),
.
shares of no par value. Six new no par Common shares will to 120,000
be
each Common share, par $100, now owned. The company issued for
Jewel Tea Co., Inc.
-Annual Report.
also has
authorized and outstanding 81.500,000 8% Preferred stock.
Calendar Years1924.
1923.
1922.
A quarterly dividend of 50c. per share has been declared
1921.
et sales
813.603,745 312.554.875 310.240,8
on the new
10 811.210,388 Common stock, payable April 1 to holders of record March
perating profit
773,8081
22. This
713,906
1101,700
383.143 rate is equivalent to $12 annually on the old Common stock, or an increase
ther income
210,589J
1121,374
167,950 of $2 over the amount paid last year, when $6 regular dividends
were
paid. and $4 extra. The company also declared
Total income
$984,397
the regular quarterly
$713,906
$223,074
$551.093 dividend of 2% on the Preferred stock, also payable April 1 to
nt., inv. adj., &c
holders.
49.189
257,899 of record March 22.-V. 120. p. 836, 93.
ederal tax reserve
129,321
89,705
21,736
Balance
Lima Locomotive Works, Inc.-Bal. Sheet Dec. 31.$855,076
$624,201
$152,149
8293,194
ad debts res. not requir
208,959
1924.
1923.
28,263
1924.
1923.
AssetsLiabilities
Surplus
$855,076
$833,160
$152.149
Capital Common
$321,457 Land, buildings,
ofit & loss, surplus_ _ _
654.555 def200,520 def1,033,681
machinery,&c_ _y5,111,229 5,443,041
stock
def1.185,831
:10,552,850 10,552,850
-Preferred stock dividends in arrears since
Note.
Drawings, pat'rns,
Oct.
Accts. Payable.. _ 688,896
885,199
mount at Jan. 11925, $1,337,700.-V. 120. p. 836. 1 1919; cumulative
dies, &cc
591.
1 miscellaneous ac1
Good-will
2,687.716 2,687,716
cruel liabilities_ 180,177
Jones & Laughlin Steel Corp.
115,111
-New Plant.
Cash
335,739 1,434,018 Reserve for Federal
The corporation proposes to build a by-product coke plant
U. S. Govt. secur_
at
taxes at contIng. 372,845
527,297
ippa works, Woodlawn, Pa. The contract, which calls for 122 its Ali- Other investment 4,530,488
s 204,629
181.350 Accident ins. res__ 139,539
Becker
138,412
combination coke and gas ovens, has been placed with the
76,552
150.623 Surplus
Koppers Bills receivable. _ _
4,671,692 4,015,877
o.. Pittsburgh. The new plant will be located at the northern end
Accts.receivable_ 1,505,625 2,257,310
mpany's property near the blast furnaces and will be capable of of the Inventories
1,954,715 3,887,894
producbetween 1,800 and 1,900 tons of furnace coke daily..
Accident Ins. fund 139,539
138,412
ngineering work preparatory to the building of the plant has been
Deterred charges..
54,379 Total (each side)_16.605,998
59,764
d it is expected that it will be completed and in operation by started
x 300,000 shares without par value authorized, 88,943 shares 16,234,745
March 1
unissued,
26.-V. 120, p. 711.
211,057 shares outstanding.
y After depreciation.
Kaufmann Department Stores, Inc.
-Div. Increased.
A comparative income account was published in V. 120, p.
966.
The directors have declared a quarterly dividend of 2% on the outLion Oil Refining Co.
nding $7.500,000 Common stock, par $100, payable May 1
-New Director.
H. M.Breidenthal of Kansas City, Mo.,formerly Secretary
record April 20. This compares with 4% per annum (1% to holders
Id on the Common stock from Feb. 2 1920 to Feb. 2 1925,quarterly) Eagle Oil & Refining Co., has been elected a director. See also of the White
incl.-V.
V.120.p.966.
0, p. 965.
Lit Brothers, Phila.-To Increase Funded Debt.
See Kaufmann Department Stores Securities Corp. below.
-V. 120. P.
The stockholders will vote April 27 on increasing the
S.
company's funded
Indebtedness from nothing to $8.000,000. The
proceeds of' the sale o
THE CHRONICLE
1098
bonds will be used to pay off bank loans, refund several small outstanding
-V. 120. P. 93.
mortgages and create a blanket mortgage.
-Report for Calendar Years.
Loft, Inc.
1921.
1922.
1923.
1924.
17.720.589 17,406,292 86,738,262 16,760,222
Net sales
labor,
Raw materials,
5,964.433
5.768.779
7,045.474 6,713.215
&c., expenses
360.634
377.957
379,062
Depreciation
8795.789
$608.849
$315,120
8296.052
Operating income.
56.761
55,184
90.079
123,617
Miscellaneous income_ _ _
$852.550
1664.033
8405,199
$419.669
Profit for year
122,200
82,208
50,477
52,303
Federal taxes
(11)645,000 (11)645.025
Dividends paid
Balance, surplus
Previous surplus
$367,366
1,697,965
8354.722 de463,174
1,406,416
1.343.242
$85,325
1,321,091
Profit and loss surplus 82,065,331 $1,697,965 $1,343,242 $1,406,416
-V. 120, p. 338.
Lorain (0.) Steel Foundry Co.-Distributton.company has filed his
S.
, A. Ault, receiver for the Pleas Court of Lorainfinal report on the reCounty. The report
[VOL. 120.
-New Treasurer.
Montgomery Ward & Co., Chicago.
Albert S. Scott. Comptroller, has been elected Secretary-Treasurer,
succeeding Charles J. Maddison.-V. 120, p• 966.
-Acquires Hardware Company.
Motor Products Corp.
Negotiations have been completed for the purchase by the corporation
of the Parsons Mfg. Co. of Detroit, manufacturers of automobile hardware, tools, dies &c. The Parsons company was organized in 1914 with
an initial authorized capital of $15,000, which has since been increased to
company
8300,000, of which over $200,000 is outstanding. The Parsons 966.
has a plant and equipment investment of 8350,000.-V. 120, p.
-Annual Report.
Motor Wheel Corp.(& Sub.).
1923.
Calendar YearsSale of wheels, stampings, &c
Interest earned and income from investments
1924.
$3,119.386 $2,499,813
53.645
39,033
Total income
Selling, adv., gen., administrative expenses, &c
Interest paid and accrued
Miscell. losses, incl. machinery sold & scrapped
Provision for Federal taxes
Dividends on Preferred stock
Dividends on Common stock
83.158,419 $2.553.458
$852,073
8734,212
169,543
197,835
58,559
165,279
181,000
261.000
160,302
147,968
355,712
440,371
8776.268
81.211,755
Balance,surplus
$4,099,565 82,887,810
Profit and loss surplus
Dec. 31.
Condensed Consolidated Balance Sheets
1923.
1924.
1923.
1924.
$
$
Assets$
Preferred stock._ 1,670,000 1.900,100
Land, bldgs., ma- chinery. &c_ _ _ _$6,577,948 $8,545,605 Common stock__ 4,394,580 4.420,570
-Bonds Offered.
Medical Center Bldg., Los Angeles.
711,522 10-yr. sk. Id. 6s... 1,568,500 1.700,000
866,412
Cash, &c
400,000
30,744 Plant purch.contr. 200,000
S. W. Straus & Co., Inc., are offering at prices to yield Divs. receivable_
1,587,500
1st Customers' notes
Notes payable_
from 6% to 6.15%, according to maturity, $615,000
620,978
724,309
& accla recelv _ _ 1,680,004 2,016,164 Acc'ts payable__ __
the
Mtge. 6% Serial Coupon bonds. Safeguarded under
2,945,323- 3,414,476 Acced taxes, royInventories
216.921
99,134
alties & int
Capital stock of
Straus plan.
181,000
839,525 Est. Fed. Inc. tax. 261,000
x797,615
13-story
other cos.. &c
land and new
39,347
35,918
Secured by direct closed first mortgage on thevaluation of $1,018.350. Prepaid taxes, Ins.,
for cont., &c.
Res.
50,000
150,000
and basement office and store building having total and interest payments
396,190 Bond sink. fund
bond disct., &c.. 185,704
A provision for monthly deposits to meet the principal
Profit and loss.. _ _ 3,949,565 2,837,810
when due is provided.
Total(each side)13.053.007 13,954,226
-Sale.
x Less reserve, deferred installment notes receivable, land contracts,
Memphis Coal Mining Co.
-V. 120, p. 966.
of the company, Manington, was sold at auction Feb. 2 at real estate and miscellaneous accounts.
The property
Ky.. by Deputy Sheriff Sam Putnam,
the courthouse door at Hoplcinsville.
-Listing.
Madisonville. was
Murray Body Corp.
under order of the court, for $36,501. Andrew Hogg, of
of (a)
in the
The New York Stock Exchange has authorized the listing Dec. 1
the purchaser. This property was sold following judgment rendered
-Year Gold Coupon bonds. due
Co., of New York, against the 34.000.000 1st Mtge. 6i.% 10
suit brought by the National Light & Power including interest and court
1934. and (b) 150,000 shares of Common stock (of no par value).
company. The amount sought to be made
The 84,000,000 of bonds, together with 32,500,000 8% Cumul. Prof.
costs was $212.000.
value)
stock (par $100). and 150.000 shares of Common stock (no paracquire
to
-Listing Earnings.
were issued for the purpose of providing working capital and R. Wilson
Mid-Continent Petroleum Corp.
has authorized the listing on or after the assets, business and good-will, as going concerns, of C.
The New York Stock Exchange
Cumul.
Sc Co. Compare V.
Feb. 26 of certificates for $6.718,000 (authorized $7.000.000) 7% stock Body Co.. Towson Body Co. and J. C. Wittman
Cony. Pref. stock (par $100); and for 1.451.226 shares of Common issu- 119. p. 2770, 2539.
on official notice of
without par value (authorized 3,000,000 shares),
-Earnings.
National Dairy Products Corporation.
ance in exchange for present outstanding certificates bearing the corporate
y1923.
x1924.
Calendar Yearstitle Cosden & Co.
& Co. recom- Net sales
820,180,892 $13,568,668
By resolution dated Jan. 22 1925 the directors of Cosden
15,708,459 10,668.325
Cosden & Co. to
mended the change from the present corporate title of approved by the Costs and depreciation
Mid-Continent Petroleum Corp. This resolution wasany way affect the
$4,472,433 $2,900,343
Gross profit
stockholders Feb. 21. The change of name does not in
125,416
193,924
corporate identity of the company or its rights, privileges, powers and Other income
obligations.
84,666.357 53,025,759
stock and
Total income
Permanent engraved interchangeable certificates for Preferred Petroleum
1,148,069
2.015,369
Administration expenses, interest, &c
Common stock bearing the corporate title "Mid-Continent
231,562
297,774
bearCorp." will be issued in exchange for present outstanding certificatesTrust Federal taxes
z5,784
z333,979
Other deductions
title Cosden & Co. by the United States Mtge. &
ing the ccrporate
269,288
352,721
Trust Co., Baltimore. the company's Dividends on stocks of subsidiaries
Co.. New York, and the Equitable
836,311
after Common dividends
transfer agents, on presentation of Cosden & Co. certificates on and
March 2 1925.
8830,203 $1,371,056
Surplus
Co. & Subs.).
Consol. Income Account 9 Mos.Ended Sept. 30 1924 (Cosden &
and Castles
z Includes W.E. Hoffman Co., J. T. Castles Ice Cream Co.,
Gross sales from refuting and production and income from326.717.461 Ice Cream Co. of Perth Amboy, prior to date of acquisition. y Includes
ended
transportation
1.069.879 the figures for the Rieck-McJunkin Dairy Co. for the nine monthson the
companies
Interest on bonds of and loans to subsidiary
218,870 Dec. 31 1923, and for the Hydros Corp. for the fiscal year ended 120. p.
-V.
Miscellaneousincome
1.009,132 same date. z Profits of subsidiaries before date of acquisition.
Profit from sale of securities
339.
$29,015,343
w
Total
-Balance Sheet Dec. 31.National Grocer Co.
Expenditures
1923.
1924.
1923.
$19,004,129
-1924.
Assets
Cost of refining, production and transportation
Preferred stock__ .$1,500,000 $1,500,000
1.134.117 Rea test ma.
c
.
f ures &c h:_y_,$1
General and administrative expense
Bllm pay b eck___ 2,030,900 2,030,900
389.433
.245,422 $1,180,033 Coismonasr
Interest and discount
2,225,000 1,968,000
1.069.879 Trade-marks,goodInt. on bonds owned by & loans from Cosden & Co.(Del.)
156,497
1.090.530
2,000,000 2,000.000 Acets payable_ __ 133,331
will. &c
Leasehold development, costs and carrying charges
45,000
45,000
4.892,443 Cash
585,349 Div. pay.Jan. 1'25
455.002
Deplet on and depreciation
5,100
360,063 Acc'ts & notes rec_ 1,271,266
985,555 Res. for fire insur_
paid
Dividends
2,030,549 1,773,597 Res. for warehouse
Merchandise
24,900
45.612
$1.074,748 Deferred Items_ _ _
depreciation.. _ _
53,152
Net earnings
18,992
effect
19,198
Auto. insur. res've
The consolidated balance sheet as of Sept. 30 1924 (after giving460. to
Res. for taxes and
in V. 120. p.
Issuance of 812.500,000 1st Mtge. bonds) was given
46.000
15,000
other conting_ __
818,397
-Annual Report.
Total(each side) $7.002,239 $6,577,686 Undivided profits_ 952,099
Midland Steel Products Co.
1923.
1924.
-V.118, p. 560.
YearsCalendar
$2,968,899 $1,791,527
Operating profit
-Earnings.National Leather Co.
54,978
Other income
Dec. 27 '24. Dec. 29 '23.
$26.520.818 828,441.140
$2,968,899 81.846,505 Net r ale
Fes
Total
25,569,431 30,690,841
287,827 Cost of sales. &c., deductions
245,429
Interest,&c
1,818,889
1 ,132,220
272,347
Interest on bonds and borrowed money
Employees' profit sharing
Cr.87,989 Cr.201,147
received
362.283 Interest
373,642
Depreciation
110,000
270,000
(estimated)
Federal taxes
592.843 53,867.442
096,994
Net la^gt for year
153,559
Preferred dividends (12 2-3%)
def3,713,883
250.000
Previous surplus
Common dividends
$3,806,726 53,713,883
and loss deficit
81.086.395
Profit
8640.487
Balance,surplus
-V. 120, p. 461.
-V. 119, p. 1964.
ceivership with the Common
the
states that settlements were made with all creditors for 30 1-3c. on it
the war
dollar. The foundry was erected about 16 years ago. During munitions.
Co. and manufactured
was known as the Aetna Steel Foundry
was shut
The Lorain Steel Foundry Co. purchased the plant in 1921. It
-"Iron Age.
down in 1922,according to Mr.Ault.
-Pear-Bonds Sold.
(The) Neil House, Columbus, 0.
Milwaukee-Rockewell Business Block, Chicago.
and L. R. Ballinger
Offered.-Greenebaum Sons Investment Co., Chicago, sons-Taft Co., Tillotson & Wolcott Co.
Bonds
63/2% Co. have sold at prices to yield from 6.20% to 6.60%, acare offering $1,250,000 Chicago 1st Mtge. Real Estate
cording to maturity, $2,750,000 1st Mtge. Leasehold Serial
Gold bonds.
bonds.
1925. due serially March 1 1927 to 1935. Denom. 63/2% gold
March 1
Dated
Principal and int
and int. payable at offices of Greenbaum
Dated Feb. 1 1925; maturing Feb. 1 1929 to 1940. int. payment dat
$500 and $1.000. Principal at 103 anoint.; 2% normal income tax paid
Rd. all or parton
wY
payable in Chicago or New
Sons Investment Co. Red.
teree
Feb. 1°3gan&thcr
notice at
1ndt.
aeat
30 d18
by borrowers.
-story structure containing upon
3
5500 andan i100;.
Denom
i.
Secured by land on which will be erected
apartments and an elaborately designed theatre with a payable without deduction for that portion of any Federal income tax no
19 stores, 50 small
Conn. 4 mills tax, Maryland and District o
bonds are guaranteed, principal and int.,
seating capacity of 3,000. The Lubliner, who own or control 19 theatres in excess of 2%. Penna. and Michigan 5 mills exemption tax, and Mass
Columbia 4!‘i mills taxes, the
by Joseph Trinz and Harry.M. and its suburbs.
not to exceed 65i% refunded. Union Trust Co.. Cincinnati
Chicago
tax
in prominent centres of
the theatre will be operated by Income
Under a lease for the term of the loan
Lubliner and Trinz; this lease, as trustee.
the Congress Theatre Co., headed by is assigned to Greenebaum Sons Data from Letter of Frederick Ebersbach, Chairman Neil House Co
building,
well as all other leases on the
-story modern fireproof Neil House will consis
Buildings.-The new 13
of bondholders. In addition,
Bank & Trust Co., trustee, for the benefit
Congress Building Corp.. of which of 657 guest rooms, 17 stores, spacious lobbies, lounging rooms, extensiv
the bonds are a direct obligation of the
dining appointments, distinctive ball rooms, library and banquet halls an
in service, and wil
Lubliner & Trinz are the controlling heads.
every other facility to provide its guests the ultimate
on Wall St
front 210 ft. on High St., 187 ft. on Capital St. and 210 ft. erection o
-Annual Report.
Montreal Cottons, Ltd.
building is designed and will be so constructed to permit the
The
1921.
1922.
1923.
1924.
ions without any chang
Calendar Years8381,103 additional floors to provide further accommodat the operation of the hotel
8412.995
$405.113
8275.631
Profits
121.446
99.614 to the building or foundation or interference with power and heating plan
130.438
176.403
Rents, interest, &c
The modern 4-story service building,containing the main structure by tunn
8480.717 laundry,store rooms. Sec., and connected with the directly west of the ho
8534,441
$535,551
8452,034
Total income
830,459 and bridge, will occupy a site 62% ft. on Wall St.
$30,143
830.003
830,003
Bond interest
22.131 site to a depth of 94 ft. The buildings are now about 35% completed an
50,888
52.707
5.974
Other charges
210.000
210,000 are expected to be ready for occupancy Sept. 15 1925. opinion of counse
210.000
210,000
Preferred diva. (7%)- _ _
Security -This issue of bonds will be secured, in the
180.000
180.000
180,000
180.000
Common diva.(6%) _ _
by a first mortgage on the leasehold estate, comprising 39.328 sq. ft., wit
a first mortgage on th
$38,127 the hotel building now being erected thereon by mortgage on the servi
863.410
I$62,841
826,057
Balance, surplus
furniture and furnishings therein, and by a first
-V. 118. p. 802.
FEB.28 19251
THE CHRONICLE
building and the site it occupies. Appraisals made by
competen
thorities estimate a valuation of not less than 35,761.675. represent t auing an
amount over 200% of the maximum principal amount of this issue
These valuations are exclusive of any value which may attach to of bonds.
the leasehold estates.
Income.
-The total annual income of the Nell House
average 80% occupancy, as conservatively estimated by based upon an
competent authorities selected by the bankers, available for the payment of
interest,
Will amount to $530,205, approximately three times the maximum
annual
interest requirements on this issue of bond.. The estimated rentals
the stores and concessions alone are largely in excess of the annual from
ground
rental charges.
Pacific Steamship Co. (The "Admiral Line").
-Stock
Offered.
-A syndicate consisting of Peirce, Fair & Co.,
Geo. H. Burr, Conrad & Broom, Inc., Carstens & Earles,
Inc., Anglo-California Securities Co., and Anglo London
Paris Co., is offering a new issue of $2,250,000 7% Cumul.
Particip. Pref. (a. & d.) stock at 92.50 and dividend to
yield 7.57%. A majority of the stock has been purchased by
Interests identified with the company.
Description of Stock.
-Preferred stock has preference as to assets and
dividends. Dividends payable Q.
-F. Callable at 110 and dividends. Non
voting unless the company shall fail to declare and pay four successiv
e
quarterly dividends, in which event the Preferred stockholders have
right to elect a majority of the directors, to be continued in office until the
such
default is cured. Under the provisions of the 1924 Federal income tax
law
dividends are exempt from present normal Federal income
exempt also from all Federal income taxes when received by tax; they are
an individual
whose net income, after all allowable deductions, does not exceed
$10,000.
Participation -If in any year the aggregate cash dividends distribute
on the securities of the company junior to this Preferred stock exceed d
in
amount the sum necessary.to pay the regular $7 per shar °dividend
on all
this Preferred stock outstanding Jan. 1 of that year, the
distribute pro rata to such Preferred shares an amount equalcompany must
to such
until the Preferred shares shall have received in that year dividends excess.
which.
with the $7 per share cumulative dividend, will aggregate $10 per share
for
such year.
Earnings.
-Net earnings for the period of five years and nine months
ended Sept. 30 1924, based on maximum interest and depreciation
charges
after recent financing, and income tax on basis of 1924 rate, have averaged
$427,813, or over 2yi times dividend requirements on this Preferred stock.
Compare also statement in V. 120, p. 593.
New York Canners, Inc.
-To Increase Stock-Rights
.
The stockholders will vote March 17 on increasing the
stock from 120,000 shares to 200.000 shares no par authorized Common
value. Subject to
ratification by the stockholders, the Common stockholders of
record
will be given the right to subscribe to 20,600 shares additional Mar.20
stock at $28 a share, in the ratio of one new share for every five Common
Rights expire April 6. Payment must be made in full in New now held.
York funds
at Irving Bank-Columbia Trust Co., 62 Broadway, N. Y.
City.
Proceeds will be used to increase working capital made
ly expanding business. No important plant extension necessary by rapids are being contemnplated at this time.
This will increase outstanding stock from 103,000
no par shares to
123,600. A 3% stock dividend was paid Feb. 2.
Income Account for Calendar Years.
1924.
1923.
Gross sales
$12,265,150 $11,835,206
Discounts and allowances
752.335
651,374
Manufacturing cost
7.965.874
8,193,040
Gross profit
$3,546.941 52,990.702
Other income
79,590
110.696
Total income
53,626,531 53,101,488
Deluct-Sening, administrative expenses
1,905,437
1,676.6e0
Interest
196,599
180,755
Depreeiation
458,153
289.635
Miscellaneous
17,234
Federal taxes
127.005
110.508
T. A. Snider Preserve Co. dividends
35.733
Balance,surplus
3894.104
5808,172
Previous surplus
2.585,692
2.740,195
Surplus through sale of Pref. stock
242.957
New York Pea Packers, Inc
86.187
Total
Dividends paid and reserved
Depreciation
Miscellaneous adjustments
1099
Pan-American Petroleum & Transport Co.
-Dividend
Rate Increased from $4 to $6 per Annum.
-The directors have
declared a quarterly dividend of $1 50 a share (3%) on
the Common and Class"B"Common stocks, payable Apri120
to holders of record March 31. This compares with dividends of $1 per share paid quarterly on both classes of
Common stock from April 1924 to January 1925 incl.V. 120, p. 339.
Peerless Motor Car Co.
-New President.
Edward VerLinde
n has been elected President, General Manager and a
director.
-V. 118, p. 2314.
53.565,983 $3,800,324
453,780
467,635
746.998
818
Penmans, Ltd., Mon treal.-Annual Report.
-
Calendar Years1924.
1923.
1922.
1921.
Sales
$5,314,107 $6,847,877 56,224.740 84.789.053
Profits
570.078
751.002
731.434
223.856
Deduct-Depreciation
$50,000
8100.000
3100,000
New York Transit Co.
Bond interest
-Balance Sheet Dec. 31.100.000
100.000
100.000
3100.000
Pref. dividends (6%)_
Assets64,500
1924.
64,500
1923.
64,500
64.500
Liabilities1924.
Common dividends_(10%)215,060 (10)215,060 (8)172,04
1923.
Pipe line plant ... _ _66,942.560 $6,966,548
8 (10)215.060
Capital stock
$5,000,000
Income taxes
Material Sr suppl's 103.333
25,000
50.000
141,377 x Ace tit payable_ _ _ 903,609 $5,000.000 Bad debts, &c., writ.
40,000
1,007.155
Cash, other inves.
off
43,706
68,051
59,703
8.806
& acc'ts receiv_. 2,381,017 2,317.692 Deprec'n reserve 2,217,087 2,098.666
Profit and loss__ _ _ 1,306.214 1,319,796
Balance, surplus
$71,812
$153,391
$195,184 loss$164,510
Total profit and loss
Total
$1,301,267 81.229.456 $1.076,065
19,426,910 $9,425,617
$880,882
Total
$9,426.910 59,425,617
x Accounts payable, including
Balance Sheet Dec. 31.
reserves for taxes, fire insurance and
annuities and death benefits.
Assets1924.
1923.
Liabilities1924.
The usual comparative income account
1923.
Plant, ne
13,731,601 $3,692,664 Preferred stock___$1,075,000 $1,075,000
was given in V. 120. 9. 967.
Good-will, Ac
1
1 Common stock... 2.150,600 2,150,600
NinthSt. Terminal Whse. Co., Cleve., 0.
Cash
419.938
Bonds
-Merger.
2,000,000 2.000,000
- Accts.receivable_ _ 753.027 404,093 Reserve
The stockholders on Feb. 18 approved
949,399
742,046
742,046
and business to a new company which the proposal to sell the property Bills receivable__
. 77,288
64,187 *Accounts payable 216,764
is also acquiring the Indiana Re- Unexpired insur...
119,665
frigerating Co. of Indianapolis and the leasehold
26,750
12.156 Bills payable
61
2,299
of the North Pier Termi- Inventories
nal Co. of Chicago.
2,302.027 2,017,842 Wages
28,822
25,204
Victory bonds_ __ _ 204,100
It is proposed to issue 52.500,000 of6
204,100 Unclaimed WAIL
173
173
the leasehold of the North Pier Terminal % 15-year Serial bonds to acquire
Surplus
1,301,267 1,229,454
Indiana Refrigerating Co. and refund Co., purchase the property of the
the $630,000 of 6% bonds of the
Total
Ninth Street Terminal Co.
$7,514,734 $7,344,444
Total
$7,514,734 $7,344,444
*Including reserve for income tax.
The new company will be an Ohio corporati
-V. 120, p. 968.
American Terminal Warehouse, Inc., and will on probably known as the
Hogan. President of the Ninth Street Terminal be managed by William J.
Phillips-Jones Corporation.
-Collar Patents Upheld.
Warehouse Co.
The capitalization of the proposed
In the suit by
will consist of 82.000.0007% Cumul. American Terminal Warehouse, Inc.. Corp., manufactu the Van Heinen Products, Inc.. and the Phillips-Jones
of Van Heusen collars, against Earl & Wilson,
Pref.
of no par Common stock. The stockhold stock, par $50. and 40,000 shares Cluett, Peabody rers and other
Inc.,
Co.
ers of the Ninth Street Terminal
makers of semi-soft collars, Judge Julian
Warehouse Co. will receive one share
Mack
the U. S. District Court at New 'York, Feb.
of new Common stock for each share of Preferred stock and one-half share decree in
24, signed a final
are 36,300 shares of Ninth Street of present Common stock. As there collars of injunction upholding the patents under which the Van Heusen
are manufactured and enjoining the defendant
stock outstanding, the exchange will
take up 31,815.000 of Preferred and
s from infringing
these patents. Other defendants include George
18,150 shares of no par Common stock.
P. Ide, Inc., Manhattan
-V.115, p.2166.
Shirt Co.. Hargwell & Co., Inc.,
Inc., Corliss, Coon & Co. Inc. Vanzandts. Inc., Alliance Shirt & Collars,
Nova Scotia Steel & Coal Co., Ltd.
The final decree provided' and C. W. Ferguson Collar Co.
-Tenders.
that writs of injunction be issued perpetually
The Eastern Trust Co., Halifax,
enjoining the
bids for the sale to it of 1st Mtge.N. S.. trustee, will until Mar. 2 receive and improvemdefendants from making any collar embodying the inventions
5% Gold bonds due July 1 1959 to an
ents covered by the Bolton and one of the Van
amount sufficient to exhaust 564,402.
Heusen patents.
-V. 120, p. 823.
-V. 116. p. 305.
Surplus Dec. 31
-V. 120, P. 538. 503.
53.111,385 52.585.692
Ohio Copper Co. of Utah.
-Annual Report.
-
Calendar YearsCopper produced (lbs.)
Operating cost per lb
Average price realized per lb
Operating profit
Miscellaneous income
1924.
11.115.329
5.815e.
12.878c.
$784,760
2.949
Total income
8787.709
Interest on bonds. &c
$64,287
Local and Federal taxes, ins., admin.
133,664
Reserve for depreciation of new plantexp., &c_ _ _ _
36.000
Reserve for depletion of mine
140,603
Year's proportion of bond discount15,022
Dividend of 5% paid Dec. 2 1924
144,657
Balance,surplus
$253,477
$77,366
Profit and loss surplus Dec. 31
$103,590
$12,199
During 1924 the company's funded debt
was reduced by almost 50%
to $519,400 through the conversion of $480,600 of
bonds for capital stock.
-V,119, p. 2656.
Olympia Theatres, Inc.
-Earnings.
The gross income of the Olympia Theatres for
1924 was 54.883,891.
This represents not only the theatrical
come from its real estate holdings. The operations but the company's innet income compares with that of
the previous year as follows:
1924.
1923.
Net operating income
$889.913
$735.590
Surplus after all charges except taxes
773,577
649,726
The operating income for 1924 was after a depreciation
The final balance for 1924 was equivalent to $3 43 per charge of$202.241.
share.
-V. 119. ro•
2890.
Orpheum Circuit Inc.(& Subsids.).-Annual Report.
Calendar Year1924.
1923.
1922.
1921.
Gross income
419,138.223 $16,759,001 $14,405,058 $14,089,6
30
Expenses
$14,683,049 $13,836,965 812,797,334
512.498.329
Amortiz. of leaseholds-207,426
220,066
232.8401
702,157
Depr. of bldgs. & equip_
922,433
907,645
740.447f
Canadian taxes (est.) _ - _
4,350
Federal taxes
421.652
225,630
80,000
104,000
Minority int* divs
2.893
b31,960
Preferred dividends- -- 542.308
543.008
541.107
Common dividends
822,358
823.755
Balance, surplus
$1,542,996 31.026,386
811,428 def.$582.611
Total surplus
$3,105,185 $1,536,683
$607,588
$571,023
x Includes $1,028,269 profit on sale of stock of other corporations and
$4.169 profit on sale of property.
-V. 120, p. 967, 218.
Piggly-Wiggly Corp.
-To Pay
Pres, C. D. Smith, in a letter to the Accumulated Dividends.1923.
stockholders dated Feb. 16. said
3,819.417 In part: "The company is now in condition to pay the deferred dividends
on its Prof. stock, and checks will be sent
6.82c. accumulat
course.
ion of these unpaid dividends on in duestock was The further
13.735c.
Prof.
placing the
$264,081 company in the attitude of borrowing this money from its Pref. stockholders
without interest and the financial condition
236 the resumptio
of the company now justifies
n of these dividends.
"If the pending litigation in the United States
$264,317 we
Court is decided favorably,
$85.918 willare prepared to refinance the company, and the method of refinancing
place the Common stock on a dividend basis."
51.497
Accumulations on the 8% Prof. stock now amount to
14% which will
49.536 be paid early in March to stockholders of record March 1 1925.-V. 120,
P. 068.
Pitney-Bowes Postage Meter Co.
-Notes Offered.
West & Co. are offering at prices to yield from 5M% to
63.1
according to maturity, $500,000 6% Serial Gold notes. %,
Dated Feb. 1 1925: due serially Feb.
able F. & A. in New York and Cleveland 1 1926-1930. Interest paywithout deduction of normal
Federal income tax not exceeding 2%. Pennsylva
nia 4 mills tax refunded.
Denom. $1,000 and $500c5 Red., all or
.
any int. date to and incl. Feb. 1 1926 at part upon 30 days notice on
1023 and int., with successive
reductions in redemption price of ;i% during each year thereafter
. Union
Trust Co.. Cleveland. trustee.
Data from Letter of Walter H. Bowes, Presiden
t of the Company.
Company.
-Is a combination of Universal Stamping
American Postage Meter Co. Universal Stamping Machine Co. and
Machine Co., incorporated in New Jersey in 1908, manufactured postmarking
and cancelling
machines for Government use and other
can Postage Meter Co. was organized types of office equipment. Ameriin
similar to the cancelling machine, with a1912 for developing a machine
the mailer to print a postage indicts on mall njetering device which would
in lieu of
1919 and 1920 the present machine was desimed and postase stamps. In
Universal Stamping Machine Co. at Stamford, Conn. built in the plant of
Authorizing legislation having been enacted by Congress. this new
machine and mailing
ystem was officially approved by letter from the Post
ro
Office Department,
dated Sept. 1 1920.
Company manufactures the only postage meter machine,
at this time
being manufactured and distributed under license
for the handling of "Metered Permit Mail." of the U. S. Government,
In connection with this
machine, whch is sold outright, there is a postage meter
which imprints
the Inclicia and is necessary to the operation of the
machine. This postage
meter is leased to the owner of the machine
the U. S.'Government at a rental payable for use under regulations of
quarterly. As cancellations
have been negligible, the company has enjoyed a
fixed income from these
leases which has steadily increased from
free from fluctuations due to adverse year to year and which is peculiarly
changes in industrial
The machines are being used by some of the largest
conditions.
and banking institutions in the country. includingand best-known business
Federal Reservelbanks.
d
THE CHRONICLE
1100
-The rentals from the leases of postage meters in the United
Income.
States from April 1 1922 have been as follows:
8138,389
521,28511924
1922 (9 months)
a200.000
82,81311925 (estimated)
1923
postage meters under lease
a This estimate is based on the number of
of
as of Dec. 31 1924, which was sufficient to produce an annual income
8158,000 and anticipated increase in leases. meters in the United States
Income in 1924 from the leases of postage
these
was in excess of 4.6 times annual interest requirements on s and notes.
to furnish
-Proceeds will be used to pay off indebtednes
Purpose.
the company with additional working capital.
Issued.
Authorized.
Capitalization$500,000
$500,000
6% Serial Gold notes (this issue)
177.146 shs.
200,000 shs.
Common stock (without par value)
-V. 113, p. 1896.
-Report Year Ended Dec. 31 1924.
Planet SS. Corp.
1.3
Charter revenue (represents fixed payments, equivalent tothe
per ton per year made by Planet Line. Inc., which operates
Corp. under contract expiring in March 1928)-5188,070
ships of Planet SS.
1,221
Miscellaneous income
$189,291
Total
Deduct: General expenses, &c., $10,729: Reserve for Lloyd's $22,729
survey expenses, $12,000
29,388
Accrued income bond interest
140,600
Depreciation on steamships
$2,827
Deficit for year
11,101
Deficit at Jan. 1 1924
813.927
Deficit at Dec. 31 1924
-V. 117, p. 1136.
Cornpanv.-Success
Pittsburgh Steel Foundry Co. below. or 104, p. 868.
-V.
See Pittsburgh Steel Foundry Corporation
-Bonds Sold.
Pittsburgh Steel Foundry Corporation.
-Moore, Leonard & Lynch; Union National Bank, and Hill,
Wright & Frew, Pittsburgh, have sold at 97 and interest, to
t%, $750,000 First (Closed) Mtge. 6%
yield about 6 W
Sinking Fund bonds.
[Vol,. 120.
burgh Terminal Coal Co. and the Meadow Lands Coal Co.. entered into
the
Nov. 24 1924, effective Dec. 11924, was issued to the stockholders of
Meadow Lands Coal Co.in exchange for all the capital stock of the Meadow
Lands Coal Co., which capital stock amounted to $1,200,000.
General Balance Sheet as of Dec. 1 1924.
[Pittsburgh Terminal Coal Corp.)
Liabilities.
Assets.
Lands, plant prop., &c_.$19,272,000 6% Cumul. Prof.stock- $4.000,000
12,000,000
a2,126.217 Common stock
Securities owned
c3.863,093
b480,069 Total funded debt
Total sinking fund
122.024 Vouchers, payrolls and
Due from subsid. cos__ 717.764
accounts payable
211.954
Cash
375
10,654 Matured int. on bonds_ _
Cash funds with empl
277,763
375 Accrued liabilities
Cash for paym't of coups
17,969
Due to subsidiary cos_ _
571,375
Accounts receivable
64,237
Reserves
Accr. int. on U. S. Govt.
2,359.634
15,427 Profit and loss surplus
securities
5.800
Accrued diva. receivable_
175,898
Inventories
823.300,837
309.0421 Total (each side)
Deferred debit items__ _ _
a U. S. Govt. bonds and notes ($1,035,050 at cost), $1,028,348: PittsProf.stock (par $580,000 at cost), $588,970:
burgh & West Virginia Ry. Co.
capital stocks of sub. cos. (at cost). $500.001; Miscellaneous investments
(see contra), $8.898. b Sinking fund for 1st Mtge. bonds of Pittsburgh
Terminal RR.& Coal Co.: Cash,$20,887; U.S. Govt.securities ($265,000
at cost), $256,743: Evansville & Ohio Valley Ry. bonds ($15,600 at cost),
$186,174.
$14,012; accrued interest, $2,250; accr. requirements (see contra). 58, 1942.
-Year
c Pittsburgh Terminal RR. & Coal Co. 1st Mtge. 40
$3.213,000: Meadow Lands Coal Co. 1st Mtge. Gold bonds, due June 1
1925. $30.000: purchase money mortgages, $611,666: underlying mortgages.
88.426.-V. 120, p. 839.
-Listing of Bonds.
Port Arthur Canal & Dock Co.
authorized the listing of $500,000
The New York Stock Exchange has ,
1st Mtge. 6% gold bonds. Series "B,' due Feb. 1 1953 (guaranteed by
Kansas City Southern Ry.). These bonds were recently placed privately
by Ladenbtug, Thalmann & Co.. New York. See V. 120, P• 839.
-Production-Contract.
Punta Alegre Sugar Co.
Production of the four estates of the company to Feb. 14 was 565,000
1924.
bags, an increase of about 100,000 over the corresponding period of mills,
This is more than one-third of the estimated production of these
which is placed at 1,500,000 bags.
A favorable agreement has been entered into between the company and
Dated April 11925; due April 11950. Principal and interest (A. & O.) the U. S. Industrial Alcohol Co., whereby the latter is purchasing Punta
normal
Union Trust Co., Pittsburgh. trustee,free of Federalin part, Alegre's entire outturn of molasses.
-V. 120. p. 218.
payable at the
c*. Callable, all,
Income tax not exceeding 2%. Denom. $1,000
Penn. 4-mill
or for sinking fund purposes, at 102Y5 and interest. Free of
-Sale of Securities Completes
Purity Bakeries Corp.
tax.
-A sinking fund, sufficient to retire the entire issue by Financing for Acquisition of Control of 24 Plants Located in
Sinking Fund.
maturity, will be provided in the mortgage.
-Spencer Trask & Co. have sold $500,000 7%
10 States.
-Moore, Leonard &
Preferred and Common Stocks Sold.
Lynch, New York, have sold $750,000 5% Cumul. Pref.
(a. & d.) stock at $70, to yield more than 7%, and 30,000
shares of Common stock (no par value) at $20 per share.
Prof. stock is free of present Penn. personal property tax. Redeemable,
all or part, at $100 and diva. on any div. date after 60 days' notice. Out
fund of
of surplus or net profits the company will set aside an annualor before
$50,000 payable in quarterly installments of $12,500 beginning on of, the
July 1 1925, for the payment of dividends on, and the retirement
Prof. stock at par or the purchase thereof if obtainable at less than par. No
dividend can be paid on the Common stock which will reduce the ratio of
current assets to current liabilities below 4 to 1, nor can more than $2 a share
be paid in any one year on the Common stock, unless an amount of money
equal to the dividend in excess of $2 a share be applied to the retirement or
purchase of Preferred stock, in addition to the regular sinking fund retirement provision.
Data from Letter of Stewart Johnson, Chairman of the Company.
Earnings.-Prior to 1919 the Pittsburgh Steel Foundry Co. operated on
the basis of a fiscal year ended April 30. For the period of 9 years and 8
months from May 1 1915 to Dec. 311924. the net profits from operations
to
after liberal depreciation and Federal taxes, amounted the 81,752,110, an
total dividend
average of $181,252 annually, or more than .24 times
This would be
charges and sinking fund requirements on the Prof. stock. Common stock
average of $2 37 per share on the
equivalent to an annual
for the period after deducting interest, dividends and sinking fund requirements on First Mtge. bonds and the Pref. stock to be issued by the Pittsburgh Steel Foundry Corporation.
Current earnings for Dec. 1924 and Jan. 1925 (January estimated) were
862,293 before depreciation and taxes. If earnings should continue at this
the
rate, they would be equivalent to more than $5 a share per annum on and
no par Common stock of this issue after deducting normal depreciation s on
interest, dividends and sinking fund requirement
taxes and allowing for
the First Mortgage bonds and Preferred stock.
Capitalization and serurtty.
$750,000
-year 6% First Mortgage bonds (closed)
25
5% Cumul. Pref. stock, diva. quer.. aerating from April 1 1925_ _ 750,000
30,000 shs.
No par value Common stock
-The balance sheet of the Pittsburgh Steel Foundry Co.
Balarre Sheet.
of Jan. 1 1925 shows total net assets of 82.712,390, equivalent to over $260
pa. share of Pref. stock under the above stated capitalization.
-$1,471,935
Plant & equip.(as appraised by Am.Appraisal Co.,sound value)
424.571
Land, flasks, patterns and drawings
32,300
Patents
783583
assets
Net current
$2.712.389
Total net assets
properties,
PurpoFe.-This corporation is being formed to acquire the
of the Pittsburgh Steel
business, cash and assets of every descriptionand setting up a financial
purpose of recapitalization
Foundry Co. for the
to acquire a substantial
structure to permit old and faithful employeesthey have been so largely
of which
interest in the business for the success
large amount of the Common stock will be
responsible. To this end, a
Bank,Pittsburgh, and thus made
placed in escrow with the Union National
cash.
available to employees to purchase for
-Listing, &c.
gh Terminal Coal Corp.
Pittsbur
authorized the listing of 54.000.000
The New York Stock Exchange has $12,000.000 Common stock (par
and
6% Cumul. Pref. stock (par $100)in exchange for outstanding negotiable
of issuance
$100), on official notice
and 88.000.000 of Common stock,
receipts for $4,000.000 of Pref. stock
certificates for $4,000,000 of
respectively, and for outstanding temporary
total amount applied for $4,000,000 of Prof.
Common stock, making the
stock.
stock and 512,000,000 of Commonof Pittsburgh Terminal Coal Co. and
Corporation is a consolidation
8 1924 the Pittsburgh & West Virginia
Meadow Lands Coal Co. On Sept.outstanding capital stock of Pittsburgh
Ry., being then the owner of all the
shares of Prof. (par $100 each) and 8.000
Terminal Coal Co., to wit, 4,000
meeting of its directors, adopted a
shares of Common (par $100 each) at a
Terminal Coal Co. under
resolution for the segregation of Pittsburgh
sell its entire holdings of both Prof.
which the railway company agreed to Terminal Coal. Co. to the railway
stock of the Pittsburgh
and Common
1924, each stockholder being
company's stockholders of record on Sept. 30
later than, Dec. 15 1924, to
given the right, exercisible upon, and not
26-100 of one share of
one share of the Prof. stock and for the sum of $13.
purchase 13-100 of
Coal Co.
the Common stock of Pittsburgh Terminal
Warrants for the purchase
payable in New York funds on Dec. 15 1924. duly issued to the holders
were
of Pittsburgh Terminal Coal Co.'s stocks
Virginia Ry. The warrants
of the Common shares of Pittsburgh & West a merger or consolidation
1924,
in case prior to Dec. 15 Terminal Coal Co. and one or
provided that,
should be effected between Pittsburgh should be regarded as referring
more other coal companies, the warrants
of stock of any such reto, and giving the right to purchase, the shares
sultant. merged or new company.
and Prof. steck of the
In addition to negotiable receipts for Common
on Dec. f5 1924 to
Pittsburgh Terminal Coal Corp. which were issued
stockholders of Pittsburgh
persons holding warrants therefor, issued to theto the stockholders of the
Ry., there also were issued
& West Virginia
for 40,000 shares of
Meadow Lands Coal Co. temporary certificates Coal Corp. (par $100
the Common stock of the Pittsburgh Terminalthe Pittsburgh Terminal
the Common stock of
each). This $4.000.000 of
on of the PittsCoal Corp., under the terms of the merger and consolidati
Cumulative Preferred (a. & d.) stock, 16,000 shares Class A
stock and 10,000 shares of Class B stock of the company.
This completes the financing for the acquisition of control of
24 baking plants located in leading cities in ten States, except
in so far as additional shares may be required to be issued in
exchange for stock of one company. The Preferred stock
was sold at $96 flat, the Class A stock at 46)4 flat and the
Class B stock at $33 per share.
-M. Red. all or part on 60 days'
Preferred Stock -Dividends payable Q.
normal Federal
notice at 110 and divs. Dividends exempt from present Co., New York:
agent, Irving Bank-Columbia Trust
income tax. Transfer
Registrar, Central Union Trust Co., of New York.at rate of $3 per share
-Entitled to cumulative dividends
Class A Stock.
Prof. stock, and entitled to
per annum after payment of all dividends on share quarterly whenever
per
further dividends not exceeding 50 cents share are paid on Class B stock.
excess of 50 cents per
nuarterly dividends in
A
-M. In event of dissolution or liquidation, Class
Dividends payable Q.
of all outstanding Pref.
stock is entitled, after payment of the par amount
dividends thereon, but before any disstock, together with accumulated
the sum of 565 per share
tribution is made upon Class B stock, to be paid Red. all or part on 60
and an amount equal to accumulated dividends.
exempt from present
days' notice at $65 per share and divot. DividendsBank-Columbia Trust
agent, Irving
normal Federal income tax. TransferUnion Trust Co. of New York.
Co., New York. Registrar. Central
Authotized. Outstanding.
Capitalization$3,133,458
515,000,000
7% Cumulative Preferred stock (par $100)
1,968.875
10,000,000
$25)
Class A stock (par
500,000shs. 115,203 shs.
Class B stock (no par value)
5768,774
Minority interests in stocks ofsub.companies_ _ _ _
51,869,000
Funded debt of subsidiary companies
do not include shares to
The outstanding amounts of stock shown above
be issued in exchange for stocks of the Nafziger Baking Co.
24.
Data from Letter of Pres. Thos. O'Connor, St. Paul, Feb.
97% of the
Cornpany.-Incorp. Dec. 1 1924 in Delaware. Has acquired Baking Co.
of the Purity
Common stock and 82% of the Preferred stockPreferred stock of the Tr
Common stock and 00% of the
and 99% of the
and Preferred
state Baking Co.. Inc., and Is acquiring all of the Commonto purchase a
of the Williams Baking Co. It has also arranged
stocks
Through the
majority of the capital stock of the Nafriger Baking Co.
of the
Purity Baking Co. the corporation also holds the entire capital stock
Co. and the controlling interests In the Banner Grocers
Wernig Baking
flaking Co. and the Grocers' Baking Co. population of several millions of
• These several baking companies serve a
plants with
people in and around leading cities in 10 States and have 24
the 25th now under construction.
-Proceeds from the sale of the $500,000 7% Cumul.
Issue.
Purposes of
with the proceeds from the sale
Preferred stock, or nart thereof, together Issue of 10,000 shares of Class B
of 20,125 shares of Class A stock and the
working capital, reimburse the treasury for expenditures
stock, will provide
of the properties,
made in connection with the acquisition of control of one
stock of the
and provide in part for the acquisition of the entire capital the Nafziger
majority of the capital stock of
Williams Baking Co. and a
Baking Co.
of earnings of sub-The preliminary consolidated statementshows combined net
Earnings.
basis,
sidiary companies, adjusted to a calendar yearthe holdings of the Purity
earnings for 1924 applicable to dividends on
for the annual diviBakeries Co. of 5560.597, a sum which, after providing approximately 1%
dend requirements of the Preferred stock. is equal to
of
annual requirements for the cumulative dividendany$3 per share
times the
earnings of
on the Class A stock. These net earnings do not include
-V. 119, p. 3019.
the Nafziger Baking Co.
-Extra Dividend of 10%Chicago.
Quaker Oats
Co.,
Change in Par Value of Common Stock Proposed.-The directors
on Feb. 21 declared a special cash dividend of 10% on the
outstanding $11,250,000 Common stock, par $100, in addition to the regular quarterly dividend of 3%, both payable
on
April 15 to holders of record April 1. The company the
15 1924 paid a special cash dividend of 163'% on
April
Common shares. Pres. John Stuart, Feb. 21, said in part:
regular dividend
It is the intention of the board to place the new stock on a of the present
basis of $3 per share per annum. This will be the equivalent time to time
from
12% regular dividend. The board will also consider the earnings of the
additional payments by way of special dividends as
company and its surplus over capital requirements permit. consistent with
In view of the exceptionally favorable year just past,and
declared a special
the dividend policy indicated above, the directors have
stock, payable
cash dividend of 10% on the present outstanding Common
wows.
of record April 1.
April 15 to holders
par
The stockholders will vote March 13 on changing the on
and
value of the Common shares from $100 to non par value
approving the issuance of four shares of new no par $100
of
stock in exchange for each share of Common stock
THE CHRONICLE
FEB. 28 1925.]
1101
par now owned. The company at present has an authorized
Standard Plate Glass Co.
-Notes Offered.
-The Bank of
issue of $25,000,000 Common stock, par $100.
Pittsburgh, N. A., Pittsburgh, is offering at 98 and int. to
Earnings for Calendar Years.
yield 6.45% $3,000,000 5-Year 6% Gold notes.
1924.
1922.
1923.
1921.
Not stated 44,992,005 4.5,222,274 $3,284,945
Not stated
2602.699
$588,995
$652,22D
Profits for year
Depreciation
$5,286,923 $4,389,306$4,633,279„
Net income
Divs.on Pref.
(6 )1,080.000 (6)1.080.000(734)1350000(6)1,080,000
Divs. on Com---z
(28li 0)3.206.250(l134)1293750(6Si)731.250(434)506.250
Balance, surplus
$1,000,672 22,015.556 $2.552,029 $1,046,466
x After reserve appropriations. yr After provision for depreciation and
taxes. z Includes special div. of 16%% paid out April 15 1924.
Balance Sheet Dec. 31.
1924.
1923.
1924.
1923.
Assets$
Liabilities$
Real estate, plants,
Preferred stock_ _18,000,000 18,000,000
trade mks., &c.a18,172,474 18,302,004 Common stock_ _ _11,250,000 11.250,000
Stocks of sub. cos_ 450,371
450,371 Due to subsidiary
Govt.secur.) cost) 5,447,210 6,385,030
companies
256,471
164,144
Misc.investments.
60,447
49.757 Dividend declared
Due from sub.cos- 2,326,605 2,625,970
Payable
607,500
607,500
Inventory, mat'Ls
Notes payable
1,000,000
and supplies_ _ _ _15,538,357 9,974,926 Accounts payable_ 2,480,583 2,110,337
Accts.receivable__ 4,022,892 3,409,327 Taxes and accruals 1,677,134 1,794,690
Cash
1,124,871 1,770,596 Reserves
4,266,649 2,378.535
Deterred charges
272,995
214,439 Surplus
7,877,887 6,877,214
Total
47,416,223 43,182,421
Total
47,416,223 43,182,421
a Includes real estate, plants, trade marks, trade rights, patents and
good-will, less depreciation.
Note.
-The company's contingent liability with respect to foreign drafts
discounted Dec. 31 1924 was $335,646.-V. 118, p. 2583.
Railway Steel Spring Co.
-Annual Report.
-
Calendar Years1924.
1923.
1922.
1921.
Net earns., all sources_ _x$1.841,159 $3,341,271 $2.327,294 $1,551,636
Preferred Alvs. (7%) - 945,000
945.000
945,000
945,000
Common till's. (8%)_ _ _ - 1.080,000
1,080,000
1,080,000
1,080,000
Balance, surplus
def$183,841 $1,316,271
$302,294 def$473,364
Previous surplus
14,087,555 12,771,284 12,468,990 . 12.942,354
Profit & loss, surplus_$13.903,714 $14,087,555 $12,771.284 $12,468,990
After deducting manufacturing, operating, maintenance, repairs,
admin. exps., deprec., reserve for taxes, &c.
-V. 118, p. 1147.
Royal Typewriter Co., Inc.
-New Director, etc.
-
Mark W.Potter,former I.
-S. C.commissioner, has been elected a director
and general counsel of the company to succeed the late John Quinn.-V.
119, P. 83
.
Saco-Lowell Shops, Boston.
-Issue of $2,643,750 5
-Year
Notes Proposed-To Change Par Value of, and Increase
Common Stock.
The stockholders will vote March 9 on authorizing an issue of $2,643.750
7% 5
-Year notes, convertible into the Common stock
shares for each $100 of notes. It is proposed to use the on a basis of three
the sale
of the notes to take up outstanding notes and to provideproceeds ofworking
additional
capital. The notes will be offered to stockholders on a pro rata basis. or
$50 of notes for each of the 52,875 shares of Common stock outstanding.
The stockholders will also vote (1) on changing the present 52,875 shares
of Common stock, par $100, to a like number of shares of no par value, and
(2) on increasing the Common stock by 79,313 shares, so that the total
Common stock shall consist of 132,188 shares without par. This action is
to provide for the conversion of the proposed new issue of $2,643,750
Convertible notes.
-V. 118. p. 1280.
Saks &
.Y. City.
-Capital Increased.-
Dated March 1 1925, due March 1 1930. Pittsburg Trust Co.. Pittsburgh, Pa.. trustee. Int. payable M. & S. Denom. $1.000 and 2500.
lied. upon 30 days notice as a whole only on March 1 and Sept. 1 1926 at
103. March 1 and Sept. 1 1927 at 102, March 1 and Sept. 1 1928 at 101,
thereafter on any Mt,date at par. Prin. and int. payable at office of trustee
Pittsburgh, or Chase National Bank, New York City, without deduction
for normal Federal income tax up to 2%-Penna. 4 mill tax refunded.
Data From Letter of Pres. F. E. Troutman, Pittsburgh, Feb. 20.
Company.-Incorp. in Delaware in 1923 as successor to the Standard
Plate Glass Co. organized in 1887 and the Heidenkamp Plate Glass Corp.,
the business of which was established in 1900. As of April 11924, company
acquired the Watson Paint & Glass Co., Inc.. formed in 1912. Business
of each of these companies had been profitably conducted for many years
and had been conservatively developed and firmly established.
The company manufactures and sells polished plate glass, paints, varnishes, shellacs. &c., and deals in window glass, paint brushes and kindred
articles. The principal consumers of products in large quantities are the
building, furniture and automotive industries. These products are widely
distributed through the company's own warehouses and stores, and through
affiliated and independent jobbing houses strategically located throughout
the country. Most of these distributing agencies have been customers of
the company or its predecessors for many years.
Plants located at Butler, Springdale, and Pittsburgh, are modern in
design, and well maintained. The plants have adequate transportation
facilities. Natural gas is the fuel used in the manufacture of glass and a
substantial part of the Company's requirements is supplied from wells in
the vicinity, which the company either owns, leases, or operates under a
royalty agreement, the gas being transported through its own pipe line
system aggregating over 150 miles in length. The present capacity of the
glass manufacturing plants is in excess of 7,500.000 sq. ft. of polished plate
glass per annum. The paint factory is operating at present to its full
capacity of 36.000 gallons per month. Company OW/1s mirror factories and
distributing warehouses in Boston, Hartford, Buffalo, Youngstown, as
well as warehouses in Cincinnati, Washington, D. C., and Pittsburgh.
It owns and operates retail stores in Boston, Cambridge, Hartford, Buffalo,
Youngstown, Washington,D.C.,as well as6store;in greater Pittsburgh.
Purpose.
-Proceeds will be used to pay off all bank loans and real estate
mortgages, and will provide additional capital.
The net income available for interest for the pastfive years of the company
and predecessor companies, after deducting depreciation, but before
Federal taxes, has been as follows:
1920.
1921.
1924.
1923.
1922.
$2.957,512
21,935,696
21,129,443
$320,250
$884,722
Net income for the above five-year period averaged $1,445,524. over
8 times the annual interest charges on these notes before deduction of Federal
taxes and over 6 times after such deduction.
Earnings.
-In 1924 net income after depreciation of $561.664, but before
taxes, available for interest amounted to $1,129.443, or over 6 times the
annual interest requirements of this issue, despite the interruptions to
operations and consequent temporary increase in manufacturing costs
caused by the electrification of the grinding and polishing machinery at
the Springdale plant.
Balance Sheet Dec. 31 1924 (After This Financing).
Assets
Liabilities
Land, bldgs.. mach'y, &c $6,722,958 Cap.stock, Prior Pref_
$2,000,000
Good-will
1,000,000
5,067,400
Preferred stock
Organization expense_
186,319
a3.169.836
Common stock
Due from employees_
-Year 6% Gold notes., 3,000,000
98,489 5
Investments
883,605 Accountspayable
371.205
Inventories
2,095.483 Dividends payable
124,117
Notes & accts. receivable 1,235,098 Accrued State & local tax
18,274
Cash
1.575.908 Accrued Federal tax__
72.706
Deferred charges
358.412 Res. for comp. insurance
1,044
Res. for furnace renewals
7.746
Res.for contingencies_
120,000
Total (each side)
$14,156,273 Surplus
203.943
a Authorized and outstanding, 200,000 shares without par value.
V. 120, p. 969.
The company
Co.,as filed a certificate at Albany, N.Y., increasing its authorized capital stock from $4,500,000 to 47,500,000. Control of the company was acquired by Gimbel Bros. of New York in 1923.
Steel Products Co., Cleveland.
-To Pay Accum. Divs.Robert Lehman, of Lehman Brothers, a director of Gimbel Bros., Inc..
The stockholders on Feb. 24 ratified the plan for making up the three
when asked about the proposed increase of Capital stock, said:
years' accrued but unpaid dividends on the outstanding $660,700 Pre"The original plan of Saks & Co. was to operate only the Fifth Avenue ferred stock, par $100.
store. It was later decided to operate also the 34th Street store, which is
The plan provides for the payment
now called Saks-Herald Square. In order to provide this store with its ments of 21 -75 each for dividends dueof 219' in Pref. stock and cash payDec. 1 1924
proper capital, an increase in Saks & Co. shares was authorized, all of which also was announced that dividends on the additionaland March 1 1925. It
stock will start June 1.
have been subscribed for by Gimbel Bros. Inc. There will, accordingly, -V. 103, p. 244.
be no offering of any of this stock to the public. The matter is purely
'
inter-corporate.
-V. 119, p. 1406.
Swan-Finch Oil Corp.
-Balance Sheet.AssetsJune 30'24. Sept.30'23. Liabilities- June 30'24. Sept.30'23.
Schulte Retail Stores Corp.
-Earnings-Outlook.
Plant, equip.. &c. $760,576 $721,494 Preferred stock_ __ $150,500 $150,500
President D. A. Schulte is quoted in substance: "Net earnings of the
128,092
87,047 Common stock_ __ 861,466 1,722,931
Schulte Cigar Stores for 1924 will be about $1,000,000 more than 1923. Investments
Accounts payable_
50,215
From present indications our earnings for 1925 will run more than 10% Cash,notes&accts.
107,471
rec.&inventories 719,623
846,028 Reserves
ahead of 1924. January sales were 10% ahead of a year ago and February
180,566
217,882
Deferred assets_ _ _
18,862
16,796 Surplus
will run even better.
347,090
490,103
"Park & Tilford is doing exceptionally well. January sales were 30% Deficit
ahead of 1924 and February sales will run about 30% ahead."
-V. 120,
Total
$1,627,153 $2,161,468
Total
$1,627,153 $2,161,468
p. 595, 462.
-V. 119, p. 2076.
Sears, Roebuck & Co., Chicago.
-New Directors.
-
John M. Hancock, of Lehman Bros., and Waddill Catchings,
man, Sachs & Co., have been elected directors succeeding Philip of GoldLehman
and Harry Sachs.
-V. 120, D. 714.
Simms Magneto Co.
-Sale Confirmed.
-
Sweets Co. of America, Inc.
-Annual Report.
-
Calendar YearsNet sales
Expenses, costs, &c
1924.
1921.
1922.
1923.
$1.781.890 $1,697,193 $1,341.041 $1,694,992
1,745,905
1.442,138
1.257,877
1.591,080
Net profit
Vice-Chancellor Backes at Newark, N. J., made an order Feb. 24 con$252,854
$35,983
$83,164
$106,113
firming the sale by receivers Richard C. Anderson and M.Casewell HoMe, Other income
16,049
23,740
34,617
21,783
of the plant of the company in North Arlington Ave., East Orange, N. J.,
Gross income
$276.594
$99,213
to the Mechanics & Metals National Bank, New York, for 2575,000.
$127.896
270,599
260,228
Out of the price obtained $200,000 will go toward the liquidation of a Deprec.,svrite-offs, &c_ _
93,134
59,895
66.212
mortgage of that amount and $100,000 will be paid to holders of notes of Adjustments
Cr.17,715
the Home Electric Lighting Co., a subsidiary corporation of the Simms
Balance, surplus
company. The balance of the purchase price, after wllowing for receiver$16,366
$6,079
$10.704
$79,399
-V. 119, p. 2772.
ship and other fees and administration expenses, will be
•
to the
Payment of unsecured claims, totaling about 2750.000.-V.applied 714.
120, p.
Symington Co. (of Md.).-Initial Dividend.
Skelly Oil Co.
-Subsidiary Co. Acquires Properties.
An initial dividend of 58 cents per share has been declared on the Class
The following statement is understood by the "Chronicle" to be sub- "A" stock, no par value, payable April 1 to holders of record March 13.
stantially correct:
The dividend represents a payment of 8 cents a share for the period from
"The Unity Petroleum Co., a subsidiary, has purchased part of the Dec. 17 to Dec. 31 1924 and a regular quarterly dividend of 50 cents a share
in Union and Ouachita counties, Ark. for the quarter ended March 31 1925. (See offering of Class "A" stock in
holdings of the Mazda Oil
Corp..
The transaction embraces 135 acres of leases and nine wells, producing V. 119. p. 2658, 2772.)
See also Gould Coupler Co. above.
750 barrels daily. The consideration was approximately $175,000."-V. 120. 13• 969.
V. 119, p. 2540.
Standard Milling Co.
-New Financing.
-Goldman,
Sachs & Co., and Lehman Brothers have purchased $2,500,000 First & Ref. Mtge. & Lien 20-Year 5H% Gold bonds,
due March 11945. A public offering of same will be made in
-V. 119, p. 2658.
the near future.
Standard Oil Co. of Nebraska.
-Annual Report.-
(E. E.) Taylor Co.(Shoe Mfrs.) of Mass.
-Stock Reduced.
The company has reduce its authorized capitalization to $2,725,000 by
canceling 4,250 shares of 1st Prof. stock, par $100, of which 2,500 shares
had never been issued, and 1.750 shares had been purchased for the sinking fund.
-V. 109. p• 2178.
Tobacco Products Corporation.
-Annual Report.
-
Calendar Years1924.
Net inc. (incl. dive. rec.) 27.766,832 $4,785; 12 25,862; 75 $2,148..431
4
9
Deduct-Int.on 7Inotes
255.856
275,456
1924.
Calendar Years1923.
1922.
Pref. dividends (7
1921.
See x
560,000
560,000
560,000
$879,019
2652.052
Net profits
2963,546
$561.702 Class"A" dividen
3,135,969 3,122,798
782,530
Federal taxes. &c
Common divs.-Cash_
3,085.594
886,374
772,180
(10%)30000 (10)300,000 (20)600,000 (10)300,000
Dividends
Scrip
1.127.703
150.000
$467,911
$271.090
Surplus
$245.096
150,000
$167,306 Federal taxes (est.)
Balance Sheet December 31.
Balance, surplus
$1,395,269 def.$75,422 $3,358,615
$460,728
LfablItfles1923.
1924.
1924.
1923.
Previous surplus
Assets4.641.536
2,506,978 2,662,620
5,428,059
$3,000,000 S3,000,000 Exc. prof. tax prey. year
Plant(less depreo.)82,735,662 $2,754,420 Capitalstock
28.329
181,370
122,412
87,534
931,502 Accts. payable__ 363,996
1,014,568
408,845 Contingency reserve- Merchandise
435.000
350,000
489,155 Reserve for Federal
867,239
Premiums, &c
Cash
487,077
351,150
taxes
261,597
111,108
90,962 Agreement with A.T.Co.
Accts.receivable_ 13.555
101,611
1,427,907 1,437.538 Surplus
2,931.870 2.463,958 Prem.on Pref.stk.retir_ x1,800.000
Investments
Total
-v. 118.
$6,406,974 $5,263,765
p. 1024.
Total
$6,406,974 25,963,765
Total p. &I.surplus.. $4,194,920 24,641,536 $5.482,059 $2,506.978
x Includes final dividends on Preferred stock.
-V. 119. p. 1746.
THE CHRONICLE
1102
[VOL. 120.
-Earnings.
United States Hoffman Machinery Corp.
Telautograph Corporation.-Listing-Eqrninqs.-
The New York Stock Exchange has authorized the listing of temporary
Including Canadian Hoffman Machinery Co., Ltd., and in 1924 United
certificates for 3,000 additional shares of Common stock 'without par *value
Pressing Machine Exchange, Inc.)
(authorized, 207,500 shares) on official notice of issuance and payment in
1922.
1923.
1924.
Calendar
full, making the total amount applied for 192,000 shares. Of the foregoing Gross sales Years145,512,296 $5,714,992 $5.535.506
3.000 shares of stock 2,000 shares will be issued to the President at $4 per Operating costs, &c
4,435,039
4,181,657
a4,295,139
share, as compensation for services in the refinancing of the company.
and 1,000 shares are to be distributed to employees at $4 per share for
Profit from operations
$1,217,157 $1,279,954 $1,353,849
services rendered.
143,819
191.235
137,017
Interest, &c., income
Income Account for Calendar Years.
1923.
1922.
1924.
Gross income
$1.354,174 $1,471,188 $1,497,668
$405,648 Interest, &c., charges
$301,729
$518,976
$453,432
Rentals
$289.487
$216,775
6,670 Debenture bond interest
5.589
5.716
134 210
9 :00 0
0
Paper sales
171,440
103,468
4,056 Debenture bond premium
9.721
10,508
Miscellaneous income
33,000
ebentu
24,000
Preferred stock premium
6,614
$416,384 Federal & Dominion income taxes
$534,286
$469,656
84,093
Total income
100.519
$35,026 Amortization of patents
$39,325
$38,225
34
Expenses
Nt 1
0
-Administration
2 1 34.
381.,12
4
213,4a
62.373 Losses
Selling
75,891
72,067
24,611 Dividends on Preferred stock
30,296
28.267
Installation
38,250
22,750
115.179
111,148 Preferred dividends accrued
132.681
Maintenance
7,583
14,423
13.923 Deb. prem. & miscell. charges
Engineering
15,463
5
279
204, 83
79,991 Common dividends
89,963
81.286
Depreciation
90,000
12,428 Organization expenses
9.198
7,634
Experimental
41,469
3,652
Legal
4,245
2,174
4.249
3,288
9,574
$511,036
$594,723
Surplus
$364,765
8,762 Profit and loss credit
3,343
3,701
Miscellaneous taxes
758
27.192
28,040 Previous surplus
3,120
Interest
def.356
1,105,403
510,680
$121,185
15.023
52,920
$32,183
3,799
$76.220
9,419
$53,242
Profit before Federal taxes
Federal taxes paid or accrued
Preferred dividends
$66,800
Net profit
-V. 120, p. 463.
$28,383
-Resumes Div.
Tonopah Belmont Development Co.
The directors have declared a dividend of 5 cents per share, payable
April 1 to holders of record March 15. A similar amount was paid April 2
-V. 119. p. 3020.
1923; none since.
-Complaint.
Tremont & Suffolk Mills, Boston.
The Federal Trade Commission has issued an order disrrissing without
prejudice its complaint against the company and Catlin & Co. of New
York City, who acts in the capacity of sales agent for the Tremont company.
The Tremont & Suffolk Mills is a manufacturer of blankets, and the
Catlin company acts as sales agents in the distribution thereof. The
complaint charged the respondent with misbranding certain blankets
which they marketed, but was dismissed for the reason that the practice
-V. 119. p. 1407.
complained of has been voluntarily discontinued.
-Bonds Offered.
-S.
Ulmer Bldg., Cleveland, Ohio.
Ulmer & Sons, Inc., and the Midland Bank, Cleveland, are
offering at par and int. $750,000 1st Mtge. Leasehold 7%
Serial Gold bonds.
Profit and loss surplus
$1.470,924 $1.105,403
$510,680
a Includes expenses, returns, depreciation, &c. b Net sales, yLosses
of United States Hoffman Machinery Co.(predecessor company)originating
prior to formation of the present corporation.
Consolidated Balance Sheet Dec. 31.
[Incl. Canadian Hoffman Machinery Co.. Ltd., and United Pressing Machine
Exchange, Inc.]
Assets1924.
1923.
1923.
Liabilities1924.
Cash
$422,470 $452,358 Notes Payable_ __ 1875,000 $875,000
.
Notes & bills rec_ _22,177,821 1,982,007 Accounts payable. c342,638
435,736
Accts. rec, less res. 581,156
568,482 Disct. bills rec.
8,067
Prepd.& def. chges
38,161 Derd accts. pay-. 125,000
225,000
39,809
Inventories
1,053,976 1,134,266Dep. on acct. of
Bills rec. disotd_
8,067 uncompl.sales__
18,609
19,068
Deposits on leases,
Res. for taxes and
contracts, &c__ _
2,132
263,998
1,671 royalties
255,046
Dep.in pf.stk.s.f.
Pref, stock prems
6,614
13,500
Dep. in deb. s. I__
54,776
814 Deb. premiums
Investments
101
101 8% S. F. Debs_
d2,025,000
Plant prop. aft. res 855,132
852,2347% Pref. stock_ __ 1,300,000
Patents, after res.132,603,816 2,739,968 Common stock__ _e3,366,081 2,766,081
Good-will
1
1 Surplus for red. of
Preferred stock_
13,500
Tot.(each side).$7,759.914 $7,778,131 Unappr. surplus__ 1,457,424 1,105,403
a Includes $2,172,428 customers' notes receivable secured by chattel
Dated Feb. 1 1925. due serially Feb. 1 1927 to 1937. Int. payable mortgages or equivalent liens. It does not include interest accrued on
F. & A. Denom. $1,000, $500 and 8100. Normal Federal income tax of customers' notes receivable. b The company's U. S. patents, which had
paid by borrower. Penna. 4 mill tax refunded. Red. on any int. date been assigned to the trustee to secure payment of the 10
27.
-Year 8% Sinking
in inverse order of maturities at 101 and int. The Midland Bank, Cleve- Fund Gold debentures, were re-assigned to the company on Sept. 13 1924,
land. trustee.
after redemption of all of the debentures. c Within one year and accrued
These bonds are secured by a first mortgage on the 13
-story Ulmer Build- accounts. incl. Federal taxes not assessed or due, but estimated to become
ing located on the Public Square, Cleveland. together with the unexpired payable within oneyear. d Redeemed In September 1924. e Authorized,
term of the 99
-year leasehold estate on which the building is located. This 223,334 shares of no par value; outstanding. 180,000 shares.
-V.120, p.840.
lease, made in 1892 on extremely favorable terms, covers a parcel of land
United States Stores Corp.
-Gross Sales.
in the heart of the business centre of Cleveland, fronting 130 ft. on the
the Public Square with a depth of 89 t. on Frankfort St.
west side of
Jan. 17 '25. Jan. 10'25.
Week EndedAt the present time approximately 93% of the available space is rented,
$638,656
$641,589
and with the construction of the new Union Depot, only a few steps away, - . sa0, P. 9543 s12 es
7 1
demand for office space in the Ulmer Building will undoubtedly continue
-$30,000,000 Serial Notes
United States Rubber Co.
in strong demand in the future.
-Kuhn, Loeb & Co. have sold at prices ranging from
-80% Stock Div.
- Sold.
Union Oil Associates, Los Angeles.
97 and int. to 102 and int. to yield from 5.20% to 6.82%,
according to maturity, $30,000,000 63% Serial Gold notes,
maturing in 15 annual installments of $2,000,000 each from
-Increase in Bonded In- March 1 1926 to March 1 1940, both inclusive.
Union Oil Co. of California.
Coupon notes in $1,000 denom., registerable as to principal. Interest
debtedness Proposed-New Director.
The stockholders will vote April 2 on increasing the authorized bonded payable M.& S. All, but not a part, of any one or more of the maturities
The directors have declared an 80% stock dividend on the outstanding
Capital stock, payable March 23 to holders of record March 2.-V. 118, ro•
1148.
Indebtedness from $45,000,000 to $95,000.000. When and in the event
that the increase is authorized, the company will issue $10,000,000 of 5%
bonds. The proceeds of this issue will be utilized for the retirement of the
$5,000,000 Series "II" 6% gold bonds of the company now outstanding
and for additional working capital. President W.L. Stewart further states:
"It should be understood that while the present authorized bonded indebtedness is $45.000.000, the total amount of bonds now outstanding
(including bonds owned by the company) is $20,718.000 ($16.782,000
having been retired or canceled and $7.500,000 remaining authorized but
never issued). Upon the issuance of $10,000,000 of 5% bonds and the
retirement of the Series"B" bonds, the company's total outstanding bonded
indebtedness (including bonds owned by the company) will be $25,718,000.
of which upwards of $1,200,000 will be retired and cancelled during the
present year.
"If the proposed increase of bonded indebtedness is authorized by the
stockholders, the company will immediately issue the $10,000,000 of bonds
and the directors will have authority to provide for additional issues of
bonds to the extent of $47,500,000 when and in the event that it may be
deemed essential to obtain additional capital from such sources." (See
also V. 120, P. 596.)
Paul N. Boggs has been elected to succeed E. I. Dyer as technical direr-V. 120. p. 951.
tor.
-Annual Report.
United Cigar Stores Co. of America.
1923.
1922.
1921.
1924.
Calendar Yearsa57,751,997 $5.817,027 $5,059.806 $44,901,656
Net profit
700,000
700,000
800,000
700.000
Federal taxes (est.)_ _
359,100
355.298
Interest
316.890
316.890
316,890
301,808
Preferred dividends_ _ _
2,957,234
1,642,836
3.942,426
3,968,002
Common dividends
Surplus
Previous surplus
Total surplus
Stock dividend
Prem. Pref. stock
$2,426,889 $1,483,803 $2,400,080 def$157,660
6,518,071
4,117,991
4.275,651
8,001,874
$10,428,763 $8,001,874 $6,518,071
1,247,788
72.009
$4,117.991
Prof. & loss surplus__ $9.108.966 $8,001,874 $6,518,071 $4.117,991
a Includes $1,247,789 enhancement of leasehold values.-V. 120, p. 969.
-Listing.
United Drug Co.
The New York Stock Exchange has authorized the listing of(a)$12.831,800 additional First Pref. stock, par $50, making the total amount applied
for $32,643,800: and (b) 1,500,000 additional Common stock, making the
total applied for $38,418.300.-V .120: p. 949.
-Balance Sheet Jan. 1.United States Envelope Co.
1925.
1924.
1925.
$
Liabilities$
Assets$
Plant investment_ 7,877,090 7,700,245 Preferred stock_ __ 4,000,000
Common stock__ 1,750,000
Trade-marks, pat180,653 1st Mtge. bonds__ 1,250,000
ents & good-will 177,528
200,000
Stock In proc., &c_ 2,381,040 2,488,575 Serial notes
Accts.& bills rec.- 1,566,946 1,558,762 Accounts and bills
520578
payable
674,509
509,623
Cash
5,955 Bond and note
Cash with trustee_
7,765
24,336
coupons. &c--7 765
,
Misc. investments
23,336
Reserve for deprec.
Prepaid charges:
on plant invest_ 2,665,715
82,389
Insurance, &c_.
78,382
Reserve for taxes_ 100,000
2,127.653
Tot.(each side)_12,621,711 12,715,424 Surplus
The usual income account table was given'in V. 120, p. 970.
1924.
$
4,000,000
1,750,000
1,300,000
400,000
742,045
5,955
2,313,393
75,000
2,129,031
then outstanding red. on March 1 1930 or on any int. date thereafter on
60 days' previous notice upon payment of their principal amount and a
premium of Bi 7. for each 6 months between the redemption date and
the date of maturity. The principal and interest of the notes will be payable in gold coin of the U. S. of America of or equal to the present standard
of weight and fineness and without deduction for any tax or taxes (other
than Federal income taxes) which the company or the trustee may be
required to pay or retain therefrom under any present or future law of the
United States, or any State, county, municipality or other taxing authority
therein.
Data from Letter of Chairman C. B. Seger, New York, Feb. 25.
Company.-Incorp. in 1892. Is engaged, directly or through its subsidiaries, in the manufacture of rubber goods of all kinds, including waterproof footwear, pneumatic and solid tires, mechanical goods, druggists'
supplies, insulated wire and practically all other goods that are made from
rubber, there being over 50 factories situated in the United States andCanada. The business is well balanced,sales of footwear and tires representing
about one-third each, while mechanical goods, druggists'sundries and other
miscellaneous products make up substantially another third.
Company controls, through the General Rubber Co.(whose entire capital
stock it owns), the largest rubber plantations in the world, located in
Sumatra and on the Malay Peninsula. These properties comprise a total
of about 111,000 acres, of which about 71,000 acres have been planted and
about 46,000 acres of the planted areas are in production.
Purpose.
-These notes are to be issued for the sole purpose of replacing
bank loans, and the amount to be provided by this note issue, together with
other available funds, will enable the company to take up all b,ank loans
presently outstanding, thus providing in a more permanent form for carrying a part of the company's inventories and other current assets. This
issue should place the company in such a position that it will be unnecessary
to borrow from the banks, except for a part of each year when the company
will need additional funds for its seasonal requirements.
-On Dec. 31 1924 the bank loans of the company amounted
Bank Loans.
to $31,490,000, having been reduced from $61,205,000, the high point,
on Nov. 20 1920, entirely in the regular course of business, there having
been no special financing for this purpose during the period.
Earnings.
-The current surplus earnings of the company should amply
provide for the serial installments of these notes. Furthermore, the net
receipts of the company's rubber plantations, above described, the earnings
from which have not been included in the company's earnings for the
reason that they have been used in the development of the properties, will
henceforth be available. It is estimated that based upon present costs
and market prices for crude rubber, such receipts from these plantations
will alone be sufficient to meet the entire amount of the annual installments of these serial notes.
For the last 3 years the net income of the company and its subsidiaries,
applicable to the payment of its interest chargesafter depreciation of
plants and before Federal income taxes), was as follows:
1924 (Est.)
1923.
$141822
,263;000
this
$13,860,00015
Interest on the company's entire funded debt, including interest
new issue of 63. 7„ Serial Gold Notes, amounts to about $6,666,000 per ann.,
to which should be added approximately $300,000 for interest on seasonal
borrowings. These figures of earnings do not include the income from
the plantations hereinbefore mentioned.
Inventories.
-Charges aggregating $4,230,000 were made against surplus
in the three years above mentioned, representing adjustments of certain
items in the inventories both here and abroad, all of which applied to operations prior to 1922. As of Dec. 31 1924 inventories of finished goods
were valued at cost of production, which in all cases was substantially
below the cost of replacement at the market prices for raw materials. Inventories of raw materials and supplies were valued at cost prices, which
were substantially below market prices. Contractual liabilities, representing forward commitments for raw materials and supplies. wereot.
FEB. 281925.]
THE CHRONICLE
prices substantially below market, and as to quantities covered future
requirements for conservative periods.
Income Account for Calendar Years (1924 Partly Estimated).
1924.
1923.
1922.
Net profits
$9.057,500 $7,392,657 $7,692,039
Divs. on Pref. stock and Can. minority
stock,incl. accrual of div. pay. Jan. 2_ 5,227.500 5,538.718 5,538,718
Balance
$3,830.000 $1,853,939 $2,153,321
Dividends.
-Company has paid annual dividends of 8% since 1905 on
its Pref,stock, of which $65.110,000 is now outstanding in hand s of public.
Security, &c.
-These notes will be the direct obligation of company and
in the indenture under which they are to be issued company will covenant
that no mortgage other than the 1st & Ref. Mtge. dated Feb. 15 1917
will be placed upon any of its properties or assets, or its subsidiary companies' properties or assets, unless the notes of this issue then outstanding
shall be secured equally and ratably with any other obligations secured
under such new mortgage.
Company will also covenant that It will not pledge any of its assets or
permit any of its subsidiary companies, as defined in the indenture, to pledge
any of their assets, or declare or pay dividends upon its stock of any class,
unless, after such pledge, or, as the case may be, the payment of such dividend, the value of the current assets of the company and its subsidiary
companies shall be equal to at least twice all outstanding indebtedness of
the company and its subsidiary companies other than bonds then issued
and outstanding under the 1st dc Ref. Mtge. of the company, dated Feb. 15
1917, notes secured by pledge of such 1st & Ref. bonds, and the Canadian
Consolidated Rubber Co., Ltd., 6% gold bonds, due Oct. 1 1946. Company will also covenant that it will not declare or pay any dividend on its
Common stock unless after giving effect to such dividend the unencumbere
d
current assets of the company and its subsidiary companies will exceed the
total aggregate indebtedness of every description of the company and its
subsidiaries.
Consolidated Balance Sheet (incl. Subsidiary Cos.) as of Dec. 311924.
[After giving effect to this issue of notes and application of proceeds
thereof to payment of bank loans.]
Assets.
LiabilUies.
Cash
$8,233,800 Accounts payable
e513,782,500
Aorta. and notes receivable
634% Serial Gold Notes
30,000.000
from customers
43,344,200 1st & Ref. M. bonds, 1947._ 62,222,800
Accounts, notes and loans
10-year 713% Secured g notes 19,256,000
receivable (current)
2,176,600 Can. Cons. R. Co., Ltd., 6s 2,600,000
Finished goods Inventories._ 40,159,600 Reserve for Insurance
2,272,000
Materials & supplies Inven_. 21,828,300 General reserves
1,558,800
Plants. prop.& investments al83,902.100 Res. for dlv. on Pref. stock. 1,302,200
Notes reedy, of employees_ _ b6.521,900 Preferred stock
65,110,000
Common stock of company_ _ c2,081,100 Common stock
81,000,000
securities owned
d6,887,200 Can. Cons. Rub. Co. stock._
273,600
Prepaid and deferred assets_ _ 5,775,100 Fixed surpluses sub. cos_ _ _
6,709,300
Surplus Dec. 31
34,822,700
Total
8320,909,900 Total
a Incl. rubber plantations, less reserve for depreciation. $320,909,900
purchase of Common stock and secured by such stock. c b Given for
service contracts and agreements. d Incl. Common stock of Held under
U.
held by a sub. co. e Incl. acceptances payable for importationS. R. Co.
of crude
rubber.
-V. 120, p. 716, 597.
Universal Pipe & Radiator Co.-Listino
The New York Stock Exchange has authorized the listing
additional Common stock without par value, upon official of 10,000 shares
and payment in full, making the total amount applied for notice of issuance
171,715 shares of
Common stock.
The issuance and sale of the stock now applied
was authorized by the
directors on Feb. 11 1925 for the sum of 5400.000 forcash. The purpose
of
the issue is to provide funds for general corporate in
to subsidiaries for general corporate purposes. purposes and for advance
-V. 119. p. 2190.
Van Raalte Co., Inc., N. Y. City.
-Annual Report.
Calendar Years1924.
1923.
1922.
1921.
Gross profit on sales_
$1,231,846 $1,624.560 $2,752.005 $3,284.690
Selllng, admin.,&c.,exp. 1,200,990
1,348,747
1,371,268
1.358.024
Net profit
$30,856
$275,813 $1,380,737 $1.926,666
Other income
82.227
105.388
115.597
45,342
Gross income
$113,083
$381,201 $1,496.334 $1,972,009
Income charges
z581,939
244,212
242.636
356.483
Federal taxes (estimated)
__ __ _ _
156,556
330,000
1st Pref. dividends(7%) - 275,450
218,820
220.325
224,788
2d Pref.dividends($7)_
70.000
70.000
Balance, surplus
def3744,306 def$158.720
$806,816
$990,739
x Including $366,662 depreciation.
-V. 118. p. 1786.
Virginia-Carolina Chemical Co.
-Sale
Confirmed
The sale of 200,000 shares of stock of the Southernof Stock
Cotton Oil Co., held
by the Virginia-Carolina Chemical Co., to Rudolph Schecht and A. 0.
Georgehan of New Orleans, for $8,875,000, has been confirmed
by Federal
Judge Runyon in Newark N. J. The stock was valued
on the books of
the Virginia company at $24,500,000.
Another offer of $9,500,000 for the stock received Feb. from Attorneys
25
John Thatcher and John Milton, both of Jersey City, representing
Colonel
Leroy Springs and others precipitated a discussion as to the question
of
Judge Runyon withholding confirmation of the previous sales,
and instituting open bidding for the stock. Confirmation of the sale to
Schochand Gerrgehan was made by the court, however. upon advice of attorneys
for the chemical company receivers, it being understood that the
fered by these two buyers were more acceptable to the receivers. terms of-V. 120,
p. 970.
1103
owned in Westbrook, Me., and adjacent townships includes 1.355
at Gardiner 10.7 acres; at Augusta approximately 16 acres; andacres;
over
31,000 acres of Maine woodlands, with additional stumpage rights on over
70.000 acres. Company, through a subsidiary, owns 74,000 acres of •
timberlands in Nova Scotia.
The Cumberland mills hydraulic power plant located directly at the
mill at Cumberland Mills, Me., has a capacity of 2,762 h. p., and the
Copsecook mills hydraulic plant located at the mill in Gardiner. Me..
has a capacity of 1,050 h. p. In addition the company owns four hydroelectric plants on the Presumpscot River between Portland and Sebago
Lake, Me., having a total hydro
-electric capacity of 9.064 h. p., the
from which is transmitted to the mill at Cumberland Mills and power
there
utilized for manufacturing purposes.
Cabitalization (After this Financing).
1st (Closed) Mtge. 20
-Year 6% Sinking Fund Gold bonds due
Feb. 1 1945 (this issue)
56,000.000
Preferred stock, Class A, 707 cumulative
2.279,000
Preferred stock, Clays B,6 cumulative
485,800
Common stock
1.553,700
Annual Average Net Profits, after Depreciation, Available for Bond Interesi
Charges and Federal Taxes.
-*Times Earned
Interest
Int,
Amohnt.
Charges.
Sink. Fund
14 years. 1911 to 1924 inclusive
$1,025.228
2.84
1.83
6% years, 1918 to 1924 inclusive
1,285.975
3.57
2.29
* 'Used on the maximum annual interest charges of 5360.000 and sinking fund requirement of $200,000.
In every year of the past 14 the profit before Federal taxes has exceeded
the interest charges and sinking fund requirement on these bonds excepting
only in 1921. which was a year of general depression and financial readjustment.
Appraisal Values.
-The properties of the company and pledged subsidiaries other than the hydro-electric plants, as appraised by George F.
Hardy, consulting engineer, have a value in excess of 59.150,000, represented by mill values and real estate of 58.000.000. and timberlands
51.150,000. Lockwood, Greene & Co., engineers, in appraising the
hydro-electric and hydraulic power plants, stated that a conservative
estimate of the value of these properties was 32.000,000. of which $200.000
represents the value placed on the two hydraulic power plants included
In the valuation of the mills by George F. Hardy.
Sinking Fund.
-Mortgage provides for a sinking fund commencing
Feb. 1 1926, sufficient to retire.5200,000 of the bonds each year for
first five years and $180.000 for each year thereafter to maturity, the
by
purchase of bonds at or below the redemption price operative
interest date next following the sinking fund payment date, or if on the
not se
obtainable, by call of bonds by lot at that price. Bonds acquired for the
sinking fund will be cancelled. Sinking fund will retire $33,520,000 face
amount of bonds by maturity.
Consolidated Balance Sheet Dec. 31 1924 (After Present Financing).
Assets.
Liabilities.
Plant & woodlands, less
Pref. Class A stock
12.279.000
depreciation
$8,684.819 Pref. Class B stock
485,800
Cash..
402,575 Common stock
1,553,700
Accounts and notes rec__ 1.087,898 1st Mtge. 20
-Year 6s_ _ 6.000,000
Inventories
2,898.818 Current liabilities
1,818,542
Wood oper. in process__
929,673 Surplus
3,177,915
Investments
338,644
Def. debits & prepayna•ts
472.530
Good-will
500.000
Total (each side)
$15 314,957
IS. D.Warren, 3d,J. Gardner Brad ey, Bayard
• Jr., have sold their interests in the company to Warren and J. E.Thayer.
Fiske Warren, and
resigned as directors. It is said that about 50% of the stock changed have
hands
and that Fiske Warren now controls the company.1-V.
120. p. 840.
Wellman-Seaver-Morgan Co., Cleveland.
-Suit.
See Wm.Cramp & Sons Ship & Engine Bldg. Co.above.
-V.119, p.2190.
Wire Wheel Corp. of America.
-New Officers.
-
H. G.Jackson and F. L. Rowe have been elected directors. Mr.
Jackson
has also been elected Vice-President and General Manager.
-V.119, p. 707.
Woodley Petroleum Co.
-Listing.
-
The Boston Stock Exchange has authorized the listing of
(authorized 250,000 shares), no par value, Capital stock. 246.231 shares
Of the outstanding shares 69,459 were sold for $431.902,
pany, and 177,087 were issued in exchange for properties ofnet, to the comJ. R. Parton, Neill Oil Co., Old Farmers Oil Co., and E. L. Woodley,
Standard Oil of
Arkansas.
The company was organized in Delaware March 22 1922 for
the
tion and storing, transporting and marketing of crude petroleum, producincluding
the drilling of wells.
For the year 1924 the gross income derived from the sale
amounted to $592.508. Operating costs, including lifting of oil and gas
and lease losses, State taxes, overhead,inventory adjustment, cost, drilling
&c.,$309,205.
Reserve for Federal taxes, $20,000; leaving as operating
profit, $263,508.
(J. S.) Young Co., Baltimore.
-Annual Report.
-
Calendar Years1924.
1923.
1922.
1921.
x Net profit
$3305,880
$344,925
8370.176
5180.113
Preferred dividends(7%)
70,000
70,000
70.000
70,000
Common dividends_ _ _ (10%)149,940 (10)149,923
(10)149,878(734)112,353
Balance, surplus
$85,940
$125,002
$150,298
def$2,240
Previous surplus
699,599
574,597
424,299
426,539
P.& L.surp. Dec.31_
71785,539
$574,597
$424,299
x After deducting estimated Federal $699,599
taxes.
-V. 118, p. 3090.
Youngstown (0.) Sheet & Tube Co.
-Expansion.
-
The directors have authorized an appropriation of
Vulcan Detinning Co.
$2.000,000
-Accumulated Dividend.
construction of a bar mill at the Chicago property acquired from the for the
Steel &
The directors have declared a dividend of 1% on account of back
divi- Tube Co. of America. This appropriation is the forerunner of $6.000,000
dends due on the Prof. stock and the regular quarterly dividends
s, % on more to be expended at the Chicago plant on extensions
of 1
which will be
the Preferred and Preferred "A" stock, all payable April 20 to holders of started this year. The new unit
will roll sheet and tin plate bar and
record April 16. Like amounts were paid July 20 and
Oct 20 1924 and Intermediate sizes of skelp. President James A Campbell states it is the
Jan. 20 1925.-V. 119, p. 2541.
intention to finance the extensions from earnings. ("Iron
Age.")
Calendar Years1924.
1923.
1922.
1921.
(S. D.) Warren Co.
-Bands Offered.
-The offering by Gross sales
$120,859,197$
Estabrook & Co.; Lee, Higginson & Co.; Parkinson & Burr; Disc't and cost of sales.._ 99,141.394 165,649,369 859,313.950 531,195,882
138,052,175 51,707,036 27,330,331
Marshall Field, Glore, Ward & Co., and Continental & ComNet profits
mercial Trust & Savings Bank at 98 and int., to yield about Other miscall. Income_ 521,717.803 527,597,194 17,606,915 53.845,551
1,746,404
1,884,508
1,546.314
1.772.817
6.15%, of $6,000,000 1st (Closed) Mtge. 20-Year 6%
Gross income
$23.464,207 $29,481.702 59.153,229 85,618.368
Sinking Fund Gold bonds was noted in V. 120, p. 840. A Depreciation & depletion 8,715,638 7.555.260 3,369,418
3.174.336
Other charges
circular further shows in substance:
2,038,277
908.838
1,666,841
2,611,433
Dated Feb. 2 1925; due Feb. 1 1945 Principal and int. (F.
Net earnings
& A.)
$12,710,292 821,017.603 $4.116,969 loss$167.400
payable without deduction for Federal income tax up to 207 at
First
3.796,527
Nat. Bank, Boston, trustee. Company agrees to refund Mass. income tax Int. & discount on bonds 4,387.997
Prof.accr.to
30.472
47,325
on the int. not exceeding 6% of such int, per annum. Denom. $1,000 Federal tax minor.subs.
693,748
1.500.000
410,000
and $5000. Callable, all or part, on any hit, date upon 30 days' notice Pref. dividends
(7%)..-996.877
922,209
691,401
695,401
at 107ji if called before Feb. 1 1926 with successive reductions of 14 of Common dividends
4,444,227
4.691,198
2,193.320
j% (of face value) per annum beginning Feb. 1 1926 up to and incl. Fen. 1
1,998.728
Dividends per share
$4 50
54 75
face value) per annum to maturity.
1935 and thereafter ji of 1%
$2 75
$250
Company.-Incorporat.ed in April 1918 in Massachusetts.
Succeeded to
Surplus bal.
5813,247elf$2,861.529
the old established and prospe us business previously carried on by S. D. -V.119, p. for year__ 52,156,971 $10,060,343
2541
Warren & Co. The business so taken over was originally founded in
1854 at Congin Falls. Me.
Company is engaged in the manufacture and distribution of the Warren
CURRENT NOTICES.
standard lines of book and high-grade printing rapers, which arc nationally
advertised and sold throughout the country. The good will resulting from
The Portland, Ore., office of the National City Co. is now located
in
this wide distribution is in itself one of the company's most valuable assets. new quarters in the United States National Bank Bldg.
The mill, which started in 1845 with a production of one ton per day,
-Ernst & Co. announce that Max Barysh has become associated
now has a capacity of over 240 tons per day of book and high-grade printing
with
papers. In addition, the company operates a mill in Gardiner,
them in charge of their Canadian trading department.
having a capacity of 15 tons per day of high-grade specialties, IndiaMe.,
and
-Aronson & Co. of Los Angeles, Calif., have removed their
Bible papers. During the past few years, the company has replaced its
offices to
equipment for the manufacture of soda pulp by a new mill, and recently the Hellman Bank Bldg., 650 South Spring St.
tnpleted a mill for the manufacture of sulphite pulp, having a capacity
-Bankers Trust Co. has been appointed transfer agent for the
f 70 tons per day with possibilities for enlargement. The property also
no par
includes an electrolytic plant for the manufacture of bleach and a large value common stock of Motor Wheel Corp.
coating plant for the manufacture of fine coated papers. These plants
-Bennett, Coghill & Co., Inc., announce the removal of their
offices to
are modern and highly efficient in all essential respects. The property 7 Wall St., telephone Hanover
3034
Orin. 120.
THE CHRONICLE
1104
10.CfOrts
att
I.
ocuutents.
THE SHAWINIGAN WATER AND POWER COMPANY
DEC.31 1924
TWENTY-SEVENTH ANNUAL REPORT OF THE BOARD OF DIRECTORS— FOR THE YEAR ENDING
of the Company at the Annual Meeting held on February 17 1925.
Submitted to the Shareholders
FINANCIAL.
The financial statement shows gross earnings for the year
as $5,741,079 36 and the net of $2,045,899 11 before depreciation. The corresponding figures for 1923 were: Gross earnings, $5,110,539 10; net of $1,981,56005 before depreciation.
After making the usual appropriations, and paying a dividend upon the Common Shares of 7%, the balance carried
forward is $449,968 93 (subject to deduction for Income
Tax),
During the year $1,688,000 of General Mortgage Bonds of
Series "D" have been issued and sold.
On September 22 Shareholders were given the privilege
of subscribing for Two Million Dollars ($2,000,000) of Common Stock of the Company at par, and all of these shares
have been taken up and paid for. The funds provided by
the sale of the Bonds and Shares have been used for capital
purposes of the Company during the year.
The other items of the Balance Sheet are largely selfexplanatory. An examination will show that Reserve, Contingent and Depreciation Funds aggregate over $5,000,000.
Among the assets, the item "Securities of Subsidiary and
other Companies" contains a considerable equity over and
above the book value. This is an added source of strength
• to the Company.
CONSTRUCTION.
During the season only a small amount of construction
work was carried on. A transmission line from Drummondville to Windsor Mills was the largest work undertaken.
The line was built to connect the Company's system with
the new development of the Southern Canada Power Company at Drummondville, as the Company had entered into a
contract to take 10,000 horse power at that point.
LOCAL IMPROVEMENTS.
The Company owns some three thousand acres of land
adjacent to Shawinigan Falls, which during the past years
has been stripped of timber by forest fires. In order to prevent further loss on this property by erosion and removal of
soil by floods, the Company has decided to replant these
areas with suitable trees. In the course of time this reforestation should prove of value, and will preserve the
lands and hillsides from further deterioration. A comprehensive plan of work has been entered upon, which will
extend over several years.
ST. MAURICE POWER COMPANY, LIMITED.
The installation of the power development of the St.
Maurice Power Company at La Gabelle was completed during the Summer. Four units have been installed and are
delivering power. It is gratifying to report that the cost
of this work has been kept within the amount provided by
the bonds. Connecting lines have been completed to connect
this power plant with the Company's system so that the
power can be utilized to the best advantage.
USE OF POWER.
In order to utilize all of the output of the St. Maurice
Power Company's plant, this Company sold a large part of
this power for the purpose of generating steam in the plants
of the nearby pulp and paper industries. While this provided a market for the surpinus power of the St. Maurice
Power Company, the net gain to the Shawinigan Company
was small, as the price paid for such power is regulated by
the price of coal.
ELECTRICAL DISTRIBUTION COMPANIES.
As mentioned in a former report, the policy of the Company is to extend its distribution system and supply light
and power to various municipalities within the territory
served by the Company. Each year sees further extensions
is necesand additional municipalities being served. This
sary work on the part of the Company, and, while not largely
profitable at the start, nevertheless results in a steady growing business which, with development of the Province, promises to be profitable to the Company as well as to the communities served.
The Company's subsidiary electric light and power distribution systems have had a successful year, and the revenues drawn from them in the form of dividends on shares
held, are included in the Company's reported earnings.
CANADIAN ELECTRO PRODUCTS CO., LIMITED.
Your Directors desire to point out that at the termination
of the war the management decided that, instead of scrapping the chemical plants which had been constructed for
war purposes and which now stand in the books of the Company at a value of $2,500,000, it would be possible, by technical research and by careful supervision and proper sales
management, to develop the production of these plants.
Your Directors are able to report that, as a result of several
years of effort, these works are now showing a profit, with
prospects of substantial further development.
BATISCAN POWER DEVELOPMENT.
Several years ago power rights were acquired on the Batiscan River by a subsidiary, the North Shore Power Company. Work has been started on this development, which
will have a capacity of about 20,000 horse power, and will
be completed in 1926.
QUEBEC POWER COMPANY.
The Quebec Power Company in Quebec City and district,
distributes Shawinigan power. This distributing company
has been able to effect economies in operation. Better technical knowledge has been applied during the year and the
result is shown in increased earnings and business, and at
the same time permitted the Quebec Power Company to make
a reduction of rates.
OUTPUT,
The gross output in kilowatt hours of the Shawinigan Company for the year 1924 was 1,411,299,200 kilowatt hours.
The peak load for the year was 320,000 horse power. These
figures do not include the secondary power, nor do they
Include the hydraulic power sold at Shawinigan Falls, approximating 50,000 horse power. Total secondary power
output for the year was 256,609,190 kilowatt hours.
A large part of the secondary output referred to above is
used to generate steam supplied to pulp mills in the St.
Maurice Valley. The methods and apparatus for the supply
of this steam were developed by the Company's engineers,
and constitutes an outstanding contribution in economics
which is being utilized on a large scale by companies elsewhere. The Province benefits by reductions in the amount
of coal, imported; this saving amounts in the St. Maurice
Valley to 70,000 tons.
WATER CONDITIONS.
The water conditions throughout the year have been abnormal. The amount of rainfall during the Summer of 1924
was unevenly distributed, comparatively little rain falling
in the early part of the Summer and a great deal during the
months of September and October. In these months several
of the smaller rivers in the Province reached flood levels
equal to, or greater than the maximums ever recorded. The
St. Maurice River had a flow throughout the entire year in
excess of the requirements of the power plants. The amount
of water in the Gouin Reservoir, instead of decreasing as in
normal years, increased considerably during the Summer and
Fall months,
UNITED SECURITIES LIMITED.
Early in the year negotiations were undertaken looking
to the organization of a Company to acquire control of
Quebec-New England Hydro-Electric Corporation and Montreal Tramways & Power Company Limited. Eventually a
Company known as United Securities Limited was incorporated and this Company has now acquired all of the issued
shares of Quebec-New England Hydro-Electric Corporation
and about 90% of the issued shares of Montreal Tramways
Power
& Power Company Limited. Montreal Tramways &
of the issued shares of
Company Limited owns a majority
The
Montreal Tramways Company, carrying voting control.
Power Company has subscribed at par
Shawinigan Water &
FEB.281925.]
THE CHRONICLE
for 11,364 shares of the Preferred Stock and 11,364 shares
of the Common Stock of United Securities Limited, and has
paid for such shares in cash. Montreal Light, Heat & Power
Consolidated has subscribed for similar amounts of these
Preferred and Common Shares at the same price, and has
paid for the same in cash. The funds so obtained by United
Secur;ties Limited have been applied for the liquidation of
the outstanding liabilities of Quebec-New England HydroElectric Corporation and Montreal Tramways & Power Company Limited. By agreement entered into between United
Securities Limited and Montreal Light, Heat & Power Consolidated and The Shawinigan Water & Power Company,
the two latter companies have Jointly agreed that should
United Securities Limited have insufficient earnings properly available for the payment of quarterly dividends at the
rate of six per cent (6%) per annum on its Preferred Shares
of the issue referred to in such agreement, they will Jointly
and in equal amounts furnish United Securities Limited
with the funds necessau to pay such quarterly dividends.
The Shawinigan Water & Power Company has since sold its
entire holding of the Preferred Shares.
GENERAL.
•
The maintenance and repairs of the properties have always had the careful attention of the management, and
the
properties have been kept in an excellent condition. Year
by year this improvement evidences Itself In the more regular operation of the plants.
During the past year business throughout Canada in general has been at a low level. Owing, however, to the
strong
1105
position which the Company has gradually attained, in
economy of operation and in diversity in the power load, the
earnings of the Company have not only been maintained, but
improved. These factors will continue to be effective, and
as industrial and business conditions improve tile Company
cannot fall to show the resulting benefits in a marked way.
J. E. ALDRED, President.
Montreal, January 7 1925.
The President and Shareholders, The Shawinigan Water
& Power Company, Montreal.
Gentlemen,
We have examined the books and accounts of The Shawinigan Water & Power Company for the year ended December 31 1924 and have certified and attach hereto the following statements as at that date:
1—Balance Sheet.
2—Profit and Loss Account.
Cash in banks has been verif:ed by certificate from the
Cmnpany's Hankers. Satisfactory vouchers have been produced covering disbursements.
The Securities have been verified by inspection of scrip,
or. where they are held as collateral to loans, by satisfactory
certificate.
CERTIFICATE.
We have received all the information and explanations
we have required and we certify tlint, in our opinion, the
attached Statement of Condition is properly.drawn up so as
to exhibit a true and correct view of the affairs of The
Shawinigan Water & Power Company as at December 31
1924 according to the best of our information. the explanations given us, and as shown by the books of the Company.
Respectfully submitted.
SHARP, MILNE & CO., Chartered Accountants.
STATEMENT OF CONDITION DEC. 31 1924.
ASSETS.
Power Development
Real Estate and Praperty
Machinery
Transmission Lines
Moveable Plant and Equipment
Pun paid Charges
Securities el Su`Kidiary and other Companies
Accounts and Bills Receivable
Call Loans
Clash In Banks and on Hand
58.877.297 32
7.937.590 91
6.290.603 52
7,247.132 50
00.002 81
159.302 15
17.245.496 21
1,974.987 77
300.000 00
692.883 46
Capital Stock
LIABILITIES.
mortgage Bonds
57
1.,e.:•n: *. ionAs purchased and Bonds held by
a l
Trustee for Sinking Fund
5' First
$
92,000.000 00
55.000.000 00
1.262.000 00
Mortgage Sinking Fund 0; ;
s6 41;41 74
,
(
3,738400 00
67._ First Refunding MortFag°
Gold Bonds—Series "B'
Sinking Fund 5.334.000 00
a First Refunding Mortgage Sinking Fund
6.7
Clold Bonds—Series "0"
5.998.000 00
% First Refunding Mortgage Sinking 1.688.000 00
mt.
Fund Gold Bonds—Series"D"
51?
Lees: Bonds redeemed and cancelled by
Sinking Fund
519.020.000 00
511..500 00
18.508.500 00
Accounts Payable
512.637 72
Bond Interest and Dividend payable in January 1925
805.255 00
Employees' Pension Fund
55.000 00
Reserve and Sinking Funds
52.090.385 46
Contingent and Insurance Funds
292.670 34
Depredation and Renewal Reserve
2.962.879 20
Surplus (Subject to deduction for Income Tax)
449.968 93
5.79.5.903 93
551.415.296 65
$5141529665
Approved on behalf of the Directors,
JULIAN C. SMITH
W. S. HART, ' Directors
CHART SHOWING ANNUAL GROSS EARNINGS oF THE COMPANY
PROM 1904 TO
24
6
^
Audited and Verified,
January 7th 1925.
SHARPE, MILNE &
Chartered Accountants.
PROFIT AND LOSS ACCOUNT 1924.
Gross Earnings for year from all sources
55,741.070 36
Operating
5256.013 84
Power Purchased
1.343.185 20
Maintenance and Repairs
299.399 01
Taxes and Insurance
213.027 74
General Expense
Water Storage Rentals (Provincial Government) 191,18325
117.719 00
2.420.528 04
Balance brought down
$3.
Interest on 5% Consolidated Mortgage Bonds
00320.551 32
Interest on 5545' First Refunding Mortgage $250,000
Sinking Fund Gold Bonds—Series "A"
330.000 00
Interest on 6% 'First Refunding Mortgage
Sinking Fund Gold Bonds—Series"B"
Interest on 6% First Refunding Mortgage 310.620 00
Sinking Fund Gold Bonds—Series"0"
Interest on 5.s4% First Refunding Mortgage 347.823 87
Sinking Fund. Gold Bonds—Series"D"
36.208 34
Transferred to Depredation Reserve
Net Revenue
Balance from 1923 after adjustments
\MM.
1.274.652 21
52.045.899 11
350.000 00
1,15m,
$1,695,809 11
229.069 82
S1.924.968 93
Dividends for year
$1.400.000 00
Transferred to:
Reserve and Sinking Fund
50.000 00
Fire Insurance Reserve
20.000 00
Employees Pension Fund
5.000 00
Surplus (subject to deduction for Income Tax) 449.968 93
Distributed as follows:
$1,924,968 93
0
to Gs
— rst .4111 t.0 r— go
0
0 00 0
0
Zs
ISN
ivra
cs
tro
da in Cr% de de6 6's tta 6% 6a 6a Gaig Gs.trs
-1
[Vol.. 120.
THE CHRONICLE
1106
411k
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
-COFFEE
COTTON-SUGAR
-ETC.
-WOOL
-DRY GOODS
-METALS
-HIDES
PETROLEUM-RUBBER
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
ound in an earlier part of the paper immediately following the
editorial matter in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Feb. 27 1925.
COFFEE on the spot has been quiet but steady; No. 7
/
Rio, 213ic.; No.4 Santos, 263,4 to 27c.; fair to good Cucuta,
27 to 273.c.; Honda, 29 to 293/20.; Medellin, 30 to 303/20.
On the 24th inst. cost and freight offers were in small supply
owing to the holiday. Santos Bourbon washed, 2s. at
/
273,40. 3s at 25.60c., 3s-5s at 25 to 253/243., 4-s5s at 243 0.,
5s at 243/ic., 5s-6s at 26e., 75 at 22.850. Part Bourbon or
flat bean 2s-4s at 24.80 to 27.500., 2s-5s at 25 to 27c., 4s-5s
at 243o., 6s-79 at 22%c. Santos peaberry, 26c. Victoria
7s were here at 20.65c.; 7s-8s at 203ic. There were no offers
from Rio at that time. To-day trade was quiet on the spot
3
with No. 7 Rio quoted at 21% to 21 4c. and No. 4 Santos
at 263/4 to 27c. 'Futures were higher on the later deliveries
with March lagging behind and even lower. Brazilian
markets were closed on Tuesday for Mardi Gras. The
smallness of the offerings from Brazil was the chief source
of strength. Also there was less speculative pressure to
sell. Brazilian finances would be strengthened by the loan
of $35,000,000. Better finances would conduce to a better
state of business in Brazilian merchandise generally, coffee
of course included. Later there was a hitch in the bond
negotiations. Shorts covered in May and July early. As
usual there was considerable switching. Switches were
made from March to May at differences of 123 to 140 points,
March to July at 22c., September to December at 55, March
to September at 125 and May to September at 195. It is
emphasized daily that present prices are much below a
replacement cost. Shippers in Brazil are little disposed to
lower the demands. On the other hand, buyers are cautious.
And not a few suspect that Brazil has large quantities of
coffee which would be sold quickly enough under certain
conditions. But domestic stocks are believed to be down
to an unduly low level. It is said that plans of bankers to
'offer a new issue of $30,000,000 State of Sao Paulo, Brazil,
bonds for public subscription have been deferred. The
J. Henry Schroder banking firm of London was understood
to have headed the group of institutions negotiating for the
loan to be offered in London, New York and Amsterdam.
The accuracy of the report could not be confirmed here.
Officers of the institutions associated with the Schroder
interests said there was nothing for them to say. To-day
futures advanced. Santos cables were higher and shorts
covered. It was a small market, however, and not all of
the Brazilian advices were bullish. Rio declined 75 to 125
reis. Exchange on London was 1-22d. higher at 5 2-32d.
with the dollar rate unchanged at 8$960. Santos advanced
325 to 400 miss Final prices here show a rise for the week
of 30 to 43 points.
57r=.
.
=
32 Septe erir2
SDotunofrlclaL..2i c. May_19.31®19_I December-16.670 __18.2340 Mareh.......20.57©20.60 July
SUGAR -Prompt raws advanced to 2 15-16c 1o2 31-32c.
with large sales after some business here at 227-32 to 2 13-16c.
c.&f. Cuban interests bought futures. Europe bought in
Cuba. Sales were made at one time to Europe for MarchApril shipment at 14s. or 2 27-32c. c.&f. New York. Cuba
was reported to have sold to New York operators at 2.72c.
8
f.o.b., or 23/c. c.&f. New York. A better demand for
f.o.b. sugar was reported for March-April at 2.70 to 2.72c.
f.o.b. Refined was 6c. with a fair demand. Production in
Cuba is supposed to be near its peak. The receipts of nearly
219,000 tons last week made a new high record for this crop.
It is of interest to notice that exports, however, exceeded
140,000 tons. The exact Cuban figures are as follows:
Receipts, 218,080 tons against 214,001 in the previous week,
211,711 in the same week last year and 172,863 two years
ago; exports, 143,122 tons, against 142,003 in the previous
week, 149,402 in the same week last year and 141,950 two
years ago; stocks, 530,996 tons, against 456,038 in the previous week, 407,330 in the same week last year and 417,920
two years ago; centrals grinding, 177 against 173 in the previous week, 173 same week last year and 178 two years ago.
Receipts at Atlantic ports for the week ending Feb. 25 were
102,215 against 89,498 in the previous week, 120,206 in the
same week last year and 106,930 two years ago; meltings
for the week were 76,000 tons, against 67,000 in the previous
week,82,000 in the same week last year and 73,000 two years
ago; total stock, 105,873 tons, against 79,658 in the previous
week, 107,496 in the same week last year and 88,113 two
years ago.
It is pointed out that thus far this season Cuba has been
able to market its sugar practically as fast as produced despite the fact that it has now reached, as it appears, the
.
peak of output. Cuba must before long show an ebb tide
of production. If demand increases, the price, it is assumed,
will rise. Meanwhile March notices were stopped mostly
by the issuers. They had no effect. Wall St. and foreign
interests bought futures. Offerings were readily taken.
Shorts covered and prices advanced. Havana cabled that
the labor bill passed by the Senate recently has provoked
general protests from sugar mill owners. Havana cabled
that the stevedores at Cape Juan Claro through which port
the Chaparra and Delicias m Its of the Cuban-American
Sugar Refining Company ship their sugar, have declared a
strike. The men are affiliated with the union of the sugar
industry that asked recently for an increase in salary that
was not granted. The port is closely guarded by troops.
Laborers of the two centrals named aided the strike movement
by forcing both mills to stop grinding. Sugar futures were
much more active on Tuesday at higher prices. Some think
the market is over-sold. Support comes in on all setbacks.
Big offerings of raws for the past two months have failed to
break prices. That is called significant. The short side has
become less popular. It is not denied that a prime requisite
is a better demand for refined or something bullish about the
Cuban crop to put raws through 3 cents. The National
Sugar Refining Co. says that refined stocks over the country
have not been so low in years. Some contend that shipments from Cuba this year have not replenished depleted
stocks of granulated sugar. Good buying appears in the
raw market on all setbacks.
The "Planter and Sugar Manufacturer" says of the
Louisiana cane crop: "Ideal spring weather has prevailed
during the week. The planters are busily engaged in spring
planting and reports from the entire sugar district are that
the spring plant seed cane is in a better condition than it
has been for years. This should enable the planters to
economize greatly in their seed. With the excellent seed
cane which is reported, one stalk used in planting should give
perfect stand. This plan will require approximately two
tons of cane per acre against a normal planting of 23.
stalks, or about five tons of cane per acre, and if full advantage is taken of the excellent condition of the seed cane,
the area planted will be materially increased." On Thursday
fully 285,000 bags were sold. Of this amount upwards of
125,000 bags of Cuba,s and Porto Ricos sold to refiners and
operators at 2 15-16c. c. & f., or 4.71e. duty paid. Some
30,000 bags of Cuban raws sold at 2 31-32e., and it was
said that all told 150,000 bags had been purchased by various
New York refiners, mostly American and National, at
2 31-32c. Today the long-predicted 3c. was reached for
Cuba c. & f. Some 65,000 bags were sold at 3o. Refined
of late has been in better demand and to-day was quoted
at 5.90 to 6.10o. Prompt raws show a rise for the week
of 3-16o. and futures 12 to 17 points.
Spot unofficial _ 2 31-32c. May
I July
2.96©
March
3.050 -_ I September _3.350 --_ I December_ -3.39(0 --3.220
LARD on the spot was higher with futures and a fair
demand. Prime Western, 16.50 to 16.60o.; Middle Western,
16.25 to 16.35c.; city, 16 to 163/ic.; refined to Continent,
/
ie. Later in
4
16810.; South America, 173 0.; Brazil, 18 V
the week prime Western was stronger at 16.80 to 16.90e.;
refined to Continent, 174c.; South America, 18c., and
Brazil, 19e. Later there was a fair demand and the tone
was firmer. Prime Western was 16.750., with refined
Continent 17c. and South America and Brazil unchanged.
Futures advanced with hogs up to 12c.; heavy covering,
offerings small, all products up and expectations of a decrease in the receipts of all livestock. Future supplies, it is
feared, will be small. Lard advanced 48 to 53 points on the
24th inst., ribs 55 and dry salted bellies 35 to 40. Deliveries of lard on the 24th inst. were 100,000 lbs. There was
a decided falling off in hedge selling. Buying for long account was a feature. On Thursday came a rise of 12 to
15 points with hogs up to $12 20, a new high level. Receipts of hogs were small. The rise in grain helped lard.
Buying by commission houses offset selling by packers.
The Western hog receipts were 120,000 against 147,000 a
year ago. Pittsburgh wired: "Hogs reached their highest
price here since 1922, when prime heavies sold at 9312 75
to $12 80 at the Union Stock Yards. Heavy mixed hogs
brought $12 65 to $12 75 and mediums $12 60 to $12 65.
Pigs were up to $10 75 to $11 25." To-day prices were
lower, but for the week there is a rise of 80 to 83 points.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Sat.
Mon. Tues.
16.32
16.25
May delivery
cte_15.75
Holt- 16.60 • 16.65
July delivery
16.07
17.02
day. 16.92
September delivery_ _ -16.47
IN CHICAGO.
Thurs. Fri.
16.30
16.42
16.65
16.80
17.12 16.97
PORK quiet; mess, $40, nominal; family, $34 to $36; fat.
back pork, $35 to $39. Beef,inactive; mess, $17 to $18;
packet, $17 to $18; family, $20 to $22; extra India mess,
$32to $34; No.1 canned corned beef,$2 75; No.2,six pounds,
FEB.28.1925.]
THE CHRONICLE
$17 50; pickled tongues, $55 to $65, nominal. Cut meats
steady; pickled hams, 10 to 24 pounds, 173 to 223 c.;
4
4
pickled bellies, 6 to 12 pounds, 1634 to 20c. Butter, creamery, lower grades to high scoring, 3334 to 42c. Cheese,
flats, 21 to 26c. Eggs, fresh gathered, mediums to extras,
3034 to 36c.
-For linseed demand improved a little of late, but
OILS.
on the whole has been disappointing. Buyers are anticipating a decline in prices while on the other hand crushers
look for prices to go higher. Spot raw oil in carlots, cooperage basis, was held at $1 12; March-April, $1 13, and MayJune, $1 14. Boiled oil was quiet. Stocks are small.
Later on there was a sharp advance on the rapid rise in seed.
Leading crushers quoted $1 17 for spot, $1 18 to MarchApril and $1 19 for May-August. Consumption is large.
The demand has been small, however. Cocoanut oil,
Ceylon, barrels, 103c.i Cochin, barrels, 12c. Corn, crude,
4
tanks, mills, 9%c.; edible, 100-barrel lots, 133 to 143.c.
%
Olive,$1 25 to $1 30; Soya bean, crude, tanks, 113 c. Lard,
4
prime, 184c.; extra strained, New York, 1534c. Cod,
domestic, 60c.; Newfoundland, 62c. Spirits of turpentine,
94 to) 97c. Rosin, $8 20 to $10 60. Cottonseed oil sales
to-day, including switches, 36,700 P. Crude S. E. 934 bid.
Prices closed as follows:
Spot
10.75%
May
March ----10.75 ®10.801June
April
11.00 ®11.15 July
following the cleanup sales of big packer light native cows.
Some dealers would not offer free of grub buff weights at
1234c., but bids were mostly 12 to 1234c. Later in the week
Chicago's business incresaed at a decline of Mc. Heavy
native steers sold at 1534c., heavy Texas and butt branded
steers at 15c., light Texas and Colorado steers at 14c.,
heavy native cows at 1334e. Upper leather hides were
quiet; light native cows 1434c. Independent packer hides
were quiet at 14c. for natives and 1334c. for branded.
OCEAN FREIGHTS have been active in some directions.
Eight flour cargoes went to Russia late last week, partly
to London and Hamburg, March loading, on the Atlantic
range. There was a fair business at one time in sugar
tonnage. Later sugar business led in the latter cargo trading, the largest thus far this year. Later there was more
inquiry from the petroleum trade.
CHARTERS included sugar from Cuba to United Kingdom-Continent,
21s. 6d. March; coal from Hampton Roads to Plate, down $4 50, up $4 75
March; 2.722-ton steamer delivery north Hatteras round trip West Coast.
$110; sugar from Cuba to United Kingdom-Continent. 21s. 9d. March;
lumber from Gulf to four ports South Africa. 1518. 3d.; time charter. March
delivery Cuba, one trip, re-delivery Gulf, $1 40; sugar from Cuba to United
Kingdom-Continent, 22s. 6d. Feb.
-March; from San Domingo to United
Kingdom-Continent, 21s. gd. March; oil from Port Arthur to Brazil, 28c.;
option Plate, at 29c. March: one round trip in West Indies trade, prompt.
2.597
-ton steamer, Si 10; sugar from Santo Domingo to United KingdomContinent, 24s. 6d. March; crude oil from United States Gulf to north of
11.34§11.351August __ -11.82111.85 Hatteras, 30c. March; case oil from Port Arthur to east coast of South
11.45 11.54 September 11.89 11.90 America, 27c. March; lumber from Gulf to Plate, pitch pine, 150s. March:
11.70 11.71 October _ --11.60 11.65 grain. 30.000 qrs. 10%,from Atlantic range to west Italy. including Sicily.
19c.; from West St.
1-20;
firm. Export demand is rather Kingdom-Continent, John, 20c. March off onsugar from Cuba to United
21s. 3d., with 3d.
direct orders March.
PETROLEUM has been
disappointing, but the movement into domestic channels
and against old contracts is rather large for this season of
the year. Later a better export inquiry was reported.
French buyers were said to be making inquiries and a cargo
of 56,000 barrels was reported to have been sold to a Paris
concern, for March shipment from the Gulf. An inquiry
from the United Kingdom for a mixed cargo of gasoline and
kerosene was also reported, but bids were said to be Mc.
under the market. Kerosene has been in fair demand and
for a time steady. Water white in tanks, cars, delivered
to local trade was quoted at 834c. to 9c. and Gulf prime
634c., and water at 73ic. for ezport. Stocks are small.
Gas and bunker oil have been in good demand and steady.
Bunker oil was quoted at $1 80 for grade C in bulk at refineries. The Tidewater Oil Co. advanced Diesel oil on the
24th inst. from $2 10 to $2 52 per barrel refinery. Another
important interest was reported to be quoting $2 70. Later
on kerosene became easier and water white was reported
available at 7c. at Marcus Hook. Stocks are large and the
demand is no v falling off. In the South Liberty oil field in
Texas the third producer was completed, flowing 900 barrels
a day. The daily production from three wells in this field
is 1,925 barrels. The output of the Wortham pool is still
about 70,000 barrels a day. Gas oil became more active
later on. Prices were 6),1 to 6%c. for 36-40 and 6c.. for
28-34. The Gulf market was steady. New York prices:
Gasoline, cases, cargo lots, U. S. Navy specifications,
30.15c.; bulk, 16c. Export naphtha, cargo lots, 18.75c.;
62-63 deg., 20c.; 66-68 deg., 21.50c. Kerosene, cargo lots,
cases, 16.90c. Petroleum, refined, tank wagon to store,
19c. Motor gasoline, garages (steel barrels), 21c.
Pennsylvania
$3.75 Bradford$2.12
$3.85 Illinois
Corning
2.50 Corsicana,light_ - 2.00 Crichton
1.70
Cabell
2.45 Lima1.65
2.33 Plymouth
Somerset, light- 2.75 Indiana
2.13 Mesta
2.00
Wyoming
2.00 Princeton
2.12 Calif.,35 & above_ 1.85
Smackover,28 deg. 1.60 Canadian2.00
2.73 Gulf, coastal
Powell
2.00 Wortham
2.00 Richland
2.00
Oklahoma, Kansas and Texas
Mid-Continent
Under 28 Mag.aolla
$1.00
Below 30 deg
$1.35
31-32.9
1.55
30-32.9
1.55
39 and above
2.25
33-35.9
1.80
Below 30 Texas Co
1.35
36 and above
2.00
33-35.9
1.80 Caddo
42 and above
2.35
Below 32 deg
1.70
32-34.9
1.85
38 and above
2.05
RUBBER early in the week advanced slightly in response
, to higher London cables. Business was quiet, however.
Ribbed smoked sheets spot sold at 37c.. March, 36%c.;
April-June, 36%0. and July-September, 35%0. Another
factor that helped support the market was the bidding by
importers to protect their holdings. Other grades of rubber
were also inactive. Later a somewhat better business was
reported and prices were firmer. Ribbed smoked sheets
sold at 37e. for spot, 3675c. for March; 3634c. for April/
June, 360. for July-September and 3634c. for OctoberDecember. First late crepe February-March was quoted at
4
373 0. and April-June at 3734c. Paras were quiet. London of late has been steady at 18d. buyers but trading was
quiet.
HIDES have been quiet and prices for country weak.
River Plate was steady but quiet. But light native cows
finally became active in the big packer hide market and
some 50,000 February sold at 1434c. Other descriptions
were quiet but with stocksgenerally well sold up. Independent packer hides were in demand; sales by three concerns of February all weight native cows and steers at 14c.
Branded stocks, 1314c. Some outside lots running to slightly
poorer take-off also sold at 13c. Later Chicago big packer
hides became quiet with native cows 1434c. Spready native
steers were active at 17 to 1734c., depending on take-off,
Independent packer stocks continued active at 14c. locally
4
and 1334 to 133 c. outside, according to freight rate and
quality. Skins were quiet at 2634 to 27c. for the January
calfskins still available. Country hides were rather steadier,
1107
TOBACCO has, as a rule, been quiet and steady. There
is no vim in the trading. Buyers are leisurely supplying
their wants. Now and then there is a fair inviry, but
actual business, however, is of very modest proportions. A
certain interest is shown in the fact that the first Sumatra
sale in Holland will take place on March 6. The Connecticut Tool recently fixed its prices on 1923 broad leaf
medium tops and dark wrappers. But taking the tobacco
trade as a whole, it is without features of special interest at
this time. It is stated that more than a third of the 1924
Connecticut Valley tobacco crop was destroyed by hail
storms and drought, according to the New England Crop
Reporting Service. Of 15,218 acres planted to Havana,
3,290 were hail-damaged to the extent of from 1 to 40%.
Districts 3 and 4 of the Connecticut Valley Tobacco Growers'
Association, having been informed that the blanket insurance
of last year are not anxious to renew their policy for 1925,
have voted unanimously to insure with the Hartford Mutual
Hail Association at a cost of $24 per acre. The United States
Department of agriculture estimated the Maryland 1924
tobacco crop at 21,420,000 lbs. Indications are that the
marketable volume will approach that from the 1923 crop.
Baltimore receipts in 1924 of 1923 grown tobacco totaled
20,885,000 lbs., accozding to the announcement of the
Leaf Tobacco Association of Baltimore. Sales agents have
reported sales of 20,078,000 lbs. of 1923 crop tobacco, at an
average price of 27 to 27.7c. a pound approximately.
bt,COAL.=BIE-uninous has 173 77fuiet and some West Vir(
ginia mines have been closed. Supplies at Hampton Roads
are burdensome. At New York piers they were 22.67 cars
on Wednesday. Hampton Roads on Feb. 24 had 405,200
tons standing and ships waiting for 34,000. Mild weather
has kept anthracite trade quiet. Prices of neither soft or
hard coal are considered very steady, but curtailment of
output may help to brace the soft coal pricelist. Meanwhile,
the output of beehive coke in the week ended Feb. 14 did
not equal that of the preceding week. The total estimated
output is now 264,000 net tons, a decrease of 12,000 tons.
The largest falling off was in Pennsylvania and West Virginia. Output in the group of our Southern States was
greatly bettered. According to the Connellsville "Courier," production in the Connellsville region dropped back to
193,890 tons, owing to a curtailment in running time at
many ovens and a reduction of 133 in the number of ovens
in blast. Bituminous coal operators of Ohio, Indiana, Illinois and western Pennsylvania who participated in the Jacksonville conference with United Mine Workers' officials a
year ago, resulting in a three-year wage contract, will meet in
Cleveland March 6 to discuss a lower rate of wages during
the remaining two years of the contract. Pittsburgh coal
operators will meet March 3 to decide whether they will join
the conference. One large producer in the Pittsburgh district is operating only 19 of its 76 mines. British coal output is smaller and prices weaker.
COPPER began the week with a better inquiry for May
and June shipment. The minimum price for this delivery
seemed to be 143 e. Export prices were higher. Bids
4
were made at 14.650. f.a.s. New York. Prices in London
were also tending upward. Later on inquiries fell off and
the tone was slightly easier. However, the price was considered as 143 to 14%o. Lake District reports say that
%
February shipments will probably be larger than production.
The better conditions in the automobile and radio fields
have resulted in a larger demand from Chicago and Detroit.
New England, however, has taken very little and export
business lags. Yet Lake producers expect a better business
with Germany before long. Inquiries up to the 25th inst.
were estimated at about 6,000,000 lbs., but very little actual
business resulted. Late in the week it was reported that
the American Steel & Wire Co. had bought alarge quantity
%
of copper at 145 c. Much of the buying recently has been
1108
(VOL. 120.
THE CHRONICLE
by brass companies in the Connecticut Valley and has been
largely for April shipment. Most producers were asking
4
143 c. however. Standard copper in London on the 26th
inst. declined 10s. to £64 10s. for spot and £65 7s. 6d for
futures. Spot electrolytic fell 10s. to £69 10s., futures declining 6s. to £70.
TIN has been steady but quiet. Spot Straits was quoted
at 57c. It was said, however, that this price might have
been shaded a little on a frm bid. Straits shipments in
February are expected to total 7500 for February, which is
larger than previous estimates. Late in the week prices
dropped to 56 8c. for Straits prompt and 57c. for futures.
London was lower. So was sterling exchange. Recently
Far Eastern sales have been larger. On the 26th inst. they
were 275 tons. In London the sales too are considered fair.
LEAD has been quiet with very little change in prices.
The American Smelting & Refining Co. was still quoting
4
,
93 c. New York and in the outside market 93'c. was asked
and 8%c.for East St. Louis. In London prices were tending
upward. Lead ore prices were quoted at $125 to $140.
Some bids, however, were as low as $117 50. The price
of 93 1c. was still Rooted late in the week by the leading refiner. Outside prices, however, were easier, i. e., New York,
9 to 9.25c.;East St. Louis,8.85 to 8.90c.
ZINC like other metals has been quiet and easier. Western slab zinc was quoted at 7.55c. East St. Louis. At New
York the price was 7.90c. Zinc ore sold at $54 to $55 per
ton in the Tri-State district. There was a good demand
reported for galvanized sheets. Later on there was a drop
of $1 to 7.50c. East St. Louis and 7.80 to 7.85c. New York.
STEEL has been firm and according to some reports in
better demand. Auto people are buying rather more
freely. The Ford Co. is operating six days a week instead
of five. Tractor companies are said to be running at 100%.
Agricultural implement concerns are producing at the
largest rate seen for some years past. Railroads have
been buying rails on fair scale and also locomotives; also a
certain amount of cars and tie plates. Structural steel to
the amount of 40,000 tons has been sold. Production is
large and yet stocks, it is said, do not accumulate. That
is, of course, a good sign. In the Pittsburgh district the
output is at 85% and at Chicago at nearly 100%. Eastern
mills are mere ready to take forward business at present
prices. That seems to be a fact beyond question. Meanwhile, galvanized sheets are active. Jobbers recently
advanced prices of bolts, nuts, &c. Quotations of bolts,
screws, nuts, rivets, &c. are closer to the list than they
'
were recently. Yet Pittsburgh reports that some of the
mills there need business to prevent a further decrease fa
output. Yet others there are said to be able to produce
quite close to the maximum rate of January for two months
to come. In general, Pittsburgh talk is somewhat less optimistic. The truth is that the steel market is more or less
"spotted." While the West is doing the best business, and
the East in some cases is doing better than recently, there is
much room for improvement.
PIG IRON has been dull and none too steady. Foreign
competition is still telling. Some 13,000 tons have latterly
been imported from England, Germany and India. Nominal
quotations are $23 to $23 50 for Eastern Pennsylvania and
$22 50 to $23 for Buffalo. But the market is in a state of
inertia. Business is for the most part confined to small
lots. The supply of prompt iron is plentiful. Buyers
aware of this are biding their time. They purchase only
as their immediate needs dictate. It is surmised if there
should be an increase in production some decline in prices
might be made in order to stimulate business. But this is
only a surmise and is mentioned as such. The outstanding
fact is that the pig iron business is dull and the tendency.
so far as present appearances go, would seem to be towards
lower rather than higher prices. Philadelphia reports dedare that 4,000 tons, presumably in small lots, sold at
$23 50 for No. 2 plain and $24 50 for No. 2 X. Cast iron
pipe is in some demand, but France may get the orders.
New York City authorities want 8,000 tons and are looking
into a French offer.
WOOL has been quiet and still more or less depressed.
Woolen goods are dull and the mills buy cautiously as opening prices were unsatisfactory. Recent Australian prices
seemed to be steadier, however.
4
,
69c.:; blood. 67 to
69c.:
Ohio and Pennsylvania fine delaine here, 68 to
blood,67 to 69c.; 3i blood.67 to 69e. Territory, clean basis,fine staple.
Texas. clean
50 to Si
$1 60 to 51 65; fine medium. French combing. Si months, 55:45 to Si 50.
Si
basis, fine 12 months. Si 66 to $1 68; fine 10
Pulled, scoured basis, A super, Si 45 to 51 50; B super, 51 25 to Si 30.
Domestic, mohair, best combing, 85 to 90c. Foreign clothing wools,
Australian, clean basis. in bond, 64-70s. combing, $1 50 to 51 55: 6470s.
carding. 51 35 to 51 40.
Boston prices are lower than recently. Quotations have
been nominally:
Ohio and Pennsylvania delaine unwashed, 65 to 66c.; 34 blood combing,
83 to 64c. Michigan and New York,delaine unwashed,63 to 64c.; 54 blood
unwashed, 62 to 63c. Wisconsin, Missouri and average New England
34 blood, 64 to 65c.• 54 blood. 66 to 67c. Scoured basis: Texas fine 12
months (selected). 11 65 to Si 70: California Northern. El 60 to Si 62;
Middle County.51 40 to $1 45: Southern,$1 35 to $1 40. Oregon. Eastern,
No. I staple, SI 60;fine and fine medium combing,$1 50: Eastern clothing,
Si 45. Territory. Montana and similar; fine staple choice. Si 60 to Si 65;
34 blood combing,51 45 to $1 50; pulled. delaine,$1 68 to Si 70: AA,81 65:
A supers, 51 40 to $1 45; mohair, best combing, 85 to 90c.: best carding,
75 to 80c.
against 29,731,000 for the same period last year. The
receipts from Jan. 1 1925 to Feb. 19 1925, inclusive, were
56,660,800 lbs., against 45,281,800 lbs. for the same period
in 1924.
At Nap;er on Feb. 19 20,000 bales offered and 16.000 sold;
tone steadier; demand good from England and the Continent.
Prices on crossbreds compared with last Napier sales follow,
declines registering 15 to 25% in a month:
59-56s.. Feb. 19. 20d. to 29d.: Jan. 14, 30d. to 3314d.: 45-50s., Feb. 19.
21d. to 27d.; Jan. 14, 2534 to 29(1.; 46-48s. Feb. 10. 1634d. to 25d.: Jan.
14, 22d. to 20d.; 44-4119.. Feb. 19. 17d. to 2334d.: Jan. 14, 2034 to 25d.;
'
40-44s., Feb. 19, 16d. to 22d.; Jan. 14. 21d. to 24d.; 35-403., Feb. 19.
1534d. to 1734d.; Jan. 14, 1934 to 2234d.
At Melbourne, advices of Feb. 20 indicated that most good
wools were withdrawn in a dull market. At the Sydney
sale on Feb. 20 prices were rather firmer; at Napier on the
18th inst. some of the better grades were slightly higher;
other fairly steady. The wool trade at home and abroad
has not on the whole been in good shape. High prices and
possibly something like a clothing buyers strike have hit it
hard whatever the justification for present costs.
At Wellington, N.Z.,on Feb.23,25,000 bales were offered
and 20,000 sold. Selection of crossbreds on sale was fair
but merinos were poor. English and Continental interests
bought to a fair extent. Americans took little.
Prices for merinos super quality were 26d. to 23d., wi.h the average 24
to 2534d. Tone firm. Crossbreds sold as fIllows: 56-588., 2331 to 29d.;
51-56s., 296. to 2214d.: 48-50s.. 19d. to 2454d.: 46-45
/1- 18d• to 24d4
44-46s., 1634d. to 2234(1.; 40-44s., 1634cl. to 20d., and 35-40s., 1534 to'
18%d.'
At Liverpool on Feb. 25 offerings at the wool sales included
2,514 bales River Plate, 2,900 bales Peruvian, 600 bales
Chilean and 900 bales sundries. Attendance was good but
only 1,000 bales Plates were sold. Fine wools were 10 to
15% below January price levels. Coarse grades fell 10%.
Other stocks were dull and mostly withdrawn.
In London on Feb. 20 the Wool Brokers' Association, discussing the recent action of the Australian Wool Selling
Brokers' Association in cancelling or postponing important
scheduled auction sales, agreed that the Australian course
would have no marked effect in London. Sales schedules to
take place in England will not be cancelled or postponed.
The London Colonial wool sales will open March 10. Australia's plan to withhold wool will prove futile as a measure
to bolster up the market the London trade believes. There
is enough wool in England for conservative needs. Australia will be allowed to hold the bag, pay storage charges,
save money for London, &c., to the top of its bent. It will
be no very edifying role. Australia is carrying a goodly portion of the clip. It is considered no time to kick against the
pricks. The Australians, it is believed, will not hold together; some will break away; it will be expensive sticking to
two facts emerge.
the new Australian program.
Meantime,
London is inclined to expect better prices for crossbreds, but
Bradford looks for lower prices, as Australia is afraid to face
the market. Both London and Bradford are dull. At•
Bradford merino tops continued to decline last week, partly,
it is hinted, under financial pressure.
London cabled February 26th: "Cable despatches from.
Australia state that the two-day wool sale which was to have
been held in Brisbane within the next few days has been
postponed until March 31-April 1. The total of Australian
wool exports for the seven months ended January 31st last
is officially reported at 1,118,000 bales, against 1,029,000'
hales for the same period a year ago. New Zealand's wool •
exports for the same period totaled 229,000 bales comparing
similarly with 248,000 bales or a decline compared with
the same period a year previously of 19.000 hales. The
American wool clip for 1924 was 238,530.000 lbs. of fleece
wool and 93,800,000 of pulled wool according to estimates
made on Feb. 24th by the Department of Agriculture based
on revised estimates of the number of sheep at the beginning of 1924. The clip in 1923 was 224,330,000 lbs. of fleece •
wool and 42,500,000 lbs. of pulled wool:
COTTON
Friday Night, Feb. 27 1925.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the•
week ending this evening the total receipts have reached
159,418 bales, against 167,066 bales last week and 204,982
bales the previous week, making the total receipts since •
Aug. 1 1924 7,750,349 bales, against 5,690,345 bales for the•
same period of 1923-24, showing an increase since Aug. 1
1924 of 1,060,004 bales.
Receipts atGalveston
Texas City
Houston
New Orleans__.,
Mobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Tntala fhle aroalr
Sat.
4,647
3.555
25
2,381
987
193
1,889
Mon.
Tura.
4,803 23,881
296
16.995
5,156 4,477
144
'752
---...
453
--_
466
168
2.619
1,562
228
2.669
104
--_-
IA IA')
In 79A
K.2 KOO
Wed.
8.946
300
1.090
336
90(1
4.872
1.530
183
2.'78.3
1.330
Thurs.
Fri.
Total.
8.399 5,951 56.627
_ _706
110
.
2.757 11.51§ 32.644
6,815 9.499 29.838
927 1.497 4,245
105
105
.1706 2,104 13.596
1916 6,420
1.425
784 2.175
334
1.159 1.557 10.057
104
2,114
_
150
fi'i
787
----
no nnn °KM.,
. 'KO Ala
•
.
following table shows the week's total receipts, the •
The
The rail and water shipments of wool from Boston from total since Aug. 1 1924 and stocks to-night, compared with k
Jan. 1 1925 to Feb. 19 1925, inclusive, were 27,725,000 lbs., last year.
no o,n
FEB.28 1925.]
THE CHRONICLE
1109
Speculation in cotton for future delivery has latterly at
times been more active. On Wednesday it perceptibly broadened and prices advanced. A thing that electrified the mar1925.
1924.
ket was the prompt stopping of the March notices on TuesGalveston
56,627 3,298.967 20,701 2,618,285 473,834 261,692
706
62.126
Texas Cltj
18.606
18,935
69 day for nearly 150,000 bales. Some of the prominent issuers
32.644 1,418.918 '9.249 948,099
Houston
of the notices took them back. But it is understood that exPort Arthur, &c......
29,838 1,602.191 21,738 1,034.654 310.671 170.141 porters stopped some 25,000 bales or more. One report was
New Orleans
Gulfport
that South Carolina and Japanese interests unexpectedly ac4,245 127.188 1,382
Mobile
46.438
12,253
9,840
cepted delivery of 30,000 to 50,000 bales. New England was
105
9,320
Pensacola
10.425
Jacksonville
2.960
862
3.598
2,583 a big buyer. March was in sharp demand. At one time on
Savannah
13,596 528,485 7.600 323.530
60,204
54.593 Tuesday
it was as much as 40 points below May. That was
Brunswick
539
130
880
455
Charleston
6.420 203,214 2.464 159,275
49,871
29,855 the largest discount seen for months. Yet on that day it
Georgetown
under May. On Wednesday the gap
Wilmington
2,175 108,617
550 111.453 ' 34,276
20,238 closed at only 30 points
Norfolk
10,057 317.682 4.038 361,812
98,169
76.990 between the two months was shortened to 26 points under the
N'port News, Stc_
demand for March. It was not freely
New York
104
20.220
6.887 222,611 156,864 pressure of a keen
Boston
2,114
27.779
864
24,199
1.955
5.690 offered. Another thing that stirred up the market was a
Baltimore
787
21,165
672
21,031
1.325
2.157 report from Washington that Senators were agitating the
Philadelphia
978 . 80
1.173
3.326
3.827
question of the reclassification of the New York stock.
Totals
159.4187.750349 69.33g 5.600 R45 1.200.422 704 004 Washington rumors took the ground that a good deal of it
In order that comparison may be made with other years, was three-quarters of an inch staple. The law requires seveneighths of an inch for delivery on contract. Some of the
we give below the totals at leading ports for six seasons:
members of the trade here think that not more than 1% of
Receipts at— 1924-25. 1923-24. 1922-23. 1921-22 1920-21. 1919-20. the stock here is short of the legal staple., Another view
was that about 15 to 20% would be nearer the mark. That
Galveston_ _ _ 56.627
25,105
20.701
53.934
40.669
39.194
Houston, Sze32,'44
9.249
15.796 would be in the neighborhood of 30.000 to 40.000 bales. Some
6.327
472
24,129
New Orleans2
0,83
, 21,738
26.376
31.013 declared, in other words, that 30,000 to 40.000 bales of the
19,849
17.563
Mobile
4.245
135
1,382
2.378
414
2.673
Savannah ___ _
13.59
7.600
17.991 stock here ought not to be incorporated in the New York
8.108
10,452
13.734
Brunswick _
2.500 total. There is sharp talk in Washington about the dis965
Charleston_..
6.420
3.034
2,464
533
2,310
1.184
Wilmington.
2,17'
,
2.422
550
759
274 count current in New York prices as compared with the
1.149
Norfolk
10,057
2,894
4,038
6.795
4.424 South. It has been unprofitable to bring cotton here, New
4.466
N'port N., dm.
39
37
All others_ _ _ _
3.816
4.123
1.616
2.604
4.544
2.790 York was so much below the party of the South. The New
York stock has steadily increased for some time past. The
Total this wk_ 159.418
69,338
96.326
86.817
88.116 133.449 question
asked and heard is Why? It was called good cotSince Aug.1 7.731.340 c.ston 345 a001 nn a too Ova d d7d 'lac e dA7 7dA ton, yet it did not sell. Senators in Washington, it is underThe exports for the week ending this evening reach a total stood. assert that it was kept here for the purpose of deof 117,802 bales, of which 34,293 were to Great Britain, 449 pressing prices. This does not seem at all clear. One story,
to France, 51 025 to Germany, 12,545 to Italy, 10,830 to however, is that New York inspectors classified some of the
Japan and China, and 8,660 to other destinations. In the cotton as three-quarters of an inch and the Agricultural Bucorresponding week last year total exports were 85,165 bales. reau passed it as seven-eighths of an Inch. Tile conflicting
For the season to date aggregate exports have been 6,017,188 views on this matter may cause considerable contention. It
bales, against 4,172,870 bales in the same period of the pre- Is certain, however, that the New York Cotton Exchange will
do the right thing in the premises; that if any mistake has
vious season. Below are the exports for the week.
been made it will be corrected, and that none will be more
Exported to—
Week Ended
ready to see the correction made than the cotton merchants
Feb. 27 1925.
Great
GerJapan&
of .New York. who are as solicitous for the high standing of
Exports from— Britain. France. many.
Russia. China. Other. Total.
New York as a cotton market as anybody anywhere could be.
Galveston
10.830 2.559 36.981 But after all, the matter is a side issue. The main thing is
17.324 6,268
Houston
3.748 32.644
14.559
200 11,494 2.643
New Orleans_
1.751 19,876 the big demand for consumption. Talk grows more confi15,341
2,784
558 dent that the exports will approximate or equal 8,000.000
Mobile
558
105
Pensacola
105
106 17,498 bales, and that the home consumption will be fully 6,000,000
Savannah
17,392
g 400 3,300 bales. This means that there is the possibility of another
Norfolk
2,900
73 4.967
New York
850
2,543
249 1.252
23 small carry-over on July 31.
23
Philadelphia_
300
Los Angeles_ _ _ _
300
Meantime the drought in Texas has continued. Dallas
1,550
Ban Diego
1,550
had an inch of rain over the holidays, and in parts of northTotal
10,830 8,660 117,802 ern Texas there have been moderate rains or sprinkles. The
34,293
449 51.025 12,545
Total 1924
11.725 8.556 85,165 trouble is that the drought has not been effectually broken,
7,296
1,375 47.143 9.070
Total 1923
5 154 9.437 13.531
32.366 6.045 107,854 or anything like it. Oklahoma also needs rain. In fact,
8.271
everywhere throughout the Southwest the soil would be betFrom
'Exported to—
ter for rain. Corroborative evidence of the need of rains
Aug.1 192410
Feb. 27 1925. Great I
Japan&
Gerthere comes from the grain trade, people who are not interExportsfrom- Britain. 'France. many. Italy. Russia. China. Other.I Total.
ested in the cotton business. They report that the SouthGalveston... 653,993 336,668 468,743 196,075 32.250 278.830319.818 2,276,377 west emphatically needs rain.
East of the Mississippi
Houston.... 471.204 262,589 313.283 117,911 27,500 85.701 114.111 1,392,299
Texas City..
16,794 River the rains have been too heavy during the winter. It
8,760__
8.034
_
New Orleans 409,141 64,20 150.747 115:15 27- E58 102.337 85:336 955,165 is not denied that there is still time for Texas to get the
9
0
,
Mobile
32,643
56,710
1,000
500 22,552
15
needed rains. But the whole State would be in better shape
Jacksonville.
1,136
60
1,196
Pensacola...
6,336
490
225
-7158
7,756 for a good sub-soil moisture at once. Texas notoriously deSavannah... 147,800 7,089 173,498 3:697
13,233 9,378 354,662 pends on good winter and spring rains for the summer crop
Charleston_
69,273
216 44,448
13,000 6.692 133,629
_
Wilmington _
23.066
___ 30,400 9,800
63,266 of cotton. Yet its rainfall in the summer is apt to be defiNorfolk
33 87
, 575,513
-Soo 162,488 cient. The world needs another good crop of cotton in this
2:333
.._
New York
135,447 32,64 84,478 32:700
0
3,642 46.244 335.151
Boston
4,226
-_-_
4,136
55
8,417 ?country. -Neither the Egyptian nor East Indian crop was
Baltimore_
50
50 as large as could have been desired. East Indian mills are
Philadelphia.
2,529
114
131
-333
--Lo
3,409
Los Angeles.
34.763
400
13,623
11
48.797 using more of the East Indian raw cotton, It is said, than in
San Diego_
20.814
____
21,414 recent years. The mills there are said to be supplying 50%
600
San Fran_
104,498
104,498
Seattle
115
74,995
75,110 of the home demand for cloths. That is more than usual.
mills there use
2 105,006 704,985 1372587 475,398 77,345 692,726 589,161 6,017.188 Of course, the more Indian raw cotton the
Total
the less India has to export. That tends to increase the
Total '23-'24 1,443.419 580,840 880.657 386,401 9,958 457,757 433.838 4.17M
tension in Europe. The shortage of the higher grades of
Total '22-'23 1 171 9e11 507 111 405 957 .
154 449
900 407 104 471 444 1 5
4
NuTe...—Axperts to Catutaa.-1t, has never peen our pragAbe to include in the Egyptian cotton is well known. It was reflected in a recent
above table exports of cotton to Canada, the reason being that virtua ly all the violent advance. Recently, to be sure, there was a very
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 severe break in Egyptian cotton in Liverpool and Alexandria,
on the Canadian border are always very slow In coming to hand. In view, however, but earlier in the present week there was some recovery in
of the numerous inquiries we are receiving regarding the matter, we will say that
Liverpool. Meanwhile American cotton is regarded as relafor the month of January the exports to the Dominion the present season have
been 20,596 bales. In the corresponding month of the preceding season the exports tively the cheapest in the world. Considering the staple, it
16,787 bales. For the six months endihg Jan. 31 1925 there were 115.160 's declared to be
were
much cheaper than East Indian or Brabales exported,as against 91,866 bales for the corresponding six months of 1923-24.
zilian cotton. That fact helps the sale of yarns in Europe
In addition to above exports, our telegrams to-night also
made from American cotton. Egyptian cotton which in forgive us the following amounts of cotton on shipboard, not mer years was about 10c.
above American cotton has this
cleared, at the ports named.
year been some 40 to 50c. above American. That single fact
On Shipboard, Not Cleared jor—
Is eloquent of the acute pressure on the Egyptian market,
Great
Gerespecially for Sakellaridis. The costliness of Egyptian cotOther
CoastLeaving
at— Britain. France. many. ConVnt wise. Total. Stock.
Ab. 27
ton and the cheapness of American as compared with other
Galveston
23.127 18.300 11,000 34,600 8,500 95.527 378.307 growths, together with the fact that fore'gn stocks have be5,913 4,537 7.730 18,334
822 37.336 273,335 come much depleted, undoubtedly account for the sudden
New Orleans
Savannah
9,000
5,000
400 14.400
45.804
Charleston
954
954
48.917 increase in American exports this season. They are above
400
8,300
Mobile
500 9,200
3,053 the 6000.000-bale mark. Roughly speaking, they are some
Norfolk
98.169
4,000 1,000 2.000 3.000
500 10,500 272.920 275,000 bales larger than for all last season and some 1,300,Other ports•
000 larger than the total for the entire season two years ago.
42.440 23.837 25,730 64,234 11.676 167.917 1,120.505
Total 1925
Total 1924 _ _ 20.417 10,104 27,176 40,006 7.318 105.021 689.973 Meanwhile Manchester's business with India is said to be
Total 1923.. 18.024 4.053 8.524 47.678 9.401. 57.630 633 903 better. Worth Street prices have advanced on a very fair
business. Fall River, moreover, is said to have a fair trade.
•Estimated.
1924-1925.
Receipts to
Jan. 23.
1923-1924.
This Since Aug This Since Aug
Week. 11924. Week. 11923.
Stock.
1110
T-FrE CHRONICLE
[VOL. 120.
On the other hand, it is partly a shifting weather market.
Spot
SALES.
Futures
Cotton could decline sharply with the coming of good rains
Market
Market
Closed
Closed
Spot. Contr't. Total.
in Texas. They may occur at any time. The South is disposed to sell on the upturns. There has been more or less Saturday.___ Quiet, unchanged... Steady
Monday __HOLIDAY
hedge selling. On the rallies a good many have taken prof- Tuesday _
Steady, 30 pts. adv.. Steady
its. They have come to distrust cotton and its advances. Wednesday- Steady, 55 pts. adv. Strong
Thursday
They have not hitherto held. And taking the textile in- Friday _ _ Quiet, unchanged__ Barely steady
Steady, unchanged _ Steady
dustry in this country as a whole, it is not in satisfactory
Total_ -- _
Nil
shape. Short time will be introduced, it is stated, in some
Nil
!Nil
of the yarn mills in North Carolina. There is nothing like
FUTURES.
-The highest, lowest and closing prices at
activity in Fall River. The sales for the week there were
only 60,000 pieces. Worth Street is now 'quieter. Though New York for the past week have been as follows:
Manchester's trade is better, there is plenty of room for imSaturday, Monday, Tuesday, Wednesday, Thursday.
Friday,
provement. Some of the mills outside of the regular assoFeb. 21.
Feb. 23.
Feb. 24.
Feb. 25.
Feb. 27.
Feb. 26.
ciation have come into the 35-hour-a-week plan among the
March
mills using American cotton. The spot demand in Liverpool
Range,._ 24.22-24.37
24.18-24.56 24.65-25.12 24.98-25.38 24.93-25.16
has latterly fallen off. Some are asking whether Europe
Closing _ 24.26-24.28
24.5525.09-25.12 25.06-25.10 25.07-25.10
will go on buying freely if food remains high. In Paris the April
Range._ - - - -- - -- - signs are up in the subways,"Do not waste bread." Some of
Closing. 24.4424.70 -25.22 -25.20- 5.20 ---2the industrial reports from Russia are not at all favorable. May
Range__ 24.61-24.74
24.65-24.99 24.95-25.40 25.26-25.65 25.18-25.46
That, of course, is not surprising, although not a few had
Closing. 24.63-24.66
24.85-24.87 25.35-25.40 25.35-25.36 25.33-25.35
got the idea that in some way or other industry was getting June
Range..- - --- -- - on its feet in the old Muscovite Empire. Finally, there is
Closing. 24.7524.97 -25.50 -25.4625.45 -still time to raise another good-sized crop in this country. July
Range._ 24.83-24.97
24.99-25.16 25.22-25.70 25.53-25.88 25.44-25.69
If Texas should get the needed rains and the Eastern belt the
Closing. 24.87-24.89 HOLI- 25.10 25.12 25.85-25.70
28.57-25.82 26.58-25.60
requisite dry weather for a time, crop preparations would August
DAY
Range... _
- -25.24-25.40 25.56-25.58
undoubtedly be pushed. In parts of Texas planting is alClosing. 24.7724.98 -25.4525.30- 5.20 ---2ready going on. And some believe that whatever may be Sept.
Range__ - - - - -- - 25.24,25.24
said to the contrary, Texas will increase its acreage.
Closing. 24.8725.08 -25.60 -25.4025.24 ---On Thursday prices at one time were noticeably higher October
Range __ 24.67-24.82
24.75-24.97 25.01-25.45 25.20-25.61 24.98-25.32
on the old crop, but the next crop months were weakened by
Closing _ 24.67-24.70
24.88-24.92 25.40-25.45 25.20-25.22 25.04-25.06
predictions of rains and rumors of showers here and there Nov.
Range._ - - - In Texas. Profit taking occurred after a quick advance of
- - - - Closing. 24.6924.94 -25.42 -26.2325.06 late of some 85 to 120 points. But the old crop showed little Dec.
Range.. 24.70-24.86
net change for the day. It was sustained by the strong spot
24.82-25.00 25.06-25.48 25.25-25.5.5 25.02-25.34
Closing.
25.0025.45-25.48 25.25-25.33 28.08-25.10
and active markets at the South. Palm Beach, uptown, Wall January 24.71-24.72
Range 24.55-24.57
Street and Chicago bought. Chicago had a rise of 5 to Sc.
24.65-24.82 24.86-25.27 25.00-25.33 24.85-25.02
Closing 24.55-24.57
24.812527aft 1111.95 119 24.86 ---in wheat and an advance in hogs to the new high level of
$12 20. Grain in general was higher and sugar advanced,
Range of future prices at New York for week ending
and stocks, to cap the climax, also moved upward. There Feb. 27 1925 and since trading began on each option.
were indications of a broadening speculation in cotton,
though they were not very pronounced. Still, cotton is at- Option for
Range for Week.
Range Since Beginning of Option.
tracting more attention.
Feb. 1925.
22.69 Oct. 25 1924 25.60 Aug. 20 1924
To
-day prices declined on realizing and the promise of Mar. 1925__ 24.18 Feb. 24 25.38 Feb. 26 21.50 Sept.16 1924 29.16 July 28 1924
24.02 Dec. 24 1924 24.18 Sept. 4 1924
rain in Texas. But as an offset, as regards the old crop at April 1925
May 1925._ 24.61 Feb. 21 25.65 Feb. 26 21.72 Sept.16 1924 29.16 July 28 1924
least, spot markets were active and strong, and exports June 1925
22.55 Sept.11 1924 25.55 Oct. 2 1924
July 1925_ 24.83 Feb. 21 25.88 Feb. 26 21.40 Sept.16 1924 27.50 Aug. 6 1924
were large. Also, there was a certain amount of mill and
Aug. 1925._ 25.24 Feb. 25 25.56 Feb. 26 22.45 Oct. 24 1924 25.56 Feb. 26 1925
other trade buying. Liverpool bought. But the new crop Sept. 1925._ 25.24 Feb. 27 25.24 Feb. 27 21.80 Oct. 15 1924 25.24 Feb. 27 1925
closed lower on the idea that a low barometer west of Oct. 1925 24.87 Feb. 21 25.51 Feb. 26 21.50 Nov. 1 1924 25.51 Feb. 26 1925
Nov.
24.07 Dec.
1924 24.40 Dec. 27
Texas was likely to penetrate that State and bring rain over Dec. 1925. 24.70 Feb. 21 25.55 Feb. 26 23.36 Jan. 16 1925 25.55 Feb. 26 1924
1925._
5
1925
Sunday. Also, there were rumors of showers. There was Jan, 1926._ 24.55 Feb. 21 25.33 Feb. 26 24.00 Feb. 11 1925 25.33 Feb. 26 1925
considered to be some chance of rain, although the official
THE VISIBLE SUPPLY OF COTTON to-night, as made
forecast indicated fair weather with a cold wave. Private
dispatches reported a dry norther. But there was a general up by cable and telegraph, is as follows. Foreign stocks, as
disposition to take profits after the recent advance and well as afloat, are this week's returns, and consequently
await news in regard to Texas weather. The stock market all foreign figures are brought down to Thursday evening.
was lower or irregular and Wall Street sold. Money was up But to make the total the complete figures for to-night
to 5%. The New York Federal Reserve Bank raised its re- (Friday), we add the item of exports from the United States,
discount rate from 3 to 31
/%. Liverpool was a good seller; including in it the exports of Friday only.
Feb. 271923.
also the West and the South. Final prices, however, show Stock at
1924.
1923.
1922.
Liverpool
bales 948.000 733.000 797,000 998,000
an advance for the week of 40 to 85 points, the old crop Stock at London
2,000
1,000
5,000
2,000
132,000 119.000
showing the most strength. Spot cotton has not changed Stock at Manchester
66.000
75,000
here for three days, but at 25.35c. for middling it ends 85
Total Great Britain
1 082,000 853.000 868,000 1,075,000
points higher than a week ago.
Stock at Hamburg ,
4,000
4.000
2,000
37,000
Stock at Bremen
238.000 108,000
69.000
The following averages of the differences between grades, Stock at Havre
220,000 151.000 163,000 296,000
153,000
Stock at Rotterdam
11,000
14.000
as figured from the Feb.26 quotations of the ten markets, Stock at Barcelona
11,000
7,000
88.000
61.000 108.000 132.000
designated by the Secretary of Agriculture, are the differ- Stock at Genoa
36.000
40.000
28,000
19,000
Stock at
5.000
7.000
ences from middling established for deliveries in!the ;New Stock at Antwerp
2,000
Ghent
2,000
2.000
3.000
17,000
York market on Mar. 5.
,
1.01 or
Middling fair
77 or
Strict good middling
55 or
Good middling
34 ov
Stric I mfddling
61 of'
Strict tow middling
1 43 off
Low middling
'.47 off
*Strict good ordinary
*Good ordinary
3 57 off
Strict good mid."yellow' tinged-0.02 on
Good middling -yellow" tinged__ .34 oft
Strict middling "yellow" tinged- .80 oft
*Middling "yellow" tinged
1 48 off
Strict low mid."yellow" tinged.2.44 off
*
*Low middling "yellow" tinged _ .3.53 off
Good middling "yellow" stained_1.61 off
*Strict mid."yellow"stained__ _ _2.11 oft
Middling 'yellow" stained
2.85 off
Good middling "blue" stained_ _1.44 off
Strict middling "blue" stained_ _1.85 off
*Middling "blue" stained
2 65 off
Good middling spotted
12 on
Strict middling spotted
18 off
Middling spotted
61 off
Strict low middling spotted__ 1.42 oft
Low middling spotted
2.43 off
Good mid, light yellow stained .88 off
*Strict mid, light yellow staIned_1.40 off
*Middling light yellow stained_ _2.11 off
Good middling "gray"
49 off
*Strict middling "gray"
88 off
*Middling "gray"
1 40 off
*These grades are not deliverable.
"The ifficial quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 21 to Feb. 27Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
24.50 Ho!. 24.80 25.35 25.35 25.35
Total Continental stocks
604,000 387,000 386,000 661,000
Total European stocks
1,686.000 1,240,000 1,254.000 1736,000
India cotton afloat for Europe
145.000
74,000
American cotton afloat for Europe 478.000 304.000 190,000
EgyptBraz11,&c.,aflot for Europe 87,000 304.000 285,000 250.000
73,000 122,000
81,000
Stock in Alexandria. Egypt
215,000 225.000 292.000 312,000
Stock in Bombay, India
612,000 848,000 812,000 1,117,000
Stock in U. S. ports
1,288,422 794,994 721,583 1,005,308
Stock in U. S. interior town.4_ --1,130,368 789.313 876.948 1,360,134
U.S.exports to-day
3,100
5,901
4.250
6,138
Total visible supply
5,644,890 4,584.208 4,557,781 6,031,580
Of the above, totals of American and other descriptions are as follows:
American
Liverpoolstock
bales_ 777,000 492.000 463,000 568,000
Manchester stock
110,000
90.000
51,000
45.000
Continental stock
541.000 309,000 338,000 560,000
American afloat for Europe
478.000 304,000 285,000 250,000
U.S. portstocks,
1,288.422 794,994 721,583 1.095,308
U. S. interior stocks
1,130,368 789.313 876.948 1.360,134
U. S. exports to-day
3,100
5,901
6,138
4,250
Total American
4,327,890 2,785,208 2,733,781 3,890.580
NEW YORK QUOTATIONS FOR 32 YEARS.
East Indian, Brazil,
The quotations for middling upland at New York on
Liverpool stock
Feb.27 for each of the past 32 years have been as follows:
London stock
1925
1924
1923
1922
1921
1920
1919
1918'
25.35c. 1917
29.55c. 1916
30.150. 1915
18.75c, 1914
11.25c, 1913
39.650. 1912
26.90c. 1911
32.45c. 1910
17.05c. 1909
11.20c. 1908
8.35c. 1907
13.05c. 1906
12.60c. 1905
10.45c. 1904
14.25c, 1903
14.65c. 1902
9.65c.
11.45c.
11.15c.
10.850.
7.60c.
15.10c.
10.25c.
8.750.
1901
1900
1899
1898
1897
1896
1895
1894
9.3141.
9.19c.
6.56c.
6.31c.
7.44c.
7.81c.
5.56c.
7.62c.
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 he reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay,India
Total East India, &c
Total American
171.000
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
334,000 430,000
2,000
5.000
24.000
21,000
48.000 101,000
74,000
190.000
81.000
122.000
292.000 312,000
812.000 1.117,000
1.317.000 1,799.000 1.824,000 2,141,000
4,327,890 2,785,208 2,733,781 3,890,580
Total visible supply
5,644.890 4,584.208 4,557.781 6.031,580
Middling uplands, Liverpool__ -- 13.94d. 17.18d. 16.44d.
9.98d.
18.55c.
Middling uplands, New York
25.35c. 29.20c. 30.75c.
Egypt, good sakel, Liverpool--- 37.158. 21.20-1. 18.90d. 20.00d.
Peruvian,roup
20.715d. 24.00d. 18.758. 13.00d.
9.00d.
Broach, fter.
12.25d. 15.00d. 13.60d.
9.90d.
Tinnevelly, gorcerpool
13.005. 15.900. 14.768.
Continental imports for past week have been 189,000 bales.
The above figures for 1925 show a decrease from last week
of 44,432 bales, a gain of 1,060,682 from 1924, an increase
of 1,087,109 bales from 1923, and a falling off of 386,690
bales from 1922.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to Feb. 29 1922.
Movement to Feb. 27 1925.
Towns.
Ship- Stocks
ments. Feb.
Season. Week.
27.
Receipts.
Receipts.
Week.
715
58.344
Ala..Birming'm
Eufaula
145
18,479
Montgomery.
828 78,640
284
61,951
Selma
Ark., Helena
160
62,876
1,541 198,903
Little Rock
575 101,993
Pine Bluff....
Ga., Albany__ ---3.875
1,000
43,542
Athens
4,303 192,056
Atlanta
3,761 199,850
Augusta
Columbus:..... 1,820 65,416
771
39,106
Macon
419 41,423
Rome
La., Shreveport
700
96,000
Miss.,Columbus
__ __
35,510
479 108,951
Clarksdale
Greenwood _
.
500 133,806
Meridian_ _ _ _
150
36,198
Natchez
766
40.384
Vicksburg
.
420
30,908
Yazoo City
19
32.943
Mo., St. Louis_ 22,049 612,611
N.C.,Gr'nsboro 1,123 49,284
Raleigh
238
6,601
Okla., Altus_ _ _ 4,487 195,241
Chickasha_ _ _ 4.886 142,403
Oklahoma __ _ 2,702 137,940
S.C.. Greenvill
8,185 170,807
Greenwood
. .---12,585
Tenn.,Memp
29,202 1,088,637
Nashville__ _ _
-- __
828
Texas, Abilene_
941
69,116
Brenham_ _ _ _
773
20,763
Austin
381
32.313
Dallas
2,134 185.394
Houston _ ...._ 81,622 ,393,820
Paris
548
92,633
San Antonio_
478 62,386
Fort Worth_ 1,692 153,099
Week.
Season.
Ship- Stocks
ments. Feb.
Week. 29.
663 6,846
29,136
756 7,054
249
290 4,717
____
9,316
100 5,100
2,111 15,499
314 13,126
238 47,749
53 32,342
2,311 11,410
138 6,454
1,100 9,592
106
13,732
261 6,063
4,441 23,475 1,000 106,727 1,803 25.792
1,034 21,834 1,000
77,659 2,000 31,284
__ _ _ 2,582
2
2,070
_ __ 2.107
37.855
664 16,624
1,000 15.761
292
4,655 40,627 1,303 127.853 2,917 32,116
6,274 57,226
854 172,372 3,541 33,864
2,430 7,842
784
70.994 2,370 11,817
1,410 8.565
428 7,415
103 24,221
1,000 11,897
8 29,206
300 6,208
2,700 16,000
____ 110,000 1,000 19,000
__ __ 6,979
____
18,383
__ __ 3,784
1,845 18,966
427
77,227 1,427 23,889
2,500 20,922
243
96,381
700 34,307
849 10,544
95 20,149
499 4.411
1,008 4,780
48 30,287
206 6,332
377 5,666
15
16,471
181 6,103
680 4,297
5
19,221
351 9.203
21,520 4.369 12,397 479,873 12,785 5,910
2,634 14,999 1,115
54,429 1,607 19,204
200
10,093
679
10
97
5,714 17.201
994 114,105 1,689 23,857
95,089 3,5521 11,264
5,357 11.891
1,284
3.192 16.142
63 61,311 1,075 16,400
6,479 47,033 3,257 119,789 4,03 32,595
____
10,752
____10,291
-- - - 5,269
34,608 86,031 15,503 764,114 19,220104,908
__ _ _
209
570 1,618
62,991
693
667
176
945 5,019
26.029
150 5,319
93
899
129
990
9
39,482
906
4 8.114
4.719 13,764
293 116.785
88,229566,267 18.7033.286,280 29,142232,571
37 1,553
1,316 3,358
76,485
30
513
37
53,410
575 1,866
____
557 3.007
86,694
5.388 8,720
168
,
. . .
.
. .
The above total shows that the interior stocks have decreased during the week 40,487 bales and are to-night
341,055 bales more than at the same time last year. The
receipts at all towns have been 19,877 bales more than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1923-24Since
Week. Aug. 1.
12,785 475,719
4,920 150.680
17,272
933
21,416
777
3.752 138,650
10,980 293,510
----1924-25---Fob. 27
Since
Shipped
-Week. Avg. 1.
Via St. TaOtlis
21,520 568,512
Via Mounds
5.980 207,280
Via Rock Island
29.681
1.803
Via Louisville
1,085
41.539
Via Virginia points
6,494 160,004
Via other routes, ace
7.358 379,129
Total gross overland
44,240 1,386.145
Deduct Shipments
Overland to N. Y., Boston, &c
3,005
71.792
Between interior towns
17.864
601
Inland, &c.,from South
26.638 430.664
Total to be deducted
Leaving total net overland *
1111
THE CHRONICLE
FEB.28 1925.]
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING JANUARY.
report will find it in our department headed "Indications of
Business Activity" on earlier pages.
CENSUS REPORT ON COTTON SPINNING IN
JANUARY.
-This report, complete, will be found in an
earlier part of our paper in the department headed "Indications of Business Activity."
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week ending
F.b. 27.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock..
Dallas
Fort Worth_ __ _
Saturday, Monday, Tuesday, Wed'day. Thursd'y. Friday.
24.95
24.55
24.20
24.50
24.63
24.25
24.25
25.00
24.50
24.20
25.70
25.25
25.00
25.25
25.38
25.15
25.31
25.00
25.80
25.25
25.25
25.10
25.20
2,17f5
HOLI- 24.88
DAY 25.00
24.56
24 50
25.25
24.75
24.70
24.35
25.70
25.40
25.00
25.25
25.38
25.50
25.31
25.25
25.80
25.25
25.30
25.15
25.70
25.30
25.00
25.35
25.38
25.50
25.31
25.25
25.80
25.25
25.30
2520
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contacts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Feb. 21.
Monday,
Feb. 23.
Tuesday, Wednesday, Thursday,
Feb. 26.
Feb. 25.
Feb. 24.
Friday,
Feb. 27.
- - - - February.
- - 25.11 -25.20 -25.14 ---March_ _ _ _ 24.41-24.44
25.42-25.45 25.42-25.47 25.38-25.40
24.71-24.74
May
24.92-24.95 HOLIDAY HOLIDAY 25.67-25.70 25.65-25.67 25.58-25.60
July
25.10-25.14 24.98-25.04 24.77-24.88
24.42-24.46
October
25.11 bid 24.99-25.01 24.80December.. 24.43-24.44
January.... 24.38 bid
25.06 bid 24.94 bid 24.65 bld
Tone-Firm
Steady
Steady
Spet
Firm
nnrinna
Wendy
FAA,/
Vary aVdv
Rtenth
,
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph from the South this evening indicate that
generally the weather has continued mild in the cotton belt
during the week and much outdoor work has been accomplished. From a number of the East Gulf sections come
reports that although the soil is in better condition than in
past weeks, it has continued to be too wet for proper working.
There has been light to moderate rainfall except in the
Southwestern section of the cotton belt, where the continued
drouth has delayed work.
Mobile, Ala.
-Farm work is progressing satisfactorily and
fertilizer is moving freely.
Galveston. Texas
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport
Mobile, Ala
Selma
Savannah, Ga
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day
2 days
3 days
4 days
7 days
1 day
0.50 in.
0.07 in.
0.50 in.
0.32 in.
0.25 in.
0.03 in.
Thermometer
low 56 mean 68
high 78 low 26 mean 52
high 52 low 56 mean 69
high 84 low 56 mean 76
high 76 low 42 mean 59
high __ low 44 mean _ _
high 74 low 44 mean 59
high 80 low 48 mean 64
high __ low 42 mean -hi
__ low _ _ mean 79
high 82 low 45 mean 64
high 81 low 48 mean 62
high 72 low 37 mean 55
high 78 low 46 mean 62
high 72 low 43 mean 58
high 71 low 38 mean 55
high 78
34.147 1,097.247
Charleston, So. Caro
1,616
492
11,495
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:
53,290
17,454
476,963
30,244
520,320
13.603
547.707
13,996
865,825
20,544
549,540
Charlotte, No. Caro
Feb. 27 1925. Feb. 29 1924.
Feet.
Above zero of gauge-
Memphis
Nashville
* Including movement by rail to Canada.
New Orleans
Above zero of gauge..
Above zero of gauge..
Above zero of gauge..
Above zero of gauge_
Feet.
5.2
28.3
15.0
7.5
28.5
9.4
26.1
26.5
16.1
30.3
The foregoing shows the week's net overland movement Shreveport
this year has been 13,996 bales, against 20,544 bales for Vicksburg
-The folRECEIPTS FROM THE PLANTATIONS.
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago of lowing table indicates the actual movement each week from
the plantations. The figures do not include overland re316,285 bales.
they are simply a state----1924-25----- -1923-24-----. ceipts nor Southern consumption;
In Sight and Spinners'
Since
Since ment of the weekly movement from the plantations of that
Takings.
Week.
Aug. 1.
Week.
Aug. 1. part of the crop which finally reaches the market through
Receipts at ports to Feb. 27
159.418 7.750,349
69,338 5,690,345 the outports.
Net overland to Feb. 27
13.996
865.825
20544
549,540
Southern consumption to Feb. 27- 80.000 2,547,000
88:000 2,497:000
Total marketed
253.414 11.163,174
*40.487
Interior stocks in excess
955,614
Excess of Southern mills takings
over consumption te Jan. 30_
552,573
177,882 8,736.885
*34,523
528.422
Came into sight during week__212.927
Total in sight Feb. 27
12,671.361
North.spinners' takings to Feb.27 53.557
476,704
143.359
1,394.259
9,742,011
26,843 1.407.143
*Decrease
Movement into sight in previous years:
Week1
1922-23-Ma'ch 1
Bales.
Since Aug. 1107,55711923
-March 1
Bales.
724,247
BIG INDIA COTTON CROP IN PROSPECT.
-The
second estimate of lint cotton production in India is 5,011,000
bales of 478 pounds net, which is 58,000 bales less than the
first estimate in December, according to a cable from the
Indian Department of Statistics to the United States Department of Agriculture. The crop last year, however, was
only 4,247,000 bales. Acreage planted to cotton is now
estimated at 26,415,000 acres, compared with 23,088,000
acres last year.
Stocks at Interior Towns.
Receipts at Ports.
Week
ending 1924-25 923-24 1922-23 1924-25 1923-24 1922-23
ceiptsfrom Plantations
924-251923-24 1922-23
Dec.
370.752265.509 158.801 1,583,955 1,225,801 1,445,00509.106 39.525146,650
12._ 333,821 264,183 138.941 1,565,764 1,178,7451,420,330 315,630 17,127 120,266
19._ 330.647214,353 136,866 1,558,3791.132,917 1,384,130 23.262 168,525 94,666
26__ 232,346899,767 113.035 1,577,997 1,119,113 1,391,872 51.964 185.963120,777
Jan.
390.967134,224 94,390 1,514.450 1,067.013 1,355,894246.118 82,124 58,412
234,091 136,603123,952 1,474.156 1,043,974 1,300,285 198,591 123.564 68,343
16 _ _ 231,584160,448 92.2381,441,041 996.356 1,265,828 198,469 121,830 57,781
23_ _ 201,602 110,351 101,479 1,383,626 977,263 1.224.059144,187 91.258 59,710
30 _ _ 200,371 116,104 138,820 1,306,792 944,8681,150,906 123,537 83.709 65,667
Feb.
179,899104.226 87.381 1,248,011 898.1501,089.756 121.118 57,548 26,231
13._ 204,982 101,244 83,079 1,199,953 884,918 1,017,565 156,924 87.972 10,888
20- 167.066 78.924 83,536 1,170,855 823,836 943,669137.968 17.842 9,640
69,338 96,3281.130.368 789,313 876,948118.931 34,815 29,605
27.... 159,
The above statement shows: (1) That the total receipts
from the plantations since Aug, 1 1924 are 8,693,920 bales;
in 1923 were 6,146,136 bales, and in 1922 were 5,299,238
bales. (2) That although the receipts at the outports the
past week were 159,418 bales, the actual movement from
plantations was 118,931 bales, stocks at interior towns
1112
[VOL. 120.
T.1111 CHRONICLE
having decreased 40,487 bales during the week. Last year
SHIPPING NEWS.
-As shown on a previous page, the
receipts from tbe plantations for the week were 34,815 exports of cotton from the United States the past week have
bales and for 1923 they were 29,605 bales.
reached 117,802 bales. The shipments in detail, as made
WORLD SUPPLY AND TAKINGS OF COTTON.
- up from mail and telegraphic returns, are as follows:
The following brief but comprehensive statement indicates NEW YORK-To Liverpool-Feb. 20-Doric. 1,171; Lancastria, Bales.
989
2,160
at a glance the world's supply of cotton for the week and
To Havre
-Feb. 20
-Independence Hall, 100___Feb. 21since Aug. 1 for the last two seasons, from all sources from
Menapier, 149
249
To Bremen-Feb. 20
-President Roosevelt. 601_ __Feb. 24
which statistics are obtainable; also the takings, or amounts
1,252
Stuttgart, 651
gone out of sight, for the like period.
To Genoa-Feb. 21-Villa Ada. 950
850
Cotton Takings.
Week and Season.
1924-'25.
1923-'24.
Season.
Week.
Week.
Season.
Visible supply Feb. 20
4.703.956
5,689.322
Visible supply Aug. 1
2.190.493
American in sight to Feb. 27__
212.927 12.671.361 143.359
Bombayreceipts to Feb. 26_ _ - - 148.000 1.805.000 156.000
Other India shipm'ts to Feb. 26
24.000
205.000
27.000
Alexandria receipts to Feb. 25
20.000
22.000 1.304.800
Other supply to Feb. 25-s-6
261,000
15.000
16.000
Total supply
Deduct
Visible supply Feb. 27
2.1124.671
9.742.011
2.19.5.000
377.000
1,166.400
211.000
6.115.249 18.437.654 5.062,315 15.716.082
5,644.890 5.644.890 4.584.208 4.584.208
Total takings to Feb. 27_a
470.359 12.792.764 478.107 11.131.874
Of which American
331.359 9.276.964 324.107 7.810.474
Of which other
139,000 3,515.800 154,0003,321,400
* Embraces receipts in Europe from Brazil. Smyrna. West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2.517.000 bales in 1924-25 and 2.497.000 bales in 1923-24,
takings.not being available-and the aggregate amounts taken by Northern
and foreign spinners. 0,24 5.764 bales In 1924-25 and 8.634,874 bales In
1923-24, of which 6.729464 bales and 5,313.474 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1924-25.
Feb. 28.
Receipts at
-
1923-24.
Since
Week.1 Aug. 1.
1922-23.
Since
Aug. 1.
Week.
Week.
Since
Aug. 1.
148 000 1805.000 156.000 2,195.000 164,000 2.015.000
Bombay
For the Week.
Since August 1.
Great Conti- Japan&
Great
Britain. nent. China. Total. Britain.
Exports.
Elmnbay1924-25._
1923-24-1922-23_ _
Other India1924-25._
1923-24_ 1922- 3.-
Continent.
Japan &
China.
To Antwerp
-Feb. 24
50
-Zeeland, 50
To Manchester-Feb.20-Daytonian. 200; Scythia. 183
383
To Rotterdam-Feb. 20-Veendam, 23
23
NEW ORLEANS
-To Liverpool
-Feb. 19
-West Harshaw, 2,178
__ _Feb. 21-Statesman, 9.106
11,284
To Manchester
-Feb. 19
-West Harshaw. 1,919Feb. 21
Statesman, 2.138
4.057
To Rotterdam-Feb. 18-4Jliftwood, 1.439
1.439
To Genoa-Feb. 21-West Cheswald. 2.261
2,261
To Naples
-Feb. 21-West Cheswald. 523
523
To Antwerp
-Feb. 21-Gothland. 312
312
GALVESTON-To Japan-Feb. 19
-Singapore Maru, 7.855
Feb. 20
-Victorious, 2.975
10.830
To Bremen-Feb. 23
-Mon
10.833___Feb. 25-BjornstJerne Bjornsen, 6.441
17,274
To Venice
-Feb. 22
-Anna C.. 5.668
5,668
To Trieste-Feb.22
-Anna C.. 600
600
To Hamburg-Feb. 25-13.1ornstjerne Djornsen, 50
50
To Oslo
-Feb. 25-Braeholm, 700
700
To Gothenburg-Feb. 25-Braeholm, 1,859
1.859
HOUSTON-To Venice
-Feb. 21-Anna C.. 2,593
2.593
To Trieste-Feb. 21-Anna C 50
50
To Bremen-Feb. 21-Eldara, 8,017: Thistleben. 2.250
10.267
To Rotterdam-Feb. 21-Eldbna. 2,196
2,196
To Gothenburg-Feb. 21-Braheholm, 150
150
To M lmo-Feb. 21-Braheholm. 105
105
To Danzig-Feb. 21-Broheholm. 407
407
To Hamburg-Feb. 21-Thistleben, 1.227
1,227
To Havre
-Feb.24-Middleham Castle, 200
200
To Antwerp
-Feb. 24-Middleham Castle. 53
53
To Ghent
-Feb. 24-Middleham Castle, 837
837
To Liverpool-Feb. 26
-Asuncion de Larrinaga, 380: West
celeron. 3.795: Nubian. 7,786
To Manchester-Feb. 26
-Asuncion de Larrinaga, 2,377: Nu- 11.961
2,59
MOBILE
-To Hamburg-Feb. 19
-Effingham, 558
658
NORFOLK
-To Rotterdam-Feb. 21-Bloomersdijk, 200
Feb. 27
-West Inskip 200
400
To Bremen-Feb. 27- otha, 2,900
2,900
PENSACOLA-To Bremen-Feb. 26-Afoundria, 105
106
PHILADELPHIA-To Rotterdam-Feb. 13-Bloomeradijk, 23
23
SAN DIEGO-To Liverpool
-Feb. 21-Howick Hall, 1.550
SAN PEDRO-To Liverpool
-Feb. 19-Howlek Hall. 300
SAVANNAH-To Rotterdam-Feb. 20
-Sudbury, 106
1,65030
10
6
0
To Hamburg-Feb. 20
-Sudbury. 853
853
To Bremen-Feb. 26-Wascana .16.539
16.539
Total.
3.000 17.000 11.0001 31,000 30.000 245.000 919.000 1.19i.000
25,000 72.0001 97.006 101.000 552.000 904,000 1,557,000
4.000 113,000117,000 76.000 378.500 1,144,500 1.599.000
Total
117,802
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool .300. .450. Stockholm
Manchester .30e. .450. Trieste
Antwerp .35e. .500. Flume
Ghent
41140. .58(40. Lisbon
3.,000 11.00 58,000 63.000 418,000 919.0001,400,000 Havre
.35c. .50e. Oporto
48.000 72.000 121,000 182,000 848.000 904.0001.934,000 Rotterdam .400. .55e. Barcelona
4.000113 00 124,000 126.000 532.050 1.144,500 1.802,5I0 Genoa
.40c. .556. Japan
Oslo
.50o. .60c. Shanghai
9.000 18.0001
1.000 23,0001
7.000
Total all
1924
-25._ 12,
1923-24._ 1,
1922-23.. 7.
27.000
24,000
7.00
33,600 172,000
81.000 296.000
50,000 153,550
205.000
377,000
203,550
High StandHigh Stand
Density. ard.
Density. ard.
.50e. .65e.
.50c. .65o. Bombay
.45e. .60e. Gothenburg ----.45e. .60e.
.45e.
.600. Bremen
.50e.
.650. Hamburg .35e. .50e.
.60e. .750.
.750. .90e. Piraeus
.75e. .90o.
.300. .450. Salonlea
.62140. .77140.
.67I40. .82(40.
According to the foregoing, Bombay appears to show a
LIVERPOOL.
-By cable from Liverpool we have the foldecrease compared with last year in the week's receipts of
8,000 bales. Exports from all India ports record a decrease lowing statement of the week's sales, stocks, &c., at that port:
Feb. 6. Feb 13. Feb. 20. Feb. 27.
of 63,000 bales during the week, and since Aug. 1, show a Sales of the week
17.000
51.000
47,000
41.000
decrease of 534,000 bales.
27.000
Of which American
32.000
36.000
37.000
5,000
1,000
2.009
3.000
Actual export
ALEXANDRIA RECEIPTS AND SHIPMENTS.
75.000
74.000
65,000
73.000
-We Forwarded
stock
884.000 901.000 909.f00 0(9,000
now receive a weekly cable of the movements of cotton at Total which American
Of
716.000 734,000 738,000 777.000
Alexandria, Egypt. The following are the receipts and Total imports
93.000 113.000
95.000 117.000
Of which American
98,000
73.000
98.000
66.000
shipments for the past week and for the corresponding week
Amount afloat
340,000 292.000 280.000 212,000
of the previous two years.
Of which American
265.000 210,000 215.000 161.000
The tone of the Liverpool market for spots and futures
Alexandria. Egypt.
1924-25.
1923-24.
1922-23.
each day of the past week and the daily closing prices of
February 25,
spot cotton have been as follows:
Bet yip's (cantars)This week
Since Aug. 1
110.000
6.598,9./7
100.000
5.834.187.
160.000
5,768.228
Spot.
Since
Week. Aug. 1.
Since
Week Aug. 1.
Market, I
12:15 1
P.M.
8,000.155.192 6,000 171.153
To Liverpool
7, 00 176,912 8.500 154.741
To Manchester. &a- 0
147 12.250 263.691
To Continent and India_ 8.9 , 261;
9,911 01,715 8.750, 89.103
To America
7.250 176.616
_ 116.386
7.750 206.777
1,250 181.472
Since
Week. Aug. 1.
Exports (bales)
-
0
29.0007 14,46 35.500 678,688 16,250 681.251
Total exports
Note.
-A cantar is 99 lbs. Egyptian ba as weigh about 750 lbs.
This statement shows that the receipts for the week ending Feb. 25 were
cantars and tbe foreign shipments k9.000 bales.
110,000
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for home t ado
is imp ov ng. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
1924-25.
8)4 lbs. Shill- Coen
ings. Common Mid.
to Finest.
CIpi's
32s Coy
Twist.
8)4 lbs. Shirt- Coen
ings. Common Mid.
to Finest.
CIPr!
24;1
2454
2412
,
24,4
s. d.
lo
16 5
16 4
16 5
a. d
(§17 1
1g117 0
@l6 7
€617 0
d. d.
12.98 2734
13.11 28
13.28 27H
13.24 27M
d.
2934
18 30
18 29
18 2814
S. d.
19 4
19 6
19 6
19 7
s. d
D20 2
D20 4
020 2
D20 3
d.
19.42
19.48
19.08
20 62
25
25
24)4
24
2314
16
16
16
16
16
7
7
5
5
5
@l7 1
(417 1
@l7 0
@l7 0
Q17 0
13.57 27
13.03 2654
13.08 26
12.87 26
12.92 26
2834
28
27H
2714
27%
19 7
19 5
19 2
19 2
19 6
@20 2
020 0
@Pi/ 5
@19 5
@l9 5
19.93
19.32
18.83
1931
19.17
23
2414
2414
24
16 5
16 7
17 2
72
@170
017 2
(417 4
017 5
13.28 26
13.28 25M
13.66 24Y4
2090 WINDOO
Dec. d.
23
12 23
19 23
26 23
Jan.
2 23)4
2314
16 2231
23 2214
30 22
Feb
6 2211
13 22%
20 22M
27 23
P020 *0200 OC*0
32s Cop
Twist.
1923-24.
27%
26ft
26
26
19 2
19 0
18 4
17 7
1918 5
1918 3
4518 7
(7418 2
18.89
17.74
17.65
17.18
Saturday,
Monday,
Tuesday. Wednesday. Thursday.
Friday.
Quiet,
A fair
business
doing,
A fair
business
doing,
A fair
business
doing.
A fair
business
doing,
A fair
business
doing.
Mid.Upl'd
13.56
13.52
13.59
13.76
13.90
13.94
Sales
2,000
6,000
7,000
7,000
8,000
7,000
Quiet but Quiet but
Quiet, un- Steady,
Steady.
hanged to 1 to 2 pts 7 to 9 pts. st'dy, 10 to fit'y, 5 Pts.
2 pts. adv.
adv.
14 pts.adv. adv. to 4
adv.
pts. dec.
Market, I Steady,
Quiet,
Steady.
Steady, Barely st'y, Steady at
4
1 3 to 5 pts. 6 to 8 pts. 1010 12pts. 7 to 12 pts. 10 to 12pts. 4 pts. adv.
P.M. I advance,
decline.
odvonro
arlynnew
advonoo to 4 ot8.01011
Futures.
Market I
opened
I
Quiet,
Prices of futures at Liverpool for each day are given below:
Sat.
Feb. 21
to
Feb. 27.
Mon.
Tues.
Wed,
Thurs.
Fri.
1214 12% 12,141 4:00 12M 4:00 12Ilt 4:00 12)4 4:00 12141 4:00
p.m. p. m.p. m. p. m.p. an. p.m. p.m.p.m. p.m.p.m.P. 111.1.
1
d.
d.
d. 1 d.
d.
d. 1 d.
d.
d.
d. 1 d. 1 d.
February ---------18.28 ____ 13.2013.20 13.38 13 46 1317 13 64 13.59 13.64 13.63
330 3 1 3 0
.
.
.64
March
4
13.311.... 13.2313.32 13.41
3 61 1133. 1133.
3..6
April
67
.
. 13.41 13.50 13.52 13.65 1
May
13.38 ....._ 13.32 13.39 13.50 13.59 13.6013.73 13.71 13 74 13.73
13.58 13.60 13.73
June
13 37 ____ 13.31 13.3 13.49
2
July
7
3
71 13. 8 37
13.35 13.42 13.53 13.6213.65 13.79 133 ..76 137 13..78
August _______
13.35 ____ 13.28 13.36 13.47 13.56 13.58 13.71 13.68 13.68 13.68
September__ ____ 13.30 ____ 13.22 13.31 13.42 13.50 13.52 13.64 13.62 1320 13.60
October_______
13.241 ____ 13.16 13.25 13.36 13.44 13.46 13.57
.
November
__ 13.18' ____ 13.1013,i9 13.28 13.36 13.38 13.49 1 3.'4 13113 13313
3 56 .
December_____
13.15: ...._l3.0713.16 13.26 13.34 13.37 13.47 13.47 13.43 13.43
January ______
13.10 ____ 13 03 13.11 13.21 13.28 13.28 13.40 13.39 13.36 13.26
BREADSTUFFS.
Friday Night, Feb. 27 1925.
Flour has risen with wheat. Early In the week, indeed,
it was quoted 35 to 40c. higher on spring patents and first .
spring clears. Other grades were firm without changing
FEB.28 1925]
THE CHRONICLE
much. But when it came to actual business there was no
substantial improvement, if indeed any whatever. Buyers
stuck to their old policy of marking time. Mills calculate
on the smallness of buyers' supplies. They must be small
from the very fact that buyers have been merely nibbling
at the market since, it would almost seem, time out of mind.
Mills think that it Is only a question of time when buyers
will be whipped into the traces. But buyers are skeptical.
European grain and food news is for the most part bullish.
Australian wheat exports may be restricted. The Australian
Government is looking into the matter, evidently fearing
over-exportation. But buyers here refuse to budge. They
buy as they want it and will buy in no other way. Export
demand has been at best but moderate. It is believed, to be
sure, that Russia will have to buy more freely later, that it
has bought less than 50% of its requirements. That remains
to be seen. Things were quiet in the export trade here early
In the week after last week's activity. Eight or ten steamers were recently chartered for Russian account for March
shipment to the Baltic or Black Sea ports. London, New
York and Hamburg took part in this freight business. Last
week the steamship Wynburn sailed from New York to
Novorossiysk with 85.000 sacks of flour and the steamer
Penrose from Philadelphia for Odessa with 93.000. The
steamship Olson cleared from Baltimore with 70.b00 sacks
for Novorasslysk. In other words, here is the impos;ng total
in a single week of 248.000 sacks, or nearly a million bushels, of wheat. Last Saturday there were clearances of 100.044 sacks, including 87,344 sacks for Odessa. The export
outlook is interesting and is being keenly watched. It was
stated later that the Russian buying agency in New York
was not doing anything for the moment, apparently awaiting lower prices. Recent flour purchases were understood
to have been hedged in Winnipeg. Clearances on Thursday
were 106.935 sacks. Including 25,155 for Hamburg, 25.624 for
Saloniki and 20.316 for Piraeus. There was also exported
to Danzig 15,025 sacks. Small quantities went to Irish ports.
principally Cork and Dublin; belief is that some of it will
sooner or later reach Russia. A London d'spatch from
Athens said a dispute has arisen with the American Legation concerning the importation of American flour into
Greece. The Greek Government alleges that harmful results have accrued from the over-acidity of the flour, and
It has prohibited the enry of any flour of more than 150
degrees acidity.
Wheat was rather irregular, but on the whole higher. It
rose 11 to 3c. last Saturday, the greatest advance being for
/
2
July. At one time, it is true. prices reacted. Liverpool was
lower. Argentina pressed wheat on the market at lower
prices, rivaling those for similar American grades. Liqui•
dation set in and continued for a time. But only for a time.
Prices soon turned upward. In one day they rose 5 to 8c.
Europe, It is insisted, will need further large quantities of
grain from exporting countries, however large may be the
quantity on passage. Australia may curb exports. There
is a hint at least of something of the kind In the Australian
Government's investigation into Australian grain exports
which it has begun. Rumors said that fore'gn interest had
bought new crop for July delivery in the United States at
$1 75, August and September shipment. This sounded improbable. On its face the price was about 250. too high.
But for all that, shorts became nervous. They hastily covered. New export business for a time. It is true, was not
large. On Saturday it was only 300 000 bushels in all to
England and the Continent. Over the holidays it was said
that 500.000 bushels had been sold for export, but it was
hard to trace. The Continent did buy a moderate quantity
of Duluth spring and winter wheat. Beyond that it was apparently mere rumor or little more. Yet it was reported that
Germany's surplus had again reached a low level. The interior receipts in the United States last week were only 3,751.000 bushels, as against 4,686,000 in the previous week and
4,857,000 a year ago. The American visible supply last week
decreased 3,094,000, on rearly ten times as much as in the
same week last year, when the decrease was only 335.000
bushels. The total is still, of course, 72,592,000 bushels,
against 64.454,000 a year ago, and prices here are 77 to 84c.
higher than at this time In 1924. July is 46c. higher and
September 33c. higher there than a year ago. The Canadian
visible supply last week fell off 4,800,000 bushels, making
nearly 7,900,000 bushels loss in American and Canadian
stocks within a week. Canada now has 59,773,000 bushels,
against 87,913,000 a year ago. World's shipments last week
were no less than 19,002,000 bushels. The quantity on passage increased close to 11,000,000 bushels. It Is now up to
1113
82,336,000 bushels, a staggering total eloquent of Europe's
dire need and of the historic scarcity across the water in
1925. Liverpool on Tuesday ended 2 to 27
1fid. higher. That
was further striking testimony of the anxiety in Great Britain. For American and Argentina offerings to Europe were
small. What made the situation worse for Europe was that
the Australian Government was looking into the question
of Australian exports. They have reached in January and
February nearly 30,000,000 bushels. That set Australian
statesmen to thinking. It is nearly 331-3% of the surplus
available for export from Australia. Might there not be
danger of scarcity in Australia itself if exports were allowed to continue at this ratio? Yet in Chicago prices, which
had risen on the 24th, owing to the advance in Liverpool,
the decrease in the American visible and the covering of
shorts, partly on stop orders, did not hold. New export
demand was not sharp. And some had expected an even'
greater decrease than 3,000,000 bushels in the American visible supply. Speculation was for the moment less confident.
Whatever might be said about statistics, prospective demand
and so on some of the old snap in the speculation for the
moment was gone. Profit taking started and prices fell
later 1 to 2c. from the early top of the 24th inst. It was significant that prices had advanced at all in the teeth of
world's shipments of 19,000.000 bushels and the 11,000,000
on passage. That fact impressed reflective people. Meantime, it is of Interest to notice that exports of wheat and
flour, as wheat from the United States in January were
13.093.000 bushels, against 24,740,000 In December and 12,324.000 in January last year. Seven months' exports (July 1
to Jan. 31) are 194,880,000 bushels, against 112.366.000 bushels for a like period in the last crop year. On the 25th inst.
prices advanced at Chicago and Winnipeg 1 to 3c. net.
Speculation was larger. Liverpool was lower, but on the
other hand there was larger export buying. Farm reserves,
It is said, are in the neighborhood of 115.000.000 bushels of
wheat, against 127,000.000 a year ago, despite the large crop
last season. Business of commission houses increased noticeably. Palm Beach shorts were said to be covering in
both wheat and cotton and to have assisted the rise in both.
Mills were buying more freely also. They are said to have
taken half a million bushels. Argentine prices were firm.
Europe bought May in Chicago on a fair scale. It turns out
that about 500.000 bushels of Gulf wheat were sold on
Tuesday and 250,000 on Wednesday. Some new crop Gulf
wheat was sold to the Continent. Export sales in all positions on Wednesday were estimated at 600.00 to 700.000
bushels. The statistics were regarded as very bullish. That
is the mainspring of the whole affair. On this is predicated
the big foreign demand. It is said that of the 600,000 bushels sold Gulf wheat comprised the bulk, including some Duluth spring and Manitoba. The buyers were England,
France, Sweden and Greece. The Continent bought new
crop months to some extent. The 26th inst. was marked by
a rise of 5 to 8c. at Chicago and 42 to 52 at Winnipeg.
/
1
/
1c.
Speculation broadened out again. That was a surprise.
There were some who thought that wheat speculation could
not come back. But Europe's anxiety on the subject of supplies is revealed in the way by the fact that 40,000 bushels
of new wheat for August shipment to Europe were sold on
the 26th inst. and the buying of new crop futures. Liverpool and Argentine markets were strong. Liverpool rose
2% to 3d. and Buenos Aires 11 to 214c. There was a good
/
/
2
export demand and sales were estimated at 800.000 to 1,000,000 bushels. Of this 300,000 to 400,000 was new crop. Gulf
premiums were advanced slightly. London reported sales
of 20.000 tons of wheat and flour to Russia within the last
few days. The rece'pts in this country were moderate. They
fell below interior shipments. Mills were buying steadily
in the Southwest. Shorts were covering on a large scale.
Stop orders on that side were reached. Prices have advanced some 1744c. from the recent low point. The technical
position is not considered quite so strong as it was a week
ago. Also, it was announced that Argentine wheat c. I. f.
Europe was 31 2c. lower than Gulf wheat on Thursday. But
/
commission houses were again very busy. The public was
trying the long side again. Exporters sold a cargo of Duluth spring on the 26th inst. to Buffalo mills, but this attracted little attention. To-day prices were variable under
the sway of conflicting influences, although they ended 1 to
236c. higher at Chicago and % to 2c. at Winnipeg. To-day,
as on other days this week, the speculation was active. Foreign markets, however, were not up to expectations. Liverpool, it is true, advanced 2d., but something more was expected after the advance in Chicago on the previous day of
5 to Sc. And world's shipments again promise to be large,
I. e., something like 19.000.000 bushels. Export sales were
500.000 to 600.000 bushels, mostly new crop. The Continent
bought 12 cargoes of Australian and two cargoes of Argon-
1114
tine wheat. Argentine prices have latterly been somewhat
below American. On the other hand, there were complaints
of dry cold weather from the Southwest. Interior receipts
were moderate. They fell below the shipments. Some decrease has taken place in the stock at Minneapolis and Kansas City. Country offerings were small. Farm reserves, it
Is insisted, are light, although there is a suspicion that this
idea is being exaggerated. But the public is disposed to
Mice hold on setbacks, and in the end bullish factors dominated. For the week there is a rise of 10 to 13%c.
, DAILY CLOSING PRICES OF WHEAT IN NEW YORK. Fri.
Sat. Mon. Tues. Wed. Thurs.
cts_20434 Ho!. zos% 20834 213 214
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
I A
Sat. Mon. Tues. Wed. Thurs. Fri.
187g 19034 1941 196%
May delivery in elervator
cts-186%
158
155% Hell- 156% 166 167%
July dellvery in elevator
September delivery in elevator_ __ _143% day. 1437 145 149 15234
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
1975i 19834 20334 20334
cts..1963
Pay delivery in elevator
%
July delivery in elevator
18934 Holi- Isom 19334 19734 1998
14634 day. 14734 14934 15534 15634
October delivery in elevator
/
1
Indian corn moved up 12 to 2c. early in the week, partly
in harmony with a rise in wheat. Interior receipts were
smaller, reaching On one day 4.266,000 bushels, against 4,873,000 last week and 11,311,000 bushels a year ago. World's
shipments last week were 1,892,000 bushels; total on passage, 11,466,000 bushels. The American visible supply
gained last week 572,000 bushels, but in the same week last
year the increase was five times greater, or 2,885,000 bushels. But the total is still more than double that of a year
ago, i. e. 31,620,000 bushels, against 15,246,000 in 1924. And
the cash demand lags. A reaction, therefore, followed the
early rise. Chicago reported a poor shipping demand. On
the 24th inst large buying of May corn by recent prominent
May to $131 early, but later selling from
Sellers advanced .
the same source caused a reaction. The trouble was the
Eastern cash demand did not increase. The spot basis was
% to lc. lower as compared with May. Despite the smaller
movement to terminal markets the visible supply increased.
hc. The advance
On the 26th inst. came a net rise of 1% to 21
In wheat had put spurs to corn. Country offerings were
small, although the receipts were fairly large. Cash prices
were somewhat firmer. There is persistent talk to the effect
that farm reserves are probably small. A report on this subject is expected in March from Washington. The rise in
hogs to a new high level of $1220 also helped corn. On the
other hand, cash markets were still dull. There was considerable profit taking. Later in the week prices advanced
about 2c. on a larger speculation. It involved a good deal of
covering. The feeling was more confident that prices would
be better. Rumors of small farm reserves had a certain
effect. Cash prices were firmer in response to the rise in
futures. Receipts were of only fair size. It is also true,
however, that the cash demand was unsatisfactory. To-day
prices wound up a fraction higher on an active speculation
though fluctuations were within contracted bounds. Corn
owed its advance really to the rise in wheat. It showed no
Independent strength. It is true that receipts were of only
fair size, but the trouble was the cash demand was light.
Yet for the week there is a net advance of 4 to Sc.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
•
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 mixed
cts-14134 Ho!. 1.4034 14234 14434 144A
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts..12934
12934 13134 13334 133
May delivery In elevator
13034 Holt- 13034 13234 135 134%
July delivery in elevator
September delivery in elevator_ _128% day. 12934 13134 13334 13334
Oats advanced lc. early in the week, with wheat up and
little pressure to sell oats, and cash prices firmer. Also, the
visible supply in the United States fell off last week over
1,000,000 bushels. That made people stare. There was an
increase in the same week last year of 62,000. The supply
is admittedly very large, but on the other hand it is disappearing faster than It did a year ago. Yet on the surface
the cash demand early in the week was only moderate. The
receipts were fair. There was a further rise on the 25th
Inst., partly owing to the advance in other grain. There
was no pressure to sell. Receipts were moderate and cash
Markets steady. At the same time, it is true, there was only
a light cash demand. There was only a moderate specula/
1c.
tion. Later in the week came an advance of % to 12
tighter receipts and a rise in other grain were stimulating.
Commission houses were good buyers. Short covering
counted as a bracing factor. But cash trade was still light,
even if cash prices were somewhat firmer. The two draw-day
backs are dulness of cash oats and the big supply. To
prices declined a fraction. There was a fair business. The
big drawback was still the burdensome stocks, together with
the dulness of the cash market. Earlier in the day, however,
the East bought pretty freely in Chicago. Closing prices
show a rise for the week of 1% to 2c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
6334 6434 6434
eta_ 63
No. 2 white
Hol. 63
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
5334 54% 55% 54%
cts- 521
May delivery in elevator
54 Holl- 5434 5534 56% 56
July delivery in elevator
day. 5334 5434 5434 5434
September delivery in elevator_ __ 53
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
62
63
62
cts_ 61% ____ 61
May delivery in elevator
6234 ____ 6234 6334 6434 63
July delivery in elevator
____ 5774 5834 5934 59
October.delivery in elevator
58
[VOL. 120.
THE CHRONICLE
Rye, in accord with other grain, advanced. Early in the
week it was about 1 to 2c. higher on most months. Offerings were smaller. The demand from commission houses
was fair. But there was one early drawback. That was
the trifling decrease last week in the visible supply in the
United States. It was only 207,000 bushels. To be sure,
there was actually an increase in the same week last year of
176,000. But people had expected a greater decrease. Also,
the export demand was small. That caused selling and a
reaction after a rise on Tuesday of 1% to 2%c. The total
"visible" is now 23,363,000 bushels. against 20,714,000. Thursday brought an advance of 3% to 4c. with greater activity.
The jump in wheat of 5 to 8c. helped rye. Also, it is said
that Russia was inquiring for a large quantity of seed rye.
This was not confirmed, but it had a certain effect. Some
think that rye is altogether too low as compared with wheat.
Rye advanced about 2c. to 2%c. on the 25th inst., largely in
sympathy with the rise in wheat; also, however, Scandinavia
is said to have bought 200,000 bushels for May shipment.
To-day prices closed % to 14e. higher, with an advance in
wheat, scattered buying and small offerings. Export demand
lagged. For the week there is an advance of 7% to 8%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_16034
16174 16334 16634 16734
July delivery in elevator
136
136 138 142 143
September delivery in elevator_ _ _ _118% day. 119 12134 12534 12634
The following are closing quotations:
FLOUR
Spring patents
$9 50 $10 00 Rye flour. patents_ -$8 We 59 00
Clears,first spring_
8 85
915 Serainola No.2,lb
634@6
950 Oats goods
Soft winter straights 9 25
330(3
Hard winter straights_ 9 20
950 Corn flour
345@355
Hard winter patents 9 45 10 40 Barley goods
Hard winter clears
450
75 Nos. 2, 3 and 4
8 25
Fancy Minn. natents_11 00 11 65 Fancy pearl, Nos.2,3
City mills
750
1080 11 30
and 4
GRAIN.
Wheat. New York:
Oats:
No. 2 red, f.o.b
214
No. 2 white
No. 1 Northern
210
No.3 white
No. 2 hard winter. f.o.b__210 Rye, New York:
No. 2 f.o.b
166:4 3:
'3 4
73
:
Corn.2 yellow
isro
Barley. New York:
No.2 mixed
1443
4 Malting
1126 116
145% Chicago
94@ 102
For other tables usually given here, see page 1066.
LIVESTOCK AND PASTURE REPORT FOR FEB. 1.
—The condition of pastures in Oklahoma on Feb. 1 1925
was 67% of a normal, compared with 73 on Jan. 1 1925 and
70 on Feb. 1 1924, according to a report of the United States
Department of Agriculture at Oklahoma City, issued on
Feb. 19, which continues as follows:
There was practically no wheat pasture during the month of January;
the ground was frozen most of the time. Much barley was killed by freezing
durWg the long period of severely cold weather. Native pastures are very
poor and short.
The condition of cattle was 80% of a normal on Feb. I 1925. compared
with 82 on Jan. 1 1925 and 84 on Feb. 1 1924. This continued drop in
the condition of cattle is due to the dropping condition of pastures and the
cold weather. Livestock were fed throughout the month. There were
very few losses on account of the cold weather and cattle are in a healthy
condition, but have shrunk in flesh somewhat.
Details for Adjoining States.
Kansas (Western).—Range is free of snow in some sections and grass
reported normally strong and plentiful. As the ground has been covered
with snow for most of the last two months, the supply of fodder, cane
and straw has been greatly depleted in all of the northern and western por-
tions of the State. .An unusual amount of cotton cake has been fed. Cattle
have stood the strenuous winter well.
Colorado.—Cattle and sheep have shrunk somewhat in weight due to the
extremely cold weather. Snow covers much of the range. Hay and feed
supplies are about sufficient in most of the State, but low price of cattle
and high price of feed are not justifying much feeding. Considerable
contracting of early lambs and wool at good prices are reported. In general, cattlemen are complaining of unfavorable financial conditions for
their business.
Texas.—Very little moisture fell during January and range conditions
declined throughout the State. The general condition is 19 points lower
than last year Grain pasture is short. Feed Is sufficient in the northwest, but elsewhere is scarce and high. Nearly all cattlemen are forced
to feed. Sheep men are feeding bred ewes. Continued dry weather will
cause a material decrease in the net calf, lamb and kid crops. Cattle and
sheep are holding up well, considering the condition of ranges. Losses
have been light generally.
New Mezieo.—Not much change In condition of stock. Snow in the
mountains melting, giving cattle a chance to get at the grass. Unless
general rains come soon there will be a scarcity of feed next year on the lowlands. Cattle liquidation is still going on in some districts. Cattle prices
are very low, but the demand and prices offered for sheep are very good.
Survey for Seventeen Western States.
In the range country winter ranges held about the same condition during
January with some disappearance of snow and generally heavy feeding.
while sheep held about the same condition and cattle showed a small decline following severe weather conditions in December.
Feed and range conditions were generally good in Montana, Wyoming,
Colorado, the western part of the Dakotas, Kansas and Nebraska, while
In Texas, Oklahoma, Arizona and New Mexico the effect of last year's
short feed is evident on the ranges and considerable feeding is necessary.
In the region west of the divide winter ranges showed no improvement
except in California where there seems to be a considerable improvement,
with a generally good outlook for spring range in Idaho and Oregon. Utah
and Nevada still show the effects of last season's drought, and there is a
shortage of range and feed in the southern part of these States. The condition of ranges is 77%. the same as last month. and 11 points below the
condition one year ago.
The condition of cattle showed a decline to 827 from 84% last month.
0
compared with 92% one year ago. This decline is due to a seasonal decline in most of the States with heaviest reduction in Texas, where cattle
are thin due to shortage of winter feed, following dry conditions last fall.
Cattle are generally in good shape in the remainder of the range country
east of the divide, while the States west of the divide show a much lower
condition than one year ago, due to dry conditions last fall, severe weather
and short winter range.
WEATHER BULLETIN FOR THE WEEK ENDING
FEB. 24.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ending Feb. 24, follows:
At the beginning of the week an extensive high pressure area overspread
Eastern States, accompanied by a sharp drop in temperature over middle
the
and north Atlantic areas, but at the same time it became warmer in had
interior valleys and the Northwest where unseasonably warm weather
FEB. 281925.]
THE CHRONICLE
set in; andlby the 19th temperatures were again above normal in practically all sections of the country. About the middle of the week there was a
a further rise in temperature in the Southwest and the interior valleys
with many stations reporting readings more than 20 degrees above the seasonal average. In fact, as a general rule, the weather of the week was
again characterized by uniformly mild conditions for the season.
In the Southeastern States there were further rains early in the week,
but, on the whole, fair weather prevailed during the first half, although
there was some light precipitation in the more central-northern districts
and along the Pacific coast. By Saturday, the 21st. however, low pressure
prevailed over the central valleys and the far Northwest and cloudy, unsettled, and rainy weather was reported from most sections in the eastern
half of the country and also over the more western States.
Chart I shows that the temperature for the week, as a whole, was again
unusually mild for the season in practically all sections of the country.
It was above normal everywhere, except in a small area in the extreme
upper western Lake reeon. Throughout the interior valleys, and thence
northwestward,the weekly means ranged from 8 degrees to 20 degrees above
normal, while in the South they were mostly from 4 degrees to 9 degreee
above. The country has experienced a remarkably long period of uniformly
mild weather for the season, as this makes the third consecutive week with
temperatures above normal in practically all sections. Except locally,freezing weather did not extend farther south than North Carolina, Tennessee,
and northern Arkansas. while subzero temperatures were reported only from
a few scattered points in the extreme northern portions of the country. In
the immediate Gulf section the temperature did not go below 50 degrees,
except in the extreme lower Rio Grande Valley.
Rainfall during the week was moderate to fairly heavy in most sections
between the eastern Great Plains and the Appalachian Mountains, as
shown on Chart II. Rather heavy falls, reaching locally up to nearly 3
inches, occurred from the extreme lower Ohio Valley southwestward to
northwestern Mississippi and eastern Arkansas, while more than 1 inch
was reported from 13arts of the south Atlantic coast. In the immediate
Gulf sections rainfall was light, as a rule, and also over the Great Plains,
but it was rather heavy in Pacific coast districts from central California
northward. There was an abundance of sunshine in the South and a
moderate amour in the more northern States.
The continued mild weather permitted much outdoor work during the
week. This was especially true in the Southeastern States from Arkansas
and Louisiana eastward where the seeding of early spring crops and the
preparation of land made good progress. The soil continued too wet,
however, in some east Gulf sections, though it was in better condition
for working than during recent weeks in some localities in the Southeast.
There were beneficial rains In parts of Oklahoma and light to moderate
showers were helpful in Arizona, while good rains fell in northeastern Texas;
elsewhere in the Southwest the drought continued and farm work was
still being delayed. Corn planting advanced in Florida and some was
put in during the week in southern Louisiana, but in Texas seeding was
being delayed because of insufficient moisture. There was some cotton
seeded in southern Texas, while plowing for this crop has become general
in Arizona.
The persistent mildness is rather unfavorable for fruit, as the swelling
of buds in the earlier varieties was reported as far north as the central
portions of the country. There was some plowing done in the interior
valley States, but, as a rule, field work has not as yet become active in
those sections. some spring grain was seeded as far north as Virginia
and Kanq.s, while the mild, open weather was again favorable for stock
interests in the great western grazing districts.
SMALL GRAINS.—Under the influence of the mild weather, winter
wheat greened up during the week in the middle Atlahtic area and in the
southern portion of the main Wheat Belt. Beneficial rains fell in parts of
Oklahoma. southern Nebraska, and Kansas, but in north-central Kansas,
central and western Oklahoma, and most of Texas the crop needs more
moisture. Elsewhere the soil is in generally good condition, with some
improvement reported in the appearance of plants in parts of the eastern
belt, especially in southern Indiana, Kentucky, and Tennessee.
Conditions were also favorable fbr wheat and other winter grains in the
more western portion of the country, although alternate freezing and thawing, with bare ground, were of some concern in Montana. Winter oats
made fairly satisfactory iprogress in the Southern States, except in the dry
Southwest, and the seeding of spring oats has advanced to south-central
Kansas, the lower Ohio Valley, and southeastern Virginia at about the
average date.
1115
THE DRY GOODS TRADE.
Friday Night, Feb. 27 1925.
Developments in textile markets during the past week
were again of a highly constructive character. An encouraging factor has been President Coolidge's message on taxation, wherein he advocated a maximum surtax of 20% and
the abolition of Federal estate taxes. When the new Congress meets later in the year there will also, it is expected,
be considerably less opposition to the Mellon tax plan. Thus
the outlook for the enactment of a much lower tax is very
promising. The importance of this cannot be overestimated.
In the meantime, orders have been received in satisfactory
volume and have resulted in a substantial increase in mill
operations. Greater confidence has been displayed by merchants in covering future needs and an encouraging amount
of filling-in business has been booked for spring lines. The
latter indicates a good movement of merchandise from
shelves and a wholesome condition of stocks. Another favorable factor has been the mild weather over the holiday,
which resulted in an increased demand for goods from the
South. This would seem to confirm that prophecies of an
early spring will be realized, and has encouraged wholesalers
to count on an active demand through March. According to
reports business thus far has been on a par or a little ahead
of last year with the majority of ready-to-wear firms. In
regard to the floor covering division, the Alexander Smith
& Sons Carpet Co. will open their new lines about May 1.
No auction sales are said said to be contemplated during
March or April, as was the case last year. In the silk division, activity continues at a highly satisfactory rate.
DOMESTIC COTTON GOODS: With further gains reported both in manufacturing activity and consuming demand, markets for domestic cottons displayed a firm undertone during the week. The active buying movement following the recent price advances in percales, print cloths, ginghams and denims has continued unabated, with the result
that print cloths have again been advanced, this time oneeighth of a cent. Stocks have been pretty well cleaned out
by sales to numerous large operators, and premiums are now
said to be freely paid for spot delivery. Orders received by
commission houses have been in excess of production, which
Is beginning to be felt in the delayed deliveries of merchandise. This will undoubtedly eventually result in more or less
of a scramble among dilatory jobbers to obtain much-needed
goods. Distribution of finished goods has been of satisfactory volume, with reports from retail channels of a highly
constructive character. Store managers claim that with consumers being tempted as never before by the variety of colors and new weaves, sales are steadily increasing. This has
The Weather Bureau also furnishes the following resume been reflected in broadening activities in manufacturing
of the conditions in the different States:
centres and it is claimed that fundamental conditions of the
North CaroHno.—Raleigh: Showers with mild weather and ample sun- Industry are now on a sound basis. Mills generally, are fast
shine favorable for outdoor work, cleaning fields, plowing, planting truck, approaching
normal operations and prices are firm. In reand sowing spring oats, but too warm latter part of week for fruit, as peach
buds swelling. Tobacco beds growing nicely. Wheat looking well. Pas- gard to cotton exports during the month of January, it is a
tures greening. Roads improved.
South Carolina.— Columbia: Scattered rains only and weather mild noteworthy fact that the shipment figures show a better
with considerable cloudiness. Winter cereals and truck developing nor- balance of foreign movement than was the case before the
mally. Potato planting nearly finished in trucking region. Lettuce and war. Both
bleached and unbleached cottons, yarns, dyed
spring cabbage look well; winter cabbage and radish harvests practically
ended. Fruit buds swelling with scattered peach blooms reported. Con- goods, printed goods and hosiery entered the figures in fair
siderable plowing done.
-inch, 64 x64's construction, are
Georgia.—Atlanta: Rains at beginning of week, but mostly dry there- proportions. Print cloths, 28
after with moderate temperatures. Plowing making better progress. Some- quoted at 7%c., and 27-inch, 64 x 60's, at 6c. Gray goods
potatoes and spring oats planted,and making gardens begun. Consider- In
the 39
-inch, 68 x 72's construction, are quoted at 111c.,
/
2
able damage to peaches by freeze of last week reported in northeastern
districts.
and 39-inch, 80 x 80's, at 13%c.
Florida.—Jacksonville: Mostly dry; much sunshine and moderately
warm. Soil in good condition; favorable for germination and growth.
WOOLEN GOODS: With the arrival of an increased
Frost damage of previous week to truck in Everglades quite extensive.
Potatoes recovering. Corn planting advanced. Melons and truck im- number of buyers from all parts of the country, a decided
proved, although much replanting. Strawberry shipments increased from revival in interest in men's wear goods, accompanied by
north. Oats doing well. Much new tree growth and citrus bloom except
satsum as dormant in west. Tobacco plants in beds good. Cane grinding expanding operations featured the markets for woolens and
worsteds. One of the outstanding developments along this
continued in Everglades.
Alabama.—Montgomery: Unseasonably warm;light to moderate showers
three days. Much plowing accomplished where soil sufficiently dry. Oats line was the announcement of the Amoskeag mills that their
mostly doing well, sowing continues. Good progress in planting pota- output of worsteds would be increased upwards of 40%, thus
toes in coast region where cabbages growing rapidly. Planting truck bringing their operations in this division close to capacity.
and garden stuff and bedding sweet potatoes progressing in many sections.
Pessimism is fast disappearing, and in its place is the hope
Pastures poor in north; improved in south where fair for season. Fruit
trees
budding and blooming in south.
that the season will develop into a more normal one than
dississippi.—Vicksburg: Generally fair to Friday; light precipitation
on coast thereafter; moderate in central and heavy in north. Tempera- was thought possible after the openings. This increasingly
ture generally excessive and without destructive cold. Good progress in favorable response to the higher price levels was taken to
farm operations in south; elsewhere wet soil hindrance. Good progress
foreshadow a good season for the women's wear openings
In fruit, pastures, and truck.
Louisiana.—New Orleans: Week generally mild with sufficient
sunshine: next week. The fact that the market is apparently turning
light to moderate showers Sunday. Favorable for work and crops; much
plowing accomplished. Planting corn and potatoes beginning locally in Into a sellers' market has led numerous factors to assume
south. Pastures improving. Roads improved slightly. Spring planting that price advances may be instituted on some of the leading
of sugar cane progressing with excellent seed cane.
Texas—Houston: Unseasonably Warm with good rains in northeast; numbers before the season is very far advanced.
scattered showers elsewhere, but mostly too light to be of benefit. ProgFOREIGN DRY GOODS: A firm undertone continued to
ress and condition of winter wheat, oats, and pastures generally poor,
prevail throughout the markets for linens owing to a steady
except improving in northeast. Farm work well advanced, except
sections. Corn planting delayed because of insufficient moisturein drier
Increase in demand and reported scarcities developing along
to
minate seed. Cotton planting continues in extreme south. Progress gerand
condition of irrigated truck very good. Fruit buds swelling; some open- certain lines. This was particularly true in regard to
ing prematurely. Amarillo: Ranges fair to poor. Livestock fair; some damasks, some of the low-end cloths becoming increasingly
loss at Llano.
difficult to find. Although fair quantities were procurable,
Oklahoma.—Oklahoma City: Warm and mostly clear; beneficial
rains
near close of week, but more rain needed in central and west portions. buyers had little to choose from, and, according to reports,
Much plowing done. Rapid progress in planting oats. Potato planting there is little likelihood for immediate relief of the
situation,
begun in south and east portions. Wheat made little grogress in central
and west portions account scant moisture with condition ranging poor as importers have no incentive to visit primary markets for
to good. Pastures improving slowly.
additional quantities at the prices now prevailing. One of
Arkanras.—Little Rock: High temperatures and no precipitation first
of week very favorable for plowing, sowing oats, planting potatoes and the developments of the week was the reported large use of
truck, and for growth of wheat and winter oats; heavy rains last of week embroidery linens by dress cutters
-up. This was said to be
stopped work, but favorable for growth of crops that were planted. Wina result of the increasingly popular use of linen collars on
ter grains, meadows, pastures, and truck made excellent progress.
7'ennessee.—Nashville: First few days fair; last four wet and very mild. dresses. Dress linens continue in active demand
with reCrops and pastures much improved. Wheat, oats, and clover fair to
constantly being received from the South and West.
good; some land prepared for spring oats. Some peach buds showing orders
Burlaps remain dull. Buyers purchased only such goods as
green. Much garden truck planted.
Kentucks.—Louisville: Warm, ending with heavy rains. Grass and
they could secure at bargain figures, while sellers displayed
winter grains improved and growing slowly; condition of early wheat fair
to good; late poor to fair. Fruit -buds swelling. Considerable plowing little willingness to force business by offering concessions
Young lambs doing well.
first half.
Light weights are quoted at 7.80-7.85c., and heavies at 9.30c:
THE CHRONICLE
1116
ffitate anti Titg ptpartment
NEWS ITEMS.
Arkansas (State of).—Cities, Incorporated Towns and
Counties Empowered to Issue Interest Bearing Certificates or
Bonds in Payment of Outstanding Non-Interest Bearing
Warrants Under One of Three Amendments Recently Held to
Have Been Carried at the October Election by State Special
Supreme Court—Other Information.—As stated by us last
week on page 982, the State Special Supreme Court, named
for the purpose, decided by a vote of 3 to 2 that the three
Constitutional amendments voted on at the general election
last October all carried and are now part of the Constitution.
The Special Arkansas Supreme Court was presided over
by ex-Governor Thomas C. McRae as Chief Justice, and on
Feb. 16 handed down a decision in the case of J. L. Arlitt,
of Austin, Texas, vs. Tom Hill, Speaker of the House of
Representatives, and in the case of Ben D. Brickhouse,
Mayor of Little Rock, vs. I. D. Hill, consolidated with the
Arlitt case, holding Amendments Nos. 10 and 11 to the
Constitution of, Arkansas voted on at the last general State
election on Oct. 7 to have been adopted.
This litigation was instituted by J. L. Arlitt through his
attorneys, Duty & Duty, of Rogers, Arkansas, on the 12th
day of January, the day the Arkansas Legislature convened,
by filing a suit in the Circuit Court of Pulaski County at
Little Rock, to require the Speaker to certify the amendments to the Secretary of State as having been adopted. A
few days after that, suit was also filed by I. D. Hill, a taxpayer of Little Rock, to enjoin the Mayor, Mr. Brickhouse,
from proceeding to issue bonds under Amendment No. 11.
Both cases were appealed to the Supreme Court and there
consolidated.
Amendment No. 10 increases the personnel of the Supreme
Court from five to seven members and fixes their salaries at
$7,500 a year. Amendment No. 11 permits cities and
counties to issue bonds and to make a special three-mill tax
levy to take up their outstanding indebtedness. Amendment
No. 12, which is also indirectly affected by this decision,
prohibited the Legislature from passing local legislation, and
will result, it is claimed, in all of the local bills enacted at
this session being declared void. A result of the decision
also puts in force an amendment to the Constitution voted
on in 1917, which places members of the Legislature on a
salary.
Prior to this decision it had been held by a divided Supreme
Court that it required a majority of all those voting at an
election to adopt an amendment, and in view of the fact that
Amendment No. 10 involved in this suit affected the Supreme
Court, the regular Court had to disqualify, whereupon the
Governor appointed a Special Supreme Court composed of
five of the ablest lawyers of the State, headed by former
Govern or MeR ae.
Amendment No. 11 provides that Section 4 of Article 12
be amended by adding thereto the following:
The fiscal affairs of counties, cities and Incorporated towns shall be
conducted on a sound financial basis, and no county court or levying board
or agent of any county shall make or authorize any contract or make any
allowance for any purpose whatsoeaa r in excess of the revenue from all
sources for the fiscal year In which said contract or allowance is made;
nor shall any county judge. county clerk, or any other county officer,
sign or issue any scrip warrant or make any allowance In excess of the
revenue from all sources for the current fiscal year; nor shall any city
counci', beard of aldermen, bomll of public affairs, or commissioners, of
any city of the first or second class, or any incorporated town, enter into
any contract or make any allowance for any purpose whatsoever, or authorize the issuance of any contract or warrants, scrip or other evidences of
indebtedness In excess of the revenue for such city or town for the current
fiscal year; nor shall any mayor, city clerk, or recorder, or any other officer
or officers, however designated, of any city of the first or second class or
incorporated town, sign or issue any scrip, warrant or other certificate of
indebtedness in excess of the revenue from all sources for the current fiscal
year.
"Provided, however, to secure funds to pay indebtedness outstanding at
the time of the adoption of this amendment,counties,cities and incorporated
towns may issue interest bearing certificates of indebtedness or bonds with
interest coupons for the payment of which a county or city tax. In addition
to that now authorized, not exceeding three mills may be levied for the
time as provided by law until such indebtedness is paid.
"Where the annual report of any city or county in the State of Arkansas
shows that scrip, warrants or other certificates of indebtedness had been
issued in excess of the total revenue for that year, the officer or officers of
the county or city or incorporated town who authorized, signed or issued
such scrip, warrants or other certificates of indebtedness shall be deemed
guilty of a misdemeanor and upon conviction thereof, shall be fined in any
sum not less than five hundred dollars nor more than ten thousand dollars,
and shall be removed from office."
According to Mr. Arlitt the effect of declaring Amendment
No. 11 adopted is to give counties and cities in Arkansas
the power to issue interest bearing certificates or bonds in
payment of outstanding non-interest bearing warrants that
are held by numerous banks, dealers and individuals throughout the United States, amounting to possibly some $3,000,000 or $4,000,000, a considerable amount of which is in
default, due to the fact that Arkansas counties and cities
could not heretofore pay interest nor collect sufficient taxes
to pay their obligations.
Cape May, Cape May County, N. J.—City Manager
Vote Upheld.—The State Court of Errors and Appeals affirmed on Feb. 19 the validity of the proceedings calling for
a special election to determine whether the city manager
plan of government should be adopted. Although the proceedings were just now affirmed, the election was held in
spite of the court proceedings, and the plan adopted. On
Feb. 20 the Newark "News" said:
Accepting the views expressed in the Supreme Court by Justice Campbell
the Court of Errors and Appealsjesterday afternoon affirmed the validity
[VOL. 120.
of the proceedings calling for a special election in Cape May to determinewhether the-city manager plan of government should be adopted.
In the proceedings before the Supreme Court the regularity of the
special election call was attacked upon various technical grounds relating
to the signing of petitions, the withdrawal of certain signatures and other
matters of a similar character. Before the Court of Errors the constitutionality of the City Manager Act of 1923 was assailed as special legislation,
because it applied only to municipalities operating under the commission.
form of government for a period of four years or more. The Court did
not pass on the constitutional question, to which the Supreme Court
opinion gave no consideration. The election in spite of the court proceedings was held and the commissioners have been chosen.
Decatur, Morgan County, Ala.—City Not Liable for
Bond Issue is Court Ruling.—According to the Birmingham
"Age-Herald" of Feb. 12, Judge Grubb of the Federal
Court on Feb. 10 handed down a decision holding that the
city of Decatur and the Alabama Traction Co. were not
liable to the First National Bank of Columbus for bonds
issued for the first paving on Lee and Ferry streets in 1912,
which the plaintiff held. The case was heard before Judge
Grubb in Birmingham some time ago. The Court, according
to the "Age-Herald," held that inasmuch as the city of
Decatur was under 6,000 population the municipality was
not responsible for the bonds, the property which was
assessed being liable.
Idlewood, Cuyahoga County, Ohio.—Village to be
Renamed University Heights.—The village of Idlewood is
to be renamed University Heights.
Kansas City, Mo.—New City Charter Receives Favorable
Vote.—The special election held on Feb. 24 to vote on a
new city charter, notice of which was given in V. 120, p. 355,
resulted, according to early returns, in its adoption. With
only four precincts missing out of 413, the vote was 36,946
for the charter and 8,803 against. The new charter provides,
among other things, for a city manager form of government.
Michigan (State of).—Federal Child Labor Amendment
Rejected by House.—The lower House of the Michigan
Legislature voted 61 to 24 on Feb. 20 to reject the proposed
Federal Child Labor amendment. The Senate has not
acted upon the Federal amendment, but could not ratify
it without concurrence of the House.
New Hampshire (State of).—Honse Rejects Child Labor
Amendment.—The New Hampshire House of Representatives on Feb. 25 rejected the Child Labor amendment to
the Federal Constitution by a vote of 198 to 153. The bill
cannot be brought before the State Legislature again this
season under the parliamentary rules. Newspaper dispatches say that refusal of the Senate to pass the bill at the
session of 1924 after its adoption by the House caused the
presentation of the amendment this year.
North Carolina (State of).—Veteran's Loan Fund Bond
Issue Invalid Says State Supreme Court.—The veteran's loan
fund bond issue of $2,000,000 voted at the November 1924
general election was held invalid on Feb. 25 by the State
Supreme Court. The Court rests its opinion entirely upon
the ground that the Act requires a majority of the registered
vote instead of merely a majority of the votes actually cast,
which the issue is alleged to have received. The vote on the
issue was 143.015 for to 62,261 against. We quote the following from the Raleigh "News & Observer" of Feb. 26 regarding the decision:
The $2.000.000 bond Issue for loans for homes to veterans of the World
War, which received 143.015 votes in the last general election as against
votes cast in the negative, was yesterday declared Invalid by the
North Carolina Supreme Court. The opinion of the Court was written by
Chief Justice W. A. Hoke, with Associate Justice Heriot Clarkson filing
a dissenting opinion. The Legislature now in session will be asked to correct the bill.
The measure has universally been considered as being in effect, and more
than a score or persons have applied for the position of Commissioner of
the Veterans' Loan Fund created under the Act, and some of them have
received strong support from all sections or the State. The validity of the
bonds was put in question some weeks ago when Chester B. Masslich of
New York, bond attorney for the State. refused to render a favorable
opinion on the bonds without a ruling from the Supreme Court.
A t Not Unconstitutional.
A test case was prepared, the measure being attacked on the ground
that the Act as drawn by Frank D. Grist, now Commissioner of Labor
and Printing, and who was the Representative from Caldwell County In
the 1923 General Assembly, required a majority of the registered vote
Instead of a majority of the votes actually cast. The complaint filed in
the case also attacked the constitutionality of the measure on the ground
that it constitutes class legislation.
However, the opinion of the Court filed yesterday does not hold the
measure unconstitutional, this point being ignored entirely In the opinion
of the Court, which is based entirely upon the ground that the Act as passed
by the General Assembly requires a majority of the registered veto instead
or merely a majority of the votes actually cast.
Ruling Obtained (Jul •kly.
The opinion of Mr. Masslich was expressed only about two weeks ago
and no time was lost In obtaining a ruling from the Supreme Court. A test
case was immediately carried before Judge Frank A. Daniels. holding the
Superior Courts of Wake County, who upheld the bonds by sustaining the
demurrer filed by the State.
The section of the Act on which the Couk,bases its opinion is as follows:
'Sec. I2.—The question of contracting a bonded indebtedness of the
State of North Carolina to the amount of two million dollars in accordance
with the provisions of this Act shall be submitted to the vote of the qualified
electors of the Stave at the general election to be held in 1924 for election of
Members of the General Assembly. A separate ballot shall be printed and
distributed to the poilholders in the said election, to be voted by the qualified electors in said election, upon which shall be printed or written the
words "For World War Veterans' Loan Fund Bonds, and an equal number
of ballots, upon which is written or printed the words, "Against World War
Veterans' Loan Fund Bonds," shall be likewise distributed. If a majority
of the qualified electors in said election vote "For World War Veterans'
Loan Fund Bonds." the Board of Advisors created by this Act shall immediately proceed to carry into effect the provisions hereof. If a majority of
said qualified voters shall in said election vote 'Against World War Veterans'
Loan Fund Bonds,' then this Act shall be thereby annulled. Notice of the
submission of the proposition shall be given, the ballots canvassed and returned, abstracts of the vote made and submitted, the votes canvassed,
and a declaration of the result made in the same manner as is provided in
the case of submission of a proposed constitutional amendment."
Chief Justi•e's Opinion.
In his opinion flied yesterday Chief Justice Hoke states:
"According to facts alleged in the complaint and admitted in the demurrer, authority to issue bonds under Chapter 190, Public Laws of 1923,
known as the 'World War Veterans' Loan Act.' has not been approved by
62.261
FEB. 281925.1
THE CHRONICLE
1117
a majority of the qualified electors of the State, as required
by express proAVON INDEPENDENT SCHOOL DISTRICT NO. 58, Bon Homme
visions of said Act, and that said bonds if issued would not be valid and
So. Dak.-BOND SALE.
-The $55,000 school bonds offered on
binding obligations of the State of North Carolina. The demurrer, there- County,
-were awarded to the Wells-Dickey Co. of MinneFeb. 19-V. 120. p. 855
fore, should have been overruled.
ap Ile as 441s at a premium of $223. equal to 100.40. a basis of about
"A more extended opinion to this effect will be prepared and filed later."
4.71%. Date Feb. 1 1925. Denom. $1.000. Coupon bonds. Due
Dissenting Opinion.
Feb. 1 as follows: $3.000, 1930 to 1940 incl.: $4,000. 1941 to 1943 incl.,
In his dissenting opinion Associate Justice Clarkson, after quoting the and $5.000. 1944 and 1945. Interest payable F. & A.
language of the Act given above. declares:
B&DGER SCHOOL DISTRICT NO.
"Under this language it is my interpretation that a majority of the (P. 0. Cando), Towner County, No. 2 OF THE CITY OF CANDO
Dak.-CERTIFICATE SALE.votes cast in said election is all that is required.
"My reasons will be set forth more fully when the Court's opinion is filed." The $10.000 certificates of indebtedness offered on Jan.5-V. 120. p. 110-.
were awarded to the Union Investment Co. of Minneapolis as 5 Sis at par.
Date Feb. 1 1925. Denom. $1,000. Due Feb. 1 1926. Interest payable
We also take the following from the "News":
At a conference yesterday (Feb. 251 between Attorney-General Brummitt (F. & A.).
and Colonel Manning. a draft of a bill to be submitted to the General AsBAILEY COUNTY (P. 0. Muleshoe), Texas.
-BOND OFFERING.
sembly to-day (Feb. 261 was agreed upon. Both lawyers fear the consti- Sealed bids will be received until 2 p. m. to-day (Feb. 28) by
William G.
tutionality of a direct enactment by the Legislature under the provisions of Kennedy. County Judge,
Section 5 of Article 4 of the Constitution, which prohibits the State from 1925. Denom. $1.000. for $60.000 6% court house bonds. Date Feb. 1
Due Feb. 1 as follows: $1,000. 1926 to 1945
lending its credit without a direct vote of the people.
1965 incl. Prin. and
The new bill will be presented along exactly the same lines as the old incl.. and 62.000, 1946 to Bank. N. Y. City. int. (F. & A.) payable
Hanover National
-ones but will make it clear that a majority of the votes actually cast will be at the State of Texas. has approved transcript ofThe Attorney-General's
Dept..
these bonds.
sufficient for ratification.
The Act provides that veterans shall receive loans of a maximum of $3,000
BALLINGER INDEPENDENT SCHOOL DISTRICT (P. 0. Ballinon real estate, the loans to bear 6% interest and to be repayable in 20 years. ger), Runnels County, Tex.
-BONDS REGISTERED.
-On Feb. 16 the
Supervision is placed in a board composed of the Secretary of State, the State Comptroller of Texas registered $100.000 5% serial bonds.
Attorney-General, the State Treasurer and the Commissioner of AgriculBE kVER, Beaver County, Utah.
-BOND DESCRIPTION.
-The
ture.
330.000 555% refunding water bonds purchased by Sidlo, Simons. Day
-are described as follows:
p. 850
North Carolina (State of).
-Legislature Authorizes Addi- & Co. of Denver at par-V. 120.Coupon bonds. Due May 1 as Date
May 1 1925. Deno-n. 61.000.
follows:
• tional $20.000,000 State Highway Bonds.
-The North Caro- $2,000. 1926 to 1940 inclusive. Interest payable M.& N.
lina Legislature has passed an Act to authorize issuance of
BEAVER COUNTY (P. 0 B
-BOND DESCRIPTION.
), Utah.
bighway bonds for North Carolina. Act authorizes the -The $18.500 5% refunding school bonds purchased by Sidlo, Simons,
Denver
Day & Co.
Governor and Council of State to issue not exceeding $20,- Jan. 11925.ofDenom.-V. 120. p. 855-are described as follows: Date
$1.000 except one for $500. Due Jan. 1 as follows:
000,000 State highway bonds. Bonds to be serial and not 68.000. 1949 to 1943 inclusive.
more than $10,000,000, to be issued in 1925. Act provides
BELLEVILLE SCHOOL DISTRICT (P. 0. Belleville), Envie:
-The two issues of 5% coupon school
-BOND SALE.
that Treasurer may borrow money on short-term notes in County, N. J. Jan. 5-V. 119.
bands offered on
p.
anticipation of sale of said bonds. The Act was ratified 634.000 ($35.000 offered) Series "B"2909-have been sold as follows:
bonds to the Peoples National Bank
of Belleville for 335.211 64. equal to 103.56. a basis of about
Feb. 20 1925.
4.62%. Due yearly on Jan. 15 as follows: 62.000. 1926 to 1931
Towns of West Hoboken and Union Hill, New Jersey.
incl.. and $1.000. 1932 to 1953 incl.
bonds to
-Enabling Act Providing for Consolidation Signed by Governor. 198,000 ($210 000 offered) Series "A- eq tat to the First National Bank
of Belleville for 6210.252 24,
106.13. a basis of about
-On Feb. 26 Governor Silzer signed a bill enabling adjoining
4.53%. Due yearly on Jan. 15 as follows: 85.000. 1926 if)
1943 incl.. and 86,0®. 1944 to 1961 incl.
municipalities, other than cities lying in one county to
Date Jan. 15 1925.
•consolidate and form a city. This measure was framed, it
BERNLEY INDEPENDENT SCHOOL DISTRICT NO. 1, Cassia
is stated, to allow consolidation of West Hoboken and County, Idaho.
-BOND SALE.
-The Childs Bond & Mortgage Co. of
Boise on Feb. 17 purchased $59,500 441% refunding school bonds to be
Union Hill into one community to be known as Union City.
dated April 1 1925.
University Heights, Cuyahoga County, Ohio.
- BF RWIND SCHOOL DISTRICT, McDowell County, W. Va.Village to be Renamed.
-An issue of $300,000 555% school bonds was purchased
-The village of Idlewood is to be BOND SALE.
by the State of West Vir dela. Due serially, 5 to 20 years: optional.
!renamed University Heights.
BETHANY HEIGHTS, Lancaster County, Neb.-BOND SALE.Vermont (state of):
-Legislature Rejects Federal Child During January the State of Nebraska purchased 636.600 5% refunding
Labor Amendment.
-The Federal Child Labor amendment bonds. Date Jan, 15 1925. Due Jan. 15 1945: optional any time.
BEXLEY, Franklin County, Ohio.
-BOND OFFERING.
was 'definitely rejected by the Vermont Legislature on
-Until
1
Feb. 20, when the State Senate adopted, under suspension S.p. m.(eastern standard time) March 27. sealed bids will be received by
W. Roderick, Village Clerk, at the Market Exchange Bank of Columbus
•of rules, a resolution in concurrence with the action taken for $90.000 534% coupon lighting system assessment bonds. Denom.
1925. Interest payable semi-annually (A. & 0)..
by the House of Representatives the previous week in pro- 61.000. Date April 1Oct. 1 1925 to 1933. Inclusive.
Due 61.000 yearly on
check for
nouncing against the amendment. Of the 32 Senators, 2% of the amount of bonds bid for, payable to the CertifiedTreasurer,
Village
27 voted for concurring with the House and three were required.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BONDS NOT
absent.
SOLD.
-The $10.214 83 6% drainage bonds offered on Jan. 12-V. 120.
p. 111-were not sold.
Washington (State of).
-Legislature Adjourns.
-The
State Legislature which went into regular biennial session on
Jan. 12, adjourned Feb. 13, The Legislature's action in
adjourning fulfills the request made by Governor Hartley
for a short session and to convene again in a special session
in November. Among the bills pased by the Legislature
• and signed by the Governor was Senate Bill No. 56,.providing for the issuance of $4,000,000 bonds to continue
the work on the State capitol buildings. The bonds, it
is stated, are secured by the capitol land grant.
BOND CALLS AND REDEMPTIONS.
Galveston, Galveston County, Tex.
-Bond Coll.
-The
• city of Galveston is calling for payment on April 1, after
which date interest will cease, the following bonds:
860.000 grade raising bonds. Series "B." dated Oct. 1 1904. bearing 5%
Interest, due 40 years from their date, with option of redemption
at any time after their date, in denomination of $1 000 each.
120,000 grade raising bonds, Series "C." dated Oct. 1 1907. bearing 5%
Interest, due 40 years from their date, with option of redemption
at any time after their date, in denomination of $1,000 each.
These bonds will be redeemed at par and accrued interest
upon presentation at the National City Bank of New York
• City, or at the City Treasurer's office in Galveston on or
before April 1. Robt. I. Cohen, Jr., City Treasurer.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ALAMOSA, Alamosa County, Colo.
-130N1) SALE.
-An issue of
$20.000 5% refunding water bonds was purchased by Bosworth. Chanute
& Co. of Denver.
ALBERT LEA SCHOOL DISTRICT, Freeborn County, Minn.BONDS DEFEATED.
-The proposition to issue
was defated by a vote of 4 to 1 at the election held $250.000 school bonds
on Feb. 13-V. 120. p.
730.
APEX, Wake County, No. Caro.
-BOND PROCEEDINGS VALIDATED.
-The State Legislature has passed an Act to
bonds of the town of Apex. Act vaidates the ordinance validate certain
sioners of Apex adopted on Nov. 5 1924: also an election of the Commisheld under
ordinance on Dec. 15 1924, to Issue $90,000 water bonds and $45.000 said
sewer
bonds. Said town is hereby authorized to issue said bonds and to be
sold
under the provisions of the Municipal Finance Act, ratified Feb. 19 1925.
ARIZONA (State of).
-NOTE SALE.
-The Bankers Trust Co. of
New York has purchased an Issue of $1.150.000 4 )1% tax-anticipation
, notes at a premium of $3.587 43, equal to 100.31. a basis of about 3.12%.
Date March 2 1925, Due June 15 1925.
ATHENS, Clarke County, Ga.-BOND SALE.
-The $58.000 43.%
• water works bonds offered on Feb. 25-V. 120. p 983
-have been awarded
• to the National City Co. of New York at 104.02, a basis of about 4.27%.
Date Jan. 1 1925. Due Dec. 1 1954.
ATTLEBORO, Bristol County, Mass.
-TEMPORARY LOAN.
-A
• temporary loan of $150,000 has been sold to the First National Bank of
Attleboro on a 3.17% discount basis. Due Nov. 25 1925.
AUBURN, De Kalb County, Ind.
-BOND SALE.
-The Lincoln
National Bank of Ft. Wayne has been awarded the $55.800 5% coupon
• city bonds offered on Feb. 16-V. 120. p. 479
-for $56.475 18, equal to
, 101.21, a basis of about 4.75%. Date Feb. 16 1925. Due every six
• months beginning June 20,1928 and ending Dec. 30 1934.
BLADEN COUNTY (P. 0. Elizabethtown), No, Caro.
-BOND
OFFERING.
-Seale 1 bids will be received until 11 a. m. March 7 by
W. A. Ferguson. Clerk Board of County
Commissioners. for $20.000 554%
school bonds. Date Sept. 1 1924. Denom. $1.000. Due Sept. 1 as
follows: $1,000. 1925 to 1944 incl. Prin. and int. (M. & S.) payable
at the National Park Bank, N.Y.City. Legal voceedings and preparation
and sale of bonds under the supervision of11. H. Clark of Elizabethtown
and Bruce Craven of Trinity. A certified check, drawn to the order
the Treasurer, upon an incorporated bank or trust company. for 2% of
bid, is required.
BOND COUNTY (P. 0. Greenville), III.
-BOND SALE.
-An issue
of $25.000 455% school bonds was purchased recently by the State Bank
of Holies & Sons of Greenyllle. Date MFveh 1 11)oq
nn
.o
$1000 In 1927 to 1936.61.500 in 1937 to 1943 and $2.000 in 1944 and1645.
BONNER SPRINGS, Wyandotte County, Kan.
-BOND OFFERING.
-Until 8 p. m. March 6 sealed bids will be received by A. O. Parker,
City Clerk, for 326.121 49 5% internal impt. paving bonds. Date Feb. 1
1925. Denom. $500 except one for $121 49. Due serially, Feb. 1926
to 1935. A certified check for 2% of bid, payable to above-named1clerk,
Is required.
or
BOULDER COUNTY SCHOOL DISTRICT NO.17(P.O.Longmont),
Colo.
-BONDS VOTED.
-At the election held on Feb. 17 (V..120.
the voters authorized the issuance of 8264.000434% school building p.609)
bonds.
E. S. Brice, Chairman of Finance Committee.
BRACKENRIDGE SCHOOL DISTRICT (P. 0. Brackenridge),
Allegheny County, Pa.
-BOND OFFERING.
-John W. Girt, Secretary
Board of Director:. will receive sealed bids until 7 p. m. March 16 for
150.000 455% coupon school bonds. Denom. $1,000. Date March 1
1925. Int. M. & S. Due yearly on March 1 as follows: 615.009. 1935
and 1940. and 110,010, 1945 and 1950. Certified check for $500. payable
to the School District. required.
BRATTLEBORO, Windham County, Vt.-BOND SALE.
-E.
Rollins & Sons of Boston have been awarded the 1550.000 4% water
bonds offered on Feb. 26-V. 120. p. 983
-at 98.33. a basis of about
about 4.18%. Date March 1 1925. Due as follows: $10.000 In 1926,
$10.000 in 1927, 111.000 in 1928. 611,000 in 1929. $12,000 in 1930. $12,000
In 1931. $13,000 in 1932, $13.000 In 1933,
1934. $14.000 in 1935,
$15,000 in 1936. 815,000 in 1937. 116.000 in 1938. $16.000 In 1939. $17.000
In 1940. 818.000 in 1941. $19.000 in 1942. $20.000 in 1943. $21.000 in,44
322.000 in 1945. $23,000 in 1946. $24.000 in 1947. 825.000 in 1948. $2 .000
in 1949. $27,000 in 1950. 328.000 in 1951. 829.000 In 1952.$30,000 in 1953,
$31.000 In 1954. 88.000 In 1955. Other bidders were:
Old Colony Trust Co. and the Detroit Co.. jointly
98.316
Paine, Webber & Co. and Bond & Goodwin. jointly
97.912
Merin, Oldham & Co
9. 9
9. 5
7 64
79
Putnam & Storer
Harris, Forbes & Co
Vermont Peoples National Bank, Brattleboro
..44
17
BREVARD, Transylvania Clunty, No. Caro.
-BONDS AUTHOdn
IZED.-An Act has been passed by the State Legislature authorizing
the town of 13revard to issue bonds to improve streets and sidewalks
town. Act provides for $100.000 6% 30-year bonds, to be sold at of salpublic
or private sale. Other things in discretion of Town Commissioners.
Ratified Feb. 20 1925.
BRIGHTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Wakeman), Fairfield County, Ohio.
-BONDS NOT SOLD.
-The
$3.000 6% school bonds offered on Feb. 16-V. 120. p.855
-were not sold.
BRONXVILLE, Westchester County, N. Y.
-BOND SALE.
-on
Feb. 24 the $50,000 455% coupon land purchase bonds offered on
(V. 120. p. 730) were sold to Westcott, Kearr & Parrott, of New that day
Rate at
York
102.479, a b
basis of about 4.19%. Date March 2 1925. Due
March 2 1926 to 1945, inclusive. Other bidders were as follows: 1$092.5:
Rate Bid.
Parson. Son & Co
102.417ISherwood & Merrifield
Fidelity Trust Co. of Buffalo-101.295[Batchelder, Wack &Co
80i:605i
10 7
52
Gramatan National Bank_ -102.00 iClark, Williams & Co
Kissel, Elnnicutt & Co
$51.160 Bronxville Trust Co
Geo. B. Gibbons & Co
102.197
:moon in
1118
THE CHRONICLE
-The
-BOND SALE.
BROWN COUNTY (P. 0. New Ulm), Minn.
$250,000 road bonds offered on Feb.20(V. 120,P.609) were awarded to the
Minneapolis Trust Co. as 43's at a premium of $2.231 equal to 100.89,
a basis of about 4.17%. Date Mar. 1 1925. Interest payable M. & S.
Due Mar. 1 as follows: $25.000, 1935 to 1944 incl.
-The $18,000 public drainage bonds offered on Feb. 20BOND SALE.
-were awarded to the Wells-Dickey Co. of Minneapolis
V. 120, p. 609
as .13.s at a premium of $91, equal to 100.50, a basis of about 4.19% •
Date March 1 1925. Due March 1 as follows: $2,000 1930 to 1932 and
$1,000 1933 to 1944, inclusive.
-BONDS AUTHORIZED.
BRYSON CITY,Swain County, No. Caro.
-An Act has been passed by the State Legislature to authorize town of
Bryson City to issue .bonds. This Act provides that the Board of Aldermen
of Bryson Oity may issue and sell at public or private sale bonds of said town
in amount not exceeding $100.000 for the purpose of cznstructing an
electric light plant for the town. Bonds not to run for more than thirty
yews. Interest not to exceed more than 5%%. Provides for special tax
to pay same. Other things in discretion of Board of Aldermen. Ratified
Feb. 13 1925.
BURCHARD CITY SCHOOL DISTRICT (P. 0. Burchard), Pawnee
-At an election held recently the
County, Neb.-BONDS VOTED.
voters authorized the issuance of 620,000 school building bonds by a
count of 111 "for" and 22 "against.'
-BOND PROCEEDBURKE COUNTY (P. 0. Morganton), No. Caro.
INGS VOID.
-The North Carloina Legislature has passed an Act to invalidate certain proceedings for the sale of bonds of Burke County. This
Act invalidates the proceedings passed by the County Commissioners of
Burke County in connection with issuance of $100,000 to be dated Feb. 10
1925. and makes all said proceedings void and declares bonds not to be
binding. Ratified Feb. 10 1925.
-Parley Clark.
-BOND OFFERING.
BURLEY,Cassia County,Idaho.
City Clerk, will receive sealed bids until March 16 for the following bonds
n
29,501..
i l in
wtrmi twftet
5,500 cemetery bonds.
Date March 11925. These bonds, which had bec sold sublect to being
voted at an election held on Feb. 16 to the Childs Bond Mortgage Co.
-carried at said election and are now being offered
of Boise
-V. 120, p. 855
to comply with the law.
-BOND OFFERING.
BURLINGTON, Des Moines County, Iowa.
%
Sealed bids will be received by the City Clerk March 5 for $4,900
fire station bonds. Interest payable M.& N. -BOND DESCRIPTION.Canyon County, Idaho.
CALDWELL,
The $67,000 5%% refunding bonds purchased on Nov. 28 by the Childs
-are described as follows:
-V. 120, p. 855
Bond & Mtge. Co. of Boise
Date Jan. 1 1925. Denom. $1,000. Coupon bonds. Due Jan. 1 1945;
optional Jan. 1 1935.
CAMPBELL COUNTY (P. 0. Newport), Ky.-BOND OFFERING.
Until 10 a. m. March 16 sealed bids will be received by William Millus,
County Clerk,for 3200.0005% coupon bonds. Date May 11923. Denom.
$500. Due May 1 as follows: $40,000 1942 to 1947, incl. Principal and
interest (m. & N.) payable at the Newport National Bank of Newport.
A certified check for 2% of bid is required.
-W. L. Slayton &
-BOND SALE.
CANTON, Stark County, Ohio.
Co. of Toledo have been awarded the following three issues of 5% coupon
-at a premium of $551, equal
bonds offered on Feb. 16-V. 120, p. 479
to 101.56:
$7,648 63 property portion street improvement bonds. Due yearly on
Sept. 1 as follows: $1,148 63 1926, $700 1927. $1,000 1928,
1930. 1932 and 1934. and $600 1929. 1931 and 1933.
2.016 98 city's portion street improvement bonds. Due yearly on Sept. 1
as follows: 3316 98 1926, $300 1928 and $200 1927, 1929. 1930.
1931. 1932, 1933 and 1934.
1,581 73 city's portion street improvement bonds. Due yearly on Sept. 1
as follows: $181 73 1926, $150 1927, 1929, 1931 and 1933, and
$200 1928. 1930. 1932 and 1934.
23,951 00 storm sewer construction bonds. Due yearly on Sept. 1 1927 to
1934, inclusive.
Date Sept. 11924.
CARBON COUNTY SCHOOL DISTRICT (P. 0. Price), Utah.
-Subject to being voted at an election
-ELECTION.
BONDS SOLD PRE
purchased by Benwell &
to be held soon, $70,000 4%% school bonds were
Co. of Denver at 98.47. Due in 20 years.
CAREY VILLAGE IRRIGATION DISTRICT (P. 0. Carey), Idaho.
-True-Webber & Co. of Chicago have purchased an
-BOND SALE.
issue of $420,000 6% water impt. bonds. Date July 1 1923. Denom.
$1,000 and $500. Due July 1 as follows: $21,000, 1935: $25,000. 1936;
$29,500, 1937; $33,500. 1938: $38,000, 1939: 342,000, 1940; $46,000, 1941;
654,500, 1942: $63.000. 1943. and $67,500. 1944. Prin. and in payable
at the office of the District Treasurer at Carey, or at the National Bank
of the Republic. Chicago, at option of holder. Legality approved by
Chapman, Cutler & Parker of Chicago.
-The United States
CARROLL, Wayne County, Neb.-BOND SALE.
Trust Co. of Omaha has purchased an issue of $40,000 51 % refunding
bonds. Date Dec. 11924. Due Dec. 11944, optional in 1927 to 1943.
-Sealed
-BOND OFFERING.
CARTERET, Middlesex County, N. J.
bids will be received by Charles A. Brady. Borough Treasurer, until 8 p. m.
for an issue of 4%% coupon or registered public impt. bonds,
March 16
not to exceed 3125,000, no more bonds to be awarded than will produce
a premium of $1,000 over $125,000. Denom. $1,000. Date Jan. 1 1925.
Co.,
payable
Prin. and semi-ann. int. (J. & J.) follows: at the Carteret Trust incl..
34.000. 1927 to 1946
Carteret. Due yearly on Jan. 1 as
1947 to 1955 incl. Certified check for 2% of the amount of
and 35,000,
bonds bid for, payable to the Borough Treasurer. required.
-BONDS VALINo.
CHATHAM COUNTY (P. 0. Pittsboro),StateCaro.
Legislature validating
-An Act has been passed by the
DATED.
validates $71.000 of Chatham
certain bonds of Chatham County. Act by the Board of County Comauthorized
County road and bridge bondsAuthorizes special tax to pay interest and
missioners on Feb. 20 1925.
Ratified Feb. 18 1925.
principal.
-BOND
N. Y.
CHEEKTOWAGA (P. 0. Lancaster), Erie County, receive bids at
-John C. Stigmeler. Town Supervisor, will
OFFERING.
in. March 3 for the following issues of bonds not
public auction at 2:309.
to exceed 6% interest:
and one for $600. Due yearly
$41.600 highway bonds. Denom. 31.000 to 1934 incl., and $5,600, 1935.
on July 1 as follows: $4,000. 1926
yearly on July 1 as follows:
43,000 sewer bonds. Denom. $1,000. Due $3.000, 1945.
incl., and
32,000 July 1 1925 to 1944the Liberty Bank of Buffalo. Certified
Date March 11925. Payable at
check for 5% of the bid required.
-Sealed proposals will be received
-BOND OFFERING.
CHICAGO, 111.
11 a. in. March 4 for the
by Martin J. O'Brien, City Comptroller, until
tax-exempt bonds aggregating $6,825,000:
following two issues of 4%
bonds. Duo yearly on Jan. 1
$5,325,000 South Water Street improvement inclusive,and $225,000, 1944.
as follows:$300,000, 1927 to 1943. yearly on Jan. 1 as follows:
1.500,000 street improvement bonds. Due
inclusive, and $110.000,
3110,000, 1927; $80,000, 1928 to 1943,
1944.
Principal and interest payable at
Denom. $1,000. Date Jan. 1 1925.
American Exchange National
the office of the City Treasurer or at the
by the voters at an
Bank of New York. These bonds were approvedbeen passed upon by
has
election held on June 2 1924. The validity
their opinion will be
Parker, attorneys, and a copy ofthe office of the City
Chapman, Cutler &
furnished upon request. Bonds may be registered in
will be received for
Comptroller. Bids without conditions or qualifications accompanied by a
the whole or any part of the issue and each bid must be City Comptroller
the
certified check on a Chicago bank drawn to the order of
pertaining to
for 2% of the par value of bonds bid for. All information
Comptroller.
these Lands may be had upon application to the City
-Merrill, Old-BOND SALE.
CHICOPEE, Hampden County, Mass.
bonds
ham & Co., of Boston, have purchased 331.0004% coupon playground semiat 100.63, a basis of about 3.87%. Date Feb. 1 1926. Principal andas fol(F. & A.) payable in Boston. Due yearly on Feb. 1
annual interest
lows: $4,000, 1927, and $3,000. 1928 to 1936, inclusive. Legality approved
by Storey, Thorndike, Palmer & Dodge.
[VoL. 120.
$47,920,830
Assessed valuation (1924) Financial Stale:nen:.
1,810,800
Total debt, including this issue
280,500
Water debt
1,530,300
Net debt
Population (1920), 36,214.
-BOND
CLUTIER SCHOOL DISTRICT, Tama County Iowa.
OFFERING.-Untll 2 p. in. March 12 sealed bids will be received by the
Secretary, Board of Education, for $35,000 school bonds. Date March 1
1925.
COLEMAN INDEPENDENT SCHOOL DISTRICT (P. 0. Coleman),
-The State CompColeman County, Texas.
-BONDS REGISTERED.
troller of Texas registered 8100,000 5% serial school bonds on Feb. 16.
COLERAIN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-The $50,000 5%
-BOND SALE.
Barton), Belmont County, Ohio.
school bonds offered on Feb. 21-V. 120, p. 731-have been awarded to
Otis & Co. of Cleveland for $50,770, equal to 101.54. a basis of about
4.765%. Date April 1 1925. Due yearly on Oct. 1 as follows: 64.000,
1926 and 1927, and $3,500, 1928 to 1939 inclusive.
•
COLUMBIA TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-The $2,600
-BOND SALE.
Columbia Station), Lorain County, Ohio.
-were awarded to
6% school bonds offered on Feb. 17-V. 120. p. 610
the Bank of Berea County of Olmsted Falls at par. Date Jan. 1 1925.
Duo Oct. 1 as follows: 6100, 1926, and $500, 1927 to 1931 incl. Purchaser agreed to print the bonds.
-FUNDING
CRAVEN COUNTY (P. 0. New Bern), No. Caro.
-The tSate Legislature has passed an Act to
BONDS AUTHORIZED.
authorize Craven County to fund its present debt and no other. This
Act provides that the Boardof Commissioners of Craven County may issue
not more than $475.000 of bonds to fund its floating debt. Bonds may be
issued all at one time or from time to time. Bonds may be sold at either
public or private sale for not less than par. Other things in discretion of
Board of County Commissioners. Ratified Feb. 14 1925.
-The $250.
-BOND SALE.
CREEK COUNTY (P.0.Sapulpa), Okla.
000 road bonds offered on Feb 17 (V. 120. p. 856) were awarded to A. J.
McMahon and Taylor, White Co., of Oklahoma City, as 5)'s at a premium
of 86,325 equal to 102.53. Date Mar. 1 1924. Denom. $1,000. Coupon
bonds. Due serially 1929 to 1949. Interest payable M.& S.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
The following issues of 5% coupon special assessment bonds offered on
-have been sold to Otis & Co. of Cleveland at a,
Feb. 21-V. 120, p. 856
premium of $18,473, equal to 104.06,a basis of about 4.40%:
$126,000 County Sewer District 1, Sewerage Improvement 54, bonds,
maturing on Oct. 1 as follows: $9,000 from 1926 to 1939, incl.
148,000 County Sewer District 1, Sewerage Improvement 57, bonds,
maturing on Oct. 1 as follows: $12,000, 1926 to 1937, incl..
except 613,000 in 1928, 1931. 1934 and 1937.
58,000 County Sewer District, Sewerage Improvement 59. bonds, maturing on Oct. 1 as follows: $4,000, 1926 to 1940, incl., except
$3,000 in 1926 and 1933.
10,000 County Sewer District 2, Water Supply Improvement 64, bonds,
maturing $1,000 yearly on Oct. 1 from 1926 to 1935, incl.
26,000 County Sewer District 3, Water Supply Improvement 351. bonds,
maturing $2,000 yearly on Oct. 1 from 1926 to 1938, incl.
32,000 County Sewer District 3, Water Supply Improvement 352, bonds,
maturing $2,000 yearly on Oct. 1 from 1926 to 1941. incl.
District 5, Water Supply Improvement 554. bonds.
30,000 County
$2,000 yearly on Oct. 1 from 1926 to 1940, incl.
mat
25,000 County ewer Districts 6 and 7. Water Supply Improvement 652.
bonds, maturing on Oct. 1 as follows: $2,000 from 1926 to 1936,
incl., and 33,000. 1937.
Date March 1 1925.
DAYTON, Montgomery County, Ohio.-BIDS.-Pollovring is a list
of the bids received for the three issues of4%% bonds, aggregating $500,000..
sold to Eldredge & Co. of New York at 102.462, a basis of about 4.255%,as
was stated in V. 120, p. 856.
Premium.
Bidder312,310 00.
Eldredge & Co
Otis & Co.; Estabrook & Co.; Hannahs, Bailin & Lee; Curtis &
00.
,
Sanger
11,708 00.
Ames, Emerich & Co.; Stevenson, Perry, Stacy & Co
11,650 00
Detroit Trust Co
11,416 00.
A. G. Becker & Co.; Halsey, Stuart & Co., Inc
11,045 00
Redmond & Co.; Phelps, Fenn & Co
11 010 00
B. J. Van Ingen & Co
00.
Hayden, Miller & Co.; Harris, Forbes & Co:. The Natl. City Co.- 10,845 00
10,817 ,
Illinois Merchants Trust Co
William R. Compton Co.;
10,485 00
A. B:Leach & Co., Inc.; Barr Bros. & Co., Inc
The Herrick Co.; W.A. Harriman & Co., Inc., N.Y.; L.P. Roths10,385 00
child & Co
9,62000
Hayden, Stone & Co.; Taylor, Ewart & Co.; Grau, Todd & Co
9,54000'
& Co
Kissel, Kinnicutt
9,52000
Austin, Grant & Co.; C. W. McNear & Co
9,360 Oft
Well, Roth, Irving & Co
,
8,952 00
Bonbright & Co., Inc
8,950 00
The Northern Trust Co.; E. H. Rollins & Son
8,900 00
Trust Co.: Tillotson & Woloctt Co
Bankers
8,56065
Benjamin Dansard & Co.; R. M. Grant & Co
8,470 00
Guaranty Co. of New York
8,413 00
& Oath, Inc
Stranahan, Harris
8.25700'
A. T. Bell & Co
-The Well.
-BOND SALE.
DEER PARK, Hamilton County, Ohio.
Roth & Irving Co. of Cincinnati has purchased the following issues of 6%
coupon assessment bonds offered on Feb. 14-V. 120, p. 731-at par
and accrued interest plus a premium of $725. equal to 103.07. a basis
of about 5.23%:
33,155 76 Lansdowne Ave. !flint. bonds. Denom. $394 47. Date Feb. 11
1925. Due 3394 47 Feb. 11 1926 to 1933 inclusive.
3,815 92 Webster Ave. impt. bonds. Denom. 6476 99. Date Feb. It
1925. Duo $47609 Feb. 11 1926 to 1933 inclusive.
6,443 44 Heger Ave. Impt. bonds. Denom. $805 43.• Date Nov. 28.
1924. Due $805 43 Nov. 28 1925 to 1932 inclusive.
6,734 96 Webster Ave. impt. bonds. Denom. $841 87. Date Nov. 28
1924. Due 3841 87 Nov. 28 1925 to 1932 inclusive.
3,464 08 Lansdowne Ave. impt. bonds. Denom. $433 01. Date Nov. 28
1924. Due $433 01 Nov. 28 1925 to 1932 inclusive
DELTA COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Eckert),
-The International Trust Co. of
-ELECTION.
-BONDS SOLD PRE
Colo.
% school building bonds subject to their
Denver has purchased $24,000
an election to be held soon.
being voted at
DENVER (CITY AND COUNTY OF) SCHOOL DISTRICT NO. 1,
-Sealed bids will be received until 2 p.
-BOND OFFERING.
Colo.
March 18 by Wm. R. Howland, City Auditor, for $1,750,000 43% coupon
Junior high school building bonds. Date Jan. 1 1923. Denom. $1_,000
and $500. Due Jan. 1 as follows: $87,500. 1934 to 1953 incl. Legal
opinion by Wood & Oakley of Chicago.
DES MOINES INDEPENDENT SCHOOL DISTRICT, Polk County,
-On March 9 an election will be held for the
-BOND ELECTION.
Iowa.
purpose of voting on the question-of issuing $150,000 school building bonds.
-The Minnesota Electric
DIXON,Dixon County, Neb.-BOND SALE.
Distributing Co. of Minneapolis has purchased an issue of $10,000 6%
transmission line and system bonds. Date Jan. 1 1925. Due
electric
Jan, 1 1945.
-An issue of $15,000.
DODGE, Dodge County, Neb.-BOND SALE.
5%% sewer bonds have been sold to Burns, Brinker & Co. of Omaha.
Date Oct. 1 1924. Due July 1 1926 to 1934.
-The Faders
DORCHESTER, Saline County, Neb.-BOND SALE.
Trust Co. of Lincoln has purchased an issue of $8,670 51 53 % intersection paving bonds. Date Dec. 10 1924. Due Dec. 10 1934: optional
In five years.
DORMONT SCHOOL DISTRICT (P. 0. Dormont), Allegheny.
-.1. 0. Downs, District Secretary, win
-BOND OFFERING.
County, Pa.
receive sealed bids until 8 p. m. March 9 for $150,000 4% ,coupon school
31.000. Int. J. & J. Due yearly on Jan. 1 as follows:
bonds. Denom.
$5,000, 1934 to 1939 incl., and $8.000. 1940 to 1954 incl. Purchaser to.
pay for printing of bonds. Certified check for $1,000, drawn to the order
urer. required
of the District
FEB. 281925.]
THE CHRONICLE
DRISCOLL CONSOLIDATED SCHOOL DISTRICT NO. 36, Bur.
leigh County, No. Dak.-CERTIFICATE SALE.
-The $5,000 certificates
of Indebtedness offered on Jan. 31-V. 120. p. 480
-were awarded to
H. A. Knudson of Driscoll as 65 at par. Date Feb. 20 1925. Coupon
certificates. Due Aug. 20 1926.
DUPLIN COUNTY (P. 0. Kenansville), No. Caro.
-FUNDING
BONDS AUTHORIZED.
-The State Legislature has passed an Act to
authorize and empower the Board of Commissioners of Duplin County to
issue funding bonds and to provide for payment thereof. This Act provides for $140,000 bonds to pay off certain notes of said county given for
general county and school debt. Provides for tax levy to pay same.
Interest not to exceed 6%, payable semi-annually and to run for not more
than 10 years. Sold subject to provisions of Municipal Finance Act.
Other things in discretion of Board of County Commissioners. Ratified
Feb. 19 1925.
EAST YOUNGSTOWN, Mahoning County, Ohio.
-BOND OFFER
-Sealed bids will be received by Anthony Julius, City Auditor, until
/NO.
12 m. March 4 for the following issues of 6% assessment bonds:
Hyatt Ave. storm and sanitary sewer bonds. Due $825 June 15
$4,125 00
1926 to 1930, inclusive.
4,511 15 Woodland Ave. storm and sanitary sewer bonds. Due $902 23
June 15 1926 to 1930, inclusive.
3,547 50 Whipple Ave. storm and sanitary sewer bonds. Due $709 50
June 15 1926 to 1930. inclusive.
3,697 30 Sixth St. storm and sanitary sewer bonds. Due $739 46 June 15
1926 to 1930, inclusive.
Date Dec. 15 1924. Principal and semi-annual interest, payable at the
City Auditor's office. Certified check for 2% of the amount of bonds bid
for, payable to the City Auditor,required.
EAST YOUNGSTOWN CITY SCHOOL DISTRICT (P. O. East
Youngstown), Mahoning County, Ohio.
-BOND SALE.
-The $60,000
5% school bonds offered on Feb. 24 (V. 120, p. 731) have been sold to
Halsey, Stuart & Co. of Chicago at 104.15, a basis of about 4.51%. Date
Mar. 11925. Due $3,000 Mar. 1 1927 to 1946 incl.
EDGEWATER, Jefferson County, Colo.-BO/VT) SALE.
-Bosworth,
Chanute & Co. or Denver have purchased an issue of $34,500
5% refunding water bonds.
EL DORADO INDEPENDENT SCHOOL DISTRICT, Schleicher
County, Texas.
-BONDS VOTED.
-At an election held
voters authorized the issuance of $45,000 school building recently the
bonds by a
count of 201 "for" and 133 "against."
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND SALE.
-On
Feb. 20 the $37,000 4;4% James Harvey et al. highway impt. coupon
bonds offered on that day
-V. 120, p. 856
-were sold
Breed,
& Harrison of Cincinnati for $38,397, equal to 103.77. to basis of Elliott
a
abeart
4.08%. Date Feb. 20 1925. Due
every six months from
1926 to Nov. 15 1945 incl. Prin. and semi-ann. int. payable at theMay 15
County
Auditor's office. Other bidders were as follows:
Prem. I
Prem.
Salem Bank & Trust Co.,
Fletcher Say. & Tr. Co--_ $636 60
Goshen
31,002 10 Meyer-Kiser Bank
1,187 90
Thomas D. Sheerin & Co__
781 00 J. F. Wild & Co
1,151 00
State Bank of Goshen_ -- 1,003 00 Fletcher American Co
1,093 00
ELLSBURY SCHOOL DISTRICT NO. 90.
-Barnes County, No.
Dak.-BOND SALE.
-The State of North Dakota purchased
January $9,000 5% funding bonds at par. Date Dec. 1 1924. Due cluring
Dec. 1
1934. Bonds not subject to call but may be redeemed 2 years from date of
Issue.
$925
1119
GARDNER, Worcester County, Mass.
-TEMPORARY LOAN.
-A
2250.000 temporary loan has been awarded to Salomon Bros. & Hutzler
of New York City at 3.09% discount, plus 1.25 premium. Due $50,000
respectively Oct. 29, Nov. 5, 12, 19 and 25.
GARFIELD COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Glenwood Springs), Colo.
-BONDS VOTED.
-The 36.900 5% refunding
bonds sold subject to being voted to Gray. Emery, Vasconcelles & Co.
of Denver at par
-carried at the election. Date May 1
-V. 120. p. 857
1925. Denom. $500 and $100. Due $400, 1926, and $500, 1927 to 1939
inclusive. Interest payable M.& N.
GASTONIA GRADED SCHOOL DISTRICT, Gaston County,
No. Caro.
-BONDS AUTHORIZED-ELECTION REQUIRED.
-An Act
to authorize Gastonia Graded School District to issue bonds and to provide
for a tax levy for payment thereof has been passed by the State Legislature.
This Act provides for an election in said district on the queston of issuing
5200,000 to make certain improvements to the school building and grounds.
If ratified the Board of School Commissioners shall issue serial bonds and
sell them under the provisions of the Municipal Finance Act. The City
Council to levy and collect sufficient tax to pay interest and principal.
Ratified Feb. 13 1925.
GIRARD. Crawford County, Kan.
-BOND DESCRIPTION.
-The
$448,706 85 43% improvement bonds awarded to the Brown-Crummer Co.
of Wichita (V. 120. p.985) are described as follows: Date Feb. 2 1925.
Denom.$1,000 except one for $706 85. Coupon bonds. Due serially 1 to
20 years. Interest payable F. & A.
GLENWOOD, Mills County, Iowa.
-BOND SALE.
--The $20,_000
water works extension coupon bonds offered on Feb. 24-V. 120, p. .
were awarded to Geo. M.Bechtel & Co. of Davenport as 430 at a premium
of $154, equal to 100.77, a basis of about 4.40%. Date April 1 1925.
Denom. 51.000. Due April 1 as follows: 31,000, 1926 to 1945 incl.
Interest payable A. & 0.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.
-The
Cape Ann National Bank of Cape Ann has purchased a temporary loan
of $200.000 on a 3.02% discount basis plus a premium of $1. Due Nov. 16
1925.
GOODING COUNTY HIGHWAY DISTRICT NO. 2 (P. 0. Bliss)
Idaho.
-BOND SALE.
-The Childs Bond & Mortgage Co. of Boise has
purchased an issue of $40,000
% refunding highway bonds. Date
March 15 1925. Due March 15 1945, optional
arch 15 1935.
GORDON, Sheridan Count
Neb.-BOND SALE.-.Tamo7i'.
'
Wachob & Co. of Omaha have puriased an issue of $73,500 5% refunding
bonds at par.
GRADY COUNTY (P. 0. Chickasha), Okla.
-BOND SALE.
-The
2200,000 road bonds offered on Feb. 24-V. 120, p. 857
-were awarded
to Prescott, Wright & Snider Co. of Kansas City as eis at a premium
of 52.622, equal to 101.31. Due $40,000 every five years.
GRAND RAPIDS, Kent County, Mich.
-BOND SALE.-Whittlesey,
McLean & Co. of Detroit purchased the $700,000 434% sewage disposal
system bonds offered on Feb. 19-V. 120, ro. 857
-for $707,679, equal to
101.09, a basis of about 4.13%. Date April 11924. Due $25.111111111 Aug. 1
1926 to 1953 incl. Bids were as follows:
Hoffman, O'Brien & Co_ -$4,459 00 Wm.R.Compton & Co_ -$5,626
00
E.H. Rollins & Sons
3.02470 Equitable Trust Co. at al__ 6,06900
National City Co., N. Y
4.081 00 Ames, Emerich & Co.at al.. 5,80800
B.J. Van Ingen & Co
7.63000 Bank of Detroit et al
1.01500
Blodget & Co. et al
3.43000 Chicago Trust Co. et al__- 4.12300
A. B. Leach & Co. et al_
2.42900 Kissell, Kinnicutt & Co.
Chase Securities Corp.et al. 3,695 30
et al
2,30300
Geo. B. Gibbons & Co___ _ 5,74700 Harris, Small & Co
8.30000
Eldredge & Co
5.11700 Whittlesey-McLean & Co.
A.E. Kusterer
5,52300
et al
7,679 00
Howe.Snow & Bertles et al. 4,572 00 Industrial Bank, City
4,319 00
Stranahan, Harris & Co-_- 3.98600 Michigan Trust Co. at al
2,75300
Detroit Trust Co. et al_ _ _ 4,921 00 W.A. Harriman & Co.et al
Fenton. Davis & Boyle_ -- 5.572 00 Grand Rapids Trust Co_- 4,05300
3,747 00
Halsey, Stuart & Co. et al.. 4,060 00
Financial Statement.
Assessed valuation, 1924
$231,273,164
Total debt (including these bonds)
14,034,400
Bonds payable from water revenue
2,793,000
Bonds payable from special assessments
3,076,300
Net bond debt (incl. 35,016.100 school bonds)
8,164.600
GREENFIELD, Hancock CountyInd.-BOND
Following is a description of the $12,'000 Riley Park DESCRIPTION.bonds
Paul F. Binford at a premium of $350. equal to 102.91 (seeawarded to
V.
857): Denom. $600. Date Feb. 2 1925. Int. payable annually120. p.
(Feb.)
Due Feb. 2 1935. Interest, 5%. A basis of about 4.40%.
GRINNELL, Poweshiek County, Iowa.
-BOND OFFERING.-Unti
7.30 p. m. March 9 sealed bids will be received by Homer
LowneY. City
Clerk. for 311,500 5% fire equipment bonds. Denom.
$500. Due $500
each 6 months from May 1 1925 to Nov. 1 1936, inclusive.
HAMILTON COUNTY (P. 0. Northville), N. -BOND
SALE.Geo. B. Gibbons & Co.. Inc., of New York, have Y.
3100,000 5% highway bonds at 110.47, a basis of purchased an issue of
Jan. 1 1925. Denom. $1,000. Due $5,000 Jan. about 4.18%. Date
Legality approved by Clay & Dillon of New York.1 1926 to 1945. incl.
HANCOCK SCHOOL DISTRICT (P. 0. Hancock),
Houghton
County, Mich.
-BOND SALE.
-On Feb. 17 John Nuveen & Co. of
Chicago purchased $20,000 5% school bonds for 520,194
40,
100.97, a basis of about 4.80%. Purchaser will pay for printing equal to
of bonds
and attorney's fee for approval. Denom. $1,000. Date
March 1 1925
Int. M.& S. Due 52,000 1926 to 1935 inclusive.
HAYWOOD COUNTY (P. 0. Waynesville), No. Caro.
-BONDS
VALIDATED.
-An Act has been passed by the State Legislature
dating certain bonds of Haywood County. Act validates 550.000 roadvaliand
bridge bonds of Haywood County issued by resolution of County Commissioners on Nov. 17 1924. Provides that bonds may be issued
and
tax levied accordingly. Ratified Feb. 10 1925.
ELLSWORTH,Ellsworth County, Kan.
-BOND SALE.
-The $23,500
434% water works impt. bonds offered on Feb. 3-V. 120, p. 610
-were
awarded to the Citizens State Bank of Ellsworth at a premium of $165.
equal to 100.70, a basis of about 4.38%. Date Jan. 11925. Due Jan. 1
as follows: $1,500, 1926. and $2,000. 1927 to 1937 inclusive.
ELON COLLEGE, Alamance County, No. Caro.
-BOND ORDINANCES VALIDATED.
-An Act has been passed by the State Legislature
to validate bond ordinance of the town of Elon College. Act validates
the ordinance passed July 7 1924 authorizing $11.000 sidewalk bonds and
213,000 water bonds; also ordinance of Jan. 3 1925 Providing for $6,000
sewer bonds. Ratified Feb. 10 1925.
EMMETT, Gem County, Idaho.
-BOND ELECTION.
-On March 7
an election will be held for the purpose of voting on the question of issuing
28,305 03 paving bends. H. D. Carmichael, City Clerk.
ERIE, Erie County, Pa.
-BOND OFFERING.
-Sealed bids will be received by R. S. Scobell, Business Manager, until 8 p. m. Mar. 26 for
2150.000 4M% school bonds.
EUFAULA, Barbour County, Ala.
-BIDS REJECTED.
-All bids
ceived for the $25,000 5'Z water works bonds offered on Feb. 17 (V. re120.
p. 856) were rejected. Date Feb 11925. Due Feb 1 1955.
FAIRFAX, Gregory County, So. Dak.-BOND SALE.
-The DrakeJones Co. of Minneapolis has purchased an
325.000 6% water
works bonds at roar. Date Sept. 1 1924. Dueissue of as follows:
Sept. 1
$5.000.
1334 $10,000, 1939 and 1944. Legality approved by Ambrose Tighe of
:
St. Paul.
The above-mentioned company has also been awarded
$10,000 6%
funding bonds. Date Sept. 1 1924. Due
Sept. 1 1934. Legality approved by Ambrose Tighe of St. Paul.
FM RFIELD, Jefferson County,
-BOND SALE.
-The 325.000
water works bonds offered on Feb. Iowa.
25-V. 120, p. 984
-were awarded
to the Iowa State Savings Bank of Fairfield and associates at par.
FAYETTE COUNTY ROAD DISTRICT NO.
8 (P. 0. Lagrange),
Texas.
-BOND SALE.
-The $9,000 5% road bonds registered on Feb.
4
by the State Comptroller of Texas
-V. 120, p. 856
-were sold to local
citizens at par. Date Dec. 10 1924.
Denom. $300. Due serially, 1 to
30 years. Interest payable annually (April
10)•
FAYETTE COUNTY ROAD DISTRICT NO.
9 (P. 0. Lagrange),
-BOND SALE.
Texas.
-The 330.000 5% road bonds registered
on Feb. 4
by the State Comptroller of Texas
-V. 120, p. 856
-were disposed of to
local people at par. Date Dec. 10 1924. Denom.
HENRY COUNTY (P. 0. Napoleon), Ohio.
-BOND
to 30 years. Interest payable annually (April 10)• $500. Due serially. Sealed bids will be received by Earl T. Crawford, County OFFERING.
1
Auditor. until
1 p. m. March 10 for the following issues of 5% coupon bonds:
FERNDALE (P.0. Highland Park R. F. D.
$22.400 Shively, Van Scoyac Joint Stone Road knot. property owners'
No. 2), Wayne County,
-BOND SALE.
Mich.
-An issue of $450,000
share, bonds. Denom. $400 and $1.000. Due yearly on Sept.
BOND SALE.-Rocently we are informed abonds has been sold.
1
as follows: $3,400. 1926; $3.000, 1927 to 1931 incl., and
$2,000 bond issue was dis34.000.
posed of.
1932.
30,000 Tietje Road No. 229. property owners' share, bonds.
FLORALA, Covington County, Ala.
-BOND OFFERING.
51.000. Due yearly on Sept.I as follows: $3,000, 1926 Denom.
-Sealed
bids will be received between the hours of 11 a. m. and 4
to 1931
incl., and $4,000, 1932 to 1934 incl.
p. m. March 4
by Charles Baker, City Clerk, for $101,500 6% street impt. bonds.
30,000 Rothenberger Road No. 228, property owners' share. bonds.
Denom. $1.000. Due yearly on Sept. 1 as follows: $3,000,
FOREST CITY, Rutherford County, No. Caro.
-BONDS AUTH1926 to 1931 incl., and $4,000, 1932 to 1934 incl.
ORIZED.
-An Act to authorize the town
street improvements and for sewerage, of Forest City to issue bonds for
Date
water works and electric lights office ofMarch 11925. Prin. and semi-ann. int. (M.& S.) payable at the
the County Treasurer. Certified check for 5% of the total issue,
has been passed by the State Legislature. Act provides for not
$250,000 serial coupon bonds for purposes set out in this bill. more than on one of the banks doing a regular business in Henry County, or a New
Does not York draft, payable to the County Treasurer, required.
require an election. Bonds may be sold at public or privatr sale
for
less than par. Interest rate not to exceed 6%. Provides for special not
HIGHLAND, Doniphan County, Kan.
tax
-BOND SALE.
to pay interest and principal. Other things in discretion of Board
-The
of Town 987 75 43.1 % internal improvement bonds offered on Feb. 16-V.250.Commissioners. Ratified Feb. 19 1925.
p. 732
-were awarded to the Farmers State Bank of Highland at 120,
par.
Date Feb. 2 1925. Denom. 31,000, 5500, $100 and 1 for $87
FORT SCOTT, Bourbon County, Kan.
75. Interest
-BONDS AWARDED
PART.
-Of the $31,000 4h% internal impt. bonds offered on Feb. IN payable F. & A. Due serially 1 to 10 years.
16V. 120, p. 857-316,000 were awarded to the Citizens National Bank of
HIGHLAND COUNTY(P.O. Hilsboro) Ohio.-BOND OPFER
/NG
.Ft. Scott at a premium of $252 80, equal to 100.82. Date Jan. 1 1925. N. R. Calvert, County Auditor, will receive
sealed bids until 1 p.
Denom. $1,000, $600 and $500. Due serially, 1926 to 1935. Interest March 16 for $11,300 535% Road
Impt. No. 62 bonds. Denom. m.
J. & J. The remaining $15.000 bonds were retained by the city. and one for $800. Date April 11925.
payable
$700
Principal and semi-annual
FORT WAYNE SCHOOL CITY (P. 0. Fort Wayne), Allen County (M.& S.) payable at the County Treasurer's office. Due every six interest
months
as follows: $800 March 1 1926 and $700 Sept. 1 1926 to Sept.
-Sealed bids will be received until 11
-BOND OFFERING.
Ind.
11933. Incl.
a. in
March 13 by the Board of School Trustees for $8850,000 45 % coupon Certified chock for $300 required.
,
6
school leapt. bonds. Denom. $1,000. Date March 1 1925. Prin._ and
HOKE COUNTY (P. 0. Raeford), No. Caro.
semi-ann. int.(M. & S.) payable at the office of the First National Bank
Until noon March 2 sealed bids will be received -BOND OFFERING.
by D. K.Blue, County
of Ft. Wayne. Due yearly on March 1 as follows: $33,000, 1926, and
$43,000, 1927 to 1945 incl. Certified check for $25,000, payable to the Clerk, for $20,000 5% road and bridge bonds. Date March 1 1925
Due March 1 as follows: 51.000. 1935 to 1954 incl.
required.
school city.
Legality approved
by Storey. Thorndike, Palmer & Dodge of Boston.
1120
-The Central
-BOND SALE.
HOLTON, Jackson County, Kan.
Trust Co. of Topeka has purchased an issue of 142.000 44% finpt. bonds.
-Sealed bids will be received until 2 p. m. March 3
I BOND OFFERING.
by John A. Pomeroy, City Clerk, for the following bonds, aggregating
$45.710 88:
$42.508 38 434% impt. bonds. Denom. $500 except one for $872 81
and another for $635 57. Due serially. 1925 to 1934.
for
3.202 50 434% alley paving bonds. Denom. $100 except one
$102 50. Due serially. 1925 to 1944.
Date Sept. 1 1924. Interest payable .J. & J. A certified check for
2% of bid Is required.
Hopedale),
HOPEDALE VILLAGE SCHOOL DISTRICT (P. 0.bids will be
-Sealed
-BOND OFFERING.
Harrison County, Ohio.
20 by W. C. Kearr. Clerk Board of Education
received until 12 m. March
one for
for $47.362 50 5% school bonds. Denom. $2.400 andmonths as $1,762.
follows:
Date March 1 1925. Interest A. & 0. Due every six
1945. Inclusive, and $1.762 20 Oct. I 1945.
$2400 April 1 1926 to April 1
Certified check for 2% of the amount bid on some solvent bank, payable
to the Board of Education, required.
-An election
-BOND ELECTION.
HOUSTON,Harris County, Texas.
will be held on April 13 for the purpose of voting on the question of issuing
approximately 15.000.000:
the following bond issues, totalling
$350.000 for storm sewers.
$1,100.000 for permanent bridges.
works
500.000 for permanent roadways 750.000 for permanent water
Improvements
to the turning basin.
750.000 for permanent street pav- 250.000 for permanent subways.
350.000 for a permanent farmers'
ing.
market.
300.000 for permanent macadam
300,000 for permanent park impaving.
provements.
75.000 for three newl ncinerators.
250.000 for sanitary sewers.
-James T.
HUMPHREY, Platte County, Neb.-BOND SALE.
refunding
Wachob & Co. of Omaha has purchased an issue of $8.000 514% years.
Dec. 15 1924. Due Dec. 15 1944: optional in five
bonds. Date
INDEPENDENCE. Jackson County, Mo.-BOND DESCRIPTION.
bends awarded to Stern Bros.
The 165.000 434% school building refunaing 120. p. 857
-are described as
of Kansas City at par on Feb. 4-V.
& Co.
Due
follows: Date April 1 1925. Denom. $1.000. Coupon bonds.
s-t-lly Jan. 1 1041 to 1945 incl. Interest payable J. & J.
-•••
-BOND SALE.
JACKSON COUNTY (P. 0. Brownstown), Ind. bonds offered on
et al. Jackson Township
The 14.500 5% Edward Loertz been sold to the Fletcher American Co. of
-have
Feb. 23-V. 120. p. 857
4.18%
Indianapolis at a premium of $193. equal to 104.28. a basis of aboutto Nov.
Date Feb. 15 192a. Due $225 every six months from May 15 1926
1935. inclusive.
15
-Sealed
-BOND OFFERING.
JAMESTOWN, Greene County, Ohio.
proposals will be received until 12 m. March 2 by A. Y. Whitehead. Village
assessment bonds.
Clerk. for $22.000 534% Limestone St. impt. special Certified check for
Dated not later than Sept. 1 1924. Int. semi-ann.
to the Village Treasurer,
5% of the amount of bonds bid for, payable
required.
-The $70.000 534%
-BOND SALE.
JAYTON, Kent County, Tex.
p. 857water works improvement bonds offered on Feb. 25-V. 120, 97.46.
were awarded to 'Walter. Woody & Heimerdinger of Cincinnati at
-BOND SALE.P
JEFFERSON COUNTY t. .0. Steubenville), Ohio.
of
The Detrcit Trust Co. of Detroit has purchased the following issues
-for
5% coupon improvement bonds offered on Feb. 7-V. 120, p. 482
esnal to 102 5Sa basis of about 4.46%:
,87n
,838 00 I. C. H. No. 7 bonds. Due yearly on Feb. 1 as follows:
$10.000, 1927 to 1933 incl., and $10.535. 1930.
Feb.
$8,395 75 1. C. H. No. 7 bonds. Due yearly on 1934. 1 as follows:
$7.000. 19'27 to 1933 incl.. and $9.395 75,
37,380 00 1. C1. H. No. 7 bonds. Due yearly on Feb. 1 as follows:
$4,000. 1227 to 1929 incl.; $5,000, 1930 to 1933 incl., and
$5.380. 1934.
Date Feb. 11924.
JEFFERSON COUNTY INDEPENDENT SCHOOL DISTRICT NO.3
-The Childs Bond & Mortgage
(P. 0. Roberts), Idaho.-IOND SALE.
Co. of Boise has purchased an issue of $20,000 5% refunding school bonds.
Feb. 11945: optional Feb. 11935.
Date Feb. 11925. Due
-An
-BOND ELECTION.
KAUFMAN, Kaufman County, Texas.
election will he held on March 10 for the purpose of voting on the question
6% water and sewer bonds.
of issuing 120.000
-BONDS REGISTERED
1CAUFMAN COUNTY (P.O. Kaufman),Tex.
On Feb. 19 the State Comptroller of Texas registered 120.000 6% Leon
District bonds.
Improvement
-An Issue of $41,000
KEARNY, Buffalo County, Neb.-BOND SALE.
Co. of
5% refunding bonds was purchased by 1the United States Trust
Date Jan. 1 1925. Due Jan. 1926 to 1929.
Omaha.
-The following 5%
-BOND SALE.
KF.NMORE, Erie County, N. Y.
special assessment bonds offered on Feb.-3 (V. 120. p. 985) were purmore at 102.095*
by the First National Bank of
chased
year from
.
Ken
bonds due
$409. 97 00 paving issuance. 181.879 40yearly. beginning one
date of
sewer bonds due 13.548 50 yearly beginning one year from
17.742 CO
date of issuance.
-The Branch-BOND SALE.
KINGMAN, Kingman County, Kan.
Middlekauff Co. of Wichita has purhcased an issue of $40.000 434%
School building bonds at 100.35.
-BOND SALE.
KINGS MOUNTAIN.Cleveland County, No,Caro. Feb. 17-V. 120.
bonds offered on
The 160.000 534% public improvement
& Co. at a premium of
-were awarded to Kalman. Gates, WhiteDate Feb. 11925. Coup. 732
about 5.10%.
$2,700. equal to 104.50, a basis of
$2.000. 1928 to 1951 incl., and $3,000.
pon bonds. Due Feb. 1 as follows: of other bidders:
1955 incl. Following is a list Weil, Roth & Irving
1952 to
$61,000 00
Walter, Woody & Relmer61,123 00
160.780 00 Campbell
dinger
61,242 00
62.44800 W.K.Terry & Co
Co
Mercantile Trust
61.560 00
Chicago Trust Co
Beasongood & Mayer-- 61,08300 Otis & Co
61,668 00
60,327 00
Co
Prudden &
61,306 20
61.506 00 Farson, Son & Co
L. R. Ballinger Co
62,328 00
Jones Co
62.058 00 Drake.
Caldwell & Co
61.68600
61.56900 A. T. Bell & Co
American Trust Co
60,936 00
Morris. Mather & Co
Braun. Bosworth & Co..- 62,069 00 C. W.McNear & Co
61.281 89
Kalman.Gates, White Co. 62.70000 Ryan. Sutherland & Co-- 60,811 00
61,572 00
Wells-Dickey Co
61.266 00
& Co
61.600 00 Kinsey
Carolina Securities Co
61,267 00 Breed, Elliott & Harrison 60,75000
Spitzer, Rorick & Co
Emery. Peck & Rockwood 60.185 00
61.458 00
Seipp. Princell & Co
61,902 00
61,357 60 W. L. Slayton & Co
N. S. Hill CO
60.325 00
61.008 97 W.M.Elkins & Co
Hanchett Bond Co
-The $10,000
-BOND SALE.
Fla.
LAKE COUNTY (P. 0.T,
-were awarded
Feb. 23-V. 120. P. 612
534% school bonds offered on a premium of $216. equal to 102.16, plus
at
to Prudden & Co- of Toledo
1925. Denom. $500. Coupon
cost of printing bonds. Date Jan. 1 1928 to 1947 incl. Int. payable
bonds. Due Jan. 1 as follows: $500,
J. & J.
-The following
-BOND SALE.
LAKELAND, Polk County, Fla. Feb. 24-V. 120, P. 858
-were
bonds, aggregating 1728,000, offered on of Jacksonville and Caldwell &
Bank
awarded to the Atlantic National
equal to 105.63, a
$41,000,
Co. of Nashville jointly, at a premium of
basis of about 5.05%:
1924. Due Nov. 10 as
$300.000 534% sewer bonds. Date Nov. 10
$20,000 in 1948.
follows: $70,000, 1944 to 1947, inclusive, and
bonds. Date Nov. 10 1924. Due
75,000 534% street improvement
Nov. 10 1954.
2 1925. Due Feb. 2
268.000 6% street improvement bonds. Date Feb.
1928. 1929, 1930,
as follows: $27,000 in each of the years 1927, and 1931.
1932, 1933. 1934 and 1935. and 1126.000. 19261925. Due Jan. 1
Date Jan. 1
85.000 6% street improvement bonds. years 1926, 1928. 1930, 1932 and
as follows: 18.000 in each of the
1931. 1933 and
1934. and 19.000 in each of the years 1927, 1929.
1935.
County, No. Dak.LAKE SCHOOL DISTRICT NO. 33, Emmons
-During January the State of North Dakota purchased
/30ND SALE.
1037
proL. 120.
THE CHRONICLE
1.4.0005% school building bonds at par. Date Nov. 1 1024. Due Nov. 1
1934. Bonds not subject to call, but may be redeemed two years from
date of issue.
-W. L. Slayton
LAKEVIEW, Logan County, Ohio.-BONn SALE.
& Co. of Toledo have been awarded the 111.800 6% special assessment
-at par and
Main St. Impt. bonds offered on Feb. 21-V. 120. p. 483
accrued int. plus a premium of $475, equal to 101.02. a basis of about
5.16%. Date Sept. 1 1924. Int. M. & S. Due every Rix months as
follows: $5,000. Sept. 1 1925: 1900. March 1 1026, and ono on each
Sept. 1 and $800 on each March 1 from Sept. 1 1926 to March 1 1934 incl.
-BOND OFFERING.
LAPEER COUNTY (P. 0. Lapeer), Mich.
The Clerk, Board of County Commissioners, will receive sealed bids untl
2 p. m. Mar.6 for $90,000 road bonds.
-The
-BOND SALE.
LA PORTE COUNTY (P. 0. La Porte), Ind.
following issues of 5% coupon highway bonds offered on Feb. 17-V. 120.
-have been sold. The City Securities Corp. of Indianapolis purIL 733
chased all of the issues except the $6,000 issue which was sold to the
Haskett Agency of Spiceland.
$6,000 John.son and Lincoln Twps. bonds, for 16,276.81, equal to 104.61,
a basis of about 4.06%. Denom. $300.
*59,400 Center Twp. bonds. for 362.053, equal to 104.46, a basis of about
4.09%. Denom. $540.
*10,800 Center Twp. bonds, for $11,303, equal to 104.65, a basis of about
4.04%. Denom. $540.
*30,400 Center Twp. bonds. for $31.817. equal to 104.66, a basis of about
4.05%. Denom. $1.520.
Date Feb. 16 1925. Prin. and semi-ann. Int. (M. & N. 15) payable at
the County Treasurer's office. Due one bond of each issue every six
months from May 15 1926 to Nov. 15 lo35 incl.
*The sale of these bonds to J. F. Wild & Co. of Indianapolis for $104.385.51. equal to 103.76, a basis of about 4.23% (see V. 119, p. 2674).
apparently was not completed.
LAUDERDALE COUNTY (P.O.Meridian), Miss.-1L4TURTTIES.Tile $400,000 5% road bonds purchased by the Meridian Finance Corp.
-mature March 1 as follows: 18.000. 1926 to 1930 Incl.;
V.
- 120, p. 733
$16.000, 1931 to 1940 incl.: $20,000, 1941 to 1950 incl.
Financial Statement (As Officially Reported).
150,000.000
Real value of taxable property, estimated
Assessed valuation for taxation. 1924
Total bonded debt, including this issue
Poulation 1920 Censu.s
26'506458t85092
-BOND OFFERING-Sealed
LAWRENCE, Douglas County. Kan.
blds will be received until 5 p. m. March 5 by F. L. Lawrence, City Clerk,
for $28.670 44 434% Internal impt. bonds. Date Feb. 1 1925. 'Denom.
MO. except one for 1170 44. Due Feb. 1 as follows: 11.670 44. 1926;
13.000. 1927 to 1935. Purchaser to furnish blank bonds and legal opinion.
A certified check for $1.000 is required.
-M. M.
-BOND SALE.
LEBANON COUNTY (P. 0. Lebanon), Pa.
Freeman & Co.of Philadelphia have purchased $125,000 bridge construction
bonds for $129.036 25, equal to 103.22.
-Until
-BOND OFFERING.
LELAND, Winnebago County, Iowa.
2 p. m.March 2 sealed bids will be received by the Town Council at, Farmers
5% electric lighting bonds. Date
Savings Bank of Leland for 84,800
March 2 1025. Due Nov. 1 as follows: $400, 1926 to 1937 Incl. Interest
payable 1\1. & N.
LEXINGTON HIGH SCHOOL DISTRICT, Davidson County,
-An Act
--ELECTION REQUIRED.
-BONDS AUTHORIZED
No. Caro.
to authorize Lexington High S heel District to issue bonds and to provide
for payment thereof has been passed in (ho State Legislature. Act provides
for election to be held on question of issuing 150.000 school building bonds.
Interest 6%. Time of hoods not to exceed 30 years. Other things in
discretion of Board of Trustees. Ratified Feb. 20 1925.
LIMESTONE COUNTY CONSOLIDATED ROAD DISTRICT NO. 4,
-The State Comptroller of Texas regis-BONDS REGISTERED.
Texas.
tered 31.300.000 534% serial road bonds on Feb. 18.
NO. 1(P. 0. Kemmerer).
LINCOLN COUNTY SCHOOL
-The $150.000 5% school building bonds offered
Wyo.-BOND SALE.
-were awarded to the State of Wyoming at a
on Feb. 23-V. 120. p. 612
premium of $1,500, equal to 101. a basis of about 4.88%. Date June 1
1925. Due June 1 as follows: $7.500. 1926 to 1945 incl.
-BOND DESCRIPTION.
LOGAN COUNTY (P. 0. Guthrie), Okla.
The $750.000 road bonds purchased by the American National Co. of
-bear 5% int. Date Sept. F 1924.
City-V. 120. p. 858
'Oklahona
Denom. $1.000. Coupon bonds. Due serially, Sept. 1 1930 to 1949 incl.
Interest payable M.& S.
-An issue of
-BOND SALE.
LOWELL, Middlesex County, Mass.
1100.000 4% high school bonds was purchased recently by Blodgett &
Co. of New York at 101.18. Due serially in 1 to 20 years.
LUBBOCK COUNTY COMMON SCHOOL DISTRICT NO. 2, Texas.
-The State Comptroller of Texas registered
-BONDS REGISTERED.
112.000 6% serial school bonds on Feb. 19.
LULING INDEPENDENT SCHOOL DISTRICT (P. 0. Luling)
-BONDS REGISTERED.
-On Feb. 20 the
Caldwell County, Texas.
State Comptroller of Texas registered 110.000 534% serial school bonds.
LUMBERTON,Robeson County, No. Cero.-TSSUA NCE o MORTTERM NOTES TO TAKE UP OUTSTANDING INDEBTEDNESS
-The State Legislature has passed an Act to authorize
AUTHORIZED.
the town of Lumberton to fund its debt maturing prior to Jan. 1 1927, by
short-term notes so to prevent calling of real estate loans made
issuance of
out of the Sinking Fund. This Act permits the town of Lumberton to
borrow money on short-term notes to replace certain funds loaned out of
the Sinking Fund until the same may be collectible without foreclosure.
Ratified Feb. 18 1925.
McCUNE SCHOOL DISTRICT NO. 57, Crawford County, Ka n.
-The Fidelity National Bank & Trust Co. has purchased
BOND SALE.
an issue of 358,910 5% school bonds.
-BOND OPFERMcDOWELL COUNTY (P. 0. Marion), No. Caro.
ING.-Sealed bids will be received until 2 p. m. March 18 by J. Q. flunky,
Chairman of the Highway Commission. for $250,000 534% highway bonds.
Denom. 11.000. Due March 1 as follows: 110.009, 1930 to 1954 incl.
Prin. and Int. (M. & S.) payable at the Chase National Bank, N. Y. City.
A certified check for 110.000 is required.
McLENNAN COUNTY ROAD DISTRICT NO.4(P.O. Waco), Tex.
-An election will be held on March 28 for the purpose
BOND ELECTION.
of voting on the question of issuing $50.000 road bonds.
-BONDS AUTHORMADISON COUNTY(P.O. Marshall), No. Caro.
-The State Legislature has authorized Madison County to issue
IZED.
bonds for road construction and to provide for payment thereof. Act
provides that Madison County Commissioners shall issue $15.000 of bonds
to build a road in No. 13 Township. Bonds to he serial 10 to 30 years.
Interest not to exceed 6%. Bonds to be sold for not less than par by the
County Commissioners and under provisions of the Municipal Finance Act.
Requires levy of special tax to pay Interest and principal. Ratified Feb. 13
DISTRICT
-An Act has also been passed by the Legislature
2O
19B5 NDS AUTHORIZED.
to authorize Madison County to Issue bonds for road construction and to
provide for payment thereof. Act provides that the County Commissioners
of Madison County shall issue bonds not to exceed $120,000, to build
certain roads in said county. Bonds may be issued from time to time: to
be serial to run for not more than 30 years. Interest not more than 6%•
To be sold under provisions of Municipal Finance Act. Ratified Feb. 13
1925.
-TEMPORARY LOAN.
MANCHESTER,Hillsborough County, N. H.
-The Old Colony Trust Co. of Boston has purchased a $300.000 temporary
loan at 3.125% discount, plus a premium of $6.
MAPLE HEIGHTS (P. 0. R. F. D. Bedford), Cuyahoga County,
-F. J. Vasek, Village Clerk, will receive sealed
-BOND OFFERING.
Ohio.
bids until 12 m. March 18 at the office of Locher, Green & Woods. 1040
Guardian Building, Cleveland, for $10.000 534% sewer construction coupon
bonds. Denom. $500. Date Feb. 15 1925. Principal and semi-annual
interest (A. & 0.) payable at the Central National Bank, Savings & Trust
Co- of Cleveland. Due $1,000 Oct. 1 1926 to 1935, inclusive. Certified
check for 5% of the amount of bonds bid for, payable to the Village Treasurer, required.
FEB.28 1925.]
THE CHRONICLE
MARION COUNTY (P. 0. Palmyra), Mo.-BOND SALE.
NORTH ADAMS, Berkshire County, Mass.
-The fol-TEMPORARY LOAN.
lowing 531% bonds have been purchased by the Mercantile Trust
Co. of -A temporary loan of $50,000 on Feb. 17 was awarded to Estabrook &
St. Louis at par:
Co. of Boston on a 2.99% discount basis. Date Feb. 17 1925. Due
$15.000 light and water, series 5, bonds. Date Dec. 15 1923. Due
in Nov. 1 1925.
20 years; optional in 5 years.
* NORTH TONAWANDA UNION FREE SCHOOL DISTRICT NO.
10,000 light and water, series 6. bonds. Date Feb. 1 1924. Due
1
in (P. 0. North Tonawanda), Niagara
20 years; optional in 5 years.
County, N. Y.
-BOND
Geo.B.Gibbons & Co., Inc., of New York, have been awarded the SALE.10,000 sewer, series 1, bonds. Date Feb. 1 1924. Due in 20
$340.000
years; coupon school bonds offered on Feb. 19-V.
optional in 5 years.
120, p.859
-as 4 Ks
a basis of about 4.219'. Date April 1 1924. Due $20,000at 100.719,
Legality approved by Charles & Rutheford of St. Louis.
yearly on
April 1 1942 to 1958 inclusive.
MARSHFIELD, Coos County, Ore.
-BOND SALE.
-The Western
NORWOOD CITY SCHOOL DISTRICT (P.O. Norwood), Hamilton
Bond & Mortgage Co., of Portland, has purchased an issue of $27,000 6%
County, Ohio.
improvement bonds. Date Feb. 1 1925. Due Feb. 1 1935,
-BOND SALE.
-On Feb. 16 a syndicate composed of the
optional W. H. Silverman
Feb. 1 1926.
Co.. incinnati, Federal Securities Corp.
Kauffman, Smith & do. of St. Louis purchased $210,000 5A Chicago, and
MASSACHUSETTS (State of).-/i/DS.--Following is a list
at a premium of $11,662 52, equal to 105.55. Denom. . school bonds
of the bids
1.000. Date
received for the four issues of 4% registered bonds aggregating $2.923,000 Feb. 16 1925. Int. F.
& A. 16. Due serially from Feb. 16 1927 to 1950.
sold to the National City Co. and Kidder, Peabody & Co. at 102.3391,
a
OAK PARK, Cook County, M.
basis of about 3.78% (see V. 120, p. 986):
-BOND OFFERING.
-Sealed bids
will be received by Willis McFeely, President Board
Amount.
Price.
National City Co.and Kidder, Pea8 p. m. March 4 for $155,000 434% water reservoirof Trustees, until
bonds.
$1.000. Date July 1 1924. Principal and semi-annual Interest Denom.
body & Co
$2,923,000 102.3391 and accrued int.
payable at the Continental & Commercial Trust & Savings Bank (J. & J.)
Curtis & Sanger, Blodget & Co.,
of Chicago.
Due yearly on July 1 as fellows: $12.000 1929 to 1940,
Brown Bros. & Co., Eldredge &
$11010 1941. The issuance of these bonds was authorized inclusive. and
Co.and Lee. Higginson & Co
2,923.000 102.194 and accrued int.
by a majority
vote of the electors at a special election held Aug. 12 1924.
Old Colony Trust Co., F. S. Moseley
& Co_ B. H. Rollins & Sons and
valuation for the year 1924 is $19.049 150. The total bonded The assessed
indebtedness,
Edmunds Brothers
2,923,000 102.1662 and accrued int. including these bonds. Is $533,000. The village will furnish the approving
opinion of Chapman. Cutler & Parker. attorneys, Chicago,
R. L. Day & Co.. Estabrook & Co.,
and
bonds. All bids must be unconditional. Bidders must furnish printed
Harris, Forbes & Co. and Merrill,
certified
Oldham Sc Co
2,923,000 101.939 and accrued int. check for $3,000 with bid.
MEMPHIS, Shelby County, Tenn.
OMAHA, Douglas County, Neb.-BOND SALE.
-NOTE OFFERING.
-An issue of $30.000
-Until
454% appropriated land bonds has been purchased by the
2:30 P. m. March 10 sealed bids will be received by 0.
Clerk, for $750.000 434% revenue notes. Date Jan. 1C. Pashby, City Co. of Omaha. Data Dec. 15 1924. Due Dec. 15 1944. Omaha Trust
1925. Denom.
$10.000. Due Sept. 11925. Principal and interest (Sept.
ONEIDA, Madison County, N. Y.
-BOND SALE.
the agency of the city of Memphis in New York City or at 1) payable at issues of 43.1%
-The
the city hall in
coupon bonds offered on Feb. 24-V. 120, following two
Memphis, at option of holder. Legality to be approved
p. 987
-have
been sold. Geo.
by John C.
son, New York City. A certified check on a solvent bank or trust Thom- issue at 100.113, B. Gibbons & Co. of New York purchased the paving
company
a basis of about 4.23%, and the Oneida Savings Bank Of
for $7,500, payable to the order of the city of Memphis, is required.
Oneida the sewer bonds at par and accrued interest.
MEXIA, Limestone County, Tex.
-BOND SALE.
-The $40,000 53.5% $17,766 70 paving bonds. Date March 1 1925. Due $1,766 67, 1926 to
reservoir bonds offered on Feb. 20(V. 120, p. 986) were awarded
1935, inclusive.
to Anton5.744 40 sewer bonds. Date March 1 1925. Due $574
ides & Co. of Denver at 103.06. Due serially 1 to 40 years.
44. 1926 to 1935,
inclusive.
MEXIA INDEPENDENT SCHOOL DISTRICT, Limestone
Principal and semi-ann. int. (M. & S.) payable at the
-BOND SALE.
Tex.
City Chamber-Stern Bros. & Co. of Kansas City have County, lain's office.
purchased
an issue of $100,000 535% school bonds. Due serially 1 to 40 years.
•
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICT
MILFORD,Clermont County, Ohlo.-BOND SALE.
NO. 1
-The Provident (P. 0. Orlando), Fla.
-BOND SALE.
-The $200,000 5% school bonds
Savings Bank & Trust Co. of Cincinnati has
offered
-were awarded to the State Bank of
coupon fire apparatus bonds offered on Feb.purchased the $3,500 6% Orlandoon Feb. 24-V. 120, p. 859
14-V. 120, p. 733
& Trust
-for
$3640 70. equal to 104.02, a basis of about 5.08%. Date Nov. 1 1924. a basis of about Co. of Orlando at a premium of $6,600, equal to 103.30.
4.699'. Date Feb. 10 1925. Due Feb. 10 as
Prin. and semi-ann. int.(M.& N.) payable at the
follows:
of Milford. Due $500, Nov. 1 1926 to 1932 incl.Milford National Bank $6.000. 1926 to 1943 incl.;$10,000, 1944 to 1952 incl., and $2,000in 1953.
01FtANGETOWN COMMON SCHOOL DISTRICT
MISSION, Hidalgo County, Texas.
NO. 2 (P. 0.
--BONDS REGISTERED.
-The Orangeburg, Rockland County, N. Y.
-BOND SALE.
State Comptroller of Texas registered $40,000 street impt.
-On
and $60,000 the $70,000 5% coupon school bonds offered on that day-V.120, Feb. 20
sewer impt. 6% 40
-year bonds on Feb. 16.
p.859
were sold to D.F. De Voe of New York at 104.975.
a basis of about 4.37%.
MONESSEN, Westmoreland County, Pa.
Date Aug. 11924. Due $3,500 yearly on Aug.
-BOND SALE.
1 1925 to 1944 incl. Other
-The bidders were:
repaving bonds offered on Feb. 25 (V.
$100.000 434%
120,
been sold to the Peoples Savings & Trust Co. of Pittsburgh p. 859) have
Rate Bid.
for $105,131, L. F. Rothschild & Co
Rate Bid.
equal to 105.131-o basis of about 4.035%. Date Feb.
104.09 H.L.Allen & Co
104.707
F. & A. Due yearly on Feb. 1 as follows: $5,000. 1932 1 1925. Interest Sherwood & Merrifield Inc.-104.34 Geo. B. Gibbons &
to 1935, inclusive: Parson. Son & Co
Co. Ina_ _104.075
$15,000, 1938;310,000, 1939;$5,000, 1940;$15.000,
102.177 Fidelity Trust Co
1941:$5.000, 1942,and E. H. Rollins & Sons
104.176
$15,000, 1943 and 1945.
104.11
MONMOUTH COUNTY (P. 0. Freehold),
ORMOND, Volusia County, Fla.
N. J.
-BOND OFFERING.
-BOND SALE.
-Sealed bids will be received until 11 a. m. March
-The following
18 for the following improvement bonds, aggregating $250,000, offered on Feb. 20-V. 120,
issues of 43 % coupon or registered bonds:
5
,
p. 484
-were awarded to the Bank of Ormond, of
Ormond, and Merchants
0611,000 road bonds. Due .early on March 15 as follows:
$26,000. 1927 Bank & Trust Co., of Dayton, jointly, at a premium of $18,249. equal to
to 1936 incl., and $39,000, 1937 to 1945 incl.
107.29. a basis of about 5.32%.
167,000 bridge bonds. Due yearly on March 15 as follows:
$130,000 6% paving and drainage bonds. Due Dec. 1
$4,000, 1927
to 1929 incl.: $5,000, 1930, and $6,000 1931
1929 to 1948, inclusive, and $6,000 1949 as follows: $5,000
1953, inclusive.
Denom.$1,000. Date March 15 1925. Prin. andto 1955 incl.
45,0006% water works system bonds. Due Dec. to as
semi-ann. bit.(M.&
1
follows: $1.000
S.) payable at the County Treasurer's office. Legality approved by Cald1929 to 1933. inclusive, and $2,000 1934 to 1953.
well & Raymond of New York. Certified check for 2%
75,000 6% water works bonds. Due Dec. 1 as follows:
of the bonds
$3,000 1929 to
bid for required.
1953. inclusive.
MONROE COUNTY (P. 0. Rochester), N. Y.
Date Dec. 1 1924.
-BONDS
IZED.
-On Feb. 19 a bond issue to raise $350,000 for the AUTHOROTISVILLE, Orange County, N. Y.
-ADDITIONAL
of a new court house addition was authorized by the Board of construction TION.
-We are now in receipt of the following additional INFORMASupervisors.
MONTGOMERY COUNTY (P. 0. Daviess),
information
Md.-BOND OFFERING. regarding the $50,000 water works bondssold to Geo.B.Gibbons&
-Sealed bids will be received until 12 m. March 10 by Berry
Co..
E. Clark, of New York as 5s at 107.47 (see V. 120. p. 987). Denom. $500 Inc.
Clerk to the County Commissioners, for $.33,000 434% road
and
$1,000. Date March 1 1925. Int. M. & S. Due
bonds. Date
yearly on
April 1 1925. Denom. $1,000. Principal and semi-annual
interest as follows: $500, 1926, and $1.500, 1927 to 1959 incl. A basis March 1
(A.. & 0.) payable at the Montgomery County National Bank of Rockville. 4.39%.
of about
Due yearly on April 1 as follows: $2.000, 1926 to 1941,
inclusive, and
PANHANDLE, Carson County, Texas.
$1,000. 1942. A certified check for $200, payable to the County
-BOND ELECTION.
Commis- March 17 an election will be held for the
-On
sioners, is required.
purpose
of issuing $35,000 6% power plant improvement of voting on the question
MOUNT VERNON, Westchester County, N. Y.
bonds.
-BOND SALE. PEKIN COMMUNITY HIGH
-The $375,000 coupon or registered water bonds offered on
SCHOOL DISTRICT NO -Feb.
-73(
irr:
120. P. 986) have been awarded as 4(s to Geo. H. Burr 8z Co. and24 (V. Pekin), Tazewell County, III.
-BOND SALE.
-On Jan. 10 an issue of
Kearr & Parrott, of New York, at 102.94, a basis of about 4.04%. West, $28.000 5% coupon school bonds was sold
to the Harris Trust dr Savings
Date Bank of Chicago
Feb. I 1925. Due Feb. 1 1945.
for $28,303. equal to
Financial Statement.
Denoms. $1,000 and $500. Date Feb. 101.08. a basis of about 4.739.
15 1925. Prin. and annual Int.
Assessed valuation,real estate, including special franchise_
_S111.509,372 00 (Aug. 15) payable at the above named bank. Due yearly on Aug. 15 as
Bonded debt, exclusive of present issue
follows: $5,000. 1927 to 1929 incl.: $7,500.
$8.960.050 00
Floating debt
1932, and 1936 to 1938 incl., and $500. 19421930; $2,500, 1931. and $500.
262,52472
and 1943 incl.
Financial Statement (As
cially Reported).
debt
Total
Real value of taxable property,
$9,222,57472 Assessed valuation
estimated$11,000.000
Deduct from Total Debt
for taxation
5,500.000
Tax relief bonds
Total debt (this issue included)
$720,000 00
275.000
Water bonds
Population, estimated, 14,000.
1,718.000 00
Sinking funds to retire bonds
288.161 98
PENNINGTON COUNTY (P. 0. Thief River Falls),
Minn.
-BOND
SALE.
-The $18,966 81 trunk highway reimbursement bonds
Total deductions
offered
2,726,161 98 Feb. 16-V. 120, p. 614
-were awarded to the Payne, Webber Co. on
of
Minneapolis as 4345 at a premium
Net bonded debt
$6,496,412.74 about 4.46%. Date Feb. 1 1925. of $100, equal to 100.52, a basis of
Borrowing capacity 10% of assessed val'n_ 311.150,937 20
Bonds are coupon and registered.
Interest payable F. & A. Due Feb. 1 as follows:
bonded debt
Net
$2.000. 1936 to 1944
6,496.412 74
inclusive. and $966 81. 1945.
PERQUIMANS COUNTY (P. 0. Hertford), No. Caro.
Present borrowing capacity
$4,654,524 46 AUTHORIZED.
-BONDS
Population (1920 II. S. Census), 42.726.
-An Act has been passed by the State Legislature authorNAPLES INDEPENDENT SCHOOL DISTRICT, Morris County, zing the County of Perquimans to issue bonds and levy tax to liquidate
certain floating debts. Act provides that the Comissioners of
-BONDS VOTED.
-At the election held on Feb. 17-V.
Texas.
120. County may issue $15,000 serial bonds running 1 to 15 years. Perquimans
-the voters authorized the issuance of $34,000 5% schoolbuilding to
p. 733
Interest not
exceed 6%. May be sold at public or pviaet sale
bonds by a vote of 242 "for" and 42 "against.
County Commissioners. Ratified Feb. 10 1925. for not less than par by
NASHVILLE, Washington County, Ohici.-CORRECT AMOUNT.
- PHILADELPHIA,Pa.
-BOND SALE.
-A syndicate composed of First
The correct amount of bonds voted on Dec. 23 (V. 119. p. 113) was $41.000 National Bank of
New York, Redmond & Co., Biddle & Henry, Stroud &
and not 360,000, as was stated in above reference.
Co., Inc.,
The bonds, we are informed by E. Breeweds, Secretary, have not been & Co. andEdward Lowber Stokes & Co., Bioren & Co., Kissel, Kinnicutt
Remick, Hodges & Co. has been
sold as yet.
f 4 or registered At icho a ou 3 4341s awarded the $7,11110,000 4%
3n
o
as s aligrbl:) .
er
b
ofitree Igb e 2A25V. ]21,
te
l
Feti
- 1
. 0
NASSAU COUNTY (P. 0. Mineola), N. Y.
-BOND SALE.
-The coup.
$140,000 4H% coupon or rwistered bridge bonds offered on Feb. 20- Feb. 16 1955. The legality of this issue
Is subject to the approval of
P. 733
-were awarded to Bonbright & Co. of New York at a pre- Townsend, Elliott & Harrison
V. 120,
of Philadelphia.
mium of $2,775.equal to 101.98-a basis a about4%. Date March 1 1925.
Financial Statement (as Officially Furnished).
Due yearly on Mar. 1 as follows: $45.000, 1934 and 1935, and $50,000. 1936. Assessed valuation. 1925
$3,629.466,717
Following is a list of the bids received:
Total outst.funded debt,incl. this issue
$274,967,200
BidderLess sinking funds
Ante!Bid.
BidderAna.of Bid.
$142,775 00 Sherwood & Merrifield
Less net debt incurred for revenue-producing 58,117,900
Monbright & Co
$142,172 00
142,744 00 Kean, Taylor & Co
public improvements
B. J. Van Ingen & Co
142,126 60
24.515,869
142,690 80 Clinton H.Brown & Co.,Inc. 115460
Roosevelt & Son
142.06920
4
6
Net outstanding funded debt
142,407 58 Blodget & Co
Barr Bros. & Co
192,333,431
Alternate bid__(per $1,000) 141 012 45
Population, Census of 1910, 1,549,008; Census of 1920. 1,823.779.
142,405 20
Ripley, Loomis & Co
1:543 19
142,322 60 Harris, Forbes & Co
PITTSBURG, Crawford County, Kan.- BOND
Hibernia Securities Co
SAUL-The
Westcott, Kerr & Parrot- _ 141220 $28,128 26 454% coupon internal impt. bonds offered
142,311 40
41:6 61
790 6
F. B. Keech & Co
on Feb. 18-V.
142,227 40 National City Co
120, p. 859
-were awarded to the Prudential Trust Co.
Clark Williams & Co
141,591 80 premium of $67 60. equal to 100.24. Denom. $1,000. of Topeka at a
First Nat. Dank of Mineola._ 142,20040 Parson. Son & Co
except one fo
142,177 00 A. M.Lampert &Co
141,526 00 $128 26. Int. payable M.& N. Due serially, 1 to 10 years.
Curtis & Sanger
-FUNDING BONDS AUTHPLANO, Collin County, Texas.
NEW BERN,Craven County, No. Caro.
-BOND SALE.
-The $20,000 6%
ORIZED.
-An Act has been passed by the North Carolina Legislature to street impt. bonds registered on Feb.6 by the State Comptroller of
Texas
-were purchased on Jan. 13 by Garrett & Co. of
authorize the City of New Bern to issue funding bonds. Act validates all V. 120, p.859
Dallas at a
limiting indebtedness incurred prior to Jan. 1 1925 for necessary expenses premium of $850, equal to 104.25.
POLK COUNTY SPECIAL ROAD AND BRIDGE
and provides for issuance of bonds to pay seine. Sold under provisions of
DISTRICT NO. 9
Requires (P. 0. Bartow), Fla.
Municipal Finance Act. Bonds not to e sold for less than par
-BOND SALE.
-The $600,000
18 1925:
offered on Feb.24(V.120, p.614) were awarded to Caldwell % road bonds
,tax levy to pay interest and principal. Ratifie Feb.
& Co.of Nash-
112
THE CHRONICLE
vine at a premium of $650. equallto 100.108, a basis of about 5.49%. Date
July 1 1924. Due July 1 as follows: $10,000, 1929 to 1933; $20,000, 1934
to 1938, and'630.000.• 1939 to 1953 ind.
PoTrEVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Poolmi
-The State
-BONDS REGISTERED.
villa), Parker County, Texas.
-year school bonds
Comptroller of Texas registered $15,000 5% 10 to 40
on Feb. 20.
PORT HURON SCHOOL DISTRICT, St. Clair County, Mich.-Until 7.30 p.m. March 9 sealed bids will be received
BOND OFFERING.
by Roy R. Kemp, Secretary Board of Education, for $200,000 school
bonds to bear interest not exceeding 4X %. Denom.$1,000. Due $10,000
yearly July 1 1926 to 1945. Principal and interest (J. & J.) -payable at
the National City Bank, New York City. A certified check for 2% of
bid is required.
-The $180,000
PORTSMOUTH,Norfolk County,Va.-BOND SALE.
43.5% sewer and garbage incinerator bonds offered on Feb. 24-V. 120,
Kinnicutt & Co., New York City, at
-were awarded to Kissel,
P. 987
98.798, a basis of about 4.61%. Date March 1 1925. Due March 1
as follows: $7,000, 1930 to 1949 incl., and 68,000. 1950 to 1954 incl.
-At an elec-BONDS VOTED.
PUTNAM, Callahan County, Tex.
tion held recently the voters authorized the issuance of$36,000 water bonds.
-BONDS REGISTERED.
RANGER, Eastland County, Texas.
On Feb. 19 the State Comptroller of Texas registered $220,000 5 %
serial refunding bonds.
-BOND SALE.REDFORD TOWNSHIP, Wayne County, Mich.
Whittlesey, McLean & Co. of Detroit have purchased 6100,000 434%
Township Hall bonds. Date Feb. 20 1925. Prin. and semi-ann. int.
payable at the Peoples State Bank of Detroit. Due Jan.20 1935. Legality
approved by Canfield, Paddock & Stone of Detroit.
Financial Statement.
$50,000,000
Real value (estimated)
20.061,000
Assessed valuation (1924)
118,000
Total debt (including this issue)
estimated). 25,000.
Population (officially
INDEPENDENT SCHOOL DISTRICT,Keokuk County
RICHLAND
-An election will be held on March 25 for the
-BOND ELECTION.
Iowa.
purpose of voting on the question of issuing $53,000 school building bonds.
Chas. E. Horning. Secretary Board of Directors.
-Dean,
-BOND SALE.
RICHMOND, Contra Costa County, Calif.
Witter & Co. and Banks. Huntley & Co., both of San Francisco, jointly,
685.000 5% municipal improvement bonds at a
purchased an issue of
premium of $4,457, equal to 105.24.
RICHMOND TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Dor-BOND SALE.
-The$55.000
set R.D. No.3), Ashtabula County,Ohio.
been
p. 614)
18
5% coupon school bonds offered on Feb. for (V. 120, equal tohave
102.13, a
$56,178.
awarded to the Herrick Co. of Cleveland
Date Mar. 1 1925. Due 81.000 every six months
basis of about 4.75%.
from Mar. 1 1926 to Sept. 1 1949 incl., except on Sept. 1 in the years 1928,
Fol1931. 1934, 1937, 1940. 1943 and 1946, when $2,000 becomes due.
lowing is a list of the other bidders:
$55,462 00
$55,912 001Seasongood & Mayer
& Irving
Well,
55,288 00
55,572 001W.L.Slayton & Co
Otis & Co
Ryan, Sutherland & Co__ 55,691 35 Stranahan, Harris & Ostia 55,470 00
Breed,Elliott & Harrison- 55,280 00
-BOND SALE.
-The Childs
ROBERTS, Jefferson County, Idaho.
Bond & Mtge. Co. of Boise has purchased an issue of $10.000 534% refunding bonds. Date Feb. 1 1925. Due Feb. 11945;optional Feb. 11935.
-BOND OFFERING.
ROBERSONVILLE, Martin County, No. Caro.
-R. L. Smith, Clerk Board of Commissioners, will receive sealed bids
until 2 p. m. March 9 for 633.000 coupon street improvement bonds to
bear interest at a rate not exceeding 6%. Date April 1 1925. Denom.
$1.000. Due April 1 as follows: $1,000 1928 to 1932. inclusive, and 62.000
1933 to 1945, inclusive. Bidder to furnish printed bonds. A certified
check for 3% of bid is required.
-Following
-DESCRIPTION.
ROCKFORD, Winnebago County, III.
is a description of the $50,000 4)4% city yard site bonds sold to the Harris
860): Denom. $500.
Bank of Chicago (see V. 120,
Trust & Savings
P.
Date Mar. 11925. Prin. & semi-ann. int.(M.& S.) payable at the office
of the City Treasurer. Due 82.500 Mar. 1 1926 to 1945 incl.
The bonds were awarded for $50,857, equal to 101.714. a basis of about
4.29%.
Financial Statement (As Officially Reported).
$86,677.716
Real value of taxable property, estimated
43,338,858
Assessed valuation for taxation
803,400
included)
Total debt (this issue
$400,000
Less water debt
59,500
sinking fund
Less
343,900
Netdebt
Population, 1920 Census, 65,651.
ROCKY RIVER VILLAGE SCHOOL DISTRICT (P. 0. Rocky
-Ryan. Sutherland
-BOND SALE.
River), Cuyahoga County, Ohio.
& Co. of Toledo have purchased the $16.000 5X% school bonds offered on
-at a premium of $727 70, equal to 104.54, a basis
120. p. 362
Feb.9-V.
of about 4.99%. Date Dec. 15 1924. Due $500 every six months from
April 1 1926 to Oct. 1 1931, inclusive. Bids were as follows: Premium.
$01777
W.K.Terry & Co., Toledo
e699 20
Breed, Elliott & Harrison. Cincinnati
587 80
Durfee. Niles & Co., Toledo
643 20
N. S. Hill & Co., Cincinnati
892 00
& Co., Toledo
W. L. Slayton
928 00
Well,Roth & Irving Co., Cincinnati
x480 00
Blanchet, Thornburg & Bowman, Toledo
x727 70
Co., Toledo
Ryan, Sutherland &
conditional bids.
it Unconditional bids, all others were
-BOND DESCRIPTION.
ROLFE, Pocahontas County, Iowa. Geo. M. Bechtel & Co. of
to
The $10,000 water works bgnds, awarded 4 X% int., and are described
-bear
,on Jan. 23-V. 120, p. 860
Davenport
Due May 1 as follows:
as follows: Date Feb. 2 1925. Denom. 81.000.N.)_payable at the office
Prin. and int.(M.&
81.000. 1933 to 1942 incl. Legality approved by H. N. Rogers of Davenfirm.
of the above-named
port.
Financial Statement.
$1.486.176
Actual assessed value of property, 1924
27,450
Total debt, including this issue
Population. 1,200.
-BOND OFFERING.
-G. C.
County, No. Caro.
RONDA, Wilkes
until 7:30 p. m. March 10 for
Poplin, Town Clerk, will receive sealed bids $1,000. Date Oct. 1 1924.
Denom.
0.000 6% coupon impt. bonds. payable in gold in New York. Due
Prin. and semi-ann. int. (A. & 0.) 1935 incl., and $1,000. 1936 to 1945
Oct. 1 as follows: 82.000, 1926 tobid required. The bonds will be preincl. A certified check for 2% ofU. S. Mtge. & Trust Co. of New York,
of the
pared under the supervision genuineness of the officials' signatures and the
which will certify as to the
opinion of Chester B. Masslich,
seal impressed thereon. The approving
No. Caro., will be furnished
N. Y. City, and J. L. Morehead, Durham,
the purchasers.
-but not awarded,
2440
These are the bonds offered on Dec.3-V.120, p. entirely removed.
been
owing to a legal question arising which has now
-TOWN INCORPORATION
RONDA, Wilkes County, No. Caro.
b Act to ratify
-OTHER PROCEEDINGS VALIDATED.-A of Ronda and
VALIDATED
the town
and validate proceedings of the incorporation of Commissioners of said
of the Board of
to validate and ratify proceedings
improvement bonds, has been
town looking to the issuance and sale of street
all proceedings had in
passed by the State Legislature. This Act validates
town of Ronda and also validates
the
connection with the incorporation ofCommissioners of said town when sold
all Acts and proceeding's had by the
Provides for tax levy
under the provisions of the Municipal Finance Act. discretion of Board of
to pay interest and principal. All other things in
Ratified Feb. 10 1925.
Town Commissioners.
-Sealed
-BOND OFFERING.
ROYAL OAK, Oakland County, Mich.
2 p. m. Mar.2
bids will be received by R. Bruce Fleming. City Clerk, until
special assessment bonds aggregating
for the purchase of 26 issues of
check for 83.000
$328.024. Bidder to name rate of interest. Certified
of $3,944
required. All of the 26 issues are sewer bonds except one issue
for paving purposes.
[Vor.. 120.
-BOND OFFERING.
RUSHP COUNTY11(P.W 0. Rushville),T Ind.
Howard W. Clawson, County Treasurer, will receive sealed bids until
2 p. m. March 3 for $9,500 4)4% Laverne Dunn et al. highway bonds.
Denom. $23750. Date Feb. 14 1925. Int. M. & N. 15. Due $475
every six monthefrom May 15 1926 to Nov. 15 1935 inclusive.
-BOND DESCRIPST. BERNARD PARISH (P.O. New Orleans), La.
TION.
-The 630,000 6% highway bonds purchased by Caldwell & CO. of
New Orleans
-are described as follows: Date Feb. 15
-V. 120. p. 860
1925. Denom. $1,000. Coupon bonds. Due serially 1 to 10 years•
Interest payable (F. & A.).
SABINAL INDEPENDENT SCHOOL DISTRICT, Uvalde County,
Texas.
-BOND SALE.
-Stern Bros. & Co. of Kansas City have purchased
an issue of$60,0005X% school building bonds. Due serially, 1 to 40 years.
-The Detroit
-BOND SALE.
SAGINAW, Saginaw County, Mich.
Trust Co. and the First Nat. Co.of Detroit have purchased 8200.0004)4%
water bonds. Denom. $1.000. Date Jan. 2 1925. Prin. and semi-ann.
int. (J. & J. 2) payable in New York or at the °Me of the City Treasurer
In Saginaw. Due $8,000 Jan. 2 1926 to 1950, incl. Legal opinion of
Canfield, Paddock & Stone, Detroit.
Financial Statement.
$87,285,438
Assessed valuation (1924)
4,208,500
Total bonded debt
Less water bonds
$1,093,000
Less sinking fund
341,406
2,774,094
Net bonded debt
Population (1920), 61,903.
SAN AUGUSTINE, San Augustine County, Tex.
-BONDS VOTED.
-the voters authorized
-At the election held on Feb. 7-V. 120, p. 615
the issuance of $35,000 5)4V sanitary sewer bonds by a vote of 77 for
and 12 against.
BOND OFFERING.
-Sealed bids will be received until March 3 for the
above mentioned bonds by the City Fa•eretary. Due $1,000 yearly. 1926
to 1945, incl., and $1,500, 1946 to 1955, incl.
-BOND SALE.
-On Feb.4. Breed,
SEYMOUR,Jackson County,Ind.
Elliott & Harrison of Cincinnati purchased $40,000 4)4% refunding bonds
for $40,817 25,equal to 102.04-a basis of about 4.09%. Date Jan. 11925.
Int. J.& J. Due $2,000 every six months from Jan. 1 1926 to July 11935.
-The sale of the $40.000 bonds to
BOND SALE NOT COMPLETED.
Thomas D. Sheerin & Co. of Indianapolis on Sept. 5 at 100.68 (see V. 119.
p. 1315) was not completed. The bonds were re-offered on Feb.4 and sold
as above.
-The White-BOND SALE.
SEYMOUR, Wayne County, Iowa.
Phillips Co.,a Davenport, has purchased an Issue of $24,200 434% funding
bonds. Date Feb. 1 1925. Denom. $1,000 and $100. Due Nov. 1 as
follows: $200, 1926: $1,000, 1927 to 1939. inclusive: 61.000 in 1940 to 1943
Inclusive, and $3,000 in 1944. Principal and interest(M. & N.) payable at
the office of the City Treasurer or at the above-named firm. Legality approved by F. CL Duncan, of Davenport.
SHAKER HEIGHTS, Cuyahoga County, Ohio.
-CORRECTION.
In our issue of July 12 1924 notice was given that an issue of $125,000
5% municipal bonds was sold to Taylor, Ewart & Co. of Chicago. We
are now informed that these bonds were not bought from the municipality,
but from another dealer.
-At the elecSHOSHONI, Fremont County, Wyo.-BONDS VOTED.
-the voters authorized the issuance of
tion held on Feb. 7-V. 120, p. 615
$18,000 6% water bonds. It is reported that these bonds have already
been sold.
SOUTH HUNTINGTON TOWNSHIP (P. 0. Smithton), Westmore-Sealed bids will be received until
-BOND OFFERING.
land County, Pa.
11 a. m. Mar.3 by Frank G. Christopher, Sec., Board of Supervisors, for
6100.000 434% road bonds. Denom. $1,000. Date Apr, 1 1925. Int.
A.& 0. Due $10.000 Apr. 1 1930, 1932, 1934. 1936. 1938 and 1939. Certified check for $1,000, payable to the above official. required.
-BOND ELECTION.
SPRAGUEVILLE, Jackson County, Iowa.
On March 30 an election will be held for the purpose of voting on the question
of issuing $2,000 electric transmission line construction bonds. SPRINGDALE SCHOOL DISTRICT (P. 0. Springdale), Allegheny
-The Mellon National .Bank of Pittsburgh
-BOND SALE.
County, Pa.
has purchased the $125.000 4 X% coupon school bonds offered on Feb. 20%
-for 8127,908 75. equal to 102.32-a basis of about 4.0554 .
V. 120, p. 735
Int. payable at the Springdale Trust Co., Springdale. Date April 11925.
Due yearly on April 1 as follows: $20.111111, 1930 and 1935; $25.000, 1940,
and 830,000. 1945 and 1950. Other ibids were as follows:
Premium.
Premium.
Halsey. Stuart & Co., Inc-61.875 001W.A. HarrimandrOo.. Inc_$1,423 75
2.331 25 Graham,Parsons & Co__..- 2,367 50
Redmond & Co
2,266 001A. B. Leach & Co., Inc__ *101.620
J. H. Holmes & Co
2,087 50
1.375 001 Lewis & Snyder
Union Trust Co
1,11000IM. M. Freeman & Co
*102.039
Co
S. M.Vockel &
Rate
All bids included accrued interest, and all except one offered to pay for
or furnish the bonds.
-BOND SALE.
-A syndiSPRINGWELLS, Gogebic County, Mich.
cate composed of the Union Trust Co., Harris, Small & Co., Whittlesey,
McLean & Co., Keane, Higbie & Co., Livingstone, Higble & Co. and
Nicol-Ford & Co. purchased the two issues of grade separation coupon
(registerable as to principal) bonds offered on Feb. 24 (V. 120, p. 988) as
4 Xs at 103.57, a basis of about 4.28%:
$560,000 Mulkey Avenue bonds.
170.000 Schaefer Road bonds.
Denom.$1.000. Date Mar.21925. Prin.and semi-ann.Int.(M.•& S.2)
payable at the Wayne County and Home Savings Bank, Detroit. Due
Mar. 2 1955. Legal opinion of John C. Thomson, New York.
$80,855,275
Financial Statement.
Assessed valuation, 1924
5,647.000
Total bonded debt (including this issue)
$415,729
Less sinking fund
5.231,271
Net bonded debt
Population (official estimate), 13,000.
-A
Fairfield County, Conn.
-TEMPORARY LOAN.
STAMFORD,
temporary loan of $200.000 has been sold to the First Stamford National
Bank of Stamford on a 3.23% discount basis. Due Aug. 18 1925.
-Graham,
-BOND SALE.
STEELTON, Dauphin County, Pa.
%
Parsons & Co. of Philadelphia have been awarded the $50,000
-for
coupon municipal building bonds offered on Feb. 24-V. 120 p. 735
$51,975 50, equal to 103.95, a basis of about 4.13%. Date April 1 1925.
Due $2,000 April 1 1926 to 1950, inc usive. Other bidders were:
$51,500 00
$51,569 02 Halsey, Stuart & Co
Biddle & Henry
51,825 00 Commonwealth Trust Co_ 51,650 00
Lewis & Snyder
51.952 50
Co__
51,869 50 E. H. Rollins & Co
M. M.
Freeman &
50.924 40
51.748 00 Palmyra Bank
Fidelity Trust Co
51,89000
Mellon National Bank__ _ 51.80760 A.B.Leach & Co
51.581 50
Redmond & Co
SUGARCREEK RURAL SCHOOL DISTRICT (P. 0. Sugar Creek),
-BOND SALE.
-Ryan,Sutherland & Co.of
Tuscarawas County, Ohio.
Toledo have purchased the $7,000 6% coupon school bonds offered on
-for $7,261 16, equal to 103.73, a basis of about
120, p. 615
Feb. 20-V.
5.26%. Date Feb. 1 1925. Due $500 every six months from Oct. 1
1925 to April 1 1934 inclusive. Other bidders were as follows:
Prem.
Prem.
$239 00
$236 80 The Herrick Co
Durfee, Niles & Co
00
162 12 Tho Canton Bond & Inv. Co 155 00
David Robison & Co
101
188 30 Campbell & Co
W. L. Slayton & Co
215 60
175 00 Otis & Co
Weil, Roth & Irving Co
-BOND SALE.
SUMTER COUNTY (P. 0. L vingston), Ala.
at
Steiner Bros., of Birmingham, purchased $25,000 5% bonds on Jan. 5
11920. Due Feb. 1 1950. Principal and interest (F. &
par. Date Feb.
New York City.
.A.), payable at the Chemical National Bank,
(P. 0.
TANIPHOA PARISH CONSOLIDATED ROAD DISTRICT of New
-The Whitney Central Dank
-BOND SALE.
Amite City), La.
Jan. 20Orleans purchased the 6461,000 5 X% road bonds offered on
1944.
V. 119, p. 304I-at par. Date June 11924. Due serially, 1925 to -V.
Amite
These are the bonds sold on Oct. 14 to the Security Bank of
the Whitney
119, p. 1873. They delayed in taking the bonds and finally had
Central Bank of New Orleans take over their contract.
FEB. 28 1925.]
THE CHRONICLE
1123
TARRANT COUNTY COMMON SCHOOL DISTRICT NO.60,Tex.
BONDS REGISTERED.
-On Feb. 16 the State Comptroller of Texas registered $5,000 5% 20
-year school bends.
-BOND ELECTION.
TERRY COUNTY (P. 0. Brownfield), Tex.
On March 21 an election will be held for the purpose of voting on the question of issuing 370.000 6% court house and jail bonds.
TONAWANDA, Erie County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. March 9 by Edward P. Fries, City
Treasurer, for 150.000 434% school coupon bonds. Denom. $1,000.
Date March 2 1925. Prin. and semi-ann. Int. (M. & S. 2) payable at
the Chase National Bank of New York. Due $2,000 March 2 1931 to
1935 incl. Certified check for $1,000, payable to the City Treasurer
required. The opinion of John C. Thomson of New York will be furnished
the purchaser. It is stated that there is no litigation against this issue or
any other issues of the municipality.
Financia Statement.
Assessed valuation of real and personal property for the last preceding
assessment for State and county taxes, 1925, is as follows:
Real
514.034.86200
Special franchises
944,820 00
Personal
8.750 00
.
$14.988,432 00
IN
Bonded debt, not incl. this issue or old school district bonds, as follows:
Bower
$215,200 00
Water
540,40000
Paving
579.492 86
School
614,000 00
Canal
25.000 no
61, .092 Sil
9/4
F
Floating debt
60.838 46
Sinking funds
237.243 33
Tax rate per 11,000, 1924: City. $12 2027; school, $8 7757
$20 9784
Tax rate per $1,000, 1925: County
4 697
Municipality was Incorporated in 1903. Population, 1920, 10.068.
TOOLE COUNTY (P. 0. Shelby), Mont.
-BOND SALE.
-The Wells
Dickey Co. of Minneapolis has purchased $120,000 6% seed grain refunding bonds. Due $6,000. 1926 to 1945 inclusive.
TORONTO VILLAGE SCHOOL DISTRICT (P. 0. Toronto),
Jefferson County, Ohio.
-BOND OFFERING.
-H. H. Campbell, Clerk
Board of Education, will receive sealed bids at the office of the Superintendent of Public Schools, Findley St., until 6 p. m. (central standard
time) March 16 for 1275,000 534% coupon who°, bonds. Denom. $500.
Date May 11925. Principal and semi-annual interest (M.& S.) payable
at the office of the District Treasurer. Due 15,500 March 1 1926 to Sept.
1 1950, inclusive. Certified check for $3,000 payable to the Clerk Board
of Education, required.
TRENTON SCHOOL DISTRICT, Dade County, Ga.-BOND SALE.
-J.H. Hilsman & Co.,Inc., of Atlanta, have purchased an issue of 115,000
5% school bonds. Date Sept. 11924. Denom. $500. Due Sept. 1 1954.
Principal and interest (Jan. 1) payable at the Hanover National Bank.
New York City. Legality approved by Storey, Thorndike, Palmer &
Dodge, of Boston.
Financial Statement.
Actual values
$1,000.000
Assessed values, 1924
290.000
Total bonded debt (this issue only)
15,000
Population (estimated), 600.
TUSCALOOSA, Tuscaloosa County, Ala.
-BOND SALE.
-The
820.0006% public Improvement bonds offered on Feb. 17-V.120, p. 616
were awarded to Ward, Sterne & Co. of Birmingham at 102.75. a basis of
about 5.40%. Date Feb. 1 1925. Denom. $1.000. Coupon bonds.
Due Feb. 1 as follows: $2,000 1926 to 1935, inclusive. Interest payable
VAN BUREN, Crawford County, Ark.
-BOND SALE.
-An issue of
$41,000 534% curb and gutter bonds was purchased by the Fidelity National
Bank & Trust Co. Duo serially 1 to 10 years.
VAN WERT, Van Wert County, Ohio.
-BOND SALE.-The'Van
Wert National Bank of Van Wert has purchased the $23,500 5% fire apparatus purchase bonds offered on Jan. 22-V. 120. p. 363
-at a premium
of $25, equal to 100.10, a basis of about 4.95%. Date Jan. 1 1925. Int.
M. & S. Due Sept. 1 1930.
WAKEFIELD, Dixon County, Neb.-BOND ELECTION.
-On March
17 an election will be held for the purpose of voting on the question of
issuing $24,000 electric light plant bonds.
WA RRENSBURGH FIRE DISTRICT (P. 0. Warrensburgh),
Warren County, N. Y.
-BOND OFFERING.
-Sealed bids will be received
until 1 p. m. March 5 by Guy Harte Purdy. Chairman Board of Fire
Commissioners, for 17,000 coupon or registered fire apparatus bonds,
bearine interest at a rate not exceeding 6%. Denom.$1,000. Date March
15 1925. Principal and interest payable at office of District Treasurer.
Due 81.000 yearly Feb. 1 1926 to 1932, inclusive.
WARREN TOWNSHIP SCHOOL DISTRICT NO.
P. 0. Mount
Clemens), Macomb County, Mich.
-ADDITIONAL
TA.
-We are
in receipt of the following regarding the 860.000 school bondssold to B. B.
MacCrone & Co. of Detroit for $60,135. equal to 100.22 for 434s, a basis of
about 4.49% (see V. 120, p. 861). Dentan, 81.000. Date Jan. 1 1925.
Prin. and semi-ann. int. (J. & J.) payable at the Peoples State Bank of
Detroit. Due yearly on Jan. 1 as follows: 82.000 1931 to 1949, incl.;
$3.000 1950 and 14,000 1951 to 1955, incl. Legality approved by Canfield.
Paddock & Stone of Detroit.
".4144.9
Financial Statement.
Assessed valuation
$3,125,650
Total debt (Including this issue)
300,000
Population
2.500
WASHINGTON COUNTY (P. 0. Washington), Pa.
-BOND SALE.
Redmond & Co. of Pittsburgh have been awarded the 8200.000 434%
coupon road impt. bonds offered on Feb. 24-V. 120. p. 616
-for 1214,670,
equal to 107.335, a basis of about 4.01%. Date Jan. 1 1925. Due
yearly on Jan. 1 as follows: 122,000. 1941: 120.001. 1942: $5,000. 1943:
85.000. 1946: 810.000, 1948: 350.000. 1949; $50,000, 1950, and $38,000,
1951.
WATERBURY, New Haven County, Conn.
-BONDS At THORIZED.-At a hearing on Feb. 20 before the Legislative Committee on
Finance bills authorizing the city to issue bonds amounting to $4.650.000
were advocated by city authorities, citizens, Representatives and Senators.
The bills include bond issues of 83,200.000 for the completion of the Shepang woaftes=l,
bonds ol 8130,002 riduo
me
lfection and repair
asbof
bonds
street
ter
000. storm
drainage 8100.000 and $650.0?)0 rn sewer bonds.
WAYNE COUNTY (P.O. Goldsboro), No. Caro.
-NOTE OFFERING.
-sealed bids will be received by J. M.Powell, County Auditor,for 1450_,000
highway coupon notes bearing interest at a rate not exceeding 4%. Data
March 2 1925. Due March 2 1926. Principal and semi-annual interest,
payable at the Hanover National Bank, New York City. A certified
check,drawn to the order of the county of Wayne.for 2% of bid is required.
WAYNE COUNTY (P. 0. Wooster), Ohio.
-BOND OFFERING.
Fred C. Reddick. Clerk Board of County Commissioners., will receive
sealed bids until noon March 2 for 19,000 5% Inter County Highway
No. 417 bonds. Denom. $1,000. Date March 1 1925. Principal and
interest payable at County Treasurer's office. Due $1,000 Sept. 1 1926 to
1934. inclusive. Certified check for 3%,payable to above Board. Legality
approved by Squires, Sanders & Dempsey of Cleveland.
WAYNESBORO, Augusta County, Va.-BOND OFFERING.
-0.w.
Wright, City Treasurer, will receive sealed bids until 7:30 o. m. March 2 for
880.000 5% refunding coupon bonds. Date March 2 1925. Denom.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.
-BOND 81.000. Principal and semi-annual interest payable in Waynesboro. A
SALE.
-The 195,105 5% coupon I. 0.11. No. 352 Sec. "J." bonds offered certified check for 2% of bid is required.
WESTFIELD, Hampden County, Mass.
on Feb. 23-V. 120, p. 616
-TEMPORARY LIJAN.-were sold to the Second Ward Securities Co.
of Milwaukee at a premium of 11.673 05, equal to 101.72. a basis of about Salomon Bros. & Hutzler of New York City has purchased a $250,000
4.46%. Date April 1 1925. Due yearly on Oct. 1 as follows: $19,105, temporary loan at 3.09% discount, plus $1 25 premium. Due $100,000
Oct. 10 and $150.000 Nov. 4.
1926, and $19,000, 1927 to 1930 incl.
BOND SALE.
-An issue of $29,000 5% county's portion bridge bonds
WEST ST. PAUL (P. 0. St. Paul), Ramsey County, Minn.
-BOND
was also awarded on the same day to the Second 1Vard Securities Co. of ELECTION.
-An election will be held on April S for the purpose of.voting
Milwaukee at a premium of $512 62, equal to 101.74. Int. A. & 0.
on the question of issuing 8122.000 school bonds.
NEW LOANS
NEW LOANS
FINANCIAL
$67,000
We Specialize In
City of Philadelphia
3s
31 28
/
4s
/
41 48
41
hs
5s
/
51 48
51/
28
Biddle & Henry
104 South Fifth Street
Philadelphia
Private Wire to New Yora
Call Canal 1437
BALLARD & COMPANY
Members New York Stock Exchangs
HARTFORD
Connecticut Securities'
Inquiries to Buy or Sell Solicited
Calvin 0.Sm Ith Co.
MUNICIPAL BONDS
105 SO. LA SALLE STREET
CHICAGO
Columbia County, N.Y.
BONDS.
Mortimer & Co.
Sealed proposals will be received by the Treasurer of Columbia County at his office in the Court
House in the city of Hudson, New York, untll
MARCH 2, 1925, AT 2 O'CLOCK P. M., for
the purchase of registered bonds of the county
of Columbia amounting to 167.000.
The bonds are in two issues. 842.000 Highway
bonds and 325,000 County Home bonds. The
bonds will be of the denomination of $1,000, will
be dated March 1st, 1925, and will bear interest
at the rate of 434 per centum per annum, payable
semi-annually on March 1 and September 1.
Both principal and interest will be payable at the
office of the County Treasurer in the city of
Hudson, N. Y., In New York exchange, and will
mature as follows: Highway bonds
-12,000
March 1. 1945; $10.000 March 1 1946; $10,090
March 1, 1957: 820.000 March 1 1948. County
Home bonds
-$5,000 March 1 1945; 810.000
Bought and sold for cash, or carried on
March 1 1946; $10,000 March 1 1947.
Proposals will be received for the whole or part
conservative terms.
of said bonds. All proposals must provide for
the payment of the accrued interest by the purInactive and unlisted securities.
chaser from the date of the bonds to the date of
delivery, and must be accompanied by a certified
Inquiries invited.
check upon an incorporated bank or trust company payable to Clyde H. De Witt, County
Treasurer,for two per cent of the amount of bonds
bid for, the amount of said check to be credited
upon the bid, if accepted, and to be retained forthInvestment Securities
with If not accepted.
Members New York Stock Exchange.
The Treasurer reserves the right to reject any
and all bids.
120 BROADWAY
NEW YORK
These bonds are exempt from taxation In the
State of New York.
Assessed valuation of real property in Columbia
County is $31,217,703.
Total bonded indebtedness, including this issue.
$529.000.
SOUTHERN MUNICIPALS
The validity of the bonds will be approved by
John 0. Thomson, Esq., attorney, of New York
Cumberiano Tel. & ?Nei). Co. 55
City, whose opinion will be furnished to the sucNashville Chattanooga & St. Louis Ry.
cessful bidder.
Nashville & Decatur Ry.
Dated, February 14, 1925.
Nashville Railway & Light Cs. ilecuritlas
CLYDE H. DE WITT,
NASHVILLE. TENN.
County Treasurer.
114 Union 5
149 Broadway
New York
STOCKS AND BONDS
FINCH, WILSON & CO.
Caldwell & Company
[VOL. 120.
THE CHRONICLE
1124
-Redmond &
-BOND SALE.
WEST VIEW, Allegheny County, Pa.
Co.of Pittsburgh have purchased $450004%% street improvement bonds.
-BOND OFFERING.
(P. 0. Monticello), Ind.
WHITE COUNTY'
C. 0. Downey, County Treasurer, will receive sealed bids until 10 a. m.
March 14 for 58.259 70 6% Jacob Dieter et al. ditch construction bonds.
Denom. $825 and one for 5834 70. Interest J. & D. Date Feb. 15 1925.
Due yearly on Dec. 1 as follows: $1,659 70 Dec. 1 1925 and $1,650 1926
to 1929, inclusive.
-BOND OFFERING.
WHITE PLAINS, Westchester County, N. Y.
Until 11 a. in. March 3, Eugene S. Martin, Commissioner of Finance,
%
will receive sealed bids for the following 4 j registered bonds:
$1,210,000 water works bonds, maturing'March 1 as follows: $50,000 1935
to 1958, inclusive, and $10,000 1959.
1150,000 sewer bonds, maturing $6.000 March 1 1935 to 1959. inclusive.
' 50,000 public library bonds, maturing $2,000 March 1 1935 to 1959,
inclusive.
Denom. $1,000. Date March 1 1925. Principal and semi-annual
Legality
interest (M.& S.) payable at office of Commissioner of Finance.for 2% of
approved by Clay & Dillon. New York City. Certified check
bid for, payable to city, required.
amount
-An
-BOND'ELECTION.
P WHITESBORO, Grayson County, Tex.
election will be held on March 17 for the purpose of voting on the question
of issuing $50.000 6% paving bonds. F. Sugg, Secretary.
-An issue of
WHITESBURG, Letcher County, Ky.-BOND SALE.
880.000 5% bridge and sewer bonds was purchased on Nov. 28 by J. C,
Mayer & Co., of Cincinnati, at par. Due in 20 years.
WHITNEY IRRIGATION DISTRICT (P. 0. Whitney), Dawes
-The 830.000 6% coupon irrigation
County., Neb.-BONDS NOT SOLD.
-have not been sold yet. Date
bonds offered on Jan. 10-V. 120. p. 115
Denom. $500. Due serially, 1935 to 1945. Interest
Jan. 1 1925.
payable J. & J.
WHITNEY SCHOOL DISTRICT, Alansance County, No. Caro.
-The State Legislature
-ELECTION REQUIRED.
BONDS AUTHORIZED
Whitney School District to issue
has passed an Act to authorize the Eli
bonds to liquidate a debt contracted in the building of a school house and
to establish a sinking fund. Act provides for $7,500 of bonds to run 20
years at 6%, payable semi-annually. Other things in discretion of Board
of Trustees of said School District. Requests County Commissioners of
Alamance County to levy special tax to_pay interest and principal on bonds.
Requires election of qualified voters. Bonds may.be sold at pulic or private
sale. Ratified Feb. 10 1925.
-The Herrick
-BOND SALE.
WILLOUGHBY, Lake County, Ohio.
Orchard Park
Co. of Cleveland has purchased the $12,665 5% coupon $12,786, equal
-for
Street Inuit. bonds offered on Feb. 14-V. 120. p. 617
on
a basis of about 4.86%. Date Oct. 1 1924. Due yearlyint.
to 100.95,
Oct. 1 as follows: $1,000. 1926 to 1937, and $665, 1938. Prin. and
payable at the First National Bank of Willoughby.
WILLOUGHBY RURAL SCHOOL DISTRICT (P. 0. Willoughby)
-BOND SALE.-Seasongood & Mayer of Cincinnati
LakelCounty, Ohio.
have been awarded the $17.500 4 % coupon school bonds offered on Feb. 18
-for 518,210, equal to 104.05, a basis of about 4.17%.
p. 617
-V.^120.
Date Jan. 1 1925. Due yearly on Oct. 1 as follows: $1,000, 1926 and
1927; $1,500, 1928: $1,000, 1929 and 1930; $1,500, 1931: $1,000, 1932 and
1933:81.500. 1934; 51,000, 1935 and 1936: 51.500, 1937: $1,000, 1938 and
1939,4and $1,500. 1940.
-BOND SALE.
-The 53,397 83
WILSON, Ellsworth County, Kan.
on
p.
44% internal improvement bonds offered at aFeb. 16-V. 120,98,861
equal
premium of $13
were awarded to the Farmers State Bank
to 101. Date Feb. 1 1925. Denom. $100, except 1 for 897 83. Interest
payable (F. & A.). Due serially 1 to 10 years.
WINDSOR TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-The 550,000
Windsor), Ashtabula County, Ohlo.-BOND SALE.
-were awarded to the
5% school bonds offered on Feb. 18-V. 120, p. 617
Herrick Co. of Cleveland at a premium of 51.071, equal to 102.14, a
basis of about 4.76%. Date March 11925. Due $1,000 every six months
from March 1 1926 to Sept. 1 1949 inclusive.
-Sealed
-BOND OFFERING.
WOOSTER, Wayne County, Ohio.
bids will be received by Grace B. Wills, City Auditor, until 12 in. March 20
for $4.131 76 5% East Bowman St. paving special assessment bonds.
Denom. 5.100 and one for $531.76. Date March 1 1925. Int. A.& 0. Due
yearly on Oct. 1 as follows: $531 76. 1926. and $400, 1927 to 1935 incl.
Certified check for $50. payable to the City Treasurer, required.
-BOND
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
.-The following two issues of 5% bonds offered on Feb. 7-V. 120,
SALE
-have been sold: the smaller issue goinglto the First National Bank
p• 617
of Upper Sandusky andlthe larger issue to the Wm. R. Compton Co. of
Chicago:
8181,866 67 5% coupon highway bonds. Date Jan. 1 1925. Denom.
51.000 except' 1 for 5866 67. Due Sept. 1 as follows:
521,866 67 1926, $20,000 1927 to 1934, incl. Principal
and semi-annual interest (M. & S.) payable at the office
of the County Treasurer at Upper Sandusky.
20,666 67 5% coupon 1.0. Fl. No.524 Sec."A" bonds. Denom.$1,000.
$300 and one for $266 67. Date Jan. 11925. Principal
and semi-annual interest (M. & S.) payable at the office
of the County Treasurer. Due yearly on Sept. 1 as
follows: 52,266 67 1926, and $2,300 1927 to 1934, incl.
WYOMING SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.
BOND OFFERING.-Geo. Eversman. Clerk Board of Education, will
'March 4 for 525,000 5% school bonds.
receive sealed bids until 12 m.
Denom. $500. Due Jan. 1 as follows: $1.500. 1927 and 1928. and
51.000, 1929 to 1950 incl. Prin. and int. (J. & J ,49payable at the First
o of bid, payable to
National Bank, Lockland. A certified check for
Clerk Board of Education, is required.
-An 1351113
-BOND SALE.
YATES CENTER, Woodson County, Kan.
of 570,000 5% internal Inuit. bonds was purchased by the Fidelity National
Bank & Trust Co. Due serially 1 to 10 years.
CANADA, its Provinces and Municipalities.
-Bids are Invited
BROMLEY TOWNSHIP, Ont.-BOND OFFERING.
up to April 1 for the purchase of $3,000 53 % 10
-installment school bonds.
H. Foley, Treasurer (P. 0. Douglas, Ont.).
KENORA, Ont.-BOND OFFERING -Bids are invited up to 12 in.
March 9 for the purchase of $337,000 53 % 30
-year school bonds. F. .1.
Hooper, Treasurer.
NORTH BAY, Ont.-BIDS.-Following is a list of the bids received
for the $435,000 51 % street paving bonds sold to McNeill, Graham &
Co. of Toronto at 102.17, a basis of about 5.21% (see V. 120. P. 990
):
Rate Bid.
Rate Bid. .
Macneill, Graham & Co_ _ _102.17 Gairclner, Clarke & Co
101.073
Goss, Porgies & Co
100.90
102.03 Bell, Goubilock & Co
C. H. Burgess & Co
101.77 McLeod, Young, Weir & 0o_100.89
It. A. Daly & Co
101.77 Cochran, Hay & Co. and
Wood, Gundy & Co
100.71
Air& McLeod Co
101.71
Matthews & Co
101.71 Dominion Develop. Corp_ _ _100.53
MacKay-MacKay
101.15 A. E. Ames & Co
99.77
Dyment, Anderson & Co_ __-101.138 W. A. MacKenzie & Co_ _ _ _ 99.09
SALE.
OUTREMONT, Que.-BOND
-Wood, Gundy & Co. on Feb. 19
purchased 5400,000 5% refunding bonds at 99.29. Denom. 51,000, $500
and $100. Date March 11925. Int. M.& S. Due 1926 to 1955 incl.
WALKERV1LLE, Ont.-BOND SALE.
-We are informed that C. H.
Burgess & Co. purchased $2,155 57 14 installment, $15,000 554% 20
-installment, and 221.223 51.4% 10
-Installment local improvement bonds.
Bids were as follows:
O. H. Burgess & Co
101.61 Gairdner. Clarke k Co
100.95
Hanson Bros
101.54 Wood, Gundy & Co
100.78
W.A. MacKenzie & Co
101.32 W.C. Brent & Co
100.77
Matthews & Co
101.02 Geo. Carruthers & Son
100.44
101.00 McLeod,Young, Weir & Co__ 97 88
G. A. Stimson & Co
.
Dominion Development Corp.100.96
WESTMINSTER TOWNSHIP, Ont.-BOND SALE.
-The $18,000
-have
534% coupon school bonds offered on Feb. 10-V. 120, p. 736
been sold to Wood, Gundy & Co. at 101.76, a basis of about 5.12%.
Purchaser to pay cost of printing bonds. The bonds run for a period of
ten years. Bids were as follows:
Rate Bid.
Rate Bid.
101.76 R. A. Daly & Co
101.39
Wood ,'• Gundy & Co
100.65
McLeod, Young, Weir & Co-4101.78 W. A. MacKenzie & Co
101.15 Dyment, Anderson & Co_ -_-101.32
0. H. Burgess & Co
101.65
101.62 McCoo. Padmore & Co
Harris, MacKeen & Co
101.17 IBell, Gouinlock & Co
101.20
Cochran, Hay & Co
McDonagh, Somers & Co_ _ _ _101.26 JWorthington, Savage & Co_ _101.595
101.56
101.491(1055 Forgie & Co
H. It. Bain & Co
101.331 Municipal Bankers Corp.._ _ _101.47
Macneill, Graham & Co
101.41 IZmmmerman & Malloch
101.76
R. M.Bird & Co
101.76
101.261 Gairnder, Clarke & Co
& Co
G. A. Stimson
101.377
Dominion Development Corp_101.47 Fry, Mills, Spence & Co
101.39 MacKay-MacKay
101.25
W.0.Brent & Co
*Did not include cost of printing bonds.
FINANCIAL
NEW LOANS
$750,000
City of Memphis
Series
1925
REVENUE NOTES
Pashby,
r Sealed bids will be received by C. C.the City
City Clerk, of Memphis. Tennessee, at,
2:30 o'clock TUESDAY, March 10th,
Hall, until
1925, for Seven Hundred and Fifty Thousand
($750,000.00) Dollars of Revenue Notes. These
taxes for
notes are issued in anticipation of the 1925, and
1925. They will bear date January 1, four and
September 1. 1925. Interest
mature
one-half per cent (43.4 %) per annum evidenced
due on the first
by coupon six months interestand credit of the
day of September. Full faith principal and inCity of Memphis pledged to pay
terest.
Principal and interest paid in Memphis or New
York at option of holder.
Notes printed and delivered by the City of
Memphis in New York or equivalent.
Legal opinion John C. Thomson, Esq.. Attor-Law, New York City, as to validity of
ney-at
notes furnished by City.
Certified check $7.500.00 as good faith deposit
required with bid.
basis
Price may be named by premium or by
rate and may be mailed or wired.
Right reserved to reject any and all bids. day
Done at Memphis, Tennessee, this 21st
of February, 1925.
ROWLETT PAINE, Mayor.
Attest:
C. C. PASHBY,
City Clerk.
INVESTMENT BONDS
We deal in issues of the United States
Government,Municipalities,Railroads,Public
Utility and Industrial Corporations with
established records of earnings.
A. B. Leach & Co., Inc.
Investment Securiliee
82 Cedar St., New York
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&
Frederick PeirceYork Co.
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207 So. Fifteenth Street, Philadelphia
Cleveland
The great resources of this institution form
but one reason why it is selected by so many
out-of-town banks, corporations and individuals who desire a Pittsburgh banking
Our intimate knowledge of
connection.
financial conditions throughout the world and
the comprehensiveness of Mellon Banking
Service have very definite value to such clients.
We invite your correspondence.
Bond Salesmanship
"The Human Side of Business and The
Art of Selling Bonds are the best books
on this subject ever written." Price, $.3
each, cash with order. Descriptive circulars free. Published and for sale by
105 So. La Salle St., Chicago
Boston
Capital and Surplus
$13,500,000.00
MELLON NATIONAL BANK
PITTSBURGH, PA.
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